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INTERNATIONAL 


P 

The World’s Daily Newspapej .It % 

■ 

Mandela Be gins 
Visit to Gadhafi 
As U.S. Protests 

I Calling Washington’s Policy 
Arrogant, South African 

Heeds Air Sanction on Libya 

By Joseph Fitchett 

/nrer/bjiitingj Herald Tribune 

Ftresidenr Nelson Mandela of Sooth Africa arrived 
m Tripoli on Wednesday for talks with Colonel 
Moammar Gadhafi, the Libyan leader, on a trip that 
ha $ triggered recriminations between Washington 
and Mr. Mandela, a Nobel Peace Prize laureate. 

Stinging diplomatic exchanges preceded the visit, 
including charges by Mr. Mandela that Americans 
are arrogant and racist in trying to influence African 
foreign policies. 

The Clinton administration, which has faced sim- 
ilar denunciation from Mr. Mandela with regard to 
U.S. policies toward Cuba and Iraq, has stood by its 
criticism of the. trip as offering possible solace to 
Colonel Gadhafi, a Figure usually treated as a pariah 
by Western leaders. 

Tripoli seemed hopeful that the Mandela gov- 
ernment might be able to create momentum in Africa 
in favor of ending United Nations partial sa n ctio ns 
against Libya. But European diplomats said Wed- 
nesday that Mr. Mandela s trip would pay a political 
debt to Libya for its help in his struggle against 
apartheid and probably change nothing in uls. and 
British determination to maintain the sanctions. 

Mr. Mandela, the most prominent visitor to Tripoli 
in nearly a decade, circumvented the letter of the UN 
sanctions, which stem from Libyan terrorist con- 
nections. by entering the country by car rather than 
. by plane. 

After a flight from Egypt to Tunisia, be was 
escorted by Libyan officials across the border by 
road, sidestepping an air and military embargo. It 
was imposed in 1 992 after Libya refused to hand over 
two suspects wanted in Britain and the United States ^ 

See MANDELA, Page 10 fon 


U 




tribune 




’U BUSHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


London, Thursday, October 23, 1997 


No. 35,659 



Hong Kong Stocks 
Plummet 6% on 
Devaluation Worry 

Asia’s Currency Turmoil 
Reaches the Last Haven 




By Philip Segal 

Special to the Herald Tribune 

HONG KONG — Asia's currency 
crisis rocked Hong Kong’s stock and 
money markets Wednesday, as one of the 
last havens for investors in this troubled 
region saw interest rates rise and share 
prices plunge for the third straight day. 

The Hang Seng Stock Index fell 6.2 
percent — or 765.33 points, the biggest 
point drop in the market's history and 
the biggest percentage drop since March 
1 996 — to close at II ,637.77, its lowest 
point in a year. 

Some global fund managers said they 

South Korean government lakes 
over Kia Motors. Page 13. 


| The Dollar jj 

New Voih 

DM 

Wednesday e j PM 

1.786 

previous ck»c 

1 7897 

Pound 

1.633 

1.635 

Yen 

120.90 

120.875 

FF 

5.9835 

5.9975 

1 mm 

The Dow 



nsa 

Wednesday dose 

previous dose 

-25.79 

8034.65 

8060.44 

J S&P 500 1 

crunge 

-3.63 

Wednesday tf 4PM 

968.62 

previous rose 

972 25 


Hliainl Mtil^fllc Aa«unl 

President Mandela, left, and Colonel Gadhafi on Wednesday, standing outside the Libyan's 
former residence, which U.S- planes attacked in 1986 in response to a terrorist bombing in Berlin. 


TUni Prims 

had reduced or even eliminated the ter- -“- -*-■■**■* lulu 

ritorv’s weighting in their portfolios. 

At the heart of what was often panicky T1 - A 
selling by investors was the worry that r^lfT G f\ Y*¥TT1X7 
Hong Kong would not be able to hold *'*• mj 

out as one of the few major Asian trading ** 

economies not to devalue its currency. T "|WT" T) 1 

Amid growing calls for the govern- I T1 v tfk”VA7 rC A I p 
ment to abandon the 14-year-old link of -*■ " *■ ^ * * J. WVFAV/ 

the local currency and the U.S. dollar, the 

government insisted the rate of 7.8 Hong M:]if nrxr f: n erorlv T Iso ft 
Kong dollars to the U.S. dollar would MllUaTj Ixl/IgP/fJ VSeS 
stay. Meanwhile, the financial turmoil j n T J 

that has shaken Asia in recent months iTulUCTlCC Oil LsGCKtCTS 
took a fresh toll on stock markets and 


Europe Chips Away at the ‘Chocolate War’’ 


By Edmund L. Andrews 

-j ,Vr»v Yurt rants Sen-ice 

STRASBOURG — After more than 
two decades of political gridlock, the 
European Parliament will attempt a big 
step on Thursday toward settling a bitter 
dispute that has split Europe — the 
definition of “chocolate." 

Britain, Denmark and five other 
countries smell victory. Belgium, 
France and a handful of others are furi- 
ous. 

Germany has thus far sided with 


Montenegrins 
Land in Game 
Of Geopolitics 

By Joseph Fitchett 

; latenutrit'iul llrr.iki Tribune 

§ PARIS — Western governments are 
"5»ping that Montenegro’s change of 
‘leaders will make the country a heavier 
■geopolitical domino in the Balkans than 
4ts tiny size might suggest, according to 
U.S. and European diplomats. 

• Their governments, they said, had 
been hoping for the election result last 
weekend in which Milo Djukanovic was 
‘elected president of Montenegro, Ser- 
bia's small partner in the Yugoslav 

• NEWS .ANALYSIS 

-Federation, whose president is Slo- 
bodan Milosevic. The two men are 
' 'sworn enemies. 

» Mr. Djukanovic, 35, advocates eco- 
nomic liberalization and political mod- 
eration of the sort encouraged by the 
■West but rejected by Mr. Milosevic. 

. Now, Mr. Djukanovic has started us- 
. }ng terms such as * 'yesterday s man to 
§ castigate Mr. Milosevic — and even 
r more, Miriana Markovic, his influential 

■#. . ■ M-irxisL 


France and Belgium, but is romored to 
be wavering. 

To hear Belgians tell the story, the 
battle is between “real" chocolate 
made by true European artisans and 
cheap substitutes perpetrated by con- 
glomerates like Cadbury -Schweppes, 
Nestle and Mars. National taste and 
good taste, not to mention billions of 
dollars in chocolate sales, could be at 
stake. 

In the view of the British and Danes, 
as well as ministers at the Brussels- 
based European Commission, the fight 


is for free trade, open markets and com- 
mon sense. 

“It is a dispute that combines na- 
tional interests, great questions of taste 
and arguments over principle.” said 
Philip Whitehead, a British member of 
the European ParliamenL 

To be sure, Europe has had food 
fights before. There was the feta cheese 
brawl in 1995, in which Greece per- 
suaded the European Union to block 
Denmark and other countries from us- 
ing the word “feta.” There have been 
fights over the rights to use the word 


“sherry” and “brandy.” But the 
chocolate war is on a wholly different 
scale, dating back to the earliest days of 
the European Union. 

At issue is Europe's informal “rwo- 
chocolates” policy. Eight countries, led 
by Belgium and France, require that 
chocolate be made exclusively with co- 
coa butter. Seven others, led by Britain 
and Denmark, allow companies to mix 
in substitute'vegetable fats like palm oil 
and shea butter — a practice that 

See FOOD FIGHT, Page 10 


currencies throughout Southeast Asia. 

Hong Kong's market plunge Wed- 
nesday was mirrored by smaller de- 
clines in Singapore, Malaysia, Thail- 
and, the Philippines, and Indonesia. Key 
stock market indexes fell 3.8 percent in 
Kuala Lumpur, 3.3 percent in Manila. 
2.2 percent in Singapore, and 1.9 per- 
cent in Jakarta. In Singapore, the bench- 
mark Straits limes Industrial Index fed 
2.2 percent to 1,731.68, its lowest point 
in more than four years. 

Thailand’s baht and Malaysia's ring- 
git fell once again to record lows. And, 
in the first clear sign of Australia's 
vulnerability to the Asian crisis, the 
Australian dollar hit a three-year low in 
New York trading at 70.45 U.S. cents. 

In addition to Thailand. Malaysia. 
Indonesia and the Philippines, both 
Taiwan and South Korea have now seen 

See HONG KONG, Page 10 





Bloodied Algeria Prepares for Vote 

But Elections 9 All Agree , Won't End a Horrible Civil War 


Affvr FnDCoPixm 


A soldier helping a campaign worker paste up 
a poster in Boufarik, Algeria, on Wednesday. 


By Youssef M. Ibrahim 

New York Times Sen-ice 

ALGIERS — On the eve of local elections in 
which 37 political parties are taking part, fear and 
apathy gripped Algeria. 

Every day and every night across this Medi- 
terranean nation, scores of civilians are murdered by 
roving bands of killers. They descend on villages as 
near as 1 6 kilometers ( 1 0 miles) east, west and south 
of the capital, sometimes riding horses, armed with 
swords, guns and daggers. In the mayhem that ensues 
they spare bo one, slitting the throats of children, 
women and men. 

By and large die killers are believed to be renegade 
Muslim extremists belonging to a loosely organized 
terrorist army called the Armed Islamic Group. 

But a number of people now say they believe that 
some of the killing is being done by groups infiltrated 
by the government’s security forces, occasionally 
taking revenge against families of militants in vil- 
lages known as fiefdoms of the Islamists. 

The violence bas left the people of Algeria ter- 
rorized and confused. This capital's streets and the 
neighborhoods that rise on chffs from the sea are 
eerie and empty at night Roads and highways lead- 
ing to the city are intercepted with check points 


manned by paramilitary forces on high alert. 

The government rarely offers information about 
what has happened in the villages and towns across 
the country. When it is released, it is highly selective, 
always placing the blame for massacres on “ter- 
rorists” of the Muslim fundamentalist persuasion. 
Foreign embassies know little of what is really 
happening. And. almost always the toll of the dead 
and wounded is understated. 

Since 1992 it is believed that tens of thousands of 
people have died in a conflict largely conducted 
between fundamentalists and the state with murky in 
berweens. It is of little surprise, therefore, that amid 
this whirlwind the country’s third electoral process in 
rwo years bas failed to excite the nation's 26 million 
people, despite an official campaign suggesting the 
contrary on radio and television. 

“It is difficult to call these elections,” said Samir 
Bouakir, national secretary of the Front for Socialist 
Forces. “We live between two tenors: one of the 
armed groups and the other the violent response of 
the state. When they massacre 500 people in one 
night, as they did at Beni Messousse in September, 
and it takes a few days to find out about it, you cannot 
keep your mind on elections. ’ ’ 

See ALGERIA, Page 30 


Thomas Crampton 

Iniernunorul Heruhi Tribune 

BANGKOK — As Thai land's fragile 
government struggles to cope with 
worsening economic conditions and 
daily street protests, there are increasing 
signs of anxiety within the powerful 
military. 

Some of the signs are overt, including 
a series of meetings in recent days be- 
tween military leaders and top political 
figures, including Prime Minister 
Chaovalit YongchaiyuL 

In unusually blunt comments on 
Wednesday, the army chief. General 
Cheita Tanajaro, publicly urged ihe 
prime minister to speed up a planned 
cabinet reshuffle. “Every hour, every 
day there are economic developments, ’ ’ 
General Chetta said. 

As he spoke, the baht dropped to an- 
other low against the dollar. Investors 
seemed worried by the resignation of 
cabinet ministers on Tuesday, which was 
not followed by the immediate formation 
of a new lineup of ministers. 

“The military is now exerting a 
strong influence on Thai politics." 
Sukhum Nuaiskul, a political scientist at 
Ramkhamhaeng University, said. 
“When the army commander says 
something, the prime minister listens.” 

Thailand's armed forces have a iong 
history of involvement in politics, much 
of it bloody. There have been more than 
17 coups d'etat since 1932, and high 
military rank has been a virtual require- 
ment for aspiring prime ministers. 

Thai era ended when the leaders of 
the most recent coup were forced to step 
down following a bloody massacre in 
1992 that left dozens dead and hundreds 
injured. Scolded by King Bhumibol 
Adulyadej live on national television, 
the military was humiliated. Since then, 
top commanders have kept a relatively 
low profile and have made a point of 
staying away from politics. 

Now, as politicians squabble while 
Thailand’s once booming economy 
falls into a tail spin, analysts say military 
leaders appear to be taking a more active 
role. Some analysts say that in the cur- 
rent crisis, the military remains one of 
the few credible pillars of Thai society. 

“They call the prime minister and 
they visit him to make sure he acts 
within reasonable limits.” Montii 

See THAILAND, Page 10 




Clinton’s About-Face on IRS Reform 


wife, who is a doctrinaire Marxist 

mJS* Sii s record. House Supports Republican Bill to Set Up an Outside Overseer 

. _ _ 


AGENDA 

Clinton Calls for Slow Cuts in Emissions 


■y.V.kfc:* 




lesser evil in Montenegro and set store 
by the fact that be has defeated Mr. 
^Milosevic in a rmyor election on what 

S« BALKANS. Page 10 

[ NewastendPrifrgg — — 

! Bahrain 1.0Q0BD Mate 

i Cypcus C E 1.00 N^ria .-WNg 

| Denmark .._.14.00 DKr Oman 

Rnbnd 12.00 FM Oater-— 1 **® 

abater. £ 0215 Rep. w f 

j Great Bn*atn... £ 0^0 


By Richard W. Stevenson 

Nov York Times Scr\-ice 

WASHINGTON — The Clinton ad- 
ministration has reversed itself and now 
says it will support legislation to over- 
haul the Internal Revenue Service b) 
creating an outside board with broad 
authority over the tax-collection agency 
and strengthening the rights of taxpay- 
enTwho feel they are being treated un- 

fa ^ y 'few hours after the formal un- 


w 


3 wreai yrr. .: , VAT A few Hours airer , 

1 SOW-- ve uing of the legislation, which afco 

1 J « d an ~-S 120 included a proposal to shift th e bur den 

1 Kenya K. SR ISO aoSSOflO 0 f jjmof in tax court disputes from in- 

dividuals to the IRS, the administration 

i lllllllllllll HI 


announced that the administration 
would back the bill, drafted by Rep- 
resentative Bill Archer, Republican of 
Texas, when it is taken up on Wed- 
nesday by the Ways and Means Com- 
mittee, which he heads. The measure is 
almost sure to pass the foil House with a 
large bipartisan majority before Con- 
gress adjourns next month, 

The Senate intends to consider sim- 
ilar legislation early next year, and the 
Democratic leader in the Senate. 
Thomas Daschle, Democrat of South 
Dakota, said that he, too, now favors the 
main elements in the House bilL 
The administration, and particularly 


that taxpayers are guilty and must prove 
their innocence. 

In addition to those measures, the bill 
would create a taxpayer * ‘bill of rights” 
intended to redress what critics of the 
IRS regard as an imbalance in power 
between the tax-collection agency and 
taxpayers who find themselves in a dis- 
pute over their tax bills. 

Those provisions, most of them sup- 
ported by the White House as well as by 
Republicans, would make it easier for 
taxpayers to recover legal costs in cases 
where the IRS is found to be wrong; 
would make it easier for taxpayers to 
win damages when the tax service is 


President Bill Clinton on Wednes- 
day proposed gradual, mandatory re- 
ductions in so-called greenhouse 
gases to curb the threat of global 
warming. 

Mr. Clinton’s proposals call on 


RAGE TWO 

7 Tie Right to Ramble h Tested 


ASIA-PACIFIC 


Rag* 4, 


Pol Pot: 'Conscience Is dear' 


U.S. industries to begin reducing car- 
bon emissions as soon as possible to 
bring diem to 1990 levels over the 
next dozen years. 

The plan was criticized by Euro- 
pean experts as too weak. Page 3. 

Books Page 7. 

Crossword Page n. 

Op“*ion Pages 8-9. 

Sports Pages 22-23. 


Mr. Rubin, had previously objected to found to have acted negligcntiy, and 


7029*805049 


d °Sa Treasury Secretary Robert Rubin 


two of the bill's main provisions: cre- 
sting a board made up largely of private 
citizens that would have considerable 
authority over how the IRS is run, and 
curtailing the presumption in tax court 


would make more cases eligible for 
resolution in a tax version of small- 
claims court and provide financing for 

See IRS, Page 10 


Global Tuberculosis Epidemic Is Feared 

agenrii'Sd VV^ieSv™^ hial!h f nKra “°, na] Union Against Tubereu- 
A survey by ihe Warid Health Or- tX-^tosiln 


I 








INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 23, 1997 


PAGE TWO 


HI Will in Cornwall./ A Baffle o# Birthrights 


Right to Ramble Is Tested on an English Estate 


By Sarah LyaJJ 

New York Times Service 


M AWGAN, England 
— Sir Ferrers Vyvy- 
an’s family has lived 
ill this wild and lovely 
comer of Cornwall for more than 
900 years — its estate, Trelowar- 
reo, was mentioned in the Domes- 
day Book — so he thinks he 
should know by now what is his 
property and what is not 
And one thing that does belong 
to him. Sir Fearers says, is a 30- 
yard path down by the Retford 
River. 

He's sony that local hikers, 
particularly one local hiker 
named Jed Trewin, like to use the 
path, but that. Sir Ferrers says, is 
not the point. 

‘'As far as we're concerned,” 
he declared recently, ‘ ‘Mr. Trewin 
has no right to moor his boat there 
or to walk across our land. 1 ' 

Bat this is Britain, where local 
traditions, even more than the 
boundaries on a map, can deter- 
mine who gets to use the land. Mr. 
Trewin, whose family has lived 
for a more-than-respectable 600 
years bens on the Lizard Penin- 
sula, says he has as much right to 
stroll along the footpath at 
Trelcrwarren as he does to breathe 
the bracing Cornwall air. 

“It’s my birthright to walk 
there,” said Mr. Trewin, 44, who 
is unemployed and who lost a leg 
in a motorcycle accident. “I'm 
totally against someone walking 
across someone else’s land, but 
blocking a footpath thar has been 
used for generations is another 
matter.” 

The dispute between Sir Fer- 
rers and Mr. Trewin has its roots 
in medieval times, when tracts of 
land were set aside for common 
use and landowner and landing 
lived in harmony, at least in the- 
ory. But in the 18th century, when 
Parliament passed a series of laws 
decreeing that land could be en- 
closed, aU that changed. 

“ Landowning has been seen as 
a form of elitism, with landlords 
traditionally seen to exclude 
people,” Sir Ferrers said. 

In the 20th century the old 
countryside tensions manifest 
themselves not in life-and-death 
struggles over the right to farm 
and to keep livestock, bat in 



kultiw Ptajn/Uw V* Tori Tunr* 

Jed Trewin, left, is fighting Sir Ferrers Vyvyan, owner of the estate of Trdowarren over the right to wander the hills of Cornwall. 


something Britons take just as se- 
riously: the right to hike. 

Rambling, as hiking is also 
called here, is one of Britain’s 
favorite pastimes, but because 
there is so little public land, ram- 
blers depend on the huge network 
of public footpaths that crisscross 
private property. 

Footpath-related tensions flare 
up regularly, with the sometimes 
militant ramblers marching 
across disputed areas and cam- 
paigning for “the right to roam," 
and fanners and landowners de- 
liberately letting the paths get 
overgrown, or emerging to hurl 
abuse and threats at members of 
the public. 

“These footpaths are part of 
our heritage. said Maureen 
Donovan, the rights-of-way of- 
ficer for the Ramblers' Associ- 
ation in the Lizard Peninsula. 
“Where else are you supposed to 
walk?" 

British law stales that if a path 
has been continually used by the 
public for 20 years, it is con- 
sidered as public as a major high- 
way — even if someone owns the 
land. Mr. Trewin, who is seeking 
to have Sir hirer's path added to 
Britain's definitive rights-of-way 
map, says he has been using it for 
years, and so do other residents. 

But Sir Ferrers, 37, aigues that 
he has always closed the path for 
six months each year, as he does 
throughout the 1,000-acre estate 
Che opens it during the summer) 


— thus countering Mr. Trewin' s 
continuity argument. 

“The tourist season is for six 
months of the year, and we want 
our private for the rest of the 
year, he said. “I have to be 
adamant over this or I'll- have 
people contesting access to every 
footpath on the estate.” 

Mr. Trewin and his wife, Mar- 
lene, say the dispute is a clear-cut 
case of medieval-style aristocrat- 
ic bullying. 

vl think they thought that 
money would intimidate us. that 
we Were little peasants that should 
be moved on,” Mrs. Trewin said. 
She doubly resented it when she 
put on her best clothes for a court 
hearing and Sir Ferrers turned up, 
she said, in “cord jeans with a 
huge black stain on them, dirty 
shoes and a denim shirt that 
wasn't buttoned properly.” 

But Sir Ferrers, one of whose 
ancestors was given a baronetcy 
in 1644 for running the royalist 
mints in southwest England dur- 
ing the country's civil war, hardly 
seems to be a “Brideshead Re- 
visited' '-style aristocrat. For one 
tiling, he fives only in a small 
section of Trelowairen, a fairly 
large stately home. 

“They assume I’m as rich as 
Croesus, but I do everything on 
overdraft like anybody else,” he 
said, opening the door to a house 
strewn with the detritus of four 
youngchildren and two slobber- 
ing dogs. 


Tall and lanky, with a bushy 
black beard, he refused to be pho- 
tographed: “I don't want to be 
recognized in the neighborhood.” 


W! 


’HEN Sir Ferrers 
took over the estate 
in 1983, at 23, it was 
falling apart He has 
gradually worked to restore it, 
bringing in money by r unning a 
camping site and opening a res- 
taurant and a shop. 

For six months each year, 
people can walk across his prop- 
erty, tour the manor and visit a 
nature center and gallery he has 
set up, all free of charge. 

Though they considered him a 
remote and even arrogant figure, 
the local residents had always co- 
existed in peace with Sir Ferrers; 
indeed, about 40,000 people visit 
the estate each year. 

But trouble arose two years ago, 
when Sir Ferrer&’s newly widowed 
mother moved to a bouse near the 
disputed footpath. Lady Vyvyan, it 
emerged, wanted ha privacy. 

Most of the residents reluctant- 
ly stopped going there. But Mr. 
Trewin, who kept his boat moored 
at the end of the path, felt strongly 
enough to make it an issue. 

”We had several steaming 
rows with Trewin. and he intim- 
idated my mother,” Sir Ferrers 
said. “I don’t think he knew or 
cared who owned the land." 

Sir Ferrers then sued Mr. Trew- 
in for trespassing. Mr. Trewin, 



who says that if anything. Sir Fer- 
rers’s mother intimidated him, 
went to the County Council, which 
is to hold a bearing in December. 

“We’re losing our heritage,” 
Mr. Trewin said. “Everywhere 
you look now it’s private, private, 
private." 

Sir Ferrers says his main ob- 
jection is to Mr. Trewin and bis 
legal arguments. “Once all this 
all dies down, if we don't have 
any further confrontations we’ll 
open it np again,” he said. “If 
people want to ring up and ask if 
they can use it, that’s O.K. But it’s 
private property." 


r v.-'hi tefti r: 

■'■Vi r;-' — 


■M. 




tRivEL 1 Mate' Russian Psychologist Galls Mfca ‘Sweatshop 




In Storm’s Wake? 
Acapulco Agony i 

Relief Lags for Resort’s Poor ; 


By Julia Preston 

New York Times Service 


stood. “Since we’re poor, the 
authorities abandoned us. 
They want us to act like beg- 
gars to get any help. ” 

The anger nas deepened in 
spite of an apparently vigQP- 
ous relief effort mounted by 
the federal government • . 
President Ernesto Zedille 

cut short a trip to Europe and 


ACAPULCO, Mexico — 

The emergency that began 
when Hurricane Pauline rav- 
aged the city, above the 
beaches of Acapulco on Oct 
9 has officially ended, but res- 
idents are still wearing sur- «. . 

gical masks against a cloud of visited Acapulco and nearoy 
brown dust rising from caked damaged areas three times, 
and drying mud. trudging in boots and blue 

Many thousands of people jeans over rocks and ruins ana 
still have urgent basic needs, meeting with crowds clam-/ 
.Several 'neighborhoods re- oring for help. a 

Defense Minister Ennqpe 
Cervantes Aguirre, who nor- 
mally avoids public appeal: 
ances, gave several press con- 
ferences to answer criticism* 
and he is overseeing the work 


Several 'neighborhoods re- 
main cut off from traffic be- 
cause streets are split open or 
were carried away by the 
flash floods. Drinking water 
.is. in short supply because of 
damage to pipes. Some res- 
idents are bathing in the same 
brown, sewage-laden river 
that carried away dozens of 
people during the storm. 

‘Marcelino Hernandez, 
who has a breathtaking hill- 
side view of the white 
beaches and aquamarine bay 
below — but no longer has a 
house from which to enjoy the 
panorama — has a special 
problem for the authorities to 
deal with, and the 38-year- 
old, who used to make rub- 
ber-soled sandals in a tin- 
roofed shack that the flood- 
waters buried in mud, is 
growing impatient waiting 
for help. 

“I asked them to dig 
here.” he said, pointing to a 
foul-smelling mud bank in 
what used to be his front 
patio, “to see if my neighbors 
are in there.” One end of a 
mattress that belonged to Mr. 
Hernandez’s neighbors, who 
have not been seen since the 
day of the storm, sticks out of 
the fetid mound. 

Amid scenes like this, the 
authorities in charge of clean- 
up and relief are facing a 
storm of public rage. 

City, state and federal of- 
ficials were first accused of 
failing to issue adequate 
warnings, and then of re- 
sponding indifferently to the 
disaster, and even of keeping 
aid for themselves. 


Italy to Ease Travel Formalities 

ROME <AP) — Starting Sunday, the government said, 
sogers flying to Italy from countries that belong to 

S ie's open-border Schengen agreement will land at na- 
rather than international te rmin als, and they will not be 
required to go through customs. 

Crossing into Italy overland also should become easier, it 
said, as the borders with France and Austria are gradually 
opened by April 1. Passengers arriving by sea are to receive 
the same treatment as those arriving by air. 

Hong Kong Airport to Fly on Time 

HONG KONG (Reuters) — The new airport here will open 
on time in April, but getting there could be a problem for a 
while, Hong Kong’s head of civil aviation said Wednesday. 

The rail line that is to ferry passengers from Hong Kong’s 
business district to the airport on the northern side of Lantau 
Island is not due to be ready until June. Authorities are holding 
talks with railway operators to try to speed the work. 


provoking 
lisiou by 



The Associated Press 

MOSCOW — A veteran 
space psychologist accused 
Russian Mission Control of 
a June space col- 
overloading the 
Mir’s exhausted crew, de- 
scribing the aging station as a 
“sweatshop." 

“A Russian cosmonaut is a 
galley slave, a human being 
deprived of any rights,” 
Rostislav Bogdoshevsky, 
who has spent 35 years work- 
ing with cosmonauts, said in 
an interview published Wed- 
nesday in the newspaper 
Izvestia. 

He accused officials at 
Mission Control and RKK 
Energia — the state-run cor- 
poration that built and runs 
(he L l-year old orbiting out- 
post — of callous disregard of 
the crew. “You can sum up 
their attitude in one word: 
sweatshop,” the 
quoted Mr. I 
saying. 

Russian space officials ar- 
gued for months about who or 
what was to blame for Mir's 
□early disastrous June 23 col- 
lision with a cargo ship during 
a practice manual docking. 

An early report from En- 
ergia experts blamed Vasili 


one w 
news[ 
Bogdashevs 


Tsibliyev, the Mir command- 
er at the time, and his flight 
engineer, Alexander 

Lazutkin. Both cosmonauts, 
who returned to Earth in Au- 
gust, vehemently defended 
themselves, saying the crash 
was caused by worn-out 
equipment. Many space of- 
ficials and cosmonauts took 
tbeir side, blaming Energia 
and Mission Control for the 
collision. 

A government report is- 
sued last month was vague. It 
said both the crew and ground 
controllers made some unspe- 
cified mistakes. 

Mr. Bogdoshevsky, who 
works at the Star City cos- 
monaut training center, said 
an investigation revealed the 
crew was overtired and un- 
prepared for the ill-fated 
docking attempt “It's simply 
a miracle that, with the 
ground controllers' help, they 
managed to control the situ- 
ation and survived,” he said. 

Star City urged Mission 
Control to give the crew more 
time to rest after a solid-fuel 
oxygen canister set off a fire 
on Mir in February, Mr. Bog- 
dash evsky said. 

But they were kept busy, 
and Mission Control pressed 


them to carry out the difficult 
practice docking, Mr. Bog- 
dashevsky said 

According to his account, 
an exasperated Mr. Tsibliyev 
told ground controllers the 
night before: “You have 
found a scapegoat. You leave 
me no option butto puta knife 
to my throat." 

After the collision, Mission 
Control planned to send Mr. 
Tsibliyev and Mr. Lazutkin 


grew from a sleepy tourist 
.• vd thiqgs^, 3 p05h/o beg?gie^,.)riil 7 strad-; 

goewout. -,0Ung. meirqpp]i§i.of,at.,lq 9 st 
“under the desk or inrough the 700,000. - . •• ! 

dto Romero Flores, 43, a, res- . .never built, a drainage system, 
ident of the hilltop shanty 
neighborhood where Mr. 

Hernandez’s house once 


on a risky salvage mission 

into the airless Spektr mod- 

ule, but decided to postpone It 

Clarification 

The Mission Control 
spokesman Valeri Lyndin ac- 
knowledged Wednesday that 
the cosmonauts had worked 
under constant stress, but ad- 
ded that their successors work 
equally hard but have never 
complained- 


for the steep streets, which; 
turn into surging streams 
even after a light shower. 


An article in the Feb. 1 , 1993. edition concerning the flight 
of capital from Russia stated that Artyom Tarasov was under 
investigation in Russia in connection with the export of oil. 
The article did not state, and did not intend to imply, that he 
would be found to have committed any crime in connection 
with the oil transaction, that be was connected with the^' 
Russian mafia, or that his business activities were a majon 
cause of die collapse of the Russian economy. 


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Forecast for Friday through Sunday, as provided by AccuWaattwr. 


Asia 



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ko likely from Mnnesata to wflh some sunshine Friday will bo windy and cold; 

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of 4,500 soldiers who joined 
the relief drive. >' 

The government has, an 
fact; set up a dozen shelters ,t© 
house homeless families, anti 
at one cramped but orderly 
shelter in the common room 
of a public housing develop- 
ment, several women sugges- 
ted Tuesday that they were 
living better than they did -in i - 
their lost hovels. /I 

“They are treating us like 
queens!” said Lucia Castro 
Cortezano, 47, a housewife, 
who said she and her family 
of six are enjoying regular 
medical attention and three 
hot meals a day for the first 
time in memory. 

But elsewhere, frustrated 
residents are still stunned — ; 
so much so that they don't 
even know what to call the* 
hurricane, referring to it as 
“the Phenomenon.” 

The official death toll in the 
battered states of Guerrero 
and Oaxaca, now stands ,at 
217, and the Red Cross es-! 
limates that more than 2,000 
people are missing. ■ 

Health officials reported; 
20 cases of cholera through- 
Monday, but they stressed 
there is no epidemic. 

The powerful rain apd 
winds exposed a central flaw! 
in Acapulco's development 
over the last two decades it 


5- 

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THE AMERICAS 


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Primed by New&x httcna&mL London. Reffsiered as a tmspaper at the past office. 









PAGE 3 



S .H 

-W 

1 ^ 1 Calls for Gradual, Binding Curbs on Greenhouse Gases 


THE AMERICAS 


^ Clinton Presents Emissions Plan 


POLITICAL 


President Bill 

!u- 




WASHINGTON 
Clinton on Wedne&_ 
al. mandatory iSaS^SESSS 

■He also recooiincnded tax breaks and 
^auo n C “ UVeS 10 SpUI cuergy 

pIan ^ 00 u s - in- 
dnsmes to begin apaih toward reducing 
gtoni emissions as soon as possible to 
b^^to J9 90 levels 

^WhUe for toe first time embracing 
MteSlS. pollution curbs, the proposal 
falJs short of what the Europeans have 
demanded and what many environment- 
idtsts have sard is needed fo address the 
panning threat. 

* Pour years ago, Mr. Clinton said that 
torough voluntary efforts the United 
5“!®® ^ ^ cap carbon emissions at 
1990 levels by the end of the decade. 

■■ But emissions have been growing and 
rffe now expected to exceed 1990 levels 
By 13 percent by 2000. 

House press secretary 
Mike McCurry , defended the proposals. 

It would be unrealistic to attempt to 
reach —by the year 2000— 1990 levels 
on emissions,*' he said, ‘‘because it 
Would most likely wreck the world 
economy if you attempted to do that” 
r ’ Four years ago, Mr. Clinton “did not 
anticipate the strength of the U.S. econ- 
omy and the growth that we’ve ex- 
perienced in the last 4Vi years.” Mr. 
McCurry said. 

- "Mr. Clinton’s basic theme is that 
wanning concerns can be ad- 
1 through technology innovations 


and without new energy taxes. 

. His proposal, described by the Na- 
tional Economic Co uncil chairman , 
Gene Spelling, as “ambitious but sen- 
sible and sound,” will serve as the U.S. 
position at nego tiations at an environ- 
mental conference on global wanning in 
Kyoto, Japan, in December. 

It calls for industrial nations to sta- 
bilize emissions at 1990 levels in the 
2008-2012 time period and to »nak>» 
further reductions over the following 
five years. 


primarily 
me coal a 


of carbon dioxide from burn- 
ing c oa l and oil — below 1990 levels 
until 2012, and possibly several years 
beyond that 

Neither the timetable nor the rate of 
reductions were likely to be embraced 
by either environmentalists or the Euro- 
peans, who have urged more aggressive 
controls, including emission reductions 
of 15 percent below 1990 "levels be- 
! ig on a limited basis as early as 




paring for the Kyoto conference crit- 
icized early drafts of the proposal as too 
modest. 

The 15-nation European Union, 
which has called for a 15 percent cut in 
emissions from their 1990 levels, 
has at t ac ked a Japanese plan calling for 
a 5 percent cut. 

The plan calls on developing coun- 
tries to agree to binding limits on emis- 
sions over time, but does not set specific 
targets. 

It also says toe United States would 
not agree to binding obligations without 
‘ ‘participation” from developing coun- 
tries. 

The proposal calls for a system to be 
implemented after 10 years that would 
allow companies to trade emissions' 
permits to give them flexibility in com- 
plying with the cuts; $5 billion in re- 
search and development assistance for 
energy efficiency, and “rewards” for 
U.S. companies that act early to cut 
emissions 

The plan would allow countries flex- 
ibility to postpone cuts in emissions — 


AMERICAN 


TOPICS 


•-.Mini-Range War in Oregon 

jSparks Slaughter and Trial 

’■ One fine fall day a year ago. Dr. 
1 Patrick Shipsey drove out to his 960 
hcres near John Day, Oregon, to plant 
‘ grass along a creek that was healing 
from generations of overgrazing. 
• When he saw that his neighbor’s 
‘-Herefords had gotten inside his fence 
- again, he pulled-out his favorite rifle 
and calmly dropped each of the eight 

■ cows with a bullet to toe base erf the 
Skull. 

Dr. Shipsey said he wanted to call 
1 attention to a law he considers 

■ ludicrous. The law allows ranchers to 
’•hold others liable for the welfare of 
' their cattle/ no matter where they 

roam. 

"■ A century after its inception, the 

■ law holds sway in Oregon, Montana, 
| J Idaho, Utah, Wyoming and parts of 
'■ Texas. It goes against much of Amer- 
ican jurisprudence, but is well un- 
derstood in cattle country. 

“When you build a fence in this 
country, it isn’t to keep your cattle in, 
it’s to keep your neighbor’s cattle 
out,” said Joe West, a barber in John 
|- Day, where cattle are still herded 
: ’ down Main Street 
' John Hays, president-elect of the 
Oregon Cattlemen’s Association, 
4A' said ranchers need open range to 
move their herds. 

“It’s just the law of the West,” he 
said. 

I The man whose cattle were killed. 
Bob Sproui, had argued with Dr. 
|_ Shipsey for years over Mr. Sproui’ s 
wayward cattle. 

“The cattle and men who own 
them in these vast areas can’t protect 


a garden patch” like toe doctor’s 
property, Mr. Sproui says. 

Dr. Shipsey races up to 55 years 
in prison and toe loss of his medi- 
cal license, as well as his guns, if 
convicted of violating the open- 

range law. Yet he remains philosoph- 
ical. 

“The worse it goes for me,” he 
said, “toe more ridiculous that law is 
going to lot*.’” 

Short Takes 

More than two-thirds of Amer- 
icans consider themselves environ- 
mentalists, according to a recent sur- 
vey. Of 1,040 people polled, 76 
percent said they strongly or some- 
what agreed that “protecting the en- 
vironment is so important that re- 
quirements and standards cannot be 
too high »nri ran finning environmen- 
tal improvements must be made re- 
gardless of cosh” 

. The study, by a survey group 
headed by Richard Wirthlin, the 
former pollster for Ronald Reagan, 
found, that environmentalism bad- 
moved from “its extremist begin- 
nings 30 years ago” to a place well in 
the mainstream. 

Resume writing is an art, but it is 
not rochet science, says Robert Half, 
apexsonnel specialist who has made a 
suitor of the matter. 

The worst things a job-seeker can 
do, he say s, are to misspell words, use 
bad grammar or indulge in lame at- 
tempts at humor. 

Some of toe more glaring ex- 
amples from his collection: “En- 
closed is a ruff draft of my resume”; 
“Education: statistics mayor”; and 
this classic: “After receiving advice 
from several different angels, I have 
decided to pursue a new line of 
work.” 

Brian Knowlton 


Diplomats from about 150 countries 
are meeting for 10 days in Bonn in the 
last scheduled calks before the treaty is 
signed in Japan in December. 

The Ctinton package was not likely to 
sit well among large, powerful segments 
of industry, from oil and electric utility 
companies to large manufacturers, in- 
cluding the Big Three auto makers. 

All of these groups have waged an 
rawnpign against any U.S. com- 
mitment to binding reductions. 

But in remarks at a Democratic cam- 
paign fund-raiser Tuesday night, Mr. 
Clinton said toe United States most take 
die lead in addressing global w arming 
concerns. 

He reiterated that emission reduc- 
tions could be accomplished without 
threatening economic growth. 

“The overwhelming consensus of 
scientists is that we must reduce our 
greenhouse gases,” Mr. Clinton said. “I 
refuse to hide our heads in the sand. We 
have to face that.” 

While not commenting on specifics 
of the proposal, Mr. McCurry acknowl- 
edged that there was no assurance the 
Kyoto conference would end with a 
treaty. 

It is “far from certain that there can 
be success,” Mr. McCurry said, adding 
that Mr. Clintdu had telephoned world 
leaders this week to see what the pros- 
pects were for success in Kyoto. 

“This is going to be very, very hard 
work,” Mr. McCurry said. 

Administration officials : 
carbon releases at 1990 levels 
mean a 20 percent reduction in emis- 
sions in 2000 since carbon releases are 
continuing to grow. 

Last week the Energy Department 
said greenhouse gas emissions soared 
3.4 percent last year, largely because of 
economic growth. (AP, Reuters) 



Bifl IfcferfTte Amuled Pre*. 


GORE AND GUMBO — Mayor Marc Morial of New Orleans, left, and Representative William Jefferson 
ordering gumbo for Vice President AJ Gore, who spoke earlier at the Louisiana State Medical Center. 


Free-Trade Focus Shifts to Senate 

WASHINGTON — Confronted with surprisingly strong 
House opposition to President Bill Clinton's free-trade 
proposal, toe White House has reversed strategy and turned 
its focus instead to the Senate, where it hopes to win a 
convincing vote to build momentum. 

The administration originally planned to seek a vote first 
in toe House, as is traditionally done on trade matters, but 
toe level of antipathy toward toe Clinton plan is deeper 
among his fellow Democrats than initially expected and 
vigorous lobbying by the president and his top aides so far 
has not turned the tide. Clinton advisers are more confident 
that they can prevail in the Senate, where they expect a 
filibuster but believe they can muster the 60 votes necessary 
to cot it off. 

Under toe “fast track” bill, trade agreements brokered 
by the president would be subject to a vote by Congress but 
could not be amended. This has generated criticism from 
labor and environmental activists, who worry that it would 
lead to lost jobs as companies move overseas. (WP) 

A $50,000 Weekend With Clinton 

WASHINGTON — Struggling to reduce its $15 million 
debt, the Democratic Party has invited donors to pay 
$50,000 for a Florida weekend retreat featuring President 
Clinton, Vice President Al Gore and a sprinkling of sen- 


ators, House members and administration officials. 



aways 
biggest 

mittee “autumn retreat” is unusual in that the price of 
admission for the weekend alone is so steep. The retreat is 
also believed to be toe first such evem involving a sitting 
president and vice president. 

Officials hope toe event will bring in $3 million and say 
they already have commitments for $1.6 million. The 
retreat is to be held Oct. 31 to Nov. 2 at toe Ritz-Carlton 
hotel at toe Amelia Island golf and tennis resort in Flor- 
ida. 

Meanwhile, the National Republican Senatorial Com- 
mittee is aiming to raise more than $6 million af its rhird 
annual Senate Majority Dinner here Nov. 5, up from the 
$35 million the event raised last year. William Timmons of 
Timmons & Co., a Washington lobbying firm, is shooting 
for $1 3 million from Washington players. (WP) 


Quote / Unquote 


Charles Black, who was a political adviser to Presidents 
Ronald Reagan and George Bush and is now a prominent 
lobbyist, on the effect of the line-item veto on legislation: 
“Government agencies and private entities are used to 
being able to lobby the two nouses of Congress and get 
something into law. Now there's a third house, the ad- 
ministration.” (NYTl 


As Pilots Fly the Coop, Air Force Faces Shortage 


By Philip Shenon 

■ - -New York Times Service - 

SEYMOUR JOHNSON AIR 
FORCE BASE, North. Carolina —Asa. 
boy in Texas, Major Ernie Brown knew 
be was destined for the cockpit 

“I grew up on a diet of air shows and 
flying magazines,” said Major Brown, 
who lived out his childhood dreams and 
today pilots an F-25E fighter jet for toe 
U.S. Air Force. 

“An absolutely awesome airplane,” 
be said. “Is this a good life? Hell, 
yeah.” 

But next summer. Major Brown, 38, 
is scheduled to step out of toe cockpit of 
the F-15E for the last time, and leave the 
air force. He told his commanders this 
month that he was resigning and was 
looking for a job with an airline. After 
spending almost 200 nights away from 
home on missions in the last year, he 
said he can no longer sacrifice his fam- 
ily to the demands of toe air force. 

“Basically, you miss your wife and 
kids,” he said. 

For toe air force. Major Brown's de- 
parture is an illustration of an alarming 


trend: toe resignation of its best trained 
and most talented pilots. 

In 1996, 498 pilots left the air force; 
the number this year is expected to pass 
700.ini 994, the air force retained more 
than 81 percent of the pilots who faced a 
re-enlistment decision that year, a re- 
cord high. So far this year, fewer than 30 
percent of the eligible pilots have made 
toe commitment to stay in. 

The air force, which has warned that 
it expects to have 350 fewer pilots than it 
will need next year, is struggling to 
figure out how to stem the exodus, so far 
with little success. 

“Fm losing experienced people, and 1 
can’t replace that experience overnight,’ ’ 
said Lieutenant Colonel Robert Eskridge, 
who oversees four F-15E squadrons at 
this air base outside Goldsboro, North 
Carolina. “These are really good guys 
who are leaving, guys who we’ve spent 


several million dollars each to train.” 

Air force surveys of departing pilots 
show that there are many reasons for 
their departures: stepped-up recruiting 
by the booming airline industry, which 
can lure pilots with much higher sal- 
aries; the large number of overseas de- 
ployments required by American mil- 
itary commitments in the Middle East 
and the Balkans; and the morale prob- 
lems caused by budget cutbacks in toe 
military and a series of highly pub- 
licized scandals in the air force. 

The problem for toe airforce is likely 
to worsen because of toe commercial 
airlines, which are expected to have a 
constant demand for new pilots until 
early in toe next century. The airlines, 
which need to replace pilots hired dur- 
ing boom times a generation ago and 
now retiring, will hire an estimated 
4.200 pilots this year. 


The Pentagon has announced a series 
of steps intended to deal with die prob- 
lem, including a request to Congress to 
raise from $1 2,000 to as much as $25,000 
the annual bonus for pilots who choose to 
remain in the air force for an extra five 
years. But many pilots say that money is 
only one factor, and nor toe principal one, 
in deciding whether to stay. 

Another F-15E pilot. Major Dwight 
Godwin, 36, said he had decided to seek 
work as an airline pilot because of the 
career path that senior air force pilots 
are required to follow, a promotion sys- 
tem that often results in long stretches 
out of the cockpit, either in desk jobs or 
in school. “And J only want to fly, ' ’ he 
said. 

When air force pilots do fly. they 
often find themselves assigned to mis- 
sions abroad with no hope of seeing 
their families for months at a time. 


Away From 
Politics 

j* A company in New Jersey 

w/fe recalling 57 million con- 
doms. Ansell Personal Prod- 
ucts of Eatontown said it had 
received complaints from 
eight consumers that the con- 
doms had broken before their 
expiration dates. It asked buy- 
ers to return unused condoms 
for replacements. (WP) 

• An inmate who had been 
on Missouri’s death row 
longer than any other was ex- 
ecuted by injection for car- 
rying out a contract killing on 
a man who was living with 
another man’s wife. Alim 
Bannister was convicted in 
1983 of killing Darrell Ruest- 
m^n a year earlier. An 
businessman was convicted 
of [soliciting toe murder awl 
served 90 days in jail. (AP) 


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REPUBLIC OF LEBANON 
MINISTRY OF TRANSPORT 

COUNCIL FOR DEVELOPMENT AND RECONSTRUCTION 
PORT OF SAIDA AUTHORITY 
PREOUALIFICATION OF CONTRACTORS 
FOR PORT OF SAIDA PROJECT 
WITHIN THE FRAMEWORK OF SAIDA COASTAL AREA 
REHABILITATION PROJECT 

The Government of Lebanon, represented by Ministry of Transport , Council for Development and Reconstruction 
(CDR% and Port of Saida Authority, wishes to engage firms through international competitive bidding, for 
Finance, Design and Build of Port Saida Project. 

The works shall be financed by the Contractors. The terms and conditions of the Ioan(s) shall be proposed by the 
pre-qualified bidders in tbeir bid submission. 

Firms wishing to participate in the bidding process for one or more of these Packages, must be prequalified. The 
expected date for bidding is foreseen on March 1998. 

The. works will be executed under supervision of consultants appointed by CDR/Port of Saida Authority. 

Interested Applicants may be required to form consortia which would include financiers, designers and 
Contractors of established experience and reputation. 

The Applicant hare the option to apply for prequaiification for one Package or combination of Packages or four 
Packages. The packages include bat not restricted to the following main elements: 


Package 1 

- Construction of a main breakwater and a lee 
breakwater with a total estimated length of 3825 m. 
The main breakwater will constitute 2725 m and the 
lee breakwater 1100 m. 

Package 2 

- Reclamation from the sea erf about 1.2 million square 

metres to a level of about 45.0m above mfean sea 
leveL : 

- Dredging of a relume of about 1.25 million cubic 
metres in sandy material to achieve a depth of -15 m 
Chart Datum (CD). 

- Compaction of the reclaimed area, about 1.2 million 
square metres, using most effective and cost 
economical methods. 

Package 3 

- Construction of a quay wall for the container 
terminal for a total length of 530 m (Phase 1). 

- Construction of a quay wall for the multi purpose 
terminal of 360 m (Phase 1). 

- Construction of slope protection for the reclamation 
works carried out under package 2 for a total 


Package 4 

- Construction of internal roads, parking areas. 

- Construction of a boundary wail and fences. 

- Construction of medium voltage electricity network with 
substations including lighting of roads and parking areas. 

- Construction of a water supply system. . 

- Construction of sewage, surface and stormwater drainage 
systems. 

- Construction and Installation of navigational support 
system including a light house and navigational 
equipment 

- Landscaping of green areas (s 8.0 ha). 

- Construction of the following buildings: 

• Administration, control tower. Harbour master. Health 
control and cafeteria. 

• Customs and general security. 

• Main gate and weighbridge. 

• Fire station and clinic 

• Stand-by power plant. 

• Water tanks and reservoirs, waste treatment and 
vessel's disposal and sewage lift stations. 

• Vehicle workshops. 

■ Fhel station. 


length of 1010 m. 

Prequaiification documents for the Project will be available for collection, starting' Wednesday 22/10/1997, on 
presentation of a Bankers draft, in the name of the Council for Development and Reconstruction, for $3000 (Three 
Thousand US Dollars) per document, from CDR's offices at the address given below, during normal working 
boars: THE COUNCIL FOR DEVELOPMENT AND RECONSTRUCTION - TALLET AL-SERAIL - BEIRUT 
LEBANON 

In order to be considered for inclusion in the lists of prequalified bidders. Anns should return the documents to 
CDR’s offices at the above mentioned address not later than 12:00 hours noon (Beirut local time) on Monday 
22/12/1997 at the latest, duly completed and accompanied by the required supporting documents. 







I 


PAGE 4 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 23, 1997 


ASIA/PACIFIC 


Ailing Pol Pot Insists His ‘Conscience Is Clear 9 Over Genocide in Cambodia^ 


< X-<r* ■ 


By Seth My dans 

fart Tim a Service 

J* 01 “““ responsible 

*"®“ ea ™ s of ai least a million Cambodians in 
,l 0s ’ **** *“ “ever intended to kill 
anybody and that “my conscience is clear,” 
according to a report to be published this week. 

I came to cany out the struggle, not to kill 
people.' the former Khmer Rouge lrarW told 
the Far Eastern Economic Review. “Even now, 
and you can look at me: Am I a savage person? 
My conscience is clear." 

The interview was conducted last Thursday in 
a Khmer Rouge guerrilla camp in An long Veng, 
Cambodia, by Nate Thayer, the weekly 
■ magazine 's Southeast Asia correspondent It is 
scheduled to be published Thursday, but ex- 
cerpts were made public Wednesday. 

• This was the first interview Mr. Pol Pot has 
given since early 1979, jost before a Vietnamese 
invasion ended his four-year reign of terror a nd 
drove (he Khmer Rouge into the jungles, where 
they have continued to fight a gue rrilla war. 

In July, Mr. Thayer, who has maintaingH 
contact with the Khmer Rouge over the years. 


was allowed to witness a carefully scripted show 
trial in Anlong Veng in which Mr. rol Pot’s 
followers denounced him and sentenced him to 
life imprisonment 

That encounter came shortly after a coup in 
die capital. Phnom Penh, shattered Cambodia’s 
emerging democracy and plunged the country 
back into chaos and bloodshed. 

The coup leader, Hun Sen, said this week that 
he would not allow his ousted rival. Norodom 
Ranariddh, to participate in elections scheduled 
in May. 

Mr. Thayer’s article describes Mr. Pol Pot, 
who is about 72, as “clearly very ill and perhaps 
near death.” It quoted him as saying he now 
spent most of his time in bed in the hot where he 
is now confined with his wife and 12-year-old 
daughter. 

Mr. Pol Pot described in detail his various 
ailments, including an apparent stroke in late 
1995. 

He acknowledged, as he reportedly has be- 
fore, that “our movement made mistakes," but 
be said he had saved Cambodia from domination 
by its old enemy, Vietnam. 

Hfl»r»»HnfthftVw* m«Trx»»se T errains flmntivaring 


force for die few thousand Cambodian guer rillas 
who continue to bold out in die jungle. 

Mr. Pol Pot admitted ordering the executions 
of political opponents, although he denied the 
existence of a torture chamber. Tuol Sleng, 
where at least 10,000 people were interrogated 
before being killed 

“We had no other choice,” he said “Nat- 
urally we had to defend ourselves." 

He said the Vietnamese “wanted to assas- 
sinate me because they knew without me they 
could easily swallow up Camb o d ia.” 

He said many of the deaths, including those 
from mass starvation, bad been the w ork of 
Vietnamese agents and added, “To say that 
millions died is too much.” 

Political analysts said Mr. Pol Pot's show trial 
and public sentencing — and the invitations to 
Mr. Thayer — appeared to be an attempt to 
cleanse the image of the Khmer Rouge and to 
show that it had broken with its brutal past 

During his first visit, Khmer Rouge officials 
told Mr. Thayer that a new generation bad taken 
control of the movement and that they were now 
democrats and nationalists. 

Analysts, however, generally dismissed this 


assertion as propaganda. It appears, that the 
Khmer Rouge remains under toe leadership of 
Mr. Pol Pot's veteran comrades, Ta Mok and 
Nuon Chea, who have been implicated with hjm 
in the killings in documents collected by the 
Cambodia Genocide Program. 

In a separate interview during Mr. Thayer’s 
visit, Mr. Ta Mok, the Khmer Rouge military 
leader and the man who apparently seized power 
from Mr. Pol Pot in June, conceded that -large 

numbers of people had died. 

It was an unprecedented admission for a 
Khmer Rouge leader. 

“It is clear that Pol Pot has committed crimes 
against humanity,” Mr. Ta Mok said. “I don’t 
agree with the American figure that millions 
died. But hundreds of thousands, yes.” 

The Documentation Center, which was foun- 
ded two years ago with American funding and is 
administered by Yale University, has mapped 
thousands of “killing fields" around Cambodia 
and now estimates the number of deaths at closer 
to 2 million. 

Other scholars put the toll at around 1.7 mil- 
lion deaths from execution, torture, starvation 
and untreated disease. 


In the interview, Mr. Pol Pot also described jB 
detail the events in June that precipitated tne 
open split in the top Khmer Rouge leadership 
and ultimately led to his arrest by his former 
comrades. 

He said he had ordered the assassination of the 

movement’s long-serving defense chief. Son 
Sen, in a bloody fracas that demonstrated the 

continuing brutality of the Khmer Rouge. • 
Fourteen of Mr. Son Sen’s relatives, including 
gran dc hildren, were killed, and some of them 
reportedly were then run over with a truck. ; 

“You know, for the other people, the babi$s^ 
theyouog ones, I did not order them to be kuJeo? , 
Mr. Pol Pot said. “For Son Sen and his f am i l y i 
yes. I feel Sony for that. That was a mistake pi 
when we pat our plan into practice.” vS 

After mat massacre, according to reports 
reached Phnom Penh at the time, Mr. Pol Pot flgp 
into the jungle with a few supporters a nd wa g 
pursued for several days before he was capturtSfc 
Now, Mr. Thayer reported, Mr. Pol Pot talgf 
like a beaten man. He quoted him as saying: 

“In Khmer we have a saying that when ooCSs 
both quite sick and old, there remains only 01 $ 
thing — that you die." A * 


r-£.y». . 




Split in Korea’s Ruling Party 

Candidate Says President Kim Should Step Down 


Reuters 

SEOUL — The presiden- 
tial candidate for South 
Korea's governing New 
Korea Party called Wednes- 
day for an end to corrupt pol- 
itics and asked President Kim 
Young Sam to leave the party 
to oversee a fair election. 

“1 think it is President Kim 
Young Sam’s last duty to lead 
the fairest and cleanest elec- 
tion in histoty for change and 
reform,” said the candidate, 
Lee Hoi Chang, asking Mr. 
Kim to stand down as hon- 
orary head of the New Korea 


Party and leave the party. 

A spokesman for the pres- 
ident said Mr. Kim would not 
leave the party, and Sub 
Chung Won, a senior official 
of the ruling party, criticized 
Mr. Lee for the statement and 
questioned his leadership. 

“Lee Hoi Chang’s lack of 
leadership has lead the party 
into this situation,” Mir. Sob 
said. “He must be willing to 
sacrifice himself to save the 
nation.” Local newspapers 
have speculated that the ruling 
party may dump Mr. Lee, who 
is trailing badly in the polls. 


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and find a new candidate. 

Mr. Lee also renewed his 
demand that prosecutors in- 
vestigate allegations that the 
opposition leader Kim Dae 
Jung’s operated a slush fund. 

South Korea's prosecutor- 
general said Tuesday that any 
investigation into Kim Dae 
Jung’s political funds would 
be delayed until after the Dec- 
18 presidential election. 

Mr. Lee and the New 
Korea Party had filed a com- 

vts claims that Kim^Dae Jong 
bad amassed millions of dol- 
lars in slush funds and stashed 
them in family accounts. 

Kim Dae Jung's party, Na- 
tional Congress for New Pol- 
itics, has accused Mr. Lee of 

fabricating Haims to rafrfi up 

in pollsTThe polls have Mr. 

I Lee, a former supreme court 
| judge, in third place with less 
titan 20 percent support. Kim 
Dae Jung leads all surveys 
with more than 30 percent 

Kim Bynng Kook, a polit- 
ical science professor at 
Korea University, said Mr. 
Lee’s latest statement was a 
last-ditch effort to win back 
public support 

“He realizes the only 
chance of regaining popularity 
is to launch a moral crusade, 
and return to his old image.” 

As a judge, Mr. Lee was 
nicknamed “Mr. Clean” for 
his stance against corruption, 
an image which put him at the 
top of all surveys up to July. 
But his popularity fell when 
the opposition revealed that 
Mr. Lee’s two sons were ex- 
empted from military service 
as they did not meet the min- 
imum weight requirement 
Mr. Lee has denied they lost 
weight to avoid the 30-month 
military conscription. 


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Indian legislators taking direct action on the floor of Parliament to settle their 
differences in a debate whether New Delhi should take control of Uttar Pradesh. 

India Drops State Takeover Move 


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NEW DELHI — The In- 
dian cabinet decided Wed- 
nesday to reverse a decision 
to seek dismissal of a Hindu 
nationalist government in the 
northern state of Uttar Pra- 
desh, the Press Trust of India 
reported. 

The news agency quoted 
officials as saying that Prime 
Minister Inder Kumar 
Gujral’s center-left cabinet 
dropped its plan to recom- 
mend federal rule in the state 
after President K.R. Naray- 
anan asked it to reconsider the 
decision, made just hours 
earlier. 

The Hindu Bharatiya 



Janata Party government in 
Utter Pradesh, India’s most 
populous and politically im- 
portant state, won a vote of 
confidence Tuesday with the 
help of defectors from a rival 
group. 

The vote in the state cap- 
ital, Lucknow, came as law- 
makers shouted abuse and 
hurled chairs at each other. It 
was the violence that led the 
state leader to recommend 
dismissal of the local gov- 
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Analysts said Mr. Naray- 
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Malaysia Mims Ships of Smog 

KUALA LUMPUR — Malaysia on Wednesday ad- “ 
vised ships without navigational equipment to refrain 
from sailing in the Strait of Malacca because of a blanket— 
of smog that cut has visibility to under one kilometer. > 

The Be mama news agency quoted the Meteorological _ f 
Department as saying the thick smog was expected to 
remain in the busy strait, which separates Malaysia from, n 
Indonesia, until 4 PM. on Thursday. 

The smog from bush and forest fires in Indonesia has 
reduced visibility in one of the world's busiest shipping,., 
lanes since August and has been blamed for at least three " 
ship collisions. 

Bat the air quality in Malaysia on Wednesday evening,.! 
remained between “moderate” and “good” as measured , 
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Environment said. ( Reuters ) j 

u 

Malnutrition Grips Mongolia ?> 

ROME — Thousands of people in Mongolia are suf-^ 
feeing chronic malnutrition, and the ex-Communist state--, 
is in need of urgent emergency food aid, the United ^ 
Nations food agency said Wednesday. * 

Around 143,000 people have experienced a dramatic- - l( f 
fall in nutritional standards, in particular children, pen-,,-, 
sioners and the unemployed, who have been hit most byj', 
growing poverty, the Food and Agriculture Organization' 
said in a report. 

The organization said agriculture had been serious ly : ,, 
affected by the transition to a free-market economy and^ 
the loss of technical and economic assistance from tire,*! 
former Soviet Union 

Mongolia needs about 90,000 tons of food aid in 1997;' 
and 1998 and that 23,000 tons of ti^t should be provider^ . 
as emergency food aid for the poor, the. Rome-based 
organization said. . • : \ 

Police Fight Activists in Dhaka';, 

■i • 

DHAKA. Bangladesh — Activists of the main op^., 
position Bangladesh Nationalist Party and riot police^, , 
battled in Dhaka on Wednesday, injuring scores of- , ; 
people, witnesses said. , ! 

Tney said police used batons, tear gas and water, r , 
cannon to dispose hundreds of tire party’s activists who-, ■ 
were trying to hold a street rally. , 

The protesters burled home-made bombs, stones and_. v . 
missiles at the police, who were attempting to enforce a."; , 
recently imposed ban on street rallies. , , 

The party said more than 100 activists were injured and 
nearly 70 arrested. The toll could not be independently '; g 
confirmed. (Reuters) . ( 

Taiwanese May Study in China . J 

TAIPEI — Taiwan on Wednesday opened a door for its J: . 
students to pursue college degrees in China, as long as ’ # 
they avoided degrees in Communist ideology. ! 

The Ministry of Education, easing a 48-year-old ban,, - , 
said it would recognize college degrees granted, by 73-.-,' J 
leading mainland universities in a wide range of dis-> - 
cipbnes. 

Karl Marx’s Communist creed and its Chinese variant-^ » 
developed by Mao are not among them. > 3 

“Of course we can't let our students study Com-“' , - 
monism or related subjects,” a ministry official said.— 


In this Friday’s 


The Car Column 



SeatArosa 

Living in the U.S, 

Now printed in New York 
for same day 
delivay in key cities. 

To subscribe^ call 
1 - 800-882 2884 

ItemlbSInbune 

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INTERNATIONAL HERALD TRIBUNE, THURSDAY OCTOBER 23, 1997 


PAGE 5 


EUROPE 


A Jolt to Belgium: Police Inaction in ’87 Deaths 




R^sias^ime minister, Viktor Chernomyrdin, conferring Wednesday with his 
two deputy prime ministers, Anatoli Chubais, left, and Boris Nemtsov, right 


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By Michael Specter 

• New York Times Service 

MOSCOW — After years of ideological 
intransigence and increasing political irrel- 
evance, all it really took was ahuff and a puff 
fo bring the party of Lenin and Stalin to its 
Knees. 

The Communist Party of Russia, which 
controls the country’s toothless Parliament 
and not much else, promised this week to lead 
& vote of no confidence against the gov- 
ernment of President Boris Yeltsin. It was a 
showdown the party had planned for months, 
and after a weekend retreat, its leaders swore 
they were going to carry it out unless heads 
rolled and policies changed. 

. But on Tuesday, Mr. Yeltsin made clear 
that he was sticking with his cabinet and his 
program of reforms, and the Communist lead- 
er, Gennadi Zyuganov, capitulated. In return 
^kfor abandoning plans to call the vote, he was 
* promised a weekly parliamentary forum on 
television and several meetings with the pres- 
ident each year. 

! Recent polls show that Russians, most of 
whom have not felt the benefits of the free 
market, remain profoundly unhappy with the 
government. In a poll made public Sunday, 
more than 70 percent of respondents from 
across the country said they were against the 
Sale of stale property, and 54 percent said the 
country was moving in the wrong direction. 

! Still. odrHrrrUnism as 'an-iaea' ‘antf ‘an ifF 
silitutiOh'S&hts all but dead in Russia. 

> * ‘I’m sure there have been bleaker times in 
the history of; the Communist Party , *\ paid . 
Alexander Prokhahov, the flamboyant editor 
of the newspaper Zavtra who has for most of 
diis decade served as the intellectual leader of 
the ultranationalist faction in the Russian op- 
position. “But I don't remember them. Today 
i]i would be possible to argue that the Com- 
munist Party in America is more influential 
than the Communist Party in Russia.” 

; Even discounting for Mr. Prokhanov’s 
well-known penchant for hyperbole, the 
Communists — who lead the opposition -- 
have been wholly unable to aip into this 
^reservoir of disaffection. Part of the problem, 
Vjf course, is that too many people have bad 
memories of communism. That is largely why 
Kir. Yeltsin defeated Mr. Zyuganov in last 
gear’s presidential election. 

1 Also weakening the Communists is the 
constitution Mr. Yeltsin created last year that 
gives him almost imperial power and ensures 
a weak opposition. 

; After last year's election. Communist lead- 
ers seemed almost happy to be out of gov- 
ernment; as Gennadi Seleznyov; the Com- 
munist parliamentary speaker, said at the 


time, “In this country right now, whoever is 
in opposition is sitting on a gold mine.'* 

If so, the “gold” has yet to be mined, and 
many blame the Communist leaders them- 
selves. Unable or unw illing to shift toward the 
political center as so many European Com- 
munist leaders have done, Mr. Zyuganov and 
his colleagues seem locked in a time warp. 

They have continued to bank on the- votes 
of the elderly, who have less and less power 
each year, while doing nothing to appeal to 
the millions of younger voters who have no 
strong ideological roots but are flailing abont 
in the new Russia. 

“Their biggesr problem is (hat they are 
cowards without conviction,” said Andrei 
Pioatkovsky, director of the. Center for Stra- 
tegic Studies in Moscow. 

“That is what has killed, them. They have 
demonstrated that they are more concerned 
with their housing privileges and their special 
cars than with, the ideology they are always 
talking about People understand that about 
them. If they had challenged the president, 
they might have lost the perks of office.” 

Mr. Zyuganov argues that be is a pragmatic 
leader who has made the best decision for the 
nation. “We believe in real actions.” he said 
Tuesday. “Therefore the faction has derided 
to drop the oo-confidence motion we initiated 
in the government.” Visibly unhappy and 
looking stiffer than usual, he had nothing else 
to say. ... . , 

i^-Stippbrtefs antfriitits Wtin'd&r ifoty tough' 
! pafty-ffiar S6eras respoqsivtnSn# tti/itS'muSr 
extreme element and njnntepKied in app^aL, 
i iijg,la vast.Sumbefsof uhhappyTlusMaris’cah . 
last 1 The" no-confidence vote might have 
helped answer that question. 

Under the constitution, if Parliament 
passes a vote of no .confidence in the gov- 
ernment twice within three months, the pres- 
ident must either get rid of his government or 
disband Parliament. . 

But Mr. Yeltsin made it clear that be would 
not fire his reform-minded deputy mime min- 
isters, Boris Nemtsov and Anatoli Chubais. In 
a slick political move. Prime Minister Viktor 
Chernomyrdin said he would quit if there was 
a no-confidence vote — but he seems to be the 
only senior government official the Com- 
munists can tolerate. 

In addition to the resignation of the deputy 
prime ministers, the Communist Party was 
going to demand (hat the government roll 
back housing reforms, cancel planned 
changes in currency laws and share power 
more- evenly with the Parliament. 

None of that was acceptable to the pres- 
ident, who offered conciliatory public state- 
ments but made it clear that he was not 
backing down. 


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US. Cyprus Envoy Sees 
f fui 


Ijviv 


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A 


In Turkey Torture Case ‘ Mistake 9 by Washington 

M ANIS A, Turkey — In one of Turkey’s 
i most closely watched human rights cases, 
police officers accused of torturing 14 
- voung people refused Wednesday to obey a 
1 court order that they appear here and race 

: "“aS^ pa-l ^ toctor-to 

; lawymforthcofficereironta^^tiftiKy 

• werefbreed to appear. 

I activity would be compromised. The law- 
; vers also maintained that 
i vears have passed since tbeaUeged torture, 

• "positive identification would be impossible 

I ^ a result of the niting. it appears un- 
; likely that the young people, who now 
’ r^ngc in age from 16 to 24. wih ever have 
’ the chance to confront the officers .they 
I accuse of torturing them. • rT , (> 

i The judges ruled that the yonqg 
; could make identifications through^o- 
; tographs. 

U.K. Panel Urges Laws 
On Anti-Muslim Bias 

■ i oNDON — New laws are needed * 0 

to 

"Ttud w-gsJffSS 

£g£2dte tended. <**■»> 


ATHENS —.The American envoy for 
Cyprus, Richard Holbrooke, has criticized 
the U.S. Stale Department for its stance on 
the harassment of a Greek government air- ■ 
craft by Turkish fighters, the Greek news 
agency ANA said Wednesday. 

“I have no doubt that the provocative 
action of the harassment of the aircraft by 
Turkish fighters indeed happened, and I 
consider it a mistake on the part of the State 
Department that it doesn't accept this real- 
ity;" the agency quoted Mr. Holbrooke as 
tailin g its Washington correspondent 
Athens said last week that Turkish F-16s 
harassed in Greek airspace a plane carrying 
Defense Minister Aids Tsohatzoponlos on 
his way home from observing war games in 
Cyprus. Greece lodged official protests, but 
a State Department spokesman. Jaines 
Rubi, said Monday that Mr. Tsohatzo- 
poulos's plane had been over Cyprus 
breaking a ban on such flights. 

* ‘It’s an unacceptable act which does not 
help in defusing tension between Greece 
and Turkey,’ ' ANA quoted Mr. Holbrooke 
as saying. (Reuters) 

Police Appeal Release 
Of 2 Danish Suspects 

COPENHAGEN . — Distressed that a 
nurse and doctor charged in the killings of 
22 people at a nursing home are out of jail, 
die police sought a court, order Wednesday 
id return them to custody. ■ 

Muslims and Islamopnowa Lzm^ *- The nurse and tbe doctor were released 
hwT against discrimination on Tuesday, just hours after officials broke the 

ZS against increment to rebgKWs ^gs. The Copenhagen City 

P-- J Court said die suspects were unlikely to fiee 

the country, but the police have appealed 
that ruling to a higher court (AP) 


By Barry James 

Int ernational Herald Tribune 

BRUSSELS — A parlia- 
mentary repent made public 
Wednesday on a series of 
mysterious killings in Belgi- 
um 10 years ago focused new 
criticism on the nation’s 
lice, already under heavy 
on charges of mishandling a 
widespread pedophile case. 

The report said the police 
had failed to pass on evidence 
to magistrates investigating 
the daytime shootings of 28 
people in or near supermar- 
kets by masked men. 

The report said there was 
no indication that the police 
had committed the murders, 
as some people speculate, or 
that there had been a rightist 
plot to destabilize the nation. 

It did not shed any light on 
who had carried ou t the shoot- 
ings, but it stressed that more 
attention should be paid to 
organized criminal gangs. 

“Dae to malfunctions at 
tbe level of exchange or in- 
formation between the police 
and magistrates, evidence has 
disappeared or has even been 
destroyed,” the report said. 

These failures, it added, 
threw the inquiry off track. 

The report said the lapses 
should be punished but noted 
that disciplinary measures 
were virtually nonexistent. 

The report, which will be 
debated in Parliament, called 
for the creation of a federal 
prosecutor’s office to pursue 
investigations across the na- 
tion's internal jurisdictions. 

Belgium has 26 regional 
prosecutors, all of whom op- 


erate independently. The lack 
of intercommunication is 
compounded by the absence 
of official contacts between 
officials in the northern 
Dutch-speaking part of Bel- 
gium and those in the French- 
speaking south. 

The nation's three forces of 
law enforcement — a 16,000- 
member national gendarmer- 
ie, the 26 judicial police units 
attached to the prosecutors' 
offices and 589 communal 
police forces — also operate 
independently. 

The nation was shocked by 
revelations of police incom- 
petence following the discov- 
ery a year ago of die bodies of 
four girls suspected to have 
been murdered by a convicted 
pedophile, Marc Dutroux. or 
his accomplices. 


The investigation showed 
dial police officers had with- 
held vital information that 
might have saved the girls, 
and even passed on mislead- 
ing information to others to 
throw them off the track. 

The incompetence and po- 
lice indifference to the an- 
guish of the parents of the 
missing children brought the 
two halves of the nation to- 
gether in a rare show of soli- 
darity. About 300,000 people 
converged on Brussels for 
what is known as the White 
March, demanding judicial re- 
forms to combat pedophiles. 

A commission set up to in- 
vestigate the Dutroux affair is 
still in session, but it recom- 
mended in April that Belgi- 
um's various police forces 
should be integrated. 


Prime Minister Jean-Luc 
Dehaene acted on that rec- 
ommendation earlier this 
month. But the plan has run 
into heavy opposition from 
political parties and city aides 
reluctant to lose control of the 
1 8.000 communal police. 

If the plan goes through, it 
will be me second major re- 
form of the police since 1 990, 
when as a result of the 1980s 
“supermarket murders,” the 
gendarmerie was demilitar- 
ized and given more basic 
policing tasks. Paradoxically, 
this led to greater rivalry. 

The report coincided with 
another dramatic murder in- 
vestigation that could once 
more reflect adversely on the 
police’s record in checking 
reports of missing persons. 

Investigators have found 


human remains in a Brussels 
bouse owned by a Protestant 
pastor originally from Hun- 
gary. Andrus Pandy. Two of 
Mr. Pandy 's former wives 
and four of his children have 
disappeared. 

Although the police earlier 
questioned the disappear- 
ances, the pastor managed to 
persuade mem that the six 
missing people had returned 
to Hungary. 

In Budapest, investigators 
said they had discovered that 
Mr. Pandy, 71 , had made con- 
tact with about 20 women 
after advertising for a third 
wife several years ago. 

The pastor cut connections 
with the United Protestant 
Church in 1979 but taught 
theology in Dutch- language' 
schools until 1992. . . 


Bulgaria Identifies 23 Officials as Informants 


The Associated Press 

SOFIA — The interior minister told 
Parliament on Wednesday that 23 top 
officials, including the leader of Bul- 
garia’s ethnic Turkish party, had 
served the intelligence services of the 
former Communist government. 

Tbe revelation was part of Bul- 
garia's effort to come to grips with its 
past. 

The announcement was likely to 
worsen already touchy relations be- 
tween the new, reform-minded gov- 
ernment and the Turkish minority. 

Interior Minister Bogomil Bonev re- 
vealed the names of 14 members of 
Parliament and 9 officials from the 


judiciary and other government 
branches whose names appeared in 
Communist files. 

He said that Ahmed Dogan, the lead- 
er of the mainly ethnic Turkish Move- 
ment for Rights and Freedoms, worked 
for Bulgaria’s Communist intelligence 
services from 1974 to 1988. Also on 
the list were three other prominent leg- 
islators from the movement, which 
holds 14 of Parliament's 240 seats. 

Mr. Dogan did not immediately re- 
spond. 

Prime Minister Ivan Rostov said that 
he .would ask another official, Simeon 
Voinov, to resign because his name 
was on the lisL 


Some of those named by Mr. Bonev 
told Parliament that they were proud to 
have worked for the security of Bul- 
garia. Others said they had been forced 
to serve as informers. 

Under a recent law. 600 leading of- 
ficials. including members of the cab- 
inet and Parliament, heads of state-run 
banks and the media were screened to 
determine whether they had collabor- 
ated with the Communists. 

Nearly half of the 200,000 files that 
existed in 1990 have been destroyed. 
The former Communist interior min- 
ister. Atanas Semerdzhiev, and his 
chief archivist. Nanka Sekerdzhieva, 
face charges of destroying files. 


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PAGE 6 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 23, 1997 


INTERNATIONAL 


Dane Sounds Warning 
Over EU Enlargement 


Sidelining Candidates Is Seen as Risky 


By Barry James 

Imemarionai Herald Tribune 


BRUSSELS — Foreign Minister 
Niels Helveg Petersen of Denmark bas 
warned that the European Union risks 
creating dangerous divisions by inviting 
only selected East and Central European 
countries to become members. 

Meanwhile, Jacques Santer, the pres- 
ident of the European Commission, the 
EU's executive body, urged members 
on Wednesday not to squabble ova: the 
costs involved in the planned expansion 
to the East. 

Foreign minis ters will debate these 
issues in Luxembourg this weekend as 
part of preparations for the EU summit 
meeting in December. Leaders will de- 
cide at the meeting which countries to 
accept in the first wave of new entrants. 
Formal enlargement negotiations with 
the countries selected are to begin next 
year. 

“Enlargement is a historical chal- 
lenge and a historical necessity,” Mr. 
Helveg Petersen said in an interview. 

He believes that if the initial phase of 
the enlargement process is limited, only 
the candidates that a re included will 
receive EU financial support, and 
private investment will tend to flow into 
those countries as well. 

“Thereby you create dividing lines, 
and this is what I am so unhappy 
about” be said. 

Accession negotiations with all 10 
candidates in East and Central Europe 
should start simultaneously next year, 
Mr. Helveg Petersen said, but he does 
not advocate taking in all 10 at the same 
time. 

“Those who are the most advanced 
will of course become members first, "he 
said. On the other hand, the ‘start-line’ 
model sees to it that no country is left out 
in the dark. They are all part of an in- 
clusive process. That is the difference.” 

Sweden, Greece, Italy and Spain sup- 
port the Danish view, he said. But other 
countries are likely to go along with the 
European Commission's proposal that 
only rive former Communist countries 
— the Czech Republic. Estonia, Hun- 
gary, Poland and Slovenia — should be 


creating a vast trading bloc with more 
than 500 million inhabitants, some EU 
countries are concerned about the costs. 
Germany and the Netherlands, for ex- 
ample, say drey already bear too much 
of the burden of financing the Union. 

Mr. Santer told the European Par- 
liament in Strasbourg that EU countries 
must “guard against falling Into the trap 
of a purely national, penny-pinching 
approach.” 

Prime Minister Jean-Claude Juncker 
of Luxembourg said EU enlargement 
would be paralyzed if members con- 
tinued arguing over the cost of em- 
bracing former Communist countries. 








H#.-" l,t 


On Costs o 


By JenyGray 

Herr York Times Service 


“One cannot pot a figure on the only 
question that really matters: What is the 
price of one hour of peace?” he said. 

Mr. Helveg Petersen said there would 
be “one hell of a discussion over the 
division of funds." 

“On the other hand.” be said, “the 
story over decades is that such squab- 
bling over money is unavoidable but 
will finally be overcome. 

“The whole idea of enlargement is 
building squarely and solidly on the 
experience of Western Europe ever 
since the second world war, which is 
that more economic cooperation is to 
the benefit of all.” 


WASHINGTON — Two top U.S. foreign- 
policy officials, saying die Pentagon’s initial es- 
timates on the cost of expanding NATO were /too 
high, sought to assure a wary Senate that the project 
would not become a financial morass for die 
United States. 7 . • 

“The Europeans may be -correct that we have 
overestimated.” Defease Secretary William Co- 
hen said. 

He and Secretary of State- Madeleine Albright 
spent three hours before die Senate Appropriations 
Committee on Tuesday, the first of three scheduled 
days of public hearings on the cost of the planned 
expansion of the North Atlantic Treaty Organi- 
zation. . • 

The assertion that the expansion will probably 
not be as costly as U;S. officials at first said was 
intended to placate two major audiences: the tight- 
fisted legislators in Washington, as well as France 
and other NATO allies that have complained that 
American estimates are exaggerated. 

Pushed by President Bill Clinton and other 
Western leaders — and over strident protests from 
Russia — NATO in July invited three former 
Warsaw Pact nations — the CzechJRepublic, Hun- 
gary and Poland — to join the 16-member military 
alliance by 1999. 


the Senate majority leader, was among the .first 
‘ U.S. political leaders to endorse expansion, al- 
though he also wanted the offer of membership- 
extended to Slovenia. ' 

And the idea cleared a formidable .-political"' '■ 
hiimfc last month when Senator Jesse Helms, tbS«* r 
' Republican from North Carolina who is chairmatf;= : - 
' ofthe Senate Foreign Relations Committee, gave* 
histentative support , • .. 

a i?—— ^ t a tiAln nftu frvr fhi 


.But persuading Congress v> help pay for thA 

xpansion will be a much tougher fight. ^ c ' 


expansion will be a muen rouguci nguu ■<- 

*T look at ibis as another added cost that will 
deteri orate our ability to build our own national-' 
security,” said Senator Ted Stevens, Republican of*; 
Alaska andchairmanof ^Appropriations Com- 
mittee. “This is another chink out of the armor. 

Mrs Albright and Mr. Cohen received wairf** 
weicomesfrom the committee. But it was dear that*? 1 
the position, of Mir- pinion’s adinimstratioo in theK 
debate over spending was being complicated by th^B . 
variety of estimates made over just what the ext “ 
pansion will cost- , 

“These cost studies have ranged from zero td'U' 
$126 billion,” Mr. Stevens complained. “It’s es-' 4 - 
sential that the Senate obtain some solid numbers^ 
on which it can rely.” ' - 

'■ in its initial estimate earty this year, the Defense 
Department said the total cost of the enlargement/ 1 - 
including costs borne by the new members, would’** 

I M Kill inn over H VMTC i 


Such a change in the treaty governing NATO 
11 require U.S. Senate ratification. 


be $27 billion to $35 billion over 13 years. 

About $9 billion to $1 2 billion of that would be’ ,j, i 


S*cpfccn lifTc/Afns.- 

General Henry Shelton, left, chairman of the Joint 
Chiefs of Staff, with General Wesley Clark, NATO 
commander in Europe, at Senate hearings Wednesday. 


will require U.S. Senate ratification. 

Despite lingering opposition to the idea, the 
philosophical debate in the Senate over whether 
NATO should expand now seems all but settled. 
Trent Lott, the Mississippi Republican who is 


directly attributable to meshing NATO operationrf rj 
together, according to the estimate; the U.S. share, 0 
it said, would be $1.5 billion to $2 billion: 

The Congressional Budget Office. has set the'-’-’ 
. total cost at between $61 billion and $125 billiotf**? 


8 Million Londoners May Get a Real Mayor 


By Dan Balz 

Washington Post Sen-ice 


invited along with Cyprus in the first 
wave of new entrants. This would leave 


wave of new entrants. This would leave 
Bulgaria, Latvia, Lithuania, Romania 
and Slovakia waiting on the sidelines, 
perhaps for many years. 

Although the Union has accepted the 
principle of enlargement to the East, 


LONDON — With a strong boost 
from Prime Minister Tony Blair, 
London residents are to be allowed to 
decide whether to set up an elected 
city council and authorize the elec- 
tion of the first real mayor in the city 's 
long bistoiy. 

There is, of course, a lord mayor of 
London, but his is a purely cere- 
monial position with geographical 
authority that stretches no farther 
than the single square mile of ter- 
ritory encompassing the boundaries 
of the ancient city. The other roughly 
600 square miles (1,555 square ki- 
lometers) of greater London are a 
governmental monstrosity of local 
councils, independent boroughs and 
confusing regulations. 

But Mr. Blair wants to change all 


that by ushering in what could be- 
come a new era of local government 
in Britain. 

Few politicians willingly surrender 
power, but the new prime minister has 
set in motion a process that polls 
indicate could end with the creation of 
an elected office that instantly would 
become one of the most powerful 
political prizes in the country: 

“It’s a big plum,” said Tony Tra- 
vers. a local-government expert at the 
London School of Economics, “in 
the Anglo-Saxon world, it would be 
the biggest directly elected job out- 
side of mayor of New York and pres- 
ident of the United States." 

Even though the referendum au- 
thorizing the election is months 
away, and the election itself may be 
18 months in the future, candidates 
already are lining up. Jeffrey Archer, 
the Conservative politician and nov- 


elist, recently spent a week looking 
over the shoulder of Mayor Rudolph 
Giuliani of New York and plans visits 
to Los Angeles. San Francisco and 
Chicago as part of his process of self- 
education in urban government. 

“It means the 8 million residents 
of London will have a voice.” Mr. 
Archer said, as he ticked off the re- 
sponsibilities the new mayor would 
have for transportation,' politics, 
planning and the arts. “It’s a pretty 
big menu. 7 ’ 

Mr. Archer predicted that as many 
as 20 politicians may take a serious 
look at the race. One who is likely to 
ran is Mr. Archer’s polar political op- 
posite, Labour's Ken Livingstone, a 
member of Parliament well to the left 
of Mr. Blair. He was known as “Red 
Ken” when he headed the Greater 
London Council, the last approxima- 
tion of a metropolis- wide governing 


body the city had. Mr. Livingstone, 
was head of the council when Mar- 
garet Thatcher was the Conservative 
prime minister in the 1980s. She got so 
fed up with him and the Greater Lon- 
don Council that she abolished it: 

Mrs. Thatcher took power away 
from city governments, shifting some 
to the central government and dis- 
persing other fij notions to smaller, 
local units. 

Mr. Blair now wants to reverse that 
trend as part of his agenda of con- 
stitutional reforms dial he argues are 
needed to bring the country up to date 
for the next century. Some experts say, 
however, that Mr. Blair’s other mo- 
tivation is to clean out some of the 
Labour-dominated local councils- that 
have been accused of corruption. 
These embody the antithesis of the 
“New Labour. Party” that Mr. Blair 
has reconstituted at the national level. 


and Washington’s share at $1 3.1 billion. Analyst^ 
at Rand Corp. arrived at a total of $10 billion to' jl 
$110 billion, with more than $6 billion of it coming. 
from die United States. I 

Mr. Cohen told the senators Tuesday that NATO l 
was reviewing the military implications and .the: 1 j 
costs of enlargement and that be would be able tq ) 
advise Congress in January ' or February on “the. i 
most detailed numbers we can collect.’ ' { 

He added: “Based on what we know now, I ; 
believe that the NATO cost estimates will be lower , 
than those which you received from us in February.’ j 
First, the initial U.S. cost assessed four, not three? i 
new- members. But I also expect the NATO cost- \ 
estimates will be lower because some things are' j 
better .in. the invited nations than people* i 
thought.” 

The defense secretary said NATO officials wen? j 
surprised to learn that ihe three nations invited to i 
join were much more advanced and better' } 
equipped then the West had realized. For example^ ** 
he said, the Hungarians already have the capability fP 
to handle NATO aircraft, such as the American- i 
built F- 16, at some of their airfields. -» ] 

The estimates are so different in part because I 
assumptions about NATO's future roles differ. } 
They range from a .scenario in which no major • 
military threat remains in Europe to one in wtucE 1 
the alliance responds ta a resurgent Russian ag? j 
gression. ’• > 


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^Wonchu’ Wows the Girl in Japan 

Teenagers Who Are Hip Pepper Their Speech With English 


By Nicholas D. Kristof 

N ™' Yort Times Sen-ice 


,T® K ^®rr the forces of glob- 
ah^a&on gaming ground every dav per- 
hags it is not surprising that lUSl 

English? 

Well, a version of English spoken by 
Japanese teenagers. J 

Chekaraccho 


set,” explained Rie Nishimura, a I. 
year-old girl with the tr ademark roozu 
sokusu (loose socks) of any cool Jap- 
anese teenager. 

“So I say the test will be very ‘den- 
jarasu' " — dangerous. 

- - . The popularity of ko-gyaru-go un- 

OTeetiae a bit like **vn casu al der scores the attraction of American 

TSin^eSvete’n^ u ** cuhuie around the globe and its 

« “gheenqtnckto ability to define what is hot even in 

^ S? fat,gn ^thtakingly different contexts, 
ihipu/afevnn ^ ^h. eentuiy Some young Japanese seem to use 
- i — -a ous discussion about English in the way a peacock spreads his 


and evade sorveillanceby hostile forces. Some of the new words are conjug- 

like parents. a ted with remarkable sophistication. 

‘If I phone a friend, then I can’t say Ko-gyaru-go has adopted the expres- 
openly that I haven’t studied for a test, sion disu, “to diss,” or “show dis- 
becruise then my parents will get u|- respect,” y/hich has a form, disarm. 


4 .^. , . K a corruption of 
Check « out, Joe.” ■ 


^/h^iCT the country should switch to 
English. 


. _ : The Japan Times — one 

of four daily English-language general- 
imprest newspapers in Tokyo — noted 
the. pressures of globalization and sug- 
gested that it might once again be time to 
consider a switch to English. 

Already Japanese is a mishmash of 
Chinese. English, Dutch and German 
influences. 

But what is new is the way young 
people are seizing English words and 
manipulating them to create their own 
hip dialect, known as ko-gyaru-go. 

The gyaru derives from the English 
word gal, and ko-gyaru-go roughly 
translates as “high school gal-talk.” 

It is used mostly among teenagers, as 
m? secret code by which they can bond 


Journalists Held 
In Sierra Leone 

i Agencc France-Prrsse 

■ FREETOWN, Sierra Leone — 
Four journalists, including three 
editors in chief, have been detained 
ip Sierra Leone, a newspaper close 
to the military junta reported Wed- 
nesday. 

The Expo Times report gave no 
reason for the arrests of Jonathan 
Leigh, editor of the Independent 
Qbserver; John Foray, editor of 
New Storm; Prince Akpu, editor of 
the Financial Times, and Abdul 
Kposowa, a reporter for the weekly 
Unity Now. The arrests were made 
over' the past two weeks. 

The Sierra Leone Journalists As- 
sociation has made an urgent ap- 
peal to the junta to release the four 
men. The junta forced President 
Ahmad Tejan Kabbah into exile at 
the end of May. 


tail feathers, to demonstrate their own 
magnificence and lure die opposite 
sex. 

In this vein, two popular words are 
wonchu (1 want you) and gechu (I get 
you). 

“If a guy came up and osed some 
Engli sh words, we’d mink, ‘Wow, what 
a cool guy,’ ” mnsed Yoko Tago, 18, on 
a street in the fashionable neighborhood 
of Shibuya. “I’d want to learn his Eng- 
lish words." 

One result is that ko-gyaru-go is not 
always a means of communication, and 
‘ English words are thrown in simply as 
ornaments, without any attention to 
their meaning. 

“What does ‘rai-a' mean in Eng- 
lish?’ ’ asked 16-year-old Rie NaoL 

Told what a liar was. she gasped. 
“Oh, no!” she moaned. 

“1 called my English teacher a ‘rai-a’ 
the other day. I said, ‘Rai-a. rai-a. ’ *’ 

Japanese grown-ups are almost com- 
pletely lost when they encounter ko- 
gyaru-go. 

When a leading television commen- 
tator, Tetsuya Chikushi, described the 
phenomenon on his program, he knit his 
brows and displayed a panel with the 
word cho heri ba. 

“You’re probably wondering which 
country the word I’ve written on the 
panel comes from,” he said. 

In fact, as Mr. Chikushi noted, it is a 
ko-gyaru-go expression. The heri is 
“very,” while “ba” is short for “bad.” 
Since cho js a Japanese word meaning 
super, cho beri ba means ultrabad. 

There are variations, such as cho beri 
gu (ultragood) and cho beri bu, which 
can mean ultrablue, or depressing, or 
ultra-ugly. 

Japanese grammar is particularly 
well suited to adopting foreign words 
and making them into verbs. For ex- 
ample. in ko-gyaru-go, denim means to 
go to a Denny’s restaurant, and hageru 
means to go toa Haagen-Dazs ice cream 
ontlet. 


meaning to be and even a form 
meaning should be dissed, namely dis- 
arerubdd. 

The enthusiasm for the new words 
seems partly based on the dominance of 
English in popular music and partly on 
die notion that it is more mellifluous 
lb** other languages. 

"Japanese seems very rigid,” said 
Sato Yu, 16, who was strolling with her 
friend at Husk. “We don’t have much 
vocabulary in Japanese, so it’s just neat- 
er to use English.” 

Timmy, a 20-something television 
personality who says his Japanese name 
is a secret, is about as cool as anybody in 
Japan, and he says that an essential 
element of this is his repert o ry of Eng- 
lish. 

He throws lots of English words into 
his Japanese conversation, even though 
he cannot speak English. 

“Japanese and Korean are not fash- 
ionable in their sounds,” be explained 
in Japanese, wearing sunglasses at night 
on a street where he was surrounded by 
adoring young women. 

“English is cool, it’s fashionable,” 
he said. “I like the sound of it.” 

Some middle-aged Japanese are 
bothered by the profusion of English 
entering their language, but they seem 
less upset by ko-gyaru-go expressions 
than by those used in the workplace. 

Workers learning how to use com- 
puters, far example, are overwhelmed 
when told that to open the ai-kon (icon) 
they must dabum-kurikku (double- 
click) the mausu (mouse). 

The Health and Welfare Ministry has 
just banned excessive use of English in 
its documents, but Japanese newspapers 
noted that it is unclear whether there will 
be much foro-uppu (follow-up). 

The fascination with English is a bit 
odd in that the Japanese are notoriously 
poor at picking up foreign languages — 
like Americans. 

Japanese students study English for 
about six years, and English is an im- 
portant component of Japanese college 
entrance exams. 

But almost no young Japanese speak 
iL 

Still, they do acquire nifty vocabulary 
to add to their ko-gyaru-go. 

“Now that I’m studying for ray col- 
lege entrance exams, I collect some 
words from the lists that I’m studying,” 
said Yuki Yutsudo, a high school stu- 
dent who speaks fluent ko-gyaru-go. 

“Then I memorize them for use later 
when I’m chatting with my friends.” 


MUTUAL CONTEMPT: 

Lyndon Johnson, Robert 
Kennedy and the Feud That 
Shaped a Decade 

By Jeff Shew!. 591 pages. $3250. 

Norton. 

Reviewed by Jonathan Yardley 

T HE central argument of this thor- 
ough, provocative book is dun the 
rivalry between Lyndon Johnson and 
Robert Kennedy had effects on Amer- 
ican life that ran far deeper than what it 
did to the two men. Their story, Jeff 
Sbesol writes, “onfolds like a Greek 
tragedy played oat on the nation ’s center 
stage,’ ’ and was “the defining relation- 
ship of their political lives.” More than 
that, it altered almost everything it 
touched: 

“Nor can one fully comprehend the 
1960s without considering the Johnson- 
Kennedy feud. The issues that wrenched 
these two men apart — Vietnam, race, 
poverty — were at the heart of many 
personal and political cleavages in those 
years of division. But Johnson and 
Kennedy were not, like' student dem- 
onstrators or civil rights workers, peri- 
pheral or anonymous figures. After John 
Kennedy’s assassination, they were the 
political titans of the decade. They not 
only responded to issues but also shaped 
them. From the war in Vietnam to the 
war on poverty, from die ‘problem of the 
cities’ to the collapse of the Democratic 
coalition, the major events of the sixties 
bear die imprint of this personal 
rivalry.” 

Shesol is right to call this a “Greek 
tragedy,’ * for Johnson was a tragic figure 
in the classic sense of the term: a great 
man of heroic dimensions brought down 
not by his rival but by his tragic flaw. 


Though most people probably would de- 
scribe this flaw as vanity or insecurity — 
and Johnson had plenty of both — it 
seems to me that it was of a meaner order. 
Johnson could not escape the nagging 
and ultimately trivializing effects of his 
pettiness. Nothing was too small to es- 
cape his notice, and no slight was too 
insignificant to demand retribution. 

A memorandum from one of his most 
thoughtful and intelligent advisers. Hairy 
McPherson, written in 1965 as it began to 
seem possible that Robert Kennedy 
would challenge Johnson for the pres- 
idency three years hence, pointed directly 
to the problem, if in highly diplomatic 
language: “You have the office, the 
policies, the personal magnetism, the 
power to lead and inspire, and above ail 
the power to put good ideas into effect. An 
obsession with Bobby and with the re- 
lationship of your best people to him may. 
I believe, distort policy and offend the 
very men you need to attract” Johnson 
was a man of vision and firm commitment 
to social justice, but when crises arose and 
tempers boiled, he focused, obsessively, 
on his enemies, real or imaginary. 

Among these none yielded pride of 
place to Bobby Kennedy: not Bam' Gold- 
water. not Richard Nixon, not Eugene 
McCarthy, not Ho Chi Mini). Johnson 
loathed Kennedy because he was what 
Johnson himself was not and because he 
had what Johnson himself did not. Ken- 
nedy had a Harvard degree, a natural ease 
among persons of education and wit. a 
family fortune to underwrite his ambi- 
tions. the legacy of the fallen president 
and his “Camelot,* ’ and an independence 
that Johnson could not vitiate. 

By contrast Kennedy was not phobic, 
but he harbored righteous notions about 
probity and politics that Johnson re- 
peatedly violated, or so at least Kennedy 
believed. Two of the most colossal (and 


trivial) misunderstandings of 20 th -cen- r 
tmy American life forever shaped ' 
Kennedy’s view' of Johnson: the long : 
sequence of bumbles that finally resulted 
in Johnson's selection as John Kennedy’s k 
running mate in I960 and Johnson’s de- • 
cisioit to be sworn in as president aboard 
Air Force One, hard upon Kennedy's 
assassination. Bobby Kennedy thought 
Johnson was callous, opportunistic, ig- i 

norant. coarse and untrustworthy; he be- * 
lieved that Johnson was incapable of dis- 
tinguishing between truth and falsehood. 

Shesol's stray assumes die dimen- 
sions of a great drama played out on a - 
stage too vast to comprehend, its actors 
all too human even as they assume the * 
mythical shapes in which we now see ■■ 
them. The transition from JFK to LBJ: , 
the battles for civil rights; the abortive : 
campaign io force Bobby onto the 1964 ■. 
Democratic ticket as vice presidential 
nominee: the War on Poverty and the 
failure of “community action”: the rise - 
of RFK to the Senate and its effects on . 
politics in New York State, which LBJ : 
saw as the heart of his own constituency; >• 
and — permeating everything — the 
escalation of the war in Vietnam and its ■ 
calamitous fallout on the home front. 

It is an appalling story, though told .. 
uncommonly well by Shesol. who to : 
date has been known as the creator of the ^ 
political comic strip “Thatch” but here 2 
establishes his credentials as a historian. ' ■ 
He has written a book that is long, but not ■ 
unnecessarily or gratuitously; complex 
and important business was transacted in ■■ 
the course of this rivalry, and it must be 
set forth in some detail. 

The feud ended at a hotel in Los 
Angeles in that worst of all possible ~ 
years for America. 1968. As Shesol’s ’ 
narrative makes abundantly plain, this 
tale was not fated for a happy ending. 
tt jdiinzhHi Pint Srnue 


BRIDGE 


By Alan Truscott 

T HIS year the world of 
bridge has lost two of its 
leading citizens: Edgar Ka- 
plan, who died last month, 
and Alfred Sheinwold, who 
died in March. Together, with 
their Kapian-She inwold sys- 
tem. they introduced the 
bridge public to many ideas 
that have become popular in 
tournament play. Most not- 
able was the inverted minor 
raise, in which one club, two 
clubs is strong, and one club, 
three clubs is weak. 

Separately they were both 
active as writers, administrat- 
ors and teachos, and Kaplan 
was also a player of the 
highest class. They both had a 
long association with The 
Bridge World. Kaplan was 


the magazine's editor and 
publisher from 1967 to 1997, 
and Sheinwold was the tech- 
nical editor and a major con- 
tributor in the 1930s and 40s. 
At that time he wrote a series 
of articles about a fictional 
Englishman who was often a 
victim of the fates. They have 
been reprinted as a booklet 
entitled, “Bridge With Algy." 

In one episode, Algy is 
crushed by a series of diabol- 
ical deuces, but the fates per- 
mit him a measure of revenge 
on the diagramed deal. The 
auction reveals that East liked 
to make psychic bids and that 
Algy, South, liked to play the 
hand. 

When East opened one dia- 
mond and then bid one no- 
trump. Algy did not bother to 
double and force a retreat to 
two diamonds. He could have 


bid six spades, which would 
have succeeded without trou- 
ble, but he plunged into six 
no-trump which appears to 
have no chance. 

He won the opening dia- 
mond lead with the king and 
cashed the spade ace. He then 
cashed the diamond ace. re- 
vealing the six-one split, and 
reverted to spades. The deuce 
allowed him to reach the 
dummy and the moment of 
truth was at hand. 

He made a move that was 
both sensational and essen- 
tial: He led dummy's las? 
spade and discarded the heart 
ace. Then he led the club 
queen and finessed taking 
three (ricks in that suiL 

At the Utb trick, he ad- 
ministered the coup de grace 
by leading the heart two. 
Dummy had to score the heart 


queen and the last club, so the 
slam was mode. 

Algy changed his mind 
about the iniquity of deuces. 


NORTH 
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Pass 

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Ml NT ION THI WORD "CHOI ERA 

AND Wi RUN. 





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PAGE 8 


THURSDAY, OCTOBER 23, 1997 


EDITORIALS /OPINION 


— z' 


llrralb 


INTERNATIONAL 



tribune 


, nnuJSHEB wmi the nrw wkk times and tub Washington post 


Two Crises in Iraq 

" There are two crises in Iraq, and 
other nations of the world are respond- 
ing in their fashion to only one. That 
one is urgent and familiar die renewed 
confrontation that Saddam Hussein 
has 'provoked by again resisting the 
United Nations arms inspections he 
agreed to after the Gulf War. 

Last June, Washington began press- 
ing for new sanctions. But, under Rus- 
sian and French urging, it put off the 
issue to October so as to allow Iraqi 
cooperation. Instead Iraq stonewalled, 
and now, with Russia and France still 
dragging, the United States suggests 
a further six-month wait and then, if 
Iraq is hoi in compliance, automatic 
new sanctions. If the United Nations is 
serious about its own credibility, this 
is a minimal plan. 

The second, quieter and barely no- 
ticed crisis in Iraq extends beyond the 
challenge of maintaining alliance fi- . 
deiity in the face of an outlaw state’s 
defiance. This one goes to the immense 
suffering of the Iraqi people as a result 
not simply of the war but of the in- 
ternational economic sanctions that 
have been in place against the regime 
in the nearly seven years since. 

The consequences are well attested 
to and include an animal extra death toil 
of perhaps a million people, 60 percent 
of them children, and the stiU unre- 
paired desolation of the public health 


infrastructure bombed ont in the war. 

Americans are accustomed to treat 
this appalling situation for what it is — 
the result of the overweening cynicism 
of a dictator exploiting the misery of 
his own people for political ends. Many 
figured that last year's opening of an 
ofi-for-food humanitarian loophole in 
the sanctions would at one swoop ease 
- both Iraqi misery and American dis- 
comfort. But little food and practically 
no medicine has passed through what is 
barely a billion-dolfer loophole, and 
the public health infrastructure remains 
mostly debris. 

The new sanctions chat Washington 
is cranking up would keep Iraqi mil- 
itary, intelligence, police and strategic 
industry officials from traveling 
abroad. The United States should be 
working hard to rally broad support for 
such a restriction. 

But that is not enough. Some new 
thinkin g is needed on how best to re- 
lieve inno cent but hurt Iraqi civilians. 
A national or international awareness 
campaign? A larger humanitarian 
loophole? More focused attention to 
infrastructure repair? Something like 
this is essential to preserve what must 
be the two strands of American policy 
tightening up on Iraq's arms viola- 
tions, loosening up on the humanit- 
arian needs of its people. 

— THE WASHINGTON POST. 


Private Help for Russia 


In a season of grand philanthropic 
gestures, George Soros has now joined 
Ted Turner in announcing a munificent 
international gift Mr. Soros will in- 
crease his Open Society Institute's ac- 
tivities in Russia by $300 million to 
$500 million over the next three years. 
That will more than double his current 
programs in Russia and easily exceed 
Washington’s $95 million annual do- 
nation to Russia's civilian sector. 

The contribution adds to the $13 
billion that Mr. Soros has already given 
away overseas, die bulk of it to build 
civil society and Independent media in 
formerly Communist countries. 

Same Americans may quarrel with 
Mr. Soros and Mr. Turner for spending 
so lavishly on foreign causes when 
problems in America go untended. Mr. 
Turner pledged $1 billion to United 
Nations humanitarian programs. Mr. 
Soros does have an Open Society In- 
stitute in the United Suites, which runs 
innovative programs. The works that 
he and Mr. Turner support abroad may 
help prevent political upheavals in Rus- 
sia mid other countries that could cost ‘ 
Americans dearly in (he years ahead. 

Other examples of American polit- 
ical largesse.-ahroad are not so com- 
mendable. Often they support' ethnic 
extremism. Irisb-Americans have 
formed the economic base of the Irish 
Republican Army. A retired Florida 


doctor, Irving Moskowitz, has bought 
properties in Arab neighborhoods in 
East Jerusalem and turned them over to 
right-wing groups eager to secure a 
Jewish presence there. 

Mr. Soros's new donation will go to 
improving Russia's health care and 
education, and retraining Russian sol- 
diers and officers for civilian jobs. The 
latter program could remove a major 
source of potentially destabilizing un- 
rest in Russia's military. 

There is a caution worth raising. Mr. 
Soros is not only Russia’s biggest aid 
donor. He has also bought a nearly $1 
billion stake in Svyazinvest, the privat- 
ized stale telecommunications com- 
pany. Mr. Soros has said that people 
might be confused by his dual role. He 
has not had to worry about possible 
conflict of interest in most of me coun- 
tries where he gives money, in part 
because his support of civil society 
tends to infuriate autocratic govern- 
ments. But in Russia, where he is both 
working with the government and bid- 
ding on its companies, he must clearly 
separateHis two roles. ' 

It is always unsettling when a single 
private citizen wields so much influ- 
ence in a strategically important coun- 
try. Washington is fortunate that 
George Soros's foreign activities re- 
flect American values: 

—THE NEW YORK TIMES . 


Eyes on Microsoft 


The complaint filed this week by the 
Justice Department against Microsoft 
poses little threat to the software com- 
pany that provides the operating sys- 
tem. Windows 95, for about 90 percent 
of the personal computers in America. 
Even if the courts force Microsoft to 
comply, it will lose few sales. But the 
Justice decision sends a welcome sig- 
nal that the department is ready to act 
whenever Microsoft's business prac- 
tices unfairly threaten its rivals. 

The trust-busters at Justice, loo long 
idle under Republican administrations, 
face few issues as important as how to 
deal with Microsoft, the behemoth of 
the information age. For millions of 
Americans, the company has been not 
only the source of powerful and easy- 
to-use software but also the engine of 
prosperity for those with holdings in its 
stock. Yet the very size and reach of the 
company have made it a threat to com- 
petition and innovation. 

The current dispute centers on a Mi- 
crosoft requirement that computer 
manufacturers which pay it a license 
fee to load Windows 95 on their ma- 
chines must also load Microsoft's 
browser, the software that sends and 
retrieves information over the Internet. 
The Justice Department says that this 
requirement violates a provision of a 
1995 consent decree forbidding Mi- 
crosoft to force manufacturers to buy its 
other products along with Windows 95. 
Microsoft contends that the browser 
merely adds a new feature to Windows 
95. which is legal under the decree. 

In immediate terms, consumers ben- 


efit from the Microsoft strategy be- 
cause the company gives away its 
browser to manufacturers. Even if the 
Justice Department succeeds in forcing 
Microsoft to drop its requirement, few 
manufacturers will eliminate a popular 
product that costs them nothing to 
provide. But over the longer term Mi- 
crosoft's use of its operating systems to 
advance Its other products may drive 
consumers away from competing 
products. If competition fizzles, in- 
novation will also suffer, and con- 
sumers will be the losers in die end. 

The Justice Department can try to 
use consent decrees and the antitrust 
laws to prevent Microsoft from in- 
corporating its applications programs, 
like word processors and spread sheets, 
into its windows software, thereby 
providing the company's rivals more 
room to prosper. Or it can permit Mi- 
crosoft to add applications programs to 
Windows but insist that Microsoft 
make it very easy for customers to run 
theproducts of its rivals. ' 

The Justice Department has not de- 
cided its long-term strategy, nor should 
it at this point. So far it has taken the 
sensible approach of confronting Mi- 
crosoft one misstep at a time, u the 
rapidly changing computer industry, 
where new technology can be obso- 
lete in six months, that may be enough 
to keep Microsoft from unfairly 
swamping its rivals. 

But Joel Klein and his colleagues in 
the Antitrust Division are righi to keep 
their eyes on Microsoft. 

— THE NEW YORK TIMES. 


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Sensible Climate Insurance for 



w 


P RINCETON, New Jersey — An 
American team in Bonn is deep in 
negotiations that, it is hoped, will leaid to 
the signing of an international treaty on 
global wanning in Kyoto, Japan, in 
December. The treaty would define the 
responsibilities of roughly 170 nations 
for reducing greenhouse gas emissions. 

Good policy must walk a fine line, 
balancing the concerns of environ- 
mentalists who worry about the fate of 
die earth and those of business and 
labor constituencies who worry about 
the fare of their companies and jobs. 

The typical economic approach to 
such problems is cost-benefit analysis. 
But there is a problem with applying that 
tool. We have some ability to quantify 
the coses of policies intended to retard 
global w arming, but we have little basis 
for estimating the benefits. The sci- 
entific consensus tak^s us only so far. 

Yes, global warming is for reaL Yes, 
burning fossil fuels seems to be a sig- 
nificant cause. And yes, most potential 
climatic consequences are worrisome 
— and some are truly horrifying. But 
scientists cannot t&Ll os how the earth's 
c lima te will change if nothing is done. 

So I suggest a different approach. 
Instead of weighing costs against ben- 


By Alan S. Blinder 


efits, look at action against global wann- 
ing as talcing out an insurance policy. 
That is wbathome owners do, spending 
hundreds of dollars every year to insure 
their families against the presumably 
small likelihood that their house will 
bum down. Shouldn't the family of man 
do the same for its home? 

As we shop for this global insurance 
policy, we should seek the most eco- 
nomical one. We can drastically reduce 
its cost by applying four basic eco- 
nomic principles. 

• Market-based approaches work 
more efficiently than command-and- 
control techniques. The leading candi- 
date in this case seems to be distributing 
or auctioning permits to emir, say, car- 
bon dioxide, and then allowing free mar- 
ket trading to establish their price. 

• Global problems require global 
perspectives and responses. It makes 
sense to reduce carbon emissions 
where that can be done most cheaply. 
We should therefore explore innova- 
tions like global emissions trading and 
allowing American companies to 
“buy” emissions reduction in other 


countries, although both, are fraught 
with practical difficulties. 

ft is important that all countries get 

involved. We cannot hold-developing 

• nations to the same standards as de- 
veloped ones, but their eventual par- 
ticipation is essential * 

• Haste makes waste. It is cheaper to 
engineer new products for energy ef- 
ficiency than it is to retrofit old ones. 
We can greatly lower the costs of re- 
ducing carbon emissions if we allow 
our existing tr ans portation fleet, fac- 
tories, home heating systems and es- 
pecially power-generating _ plants to 
wear out rather than scrapping them. 

We can afford such patience because 
it is the gradual accumulation of green- 
house gases that affects global tem- 
peratures, not the annual output of 
emissions. For these reasons, the much 
debated target of reducing emissions to 
1990 levels by the year 2000, as enun- 
ciated at the 1992 summit meeting in 
Rid de - Janeiro, is too demanding. It 
would be more prudent to start slowly, 
then gradually grow more strict.' 

• Reducing reliance on fossil fuels is 
not an anti-growth policy. It is an in- 
surance policy against climatic disrup- 
tions that could severely damage the 


world’s economics.. We do not want, 
people to turn off the heat and turn in 
their cars.- We do need to make fossa 
fuels more expensive. But any revenues 
raised from, say, auctioning emissions 
permits should be. returned to the eco- 
nomy via ox cuts, research and de-" 
velopment spending, and compensating? 
victims <for example, coal miners). - *■ 

Accepting these four principles 
would represent a giant step towanf 
banishing both Chicken Little and Dr. 

Pangloss from the debate. . 

Then we can get down to issues such 
as how to design and enforce a globaf 
emissions trading system in the ab-j 
sence of any meaningful' global gov- 
ernment, and how to persuade devel- 1 
oping nations to participate. 

The sky is not falling; it is just fiUingf- 
up with greenhouse gases a bit too fast , 
for comfort. Blithely assuming that* 
nature and laissez-faire will take card 
of everything amounts to betting the r* 
■earth's climate on a roll of the dice: * - 

The writer, a professor of economic A- 
at Princeton, is a former member of 
President Bill Clinton's Council of 
Economic Advisers. He contributed 
this comment to The New York Times, j 


A Chance to Merge Rhodes and Lumumba in Central Africa; 


W ASHINGTON — For 
nearly 40 years, revolu- 
tionary wars, atrocity-studded 
misrule in the heart of Africa 
and brutal, reactionary white 
power at its tip turned a region 
that many colonialists once saw 
as paradise into a partially dev- 
astated and totally dysfunction- 
al purgatory. At century's end, 
the troubled nations of Central 
and Southern Africa at last 
seem to have touched bottom. 

This may give thema chance 
to rebound and create regional 
economic and political net- 
works that can return Africa 
south of the Equator to a po- 
sition of economic importance 
' and political self-respect. 

It is also possible that the chal- 
lenges faced by these nations in 
purgatory — my list includes 
Congo (the former Zaire), 
Congo-Brazzaville, Rwanda, 
Burundi. Uganda, An go la and 
a few others — may continue to 
be greater than this new oppor- 
tunity. which has been created 
essentially by power taken 


By Jim Hoagbmd 


through the barrel of the gun. 

Organized violence, directed 
by tough rulera in die countries 
of purgatory, has changed the 
political face of Central Africa in 
three short years and created an 
interlocking set of political ob- 
ligations that could lead to con- 
structive cooperation. 

Working together, Yoweri 
Museveni of Uganda and 
Rwanda's Patriotic Front gov- 
ernment brought about the col- 
lapse of the Mobutu regime in 
Congo this summer. Angola’s 
government, looking for allies 
in its continuing struggle against 
rebels, provided tanks and fire- 
power to install anew president 
in Brazzaville last week. 

It is a measure of the region’s 
desperate plight that such re- 
sults can give rise to hope, 
however fragile. 

In these countries, anarchy, 
tribal massacres and disorgan- 
ized violence visited on die 
population by criminal armies 


were rapidly becoming the 
norm. It has taken the blood- 
shed of military intervention to 
pull an entire region back from 
the edge of inferno. 

Mr. Museveni, Paul Kagame 
of Rwanda, Laurent Kabila of 
Congo and the others now must 
develop and apply a vision of 
peace to replace the vision of 
war they used to oust despots 
and killers. Two challenges in 
particular confront them. 

First, they and their allies in 
Southern Africa need to move 
quickly to re-establish the min- 
ing, rail and port networks built 
in the past century on their ter- 
ritory by Europe’s greatest co- 
lonial empires and then system- 
atically destroyed by post- 
independence black govern- 
ments and rebel movements. 

Acknowledging the econom- 
ic logic of the colonial system, 
once denounced across the con- 
tinent without qualification as 
exploitative and racist, will be a 


bitter pill for some to swallow. 

From I960 on. Central Af- 
rica’s nationalists relentlessly 
worked to undermine or make 
obsolete the once highly de- 
veloped infrastructure that the 
Portuguese, Belgians, British 
and South Africans had de- 
veloped to transport diamonds, 
copper, cobalt and other min- 
erals to global markets. 

Some of the nationalists did 
so because they were at war 
with the now vanquished 
apartheid regime in South 
Africa. Others were out to line 
their own corrupt pockets, 
whatever their thievery cost 
their nation. In many cases the 
two motives merged 

Once hated as symbols of op- 
pression, projects like the . 
Benguela railway (which linked 
Belgian-run mines to a Por- 
tuguese-controlled harbor) and 
the South African-financed 
Cabora Bassa dam in Mozam- 
bique today represent the re- 
gion’s best hope to achieve rapid 
economic equilibrium. And the 


once dreaded Western fins 
ers control the cash, neededja - 
rehabilitate this infrastructure. * 
Secondly, Central Africa's^ 
rulers will have to reach for 
some form of political confefe 
jnd the 


eration beyond the inherited 
Western-style nation-state that 
has failed in this region. Tty? 
ethnic problems of Rwanda ahd 
Burundi, still at dangerous flam? 
points, or of Congo, cannot .R 
peacefully resolved otherwise^ 
“Rwanda and Burundi 
too small and vulnerable, 
haps not even viable . 
need space. As it is now, 
belong nowhere,” Julius Nj _ 
ere, the former leader of TfifP 
ran in , said in an interview^ 
New Perspectives Quarternh- 
explaining his call for a United a 
S tates of Central Africa. u £ ® 

The future, if Central Afridfis 
to prosper, will be regional at® . 
econom ic, not narrowly narioftft 
and 'political. The leg-acies"8F 
Cecil Rhodes and Patrice LurfP 
umba will have to fuse. 

The Wa shiny on Past. ,yi - 

j.Tt 

r* 

1C 


Soon a European Super-Union fbr the World to Contend WitE 


V ENICE — Two minor 
political episodes have just 
made a big difference to the 
European union’s future. Italy 
will be a member of 21st cen- 
tury Europe's inner leadership. 
Britain will be excluded, by its 
own choice. 

When the Italian public 
loudly condemned the “refoun- 
ded” Communists for bringing 
down the government of Ro- 
mano Pnxfi this month, its 
protests forced the Communists 
to reverse themselves. The re- 
sult is a new and much stronger 
Prodi government, committed 
to put Italy into the group of 
nations that will adopt the Euro- 
pean single currency, the euro, 
in January 1999. 

When Britain’s chancellor of 
the Exchequer, Gordon Brown, 
indicated last Monday that Bri- 


By William Pfaff 


tain would not join the common 
currency within the present par- 
liamentary term, he appeared to 
renounce a leading role for Bri- 
tain in the new Europe. 

The Labour Party is divided 
on Europe, as are the Conser- 
vatives. Labour’s divisions are 
less dramatic than those which 
caused the Tories' defeat this 
year, but the new government’s 
inhibitions now are revealed as 
deep enough to keep Britain on 
Europe’s outer rim. 

That undoubtedly is where 
most of the British people are 
most comfortable. There is 
nothing wrong with being there. 
It is where the Danes and 
Swedes are as well, by their 
choice. But what coherent na- 
tional or international role is 


Britain going to play from off- 
shore Europe? 

The European single cur- 
rency is a leap into the dark. No 
one can be certain that the coun- 
tries which join the currency 
union will be able to keep their 
budget priorities and business 
cycles close enough to one an- 
other for the currency to work. 

Nonetheless they are deter- 
mined to try, and the record 
shows that it is foolish to un- 
derestimate these European 
gambles. Banks will start using 
the single currency for financial 
transactions on Jan. 1, 1999. 
Euro bills and coins will follow. 

The pattern of European de- 
velopment since the 1950s has 
been the big and sometimes 
rash step forward in economic 


cooperation, which then pro- 
duces political consequences 
that often prove more important 
than initially expected. That is 
happening again. 

The French have persistently 
argued that a European central 
bank must have some kind of 
political oversight The German 
government, always sensitive 
to currency instability and the 
possibility of manipulation, has 
resisted, fearing that political 
considerations might promote 
inflationary policies. 

However, no central bank in 
the world functions in complete 
independence. The German 
Bundesbank and die U.S. Fed- 
eral Reserve are creations of 
powerful governments, and 
however independent they may 
be in principle, they cannot dis- 


Picking Up the East Asian Pieces 


S INGAPORE — Before the 
currency crisis, young 
businessmen saw themselves 
standing on the threshold of 
the Asian Century. Em- 
boldened by success and 
drunk on growth, we were the 
□ext masters of the universe. 

Our self-confidence now 
seems more like a brittle 
brashness. We thought fool- 
ishly that the Asian miracle 
could ignore an inevitable 
downswing of the pendulum. 

Some of our elder leaders 
still blame evil conspiracies by 
foreigners, but the current 
crisis can be a chance to put our 
own bouses in order. A seif- 
critical lode at Southeast Asia's 
spectacular growth will show 
mat many companies were ac- 
tually not all that competitive. 

In place of good manage- 
ment, many relied on mere 
connections. Instead of being 
truly competitive, they relied 
on cronyism. Instead of the 
marketplace, there were mono- 
polies. Protected markets, 
sweetheart deals, peak barrel 
jlitics and all the other nice 
tings that come with cronyism 
— that was in large part the 
secret to their success. 

When American compa- 
nies were going through a 
severe shakeout, re-engineer- 
ing and downsizing, Asian 
conglomerates were gorging 
on new businesses from con- 
dos to condoms, palm oil to 
power plams, finance to fast 
rood. Everything became a 
core business. 

Now the shining stars of die 

new Pacific century have bad 
a rude wake-up calL I 


By Ho Kwon Ping 

at least three immediate mac- 
roeconomic consequences. 

There -will be more dereg- 
ulation and liberalization. 
Whether governments do this 
willingly or not is irrelevant. 
The dependence on foreign 
capital after this currency crisis 
dictates that it must happen. 

Second, there will be more 
volatile foreign exchange re- 
gimes, higher interest rates 
and a more difficult lending 
environment; 

Third, economic cycles will 
be shorter and more unpre- 
dictable. 

These three simple macro 

changes will require a number 

of micro responses from the 
next generation of Asian busi- 
ness readers. 

• To meet the challenge of 
more open and competitive 
markets, companies need to 
select a few core businesses 
and focus on them, while re- 
thinking the wisdom of the 
conglomerate. 

• Companies have to adopt 
a more defensive approach to 
their balance sheets, rather 
than revalue assets and use 
balance sheets to leverage 
growth ever upward. We will 
nave to rely less on intuition, 
and hire professionals to in- 
troduce more sophisticated fi- 
nancial, treasury and debt 
management systems. 

■ With connections no 
longer die main ingredient for 
success, tomorrow’s business 
leaders will need to develop 
the depth and competitiveness 


of their management as key 
success factors. 

• There will be a need for 
coherent, focused business 
strategies and not opportunist- 
ic diversification. Ultimately, 
every company will have to 
coartom the issue of whetirer it 
has a proprietary product or 
service which it can build a 
competitive advantage an. 

Many young business lead- 
ers and their companies are 
already addressing these is- 
sues. If the process of soul- 
searching can result in more 
streamlined and .competitive 
businesses, then Asia’s next 
generation of leadens will look 
back on these dark days as 
their rite of passage. 

They will come out of it 
stronger than before. B rash- 
ness and dynamism will be 
tempered by experience, and 
their new sobriety will enable 
them to be strongly focused. 

Companies will not be fat, 
inefficient, politically protec- 
ted money machines but true 
businesses with strategic in- 
tent, capable management and 
a proprietary brand product or 
service to sell. 

It is perhaps by returning to . 
the values or our business - pi- 
oneers — avoidance of debt, 
prudent but decisive risk-tak- . 
ing, sticking to a core business, 
being always prepared, tor the 
downturn — that the East 
Asian miracle can fulfill itself. 

The writer, chairman of the 
Singapore-based Wah-Chang 
Croup, contributed this com- 
ment to the International Her- 
ald TYibune. 


conditions in their countries. 

Even the Germans have 
come to understand that the 
euro must be under the control 
of people drawn from a wider 
background than those parochi- 
al banking circles from which 
the Bundesbank’s governors 
have come. 

Thus German Finance Min. 
isterTheo Waigel and France’s 
Economics Minister Domin- 
ique Strauss-Kahn have now. 
agreed that afrody to be known 
as the Euro Council, composed 
of the finance ministers of all 
the countries that are members 
of the single currency, will meet 
informally each month, just be- 
fore the regular meeting of all 
the EU finance minister s 

This group will be respon- 
sible for coor dinating the eco- 


nomic policies of the countries 
that have adopted the euro. It 
will consider tax policy, spend- 
ing priorities and the structural 
problems of the single currency 
national economies, including 
national wage and employment 
policy, and trade relations. The 
French insist that the governors 
of the new European central 
bank must attend these meet- 
ings ' 'from rime to time." 

The European Commission 
forecasts that by next spring 11* 
of the 15 EU countries will meetir 
the conditions for joining the 
single currency. Britain will be 
among these, but now has elect- 
ed to stay out of the currency. 
Denmark and Sweden will un- 
doubtedly make the same 
choice. Greece is the only coun- 
try likely to be excluded on eco- 
nomic criteria. 

Thus a new European super- 
union is to be created around the 
euro. This solves not only the 
present tension between those 
fevering maximum European 
union and those who want a 
“Europe of nations,” but also 4 ; 
the problem presented by thdff; 
countries in Central and Eastern 
Europe demanding EU member- 
ship. They can be admitted to the 
outer Europe, where they will 
not interfere with the "deepen- 
ing” union of inner Europe. 

This super-union will be a 
global economic force with a 
capacity for economic decision ' 
and action rivaling that of the : 
United States. The scenario for 
the stan of the 2 1st century must ! 
be rewritten. 

/ nientatiunal H erald Tribune. 

© Los Angeles Tunes Syndicate 


vV"v 
i'. - • 

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;* V • • 


ero 


jN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1897: Britain Resists 

LONDON — The Times, in a 
leader on Great Britain’s reply 
to the United States Silver Mis- 
sion, says: “An American must 
be very ignorant of fee ways and 
requirements of British trade 
and fi nance if he imagine That 
notes based on silver have any 
attraction for us, or that regular 

State purchases of silver to meet 

no public need, like those which 
have filled the Treasury vaalts 
of theUnited States wife masses 

of u n sal e able metal, would be 
tolerated by public opinion in 
tins country.' 

1922: Radical Threat 

NEW YORK. — The American 
Defence; Society has fifed a 
protest in Washington against 
the admission into the country of 
M. Jean Lcwguet, the well- 
known French Socialist and ed- 
itor of “Le Populate.” The so- 
ciety asks his exclusion on fee 


grounds that he is a Communist. 
The famous Socialist's talent as ■ 
an orator, his fluent command of m 
Engl is h and fee fact that he is a * 
grandson of Karl Marx wise 
mentioned in the process as 
points against him, making him a ] 
dangerous envoy of radicalism. 

I 

1947: Red Hollywood : 

Washington — screen act- 
or Robert Taylor told the House 
un-American Activities Com- ! 
mittee that be had seen more 
indications of Communist ac- 
tivity in Hollywood in the last ; 
four or five years than prcvi- \ 
ously. The actor told the com- • 
mittee; “There is always a cer* j 
fem group of actors and ; 
actresses whose every action > 
would indicate to me that if i 
they are not Communists they j 
are working awfully hard to be j 
so" He added, “If I had my 
way they would all be sent 
back to Russia or some other 
unpleasant place." 





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Let s Face It , America’s Boom Won’t Last Forever 


TITASHINGTON — 

YV knows history is boi 

‘‘n(*UI M-nnnm.i •• Ti. 


Anyone who 
-«««, b°uud to doubt die 

Thc signifies 
f 8 !? j ec0n0m y has transformed 
itsdiand, as a resuit, we Americans have 
entered an everlasting boom. It thrives on 
“*? {ff^ology and intense competition 
w »?» vc 5u PPressed inflation. 

Y\T We L v ! ^ ^“Sh these phrases 
andphases before. In the 1920s wehad the 

ne *f era . • 11 preceded the Great De- 
pression (in 1933 unemployment was 25 
percent). In the 1960s we had the 
economics”: that nreceded th P 


By Robert J. Sanmeison 


new 

worst 



lllm in (cnlral \|. 


<*.. r- 
*v*r 


To recall this history is not to suggest 
that an economic catastrophe luiksTBut 
the precedents ought to inspire humility 
and caution in prophecy. We cannot see 
f ™ or. quite often, even understand 
the present By the numbers, it's bard to 
argue that the economy is performing bet- 
ter than ever. The current economic ex- 
pansion is now in its 79th month. Bat there 
have been two longer expansions since 
World War n (the 106-month expansion 
from February 1961 to December 1969, 
and the 92-month expansion from 
j November 1982 to July 1990). 

The explosion in computin g power anti 
the Internet are impressive; bat we have 
often had impressive bursts of new tech- 
nology.; In the 1950s and 1960s, direct 
long-distance dialing became virt uall y 
universal; before, operators had to com- 


plete all long-distance calls. In 3 959, com- 
mercial jet travel began on domestic 
routes. In the 1950s and 1960s, railroads 
switched from steam locomotives to dies- 
els. Construction of the Interstate High- 
way System (authorized by Congress in 
1956) sped truck transportation. All these 
changes generated big deficiency gains. 

Indeed, government productivity stat- 
istics — measuring output per worker 
hour — show far larger increases in the 
1950s and 1960s than now. From 1948 to 
1 96S, productivity rose at an annual rate of 

3 percent; since 1990, annual gains av- 
erage less than 1 percent. 

It’s argued thar the statistics miss man y 
real-world gains. This may be true, be- 
cause a “service” economy is harder to 
measure than a “goods” economy: A ton 
of steel is easier to count than a bundle of 
health services. But do the statistics un- 
der count by two-thirds (as necessary to 
match the gains of die 1950s and 1960s)? 
Though possible, that seems anlikety. 

None of this denies that the economy 
has done well and, in some respects, better 
than expected. The central puzzle is fa Try. 
inflation. In the past year, the consumer 


with only two years (1956 and 1957) 
above 2 percent And after the 1981-82 
recession, inflatio n — though higher titan 


now — stayed around 4 percent. Only in 
1989 (4.6 percent) and 1990 (6.1 percent) 


did it rise sharply. 

Still, inflation’s good behavior de- 
mands an explanation. The theorists of the 
“new economy” argue that huge, un- 


measured productivity gains plus an on- 
di new conn 


slaogbt of 


competition — from 


The economy is not 
“new” in ike sense that 
uncertainty , error and 
upset have vanished. 


imports and deregulation — have muffled 
price pressures. Companies can't raise 
prices because they face too many rivals 
with too much product to sell And unable 
to raise prices, they hold down labor costs. 
This in turn explains why today's low 
unemployment rate (now 4.9 percent) has 
not triggered big wage gains. 

There is wmMhivtg to this. But the 


dampening influences on prices and wages 
go deeper. This < 


economic expansion began 
price index is up only 2J2 percent, which is slowly and, in the process, conditioned 
lower than the 3.3 percent rise of 1996. companies and workers to lower inflation. 

Again, it's worth noting that this per- Recall that President Bill Clinton won the 
formance — though excellent — is hardly 1992 election largely because many Amer- 
unprecedented. Between 1952 and 1965, icans felt die economy was still in a re- 
inflation averaged 1.3 percent annually, cession (“It's the economy, stupid”), even 


though the slump had ended in 1991. Recall 
also that the sluggish recovery — com- 
bined with pressure on companies to raise 
profits — led to massive “downsizing." 

Layoffs increasingly affected middle 
management and the middle-aged. Older 
workers tend to have skills fined to spe- 
cific firms and industries; getting a new 
job may force them to take pay cuts. 

And an aging work fence may mean that 
more workers rear quitting to seek a better 
job at higher wages. All these mends help 
contain labor costs. 

So the economy is different. It's not what 
it was in 1987 or 1967 or 1907. People’s 
experiences, competitive conditions, tech- 
nologies and government policies con- 
stantly change. But the economy is not 
“new” in the sense that uncertainty, error 
and upset have vanished. Though weak, 
inflation is not necessarily dead. 

Ihe law of supply and demand remains, 
and if demand rises faster than supply, 
prices and wages will increase or scarcities 
will emerge. Wage gains rose in late 1995 
as unemployment dropped; labor costs 
stayed tow because wage gains were offset 
by receding health insurance costs. But 
now this happy coincidence may be end- 
ing. Voluntary quit rates — people leaving 
to look for something better — are rising, 
suggesting labor shortages. And there are 
forecasts of higher health insurance costs. 

This is not a prediction of anything. It's 
just a declaration of skepticism. We have 
not created permanent economic bliss. 

The Washington Post 


Girls and Their Bodies: 
A Crisis of Confidence 


By Ellen Goodman 


B OSTON — There are tiroes 
when I wonder if the female 
body isn’t part of some vast evo- 
lutionary speedup. In less than a 
generation, the girls I know seem 
to have acquired all these new 
body parts to worry about 
A glance ax any teen magazine 
is a new anatomy lesson. Eyes are 
now subdivided into half a dozen 


MEANWHILE 




! 


Him 


LETTERS TO THE EDITOR 




Turner’s Gift 


-■ 


Zsf. i 

t- * - 


■ '4. - 

■■ 

»*>'-■ - 


ftcirfii 1 1 i 1 unt<‘ii<n 


■*" Regarding “Goad for TedTum- 
ft, and May He Be Imitated" 
(Opinion, Oct. 9) by James Gus- 
tqve Speth: 

' The International P lanne d Par- 
enthood Federation, the world’s 
largest voluntary reproductive 
health organization, wishes to 
tfiank Ted Turner for his generous 
contribution to improving the hu- 
man condition, like James Gus- 
tave Spetfa, the DPPF believes 
the Unired Nations was a good 
choice as the recipient of Mr. 

^ Turner's largesse. By placing his 
■ f;tith in the UN system, Mr. Turn- 
er. has said that governments can 
work together, as pan of a global 
community, to help the world’s 
most needy. 

However, Mr. Turner’s gift 
sends another signal to govern- 
ments. He has stepped in to fill the 
gap created by donor govern- 
ments that have failed in their 


responsibilities to the world's 
needy. At the 1994 International 
Conference on Population and 
Development in Cairo, govern- 
ments agreed on the resources re- 
quired to achieve universal access 
to reproductive health by the 
year 2015. 

Yet three years on, govern- 
ments are reducing their overseas 
development assistance while 
problems in developing countries 
such as HIV/AIDS, adolescent 
pregnancy and discrimination 
against women and girls continue 
to mount 

Mr. Turner’s generous contri- 
bution is a godsend, but we cannot 
let donor governments use it as an 
excuse to do even less. On the 
contrary, his gift must be a cata- 
lyst for action that prompts donor 
governments to fulfill their com- 
mitments and that strengthens the 
resolve of the United Nations and 
partner nongovernmental organi- 
zations to push governments to- 


ward implementing the goals of 
the Cairo conference. 

1NGAR BRUEGGEMANN. 

London. 


The writer is secretary-general 
of the International Planned Par- 
enthood Federation . 


Pandering in Jordan 


Regarding “Jordan- Israel Ties: 
‘ Severe Wounds'" (Oct. 16): 

The article says that Sheikh 
Ahmed Yassin’s freedom brought 
King Hussein little benefit among 
Jordan’s fundamentalist opposi- 
tion. Nothing the king does will 
ever satisfy the Islamic opposi- 
tion. Like their brethren in Iran, 
they have their own long-term 
agenda and the Hashemite mon- 
archy is certainly not part of it. 

Those of us in Jordan who sup- 
ported the peace treaty and who 
believe thar nor malizin g relations 
with Israel should be toe natural 


outcome of it despair at the king's 
constant pandering to toe extrem- 
ist-element in our country. 

The notion that this constioientty 
can be co-opted into the democratic 
body politic is as fallacious as it is 
myopic. A wild bear cannot be 
your friend for long; sooner or later 
he will attempt to devour you! 

KAMAL TAWFK NIMRL 
Irbid, Jordan. 


rael; he got immense military and 


logistical support in his war 
<L what is 


against Iran, what is America’s 
business in Central Africa? I sup- 
pose it was to support for 30 years 
that other defender of human 
rights: Mobutu. In Bosnia, toe 
warring parties are toe enemies of 
each other, not of America. 

D. HEKIMI 
Geneva. 


Enemies List 


Wrong Priorities 


Regarding “ The Sanctions 
Scalpel Is an Unreliable Weapon" 
( Opinion , Oa. 16) by Jim Hoag- 
land: 

In this otherwise excellent ar- 
ticle, Mr. Hoagland mentions 
America's “enemies,” saying 
“Iraq, Central Africa and Bosnia 
are cases in point.” 

Up to a few days before his 
invasion of Kuwait, Saddam Hus- 
sein was toe biggest friend of 
America's in the region after Is- 


Regarding " Bonn Set to Clear 
Funds for the Eurofighier 2000" 
(Oct. 51: 

There can be no creditability 
for the governments of Britain. 
Germany. Italy and Spain as they 
approve funding for warplanes 
while curbing spending for social 
programs. They fail toe critical 
test of devotion to the well-being 
of their people. 

BERTRAM ALLAN WEINERT. 

Nice. 


distinct areas from brow to lash, 
each of which needs to be thinned 
or thickened, shaved or shaded. 

Teeth demand brightening as 
well as straightening. Hughs have 
grown cellulite. Lips require 
"plumping.’* Arms bulge for bi- 
ceps. And every unmentionable 
inch of the body seems to need 
perfume of one kind or another. 

Of course it is not our bodies 
but the beauty industry on this 
evolutionary rampage. It's rather 
like the trend in medicine. As gen- 
eral practitioners splintered into 
an array of subspecialists, the 
beauty market splintered into 
products for every inch from scalp 
to toenail, acne to elbow. 

The difference of course is that 
medicine changed to make pa- 
tients feel better. The beauty in- 
dustry changed to make its cus- 
tomers feel worse. 

Anyone who spends time with 
teenage girls knows that they 
aren't narcissists. Narcissus, 
after all, wasted away before a 
pool of water while constantly 
admiring his image. Teenage 
girls are drowning in words like 
“I hate my body, 1 hate my looks, 
I hate myself.” 

It is this despairing mantra 
that Joan Jacobs Bromberg ex- 
plores in “The Body Project.” 
Her book, subtitled “An Intimate 
History of American Girls.” is 
the third in a triumvirate of 
works about toe crisis in toe 
lives of adolescent girls. 

First, Carol Gilligan identified 
toe moment when guis in our cul- 
ture lose their authentic “voice” 
and self-confidence. Next Mary 
Pipher explored this psychologi- 
cal reality of female adolescence 
in “Reviving Ophelia.” Now Ms. 
Bromberg has filled in the blank, 
saying that a girl’s relationship to 
her body is “at the heart of toe 
crisis of confidence.” 

Her delightful and painful his- 
tory ranges from toe days when 


girls were tied into corsets to toe 
days when girls are corseted by 
internal voices dem an di n g model- 
toin perfection. It crosses the cen- 
tury from an era when girls rarely 
mentioned their bodies at all to an 
era when the body has become 
their “project ” 

Allowing u$ to eavesdrop on a 
wonderful assortment of teenage 
diaries, she compares the self-im- 
provement plans of a late 19th- 
century adolescent to a late 20th- 
century girl. The first girl resolves 
“not to talk about myself or feeF 
ings. ...To think before speaking. 
To work seriously. To be seff- 
res trained in conversation and ac- 
tions. ... To be dignified. Interest 
myself more ic others.” 

The second girl resolves to “try 
to make myself better in any way I 

possibly can with toe help of my 
budget and baby-sitting money. I 
will lose weight, get new lenses, 
already got new haircut, good 
makeup, new clothes and ac- 
cessories." 

“The Body Project” is not a 
lament for toe good old days. 

Ms. Bromberg has no nostalgia 
for the era when 60 percent of high 
school students in Boston were 
totally unprep a red for menstru- 
ation. Nevertheless she is aware of 
toe trade-offs we've made. Girls 
who once were held under toe Vic- 
torian umbrella of protection are 
“freed” into "a consumer culture 
that seduces them into thinking that 
toe body and sexual expression are 
their most important projects.” 

“The Body Project” draws toe 
crucial connection between bad 
body images and bad choices, be- 
tween how girls feel about their 
bodies and what they do with 
than. “Girls who do not feel good 
about themselves need toe affirm- 
ation of others." Ms. Bromberg 
writes, “and that need, unfortu- 
nately. almost always empowers 
male desire. In other words, girls 
who hate their bodies do not make 
good decisions about partners or 
about toe kind of sexual activity 
that is in their best interest.” - 

What is missing today, after a 
century of change, says Ms. 
Bromberg is “an intergenerational 
dialogue” ' between women and 
girts. Her book is a fine text for 
such a conversation. It makes us 
think seriously about a world in 
which teenage misery is described 
all too seriously as a bad hair day. 

The Boston Globe. 


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INTERNATIONAL 


Tuberculosis ‘Hot Zones’ 

Drug-Resistant Strain Is Gaining Ground 


Reuters 

Washington — “Hot zones“ of 

drug-resistant tuberculosis are growing and 
threaten to touch off a global epidemic of 
virtually incurable TB, health agencies said 
on Wednesday. 

A joint survey by the World Health Or- 
ganization, the U.S. Centers for Disease 
Control and Prevention, and the International 
Union Against Tuberculosis and Lung Dis- 
ease found multidrug-resistant tuberculosis 
in one- third of the 35 countries surveyed 

'‘This report provides the first scientific 
evidence for what we most feared but could 
noi previously prove,'' said Dr. Michael 
Iseman of the University of Colorado. “The 
world again faces the specter of incurable 
tuberculosis.*' 

“We have found TB hot zones on all five 
continents in which MDR strains are threat- 
ening to overwhelm public health sys- 
tems," he said. 

The drug-resistant tuberculosis could 
easily spread from these areas, specialists 
with the World Health Organization said 

“MDR-TB is an airborne bacterium that 
will spread just as easily as regular TB," 
said Dr. Paul Nunn, chief of tuberculosis 
research at the World Health Organization. 
"An individual who is sick with any strain 
of TB will infect between 10 and 20 people 
each year.” 

The countries that had drug-resistant 
tuberculosis — in 2 percent to 14 percent of 
cases — included India, Russia, Latvia, 
Estonia, the Dominican Republic, Argen- 
tina and Ivor) 1 Coast. 


The specialists blamed poor medical 
practice, saying that many infected people 
did not finish their full course of antibiotics, 
allowing drug-resistant strains to develop 
through mutation. Also, they said, doctors 
and clinics frequently prescribed the wrong 
drugs, which had the same effect. 

Dr. Iseman said that treatment of patients 
infected with die drug-resistant strain was 
100 times more costly, making it accessible 
only to a fortunate few. 

“Today in the developing world, mul- 
tidrug-resistant TB is usually a death sen- 
tence,” he said. 

The World Health Organization has been 
promoting a program dial includes closer 
surveillance of tuberculosis patients to en- 
sure that they take appropriate drugs and 
adhere to the medication schedule, as well 
as follow-ups to determine whether patients 
have been cured. 

It says the program, called Direcdy Ob- 
served Treatment Shortcourse, or DOTS, 
has a 96 percent cure rate. Currently, only 
about half of the 3 million to 8 million new 
tuberculosis cases each year are cured. 

“Alarmingly, only about one in 10 TB 
patients today has access to DOTS.” said Dr. 
Arata Kochi, director of the World Health 
Organization's global tuberculosis program. 

Dr. Iseman said the resistant strain could 
easily spread throughout die world. 

"In Latvia, 22 percent of all tuberculosis 

S tients have MDR TB," he said. “In the 
:lhi state in India, 13 percent of all tuber- 
culosis patients were til with drug-resistant 
strains of tuberculosis." 



briefly 


Snpq nwn« 


Supporters of Momir Bulatovic, who lost to Milo Djukanovi in Sunday’s presidential election, 
protesting the outcome of the voting at a rally in Podgorica, the Montenegrin capital, on Wednesday. 

BALKANS: Tiny Montenegro Becomes a Pivotal Power 


FOOD FIGHT: EU Taking on Chocolate Issue 


Continued from Page 1 

Europe's purists consider ab- 
horrent, cheapening and a 
threat to their chocolate in- 
dustries. 

In u crucial but still not 
Final move Thursday, the full 
European Parliament here in 
Strasbourg will put the matter 
to a vote. 

Will Cadbury and other 
companies be allowed to sell 
candy bars and bon-bons 
laced with palm oil as 
“chocolate" in Belgium or 
France? 

Or must they include 
words like “vegetable fat" 
alongside the name on the 
wrapper? 

And what, exactly, is 
“milk chocolate?” 

Though some American 


third of the world’s chocolate 
market and six mul (national 
companies control about 80 
percent of the global sales. 

They are Nestle of Switzer- 
land, Cadbury Ltd. of Britain, 
Mars and Hershey of the 
United States, Jacobs- 
Suc hard of Germany and Fer- 
raro of Italy. 

Of those, the only company 
that does not have a major 
position in Europe is Her- 
shey. 

The chocolate war dates to 
1973. That was the year that 
Britain. Ireland and Denmark 
entered the European Union, 
then called the European Eco- 
nomic Community, and ob- 
tained special exceptions to 
what was the iron-clad role of 
1 ‘cocoa-only chocolate. ' ’ 
Since their, four other 


policy is getting harder to sus- 
tain because European law 
now enshrines the notion of 
open borders, free trade and 
“harmonized" rules among 
member nations. Countries 
with exemptions from the 
pure -cocoa rules can export to 
countries that prohibit tire use 
of substitutes, so they have an 
advantage. 

The pure-cocoa countries 
like Belgium fear they will 
jeopardize traditional chocol- 
ate if they loosen the rules. 

And the cocoa-producing 
countries like Ivory Coast, a 
former French colony, protest 
that encouraging cocoa-sub- 


Continued from Page 1 

amounts to his own backyard — ac- 
tually, his turf in the Yugoslav Fed- 
eration. 

“It’s a message to Mr. Milosevic 
that he is not going to broaden his 
power base by hankering down and 
waiting for the West to go away/' an 
official said Wednesday in Wash- 
ington. 

Other Western officials agreed 
that Montenegro's new government 
seems set to chip away at Mr. Mi- 
losevic’s position as Serbian over- 
lord by saying that he is incapable of 
winning the peace. 

By aggravating divisions among 
Serbs, the victory of Mr. Djukanovic 
— and Mr. Milosevic’s loss via a 
surrogate who was beaten — could 
help drive home a message of deep- 
ening isolation to hard-line Bosnian 
Serbs, especially the Pale regime in 
Bosnia. 

Montenegrins, while not techni- 
cally Serbs themselves, are ethnic- 
ally and culturally linked to them. 
They sent forces to fight alongside 
die Serbs in Bosnia, but put much of 
their main wartime effort into sanc- 


(ions-busting — - and now into lu- 
crative cigarette smuggling. 

With only 650,000 people, 
Montenegro is usually thought of as 
an appendage of Serbia, but it cur- 
rently finds itself enjoying powerful 
potential nuisance value if its new 
1 eader carries out his threat to chal- 
lenge Belgrade, according to U.S. 
and German officials. 

In a war of nerves with Mr. Mi- 
losevic, they said, Mr. Djukanovic 
has several advantages: 

• Montenegro occupies a stretch 
of the Adriatic coastline. Without 
access through Montenegro the 
Serbs are landlocked. This puts new 
pressures on Serbia in regard to the 
traditional reliance on overland 
routes via Croatia. 

• Mr. Milosevic will be vulnerable 
to Mr. Djukanovic's ability to disrupt 
and even paralyze the Yugoslav 
presidency, the job that Mr. Milo- 
sevic has taken as his political power 
base now that he is constitutionally 
barred from standing again as head 
of Serbia. 

In the Yugoslav presidency, Mr. 
Milosevic can count on his prot£g£ 
as the Serbian president, but his au- 


thority now has to reckon with Mr. 
Djukanovic’s powers of veto — in- 
cluding the ultimate threat of se- 
cession. 

• Now that Mr. Djukanovic has 
been elected. Western governments 
could intervene if he called for pro- 
tection a gains t an attack on 
Montenegro by Mr. Milosevic’s 
forces. 

Worried about subversion, Mr. 
Djukanovic, even as an opposition 
leader, took preventive action such 
as establishing a separate telecom- 
munications network outside die of- 
. ficial system still controled by Bel- 
grade. And tiie new president will 
control local broadcast media that 
can be received in Serbia. 

The potential impact of this 
changeover in Montenegro, as de- 
scribed by Western diplomats, is that 
the new thorn in Mr. Milosevic’s side 
may help make him more responsive 
to Western concerns. 

Paradoxically, Montenegro’s 
poverty could prove an advantage, 
the diplomats said, in the sense that 
the small country could show last 
results from Western help delivered 
to a cooperative new government 


both French and European HONG KONG: Market Records Biggest Point Drop Ever 


chocolate companies do use countries that use cocoa-but- 
veeetable Tats, they are ter substitutes have joined the 
largely bystanders in the union and gotten their own 
European chocolate war. exemptions — Austria, Fin- 
A lot of money is at stake, land, Portugal and Sweden. 
Europe accounts for about a But the two-chocolates 


Papon’s Illness Prompts Judge 
To Call a Hiatus in His Trial 

The AsuKhUetl Press 

BORDEAUX — A judge briefly suspended the trial of 
Maurice Papon on Wednesday after the defendant, on 
trial for crimes against humanity in World War U, com- 
plained of feeling ill. 

h was (he second time Mr. Papon, 87. who underwent 
triple bypass surgery last year, had complained of health 
problems during (tie trial. On the second day, he was 
briefly hospitalized after suffering chest pains. 

The court recessed for about an hour while Mr. Papon 
rested in a room behind the defendant's box. 

In another development, lawyers representing victims 
and their families asked the court to call the historian 
Michel Berges sooner than Dec. 1, when the Vichy 
specialist now is scheduled to testify. 

Mr. Bergen created a stir this week when he told French 
media that (he prosecution had misinterpreted key doc- 
uments. He said Mr. Papon only had signed memos 
summarizing orders made by a superior officer. 

Tlie historian contends that the documents prove that 
Mr. Papon had administrative powers in the German 
occupation of France but was not a key decision-maker 
and did not take the initiative to arrest and deport Jews. 


commitments to them. Ex- 
pats estimate that cocoa-sub- 
stitutes could reduce cocoa 
consumption by at least 
60,000 tons a year. ~ 

"My country is very fa- 
mous for beer and chocol- 
ate," said Philippe de Coene. 
a Belgian Socialist member 
of the European Parliament 
who has led the battle for 
pure-cocoa countries. 
“Chocolate without vegeta- 
ble fat is much more difficult 
and expensive to manufac- 
ture. If you are faced with a 
chocolate that is much cheap- 
er than yours, it will be much 
more difficult to compete." 

British advocates say they 
are defending both the idea of 
free trade and their own tra- 
ditional way of milkier and 
sweeter chocolate. 

“This is not just a synthetic 
substitute to make cheaper 
chocolate.” said Mr. White- 
head. “Historically, this is 
the way the British make their 
chocolate." 

* World Cocoa Shortage 

Strong demand and disap- 
pointing crops are draining 
global supplies of cocoa, the 
main ingredient of chocolate. 
Bloomberg News has report- 
ed from New York. 

Cocoa prices are already 
up 20 percent this year. 


Continued from Page 1 RBC Investment Management 

(Asia) Ltd., told Bloomberg News. 

their currencies fall against the U:§cj <• ^‘‘ifffdjpy.jdpfl't defend die peg, 
"dollar. LST^lwan’S^Serrltedeclsionr'tiairer wjJJ be capital flight and the 
to devalue came for competitive rea-J,. i^pp^rt \yill also, be disastrous.-”-, 
sons, because Taiwan sits on a TimCoudon, economist at Mor- 
massive S88 billion in foreign-cur- gan Stanley in Hong Kong, told tbe 


rency reserves. 

A calm spot in the Asian currency 
turmoil has been Hong Kong, but its 
steady exchange rate is now coming 
at the expense of rising interest rates. 
Three-month interbank rates rose one 
percentage point to 10 J percent, and 
were up from 7.0 percent Friday, in an 
effort to make it more expensive to 
speculate on the currency. 

With Hong Kong’s stock market 
heavily dependent on interest rate- 
sensitive banking and real estate 
stocks, investors have taken die news 
extremely badly. 

As the Asian currency crisis has 
dragged oa and at times accelerated 
this month, the Hong Kong's key 
stock index has fallen by 23 percent 
since OcL 1, and China-controlled 
stocks uot on the index have been 
similarly pummeled. Interest rates 
banks charge each other now stand at 


French newspaper Le Monde: "If the 
Hong Kong dollar, the last bastion of 
security in the region, were to fall, 
investors would abandon Asia.” 

Confidence in the future of the 
Hong Kong dollar’s peg to the U.S. 
dollar appeared to be waning among 
investment managers. “There is a 
real risk on the peg,” investment 
manager Mark Thorogood told Reu- 
ters in London. “China has been 

waiting 150 years to get Hong 
Kong back and has now finally got its 
hands on Hong Kong’s foreign re- 
serves. Is it really now going to hand 
those back to foreign speculators?” 

The Hong Kong currency link to 
the U.S. dollar, in place since 1983, 
has been invested by Hong Kong 
officials, with far more significance 
than fixed-exchange regimes were in 
other Asian countries earlier this 
year. Hong Kong’s leaders have used 
the peg as a device to measure the 
territory's overall stability, pointii 


more than 10 percent, compared with 
around. 7 percent in recent weeks. 

“In the short term, Hong Kong's - to its continuing as a major si. 
authorities will face a lose-lose situ- 
ation: if they keep on defending the 
currency peg. interest rates will rise 
and that will hurt (he stock market, 
the economy and the property mar- 
ket;’ ’ Christina Cheung, a director at 


that the way of life here would not 
change under rale by China, which 
took .ova this formerly British 
colony on July JL, ;• 

The extraordinary symbolism of 
the currency peg made remarks 
Tuesday by the chairman of the Hong 
Kong Genera] Chamber of Com- 
merce all the more surprising: Citing 
competitive pressures from . other 
countries in Asia, where currencies 
have weakened by as much as 40 
percent since July, James Tien said 
that the local currency’s peg to the 
U.S. dollar bears re-examination. 

Mr. Tien said manufacturing or- 
ders for Hong Kong firms for the first 
quarter of 1998 had been slowing 
and blamed this cm the fact that other 
countries' exports were far more 
competitive against Hong Kong's 
than they were before die regional 
currency crisis began in early July. 

In response, Hong Kong Chief Ex- 
ecutive Tung Chee-hwa said Wed- 
nesday on an official visit to London 
that “we ire not going to go the route 
of devaluing to remain competitive’ ’ 
and warned that interest rates may 
have to rise further to protect the 
currency. Previously, Mr. Tung called 
the currency peg “the anchor of our 
monetary and financial stability.” 


IBS: Clinton Does About-Face on Bill 


iMANDELA: President Opens Visit to Libya as US. Makes a Protest 


| Continued from Page 1 

in the bombing of a Pan Am airliner ova 
Lockerbie. Scotland, in 1988. More than 
550 passengers were killed. 

; Both the United States and Britain ob- 
4eel to any move to lift sanctions until the 
suspects arc extradited to one of the coun- 
tries for trial. 

’ In the verbal fencing with Washington 
thal preceded the trip. South African dip- 
lomats went out of their way to deflate 
suggestions that Mr. Mandela, 79, the lead- 
er "of his country 
-against racial separation, might 
help mend fences between Libya and 
■Western capitals. 

.Asked about a possible Mandela effort 
to broker a compromise over the two Liby- 
ans — perhaps assurances about conditions 
under which they could stand trial in die 
[United States or Britain — a South African 
spokesman said that the affair was “not on 
4he agenda” of the three-day talks. 

; South Africa repeated its call Wednes- 
day for sanctions to be lifted. Foreign Min- 
ister Alfred Nzo said in Cairo, as Mr. 


Sunday Independent newspaper 
Mr. Mandela as having said. 

“Notwithstanding the changes in the 
world, the contempt for blacks is still deep- 
seated,” he reportedly continued, adding, 
' ‘I am master of my own fate.’’ 

The Clinton administration sought to 
minimize personal friction over the in- 
cident. having the White House spokes- 
man, Michael McCuny, say that Wash- 


quoted ington had the highest esteem for Mr. 


Mandela despite the -difference in opinion 
ova the timeliness of his trip. 

But the Stele Department spokesman, 
James Rubin, said: “There’s no misun- 
derstanding. What it’s a question of is what 
level of diplomatic contact one wants to 
have with a regime that is prepared to 
pursue such rogue behavior as supporting 
international terrorism." 


THAlILAND: Army Gingerly Hatches Crisis 

ution. might be able to u ° 


Continued from Page 1 

Chenvidyakara. a former government 
spokesman, said. “The top brass learned 
their lesson in 1 992, so they exert influence 
in secret dealings, not openly.” The mil- 
itary will remain outwardly neutral, while 
limiting extreme actions of the now un- 
popular prime minister, Mr. Montri said. 

Late Tuesday, General Chetta met with 
the prime minister and, according local 
newspapers, pressed him to reconsider a 
Ian to impose a stale of emergency in the 



Minister Chaovalit, himself a retired 
eral and former army commander in cl 
to vote in support of an anti-corruption 
constitution adopted last month. . 

. The irony of generals pushing a reform- 
ist constitution on a democratically elected 
prime minister was taken hy many as n s ig n 
the tanks would not roil into Bangkok. 

"In the last four years the militar y 
learned their duties have changed to one of 
supporting the political system, not over- 
throwing it,” said Sornjai Phagaphasvivat, 
a political scientist and a former senator. 
“As the current chaos continues, they will . 
fcxve an increased political profile but still 
remain hidden behind the scenes." 

While the politicians have lost credibility 
and the crumbling economy has tarnished 


Continued from Page 1 

clinics to assist low-income taxpay- 
ers. 

Confronted with plans by gleeful 
Republicans to paint the White 
House as an obstinate defender of an 
unpopular bureaucracy, administra- 
tion officials have quietly been seek- 
ing a compromise for the last several 
weeks. Mr. Rubin said Tuesday that 
the administration’s main concerns 
had been addressed through rela- 
tively small changes in' die bill’s 
language, particularly sections con- 
cerning the executive branch’s con- 
trol ova the IRS. 

Administration officials stud they 
were still not entirely happy with the 
bill, but that they thought it would be 
easier to press for changes as it 
moves through the legislative pro- 
cess if the White House was con- 
sidered a partner in backing the bill 
rather than if it was left politically 
isolated on the sidelines. 

“ We support the bill in its current 


form, but we believe there are 
changes that can be trade and shoold 
be made,” Mr. Rubin said. 

Administration officials said the 
decision to back the bill was 
after a meeting Tuesday of Mr. Rubin 
and senior White House officials. 

Mr. Rubin then went to Capitol 
Hill to brief congressional Demo- 
crats on the White House decision — 
even as the House minority leader. 
Representative Richard Gephardt of 
Missouri, was underscoring the 
White House’s growing isolation 
ova the issue by holding a press 
conference formally anno uncing his 
support for the bilL 

The legislation has its roots in the 
findings earlier this year of a bi- 
partisan congressional commission 
led by Senator Bob Kerrey. Demo- 
crat of Nebraska, and Representative 
Rob Portman, Republican of Ohio. 
The centerpiece of the commission ’s 
recommendations was the establish- 
ment of an independent board to 
oversee the IRS. 


4 Businessmen Face 
Trial in Germany 

DARMSTADT, Germany 
Four German businessmen will be 
tried next month on charges of de- 
livering millions of marics in illegal _ 
weapons parts to Iraq betweea:198S 
and 1990, including oevkx sjfor 
ikwnrhing Scud misiues and parts 
for manufacturing explosives or 

chemical weapons. 

The four employees of the Havert 
company of Neu-Iseaburg. , jusr 
south of Frankfurt, a re accused of 
violating Goman foreign t rade 
laws. Their trial will begin Nov. 4, 

the court said . Wednesday, - 

Prosecutors say they provided 
false information in seeking gov- 
ernment sureties for two shipments 
to Iraq, one valued at 715,000 
- Deutsche marks ($408,000 . today) 
and a second at more than 7 million 
DM. and failed to obtain export 
permits. (AP). 

Turkey Sets Up 
Iraq Buffer Zone 

ANKARA — ’Dukey has estab- 
lished a buffer zone in northern Iraq 
to keep Kurdish rebels away from 
its bonier, the daily Hnrriyet re- 
ported Wednesday. 

The newspaper quoted an un- 
named cabinet member confirming 
that 8.000 Turkish soldiers were in 
the zone. It did not say how deep the 
zone was. (AP) 



Mexico Promises 
To Defend Media 

GUADALAJARA. Mexico — 
President Ernesto Zedillo has prom- 
ised to get tough on attacks against 
the media, vowing before tiie largest 
press group in the Americas to try 
harder to solve journalist slayings. 

“Today, I reaffirm my govern- 
ment’s unswerving conviction to 
defend the press and the people’s 
right to free information," Mr. Ze- 
dillo told a meeting of the Inter- 
American Press Association. (AP) 

Peru Will Attend 
Talks WithEcuador 

LIMA — President Alberto 
Fujimori says that Peru win attend 
the next round of peace talks with 
Ecuador despite an alleged flare-up 
on die disputed bbrdet: 

• Vibe conversations must go 
on," Mr. Fujimori tokl reporters 
Tuesday on a visit to the northern 
town of Chiclayo. “We are con- 
fident that we must maintain peace 
for tiie progress of both our brother 
countries.” 

The negotiators are due to meet in 
Brasilia on Nov. 24. (Reuters) 


* 


‘l 


ilifii * > 

Vliii 


a 

n 


If 


ALGERIA: 

Vote Amid the Terror 

Continued from Page I 

Fifteen million people are eligible to- 
vote Thursday for about 15,000 politi- 
cians in an election designed to bury thg. 
Muslim party that swept the last elec-.' 
tiom and the most widespread attitude 
toward the process is that the vote will be 
marked by massive fraud. 

Above all, the hope that the civil war 
might be aided soon — a hope that 
flickered briefly in 1995 with the election! 
of President Liamine Zeroual, a fcmner 
general — has been extinguished. 

The violence began in 1992 when the- 
government canceled the second round 
of parliamentary elections that the fun-i 
damentalists of the Islamic Salvation 
Front appeared ready to win. 

The militants took up arms, but the. 
war quickly descended into a bloody, 
carnage in which criminals as well as- 
army and secret service agents are allj 
believed to participate. 

“The initial violence was un- L 
doubtedly by the extremist Muslim fun-., 
damentalists. But now it is followed by? 
the state’s violence,” said Abdelhamid' 
Mehn, a forma general secretary of the 
National Liberation Front, which ruled* 
Algeria since independence from France, 
in 1962 after a war thar killed nearly * 
million people. . - 

Mr. Mehn, now a dissident who quit 
the party, says that the struggle has be- 
come a war between fundamentalist fee-* ’ 

lions that have split, and that the in- 
telligence services are stoking the fires' 
by infiltrating both groups. 0! 

The winners of the elections will help- , 
choose two-thirds of a new upper house*: 4 
of Parliament. The Islamic Salvation v 
Front has asked voters to boycott the' 
election, and many see it eawntinily as, 
the latest step in Mr. Zeroual’s efforts td" 
consolidate power. 



ORD 


in i 

g 


the general told 
reporters that there would be no announce- 
ment of any emergency law, Reuters re- 
ported. “If you declare any such enter- 

the State Department publicly gency as rumored it won’t be good for the business leaders and the once-revered tech- 
lr. Mandela for lending his country,” he was quoted as saying. nocratic class, the miliiaiy has been rel- 

— . — •*“ ’*■' atively unblemished, according to one view. 

“The military is the sole institution that has 
any respect left,” Uwe Paipart, a political- 
risk analyst, said. “They are trying to regain 
steftne after their humiliation in 1992 by 
patting themselves forward as good demo- 
crats and the mnrnoi™ " 


IS- 


jeompromises suggested by Colonel 
iGadhafi. These include a trial for the two 
Snen in a third country. 

J| When 

chided Mr _ . . 

‘brestige to Colonel Gadhafi's cause, the Lara, Mr. Chaovalit s spokesman 
(South African leader lashed back without sued a statement asking for calm. 

Earning the United Sates. Also on Tuesday, military commanders 

}l “Can you imagine what they would say met with Finance Minister Thanong Bidaya. 

Ilf I said Boris Yeltsin should not visii who had announced Sunday that he would 

" ibania? They would say that I am the quit when the cabinet was reshuffled. 

5 i arrogant black man," South Africa’s The army had also publicly urged Prime crats and the conscience of the nation. 


Legal Standoff on 1988 Lockerbie Bombing 

The hearings, which began 
stance. fiSr 


Reuters 

THE HAGUE — The International Court of Justice 


wound up hearings on the 1988 Lockerbie bombing on did the Libyan side ^ . 

Wednesday with Libya, the United States and Britain at two men should msistence ** - 


a standoff and prospects for a criminal trial bleak. 

The three countries had come to the court not to 
apportion blame for the destruction of Pan American 
Flight 103 but to air their dispute ova where two Libyan 
suspects should stand trial and who should decide. 

The flight exploded over Scotland on Dec. 21, 1988, 
killing 259 aboard and 11 on the ground. Britain and the 
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HEALTH/SCIENCE 


$ 


When Galaxies Clash 
JLike Bumper Cars 


By Kathy Sawyer 

Washington Past Service 




ASHINGTON — Blazing 
images of colliding galax- 
ies from the Hubble Space 
Telescope provide dra- 
matic evidence of the role these violent 
events have played in shaping the vis- 
ible universe and of the rate that may 
await Garth's own home galaxy 
! The orbiting Hubble has peered 10 
rimes deeper into the heart of one of 
these titanic “head-ons” than earlier 
Observations had, to produce what 
Astronomers say is the first detailed 
view of a remarkable spasm of star birth, 
heralded by brilliant blue “fireworks” 
in the thick of the mayhem. 

Where earlier images from ground- 


based instruments showed few details, the situation shown in now-famous 
the new observations reveal mare than Hubble images of the eerie towers of gas 
( .000 bright star clusters springing to life, in die Eagle Nebula. But when galaxies 
some of these knots containing as many collide, he said, “it’s like dropping the 
as 1 million stars each. The blue color is cloud into a hot pressure cooker.” 


the signature of hot, young stars. 

1 The two colliding galaxies, located 
q3 million light-years away in the south- 
ern constellation Corvus (the Crow), 
were-abeady ^Uunbest studied 'example 
of the phenomenon: Oncetwo aeaispirr 
tjlsi or pinwheefsyih shapeiihey are now 
oollectlvdy tomtom as fo6 Antennae, 
■ because in the course of their ongoing 
rperger into a' single oval they have 
sprouted tentacles that resemble insect 
(feelers. 

t Studies of these mergers could an- 
swer fundamental questions about how 
[fie universe took shape. But the en- 
counters unfold over hundreds of mil- 
lions of years, such vast time frames by 
human standards that astronomers say 
they have never been able to watch one 
from beginning to end. They have ar- 
gued about the significance of the col- 
^ lisions for decades, relying almost ex- 
7 clusively on sophisticated computer 
models until now. “There was no real 
‘Smoking gun ’ observational evidence’ ’ 
of the importance and nature of the 
process, said astronomer Bruce Maigon 
ot the University of Washington at 
Sfcattle. not a member of the observing 
team. “These Hubble observations 
have changed this.” 

-■ The findings provide tools for further 
probing. “The sheer number of these 
\ r oung star clusters is amazing,” said 
team member Brad Whitmore of the 
Space Telescope Science Institute in 
Baltimore, Maryland, who presented 
the evidence at a NASA headquarters 


These mysterious mergers have be- 
come rarer as the universe expands and 
thins out. But scientists say study of die 


few nearby affords a way of looking 


back billions of years to a time when : 
of material creation was 60 times more 
tightly packed than it is now hiid’fctisimc 
“bumper cars” were inevitable; ~ 

In fact, 19% images from foe Hubble, 
which providedthe “deepest-ever” view 
of the universe, show that nearly a fond 
of all the galaxies in die young universe 
appear to be colliding. 




OR much of human history, 
the heavens seemed a peaceful, 
relatively static realm. But foe 
more astronomers have 
learned, the more violent change they 
see there. The Hubble observations may 
also shed light on the future fate of 
Earth’s home galaxy, the Milky Way. 
Evidence shows it is headed into foe 


intimate embrace of the neighboring 

riocity of 


icois 


Washington. The “astounding detail” 
in the images is like “a dream come 
ifoe,” Dr. Whitmore said, but also a 
nightmare because of the amount of data 
tb^be analyzed. _ . . . 

Until now. it was thought that glob- 
ular star clusters were fading relics of a 
calaxv's formation eons ago. The new 
findings show they may also 
fossil records of more recent co 


Andromeda galaxy at a velocity 
300,000 miles an hour — winch puts die 
actual encounter about 5 billion years in 
the future. 

Five billion years from now, the re- 
searchers speculated, if the human race 
has been able to travel far enough to 
survive the scheduled death of the sun, 
its historians might spend many gen- 
erations recording foe stately scram- 
bling of foe constellations overhead, as 
foe spiral shape of Andromeda-— now a 
fuzzy spot of light about six times the 
diameter of foe moon just .left of foe 
square of Pegasus — fills their new 
world’s dries horizon to horizon. They 
would see brilliant blue knots — each as 
bright as foe full moon, each packed 
with hundreds of thousands of newborn 
stars — “pop” into view one by one. 

Ed Weiler, director of NASA’s Ori- 
3 gram, said a spacecraft is in foe 


gins program, said aspacecran is ui me 
pipeline whose mission is to settle, by 


S 


findings 
fossil ret 
a 

CROSSWORD 


ins, 


ear 2005, the question of whether 
romeda will plow head-on into the 
Milky Way, or merely sideswipe iL 


Ginkgo Extract Found 
To Slow Alzheimer** . 


Tracking Endangered Tuna 


WASHINGTON (WP) — A popular 
herbal medicine derived from foe leaves 
of ginkgo cnees - has a small but meas- 
urable effect on slowing foe progression 
of Alzheimer's disease over the course 
of a year, according to a study. 

The study of 309 people, whose av- 
erage age was 69, showed an improve- 
ment equivalent to a delay of six months 
in Alzheimer’s disease progression in 
26 percent of patients taking ginkgo, 
compared with 15 percent taking a 
placebo. The findings were published in 
foe Journal of foe American Medical 
Association. 

Ginkgo extract is the single biggest 
selling botanical drug in foe world. It 
contains antioxidants that may protect 
cells against specific forms of damage. 


By Jaue Ellen Stevens 

firm York Times Service 




Help for Smokers 


mages from ground telescope (left) and detailed view from the Hubble. 


the team said. Dr. Whitmore said he 
now wifi be able co tell how long ago foe 
galactic collisions occurred by meas- 
uring foe color and brightness of the 
young globular clusters. “The discov- 
ery will help us put together a chro- 
nological sequence” that shows, step by 
step, foe complex sequence of events. 

Galaxies may collide without any of 
their millions of stars actually touemng. 
Rafoesr, foe “seeds” for the prodigious 
output of new stars are the galaxies’ 
giant interstellar clouds (tens to hun- 
dreds of light-years across) of cold hy- 
drogen gas, which get “crunched” to 
foe point that they collapse under their 
own gravity. Dr. Schwdzer said. 

Normally these giantmolecular clouds 
are pretty slow at churning out baby stars, 
wasting most of their potential This is 


BOSTON (Reuters) — Treatment 
with an anti -depressant drug can help 
smokers kick the habit, according to a 
study in foe New England Journal of 
Medicine. 

Smokers are more likely to have a 
history of depression than nonsmokesrs, 
and there has been evidence that nicotine 
may act as a natural anti-depressant. 

In tests with 615 volunteers, re- 
searchers led by Dr. Richard Hurt of the 
Mayo Clinic in Rochester, Minnesota, 
discovered that an anti-depressant, 
bupropion, helped twice as many people 
stop smoking. The quit rate after seven 
weeks was 19 percent for the placebo 
group, but 44 percent for people who 
received 300 milligrams or bupropion 
per day, foe highest dose used in foe 
study. 


ACEFIC GROVE, California 
1 — Late last winter, in eight- 
foot seas off Cape Hatteras, 
North Carolina, Barbara 
Block, a Stanford University marine 
biologist, and two teams of sometimes 
seasick researchers undertook a hold 
experiment They spent five weeks 
wrestling more than 200 bluefin tuna in 
foe 300- to 500-pound (135- to 225- 
ltilogram) class to foe lurching decks of 
tiny charter fishing boats. 

In rapid-fire movements orchestrated 
to minimize the time foe tuna were kept 
out of foe water, they implanted two new 
types of computerized tags — 40 that 
pop up and disconnect from the fish- 
after gathering data, and 160 that remain 
implanted and are only removed when 
the fish are caught Then they released 
foe fish. 

Six months later, the scientists are 
delighted with foe results. Twelve of the 
pop-up tags were recovered within two 
weeks, by tracking the fish, just to make 
sure they were working. Over foe sum- 
mer, most of foe other pop-up tags 
triggered their own timed release and 
started smdmg information to a satellite 
that was relayed to Dr. Block as e-mail. 
In recent weeks, two fishermen found 
and returned pennanently implanted 
tags, which provided the researchers with 
foe first momecut-by-moment chronicle 
of six months in a bluefin tuna’s travels. 

“This is everything we dreamed 
about,” said Dr. Block, who organized 
foe multi-institutional research effort, 
financed by the Packard Foundation, the 
National Marine Fisheries Service, the 
MacArthur Foundation and theNational 
Science Foundation. 


Eric Prince, chief of the migratory 
fishery biology division of the National 
Marine Fisheries Service in Miami and 
co-director of the two-year $550,000 
project, said. “When you know what the 
animal is doing every two minutes. ” 
information foe infernal fag provided, 
“nothing can compare with that.” 

Although scientists have suspected 
for years that giant bluefin tuna dive to 
great depths. Dr. Block was surprised to 
sec how often the two recovered fish 
with internal tags dove deep, once to 
more than 2,400 feet (720 meters), 
where the bluefin stayed for two hours. 
Researchers have also known that tuna 
are warm-blooded, but information 
from foe internal tags showed that foe 
tuna main rained an internal body tem- 
perature of 80 degrees Fahrenheit (27 
degrees centigrade) in foe 40-degree 
waters, offering evidence that the warm- 
bloodedness does not vary much as wa- 
ter temperature decreases. 

The tags also revealed for the first time 
foe initial migration paths of the bluefin 
as they fanned out across foe western 
North Atlantic. “Some went remarkably 
quickly to the Mid-Atlantic Ridge,” Dr. 
Block said. “In 90 days, several fish 
crossed into foe eastern Atlantic.” 

Although the results are preliminary, 
foe research may unravel foe migration 
of foe giant bluefin tuna and provide 
information needed to help save it from 
extinction. But the results also promise to 
cause controversy among foe interna- 
tional fishing nations that vie for the giant 
bluefin. the most expensive fish in the 
world. In foe raw fish market in Tokyo, 
the lust for foe dark-red flesh can drive 
the price of a single tuna up to $80,000. 

As a result of the demand for bluefin 
tuna, the breeding stocks in the western 
Atlantic have been depleted by 80 per- 



cent to 90 percent over the last 
22 yeans, to only 22,000 fish in 
1991 . according to a report by the 
International Commission for the 
Conservation of Atlantic Tunas, based 
in Madrid. The commission reported 
foar foe eastern Atlantic stocks in 1992 
had dropped by half since 1970. 

The fish are managed as two separate 
stocks. One stock, which is harvested 
mostly by European nations, is said to 
room die eastern Atlantic and breed in 
foe Mediterranean Sea. The other, 
which is said to breed in the Gulf of 
Mexico and roam the western Atlantic, 
is fished principally by the United 
States. Japan and Canada. An artificial 
boundary has been drawn down foe 
middle of foe Atlantic Ocean. The Euro- 
pean nations have far less stringent 
quotas than the nations that harvest tuna 
in the western Atlantic because stocks in 
the eastern Atlantic seem less en- 
dangered. 




N 1995, foe lost year for which 
data ore available, European na- 
tions caught 39331 metric tons of 
giant bluefin tuna. During the 
same year, the United States, Japan and 
Canada, fishing under restrictions lim- 
iting them to about 2300 metric tons, 
caught a combined 2385 metric tons. 
That works out to only 24,000 fish. 

For the last few years, many research- 
ers have suspected that just one stock of 
bluefin roams foe Atlantic. The National 
Research Council issued a report in 
1994 recommending that the one-stock 
notion of bluefin tuna be studied and 
tested. If foe bluefin migrate and spawn 
in (he eastern and foe western Atlantic, 
all bluefin-fishing nations may need to 
heed the same strict quotas to insure foe 
fish population's survival. 


A Tomato a Day May Keep Cardiologists Away 


By Jane E. Brody 

New York Times Service 



EW YORK — The 
buzzword of a few years ago 
was beta carotene,. a sub- 
stance found in fruits and 
vegetables that was supposed to protect 
against cancer. Then scientific studies 
showed no particular benefit from tak- 
ing beta carotene in pill Item. In fact, 
questions were raised about potential 
harm, especially to smokers. Now it 
seems another substance in fruits and 
vegetables may account for foe health 
protection long associated with eating 
carotene-rich foods. 

I* is called lycopene and it is what 
"makes tomatoes Ted. Tt had 1 previously 
been strongly linked to & reduced risk of 
developing various deadly cancers, in- 
cluding those of foe prostate, colon and 
rectum. 

A large study of 1379 European men 
has indicated that those who consumed 
the most lycopene from foods were half 
as likely to suffer a heart attack as those 
who consumed foe least 

Participants in foe new study were 
middle-aged men, 662 of whom had 
suffered heart attacks. 

The study is especially valuable be- 
cause it assessed lycopene consumption 
and absorption by measuring its pres- 
ence in body fat rather than by using a 
less reliable method of asking men how 
much lycopene-rich food they regularly 
consumed. 

Like beta carotene, lycopene is fat- 
soluble. Dietary fat is needed for it to be 
absorbed through the intestines, and foe 
amount stored w body fat is considered 
a reliable reflection of how much people 
absorb from their diets. Lycopene's pro- 
tective role, however, stems from its 
ability as a potent antioxidant, which 
means it can prevent free radical dam- 
age to cells, molecules and genes as it 
circulates in the blood Free radicals are 
highly reactive molecules that can com- 
bine with other substances and change 
them in a harmful way. 

Such damage can, for example, trans- 
form finely circulating cholesterol into a 
form that sticks to arteries and clogs 
them, setting foe stage for a heart attack. 
It can cause genetic changes that may in 
time result in cancer. Free radical dam- 
age is also involved in cataracts caused 
by exposure to sunlight and long disease 
caused by inhaling pollutants like 
ozone. 


LenoreKohlmeier, a professor of epi- 
demiology and nutrition at foe Uni- 
versity of North Carolina at Chapel Hill, 
and her colleagues at 10 European med- 
ical centers published the findings in foe 
current issue of The American Journal 
of Epidemiology. They indicate that ly- 
copene is most likely the substance re- 
sponsible few the protection against 
heart disease and cancer that had long 
been thought to result from consuming 
beta carotene. 

Lycopene is most prominent in to- 
matoes. But it is not well absorbed into 
the body unless the tomatoes are cooked. 
Thus, foe best sources are concentrated 
processed tomato products like tomato 


paste, ketchup and tomato sauce. To- 
mato juice is a reasonably good source if 
it has been heated, as would occur when 
it is canned or bottled. Other sources of 
lycopene include watermelon, red 
grapefruit and, to a lesser extent! shell- 
fish like lobster and crab. 

“Once again we have to revise an old 
recommendation — to eat fresh fruits 
and vegetables,” Dr. Kohlmeier said in 
an interview. “You get five times more 
lycopene from tomato sauce as you 
would get from the equivalent amount 
of fresh tomatoes.” Furthermore, she 
said, when tomatoes are consumed as 
of a processed food, that food is 
sly to contain some fat that makes it 


possible for foe lycopene to be ab- 
sorbed. When the research team simul- 
taneously examined levels in body fat of 
lycopene, alpha and beta carotene and 
lutein, another carotenoid, lycopene 
alone seemed to account for foe reduced 
risk of heart disease. 

Dr. Kohlmeier cautioned against as- 
suming, first, that foe protection foe 
researchers observed resulted directly 
from lycopene and not some other as yet 
unknown nutrient that “travels with ly- 
copene” and, second, that if lycopene is 
in fact protective, the same benefit can 
be gained from taking it in pill or 
powder form, instead of getting it from 
food. 


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PAGE 12 


Wednesday’s 4 P.M. Close 

Tlie 2^ most traded stocks of the do*. 
Naflomfde prices not reflecting late frodes elsewhere. 
ThaAssaa&d Press. 


hBM Slock OKI run IwSmgh LnwLriwtOiy j 




INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 23, 1997 


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BUSINESS/FINANCE 


R 


THURSDAY, OCTOBER 23, 1997 


PAGE 13 


Special request! 

A second opinion is always smart. 

From a major German hank with immurionaJ experience. 

NORDLB 

NORDDBUTSCUE X-ANDESBANK GIIOZEKTRAU 


In Its Biggest Corporate Bailout, South Korea to Take Over Kia Motors 


Ca ^*°+S*fFnmDip m rt a 

iasS^Bsass ass 

*etagg«t corpora rescue in South Ko££ 
*°»(S757 million) bailout 

SSdtl SJP-P b*L which 

The KrKrri SSfK 3447 P 0 ^ »0 60132. 

JK. 55? i°° ^ a record one-day 

S52. 5 U 5 bIt S,P a record low this wee£ 

S%SooT^ 5, ° Wm W “* 

S^ir° *“**““« as Kia sparred with cred- 
itors. Kia Group, the auto manufacturer’s parent 


j, owes banks and finance companies 
510 Ullion. 

The news of the gove rnment ’s move promp t e d 
20,000 Kia Motors workers to go on strike, and 
labor unions at rival manufacturers threatened to 
follow suit, saying the gove rnmen t wants to hand 
Kia to a third party on a plate. 

- “It’s a government plot to pave foe way for a 
hostile takeover,” said Lee Seung Woo, a union 
leader at Kia Motors. 

Regarding foe strike action, a Kia 
spoke sman, Chun Sang Jin, said foe group wc_ 
take legal action to stop this malicious move.’ 

But opposition parties rallied to Kia’s side, and 
even the ruling New Korea Party, faced wifo a 
slide in popularity, criticized the “inconsistent 
policies "of Kang Kyuog Sink, the depafy prime 
min i s ter, who is also the finance and economy 
minister. 


But Mr. Kang said: “An early solution to the 
Kia problem is urgent to stabilize the financial 
market and improve our economy’s overseas 
credibility. The government cannot sit back and 
watch companies going under any longer. We 
have already paid a huge cost.” 

' Mr. Kang dismissed foe strikers’ threats, say- 
ing foe government takeover will provide job 
security for the group's 50,000 employees. If foe 
strike were to halt production at fua, economists 
say it would shave 1 percentage point from 
Korea’s economic growth rate. 

Under the government proposal, stare-owned 
Korea Development Bank will convert about 
300 billion won of its loans to Kia into an equity 
stake. KDB will then apply for court receivership 
for Kia on behalf of its creditors. 

After foe conversion of its loans, KDB is 
g re e ted to emerge as Kia’s biggest shareholder 


wifo about 30 percent The largest shareholder 
now is Ford Motor Co. of the United States, 
which owns 9.39 percent itself and another 7.52 
percent through its Japanese affiliate, Mazda 
Motors Corp. 

The government will also sell Kia's com- 
mercial vehicle business, Asia Motors Co., to a 
third party “at an early date.” Mr. Kang said. 

“when Kia’s operations are normalized, it 
will be desirable fora third party to take over Kia 
rather than KDB holding on to.it,” he said. 

KDB’s president, Kim Young Tae, said Kia 
Motors needed about 400 billion won in emer- 
gency loans to escape its financial predicament. 

The total 700 billion won bailout is Korea's 
biggest ever, dwarfing the government’s rescue of 
Daewoo Group's shipbuilding business in 1984. 

Mr. Kang said the government would push 
Kia’s management to step down and hand over 


the company to a third party once its finances 
improve. 

Samsung Group, touted as the government's 
preferred choice to acquire Kia, said that 
“presently” it had no suen plans because it did 
not have the resources. 

But Daewoo Group. Korea's second auto 
manufacturer and fourth largest conglomerate, 
said it would bid for Kia companies. 

“We will be willing to discuss acquisition of 
Kia companies, if creditors offer.” said Cho 
Sung Moo, a Daewoo spokesman. “But I think 
Kia's huge debts will be a thorny issue. ’ ’ 

Daewoo has said it wants to buy Kia's Asia 
Motors Corp. unit to help it fend off the new 
S ams ung Motors Inc. and strengthen its overseas 
expansion by adding Kia’s technology to its 
relatively weak commercial vehicle business. 

(Bloomberg. AFP ) 


Australia Fears 
Asian Fallout 

As Currency Turmoil Spreads, 
Companies Predict Lower Profit 


By Michael Richardson 

/ruemationol Herald Tribune 


! MELBOURNE — In the club-like atmosphere of 
.‘Crown Casino’s Mahogany Room, foe most audible 

■ sounds on a recent evening were foe click of chips, 
i laughter and voices speaking in Mandarin, Can t o n e se and 

other Chinese dialects. 

As a group of mainly Asian gamblers tried their luck at 
baccarat, blackjack and roulette in the casino's inner 
; sanctum, where foe decor is appropriately accented in 
'gold, Gary O’Neill, Crown’s general manager for gov- 
. eminent and media relations, explained the significance 
’of foe casino’s international clientele. 

- Of the 1.1 billion Australian dollars ($800 milli on) that 
foe casino is expected to contribute to Crown LtdL’s 

.earnings in the year ending in June 1998, international 
visitors will be responsible for more than half, he said. 

. Crown Ltd. , which includes restaurant and hotel holdings, 

| is expected to earn 13 billion dollars in foe period. 

Nearly all of the casino's foreign visitors come from 
'Asia. Quite afew of the “high rollers” are whisked to and 
from foe region in one of foe five exeentive jets that 

■ Crown has on standby in Melbourne. 

Among the big spenders — an elite group of mainly 
-ethnic Chinese billionaire businessmen — are dozens, 
'perhaps 200 or so, who seem to think nothing of putting 
'250,000 dollars down on a single wager, 
r 1 b May, when Crown closed smaller, temporary quar- 
: ters : and - oj&ied its ; . luxurious new gambling- ana en- , 

■ tcrtainmeni iicunplex — built at a cost of about 2 billion 
dollars and toasting 350 gaming tables and 2300 slot 
machines — having foe world’s second-largest casino 
seemed to make good financial sense. 

Now, wifo some Southeast Asian currencies having 
fallen more foan 40 percent in value against the Australian 
dollar since the middle of foe year and much of the East 
. Asian region that supplies most of the high rollers facing 
a sharp economic slowdown, investors and analysts are 
* having serious second thoughts. 

“To date, we haven’t been affected.” Uoyd Wiffiams, 
•Crown’s executive chairman, said. “Business is con- 

■ tu rning to grow from that region.” But, he added, “I would 
not like to say what will happen in foe next six months.” 

Partly because of doubts that Gown can meet its 
earnings forecasts for 1997-98, shares in foe company are 
near their lowest level since February 1996. They closed 
in Sydney on Wednesday at 135 dollars, down 0.01. . 

Crown is just one of a number of Australian companies 
with significant exposure to Asia that have been taking a 
beating on the stoat market 
The list includes foe steel, minerals and energy giant 
Broken Hill Pty. — Australia’s largest company — foe 
beverage multinational Coca-Cola Amatil Ltd-, the build- 
ing-materials firm GSR Ltd., foe property developer Lend 
Corn, and about two dozen o Act companies listed 
on the Australian Stock Exchange, chiefly in foe in- 
dustrials and resources sectors. 

Because of the currency crisis that has engulfed iSontn- 
east Asia — and more recently South Korea and Taiwan 

— since Thailand was forced to let its currency, foe baht, 
slide July 2, Australia has become a much more expensive 
destination for Asian tourists and gamblers. 

■ Tourism has become Australia s largest foreign-ex- 
change earner, thanks largely to an influx of affluent 

■ ^‘Overall " said Robert Credaro, senior economist at 
•Macauarie Equities Ltd., “slower Southeast Asian econ- 
omies over the next couple of years will lave foe g*^si 
impact for Australian listed companies m the areas of 
•toSsm/gatning, construction work and bmlfongn»tenak ; 
paper chemicals, and to a lesser extent, metels denied. 
Positive effects, he said, “should- be fdt ^yjose 
conmanies selling inputs into goods exported from foe 
SouSf /S.aS regSn - elSctrical good,, cm mi 

clothing.” 

See IMPACT, Page 15 



iVt Rrumjn/Thr Imvialnl 1W 

A test driver being put in an ambulance at a track near Stockholm after the car be was driving flipped over. 

Mercedes’ A-Model Rolls Over in Test 


Coufdedhf Oar Stf Firm DapvKha 

STUTTGART, Germany — The new 
small A-Oass model from Mercedes- 
Benz AG, the so-called “Baby Beta,” 
rolled over while executing a tight bend 
during technical tests in Sweden, foe 
-company said. Wednesday. " : „■ '• - • 

- Daiinkj;-Beiiz said that. foe. vehicle 
fold been driven deliberate ^beyoDd its 
trdmicalfomts and that the hcodent had 
not occurred under normal conditions. 
The carrolled over Tuesday during tests 
for “Car of foe Year,” the Handelsblatt 
newspaper reported. 

The newspaper quoted a Swedish 
journalist on foe juiy as saying that the 
car had turned over at a speed of 60 
kilometers (373 miles) per hour while 
completing a fight bend. It said foe roof 
bad been badly damaged and three 
people had received treatment for slight 
injuries. A spokesman for Mercedes 
said foe A-Class car had been tested 
over nearly 5 millio n kilometers and 
had been tested by German magazines 


without problems. The car. which is the 
first venture by Mercedes into the mar- 
ket for small cars, has been on sale for 
only a few days. 

Separately, Mercedes called off plans 
to begin production next year of its new 
C-CJassengine because it uses too much 

gasoline and emite too much exhaust 

Tfe decisipri. wifi cost the luxury 
caftnaker about $283 million, a 
spokesman said. 

The four-cylinder engine for foe suc- 
cessor to the Mercedes C-Class series, 
due on the market in 2000, had been in 
development for three years. 

It was schednled to go into pro- 
duction in 1998, but Mercedes now 
plans to introduce a new engine, using s 
version of the current design, by 2002. 

“We will always change our de- 
velopment when we are convinced that 
in doing so we can offer our customers 
a better product,” said Juergen 
Schrempp, chairman of Mercedes’ par- 
ent company, Daimler-Benz AG. 


Meanwhile, foe luxury automaker 
unveiled its vision of the world’s finest 
car at the Tokyo auto show. The car is a 
Rolls-Royce competitor that surpasses 
the Mercedes S-Class in technology 
and safety advancements. 

Mercedes said it could have the May- 
bach .concept car in production within 
three years if it decides to_go ahead with 
foe hand-built, 12-cylinder behemoth. 

* ‘With foe S-Class. we have the best 
car in foe world. Now, this is foe ul- 
timate,” Mr. Schrempp said. “The ul- 
timate in design, foe ultimate in en- 
gineering, foe ultimate in innovation, 
technology, communication systems, 
electronics, everything.” 

With a length of 5.77 meters (19 
feet), the Maybach is 56 centimeters 
longer foan foe stretched version of the 
S-Class model. 

The car also will cost * ‘considerably 
more” than the S-Class. Mr. Schrempp 
said, although he declined to estimate a 
price. (AP. AFP. Reuters) 


INTERNATIONAL MANAGER 


MBNA’s Credit -Card Strategy Hits Gold 


By Saul Hansell . 

New York Times Service 


W! 


■ILMINGTON, 
Delaware — 
Charles Cawley 
has long seen 
gold where others see lead. 
He mines the overlooked 
business opportunity to the 
hilt and makes it pay off hand- 
somely. Take, appropriately 
enough, the gold credit card, 
which despite its hue left 
man y bankers cold. 

La 1983, when he was head 
Of the small credit-card unit of 
Maryland National Bank, Mr. 
Cawley pounced on the new 
Gold Mastercard, becoming 
the top issuer of a product that 


other banks had chosen to ig- 
nore. 

He repeated the feat last 
year as head of a now-inde- 
pendeot unit renamed MBNA 
Corp. and based in Wilming- 
ton, when he introduced foe 
first major bank-issued plat- 
inum card. 

But Mr. Cawley’s greatest 
insight was to see foe gold in 
people's sense of identity. 

MBNA, which went out on 
its own in 1991, has long been 
foe leader in “affinity ” credit 
cards, which identify the cus- 
tomer’s profession, college, 
hobby or charity. Who would 
have thought that a credit card 
affiliated wifo Ducks Unlim- 
ited, foe hunting group. 


iriiPPEMCY & INTEREST RATES 


Oct. 22 





s 

MB 
X3Si 

i an _ 

\ jB — 

UOA WJX K» 


an 


of. if. 

usr taii 
— UJ7ZS 
4JSZ- UK* 


rm 

L US' 

was* 


cs tart 
litf 13JB* 

2 &» ata* 

12B2 1JKS- 
12747 S*HS1 


Cross Rates 

I ULfF.IE 
V* ins UK Mir — 

j£ aS iwu tar « 

mm — ug| 55 4*5 wn iw a 

U"****?. law ItlJW Wfi7” MM7 — 

wr 5S w! un5 «« lasts fr» 

i mm 7 »«Hfl fftlD TtfM — ***£5 mm; ftOSO tins 15&SB 

15M# S Sm u» “ESS SS : ^ S-u* 


Libid-Ubor Rates Oct 22 

Saits ffrn 

Donor D-Mark Franc Staling Franc Yen ECU 

l-montti SVS-Sta 3*k-3V4 Hi -I* Tb-Vt* 3ft-3*k W-Vj i 

5V»- 544 3*-3<Y* 7V*-7ta 3ta-3* fti-Vi 

frmwtti 3H-3V* 2-2M 7* - 7W - 3V» ta-ta 

Ijyoar. 4 tt-4H »t-2» 7* -7* 4k-«A m<4*W 

Sources: /Zeoftrc Lloyds Bank „ 

Rates rtppB r v Mo to totortmK deposits ol SI mBRon minimum {orequbotenl). 


{3K> 


USB 

14773 

UK 


van 

U73S 

U30 


830 


(A34 U2UI 


U336 SOS 

nits ana 


UHl miffl 
20195 14*51 


US WB 
zzm 






Other Dollar Values 
Cmensf 


Qmmkv tal 
bWtpra 0.WW 
teWH nt 

Irani rad 

atom yuan M132 
catfcteram 
ftrtUhtaM* 4JWJ 
•Opt pound 3 JW 


Pars 

27*S5 
Hongkong 5 7746 

Indian rata* 

IbSTiwW' 

RUB ^ 
brnrtrtrt. 

xwdntf 

Mato* ring. 


omener 

MB-PU0 
N.ZntaidS 
Mont Inal 

pelWizWr 

PHttKOdO 

towntoto 

SwSripcd 

sw-s 


Per* 

7.707 
1S936 
7J404 
3 Ub 
3-4 1 
IBlwfrd 
58700 
375 
1J873 


S. Mr. rand 
tKKHM 
Send, tounn 

Tldwns 

Tludbrtt 

TOrtfchM 

UAEAtaT* 

Vinez.Mv. 


| Forward Rates 


Otaci 
Found Stadnn 
Conodtondolta 
nmnubnmmt 

Scorers 


jMnr 

14335 

13846 

17825 


1384* 

1779* 


1.6295 

13822 

1.7765 


joponeseyed 

Swte fra* 


120.19 

1U784 


11946 

1X771 


PWS 
4713 
*15.10 
73981 
3070 
37.10 
1 SI 005. 
1472 
49000 


war 

11*32 

1j*756 


Key Money Rates 

IMBI5MB Oose Pier 

DtKBtmtrafe 5 jOO 500 

Prime rule 8v6 BVi 

FMeMdfnds SV* SY* 

9MnrCD*daalm 570 SM 

l8MuTCPd^«* 555 k5S 

unoofli Trestttry Wl sm 4.97 

HwTmwH -528 536 

a-yeurtVecsury M SM SM 

S^BraT i u inm ort 604 605 

7^narTMau^nato 608 60S 

H^ynsTtoamy note 6.12 6.12 

30 jnui numuiyaond &4i 641 

MHI« Mote* 1MT« SM SM 


050 050 

0«43 "47 

046 0*4 

047 047 

050 050 

.103 1.94 

458 4J0 

145 145 

153 153 

370 170 

302 192 

575 546 


BlMfl 


DtocunMrato 
a* BOOST 

ktataBk 
3HHHh to w rai [ 
C^NHth taMkak 
Ifryw Son toad 
' Cnramny 
Lomtardrato 
CatfBoacr 
l-oontt tatafenak 
3-moclli Wtttort 
n—nlk l atatwfc 
ipynrBrt 


Sonkbaurato 

700 

700 

Crtrawwy 

7V» 

7¥* 

i-ranm 

74V 

71V 

3-aenft ifitntasfc 

7V* 

7¥* 

4-a»ntt Wtftaak 

714 

PA 

HVyesrCBt 

661 

561 

Ssss 

latmatflM rate 

370 

300 

Col money 

ZYs 

334 

l-nonft IstHtonfe 

37* 

3F* 

3<DnBfl» intetaa 

344 

34V 

4-gwnfli infaftafl 

2Vm 

34* 

1 Dinar OAT 

572 

571 

Sources: RMtol Btaatan M«7» 
Lynch. _Bank^ofTokyo-Mlliubl3hl, 


Gold 


AJd. pm. evp 


ZbiM nja. 32120 -D.10 

London 32270 32245 —OS 

New Yak 32300 7m —03V 

U-5. dajtos per ounce. London offldof 
fixtass Zuridi and New Vtrt evening 
oodctofcfltfpricfs New York Cemex 
(DkJ 

Source: fto/teti. 


would draw a crowd? Yet a 
flock of 165,000 people have 
taken that card, earning 
MBNA quite a little nest 
egg. 

Wifo 12,000 separate card 
products, MBNA has grown 
into America’s second- 
largest card company, after 
Citicorp, with 25 million ac- 
counts and $46 billion in re- 
ceivables. 

The question facing 
MBNA now, however, is 
whether what it is mining is 
really fool's gold. With bad 
credit-card loans and person- 
al bankruptcies surging, most 
other card issuers have pulled 
back in the past two yeais. 

MBNA, by contrast, is dig- 
ging deeper and deeper. 

Every month this year, 
MBNA has mailed an aver- 
age of 30 million credit-card 
solicitations, offered 6 mil- 
lion people cards by phone 
and signed up 700,000 new 
accounts. 

The result is that it is in- 
creasing its loan balances by 
$1 billion a month, which is a 
record for the industry and a 
full 30 percent of the total 
U.S. increase in unsecured 
debt. 

Why lend so much money 
at such a precarious time? Mr. 
Cawley, 57, said MBNA is 
different from other card 
companies, and it does seem 
to have combined careful at- 
tention to details wifo an em- 
phasis on keeping customers 
satisfied When it comes to 
credit cards, such a compuls- 
ive approach helps reduce the 
risks, the company main- 
tains. 

With its affinity-group 
cards, for example, every ap- 
plication is evaluated by one 
of 400 loan officers, instead 
of by the computer systems 
used by other lenders - 

If something is ambiguous 


— and it is almost a quarter of 
foe time — the officers do 
something a computer can- 
not They pick up foe phone 
and talk to the applicant This 
process is more expensive, 
but MBNA’s losses, while 
rising, are still well below 
those of any other big U.S. 
credit-card company. 

Mr. Cawley argues that all 
the losses in the industry 
come from a relative handful 
of people who run into fi- 
nancial difficulty. With its 
careful screening, he said, 
MBNA can keep growing 
rapidly, lending to the 98 per- 
cent of foe people who can 
and will pay their bills. 

“The whole bet of this 
company is on the honesty of 
human beings,” Mr. Cawley 
said recently in his office 
here. The fact that other card 
companies have backed away 
from the market creates a per- 
fect opportunity for MBNA, 
he said. 

“We love it when other 
people are distracted from 
growing,” Mr. Cawley said. 
“We are never distracted.” 

Although bond-rating 
agencies worry that MBNA’s 
portfolio has been growing 
foster than its capital, stock 
analysts mostly approve of 
the risks it is taking. 

“This is not a young com- 
pany wifo half its portfolio 
less than a year old,” said 
Mark Alpen. an analyst with 
BT Alex. Brown. “This is 
one of the oldest and most 
experienced companies in the 
industry, and its credit quality 
is second to none.” 

Under Mr. Cawley, 
MBNA has developed an in- 
troverted culture that seems 
obsessed wifo pam 
clients. Bur don't talk to 
about culture. 

See CREDIT, Page 14 


Boeing Faces Loss, 
Surprising Analysts 

Production Snags Slow Assembly; 
EU to Examine Deal With Delta 


C. mrilnl by Pw Sl# F [hyutrhn 

SEATTLE — Boeing Co. 
said Wednesday it would re- 
port a third-quarter loss and 
that earnings would suffer 
next year because it was hav- 
ing trouble filling a record 
backlog of orders for com- 
mercial planes. 

Boeing said production 
bottlenecks, caused by parts 
shortages and a lack of skilled 
workers, would result in a 
pretax third-quarter charge of 
about $1.6 billion. Boeing 
also said it expected to incur a 
further $1 billion in pretax 
charges related to production 
difficulties in the fourth 
quarter and into 1998. 

Boeing shares tumbled 
$4.50 to $49.50, and it was the 
most active issue on U.S. ex- 
changes. In foe past 12 
months, Boeing's shares have 
been about flat, while the Stan- 
dard & Poor’s Corp. 500-stock 
index has risen 37 percent. 

The announcement of the 
loss surprised Wall Street, 
where many analysts had 
been forecasting that Boe- 
ing's profit would rise in foe 
quarter. 

The world’s biggest 
aerospace company has 
warned in recent months that 
it is having trouble keeping 
pace wifo a surge in aircraft 
orders. Hie charge, though, 
suggests that Boeing's prob- 
lems are more difficult to 
solve foan expected. 

“The company is in foe 
midst of an unprecedented 
production-rate buildup,” 
Boeing said, adding that it 
“has experienced raw mate- 
rial shortages, internal and 
supplier pans shortages and 
productivity inefficiencies 
associated wifo adding thou- 
sands of new employees.” 

Boeing said it expected to 
release third-quarter results 
Friday. 

About $700 million of the 
third-quarter loss stems from 
problems making new ver- 


sions of Boeing's 737 air- 
craft. Hie company said foe 
charge related to building foe 
first 400 planes. To try to fill 
orders on time, Boeing wants 
to increase aircraft production 
to a record 43 planes a month 
from a peak of about 36. 

Yet. rather than meeting 
deadlines, Boeing is missing 
them, and last month it 
delayed delivery of about a 
dozen planes after running in- 
to parts and labor shortages. 

Separately, the European 
Union's competition com- 
missioner, Karel van Mien, 
has instructed his department 
to examine a long-term order 
placed by Delta Air Lines 
with Boeing, an EU spokes- 
man said. 

“Van Miert has given 
strict instructions to his ser- 
vices to check foe contract," 
foe spokesman said, adding 
that this was part of foe com- 
mission’s follow-up of a July 
decision to clear the purchase 
by Boeing of McDonnell 
Douglas Corp. 

Under terms of the approv- 
al. foe commission forced 
Boeing to scrap an exclus- 
ivity clause from supply con- 
tracts signed with three air- 
lines, including Delta. 

A commission source said 
there did not appear to be a 
problem wifo Delta’s de- 
cision to order 106 aircraft 
from Boeing to be delivered 
until 2006, which seemed to 
be “normal business,” but 
foe commission was con- 
cerned about a reference to 
exclusivity apparently con- 
tained in foe contract. 

The spokesman said foe 
commission's reaction had 
been based only on media re- 
ports of foe deal. 

Delta Air Lines announced 
the definitive purchase agree- 
ments Tuesday, adding that 
they would make Boeing foe 
sole supplier of its new air- 
craft to Delta for 20 years. 

(Bloomberg. Reuters j 


SPIRIT 
OF THE SEA 



Admiral’s Cup “Marees". Its special and 
exclusive automatic movement gives 
the time of the high and low tide and 
the strength of the current in relation 
to the phases of the moon. It also has a 
calendar, centre seconds and 24 hour 
supplementary, dial. Patentee!. 



CORUM 


Maitres Artisans d’Horiogerie 

SUISSE 

RM-tafonwnion write to Conun. 230! U amtt-dc-FontKSwIneriairf. 






*7VGE 14 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 23, 1997 


THE AMERICAS 


The 'Dow' 


30-Year.' T-Bond:' Yield 


Japan Gets Into the Microsoft Act 

Fair Trade Agency to Examine Marketing Plans for Browser 


Earning s SetbacksCasw 


Gloom on Wall Street 




... 6.QQ 



J2D -V— 


M J J A S O 

1997 


,10 ' M'T"J A S "O 


Exchange Index 


TfteDow. ' 
S&P500 
S&P100 : 
Composite 




QmviWbrOHrSttfFroMDBpri " * 

TOKYO — The Japanese Fair 
Trade Commission will look into 
Microsoft Corp.'s marketing ar- 
rangements for its Internet 
browser, a top official said Wed- 
nesday. The announcement fol- 
lowed similar actions by the United 
Stales and the European Union. 

“I'm thinkin g we have to hear 
explanations in Japan as well,” 


tracts with Internet service pro- to the basic Windows system, un- 
viders for possible breaches of der the terms of a 1995 consent 


fair-trading rules. 

Navigator produced by Net' 
scape Communications dorp, is 
still the world's leading browser 
program, but Microsoft's Explorer 
is g ainin g fast. 

Senator Orrin Hatch, the Utah 
Republican who is chairman of the 
Judiciary Committee, said he sup- 


NVSE ■ Composite ... , 

U.S. • Nasdaq Ctyripog 
amex Maket -yaw: 

Toronto TSE Index 
Sao Pauto Bovespa ■ 
Mexico Chy gofsa . . / r 

Buenos Afros Mental \ 

Sa ntiago IPSA General • 
Caracas Capital General. 
Source: Bloomberg. Reuters 


man v. .7ti36. -.: +0.16 


Jotaro Yabe, secretary general of potted the Justice Department ac- 
the commission , was quoted by Jiji lion and would hold a hearing Nov. 


Press as saying. Mr. Yabe indi- 
cated that, depending on the out- 
come of an inquiry into Mi- 
crosoft's Japanese unit, the 
commission might order the com- 
pany to correct sales practices. 

The U.S. Justice Department on 


4 to explore “anti-competitive prac- 
tices in the software industry.’' 


decree with the Justice Depart- 
ment that settled an earlier an- 
titrust dispute. 

Contending that the legal issues 
between his company and the gov- 
ernment were narrow, Mr. Gates 
said the browser dispute hinged on 
a single sentence in the .1995 de- 
cree. “It comes down to whether 
they can decide which innovations 
we pursue.” he said. 

Separately, documents released 
by the Justice Department on 


William Gates, meanwhile, the Wednesday contended that Mi- 
Microsoft chairman, answering crosoft threatened to cut off Com- 


questions before a computer in- 
dustry audience In Scottsdale, Ari- 
zona, said that no magic antitrust 


j jgSRSII Monday asked a federal court to line divided Microsoft’s market- 


862.44 • • '856.33' *0:S4 

,5226.21 - . 5208^8; ••:+O.0a ! 


stop Microsoft from forcing PC 
makers to include its Internet Ex- 
plorer browser as a condition of 
installing the Windows 95 oper- 
ating system. The department 
asked for a fine of $1 million a day 
if Microsoft refuses to comply. 

Then the European Commission 
said Tuesday that it was inves- 
tigating several Microsoft con- 


IntL-raati-maJ HcrakJ THbuni 


Very briefly: 


• USX-U-S. Steel Group said third-quarter profit rose 66 
percent, to $ 1 16 million as costs dropped and revenue rose to 
51.72 billion from $1.61 billion. The steel group’s parent 
company. USX Corp.. said would sell its separately traded 
USX-Delhi Group natural gas business to Koch Industries 
Inc. for S762 million. 


dominating Windows 95 system 
from competitors' programs: * ‘We 
put into the operating system the 
things that a super-high percentage 
of our customers want, and we 
keep the price of Windows very 
aggressive.” 


paq Computer’s access to the Win- 
dows system because Compaq 
wanted to highlight Netscape's 
Web browser. 

Compaq's director of software 
procurement, Stephen Decker, 
told the department that Microsoft 
had warned him that if his com- 
pany chose a Netscape icon over a 
Microsoft icoo on its desktop com- 
puter screens, then Microsoft 


Mr. Gates said he believed that would terminate its agreement for 
his company had the right to im- Windows 95. 


prove and add innovative features (AFP. Bloomberg, NYT, Reuters ) 


• LIN Television Corp. has accepted an increased buyout 
offer of SI .9 billion, or $55 a share, from Hicks, Muse, Tate & 
Furst fnc. that topsa bid from Raycom Media Inc. LIN, based 
in Rhode Island, operates eight network-affiliated stations. 

• Bausdi & Lomb Inc. agreed to buy American Home 
Products Corp.'s eye-surgery products unit for $380 million. 
The acquisition of Storz Instrument Co. comes a day after the 
maker of Ray-Ban sunglasses and ReNu contact lenses agreed 
to buy Chiron Corp.'s eye-care unit for $300 million in cash. 

• Kevco Inc agreed to buy Shelter Components Corp. for 
SI 36.5 million, or $17.50 a share, expanding its line of com- 
ponents for manufactured homes and recreational vehicles. 

• T revelers Group announced a three -for- two share split for 
November and said it planned a 25 percent increase in its 
quarterly dividend in February, to 1 2.5 cents. Bloomberg, ap 


Bundesbank Meeting Lifts Mark 


Bloomberg News 


comments from Bundesbank offi- 


NEW YORK — The dollar dais suggest they will bring German 
slipped against the Deutsche mark .... 


Wednesday as attention shifted to a 
Bundesbank council meeting to de- 
cide the direction of interest rates. 

A slowdown in Germany's M-3 
money supply reported Tuesday 
damped expectations that interest 
rates would be lifted But concern 
has not been eliminated as recent 


FOREIGN EXCHANGE 


rates in line with higher rates else- 
where in Europe. 


be expected rates to remain steady. 

In late t rading the dollar slipped 
to 1.7860 DM from 1.7897 DM on 
Tuesday. The dollar was little 
changed at 120.900 yen from 
120.875 yen. 

The U.S. currency slid to 1.4S35 


Rob Hayward at Bank of America Swiss francs from 1.4890 francs and 


said it “makes sense” for the dollar 
to fall ahead of the Bundesbank meet- 
ing Thursday, though he added that 


was at 5.9835 French francs, down 
from 5.9975 francs. The pound fell 
to $1.6330 from $1.6350. 


CenfiUlwOar Staff Fm* OUpmrhn 

NEW YORK — Stocks fell 
Wednesday after Boeing said it had 
a loss in the third quarter and Al- 
liedSignal reported disappointing 
earnings, triggering concern that 
stock prices, up 24 percent this year, 
are too high. . 

The Dow Jones industrial aver- 
age fell 25.79 points to 8,034.65, 
after rallying 2.3 percent In the past 
two sessions. But the 30-stock Dow 
average is on track for its third 
consecutive year of gains exceed- 
ing 20 percent The advances have 
been fueled by better-thari-forecast 

profits. 

“The market is certainly expens- 
ive if there are any ear nin gs dis- 
appointment,” said Chip Otness, a 
money manager at J J*. Morgan In- 
vestment Management. “There’s 
no room for shortfalls in this mar- 
ket,” he said. 

“It looks like just an orderly con- 
solidation after the rise earlier in the 
week, and Boeing and Allied are 
accounting for a large part of the 
decline in the average,” said Mi- 
chael Metz, chief investment 
strategist at Oppenheimer & Co. 

Boeing’s announcement that it 
expected to report a loss for the 
thud quarter weighed heavily on the 
market and was accompanied by a 
range of other disappointing per- 
formances. 

Allied Signal tumbled 2 13/16 to 
40 11/16 after the company report- 
ed disa ppointing third-quarter re- 
sults. 

Investors are concerned about 
declining profit at the company's 
auto-parts division, even though net 
income rose 15 percent to $292 
million and sales of its aircraft en- 
gine power units, communications 
systems, and aircraft lighting sys- 
tems reached record levels. 

Before the Wednesday retreat, 


stocks ha<l rallied this week amici - 
signs that corporate profits were 
booming, most noticeably in r§ 
ports from Microsoft and Interna- 
tional Business Machines. The 
speed and magnitude of the advance 
have led some investors to question 
whether the momentum may begj$ 
to falter. -j 

“A lot of the good news thfg 
we’ve seen this week is already 




US. STOCKS 


factored into stock prices,” sag 
Larry Rice, chief investment offiegj 
at Josephthal, Lyon & Ross. ”4 
wouldn't surprise me to see a puff- 
back' here.” 

Among broad stock market 1%, 
dex.es. the Standard & Poor's 5% 
Index Fell 3.56 points, to 968.6$; 
while the Nasdaq composite indeg 
fell 4.55. to 1,707.98. 3 

Investors have exhibited unpre- 
dictable reactions to corporate earn- 
ings this quarter. Last week, Merrill 
Lynch ana Texas Instruments fell qg 
days they reported robust profits 
this week, IBM and Microsoft rallied 
when profits topped expectations, h 

The overall trend in earnings has 
been positive. To date, just abon 
half of . the companies in the S&g 
500 have reported their previous 
quarter's profits, with 56 percent 
topping estimates, 25 percent fall] 
ing short and 19 percent comiiig 
through in line. 

Analysts said stocks had not ret 
ceived a bigger lift from earnings 
because bond yields had risen at thf 
same time. Since OcL 7, theyield og 
the -benchmark 30-year Treasury 
bond has risen to 6.4 1 percent frogi 
6.23 percent. 


IS 


23 percent. 

U.S. bonds were steady Week 
;sday as traders braced for $£$ 


nesday as traders braced for 
billion in corporate bond sales over 
the next few days amid concern tics 


CREDIT: Gold Cards Prove a Goldmine for Risk-Taking Founders of MBNA 


interest rates may be moving higlf 
er. The benchmark 30-year boifl J 
inched up 2/32 to 99 15/32, while 
die yield held at 6.41 percent. » 
Investors also are reluctant to buy 
bonds before next week’s report on 
third-quarter labor costs. u _ 

Minnesota Mining & Man uf aft, ft 
turing surged 6 to 100% after thft - 
company said third-quarter profis 
rose 8.5 percent, to $432 million, $} 
strong sales, particularly overseas; 
and cost controls. ^ 

PepsiCo slipped 1 9/1 6 to 387/16 
even though its third-quarter profit 
from continuing operations rose 4% 
percent, to $551 million, as ife 
snack food and beverage business 
saw strong growth... m j yi.ra.i-ji’ ^:-i 
" i.; liters} 

yrir ist - 


Sunbeam Bounces Back to Profit 


Continued from Page 13 


Bloomberg News 

DELRAY BEACH, Florida — Sunbeam Corp.’s third- 
quarter earnings rebounded from a year-ago loss as Chairman 


AI Dunlap's 15-month turnaround of the appliance maker 
continued to bear fruiL 


continued to bear fruiL 

The company earned $34.5 million, compared with a loss of 
S 1 8. 1 million in the quarter last year. Revenue rose 25 percent, 
to $289 million, as the maker of Oster blenders, Mixmaster 
mixers and other small appliances shipped 10 new products in 


the quarter. Mr. Dunlap has halved Sunbeam's work force to 
6.000 and closed dozens of factories and offices. 


“We don’t have a culture, we 
have an attitude,” he said. “Our 
attitude is, every customer gets sat- 
isfied.” 

To get the point across, Mr. Caw- 
ley has had motivational slogans 
painted on the walls of all of 
MBNA’s buildings. 

A typical conference-room wall 
may read “Complacency is devast- 
ating," or “Success is never final.” 


Over every doorway is the motto, 
“Thinkpf yourself as a customer.’ ’ 


Paychecks are inscribed, 
“Brought to you by the cusromer." 
The checks have more than words to 
back up the idea. MBNA has de- 
vised a 15-point test of appropriate 
service — Are phones answered 
within two rings? Are credit-line 
increases approved in under 30 
minutes? and so on. 

On each day that the company 
beats these standards, money is put 
in a bonus pool for all employees. 
The bonus can average nearly 
$1,000 a person a year. 

The company seems determined 


to control every aspect of its busi- 
ness. 

The 4,000 people who call around 
to solicit new accounts and the 1 ,250 
who by to collect payments from 
delinquent accounts are all MBNA 
employees, rather than the outside 
vendors used by many other credit- 
card companies. 

Executives must spend four hours 
a month listening to customer calls, 
and none of them can have unlisted 
□umbers. This is to make sure they 
get the same dinner-time solicita- 
tions that MBNA inflicts on others. 


Such rules reflect Mr. Cawley's 
strong-willed style. Yet, Mr. Caw- 
ley has made employee satisfaction 
almost as important a goal as cus- 
tomer contentment 
He has made sure that employees 
are paid well, with a rich array of 
benefits, from day care and schol- 
arships to an annual family picnic. 

Mr. Cawley even chose MBNA's 
stock symbol — KRB — to honor 
Kenneth R. Bowman, the com- 


pany's first director of service qual- 
ity, who died the year before MBNA 


ity, who died the year before 
wentpubfic. 


ji\(T: Uimi i t t*i* U 


•V. 


tfAt 

yt 


1 » 


mi 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Weffaiesday , 5 4 P.M. Close — — 

The 300 most traded stocks of the day. Sgjgl* 
up to the dosing on Wan Street. 

rtv Asscazred Press. “ 3 * 


safe hi* Lm Law ov* Indexes 


Most Actives 


Oct. 22, 1997 


High Low Latest Chge Oplnt 


High Law Latest Chge Oplnt 


High Low latest Chgo Opi^t 


H2 m id 
Mi ms im 
U* 5ft «ft 


Wn u» L*m Orge 


tn im in* n 
m jpi » mt 
is nw. in* tr*w 


Dow Jones 

On- H*n*i t — i — . 

Indus 806129 BONUS rmn (034.90 -26J4 
Tiwn 336129 337047 33*701 336 7 J)V TO* 
UN 3*7.52 2*821 14673 247.9? +0.17 
Came 267028 262003 268208 261632 *LS2 


High Low Latest dig# Qptait 


Standard & Poors 


»*. :r. 

6. 4>» 

M-. SO'. 


ia sow. w, jo'. 

7*7 7 6‘? 64 




111 lO'l 1(7 ■ to i 

ID 9. r» Vl 

:w 5 *n i+ 

i» 2 ** r. r. 

Jte «•» i»i «'• 

3US ^ 

U4 1 S'. 3 

630 S'. 5 Stl 

'« 10'# lf=. 'O'l 

B 1 li>t JTt XT* 

IT# IT. 

Ill «t< a 

i:» T- 2‘» 7. 

1* * S'. S’. 


P n m —» Today 

Iflgfe Low Osk 4 POL 
industrials 1 1332 111-1531 132S5 1 12802 
Tramp. 715.49 » 6A7 714.98 713.17 

Ulftties 21104 200.05 21104 211.03 

Finance 116.70 114.02 11667 116.16 

SP 500 97256 95561 97228 96862 

SP100 933.95 915.96 933.14 928JS 


Vai NMk 
31 1061 51 
173935 java 
99101 <33* 
948*9 11U 
8*001 SO 
79*21 JBtt 
7*920 4S*V» 
69972 32^4 
65851 75 
6323* 479a 

SI VS 

*915* 36 
*8313 Mil. 
**197 73 


LOW LOW 
49 *9H 
27V* 20 

3H>t 40H 

ft 

owl 

MV. 44 Vt 
30 

73V* 73Vt 
41 Vt *103. 

15 3W« 
56*11 SW 
71V* 773* 


Grains 

OORN (CBOT) 

i(*W bu min# mum- cwtx pw blBM 

Dec 97 294 2B71* 293V +4M : 

Mar98 304 297 3D3V» +6W 

May 98 310 3021* 309M +61* 

Jill 90 31316 30635 31316 +6V 

Sep 98 301 295 300V* +5 

Dec 98 299H 293V* 299V* +4V* 

Jut 99 312 307 312 +5 

EsL rales 77.000 Tars sales 6(1492 
Tars open M 401,84a up £435 


ORANGE JUICE OfCTW 
ISAM liL-cwdt par Iv. 

Ho* 97 70.10 6005 696S +0.75 10674 

Jann 7140 7100 7110 -MUD 16*511 

Mar 98 7465 7450 74*0 +005 9,554 

May 98 7940 7805 79J0 +(L85 2,253 

EsL Kries NA TuCT sate) 2413 
Tun open u 406S& up 170 


2'» 7. 

S'! P. 

3'i 

IH 1*“- 


NYSE 

Hlg* Law Lad a*. 

Ccmoauta 53aj7 S07JM 5001 .138 

iROWWCIi 579 -28 635 17 637J] -1 77 

Transo. *8176 477.97 *81.05 +0J9 

UNJt 3P8.49 30496 3007 -0JM 

r, nance *8745 * BU* 48JL3S -1J8 


Nasdaq 


Nasdaq 


HO* In Laf 

171741; 170*13 1707.48 
1320.92 12716* 137617 
1979 J4 1 95664 1977.59 
I9S4 7: 1839.13 184607 
2227JS9 73M42 2327J8 
115772 11*2 18 1157.72 


138478 16k 
126386 BWt 
110453 3V* 
10*166 47V- 
48117 34V* 
41007 42 bt 
77876 lOh 
70272 OS* 
69619 l»Vt 
63982 29V* 
62937 *4«Vk 
60070 47V) 
56931 2JV» 
55907 2M* 
5*387 3991. 


13* 19)1 
B3*k B3‘V» 
21* TV* 
*5V 46V* 
379k 38 

*04* 40V) 

13SV*125^k 
27V) 27V. 


SOYBEAN MEAL (CBOT) 

100 tans- cMai* pw ton 
Dec 97 22400 22150 2ZL1D +030 *5.141 
Jan 98 72530 TOM 22120 unOl ZIM2 
Mar 98 222.90 22020 22040 +1X0 10*45 


May 98 222JH 219X0 21950 +0.90 14935 
Jut 98 22170 22140 221.70 +130 llxao 


Jut 98 223-70 22140 221.70 +130 11X20 

Aug 98 223X0 22150 22150 +130 2562 

E*L sates 24000 Twrs sales 23X77 
Tun open M 119^6 up ISO 


Metals 

GOLD (NCM90 

100 iray azxWlws par Ira? ai. 

Oct 77 32230 322.10 322.10 -020 

No* 97 32250 -8.30 

Dec 97 32600 32110 32160 -030 

Feb 98 32670 324X0 32630 -020 

Apr 98 32830 32650 327.10 -020 

Junta 33030 329X0 32930 -020 

Aim 98 3JTJ0 -020 

Oa 98 33430 33130 33130 -030 

Dec 98 33630 33440 33440 -020 

EsL sates 34000 n#n stWis 22J4S 
Tun Open W 175323, up 1336 


£S S& 

35V* 3*S* 
. 38V) l&V* 


SOYBEAN OILtCBan 
60X00 Ibv cenli per lb 

Dec 97 2540 2437 2537 +037 56X95 

Jon 98 2557 2530 2644 +032 22X60 

Mar 98 2535 2451 2540 +039 1130* 


May?8 25X0 2540 2577 +037 7X63 

Jut 90 25.95 2570 25X0 +038 0192 

Aug 90 2545 2545 2545 +035 619 

Esf. ides 16X00 Tun sates 16796 
Tun open toil 101527. up 748 


^3 io . 19 If. 

IS 17‘k !+■« ir . 

:*S i*v> u. ii 


mi,* La- low o*. 

7T174 71172 71172 +136 


IN IS*. 12 

9* r> n 

4*JJ 4**« H'l 

111 *V, t I 

i» ir. is 


Dow Jones Bond 


20 Bands 
lOUHtfws 
10 iROusmois 


Vai. 

Hftk 

Low 

Lml 

C»» 

*4965 

97H6, 

Wftrtuwa 

-ft. 

ani 

lft 

lft. 

1 9k 


flJBS 

lift 

9V* 

10ft 


8860 

» 

49a 

5Vk 

♦ ft 

7035 


S«k 

4V. 

+V» 

68X 

ft 

*k 

ft 


667S 

lit 

BSa 

8V. 

■ft 

6367 

lAk 

17V* 

17b 

+2V. 

5«n 

7V» 

7*k 

7Vk 

-v5 

5879 

21) 

2V» 

29k 


SOYBEANS (CBOT] 

4000 bu minimum- cents per bustMl 
Nov 97 704*6 69*1* 60BVV +3D 70.957 

Jan 98 7103) 497V, 70*U +*v, 4427* 

Mar 90 718VI 707V) 7131* +43* 191961 

May 98 724V) 7133* 7SW* +7 14,930 

Jul 98 731V) 719)) 727V) +61* 1X194 

Est sales 56X00 Tuek talas 57X85 
Tue-s open M 17X032. ofl 1,274 


HI GRADE COPPER CNCMX) 

24000 B&- ant* per lb. 

0097 95 JO 93J0 94*0 +040 

Nov 97 95X0 94X0 9460 +835 

Dec 97 95.90 94.15 95JB +0X5 

Jan 98 96X0 9555 9555 +835 

Feb 98 96X0 95x5 9545 +045 

Mar 96 9630 9SJ® 95.75 +0.45 

Apr 98 95.90 9535 9535 +045 

May 98 96X0 9400 9545 +045 

JW198 9450 9405 95X5 +045 

EsL vte 7X00 Tan sales 1743* 

Ton open bit 54X19, up 867 


Trading Activity 


Nasdaq 


i*» 

101* II >■ 

1> 1*U 


VJB S’* *»• 5 

m i*s ns 1 1 

1M 1. 3 l-i 

■« »>■ n n 
a** i: ii*. in 


UKSCd 

Cettirwa 

un en en o ea 
Tarot issues 
NMHxpS 
Nr*Lt*s 


DeOuwa 

unttan^a 


IB «: «v. 
lie* «>• 

IB Pi >-* 


Tc>CI>Hues 
NeaHcns 
WWW Lows 


1228 

1647 

S43 

3*20 

172 

2S 

1944 

921 

itk 

3413 

193 

27 

Afflonad 

Deanro 

Uichuiiuud 

I susss* 


1723 

1983 

1906 

5617 

ISO 

56 

2626 

1653 

1452 

5731 

277 

4* 



Market Sales 




cm* 

270 

307 

IK 

750 

36 

8 

7m 

3S2 

7*0 

1*3 

*33 

8 

NYSE 

Amex 

Nasdaq 

InmSBom. 

Ikdre 

42X40 

28X6 

68740 


65W45 

4048 

789X3 


WHEAT (CBOT) 

5X00 bu mfeilnuim- cants per busM 

Dec 97 379V) 371ft 374 -2 SB, 148 

Morn 371ft 3841* 387ft -lft 27.7 55 

MoyOa 397 391ft 3941* -1 5.72* 

Jut 98 397ft 393 396 undv 13,193 

EsL sales 22.000 Tun sates 24X68 

Tun open tm 107X70 up 103 


LlvastocJc 

CATTLE (CAVER) 

4UBQ Ms.- pants per fc. 

Od 97 69.9S 69XS 69.95 +030 1338 

Dec 97 67X0 6642 67X7 +X42 41X79 

FeCl 98 6930 6840 69.12 +0X7 2(1884 

Apr 98 72-77 72X0 7240 +Q.T7 13420 

Junra 7VL52 70.00 70.45 +035 9X89 

Aug 98 7040 7005 70X0 +0X0 2X98 

Esl. sales 1 1X92 Ton sales 24375 
Tim open Int 89.997, 0*1 2,938 


SILVER (NCMX) 

4000 huy az.- cand par tray ez. 

Oct 97 500X0 +540 1 

No* 97 50140 +5 JO I 

Dec 97 508X0 *94-50 503X0 +5J0 64182 

Jan 98 50*40 +5.50 20 

Mr98 515X0 501X0 50940 +570 19-506 

May 98 517X0 504X0 51230 +5X0 2487 

Jul 98 518X0 515.10 515.10 +5X0 2,767 

Sap 98 540X0 517.90 517.90 +6X0 642 

Esl softs 22X00 TUn softs 9486 
Tun open M 99X37, up 10405 

PLATINUM Ol MEW 
50 troy ae.- doflarcparmvas. 

0097 433X0 42070 42070 -2X0 ISO 

Jan 98 4Z6X0 <17 JO 42130 -*X0 12,956 

Apr 98 421X0 416X0 41670 -430 9*4 

Ji698 41330 4,30 21 

&L solas NA. Tun sole* 1X18 
Tton upon tor 14071, otf 394 


10-YEAR FRENCH GOV. BONDS (MATJF7 
FRoaooo-pisaiioqpct 

Dee 97 9836 97X8 97X2—044 126X99 

MarW 9742 97J4 9730 —044 7478 

JWI98 97.10 97.10 96X6 - 044 0 

EsL sales 187,766. 

Opan hL: 134X77 up 57. 

ITALIAN GOVERNMENT BOND IUFFB 
ITL 200 mfflon - ph allOO M 
Dec 97 11732 111 JO 111 J3 -031 111151 
MarM 111.90 11146 11149 -030 1434 

Junra N.T. N.T. 11149 -0X0 0 

Est. sofas; 56X74. Pm. solas.- 47,126 
Prev. open IrH^ 114575 up 1,927 

LIBOR 1 -MONTH (CMER2 

S3 mdlon- pCs of 100 pet 

Nor 57 9437 M3S 9435 XX 1 43285 

Dee97 94.07 94X5 94X6 imdL 12471 

Jon 98 94.19 94.18 94.19 unde 1794 

Esl. soles 5X17 Tun soles 1636 

Tun open kit 61420. up 639 

EURODOLLARS (CMER) 

S3 nMon-ptsont Spd. 

No* 97 94.13 94.11 94.11 XXI 21863 

Dec 97 94.10 9408 94X9 undv S6 M52 

Morra 9402 93.99 9401 uneh. 429,947 
Jon'S »-92 93.90 93.92 Unch. 346*584 

5!! 58 5“ a4<W34 

Doc W 9335 93.71 9174 +0X1 228487 

Mar 99 9173 9349 9172 UK*. 142,122 

JUB99 9169 9166 91*9 +0X1 136 962 
S*P W W47 9164 9149 +0X1 10eX88 

Dec 99 9141 9158 93x0 +0X1 86,925 

***!£ «4 1 +0X2 77.115 

Jim 00 93-58 9345 9158 +0X2 5&750 

Est sales 304332 Tun sales 317,184 
Ton upon kit 2X01344 off 4592 


3-MONTH EUROURA(UFFE) 

ITL 1 million - pts of 100 p0 
D9C 97 93X4 9176 9178 -4L01 100422 

Mar98 9455 9443 9445 -0.04 101745 

JuaW 9488 9477 MJ9 -0.05 9&4S 

Sep 98 9491 9482 94X5 Undv. 413H 

Dec 98 9487 9480 94X2 +001 K«3 

M«* 99 9476 9472 9473 +0X1 2891* 

EsLsdos: 71014 Prev sales- 100313 , 

Proy.apanhiL- 470)36 up 4X91 jK 


4 warn h 

+r.iv Swr 


: A .vie. 


Industrials 

COTTON 2 (NCTN) 

50000 Rml- cauls par la. 

Dec 97 7175 71X5 7135 +017 

MarW 7400 7125 73-69 +0.18 

Mayra 74X5 7415 7458 +0.17 

JUI98 75.70 75X0 7537 +X.I6 

OdW 7450 7428 7638 -017 

ESL sdes NA Tun sales 19.550 
Tun upon (nl 92X01 off 1.709 


HEATING OIL (NMER) 


AXOO gal cents per gal 
New 97 59.15 57 A* 5477 +113 

DOC 9 7 6OI0 59.05 99.76 +1.10 

Jan 98 60.70 99X0 6 0 V, +1.05 

Fab 98 60X0 6000 60-51 +1X0 

Marts 59X0 9935 W71 +095 

ApTW 5415 57X5 58X1 +090 

May98 3460 5456 5456 +0.90 

Esl sales NA Tims solas 71 388 
Tun open Int U1X24 off 1X00 


BRITISH POUND (CMER} 
62X00 pounds, S per pound 


62X00 pounds, S pear pound 

Dec 97 1X338 1X240 1X290-0X024 34106 


LIGHT SWEET CRUDE CNMERJ ti 

1X00 bbl- daUan per btrt. 

P°C” JJ-S7 2083 7147 +<L» IllJM* 

SlS 2, 7J i 39- W +0-0 52.959 

2*5 2! -04 2115 +0J0 29J78 

r,-?5 21-22 2,J3 +a4S 

21-15 *°- w 21 13 + 0M '*°8? 

Mayra 21.06 20.79 21X3 +4L39 llBJ 


Marts 1X280 1.6210 1XZ36 4K0024 
Jim 98 1X1 BO -0X024 

Est safcs 4481 Tun solas 4H3 
Tun opan int 34434 up 178 


Mayra 21.06 20.7t 21X3 +039 HIM 
Est. sales N A Tun sales 9&48S :I| 

Tun <g»n lid 402X54 all HI 90 . 


CANADIAN DOLLAR (CMER} 
ipetoao dMlan, s par Cdn. dr 
Pyg -22S -2 03 -7306-0X011 51.914 

***** -”30 -7239-0.0011 0J74 

Junra .7272 -7760 -7213-0X011 520 

EsL -sales 4*1B Ton sales 11 JB7 
Tim opan bit 541 31, up 2.74} 


Oan 

LONDON METALS (LME3 
OeOanparraeMctai 


i WU Grade) 

156400 156400 157400 1577X0 
1596X0 1595X0 160400 1605X0 


GERMAN MARK (CMER) 

125X00 marks. S per mart; 

Doc 97 -56*3 JS95 J61 4+0-0010 61X17 

Atorra J66S J642 JM2+oiSl5 2jis 
JonM -5667+0X009 2X18 

EsL solas 24X42 Urn sales 39X42 
Tun Open W 67X84 an 6X9) 


NATURAL GAS (NMER) rrj 

10X00 mm Wn, 5 per am btu * 1 

Nov97 4570 4391 3J37 +0.133 41,10 

Dec 97 4690 4500 3X33 +0.139 445? 

55.2 J-JiS 3 -®° 1138 

Morra 2X20 2.700 2J75 +0.030 l&JkB 

AprtB 2460 2X25 2X30 +0X05 9X53 

1 Est satoa NA Tun solas 71X49 
Tun open M 250,274 up 729 12 




UNLEAD ED GA SOLINE (NMER] 


Dividends 

Coiqniy 


Ceppsr Cathodes DflgkGrada) 

Spat 208400 MB5JOO 2069X0 2070X0 

iWt 210400 2107X0 21H4ft 208^6 


Pur Antf Rue Pay 


'u :■ :>• 

*» if* r+ r. 

.ir ? , 19) 3 

IKS I '» -i 
IS U« t* •« 14 + 

zp in r- r, 


IRREGULAR 

knglrtshndge Tnkr h 64 
STOCK SPLIT 


Srtgrcpoint Inc. 2 for I »RL 

C{flumrtEnep3ft>r25fl« 


FiagstarBiKp 
C®wx«can 
Travelers Group n 


Per Amt Rec Pay 
INITIAL 

_ .06 10-31 11-14 


_ .19 12-12 1-2 

- .10 11-3 11-26 


Cntfas Ccm 2 for 1 gsB. 
Canipuwaro Oap 2 far 1 spRL 
Care Labs 2 fori spfif. 


IV. l*, 

ic . 13 

la- 15k 

id + m-» 

'a v. 

S' i l» 
*'■. *■• 

ll'.k 111. 


9K4i 1*9; •)»; 

IBS 66.1m 650*. M 

^ "k* : r*‘ 


WnUresf Bncshra 3 for 1 spirt. 

Nil Instruments 3 Iar2 spot. 
Tmbefline Software 5 for 4 spM. 
Travlm Group 3 for 2 iplil. 

stock 

Erty Indust . 1IH, l 

INCREASED 


III 15 I*', 14-< 

IT) IMS Iff-. 1C-* 


21 S> 1 7 

«» ws 29 xr. 

HI 45 *4+ 4*+. 


Cro5\AT, 
FSFFind 

Fedl-AHmul 

JSBRnd 
Mdlon Bcadt 
MldCoast Bncn 
Mhutemon Irffl 

Morgans bn WYW 
Porter HdrmWn 
PanceBenk 
PragnssiwBk 
Schlwnbager LM 
Textron Inc 
WeasPoigoadiplB 
IWteBwl 


JR A Ik O 


Ana len Prep 


Henlth Can: REIT, 0 535 


!• IV. 

:i<» .3>i 


47ft <f* 
7, 7l 


f^i 

r . v>i 


Ti J'+ 

IS: 15 


ttvk ll-"k II ' 
7*9 2TJ 2*9k 2! 

Ill UVk -.4* ir-+ 

KJ IJ* I7*i i: - -. 

!X XT* ITU PV» 

ZU Ti Pj : : 

1958 ir-* IT.) 18 k 

pa ;&** 2si) a i 

ip :m-* r t j-. 


HoneyweB lnc 

iniwBit jmw 

rtlidwestancjm 

MencySUnr 

NcwMOBncs 

Prior Enterprises 
Smitn Rf^aenbol 
SoulfrwH Kail 


11-3 TI-T4 
11-3 11-20 
11-28 12-15 
11-7 11-28 
11-4 11-18 
11-15 12-1 

10- 31 11-13 
1IL31 11-14 
IT-3 11-14 

11- 10 12-10 


«N SV Ki 5*+ 
13 2 Ti 2 


ic. i 

H *s 


SPECIAL 

NycsmttASA b .7710-21 - 


REGULAR 

AMP Inc Q 36 11-3 12-) 

Am HBh Prop Q J25 11-4 11-18 

Black Hllb a .355 11-14 12-1 

Bryn Maw Bk Q .18 11-7 12-1 

Colonial HI lna> M .0*55 10-31 11-14 

CressAT, Q .08 11-4 1MB 

FSFHrtd 0 .125 10-3! 1M5 

FevH-NVagul Q ,12 1I-2B 12-10 

JSBPind Q 35 11-5 11-19 

Melton Bank Q J3 IO-3I 17-17 

MldCoast Bnep 5 J76 l(+ 24 12-31 

MbwtemonlnH 0 .11 10-31 11-14 

MorganSkin HiYW M 1110-29 11-14 

PteterHtmnWn Q ,1511-20 12-5 

PonwBonk Q .17 11-7 11-25 

ProgiWBlwBk Q .171W1 11-28 

Sditenbager LW Q .1875 12-29 1-9 

Tpdron Inc . _ Q 2512-12 M 

WMsFargoodiplB . JH75 10-31 11-15 

WWsRtld 0 .12 10-31 11-12 

o-oanuat b-apprwteata anvnmt per 
tf MWAD R; 9 -poyuMa In Cunndtei funds; 
lu-raoranty; iHpjanerty; s^eminnnuafy. 


FEEDER CATTLE (CMERJ 
50X00 Bk.- cent* per II 
OCI 97 77.92 77 JS 77.7S +0.10 

No. 97 78JS 77*0 7412 +OX7 

Jan 98 78X5 77.95 78X0 +0X2 

MarM 7BJ0 77X5 7H.30 +030 

Apr 98 78X5 7800 7840 +035 

Mayra 79X5 7897 79J5 *030 

Est. sates £417 Tan sJbs 2 X4J 
Tun open ml 18599, up 25 


teal . 612ft 612ft 508X0 S99X0 
fawnl 625X0 62400 611X0 612X0 


Spot 6190X0 6400X0 6360X0 637800 

Foiwrod 6*80X0 6*85X0 6450X0 **wm 


JAPANESE YEN (CMER} 

12J nvMcn wav S per 100 yea 

Dec 97 AMI X370 X34Q -0X002 86X81 

Morra X6&5 X45* xmuomw ni 

Jon 90 X575 XS68 JBMIXJwEj 

Ed. softs 4620 Ton solas 19X97 

Tun opan H B7, 981 up 1,173 


5325X0 5335X0 536500 5375X0 
5450X0 5455X0 5410X0 5*15X0 


HOGS-Laan (CMER) 

4L000 Bu.- cents per lb. 

Od 97 67X2 andL 

Dee 97 60.95 6830 40J7 +040 

Fed 98 61 35 61 M 6137 +820 

Apr 98 5M0 5875 5877 +825 

Jun98 6440 6575 6410 +830 

Esl sates 5X79 Tun xfcs 4543 
Tues open U 36*8a2> up 682 


ZfecCSpetfd Hite Gate) 

tart 1254X0 1255X0 1250X0 1251X0 

forw ar d 1275.60 1776X0 1270.63 1271X0 


PORK BELUB (CMER) 

40X00 Bn^ Bents pw to. 

Feb 98 6425 62X0 6160 +1X0 

Mar9fi 637$ 6830 6847 +1.17 

Mayra 6430 6120 63J0 +0X0 

Eit safes 1539 Tuffs sales 2X22 
Tim open kit 7,978 ip 18 


Hlgti Law Oosa dige Optra 

Financial 

US T BILL! (CMER) 

SI lUHsn- ptsof lOOpcL 

Dec 97 95X3 9490 9495 807 4651 

Marts 9SX0 9490 MX* 807 444* 

JWW 94X5 94X3 9425 807 346 

Sep 98 9482 undv 12 

Est 1,770 Tun safes 461 

Tim epos MM53, off 17 


SWISS FRANC (CM ER} 
inaoo fauna, s per Dune 

^ ■S25 +a “ a fl- 851 

MartB -6883 .683* X836+0X020 2X43 

■bmto ABP+oano 265 

EsL sates 13766 Tun safes 34274 

Tun opan W 44368 op 689 


MEXICAN PESO (CMER) 

50WM0 p*m$ per peso 

-J 271 ! -'aw -12703 -X0014 24153 

-1^2 - la3lls -12310 -.CS035 
JunW .11985 .11980 .11980 wSv m 

at. sales 1570 Tun «ie, 4439 

Dm open Bit 411 38 op 300 ^ 


fflXO 58JO 40.7V +1.71 24X0S 

ms tOM ’■* JH 

Jaam ftOJO 59.25 60.3* +1.46 1M32 

S*2 S9-2 V" 60 « +i3i t3s 

MarW 61X0 60X0 61X9 +1J6 58B 

63J9 +1.31 4 M 
MaySfi 6134 6335. 63J* + 1.26 3J&3 

Ed. talas NA Tun sates 22X42 

Tunapenlni 94 J 5 &upB 91 - 3 

GASOIL (IPE) ^ 

Nw 97 182.75 18025 182.00 + 2.75 34978 
Dec 97 184 X 0 1 * 1.75 IM I 27 S m 3 ® 
J®* 90 185 X 0 182.75 18450 +15 UM 

FebW 18475 18275 186 J 0 . 2 J 0 7705 

Mar 98 181 X 0 18 SJ 8 18235 + 2 . 7 S Mfp 
fflW 778.00 178 . 0 a 179 J 0 ♦ 275 
Morn 17550 17550 177.00 +275 US 

EsL seto; 13.002 Pibv. rotos: I3JV7 

Pm. open W.: 100894 off 91 


BRENT OIL(l PE} 


^ I -«> 0 

Dae97 2 639 19.91 2034 +059 73341 


SYR TREASURY (CBOT) 


STOOOOO prln- pfs & 6*tbs ol 100 pd 

06097 107 X 9 106-62 107 X 8 + 


106X2 107X8 + 0* 227X25 
-14 BOOL 


Junra -14 at 

£st. sate 41x15 Tun sales 343S4 
Tuas open tot 230348. off 523 


COCOA (NCSE) 


|P| IT*} 


39) ffv. 

2 : 2 l<k 


M Ti t) S, 

IS Ifta IHk 17ft 

IS| Ui 11) 14tft 
SBS . ||| 
itp 77‘w :*■-» 

14R 17-» IPt* ID 


JN* <5 1C. I 61V. 


I S0t }Vt Pk Pn 

in 4>1 dk *vt 


913 I r+ 7> 

1114 12k lift 12 

211 ]ii jm, u* 


1» 6 j tk 

B »D 8D 

M 31 JT.» Pi 

to? n» jfe 7ft 


r.k Pk 
29. ». 


JfJ 111k 16U 16ft 

IBS »*i 6ft *1* 

1H lXk 14 l* 1 ) 

*16 St 9k 9ft 

127 £1 5D 5=} 

S i‘s r, 1*1 

14’* l*Vk I* - . 

IIP 12(1 link 1JV. 


Pi n) 
Mft 16 


ill I2H 12V* 

93 Tt rt* 

ns n 7ft 


ta I* iso isd 


Stack Tables Explained 

Scfcs fiouros ore wofflaiL Yeorty highs aid laws refleef On previous 52 weeks pin tt» current 

Suing me Wesft Ptt ngtlcy- Wiero nipaoralodLflByidanda n iiunatmfegpetawi or more 

ms teen pad. yeas WgWow range md dBMend ate shnmtante neut studs Otte. Unless 

Mkmgo noted rate ol (Mdends m orowrt tSsbwswrwfc based on B» latest tednaflon. 
g • cBvidtntt abo entni (s). b - annual rale of dividend plus slock tftridend. c - Uquidottna 

(WriOcoa. PE e*cee0s99.cld- called 4-newy«rt)i kw.gfl-kMslnlhe last 12 mamtiZ 

0 - dmdfliiOl declared «r paid in prooetfinq 12 months, f - annual rate, moused an last 
dedoratkm. g -ifividaid in Canadian funda, subject lo is% non-residence fax. i-tfiridend 
dedoreX offer spSt-upor stack (SvMend - tftrtdend pakl thb yeor, omitted deterred or no 
action taken at latest dividend meeting, k • dMdend declared or paid this year, an 
aenmwlaflve Issue with dividends in anean. m - annual rate, reduced at lost dodaratton. 

n - new issue in the past 52 weeks. Thn Wglvlow mnge begins wtm Ihe siort of hudlna 

ad-next day delivery, p - inifiaf dividend annual rate unknown. P/E - price-comings mfS! 

q-flkBedxndniwtugilimdr-tfivWenddedaredorpwdiBprKedUM 12 months, niusstnek 
dividend s - stack Dividend begins with dale of spiff. d$ - sales. I - tfividend oald in 

stoefc In preceding 12 nunlhs, esU mated cash vafee on ex-dividend orat-dbtnbutfon tkrte. 

n - new yeor^ high- Y-tr0diiig hated vl - in banlaijp*cy or recterarshiptjr being reorganized 
underltre Banknptcy Ad or secvntite assumed bytedi companies, wd* when dlsmbuted 

wi - when issued' ww - with wqrranb. x - ex-dvitend or «-rigMs. nth - ex-dteWbufion. 

xw - wi incut warrants. 7- ex-dvidend and sates kitulLyld- yield x-saiestntu0 


10 metric Ions- Sper tea 
DOC 97 1613 1589 

1593 

-4 

34889 

MarW 

1648 

106 

1631 

■6 

2M36 

MoyOB 

1669 

1650 

1651 

■9 

12*587 

Jul 98 

16)9 

1671 

1671 

X 

1833 

Sep 98 

1693 

1691 

1491 

X 

47U 

Dee 99 

1717 

1710 

1710 

X 

9X2* 


Est Hies IZ777 Tub* sates 11767 
Tue* open ini 105.B58, 


COFFEE CWCSQ 
37X00 to.- cm N per lb. 

Dec 97 152J0 14975 15070 unch. 11434 
Morra 14175 139 J0 1*0X0 4JD &049 


May« 138X0 13675 13640 XXX &C3 

Jain 13475 moo moo - 1 x 0 use 

Sep W 131X0 129 JO 129 JO XJS 762 
Ed vdss A240 TiMiatei &635 
Turn open H 2S)«07,aff 97 


SUGARWORLD 1 1 (NOE) 

1 12X00 fes-- cette per fe. 

McrW 1179 1171 11.73 XXI 81150 

May98 1179 1171 11.75 undL.2&3>l 

All PS 11.68 11X0 11X3 XX2 11107 

Oct 98 11 J9 11,49 11J2 XX9 17X13 

Est. sates Hl4l Tues strin IILSlO 
TlW40P4nM 154X51 Off S3 


10 YR TREASURY (CBOT) 
naino prin. ras & 32nd* of 100 pd 

DseW 109-31 109-22 109-30 + 03 371257 

Mar 98 109-19 109-13 lo£» +03 18,906 
Junra 109-11 +03 2 

EsL sites 6L600 Tun late 50609 

TutfS opan ini 391,1 60 up 1X27 

OS TREASURY BONDS (CBOT) - 
ffipd-Sl0QXafrpti&32Rdsofl00pai 

-*05 632X09 

Mw90 114-31 114-17 114-30 +05 4A3M' 
Jinn 11*11 114X9 114-19 +K A301 
SepM 1UX9 +06 2X06. 

EsL safe* 375X00 Tun ntes 30A71 1 
Tun open M 714752, op 475* 

LONG GILT (LI Fm 

CSaO00-pts& finds aflOOpct 
Dec 97 118-21 118X0 118X2 -XXI 174195 
Morn 11813 118X0 118X1 +0X1 21,181 
Jua« N.T. N.T. 117-27 -MHH 0 
EsL teas 9L683. Pmv. utec 73,74s 
PnapaiMJ 195776 Off 1X76 

GERMAN GOV. 8UNQ OJFFE} 

DM25U00 - pts oflOOpa 
Dec 97 101X8 101X0 10172 —037 286X16 
Mw98 101.15 100J2 100X0 -0JB UTH 
■ BdJeteK 253X33. Pro*, sates: 164X60 
Pro*, apea ti±: r>5jS8 off 1797 


SSSJ5J 

JwvPO 9168 92X1 9243 ZSn? 'mm 

d 2« ^ si xm *1842 

S£» »» Spo IS* gS 

Am99 ra.07 9100 SS 

9371 SSl 

Hillll 

Pnrv"mai M7.M3 
Pffv.openkn- 629J62 off ljjjri 


,W1 +d» 7JM 

Janra 2077 19.92 jgjg +053 vjffo 

Feb 99 2073 19 Jg 2070 +0 JO 14-3M) 

Morra 30X3 19X0 2005 t&S 

IS- 45 »-«+(W5* 

*6ay 98 1973 19 ab 19J6 + 0.44 5001 

EsL sales: 39,750 Prey, sales: 24B95 
Prav. open Inu 152,187 up 274 • ,j9 


U,o i » | P,N ! ig^!gf*« 

j® Si index 

Dbc 97 98070 97080 97500 
Morra 9903! 9B2Jkl 9B4X0 -5.40 
1“"™ 1001X0' undL 

Est sate* na. Tun sales 61.979 

Ti*ft open int 197,204. up 1 X 06 


tsszagnar" 

Dk 97 MU sfi SH! -S« 1.743 


HI H ^ B HueSm 
M» Wte =SS 

teSw 9466. ?5S 8U1 ZSo* 5KS{ 

RKfistacvar 


n?E IHOJPFE) 

05 per bideii potel 
Dea7530fcO)S)61.W5l6400 -101. 
M«W N.T. N.T. K.T. —101 

£?«■«•* 6X95 
Prev.openlnL! 74587 up ns. 


CACAO (MATin 


PrapporkidM. point 

29650 - 31X 
NwW 3031 J 39850 29710 _31J> 

gfo.o 2 raoj-n.o 
Morra 3029.0 30194 3007J -3A5 
19X38 

open kiu 87,232 up 1,949, 


WWNTH PI BOR (MAT1F) 

FfiSmRBon-aisof laopet 

Dec 97 94.15 96.10 ra.12 — nai jn-m 

rs rasa ^ ££ 

Est. sates; 56Z17. 

Open kiu 252X17 up 1XS& 


Commocflty Indexes ;r fj 

am Prwteus .1 


as» Preitera 

ui9.ro ijiwa 

1X4630 1X4MO 

Dj Futuras 14612 US^S 

CRB 24643 243^ 







PAGE 15 



I 


WB 



INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 23, 1997 




7.-: 




>** 



'■v 4 S*M 
7 




'£*£**'*' 
- w »v ?-e*» 


/< 


t ;i 

n, 


/Vumi, 

mi %, 


*China Trims 
Bank Rates 
As Economic 
Growth Slips 

C ®** W ' * cw Sktfftan 

, CEDING — The central bank cut 

interest m Wednesday roTy £ 
«te the debt boiden of strains 

■, *“ sS""" “ d sa SI 

gtwffi as the economy appears to be 

_ Rates on lending were cut by 1.5 
* pen»wage points, to 9.29 percent, 
and deposit rates fell by 11 ne£ 
tentage points, to 6.37 percent, 5are 
television reported. 

The step came two days after the 
.j^vernment reported that die econ- 

Womy grew at an annual rate of 8 
" ■ in the third quaner of 1997 

9 -5 percent in the first 
tolf. The figures raised concern that 
Quna could be facing a period of 
railing output and prices and a po- 
mndal contraction in die economy. 

- Growth seems to be slowing, 
and there needs to be some stun- 
QiQS, Nicholas Kwqn, an econo- 
mist with Merrill Lynch & Co in 
Hong Kong, said. 

■ The slowing growth comes just as 

China is trying to help ailin g stqte 
Enterprises cut losses and repay 
tank debt. 

7 At a landmark Communist Party 
congress last month, China’s lead- 
ers endorsed an ambitious program 
of share sales and even bankruptcies 
to shake up state industry. 

Economists said authorities in 
Beijing believed the state sector 
needed a hand as it moved ahead 
with the restructuring of unprofit- 
able companies and as the state 
sought to reduce subsidies and help 
profitable companies compete in the 
marketplace. (AP. Reuters) 


ASIA7PACIFIC 


Indonesia’s Car Troubles Multiply 


Bloomberg News 

JAKARTA — Tommy Suharto’s $1 .3 billion 
project to develop an Indonesian national car 
has attracted many enemies. 

The United States, the European Union *wid 
.pan say it violates Indonesia’s promises to the 
'orid Trade Organization. Investors say it is the 
roost egregious example of the corruption that is 
a drag on Indonesia’s economy. Companies such 
as Ford Motors Co. and General Motors Carp, of 
&e Uni ted Stales have said they will not invest in 
Indonesia because of it 

So far, complaints about die program have 
fallen on deaf ears in Indonesia, where Tommy 
Suharto is die youngest son of President 
Suharto. 

Now, however, die car, called the Timor, 
may have reached the end of the road. Indonesia 
may face pressure from the International Moo- 
etaiy Fund to reorganize its economy in return 
for aid to prop up its currency, the rupiah, which 
has fallen 36 percent against die U.S. dollar this 
year. 

Furthermore, South Korea now says it is 
placing Kia Motors Corp. — the Timor’s part- 
ner in the national car project — under court 


receivership to protect it from creditors, and 
Kia's plight may give Indonesia a face-saving 
way to tack down. 

r *Now would be a good time to cancel the 
national car,” said John Seel, a sovereign credit 
analyst at Bear Steams (Asia) Ltd. 

The Timor project is modeled on Malaysia’s 
national car, the Proton, which is produced by a 
government- linked company and has about 60 
percent of the Malaysian market Indonesia 
says it needs to develop high-technology in- 
dustries of its own and that these businesses 
need special help in their infancy. 

Even if the government sticks to its guns, the 
- Timor may die a natural death through a com- 
bination of strong domestic competition, the 
decline of the rupiah and high Indonesian in- 
terest rates, analysts said. 

“Timor is coming out ai the wrong time,’’ 
said Afwida Malek, a fund manager at Com- 
merce Asset Fund Managers Sdn. “Proton had 
about a decade’s bead start on them.” 

When the Proton came on the market in 1985, 
Malaysia gave the car’s manufacturer tax breaks 
so it could undercut its competitors. Malaysia has 
agreed to phase out those tax breaks starting in 


2003. The Proton — which is made by a com- 
pany that is publicly traded and profitable — is no 
longer seen as a drain on government coffers. 

Tommy Suharto's company, PT Timor Putra 
Nasional,’ imports sedans made by Kia in South 
Korea that are exempt from the Indonesian taxes 
and tariffs that competitors must pay. Indonesia 
says this protection will help the firm generate 
cash to build its own plant in Indonesia. 

Kia planned to be an investor in that plant, 
where the cars would be made with its tech- 
nology. But the South Korean government said 
Wednesday it would take over debt-ridden Kia 
Motors and replace its management It is not 
clear when, if ever, Timor will begin production 
in Indonesia. 

The IMF has been called in to put together a 
confidence-restoring aid package for Indone- 
sia’s economy. That aid typically comes with 
strings attached, and there has been speculation 
that the Fund will press for the cancellation of the 
Timor project. Indonesian officials, however, 
have said (he IMF will not demand that Timor’s 
privileges end, and the World Bank’s director for 
Indonesia, Dennis de Tray, has said die IMF is 
□ot likely to focus on specific projects. 


Investor’s Asia 


*foiig.iCp»g _ 

HapgSeng - '■ ■ / Sbwta T 

18000 ' 2230 

2100 
2000 
1300 

12000 [ 1300 

■lOOOOTT-r-r-.-s-i,^ 1D0 


Tokyo : 
NHw 225 




1997 


M J J A S O 
1997 


M J J A S O 
1997 


Exchange : 

Kong Kang . 

V'.: 

‘rtarigSeng 


w Pffiv. ‘ 

. u, ! 


Singapore . 

straas Times.. 

IJSIjBB 

£771.82 

-Z23 

Sydney 

ATOrdritgita 

2m& 

£650.70; 

+1J20 

Tokyo 

N8A81225 . . 

nfiSTJSQ T7*ZtW» +2.77] 

KuatauunpurConTpo^to 

. 731.17 

760-®) 

-3.83 

Bangkok 

SET- ... 

51136 

937.94 

+0.71 

Seoul 

GcHTiposteindax 

601-32 

566.85 

+6.0 8 

Taipei - 

Stock Market Index 7,632.47 

7J3MS 

-0.54 

Manila 

PS6 

1,928.97 

1.993-89 

-3.26 

Jakarta 

Composite Index 

505l23 

51487 

-1,69 

Wellington 

NZSE-40 

-2,63646 

2,599.94 

+1.37 

Bombay 

Sensitfve index 

4,082.78 


•0.63 


U.S. Carmakers Snub Japan Models 

■ Bloomberg News 

TOKYO — U.S. auto executives on Wednesday played down the 
introduction of fuel-efficient, low-emission engines by Japanese car- 
makers, saying the technologies are too expensive for mass pro- 
duction. 

“It’s not clear yet that consumers will pay a significant premium for 
environmentally efficient vehicles, ’ ’ said! Ron Zarella, General Motors 
Corp.’s vice president for sales and marketing. “That day will come, 
but it’s not here yet” 

Toyota Motor Co. last week presented a car powered by gasoline 
and electricity that can run for 66 miles (106 kilometers) on a gallon 
(3.S liters) of gasoline. It will sell in Japan for about $17,700 — 30 
nt more than Toyota’s best-selling Corolla sedan. Honda Motor 
. introduced an engine with emissions cleaner than the air it takes 
in. the models were unveiled at the Tokyo Motor Show. 

U.S. automakers chose to highlight powerful cars at the show, such 
as Chrysler Corp.’s 450-horsepower Viper GTS. 


Very briefly: 


• Lloyd's of London plans to establish in 
Singapore what it calls a “mini-Lloyd’s 
market" for Asia by late 1998 in hopes of 
bolstering its position as a leading global 
underwriter. 

• Australia posted its lowest inflation rate in 
30 years as die consumer price index for the 
third quarter fell 0.4 percent, for an annual 
inflation rate of minus 0 J percent. 

• The Tokyo Stock Exchange agreed with 
securities authorities in Hoog Kong and 
Singapore to monitor financial derivatives 
trading to try to prevent fraud and manip- 
ulation. 

• Skoda Automofailova AS, a Czech auto- 
maker owned by Volkswagen AG, plans to 
set up a $300 million car project in India's 
Maharashtra state. 


• Most Australian industries and small busi- 
nesses have yet to take action against the 
potentially crippling “millennium bug," ac- 
cording to a study by the state government of 
Western Australia. The survey found that 
most businesses did not understand the con- 
sequences of having computer systems that 
will be unable to recognize the year 2000 at 
the end of the century. 

• PT Hum puss Intermoda Transportasi, 
an Indonesian shipping company owned by 
President Suharto's youngest son , Hutomo 
Mandala Putra. will sell 74 million shares, or 
16.4 percent of the company, in an initial 
public offer in November. 

• Fuji Bank Ltd., one of Japan’s 10 biggest 
commercial banks, plans to cut assets by 4 
trillion yen i$33 billion) during the next two 


years to try to improve its return on equity. 

• Fiat SpA, Italy’s largest carmaker, hopes 
to triple its annual sales in Japan to 20,000 
cars by 2000. 

• Matsushita Electric Industrial Co. will 
begin in 2001 to allow some employees to 
postpone retirement until they are 65. The 
government plans in 2001 to start gradually 
raising the age at which pension benefits are 
granted. Currently, workers who reach age 
60 are eligible for such benefits. 

• South Korean carmakers are optimistic 

that the U.S. and South Korean governments 
will resolve their dispute over access to 
Seoul’s car market. But they said criticism 
that South Korea’s car market was closed 
was unwarranted. AP. Reuters. Bloomberg 


IMPACT: Asian Crisis Arouses Fears in Australia 


& 



l'";, tt ill {!■ 

f ; ; ;7 ; - II / 


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whim 










Continued from Page 13 

■ • Another anal yst said the 
currency crisis and looming 
economic slowdown bad 
forced all Aust ralian compa- 
nies with significant invest- 
ments in Asia — especially in 
the most seriously affected 
countries such as Thailand, In- 
donesia, the Philippines and 
Malaysia — to “make plans 
for dealing with a poorer re- 
gion, where economies are 
shrinking as the reality of pub- 
lic- spending cuts takes bold." 

But Chris Legge, director of 
industrials in the Melbourne 
office of Standard & Poor’s 
Corp., said the impact of the 
region’s troubles on Australi- 
an companies was limited and 
should not be exaggerated. 

* 'While the market turmoil 
may slow Asian growth rates 
and reduce export opportu- 
nities somewhat, most Aus- 
tralian companies’ Southeast 
Asian businesses are not of 
material size," he said. “By 
far the biggest exposures in 
; Asia are to Japan and Korea, 
Tb which have been suffering 
f from below-trend economic 
growth for some time.’ * 

StiU, some large compa- 
nies are likely to suffer sig- 
nificant losses. 

At one point last week, 
Coca-Cola Amatil’s share 
price had fallen 2 1 percent this 
month, to 11.95 dollars, from 
15.20 on Ocl 1, wiping 2.7 
billion dollars from its market 
capitalization. 

Analysts attributed the fall 
largely to investor concerns 
that the company's big bot- 
tling and distribution opera- 
W dojis in Indonesia ana the 
'^Philippines would coare 
nowhere near achieving their 
forecast earnings over the 
next two years. 

The stock recovered some 
ground after Coca-Cola Am- 
flril said the operations were 
continuing to record “vigor- 
ous double-digit growlh” in 
sales volume and that it still 
viewed Asia as a region of 
"great opportunity’ ’ because 
outs relatively low per-capita 
soft-drink consumption and 
“large, youthful and fast- 
growing populations.” 

On Wednesday, Amatil s 
Shares closed a£ 1230, up 

k John Prescott, Brokwi Hill ’s 
managing director, said that so 
far d» company had seen no 
. adverse effects on its exports 
tt from Australia or other jwp of 
the world to Southeast Asia. 

"But we have seen local 
effects on our domestic op- 
erations in Thailand, Indone- 
sia and Malaysia," he said, 
describing them as “enough 
to be felt on the bottom lute, 
though not to be material 

overall." „ , 

The company has 1 - •*•**[- 
processing plants m South- 
east Asia. 

Analysts said many con- 
struction projects in the re- 
gion were being cancdec \ or 
delayed because of overbad- 
ing m Bangkok, Jakarta, Ku- 
ala Lumpur and Manila and 
spending cuts by Southeast 
Asian governments to ron m 
? their current-account deficit- 

I ’ This wiU affect Austratan 

building companies such as 

Lend Lease and LjWSjj. 
Holdings Ltd. and building 


Is supplier 
CSR, Pacific Dunlop Ltd. and 
Pacific BBA Ltd. 

Brian de Boos, a CSR 
spokesman, confirmed that 
the slump in building activity 
had affected the company’s 
operations in die region. 

“In the context of CSR as a 
whole," he said, “it is not 
major, but in the context of 
our Asian business, it’s 
slowed down quite a bit” 
David Higgins, managing 
director of Lend Lease, said 


the company had invested 
150 million dollars in South- 
east Asia and said its prop- 
erty-development projects 
there were expected to slow. 

‘ But several Australian ex- 
ecutives expressed confi- 
dence in the ability of South- 
east Asia’s economies to 
bounce back. 

“I think that the sheer mo- 
mentum of those economies 
will ensure they right them- 
selves relatively quickly.” 
Crown’s Mr. Wiliams said. 


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THE W ORLD'S DAILY NEWSPAPER 













PACE IT 




INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 23, 1997 


EUROPE 


Worms Bid 
Dropped 
By French 
Tycoon 


Bloomberg News 

PARIS — French business- 

man FnuKQis Pinauh dropped 

Woims & O?on 

Wednesday, opening die way for 
wo,™® companies to grab 
ahold of the French concern 
. JP *' ' withdrew a $4.8 

billion bid for Worms, a hold- 
ing company whose assets span 
insurance, shipping, sugar and 
paper, saying the company had 
become too expensive. That 
was after Ifil SpA, the holding 
- company of the Agnelli dynasty 
of Italy, acting with Assurances 
General es de France SA, 
France s third-] argest insurer, 
made a bid valuing Worms at 
$5.4 billion on the day it was 
made. 

In Paris, Worms shares fell 6 
francs ($1) to 501, and AGFs 
shares fell 5.80 to 318.90. In 
Milan, lfil’s shares rose 4 per- 
cent to 6,875 lire ($4). 

The French -Italian counter- 
offer for Worms triggered a 
hostile bid for AGF by As- 
sicurazioni Generali SpA,- 
Italy's largest insurer, which 
had been in negotiations to buy 
Worms’s insurance unit, 
Athena. The Generali bid 
caused AGF’s shares to rise, 
boosting the worth of the Ag- 
nelli bid for Worms, since part 
of it was based on a swap of 
AGF shares. 

The benefit given to the Ag- 
nelli bid by Generali raised 
speculation the Italians are 
working together to inveigle 
themselves into France, though 
Ifil denied it knew beforehand 
of the Generali bid. Ifil and 
AGF, which together with the 
Worms family already control 
49 percent of Worms, said 
Wednesday they would press 
ahead with their bid. 

“If the offer goes ahead as 
expected, then I can see no oth- 
er outcome but for them to take 
control of Worms." said Andre 
Charles, chief financial officer 
of Worms. 


The Mark’s Loss Is German Firms’ Gain 

Millennium Software Helps SAP VW and BMW Report Strong Sales 


WALLDORF, Germany * — SAP 
AG said Wednesday that third- 
quarter pretax profit rose a greater- 
than-expected 86 percent amid 
strong demand for its software pro- 
gram that helps companies avoid a 
year 2000 programming gl bcK 

Pretax profit in the three months 
ended SepL 30 rose to 251 million 
DM 15141.3 million) from 135 mil- 
Uon DM a year earlier, as sales rose 
82 percent to 1.417 billion. 

Like other German exporters, the 
company has benefited from a weak 
Deutsche mark, which has fallen 
about 16 percent against the dollar 
since the beg innin g of the year. 

The company, however, said it 
expected sales growth to slow in the 
fourth quarter, rising 50 percent for 
the full year if exchange rates re- 
main stable. 

Despite the sales warning, share 
prices of the world's largest maker of 
business management software rose 
4 percent, or 20.20 DM, to 500 DM. 

SAP’s earnings have risen 
strongly as businesses buy its R/3 
management software, which aside 
from managing finance, personnel 
and distribution, also accounts for the 
numerical change to the year 2000. 
Many computer programs are ex- 
pected to read the year 2000 as 1900, 


skewing calculations of everything 
from ages to benefits to loans, and 
need to be replaced to avoid the 
“millennium bomb.' 1 

The company also warned that 
the 1997 third-quarter performance 
contrasted with an especially weak 
quarter a year ago. 

Of the 86 percent increase in third- 
quarter pretax profit, 33 percentage 
points came from currency effects, 
the company Mid- SAP derives more 
than 30 percent of its revenue from 
sales to the United States. The com- 
pany said it was planning a U.S. stock 
market listing in the third quarter of 
1998. (Bloomberg, Reuters) 

■ Banks Expect Profit Rise 

Bayerische Vereinsbank AG and 
Bayerische Hypo the ken- & Wech- 
sel-Bank AG said they expected 
profit increases of around 15 percent 
for 1997, the last year before they 
complete their merger, Reuters re- 
ported. 

At a joint news conference, the 
bank said good market conditions 
and an economic recovery had helped 
lift the banks* nine-month earnings 
by 26 percent to 2.26 billion DM 
from a year ago, while total assets 
rose 6.3 percent to 787 billion DM 
confirming the merged bank's place 
among Europe's five biggest banks. 


C-*npdrdt? Our Suif FfimOuparto 

MUNICH — Volkswagen AG 
and Bayerische Motoren Werke AG 
reported better- than -expec t ed third- 
quarter sales Wednesday as the weak 
Deutsche mark increased demand in 
Asia and the United States. 

VW, Germany’s largest carmaker, 
said third-quarter vehicle sales rose 
6.8 percent to 1 .06 million units. 

Figures based on nine-month 
sales released by BMW, the coun- 
try’s third largest carmaker, showed 
that its third-quarter sales rose 1925 
percent, to 14.7 billion Deutsche 
marks ($83 billion). 

"It is very clear that the weak 
mark continues to support the Ger- 
man car industry,” said Georg 
Stuerzer. an analyst at Bayerische 
Vereinsbank AG. . 

German carmakers have been 
benefiting from currency-exchange 
'rates for the f irst time in two years as 
the Deutsche mark continues to 
weaken against the dollar, the pound 
and other currencies in the run up to 
European monetary union. That has 
made German cars cheaper to buy 
abroad and has lifted earnings. 

The mark was an average 16 per- 
cent weaker against the dollar in the 
third quarter of this year than ii was 
in the same period last year. 

Analysis said Daimler-Benz AG, 


Germany's second largest car- 
maker, has also profited from the 
weak mark, analysts said. Daimler 
will report sales on Tuesday. 

VW shares rose 3530' DM to 
1.184 and BMW shares climbed 20 
DM to 1,391 

VW said sales so far this year had 
been lifted by a 16.4 percent rise in 
Asian sales and a 10 percent rise in 
North American sales. 

BMW said unit sales in Germany, 
its largest market, rose 4.3 percent, 
slower than a 15.7 percent increase 
in U.S. sales and a 10 percent in- 
crease in Japan. (Bloomberg. AFP) 

■ New Cars Fuel Volvo’s Profit 

Volvo AB. a Swedish carmaker, 
said group operating profit more than 
doubled in the first nine months of 
1997 io 5.7S billion kronor (S751.3 
million), mainly because of a suc- 
cessful launch of new car models. 
Reuters reported from Stockholm. 

Volvo attributed unproved car 
sales to the 15 percent rise in group 
revenue to 130.95 billion kronor. 

But nonauiomotive activities 
dragged the Swedish carmaker's 
group pretax profit down 1 1 percent, 
the company said. Profit after fi- 
nancial items was 10.72 billion 
kronor, compared with 12.03 billion 
in the same 1996 period. 


Rise in French Output Points to a Rebound 


OmfOM by Omr Staff FrmDbpmha 

PARIS — French industrial out- 
put rose more strongly than expec- 
ted in July and August, reinforcing 
the view that economic growth is 
accelerating. 

The index of manufacturing out- 
put rose 3.8 percent in the combined 
months of July and August from 
June, the government said, as ail 
categories of manufacturing showed 
increases. The broader industrial 
production index, which includes 
the more volatile energy and food 
industries, rose 2.8 percent. 

Economists said the rise, com- 
bined with increases in household 
consumption , pointed to an upturn 
in economic growth in the latter half 
of 1997, but some said there were 
new danger signs for the economic 
outlook in the longer term. 

Erick Muller, economist at Union 
Bank of Switzerland, said the strong 


‘pro vi i 

bust base for the near future'’ on 
economic growth. 

But Philippe Brassard, an econ- 
omist ar ABN -AMRO, sounded a 
note of caution. “It's good news 
short term but there may be a risk of 
the recovery being eroded as we go 
into 1998." be said. “All the con- 
ditions for a rebound are gradually 
eroding — the dollar went down, 
interest rates have turned up, the 
Asia crisis could hurt growth wider 
in the world, and now we have the. 
debate over the 35 hours. ’’ 

The government's official fore- 
cast is for 2.3 percent growth in 
gross domestic product in 1997 and 
for a 3 percent rise next year. 

The Socialist prime minister. Li- 
onel Jospin, said after a meeting 
with unions and employers on Oct. 
10 that the government planned leg- 
islation that would reduce die legal 


working week to 35 from 39 hours 
by the year 2000. 

The plan is pan of a drive ro tackle 
12.5 percent unemployment, which 
has been declared the top priority of 
the government since it swept to 
power in June after an early election 
drove out the center-right. 

Separately, the government 
vowed to help small companies cre- 
ate jobs in a bid to win back the 
confidence of entrepreneurs irked by 
its plans to cut the work week. 

With a package of 55 proposals, 
the government would ease bureau- 
cratic rules by reducing the time 
needed to set up a company and 
contracting the issuance of pay slips 
to a government agency. 

Finance Minister Dominique 
Strauss-Kahn said the package 
would cost a billion francs ($1673 
million) and said the return on the 
“investment" for the economy as a 




Frankfurt 

OAX 

London Paris 

FTSE 100 Index CAC40 

1 

1 

' 4500 — 

- • 5500- -• 

3250 

1 

j 

4300 A 

A- 52S0 

--P 3 ™ A, 

A 

4100 — -P 

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V ® J* 


3900 - J 

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mj 

V I 

3700 Jr 

4 x 0 r-- 

- •• 2650’ y 

1 

“mjj-aso 

IBB? 1997 

A S O J J 

1997 

A S O 

Exchange ■' 

tndax 

Wednesday Prev. 
Close Close 

% 

Change 

Amsterdam 

A EX- 

915.47 922.52 

-0.76 

Brussels 

BEL-20 

2^91^9 2,401.02 

-0.38 

Frankfurt 

DAX. 

4,171.45 4,139.50 

+0.77 

Copenhagen 

Stock Market 

G6D.98 656.35 

+0.71 

Helsinki 

HEX General 

3,830^1 3.890^9 

+0.01 1 

Oslo 

OBX 

747J3 75110 

-0.50 

London 

FTSE 100 

5,148^0 5.225.90 

-1.46 

Madrid 

Stock Exchange 

599.42 602.00 

-0.43 

Milan 

MIBTEL 

15,997 JX) 16023 

-0.16 

Paris 

CAC40 

2^56.06 2,989.89 

-1.06 

Stockholm 

SX IB 

3,451.38 3,467.36 

-0.46 

Vienna 

ATX 

1,418.02 1 ,425.27 

-0.5T 

Zurich 

SPI 

3,708J66 3,738.01 

-0.79 


Source: Tefekurs 


Inuvnjn.nvil II.-, jU Tiihua. 


Very briefly: 


es 


whole would be “at least 10 times 
larger.” He said part of the package 
was already funded in the 1998 
budget. (Reuters. Bloomhergi 

■ EU Monetary Policy 

It is “essential" that European 
central banks coordinate more 
closely on interest-rate policy before 
a common currency is launched Jan. 
1, 1999. Wim Duisenberg, president 
of the European Monetary Institute 
said, Bloomberg News reported. 

Mr. Duisenberg. widely tipped as 
the first head of the future European 
central bank, which will succeed the 
institute, said it was critical “that a 
high degree of monetary policy co- 
ordination is established" before 
the euro is introduced. 

The rate increases in several 
European Union countries two 
weeks ago “is an example of such 
coordination," he said. 


Germany's cartel officials asked the European Union for 
emission to separately review Pmissag AG's planned 2.S 
iilion Deutsche mark ($1.58 billion) acquisition of Hapag- 
Lloyd AG, a shipping company. and Hapag-Lloyd’s purchase 
of a' majority stake in TUI, a travel agency. 

• Mata v Rt„ Hungary \s national phone company, said it hoped 
to raise as much os SI. 2 billion in its initial public offering. 

■ Poly Gram NV, a music and entertainment group, said us 
third-quarter net profit rose 21.4 percent, to 85 million guild- 
ers ($42.2 million), buoyed by strong music releases. 

• Britain’s retail sales fell 1.9 percent in September, the Office 
for National Statistics said. It said the death and funeral of 
Diana. Princess of Wales, and unseasonably warm weather had 
contributed to the drop, the biggest in six year*. 

• GMG Brands PLC, the drinks company that is to result 
from the S37.3 billion merger of Grand Metropolitan PLC 
arid Guinness PLC. will keep a majority of its spirits- 
distribution operations in major markets out of a venture that 
Guinness has with LVMH Moet Hennessy Louis Vuittoa 
SA of France, Guinness officials said. BUmiben!. Reuter %. ,uv 


Virgin Express Plans to List Shares! 

Reuters 

BRUSSELS — Virgin Express, the regional airline owned 
by Richard Branson, said Wednesday it planned to raise 
* 'roughly" $ 100 million by selling shares for the first lime on 
the U.S. Nasdaq market and in Brussels. 

The airline's chief executive. Jonathan Omsiein. said Vir- 
gin Express, which was launched in April 1996 after Mr. 
Branson bought 90 percent of EuroBelgian Airlines, was 
"nicely profitable." He declined io give specific figures but 
said “things are going better than we thought." He said Mr: 
Branson would not sell any of his own shares in the issue. 


WORLD STOCK MARKETS 


Wetaesday. Oct. 22 

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975 

950 

975 

£95 

BJ0 

870 

9 

142 

132 

137 

139 

370 

X12 

XI6 

370 

£7C 

£40 

£50 

£75 

2550 

2650 

25 

25 

5J0 

£15 

570 

£70 

97S 

£95 

975 

9X0 

£50 

7X5 

7.90 

£50 

1070 

950 

950 

1CL10 

+08 

X96 

+04 

+10 


London 

Abbey Hurt 
AKNtDameeq 
AogBrai Water 

AsSoGmup 
Assoc Br Foods 
BAA 
todays 


FT-SElBCfc 514850 
PlSViOil . 522590 


Helsinki 


SET iodecSllJ* 
Porriovu 50754 
240 
136 
19.75 
400 
520 
95 
WJB 
50 

__ 103 

97 9350 



HEXGwnlUKWUI 
Pravtow J8M49 

5840 5830 58J0 5850 
218 716.® 218 217 

SI Mi 56 57 5750 

78 7650 77 JO 76 
2750 26.90 2490 UM 



Cadbury Sdtw 
Caritoo Cornu 


Hong Kong 


essa. 

Cathay PacSHc 
Cheung K«to 
OClnfrostnia 

CtU'5 l 


Bk 


740 

24 

9 

66 

1850 

3850 

H 

A.T0 


_ 

sasgsr “« 

HeSeraonfw 

HK Electric 
HSTeteamun 

Bag®* 5 

Kutt*S"Wh 


750 

5! 

15 

2750 

1575 

12S 


ssas 


Shun' 
SHwJjndCb.. 

HhCMnoftBt 
Sato PoeA 
Wharf H 6gs 
Whet*** 


5950 

1950 

S® 

120 

070 

7475 

455 

475 

440 

5050 

W-M 

1110 


Haag Sang: 1163777 

650 750 740 

2240 2245 24 

855 B5S 855 

58 58 66 

17J» 7770 1840 
3640 3660 
32JO 3270 3540 
2140 2140 25.® 
540 5-95 £95 

12.10 1240 1250 
7S50 7575 81 

645 44S 7.M 

4650 46« ffl 
1375 1450 1470 
2430 27 JK 27.15 
13.95 1445 1460 
2J3 2.95 120 

216 218 223 

5450 54» 59.75 
1755 17J0 1955 
19 19 20.10 

J5.§« 15-90 1*5S 

W,S 2 125 

•S 66W 

475 475 440 

6 6 £35 

£10 *2 540 

4670 4£M 5050 
1870 19.15 2220 
1140 1140 1340 



952 
£19 
B73 
£70 
1-57 
5.V4 
559 
1455 
£50 
£95 
548 
388 
1175 
£90 
346 
1775 
650 
278 
487 
944 
459 
1.76 
483 
241 
1172 
174 
£27 
£33 
575 
9JH 
£94 
376 
7. 1C 
495 
£93 
439 
7.15 
153 
1175 
420 
1416 


950 9.92 

£10 £18 
£07 8.17 

449 655 

•155 156 

490 498 

£81 £92 

1555 1679 
826 845 

£75 £» 

£35 £39 

£65 380 

1085 11.18 
853 877 

342 342 

1455 J6J5 
678 634 

270 2.77 

£61 £71 

9.10 939 

444 449 

170 171 

464 480 

276 233 

1050 10.90 
132 133 

485 £05 

£18 £24 

£12 £35 

a.M sun 

687 491 

372 124 

7-03 7JU 
490 491 

£80 S.S3 
435 438 

497 7.14 

180 181 
ItUB 1172 
407 414 

1350 1413 
1290 1117 


980 

£18 

870 

465 

155 

5J7 

£90 

1674 

888 

£90 

539 

376 

1179 

886 

347 

1490 

679 

277 

470 

930 

455 

175 

480 

239 

1186 

133 

£15 

£29 

£12 

982 


Madrid 

Aceriow 

ACESA 

Agoas Banxtan 

AmanfcrtJ 

BHV 

Banesln 

Bortdnter 
6 gq Centre Hlsp 
BcaPcewlBr 
Bo» Santander 
CEPSA 
Combufito 

Gaijtoirfie 

FECSA 

GtttMtrfw ti 

UrtnWata 

Piyra 
iwhi „ 

Sevilmia Elec 
Toboadem 

Union Ferrara 

VUenc Cement 



Bobo JratoK 599X2 


PrertMH: 402X0 

26700 

26020 

26160 

26200 

187S 

1820 

1B2Q 

1850 

6)30 

6020 

6080 

6020 

8550 

8410 

8420 

8450 

4575 

4420 

4470 

4490 

1445 

1420 

1420 

1440 

8100 

7880 

7980 

7930 

2930 

3890 

2900 

2900 

8890 

8580 

8650 

8630 

4715 

4590 

<6610 

4595 

4603 

4475 

4M 

4520 

2959 

2865 

2935 

2875 

8050 

7700 

7900 

7970 

2790 

2725 

2735 

2720 

1205 

1175 

1180 

1195 

7330 

7100 

7120 

7200 

1808 

1760 

1795 

1780 

2575 

2475 

2475 

2540 

/MTi 

£57® 

6680 

6440 

1360 

1335 

1335 

1355 

1I10D 

10510 

10700 

105W 

4425 

4335 

4350 

4410 

1440 

1395 

1410 

1405 

2855 

2825 

2845 

2845 


Manila 


PSEoHtac 192857 



Previsra: 1993X9 


14 

13 

13 

1X75 


1+25 

1175 

1375 

15 

BfcPhBptal 

100 

9B5U 

9950 

103 

CiPHonsra 

3X5 

XI5 

125 

:txu 

Monte EtecA 

73 

72 

72 

73 


28750 27750 28250 

290 


+45 

440 

4X0 

4X5 

Pa Bar*. 

143 

140 

141 

143 

PhflLongDtat 

935 

9)0 

910 

930 

SrmMtaittiB 

50 

4V 

49 

Ml 

SMPrtneHdg 

£70 

£40 

£50 

£tt) 


Mexico 


Jakarta 

Aste Wt 
BKWlUtion 
PkNewp 
Gudongugm 

indocobetit 

Motaod 

todotft 

sompog" 

Semen Grttifc 

TeWarrowAiw 


^rwrteot!5l4J7 

2475 2375 2400 2C5 

800 775 BOB »0 

800 750 7® 

9» 91® ^ ^ 
2050 1950 ^ ^ 

^ ^ ms 

0950 8900 WK BW5 

59 75 6850 6000 

1(75 3250 3350 3375 

3550 3450 3450 3550 


LuanVotty 
MataSpeocer 

Nail Power 

NtiWBtf 

Nad 

Norwich Union 
(tenge 
P&O 
Pearmn 


£75 

£50 

849 

479 

6 

£21 

135 

370 

372 

3-70 

X61 

347 

£38 

£03 

£13 

7X8 

6X7 

7X1 

774 

7 

771 

17.7® 

95 9 

1640 

9X9 

'S 

192 

3X6 

3X8 

£50 

£22 

■ t'1 

3X9 

£96 

■III 

1028 

10 

10-18 

2X2 

242 

278 

£17 

mi 

£10 

7.58 

742 

774 

270 

109 

270 

£50 

£05 

-£34 

£18 

in 

*11 


pnvtaM: 65675 

640 468 

379 361 

w ’SSsS 

SwiSS Johannesburg “JJjSEmK 

174 182 IfS 

309 815 810 

M7 768 no 
1090 iOg 
3S0 350 350» 

S ^ *52 

479 482 473 


Premier Fume! 

PnrtBtiti 

IMtmdcGp 

Rn* Group 

RecUBCDIm 

Oedknd 

Reed Ml 

HontoMIrtital 

ReutreHdBs 

(team 

RTZreg 

RWCGmup 


ABSAGieu^ 


Frankfurt 

4MB B 1 

AiOdei 

SK"* SS 

asr ss 

Sg!»X£L.Si 

teyer 
Btienuterf 
bewng 
BMW 

CLAGCstanta 
Ca miu enh nm ^ 
DtirotaTBew '¥-5 
Drgu»aa 99-50 


6980 

«■« 

4150 

1410 


3950 

8450 

4450 

6450 

1*8 

080 

6350 

80 

3450 

81 


ArvoAraLw 

Kte 

8S& 

wSbbil 

Genixr 

ta^cdHdgs 

ingweCeal 

jS***lgf 

LBwtyHte 

UbUta Stet 
MOWTOB 

NngtiJ* 

Bdiemurt 


11 

5380 

2480 

145 


34 3270 3115 SUJ 
28240 Ml 2S40 2g 

5B 1 is •£ ,M S 

"i B B 

3S 'k '*1 m 

’ll si 'll H 

J B & | » 
irJ’H’l 

1 iH 1» 103 TOU0 

,!K8 noS 'W 

B ss ss 


“IB®. 


& Sun AS 


Swal&S 
Safeway 
S tintiMy 
Schroders 
SatNewaisfle 
Sent Power 
Seomenr 
Severn Trwt 
SMtTranapfi 
Sehe 

SioHH Nephew 
S ntihOne 
SHtihitei 
SlheniEM 

shBMwg* 

i ChalCf 
.. tLyta 
Teen 

Thome* Wrier 

3t Group 

TlGroop 

Twtttta 

Urtever 

utdAnunnee 

UWSew 


14 

1% 

£56 

9.97 

750 

160 

255 

7-43 

STB 

184 

755 

£09 

7 

9.90 

3* 

10 

144 

6u30 

2J0 

378 

943 

980 

243 

787 

£36 

486 
450 

1989 

786 

465 

193 

972 

465 

1280 

188 

£20 

940 

478 

IX 

773 

487 
487 

9.10 
570 
672 
341 

4.91 
583 

8.10 


257 
£10 
955 
770 

350 

“f 8 

870 875 
U1 143 
785 745 

5 . 505 

£79 £99 
950 >.945 
135 340 

878 987 

387 338 

6 678 

257 157 

778 741 

381 381 

986 956 

juo m 

273 282 
673 m 
681 £2B 
385 193 
476 479 
1851 1979 
£98 78S 

445 455 
250 271 
9.10 974 

1 



280 

£12 

780 
2.16 
643 
£16 

14 

296 

549 

975 

747 

349 

251 

779 

870 

143 

750 

£05 

£84 

977 

3J7 

988 

344 

£3Z 

243 

788 

342 

958 

972 

285 

781 
£31 

485 

486 
1980 
781 
466 
271 
980 


Montreal 

BeeMohCem 
Unite A 
Unite A 
CTfirrfSwr 
Caz Metro 
Gt-WesiLSeoo 
hnflsco 
Investor! Grp 

JfaaBkCmotta 

Ouebecof B 
Rogers Comm B 
RotPtUCdP 


tetataWslMlee 35)355 
Pieelan: 357843 


4670 

46X5 

4645 

47 

30M 

30 

3W4 

29X5 

39X5 

39X5 

39X5 

39M 

45)9 

4&» 

45U 

45 

1840 

1BXS 

1840 

1855 

3216 

3214 

3214 

3te 

46.10 

4195 

44.10 

4£05 

4314 

4X10 

4X10 

43V4 

aw 

2045 

2tW 

2075 

20 

1W 

19.95 

19X5 

4195 

4414 

44X0 

4514 

44 

4314 

4X70 

4X15 

3QJ0 

29.90 

30 

XU0 

W* 

8X5 

9 

9 

7370 

7265 

7X70 

71)0 


Paris 


CAC-40: 295884 
' PiHta ie altJ 


Accor 

AGF 

AJrLiqokle 

AtcttriAbth 

Am-UAP 

Barwohe 

BIC 

Slip 

Corral Ptos 
Cwrefour 
Casino 

CCF 

Cnfctem 
Ovtstton Otar 
CLF-Oena Fren 
Credit Agrioaie 
Danone 
Elf^Aquittirw 
EriihntoBS 


Fronee Telecom 

Gen. Etna 

Havas 

/metal 

Lafarge 


L< 

LVMH 
MtahalnB 
PtnltKB A 
Pernod Beard 
Peugeot CH 
Ptaoutl-Prlnt 
Proraades 
fejKWit 
•teud 

Rh. Poulenc A 
Sonofl 

nr" 

5C5Tbooi5un 
SteGenende 
Sodetara 
SlGobaln 
Sum (de) 

Suez Lyon Ea uk 


CSF 


Befeafedn SI9841 
PlIViBUSJ S34948 

70.10 7040 7240 
2370 2375 23JB3 
3840 38.90 3945 
1680 1684 l £40 
4070 40.70 4040 
4150 6150 6170 
134 381 343 

3445 3445 3AH0 

4oj» nun mm 

151.90 15350 15180 
3045 2050 20.70 


Total B 
Uskw 
Vttteo 


1130 

324 
965 
819 

41270 

794 
42340 

325 
1081 
3510 

34280 

36970 

660 

728 

600 

1311 

932 

795 
889 

8 
585 
21370 
715 
412 
679 
41 £80 
1180 
2285 
1125 
359 
47050 
29470 
801 
Z7S6 
2056 
175 
1655 
269-50 
535 
37680 
737 

933 
2955 

901 

1495 

644 

6B4 

18® 

676 

11940 

41090 


1)01 1119 

3)850 318.90 
945 952 

802 B02 

4®70 40850 
781 781 

11080 41080 
318 320.10 
1036 1036 
3373 3381 
33780 33B 

36070 362 

647 647 

697 697 

591 595 

1311 1311 

905 905 

778 779 

860 865 

750 7.90 

540 545 

209.70 21080 
685 686 

40050 40W 

665 665 

<U270 406 

1136 1142 

2200 7201 
1097 1108 
35170 356.70 
461 463.40 

786.10 787 

7B3 783 

2661 2688 
2010 2019 

16840 17250 
1628 1640 

256 256 

S'** 

170 36140 
715 724 

48780 49390 
915 970 

2905 2921 

882 884 

1495 1495 
622 624 

666 671 

176.10 178.80 

653 654 

11680 11650 
38US! 101 


35970 


1094 

32470 

956 

8M 

40950 

784 

41£90 

31480 

1068 

3465 

34£70 

36640 

654 

722 

595 

1317 

915 

781 

883 

7.95 

£85 

210 

701 

10550 

674 

109 

1179 

2259 

1115 

351 

466 

294 

774 

2730 

204® 

172 

1623 

26340 

528 

376 

713 

478 

176 

2945 

892 

15 

637 

678 

179 

662 

118 

386 


Sao Paulo Borespa ledec 1293248 
Previous: 138157* 


BmdescoPtd 
Brahma PH 



Seoul 

Dacom , 
Daewoo Heavy 

H^ndtiEng- 

Korea HI Pwr 
Korea Eh* Bk 
LGSemjcon _ 
Potwag Iron St 
Samsung Dfetey 
5amsunqElec 
StnhanBanL 
SK Telecom 


CmpsiiteteiKMiz) 
PieVHKs 56675 

65800 61000 65800 61000 
5850 5550 5850 SO® 

17100 16400 17100 1S»B 
7450 7450 7450 69(® 

1B900 18000 18W 1800® 
4860 4550 4840 4HB 
37000 25400 26300 25009 
55500 51600 55500 51400 
13500 4Q600 43500 42000 
60200 StOOO 60200 55800 
7560 7700 7560 MB 
440000 410500 44)000 410000 


Singapore 


Astb Pec Brew 
CerehuPoc 
CTyDevfe 
CydcCumcoe 
□airy Form erf' 
DBS foreign 
OSS Lena 
Fraser A Neave 
UK Land' 
ted Mathesn ■ 
Janl 5lrateqic ■ 

s-ia 


Oslo 


OBXledae 74172 
PlCTfoOK 731.18 


0’S Unton L.. 
PataeayHtfS 
Sembowang. 
SJtlflAhfOIfi^l 
StagLand _ 
Sing Press F 
Sing Ted! ifld 
SSneTeforamm 
TatTjBBBnnk 
Utdindustfat 
UtdOSeoBKF 
llWHdgs 
Skills. rfaUnrs. 



5 

+90 

+92 

£05 

+56 

+36 

4X6 

+50 

7X0 

7X0 

755 

7X0 

775 

7X0 

750 

750 

094 

£90 

0.94 

0X3 

16 

15X0 

16 

1£90 

102 

2.77 

27V 

3X7 

B.1Q 

7.95 

£10 

8 

197 

2X9 

253 

2.75 

6X5 

£65 

570 

6X5 

166 

158 

■160 

364 

£40 

£15 

560 

£45 

3 

174 

2X0 

104 

474 

452 

452 

+82 

104 

2X2 

2X6 

3J-3 

10 

970 

970 

10X0 

£20 

5X0 

5X0 

£30 

£30 

+86 

4X8 

SX0 

555 

570 

£55 

555 

11.10 

1050 

10X0 

11.10 

£90 

5.10 

£10 

5X0 

2X10 

21X0 

21X0 

2150 

279 

37 a 

774 

279 

248 

2X2 

2X5 

2X0 

270 

2X2 

2+3 

271 

0.92 

0X7 

0X7 

0.92 

1070 

1£10 

10.10 

1070 

169 

2X8 

253 

270 


Stockholm 


477 *SB £g 
776 . £06 8.01 


5X 16 teh* 245171 
PrevtaU): 346776 

119 113 11 550 11| 

99 95 96 9750 

745 243 243 243 

130 174 125 128 


Adas Cbpcn A 
Autoliv 

-Etachohflc B- - 
ErkssanB 
HeraiesB 
Incenttre A 
Investor B 
AtoDoB 
Nontbanken 
Phnrm/Uptawi 
SandvftB 
Scania B 
SCAB 

S-E Banken A 
SkandtaFan 
StanitaB 
SKFB 

Spojbonten A 
SfcraA 
SvMandelsA 
Voire B 


24850 

324 

—.60 

378 

217 

700 

386 

271 

257 

263 

259 

227-50 

18350 

91 

383 

317 

227 

17850 

126 

25350 

22550 


242 242 

307 31050 
- 660- "665 
372 374 

306 30650 
694 694 

38050 383 

26450 271 

253 25350 
259 261 

245 248 

21 750 219 

177 17850 
8850 B050 
374 374 

302 30350 
215. 216 
17350 176 

12350 124 

241 242 

22150 222 


247 

320 

_ -635. 
■ 368 
31250 
699 
380 
265 
25550 
262 
255 
220 
180 
9050 
37350 
302 
22450 
176 
12150 
25050 
27150 


Sydney 


AIQnflaaries; 2682X0 
Pietiaw: 26WJO 


8X4 

7.91 

7.93 

7.96 

ANZBUng 

11.12 

1056 

10X6 

11X9 

BHP 

1573 

1+77 

1+88 

16X6 

Borol 

4.16 

+07 

+15 

410 

BrontWes Ind. 

2875 

26,90 

27X0 

26X6 

CBA 

16X0 

1655 

16X3 

16X0 

CC Anvil 

12X0 

12X7 

1270 

1113 

Cotas Myer 

770 

7 

7.14 

£95 


+49 

477 

+40 

6X6 

GSR 

5X4 

+?■> 

572 

5X3 


279 

176 

2.79 

276 

GoottmmHd 

272 

275 

272 

275 

tO Australia 

1X54 

1275 

1271 

1250 



3079 

3372 

30X0 

MIMHdu 

Nat Ansi Bra* 

1.62 

155 

156 

1X1 

2150 

20X9 

2177 

2077 

Nat Mutual Hdg 

2X6 

235 

2X3 

279 

NcwsCorp 

7 

6X5 

£96 

£73 


378 

A61 

3.W 

3X0 


+21 

413 

+14 

+16 

Pub Broadmsl 

£65 

872 

8,64 

£21 

RtaThita 

2070 

19X9 

2072 

1V.W 

SGearyeBank 

£60 

£37 

£59 

£34 

WMC 

5.91 

£82 

£86 

6X6 

Westpac Bklng 
WaodtodePri 

8.98 

12X2 

8X8 

1250 

8X2 

1275 

£70 

12X7 

Wootarerths 

4X2 

4X6 

+88 

+66 

Taipei 

Stack Market tadtac 7«92X7 
Pretiam: 7734X5 

Cathay Lite fas 

1X50 

12050 

128 12250 

Chang HwaBk 
Chtoo Tung Bk 

98 

9150 

97 

92 

66 

£250 

66 

6350 

C'-r.ia DcueTpml 

B6 

81 

86 

BD50 

Chirra sted 

25X0 

UM 

74X0 

25.10 

First Bank 

W 

9150 

99 

93 


5450 

52 

S3 

55 


100 

94 

100 

9350 


57 

S3 

56 

5350 

NanYliPtosfia 

5650 

54 

55 

St 

Shin Kang Ufo 

82 

77 

82 

77 

Tahren Sant 

13150 

120 

122 12+50 

Tarung 

Utd Micro Elec 

3250 

3150 

3270 

32X0 

6650 

. 61 

6650 

6550 

UtdWaridCtin 

5750 

5X50 

6650 

5450 


Tokyo 

rtfStapon Air 

Amway 

Asare Bank 

AMhiChan 

AsaMGtass 

BkTetcyoMitsri 

Bit Yokohama 

Bridgestone 

Canon 

OiufauBet 

□HHOkuEUC 

DoiStopPrW 

Dotoi 

Dnt-ldil Kong 
DotwaBonk 
Da two House 
DahrtSec 
DO I 
Dtaiu 

Etui JatwnRy 
Ebai 
Fqnuc 
Fi» Bank 
^ Photo 


Hodi|uriBk 

Hdodil 

Honda Motor 

(BJ 

IHI 

Itocnu 

Ho-Yofcado 

JftL , 

JOpon Toftocto 
Jutcn 
KnTima„ 
Kami Elec 
Kaa 

KmrosaldHvy 
Kowa Steel 
KJnU NippRy 
KfamBteway 
Kobe Steel 
Komatsu 
Kubota 
Kyocera 
Kyushu Hee 
LTCB 
Marubeni 
Morel 

Matsu Gomm 

Mahal Elec bid 

Matsu Elec Wk 

Mitsubishi 

MSnbtaMQi 

MtaubUdEI 

MbufaUifEst 

MasubUrtHvy 

Mitsubishi Mot 

MflwbfcWTr 

Mttstri 


1050 

588 

3550 

701 

560 

875 

1870 

540 

3000 

3290 

2040 

1900 

2650 

6M 

ma 

502 

1170 

758 

4830a 

2950 

5840a 

1950 

5090 

1260 

5050 

1470 

1190 

1060 

4490 

1370 

286 

442 

6490 

425 

9710a 

2750 

579 

2070 

1790 

362 

235 

678 

1070 

150 

723 

420 

7700 

I960 

188 

405 

2150 

4200 

2360 

1240 

1140 

270 

45a 

1740 

674 

S65 

1780 

987 


titeft 2ZS: 1768741 
P retinas: 1721079 

1030 1050 1030 

581 686 581 

3530 3550 3550 

687 700 670 

530 SM 515 
855 875 860 

1820 1840 1850 

529 5*8 527 

2960 2990 2970 

3220 3270 3130 

1980 2030 1980 

1870 1900 18e» 
2560 2620 259) 
590 59! 575 

1090 11W 1120 

475 its -1'r.j 

1130 1170 1130 

743 750 740 

4760a 17900 mim 
2910 2930 2910 
5790a 5B40o 5780a 
1930 1933} 1930 

1930 5010 4950 

1210 1210 1250 

MOO 5030 5050 

1440 mu um 
1170 1IB0 1170 
1030 1050 IDA 
4380 1380 4140 

1330 13611 1350 

256 286 258 

426 435 443 

6440 6490 6410 

414 422 414 

9600a 9700a 9520a 
2650 2740 2710 
S5B 579 551 

2020 2070 2010 

1750 1780 1770 
356 357 

220 234 

667 678 

1030 1070 1020 
137 147 133 

705 718 

407 4JB ... 
7420 7700 7410 

1890 1950 IBM 

476 485 482 

386 395 384 

2110 2150 2110 
4040 4080 4010 
2230 2250 2230 
1 190 1230 1190 
1120 1130 1130 

258 264 256 

435 456 431 

1700 1700 1750 
652 674 660 

558 564 553 

1740 1780 1750 
963 987 963 


356 

215 

668 


704 

406 


The Trib Index 

Pftaes as ol 3 00 PM New York time, j 

Jm 1.1992*100. 

Loyal 

Change 

% change 

yea- to data 
% change 
+17.65 

"WbrtaTnUo* 1 ^ 

^335.46 

•1.04 

■4J.59 

Ragfonnf trirtexes 

Asia/Pacific 

111.00 

-1.43 

-1.27 

-10.07 

Europe 

192.14 

-1.67 

-0.86 

+19.19 

N. America 

210.91 

+0.02 

+0.01 

+30.26 

S. America 

Industrial Indexes 

181.06 

-0.78 

-0.43 

+58.23 

Capital goods 

222.13 

-1.37 

-0.61 

+29.96 ; 

Consumer goods 

197.02 

-0.39 

-0.20 

+22.05 

Energy 

206.32 

-1.85 

-0.89 

+20.86 

Finance 

126.57 

•1.56 

-122 

+8.68 

Miscellaneous 

176.06 

•3.91 

-2.17 

+8.83 

Flaw Materials 

181.66 

+0.85 

+0.47 

+3.58 

Service 

170.01 

-0.84 

-0.49 

+2381 

Utilities 

172.01 

+2.05 

+1.21 

+19.90 

The tniemotionaJ Herald Tribune World Stock toOexiP tracks the US. OoOar values ol 

280 Intemavonalfy owes taHe stocks from 25 countries. For more mfomtauan. a tree 
booktet Is available by wiring to 77w Tri& Index. : at Avenue Crta-les dp Gaulle. 

92521 NeuOyCeckn. France 


CompUeff by Bloomberg News. ] 

High 

Low Close Prev. 


High Low 

Ciaia Pre+ 


MisuIFudau) 
MtetiTrosI 
MurataMfg 
NEC 
Klipn 
NtakoSec 
Nintendo 
Nlpp Enress 
Nipponufl 
Nippon Steel 
Nissan Malar 
NKK 

Naraarasec 

NTT Dan 
Ofi Paper 
Osaka Gas 
Ricoh 
Rohm 
SaKirta 8*. 

Sankyo 
San wo Bar* 

Sanyo Elec 
Secern 

Sctau Rwy 
SetasuiChan 
SeUsui House 
Sm-Elm 

Share 

ShSuku EIPwr 1890 
SMnliu 
ShinHrtuiOi 
Shbetaa 
ShltuohaBk 
Sotlbar* 

Sony 

Sumitomo 
Sumitomo Bk 
SumSOiem 
SumBomo Etoc 
SutnliMfKd 
Swtti Trust 
TahhoPhann 
TakedaOtatn 
TDK 

Tohaku El Pwr 
Total Bank 
ToUa Marine 
Tokyo El Pwr 
Tokyo Electron 
Tokyo Ges 
TokyuCnp. 

Tonon 

Tod pan Pn™ 

Totpylnd 


1600 

1580 

1590 

1600 

Newbridge Nel 
Moran dalitc 

84 

81 Ur 

82.10 

488 

470 

48J 

470 

27-30 

?£« 

77 05 

5540 

5640 

SS4U 

6400 

Nofffin Enenjy 

33X0 

33X0 

3160 

1480 

1450 

1460 

14# 

Nthpm Teieami 

MOL 

13+30 

136'.? 

1740 

1700 

17X0 

1660 

Neva 

11.90 

11.70 

im 

497 

485 

496 

484 


36 

3510 

36 

11600 

11680 

1160U 

11200 

Panata Pedro 

2510 

2490 

2+95 

498 

6*6 

690 

US 


27>. 

2740 

2770 

616 

496 

507 

500 

PlotwrDorae 

34'j 

26.10 

25.90 

m 

‘Hi 

J74 

26) 

PocoPeflm 

1140 

1190 

1370 

656 

641 

649 

636 

PotoshSask 

»V. 

11675 

171 

18? 

169 

18? 

164 

Renaissance 

33X0 

33.10 

XL 10 

1660 

1680 

16UU 

1610 

Rio Alsam 

28X5 

2840 

28X6 

1130b 

HUlh 

1130b 

1110b 


13!? 

J3i- 

23'? 

6000b 

5H706 

5960b 

6020b 

SeaptarnCo 

SMUaA 

5270 

51 

51.70 

W 

60/ 

477 

60S 

77.65 

2+55 

27 

7B0 

264 

280 

263 


51*+ 

50 Jo 

50X5 

1760 

1690 

1/10 

1690 

Ta8sman Eny 

514 

saio 

51 

13400 

13300 

13300 

13300 

TeekB 

28 

2+95 

27^ 

555 

64? 

550 

646 

Tetagwbe 

50' , 

49 

49X0 

4140 

4U4D 

4140 

4020 


m£5 

28.45 

28X0 

1380 

1340 

13*0 

1330 

Thomuin 

3490 

34W 

3+tO 

476 

409 

424 

JOS 

TorOaai Bank 

51 'j 

49.70 

51 

8500 

HOT 

fMffil 

8630 

TraiaoBa 

1946 

19.15 

19.15 

4800 

4600 

4800 

4600 

TiorisCda Pipe 

2740 

27.10 

77.16 

900 

875 

900 

879 

Tnmofk Fhil 

78 

77 

7/80 

1040 

1020 

1030 

ino 

TrUec Hotn 

37.10 

3+36 

37.10 

I-A'l 

l£S 

9360 

9330 

TVXGato 

740 

7.15 

7'j 

■fail 

1020 

1000 

WeOcnast Enr 

28.95 

28.70 

28-70 

1890 

1850 

IBM 

1830 

Weston 

104 

105 

106 


35M 

25 

27» 

25W 

13 

16.70 

3335 

28 >4 
23 s 
sa90 
77*5 
SO. 90 
SI 35 
26* 
5055 

30ti6 

35 

sty. 

1930 

27^0 

77!j 

3630 

730 


Tastem 
Toyo Trust 

Toyota Motor 
YamanouChl 

xumbxIMi 


584 

3210 

1770 

1290 

3960 

113D0 

909 

1630 

446 

1740 

294 

1140 

32B0 

3S00 

10JTO 

1941 

842 

1400 

2280 

7710 

254 

530 

970 

1640 

703 

594 

1870 

1000 

3860 

3220 


550 583 

3140 3180 

1760 1770 

1260 1780 

3510 3900 

11000 11300 
861 907 

1S90 lelO 
431 447 

1720 1730 
269 270 

1110 1120 
3250 3260 

3530 3590 

JCHOO IWOO 
1889 1930 

82V 841 

1380 1390 
2190 2260 
7560 7560 

26? 275 

587 53® 

935 966 

1590 1630 

675 699 

582 593 

1810 1060 
970 1000 
3740 3800 

3160 3210 


SSI 

3130 

1760 

1270 

3460 

uiaa 

863 

1620 

429 

1750 

269 

1120 

3230 

1570 

rorai 

1870 

830 

1380 

2180 

7370 

261 

507 

965 

1580 

664 

580 

1800 

968 

3S20 

3160 


Vienna 

BocMcr-Udden 

CretitamtPfd 

EA-Generali 

EVN 

F^nnlaiWton 

OesiEWdni 
V A Statu 
VATeth 
Wlenetberg Bou 


ATX index: 141872 
Pietioos: 142577 

10701030.10 10351054.90 
77Z40 754 7B4 757 

3195 3131 3131 3150 

1514 147650 1485 1406 

519 513 51350 516 

1948 1800 1891 1900 

928 923.10 92S 92110 

SW 586 589.75 58220 
25102412.40 2416 2470 

2592 2534.70 2540 2573 


Wellington NzsE-40ioaac2as. 

Prevtam: 25993 


Toronto 

AbttMCans. 
ABterta Energy 
Alcan Atom 
Anderson EjkH 
Bk Montreal 
BkNMScatta 
BontatGoW 

BCE 

BCTeiecamcn 
BradiemPhann 
BofitenEef B 
Cornea 

asc 

CrtnNMIRol 

CdnNtdRes 

CdnOctidPet 

COn Pacific 

Comina 

Gotasco 

Damte 

DaratweA 

Du Port Ota A 

ErtparSrnscan 

EuroNevMng 

Fairfax Fin] 

Fateonbridne 

Retdwr ChaB A 

Fionas Nonda 

GuttGdaRts 

ImperWOB 

Into 

arr* 

Mow 


2275 

3115 

4670 

1610 

«W0 

U.K 

3190 

41.45 

38A0 

40-45 

28.90 

56.90 
41 JO 
713D 
41 BO 

37.90 
<3.15 

321* 

2£B0 

1155 

28.35 

3416 

3£B0 

Mx 

367 

25 JO 

22 BS 
36*6 
12M 
88X5 
33 
5A85 
Man 
3570 
191* 
101 
1270 
2675 


TSE Inrhtttntis: 715653 
PretiMU7l3777 

2270 2255 
3110 33 

4Aft 46 
16*4 16'< 
6040 6070 
6614 6645 
321* 31X0 
40.90 4155 
M.1S 38.10 
4US 41X0 
38 55 2&W 
5640 S4L 
4155 4170 
7850 76X0 
4160 41.90 

ara 3755 

32.10 m 
26X0 26X0 

I' 1 * 11-55 
26X5 2B.B0 
34» 3414 
26** 2&40 
2£30 2645 
.3 SB 365 

25.10 2570 
22 XS 23 

3640 3670 
12>* HU 
B7V4 8870 
3245 Sin 
54.70 54.70 
20» 
3£l0 34.® 
19 JO 1940 
9945 IDOta 
1270 U05 
2670 2£90 


AlrNZccidB 
Brieity flnrt 
Carter Holt etd 
FletdiChBldg 
FWdiChEny 
Retch Ch Farsi 
HetdiDiftaper 
Um Nathan 
TefecomNZ 
Wkon Horton 


+00 

198 

199 

117 

115 

117 

3X0 

353 

154 

518 

577 

517 

£10 

7X6 

7X9 

1X5 

1X2 

1X2 

1)3 

110 

117 

+05 

4X2 

4X5 

£70 

£55 

£70 

1140 

1140 

1140 


Zurich 


54V* 
4055 
77 
4! Vi 
3775 
<3.7*5 
3110 
2670 
llV* 
H40 

2<L30 

26.10 

. 3S0 

25X5 

m, 

3470 
1255 
87 
,32 V4 
54X0 

20.70 

3460 

1940 

99.15 

12 

25W 



SPI fodwc 37UX6 
PrevioiK! 3738X1 

2005 

2008 

2120 

SdO 

M9 

536 

142(1 

1470 

1437 

2725 

2/U 

2675 

065 

066 

HS1 

2355 

ms 

?3»5 

2333 

7370 

USD 

1268 

1270 

m 

169.75 

15175 

15075 

1169 

116V 

1185 

21475 

215 

Ml 

537 

538 

538 

6960 

69/5 

7005 

4050 

4050 

4105 

1372 

1385 

1371 

568 

568 

570 

2132 

2138 

2154 

3299 

Ml 1) 

2302 

193 

193 

19750 

I860 

1BB0 

1870 

885 

W9 

9011 

19B0 

7000 

1950 

343 

343 

.W 

12700 

17705 

17910 

40750 

4UV50 

439 

1720 

ms 

1745 

2710 

7760 

2850 

861 

876 

894 

1169 

1177 

lisa 

2187 

2203 

2210 

i960 

1972 

1964 

1660 

1477 

1710 

1570 

14/5 

1607 

598 

598 

415 





PACE 18 


INTERNATIONAL HERALD TRIBUNE, THURSDAY OCTOBER 23, 1997 




Wednesday’s 4 P.M. 

The 1,000 most traded National Mcrtet securities 
In terms of doflar value, updated twice a year. 
TteAssasaied Press. 


13 Mann . 
Mgh u* Stet 


% I 12 tZMn _ 

ON Yld PE 10B1 Nbgi U* LB 01 | tag* u* Sum 


DW ns PE tlbWtll Urn uaa O>09 I MBl'toa Start 



Wednesday’s 4 P.M. Close 

(Continued) 

JiW Start OirYldPE UMsWsn LowLotnl Ctipe 


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63" +44'. Nucor 40 7 

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17'* 15'. NwCAQI ®B 5 » 
17v* 15ft MkCSQ .Mo 5« 
I? 1 * 15>* NvFL ®8 5 8 
14, 12'. NICAPJ 74 S.4 
I4'i 13 NIFLP 7» SJ 
lA'.l+v. NvIMO Hoi! 
Iju.ll • NIPIM2 73 5® 
16 14b N.lnffl PS 6.1 

15". 14ft NrlOl «9 aJ 
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15" 13': N«MAP 

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1+ft 14'* NvMO 1 04 63 
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18'. If* NITrlQ 107a SP 
ID". 10 NNV.WV oiosr 
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Uft 15': NNYSO »9aS7 
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47b 26'* SUnlWk MU . 1159 44 43ft 43", -V, 

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40b 77b SBriHJL* 1JII 3J 6616804 57b 58b 5W. 

63b Z*b StalaSTJ <44 .7 79 1853 41" Sfta 60" -T« 

17" 7 StataOis _ - 1591 Bb 8b 8ft +b 

2$ IS" SMn*V - 21 13$ 24W 74' v 24V. +1, 

74b 12ft 5H18CP J6 U 19 120 23V, 23. V. 23b +b 

40V, 24V* smeme _ 62 2140 37V. 36V, 37V* +b 

20b lib StetlEI 691 ^ 17 113039V, 20ft JO ft* 

36b 27" SterlSofl - - 832 36" 36*. 36b 

SSb X smews 60 1.2 74 la3 50b 4W* 50" 

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37*, 70" StaneEn _ 52 7*4 34Vi 33". 34 -* 

TO’W+lT't Skmcroan _ _ 1575 18", 18V* IBtv -V. 

57" XI" SkirTdl ... 17 4173 56" 54" 55b +b 

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41" 33ft* SkJrtJSA 260 4.1 17 318 3®b 39b 79b +’., 

12 * 11" sn&oo 1417 86 - X533 12" 17b 17b -V, 

60" 71" Shaun ._ 19 5409 47 45V* 44V. »!'• 

15ft 7b StrWeRl 70 1.4 43 1371 12V, 179, 129, -v. 

45v, 24" SUyker .100 J 32 474 39b 39b 39C -7, 

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72b If" sajrmR JO 4J 19 330 19b 18V, 19 -V. 

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44b 26" SVOraJnfl _ 28 542 44b 42b 43V. -ft, 

44«^7b syorre s m .. 27 iota jov, at* Ajft. -v, 

29 19b Syno+uss J6 1.6 24 1443 27", 27b 22ft 

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2714 22ft TOOnnfo 2JQ ®J _ 1078 27" 77b 27V, .V. 
27 ?4b TOCm UtB 263 9.0 .. 150 27 26b 26ft, + '., 

10 S'" TCW J4Q 8.® .. 563 97, 9b 9V, 

16V, ID" TCWEM J26 .1 .. 452 15b ISV, 15V. 

9 7!| TCW 09 J6o 63 _ 466 8(9 8>v» Bb 

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.rv* Tft TCW 03 .030 7.0 . 830 8ft, Bb 8ft, + V. 

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616,44ft TRW* 1 34 LI 17 4283 S84U 599, 60" -6, 

23V, 18 TV At tec n _ .. 71« 22b 719, Mb +■* 

49, TVXOM _ - 7875 Sb lb 5" _ 

18 9 12ft Tag Hauer - _ 87 14ft !4b 14b -ft 

lift ®" TotariE _ _ 774 12b II" 11" -4, 

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33b TDft.TataSmn _ _ 9477 23V, 22V. 22V, ■29, 
34b 21 TrflwlS AA 1.6 22 1225 27" 76b — 

13 6b Tutor - 13 1345 17b 17V. 

37V, 18b TIM* * JO 1.1 -.10697 BJlb 3Sb . _ 


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26b 24b TVA46 1 88 7.4 - 2*1 Z5Vj 25 V» 25 

539.38b Tepca 1201 6.0 14 148 53" 5Ift»S3 

S®V,lSft TerOyn _ 50 6167 53 Sib 51 

24ft 6ft Terex _ 11 JZ7T|ffift 2209.25 

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56, 2b TexH .. . 95 5b 5*. 5 1 

70" 43" Todrans 100 16 SO 2635 *3> , 61ft ill 

26'/, 23b TKdrprr i.eg 7.® . 264 2S», 2SV, 2SV 

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77ft 25 Th«nj3A2J2 9.1 - 76 76" 76ft 766 

264* 10ft THnaFS .. 43 82 31b 71ft 216 

25(9 13b 3A0 COOl -. 40 1836 21>V, 71ft 716 

69 35b TkJwlr AO .9 21 TX»*69lr, 67" 68 

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5®b 4341 THnMIr -AO 1.1 76 1781 SM, 54ft« 55 

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24 lib Titan Ml 06 J 1® 904 72ft 21‘V,m 

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34b 21" Toil5ys 06 J fO 113* 72V, 71** 21V 
4Bf,24ft TwAUCO - 23 337 46V. 4S®, 457 

28ft 25V, Tawarf? e _ _ 281® 2M, 25b 25® 
19b 1« Tftngiy 140 SJ 45 «6 18ft. 18" 18® 

70 7fta Toy 817 _ 60 289 9 8" 0 K . 

37b 24b TwRU _ 70 46®8 34b 33'* 331 

70b 16b TiurtBO 100 _ 284 19", 19*, 191' 

103 71b inmun 7.00 2J) 15 59T HD"« Kffib 101V 

K? S. JEREa* *4 - ra 26b 7*3 »» 

769. 46b TmstmH * 40 J 15 96 75ft 74 74 

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9ft» 4b TlWIMOz 17e 2.0 11 468 Bb 

.7" 3ft TMMstA .l/e 2.4 6 5111 7 

14 lift. TrttaSur UMr- 6J ._ 297 11b 

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7*" 38b Tmvaltss .60 J 1828863*76*, 

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51b 49b TimrtplC3.ll 61 ._ 1723 51" 

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38 4 76b UlWSlCp 1.06 18 13 165 38ft 37, ■ 38Y, +*, 

41b 33 Un*Fd 1.061 7ft » 134 40' « 40C 40" -V* 

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379, ism Tatars JO 1.1 -.105778* ft Mb 38 +28, 

J 3" Trtarcfl _ 451 4ft 4b 4ft +U 

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ttb I2ft Tosh J6 2J 19 125 22b 21" 21 a, -8, 

TSS-,23" ToUblJIA LW 8J .. 3549 24b 24V. 24b tb 
17" 10b TOO NY JOO 6.6 100 12ft 12Wl 12ft. -fti 

34b 25b TdTSym ™ 10 lZiS 34ft 35 tb 

43ft lS'-j Teclmdn 5 31 J 18 200 40fti 38b, »U 

38 26ft tmkny J6 2J 20 1315 379, 37 37" -b 

21M.18II Tetrann _. .. 830 71 20ft 20b -v. 

60" 38ft TetasGS _ - 32 860 5®*» 59ft 59ft -V, 

i«b X" Tadmt 72f 1.1 18 1331 64V. *37, 63b +" 


69b X" Tarim* 771 1.1 18 1331 64V. *3>, Mb +" 

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341, lHft TKmAfgilJBMJ - 44|1 33ft. 32ft 32^0 -ft, 
44" Jfft TBtNZ »ZJ7e 5.9 21 169 44V4 43b 43 W. 

689,34'. TelltaH ,7to 1.1 - ?13 67 66" 66" - 

169" 70 TMBmsi 1J40 1 J _ 73227 146U 143" 145b -2 

3®ftJ3li Teteflm 1 <40 U 22 487 38U 38" 389,+H" 

40ft 77ft Town 1 DAO 2.9 28 5757 37 36b 361, -" 

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279+17': TcJPerU Me 18 _ 3910 24 239, 73W, ♦" 


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56b 29ft TotMO! U3a 2J _ 16962 54U 53 S3V, -V, 

40b 31 » TotoatO Bn JO .. - 127 364, 35" 369+ -ft 

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189, 13'® TmpOflPl J40 6.1 _ 9126 14 13ft 1TV, -9+ 

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74, 6ft TmoCltl 40 U + Iw 79, 7ft TV, -l. 


64" 20" TmpRuu 
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139,12ft M07TT .86 6J " 4H2 139. 
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soft 37" UCAR mt — 13 974 43* 

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38ft 21ft USXWknr .76 LI 19 5191 37b 341+ 36+v, 

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439,3314 (JUnlOOn - -. 588 409,40^40'-, 

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2S*V»10b UnlFMt .12 J 19 133 2+', 2TV, 24'+ 

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564*39 uent) .901 18 11 6308 50ft 49V. 49" . 

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63b 34" UPlntr IM >5 21 B35 A3»+ *1" Ml, 

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23ft 13" Uitfenen .80 4J 70 3644 18 lift 171* 

lift 5" UMtn - 4823771 15 149. Mb 

47ft 30" UrMypf 17$ 8L7 - 240 45 4 45ft 45" 

15ft 7 Ullfl _ 33 313 15ft 111, 141, .t,~ 

7ft 4 UtdAHIt „ _ 306 4». 4’* 4>: .ft 

30+ 23ft UAM 801 27 20 603 29V+ 29 9 79b -V. 

35" 16 UKAuto - 7® 131 25 24<V, 25 +ft 
36*, 15ft UTdCosF 32 IJ 1113670 lift 309, m* 

60 37H UCmFp(L97 58 - 98 5* 51 51 -6" 

31b 1«* UDanln H 1.0 9 .113 Wft 27" 27+j ->v+ 

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76ft 25 UDonoffi LlS U _ 143 26" 16 *6" » . 

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39 23" UBum 288 7 J 16 7ft XU 38'i 339, 

Tib Sb unmiM jb 15 70 135 lib 11 in. 

53ft 76ft urvtortdn _ 78 1184 J7b 3Ab 361* 

514,1619 U&AMM9 - 913255 SOI® 49*" 49ft -T, 

1049,64" U5 30IK01J6 IJ ft l«®n M 1ID+. «*i 
449,25" US FOUr - 46 24*4 414, JJft 40ft IJ, 
39V, Jib USHine 9 736 36ft 35b SS^b -I, 


11b sb unmiM 
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1049,64" USatHKl 
449, 25" USFBUT 
39V, 21b USHrw 


il6b US AJrwmr I 913 
64" US3anqilJ6 IJ ft 3 








W- 

: 7 £. 


*1 TV.SlwqTl ^ j] " M ® K B2 ^ 

-44 *J _ 1200 *« TO IV* . 


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<id»V£P 


INTERNATIONAL HERALD TRIBUNE, THURSDAY. OCTOBER 23. 199; 


ASIA’S FINANCIAL TURMOIL 


Hsia Starts to Feel the Pinch of Economic Crisis 

Bewildered Region Learns the Global Mar ket Can Snatch Away as Quickly as It Gives 


BysithMpdiS 

H 'jLfo'k Tunes Service 

KUALA LUMPUR _ a k. ■ ' 


an mati: Nob°dy is baying 
In this proud and surging country the 
fust twinges are being^f 

«■« downturn that has swS 
through Southeast Asia. ^ 

Economists say the real pain — the 
bankruptcies, the rising prices the ioh 
losses — is still to come, and many 

by "tat is 


~ — wiia, saia a 

well-to-do woman. “Nobody ever 
stopped to think. This has hit us in the 
face. We wonder if the Asian miracle 
was ever there, or whether it was an 
Asian mirage.'” 

In the last few months, Malaysia and 

its neighbors — newly rich with a flood 
of foreign investment — have learned 
that the global marketplace can snatch 
away as quickly as it gives. 

With their booming economies 
weakened by mismanagement and the 
pressures of international exchange 
rates, their currencies have plummeted 
since the summer; their stock markets 
fol lowed. Their future growth has been 
Mnown into doubt and their confidence is 
vadly shaken. Foreign investors have 
fled. 

T h a ila nd, the hardest hit, has received 
a $17 billion bailout from the Infer. 


national Monetary Fund, and Indonesia, 
too, has asked the fund to help and may 
soon be caking some bitter economic 
medicine. 

Malaysia has been forced to put some 
of its grandiose projects on hold, and lasr 
week if announced a tightened budget 
with scaled-down targets for next year. 
And the Philippines, which has been 
hurrying to catch up with its neighbor^ 
was struggling not to follow them into 
collapse. 

Hit first and hairiest, Thailand shows 
most, vividly the costs of the downturn: 
collapsing banks, stalled construction 
sites, empty new office buildings and 
half-empty hotels, spreading jobless- 
ness, a restive public, even suicides. 

Now many fear that Southeast Asia’s 
problems are spreading. On Wednesday, 
a wave of nervous selling hit Hong Kong 
stocks, shaving more than 6 percent off 
the key Hang Seng Index, and dragging 
down other Asian madc^is, particularly 
Taiwan’s and Malaysia's. 

Clearly some investors are simply 
spooked and are steering clear of all 
As i an economies; others may fear that as 
the cycle accelerates, countries around 
the region will be forced to raise interest 
rates to defend their currencies. That 
could, in turn, slow economic growth 
throughout Asia and deepen the crisis. 

Despite the gloom tnai has settled 
over the area, most economists still say 
these countries have great promise and 
are bound to recover. 

“In two years, they’ll be booming, 
rolling along,’ ' said Linda Lam, director 
of die Southeast Asia Business Program 
at the University of Michigan Business 
School — provided they take some 


tough steps to make their economies 
more efficient ' 

It had been a heady decade for Malay- 
sia, as for its neighbors, with growth 
averaging about 8 percent a year. 

“Development — oh; I tell you — 
damn fast!” 'said ZuDrifiU Abdul Aziz, 
an accountant, as be sat at an outdoor 
foodstall with the lights from the twin 
Petronas Towers, foe world’s tallest 
building, twinkling above him. “We’ve 
all earned money, easy money. ’ ’ 

That sunny picture ended when cur- 
rency traders moved their attacks from 
foe baht to foe Malaysian ringgit, forcing 
down its value at one point by 30 per- 
cent. Though the slump here is more 
recent and not as deep as in Thailand, 
Malaysians are beginning to prepare for 
more difficult times. 

Manufacturers who import their raw 
materials know they are going to be hit 
by higher costs and are beginning to 


Shah Dadameah. corporate affairs 
manager of Caelygiii, a lingerie maker, 
said foe answer would be to “get back to 
basics.” 

He said he may be forced to “re- 
arrange the furniture” of his company, 
farming out sewing to local villagers, 
training workers to perform multiple 
tasks and producing more fancy, frilly 
lingerie for big spenders. 

Perhaps, he said, he will look for new 
markets — South Africa, Russia, South 
America. * ‘Even foe Middle East Those 
people, they still have a lot of money.” 

Prime Minister Mahathir bin Moha- 
mad of Malaysia, one of foe most am- 
bitious of foe region’s leaders, has led 
his people on a growth binge. He has 


built the world's tallest building and is 
rushing ahead with plans for a multi- 
billion-doiiar dam. a new capital city, a 
new airport, huge bridges and 10.000 
miles of roads. 

“We may succeed or we may fail,” 
Mr. Mahathir said last year. “We may 
actually be doing foe wrong things. But 
we are not going to just sit back and do 
nothing. We are going to try. and we are 
going to try very hard.” 

As long as foe money kept flowing in, 
there seemed no reason 10 hold back. But 
when the dollar strengthened against foe 
yen in 1994 and 1995. — earn ing with ii 
local currencies whose value was 
pegged to foe American currency — the 
dynamic changed. The costs of imports 
began to outstrip revenues from exports, 
ana a key economic indicator, foe cur- 
rent-accounts deficit, rose to unhealthy 
levels. 

Then the currency traders attacked. 
Furious at seeing his dreams crumble. 
Mr. Mahathir has sent discouraging sig- 
nals, pointing his finger at Jews, “neo- 
colonialists" and unidentified “sinister 
forces” abroad. 

“These people do not like to sec foe 
. developing countries grow as tall as they 
are,” he said last week. “Malaysia’s 
sovereignty is at threat from such people 
who hope to colonize os again.” 

Economists dismiss such notions, 
saying foe currency market does not 
engage in political conspiracies — in- 
deed, that such behavior would be 
against its interests. And for speculators 
to cause an economy serious harm, it 
must already be sick. 

Overloaded with suddenly more ex- 
pensive foreign currency debt, enter- 


PAGEZ9 



EflBnwH Dwttl/Agcni* Fnce Pitrc 

GLIMMER OF HOPE — Office workers spending some money at a shop 
in Bangkok on Wednesday. The Thai composite SET Index, which had 
fallen for four straight trading sessions, closed 3^>2 points higher at 511.56. 


prises around the region were plunged 
into crisis. 

It is not a unique situation, and most 
big multinational companies remain 
commined to Malaysia for foe long term. 
The economy of Mexico fell further 
when its peso crashed in 1994. and it 
recovered within less than two years. 

“It all looks pretty bleak, but the fact 


is that these countries are not in tenible 
shape,” said Ms. Lim of foe University 
of Michigan. “At the worst, they may 
knock a couple of points off their growth 
rate this year. Instead of growing at their 
long-accustomed 7 to 9 percent, they 
will grow for foe next couple of years at 
5 to 7 percent. This is not a big deal from 
a macro point of view. ’ ’ 


\ i: 


pi 


Concern Over Thai Political Strife Adds to Anxiety in the Region’s Markets 


Gvpifcrf by Ow SuffOtm Oaparbs 

BANGKOK — Thailand's political 
troubles alarmed Southeast Asian finan- 
cial markets Wednesday, with foe Thai 
and Malaysian currencies dropping to 
record lows on diminished confidence 
over the ability of their governments to 
Resolve economic problems. 

' Fears of an Asian recession also landed 
on Australia's shore, sparking a sell-off 
of foe Australian dollar as investors took 
fright at foe prospect that foe region’s 
closest trading partner could be affected 
by 'foe turmoil. 

The Thai baht slumped as low as 39.60 
to foe U.S. dollar as pressure on Prime 
Minister Chaovalit Yongchaiyuc to step 
down mounted and rumors emerged of 


infightin g in the ruling coalition as it 
began forming a new cabinet 

The baht was inching perilously close 
to foe critical level of 40 to foe dollar, but 
profit-taking cushioned its fall, and the 
dollar closed in Bangkok at 37.10 baht, 
down from 38.05 baht Tuesday. 

Finance Minis ter Thanong Bidaya’s 
decision this week to resign prompted 
concern Thailand might not meet foe 
conditions for a $17-2 billion loan pack- 
age arranged by foe International Mon- 
etary Fund, dealers said. 

“The political situation is very un- 
certain, and it can take any turn,” said 
Christa Marti, economist at Union Bank 
of Switzerland in Singapore. “The mes- 
sage is that there’s not enough political 


power in Bangkok to implement foe 
austerity measures” required for foe 
Fund’s rescue package. 

Southeast Asian currencies have been 
falling since July 2, when foe baht's 
devaluation sparked concern that foe 
risk of loan defaults and Thailand's in- 
ability to narrow its current-account def- 
icit could be repealed by most of its 
neighbors. 

The Malaysian ringgit also caved in to 
worries about Thailand and lingering 
disappointment with foe Malaysian gov- 
ernment’s efforts to address its problems 
in its 1998 budget. The dollar closed at 
3.390 ringgit, up from 3332 ringgiL 

The Indonesia rupiah, Singapore dol- 
lar and Philippine peso also slumped. 


The currency troubles also took their 
loll on regional stock markets, with Ku- 
ala Lumpur losing 3.83 percent. Manila 
falling 3.26 percent, Singapore falling 
2.23 percent and Jakarta closing down 
1.89 percent. 

“The only thing that is on a foreign 
investor's mind now is foal if you are a 
foreigner, you had better take your 
money out of Asia soon,” a dealer in 
Kuala Lumpur said. 

The rupiah had been underpinned this 
week by a pledge of support from Singa- 
pore for Jakarta's efforts to shore up its 
economy. 

While beneficial to Indonesia, foe 
backing of Singapore’s prime minister, 
Goh Chok Tong, for President Suharto 


has had some repercussions on foe 
Singapore dollar. 

"The market was worried about Singa- 
pore's pledge to help Indonesia, as it may 
imply a significant exposure in terms of 
credit toward Indonesian corporates,” a 
regional economist with a foreign finan- 
cial house in Singapore said. 

In the first clear sign of Australia’s 
vulnerability to the Asian crisis, foe Aus- 
tralian dollar fell to 71.08 U.S. cents 
from 72.76 U.S. cents Tuesday. 

The move out of the Australian cur- 
rency came after financial-market econ- 
omists issued fresh reports warning that 
Southeast Asia, foe center of foe eco- 
nomic stonn and a major buyer of Aus- 
tralian goods, faced zero growth and 


could be entering a recession. 

Asia's troubles could trim about one 
percentage point from Australia's eco- 
nomic growth in foe year ending in June 
1998, they said. 

One of Australia’s biggest fund man- 
agers, National Mutual Funds Manage- 
ment, said Wednesday it believed the 
economic cost to Australia could be even 
higher over time. 

‘ ‘Basically we reckon it’s going to be 
something like 1.S percent to 2 percent 
off growth because Asia, including Ja- 
pan , takes 65 percent of our exports.” 
said Nigel Purchase, National Mutual 
Funds Management’s head of interna- 
tional strategy and research. 

(AFP. Reuters, Bloomberg J 



f.'TfcV. 





•3 #- 

f “ 

r- - . 






PAGE 20 


SPONSORED PAGE 


rvrERNATIOim HERALD TRIBUNE, THURSDAY, OCTOBER 23, 1997 



SPONSORED PAGE 




A 


In London, No End to the Demand 

Those year-end bonuses are quickly spent on . real estate, a perennial good investment. 


T he sale ofa London flat made 
front-page news in mid- 
September. What catapulted 
the event into die headlines was the 
tiny size — just 78 square, feet — 
and the hefty price — £42,000 
(567.746) — of this Bayswater 
property, near Marble Arch. 

Within a fortnight, another two 
tiny flats were on the market for 
£62,000 each. Conveniently locat- 
ed near upscale department stores 
Harvey Nichols and Hamids, these 
90-square-foot units began life 130 
years ago as mezzanines between 
the stairs of a large family home. A 
sofa bed, kitchenette' and shower' 
unit later, and presto: central Lon- 
don has another pair of homes. 

Ten years after the most recent 
house-price boom, it looks as 
though history is repeating itself. 
According to die latest monthly 
survey of the Savills agency, while 
elsewhere in the United Kingdom 
and m greater London prices have 
yet to reach their 1 989 levels, prices 
in prime central London recovered 
two years ago. shot upward sharply 
and now stand at 30 percent higher 
than the previous peak. 

So powerful is this trend that it 
has survived the strengthening of 


the pound, the change of govern-: 
meat to Labour and die reduction of 
mortgage tax relief . -• 

Average buyer' 

The average buyer is a.foirtyso- 
mething employed in the financial; 
sector who : cams £67,000 a year 
and is- looking for a period house 
with five bedrooms, two bathrooms 
(one en suite), two.rcception. rooms. 

and a garden. 

. In spite of the exchange tale, 
Savills’ research shows that 44 per- 
cent of die buyers” are foreign. 
Agents De Groot Collis put this 
; figure at 30 percent, saying ’'it is - 
down from 57 percent last year — - 
attributable to M fet cat bonuses’ 1 ' 
paid to City employees that were 
quickly invested in p r operty. Far 
East and Middle East buyers now 
have a market share of 13 percent 
each, down from 19 percent and 17 
percent respectively in 1996. • 

When it comes, to new property, 
and especially the massive conver- 
sion of well-located office blocks 
into flats, the proportion .of foreign 
buyers (mainly from the Far East, 
and many buying sight Unseen) is 
almost 70 percent. 

Altogether, almost 10,000 new 


private homes, worth around £2.7 
billion, were under construction in 
London in July 1997. Up to half 
have already been sold off-plan. 

Forthe first time, foreign buyers 
■are venturing beyond die traditional 
central London “safe spots” and 
are looking at other central loca- 
bans like Battersea, Barnes, 
Chiswick, and Clapham. 

Most of the. new homes are 
priced between £100,000 and 
-£400,000, with £200,000 being the 
most common price. Attbe top end, 
there is a handful of homes at more 
. than £1 million, and ranging up to 
£5 million. 

Location, location .. - 
Above all else, location dictates 
price. Developments like the 
Bromptons in Kensington cost up 
to eight times more per square foot 
than Metro Central the converted 
former gover nm ent office in the 
Elephant & Castle area. 

The planning pipeline indicates 
that a. high level of new building 
will continue for a few years yet 
Almost 22,000 homes have plan- 
ning permission or applications in 
the system. 

Mira Bar-Hiliel 



Buyers have a hard tone resisting London properties She these. 


Like the Stock Market, New York Property Heads Upward 

The result of so much prosperity is a squeeze in the housing market People are now buying and renting in neighborhoods that they used to. overlook . 


N ew York may be en- 
joying an unprece- 
dented upswing since 
the recession of the early 
'90s. The stock market keeps 
climbing while crime keeps 
declining, die streets are 
empty of litter and die hotels 
arc full to bursting Even the 
local sports teams are doing 
well. The city is once again a 
magnet for talented profes- 
sionals from the around the 
United States and the rest of 
die world. 

Ancillary to the good 
news, however, is a housing 
shortage that has reached 
critical levels. Middle-class 
families are finding them- 
selves priced out of the mar-, 
ket. and even wealthy buyers 


are suffering from a lack of 
available units. 

There are few sellers be- 
cause, even though they can 
realize a huge return on their 
investment, they in turn can- 
not afford to buy (or rent) 
anything else. The renewal of 
laws governing rent control 
after bitter wrangling in the 
state legislature, has further 
tightened the market 

Today, however, one thing 
is clear. The exodus to the 
suburbs of previous years has 
abated, if not reversed itself. 

“*New York is the leader’ 
now echoes all. over die 
country,” rays . David. 
Lowenfeld, head of World- 
wide Holdings, one of die. 
companies actively seeking 


Washington D.G 

UVE IN SPLENDID ELEGANCE 
HIGH ABOVE THE CAPITAL CTIY 

Very large, new condominium residences with 
panoramic terrace views. Superb services. Swim, tennis 
& health club on gated 18-acre enclave in prestigious 
Chevy Chase. From $500"s to over $3 million. 
Pardoe Real Estate Inc., exclusive affiliate of Sotheby's 
International Realty. 01-301-657-9494. 



www.parcson 1 er 5 et.com 


properties for conversion in 
me hot new Wall Street res- 
idential market “Young 
families, young urban pro- 
fessionals are looking to 
move to the urban core.”- 

Unique properties 
The Corcoran Group reports 
that the average sale price in 
Manhattan rose 63 percent 
in August from a year be fore. 
Condominium prices rose 
nearly 1 7 percent in the same 
period. The average price for 
a three-bedroom apartment 
has surpassed $1 million. 
One-bedroom pieds-a-tenre 
in .the new Trump Interna- 
tional. Hotel and Tower 
routipely.seU for overS L mil-. 
lion.Reallor Kathleen Chace 
is currently selling a Man- 
hattan townhouse for $10 


million.' 

As in other international 
centers, New York’s outlying 


FRANCE 

5 km from BL 0 IS ■ I hJO fivn MUS 

(5 mins from Al 0 fhxway axsj 


formerly owned by painter 
Bernard Lonou 
2 main buildings, 14 rooms, 
13 bathrooms, numerous 
reception rooms, an 1 ha walled 
grounds, park, orchard, pool- 
Impeccable condition 
fittings -FF7.5M 


To! + 33 (0) 5 46 50 46 08 
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areas are partaking of the 
boom. Ms. Chace, for ex- 
ample, is selling a unique 
property: a log mansion built 
in ihe 1920s. Despite its lo- 
cation in Southold on the 
North Fork of Long Island 
(as opposed to the South 
Fork, better known as the 
Hamptons), Ms. Chace ex- 
pects to meet the asking price 
of $5 million. She speculates 
that the buyer will be 
someone in the entertain- 
ment business or a foreign 
executive who wants access 
to Manhattan and airports but 
also privacy and space. 

The market has resulted in 
a spate of new construction 
and rehabilitatiqiv^tte^st : 
in more foari20years. ; .' : 

“These are wonderful' 
buildings that can be revital- 
ized with tender loving 
care,” Mr. Lowenfeld says of 
the former office buildings 
downtown. The small area of 
each floor; which makes 
them unsuitable for large cor- 


MONACO 

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sea view and mountains, large 
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terrace and loggias 140 sq.m., 
2 cedars, 2 garages. 

INTERMEDIA 

Ttet +377 93 50 60 M 
Fbjc *377 S3 50 45 52 


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Luxurious apartments under construction. 

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porations, renders them per- 
fect for apartments. 

“When young profession- 
als move to New York, their 
dream neighborhoods — 
Tribeca, Greenwich Village, 
Chelsea — are very, very dif- 
ficult to find rentals in,” Mr.- 
Lowenfeld says. 

Mayor Rudolph Giuliani 
has introduced incentives to. 
convert old office buildings. 
In addition, if an apartment 
rent is more, than $2,000 — : 
which is the case for virtually 
all new units — it is exempt 
from new rent stabilization 
rules adopted last summer. 

Trevor Davis has de- 
veloped, three new buildings 
or&foe -/Upper rEasfer-Skle. 
Wheab^be^dSii^^proj- 
eci 300 E. 64th St, “every- 
body told me I was crazy,” he 
recalls. “I think the market 
proved everyone else 
wrong." 

Although the old real es- 
tate mantra of “location, lo- 
cation, location” still holds 
true, he adds, today's buyers 
look in areas they might have 
previously ignored. 

Mr. Davis is building at 
81st Street and First Avenue 
and at 33rd Street and First 
Avenue. First Avenue may 


FRENCH RIVIERA 


CAP MARTIN 


SUPERB 1900 style MANSION 


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pomace 

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Far: *37793 SO 2t 27 I 


not have the cachet of the 
Central Upper East Side or 
even the Upper West Side, 
but rental prices — from 
$1 ,750 for a studio to $7,800 
per month for a three-bed- 
room — compare to fhe.ton- 
iest neighborhoods: . 

Only a lack of available 
sites in congested Manhattan 
is inhibiting Mr. Davis from 
further construction . jn 
today's gorgo market 

“It’s very difficult to 
good real estate,” he Iam< 

“If location is importanl’it’s 
virtually impossible to as- 
semble sites. So we’re look- 
ing for. sites in peripheral, 
marginal locations.” .... 

; ' susssr:-" 

'AttO&ieiiS power, city~ . - . 

Washington. another interna- 
tional power center, is also in 
a boom period. Parc Somer- 
. set, for example, is a complex 
of high-rise • apartments 
unique to the capital’s sub- 
urbs. Located in affluent 
Chevy Chase but only two 
blocks from the District of 
Columbia line, it offers the 
kind uf large, big-city apart- 
ments that one might find on 
New York’s Park Avenue. 
The buyers, says marketing 
director Karel McClellan, are 
“people who are already urb- 
anites, moving, out of the 
heart of town or from another 
condominium project ” 

Steve Weinstein 


FLORIDA 

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Tel + 33 4 93 39 73 73 - Fax + 33 4 93 39 13 89 




Paris: Love It j 
Or Leave It j 

For those in thrall tothe City of light , the cost is : 

a secondary consideration. 

W ifhieal estate prices skyrocketing in London- soiroj 
observers are predicting that the Pans market will 
follow along and climb out of its slump in about 
two years’ time. Local purveyors of luxury real estate are not 

50 Although there has been a more upbeat atmosphere thiij 
fell and realtors are seeing more prospective buyers, deals arc 

not being finalized at the rate .they would like. ; 

• “A . lot of people are looking,” says Charles Daireaux of 
Philip Hawkes, “but not many are. actually buying. At uuf; 
begumirig of September, we had the impression that thmg^ . 
were looking up,. but not much came of il” 

Prices have stabilized in the high' end. of the market, 

according to-Paris realtors. i . .. . . .. J 

“I don’t foresee any explosion in prices in the immediate 
■future,” says Edmond L6vy of Paris Promo. “What counts is 
the overall economic situation; and until -unemployment uf 
France drops, I .don’t think prices will go up, ” \ 

The higher end of the market Is less reliant on the general 
state of the’ economy, however. \ 

■ “The luxury market is ncver-simple,” says Me L6yy. *‘Wq 
are seeing rhore and.more demand for good properties from 
well-off customers. The problem is- that the stock of top-level 
apartments is decreasing. There aren't many exceptional 
properties left in desirable locations like the Rare Monceau Of 
near the ErfFeLTbwer, and the ones that do remain can attract 
very high prrces.” Paris Promo is selling a 225 -square-mete^ 
Parc Monceau apartment with service quarters for 1 6 million y 
francs ($2.7 million), and a 2 00- square-meter modem apart-, 
ment on the Avenue Foch with a two-car garage at what Mri 
L6vy says is a feir market price of 6.4 million femes.- A 350-; 
square-meter hdtel particulier m the tony 16th arrondisse* 
ment witha small garden .and six bedrooms has an asking 
price of around 1 1 million francs. i 

• . : i 

Asking, and paying, the right price » 

Darnel lc Higbee of the real estate division of Sotheby'^ 
France agrees that the real problem with luxury properties in 
the French capital is supply. « ; 

. “We never have enough beautiful things," she rays. “This 
is a difficult moment because wc have plenty of demand but 
we can’t offer buyers enough choice. People are looking foij 
gorgeous things like 19th-centoiy -townhouses on the-Lef^ 
Baltic with views and gardens, for example, but, of course! 
they never want to pay the price." . ! 

When properties in sought-after locations do becom^ m 
available, they are often snapped up quickly. An example ig w 
Cogfcdim’s development of 100 apartments m a fomne^ 
school at the prestigious .crossroads pf-Saint-Germain-desi 
Pres. According to Christian Musset of CogMim, the newt 
apartments (the facade of the building was preserved) werq 
sold at 38,000 francs per square meter within six months last 

year J 

Another problem is the unrealistic prices being asked 
sellers. When their prices reflect the reality of foe market,’ 
properties sell relatively fast — in one and a half to two 
. months,accoriimg to Mr. Levy — butwhen they are toohighj 
: fmalizii^,k:deal c3n take months^ J ’ ■ : 

.'MnDa&eatix agrees. “Owners are.asking'tikxfeticli,’’ hq 
says. He finds that it takes his finnan average of six months 
to sell a property: Ms. Higbee, on foe other hand, thinks that 
prices are more realistic now, but she adds, “Nobody is" 
paying .ridiculous prices anymore. The good old days of 
100,000 francs per square meter are gone.” ; 

Foreigners’love affair ; 

Foreign buyers* .especially foe English; are showing interest 
in the Paris market, attracted by low prices and low interest 
rates. Paris Promo has4>een seeing English, Italian and 
American- buyers, and Philip Hawkes many English and 
some Americans. In feet, says Mr. Daireaux* most of foeiii 
customers are currently foreigners. • A 

At Sotheby’s France, Ms. Higbee thinks that foreigners are Ti,;. 
holding off, waiting to see what new measures foe gov- ; 
eminent of Lionel Jospin will put into effect “They’re not 
going to spend their money willy-nilly.” 

While she insists'foat France is always a solid investmenl- 
Ms. Higbee adds: “Paris is a love affair. You have to ; want to 
live here. The investment aspect is secondary." * 

For those who have foe money to invest Sotheby’s France 
announced on Oct 15 foe upcoming sale of the spectacular 
Chateau de Groussay. Located 50 kilometers from Paris, foe 
chateau features a double mahogany staircase, trompe-l’oeit 
marble' entry, grand salon, billiards room, two-story library 
and more, and is set in.a wooded park with seven follies and 
a lake with islands. The asking price? A mere $10 million^’ 
Sotheby’s wiD sell foe contents separately. Heidi EUisoni 


. . “JLuxury Real Estate” 

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

Writers: Mira Bar-HiM in London. Heidi Ellison in Paris and 
Steve Weinstein in New York. 

Program Director; Bill Mahder. 




PARIS 16th: 

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■ fLeLr Ol 41:05 30 30 - Fax: 01 .41 05.31 95 
. • ’ •> .V. 75835 Paris CetW 1 7 





O' 












INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 23, 1997 


PAGE 21 


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Becker Is Beaten 


tennis Boris Becker, playing 
perhaps his last major tournament 
at home, lost in straight sets to 
Richard Krajicek on Wednesday at 
the Eurocard Open in Stuttgart. 
Krajicek advanced to the third 
round with a 7-6 (12-10), 6-4 vic- 
tory in a battle of big serves and 
fierce volleys. Winner of six Grand 
Slam titles, Becker has retired from 
Grand Slam tennis and is playing 
only selected events as he winds 
down his career and concentrates 
on his new job as coach of the 
German Davis Cup team. (AP) 


Ryder Captain: Crenshaw 


golf Ben Crenshaw, a four-time 
member of the U.S. Ryder Cup 
leam. was selected to be captain of 
the squad when it tries to reclaim 
the Cup in 1999. sources told The 
Associated Press on Wednesday. 
The announcement was to come 
later in the day at PGA of America 
headquarters in Florida. (AP) 



Ajax Loses Talent, but Wins Games 

Dutch League Leaders Pursue Another European Irophy ^ 


By Peter Berlin 

Itaenuiional Herald Tribune 


A MSTERDAM — Success is fra- 
gile In modern European soccer. 
Just six months ago, Ajax Am- 
sterdam entertained the princes of 
Europe, Juventus, in the semifinal of the 
Champions League. 

On Tuesday night, another Italian 
team visited the palatial new Amster- 
dam ArenA. but this time the aristocrats 
of Turin were replaced by Udinese, up- 
wardly mobile hicks from the hills of 
Friuli. And this time the competition 
was the increasingly unfashionable 
UEFA Cup. for teams that do not qualify 
for either the Champions League or the 


young center forward, went to AC Mi- and almost impossible 


This is an old story for Ajax. It could who 




goingto Barceiona.buthis Ajax team always played like pMK, 

L three consecutive European Cups even though it has some shcfficomingj 


won tee consecutive European Cups 
(the precursor of the Champions 
League) before he left, it was 15 years 


European Soccer 


Cup Winners Cup. 

In between the two matches, Ajax lost 
yet more of its home-grown talent to the 
super-rich clubs of Spain and Italy. 
Most notably, Patrick Kluivert, the 


Jari Litmanen, Ajax's striker, dueling with Udinese's Alessandro Caiori. 


Great Night for France, Gloom for Italy 



Cantptiri bt Our Suff Fm r. Papaxkn 

LONDON — What a great night for 
French soccer. What a miserable one for 
the Italians. 

Olympique Lyonnais ended Inter Mi- 
lan's unbeaten streak this season with a 
2-1 UEFA Cup win in Milan, and Stras- 
bourg beat Liverpool 3-0. 

Lyon dominated the opening ex- 
changes and moved ahead when striker 
Ludovic Giuly scored after 22 minutes. 

Inter equalized through Maurizio 
Ganz midway though the second half. 


UEFA CupBoukdup 


srfKP’-* "... / 

Rnkn 

Norway's Innovation Kvaem- 
er arriving in Cape Town. 


2 More ladhts Sail In 


YACHTING Two more yachts 
sailed into Cape Town harbor on 
Wednesday to take second and third 
place at the end of the first leg of the 
Whitbread Round the World Race. 
Monaco's Merit Cup sailed- in at 
3 - 20 A.M., followed by Norway’s 
Innovation Kvaemer. The Swedish 
leader. EF Language, arrived Tues- 
day morning. Still out at sea were 
the seven remaining boats. (AP) 


Australia Cricket Strike? 


but the French side scored the winner 
from the penalty spot 10 minutes from 
time after goalkeeper Gianiuca Pagliuca 
pulled down Giuiy . Alain Caveglia con- 
verted the penalty. 

Inter leads Italy's Series A with 10 
wins and one de. in contrast to Lyon, 
which is stranded in mid-table in France, 
having won live and lost seven. 

But with Ronaldo kept in check by 
Florent La vi lie, the Italian team showed 
little sign of its current form, or the fact 
that it won the UEFA Cup in 1991 and 
1994 and was the runner-up last season. 

For Liverpool, the 3-0 loss in Stras- 
bourg brought back the nightmare of its 
defeat by Paris St. Germain by the same 
scone in the first leg of the semifinal in last 
season’s European Cup Winners Cup. 

David Zitelii powered home a 17- 
yard shot for the home team and, his 
head in bandages after being stepped cm 
by Neil Ruddock, headed the second 
goal in for Strasbourg. 

Denni Conteh added a third in the 68th 


minute. Liverpool now faces a huge task 
to turn that three-goal deficit around at 
home. Manager Roy Evans said he was 
stunned by his team's shortcomings on 
defense. 

“We can't defend like this and expect 
to survive in Europe,” he said, adding: 
“We didn't defend individually or as a 
unit, and you can't survive in Europe or 
any other league if yon can't defend.'* 

Auxerre completed a hat-trick of 
French victories with a 3-1 win over 
OR Irakiion of Greece — but the 
Greeks were largely responsible for 
their own demise, having their goal- 
keeper. Kostas Chamotakis, and An- 
dreas Skentzos sent off in the last 22 
minutes. 

The other two French sides in the 
competition were defeated. Bastia went 
down. 1-0, at Steaua Bucharest, and 
Metz crashed, 2-0, at home to Karls- 
ruhe. 

Karlsruhe won the latest round in die 
long history of French-German soccer 
duels with two goals from the German 
international playmaker Thomas 
Haessler, both from first-half free 
kicks. 

A perfect pass from the Romanian 
star Marius Lacatus set up a winner for 
Steaua Bucharest's Lavi Hrib. 

For Italy, at least Lazio came away 
from Russia with a 0-0 tie at Rotor 
Volgograd and should win the second 
leg in Rome. 

The defending titleist, Schalke, man- 
aged to squeeze out a 1-0 result against 
Belgium’s Anderiecht with an early 
goal by the German national team 
standout Olaf Thon. 


The highest-scoring team of the night 
was Atletico Madrid, which crushed 
PAOK Salonika 5-2. Christian Vied 
scored a hat-trick for Atletico. 

But Spain's two other teams failed to 
score between them. Real Valladolid 
lost 2-0 at Spartak Moscow, and Ath- 
letic Bilbao was held to a 0-0 draw at 
home by England's Aston Villa. 

Sporting Braga of Portugal scored the 
most comprehensive win, with a 4-0 
home victory over Dynamo Tblisi of 
Georgia. (AP. Reuters) 


A Stormy Victory 
For Rapid Vienna 


Reuters 

VIENNA — Rapid Vienna beat 
TSV Munich 1 860, 3-0, in a stormy 
UEFA Cup match on Wednesday 
that saw three players sent off. 

The French referee, Alain Sars, 
sent off two Munich players in the 
first half. 

The first red card came on the 
stroke of halftime when Munich's 
Marco Walker handled a goal- 
bound shot on die line. Initially, the 
referee sent off Jochen Kientz, but 
after the intervention of a UEFA 
official it was Walker who even- 
tually left the fray. Peter Stoeger 


converted the penalty, 
Munich’s Olaf Bod 


Munich's Olaf Bodden was then 
sent to the dressing room for a bad 
foul in first-half injury time. 


before the club was again a force in 
Europe, more than 20 years before it 
again won die Champions Cup in 1 995. 
It did so with another team rich in home- 
grown talenL Thai team started dis- 
solving as soon as it won. 

Tuesday’s 1-0 victory over Udinese 
did not conclusively prove whether 
Ajax, which sits atop the Dutch league, 
is on the way to rejoining Europe's elite. 
The UEFA Cup itself, however, does 
seem to be losing ground. 

On Monday, Arsene Wenger, the cur- 
rent Arsenal manager, -declared that he 
did not care that his team had been 
knocked out in the first round by PAOK 
Salonika of Greece. 

“The UEFA Cup is a consolation 
prize,” said Wenger. “The Champions 
League is all-important.” 

This may sound like sour grapes. But 
Wenger allowed Dennis Bergkamp, his 
star player and another Ajax escapee, to 
miss the first leg in Greece because he is 
afraid of flying. Arsenal leads the Eng- 
lish Premier league, but even a second- 
place finish will put it in (he Champions 
League. Eleven draining UEFA Cup 
matches could prove a dangerous dis- 
traction. 

Ajax's recent burst of success has 
brought one acquisition which is not 
going to fly south: the 51.200-seat 
ArenA. This replaces the aging Meer 
Stadium, capacity 21,000, which it used 
for Dutch league matches, and the crum- 
bling Olympic Stadium, in which it 
played its big European games. 

The ArenA is a modem stadium on the 
American model. It is a bowl balanced on 
a three-story parking garage that sits be- 
tween a rail line and an expressway on the 
edge of the city (this being Amsterdam, it 
also has secured bicycle parking). It is 
dean and bright, plastered with sponsors' 
logos and filled with McDonalds outlets. 
It even has toilet attendants. 

The ArenA is nice to visit, but it is an 
antiseptic place to watch a soccer game. 
The wide broad moat ar ound the field 
protects the players from the notorious 
Ajax fans, but also weakens the emo- 
tional bond between the two. The moat 
puts distance between them in every 
way. So. too, does the modem can- 
tilevered stand. At the top of the upper 
deck, players are half a fingernail tall . 


the current team is in that tradition. -5 
If the club can keep most of the seat? 
full, as they were Tuesday night. -£ 
should be able to continue its own, care- 
ful spree in the international superman 
ket of soccer. Through all the defe^ 1 
lions, the club has kept a little nucleus w 
players, particularly- in defense but u£ 
elu ding , somehow, its most talentpd aqg 
versatile attacking player, Jari Litmaj*- 


Yet, of the 12 men who played tm 
iax on Tuesday, only one, 27- year -old 


Ajax on Tuesday, only one, 27-year-old 
Frank De Boer, came through (he club’s 
famous youth team. For the others, Ajax 
has shopped at the less fashionable 
Dutch clubs, in the Nordic countries, 
Africa and the former Soviet Union, li 
has also focused on players who have 
failed elsewhere to fulfill their promise. 
Like Richard Witsehge and Dani, both 
of whom it bought last year and who 
both look at home in a lineup built on ok 
creative teamwork. > * 

Nevertheless, there is a lightweight 
quality to both; indeed, to much of the 
team. On its budget, Ajax has been able 
to replace the skill, but not the power of 
Patrick Kluivert, Clarence Scedorf. 
Winston Bogarde and the retired Frank 
Rijkaard. ' 

On Tuesday, as Udinese’s massed 
defense huddled round its penalty area 7 
Ajax oatmaneuvered the Italians by exj 
plotting the space on the flanks. In the 
28th minute, Litmanen, unattended ori 





the wing, crossed carefully onto the 
head of the diminutive Dani, who scored 
easily. Ajax created other chances birj 
were foiled by a combination of im 
accurate shooting and agile goalkeeping 
by Luigi Traci. 

Udinese seemed content with the rc7 Je- 
suit. A 1-0 loss away from home is 
considered a good result in European 
knock-out competitions. However, in 
recent years, Ajax has proved more dan^ 
gerous on the road. And while this Ajax 
team may be a step short of the greatness 
of its predecessor, it still plays smart; 
cohesive and skillful soccer. It remains^ 
club with a clear soccer personality. 


Meanwhile, Kluiveriis struggling in^ 
Milan team which is in freefall in Italy. 


team has played poorly in the Cham- 
pions League and has recently begun to 
misfire in the Spanish league. There is 
mare to building a soccer team than 


in (he Cham- 


Irmihl 


writing big checks and Ajax, once again 
the best team in the Netherlands, will bt 
dining with the aristocrats next season. ' 


cricket The Australian Cricket 
Board walked out of pay talks with 
the country's first-class players on 
Wednesday, raising the possibility 
of a players' strike. f Reuters ) 


No. 200 for Lindros 


The Mean Myth of Amateurism on the NCAA Plantation 


hockey Eric Lindros scored his 
200th NHL goal and had four as- 
sists as the Philadelphia Flyers 
handed the Tampa Bay Lightning 
their fifth straight loss, 7-1. (AP) 


10 ILS. Cities Seek Games 


Olympics A record 10 cities, 
including the two-time Olympic 
host Los Angeles, have officially 
signed up as candidates to bring the 
Summer Games back to the United 
Slates in 2012. Los Angeles was 
tinned by Arlington, Texas; Tampa; 
Baltimore: Cincinnati; Houston; 
New York; San Francisco: Seattle; 
and Washington. (AP) 


New >t»rl Times Sen ice 

N EW YORK — After Mike Utley 
broke his neck playing for the 
Detroit Lions in a National Foot- 
ball League game in November 1 99 1 . he 
received workmen's compensation for 
his injuries, which rendered him a para- 
plegic confined to a wheelchair. The 
compensation provided him with S533 a 
month, nurse's care five days a week 
and rehabilitation. 

Kent Waldrep sustained a similar in- 
jury in a violent collision in a football 
game for Texas Christian University in 
1974. His spinal cord injury left him 
paralyzed from the neck down. 

He* got nothing. 

And on Monday he got more of the 
same. Waldrep lost a jury trial in a slate 
district court in Dallas in his suit against 


Texas Christian seeking workers' com- 
pensation. 

Donald Loria, a workmen 's compen- 
sation lawyer in Detroit, represented 
Utley, as he has represented hundreds of 
other athletes who have suffered in- 
juries that resulted in disabilities. He did 
not represent Waldrep, but he carefully 
took notice of his case. 

“I don’t see any difference between a 
football player like Waldrep at a major 
college and a pro football player like 
Utley — in that they are both employ- 
ees," Loria said. 


Vantage Point/ IraBerkow 


"amateur,” and the jury, in a 10-to-2 
decision, bought iL 

And so the mean myth of amateurism 
in so-called revenue-producing college 
sports took another step forward. 

"Minor league baseball players are 
protected, and a college football player 
is in essence a minor league football 
player,” Loria said. “College is his 


Waldrep contended that he was in- 
ed hired by TCU to play football. The 


training ground for a potential pro ca- 
reer. He can’t go anywnere else.” 

To be sure. A baseball player can go 
from high school into professional ball 
— usually the minor leagues — with 
hopes of making the major leagues. A 
football player cannot and, except in the 
rarest of instances, neither does a bas- 
ketball player. 

This is a nice little subterfuge for the 
colleges as well as the pros. They ben- 
efit mutually from this body that as- 
sumes the risks. 

Of course, youths like Waldrep get an 
athletic scholarship thar allows them to 
take advantage of a college education, but 
virtually all are recruited to play ball. 

“A depressingly low number of ath- 


deed hired by TCU to play football. The 
school and its insurance carrier, the 
Texas Employers Insurance Associ- 
ation in Receivership, argued that 
Waldrep was a "student athlete.'* an 


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letes actually graduate from college.” 
Loria said. “The time constraints nec- 
essary to work for the team are a real 
hurdle for them, and colleges often look 
the other way." 

Had Waldrep won the case that he 
should have won — and be says he will 
appeal it to the Texas S upreme Court — 
me decision could have become the first 
step in redefining college athletes as a 
labor force entitled to basic employee 
rights. There could have been a rev- 
olution in college sports. 

A revolution even greater than the 
one taking place fn basketball, where the 


beyond the salary cap — the salary cap A 
being room, board and tuition — and get T ’■ 
money in a handshake or in a shoe box 
from school “boosters." It's a sweet 
dodge, until someone is caught. Which; 
apparently, is what the furor at the Uni- 
versity of Michigan is currently about 
and why the basketball coach Stevg 
Fisher was fired. 

None of this is new. It has been going 
on since sometime shortly after Prince- 
ton played Rutgers in the first inter- 
collegiate football game in 1869. It con- 
tinued evermore as schools cynically 




Vi V\! 


hired tramp and nontramp athletes to a 
variety Of Stated and nnnsrntori rnri- 


best players make a pit stop at a uni- 
versity for a year or two, and then head 


versity for a year or two, and then head 
on to the National Basketball Asso- 
ciation or pro boll in a foreign country. 

While colleges still try to mask the fact 
chat their nonprofit stains is really a 
money-making enterprise, the gate re- 
ceipts add up and tire coaches get the 


shoe contracts and endorse products. The 
players who labor in the fields and sweat 
in the training rooms watch with envy. 
In many cases, the players are paid 


variety of stated and nons rated con- 
tracts. 

The National Collegiate Athletic Asi- jA 
sociation says that workers' comperf- Tj 
sation insurance would bankrupt cot 
lege athletics. Waldrep contends tha) 
insurance premiums would hardly be 
noticed in the budget of an organization 
that .has a $1.7 billion contract foe Ms 
championship basketball toumameiit 
and an annual budget of more than $25b 
million. 

But why should the NCAA and ife 
members change now? The plantation 
runs just fine for their purposes. 


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2 

14 

34 

19 

Daflas 

5 

A 

I 

11 

31 

25 

Ptaenbf 

A 

3 

1 

9 

2S 

24 

Toronto 

2 

5 

1 

5 

16 

23 

OiiajBO i 7 D 2. 

Mono DtVHHOH 

11 

28 


W 

L 

T 

Pts 

GF 

GA 

Colorado 

S 

1 

3 

13 

33 

22 

Los Angeles 

3 

4 

3 

9 

35 

32 

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-- 



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Find Period: D-Zubo* l (Modona Adams) 
Z Y-Bare 4 CLurnme. Hedhsi) (ppJ. Second 
Period: V-Surc 5 (Bmsheac OHond) Third 
Period: V -Roberts 1 (Waflw £ V- 

Nnstund l (SKnge-, Hoanorrt t> V-Bure 6 
(Messier) Stats an goafc v- 2-7-6-15. D- 17- 
7-6—30. CaaGas: V-libe. D-EMftwr. 

Boston 0 2 ] 2 

Edmonton - 0 1 0 — 1 

FM Period: None. Stand Period: E- 
Wefeht 5 (Smyth, Kovatenfco) (pp). Z B- 
Bournoa 3 (Khrtstlch, Samsonov) (pp}. TUrt 
Period: B-EBelt 1 (Carter. Donate) (pp). 
Stats oa goal: B- 12-11-9— 3Z £- 5-13- 
10—28- Gotdta: B-Cc7roy. E- Joseph. 
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Phemdx 2 10-3 

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(PP)- 2, Phaenbb Isbister 1 (Gartner; 
Johnson) Z Phoenix. Quint t (Raenfck. 
Stomy) (pp). 4. A-Sfltame 2 (Prenger. 
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Period: A4*ronger r (Seftmm, Mbanov) 
(pp). Shots en goat A- 8-12-6-26. Phaenix 
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H.Y. Is landott 1 0 1—2 

Las Aonles O s i_a- 

PW Period: New Yortt Palffy 5 
(Lachance) Socoad Period: LA, -Boucher 3 


ROtJ *5. FtftST LEO 

Rotor Volgograd, Russia OLajia Italy, 0 
spmeat Moscow 2,Ra«VMadoUd,Sp.O 
AJTKBudapeef I, Cirxrttq Zagrah 0 


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TRANSITIONS 


IMHJU 

NcnOWULLEAQUE 

HOUSTON ASTROS — Named John 

Tam«BorTwi»^o<NewDrtoan5. PCL 

MUBnuu 

NATKMUL BASKETBALL ASSOOATIQN 
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suspended Oneland C Vltely Potepanlm for 
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Lot. ^ 

wami— S igned OT Mike Chotcmtd. - 
SAP RUuicisco-WaivedSNUte Salmon- 1 
ssattle— W nhred DE Antonio Edwards.’ 

HOCKIY - I 

NATIONAL HOCKEY LEA aim ’ » 
WWUNA-Recalled D Steve Halto fm* 
New Haven. AH L. J 

Dallas— P ut RW Jere LeWIncm on beared 
rwerrefat. Recnaed ijw Patrick Cote fmtt 

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F PM Cww °* 
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from Ottawa ter future oMtstter-, 
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tifT*? 00 “"d CB Jamie Hama for 1 game; 

forvKArtfenqfteomnrtes. 

JEZ**"* S ** VD Lovlm mane hasMf- 

ball coach, to 5-year contract. 


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INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 23, 1997 


PAGE 23 


SPORTS 


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Marlins Win Big (and Very Ugly) 

14-11 Third Game of Series Mixes Milks , Errors and Cold 


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Robby Nen of the Marlins throwing the last pitch of the second-longest World Series game: 4 hours 12 minutes. 


By Murray Chass 

Nrtc 1 York Tones Service 

C LEVELAND — They had a wild 
and crazy — do, make that ugly 
— time in the third game of the 
World Series. If it had been a concert, 
listeners would have run out of the hall. 
If it had been an an exhibit, viewers 
would have covered their eyes. 

The Florida Marlins overcame a four- 
run deficit and trimmed the Cleveland 
Indians, 14-1 1. grabbing a lead of two 
games to one. 

After a debacle that started Tuesday 
night and ended early Wednesday 
morning, the teams were to play Game 4 
on Wednesday night and send rookie 
pitchers against each other — Jaret 
Wright for the Indians, Tony Saunders 
for the Marlins. 

The lrids can't do any worse than the 
adults. 

In laboring for 4 boors 22 minutes, 
falling only two minutes short of the 
longest nine-inning game in Series his- 
tory and scoring the second most runs in 
a Series game, the two teams committed 
6 errors and issued 17 walks. They 
entered the ninth innin g tied at 7-7 ana 
scored 11 runs in the inning. 

"It was about as ugly a game as you 'll 
see," said Mike Hargrove, the Indians' 
manager. 

Could the cold weather have been a 


In One Inning, Bonilla Changes From Goat to Hero 


By Thomas Boswell 

WashiHgtuH Post Service 

LEVELAND — Bobby Bonilla 
( lived an 800-page saga in one 
nine-inning World Series game. 
For eigbt innings, be was not only a goat 
but something perilously close to a 
clown. 

But they play nine innings. And in 
fhat final inning, Bonilla transformed 
Came 3 of the Series with his heart, 
hustle and toughness. Laugh at Bobby 
JBonilla now! 

You can laugh at almost every other 
player on both of these teams after this 
-udicrous night. 

‘ “Tonight, both teams out-uglied 
rjach other.” Cleveland’s manager, 
Mike Hargrove, said. But don’t laugh at 
Bonilla. 

‘ . Many players have done what he did 
to score the most important run in Flor- 
ida's 14-11 victory over Cleveland. But 


few have endured so much humiliation 
beforehand, yet persevered with a limp 
and a grimace. 

Bonilla drew a leadoff walk in a 7-7 
game, then tried to go from first base to 
third on a single to center even though 
he was playing with a pulled hamstring 
muscle that had bedeviled him all night. 
With a thundering slide, he not only beat 
Marquis Grissom's throw by a whisker 
but also took up so much territory that 
the peg bounced off his back and went 
into the Cleveland dugouL 

Thanks to that throwing error, created 
entirely by Bonilla, he was waved home 
by the third base umpire. After a night of 
diving, limping; kicking grounders, 
dropping balls, throwing wildly and 
failing in the clutch at the plate, Bonilla. . 
trotted home at his own pace — in 
glorious, goofy vindication. 

After his heroics, the Indians utterly 
collapsed, allowing six more runs in the 
innin g, giving the Marlins a 14-7 lead. 


Fittingly, Bonilla concluded the carnage 
with a two- run single in his second at- 
bat of the inning he began. 

Those “insurance" runs even helped 
a bit, too, since the Marlins’ bullpen 
allowed four runs in the bottom of die 
ninth. 

Many years from now, the box score 
will say that Florida’s Gary Sheffield 
had a monstrous game with five runs 
batted in on a homer, a bases- loaded 
walk, a game-tying seventh-inning 
double and a bases- loaded single in die 
ninth. Meanwhile, Bonilla made two 
errors and stranded four runners in bis 
first four hitless at-bats of the night 

But, until further developments 
emerge, Bonilla put himself at the center 
of this Series. 

In the first inning, he grounded out In 
the third inning, several bad things 
happened to him. He grounded into a 
bases-loaded double play to kill a rally 
in the top half. In the bottom of the 


inning, he kicked a ground ball at third 
base, then dropped it for an error. Un- 
fortunately, he was just warming up. 

You have to walk a mile in Bonilla's 
spikes to understand this evening. His 
gnt redeemed wfaar was. otherwise, one 
of the worst-played World Series games 
on record. Were it not for Bonilla, both 
teams here would be in danger of be- 
coming laughingstocks. 

Each committed three errors. One 
starting pitcher walked three men con- 
secutively. The other walked four in an 
inning. 

As Sheffield said before the game: 
"If you make excuses, it means you’re 
looking for excuses.” Bonilla had a 
dozen reasons to make excuses Tuesday 
night He didn’t He played it out and 
toughed it out 

The bullpens of both teams may have 
made the rest of the ninth inning a joke. 
But Bonilla wasn't. He ennobled a game 
that was otherwise an embarrassment. 


factor? The temperature was 49 degrees 
Fahrenheit (10 degrees Celsius) at game 
time with 25 mph (40 kph) winds, trans- 
lating to a 29-degree wind chili. But the 
temperature did not drop precipitously. 
It was 46 with a windchifl of 23 when 
the game ended. 

Hargrove said he would not blame the 
weather. “It was just poor play.” he- 
said. “Those things happen, ’niey’re 
notpreny.” 

The game was decided on the same 
type of poor play ihai characterized 

Would Series 

earlier innings. The Marlins scored sev- 
en runs in the ninth on four hits, three 
walks, one wild pitch and a Series re- 
cord-tying three errors. 

Bobby Bonilla, who made two errors 
of his own, scored the tie-breaking run 
when he dashed for third — despite a sore 
left hamstring — on Darren Daulfon’s 
single and the throw from Marquis Gris- 
som bounced cost Matt Williams. 

Errors by Jim Thome on a pickoff 
throw to first base and Tony Fernandez 
on a grounder each contributed a run, 
and Gary Sheffield and Bonilla stroked 
successive two-run singles. The seven 
runs tied a World Series record for the 
most runs scored in the ninth inning. 
(The New York Yankees scored seven 
against the New York Giants in 1936.1 


i—. 

r - 

:J’v. : 


The Indians tried to overcome their 
meptness. rallying for four runs in their 
half of the ninth. 

The starting pitchers, Charles Nagy 
for the Indians and Al Leiter for the 
Marlins, each tied a World Series record 
involving walks. In the third inning, 
Nagy became the seventh pitcher to 
walk three consecutive batters. In the 
fourth inning, Leiter became the sev- 
enth pitcher to walk four batters in the 
same inning. 

In that same fourth inning, with the 
bases loaded and two out and a chance 
for Leiter and the Marlins to emerge 
with no worse than a 3-3 tie, Bonilla 
bungled a grounder, then threw the ball 
away, allowing two runs to score. 

Ley land removed Leiter in the fifth 
inning after Grissom drew the pitcher's 
sixth walk. Minutes earlier, Thome had 
slugged a two-run home run that gave 
the Indians a 7-3 lead, but that would be 
countered by Jim Eisenreich’s two-run 
homer against Nagy. 

Hargrove paroled Nagy after the sixth 
and the Marlins tied the game in the 
seventh. Craig Counsell led off with a 
single against Brian Anderson, and after 
Mike Jackson replaced Anderson one 
out later, Edgar Renteria singled home 
Counsel! and scored as Sheffield lashed 
a double to center field. 

Sheffield had already hit a solo home 
run in the first inning. 


Maruns 1 4, Indians 1 1 



Florida AB 

D Whiled 5 

Renteriass 4 

Sheffield ri S 

Bonilla 3 b 5 

Daulton lb 4 

Canine lb 0 

AlouH 5 

Erienreichtffi 3 

a-Ahbofl pfi-dh I 

b-Fuyd ph-dh 0 

CJohnsonc 5 

Counsel! 2b 5 

Totals 42 

Cleveland AB 

Roberts If 5 

Vfcqudss 4 

Ramirez rf S 

Justice dh 3 

MaWAiams 3b S 

SAJomorc 3 

c-Giles pft 0 

Thameib 4 

TFemandez 2b 4 

Grssom d 3 

Totals 34 

Florida 
Ovetofid 


It H Bl BB SO A«1. 

0 1 0 1 1 -2U 

2 2 1 2 0 J33 

2 3 5 10 .**4 

1 I 2 1 1 JSO 

3 2 12 0 .429 

0 0 0 0 0 .400 

0 0 0 0 3 -230 

1 2 M 0 SO 

0 0 0 0 I j0Q0 

1 0 0 1 0 .000 

2 3 0 0 0 -364 

2 2 1 0 2 -2*3 

14 IS 12 I ■ 

R H Bl BB SO A««. 


34 11 10 10 9 S 

101 102 207—14 14 
200 320 004-11 10 


Third baseman Bobby Bonilla of 
the Martins hobbling a grounder. 


The Trouble With Baseball? Marty Fans Have ‘Moved to Norway’ 


Washington Post Smite 

F or three years now the baseball 
lobbyists have promised us 
everything was going to be fine 
with the national pastime. Just wait and 
see. the apologists said after the Great 
Strike of 1 994, people will flock back to 
the ballparks. They told us the TV rat- 
ings would return to normal, that kids 
’ would love the game just like their par- 
ij. : ents. that interest and passion in the 
I- great game of baseball would very soon 
be just as fervent as ever. 

. They lied. 

] Did you see the TV ratings for the 
first two games of the World Series 
between the Marlins and Indians? Low- 
est ever — by a lot. 

Did you see the TV ratings for the 
playoffs that preceded? Lowest ever. 


I thought foe Orioles- Indians series 
was foe most riveting, dramatic series 
you could put on. Every single pitch 
from foe moment foe series started till 
foe Indians won in six had suspense dial 
was sometimes too much to bear. And 
people simply didn’t watch. The TV 
numbers show conclusively foal more 
people stay home on a warm June even- 
ing with foe days growing longer to 
watch an NBA Finals contest than tune 
in on a cool, already-dark autumn even- 
ing to watch the World Series. Twenty 
years ago that was unthinkable. 

Don Ohlmeyer, NBC’s West Coast 
entertainment boss, may have apolo- 
gized publicly for saying many people 
at foe network were “looking for four 
games, and out,” to get rid of the World 
Series and back to preempted prime- 


Vantage Point /Michael Wilson 


time programming. But he was simply 
stating what other colleagues were 
wishing. Can you imagine any network 
wanting to get rid of the Super Bowl? 

Of course not. But Ohlmeyer 's re- 
marks only underscore the trouble base- 
ball is facing, even during its national 
showcase. And foe foot that major 
league baseball folks ignore all foe 
warning signs and either aren’t inclined 
or don’t know how to stop foe bleeding 
almost ensures the downward spiral will 
continue. 

As bad as baseball's ratings are, they 
simply have to get worse because all foe 
people watching are old. Here’s the only 
survey you need to conduct: Walk up to 


any teenager — boy or girl — and ask if 
he or she is watching the World Series. 

While foe NFL, NBA and NHL con- 
tinually tinker with the product to speed 
up foe games to attract a generation with 
an attention span of about two seconds, 
major league baseball simply doesn’t 
care. The final five games of the Orioles 
lasted 3:53, 4:51, 3:32, 3:08 and 3:52. 
That’s an average of 3:52. Tuesday 
night's Game 3 between foe Marlins and 
Indians lasted 4:12. Four hours for a 
baseball game? 

Of course, baseball could speed 
things up by going back to foe original 
strike zone. There could be a limit put on 
the time managers can visit foe mound. 


say, 10 seconds. But baseball folks, 
from foe lame commissioner to foe po- 
ets who are too in love with what foe 
game used to be to see its fatal flaws, 
don’t want change. You know what foe 
big Nike/basebaU marketing campaign 
was this summer “You don 'f like base- 
ball? Move to Norway." 

So foe consumer has done foe next 
best thing, which is consume another 
product. 

In 10 to 15 years baseball is going to 
be like foe train. Sure, once in a while 
when you want something slow and lazy 
that will harken you back to a simpler 
time you’ll settle in fora nice, long train 
ride. But for foe most part, it’s a museum 
piece. Something we’ll explain to our 
children, who probably won’t care to 
listen. 


u- struck out lor Etaenrekli In me 8th. b-wos Men- 
ftonalty walked far Abbott in the 9th. c -walked for 
Atomaf in me 9ttL 

E— Bonilla 2 (2). ALeMer 01, Thome (I). TFemandez 
<0. Grissom 

ID. LOB — Florida 9. CJeuetom J 9. 2B— Sheffield tl>. 
Roberts (3). 

HR— Elsemekh 0) off Nog>$ Thome Q) off ALoKon 
Daulton 0) off Nagy: Sheffield (1) off Nogy. 
RBIs — Renteria (2). Sheffield 5 (5). BanlDo 2 Qj. 
Don Iton n>, Eketweich 2 CO. CounseU OJ. Roberts 
2(4), vtzqud (1), Ramirez (21. MaWBBams (1), SA- 
tomar O), Thome 20). TFetnaiKta (1)> Grtseom (2). 
S-Roberts-SH— TFemandez. . 

GIDP— Sheffield Bonita, Grissom. 

Runners left m scoring position— Florida 3 (Sheffield 
Z Atau); Cleveland 5 (VlzqueL Ramirez. Justice, 
MoWWiams, Thome). 

Runners moved up— DWTute, Bonflkv VbqtmL Jus- 
tice, TFemandez. 

DP— Florida 1 (Counsed Rentarto and Daulton); 
Cleveland 2 fThome, Vlzqwri am Nogy). (Vlzquei, 
TFemandez ond Thme). 


Ffarfda 
ALefter 
FHeredta 
Cook W,T-0 
NW 

Cleveland 

Nogy 

BrAmhnon 

MJackson 

Assenmacher 

Plunk L 0-1 

Mormon 

Mew 


IP H RER BB SO NP ERA 

42G 4 7 4 4 3 114 771 

2V3 0 0 0 1 0 34 040 

iioo o i 17 am 

1 3 4 4 2 1 43 18m 

IP H RER BB SO NP ERA 

4455 4 594 730 

1/3 1 1 1 0 0 9 27.00 

2/3 2 11 1 0 12 450 

2/3 3 0 0 0 I II 0U0 

2/3 2 4 3 2 1 21 10.13 

1/3 0 2 0 1 1 18 0.00 

1/3 2 1 1 0 0 12 4J5 


BrAmhnon 1/3 1 1 1 0 0 9 27m 

MJackson 2/3 2 11 1 0 12 450 

As5ennwdMT 2/3 3 0 0 0 1 18 OBO 

Plunk L 0-1 2/3 2 4 3 2 1 21 10.13 

Mormon 1/3 0 2 0 1 1 18 0.00 

Mesa 1/3 2 1 1 0 0 12 4J5 

Inherited runners -5 cored— FHeredta 1-0. MJackson 
l-I, Pkrnfc3-tt Monnan 2-1, Mesa 3-3. 

IBB— off Plunk (Floyd 1. Off MJackson (Daulton) 1. 
WP— Mesa. 

Umpires— Homek West Hnt Kosc Second. Morale 
Third, Kaiser Left. Montague Right. Fort. 

T— 4:12. A— 44880 (43M3). 


DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 


TTir®; 


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MARRIED, SEE. AND you're 
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V 


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PAGE 24 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 23, 1997 


ART BUCHWALD 

A Wall Street Chill 

\XMSHINGT0N — I “No one knows yet Some 
T v®. I ^ 11 analysis are saying that it’s a 

out I happen to be one chest cold, bul others are put- 
ot me biggest players in the ting out the word that it*s just 
stock macfcet in his head.” 

in oider to be successful on 
WaD Street you have to know LJ 

what you’re doing, and this is ‘’Maybe thic would b 

wherelexceLI — JJ — 


Robert Duvall’s New Look at the Amen Comer 




the news, I fol- 
low all die- 
trends, and I 
get my advice 
from impec- 
cable sources 
such as Irving 


Bucfawald 

IAIJUUUU LUU1U 

I played stickball with in our 
old neighborhood. 


Irving called me the other 
day and said, “I see bears 
where I should be seeing 
bulls. I think you should un- 
load your uranium stocks. ' ’ 

“Why? Is the market in 
bad shape?" 

“No. it’s never been in bet- 
ter shape. Earnings are up, 
unemployment is down, and 
there’s tuk of more tax relief 
for investors.” 

4 ’Then why should I 
sell?” 

“Alan Greenspan hag a 
cold" 

“Is it a bad cold?” 

Palestinian Writer 
Turns to Sculpture 

Agence France-Pra te 

RAMALLAH, West Bank, 
— The foremost Palestinian 
poet-novelist has turned to 
sculpture, converting Jerusa- 
lem stone into “prehistoric 
objects” for his first-ever 
sculpture exhibit. The lime- 
stone sculptures of Zakariya 
Mohammed, 74, are on dis- 
play at the S akalrini cultural 
center here. 


“Maybe this would be a 
good time to buy Vicks cough 
drops." 

Irving said, “There are 
other signs that things might 
not be quite what they seem. 
Everything is going so well 
that people are worried some- 
thing will go bad You always 
start to bite your fingernails 
when the little guy starts to 
make money.” 

“Why?” " 

“Because it confuses the 
big guys. The worst that can 
happen in a bull market is for 
the big guys to get ner- 
vous.” 

“What do you think 
they're nervous about?” 

“Interest rates will go up, 
inflation will take hold, their 
kids’ college will raise tu- 
ition, and they won’t be able 
to get a taxi when they need 
one. When you ’re playing the 
market, you're nervous most 
of the time.” 


I told Irving, “I'm not 
greedy, but I just don’t want 
to lose what I've made 
already." 

“Nobody does," he said 
“bat today we're having 
trouble with Japan, tomorrow 
the Germans might decide to 
sell their bonds, and Friday 
(he Albanians could pull the 
rug out from under us. It’s 
important for people to keep 
an eye on the gross national 
product." 

“What do you think I 
should watch for, Irving?” 

“How do I know? It takes 
nerves of steel to stay the 
course when nobody knows 
how many boxes of Kleenex 
Greenspan is going to buy.” 


By Samuel G. Freedman 

New York Times Service 

N EW YORK — Midway 
through Robert Duvall’s ac- 
claimed new film, “The Apostle,” 
the Pentecostal minister whom he 
portrays takes a secretary out on a 
dinne r date. When their food arrives 
and the woman lifts her fork, Duvall 
stills her hand Then he thanks God 
And as he does, the woman tightens 
her face and rolls her eyes, e m itting 
a muffled “Amen.” 

Her discomfort with a funda- 
mentalist Christian's overt expres- 
sion of faith might well stand for 
that of Duvall’s usual colleagues 
and audiences. With the character 
of Sonny Dewey In “The Apos- 
tle,” a committed pastor who must 
rebuild his life and ministry after an 
act of violence shatters both, Duvall 
has dared cosmopolitans to accept a 
preacher who defies Hollywood's 
standard depiction of soul-saver as 
flimflam m er, whether embodied by 
Burt Lancaster's Elmer Gantry or 
Flip Wilson’s Reverend Leroy. 

The evidence from the recent 
showing of ‘’The Apostle” at the 
New York Film Festival suggests 
that Duvall has made converts, at 
least of the aesthetic sort. Janet 
Mas lin of The New York Tunes 
called “The Apostle” “a film that 
can create a full, fiery, warts-and-all 
portrait of Sonny without reducing 
him to any kind of stereotype.” 

Equally important to Duvall, one 
of the ministers who influenced 
him, the Reverend Johnny Ray 
Youngblood of St. Paul Commu- 
nity Baptist Church in Brooklyn, 
flew back from a business trip to 
Chicago to view the film. 

“I wanted to give it credence,” 
Duvall said of evangelical Chris- 
tianity in a recent interview in a 
Manhattan hotel “To give it full 
emphasis. We make great gangster 
movies. So why not make this kind 
of movie right too? Church can be 
so pure unto itself. And it's so 
contaminated when it’s done by 
TV or Hollywood.” 

Duvall, 66, spent 13 years and $5 
million of his own money to make 


“The Apostle." Even as Miramax 
was bidding for the distribution 
rights to the movie — which went 
to October Films, which will re- 
lease “The Apostle" in early 1998 
— one of the company’s executives 
confided to Duvall about evangel- 
icals like Sonny Dewey, “I’m ter- 
rified of those people.” 

Duvall said: “It’s the Protestant 
right wing that gets it from the 
media. There may be as many black 
preachers against abortion as there 
are whites. But you don’t tear them 
being denounced. Whether yon 
agree with Jerry Falwell or not, 
he’s no different than a high-rank- 
ing rabbi or an archbishop. They're 
all about family values, moral val- 
ues.’ ’ 

Duvall’s sense of respect for fun- 
damentalism runs decades deeper 
than the temporal need to promote a 
film he wrote, directed and starred 
in. The son of a Methodist father 
and a Christian Scientist mother, he 
attended church regularly during 
his childhood in Annapolis, Mary- 
land, and has never considered 
himself anything but a believer. 

One might date the ge nesis of 
“The Apostle" more precisely, 
though, to 1 962, the year Duvall was 
rehearsing for the role of a small- 
town Southerner in an off-B road- 
way play, “The Days and Nights of 
Beetle Fenstennaker.” As part of 
the meticulous preparation for 
which he has since been renowned, 
he traveled to the character’s home- 
town of Hughes, Arkansas. 

Spending the night in that sleepy 
Delta crossroads, Duvall dis- 
covered little diversion except for a 
tiny Pentecostal chapel. There he 
listened to the pastor preach, a vis- 
iting minister play gospel songs on 
guitar and a congregation moan 
and testify with unashamed piety. 
Duvall was powerfully affected. 
“It was the good feeling,” he re- 
called. “There was a certain sim- 
plicity and understanding. And also 
the feeling of the folklore. Preach- 
ing is one of the great American art 
forms. The rhythm, the cadence. 
And nobody knows about it except 
the preachers themselves.” 



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Defying the standard depiction of soul-saver as flunfiammer. 


Still, more than 30 years passed 
before Duvall began transmuting 
that admiration into a screenplay. 
In that time, he not only won an 
Oscar for his role as a country 
singer in Horton Foote’s “Tender 
Mercies” but also refined a docu- 
mentary-style directing technique 
with films about rodeo cowboys 
(“We’re Not the Jet Set”) and 
gypsies (“Angelo, My Love”). 

In the mid-1980s, a newspaper 
article led Duvall to a 93-year-old 
black minis ter named Isham Wil- 
liams, who lived near the actor’s 
home in Virginia. A friend in 
Nashville directed Duvall to Sister 


Jewell Jernigan ’s Church of God in 
Prophecy in Shady Grove, Ten- 
nessee. Word of mouth brought 
rooklyn 


and the Reverend E. V. Hill of the 
Mount Zion Missionary Baptist 
Church in Los Angeles. 

“I was sitting, watching, gath- 
ering, collecting.” Duvall said. “I 
just tried to sop it up and let it seep 
in. Sometimes I’d ask myself why 1 
wasn't participating. But all the 
homework was to capture the ex- 
perience. So I could capture it in. 
movie time.” 

In six weeks of 1984, Duvall 
wrote a screenplay that has re- 


mained essentially intact It tells tbeH . 
story of Sonny Dewey, thepasto* ot - . 
an integrated Pentecostal church p 
a Texas suburb who loses both ■ 
wife and his pulpit to a youngSTs. , 
minister. In one unhinged moment,,/ 
Sonny kills hisrival. While fleeing.- . 
he baptizes himself anew and r&" - ; 
christens himself the Apostle E. F- Z m \ 
In that guise, he builds a new- 
church for a mostly black congreg- 
ation in Cajun Louisiana, leaving n 
at film 's end to accept punishment 
for tire crime. „ 

At the religious level, Duvall 
wrote a classic New Testament nar- 
rative of sin redemption. In die 
process, ihnw gh, be created a char- 
acter 1 whose flaws and appetites nev- 
er detract from his essential decency . 

— a rejoinder to popular culture s 
usual stereotypes of preachers. And 
Duvall showed an acute eye. and ear . 
for foe details of church life. 

With utter respect, the script has A- 
Sonny teaching children the order 1 
of foe Bible’s books, instructing his 
congregants in tithing, and painting 
a church bus with foe promise “Je- 
sus Saves.” He preaches about 
“Holy Ghost power,” his voice at" 
times adopting the sing-song tones 
known as “whooping.” Having 
won a new soul for his congreg-' 
ation, he stomps his feet, lifts his 

aims skyward and snorts the single 

word, “Glory.” 

Duvall failed to persuade any stu- 
dio to bankroll the project. “Too 
talky,” one executive responded. • 
Another asked: “Whar are you gO; 
ing to show? The chicanery?” 
Lacking any alternative, Duvall v 
used $5 million of his own savings . jf 
to put the film into production. The ' 
shoot took place .during seven 
weeks last fall with such actors as 
Farrah Fawcett and Miranda 
Richardson joined in the cast by" 
local churchgoers and several min-" 
isters, including Jemigan. Only after 
a highly [praised showing last month . 
at foe Toronto Film Festival did 
“The Apostle” gain a distributor. •' 

“Every year I’d say, it's this year! 
or never, "Duvall said. “And finally' 
last year I said, it’s now or nev- , 
er.”’ 1 


; 




BOOKS 


PEOPLE 


The Real Crisis: Lack of (Publishing) Talent 


By Martin Arnold 

New York Tuna Sfrvlcr 

N EW YORK — It comes down to 
talent, or foe lack of same. So the real 
question among book publishers is not 
whether there are Grishams and Updikes 
to be discovered, but whether publishers 
can find the people who are going to find 
the new Grishams and Updikes. And sign 
them up and publish them well 
The sizzle is that there is a crisis in 
book publishing yet again, that indeed 
the very survival of literature is at risk. 
The predictable miscreants are the large 
chain stores that are destroying inde- 
pendent bookstalls, the quick and pun- 
ishing returns of unsold books, and the 
far too high author advances. The stran- 
gulation of conglomeration! 

But foe crisis is more basic. Many in 
book publishing say it is the shortage of 
talent and flair in the industry, a lack of 
good editors and editor-publishers to pro- 
duce books people want to read. There’s 
even a deficiency of marketers who can 
market bocks and public relations ex- 
ecutives wbo can publicize successfully. 
Publishing is a gamble, they say, and too 
often the bookstore shelves are stacked 
with the unwanted and tire unreadable. 

Phyllis Grann, president of Penguin 
Putnam Inc., and one of the industry’s 
most successful publishers, was saying 
at a recent party for one of her authors 
that “the real problem in book pub- 
lishing is foe lack of talent.” Ana she 
wasn’t talking abouL writers. 

What is an editor’s (or an editor- 
publisher’s) job? It is more than taking a 
man uscript and helping make the in- 
coherent coherent. That should be 
routine. Still, more and more writers are 
complaining about editing, and it’s not 
uncommon for writers to hire freelance 
editors. Of course, the editor first must 
have the perspicacity to acquire books 
for publication: to put together what is 
nailed in publishing a list, that is, a 
number of books that people want to 
buy; to nature foe list’s writers. “Qual- 
ity and cash, that’s the definition” of the 

goal, Grann said. 

Moreover, foe editor has to be the 


book's chief advocate within the pub-, 
lishing house, has to sell the book to the 
publisher and the marketing people and 
the sales force and public relations ex- 
ecutives to insure their support; often foe 
editor has to assure that the book has the 
right jacket and that its publication is 
scheduled for the right moment, has to 
cope with proofreaders and copy editors, 
and be the lightning rod for the work and 
die author. In short, to help the authors 






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rfabr.tidu/IliT 

give birth. And the same skills, if not 
sensibility, are required for everything 
from literary books to romance novels. 

Grann said, in a later interview, “Any 
time a significant job opens, people 
have a hard time finding anyone to fill 
it” She added that foe ‘’very fact that 
headhunters are being used more and 
more” in book publishing attests lo the 
lack of talent. 

And Ann GodofF, editor-in-chief at 
Random House, said that an entire gen- 
eration of potentially fine editors was 
lost in the ’80s: “The entry-level pay 
was poor,” it still is, from $ 15,000 to 


$24,000 a year generally, “and all the 
gpod jabs above were held by people 
too young for retirement, so there was 
no place for talent to go, so it went 
elsewhere.” She sees that space now 
opening again, she said, and the pool of 
good young editors is growing. But she 
acknowledged that a variety of com- 
peting higher-paying media jobs were 
still drawing young people away from 
traditional book publishing. 

Carolyn Reidy, publisher of Simon & 
Schuster’s trade division, said: 
“There’s a lack of people who are really 
good as editor-publishers, so they are 
kept happy where they are, and it’s hard 
to pry them loose. We have to take a risk. 
There’s not a lot out there. You don’t 
know if you really have a good one until 
you have someone doing a good job.” A 
headhunter recruited Reidy for her job. 

Robert Riger, of Market Partners In- 
ternational, book-publishing consult- 
ants who backed into headhunting be- 
cause of the demand and found Reidy 
for Simon & Schuster, also said there 
was a “lost generation” of editors and 
editor-publishers who were turned off in 
the ’80s. The pay is still low, he said, but 
luckily for foe industry, “texty people 
are still chic." 

Of course, not everyone agrees. Irwyn 
Applebaum, president and publisher of 
Bantam Books, said people have been 
talking about a lack of talent for 20 years. 
He speculated that “publishing has al- 
ways had that odd son of not formal 
business person, often eccentric types,” 
who in today’s publishing environment 
may not impress with their talent 

But he is in the minority. Nearly all 
the people in foe industry agree that 
[here’s a talent gap. They also agree on 
foe formula that good writers plus good 
publishing talent equals good hooks and 
enough cash to survive the chains and 
foe returns and foe high advances. 

Indeed, Applebaum gave a nearly 
crystalline job description for today's 
young editors: “Loving books is not 
enough. You can join a reading club. 
You have to enjoy making books. You 
have to be able to get others to pay for 
reading what you read free of charge- ’ ’ 


T HE new late-night talk show 
“Vibe” is switching hosts in an 
attempt to boost ratings. Sinbad, the 
comedian and star of films including 
“Houseguest” and “First Kid," is 
slated to replace Chris Spencer. “When 
you get the opportunity to get into busi- 
ness with someone like Sinbad you, 
don ’t pass it up,’ ' said Quincy Jones, the 
show’s executive producer. “Vibe” is 
dueling with “The Keenen Ivory Way- 
ans Show” for young urban viewers. 


The tribute song by Elton John to 
Princess Diana was declared the 
world’s biggest-selling single after 3 1.8 
million copies had been distributed 
around foe globe. The Guinness Book of 
Records sard ‘ ‘Candle in foe Wind” had 
overtaken foe previous global record 
seller, Bing Crosby’s “White Christ- 
mas,” which has sold an estimated 30 
million copies worldwide since its re- 
lease in 1942. John’s song, which re- 
duced many to tears daring the Princess 
of Wales’s funeral Sept. 6, took just 37 
days to beat Crosby’s record. 


The violinist Yehudi Menuhin was 
awarded foe City of Vienna’s Golden 
Medal of Honor. Other recipients of the 
award, given to artists and scientists for 
their contribution to cultural and aca- 
demic life, included the film director 
Billy Wilder and the conductor Lorin 
Maazel. 


A new portrait of Queen Elizabeth 
will appear on British coins beguiling 
Jan. 1, Buckingham Palace has an- 
nounced. Hie queen will be shown 
wearing a tiara she was given as a wed- 
ding present by her grandmother. 
Queen Mary. Queen Elizabeth and her 
husband. Prince Philip, will celebrate 
their 50to wedding anniversary next 
month. 

□ 

Joseph Kennedy apparently has no 
hard feelings toward John Kennedy Jr. 
for calling him and his brother “poster. 
boys for bad behavior.” Speaking on 
CNN, Joseph Kennedy said his cousin 
would be ‘’great” at politics if he de- 
cided to ran for public office. In the 






[taoti? YvU/Thr Wrulni I W 

Quincy Jones, left, introducing Sinbad as the new host of ‘‘Vibe.’* 


September issue of his political 
magazine, George, John Kennedy Jr. 
criticized Joseph and his brother, Mi- 
chael Kennedy. Joseph Kennedy 
pulled out of the race for Massachusetts 
governor after bad publicity over his 
decision to seek an annulment of his 
first marriage. His younger brother was 
accused of having an affair with his 
family's teenage toby sitter. 


Julie Andrews has not regained her 
voice, and foe American torn* of the 
musical Victor/V icioria, ’ ’ which was 
supposed to begin in August, is still on 
hold. Andrews, 60, had a throat op- 
eration in June after missing more than 
100 Broadway per f ormances. 


office. In the 


The actress Sondra Locke said her 
former companion, Clint Eastwood, 
talked her into having two abortions and 
into sterilizing herself by telling her he 
didn't want any more kids. But Locke, 


in her new book, “The Good, foe Bad 
and the Very Ugly,” also said Eastwood 
had three children by two other women 
while living with her. 

□ : 

Moscow’s leading monumentalist 
sculptor, Zurab Tsereteli, has made an 
offer to President Bill Clinton to create 
a towering 126-meter (416-foot) statue 
of Christopher Columbus, taller foaigf , 
the Statue of Liberty. The White House?' 
is reported to be examining Tsereteli’s 
proposal. 

□ : 

The best-selling author James 
Michener captivated his readers one 
last time with a note he wrote shortly 
before his death that was distributed at 
his funeral. In the message, Michener 
said he had lived a full and happy life 
and was not afraid of his impen ding 
demise. He died Oct 16 after choosing 
to stop life-sustaining kidney dialysis 
treatments the week before. . 



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makes calling home or to other countries really easy. 
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