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PUBLISHED WITH" THE NEW YORK TIMES AND THE WASHINGTON P 


yhc World’s Daily Newspaper 


London, Tuesday, October 28, 1997 



Dow’s 554-Point Plunge Suspends U.S, Trading; 
Hong Kong Sell- Off Alarms Markets Worldwide 


t 


i 

Britain Postpones 
Single Currency 
Entry 4 or 5 Years 

Ultimate Participation Seen 
l As ‘Beneficial 9 if Euro Wbrks 


By Tom Buerkle 

International Herald Tribune 


LONDON — The government of Prime Minis ter Tony 
Blair a n nounced Monday that it would not enter Europe’s 
single currency in the next four or five years, but would 
'aim to join soon after and believed that membership 
■ would help the country economically. 

“In principle, we believe British participation in a 
successful single currency would be beneficial to Britain 
and to Europe,’' Gordon Brown, the chancellor of the 
"Exchequer, said in a statement to the House of Com- 
mons. 

The policy statement marked die clearest endorsement 
a senior British politician has ever given to the single- 
currency project It followed a month of speculation, 
-mostly inspired by mixed signals from Mr. Brown and his 
.^ministerial colleagues, that had the government first 
-leaning toward, then against, early membership in eco- 
1 - Domic and monetary union. 

[ The new line from the Labour government cleared 
some of the recent muddle, but it failed to satisfy many 
.'voices on eiiher side of Britain's sharply divided political 
class. By postponing the ultimate decision on entry until 
after the next general election, which must be held by May 
2002, Mr. Blair has raised the likelihood that the election 
will be fought over the single currency, or euro. 

‘ Theopposition Conservative Party, which decided this 
month to oppose British entry into monetary union for as 
Long as 10 years, accused Mr. Brown of ignoring the 
constraints that membership of a single currency could 
impose on Britain’s economic sovereignty. 

"Up to now. there has not been a currency without a 
government to run it, or a government worthy of the name 
without a currency,” said Peter Lilky, die Conservative 
spokesman for treasury affairs. 

The Liberal Democratic Party, which is closely allied 
with Labour on many policies, criticized the government 
for failing to embrace the euro with more enthusiasm by 
setting a clearer timetable for entry. Malcolm Bruce, the 
party’s spokesman for treasury affairs, said the gov- 
ernment was afraid of being attacked by powerful media 
opponents of monetary union, including newspapers 
published by Rupert Murdoch. Mr. Murdoch’s flagship 
title. The Times, urged Mr. Brown to stand firm against 
the euro in an editorial on Monday under the headline, 
•‘No Means No.” 

In financial markets, meanwhile, investors dumped 
British government bonds and bid up the level of the 

See BRITAIN, Page 10 



Ramta Mori/The AaanmdftHB 

Traders at the Paris stock exchange reacting as the index dropped sharply Monday. Markets 
across Europe and on Wall Street posted huge declines in the wake of the turmoil in Asia. 


Asian Collapse: 
Day’s Doings 

• Why the collapse of Asian 
markets? Maybe historians 
will find it’s neither the Jewish, 
conspiracy suggested by Prime 
Minister Mahathir of Malaysia 
nor the Communist takeover of 
Hang Kong, as suggested by 
Senator A1 D* Amato, but just 
old-fashioned hubris. Page 10. 

• The South Korean won 
slid to a record low against the 
dollar and stocks fell to their 
lowest level in five years after 
the government tried but failed 
to soothe investors spooked by 
the turmoil sweeping Asian fi- 
nancial markets. Page 17. 

• Indonesia and a team led 
by the Internationa] Monetary 
Fund resumed negotiations to 
finalize a multibillion-do liar 
support package that officials 
say could be crucial in restor- 
ing financial stability in In- 
donesia and the wider South- 
east Asian region. Page 13. 


Asian Equity Markets Main stock indexes 


% change 
last week 


% change 
Monday 


% change 
year to date 



Source: Bloomberg 


U.S . Probes 
Sale of IBMs 
To Russia 


iw By Jeff Gerth 

and Michael R. Gordon 

‘ Nett Yont Tones Service 

-"Defying the United States, a Russian 
nuclear-weapons laboratory secretly ac- 
quired 1 6 advanced IBM computers late 
last year, using Moscow-based middle- 
men to evade U.S. export rules, Russian 
and U.S. officials say. 

A federal grand jury in Washington is 
examining IBM’s role, U.S. officials 
and executives say, to determine wheth- 
er. 'the company or its representatives 
Violated laws governing the sale of com- 
puters to nuc lear- weapons installations. 

U.S. officials and the executives say 
technicians working for International 
Business Machines installed computers 
at the laboratory in Arzamas- 16, a 
closed city where Russia designed its 
hydrogen bomb. The clandestine trans- 
action came after IBM had failed to gain 
'-■{federal approval for a sale of similar 
, computers to the lab. 

A reconstruction of the case by The 
New York Times, based on interviews 
with participants in Russia and the 
United States, as well as secret cor- 
respondence between the two countries, 

shows that the Russian purchase grew 
but of a diplomatic misunderstanding 

: ’ See COMPUTERS, Page 10 

tawstand wtoM 


AGENDA 



Mnc5emafl<nKii 

JOY IN MIAMI — The Florida Marlins mobbing Edgar Renteria 
after his single in the 11th inning drove home the winning ran and 
gave the five-year-old Miami franchise the World Series title. The 
Marlins defeated the Cleveland Indians, 3-2, in Game 7. Page 27. 


Books. 


Crossword. 
Opinion 


Page 1L 
Page LL 


PAGE TWO 

Nagano's No-Snow Nightmare 


Sports Pages 26-27. 

Sponsored Section Pages 19-25. 

THE REMAKING OF ROMANIA 


'helHT on-line vjmv.iht.com 


THE AMERICAS 

US. Deficit Withers 


Paged. 


ASIA/PACIFIC 


Page 4. 


Sihanouks "Unhappy Country ’ 


Argentines Hand 
Peronists a Setback 

Argentina’s Peronist party suffered 
a stinging defeat in elections for the 
lower bouse of Congress. After a cam- 
paign largely fought on the issue of 
government corruption. President Car- 
los Saul Menem’s Peronists lost their 
majority in the house, winning only 
36.2 percent of the vote. An opposition 
group formed from leftist and center- 
right parties received 45 .7 percent The 
vote also appeared to be a reflection of 
public restlessness with certain neg- 
ative effects of the Peronists’ free- 
market economic measures. Page 10. . 

It’s a Rolls-Royce, 
And Now It’s for Sale 

Rolls-Royce Motor Cars, a British 
emblem of quality craftsmanship and 
the last major luxury carmaker to re- 
main independent of one of the large 
automobile manufacturers, was put up 
for sale Monday. Vickers, its parent, 
said it was disposing of the subsidiary 
to concentrate its core business of ar- 
mored vehicle and propulsion-technol- 
ogy products. Page 13. 


Steep Drop 
In Asia Felt 
From Africa 
To Mexico 


By Philip Segal 

Special to the Herald Tribune 

HONG KONG — The Hong Kong 
stock market resumed its steep tumble 
Monday, dragging down share prices 
and bond markets around the world as 
the waves from Southeast Asia's cur- 
rency turmoil washed ashore from 
Europe and Africa to die United States 
and Latin America. 

Emerging markets were particularly 
hard hit as investors fled die perceived 
threat of contagion from Asia’s eco- 
nomic downturn and financial prob- 
lems. Share prices in Canada and South 
Africa made their steepest plunges in a 
decade. Stocks in Brazil fell more than 
14 percent in late trading — the biggest 
fall in five years — and in Argentina 
they took their hardest hit of the year. 

All the major European markets shed 
more than 2.5 percent in value, with 
Spain suffering a plunge of 4 J percent 

In Hong Kong, share prices fell 5.S 
percent, their fourth big decline in five 
days, amid growing speculation that 
Hong Kong would be forced to devalue 
its currency as other Asian nations have 
done. 

Hong Kong authorities once again 
vowed to defend the currency. Finance 
Secretary Donald Tsang said, “The 
only people who will be burned by 
speculation against the Hong Kong dol- 
lar are the speculators.” 

But economists said that there were 
"indications that capital flight from Hong 
Kong might have already begun, a result 
of a growing fear that the territory's 
currency might come unstuck from its 
peg to the U.S. dollar. 

Amid renewed pledges by the gov- 
ernment that the peg would survive, the 
benchmark Hang Seng Index fell 646. 14 
points, to 10,498.20. giving back nearly 
all the gains made in Friday’s 718r-point 
rise. The index is down 22 percent so far 
this year, and has fallen 37 percent from 
its Aug. 7 peak of 16,673.27. 

Traders said they suspected the heavy 
wave of share buy-backs by Hong Kong 
companies continued from Friday, but 
was not enough to counteract what one 
called an ‘‘East versus West” tussle in 
the market: foreign investors hurriedly 
unloading big batches of stock, often to 
local investors and government insti- 
tutions intent on bolstering share prices. 

As Hong Kong battled to contain its 
own currency crisis, traders nervous over 
bad debts at South Korean banks drove 
the won down by 1 .5 percent, to 939.7 to 
the dollar, an event mat could provoke 
further falls in Taiwan’s dollar. Taiwan 
and South Korea are competitors in ex- 
ports of electronics and other products, 
so a fall in the won makes Korean goods 
cheaper relative to those from Taiwan. 

See HONG KONG, Page 10 


Historic Halt 
On Wall St. 
As Market 
Loses 7.2% 


By Mitchell Martin 

iHiernuiianal llerahl Tribune 

NEW YORK — U.S. stock trading 
was halted twice Monday after the Dow 
Jones industrial average recorded its 
largest point loss ever as the collapse in 
Asian equity markets spread fear to in- 
vestors around the world. 

The New York Stock Exchange im- 
posed its circuit-breaking trading halts 
for the first time. The rules were put into 
effect after the 1987 stock-market col- 
lapse. Trading was hailed for half an 
hour after the Dow fell 350 points, and 
the market closed about half an hour 
early when the blue-chip gauge crossed 
the 550-point threshold. 

For me day, the Dow fell 554.26 
points, to 7,161.15. Although that out- 
stripped the 508-point-loss on Oct. 19. 
1987. the Black Monday collapse was 
for more significant in percentage 
terms: 22.6 percent, compared with 7.2 
percent on Monday. 

Michael McCurry, the spokesman for 
President Bill Clinton, described Mon- 
day’s drop as “a bare" fraction of major 
breathtaking drops in the past” and no 
reason for panic. 

”The president has watched and 
noted the developments of the day,” he 
said. “The president is confident the 
fundamentals of the American economy 
are strong. That's what matters most.” 

The loss brought the Dow 13.3 per- 
cent below its record high of 8,259.31, 
set on Aug. 6. 

New York’s losses were far less 
severe than those recorded in the rest of 
the Western Hemisphere. Brazil was the 
biggest loser, with the Bovespa index 
down 15.0 percent. The key indexes in 
Mexico, where trading also was halted, 
and Argentina were more than 13 per- 
cent lower. 

Investors deserting stock markets put 
their money into bonds, with short-term 
maturities drawing heavy buying. Sig- 
nificantly, two-year U.S. T treasury notes 
were yielding just 5.55j»ercent, down 
from 5.74 percent on Friday. Federal 

See DOW, Page 14 


... 

fl The Dollar 1 

New York 

Monday » 4 P.M. 

previous dose 

DM 

1.7515 

1.777 

Pound 

1.6635 

1.6335 

Yon 

121.775 

121.945 

FF 

5.5915 

5.9545 


Monday dose 

prowous dose 

-554.26 

7161.15 

7715.41 

IH S&P 500 H 

change 

Monday 9 4 P.M. 

previous close 

-64.65 

876.99 

941.64 


Chinese Leader Goes 
For a Swim ( and More) 


By Seth Faison 

New York Times Service 


HONOLULU — President Jiang 
Zemin of China surprised many strollers 
on Waikiki Beach by turning up un- 
expectedly for a swim. 

Many beach goers were naturally 
curious what famous person required an 
entourage of 17 bodyguards just to go in 
the ocean, and others stopped to watch 
the buzz of attention his aides created 
late Sunday afternoon when their boss 
emerged from the water. 

Yet in China. Mr. Jiang's swim will 
be of even more interest especially 
when word spreads that Mr. Jiang, 71, 


In Deng’s Footsteps , Jiang Treads His Own Path 


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By Steven Mufson 

Washington Post Service 



BEIJING — President Jiang Zemin is about to 
complete what a senior U.S. diplomat here calls “the 
triple thrown ” of Chinese politics. 

Having hoisted the Chinese flag over the former 
British colony of Hong Kong and solidified his lead- 
ership position at China's Communist Party congress, 
he has now has started a six-city U.S. tour to be 
highlighted by a White House state dinner. 

This is Mr. Jiang’s moment. Long overshadowed by 
his political patron, Deng Xiaoping, Mr. Jiang often 
ia& been undere^mated and wnnen off as an interim 
leader- N ow^eighty ears after Mr. Deng picked him for 

death, Mi^fia^^ooks more secure than ever as^he 


faces perhaps the toughest test yet of his confidence 
and abilities. * 

This was a test that Mr. Deng passed with flying 
colors when he barnstormed across the United States 
18 years ago, charming members of Congress, chat- 
ting comfortably with television interviewers and don- , 

NEWS ANALYSIS 

Ding a 10-gallon hat at a Texas rodeo. In doing so, Mr. 
Deng sent a message to America, where China was still 
a relative mystery, and to Chin*,, recently tom by the 
Cultural Revolution, that his country was under new 
management and on a new, pragmatic path. 

" Mr. Jiang’s mission is ip .many ways similar, to. 
demonstrate his leadership and.Ghlna’s re-emergence 
as a world power while securing U.S. cooperation for 



die next stage of China's economic restructuring. 

“The ceremonial part is more important than the 
substantive part,” an "influe ntial Chinese foreign 
policy specialist said. 

“It will create the impression here that the gov- 
ernment here is accepted by the United Stares. ” 

• Mr. Jiang's task is tougher than Mr. Deng's was in 
1979. 

Mr. Jiang cannot point to die Soviet threat to per- 
suade the United States of China's strategic impor- 
tance. 

And unlike Mr. Deng, who did not have to answer 
human rights questions, Mr. Jiang must deal with die 
legacy of Beijing's bloody 1989 crackdown on. de- 
mocracy demonstrators in Tiananmen Square. 

See JIANG, Page 4 




did the breaststroke for a full I 
China is the audience, in all likelih 
to whom Mr. Jiang wanted to shoi 
physical prowess before he left 3 
oluln on Monday for Langley Air F 
Base in Hampton, Virginia. 

In recent months, concern spres 
China that Mr. Jiang was suffering 1 
heart trouble. 

At the Hong Kong handover < 
mony on July 1 , Mr. Jiang looked so 
and pasty that rumor spread that h« 
actually suffered a minor heart artac 
his flight there. Yet China's leader 
so secretive about their personal 
that it was impossible to know. 

So the sudden appearance, will 
handy, complement of reporters : 
China s state-ran news media in 
was of extra interest. 

Donning a pair of black swim go* 
and a pink and white bathing 
Jiang looked like a race car drivers 
he ventured into the ocean 

He needed help balancing himse 
he walked through the surf, Sm 
arms of a bodyguard on each side 
once he was swimming he anoean 
need no further help. PP ^ r ‘ 

.. swam and sv 

jus head bobbing all the way unden? 

with each stroke he took. 

Swimming, in Chinese politics 
an illustrious history. F S ’ 

eacb carefully c 
exactly how robust they were . ^ 

See SWIM, Page 4 








INTERNATIONAL HERALD TRIBUNE. TUESDAY, OCTOBER 28, 1997 



PAGE TWO 


Praying for Precipitation / Clouds in Hi© Silver Lining 


Nagano ’s Nightmare: A No- Snow Olympics 


By Nicholas D. Kristof 

New York Touts Service 


N AGANO, Japan — What if they held a 
Winter Olympics, and it never 
snowed? When the 1998 Olympic 
Games open in the Japanese Alps in 
February, will ice hockey become field hockey? 
Snowboarding become surfing? Alpine skiing 
become water-skiing? 

Those are the nightmares here. Japan's Met- 
eorological Agency offered a long-range fore- 
cast this month and concluded that because of El 
Nino's warm ocean currents, the weather this 
winter will be warmer and drier than normal. 

The forecast hit a raw nerve in Nagano, which 
is the southernmost city ever to be chosen as host 
the Winter Olympic Gaines and has been prom- 
ising skeptics ever since that there really will be 
snow by the time the Games open. 

In fact, it seems almost certain that there will 
be plenty of snow in the places that really count, 
in the mountains outside Nagano where the 
skiing events will be held, but officials are busy 
preparing emergency plans. 

* ‘We're going to go to the shrine on New 
Year's Day and pray for snow," quipped Ko 
Yamaguchi, the press director for the 
Olympics. 

Mr. Yamaguchi acknowledged that the 
Nagano Olympic Organizing Committee had 
worked out its contingency plans just in case the 
nightmare came to pass. Snow-making machines 
will spew out snow on the courses, and the army 
will truck snow in from nearby mountains. 

Japan's penchant for worrying and contin- 
gency planning seems to be serving the 
Olympics in good stead in the final months 
before the Games open. Japan is about the least 
happy-go-lucky country in the world, and Jap- 
anese have a habit of seeing a cloud in any silver 
lining. But the result is that they are much less 
likely than Americans to be caught in a shower 
without an umbrella. 

These days, the people of Nagano are fretting 
with characteristic grimness, brooding about 
whether foreigners will tolerate Japan esc-style 
squat toilets, will like soba noodles or will be 
able to tell which door leads to die men's public 
bath and which to the women *s. A result is a rush 
to put up signs, install seat toilets and do 
whatever else will make foreigners feel like 
honored guests. 

"I feel so responsible," Akemi Maruyama 
murmured as she sat in the entrance of the tra- 
ditional Japanese inn. or ryokan. that she runs 
with her husband. The Maruyamas hardly ever 
get foreign guests at their inn. but during the 
Olympics they will be putting up the Swedish 
team, and that has left them profoundly anxious. 

“If the athletes' performance is disrupted by 
the differences in life styles, then we’ll just feel 




NYT 


Akemi and Takehiko 
Maruyama, shown at 
a stream near their 
inn, idU put up the 
Swedish team when 
the Winter Games 
begin in February . 

The people of 
Nagano are fretting, 
hoping to provide a 
welcome that is 
found warm enough. 

Nvfaob* D. KrUlnRTbr Jin Vui Time* 


terrible.'* Mis. Maruyama said. As a result, the 
Maruyamas are working with the Swedish Em- 
bassy in Tokyo to bring in a Swedish chef for the 
duration of the games, and they are thinking 
about buying hot plates so that they can keep food 
out for athletes who want to eat at odd hours. 

“It may be a burden for us to buy hot plates, 
but we want to offer the athletes the very best," 
said her husband. Takehiko Maruyama. 

The Maruyamas are also outfitting rooms with 
beds for the Swedish athletes. As a result, the 
Swedes can sleep as they are used to, instead of 
on a futon on the floor. 

The family is also thinking about other steps it 
needs to take. ‘ ‘Maybe it'd be best to put up a sign 
explaining that they should scrub first, before 
entering the public bath,” Mr. Maruyama mused, 
reflecting on Japanese bathing etiquette. “And 
we should have a sign explaining that you should 
not get into the bath with your bathing suit." 

Some new signs, in English, may be necessary 
to avoid misunderstandings at the entrances to 
restrooms and the ubiquitous public baths in the 
area. In one inn, the entrance to the men’s and 
women's baths are marked “Lords" and 
“Ladies" in elegant Chinese characters that 
would look alike to most Western visitors. 

While there is some mixed bathing in Japan, it 
is on the wane, and Japanese bathers might steam 


as much as the baths if a team of confused 
American athletes stormed into the wrong dress- 
ing room. 

Despite a huge shortage of rooms in Nagano 
during die Olympics, the inns and hotels seem 
not to be charging higher -than -usual prices. 
Moreover, about 6S0 local families will be open- 
ing their homes to the families of foreign athletes 
in a home-stay program. 

“When I was 24 years old I went to Denver, 
and everybody was so kind and generous to 
me." recalled Tomoyuki Hirabayashi, SO, a 
plumber. “They let me stay in their homes, so I 
decided to open my home as welL" 

T HIS is an unusual step in Japan, where 
overnight houseguests are rare and even 
inviting people over for dinner is much 
less common than in the West. “My 
wife is very Japanese," Mr. Hirabayashi added, 
as his wife, Miyoko, cringed meekly beside him. 
“So she was afraid. Japanese feel very fearful 
about letting strangers into their homes." 

Mrs. Hirabayashi acknowledged that she had 
been against the idea at first, but she said it was 
not so much fear of crooks as apprehension that 
she would not be a good hostess. 

That seems to be a common worry, and it may 
be why fewer people have signed up for the 


home-stay program than had been expected. 

The police are making similar preparations, 
forced to plan for everything from snarled traffic 
to hit men pursuing North Korean defectors. 

A few fugitives from Aum Shinrikyo, the cult 
that dispersed nerve gas in the Tokyo subway 
system in 1995, are still on the loose, so tire 
police are also planning for countermeasures 
against bombings and poison gas. 

‘ ‘We can’t say that there’s no possibility of an 
Aum attack,” said Katsuhiko Miura, a senior 
police official in Nagano, bat he and everyone 
else seem to think that is very unlikely. 

A more likely problem is what to do with 
people who ask die police for money. 

In Japan, the easiest people to steal money 
from are the police, because anyone can go up to 
a police box and claim to be broke and ask for 
$10 or $20 to get home. No identification is 
necessary, because the assumption is that the 
borrower may have lost a wallet, but the money 
is almost always returned. 

So what will happen if foreigners start asking 
for these loans? 

“If people are in trouble, we’re ready to lend 
them some money, Mr. Miura said. 

“But if die money never returns, it's a big 
shame to us. So we’ll have to ask about their 
situation first.” 


Early Storm 8 
Kills at Least 
11 in U.S. and 
Strands Many 

QwpSfd fy Dp/***r> 

OMAHA, Nebraska — The first big 
storm of tbe season killed at least (f 
people and left tens of thousands wifi, 
out power and hundreds of- miles 
roads closed from Colorado to Dlinoi* 

The storm began Friday in Utah a&j 
moved swiftly across the Plains states 
Saturday and Sunday. Hundreds <^f 
people were stranded in airports, bfa 
terminals and on highways as wind, 
whipped snow dropped visibility to zeiu 
and created drifts 15 feet (A5.mete$) 

Thin g s were still slow Monday^ 
Denver International Airport, where air- 
lines had trimmed flights and check-fi 
lines were three hours long.Deiays also 1 
were reported at airports in Chicago anj 
Des Moines. 

The storm was deadliest in eastern 
Colorado. Four people were found dead 
in stranded cars, three from the cold and 
another from carbon monoxide poison- 
ing. An 1 1 -year-old boy in tiny Stranoft, 
near the Kansas line, died after be- 
coming lost in the snow after sledding, 
Three Hied in Nebraska, and one each fyi 
Illinois, Iowa and Oklahoma. ■ 

Most major roads were open Monday 
in Colorado, but hundreds of abandoned 
vehicles were scattered on faighww;. 
shoulders. National Guardsmen used"’ 
helicopters, snowmobiles and all-ref- 
rain vehicles to rescue stranded mo- 
torists or residents from homes without 
power. ; 

“We've flown, patrolled and re- 
opened the highways and don't belieVe 
we have any remaining missing motor- 
ists,” said David Holm of the Colorado 
Office of Emergency Management ; 

A few hunters were missing and 
searches were to resume. ! 

After leaving 22 inches (55 centi- 
meters) of snow in Denver, the storm 
churned east into Michigan by Sunday 
night. At least 40,000 people lost powtjt 
in the Chicago area, while at its peak 
150,000 were without power in eastern 
Nebraska. ; . 

In Iowa, 19,000 were without power«\ 
late Sunday. . ! 

October is usually the driest month 
for Colorado, but on Sunday two feet of 
fluffy snow covered Halloween pump- 
kins on front porches along the Front 
Range, the state’s most populous re- 
gion. (AP. NYT,i 


lie 


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Air Couriers Face Stricter Rules 

New York Times Service 

WASHINGTON — The Transportation Department has 
announced a review of controls over baggage shipped via air- 
courier services after an incident earlier this month in which 
•pesticide shipped as passenger baggage leaked aboard a jeL 

The department announced the review Friday, two days 
after federal agents in Miami raided an American Airlines 
office in their investigation of the pesticide case. 

The department said that for the next few weeks it would 
"perform intensive oversight inspections of accompanied 
commercial air courier shipments.” In such shipments, cour- 
iers hired by freight companies travel on commercial airlines, 
checking cargo as passenger baggage. The department will 
check that courier services are declaring and documenting all 
shipments and that shippers are "properly packaging, mark- 
ing. labeling and documenting all hazardous materials." 

On Oct. I . a courier in Miami checked 10 bags of pesticide, 
rewrapped to conceal the warning labels, aboard an American 
Airlines flight to Ecuador. One bag broke open as it was being 
loaded into the cargo hold of the Boeing 757 and released toxic 
fumes. Another plane continued the flight. 


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Lufthansa Resumes Beirut Flights 

BEIRUT (AFP) — Lufthansa German Airlines resumed 
flights to Beirut on Monday after a 14-year suspension of 
activities because of Lebanon's civil war, which started in 
1975, airport officials said. 

The flight Monday carried 74 passengers, including an 
official German delegation. The airline will operate three 
weekly flights between Beirut and Frankfurt. 

Dutch Group Fights Airport Plan 

THE HAGUE ( AP) — Twenty-five environmental activists 
occupied the headquarters of the Dutch Transportation Min- 
istry on Monday to protest the expansion of the Amsterdam 
airport. 

Protesters of a group known as Environmental Defense 
chained themselves inside the ministry, demanding that the 
government scrap plans for a fifth runway at Schiphol In- 
ternational Airport. The police were on the scene, but there 
were no reports of violence. 

_ Japan Air System has announced that it will join with 
KLM Royal Dutch Airlines in operations between Japan and 
Europe. The two have agreed to cooperate in ticket sales, a 
frequent-flyer program and code sharing. (AFP) 


Europe . , 

- •• 

Wg* 0 °LowW 

. Tomorrow . 
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Aitwre 

13/64 

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2-35 

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3-35 

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648 

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BssAroa 

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Forecast for Wednesday through. Friday, as provtdHd by AccuWeather. # ,-Arta 



North America 
Sunny and ptoasara across 
all ot tha eastern U.S. 
Wednesday and Thursday, 
but It may shower In New 
England Friday. Sunny, 
maim and dry in the West 
but there will be some 
showers «n the Northwest 
Wednesday and Thursday. 
Cool with showers likely 
across the northern Pt&toe. 


Europe 

Cold with flurries In St. 
Petersburg Wednesday, 
but dry and not as cold 
across western Russia by 
Friday. Turning milder 
across Scandinavia and 
northwestern Europe, but 
southeastern Europe into 
Ukraine will remain cold 
and dry. Cloudy with rain h 
southern Italy and Green. 


Asia 

Windy end cold with snow 
hi Manchria. while Korea 
and most of Northeastern 
China, including Beijing 
and Seoul, wffl be dry and 
chilly with soma sunshine. 
Con in Tokyo; k can show- 
er at any time. Soaking 
rain will reach from near 
Taiwan inland across 
southeastern Chine to 
eastern Tbet 






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Corrections 

Because of an editing error, an article in the Monday issue 
about the enlargement of the European Union attributed the 
wrong quote to the Italian foreign minister, Lamberto Dini. He 
said that Turkey would become a member of the Union. 

An article on Futurism in the OcL 25 Special Report on Arts 
and Antiques erroneously stated, because of an editing error, 
that Mussolini died in 1944. Filippo Tommaso Marinetti, the 
movement's founder, died that year. Mussolini died in 1945. 


Middle East 


kuDM> 

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as m a 

ai/88 asm «i 


24/75 

17/62 pc 

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> 5*4 pc 


2304 

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32*89 


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3331 

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Cap* Town 98 T 79 14/67 1 

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L*jos 31 /B 8 £273 pc 

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«•»•■ 1 






Deficit Withers to Level of 1970s 


By RjclianTw. Stevenson" 

— Ne *' T imes Service 


ZiSESEZSL- federal 



*» 10 strong eco^V'g^S 
brought a surge in tax reveSoe, accrad! 
mg to officials of the Clinton 
istration. 

. . "P* COverin g the fiscal year 
rthat ended Sept 30, was width, 
grange predicted by economists and cot^ 
- gressional analysts in recent weeks It 
tapped a year m which the economy 
. frove down the deficit at astnnning rate, 
even before the balanced budget LrS'- 
;mem, reached by the White Houseand 
^Congress this summer. rook effect, 
i, *^ e adnvinistration had started die 
yvx expecting a deficit of $128 billion. 


and asrecently as late summer, both the 
administration and the Congressional 
Budget Office were predicting a deficit 
of $34 billion to $36 biOion. 

hi dollar terms,' the deficit has not 
been so low since 1974, when it was 
$6.1 billion- As a percentage of the 
nation's economic output, the deficit 
stands at less than 0.3 percent, equaling 
or perhaps slightly lower than in 1970, 
the year after the government lasthad a 
budget surplus. 

As an economic matter, analysts said, 
the deficit is now so low that it almost 
does not matter whether it is eliminat ed 
It is far below that of any other major 
industrialized nation . »nd, economists 
said, one reason the United Stales has 
enjoyed a combination of steady 
growth, low inflation, low unemploy- 
ment and heavy business investment in 


POLITICAL 


; Gingrich Returns 
. To the Nitty- Gritty 


t 


WASHINGTON — No longer in 
self-imposed exile, the field marshal 
of the Republican revolution is once 
again out on the House floor. Here is 
Newt Gingrich personally holding 
open a key roll call so his lieutenants 

can round up votes. There be is, leaner 

but not meaner, mill m g in the back of 
the chamber with his troops. 

Instead of turning Republican lead- 
ership m eetin g s over to subordinates, 
Mr. Gingrich is now running them 
himself. And, since August, be has 
kept up a grueling national fund-rais- 
ing and speaking tour, all part of a 
conceited effort to strengthen his po- 
sition as speaker of the House and 
reclaim his role as the inteiiectuallead- 
er of the fractious Republican Party. 

There have been new Newts be- 
fore, followed by new missteps. This 
time the speaker’s re-emergence 
comes just months after House con- 
servatives became so disgruntled 


jority in decades, he knew he would 
face a “wild two years.” He called 
most of the rebelliousness inside his 
caucus "creative chaos” that leads to 
the birth of ideas. (NYT) 



Hears From Ex-Red 


with his leadership that they~ tried to 
him. But Mr. 




Gingrich, a man 
who keeps in his office a photograph 
of himself as a teen-ager visiting me 
World War I battlefield of Verdun, 
barely acts as if the summer coup 
attempt was a serious skirmish. 

‘ ‘1 don’t think anybody here thinks 
1 lose a secret ballot vote,” Mr. Gin- 
grich said flatly in a recent interview, 
referring to any new ballot far speak- 
er. “So there’s a lot of noise,” he 
shrugged. “That’s fine.” 

Mr. Gingrich said that from the 
moment the 1996 elections left him 
with the narrowest congressional ma- 


WASHINGTON — Nicholas 
Bums, former State Department 
spokesman and diehard Boston Red 
Sox fan, once took to the podium to 
condemn as a “traitor” the Red Sox 
star pitcher Roger Clemens, who de- 
fected at die end of last year to the 
Toronto Blue Jays. 

“That is the official position of the 
State Department,” he joked. 

So, State Department reporters last 
week had the a^uopriale going-away 

jproval to be ambassador to 
Greece. Charles Wolfson, a CBS State 
Department producer who is also a 
long-suffering Red Sox fan, arranged 
with tiie Toronto club to get an 8-by- 
10 glossy of “The Rodcet” himself in 
a Blue Jays unif orm, wishing Mr. 
Burns luck in his new job and thank- 
ing him “far his kind words.” (WP) 


Quote/Unquote 


AI From, head of the centrist 
Democratic Leadership Council, 
chastising organized labor for its 
campaign against White House trade 
policies: “With the president's eco- 
nomic and political success, yon’d 
think that Democrats would line op 
behind him.” (AP) 

>-»■ •• »«■ 


new technology. But the deficit’s polit- 
ical symbolism remains important, not 
least to President Bill Clinton. His aides 
have said they hope to make the nation’s 
restored fiscal health one of his most 
powerful legacies. 

And with a shrinking deficit, the an- 
nual budget process, so long focused chi 
partisan fights over spending cuts and 
tax increases, is undergoing an abrupt 
twist Republicans in Congress are talk- 
ing about the deficit being wiped out 
well in advance of the 2002 deadline set 
in the balanced budget accord, and they 
are debating how best to spend any 
surpluses. 

While some Republicans want to pay 
down the national debt, which continues 
to grow, others are eager to use any 
surpluses for tax cuts or to increase 
spending on politically attractive proj- 
ects like roads and bridges. 

Administration officials have been 
mere cautious, saying that the deficit is 
likely to increase again next year, partly 
because of tax cuts, and that there is no 
assurance the budget will be balanced 
before 2002. But even within the White 
House, an effort is under way to deter- 
mine how best to allocate any sur- 
pluses. 



Fronl. Gam/Hir i 

CLASS STRUGGLE — A striking teacher outside the Toronto 
Board of Education talking to h board employee Monday as 
Ontario's 126,000 teachers stopped work in North America's 
biggest teachers' strike, affecting 2.1 million public school pupils. 


Away From Politics 


• An HIV-infected man has spread 
(he deadly virus ihat causes AIDS to at 
least 1 1 people, some of them unwitting 
teena ger s with whom he traded drugs 
for sex. A total of 9S people are under 
investigation for having had sexual con- 
tact either directly or via a third person 
with the 20-year-old infected man. said 
Health Department officials in Chau- 
tauqua County, New York. (Reuters) 


• Gunfire rang out again at (he home 
in Roby, Illinois, of a woman involved 
in a monthlong standoff with authorities 
who have a court order to bring her in for 
psychological testing. Shirley Allen 
shot a police dog through the nose Sun- 
day after officers threw pepper spray 
into her farmhouse. She also fired a shot 
when policemen used mirrors on long 
sticks to peer in. / AP) 


• Dozens of birds were killed or 
hurt, and rescuers had to dean the 
feathers of about 200 others when a 
mysterious oily substance washed up 
on beaches in Watsonville. Califor- 
nia. (AP) 


• More than 500 million small arms 
— military-style assault rifles, hand 
grenades and land mines — are in cir- 
culation worldwide, and fully half are in 
the United States, according to a new 
report. {Reuters) 


Donors Contradict Democrats 

Indonesians Break Silence on $450,000 Gift to Party 


By Alan C. Miller and Glenn F. Bunting 

Los Angeles Times Service 


WASHINGTON — An Indonesian couple 
whose $450,000 gift to the Democratic Party was 
later returned because of its apparently question- 
able origins has told U.S. Senate investigators that 
tiie funds came from a wealthy relative in Jakarta. 

Their account contradicts previous explanations 
by Democratic Party officials. 

AriefWiriadinata. described incorrectly in news 
media accounts as an Indonesian gardener, and his 
wife, Soraya, told the investigators last June how 
they made a series of five-figure payments to the 
petty between November 1995 and July 1996, 
according to Senate documents. 

Mrs. wiriadinata *s father, Hashim Ning, was a 
close business partner of Mochtar Riady, the pat- 
riarch of the Lippo Group, an Indonesian-based 
conglomerate, and a longtime supporter of Pres- 
ident Bill Clinton. 

Mr. Ning wired $500,000 to the Wiriadinatas for 
the contributions in November 1 995, records show. 
Mr. Ning was at one time a 50 percent owner of 
Lippo Bank in Jakarta. 

Mrs. Wiriadinata told investigators that the 
money was her own and that Mr. Ning managed all 
of the family funds. 

Hie couple then began making sizable donations 
— their first ever — at the direction of John Huang. 


a former Lippo executive who was then a Com- 
merce Department official. Mr. Huang was aided 
by James Riady, Mochtar Riady ’s son. 

White House videotapes show a fund-raising 
event in which Mr. Wiriadinata shakes hands with 
Mr. Clinton and confides: “James Riady sent me.” 

Party officials have said the Wiriadinaias gave 
lavishly because they were grateful thatMr. Clinton 
sent aget-well note to Mr. Ning, who suffered a heart 
attack during a 1995 visit to the United States. 

But Mr. Wiriadinata told investigators that the 
donations were either solicited or recommended by 
Mr. Huang, who in turn promised to arrange business 
meetings for Mr. Wi riadinata with prominent Asian- 
Americans- Mr. Wiriadinata owned a U.S.-based 
landscape architecture business and a Jakarta-based 


computer company that he wanted to expand in the 
United States. He is 


now a manager of Sea World of 
Jakarta, a marine park owned by the Lippo Group. 

Michael Nemeroff, the Wiriadinaias’ lawyer, said, 
“It is oar position that the funds contributed were 
Mrs. Wiriadinata’s.” He declined further commenL 
The Commerce Department and congressional 
investigators are reviewing Mr. Huang’s govern- 
ment work for possible violations of the Hatch Act, 
which prohibits federal employees from soliciting 
campaign contributions. 

The Democrats returned the Wiriadinatas’ dona- 
tions last November after learning that the couple 
had failed to file 1995 U.S. income tax returns. 


THE INTERMARKET 


On Internet 


Classified ads placed in the 
International Herald Tribune 
can now be seen on the IHT web site. 


http :/ / www.iht.eom 


A great deal happens at The Intermarket 

rSniri** 




THE WORUrS DAILY NEWSPAPER 



Troubled Vote 


The Associated Press 
- BOGOTA — Threats of 
violence kept tens of thon- 
„sands of Colombians from 
voting in regional elections. 


>f.L.King3d 
In Line to Lead 
^Rights Croup 


Washington Post Service 

~ WASHINGTON — Mar- 
tin Luther King 3d, the son of 
-the stain civil rights leader, 
appears to be the leading can- 
didate to replace the Reverend 
-Joseph Lowery Jr. as pres- 
ident of the Southern Chris- 
tian Leadership Conference. 

» Mr. Lowery, who is retir- 
ing, said he had summoned 
the group's 800 delegates to a 
special session at Atlanta’s 
, ,\Ebenezer Baptist Church on 
* Vsamrday to vote for a new 
,T president to head the civil 


but millions cast ballots in 
what the government called a 
referendum for peace. 

President Ernesto Samper 
proclaimed tiie elections Sun- 
day a triumph for democracy, 
but he acknowledged that 
people in “some areas” had 
heeded a rebel boycott and 
chosen not to vote for mayors, 
governors and state and mu- 
nicipal offices. 

Hie national election com- 
missioner, Orlando Abeflo, 
said turnout was about 10 mil- 
lion of Colombia’s 20.4 mil- 
lion registered voters, or 49 
percent — up slightly from 47 
percent in 1994 regional elec- 
tions. He said voting was not 
held in 20 of Colombia’s 1,072 
municipalities. Bnt Colombi- 
an news organizations said 
there was no balloting in mare 
titan 150 towns. 

More than 100 candidates 


and elected officials have 
been slain this year, most by 
guerrillas but some by the 
rebels’ paramilitary foes. At 
least 2,000 candidates with- 
drew under death threats. 
More thaa300 withdrew after 
being kidnapped. 

Preliminary results Mon- 
day showed that Mr. 
Samper’s governing liberal 
Party haH maintained a ma- 
jority of state and local posts. 
It won 19 of 32 governor- 
ships, compared with 4 for the 
Conservatives, and captured 
412 dty halls compared with 
301 for the Conservatives. 

Enrique Penalosa, a 42- 
year-old economist and Lib- 
eral Party member, was elect- 
ed mayor of Bogota, the cap- 
ital, while a Conservative, 
Juan Gomez Martinez, won 
that office in Medellin, the 
country’s No. 2 city. Ideo- 


logical differences between 
the two main parties are mar- 
gmaL Coalition candidates 
won 6 governorships and 54 
city halls. 

Most concern was over the 
rebel threat Emboldened by 
the weakness of Mr. Samper’s 
conuption-plagued govern- 
ment, the rebels now pose the 
gravest challenge to Colom- 
bian democracy in more than 
30 years. They control wide 
swaths of countryside and ob- 
tain miTJinng of dollars an- 
nually from kidnapping, ex- 
tortion and levying “war 
taxes” oo cocaine and heroin 
production. 

Traffic on Colombia’s 
highways was down 80 per- 
cent on Sunday — a clear sign 
that people had heeded the 
rebels’ “armed strike.” 
Some roads were dynamited, 
presumably by guerrillas. 


rights^roup. 


.'m confirming is that 
. Tt have called a special session 
our convention to hold elec- 
tions,” Mr. Lowery said. He 

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PAGE 4 


INTERNATIONAL HERALD TRIBUNE, TUESDAY OCTOBER 28, 1997 


ASIA/PACIFIC 


U.S.-China Summit: Amid All the Trade Talk, No Give on 



By Steven Erlanger 
and David E. Sanger 

New York Tones Service 


WASHINGTON — When President 
Jiang Zemin meets President Bill Clin- 
ton on Wednesday in the first state visit 
of a Chinese leader in a dozen yeans, 
there is likely to be a nuclear agreement 
and possibly one to provide U.S. as- 
sistance to clear China's air pollution 
from its coal-fired power plants. 

There will be talk of a new age of 
economic cooperation, greased by at 
least $4 billion or more in freshly signed 
deals, more than half with Boeing. 

Naturally there will also be plenty of 
food and plenty of Champagne. And the 
White House will declare, as its top 
officials have been saying for weeks 
now, that the main accomplishment of 
this summit meeting is that it is hap- 
pening at all. 

But that declaration is making a virtue 
of necessity, senior administration of- 
ficials privately admit, because the 
months of frenzied negotiations between 
Chinese and U.S. officials before the 


meeting produced significantly less than 
once hoped. 

The agreement to get China to reduce 
its dangerous exports of nuclear expert- 
ise will be the substantive centerpiece of 
Wednesday's meeting, and it will clear 
the way for billions of dollars in sales of 
U.S. nuclear power plants to a country 

NEWS ANALYSIS ~ 

whose economic ambitions outstrip its 
electrical capacity. China has also prom- 
ised to stop selling anti-ship cruise mis- 
siles to Iren, reducing threats to U.S. 
naval ships in the Gulf and helping to 
mute Republican criticism of Mr. 
Jiang’s visit. 

But the once-feverish discussions 
about getting China to open its markets 
to foreign competition, especially with 
state-owned enterprises that are attempt- 
ing a perilous transition to private own- 
ership, have all but stalled — and with it, 
Beijing's hopes that this summit meet- 
ing would speed its entry into the World 
Trade Organization. 

In other areas, progress will be at best 


incremental, senior officials say, and the 
main importance of this meeting is to 
provide a new beginning for what they 
concede has been the single most badly 
handled foreign policy of Mr. Clinton's 
presidency. 

In a speech Friday, Mr. Clinton re- 
iterated the need for broad engagement 
with China — “expanding areas of co- 
operation, dealing forthrightly with our 
differences" in order to “advance fun- 
damental American interests and val- 
ues." 

Bat his defense of this visit by Mr. 
Jiang seemed passionless, and bis critics 
are bound to argue dial Mr. Clinton will 
not get enough in return for ending 
America's diplomatic quarantine of 
China after the 1989 military crackdown 
on student protesters in Tiananmen 
Square. 

Representative Christopher Smith, 
Republican of New Jersey; who will 
hold hearings Tuesday on Chinese hu- 
man-rights abuses, said the summit 
meeting itself “should never have 
happened without preconditions on hu- 
man rights." 


“We don't want nice-sounding words 
and sound bites,” be added. “We want 
meaningful action for die victims of this 
dictatorship, which understands only 
power.” 

There are already concerns about the 
71-year-old Mr. Jiang's reaction to the 
sight of protesters. He says his host, Mr. 
Grafon, should “handle these events." 
Secretary of State Madeleine -Albright 
said Sunday that demonstrations were an 
example of democracy at work, that the 
Chinese had dictated their own itinerary 
and that Mr. Jiang should not expect “a 
totally fuzzy time.”* 

The biggest accomplishment of this 
summit meeting: is expected to be a 
written pledge from China to phase out 
its nuclear assistance to Iran, even 
though there is no international oblig- 
ation to do so. 

In return, Mr. Clinton will lift a 12- 
year U.S. ton on sales to China of nu- 
clear technology for civilian power, 
which Beijing wants to buy and West- 
inghouse and ABB Combustion Engi- 
neering Nuclear Systems desperately 
want to sell. 


Samuel Berger, Mr. Clinton's nation- 
al security adviser, insists that sales of 
power plants “are the cart, but- assur- 
ances .-to 'end nuclear cooperation with 
Iran are tiie horse.” 

“This is not in the first instance about 
whether we sell civilian nuclear power to 
China,” he said. “It’s about nonpro- 
liferation.” . 

But many in Congress question the 
administration’s willingness to crack 
down on China for the sale of dangerous 
rrffl t«rriW to Pakistan and Iran. The issue 
has become highly politicized; Repub- 
licans have accused Mr. Clinrou of play- 
ing down alleged Chinese violations of 
past pledges to stop dangerous exports. 

So Mr. Clinton has made security 
issues like proliferation and restraining 
North Korea important justifications for 
deepening U.S. “engagement" with 
China at the highest level, and for bis 
refusal to allow U.S. policy _ toward 
China to rise or fall on human rights. 

For the U.S. business community, 
however, the power plants are the horse. 
To them, the nuclear sanction is another 
example of how Washington drives 



JIANG: He’s Treading His Own Path 


Continued from Page I 

It remains to be seen how Mr. Jiang 
will perform — and what messages he 
will convey. 

Both the Hong Kong handover in July 
and the 1 5th Chinese Communist Party 
congress in September were carefully 
scripted, made-ror-TV events. 

Mr. Jiang's trip to the United States, 
and the protests along the way. will test 
the political and rhetorical agility of the 
leader who annoyed President Bill Clin- 
ton in their first meeting by reading 
prepared remarks. 

In a recent interview with The Wash- 
ington Post and in a news conference 
Saturday, Mr. Jiang read answers to 
some questions. 

At one point he said that China had 
direct elections at the county level; in 
fact, direct elections are held at the vil- 
lage level only. 

Mr. Jiang is convinced that he can 
bolster China's image in the United 
States. But some of nis answers, stan- 
dard rhetoric at home, will not go down 
well. 

For example, he called Tibet a one- 
time “theocracy" that is fortunate that 
China freed it from “serfdom,” com- 
paring Beijing's actions to the eman- 
cipation of American slaves. And be said 
that two jailed dissidents, Wei Jing- 
sheng, a leader of the 1979 Democracy 
Wall movement, and Wang Dan, a stu- 
dent leader in the Tiananmen Square 
demonstrations, were guilty of criminal 
offenses and should not tie called dis- 


sidents. Mr. Jiang is unlikely to break 
ground in discussing Tiannnmft n 
Square. 

“It’s very difficult for any Chinese 
leader to handle,” an influential Chinese 
foreign policymaker said. “Maybe the 
best way is to not talk very much about it. 
Try to balance words and describe the 
situation in which the government had 
no choice. 

"Any words of feeling of regret are 
not possible.” 

How Chinese leaders deal with the 
United States has much to do with how 
China views itself. 

Many Chinese believe that the coun- 
try should act and be treated like a great 
power. 

Encouraged by stunning economic 
advances, memories of distant greatness 
and a conviction that the United States is 
in gradual decline, they believe that they 
stand on the edge of a “Chinese cen- 
tury." 

But most influential Chinese and their 
leaders have a different, and probably 
more realistic, view. 

After 15Q years of foreign domina- 
tion, civil war and domestic strife, China 
is still a profoundly insecure country 
obsessed with stability, not revolution. 

Although its economy has grown 12 
percent annually since Mr. Jiang took 
office and has built up a $130 billion 
cache of foreign exchange reserves, 
China still has nearly 300 million people 
Living on $1 or less a day. 

With an economy smaller than Italy’s 
and slightly larger than Brazil’s, China 



Mifci- \rl^4b AncnT Honur-nw-c 

Dozens of Pro-Tibet demonstrators chanting “China out of Tibet!” as President Jiang Zemin of China 
arrived at the governor’s mansion in Honolulu for a state dinner at the start of his visit to the United States. 


can achieve middle-income living stan- 
dards if it can maintain rapid growth for 
another 25 years. 

Although many Americans see China 
as a threat, Chinese policymakers realize 


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SWIM: In a Chinese Tradition, Jiang Goes for a Dip 


Continued from Page 1 

At the start of an intensely leftist political cam- 
paign in 1966, Mao chose to swim with the tre- 
mendously strong tide in the Yangtze River. 

Choosing Hawaii as the setting for, his own 
public swim afforded Mr. Jiang a beautiful setting 
and a chance to use the prestige of his visit to the 
United States to show he is healthy, both physically 
and politically. 

He certainly looked robust. When he emerged 
onto die beach, an aide trading Mr. Jiang’s dark 
swim goggles for his ordinary dark glasses, Mr. 
Jiang seemed vigorous and — in a rare move — 
even answered a few questions yelled by journalists 
over the head of bodyguards. 

“I swam more than a kilometer,” Mr. Jiang said. 
“It was very calm. Like a mirror." 

“What? Yes! I very much like Hawaii.” 

And when the leader goes in, so do many of the 
minions. 

Zeng Qinghong. who as Mr. Jiang's aide-de- 
camp is now considered one of the nation's most 
influential men, took a swim with his own personal 
style. He wore his prescription sunglasses into the 
water, not bothering to take them off when his head 
went repeatedly underwater during his decent 
rendition of the butterfly stroke. 

One security officer did not bother to take off his 
socks and sandals as he strolled knee-deep in the 
surf. Yet when he finally decide to put down his 
walkie-talkie to head into the water for a swim, and 
a friend suggested he take off his footwear, the 
officer shed his sandals but headed into the water 


dial China cannot compete with the Tibet, Taiwan, Hong Kong — these are 
United Slates for global influence or the places we care about," said a poli- 
power. cymaker, noting that China had passed 

“Our goal ts not to send an aircraft up a chance to buy its first aircraft car- 
carrier to the Persian Gulf or Caribbean. ner. — -V-' 

.. .. “It's not a . question. of money- We 
have the money. We don’t have a mis- 
sion.^. • - ••". 

“America can maintain its military, 
economic and technological edge for at 
least 50 years, if not for the next 100 
years,” said Chu Shulong, director of 
the North American affairs division of 
the China Institute of Contemporary In- 
ternational Relations. 

That means China needs to maintain a 
good relationship with the United States 
even if it must sacrifice relations with 
Iran, a potential oil supplier and cus- 
tomer for Chinese goods. 

“What die United States does toward 
China affects China more than what any 
other country does,” said Jia Qingguo, a 
professor of international relations at 
Beijing University. 

American companies provide about 
20 percent of China’s foreign invest- 
ment, rivaled only by overseas Chinese 
and the Japanese. 

U.S. technology is much sought after. 
And though China dangles big contracts 
in front of American companies, it also 
depends on the United States as its 
biggest export market and the source of 
millions of jobs. 

The United States is also important 
because of its emphasis on liberty, law 
and democracy. 

The Voice of America is widely 
listened to in China, and U.S. culture and 


China ‘mtottoamaof FrerndtRussiafi 
and Canadian businesses. America’s aJ. 
lies long ago came to terms wtth poM. 
Tiananmen China, noting that BeijA 
has possessed nuclear weapons far three 
decades. Westinghouse and ABB Goa- 
bustion Engineering ha ve spent -months 
documenting to lawmakers how ®n C - 
lions have already cost the United StalS 
$16 billion in lost sales. . 

^Clearly, the Chinese have -the & 
pability to build power reactors on th® 
own and get help from others*’’ said 
Butterfield, director of government #. 
fairs at Westinghouse. which is ready® 
swoop as soon as Mr, Clinton signs flu* 
waiver. “Whatthey are looking for nofe 
is advanced technology, and they are 
making it clear that they want to siazuK 
ardize on one nuclcar-powcr r 
for the country.” 

Far more business is at.stake 
this visit, he argues. If China’s < 
keeps expanding rapidly, the 
will need $60 billion in new . .. 
over the next 15 years, and U.S. ci 
nies think the vast majority of that bufl- 
ness can be theirs. 

A ‘Very Bad Record’ 
On Dissent-m China* 

Reuters iM 

WASHINGTON — China has. a 
“very bad record" on freedom of pol# 
leal expression and dissent, and oth& 
countries should cite this as often & 
possible, the U.S. national security aff% 
viser, Samuel Berger, said Monday, 'i* 
“With respect to political expression, 
with respect to political dissent, China 
still has a very bad record and I think tKfc 
international community needs to poffii 
that out to the Chinese at every on. ■ 
portunity.’* he told CNN. ’■* 

Mr. Beigeralso said the United Static 
and other countries welcomed China asja 
partner to tackle such global issues as the 
environment. ! !! 

4 ‘The largest cause of death in China 
now is pollution, from respiratory iff- .. 
nesses caused by pollution,” belaid 
"Those environmental problems haw: 
global consequences, so we’ve got fo 
• have China in the global system if we're . 
going to deal with global problems.” " 

He added that trade ana human rights .- 
were not muni ally exclusive issues of/' 
importance to the United States and (teAr*. 
Washington would speak up for thrive 
fighting for greater freedoms in China’/ 
“When you’re engaged with China 
through trade, through commercial ac- 
tivities, over time, as China has thou- 
sands of contacts a day with the Wck 
that tends to have a liberalizing efface 1 * 
Mr. Berger said. 

“But it is not a sufficient htifin; 


BRIEFLY 



with his socks on. None of his colleagues seemed to 
notice. 

■ Jiang Lays Wreath at Pearl Harbor 

As he arrived Sunday, Mr. Jiang evoked his- 
torical ties between the two countries as dem- 
onstrators vowed to protest at every stop, Agence 
Franc e-Presse reported from Honolulu. 

Mr. Jiang laid a wreath of white carnations soon 
after arriving Sunday at a marble monument in- 
scribed with the names of the more than 1,000 
American servicemen killed in the Japanese air 
attack on Pearl Harbor on Dec. 7. 1941. 

Mr. Jiang then rode on the bow of a ship with 
U.S. Navy escorts out to a sunken battleship, where 
he dropped a lavender-colored lei into the waves. 

Outside a formal dinner at Governor Benjamin 
Cayetano’s residence Sunday, about 200 demon- 
strators shouted “Free Tibet! ” and "Human rights 
now!" Holding candles aloft, they chanted “Stop 
the torture now!’* and “Tiananmen never again!" 

Mr. Jiang arrived- in Honolulu on Sunday and 
was greeted with a 21 -gun salute and full military 
honors, a condition set by China for agreeing to the 
visit. 

At the governor's dinner, Mr. Jiang offered a 
toast to strong Chinese-U.S. ties, saying they 
served the “fundamental interests of the two 


peoples and the rest of the world.” 

"I am looking forward," Mr. Jiang said, “to 

discussions with President Clinton on developing _ 

Chin a- U.S. relations oriented toward die 2lst cen- business threaten to cany out "peaceftii 
rury, and major international and regional issues so evolution,” a process once pointed to 
as to usher our relations into anew stage." with horror by party leftists. 


la Farewell, Sihanouk Sees ‘Unhappy Country 5 


By Seth Mydans 

Mm York Junes Service 


BANGKOK — Saying he did not know when 
he would ever return, Kmg Norodom Sihanouk 
of Cambodia has left his homeland for China, 
defeated in his attempts to mediate its conflicts. 

The king had spent two months in his coun- 
try's ancient capital at Siem Reap, meditating 
and saying Buddhist prayers, on a visit from 
Beijing, where he makes his home and receives 
medical care for several ailments. 

The country's de facto leader, Hun Sen, 
rejected his offer to seek a reconciliation be- 
tween him and the king’s son. Prince Norodom 
Ranariddh, whom Mr. Hun Sen deposed in a 


The king cut short his visit without staying to 
celebrate his 75th birthday this Friday. In a 
birthday message issued last Friday, the day 
before his departure, he sounded despondent. 

“Today's Cambodia is again an unhappy 
country with many of our compatriots unable to 
recover from the pain and gnef caused by the 
murders of their fathers, husbands and brothers, 
where division is rampant and Cambodians are, 
once again, killing Cambodians." he said. 

Since Mr. Hun Sen’s coup, Cambodia's 
shaky economy has collapsed, essential foreign 
aid has been reduced, the country has been 
ostracized abroad, sporadic fighting has con- 
tinued in the jungles, and a mood of hope- 
lessness has settled over the popalation. 

Though the king had made conciliatory state- 
ments to Mr. Hun Sen after the coup, apparently 
hoping to keep open his options of healing the 
country's wounds, his parting statements were 
harsh. 

"It is a matter of profound sadness that my 


recent proposals to put an end to the current 
military confrontation have been rejected by 
our leaders,’ ’ the king said. "My role as ‘Father 
of all Cambodians’ has thus been diminished 
and I can only observe with deep anguish and 
desperation the conflict engulfi ng our nation 
and our international isolation.” 

Even before his departure, the king had 
moved to withdraw himself from his country’s 
affairs, saying he would no longer fulfill his 
constitutional function of signing government 
documents and decrees and would not preside 
over a national commission being formed to 
monitor a general election scheduled for May. 

He also repeated a desire to abdicate, ordered 
thatno celebrations be held to mark his birthday 
and said that only his Buddhist faith prevented 
him from committing suicide. 

Since the coup, Prince Ranariddh has sought 
to rally international support abroad, unable to 
return home because Mr. Hun Sen has an- 
nounced that if he did he would be arrested and 
tried. 

A few hundred soldiers loyal to the prince 
have held out in a northern Cambodian village 


near the border with Thailand, repulsing re- 
peated attacks by Mr. Hun Sen’s forces. 

Not far away, the country's Communist in- 
surgents, the Khmer Rouge, remains in their 
own jungle stronghold, still hoping to regain 
influence in the country they ruled from 1975 to 
1979 in a reign of terror that cost the fives of at 
least 1 million people. 

King Sihanouk, who holds little real power 
under die country’s new constitution, found 
himself marginalized, though he still holds the 
passionate allegiance of many of the nation's 
people. 

He spent his entire visit in Siem Reap, re- 
fusing to visit the country’s current seat of 
power in Phnom. Penh. 

Mr. Hun Sen flew to Siem Reap on Saturday 
to see him off, as he had in August to greet him 
on his arrival despite the fact that king had said 
he did not wish to see him. 

The king said his wife, Queen Monineath, 
also known as Monique, would return for a short 
visit in December to preside over a Cambodian 
Red Cross ceremony. But he said he did not 
know when he would see Ins country again. 


Thais Arrest 11 Pirates Who Had Seized an Oil Tanker 


Reuters 

BANGKOK — The Thai Navy intercepted 
and seized an oil tanker on Monday and arrested 
1 1 pirates who had taken control of the ship, 
navy officials said. 

The navy base in Songkhla Province bor- 
dering Malaysia sen t a plane and ship team to 
search for an oil tanker that was seized by 
pirates in a high seas about 200 nautical miles 
southeast of Songkhla, the navy said. 


The navy search and rescue team was able to 
retneve the Oriental City, a Thai and Honduras- 
registered oil tanker early Monday. The team 
arrested three Indonesians and eight Than, who 
had taken control of the tanker, the navy said. 

Somchai KJongprayoon. the owner of the oil 
tanker, informed the navy late Sunday thai his 
oil tanker, carrying abour one million liters of 
diesel fuel, had been seized ar sea. a “haw 
spokesman said. 


Protests in Kashmir :! 
Mark Anniversary 

SRINAGAR, India — Four 
Kashmiri separatist leaders and 
scores of supporters were detained 
on Monday after violent demon- 
strations marked the 50th an- 
niversary of the arrival of Indian 
troops in the Himalayan state. 

Policemen used tear gas to dis- 
perse protesters in several areas of 
the Kashmiri summer capital of Srin- 
agar, where shops ana businesses 
remained shut in a protest strike 
called by Hurriyat Schools, colleges 
and most government offices were 
also closed, witnesses said. 

“This day is a black day in the 
history* of Kashmir, os Indian troops 
occupied the region under the pre- 
text of friendship.” said a statement 
from the separatist Ail Parties Hur- 
riyat Conference. (Reuters) 


China and Russia 
Set Border Pact 

BEUING — China and Russ 
will issue a major announcement < 
demarcation of their disputed, be 
der during a visit by President Bor 
Yeltsin next month. Deputy Foreij 
Minister Zhang Deguang said Moi 
day. 

“The work of demarcating tl 
eastern section of the border hi 
seen a breakthrough," the Xinhi 
press agency quoted Mr. Zhang i 
saying. "When President Yells 
visits China, the two sides will issi 
a major announcement.” 

Russia has said full and final d< 
marcation of the 4J500-kilomer 
f2 .5 80-mile) border is expected i 
be completed during a visit I 
Beijing by Mr. Yeltsin in earl 
November. A border documei 
would be the first between the tw 
countries. (Reuter, 




w 




South Korea Fires 
Homemade Missile 

SEOUL — South Korea 
nred us first locally designed, s 
range guided missile on Moi 
the Ministry of National Del 
said. 

A ministiy spokesman sak 
Cnunma missile was fired to 
an unspecified western coastal 
The government said that .12 
mestic companies and a foi 
firm had developed (he. mil 
which has a range of IQ kilom 
(6-2 miles). 

Last week, the Ministry of 
tional Defense said it was bu 
the French-made Mistral, a pon 
surface-to-air missile similar ti 
u.b.-made Stinger. (Ren 



Itn.: 


( hi f . 


INTERNATIONAL HERAIJJ TRIBUNE, TUESDAY, OCTOBER 28, 1997 

EUROPE^ ~ 


PAGE 5 


' lu 

Hull; " 



pcientology Counters 
With March in Berlin 

Hundreds Call for Religious Freedom 


By Alan Cowell 
f '- NwrorkruitaiSavkc ' 

BERLIN —-The Scientology movc- 
W J* .*e anlboritiS hare 5 

mercenary and undemocratic, staged -a 
dtemonstraiion through the heart of Ber- 
m on Monday designed to depict mod- 
ff' 4ay * 9 erm3 ^ L “ being just as in- 
tolerant toward Scientology as Hitler 
#as toward Jews. 

- wha ® organizers had forecast 
a.turnout of 10,000, fewer than 2,000 
p^ple congregated to march on a 
bngjit, chUly day ana hear' protest lead.-' 

JPapon Trial Delayed 
By Illness Again 

The Associated Press; 

* [-BORDEAUX — - A French court sos- 

pended Maurice Papon’s war crimes 

trial for at least two more days Monday 
after doctors said the defendant should ; 
remain hospitalized. The judge also 
ordered a second opinion.* - 
’ One of Mr. Papon’s lawyers said the " 
^7-year-old defendant, who went on 
trial three weeks ago, was “spitting 
blood’’ after he was hospitalized last 
kjpeek with bronchitis. 

But heeding calls from the prosc- 
1 pution and civil, parties. Judge Jean- 
Louis Castagnede appointed a lung spe- 
cialist to determine when Mr. Papon 
, Would be able to return to court. 

• Dr. Rene Pariente, head of the pneu- 
monology department at Beanjon Hos- 
pital in Paris, is to present findings 
Tuesday ra the Judge, who will then 
determine whether to suspend the hear- ' 
ings past Wednesday; 

J ..Indicating that the trial could be fur-_ 
ther delayed until next week. Judge 
Castagnede asked two historians who 
vyere to appear Monday whether they 
bould testify as late as next Monday. 

Both Robert Paxton ,-ari American and 
Henri Amourcwx; a Fren chman- said they 
would try to make themselves available, 
v .’ Mr. Papon, a' former cabinet minister, 
%-is accused of signing the arrest orders 
|hai ledto the deportation of 1 ,690 Jews, 
including 223 children, from Bordeaux 
when he was a Vichy police official 
during World War IL 
" He left the hearing early Thursday 
after he said he felt ill, and doctors said 
Monday that, he vifas still sick. 


ers exhort' Germany to acknowledge 
Scientology as a religion and penmitit to 
enjoy the benefits of that status. 

"Religious freedom now! ** the or- 
ganizers led (he modest crowd in chant-. 


in California, -led them in sin^Lng^such 
songs suchas “Break Down the Wall of 
Intolerance -and Set My People Free,” 
and “We Shall Overcome.” 

"In the end, Scientology has always 
won,” one speaker said. ‘ ‘Religions al- 
ways won. And so wcask the Goman, 
government today: set your people 


The organizers of the demonstration 
broadcast what they said was a. recorded - 
message from the American actor John 
Travolta; one of the most' prominent 
American Scientologists,' saying the or- 
ganization was persecuted in Germany. 

The procession took a route between 

- some of Berfin’s most potent emblems 

- from the landmark Gedacht- 
nistdrche, a central church in the former 
West Berlin, bombed by the Allies and 
celebrated by Berliners as a memorial to 

' the~ end of the World War H, to the 
Brandenburg Gate, redolent of Ger- 
many’s prewar history. ■ 

A modest counterdemonstration 
grouped a handful of people around a 
banrio* proclaiming the official German 
view: “Scientology is NO religion.” 

Some German commentators said die 
demonstration was aimed not so much 
at' Germans as the United States, with 
the organizers hoping that television 
footage would bolster me assertion in an 
annual- U.S. State Department report 
-this year -that Germany’s attitude to- 

- wards Scientology and its followers in- 
fringes oh human, rights. 

The turnout — and the response by 
German officials — reflected many of 
the ambiguities surrounding Scientol- 
ogy in Germany. While its followers 
claim a membership in Germany of 
about 30,000, German officials put the 
number at 10,000. 

Yet, the otganizalion is treated as a 
national peril, reflecting what Bernhard 
Potter, a journalist specializing in re- 
ligions groups, called 1 ‘die lack of self- 
confidence in the civil society towards 
the completely exaggerated danger 
presented by Scientology.” 

“We find ourselves confronting an 
efficient business enterprise that has 
taken as its maxim the unbridled Just for 





Jn-krl KBu-L/nir WuHlnJ lV-» 


A marcher in Berlin on Monday. Fewer than 2,000 people took part. 


profit and which proceeds accord- 
ingly,” die Berlin Office for the Pro- 
tection of the Constitution — a watch- 
dog against extremism — said recently. 
“All the religious embellishment and 
pseudotspiritualify serve only ro dis- 
guise these maneuvers.” 

The paradoxes reach back into a his- 
tory of religious intolerance by Ger- 
many’s established Christian churches 
and culminating in die dictatorship of 
the Third Reich. Yet, Gennan officials 
insist, it is because modem Germany is 
so aware of how intolerance took root in 
its past that it takes such exception to 
Scientology’s demand for recognition 
as a religion, 

. In June, the organization was placed 
under surveillance by the Federal Office 
for the Protection of die Constitution, an 
agency nsually charged with moniror- 
ing and assessing die threat of political 
fanaticism to the democratic order. 

Major German political parties ban. 


Scientologists from their ranks. Well- 
known American Scientologists, like 
the pianist Chick Corea and the actor 
Tom Cruise, have been boycotted. 
Earlier this year, 34 Hollywood per- 
sonalities including Oliver Stone signed 
an open letter to Chancellor Helmut 
Kohl urging him to end what Scien- 
tologists call harassment and discrim- 
ination against their members. 

Such publicity feeds the Scientolo- 
gists' campaign against the German au- 
thorities as they seek recognition as a 
church, which would win them some of 
the financial benefits that they enjoy 
from their tax-exempt status in the 
United States. 

Founded in the 1950s by the Amer- 
ican science fiction writer L Ron Hub- 
band, Scientology offers its adherents 
what it depicts as a path to spiritual peace 
through a process of interviews and self- 
discovery called auditing. Adherents pay 
fees as they strive for entigbienroent- 


Bosnia’s War of Words 

UN Copters Attack Key City With Leaflets 


By Lee Hockstader 

Washinfiion Poa Ser vice 

BUEUIN A, Bosnia — At least twice 
in the lastfew weeks, NATO helicopters 
have taken off after nightfall, circled 
once or twice over this small city in the 
Balkans and dropped a payload of polit- 
ical propaganda on the sleepy populace 
below. 

The propaganda, in the form of white- 
and-blue leaflets, is laced with gram- 
matical errors and tainted by association 
with its distributors, according to critics. 
Despite the imperfections, it is the latest 
weapon to be deployed in the bitter 
battle for hearts and minds between 
rival factions in the Serb-controlled half 
of Bosnia. 

The leaflets leave no doubt that the 
rich Western powers, which are spend- 
ing SI billion annually to rebuild this 
country, support Biljana Plavsic, the 
Bosnian Serb president, although they 
do not mention her by name. They make 
it clear that the West opposes the clique 
around Mrs. Plavsic’s rival, Radovan 
Karadzic, the former Bosnian Serb pres- 
ident, and will block the Bosnian Serbs 
from receiving aid money so long as 
these “selfish individuals” continue to 
wield influence. 

Bijeijina is a pivotal battleground in 
this war without shooting and it is no 
coincidence that the NATO copters 
have chosen to target it along with one 
or two others. 

The city is controlled by Mr. Karadzic 
and his hard-line allies, and no place is 
more important to them. It is the only 
cify in Bosnian Serb territory with any- 
thing approaching bustling commerce, 
nearly all of it fueled by smuggled cig- 
arettes. gasoline and building materials. 

As the main conduit over the Drina 
River between Yugoslavia and the Serb- 
controlled half of Bosnia, it is the key 
transit point for the millions of dollars*' 
worth of contraband — and profits — 
that keep Mr. Karadzic and his bloc in 
business. 

For that reason, Mrs. Plavsic and her 
Western backers covet Bijeijina. a low- 
rise cify of about 95,000 residents with 
modest houses, anonymous apartment 
blocks and a crowded downtown market 
area. “Take Bijeijina and the rest of 
Karadzic's empire is a house of cards,' ’ 
said a Western diplomat in Bosnia. ‘ 'He 
wouldn't last long.” 

But with elections for a new Bosnian 
Serb Parliament just a month away, 
Bijeijina remains firmly under the 
thumb of forces loyal to Mr. Karadzic, 
an indicted war crimes suspect, whom 
Washington and its European allies ac- 


cuse of obstructing the U.S.-mediated 
peace process for Bosnia. 

Mrs. Plavsic, a rigid nationalist who 
supported ''ethnic cleansing” during 
the 1992-95 war in Bosnia, has attacked 
the comiption of Mr. Karadzic and is 
seen as somewhat more supportive of 
Western peace efforts. 

The Karadzic clique, based in the ski 
resort town of Pale, a three-hour drive 
south, controls much of Bijeijina" s local 
government. It controls the Serb Re- 
public's Internal Affairs Ministry and 
retains influence in the headquarters of 
the Bosnian Serb Army, both of which 
are based here. Most important, it con- 
trols the city's police force, the chief 
enforcers in Balkan politics. 

For those who step out of line and 
defy Pale — and there have been a 
handful ol’ such cases in the last few 
months — retribution in the form of job 
loss, threats and harassment is swift. 
When a ranking local politician. Dusice 
Bracanovic, defected from Mr. Karad- 
zic's party and joined Mrs. Plavsic's a 
few weeks ago. she was beaten up in 
public by two men in police uniforms, 
according to human-rights monitors. 

“Wie’ve been through three months 
of hell.” said Jovan Krsmanovic. an- 
other functionary who sw itched parlies 
and sided with Mrs. Plavsic in July. 

Lately, Mr. Krsmanovic said, the 
hard-liners who control city hall have 
been trying to evict Mrs. Plavsic’s 
people from their new party headquar- 
ters downtown, saying the building 
must be tom down for reasons of "urb- 
an planning.” 

If Mrs. Plavsic tries lo wrest Bijeijina 
from Mr. Karadzic’s grasp, "you would 
have real fighting here." said* Sasa Par- 
amo, who represents the Helsinki Com- 
mittee for Human Rights here. “It'd be 
hard for anyone to take power in a 
peaceful wav." 

For a time last summer, it appeared 
that the West was prepared to use more 
force on Mrs. Plavsic's behalf. Troops 
of the NATO-led Stabilization Force lor 
Bosnia installed Plavsic loyalists in the 
police station in Banja Luka, the largest 
city in Bosnian Serb territory and the 
headquarters for Mrs. Plavsic. British 
soldiers also arrested a Bosnian Serb 
war crimes suspect and shot another 
who resisted arrest. 

But a similar operation Aug. 28 in the 
strategic northern town of Breko failed 
when crowds of stone-throwing Serbs 
clashed with U.S. troops. 

The NATO force backed down and in 
a place where force alone is respected, 
the West again was seen as wavering, 
and Mr. Karadzic was back in business. 




v f 


itrv 


r"f. 


Swtss^inks to Publish 
New Holocaust List 

ZURICH ~ Swiss banks will publish a 
second- list of thousands more dormant ac- 
counts c on Wednesday'iri an effort to find 
their rightful owners and counter persistent 
accusations that the banks arc hoarding 
Holocaust victims' money-! - ■ 

Unlike the first list of nearly 1,800 ac- 
counts that was made public in July, tire 
second list will include names of Swiss 
I citizens as well as foreigners who entrusted. 

' money to Swiss banks before 1945 and did 
not withdraw the funds. 

Bankers hope the new list, which covers 
some 14,000 people, and 18 million Swiss 
francs ($12 nrillionj, will help ease the 
pressure they face from critics who doubt 
that the'banks are doing all they can to clear . 
up the wartime past. (Reuters). 

Greek Doctors on Strike 

‘ ‘ATHENS — ‘ . Thousands .of - doctors 
woridng for Greece’s main social welfare 
fund began a two-week .strike Monday, 
leaving affiliated hospitals and outpatient 
. clinics operating with reduced staffs. ■ 
More than 8.500 doctors working for the 
Social Insurance Foundation, or IKA, are 
responsible for providing health rare to 
hundreds of thousands of Greeks under the 
public medicare system. 

KA facilities will treat only emergency 
cases until Nov. 7, the federation saidDcw- 
tore are seeking salary increases and the 
payment of a variety of bonuses. 

Prodi Is Facing 
Inquiry Over ' *p|||§| 

.Sale of Company &|§§|i| 


The walkout came four daysafter a 24-\* 1 
hour nationwide general strike brought 
Greece to a standstill. Pharmacists also plan 
an indefinite strife, starting Saturday. (AP) 

French Blockage Near 

PARIS — A French trade union leader ■ 
said Monday that truckers were ready to 
block roads around the country on Sunday 
in a repeat of their crippling strike over 
wages last year. 

After talks with employers adjourned 
until Tuesday , Roger Polctti said that truck- 
ers had held “a war council ” and had 
completed plans to set up some 180 road- 
blocks on Sunday. (Reuters) 


-I-.. ' . ^ — .. . i - -- - - , 


!Tv 4 *} J > . SfTjf TT* jjp 


(Reuters) 


itruieia ■ 

: ROME —A' judge-c^ 

sidering whetherta'put Prime 
Minister Romano Prodi on- 
trial over accusations at 
4: wrongdoing in a privatization 
“ before he took office .begat 
examining a report by a panel 
of experts Monday. 

MriProdi faces afegajjjps 

, of abuse of office and cqhfna 

of interest for ! his: tote mi he 
. privatization of Cino-Bertolh 

De Rica, a food com^ny^m 

October 1993 . 


— - 

industrial holding compaify. j 

The examining judge. 
Eduardo Landi, 

: hearing- in March a 11 ®** 
panel of accounting, conaner- 
oal law and management^; 
Inerts to examine prosecutors 
SS thatMr. Pi^^ 

gave Cirio’s buyer, FisAO-a. 
southern, Italian 

,tos^hewiUoot«^nrf 

the case goes to ^ ^ 
denied the allegations. 


Body Parts Discovered 

BRUSSELS — Policemen in Belgium 
uncovered evidence Monday that ai least 
two bodies were buried in the basement of a 
house owned by a pastor who is suspected 
of murdering six relatives, the prosecutor’s 
office said. ■ . . - ... 

Searchers began dig ging in a second of 
the pastor's houses. 

A prosecutor’s spokesman said the po- 
lice, after a week of sifting the basement 
floor, had discovered three pieces of a hu- 
man knee joint 

The search of the first of three bouses 
belonging to the Hungarian-bora pastor, 
Andras Pandy. earlier uncovered fragments 
of a sknlL a right thighbone, an arm and toe 
arid finger joints, as well as shreds qf un- 
derclothes. Two of his former wives and 
four of his children are missing.- (AFP) 


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PAGE 6 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 28, 1997 


INTERNATIONAL 


Rift Widens in Israel 
Over Orthodox Control 


The Associated Puss 

JERUSALEM — In a deepening rift 
between Benjamin Netanyahu and 
American Jewry, the prime minister's 
senior aide accused Reform and Con- 
servative Jews on Monday of using a 
dispute over religion to try to topple the 
Israeli government. 

The leading Conservative rabbi in 
Israel dismissed the accusation as 
“paranoid.” 

The sharp exchange followed a de- 
cision by the Reform and Conservative 
leaders Monday to press ahead with law- 
suits seeking recognition of their move- 
ments in Israel, where religious affairs 
are controlled by Orthodox rabbis. 

The decision came despite an appeal 
from Mr. Netanyahu to give a com- 
mittee he appointed five months ago 
more time to find a compromise. 

The Reform and Conservative lead- 
ers said there was no point in delaying 
court action since Orthodox rabbi lead- 
ers had refused to meet with them. 

Under pressure from the three Or- 
thodox parties that could topple his gov- 
ernment, Mr. Netanyahu said this month 
that if efforts at compromise outside the 
courts failed, he would back legislation 
formalizing the Orthodox monopoly. 

That now puts Mr. Netanyahu on a 
collision coarse with American Jews, 
many of whom belong to the two liberal 
streams. American Jews are among the 
most generous donors to the Jewish 
state and provide political backing for 
Israel in Washington. 

Mr. Netanyahu's communications di- 
rector, David Bar-Ilan, said the Reform 
and Conservative movements were try- 
ing to destabilize the government. 

“There is no doubt that they are do- 
ing it. since they are affiliated with the 
opposition, to bring down the govern- 
ment,’' Mr. Bar-Uan said. 


Rabbi Ehud BandeL. leader of the 
Conservative movement in Israel, called 
the accusations “paranoid and untrue.” 

He said the statements were “forcing 
a conflict of the government on one side 
and world Jewry on the other.” 

A bill formalizing Orthodox control 
over conversions passed the first of three 
required readings in June. Religious leg- 
islators said they would prepare the bill 
for the final readings next week. 

■ Netanyahu Assails Palestinians 

Mr. Netanyahu accused the Pales- 
tinians on Monday of delaying a 
arrangement with Israel and refusing 
real peace, Agence Fnmce-Presse re- 
ported from Jerusalem. 

Mr. Netanyahu, whose address to 
Parliament was interrupted by harirling 
from opposition deputies, said die Pal- 
estinians only wanted gains without car- 
rying out their side of agreements. 

“We are not interested in cementing 
the present situation.” Mr. Netanyahu 
said of the months-long s talemate in 
talks with the Palestinians. 

The opposition Labor Party leader, 
Ehud Barak, warned that Mr. Netanyahu 
was bringing the country toward another 
war by stalling the peace process. 

“The writing is on the wall,” Mr. 
Barak said. “No one sitting around foe 
government table will be able to excuse 
himself when much more horrible 
things will happen.” 1 

At one point during Mr. Netanyahu's 
speech. Labor depo ties stood up holding 
signs reading “I am a proud Jew” — a 
retort to the prime minister’s comments 
last week that leftists who back die Oslo 
peace accords “have forgotten what it 
means to be Jewish.” 

The remark, made in an aside to a 
leading Israeli rabbi, was picked up by 
an unseen radio microphone. 


h - 

V. 





■V, 




\ ■ 




- . •% 

.... 




Palestinian prisoners, their hands bound, awaiting release Monday under a deal with Jordan. Amman had already: 
released the two Israeli agents wbo tried to kQI Khakd MeshaL, a leader of the militant Islamic group Hamas. 


Dozens of Bodies Discovered in Well in Algeria 

-• clow ski 


Caaf^bjOorSt^PivBtDtifmKtta 

ALGIERS — Security forces have 
uncovered a mass grave at the bottom 
of a well in die Bentalah region near 
Algiers that could contain more' than 
30 bodies of people massacred by Is- 
lamic extremists last month, die. daily 
Liberie said Monday. 

Elsewhere, 23 civilians, including 
six members of one famiiy, were killed 
since Sunday in the continuing vi- 
olence gripping Algeria, and a bomb 
was defused Sunday in a mosque at 
Ketchua in the Basse Casbab old town, 
press reports said. 

Gunmen killed 16 villagers in Gued 


IJjer hamlet in Medea province, 70 
kilometers (45 miles) south of Algiers 
on Saturday night, Le Sotr d’AIgerie 
'reported. Ten children, including a 
baby, were -among the .victims, who 
were members of four families, it said. 

The mass, grave in Bentalah was. 
found at die bottom of a well in a 
pasture. Escapees oflastmonth’s mas- 
sacre there sard a total of more than 
200 were killed, but the official toll 
remains at 85. 

“About 30 cadavers, maybe more, 
were thrown down there,” said the 
Liberie report. “Some sources said 
these were believed to be women kid- 


napped during the killings at RaiS or- 
Bentafha.” ’ 

•• Another grave- containing several 
VbodiM.bad previously, been found at 
Ouled Allel, a stronghold of the Is- 
lamic ArmedGfoap taken over by . the . 
Algerian Army.. ... 

Press reports- said .six civilians had 
their throats cut Saturday night in 
Taoudjtnout in' the a Saida region of 
southwestern Algeria. • 

In Algiers on Saturday night, the 
brother of AMdimin Haddad, an op- . 
position Socialist Forced Front can- 
didate, wis, shot .dead TR fr ont of his 
home. Liberie said. - - (AFP,. Reuters) 


Erred on Jews 

' . ’ JlrtWCTS.. 

■WARSAW -— Poland’s center-right 
Solidarity bloc, about to head a new 
coalition cabinet, on Monday con* 

' damned remarks by a prominent pro- 
Sotidarity priest who said Jews should 
have no’place in the government. 

The PAP news agency quoted the 
. Reverend Henryk Jankowski as saying 
in a sennon Sunday that he agreed with 
views that “the Jewish minority should 
sot be accepted in our government-" 

Tomasz Tywonek, a spokesman for 
Solidarity Election Aetna, said: “It is 
dear how for Father Jankowski strays in 
his words from declarations of the Cath- 
olic Church’s bishops. In secular or polit- 
ical terms, this statement and this kind of A 
thinkin g will never be accepted. 1 ' r - 

Fatfacr Jankowski’s superior. Arch- 
bishop Tadeusz Goclowski of Gdansk, 
had .already quickly divorced himself 
from die remarks. 

“They are an absolutely unwarranted 
.exploitation of the pulpit, a display of 
incompetence and a lack of concern for 
the public .good,’’ Archbishop Go- 
clowski said Sunday, according to PAP. 

- Father Jankowski aimed his comments 
at Bronislaw Geremek, who is .being 
proposed for foe post of foreign minister 
fry the. liberal Freedom Union party as it 
holds talks cm a joint cabinet with foe 
Solidarity bloc after their success in par- 
liamentary elections last month. 

- - “We must oppose all evil, all arrog- m 
ance, which Geremek demonstrated on T 
television without even being foreign 
minister, which be should not be,” Fa- 
ther Jankowriti. was reported as saying at 
his Sc Brygida’s church in the Baltic city 
of- Gdansk. Mr. Geremek, an academic 
and leading, veteran of the democratic 
opposition to communist rule before 
1989, is of Jewish origin. ■* . . - 


* . * * / *_ 
U : 



U.S. Cautions 
Iraq on Arms 

. - ' • Reuters ' ■ . 

WASHINGTON — .The White 
House said Monday that thdrewould be 
serious consequences if fraq decided co 
suspend ^its dealings with United Na- 
tions weapons inspectors. 

“If Iraq decides to follow tbc' as- 
sembly ’s advice, that would haVe serious 
consequences,” a White House spokes- 
man said, referring to a recommendation 
by Iraq’s Parliament on Monday tasus- 
pend its Jieswitb the UNIpagM^dr^. 

. . ‘Ihe White HbuSd' sjk&estokh 
. dined oorihuent on 'whkt. the' cfrh- 
gSqueqces ofsucfrnn Iraqi action might 
be. Asked if they might include militaiy 
action, he said: .^We- have .a wide range 
of options. I do nor want to gobeyond 
that atthis time.” . 

The spokesman also said that inspect- 
ors from the UN special commission in 
charge of dismantling Iraqi weapons of 
mass destruction have not reported any 
difficulty in “inspection and monitor- 
ing activities in the past few days.” 

The spokesman said theUnited States 
was nor certain whether the Parliament's 
recommendation was “rhetoric' -itf 
whether it would result in an actual 
suspension of dealings. He insisted that' 
the inspectors miust have access to all 
“sites, documents and personnel.” 

In Iraq, the official Iraqi press 
agency. IN A, said teat tee Parliament 
recommended Monday' that Iraq - sus- 
pend its ties with the . inspectors to 
counter, a Security Council - resolution 
that threatens mat sanctions- 
It .reported that tee assembly recom- 
mended that the freeze should continue 
until a timetable was set for lifiing the 
UN embargo imposed over Iraq’s in- ; 
vasion of Kuwait in 1990. • . - 

The SeairHy Council approved a res^ 
olotion last week threatening to impose 
a travel ban on Iraqi officials for hinder- 
ing the inspectors. 

Mandela’s Libya Stop 
Not AboutLock^dbie 

Renats 

EDINBURGH — President Nelson 
Mandela’s return visit to Libya this week 
is not aimed at discussing the 1988 bomb- 
ing of an airliner over Lockerbie, Scot- 
land, his chief aide said Monday.' 

“It’s not about Lockerbie, .defin- 
itely, ’ said Jakes Gerwel, who was in 
Edinburgh with the South African lead- 
er ata Cfommonwealtlrmeeting of h eads 
ofpOYemment. 

‘‘President Mandela is not seeking to- 
mediat e in the JLodcerbie matter,” Mr. 
Gerwel said. “He’ir rot - running , a’ 
shuttle service between London -add 
Tripoli, on Lockerbie. 

,_Mf. Mandda' wft visit Ubyafora' 

few hours eariy Wednesday and discuss 
another, unspecified issue that- arose 
dmiiig his talks with Colonel Moammar 
Gadhafi, die Libyan leader, last wetfe. 
Mr. GerweJ said. 

U.S, Envoy Calls for Fa 

Reuters " "=■ \ .. 

NAIROBI— The thief U.S. delegate < 
to the United Natfonfc, Bill Richardson, % 

called Monday ■ for- swift agreement ] 
ampag Kenyans before Sections due i 
this year, -. Vi' ‘ . { 

Mc- Rjchardsoti amved’in Nairobi 
high-profile lb. Congo, r 
formerly JZaire, and to Angola. ./ . c 

Inan^tenval staiOTKat.Afr.Ricfaard- - a 

son saidJtowoxddbriefPresklenrDaniel s 
arap Moi about his efforts to resolve a 
dispute between UN headquarters j ahd! t 
Congo over reported human-rights * 
abuses.. ' . j ■■■-■ - u 


BRIEFLY 


France Backs OAU 
On Camoran Vote 

PARIS — France backed the Or- 
ganization of African Unity on Mon- 
day in its condemnation of the in- 
dependence ' referendum on the 
secessionist island of Nzwani. 

The organization dismissed tee 
result of & Sunday referendum and 
said it would take steps to nullify the 
result 

«gB^entirely and without 
. ■. • ; the OAU’s position 
■» this ’maltcf Jacques Rummel- 
. ljairdtj; 'axPtecich Foreign Ministry 
qrakesman, $ai4 “The OAU is the 
most appropriate organization for 
getting aK foe people concerned 
ardund a table.” 

- Hie Organization of African 
Unity also reaffirmed its “unflinch- 
ing support” for the unity and ter- 
ritorial integrity of Comoros. 

.The secessionist movement on the 
island formally known as Anjouan 
said Monday thatpreliminary results 
showed 98 percent of the island's 
230,000 people had voted to break 
away from Comoros. 

.Nzwani declared Its secession in 
July,. In September, it repulsed a 
military -intervention by federal 
troo P s - (Reuters) 

Bloc Gives Nigeria 
A Year on Reforms 

EDINBURGH — Common- 
wealth leaders ended a four-day sum- 
mit meeting here Monday, vowing to 
crack down on Nigeria unless it im- 
proved. its human rights record and 
stresang foe peed to improve eco- 
nomic;ties between members. 

Human rights activists and dis- 
sidents have criticized foe 54-nation 
Sfoujang for not expelling Nigeria 
over its failure to introduce derno- 
crauc reforms, but the leaders mode it 
clear teat they would pursue a carrot- 
and-stick approach. 

A^ final communique confirmed 
Jat Nigeria’s 1995 suspension from 
me Commonwealth would be main- 
tained. 

If Nigeria’s miUtaiy governme nt 
ooesnot restore democracy by Oct. 1, 
1V98, as promised, it could face ex- 
pulsion and ah oil embargo. - 
■ “We have taken very, very tough 

SBrifainsnSf Min “ Cer Ton > Blair 
continues, there 

if Abb isn’t prop. 

ffnroress foen there’s no doubt at all 
= F^fnaspostnon will be in grave 
711 ; Commonwealth. ^ ” 1 

_5«^al Africm countries say that 
’ riwre should be done to engage Ni- 
m dialogue, but foe U-^rs re- 
I^aSoofo Africans ' that a 
^^vel delation te ra to 
v D, ^ a ‘ ■ i iters) 


' r ' i > 

f vj 

J*’v f » 

if aiJ t 


J^dson stressed American 
^°SF ** necd for ^ and fair 

foSSS w Kenya I, whose stalus ^ a 

prevented U.S. protests about eov 
enoance and human-rights issues. 2 

i»33S?r= 

hav. a full voice 


» "i c 






.i 4 * . , 


nil 


- 

, >K< * 

•rr,;> 11 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 28, 1997 


PAGE 7 


1 6i\ P&owftmi has potential wsdcarudy 
[\] target a range of abnormal tissues in 
i JO the body, such as diseases like cancer 

I) ( or retinol ainomwlitics. 







In dimad studies, the PbmFbint drug is 
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Light is directed at the target area. .A f ^ Tir. yt.rJ cells arc destroyed h\ an jnrtTac- 
small diodc'bascd system generates tie [V| non ieraeen tie JnigiW the light, uitb 
Ig it, and special lArras ddfi-cr it within k minimal known side effects. TiowPomt, 
tie bodv or on its surface. : note in efrniuil trials, is being developed 

■ j - j as an outpatient procedure. 


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IMAGINE “INTELLIGENT” DRUGS THAT COULD 
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From earliest practitioners,- 
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PhotoPoint may have appli- 
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PACE 8 


TUESDAY, OCTOBER 28,1997 


EDITORIALS/OPINION 


Itcralh 


INTERNATIONAL 



Sribune 


n>BU2iHf!D WITH THE NKW MIRK TIMFS \VD THE WASHINGTON TOST 


Dwindling Forests 


U.S. national forests once may have 
seemed a limitless resource, but now 
they are a dwindling one, and policy 
should be changed accordingly. Com- 
mercial logging in the forests needs to 
become the exception, not the rule. That 
should be especially true with regard to ' 
pristine aim not logged already. 

Unfortunately, Congress and to a 
lesser extent the administration con- 
tinue to follow policies pointing in the 
opposite direction. Under the false 
flags of balance, sustainability and the 
like, they are allowing destruction of 
the forests to go on. Only the pace has 
slowed, but not enough. There are sev- 
eral current examples. 

The Forest Service has approved 
(but Agriculture Secretary Dan G lick- 
man has not yet signed off on) a new 
management plan for the great Tongass 
National Forest in southeast Alaska. 
The plan would allow more logging 
than required by either the current state 
of demand for timber products or the 
long-term economic health of the 
southeastern Alaska region. It is almost 
as if the service, in setting the max- 
imum logging levels, had been seeking 
to entice back into the region a timber 
industry only recently departed and of 
which the forest is well nd. 

Administration officials defend the 
plan on grounds that it is better — is 
based on better science and is more 
protective of the forest, the species 
within it, etc. — than its predecessor. 
No doubt that is true, but it is also the 
wrong standard The plan still would do 
unnecessary and irreparable environ- 
mental harm. The politics are hard, but 
the secretary should order it cut back. 

Congress seems well on the way to 
passing legislation that the president 
will almost surely sign, though he 
should not, short-circuiting the normal 
procedures and ordering adoption of a 
particular management plan for three 
forests in northern California. The plan 
would permit a fair amount of cutting. 
Its virtue from the politicians* stand- 
point is that it was put forward as a 
consensus proposal by a group rep- 


resenting industry and, 
environmentalists in the 
gion. Supporters tout it as a possible 
model for a new approach to forest 
management; local consensus be- 
comes the key. But these are national, 
not local forests, and while local views 
need to be taken into account in their 
management, they need to be managed 
as other than adjuncts to local eco- 
nomies. The model appeals to those 
who would shift political power gen- 
erally from the federal to the local 
level, but in this case it is wrong. 

Congress foistyear came within a 
whisker (a vote or two in either house) 
of cutting funds for further road- build- 
ing in the forests. The road-butiding 
program is doubly objectionable - — a 
subsidy to die industry dial simulta- 
neously opens up and allows it to enter 
pans of the forests not previously cul 
Now, instead of a cut in these funds, foe 
Interim: Department appropriations bill 
is said to contain a provision whose 
effect could be to expand foe road- 
building program, in that it removes a 
previous cap. Particularly in the House, 
the administration failed to fight as it 
should have to limit these funds; a great- 
er effort on its part, and the vote would 
likely have come out foe other way. 

The president still has leverage over 
foe issue; there are other objectionable 
features to the bill, and there continued - 
to be debate within foe administration 
last week about whether he should sign 
or veto it. In a year of so much sup- 
posed support for economy in gov- 
ernment, what better object lesson to 
cut back than this? 

There is an effort now in the Senate 
to rewrite forest management law in a 
way that likely would lead to a larger 
cut each year. The chances that foe bill, 
by Senator Larry Craig, will make it all 
the way into law are pretty slim. What 
ought to occur instead is a ti ghtening of 
foe law in foe opposite direction. Why, 
in foe name of the conservation in 
which it professes to believe, does the 
administration not propose that? 

—THE WASHINGTON POST. 


Outsiders Can Help Reduce the Risk of Conflict 

JL ... rr, mtr rirmands a 


O XFORD, England — On Oct. 7 a 
micro-replica of modem war oc- 
curred in Colombia. In the village of 
San Jos6 de Apartado, three men were 
murdered as they came down from 
tending their hillside plots. 

They died because they were part of 
San Josti's so-called “peace commu- 
nity,” which in March declared its 
neutrality vis- Si-vis both paramilitaries 
and guerrillas. 

When I was in San Josl two weeks 
before the killings, I was struck by the 
immense courage of the men and wom- 
en who are challenging all sides in 
Colombia's brutal conflict 
These murders were so cruel not just 
because they were the deliberate slay- 
ing of civilians — four out of five 
victims of conflict in the world today 
are civilians, and nearly half are chil- 
dren. But also, in this case, ordinary 
people were standing up to try to make 
their country more peaceful 

The challenge to foe rest of us who 
live in comparatively peaceful regions 
is to respond to that courage. 

We must do more to prevent wars 
than what the professor of international 
relations here in Oxford, Adam 
Roberts, described recently as “the 
bland statements, half-promises and 
betrayals” of foe 1990s. He was cas- 


By David Bryer 

ligating Europe as much as America. 

People don’r go into the aid business 
unless they are optimists. I see some 
signs that on both sides of the Atlantic 
there is a new will in 1997 to take on the 
responsibility, that living in rich nations 
of the world places upon us. 

Secretary of State Madeleine Al- 
bright talks of standing up for foe rights 
of the weak, influenced as foe is by her 
childhood in war-tom Europe. 

Britain’s foreign secretary, Robin 
Cook, speaks of a new * ‘ethical foreign 
policy. France’s prime minister, Li- 
onel Jospin, wants foe European Union 
to adopt a code of conduct on its arms 
trade; the idea has the backing of Ger- 
many. A similar idea is being debased 
in foe U.S. Congress. If such a code 
fails in Congress tins fall, Europe may 
get ahead of America by agreeing on 
one in the first half of next year. 

So far so good. But how much of this 
is just show? How influential are the 
West's foreign ministries with those 
taking foe “hard policy” decisions on 
defense and economics? 

Mrs. Albright lost her battle with the 
Pentagon on selling U.S. F-16s to Chile, 
which threatens a Latin American arms 


race. British defense companies, far 
more powerful than any domestic gun 
lobby, are reported to be pressing the 
government to curb Mr. Cook’s en- 
thusiasm to regulate foe arms trade. 

Since foe end of foe Cold War, com- 
mentators in the West have observed 
that international policy is no longer 
driven by geopolitics but by geo-eco- 
nomics. But international policy driven 
by the need to trade too easily means 
selling arms to anyone, keeping quiet 
about human rights abuses and ignor- 
ing the regions of the world, partic- 
ularly Africa, largely untouched by the 
wealth of the global economy. 

This does not fit easily with foe new 
e thical rhetoric of Mrs. Albright, Mr. 
Cook and the other foreign ministers 
who gathered in New York late last 
month to say that they would do more 
to help Africa curb its wars. 

To make policy fir the rhetoric, gov- 
ernments should follow the example of 
those enlightened companies that have 
recently seen that their trade depends 
on peaoe. In the past, . transnationals 
have too often done business in war 
zones in a way that sustains the vi- 
olence. Now some are seeing that this is 
neither ethical nor in their interest 

For enlightened companies, this is 
part of a wider move to “social audit- 


ins " responding to our demands as 
Weiem consumers that they do good 
as well as sell good products. 

U is time that Western governments, 
too agreed to test all foetr international 
^ictes as to whether foey increase or 
£duce the risks of armed conflict. b> 
canvin* out a “conflict impact as- 
Ssmem.” This means rccogngmg 
whai we see in poor 
Los Angeles to London, from Central 
Americato Central Africa; that povuty 
greatly increases foe risk of violence. 

B We should indeed be more optimis- 
tic titan for years that Western gov- 
ernments can improve their perfor- 
raance in helping to reduce foe human 
cost of war. That is why Oxfam has 
chosen to launch a campaign to cut 
conflict, starting with foe need for the 
United Slates and Europe to curb arms 
flows to foe world’s killers. 

The campaign against land mines is 
remarkable for the speed with which it 
gal vanized people across the world. Is 
that success a blip in the can t-do trend 
of 1996 sdiplomacy, or foe start of a new 
period in which governments pursue 
more ethical international policy? 

The writer, director of Oxfam, con- 
tributed this comment to the Interna- 
tional Herald Tribune. 


China Is Transformed, and the World Better Pay Attention 


B 


Endorsing Whitman 


For most of this year, the New Jersey 
gubernatorial race sputtered along with 
little drama. Early surveys showed 
Governor Christie Whitman ahead, 
helped by foe state's improved eco- 
nomy. the drop in crime and welfare 
rolls and, not feast, her record of cut- 
ting taxes as she promised four years 
ago. Lately, James McGreevey, a state 
senator and foe mayor of Woodbridge. 
has gained, hammering- foe governor 
over school standards, soaring prop- 
erty taxes and auto insurance rates. 
Mrs. Whitman, a rising star in the 
. Republican firmament a few years ago, 
is fighting back bard in a tight race that 
is drawing national attention. 

We endorse Governor Whitman for 
re-election, although foe choice was 
nor easy. She is an impressive politi- 
cian with an excellent command of 
issues. But her 30 percent income tax 
cut. which we opposed, has damaged 
the state’s fiscal health because it was 
largely financed by a raid on the state 
pension systems. Mrs. Whitman com- 
pounded the error this year with a $2.7 
billion bond issue to keep foe pension 
system solvent. 

On the other hand, she has compiled 
a solid record on the environment and 
education issues. Her approach to 
helping people on welfare find work 
has been humane. She has championed 
abortion rights, affirmative action and 
other causes of the moderate wing of 
the Republican Party. If she wins, she 
can help her party get beyond its pu- 
nitive agenda in Washington. 

There is much to like about Mr. 
McGreevey, a little known but ener- 
getic politician who came from behind 
to win foe Democratic primary in 
September. Contrasting his own work- 
ing-class background with that of the 
patrician governor, he has attacked 
Mrs. Whitman's fiscal policies, called 
for higher school standards and de- 
manded action to lower New Jersey's 
car insurance rates, the notion’s high- 
est. But Mr. McGreevey has failed to 
offer a coherent explanation of how he 
would meet his promises. He cannot 
escape having voted in the state leg- 
islature for Mrs. Whitman's tax cut. 
and he has not said where be would get 
the money to pay for upgrading schools 
as well os the state aid that would help 
local districts cut property taxes. 

Like many Republicans, Mrs. Whit- 
man entered office promising to bring 
sensible business practices to govern- 


ment. Her pi 
fizri, 


ri validation schemes have 
led, but she bargained hard 


largely 

with state unions and in general kept 
foe cost of government under control. 

The impact of her worst mistakes, the 
tax and pension schemes, was mit- 
igated by economic good times. 

Like some politicians, Mrs. Whitman 
is most distinguished by the enemies she 
has made. The Republican right wing 
has reviled her fra- foe sinof- favoring — Shanghai- and -Beijing, 


EUING — While much of 
America has not really no- 
ticed, China has transformed it- 
self. A reporter exposed to this 
new China for foe first time has 
the urge to grab his countrymen 
by the lapels and shout: Pay 
closer attention! 

Isolated facts about Qiina's 
transformation are familiar. It is 
foe experience of seeing it 
whole that is startling. 

In the past eight years China 
has created a novel form of 
nearly-market economy that 
has doubled GNP. In the 1 990s 
China has been the most suc- 
cessful developing economy in 
foe world, growing at a dizzy ing 
JO percent a year. 

The violence in Tiananmen 
Square implied a return to rigid 
Communist orthodoxy, but the 
reality here is anything but or- 
thodox. Instead of saluting a 
party line, government officials 
argue openly about fundament- 
al issues of policy and strategy. 
Some speculate about a future 
in which the party has only cer- 
emonial or social functions. 
On-the-humming streets- of - 


By Robert G. Kaiser 


affirmative action, abortion rights and 
equal treatment of homosexuals. In 
backing Senator Bob Efole last year, she 
warned the party not to tnm its back on 
moderates. In foe battles on Capitol Hill 
over welfare and Medicaid spending, 
she has played a visible role, demanding 
that Republican congressional leaders 
support programs that help foe urban 
centers of foe North. 

The governor turns aside questions 
about running for higher office if she is 
re-elected, a sensible position given her 
current political troubles. We hope 
that, with a victory at home, she will not 
hesitate to demand humane national 
policies on education, foe environment, 
race and treatment of the poor. 

— THE NEW YORK TIMES. 

Other Comment 

Shorter Hours, Fewer Jobs 

The governments of France and 
Italy have proposed cutting their legal 
working week to 35 hours as a way to 
trim unemployment. In fact, the de- 
mand for labor depends upon pro- 
ductivity and wage costs. Fewer hours 
will create more jobs only if weekly 
pay is also cul 

Moreover, recruitment, training and 
other fixed costs can make it more 
expensive for a firm to employ a larger 
work force for shorter hours than a 
smaller one for longer hours. Worse 
still, shorter hours may reduce a firm's 
productivity if it becomes mote difficult 
to coordinate a bigger work force. 

It is telling that in Britain and the 
Netherlands, which have the fewest re- 
strictions on working hours, part-time 
work has increased sharply. Some 38 
percent of Dutch workers and 24 per- 
cent of British ones are employed part- 
time. compared with 16 percent in 
France and Germany. Unemployment 
rates have fallen in Britain and the Neth- 
erlands to half of the EU’s average. 

— The Economist ( London J. 


women in miniskirts and jazzy 
makeup show off individualist- 
ic style. Chinese rock groups 
mimic foe moves of American 
hip-hop artists in videos shown 
on official Chinese television. 

Private business is thriving 
and making some Chinese rich. 
Chinese who fled the country 
because of Tiananmen and it^ 
implications are coining back 
by the thousands, many carry- 
ing American green cards as 
personal insurance policies, but 
now eager to participate in [heir 
country’s revival. 

This new China is remark- 
ably relaxed in its now exten- 


sive dealings with foe foreign 
devils that Communist propa- 
ganda once denounced. It is 
shrewdly welcoming Japanese 
and Western capitalists to help 
turn a barren socialist wasteland 
into a consumer society — at 
the high end, a lavish and in- 
dulgent consumer society. 

Big Mac attack? No problem, 
as foe Chinese like to say — 37 
McDonald's now in Beijing. 
Cell phones? They, too, are now 
ubiquitous. Motorola Corp., 
which has sold most of them, is 
shipping profits out of China in 
bushel baskets. 

Internet connection? Edward 
Tian, a Chinese citizen. Texas 
Tech graduate and former res- 
ident of Dallas, can help. His 


Can China’s boom 
keep the peaty in 
power? Smart 
people are trying * 
it happen. 


1 1 • 

company, an American firm 
named Asiainfo, is building the 
“backbone" of connections 
that will bring the Internet into 
cities beyond the capitals of all 
of China's 30 provinces, where 
customer s can already sign on 
with a local phone call. 

(Mr. Tian cannot evade the 
controls that the Chinese gov- 
ernment still imposes, routing 
every Internet account in the 
country through choke points at 
foe Ministry of Post and Tele- 
communications, which can 
block access to Web sites 


around the world considered un- 
desirable — block them in ways 
that a resourceful computer op- 
erator-can easily evade.) 

Shanghai is the extreme ex- 
ample of China’s transforma- 
tion. It is a city of 17 million 
souls. 10 percent of whom arc 
construction workers partic- 
ipating in what must be the 
world’s biggest building boom. 

The construction workers are 
peasants from the countryside, 
many of Whom never earned a 
cash wage before coming to the 
big city. Now they earn about 
S250 a month and work in one 
of three shirts per day, often 
seven days a week. According 
to the mayor. Xu Quangdi, 18 
percent of the world’s construc- 
tion cranes are currently oper- 
ating in his city. Skyscrapers are 
sprouting out of every neigh- 
borhood in town. 

The real wonder is Pudong, 
the new eastern section of 
Shanghai — farmland until 10 
years ago. Driving through Pud- 
ong now-feels a-tittle like sneak- 
ing a peek at foe 21st century, 
with scores of office towers of 
30, 50, 60 and — soon — even 
95 stories climbing out of the 
old fields. Pudong already has 3 
million residents in its prolif- 
erating apartment blocks, and 
will absorb millions more. 

In foe outlying regions of. 
Pudong, General Motors Corp. 
is building a big plant to pro- 
duce Buicks. In a few minutes 
driving through foe area, a vis- 
itor passed factories for Sharp, 
Leica, Whirlpool, Johnson 
Wax, Siemens, Ricoh, Hitachi 
and Hewlett Packard. 

In Shanghai and Beijing. 
China has attributes of what 


lleral o^^ <brtbune 

nimnn »«■ “ •"■'•■■I 

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Move On, Keep Trying, Get Rich 


N EW YORK — The best 
advice about getting rich 
in America is to start young. 
There are two scenarios. 

In the nerd strategy, you fall 
obsessively in love with 
something that turns out to be 
foe wave of foe future, like 
computers. In the upward fail- 
ure strategy, you try and try 
again until you get it right 
B ill Gates and a lot of geeky 
kids were in the right place at 
foe right time. Most never 
really set out to be rich. An- 
other kind of kid is obsessed 
with money, trying and trying 
again until be has something 
that people will pay for. 

Take a 12-year-old from 
Port Huron, Michigan, who 
started selling newspapers on 
foe trains that came through 
town. Too impatient for 
school, he learned a lot about 
failure before he figured out a 
way to jam more digits on 
existing communication lines. 
His name was Thomas Alva 
Edison, and he figured out a 

S to double foe dots and 
es moving along copper 
telegraph lines. That was in 
1 869, when he was 22. 

Edison was the godfather of 
American hustle, spending his 
life trying to figure out whai 
came next. Like Mr. Gates, he 
was just as much a business- 
man as a scientist and inventor, 
a determined guy in a time of 
technological revolution and 
easy money. His motto, he 
said, was ‘ ‘ Anything that won't 
sell, I don't want to invent.” 

Sanjiv Sidho. an Indian im- 
migrant. has built a $1.2 bil- 
lion company, 12, based in 
Dallas. He put it this way; 
“The clear measure of foe 
value of what you are doing 
comes when people pay for iL 
If you create something and 
people don’t pay for it, you’re 
doing something wrong." 


By Richard Reeves 


“Productizing vision is 
what we do," said William 
Carrico. He and his wife, Ju- 
dith Estrin, have commanded 
two successful Silicon Valley 
start-ups and are at work on a 
third. They are, like most of 
the new and greatly rich, ready 
to try anything. 

That is foe open secret of 
Silicon Valley, a critical mass 
of talent arranging and re- 
arranging themselves to deal 
with foe problems of the day 
or of foe minute — obsessive 
means in pursuit of doable, 
profitable ends. "Entrepre- 
neurs are not geniuses or even 
particularly innovative,” said 
Ms. Estrin. “What they are is 
flexible. If foe trail changes, 
we change with it” 


how foe West was won in foe 
1 9th century. Restless people 
crossed foe Alleghenies, 
moved on to the Mississippi 
and Missouri rivers, then 
pulled up stakes again and set 
oat on foe Oregon Trail. 

Sailors, politicians and en- 
trepreneurs follow the wind. 
Entrepreneurs and other 
dreamers are immigrating 
from India, Taiwan, Russia 
and other far points east and 
west That was Sanjiv Sidhu's 
journey, from Hyderabad to 
Oklahoma State University. 

Kenny Troutt came to Dal- 
las, too. He was desperate to 
be rich for foe most usual rea- 
son. He grew up poor, in the 
projects of Mount Vernon, 
Illinois. He is 49 now and very 
rich. He began se ttin g up 
companies the day he gradu- 
ated from Southern Illinois 


art 


High tech, Ukepohacs, is foe University in 1970. In 1988 he 
: of the possible. If someone created EXCEL Communica- 
else has a better mousetrap, ■ cions, now foe fifth-Iargest op- 
Estnn-Carrico, their peas and eration in foe residential long- 
distance telephone business. 

Mr. Trout! found his op- 
portunity in foe breakup of 
AT&T. He became a switch- 
less reseller, purchasing 
blocks of long-distance rime 
(an electronic commodity) on 
existing transmission lines 
and reselling them ai a profit. 
Well, that's what America 
supposed to do, isn't it? 


their rivals begin a new search 
for better bait 

The good ones find 
something whether they woe 
looking for it or not. Which 
may suggest that Bill Clinton 
is the right president for the 
times in Silicon Valley, Hol- 
lywood or Wall Street- 

Experimentation is at foe 
center of speeded-up business 
systems, special effects in new 
entertainment, and financiers 
and investors gambling on 
rainbows in the heads of 
young and restless geeks. 

America's high-tech geo- 
graphy lies at the ends of the 
old pioneer trails to Oregon, 
Washington, California and 
Texas. Silicon Valley is the 
ultimate American place, the 
last stop of serial pioneers. 

The pattern of moving on. 
starting up, failing, starting up 
again is a modem version of 


is 

Hold out foe chance to be rich. 
Sometimes it works, some- 
times it doesn't. 

A thrilling communications 
business of yesteryear, foe 
Pony Express, carrying mail 
from Sl Joseph, Missouri, to 
Sacramento in 10 days for $2 
an ounce, closed down on Oct 
24, 1861, two days after tele- 
graph lines were linked from 
coast to coast. The original in- 
vestors lost $200,000. But now 
Kenny Troutt is a billionaire. 

Unhtrsal Press Syndicate. 


might be called a nearly normal 
society. Modem a rusts, whose 
style fits no description of so- 
cialist realism nor satisfies any 
political requirement, work 
openly, sell their paintings to 
foreigners at galleries and make 
enough money to build a studio 
and house in the countryside 
outside Beijing. 

This is what foe painter Su 
Xln ping is doing right now. His 
krest works are selling at foe 
Red Gate Gallery for $5,000, 
mostly to foreign buyers. 

A young environmental ac- 
tivist, Wen Bo, who edits a 
newspaper called China Envir- 
onment News, observed that 
members of his generation once 
thought that politics was very 
important, but now politics oc- 
cupies “about 10 percent of 
life, because there are now so 
many other opportunities." 

Bui opportunities have their 
limits. No Chinese can openly 
join foe . Roman Catholic 
Church, for example; it is 
banned in China. Chinese can- 
not have as many children as 
they- would- like (most families - 
are effectively limited to one or 
two) or publish* book denoun- 
cing the horrors perpetrated by 
Mao Zedong, foe founding fa- 
ther of foe People’s Republic 
and a monster who qualifies 
with Hitler and Stalin as one of 
foe 20th century's most pro- 
ficient murderers. 

China has a huge security ap- 
paratus and no tolerance for di- 
rect challenges to foe legitimacy 
of foe regime. 

The rule of law is, as even 
Chinese officials acknowledge, 
still a foreign concepL There 
was great excitement recently 
when foe Beijing Communist 
Party boss was ousted for egre- 
gious corruption, but he has yet 
to be put on trial. 

To be in foe People’s Re- 
public of China is to walk 
among foe ghosts of some of foe 
greatest horrors of the century 
— especially Mao’s disastrous 
Great Leap Forward in foe 
1950s, and foe Cultural Rev- 
olution that began in 1 966. The 
society has made no effort to 
come to terms with the causes or 
consequences of those cru- 
sades, which killed millions, or 
with the consequences of 
Tiananmen — foe hundreds 
who were killed, the many thou- 
sands who later lost jobs for 
sympathizing with the students. 
Thousands more left China 
after 1989 in despair. 

Instead of public discussion, 
those ugly episodes have been 
officially obliterated from 
China's history. 

Nevertheless, a visiting for- 
eigner is repeatedly confronted 
by reminders of the country's 
real history. 

A university professor recalls 


10 lost years when he was re-’ 
quired to leach in a remote, im- 
poverished village — his part in ’ 1 
the Cultural Revolution, in’ 
which Mao invoked slogans of 1 
“Greater Democracy” and un-., 
leashed foe country’s students’ 
against its intellectuals, creal- , 
ing terror and turmoil. * 

A Beijing city official lowers 
her voice and says firmly , 4 ‘The) 1 
people of Beijing have not for-’- 
gotten 1989.” A friend recalls; 
the death ofa parent in the Great ’ 
Leap, when Mao tried dis- : j 
astrously to compel industrial- 1 
ization of the country. , 

This history induces fear. 1 ■ 
There is still fear in China. - 
The authorities have a name , 
for the hybrid they have created: 
“socialism with Chinese char- -l 
acttristics.” More accurately, it ' 
is socialism with capitalist char- , 
acteristics, like stock markets.-* 
millionaires and a widening 
gulf between rich and poor.. 
About 200 million Chinese still- ‘ 
live on less than a dollar a day. ’• 
The great growth of recent' 
years has been pushed by every * 
-sector-of the economy but one - 
— the traditional, state-owned 
sector. The debts of state- 
owned enterprises nearly equal 
their assets. In other words, they 
are virtually insolvent Loans 
from state banks keep them 
afloat As a result, foe banks 
have huge bad debts — how 
huge is not exactly clear. 

Pragmatism is in ascendancy 
here, largely because foe gov- 
ernment has concluded that 
continued economic growth is 
the key to China's well-being, • 
and perhaps to the ability of foe 
party to rule the country. 

In foe wake of Tiananmen, the 
government and the population 
reached an implicit bargain: 
“You let us get rich, and we’ll 
let you govern," in the words of 
Wing Ruoshi, a disaffected 
former deputy editor of foe 
People’s Daily, the party news- 
paper. Strengthening economic 
reform and continuing what foe 
Chinese call “the opening” to • 
the outside world are the key- 
stones of official policy. 

Can China’s boom continue, 
and keep the Communist Parry 
in power? Perhaps. Smart . 
people are hard at work trying to •’ 
make this happen. , 

The country faces daunting 'j 
problems: foe danger of banks 
collapsing, and the possibility 
of foe sort of economic crisis 
that is setting back so many of ' 
its Asian neighbors this year. . 
Bu| China also has formidable ■ 
resources, starting with the tal- 
ents and energies of the people. ' 
Because of its enormous size 
and the economic success it has • 
already achieved, C hina seems 
destined to play an enormous • 
part in shaping the 21st century. 

The Washington Post. 


IN OUR PAG ES: 1 00, 75 ANI) 50 YEARS AGO 
1897: England Mourns 


LONDON — A profound feei- 
ng of regret was caused in Lon- 
don yesterday [Ocl 27] by the 

the Duchess of Teck, which oc- 
curred two hours after she un- 

gulated hernia. The Duchess of 
Ta* was one of the most pop- 
ular members of the British 
Her kind, S 
liable disposition was well 
toovm and appreciated by the 
English people, and, as mi£ 
be expected, her death is caS 
mg widespread sorrow. 

1922: Dry Vessels 

territory and hence is ^ 

P^bitioTAcr lnS JeC! l ° 


might arise from foe British law 
requiring all ships to cany a 
stock of brandy in case of ernes- ' 
gency or sickness. Judge Hand • 
granted astay in the enforcement 
of the ruling for American ships l 
west-bound from England. I 

1947: Writer Protests . 

WASHINGTON— Capitol po- . 
lice removed movie scriptwriter 
J(fon Howard Lawson from the - 
witness stand at today's [OcL - 
27] hearing of foe un-American 
Activities Committee of foe 
House when he refused’ to toll • 
foe committee whether he was a - 
Communist Mr. Lawson told ; 
foe committee that it was “be- l 
yond its power" 'to question him ; 
on his political and other beliefs. ' 
Disregarding a warning by ; 
Committee Chairman J. Pamefi • 
Thomas that he must insist on ' 
orderly procedure, Mr. Lawson ; 
shouted into foe microphone ' 
that he would answer questions ~ 
"foe way I want to.” ... 









INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 28, 1997 

OPINION/LETTERS 


PAGE 9 


I^Mideast Summit Prompts 
Diplomatic Migraines 


By Thomas L. Friedman 


HUr \ii. 


% 


h 1 ' 


% , 






f Al 




f*M 

if., irn-- 


D OHA, Qatar — 11161 © is a 
vicious, and I mean vicious, 
diplomatic war going on here over 
who will and who will not attend 
the Nov. 16 Middle East econom- 
ic summit, which for the last three 
years has brought Arab and Israeli 
business elites together. 

This year’s summit meeting is 
being hosted by Qatar, the gutsy 
■ progressive little Gulf oil state off 
the east coast of Saudi Arabia. 
Israel is coming. The U.S. sec- 
nstaiy of state is coming, but vir- 
tually every Arab leader is waver- 
ing. Here are my predictions for 
who will show. 

Syria has mounted an all-out 
diplomatic offensive agains t the 
ummit, saying that there should 
•e no more Arab normalization 
with Israel until Syria gets the 
Golan Heights back. 

The Syrians, who follow the 
"Godfather” school of diploma- 
cy, have been tiying to istunidate 
the Qataris into canceling the sum- 
mit, telling them that it could be 
“dangerous" for Qatar. The Syr- 
ians stopped just short of threat- 
ening Qatar that if the meeting is 
held, a Qatari diplomat some- 
where will be found in the trunk of 
his car with a Syrian dime on his 
chest Syria: A definite no-show, 
The Syrians have already told 
the Kuwaitis that Syria is opening 
its border with Iraq for more com- 
merce, because Syria is tired of 
Jordan getting all of Baghdad's 
business. But if Kuwait goes to the 
summit, the Syrians say they will 
feed the Iraqi wolf even more. 

And since Kuwait is Little Red 
Riding Hood to Iraq, such a threat 
can't be ignored. Kuwait is in a 
quandary: Go to Qatar, and Syria, 
the best Arab counterweight to 
Iraq, will tilt more toward Bagh- 
dad Don’t go. and Kuwait's U.S. 
protectors will be furious. 
Kuwait: Agonizingly undecided 
Sheikh Zayed ibn Saltan an Na- 
hayan, leader of the UAE, won't 
even acknowledge his summit in- 
vitation. This is because at the 1 995 
Gulf Cooperation Council summit 
in Oman. Emir Hamad ibn Khalifa 
Thani of Qatar came expecting to 
have a Qatari diplomat named as 
the next secretary-general of the 
GCC. It was Qatar's rura. 

The Saudis, though, who hate 
the Qataris, rigged the meeting so 
that Qatar got nothing. The emir 
stalked out, and when Sheikh Za- 
yed tried to placate him, the emir 


lambasted the UAE leader for not 
giving Qatar its due. Sheikh Za- 
yed hasn't spoken to the emir 
since. UAE: Have a nice summit 
without us. 

Qatar and Egypt don’t like each 
wwr. Qatar recently slashed the 
Egyptian labor fence here from 
65,0)0 to 30,000, and Qatar sus- 
pects that Egypt, along with Saudi 
Arabia, was supporting the old 
emir of Qatar when he attempted a 
coup against his son, the present 
emir, in February 1996. 

The Egyptians would love to see 
Doha fail, becanse it would further 
isolate Benjamin Netanyahu, em- 


Egyptian street. A'trifecta. But 
Egypt can’t stay away without 
risking its U.S. aid Egypt: Will 
attend, but will send the doorman 
from the Ministry of Economy. 

The Saudis view the Qataris as 
upstart little cousins who don’t 
know their place. The Qataris have 
annoyed the Saudis to no end by 
allowing women here to drive, by 
lifting government censorship of 
the media, by vowing to give their 
women the vote and by rivaling 
openly with Israel 

The Saudis would love for the 
summit to blow up in Qatar’s face, 
but they don’t want to embarrass 
the United States. Saudi Arabia: 
Will attend, but will send its third 
deputy assistant undersecretary 
for waste management. 

Jordan will come, if only to 
spite Syria. Bur don’t seat the 
Jordanians next to the Israelis. 

The poor Bahrainis. They are 
the only ones smaller than Qatar, 
and they have the Iranian wolf at 
their door. The Bahr aini view of 
the world is: “For years we coun- 
ted on Saudi Arabia to protect us. 
But the Gulf War showed us lhar 
the Saudis can’t protect them- 
selves, and ever since die war the 
Saudis seem to be losing internal 
control at home. Therefore, only 
the U.S. can protect us.” 

So Bahrain has let America set 
up a naval base in its harbor. No 
wonder a U.S. diplomat mid me 
that whenever die leader of die 
Arab Gulf state he serves in sees 
him, that leader asks far die latest 
total of Americans frying in his 
country. "Whenever the number 
hasn’t gone up, he’s disappoint- 
ed." the diplomat said. Bahrain: 
Definitely coming — just seat us 
next to Madeleine Albnght 

The New York Times. 


NOW, NOW- F YOU HAVE TO 
EXPAND NATO, THEN YOU 
HAVE TO EXPAND NATO. 
- WEIL 6ETTHE MONEY 
SOMEWHERE- 



"ZJ*+tziGee— 

Um AbpUm Dm SrrftO* 


From the 6 Mommy Wars , 9 
A Cruel Air Campaign 


Bv Ellen Goodman 


LETTERS TO THE EDITOR 


Hungary and NATO 

Regarding "The Duty of De- 
mocracies. or Why Hungary Be- 
longs in NATO ” ( Opinion , Oct. 1) 
by Peter Nadas: 

We feel it necessary to correct 
same misconceptions in Mr. 
Nadas’s essay. He gives die im- 
pression thai Hungary’s debate on 
joining NATO is taking place un- 
der democratic conditions; as if the 
population were being fairly 
provided with all the necessary 
information with which to make an 
informed choice in die referendum 
on Nov. 16. This is not the case. 

Hungary's political parties are 
using the NATO issue as a tool 
with which to enhance their own 
prestige. They speak about NATO 
as if it were not a military alliance 
and are silent about the burdens of 
rearming and die harm that may 
result in relations with our neigh- 
bors. They underestimate the neg- 
ative impact of NATO enlarge- 
ment and exaggerate the positive 


impact 

Joinii] 


Joining the Atlantic alliance 
would indeed be a symbolic act of 
entering EuropeJBut Hungary is a 
country without enemies and 
without any desire to participate 
in an arms race. Our interest is in 
avoiding war and die installation 
of weapons of mass destruction, 
whether nuclear or nonnuclear in 
origin, whether installed in the 
name of defense or offense. 

One consequence of 40 years of 


dictatorship is that the population 
is easily influenced by the polit- 
ical elite. While institutions of 
representative democracy have 
been established, we need more 
time to establish a civil society 
and a real democracy. 

From the very start, the gov- 
ernment and the opposition 
parties in Parliament have mono- 
polized the discussion on joining 
NATO. There has been no real 
debate ahead of the referendum. 
Instead there has been a steady 
stream of statements from the 
government claiming that if Hun- 
gary fails to join, the political and 
economic achievements of recent 
years will be-Lost. 

Views critical of joining NATO 
are silenced. Those who would 
rather tum the country's resources 
to social welfare are stigmatized 
as extremists. 

Instead of defense guarantees 
we need economic guarantees. In- 
stead of friction with our neighbor 
we need closer trade ties. We now 
live in a world without poles or 
ideologies of mass destruction. We 
believe that the expansion of a 

mili tary or ganization is not the 
best step in the direction of peace. 

TAMASCSAPODY and 

LASZLO VTT. 

Budapest 

The writers are authors of a 
book on NATO membership re- 
cently published in Hungary. 


Grill the Banks 

Regarding “Lawmakers Grill 
Bank of France on Rate Moves' ' 
( Finance , Oct. 22): 

The hearings called by the 
French Parliament cui the recent 
increase in interest rales by the 
Bank of France need not "un- 
dermine the bank's indepen- 
dence," as economists reportedly 
warned. Nor is it fair of econ- 
omists to say that the chairman of 
Parliament’s finance committee, 
Henri Euunaouell/. "doesn’t 
seem to have accepted the inde- 
idence of the Bank of 


pendei 

Franc? 


Independence does not mean 
lack of accountability. Central 
banks have become a fourth 
branch of government. Their 
powers, for good or ill, are enor- 
mous. They are accountable to the 
people — of whose monies they 
are the custodians. 

If centra] bankers are unable or 
unwilling to show that they are 
legitimate recipients of the public 
trust by facing up to "grilling" by 
the people's elected representa- 
tives, then they should seek other 
employment. 

It is a good and healthy sign that 
the French Parliament is exer- 
cising oversight. Let us hope that 
other national parliaments — and 
eventually the European Parlia- 
ment — follow the French lead. 

JOHN E RAY. 

Fontenay-Trfisigny, France. 


B oston — i shouldn't be 

doing this. Listening to 
angry voices on talk radio — 
sopranos and altos this time — 
isn’t a good way to sustain my 
belief in even the skim milk of 
human kindness. 

A 1 9-year-old British au pair 
named Louise Woodward stands 
accused in a Cambridge. Mas- 
sachusetts. courtroom of shaking 

MEANWHILE ~ 

and slamming an S-momh-old 
baby to deaih. The boy's parents, 
Deborah and Sunil Eappen, have 
described in wrenching detail 
what it was like to say good-bye to 
their son before he was removed 
from life support. 

But over the airwaves, a caller 
says angrily, "1 think she’s guilty 
of manslaughter.” The "she” is 
the baby's mother. 

Another woman finds this 
working mother guilty merely of 
neglect, not manslaughter. "The 
kid comes first,” she says. "Bot- 
tom line. End of story." 

Finally someone suggests 
(does this level of malevolence 
exist in the world?) that the 
Happens got what they deserved: 
“Apparently the parents didn't 
want a kid. And now they don't 
have a kid." A dead baby is prop- 
er punishment — an eye for an eye 
— for a mother not at home. 

As a battle-weary correspon- 
dent from the front tines of the 
mommy wars, 1 shouldn't be sur- 
prised. 1 know how the battle lines 
are drawn. In America, half the 
mothers of infants are in the work 
force and half are at home. Many 
on both sides have hunkered down 
defensively in their trenches. 

This "nanny case” is being 
broadcast across the nation as a 
cautionary tale, a horror story about 
what can happen when you leave 
your child in someone else’s care. 

How long ago was it that the 
scary tales were about sexual abuse 
in day-care centers? Now it’s death 
at home with the nanny. Maybe 
that fits the times when skirmishes 
in die mommy wars can sound so 
much like class warfare. 

What is the subtext of this case 
about a two-career couple who 
hired a British teenager to care for 
their two sons? Deborah and Sunil 
Eappen are invariably described 
as "doctors” with all that implies, 
and I do not mean caring for oth- 


ers. "Doctor" in this story is 
rather a synonym for status and 
wealth. 

It is the M.D. that riles the 
callers. They have targeted, this, 
mother as a" driven professional., 
an uppity “career woman” who- 
didn’t "have” io work. 

The fact that the Eappens don’t, 
fit the stereotype is irrelevant 
Fresh out of training and deep in. 
debt, Deborah chose what her, 
peers would call a medical 
mommy track An ophthalmolo-. 
gist who worked three days awak,; 
she described her life as a “jug- 
gling act” structured for balance. , 

But even this woman didn’t fit. 
between the narrow lines of Good 
Mother that gets our cultural seal . 
of approval. 

Consider, if you will, two co-. 
existing and conflicting images of 
the Good Mother today. On one 
side of the tracks, the maternal, 
role model of the moment is the, 
high-powered professional worn-* 
an. like the PepsiCo chief exec-, 
uiive Brenda Barnes, who chucks . 
it all to be with the kids. On the- 
other side, the role model of the . 
moment is the welfare mother; 
who leaves her children for die 
work force. 

There is no child care good 
enough to justify the working- 
mother staying in die comer of-, 
flee. There is no child care poor 
enough to justify the welfare 
mother staying at home. 

The nanny "trial in Cambridge 
competed last Thursday with a- 
White House child care conference . 
that offered depressing details of 
inadequate care and the desultory • 
"hope" expressed by Hillary. 
Clinton that it would * 'create some 
grassroots, bottom- up concern.’ ' ■ 

What of this concern ? Stephanie , 
Coontz. a family historian and au- • 
thor of "The Way We Really 
Are.” asl .. "How’ much longer; 
will we pretend that individual* 
women will be able to cobble to- ", 
gether these personal solutions to a 
major social problem while we 
continue to slap them across the 
face even' time they fail?" 

Deborah and Sunil Eappen 
have lost their son. Surely they are . 
too numb to feel the slap across - 
the face. But what a different- 
country this would be if angry, : 
blaming voices mellowed into a- 
chorus that understood: "There, 
but for the grace of God go I.” 

The Bosim Globe 


: .. :!••**’« ■-•i.!? i.’.iJ- 


'•"Is/jR 


WHIN IT CQMIS TO 
nONTROLllHG EBQLfl 
WE’RE THIS CtOSE. 



Last year, when an ebola outbreak terrorized Zaire, we were right 
on top of it. A risky position at best, since diagnosis requires testing 
infected blood, the very thing that transmits the disease. 

There is little protection from hemorrhagic diseases like dengue, 
yellow fever and ebola, and apart from intravenous fluids to discourage 
dehydration, no treatment- Over half of those who contract ebola die. 

And yet, by isolating and containing the spread of this potential 
scourge, we’ve come a long way: for now at least, ebola lies dormant. 

HELP BBIBB IS 6L0SEB. 


I endow a check payable to: Medecins Sans Frontiers 

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INTERNATIONAL 


The Real Culprit in the Asian Stock Collapse: A Bull Market in Hubris 


By David E. Sanger 

New York Times Service 


When the history of the Asian plunge 
of 1997 is written years from now, 
people will probably have long since 
forgotten the accusation by Prime Min- 
ister Mahathir bin Mohamad of Malay- 
sia, that the source of the problem was a 
Jewish conspiracy to level Asia’s boom- 
ing economies. 

By then it should be clear whether 
Senator Aifonse D' Amato, Republican 
of New York and chairman of the Bank- 
ing Committee, was accurate when he 
declared that die dramatic fall of the 
Hong Kong market Thursday was a 
"lesson for all freedom-loving people 
around the world" of the dangers ‘‘now 
that the Communist Chinese have taken 
over" Asia's most vibrant center of 
capitalism. 

By then, historians may have con- 
cluded that John Kenneth Galbraith’s 
diagnosis was closer to the truth, even 
though he was talkin g about die causes 
of the market crash of 1929. 


Then, too, there was a search for con- 
spiracies and plotters. But in the end, Mr. 
Galbraith concluded, the real cause was 
a delusional hubris about America’s 
economic power, fueled "by die seminal 
lunacy which has always seized people 
who are seized in turn with the notion 
that they can become very rich-’ 1 

There has been a lot of that hubris in 
Southeast Asia for the better part of a 

NEWS ANALYSIS . ~~ 

decade now, and it-has led a lot-of very 
smart people, investing cash drawn from 
around the globe, to do a lot of stupid 
things. 

With every book titled "Asia 
Rising,” with every news article pro- 
jecting stupendous economic growth, 
with every talk show about the decline of 
the West, the markets climbed higher. 

Virtually everyone playing in the mar- 
kets knew that the banks in Thailand 
were lending money for office towers no 
one was actually occupying. They knew 
that Malaysia was building a Silicon 


Valley long before it bad trained en- 
gineers to fm it They knew that investors 
in Hong Kong were lining up to buy 
shares in "red chips,” mainland Chinese _ 

firms whose only real asset was that the er explain to himself why the mugging 


region began explaining why they were 
different from Thailand . — more dis- 
ciplined, less corrupt, better regulated It 
was a little like listening to a New York- 

ae er explain to himself why tire mugging *««« ** v "s, — v* — - «• — - - 

company’s president was the cousin of thar just occurred three blocks away gross national product mat 

^ - - - could not happen in front of his own the United States. Its markets are the 

building. biggest south of Tokyo. 

Intms case; the muggers were cm- It has long been the West^s idea 


_ t . . - - Vnno Ion£ years on Wall Street what it feels 
What happened in Bong Kong test {Hf-TEr ^ the wrong side of a bea 
week, thrSgh, was something com- hire w beon up and roS 

pletety^diffearaLM^aysiaand TJmhrnd ™ ’ c ££U ind sooner or later Asia 


are still fundamentally poor nations; 
Hong Kong, while tiny, has a per capita 


someone in the Chinese leadership. 

But when the market keeps rising, 
when your broker keeps repeating that 
the next century belongs to the Asian 
Tigers, it is easy to justify pouring in 
more and more cash. 

Thai is why the first victim claimed by 
the cnxrency speculators, Thailand, nev- 
er had a chance. The Thais had become 
die weakest link in die chain, forever 
finding excuses not to carry out the 
austenty measures that were desperately 
needed, like dosing more than 50 banks 
linked to prominent politicians. 

"These guys are in a state of shock," 
Lee Kuan Yew, the founder of modem 
Singapore, said recently. "They can’t 
believe it happened to them. They 
thought only sleepy Latin Americans 
had currency crises." 

Then other countries throughout the 


kets go down, 

will rise again. ... 

The big question is what happens to 
the man who cannot watt; President Ji- ( 
ang Zemin of China. . j 

Mr. J iang , who arrived in the United 
Sates on Sunday to begin a weefrlong; 


boldeaed. Speculators make their for- model economy for foercw of Asa no ^ staked his political future 
runes sniffing om hidden inconaisteacies on his ability to bring the Chinese ecotH 


between the value of a currency (or a 
sky-high stock market) and the undcr- 
iyingfondamental strengths of die conn- 
try/Then they plunge into that cihasm, 
betting bill inns a gains t the local cur- 
rency or stocks and forcing the gov- 
ernment to choose between preserving 
the exchange rale (usually by jacking op 
interest rates) and saving the economy. 

Once Thailand surrendered, calling in 
the International Monetary Fund for a 
bailout, Malaysia and Indonesia were 
next The Malaysians fought. back, al- 
though Mr. Mahathir was forced to kill 
off his expensive pet projects; die In- 
donesians surrendered. 


financial reserves to battle the specu- 
lators. . _ 

So why did the speculators attack? 
Because once everyone else in Southrast 
Asia devalued then currencies, making 
their goods cheaper, Hong Kong sud- 
denly looked like a phenomenally high- 
cost place to do business. (Just count the 
empty hotel rooms.) • 

While the government spent $3 bil- 

lion to $5 billion battling the speculators. 

the prospect of a long siege wiped out a 
tot of that remaining hubns. 

Robert Rubin, the U.S. Treasury sec- 
retary a F T*an who knows from his 


otny into the 21st century. 

Thai closing hundreds of thou- 

sands of state-owned enterprises that, 
lose billions of dollars a year and turning- 
the survivors into world-class compete 
itars. 

The problem is that to do so requires: 
billions of dollars in capital. Much of it 
was going to come from China's new 

pearl, Hong Kong. , ' i 

“Hey, they wanted to take back the 
center of Asian capitalism, * ' the Amer- 
ican head ofa large brokerage in H _ 
Kong said Friday morning. "Well, here 
it is. All his." ' 


Menem Policy 
Rebuffed as 
Peronists Lose 
Their Majority 


By Anthony Faiola 

Washington Post Service 

BUENOS AIRES — Argentine voters 
have sent an angry message to President 
Carlos Menem 's governing Peronist 
party in national legislative elections, 
depriving the government of its majority 
in the lower house of Congress. 

About half die seats in the 257-mem- 
ber house were up for election, and Per- 
onist losses came mostly at the hands of 
a new opposition group known as The 
Alliance. Formed last summer by die 
leftist From for a Country in Solidarity 
and the center-right Radical Civic Un- 
ion, The Alliance relied on a strong anti- 
corruption platform in its campaign 
against the long-dominant Peronists, 
who have presided over fine-market 
moves and an economic boom. 

The government said Monday that 
The Alliance had won 45.7 percent of 
the votes with 98 percent ofballots coun- 
ted. The Peronists won' 36.2 percent, 
reducing their seats in the lower house to 
118. The Alliance will hold 110 seats, 
leaving the balance of power in the 
hands of smaller parties. 

The results constitute the first major 
electoral setback in eight years for the 
Peronists, whose name and legacy derive 
.from the rule of President Juan Peron. 

The powerful opposition showing 
was widely interpreted here as a sign that 
Argentines have grown intolerant of 
widespread corruption, especially in the 
judicial system and the police force, and 
that they view Mr. Menem ’s Peronists as 
complacent 

“The people said today that corrup- 
tion is not a small problem, that it is 
endured by every segment of this so- 
ciety," said Carlos Alvarez, an Alliance 
candidate who won a landslide victory 
for a key seat here in the capital- "The 
people don’t want a dishonest govern- 
ment in Argentina any longer." 

The vote also appeared to be a re- 
flection of public restlessness with neg- 
ative effects of the Peronists’ free- mar- 
ket economic measures, which were part 
of a trend toward the removal of eco- 
nomic controls throughout Latin Amer- 
ica. While Mr. Menem’s moves have 
ended hyperinflation, generated a boom- 
ing economy and improved basic ser- 
vices, they also have promoted high un- 
employment, with workers being laid off 
as government-owned companies are 
privatized. 

Mr. Menem, in a speech recorded 
before the polls closed nationwide and 
which indicated he knew early the Per- 
onists would suffer a defeat, issued a 
defense of his party’s accomplishments 
to a national television audience. The 
visibly agitated president also told Ar- 
gentines that he had grown "less im- 
patient and more understanding," but 
that he would remain a strong president 
and defend Peronism "until the last 
minute of the last hour of the last day of 
my term in office." 

The electoral blow to the government, 
especially in some regions where Mr. 
Menem’s party was thought unbeatable, 
was seen by analysts as posing signif- 
icant hurdles for the Peronists as the 
1999 presidential race approaches. 

The most telling Peronist defeat oc- 
curred in the province of Buenos Aires, 
home of Mr. Menem’s anointed suc- 
cessor, Governor Eduardo Duhalde. His 
wife, Hilda Duhakfc, was trounced by an 
Alliance candidate. Grade Fernandez 
Meijide, a blunt-talking populist whose 
son was killed by the country’s iriiliiaty 
regime of the 1970s. Analysts said her 
victory in the high-profile district po- 
sitioned her as a major presidential can- 
didate while severely dampening Mr. 
Duhalde’ s chances. 

"The defeat of die Peronists means 
that their automatic successor to be pres- 
ident has completely lost" his mo- 
mentum, Eduardo van der Kooy, a polit- 
ical analyst, told Argentine television. 
“It changes everything." 

Although The Alliance has promised 
to slow Mr. Menem’s rapid pace of 
priv atiza tion and make job creation a 
primary goal, it has clearly said it would 
not back away from free-maiket re- 
forms. Its leaders reinforced Ar gentin es’ 
right to "economic freedom" from the 
state during its victory press conference, 
which took place as thousands of At 
fiance supporters, waving flags and 
chanting slogans, rallied in the heart of 
Buenos Aires. 



HONG KONG: Plunge Shakes Markets 


Gordon Brown, chancellor of the Exchequer, outlining monetary policy Monday in the House of Commons. 

BRITAIN: Participation in Single Currency Put Off 4 to 5 Years 


Continued from Page 1 


. V 


pound, interpreting the news as spelling 
a longer delay until British interest rates 
decline to the levels prevailing in Ger- 
many.. 

"It’s clear that early entry to EMU has 
been ruled out, and there’s still uncer- 
tainty as to when sterling will enter,” 
said Nick Stamenkovic, an economist at 
DKB International. 

The pound rose to 2.9175 Deutsche 
marks from 2.9053 on Friday. The yield 
on the government's benchmark IO-year 
bond ended the day neatly 1.10 per- 
centage points higher than similar Ger- 
man bonds. Last week, the difference 
was less than 1.0 point. 

Most financial analysts said Mr. 
Brown’s statement should end the recent 
market obsession with the single cur- 
rency and put the focus back on the 
economy. TTie economy has been grow- 
ing at a rate of neatly 4 percent this year, 


and most analysts expect the Bank of 
JEn gJjm4 to, .raise.- interest rates, by a 
quarter point next week, to 7.25 percent, 
to cool that growth rale. 

The Confederation of British In? 
dustry , which favors the single currency 
as a means of lowering interest rates and 
ending exchange-rale uncertainty, wel- 
comed Mr. Brown’s eventual commit- 
ment to monetary union but regretted his 
decision to rule out entry before 2001. 

In his statement, Mr. Brown said the 
question of whether to enter monetary 
union was “the most important this 
country is likely to face in our gen- 
eration.” The answer, he said, rested 
with the business cycle. With Britain 
now in the sixth year of economic ex- 
pansion and interest rates nearly 4 per- 
centage points higher than in France and 
Germany, Mr. Brown said the country’s 
economy was too far out of fine with the 
more-subdued Continent to seek early . 
membership. 


But he said Britain would seek to put 
itself in a position to join early in foeiife 
of toe next Parliament, which must begin 
by the year 2002, by striving to maintain 
low inflation and steady growth. He also 
promised to work with business an tech- 
nical preparations and noted that some 
leading companies, such as the retailer 
Marks & Spencer, were planning to ac- 
cept the euro alongside the pound as 
payment after 2002, when euro notes 
and coins go into circulation. 

Aside from the economics of the euro, 
Mr. Brown came in for a roasting in the 
parliamentary debate over allegations 
that he and his team of advisers had 
misled foe public and financial markets 
with conflicting leaks about the gov- 
ernment’s stance. 

"The dither, dodge and denial of the 
last three weeks have been a roller- 
coaster ride on the stock market which 
has wiped billions of pounds off pen- 
sioners’ savings," Mr. Lilley said. 


Continued from Page I 

In Hong Kong, investors are worried 
about the high interest rates being used to 

defend toe local currency, a strategy 
bound to take a heavy toll on corporate 
MmfngR. Nxkko Securities has forecast 
earnings growth for the next fiscal year of 

5 percent, compared with a forecast of 19 
percent for this year, Reuters reported. 
"The earnings picture for 1998 is shot 
down completely," said Andrew Feroow, 
director ofieseaich at Vickers Balias. 

But investors are also concerned that 
the defease of the Hong Kong dollar, 
fixed since 1983 to the U.S. dollar and 
currently pegged at 7.80 to 1, may notin 
the end be successful. Stocks that may 
look cheap for a foreign buyer now would 
seem less of a bargain if the Hong Kong 
dollar were to drop sharply in value. 

So far, among tire greatest fears ex- 
pressed over die breaking of the cur- 
rency peg has been that it would induce 
capital flight. Yet with no capital con- 
trols, Hong Kong residents are now free 
to change their money into foreign cur- 
rency and said it overseas. The major 
unanswered question is: How much of 
the selling ofHong Kong dollars in the 
past week has been done by speculators, 
as is claimed publicly by foe govern- 
ment, and how much by individuals? 

"There is capital flight right now," 
said <me economist, explaining that die 
Hong Kong Monetary Authority had told 
him in anrivate briefing on Friday that the 
territory’s money supply was dropping. 

Commenting on die continued down- 
ward pressure On Southeast Asian cur- 
rencies, Rob Gvozden, an economist 
with, r /».Kman Brothers,, said, “Capital-.’ 
flight following a 'depreciation, .p£ det/ 
valuation in Hong Kong’s case, is very 
much cloring foe bam door after the 
horse has left, but recent history shows 
us that this happens anyway." 

The Hong Kong Monetary Authority, 
which acts as a central bank, gave its latest 


purpose of selling diem, the monetary; 
authority drove interest rates up as high 
as 300 percent. Economists keen to see! 
die peg survive applauded this, and 
Hong Kong's chief executive. Tung; 
Chee-hwa, said that stock market in-i 
vestors would have little choice but toj 
bear the consequences. 

But on Friday and again Monday, the, 

monetary authority pumped more money; 

into the system, bringing the overnight £ 
interest rate banks charge each other. “ 
down to less than 8 percent from 12} 
percent on Friday. The overnight rate had < 
been as high as 150 percent Thursday. ; 

Critics complain that it is now rea-; 
sonabiy cheap for speculators to get foeir< 
hands on Hong Kong dollars, and say the; 
lower rates are the result of the gov-; 
exnment’s desire to protect foe peg with-i 
out hitting the stock market too heavily.! 

"The HKMA is robbing foe Hong; 
Kong dollar of its own credibility," one< 
economist with a regional brokerage said. | 
"It’s entering foe money market trying to; 
cap the rise in interbank rates, and that*s> 
precipitating a currency crisis.’’ | 

“They should either leave rates at 300 1 
percent or abandon die whole charade," 1 
the economist said, adding that foe gov- j 
eminent ’s changing policy is damaging) /i 
confidence in Hong kong as a well-run 9 
financial center. ' 

Another economist from a European! 
brokerage added: "On Thursday they} 
handled it very well indeed. They de-i 
strayed forex market But then after! 
lunch Friday they dribbled money in to' 
stop appreciation of die currency," 
causing interest rates to drop. 

The prognosis for Hong Kong is not 
imanimousfy - gloomy b^ahy: means. 


August. There will be no' way to tell for 
certain to what extent local deposits are 
now being converted to foreign currency 
until December, when die statistics for 
this week are to be made public. 

If capital flight poses a worry, so do the 
effects of prolonged uncertainty stem- 
ming from the struggle to keep the cur- 
rency peg in place. For die first time, 

some hrn fo»rag p=s are c omplaining that Itw 

Hong Kong Monetary Authority is mis- 
managing its fight to maintain the peg. 

Last week, in an effort to make it 
prohibitively expensive for speculators 
to borrow Hong Kong dollars for the 


foe peg at a wholly susi . 

‘The equity market is essentially 
where it was last November, so 1 don't" 
see a" big deal here," said Ajay Kapur, a, 
strategist with UBS. "I’m a bit aghast a?; 
foe doomsday scenarios coming out of 
foe woodwork." 

Another consequence of a broker^ 
Hong Kong peg, little discussed so far*, 
would be that such a break might force a' 
premature devaluation of mainJaxxi] 
China’s currency, the yuan. Since foe, 
largest pool of investors in China arej 
Hong Kong residents, a weaker Hong' 
Kong dollar would make low-cost China j £ i 
seem a lot more expensive, especially * 
compared with alternative investment 
opportunities in such countries as la^ 
donesia or Thailand, which have seeqj 
their currencies depreciate by more than 
40 percent since July. , 


COMPUTERS: U.S. Investigates Clandestine Russian Purchase of High-Powered IBMs 


Continued from Page 1 

that arose during negotiations over a 
total ban on nuclear tests. 

Russia signed the test-ban accord in 
September 1996, handing President Bill 
Clinton an election-year triumph. 

But Russian officials now msist that 
they were the victims of a diplomatic 
bait-and-switch maneuver, and that they 
were enticed to sign foe deal with hints 
that they could later buy high-perfor- 
mance computers from the United 
States. U.S. officials assert that they 
made no such offer. In the absence of 
testing, computer simulations are one of 
the main ways of telling if nuclear 
weapons will work as designed. 

“We never promised to provide these 
kinds of computers’," said James Rubin, 
foe State Department spokesman, 
adding that foe United States had been 
trying since December 1995 to dispel 
Moscow’s mistaken impression. 

The computers would help Russia do 
research on nuclear and conventional 
arms. But U.S. experts say they would not 
enable it to develop new types of nuclear 
weapons without additional testing. 

IBM, for its part, saw foe legal sale of 
computers to the weapons labs as a step- 
pingstone into foe potentially lucrative 
Russian market Civilian customers in 
Russia are permitted to buy some high- 
performance computers without a li- 
cense. But U.S. laws bar the sale of any 
computer, regardless of capacity, to a 
nuclear-weapons installation in Russia 
without prior federal approval. The gov- 
ernment can bring a criminal case if it 
believes it can prove that a person or 
company knowingly shipped equipment 
without a required license. 

The issue has disturbed relations, with 
the United Scales insisting that Russia 
return any computers acquired illicitly 
for Aizamas-lo and a second nuclear 
design center. Russian officials, far their 
part, are warning that foe test-ban treaty 
might not be ratified by Parliament. 

Russia has offered to move the com- 
puters from foe nuclear laboratories to 
civilian locations, and the United States 
has told the Russians that this might be 


acceptable, provided there is a way to 
monitor how they are used. But Moscow 
has refused to let U.S. investigators in- 
terview any Russian witnesses in the 
case, citing national security. 

The Russian Ministry of Atomic En- 
ergy, known as Minatom, has disclosed 
that it had acquired advanced U.S. com- 
puters this year, but has not revealed all 
foe purchases. 

Interviews with U.S. officials and ex- 
ecutives indicate that Russia purchased 
three shipments of computers. Russia, as 
previously disclosed, arranged the pur- 
chase of a high-performance computer- 
system from Silicon Graphics of Cali- 
fornia. It is now ar foe nuclear design 
center at Chelyabinsk- Russia also .pur- 
chased’ a high-performance computer 


After trying for a long period to gain 
U.S. approval for foe computer purchase 
and being told no, the Russians arranged 
the deal for the 16 IBM computers on 
their own. Hie computers were shipped 
from IBM’s offices in Germany to Am- 
sterdam and then to Russia, and officials 
there are unrepentant. 

The dispute ova: the computers has its 
roots in 1995, when U.S. negotiators 
were pressing Russian officials to join foe 
nnrtoar test ban. U.S. officials had foeil 
doubts about the test ban but were willmg 
to go ahead, provided that foe Clinton 
administration set up a multibillion-dol- 
lar program to bnild nnge computers that 
could simulate the nuclear tests. 

Russia, which has far less advanced 
computes, was reluctant to accept a ban 


Russian officials saw the Clinton Letter as an coded 
invitation to buy U.S. high-performance computers. 


from IBM whose whereabouts are not 
clear. 

The third shipment is only now com- 
ing to light: the sale of 16 IBM com- 
puters to foe Aminas- 16 nuclear com- 
plex, the Russian equivalent of foe U.S. 
nuclear laboratory in Los Alamos, New 
Mexico. Although foe machines indi- 
vidually are not among the most power- * 
fol made by IBM, U.S. officials are 
concerned because foe units can form a 


The sale of high-powered computers 
has stirred anxiety in Congress, prompt- 
ing many lawmakers to tty to tighten 
supercomputer export controls, which 
w«re relaxed by Mr. Clinton in 1995. • 

The congressional efforts have 
alarmed U.S. computer companies, 
which say they are trying to adhere to 
export controls. An IBM spoke sman, 
Fred McNeese, although declining to 
comment on the grand jury investigation, 
said that the company had "fully co- 
operated" and intended to keep its "ex- 
cellent reputation for its efforts to comply 
with United States export controls." 

Silicon Graphics says it, too, has com- 
plied with export controls. 


and proposed an exemption that would 
permit small detonations. Nuclear 
weapons are foe country's mam claim to 
superpower status. Moving to assnag * 
foe Russians’ qualms, Mr. Clinton sent 
President Boris Yeltsin a letter on Aug. 
11, 1995, that offered broader technical 
cooperation and collaboration with U.S. 
nuclear laboratories. Russian officials 
saw this as an invitation, in the coded 
language of diplomacy, to buy U.S. 
hi^-perfoimance computers. ' 

Pulling out acopy or foe letter, which 
is still classified secret by foe U.S. gov- 
ernment, JLev Ryabev, first deputy min- 
ister for Minatom, admowledged that 
Mr. Clinton had not explicitly promised 
to sell supercomputers. But Russian of- 
ficials, he said, believed font die doc- 
ument clearly "implied foe exchange of 
those technologies." 

Administration officials assert that 
the Russians read too much into Mr. 
Qimon'-s words. Michael McCrary, foe 
White House spokesman, said that when 
U.S. and Russian negotiators met in 
London in December 1995 to follow up 
on foe letter, U.S. diplomats tried to 

"disabuse" foe Russians of their hopes. 


The message was not received, and the 
Russians moved ahead with plans to buy 
computers for Arzamas- 16. 

A courtship ensued as U.S. manu- 
facturers, from Hewlett-Packard to Cray 
to IBM, scrambled for foe contract The 
commercial stakes were high. A sale to 
the Arzamas-16 center could influence 
other Russian buyers. 

"IBM was very pushy,” said Yev- 
geni Sbablygin, head of Jet InfoSystems. 
the Moscow computer dealer that was 
arranging die deaL “They thought Ar- 
zamas could be like Los Alamos, a very 
prestigious customer. That’s what 
job was all about.” 

Acting on behalf of foe Russians, IBM 
submitted license applications for sales 
to Russia’s nuclear laboratories, as did 
Hewlett-Packard. IBM listed Jet Info as 
its mid d l eman. Turning to foe clandes- 
tine methods that had served the old 
Soviet Union well In its quest for West- 
ern technology. Russia set out in foe 
autumn of 1996 to get what computers it 
could on foe black market, using a dif- 
ferent middleman. 

Ihe American companies had applied 
for licenses to export computers to the 
nuclear-weapons tabs in 1995 and 1996 

saying they would be used for research on 

environmental problems including nucle- 
ar pollu tion. The Clinton administration 
rebuffed the requests. And so the head of 
Minatom, Viktor Mikhailov, turned up 
foe heat with a blunt letter to Hazel 
OTcary, then secretary of energy. 

He wrote on July 8. 1996, that Russia 
needed foe high-performance computers 
to simulate foe effect of a test ban on 
1 ‘nuclear ammunition. ’ * That reference 
surmised U.S. officials because it con- 
tradicted foe earlier claim that the com- 
puters were for environmental research 

In her reply a month later, Mrs’ 
p Leary noted that most of the requests 
for export licenses had already been 
withdrawn in foe face of U.S. resistance 
The United States, she said, was still 
actively considering two requests one 
for an advanced IBM system sought bv 
Arzamas -16 and Chelyabinsk-70 the 
nuclear-weapons laboratories. 

“Approving foe export for nuclear- 


U.S. Couple Adopts 
Imprisoned Israeli 

Reuters 

WASHINGTON — A retired 
American couple has legally adopt- 
ed Mordechai Vanunu, the former 
Israeli nuclear technician who ex- 
posed Israel’s secret nuclear 
weapons program. 

A judge in St Paul. Minnesota, 
signed foe adoption decree Friday, 
making Nicholas and Mary Eoloff 
Mr. Vanunu’s parents by adoption, 
Mr. Eoloff confirmed Monday. 

Mr. Vanunu, 43, who is in solitary 
confinement in Israel in foe 1 1th 
year of an 18-year jail sentence, 
agreed to the arrangement in January 
forough his brother, Asher. The 
Eoioffs have been active in foe cam- 
paign for Mr. Vanunu’s release. Mr. 
Eoloff suggested that adoption 
might be a way to secure his release 
and obtain U.S. citizenship for him 


f 


weapons -related work is unprei 
and potentially controversial 
o Leary wrote, “and it will ret 
rational policy consideration." ' 
sians took this as au invitatic 
define their request. But Mr. M 
also said Russia hoped to buy 
more powerful computer, “i 
problems involved with safe c 
and confirmation of the reliabili 

t , pr ^ vaticm Russia’s 
under a test ban. 

He said Russia had " — 




UUU HU , 

use these supercomputers to i 
develop nuclear munitions." 

The issue had U.S. polit 
canons. Selling foe cornpul 
have smoothed relations wtl 
But it also would have open 
ttumsuauon to attacks from c< 
Kepubhcans during an ciectic 
m September 1996. M 
signed foe test-ban treaty. A f 
ttter, after repeated requests 
^ssran Embassy in Wsfihi 
Mate Department’s bureau o 
mfotaiy affairs wrote a letter 

sale was not in foe cards. 


i)*jM t > US«*> 


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r v r 1itv \Ap. n ir#*c .“African Mosaique” was originally of Masai beading through die abstract 

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runway — majestic headdresses, ion show that will have a repeat per- die pama-Ieaf rootift- from -Somalia; 
cascades of beads, blanket- formance in New York in April, go to Mali's graphic lines and dots; the naive 


mfr runway— majestic headdresses, 
JL cascades of beads, blanket- 
striped wraps, clothes with dense pat- 
terns or arabesques of embroidery, feet 
.in fancy slippers or woven sandals. 

Just another of those costume-party 
collections that make fab pictures for 
the catwalk photographers and promote 
perfume sales? 

■ No. The show that closed the Paris 
fashion season was a bumbling expe- 
rience. For instead of Western designer 
creations given an ethnic spin, “African 
_ Mosaique” was the real tribal thing. 
■^Conceived as a celebration of Africa’s 
' rich heritage of dress and adorn ment, 
and shown as a benefit for the children 
of Ethiopia, it outshone many of the big- 
bodget high fashion presentations. 


km sh&w that will have - a repeat per- 
formance in New York in April, go to 
Washington’s Kennedy Center in May 
and reach South Africa in 2000. 

“The idea is to show the variety of 
design inspirations from die African 
continent, and since Paris is the cross- 
roads of influences from round the 
world, it is fitting that we should be 
here," said Mil Niepold, one of the 
show's New York founders. 

The presentation tends to change 
character with each city. The French., 
colonial connections with North Africa, 
currently in turmoil, put a focus on that 
area at die Paris show, which featured 
not only the embroidered robes and dec- 
orated skin of Algeria, Morocco and 
Tunisia, but also the haunting music of 


ChnVupbcr rtwlf 

r<Mf show,' ihdU'ded clothing from 
uritial African jewelry at Dior. 


How many of the catwalk shows dur- ' Beihdja Rahal, an Algerian singer, 
ing the international season coaid The Paris-based Katoucha, a Sene- 


(tint 


l 1 ^ 


demonstrate such diversity of shapes 
arid decoration — or such power in 
color? Could modem fabric technology 
create such extraordinary materials, 
Hand woven with the texture of tree bark 
or crackled with batik patterns? Even 
the couturier’s asymmetric cutting and 
seaming appears tortured compared to 
the graceful effects achieved by wraps 
atod ties. 

m ■ Above all, at a rime when Western 
fashion seems to have reached an im- 
passe on its stony road to the future, 
traditional African clothing seems to 
hjave a point and a purpose, expressing 
symbolically the culture and the ideals 
of a society and passing them on to the 
njext generation. m 

• * ‘People say that fashion is frivolous, 
but this is about clothing as identity,” 
sjiid Frederic Mitterrand, the wench 
television presenter who introduced me 
show at the Carrousel du Louvre. 


galese model turned designer, was one of 
four modem creators to have their works 
on stage. But whereas previous prodac- 1 
tions of “African Mosaique" had shown 
ethnic inspirations of Western designers 
like Yves Saint Laurent and Christian 
Lacroix, this Paris show featured only 
African design — much of it rare pieces 
dating back 200 or 300 years. 

“We wanted to do something tra- 
ditional with a lot of tribal clothing to 
show the diversity and richness of our 
own culture — with African designers 
who have been inspired today by 
Africa's creativity and crafts,’’ said 
Anna Getaneh, an international model 
who became the fashion coordinator and 
fund-raiser for “African Mosaique" 
after a compassionate visit to her native 
Ethiopia. 

The most poignant message from the 
Paris show was about the nobility of 
adornment, from' the intense decoration 


CROSSWORD 


scenic friezes from South Africa. 

For modem fashion, groping for a 
way forward from minimalism without, 
added embellishment, an impressive les- 
son can be drawn from African fabrics 
— like the simple, tent-like robe from 
Cameroon, its pale surface given the dry, 
grainy texture of parchment 

The problem for modem African de- 
signers is what to distill from their her- 
itage without turning fashion into fancy 
dress. 

“1 am an African, so it is a passion for 
me to take the best fabric and bring my 
background to it.” said the New York 
designer Abraham, of Liberian ethnic 
origin, who used African masks as gil- 
ded patterns on a black ground. 

“I'm far a racial mix — I am an 
African, but I don’t want to get into a 
ghetto,” said Katoucha, who called “Af- 
rican Mosaique” a “noble project.” 


BOOKS 


M AYBE for African designers 
there is a lesson to be learned 
from Western designers who 
get the mix right. Saint 
Laurent, raised in North Africa, hasfound 
constant inspiration in the sun-baked col- 
ors seen through the prism of Matisse’s 
paintings. Jean Paul Gaultier mixed the 
African beat of Harlem in the 1920s with 
today's rap music to create a fall show 
that was a homage to black female icons. 
John Galliano used the beaded Masai 
decoration as the inspiration for his first 
couture show for Dior. And in Galliano's 
recent show, African jewelry, abstracted 
to tribal circlets at neck and aims worn 
with a quintessentiaJly French mile de 
Jouy dress, achieved the perfect Afro- 
classic in its modem racial mix. 


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©/Veto York TUruu/Edked by Will Short a. 


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THE TWO KOREAS: 

A Contemporary History 

By Don Oberdorfer. 472 pages. $30. 
Addison-Wesley. 

Reviewed by 
Thomas H. Henriksen 

J UST as the Korean peninsula juts out 
from Asia, Korea has thrust itself dra- 
matically into our consciousness. Wheth- 
er it’s Korean War newsreels, 1988 
Olympic game highlights from Seoul, or 
contemporary images from north of the 
38th parallel of a regime that’s a throw- 
back to the Stalinist era, Korea is as 
pervasive in our media as it is in our 
diplomatic and military circles. Yet. ex- 
cept for the stationing of 31,000 V.S. 
troops in South Korea, the two Koreas are 
largely unknown to Americans. 

Don Oberdorfer, a former Northeast 
Asia bureau chief and onetime diplo- 
matic reporter for The Washington Post, 
seeks to better acquaint his readers with 
North and South Korea over the past 
half century. The historical material that 
forms the basis of * ‘The Two Koreas’ ’ is 
riveting. Reborn after years of brutal 
Japanese colonialism, Korea immedi- 
ately fell into U.S. and Soviet spheres in 
the last days of World War 0. First 
divided by the rigidities of the Cold 
War, the peninsula was then plunged 
into a harrowing civil war that killed or 
wounded nearly two million people, in- 
cluding 54,000 Americans. 

Afterward, the truce left the Land of 
Morning Calm not only halved by the 
East- West struggle but also a flash point 
for conflict- While North Korea is a 
rusting relic of communism. South 
Korea has become the world's 1 lib- 
largest economy and moved from dic- 
tatorship to democracy. 

Oberdorfer notes South Korea's ac- 
complishments — and its crises. What 
other modem country has had a president 
(Park Chung Hee) slam at dinner in a 
blaze of gunfire by the head of central 
intelligence, whom the president had hu- 
miliated? Fact becomes even stranger 
than fiction when Oberdorfer recalls as a 
firsthand witness that Park’s wife was 
also shot to death in a failed attempt on 
the president’s life five years earlier, in 
1974, during a ceremony marking the 
29th anniversary of the country's lib- 
eration from Japan. 

The tumult of South Korean politics 
is surpassed by the bizarre, Sialmesque 
state north of die Demilitarized Zone, a 
2.5-mile-wide band stretching across 
the peninsula. The zone represents more 
than just the world’s most militarized 
frontier; it constitutes a border sepa- 
rating the normalcy of a democratic and 
economically flourishing southern state 
from the repression and secrecy of a 
starving, warfare-based northern one. 

In keeping with his long journalistic 
focus on diplomacy, Oberdorfer delves 
heavily into the interchanges between 
Washington, Seoul, Pyongyang and, to a 
lesser degree, Tokyo, Beijing and Mos- 
cow. In a narrative full of diplomatic 
terras such as demarche and rapproche- 
ment, he provides glimpses ox Korean 


and American politicians from his many 
interviews and experiences as a cor- 
respondent. These vignettes enliven the 
diplomatic text, as do his colorful quotes 
from American and Korean officials. 

Although detailed, Obeidorfer’s re- 
telling of the 1993-94 nuclear crisis in- 
volving North Korean threats to develop 
weapons of mass destruction adds noth- 
ing new to previous accounts. Bui, curi- 
ously, he does nor adequately probe the 
implications of the Geneva Agreement, 
signed just before the 1994 U.S. con- 
gressional elections, in which North 
Koreans cleverly achieved their long- 
sought goal of direct negotiations with 
Washington, bypassing the South. Ober- 
dorfer fails to call attention to the dan- 
gerous inreraational precedent that Pres- 


ident Bill Clinton set by entering into an 
elaborate and largely unverifiable pact 
with a nation on the U.S. State de- 
partment’s list of terrorist stales. . 

“The Two Koreas” is written from 
the perspective of politicians, generals 
and diplomats in Washington, Seoul 
and otner capitals while often relegating 
Koreans to walk-on parts in their own 
history. But as a book accessible to the 
general reader, “The Two Koreas” 
majestically fulfills Obendorfer’s goal 
of drawing attention io the role outside 
powers have played in Korean history. 

Thomas H. Henriksen. a senior fellow 
and associate director of the Hoover 
Institution at Stanford University, wrote 
this for The Washington Post. 


CHESS 


By Robert Byrne 


T HE game between Joel Benjamin 
and Gregory Kaidanov shows that 
there are still quirky, unruly playerc in 
the ranks of the grandmasters. 

It has long been debated whether the 
main line of the Catalan Opening, which 
can be seen after 7 Qc4, is effete or a real 
source of danger for Black. As against 
White's pressure on the hl-a8 diagonal 
with his nanchettoed bishop, there is the 
exposed white queen, whose discomfort 
might be worth a few tempos for the 
defense. 

Benjamin's innovation, 9 Be3!?, may 
well supplant 9 Bf4 as a way of working 
against Black's standard counterattack 
on the white center with ...c5. It lets 
Black trap the white queen with 9...Bc5, 
but after 10 del Bb7 II Qb7 Rb7 12 c6 
Rb8 13 cd Nd7 14 Nd4, White has three 
minor pieces for iL 
Benjamin said that Black's best way 
to handle the opening after 11 Nc3 
would have been i 1. JVe3 12 Qe3 cd. 
He further said that he had not decided 
how to recapture, but 13 Qd4 Qb£ 14 O- 
O Qd4 15 Nd4 would have given a lead 
in development in the end game. 

To avoid remaining a pawn down after 

kahsanqvjblack 


13dcNd5 I4Qd2Ne3 1 5 Qe3, Kaidan- 
ov played 1 5...Qa 5 16 Nd2 Qb4, but after 
1 7 Rc 1, he could not pursue die valuable 
c5 pawn with 17...Rc7 because 18 O-O! 
Bc5 1 9 Qe5 Bd6 20 Qg7 disorganizes the 
black position. 

After 20... O-O, Benjamin might have 
played 21 Qb6 Bd8 22 Nc4! Qf6 23 
Nd6. "Uien, if 23...e5, 24 Nc8 Rc8 25 
Qa6 wins a pawn for a winning ending. 
He said: '7 was dying to be too fancy 
with 21 Rbl?! The idea was to cut the 
queen off from the king side defense, 
but it was not a success. 

Benjamin's 26 Nd7! prohibited 
26...Bd7? in view of 27 Qc5! Bc6 28 
Qe7 Bg2 29 RdS! Bd8 30 Rd8 Qbl 31 
Kg2 Qe4 32 Kh3 Qf5 33 g4!, ending all 
resistance. In this line, 27...Bd8 28 Rd7 
Rd7 29 Rd7 Bf6 30 c7 Qal 31 Bfl RcS 
32 Qb6 g6 33 Qb8! is annihilating. 

After 27 Qg5!, Benjamin could nor 
have been slopped by 27...Kh8 because 
28 Nf6! gf 29 Qf6 Kg8 30 Rd7l Bd73l 
cd Rd7 32 Rd7 Rf8 33 Rc7 is hopeless 
for Black. 

Benjamin said he was very short of 
time after 37.. Rf7 and therefore missed 
38 Qh8! Ke7 39 Rd7 Bd7 40 Rd7 mate. 
After 43 Qf6, Kaidanov, facing 43...Kg8 
44 Qe7l, gave up. 



BENJAMIN/VA-fTE 

Position after H ... Rfeg 


lOQci 
11 Nc3 
12QC3 
13 a c 
14QU2 
35 Qe3 
16Hd2 
17 Rcl 
IS 0-0 
19 Rfdl 
30 C6 
21 Rbl 


CATALAN OPENING 
Black White 
Kaurnev Benpmh] 
45 22 NW 

eg 23 RdS 

NfB 24 Rbdl 

de 25 Vc5 

Nbd7 26 Nd7 

•6 27 OkS 


29 Qb4 

30 Qhfi 

31 R04 

32 Qg5 
33Q&6 

34 Qg5 

35 0ffi 


Black 

Kakfnov 

Bdfi 

Re? 

BC7 

Qa2 

RfeS 

h6 

Kh8 

gf 

Kg8 

15 

KfB 


Be5 

fG 

Rf7 

KgS 

KCS 

KgS 

Rfe7 

KB 

Resigns 










Honday^s 4 P.M. Close 

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1 The Assoasled Frees. 


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24% 21% AmeMn J4 1.1 15 616 23% 22** 229* -1% 

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501*30% Am&MllSlJOOA 17 1323 47ft 46 


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30 S3 - 594 91* 9% 9% 


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16V* 13% Bndtms n 3*0 U _ 1105 I3!tad!2ft lift 


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12* B% BonfOi 
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32 ’* 20% Brazil U6e 6J 
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- 1704 231* 21% 21% -3ft 

- 1184 13ft lift lift -2V, 


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28% 15ft EtaisMnd .14 S 17 


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26ft 20% CTG Res 132 42 IS 3S8 25*. 24 % 24% -A* 

111% 38/i CIS .72 J 17 3S4 99% 93 93 -7% 

32% 19% CUC lull _ 4419940 29V* XT* 246* -2% 

40ft 36% CVS Carp J4 J — 3917 594*57% 57% -3% 

28 17q*C0Ke&Wn _ _ 776 19 174*18% ♦% 

31% 21% CablWire Mm 28 _ 5804 24% 23V* 23ft -A* 

43% 14% CablDsgn - 21 1194 40V* 35% 34 JV, 

44ft 37ft Cabin, s _ 1815477 29V. 026% 27% -2% 

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18 

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26% 17 Cal mat 
22d*15U Cal pine 
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47*k 44ft 44% -29. 
1 374* 34% 34% -3% 
74,2% Rugf.* 

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20 3 31 3190 76% 69ft 71 -6% 

55&X&S& 37 1.4 n slS jA 49^ 49^-5% 

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54% 33% CdnRygn .97 - - 459 54% 51% 51% -4% 

311*22% CdnPcg J8 _ _ 3910 31'* Xft 399.-IV. 

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3 14 13S 59 vs 58% 58% -It, 

_ _ 123 11>, 11% lift -V. 

3 19 234 32% 31'. 31V* -1 

_ _ 1745 Xft Eft 3?ft -3ft 

27ftkl9ft Capsid 2J4I 9J 10 1567 a l i 25% 25% -ft 

19% 14% CapMptBIJo 6.9 - 315 18* 18% 18% 

24% XIS CapsKfT 1.92V HI 14 490 23ft. 23% 23% ♦’.* 

74A*ilft CaronlH 1 .10 .1 X 3888 73% 68% 68% JT, 
45 MV! Contain - 71 453 43!. 41V* 41ft -2 

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27% 74% Capita pt 2.27 83 
499. W ft Cap One 32 J 
<2% 38% CapRa 
IS% lft CdpIkilTr 
36ft 22ft Cap MAC 
36ftkl7% Capstar 


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12 1.2 8 1331 10 to-* 9 


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3»’-. 26', ConlrpPr |«| SO S 143 34 ft 33% 33ft -% 

12*1 14ft CanrtCn set .1 13 UM8 31% 30ft 3r% -lft 

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34 1.1 9 

108 19 X 

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3a I 24 s awrrjrSRa .16 3 
30' .» 17', ChcseUMS 
126*- 03 ChaseM L48 LI 
Xi! 771, OisaplA 2 63 9 3 


593 13-: 12ft 12-' 

454 69 ■ 67ft 67’. 

175 57'. 55 55 

785*11'* 13U 13* 
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309 CD', 57k* -1% 

13 1159 43*. 41 41 -3 

16 4905 »' a Mft J7 -9* 


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19 733 22 -1 , SV* 27 V. -V. 

12 390 34 •« 32 32 -2%* 

11 i9« 27". a% a% -1% 

1328041 122*. 11TT I16V,dA. 

, . — ISO a 1 * 28ft 2B% _ 

lift 22% OioSmiiiC 1J3 57 X 171 XT: 30*. X’. -L 

2‘. ft Clmn _ _ 351 ft ■/*.»-** 

»>. *% ChMkpnl 01 .1 39 4393 17 15% 

43ft 31 Owned 308 54 13 580 42 . 381* 38V, -36. 

X% 30% ClKfliFiln JO 16 2 136 35% is 1 - SV, -ft 

36’. 2,’ ft Chip* JO 2J 40 -MS XT- 31ft 3|0*-l>VkJ 

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8 4ft CtacGy _ _ 270 7% 7*. 7** J* 

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■' ‘ ^ 1001 3fd X 1 . »V,-l»k 

_ 2827 27ft 74% 34% -3*. 

_*2761 26ft 25 1 * »% -1% 

_ 372 21 ft 20% 20% 

_ 779 13ft 12ft 12'* -ri* 

_ 312 30% dlBft 18% -2 

-21071 M'-a 27“. 27** -lft 
X TOT 10 9% 91* 

4 192 3'-. 20, T*, -V* 

_ 2724 17k 16% 14V* 

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_ yi« in, u 17 

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1 16 15 19 3040 6TI. 65% 44 -2V, 

_ - J8 1.7 a 142 2» an an -iv* 

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4flt. 22 CIBER - 54 673 45/! 421, 42V. -39k 

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22 121. QCCmn _ _ 1139 14=1 130.14'-* -1 

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1451 ,95ft Cilieorp 7.10 L’ 1739322 C-V, 123 127, -13% 

100% 07). aiqjpi 6oa .a - maiaov* w* 100% •% 

27 75 OkppfE LOO 7.7 _ 340 M-. MV, X% *4a 

12% r* CiWJH .751 _ _ 3994 10V, 9% 96* -tft 

324 17% CUyNC J4 13 19 1335 33% 299k »% % 

34 11% donnsr .17 b 21 1333 23% 21*k 21*. -1% 

- - l9Ji 17>- , w }(M 1V , B 
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9 453 451* 42** Cb. -2W 

27 3307 72'*« 44% 44<t*-7% 

27 4444 «’■: 68V* 48% -% 

24 345 3T* 31 s * 31% -2Vto 


271S ChdeFO I 1» SJ 
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30% 19% Ch agency IJ9e 51 
39'a lr.j China EA n 
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36% 20^, OuiSAirn _ 
31’* 2<1» Ch-na Tk: n _ 
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381,281* Cluyslr loO 40 
741,49V: Chum) 

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10** 7’: Oemoa Jle &4 
47’. 39% aval no lq 

75 ,18% CUfisOrs 
75!.48«* CMnff 3 138 19 
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X% 15V* Cooemwn 20 1.0 14 1098 20ft 19'.* 19's -I 


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18% 11% Coaur - 

19% 1S% Caeurpl 1J9 9J 

431* 21Ti CTONatl 

81* 7% GdHfn 84 - 
lift 10>* Callrtln .940 89 _ 
7U. 7 GoBHI 68? 9.1 - 
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23 3243 38”* 34ft 35V. -3<* 
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.. 255 43/; 41% 41% -2*a 
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27% 8% 13 67 12 141 24V. ȣ* jK- 

19 lift CanScepn - - 557* 12 d im* iv» -i 


37% 13% CmUSAs - 311159$ 
31% 14 CoGnGean _ - 293 
799k 26% Conmoq s .031 .. MimwJ 
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1814 9% CampCre _ _ 251 
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a% 57% OrnnSd _ 22 3276 
49% 14% Cmpisks JS J X 1368 

10 IRkCiaptnn -04 20 _ 7773 

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14% 4% CamsIkRs - 9 19U 

27% 259*0100 BlC 2J4 8.7 _ 103 
34% 24% ConAgra s J3 LI 22 5400 

9H 7 CcncMI _ _ 310 

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7U 1% CGDilM - - 2188 

5V, 1% CGOtaH L - - 3330 
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47% 23% CIlAlrB _ 8 3670 
27 11% Contain _ 14 477 

MU 15% aihfene JH 7 7 1149 
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13% 9 Cooker J7I J 13 117 
81% X CoopCas - - 40M 
41% 14 StopCo - 17 897 

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199*14% Copdn _ - 2045 

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11 6% COrimoi n _ - 172 

230*19% Com PpnnT .17e4.1 49 X5 
194*14 CorPraTn iJtta oJ - 384 
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15% 13% CorpIfY 1J4104 _ 5M 
131*13% CpHYll 1371 OJ - 38? 
45*820^ vnrrniCp - MUW6 
14% 7% QkTpro - 14 jm 

39 24% CntaOd 32 ljO 12 303« 

33% 27% CoulPr 134 19 22 117 
35 UM Qwoiron - TO 3500 
32 17% COxCm - - 1544 

34% 15% CmRodto - - 1179 
47% 27% Cranes JO 13 17 218S 
24% 13% Credits S J2e 23 - 380 
40% 7D% OesREil-Sn 4J 39 5918 
49% 30% CaM. 1.16 LS 19 2093 
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27% 17% CrmgKri .tKm 3 23 3027 
M tv* 14ft CroiTbri 22 .9 34 892 

7A*OnsCAuto .. 17 453 
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59% 44% CUiTTCOfk 1J0 L2 21 4430 
27 20% CwnPoc 2.15 8J 34 -188 

19 7% CryaHe _ 32 334 

SI** 2*% CiMtlFr 1J0 Ll IB 118 
90n*33 CUHgnWIr _ 17 492 
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lltklOU Curt IK JSe 73 - 134 
184*10% CypSarn - 4614416 

764*71% Cyprus JO 3.7 1< 2984 
504*33% Oyfcc _ 31 727 

15% 12% QachFd JOe 44 _ B99 


34f* 30V* 31 Vk -J/, 
28% 77% 27ft -IVk 
47 60% 40% -8U 

14% 15U 15% -IU 
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74% 4V 69 -4 ft 

30% fflU 79 W. 

7% 1A* 2 -9k 

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12% 12% 12% -A* 
264* a 1 ** a%* - 
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34% 2% 32% -lA* 
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48% 45ft 4SV*-3¥» 
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34 a% DOE 1J6 4J 

17V* 8% DR Horton JS J 
39% MU DST Sys 
33% a% DTE 
21 10* DVI Inc 

87% 58% DBcnz 
21% lift CW-Tilc 
56 I9K DidSeffl 
15% 11% DameMr 
54% 29% DcnaCp 
58A*39 Danofw 
21* *11% Danhd 
1? 4% Darden 

374*13% DatoGn 
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32V.19 
53 25% . 

87k 0 DWG I 
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47% 18% DaUbGai .14 A 
19 15% DetaGp 1JO BJ 

18% 15 DEGpGRl 1 JO 88 
71% 16% DebnPL 1J4 8J 
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44!* x% DrtfPnes .12 J 
107% 68% DMaAtr 20 2 
U% 13 DalhiFn - 
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33% 18% DedTimn 15 .9 
35!* 27% Delien 1J8 44 
24% 12 Dentally 
30% 16% DaptSi 
37% 24% Depotys JO 73 
30% lo% Depuy 
11% 5% DeSiEo 
43% 18% DesoA 
22% 5U DesignH - 
15 11 Vw Deraniern 

a% 15% DetDteSl 
a 17% DoutTelnJSp - 
41 U 32% DrriDv L52 6J 
42 28ft Dmder .96 2 A 
33% a DtaoPd JB TJ 
18% 13% Dtal 32 ZO 
64% a% DtoOfhs M7e .1 
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52 V. 25 Digital 

Bsesf 1 *s*s 

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_ 461 3GVi 28V a 289^-1 A* 
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14 1453 241* 74 74V. -VS 

72 3667 31% 30% 30ft J* 
17 439 167* 16 16 -ft. 

33 -09 38% 36 A* 341* -2ft> 

15 1844 30 28% 28% -IU 

32 958 19V* ISA* ISA* 

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- TXT 11 ft. d HU 11%. -V* 
23 1117 51V* 45% 45% -49k 

13 254 121* 12% 12ft -V* 

14 1058 50% 47% 47% -3ft. . 

23 218 Mft* 54A* 54A*-Tft4 
61 435 XV* 17 19Vk -lft 
_ 6721 TlVk 10 10 -IV* 

17 6193 74 22 22 -Tft. 

12 1587 3V* 2ft 2% -% 
X 6604 591* 52U 52V* -7% 


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78V. 32 DonU JO J 
31% 17 Dancsbyn 
19% 8% DKaran 
41% 2*V* Don! toy 
73% 47% Davor 
23% 16% DaverD 
9SA*75% DowCtl 
511*31% DowJlH _ _ 
M% 15% Downey sJ2b TJ 
14% 8% Draw 
46% 77ft Drew 
9% 8% OtTSfG 
10% 9% DiyStn 
10*. 9% DiySM 
40!* 31% DnlOumn 
«% 44% DuPont s 126 24 
40* 18 Duoarmin 
9% 8V, DufPUM ,78a 8 2 
14 17% DufPUC 1.18 87 

5iv. 41% DukeEngy 2J0MJ 
25 17 DukeRII 5 1.18 SJ 

79% 70% Dun Bid J8 L4 

28 B'* Dycam _ 

14% 5% Dyare&g J4 J 
5*% 27 Dynatoeh _ 
15* 12% DynoCHJOr 9J 
TV* 1% EAlndss 

9% »* ECC lid 
19% 30% EDPEln 
24% I7 1 * EGG -56 L9 
9 4% EK Char ,1> 3-3 

45% 23% EMC 
631,46% ENI 1 JSe 2L5 

73 21% EVlIncs 

47% 21% Erelhgrj J« J 
3*ft 3W! EailEn 1 441 4 J 

?lv* 16 Emit) 11 1J6 BJ 
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38*, 29% Eddn .X LB 
57% 35% Ecatah AJ IJ 
77V* 17% Edkanlni i jo 19 
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541. 23 Elan 

74 16ft EtanwtA 

49% 31% EDS 40 1.9 
49 39% EHAquK 1-Xe LO 
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27% 14% EAndnAs.ire 3 
35 19 EAtaftlBn.lBo J 

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44 29% EiwgyGpn J4p .. 

39 25ft E nereis lJ2e 4J 
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Mft 32% Enhance J4 J 
11% BM EnsBu 63 56 

24 71% Enow 154 6J 
47% 35 Enron .9SI 2-5 
34% 76% EnronGP 14» L* 
28% 17% EnmOG .12 J 
46% 19ft ENSCOs 

12% 7v» EnsEnp 

29 22% Entergy 

22% 17% EaHEng 
33Vk23% Fguilax 
45% 23% EqtQa 
324 27% EqifieK 1.18 18 
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16** 11% Eqtytm 1.161 76 
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36%. 344 EqiHjHG 1J1 7 3 
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53% 39% EHoeLdt J4 J 
43% 22% Es&tne 
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19% 14% EgipFd 1 MO 6 3 
22% 10% EBTVRFd 76B 43 
27% 19% EvotlWDl 1 JTmeJ 
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43 a% EwiesIRe .16 J 
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32% 21% EKOlRi LOO 88 
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32 18% FILM MM .741 2J 

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33% 17 FadsdR 
291*11% FbHCp 
46% 12% Folrans _ 

45 “*15% Fatal Dry _ 

16 12% FatatfiPd .14 .9 

25 10% FamOtrs 32 14 

49% 34’A FanmMae 0* 18 
11% 5% Fanh 

4% S% Feddere .08 16 
4% 4% Foddered XU IJ 
84% 38% Fed Em 
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28% 23% FedRfly ' -72f 68 

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42% 31% FMCar UOi 4,1 
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24* 20* F er re 8 gs LOO 47 
40 77 Fern J3f 20 
18% 11% Rat JSe 14 
10 oVh Fatal JOr 15 
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344*13% FUosl 
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475*27% F8A .43! I 0 
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21 1197 49V] 47% 47% -16* 

_ 587 8ft 89k 89k ~ 
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16 6772 5SV» 52 57SV31* 

42 878 35% 33% 33% -3 

_ 238 189k ,7A*17A. -V* 
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32 299 4V* 5^, 4Vk J* 

22 IX 28 A* 29 28Vk -% 

_ 1241 X 32¥k 327k -ft 
24 187 22 ftt 20 20 -IR* 

16 1499 X9, 297k 291* -ft 

17 673 a% 35ft 35ft -A* 

71 307 27% 25V* Mft -2% 

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10 449 95k 8% 8% -Re 

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20 202 21% 20ft 20ft -1% 
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21 304 39% M* 39 -% 

17 386 40% 40 40ft -%» 

20 14« 30% 29ft Mft -IVk 

19 4494 17V* 16% 16% -11* 
52 8389 44% 58% 58% -5% 
H 1403 45% 42% 42% -2% 
3517173 50V. 45ft 45% -SV. 
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16 3738 37% 34 34% -3% 

19 H647 HI* 23% 23ft - 1 0* 
M 411 25% 24*. 24 A* -V* 
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15 836 45V* 44V* 44% -*k 

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12 777 73% 677* 68 Jft 
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21 1837 3S*a 34 34 -1 

20 2024 71V* 48 68ft -2 A* 

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11 4795 97V. Mft B6ft-5Vk 
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24 4801 42ft 41 1 * 40% -It* 
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_ 306 10% 10% 10% -ft 
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PAGE 13 


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The Asian Test Case: Indonesia 

IMF Seeks Concessions on Cronyism Before Approving Bailout 


■ By Michael Richardson 

r International herald Tribune 

\ J S ^ < 2 APORE — Indonesia and a team 

led by the International Monetary Fund 
. resumed negotiations Monday to fh™ifrw» 

■ a mulo btUion-dollar support package that 
-officials say coold be crucial m ooring 
financial stability in Indonesia and die 

■ [ wider Southeast Asian region. - 

Tp Yet ..““y “aJysts remain skeptical 
^^bat the government of President 
‘Suharto will agree to abolish or even 
'phase out monopolies and expensive 
industrial projects backed by the state, 
-including some headed by his relatives 
‘and friends. 

Ending the state subsidies and loans 
•.Involved in such projects, analysts said, 
^wonld send a strong signal tha t South- 
-east Asia's largest economy and the 
/World's fourth-mOSt-pOpulOUS narj rt p 
^was serious about curbing the close ties 
-between powerful business interests and 
*tbe government. 

Such ties have led to widespread 
-nepotism, corruption and mismanage- 
ment, analysts say, with the result that 
% some knowledgeable observers esti- 
i mate that private Indonesian companies 
' and banks may have foreign debt total- 
ing $90 billion — about $30 billion 


billion — making a total officially re- 
ported foreign deBt of $128 billion. 

A Jakarta-based economist for an in- 
ternational securities house stud Mon- 
day that the lack of transparency in 
Indonesia and inadequate regulation of 
the country's 240 banks m*dp. it ns-, 
possible to know how much of the 

NEWS ANALYSIS ~~ 

private debt was owed by healthy, ex- 
port-oriented companies and how much 
had been lent to firms that would default 
or have difficulty repaying their loans. 

He said that the weakness in the conn- 
try’s currency, the rupiah, reflected con- 
cern among investors that the conglom- 
erates with die best political 
connections were “among the worst 
indebted and that the government may 
not have the political will to confront 
them.” 

Analysts said that the IMF had to be 
careful that its funds were not used to 


iiiaoaesia s ioreign-exchange re- 
serves total about $21 billion, while 
government debt amounts to about $67 


bailout in Indonesia. 

In downgrading Indonesia’s long- 
term foreign -currency rating earlier this 
month. Standard & Poor’s Corp. noted 
that “pervasive favoritism throughout 
the public and private sectors” could 
impede the restoration of investor con- 


it said that the ratings downgrade 
reflected tire steep rise in “corporate 


Thinking Ahead /Commentary 

No ‘Ruthless’ Monster: 
Globalization’s Bad Rap 


By Reginald Dale 

IniermiriiHuil Herald Tribune 

WASHINGTON — By failing to 
make their case aggressively enough, 
supporters of free trade and open mar- 
kets are allowing a gross caricature of 
today’s global economy to take root 
in the popular imagination, especially 
in the western industrialized coun- 
tries.-; *; ’ . — ■ 

The caricature, favorite^ weapon 
of vested interests resisting economic 
change, goes something like this: De- 
votees of an untrammeled free-mar- 
ket ideology are tearing down inter- 
national economic and financial 
barriers without heed to the devast- 
ating effects on the poor and the vul- 
nerable. 

The world, it is claimed, is in- 
creasingly ruled not by governments 
but by giant multinational corpora- 
tions promoting only their own selfish 
business interests. 

Economic globalization is depicted 
as “ruthless” and “inhumane,’' with 
particular odium attached to die 
United States as its alleged instig- 
ator. 

A prime example is the myth, es- 


ment regulation — not that the market 
is best at resolving ethical questions 
or that moral issues can be ignored. 

What is now being debated in most 
countries is the extent to which mar- 
kets should be left free to operate and 
how far governments should remain 
incontroL ■ 

With the Cold War over, the qnes- 
.tion is less ope of ideology than of 
.degree. \ 

;* It is triie that since: the 1980s. the 
middle ground in this debate has shif- 
ted toward greater acceptance of the 
free market. 

Outside North Korea, not many 
people believe, like the old British 
Labour Party, that all means of pro- 
duction should be nationalized. 

But even (he most ardent free-mar- 
keteers see a role for government in 
setting a framework of rules permit- 
ting markets to flourish. 

And nobody is saying, not even in 
die United States, that nothing should 
be done to help die victims of glob- 
alization or that tiie poor should be 
left to die on the streets. 

Nor is it correct that governments 
have lost all power to influence eco- 
nomic activity. Multinational cotnpa- 


A prime example is me mym, es- uunuw uy. wiiuuuimuuiu im- 
perially prevalent in Europe, that nies are still subject to regulation, new 
people around die world are being rules are constantly being written for 
told — by whom is not clear — that international trade, and stock market 
they must slavishly copy the Amer- regulations, for instance, are being 
ican economic model, with all its so- tightened. _ 

cial blemishes, if their countries are to Governments in economic and n- 

comoete successfully in the 2lst cen- nancial trouble are not being aban- 
tury i ^ dotted to market forces. The contro- 

Such assertions are frequently ad- vensy today is not whether the 
vanced bv globalization's opponents international community is doing too 
and die-hard interventionists, as if little to rescue East Asian countries, 
there were no need to prove them. Far such as Thailand, thar have fallen 
too often they go unchallenged. But victim to market pressmes, but 
they are either gross distortions or whether it is doing too much. 

onmihl InaUtta indusmalized Qounm«. 

Nobodv is actually telling the the role of government has expanded 
French, for instance, that they must enormously in the past four decades. 
bSSm^jS like Americans. It would fot^msoftheshare ofnanonalout- 
bTcnSy to wane them to do so — put that igoes to public spending foe 
Sopteiho believe in free markets era of big government is very def- 
5so virtually by definition, believe in uutely not over. .... . 

SS&SSli and cultural differences Despite the successful drive to de- 

MmoStio^ aSng national regulate die U-S.^ecooomy m recent 
and competition «*uv B American business is mcreas- 

MoJ people who think globaliz- mgly constrained by unnecessarily 
Most peopw . socal regulations and 

ation is on teknoe g > ^ threats of litigation. Despite (he ca- 

log«*bux the ricaturists’ propaganda, (be "free- 

^^dX^mOT^fficientresults, market ideologues” are a long way 
*. from taking over. 


external indebtedness, which could 
pressure the government to provide fi- 
nancial assistance, given the linkages 
between public and private sector lead- 
ers. 

Although the IMF has considerable 
leverage because Indonesia may need a 
standby loan of up to $15 billion to deal 
with its financial problems, analysts 
said that the fund would have to be 
careful not to stir up nationalistic sen- 
timents by appearing to interfere in In- 
donesia's internal affairs. 

“One thing the IMF does not want to 
be seen to be doing is ruling Indonesia 
by diktat," said W illiam Keeling, head 
of research for Dresdner Kleinwort 
Benson in Jakarta, a anir of Germany's 
Dresdner Bank Group. “On the other 
hand, it must be able to enforce effective 
conditions in exchange for the loans, 
otherwise it will just be prolonging 
structural flaws, not solving them.” 

After a major run on its currency as 
companies with large foreign loans 
scrambled to cover their debts, Indone- 
sia said on Oct. 8 that it was seeking 
assistance from the IMF, the World 
Bank and the Asian Development Bank 
to help stabilize the rupiah and restore 
confidence to financial markets. 

The rupiah has lost more than 30 
percent of its value against the dollar 
since Thailand was forced to give up 
defense of its currency, the baht, on July 
2, triggering turmoil in Southeast Asian 





limrt^inrtorijIIW 


Hie novelist Stephen King and his cat posing in a graveyard in 1992. 

Publishers Get a Scare 

Stephen King Demands $17 Million for Novel 


By Doreen Carvajal 

New York Tones Service 

NEW YORK — The honor. The 
honor. The saperstar storyteller and 
scaremeister Stephen King is abandon- 
ing V ikin g, his publisher of almost two 
decades, fleeing what seemed like a 
contented and placid literary relation- 
ship that spanned 44 titles from “The 
DeadZone^’ to “Desperation.” 

With a mixture of anticipation and 
cold dread, a few major publishers are 
considering Mr. King, like classmates 
warily circling Carrie at the high school 
prom. They are pondering whether to 
pounce oo his newly completed 
manuscript, “Bag of Bones,” a 1,000- 
page novel about an anchor who de- 
velops writer’s block after the death of 
his wife. 

In fact, a handful of top New York- 
based publishing houses are rushing to 
put proposals together to land Mr. King. 
But many executives in the running say 
privately that the rare contest for a su- 
perstar author will be a test of the in- 
, dustry’s resolve to rein in astronomical 
advances in a particularly bleak sales 
climate. 

“This is really a reality check for all 


many people are going to go out there 
and pay a ridiculous amount of 
money.” 

By most reports, the new tome is 
vintage King, a gripping tale from an 
author so beloved that a recent trade 
industry survey indicated that readers 
would like to be marooned on a desert 
island with their first choice of a Bible or 
their second choice of a King horror 
novel. 

But several publishing executives in- 
volved in the talks sat they fear that even 
another best -seller from Mr. King will 
almost certainly lose money in a con- 
ventional publishing deal given the ask- 
ing price of more than $17 million for a 
“Bag of Bones.” 

“It’s pretty impossible to make 
money at that level,' ’ said Paul Fedorko, 
the publisher at William Morrow & Co., 
which is trying to piece together a pro- 
posal that would include deals with oth- 
er divisions of Morrow’s parent com- 
pany, Hearst Corp. “But if you can put 
something else together then it’s worth- 
while to be in business with Stephen 
King.” 

Publishers are also weighing whether 
tiie sizable advance is better spent by 
spreading such a sum among up-and- 


those people who have. been saying that ' coming authors rather than using it for a 


the business is out of control and the 
advances are going through the roof,” 
said a top publishing executive par- 
ticipating in talks. “We ’ll see how 


CURRENCY & INTEREST RATES 


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Sower Reatea. 


brand name whose net sales per book 
appear to have leveled at just over a 
million copies. At times, the rhetoric 
coming from New York publishing 
bouses has the distinct ring of a major 
sports league franchise owner mulling 
whether to put a top athlete on 
waivers. 

“Do you want to have one superstar 
with a lot of utility infielders around him 
or do you want to have nine Ail Stars on 
the field?” said a top publisher who 
considered making a bid. “We’re fed 
up. I just fed that we.* re doing ail this 
work for a poor bottom line. 

“I realize that life isn’t fair, but it 
ought to be tolerable,” the publisher 
continued. “I have no problem with 
building up a superstar author where 
everybody makes money. Bui to be 
forced to pay top dollar so you basically 
can make no money?” 

Mr. King’s work has been a staple on 
best-seller lists since “The Dead Zone’ ’ 
was published in 1979. But even best- 
sellerhood is a relative concept 20 of 
the author’s books have made The New 
York Times best-seller list, for instance 
— but newer books tend to spend less 
time there. 

Mr. King became a literary free agent 
this month after negotiations for a new 
book deal reached an impasse with Vik- 
ing, where be had long been considered 
the undisputed pillar of the publishing 
house, both under his own name and his 
pen name, Richard Bachman. 

See KING, Page 17 


It’s a Rolls-Royce, 
And Now It’s For Sale 


Thc*a*>QimgfAgsi£r Ftmee-Pi&o* 

A trader in Hong Kong as the 
market underwent more turmoil. 

currency and stock markets tbai by last 
week had spread to Hong Kong, 
Taiwan, South Korea, Australia and 
New Zealand. 

On Monday, the dollar closed in Asia 
at 3,575 rupiah, down from 3590 rupi- 
ah. 

Thailand agreed in August to accept 
an IMF-coordinated loan that now totals 
$17.2 billion in exchange for agreement 
to reform its troubled financial sector 
and impose austerity measures, includ- 
ing spending cuts and tax increases. 

But partly because of recent back- 
sliding Dy Bangkok on an oil tax hike 

See INDONESIA, Page 17 


By Warren Hoge 

New fori Turin Service 

LONDON — Rolls-Royce Motor 
Cars Ltd., a brand name that has long 
been a quintessential^ British emblem 
- of quality craftsmanship, purring per- 
formance and class, was put up for sale 
Monday and will almost certainly pass 
into foreign hands. 

Vickers PLC, the defense and en- 
gineering group that is its corporate 
parent, announced that it was disposing 
of the luxury automobile-making sub- 
sidiary as pan of its strategy to con- 
centrate on what its chairman. Sir Colin 
Chandler, identified as its “core busi- 
ness” of armored vehicle and propul- 
sion technology products. 

Rolls-Royce has been Britain’s last 
major luxury carmaker to remain in- 
dependent of one of the large auto- 
mobile manufacturers.' 

Bayerische Motoren Werke AG, a 
German carmaker, was seen as a strong 
contender because it now makes engines 
for Rolls-Royce and Bentley cars and has 
a jet-engine venture with Rolls-Royce 
PLC, the airplane engine group, which is 
separate from Vickers. BMW also 
already owns Rover, another car com- 
pany with a known British signature. 

Other parties said to be interested are 
Ford Motor Co., maker of the British 
luxury lines of Jaguar and Aston-Mar- 
tin, Ferrari, part of the Fiat Group, and 
Daimler-Benz AG, maker of Mercedes- 
Benz, perhaps the chief competitor in 
the eyes of those who like to broadcast 
their wealth and importance by what 
they drive. 

Vickers' intention to sell Rolls- 
Royce was not a surprise, though the 
timing of the announcement suggested 
an accelerated timetable for Vickers’s 
streamlining process. The group is 
selling off its medical-equipment busi- 
nesses as part of its refocusing, and Sir 
Colin said of the Rolls-Royce sale, * ‘We 
have already identified a number of 
opportunities where the resources, 
which will be released can be used to 
develop our core businesses. ’ ' 

Rolls-Royce is in the final stages of a 
rescue from its loss-making struggle 
when Vickers bought it in 1979. A 


much-touted new generation of models 
of the Rolls-Royce and the Bentley is 
due to come on the market by the sum- 
mer, and soles of the existing models 
had gone up 9 percent this year to 1,396 
in the first nine months of 1997. But 
profit margins had been squeezed be- 
cause of discounts offered on current 
models before new ones ore put on the 
maiket. 

Rolls-Royce returned to profitability 
under Vickers, and, though its precise 
performance is not broken out in (be 
overall figures for the company's auto- 
motive division, it was estimated to be 
making more than £20 million (532.7 
million V Estimates of its purchase price 
began at £400 million, more than 10 
times what Vickers paid for it in 1979. 

Even under foreign ownership, pro- 
duction of the cars would remain in the 
Midlands city of Crewe in Cheshire 
where all Rolls-Royces are made, said a 
spokesman for Lazard Brothers & Co., 
which is advising Vickers on the sale. 

The Rolls-Royce name, which has 
entered the language os a symbol of 
uncompromised elegance, is almost as 
old as the century. It was in 1904 that 
Charles Rolls, a millionaire's son with a 
passion for the new horseless carriages, 
and Henry Royce, an engineer from 
Manchester, shook hands in the lobby of 
the city's grand Midlands Hotel and 
agreed on a partnership. A brass plaque 
still at the entrance of tne baronial build- 
ing marks (he occasion. 

Two years later Mr. Rolls and Mr. 
Royce marketed their product as “the 
best six-cylinder car in the world. ’ ’ The 
price was £395. 

The standards of workmanship have 
passed into legend. Each dashboard 
veneer is numbered so it can be marched 
to the same walnut log if damaged. 
Carpets are all made from pure new 
wool cur by hand. 

On convertible models such as the 
Rolls-Royce Comiche and the Bentley 
Continental, each hood frame is hand- 
crafted over four days. 

A Vickers spokeswoman said that 
sales of Rolls-Royce and Bentley cars 
followed a partem of one-third in Europe, 
one-third in the United States and one- 
third throughout die rest of the world. 


Intel and Digital Settle 
A Fight by Joining Hands 


Bloomberg News 

SANTA CLARA, California — Intel 
Corp. said Monday that it would buy 
Digital Equipment Corp.’s chipmaking 
operations for $700 million and produce 
its Alpha chip to end a patent dispute in 
which Digital accused Intel of stealing 
technology. 

Intel also said it would enter a 10-year 
cross-licensing agreement with Digital 
and obtain the rights to make other 
semiconductor products from Digital, 
which will develop future generations 
of the Alpha. 

Both companies stand to benefit from 
the transition. Digital ’s profit should rise 
because it no longer will bear the cost of 
running its unprofitable semiconductor 
business, analysts and investors said, 
while gaining a larger market for its 
chip. Intel wins because it puts to rest a 
thorny legal problem at a time when 
federal regulators are reviewing its busi- 
ness practices, they said. 

Digital sued Intel in May, alleging 
that the largest U.S. chipmaker had used 
Digital's technology in creating its best- 
selling Pentium chips. Intel, whose mi- 
croprocessors power 85 percent of the 
world’s personal computers, returned 
fire with its own suit. Settling the issue 
by ensuring the survival of Digital’s 
Alpha chip could benefit Intel as the 
Federal Trade Commission pursues its 
inquiry, analysts said. 

Intel will ge( immediate access to Di- 
gital's modem chip-fabrication facility in 
Hudson, Massachusetts, where it makes 


the Alpha chip and other micropro- 
cessors- The agreement also provides for 
Digital to develop a line of computers 
based on Intel’s 64-bit Merced chip, ex- 
pected to be released in 1999. 

■ Microsoft Countersues Sun 

Microsoft Corp. said Monday it had 
countersued Sun Microsystems Inc., rais- 
ing the stakes in the bitter licensing dis- 
pute between the two companies, Reuters 
reported from San Jose, California. 

In the suit, filed in U.S. District Court 
in San Jose, Microsoft claims breach of 
contract and unfair competition. The 
countersuit is a response to Sun’s law- 
suit charging that Microsoft was using 
Sun's Java programming language in a 
way that would make Microsoft’s 
products incompatible with software 
being developed by other companies 
using the Java language. In its lawsuit. 
Sun said its licensing agreement for 
Java forbids development of such in- 
compatible software. 

Microsoft said its lawsuit contends 
that Sun broke the contract by failing to 
deliver Java technology that passes its 
testing and by failing to provide a public 
set of tests. 

Microsoft also said Sun had not 
treated it on an equal footing with all 
other licensees, as required. It said Sun 
intentionally interfered with its business 
by repeatedly making false statements 
about (he compatibility and desirability 
of Microsoft’s products and Microsoft’s 
rights under tiie agreement. 


Riven Arises From the Myst 


New York Times Sen -ice 

NEW YORK — When is a computer 
program that hits the market more than a 
year behind schedule not necessarily a 
fiasco? 

When it is the sequel to the best- 
selling computer game in history. 

The two dozen artists, programmers 
and whip-crackers at Cyan uic. who 
work in a funky building made of wood 
and stone in the eastern reaches of 
Washington state have finally finished 
the sequel to Myst, die genre-busting 
game that has sold more than 3. 1 million 
copies, almost twice that of its nearest 
competitor. 

After Cyan spent around $10 million 
and four years making Riven, which will 
arrive on store shelves at the end of this 
week, few people in the computer game 
industry think that the fact that the gam* 
was originally meant to be released in 
the summer of 1996 will have much 
effect on the product's prospects. 

The delays, described by die com- 
pany as needed to put the finishing 
touches on die game, such as bigger and 
better graphics, have only increased the 
expectations for Riven. 

If there is sucha thing as a computer 
game establishment, it was confounded 




On a dock on game's Myst Island. 

and remains somewhat confused by 
Myst’s success. More like an interactive 
slide show than a computer game, Myst 
includes no killing, next to no action of 
any other kind and no substantial in- 
teraction with other characters. 

Riven is like Myst, only more so. It 
adds more interaction with other beings 
and adds some beetles, but die essentials 
— from its carefully textured landscapes 
(o its brooding music to its knack for 
keeping otherwise normal people awake 
half the night — remain constant. 



PAGE 14 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 28, 1997 


TELE AMERICAS 


<-*• V , ;.;'v! , S s r«TiS5T SjwS xVi ;x 


8100 u 


3Q’Year T-Bond Yield 


-h 4 m 



US West Restructures 

Phone and Cable-TV Businesses Split 


Dollar Hit by Drop in Equities 


1JB5 — 



M J 
1997 


= MO — 


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— i- -Vv 

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>■ 1997 


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ivv: ! 4as.77-. < 3;*fij^; 

p»>.. .i)54*a?. \-i&gr 


•Sudowaires Waya^;* - 

Source; Bloomberg. Reuters 

Very briefly: 


GwjfefnJfr* Oar Satf Frem Dapmcbn 

ENGLEWOOD, Colorado — 
US West Inc. said Monday that it 
would separate its phone and ca- 
ble-television businesses, aban- 
doning its once-touted strategy of 
combining telecommunications 
and cable services. 

“Recent developments in tech- 
nology, markets and regulation 
will provide strategic competitive 
opportunities for both businesses 
mat outweigh the benefits of re- 
maining together," C hairman 
Richard McCormick said 

The new cable company, to be 
called MediaOne Group Inc., will 
be beaded by Charles Lillis, cur- 
rently chief executive of US West 
Media Group. 

Its assets will include US 
West's interest in Time Warner 


Entertainment, some wireless op- 
erations and all of US. West’s in- 
ternational interests and interact- 
ive services. 

The regional Bell company has 
had separate stocks tracking the 
performance of its US West Com- 
mnnicatioQS phone unit and the 
cable business, US West Media 
Group, since November 1995. It 
is the No. 3 cable operator in the 
United States, after the $11.8 bil- 
lion purchase of Continental 
Cablevision Inc. last year. 

US West once expected that 
cable and phone communications 
would be intertwined Now flic 
company will focus on using 
cable-television lines for the In- 
ternet rather than for telephone 
service. 

( Bloomberg , Reuters) 


Bloomberg News where as 

NEW YORK — The dollar fell At 4 
against most major currencies Mon- 1.7515 E 
day as U.S. stocks registered their 1.7770 D 
worst single-day decline since the francs, c 
October 1987 stock market col- and at 1 
lapse. from l- 1 

The Dow Jones industrial average 121.775 
fell more than 554 points, or 7.2 The pi 
percent, p ro mp ting the close of $1.6335. 

’ While 

FOREIGN EXCHANGE ™<»g w 


where asset markets are failing." 
At 4 P.M., the dollar was at 


dollar is more sensitive to U.S. 
stocks than the German currency is 


.ft 1 !*•’ 


titil 


A =, 

iik 


iTESffls 


1.7770 DM Friday, at 5.89 15 French 
francs, down from 5.9545 francs 
and at 1.4445 Swiss francs, down 
from 1.4650. The dollar fell to 
121.775 yen from 121.945. 

The pound rose to $1.6615 from 


Some traders also bought the 
mark on speculation that weakness 
in world financial markets could 
slow global growth and impede 
Europe’s march toward economic 
and monetary union. . 

Gains in the yen were limited by 
speculation that Southeast Asia’s 
turmoil will take a, greater toll on 
Japan than on the United States. 


r r ~- & — — • atnrlrt were speculation torn oouincuai naas 

FOREIGN EXCHANGE HtSSrtSlhiS j^to"onte'u rJS5£" 
equities trading. That loss followed • • • 1 1 

KoS^stcoScSg seng°Sj AgencY Approves Port Deal With Japan 

dex. When foreign invertors sell /l g e5ftc 7 Tf The Assecuud Press 

• WASHINGTON — The Fedei i J ^^ i 

currencies. Monday a settlement with Japanese camersendu^ a dispute rnar naa 

“If the asset markets are not per- threatened to close U.S. ports to Japan^e cwgo ships. . . 

forming well, that’s a net negative A State Department spoke^ 

for the dollar” said Tim Stewart, the trains the government had been He saidthe^msm 0 

currency strategist at Morgan Stan- promote competition and increased efficiency m Japwtesepons. 
ley Dei WitteL “You dSzTt want F Japanese earners agreed ^ a paj^t to saiaftoT the mantime 
to own the currency in a country commission, the spokesman said, but he refused to provide details. - 


DOW: Trading Is Halted on Wall Street as Stock Prices Collapse Under 550 -Point Dow Barrier 


iBUnmiuiu] Herald Tribune 


Continued from Page 1 


Boeing fell 5 7/1 6 to 43 after a published report that it might lems, including a possibly overvalued currency. t 

Ice a $1 billion earnings writeoff in connection with its Amid the sell-off, there were some rising isffljesontheNew 
xraisition of McDonnellDouglas. York Stock Exchange, mostly shares of overseas companies 


• Louisiana-Pacific Corp. said it would sell $1 billion worth because the fed 
of tunberlands, lumber businesses and other assets and reduce money markets, 
its work force by more than 3 .500, or 27 percent, over two years At the other 
as it concentrates on its core building products business. Treasury bond e 

• Magellan Health Services Inc. is buying Merit Behavioral from 6.29 on Ft 

Care Corp^ which is controlled by Kohlberg, Kravis, Roberts ■ ■ 

& Co, for $560 million in cash and assume debt, solidifying 

Magellan's place as the top U.S. mental-health care provider. 

• Republic Industries Inc. agreed to buy 39 new-car deal- because of concr 
ership franchises for about $250 million in stock, adding to its in much of Asi 


ius, were DiEDcr, ill j.au ucituu, unusual wuuiuuu vjiuci tu-uve issues icuceusu me wauuiwa iu eauu w. — o— ^ MuiAnil 

cause the fed fends rate is usually the floor for the U.S. ica, with American depositary receipts of Telebras of Brazil Homeside, for example, rose 2/5 to -o% alter 
oney markets. plunging 28% to 96% and Telefonos de Mexico down 7 1 /16 Australia Bank offered to buy the mortgage lender for 527.823 

At the other end of the maturity spectrum, the 30-year at 39%. per share. . _ , 

Treasury bond ended with a yield of just 6. 16 percent, down The Latin America markets had been drawing some interest American depostiary receipts of Tele ^nmark. me 

from 6.29 on Friday. Interest rates have been falling in part in the wake of the Southeast Asia currency turmoil that began telephone company, also jumped, reflecting a takeover dig 

this summer and resumed this month as pressure grew on the from Ameritech Corp. 

ITS STOCKS Hong Kong dollar. Eagle Financi a l rose 5% to 4834 afro - Webster Financial 

“There has been no respect far risk,” said Jean-Marie agreed to buy Eagle for stock valued at $362 million. 

cause of concerns of global deflation. With weak economies Eveillard. who manages the SoGen International Fond. Micro Warehouse fell 8 7/16 to 12 A after the direct 


*0 l-Art'l 


holdings in California, Georgia and four other states. increasingly unable to raise prices. Some analysts have been as safe as we thought it was? Don't they have a few problei 

• American Express Co.’s third-quarter net profit rose 14 warning that this lack of pricing power limits the earnings These were questions they ignored only a few weeks ago. 
percent to $524 million, led by a strong gain in its financial power of corporations, potting pressure on stock prices. Mr. Eveillard said Brazil did have some structural p 


percent, to $524 million, led by a strong gain in its financial 
advice business. Sales increased 10 percent, to $45 billion. ‘ 


Rosemary Sagar, head of U.S. Trust Corp.’s global in- 


had resigned as chief executive amid some strategic dis- 
prob- agreements with the company's board. 


‘ • Stone Container Corp. plans to sell some Canadian assets vestment division, said the market value of American stock 
and exit the wood-pulp business, which will allow ir to cut debt prices was about 1.21 times the size of the U.S. economy, a 
by $15 billion and concentrate on paper and packaging. recoud leveL “There were huge expectations built into the 
‘ • Pennzoil Co.’s thiid-auarter Drofit rose 58 uercent. to $38.2 nuutati and ifs going to be very hard for companies to do as 


sd-pulpbusi 

by $15 billion and concentrate on paper and packaging. recoro LeveL * -mere were huge expectations built into the 
• Pennzoil Co.’s third-quarter profit rose 58 percent, to $38.2 nuutati and it’s going to be very hard for companies to do as 
million, as refining earnings more than tripled on increased we ^ as they have in the past in terms of corporate profit 


usiness, which will allow ir to cut debt 


AMEX 


production of fuels and wider profit margins. ap. Bloomberg 


Weekend Box Office 


growth.” 

An illustration of that theme was provided by Oxford 
Health Plan, whose stock fell 42% to close at 25%. The health 
insurer said it was having trouble collecting on some of its 
bills, much of which were sent out before the third quarter, and 
it said it expected to book a loss for that period. 


Monday's 4 P.IL Close 

Thfl 300 mast traded stocks of the day, 
up to ttie dosing an WaH Street. 

The AssodUsd Pirns. 


Sdre Hgb Low 


Hi HR Iff 


HB H* 1M 
iw w m 
am m> 11* 
in n m 

■ft "£ 17 S 
M.ft 


The Associated Press vuiu, rnuvu ui wiuvu nuv owibvuv uvivav lmv uaaju^ii«u buu 

LOS ANGELES - “I Know What You Did Us Summer- it Mid it expeettd lo boot a loss for tlat p eriod. _ 

' dominated the North American box office over the weekend, A stun nmg 4 9 million shares of Chrfbrd were traded on the gg,. 
■ with a gross of $13.1 million. Following are the Top 10 more than hah *e 79 million outstandmg. jgn. 

moneymlricers, based on Saturday's ticket rales and estimated 

__i__ r__ Snnrinv related, with Intel falling 5% at 74%, Applied Materials off 2 


Sad. 

Mm fags 

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AMC 

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sales for Sunday. 


1. 1 Khow WW Ybu Od LpriSum- 

(Colombia) 

SlllmilBon 

i DetriTs Advocate 

(Warner BrasJ 

JlOJmlHon 

X IQss the Gfets 

mranacnO 

5*2milBan 

* Seven Yean in Tibet 

(Trdlar) 

1*8 million 

5. Gotta ca 

(Columbia) 

5*4 million 

4. Fahytole: A Tree Stoty 

(ParamounB 

5X4 million 

7. In & Out 

(Paramoml) 

S2.9 minion 

■.Soul Food 

(TMsJriP CertxrFaJ 

SX2 mltoon 

9. A Life Less Ordinary 

(TfewriWhOerireW=ad 

52.1 millkin 

10. LA. Confidential 

(Warner Bros J 

82miUfen 


17/64 at 31 and Dell Computer losing 12 1/16 to 81%. The 
reduced growth prospects for Southeast Asia have been 
weighing on the industry. 

The Nasdaq composite average fell 1 15.84 points, or 7.02 
percent, to close at 1535.08. The Standard & Poor’s Corp. 
500-share index finished down 64.67 points, or 6.87 percent, 
at 876.97. 

On the New York Stock Exchange, Compaq was fee most- 
active issue, losing 8!4 to 60%. . — 


Ito 14k 
MW MW 
S&s Ok 


INTERNATIONAL FUTURES 


Oct. 27, 1997 

High Urn Latest Chga OpM 

Grains 

CORN 1CBOT7 

M00 bu aMman- centi par bushel 
Dsc97 2W 285 2B7V> -7* 207J64 

*Uw9B 30214 2M* 297 -1M 101SM 

Ma»98 307W SDOVt 303 -1M 30485 

JU«8 312 304 30) ^ -5 39,453 

Sep 98 298 TSTh 294 -2Y) 14J1 

Dec’S 2W7 390 292 <1 2*53* 

JulW 305 -1 202 

EH. win liA. FfTs tins S159I 
Fits apn Ini 409.134. up 1,540 

SOYBEAN MEAL (CUT! 

100 tons- dnflars par Ion 

Das W ZMJ0 73140 22340 430 41^36 

Jan VS 224J0 219JD 221.10 440 2MU* 

Mart* 22140 21730 21840 4180 20.052 

Mayn 220.00 314J0 21800 -0.10 1AB15 

22130 21840 21’JSO uneh. 11474 

Aug 90 22140 219J0 21 9 JO -040 2474 

Esl solas NJL FITS urns 21415 

FrtsapanM 119J92.0P 130 

SOYBEAN OIL (CBOTJ 

40000 Bis- cans par B 

Dae 97 25.93 2550 25.78 -045 5*120 

JOIN 2407 2541 25.95 undv 24432 

Mar’S 2447 2543 24.10 441 1X544 

•tor’s 2435 2548 74.18 -001 0284 

M9a 2440 25.95 2435 , 004 8.743 

Aug SB 24.10 25.95 24.10 ,0.15 430 

EH seta NJL Ms soles 2X201 
Fits apan M 1 1 XI 82, up 1.1M 


SOYBEANS KBOT7 
U00 bu oMbuib- canB par bushal 
NO* 97 704 d*2tt «87<.S -I 

An 98 711 700 T04'.7 

Mar 98 719 707 712U -1 

•tot 98 725L* 714VJ 71 BM 

M9B 731 Vl 720 724* 

EN. safes N.A. Fits safes 4X474 
Ffti apan M 14X209. aR 43«B 


Wqh LOW Latest Oige Oplrt 

ORANGE JUICE (NCTN) 

1X000 Bk.- cents per lb. 

Nov 97 7040 40JS 49J5 -110 8.934 

Jan 98 7X20 7240 7245 -4J0 17499 

Afar 98 7435 7540 7545 -030 10421 

*4or98 79 JO 7940 7940 -035 2J44 

Est-sdesNA Fits sales 4.239 
Fits apan nB 41,741 up 14B 

Metals 

GOLD (NCMX) 

100 liar k- (Saikn par Par az. 

Od»7 310.30 310.10 311-30 +400 
Nov97 311.40 +408 1 


High Law Latest Chgo Opinl 

18-YEAR FRENCH GOV. BONDS (MA71F1 

FF500400-ptsoM00pd 

Dec 97 98J2 9844 9842 + 0.14 11X741 

Mar 98 9818 9810 97.99 * 0 . 1 a 8903 

Esl safes: 94178. 

Open InL- 119444 off 1981. 


High Law Latest Chge OpW 

Jun 98 9494 9484 9488 Unch. 98824' 

Sap 98 9544 9495 9498 Unch. SX452 

Dec 98 nos 9495 9498 +<L01 59J9S 

Esl sales: 4X832- Prav.MfeS: 51434 
Pro*, open hi: 480204 up 1798 


M M 
at 2 
m. 2i 
IMS 14fe 
15 UM 

12 fe ns 

19S ITS 
11 H 18 


28k 36H 3M 

ns i _L 

1M 17S. PS 

r: h h 

129ft 126ft 126ft 

18% im 

5 4ft A 

17ft 16ft 16*. 

am 3 tft 34 a 

M 4 4 

9k 1 5 

ns as svs 

26S. 26H 261V 

17ft 17ft 171* 

15ft 14'* 141* 

8ft 8 5ft 

lift Eft Wi 

ins ins i24s 

15ft 13ft ID* 


764 1ft II* 

Iff 


mi 

2» 10ft W W 

829 in 1M lift 

a .ff 1 a % 

a x isl 

413 17ft 15ft 19* 

443 24 Tpk m 

m » m » 


its .is 
S .iwv 
AS -as 

a 

16ft -2 

lift 

21ft -2%S 


* WU 

48 


1 % a k 

a 

IB <H 5ft 

a % \ 

1716 I 7 

a P 

IS ]<» 

S ’a T 

p in. II. 
w lS? in' 
n£ ,7 & 


k * 
a* IK 

27V. -las 


*\n i K M it 


U. S. STOCK MARKET DIARY 


0: ! :■ 


15ft 
18ft 
I 4ft 

m 9i* 
7ft 7ft 

s; a 

8ft 7ft 
%S IS 

k Sr 

21 Hft 


Dec 97 31150 30800 312-30 +3J0 109.129 UBOR I-410NTH (CME» 

Fab9B 31500 30*00 313.70 ,140 26.640 Bii«» pftallWpd. 

Apr 98 314.40 31140 315.40 ,160 4474 *0**7 9436 9432 9435 +4L04 48711 


Apt 98 316.40 31160 JTS^O *160 iMA NO*’7 9436 WB 9435 +004 40711 

Jun 98 31050 31SJ0 31 7 JO +350 10776 D«W 9436 94.17 9436 +0.12 115B1 

Aug’S 319*0 31BJ0 31930 +150 4465 Jon’S 9A3< «J9 °4J4 +0UB 4102 

0*798 321 JO *350 487 Esl safes 17343 Fits sides 6.765 

Doc ’8 32150 32150 32130 -ISO 10658 Fits Open lilt 41297. up 207 
EW. safes 397)00 Fits safes 148119 

Fits upon Inr 204484 up 25JD9 EURODOLLARS (CMER> 


itauan government bond ojffe) Industrials 

ITL 200 motor - pis oflOO pd COTTON 3 (NCTN) 

Doc 97 112.10 11133 11144 —033 111670 50000 ftv- arts pwD>. 

Mar9B N.T. N.T. 11144 -033 1^22 Dec 97 7145 77.40 71 JO 4L61 47^(72 

ESL safes: 31336. Prev.saiH: 38716 Mar98 7175 7175 72.86 -060 17J37 

Pw.apfeihL: 114092 up 1352 Mar 96 7430 7155 7165 -QM 9rCl 

Jtd 98 75JC 7450 7451 -066 9J16 

Od 98 7535 7115 7S15 -035 643 

... EsL safes NX Fits safes 8388 

■S Ftfs open Ini 94398 up 1/158 


HI GRADE COPPER (NCMX) 

24000 BMu-afits per lb. D*c’7 

0097 9000 8* JO 90 JW 4U0 562 Mar98 

Nov 97 9870 B9AS 9810 -<LaO 8992 

Dec” 91.20 8940 90 45 -865 29^*87 Sep 78 

Jan 98 9i.no 90.10 9865 -065 1.137 DkW 

Fq698 91.45 9040 9145 4135 1.239 6*079? 

Mar 98 91.60 90.75 9150 -0-70 7,170 J*n>99 

Apr 98 91.70 9150 «1 j5 4LSS UJ77 SOPW 

Mar 98 91-80 91 DO ’145 4LS5 1015 DecW 

Jun 98 9160 9145 9165 -035 16S8 MarOO 

Ev. safes 9.000 Fits sales 14078 ** ® 

Fils open M 58379, up 8777 Ext S« 


EURODOLLARS (CMER} 

51 mUon-pts ollOO pd. 

Nov 77 9426 9420 9436 +808 34U151 

Dec 97 9438 9418 9437 +0.10 541215 

Mar 98 9425 9414 9434 +0.11 421615 

JIM 98 9*19 9407 9417 +0.11 358005 

Sap 98 9412 9899 9411 +0.14 254494 

Dec 98 9405 9189 9*01 *0:15 227623 

Mar 99 9*01 9369 9400 +0.15 161.164 

~~ 9896 9366 9896 +0.14 148939 

sap w 9193 9362 9892 +8.14 109,113 

Dec 99 9365 9175 9165 +0.13 88353 


5631 +072 1492 


-Ift 54779 
49,718 
■1U 21353 
-1 14906 
■1 11677 


SILVER (NCMX) 

&00Q troyos.- cants per nr at, 

Od 97 47460 *070 

Nov 97 47730 *050 


MarOO 9885 93.76 9365 +0.12 71382 JaToB 

Jun 00 9362 93.73 9361 +811 59084 Fab98 

Esl soles 849JI4 Fits soles 462.338 Mar 98 

Fits open In) 1796688 Ofl 7,468 Aar 98 


BRITISH POUND (CMER) 


16556 +6253 36,128 


Dee 97 48450 47400 479.00 *850 64367 MorOB 16500 16400 16496 +6246 


Jon 98 482.00 48830 48830 ,050 27 Ju"« 16430 

Mar98 4W.00 46800 48460 +840 3Q4to EsL safes 18136 Fits safes 486 
Mayta 49360 48760 48760 +040 1731 Frls OPM M 34457, od 335 

Jul 98 49400 490 40 49840 ,030 17S0 

Sop 98 49820 *830 638 CANADIAN DOLLAR (CMER) 

Ed. softs 11000 Frts sales 31057 108000 Helen. 5 per Cdn. dlr 

Fits open H 108241 up 1678 Doc 97 .7204 .7146 7154 


WHEAT (CBOT) 

4000 bu leMmum. oenh per bustial 

Doc 97 272ft 360 36117 -7VJ 57.107 

MOT 91 315 374ft 375ft -7ft 34971 

Mot 98 390th 381 ft 382V, -7 4852 

Jd 98 392ft 3CM 385 'm 6 I46U 

Esl. safes FLA. Fits safes T8988 

Fits aaaa W1074M. ofl 147 

Livestock 

CATTLE (CMER) 

40600 ft*- cents pern. 

Dec 97 6767 67 JS 67.72 +462 29.912 

Feb 98 6960 68.97 69.12 ,035 21261 

Apr 91 7805 >265 7145 *002 18687 

JIM 91 7850 7003 7812 -0 02 18301 

Aug’S 7842 78 00 704U unch- 1185 

Ocl 98 7280 7230 7232 -042 1.134 

EsL safes 1 *824 Fits safes 1 8588 
Fits apan H8 90639. aR 443 

FEEDER CATTLE (CMER) 

50000 ft*- am per lb. 

Ocl 97 7X00 7730 7730 -060 1615 

Nan 9? 7185 7830 7U7 OJ7 47M 

Jan 98 7930 7855 7857 -030 4104 

MvfO 7900 7835 7U0 -035 2367 

Apr 91 79.10 7BJ0 7850 430 977 

Morn 79 JO 7950 7950 4.17 713 

Esl. safes 2649 Frti safes 2,915 
Fits open W1759MXI 170 

HOCttM (CMER) 

40000 Ibi-eiiiti per Rl 
D ec 97 6865 6232 6265 452 20074 

Ftb 98 42.90 61.95 6822 450 9,108 

Apr 98 59.85 59.15 5M2 -025 1917 

JM9S 6735 66SI UJ0 462 1138 

JM98 6470 65.05 6535 -035 9M 

EW. sates 4.931 Fit* safes 11008 
Flit ppm M 3*801 M 455 

PORK BELLIES (CMER) 

40000 ta.- cents per lb. 

MM 6565 6050 6*11 -132 6611 

MwM 6530 OSH 6*00 -1.17 973 

Mam 6430 6860 6360 .160 280 

Esl sales 1730 Fits sates 26SB 
Fits BponH7551.BR 155 


PLATINUM (NMER) 

50 Imir or.- Man per bar w- 

Od97 41800 41300 40030 -1830 

Jar 98 419.00 39960 40033) -1160 12433 

Apr 98 411 50 397.90 397.70 -1130 wo 

Jul 98 4)1.00 39*70 39*«) -1130 22 

Esl. safes KA Frts iBMi *083 
Fits open W 18081 ofl 051 

□ase Pmtaus 

LONDON METALS 066 E) 

DaOan par metilc Mb 

AtumfeM (High Grade) 

Spat 1535 00 153600 156*00 156540 
Farwoid IMfh 154400 159400 159600 


100000 doScrv 5 perCdn. (Hr ISroi 

Doc 97 -7204 7146 715444045 54118 SJ?ps iS 2 AQJ 2 SI 0 S 5 

Mar 98 7230 .7179 . 71B7 44045 2646 . . -TT^- . . ^ 

JuaM 7230 7210 7211-44045 530 EsL sales NA Ftfs safes 8*724 

EsL safes 1*899 Fits safes *768 Fm open M 245613 w *857 

Frts span M 5861* up 502 UNLEADED GASOLINE (NMER) 

GER 6 AAN MARK (CMER) flOOO got cants par nd 

175400 nnfcs. 5 per maifc «07o 59 Jo 59.95 +035 

Dec 97 .5712 3655 3707+44067 59646 Doc 97 4070 9970 99.92 +462 


HEATING OIL (NMER) 

42400 gal cents par gal 
Nor 97 5860 57.05 57.74 +071 25645 

Dee 97 5960 58.05 58.71 +472 5L555 

Jan 98 4045 59.20 5961 +472 22.798 

Feb 98 6075 59J0 9971 +072 11205 

Mar 98 5960 99.10 59.16 +072 8467 

Apr 98 5730 57.40 5764 +072 8260 

May’S 5631 +072 8492 

Eat safes NJL Fits safes 39381 

Fm open inf 140970 up ■ 

LIGHT SWEET CRUDE (NMER) 

1400 bbL- 66m na Ud. 

Dec 97 2164 2097 2147 +410 71*748 

Jan 98 2130 21.12 21.15 +409 54658 

Feb 98 2161 21.10 21.10 +408 32,214 

Mar 98 2135 21.00 2140 +405 1*174 

Apr98 2135 2091 2091 +442 1*1 B9 

MOV 98 21.10 2483 2483 +441 18157 

EsL safes KA. Frts tefas 8*485 
Ffti open W 402769. up 23.780 

NATURAL GAS (NMER) 

1 4000 an Mira, spar nun bra 
NO* 97 3300 3J90 3790 +0242 3*137 

Dec 97 1845 3680 1820 +0.178 5B34P 

Jon 98 1489 3-560 3689+4150 31499 

Fab 98 3300 3.120 3.180+0090 22357 
Ms 98 1780 1710 1745 +0471 14271 

Apr 98 2650 2605 2630+0445 91599 

Est safes HA Fits safes 8*724 
Firt open W 26S611 up *857 

UNLEADED GASOLINE (NMER) 

4X000 gat cents par nd 

Nwr97 6070 59 Jo 59.95 +033 2*301 


JS 

jUD HUARSM iET 

•Our aim is to create 

THE FINEST WATCHES IN THE WORLD.* 


Indexes 
Dow Jones 

Opaa Hfeb UK IW Cfe. 

Indus 763114 771561 715932 7161.15 -B*26 

Camp 2SHUS 252740 235413 225851 -76869 

Standard & Poors 

Pmiaai Today 

Hfeb Low ansa *0* 
Industrials — —109536 1019.10 

Tramp. — — «7330 643.90 

UlWttes — — 209.10 20247 

Finance — — 11141 10564 

SP 500 _ _ 94144 87499 

Spin - - 89*59 83570 


Mast Actives 


ML Hfeb Ln 

170493 67 6014 

115015 47'fti 43 

B8901 40VU 37ft 

mat 56ft Sift 

7 6777 65ft 614» 

74738 9m 85 

48744 98ft B9ft 

48342 50ft. 45ft 


Lew Last On. 

4014 60*5 -8ft 
43 «ft 4*4 
37ft 371+ -»• 


74738 9m 85 85 -Ml 

48744 98ft Wft 90 -I 

68342 50ft. 45ft 45ft -5ft. 

47417 121ft- 951t 971+ -27T1 

44314 44ft 3914 39*. -7 

mil 31 'ft. 27ft 28 -3ft 

Uni 29ft. 24ft 24ft -T- 

54971 431k 57*. 59 -4ft 

0774 37_ 34ft JMi, -3ft 

48853 13ft lift lift -7U 


Nasdaq 




' ' .5 


JuksAautsAudeman, 
Edsawt Auguar Ptguet, 7S75. 


49577 48115 44331 
61961 57630 57681 

ss si 

47*97 44*94 44*94 


S& iiS 

44*94 -3003 


00474 38ft 
34)096 79fe 
203742 34ft 
17945 92ft 


7^ ^ 

30V+ 31 .2B&i 

|]fe 81 >\ -1&. 


Nasdaq 




143X92 153264 153569 -11I63 

I2S-S liwi -#5 


m 72ft 77ft 
>++*.. 45tl 41 42ft 
130842 134fe 128ft 128ft 
10 8!* 37** 35 35ft 


33ft 304. 

32 31 

32% 19 




1790 +0J42 3*137 


& ■ 


mm 


t5 :I *• :• 


Marts 5738 5700 J9735+OJXM7 *561 
JW 98 J760 5746 .5760+00067 *618 

EW. udes 7*763 Fits soles 29,234 
Fits open M 6*03* off 1644 


JAPANESE YEN (CMER) 

1*5 mBtanjnn. s par 108 van 
Dec 97 -8284 8234 E244-0JK21 

Mar 98 4396 4355 43S5-04022 

Jw»9B 4468-0409 


Jan 98 4070 59.75 59.94 +042 17478 

F*0 98 6140 6042 6022 +062 7416 

Mar 98 61-30 60 J2 40J2 +040 5457 

Apr 98 6180 5122 6122 -0.73 5.178 

May98 6*97 +035 1794 

Jun 98 6262 +035 1148 






781.18 64816 66040 6068 

Dow Jones Bond 


20 Bends 
10 monies 
10 Industrials 


UaL Hfeb lew Last Cto. 

!S9P ST** 1 94 ? D ■4‘Y* 

14223 ft ft ft -ft 

111 W 8 V 4 6ft (*• -ont 

MjS ift ift Wi Ti 

9M3 3fth 3ft m -*fe 

SB aw 7ft n. a 

8456 24ft IM 1% M 

n « 4 is 


Trading Activity 


KSHS 


4011 Wi 

1 1 


van Est. sofas na Fits safes 30032 

4244-00021 9*549 Fits open M 9*050 up 1,935 


19691+ 1978'-; 304840 204940 jun 98 4468 -0J 

1999ft 1990-5 2067 00 20*00 EsL sates 11158 Fits safes 36669 

58140 58200 599 X 600X Ff+1 mt 95.765, op 534 

S95 X 596.00 MIX 61*00 SWISS FRANC (CMER) 

6X608 M1I.4X Atintn «txx WSDM S pwiraiK 


985 

230 GASOIL (IPEJ 

US. daBanpar maftlc ton - lots of 100 tons 
No* 97 18*00 179.75 18025 — 1J5 3*245 
Dec 97 18X50 18140 18240 —125 20830 
J«1 99 18*25 18X50 18150 -150 1*008 
FX 98 18*00 1B240 133.7$ -140 7^83 


tfenGsiaCbahiahilkmhfiM 
1J1 »»Rmw 8 7te Bert OferTS ofet rfSi 


BE** So olalS S J90i«» 41667 SSS iFS ilnS 18143 

rasara einuiu 61 UjOU 62 WMM 6210-00 umBP MM JOU taai^nnrm .-no 9*00 170 ft nom me n ca. 


-1 3*065 
-2 274)8 
4 1X037 
>2 1868 
-2 *796 

-2 a*M 


Food 

COCOA (NCSE) 

10 manic tons- Jpw ion 
Dec 97 1595 1534 1579 

Mo-96 1632 1612 1616 

May 98 1654 1634 1638 

JO 98 1660 1656 1658 

Sap 98 1690 1679 16)9 

D8C9B 1706 1697 1697 

Eft seies 7497 Fife safes *093 
Frfi apan lot 1(002* off 778 


COFFEE C (NCSE) 

37jno cent* ttf lb. 

Pec 97 1JSSJ0 15145 15X60 +070 11465 

Marti 14*25 Ml 35 142.W +0» MM 

Morel 14040 13640 13940 one*. U&3 

Jain 13MS 13*40 13565 +0JD 1.916 

Sep 98 131 JS 13060 131.75 +430 952 

EsL safes US Frts sales 5634 
Rfs open H 2582* ofl 170 

5UGARWORLD 11 (NCSE) 

1 1*000 »L-certi par lb. 

Mar 98 1149 1140 1149 +448 BM5B 

May9B 1146 1140 1144 +446 35489 

Jrffc 11.75 1168 11 J4 +046 19.1» 

Od98 MAS 1148 1144 +045 19+769 

E*L sates 1X901 Fits vbm 11106 
Flfs span M 15*90* up 815 


spal 536040 5370.00 5*000 50000 

Fonwrt $38500 5395.00 541540 545040 

Zlac CSpadal moh Grade) 

Spat 123000 133100 1254--: 12ST: 

Farwoid 1251.00 115200 127700 127*00 

High Low aose Otv OpM 

Financial 

US T BILLS (CMER) 

SI RtiKan- pts aMM pd. 

Oec97 few 9547 9X18 ,0.13 *542 

Mar 98 0125 95.15 9525 +015 *C5 

J Ui 91 95.17 95.11 9X17 +4.15 40a 

Est- Wfes 2479 Fit* soles 1,010 
Fits open In) *43* up 131 

5 YR TRIAS DRY (CBOT) 

SIIXUIOO prfn ■ pte & Witts oMOO pd 

Dec 97 108-23 107-48 10820 + 39 229.135 

Jun 98 -14 undL 

Eat tries NA Fits sates 6*404 

Fits OpM IM 231093. Off U13 

10 YR TREASURY (CBOT) 

51 00400 prin- PK & 32nds oil DO pd 


Mur’S 6995 MU 6996+00077 *229 

Jun98 7058 7038 7068+00078 265 

Est safes 1*091 Fits sales 19456 
Fits open bit 4*070, all 467 


Apr’S 17*25 17*25 179JX) -075 2684 

Est sates: 9600 , Prey, sates : 1*334 
Pm. qpenhL: 99,157 off 1.815 


mbocan peso (CMER Stock indexes 

SOOLOOQpesuj par peso SP COMP INDEX (CMER) 

Dec 97 .12380 .11220 .11400-47177 2*899 504xlndn 

'KSfS JJK5 -IJH-fflS JS? 0x97 9440,3 87400 87400 - nM '9L148 

Jwin .11350 .10300 10350 -MttO *931 Mor96 9SJ75 887.00 887.00 -6760 *559 

Est Stses 2*456 Fits sales 1*364 Jun 98 95175 9S1JS 95175 -1150 1447 

Frts open bd42J77. off 2JEJ9 Est. safes NA. Fits sries 8*615 

3-MONTH STERLING 0JFFE) Fit* open Inr 197461. up 965 

Cfec97° 9261 -fljn 13*255 gWE'fOttrM-M 


Mar’S 9261 9265 9X57 -042 111673 

Jwi98 9262 9235 9*58 -042 79,716 g«2 7 J5£ 

Sep 98 9269 9262 9265 -442 6*958 *™ 9® 49714 48714 49296—1124 *406 


DSC 98 9242 9275 9277 -043 6*170 

Mar 99 9X97 9249 9281 -043 50153 

Ju» ?9 9X09 9344 9305 -042 39631 

Sep 99 9X22 9X16 9X18 -042 27704 

Esl. SOME 4X591. Prev. safes: 5*347 
PlW. open bX: 641,725 up *961 

3-MONTH EURO MARK (UFFE) 

□Ml odBon -ptsof lOOpd 


Est. safes; 11*51 Prav. sates; 1*222 
Prw.opentaL: 75,247 up 376 

CAC40CMATIP) 


Doc 97 111-12 110-35 111-11 +2) 370982 tea* 97 9648 9677 9*38 +042 1273 


Marts 111-03 110-17 111-02 +23 1U80 Dec 97 9*21 96.19 9*20 + 

Jan* 110-39 110.27 110-29 *21 203 Jon98 96.13 96.13 96.13 ♦ 

Est. sofas SLA. Frit sates 11*707 l ? ar SS'S S* * 

Fnaoea tel 39*56* ifl) 1703 Jun 98 9570 9564 9567 + 

□pra ^vu^uy Sap 98 9551 9144 95.48 + 

U5 TREASURY BONDS (CBOT) * 

(8 pd-S10QL00*pb*32ndsa( lOOpCt) _ Sf'l! * 

Dee 97 117-19 116-10 117-11 + 18 690JH3 Jwi99 9i01 9*93 9*98 + 

Mar 98 11749 116-11 117-02 +19 6W74 Est safes; Ml J16. Ptw. UfeL 

JanfO 116-22 11645 116-22 + 18 11472 Pie*, open tot: 1,79*846 up 1 : 

Sep 98 116-12 +18 2406 

Est. safes KA Frts sales 57*544 JjlONTH PlBOH CMATin 

Rtiepen M 777 ^ 6 * up 2*313 ESTW WUlf 

LONG GILT (LJFFE) MarM K» W45 K47 

tttOOO ■ pto & 32ndi of 100 pd Jim 98 9567 9S*2 954) 

DecP7 119-05 11*06 118-15 -0-10179420 5ep98 9567 9&41 9544 

Mar 98 118-30 118-30 1 18-U - 0-10 3L7C8 Dec ra «26 9529 

Esl. safes: 4*455. Pra». safes: 5U13 MB £« 

Ptov. open kit j 210738 off 1416 9X96 9499 

Est safes 7244* 

GERMAN GOV. BUND (UFFE) Open feL: 24*333 eff S427. 

D 6 USM 00 - ph onew pd 

Dec 97 10243 10245 10216 +043 280527 jftgoifTH EllROLlRA (LIFFE) 

Md« 10160 10146 10144 *004 1*899 m.1 iriBaa-pfeMlOOpri _ 

Est safes: 149,799. Prev. tries. 17*173 Dec 97 9344 93J6 9179 -fm 105440 

j&raUriMtellK AW98 9*55 9*44 9446 —042 10546S 


Dec 97 9*21 96.19 9*20 +042 29*213 " " 

Jon 98 ,9*13 9*12 9*13 +045 720 &t sriM: 4S481 . 

Marti 9X94 9549 9192 +044 331618 Open hrtj 91679 Off U 

Jun9fi 9X70 9*64 95.67 +004 290539 

Sep 98 9*51 9*44 9S48 +046 19*258 

Dee 98 9*30 9*24 9548 +047 190530 

MOT 99 95.15 9548 95.12 +047 HUSO Commodl 

Jur99 95.01 9*93 9*98 +048 8*248 WMnmoai 

Est sofas: WJii. Pim.uki: 28*781 
Prev. open MU 1,79*846 up 1*380 Moody's 

3-MONTH PI BOR (MATIR 

FF5 mSBOT - pfe ri IOO pet ^ 

Dec 97 9*22 96.19 9*19 + 041 40881 ™ . 

Mar 98 9S40 9185 9547 +044 ^107 J&g*£*22&£ m 

Jun 98 9547 9S*3 9S« +045 n928 Ml Ftoa xtol Falun* 

Sea 98 9547 9541 9544 + 047 18496 Pmueum Babann& 

Dec 88 9543 9*26 9*29 +047 2X789 

Mar 99 95.17 9*10 9*13 , (UP 4*421 

Jan 99 9*03 W-96 9449 +047 11,540 

Esl. sries 7244* - 

Open M-- 24*323 Off *427. SCC 


Od 97 28104 27334 27604—074 29,751 
Nov 97 281*5 27400 2767J —87* 17J91 
Dec 97 28214 27504 277*5—874 1*132 
Marts 27934 27814 27994 -894 10321 
Jun 98 N.T. NX 27734 -874 1425 
Est safai: 4*881. 

Open 91 J99 off 1431. 


fafca Wgn Le e Latest age 

Mi si zm ,1ft 

TO JW few **ft -Jft 

J v, *5 

m m n w -ift 

Sh 48ft 47 47 -ft 

5jJ 7H 2Sft Eft Jfc 

W» 3 ni 1ft ft . 

H J* JP * 

W 7*fa 2fflt «U « 

I * ,8 A * 

3 M 1S in a 

s » k a 4 

| ^ % % iS 

111 f 1 

-fll M 5ft A -ft 

sj m li im t 

n « 1 4 ft 


5*3333 fl. B S S ime Hare 


5dH Hfeb Law Lriea arge 


«T7 Mb JM .m -3ft 

R 21 m n -im 

U] Ift IN W ft 

m 5ft 5ft W» ft 

gMl* Ifti -ft 
175 3ft 3b M ft 

^5 2M zm 27ft ft 

M Ift 1ft l» 


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PAGE 15 





INTERNATIWiAL HERALD TRIBUNE, TUESDAY, OCTOBER 28, 1997 


EUROPE 






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Market Secrecy Publicly 

Private Ba nk s Start Running Their Own Ad ramp aigna 


arivertisino tSot mU.i. .. 


S“£S£ M 200 old, these areas we’re^bZS £ 

all ” 


have decided to scrap a tacit agree- 
ment that allowed them only to 


. , wa w ui mu y iy 

advertise collectively. For the firet 
time, they have agreed to take oat 
ads individually to raise 
for their services, bankers say. 

Denis Math! era, secretary-gen- 
eral of the Geneva Private RanW 
Association, said growing compe- 
tition had prompted the decision. 

“Now, everybody is free to ad- 
vertise,” he said. “We need to em- 
phasize the importance of Geneva 
as a private banking center.” 

In a business famous for its con- 
servative style, the new spate of 

ads hawking private banking sex- One ad shows 
could be a sign that this staid with the pitch: 


Recent Pictet ads, minted in the 
International Herald Tribune, Fi- 
nancial Times and The Wall Street 


“What makes private 
bankers interesting is 
that you don’t know 
much about them. 9 


Journal, emphasize relationships, 
stressing concepts like “trust 14 

and " mirfi/lmriiiliiy ’* 

One ad shows a table set for two 
. •u.Mvvutu wcdsigumaiiDissiajo with the pitch: “A true private 
1 frty s b&pkers are getting a little bankis one that makes you wonder 

>1 leSS Stuffy. if vnn’n> nnlv Hiont ” 1 


But a survey of major private 
banks in Geneva showed many of 
them busily planning new ads for 
the coming months. 

A spokesman at Credit Suisse 
Private Banking, Roland Oet- 
tinger. said the bank bad a “mnlii- 
miltf on-doJQar” . advertising 

budget for 1998. 

The bank’s light-hearted ads, 
takes out in lifestyle magazines 
and international newspapers, fea- 
ture cartoon drawings of friendly . 
bankers who appear to be ready to 
do anything for clients — provided 
they have a minimum of 500,000 
Swiss francs (5340,182) in assets. 

In line with their culture of 
secrecy — die backbone of Switzer- 
land’s asset-management industry, 
winch has an estimated $2 trillion in 
cheat wealth — bankers were tight- 
lipped about their marketing tech- 


vices 


less stuffy. 

In this secretive sanctuary for 
the rich, financiers have tradition- 
ally relied on ‘ ‘old boy” network- 
ing to attract Europe’s aristocracy 
and inherited wealth. 

But bankers say gro wth in this 


if you’re the only client. 1 

Bankers denied that the new ad 
campaigns were an attempt to 
overcome negative publicity over 
allegations that Swiss banks had 
hoarded the wealth of victims of 
the Holocaust. 


t’s private banking also 
expect their ads to preserve a hint 
of the mystery has maria the 
institution famous. 

“What makes private bankers 
interesting is that you don’t know 
much about them,” Mr. Matiueu 
said. “There’s a certain mysti- 
cism. We shouM reveal certain 


things but also keep certain things 
discreet” 


«sp.*;~;r •. 


.Tobacco Executives Charged 


Ameritech to Take Control 
Of Danish Telecom Concern 


Cn ay* W try dr Sx&Fnm Porter 

■ COPENHAGEN — Ameritech 
Corp. said Monday that it would buy 
a controlling stake in Tele Danmark 
A/S for 21-15 billion kroner ($3.12 
billion), making Ameritech the 
largest U.S. investor in Europe’s 
telecommunications industry. 

Chicago-based Ameritech said it 
would pay the Danish government, 
which owns more than half of Tele 
Danmark, 470 kroner a share for 34 
percent ‘of the company. That stake 
is to inotase.to 42 percent after Tele 
Danmark completes its plan to buy 
Z2 million shares from toe gov- 
ernment worth 10 billion kroner. 

After toe transactions, Ameritech 
would be able to name six of the 12 
board members for Tele Danmark, 
including the chairman, who would 
hold a tie-breaking vote should toe 
board be split on any issue. 

“Denmark is the gateway to 
Northern Europe,” stud Chairman 
Richard Notebaert of Ameritech, 
“and Tele Danmark has the man- 
agement expertise we need to create 
a platform for expansion in the 
European market.” 

Tele Danmark and Ameritech are 
already partners in the Belgian tele- 
communications group Belgacom, 
holding stakes of Ito percent and 
17 j percent respectively, and the 
new pact was seen as a logical step. 

“Ameritech has a reputation as a 
very well and effectively run com- 
pany, and Tele Danmark will benefit 


from that,” said Michael Armiiage. 
a telecommunications analyst at 
Morgan Stanley & Co. 

Class B shares in Tele Danmark 
rose 21 kroner, or 6 percent, to 372 
kroner after die announcement. That 
was 21 percent below Ameritech ’s 
purchase price, a reflection that in- 
vestors did not want to pay a high 
price for a company already con- 
trolled by another entity. 

The proposed investment is sub- 
ject to review by toe Danish Par- 
liament, toe European Union and 
Tele Danmark shareholders. But the 
sale is expected to be completed by 
early next year. 

Ameritech serves toe five Mid- 
western states of Illinois, Ohio. In- 
diana, Michigan and Wisconsin. 

The Danish government first sold 
483 percent of Tele Danmark in 
1994. Denmark’s telecommunica- 
tions market has been liberalized 
since July 1996 and final legislation 
outlining guidelines for “fair and 
effective competition” came into 
effect in July this year, six months 
ahead of a deadline set for European 
Union members. 

Ameritech is to buy 43 million 
Class A shares at a price of 4,700 


Investor’s Europe 



London 
FTSE 100 Index 


»jjT 



1897 


4250 M J‘J A S O 
1997 


M r j’j’A S Cf 

1997 


Exchange 

index ' . . 

iiionday 

C3osa 

• Ptm- 

Pose 

Change 

Anwtwtium 

ABC' . . 

861.16 

89155 

-&S& 

Brueeei* 

BEL-20 • 

iaw.ii 



Frankfurt 

BAX ■ 

3£79lT2 

4,05087 

-4J24 

Copentatgen 

Sftpck Martel 

S3U0 

84SJ) 

-1JM 

Helainld 

HEX General 

3,581.72 

a?96ji 

•&S7 

Oslo 

OBX 

721.96 

73W 

-1JJ4 

London 

FTSE 100 

4,840.70 

4,97020 


Madrid . 

Stock Exchange 

557 J® 

581.09 

-3J» 

felfian ' . 

MlfiTEL 

15264 

15899 

^2.76 

Paria 

CAC40 

2j6S^4 

2,849.03 

-2.79 

Stockholm 

SX 18 

3,144.15 

3,312.73 


Visnna 

ATX 

1^4 *J» 

1.386.57 

-2jB5 

Zurich 

SPI ■ 

3^38.70 

3.63&JB7 

-SJ5 

Source: Teiekurs 


leieniMiitei HeroU Trttaac 

Very briefly: 


kroner per share. That’s equal to 
t/0 kroner i 


about 470 kroner per Class B share, 
as A shares are convened into B 
shares next year. The Danish gov- 
ernment will pay a 3-kroner tax on 
each share sold to Ameritech. 

(Reiners. Bloomberg, AP) 


\ 


ti ' 


\ Bloomberg Nem 

NAPLES — Italian prosecutors 
charged 11 Philip Moms Cos. ex- 
-ecutives Monday with evading pay- 
ment of corporate taxes on income 
of as much as 10 trillion lire ($5.76 
billion) over the past decade. 

The Naples prosecutor Raffaele 
Marino brought charges of “fiscal 
fraud” against Walter Thoma, 
chairman of Philip Morris Inc., the 
U.S. tobacco company's Swiss- 
based unit, and 10 other execu- 
tives. 

According to the indictment, 
Philip Morris had “income, gains 
and other positive revenue,” which 
was not declared, totaling 9.65 tril- 
lion lire between 1987 and Much 
.1996. The indictment also said 
Philip Morris deducted fraudulently 
370 billion lire in expenses. 

: Apart from Mr. Thoma,' toe in- 


dictment named Paolo Ferrari, Gio- 
vanni Pozzali, Paolo Degola, Maur- 
izio Zaccheo, Carlo Giarre, Aleardo 
Guido Buzz i, Heinrich Christen, 
Hugh Simon Brass, Hans Rudolf 
Keller and Rudolph Schweizer. 

Naples prosecutors last year 
opened the investigation into wheth- 
er Philip Morris had underpaid its 
taxes in Italy by pretending that in- 
come earned in toe country came 
from elsewhere. 

In January, Philip Morris reiter- 
ated to an Tmlian parliamentary 
c ommitte e hearing that it had paid 
all the taxes it owed in Italy and 
criticized its contract with the state 
cigarette monopoly. 

The dispute revolves around toe 
tax treatment of royalties paid to a 
Philip Morris unit for cigarettes sold 
by the government’s tobacco mono- 
poly. 


Rich Nations Pledge to Aid Poor 


Reuters 

GENEVA — Major powers and 
rich emerging economies pledged 
Monday to open their markets and 
provide “aid to trade” in a pro- 
gram to bring the world's poorest 
countries firmly into toe global 
economy. 

The promises were made during 
die opening session of a two-day 
conference called by the World 
Trade Organization and five other 
key international agencies on toe 
problems of toe 48 least-de- 
veloped countries. 

Trade officials said the United 
Stales, the European Union. Japan 
and Canada as -well as smaller 
traders such as Norway, Thailand, 
Morocco, Hungary, Singapore, In- 


dia and Egypt outlined their own 
plans for helping toe least-de- 
veloped countries. 

The WTO's director-general, 
Renato Ruggiero, said at toe meet- 
ing, attended by trade minis ters 
from many of the 48 countries that 
are mainly in Asia, Africa and the 
Pacific region, that toe poverty in 
which many people in toe those 
countries was unacceptable. 

But die global trading system 
the WTO admini sters COuld 
provide toe support to convert the 
poor co on tries, which include Tan- 
zania, Bangladesh, Haiti and Pap- 
ua-New Guinea, into some of “the 
most dynamic trading nations of 
toe 21st century,” be said. 

The pledges Monday marked “a 


• forward” toward his own 
aim — first presented at a meeting 
of the Group of Seven industrial 
powers in Lyons last year — to 
have all tariffs and other barriers to 
products from the least-developed 
countries lifted in the near future. 

But trade diplomats and ana- 
lysts from developing countries 
said many of the oners were only a 
repackaging of programs already 
announced, while others were 
vague with little concrete detail. 

“It will be interesting to see 
how far these offers will be bound 
and not subjected to conditions,” 
said Rubens Ricupero. secretary- 
leral of toe United Nations Con- 
ice on Trade and Develop- 
ment 


• Micro Compact Car AG, toe joint venture of Germany ’s 
Daimler-Benz AG and toe Swiss watchmaker SMH AG, said 
its Smart car project would break even by 2004. The two-scat 
Smart, which will compete with Rover Group PLC's Mini 
and Ford Motor Co.’s Ka in Europe’s fastest-growing car 
segment, the sub-mini class, will go on sale in March. 

• Daimler-Benz AG’s Mercedes unit plans a news conference 
Wednesday to discuss the rollover of its A-Class subcompact 
car during a test drive last week by journalists in Sweden. Last 
week Daimler said the accident which occurred just days after 
the A-CIass reached showrooms, was caused when the car was 
deliberately driven beyond its technical limits. 

• Reed Elsevier PLC wants to sell its British consumer 
magazines unit to focus on professional publishing as it prepares 
to merge with Wolters Kluwer N V. The unit I PC Magazines, 
has more than 70 titles including TV Times, Woman s Own, 
Country Life, New Musical Express and Loaded. It earned £63 
million ($102.9 million) on sales of £3 14 million last year. 

• Electrolux AB deflected speculation that it was preparing to 
buy Sunbeam Corp. of the united States. The Swedish white- 
goods maker said such a purchase “doesn't seem totally 
logical ’ ’ given toe fact that it is concentrating on cost cutting. 

• The European Commission has cut subsidies on beef exports 
by as much as 15 percent amid heavy demand from exporters. 
Under trade agreements, toe European Union must limit sub- 
sidized beef exports to no more than 1,010.000 metric tons. 

• Groupe des Assurances Nationaies SA posted a first-half 
profit of 1 14 million French francs ($19.1 million), reversing 
a loss of 965 million francs in toe first half last year as revenue 
from domestic casualty insurance and banking soared. 

• Leemhuis & Van Loon, toe Dutch brokerage that was 

raided by police as pari of an inquiry into suspected insider 
trading, bribery, fraud, forgery and tax violations, will be 
placed under caretaker management, toe Amsterdam public 
prosecutor said. Bloomberg. Reuters 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 28. 1997 


PACE t 


ASIA/PACIFIC 


* U.K. Firm Seoul Markets Fall After No Quick Fix 


Gets a Lift 

With Deal 
In Malaysia 

Bloomberg Nmv 

KUALA LUMPUR — Cos- 

■ tain PLC, one of the oldest con- 
i'. struction companies in Britain, 
; go* a much-needed lift Monday 
. it signed a contract with 

four Malaysian companies to 
' build a £442 million rail link 
between Kuala Lumpur and a 
• new airport at Sepang. 

C o s t ai n , which was brought 
l, back Bom the brink of insolv- 
I ency last year when Malaysia's 
i Intria Bhd. bought a controlling 
: 37.2 percent stake, is asking 

■ shareholders next week to ap- 
prove a plan to issue 130 mil- 
lion new shares. 

The rail contract may en- 
courage shareholder support for 
Costain’s plan, which would 
raise $77 million. 

Costain’s shares have been 
suspended on the London Stock 
Exchange for the past year, 
after the company was declared 
i insolvent With the capital in- 
crease, Costain’s shares could 
resume trading by Nov. 7. 

The rail contract is Costain’s 
first Malaysian project since In- 
tria bought its stake. Costain’s 
; Malaysian unit. Costain (M) 
Sdn., has a 13 percent stake in 
die venture that will build the 
57-kilometer (36-mile) rail link 
running south of the capital 

The 1 -5 billion ringgit ($442.2 
million) project will Unk Penang 
island in the north to Peninsular 
Malaysia. The venture is led by 
Tabling Haji Technologies Sdn., 
a unit of Malaysia’s state-owned 
Pilgrims’ Fund. 


By Velisarios Kattoulas 

. International Herald Tribu ne 

"TOKYO - — The South Korean won slid to a 
record low against the dollar and stocks fell to 
the ir low est level in five years Monday after the 
government tried bat failed- to soothe investors 
spooked by the turmoil swee ping Asian financial 

-markets. 

The latest drop in South Korean and other 
Asian financial markets underscored the lank of 
any quick fixes for the region, analysts said. More 
impo rtant , they said, it highlighted die need for 
long-term policies — probably using taxpayer 
money — to pull the region's financial insti- 
tutions back from die brink of col lapse, 

“All the governments in the region can do is to 
address the problems in a way that builds their 
credibility,” Miron Moshkat, chief economist 
for Lehman Brothers in Asia, said in Hong Kone.- 
“And they must do it and in a manner that u 
transparent, minimizes ambiguity and is con- 
sistent with the problems at hand.” 

After the won and stocks plummeted last 
week, the government scheduled a special meet- 
ing of economic advisers for Monday and hinted 
at emergency measures to stabilize shaky fi- 
nancial markets. 

Indeed, the local media reported over die week- 
end that Seoul might lend money to local broker- 
ages to support share prices, which have fallen by 
nearly one- third since the be ginning of the year. 

But tfaemeeting disappointed investors, as Pres- 
ident Kim Young Sam made only vague pledges 
to hasten the introduction of previously an- 
nounced measures to support financial markets. 


“Various steps have been taken to stabilize the 
market/ ’ Mr. Kim told his ministers at the meet- 
ing. “But I hope the prime minister will work on 
die minute details and ensure they are imple- 
mented without any setbacks.” 

Mr. Kim was referring to the announcement by 
the government this month that it would let for- 
eigners own larger stakes in listed companies. 

At the meeting, Mr. Kim also urged Kang 
Kyong Shik, the deputy prime minister and min- 
ister of economy and finance, to “come up with 
measures so that the financial market can quickly 
recover.” 

Following the meeting, the Seoul bourse gave 
up early gains of more than 1 percent as investors 
dumped! South Korean stocks. The Korea com- 
posite index finished down 18 points, or 3/28 
percent at 530.47, its lowest close since Septem- 
ber 1992." For every stock that rose, six fell. 

The dollar rose to a record high of 939 JO won 
from 92930 on Friday. 

hi the first 25 days of October, foreigners 
investors, who account for about 6 percent of 
daily trading, sold $635 million more stock in 
South Korean companies than they bought ac- 
cording to the exchange. 

. Chipmakers and ou refiners led the market 
lower Monday. 

The electronics subindex fell 6.1 percent to 
325.1 points, after news reports said the price of 
the benchmark 16- mega bit memory crip had 
fallen below $5. Analysts said the decline would 
make it almost impossible fen* the South Korean 
companies that dominate the memory-chip mar- 
ket io make money. 

Shares in Samsung Electronics Co. fell 7.9 


percent at 48,000 won ($51.65). Shares in LG 
Semi con Co. fell 7.7 percent to 20300 won. 

Among oil refiners, Yukon g Lid/s shares fall 
most sharply, ending down 7.4 percent at 13,700 
won. Like other refiners, the company was hit 
hard by the won’s fall against the dollar. 

LG Research Institute estimates that a 1 per- 
cent drop in the won against the dollar reduces the 
profit-to-sales ratio at South Korean refineries by 
23 percent. 

Stocks of companies in the bankrupt Kia 
Group plunged after prosecutors said they might 
investigate Kim Sun Hong, Kia’s chairman, fol- 
lowing allegations of embezzlement 

Shares in Kia Motors Coip., Kia’s flagship 
company and South Korea's ihird-largesr car- 
maker, tumbled 7.9 percent, to 8.630 won. 

But Ssangyong Paper Co. stock rose 7.8 per- 
cent to 26300 won. after the announcement that 
the company would be taken over. Procter & 
Gamble Co. said it would buy a 25 percent con- 
trolling stake in the paper maker for $69 million. 
The U.S. company raid it would bring its stake to 
SI percent by the end of the year, to increase its 
share in South Korea's rapidly growing markets 
for toilet paper and other sanitary products. 

Analysts have warned that a failure to address 
the weakness of financial markets with skill 
speed and determination could slow economic 
development across Asia significantly. 

“There are not necessarily any short-term 
solutions,” Mr. Moshkat said. The process of 
recovery, he added, “could be protracted and 
involve what one might call creative destruc- 
tion” to build more efficient financial systems on 
which to base future economic development. 


Mitsubishi Companies Sink Deeper Into Payoff Scandal 


CompBed by Ota Snjf From Oopa-fca 

TOKYO — Mitsubishi companies sank 
further into a corporate gangster scandal 
Monday as Mitsubishi Estate Co. became 
the third to admit malting payments to a 
racketeer. 

The Mitsubishi scandal is centered on 


estate company, admitted Monday that it 
had made remittances to the account of the 
resort house company. 

“Our company paid fees as part of its 
employee social benefits after making a 
contract with Honma International which 
runs the summer house,” Mitsubishi Es- 


KING: Horror-Novel Writer Sends a Shudder Through Publishing 


' Continued from Page 13 guin, Mr. King earned almost 

$16 million for each book 
But recently, Mr. King was based on a four-book sale for 
forced to share the rarefied air $633 milli on, 
of superstar status after Vik- The bottom line for Pett- 
ing's corporate parent, the guin Putnam is apparently the 
British media conglomerate view that Mr. Clancy sells so 
^Pearson PLC, acquired die many books that he will earn a 
Putnam Berkley Group early profit even with a sizable ad- 
-this year and created Penguin vance. 

Putnam Inc. That brought into Mr. King, who lives in 
the same stable the author Maine, was unavailable for 


rivals. Although Mr. Greene 
said that Mr. King’s relation- 
ship with Penguin Putnam had 
ended, Marilyn Ducksworth, a 
senior vice president for the 
company, said gamely, “As far 
as we’re concerned, we are still 
in negotiations.” 

. The flap over Mr. King 
leaves publishers playing out 


Mr. King, who lives in the standard tension scenes of ers. “All it takes.” he added. 


ToatClancyi' whose sales re- -''CoinmenL -His . lawyer and 
cord far outstripped Mr. ' agent of 10 years, Arthur 
King’s. In 1996, according to Greene, said the author was 


Maine, was unavailable for any honor movie as they war- 


> ;i'; 


JKing’s. In 1996, according to Greene, said the author was 
Publishers Weekly, Mr. traveling in Australia. . 
Clancy sold more than 2.4 Mr. Greene said that Mr. 
million copies of “Executive King had decided to sever ties 
Orders” while Mr. King sold with Penguin Putnam after 
I_5 million copies of his reaching an “impasse,” 
honks which he declined to d6- 


I_5 million copies of bis 
books. 

In the top echelon of the 
publishing industry, the con- 


which he declined to de- 
scribe. 

“There were aspects that 


ventional wisdom is that Mr. he wasn’t satisfied with. He 


King was bolting Penguin 
Putnam because be was iiked 
that Mr. Clancy had nego- 
tiated a more lucrative deal. 
In August, Penguin Putnam 
announced a complex deal 
with Mr. Clancy that includes 
a partnership to develop on- 
line games and the publica- 
tion of two novels. 

Penguin Putnam officials 
declined to reveal the total 
cost, but publishing execu- 
tives estimate that Mr. Clancy 


became a bit stale,” Mr. 
Greene said, adding that he 
was referring to the author’s 
treatment and growth. 

Mr. Greene said he had 
“no idea” how much Mr. 
Clancy made on his contract 
with Penguin Putnam and that 
Mr. K in g was simply search- 
ing for a “new, enduring re- 
lationship.” Mr. Greene also 
declined to elaborate in detail 
about wbat Mr. King is hunt- 
ing for, but he said, “it’s the 


could earn more than $20 mil- pubfishing strategy pnncip- 
lion for each book, which ally and, of course, financial 

does not include money spent considerations. 

on the on-line ventures, Mr. Kfog s spumed publisb- 
bringing the estimated total of er. Penguin Putnam, is rayi^ 
the deal to nearly $100 mil- little publicly while k«arty 
lion. In his last deal with Pea- watchmg the actions of its 

INDONESIA: Asian Test Case 

Continued from Page 13 

and rumors that even more bailout money may be needed, the 
IMF nackaee has not convinced investors that it is a sound 
basis toeronomic recovery in Thailand. Share prices there 

die to completion, have assumed mcreased im- 
P °K < IMF-Ied team met Indonesian officials Mondaytotiy 

?1 UuSSSf 

sound. Anwar Ifedum, Mtu y* ^ Jakarta. “We have 

™ ** ***** m 
Tj.’Si'S’toS toJ it W °uld provide ftoaoetol 

said to a 

the Indonesian S oven 2]fJL, will be restored in Indonesia. 

-‘Sr so- po^e Sipples 

Ong SinBeng. an inJakarta was to agree on 

critical task confidence in Indonesia s econ- 

refonns that would restore ***** 

omy and banking system ^ increased foreign 

“The key sign s ® J£*L5JL the gradual dismantling of 
participation mthe pnva ^^^geessby tbeauthotmes^o 
an uneven tariff said. ’^Progress on these fronts 
allow some bank failures, would offer a convmcuj^ 

Indonesia s bua- 

nesses is ai long last bang 


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KStftanCetf tarns of prior u oraBmra. 


last week. 

Over the weekend, it was 


payments to a company run by the wife of tale said, declining further comment dur- 

the reputed gangster Terubo Tei, sup- inepolice investigations. 

posedly in return for using a summer resort The Mitsubishi companies fell into the 


louse south of Tokyo. mire of the gangster scandals that have 

Mitsubishi Estate, Japan’s leading real engulfed other sectors, including Japan’s 


ily pass each other in Man- 
hattan restaurants. Will a 
competitor take the plunge 
and pay Mr. King an enor- 
mous advance? 

“What’s interesting about 
this is to see whether all this 
talk about a recession in the 
book business has bad some 
impact,’ ’ said one of the play- 


for allegedly paying more than In die financial sector, 24 
9 milli on yen ($73,710) to Mr. executives have been arrested 
Tei and another racketeer to from Nomura Securities Co., 
buy their silence during an- Yamaichi Securities Co., Nik- 


nual meetings. Mr. Tei was 
arrested last Wednesday on 
charges of receiving money 
from Mitsubishi Motors. 


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Very briefly; 

• Taiwan posted moderate trade growth with China, despite 
Taipei's caution against close economic ties with Beijing 
Indirect trade reached $15.22 billion in the January- August 
period, up 8 5 percent over the same period a year ago. 

• Sumitomo Bank Ltd. slashed its half-year earnings es- 
timate by 78 percent to 1 1 billion yen and said it would report 
a 440 billion yen ($3.6 billion) loss for the full year as ii htuo 
off 800 billion ven in bad loans. Sumitomo also said it w ould 
trim its 15,500 work force by 700 and close or merge 30 ot its 
350 branches in Japan in the next two years. 

• Gajah Tunggal Group plans a $2 billion 50-50 joint' 
venture petrochemical plant in Indonesia with Dow Chemical 
of the United States. The news pushed the Indonesian com- 
pany's share prices 5 percent higher to 525 rupiah IS14.60). 

• Some small Chinese banks and credit cooperatives could 
sink inro bankruptcy because of bod loans, although a banking 
crisis was unlikely, the governor of the People's Bonk of China. 
Dai Xianglong, was quoted as saying in the China Dai!>. 
Beijing has set aside 30 billion yuan ($3.6 billion.) a year t«> 
write ofT bad debi this year, and 40 billion yuan for next year ■ 

• Acer Inc.'s pretax profit in the first three quarters fell 24 
percent to 1 J / billion Taiwan dollars ($5 1.7 million) because 
sales at two of its biggest units— Texas Instruments- Acer Inc. 
and Acer America Coip., fell below expectations. 

• Passenger traffic on air carriers in the Asia-Pacific regum 
will grow at an annual rale of 8.5 percent between 1995 and 
2000. compared with the global growth rate of 5.5 percent, the 
International Civil Aviation Organization said. 

■ Japan’s vehicle production rose 1.1 percent in September 
from the same month a year earlier, to 933.754 units, the Japan 
Automobile Manufacturers Association said. The increase 
was the 12th in the last 13 months ns carmakers continued in 
raise output to meet overseas demand \fp k, ~ 


top four brokerage houses, Mitsubishi Motors was the 
when four Mitsubishi Motors first Mitsubishi company and 
Corp. officials were arrested the first company in the Jap- 


Because of technical difficulties, the 
Investor’s Asia chart couJd not be 
published today. We regret the 
inconvenience. 


anese automaking sector to be 
accused of paying off such 


revealed that 10 companies of gangsters, who are known as 
the Hitachi group, Dai Nippon sokaiya. 

Printing Co. and Asahi Bank Sokaiya traditionally ex- 
Ltd. had also paid money into tort money by purchasing 
the “holiday house” account shares in companies and then 
held by racketeers. threatening to disrupt their 

Shares in Asahi Bank and annual shareholders meet- 
Hitachi Ltd. and other Hitachi fogs and reveal damaging 
companies fell Monday in re- coiporate information, 
sponse to the affair. Such payments to racket- 

The four senior Mitsubishi eers are banned by Japan's 
Motors officials were arrested commercial code, 
for allegedly paying more than In die finan cial sector, 24 
9 million yen ($73,710) to Mr. executives have been arrested 


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INTERNATIONAL HERALD XEUBUNE, TUESDAY,, OCTOBER 28, 1997 


THE REMAKING OF ROMANIA 


PAGE 19 


i A yem 3&Qj ItofnaoJans 
tdoctod a go ve r nment that 


promise to remake the 
county, the post year has 
9**no transformation of 
the state’s role h the 
economy aodfto 
relationsh ip with the 
ofozenry. The new 
government has worked 

hard to assure the people 

taatthetransttloatoa 


accom pa n ie d by hardship, 
was necessary to buid a 
hoamereconomy.lt has 

won thek support, as wed 
as that of the intentional 
financial and business 
comranHy. 



E eOmdea Bacau# 1 

•Ouj-Napoca | 

•Trau Mures Galati* 
ad BraSa* 

•Timisoara ROMANIA •Brasov 


Bucharest® 


I y\ 

Constantsa! . \ 


Craiova 


Next Up for NATO 


ia the back g roun d. 




Economic Reform Begins to Produce Results 

7%e government, which has been in office for one year, has broken with the past, and Romania is making a promising new start. 


U pon taking office in November 1 996, the new Ro- 
manian government promised to make a radical 
break with the past and all its practices. The reasons 
for doing so were clear. The country was in the midst of a 
ballooning economic crisis, caused by the previous gov- 
ernment’s reluctance to institute badly needed but unpopular 
economic reforms. 

In 1996. Romania ran a current account deficit of 7.4 
. percent of gross domestic profit and a budget deficit of 3.9 
percent of GDP. These imbalances and the borrowing they 
triggered fueled inflation, which averaged 57 percent for the 
year. GDP was $36.5 billion in 19%. 

The deterioration of the country’s financial fundamentals 
sapped the health of the perpetually hail leu, the country’s 
currency, and of the country’s economy as a whole. 

The new government, Jed by President Emil Constantm- 
escu and Prime Minister Victor Ciorbea, refused economic 
procrastination. It took a series of draconian measures, 
among them the raising in March of the Lombard, the ceding 
short-term rate, and other lending rales charged to com- 
mercial banks to new all-time highs. 


The rate hike caused the banks, scrambling for cash, to 
boost their rates of deposit to nearly 100 percent Romanians 
of all description rushed to take advantage of these sky-high 
rates, consigning record amounts of cash to the country’s 
banks. This took die steam out of the inflationary spiral and 
curtailed the wholesale purchasing of foreign goods. 

To cut the budgetary deficit, the Ciorbea government 
lopped direct and indirect subsidies to industrial companies. 
The former had accounted for 10 percent of the national 
government’s expenditures. The latter was largely comprised 
of artificially cheap prices for energy, which foe government 
raised six-fold. The government also drastically pruned the 
budgets of foe individual ministries. 

lie measures have produced the desired results. The 
country ran a 0.7 percent rale of monthly inflation in July, 
before it rose to 3 3 percent in August 
The country’s office of statistics views foe “true” annual 
rate as somewhere around 20 percent, according to a report 
appearing in Handelsblaft, foe German business daily. The 
trade deficit has been cut by a quarter. 

While handling the country’s pressing problems, the gov- 


t 


eminent found time to em- 
bark upon the restructuring 
of the fabric of Romanian 
economic life. More than 200 
major pieces of legislation 
have been approved and en- 
acted since foe Ciorbea gov- 
ernment entered office. The 
new legislation has kicked 
the country’s privatization 
process into high gear. Ac- 
cording to foe State Own- President BnBConstantkiescu. 
ership Fund, the country’s 

main privatization agency. 1 .089 companies were privatized 
from January 1 to September 15, 1997. Of them. 21 were 
laige-sized 

Privatization has swelled the share held by foe private 
sector in foe country’s economy from 52 percent (as of foe 
end of 1996) to 66 percent today, according to the National 

Continued on page 21 


T he development of 
Romania’s bid to join 
NATO in the spring 
and early summer this year 
was reminiscent of a horse 
race described by British 
jockey-tumed-novelist Dick 
Francis. Discounted by all 
the touts, a dark horse surges 
from the back of the pack, 
< gathers speed during the 
| home stretch and almost fin- 
gishes in the money on July 

|r 

§ But this story 1 is set to have 
| a sequel, one with a happy 
ending for Romania. 

NATO has announced 
plans to conduct a second 
wave of expansion in 1999. 
Based on commitments 
made by President Bill Clin- 
ton of foe United States and 
on foe continuing support 
shown for Romania by 
France and other European 
NATO members. Romania 
can confidently count on get- 
ting foe nod, according to a 
wide range of international 
| reports. 

5 In addition to its large 
a army and relatively high 
a level of defense spending, it 
5 was Romania’s geopolitical 
location that has brought 
about much of this European 
support. 

That might seem a bit 
strange, as Romania is smack 
dab in foe middle of the tur- 
bulent Balkans. 

With foe notable exception 
of Hungary, each of Ro- 
mania's neighbors is or re- 


cently has been in a state of 
upheaval. 

The argument has been 
made that foe Atlantic alli- 
ance should steer clear of 
making commitments to 
countries in foe area, with its 
political uncertainty and lo- 
cal “brush fires.” 

Cordial relations 

This is a faulty analysis, say's 
a senior Romanian govern- 
ment spokesperson: “As foe 
events in Bosnia have shown. 
NATO can’t and won't shirk 
from its role of being 
Europe's foremost peace- 
keeper. And that's precisely 
foe attraction of Romania. 
Because we have managed to 
maintain cordial relation- 
ships with all of our neigh- 
bors throughout their crises, 
and because we are a po- 
litically stable country, Ro- 
mania can serve as a safe 
base and conduit for peace- 
making initiatives in the re- 
gion.” 

While foe outside world 
considers Romania a shoc-in 
for future NATO member- 
ship. foe country's leaders are 
working to maintain and 
even increase foe momentum 
for membership. 

Since July 8. Romania has 
announced a wide range of 
plans to enhance its armed 
forces' interoperability with 
those ofNATO. It has also set 
up a NATO information of- 
fice in Bucharest 

Terry Swartzberg 


k tVnl M Vi, i'.j . 


The Number One Investor 

In Romania 










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PAGE20 


INTEREVATIONAX HERALD TRIBUNE, TUESDAY, OCTOBER 28, 1997 


SPONSORED SECTION 


THE REMAKING OF ROMANIA 


Fledgling Capital Markets 

RASDAQ, the Romanian overthecounter market, was foun- 
ded in October 1996. Four stocks were listed initially, and 
trading increased to over 3,600 by the end of September 
1997. Market capitalization increased from $303.7 million 
In November 1996 to $2,055 billion in September 1997, 
according to figures released by Bucharest Investment 
Group Brokerage. 

Trading is concentrated in the top 20 stocks, which 
account for 55 percent of market capitalization and for more 
than SO percent of daily turnover. The most actively traded 
stocks on RASDAQ have been cement stocks, followed by 
chemicals, oil and gas. and steel. 

The Bucharest Stock Exchange reopened in November 
1995 after being closed fbralmost 50 years. The number of 
companies listed has grown steadily, from 12 to the current 
63. There are two levels of listing on the BSE- Trading is 
dominated by the 11 companies listed in the First Tier, 
reserved for companies with a good financial track record 
over the last three years and a steady cash flow. 

The Second Tier Is made up of “entry-1 eve!” companies. 
Market capitalization has increased from $100 million in 
November 1995 to $651.85 million in early October 1997. 
Chemicals and pharmaceuticals are the most actively 
traded sectors on the BSE AJ. 


The Buchanstf Stort Exchange. Martetcapitalizatknmse from $1 00 in November 1995 ta$ttA5mOkri giegfy October 1997. 


Going Out of Business: 5,500 Companies Have Got to Go 


The Romanian privatization agency plans to have sold off 2,500 companies by the end of the year. 


R omania's new centrist government has identified the 
acceleration of privatization and reforms as priorities 
for the following months. Since Prime Minister Victor 
Ciorbea took office almost one year ago, his cabinet's 
privatization campaign has seen some clear results. 

The rate of privatization has increased, with 1 ,089 state- 
run companies sold from January to mid-September, 45 
percent more than during die same period in 1 996. 

Hiving off manufacturers 

The “greatest success story of the year,” says Sorin Diraitriu, 
the president of the State Ownership Fund (Romania’s 
privatization foody), was die sale last month of a 51 percent 
stake in Romania's largest cement maker, Romcim, to La- 
farge, a French maker of construction materials, for $200 
million. Lafarge will also invest another $200 million in the 
company over the next four years. 

The SOF is currently negotiating with foreign companies 
to sell its majority stake in stainless steel maker Otelinox and 
one of Romania’s largest refineries, Petromidia. 

After announcing and proceeding with the liquidation of 1 7 
loss-making state-run companies, the government is putting 
pressure on the oversized negii autonome, state-run companies 
with monopolies in certain industrial sectors, to proceed with 
restructuring, corporatization and privatization plans. 

At the beginning of die year; some 6,300 companies were 


earmarked for total or partial privatization. The short-term 
goal is to have privatized 2^00 companies by the end of the 
year and then another 3,000 in 1998. 

Currendy, the SOF holds majority stakes in about 5,000 
companies. 

Romania’s privatization process started in 1990. -The 
capital of some 8,700 state-owned companies was split 
initially between the SOF, which took a 70 percent share in 
each company, and five Private Ownership Funds (POFs), 
which split the remaining 30 percent 

The previous government managed to privatize about 
3,000 companies, with sell-offs carried out in three ways: 
management and employee buy-outs, direct sales to strategic 
investors by die SOF and the Mass Privatization Program, 
under which more than 1 6 million citizens exchanged vouch- 
ers for shares. 

New, diverse methods 

The SOF’s new leadership decided to diversify privatization 
methods in older to facilitate access for foreign investors. 

Securities firms and investment banks will be used as 
intermediaries in direct negotiations with investors selected 
by the fund. Some 1 7 foreign investment banks and securities 
firms with experience in privatization have already made 
offers to die SOF, following an ad placed in the international 
press by the privatization agency in early June. 


SPONSORED SECTION 



OVER-THE-COUNTER’. 

Privatization 1 

. S 

Open auctions on an OTC exchange is a CEEftrst. 

F ollowing a decision to boost the rate of privatization,’"*- 
Romania’s main privatization agency, the state Own- -' 
ershtpFund (SOT) will use focal capital markets— the 
Bucharest Stock Exchange and RASDAQ, fee over-fee* * 
counter market — as vehicles to sell its majority or con- * 
trolling. stakes in state-owned companies. ■ 

The use of the open; auctions via die over-the-counter^ 
maricet'fbr privatization is a first for reforming economies m 
Central and Eastern Europe. The method is meant to increase*- 
the transparency ofthe sell-offe anclTO add more flexibility to" 


According to Bogdan Baltazar, vice president of die SOF, 
around 88 big companies will benefit from this privatization 
technique. Among them are die successful steelmaker, Sidex 
Galati; Romania’s sole tractor-maker, Tractorul Brasov, car- 
maker Automobile Dacia Pitesti; and the country’s biggest 
heavy-machines producer, Faur BucurestL 

Auctions and public offers 

The SOF is also planning to sell companies on local and 
Hitemational capital markets. About 20 Romanian state-run 
companies are to be sold on the London stock exchange, 
while another 15 have been selected for the Greek Thes- 
saloniki stock exchange. Local markets — the Bucharest 
Stock Exchange and the RASDAQ over-the-counter market 
— will be used to sell shares in companies already traded on 
the stock markets through open auctions or public offers. 

In parallel, the government will proceed with the bank 
privatization program, a main reform goal and a move that it 
hopes will win support from the International Monetary Fund 
and the World Bank. Earlier this year, Romania passed a bill to 
privatize six state-owned banks. The Romanian Development 
Bank is expected to be privatized in fee first half of 1998. 

In order to facilitate the negotiating process wife foreign 
investors, die SOF will create six regional centers to cany out 
sell-offs for stale companies located in each region. 

Anca Ionita 


■the whole process. •' 

RASDAQ was set up in October 1996 to trade shares oP- 
around 5,000 companies that had been distributed to the ** 
public in the mass privatization program. # ^Im- 

partial privatization via RASDAQ will use a **spcctal:QpeiT* r ’ 
auction” methodology with computer-based trading, under- 
which the SOF will sell its minority stakes (up to around 47'fc 
percent) in a package of five state companies. *■ 

The program got off to a Successful start on Friday, when'^ 
all five companies in the first auction were sold. 

The SOF has scheduled the next auction for Nov. 20. when f 
four companies will be put up for sale. ** 

The SOF has developed criteria to select companies whose' - ' 
trading history indicates sufficient liquidity of shares and* J 
whose financial and legal status is clear. The auctions will be" 
held after regular dally trading hours in three rounds of 
bidding of 30, 20 and 15 minutes. ,1 - 

The SOF also selects the securities companies that act as*- 
auctioneers out of the 125 brokerage firms currently op-' ,T 
erating on the local capital markets. The SOF licensed 71"- 
brokerages to participate in the Oct. 24 auction. The selling >' Jj 
brokers have one to two weeks to advertise in local and ™ 
international media, especially via Internet, for the fiye~° 
company package they sell, thus substantially increasing’ 
SOF’s information network- 

The targets are foreign portfolio investors, whose access to *-' 
the capital markets has been eased by new legislative changes 
on repatriation of portfolio investments. "I 

Computer software with a bid-updated screen available to 
licensed brokerage companies allows bidders to enter bid- 2 ' 
quantities and bid prices for die shares offered. The system-* 
also ranks the bids. 

“If the operation works, it would be the most spectacular 
privatization technique in the world,” says Septirniu Stoica. 
president of RASDAQ. •* 

SOF is planning to sell shares in 1 ,000 state-tun companies Tt 
via RASDAQ by fee end of 1998. ’ u 

The privatization agency will also sell stakes in important 
state-run companies through public offers on the Bucharest . 
Stock Exchange. . - 

The first company to be privatized on fee bourse will be 
Romania’s largest producer of industrial switching equip- 
ment, Electroaparataj. 

The SOF has pledged to sell 29 companies on fee 
Bucharest Stock Exchange by fee end of fee year. | 

A.I. * 


\ * A! ' 








ROMANIA 


The State Ownership Fund 

has appointed as 

general financial advisor for Privatisation 

Maison hazard, et Compagnie 


* strong ; 



^ESSXAL; A; 


V'l 


October 1997 


m 



/ I • sooeof the world 1 * leadhig tobacco companies, 
j\ | founded in 1875, we base oar success an beMef 
I ) hr people. In Romania, the 550 employees who 
LJ L_1 have Joined ua since 1994 have proved that it 
works. Wo brought from a now future, they brought as to 
no.1 m the h itemational segment of this dynamic market 
Wo knew they would. 


OVER 18*000 PEOPLE IN 170 COUNTRIES. 





'* * i' ■ "T 












INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 28, 1997 


RAGE 21 


SPONSORED SECTION 


\ 


THE R EMAKING OF ROMANIA 


Are Romanians Spending More? 

The market for consumer goods is very price-sensitive. 


agei; Romania, for RJ. 
Reynolds Tobacco. 
“Lower-priced brands ac- 


T flkrfoSbut it seer^f" Jl? nC ex P IaiIatioD often trot- 

^ ^ to explain tfais con- 

manians' consumptiSi R Jf SE S to°r nPt | 5,L "Lowei^ncea oranos ac- 

consumer goodsis „ sine Sol? exptenanon, count for the vast buBc of foe 
There is, however a is bang fin- Romanian market, and our 

ofoedfolecxptotio^asfo 2^^ ^ ^^competitively 
where the money is coming 
from. 


A World Bank study found 
that sales in Romania's retail 
sector grew nearly six-fold 
from 1991 to 1996. 

The government's own 
statistics do not jibe with 
these findings. They report a 
.rise of 63 percent in private- 
*«ector consumption over the 
last four months, but indicate 
that the figure is 48 percent 
below the last year of the pre- 
revolution era, 1989. 

The kiwi indicator 
Anecdotal evidence of an in- 
crease in consumer pur- 
chases includes the ever- 
greater number of cars seen 
in downtown Bucharest and 
the country’s major high- 
ways, rising numbers of fest- 
food outlets going up in the 
capital and high sales figures 
for kiwis. 

The kiwi was unknown 
before the early 1 990s in Ro- 
mania and is still a rather 
expensive fruit in the coun- 
hy. 

“Sixty tons of kiwis are 
bought every day in 
Bucharest’s central market,” 
reports Bogdan Teodorescu, 
secretary of state in Ro- 
mania's Department of Pub- 
lic Information. “We now 
have quite a few tycoons in 
Romania, but you can't tell 
me that they alone are buying 
up the fruit” 

“Disappearing reserves” 


serves accumulated over the priced brands has been a key 
last few decades, during foe feature of our success,” he 
golden era” of the Ccau- wMe 
sescu regime. This ability is derived 

The problem with this line from RJR’s decision to be- 
°f reasoning is that foe era come foe first Western to- 
was anything but golden. bacco producer to setup pro- 
lt left Romania wifo one of duction facilities in 
foe lowest standards of living Romania. “Although we pay 
tn Europe and little oppor- some of foe highest wages in 


tunity to accumulate sav- 
ings. 

Rather than declining, the 
amount of money being 
saved by Romanians has 
been rising. 

Total household savings 
staged a sharp 65 percent rise 
over the fast few months, re- 
ports foe National Bank of 
Romania. 

Another explanation is 
that Romania’s “gray” econ- 
omy is larger and more pro- 
ductive than generally esti- 
mated, and that is pretty 
large: about one-half to two- 
thirds of the size of the coun- 
try’s “official” economy. 

Going load 

Western consumer-products 
companies now active in Ro- 
mania are eager to exploit 
this promising market 

“The key to being suc- 
cessful in this market is to 
realize its immense potential, 
to invest early and to tailor 
your products to foe realities 
of foe market, including very 
low consumer purchasing 
power and high price sen- 
sitivity,” says Michel 
Hehzmann, general man- 


Romanian industry, this 
move has allowed us to lower 
our operation costs,” Mr. 
Hehzmann says. 


It sounds like a simple for- 
mula for success: Build a fac- 
tory in Romania, manufac- 
ture affordable products in it 
and sell them on the local 
market at competitive 
prices. 

“Obviously, it’s not that 
simple,” says Mr. 
Heitzmann. “In our case, be- 
ing successful has entailed 
setting up a proprietary dis- 
tribution network — no easy 
matter. It has also involved 
accepting a large amount of 
risk, which hi sometimes 
translated into losses, as 
when the leu was devalued 
by 50 percent within a short 
period of time.” TS. 



Boys try out video games in a Bucharest store. Foreign consumer-products firms are eager to seiJ to Romania's promising market 


Economic Reform Begins to Produce Results 


* 


“The Remaking of Romania” 
was produced in its entirety by the Advertising Department of 
the International Herald Tribune. 

Writers: Catalin Dimofte and Anca lonita. both contributors 
to "In Review Romania." are based in Bucharest. 

Terry Swarcberg, a business writer based in Munich r . 
reported from Bucharest 
Program Director: BillMahder. 


Continued from page 19 

Bank of Romania. Many of these privatized companies have 
been purchased by foreign companies. 

All told, SI 3 billion has been invested from abroad over 
foe last six months, reports Andrei Dimitri u, president of the 
Romanian Development Agency. This is equivalent to two- 
thirds of the previous seven years' total. 

In terms of breadth and depth of activity, Daewoo is foe 
leading foreign investor in Romania. According to the 
company, it has already invested $289 million in the country 
and has plans to allocate twice that much to hs existing 
activities, which comprise the manufacturing and trading of 
automobiles, shipbuilding, distribution of consumer elec- 
tronics and banking. The South Korean giant is also bidding 
to acquire a majority stake in Petromidia, one of Romania's 
five largest refineries. 

Western technology companies also see Romania as an 
important new market as well as a potential source of 
collaborative projects. Lockheed Martin — a company 
known primarily as a defense contractor but whose core 
businesses include civil aeronautics, electronics and energy 
— is pursuing business partnerships in the country through foe 
Lockheed Martin/Romania Partnership Council. The com- 
pany has signed contracts to provide radar systems for both 
civilian and military use and to supply training and support for 
aircraft that Romania has bought from the U.S. government. 

Mr. Dimitri u predicts that the country’s FDJ (foreign direct 
investment) figure will reach around $4 billion by foe end of 
foe year. This inflow of capital is a reflection of international 
investors' growing confidence in foe country, a confidence 
stemming from foe rapid improvements in foe country's 
financial fundamentals and international ratings — and from 
new laws regulating foe conditions of investment 

These laws contain a number of controversial taxes and 
items. They also do not address all of foe international 
business community’s grievances. “Nevertheless, their sum 


total is to assure the- international business community of 
finding a level — if sometimes rocky — playing field in 
Romania,” says Niels Schnecker. senior partner of Sch- 
nccker van Wyk &. Pearson, an international law firm and 
strategic management consultancy. 

One important reason behind the international business 
world’s confidence in Romania is foe peace prevailing on the 
country's domestic scene. 

High school students re- 
cently marched through foe 
streets of Bucharest to mani- 
fest their displeasure at the 
beefing up of foe require- 
ments for the baccalaureate. 

Aside from demonstrations 
of this type, it has been re- 
latively quiet in the country 
over foe last few months. An 
eight-day strike in mid-June, 
staged by 6.000 coal miners, 
came to a peaceable end. 
with foe government agree- 
ing to give foe strikers a 23 
percent wage hike. 

The quiet is somewhat 
surprising, considering that 

the average real wage fell 30.2 percent over a seven month 
period (January to July 1997). This drop, in turn, is directly 
attributable to the 6.7 percent slump in industrial production 
unleashed by Mr. Ciorbea's decision to curtail subsidies to 
the manufacturing sector. 

Large though it has been, this slump could very well be 
outdone by foe government's ongoing closing down of the 
“dirty' sixteen.” These are large-sized, loss- and pollution- 
producing industrial, mining and refining “dinosaurs.” The 
closings will consign some 25.000 persons to unemploy- 
ment, hitting hard at Braila. Ploiesti and other cities in which 



Prime Minister Victor Cknbea. 


the companies are a main source of economic activity. 

Why then the relative quiescence? 

“In pan. because of the decision made by the government 
to provide many workers facing severance with "golden 
handshakes' amounting to between six and 20 months of 
wages.” sjv.n George Mucibubici. general director of the 
National Bank of Romania's money market and foreign- 
exchange operations. “The rate of acceptance has been very 
high, as the workers have perceived this as a once-tn-a- 
iil'etitiic opportunity to get the capital with which to start up 
their own businesses.'* he adds. 

Bogdan Teodorescu. a government spokesperson, adds: 
“It's also because tlie Romanian public has understood why 
the government has taken these actions. In fact, the public had 
been eagerly anticipating such sw coping measures, measures 
w hich w ould put an end to (he previous government's policy 
of gradualism and the creeping catastrophe it caused.” 

According to Mr. Teodorescu. the government has taken 
into account the negative effects of austerity on the public. 
■’We've taken groat pains to Jose the economic pain to the 
point where it would produce results — and be bearable to foe 
population. We've also found ways to elicit their support for 
the entire reform process.” 

This communication with the public is based on a concept 
new to Romania, historically one of foe most closed societies 
in the world: freedom of information. 

The government is busy tearing down the legislative and 
administrative barriers set up by previous regimes to hide 
their actions from foe country's citizens. The government is 
also busy printing -brochures, newsletters and bulletins in- 
forming foe country's citizens on everything from foe state of 
foe environment to legislation that is being formulated. 

"We want to create a prosperous country, and we want to 
create an open society', one with a democracy of access to 
information.” states Akos Birtalan. the country's minister of 
tourism. “And we are vv clt aware that the former is implicitly 
predicated upon foe latter.” T.S. 


i 


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In 1990, Winterahafl AG entered into a broad co-operation with RAO Gazprom, Russia, for the marketing of natural gas 
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WINGAS has constructed new long-distance pipelines of more than 1300 km as well as one of the 
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W 1 NTERSHALL ERDGAS HANDELSHAUS GmbH, Germany, was founded for the marketing of 
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WINTERS HALL ERDGAS HANDELSHAUS ZUG AG, Switzerland, pursues the marketing of 
Russian natural gas to Central Europe. Since the beginning of the co-operation natural gas was deli- 
vered to Poland. Hungary, Romania and Bulgaria. The gas sales of W1EE in Romania were 4,5 bem in 
1996 representing a share of approx. 65% of the total Romanian natural gas Imports. Natural gas 

from WIEE to other Central European countries are growing and contribute to the diversifica- 
Ttf energy supplies in this region.Beside the marketing of natural gas WIEE is developing strategic 
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the WIROM success was honoured by.the awaid of the Romanian Chamber of 
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PAGE 22 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 28, 1997 


SPONSORED SEC rtON 


THE REMAKING OF ROMANIA 


SPONSORED SEC'j ION 




Business Information 

As foreign direct investment into Romania has Increased 
since November 1996, local organizations providing in- 
formation for foreign investors have stepped up their activ- 
ity, working to increase the flexibility and speed of response 
to the growing demand coming from outside of the country. 
Here are a few sources of Information: 

• The R omanian Development Agency is a gov- 
ernment body that focuses on attracting foreign direct 
investment to Romania. The RDA provides information on 
the economic environment, procedures, investment cli- 
mate and legal framework in Romania. It collects, examines 
and distributes information regarding companies with for- 
eign participation, it also identifies local projects that could 
be of interest to foreign investors, finding local partners that 
are able to meet specific foreign investor requirements. 
Most importantly, the RDA negotiates tax facilities with the 
government for foreign investments bigger than $5 mil- 
lion. 

7 Magheru Boulevard, 70161 Bucharest 
Tel.: +40 1 615 6686, +401312 3311 
Fax: + 401312 0371, 40 1 613 2415 

• The State Ownership Fund, Roma privatization agency 
— in collaboration with the RDA — created the Depart- 
ment of Alternation^ Relations, an organization spe- 
cialized in providing information on the privatization process 
and business opportunities in Romania. The DIR provides 
information on state-run companies to be privatized and 
advice to foreign investors who want to set up a joint venture 
in Romania. The DIR is moving offices on Nov. 1 and can be 
contacted at the following numbers until Oct. 31. The new 
telephone numbers should be available by Oct. 29. 

2. Expozitiei Boulevard. World Trade Plaza Business 

Center, sector 1, 71234 Bucharest 

Tel.: +401222 3899; fax: +40 1223 1492 

• The Business brformation Centra of the Chamber of 
Commerce and Industry of Romania provides information 
on Romanian companies, business opportunities and in- 
vestment projects. The office can put businesspeople in 
touch with the CCIR's consultancy service and other CCIR 
departments. 

4, Expozitiei Boulevard, sector 1. 79502 Bucharest 

Tel.: +401223 0428 ; fax: +40 1222 8807 

CCIR Web site: http://www.cdr.ro A-I 


The Central Bank Leads the Way 

Romania remains underbanked, but financial fundamentals are being put in order. 


P reviously known largely fora rash of bank founderings 
and for its low state of development, Romania’s bank- 
ing sector is now the object of strong interest from the 
international financial community. 

The interest is directly linked to the improvements in the 
financial fundamentals of the country and its banking sec- 
tor. 

Catch-up time 

Romania is seriously underbanked and underfinanced. With 
bank offices a rarity in many parts of the country, total 
lending amounts to 25 percent of Romania's gross domestic 
product, a figure one-third to one-fifth of the levels m 
Hungary and Poland. After opening their doors wide to 
foreign banks, the latter two countries arc experiencing 
veritable booms in electronic banking, credit card use and 
other advanced forms of payment . 

Romania remains very much a cash-oriented society, and 
this is directly attributable to the relatively low number of 
banks with Western shareholders in the country. 

Seven of Romania's 35 banks have Western shareholders, 
and a further nine Western banks maintain offices in the 
country. 

Entry by Western banks 

Not all areas of Romania's financial sector, however, are 
underdeveloped. Its capital markets, for instance, are grow- 
ing vigorously and gaining rapidly in sophistication. 

Not surprisingly. Western banks — including, notably, 
ING Barings, the Dutch-owned London merchant bank — 
have established a very strong foothold in this area. 

The Western banks are also carving out a productive niche 
for themselves in financing power-plant construction, the 
extension of Bucharest’s subway system and other public 
works projects. 

Judging by the number of pending and possible takeover 
and privatization bids now percolating in the country's 
financial sector, Romania may well be set to become the next 
Hungary. 

The latest such transaction involves the Netherlands' ABN 
Amro, which will reportedly acquire a majority stake in 
Banca Comerciala IonTiriac, the troubled institution recently 
founded by tennis manager Ion Tiriac. 

Other banks now being eyed by foreign financial in- 


stitutions Include the Romanian Development Bank and the 
Post Bank, two of the country's “ BigSix” — the six publicly 
owned financial institutions accounting for die lion’s share of 
the country's commercial and consumer finance. 

This flurry of activity is linked to the ongomg improve- 
ment in the financial sector's fundamentals and standing. . 

A stronger central bank 

The National Bank of Romania, the country’s central bank, 
has parlayed a near 300 percent increase in its holdings of 
convertible foreign exchange into a doubling inthe value of 
its assets. ' . 

The National Bank has more than halved; its various 
lending rates over the last four months. 

Both these' developments are the product of Romania's - 
new economic and political stability, and the inflow of 
inward investment it has induced 

The inflow has kept the do liar- leu exchange rate relatively 
-steady since the government allowed it to float freely on 
March 11. 

The increase in central bank assets has impelled moves To 
further increase the convertibility of the leu. 

“By the end of the year, for all intents and purposes, the leu 
will be completely convertible,” says George Mudbabici, 
general director of the National Bank of Romania's de- 
partment for monetary and foreign-exchange operations. 

The central bank's strengthening has been matched by that 
of the financial sector it heads. . 

The amount of foreign-reserve assets held by the country's 
banking sector increased 45 percent during the period from 
January to July, powering Romania’s commercial banks to a 
38 percent rise in total assets. These rises have been wel- 
comed, even ordained, by the National Bank of Romania, 
which raised the minimum reserve level for commercial 
banks from 8.5 percent to 10 percent of total loans out- § 
standing. 5 

The raising of the banks* minimum reserves is just one of 5 
a series of sweeping measures enacted at the behest of the 
National Bank. 

The minimum capital requirement has been doubled, and 
the regulations governing foe banks’ reporting of their cur- 
rent situations have been stiffened 

The country’s rate of non-performing commercial loans, 
currently hovering at 20 percent, has been one of the lowest 



An autonwte teller mactme in toe capital. 


in foe Central and Eastern European region. The rate of ; 
international debt is currently just above 20 percent of gross] 
domestic product TS. 


Romania 

Investment 

Summit 


Agents of Change Spur 
Industrial Transformation 

Private consulting firms are supplying the managerial, technological anti 
marketing expertise needed by Romanian industrial companies. 


The International Herald Tribune 

WOULD LIKE TO THANK ITS SPONSORS 
FOR THEIR GENEROUS SUPPORT 


Dinner Sponsor 



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»I|I0» 


T his government has a 
lot to do to restructure 
the Romanian econo- 
my, but designating the sec- 
tors to form its future core is 
not one of them,” states Cal- 
in r ^orcscu-Twceanu, the 
cpu^liyVvicepiirne minister 
minister of industry and 
trade. “We’re devoting our 
limited resources to system- 
atically improving the coun- 
try’s transport and energy- 
supply mfrastructure, and to 
assuring our exporters of 
having adequate financial 
support rather than funding a 
preconceived scheme of 
business development 
“In Romania, as is the 
case elsewhere, this is best 
left to foe market itself,” he 
adds. 

The latest statistics seem 
to indicate that die market is 
doing a good job. 

As of late August, unem- 
ployment was hovering at 6.8 
percent — one of the best 
figures in Central and East- 
ern Europe. 

Exports had risen 53 per- 
cent over the previous 
month. The country’s trade 
deficit was 40 percent lower 
than in the same month of foe 
previous year. 

Last year’s export total 
was $8.1 billion. The year’s 
total for imports was $10.5 
billion. 

The rise in exports has 
helped Romania to record 
modest upswings in gross 
domestic product and aver- 
age individual wages. 

Wide product range 
One factor informing the 
government’s decision not to 
embrace an industrial policy 
is the sheer diversity of the 
country’s economy, a di- 
versity that makes it hajri to 
discern any predominant ori- 
entation for it 
“The Ceausescu govern- 
ment strove -to create an 
economy . not dependent 
upon foreign suppliers in any 
major business area,” ex- 
plains Niels Schneckei; se-_ 
nior partner of Schnecker van 
Wyk & Pearson. “The legacy 
of this self-sufficiency policy 
is. that Romania produces 
everything from pig iron to 


sophisticated electronics.” 

But not very efficiently, in 
many cases. The quality of 
foe individual products var- 
ies widely, as does the level 
of their technological sophis- 
tication. Nor. arc many .of 
these products well estab- 
lished on international mar- 
kets. . 

Nevertheless, Romania 
has an important competitive 
advantage: price. 

“It’s a matter of simple . 
arithmetic,” Mr. Popescu- 
Tariceanu points out. 
“Monthly wages in Romania 
are between 57 percent and 
72 percent lower than in the 
Visegrad Five countries. 
[Czech Republic, Slovakia, 
Slovenia, Hungary and Po- 
land] And, thanks to foe high 


The access to 
international markets 
and finance that the 
“change agents " bring 
co m es with a 
ean Atio n e that their 
agent companies 
undergo restructuring 
seen as necessary to 
thelrsurvtval 


degree of motivation of our 
workforce and foeir quite 
high level of technical skills, 
the assuring of quality and 
the upgrading of products 
can be accomplished with a 
relatively small expenditure 
of time and money. 

“Given their unbearably 
low prices, Romania’s 
products are generally quick 
sellers on world markets, 
Once the necessary links have 
been set up,” he says. 

Making the deals 
A heterogeneous group of 
private-sector service pro- 
viders has taken it upon itself 
to supply foe managerial, 
technological and marketing 
expertise needed by the 
country’s companies. 

“f think ‘change agent' is 
the term most fitting such 
work,” says Mr. Schnecker, 



I 

"-.s 

. \ . 'V . 

'■Z'x- 

*'■ 




SUBSCRIBE: ■■ 


whose company is among 
. foe most prominent of this! 
breed: The international law* 
firm and strategic manage- 
ment consultancy set up ship 
in Romania in 1993. . , 

in .1996. it- arranged more" 
th'dri Sl ^mimbh" worth 'of, 
deals. In one deaf; 'it facil- 
itated the first international' 
loan made to a private com- 
pany in Romania, and it has 
provided managerial expert- 
ise to this company and scv-‘ 
eral others. 

Despite the fact that 
change agents arrive proffer- ’ 
ing access to international 
markets and finance — two' 
things in strong demand iri ; 
Romania’s corporate sector 

— they are facing a very hard ■ a 

job because of foe condition* N 
they stipulate: They insist 
that their client companies 
undergo the necessary re- 
structuring. J 

The agents know that such 
restructuring offers foe; 
companies their only chance 
of long-term survival. Such ’ 
transformations, which gen- 
erally entail extensive ma- 
nagerial shake-ups and ac-1 
companying losses of perks J 
and power, are by no means ’ 
always popular with man- 1 
agers. ^ 

Another factor further 
complicates the: change; 
gents' job. It's entirely pos- ; 
siblc for both Romanian : 
companies and their interna - 1 
tional customers to earn a ! 
quick leu vrithout the former . 
changing one aspect of its ‘ 
operation. 

- A large number of Ro- ■ 

man i an companies are cur- | 
rently fulfilling lucrative i 
supply contracts by produ- ' 
cing goods in existing man- ; 
ufacturing facilities and by‘ 
drawing down their invent-' 
ones. . 

“There's a quite under- ! 
standabic tendency to foink > 
m foe short term in Romania, 
and a number of Western ■ 
companies arc willing to aid • ^ 
and abet in this process,” Mr. : W 
Schnecker points out. “Our i 

job is to preach the doctrinei 

Ot long-teimism, and to cn- ' 
sure that stipulations produ- * 
cmg real, lasting rcstructur- ■ 
mgs arc written into the! 
contracts concluded among ; 
our partners.” ! 

Mr. Popcscu-Tariccanu * 
agrees that these changes are - 
necessary. “We have a 10 ’ 
year window of opportunity. * 
during which we will be the ■ 

^Ik?*** of . the Politically! 
stable countries in Europe *’ ! 

he says. “Our companies' 
have to use the revenues ac- • 
crumg from their cheapest- ■' 
jn foe-market position as ' 
their ^capital for upgrading! a 
feSjSjf of praduc * and the ; ^ 
foci!?® “cturing . 














INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 28, 1997 


FACE 23 


SPONSORED SECTION 


THE REMAKING OF ROMANIA 




.rti. ''fei* ■ 

- Tfc- 





H 


'v • » ■ 


***** -■* ■ 



An Upwardly Mobile 
Communications Network 

A major upgrade of Romania's telecommunications sector is under \rm: 


A Shift Into High Gear 

*L 

highways . railroads and airports are being modernized. 


ack in 1990. when Romania finally 
r*C opened its borders after a 45-year 
A—# hiatus, the extremely poor condition 
. the transport infrastructure was one of the 
Iroiany elements of the communist heritage 
' tgat struck Westerners, 
fc. Years later, stories about the country’s 
notoriously pot-holed roads still abound, 
both in international and Romanian media — 
although the reality has substantially 
changed for die better. This is not to say that 
the transport infrastructure is anywhere close 
to Western standards, but at least improve- 
ments may be seen just about everywhere, 
and things are quickly heading in the right 
direction. 

The tough-minded minister of transport 
Trajan Basescu, has definitely had something 
to do wiih this positive dynamic. During the 
last joint conference of European transport 
ministers, held in Helsinki this summer, Mr. 
Basescu scored two important victories for 
f ; Romania: Two European transport corridors 
• (numbered IV and VII) now end at Constantsa, 
Romania's largest port on the Black Sea. 

Corridor IV is attracting die most Atten- 
tion. It crosses the country from west to 
southeast, on the Arad-Deva-Sibiu-Brasov/ 
Pitesti-Bucharest-Constantsa route. 

‘ Corridor VII basically means the Danube 
and includes toe Danube-Black Sea Canal. 

Highways it .. ... 

The mtwraiilbitipus pl^u? airrj? tojpwtanize 
the county's £,058 kilometers (2,516 miles) 
of international roads. 

* The three-stage project — worth some 
. $1 10 million to $150 million per annum — 
started in 1993 and is scheduled for com- 
pletion by 2006. 

The first stage — rehabilitation of 1,053 
kilometers of roads (45 percent of them along 
corridor IV) — is almost completed, at a cost 
qf $390 million. The Romanian government 
fonded $125 million of this stage, with the 
rest coming from the European Investment 
B:« ' '565 million), toe European Bank for 
Reconstruction and Development ($80 mil- 
jklion) and the World Bank ($120 million). 

* ; The second stage — rehabilitation of an- 
other 1,004 kilometers of international roads 
— is to be completed by 2001. In addition to 
toe $212 million funding from toe govern- 
ment, the above-mentioned financial insti- 
tutions will provide 70 million ECUs ($78.5 
million), $85.9 million and $150 million 
respectively. 


The third stage, to start by 2001 and to be 
completed by 2006, aims at upgrading toe 
rest of the international roads ( 2,000 ki- 
lometers), as well as construction of over 600 
kilometers ofhighways at a cost estimated at 
some $2.5 billion. 

Other major funding sources for road proj- 
ects are toe European Union — via non- 
reimbursable grants under toe PHARE pro- 
gram — and a Japanese loan of $77 mil- 
lion. 

So far, there is not too much interest in 
building divided-lane expressways — they 
are simply too expensive for Romania’s aus- 
terity budget The country has only one such 
high-speed route — a 113-kilometer road 
connecting Bucharest and Pitesti. It is being 
upgraded at a cost of $120 million, with $53 
million lent by toe EBRD. 


The second priority is the rail network. Ro- 
mania has 14,220 kilometers of railroads — 
of which 6.127 kilometers are electrified. 

Again, toe focus is on corridor IV, with a 
length of 865 kilometers. Big money is in- 
volved in the two development stages of this 
electrified railway; some $500 million for 
rehabilitation to be completed by toe year 
2000 , and $800 million for upgrades that will ! 
allow transit speeds of 14 ) to 200 km/h. i 

Funding for toe first stage — which also 
includes modernization of Jocomotrves and 
<Jep^ac^ti<^.:of Mssepger 

freight’ carriages, etc. - 7 - seems secured. The" 
government will provide some $ 1 63 million, 
toe World Bank $120 million and toe EBRD 
$97 million. The EU has also committed 58 
million ECUs in PHARE funds. 

Airports 

Out of a total of 1 7 airports, only four — 
Bucharest's Otopeni and Baneasa, Con- 
stantsa and Timisoara — - are being kept 
under direct government administration; toe 
rest will be under the administration of local 
atiihorities. Li accordance v.ito toe gov -n 
ment policy of decentralization. 

Money — $60 million worth of loans and 
even larger amounts denominated in lei, the 
domestic currency — is being chaxmeloi 
primarily toward toe country’s largest air- 
port, Bucharest Otopeni, the government’s 
third priority in the transportation sector. 

Early next year, a second runway and a 
new passenger terminal and station will be- 
gin operations. Catalin Dimofte 


S hould current trends be 
maintained, toe world 
will reach telecom par- 
ity in 2010. At that date, the 
number of mobile telephones 
will equal, for the first time, 
that of stationary ones. 

Romania may well be 
among toe . first nations to 
achieve that parity. 

This is partially because it 
had one of the lowest rates of 
standard telephone owner- 
Iship in Europe for many 
S years — and because it cur- 
irently has what must be 
§ Europe's fastest-growing 
□umber of mobile-handset 


The benefits of Inefficiency 
The low rate of standard tele- 
phone ownership was the 
product of toe country’s rela- 
tive poverty and the ineffi- 
ciency of Roratelecom, toe 
nation’s telecom operator. A 
direct result of this ineffi- 
ciency has been toe rapid 
growth of mobile handsets, 
fiieled by the launching of 
two mobile telecom net- 
works in the spring. 

MobiFon, owned by a 
consortium made up of 
Canada's Telesystem Inter- 
national Wireless and the 
United States’ Air Touch 
Communication, started up 
the Connex GSM service on 
April 15. 



Fundatia Roman* 

PENTRU 

Democratic 




THE ROMANIAN FOUNDATION 
FOR DEMOCRACY is an independent, 
non-governmental non-partisan, non- 
profit organization, created in 
November 1992, at the initiative of 
the President of Romania, Emil 
Constantinescu. 

the aim of the Romanian 
Foundation for Democracy is to 
contribute to the development of a 

progressive, democratic and prosperous 

Romania. 


£. 

f 


Nearly two months later. 
Dialog was commissioned. 
This service is supplied by 
Mobil Rom, in which France 
Telecom has a majority 
stake. 

Connex GSM has been 
particularly active in intro- 
ducing a wide range of value- 
added services to Romania, 
including mailbox, call-wait- 
ing and multilingual opera- 
tions. 

The availability of these 
GSM-based services has had 
a salutary effect on the 
charges levied and services 
provided by Telefonica Ro- 
mania, the NMT-based mo- 
bile-telecom service previ- 
ously set up by a Spanish- 
Romanian joint venture. 

A mobile phone mini-boom 
The new services’ efficiency 
and affordability have 
sparked a mini-boom in Ro- 
mania's mobile-telecoms 
sector. 

According to forecasts, toe 
two services will have a total 
base of 50,000 to 80,000 sub- 
scribers by toe end of toe 
year- 

in an article published 'in 
“In Review Romania,” an 
English-language business 
monthly, MobiFon’s Chief 
Executive Officer AJ Tolstoy 
predicted that to ere will be 
1.4 million to 1.5 million 


subscribers by 2007. This 
boom has encouraged toe 
country's Ministry of Com- 
munications to launch a third 
GSM network. It will be op- 
erated by Romtelccom and 
toe winner of an auction. 

Modernization at last 
The only thing standing in 
the way of Romania’s tele- 
com parity is Romtelccom 
itself, now finally being 
modernized into a force to be 
reckoned wiih. 

After yeans of upgrading. 
Romtelecom's grid of long 
lines — the backbone of any 
telephone network — fea- 
tures state-of-the-art optical- 
fiber links. 

According to toe country’s 
Ministry of Communica- 
tions, the telecom’s local 
switching systems will soon 
be at Western levels. 

This upgrading has been 
carried out in preparation for 
two related events. 

Currently a state-run 
agency, Romtelecom is about 
to become a publicly owned 
corporation. Some 30 percent 
of toe new corporation’s 
equity will then be sold to the 
investing public within the 
next 12 months. The new cor- 
poration will probably have to 
contend with a number of 
competitors. One stipulation 
of the agreement of associ- 



Romania's low rate of standard telephone ownership means ffuf 
the use of mobile phones is growing rapidly, hetyed along by two 

new mobile teiecom networks. 


diion between Romania and 
the European Union was that 
the country would open up its 
telecommunications ntarket 
by Jan. 1 . 1 9^8. the day of toe 
EU’sown "Big Bang” — toe 
deregulation of its telecom- 
munications market. 

A five- 3 ‘ear period of tran- 
sition for Romania’s tele- 
coms markets has now ap- 
parently been granted by the 
European Union. 

Romania’s failure to har- 


monize its laws v. ill- Lv.’ of 
the European Union was one 
important reason \\h\ the 
country received such a 
dreadful ranking tn rhe Ell’s 
recent “'Central and Eastern 
Europe membership sweep- 
s lakes.” 

With a successful bid tor 
“second-wave accession” a 
near certainty, the country 
has every reason to carry out 
its own “small bang” in the 
\erv near future. T.S. 


In 1996, LG Invested over USS9 billion to grou Its business. 




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Our many other technologically sophisticated products include one-time programmable microcontroller units, ISDN-compatible 
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These products enrich the lives of the people who use them. But none gives us as much pride and joy as Dr. Rub’s miraculous week 
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PAGE U 


INTERNATIONAL HERALD TRIBUNE, TUESDAY OCTOBER 28, 1997 


THE REMAKING OF ROMANIA 


Good News in Energy Efficiency 

Good news on the Romanian environmental scene is a 
rarity. The country has a wide range of severe, pollution- 
caused problems, most of them legacies of the communist 
era. although some are the products of an overweening love 
for motor vehicles. 

There is, however, a very encouraging trend emerging in 
energy efficiency. According to figures released by the 
country's National Commission for Statistics, the amount of 
energy it takes to produce one unit of gross domestic 
product declined 46 percent between 1989 and 1995. 

The decline is attributable to the dosing down or mod- 
ernization of obsolete production and energygenerating 
facilities and the building of new ones. 

Many ofthenew and modernized facilities are fueled with 
natural gas. This ongoing conversion will cause Romania's 
demand for natural gas to rise 23 percent over the next 13 
years, forecasts Wirom-Gas $RL 

Wirom, in business since 1994, has already become a 
major source of natural gas, supplying 65 percent of Ro- 
mania's imports. The company is owned jointly by Romgaz, 
the country's natural gas authority, and Wintershall Erdfeas 
Handelshaus Zug AG, the Switzerland-based trading arm of 
the German energy supplier. 

Wirom will soon be supplying natural gas to a vastly 
greater number of corporate customers. In a move at the 
heart of the country's sweeping deregulation of its power- 
supply market, the Romanian Electricity Authority will be 
reconstituted as a publiosector-owned company. Its con- 
stituent pats will be spun off into independent companies 
and put up for privatization. Some 80 new private en- 
terprises are expected to emerge from the process. T.S. 


Reshaping Farming 

Will reforms allow Romania to retake its place as 
one of the world's major grain exporters? 






B etween die two work! 
wars, Romania was 
one of the world's 
largest grain exporters 
(primarily wheat barley and 
com) — even overtaking the 


mains one of the most trou- 
bled industries in Romania 
today. 

Reforms undertaken by 
1991 provided for the dis- 
mantling of the collective- 




rm 




W 






-4k 




* %\ 


United States for a couple of form system. Some 83 per- 


years. 

Most experts agree that the 
country’s southern plains 
have some of the most fertile 
soils in die world. 

There was no other sector 
where .the failure of the Ro- 
manian communist regime 
was more obvious than ag- 
riculture. Forced industrial- 
ization generated a huge mi- 
gration of youngsters toward 
overcrowded cities, leaving 
rural areas depleted ofhuman 
resources. 

Post-1989 reforms 
Since the foil of communism, 
successive governments 
have seen agriculture as a 
pillar of the county’s future 
prosperity. Yet agriculture re- 


cent of arable land has since 
been returned- to its former 
owners. 

Cattle, pig and poultry 
forms, as well as some large 
grain forms (which usually 
have die best arable lands) 
remained state-owned 

Tractors, harvesters and 
other machinery remained in 
the hands of several hundreds 
of state-owned companies, 
the so-called AGROMECs 
(most of them virtually bank- 
rupt today), which were sup- 
posed to sell mechanical ser- 
vices to private formers. 

The reforms did not lead to 
an increase in agricultural 
output, however. Production 






m 


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mm 




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Hwest fime: Successive goue mm enls have seen apioAoeas a pofertfia/pflfer of ftJung Ramadan prosperity. 
another are not at all uncom- In order to compensate for by die central bank’s printing forms and mechanical -ser- 


mpt today), which were sup- another are not at all uncom- In order to condensate for 
posed to sell mechanical ser- mon. the imbal ance, a rather com- 

vices to private formers. Very much concerned with plicated system of State sub- 

Thc reforms did not lead to ensuring die food security of sidies was put in place — 
an increase in agricultural the population, the former including direct subsidies 
output, however. Production government liberalized input and production bonuses for 
variations of 100 percent or prices, while keeping tight formas, subsidized interest 
even more from one year to control over output prices. loans with money provided 


The euro. 

It's all about 
commitment 
to our clients. 


house and high custom duties 
for imports. 

This system led to rampant 
inflation, huge losses by the 
state agriculture bank, which 
was forced to grant the loans, 
and flourishing smuggling 
and tax evasion. 

World Bank assistance 
After it took over at the end 
of 1 996, the new government 
asked' the World Bank to 
design a new agricultural 
policy. The result was a plan 
for! a set of deep structural 
reforms of Romanian agrir 
culture, financed by foe 
World Bank under Agricul- 
ture Sector Adjustment 
Loans (ASAL) worth $350 


vices providers have been 

closcddowri or privatized. 

Liberalizing foe grain 
market — including the dis- 
mantling and/or rapid privat- 
ization of large state agencies 
in charge of purchasing, stor- 
ing and marketing cereals — 
is another important point on 
the ASAL agenda. 

An essential step toward 
the structural reform of Ro- w 
manian agriculture is * law 
that would allow this forma- 
tion of larger forms. The cur* 
rent average size of Romani- 
an forms , stands at a 
ridiculously low 3 hectares 
(7.4 acres). Without larger 
forms, Romanian formers 
will ndi be able to approach 


million, the bulk of the World foe per-caprta ptaductivny 
Bank’s $550 million com- levels achieve^ .by Western 
tnitracnt to Romania's new ; farmers, no mhtterliow large 


reform program. 

The first set of reforms 
removed all price controls. 
Preliminaay studies showed 
that freeing prices would 
Only have a 4-5 percent im- 
pact on consumer prices, 
while increasing farmers’ in- 
come by as much as 50 per- 
cent in some cases; 

Most of the subsidies have 
been canceled. A voucher 
scheme — covering some 10 
percent of costs — has been 
maintained, however, as 


'the finahcialsujjpoft. New or 
riKKfiftedlawsand. rcgula* 
tions would allow restitution 
of up to 50 hectares of land to 
one owner — .as against th<j 
previous. 10 hectare threshold 
-7- by dismantling state- 
owned cereal forms. 

A highly- controversial 
measure wi£. the reduction of 
the country's strategic grain 
reserves, ’from more than t 
millioirtons to 350.000 tons. 


percent of costs — has been The previous, reserve was 
maintained, however, as -about equal to. one year's 
have, some,, smal L budgeted ^ worth, of (tosasum p tiflp,ami 
subsidies (about . 15-20 _per- thus in line with the re com- 
ceht. of the previous year’s' mendations of. the United 
amount) granted both to Nations Food and Agricuh- 
foimerearid to banks making hire Organization.' 



u K ' 


4 ? THE El 


agriculture loans. A creditre- 
fbrm measure would provide 
incentives to banks and food- 
processing companies for ag- 
ricultural lending, . 

Trade barriers have also 
been dramatically reduced. 
The average level of import 
custom dories has decreased 
from 0/ percent iu 27 per- 
cent Several dozen money- 
losing state-owned animal 


An emergency . financial 
fund was set tip in parallel 
with foe reduction, on foe 
principle that storing money 
is for cheaper than storing 
cereals. Farid Dhanji, the 
deputy chief of World Bank’s 
Mission in Romania puts it 
bluntly: “In foe last century 
there has never — never r 1 - 
been a famine in adermv 
cratic country. ’* ' . C.DL 1 


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SPONSOR ED SECT I O N 


ESTERNAJlWiAL HERALD TRIBUNE, TUESDAY, OCTOBER 28, 1997 


PAGE 25 


SPONSORED SECUON 


t . THE REMAKING OF ROMANIA 


Black Sea Port Could Be 

Hub for Caspian Oil Traffic 

Constantsa offers advantages as a tint in international pipeline mutes. 


K ' N " .' Rj 


*»tl l*i 


'"enti 


D uring the early 1990s, 
the world became 
aware of the huge 
scale of oil reserves in Cen- 
tral Asia, particularly the 
Caspian Sea region. Esti- 
mates show that these re- 
serves may well be between 
20 and 100 billion barrels, 
which would make the re- 
gion a main rival of the 
Middle East oil producers, 
■'•ifci Oil multinationals — led 
Y 7 tV Chevron and Amoco — 
have promptly entered the 
game, with the size of oil- 
, related foreign investments 
in the area amounting to $ 1 8 
billion so far. 


Getting to markets 
Exploration and extraction 
are one thing: transport and 
processing quite another. 

, Surrounding countries — 


Russia, Iran and Turkey — 
have a tremendous interest in 
using their territories and fa- 
cilities to carry the crude to 
European markets. And so 
does Romania. 

There are at least six op- 
tional routes. The least ex- 
pensive (pumping the crude 
through pipes across Iran to 
the Persian Gulf; along the 
north of the Black Sea to the 
existing Russian pipelines; or 
across Turkey to Mediter- 
ranean harbors) are also the 
least convenient ones for 
various reasons. Such proj- 
ects would either give Russia 
or Iran total control over the 
oil, or would be crossing un- 
safe areas that are threatened 
by Kurdish rebels. 

Another possible Black 
Sea route would use already- 
operational pipelines to the 


peat of No- 
vorossiysk or to the Georgian 
ports of Poti, Supsa and Ba- 
tumi. Tankers would then go 
through the- Bosporus and 
Dardanelles straits. Turkey 
and Greece strongly oppose 
this solution, because of con- 
cerns about the disastrous en- 
vironmental impact likely to 
occur in the straits in the case 
of an accident 

A variant that would avoid 
the straits arid that has full 
Russian support is to build an 
oil terminal in the Bulgarian 
port of Burgas. This solution 
would require a pipeline 
across the Balkans to the Ad- 
riatic Sea. and it is likely to be 
the most expensive option. 

President Emil Con- 
stantinescu is pushing hard 
fora solution that would have 
the country's main Black Sea 



Tourism’s Age of Discovery 


Adventurers and nature-lovers form the vanguard of the industry. 


The port of Constantsa hone at thehrgestinthe region. 


port, Constantsa, as a hub. 
The option is also supported 
by Georgia. 

The option has a serious 
drawback — higher costs re- 
sulting from two transfers. 
The oil would be loaded on 
tankers in Georgian or Rus- 
sian harbors and then un- 
loaded at Constantsa. It also 
Iras conspicuous advantages. 




The Land at the End of the Long River 


Only 15,000 people, most of them subsistence fishers and farmers pursuing a millennium- 
old way of living, dwell in the 2,681 square kilometers (14.05 square miles) of the Danube 
delta, a region that has one of the lowest population densities on the Continent. 

The inhabitants share the region — Europe's largest wetlands, 80 percent of which are 
located within Romania — with dozens of kinds of mammals, 160 species of fish, 361 
species of birds and 1,150 species of plants. 

There are no paved roads in the delta. In fact there are very few roads at all; the area is 
80 percent marsh and open water. Aside from a few pontons (houseboats) carrying 
tourists, there is no commercial traffic on these waters. Barges plying their way up and 
down the Danube take the “great shortcut" — the Black Sea-Danube Canal. 

Rue millennia ago, this region did not exist Sift presumably the byproduct of farming of 
the land, washed down the Danube to create the region. It is still growing today, at a rate 
of 43.7 square meters (470 square feet) a year. 

The delta's pontons carry “adventurers" on tours organized by operators based in the 
United States and Western Europe. The truly adventurous — and there are a surprising 
number of them — go on do-it-yourself expeditions. Their jumpingoff point is the small city 
of Tulcea (100,000 inhabitants), very much worth a look in its own right 
Located 277 kilometers north of Bucharest, Tulcea dates its origins back three 
millennia, to a camp set up by the Dacians, whose forced Roman izatlon by the conquering 
legions laid the foundation for the Romanian language and ethnic identity. 

Built like Rome on seven hills, Tulcea looks Turkish, not surprisingly in view of the fact 
that the Ottoman Empire held sway here for five centuries. 

After leaving Tulcea, travelers head a few kilometers east, to the beginning of the delta 
proper, where they recruit local inhabitants to take them through the maze of reedfiJIed 
marshes, meadows, fruit orchards and limpid lakes. 

The lack of hotels in the area has led local farmers to develop a cottage industry: putting 
uptravelers. T.S. 


A unique position 
The 3,626-hectare (8.956- 
acre) port of Constantsa is by 
far die largest one in the re- 
gion. It has the capacity to 
handle 834 million tons per 
year and can accommodate 
vessels of up to 165.000 
DWT (dead weight tons). 

Extensive enlargement 
and upgrading is being car- 
ried out. Traffic capacity is to 
be increased to 2334 million 
tons per year, which would 
make Constantsa Europe’s 
second largest harbor after 
Rotterdam. The port will be 
able to accommodate vessels 
of up to 250,000 DWT. 

Foreign sources of fund- 
ing for the work include the 
European Union, the Euro- 
pean Investment Bank and 
the Japanese government 

Constantsa is in a unique 
position, second to no other 
city in the region. A couple of 
satellite harbors are located in 
tile neighborhood and the 
Danube-Black Sea Canal 
ends in the harbor. Romania’s 
second-largest international 
airport is located within a 
half-hour drive of downtown 
Constantsa. Both roads and 
railways are being upgraded. 


and construction of a highway 
to Bucharest is under way. 

Romania’s largest ship- 
yard is located in Constantsa. 
The country's most modem 
shipyard, a joint venture with 
Daewoo of South Korea, is 
located several miles south, 
in Mangalia. 

Romania's largest free 
zone, with an area of 177 
hectares, is located in the 
ports boundaries. 


140-year oil tradition 
A few miles north of Con- 
stantsa lies Romania's best 
oil refinery, Petromidia. A 
pipeline system connects the 
port with other mainland re- 
fineries. Romania has an out- 
standing 140-year tradition 
in the oil industry, with a 
highly skilled and cheap 
workforce. It also has oil- 
processing capacity of 36 
million tons per yean 
Processing oil from Cen- 
tral Asia in Romanian re- 
fineries and shipping the 
products either upstream on 
the Danube or through ex- 
isting pipelines to Central 
European markets would 
substantially reduce the cost 
of tiie whole project 
Last but not least the coun- 
try lias emerged during the 
last few years as a genuine 
island ofpolhical stability and 
security within the region. 

It is too early to tell wheth- 
er Central Asian oil will flow 
through Romania, but it is 
clear that the country has 
plenty of ammunition in the 
battle for a share of the mar- 
ket C.D. 


F or tourists, Romania is probably the 
most exciting country in Europe at the 
moment Part of the excitement stems 
from never knowing what awaits you — 
good and bad. 

“In my travels through Romania. I\e 
made a number of wonderflil discoveries: 
£ mountain-tap resorts kept in perfect con- 
| drtion since the days of the Austro-Hungarian 
p empire and charming little towns looking out 
2 onto the still waters of the Danube delta.** 
gf says Sabine Allamoda. who is auditing Ro- 
mania’s textile industry for the European 
Union. “I’ve also been in entire regions that 
didn't have a single decent reslauranl and in 
Black Sea towns crumbling from neglect." 
she adds. “In any case, when traveling in 
Romania, you have to put your trust in 
serendipity, as there's a tremendous shortage 
of reliable information on local conditions." 

Her perception is borne out bv a visit to 
bookstores in Bucharest. None of them have 
any modem travel guides on Romania. 

Nor arc brochures available from the 
country's Minisrry of Tourism. “Wait until 
December." says Akcis Birtalan. the coun- 
try’s minister of tourism. “By then. \vc 
should have a complete range of information 
materials to offer tourists." he says. 

Part of the information will be listings of 
hotels, complete with what the minister calls 
the country's first credible ratings. “Our new 
law on tourism establishes a squadron of 
officials to rate the hotels and to make sure tiiat 
they adhere to high standards of cleanliness 
and courtesy. The officials will re-inspcct the 
hotels at regular intervals," Mr. Birtalan notes. 
“We've built into the system a powerful 
weapon for assuring compliance; The names 
of hotels not attaining these standards will be 
published in local and national newspapers." 

Should such a list be published today, it 
would be very long. There are. ho\ve\er. 
exceptions in such towns as Mangalia. a 
charming, well-run Black Sea resort. 

“Many of the establishments in this resort 


belong to the 3 percent of our tourist industry 
that has undergone 'true* privatization, in 
which restructurings have been undertaken 
and fresh outside capital has been acquired," 
Mr. Birtalan says. “When the privatization 
process has been completed, tourists from dv 
West will come, and in numbers far eclipsing 
those of the late 1 970s. " 

In those days. Romania recorded 2 million 
Western tourist arrivals a year, most of them 
looking for an unbcatably cheap way to 
sojourn in the sun. Though still lacking the 
pre- re volution era's totals, the new and Setter 
era in Romanian tourism has already begun, 
thanks to the Internet. 

There arc dozens of Web sites detailing the 
natural and cultural wonders of Romania. 
These include those of the Romania National 
Tourist Office (http:. i www.rczq.com.ont) 
and Romtour (httpt: 'www.romtour.eom). 

The sites report on the great medieval 
cities of Sighisoara and Brasov. Brasov is a 
good base for exploring the Peles castle, the 
summer scat of the Hohcnzollcm-Sigmarin- 
gen dynasty, and the fortress of Bran, which 
housed the historical figure upon which 
Draeula is based. The sites chart the paths 
taking hikers, mountain bikers and motorized 
visitors to and through the picturesque v il- 
lages of the Marumures valley ( located deep 
in the heart of Transylvania) and their won- 
drous wooden churches. 

Another focus of the sites is the “painted 
monasteries" of the Succavu region in north - 
custem Romania. The paintings are actually 
frescos, applied on the monasteries* exterior 
walls and depicting scenes from the Bible 
and Romanian history. 

Other Web sites are maintained by op- 
erators of tours catering to adventurers and 
nature-lovers. These groups tbnn the van- 
guards of the tourists pioneering today's Ro- 
mania. along with u not-inconsidcrablc num- 
ber of social workers and engineers, who are 
in the country to attend to its neglected 
orphans and roods. IS. 


Romania Investment Summit 


P resident Emil Con- 
stantincscu of Ro- 
mania will give the 
opening keynote address at 
an investment summit Wed- 
nesday in Bucharest. 

The two-day summit will 
address Romania's economic 
climate and reform agenda, 
foreign investment in the 
country and the challenges 


Romania faces as it seeks 
membership in the North At- 
lantic Treaty Organization, 
the European Union and the 
Organization for Economic 
Cooperation and Develop- 
ment. 

Prime Minister Victor 
Ciorbea will give the second 
day’s keynote speech. 

Other speakers include 


representatives of the Ro- 
manian government and of 
the international and domes- 
tic financial and business 
community. 

The Romania Investment 
Summit has been convened 
by the International Herald 
Tribune. It will be held at the 
Athcnec Palace Bucharest 
Hilton. 


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Sports 


PAGE 26 


LONGINES 


L'i.LEGAN'CE: Liu TEMPS Dr.PIMS 


TUESDAY. OCTOBER 28. 1997 


World Roundup 


Pakistan Out for 97, 
South Africa Wins 


cricket Shaun Pollock, a fast 
bowler. look Five wickets Monday 
and Pat Symcox, a spinner, took 
three as South Africa bowled 
Pakistan out for 92 runs in Fais- 
al abad to win by 53 runs and take 
the three-match test series 1 -0. 

Pakistan needed only 146 but 
was bowled out 37.3 overs with 
more than a day remaining. 

The rout began at the start of the 
fourth day when Pollock took four 
wickets in seven balls. He finished 
with five wickets for 37 runs from 
i 1 hostile overs. 

Symcox. who made scores of SI 
and 55 with the bat. took three wick- 
ets for just eight runs in 9.3 overs. 
Only Moin Khan, Pakistan's wick- 
etkeeper. resisted; he was last man 
out with a top score of 32. (Reuters) 



All’s Fair (or Farce) 

On the Prix Circuit 

Inconsistency Plagues Formula One 


By Ian Thomsen 

International Herald Tribune 


O N Wednesday, three days after 
his Formula One victories in 
both the constructor's and 
driver’s world championships, Frank 
Williams will wheel himself into an 
Italian courtroom to face charges of 
manslaughter. If his sport weren't so 
deathly real, you would write the whole 
thing off as a soap opera. 

The charges of manslaughter stem- 
ming from the accidental death of the 
Brazilian driver Ayrton Senna over three 
years ago at the San Marino Grand Prix 
have bordered on the ridiculous. A final 
decision, should appeals become nec- 
essary, might not be heard for 10 years. 

Williams, paralyzed from an auto ac- 
cident in his younger days, and two 
lieutenants from his Williams Formula 
One racing team, Patrick Head and Ad- 
rian Newey, were supposed to have 


i 


\nhn Cdhoan/Thr Wmnl ftn. 


p 5 1 h m ♦ A' J * 1 


San Francisco quarterback Steve Young, left, trying to hold off the Saints defensive end Brady Smith. 



Too Old? Moon Puts on Dazzling Show 

Seattle Quarterback’s 409 Yards Passing and 5 TDs Beat Oakland 


Vantage Point 


r m 

- '-‘V:- ... 


The Associated Press 

Warren Moon proved that he’s not 
too old to be a starting quarterback in the 
National Football League. 

Moon, in his 20th season of pro- 
fessional football, passed for 409 yards 




NFL Roundup 




South Africa's Shaun Pollock 
following through as he bowled. 


dafison Wins in Vegas 

golf Bill Glasson shot a 6-under 
66 Sunday to win the Las Vegas 
Invitational by one shot less than 
Billy Mayfair and David Edwards. 
Tiger Woods, the defending cham- 
pion, shot a 3-over 75 to finish 15 
shots farther back. (AP) 


Wild Card Trumps Star 


tennis Nicolas Escude, a 
French wild card entry, upset Al- 
berto Berasategui, 6-4, 6-1, at the 
Paris Open bn Monday. 

Todd Martin and Jim Courier 
also lost in the first round. Bohdan 
Uhlirach beat Courier. 7-6 (7-5), 6- 
1. Jan Siemerink topped Martin, 5- 
6, 7-6 (8-6), 6-2. (AP) 


and five touchdowns to lead the Seattle 
Seahawks to a 45-34 victory Sunday 
over the Oakland Raiders. 

Moon, who will be 41 on Nov. 18, 
completed 28 of 44 passes, including 
three touchdown tosses to Joey Gal- 
loway. The Seahawks rolled up 554 
yards, their second most in history. 

'Too much is made of the fact that 
I’m 40 years old,'’ he said. 'T can still 
read defenses and throw the football. As 
long as I'm surrounded by good people. 
I’ll be OJC” 

Oilers 41, camfihafe 14 Steve McNair 
ran for two touchdowns and threw for 
two more as Tennessee rook advantage 
of Jake Plummer, Arizona’s rookie quar- 
ter back, who threw four interceptions. 

Pant h er s 21, Falcons 12 Tshimanga 
Biakabutuka, the Carolina running back* 
nished for 104 yards and two touchdowns 
as the Panthers beat a rookie quarterback 
making his first start for the second week 


in a row. One week after stopping New 
Orleans and Danny WuerffeL, the Pan- 
thers kept Atlanta's Tony Grariani on the 
run and the seventh-round draft pick from 
Oregon completed just four of 18 passes 
for 24 yards. 

Stenfars 23, Jaguars 17 Kordell 

Stewart completed 25 of 42 passes for 
317 yards and two touchdowns, includ- 
ing a 17 -yard shovel pass to Jerome 
Bettis in overtime as Pittsburgh moved 
into first place in the American Football 
Conference's Central Division. After 
Bettis fumbled at the Steelers’ 16, Mark 
BrunelL, the Jacksonville quarterback 
threw a 3-yard go-ahead scoring pass to 
Pete Mitchell with 8:13 to play, bur 
Pittsburgh’s Norm Johnson sent the 
game into overtime with a 19-yard field 
goal with 2:21 remaining. 

Broncos 23, Bffis 20 Jason Elam kicked 
a 33-yard field goal with 1:56 left in 
overtime as the Broncos overcame a 20- 


M. MJo MJtZtel i/ufuuitu testified in their own defense earlier this made him famous. 

month, but couldn't make it. All the Three years ago, a few months alter 
tie with just over four minutes left in the hotels were booked because of an in- Senna’s death, Schumacher rammed 
third quarter, and David Palmer returned temational ceramics trade fair in Bo- Damon Hill, preventing the Williams 
a punt 57 yards to set up Evans's TD in logna. driver from taking the driver's cham- 

the final minute of the period. Senna, the world's most talented, out- ptonship from him. The accident 

Giants 29, Bengals 27 Tyrone Wheal- rageous and glamorous driver, was knocked both racers out of the contest 
ley and Charles Way. New York's run- killed in a Willi ams car when a welded and allowed Schumacher to win the 
ning backs, each scored twice and Jason section of the steering column either did world title. In the following year, Hiil 
Sehom intercepted a 2-point conversion or did not snap as he approached his was criticized for his role in a series of 
pass with 1 :30 to play as the Giants won final turn. The prosecutor is blaming the accidents, which seemed to liberate 
their fifth straight. The Bengals lost death on shoddy workmanship as well Schumacher from responsibility for 
their seventh consecutive game despite as an improperly raised track that pre- their crucial collision, 
a 21-10 halftime lead. vented Senna from braking, hence the In 1994, only Schumacher knew in 

Chargers 35, Colts 19 Gary Brown manslaughter charges filed concur- his heart whether his accident with Hill 
rushed 28 times for 169 yards and one ready against three race officials. had truly been accidental. Now, in hind- 

touchdown as host San Diego kept In- W illiams responds that Senna simply sight, it seems he learned that such 
dianapolis winless. lost control, that be found himself in the behavior was entirely acceptable, given 

In games reported in late editions, worst-case scenario feared by every one the rewards not only to himself but also Jf. 
Monday: of the disciplined madmen who rape in to the enormous corporations that spon- ' 

Eagle* 13. Cowboys 12 Rodney Formula One, SOr Formula One. 


"Michael Schumacher played for high 
stakes and lost everything — ; the world 
championship and his reputation for fair 
play." the tabloid Bild reported of its 
German champion. “The accident, was 
dearly Schumi's fault, there is no doubt 
He wanted to take out Villeneuve 

More to the point, the Frankfurter^ 
Allgemeine Zeitung suggested thai thtf 
morality of competition was crumbling 
under the huge business of Formula 
One, that the "monument has started to 
crack because the foundations arc 
faulty." 

Blame Schumacher. Bui also appre- 
ciate why he is the world’s second- 
highest-paid athlete, behind Michael 
Jordan. 

Just as Jordan is a creation of Nike 
Inc. and the National Basketball As- 
sociation. so Schumacher is a creation 
of the myth of Formula One. His talents 
have been magnified by the circus of 
Grand Prix races that travels the world 
annually. In the case of his apparently 
premeditated “accident," he should not A 
be isolated from the forces that have'" 
made him famous. 

Three years ago, a few months after 
Senna’s death, Schumacher rammed 
Damon Hill, preventing the Williams 
driver from taking the driver's cham- 
pionship from him. The accident 
knocked both racers out of the contest 
and allowed Schumacher to win the 
world tide. In the following year. Hill 
was criticized for his role in a series of 
accidents, which seemed to liberate 
Schumacher from responsibility for 
their crucial collision. 


In 1994, only Schumacher knew fa 
his heart whether his accident with Hill 


had truly been accidental. Now, in hind- 
sight, it seems he learned that such 
behavior was entirely acceptable, given 


Peete’s 8-yard touchdown pass to Chad 
Lewis with 45 seconds left cave Phil- 


point Buffalo rally to defeat the Bills. 
Terrell Davis ran for 207 vands on 42 


Terrell Davis ran for 207 yards on 42 
carries and scored one touchdown for the 
Broncos. 

vadng* io. Sues 6 Charles Evans 
scoredon a 1 --yard run and Eddie Murray 
kicked a 28-yard field goal as Minnesota 
won for the fourth time in five games. 
Murray’s field goal snapped a scoreless 


Lewis with 45 seconds left gave Phil- 
adelphia the victory at home. The 
Eagles knocked oat Troy Aikman, who 
suffered a mild concussion and strained 
neck early in the first quarter, and Dallas 
mustered only four field goals. 

Hawns 20 , Redskins 17 Bam Morris 
ran 36 times for 176 yards, both career 



Selanne Hat Trick Steals Tie, 
But Gretzky Steals Spotlight 


The Associated Press 

An impressive night for Teemu 
Selanne was also a historic night for 
Wayne Gretzky. 

Selanne scored three goals to give the 
Anaheim Mighty Ducks a 3-3 tie Sun- 
day with the New York Rangers, but 


NHL Roundup 


Jan Siemerink concentrating 
on a backhand to Todd Martin. 


Gretzky stole the spotlight at Madison 
Square Garden with a pair of assists. 

Gretzky now has more assists than 
anyone else in National Hockey League 
history, and his career total of 1,851 
assists gives him one point more than 
Gordie Howe's assists and goals added 
together. Gretzky, die NHL’s all-time 
scoring leader, has 866 goals plus his 
assists for a total of 2,717 points. 

Gretzky assisted on a goal by Niklas 
Sundstrom fa the second period, then set 
up Ulf Samuels son in the third for his 
milestone assist and a 3-1 Ranger lead. 


But Selanne scored twice in the third 
period to complete his hat crick and tie 
the game. 

Kings 3, Lightning 1 Vladimir Tsy- 
nlakov scored a goal and set up Yanic 
Perreault's game-winner with 10:05 left 
as visiting Los Angeles spoiled Rick Pa- 
terson's debut as Tampa Bay's coach. 

Paterson, a Lightning assistant, was 
named interim coach Sunday after Terry 
Crisp was dismissed. 

Red Wing* 5, Canucks i Detroit man- 
aged only three shots in the second 
period in Vancouver but scored on two 
to take a 4-1 lead. 

Hurrican** 3, Blackhawks 2 In Chica- 

f o, Carolina rallied with goals by Geoff 
anderson and Nelson Emerson late in 
the third period to beat the Black- 
hawks. 

Coyot«»* e. Sabres i Jeremy Roenick 
scored twice, inclnding the 300th goal 
of his NHL career as Phoenix beat vis- 
iting Buffalo. 


its first defeat at Jack Kent Cooke Sta- 
dium, 

Chiefs 28, Ram* 20 Pete Stoyanovich 
kicked four field goals as Kansas City 
beat error-prone Sl Louis in the first 
regular-season meeting between the 
teams since the Rams moved from Cali- 
fornia to Missouri, in 1995. 

49ers 23 , Saints o In New Orleans, 
Steve Young threw two touchdown 
passes and Gary Anderson kicked three 
field goals as San Francisco won its 
seventh straight game. 


• The Beais-Dolphins game, origi- 
dly scheduled for Sunday afternoon in 


nally scheduled for Sunday afternoon in 
Miami, was rescheduled for Monday 
night to accommodate Game 7 of the 
World Series. 


The trial is focusing, microscopic- 
ally, cm the technical aspects of the 
crash. More good might be done if the 
inconsistency of Formula One could 
somehow be put under examination. For 
evidence, replay Michael Schumacher’s 
violent incident Sunday in the year’s 
final race at Jerez, Spain. 

Schumacher, 28, who inherited 
Senna *s tide as:the greatest driver ofi his 
generation, was protecting his lead 
when he jerked his wheel to the right and 
rammed Jacques Villeneuve, the Wil- 
liams driver who was trying to overtake 
Schumacher for the lead in the Euro- 
pean Grand Prix and. more importantly, 
in the overall driver’s championship. 

Somehow. Villeneuve survived the 
impact, but Schumacher’s Ferrari, 
which bounced off the track, did not. 
Villeneuve won the world title and 
Schumacher did noL Schumacher has 
disavowed responsibility for the acci- 
dent. 

On Monday he was asked to appear 
before an extraordinary meeting or the 
World Motor Sport Council He is going 
to hear about this for a long time. 


For him to crash again Sunday faro a 
motorist who was threatening to strip 
him of his reputation as well as material 
rewards, understanding that 40,000 fans 
were waiting at Ferrari's Maranello 
headquarters ro celebrate their first world 
championship in 18 years — against 
such pressures the collision seems less a 
premeditated act than a flinch. 

Formula One ought to be a black-and- 
white world of virtue. Often it is noble. 
The drivers show immense bravery and 
stamina. But it is black and white only fa 
cases of life and death. In recent years, its 
organizers have contrived when possible 
to keep the title race close to the end. 

Two weeks ago, Villeneuve was dis- 


qualified from the Japanese Grand Prix 
for his failure to yield to a yellow cau- 


for his failure to yield to a yellow cau- 
tion flag during practice, a crime com- 
mitted by other drivers who went un- 
punished for it. In bis absence. 
Schumacher won the race to take his 1- 

S oint lead into Sunday's Grand Prix in 
pain. It was remarkably good luck for 
the Formula One organizers that scv'~) 
much was riding on the final race. Imag- 5 
ine the ratings. 


Scoreboard 


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NHL Standings 

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7 

4 

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15 

35 

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6 

3 

3 

15 

36 

29 

Montreal 

S 

3 

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12 

27 

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3 

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(Running, Drake) [pp).l Phoentx. Isbteter3 
(Running, TkoctlulO (pp). Third Period: 
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' AfloMM I 0 2 3—3 

N.Y. Rangers 1 i 7 0-3 

First PeriwtA-Sctame 5 (5aa» RucchlnJ 
2. Now York, Stevens 4 . (LaFontaine, 
Kovalev) (pp). second Period: Hew York. 
Simdstram 4 (LeaMi GrettkyJ TliW Period: 
New York, Samuefettn T (Grttzk* 
5imlsiram). S A-Sefcraw 6 (Karp a) 6. A- 
Satome 7 (Dallas) Overtime: None. Stools an 
go* A- 9-2-1 1-2—34. New York 7-10-7-0—34, 
Gaafles: A-Hetoert. New York, Wetrier. 

Las Angeles 1 0 2-41 

Tampa Bay I 0 0—1 

First Period: LA.-Tiypiatanr 2 CM array, 
Grier) (pp). 2 T-Ysebaert CRonbery, 
Norton) Second Period: None. TtoW Period: 
LA.-Penwmt 5 (Moser. Tsyptatov) 4 LA.- 
Rdbihrille 6, (en). Shots on go* LA- 4-4- 
13—23. T- I6-II-4— 31. GcaHesc LA-Ftset. 
T-Poddo. 

GrwHno 0 T 2—3 

cmwfy i 1 j 0 2 

Rrsl Ported: Chicago- Daze 3 (Moreau. 
Conwy) Second Period; Carolina, Leach 2 
(Roberto) (pp). 2 Chfcngo-Kihrukrasov 3 
(Amanda, Johnson) ThW Ptrfwfc Cantina. 
Santfeaon 4 (Burl] & Carolina Emerson 5 
(Prtmoou.RlceJSIwtSMigonbConjSnaS-10- 
3— 31.C-9-I0.S — 26. GoflOes: Carolina KWd- 
C-Teueri. 

Detroit 2 2 1-4 

Vancouver \ 0 0—1 

Firs! Period: D-Larionav 2 (Pusher) Z V- 
OdSck 1 (Buns Ohtund) 1 D-Udstrom S 
(Draper) Second Period: D-KnuMe 3 
(ttandsiaulL Brawn) S. D-GUchrM 4 
IDunw) Twin Period: D-Yzerman 4. (sh). 


| FOOTBALL j 

NFL Standings 

jumucam comma 

EAST 


W L T 

Pet. 

PF 

PA 

Miami 

5 2 0 

.714 

143 

124 

New England 

5 2 0 

.714 

195 

104 

N.Y. Jots 

5 3 0 

425 

201 

156 

Buffalo 

4 4 0 

500 

151 

isa 

Indkmapofis 

0 8 0 
csrrriAL 

JJOO 

113 

199 

Ptttebuigh 

6 2 0 

JSO 

194 

187 

Jacksonville 

5 3 0 

JOS 

206 

168 

Baltimore 

4 4 0 

-500 

1W 

175 

Tennessee 

4 4Q 

500 

■183 

161 

Cincinnati 

t 7 a 

.125 

125 

219 


WEST 




Denver 

7 1 0 

275 

238 

133 

KmasOty 

6 2 0 

-750 

181 

133 

Seattle 

5 3 0 

425 

169 

177 

San Diego 

4 4 0 

500 

140 

176 

Oakland 

3 5 0 

.375 

213 

218 

NAITONAI COMHUMCI 



EAST 





W L T Pet 

PF 

PA 

N.Y. Giants 

<30 

M7 

186 

ISO 

DdkH 

4 4 0 

500 

178 

131 

PhSadelphta 

4 « 0 

500 

137 

159 

Washington 

4 4 Q 

500 

142 

137 

Arizona 

1 7 0 

CeNTHAL 

.125 

133 

1B5 

Minnesota 

4 2 0 

XO 

786 

167 

Green Bay 

5 2 0 

-714 

168 

149 

Tampa Boy 

5 3 0 

425 

146 

134 

Detroit 

4 4 0 

5®S 

180 

1S5 

Chicago 

0 7 0 
vresr 

JXM 

101 

199 

San Fnmtisoo 

7 1 0 

B75 

210 

98 

Carolina 

4 4 0 

500 

128 

139 

SL Louts 

2 6 0 

350 

133 187 

New Orleans 

2 7 0 

m 

118 198 

Atlanta 

1 7 Q 

.125 

145 

209 

nimrsusuin 



BaltJmore 2ft Washington 1 7 
NewYorfcGfanta»,CbK3iBwt127 



PtotodHpMo 11 Dados 12 
Denver 23, Butfato 20, OT 
Kansas City St. Laub 20 




San Frandsca 23, NawOrtoamO 



Minnesota IB Tampa Bay 6 
Tennessee 41 , Arizona 14 




Sen Dtoga 3s, indtanapafls 19 
Pittsburgh 2£ Jaeksonvflfe i7 r OT 



Seattle 4& Oakland 34 

CoraS na 21, Atlanta 12 




Open date: DetnriL New York J4to 



THE AP Top 25 




2. Penn SL (25) 

3. Florida St (8) 

4. Michigan 

5. North CaroBna (2) 

6. Florida 

7. Washington 
B. Tennessee 

9. Ohio SI. 

10. Washington St. 

1 1. Auburn 

12. UCLA 

13. Ktm»»SL 

14. Georgia 

15. lavra 
16-L5U 

17. Wtest Virginia 

18. Purdue 

19. Oklahoma St. 

20. Arizona 51. 

21. Michigan SL 

22. Toledo 

23- Virginia Tech 

24. Southern Mbs. 

25. Texas A&M 


6-0 

1.665 

2 

7-0 

1,629 

3 

7-0 

1*514 

5 

7-0 

1.507 

4 

6-1 

1-400 

6 

*■1 

1,281 

7 

5-1 

1-2+S 

8 

7-1 

1,233 

9 

7-0 

1,143 

10 

7-1 

1JM9 

11 

6-2 

942 

13 

6-1 

894 

14 

6-1 

789 

16 

5-2 

727 

18 

5-2 

714 

17 

6-1 

579 

21 

6-1 

522 

22 

6-1 

463 

12 

S-2 

444 

23 

5-2 

405 

15 

7-0 

290 

24 

5-2 

124 

19 

5-2 

64 


5-2 

55 

20 


3. Ernie Els, South Africa 9.55 

4. Nick Price, Zimbabwe, 9J2 

5. Masaxhl Onto, Japan, 8.77 

6. CoBn Montgomerie. Britain B.74 

7. Mart O'Meara, U.S.8.T1 

8. Davis Love lit U.S.BJM 

9. Phil Mkkeisoa U^.100 

10. Tam Lotumn \JS. 7J0 

11. Sooft HoctoUJi. 6.96 

12. Jusfln Leonard. U.S. 6J8 

13. Nick Faldo, Britain, 645 

14. Brad Faxon, U .5.637 

15. Fred Couples. US. 635 


SOCCER 


Wtaconstai 4& Georgia Tech 47. Rke 4Z Ohio 


Tenerife l, VaBodoHd 0 
AHeflco Madrid 0, Espanyal 2 

remm rnn division 

Banlecnix 1, Nantes 1 

afhcul asp wwnu' an* 

BQtaHHAlJS. RETURTT UKJ 




3. Marshall 2. Southern Cal Z Utah 2. 
Laubtam T«Ji 1, Mississippi i. 


CFL Standings 


ummnnniiofl 

_____ W L T Pt*. pp PA 

x- Toronto 15 3 0 30 660 327 

* Montrao l 13 S 0 26 509 532 

wtnntpeg 4 14 0 8 443 54 s 

Hamilton 3 16 0 4 362 549 

WESIUW DIVISION 
x-Edmanton 12 6 0 24 479 4O0 

x-Qdgam 10 10 0 20 519 In 

x-Brit.Cotumbta 8 10 0 16 429 536 

k-SaskatalKwwi 8 id 0 16 413 4*0 

x-dinched playoff berth ^ 

Swodoys Rasetts 
Montred 43. Taranto 38 
Calgrey 43, B-C, 9 
End of regular season. 


Farara. Morocco, 2 
RAF won 5-2 on aggregate 

CAP CUP 

Esperance, Tunisia, 6 Kampala City CoundL 
Uganda, 0 

Esperance wan 9-1 an aggregate 
Petra Afleifca Angora 4. Jasper United 
Nlgena 1 

Peiro AHetico wan 5-3 on aggregate 
MAJOR UUbMii toe car 
. PWAL 

Washing ton O.C Z Catorndo I 


tennis 


CRICKET 


PAMWMM V8. soun AFRICA 

THRU TEST, FOUITTH DAY 

South AMa: 239 and 214 
Pakistan: 30B and 92 

South Africa won test by S3 runs and 3- 
matdieeriwl-fl. 


uu ouuumoi 

■UMBAV M QUEBEC. CANADA 
„ FINAL , 

Brenda WroBj-McCorlhy. in, Notber- f >• 

mkxjcamopch 

SUNOAV IN MEXICO CITY 
FIMAL 

{n * S P°* n - «W. «■ 

“Ort V3aca. Spain, 4-4, 74. (9-7). 


TRANSITIONS 


MSKlffejux 

««ewnoN 

p £££%** F Morti ***« F 


LASVEOASlNVlTATIOMi 


Tbp TVranty Fha teems In Awadatod 


ir r7!,TT.. au "! i,,r * u» 

mssssksss 

pern Lee Vagae Country Chra eoun*? n ‘ 
BiUGtasmUJ. 

David Edwards. UJi. 68^6^72^1? 
BIDy Mayfair. UJ. 

M. Caknuecdria, ua 66^6-72-^dftZ^ 

DuBy YvaWort Ui 

Lee Janzea US. 64 . 72-71 -70^2 


Hoacrr 

HAT WNAL HOCKEY LEahu- 

c s ™ ,rt 
^ Sr” LWD “ w "^ “—>-4 


AIJSShT" B “ to ' M 


Ptbce cofiege foorhefl pok. whh HrcHXace Xerin Soiheriand, u.s. 49^3-70.a7^iS 
vans in paranthases, recardc thraugto OaL MPueReldLUj. 

25, tatte pakno bacad an 29 points tor Brat Fred Couples. U.S. 66-47-60.77 ^0 T.. 
place vara through one paint tor 2Sihpiua Brad FabeL UX. 4444-77.71 
van end pnMfOue ranWng: wmbumuM* 

Beard Pis Pi - - - w ”*“■*»«*«* 

1. Nebraska OS) 7-0 1,704 1 


Fred Couples. U^. 
Brad FabeL UX. 


° An * W Z 7Win and 
*"*** AML. Re. 
^ 1 W c Jenad State 




■ Si 


r * 1 .if#/ 

iN f 




1. GregNonrm Australia, 11471 porms 

2. TtaerWtoods.uj.]0^i 


skmSsSs?? 

bctyc. ’wwslrv on Injured re- 


tjsk> 











N | 

I 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 28, 1997 


PAGE 27 


SPORTS 




ard to Wow: Marlins Capture the World Series 


s S 


Renteria’s Single in the 11th 
Spells Doom for the Indians 


; 1 >'*»'•* 


By Murray Chass 

Mw York Twin Service 

MIAMI — Jdsi when the Cleveland 
/. / Jndians were poised to end a half-cen- 
: tiiry without a World Series champi- 
ohship, they had victory snatched from 
; • Abeir grasp early Monday morning, 
o' The World Series trophy will instead 
'reside in South Florida for the next year. 
. ^The Marlins, the ream that brought ma- 
rfjor-league baseball to Florida and teal to 

* ynajor-leagoe baseball uniforms, 
snatched the championship from the In- 

• «' -&idians with a 3-2 victory in the seventh 
.V'yand final game. 

; »■ Tlte Marlins built it cm a ninth-inning 
•; -■? £run that Craig Counsel] drove in with a 
'sacrifice fly and an unearned 1 lth-inning 
arun on a two-out, bases-loaded single to 
- -“_!>■ center field by Edgar Renteria. 

• ■ The Marlins staged their w inning 

. Y -rally against Charles Nagy, who was 
. Y Isupposed to have started the game on 
.. Sunday night until Mike Hargrove, the 
. •'Indians’ manager, switched to Jaret 

•>’ Wright, the 2 1 -year-old rookie. Wright 
' Y .'responded with a strong 6'A mning g. but 
! •' ; ? it wasn’t enough to get the Indians the 
■ ; ’World Series rings. 

■ / l The Indians, who lost the 1995 World 
*\ Series to the Atlanta Braves, were in- 

_ -<\b stead left still in search of their first 
Y^World Series championship since 1948. 

And here were the wild-card Marlins 
: Y “.with a championship in only their fifth 
Lyear of existence and in their first ap- 

■ :pearance in the World Series. The team 
.. j* ■ was buttressed last winter by the com- 

• imitment of $95 milli on to sl\ free-agent 

‘players and the manager. Jim Leyland. 
V * “l was a little concerned, like every- 
‘one else," Leyland said, when asked 
’about the 2-0 lead Cleveland bad early 
. . . rin the game. “But we haven’t given up 

'all year, and tonight is not a night yon 
give up. When 1 walked into the club- 
' house tonight, I told everyone we were 
.'going to be the world champions.” 

. -f The Marlins became the first cham- 
'pions who did not finish in first place 
, ‘during die regular season. They did it by 

* ^scoring in the 1 1 th, one inning later than 

* -the last seventh game was decided. In 

1991 the Minnesota Twins beat the 
‘Braves, 1-0, in 10 innings. 
r A single by Bobby Bonilla, who had 
•' -fait a home run in the seventh inning, 
‘-opened the 11th. One out later. Counsell 
shit a grounder between first and second 
^ : that should have resulted in an out, but 
•Tony Fernandez failed to field it and 
-Bonilla race to third. Fernandez had 
__ singled home' the Indians’ two runs 
•Leitet tirarhimriBg.‘ 

' 111 . •' "f doti’P^ftrit to use any excuses,” 

— • said the veteran Fernandez, whose 11th- 
* *' ’ : inning, Game 6 home run against the 
^Baltimore Orioles won the American 
. ‘League Championship Series. “It’s a 
. - play I could have made.” 

Nagy, who had entered the game in 
- -the ICtth inning and secured the last out 
with runners at first and second, walked 
Jim Eisenreich intentionally, loadingthe 

bases, then got a forceout at the plate on 
; .Devon White’s grounder to Fernandez. 

Renteria, the Colombian member of 
-• -the Martins’ large Latin contingent, was 
’•the next batter, and he stroked a soft line 
^ptirive that rose just above Nagy's reach 
'.'If -and continued into center field for the 
hit that bad “Martins, World Series 
Champions” stamped on it 
m “I felt comfortable in that situation,” 
V. said the shortstop, who won the Mar- 


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l-.t '.iflnjn'Ui- 1V-— 

Edgar Renteria driving in the run that gave Florida the Series title in the franchise’s fifth year of existence. 

Marlins 5 Manager Discovers Winning 


tins’ first playoff game with a two-out, 
bases-loaded hit, and who delivered 
game-winning hits six times in the last 
innin g during the regular season. 

Afterward, a saddened Hargrove was 
asked about Nagy. “I thought Charlie 
had good stuff tonight,” Haigrove said. 
“He made a great pitch to Devon White 
to jam him and get the ground ball out at 
home plate. He made a great pitch to 
Renteria, and he hit it where nobody was 
standing. Those are the breaks of the 
game.” _ 

<«i With- -the 1 Indians ; 4on--<he* ■ verge* * &f 
winning their first Wodd Series ' since 
1948, Jose Mesa, their closer, could not 
deliver iL He came in to start the ninth as 
the Indians’ fifth pitcher, with Clev- 
eland ahead, 2-1, but he created trouble 
instantly. 

Moises Alou. whose three-run home 
runs against Orel Hershiser powered the 
Martins to victories in Gaines 1 and 5, 
led off the ninth with a single to center 
field. Bonilla then battled Mesa fiercely 
before striking oul Charles Johnson did 
better as the next batter, lining a single 
to right field that sent Aioii scampering 
to third. 

Counsel] then came through witii the 
team's biggest out of the year, hitting a 
fly ball to right field that enabled Alou to 
score the tying run. Just like th at, the 
Indians were deprived of the champi- 
onship that had been within their grasp. 


By Buster Olney 

Mnr York Times Service 

MIAMI — At the moment Craig 
Counsel! leaped across home plate with 
toe winning run. the burden of unful- 
filled expectations fell off the shoulders 
of Jim Leyland. Seemingly fated to ex- 
cruciating defeat throughout his career, 
toe Florida manager had his champi- 
onship, and, oh, did he celebrate. 

The Martins’ victory affected his ex- 
pression like a faco-lm. the canoe-sized 
bags under his eyes disappearing, his 
trademark stalk replaced by a joyful 
strut. Leyland ran out of the dugout as 
other Marlins mobbed Counsel] and 
Edgar Renteria, who had delivered the 
winning hit Leyland pointed to his wife 
with one and then both hands. 

Pure joy. 

Game 7s had forever been unkind to 
Leyland In 1991, when Leyland was 
managing in Pittsburgh, the Pirates led 
toe Atlanta Braves three games to two in 



AravFma-fiiM 

Jim Leyland taking a victory lap 
after bis team claimed the Series. 


the National League playoffs and re- 
turned borne for toe final two games of 
the series. But Pittsburgh lost both, and 
Atlanta went to the World Series. 

The following season, the Pirates led, 
2-0, in the bottom of the ninth in Game 7 
against Atlanta. Three outs removed 
from the World Series, the Pirates al- 
lowed three runs, the last two scoring on 
Francisco Cabrera’s pinch-hit two-run. 
two-out single. 

But this year, as the Marlins tied the 
game in the bottom of the ninth and won 
it in the 11th, Leyland said he never 
thought about those games. Rather, he 
said, he was thinking about his family, 
"my son and mother and father.” 

After making eye contact with his 
wife, Leyland moved toward the pile in 
the middle of the field, his progress 
interrupted by the hugs of friends and 
teammates. Bobby Bonilla, towering 
over Leyland, lifted his manager high 
off the ground and held him there. 

Leyland then ran toward the outfield 
stands, a victory lap. & la Cal Ripken, h 
la Wade Boggs on the horse at Yankee 
Stadium-fast- ©etobeir-He -waved-and 
blew losses, a '52-year-old imitating 
somebody 30 years his junior. 

The night before, Leyland pondered 
lineup changes at his home until 3 A.M. 
He decided to drop Bonilla to sixth from 
fourth in the lineup and start Dairen 
Daulton at first and bat him cleanup. 
Anything to shake up an offense that 
looked stagnant in Game 6. 

Only Leyland knows if his mind 
wandered beyond Game 7 to whether he 
will soon leave the Marlins, as is widely 
speculated. Before the game, Leyland 
cut off a question regarding his future. 

* ‘I wouldn’t discuss something like that 
during the seventh game of the World 
Series,” he said sharply. “I’ve got my 
mind on the seventh game.” 

A year ago, he was euphoric when he 
jumped from Pittsburgh to the Marlins, 
but to some who have known Leyland 


for years, the Florida manager has at 
times seemed joyless this year. 

The Pittsburgh teams he managed 
were formed and developed over years; 
the Martins were thrown together with a 
spending spree, and Leyland found him- 
self beating the sort oflow- budget teams 
he used to manage. He offered an oblique 
and telling commentary on the Marlins' 
rapid ascent from also-ran to the playoffs 
before Game 7. “I think it’s a little 
weird, to be honest with you.” he said. 

Still, he was remarkably upbeat be- 
fore Game 7, telling a friend he was sure 
the Marlins would win. A lifetime minor 
league player, he had dedicated his ap- 
pearance in this Series to all those who 
spent their careers bouncing around the 
minors in buses. All those guys, Leyland 
said, who played in Clinton, Iowa. 

Now Leyland and those guys who 
stopped in Clinton have a title, too. 


Cuban Rookie 
Gets the MVP 
And VIP Visit 

Cam iWfc tVftrf fwmUu/unArt 

MIAMI — ■ The door to Suite 251 at 
Pro Player Stadium swung open, and the 
Florida Marlins’ pitcher Livan Hernan- 
dez, a Cuban defector, made eye contact 
with his mother for the first time in 
almost two years. 

Miriam Carreras screamed wildly at 
the sight of her 22-year-old son. who 
was 2-0 in this World Series against 
Cleveland. The two hugged and talked 
excitedly for several minutes. 

Then Hernandez, who defected to 
Mexico in 1995 and soon signed a four- 
year, S4.5 million contract with the 
Marlins, had to leave for the dugout for 
the start of Sunday night’s decisive sev- 
enth game. 

Hernandez, who won two World 
Series games, did not pitch in Game 7 but 
was named the World Series most valu- 
able player after it finished. He had not 
seen his mother since he defected in 
Monterrey, Mexico, in September 1995. 

On Saturday, Carreras had obtained 
permission from the Cuban Immigra- 
tion Department to leave Cuba. Thrs 
came a day after she received an emer- 
gency visa from the U.S. Interests Sec- 
tion in Havana. 

Marlins officials would not allow the 
news media to interview Carreras, but 
later issued this statement from her 

"I am very happy to be here with my 
son and to sec this last game. I warn to 
give thanks to the Lord for making this 
possible.” 

Her company in Suite 251. which is 
controlled by the Marlins’ president. 
Don Smiley, included the former New 
York Yankees' star Joe Dimaggio; 
Hernandez's agent. Juan lglesias. and 
the Florida gubernatorial candidate Jeb 
Bush. Jorge Anizurrieia. an aide to 
Bush, served as Carreras' interpreter. 

She she left after three innings. Mar- 
lins officials said the early departure 
was for security reasons. 

Carreras traveled three-and-a-half 
hours by bus and ferry from her home to 
Havana’ to listen to a’ Spanish -language 
radio broadcast of Game 1 that friends 
were able to pick up from the United 
States. 

All television broadcasts of the 
World Series have been blocked by the 
Cuban government. (NYT. LAT. WP) 


D.C. United Takes 2d MSL Title 


.. - .... ... pjfVL- York Times Sen ice . 

■■ WASHINGTON — Playing in the 
rain, just as it had in last year’s in- 
augural championship game of Major 
League Soccer. D.C. United repeated 
as champions with a 2-1 triumph over 
the Colorado Rapids before a sellout 
crowd ai Robert F. Kennedy Stadium. 

D.C. United was the best team in the 
league during the regular season at 21- 
11, and was toe superior team for the 
vast majority of this game. But United 
lost its focus in the last 20 minutes and 
kept missing chances. Luckily, Jaime 
Moreno and Tony Sanneh had scored 
goals by then, and all United allowed 
in the fate going was a goal by Adrian 
Paz that narrowed toe margin. 

“We were too casual with our 
chances after the second goal.” said 
Bruce Arena, the United coach. 


Colorado was the. worst team in the 
league last season and finished fourth 
in the Western Conference this sea- 
son. Its 14-18 record was the worst 
among the eight of the league's 10 
teams that made the playoffs. But the 
Rapids swept Kansas City and Dallas 
in the playoffs, and they gave United 
quite a challenge in the final. United 
was playing before its fans, though not 
because it had the best record. Wash- 
ington had previously been selected as 
the site of the championship game. 

United came out and took control, 
scoring its first goal in the 37th 
minute, when Moreno ran onto a cross 
from Sanneh on the right side and 
scored from 6 yards. Sanneh got his 
goal in the 68th minute on a header 
from close range after a pinpointed 
cross from the left by John Harkes. 


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PAGE 28 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 28, 1997 


ART BUCHWALD 


Starring the President 


W ASHINGTON-- Polit- 
ical videos are not just 
raw tape — they are produced 
and directed and edited. 

'Hie White House tapes are 
perfect examples of Oscar- 
worthy productions. 1 spoke 
to Ada Quaitro, who was in 
charge of making the tapes for 

the Democratic 

National Com- 
mittee in the 
White House. 

I told her that 
if she kept it up 
she could be- 
come another 
Steven Spiel- 
berg. 

“I can’t take 



Bucbwald 


full credit,” she said. “I had a 
good cast, good writers and a 
subject everyone is interested 
in.” 


□ 

“Did the president give 
yon any trouble when you 
were filming?” 

"No, he was a true pro- 
fessional. Unlike some actors, 
he took criticism without get- 
ting upset. I remember one 
scene when I told the president 
that one of the guests had con- 
tributed $250,000 to his cam- 
paign. I suggested that be go 
and give the man a hug and not 
stop smiling until 1 said cut. 

“The president asked me 
for his line. I said, ‘Tell him 
diat he's a great American 
and you're proud to know 
him.’ 

“The president said, ’Sup- 
pose he's not an American?* 

“Then you say, ‘You must 
play golf with me some- 
time.' ” 


□ 

1 asked Ada, “Did you ever 
have a blooper?" 

“Well, one time I was 
filming a major donor’s wife 
talking and laughing with the 
president when the donor 
held up two fingers behind his 


wife's head and spoiled the 
scene. As soon as the wife 
realized what her husband 
had done, she grabbed the 
presidential seal and bit him 
over the head with it.” 

“That doesn’t sound like 
such a bad scene. Did you use 
if?" 

□ 

Ada said, “Not yet The 
Senate committee has it and 
they probably will. The pres- 
ident is at his best when he’s 
tellin g donors what their 
money will do for the coun- 
try, and how much the Re- 
publicans are raising com- 
pared with him. They're very 
moving scenes and when we 
show them to audiences, there 
isn’t a dry eye in the house." 

“Was it your idea to serve 
coffee while you were shoot- 
ing?” 

“Yes it was. I didn't want 
all the fat cabs just standing 
around looking stiff, so 1 
came up with the idea of of- 
fering coffee. It worked won- 
ders because with coffee and 
Danish almost everyone 
doubled their contribu- 
tions." 

“Do you ever work Hillary 
into the picture?” 

“Every now and then 
when there's a need to appeal 
to female audiences. But we 
never show the first lady 
serving coffee because that 
wonld be demeaning.” 

□ 

“Tell me, Ada, what 
would you say was your 
greatest video?” 

“One time we had an entire 
tribe of Native Americans 
come to the White House to 
present the president with a 
feathered headdress and a 
check for $500,000. The pres- 
ident put on the headdress and 
joined the tribal elders in a 
dance around the Oval Of- 
fice.” 


Britain’s Incorrigible Mr, Bean Goes to America 



Uukau lYfttrw 

Rowan Atkinson in “Bean,” which has already made $100 million around the world. 


By David Everitt 

New fork Times Service ' 

N EW YORK — For the first time in his 
20-year career, the celebrated British 
comic Rowan Atkinson has a shot at Amer- 
ican stardom. He is underwhelmed. “I’m 
not very ambitious in the film world,” he 
said, “which is probably indicated by the 
fact that I've done so little and die only bits 
I've done have been very small parts." 

Atkinson is best known to American audi- 
ences for one of those small pans, the be- 
fuddled vicar who mangles the solemn mar- 
riage vows in the 1994 film ''Four Weddings 
and a Funeral" (He also provided the im- 
peccably fussy voice for Zazu, the bomb ill 
courtier in * ‘The Lion King.") It is as Bean, 
his signature television character, that Atkin- 
son has finally been placed at the center of a 
film. The television series “Mr. Bean,” 
which features a contemporary sort of silent- 
movie down who blunders through every- 
day escapades with mime and slapstick, bad 
its premiere in Britain in 1989. It has since 
attracted fans as far away as Burma, in- 
cluding s omethin g of a following in the 
United States through PBS broadcasts. 

The movie “Bean" has already earned 
$100 milli on for Polygram Filmed En- 
tertainment in countries ranging from Aus- 
tralia to -Brazil. It will open in American 
theaters on Nov. 7. 

Shuffling stoop-shouldered into a meet- 
ing room at the Four Seasons Hotel in 
Manhattan recently, Atkinson certainly did 
not project the aura of a driven charismatic 
performer. Nor, sipping tea, did he convey 
any hint of the outrageous comedic per- 
sonas that have made him a star in Britain 
and many other parts of the world. Hardly an offscreen zany 
like Robin Williams or Tim Carrey, Atkinson, 42, seems 
downright bookish. His television character Black Adder, 
lesser known than Bean and highly verbal skewers everyone 
in sight with a contemptuous wit. but the man behind this 
ultimate antihero speaks hesitantly. The nearly mute Bean 
careers through life on a wave of pure juvenile impulse, but 
tire actor is deferential somber. 

“Quite a nasty piece of work," Atkinson said of Bean. 
"Not the sort of person you'd want to have dinner with." 

On television and on film,. Bean utters only occasional 
words, in a barely intelligible croak. Although he is enough 
of a bedeviled loser to win sympathy, he is also a thoroughly 
self-involved creature. He cheats on college exams and runs 
other people’s cars off the roail He even taunts hospital 
patients encased in body casts. 

Only a performer as adept as Atkinson is with facial agility 
and loose-limbed body language could make the incorrigible 


Bean a pleasure to watch. And what Atkins on lacks in blind 
Hollywood ambition, he compensates for with what has been 
widely recognized as an unusual talent at both physical and 
verbal humor. 

Talent, though, does not always assure success when 
comedy is exported across the Atlantic. The British stage 
comedies of Alan Ayckbourn have not found much of an 
audience in the United States, and Neil Simon's plays have 
encountered a lukewarm reception in Britain. Atkinson 
himself ran aground in America when his 1 986 stage revue, 
“Rowan Atkinson at the Atkinson." enjoyed only a short 
stay on Broadway. 

Atkinson believes that “Bean" has a better chance of 
bounding across the trans-Atlantic hurdle. The character's 
nonverbal nature is one factor. ‘ There is always that age-old 
thing about England and America being divided by a com- 
mon language, he said. “You think that because we speak 
English and you speak English that you're bound to un- 


derstand and like everything that we do. 
And of course you don't." 

Bean's appeal to both children and adults 
may be another asset. “Mr. Bean’s core 
audience of enthusiasts is probably children 
because he is a child at heart,’ ’ Atkinson 
said. “But at the same time adults find him 
fairly absurd as well. It’s almost a sort of 
self-congratulation on the part of adults — 
that they thankfully have grown out of that 
awful land of behavior of which Bean is 
capable, and they think. Thank God I’m 
not like that anymore.’ ” 

His other, intensely verbal comedies are 
more attuned to British sensibilities, a set of 
concerns and attitudes that for Atkinson was 
cultivated by his distinctly English upbring- 
ing. As his reserved manner suggests, the 
comedian comes from a staid middle-class 
family. He characterized his fellow Atkin- 
sons as “decidedly not" funny. 

The greatest fuel for his comedic im- 
pulses may have been his tOQy public- 
school education. “All the sort of absurdit- 
ies and hypocrisies and almost Dickensian 
characters that you come across in that 
environment, I think, provided great in- 
spiration,*’ he said. 

This inspiration is best seen in a sketch 
from Atkinson's 1986 stage revue in which 
he plays a headmaster who is meeting with 
a student's father. The haughty educator 
blandly announces that the man's son has 
been beaten to death for taking out a book 
without a library card. The headmaster is 
considerably put out by the whole thing. 
“Quite frankly. Mr. Perkins," he says, “ if 
be wasn't dead. I’d have him expelled." 

Atkinson's education culminated with a 
degree from Oxford University in. of all 
things, electrical engineering. He also did sente theatrical 
comedy at Oxford, and after college he moved on to stage 
revues and. eventually, television. 

The transition from television to film has been a slow one. 
Even after his performance in * ’Four Weddings and a Funeral’ ' 
Atkinson was not besieged with film offers. At least not for roles 
he would have wanted. “Hollywood is quite famous for not 
knowing what to do with people," he said. “So even if you’re 
good, to translate that into a performance in another film is 
unlikely, because traditionally, as you know, English actors play 
the butlers or psychopaths.” 

Polygram decided to back “Bean" because of the character’s 
built-in international appeal. “Our biggest challenge with this 
movie is to Beanify America," said Russell Schwartz, president 
of Gramercy, the American subsidiary of Polygram that is 
releasing the film in the United States. “Bean's an odd char- 
acter, be doesn't have traditional one-liners that you can cut a 
trailer out of. He's a little more subtle." 


( 


f 


i 


DINING 


PEOPLE 


On the Menu: Sublime Sushi, If You Obey the Rules 


By Todd S. Purdum 

New York Times Service 




L OS ANGELES — Here on the eastern 
edge of the Pacific Rim, where power ts 

X tic and nothing is quite- so attractive as 
never is just out of reach, a peculiar phe- 
nomenon thrives: a restaurant in which even 
Hollywood's high and mighty must take 
.whatever they are given, including stem lec- 
tures from the chef. 

It is an unlikely temple, sandwiched in a 
storefront in a modest mini-mall in Studio 
City, just down Ventura Boulevard from the 
sound stages of Universal Warner Brothers, 
Disney and NBC. But at Sushi Nozawa, the 
lines spill into the parking lot full of luxury 
cars, and the handful of seats at the wood- 
grain formica bar are almost always taken by 
people willing to spend upwards of $50 each 
to be humbled. 

The lure is the fish, the freshest from the 
world’s waters: silky skipjack from Hawaii 
pungent salmon eggs from Alaska, vanilla- 
scented blue crab from Chesapeake Bay and 
buttery king mackerel from Boston, briny 
oysters from Washington State and lightly 
cocked monkfish liver as rich as foie gras, 
along with the finest examples of sushi stand- 
bys like ahi, albacore and yellowtail. 

The conundrum is the chef and owner, a 
forbidding master named Kazunori Nozawa, who 
for 10 years has been on a one-man mission to 
educate Californians in the fine an of Edo- style 
sushi, a crumbly concoction of warm rice and cold, 
raw fish first served up by Tokyo street vendors 
about 300 years ago. If you sit at Nozawa-san's 
counter, he tells you what to eat, and how to eat it, 
when to dip it in soy sauce and when not to. and the 
rules are firm and inviolable: one piece, one bite. 
The sign behind the counter is succinct: "Today’s 
Special — Trust Me." 

“1 will never go there again." said Gary Ross, 
the director and screenwriter who wrote ‘ ' Big " and 
“Dave." "They wouldn’t give me lemon with my 
sushi” 

He added: “The fish is great. It's the subjugation 
that leaves something to be desired.'' 

But for Nozawa's high-powered customers, in- 
cluding executives from DreamWorks SKG, 
Steven Spielberg’s fledgling studio, the subjug- 
ation appears to be part of the game. 

“They want to be dominated by someone that 
they rhink is superior," said Jay Weston, the pro- 



1*1 SumPMuonV .Nr* WLTnu-a 


Kazunori Nozawa tells you what to eat and how to eat it 

ducer of films like “Lady Sings the Blues" who 
also publishes a restaurant newsletter. “They want 
to be in." 

Ross added: “It's like the way people embrace 
their trainers. If someone denies them something, 
they’ll go back week after week." 

All that is fine with Nozawa, who slaps each wad 
of rice into his hand with the balletic rhythms of a 
baseball pitcher on the mound, his lips pursed in 
severe concentration. Nozowa hews to his own 
rituals, and he does not welcome customers who 
don’t accept them. He keeps the clock above his 
counter set a half hour fast, the better to shoo out 
lingering diners; he refuses to open on weekends; 
the window blinds are often drawn and a 
“CLOSED" sign posted well before the scheduled 
closing time; he rejects latecomers by pronouncing 
himself out of rice. Hus is one restaurant where the 
boilerplate warning "We reserve the right to refuse 
service to anyone" takes on real teeth. 

"He is very bossy sometimes," said Nozawa’s 
soft-spoken wife, Yumiko. "For some people, that 
is too much pressure. But if you don't like things. 


you can take a table and order what you want 
Just in his mind, he wants to teach customer 
good fish.” 

In fact, Nozawa has taught sushi-making 
around the country, and if diners surrender to 
his spell; tiie rewards can be delicious. His 
students include the proprietor of Sushi Sas- 
abune, a restaurant with branches in Los 
Angeles and in Honolulu. There are a handful 
of other sushi restaurants in Los Angeles 
where die drill is similar, or where diners have 
the option of putting themselves in the chefs 
hands. Perhaps the most expensive is Mat- 
suhisa, in Beverly Hills, where the sushi and 
tempura are exquisite, but dinner for one can 
easily cost $100. 

At such places, popular Americanized 
items like California rolls and spicy tuna rolls 
are unavailable. Indeed, the Los Angeles Za- 
gat restaurant guide warns, “Just don't ask for 
something mundane like a California roll — 
Nozawa will throw you out!" (Mrs. Nozawa 
says that not only are California rolls “very 
boring," but also the top-quality king crab 
legs needed to make first-rate ones are almost 
unobtainable.) 

Still the Nozawa experience is not for 
everyone. Albert Brooks, the actor, writer and 
director, ventured there a few years ago with 
his friend Sean Daniel, a producer and former 
studio executive, aware of the restaurant's 
reputation for excellent fish and a strict approach. 

"We frankly figured, how strict can it be, so we 
sat down and ordered our sake,” Daniel recalled 
“All I know is that after one round of the esteemed 
chefs selection, Albert asked for one of his fa- 
vorites, which was tuna sashimi and he was told in 
a brusque way, to say the least, ‘No tana sashimi.’ 
Since he was staring at the tuna, which was beau- 
tifully sliced in sashimi form, we sort of began to 
approach the 'Five Easy Pieces' theme, in which 
Albert suggested tuna sushi without the rice. 

“It became a real unbridgeable gap,” Daniel 
concluded. “Albert wanted tuna sashimi, he was 
not going to be served it. and that meal came to a 
pretty abrupt end" 

As Nozawa wound up a busy lunch hour this 
week, he paused to reflect on a day that had begun 
with his scouring wholesale fish markets at dawn 
and would end sometime after 10 P.M. There was 
no time for rest, El Nino had driven quality, fish to 
northern waters. 

“I am training many people,” he sighed. “But 
quality, quality is hard’ 


A FRENCH court fined the 
star newscaster Patrick 
Poivre d’Arvor 50,000 
francs ($8,400) for assaulting 
a paparazzo who tried to take 
pictures of his vacation with a 
colleague. Claire Chazal, on 
a Greek island. The photo- 
grapher, Franck Skorupan, 
was also fined for invasion of 
privacy in the incident on 
Skyros island in July last 
year. Skorupan had told the 
court that Poivre d'Arvor hit 
him with the photographer's 
camera and tore up his press 
card. 

□ 

Bill Gates has finally 
broken down and bought 
himself a $21 million private 
jet. For years, the Microsoft 
chairman was known for fly- 
ing economy class. Microsoft 
employees are still restricted 
from flying first class and can 
upgrade to business class 
only on international flights. 

That is apparently why Gates, 
who will turn 42 on Tuesday, 
bought the plane himself, 
rather than have Microsoft 
pay for it. “He is flying so much it really does 
make sense," a spokeswoman said, "but he 
doesn't think the company should be paying 
for it." The jet is a Challenger 604, made by 
Bombardier Inc. of Canada. 

□ 

Hillary Rodham Clinton spent a quiet 
50th birthday Sunday ensconced at home with 
her husband Bill Clinton, and her daughter 
Chelsea after a surprise party the night before 
where she danced until the wee hours. Aides 
said the first lady was genuinely surprised by 
the event at the Sheraton Luxury Collection 
Hotel, which was attended by about 100 
friends and Chelsea, for whom it was a first 
trip home from college. Hillary was later 
reunited with childhood friends in Chicago as 
her hometown kicked off a daylong extra- 
vaganza Monday. Her visit included a tour of 
her former neighborhood in suburban Park 
Ridge and a stop at her childhood home. 

□ 

The rock group Oasis will donate all profits 
from a concert in Paris to an AIDS charity in 



UcAnutUelftca 

GORY OUTFITS — The UJS. vice president, Al 
Gore, and his wife- Tipper posing in werewolf cos- 
tumes for the family’s traditional Halloween party. 

memory of Diana, Princess of Wales, the 
group's record company said. An estimated 
17,000 fans are expected to attend the show 
Nov. 4. 


With vineyards in California, France, Italy 
and Chile, the dynasty of Robert Mondavi 
crosses three continents. Wine also appears on 
his dinner table every night. “If you think of 
good wine, you have a good life. Eat and drink ft 
in moderation and have a wonderful time,"* 
said Mondavi, 84, attributing his longevity to 
his daily indulgence. 

□ 

John Updike says his new novel about a 
post-apocalyptic America was influenced by 
the real-life collapse of the communist bloc. 

In “Toward the End of Time,” Updike ima- 
gines the country in 2020, devastated by a 
nuclear war with China. "That something as 
apparently formidable and unified as the So- 
viet Union could splinter like that showed it 
could even happen to the United States," he / 
said in an interview. ,.' J 

X- 


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Every country has its own AT&T Access Number which 
makes calling home or to other countries really easy. 
Just dial the AT&T Access Number for the country you’re 
calling from and you'll get the clearest connections 
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(up to 6096*). Check the list for AT&T Access Numbers. 


AT&T Access Nambefs 



L Jus dial theXT&T Access Number 
for the country y™ are caHing from. 

2. Dial the [bone 1 number you’re calling, 
j. Dial the calling card number l«ed 
abac your name. 


EUROPE 

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ABtri8«0 *. 

Belgium* .. 

France ... 

*800-100-10 

-MM-9M8T1 

Orasce* J 

00-880-1011 

i-araMm-Mu 

Itofr*' 

NaKurtends* 

Rnta«A(niKcn) 
Spain 

172-1811 

OMO-Bfrfflll 

755-SS4Z 

900-9MM1 

Switzerland* 

..080848-8011 

United Kingdom*... 

0S08-SM811 

MW-8M011 

MIDDLE EAST 

EtfHt*(Galni)T 

Israel 

Saud Arabia o 

51M20) 

-177-100-2727 

1-808-10 

AFRICA 


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