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INTERNATIONAL 




PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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The World’s Daily Newspaper 


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London, Thursday, October 30, 1997 




No. .i5.hb5 


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^Ji President Bill Cfinton and President Jiang Zemin of China during ceremonies at the White House on Wednesday. 


By Brian Knowlton 

International Herald Tribune 



WASHINGTON — Turning the 
on years of traumatic differences, 
lent Bill Clinton warmly wel- 
comed President Jiang Zemin to the 
White House on Wednesday, and the 
two reached agreement on a nuclear 
accord that may open the Chinese mar- 
ket to the sale of billions of dollars in 
U.S. nuclear reactors. 

Mr. Clinton said he would certify 
C hina is not exporting nuclear tech- 
nology for weapons development, par- 
ticularly to Iran. China has provided 
“clear assurances” on this point, he 
said. 

“This agreement is a win-win-win,' ’ 
■ Mr. Clinton said. “It serves America’s 
national security, environmental and 
economic interests.” 

* ‘It is the right thing to do for Amer- 
ica,” he said. 

, The deal wpiild. allow a 1985. U.S.- 
China Nuclear Cooperation Agreement 
to go into effect and let the U.S. nuc l e ar 
industry sell billions of dollars’ worth of 
reactors and technology. 

Speaking at a joint news conference, 
Mr. Jiang refused to apologize for (he 
1989 Tiananmen crackdown on pro- 
democracy demonstrators, saying it was 
“necessary” to ensure continued re- 


form in China. He said that the dem- 
onstrators had seriously disrupted civil 
order and that the Chinese government 
“had to take necessary measures ac- 
cording to law to ensure that our coontiy 
enjoys stability and that our reform and 
opening up could proceed smoothly.” 

Mr. Clinton said he and Mr. Jiang had 
discussed human rights at length on 
Tuesday evening and disagreed in their 
interpretation of the events in Tianan- 
men Square in Beijing. 

“I believe that the continuing re- 
luctance to tolerate political H j;ynt has 
kept C hina from politically developing 
die level of support in the zest of the 
world that otherwise would have been 
developed,” he added. 

“The United Stales recognizes that 
on so many issues China is on the right 
side of history,” Mr. Clinton said, “and 
we welcome rhar, bat on this issue we 
believe the policy of the government is 
on the wrong side of history.’’ 

. Earlier, the White House welcoming 
ceremony featured full statehonors and 
a 21-gun-salute for tire visiting Chinese 
leader. A red carpet, military honor 
guard and fife-and-drum corps awaited 
Mr. Jiang and his wife, Wang Yeping, 
when they arrived on the most important 
visit by a Chinese leader since Deng 
Xiaoping came in 1979. 

Mr. Jiang, speaking at the opening 


See SUMMIT, Page 4 


Iraq Bans 
American 
Monitors 


By Barbara Crossette 

New York Times Service 


UNITED NATIONS, New York — 
The government of President Saddam 
Hussein said Wednesday that it would 
bar Americans and American aircraft 
from working in Iraq with the inter- 
national team monitoring the destruc- 
tion of prohibited Iraqi weapons. 

The decree is to take effect next 


On Bosnia, Clinton Edges 
Toward Longer Mission 

Aides Debate Number ofU.S. Troops to Stay 


Thursday, but the UN immediately an- 
acedtbt 


By Steven Erlanger 

New York Tunes Sen-ice 






WASHINGTON — The Clinton ad- 
ministration’s top foreign policymakers 
have reached a oroad consensus on the 
need to keep some American troops in 
Bosnia after their current mission ends 
next June, according to senior admin- 
istration officials and Western diplo- 
mats. , 

President Bill Clinton has made no 
decision on the matter, the officials em- 
phasized. But they said the real debate in 
the cabinet now is over how many 
troops should remain and what their 
roles should be — and how to present 
Mr. Clinton’s decision, when he finally 
m a k es it, to Congress and the American 
public. . 

. : “There is now broad agreement on 
leaving some people there,” a senior 
admini strati on official said Tuesday, 
Adding that there was a thorough dis- 
cussion of Bosnia among major cabinet 
members in the White House late last 
Week. 4 ‘But there is no decision on what 
kind of mission, and then the military 
would have to work out the numbers of 


again could create political problems for 
the Clinton adminis tration. Officials are 
eager to bring Congress along and not to 
offend the legislators, some of whom 
have long clamored to bring American 



States closer to a decision to keep troops 
in Bosnia, but it alsokeeps the president 
above the political argument for now. 
Mr. Clinton’s recent discussions about 
Bosnia with cabinet members have been 
in less formal settings, officials said. 

In a formal meeting laze last week of 
the relevant cabinet secretaries, includ- 
ing from the Stale Department, Defense 
Department and the Treasury, there was 
a discussion of the current situation in 
Bosnia and agreement to examine at 
least three options for a military follow- 
on force to me NATO-led Stabilization 
Force, whose mandate ends in mid- 
1998, the officials and diplomats said. 


nounced tbe temporary suspension of all 
weapons inspection operations in Iraq. 

In an announcement in Baghdad and 
in a letter to the United Nations Security 
Council and to the head of the inspec- 
tion commission, tbe Iraqis stopped 
short of carrying out a threat to end all 
cooperation with the monitors. 

But bannin g Americans, on whose 
technology a large part of the monitoring 
operation depends, would create prob- 
lems for the team, led by Richard Butler, 
an Australian anns-control expert 

Iraq appears intent on weakening sur- 
veillance and further dividing world 
opinion on continuing sanctions on Iraq. 
The United States and Britain strongly 
supported the sanctions, but not all coun- 
tries are convinced they are justified. 

“Iraq has endured multifarious acts 
of injustice and many deliberate abuses 
by the American inspectors and experts 
and those personnel of die Special Com- 
mission who implement the American 
policy,” Tariq Aziz. Iraq’s deputy 
prime minister, wrote in the lea er sent to 
the Security Council on Wednesday. 

Ten Americans are in Baghdad as pan 
of the 100-member UN team. They have 
been given a wedk to leave, a government 
television broadcast said in Baghdad. 
Two other Americans are in Bahrain, the 
base for the Iraq operation, which is 
armed with the latest surveillance tech- 


See BOSNIA, Page 4 


See IRAQ, Page 4 


-r 


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. ptf. Clinton's decision on Bosnia is 
one of tbe most delicate of Ins second 
■term. Originally, his administranonsard 
American forces would be wrthdrawii 
from Bosnia by December 1996, then, 
just after the November 1996 election, he 
extended their mission to next summer. 
■_ But in the last several months, senior 
officials have tried to lay the ground- 
work for a continuing American in- 
volvement in Bosnia. . 

- A decision to extend tbe mission 


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HUM 


AGENDA 


How Arafat Sees It 


RAMALLAH, West Bank (Reuten) 
— Yasser Arafat, the Palestinian leader, 
said Wednesday that U.S.-arranged 
peace taiu with Israel would be a 
•‘waste of time.” 

Mr. Arafat said talks set for this week 
in Washington between Foreign Min- 
ister DavidLevy of Israel and Mahmoud 

Abbas were a meeting “simply for tbe 
cnirp of meeting: No more, no less. 



The NBA season 
begins Friday. It 
conld be the last 
year of the Mi- 
chael Jordan era. 
Can his Bulls win 
one last champi- 
onship? What 
will happen to 
the league when 
It loses His Air- 
ness? Page 22. 


PAGE TWO 

Slovenia's Tune: The EVLove Song 


THE AMERICAS Page3. 

Toxins Issues in Virginia's Election 

SPORTS . Page 23. 

Italy and Russia Dr aw in Soccer 

Page 10. 


Books.. 


Crossword - vf® 8 * 1 J - 

Opinion ■ — 8-9. 

Sports 


Pages 22-23. 


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Grecnspan^DOthing Words 

Fed Chief Says Jolt Put Markets ‘ Less Out of Line 9 


By Mitchell Martin 

International Herald Trifome 


NEW YORK — Alan Greenspan, chairman of die Federal 
Reserve Board, offered some soothing words to Wall Street on 
Wednesday, saying that the recent turmoil in financial mar- 
kets could hold long-term benefits for tbe American economy, 
and that it did not spell the end of Asia's booming growth. 

.l., . i_ 


; are less out of line ” after the steep plunge Monday 
in the U.S. stock market, Mr. Greenspan told Congress. His 


testimony came less than a year after he sent share prices 
tumbling by • 
on Wall Street. 


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Mr. Greenspan said the recent drop in equity markets “will 
tend to damp' the “unsustainable pace” of job creation and 
that this should keep the U.S. economy growing moderately. 

Mr. Greenspan told the Joint Economic Committee of 
Congress that * 'the financial disturbances that have afflicted a 
number of currencies in Asia do not at this point, as 1 indicated 
earlier, threaten prosperity in this country. ” 

Mr. Greenspan also said “there is no reason” that “above- 
average growth’ ’ in countries capable of applying appropriate 
technology could not persist for “a very long time.” 

But Mr. Greenspan warned Asian nations that, in many 
instances, their financial systems were “less than robust,"’ 
and he said that they faced problems of “lax lending stan- 


dards, weak supervisory regimes and inadequate capital.” 

He said: “We need to work closely with their leaders and 
the international financial community to assure that their 
situations stabilize. It is in the interest of the United States and 
other nations around the world to encourage appropriate 
policy adjustments and, where required, provide temporary 
financial assistance." 

At the same time, he discouraged the idea of financial aid to 
companies and investors who hud suffered from the region’s 
recent financial turmoil. 

When Asia’s rapidly growing economies stumble, he said, 
“companies should be allowed to default, private investors 
should take their losses, and government policies should he 
directed toward laying the nuicroeconomic and structural 
foundations for renewed expansion.” 

Financial markels interpreted his remarks ns indicating that 
Fed policymakers were not likely to raise interest rates when 


they meet next month, and this interpretation pushed up the 

I slightly 


slock and bond markets at first and slightly depressed the dollar. 
The yield on the 30-year Treasury issue fell to 6.2 1 percent from 
6.24 percent after Mr. Greenspan assuaged inflation fears. 

His testimony followed a roller-coaster ride in stock mar- 
kets around the world. After a record 554-point drop in the 
Dow Jones industrial average Monday — winch followed 


China and U.S. Reach Nuclear Deal 


See GREENSPAN, Page 14 


ceremony In a strong and confident 
voice, said that the Chinese people had 
sent him to Washington to “enhance 
mutual understanding, broaden com- 
mon ground, develop cooperation and 
build a future together.” 

The Chinese leader surprised listen- 
ers at the end of his brief speech by 



Asian Rally 
Fails to End 


Fear of New 
Stock Drop 


By Philip Segul 

Spa m) llti Her. it J T'Jhiiik 


HONG KONG — A rebound on Wall 
Street sent stocks here soaring a record 
18.8 percent Wednesday, but traders 
warned that the market was vulnerable 
to an equally violent drop because the 
territory still had unusually high interest 
rares designed to fend off currency spec- 
ulators. 

The benchmark Hang Seng Index 


rose by 1 ,705.4 1 points — a record — to 
,765.30." 


>ur Uanjum. -Tlir IW 

Alan Greenspan, Fed chairman: “We need to assess these developments.” 


U.S. Trading Had Glitches, 
But Not as Many as in ’87 


10,765.30. But the market remains sub- 
stantially down from irs all-time high of 
16.673.27 on Aug. 7. Even with Wed- 
nesday’s rally, the index has lost 28.8 
percent in October. 

Elsewhere in Asia, the recovery from 
the stock-market bloodletting earlier in 
the week was more restrained, reflect- 
ing in some cases the still greater se- 
curity felt by investors in Hong Kong 


Japan and Australia to join IMF 
plan for Indonesia. • Thailand 
seeks to renegotiate aid. Page 13. 


By Saul Hansell 

New York Times Service 


NEW YORK — On the first day that 
the New York Stock Exchange ever 
handled more than 1 billion shares, 
small investors bumped up against ag- 
onizing delays in getting through to 
their brokers. But the delays were still 
an improvement on the unbreachable 
wall of silence that greeted desperate 
sellers in October 1987. 

The difference was that brokerage 
firms were better prepared for the on- 
slaught of orders. More people were 
ready to answer more phones, and on- 
line systems that did not exist a decade 
ago processed a huge number of trades. 

But 1.2 billion shares is a lot — and 
glitches abounded. 

“I’ve been waiting for this moment 
to do some bargain buying, and I wasn’t 
able to,” Matthew Barlow, an investor 
in New York, said Taesday. 

He said he had been unable to connect 
to his Internet trading account with Fi- 
delity Investment Co., a unit of FMR 
Corp. The phone line to reach a broker 
was busy, and even the touch-tone trad- 
ing system crashed, he said. 

“I was so frustrated I left work and 
went to the Fidelity investor center on 
Park Avenue, and they said they 
couldn't help me because they couldn’t 
get through either,” he said. * 

Tuesday night, for the second night in 


a row. Fidelity was unable to calculate 
closing prices for many of its stock 
funds by the deadline required to in- 
clude them in newspaper tables. A Fi- 
delity spokesman attributed the problem 
to the heavy trading and large move- 
ments in prices of many sec unties. 

Investors throughout the United 
States had similar experiences. Tcle- 
lone lines at big discount brokerage 


were backed up, especially at the 
At Char 


beginning of the day. At Charles 
Schwab & Co., customers who could 
get through on the telephone spent as 
much as 25 minutes on hold. 

Other customers simply heard busy 
signals. Schwab handled 300.000 trades 
and 1.2 million other inquiries. 

Fidelity answered a record 700,000 
calls Monday and more than that Tues- 
day. releasing hundreds of employees 
from other duties to handle the crush. 

Stockbrokers took longer to deal with 
clients’ calls because their firms’ com- 
puters were bogged down. Smith Barney 
Shearson even had to turn off its system 
for nearly half an hour in the middle of 
the day to switch to a different system 
that could handle higher volume. 

Even the Internet trading systems, 
which have promised investors more im- 
mediacy and control, rebuffed some or- 
ders with cryptic messages such as 
“server not available.” The on-line 


because of the Hong Kong dollar’s fixed 
exchange rate against the U.S. dollar. 
Governments in the rest of the region 
have greatly devalued their currencies in 
the past four months, and some regional 
markets have lost 40 percent since then 
in local cuuency terms alone. 

Australia's All Ordinaries Index 
surged 6.3 percent Wednesday. New 
Zealand's Top 40 index rose 9.93 per- 
cent, Philippine stocks rose 4.35 per- 
cent, and the Jakarta benchmark index 
was up 5.37 percent. 

Singapore’s Straits Times Industrials 
index rose a comparatively feeble 2.96 
percent, and Malaysia’s major stocks 
rose by 2.34 percent. Markets in Thai- 
land and Taiwan fell once more, victims 
to worries over the possibility ot further 
currency depreciations. 

While acknowledging that some re- 
tail investors had returned to the Hong 
Kong market, some said volume was 
low for a record-sen ing day, at less than 
26 billion Hong Kong dollars i$3.36 
billion). Traders also attributed some of 
the gains to derivatives- linked buying, 
as the Hang Seng Index's October fu- 
tures contract expires Thursday. 

Investors who had been betting on a 
market fall Wednesday bought stock to 
offset their positions, traders said. 

“A speculative attack need not ne- 
cessarily be a negative thing,” said Nial 
Gooding, head of sales at Schroder Se- 
curities (Asia.) Ltd. "Today we were 


See GLITCHES, Page 4 


See HONG KONG, Page 4 


Mars Probe Faces the Cold Truth 


By Kathy Sawyer 

Wos/iinglon Pus Service 


WASHINGTON — On the chill, 
dusty badlands of the Ares Valley on 
Mars, the Pathfinder lander sits idle, 
waiting for instructions from home. 
About 10 meters away, the pint-size 
rover Sojourner, like a lost child naively 
confidant of rescue, is probably circling 
the mothership slowly, clockwise, 
awaiting a signal that may never come. 

The thrills of summer, when the 
space probes bounced triumphantly 
onto the surface of the Red Plank, have 
turned to autumnal silence, as hope 
fades that communications with the ro- 
bots can ever be restored. It is believed 
they are suffering from extreme cold. 

The last contact was on the morning 
of Oct. 7. Since then, controllers on 
Earth have almost exhausted the po- 


tential solutions, according to the mis- 
sion manager, Richard Cook of the Jet 
Propulsion Laboratory in Pasadena. 
California. 

“The odds are dimming rapidly," 
he said, “that we’ll be able to get 
anything back.” 

Pathfinder’s handlers knew this day 
would come. The lander's primary 
mission was officially only a month 
long: the rover’s just a week. Based on 
their early success, the team had ex- 
pected the robots might keep working 
much longer. The $266 million proj- 
ect’s operations are funded until Au- 
gust 1998. Engineers had predicted, 
however, that eventually the stress of 
the harsh Martian temperatures would 
cause something to fail. 

Now, according to the project man- 
ager. Brian Muirtiead. the possibility 
exists that an “unrecoverable prob- 


lem” has occurred. 

The magic phrase the controllers are 
eager I o see displayed on their computer 
screens is “in lock,” indicating that the 
spacecraft’s receiver has locked on to a 
signal transmitted through a Deep 
Space Network radio dish antenna in 
Canberra, Australia, Mr. Cook said. 
Once this happens, controllers could 
send commands instructing the lander 
to turn on its transminer and transmit 
word of its condition back to Earth. 

Pathfinder teams working at control 
rooms in Pasadena and Denver will 
keep experimenting with possible 
solutions for at least another couple of 
weeks, Mr. Cook said, before they 
conclude their options are exhausted. 

"It’s something we’re all not very 
happy about,” he said. “But we try to 


See MARS, Page 4 


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INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 30, 1997 


PAGE mo 


Tiny EU Hopeful / 'We Will Net Be a Big Problem' 


Slovenia Pursuing Its European Future 


By Baxiy James 

International Herald Tribune 


L JUBLJANA, Slovenia — For Klemen 
Ramovs, an internationally renowned re- 
corder player and organizer of the early 
music festival at Brezice in southern Slov- 
enia. Europe is like an orchestra. Just as the humble 
triangle has its place in the mightiest symphony 
orchestra, the voice of Slovenia is needed, Mr. 
Ramovs says, to make Europe’s harmony more 
complete. 

With only 2 million inhabitants in a country 
about half the size of Switzerland and with a gross 
domestic product equal to 0.3 percent of the Euro- 
pean Union's, Slovenia is making a huge effort to 
join the 15-nation bloc, despite fears that its dis- 
tinctive identity might be swamped. 

“In the European Union you can be what you 
want to be,” Mr. Ramovs said. “If you have good 
ideas, you don't have to fear being small.” 

Nestled between Italy, Austria and Hungary on 
the sunny side of the Alps, Slovenia declared in- 
dependence six years ago and managed to escape 
the conflagration that engulfed fellow republics in 
the former Yugoslavia. Having failed to join the 
North Atlantic Treaty Organization, Slovene lead- 
ers see EU membership as their best guarantee of 
national security. Predominantly Roman Catholic 
and a part of the Haps burg Empire for hundreds of 
years, Slovenia sees itself as a pan of Western 
Europe and not of the conflictual Orthodox and 
Muslim world to the south. 

“The future for us is Europe," Prime Minister 
Janez Dmovsek said. That includes European Mon- 
etary Union membership. 

“We can already meet some of the criteria, the 
most diffi cult ones, and I think we will be able to 
meet the others within a couple of years,” he said. 

The inflation rate of 9.6 percent a year and real 
interest rates of up to 16 percent are higher than the 
criteria established by the Maastricht treaty. But 
Slovenia is comfortably within the limits on public 
debt and deficit — in fact, in these areas, it has 
performed better than Germany. 

The European Commission, the EU’s executive 
body, gave Slovenia high marks this year for its 
progress toward democracy and a market economy, 
including it among six East and Central European 
countries it recommended for EU membership. Hie 
others were the Czech Republic. Estonia, Hungary 
and Poland 

In December, EU heads of state and government 
will decide whether to admit the six or start ne- 
gotiations with the rive other Eastern nations that 
failed to win a recommendation — Bulgaria, 
Latvia. Lithuania, Romania and Slovakia. Some 
governments argue that jt is necessary to open 
negotiations with all the Eastern and Central Euro- 
pean nations at once to avoid creating divisions, but 
this would sorely test the EU’s finances and struc- 
tures and could take many yean to accomplish. 

“We can understand the disappointment of being 
left out,” Mr. Dmovsek said, “but 1 hope we will 
not have to wait for the others. If we had finished 
our negotiations and then had to wait another two or^ 
three years for others to complete fteira' it would Be 
very hard to explain to the Slovene population why 
it should be so.” 

Slovenia lost 70 percent of its markets at a blow 
with the collapse of Yugoslavia, where, with 8 
percent of the population, it produced more than 20 
percent of the GDP and some 30 percent of hard 
currency exports. The country has successfully 
redirected its trade so dial it now exports 65 percent 
of production to the European Union. 

Janez Bencina, general manager of International 
Business Machines in Slovenia, said that with some 
600 software companies, the nation was for ahead of 
the rest of Eastern and Central Europe, although it 
lags a couple of years behind the European Union. 

' ‘It is one of the world's top Internet users with 
25 percent of companies connected,' ’ he said. “Hie „ 
IBM home page gets 10 times more hits from 



Ljubljana's symbol and a modem addendum on 
Dragon Bridge. Slovenia portrays itself as a West 
European, and not Orthodox or Muslim, country. 


Slovenia, relative to the size of the population, than 
any other country.” 

Many Slovene companies work as subcontract- 
ors to industries in Itajy and Germany, as well as 
producing under their own brands. With a singular 
Slavic-rooted language. Slovenes have had to ad- 
apt, and learn other tongues — typically English, 
but also German and I talian 

“We see it as a gateway country," Mr. Bencina 
said. “It’s flexible. It’s well-placed between east 
and west and between north and south. It has a good 
education system. Productivity is hi gh. The people 
are like northern Italians, quiet and helpfuL' ’ 

And the drawbacks? “Slovenes work smart, but 
they don’t work very hard,” Mr. Bencina said. 
“Companies here can^work^with higher margins^ 
but dial’s only Because there is no competition-"" 
He said a general reluctance to admit foreign 
investment and ownership reflected a fear of “be- 
ing owned by someone, of losing identity.” 

Slovenia privatized the formerly worker-owned 
economy by distributing vouchers that made it 
possible for workers to retain control of many 
companies, presented the nomenklatura by turning 
former managers into owners and kept international 
investors at arms length. 

Although Slovenia is the highest rated country in 
the Eastern and Central European region by die force 
leading international credit rating agencies . Ljubljana 
continues to restrict foreign investments, fearing that 
large capital inflows could swamp die national cur- 
rency. foe tolar. The stock exchange is rudimentary, 
with only 26 blue-chip companies listed on foe main 
board, and pickings are slim. The four foreign -owned 


banks (out of a total of 28) bold only 
5 percent of foe market. 

Finance Minister Mitja Gaspari 
said full liberalization of capital 
movements would be completed by 
2000 or 2001. 

* “The hanking and finan cial sector 

is stable,” he said. “There is no crisis 
nor an indication of one. It is better to 
be a bit slow in opening the market 
while trying to set op professional 
and competent supervision, 'Much in 
my opinion is a precondition for set- 
ting up a successful private sector.” 

The president of the central bank, 
Ffcanc Arfiar, said that despite the feet 
Slovenia took over an important pan 
of the Yugoslav public debt, it had a 
“very symbolic” current deficit of 
$80 million, with $4.5 billion in for- 
eign reserves and 4 billion Deutsche 
marks ($2_3 billion) on deposit 
“Our aim is to get infla tion down 
to foe European level.” he said. 

Restrictions on capital move- 
ments and foreign investment will, 
of course, have to disappear as foe 
country prepares fra- EU member- 
ship. 

Slovenia has a per capita income 
approaching 60 percent of the EU 
average. High unemployment is 
mitigated by the fact that many 
people run small farms on the side. 
There is a good health and prevent- 
ive health system and a very high 
standard of health benefits. Labor 
costs are high — about SO percent to 
60 percent the level in Germany bat 
doable those of Hungary. People 
enjoy a high standard of living. 

Slovenia is, as one diplomat put 
it, “a very cozy little place.” 

Yet a majority of me population 
is thought co be in fovor of EU 
membership and opening the coun- 
try to foe cold winds of competition, 
and foe belt- tightening thia may en- 
tail. 

“The EU is respected and ad- 
mired,” Mr. Bencina said. “For foe 
sake of yourself and for your children, you want to 
be a part of ft.” 

With or without EU membership as foe lore, 
Slovenia is carrying out foe reforms it considers 
necessary to become an open market economy. 

“We want to become a market-oriented econ- 
omy of the European type with or without EU 
accession,” said Janez Potocnik, director of the 
Institute for Macroeconomic Analysis and Devel- 
opment. “If in doing this we achieve tire criteria of 
foe EU, so much foe better.” 


A 


serious problem in reaching foe stan- 
dards for joining the EU, said Marija 
Adanja, acting, director of foe govern-^ 
h. meat’s Office for European Affairs, Is tfuT T * 
shortage of skilled people to deal with a-mountainof 
EU legislation. She said the government had to . 
translate some 80,000 pages of Union legislation 
into national law in outer to take on foe European 
Union's membership obligations. 

Mr. Dmovsek said Slovenia would make few 
demands on* Europe. 

Unlike some of foe other candidates, which have 
large farming sectors that could place a heavy 
burden on EU finances, Slovenia is more than half 
forested, and it has only 70,000 full-time fanners, a 
figure that foe government secretary for European 
affairs and agriculture. Franc But, said would prob- 
ably drop to about 40,000 in foe next few years. 

1 ‘ We suspect that we will cot be a big problem for 
theEU, ana that the EU will not be a big problem for 
our fanners,” Mr. But said. 


Should Airlines Ask k 

About Next of Kin? 


fit- 


x / •• 


By Matthew L. Wald 

Mr* York Times Service 



. WASHINGTON — A 
on how to assist families tt. , 
victims recommended Wednesday that 
afrlfaws qnd travel agents be required to 
ask people- who buy tickets forme name 
and telephone number of someone to 
call in an emergency. 

>rt also recommended. 

xl after a 

for airline 

insurance companies and lawyers look- 
ing for clients to speak with bereaved 
families. 

It also recommended that reporters 
stay in certain areas at crash scenes and 
avoid approaching family members. ex- 
cept indesignated areas. 

Survivors and relatives of crash vic- 
tims have criticized the airlines and the 
government for insensitivity and in- 
competence, particularly after the 
crashes last year of Valujet Flight 592 in 
the Florida Everglades and of TWA 
Flight 800 off Long Island in New York 
state. 

The study group, created under the 
Aviation Disaster Family Assistance 
Act that Congress approved last year, 
has 22 members, representing victims’ 
family groups, airlines, the Red Cross 
and vanousf ederal agencies. _ 

The recommendations will go to 
Congress, government agencies, air- 
lines and news organizations. 

The airlines say they wQl issue a 
dissent from foe recommendation on 
emergency contacts. In a test in May and 
June, several airlines tried asking pas- 
sengers for that information but en- 
countered problems, said James Casey, 
foe vice president and deputy general 
counsel of the Air Transport Associ- 
ation, foe trade association of the big 
airlines. 

Mr. Casey said: “You ended up get- 




ting into a dialogue with a passenger 
who said: 4 Why are you asking me tftg? 

What’s ft going to be used for? Isfoere i 
problem with the flight?’ ” . J - 

The report says that; in the hectic 
period after a crash, having the info. 
mation would speed notification. 
airlines suggested recording only a con- 
tact n umb er, and not a name,, bur jhe- 
report says that “awkwaid shaatiops 
could result that could make notification 
difficult aKltinw-consuming:’’ . * c - - 
Airlines would be required to fcskfft. 
the information, but passengers would 
not have to provide it to board foe plant. 

The recommendation could be mage 
binding on the airlines 'ty.tfn/nfei,' 
portanon Department. ' . . . . 

The study group also called forttoL 
airlin es to make public mfcffmatlc* 
even before they are sure who was on* 
plane. Most airlines will not tell reft- , 
fives whether an individual had a re- I ,i| , l 
servation until foe airline is certain feat |i* 1 * 
theperson boarded. 

Hie airlines said they did not want Tb 
present any “unverified" informatioo 
that might turn out to be wrong. _ 

Some of the recommendations in the 
report deal with aspects of crashes that 
have become bitter points for relatives. 

It calls for airlines to go to greater pains 
to return victims* personal effects ^ 
their families. 

The report also says that family mem- 
bers have accused airlines of asking, 
them "questions regarding the hobos' * 
and lifestyle of the deceased, ostensibly* 
for purposes of identifying foe re-’ 
mains," when the real reason wasjifo 
prepare for a court case in which the 
passengers’ life expectancy is at isstte. 

Hie report said reporters should .re- 
spect the privacy of families after ;a 
crash. It noted that a relative of a pas- 
senger on TWA Flight 800 said a im- 
porter tried to pass herself off as a family 
member at the accident site. • 




Wider Sharing of Flight Data: 
Is Sought in U.S. to Aid Safety^ 

used in the United States only after, 
crashes as a part of the investigatkft. y 
However, modem flight recorders col- 
lect a huge amount of information that is 
routinely erased but which could fie 
used to prevent crashes. 

The Air Line Pilots Association has 
traditionally fought the idea on the basis 
that it might be used to penalize pilots. 


By Don Phillips 

Washington Past Service 


WASHINGTON — The head of foe 
Federal Aviation Administration, Jane 
Garvey, says her agency will propose 
giving airlines and pilots immunity 
from penalties for information they 
agree to share with foe agency from 

■d rt a n eomdero . *.^i i; »y./ v 4 -v - a vort*?ABd- a ir iige .r iegak ^departments hsaff 
a later rule, she said, the agency feared the information might be us«f 


will propose exempting the information 
from foe Freedom erf Information Act 

Airlines, pilot anions and safety 
groups have sought foe rules as a way to 
encourage a promising safety informa- 
tion program that is routine in Europe 
but is only now taking its first tentative 
steps in the United States. 

The program, called Flight Opera- 
tions Quality Assurance, routinely gath- 
ers a mass of data from flight recorders 
to identify unsafe practices and deter- 
mine where improvement is needed. 
Programs such as this “are foe key to 
enhancing safety, and lowering foe ac- 
cident rate,” Ms. Garvey said. 

Normally, flight data recorders are 


against the airlines in litigation or by & 
news media. • - " ] 

Despite these qualms, fledgling pro- 
grams providing tot the release of flight 
data have been initiated under a demotf- 
stration study backed by the Federal 
Aviation Administration, beginning 
with United Airlines, under separate 
labor-management agreements. The air- 
line's management and pilots have ex- 
pressed pleasure with the results. 

The proposed rules, which Ms. 
said would be released soon, are desi w 
to spread the program to foe whole in 
d us try. She said the rules would “allow 
for open sharing of information wifobUfK'- 
fear of punitive enforcement action. 1 * **- ' 


mm v 

TUNO 


v : i - 






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c^Purich’s hotel j 
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Hotel Soficel Zurich 

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DEATH NOTICE 


VICAS, GEORGE A. 

On Sunday, October 25. 1977, 
at his residence. GEORGE A. VICAS, 
of Arfington, VA. Caber of Robert 
and Leslie Vicas. grandfather of 
Natalie, Alexander and Jeremy, 
companion of Sophie Kanpf. 
Friends may pay their re sp casai die 
ARLINGTON FUNERAL HOME 
3901 N. Fairfax Dr.. Arlington. VA 
on Friday, October 31 bora 2 to 4 
and 6 to S p.m. A Memorial service 
will be hdd in December - the due 
to be announced. In ben of flowers, 
memorial contributions may be 
made to the American Cancer 
Society or the UNICEF. 


TRAVEL UPDATE 


WEATHER 


Boses Banned From Montmartre Eur °p° 


See our 

Intenutioul Franchises 

every Wednesday 
in The Intermarket 


PMaraCannb 

AmirUww 


ElVIU Fact or Fiction ? 

EMU Policy Will Generate 
Major Currency Moves. 

Iiesc moves will directly affect the value 
yoisr Pontolio. Prepare yourself to ','iki 
dvantage of these moves by callmq toda 


EftfOR Selection of Umnmgwd Accounts 

O UTSTAN DING Globd Currency Analysts 
EXCEPTIONAL Emcuflon Forex orFuums 


COMMISSION 


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PARIS (Renters) — Gty authorities, bowing to years of 
protests from residents of the Montmartre area, have in- 
definitely banned to nr buses from the picturesque hilltop 
quarter of foe French capital. 

Six million tourists a year cram the narrow streets and 
souvenir shops of Montmartre. The streets have become 
increasingly clogged in recent years by hundreds of large 
buses that pack while their passengers visit foe quarter. 

Tour buses now will have to park at the bottom of the hill, 
leaving tourists to climb through the quarter’s streets on foot 
or use the funicular railway to the top of foe hill. 

Sabena Allies With Budget Airline 

BRUSSELS (AP) — Sabena Belgian World Airlines and 
Gty Bird, a Belgian long-haul budget airline, will form , an 
alliance to jointly operate three trans- Atlantic routes to and 
from Brussels, the companies said Wednesday. 

The alliance will link Brussels with Montreal, Sao Paolo 
and Newark, New Jersey. Sabena will take a 15 percent stake 
in City Bird's owner, City Bird Holding. 

British Airways will begin direct flights twice a week 
between London and Almaty, Kazakhstan, on Nov. 11, the 
Interfax news agency quoted a BA spokesman in Kazakhstan 
as saying Wednesday. (AP) 

Malaysia Airlines has begun twice-weekly service to 
Zagreb, Croatia, the airline said after inaugurating foe service 
with a flight that landed in Zagreb late Tuesday. (AP) 






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Forecast for Friday through Sunday, as provided by AccuWeather. 


Asia 


North America 
Sunshim wffi gfvs tray to 
clouds across tha North- 
east Friday wHh min posst- 
bta Friday night and Satur- 
day. Showors may Ungar 
Into Sunday. Windy and 
chilly across the control 
United States wiBi soma 
shows rs, Sunny, dry and 
South* 


warm in the — 
triough Sunday. 


hwast 


Europe 

Rainy, windy across the 
Mediterranean from Italy to 
southern Greece. Turning 
colder across northern 
Europe with some snow 
moving across northern 
Scantflnavia Friday into tte 
wseksnd. Dry end mOder In 
western Russia Friday, but 
becoming colder again 
Saturday with some snow 
Sunday. 


Asia 


Indy 

Manchuria with some Hur- 
ries Friday. Not as cold 
Saturday and Sunday. 
CMJy with partial sunshine 
In Korea Friday, but mBder 
a» w« return this weekend. 
Lingering showers In 
Tokyo Friday, then dry and 
cooler Saturday; milder 
Sunday. 



North Ameri ca 

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Middle East 


Correction 

Because of an editing error, a front-page article on foe Wall 
Street plunge in some Tuesday editions incorrectly stated that 
trading on U.S. exchanges had not been halted sin foe 
assassination of President John Kennedy. Tr acing has been 
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INTERNATIONAL HERALD TRIBUNE, THURSDAY OCTOBER 30, 1997 

THE AMERICAS 


PAGE 3 


F - A 


i it 


410 

<l f ^ %Car Tax Is Likely to Steer Virginians Voters 


T. 

JM- ... 


By Michael Janofsky 

Nn- York Times Service 


O: i : 


*■ ;)V; 

^ T- : 

Mr t- 


rv<. \v,- 
•v v*. ‘ 


$s she sees it, the $300 state car tax she paid tnthe 
Alexandria city government this year came at her 
*ti63Id s expense. 

. “That’s worth almost one month of day care.” said 
•m. Smith, who works for Alexandria’s Departmentof 

Jf™" S T K ^-‘7 0U buy a rar. yon paythe salts 
Yon shouldn’t have to pay anything additional" 
James Gdmore 3d, the Republican candidate for 
•governor m Virginia, agrees and has made eliminatme 
% car tax on the first $ 20,000 of book value 4 c 
'cornerstone of his campaign. 

... It appears that his stand could win him the election 




v- . 

"V * : 



analysts around the state say that voters 

|nch as Ms. Smith are the reason Mr. Gilmore has 


_ ihavefocued instead on a taxi 
car owners as much as $ 1,000 a year. 

Each local government sets its own car-tax rate. 
Mr. Gilmore has calculated that if his plan is ap- 

" no 
3 e-in 

t for 

lost revenue. 

“OurpoH shows that anyone who is voting on a tax 
issue is going to vote for Gilmore," said Robert 
Holswonh, a professor of political science at Virginia 
Commonwealth University. “Beyer has an advantage 
on die education platforms, but he has never been able 
to elevate his education plank io the same level 
Gilmore has with the car tax.” 

Mr. Beyer at first criticized the Gilmore tax plan, 
contending it would cost the state $1 billion a year, 
damaging educational programs in state public 
schools. Mr. Gilmore said projections of economic 
growth would more than compensate for the tax cut 
When voters began responding to Mr. Gilmore’s 


Mr. Beyer proposed a tax plan of 
own, giving car owners a modest tax credit, up to 
S250, to help offset what they pay for the car tax. 

The polling results show that Mr. Gilmore’s ap- 
proach has begun swaying many voters. But more than 
mat, Mr. Holswonh said it has become an issue that 
represents to many voters a major position change by 
Mr. Beyer, who has been plagued by other late- 
carapaign problems. 

Is a debate earlier this month, Mr. Beyer accused 
Mr. Gilmore, the state's farmer attorney general of 
offering plea agreements to 35 defendants after the 
state had abolished parole and adopted tougher sen- 
tencing guidelines. Ine next day, Mr. Gilmore proved 
Mr. Beyer incorrect with evidence that he only offered 
nine such deals, forcing Mr. Beyer to apologize and 
admit he was wrong. 

Mr. Beyer continues to be unpersuaded even with 
evidence that he is even slipping in the traditional 
Democratic stronghold of Northern Virginia, where 
Mr. Beyer's family owns a successful car dealership. 

“I know people hate the car tax,” he said. “They 
bate to write the check. I’m a car dealer; I know. Most 
people hate the federal income tax, too." 


A Caribbean Ministate May Soon Become Two 


V 


By Douglas Farah 

Washington Post Service 



CHARLESTOWN, Sl Kitts and 
'IJleviB — Ever since the tiny island of 
. 'Nevis was joined by British colonial 
• ^ rulers to its larger neighbor, Sl Kitts, to 
form the smallest country in the West- 
7 eni Hemisphere, the lesser partner has 
^■•'qjriwanted out 

: - Now Nevis, a 36-square-mile (93- 
, square-kilometer) speck in the eastern 
Caribbean with about 9,000 inhabitants, 
..*^7 ’ qiay see its wish come true. 

.The five-person Nevis legislature 
.'V "voted unanimously this month to end its 
. ‘federation with Sl Kitts, which is two 
][i miles (three kilometers) away and has 
36,000 people. The vote to secede 
- 'sets up a referendum before die end of 
the year that will allow residents to 
-ratify or reject the move. It is expected 
to be ratified easily. 

Many here question whether dividing 
the natron would leave either island vi- 
able as a country . And across the eastern 
Caribbean, where several nations com- 
pose two or mare islands, the move by 
, Nevis to secede has caused alarm. 

A -“One of the major concerns of die 
l government — ana by extension the 
Caribbean Community — has to do with 
^ question of fragmentation," said J. 
’Llewellyn Edmcarie, chief cabinet sec- 
retary erf die national government This 
Summer, the Caribbean Community, rep- 
. relenting 14 nations, urged the islands to 
work out their differences. 

The national government of St Kitts 


and Nevis, based in Basseterre, a sea- 
side town on St Kitts with a busfling 
port, has promised to honor Nevis’s 
vote, which is allowed under die 1983 
constitution, written when the feder- 
ation became independent of Britain. 
But Prime Minister Denzal Douglas has 
promised to fight the move politically. 

Here on Nevis, a short ferry ride away 
from SL Kitts, the feeling is that the 
central government has ignored its 
smaller neighbor and that the residents 
of Nevis have had to beg the central 
government for services and respect 

“We have never been closer to in- 
dependence," said Malcolm Earl Guis- 


on Sl Kitts, the landed, sugar cane- 
growing families did not allow freed 


Of- 


slaves to hold property. Joined together 
for British colonial administration in 


hard, deputy prime minister of Nevis. 
Charleston 


iestown, the capital of Nevis, 
would certainly rank among die smal- 
lest capitals in the world if the secession 
vote were successful It is a town of a 
few thousand people with a few narrow 
streets. 

Mr. G rrishar d and others here argued 
that the central government in Sl Kitts 
took far mare resources from Nevis than 
it gave, because Nevis paid for all its 
own services except police and foreign 
relations. Mr. Goisnard said a recent 
study had shown that the central gov- 


1882, die two islands’ relationship has 
long been uneasy. 

The latest spat, according to political 
sources on the islands, centers on con- 
trols over offshore banking activities, an 
area where Nevis has excelled while St 
Kitts is trying to get into die market as its 
sugar industry declines. 

Nevis, with autonomy to run its own 
economy, has about 9,000 offshore 
businesses registered, or about one per 
inhabitant, according to Mark Ander- 
son, a legal adviser to the Nevis gov- 
ernment on financial centers. He said 
more than half of the businesses, op- 
erating under strict secrecy laws, had 
opened in the past three years. 

In Sl Kitts, meanwhile, there are just 


a tew hundred such companies. Of 
fidals there attribute the disparity in 
part to the central government 1 s efforts 
to impose stiffer regulation on offshore 
businesses, which are used around the 
region to launder money for drug traf- 
fickers and other criminal enterprises. 
Nevis has rejected the new guidelines. 

“When we say we are concerned 
with fragmentation, one concern is the 
leverage that fragmentation can present 
to lawless men/’ Mr. Edmeaae said. 
“Nevis will be vulnerable, and lawless 
men are capable of recognizing that and 
dealing with the vulnerability." 

That, Mr. Anderson said, is not true. 

* ‘We have very stringent policies for 
approval” he said. “We started off- 
snore businesses in 1984, and we have 
had no major crisis since. That is a 
testament to the fact we are doing 
something r ight, ** 


Extension Is Sought 
For Thompson Panel 


WASHINGTON — In a move un- 
likely to win broad support from 
either party, the chairman of the Sen- 
ate Governmental Affairs Commit- 
tee, Fred Thompson, has quietly 
asked the majority leader, Senator 
‘Dent Lon of Mississippi, to seek an 
open-ended extension beyond the end 
of the year for the committee's cam- 
paign finance investigation. 

Mr. Lon, widely reported to be 
dissatisfied with the Tennessee Re- 
publican’s conduct of the investiga- 
tion and its results to date, made no 
immediate decision to the written re- 
quest. Mr. Lott told reporters that he 
wanted to speak with committee 
members before determining how to 
respond. Mr. Lott's office said it did 
notplan to make the letter public. 

nomii 


system as a model for the nation, say- 
ing the keys to such a turnaround are 
high standards and accountability. 

"Ending social promotion docs not 
put children down," Mr. Clinton told 
parents, teachers and pupils at Oscar 
Mayer Elementary ScnooL "It gives 
us a chance to lift all children up. We 
are not punishing children by making 
sure they know what they need to 
know and that when they mov e from 
grade to grade it means something." 

Passing pupils simply to make them 
feel good, be added, is shortsighted. 
"There is nothing more damaging to 


self-esteem than warning a job and not 
being able to get one,”ne said. (WPl 


Quote / Unquote 


i interviews with several com- 


mittee senators, it was clear that Mr. 


Thompson had made only informal 
efforts to seek consensus among his 
colleagues, many of whom did not 
learn of the letter until after it was 
sent. Mr. Thompson did not respond 


Edmund (Jerry) Brown Jr., the two- 
term governor of California and 
thrice-failed presidential hopeful, an- 
nouncing a campaign to become may- 
or of Oakland: ' 'For most of my life, I 
have been around government and 
had the privilege of serving as gov- 


to interview requests. 

Democrats have made clear they 
will not support an ‘extension. Even 
influential Republicans on the panel 
said they believed that the investi- 
gation should shut down when its cur- 
rent mandate expires Dec. 31. (WP) 


Don’t Pass Failures , 
Clinton Tells Schools 


CHICAGO — President Bill Clin- 
ton called on the nation's schools to 
abolish "the destructive practice" of 
promoting pupils who have not 
learned enough and issued a directive 
intended to help districts improve 
failing schools or shut them down. 

Visiting a Chicago school, he held 
up the revival of the long-troubled 



Swn H<4iv'nir • r«l IV-a 


emor during the last creative phase in 
California politics. 1 learned a lot 
from that experience, and now t want 
to share it with the people of Oakland 
as their next mayor. * ’ i L\T) 


Away From Politics 


•m 

has stab: 
are 
Older sm' 


_ use among high school students 
in the last year, but younger students 
more often, according to a survey. 


eminent took, through taxes, airport 
* >90,000 


fees and other revenue, about $690, 
a year from Nevis but that establishing a 
separate government would cost only 
$540,000 a year. 

Despite their proximity, die two is- 
lands developed differently. On Nevis, 
former slaves were granted plots of land 
after slavery was abolished m 1834. But 


its are turning more toward cigarettes 
and liquor, the Parents ' Resource Institute for Dr 


Education found 


Drug 

(AP) 


agree 

multzmillion-dollar libel lawsuit filed last year by a 
former Philadelphia prosecutor over a Times 


• A 7-year-old Kansas girl who had heart and 
lung transplants in 1994 was among the victims of 
the blizzard that buried the Rockies and Plains over 
the weekend The storm cut power to Kalana 
Calkins's house, halting the machines that helped 
her breathe, and snowdrifts that closed roads pre- 
vented her parents from taking her to the hospital 
and blocked help from reaching the home. (AP) 


and kept blacks 
not made public. 


f juries. Terms of the deal were 
(AP) 


• A man convicted along with two accomplices 
in the murder of four people in Houston was put to 
death on Tuesday in a record 32d execution in 
Texas this year. (Reuters) 




KEMFirUn • UTANHIl 


THE PALACE FOR 

SUCCESSFUL BUSINESS 

IN ISTANBUL 


t"*ua> me »«. u>in«i min -M okiui m t < iu :» »>? luinumM 

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TOII till MU- II ■! 

UIMIM II M II 1* UM INB UMOt Mill >1 IS 01! IT I ll HIM I HD II N II 


W ‘ 


-s 'V 


AMERICAN 


TOPICS 


: 'Doruig Hunting Season, 
•It’s Not Only Deer at Risk 


it: 




Deer-hunting season opens soon in 
, . manyU.S. sates, and as usual the deer 
will not be the only casualties. 

, ' In the small state of Maryland alone, 

, * 100,000 hunters take to the woods and 
S stubble- covered fields, and each year 
* one or more is felled by gunfire. 

I But a far greater hazard, notes The 
-Baltimore Sun. is heart attack. Three 
tiroes as many hunters die of cardiac 
arrest as from firearms accidents. 

-- A hunter’s clothing and equipment 
-•can weigh 50 pounds (23 kilograms). 
...With 90 percent of deer killed in re- 
. -mote areas, that can mean a lot of 
,‘huffing and puffing for deer-stalkers, 
■who, as Dr. Larry Stafford, a caitfa- 
"ologist and avid hunter, put it, often fit 
.the profile of "a cigarette-smoking, 
. alcohol-guzzling, bacoa-and-eggs 
t 'chomping overweight guy.” 
r ' Among his suggestions — along 
with staying in shape : — are these: Skip 
that fat-filled breakfast, and don’t go 
into the woods straight from die tav- 


ern. 


IM . _ 

He also discourages foe sort of be- 
. havior he witnessed a few yearsago, 
f . when looking down from a hilltop, he 
r [saw “a deer sort of bouncing along m a 


manner I 'had' never sited. " Looking 
through a scope, he saw a hoofer, wifo.^, 
dead ' deer in his hade, stumbling 
along, his bright orange jacket nearly 
obscured. . 

"Stupidest thing I ever saw," Dr. 
Stafford said. Better, he added, to drag 
die deer. Or stay home. 

Short Takes 


With Halloween nearly upon ns 
— ir’s on Friday — the scare business 
is booming. Along with die billions of 
dollars spent on candy and costumes 
for kids, adults are increasingly spend- 
ing the bucks for a chance to be 
frightened. The abandoned Eastern 
State Penitentiary in Philadelphia, for 
example, expected 10,000 people to 
visit this month for special nighttime 
ghost tours, at $15 a he ad . 

Similarly, foe sprawling Stanley 
Hotel in Estes Park, Colorado, has seen 
its business jump 15 percent since it 
was featured in die television min- 
iseries of "The Shining," based on the 

Stephen King horror story. 

But let the buyer beware: Dennis 
William Hauck, author of a national 
directory of "haunted places," warns 
that hundreds of hotels and inns keep 
imaginary ghosts "on the payroll" to 
attract bookings. Accept no substi- 
tutes. 


Death Is ever underfoot in Colma, 
California, a tiny and peaceful San 
Francisco suburb that has served as a 
major burial ground for die Bay Area. 


‘ So when a businessnian announced 
plans to build a casino on a hill over the 
town, Colma residents accustomed to 
their quiet raised a novel (but very 
Californian) argument: The presence 
of a casino near so many graves, they 
said, would violate precepts of “feng . 
shtti," the Chinese art of balancing the 
unseen forces of landscape, buildings, 
furniture and people. 


But there may be a c om promise in 
the air, reports The ‘ 


Two feng shui practitioners sugae 
that the casino will be fine if it appli 


New York Times: 

est 
es 


some basic ritual good will — plowing 

he local 


some proceeds back into foe 
cemeteries. 


Archaeologists are still trying to 
determine whether the shipwreck 
they have found in shallow waters 
off B eauf ort, North Carolina, is the 
279-year-old Queen Anne’s Re- 
venge, flagship of the bloodihirsty 
pirate Blackbeard. They recently 
brought up two cannon and have 
rootled 10 others, which encouraged 
them. The pirate’s ship carried 40 
cannon, an unusually high number. 
But they were taken aback by what 
they found under one cannon: a 
plastic Mountain Dew bottle. Some 
blame shifting of the wreckage; oth- 
ers say the ghost of Blackbeard, who 
was hunted down and beheaded by a 
British naval force in 1728, may be 
having a little fun. 


Brian Knowlton 


in Sting, N. Y. Busts 
Marijuana Buyers 

New York Timet Service 

- :NEW YORK — Mayor 
Rudolph Giuliani has an- 
nounced the expansion of 
sting operations in city parks 
involve nndercover po- 


&at 

lice 


So unsuspecting ouyers and 
then arresting them, with 72 
attested to date. 





Offshore 

Companies, Trusts 
Tax Planning 



r-‘ 












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ULI International Conferences 

Global Investors in 
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February 4, 1998 
Paris, France 


Simultaneous translation. 


hi association with 

International Herald Tribune 




Conference Cochairs 


Henri M. Philippe Aletcr 
American European Real Estate, Inc. 
New York/London 
Founding Chairman 


John C Coppedge EH 

Cushman & Wakefield 

London 

Chairman 


Conference Board o! Directors 


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Jan D. boats, Chairmen 


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Stuart Upton, ChM Extcuthrs 


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Daniil Naiiteh. Qtntral Partner 


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Stephan A. Rah, Chairman & CEO 


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Washington, D.C 20007 * 001-410-626-7500 
Or fox your business card to 001-410-626-7148, attention Conference #530201 


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PAGE 


PAGE 4 


INTERNATIONAL WERAT.T) TRIBUNE, THURSDAY; OCTOBER 30, 1097 


INTERNATIONAL 


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- 1 Most American Companies Breeze Through Asia 9 s Crisis 


By Peter Passell 

New York Times Service 


When currencies and stocks in Hong 
Kong, or Thailand, or Indonesia, take a 
tumble, must America feel foeirpam? 
Granted that the deepening financial 


the spread of the problem to Hong Kong, 
China's monument to global capitalism, 
clearly prompted the big drop Monday 
on Wall Street 

“Irrational exuberance gave way to 
irrational gloom,” said Bruce Steinberg, 
chief economist at Menill Lynch & Co. 

But for all the increasing intercon- 
nectedness of global markets, many say 
that the linkage between Asia's eco- 
nomic prospects and the profitability of 
U.S. companies is not strong enough to 
justify the losses in American stock val- 
ues over the past week. 

“All of us have been guilty of ex- 
aggerating the importance of Asia as the 
driving force behind the world econ- 
omy, ” said Peter Kenen, an economist at 


Princeton University. The rebound 
Tuesday on Wall Street, which appeared 
to be continuing Wednesday, with the 
Dow Jones industrial average up 2333 
points at 7,521.65 in late trading, seemed 
to reflect serious second thoughts about 
just how dire the situation for American 
business really was. 

While Asia's problems will mean 
lower exports, more import competition 

, NEWS ANALYSIS 

and diminished retains on foreign in- 
vestments for some large Amer ican cor- 
porations, the size of those changes 
simply does not justify a fundamental 
shin in market outlook. In fact, some 
countervailing forces are working to 
keep the American economy on the 
prosperity track. 

Hard times in Asia “ will likely impede 
U.S. growth only modestly,” said Abby 
Joseph Cohen, a market strategist at Gold- 
man, Sachs & Co. who has been bullish 
for much of the 1990s. “At the same time. 


die inflation and interest-rate backdrop 
has become more favorable,’' she said. 

Virtually all analysts agree that in the 
long run the price of stocks turns on the 
more tangible question of a company’s 
expected earnings per share. While 
Asia’s economic predicament is, on bal- 
ance, bad news for globally minded 
American enterprises, it hardly presents 
a serious obstacle to continuing growth 
in profits for corporate America. 

Start with import competition. The 
sharp depreciation of Southeast Asian 
currencies in the past three months is 
already beginning to show up as an 
increase in Asia’s export volume. But 
Southeast Asia largely competes in 
wodd markets with low-wage countries 
such as Brazil, China and Mexico — not 
with the United States. 

Albert Fishlow, a senior fellow at the 
Council on Foreign Relations, said some 
American companies could see a wind- 
fall from Asian currency depreciations 
because prices of imported components 
for their own products — computer 


memory chips, for example — were 
likely to foil in coming months. But 
other American companies, he said, will 
benefit because they use Southeast Asia 
as an export platform to Europe, Japan 
and Norm America. 

“While local sales by foreign sub- 
sidiaries may be hit by recession in Asia, 
increased exports could more than offset 
the loss,” he said. 

American exports in 1996 to the econ- 
omies in the deepest trouble — Thai- 
land, Indonesia, Malaysia,- Hong Kong 
and the Philippines — amounted/ to less 
collectively man U.S. exports to either 
Canada, Japan or the European Union. 

Some of the largest American con- 
sumer-products companies say foe tur- 
moil is Asian markets will have tittle 
effect on their businesses. 

The companies, including Procter & 
Gamble Co., Gillette Co. and Colgate- 
Palmolive Co., say Aria represents less 
than 10 percent of their sales. 

. Several companies questioned also 
said they had hedged against the risk of 


wide currency fluctuations. Moreover, 
the $8 trillion U.S. economy is so sub- 
stantial and diversified that .weakness in 

anyone region of the world is not enough 

to divert it significantly from its pa th . 

VSIow growth in Japan since 1991 has 
hardly put the brakes on Wall Street or 
. foe American economy,” Mr. Fishlow 
said. 

If foe potential feu collateral damage 
from a recession in Southeast Asia has 
been exaggerated, the potential for in- 
direct gams has been all but ignored. 
One reason American business has en- 
joyed seven fat years is that growth in 
much of foe world has been tepid. 

W hite slow gniwtli abroad drills Anacr- 
ica’s exportperfonnance, it also prevents 
the sorts of production bottlenecks that 
lead to iwfi««rin — and recession. 

None of this guarantees that investors 
will ignore all that has happened. It does 
suggest that Asia's trauma will hardly be 
felt by most Americans. 

* ‘Glo balizatio n matters,” Mr. Kenen 
said, “but less than people think." 


Soros Hedged on Bonds 

Investment Softened Blow When Market Fell 


By Brett D. Fromson 

Washington Post Service 


WASHINGTON — In foe weeks 
leading up to Monday’s stock market 
plunge, global traders like George Soros 
bet billions of dollars on Treasuiy bonds , 
according to professional traders and 
investors familiar with his company’s 
activities. 

When the storm hit stocks, Mr. Soros 
and other speculators pocketed hundreds 
of millions of dollars by selling the 
bonds at for higher prices to fearful 
mutual and pension fund manage rs who 
wanted to get out of stocks and into the 
safety of government bonds, foe sources 
said. 

Officials of foe Soros Organization 
declined public comment on its activ- 
ities. But other sources said foe com- 
pany, which manages about $20 billion 
m overseas money from offices in New 
York and London — it is not allowed to 
take on U.S. clients — did not escape 
unscathed by the recent decline in stock 
prices. On Monday, foe Soros Orga- 
nization lost more money on stocks than 
it made on bonds, the sources said. But 


foe move into bonds significantly offset 
foe stock losses. 

It was a telling moment in the no- 
faolds-baxred arena of the global spec- 
ulators, and revealed how these compa- 
nies employ strategies that enable them 
to profit when most other investors are 
only taking losses. 

These big investors did not dump 
stocks. Instead, they bought on the dip in 
the Asian, European and U.S. markets. 
That included the Soros Organization, 
which owned slocks as well as bonds 
right before last week, the sources said. 

Earli er this year, Mr. Soros bought 
about $10 billion in U.S. Treasury bond 
futures contracts, which gave his com- 
pany the right to buy government bonds 
m the future at a set price. A speculator 
can place a $10 billion bet that bond 
prices will rise orfell for only a $ 1 billion 
down payment 

The bond strategy reflected foe com- 
pany’s belief that the currency troubles 
m Asia would slow Asian and U.S. eco- 
nomic growth, according to Jamgj^Bi- 
anco, director of research at Arbor Re- 
search and Trading, a bond brokerage 
based outside Chicago. 



Apm ftKBfrtam 

Germany’s defense minister, Volker Rnehe, right, and Finance Minister Theo Waigel patrolling Serbian 
territory in Bosnia on Wednesday with NATO troops. The Europeans favor extending die mission past June. 


GLITCHES: , 

Fewer Than in *87 ■ 

Continued from Page i 

brokerage operations of Oarite SchwaK 
FkJetify invests 

and Ameritrade Holding Com alfsgjd 
they had at least some delays- utesdA 1 

The heavy volume overwhelmed a 
Nasdaq computer system at3:17 pjm 
and from thenuntillfae dose of tradjitoQQ 
the Nasdaq stock nrarket, its work ft. 

did not show correct las^sje priced' 
Nasdaq stocks, although such informa- 
tion was available on other machines, 

But none of those services caka&te 
Nasdaq index figures on foeuown.'Te- 
lying instead on tire NasdaqcompoieMh* 

was overwhelmed. It was more than mo 

hours after foe market dosodbeforthft.. 
daq was able to calculate itMndexesrTfc * 
final figure showed foe Nasrfaq can* 
posite index up 67.93 paints St !,«D 3 tti 2 . 

‘ ’Nasdaq got backed up wj&onfcfe,! 
said Timothy McCarthy, preridmtF.J 
Charles Schwab. “We had delays in gel - 
ting our orders back.” He said thin gen- 
erally the New York Stock Exchange was 
able to keep up with foe record vokfee. 
Other brokerage firms, however, said ghat 
while trades on the Big Board- werefex- 
ecuted on time, there were delays of as 
long as an hour in getting confirmations. 

Despite the many delays, many ex- 
ecutives of brokerage firms expressed 
satisfaction that investors fared better 
Tuesday than they did on foe day] the . 
Dow Jones industrial average foil 22.6 
percent in October 1987. - « 

This week, the average endured*, re- 
cord point drop Monday and periled a 
record gain Tuesday in terms of prints- " 
though Monday’s decline was only 7.3L, 
percent and Tuesday’s surge amounted 
to 4.7 percent In 1987, trading was 
backed up for hours, and unanswoed 
telephones were far more prevalent 

‘Tf it wasn't for all the technology, 
there is no way we could have landkdafl 
the volume we did,” Mr. McCarthy said. , 
Schwab, for example, now handles half 
itstransactiomusingcomputeraortof^b- 
tone phones, facilities that were not avaQ- 
able to handle trades lO yearsaga 1 

Even though some customers-cdm- 
plained that they could not log on tob&- 
line trading systems, other tnokeAge 
firms also expressed satisfaction tint 
they had handled as much volume' aj 
they did. 

“It’s been awesome,” said KafoyEv- 
insoo, president of E*Trade, wnk 
handled more titan 40,000 trades Tufe^ 
day, nearly double its usual volume' Ay 
many as 8,000 investors were logged® 
to its system at one time, she said. ’ 


* 


;!<> 


■ w * 


; IRAQ : Americans Banned From UN Team 


Continued from Page 1 

oology, much of it American, and with a 
U-2 spy plane from foe United States. 

The deputy chairman of the inspec- 
tion commission, Charles Duelfer, is 
. also an American. Mr. Duelfer makes 
frequent visits to Iraq to talk with of- 
ficials and direct foe work of specialists 
who have been monitoring and destroy- 
ing Iraqi weapons and the factories that 
did or could produce them since foe end 
of the Gulf War in 1991. 

Iraq's move follows an effort by the 
United States to increase Security Coun- 
cil sanctions against Iraq, which is already 
under a blanket trade embargo that has all 
but destroyed the country’s economy. 
The United States and Britain want to ban 
Iraqi officials from international travel, a 
measure first proposed in June but twice 
postponed in foe face of opposition from 
France, Russia and Egypt 

Last week, foe council passed a res- 
olution keeping foe threat alive until next 
April. Five nations abstained — China, 
France, Russia, Egypt and Kenya — 
weakening foe usually unanimous front 


MARS: 

The Cold Triumphs 

Continued from Page 1 

focus on the positive things we’ve ac- 
complished.*’ 

Pathfinder, with Sojourner aboard, 
landed on Mars on July 4. The earthly 
fanfare was considerable, attracting a 
record 566 million hits on foe Pathfinder 
Web site in the first 30 days. Having 
proved the viability of an experimental 
air bag landing system, the lander and 
rover accomplished the rest of their main 
goals with surprising ease. And still both 
robots kept on going, and going. 

“We were just trying to put another 
layer of frosting on the rake, Mr. Muir- 
head said. 

The rover, with its sometimes bum- 
bling but largely effective rock studies, 
startled scientists with evidence that 
Mars has a much more sophisticated, 
Earth-like geologic history than previ- 
ously realized. Pathfinder instruments 
sent back a portrait of foe local scenery, 
including Martian sunsets. Perhaps most 
important, foe robots produced a wealth 
of evidence confirming the specific 
drifts and currents of an ocean of water 
that once flowed there, possibly fos- 
tering foe rise of primitive life forms. 

Scientists say they still have a backlog 
of Pathfinder data to analyze. 

On Sept. 27, just as weather instru- 
ments had detected the beginnings of foe 
Martian autumn and the onset of foe 
dust-storm season, the lander transmitter 
fell silent. A command from Earth 
reawakened it for just 15 minutes on Ocl 
7, foe robots’ 93d day on the surface of 
Mars. Since then, nothing. 

What exactly is wrong? “That’s foe 
$64,000 question,” Mr. Cook said. 

The most likely source of foe trouble 
is foe extr em e cold, he said. Engineers 
believe foe warmth-giving transmitter 
has been off so long that foe land e r 's 
internal temperatures arc dropping to 


that Washington and London have man- 
aged to pull together to show solid in- 
ternational opposition to Mr. Saddam. 

Some diplomats said they saw foe 
vote as a small victory for Iraq in its 
campaign to weaken and ultimately end 
the sanctions. But foe Iraqis were ap- 
parently incensed that the threat of a 
travel ban was not withdrawn entirely. 

To end sanctions, Iraq must prove con- 
clusively to the investigating commissioa 
that it has destroyed allbiologic&l, chem- 
ical and nuclear weapons and the capacity 
to make them. It must also show, backed 
by the necessary documentation, that it 
has ended a strategic missile program. 

Mr. Butler and Ms predecessor, Rolf 
Eke us of Sweden, say that in foe six and 
a half years that Iraq has been under 
sanctions, die government has told in- 
spectors lies and half-truths, hidden or 
destroyed material evidence and doc- 
uments and forbidden inspectors to talk 
with officials or employees of factories 
who could supply missing information. 

Mr. Butlers first report as commis- 
sion chairman, published early this 
month, angered foe Iraqis by saying that 
Baghdad was making some progress but 
was still hiding disturbing evidence and 
obstructing the work of the UN team. 

In the Security Council, diplomats 
from the United States and other countries 
have repeatedly made the argument that 
the choice of whefoer or not to cooperate 
with foe commissioa belongs to the Iraqi 
president. They say that he — not foe 
sanctions — has caused the hardship s foe 
Iraqis are suffering under the embargo. 

This year, Iraq has been allowed to 
export limited amounts of oil to pay for 
urgent civilian needs, and pipelines and 
ports were repaired for the task. But this 
has only whetted Baghdad’s appetite for 
larger oil sales, and has led businesses in 
France and Russia to press their gov- 
ernments for an end to sanctions so that 
promised oil contracts will materialize. 
Before the Gulf War. Iraq was one of the 
world's largest oil producers. 


Bundestag Plans 
A Move to Berlin 
In Summer of ’99 

Agence France-Pruse 

BONN — Germany's lower 
house of Parliament, foe Bundestag, 
will move to Berlin during foe sum- 
mer of 1999, though new offices 
will not be complect there until the 
spring of 2000 , parliamentary of- 
ficials said Tuesday. 

They said the Bundestag’s speak- 
er, Rita Saessmufo, will present a 
report to the Parliament’s budget 
committee suggesting that foe move 
take place in July and August 1999. 

The report recommends using die 
Justice Ministry and the attorney 
general’s office of the former Com- 
munist German Democratic Repub- 
lic to house some of those affiliated 
with die Bundestag while work on 
the offices for the par liam entarian^ 
and foe Bundestag's staff is being 
finished. An additional 600 offices 
in downtown Berlin will have to be 
rented on a temporary basis, ac- 
cording to the report. 

Renovation of foe Parliament 
building in Berlin, the Reichstag, 
will be completed by the spring of 
1999. The German Pa rliamen t 
already has scheduled plenazy ses- 
sions for then, including the election 
of foe German Federal Republic’s 
next president 

Bolin was made the capital of 
Germany after the reunification of 
Germany in 1990. But foe move of 
tiie federal government to Berlin 
from Bonn has been postponed due 
to both inertia in Bonn and the need 
for renovation and construction of 
buildings in Berlin. 

The government is expected to 
move in the second half of 1999, 
according to Construction Minister 

Klaus Toepfer. 


BOSNIA: Clinton Edges Toward Extending Stay of U.S. Troops 


Continued from Page 1 

All of the options involve a presence 
of American troops on the ground in 
Bosnia, foe officials said. An American 
presence was one of the “fundament- 
als” on which there was “no disagree- 
ment,” one senior official said. There 
was no formal vote taken orgrpup rec- 
ommendation made, the official said, 
and foe cabinet secretaries were not 
asked to associate themselves or their 
agencies with any particular option. 

There is a consensus on the need for 
the United States to stay fully engaged in 
Bosnia, but no formal consensus yet on 
“maintaining U.S. forces in Bosnia in a 
meaningful way,” a senior official said. 
At foe same time, “no one is stamping 
their feet in opposition,” including De- 
fense Secretary William Cohen. 

One of foe topics discussed, foe of- 
ficials said, was that foe United States 
could not retain operational command of 
a North Atlantic Treaty Organization- 
led force in Bosnia if no American 
troops were on foe ground there. 

Leaving Bosnia to others would send 
the wrong signal to NATO, which the 
Clinton administration insists upon lead- 
ing at a time* when it is pushing hard to 
expand the alliance to three new coun- 
tries — Poland, Hungary and foe Czech 
Republic. 

There is concern that a Senate rat- 
ification vote onNATO expansion could 
come next spring, just as a final decision 
is being made on Bosnia. There is a 
strong case being made inside the Clin- 
ton administration that foe president 
should announce a decision in principle 
to keep troops in Bosnia before the end 
of foe year, to try to keep the two issues 
separate, but there is no agreement on 
strategy either, foe officials said. 

The officials cautioned that major 

S uestions about how many troops, how 
« 3 g they should stay and what their 
adjusted mission might be are also un- 
deracted, and they expressed concern that 


their efforts to consult with Congress 
and to lay out their case for staying in 
Bosnia could be damaged by publicity. 

■ Mr. Cohen, who as a Republican sen- 
ator was critical of the administration for 
delaying its 1996 dedsionto keep troops 
in Bosnia, said March 4* in a statement 
that infuriated his colleagues, that “it’s 
very clear that in June 1998, we'll be on 
our way out” 

Three months later, in Europe, Mr. 
Clinton sidestepped tiie June deadline, 
saying: “I believe the present operation 
will have run its course by then and we’ll 
have to discuss, what, if any, involvement 
the United States should have there." 

Since then, administration officials 
have been making statements and giving 


speeches about the importance ofSe- 
maining engaged in Bosnia, life most 
' recent example was a speech a mditfh 
ago by foe White House national'sc- 
cinity adviser Sandy Berger in whichbe 
said America and its allies must be jftt- 
pared for an extended stay in Bosnia 
beyond June. 

“We must not forget foe iraporgmt 
interests that led us to work for a more 
stable, more peaceful Bosnia,” inefid- 
ing European stability and NATO’s dwn 
credibility, he said at Georgetown Uni- 
versity. * ‘The gains are not irreversible, 
and locking them in will require foaftbe 
international community stay engaged 
in Bosnia in some fashion for a good 
while to come," 


HONGKONG: Stocks Soar, Traders Warf 


Continued from Page 1 

victims, of a speculative attack up- 
wards." In referring to tire dexivatives- 
linked buying , he noted that Hong Kong 
was now. the favored hunting ground for 
speculators in Asian stocks. 

“The market’s never been cheaper,” 
Brian Parker, head of Hong Kong Re- 
search at Credit Lyonnais Securities 
Asia, cold Reuters. 

But foe market is still dogged by re- 
sidual concern over the fete of Hong 
Kong’s currency peg to foe U.S. dollar, 
said James Robertson, head of sales at 
Salomon Brothers, who added that the 
Hang Seng could still fall to 8,000 points 
— a drop of 25 percent from Wed- 
nesday's close. 

"If interest rates drop coo much, then 
foe dollar hedgers come tack,” and the 
market would suffer from heightened 
currency worries -all over again he 
said. 

Hong Kong’s dollar is pegged at about 
7.80 co the U.S. dollar. 

“If there are periodic attacks on the 


SUMMIT: At White House, Clinton and Jiang Reach Agreement on Nuclear Sales 


after an afternoon in foe sun. 


Continued from Page 1 

switching into heavily accented but clear 
English: “Let us, tire Chinese and foe 
Americans, join hands and together with 
people around the world work hard to 
brinp about a new century of peace, 
stability and prosperity." 

Together, the day's events empha- 
sized the dramatic shift in U.S. policy to 
China since the chilly days after the 1989 
crackdown in Beijing. Washington in- 
creasingly seeks to engage foe fast- 
growing Chinese jpant rather than to 
oppose eff confront il 
B ut tire differences between the coun- 
tries are many and wide, as dramatized 
by a protest across Pennsylvania Avenue 
from tire White House. Perhaps 700 
demonstrators chanted and waved signs 
criticizing Beijing for its policies on 
Tibet, Taiwan, abortion, religious re- 
pression and other human-rights issues. 

The presidents touched on their dif- 
ferences only glancmgly in their public 
comments, couching their criticism in 
tiie lan guage of diplomacy. 

He called on the countries to work 
toward a wodd where “people are 
treated with dignity, free to express their 


beliefs and observe their faiths.” 

Mr. Jiang gently called on foe United 
States to respect foe systems and sov- 
ereignty of China and other countries. 

“I hope that foe development of 
China-U.5. relations will positively pro- 
mote mutual respect, peaceful coexist- 
ence and- common development of all 
commies in the world,” he said, “dif- 
ferent in history, culture, social system 
and level of development- ’ ’ 

Both governments, if not all of their 
people, hope foe s ummit meeting will 
mark the beginning of a new tone in 
bilateral relations, changing the empha- 
sis from contentiousness to cooperation. 

“It m arks an end to foe somewhat 
unnatural and, I think, unwise, hiatus in 
serious U.S.-Chinese interactions,” said 
Richard Haass, director of foreign policy 
studies at tiie Brookings Institution in 
Washington. “What is accomplished 
faeremay matter less than what it leads to 
77 tnost importantly, ajegularization of . 
mgthlevel contacts." 

The presidents were to agree to hold 
regular strategic meetings between gov- 
ernment officials at every leveL includ- 
es annual matings of foe heads of state. 
Mr. Clinton is to visit China next year. 


They also agreed to establish a direct 
telephone link, or hot line. 

Mr. Clinton paid tribute to foe eco- 
nomic reforms that have allowed Com- 
munist China to record dramatic eco- 
nomic growth. “We admire the progress 
China has made in such a short tone," he 
said. “Your reforms have lifted millions 
from poverty.” 

Mr. Jiang, for his part, spoke of a 
rapprochement between the United 
States, which has dominated this cen- 
tury, mid China, which many expect to 
dominate foe next 

“The shared interests between China 
and the United States have increased 
rather than decreased,” he said. “Our 
potential for cooperation has expanded 
rather than diminished. Our two coun- 
tries share broad common interests and 
shoulder a common responsibility on 
major issues.” ' 

Chinese officials dearly hope Mr. Ji- 
ang’s eight-day visit will make an impact 
on foeAmeocau public, which has heard 
little but critidsm of Beijing since foe 
1989 massacre. Yet, in what may be a 
sign that some of the drama and conflict 
has left foe U.S.-Chinese rel~“' — v — 
only one major television 


CNN, carried the White House cere- 
mony live, and its coverage was inter- 
rupted for testimony by the Federal Re- 
sewe Board chairman, Alan Greenspan. 

Mr. Haass said (he visit might at feast 
begin to bring foe favorable American 
“-examination of China that Beiiine 
officials long for and American pro- 
testers bitterly reject. . ^ 

“ft is no exaggeration," Mr. Haass 
said, to predict that foe U.S.-Chinese 
relationship could well be the most 
significant bilateral relationship in the 
world over the next several decades ” 
No teeaktbrough was expected on 
such issues as the tradiiig differences that 

have kept China ont of foe World Ttaufe 
Qtgamzation or alleged human-rights 
abuses, including foe jailing erf virtually 
all dissidents m China, that are raised 
each fete Beijing seeks permanent U.S. 
most-ravared-nation trading status. 

In a private Tuesday evening, foe two 
presidents discussed human rights Tibet 
and Taiwan. Mr. Clinton gave Mr! Jiang 
a 15-minute tour of the White House 
Shown a copy of the Gettysburg Address' 
wntten m Abraham Lincoln’s hand. Mr 
Jiang recited foe first few words, “Four 
score and seven yeans ago. . . 


currency, confidence will continue to be 
an issue, and foe government will remain 
under heavy mess ore to remove the • 
peg,” Edward Chan, head of research at 
Amsceel Securities, told Reuters. “ 
More ominously for prospective cor- 
porate earnings, Mr. Robertson said foal 
although interest rates came downed- - 
nesday, foe current one-month interbank r 
rale of 13.75 percent meant that to make . 
money, banks in Hong Kong would Still * 
have to raise their prime raxes by five 
percentage points. - 

Terence Howard, Shenyin Wangle • 
Securities ’ head of sales, said that with a 
gloomier outlook for property ?te- 
velopers and banks, “it’s going to be .■ 
very difficult to break through 12,000 - 
from here," Thai is 11.6 percent abtjve 
Wednesday’s closing leveL 
More than stocks on Wall Strict, 
Hong Kong’s traditional leaning indi- 
cator . the market here will now talgft its 
cue from the interbank interest rates hi 
foe territory, said Ben Kwong, head of 
research at Dharmala Securities. 

■ Real-Estate Prices Could Coot 

Cracks have appeared in the fotio" 
J™®* 15 H ong Kong’s property mar" 
xet, but damage from quaking stock mar- . 
kets and high interest rates may not be 
entirely calamitous, Reuters reported. 

Everybody is just waiting to see the 
impact of high interest rates and dor* 
rency i n stability; it's too early to tell foe. . 
®tect on property prices,” said Charts - 
ynatg. research manager' at Colliwv V 
Jaitiine. 

The immediate signs of an ailing ' 
property sector included nervous hdjtn® 
buyers, sellers who were easily per- 
suaded to drop prices and bankers who 

stoppedmortgage lending. 

. "y e’ll^o through a cooling-off peri- 
od, but things have been too hot atiy- ; 

said Michael Green, a property 
analyst at Salomon Brothers, 

Potential property buyers had been ’ 
sc ? red off by Hong Kong's multiple 
crises, said Serena Lau, managing^' 
roewr of surveyors Francis Lau and 
Co. « 

Property sellers were dropping prices 
roore readily, analysts said, and awc- 
S S ev idence from home buyers 
bolstered this view. 


lute tour of foe White House . ‘ * 

.■sssssscs? sSfSEtSSSstt- 


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are willing to reduce,” said Eugenia- 
Choi, a human-resources executive vWw 
is looking for an apartment 


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eathfor the Parched Aral Sea 


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By Stephen Kinzer ^ " 

Wcw yprt Tima Srrvir* 

.an! Uzbekistan— The life^ 

^jJCobeism Honuulayev has been just lone 
.enough for him to watch the death of one 
3 pf the world's largest inland seas. - 



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i - T * . . 

^gwnnming all the time,*’ said Mr. Hamt- 
, .j.ilUflyev, who recently celebrated hi$ 30fo 
- -birthday. “The water came right up to 
**pur backyard. But by the. time I was S 
-..drears old* it was too far aWay to walk.” 

, Mr. Ikmimlayev knew Muynak when 
ji &Jt was a thriving port and popular resort 
.■^ion the Aral Sea. In his lifetime the Aral. 
Kiftonce at 25,000 square miles- (65,000 
jjwsquare kilometers) -the world’s fourfo- 
-■Jtagtst lakft. has shrunk by more than 
yt half, to 12,000 square miles. - 
ar* Today Mayaak, whose population 
Clhas dropped to 28,000 from 45,000 in 
^jthe last 30 years, is a desert town. The 
water that used to flood the streets on 
J^stormy days is now more than 70 miles 
12 kilometers) away. 

On what was once the seabed, abau- 
f^toned ships hein a sandy graveyard, a 
Ugrim reminder of how qoicldy such ca- 
. -tastrophes can overwhelm communities 
e? and nations. 


''■> 5 . TjJJI 

r*;V i±'t 


For thousands of years Central Asia’s 
two great rivers, the Amu Darya andthe 
Syr Darya,, fed the AraL But as this 
became the main Soviet source 
of cotton, a maze of irrigation - canals 
was built. 

Much of the diverted water was lost 
to evaporation and seepage, because, the 
canals were neither covered nor lined. 
After those losses and the huge amounts 
of water that the cotton plantations ab- 
sorbed, only a trickle was left to feed the 
Aral. 

And even that amryiii^ may h a ve d on e 
more h a rm than good. It was contam- 
inated with .the pesticides and other 
chemi c als that were being sprayed on 
cotton and rice fields. These rh^micaic 
settled on the seabed, and now that 
much of the sea has evaporated, wind- 
storms .carry die chemicals through the 
streets of Muynak and hundreds of 
miles beyond. 

“Dust storms politic the air we 
breathe and the water -we drink,” said 
Orinbey Yusekepov, a local doctor. 
“We are seeing a very high incidence of 
anemia, especially among children. 
Cancers have increased- Stomach and 
intestinal diseases are very common. 
People’s kidneys and livers cannot stay 


e Hinders 


healthy in an environment like- this.” 

. All five of tbeCetiral Asiancoumries 
that emerged in 1991 with the collapse 
of the -Soviet Union are affected by the 
cataclysm of -the Aral Sea, which is 
divided between Uzbekistan and-Kaza- 
khstam Leaders of all five have ac- 
knowledged the scope of the disaster. - 

“Never before has such a casebeen." 
witnessed -in history.” President Islam 
Karimov of Uzbekistan wrote in a 
newly published book about bus. conn-, 
try’s problems. “In the lifetime of- only 
one generation, the death of. a -whole - 
sea.” : 

"Not long ago triumphant; tromp^ . 
celebrated the increase in ne w irrigated 
land reclaimed - from deserts,” Mr. 
Karimov wrote. “This irrigation water 
was taken from the Aral, and it was 
‘forgotten’ that this was 1 drained blood’ 
from this sea.” 

. Although the presidents of the five 
Central Asian countries, which also in- 
clude Kyrgyzstan, Tajikistan and Turk- 
menistan, have urged action to protect 
what remains of the Aral, none is op- 
timistic. 

Mr. Karimov, for one, has- warned . 
that saving it will prove/ ‘complicated j 
or even impossible. 


Scientists and politicians agree that the 
. only hope for halting the seemingly in- 
exorable shrinkage would involve drastic 
conservation. But because all the Central 
Asian countries require greai amounts of 
water for irrigation and power, none is 
ready to take radical steps. 

Makings major cut in die amount of 
water taken from the Amu would mean 
“a/big drop in agricultural production, 
widespread unemployment and tremen- 
dous social dislocation,” said Ospan 
Kariansakov, an Uzbckgovcrmucnt of- 
. firiaT assigned to work on the issue.. 
“Maybe we could, absorb a 5 percent 
cut, bur certainly no more than that.” 

Environmental groups, banned dur- 
ing the Soviet period, have begun draw- 
ing up preservation formulas. But so far, 
there Is not even a system to measure 
how much water is being taken from die 
-two rivers and by whom, much less an 
agreement to reduce consumption. 

.- Although the countries have other 
resources, they are unable to take the 
sweeping steps necessary to restructure 
their economies away from water-in- 
tensive agriculture. 

“If these countries are going to 
! change their ways and cut their water 
use,” said Sardar Gasan ov, a scientist 


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with the United Nations development 
program here, “they need to industri- 
alize or at least start growing other crops 
that don’t need as much water. That is a 
huge project.” 


: JL IIU UCCU CU II 

^ ■ By Douglas Jehl ‘ : 

. -- - , New Yo rk Times Service 

* . ^ ^ ALEXANDRIA, Egypt — The poet 
v rcalled it a wine-dark sea, bnt here the 
• 'Mi> ^^Mediterranean is obscured by 
- . k,;pomething less poetic. 

It is sewage mat flows on treated into 
-coastal waters. Beneath the surface of 
7 'J 5 ? ,;-me once^febled eastern harbor, it is 
rarely possible . to see more than an 
. : ..^arm’s length away,.- a dismal reflection 

_"'C; 4 pf the faded city that modern Alexandria 
5 y^tias become. 

r - That is what makes it understandable 

' • ^ — but still nothing short of remarkable 

"* — that only now. some 1,600 years after 
’■ # ji slipped into the sea, the remnants of an 


atra 


Mr. Goddio an d his team have agreed 
with Egypt’s Supreme Council on An- 
tiquities that everything found will re- 
main beneath the surface, where it is to 
be cleaned, examined; photographed 
and mapped, under the supervision of 


V+i ... • > 


t lr fJ r if F? J 




. 1 ; ^-shoreline, in water just 4.5 meters (15 

"feet) deep. 

" Along wife modern filth, the cen- 
^ --tunes had collaborated tbgrve the ar- 
■ » ■ j tifacts a hiding place, burying columns, 

M |rit$ statues and giant granite blocks deep 
V beneath the sand or encrusting them in 
.thick layers of a shell-like coatmg. 

. . 77'. ' |hat bas' chahgwl with'ilie’use’ oi teiffi- 

, . . a jno^ogy that Im enabled explorers (q r s^e 
fhrnnph the glodm. ■‘- , ' 

-t; Ar r “Where other people saw only rocks, 
’ ’ * we have been able to assemble a true 

. . l jti(nnre.”saidFzanck > Goddio,aFrencb- 

J. rpan whose team has -used advanced 
• l,“inagnctometeis, radar and other devices 

' * r •7“ 7 Jp produce what Egyptian officials call a 
7 J|' ^evolution in undeiwaier archaeology. 

- * " ^ What has been found so far, — 
' '" .Tv Ijppbinxes, pedestals rnd other artifacts, 
TV 5 o some widi Greek inscriptions — has 
' jTlubstituted hard evidence for years of 
“ * ; speculation about' the layout of the an- 
■■m cient quarter, the heart of what in the 
IVthrce centuries before Christ was one of 
■ " the most important Cities in the world. 

i j f. vw Burro unrarth, dean, photograph and 
; /ftfflr/3 * 'Catalogue die artifacts, divas must still 
„ ..spend hoars at work each day on .the 
. ^^harbor floor, where the outflow -of 
• l •sewage from what has become a city of 
- ■P" “*5 million people can be felt as a de- 
• S' ' tectablecunenL 

.. , For perhaps a few hoars every 15 

*,days, the flow is shut down, and * “then 
,, -s'”*. ^Tyou can really feel a difference,” said 

, /Susan Hemickson, an American - who is 
. ’^among the divers whose work within 
7 . Shouting ‘ distance - of- AIexandna'*s 
^traffic-clogged corhiche is painting a 
.7/ hew picture of the city s former 
Splendor. . 

-V Accounts from the tune have <te- 

'■ -;• “‘iJcribed the royal quarter asa walled city 


Even for an Object as small as a 1.2- 
meter-long ' sphinx, the process can be 
slow, taking a team of two divers as long 
as a week just to pick away the deposits 
that encase just about everything on the 
harbor floor. 

And. although special lights and ultra- 
wide-angle lenses make it possible to 
photograph most of the finds even in die 
underwater gloom, the team has had to 
come up with other techniques to record 
evidence that is less easy to see, 

.“They promised os last year that the 
sewage would stop in March, but noth- 
ing has changed,” a diver who insisted 
on anonymity said of die Egyptian au- 
thorities. “Now they say it will stop by 
die end of 1998. it’s great to uncover 
antiquity, bnt it would sure be better 
without all dus modem muck.” 


ttadhttii balls the Demands 
(hiLockerbie ‘Ridiculous’ 



. * Apim- Iinuirr>IVrMr 

PIPE DREAMS — Two young boys skipping over leaks in the drainage pipes at the metallurgical factory 
complex in Norilsk, Russia, where more than half of the world's total production of nickel is processed. 


BRIEFLY 


Pollard Goes to Court 
To Pressure Israel 

JERUSALEM — The convicted spy 
Jonathan Pollard asked the Supreme 
Conn on Wednesday to force the Israeli 
government to take responsibility for his 
actions and recognize him as an agent. 

Israeli leaders have maintained that 
Mr. Pollard, a former U.S. Navy in- 
telligence analyst, passed secret U.S. 
miliary documents to Israel in tire mid- 
1980s without official Israeli sanction. 

At a private hearing on a petition by 
Mr. Pollard’s wife, Esther, & three-judge 
panel ordered the government to grant 
her meetings with senior security of- 
ficials during the next two months, and 
then return for another hearing. Mr. 
Pollard has served 23 years or a life 
prison term in the United States. (AP) 

7 Parties in Algeria 
Back Protest March 

ALGIERS — Seven political parties; 
including two in the governing coalition, 
called Wednesday for a inarch Thursday 
against what they said was “massive 
fraud” in elections Oct. 23, while the 
government sought to keep the focus on 
the insurgency by Islamic militants. 

Thirteen more people died in two 
more attacks this week, the authorities 
said. fAP) 

Ontario Seeks Ban 
On Teachers 9 Strike 

TORONTO — The Ontario govern- 
ment filed for a court injunction Wed- 
nesday to end a teachers' strike that has 
prevented 2.1 million students from at- 
tending class in the province. 

The motion to force 126,000 union- 
ized teachers back to work is expected to 
be heard Friday, but schools will likely 
remain closed lor at least a week while 
the cose is being beard. (Reuters) 

Mexican Economist 
Is New Envoy to US. 

MEXICO CITY — An economist 
who belongs to a prominent Mexican 
political family has been sworn in as 
ambassador to the United States and has 
vowed to improve prickly relations with 
the U.S. Congress. 

Jesus Reyes Heroics, 45, a former 
energy minister, also declared Tuesday 
that his government would spend more 
money to help Mexican migrants in the 
United States. (LAT) 




• ' ,J * 


tV f ; ij |J, Ii-.j- -..iff* * . 


. 1 ). ....... ,:t 


' -S 7*°f splendid, lavish buildings and mag- 
■V r ' J v nificent parks that made up about a third 
i W *■ hf the total area of the city, which was 
1 77j-: ‘ 'founded in 331 B.C. by Alexander the 
Great . . . . 

*■ >: But its most majestic years ended m 

1 • ' ?30 B.C, when the defeat of Cleopatra s 

' .777 " forces in the -battle of Actium trans- 
; - 7' formed Egypt into a Roman province. 

. .- « -i ^ And during the great earthquake and 
ririal wave that 'struck tbe exty in the. 
.. ' .. fourth century, the royal quarter van- 

r-- - r ^nm left even its layout to be debated 

v ■■ ‘ 77- “among scholars unable to uncover what 
riftT accounts say were a Polemic 

.. :>‘:U ^ palace. Mark Antony S T^nonu^and 

As « jiemples of Isis and Postudon. 9*25*?? 
';. v ' ■ “was the last of the Ptolemies, the dy- 

is almost wta m»WQ 
Goddio and his. team^are pai^tok- 


QmfOedtrf Our Staff Fnm Ob/taxAs 

ZUWARAH, Libya — Colonel 
Modmmar Gadhafi met President Nel- 
son Mandela of Sooth Africa on Wed- 
nesday and reiterated his refusal to ex- 
tradite two Libyans, sought by the West 
for a 19S8 anifoer bombing over Lock- 
erbie.icotland. 

- The. meeting, announced only days 
earlier, had prompted speculation that 
foe South African leader might try to 
mediate an end to UN sanctions im- 
posed in .1992. South African officials, 
however, denied that Mr. Mandela had 
any such plans. 

The sanctions were meant to force 
Libya to turn over two agents suspected 
of masterminding foe' bombing of the 
Pan Am jet that killed 270 people. . 

- -The sanctions limit diplomatic con- 
tacts, ban arms sales and prohibit flights 
to and froth the country. _ 

Mr. Mandela made a two-day visit to 
Libya last week on his way to a Com- 
monwealth summit in Britain. The 
Wednesday visit to Zuwarah, a coastal 
town about 10& kilometers (60 miles) 
west of the capital of Tripoli, came on 
his return to South Africa. Mr. Mandela 
arrived in Zuwarah by car from neigh- 
boring Tunisia. 


Mr. MandeJa advised Colonel 
Gadhafi Wednesday to support foe 
United Nations in its efforts to ‘ ‘reduce 
tension, conflict and violence.” 

“It is important to understand the im- 
portance of moderate language in deal- 
ing with our affaire,” Mr- Mandela said 
in a speech in a stadium in Zuwarah. 

The South African president did not 
specifically mention the Lockerbie is- 
sue in his comments. 

Colonel Gadhafi said he accepted Mr. 
Mandela’s advice, but at a news con- 
ference after the president's departure, 
foe Libyan leader emphasized that he 
would not change his stand 

“Mandela’s advice was clear, he 
calls for joint efforts for peace,” he said 
“But that Libya hand its sons to the 
United States or Britain.” this is a “ri- 
diculous demand” 

“We want a trial in a neutral coun- 
try,” be said “If they don’t want it they 
don’t want it” he said referring to the 
United States anti Britain. ‘ They will be 
the losers.” 

Mr. Mandela left . Zuwarah after 
awarding Colonel Gadhafi foe Order of 
Good Hope, the highest South African 
honor a foreigner can be awarded 

. (Reuters. AP) 


John Reese Stevenson, 76, Dies; 
Was Expert on Law of the Sea 


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7 - New York Times Service 
NEW YORK — John Reese Steven- 
son, an international lawyer who rep- 
resented foe United States at foe Law of 
foe Sea Conference in the 1970s and 
served as board president of the Na- 
tional GaUary.of Art until 1'993, died 
Ocl 25 at . his- home in ' Fort Worth, 
Texas, of multiple systems atrophy, his 
family said. He was 76. 

Mr.' Stevenson was a former chair- 
man of the law firm of Sullivan & 
Cromwell of New York. He joined the 
firoxm I^Qflndmtmpersedhisprivare 
law edreer with lengthy, and increas- 
ingly weighty, stints as an adviser to the 
State Department ’ . 

■ His public service cnlminaied in as- 
signments connected with efforts to 
draft an mtesbatianal convention for foe 
high seas find foe'nse of their resources. 
Healso represented the United States in 
a case involving Namibia in 1970 and 
assisted m 1984 in arguments between 
foe United States and Canada over 
where to draw foe bender in the Gulf of 
Maine. 

Representative-Waiter Capps, 
V^asFreshman Congressman 
WASHINGTON (AP) — R^esra- 
tative Walter C^pps. 63; a California 
Democrat who came to Wasbmgton as a 
rare liberal In a traditionally Republican 
district, died from what colleagues said 


apparently was a heart attack at Dulles 
International Airport, 

Mr. Capps, of Santa Barbara, was en 
route back to Wasiungton as foe House 
was preparing to vote on a defense bill 
when he collapsed about 6 PM. Tues- 
day at the airport. ; 

T. Dale Stewart, 96, an Expert 
•At the Smithsonian on Bones 

WASHINGTON (AP) — T. f Dale 
Stewart. 96, an anthropologist and one 
of foe world’s leading experts on. human 
bcNies who served his entire career at the 
Smithsonian Institution, died Monday 
from a heart ailment in Befoesda, Maiy- 
' land. ■ 

Mr. Stewart was a former director of 
foe Smithsonian’s Museum of Natural 
History. He continued his research there 
for more than 20 years after, retiring 
from" the institution. 

While his expertise was in the skelet- 
al remains of earlier-known -humans, 
Mr. Stewart also did contemporary bone 
work for foe FBI and foe Annyi He was 
an FBI consultant for more than 20 { 
years, helping the agency identify hu- I 
man skeletons in criminal case?. For foe 1 
Army; he helped foe Graves Registra- i 
' tion Service identify foe remains of sol- 
diers killed in combat. ' . 

He began his Smithsonian career as 
an assistant to the curator of physical 
anthropology - 





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tPAGEtf 


INTERNATIONAL HERALD. TRIBUNE, THURSDAY, OCTOBER 30, 1997 



ASIA/PACIFIC 





m 



on 


Hears Guns and Jeers 

Protests Rival Red- Carpet Reception 


CnotptodbjOwrSttfFivmDbpaclial 

~ Washington — Demonscra- 
’'TOrs jeered Wednesday as the echoes 
bef a 21-gnn salute drifted across die 
.•park where they gathered to protest 
''President Bill CDnton’s red-carpet 
welcome for President Jiang Zemin 
ofChinai 

-f Buddhist monks mingled with 
!^!3iiDese- Americans wearing car- 
^toonish masks of Mr. Clinton in the 
n&hadow of an eight-foot replica of 
the Goddess of Democracy, symbol 
__of the Tiananmen Square student 
""movement. They had come together 
to protest China’s policies on 
everything from human rights, Tibet 

J)on’t Yield 
To U.S., Iran 
.Tells Chinese 

r> Reuters 

1» TEHRAN — Iranian state radio 
-said Wednesday that China would 
lose credibility if it gave in to U.S. 
-pressures on its nuclear and military 
ties with Iran during the s ummi t 
-meeting in Washington. 

- 1 ‘Most analysts believe any flex- 
ibility by Beijing could jeopardize 

^China’s credibility as an important 
-international power,” state-run 
^Tehran radio said in a commentary 
-about die meeting between Pres- 
-ident Jiang Zemin of China and 
v President Bill Clinton. 
l “This would also raise doubts 
among China’s partners around the 
'world about the stability of their 
-cooperation with China, ' * the radio 
:said. 

Mr. Clinton was expected to an- 
-nounce formally his approval for the 
sale of U.S. nuclear reactors to 
'China as part of a deal in which 
Beijing gives assurances it is not 
providing nuclear technology and 
■ missiles to Iran. 

Iran stressed last week its nuclear 
cooperation with China was for 
•peaceful purposes and accused the 
United States of trying to disrupt 
'Chinese-Iranian relations. 

- In reaction to reports that China 
was halting cruise missile sales to 
Iran, Tehran also said it did not plan 
-to buy missiles from China. 


. and Taiwan to nuclear arms, the 
environment and child labor. 

“We just imagined it was another 
21 bombs going off in Tibet," said 
Tenley Palsang, a student from Mas- 
sachusetts. 

As Mr. Jiang arrived at the White 
House for a welcoming ceremony at 
noon, the demonstrators began 
chanting “Shame on China, Free 
Tibet.” 

Hundreds of people supporting 
Taiwan marched from Washing- 
ton's Mall to streets around the 
White House. 

“If we want to transform China 

into a progressive country, we must 
chang e the bad politics first,” said 
Fang Nengda, a former teacher in 
GHina who was placed under house 
arrest for his political beliefs. “If 
China does not change the broad 
system of politics, education cannot 
make a difference.” 

The pro-Taiwan group urged the 
United States to support Taiwan’s 
independence. 

“We want Taiwan to be for the 
Taiwanese,” said Su Chang, who 
came to Washington from Atlanta. 

Police officers on motorcycles, in 
cars, on horseback and on foot 
watched over Lafayette Square, a 
park opposite the White House. The 
area of the park closest to Blau- 
House, where Mr. Jiang Is staying, 
was enclosed with a temporary 
fence, making it off limits to dem- 
onstrators. 

Richard Gere, an actor and a long- 
time advocate of Tibetan autonomy. 



BRIEFLY 


it? 


Uoiiff Uilh/lk A*»ocWd ttw 


White House visitors greeting Jiang Zemin on Wednesday, while outside protesters jeered. 


was one of the key speakers at the 
“Let Freedom Ring” rally and lam- 
basted Mr. Jiang for his suppression 
of political dissent and his record on 
human rights. 

“1 was in a rage yesterday think- 
ing of Jiang Zemin being able to 
quote the Declaration of Indepen- 
dence clearly,” he said in a television 
interview. “This is an outrage. There 
are no freedoms in China, There are 
no freedoms in Tibet” 


Five huxnap rights groups were 
the driving force behind the rally, 
but more than 30 other organiza- 
tions joined '.in support of tbe 
demonstration^ pulling together an 
unusually diverse coalition of 
groups and individuals. 

Anti-abortion activists rubbed 
shoulders with environmentalists, 
while, religious 'conservatives mo- 
bilized alongside AFL-CIO union 
leaders, liberal Democrats and ce- 


Talking Points: The Issues Before Clinton and Jiang 


The Associated Press 

Following are some issues at stake 
in the US. -China summit meeting: 

■ Nuclear: Implementation of the 
198S U.S .-China Nuclear Cooper- 
ation Accord, with President Bill 
Clinton certifying to Congress that 
China is no longer selling or trans- 
ferring nuclear technology to other 
countries for weapons development, 
particularly Iran and Pakistan- This 
would allow the U.S. nuclear in- 
dustry to export to China. 

Relationship: Agreement to reg- 
ular meetings between the two gov- 
ernments at every level, including 
annual meetings of heads of state. 


Military: A military maritime co- 
operation accord to handle incidents 
at sea by establishing closer com- 
munications and rules for when the 
nations’ ships and submarines en- 
counter one another. Increasing 
openness between the militaries. 

Taiwan: Reiterating, that U.S.- 
China ties are governed by three joint 
communiques signed in 1972, 1979 
and 1982, establishing a “one 
China’'’ policy in which America rec- 
ognizes Beijing as the Chinese gov- 
ernment, and does not have official 
diplomatic ties with Taiwan. Beijing 
sought but will not get a fourth joint 
communique on the topic. 

Trade: The Chinese will sign a 


deal Thursday to buy 30 Boeing Co. 
airplanes for $1.9 billion and will 
also sign a letter of intent to purchase 
an additional $1.1 billion worth, 


: growing trade deficit, expected to 
reach $44 billion this year. 

Hot Line: Establishing a direct 
communications ' lirfle between the 
presidents, a symbolic gesture. 

Human Rights: China may agree 
to open a “dialogue!- on human 
rights, the biggest area of disagree- 
ment between the two nations. 

Environment: Enhancing anti- 
pollution programs for cleaner coal 
technology and programs to expand 
electricity into rural areas in China. 


lebrities such as. Mr. Gere and Bi- 
anca Jagger. • 

Bette Bao Lord, a Shanghai-born 
author, was' scheduled to Address the 
gathering and a "few hours later at- 
tend the -formal White House state 
dinner for Mr. Jiang with her hus- 
band. Winston Lord, a former as- 
sistant secretary of state for Asia. 

“We will work together on this 
issue and agree to disagree on others 
and everybody is pretty comfortable 
with that,” said Gary Bauer, pres- 
ident of the conservative Fami ly Re- 
search Council, which is also taking 
part. . 

- Mr. Bang is making the first state 
visit by a Chinese president since 
the 1989 crackdown on student-led 
demonstrators near Beijing's 
Tiananmen Square. 

Groups participating in the rally 
included the Sierra Club, the Com- 
mittee to Protect Journalists, the Na-_ 
tional Consumers League, the Child 
Labor Coalition, and Friends of the 
Earth. 

Amnesty- International USA, Hu- 
man Rights in China, the Interna- 
tional Campaign for Tibet, Democ- 
racy in China and the Robert F. 
Kennedy .Memorial Center for Hu- 
man Rights organized the demon- 
stration at the pirk. (Reuters. AP) 


A Clash Over Workers' Rights 

HONGKONG — Four labor campaigners clashed with 
guards in the gallery of Hong Kong’s legislature during* 
debate Wednesday on a curtailment of workers rights. : 

Five guards and a protester were injured when they feu . 

downaflight of stairs during the eviction of the {Boosters 
from the building, radio and television reports said: The „ 
protest was mounted as" the unelected legislature, whkh ' 
supplanted the elected legislative body when China took 
over Hong Kong on July 1, was ratifying the snmuooa. 
of a labor liberalization passed in the last days of British 

colonial rule. ■ . . ■ . • ’ 

After a 20rminute delay, the legislature voted, 30 ip 14, 
with 6 abstentions, to suspend laws that would give 
workers the- right to collective bargaining, deter em- 
ployers from discriminating against union members, and, 
allow unions to spend money in political campaigns. , 

Business groups had demanded the repeal, saying the . 
laws would raise labor costs and hurt the economy. (AP) 

AIDS Seen Worsening in Asia 

MANILA — A 65-nation congress on AIDS ended 
Wednesday with warnings of a more virulent epidemic in' 
Asia, but offered no solution as to how mlHions of 
impoverished Asians could afford expensive drugs de- 
veloped in the West. . ' • . - 

Tbercongress.issued a manifesto calling for increased 
government funding of the campaign to combat the ’ 
ep idemic , and inclusion of the Hlv/AlDS problem in all 
health planning. People afflicted with the virus “should 
not be subjected to discrimination and stigma,'' ’ it said. 

A group of Asian prostitutes marked the conference's 
final session by calling on governments to recognize their , 
profession, saying that being forced to work underground 
was promoting' the spread of the disease. ( Reuters ) ' 

Missionary Is Dead in India 

NEW DELHI — A Roman Catholic priest was found ‘ 
beheaded in a forest in northern India, apparently killed ; 
for aiding the region’s “untouchables,” the priest’s as- : 
sociates said Wednesday. 

A search party from the Australian-run mission that ; 
employed the Reverend A. T. Thomas found his de- - 
capitated body Monday near Sirka village, three days 
after Father Thomas was abducted from the . village's . 
meeting place. 

Father Thomas was the third Catholic clergyman killed ^ 
irr the past two years in Bihar, India's least-developed , 
stale, where caste-based gang wars have killed hundreds • 
of residents in recent years. (AP) 

Ieng Sary Meets With Hun Sen 

PHNOM PENH — In his first visit to Phnom Perih 
since the Khmer Rouge was overthrown in 1979, Ieng 
Sary, the regime's former deputy prime minister for 
foreign affairs. met with the Cambodian- leader, Hun Sen, 
on Wednesday. 

Officials did not make public details of the meeting, but 
sources said Mr. Ieng Sary, who. came to the capital 
Tuesday in. a government helicopter from his north- 
western base at Pailin, apparently discussed limiting the 
continuing fighting in Cambodia. (AP) 


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*-« - ijii •«■• .v ’ ' 


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in 

How Serious? 
Will 




A Special Section on Monday, November 3rd. 



The plunges in stock 
markets and : curren- 
cies in much of Asia 
in recent weeks have rattled economies 
and forecasts throughout the region, as 
well as in Europe and America. 

' As part of its continuing daily coverage of 
this important and dramatic story, the 
International Herald Tribune will provide 
-a special section on Monday, November- 
3, bringing together the best up-to-date 
assessments of: . 

■ How serious is the decline in Asian 
economies? 

■ What are the likely consequences in 
Asia, Europe and America? 

■'What wiilit take to bounce t>acfc? • • 

■; What- is. the longer term outlook?' : 

Included in this special section, are 
overview piecesfromlHT correspondents- 


in Asia, Europe and the United States and 
ten individual country portraits by corre- 
spondents focusing, concisely, on 
Thailand, -Malaysia, Indonesia, the 
Philippines, Hong Kong, China, Taiwan, 
Singapore, Japan and South Korea. 

The currency crisis gripping the region 
had its roots in Thailand's currency deval- 
uation on July 2. It was on the front page 
of the July 3 International Herald Tribune 
and it has stayed on the front page con- 
sistently, as the story has unfolded and 
spread. 


Don’t miss this Special Section 

on November 3 : 
for continuing coverage . 





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INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 30, 1997 


PAGET 


EUROPE 


Swiss Banks Issue a New List of 14,000 Dormant War-Era Accounts 


Ti* Associated Press 

JaMSSSSS 

Vt ^ snms - Tbe latest 

totaled about $114 nullioa, 
iSS 6 !^? 4 n^ontheamoontfomS 

in unearned accounis over tbe past two 

y^a^That is far short, however,of the 

of dollars that some 
Jewish groups assert is missing. 

The banks have said they will add 
interest according to a formula to be 


devised by toe American financial con- 
sultant, Henry Kaufman. 

The new listings came with no as- 
surances that all toe funds belonged- to 
Holocaust victims. Most simply rep- 
resented the names cm donnam accounts 
found in 57 banks that were opened by 
non-Swiss depositors before the end of 
World War IL “Dormant** means toe 
banks have no records that toe owners of 
toe accounts have contacted them since 
May 9, 1945. 

The list also includes all Swiss- 
opened dormant accounts containing 
about $70 or more. It was a common 
practice during toe war years for Holo- 
caust victims to ask contacts in Switzer- 
land to open accounts for them, so toe 
Swiss deposits could also be linked to 
toe Holocaust. 


\ 


By Ales sandra Stanley 

AtfH* York Times Service 


KUGKDNO, Russia — The only sign 
of life amid the cluster of blackened, 
rotting wooden shacks is one tout por- 
; tends death; a freshly painted green 
.guard tower that once loomed above the 
, inmates of Perm 36, the most notorious 
; labor camp for political prisoners in the 
Soviet Union. 

Figures like Natan Sharansky, Sergei 
Kovalyov, writer Vladimir Bukovsky 
-and toe Uk rainian nationalist Levko 
.'Lukyanenko were among the 2,000 dis- 
, sidents and artists who did time in this 
. isolated prison complex in fee Urals. 

Vasyl Stus, a Ukrainian poet who was 
nominated for the Nobel Prize in 1985, 
died here a month before the prizes were 
awarded. The exact cause of his death in 
>a punishment cell on toe night of SepL 4. 
• 1 985, is still a mystery. 

And it is to roll away the thirlrgning 
■mist of mystery and amnesia about the 
Gulag that a few local academics are 
trying to reconstruct Perm 36,- much of 
which was razed by bulldozers in 1989. 
They want to restore its lumber mill, 
cellblocks and barbed-wire fences as a 
living museum of Soviet repression. 

' If the museum is completed — toe 
organizers hope to open it in May — 
Perm 36 will be the only Soviet-era labor 
■ entry that can be visited by the public. 

Unlike Germany, where toe main 
concentration camps have been pre- 
served as museums, Russia has few vis- 


thousands of miles. Scholars estimate 
that as marry as 20 million people died in 
toe prison camps as a result of Stalin's 
repressions. Many millions mare were 
imprisoned or deported to remote areas. 

The death camps of Kolyma and 
Magadan were closed after Stalin’s 
death in 1953. Bnt thousands of other 
prisons and labor camps across the So- 
viet Union kept working well into 
Mikhail Gorbachev’s period of peres- 
troika , or restructuring. 

Perm 36 was closed in December 
1987. The last remaining 10 political 
prisoners woe released, from nearby 
Perm 35 in 1992 . by Presidept Boris 
Yeltsin — toe year after the Soviet 
Union collapsed. 

Most of those prisons and labor 
camps have vanished — bulldozed or 
smothered by snowdrifts. Though a few 
tour operators now offer summer boat 
trips to some of the more ghostly sites of 
toe former Gulag, only fragments re- 
main. 

There are virtually do films or pho- 
tographs of toe Soviet prison system. 
“Unlike the Nazis, who were proud of 
their actions, our government knew it was 
doing something wrong," Mr. Shmyrov 
said. “They hid what they were doing.” 

The local Penn chapter of Memorial, 
a historical society dedicated to victims 
of Communist oppression, is co-spon- 
soring toe effort. The reclusive Mr. 
Solzhenitsyn agreed to serve on toe mu- 
seum’s board. But even among sur- 
vivors. there is a reticence about dwell- 
ing on their suffering. 


Mostly it is commemorated by dwind- 
ling numbers of survivorrand-fee chil- 
dren and grandchildren of the victims. 

There is a strong sense of collective 
victimization among Russians but as yet 
little coming to terms with a past that 
millions of older. Communist Russians 
still view with pride. In a nation bent on 
forgetting, the museum is toe most tan- 
gible attempt to illustrate the darkest 
comers of toe Communist system. 

“I'm a historian, so I know how 
quickly memory vanishes,” said Victor 
Shmyrov, 50, a professor of medieval 
history in Perm who is leading toe res- 
( (oration effort “When I saw bow the 
camp was disappearing, I thought toatit 
has to be saved for history.” 

The effort to restore Perm 36 has 
unleashed painful undercurrents. 

The region’s governor is a supporter 
and allocated some money from his 
budget for the restoration. Local Com- 
munists are vehemently opposed. 

Even some Gulag survivors are am- 
bivalent ‘‘To show people exactly how 
toe alarm system worked is stupid,” said 
Rudolf Bedeoeyev, 58, a sculptor who 
spent three years for anti-Soviet activ- 
ities in a prison 40 miles north of Perm 36 
that he described as ”10 times worse.” 

“A memorial has to be convincing,’ 
he said. “To touch people’s souls, you 
have to express it artistically, not prac- 
tically.” 

Some Gulag survivors are otrenaea 
by the intrusion of people who did not 
share their experience. 

Mr. Bedeoeyev expressed scorn for 
Mr. Shmyrov and his ilk. “Not one of 
them is a =eJt,” he said, using the Rus- 
sian slang word for inmate. 

“How can they lay claim to this? 

. The Gulag Archipelago, as one iaf its 
most famous zeks, Alexander Solzben- 


and another two in a jail in Tatarstan, 
supports the museum, but spoke Off- 
handedly about his experiences. 

“Prison is prison anywhere,’ ’ he said 
with a shrug. “It was a different time 
and place. Kolyma under Stalin was a 
real death camp. 1 did not expect death 
here, but I saw older people get sick and 
left without any medical assistance.” 

But by any Western standard, Perm 
36 was a hellish place. 

The museum’s organizers have faith- 
fully recreated toe “maximum security 
zone,’ ’ where so-called recidivists were 
kepi in cellblocks, four and six men to a 
cell, and were walked across toe narrow 
corridor each morning to heavily barred 
workrooms. : 

Hie organizers .want, visitors to finger 
toe thin striped cotton uniforms that pris- 
oners were forced to wear even in the 
dead of winter, examine toe iron bunk 
beds they slept on, see the sunken holes ' 
that served as both sinks and toilets. They 
will walk the “exercise yards” — 6 foot 
by 6 foot metal boxes, where a sliver of 
sky could be seen only by craning the 


itsyn, famously named it. was an in- 
tricate chain of prisons, labor camps ana 


tricate chain 
remote areas 


g across 


crosshatch of barbed wire. 

A burly former prison guard, Ivan 
Kukushkin. 41, now works as a laborer 
in toe construction site of the camp he 
once helped rule. “We believed they 
were here for a good reason,” be said 
brusquely. “Nobody then knew any- 
thing, even if now some people say the 

prisoners were right ” 

It is not easy for visitors to visit Perm 
36. The camp is a four-hour circuitous 
drive from Perm, and a new, more direct 
road to toe area will not be completed 
until next summer. 

The restoration, moreover, is far from 
complete, and foods are scarce. The 
museum builders are living on small 
grants from the Ford Foundation and toe 
' anal government and occasional 
of materials. 


The average amount in toe newly 
listed non-Swiss accounts is just under 
$1,200. The Swiss-held accounts re- 
garded as big enough to list averaged a 
Hole less, toe bankers said. 

Rabbi Abraham Cooper, assistant 
dean of toe Simon Wiesenthal Center, 
welcomed toe new list as “a significant 
step,” but urged toe banks to freeze any 
Nazi-linked accounts bn the latest list. 
“It remains to be seen just how far toe 


bonks are ready to go” in shedding light 
on Switzerland’s 


banking links to Nazi 


Germany, Rabbi Cooper said. 
:S» 


The Swiss Bankers Association said 
Wednesday that it had taken pains to 


•avoid a repetition of last July's inclusion 
of known Nazis. 


Rabbi Marvin Hier, founder of toe 
Los Angeles-based Wiesenthal Center, 
said the Swiss banks removed “hun- 
dreds” of names of possible Nazi crim- 
inals before publishing toe latest list 
Rabbi Hier said that Christoph Meier, a 
senior official of toe bankers associ- 
ation. told him there were some exact 
matches with names of Nazis. 

“It's not the top Nazis, not toe top 25 
or 30 names that you would expect,” 
Rabbi Hier said from New York in a 
telephone interview. The center would 
help check out toe bank's list of sus- 
pected Nazis, he said. 

Swiss banks started easing their 


Those accounts tended to be larger 
than those of the latest batch, containing 
a total of $14.5 million. The Wiesenthal 
Center said 1 1 names on that list were 
the same as those of known Nazis. 


About 30,000 people have inquired 
ucallywill 


But if any names were 
missed, “in no case will criminal assets 
be paid out,” toe association said. 


secrecy in July, when they published 
timed World War 


1,872 names on unclaimed 
□-era accounts in newspaper advertise- 
ments worldwide and on toe Internet. 


about the first list and automatic 
receive toe new IisL More than 10 per- 
cent of the people io inquire have filed 
claims. 

Bui toe banks have faced protests 
from some Holocaust victims* relatives 
unable to find their names on the list, as 
well as from families with no connec- 
tion to toe Holocaust who resented toe 
Invasion of their privacy. 

Partly for that reason, and also because 
the latest list is so long, none of the names 
are being published in newspapers. 
About 3,700 non-Swiss names have been 


posted on the Internet, while toe re- 
maining 10,000-plus Swiss names will 
be provided to people who contact the 
banks or their representatives overseas. 

Some relatives of Holocaust victims 
said they tod sot believe toe new lists 
would include all toe names of people 
who had accounts. 

“The lists are a fraud,” said Gizella 
Weissbaus of New York, who is part of 
a $20 billion class-action suit filed 
agninu the banks in U.S. District Court. 
Ms. Weissbaus is seeking an account 
she says was opened by her father, Eu- 
gen Stem, of Sighet, Romania. 

Besides toe 14.000 names made pub- 
lic Wednesday, officials have uncovered 
64.000 other dormant accounts bearing 
Swiss names that contain S690.000 in 
deposits of less than about $70 each. 


The Ghosts of Russia’s Past 

In a Nation Intent on Forgetting, a Plan to Open 
Soviet-Era Gulag to the Public Arouses Hostility 


ible traces of its recent, harrowing past 

—Oct -30 is-aaational day-of moarahag- -Sergei- Kovalyov, a -civil-rights ac- 

for toe victims of Stalinist repression, tivist who spent five years in Penn 36 



Mtwm'Apnn*- I r«rr- hr^ 

Cars lined op Wednesday at the Onnaing, France, crossing to Belgium as a tax protest blocked traffic. 


EU Urges France to Keep Corridors Open if Truckers Strike 


Reuters 

BRUSSELS — The European 
Commission said Wednesday it had 
contacted toe French government to 
appeal for some transportation routes 
to be left open in toe event of strike 
action by truckers. 

“We have written to the French 
authorities, asking them to continue 
their strenuous efforts to resolve this 


before it comes to a strike,” said Sarah 
Lambert, a spokeswoman for toe 
European Union’s transportation com- 
missioner, Neil Kinnock. 

If a strike is unavoidable, she said, 
toe authorities bad been asked to en- 
sure “that there are free corridors 
where transit can travel unhindered.” 

Wage negotiations between toe 
truckers and employers broke down 


early Wednesday, leaving little hope 
of resolving toe dispute before a Sun- 


day deadline. The parties are seeking 
af a crippling 12-day 


to avoid a repeat of 
strike and road blockade that brought 
France to a standstill Iasi year. 

Truckers’ representatives have 
threatened to start blocking roads Sun- 
day mght. Plans have been drawn up 
for about 180 roadblocks. 


Polish Leader 
Names Cabinet 


Agcmr Front eftrw 

WARSAW — The new prime min- 
ister, Jerzy Buzcfc, submitted a cabinet 
list Wednesday to President Aleksander 
Kwasniewski that called for toe two 
coalition parties to share the post of 
deputy prime minister, settling a drawn- 
out dispute. 

Mr. Buzek had to postpone the an- 
nouncement of his center-right govern- 
ment for several hours because of last- 
minute disagreements over the alloc- 
ation of ministerial posts. 

The two new deputy prime ministers 
are Le&zek Balcerowicz, head of the 
free-market Freedom Union, and Janus z 
Tomaszewski of toe Solidarity Elec- 
toral Action, which is dominated by the 
Solidarity trade union. Mr. Balcerowicz 
was also appointed finance minister and 
Mr. Tomaszewski interior minister. 

The cabinet has 15 ministers and five 
ministers without portfolio. The appoint- 
ment of the Freedom Union leader os 
finance minister indicated to some that 
the government was eager to continue 
economic reform efforts. Mr. Balcerow- 
icz has been the ppme mover behind 
Poland’s shift to a market economy. 

The major politician not in the cab- 
inet is the leader of Solidarity Electoral 
Action. Marian Krzaklewski. who 
chose noi to -..ike the job of prune min- 
ister. probably with an eye on the next 
presidential elections. 

Several key ministries were given to 
Freedom Union members, including the 
Foreign Ministry, which was given to 
the historian Bronislaw Geremek. 
Janusz Onyszkie wicz was appointed de- 
fense minister. 


BRIEFLY 


Judge Orders Papon Trial 
To Be Resumed Friday 


BORDEAUX — A French judge ruled Wed- 
nesday that the trial of the ailing former cabinet 
minister Maurice Papon, accased of organizing 
toe deportation of Jews to Nazi concentration 
camps, should resume Friday. 

Judge Jean-Louis Castagnede said a doctor 
had ruled that Mr. Papon, facing charges of 
crimes against humanity, had almost recovered 
from toe severe bronchitis that forced a sus- 
pension of his trial Thursday. 

Leading historians on the World War II period 
are scheduled to testify Friday, including toe 
American Robert Paxton, whose work has 
helped unveil evidence of French collaboration 
wife toe Nazis. 

Mr. Papon is accused of ordering the arrests of 
about 1,600 Jews from toe Bordeaux region 
during the war. (Reuters) 


Since German unity in 1990. assailants have 
spray-painted swastikas on Jewish tombstones 
in several cemeteries in the former East Ger- 
many. Authorities suspect far-right extremists 
have been responsible. ( Reuters ) 


Winter Storms Hit Italy 


More Jewish Tombstones 
Attacked in East Germany 


ROME — Snow and chilly winds blew across 
Italy on Wednesday, forcing some earthquake 
victims living in tent camps to seek shelter in 
hotels and causing a fishing boat to capsize in high 
seas. Four sailors were believed to have died. 

Temperatures dropped from 22 degrees cen- 
tigrade (72 degrees Fahrenheit) to 11 degrees 
centigrade (52 degrees Fahrenheit) in Rome, 
which had enjoyed balmy weather in recent 
days. Winter conditions with freezing temper- 
atures were recorded in toe Apennines and toe 
Alps. 

Dozens of children and elderly people left 
homeless by a series of earthquakes starting 
Sept. 26 in Umbria moved into hotels to escape 
the cold of their tents. Four people were pre- 
sumed dead after a small fishing boat capsized 
during toe night off Catania, Sicily, news reports 
said. (API 


BERLIN — A Jewish cemetery here was 
vandalized when unknown assailants knocked 
over tombstones of three Jews killed during the 
Holocaust, toe leader of Berlin’s Jewish com- 
munity said Wednesday. 

The leader, Andreas Nachama, said the attack 
at toe Weissensee Cemetery in the former East 
Berlin where 180,000 Jews are buried was toe 
second on Jewish cemeteries in Berlin in a little 
over a month. 

Twenty-eight tombstones in a cemetery on 
Scboenhauser Alice in Prenzlauer Berg, where 


Plea for Basque Sentences 


22^ 00 are buried, were toppled in September. 


“One cannot overlook the fact that there has 
been a threatening increase in acts that are mo- 
tivated by hatred of Jews,” Mr. Nachama said. 


MADRID — The prosecutor in a trial of 
Basque separatist politicians repeated his demand 
for maximum eight-year prison terms against 
each of the 23 defendants in a brief court session 
here Wednesday. 

Defense attorneys, who have demanded toe 
acquittal of their clients, the leaders of the radical 
Hem Batasuna coalition, questioned the con- 
stitutionality of toe charges and asked toe Su- 
preme Court to consult Spam’s constitutional 
tribunal before handing out a ruling. 

The defendants are charged with collaborating 
with armed Basque ETA militants. (AFP) 


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Book on French Deputy’s Murder Withdrawn 


The Aut<iuted Press 

\ PARIS— AFrenchpublishj^hot^ 

has decided «) withdraw a controvmjal 

book from publicanonafter acomt 
^^ThiTcourt's decision 

lighted bow French courts have 
Sally been willing to ““°T or J^ 
hooks thm break the country s strict 
Hbeforprivacy laws, even alter p»b- 

Yana Fiat 

the Heart of Powff ” 

on sale for 

: ^^Xh^rliameat memberwbo 

■‘“i'S men on a mo- 

| torisatewluchdrewuP^^pre^ 

1 as she was being dnven to 


general as its source, alleges she was 
Sled because she was about to disclose 
a plan to sell military land in southern 
France to the Mafia. ■ 

Without using names, it implies that 
Francois Leotard, a former conservative 
defense minister, and Mayor Jean- 
C/aude Gaudin of Marseille* a former 
conservative mii n fo ftr of urban affairs, 

were responsible. . 

The book provoked a storm mjpolti- 
ical circles. Conservative politicians 
called it a plot to destabilize rightist 
candidates in southern France ahead of 


A Paris court late Tuesday ordered 
Flamraarion to immediately recall all 
books stiff in stores and remove toe 
offending passages, ft said it would fine 
the publisher 5,000 francs ($865) each 
time an uncensored book is sold. 

■ But Flamma rion said it would not 
release the book without toe passages in 
question. 

“Rather than suppress toe passages, 
toe editor has chosen to - withdraw toe 
.book from distribution,” said Flam- 


• marion’s lawyer, Jean-Yves Dupeux. 

‘ 'tne.iour- 


aext year's regional elections. 
In the book, Mr. Li 


^ ^ Leotard is referred to 

as “the squid” and Mr. Gaudin as “toe 
scooter.” Bui other identifying details 
are provided, including the fact that they 
were both political stats of the then-, 
ruling majority, and descriptions of 
their roles in l«al politics. ■ 

Mr Leotard sued the book s authors, 
Andre Rougeot and Jean-Michel Verne, 
and toe publisher. Flammanan, de- 
manding that toe offending passages be 
removed from the book. 


In its decision, toe court said the jour- 
nalists’ refusal to reveal their sources 
during a hearing last week meant they 
“were not able to establish toe truth of 
the facts and toe seriousness of the in- 
vestigation they claim to have led.'* 
The Defense Ministry, meanwhile, 
denied on Wednesday that armed forces 
intelligence officers were involved in 
pjanniDg toe killing of Mrs. Plat. The 
minis try said most of toe military in- 
formation in toe book was “incorrect” 
Mr. Leotard plans tolling a libel case 
against the authors of the book. 




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V. 






PAGE 


£>AGE 8 


THURSDAY OCTOBER 30, 1997 


Ncfio 


.WMoi 
rtgn Li 


EDITORIALS/OPINION 


— i 


Hcralb 


INTERNATIONAL 



tribune 


PUBLISHED WITH THE NFW VOAK TIMES AND THE WASHINGTON POST 


A Warning Bell 


E 


} Federal Reserve Board Chairman 
{Alan Greenspan indicated earlier in the 
rvear that he thought the stock market 
[was overvalued. When some of that 
ue was lost on Monday, Treasury 
eeretaiy Robert Rubin noted that the 
underlying economy was still sound, 
rhe observations don't conflict. The 
likelihood is that both are right. There 
was and perhaps still is a bit too much 
meringue atop what is otherwise a 
strong economy. 

The market handled the Monday 
sell-off smoothly. There was some 
grumbling about the circuit-breakers 
that twice halted trading; you only add 
to panic if you tell people who want to 
sell that for the next hour they can’t, so 
the argument goes. But on balance 
such cooling-off periods seem to us to 
[have a calming influence. 

More important are the other safe- 
that have been built into the 
et over the years. Companies are 
:uired by law to provide investors 
h an enormous amount of infor- 
{mation; the information tends to be 
accurate; limits have been imposed on 
{such speculative and essentially cir- 
ular practices as the buying of stock 
1 margin. If the market is overpriced, 
also rests on a fairly solid floor. 

- The sell-off nonetheless includes a 


warning. President Bill Clinton, and 
Mr. Rubin are right that this is an 
extraordinary economy in which low 
inflation and low unemployment have 
managed to coexist to a degree that 
most economists a few years ago 
would have said was impossible. 

The currentexpansion is now into its 
seventh noninflationary year. But it is 
unrealistic to expect the good- times to 
last forever; they never have before. 
People in government who are already 
spending imagined budget surpluses 
should wait a while. The sinplnses 
depend on a steady continuation of 
economic growth, and at the federal 
level not even that will be enough once 
the baby boomers begin to retire. 

A second lesson of the sell-off has to 
do with globalization. This is one that 
started in Southeast Asia. It's a world 
market now; there is no way to wall 
America off. That is part of the ar- 
gument in behalf of the president’s 
fast-track trade proposal: Like it or not, 
the United States is part of a world 
economy from the influence of which 
it cannot escape, and on which it turns 
its back at its peril The stock market 
may have been frothy in recent years, 
but on Monday it also offered a useful 
reminder of reality. 

— THE WASHINGTON POST. 


Iraq Remains a Threat 


1 For months, Iraq has actively misled 
United Nations inspectors about its 
Continuing germ warfare program and 
Slocked entry to military bases where 
prohibited materials may be stored. 
Now it is threatening to suspend all 
cooperation with UN monitors. But the 
UN Security Council seems reluctant 
to pressure Baghdad to back down. 

Z Last week die Council voted to give 
Iraq at least six more months to im- 
prove cooperation before imposing 
new travel restrictions on uncooper- 
ative Iraqi officials, a step that the 
United States and Britain have been 
Seeking since June. Even that vote 
proved too much for France, Russia 
and China. They all abstained and 
Could use their vetoes to block action 
gix months from now. 
t At this point, three of the Security 
Council’s five permanent members 
and much of the Arab coalition that 
fought alongside America in the Gulf 
JVar are hoping that the sanctions 
against Iraq can be eased in the near 


future. The reasons are different in 
each case, but one underlying cause is 
the lucrative oil contracts Baghdad has 
been negotiating with many countries 
to take effect as soon as UN sanctions 
are lifted. Russian and Chinese compa- 
nies have signed deals, and two French 
companies are close. 

Arab countries, for their part, are 
legitimately concerned about the suf- 
ferings of die Iraqi people after more 
than seven years of international eco- 
nomic pressure. The additional sanc- 
tions proposed by die United States, 
however, are directed only at recal- 
citrant Iraqi officials and would have 
no adverse impact on civilians. 

The dangerous erosion of internar 
tional will can be reversed, but only if 
the Clinton administration makes an 
intensive effort to remind the Security 
Council holdouts bow much they all 
have to lose if Iraq ever manages to 
acquire deliverable biological, chem- 
ical or nuclear weapons. 

— THE NEW YORK TIMES. 


Reparations to Mexico? 


* - 

j. The customarily , .even-mannered 
‘dent of Mexico, Ernesto Zedillo, 
his cap die other day arid told 
iter-American Press Association 
. t die United States should pay his 
{jountry reparations for the damage that 
,g trafficking has done it The idea is 
urd. From the context, Mr. Zedillo 
idently meant to express Mexico's 
en tment of the process by which the 
nited States annually threatens eco- 
mic penalties against countries it 
ems unreliable partners in the anti- 
drug struggle. But his fit of pique is 
Sound to be taken as a flight from 
tylexico’s own responsibilities in that 
Struggle. Neither side needs this sort of 
contribution to the rhetorical wars. 
k Still, Americans, and especially 
those in Congress who support the 
Manual “certification" exercise, need 
(p understand its effects in the coun- 
~~'es it is meant to stiffen and chastise. 
ie policy is almost universally taken 
an American flight from respon- 
bitity for the vast personal and in- 
i rational corruption that the drug 
inflicts upon producer/transit 
ates such as Mexico. Huge as it is. the 
done by drug trafficking in the 

e rd Stales is small next to the harm 
in Mexico and points south. That 
would not be done, or not nearly 


. to the same degree, if the American 
drug market did not provide the im- 
mense boost that it does to the in- 
ternational trade. 

The notion that the country that cre- 
ated and sustains their drug problem 
should judge and penalize them for 
failing to cope well with it fuels a rage 
no less intense than the rage that Mex- 
ican derelictions fuel in America. 

The fact is that two countries, not 
one, are accountable for the narcotics 
trade. Mexico tries in its fashion and 
largely fails. The United States also 
tries and also largely fails. The Mex- 
icans' excuse is that their law enforce- 
ment framework cannot withstand all 
the pressures ignited by American de- 
mand. We Americans have a far su- 
perior law enforcement framework, but 
it cannot frilly withstand those pres- 
sures either. Senators say it is "not at 
all clear" that Mexico has earned cer- 
tification. But it is not at all clear either 
that the United States, were it to be 
judged by others, could earn the prize. 

On each side there is an evident 
disposition to blame the other for what 
are mutual frustrations. This needs to 
stop. Intensified enforcement without 
distracting recrimination needs to be- 
come the common theme. 

— THE WASHINGTON POST. 


Other Comment 

Crisis of Overcapacity 


Economic high times in East Asia 

E rased on 20 percent export 
, which meant 7 to S percent 
growth for individual econo- 
mies. That would have been sustain- 
able if only a handful of small countries 
foch as Thailand, Taiwan or Malaysia 
Were involved. But when big countries 
Ike China and Indonesia are also 
lasing their “miracle economies" on 
10 percent export growth, sooner or 
later the system has to end. 

This is the classic crisis of over- 


capacity — too many factories- pro- 
ducing too much for too few con- 
sumers. The lasting effect of the Asian 
crash will be much like the effect on 
Mexico after its crash three years ago 
— macro-stability will be restored 
within several years, but growth will 
slow significantly. 

But the likely outcome of this cur- 
rent episode for tbe United States will 
be as in 1987: Six months later we 
won't even remember it happened. 

— Lester Thurow, commenting for 
Global Viewpoint 
(Los Angeles Times Syndicate).. 


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A Networking Foreign Policy o 



W ASHINGTON — BQI Clinton’s 
warm welcome for Jiang Zemin 
this week is not an isolated event It 
grows out of a calculated, ambitious 
agenda to create “a set of partnerships 
where there is some assistance to the 
sole remaining superpower in dealing 
with problems around the world." 

Those are Secretary of State Mad- 
eleine Albright’s wends. Despite their 
abstract quality, they provide a good 
guide to what Mr. Clinton now wants in 
foreign policy: He wants to know why 
we can’t all just get along. 

Mrs. Albright explains the Clinton 
agenda with a striking authority, sug- 
gesting the unlikely but successful 
partnership that has developed between 
this once combative, hawkish profes- 
sor of international relations and the 
consummate protean politician. 

She seems now to share, at least 
implicitly. President Clinton’s convic- 
tion that good meetings and personal 
deal-making are the driving forces of 
big power politics. ' 

A dozen times during a 70-minute 
conversation with Washington Post 
journalists on Tuesday, Mrs. Albright 
cited her meetings with diplomats from 
China, Russia. Israel, France and else- 
where to describe how America plays 
its role in the world today. 


By Jim Hoagland 


Asked about the administration's 
flagging relations with Russia, she ad- 
mitted that "in certain areas we have 
disagreements with them." But she 
added, “We had a very good meeting” 
in New York on NATO recently. 

On China: “We want to have a good 
meeting.” On France: “They have as- 
sured us that disagreement is over tac- 
tics, not goals." On Israel: “You don’t 
use levers with friends." On Asia's 
economic turmoil: “I had my own ex- 
change with Dr. Mahathir. His views 
are unacceptable." 

Her reference 
of Malaysia’s erotic 
Mahathir bin Mohamad 
side of the coin of basing diplomacy on 
the quality of meetings. Mrs. Albright 
is at her best in berating minor despots, 
from Croatia to Burma. The ones sire 
has chosen have richly merited her 
artfully contrived wrath. . . 

But the bad-meeting tactic goes out 
the window when big powers are in tbe 
room and Mr. Clinton becomes per- 
sonally involved. With him, the good 
intentions of others, from Jesse Helms 
to Yasser Arafat, are assumed and 
made part of the negotiating strategy. 


Asked why. Mr. Clinton should be- 
lieve new pledges from China about 

didnothofiTMrs. Albright said: 
have changed their modus operandi. 
Asked about a promise from Laurent 
Kabila to allow an investigation of hu- 
man rights abuses in Congo, she made a 
point of challenging Mr. Kabila's cred- 
ibility: “ Wc have heard words before. 
Now we would tike to see action. 


have covered Mr. Clinton as president 
for five years waited in some uacer- - 
tainty to see what she would. say? 

"We are setting up a network of 
cooperation.’ * she said of Mr. Clinton’s 
second-term diplomatic agenda,' 'Ac- 
know led ging problems with countries 
like Russia and China, -she dwelled 
instead “on the areas where we have ^ 
great synergies," which she believes-"’ 
are growing, not shrinking. 


None of this suggests that Mrs. Al- . President Ctinron^Am^ca isac- ; 
bright is an egomSac, or a bully with avely seeking help from^Russi^ China 

tittle countries and a toady with big and the rest against drug trafficking, 
ones. She is in feci ably accomplishing terrorism and other 
the job that Mr. Clinton has assigned said. ’Less and less confrontation . 
her, with a priority on explaining U.S. with them is possible airf neosam^, 

- •- . s - . believes. And it is important far 

Americans to understand that. When 
other powers pursue their national in'. 

after the Cold War. terests, "it is not always against fee ; 

What it does suggest is that there are U.S — ~~ against fee - - 

pufalls in the diplomacy of meetings U.S. orforme U.5. • - . ' ' '' 

and personality that seem to go un : Mis. Aibnght was a tartowedrool- u 

recognized in rhic administration. Mr. isc as a professor, one who aid notshow 
Clinton still struggles to develop a core excessive fruth in the benign intentions - 

set of principles for foreign policy de- of others. But she now arnculates the 




revealing 

bright raised the question of how the 
administration sees America’s role in 
the world,' a roomful of journalists who 


work with President Jiang,- but h is 
clearly ascendant in Washington. 

The Washington Pt^i 


||lt* ^ 

f u 

ji3 ? 


j*i- 

.••c* 

r fi'- 


* 


Good Riddance to the One-Eyed Vision of the Bull Markets 


’EW YORK — Now that 


the post-1991 bull stock 


N! . 

market has suffered its first ma- 
jor setback, fee time has come 
to ask: What does a Wall Street 
“correction” correct? 

It corrects Wall Street, for one 
dnng — and the structure of the 
economy that Wall Street is in 
business to finance, for another. 

One-way markets are just as 
subversive to sound finance as 
one-party politics are to good 
government. Over time, the fac- 
tion in power begins to believe 
its own press. Heads swell and 
feet find their way to the tops of 
tbe factional desks. 

On Wall Street, the bull party 
has held undisputed control for 
IS years. Because stock prices 
have relentlessly risen, people 
have come to expect them to 
continue to rise, and the public 
has recalibrated its tolerance for 
risk accordingly. 

Inasmuch as stock prices al- 
ways rise, the thinkin g goes, 
there is really no risk. Bat there 
is always risk. An uncorrected 
bull market creates its own. 


By James Grant 


Health Plans Inc. points up the 
traffic that 
in a single 

direction. 

Oxford is a managed-care 
company that could do no 
wrong. It reported quarter after 
quarter of stupendous growth. 
Brokerage house analysts 
called it a profit machine, and. 
they outdid one another to re- 
commend its shares. To the 
bears' contentions that Ox- 
ford’s accounting was question- 
able or that the doctors in some 
of the Oxford plans were going 
unpaid, the bulls could simply 
point to the rising track of die 
. company's stock price. 

Then all of a sudden fee mar- 
ket look fee bears’ side. In a 
matter of hours on Monday, fee 
stock, so long caressed by the 
supposed financial profession- 
als, lost 62 percent of its value. 

Such a delusion could last for 
as long as it fed only in a market 
like tiiis one. 

William M. McGarr, a short- 


Monday’s collapse in. .the. seller who has lost money just as 
value ; of .the shares of Oxford . steadily as fee public has made it 


in recent years, says Wall Street 
analysts have come to enjoy a 
kind of diplomatic immunity. 
Because the analysts are con- 
genitally bullish, and because the 
market these last seven years has . 
always risen, sloth has paid al- 
most as well as hard work. To fee 
bear party, so long out of power, 
it has been a vale of tears. 

Of course, there is more at 
stake than the bank b alance s of 
(he people (myself not least) 
who seem never to get fee hang 
of the levitating 1990s. Sky- 
high stock prices and super- 
abundant credit have incited 
capital investment in fee United 
States and Asia alike. 

A huge expansion of man- 
ufacturing capacity is under 
way — in chemicals, paper, air- . 
craft and . autos, among other 
tilings. The Wall Street Journal 
reported on Aug. 7. To feat list I 
would add commercial banking 
and high technology. 

Presented wife the financial 
means to build fee extra semi- 
conductor fabricating plant, or. 
fee marginal: personal computer 


man ufacturing plant, the world’s 
high-tech manufacturers have 
not The result is a 

boom in productive capacity — 
and a collapse in the prices of 
memory chips and personal 
computers, fee most basic com- 
modities of fee information age. 

Even Intel has lately been 
forced to cut fee prices of its 
microprocessors. And the hol- 
iest new computers are fee ones 
that sell for less than $1,000. 

Consumers will cheer tiiis 
fire sale, but fee wise consumer- 
investor will spare a moment to 
reflect on it. Bull markets have 
helped to elicit this cornucopia 
of new productive capacity. But 
fee same bull markets have 
drawn their strength from the 
profitability (actual or imag- 
ined') of the companies whose 
stocks only seem to go up. 

In the sense that too high 
prices create the itch to over- 
invest, and in fee sense feat 
overinvestment leads to falling 
profits, all bull markets are 
eventually self-limiting, no 
matter what the Federal Re- 
serve mightdo. ; -i 

The foundation of any Invest- 


meat market is value. The more 
that stock prices outrun the 
earning power of fee businesses 
that mint their stotit certific- 
ates, the less value there is. Con- 
versely, the more that stock 
prices fall in relation to the earn- . 
mg power of the businesses that 
print their stock certificares. the 
more value there is. 

The best news for investors . 
these scary days and nights is 
that value is fast being restored 
to Asia. In South Korea, this 
Philippines and Japan, to name 
only three storm-damaged 
countries, more and mote 
solvent operating businesses 
are being priced as if they were 
going out of business. 

Sooner or later, however; fee' 
Asian correction will run its 
course. Only then will the bears 
be sent packing arid the bulls 
restored to power. Then will be 
the time for investors to remem- 
ber that. East and West alike, 
investment is a two-way street. 

The writer is- editor of 
Grant's Interest Rate Observer. 
.He contributed this- comment to 
The New York Times: r 1 ' 


1 <!*-* - 


• 4 .- 



ing Asian Economies to Bounce Back 


j 

* 

■tr 


T OKYO — Hong Kong’s 
stock market blues will no 
donbt give farther impetus to 
those who want to write off fee 
emerging Asian economies that 
are now being hit by capital 
flight and devaluation. But 
those write-offs could be very 
premature. 

In many ways fee Asian eco- 
nomies are simply victims of 
their own success. Their chances 
of comeback are strong. 

Current Western wisdom 
says they succeeded simply by 
luring in vast amounts of 
largely speculative capital. One 
theory given much publicity by 
fee quarterly Foreign Affairs 
goes further and says they were 
Soviet-style economies — that 
their progress came simply 
from combining capital with 
surplus labor to produce output. 


By Gregory Clark 


without any significant im- 
provement in technology. 

No technological improve- 
ment? In that case, how come 
much maligned Malaysia now 
produces 10 percent of the 
world’s television sets? How 
come it has created from scratch 
a viable car industry able to 
export to Western markets? 

South Korea now has car, 
steel and heavy equipment in- 
dustries able to compete wife 
Japan. Its shipbuilding industry 
dominates world markets. 

Taiwan is ahead of Japan, 
and fee West, in a range of 
computer parts industries: in 
some areas it can claim more 
than 50 percent of world output. 
Singapore leads in some com- 
puter niche areas. 


Thailand now has almost the 
fall range of mid-tech indus- 
tries, and is world competitive 
in some petrochemical goods. 
Even Indonesia has managed to 
create reasonably efficient car 
and other assembly industries. 

As for China, that $50 billion 
annual trade surplus wife fee 
United States hardly qualifies it 
as an economic basket case. 

True, much of fee technology 
for making these goods came 
from Japan and fee West But 
fee people in fee factories mak- 
ing these goods, and many of 
their managers, are not Japa- 
nese or Western, They are 
Malaysian, TTiai., Indonesian, 
Chinese. Are they automatons 
unable to understand and im- 
prove on their machines? 


This Shakeout Wasn’t the Big One 


W was not II 

In July, just as tbe stock mar- 
ket was reaching its peak, I 
donned my sandwich boards 
and wrote: “You’re going to see 
a correction one of these days 
that will curl your hair, followed 
by a year in the doldrums before 
the next recovery. ... Repeat! 
The end is near.” 

Greed bang what it is, I did 
not dump much after my own 
jeremiad, which is why nobody 

fan hate me. 

But this was not a hair-curler. 
Instead it was fee shakeout of 
nervous professionals who 
were looking for some outside 
event to justify a rush to lock in 
the year's profits. 

Turmoil in the Asian mar- 
kets. reflecting incipient defla- 
tion there, was the cathartic that 
our traders were waiting for. 
America’s small investor, 
however, was not suckered by 
all the globalony. When market 
averages backed 10 to 15 per- 
cent off their highs, the tittle 
guy resisted all chicken-littling. 
Only the market, not the sky, 
was frilling. 

What explains the Nod- P anic 
of ’97? It was not Robert Rubin 
standing on fee steps of the 
/Treasury saying “the funda- 
y mental economy is strong." 
Such pronouncem ents by gov- 
ernment officials smack of 
“prosperity is just around fee 
corner." They reassure nobody. 

One reason for the non-panic 
was that the media, which love 
anniversaries, have been re- 
minding us of the 22 percent 


ural inhaling and exhaling, con- 
traction and expansion, means 
that fee business cycle has not 
been steamrollered into perma- 
nent flatness. Someday we will 
have a recession. 

A market drop may not trig- 
ger a recession, but a recession 
always banns the stock market. 

Now to the big lesson Amer- 
icans can draw from the mar- 
ket’s wake-up call. 

Bill Clinton proudly pointed 
to the shrinking of fee budget 
deficit to the lowest in decades. 
His economists see fee deficit in 
the fiscal year that ended last 
month to be $22 billion. 

But last February fee Office 
of Management and Budget 
was predicting a deficit of $125 
billion. It was off by $100 bil- 
lion, plus change, not because 
of any spending restraint but 
because an economic boom 
produced greater revenues. 

5 ff' we can be that wrong on the 
downside, we can be that wrong 
on the upside. As recession fol- 
lows prosperity (as night fol- 
lows day, and as market 
shakeouts follow run-ups), then 
all the optimistic budget agree- 
ments on - which we base our 
spending and taxing will be 
knocked into a cocked hat 

The message this week is that 
markets have a downside, and 


For too long we in fee West 
have seen economic progress 
as the magical product of 
something railed technology, 
over which we were supposed 
to have some intellectual or 
God-given monopoly. 

In fact, most progress is due to 
fee social and physical infra- 
structure — the roads and rail- 
ways, telephones that work, ex- 
perienced bureaucrats, available 
markets, experienced workers, 
sensible government policies 
etc. — crucial to fee proper 
working of fee economy. 

Infrastructure is not some- 
thing you get overnight or from 
a textbook. It comes only 
through the experience of mak- 
ing and selling things. And it is 
here that we in the West wife 
our centuries of industrial ex- 
perience have had. an advan- 
tage, even if it is now being 
frittered away by policies that 
tolerate unemployment and 
deindustrialization. 

A backward nation remains 
backward not because it lacks 
technology (which can be 
bought or borrowed from for- 
eign investors anyway) but be- 
cause it lacks infrastructure. Or 
to put it another way, its high 
infrastructure costs cancel out 
its cheap labor advantage. 

But if someone ran be per- 
suaded by. smart investment in- 
centives to put money into a 
single factory, mine or plant- 
ation, infrastructure improves 


By William S afire 

market break of ’87, compared 
with which Gray Monday's drop 
of 7 percent was not so terrible. 

"Sell-off" was fee preferred 
term of commentators; few used 
the scarier term “crash. ’’ 

A better reason is that the 
fundament is strong. Inflation 
and unemployment are down, 
and growth and profits are up. 

Global domino effect? A 
worry but not a panicker; any 
drop In demand for American 
exports to Asia is not going to 
put much of a crimp in Amer- 
ica’s huge national product And 
Asian investors are not crazy; 
they will look for safe havens, of 
which there are no safer than 
U.S. stocks and bonds. 

That is why this week's mar- 
ket tnrmoil is not It. Like Cali- 
fornians after a mild quake, we 
can say, “But this wasn’t die 
Big One.’’ 

There is a good message in 
all fee bouncing down and up, 
to be directed to die new-age, 
new-paradigm new-economists 
who waltz hand in hand wife 
Goldilocks and Rosie Scenario; 

There are other ways to go be- 
sides up. 

Just as the fluctuating nature 

of the StOCk market has not been ubimu Ufl»c a uuwasme. ann FAKLS » Sinn™ 1*.., j- ■ ■ 

end of fee Cold War or the on fee side. Economies also tests of Rome and most Sf 

have a downside, and it would Th* — * 

be wise for political leaders to 
treat as hogwash thepredictions 
of the new-era economists that 
the only way is up. 

The New York Times.' 


somewhat Others then find it 
feat much easier to invest. Soon 
there is a whirlwind of invest- 
ment, choked off only when 
labor costs begin to rise. 

Thai is what we have seen in 
much of Asia to date, Thailand 
and Malaysia in particular. 

True, with die whirlwind 
came a flood of undesirable 
speculative investment which, as 
in Mexico, put strains not just on 
labor costs but also on immature 
banking systems. But Western 
economic history is a constant 
cycle of boom and bust, too. 

As for the claim feat these 
economies follow a Soviet 
model, whs the Soviet Union 
ever able competitively to ex- 
port cars, television sets, steel, 
ships, computer parts? 

. The current round of Asian 
devaluations is part of a much 
needed adjustment process feat 
will improve rather than harm 
competitiveness. 

Much of Japan's progress 
through to fee early 1980s was 
the result of policies that de- 
liberately kept fee yen under- 
valued, promoting exports at 
the expense of imports and tbe 
Japanese consumer. If other 
Asian economies move to that 
Japanese model, fee Western 
economies will be in trouble. 



‘oauni 


‘"‘li'Iirj 


The writer, a former Australi- 
an diplomat, contributed this 
comment to the International 
Herald Tribune . 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO- 

1897: Fatal Camp aign forty Fascist deputies in the Itaii- 
NEW YORK uprtru rnn,,.. 30 c ^ am ^ er - will thus have 

A. it-: — «* Dnun *’-- - ■* M markable movement, which has 




the Union Square Hotel. The 
news spread over fee city like 
wildfire, causing the greatest ex- 
citement. All the afternoon pa- 
pers had early morning editions 
on the streets, and the flags on all 
the public buildings were baif- 
mast. The physicians announce 
feat his death was directly due to 
the great strain of fee campaign. 

1922: Fascist Masters 

PARK — Sti 


beginning of fee globalized 
computer age, economies will 
stumble and recover as they 
have in the past. 

Just as markets breathe, 
economies breathe. That nat- 


Tbe King, acknowledging Mus- 
j » ™astery of fee situation, 
asked Mussolini to form a cab- 
met. It is expected that his cab- 
inet will be composed chiefly of 
Fascial althoosi then an on ]y 


seized the reins of Government 
in less than three days and for fee 
moment given its chief the 

power of a Garibaldi 

1947: Choi Rights Call 

WASHINGTON — President 
Truman’s Committee on Civil 
oughts recommended that 
Congress and state legisla- 
tures immediately outlaw se- 
gregation and discrimination 
rased on race, color, creed or 
national origin. The report, 
made public by fee White 
House, declared: "The United 
States is not so strong, the 
final triumph of the democratic 
ideal is not so inevitable, that 
we can ignore what fee world 
thinks of us or our record." 


* 4 >- 


•'lr, - 


n 



PAGE 9 









OPINION/LETTERS 


lf Hull m< 



< !. 

« 


fM /f, 


Hlllt'f 


IM 


■u* 




How the Old Coj 
Has Changed- 


mil 


onwealth 
and Hasn’t 


L ONDON — The largest 
aad most eagerly awaited 
: Commonwealth summit con- 
jference in recent years has 
; just ended in Edinburgh. It 
» look place 100 years irfter the 
■injperial. conference that was 
.part of the extravagant em- 
pire-wide celebrations that 
: marked Queen Victoria's 
Diamond Jubilee in the sum- 
.merof 1897. 

At first sight, the gather- 
ings of 1897 and 1997 could 
not provide a greater contrast. 

I The late- Victorians were im- 
.pcrial expansionists and 
( consolidators on a heroic 
scale. As tbe Daily Mail rap- 
. turously commented after the 
'magnificent Jubilee proces- 
sion through London: “Each 
• one of us — you and 1, and 
I that man in his shirt-sleeves at 
■ the comer — is a working part 
|of this world-shaping force. 

I How sm a l l you must feel in 
> the face of this stupendous 
! whole and yet how great to be 
j a unit in it” 

The events in Edinburgh 
1 unfolded against an appar- 


By Denis Judd 


As is the case 
today, imperial 
conferences 
depended on 
goodwill to 
function at alL 


;S 


ently very different back- 
ground. In 1897 only the 
.premiers of the white-dom- 
inated self-governing colon- 
ies attended the conference; at 
■the huge Edinburgh gather- 
. ing, the Commonwealth lead- 
>ers were drawn from every 
quarter of the globe. 

In 1897 the British prime 
minister barely deigned to at- 
tend the proceedings; in 1997 
Tony Blair was a key player. 
A century ago every colonial 
premier was committed to the 
Westminster model of de- 
mocracy; today die ways in 
.which many Commonwealth 
countries are governed be 
strikingly varied and the pre- 
vailing political practice in 
-some of them is crude enough 
to shock world opinion. 

Then.there is the roleof the . 
British monarch. In the year of 
her Diamond Jubilee; Queen 
Victoria, a totem of enormous 
potency, could scarcely be per- 
suaded lb ride in her carnage 
through the thronged streets of 
London. At Edmbmgh, Queen 
Elizabeth II made foe confer- 
ence's opening speech and re- 
mained engaged throughout 

More remarkable still was 
foe controversy fob centered 
on her position as head of foe 
Commonwealth, a doubt that 
arose as a result of foe or- 
ganization’s secretary-gener- 
al, Chief Emeka Anyaoku of 
Nigeria, referring to her as foe 
head “for foe moment-” 
Coming only a few days after 
the of tbe gaffe-strewn 
and frankly bungled royal vis- 
it to India and Pakistan, this 
was a further blow to Com- 
monwealth tradition and to 
tbe rocky post-Diana standing 
of foe House of Windsor. 

In light of all of this, one is 


tempted to remark, “Oh, whai 
a raft was there, my countzy- 
men!” Reassuringly p erhaps , 
a more searching scrutiny of 
Ibe Commonwealth meeting 
shows how link of foe sub- 
stance has cfaangpd 
Although in 1897 foe 
“free,” self-governing col- 
onies were foe only equiv- 
alents to today's independent 
states, they were notoriously 
d iffic ult for Britain to brow- 
beat and control, as late- Vic- 
torian, governments painfully 
discovered. Only when colo- 
nial self-interest and British 
policy coincided was it pos- 
sible to reach binding agree- 
ments, and even these were 
extremely limited, c onfine d 
to modest imperial defense 
arrangements. As is the case 
today, imperial conferences 
had no executive power and 
depended on cooperation and 
goodwill to function at alL 
Nor a century ago was it 
easy to exert any real disci- 
pline among seif-gov aning 
empire countries; it was pos- 
sible to express disapproval — 
as the Edinburgh meeting did 
in foe case of Nigeria’s civil 
rights record — but to rebuke a 
member to foe point of ex- 
pulsion was not attempted, 
then as now, at least partly 
because stales were anxious to 
preserve internal autonomy in 
the face of British damandc 
The further paint is fob no 
mechanism exists effectively 


to discipline the independent 
states of tl 


the Commonwealth. 
The whole organization ex- 
ists merely as an accident of 
history, and can only survive 
as the rather easygoing club it 
has become if members wish 
to remain within iL 

Understandably, Tony Blair 
has tried to inject some new 
life into foe faded Common- 
wealth ideaL After foe sweep- 
ing successes of New Labour, 
there las been an attempt to 
launch a New Common- 
wealth. There has been much 
talk of promoting inter-Com- 
monwealfo trade, of refocus- 
ing on economic issues. 

But as foie late- Victorians 
discovered, even in this mani- 
festly bread-and-butter area of 
policy, goodwill- is ._,|iot 
enough. ,Therehas to bea plain 
clutch of economic advant- 
ages, or b least enough tasty 
bail. But will the richer mem- 
bers of the dub be willing to 
dismantle their trade barriers? 

In any event, how can Bri- 
tain’s now-mainstream mem- 
bership in foe European Un- 
ion be reconciled with any 
truly meaningful resuscita- 
tion of Commonwealth trade? 
It was, after all, Britain's ac- 
cession to foe EEC that ef- 
fectively wrecked the old 
system of Commonwealth 
preferential trading agree- 
ments 20 years ago. 

So whb are we left with? A 
minimalist position might be 
that any international organi- 
zation that meets regularly and 
in a voluntary and cooperative 
fashion is better than nothing. 
Itis preferable to have a forum 
that is able to raise issues of 
civil rights, even if there is no 
effective remedy for foe per- 


LETTERS TO THE EDITOR 


j Rights Commissioner 


Regarding " A Voice for 
Rights " (Editorial, Oct. 21): 

, While tbe editorial is cor- 
rect fob the first United Na- 
tions High commissioner for 

v --hts, Jos6 Ayala- 

1 too much foe dip- 

V kwd fWUk 




human rights, 
Lasso, was" 


LifobO, was iw smwvm ' — tr 

loraat,” it overlooks his true 
legacy. Ultimately, Mr. Ayala- 

* r -n .OTru-mtvwttl for 


legacy. Ultimately, Mr. 

Lasso will be remembered for 
his pivotal role in establishing 
both the high commissioner 

' r*l.grr (if the 


1 UIC mjsti — 

post (he was foe chair of the 
General Assembly working 


general maowy 

group charged with creating 
-the office) and some dozen 


the office) ana some 
human rights field operations. 
■ The new high commission - 
r, Mary Robinson, must build 

nnn thifi IpCTHCV. HCf WOVCn 


CT. (tuu t ■ — ■ 

.upon this legacy- Her proven 
leadership skills and out- 

_ « nil- 


from foe regular budget 
Thus, it has a relatively solid 
financial base on which to 
conduct its work. Other field 
operations, which are fin- 
anced primarily from ad hoc 
voluntary funds; are subject to 
the whims of member states. 

Because of the limited 
funds available to the field of- 
fice in Burundi, for example, 
the United Nations has been 
able to recruit only half foe 
mission's authorized 35 inter- 
national staff members. The 
Cambodian field office there- 
fore cannot serve as a model 
for other offices until they re- 
ceive adequate funding. 

ERIC BERMAN and 
KATIE SAMS. 

Geneva. 


leaueiMup saw — - 

spokenness in promoting nu- 
.man rights are ~ aanns far 

* . . fli 


muu 

‘ firma n. She will also 


Mr. Berman is executive di- 
rector and Ms. Sams is a fel- 
low at UN Watch. 


from 

.taiy-Generaliwu™—^ 
has repeatedly demonstrated 
his commitment to. strengtn- 
rnmnussiOn- 


under Secre- 
Anttamwho 


Life in Greece 


Ilia 

ening the high commission- 
er’s role. m 


W O i 

Boutros Boutros 


did not 
creation 
under- 

,ano, suoseq»*«*“j' 

'mined Mr. Ayala-Usso-) 

1 enhinSOn 1 


post’s 



incu 1*1*. ___* 

Yet Mrs. Robinson most 
show that her office has 




maoe omiig ^ j iTTodk 
erarion in Rwanda m i!W. 

whae foe aim* 



the field were unquau««-. 
Finally, foe editorial fuls «) 
eraspfoe fundamental 
;^offoefieldopann<»“ 

sasaasa 


Regarding ** New Virtues 
for Greece About to Be Put to 
Test" (Sept. 24): 

Bravo for foe excellent ar- 
ticle on Greece. Certainly, a 
groat deal of change is oc- 
Surring here and life wiU be- 
come more bearable with foe 
acw infrastructure projects. 

But improvements m in- 
frastructure and government- 
al operations should not 
make Greece into another 
Schleswig-Holstein. Equally 
important is foe way we lead 
oiir lives outside of offices 
and taxis. The Greeks know 
how to lead dial life better 
than any other people. 

W.R. AMMERMAN. 

Athens. 


reived abuses. Also, foe very 
fact that it enshrines both so 
much tradition and so much 
variety ought to make foe 
Commonwealth, and its bien- 
nial conferences, something to 
cherish and to learn from. 

■ Nor, thankfully, are the 
summit meetings all that we 
have. There are foe Common- 
wealth Games, there are a 
host of organizations and 
agencies that are in principle 
and practice dedicated to 
enhancing inter- Common- 
wealth relationships and foe 
development of foe potential 
of Commonwealth citizens. 

Finally, it is no longer foe 
British Commonwealth. In- 
deed. id extreme circum- 
stances. Britain could even be 
denied membership in foe or- 
ganization, as South Africa ef- 
fectively was in 1 96 1 . Perhaps 
we should settle for that. 


The writer is a historian 
whose most recent book is 
“ Empire : The British Imper- 
ial Experience From 1765 to 
the Present." He contributed 
this comment to the Interna- 
tional Herald Tribune . 


Buckle Up , There’s a Jet Car in Your Future 


N EW YORK — Just a few 
months ago, if you were trying 
to get from, say, Geriaeh, Nevada, 
to Jongo. Nevada, you would have 
bad to endure an arduous crossing 
of foe 50 miles of scorching desert 
in between. 

By conventional car, that would 
have taken nearly an hour. 

Bring your canteen! 

But now, thanks to foe new super- 
sonic. jer-powered car. which on 


By Stephen Colbert and Paul Dinello 


aged by an enraged grizzly, chances 
are you'll look down at your 
mangled arm and say: “Rocket car. 1 
wish I had a rocker car.” 

And let's talk about safety. The 
new Mach-plus roadster would al- 
low all the convenience of airplane 
speed with none of foe perilous 
height Remember foe words 


somewhat by making them toll 
roads. 

However, lo avoid unnecessary 
deployment of the braking para- 
chute, foe cars would simply roar 
through foe toll plazas ami coins 
would be tossed out the window into 


“plunge" and “plummet” are 


MEANWHILE 


Oct 15 set a land speed record of 
763.035 miles (1.227.723 kilome- 
ters) an hour, that trip will take a 
scant 3 minutes and So seconds. Go 
ahead, check the math. 

Yon’d be a fool to waste time 
crossing ancient dry lake beds by any 
other means. 

The practical applications are 
endless. 

For example: A man who had 
been mauled; by a bear in the back- 
woods of I daho wouldn't have to 
settle for some sawbones at die 
county hospital when a specialist in 
Baton Rouge is a scant 1.5 hours 
away by hypersonic ambulance. 

A pipe dream, you say? Well, 
when the day comes that you're rav- 


rarely associated with automobiles. 

Your paperboy could bring you 
fast-breaking news, and foe milkman 
would deliver foe freshest dairy 
products imaginable. 

Unfortunately, right now deserts 
are the best (nay, only) places to 
operate these long-awaited transonic 
vehicles. Due to shortsighted- 
ness at foe Department of Trans- 
portation, our present U.S. highway 
system still includes turns. The 
Mach 1 car is upon us, and we aren't 
ready. 

dearly, the future belongs lo the 
long, flat, sandy straightaway. 

Progress demands that perfectly 
straight roads of hard-packed, sun- 
baked sand be built between all the 
major cities in foe United States. 
While foe expense of this may seem 
prohibitive, this could be ' offset 


You'd be a fool to 
waste time crossing 
ancient dry lake beds 
by any other means. 


enlarged change baskets the size 
of, sav. football fields. Or, if foe 
larger basket isn’t practical, the 
driver could simply lead his throw. 
Approaching foe George Washing- 
ton Bridge from New Jersey, the 
driver would lob his $1.75 out 
around Paranuis. 

Why should we take the time to 
retool our entire interstate transpor- 
tation system, level mountains and 
fill in wetlands to build these 
massive Mach ways? Well, imagine 
for a moment bow history would 
have been altered' if, after the steam 
train was invented, we had refused to 


lay railroad tracks, or after Eli Whit- 
ney invented foe gin we had refused 
to grow cotton. 

While there are those who will 
say that any sufficiently good , 
idea will survive no matter what 
foe obstacles, that is not always .; 
the case. Remember, it was the 
Taft administration's refusal to 
subsidize an elaborate system of 
giant nets that lulled the fledg- 
ling human cannonball industry. 

The time to act is now. before all 
the jobs start to go to the desert 
communities of foe Southwest, to the 
boomiowns of tomorrow like Dug- 
way and Stovepipe Wells, while the _ 
decay of our urban centers is , 
hastened by needless curves and * 
stop signs. 

What will tomorrow bring? A 
rocket car in every driveway! Soon ; 
we’ll be enjoying shorter commutes. 
We'll be getting home earlier and . 
sleeping larer. after we get used to 
the sonic boom as foe milk truck ► 
goes by. 

And once we pave foe oceans., 
there Tl be no stopping us. 


The authors, who lutw written for . 
various television comedy shows, 
contributed this comment to The . 
Wen 1 York Times. 


There are no holes 


in our GOLF COVERAGE 


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™ PAGE 10 


INTERNATIONAL HERALD TRIBUNE, THURSDAY OCTOBER 30, 1997 


HEALTH/ SCIENCE 


‘Vitamania’: Is It a Health Kick or a Ri 



By Jane E. Brody 

New York Tima Service 



EW YORK — Whatever 
health-conscious consumers 
might be locking for, there is 
a vitamin or mineral pill that 
promises it Products for sale purport to 
offer cancer protection, a hardier heart, 
extra energy, enhanced immunity, less 
stress, a longer life, an antidote to pol- 
lution, stronger bones, less body fat, 
relief from premenstrual syndrome, ath- 
letic prowess and heightened sexual 
powers. 

“Vitamania,” as some critics call it, 
is sweeping the United States, with sales 
of vitamins and minerals soaring to re- 
cords. 

An estimated 100 million Americans 
are spending $6.5 billion a year on vit- 
amin and min eral pills and potions, up 


from $3 billion in 1990, according to the 
Council for Responsible Nutrition in 
W ashingt on, a trade group for the vit- 
amin supplement industry. 

Consumers are, in effect, volunteer- 
ing for a vast, largely unregulated ex- 
periment with substances that may be 
helpful, harmful or simply ineffective. 

The labels on the bewildering array of 
vitamin bottles in a drugstore or health- 
food store give few clues that the pro- 
ducts can be harmful as well as helpful. 
They do not mention that because the 
Food and Drug Administration con- 
siders vitamins and min erals “dietary 
supplements,” no testing for safety or 
usefulness — or even for whether the 
supplements contain what they say they 
do — is required before they are mar- 
keted. 

Clear and consistent information 

about vitamins and wi inpr ak is hard to 


get, even from experts in nutrition, be- 
cause of a lack of good iong-tenn stud- 
ies, or from the government, which has a 
bewildering array of standards and is in 
the process of revising them. 

‘'No rational person can understand 
this stuff,” said Marion Nestle, chair- 
man of the department of nutrition and 
food studies at New York University. 
“AH the different numbers are almost 
guaranteed to make the situation more 
confusing rather than less.” 

The answers about how much of any 
vitamin a person needs often depend on 
the person's age, sex and stage of life. 
Nor is there a consensus about whether 
taking vitamins and minerals in addition 
to food is valuable for a person who is 
eating a relatively healthy diet. 

Some facts are not in dispute. Vi tamin 
and mineral pills can reverse or prevent 
deficiencies that can result in 


like scurvy and rickets. But the questions 
that most people want answered are 
whether vitamin and mineral pills will 
fend off cancer, heart disease and os- 
teoporosis and lead to overall well-being 
and longer life. 

There are no easy answers. Nutrition 
studies are filled with hints but few 
conclusions. 

Current evidence indicates some se- 
rious shortfalls in die consumption of 
a $$ gflrial vi tamins and min erals, espe- 
cially by young women and the elderly. 

Also, there are tantalizing indications 
that there could be significant health 
advantages from taking supplements of. 
some vitamins and minerals in doses 
larger than those needed to prevent out- 
right deficiencies. 

At the same time, however, there' are 
risks when nutrients are taken separately 
from the foods that contain them and in 


doses far larger than the body was de- 
signed to process. • 

For the average healthy person who 
consumes a. variety of ftxxis, there is 
scant evidence that vitamin and mineral 
supplements -are beneficial. Even for 
segments of the population tint may 
need more vitamins — smokers, people, 
who are ill -or poorly nourished, the 
elderly and pregnant women — the long- 
term benefits .are unclear at best 

Surveys by government and uni- 
versity scientists have shown that most 
of the .people who ■ take vitamins are 
those who are least likely to need extra 
nutrients: nonsmokers who do not drink 
heavily. They also consume more nu- 
trients from foods, eat more fruits and 
vegetables, are better educated and have 
higher incomes than people who do not 
take vitamin and mineral pills. 

Despite all those advantages, vitamin 



takers do not live longer or suf- 
fer fewer cancer deaths than those, 
who do not take viramins, according , 
to a 1 3-year study of 10,758 Amer-j 

A research team from the federal C© 
ters for Disease Control and Preyentic 
in Atlanta reported in 1993 thatthesiut 
“found no evidence of increased tonge 
icy among vitamin and mineral suppl 
ment users in the United States.” 

Furthermore, there are known dangc„ 
of vitamin use. High doses of vitamin 1 
can interfere with the action of vitamil 
K, which promotes Wood dotting. 1_ 
amounts of calcium can Emit the 
sorption of iron. ' 

There is unfortunately only one su 
path through the vitamin and mb* 
maze; Eat a balanced and varied diet i 
is low in fat and high in fruits and v* 
tables and complex carbohydrates. 


Ulcer Remedy Makes Few Inroads 


By Sally Squires 

Washington Post Service 


W ASHINGTON — Millions 
of people with stomach ul- 
cers go undiagnosed and 
untreated because neither 
they nor their physicians know that most 
ulcers are caused by a common and 
easily treated bacterial infection, accord- 
ing to a government survey. 

The national survey, which was con- 
ducted by the Centers for Disease Con- 
trol and Prevention, found that only 
about a quarter of Americans understand 
that a bacterial infection is responsible 
for stomach ulcers. The remainder er- 
roneously believe that stomach ulcers 
are caused by a combination of stress 
and eating spicy foods. 

1 ‘For years, we all thought ulcers were 
a chronic condition” that “had to be 
endured for the rest of our lives,” said 
Mitchell Cohen, director of the CDC’s 
Division of Bacterial and Mycotic Dis- 
eases. “That isn't true. Most ulcers are 
caused by a bacterial infection, and even 
if you’ve had an ulcer for years, you 
could stiD be cured.” 

Peptic ulcers strike an estimated 25 
milli on Americans at some time in their 
lives, according to the Centos for Dis- 
ease Control. The cost of nicer com- 
plications is enormous, running an es- 
timated $6 billion a year for medical bills 
and lost days from work, the agency 
said. Yet studies show that more than 90 
percent of ulcers are caused by an in- 
fection with a spiral-shaped bacterium 
known as Helicobacter pylori, which is 


easily treated with a two-week course of 
antibiotics. 

Ulcers are small holes or sores that 
form in the lining of the stomach or in the 
first section of the intestine known as the 
duodenum. Left untreated, they can 
cause serious gastrointestinal bleeding. 
About 40,000 people undergo emer- 
gency surgery and 6,000 people die an- 
nually in the United States from com- 
plications of peptic ulcers. There is also 
growing evidence that chronic, un- 
treated ulcers may increase the risk of 
stomach cancer. 

In 1995 the Centers for Disease Con- 
trol found that only 5 percent of ulcer 
patients wore being treated with anti- 
biotics. These statistics prompted the 
CDC to t eam up last week with the 
National Institutes of Health and other 
government agencies and industry 


One of the most common symptoms 
of stomach ulcer is a gnawing or burning 
pain in the upper abdomen between the 
breastbone and the naveL This pain may 
occur when the stomach is empty, es- 
pecially between meals and before 
breakfast. It can last minutes or hours. 


and is relieved by eating or by taking 
of ulcers in- 


antacids. Other symptoms 
dude nausea, vomiting, loss of appetite 
and bleeding, which may cause stools to 
appear dark red or black. 


groups to launch a public awareness 


campaign about the link between H. 
pylori infection and stomach ulcers. 

The campaign targets adults in their 
nnd-30s who may not recognize the 
early symptoms of nicer disease and 
adults aged 60 and older who are long- 
term ulcer patients and are suffering 
needlessly because they have not re- 
ceived the new antibiotic therapy. -The 
goal is also to reduce health care costs 
associated with ulcers because treatment 
with antibiotics costs less than $1,000, 
compared with $11 ,000 per patient for a 
lifetime course of standard therapy with 
H-2 blockers, according to Amnon 
Sonnenberg at the Albuquerque Vet- 
erans A dminis tration Medical Center in 
New Mexico. 


U LCERS are rare among chil- 
dren and teenagers, but the 
incidence of duodenal ulcers 
begins to rise significantly in 
people aged 30 to 50 years and stomach 
ulcers are most likely among people over 
60. 

New techniques make it possible to 
detect H. pylori infection by drawing a 
small amount of blood ex' by giving 
patients a simple breath test, said Ben- 
jamin Gold, a scientist in the Foodbome 
and Diarrheal Branch at the CDC and 
assistant professor of pediatrics at 
Emory University School of Medicine in 
Atlanta. 

How people contract an infection with 
H. pylori is still not understood. The 
microbe burrows into the stomach lin- 
ing, where it often remains undetected 
for years and even decades. Scientists 
believe that the infection may com- 
monly occur in childhood, but how and 
why it happens is still not known. About 
two- thirds of the world’s population is 
infected with H. pylori, which produces 
no ulcer symptoms in most people. 



DtvM lamp for Hr New Vni Tm* 

Dr. Lorraine Flaherty has found that neurotic mice may provide genetic clues to human anxiety. » 


The Anatomy of Fear in Mice 


BOOKS 


By Denise Grady 

NcwYori Ttmes Service 


A COUNTRY OF STRANGERS: 
Blades and Whites in America 

By David K. Shipler. 607 pages. $30. 
Knopf. 

AMERICA IN BLACK AND 
WHITE: 

One Nation, Indivisible 

By Stephan Themstrom and Abigail 
Themstrom. 704 pages. $32 JO. Simon & 
Schuster. 

LONG WAY TO GO: 

Black and White in America 

By Jonathan Coleman. 451 pages. 

$2650. Atlantic Monthly Press. 
Reviewed by 
Richard D. Kahlenbeig 

A S President Bill Clinton seeks his 
place in history through an initi- 
ative on race, a trio of important new 
books has been published with com- 
parably high ambitions. Stephan and 
Abigail Themstrom' s “America in 
Blade and White” seeks to update, 50 
years later, Gunnar Myrdars “An 
American Dilemma." The journalist 
Jonathan Coleman's “Long Way to 
Go” aspires to explore race relations in 
Milwaukee in the early 1990s in much 
the some way that J. Anthony Lukas 's 
classic, “Common Ground,” described 
the Boston busing crisis of the 1970s. 
And the journalist David K. Shipler’s 
“A Country of Strangers” comes with 
the built-in expectations that follow his 
1986 Pulitzer Prize-winning book, 
“Arab and Jew.” 

To my min d, Shipler's book, a mov- 
ing and elegantly rendered portrait of 
contemporary black-white relations, is 
the strongest of the three. “A Country of 
Strangers” credibly explains, through a 
white writer's eyes, the pain and anguish 
of the daily black experience in Amer- 


ica, particularly the burden of having to 
live with enduring stereotypes that peg 
blackmen as criminals and black women 
as welfare mothers. 

Shipler, a former New York Times 
reporter, spent' five years crisscrossing 
the country, and concludes that not a day 
passes when most blacks don't think 
about race. Toward the end, he describes 
a race-relations workshop in which 
minorityparacipanCs were paired with 
whites. The leader asked individuals to 
stand if they felt they had to leave their 
culture at die door when they went to 
work. Many of the blacks stood, but 
□one of the whites. Which of them had 
been stopped by the police because of 
their color? Again, die same result 

At times, though. Shipler appears so 
overwhelmed by the persistence of rac- 
ism that his reporter’s skepticism is im- 
paired. At one point he uncritically cites 
the sociologist Andrew Hacker's exper- 
iment in which Hacker asks his white 
studeots what they ’d have to be paid to be 
black. A million dollars a year, the stu- 
dents reply. Obvious evidence of the 
price of racism, Hacker and Shipler con- 
clude. But if Hacker's premise — that 
while skin has monetary value — is true, 
then presumably black students would 
pay to become white. But Hacker doesn't 
ask them, and if be did, one supposes that, 
taking appropriate pride in their history 
and culture,- they would respond that they 
would need many millions of dollars to 
make the change. 

But in most cases, Shipler sees the 
complexity of the issues, moving be- 
yond the liberal morality play of white 
racists and the conservative moralitv 
play of undeserving blacks. He’s for 
opening up the traditional Eurocentric 
curriculum but refuses to embrace the 
more fantastical notions of Afro- 
centrism. He acknowledges that blacks, 
who make up 13 percent of the U.S. 
population, commit 51 percent of the 
country's robberies and 54 percent of its 


murders. But he also notes that because 
crime is segregated, a white person is 5.6 
tunes as likely to be murdered by another 
white as by someone black; “If fear were 
logical, whites would be more afraid of 
other whites than of blacks,’ ' he writes. 

Jonathan Coleman, formerly of CBS 
News, is less successful in capturing the 
essence of American race relations in 
“Long Way to Go." He starts with a 
promising approach — using the city of 
Milwaukee as a prism through which to 
view race — but unlike Lukas’s “Com- 
mon Ground,” the book has no coherent 
stoiy to tell. 

Still, Coleman's larger subject is im- 
portant Whereas much of what passes 
for racial discussion today focuses on 
whether upper-middle-class blacks 
should receive admissions preferences 
at Princeton, Coleman takes on Amer- 
ica's greatest remaining failure in race 
relations: the perpetuation of the urban 
underclass. 

Stephan and Abigail Tbemstrom’s 
“America in Black and White” is more 
scholarly than the other two — he teaches 
history at Harvard, she is a senior fellow at 
the Manhattan Institute. In the book's core 
section, on public policy, the Thernstroms 
do much to expose the sloppy thinking of 
affirmative-action proponents. While re- 
jecting absurd genetic explanations for 
group inequality, they also demolish the 
myth that all such inequality can be at- 
tributed to discrimination. 

Their major policy recommendation 
is to abolish racial preferences, but they 
lay out no agenda for replacing racial 
affirmative action. They criticize fellow 
conservatives for being unwilling to ad- 
mit that "there was a terrible bistory of 
racism,” but offer no solutions. 



EW YORK — Neurotic mice 
may seem a far cry from 
anxious people, but two sci- 
entific papers provide in- 
triguing clues about the genetic under- 
pinnings of fear in rodents that 
researchers say may apply to humans as 
welL 

Both papers appear in the journal 
Nature Genetics. The papers describe 
experiments in which researchers 
trained mice to fear certain lights, 
sounds and environments. 

Explaining the relevance of the work 
to people, Dr. Hint compared the ex- 
perimenters to human parents, writing 
that even the best parents sometimes 
resorted to die use of fear as an edu- 
cational tool, telling a child, “Do that 
again and I’Ll smack yon.” But, he also 
observed, “Not all offspring respond the 
same way.” Some fear the threat, and 
others could not care less. 

“Why the difference?” Dr. Flint 
asked. The research in mice, he sug- 
gested, may uncover genes involved in 
anxiety that also exist in humans, and 
may help explain why some people face 
danger fearlessly, while others come on- 
done at the slightest threat and most fall 
somewhere in between. 

Identifying genes involved in anxiety 
in humans — and there are likely to be 
many, each with a small role — and 
finding out how they work may even- 
tually point the way to new treatments 
for people with anxiety disorders. Such 
treatments might benefit patients with- 
depression as well, because the illnesses 
are often intertwined. Dr. Flint said in a 
telephone interview. 

Tne two studies are very similar to 


each x>ther, except that they involved 
different strains ox mice. One study was 
directed by Dr. Jeanne Wehner, a pro- 
fessor df genetics at the University of 
Colorado in Boulder, and the other by 
Dr. Lorraine Flaherty, director of the 
molecular genetics, program at the 
Wadsworth Center, at the New York 
State Department of Health in Albany. 

Both researchers specialize in learn- 
ing and memory, and said that when they 
designed their experiments, they did not 
intend to study the genetics of fear or 
anxiety. 

In both studies, which included a total 
of nearly 1,300 mice, animals were 
transferred from their home cages to a 
new setting, where a light would shine or 
a buzzer would sound, and the animal 
would then be given an electric shock to 
the feet The procedure was repeated 
once, after a few minutes. A day later, 
the animals were again placed in the new 
setting, and exposed again to the buzzer 
or light, but not the shock 


being present or absent, means that 
many geneaand environmental factors 
must be involved. To look for genetic 
regions that might have influenced thfc 
animals’ behavior, the researchers con{- 
pared DN A from animals that froze moat 
and least often, looking for difference^ 
Working independently, the researcji 
teams found that the same two regions 
stood out in the animals that froze a lo(: 
one on chromosome 1, and another oh 
chromosome 3. I 

The chromosome 1 area had already 
been identified by two other research 
groups, including Dr. Flint's, as irf 
voived in a mouse trait called ‘ 'emo- 
tionality,” which means that they tend to 


be unusually fearful — in essence, neu£^' 
otic. |4 




HEN mice are frightened, 
they freeze: They stand 
stock-still, not moving a 


muscle except for the ones 
le. ‘Tt’s a natural 


they need to breathe. 

response because in a natural situation it 
would help them avoid a predator,” Dr. 
Flaherty said. 

To measure the so-called learned or 
conditioned fear that they had provoked 
in the animals, the researchers watched 
them for five minutes on their second 
day in the new setting, and counted the 
number of times they froze. 

Responses varied across the popu- 
lations, from just a few freezes to as 


Dr. Flint said he suspected that.thp 
finding meant dial emotionality migljt 
predispose a mouse to conditioned fear. 
Dr. Wehner said her team and Dr. Flint” 
have already begun working together t)> 
pinpoint a gene or genes in the large 
region of chromosome 1 that their initial 
research identified. Even though shfe 
started out looking for a gate involved in 
learning and memory, Dr. Wehner said, 
“My bet is that it will be. a gene for 
anxiety.” j 

Dr. Flaherty said that this was pos - 
sible, but added that it was also possibl : 
the gene would influence learning. Th : 
more fearful animals, she said, “coul L 
be learning faster, and the other ones! 
may be dumb." j 

The scientists said they did not know 
how die genes they were hunting migrft 
work, but Dr. Wehner said they migljt 
influence nerve connections in the hip- 


rnany as 30, with most aiurnais felling 


somewhere in between. That kind — 
pattern, as opposed. to a trait simp ly 


pocampus and amygdala, brain region^ 
that other studies in both animals and - 


Js and - 

people have identified as essential in 
memory and conditioned fear. { 


CROSSWORD 


Richard D. Kohlenberg, a fellow at the 
Center for National Policy and author of 
"The Remedy: Class, Race, and Affirm- 
ative Action,” wrote this for The Wash- 
ington Post . 


BRIDGE 


By Alan Truscott 


AMMAMET, Tunisia - 


mpron- by 
United W< 


Wife two rounds of 
qualifying play remaining in 
the world team champion- 
ships here, all four 
States teams are sore to qual- 
ify for playoffs. Bat two 
battles are in progress for fee 
lesser platings that will deter- 
mine the other qualifiers. 

hi fee Bermuda Bowl fee 
squads led by Seymon 
Deutsch and Nick Nickell are 
in fee top spots. Finishing first 
is an advantage, because it 
carries the right to select a 


The standings were: 
Deutsch, 284 victory points; 
Nickell, 274.4; Norway, 268; 
France, 257; Poland, 255; 
China, 251: Italy, 249.1; 


Taiwan, 239; Australia, 233; 
Denmark, 232, and Brazil, 
230. 

In fee Venice Trophy con- 
test for Women's Teams, fee 
two American teams are Led 
Mildred Breed and Karine 
ti-Sender. The standings 
are: France, 262; Wet-Sender, 
262; Breed, 259-5; Orina, 259; 
Netherlands, 249; Canada, 
245; Britain, 242; Italy, 236, 
and Germany, 23l 
In both events, fee battle to 
finis h no worse than eighth, 
and qualify, rather than ninth, 
and fail, is likely to be close, 
hi fee eighth round, Poland 
and Denmark, clashed in the 
Benxmda BowL The first 
deal, shown in fee diagram, 
was a portent 
The D anish North-Soufe 
reached four spades as shown 
after using an artificial re- 


sponse to the opening bid. 
Three no-tramp showed fee 
values for four spades and a 
short suit- South could have 
located the shortage, but was 
not so inclined. 

Jacek Romans ki, the Polish 
West, led fee diamond jack. 


game was made wife an over- 
trick. Poland gained 11 imps 
and eventually won fee match 
24-6, a blow to fee hopes of 
fee strong D anis h team. 


and Ms partner, Apo linary 
the queen 


Kowalski, won with 
when dummy played 'low. 
The diamond ace was cashed. 


NORTH 
♦ KJ#2 
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ACROSS 

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system 

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and Romanski played the ten 
four. This 


rather than the four. This was 
a smt-preference signal for 
fee higher-ranking side suit, 
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and scored a diamond ruff to 
defeat fee game. 

In the replay, the Polish 
North responded two dia- 
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This discouraged West from 
leading a diamond, and the 


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discovered by 
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PAGE 12 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER $0, 1997 


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• Subscribe and SAVE up to 60% off the cover price. 
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For easy ordering & details of hand-delivery areas call: 
Austria/Central & Eastern Europe +43 1 891 363830 (tier, 


42* 31* IMCGta 

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23k CoreP* - 20 31 20 DC* 42 4SW b« 


21* nw AmvKnrJ 
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1 (Vienna) 

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0 800437437 (toll free) 
167 780 040 (toll free).. 

0 800 27 03 (toll free)--,- 
06 0225 158 f toll free te? 
020 797 039 (toll free) 

0 800 895 965 (toll free) 
1800882 2884 (toll free) 

I. East & Africa +33 1 41 43 93 61 (Paris) 
+352 29221171 (Hong Kong) 




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THE WORLD’S DAILY NEWSPAPER 

Full details available at 

http://www.iht com or e-mail: subs@»htcom 


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Jav J4W CharMIRa 16 S 17 1478 37k 


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ITi. 9 Ashanti 370 29 .. 4566 9'v 9 9k .U 

55 39k Ashland I 10 74 16 470Q J6to 4SV. 46k rU 


Uk »'« AxtePc 940108 . 1930 9*. 8k 8!» .ft) 

S', 3>, AwaPH .. ._ 2M 3’* 3k 3'x _ 


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24k 20k AstfBUol 186 80 18 355 23%. 23 MV. -ft 

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■ITl AsknAl 19a 1.2 _ 5503 lfh 15W 159. -ft 


S I* 22k ChdeuuC 1.77 U X *73 29k 2Pk 29ft _ 

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34* tv* ousEna i jw 8 u nut m pk v* *n 
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£.6 2k CMYK JO 67 4 831 3 Ft 3 

1H%I 12k Otauta JO IJ _ 13§3 17 14ft 16* bft 

8* 4* 55fS _ 9 602 7%. 6k 7 ♦%» 

18 16* ChaKaHn „ _ 547 179. lift 17* .3. 

J0k 20' > Ctoafn - _ 549 38 37%i 38 bk 

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339.M14 &rw 1*0 AS B3M45 36 MV. 35 ft bft 

»%-.49>; Chut* 1.16 1.7 IS 3824 *1* *6%-. 67V. bft 

3211 »> auowt 48 1 J 22 381 28ft J7W 28V bft 

‘Sk J* Oman j ^ a 283 5k 5k 5ft -ft 

All a CIBER . > 56 176 43ft 43%. 43* bft 

4311 3SW CAcara IM 60 18 246 41* «4.40ft-<ft 

5*1 23>ClmlS*s 40 U 19 3tfl 8 2»> gft 27ft bVi 
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32 a .15* AuWaiJa . _ 73 3W 30ft 799. W1 

31k H i AHM)Prl56l SJ 7t .386 29* I9U 29<- -* 

41* 32 ATM9D 6 .841 2.1 21 3W1 40* 39ft Skft-A. 

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39ft 21 W AMI 11 - - 6939 27k 25W 27W blk 

a* 50 Avrwt JO 9 15 1920 64 61k.63%VblW 

W SO* AbWl 126 IJ » 6314 71ft 69k 701. bft 

Bk 61* AlfV 11 l«N 7V. 7VV 7%, -IX 

34*0 61; AIKM JW J 19 460 18* 17k IBU .1 

S i ■ 17 BA Midi n - - 1342 16V 15W 15ft 

Saw mu BB&T Cp 1J4 u 21 1W4 S*ft 5S SA kblV. 

37W 23 BCE B* 1J6 - _ 3767 28 'X 20ft 28k *W 

« f > iE4SW> ■« M - ,404 f* 8* «k fit 

5'i J i BECGp - - 1139 Sn-» 59. 59. -1. 

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a 38* BI5 - 41 6718 B4T. B|1. 83%.blk 

311.76 BJnWUn - _ 391 29* a* M. -Vi 

55k 74 BMC _ M 3 22 1637 n;. Ilk gf. ♦%. 

36 74». BUY pIC 1.95 7J - 136 SSAk |5’V JSW bft 

18**15 BPPru 16-Sol 1.9 10 448 171. lift 17ft bft 

286.21* BRE I 38 50 12 W 28W 27* 2fl* -ft 
O 61 ■ BTOff - 20 681 9ft .9ft 9W 


DBcAut _. 27 215 21ft 21ft 21V. ■» 

□ffnei 53 J 3016645 83k Blk B2ft tk 

CmiSnn - _ 184 17 16 16W bW 

Dote ,40 9 18 577 44f| 43W 44W bft 

DoUaiGi .16 5 37 4175 34W 32*4 33k blk 

Domalpn - _ 1114 IBM 17k 18 bW 

DonflteK - - 726 35W 34k 35W bl 

DomPn 258 7.0 ,9 4695 37k 36k 36ft bW 

DmftEW 3.14x141 _ 307 HW 21k 22k bk 

DonflOTfl .14 _ - 458 BV lift 8k bW 

DureflUsn J6 .7 77 471 53k 57ft 53ft b I Vi 

DonU 50 J 12 m 71 69ft 49H bk 

□aneslren - 1093 26k 26k Mk+iW 

DKoiub _ 850 15k 14k 14k -ft 

Donley 80 24 71 ga aft 33V. 33ft bW 

OBWW ,1»U » 3078 68ft 66ft 6714 -ft 

DOTCh X48 M 11 8127 91k B9H 90k bk 

DotJUS .96 10 31 2678 48ft jsn 47ft -k 

□nmcyiab IJ 18 407*26k 24ft26Wb2ft 
Draw . 15 Si Ilk iow low k 

Drag; WI3 4l» 4JW bft 

OrySIG JSo 81 _ 174 9k 9k 9u -14 

»VSM -68 6A - 425 10k tow 10ft -ft 

DrjrSM 66 - 551 IOW 9ft 10 bft 

DtilOutp IT - MOO 37 15* 36* b2 

Ou^lTl 1J« 2J 7142359 58 55ft 56ftbft 
DsPnlpTB 450 5J - 244 79V 78ft »ft ft 

Ducraram - 18 510 32k 31 W 32 bk 

□ufPUIfl .780 8.1 — (3565 9ft 91V 9* ,W 
DuffUC 1.18 17-717 13ft ,3ft 13W bft 
DufPUa 12 3 21 115 ullk 36* 37ft -ft 

OjtoEigj' 2-70 <5 1511968 4BW 47* 48ft bft 



24ft 24k -ft 
m 34ft bft 
2ft 3 — 
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45 47Wb2ft 
23ft 23ft -k 
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21 tlk -W 
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% 


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am 14* (onoga _ 3623536 27U 

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.^36 - ‘'S 27k 

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26k 27 bk 
21W 21V bl6 
17* 17ft _ 
15. 15M bW 

25k Mftbft 
38M 39ft -ft 
34ft 34ft 4-M 
Wl 30M bk 
MW 25 blft 
26k 27 bk 

iS*+iw 

2?W 21 bk 


*S2 M°™S. t.-? 4 5+ 17 ?S« i 71 -* iil 

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Ms sifefyi £ £ sa ^ 


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15» GALRty 1.44 8.2 15 J05 17* J7W )7W bW 
*44 GATX 1J4 19 14 640 63V. 62W 62V. -ft I 


33 GC Co 


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14 1AH9SH 36ft 35k 36ft bft 


2-00 54 14M9B4 36ft 35k 
- - 413 _6W 6k 


PaPidlFB 4-50 5.8 _ 
DtlCOTUHl .. 18 
DuTPUtfl .780 8.1 _*3 

DuTPUC 1.18 8J _ 
DufPJjCr 12 J 21 
DutrEnm, 2-70 <5 1511 


_ 'sijj I JO S3 16 33* jJ*" 32k -k 

S* 28* ScdyCC .14 ^ 30 4338 39** iaft 38* bib 


37k 21 aim 
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12W .rx CJttlill 


. - 19 6948 22V 72* 22k _ I 

2,4 14 IBiXBtlSVi l»k 12PWb7Wi 
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32'.; 17k OtfNC. 44 15 19 .663 30V. 29V. 30V. *W 

24 11* anwxSrr .12 5 22 2610 73 27%X 22* +W 

31%. M dam 661 2J 17 1JI 28k 771k 28k blk 
rff; lf*X OayfHs J0S 5 14 3145 17%. 16* 16ft -> 

69 iffl", OmiC* _ _ 6569 64W 60 63%k *3* 

lOft 7Vr OnuCft Jle 86 _ 314 9* 9k 9k bW 
47* 3? 1 1 a»at 1 30 19 9 O? 64* 44V. 64ft bft 
75'b 18k amors - a 4828 nw 67 6BMb2ft 

75ft 48%, Clarta; 13 1.9 27 5239 69W 66ft 68 W blft 

351024* CeadlUS „ _ » 498 31W 3F7* 30* bft 


IS* 15 BPPru lOkll.9 10 4ffl 173. «ft inj. Aft 
284.2IW BRE IM 50 12 W 28* 27* 2 Wi -ft 
O t/i BTOH - 20 681 9ft 9ft 9k -ft 

26’ X 24* ffr PCotA 2JH 7<f _ 135 25ff. to*, toft bl. 

22« ,iv» BWAV* _ 49 IB Iff. J9it 19k _ 

71* Trx BoKlF 2-56612.7 - *<1 70* 1«» 20ft bi, 

49%, »* BnklHu 46 UJ 2322058 46W 44k 45 blft 
31V 30 Batdnr 48 I* 31 2S9 39.V 78k 2W,bll. 

yy, Z3>4 Bafl 60 IJ 19 M«0 351 1 34 35ft«ft 

25 16* Balant io .4 22 AS H 21 W 23 blft 

a* 24k BOflGE 164 6JJ 14 1B&A 27ft 271. 27f. bft 

59W J», BoncOne 1-S3 29 7124580 52k MHl 51Vb1ft 

27* 15', BeaBHIF 79e 44 .- Ml 17k |7 17 

a* 27%. BneflflBf 244 8* _ 319 28n.au »U _ 

OT, 15', BcoBAVs JOc 11 a 2S7 28U 27W 77W bk 


^ 85* CogdWMn JO IJ M 789 »»'. WW SO* -W 
60k 31 %9 Cooxtsy _ .. 21 406 59ft 58ft 59ft *W 


3T, I5‘* BcoBdtfsJOO I I a 257 28k 77W 
22W 12 BnCPon -41e 2.8 17 Vi 20* 18k 


65ft 41* Coosa 40 J IB 7974 61k 58k 60k ,77. 
to* 25V, I&can m 2.13 BJ _ 206 25ft 25ft S-V.bft 


2J* BHEfra 60- 23 13 4440 29 371 

42 w J4%x BGonatfralJTAl - 376 30*. JH 
30%. I TV} BCMHpr IJ176 4.3 - 464 2S». to 
55' ; 38 BcLatn .961 2^ 10 270 39ft » 
16k 10' « flGORtoPlt -19846 13 IJ! 


8k M blk 

7%, aft bk 
8 Mftbft 

§k §k bk 

i* iik b's 


S* _}t CMWiy a - _ Kb lft lft Ift bk. 

MW 9k Cnrfcst . ... 14 7e9 14ft 14k 14W ■*[ 

72M ktx Cocoa Sb ,JI 3572471 SPV. 56ft 57ft -ft 

3JW M CoteCE J .10 4 54 6080 3977 77P» 27%A .lk 

59W 2»X CCPBTWa J7e A 47 4415 49 47* 47>bft 

1*%» TO* Caere _ 33M 10ffV M* 10* bft 

191V 15'.* Caere pf ij9 - w is* isw isft -w 


Ha S9K5I1 J* 25 43S9 39% S 
19*9 »fk Suosr .wo 55 _ 1*7 it*, it* 


ISW UW BcSardCh.ito 12 _ 3644 13U lift 13 b,ft 

a*» 21 BooSoMiniA7^6 - 270 22* 21k 21» b* 

7’; 4h BcoWteMJUe IJ - 1280 6 5B SJl bft 

22* 171; BcoAEuwJie 18 - H23 17Vd,7 17k -%l 

UW ,7* BcoStotl JH 19 2, 873 28* toll Mft+lVi 

2TX 19k BonSe „ 12 J 77 73? 9 3 * 

54* 45. Bandog ljOO 5J 15 M2 51ft Sff* 51 *W 

18k 4'x Barren .181 - - 105 6 5W 5*ft -/e 

21k 12 BATokyo ,07e 5 - 1279 14 13ft ljPJ j* 

44k 38k BMAontf UO - _ 181 43ft 4214 


AU 217, CoteHffll - _ J2S 42U 42 

19M U W Cotemn _ _ 344 15k ,5 

78AV43J, Ccfcdtels 110 1A 29 Ym toft 69 
12* 5V CoBA* _ 3 410 Oft 9* 

31 im. coBgpi 60 m u 274 m& 29k 


8<ft 7k ColHta 
7ft 7 C0IIH1. 


8k 8d 8ft _ 


US? Ji* CrthnG Al 5J - 184 10* low 18fe bft 19ft 13k EMTel 

31W CoWlPT 2JH JJ 17 1514 28* 28 28k bk lift 4* BmMa 

M- T-! S3? to ft + V 40* 4JV eS*1 


24 161k Codec _ 16 3W3 

76k 56 ShmGoSl JO IJ 15 1601 
44* zsk CpOHCA n J UMWI 
33'A Iff* cSw&tijg .6 23 ,110 
S3* SOk m 23 If 2BS 

toft IS ConrfrtSn - - 1576 


133k 74 flontTi 4.00 M 16 W6 IKM itok l»W bt, 

3to. A25 1 , BflkT MS 1.94 7J _ 135 tM 77 27V, b* 

11* 6* Bopriter - 24 147 9U 9lt 9ft *M 

1 it a> . n a as jl »» 1 |v. a 

32U 12* BomHOlS 34 696? 37ft 25* Eft .* 




1601 73* toft 77* 4ft 
1(14X1 at 27U 2712 ft 

1110 5toft 31W jiftbiv, 

2388 80V TTw 79ft, ,4k 
15»161* ISW 15ft Jft 
307 ova 39i, an* -Uk 
»1 33W 32V 32* -ft 


]3 JS - 291 

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! 33k 32* WW -ft 

16V UW 16ft iSf 

iLDk 22ft 32ft -W 
16k 16 16W -ft 

r wt 

69ft 63* 63W 4k 


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14* 6* ComStXRs - 1124692 f 15ft 14* ISkbTft 
9* 7 7™Ji - _ 287 8k Bk 8%t bft 

s* sr as B, 1 * H IMi 25? fca 

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1JW 76 - .33* JWMEft Eft »W 


20k T2*k 
52V. to 
55* 37 
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29M IBM 
39* MW 
33U 19k 


40 IJ 15 1 a 
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43ft 39ft 40V, b * 

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259a Eft + W 

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34* 74* -ft 
Eft 29ft -W 


bVa ,n 92 Cons 
b* 45 21W CnQ 

bfci ssw v ant 
bW 25* 23k ConE 
bft S*i-.lBx Con 
bft <sB«a47* CVS 
bV 609.J7VX CM# 
-IM 43k Z3 Cans 
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-ft 5ft lk coB 

-W 40W 24* Cora 


DllheRlS 1.93 7.1 - 145 271* 27V 27V bft 

Monti 1.18 S3 73 1979 23* 27V. 22V. -M 
DunBrd JO 11 15 3456 28M }7* ffl -V 
Dug pK 100 67 -111301 30 29ft 30 *Wm 
Uycore , - IJ 8M Wa Z3M 3k b* 

DTEKAg J4 J 13 109 13 Ilk Ilk -W 
Dynoted h. _ - 30 1788 3vft ssv. 3sv» -ft 
DinExCslJSI 93 10 1398 14* 13ft 141* -ft 
EAlretes _ _ 398 4 ft 6W 6ft -ft 
ECC IM -. - Sa 4» 4ft iir, bft 

EDPBn „ - - 490 35 34* 3S b2M 

fee 56 2-7 34 1 774 21V 20V. 20Mblft 

EMC __ 79159 H- itP* 56V. 57 -ft 

ENI 1426 2J - 442 57* 57 ®»b1ft 

EUl lnc i „ _ 9959 65* 61W 62* -2* 

Enriggrs J0( J W 818 41V 40 40ft bft 
EratEn 1A4f 4J 16 501 39V aw 38* bft 
EaUUO L* l 81 13K3on M'l-. 20ft 20ft -ft 
Easterns 1J« *8 15 705 20M 19ft 19>ft -ft 
EastOun 1-76 28 15 1671 62%t 61ft 62ft -ft 
E Kodak IJB 19 El 6255 60k J8W SSftbft 
jdjon IJfi 1| 22 S8 lHffa 96* 98ft -ft 
EamVBPS^Sf U 22 XI 41 37M 36 37ft -TV 
EchHo .90 17 16 2097 33ft 32* 33ft -W 
ECDtab J4 IJ 24 1359 48ft 47V 48 
tOSonfelllJO 40 15 9346 Mft 25ft 25ft ft «Bft49 

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S'* iSi* l-M 4i 1431242 441* 41* 41ft -IV 

SwgraigESKti z 

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?L- ,■%» 5-? - JM 13*te 13M U 

Ifk J™ JJSEkD L^a 9J „ 1774 14k ItoV 13* ft 
26W 2iT^ MStn 9.80 225 85 - 115 26ft tow 2615, , ft 

W = » 3T 5SS 

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10W ’L iiSJS 1 ™ • 8J 5J 19 170 16* tow lift bft 

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35Afl^7V ftnfn.nl n SB 1 J 13 2630 34 33 33 -* 

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-■ 13 799 45ft 44ft 44V -* 


X 4J - 365 ,3ft 1314 13ft bft 

IS = ® RJi 

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83 68 _ 3 

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31ft Mpuff JS 19 


z g «!,«& \& Jfc 

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15* 13V MuCAIns 


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S'* in* ^ j 12 ?S 31V 30ft 31M Jl 


=M84»45 TWLMb 

27,186 U10 ffl 45ft 


91 W 63M Gani 
74* 47* GreC 

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te tog 29 941768 68V 66 68W blft 

to 2J2 I.D >8 1891 » J97ft2w +1V 

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BUSINESS/FINANCE 


THURSDAY, OCTOBER 30, 1997 


RACE 13 


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Daimler Moves Fast 



enz 


By John Sc hmid 

International Herald Tribune 


■ . FRANKFURT — Daimler Beaz AG 

^ acin S * P? 1 * 04 *®! risk to its image! 
moved Wednesday lo reassure custom- 
tis over the safety of its new A-class 
v. sabcompact model with the offer to 
upgrade the Baby Benz*' to malrp it 
^ more stable. 

' /.‘■■ The safety of the stnbby A-class 
; which went on sale this month after a 
heavy marketing campaign, was called 
into question after a Swedish motoring 
magazine flipped one of die cars during 

tACK infnrinrr itin J — ,J 


tests, injuring the driver. 
The Stutteait- 


itultgart- based company’s tra- 
ditional im a g e of engineering perfec- 
tionism and passenger safety conld beat 
risk if confidence in the futuristic egg- 
shaped little car deteriorates, analysts 


computer system intended to balance 
the car on tmht rums. The modifications 
will cost Daimler about SO million 
Deutsche marks ($23.7 million), the 
company «h»h 

Even more costly, Daimler will make 
the previously optional electronic bal- 
ancing equipment standard on all future 
A-Qass cats. Daimler will absorb the 
cost of the new safety steps and will cot 
raise the stickerpricehrom about 30.000 
DM. The package had been priced at 
1,700 DM as an optical. 

The cost of outfitting die A-class with 
the balancing system, which is also sold 
as an option on larger Mercedes sedans, 
will cost the company! 00 million DM a 
year, Daimler said. The system stabil- 


izes die car by gently controlling the 
tch wbeeL 


* “This could become a major image 
problem,’ * said Michael Klein, industry 
analyst in Frankfurt for the bank Del- 
brueck&Co. 

I “We believe the car is absolutely 
safe,” a Daimler sp okesman said. 

Juergen Hubbert, the chief of the 
Daimler car division, said the company 
would equip eadi of the 1,500 A-class 
bars already delivered to customers with 
new tires and a sophisticated onboard 


braking of eacf 
The accident in Sweden raised fears 
that the car’s center of gravity is too 
high. Aiming to shorten die 3.57-meter- 


long (11-foot, 8-inch) car and optimize 
its lure for city dwellers. D aiml er built 



Regional States Back 
IMF in Jakarta Aid 


By Michael Richards'on 

International HeruSJ Tnhmr 


i- 

yt.,y ~V.-. : .C 



‘4. , •’ 


the car with a “sandwich chassis," pla- 

ffa 


cing many of its parts under die floor 
rather than out front. As a result, the A- 
class is a bit shorter than Ford Motor 
Co.’s tiny Ka model, but is about 23 
centimeters (nine inches) higher. 

The A-class has won excellent ratings 
in simulated front and side crash tests. 


\pvrr fw «-n«— 

The new Mercedes A-Class having some trouble with the “elk test." 


SINGAPORE — Japan and Aus- 
tralia, in a move that will strengthen the 
hand of the International Monetary 
Fund in ke\ negotiations with Indone- 
sia. said Wednesday they would only 
provide financial assistance urgently 
needed by Jakarta if it were pan of an 
IMF-hacked economic reform pack- 
age. 

Japan's forthright endorsement of the 
IMF's role in Indonesia was especially 
importam because Japan is Indonesia's 
largest source of aid and trade, analysts 
said- 

Prime Minister Ryutaro Hashimoto 
of Japan said he telephoned President 
Suharto of Indonesia lo offer financial 
assistance “on condition that Indonesia 
accepts the IMF- supported program." 
news services reported from Tokyo on 
Wednesday. 


Thais to Seek 
Easier Terms 
On Assistance 


By Thomas Crompton 

International Herald Tribune 


BANGKOK — Thailand, facing cap; 
ital flight ‘ ‘on an unprecedented scale,' 1 
will attempt to renegotiate conditions of 
the country’s IMF-backed international 
bailout package, senior Thai officials 
said Wednesday. 

The officials said they wanted to ease 
strict budget constraints and extend 
Thailand’s borrowing limits in the rene- 

f otiations early next week over the 
17.2 billion bailouL 


Singapore, meanwhile, said it. too, 
intended to 


Bnt die Swedish accident stemmed from 
an. anustial test maneuver called the "elk 
test," used in Scandinavian countries to 
avoid wandering animals or other sud- 
den obstacles. Tb simulate a dodge, the 
car veers abruptly without braking. In 


Sweden, the A-class rolled over at 60 
kilometers (37 miles) an hour. 

Other car magazines have sub- 
sequently put the A-Class through the 
same tesL where a quick evasive turn is 
conducted, and found it to be unstable. 


WALL STREET WATCH 


to provide loans to Indonesia 
within the framework of IMF-approved 
reforms to restore confidence in the 
Indonesian economy, which has been 
battered in recent weeks by turmoil in its 
currency and stock markets. 

On a visit to Denmark on Wednesday, 
Prime Minister Goh Chok Tong of 
Singapore indicated his government 
had offered Indonesia up to S10 billion 
in assistance, including “a line of credit 
amounting lo 55 billion, subject to cer- 
tain terms." He said the assistance 


“Capital flight is taking place on an 
ana i 


unprecedented scale and commercial 
banks are not lending any more 
money,*’ Deputy Finance Minister 
Surasak Nananukool said in an inter- 
view. “So we will ask them if we can 
borrow money to help companies with 
export financing." Even companies that 
increased their competitiveness through 
the nearly 40 percent fall of the bant 
have had trouble paying fur raw ma- 
terials, Mr. Surasak said. 

He said the request to issue $5 billion 
worth of bonds orother debt instruments 


Did New York’s ‘Circuit-Breakers’ Fan a Panic? 

6*1 

A* 

Trading Halt Gave Americans Time to Rethink Plunge but Left World in a Bind 


By Floyd Nonis 

New York Times Service 



EW YORK — Panic on Wall 
Street spread around the world 
but was halted Tuesday where 
it had been the most intense 
.just a day earlier — in America. For 
better or worse, the United States is set- 
*ting the tone for world stock markets. 

- Whether Tuesday’s buyers or sellers 
Twill ultimately prove to have, bear the 
Jwiser investors will not be knows for 
'some time. But it is clear thafthe itnp&ct 
;on world markets was intensified -by 
;U-S. stock-market rules that were aimed 
-at minimizing market swings. Those 
rules may have helped bring in buyers 
^Tuesday, but the cost to world markets 
*was significant 

. r Fust came the panic. Most stock mar- 
•kets plunged further and faster early 
-Tuesday than they had at any time in 
recent years. The cause clearly was ala rm 
^pver the drop Monday in New York. 

! Because the market’s rules cut off 
‘t rading Monday after the Dow Jones 
"industrial average fell 550 points, there 
**\,*was no way to determine just how far 
. * '"prices would have plunged in New York 
•u stocks had been allowed to trade 
freely. 

/_ Then came the turnaround Tuesday. 
^ Prices opened lower in New York but 
.rebounded after less than an hour. Euro- 



would be conditional on the program 
being negotiated with the IMF, Reuters 
repotted. 

Investors were alarmed Tuesday 
when Mr. Suharto said Singapore had 
offered his government S10 billion in 
loans, and indicated that the money was 
not subject :o IMF conditions. 

- Analysts said that Mr. Suharto’s 
comments — his first on Indonesia’s 
economic crisis since Oct. 8. when 
Jakarta asked the IMF and other in- 
ternational financial institutions for as- 
sistance — caused concern because they 
implied that the government was trying 
to resist reforms that were essential to 
restoring economic stability and bring- 
ing private investment back to Indone- 
sia. 

The S10 billion reportedly offered by 
Singapore, which has reserves of about 
$74 billion according to official figures. 


compares with a total support package 
billioi 


Johnny Vfpul \0rnr,- Vmr— H 

Traders relaxing as London stocks rebounded Wednesday on the strength of New York's big gain Tuesday. 


pearl markets that were still o pen turned 
Ion a dime, bouncing back from 


their 


deepest losses earlier in the day. It was 
: not that there was suddenly better news 
'on the prospects for European compa- 
nies and economies- It was the reas- 
surance provided by the world s largest 

'and most important stock market 

• , Who had turned around that market? 

-Nodata are available on who really buys 


^and sells stocks.' But computers that 


monitor trading can reach some cou- 
- elusions. Those computers, reports 
Laszlo Birinyi of Birinyi Associates, a 
'market-research firm, indicate that it 
.was smaller orders. °f*f w .^ 

: 10.000 shares, that provided ail or me 
i market’s power. The bigger others were 
? generally negative for most of the day. 

Virtually all of the bigger orders 
Icame from institutional investors sue* 
:.as pension funds and mutual funds 
■Someof the smaller orders did too, of 
’« course. But many of them came from 

^Street was more willing to believe the 


old trend — of prices that rise year after 
year — t han the new one that had mani- 
fested itself in the past week. 

Last week, when a plunge in Hong 
Kong set off international alarms, the 
New York market was a bastion of rel- 
ative strength. Early in the week, shares 
rose despite Asian weakness. Even 
Thursday and Friday, when prices fell 
sharply in New York, the declines were 
not as great as in most other markets. 

But Monday, New York did worse 
than most maxfcets and was forced to 
close early when a so-called circuit- 
breaker kicked in after the Dow Jones 
industrial average had fallen 550 points, 
or about 7 percent An earlier circuit- 
breaker resulted in a half-hour break 
after the Dow fell 350 points. 

There are just 30 stocks in the Dow, 
but the thousands of stocks in all A mer- 
ican markets are barred from trading after 
those 30 plung e. The data indicate that 
both large and small orders pot down- 
ward pressure on die market Monday. 

[The head of the Securities and Ex- 
change Commission, Arthur Levitt, said 
Wednesday thar he might recommend 


that circuh-fcreakers be triggered when 
stocks fall by a certain percentage rather 
than by a certain number of points, 
Bloomberg News reported from Wash- 
ington.] 

The rally Tuesday can be cited as 


rally Ti 

evidence that circuit-breakers work. 


button.” 

But somebody obviously thought just 
that, and the results were awesome. Hong 
Kong, which had already fallen 23 per- 
cent in four days, fell 13.7 percent Tues- 
day, and other bourses dropped sharply. 


of no more than $15 billion which 
Jakarta was thought to be seeking as pan 
of a deal with the IMF. 

Malaysia on Monday said it was of- 
fering Indonesia $1 billion "to fight 
speculation and manipulation." 

Indonesia's state secretary, Murdi- 
ono. who often acts as Mr. Suharto's 
spokesman, said that the Malaysian as- 
sistance was “outside the IMF assist- 
ance that currently is in the final stage of 
negotiations." 

Separately in Washington, the chair- 
man of the U.S. Federal Reserve. Alan 
Greenspan, said Wednesday that the 
United States and other nations should 
provide temporary financial assistance 
“where required” to the Asian coun- 
tries experiencing financial disturb- 
ances. At the same time, Mr. Greenspan 
warned that international authorities 
should avoid signaling they are ready to 
bail out failed domestic companies in 
Asia. 

The New York Times reported Wed- 
nesday from Washington tliat the 


had already been made during informal 
discussions with the International Mon- 
etary Fund hut would be formalized for 
presentation on Monday, at a review of 
Thailand's progress under the program. 

Thai officials said they would also 
press for performance criteria, includ- 
ing spending restraints, to be eased. 

“When the IMF package was set up in 
August, the baht was around 32 to the 
dollar. " an official at the prime minister 's 
office told Bridge News. “Yesterday it 
rose to nearly 40. So it has become very 
difficult to meet some of the criteria. 

“Everyone has to realize the eco- 
nomic situation has changed," said the 
official, who spoke on condition of an- 
onymity. 

Mr. Surasak and the official said there 
were certain conditions Thailand would 
have no problem meeting, such as trim- 
ming the current account deficit to be- 
low 5 -percent at the end of the year. 
“With the collapse of imports, that will 
not be a problem,” Mr. Surasak said. 

International investors have been dis- 
mayed by the Thai government's inabil- 
ity to execute consistent policy. While 
confidence in die country is now largely 
pinned on strict application of the IMF 
program, analysts said the rapid eco- 
nomic deterioration in Thailand and 
neighboring countries means more help 


See THAILAND, Page 17 


United States was considering taking a 
more public role in the IMF's loans-for- 
reform package for Indonesia. It was the 
clearest evidence yet that the Clinton 
administration is worried that its in- 
fluence in Asia could be harmed if 
Washington fails to take a more activist 
role. 

Indonesia needs loans to buttress its 
reserves of about $21 billion, which 


See INDONESIA, Page 17 


After American investors had the night 
to think it over, enough of them were 
willing to invest to halt the fall in prices 
not long after the trading started. 

But the intensity of the selling be- 
tween the time the U.S. market closed 
early Monday and the time it reopened 
Tuesday indicates that dose who de- 
signed the circuit-breakers were wrong 
to think that the market reaction to a 
dosing would be minimized by the fact 
that it had been caused by an existing 
rule rather than by fearful exchange 
officials or politicians. 

“We were very aware that ad hoc acts 
of closing the market could cause panic,’ ' 
said Robert Glauber, executive director 
of the government’s Brady Commission, 
which studied the 1 987 plunge and called 
for circuit-breakers. “CSrcuit-breakers 
ware put in place so no one would think 


Bank Lists 
Currencies 
At Risk 


eiMENCY & INTEREST RATES 


Oct 29 


Oct. 29 


"Cross Rates 


t 

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UWd-Llbor Rates 

M» Fmch 

Dolor D-Morfc Raoc States Fns* Yon ECU 

1-meiffli SVi-S**, 3V5-M0 lV-in J-7* W-YS -4VW-4SW 

jSh 2-2* 7M-7M 3%-M i *•* 4fe-4fti 

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Key Money Rates 


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an bur one pound b: 


v Other Dollar Values ^ 

fg"”? w* 

,v*mpw ostej wo«»^ 77J7 

'MMtaS UW 

^JNMnidu 11261 3^30 

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Gold 


hut motional Herald Tribune 

LONDON — The Hong 
Kong dollar carries only a 
fairly modest risk of devalu- 
ation on economic grounds, 
despite the speculative tur- 
moil of recent days, but the 
South Korean won, the South 
African rand and the Brazili- 
an real are vulnerable, a lead- 
ing international bank said 
Wednesday. 

Economists at American 
Express Bank Ltd., an aim of 
the U.S. financial-sendees 
company, have come up with 
a vulnerability index of 
emerging-market economies 
to try to spot the next can- 
didate for a devaluation. 

The Pakistani rupee is the 
most vulnerable of the 23 cur- 
rencies surveyed, scoring 14 
points out of a maximum vul- 
nerability score of 1 8. 

The bank said the won was 
vulnerable because of South 
Korea’s low level of foreign- 
exchange reserves, an over- 
extended domestic banking 
sector and an $85 billion for- 
eign-financing requirement 

The real scored 10 points 
on the vulnerability scale be- 
cause of its perceived over- 
valuation ana Brazil’s for- 
i-financing requirement 

Tto% 


eign- 

of nearly $100 billion. 


dollar re- 


AJfL 9JK 0*80 


Hong Kong 

ceived a middle-range score of 


11940 

14382 


1)80 

14268 


LnAtaita 

CtanoMy 

1-MMHitaMbMk 


terns 


fcwefli totartnek 
Ifrjwrlwri 


40 

348 

30 

170 

3JJ5 

566 


40 

345 

30 

349 

30 

576 


ZBriefe . NJL 31X10 *10 
L0O4HI 31X79 31X0 +1.15 

JMYtaft 31460 31440 —260 

US. delta per ounce. London olBdal 
art Nm York r 
and axing prices Now Ytvxi 
(DKj 

SnowKeUEn. 


8, suggesting that recent mar- 
ket pressure had been driven 
more by the negative senti- 
ment pervading Southeast 
Asia than by any serious prob- 
lems related to Hong Kong. 








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Ca*Bdafr#ombi*? 




?”Tj 



THE AMERICAS 


Investor’s America 



Signs of Stable Rates Hit Dollar 


Bloomberg News 

NEW YORK — The dollar fell 
against European currencies Wed- 
nesday after Alan Greenspan, the 
chain-nan of the Federal Reserve 
Board, quelled expectations that 
U.S. interest rates may soon rise. 

Mr. Greenspan told the Joint Eco- 
nomic Committee of Congress that 
U.S. inflation was low and Ming, 
suggesting the central bank may not 
need to raise its benchmark lending 
rate to rein in growth. 

Meanwhile, some analysts expect 
Germany's central bank to raise in- 
terest rates before the Fed does, lur- 
ing investors to die mark. 

“Greenspan’s pushing back any 
expectation for higher rates, while 
recent reports in Germany suggest 
that recovery there will pick up 
steam and the spread between U.S. 
and German interest rates will nar- 
row/ 1 said Kathy Jones, a currency 
analyst at Prudential Securities Inc. 

At 4 P.M., the dollar was at 1.7280 

Deutsche marks, down from 1.7413 


DM on Tuesday, at 5.7901 French 
francs, off from 5.8320 francs, and 
1 .409) Swiss francs, compared with 
1.4235 francs. The pound rose to 
S1.6727 from $1.6658. 

But die dollar managed to edge 
higher against tbe yen, rising to 
120.720 yen from 120.475 yen 

FOREIGN EXCHANGE 

Tacsday. Investors are worried that 
die currency turmoil in Southeast 
Asia will further damage Japan's 
economy. 

Mr. Greenspan's overall upbeat 
assessment of the U.S . economy and 
calmer stock trading also under- 
pinned the dollar against the yen. 

But talk that U.S. rates are on bold, 
combined with expectations for high- 
er rates in Germany, means “the 
dollar's going to have a tough time 
climbing against the mark,” said Earl 
Johnson, international economist at 
Bank of Montreal in Chicago. 

Expectations of a German rates 


rise came from a report that German 
plant and machinery orders surged 
in September. 

Orders rose an inflation-adjusted 
29 percent in September from a year 
ago, Germany's industry associ- 
ation VDMA said. 

Some analysts also are expecting 
Germany will have to raise rates in 
the run-up to Europe's planned eco- 
nomic and monetary union. The 
treaty outlining the monetary ar- 
rangement calls for participating 
countries' short-term interest rates 
to converge. 

Germany's securities repurchase 
rate is currently at 3.30 percent, 
compared with Italy's discount rate 
of 6.25 percent. 

But some Bundesbank officials 
recently suggested German ■ rates 
- may not soon be headed higher. 

On Wednesday, Klaus-Dieter 
Kuehbacher, a member of the 
Bundesbank council, said, “until 
Christmas, there will certainly be a 
policy of the steady hand." 


What Greenspan Said 


Excerpts from testimony of the 
Federal Reserve Board chairman, 
Alan Greenspan, before the Joint 
Economic Committee Wednesday: 

. . .Yet, provided the decline in 
financial markets does not cumu- 
late, it is quite conceivable that a 
few years hence, we will look 
back at this episode, as we now 
look back at the 1987 crash, as a 
salutary event in terms of its im- 
plications for the macroeconoray. 

We need to assess these devel- 
opments against the backdrop of a 
continuing impressive perfor- 
mance of the American economy in 
recent months. Growth appears to 
have remained robust and inflation 
low, and even Ming, despite an 
ever-tightening labor market 

• The currency crises in South- 
east Asia and the declines in 
equity prices these and elsewhere 
do have some direct effects on 
U.S. corporate earnings, but not 


enough' to explain the recent be- 
havior of our financial markets- 1* 
it was not some developments m 
Southeast Asia, something else 
would have been the proximate 
cause for a re-evaluation. 

• The financial disturbances 
that have afflicted a number of 
currencies in Asia do not at this 
point, as .1 indicated earlier, 
threaten prosperity in this coun- 
try, but we need to work closely 
with their leaders and the inter- 
national financial community to 
assure that their situations stabil- 
ize. It is in the interest of the 
United States and other nations 
around the- world to encourage 
appropriate policy adjustments 
and where required, provide tem- 
porary financial assistance. 

• 1 believe there is much to be 
learned from the recent experi- 
ence in Asia that can be applied to 
better the workings of the inter- 
national financial system. . . . 


Source: Bloomberg, Reuters 


[nicmaluxu] Hcnki Tribune 


GREENSPAN: Fed Chief Soothes Whll Street by Calling World Markets ‘Less Out of Line’ After Jolt ' 


Very briefly: 


Continued from Page 1 


could not be complacent about price pressures that may result 
from wages spurred higher by low unemployment 
sell-offs in Southeast Asia that had spilled into Europe — U.S. He said the greatest threat to expansion “at the moment is 
stocks rebounded Tuesday by 337 points, tbe Dow’s biggest the onset of inflation.’ ' 

point rise ever. Mr. Greenspan devoted most of his testimony to a dis- 

On Wednesday, the industrial average, after moving in a cussion of what he described as “the considerable turbulence 


6 Viacom Inc/s third-quarter profit fell 70 percent, to $4343 
million, as weakness ar the Blockbuster video chain offset 
strong performances from MTV, Paramount studios and the 
media conglomerate’s other businesses. Revenue rose 12 
percent, to $3.65 billion. 

stocks - bm *** ™ 

meshc and overseas operations to report to Arv Mueller, now nHVOUS - ------- - iL.uwuapiWM, «.» 


range of more than 150 points, finished just 8.35 points higher in world financial markets/’ He said many Asian economies 
at 7/506.67. had been growing rapidly from the 1960s and 1970s until this 

The recovery Tuesday on Wall Street also spurred a rally decade, when they began to interest investors in industrial 


more 



ug in the construction and metalworking 
September 1996, the jobless rate was 5.63 percent. 


In London, the Financial Times-Stock Exchange 100-share the public and private sectors on conspicuous construction 
at 4,87 1.80 points. In Milan, the projects.” 
finished up 4.88 percent at 15,043 


Many of these real-estate projects were then pledged as 
collateral for “a significant proportion of the assets of demesne 
financial systems,” which in many cases were “beset with' 
problems of iax lending standards, weak supervisory regimes 
and inadequate capital,” Mr. Greenspan said. Recalling the. 
* ‘unlamented” U.S. savings-and-loans crises of the 1 980s, Mr. ■ 
Greenspan said long-term mortgage loans accentuated the 
problems of lenders with shorter-term liabilities. 1 

The Fed chairman had some advice for the Asian countries, 
but it was bitter medicine. “Investment mistakes are in- 
evitable in any dynamic economy,” he said, but “companies 
should be allowed to default, private investors should take 
their losses, and government polices should be directed to* 
ward laying the macroeconomic and structural foundations for 
new expansion: new growth opportunities must be allowed to 
emerge.” 


points, recovering from a 6.03 percent drop Tuesday. 
Germany's DAX index ended floor trading 630 percent 


• Valujet Inc. posted a third -quarter loss of $14.6 million, higher, at 3,791.81 points, 
down from $21.9 million a year earlier but still more than Mr. Greenspan said the central bank would be “watching 
twice as much as analysts had expected, in another sign the economic and financial-market developments closely and 
^irline is having trouble repairing the damage 
Florida i 


from a 1996 crash in 
killed. 


: to its reputation evaluating their implications. ” 


in which 110 people were 

AP. Bloomberg 


Columbia Healthcare Profit Drops 


Robert DiCIeraente, the chief economist at Salomon Broth- 
ers Inc., interpreted that as meaning that the Fed did not see 
any significant inflationary pressures. 

Equity investors also took comfort from Mr. Greenspan's 
words, although the stock market's gains were not as notable 
as those in the bond market, which has been rising since April 
Bloomberg News and which benefited in tbe past few days as investors all over 

NASHVILLE, Tennessee — Columbia/HCA Healthcare the world fled equity investments because of the instability 
Corp. said Wednesday its third-quarter earnings fell 57 percent triggered in Hong Kong, 
as increases in operating costs outstripped growth in revenue In the American economy in recent months, the chief U.S, 
amid a government investigation of possible Medicare fraud, central banker said, “Growth appears to have remained robust 
- Profit from continuing operations fell to $ 1 29 million from and inflati on low, and even falling, despite an ever-tightening 
$299 million a year earlier. Revenue edged up to $4.61 billion labor market 
from $4.60 billion. The earnings decline — the first time in five “Today's economy has been drawing down unused labor 

years that the hospital group had failed to increase profit — was resources at an unsustainable pace. The market’s net re- 
cite latest consequence or the investigation (hat forced the trenchment of recent days should help prolong our six-and-a 
designation of Richard Scott as chief executive in July. The half-year business expansion,” he said, 
fompany’s shares fell 37*5 cents to close ai $27,625. Mr. Greenspan hlso said inflation was low, trot rharthe Fed 



Oct. 29, 1997 

High Low Latest CUB* OOtal 

Grains 

RN(CBOT) 

1000 bu minimum- cents par busIM 


E 


OkV? 

2879, 

381 

181V. 

-3 2014)51 

Alar 88 

286“ 

290*. 

291 

-2W 104,782 

May 98 

302 

3*65. 

2*7 

-y* 

30647 

iid98 

305': 

300+1 

300H 

-2 

39.862 

Sop®* 

3W1? 

28) 

281 

-tv 

1807 

Dec 98 

282*. 

288 c* 

2894 • 

UnCh. 

7*889 

iul 99 

30215 

302 

302*2 

+V» 

203 


Ed. um 5WJ00 Turs sales *8.591 
Jews open W 40*497, off ZA50 

SOYBEAN MEAL (CBOT) 
unions dotar, per ton 
Dec 97 2MJ& fclJO J22.W *130 3BJM 

inn 9* 722 -X) 2I9D0 719.SO +0J0 210 73 

Aferff 21900 216.10 21630 .060 19,915 

May «8 718.50 21SJ0 215.70 -BOO 17/S* 

Jrf«9 TIKJO 717.30 JI7JD -1 .10 11,775 

Luq 0B 7200Q 21800 217*0 -0.70 iMO 

Est. sales 16400 Turn sales P.236 
lues open W 117.875. OH 833 

SOYBEAN OIL (CBOTI 
60000 In- cents per It 

Dec «7 2570 2530 2530 4J5 SUM 

Jon W 35.70 2US 2535 432 24020 

Mai 98 25 82 2iM 25.71 421 13.88! 

May 88 2595 25*6 2573 418 8.982 

JM98 2600 2575 ISM 4» BJU4 

A«»9» 259 0 2560 2540 432 02 

Ell ten 11000 Tun ides 13.846 
Tim open hi 1 1161 1 up 677 

SOYBEANS (CBOTI 


Hfeh Law Lulas! dig* Opart 

ORANGE JUICE (NCTN) 

14000 lbs.- certs per Bl 

Nov 97 <8.10 6630 <64 » +MS 7,132 

Jon 98 >150 7135 71.80 +450 1BJM2 

Mar 88 75.70 74.70 7535 +460 10.728 

May 98 7450 7400 7835 +065 1385 

Est. sales HA. Tuft sate *032 

Tun open bit 406&4 all 609 

Metals 

GOLD (NCM» 

100 hoy at- dolors per boy at 
Nov 97 31360 -110 T 

Dee 97 31730 3)170 31660 >11011*866 
Ft* 98 31830 31430 315.90 -ZjOO 29,409 

Apr 81 32400 31540 31730 -130 *888 

Jun9B 32030 31830 31840 -130 14786 

Auq9B 32140 33030 37)40 -1.70 6672 

CW88 32340 -IJD 881 

Dec 88 32560 324J0 32540 -1.70 11428 

Ft* 89 32740 -140 175! 

Esi. xrtH J7400 TOn strtes 6UO 
Tim open bit 21 IMS. up *100 


HI GRADE COPPER (NCMXJ 
2*000 *5- cents par ». 

Od 87 9120 9120 

Nn»97 8115 8030 

Dae 87 9170 8080 

Jon 98 9130 9IJ5 

Ft* 88 

Mar 98 9240 9130 

Apr 88 8240 9135 

May 98 9340 8130 

Jun 88 92.00 9135 9135 +035 

Ell. sates 1*000 Tun sales 11379 
Tun open lid 61841, up 1405 


8070 +030 
8080 +050 1873 

8135 +035 11.157 
8135 +045 
9140 +050 
8130 +030 
91JS +045 
8130 +030 


1.161 

1-322 

4041 

1302 

1209 

1.181 


WOO bu mmuntim- orrts pa bushel 

Nov 97 

697 

688 

68V 

•2*, 

J«1 98 

704'+ 

495 



Mur *8 

7I2>: 

7071, 

70315 

-3 

May 98 

718 

709 

709U 

-315 

Jut 98 

724 

71 S'; 

7I6'S 



Esi sales 50000 lun sates 6*859 
Tin’S open in! li&iAL off *M1 

WHEAT (CBOT) 

*000 bu mhitowm- cents par bushel 
Deep? ■ - — — • 

Mar 98 
May 98 
.M98 

Est sales 1*000 Tun sales 14377 
Tim opal hH 101954 on 1.338 


365 

3S8!? 

358*1 

-2*. 

37b-. 

373 

373li 

-2V? 

38*'? 

380 

393*4 


386*, 

382*5 

382*> 

■2 


21,85! 

16400 


r- 56)85 
’ 2*4J9 

*902 
14323 


6145 +005 19412 
6135 +042 9308 

5877 +030 
6*97 +0.12 
6*75 +U3 


4063 

1300 

917 


Livestock 
CATTLE (CMER) 

40000 lbs.- cents per a. 

Dee 87 67 72 66 70 66 75 4 30 38327 

Feb 98 48.85 67.90 6775 4.75 21201 

Apr 88 7230 7150 7TJ7 447 11788 

Jun 98 4985 6930 6935 452 10324 

Auava 7040 W43 69J5 -045 1444 

Oa 88 7110 71*5 7155 450 1.161 

Est. sates 17.M6 Tuas iota r*469 
Toes open bit 90981 up 547 

FEEDER CATTLE ICMER} 

SUMO bn- cunts pur lb. 

0097 77.35 77.10 7*87 -022 1492 

Nov 87 7742 7*95 77.07 -OJO *162 

70188 78.17 7730 7735 482 *386 

Marfa wo 77*3 7742 -aso imi 

Apr 98 712S 7760 7745 -045 995 

May 88 78.90 7850 7850 450 723 

Est solos 19S1 Tim sates 1616 
Tun OOM M 17.567, OH 176 

HOCS-uanKMER) 

+0000*15.- cents peril. 

Dec 97 67.05 6150 

Feb 98 41 JS 41-35 

Apr 88 SO 07 3.70 

Junog 6*45 6*80 

Jill 98 4*92 6*70 

Esi. soles *830 Tups sates 1*87 
Tun open bn 37J3& up 8»4 

PORK BELLIES (CMER1 
40000 certs por lb. 

Feb 88 b*95 61*5 6*35 +120 *085 

MOT 98 6U7 6320 4*07 +122 9S5 

May 78 6*85 6355 6*15 +1.15 286 

Est. B*S 1812 Tun sake 1012 
Tuw men W 7JBL off 85 

Pood 

COCOA (NOD 

10 metric tans- S per ton 

D« 97 1421 16iu 1403 +5 31786 

Mar 88 14S> 1435 1639 +3 BUM 

K n 1478 1440 1440 +2 11311 

I 1696 1470 1679 +1 W70 

5*198 WO <689 1a99 anch. *831 

Deb 98 1735 1 717 1717 wen. 1878 

Esi. sales 7,930 Tim SfflW (L357 
Tims open bu 10*681 up 875 

COFFEE CINCSO 

15040 -aiO 11.515 
Mar 98 1*300 13850 14050 -005 8,200 

K B 138-50 13440 13450 unA WS7 

13*50 13100 13300 005 1.929 

SapM 13100 12940 12940 -035 915 

Est. iotas *363 Tun sates MW 
Tare open Ml HUM up W 

SUGARW0RLD II (NCS61 

u£S 1199 1105 11-85 +019 2*388 

U06 U33 II* +1J* 

Wfl 1174 1145 11-71 +0.13 20053 

Est soles 42083 Tu« MHiu 

Ton epwW 160*50, off 830 


SILVER (NCMX) 

U08 borax.- cenh par Imy «. 
o a 97 +77.33 -1.00 45 

NO* 97 47740 -130 1 

Dec 97 483.00 472-50 47940 -LOO S9.776 

Jon 98 48240 480.B0 480 JO -UM 31 

MwfB 48*00 478J10 48*00 -140 19,4)0 

May 98 48740 4*00 487JQ -140 1729 

Juiffi 482.00 48800 48040 -140 Z7S5 

Sep 98 49140 -100 641 

Est. sales 1*000 Tubs sate 51462 
Turn open bit 91847. off S.M 


PLATINUM (NMERJ 
50 bay at- doPara portray ax. 
Jan 88 40840 4Q2JU +02-7D 

Apr 94 +W-00 mJX) 3WJO 

Jut 98 400.60 08*70 396.70 

Esi. sales NA Tun tees *680 
Tun open brt 1234* up -04 


-130 11,101 
-140 1.171 

-140 2a 


Piteous 


LONDON METALS (LME) 

Doflon per inahlc Ian 
AlsraMmfHM Grade) 

Spot 159&00 159740 7550ft 1551(6 

FOMOrt 162240 1623-00 158240 158340 

r Cathodes (HM Onat) 

201840 201 94Q 197240 197340 

202740 202840 1982.00 188340 


Lead 

Forward 

Iffdtf 

Soul 

Forworn 

Tla 

Forssml 


583V; 

40740 


60840 


58140 

99SOO 


58240 

58640 


622540 633540 615040 615540 
631500 632040 624540 625040 

550000 551040 539040 541040 
551500 552040 541040 543040 
GnM 

125140 121140 121240 
727140 1 23240 123100 

High Low Qua Qga Opbtf 


Financial 
US T BILLS (CMER) 

51 mfiton- ptB oi loo pa. 

Dec 87 V5-1D 9543 9548 +404 *453 

MarW 95.14 9114 9520 +446 *534 

Jun 98 95.13 +4141 483 

Sep 96 9S46 9546 9547 -404 12 

Esi. sales £206 Tan saMS 2462 
Ton open lal94B* up 21 4 

5 YR TREASURY (CBOT) 

S10Q4M prfn- pfc & 648u of too Pd 
Dec 87 108-20 107-50 10947 +15 227.55* 

Jun 88 -14 undL 

Esi. ides 11*700 Tun sales 192448 
Tun open bu Z&412. all *4*2 

10 YR TREASURY (CBOTI 

SkW^AwPimSW-^^+M 37M81 
Mar 78 111-02 110-16 111J» +14 21141 

Ed. sate 125400 Tun sate 197,972 
Tbn open In/ 39&M* up 711367 

US TREASURY BONDS (CBOT) 

(8 pemoaootHih 8.32Mia(100 pett 

Dec97 117-30 116-14 117-tl +29AMI3 
Mar 94 117-19 11648 11749 + 28 7ll£ 
Jun 98 117-00 116-08 114-28 +29 1US8 
5ap98 116-18 115-22 11*18 +28 2404 
EsL sate 600000 TUvssdes 931422 
Tan open W 701731. oft 17,829 

LONG GILT OJFPg 

£50400 - pts A 32ndt oflOO pet 

Dec 97 UM9 117-25 11*48 +M3 17WO 

Mar 96 11844 11*44 11*47 +043 3U99 

Jim 98 N.T. N.T. 11*41 +043 205502 

ED. sates: 7*455. PlW.nte: 142436 

Prev. open W-. 20*9)2 off 1770 

BERMAN 60V, BUND fUFFE) 

101* ^0229 +4.14 27*903 
Mar 88 101X4 10140 10139 +4-14 11420 
Ssi. sate 149.W Pjv.eate^WLTff 
Pm.apenlrtJ 81&9S tg> 7,976 


High Low Latest Oige Opbrt 


10-YEAR FRENCH GOV. BONDS IMAT1R 
FF50Q400 - pis oi 100 pa 
Dee 87 9in 8836 8856—002 11*311 
Mar 98 9806 9736 8842-042 8760 
EsLsdeK 132.808. 

Open Wj 128071 up *688. 


ITALIAN GOVERNMENT BOND OJFFE) 

1TL 200 mOtan - pts oi 100 pd 
Dec 97 11171 11139 11135 +441 112,130 

Mai 98 11133 11135 11136 +032 1495 

Jun 88 N.T. N.T. 11136 +042 118425 

ESL sates 48701. Prav.sate: 88483 
Pnv. open brt.-. 118425 off 200 

LIBOR 1-MONTH (CMER) 

SSnUBan-dsal lOOpCL 

Nov 87 8*37 8*42 8*34 +042 38.153 

Dec 97 8*22 8*18 8*21 +442 1*745 

Jan 88 8*33 8*38 9*33 +043 *435 

EsL sdes 11,904 Tan sales 18787 

Tun open H 6141* oil 475 

EURODOLLARS (CMER) 

SI affltan-pti of 100 pdL 
Nat 87 9*36 8*31 8*25 +04 3 22J67 

Dec 97 8*36 9*19 9*24 +0.03 568404 

Mar 88 9*25 8*15 8*21 +045 438.854 

Jan 98 9*18 9448 8*14 +044 358833 

Sap 98 9*12 8*41 8*47 +045 25*814 

Dec 98 9*00 9181 8197 +004 22*833 

Mar 88 93.99 8180 9195 +004 16*8+8 

Jun 99 9195 8307 8191 +043 13W71 

5*98 8190 9182 8188 +044 10*784 

Dec 88 8184 9375 8181 +044 89412 

Mar 00 8383 9175 9341 +044 71,153 

Jun 00 8180 9172 8178 +0.04 58,846 

EsL sdn 828447 Tun sate 1481881 
Tim open brt 243*222, up 30591 

BRITISH POUND (CMER) 

tfZrSM mB v fr - f Mf DQUMf 
DeC97l2m 1*390 14478+04014 51JB9 

Mar 98 14660 14550 14618+04014 354 

Jon 90 1 4552+04014 71 

6sr. sate 9J9J Tun late 21477 
Tors open U 5241 * op 15 

CANADIAN DOLLAR (CMER) 

mum data*, s per Cm. «Br 

Dec 77 -7161 J13S 7133+JUSQ6 68800 

Mar 88 7301 .7175 7186+00024 3498 

Jun 88 7225 7210 7210+04026 626 

Est sate 9430 Tort eates JL2W 

Tun open W 71841 «p *325 

GERMAN MARK (CMER] 

125000 merits, s per Mcr* 

Dec 87 ^to 5737 5787+04029 61942 

Mar 90 5825 5780 -5824+O.OC28 2574 

Jun 98 5905 5B7T 5849+04028 2417 

Est setae 31482 Ten solas 5*863 
Ton open bit <8541. up 1204 

JAPANESE YEN (CMER) 

125 mMai yen ■ per loo wa 

Dec 87 4407 4317 4328-04040 10*421 

MarSO 4318 4425 44384JKM1 989 

Jim 98 4552 44042 330 

Est sate 2*246 Tun sate 6421 6 

Tun open tt lO&ASl, up 4,177 

SWISS FRANC (CMER) 

12&000 Mate S per bone 

Dec 97 7137 7022 7171+04053 46582 

MH98 7204 JW7 7186+40054 14S6 

Jun 88 7350+44035 266 

Est sate 31406 Tim sate 5SV4S6 

Ton open bit«41X up 7492 

MEXICAN PESO (CMES3 

S W* ^SSo ^r^°1173Q -40993 3*409 
Mar 88 .11820 .11150 .11240 -41347 12,423 
Jun 98 .11450 .11000 .10830 -40993 2^74 

BA srtes 11434 Tbn sates 2ftAM 
Tars open brt 4271 8. up 830 

3-MONTH STERLING (UFFE3 

eoaon-gsonaopd 

Dae 87 8256 92*3 9254 -442 137496 

Mor 98 9252 9258 9250 -003 111,114 
JW88 9253 8250 9252 -043 75451 

5q»M 9258 9165 9167 -0JB 68727 
Dec 88 9278 9275 8278 -042 <2438 

Mar 98 9272 9249 8741 -OJC 5T.959 

Jun 98 9204 8341 9204 -042 41461 

Sep 89 83.14 93.10 9X14 —OJO 27744 

Est sate- 42.187. Prey, ecien 189.1 01 
Pnv. open bdJ 6477S6 up *447 


Mgb Lair Urtest apt Opbrt 


3-MONTH EUROURA CUFFS 
fTL 1 iWBbn - ate of 100 pel 
Dec 97 9X80 9372 8378 +003 109430 

Mar 89 8*48 8*42 8*47 +04310*754 

Jun 96 9*91 9*83 9*80 +043 89591 

ScpW 8540 9*86 8*99 +041 6*543 

Dec 88 9541 8*77 85.00 +041 59542 

Est. urtei: 4*902 prav. sate 10X966 
Prw.apenMj 489564 up *717 


-023 47533 
-008 17579 
-aoe 9400 
■013 9595 

+002 870 


Industrials 

COTTON JUtCTtO 
50400 Brt- certs per 8t 
Dec 87 72.19 7155 7158 

Mm 88 7355 72.90 7X08 

Movia 7*10 7X60 7180 
JiHW 7*85 7450 7*50 
OG 88 7S50 7X35 7550 

Est. sate NA Tim strios 10289 
Tun open bit 9£897. up 486 


HEATING OIL (KMER) 

4X000 pal cents per gcri 
Nov 97 STM 56.52 57.19 +0 67 1*327 

Dec 97 5090 57 JO 58.18 +078 52.167 

Jan 98 S9J0 5845 5848 +078 23480 

Feb 88 5955 5850 59.18 +078 1X361 

Mor98 58.95 57.90 5S-5S +OAB & 727 

Apr 83 5740 56.60 5748 +OA3 5339 

May 98 5575 SSJ0 S5J3 +043 3414 

EsL sate NA Tbn irtea 40811 
Tan open M 13*588, off 2527 


2058 +022 10*993 
20-80 +018 5*699 
2043 +020 3*206 
3075 +017 19458 
2072 +0,19 1*498 
2050 -048 1X437 


UGHT SWEET CRUDE (NMER) 

1400 ML- daOarapwbM. 

Doc 97 20.95 20J5 

Jan 88 2145 2055 

M.98 21.05 MJS5 

Mar 88 2083 2055 

Apr 98 2040 2068 

May 98 2075 J0M 

ESL sate NA Tun sales 17*823 
Tun open <nt 40*04X off 316 

NATURAL GAS (NMER) 

1B000 am ben. S par mm Hu 
NO* 87 11 SO 1250 -0480 3X137 

Doc 97 1570 1365 1470 +0.010 59416 

Jan 98 X450 3250 X370 -0419 3X303 

Feb 98 3410 1440 X920 -0450 22448 

MarW 3-650 2445 2475+0415 16507 

Apr 98 2-340 X300 2J05 -0430 81740 

Est sales NA Tun sate 1 2*471 
Tun open H 23.928. off 8,138 

UNLEADED GASOUNE (NMER) 

42000 oaL ceftfi DtfQoi 
N«87 6040 K75 <048 +1J1 12577 

D+C 97 40-15 5845 5940 +OJB 3X448 

Janw 59.90 58.85 9958 +078 18.171 

»« 6040 5951 59-73 +OJ1 7510 

Marie 6070 40.23 6043 +055 4753 

Apr 98 63.10 6X73 6273 +048 443+ 

May 98 6275 6255 6258 +043 *272 

Jun«8 47.99 +048 2447 

Est. sate NA Tim's sates 3X221 
Tun open Itri 9*814 off 1530 

GASOIL (IPEJ 

U4. do8m per neMc ton - tab of lao tans 
Nov 87 18075 17*75 17X50 +240 29483 
Dee 87 1B17S 17875 179.75 +JJ5 20410 
Jen 88 78X25 77840 781.00 +240 7*X» 
Feb 98 18240 17875 18140 +175 8472 

Mar 88 1® <35 17840 179.00 +140 
Apiia 177-50 176X5 17*25 +175 

ESL rates: 1952*. Prev. rate : *2426 
Pnv. open InL: 98J82 offlJl* 


SM 

1044 


BRENT OIL OPS 

UA-dolkn per band - lots 011400 tanb 
Dec 87 1?« 19-50 1944 +021 4*238 

J»lW 3040 1941 W71 +0.16 4*799 

Feb 88 1840 19.64 1946 +047 17,516 

MB-W 1943 19J2 19-54 +007 *379 

Apr 98 19. 5 19^ 1952 +047 X3B1 

May« 19 A 1920 19J0 +004 KMl 

EsL rate 47450. Pm. rate : 7*167 
Pnv. open InL: 16*467 op 7471 


3-MONTH EUROMARK (UFFE1 
DM1 nSBan - pb al 100 pd 
No* 87 ALT. NT. 9639 -M3 $296 

Dee 97 9*23 9*19 9*22 -043 317718 

Jan 86 9*14 9*14 9*16 -043 970 

MOT9S 95.88 95.92 9X97 -043 332597 

Jun 98 8173 «57 K73 -043 28*122 

Sep 98 9X53 9556 9X53 -043 191471 

Dee 98 9X32 9U6 8X32 -04* 17X873 

Mar 99 95,16 95,10 95.16 -043 191647 

An 99 SHI MS 9541 — ftM 9044S 

Sep 99 9*86 M81 9*86 -044 77426 

ESL sales: SUM* PonaMk 571116 
Pm. open teu 1419451 1402 

3-MONTH PI BOR (MATH 1 } 

FT? nMaa- tear 100 pd 

Dec 97 9*24 9*20 9*22-042 4*748 

Mar VS 9585 9587 8X94—042 30431 

Junes 8570 8542 9X60-044 32431 

Sep 98 8S52 9551 9540-042 17414 

Dec 96 9544 9549 8545-043 2*184 

M<r99 8X21 9X14 9130 - 043 4X3S2 

Jun 99 8SD4 9*88 8544 —046 11010 

Sap 99 9*91 9*86 9*90 - 048 8419 

E*t sate 6A79X 

Open taL- 25*0*2 op 1,97* 


.pa-MP^ASSP*® 1 

SOOsbKte 

Dec 87 9*150 917.10 82*00 -050 197527 

W7J0 W1J0 ««* 

Junve 91040 86*25 94*20 undv U21 

Est strin NA Tan iotas 145243 

Tun open brt 205488, up *883 

FT5E1M QJFFE) 


2^2 4885X1 4950 -° - , - 1M 7X583 
M*98 48744 48740 48844+19*0 2443 

ESL sales: 22481 Prev. sales: rw — » 

Pm. open bit 4 78. 1M up 2555 

CAC40 (MAT1F) 

FF200 per indn paint 

Od 87 28174 27204 28154 A IK 17DM 
Nov 87 281*5 27304 2824 
EsL sales: 7X1 IX 
DpenhL-SXrtfGupiMO. 


-185 2*860 


Commodity indexes 


M«jgv> 

Reuters 
DJ. Futures 
CRB 

52wces.'Mi 


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1-52*20 

140950 

1*3-71 

239.12 


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1.51240 

so. 

14X22 
238.95 
Letkton 
ex/mngn/m 


AMEX 


Wednesday's 4 P.M. Close 

Tte 300 mod feoded Aides of the dor, 
op to the dosing on Wall Street. 

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U. S. STOCK MARKET DIARY 


Indexes 


Most Actives 


Urn ue 


+U5 

3H3J4 314*86 3088.12 3135.19 +3136 
J9 24*04 239.99 MS *114 
39 2*745 244X14 2U4 +1X40 


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66858 629-81 666.10 67137 
20448 197J6 20448 205.96 

no .16 HQ4S naio iiaas 

923-09 85547 92145 919.19 
88542 81541 88X37 B7953 


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PAGE 15 



j'jBucharest Works on Its Image 

|R resident Signals Plan to Bolster Foreign Investment 


i 


By PeterS. Green 

International HeraU Tribune 






-: s k, 




. BUCHAREST — President Emil 
Conaammescu, battling to maintain 
die momentum of economic restruc- 

turrng nearly a year after his refoim- 

nundol government took office, has 
Vowed to play a stronger hand to trv 
to draw investment. 

) In an interview. Mr. Consiantin- 
fscu acknowledged that feodin» 
among the three government agen* 
Cies dealing with the economy had 
become a major stumbling block for 
foreign investors. 

• He said he would soon announce 

a program that would include con- 
solidating Romanian agencies that 
deal with foreign investment He 
A Would not disclose other details of 
^ fire plan, which be said he would 
announce in December. 

! “R « necessary for the several 
institutions that deal with reform and 
privatization io be pulled together so 
that those who invest in Romania 

know whom to contact and that once 

a relationship is in place, it is in place 
for the long run,” Mr. Constantin- 
escu said at an investment confer- 
ence in Bucharest organized by the 
International Herald Tribune. 

. Foreign investors complain that 
battles among the heads of the Fi- 
nance Ministry, the Ministry of Eco- 
nomic Reform and the State Own- 


ersiu P Fund have dolled their 
appttite for investing in Romania. 

You can negotiate a market 
S? 06 for & privatization with the 
btaie Ownership Fund, but then you 
suddenly find this is renegotiated or 
questioned by another part of the 
government,’ * said a Western banker 
wlw asked not to be identified. 

“If you’re a big multinational/’ 
said one European investor, who 
also asked not to be named, ‘ ‘you go 
straight to Constantinescu, and he 
approves the deal for you. But if 
you’re a smaller investor, it’s just a 
mess. Nothing is definite. ’* 

Mr. Const&uiinescu also said he 
could no longer stay above the fray 
On economic reform. A cabinet re- 
shuffle is expected within weeks, ac- 
cording to newspaper reports here. 

A year after Mr. Constantinescu ’s 
government began to salvage an 
economic transition interrupted by 
nearly seven years of rale by former 
Communists, moves to slash credit 
and cut the budget have won Ro- 
mania the support of the Interna- 
tional Monetary Fund and other in- 
ternational institutions. 

The reformers have made pro- 
gress, but Ro mania has yet to catch 
up with post-Communisi regimes in 
Hungary, Poland, Slovenia or the 
Czech Republic. 

The Finance Ministry said the 
economy was expected to shrink by 


3 percent this year and inflation to 
hit 130 percent, although a more 
stable currency should rant infla- 
tion to 30 percent next year. Un- 
employment is expected to hit 6.9 
percent, and the budget deficit is 
expected to be close to what one 
official called “the ambitious tar- 
get” of 4 .5 percent of gross do- 
mesticproducL The average wage is 
about SI 00 a month. 

Some unprofitable state indus- 
tries have been shut, but few new 
jobs have been created, and a cold 
winter could cause new discontent. 

“Yon can’t expeci society to ac- 
cumulate tension to the point of ex- 
plosion,” Mr. Constantinescu said. 
“I must mediate between the cit- 
izens and the state and ensure the 
good functioning of society. 

“October, November and the be- 
ginning of December are tradition- 1 
ally a very difficult time. This is why 
I am worried.” 

As be spoke, an unseasonal 
snowstorm dumped at least four 
inches (10 centimeters) of snow on 
the capital. 

He said he would also push for 
comprehensive laws on privatiza- 
tion and foreign investment to move 
rapidly through the Parliament, 
which is controlled by his pro-de- 
mocracy coalition. 

But at the same time, key struc- 
tural reforms have not yet been 



Matra to Get 
$1 Billion 
Motorola 
Contract 


RaUu 

Emil Constantinesai, Roma- 
nia’s reform-minded president 


made. Privatization of many large 
firms 1 ms been delayed, and small 
and medium-sized private busi- 
nesses are failing because of high 
taxation and risk-shy banks. 

Total foreign investment in the 
economy has been less than 54 bil- 
lion since 1989, including portfolio 
investment, in a country or 23 mil- 
lion people. 

“Romania is still not a market 
economy,” said Die Serbanescu, a 
leading economic commentator. 


Pilkington to Cut 6,000 Jobs and Reorganize 


HUT 


C«v*fa* by Our Sufi Firm Dufuscha 

• LONDON — Pilkington PLC, 
the world’s biggest maker of flat and 
safety glass, said Wednesday it 
would cut 6,000 jobs by March 1999 
and take a charge of about £200 
million ($320 mulion) to pay for a 
reorganization designed to make the 
company more competitive. 

Pilkington said it planned to close 
its German glass plant by 1999 and 
also shut down or sell more than 60 
European process and distribution 
glass operations which did not 
provide a great enough return. The 
job cuts will bring its work force 
down to 32,000. 

Paolo Scaroni, appointed chief 
executive officer on May 21 with 
orders to shake up the company, said 
the revamp will cut £l0o million 


from Pilkington ’s £1 billion annual 


overhead costs by April 1998. He 
further ann ual 


also aims to make 
savings of about £150 million by 
April 2000. 

On tire London Stock Exchange, 
Pilkington’s shares closed at 152.5 
pence, down 0-5. 

“I have upgraded my forecast for 
this year and I expect there will be a 
number of upgrades for next year as 
well,” said Simon Brown, an ana- 
lyst ar Williams de Broe. 

But some were less enthusiastic. 
Michael Rubie, an analyst at Credit 
Lyonnais, described the plan as “an 
interesting medium-term recovery 
play.” 

Pilkington has chronically disap- 
pointed investors. Since March 
1996, when shares were around 220 


pence, it has issued two profit wara- 

S and has taken charges of £210 
on in its latest two fiscal years. 
The details of the reorganization 
c ame as the company reported it 
broke even in the first half, down 
from a £33 million profit a year 
earlier, as it took a £37 million 
charge. 

Mr. Scaroni said the reorganiz- 
ation should enable the company to 
make an operating profit of 8 per- 
cent to 1.2 percent of sales. On 1996 
sales figures, that would put op- 
erating profit at £233 million to 
£350 million. 

“The extent of the cuts and the 
pace at which they are to come 
through was a pleasant surprise,” 
said Andrew Melrose, an analyst at 
Paribas Capital Markets. 


Current operating margins are 
about 5.8 percent. 

Pilkington said first-half pretax 
profit before charges fell 57 percent 
to £32 million for the six mouths 
ended Sept. 30. 

Pilkington maintained its divi- 
dend at 1.75 pence. 

Mr. Scaroni said earlier this year 
he would accelerate the company's 
cost-cutting program in an effort to 
make Pilkington the most efficient 
glassmaker in Europe. He had im- 
pressed the board by cutting costs at 
PiJJrington's Italian unit, SIV. 

First-half sales fell £125 million, 
or 8.1 percent, to £1.41 billion. Op- 
erating profit rose £7 million to £59 
million, even as British glass prices 
have fallen 10 percent due to cheap- 
er imports. ( Bloomberg , Reuters) 


Bloomberg Ne^-s 

LONDON — Motorola Inc. stud 
Wednesday that it would award 
Matra Marconi Space a contract val- 
ued at more than SI billion to supply 
power, propulsion and avionics 
equipment for its planned satellite 
communications network called Ce- 
lestri. 

Matra Marconi Space, which is 
51 percent-owned by Lagardere 
Groupe of France and 49 percent by 
General Electric Co. of Britain, beat 
bids from Lockheed Martin Carp., 
Hughes Electronics Corp. and TRW 
Inc., among others. 

Celestri is one of several satellite 
projects that plan to build high-ca- 
pacity satellite networks to accom- 
modate spiraling demand world- 
wide for communications services. 
Among their customers will be tele- 
communications operators and 
private businesses that want to offer 
video conferencing, interactive tele- 
vision and Internet services. 

“In the race to be the biggest, the 
more credible partners you bring 
into your allian ce, the more seduct- 
ive your project becomes in the eyes 
of bankers,” said Rachel Villain, a 
senior space and communications 
analyst at Euroconsult in Paris. 

Matra Marconi Space will also 
invest in the company to be formed 
to run Celestri, giving the S12.9 
billion project a strong European 
partner to help build its presence 
worldwide. Celestri faces compe- 
tition from Teledesic Corp., which 
is backed by Microsoft Corp.'s 
chairman. Bill Gates, and from Sky- 
bridge Ltd., a joint venture led by 
Alcatel Alsthom SA and Loral 
Space & Communications Ltd. It 
also feces competition from fixed- 
cable operators. 

Motorola expects to spin Celestri 
off as a separate company by late 
1998, as it did with its global satel- 
lite mobile-communications com- 
pany, Iridium IncJ Celestri is to be- 

§ in service in 2003. Skybridge's 
3_5 billion project' expects to begin 
operating in 2001. 

“Choosing a European supplier 
had equal weight to our technical 
and financial requirements,” said 
John Pientka, vice president of Mo- 
torola's advanced-systems division. 


— : — 1 

1 Investor’s Europe ] 

Frankfurt 

PAX 

' umdon . Paris . 

. FTSeiDD Index - CAC AO 

rrnft - 2KA- 


4500 - 

4300— f 
4100—/- 
3900- - j- 

mjr-- 

35 ®?i jT" 

19B7 

Exchange 

Amsterdam 

5250 - 

VA 5000 - l 

qS/r 

Tso 

1997 

tndex 

ABC- 

2350 — 

---» 2800 * - j/ - 

"a so' m 

1997 

Wednesday Prev. 
CtoM CtoM 

mm ws:8i 

A SO 

% 

Change 

+5.22 

Brussels 

BEL-20 

%312.73 

3WM-L24 

+4.45 

Frankfurt 

DAX 

3,791^1 

^5B7JS2 

+650 

Copenhagen Stock Market 

R2&23 

SM.31 

+4.67 

Helsinki 

HEX Gonaral 

3^B3L2fi 

3,30469 

+7.80 

Oslo 

OBX 

716-68 

682,43 

+5-02 

London' ' 

FTSE100 

4|871JB0 

4.755,40 

+2-45 

Madrid 

Stock Exchange 

562.14 

491 J25 

+14j«3 

MUan 

M1BTEL 

15043 

14343 

+4.68 

Peris 

CAC40 

2£1&00 

2,651^3 

+fiia 

Stockholm 

SX 16 

3^28.97 

3,014.52 

♦7.11 

Vienna 

ATX 

1^04J28 

1,23742 

+5.40 

Zurich 

SP1 

3A8CL21 

3.364J0 

+345 


Source; TeleKms 


IiUctummmuJ ttrrAI Tnhunc-i 


Very briefly: 


• Guinness PLC and Grand Metropolitan PLC are naming 
the food and drinks company to be created by their £23 billion 
(S3S.63 billion) merger Diageo PLC. The name, which 
replaces the temporary name GMG Brands, comes from the 
Latin word for “day" and the Greek word for “world.” 

• Cie. Generate des Enux's first-half net profit more than 
quadrupled, to 3.56 billion French francs ($616 million I from 
807.7 million francs a year earlier, mostly as a result of gains 
from asset sales not related to its water-processing and media 
activities. 

• Cadbury Schweppes PLC lost a suit brought by Choco- 
suisse over its Swiss Chalet brand name, which the Swiss 
chocolate makers’ association said improperly implied that 
the candy bar was a Swiss product. The British’ company also 
said sales of its Dr Pepper soft drink had risen 6 percent, lifting 
total third-quarter U.S. sales by 2 percent. 

■ BAT Industries PLC's third-quarter net profit fell 34 
percent, to £1.73 billion ($2.9 billion), because of the strong 
pound and one-time charges in its financial-sen' ices and 
tobacco units. 

• Electrolux AB’s third-quarter net profit rose 74 percent, to 
462 million Swedish kronor ($6 1 .6 million), because of strong 
demand For its household appliances hi the United States and 
some pans of Europe. 

• Istituto Nazionale delle Assicurazioni SpA’s shares 
surged 270 lire to close at 2.640 ($ 1 J»5) after the Italian insurer 
said first-half pretax profit grew 1 5 percent, to 585 million lire, 
and that it would spin off its real-estate holdings. 

• Kuwait is injecting fresh funds, possibly as much as SI 
billion, into world markets via its Kuwait Investment Authority 
to further bolster its huge global investments, an official source 
said, ending steady withdrawals to finance deficits. 

• French business confidence climbed in October to its 
highest level since February 1995, buoyed by strong orders 

from abroad. Bloomberg. Reuters 


WORLD STOCK MARKETS 


Wednesday, Oct. 29 

Price* In load currencies. 
Telekurs 

mg* Low CtoM Pm. 




Amsterdam 


ABN-AMRO 
Aegon 
Alwld 
Aka Nobel 
Bam Co. 

Bole Wtoscw 

CSMcva 

DonftscheFet 

DSM 

Elsevier 

Forth Amev 

Gdmdcs 

G-Broccya 


fbeken 


IMG i 
KLM 
KNPBT 
KPN 

Kg® 1 '* 

Oce Grinin 
RnnAtadH® 


Rural Dutch 
(Mew _ 
Vender bill 
VNU 

Woden Kl on 


JO USD 
15130 154.10 
5110 50JO 
339 325® 
145 1383B 
31.70 30.70 
91.50 M-60 
107.70 10410 
188 180 
3050 29.90 
79 76® 
am mjs 
53.20 51 AO 
92 8840 
3143* 312 

102® 97 

81.90 79.50 
8330 81X40 
4030 64 

4SM MM 
74 71 

SI 59 
58 5470 
235 228 

1SPJ5S 15045 
389.30 10550 
8220 7850 
18650 1B120 
57 5610 
177 17520 
11850 117 JO 
107 103.10 
10720 102.10 
lOfl 103 
4620 41.80 
24M0 23420 


40 38 

T5610 15650 
52.10 49 58 
332 323 

14350 13350 
31 AO 3050 
9128 89 

107.10 10020 
183.90 178 

3020 2920 
7820 74 

6550 4650 
5280 5150 
8950 B750 
31550 304 

98 9630 
8158 7B 
8280 7840 
6850 6430 
4550 4450 
74 70.10 
m sim 
56 5550 
23250 220 

1S950 14163 
107.70 107.90 
68-50 7*50 
186J0 173 

5680 55.3® 
17620 169® 
118 11750 
106J0 9920 
18640 in 
10520 \Q7JD 
4630 41 

240 230 


DeufstbtBani 11540 
DeutTeMnm 3180 
DmshierBank 74 
Fresenkn 270 

FsEssnSai Med 12* 
Fried. Krupp 345 
Geta 9350 

HefdetxjZn* 156 
Henkel pfd 9480 
HEW 4*8 

HodlOel 76 

Hoechst 6950 

Karstodt 568 

Luhmeyer 8850 
Linde 1060 

UdWionMR 313® 
MAN 532 

Marawsmona 751 
Meto0gosc*whaft 35.90 
*5ro 7180 

Munch RueckR 50750 
Pieussog 471 

SAP pH 495 

WlSSw ™ 

Springer (Axel] 1445 
Suednntar 864 

vxr 

VEW 575 

SSUran US 


_Prw. 

in 

2980 

48 

255 

113 

335 

8750 

153 

85 
460 

75 

6450 

530 

86 
990 

2939 

486 

718 

3450 

*5 

i» 

460 

73 

47259 

152 

239 

9950 

1448 

840 

373 

8855 

580 

7*4 

995 


‘ SA Breweries 
Samar 
Sasd 
SB 1C 

TlgwOnH . 


Hlgb 

lorn 

Clese, 

Pro*. 


Hlgb 

Low 

Close 

Pm. 

1® 


11* 


lltd DtKOef 

737 

7® 

- JJ2 

735 



X 

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Vmdoroe Lxwti 

3*7 

2M 

3.67 

362. 

58 

5230 

49® 

47® 

Vodatone 

3.41 

338 

141 

3.17 

710 

18* 

18* 

IB* 


7® 

7JN 

7® 

«2U 

£4® 

62® 

59.10 

57.10 

WDkansHdgs 

168 

3® 

360 

142 





Watoetoy 

5® 

*80 

5L0B 

*87 





WPP Group 

in 

1*7 

174 

1*2 





Zeneca 

19® 

18® 

1883 

1830 


High Law Oom Pm. 


High Low Oom Pm. 


Paris 


CAC48: 281880 
Pnrfpn: 245183 


Kuala Lumpur 


AMMBHdgs 
GeaBng . 

Mol Banking 
MdknaSMpF 
Retrains Gw 
Proton 
PubBcBfc 
Renting 
RjsaSWaV 
(tollman PM 


Stare Doty 
tom Med 


Tcbdmmi 
Ttaqpn 
UW Engineers 
YTL 


4*0 

5 J 5 

580 

570 

9.10 

830 

9 

&» 

080 

TWO 

11*0 

12 ® 

530 

5 ® 

5 ® 

565 

935 

9.10 

9.15 

985 

8 ® 

8.15 

830 

825 

212 

286 

206 

2JU 

110 

3 

110 

3 

425 

5JS 

SM 

530 

» 

2*35 

26 ® 

2*35 

438 

*64 

172 

*54 

8 JS 

830 

835 

7.95 

7 J 5 

7.15 

7.15 

*75 

8 ® 

7.95 

8 

7 ® 

130 

126 

136 

3 ® 


Madrid 


BoM bite 50.14 
Prates: 491 25 


London 


Abbey Nidi 
AjaedDomocg 
AnrikmVtoter 
Am ' 
tom Gam . 
Assoc Br Foods 
BAA 
Bandoys 


Helsinki 


HEX tawnd use 3 K 236 
PnriareSMM® 


EnioA 


Bangkok 


AdrlnJoSK 

Bangkok BkF 
. • .KnmolMBk 

i Aonr&pjor 
1 Slam Coned F 
rf Skn Com Bk F 
Tetocmnasta 


TboiAhwoya 
Thai Form Bk I 


IKdComm 


216 

144 

1725 

390 

400 

8950 

24 

52 

111 

85 


SET MBE 457.16 
Praters 46088 

200 212 202 
141 143 135 

153) 1550 1625 
380 380 380 

360 382 334 

85 84 8350 

2025 282 5 2250 
4650 4*50 49 

105 107 W 

75 « 63 


Kerota 
toto 
Merita A 
MdroB ' _ 
Metso-SeitaB 
Neste 
Note A 
Orion- YTriymae 
OutokronpuA 

URMKynmieoe 

Vaheet 


53 50 52 4550 

219 218 217 210 

54 54 55 5120 

75 73 7150 

2650 25 M50 

142 1* 142 

40 45 44 

131 80 127.10 131 80 

482 4*3 477 

195 1B9 191 

84 79 80 

134 117 125.10 

91 8* 87 


Hong Kong 


___ m Lfk IIHIWAHU 

Markets Closed ^ 


The stock market in Bom- 
bay was closed Wednesday 
for a holiday. 


Brussels 



BEL- 2* tote 271 2-75 

Pnvieec: 221634 
1570 1580 1520 

*7* £«£ IS 

3500' 8290 

2900 3Wf 

17W6 iWi ^ 

1*15 1710 1590 

73» SS 

3265 3385 3140 

6BXs #10 *900 

14*2 W90 
5245 5370 5200 

IBS) 13800 MB® 
13925 1^750 WOOD 

’si a m 

sns sss 

2M0 125 

InSSnwoi® 


6*0 

« 

SBi £ 

HendeisniLd 4440 
hScSmGo* 1348 
HKEIecMc «-J0 
HkTetecroiW 14^ 

152 

Shun TatMdB* 
StooLnnOCa 
SffiOtePMl 
SwtoPuA 

WBrfttfg* 

WbHtoek 



Land Sec 
Laema 

Legal GariGp 
UoptoTSBGp 
LucnWorbr 
Mats Spencer 
MEPC 

As&«l 
Grid 
m 


Jakarta 


Adw_Wl . 

BfcWllndon 


Stock 

Prwritota 59881 

40AJ0 430 445 

140 358 3 S 5 

1007 1910 «g 

W 3*6 m 

ue 7tJl 


BkNeoojo 

jdang&nm 




Gudongi 

tadotood 

Masai 

Htmjcrro 

I ohiimniM JrnTl 


pivitons; 44600 

23» 2225 2325 2125 
758 725 75§ 

7S0 735 725 7W 

B72S 83W WH 7700 

12S 155 iSS S 

3825 3750 3800 » 

BIO BOOO BOH 79W 
ESS 5275 S® 51® 
3m 3Z75 MOO gw 
3325 3100 32® 29® 



756 ^5 770 

710 720 . 71 * 

NO <030 1000 

M 380-80 g 

415 «S 

339 -U 44 S 4*0 


Johannesburg *KS£g82 


Reed HU 
Retell MU 
ReuMHdgs 
Roan 


MSA GIMP 
AngtoAm Coal 



AMBB _ 

AiMa z» 

AteUHdg 40150 

Kfei 2 

BASF 59-85 

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DJUtsjm-S 

PrevWK35UJ2 

155 1« IS 

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122 12190 114 

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560 


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2195 23.95 

213 213 

11840 174*0 
71 JO 71 JO 

925 925 
45 45 

18J0 1150 
m ITS 

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RMCGnup 

RDfctoCT 

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ftnt&S 

SafiSm 


211 1M0 




Satoteny 
Sdmten __ 
ScrfNewcmlle 
ScotPww 
Securkw 
Senn Trent 
SbeOTnaspR 
Skbe 

SoWMCfina 

SMObM 

StenEW 

Siaga wte 

Stand Charter 

Tate& U4* 

Team 

TlSiM Wter 
31 Group 
TlGnwi 
Tantte 
VMtevw 


m Assurance 
Lttdl 


I New* 



FT-SE 100 : 4171 ® 


Prevtec 47 &*l 

9 ® 

985 

970 

9.15 

SOS 

*70 

+98 

*75 

830 

766 

8.09 

785 

415 

568 

403 

690 

1 ® 

145 

165 

161 

5 

*50 

*85 

+50 

567 

530 

54 ® 

611 

1598 

1*75 

1617 

1+35 

730 

745 

772 

7 ® 

565 

5.17 

542 

511 

545 

468 

510 

*79 

165 

346 

361 

.334 

1«0 

960 

iai 9 

987 

8.90 

8.10 

8 ® 

615 

133 

128 

131 

124 

16 

15 ® 

1555 

1+48 

415 

564 

565 

5*0 

173 

258 

2 ® 

253 

483 

458 

469 

499 

8.90 

844 

173 

BAS 

436 

4 JM 

+17 

198 

1 ® 

163 

1 ® 

164 

4.91 

4*3 

+61 

441 

227 

2 DS 

106 

1.96 

1039 

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law 

13 B 

12 * 

177 

135 

5 MJ 

*70 

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+77 

434 

495 

410 

695 

4.98 

4 J 9 

+78 

+48 

9 ® 

0 ® 

845 

745 

662 

645 

6 ® 

6 ® 

191 

279 

283 

282 

730 

*65 

482 

*71 

Is 468 

*59 

*43 

4 ® 

5 ® 

*85 

603 

5 

431 

412 

414 

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<UB 

441 

452 

*42 

134 

1 ® 

174 

16 * 

1134 

418 

966 

168 

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172 


13,96 

1120 

1121 

HZl 

1110 

11-53 

1270 

11 ® 

930 

565 

8.15 

537 

830 

542 

633 


262 

2 ® 

19 S 

134 

12 S 

3 JU 

3.17 

5 ® 

537 

540 

5 L 4 D 

7 ® 

7 

739 

&88 

7.12 

1490 - 

455 

1180 

472 

1435 

Ml 

943 

175 

880 

367 

9 .W 

369 

E9 

B 65 

aits 

841 

730 

285 

ro 39 

*3 

2*7 

9.90 

271 

9.13 

270 

152 

2 ® 

251 

505 

470 

*94 

+23 

US] 

773 

7M 

7.11 

2 T 2 

ZC 4 

Z 07 

210 

*® 

630 

648 

+15 

5.19 

510 

514 

604 

13 

1260 

1285 

1235 

381 

176 

282 

2 ® 

SM 

*79 

+98 

+90 

9 J 8 

86 * 

987 

885 

7 ® 

473 

7.17 

7.10 

355 

131 

345 

383 

240 

2 Z 7 

233 

231 

785 

670 

497 

+78 

WO 

742 

7 80 

7 ® 

162 

162 

153 

163 

493 

648 

473 

474 

*70 

*58 

■m 

*45 

493 

451 

472 

402 

1035 

9.10 

736 

873 

170 

fir 

133 

210 

9 J 5 

862 

9 ® 

+90 

341 

130 

132 

231 

6 

542 

573 

540 

267 

Z 27 

139 

238 

6 ® 

431 

4*6 

633 

117 

115 

115 

ZW 

8.10 

485 

8 

7 ® 

933 

945 

973 

93 * 


IK 

435 

114 

443 

233 

425 

6 

5 J 9 

691 

611 

194 

368 

178 

170 

115 

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583 

+60 

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16 

17 

1475 

475 

440 

+58 

573 

467 

412 

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+22 

WO 

24 * 

249 

262 

B 4 T 

m 

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*78 

375 

*30 

*07 

1130 

n.iB 

1139 

1085 

1 J 5 

172 

174 

172 

a 

512 

US 

566 

453 

535 

845 

*80 

4.10 

*64 

461 

745 

775 

7 ® 

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47 B 

423 

460 

4 DB 

465 

445 

462 

+45 

*91 

445 

*76 

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947 

893 

MS 

4 « 

5 

m 

+95 

4 ® 

6 

5 ® 

671 

685 

109 

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m 

107 

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287 

+08 

465 

*77 

*83 

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745 

7 

735 

7 ® 


Acerinox 

ACESA 

Agoas Banxhn 

Aroentata 

Bflv 

Banesto 

Banfcfcrter 

Bco Centro Hlsp 
Bcd Poptdtr 
Bco Santander 
CEPSA 
ConKta te 
CapMaplic 

FECSA 
Gar Natural 


Piycn 

KBPSW 

SsRiffijna Bee 

Tabocafera 
Tdefadai 
Union Fenna 
VUencCBTKnt 


22900 21900 
1770 1700 

5730 5*20 

8120 7800 

41 ® 3950 

1385 1310 

7390 TOO 
2795 2575 

asm B 2 io 

4210 3885 

4330 *00 

2840 2*00 

6840 6*10 
2*90 2610 
11 * 1100 
46® *100 
1730 1*60 

2180 2075 
*170 5990 
1275 1105 

106*0 70210 
4085 3885 
1385 1340 
2770 2620 


21940 21500 
1755 17 ® 
57 ® 5500 

BIDS 7900 
40 ® 3805 
1355 1245 
7240 7100 
2700 2595 

8370 8110 
4210 3700 

4200 3885 
2830 2495 

*790 6400 

1445 iw 

1125 10 ® 
6340 5180 

1730 1700 
2188 2040 

6170 5920 

1275 12 ® 
105 ® 10190 
4065 3800 

1395 1400 

2740 2500 



Manila 


Afte B . 
Arte Land 
ttPMpM 

CAP Homes 

MraMBccA 
Metro Bank 


PClBa* 

PM Long DU 
SanAUgudB 
SM Prime Hdg 



PSE tote 181+15 


Praytaa* 174+10 

13 ® 

•13 

13 

12 ® 

1*50 

1375 

14 

1375 

99 

94 

95 

95 

285 

2 ® 

260 

255 

MSB 

*369 

*+ 5 S 

*1 

275 

265 367 ® 

255 

+10 

3.90 

195 

365 

138 

137 

138 

131 

050 

830 

850 

755 

41 ® 

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41 

39 

*30 

5-90 

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570 


France Tetom 

Gen. Eon 

Havas 

Jmehd 

I ntel*. 

Lnrand 

Ltfed 

LVMH 

MidietoB 

PortasA 

Pernod Rica id 

Peugeot ai 

Ptondt-Pdrd 

Pnjraades 

Renault 

Rent 

Rh- Poulenc A 

Saoofl 

Schndder 

SEB 

SGSThoraum 
Sle Generale 
Sodexho 
StGobain 
SuuCde) 

Suez Lyon Earn 


Mexico 


tea tote 471 WI 
Prate*: 47*133 


Total B 
Useror 
Valeo 


CSF 



Astra A 

AHar CapcoA 

Autoflv 

BedrokaB 

EricssonB 

HennerB 

kKzntheA 

tovestarB 

MoDoB 

Nandbanken 



275 
183 
170 
104 
21650 
20450 193 



Stoo 6 Z 80 *300 
moo lit* 1600 

33D0 34JD 34JH 
1690 1490 15J0 
40JX) 4130 41JJ0 
5U® 53L80 51-70 

2.90 19 * 170 

2950 29 JO 2635 
36 ® 3735 39.90 

135.00 137.00 13 SJ 0 O 

17.90 17J4 16® 


Sao Paulo 


Bovestn tote 961688 
Prate*: 1044732 


10.75 9 ® 9 ® 1030 

73000 71000 71 IL 00 71000 
5370 46 ® 4900 SI .96 
9400 82 ® 8302 W .90 
1700 1400 7400 7405 

54000 44000 47001 52000 

naubonco Pfd 995.00 542*1 554.99 sffljtt: 
iServtdos 431.15 41000 4 io.uo 42000 


BadescaPfd 

BmhaiaPfd 

Canto PH 

CE 5 ?P« 

Copet 

EMrobros 


Ughter"_._ STOOD 348.99 349.99 37000 



Ugltaxi 

PMraEras PM 277-00 23700 240.00 25501 


_ 16700 170.00 16 
39® 3790 39® 40JM 
9 JO 9M 9 JO 9® 
130.07 112® U5JI0 127® 

a lSOJU 153.00 15500 
11507 11501 13200 
32000 Ml 35000 
3600 34® 35JS8 34® 


mi? ass B- 5 B s>.ea 
24 ® 21 ® 21 ® 22 ® 


Sydney 


AS Orritawies: 2441 JM 
Prcteas; 2299 ® 


749 

+55 

4 ® 

+68 

ANZBkfeig 

10.15 

9 ® 

996 

9.09 

BHP 

1689 

1290 

12 V 7 

13 ® 


369 

3 ® 

285 

3 ® 


26 ® 

262 S 

25 ® 

7+50 

CBA 

1+47 

1607 

I 6 J 05 

14.90 

CC AreaS 

1185 

10-85 

11 ® 

1035 

Coles Myer 

7.10 

461 

6 ® 

630 

ComafcD 

570 

5 ® 

6 ® 

5 

CSR . 

*95 

*S 9 

*93 

+31 

Fosters Brew 

279 

2 ® 

7® 

269 


282 

210 

215 

7 

K 3 Austndta 

11 ® 

1073 

11 

1072 

Lend Lease 

29 ® 

2 B 30 

Mta 

2495 

MIM Hda 
NatAintBank 

1 ® 

2061 

134 

19 ® 

1 ® 

19 ® 

131 

1285 

HatMutunr Hdg 

248 

232 

230 

232 


+54 

649 

+40 

+20 


335 

216 

119 

3 


4 

260 

266 

364 


835 

7 ® 

8 

7 . 1 V 

RIO TWO 

17 ® 

1+80 

1*80 

1*05 

SJGcwgeBar* 

8® 

7.97 

835 

7.96 

WMC 

5 ® 

614 

616 

+90 


8 ® 

11 ® 

7.91 

11 ® 

0 

11 ® 

7JS 

11.07 

Mtootnorflu 

+73 

+27 

4 ® 

+10 

Taipei 

Stock MaMfetett 700936 
Protean 7210 J 1 

CoBroy Ldelns 

133 

129 

129 

125 

Chang HnroBk 

98 

a 

65 

93 

68 

93 

64 ® 


08 

82 

87 

84 ® 

China Steel 

1*10 

22 ® 

23 ® 

7240 

First Bant 

98 ® 

93 ® 

9250 

93 ® 


49 ® 

48 ® 

«® 

48 ® 

Him ?km Bk. 

104 

99 

99 

98 ® 

tattComniBk 

54 ® 

53 

53 

52 

Nan Ya Ptashcs 

51 ® 

49.10 

* 9.10 

49 ® 

SHn Kang Life 

82 

111 

00 

100 ® 

80 

100 ® 

77 ® 

in 

Tatung 

UMMkraEtoc 

30.90 

30 

30 ® 

29 ® 

U® 

60 

60 

6+50 

UWWaridCHn 

56 

5+50 

55 

54 


The Trib Index 

Pnces os at 3V0 P M. New York time 

Jan. f, 1992 v 100. 

Level 

Change 

%ciiwiga 

you to dote 
% change 
+11.47 

Work! Index 

166-25 

+5.01 

+3.11 

Regional Indexes 

Asia/PadHc 

102.77 

+5.24 

+5.37 

-16.74 

Europe 

185.85 

+8.16 

+4.59 

*1529 

N. America 

201.11 

+•1.62 

+0.81 

+2421 

S. America 

Industrial Indexes 

145.73 

-0.91 

-0.62 

+27.35 

Capital goods 

209.88 

+2.56 

+1J23 

+22.79 

Consumer goods 

194.50 

+9-86 

+5.34 

+20.49 

Energy 

197.53 

+7.09 

+3.72 

+15.71 

Finance 

118.92 

+5.24 

+4.61 

+2.11 

Mtscattaneaus 

164.76 

+14.87 

+9.92 

+124 

Haw Materials 

169.06 

+8.03 

+4.99 

-3.B0 

Service 

161.07 

+4.50 

+287 

+17.30 

UtiBtias 

157.59 

+1.10 

+0.70 

+9.B5 

The international Hemfd TrtDung WoM Sox* moax O tracks the US Cottar values Ot 
290 mtemattenatty Im^siabln stocks trom 25 tounmas. For more intomuwon, a free 
booklet ts BvaBaua by wmng ro 77w TnbinOax.181 Avenue Charles da G auig, 

92521 NeuByCedox, France Compiled by Bloomberg News. 

High 

Low dose 

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High Lew 

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MOxubtaN Kvy 
MRsuHstd Mol 


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MBWI 

Mltsol Fudosn 
MDul Trust 
MuraaMfg 
NEC 
N 8 nn 
NtoioSec 
NWendo 


is&s-sr 


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i Motor 

NKK 

Nomura Sec 
NTT 

NTTDotO 
Op Paper 
Osaka Gas 
Ricoh 
Rolun 
SctuaBk 
San kin 
SemnBank 
Sanyo Elec 
Secom 


4*3 

554 

1590 

956 

1380 

478 

4810 

1410 

1500 

4*5 

11400 

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505 

2*7 

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183 

14 ® 


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1378 

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613 592 400 58 * 

282 771 281 270 

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12400 124 ® 124 ® 112 ® 
503 4 ® 4*1 

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1270 12 ® 1250 1740 

415 405 413 4 ® 

mo mo im ms, 

mm 47 ® 4820 * 5 ® 

927 909 927 899 

1010 975 1010 977 

9070 89 ® 9070 

9 ® 


956 970 


Tokyo 


Kltel 225 : 16857 ® 
Prate*: 1 * 311*8 


Cowpotee tote 58664 
Prate*: 48628 


ABnomata 

Anliippon. 


55100 69200 53500 53600 

s*io am mo 5010 

151 ® 137 ® 140 ® 140 ® 
8570 8570 8570 7740 

16700 152 ® 160 ® 15500 
• 4*20 4300 am 42 ® 

1 %® 173 ® 18*00 187 ® 
47 900 43 S® 448 ® &UH0 
354 ® 31000 32700 32 B 0 C 
47 SK 3 410 ® 433 ® 442 ® 
7*50 70 ® 74 ® mi 

3580 ® 3150 ® 3285 ® 3315 ® 


Montreal 


MHffite tote 32067 * 
PlMOOS 32 H 57 


Singapore 



Ate Poe Bran 
CerabosPoc 
OtyPe idb 
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6® 

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176 

1*4 

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154 

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115 

236 

1.96 

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334 

110 

118 

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IBJ 

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JOKO 

Kflitoa... 

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Kao 

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Kain Steel 
KJnU Nipp Ry 
Kirin Brewery 
Kobe Steel 
Kanatn 

Kubota 

Ktroosn 

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4950 

1130 

4710 

1390 

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1010 

4170 

1360 

294 

437 

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2810 

577 

2130 

1730 

924 

229 

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1060 

c !47 

485 

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5 X 1 4 tote 222897 
Prates: 3014 ® 


107 ® 

99 

103 104 ® 


65 

W 

82 

238 

220 

223 

208 


Man! _ 

Motor Conn 
Motor Bee lad 
Matsu Etocvn 
MBwbtoij 
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1140 

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USD 10® 1080 

595 405 585 

32® 3340 31® 

622 *38 640 

535 553 538 

B30 850 821 

S33S 1610 14» 

505 515 510 

2679 2700 27® 

3060 3110 28® 

2810 2020 zam 

1940 1970 IK® 

2370 2380 2330 
560 568 525 

1040 1060 962 

*35 441 445 

11® 1W0 1160 

724 747 682 

3800 a 4020 a 4600 a 
35 ® 2750 2570 
5770 a 55300 546 ® 
18 ® 19 ® 1870 

48 ® 48 ® 4870 

1090 11 ® 10*0 

*510 *590 4579 

13 ® 13 ® 1310 
11® 11® 11® 
984 991 854 

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12 ® 1270 1170 
289 290 277 

*77 437 *13 

6030 4140 61 ® 
m *14 402 

9770 a 98500 9770 a 
2730 27 ® 27 ® 

565 570 5 ® 

2100 2120 2090 
1690 1690 16 ® 
315 320 

220 227 

664 *70 

1030 10 ® 1030 
1*1 I® 1® 
6 ® 675 

465 467 ... 

73 ® 73 SS 73 ® 
19 ® I 960 19 ® 
443 452 

373 386 ... 

2020 30 ® 20 ® 
42 ® * 3 ® * 1 ® 
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11 ® 1120 1090 

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770 270 247 

*26 477 *74 

1430 14 ® 1520 


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ShUvetou Qi 
5Hsefda 
StftuokaBk 
SoObanii 
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SumOomo 
Samlioaia Bk 
Swnll Own 
Sumltanio Elec 
Strain Metal 
SuntH Trial 
TotahoPhann 
TMeoaCIiem 
TDK 

Toboku EIPwr 
Total Bank 
lotto Marine 
Tokyo BPw 
Tokyo EJearan 
TotaoaB 
Tokyu Carp. 
Tonai 

Toppan Prim 
rind 


Tataan 
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Toyota Motor 
Yuroanoucta 


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38® 

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431 

1670 

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900 

3290 

3480 

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2320 

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290 

513 

920 

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685 

571 

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920 

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1930 

5 ® 

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1220 

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2930 

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8 ® 899 

1340 1380 

418 430 

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953 976 

3230 3770 

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10100 1030 D 
I 960 2000 

739 746 

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6530 6590 

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905 915 

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671 680 

S 5 B 570 
17 ® 17 ® 

867 910 

3520 3570 

29 ® 29 ® 


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541 

2990 

1560 

1230 

3510 

10300 

083 

1430 

418 

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276 
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32 ® 
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93 ® 
19 ® 

719 

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503 
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1480 

708 

565 

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Neunrldae N 
NorandaTnc 
Noraen Energy 
Nthem Telecom 

Nora 

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Prorata Petto 
Petal Crta 
Placer Dame 
PocoPeta 
Pateti Sask 
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RbAlgam „ 
Rogers Canid B 
Setronm Cio 
ShelCda A 
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Trim 
Thomson 
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Trimark FW 
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11*5 12 J 05 
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76.70 73Vi 
25 24<4 

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ATX tote 136*28, 
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TSE I Wtotfriota 6827*3 
Praters: 673631 


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MoonflBldf 


A 


V 




PAGE 16 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 30, 1997 


Wednesday’s 4 P.M. 

The 1,000 roost traded National Motet securities 



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(Continued) 

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i d'pjl if' 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 30, 1997 


PAGE 17 


ASIA/PACIFIC 


ft furmoil Exposes Vulnerability of Asia’s Banks 


By Sandra Sngawara 

Washington Pag S* 




.-TOKYO-- There was cheering. There was 
rebef, as the Tokyo stock market limbed 3.34 

ftfS^percent We^esdav^n uaa 111 western count 
S’Vrise Bu?S?l >ntbebackofWaIl wedl-developed debt capital i 

tit yet time to breS om b * countries do not * *“ 


; :The stock market turmoil 


e. 
swept 


spark a new round of defaults, burdening the 
region’s already fragile banking sectors. 

A banking crisis is unsettling for any conn- 

try. But in Asia the grip of the banking sectors 
on the local economies is deeper and stronger 
than in many Western countries that have 

markets. Asian 
not, thus banks are the main 
engine of credit creation, according to Roy 
Ramos, Hong Kong-based regional banking 


. c 

■V 

I 


VJi 

-rV 


though Asia and then rolW th^nh ~«aos, «ong i^ong-rasea regional banking 
^balmarketshas^osSafermrSSp^S^I analyst for Goldman, Sachs & Co. With few 
woblem here then just falling stock prices. It 
focused the spotlight on the massive array of 

eauiroecTto auicWv ciMiI ) S5h lg ,f ystems aiterDat ^ ves ' such as bonds or mutual funds, 
y 1 ^ ^ dan g erou sly most Asians put their money in banks. 




tottering mess 
: * Asia s towering office braidings, massive 
bridges, posh golf courses and new factories 
that for years have been touted as symbols of 
success from Seoul to Kuala Lumpur and 
Bangkok have instead, in many cases, turned 
opt to be glitzy symbols of Asian banian e 
-rstems run amok. 6 

Even before the recent market trm nl t , 
banking systems from Japan to Thai- 
land were buckling under the weight of hun- 
dreds of billions of dollars in bad debt. Now 
rapidly falling currencies and high interest 
rates are threatening to bring down the sky- 
high prices of property in Hong Kong and 
other countries, which analysts fear could 


Unfortunately, in many Asian countries 
these considerable savings were thrown at 
unproductive projects. The spending spree 
was designed to fulfill grandiose dreams of 
leaders in some countries, such as South 
Korea, Malaysia and Indonesia, who wanted 
to transform their countries into industrial 
powerhouses in steel, chemical, automobiles, 
and semiconductors. In other countries, such 
as Japan, South Korea and Thailand, banks 
were expected to fund operations of compa- 
nies in their groups and to continue to support 
those companies during tough times. 

During the go-go years of the 1980s and 
1990s, these systems enabled smaller coun- 
tries to funnel capital into key industries that 


Weston banks might never have funded if 
they were nring American-style profit and 
cash-flow analysis. This kind of relationship 
bs nlqng gave nse to South Korea's chaebols, 
Japan’s keiretsu , and the massive conglom- 
erates run by tycoons in Thailand, Malaysia 
and Indonesia. At institutions dominated by 
overseas Chinese families, relationship bank- 
ing enabled quick loan decisions and fast 
investment action, winning praise from many 
Western analysts over the years. 

Bui globalization and the flow of inter- 
national capital changed the rules. So, too, did 
the decisions of bureaucrats across the region 
to funnel their money into the same highly 
cyclical industries — such as consumer elec- 
tronics — which ultimately made the region 
collectively, and thus more intensely, vul- 
nerable to any downturn. Meanwhile, en- 
trepreneurs with few connections and no 
grandiose plans, the source of much job cre- 
ation in industrial countries such as the United 
States, found it difficult to get loans. 

With politicians, bureaucrats and the busi- 
ness elite controlling the banking system, 
there was little push for tough regulatory 
oversight Banks not only failed to properly 
evaluate the risk of loans, they made in- 
adequate provisions to set aside enough 
money to cover potential defaults. 

Japan’s banking crisis erupted when the 
bubble burst in 1 990, sending property values 


worrisome, some analysts say. 

idropi 


u Marlin finding Standoff, Kia’s Chairman Quits 

Resignation Eases Crisis at Bankrupt Group and Lifts Korean Markets 


COBikkdlyOiirSttflFiMtDtvuKkn 

< ' ' SEOUL — The chairman of Kia Group 
.{; resigned Wednesday and apologized to South 
Korea for the trouble he had caused, ending a 
three-month standoff with the government and 
f creditors who had demanded be step down. 

>: But Kim Sun Hong said Kia still opposed 

the government's decision to seek court re- 
... ceivership for the conglomerate's two flag- 
C ship automakers. Kia Motors Corp. and Asm 
• . Motors Co. 

• !. ; In July, Kia became die fifth Korean in- 
\ dusnriaJ group to collapse this year. The fi- 
nancial fallout over how to deal with the con- 
"Z glomerate’s $10 billion of debt has weighed 
heavily on stock, bond and currency markets. 

7. ,d : Korea's benchmark stock index rose 2.29 

percent, to 506.64, on Wednesday, partly in 
. anticipation that Mr. Kim *s resignation would 
‘..‘help resolve die Kia crisis. 

' ^ * “I profoundly apologize for causing big 
; trouble to the government, the people and Kia 
'' families,” Mr. Kim said. But, he added that be 
, 1 .’ believed that “receivership is inappropriate 
for a carmaker whose stage is the world’ * 

; rDLast week, Korea Development Bank, which 
: represents nine creditor banks, filed an ap- 
plication for court receivership for Kia Motors 
and Asia Motors. The court has not acted on the 
filing or Kia’s application for protection. 

'■ i The creditors’ move came after the gov- 
ernment said it would seek receivership for Kia 
Motors and then make state-run Korea De-. 


velopment Bank its largest shareholder. It said 
Asia Motors would be sold to a third party. 

Kia workers went on strike on OcL 22, 
arguing that the government move was a plot 
to dismiss Mr. Kim and hand over the com- 
a third party such as Samsung Group, 
i’s second-largest business group. 

Mr. Kim urged workers to return to the 
production line, but a labor union said it had 
no plans to end its strike until the government 
provided assurances that a third-party 
takeover of Kia Motors would not occur. 

Kia’s management has insisted on special 
court protection that would allow the com- 
pany to reschedule its debts raider current 
management 

The Korea Development Bank had no com- 
ment on Mr. Kim's resignation. But a spokes- 
man restated that creditors would supply 450 


billion won ($470.1 million) that Kia had 
requested after an administrator was named. 

Mr. Kim, 65, joined Kia in 1 958, when the 
company made bicycles. He is considered to 
be well-liked by workers at Kia, but other 
corporate leaders in Korea painted him as a 
reckless gambler whose mismanagement 
poses a threat to the Korean economy. 

While most of Korea's conglomerates are 
run by the famili es that founded them, Kia is 
the only major chaebol, or conglomerate, run 
by professional managers. Kia’s founders 
donated their stakes to the employees and 
others in the early 1980s, leaving no major 
family shareholders.' Kia Motors, the group’s 
flagship unit, is now 20-percent owned by 
foreign partners, notably Ford Motor Co., 14 
percent by employees and 23 percent by in- 
stitutional investors. (Reuters, Bloomberg) 



tun Sul Uns- 1 Bin'rt, 

Kim Sun Hong, resigning at Kia Group. 


EU Authorizes Vietnam to Step Up Textile Shipments by 30% Next Year 


Bloomberg News 

HANOI — Vietnam will be able to increase its textile exports to the 


the European Commission, commission officials said Wednesday. 

Although the 15-nation EU will leave its quota for Vietnamese 
textile exports unchanged, it will apply its export restrictions to fewer 
categories as' of January, said Ennco Grill o Pasquarelli, chief ne- 
gotiator for the commission. 

, The .agreement will come as welcome relief to the Vietnamese 


government, which has seen its export competitiveness threatened by 
currency devaluations in other countries in its region. 

Separately, U.S. officials said they feared Vietnam may violate 
terms of the first economic treaty signed by the two former enemies, 
saying there was “no evidence' ’ Vietnam was taking steps to ratify an 
agreement on intellectual property rights that was signed in June. 

Joe Damond of the U.S trade representative's office is in Vietnam 
and may meet with officials Friday to determine what progress has 
been made toward ratification. 


n 


niiirrU INDONESIA: IMF Support 


Continued from Page 13 


liaye to cover the foreign exchange needs of Indonesian 
companies that have run up debts of at least $61 billion, more 
dan half of which has to be repaid or rolled over in the next 32 
months. 

The credits approved by the IMF also would be needed to 
bolster confidence in Indonesia if politically painful reforms, 
such as phasing out government subsidies, closing some 
• .. . • - ■ — .are to 


w carried oul 

;! After talks in Jakarta on Wednesday, Prone Minister John 
Howard of Australia said he had indicated to Mr. Suharto that 
Australia would provide loans ‘ ‘subject to Indonesia meeting 
conditions laid down by the IMF.” 

- He added that any Australian money would have to be part 
of a package or arrangement that was supervised by the 
JEMF 

-Neither Mr. Hashimoto nor Mr. Howard mentioned any 


specific figure, but both governments made significant con- 
tributions to the $17.2 biUic 





ion international loan package the 

fliff arranged for Thailand in August. 

7 The United States made no direct contribution to that 
package, prompting a senior Thai official to accuse the 
CUnrofl administration of showing “benign neglect toward 

tfye Asia-Pacific financial crisis. 

JFln an interview Wednesday ra Singapore s The Straits 
%imes. Kobsak Chutikul, director-general of the De^tment 
of Economic Affairs in Thailand s Foreign Ministiy, said the 
United States, as the world’s largest economy, had the fi- 
nancial power to help restore calm. , „ . 

.*« "Instead, the U.S. adopted a policy of benign neglect, be 
Was quoted as saying. “And their sUence was deafening. 

- Explaining the importance of stabilizing * e l . n ^ e ™ 
«Smy. th! largest ua Southeast ^ 
the focus of the financial markets had shifted fro m the Thai 
baht, whose July 2 float triggered Asia-wide turmoil m 
currency and stocks, to the Indonesian rupiah. 

“We^have to settle these problems one by one; this isv®7 
ipSr he said. “Without, stabitizmg A*™; ^renews, 
Stecurreni confusion in financial markets will not end. 

® Tuesday, the . IMF's fir* deputy ^man- 
A - ^ c tun lev Fischer, said the fund was close to 

^“gtundenake 

Reform mS >«f^lS?S 4 p^S toresis,,i,el[MF 

in last-minute batgmnmg with tte Fund- 


1 l‘ 




PIAILAND: Appeal to IMF 

' Continued from Page 13 

tan originally planned Imnejq*^ 

economist at a major inteman debt will be 

• *. Bu , the govemr^^l 0 ^ £ borrowing, bor- 
repaid. All the government talks auum 

rowing, borrowing.” — - 


fetter bsugaining position t0 lose , b 

, ^s^iHiU lose 

of so-called Yankee bonds am* 
before the fall of the baht. 


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f lummeting and bad loans soaring. Schroders 
ecurities estimates that, seven years later, 
Japan’s leading 20 banks still have at least 
$356 billion in bad debt. Japan’s smaller 
banks and financial institutions are even more 


r 'n the Nikkei stock 
added threat of an 


Along with a sharp i 
index, this week brought i 
Asian-wide collapse in the value of property 
and other assets, something that would trigger 
another round of defaults. Japanese banks 
aggressively expanded into Asia in the 1 990s, 
because business in Japan had slowed. When 
the currency and stock market turmoil seemed 
contained in Southeast Asia, analysts largely 
shrugged off the risk Japanese banks faced to 
problem loans in this region, saying they were 
minimal compared with domestic "problems. 

But when it started to spread to Hong Kong. 
South Korea, Taiwan and even China, that's 
when things changed, said Minefco Sasaki- 
Smith, a Tokyo-based economist with Credit 
Suisse First Boston Securities. 

Investor anxieties were fueled by the fact 
that Japanese banks will not disclose details of 
their Asian loan operations. 

“What we are seeing is the bursting of the 
so-called overinvestment in assets bubble," 
said Ms. Sasaki-Smith. '‘We are seeing the 
beginning of this, and this is not the end. It's 
safe to assume there is going zo be asset 
deflation.’' 


Investor’s Asia 


Singapore 
Straits Times 


Tokyo 
Nikkei 225 



J J a s 6 


1997 


M J J A S O 
1997 


M <1 J A S O 
1997 


Exchange 

Hong Kong 

Index 

Hang Seng 

Wednesday Prev. % 

Close Ooae Change 

10,7^30 9.05949 *18.8£ 

Singapore 

Straits Times 

1,541^9 

1 .497.08 

+2,96 

Sydney 

AH Oidtnaries 

2,443,00 

2^99i(> 

+6.25 

Tokyo 

Nikkei 225 

16,857.04 

16,312-69 +3.34 

, Kuata Lumpur Composite 

662.48 

647.32 

+2.34 

Bangkok 

SET 

457.16 

460.80 

-079 

Seoul 

Composite Index 

506.64 

495.28 

+2.29 

Taipei 

Stock Market index 7,08&56 

7^10.01 

•1.87 

Manila 

PSE 

1314.15 

1.740.18 

+4.25 

Jakarta 

Composite Index 

4724)5 

448 00 

+5.37 

Wetting ton 

NZSE-40 

2^76.88 

2,162.01 

+9.94 

Bombay 

Sensitive Index 

Closed 

3,934.33 

- 

Source Telekurs 


InlrmuH-nJ Ikiikl Tiihurv 


Very briefly: 


• Sydney's stock exchange had lo call an unprecedented early 
halt to trading because iis computer system was overwhelmed 
by the market's largest -ever gain. The benchmark index rose 
143.8 points, or 6.3 percent, to 2,443, before trading was cut 
short 30 minutes early. The gain almost erased a 7.2 percent 
fall Tucsdav . 


■ Singapore's high court dismissed a software-privacy suit 
brought by ihe Business Software Alliance, a U.S. industry 
group, against SM Summit Holdings Ltd„ a Singapore 
maker of audio tapes and CD-ROMs. 

■ South Korea and ihe European Union signed an agreement 
that would open the country’s market lor telecommunications 
equipment lo European suppliers. 

• Shell Cos. in Thailand, a unit of Royal Dutch/Shell 
Group, could be forced to cut its investment in the Thai reiail 
oil market by half because of the country's economic down- 
turn. the company's chairman said. 

• Commerzbank AG is seeking a seat on the Tokyo Stock 
Exchange to help expand iis equities business in Japan, an 
executive of the bank's local securities unit said. 

■ Emerson Electric Co. of the United States, the world's 
largest maker of air-conditioners and refrigerator compressors, 
will spend $180 million to build a plant in China in its largest 
Asian investment. 


■ Japan's Ministry of International Trade and Industry declined 
to forecast industrial output for the current quarter, in what 
economists said was a signal the government was becoming 
cautious about projecting economic trends. 

• Taiwan’s investment in China rose 14 percent in the first 
nine months of 1997. to $1.09 billion, despite Taipei's go- 
slow investment policy toward the mainland. Taiwan’s In- 
vestment Commission said. 


• Southeast Asia faces the likelihood of sharply increased 
inflation, John Greenwood, chief international economist at 
Chancellor LGT Asset Management in San Francisco, said. 

Bhx.Mht-ri’. Reuii'n 


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id Crisis, 


Asians Shift 


Priorities 

Global Diversification 
Takes on New Appeal 


By Thomas Fuller 


K uala lumpur — As 

Asia's developing economies 
galloped along in recent 
years, private banks wel- 
comed the region’s nouveau* riches 
with open arms, provided, of course, 
that they handed over$ 1 million in cash, 
a standard minimum investment 
Many of these new customers told 
private bankers to dispense with the 
conservative portfolio strategics of Old 
World money. Markets were booming 
and 10 percent annual returns seemed a 
European anachronism. 

“Typically, response from oar cli- 
ents three or four years ago would be, in 
a discussion with a portfolio manager, 
‘It's not really the sort of thing we're 
looking for. I can make 30 or 40 percent 
in Malaysian or Singapore stocks in a 
couple of weeks,' ” said Jeremy Mc- 
Ateer, head of the private banking in- 
vestment group at Union Bank of 
Switzerland in Hong Kong. 

To meet the demand tor higher re- 
turns — and higher risk — UBS -com- 
plemented its global portfolios with 
more aggressive financial instruments, 
establishing in late 1995 the Asian 
Growth Portfolio, centered around die 
region's equity markets and which had 
returns three times greater than a stan- 
dard industry benchmark in 1996. 

Then came the Southeast Asian 
wake-up call. 

As stocks tumbled and currencies 
plunged, investors who had heavy 
Southeast Asian weightings in their 
portfolios got burned. 

* 'As this band wagon has rolled over 
Asian markets, we’re finding more and 
more that people are accepting die ar- 
gument of diversification,” said Mr. 
McAteer. 

Continued on Page 20 



The Cachet of Private Equity Deals 

Huge Returns From Fledgling Businesses — but the Risks Are High 


By Conrad de Aenlle 

L ONDON — The rich don’t get richer by doing the 
same things with their money as everybody else. In 
addition to owning publicly traded stocks, bonds 
and mutual funds, they can take part in private, 
equity projects: very risky investments in fledgling en- 
terprises dial frequently compensalefFor that risk by provid- 
ing very high returns. ..or 

The extremely high risk makes these the province only of 
the rich, as do the minimum stokes^ which typically are in 
the millions of dollars. Sometimes-: more than money is 
involved: If a buyer purchases alaige interest in a company, 
it may entitle him to a seat on the board and management 
participation. 

Even in a passive investment, through a fund that 
sprinkles money around a number of companies, the man- 
ager might only take investors with some business acumen to 
help source deals or vet potenti al add ition s to the p ortfolio. 


Bsuiks that cater to wealthy individuals are eager to tout 
their ability to arrange private equity investment, in part 
because of its exclusivity, which gives it a certain cachet 
Also, it is more profitable than other hanlring services. 

Portfolio managers who juggle the assets of die rich 
among tradable securities are a dime a dozen; banks, broker- 
ages, fund managers, accountants and independent financial 
consultants all do it squeezing fees and margins. Banks do 
not get as rich as they would like by helping their clients do 
die same things with their money as everybody else. 

Their interest in private equity investing, also called 
venture capital, coincides with growing demand among 
clients, bankers say. 

“It depends very much on die risk profile of the in- 
dividual concerned,” said Stephen Renals, who heads 
private banking at Dresdner KJeinwort Benson, “but the 
majority of private banking clients, especially after re- 
tirement, tend to be very conservative and risk averse.” 

Continued on Page l9 



In U.S., Brokers Gaining Upper Hand ; 


1 — week may change things, upping the 

.. ByEriklpsen balance back wore In favor ctf banks, 

1 T" : whose pitxhict' expertise is generally 

N EW YORK — All is not what perceived as wider. Crucially, in a worij 
it. seems Tn die plush confines ' where preservation of capitaloow surf, 
of U.S. private banks. Be- denly looms a great (teal larger ns'u 
neath the euphoria shared in concern for the wealthy, bank s aMo 
recent years by private bankers across stand to benefit via their deep-rooted 
America, and beneath all their talk of reputation for conservatism and salcff. 
double-digit annual revenue growth, ~ On the other hand, if equity market 
lies a deeply troubling trend — a stead- turmoil proves short-lived. Amencin 
Uy eroding market share. banks have covered that bet as well by 

Even worse, the ebb tide comes in a snapping up brokerages around the 
country many see as a ^ trend-setter for country. "'With the banks buying 
the rest of the developed world. brokers the same assets that have been 

*T think that the brokers are winning running out their doors for years are 
the battle and I think" that the private now coming back,” said Barry Sloane, 
bankers now know it,” said Michael head of private banking for Credit 
Mas! inski, a London-based banking Suisse in North America. While that 
consultant Others are even less kind, sentiment may be premature, in time it 
insisting that private banks have fallen could well prove accurate, 
to third place in terms of market share Observers note, however, that symp-a 
momentum, in a race that now includes tomatic of the banks' current pligntiL j 
fund managers. most of the acquirer batiks have elected 

James Aiello, a -former banking in- to run their new brokerage houses "fit 
d us try consultant and now a marketing arm's length and even to allow them to 
strategist at Salomon Brothers, points in keep their old names. As long; as brokers 
particular to the recent success of Fi- maintain the winning hand with the rich, 
delity Corp. in signing up the rich. “It that could well prove a marketing ad- 
scares die socks off of the J. P. Morgans vantage. 

of die world who used to have a lock on As it is, though, private bankers insist 

that business, and it also scares the likes they have nothing ro be ashamed of. 
of Merrill Lynch who are going after When it comes to investment expertise, 
that business too.” he says. notes Axjun Mathrani, head of global 

Observers credit the fund managers private banking for Chase Manhattan, 
with advantages ranging from better . big banks are no slouches. He notes that 
portfolio performance to'superior mar- Chase as a whole has SI 30 billion 1 in 
keting and mastery of technology. To client assets under management. _ < 
make matters worse, those are die same Just as importantly, Mr. Mathrani and 

advantages shared to an only slightly many other private bankers point out 
lesser degree by the brokers in their that managing a client's assets is nbt 
endless duels with the private banks. even die most important pari of thtiir^ 
The banks, though, are not about to business. At Chose Private Banking! 
cede such a lucrative and fast-growing which has 22 private banking branches 
business as catering to the rich to any- in North America, asset management 
one without a fight. In fact, they may not accounts for less than half of both its 
have to if, as some analysts insist, revenues and profits, with lending, cas- 
presem disadvantages prove transitory, tody and trust services all contributing 
For one thing, both fund managers generously to die bottom line as well, 
and brokers have benefited immensely Private banks in North America hope 
from die long bull market in stocks, an to convince customers that they are the 
asset class widely seen as their natural equal of the brokers in terms of in- 
bailiwick. The severe hammering of 

equities prices around the work! this Continued on Page 19 





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INTERNATIONAL HERALD TRIBUNE, THURSDAY OCTOBER 30, 1097 


PRIVATE RANKING / A SPECIAL REPORT 


PAGE 19 


tBanks Move to Simplify Operations and Cut Exp 


enses 


By Conrad de Aenlle management at 

■ * — Hongkong Bank, Hang Seng 

r QNDON — Having a 

solid . brand nmeK bS. BnflSh ' m,estmem 
good; having neariy a 


L 


y - we Had a very complex 

S^ 3 m sttncmreandaloT^fSS;,- 

^ ?rtW Swift -fr 


# , — iuv MUC 

company is not so good. Paul 
Selway Swift discovered this 
when HSBC .Holdings save 

him thnfAdlr rvfatrau.ul: ■ 


was not an 'easy product to 
introduce 1 to new • clients, 
when you" have so many 


' '< 


private tanking opeSS • eye L gl ! iz ?..° v “- 

S£3& n ‘ 

“>W «- And moi^roductivelyand 
fenwit lines of business. What profitably. The surfeit' erf en- 

2£££&S^ t ?° ngh ’ was tiUes Private banking at 

b 3E e ?* iBBd . HSBCwaf^mptomSfm 

m priJSSKiS 1 ?- 0 * bus Yi ess - inefficiency ihat it and many 
*-« Pn ^“ e . ba S n g ^ Hsbc private tanks ; have bS 
conducted by Samuel .. working to eliminate. It is a 
,Monpgu in Bntaw. Guy- puSSr.™SSSSir«flJ 

■ ^ntLTl,^£ e !J? d ^ nd field becomes crowded whh 
^Trmkaus & Burkhardt in Ger- late arrivals offering private 

9* er P n ^de banking client services and as Hanirg 
HJ B <p were beCome more eager to boost 
i. .Midland Pnvate Bank Inter- returns and shareh ol der value 
Bnns h Bank of from all their operations. 

■*e Middle East and HSBC ... The three WgSwiss banks, 
i ; Investment Bank Asia. There Credit Suisse, Union Rank of 
■■f^srz also snippets of private Switzerland and Swiss Bank 


Corp., have led in restructur- 
ing their private hanks. Jan 
Orton, editorof the newsletter 
Private Banker International,: 
observed. 

“They have better invest- 
ments and systems, and they 
have refocused- their market- 
ing activities,” Mr. Orton 
said. “They are using their 
muscle to crane up with in- 
teresting investment products, 
and they have' woken up to the 
feet feat they can't wait for 
people to walk .in the door. 
They are also sorting out fee 
back office to make sore they 
can meet much higher client' 
expectations.’* 


T HE Swiss banks, 
having latched onto 
the globalization 
theme made popular 
.by American banks, have also 
boosted business in various 
regions through acquisitions, 
he said. In one - of many -ex- 
amples, 1 SBC . Warburg 
bought ■ Standard Chartered 
Bank's private client interests 


m Asia and will set up fee-first 
private tank in Japan. ; 

A key aim of the restruc- 
turing is reducingexpenses in 
: what is ope of the most labor- 
intensive banking activities. 

' “Everyone is looking hard 
' at the bottom line,” Mr. Sel- 
way Swift said, “very bard at 
the expense line/’ 

■ Cfap y » ' Manhattan, for in- 
stance, induced the staff at its 
. Geneva-based private bank to 
167frara 179diiring 1996and 
cm its operating expenses by 
14 percent. At two other glob- 
al banks. Credit Suisse add 
Citibank, private bank oper- 
ating expenses have risen over 
fee last year, but by far less 
than fee increase in revenue. 

The industry is trying to 
improve performance, but 
performance is not bad. at the 
private, banks of these global 
institutions. All three stare in 
their most recent ‘financial 
.summaries feat profits .were 
stronger at fee private-banks 
than ax their --corporate par- 
ents.' 


.. :>• ** 
. . ,-afj 

‘ ->> «1H 




She Cache it of Private Equity Deals 


f «W- 


^ //wi.Vfl 


" T Continued from Pace 18 head ° f «wpora^ fiance, 

, • ^ noted. We can undercut any other M&A 

><ak*T — , • house,” he said. “If we get the money to 

Ho conceded, though, that private manage after selling fee business, it 
■••bj Lsquity “is going to be an increasingly means we r?n put together a fee package 
»*> ;>biggex topic in private banking” as en- that reflects the feet that we’re doing two 
>j rprepreneurs become a largo- part of banks’ nr thiw; thing s instead nfnnft ihmg ” 

« elient bases. They are more inclined to Doing several things instead of one is 
:v ..take risks, as feat is bow they made their how hanks can make serious money in 
• i /money in the first place, and they un- . private equity. Courts might be able to 
- ^ demand the needs of small businesses introduce a customer looking to make a 
^ :4nd can provide expertise and capital. venture-capital investment with one who 
‘y Joel Katzman, president of alternative wants to sell a business. Chase, fee largest 
... .investment at Chase Manhattan Bank’s American bank, has lots of corporate 
v' 'private banking division, agreed that in- banking clients looking for finance and 
ieresi has grown. “It has been very, very- private banking clients with assets.' 
.tptipular in the U.S. for several years Handling the buy and sell sides of a 
'.among wealthy families and continues transaction, collecting a fee from each, 
to be extremely popular,” he said. He while risking none of fee institution’s 


, finds less interest in Europe. 


capital is as close to perfection as it gets 


Far more than in the past, private for a banker. 

- banking relationships are starting wife Maybe it’s too perfect Linking two 
. ^<the sale of. a family-nm company to ■ clients in a deal may be fee best solution 
. * Hi jjnlock the wealth tied up in the firm.- for a bank blit maybe not for each client. 
'✓This burgeoning constituency com- Mike Stevens, head of maoagement- 
T pelled Coutts & Co., fee private banking -buyout services in Britain for the con- 
arm of National Westminster Bank, to sultancy KPMG, which competes with 
-.form a corporate finance division, not banks to arrange sales of small cornpa- 
l< traditionally a private banking area. pies, said that when, looking for in- 
Arranging the sale of a business can vfestors, “the idea . of trying to grope 
^am fee bank as high a fee as h craild through piles' of private individuals is 
■ make managing the same amount of something we don’t make much of." - 
-money for a couple of years, Nick Som- ' Private buyers, unsure of how to value 


A survey published by the 
international ' - consultancy . 
Price Waterhouse notes that 
books is those countries labor 
under very high ratios of cost 
to income — the proportioirof 
each dollar brought in feat is 
spentgenerating feat dollar. . 

"‘Inis appears due to the 
high cost of operations in 
these markets and also to high 
levels of investment in tech- 1 
nology and other areas of fee 
business,”’ according to fee 
survey. . . 


R eviewing fee 

broader industry, 
the survey said: “It , 
is apparent feat there* 
is a core of underperforming ; 
private banks. Several partic- 
ipants, however, are achiev- 
ing an Impressive financial 
performance. This reflects the 
fact feat, properly structured, 
private banking is a highly 
profitable business, com- 
pared to other lines in finan- 
cial sendees.” 

Pro p erly structuring HSBC 
will involve “getting the 
names right first, then stream- 
lining fee business and sys- 
tems,” Mr. Selway Swift 
said. 

Samuel Montagu, Guy- 
erzelier, and Tnnkaus & 
Burkhardt, because of feeir 
strong brands, will keep op- 
erating under those in 
their domestic mflrfcRtft. The 
rest will come under fee um- 
brella of HSBC Investment 


a company, would be Inclined to offer 
less than its true worth, to be on the safe 
side, be said. XPMG- prefers to seek buy- 
ers among venture -capital funds or trade 
investors. ‘‘The difficulty isn’t finding 
money, it’s finding good opportunities, 
good companies for rale,” he added. 

“The two keys are suitability and 
disclosure,” Mr. Katzman. of Chase 
said. “People dealing in this world know 
there are multiple roles. Clients are so- 
phisticated; they have a clear under- 
standing of what they’re getting into.” 

All fee same, Steven Galante, editor 
of fee private equity newsletter Asset 
Alternatives, said that banks must be 
extremely -wary of the potential for con- 
flict of interest and its consequences. . 

..“These investments are so difficult 
feat it’s hot unusual for some percentage 
of deals' not to work out,” he warned: 
“You’re working on reputation; for a 
family to make a private equity invest- 
ment, there's some element of risk for a 
bank. You’re having to do<lue diligence 
or in some way vouching for fee com- 
pany's credibility. If fee deal goes 
wrong, it won't look good for fee bank. It 
may provide some short-term benefits, 
but irs a fairly risky proposition.". ; 

CONRAD DE AENLLE writer about 
finance and investment from London. 



Bank. The next step is making 
fee private bank’s various 
parts aware of each- other’s 
client base and range of 
products and services to in- 
crease cross-selling, a move 
similar to the strategy em- 
ployed . by Americas ■ and 
Swiss global banks. 

• If done right, it will mean 
more choice for customers 
and*, higher returns for fee 
bank. 

"We want to try to have 
investment products suitable 
for more than one office, al- 
though there will have to be 
local variations,” Mr. Selway 
Swift said. “You. want to be 
very careful not to reinvent 
the wheel each time yon open 
a new office.” 

The same, approach will be 
tried 'wife technology. Sys- 
tems developed in Hong 
Kong will be implemented 
throughout the bank. 

HSBC’s goal for its private 
bank is to boost return on 
equity to 20 parent, fee level 
fee bank’s brain trust expects 
for all its operations. In die 
first half of 1997, fee HSBC 
group’s return an equity was 
225 percent. 

“It’s certainly possible to 
produce those kinds of re- 
turns in private banking." 
Mr. Selway Swift said. His 
own bank “doesn't yet but is 
perfectly capable of produ- 
cing those returns in a short 
space of time. We’re headed 
in tiie right direction.” 





jj- 1- 


Snulac \vJu,tHT 


A Besieged Industry Battles to Save Clientele 


Continued from Page 18 

vestment performance, and beyond that 
to remind them feat there is much that 

private hanks rtn a n d do better than either 
brokers or fond managers. 

Superior service remains one of fee 
most important of those things. ’'Try 
reaching a so-called customer service 

wSl see what a daonting^sk it las 
become,” said James Schlagheck, head 
of fee New York office of Switzerland’s 
Bank Julius Baer. 

On the other hand, he admire that ser- 
vice has taken on a new meaning at 
private banks as welL “The days of 
private banks being dog walkers, nannies 
and baby-sitters are numbered,” he says. 


“These days clients are more eager to talk 
wife us about the impact of the European 
single currency on their portfolios than 
they are about getting opera tickers.” 

At Credit Suisse which — even as its 
merger wife insurer Winterthur is still 
pending — already describes itself as fee 
world’s third largest financial institu- 
tion, superior service is billed as a side 
effect of size. Among other things, Mr. 
Sloane says feat it can get its private 
banking customers an individual loan as 
big as they want (and can afford), where- 
as other institutions stop at a piddling 
4 "$20 or $30 million per client/* 

When it comes to service or anything 
else, one of the most important contests 
between brokers, investment managers 
and private bankers is for the staff to 
provide those services. There, too. 


buoyed by record years in the stock 
markets, fee advantages weigh heavily 
in favor of fee brokers. 

Their commission-based compensa- 
tion systems typically mean that brokers 
make a great deal more money than 
bankers serving the same set of clients. 

At Merrill Lynch that fact of life has 
meant that a lot of people who pass 
through training programs at private 
banks soon sign up to work at Merrill 
Lynch. “In what industry that you have 
ever heard of do fee best people not want 
to get fee highest compensation,” asks 
Donna Curry, director of private ad- 
visory services at the broker's New York 
headquarters. 

ERIK IPSEN is a journalist based in 
New York. 


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May 12, 1997 

Paribas leads the first 
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Fiuro 1 50 million 


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' PAGE 20 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 30,1997 

PRIVATE BANKING /A SPECIAL REPORT 


For Asians, 
A Wake-up 
Call on Need 
To Diversify 

Continued from Page 18 


David E. Cripps, senior portfolio 
counselor at Citibank Private Bank in 
Hong Kong, says investors in Latin 
America went through a similar reck- 
oning following market turmoil there 
two years ago. “The people who have 
ridden it through [with concentrations] 
in these countries have probably taken a 
pretty rough ride. When the markets 
have come back, they feel better about 
it, but I think they would still feel better 
about being globally diversified after 
that experience." 

The lesson: if you create your wealth 
locally, preserve it globally. 

In interviews, private bankers said 
clients were often tempted to retain 
heavy weightings in Asian markets be- 
cause they felt they knew them well — 
useful in a region where knowledge of a 
company's political connections can of- 
ten be more useful than a look at its 
balance sheet 

Henri W. Leimer, chief representa- 
tive in the Hong Kong office of LGT 
Bank in Liechtenstein, says the reck- 
oning often comes when clients sit down 
with him to map ont their portfolio 
strategy. 

"lithe client goes through that pro- 
cess. takes one hour and makes the pie 
chart then most Asian clients realize 
that they are overweight in their own 
market." Mr. Le Liner says. "And ob- 
viously as long as the markets are ap- 
preciating. they're making a lot of 
money. But if there is any land of crisis 
like we have now, they lose their 
shirt” 

Despite nearly a year of bearish 
trends in some Southeast Asian equity 
markets, it was easy for many investors 
to maintain heavy weightings — a dip in 
share price was often taken as a cue to 
buy. It took the currency crisis and last 
week’s shock therapy in Hong Kong for 
the new marker realities to set in. 



U.S. Investors 


Will* 


• I 


By Aline Sullivan 


N EW YORK — Private 
bankers have been inundated 
by calls from anxious clients 
this week. Some of their in- 
vestors are eager to buy shares at what 
they perceived to be temporarily re- 
ducedprices, others are concerned that 
the rising volatility is signaling' the end 
of the bull run. But the overwhelming 
majority are looking only for assurance 
that they should sit tight in what have 
become some of the most volatile mar- 
kets in memory. 

“We are getting a lot of calls, said 
Richard Pell, chief investment officer at 
Bank Julius Baer in New York. “But 
most of our clients seem to be taking the 
news pretty calmly.” 

Tony Guernsey, managing direcrorof 
UBS Private Bank North America in 
New York, seconded that observation, 
saying that he attributes his clients' 
composure during the plunge in Wall 
Street stocks on Monday to their di- 
versified portfolios. 

“We have spent years talking about 
asset allocation and qow it has paid off. 
Many of our clients were waiting for 
this correction: They were sitting on 
cash or unrealized margin capability 
and are able to think about buying 
shares at lower prices.” 

Indeed, some high-net-worth in- 
vestors have already started buying. 

Henry Gooss, chief investment of- 
ficer at Chase Manhattan Private Bank 
in New York, said one European client 
allocated $10 million to U.S. stocks on 
Tuesday. “Before that he had only a 
nominal position in the market,” said 
Mr. Gooss. 

Emilio Volz, vice president and sales 
manager at Credit Lyonnais Private 
Bank in Miami, said that many of his 
active equity clients want to purchase 
stock. “They agree with us that the 
fundamentals of the U.S. market are still 
there and that there is room to invest 
They think long-term and know that 
there should be no rush to sell when the 
market is down.” 

Investors able to buy U.S. stocks after 
the Dow Jones Industrial Average 
plummeted 7 percent on Monday and 


A bank official, right, helps a client at the private banking unit of the Far East Bank and Trust Co. in Manila. 


"The problem is always that the in- 
vestor's mind is shaped by what has 
happened over the last few years," said 
Thomas John, head of portfolios at 
Credit Suisse Group in Singapore. 
“Nobody could expect that this part of 
the world would go into a recession. It 
always seemed to be a temporary slow- 
down of a few mouths. And every slow- 
down would have seamed like a big 
buying opportunity in the equity mar- 
kets.” 


T HE CRISIS has caused many 
private banks to resort to heavy 
cash weightings. Mr. McAxeer 
at UBS says his Asian-biased 
portfolio took a 40 percent liquid po- 
sition in August — a decision the bank 
now celebrates given the plunge in 
Hong Kong. 

Mr. Leimer at LGT says his standard 
portfolio is now 20 percent cash. Both 
banks say that bargains in equity and 


bond markets could soon whittle down 
their cash positions. 

“The crisis provides some oppor- 
tunities," says Mr. Leimer. "Not ne- 
cessarily in Asia— I think it's alittie too 
early — but some markets and some 
stocks have obviously been affected by 
the Asian crisis and we will use this kind 
of cash to identify some issues which 
are hit by the Asian crisis and which we 
could pick up at quite good prices." 

•'Mr. Cripps said: "Wat we’re saying 
to our client is that this is an economic 
adjustment process taking place. And 
that in a sense, with these devaluations 
of the currencies, many of these Asian 
economies are on a much more com- 
petitive footing. Future growth potential 
has not been capped by these events." 

Mr. John of Credit Suisse said that, 
although valuations in some Asian mar- 
kets are already very low, it could be a 
'while before the markets take off. 

"A stock can stay cheap for quite a 


while before yon really make substan- 
tial amoonts of money." he says. 

Mr. Leimer, speaking from his office 
in Hong Kong, concluded that, from an 
investor’s point of view, the crisis has 
pot the region into perspective. 

"If you are within the Asian region; 
maybe you get carried away by the 
Asian story from time to time," he said. 
"1 think Asia is still going to be the 
greatest growth story in the next 
whatever, 20 or30 years. Bat within that 
growth, we're definitely going to have 
much more volatility than within mature 
countries." 

He termed as "aggressive" his port- 
folios that have 10 percent Asian 
weightings. The conservative portfoli- 
os? Five percent. "You can very well 
live with that, " he said. 

THOMAS FULLER is a special cor- 
respondent for the International Herald 
Tribune in Malaysia. 


before it made a. partial recoyetyj^ 

Tuesday afternoon certainly have tt$. }' 

son to feci smug, at least for. now. 0 qR . 

one dav after its biggest point drop g J - 

history^ the Dow rebounded 337.1C7 1 - 

points, or 4.71 percent, in record trading 

volume to end Tuesday at 7,498.32. 

European markets. . buoyed by the * J 1 
bullish sentiment on the other sideofthe ? 

Atlantic, also staged a partial recover . • • 

from what had been record point dn^ 

in many markets. 

But no one expects clear sailing - . ’ * 

“Every time we have a conection of. 
significance, substantial new money 
comes into the market,” said- MreGoa&j. 

“But a lot of people are really worried 

this time about the extreme volatility /. 

that we have seen on Wall Street to the 

past few weeks. For every ciienr tfcij 

wanes to buy shares, there is-one wboT -J ‘ • 

wants to reduce their exposure to stocks f , ~ 

because they simply feel nervous show 

the U.S. market.'* 

Simon Hayward, private banking 
manager at the Royal Bank of Scotland • 

International, is keeping his advice 
simple this week: "We are telling oar 
clients not to panic. Most of them are . 
okay. They feel that what has happened- 
so far is the correction everyone had . . _ . • 

expected. 

"They will only start to wantout if the . 

Dow Jones [industrial Average of lead- 
ing U.S. stocks] and the FT-SE 100 [in- 
dex of leading British shares} start to lose 
as much as they did in the 1987 crash." . 

That seems unlikely for now. at least- \ 
in the United Stares and Europe, the TT 
bankers said- The so-called correction . t -. 
on Monday was only about a thirdas 
large as the 508-point, or 22.6 percent, 
drop recorded on Oct. 19, 1987. Af.the 
same time, economic news on both sides . 
of the Atlantic remains encouraging. ' •- 

In Asia, the picture remains Weak, .. 
however. Few private bankers are at- , it , j ' 
corn-a ging clients to invest in Southeast - 
Asia, depute sharply lower prices. They ; .. , •- 
believe that dwindling demand for high- = 

tech exports will present Asia, long die ; " 

world’s fastest-growing region, from re- -jf t . 
cording much growth in the near future.' 

AUNE SUUJV4N is a freelance jour-. : ‘ v 
nalisi based in Greenwich. Cornual-. ' ' [ 
cut. 


Q &A /P. Daniel Bischof 


BIL- Private Banking 


in us 


Race to Woo Japanese 
Ahead of the Big Bang 






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Private banking, hitherto an alien concept 
to the Japanese, is an arena of asset man- 
agement business that remains largely un- 
exploited. Major domestic banks such as 
Sumitomo, Fuji and Daiwd. and their Western 
counterparts like Citibank and Credit Suisse 
are targeting this high-potential market 
packed with 600.000 high-net-worth indi- 
viduals with estimated combined assets of 
.. f.'i'i* -» - >i. Miki lunikawG Sfujkc With P. 
Darnel Bischof , head of private banking at 
Credit Suisse's unit in Japan. 

Q. I understand that private banking, con- 
ceptually. does not really exist in Japan in the 
Western meaning of the word. 

A. Absolutely. Private banking is rooted 
basically in the concept of universal banking 
because universal banks, like those in 
Switzerland, can offer all financial services 
under one roof. Japanese private investors 
have had to go for stocks to a brokerage 
company, for bonds and deposit to the h ank , 
and for insurance to an insurance company. 
They never could really combine their assets 
and have an efficiently managed portfolio. 

Q. Can you describe your private banking 
business here in Japan? 

A. Wehave been in private banking for some 
time and already have quite a good number of 
private clients in Japan. At the moment, we 
manage assets both offshore and onshore. They 
are quite balanced. We would like to- enlarge 
the base of clients with bankable assets of $1 
million to-$5 million. That segment has not yet 
been tapped by Credit Suisse private banking 
successfully. If you took at the documents we 
hand out to clients, we suggest that they have 1 
billion yen as a minimum investment, but I 
think this is very high by international stan- 
dards, and there are potentially many thousands 
of clients who are in the bracket of 100 million 
to I billion yen. 

• 

Q. How many clients do you have in Ja- 
pan? 

A We don't disclose figures as to assets 
and numbers, but basically there are a few 
hundred. 

Q. That appears to make quite a sizable 
amount of assets for you to manage 
’ A. Well yon must undersfend that Japan is 
potentially the second biggest private banking 
marker in the world. Japan has about half or 
two thirds the number of American higb-net- 
worth individuals, and an equivalent number 
as Germany and France put together. So po- 
tentially, we could grow very strongly hereL 

Mind you, Japanese investors are quite 
conservative. If you look ax the investments 
they hold, they are predominantly in rimp 
deposits and saving instruments and not so 
much m stocks and bonds. But I think there 
should be an educational process to teach 
Japanese private investors that a professional 


1 i .... ; . 

lead to higher returns, than just having the 
money in yen time deposits. 

Q. Under the current Japanese legal frame- 
work, are there any laws and regulations that 
stand as impediments to carrying out private 
banking as you would elsewhere? 

: A Obviously, we don’t have a universal 
banking license where you can do whatever 

Vdll W3nf with aiwumt Ta..»i 1. .. 


■ u -c “'ays, 

especially if you want to move [assets] in 


oul There is aquestion of flexibility as to time 
constraints. You set up funds and must run 
them for a specific time like one or two yeare. 
You cannot cancel them before they expire. 
But 90 percent of the private banking services 
can be carried out' more or less efficiently. 

Q. Have you encountered any difficulty in 
making your Japanese clients fully under- 
stand the concept of private banking? 

A Yes. it takes some lime to familiarize 
them with it but Swiss banks fit well with 
Japanese clients because both are relation-. . 
ship-oriented. We want to build and establish 
long-term relations and I think Japanese cli- 
ents are receptive to that. 

• 

Q. How has your business been going in 
recent years? 

A. The increase in the volume of assets 
under management has been tremendous. 

Q. In what way will the Big Bang de- 
regulation (in April 1998) facilitate your 
private banking business here? 

A The combination of banking and se- 
curities businesses would be a big boost be- 
cause it will enable Japan to offer banking and 
securities service in the same- business unit- 
Q. Is it your hope, perhaps, that the Big 
Bang will cause a shift in people '5 mentalities 
and that they will be keener to have a mor^ft . 
efficient portfolio management? * 

A. I t h i nk it will take some time. The 
Japanese are not accustomed to investing 
abroad under a modern portfolio concept. We 
saw a tremendous shifi in the early ’90s in 
institutional money from domestic invest- 
ments into foreign markets. I assume that 
when people realize how their pension money 
performs under an efficient portfolio concept, 
tnw may follow suit 
Q. What kinds of efforts will you make on 
the publicity front in Japan? 

' -7^* >r l vate banks are relatively conservative 
and don t do much advertising. But maybe we 
should do a tittle bit more publicity work. 

Would it be a problem to promote 
private banking as something for the rich in a 
counity where egalitarianism i& esteemed? 

A Sure.This may be a question we have to 
consider. But one must realize that if you want 
to do a professional portfolio management, 
you cannot have a very small amount. The 
nununum is $ 1 million or $2 million. . J 

Q. When I. learned how private bankers 
operate and what personal attention they give 
clients like walking their dogs and helping 
mem locate a good university overseas for 
men chridren, I thought that that sounded 
amtiar. If you look at Japanese banks like 

H exam P le - y°« sec bankers 
tsiting clients houses regularly, to pick up 
money, to advise them oTsaviJig pS aS 
loans and so forth. r 

A As I RWrtrintMwf rfi., I. . . I— 


bahL relationship approach as Swiss 

Mnxs _ We have a concept called "house 
npnsrm ? ? Urope ‘ For * corporate and a private 
uTaSJ ^ ¥ baak 15 ver X important But it 
rfinan^jif^iij 15311 ® 5 # 6 credlt u «*ons have no 

tfon| y ^y could real, y 

kSl tSt kp^ct range, it would be very 

relationsWn* C0Uld *** ^ “"“P* 

^emwSy™ 4 ^ 1 " a much nKjre .. 
Toty 0 is, a journalist based in 


: \ 


.ti 



t j* isSjO 


»rU v nTi 


t V.j «, 

H, 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 30, 1997 

PRIVATE BANKING / A SPECIAL REPORT 


PAGE 21 


Islamic Finance Spreads Its Wings 


thof 


to Jiijianm 

In / tin Ilani 


S By Bart?a ra Wall 

"7 A q ? ict revolution 
b takfog place m foe Islamic 
financial world Frustrated with 
the limited range of financia l 

* instruments on offer in their local mar- 
■ kfits, Mgh-ncT- worth Muslim investors 

•.•. are looking increasingly toward West- 
em banks and investment houses for 
h global investment oppo n u nirics 

In response, Islamic banks in the Gulf 
v ^ fittfiwhflic btc developing their own 
raft of products to entice investors back 
into the fold. 

.? Estimates of the marke r size of Is- 
r- lamic banking and finance range from 
^-<$80 biUzofl to $150 billion, while figures 

y supplied by the International Associ- 
abon Islamic Banks suggest that the 
-.combined assets of Islamic financial 
institutions are growing at 10 percent to 
\i., 15 percent a year. 

Duncan Smith, chief executive of the 
... United Bank of Kuwait’s Islamic in- 
vestment unit in London, rhaf tbc 
published growth figures are the tip of 
j, the iceberg. “The vast majority of Is- 
lamic investments do not appear on 
j' bank balance sheets as the money is 
!»• generally invested privately in the busi- 

* nesses of friends axfa relatives. Themar- 
_r ket size of Islamic finance is far in 

■^excess of the quoted figures,” he said. ' 

Reco gni zi n g the potential that Islam- 
ji- ic finance holds for (he Arab world and 
-L beyond, the Malaysian government is 
-^promoting a dual banking system (a 
^ ■ conventional system operating in par- 
" allel with an Islamic hanking sys tem) 

[ a- ‘T otal funds under management in the 
o.' sector have increased by 70 percent in 
.'-.the past 12 months, according to a 
r Malaysian government economist. The 
■. Lebanese government has also ac- 
..•iJmowledgea the need for Tslamfr fi- 
■j. nance by recently passing a law to allow 
Islamic banks and finan cial institutions 
v to operate in the territory. 

.“ A small number of international 
•? private banks based in London have 
• . taken the lead in promoting Islamic fi- 
ri 'nance. Citibank and Dresdner Kle an - 
r^.wort Benson have been active in the 
- sector for many years. Both institutions 
1 offer the foil range Of Is lamic financial 
—products, though Citibank is perhaps 
••better known for its design of Tslamtr 
•’ equity funds, while Kleinwort Benson’s 
strength lies in trade financing arrange- 
ments, according to industry analysts. 

■“ The London-based arm of Australian 
banking giant Australia & New Zealand 
Banking Group is a relatively small 
player m Islamic financ e, but it has 
developed a solid reputation in emerg- 
ing markets investments. Meanwhile, 
the Geneva-based Faisal Finance S A, a 
subsidiary of the Dar aJ-Maal al-Islami 
Group which is registered in Geneva 


Cantonas a bank-like finance company, 
is very active in all types of Islamic 
leasing arrangements, especially inter- 
national p r operly funds. 

“The market for Islamic finance is 
being propelled by young, educated 
mgh-net-wcuth Muslim investors who 
have already participated in conven- 
tional fin ancial markets, but who have 
chosen to convert to Islamic instruments 
because of the proliferation of new 
products,” said Nagib Barondi, a 
spokesman for the Islamic hanking di- 
vision of Citibank is London. 

Nick Haynes, head of private banking 
for Dresdner Kleinwort Benson in Lon- 
don, said that Muslim investors are tar- 
geting international banks rather than 
local banks as part of a diversification 
strategy, “fo terms of product range, 
there is not much difference between 
local Islamic banks and the international 
banks, but many Muslim investors un- 
derstandably prefer to hold part of then- 
savings with institutions outside th eir 
home markets.” 

Muslim investors are 
looking increasingly 
toward the West for 
global opportunities . 

With the emergence of new players 
and products, Islamic finance has tran- 
scended the Muslim community. At 
least one Islamic leasing fund IwtmrhcH 
by the United Bank of Kuwait is dom- 
inated by non-Muslim investors. 
Around 70 percent of the uptake of the 
fund has been by U.S. companies. 

“Outside die Muslim community any- 
thing Islamic has t raditionally been 
viewed with a degree of suspicion. Per- 
ceptions are c hanging and many investors 
now app reciate ( fi e attractions Islamic 

private banking,” said Mnshlak Parker, 
the editor of London-based Islamic 
Banker Magazine. “The products are 
competitively priced and the returns com- 
pare favorably with conventional banking 

and i n v etf w Mnt products. Ute simplicity 
of Islamic financial nnJimnenta will also 

appeal to some investors.” 

An important principle of Sharia (Is- 
lamic law) is that all financial trans- 
actions must be clearly defined and un- 
derstood by the parties involved, which 
excludes complex financial inatmmentK 
such as futures and options. Another 
tenet of Sharia is that financial trans- 
actions be free of interest Further re- 
strictions include a ban on investment in 
certain companies, notably pork pro- 
ducers, aims manufacturers and alco- 
holic beverage providers. 

Beyond these basic investment coo- 


PRIVATE BANKING 


sideradoas the needs of Islamic in- 
vestors are not that different from other 
investors. Products have been desi gn ed 
with a variety of risk profiles and pock- 
ets in mind. 

The most common Islamic invest- 
ment product is Murabaha — a type of 
trade finance contract where an asset is 
sold to a client on terns providing a 
fixed level of profit for the seller. This 
investment is like a cash deposit; highly 
liquid with a rinriigr level of return. 
^While most local and international 
Islamic private banks offer funds that 
invest in Murabaha instruments, the 
tendency in recent nywithc has been to 
offer a wider product range of increas- 

mg sophistication to clients. 

The United Bank of Kuwait has fo- 
cused on the provision of different types 
of leasing funds. One of these funds 
invests in office equipment that is leased 
to investment grade corporations in the 
United States. 

The rentals are fixed and investors are 
paid an annnaf dividend of around 7_5 
percent Short-term Murabaha rates are 
slightly under 5 percent for this mar- 
ket 

The United Bank of Kuwait has also 
launched a commercial real estate leas- 
ing fund which invests in nursing 
homes. The Dublin-registered Health 
Care Fund requires that investors lock 
their money away for five years. The 
annual dividend is between 9 percent 
and 10 percent. 

Ax the cutting edge of product in- 
novation is the small , but growing band 
of Islamic equity funds that have come 
on to the market in recent months. “The 
fact that these funds are attracting en- 
couraging levels of investment is good 
news for the sector and the future de- 
velopment of an Islamic capital mar , 
ket,” said Mr. Parker. 


o 


International 


Equity 

fund 


■ m launched by the British mer- 
chant bank Flemings in March 
1996, was one of die first Islamic equity 
funds. The fund invests mainly in the 
stocks of companies in the oil, utilities 
and health-care sector. The geograph- 
ical distribution of the portfolio is 35 
percent in U.S. stocks, 16 percent in 
Japan, 20 percent in Europe and the 
remainder m emerging markets stocks, 
such as Hong Kong and Malaysia. 

The fond tries to minimize risk and 
aim* to have a performance that re- 
sembles foe performance of foe Morgan 
Stanley Capital International World In- 
dex. The cumulative performance of foe 
fond to the end of September 1997 stood 
at 21.8 percent This compares with the 
MS Cl World Index of 28.5 percent 

BARBARA WALL is a British journalist 
specialising in finance. 



Chats, Q. L'^k.TKI 

In Paris, the Banque National de Paris runs a fund based on Islamic banking principles and aimed at Gulf clients. 

Cultural Attitudes Sway Strategy 


By Aline Sullivan 


N EW YORK — Private 
bankers with global aspir- 
ations are often surprised to 
discover a paradox in 
today’s market as they strive to meet 
the international needs of their increas- 
ingly sophisticated clients, they must 
also cater to what remain significant 
regional differences in attitudes re- 
ward investment advice and risk. 

Asian clients, for example, often 
prefer to make their decisions only 
after consulting several banks. Indeed, 
a recent survey by foe Chase Man- 
hattan Private Bank found that 73 per- 
cent of clients in die Asia Pacific re- 
gion make their own decisions based 
on professional advice rather than go it 
alone or leave it to any one investment 
manager. Only 50 percent of U.S. cli- 
ents and 48 percent of those in Europe, 
Africa and Middle East take foe same 
approach. 

Asian investors outside of Japan 
have also tended to embr ace a high er 
degree of risk than their counterparts 
in Europe, foe Middle East and foe 
Americas, in part because so much of 
their wealth is in foe hands of rel- 
atively young investors. That strategy 
served them well fox years but back- 
fired in the wake of the currency crises 


that rocked much of the region over the 
past three months. 

“What seems risky to us is not ne- 
cessarily risky to [Asian private cli- 
ents] because they understand their 
own markets,” said Georges Vergnion, 
chairman of the Chase Manhattan 
Bank (Switzerland) in Geneva. “They 
are entrepreneurs who invest a lot of 
money in their own countries and in 
their region and they have good rea- 
son. Don’t forget that there is a huge 
market called China as well as all the 
Asian parts of the former Soviet Un- 
ion.” 

In Japan, where foe stock market has 
been depressed for almost a decade 
and interest rates are negligible, 
private banking clients face other con- 
cerns. “Far Japanese investors, foe big 
Challenge is to enhance yield even at 
the cost of assuming much more risk," 
said Shaukur Aziz, head of Citibank 
Private Bank in New York. “They are 
moving out of their country more, both 
in terms of physical assets and in cur- 
rencies.” 

U.S. investors increasingly re- 
semble their Southeast Asian coun- 
terparts in both their aggressive stance 
and their strong regionalism. 

At the opposite end of foe risk spec- 
trum from many Southeast Asian and 
U.S. investors are the Latin Americans. 
“Latin investors live in an environment 


where their businesses are exposed to 
extremely volatile currencies and eco- 
nomic conditions," said Donald 
Murphy, a partner at Brown Brothers 
Hamman & Co. in New York. "They 
are already exposed to so much fi- 
nancial risk that they tend to be very 
careful with their assets. Investors with 
a pool of money think of safety first." 

Not surprisingly, foe Latin Amer- 
ican investors are reluctant to defer all 
decisions to their investment manager. 
Only 12 percent of foe Chase Man- 
hattan’s Latin American clients agree 
to discretionary management, com- 
pared with 17 percent of U.S. clients. 

Private banking clients in foe 
Middle East and Europe also tend to be 
conservative. “They are more cau- 
tious than our Asian private clients," 
said Mr. Murphy. “The people that we 
see are older and have been through 
political and economic upheavals that 
teach them to exercise caution.” 

Europeans, perhaps due to their 
geographical position, are foe most 
eager of the world's investors to di- 
versify on a global basis, foe bankers 
said. That approach generally means 
foal those with old, or family, money 
are willing to delegate the responsi- 
bility to their bankers while those who 
made their own money in the financial 
markets insist on making their own 
decisions. 


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PAGE 22 


Itcral b^S Eribtttte 

Sports 



World Roundup 


Chang Toppled 

tennis Magnus Gustafsson of. 
Sweden apset Michael Chang , the 
No. 2 seed, 6-3, 6-2, Wednesday in 
the second round of the Paris Open, 
the third consecutive tournament 
Chang lost in his opening match. 

Last week in Stuttgart, Chang 
lost in die second round, also after 
an opening round bye, to French- 
man Cednc Mine. Before that he 
lost to American Jonathan Stark at 
Singapore in the first round. 

Chang had trouble getting his 
first serve in. He served two double 
faults in the ninth game, which 
Gustafsson won. 

Two other seeded players lost. 
Guillaume Raoux, another French 
wild card, beat Marcel o Rios, No. 
9, 7-6 (7-4). 3-6, 7-5, and Todd 
Wood bridge of Australia elimin- 
ated sixth seed Carlos Moya of 
Spain, 7-6 (7-1), 6-2. 

Defending champion Thomas 
Enqvist, seeded 15th, topped David 
Prinosil of Germany, 7-5, 6-1. (AP) 

Game 7 Aids TV Ratings 

baseball The World Series be- 
tween Florida and Cleveland nar- 
rowly avoided a ratings low be- 
cause Game 7 produced baseball’s 
highest rating in six years. 

Game 7 had a 24.5 raring in the 
United States, Nielsen Media Re- 
search said, baseball's best show- 
ing on network television since the 
previous seventh game in 1991, a 
32.2 rating when die Minnesota 
Twins beat the Braves. 

It was also the highest-rated 
sporting event since the 43.3 raring 
in last January's Super Bowl and 
higher than any NBA Finals game. 

The World Series finished with a 
16.8 cumulative ratine, the second- 
lowest behind Oakland’s earth- 
quake-interrupted sweep of San 
Francisco in 1989. (AP) 

Women Win Place 

Olympics Women’s water 
has won inclusion in the 
Olympics in Sydney, die Interna- 
tional Olympic Committee an- 
nounced Wednesday. 

The Australian women’s team 
waged a fierce campaign for in- 
clusion, staging a picket at Sydney 
Airport clad in swimming costumes 
when a delegation from the sport's 
governing body visited. (Reuters) 





Reocn 

Michael Chang hitting on the 
run versus Magnus Gustafcson. 



By Mark Heisler 

Los Angeles Tunes Service 


record but may have decided a fight is 


ay n 

inevitable and he may as well dictate the 
time and circumstances and see if die 
other side is for reaL He is not known for 
bluffing. He smiles first and then sends 
in the B-52s. In 1995, he christened 
himself "Easy Dave" and locked the 
players out all summer. 

The union is effectively in the hands 
of David Falk and die other agents who 
tried to decertify it two years ago, to 
continue die struggle with Stem. Falk's 
idea of problem solving is: 1. Explain 
your position patiently. 2. Wait for your 
adversary to do what you want. 3. If he 
doesn't, blast him. 

There doesn’t seem to be much spirit 
of compromise. 

Some of Falk's clients will be among 
a tidal wave of star free agents next 
summer which includes Jordan, 
Barkley, Scottie Pippen, Vlade Divac, 
Rik Smits, Clyde Drexler, Joe Smith, 
Tim Jackson, Antonio McDyess, Jerry 
Stackhouse, Damon Stoudamire, Tom 
Gugliotta, Jayson Williams, Loy 
Vaught and Brent Barry. 

Of course, no one would be allowed 
to negotiate during a lockout That 
happened in '95, too, but no one cared 
because there were no stars to be had. 

■If Jordan changes teams or retires and 
Pippen leaves, all the king’s horses and 
all the king’s men won’t be able to put 
the Bulls back together again next fall. 
Not that the king, the Bulls’ owner Jerry 
Reinsdoif, wants to. 

Coach Phil Jackson arid Pippen, long 
at odds with Reins dorf and Jerry 
Krause, the general manager, are ex- 
pected to leave. 

Ibis would present Jordan with a 
decision: Accept a new coach, though 
he has voweef not to; retire, thou 
people close to him Bay that, at least ; 


It’s the end of the world as we know 
it, as usual: If you like the NBA, you'd 
better take a deep breath because it 
could look much different in a year. 

How about Michael Jordan as a Los 
Angeles Laker and Charles Baridey as a 
New York Knick? 

Or Barkley as a Laker and Jordan 
retired? 

Or Commissioner David Stem lock- 
ing everyone out until Christmas? 

Storm clouds are gathering over a 
league in which things have never been 
better and worse at to same time. 

The NBA is awash in cash, but there's 
a growing split between haves and have- 
nots, with nine teams losing money last 
season. 

Salaries are rocketing, but there's an 
even more dramatic spread between the 
Jordans ($34 million this season) and 
Patrick Ewings ($20 million), and the 30 
percent of the players, according to their 
union, at minimum pay. 

Of course, minimum pay is $272^250. 
Almost everyone is making out Hardly 
anyone is happy. Sounds like a pre- 
scription for tumult 

Tne NBA faces potential problems in 
labor relations, free agency, the decline 
of the Bulls and high-priced coaches. 
Even a bigger television deal may not 
solve the problems. 

The league has never lost a game to a 
labor action. But that run could be cran- 
ing to an end. 

Neither Stem, the owners or players 
like rite collective bargaining agree- 
ment and all seem ready to rumble. 

Stern has already warned that he may 
re-open the agreement next summer. He 
used to worry about his perfect labor 



or go 
That’s 


now, he intends to 
elsewhere and show Rei 
more Jordan's style. 

Of course, being Jordan, he would only 
go to a winning team in a glamour market 
(And Los Angeles is one glamour market 
where you can golf year-round!) 

Suddenly, it’s not just the players 
who are superstars with multimillion 
dollar salaries. Rick Pitino is being paid 
$7 million to coach the Boston Celtics. 

Seven coaches — Pitino, Pat Riley at 
Miamt Lany Brown at 
John 
Popovich 

imo at Golden State and Rudy Tom- 
janovicb at Houston — have sole con- 
trol of their team’s basketball operations 
too. Not all, however, have proven 


they’re up to the task. 
Pitinc 


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io signed Chris Mills for $33 mil- 
lion and traded him six weeks laser, at 
least raising die suggestion he doesn't 
know what he's doing. Brown, who has 
shown a continuing desire to back up the 
truck, now has the keys. 

General managers with experience 
and track records may be the next lucky 
segment of the economy to reap a salary 
explosion. What the heck, Carlesimo, 
the new boss at Golden State, hired 
Garry St, Jean as what amounts to a 
personnel director — at Si million a 
year, more than any general manager 
but Jerry West makes. 

Of course, star coaches will still be in 



THURSDAY. OCTOBER 30 , 1997 
~ * 




aDrai 

With Other Top Teams bnpmm& 
A Repeat WUl Be Harder Than Mim 


By Mike Wise 

New Yak Tima Service 


Maybe it's heresy. He has made 
every clutch shot ne has taken m 
the 1990s, so what’s to stop him 
now?- Maybe it's crazy. They are 
still the most mature, savvy and 
chanqjionship-tested team. 

And maybe it’s simply time for 


Boa TnfenfTVe hsnattrA ftrw. 


Allan Houston, of New York, left, and Kevin Ollie of Dallas, fighting for their best form in an exhibition game. 

Will I Love This Game Next Year? 

NBA Faces a Host of Problems, Including a Possible Lockout 


• • * 3 oo 0 |H WW/ RllPHT ' 

Would the NBA survive if His Air- 
ness left the game or moved to L. A? 


Michael Jordan and the Chicago 
Bulls to realize it’s over. 

All dynasties eventually crumble, and 
as die National Basketball Associ- 
ation’s 51st season begins Friday there 
will be as many as five teams capable of 
preventing the Bulls from winning their 
sixth titiein eight seasons. 

■ This is not a news flash, given all the 

challenges in years past that Jordan and 
the Burn have met Yet never before 
have there been so many reasons to pick 
against them. Age and off-season turmoil 
in Chicago are only the most obvious. 

The challenges from around the 
league will be formidable. The Eastern 
Conference, once separated by the 
haves and have-nots, is suddenly a 
minefield of parity and talent after an- 
other offseason of bartering. On paper at 

least. New York, Miami, Charlotte, In- 
diana, Detroit and Orlando made them- 
selves better. 

Also, a league trying to cope with the 
querulous attitndes of its young players 
has given birth to die seven-figure 
coach, none of whom will be required 
just to babysit Rick Pitino in Boston, 
Larry Bird in Indiana, Chuck Daly in 
Orlando and Larry Brown in Phil- 
adelphia — all hired in the offseason to 
kick-start franchises — will earn a com- 
bined $21.5 million this year. Their 
teams need to show improvement. 

But the most compelling reason to 
the Bulls may be simply 
e O’Neal's renewed commit- 
ment to basketball. At 25, he is learning 
that he is not a very good actor, that the 
Grammys can wait and that he needs to 
develop maturity and leadership qual- 
ities. Somewhat poised and loaded with 
talent, his Los Angeles Lakers are all 
grown up. They aze simply bigger, 
„ftfi.cusp‘ of returning to 

prominence. 

Just in case they're still a year away, 
other contenders abound. Karl Malone 
and the Utah Jazz have brought every- 
one back for another finals' rua Each 
season Patrick Ewing breaks his cham- 
pionship promises, but the Knicks have 
added even more depth to give the fran- 
chise center another reason to boast. 

Year No. 3 of Pat Riley's plan in 
Miami is unfolding well, with more 
talent off the bench. And instead of an 
unbalanced Shawn Kemp teamed up 
with Gary Payton, the SuperSonics have 
a steady Vin Baker in Seattle. 

They all take aim at Chicago, an or- 
ganization that has been in turmoil since 

off tefsteve Kerr, who knocker^dowa 
the jump shot that beat the Jazz and won 
the Bulls their fifth title of foe decade. 

If it’s not in-house bickering between 
management and the team, and espe- 
cially the coach, it’s Scottie Pippen's 
requiring foot surgery and missing foe 
season’s first two months. And it is not a 



would retire if Jackson did not'- . 
return this season— die Buforisgt ' 
Jackson have agreed be will-sot 
coach next season — the g*me\ 
greatest player is nearing foe 

end. • Jr 

‘ *1 really don't know how lour ^ . 
I’m going to play,” Jordan - 
recently^'I couldn’t give you'* . 
concrete time frame or whatevttf. 

I like to think foat each and evety 
“ year we keep winning champs - 
o nshtp* and I keep playing. Knowing # . 
some point and time that management!* ; 
going to change direction and I don’t 
feel it’s favorable in my direction, thenl , - 
won’t have a problem walking away.” 1 : 

His sentiments open the door to a new 
era. As to which team might be the next - 
dynasty, O’Neal and the Lakers would 1 
be a strong choice. They beat out Ne$ 

Tomorrow: Team by team previews. -- 

r -,T 

York, Atlanta and Cleveland in the Rftk . 
Fox Sweepstakes, paying a pittance 
the free-agent small forward. Eddie 
Jones and Kobe Bryant are a year older . 
and wiser. . : 

If foe rebellious Nick Van Exel add ■ 
coach Del Harris can coexist for foe next 
six months, Los Angeles would be ji . 



4$rut2W<;* 


The West is not as wide open as foe 
East, but the arrival of Tim Duncan £6 
San Antonio gives David Robinson and 
the Spurs hope. Hieir triumvirate of 
future Hall of Faraers notwithstanding 
Houston js graying around the temples, 
cau ' ‘ 

flnure 


cure last spring. a . - • ■ 

“If by sometittle stretch of the im«^ t ft 0 A 1 

gination the Lakers get some conunofc : i» R 11 
sense over the summer, they’re goi — 
tire team to beat," Barkley said. 

• Getting through their own conferendR 
may be an evenbigger chore for Chica- 
go. Charlotte’s upgraded backcourt in- 
cludes Bobby PhiTls and David Wesley. 

The Pistons lost Terry Mills to Miami, 
but plucked Brian Williams to start at 
center. Orlando picked up foe shotr 
blocking Bo Outlaw and foe reliable, if 
ancient, Derek Harper. And Chris Mul- 
lin’s contributions should make Coach 
Bird sleep a little easier’daring his tran- 
sition from Larry Legend. 

Ewing, meanwhile, has become the, 

’90s equivalent of Julius Erving, guar- . - 
anteeing his city a title year after year 
after year until foe words run together in 
an annoying monotone. After years of 
vowing “We owe you one,” Erving and 
the 76ers broke through in 1983 with a 
sweep over foe Lakers. 

Ewing, who signed on for four more 
years over the summer, has perhaps two . . 
more seasons in which he will still be 
considered among the league's elite 
centers. So, the Knicks have two years, j 

itthevvl. 


• Hb;', 



to team performance a week before foe 
season begins. 

“I can’t remember when there has 
been this many distractions,” said Phil 
Jackson, the Bulls' coach, last week. 
“The only thing that mighr compare is 
perhaps foe year Michael was retired. 
There was bickering during training 
camp with Horace Giant Injuries. 
Everything seemed to be going wrong. 
But that does not compare to this. Fll 


wcoiarae,BiarcoaciieswmsmiDem just say we've talked about this year 
demand. Big-nime guys in the final year being our toughest challenge." 
of contracts include Jackson, George Jackson said reports that Toni Kukoc 
Karl and Doug Collins. would need foot surgery were erro- 

neous. He added that the forward has 
been struggling this preseason only be- 
cause he is out of shape. Kukoc has said 
his foot which limited his effectiveness 
in foe postseason, is at least 90 percent 
healthy. 

Still, two starters, Ron Harper and 
pic Longley, have chronic knee prob- 
lems. And on it goes. Even Jordan, 
resilient as ever, recently had ingrown 
toenails removed and was forced to cut 
short the exhibition season. Saying he 


Stem is negotiating new deals with 
foe television networks: NBC, Turner 
Sports, ESPN, and Fox are all dying for 
a piece of the action. The NBA has held 
strong ratings as those of baseball and 
football have declined, and could double 
its $275 million annual rights foe. 

Not that foe extra buckswill soothe 
any brows. Hardship led to community 
and foe golden era of the ’80s, but aU 
prosperity has brought in the '90s is 
strife, with more coming. 


It’s not much of a window, but they 
are determined to sneak through. 

At the expense of four first-round 
draft picks, foe Knicks added Chris ** 
Dudley and Chris Mills to an already T 
solid bench. Point guard, with Chris ^ 
Childs receatly volunteering his starting 
job to Charlie Ward because he feels he 
can run more with the second unit, is a .u. . 
' huge question mark. 1 

“I think we’re going to beat them if 
Scottie is there or not,* Ewing said “I 
felt like we were going to beat them last 
year, but we didn’t have foe opportunity 
to prove it" 

Jordan still believes statements such 
as these are ludicrous and silly. Asked . 
last month to respond to constant boast- *" ^ 
ing by his peers, he laughed. 

“You had your opportunity to win 
when I was but of foe game; the next 
opportunity is when I leave foe game,*’ 

Jordan said. ”1 don't see Patrick win- 
ning. I don’t see Charles winning, T 
don't see anybody winning but us. And 
whenever I step away, maybe that’s 
their chance. But as long as I'm playing, L 
bofo those guys will finish second.” ' ' 

But there are more chinks in the ar~ 
mor now. Jordan is 35 and cannot fly 
down foe lane and dunk forever. 
Judging bv his comments after Rodman 
finally ended his holdout and signed last 
w«k, he is genuinely worried. 

Said Jordan, “Come on, put your 


V \ 


s go, because our time 

is snore m terms ot ! 


shoes on and let’s 

shract in terms of not giving the op- 
sitioa too much confidencefoat were ' 
salting down here in Chicago," 

It may already be too late. 


NBA Amending Rules to Encourage Offense 



Reuters 

Blame Pat Riley’s no-layup rule. Or 
Charles Oakley’s massive forearms that 
stop penetrating point guards in their 
tracks. Or point your finger at unima- 
ginative offenses foat seem to generate 
points. 

Five rule changes instituted by the 
league's competition camnuttee this sear- 
son are foe most significant since the 
restriction ofhand-checking by defensive 
players before the 1994-95 season — 
another rule foat had mufo do with foose 
naughty, naughty tactics of Riley and his 
former team, foe New Yoric Knicks. 

■ “Basically,^ we’ie trying to encourage, 
more driving to the basket,” said Rod 
Thom, foe National Basketball Asso- 
ciation's vice president of operations. 
"Our hope is tmt teams will get a few 
more shot o pp o r tunities or draw a foul, 
whatever foe case may be. We’d like to 


force some people to develop a medium- 
range game." 

Teams averaged slightly more than 79 
sjawn. a figure Thom 
would fflee tosee increase by at leasts 
fcw shots. The league's two-highest 
scoring teams. Utah and "" 1 ^ 

the NBA finals this 
neither manage d to o r _ 
bamer in a six-game series? 

These are the rule changes: 


metzn 
une. But 
foe 100-point 


both of his feet are in foe air and any part 
of fos body has broken the vertical plane 
of foe sideline or baseline. : 

^legal-defense rule in. which 
two defenders had to be ai the foul line 

th7iV guar i in 8 players uninvolved in 
foe offense far out on foe perimeter has 
oew eliminated. One of the defenders 
vnu be aUowed to go outside the lane, if 
foe defender so chooses. This diseouri 


-S. 


*■■■ - 


foe last three seasons. It twin l. ;n . no 'Charge area near foe baskeC 


V 


fS- 

N, 


me last toree seasons. It will hr w. , 8 ? **** 
lengthened to its original distance of hSLX Cx ?M»ded. The area, in which an} 
feet 9 inches ““I is not colled if contact S \ ( 

where foe distance will remain 22 feet ’ a secondary defensive player* * : 

• A defender will not be permitted^, w ^^^ blisl »d a defensive position, 

use Imforeann to impede the prounSsS be foe area consisting of a half circle.’ ~" 

an offensive player who is fx$n7\hl Si radius measured from} 
basket in the frontcoun. s . noddle of foe goal. Five hashmarks 

• A player may not call a timeout if 




l *A| 


painted on the floor this season will mark 
*e area to better help officials. - 






INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 30, 1997 


RACE 23 


SPORTS 


ills I ^ 


7' /< 




y 


- .."-.■t" 


-7t 


-Oriole Skipper 
Could Lose Job 
Over Fine Sent 
To a Charity 

_ By Mark Maske 

WaAj>igMH Past Service 

WASHINGTON — Peter Angelos 
the majority owner of the Baltimore 
Orioles, is considering firing the team’s 
manager, Davey Johnson, without a set- 
tlement because Johnson directed 
Roberto Alomar, the Oriole second 
‘.baseman, to pay a $10,500 fine to a 
charity with which Johnson’s wife is 
associated, sources said Tuesday. 

; Johnson and his wife, Susan, said Alo- 
. ■ mar’s fine — imposed by Johnson in July 
i because Alomar missed a team banquet 
■ in ApnJ and the Orioles’ exhibition game 
at Class AAA Rochester during the AU- 
'Star break — was directed by Davey 
Johnson to be paid to a scholarship fund 
run a doctor at the Johns Hopkins 
Hospital in Baltimore. Susan Johnson 
said she was involved in fund-raising for 
'the charitable foundation. One Oriole 
'.source said he understood that Susan 
Johnson was an unpaid fund-raiser. 

Davey and Susan Johnson said they 
.saw nothing improper with Alomar be- 
ing directed to pay the fine to the char- 
ity. The fine has not been paid because 
die Major League Baseball Players As- 
-sociation objected to it. 

Angelas, sources said, believes be 
•can dismiss Johnson if be chooses with- 
out being obligated to pay his guar- 
anteed $750,000 salary for die 1998 
season because of Johnson’s actions 
With Alomar. 

One source said that teams and play- 
ers routinely picked charities together to 
Which fines are paid, but that it was 
highly unusual for a manager to direct 
which charity would receive die fine. 
Johnson directed Alomar to make a 
check payable to die Carson Scholars, a 
foundation named for a Johns Hopkins 
Jieurosurgeon, Benjamin Carson. 

‘ “What we feel bad about is that a 
'charity we care about and love will be 
hurt by this,” said Susan Johnson. 




•>: -jw* 



~ * • v^' ^ySiiy 4 * -a 




VWjoArZraWwit-nio/TV WwnllVv 


Sergei Yuran of Russia facing to air as Italy's Alessandro Costacurta went to the ground Wednesday in Moscow. 

Brazilian Soccer’s Bizarre Squabbles 


Reuters 

RIO DE JANEIRO — Fighting re- 
legation in B razil is not just about win- 
ning matches on the field. 

Teams faced wife the drop have been 
resorting to all kinds of desperate off- 
fee-field measures in an attempt to 
avoid the drop. 

The Brazilian Football Confedera- 
tion, or CBF, has been deluged with 
allegations that opposing players are 
ineligible as clubs either attempt to win 
points in the boardroom or get them 
deducted from their rivals. 

The CBF has also been forced to 
quash rumors of another about-face 
after reinstating Fluminense and 
Bragantino for this year’s contest after 
they were relegated last year. This time 
four teams will go down in the 26-team 
championship. 

Bahia, 20th in fee table, joined fee 
boardroom fight this week when it 
claimed that little-known striker Magno 


Alves had been ineligible when be 
played for fellow stragglers Criciuma in 
a recent match between the two. Bahia 
are demanding the points from the 
game, which Criduma won 2-0. 

Meanwhile, fee stragglers have been 
united in the bizarre case involving Al- 
ien co Paranaense. 

Atletico was initially banned from fee 
championship following a match-fixing 
scandal earlier this year. The team was 
then re-admitted but with a five point 
deduction. But confusion has reigned 
over when fee five points would be 
deducted. Atletico has 29 points, which 
leaves them in 13th place and well out of 
fee danger area. Without fee five points, 
however, it would drop to 20th. 

A CBF official, Luis Zveiter, on T ues- 
day announced that Atletico would lose 
fee five points after their last game — but 
would not be relegated if their reduced 
total left them in the bottom four. 

Many feel the real battle will start after 


Hates for the drop, many wonder wheth- 
er Teixeira will be able to withstand fee 
pressure on him to break his promise. 

A 32-team first division has already 
been suggested for next year. Mean- 
while. a bill introduced to Congress by 
Pele, fee government’s sports minister, 
could also be used. 

The bill contains a proposal to allow 
clubs to form their own leagues in- 
dependent of the CBF. If it becomes 
law, it could pave the way for the 
biggest clubs, including Fluminense 
and Corinthians, to set up their own 
championship next year. 


Italy Survives Snow, 
Draws 1-1 in Moscow 


the championship has finished, when 
teams who are relegated attempt to force 
a repetition of this year’s about-face. 

Ine CBF president, Ricardo Teixeira. 
promised last month: * ‘The bottom four 
teams will go down this time, whether 
they are big or whether they are small.’’ 
But wife Corinthians, Brazil’s second- 
most-popular club, among the candi- 


Cirjiuriih ft a Sa^FmaPn^arln 

Christian Vieri became fee first Itali- 
an ever to score for his country in Russia 
on Wednesday. Two minutes later a 
second Italian, defender. Fabio Can- 
navaro, also found the net, but at fee 
other end to give Russia a 1-1 draw in 
the first leg of their World Dip qual- 
ifying encounter in Moscow. 

Vieri, who plays in Spain for Atletico 
Madrid, slithered clear of a defender. 

World CupSoccir 

Ahrik Tsveiba. to shoot home from just 
inside the penally area in the 50th 
minute. 

Dmitry Khokhlov, who replaced the 
injured Andrei Kanchelskis at halftime, 
set up the Russian equalizer in the 52 d 
with a low cross from fee right feat 
eluded Sergei Yuran. Cannavaro, sliding 
in behind the Russian forward, knocked 
the ball over the line for fee equalizer. 

The match was played in a steady 
snowfall on a surface that grew increas- 
ingly muddy as fee match went on. 

Gianluigi Buffon. Italy’s substitute 
goalkeeper, made a stunning save just 
before the break to keep Italy at 0-0 at 
halftime. 

Buffon. 19, replaced the injured Gi- 
anluca Pagliuca in the Italian goal in the 
first half and within minutes dived low to 
keep out a shot by Dmitry Alenichev 

Although fee Russians had more of 
fee bail in fee first half of fee game, the 
Italians were solid at the back, and Pop- 
ov’s shot was fee only real chance. 

On the skiddy field, fee Russians 
forced a series of early comers but could 
not break through the Italian defense. 

Italy lost its goalkeeper in the 32d 
minute when Andrei Kanchelskis. who 
plays for Fiorentina in Italy, slithered 
into Pagliuca as they both went for a 
through ball. Pagliuca. fee Inter Milan 
goalkeeper, who was replacing the in- 
jured Juventus star Angelo Pcruzzi, 
limped off wife a leg injury. 

The second leg is Nov (5 in Naples. 
Italy has not missed the World Cup 
finals since 1958. The playoff rules 


mean that to qualify this time Italy must 
either beat Russia in the return leg or 
play a scoreless tie. Russia would qual- 
ify with a victory ora tie of 2-2 or higher. 
A 1-1 tie would force sudden-death 
overtime and possibly penalty kicks. 

Croatia 2 , ukroin* 0 In Zagreb, Croa- 
tia beat an unimpressive Ukraine team 
in fee first leg of their World Cup play- 
off on Wednesday. 

Slaven Bilic, a defender, put Croatia 
ahead after 1 1 minutes with a powerful 
header, and Goran Vlaovic added a 
second in the 49ih minute. 

The home side dominated the match, 
and Ukraine's few scoring chances 
came as a result of some erratic play by 
the Croatian defense. 

Bilic capitalized on the vulnerable 
Ukrainian defense when he climbed 
high, unmarked before fee goal, and 
connected on a perfect floated cross 
from Robert Prosinecki. 

Jusi after halftime, Vlaovic scored on 
a breakaway, swiveling post a defender 
on fee edge of fee penalty area before 
hammering the ball waist high into fee 
Ukraine net. 

Croatia will be without its captain. 
Zvonimir Bohan, and its goalscorer, 
Bilic. in the return leg. Both players 
received yellow cards and will be sus- 
pended. Bohan also limped off injured 
in the second half on Wednesday. 

The return leg will be played in Kiev. 
Neither country has reached the World 
Cup finals before. 

Yugoslavia 7, Hungary 1 Yugoslavia 
hammered Hungary in their first-leg 
match in Budapest. ’ 

Branko Brnovic gave fee visiting 
team fee lead after just two minutes. 
Miroslav Djukic scored the second four 
minutes later, and Dejan Saviccvic, who 
plays for AC Milan, put Yugoslavia 
ahead by 3-0 after ]0 minutes. Predrag 
Mijatovic of Real Madrid scored fee 
next three, in the 26fe. 41st and 51st 
minutes. Savo Milosevic immedaitely 
replaced Mijatovic and scored fee sev- 
enth goal 12 minutes later. 

Bela Illes scored for Hungary in fee 
88fe minute. (AP. Reuters) 


Scoreboard 


HOCKEY 


NHL Standings 


Washington 
Ptfladelptria 
New Jeraey 
N.Y. Rangeis 
Florida 
N.Y.Mamfca 
Tampa Bav . 


ATLANTIC D1VWCW 
W L T Pts 

• 7 3 1 IS 

i 7 4 1 U 


4 * 0 12 
3 5 5 11 


3 5 3 9 

lea 3 5 2 8 

r . r b 2 6 . 

NORTHEAST DIVISION 

- W LT Ph 


I L T Ph GF M 
7 5 2 16 39 35 


Boston 

7 4 1 

15 

35 

30 

Ottawa 

6 3 3 

15 

36 

•B 

• Montreal 

8 3 2 

14 

31 

20 

CoraSna 

3 7 3 

9 

31 

41 

Buffalo 

3 7 2 

8 

28 

40 

wimmi coura—m 

CENTRAL DmSXM 


- 

W L T 

Pte 

GF 

GA 

.7 Detroit 

9 T 2 

20 

47 

22 

“ St Louts 

9 2 1 

19 

43 

25 

Dotes 

8 4 1 

17 

39 

28 

Ptwenti 

5 3 2 

12 

34 

28 

Tarenta 

3 6 2 

8 

24 

34 

Chicago 

2 10 0 4 

MCmCDMnOM . 

16 

37 

■ 

W L T 

Pts 

GF 

GA 

Cotorotfo 

7 2 4 

18 

44 

33 

■ Anohetm 

4 4 4 

12 

26 

31 

" v v Lm Angeles 
■^Etfmortan 

4 5 4 

12 

41 

39 

4 6 1 

9 

23 

36 

Son Jose 

4 7 0 

8 

28 

35 

Voncower 

3 6 2 

8 

26 

32 

Odgoty 

2 8 2 

6 

31 

42 


nussriuiiiui 

tXlfes 3 8 8-3 

N.Y. Rangers - 8 11-1 

Find Parted: D-McMdwk 2 (Modona, 


Hatchet) Z D-Matvtchuk 3 (Attorns) 3 . D- 
Nfeowendyfc5CVertwafc,MtfvidMk)Sicoad 
Porto* H.Y.- Keane 2 (Gretzky, Sandstrara) 
Third Porto* N.Y.- Keane 3. Shots an got* 
D- 15-9-1—25. New York 11-104-29. 
Goalies D-BoBaar. N.Y.- RJcMer. 

L ra An g ttes 8 0 2 0—2 

Hortda 0 11 0 — 2 

First Perto* Nam. Second Porta* F- 
Wdshbwn 1 (Low} Third Perto* F-Hufl 2 
(Dvorak, VM to} 3, UL-CJctason 2 
(StompeL OOonnaS) 4, LA.-, Stumpel 6 
(Robflofltoi) Overtime: (tune. Shots on got* 
LA.- 0-3-7-2—12. F- 7-11-4-2—24. Goatee 

LJL.nw.F-FtapCfcWc. ; • 

AaaMn o l l 0-2 

Toronto 8 1 HD-3 

Fbst Potto* Nana. Sacond Porta* T- 
Borerin 4 (McCauley, Sandto) (pp). 2. A- 
KmrtsenlTWrd Perto* T-Suntfn3(DJ0nfr 
Berezin) 4 A-Setaimo 8 (SaW, RnattrO 
Owrtete Nona State on goal: A- UW4- 

I— 21. T- 44-11-4-31. Goatee hr 
Shtatanftm. T-PaMn. 

Buffalo 0 1 1-3 

Colorado T 1 1-3 

Rret Perto* GSaUc 8 (Kamensky, 
LorraewO (pp). Sacond Porto* GCoitaat 2 
(Soldo Foote) 3, B- Brown 1 Kotov Paco) 
Third Porto* C-Lnaote 2 (Pmsbeig, Foote) 
iR- Brawn 2 (Plante. SmaMK Shaba* goat 
B- 4-9-4— 21. C- 9-5-5 — 19-Gocd)es B-Hosek. 
C-Rny. 

PHtshwgh 3 0 8-3. 

canary 1 2 1-4 

Hist Porto* P-P^enuro 1 (Hicks) X P- 
Otczyk 6 (Barnes, Ofoasson) (sh). 1 P-. 
Morozov 2 (Barnes, Brawn) 4, C-Kjinfa 2 
(ZatopskO Sacond Porto* C-lgiito 3 
(Albete, Cossets) 4 C-Cossets 2 (Bute 
McCarthy) (pp). ThW Prato* OGaoey 1 
(Hutse Nytatoeri & C-ffldnnb & ten). 9, C- 
Mdmfe 4 (en). Shots aa goat P- 12-6- 

I I — 29. C- KM3-14— 37. Coates: P- 
Bannsso. C-Moss. 


SOCCER 


Bayern Monldi Z FC KatoenMani 1 
IHIIItWW 
SECOND ROUND, RETURN LEO 

CeteVigaZOurtrael 
(Cotta wan 3-1 oa aggregate) 
worucBorurom 
Create X Ukraine 0 
Russia 1. Italy T 


TRANSITIONS 


-ANSSCAN LEAGUE • " 

sasren-Dodtoad 1998 options on RHP 
Bret Sabertnoen and RHP Jfen Cars! Signed 
LHP Brian Shoes®. 

TottMTD-ExMTteed 1998 option an LHP 
DanPtesoc. . 

NtaiONM. LEAGUE 

houstdk— N cunad Jeff Kuenza general 
nranograot K b a h nmoa, FSL. 

san ntAMascD-Exerdsad 1998 option on 
RHP Mark Gardner. 


NATIONAL BASKETBALL ASSOCIATION 
MSA— S uspended Saamanto F Lawrence 
Fundartrorte tori gania and toed him SZSOD 
far leartno braid) area during an aiteicaten 
anOd.24. 

ATLANTA— Waived F Malt Sflgenga. 
charlotte— W rdoed G Damefl Mea 
CHKABO-IMwd C Eric Gingoki, F Komi 
Dartd end G Dante Qriobria. 

DALLAS— Waived G Jerome Attorv F Ike 
Nwaakun, F Cartes Strang and G Kwfn 
WhNto* 

DEMVB4— Wcrtrad G Sbenran Doaglaa. 
MOUSTOd— Walvad C Doog Brandt 
UL cu p p E os— Waived G Wwone Ganto, C 
Nate Huffman, C Rich Manning and F Rod- 
nay McCray. 


UV LAKERS— Waived F James Forrest 
iulwaukee — W ciived C Ade Eait 
hew jejhey— W aived G Kenny Smith and 
C Robert Wtfdorm. Put G Stew Henson on 
Injured fist 

orLanoo— A cquired G Mo* Price tram 
GcJden State tor G Brian Show and F David 
Vaughn. 

Philadelphia— W aived G Derrick Phelps. 
PORTLAND— Waived F Tend Bel and G-F 
Jamal RoUnsan. 

utah— W aived G Note Erdmann and C 
Greg Dreteig. 

Vancouver— A cquired F Tony Masscn- 
■ buig and tohgteacond-raraid draff pkkfnxn. 
’ Boston tor fRay Rogers to aan'pMe eariler 
trade. Acquired F Sam Mode frarn Houston to 
complete earttor trade. Waived G Uttoriai 
Grain, F David Booth and C Akin Ogg. 
tootuui 

NATIONAL FOOTBALL LEAGUE 

Atlanta— W aived QB BBy Joe Totlhw 
and WR Fraddk Scott. Signed OB Jim Miter 
and WR Mercury Hayes. 

euFFALO— Put LB Onto Sptetman on in- 
jured reserve. 

CHKASO-Watved DT Chris Zoridi and DB 
Terry Cousin. Signed FB Mike Dulaney and 
frC Greg Huntington. 

a nan hati — A greed to teems wRti CB 
Coray Sawyer on l-ysca- contract esteuton. 

PHILAMLPHIA— Extended contract of LB 
JafnesWinsthraiigh2800saas(ifL 
tr. L BUt i Adhnto d OL Ryan Tedr tram 
physical ty-anaMe-to-pertom 1st Released 
RB Ron Moore. Puts Gendd McBurraws on 
Injured raaorve. 

Bean 

NATIONAL HOCKEY LEAOUE 
AKAHCiM-PnrnBed C RJchonl Park end C 
Mott Cullen from OndnnaG, AHL Sen! D 
Dan TiebBtaCIndnnaa. 

calbary— R ecalled C Jim Dowd and G 
Tyter Mass ham SdN John, AHL RecatedO 
Kevin Dahl tram Oikxiga IHL 


Roy Leads Avalanche Over Sabres, 3-2 


The Associated Press 

Patrick Roy rebounded from his first 
loss of the season wife a landmark vic- 
tory. 

Roy made 19 saves for his 355fe 
NHL win as fee Colorado Avalanche 
beat the Buffalo Sabres. 3-2, Tuesday 

NHL Roundup 

night The goalie moved into a tie wife 
Rogie Vacbon for seventh place on the 
career victory list 

“It's a step, I guess, and it’s fun, but 
this is not the objective.' ’ said Roy, who 
was coming off a 3-1 loss at Dallas on 
Saturday. “Most importantly, we won 
this game." 

Joe Sakic scored his eighth goal of the 
season and Eric Lacroix added fee 
clincher for the Avalatu-he, who re- 
mained unbeaten at home. 

“Our guys were very, very feisty in 
front of fee net,” said Marc Crawford, 
fee Colorado coach. "They were very 
confrontational. That’s good to see." 

Buffalo goalie Dominik Hasek, last 
season’s most valuable player in the 
NHL, made 16 saves, but once again the 


Sabres could not score for him. The 
Sabres have sewed two goals or fewer 
in seven of his 1 1 starts. 

Stars 3, Rangers 2 Richard Matvi- 
ehuk scored two goals in a 72-second 
span of the first period as Dallas won in 
New York. 

Matvichuk scored at 3:07 and at 4: 19 
of the first period to give the Stars a 2-0 
lead. Both goals came with fee teams 
skating four-on-four. 

Dallas took a 3-0 lead with 23 
seconds left in the first period on a goal 
by Joe Nieuwendyk, but New York 
pulled to 3-2 on a pair of goals by Mike 
Keane. 

Kings 2, Panthers 2 In Miami, Jozef 
Stumpel scored fee tying goal for Los 
Angeles with 14 seconds left, and fee 
game ended in a tie even though Florida 
outshot the Kings, 26-12. 

Florida led 2-0 midway through fee 
third period, but Craig Johnson scored 
for Los Angeles at 11:04 and Stumpel 
tied it in the closing seconds after the 
Kings pulled goalie Stephane Fiset for 
an extra skater. 

Steve Washburn and Jody Hull 
scored for Florida, which outshot Los 


Angeles 7-0 in the first period — the 
firsT shotless period in the Kings' 30- 
year history. 

Mighty Ducks 2, Mapla Loafs 2 Ana- 
heim’s Teemu Selanne scored fee tying 
goal in the third period at Toronto when 
a shot deflected off his helmet 

Ruslan Salei's wrist shot deflected 
off Selanne's visor and went into the 
Toronto net for Selanne’s eighth goal of 
fee season. It extended his goal-scoring 
streak to a dub-record five games. 

Flames 6, Penguins 3 Jarome Iginla 
scored twice and rookie goalie Tyler 
Moss made 26 saves to win his fust 
NHL start for Calgary. It was the 
Flames’ second win of the season. 

The Penguins ended an eight-game 
road trip — fee longest in franchise 
history — with a 5-2- 1 record. 

The Penguins rook a 3-0 lead in the 
first period on goals by Peter Ferraro, Ed 
Olczyk and Alexei Morozov. After the 
Flames rallied to tie on Iginla's goals 
and a power-play goal by Andrew Cas- 
sels, they took their first lead when 
Aaron Gave)' scored at 4:22 of the thud 
period. Two empty-net goals by Marty 
Mclnnis completed fee scoring. 


DENNIS THE MENACE PEANUTS 

• ftrffl HIKC NO, I CAN’T 60 TO 

lSB 0 f SCHOOL- 1 VE BEEN 

MO-t-L I . 5U5P6NPEP A6A1N 

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ANOTHER YEARS FROM NOW, YOU 

WHOLE KNOW WHAT PEOPLE ARE • 

PAY! 601 N 6 TO SM ABOUT ME? 3 


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PAGE 24 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 30, 1997 


. TT .-»• J Itli' 


. «. ' T ; Z- .- 5 » I&mxk 


•I'/;:?' 

•iis'i 


ART BUCK WALD 


The Kidney Theory 


W ASHINGTON — 

Question: Why did the 
stocks belly up on Wall Street 
at the beg innin g of the 
week? 

Answer: Nobody is quite 
sure. The experts believe 
that Bu Fang, a 
big investor in 
Hoag Kong, 
was suffering 
from kidney 
stones. In ex- 



cruciating 
pain, and not 
wishing to live, 

BuchwaJd 

“Sell, sell! 

His broker did. When 
Singapore traders saw the 
sell-on in Hong Kong, they 
panicked and began to unload 
blue chips, which sent the 
Bangkok exchange into orbit 
and drove Tokyo dealers to 
commit hara-kiri. 

Word reached Germany, 
then London and finally the 
United States where the 
greatest financial minds in the 
world, most of whom live in 
Connecticut and New Jersey, 


Tomb With Paintings 
Is Found Near Cairo 


The Associated Press 

CAIRO — Polish archae- 
ologists have unearthed a 
4,200-year-old pharaonic 
tomb near Cairo that has strik- 
ingly colored painting s on 
plaster of scenes of court life. 

The tomb, belonging to 
Meref Nebf, a court minister 
in the 23d century B.C., was 
discovered near Saqqara. 30 
kilometers (18 miles) south of 
Cairo, by researchers from 
Warsaw University. Zahi 
Hawass, director of antiquit- 
ies in Giza and Saqqara, 
called the tomb paintings 
“among the most beautiful 
examples'* of an from 
Egypt's Old Kingdom. 


were shaving. When they ar- 
rived at their offices, they all 
came to the same conclusion: 
“If Hong Kong was selling, 
something was rotten in Den- 
mark.” 

From then on all hell broke 
loose in Brazil and Argentina 
with eveiyone selling and 
nobody buying. 

Q: Did a lot of people lose 
a lot of money? 

A: It depends on what you 
mean by a lot of money. 

Most of their losses were 
not their own money. For ex- 
ample, if you’d bought stock 
at $100 and it had reached 
$500. you could either say 
that you lost $400 or that you 
still had your $100. People 
who thought they had lost 
$400 tried to jump out the 
window. Investors who felt 
that they had broken even 
went to die movies. 

Q: What about the little 
guy? 

A: Whenever anything 
happens in the stock market. 
Wall Street blames the lirtie 
guy. If stocks go up, the 
soothsayers say that the little 
guy was finally getting into 
Die game. If stocks go down, 
they say that the little guy was 
chickening out and causing a 
recession. 

Q: What about the big 
guy? 

A: Big guys don't panic. 
All the big guys are playing 
with other people’s money. 
They don't feel good about 
losing OPM. but they don’t 
feel bad enough to stop taking 
their families to dinner. 

Q: The financial playing 
field is now globaL Do you 
see a problem in that? 

A: It depends on what the 
Estonian brokers decide to do 
with Sri Lankan bonds. 

Q: Will the market come 
back to its previous level? 

A: It could very easily if B u 
Fang passes his kidney 
stone. 


Don McCullin’s Harrowing Images 




By Roderick Conway Monis 

IfUcrwiiaiul Herald Tribune 


L ONDON — For two decades 
Don McCullin photographed 
almost every major conflict in Die 
world, from intercommunal vio- 
lence in Cyprus and the Six Day 
War, Vietnam and Cambodia, to 
the Biafran catastrophe. Northern 
Ireland and El Salvador. His pic- 
tures — of T urkish- Cypriot fam- 
ilies in the wake of massacres, of 
starving Biafran children, of brave, 
exhausted, and badly wounded 
Marines at Hue — were unmatched 
not only for their starkness and 
immediacy but also for their haunt- 
ing depth of sympathy. And the 
courage and commitment of the 
man who took them were often as 
baffling to his colleagues in the 
field as to ordinary mortals thou- 
sands of miles away who found 
themselves, on opening a news- 
paper or magazine, abruptly trans- 
ported to the front line. 

McCullin's Nikon, with the hole 
punched in it from an AK-47 round 
in Cambodia, bears silent witness 
at “Sleeping With Ghosts,” a pan- 
oramic retrospective of 250 pho- 
tographs sp anning McCullin’s ca- 
reer at the Barbican Art Gallery 
(until Dec. 14), to (he continual 
dangers he confronted to capture 
these unforgettable images. 

A few days after McCullin's 
camera saved his life he was se- 
riously wounded in another fire 
fight on the outskirts of Phnom 
Penh. Several years later, after nu- 
merous scrapes with death, he 
broke his hip, arm and ribs sliding 
off a roof during a battle in El 
Salvador. In 1984, after Rupert 
Murdoch bought the Sunday 
Times, the photographer, who had 
worked for the paper for 18 years, 
dared to criticize what he saw as the 
paper’s loss of direction under its 
new editor Andrew Neil — who 
promptly fired him. 

McCullin was bom in 1935 and 
raised in Finsbury Park, which then 
had Die reputation of being the 
worst area in north London. His 
family was poor, he was dyslexic. 


though good at drawing, but his 
hopes of going on wfrh his edu- 
cation at an art school came to an 
end when his father died when Mc- 
Cullin was 14, and he bad to go to 
work. 

Three times evacuated during Die 
Blitz, McCullin was frequently hit 
and abused by otherboys, nis school- 
teachers and his reiuctam hosts. This, 
he notes in “Unreasonable Beha- 
vior,” his vividly observed, often 
tragic but also sometimes mordantfy 
funny autobiography, “gave me a 
lifelong affinity with persecuted 
peoples. I know what it is like to 
branded uncivilized and unclean. 
Except that I was ostracized and ill- 
treated by my own people, not an 
alien race.” 

McCullin's break came in 1958 
when a policeman was stabbed to 
death intervening in a street brawl 
in Finsbury Park. McCullin had 
been taking pictures of the toughs 
he had grown up with, using a 
Rolleicord be bought while doing 
his national service with the RAF in 
Kenya. He managed to sell some of 
his “snaps” to the Observer. One 
in particular of a gang in their sharp 
suits looking menacing amid the 
ruins of a bom bed-outhouse, taken 
a few hundred yards from where 
tire policeman was knifed, had an 
instant impact when it appeared in 
print — and still packs a punch 
today. 

The next day McCullin woke up 
famous. 

Offers of work poured in — 
which was exhilarating but also 
terrifying. McCullin said in an in- 
terview. “I really knew nothing 
about photography, and my dys- 
lexia, which nobody understood in 
those days, made it terrifically dif- 
ficult to read and digest the tech- 
nical literature.” However, his ex- 
traordinary eye for the telling detail 
and his intuitive grasp of compos- 
ition, and a determination bom of 
adversity, carried him rapidly to the 
forefront of his calling. In 1966 he 
joined the Sunday Times, where 
appreciation of his gifts won him 
the freedom that was instrumental 
in allowing him to build up the 





on the blacklist in South Vietnam 
them nod was kicked out of 


McCullin (front) with Marines in Hue in Vietnam in 1968. 


magisterial body of work now on 
show in “Sleeping With Ghosts" 
(and contained in a book of the 
same title). 

“I had a wonderful experience at 
the Sunday Times,” McCullin 
said. “I was given carte blanche to 
do anything 1 wanted- I'd say to the 
editor: There’s something going 
on in such and such a place.’ And 
he’d say: ‘Well, what are you doing 
standing around here? Go and get a 
ticket and get out there.' So I'd go 


off for three or four weeks and 
never even phone the office. And 
when I appeared again, they'd say 
in mock surprise: ‘Oh, look! Don's 
back. He's decided to come 
back.' '* 

He always minted and edited his 
own pictures. The only time he par- 
ted with his rolls of film — ‘ ‘And I 
felt really sick about it," he said — - 
was when he was ordered to air- 
freight them out of Phnom Penh and 
proceed to thefall of Saigon. “I was 


’"■BW 

fibm* 

arrived, and get them bade again." *' 
McCullin is still visiW^gneviag 
about being prevented tl>y the BroJ 

ish authorities from covering the-'l 
Falklands War. *Td bcarwimjust 
about every army m the»wia,aod . 

I felt that to be there witiHfce British^ 
Army, my own people, was whsa 
my whole career had been & prep- 
aration for. I’d earned it wrthiBjr- 
blood and sweat.” Even, tfc im- 
perial War Museum's attempts jft. 
dispatch him as; its official pho- 
tographer were thwarted, 
government wanted a cosmeticized 
image of the war, a- Hollywood 1 
version in which peepfe didaY; 
really bleed and there was .no>. 
pain.” His eventual sacking bydft j 
Sunday Times was inevitable. Me: ’] 
Cultin said, “because drey wanted* 
to kill off photojournalism, ’and a 
promote style pieces and gaideti P- 
frimiture instead.'” ; 

“I dcmT do photojournalism any. 
more beca u se, frankly, nobqtty; 
really wants it,” he said. But as the^ 
last sections of his retrospective" 
reveal, he has now turned hk band' 1 
to producing marvelous pictures of: 
the English landscape and of India; 
and some powerfully atmosphark;.' 
still fifes,’ . - ^ 

Two years ago, he : married the 
American aerial photographer 
Marilyn Bridges. The happiness he 
has found with her has greatly in- 
tensified his passion' for Dw new . 
direction in his woric. ‘*1 suppose 
I’m trying to show her there? an- . 
other me. There always was_an- L 
other me. but there wasn't tutMo f 
bring it out when T was mixed up in 
all those wars.” The current ret' 
respective was in some ways art 
attempt to exorcise the spirits oftbe 
past and mark his new beginning, 
he said. “I hale being called a ■war- 
photographer now. But some 
people say to me, 'That’s what’ 
you're known for, and Disc's the. 
name you’ll die with.' Wc‘H see. In' 
Die meantime. I’ll at least ny to I 
confuse people a bit." - r " *•' - 



...l! S 


#«1SI 


CIVIL WAR 


PEOPLE 


fT 


New Battle of Gettysburg — for Its Preservation 


By Stephen Barr 

Washington Post Sen-ice 


G ETTYSBURG, Penn- 

sylvania — The Civil 
War general George Meade, 
atop his horse and hat in hand, 
looks sternly into Die autumn 
sun, surveying the battlefield 
where 7,000 Union soldiers 
turned back Die bulk of 
12,000 Confederates — 
forever remembered as Pick- 
ett's Charge. 

The monument stands 
within a short walk of the 
Gettysburg National Military 
Park's Visitor Center, fondly 
remembered by many visitors 
for its low-tech electric map, 
a topographic account of the 
three-day battle illustrated by 
red, blue and butternut incan- 
descent bulbs. Also within 
view of Meade’s memorial is 
the Cyclorama Center, a con- 
creie-and-glass home for the 
gigantic Paul Philippoteaux 
oil painting of 1884 that de- 
picts Picken's Charge. 

But the two outdated build- 
ings intrude on the historic 
landscape, and, after three de- 
cades of use by millions of 
visitors, the National Park Service wants 
to tear them down and plow under two 
parking lots. The Park Service would 
restore the grounds to appear much as 
they did when soldiers tought across 
them in 1863. 

To carry off Die estimated 543 million 
project, the Park Service has decided to 
create a “public-private partnership." 
While there have been other public- 
private partnerships for park projects, this 
one is particularly noteworthy because of 
Die commercial benefits to Die partner. 

“What we are crying to do here is 
relatively unprecedented." said John 
Latschar, the Gettysburg park superin- 
tendenL 

Under ±e proposal, a private de- 
veloper would build — and pay for — a 
new visitor center, a museum and star- 



.. 7%* 

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A cavalry’ memorial in front of the controversial tower. 


age facilities elsewhere on the battlefield 
or on a sire outside park boundaries. The 
developer would get the right to set up 
profit-making ventures — perhaps an 
Imax movie theater, restaurants and re- 
tail shops — as part of the complex. 

The Park Service is turning to the 
private sector to help meet the park's 
needs, officials said, because the White 
House and Congress, which provides 
Gettysburg with about $3 .5 million each 
year, is unlikely to earmark large sums 
for improvements. 

“Given the current climate, I can't do 
it with government dollars,” Latschar 
said of ms plan for Gettysburg. 

Four developers have submitted 
plans, and Park Service officials hope to 
announce a winning bid within the next 
two weeks. 


The announcement will 
mark only another stage of 
conflict over how to manage 
the Gettysburg battlefield. 
Preservationists acknow- 
ledge facilities need to be im- 
proved but say the Park Ser- 
vice should try other 
approaches — such as lob- 
bying Congress for money or 
turning the project over to a 
nonprofit foundation. 

"We’ve got people who 
are worried that this is going 
to be another Disneyland,” 
said Walter Powell, president 
of the Gettysburg Battlefield 
Preservation Association. 

The current visitor center 
dates from Die 1920s and was 
acquired by the Park Service 
in 1971. Fourteen additions 
have left it with a choppy floor 
plan that thwarts efforts to tell 
the Gettysburg story to ap- 
proximately 1.7 million vis- 
itors each year, Latschar said. 

The park’s museum curator, 
Michael Vice, and its histor- 
ical architect, Richard Segars, 
said both buildings lack proper 
environmental controls. 

Civil War artifacts — flags, 
drums, pistols, rifles and uni- 
forms — are stored under “abysmal” 
conditions in a dozen unheated basement 
rooms at the Visitor Center. 

The Cyclorama Center lacks modern 
fire suppression systems and some areas 
are without emergency exits. And the 
Cyclorama painting, improperly in- 
stalled in 1962, has large wrinkles in the 
canvas, Latschar said. 

Latschar said a 1996 congressional 
audit found Die Gettysburg park needed 
about $75 million in main tenance 
But many preservationists lost faith in 
Die Park Service in 1974, when the 
agency allowed construction of the 
privately owned National Tower at 
Gettysburg. The 310-foot (95-meter), 
needle-like structure rises from near the 
heart of the battlefield. Preservationists 
consider the lower an eyesore. 


O N his first official over- 
seas trip since the death 
of his former wife Diana on 
Aug. 31. Prince Charles ar- 
rival in Swaziland, the first 
leg of a weeklong tour of 
southern Africa. His son 
Prince Harry did not join his 
father in Swaziland, but was 
whisked off loan undisclosed 
destination in South Africa, 
according to British officials. 
During a visit to Swaziland ’s 
Parliament, Charles said he 
and his sons were “deeply 
touched” by the flood of in- 
ternational tributes paid to 
the Princess of Wales after 
her death following a car 
crash. Meanwhile, Diana's 
family announced that its es- 
tate in Althorp, England, 
where Die princess is buried, 
would be opened to the public 
from July I to Aug. 30 n 
year. 


next 


The rock star David Bowie 
has been named Britain’s 
richest pop musician with a 



■ HK4 latliivn. 1 Xp'in r ; 

Prince Charles arriving Wednesday at the airport in Mbabane, Swaziland. 


personal fortune of £550 million ($916 fishing boat into a floating dispensary, accepted an honorary doctorate froratW ■ 
ii. \ A : :J ** : J «■ '"icilities 10 University of Limerick in Ireland “An* '■ 

there is a gela’s Ashes,” which won Die Pulinej * 


million). Business Age magazine 
id of stai 


le said 

Bowie has surged ahead of stars like 
Paul McCartney partly as a result of his 
decision in Die 1980s to take control of 
his finances and invest overseas to avoid 
tax. Bowie, 50, is one of the few in- 
ternational pop stars who owns all the 
rights to his songs. McCartney is listed as 
Britain's second-richest star with £520 
minion, while Die singer Tom Jones 
comes third with £275 million. In the 
magazine’s top-50 listing, Die Spice 
Gins are in 42a place, with £14.5 million 
for each of Die five band members. Only 
two other women make die list: Annie 
Lennox is 34th with £26 million, and 
Kate Bush is 38th with £1 8.5 million. 


designed to offer medical faci 
300,000 people. “Each time there is a 
cyclone, everything is destroyed. Thou- 
sands die," he said. “Yon could say it’s 
like living at the end of the world.” 


Prize for biography this year, describes !. 
the New York-born writer’s early days ia j 
the Limerick of die 1940s and '50s. / ’ V* 


□ 


Sri I,ankan Muslims have protested 
their government’s decision to allow the 
BBC to film a five-part TV movie tided 
"Salim’s Story,” based on Die 1981 
novel by Salman Rushdie, “Midnight’s 
Children.” The producers chose 


□ 


Hillary Rodham Clinton told, tbdl 
talk show queen Oprah Winfrey that i s " 
she missed her daughter Chelsea “des- p-: 


perately.” Chelsea is studying at Staih; 
ford in ~ " ‘ 


Sri 


Lanka, a mainly Buddhist nation, as their 


California. Appearing live 
Chicago on Winfrey's show, the ft... 
lady added that the empty nest was ;• 

dlffprpnl PVTWrimM ihnt mnlru I, nf S ■ 


. □ 

The French author Dominique 
Lapierre, famed for his “City of Joy” 
novel on Calcutta, has launched a 
$100,000 medical aid project for India's 
cyclone-ravaged islands of the Ganges 
delta. The project is being funded 
mainly by royalties from "City of Joy.” 
Lapierre said it involved transforming a 


... v 7 J ■ — ouucu uuu uje empty nest was * ! 

tunwd down in I n dia, different experience Dial makes it kind erf ? 

Midnight s Children, which won the * -« -• — -- — «*■»• • 

Booker prize, tells the story of a boy bom 
during India’s independence. In 1989. 


Rushdie came under a death threat from 
Iran for “The Satanic Verses," which 
authorities said blasphemed Islam. 

□ 

Frank McCourt, whose book “An- 
gela’s Ashes" angered some local res- 
idents witii its uncompromising depic- 
tion of his impoverished childhood, has 


fun to have all this time to yourself.’ 

□ 


Is Spike Lee sleeping with Die ca 1 p . 
emy? The filmmaker, a rabid New York j’- . 
Knicks fan. is making some regions] { 
cable TV spots for the Los Angeles j 


Lakers. "Hey, I like the Lakers the best ! 
of any team in Die West." Lee toldDaiK ’ 




Variety. “I have no qualms about pi. 
fering my services to other teams in tbe 
NBA besides the Knicks." 



Every country has its own AT&T Access Number which 
makes calling home or to other countries really easy. 
Just dial the AT&T Access Number for the country you're 
calling from and you'll get the clearest connections 
home. And be sure to charge your calls on your AT&T 
Calling Card It'll help you avoid outrageous phone 
charges on your hotel hill and saw you beaucoup de francs 
(up to 60%*). Check the list for AT&T Access Numbers. 


AT&T Access Numbers 



EUROPE 


Sttps to follow for easy 
ailing worldwide: 


Austria . 

Belgium* 

France 

Germany 

Greece* 

Iretanda 

Italy* 

IWtrartiuds* 

RU3Sta«A(MBS«M)l 


—IS. 


OBMSS-Ofl 

MMMI.v. 

8-WMHBVV 
OMOfrlL- 
.. . 172-tOtt. ’ 

WO 0 -O 22 - 9 tlL ■ . 

TW-ac . 


1. Just dial ihe AT&T Access Nunihtf 
fix-thi country you are oiling from. 

2. Dial the phone number you're calling. 

3. Dial the calling cart nurnter listed 
abme your name. 


Spain . . . Sa494Mt 

Sweden 028-7$^ 

Switzerland* 0800-69-411 

United Kingdom * - DMO-AWlD- 

OHWO-Wt 


_• MID DLE EAST 

Etpi*(Crin}i . " , 

Bttd m-ioMffl 

Saudi Arabia o 1-606-10 



AFRICA , "• 

Ghana . .0111 

South Africa. . . fi-flflO-S9-ffl& 


in the springtime. 


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«HKa*Nrrvtcc. onto! uur Web * ha^AWKMU<W«r*»drr 


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