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k, WEDNESDAY SEPTEMBER 24,1997 


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^ife Kohl Touts New. Currency, Many Germans Cry: ‘Not Again? 


By Roger Cohen 

New York Times Service 


MOSBURG, Germany — Franz Schmid is 
old enough to have suffered his share of Euro- 
pean upheaval, and now. as the century wanes, 
he is convinced that the Continent is on the brink 
of another disaster, one that will wipe out ail he 
has slowly built from the ruins of Hitler’s war. 

A. retired hairdresser with a solid honse bed- 
side a Bavarian brook, Mr. Schmid experienced 
the inflationary chaos that gave Hitler his start. 

He was drafted into the German Army and 
captured on the.Russian front 
When be put his life together after 1945, 
rising early, never taking a vacation, it was the 


rock-solid German mark that measured his pas- 
sage to a modest affluence. 

His conclusion: Play with currencies and you 
play with fire. So, like about 60 percent of his 
fellow Germans, he is alarmed by a plan to diich 
the world’s second-largest reserve currency, the 

First of two articles 

Deutsche mark, and use a new money to change 
Europe. e 

“Tie mark is part of us,” Mr. Schmid said. 
“What do we need a worthless new money 
For?” 3 

But several European governments, — includ- 


ing Germany’s — are moving ahead withplans id 
scrap their national currencies and replace diem 
with a single money, the euro, by 1999. They are 
set to impose the currency on restive, sometimes 
openly hostile, citizens, for whom union has 
become synonymous with stagnation and sac- 
rifice. The political risk is enormous. 

That risk is being taken with a bold aim: to 
forge greater European unity in an attempt to 
arrest the Continent’s relative decline in an 
American-dominated world. 

“There is nothing more political than 
money,” said Richard Descoings, director of the 
French Institute of Political Studies. “Once each 
person has a euro in his pocket, the money will 
unite us as Americans are bound by the dollar.” 


But this has been a lousy decade in Europe. 
Unemployment is at levels not seen since the 
1930s. Over the last five years, growth averaged 
little more than 1 percent, less than half the U.S. 
level. The globalization embraced by the United 
States has struck fear into the European soul; 
war in Bosnia has shaken the Continent. 

For some time now, Europe has labored 
under a dread conviction that Asia is rising, 
America roaring along, while the old Continent 
sleeps amid its predatory ghosts. 

The euro is potent medicine for this malaise. 

Each country that joins the common currency 
will surrender part of its national sovereignty by 
turning over key economic decisions to a Euro- 
pean Centra] Bank in Frankfurt. This bank will 


set interest rates and impose a fiscal discipline 
so strict that a profound reshaping of Europe’s 
costly welfare state appears inevitable. 

In the United States, too, there is a broad push 
to reshape welfare programs. But Europe is a 
customs union, not a country, and the cuts in 
spending required by adoption of the euro result 
from the planning of faceless central bankers 
rather than an election in which one vision for 
the future has trumped another. 

Skeptics worry that the architects of the euro 
are inviting disaster by imposing a single eco- 
nomic policy on diverse countries with vastly 
differing traditions, national identities and e co- 

See EURO, Page 7 



China Shake-Up Strengthens Jiang 

Removal of No. 3 Official Seen as Setback for Reformers 


By Steve Mufson 

Washington Post Service 



Udoa Shanf/Rctnm 


Police officers and security men searching for chies Thursday in the bus wreckage outside the Egyptian Museum. 

10 Die in Cairo Attack on Tourist Bus 


By Douglas JeW 

• New fork Times Service 


CAIRO— Agasoline bomb exploded 
Thursday in a tour bus outside the Egyp- 
. -£i tian Musetim, kflRng the Egyptian dnver 

«>l and nine tourists, at least six of diem 
_ ‘ Germans, aixT starting a gun battle. 

\ ‘ ’-I : J; The midday attack in Tahrir Square, 
near the heart of the Egyptian capital, 
:• occurred just as tourists nave begun to 
' . ■ '* surge back toEgypt after years in which 
• many stayed away because of a cam- 
pajgn.of violence waged by Islamic 

mimwn fc 

Egyptian officials were quick to insist 
that they had seen no evidence to connect 
the attack Thursday to that violent cam- 


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paign. suggesting instead rhai it was an 
act by a mentally unbalanced person. 

Tlrey announced the arrests of two 
men in the bombing, including one who. 
the police said, escaped three days earli- 
er from an asylum and another who was 
his brother. 

Neither was known to be amemberof 
a militant Islamic group, the police 
said. 

But some witnesses insisted that they 
bad seen three or even four armed at- 
tackers, all erf them wearing casual 
clothes. 

ities also erected roadblocks on routes 
heading southward from Cairo in an 
apparent effort to intercept anyone who 


might be fleeing the capital to regions 
further up the Nile that have long been 
the militants’ stronghold. 

The main suspect. Saber Mohammed 
Farahat, had been institutionalized since 
he murdered two American business- 
men and a Frenchman as they ate dinner 
in a luxury hotel in Cairo in 1993. 

Egyptian authorities described him at 
the time as a mentally disturbed mu- 
sician, but some security Officials also 
said that he had shown sympathies to- 
ward the Islamic militants who have 
waged a violent war against Eg 
mostly secular government since 
His brother, Mahmoud Mohammed 

See CAIRO. Page 6 



^Contributions Gave Me Access, 9 
Investor Says of Gifts to Democrats 


By Brian Knowlton 

International Herald Tribune 


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..WASHINGTON — A top donor to the Democratic Na- 
tional Committee candidly told senators Thursday that he 
thought that his contributions had gained him access to the 
White House. 

1 The testimony followed dramatic testimony from a former 
National Security Council adviser that offi rials of the CIA, the 
Donocratic committee and the Energy Department had 
pressed her to grant White House access to the donor, despite 
Wroubling questions about his background. 

•r. The donor, Roger Tamraz, an international investor who 
was seeking U.S. support for his plan to build an oil pipeline 
from the Caspian Sea, was unapologetic in his testimony to a 
Senate committee investigating campaign finance abuses. 

“I did believe my contributions gave me access,” he said. 
Achieving access, he added without prompting, was ‘ ’the only 
reason" forthe donations. 

- He acknowledged, under questioning from the committee's 
chairman.'Fred Thompson of Tennessee, that he had been able 
to meet with officials erf the National Security Council, the 
Central Intelligence Agency, the Energy Department, tire Ex- 
port-Import Bank and die Overseas Private Investment Corp. 

He also met with Vice President A1 Gore and was able to 
briefly . discuss his pipeline proposal with President Bill 
Clinton. 

Asked by a senator whether he had gotten his “money’s 
worth” for the 5300,000 he donated to various Democratic 
*■ Party groups, even though the pipeline was not built, he 
replied, “I think: next time I’D give $600,000.” 

- A ■ The remark brought laughter from the crowded bearing room. 
mBut several senators, both Republicans and Democrats, made it 
"plain that they were angered by what, at least in Mr. Tamraz s 
Understanding, was a clear swap of money for access. 



BEUING — In a major leadership 
shake-up, the Chinese Communist Party 
has forced the removal of four members 
of the Politburo, including the head of 
the national legislature and the nation’s 
top military officer. 

Striking a blow to the hopes of polit- 
ical reformers, the name of Qiao Shi, 
who had been the party’s No. 3 official, 
failed to appear on the list of the new 
192-membex Central Committee elect- 
ed Thursday at the close of a weeklong 


Market Plan 
Wins Praise 
In Whshington 


By Alan Friedman 

International Herald Tribune 

HONG KONG — The United States 
on Thursday hailed China's plans to 
liberalize its economy and sell off 
shares of state-owned enterprises, call- 
ing the moves "significant’’ and “very 
constructive.” 

"They have announced significant 
reforms,” said Treasury Secretary 
Robert Rubin, commenting for the first 
time on the announcement made last 
week by President Jiang Zemin that 
Beijing plans to allow share offers, mer- 
gers and bankruptcies as instruments 
that will pave me way to the liber- 
alization of state-owned enterprises. 

“The load of reforms announced in 
Beijing, especially the plan to let state- 
owned enterprises go to a commercial 
basis, are very constructive,” Mr. Ru- 
bin said Thursday in a telephone in- 
terview from Seattle. He was there on a 

See RUBIN, Page 6 


congress. Analysts said they be- 
lieved that Mr. Qiao, the National 
people’s Congress chairman, who has 
championed the "rule of law,” lost a 
power struggle to retain his post at the 
legislature and resigned rather than ac- 
cept a demotion. 

The moves appeared to be victories 
for Jiang Zemin, China’s president and 
Communist Party chief, who is now rid 
of two of his leading critics and who 
secured positions on the party’s Central 
Committee for some of his closest allies, 
including two aides and die mayor of 
Shanghai. 

The reshuffle also enhanced the like- 
lihood that Prime Minister Li Peng, who 
is barred from serving a third term, 
would become head of the national leg- 
islature, which has been home to his 
most vocal critics. 

"It’s like a minor earthquake on the 
Chinese political scene,” said Wang 
Chi, a professor at Georgetown Uni- 
versity in Washington who has fre- 

S tly met with Mr. Qiao and other 
ese leaders. "Jiang has pretty 
much got what be wanted. This is a 
victory for him." 

Though Mr. Qiao's fall makes Mr. 
Jiang even more central to the party 
leadership, many analysts said they 
were worried that it might upset the 
balance in what has been seen as a 
coalition leadership. 

“It’s flabbergasting,” said a leading 
Western scholar working in Beijing 
when told of Mr. Qiao's ouster. "For 
someone of such stature opting to be out 
of the inner core does raise potential 
concerns about instability. You've got a 
major player who’s not at the very cen- 
ter of power. So where does his group 
articulate its views?” 

Mr. Wang added: “This is a very 
serious warning for other people who 
have different ideas and approaches. If 
Qiao can be removed like mat from the 
Central Committee, what does that 
mean for others? This shows that you 
belter follow the party line or you’re 
going to be out, too.” 

Sources said that Mr. Qiao, 72, who 
joined the party when it was still un- 


derground in the 1940s and later served 
as head of the national intelligence ap- 
paratus, had recently been pressing for a 
revision of the party’s condemnation of 
the Tiananmen Square protests in 1989 
that ended in a mili tary crackdown on 
the demonstrators. Mr. Qiao was also 
lobbying to keep his position at the head 
of the legislature, or make sure it went to 
one of his leading s u pporters. 

Mr. Qiao’s absence from an impor- 
tant speech by Mr. Jiang in May at the 
central party school was widely inter- 

See PARTY, Page 6 


U.S. to Clear 
Beijing Over 
Nuclear Sales 


Cbm KkfunWAgmcr Krih n— Pfr— r 

Roger Tamraz at the Senate hearing Thursday. 

"It’s the open sale of access,’ ’ said Carl Levin, Democrat of 
Michigan. “It's wrong, it ought to be changed.’’ 

Mr. Tamraz 's testimony, taken with an emotional account 
Wednesday by Sheila Heslin. the former National Security 
Council aide, of what she said had been heavy pressure to 
reverse earlier policy and grant Mr. Tamraz a White House 
bearing, appeared to have galvanized what at times have been 
slow-moving hearings, and appear likely to increase pressure 
cm the administration for explanationS- 

But adminis tration officials continued to deny that the pres- 
sure Ms. Heslin said she had felt had originated with them. 

And there is still no proof that the. administration went 
beyond granting a hearing to donors like Mr. Tamraz and 

See ACCESS, Page 6 




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AGENDA 


Jews to Quit House 
In East Jerusalem 

Moving to end a dangerous chal- 
lenge to already strained Arab-Israeli 
talks, three families of settlers who 
moved into a house in an Arab section 
agreed to a deal with Prime Minister 
Benjamin Netanyahu to leave'. But 
their compromise terms for leaving 
were that the residence, which was 
purchased by an American, Irving 
Mbskowitz of Miami, be turned over 
to religious students as a yeshiva. 
Palestinians angrily rejected the pro- 
posed compromise as a further de- 
liberate intrusion into the Old City of 
Jerusalem. Palestinians look upon 
East Jerusalem as the logical site for 
the capital of the independent state 
they want in the territory. Page 6. 



j The Dollar 

New York 

Thursday » 4 P.M. 

previous doee 

DM 

1.7796 

1.7724 

Pound 

1.6115 

1.6013 

Yen 

121.935 

120.90 

FF 

5.9775 

5.951 



Thursday does 

prevtouidosa 


7922.72 

7888.44 

S&P 500 

Change 

Thursday • * P.M. 

previous dose 

+4.43 

947.42 

942.99 


RED SKELTON DIES — Tire 
American comedian's career 
spanned vaudeville to TV. Page 3. 

PAGE TWO 

Miss Clinton Coes to College 





Page 22. 


Pages 8-9. 


... Paaes 22-23. 

r w 

Sponsored Section 

Pages 20-21. 

RUSSIA 


The Intermarket 

Pages 4 and 12. 

j The IHT on-line 

mwv.iht.ccm | 


By John Pomfret 

Washington Post Service 

WASHINGTON — The Clinton ad- 
ministration has told Congress that it is 
preparing to certify that China has 
stopped exporting technology related to 
nuclear weapons to such countries as 
Pakistan and Iran, congressional 
sources say. 

The certification would allow such 
U.S. energy giants as Westinghouse 
Corp. and General Electric Co. to sell 
U.S. nuclear power technology to China 
for the first time. 

The certification could be the key- 
stone of the coming meeting between 
President Bill Clinton and President Ji- 
ang Zemin of China, said a U.S. official 
who spoke on condition of anonymity. 
The visit to the United States by Mr, 

2 . scheduled for late October, will 
ihe first China-U.S. summit meet- 
ing in eight years and is heralded as an ’ 
important test of Washington’s improv- 
ing ties with Beijing. 

An agreement on nuclear technology 
is crucial to a successful meeting be- 
cause other concrete accords, such as a 
deal on China’s membership in the 
World Trade Organization, will not be 
ready for Mr. Jiang's visit, another U.S. 
official said. 

Securing permission to buy U.S. nu- 
clear technology and U.S. certification 
that Beijing is no longer selling tech- 
nology related to nuclear weapons 
would also mark a significant political 
and economic victory for China and for 
those U.S. energy companies engaged 
in a fierce lobbying campaign to sell 
goods there. 

But several experts on nuclear pro- 
liferation said that the certification, the 
first such step by a U.S. administration 
in 12 years, was being issued hastily 
and coitid harm U.S. national security. 
While many agree that Chinn has Tmltftri 
egregious violations of the Nuclear 
Nonproliferation Treaty, which it 
signed in 1992, Prime Minister Li 
signed regulations for the export 
nuclear technology only this month, 
and experts said that it was unclear 
whether the Chinese government had 
the capacity or willingness to enforce 
them. 

In closed meetings-with House mem- 
bers and aides last week and Senate staff ' 
members Tuesday, Robert Einhom, 
deputy assistant secretary of state for 
nonproliferation, said that China had ■ 
made strides in its efforts to cease 
selling technology related to nuclear 
weapons, participants said. 

while Mr. Einhom stopped short of 
saying that Mr. Clinton would certify 
thatChina has ceased all such activity. 

See TECHNOLOGY, Page 6 


U.S. Takes Heat for AIDS Experiments on Third World Women 


By Sheryl Gay Stolberg 

New York Tunes Scow 


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WASHINGTON — For the past two years, the 

Thailand and the Dominican Republic, in which 
some women are given drugs that can prevent 
of deadly «DSvj™» the. 
babies and some receive only dummy pms. 

The studies are so controversial tha 1 even 501116 


U.S. government scientists have questioned 
whether they are ethical. Now, one of the nation's 
most prestigious medical journals has thrown a 
spotlight on the research, with an editorial that 
likens it to the notorious Tuskegee experiment, in 
which poor black men suffering from syphilis were 
left untreated earlier tiiis century. 

The AIDS studies, which involve 12^1 1 wom- 
en in seven countries, aim to help the developing 
world find a cheap, effective method of preventing 
transmission of HIV to babies. The research is 


based on one of the most dramatic discoveries of 
the AIDS epidemic: that women who take the (hug 
AZT during pregnancy can cut the risk of trans- 
mission by two-thirds. 

But the drug regimen, as used in the United 
States, costs about $1,000 per mother, so public 
health officials want to know if there, are less 
expensive ways to use AZT to achieve the same 
benefit Half the foreign women in the experiments 
receive AZT, at varying levels that differ from the 
amounts used in the United States. The other half 


get the placebo. Critics say that as a result more 
than 1,000 infants will contract the AIDS virus 
when.it could have been prevented. 

"We have turned our backs on these mothers 
and their babies,” complained Dr. Peter Lurie of 
Public Citizen, an advocacy group. 

Federal officials counter that the use of dummy 
pills is the mly way to get a quick, reliable result, and 
that it is not depriving women of therapy they would 

See AIDS, Page 6 





INTERNATIONAL HERALD TRIBUNE, FRIDAY, SEPTEMBER 19, 1997 


PAGE TWO 


An Empty Nest i Chelsea Coes to College 


By lames Bennet 

New York Times Service 


W ASHINGTON — The first time 
Bill Clinton tried to steel her for 
tbe peculiar life ahead of them, 
his little giri cried. 


m/mf tjje peculiar lift ahead or mem, 

▼ ▼ his little gir! cried 

ShJl, night after night over dinner with ms 
small family, Mr. Ginton k^t at it, saying W 
things abouttrimself to Chelsea, then 6 years old, 
to ready her for what she migbtbear during his 
race for re-election as governor of Arkansas. 

But while the Clintons painstakingly pre- 
pared Chelsea for the outside world, they seem 
less prepared themselves to let her go. 

Wednesday, when asked how he was coping 
with his daughter’s imminent departure for 
' college, tbe president could just shrug help^ 

lessly. “There's nothing I can do about it now, ” 

he said singly. “Tliat’s what you raise them 
• for. Tin happy and sad at the same time.” 

After 17 years of careful training — of family 
breakfasts and three-handed pinochle games, of 

father-daughter algebra sessions and mother- 
daughter walks, of awkward softball games and 
fluid Nutcracker performances — Bui and Hil- 
lary Rodham Clinton are about to send their 
only child into tbe world on her own. 

For the first time since she was 2, Chelsea 
Victoria Clinton — a constant if publicly silent 
presence as her father’s political career soared 
— is about to move ran of public housing. 

After flying to California on Thursday on 
Air Force One, CheLsea will move into a dorm- 
itory at Stanford University, where she will — 
roommate. Secret Service and all — try to live 
as much like a normal freshman as she can. 

What this vrill mean for Chelsea, and for the 
parents she leaves behind, is the subject of 
alternately excited and worried speculation 
among White House staff and the Clintons’ 
friends, who marvel at the amount of time the 
first family has managed to spend as a three- 
some. Chelsea, they say, will do just fine — 


although, paradoxically, the White House has 
proved in many ways a shelter for her. But her 
parents may be in for some lonely time. 

“Most of the time. I’m wondering whylever 
agre ed to let her skip third grade,” Mis. Clinton 
wrote in a syndicated column this weelc 
David Leopoulos, one of Mr. Clinton s best 
friends since grade school, sat down Wednes- 
day to write him a letter, which he planned to 
fax to the president’s private line. He described 

how hard it was for him to drop his oldest child, 

Thaddeus, at Rice University in August 
' ‘It just becomes a temporary address,” Mr. 
Leopoulos said of the family home. “That’s a 
big shocker to you. It gives me goose bumps 
eveiy time I say it" 


He did not advise the president on how to 
cope, Mr. Leopoulos said. “He doesn’t need 
all that psychological crap. He just needs 
someone else to empathize with.” 

Other friends of the first family said that, like 

_ ll rnllisna 4ia 



had much more to worry about than the color of 
their child’s towels (although her mother 
fussed over- that one) and whether she would 
eat well (not much of a concern, since Chelsea 
has never dialed her father’s yen for greasy 
hamburgers). 


I N HER COLUMN, Mrs. Clinton fretted 
that at college, Chelsea might be vul- 
nerable to prying reporters. She recalled 
her own -caffeine-fueled all-nighters 
during finals” and “long walks through city 
streets or across campus that ended in a tender 
moment with a handsome new boyfriend.” 


ULHU liiUUUO UJ — — v 

all parents sending children off to college, the 
Clintons cannot anticipate how they will fieeL 

m<u)p oil thf> Inoisfirfll nrena- 


1.1IIUU IIA UUIUUL »wa. 

“They’ve made all the logistical prepa- 
rations, they’ve figured out how to stay in 
touch,” said Diane Blair, a longtime friend of 
the Clintons who has watched her own five 
children go off to college. “ But whoa die door 
isn’t slamming when the kid comes borne in 
the afternoon — yon aren’t ready for it. It’s a 
real empty feeling.” 



Ftal H**-fc».'IbeNre\«kT. 


A 


LTBOUGH they have gone to great 
lengths to shield and even hide 
Chelsea, the Clintons have not en- 


At an election night rally last year in ffhshington. The Clintons have 
tried to prepare their daughter for the ugly side of the real i world. 


trrefy foregone tbe political advant- 
ages of a close-knit family, and even some of 
tbe Clintons' harshest political critics admire 
their success as parents. 

At the Democratic National Convention a 
year ago, Mr. Clinton reflected in a videotaped 
presentation on Chelsea’s departure for college: 
“We have maintained a level of personal in- 
timacy with Chelsea feat lam vezy proadof, and 


pleased by, and very, very grateful for,” he said. 
‘Tm going to miss hex when she’s gone.” 

As in any family, Chelsea’s departure will 
mean a dramatic change in tbe Clinton's 
routine. Fox four years. White House aides 
have plotted the Clintons* schedules against 
die schedule of Sidwell Friends, where 
Chelsea went to high school. Mrs. Clinton is a 
fixture at Chelsea’s ballet recitals, and Mr. 
Clinton’s aides have become used to him in- 
terrupting meetings when she phones. 


“It was not like the speaker or Dick Gep- 
hardt,” recalled Leon Panetta, the former White 
House chief of staff. “She had a pretty direct 


line, and he would immediately pick it up.” 

And at the president's urging, his aides have 
routinely blocked out an hour, from 8 to 9 
P.M., for the family dinner, if necessary 
scheduling presidential appointments after 

that 

While they might be on a sentimental jour- 
ney familiar to many parents, the Clintons have 


she wrote. 

Past and present White House officials com- 
pliment the White House press for honoring hex 
privacy. “It’s not inconceivable you couldhave 
had a Diana-type situation of people staking out 
the malls downtown,” said George Stephan- 
opoulos, a former White House adviser. 

But, he said, as Chelsea strikes out on her 
own as a young adult, some news organi- 
zations may use that as a pretext to begin 
scrutinizing her. 

Tbe White House has been working with 
Stanford to tty to blend Chelsea into campus 
life. Stanford spokesmen primly inform report- 
ers that they will say nothing about her because 
they “respect the privacy of our students.” 

Carolyn Sleeth, editor of The Stanford 
Daily, says her staff will not write about Chel- 
sea nnlftss she distinguishes herself some- 
how. _ • • - 

Ms. Sleeth, who said that the White House 
h»H not tried to influence her, has threatened to 
fixe paid staff who provide national news or- 
ganizations with information about Chelsea, 
and she has discouraged her other contributors 
from doing so. “Every student deserves 'a 
private life,” she said. 



Are You Prepared ? 

1997 & 1998 Will Generate 
Major Currency Moves. 

These moves will directly affect the value of 
your Portfolio. Prepare yourself to take 
advantage of these moves by calling today. 


NASA Surveyor Determines Mars Has a Magnetic Field 


By John Noble Wilford 

New York Times Service 


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NEW YORK — In its first major 
discovery, die American spacecraft 
that went into orbit around Mars last 
week has solved one of the planet’s 
long-standing mysteries: Mars does 
have amagnetic field. Its magnetism 
may be weak, compared wife that of 
most other planets, but it is con- 
siderably stronger than scientists 
had suspected. 

Scientists said the existence of a 
planetary magnetic field has impor- 
tant implications for the geological 


history of Mars, die nature of its 
deep interior and the possibility feat 
life of some kina could have 
emerged there. Previous Russian 
spacecraft had repotted hints of 
magnetism but nothing conclusive. 

The confirmation of Martian 
magwtisni was ann ounced Wed- 
nesday by fee National Aeronautics 
and Space Administration after an 
analysis of tbe first scientific data 
transmitted by fee Mars Global Sur- 
veyor. just beginning what is ex- 
pected to be a two-year mapping 
mission of fee neighboring planet 

Mario Acuna, the mission's prin- 


cipal scientist for interpreting data 
collected by fee magnetometer, said 
fee instrument’s measurements 
were “very clear and very clean, 
establishing with certainty that Mars 
has a magnetic field.” 

The observations suggest that fee 
Martian magnetic field is at most 
one eight-hundredihs fee strength of 
Earth’s magnetic field. Its polarity is 
similar, though. A compass on Mars 
would point north, but Mr. Acuna 
said it would have to be a very large 
compass to be sensitive enough to 
detect fee magnetic orientation. 

Of all the planets in fee solar 


system , only Venus is known to lack 
a magnetic field, though Pluto has 
yet to be examined. Jupiter’s power- 
ful field is 10,000 times as strong as 
the one on Mars, while Mercury’s is 
only four times as strong. 

As scientists understand it, plan- 
ets like Earth and Jupiter generate 
their magnetic fields by means of a 
dynamo made up of moving molten 
metal at their cores. Radioactive 
heal in a planet’s interior keeps fee 
metal molten. The rotation of fee 
planets, in conjunction wife the mo- 
tions of fee molten core, create elec- 
trical currents deep within fee planet 


that give rise to the magnetic field. 

Mr. Acuna, a physicist at fee 
Goddard Space Flight Center in 
Green belt, Maryland, said fear fur- 
ther observations over fee next four- 
months should be able to refine fee 
measurements' and gain an even bet- 
ter understanding of Martian mag- 
netism. 

“Whether this weak magnetic 
field implies that we are observing a 
fossil crustal magnetic field asso- 
ciated wife a now extinct dynamo, 
or merely a weak but active dynamo 
similar to that of Earth, Jupiter, Ur- 
anus and Neptune, remains to be 
seen,' ’ Mr. Acuna said. 


Have you missed any of the 
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TRAVEL UPDATE 


French Train Crews 


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lion smokers. The law will ban smoking in 


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Washington Post Service 

WASHINGTON — The 
FBI and the National Trans- 
portation Safety Board have 
all bat ruled out a nearby mis- 
sile explosion as a possible 
cause of fee explosion aboard 
Trans World Airlines Flight 
800, which killed 230 people 
on July 17, 1996. 

Detailed letters to mem- 
bers of Congress this week 
from each agency said feat fee 
FBI had found no evidence 
feat any missile exploded 
near fee Boeing 747 and sent 
a fragment into the plane’s 
feel rank. 

Extensive tests with ex- 
ploding missile warheads 
produced damage patterns 

significantly different** 
from those found in the 
I wreckage of the plane, fee 
safety board’s letter to con- 
gressmen said. 

The letters also questioned 
the relevance of a number of 
photographs taken fee night 
fee plane exploded as it was 
flying off Long Island. 

The agencies said that only 
three of the many witnesses 
who reported seeing sneaks 
in the sky said they thought 
tbe streaks were headed for 
what could have been the 
doomed plane. 


PARIS (Reuters) — Labor unions rep- 
resenting French train engineers and crews 
announced plans Thursday for a national 
day of action, including work stoppages, 
on Oct 8 to protest government threats to 
do away wife their special health insurance 
coverage. 

The announcement was the first tan- 
gible sign of labor unrest in France since 
fee left took power after parliamentary 
elections on June 1. The engineers played a 
key role in beginning national strikes that 
crippled transport in late 1995. Those 
strikes occurred after .Alain Juppe, then 
prime minister, proposed cuts in health 
care. 


all public areas except fen- those specif- 
ically permitting it. This applies to all 
public transportation, including aircraft, as 
well as restaurants, movie theaters, hotels 
and museums. ( Reuters ) 


Aeroflot said Thursday that it would 
begin twice-weekly flights between Sl 
P etersburg and New York, and between 
Moscow and Johannesburg via Tunis. The 
new flights will begin on Sept 26. (AFP) 


A typhoon was expected to strike near 
Tokyo early Friday. (Reuters ) 


A hurricane was moving slowly up 
Mexico’s Pacific coast. (AP) 


Steven Curtis, aspecialistin pbn- 
' etdry magnetism at the : Goo&ari 
center, said there was insufficient 
evidence to determine if the weft ; 
Martian magnetism resulted from a 
field generated by a less active dy- 
namo in a small, cooling planet or if 
it was merely a remnant of an an- 
cient magnetic field still detectable 
in the Martian crust 
Meteorites that come from Mars 
contain such remnant magnetism. 

At one time, if not now. Mars 
presumably had a much warmer in- 
terior and a dynamo, which would 
explain fee ample evidence of ancient 
volcanoes, and now the magnetism. 

The findings added a new in- 
gredient to fee intriguing mix of data 
related to the possibility that mi- 
crobial life might have existed long 
ago on Mars — at about fee same 
time it was getting started on Earth, 
or some 3.6 billion years ago. 


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•- --■ T2:3 1 'E.m 






WEDNESDAY SEPTEMBER 24, 1997 


PAGE 3 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, SEPTEMBER 19, 1997 


PAGE 3 


THE AMERICAS 


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Another Attempt 
* At Tobacco Deal 

Clinton’s Move Reopens Talks 

By John F. Hams and John Mintz 

Wasfangtun Pag Service 

WASHINGTON — President Bill Clinton opened a new 
phase in efforts to reach a settlement with tobacco companies 
as he pronounced an earlier pact inadequate and threw the 
issue open for renegotiation in Congress. 

As soon as Mr. Clinton laid out his stance in the Oval Office, 
all the major constituencies necessary for a deal — from the 
tobacco industry to anti-smoking advocates — took tentative 
first steps toward forging an agreement more likely to pass 
into law. 

As expected, Mr. Clinton called for tougher provisions for 
cutting smoking by young people, including raising the price 
,* of a pack of cigarettes by SI. 50 if youth smofciug is not 
reduced enough over the next decade, and guaranteeing the 
Food and Drug Administration’s authority to regulate nicot- 
ine. But he declined to put forth a specific plan of his own. 

His approach means that an enormous cast of players will 
have a chance to rewrite the deal. What the tobacco industry 
and 40 state attorneys general presented three months ago as a 
□early finished agreement is now a rough draft, according to 
lawmakers, Clinton administration officials and tobacco-in- 
dustry representatives. 

The industry expressed opposition to Mr. Clinton’s call for 
raising cigarettes prices but vowed to continue efforts to reach 
an accord with public-health advocates. Privately, some cig- 
arette-company executives said they were confident a deal 
that met their terms eventually would be struck. 

Reaction on Capitol Hill to Mr. Clinton’s counterproposal 
was decidedly partisan. Democrats said he had shrewdly 
avoided laying down a bottom line prematurely, while Re- 
publicans denounced him for not being more specific in his 
statement. But legislative leaders on both sides said they were 
prepared to sponsor legislation that could be a vehicle for a 
S new agreement. 

r Some congressmen predicted that a bipartisan bill would 
emerge next year. Senator Edward Kennedy, Democrat of 
Massachusetts, who has successfully sponsored anti-tobacco 
legislation wiih Republicans in the past, said he was hoping to 
do that again. 

Public-health advocates — many of whom denounced the 
original tobacco agreement when it was announced June 20 — I 
were nearly uniform in saying they could back a deal if it 
included the price increases that Mr. Clinton called for. 

After months of internal debate over how tough to be cm the 
tobacco industry. White House officials said Vice President 
A1 Gene had convinced Mr. Clinton that a settlement would 
never gain public support unless he called for a possible $1 .50 
price increase. 

Depending on bow this increase was achieved, it could 
more than double the 25-year cost of the $3683 billion 
settlement proposal reached in June, administration officials 
said. 

But Mr. Clinton left vague — purposely so, according to 
advisers — precisely how these costs would be imposed. 



Red Skelton, Clown Prince 
Of Radio and TV, Dies at 84 


By Richard Severo 

ft'fH' York Times Service 

Red Skelton, 84, a master 
of mime and clowning whose 
gentle humor captivated gen- 
erations of Americans, died 
Wednesday at a hospital in 
Rancho Mirage, California. 


Rancho Mirage, California. 

In the early 1940s. Mr. 
Skelton’s radio comedy show 
rivaled those of such formi- 
dable competitors as Bob 
Hope and Fibber McGee and 
Molly. His popularity grew 
throughout the 1950s and 
’60s, when he had his own 
television show on CBS. 

Although it was never be- 
low the Top 20 in the tele- 
vision ratings, CBS ordered 
the show canceled in 1970, 
apparently because the net- 
work thought Mr. Skelton's 

Health Secretary Donna ShaJaJa tugging on the beards of two noted foes of pratfdL^ungem' on^linere 
cigarettes — David Kessler, former head of the Food and Drug Administration, and comic characterizations 
left, and Everett Koop, former U.S. surgeon general — at the White House before of everything from bumbling 
President Bill Clinton announced new objectives in the tobacco-settlement case, yokels to a couple of seagulls 


Soft-Money 9 Claim Is Undercut 

WASHINGTON — The television advertising campaign 
by the Democratic Party before the elections last year was 
designed explicitly to bolster President Bill Clinton’s bid 
for a second White House term and to circumvent strict 
spending limits faced by presidential candidates, according 
to dozens of internal campaign documents. 

The Democratic National Committee advertising was 
financed in parr with about $25 million in “soft money," 
unlimited and largely unregnlated contributions that by law 
cannot be used directly and explicitly to advocate the 
election of a specific candidate for federal office. 

But the previously undisclosed documents show how the 
Democrats’ advertising was effectively used to promote Mr. 
Clinton’s issues and re-election. 

The legal implications of the new documents are a subject 
of dispute because a series of Federal Election Commission 
interpretations has opened the door to such advertising. 

Some groups, such as Common Cause, have argued that 
both major political parties engaged in “massive illegal 
schemes' ' during the election campaign last year to violate 
the presidential spending limits and the restrictions on the 
use of soft money donations from corporations and labor 
unions. 


Attorney General Janet Reno last year rejected the public 
interest lobby group's request for an independent counsel to 
investigate both campaigns. 

But the new documents — obtained from Republican and 
Democratic sources — provide stark new evidence of how 
closely linke d the Democrats' advertising and Clin ton- Gore 
re-election efforts were and how the Democrats' ad drive 
was focused almost exclusively on Mr. Clinton's re-elec- 
tion, giving additional ammunition to those who contend the 
party’s advertising scheme was illegal. (WP) 

Nominee Runoff Averted in N. Y 

NEW YORK — By a margin of just 658 votes, Ruth 
Messinger appears to have broken the 40 percent barrier 
needed to avoid a runoff with die Reverend A1 Sharpton for 
die Democratic mayoral nomination, the Board of Elections 
announced early Thursday morning. 

Mr. Sharpton immediately said he would file suit on 
Thursday in stale and federal courts, seeking an injunction 
to force the board to proceed with the runoff, which bad 
been scheduled for next Tuesday. 

According to the nearly complete count, released at 12: 15 
on Thursday morning, Ms. Messinger bad 40.16 percent of 
the 41 1,81 1 votes that had been tamed. (NYT) 


named Gertrude and Heafo- 
cliffe — did not appeal to 
younger viewers. NBC 
briefly carried a half-hour 
version of Mr. Skelton's 
show, ft-om September 1970 
to August 1971. 

But Mr. Skelton stuck with 
the material that made him a 
star. “I’d rather have people 
say, ‘Boy, he’s hokey, isn’t 
he?' " he said, “rather than, 
‘Who was the guy who told 
all those dirty jokes?' ” 

Each show concluded with 
his trademark line, “Good 
night and God bless." 

Whether one saw Mr. 
Skelton in the 1950s or in the 
1990s, his venerable 
sketches, such as “Guzzler’s 
Gin,” and characters — Clem 
Kaddiddlehopper. a slow- 
witted hayseed; Freddie the 
Freeloader, a silent tramp; the 
Mean Widdle Kid, an impish 
prankster the inebriated Wil- 
lie Lump-Lump, and the self- 
promoting San Fernando Red 
— were still there. 

His audiences always 
knew pretty much what the 
Mean Widdle Kid was going 
to do, but they would laugh 
uncontrollably when they ac- 
tually saw Mr. Skelton per- 
form his skits. Mr. Skelton 
thought they were right, and 
frequently, in the midst of his 
act, he would laugh uncon- 
trollably at himself. 

Richard Bernard Skelton 
was bom on July 18, 1913, in 
Vincennes, Indiana, the 
fourth son, of Joseph and Ida 
Mae Skelton. His father, a 
clown with the Hagenbeck'& 
Wallace Circus, died two 
months before Red was bom. 

Nobody in particular en- 
couraged him to be one, but 
from almost the beginning, he 
seemed to have whatever it is 
that makes a clown a clowa It 
was apparent when he was 10 
and he tried out for a medicine 
show. He fell off the stage by 
accident, breaking several 
bottles of medicine. 

In the mid-1930s. he in- 


vented a routine that he kept 
with him for much of his ca- 
reer. He had worked up a pan- 
tomime sketch that required 
him to consume 12 doughnuts 
in various poses. He did this 
for three shows a 'day and 
promptly gained 35 pounds. 

In 1941 he made two 
movies, “The People vs. Dr. 
Kildare” and “Whistling in 
the Dark.” The success of the 
latter led to his own radio 
show, “Red Skelton's Scrap- 
book of Satire. ’’ The title of his 
1943 film, “I Dood It,” came 
from a phrase he had invented 
for his characterization of the 
Mean Widdle Kid. That phrase 
swept the country. 

Ganesb Man Singh, 84, 
Nepal Democracy Chief 

KATMANDU, Nepal 
(Reuters) — Ganesh Man 
Singh, 84, who led Nepal's 
pro-democracy movement 
for half a century and brought 
about the end of absolute 
monarchy in the country, died 
Thursday, state radio said. 

Mr. Singh will be accorded 
a state funeral Friday. 

Mr. Singh was jailed sev- 
eral times during his battle 
with the monarchy. He was 
once sentenced to death but 
escaped and fled to India. 

He led the movement in 
1 990 that restored multiparty 
democracy, which had been 
tried briefly three decades 
earlier, in the world’s rally 
Hindu kingdom. 

Georges Berge, 88, a re- 
tired French general who was 
the first Allied secret agent to 
parachute into Nazi-occupied 
France in World War H, has 
died in Mimizam, on the At-7 
1 antic coast in southwestern 
France. In March 1941, Mr. 
Berge parachuted into France 
not far from Bordeaux on a 
secret mission that lasted sev-j 
eral weeks. The mission had 
been ordered by Britain's 
prime minister, Winston 

Ch arc hill. 


Away From 
Politics 

• The rate of wetland 
destruction has slowed, 
but still nearly 1.2 mil- 
lion acres were lost dur- 
ing foe 10 years ending in 
1995, tiie Interior De- 
partment said. • (AP) 

• Youth 1 gangs are 

plaguing foe nation’s 
Indian reservations, 
bringing a sharp rise in 
violent crime, tribal lead- 
ers say. Ivan Makil, pres- 
ident of the Salt River 
Pima-Mancopa Indian 
Community in Arizona, 
said his tribe has iden- 
tified 19 separate gangs, 
about raw for every 300 
people on the reserva- 
tion. (AP) 

• Children in Califor- 
nia are suffering ram- 
pant tooth decay in a 
“neglected qridenric” 
fueled by paltry preven- 
tion measures and- poor 
access to treatment, the 
state’s first comprehen- 
sive survey of children's 
oral health asserts. (LAT) 

• A raspberry-flavored 

lollipop loaded with 

narcotic painkiller for 
treatment of career pa- 
tients was recommended 
for federal approval by tbe 
Food and Drag Adminis- 
tration, despite concerns 
children could be poisoned 
accidentally. {AP) 


A Divided Tribe Seeks to Cross an Iron Curtain in the Jungle 


By Diana Jean Schemo 

A'fu- Ky* Times Service 

SAN PABLO DE 
C ANTES LAY A, Ecuador — 
When Fernando Payaguaje 
decided to flee die Peruvian 
jungle with his family 56 
years ago, escaping a rubber 
dealer who had made virtual 
slaves of his people, he could 
not have imagined that foe 
distant fire he was hearing 
would permanently divide 
him from his tribe. 

The explosions were the 
sound of a war between 
Ecuador and Peru, which, after 
the guns fell silent, left behind 
a closed, heavily guarded bor- 
der that would divide the 
seminomadic Secoya tribe for 
the rest of the century. 

In Europe, foe Iron Curtain 
is down. But hard by the bor- 
der between Ecuador and 
Peru, the division of families 
because of geopolitics re- 
mains an unchanging part of 
the landscape. 


Closed now for 55 years, 
the heavily guarded border 
stands as perhaps the longest- 
lived example of a govern- 
ment's shutting the door on 
enemies, predating the Com- 
munist takeover of China or 
the division of Korea. 

The Secoya, who once 
roamed over more than 
30,000 square miles (78,000 
square kilometers) spread 
over Peru, Ecuador and 
Colombia, are asking offi- 
cials in Quito and Luna to 
crack open foe sealed border, 
at least enough for them to 
slip through and connect with 
relatives on the other side. 

They would like to rejoin 
their Peruvian cousins on part 
of their ancestral lands in foe 
Cuyabeno Forest Reserve in 
Ecuador. Alternatively, they 
want freedom to cross the 
forest border to visit relatives 
in Peru. 

Sofar.theSecoya's idea has 
met with suspicion. Military 
officials in Peru and Ecuador 


suspect foe Secoya are really 
only interested in spying on 
them, the Secoya said. 

"Our idea is entirely dif- 
ferent,” said Alfredo Pay- 
aguaje, foe 34-year-old leader 


An estimated 350 Secoya 
live in Ecuador, with slightly 
more in Peru. Compared with 
those in Peru, foe Secoya here 
have been far mare exposed 
to outsiders, particularly 


of the Secoya and a member since Ecuador opened foe ro- 
of foe clan that fled here. “It’s gion to oil companies over the 


just to rescue 
our culture.” 

Soon after X 

Fernando Pay- r 

aguaje’s jour- " 

ney, other fara- ti 

ilies followed, 
fleeing the rub- Vi 

ber dealer who n 

has entered the u 

tribal annals for 
brutality. Mathilde 


last 25 years. 

The tribe re- 

The Secoya in cently signed a 

r , contract allow- 

Ecnador want fog Occidental 

to reconnect Petroleum to 

. drill for oil on 

with tribesmen its land in ex- 

iw, 1 change for the 
over m Fern. materials for a 

co mm unal kit- 
Pay- chem three cooking stoves. 


aguaje. Fernando's daughter, three water pumps with solar 
who made foe monthlong panels and tin roofing, along 
hike to the banks of tbe with an outboard motor and 
Aguarico River at foe age of three medicine chests. 


7, said the family could grow 
food and fish unmolested 


Criticism has come from 
the nearby Sioni tribe and 


here, selling their wares such international environ- 
across the border m.Colom- mental groups as the Ram 


bia. “This area was com- 
pletely deserted," sbe said. 


Forest Action Network, 
which asserted that Occident- 


al had taken advantage of the 
Secoya, whose language has 
□o words for n umbos, to 
overrun their land for 
“trinkets and beads." 

The company, based in 
Bakersfield. California, has 
defended the deal, saying it 
addresses Secoya demands 
directly, instead of patroniz- 
ing the tribe. “The perception 
that they’re unsophisticated, 
don’t know what they’re do- 
ing, like children, couldn’t be 
further from tbe truth," said 
Lany Menage, a spokesman. 
"They have a very clear pic- 
ture of what they want. ” 

He acknowledged that foe 
costs to Occidental had so far 
been “insignificant,” but 
said the company would ne- 
gotiate a second deal if it de- 
cided to begin pumping. 

But the Secoya are reacting 
to foe losses behind them, not 
the ones that may lie ahead. 
Those on tins side of the bor- 
der say their plan to reconnect I 
with the rest of their tribesmen 


is part of a larger effort to 
resuscitate their culture, which 
they undertook in 1987. 

In schools, they fought ro 
have Secoya teachers replace 
Ecuadoran ones, and the cur- 
riculum now focuses on 
teaching foe tribe’s Western 
Toucan language and history. 

The Secoya in Ecuador say 
they may disappear — not so 
much physically as culturally 
— if they cannot connect with 
their Peruvian cousins. ‘ They 
still practice shamanism, wear 
the traditional tunics, and 
they’re well painted, in the 
proper style of a Secoya," Al- 
fredo Payaguaje said. 

Right now, seeing relatives 
on the Peruvian side of foe 
border involves a rain forest 
version of circling the planet 
to get next door. Secoya here 
say they must rent a boat to go 
up foe Aguarico River to foe 
border with Colombia, and 


from there travel down the 
Putumayo and through a net- 
work of rivers in Peru. The 
trip takes three days. 

Fabian Valdiviezo, direc- 
tor of frontier development at 
the Ecuadoran Foreign Min- 
istry, said the Secoya propos- 
al was under study in Quito. 

Whatever decision 

Ecuador makes, though, 
would only affect foe Secoya ; 
on this side of tire border. The 
hopes of the tribe have never ; 
been addressed in foe delicate 
Peru vian -Ec uadoran peace ; 
talks under way in Brasilia. 


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brings to its readers, the newspaper has a successful and highly-respected worldwide 
summit and conference program that focuses on economic and political issues. 

The program for the second half of 1997 includes: 

■ 

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Istanbul 

September 30- October / 

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London 

November 18-19 

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Gaborone 

November 18-19 



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■niF ns DAILY .NEWSPAPER 



INTERNATIONAL HERALD TRIBUNE, FRIDAY, SEPTEMBER 19, 1997 


IPAGE4 


ASIA/PACIFIC 


China’s Party Leaders 

Nod and Wink at Marx 


By St even Mufson 

Washington fast Sen-ice _ 

BEIJING — Li Suli, model Cora- 
'inunist worker and exemplar for die 
•'average citizen, stepped out of a black 
chauffeured Audi wearing a stylish two- 
-piece sky-blue suit, her features accen- 
ted by heavy lipstick, coiffed hair and a 
■single strand of pearls. 

“I am a simple bus conductress, 
^Miss Li said later, smiling demurely in 

• .front of television lights at a news con- 
ference this week ser up by the or- 
ganizers of the 15th Communist Party 

.-■congress. Miss Li, who was made fa- 
■• mous last year for rising every day at 4 
-■AJ4. to clean buses and leam her route, 
«* said she wants to “provide better ser- 
*' vices to people through my enthusiasm 
-and sincerity in serving the people and 

• -in this way serve as a propagator of 
socialist ethics.” 

- ‘ Singled out for her eagerness to help 
-■the young and elderly onto and off buses 

• and give them directions. Miss Li has 
been made a member of the Presidium 
of the party congress and one of roughly 

• 2.000 delegates. But even while she is 

• being lionized, millions of China's 
workers are confronting the sometimes 
■brutal forces of a growing market ecort- 

-• omy that is being encouraged by the 
very same congress. 

During the annual party gathering, 

‘ the Communist leadership is conduct- 
. ting two exercises: While it goes through 
*;.the anachronistic rituals of paying 

* homage to the Marxist past, as em- 
•• bodied by Miss Li, it is also trying to 
‘.'create a sophisticated economy rooted 
- in the modem, capitalist era. Today's 
- ; party leaders wony more about banking 
! ■ systems, capital markets and corporate 
- ; downsizing than they do about earnest 
l- ticket takers. 

• ■ In the lingo of China's Communists, 

’! that creates certain ‘‘contradictions.” 


Tomorrow 's Li Suli, for example, might 
get a call one day telling her that her job 
has been automated, offering thanks for 
her service and wishing her good luck in 
finding another job. 

Indeed, Jiang Zemin, the president 
and party leader, gave the green light to 
further layoffs at srate enterprises in a 
recent speech, declaring: “All workers 
should change their ideas about em- 
ployment and improve their own quality 
to meet the new requirements of reform 
and development-” 

The model-worker news conference 
Monday, which included Miss Li and 
four other model workers, was just one 
episode of a peculiar week in which a 
1950s Communist propaganda machine 
met the ’90s. Television stations play 
music videos linking Mr. Jiang to the 
late Communist giants Deng Xiaoping 
and Mao Zedong. Mirrored disco globes 
flash around Tiananmen Square at 
night, sending darts of red light dancing 
across fountains and flowerpots the size 
of town bouses. 

The party congress could rival an 
American political convention as grist 
for satire, but the Chinese Communist 
Party and its leaders still take them- 
selves much too seriously for that 
Asked if he ever jokes about the party , a 
television humorist known for a dia- 
logue called “Cross Talk” said. “No, 
no, no, no. Are you trying to turn me into 
one of those unemployed people?’ ’ 



U.S., 2 Koreas 
And China 
Open Talks to 
Settle ’50s War 


BRIEFLY 




India and Pakistan 
Agree to Talk Again 


- tr j 

t ; i ^ 


CcmpM by Oar SKffFtvm ptspcalts 

NEW YORK — The United States 
opened talks Thursday with the two 
Koreas and China, to try to arrange, a 
conference to bring lasting peace to the 
Korean Peninsula. 

Officials from the four counties met 
at Columbia University in New Yoric. 
There were no immediate details of the 


ThjfctoEi Kluftacw/Tbe jVtwuord Pro 


Many aspects of the congress remain 
depressingly familiar and seemingly out 
of touch. At the opening session, the 
stage was full of aging party leaders, led 
by Mr. Jiang, 71. who is hailed as the 
core of a young generation. The seats 
held a sea of model workers, party 
hacks, a few ambitious officials and 
token minority members from southern 
China snapping souvenir photos of 
themselves inside the Great Hall of the 
People. 


PROTEST — A youngster yawning during a demonstration by exiled 
Burmese in Bangkok on the ninth anniversary of the military coup. 


Much of the rhetoric seemed tired and 
worn, replete with references to “up- 
holding the banner of Deng Xiaoping 
thought,” or furthering * ‘the great cause 
of building socialism with Chinese 
characteristics to the 21st century.” 

No matter how empty the rhetoric 
sounds, the language used by the Com- 
munist leadership provides the only 
clues about what goes on behind the 


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closed doors of the party’s inner circles. 
Much political analysis is really textual 
analysis. Does “extend the scope of 
democracy at the grass-roots level” 


mean expanding village elections up to 
township level? Have the 1989 student 


township level? Have the 1989 student 
democracy demonstrations been de- 
scribed as “counterrevolutionary” or 
“political turmoil?” Does “public 
ownership” mean private ownership by 
public shareholders, or government 
ownership, or mixed ownership? 

The political spectacle of the party 
congress would be more embarrassing 
for the party if more people were paying 
more attention; the average Chinese cit- 
izen isn’t sitting on the edge of the chair 
during this meeting. 

“My generation believed that only 
socialism can give us a secure society,” 
says Wang Shan, an author and political 
analysL “The next generation doesn't 
see it that way. They are more indi- 
vidualistic. They believe in them- 
selves.” 


meeting. 

The talks, stalled in August over 
North Korean demands that the United 
States withdraw its troops from South 
Korea and sign a separate treaty with 
Pyongyang, were expected to last two 
days, U.S. officials said. 

Delegation leaders declined com- 
ment when Thursday’s meeting began 
at Columbia University’s School of In- 
ternational and Public Affairs. 

U.S. and North Korean negotiators 
met in Beijing last week to discuss the 
future of the four-nation talks following 
the defection of two Pyongyang dip- 
lomats to the United States last month. 

The 1950-1953 Korean War ended 
with an armistice thai stopped the fight- 
ing but technically not the war. 

Officials said after meeting in New 
York in August that they had agreed to 
go ahead with formal peace negotiations 
in Geneva four to six weeks after the end 
of preparatory talks. Only the agenda 
needs to be agreed upon. 

Washington and Seoul worked for 
more rhan a year to bring North Korea ro 
the negotiating table. 

Specialists on North Korea say 
Pyongyang needs to improve its rela- 
tions with the outside world to rescue it 
from famine and economic disasters. 

The United States and South Korea 
have insisted that the talks not include 
the issue of food aid to North Korea, 
where a series of poor harvests and Lack 
of foreign currency have led to a severe 
food shortage. 

On Wednesday, U.S. officials an- 
nounced that the United States was will- 
ing to send a team of experts to North 
Korea to assess the food situation. 

The United States has sent several 
shipments of food to North Korea in the 
last year ro help in a famine. 

A spokesman said that U.S. officials 
intended to move toward resolving die 
issue of North Korean assets frozen in 
the United States. (AP, Reuters) 


NEW DELHI — India and 
Pakistan ended three days of peace 
talks Thursday with an agreement 
to meet again but no sign of pro- 
gress toward resolving disputes 
that have divided them for half a 
century. 

Senior diplomats, who at the 
start of the talks Tuesday wanted to 
put in place a framework to address 
outstanding issues, did not report 
any concrete results at the end of 
the third round of negotiations . 
since March. 

“It was felt that further consid- 
eration was required,” the two na- 
tions’ highest-ranking diplomats 
said in a joint statement. (Reuters) 


f ■ 



Bangladesh Unrest 


DHAKA, -Bangladesh — Oppo- 
sition activists, angered by a ban on 
street rallies, fought running battles 
with the police in the capital Thurs- 
day evening, setting off home- 
made bombs and hurling stones, 
witnesses said. 

They said police had responded 
by firing tear gas and using batons 
to drive away the Bangladesh Na- 
tionalist Party activists. ( Reuters ) 



r 


m 


Taipei Is Vetoed 


TAIPEI — Taiwan vowed fur- 
ther efforts Thursday to join the 
United Nations after China vetoed 

the islan d’s fifth coasecutive an- 
nual attempt to get the LIN General 
Assembly to consider it for mem- 
bership. 

The acting foreign minister, 
Chen Chien-jen, said Taiwan 
would not be discouraged by the 
defeat (Reuters) 



1: H 








Mahathir in Mask 


- .( I 


KUALA LUMPUR — Prime 
Minister Mahathir bin Mohamad 
appeared Thursday in public wear- 
ing a mask as a smoky haze con- 
tinued to envelop the country. 

The smog shrouding much of the 
country has been blamed on bosh 
fires in Indonesia. The air pollution 
also has hit Singapore and 
Brunei. ( Reuters) 







: . lit 


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It, WEDNESDAY, SEPTEMBER 24, 1997 


PAGE 3' 


INTERNATIONAL HERALD TRIBUNE, FRIDAX SEPTEMBER 19, 1997 


EUROPE 


PAGE 5 


; J oblessness 
; Tops Agenda 
: For Kohl and 
Paris Leaders 

The Assi\-iuicd Press 

WEIMAR. Germany — Buoyed by a 
European Union agreement to speed the 
movement toward a single currency. 
German and French leaders are now 
turning their attention to Europe's em- 
ployment crisis. 

Beginning Thursday. Chancellor 
Helmut Kohl was playing host to Pres- 
ident Jacques Chirac and Prime Min- 
ister Lionel Jospin of France for a two- 
day meeting at a chateau in this town in 
Eastern Germany. 

Topics for discussion included a 
French-inspired call for an EU con- 
ference in November on ways to combat 
pope's l»gh unemployment. German 
officials said. Germany's jobless rate is 
11.4 percent, a posrwar high for that 
country, and France’s is 12.5 percent. 

Mr. Jospin, a Socialist, rattled Mr. 
Kohl s conservative government by 
calling for concerted European action 
against unemployment after he came to 
power in June. But France seems to have 
accepted Germany's firm rejection of 
new EU money for any job programs. 

Still, France wants 'the November 
meeting to be more than just talk, Mr. 
Chirac's spokeswoman. Catherine 
Colonna. said in Paris. Exactly what 
measures might be taken was to be a 
topic at the meeting Thursdav. 

The leaders were also expected to 
discuss the proposed common currency, 
the euro, scheduled to begin in 1999. 

Signs of an economic upturn in 
Europe have helped ease worries that 
i Germany and France — the two part- 
| ners at the center of European inte- 
, gration — will miss economic targets to 
■ qualify for the euro, forcing postpone- 
; ment of the project. 

• The German and French leaders were 
| also expected to continue talks on how 
, Europe's Airbus jetliner consortium 
; could be turned into a for-profit com- 
| pany to better compete with the U.S. 
i aviation industry. 

| Another topic was to be the creation 
i of a joint German-French university, the 
; German education minister, Juergen 
! Ruettgers, said in Thursday's Handels- 
blatt newspaper. Both sides will con- 
I tribute 9 million Deutsche marks ($5 

• million) for the new school, he was 
; quoted as saying. 

Mr. Kohl, Mr. Jospin and Mr. Chirac 

• were meeting informally for dinner 
Thursday night. The German leader is to 
meet with both French leaders separately 
Friday morning for detailed talks. 





Vmrnli-BrtxniSAKmc FnatcPim 

Al b a n ia n Politician Shot by Rival Lawmaker 

Azam Hajdari. a deputy with the opposition Democratic F&ny. was shot and 
seriously wounded Thursday, two days after he and his assailant exchanged blows 
in Parliament. Gafur Mazreku of the governing Socialist Party was arrested. 


Envoys Agree on Land-Mine Ban 

Nations Lament Absence of U.S.; South Korea Also Opts Out 

By Charles Truehart 


. Washington Fvui5eni ce 

OSLO — With empty chairs at the 
table behind the sign reading “United 
States,” diplomats from nearly 90 na- 
tions adopted the text Thursday of a 
treaty banning the manufacture and use 
of anti-personnel mines as early as the 
turn of the century . 

As -the three-week land-mine con- 
ference concluded in an ebullient mood, 
delegates lined up to comment on the 
historic nature and the diplomatic mir- 
acle of a disarmament treaty that was 
given little chance of success when 
Canada launched the process last year. 

“Two years ago the idea of an in- 
ternational law banning land mines 
seemed a distant prospect,” Foreign 
Minister Bjorn Tore Godal of Norway 
said. France's delegate, Joelie Bourgois, 
called it “one of the rare moments in 
international life where reasons of stale 
encounter the sentiment of peoples." 

The treaty will be forwarded to Ot- 
tawa for a formal signing ceremony in 
early December, with ratification by 
member nations to follow. 

Izet Serdarevic, the delegate of Bos- 
ni a- Herzegovina, expressed sorrow that 
Washington would not be pan of the 
treaty, ‘^we all needed the power of the 
United States, among others, to influ- 
ence other countries." he said. 


The swift adoption of the text came 
after the Clinton administration was frus- 
trated in its attempts to modify the treaty 
to accommodate its concerns about the 
security of U.S. troops along the de- 
militarized zone in South Korea. But 
President Bill Clinton’s pledge to end 
unilaterally of the use of anti-personnel 
mines by 2003 everywhere but in Korea, 
and in Korea three years later, was 
greeted positively at the conference. 

“This is a step forward in U.S. 
policy,” said Stephen Goose of the In- 
ternational Campaign to Ban Land 
Mines, the umbrella organization of hu- 
manitarian groups that was instrumental 
in marshaling support for the treaty, “to 
declare there is a date by which anti- 
personnel land mines will no longer be 
necessary. We’ve been trying to get the 
Pentagon to name a date for years.” 

But Mr. Goose criticized the pres- 
ident's failure to include a controversial 
category of land mines — anti-personnel 
explosives scattered around anti- tank 
mines to ward off attempts to defuse 
them — as a “bait and switch tactic,” 
saying the move was “defining thing s 
that have always been acknowledged by 
the U.S. military as anti-personnel mines 
as no longer anti-personnel mines so 
there is no reason to ban them.” 

Although only 89 countries were of- 
ficial delegates to the Oslo conference, its 
South African chairman, J.S. Selebi, said 


he expected dial more than 100 nations 
would sign the convention in Ottawa. 
Mr. Selebi said a number of African and 
other developing countries could not af- 
ford to send delegations here even 
though they support the treaty. Many 
nations present in Oslo as observers will 
be signatories in Ottawa, he added. 

But many will not. The Russian ob- 
server, Boris Sbchiborin, told the con- 
ference that the pact “could not be con- 
sidered as universal” because die views 
of countries representing nearly two- 
thirds of the world's population “have 
not been taken into consideration.” . 

China and Iraq did not attend the con- 
ference; Iran, India and Pakistan, among 
others, sent observers and are not pre- 
pared to sign. Japan, whose security in- 
terests are closely tied to the situation in 
Korea, said through its delegate that it 
would announce its decision about sign- 
ing the treaty “indue course.” Delegates 
for Australia and Turkey, which have 
been cooJ to the treaty text, said much the 
same thing. Kuwait was the only nation to 
state here outright that it would not sign. 

■ Seoul Refuses to Join Ban 

South Korea said Thursday that it 
would not join the global ban on anti- 
personnel land mines, saying they 
provide a crucial shield against military 
threats from North Korea, The Asso- 
ciated Press reported from Seoul. 


BRIEFLY 


General Pays Homage 
To 12 in Bosnia Crash 

SARAJEVO, Bosnia-Herzegovina — The 
commander of the NATO-led peace mission 
in Bosnia paid homage Thursday to the 12 
international officials’killed in a helicopter 
crash in central Bosnia. 

General Eric Shinseki of the United States 
said in a statement, “The tragic loss of these 
gifted and dedicated representatives of the 
international community is a sorrowful blow 
to their organizations and to everyone work- 
ing for peace in Bosnia-Herzegovina.” 

The crash of the UN helicopter Wednesday 
killed a senior German diplomat, Gerd Wag- 
ner, and 11 other international representa- 
tives. (AP) 


istry officials said Thursday. Earlier, Defense 
Minister Alain Richard said last-minute cuts in 
the procurement side of the defense budget, 
which goes before Parliament next week, 
would no: be mote than 20 percent of the 89 
billion francs ($14.98 billion) initially sought 
Mr. Richard, in an interview on Europe 1 
radio, acknowledged that the arms spending 
cuts, dictated by France's need to lower public 
deficits enough to qualify for European mon- 
etary union, would lead to job losses in the 
defense sector, but he hoped it would be fewer 
than 15,000 jobs. ( Reuters ) 

Tests Delay Ariane-5 £££ 

J Moso 


CAYENNE, French Guiana — The launch- 
ing of Western Europe's second Ariane-5 
rocket from French Guiana, scheduled for 
Sept 30, has been postponed so that tests of 
-rt m a a n * .the rocket's dynamic system can be analyzed, 

trance Luts Arms Budget space officials said Thursday. 

c? The European Space Agency and die 

French Space Agency, managers of the 
Ariane-5 program, said a new date would be 
announced after Sept 25. The 10-year $9 


PARIS — France will spend at least 80.2 
billion francs on buying arms and other defense 
equipment purchases in 1998, Defense Min- 


billion program was marred by a launching 
failure 37 seconds after its maiden liftoff on 
June 4, 1996, from the launching center in 
Kourou, French G uiana. (Reuters) 

For the Record 

A helicopter trying to help a con via escape 
from a prison in Sittard, Netherlands, crashed 
Thursday, killing the pilot and injuring the 
prisoner. (AP) 

A firing squad publicly executed two con- 
victed murderers Thursday in the Chechen 
capital, Grozny, despite fierce objections from 
ow. (AP) 


Sabarino Ciccarelti, an alleged Mafia boss 
who headed die German branch of Italy’s 
“Cosa Nostra,” has been arrested in Ger- 
many, according to a television report (AP) 

The Euralille tower Mock in Lille, France, 
which was fait by mysterious vibrations, re- 
opened Thursday, after being evacuated for 
three days. (AFP) 


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J?AGE 6 


jSTERNATIONAL HERALD TRIBUNE, FRIDAY, SEPTE MBER 19, 1997 

INTERNATIONAL 



Jews to Quit 
A House in 
Jerusalem 

Settlers Agree to Deal, 
■But Arabs Assail Plan 


•». By John Lancaster 

• . Washington Pan Service 

- JERUSALEM — Militant Jewish set- 
■ tiers have agreed to vacate a house in an 
"■Arab neighborhood of East Jerusalem a 
a compromise reached Thursday evea- 
,. iag with the government of Prune Min- 

• -is to- Benjamin Netanyahu- 

.. gut Palestinian officials rejected tne 

-.deal because it would have penuitted 
Jewish religious students to take the 
place of the departing families. 

' In that regard, the compromise plan 
failed to defuse Palestinian anger over 
pi*.™ by the settlers and their wealthy 
American patron, Irving Moskowitz of 
MiamL to establish a permanent Jewish 
»nce in the neighborhood known as 
__ id Amoud. 

Pales tinians view any such incursion 
as a threat to their vision of East Je- 
rusalem as the capital of a future Pal- 
estinian state, and Israeli security forces 
braced for the possibility of violent dis- 
. turban ces in Gaza and the West Bank 
after Muslim prayer services Friday. 

But for Mr. Netanyahu, the compro- 
mise offered at least a partial solution to 
a severe political challenge. Under pres- 
sure from the Clinton administration to 
avoid new causes of tension with the 



CAIRO: Gunmen Kill German Tourists 


the Egyptian Interior Ministty, the attack 
began when assailants hurled a soda 
borne filled with gasoline and other fuel 

into the bus- • 

The bomb erupted in flames and wit- 


Condnued from Page 1 

Farahat, was not known to have a crim- 
inal record. . . _ 

The most recent anack on transts in ^eing men and women, 

Egypt occurred in ApnJ 1996, when burned, bleeding and even 

gunmen believed to beislaimcnul^i Jt fleeing in panic from the bus's rear 
filled 17 Greek tourists and an Egyptian afcre.neeingrafcr 

man as they were boarding a bus outside aom. ^ Egyptian poUce said, the 
a hotel near the Great Pyramids of Giza, Atnrst, matic weapons imo 


Thursday, it v.-ill be remembered as the " XuZ 

latest in a long listof strikes aimed at igniting a battle that 

Western tourists that began ballets dose to the hotels and airline 

Islamic mibtants opened thee campaign square. 

° f ^bing, at 12:30 just out- 

side_ *e gate ^ one of Sire German, but that it did not know 


tourist sites, is bound to complicate the 
government’s efforts to revitalize a tour- 
ism industry vital to die country's econ- 


omy. . 

“If you don’t feel safe to travel in this 


Israeli riot police removing protesting Peace Now activists on Thursday from the roof of a house occupied by 
Jewish settlers. The activists opposed the attempt by the settlers to set up residence in the Arab district 


members of his rightist coalition who 
support the settlers’ right to live in the 
Arab neighborhood. 

“This is not the time to settle families 
in Ras al Amoud, or build a new neigh- 
borhood in the area," Mr. Netanyahu 
said in a statement 
Since the settlers moved into the 
night, Mr. 


the Supreme Court for an injunction to 
bar the police from evicting them. 

Undo 1 the compromise plan, which 
ends the need for a court ruling, the three 
Jewish families will vacate the rambling 
stone structures in the neighborhood 
overlooking Jerusalem’s walled old 
city. 

Under the plan, they will be replaced 
by 10 yeshiva students who will ren- 


neighborhood last Sunday : _ 

vr W m, w r - IT Netanyahu and his aides have tried to 

P^Stinia^rMr. Netanyahu** hasbeea persuade them to leave voluntarily but ovate and guard the property, Internal 
eager to find a way to remove the settlers hinted that they might resort to force if Security Minister Avigdor kahalam said 
from the neighborhood. necessary. w on Israeli television /Thursday night. 

But he also has been reluctant to for- To forestall that possibility. Mr. We must allow Moskowitz to main- 
cibly evict them for fear of offending Moskowitz and the settlers appealed to tain the property but the families won’t 


stay," Mr. Kahalani said. Details of the 
plan were not immediately available. 

As details of the projected deal 
filtered out during the course of the day. 
Palestinian officials denounced it as a 
“trick" aimed at legitimizing a per- 
manent Jewish presence. 

* This compromise is much more dan- 
gerous than no solution because it es- 
tablishes a legal precedent and it shows 
these settlers that every time they do 
such an action the prime minister will 
yield," Marwan Kanafani , a spokesman 
for the Palestinian leader, Yasser Arafat, 
said in an interview. 


reis from the site of the attack. 

He was talking with a friend about 
whether they should stay on in Egypt to 
complete their three-week vacation. 

The Egyptian Museum remained 
closed through the afternoon, and it was 
unclear when it would reopen. 

Even into the night, the bombed-out 
tour bus remained at the site near the 
museum gate where it had begun to 
disgorge some of its 33 German pas- 
sengers when the attackers struck. 

It sat shattered and charred, with just 
one window intact Inside, its seats, up- 
holstery and mechanical parts had been 
reduced ' to blackened and tangled 
wreckage. 

At least five other buses parked 
nearby also stood scarred, scorched by 
f ire or riddled with bullet holes from the 
firelight between the assailants and the 
authorities. Witnesses said the battle las- 
ted 10 to IS minutes. 

According to an account provided by 


briefly 


RUBIN: China’s Economic Plans Hailed 


Continued from Page 1 

! stopover on his way to Hong Kong 
where he will attend the annual meetings 
' of the International Monetary Fund and 
the World Bank. 

Mr. Rubin, who is to travel to Beijing 
next week after Hong Kong, said the 
United States “wants to be helpful to 
China with respect to its integration into 
tiie global economy." 

The Treasury secretary said that in 
Beijing be would also discuss China’s 
application to gain entry to the World 

• Trade Organization. 

But he indicated it was not likely that 
a deal could be struck on market-open- 
ing steps tied to China’s request for 
admission to the WTO by the time Pres- 
.ident Jiang arrives in Washington in 
^-mid-October for a summit meeting with 
President Bill Clinton. 

J “We don’t have very much time be^ 
i- tween now and then, and that speaks for 
itself,” he said. 

.. . Yet, Mr. Rubin said, “We are very 
, supportive of China joining the WTO as 
,-pait of their continued integration into 
world economy. In fact the WTO is the 
, -most important piece of it" 

. He added that “if you pul the WTO 
together with the reforms they have just 

- announced then you have very major 
steps forward in terms of China's growth 

t - ana development and that is very im- 
portant for the rest of the world as 
_,-welL” 

But be also said that he planned to 
j , raise human rights concents along with 
.-.the economic and trade matters. 

[Mr. Rubin said that the United States 

- planned to announce an initiative in Hong 
Jfcong to encourage governments to 

(i provide investors with more complete 

* and timely economic information, fol- 
lowing Thailand’s economic crisis, 
Bloomberg News reported from Seattle. 

I,, [The initiative, he said, would 
» 7 strengthen disclosure requirements to 
r. achieve transparency in central banks' 



TECHNOLOGY: China Nears Approval 


Wrifmk>Lcc/n* Anodnl Pies 


Mr. Rubin praised China’s plans 
to liberalize its economy as ‘’‘sig- 
nificant” and “very constructive.” 


Continued from Page 1 

several participants said he suggested, in 
the words of one, that “the die was 
cast." 

“We have made substantial progress 
toward meeting the requirements for 
certification but we are not there yet.” 
Mr. Einhom said Wednesday in a phone 
interview. 

Sources said he had told lawmakers 
and staff members that, as part of the 
deal, China has agreed to cancel or post- 
pone indefinitely several projects at 
secret nuclear facilities in Pakistan and a 
“uranium conversion facility" in Iran 
that U.S. officials worried would help 
Iran learn how to produce weapons- 
ide uranium for bombs. However. 
ia has not agreed to a U.S. request 
that it cease all nuclear cooperation with 
Iran. 

An American official said that one 
issue that continues to separate the two 
sides is U.S. insistence that China ex- 
pand its regulations to include nuclear 


23 Mine Workers 
Die in Explosion 
In Arctic Norway 

Agenct Fnmce-Prase 

LONGYEARB YEN, Norway — 
Twenty-three Russian and Ukrain- 
ian miners were killed Thursday 
' when an explosion ripped through a 
, mine shaft in Barentsburg, in the 
Spitsbergen archipelago of Arctic 
Norway, officials said. 

There were 34 survivors among 
the miners in the mineshaft when 
, the explosion occurred, a spokes- 
woman for the Svalbard regional 
authorities said. 

The mine is operated by a Rus- 
sian company, Trust Arktikugol. 

In Moscow, tiie Russian ministry 
for emergencies said 13 miners had 
. died and 10 were missing. Quoting 
an Arktikugol company representa- 
tive at the scene, it said 46 miners had 
■ been in the shaft A ministry spokes- 
man said there were 23 survivors. 

The cause of the explosion was 
not immediately known, but initial 
assessments by emeigency teams 
indicated it may have been caused 
. by fire damp, a kind of methane gas 
- that hides in coal seams and that is 
volatile when it escapes into the 
atmosphere. 

Regional authorities said that 13 
. bodies had been found, and 10 oth- 
ers were being sought, but that the 
Fescue workers’ task was dangerous 
and they were having to lake care 
not to risk their own fives. 

The accident was Norway’s 
biggest mining disaster since 1962, 
when an explosion killed 21 men. 


balance sheets and transactions and in 
the underlying conditions of the banking 
system, building on the U.S.-led ini- 
tiative which was started in response to 
the Mexican crisis, in 1994-1995.”] 

During the telephone interview, Mr. 

Rubin also said that: 

• He would urge Thailand and other 
East Asian nations hit by financial tur- 
moil to restore investor confidence by 
sticking to sound economic policies and 
opening their capita! markets to more 
competition. 

• He would urge the Japanese finance 
minister, Hiroshi Mitsuzuka, to stick to 
Tokyo’s publicly stated goal of con- 
taining its trade surplus. “It is very im- 
portant for their interests and for those of 
the world that they be successful in 
meeting their objective of avoiding a 
sustained significant increase in their 
trade suiplus," be said. 

• At the approaching Hong Kong 
meeting, the United States would sup- 
port moves to strengthen the resources of 
the IMF “to deal with global financial 
challenges." 

Mr. Rubin said that Washington had 
been following the financial events in 
East Asia closely. 

“There clearly have been some se- 
rious financial instability issues in 
Southeast Asia," he said, “and I think 
the answers ultimately lie in restoring 
confidence, and confidence comes from 
opening capital markets as well as from 
following sound macroeconomic 
policies." 

The secretary stressed, however, that 
be was not suggesting that liberalizing 
capital markets alone was a remedy for 
East Asia’s woes. "Confidence also de- 
pends on financial systems that are trans- 
parent and well regulated," he said. 

A number of Asian financial author- 
ities fear thar if they are Forced to open 

their financial services markets — an 

issuethey now face in the latest round of A ■ I _ r\ . nr m . - rra ■ i jrr i» 

wro talks — a flood of foreign in- A1B5: Outcry on U.j. lests in Itura World 

vestment banks would swarm in to take ** 

business away from local players. But 
Mr. Rubin, a Wall Street veteran him- 
self, disagreed. have otherwise received, since AZT is not 

“I think that having experienced and affordable in the Third World. But some 

critics suggest that this argument is re- 
of defenses offered for 


technology that has both military and 
civilian applications — such as ring 
magnets, which reportedly were sold to 
Pakistan last year, and a calutron, an 
electromagnetic device to separate iso- 
topes, which China sold to Iran in 
1987. 

Certification would bolster not only 
Chinese-U.S. relations but also the 
American nuclear energy - industry, 
which is reeling because no plants are 
being built at home. Such American 
energy companies 3S Yves tin ghouse, 
ABB Combustion and General Electric 
have lobbied intensively for die cer- 
tification- 

Tbe United States and China signed a 
nuclear cooperation pact in 1985 but 
Congress, worried about Chinese sales 
of miciear-w-eapcms technology to 
Pakistan and Iran, passed a law that 
required the president to first certify that 
China had stopped such proliferation. 
The Reagan, Bush and first-term Clinton 
administrations did nor grant such cer- 
tification . 


PARTY: China’s Leadership Shake-Up Seen as Victory for Jiang 


Continued from Page 1 

preted as an indication of his dis- 
approval of Mr. Jiang. He was the only 
member of the all-powerful seven-man 
standing committee to miss the event. 

Mr. Qiao’s disappearance from the 
leadership was part of a much wider 
reshuffling in the top ranks of the 
party. 

Delegates to the party congress, who 
were given a limited choice of can- 
didates, selected 107 new members to 
the Central Committee. More than half 
of the previous Central Committee, 103 


members altogether, were eliminated 
either before or during the vote. 

Though many of the people pushed 
off the Central Committee were in their 
70s, advanced age is not usually a barrier 
to Chinese leaders with influence. All 
but one of the top leaders are in their late 
60s or 70s. 

Among die most prominent names left 
off the Central Committee were Liu 
Huaqing, a Politburo member and die 
only military man on the seven-man 
standing committee; Yang B cubing and 
Zou Jiahua. both Polhburo members; Ren 
Jianxin, bead of the Chinese Supreme 


Continued from Page 1 


well-capitalized foreign firms is a great 
benefit to these countries," he said. “It 
brings expertise, capital and a world- 
wide network." 

Asked if he thought a market-opening 
deal in financial services could be 
achieved by the WTO’s Dec. 12 deadline, 
Mr. Rubin said, “We continue to work on 
it, butl can’t tell you whether it is going to 
happen by December 12 or not.” 

Mr. Rubin said be expected the situ- 
ation of Thailand, which lost month se- 
cured a $ 17.2 billion emergency bailout, 
to be at the center of both the G-7 talks on 
Saturday and the subsequent IMF meet- 
ings. 

When asked if he was worried that the 
situation in East Asia could cause any 
fallout in U.S. markets, Mr. Rubin said 
no. “I don’t think we have seen any 
evidence of that,’ ’ he replied. 

Reacting to Japan's soaring trade sur- 
plus, which in August rose by 113.6 
percent year-on -year, to S6.16 billion, 
Mr. Rubin said the issue would be dis- 
cussed daring the G-7 meeting. 

"Earlier (his year,” he explained, 
“the Japanese prime minister set forth an 
objective of domestic demand-led 
growth and of avoiding a significant in- 
crease in the trade surplus, and it is very 
much in their and our interests that those 
objectives be met. The challenge is now 
to see how they are going to do that" 

■ Going to Bat for Boeing 

In Seattle, Mr. Rubin also said that 
Boeing Co. was negotiating an aircraft 
sale with China and that he would dis- 
cuss the issue with leading Chinese of- 
ficials in Beijing next week, Bloomberg 
News reported. 

“What I intend to do," he said, "is 
cany our view to China about what an 
enormously strong interest we have in 
Boeing having an opportunity to engage 
in this transaction with China." 


miniscent of defenses offered for the 
Tuskegee experiment, in which research- 
ers watched the ravages of syphilis while 
saying that the subjects of their study, 
poor black men from rural Alabama, 
would not have been treated in any case. 

Dr. Marcia Angell, executive editor of 
The New England Journal of Medicine, 
wrote in Thursday's issue that the AIDS 
research represents a "retreat from eth- 
ical principles." 

In the United States, advocates for 
AIDS patients have all but eliminated 
placebo-controlled clinical trials by de- 
manding that every patient have access 
to some kind of drug therapy. 

Several experts in medical ethics said 
they had urged U.S. officials to abandon 
the studies, or at least reconsider. The 
National Bioethics Advisory Commis- 
sion may address the matter when it 
meets in Washington this week, 

“1 wouldn’t do this study without a 
design that would let me run it without a 
placebo," said Dr. Arthur Caplan, di- 
rector of the Center for Bioethics at the 
University of Pennsylvania. Still. Dr. 
Caplan says, the Tuskegee analogy is 
inappropriate because the Alabama men 
were falsely told (hat they were getting 
treatment. 

Others agree, and say that that there is 
nothing wrong with U.S. researchers’ 
tailoring their studies to the health care 
systems of other nations. 

“The facts are different in different 
places," said Dr. Norman Post, director 
of the medical ethics program at the 
University of Wisconsin. 

U.S. health officials defended the ex- 
periments, saying that officials in the 
foreign countries chose to use dummy 
medication in the studies. And privately, 
they worried that the outcry would force 
them to cancel the research, a move that 
they said would cripple their efforts ro 


control AIDS in countries where it takes 
its most devastating toll. 

“This wasn’t something that we did 
behind closed doors," said Dr. Helene 
Gayle, who directs the AIDS program at 
the U.S. Centers for Disease Control in 
Atlanta. "This was done with a lot of 
discussion from the international com- 
munity, following international codes of 
ethics. Part of doing ethical trials is that 
you are answering questions that are 
relevant for those countries." 

Dr. Glenda Gray, a pediatrician in 
South Africa who is taking part in sim- 
ilar studies paid for by the Unitea Na- 
tions. said that "in ourwaxds. 30 percent 
of children admitted each day are HIV- 
positive." She added: “I’ve buried hun- 
dreds of children. I'm seeing iheir moth- 
ers die. We need to find a magic bullet 
for every woman in the world." 


Court, and Zhang Zhen, deputy chairman 
of the Central Military Commission . 

The exit of the military men, Mr. Liu 
and Mr. Zhang, clears the way for Mr. 
Jiang to put his own hand-picked gen- 
erals to become the nation's top uni- 
formed officers. Though Mr. Liu had 
been resisting pressure to leave his po- 
sition, Mr. Jiang will now be free to 
appoint a new top military officer and is 
expected to pick Zhang Wannian. 

Also dropped from the Central Com- 
mittee was Hu Ping, son-in-law of Deng 
Xiaoping, the country’s former para- 
mount leader, and head of the Poly 
Group, a diversified company associated 
with the military and active in the arms 
dealing business. 

Omitted as well were Zhou Nan and 
Lu Ping, the top Chinese officials for 
dealing with Hong Kong before the 
handover of the territory by Britain to 
China, and Wang Tao, head of the 
Chinese National Petroleum Corp. 

Several officials close lo Mr. Qiao lost 
their seats on the Central Committee, 
including Hu Qili. minister of electronic 
industry and one of the few survivors of 
the inner circles of late 1980s political 
reform leaders, and Wang Hanbin. a top 
National People's Congress official. But 
other close associates of Mr. Qiao man- 
aged to hang onto their seats, including 
Mr. Qiao’s top deputy, Tian Jiyun. 

One anachronistic holdover — Hua 
Guofeng, the successor hand-picked by 
Mao Zedong in 1976 and removed by 
Deng Xiaoping in 1978 — . remains a 
member of tile Central Committee, 
though he has not been active in politics 
for many years. 


Pieces of Wreckage 

Linked to 2 Planes 

WALVIS BAY, Namibia, — 
Burned pieces of aircraft, deflated 
life-jackets and personal effects 
from one of two military planes 
believed to have collided off the 
Namibian coast last week were un- 
loaded at Walvis Bay harbor on 
Thursday. 

The Yoko-Tani, a fishing vessel 
that traveled for 33 hours from the 
scene where the wreckage was 
found, unloaded the first debris of 
the plane crash at 6.40 AJM. (0440 
GMT). It is not known whether the 
wreckage was from the German Tu- 
polev-154 or the U.S. Air Force C- 
141, both of which vanished on Sat- 
urday, with the presumed death of 
33 persons. ( Reuters ) 

Israelis Retaliate 
For Soldier’s Death 

MARJAYOUN, Lebanon — 
Guerrillas attacked Israelis in south- 
ern Lebanon on Thursday, killing 
one soldier and provoking an Israeli 
air strike and artillery bombard- 
ment, Lebanese officials said. 

The shelling of Lebanese villages 
facing the Israeli-occupied zone of 
southern Lebanon wounded five ci- 
vilians. one seriously , they said. 

In a second retaliation, two Israeli 
jets fired missiles at suspected po- 
sitions of the Iranian-backed guer- 
rilla movement Hezbollah. There 
was no immediate report of cas- 
ualties. . (AP) 

Execution in U.S. 

JARRATT, Virginia — A Mex- 
ican convicted in fie 1991 murder- 
for-hire slaying of a U.S. Navy cook 
in Virginia Beach has been ex- 
ecuted despite a plea for clemency 
from the Mexican government. 

Mario Benjamin Murphy, 25. 
was put to death Wednesday night 
by lethal injection in Virginia’s 
death chamber at die Greensville 
Correctional Center. 

Though the defendant admitted 
committing the crime, Mexican of- 
ficials asked Governor George Al- 
len to commute the sentence to life 
in prison and offered to keep him in 
a Mexican jail if clemency was 
granted. 

Mexico does not have a death 
penalty. 

The U.S. Supreme Court rejected 
an appeal. (Reuters) 

Treasure in Peru 

LIMA — Archeologists have un- 
covered an ancient tomb in Peru, 
probably belonging to a tribal ruler 
and containing 1000 B.C. gold or- 
naments that they believe are the 
oldest in the Americas. 

A Japanese archeologist. Yoshio 
Onuki. and a team of Peruvian ex- 
perts discovered the tomb, with sev- 
en perfectly preserved gold pieces 
used mainly as ear-ornaments, at a 
pyramid buried in the ground in the 
northern highland zone of Ca- 
jamarca. 

Alvaro Puga of the government ’s 
National Culture Institute said on 
Wednesday it was not clear which 
of Peru’s various B.C. cultures had 
dug the tomb. (Reuters) 


ACCESS: Democrat Donor Says Gifts Gained Him Officials’ Ears 


Continued from Page 1 

changed policy as a result of their con- 
tributions. 

■ Ex- Aide Tells of Push for Donor 

Edward Walsh of The Washington 
Post reported earlier: 

Ms. Heslin told the committee that a 
Tamraz ally at the Central Intelligence 
Agency, identified only as “Bob of the 
CIA," provided her with misleading in- 
formation about Mr. Tamraz and “lob- 
bied’ ' her on his behalf. She said a senior 
Energy Department official bluntly (old 
her fiat Mr, Tamraz would contribute 
$400,000 to the national party in return 
for a formal meeting with the president. 
The director of central intelligence. 
George Tenet, has ordered an inves- 
tigation of the matter. ___ 

According 10 Ms. Heslin, John Carter, 
who has since left the Energy Depart- 
ment, called her in early April 1996 and 
told her that Thomas (Mack) McLarty. 


saying that Mr. Clinton had directed him 
to support the pipeline project. His ac- 
cornu was supported by a written state- 
ment from Charles Kyle Simpson, an 
department official who was 


^^-^Lany ,o provide more 
abou J ** P^line project 


senior counselor to Mr. Clinton, was in- 
terested in Mr. Tamraz 's pipeline project 
and wanted him to meet with the pres- 
ident Mr. Carter also said Mr. Tamraz 
had already given $200,000 to the Demo- 
cratic National Committee and would 
donate another $400,000 to the party if a 

meeting was arranged, she said. Mr Can#»r ™kVT-rr i T“ w 

"He was pressuring me." Ms. Heslin forfure 

rd. "I'd never had a convene,.™ with investigators a diff^f vS„ 0 ?hk 

crelicS™ witt > Ms. Heslin. A Demo- 
crane Party lawyer said Mr. Carter had 

sure? JP? 5 ' 1 * 0 ? * at he had pres- 
sured Ms. Heslin, that he had linked 
delations to the national committee to a 

S/S 1 Mr. Clinton or S hi 
^ Ms. Heslin a “Girl Scout." 

Ms. Heslin’s handwritten notes about 
ner conversation with Mr. Carter re- 
eased by the committee, have the 


said. “I’d never had a conversation with 
Jack like that before or since. He is a 
gentleman, and he wasn't very gentle- 
manly during that talk. Hs said that 
Mack was also representing this because 
the president wanted him to do this." 

When she warned Mr. Carter that she 
would go to senior security council of- 
ficials to block a Tamraz meeting with 
Mr. Clinton, ““he mid me i shouldn’t be 
such a Girl Scout." Ms. Heslin said. 
“He was really unpleasant, it was a 
lough conversation." 

In a written statement to the com- 
mittee. Mr. McLarty denied ever speak- 
ing io Mr. Carter about Mr. Tamraz or 


* . o ~ committee, have the words 

Roger Tamraz-DNC" followed bv lhe 

figures “S«w.000-$200,000" and Z 

te 5 P* want f Ms. Heslin ajS 

M?rJ° Wn ^ Underlined Mr 
McLarty s name in the notes. 




a hotel near me ureai ryramou u. ^ automatic weapons tfflo 

just west of Cairo. trtw .«.cault the air to aid their escape. But after 

No matter who earned out the assault ^ Egyptian plain- 


the nationalities of the others. 

The Egyptian Interior Ministry an- 
nounced laier that the death toll had 
reached 10 and that a senior police of- 

man tourist who sat a few hundred me- of die dead was the Egyp 




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L WEDNBSDtf; SEPTEMBER 24, 1997 


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INTERN AT I ON AL HERAL D TRIBUNE, FRIDAY, SEPTEMBER 19, 19 97 

INTERNATIONAL 


RAGE 7 


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Perils of Privatization Pose Biggest Hurdle for France and Its Socialists 


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By Joseph Fiichett 

JtttrrruJtiviuil UrrjUj Tribune 

PARIS — As the Socialist government tries to 
revitalize the creaky French economy, no issue is 
proving harder to manage, or more disturbing to 
its neighbors, than the nation's unsteady per- 
formance on privatization. 

Pr ime Minister Lionel Jospin has stumbled in a 


rrime Munster Lionel Jospin has stumbled in a alilion partners chnracvl-’ n r am u. 


, 5,' s pru-iial privatization is a formula similar tion." Politically, a French hold-out could jeop- 
io me receni decisions to open ihe capital of Air ardize prospects for a European-wide industrial 
" ancc Te!ec °m to private invest- resimciuring to compete with America and Asia. 
5^;-. „ aH lhree cas «- ii amounts to a mixed Bonn and London insist that this process be 
flf, ?! ! , in,e [nauonal investors and French polit- market-based. Germanv was -‘disappointed* ’ by 
ican circles aboui the government’s intentions. Paris's reluctance to privatize France Telecom, a 

11 ^ ,n,n S a program of -creeping pri- German official said before a two-day summit 
vanzauon. as c he government ’s Communis! r»«- : — 1 — — s n Weimar fip r_ 


’■ ■U if; 9 DJ ?• 

- “«IH| 


s-wuai cvuuomic nvaines wnue not copying the 
all-out commitment to market values that prevails 
in the United States, most of Europe and Asia! 

The government said Thursday that Thomson- 
CSF , the nation’s biggest defense contractor, 
would be partially privatized, with the state’s 
share dropping below 50 percent. 

But Defense Minister Alain Richard said the 
government intended to keep a “decisive voice” 
in Thomson as the company took in French and 
other European partners whom he said had ac- 
cepted France’s role in Thomson. 

But a more candid-sounding leak by a fellow- 
minister last week indicated that the government’s 
■share would be reduced to a minority in the 
emergent European multinational, situating the 
government’s influence mainly as a po tential cus- 
tomer for weapons, not as a shareholder. Thom- 
son would then resemble the privately owned 
British Aerospace or Daimler-Benz Aerospace. 


NEWS ANALYSIS 

said, dial privatization “will make these compa- 
nies fully competitive” without ending state 
ownership? 

The answer, as explained by a cabinet minister 
■who asked not to be identified, seems to be that 
the Socialist government is playing for time, 
hoping to gradually formulate a national con- 
sensus on an issue that continues to split France in 
what Mr. Srr.iuss-Kahn calls a paralyzing — ■ war 
of religion." 

“It’s smart politics, but the Socialists may 
have underestimated the real cost in lost eco- 
nomic opportunities.” said a U.S. -based exec- 
utive of France Telecom. 

A Socialist adviser, who also asked not lo be 
identified, said: "This government could bungle 
France’s industrial future and Europe’s integra- 


mceting that began Thursday in Weimar. Ger- 
many. 

In those discussions, the French Socialists 
seem bound to say, in substance, that they will 
have more room for maneuver 1 ater. On Thom- 
son, for example, a cabinet minister said last 
week that the government was prepared to cede 
control in the long run over the company, the 
strongest in the country’s heavily state-owned 
defense sector. 


mg into the private sector — for example, gaining 
appeal as partners for privately owned companies 
in international alliances. Thus, Paris will auction 
off to the best corporate bidder two big financial 
companies — GAN, an insurance and service 
company, and its b anking subsidiary, CIC. 

At the same time, he said, public-service 
companies seen as a factor of social and eco- 
nomic justice within France — such as railroads 
and utilities — will remain under state control 
while being helped to “evolve” to improve their 
performance and competitive position. 

This go-slow approach, officials say, is un- 
avoidable because of the public's special hang- 
ups about privatization — a resistance that colors 
the entire political spectrum here. 

While privatization is much more widely ac- 


The minister told reporters last week, on con- cepted than in years past, many ordinary people 
difion of anonymity, of plans to merge Thomson still view it as a form of white-collar crime, in 
with other defense electronics companies. First which capitalist speculators get control of 


domestic and then from neighboring countries, to 
produce a European giant capable of competing 
wiib the U.S. colossus, Hughes-Raytheon Inc. 

This backdoor approach seems designed to let 
the Socialists transcend the paralyzing contro- 
versy in France about the quasi-religious dogmas 
of state ownership versus privatization. 

Offering a less polemical approach, the min- 
ister said die government would privatize state- 
owned companies that would benefit from mov- 


many conservatives mistrust die market and sup- 
port business-government marriages as a special 
French asset. 

President Jacques Chirac, a conservative, con- 
tends that France can impose its special model of 
economic modernization featuring state control 
of key public-service companies — electricity 
and railroads, say — a view that has brought 
clashes with the market-liberalization drive of 
the European Commission. 

Just as there is scant pressure in France Tor 
deregulation, the notion that privatization offers 
the best way to cut reliance on the suite has a small 
constituency. The last conservative government 
failed when it attempted a few high-profile pri- 
vatizations. notably, but not uniquely, Thomson. 

Against that background, some analysts insist 
that Mr. Jospin's cautious approach could prove 
to be the fastest way to get state-owned compa- 
nies under market discipline. 

“Once a company’s stock is on the market, 
even a minority share, it is effectively privatized 


wmen capitalist speculators get control of mes under market discipline, 
companies buili by the Labor and taxes of French “Once a company’s stock is on 

workers. Even though it depends heavily on even a minority share, it is effective 
government subsidy, Thomson Multimedia was because management can no longer ignore in- 
able to fend off a foreign takeover bid last year vestors,” said Francois de Witt, editor of Votre 
partly by mobilizing public sentiment behind the Argent, a money magazine in Paris, 
slogan that the deal amounted to “selling off And Gerard Worms, a French indi 
crown jewels" of France. now an executive at the investment 

The left still defends the virtues of state control schild & Cie., said that the Jospin 
and. perhaps more surprisingly, privatization has probably did ‘ ‘as much as possible 
only 1 united support on the right in France, where Telecom in light of the political sem 


And Gerard Worms, a French industrialist and 
now an executive at the investment bank Roth- 
schild & Cie.. said that the Jospin government 
probably did "as much as possible with France 
Telecom in light of the political sensitivities.” 


EUROs To Franz Schmid, a Common Currency Is Disaster, but to Helmut Kohl, lfs Hopt 


lirtaliote 
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Continued from Page 1 

nomic philosophies. But supporters in- 
sist that this surrender of national sov- 
ereignty is the only way for Europe to 
challenge the United States' global eco- 
nomic power, closing the American cen- 
tury with an act of European eman- 
cipation. 

Chancellor Helmut Kohl of Germany, 
already in the history books as the 
helmsman of German reunification, 
thinks he has a vision that will im- 
mortalize him a second time: End a 
bloody century — in which Europe 
twice ripped itself to shreds and the 
United States twice came to its rescue — 
by creating a single money in a market of 
372 million people that will usher in a 
united Europe with a united Germany at 
its heart. 

He is bolstered by -France, also a 
prime architect of the euro, which har- 
bors a strategic desire to harness German 
economic power inalienably to its own 
political ambitions. 

Chancellor Kohl seeking ro reassure 
his fellow Europeans once and for all 
about his country’s intentions, stands 
ready to sacrifice the country's best- 
loved symbol, the Deutsche mark. It is 
an extraordinary political step — akin to 
suggesting that the surrender of the 
.American flag might somehow be in its 
people’s interest 

The euro will rise or fall with Ger- 


low inflation and solid currency can be 
enduringty extended lo the European 
Union. He repealed ly expressed concern 
that the euro might be blamed lor the 
Continent’s economic woes. He seemed 
to be fighting his own doubts. 

In the end, Germany fears the euro as 
money but favors it’ as strategic sal- 
vation. This country is. on some levels, 
still trying to convince wary neighbors 
that its nationalism was buried with the 
Third Reich. 

“We are looking for a different iden- 
tity because nationalism is really ta- 
boo.” said Walter Hasselkus. the Ger- 
man chief executive of Rover. "That 
identity is Europe." 

The economic logic behind the plan is 
simple. “What,” asked Jean-Claude 
Tricheu governor of the French central 
bank, “would the single American mar- 
ket be without a single money in Texas 
and California?” 

In other words, the EU’s single mar- 
ket in goods and services is incomplete 
without a single currency and will be 
invigorated by 


having one. Over the economics 

60 percent of the ‘ What would the single look too risky and 

trade of EU states « , . , p the politics of a 

is with other coon- American market he formal abandon- 

tries in the union without a single money in ment 

— the euro will J sovereignty too 

simplify and Stim- iexas and California.' sensitive. But they 

ulate this trade. may join later. 

Like many European executives. The United States has its doubts as 
Horst Teltschik. a member of the ex- well, although European integration has 
ecutive board of BMW. the German auto been in the American interest for more 
maker, sees the case for the new money than 40 years. It has provided a steady 
as self-evident: "We export one-third of opening of markets in which U.S. cor- 
onr production to other European Union porations from IBM to Toys ’R’ Us have 


temational trade and 80 percent of fi- 
nancial operations? 

Imagine oil priced in euros rather than 
dollars. Imagine the United Slates no 
longer able to assume that its deficits are 
automatically financed because the 
world wants dollars. Imagine Europe 
one day showing the same "benign neg- 
lect” for the euro that America does for 
the dollar because the domestic Euro- 
pean market will be so big. 

Such visions are by no means shared 
by everyone. 

"A German racket to lake over the 
whole of Europe,” was what Nicholas 
Ridley, a former British industry min- 
ister, once called the euro. The remark 
revealed a corner of die British psyche. 
Abstruse and abstract, but as intimate as 
the coins in a pocket, ihe euro beams a 
spotlight into the diverse recesses of the 
European heart. 

Until now, Britain, Denmark and 
Sweden have not committed themselves 
to join (he planned "first wave” because 
of their reservations about the project. 

To these countries. 


‘What would the s ingl e 
American market he 
without a single money in 
Texas and California? 9 


many, which accounts for 25 percent of Horst Teltschik. a member of the ex- 


the European Union's total output. 

The outcome remains very much in 
doubt. The euro is to become Europe's 
money on Jan. 1, 1999. Will it bring 
strength or chaos, unity or renewed out- 


ecutive board of BMW. the German auto 
maker, sees the case for the new money 
as self-evident: "We export one-third of 
our production to other European Union 
countries and we’ve suffered a lot from 


in [.$. 


bursts of European nationalism, as a exchange-rate fluctuation. The euro will 
Frankfurt bank becomes the scapegoat eliminate that risk.” 


for massive unemployment? 


For example, since BMW bought the 


- Met- ! 

- r» r . 1 


Faces at the European Commission in British Rover auto company three years 
Brussels tend to light up at the euro’s ago, sterling has appreciated more than 
potential to spur Europe's economy. But' 10 percent against the mark. As a result. 


Mr. Schmid, the retired hairdresser, sees 
folly where so-called Eurocrats see for- 
tune. 

His fears are those of the average 


the new Rover dealerships opened by 
BMW in Germany are having diffi- 
culties. “We should raise Rover prices 
to match the mark's level,’’ Mr. 


German burgher. He has given some of Teltschik said, “but we can’t, so for now 
his savings in marks to his son, Toni, to we take losses.” 


change into dollars. He equates the (fol- 
iar's 20 percent appreciation against the 
marie over the last year with the marie’s 
looming demise. 

Franz Schmid was 12 years old when, 
in 1923, inflation reached more than 2 


Of course, companies trading be- 
tween New York and San Francisco 
do not face such fluctuations. In this 
sense, the euro is intended to make 
Europe more like America. Corpora- 
tions including Siemens and Unilever 




billion percent in Germany. To buy $1, a have made it clear that they believe they 
person needed 4.2 trillion marks. In the 
same year, the young Adolf Hitler was 
arrested after be tried to lead a march on 
Bolin. 

His family ruined, Franz was seat to 
work as an apprentice to a barber, only to 
be drafted into Hitler’s array just as he 
had acquired his first hairdressing salon 
and was beginning to make his way. 

Poland, nance, Russia: Mr. Schmid 
invaded them, all, an ordinary German 
swept along in a tide. Then, in 1944, he 

was captured by the Red Army and taken 
to a prison camp in Siberia. On carts in 
summer, on sleds in winter, he carried 
corpses out to woods where the wolves 
ate them. 

, Only his skills in catting Soviet of- 
ficers' hair saved hint 

A second lesson in the vagaries of 
money awaited him on his return to a 
devastated Germany in 1947. His life 
savings — a bank deposit of 1 .500 
Reic hsmarks — were worthless, de- 
voured by the inflationary financing .of 
the war. Dollars alone, sent by two sis- 
ters who emigrated to New York, 
bought him food until a new currency, 
the Deutsche mark, was introduced on 
June 20. 1948. 

* ‘The new currency was hope, the first 
hope, really,” Mr. Schmid said. 


porations from IBM to Toys ’R’ Us have 
thrived. And integration has been a bed- 
rock of America’s postwar emergence as 
a European power. 

Richard Holbrooke, a former ambas- 
sador to Germany and assistant secretary 
of state for Europe, was blunter "Al- 
most a decade has gone by since the 
Berlin Wall fell and. instead of reaching 
out to Centra] Europe, the European 
Union turned toward a bizarre search for 
a common currency. So NATO enlarge- 
ment had io fill the void. Tell me, would 
you leave your money in German marks 
if the mark is going to become the lira 
and you can move to the dollar?” 

Italy, however, is eager to dissolve 
itself and its lira into Europe as soon as 
possible. “We’ve always bad a healthy 
inferiority complex here about tall, 
blond people,” said Luigi Spaventa, a 


look at the euro. But unease persists 
about loss of sovereignty to a bank in 
Germany and the less flexible economic 
model of continental Europe. The Con- 
servative Party has torn itself apart over 
the issue. 

To attempt to marry such diversity by 
creating a European money may appear 
the folly of this fin de siecle. “Kohl 
wants the euro for the history books,” 
said Denis Tiliinac, a French writer. 
“But why must we pay for his obses- 
sions? You can share a home, you can 
even persuade people to eat together, but 
you can’t force them to make love." 

The political theory in Paris and Bonn 
is that you can. 

As Norbert Walter, the chief econ- 
omist at Deutsche Bank in Frankfurt, put 
it, “Why not cry to be great?” 

Perhaps the answer is because it can 
be dangerous. Historically, monetary 
union has usually followed political un- 
ion. Europe has chosen to do things the 
other way around. 

There is no European government 
and “peanuts” would be a kind de- 
scription of Europe's budget “Paltry” 
would be an overgenerous portrayal of 
Europe's foreign policy. As the Bosnian 
war illustrated, political Europe is still as 
feeble as it is fragmented. The projected 
expansion of the onion in the aext cen- 
tury to bring in Poland and other Central 
European countries could cause yet 
more fragmentation. 

By minting a money without malting a 
government and by surrendering con- 
trol of monetary policy to a central bank 
while shunning the establishment of oth- 
er federal' institutions, European states 
are heading into largely uncharted ter- 
ritory. 

“This is the first time in history that 
the creation of a single money on a 
territory is not being accompanied by 
political centralization,” said Olivier 
Klein, a French economist “Butmooey 
corresponds to a state power. And that is 
why we will have to move toward a more 
federal political structure in Europe.” 

Yet many European voters appear to 
despise the very federalism that the euro 
seems to promise. Herein ties the para- 
dox of the euro, a project sometimes 
suggestive of a journey begun so long 
ago that nobody can remember why a 
certain destination was chosen. 

“We are going a new way in 
Europe,” Mr. Tietmeyer, die Bundes- 
bank president, said. “I don’t see a read- 


The Euro Zone 

Not all European Union members are adopting the 
euro in 1999. Some may not qualify; others wilt wail. -. '' 
This will create a two-tier European Union — those r 
in the euro zone and those outside. " f {'■ 

■I Expected to qualify : ( ' 

23 Improving chance of qualifying / / 

d Waiting until later _.•■■■' , ’ 

(Z2 Win not qualify ■ .A 


amnuN 

pop 58.7 AjLfcJ, 
odp Si .131 

■ • Vjfe. oao<AflK '■ 




FMUtMD 

POP 5.1 
OOP SI 23 




POP. 10.1 
OOP $261 - 
UKEUBOURQ 
POP. 04 


PO* 6 " 8.8 
OOP S247 


1996 population in 
mittions. and gross 
domestic product in 
bffions of U.S. dollars. 

For comparison: ui*ttd states 
pop. 264.6 
OOP £7,636 


AUSTRIA 

POP 8.1 
GOP S218 

cneece .7 
pop. 10.5 
» . GOP $122 


PORTUGAL 

pop. 9-9 
odp S103 


odp *1.199 






Nor will a European federal budget 
transfer resources to Italy, as the U.S. 
federal budget transfers money to de- 
pressed areas through Medicare and So- 
cial Security payments. 

Nor, finally, will there be room for 
generosity in national budgets, because 
of the new fiscal discipline: no deficits 
larger than 3 percent of output This has 
been the Bundesbank’s draconian con- 
dition. 

Europe, in other words, had better be a 
truly convergent economy, more or less 
responsive to the same economic medi- 
cine from Helsinki to Lisbon or there 
will be tensions that will find a readily 
available target in the European Central 
Bank. 

“How will a Europe with the euro 
deal with regional recessions?” asked 
Paul Kingman, a professor of economics 
at MIT. “I would put the odds of a 
collapse at one in four.” 

It is easy enough to imagine, fix' ex- 
ample, the invective of a group of newly 
unemployed French citizens told in mid- 
1999 that die government is essentially 
powerless because of decisions made in 
Frankfurt Rather than uniting Europe, 
an unstable euro in a depressed Con- 
tinent might easily spur new nation- 
alisms. Currency speculators would be 
quick to seize on instability. 

“One can certainly imagine potential 
disasters in the one- size-fits -all ap- 
proach to monetary policy," Eddie 
George, governor of the Bank of Eng- 


A half-century after the war, the coun- 
try, whole again, stands squarely at the 
center of Europe. Its economic dom- 
ination is clear enough. The German 
economy is almost a third bigger than 
Ranee’s. 

But Germany also has its doubts. And 
it knows — especially since reunifi- 
cation with East Germany — that its 
allies need constant reassurance. Indeed, 
die euro was given a decisive push by 
reunification, was the most convincing 
reassurance, the most sweeping sacri- 
fice, that Mr. Kohl could offer his neigh- 
bors. 

There is a telling symmetry in the fact 
that the scheduled readoption of Berlin 
as the German capital — the return to the 
Reichstag and the Brandenburg Gate — 
is set to coincide with the adoption of the 
euro in 1999. The reunification with 
Germany's past will thus be tied to die 
abandonment of. the Deutsche mark, the 
very emblem of German postwar 
strength. Put another away, Berlin will 
be reclaimed but with the lessons of 
Boon. 

“If you give away the mark you give 
away respect,' ’ Toni Schmid said, “and 
most Germans bate the idea. But Europe 
has been sacred for 30 years. No political 
party can say no to iL That is why 
Germans are not yelling. ’ ’ 

Mr. Kohl is gambling that he can win 
ova- people like Mr. Schmid to his vi- 
sion of a Europe where morale and 
growth can re torn to Fiance and Gar- 


land, said in an interview. “I am feeling many, and where, perhaps, a new Euro- 




Mdad Janj/Ageoc* null PiWK 


“I got married eight days later and the WJ | th German finance minister, presenting the reverse — or national — side of the proposed euro Boro in 1950, he was a member of the such far-reaching change ws 

photographer asked for 100 marks, and I nw wa^me x,erm ^ co|n ^ i([ show oak leaves, the Brandenburg Gate or the federal eagle, fost generation of Germans .*> go abroad Bismardc, ^ whodeclared toe 


that seemed a staggKing amouot But currency h. Bonn. For his country, 

wm benefit 

A not Germany! Ifeell’mabouttolosemy Exec^ves 
\ money for the third time.” spared by easier 

Mr Schmid is now 86. Almost one- pricing and billing. 
thiid of the Germans are over 55 and markets will be opened up t ° 
even many younger people grew up in pention; mefficient ^ ^ 
homes where old. devalued Reichsmark sustainable: P r “? ur « 
bills were kept as symbols of money’s tries to make their economies attract! e 

-art ^ ■ - 

to say they oppose, the euro project. ^ , s maany B roU gh]y the 


"7 — -r . , -ffa. Muma lne union s economy “ — 

Jfjss&sszsz 


ihe euro. “I remember my parents talkin g 
repeatedly about hyperinflation, and they 
were infants when it happened” 

. During an interview, Hans Tieimeyer, 


ople. providing the largest single mar- 

— Conservatives, hashed J a 


former budget minister. “For us, it’s the 
euro or Africa.” 

In Portugal and Spain, where a decade 
of membership in the EU has been syn- 
onymous with the end of dictatorship 
and the advent of prosperity, the euro is 
similarly coveted. 

France is more ambivalent. Despite 
the success of the franc fort policy, the 
French are tittle attached to their cur- 
rency as a symbol of national prowess. 
Moreover, in the heady days of the Cold 
War’s end. it was France that exacted a 
commitment from Germany to adopt the 
euro as a condition for reunification. But 
the cession of sovereignty that the euro 
entails raises the specter of an end to “La 


"mess for a European superstate with one 
tax system, one big central budget, one 
security system. I have to accept that. So 
the basic question is whether there is 
enough common ground for monetary 
union.” 

The planned European Central Bank 
will — if the euro is broadly adopted — 
set a single monetary policy from Rot- 
terdam to Rome, from Berlin to Bar- 
celona. National room for economic ma- 
neuver after Jan. 1, 1999, will be 
limited. 


nervous for the whole of Europe.” pean identity can be boro. * 

Toni Schmid, the hairdresser's son, It will also be a place where interest 
works for die Bavarian stale govern- policy reflects the interests of all Euro- 
meet He is nervous, too. pean states. 

But unlike his father, he may be more The Bundesbank’s insistence during 
willing to accept tfae euro, however re- much of the 1990s on high interest rates 
luctantiy. He sees that giving up the to tame the inflationary pressures of 
mark is the price for a united Europe to German reunification imparted a crip- 
which Germany is irrevocably har- pling blow to the economies of other 
nessed. a Europe whose economic- European countries, which had to apply 
policy is largely set by a hank in Frank- the same interest rates as the Continent 
fort. entered recession. The euro’s image was 

A member of the postwar generation, thus battered. 

Mr. Schmid sees the euro as shaped less The challenge facing the German 

by the direct trauma of Nazism than by chancellor is therefore enormous, and 
the angst of being German in the af- German history offers a cautionary tale, 
temaath of the Holocaust. The last German leader to embark on 

Boro in 1950, he was a member of the such far-reaching change was Otto von 
first generation of Germans to go abroad Bismarck, who declared the creation of 
after the war. Everywhere, toe mark was toe German Empire in 1871. His united 


is largely set by a hank in Frank- 


A member of the postwar generation, 
Mr. Schmid sees toe euro as shaped less 
by toe direct trauma of Nazism than by 
toe angst of being German in toe af- 
termath of the Holocaust. 


toe finest money. In Western Europe it 
was admired, in Eastern Europe 
coveted. 

But respect was not toe only thing 
encountered outside Germany. 

There was toe realization, in Mr. 
Sc hmid 's words, “that you were not 
normal.” Your fathers had started toe 
war and butchered millions of people. 
You had not chosen those fathers, but 
there it was. You were different 

On a visit to Ireland, Mr. Schmid 
recalled befriending a couple. He was 


Thus, if Italy hits a recession as the French, she British. On parting, toe 
Netherlands booms, Italian authorities woman said to him, “You know, it’s 
will no longer be able to lower interest really strange, I never thought I would 
— *- « ” The remark 


. -During an interview, nans i - T .. ^ strons inroads into the 

president of the Bundesbank. dollar’s mrenBtionaf dominance, ex- 

peatofly - almost ob« 5 ssiveJy - abou dotiars Mmm is toe 


rates to stimulate activity. They will not have a C 
be able to devalue the lira. stock in h 

Italians are unlikely to migrate en And there, perhaps, lies the root of 
masse to Amsterdam for jobs, as Amer- Germany's euro dilemma: a strong, 
icans might move to a booming Arizona much-loved money, the mark, on the one 


have a German friend.’ 
stock in his mind. 


And there, perhaps, lies 
smanv’s euro dilemma: 


from a depressed Vermont. Europeans, 
in general, do not like to move. 


hand; an uncertain identity, a bad his- 
tory, on toe other. 


Germany, bringing together 18 states, 
grew out of toe customs union, or zoltver- 
ein, between German states established 
in 1834, just as the euro seems ser to 
emerge from European customs union. 

Within 19 years of German unifi- 
cation, however. Bismarck was ousted. 
Mr. Kohl, who reunited Germany in 
1989, has been in power 15 years. The 
vote he faces next year will hinge on toe 
politics of toe euro. Like Bismarck, Mr. 
Kohl may yet find that his countrymen’s 
memory is short. 

“Kohl wants to be a European saint 
and he is ready to pay with the mark,” 
said Toni Schmid. “But to many of us, 
toe price looks too high.” 

NEXT: Throughout Europe, monetary 
union is shaking Europe like a massive 
electric shock, pulling down inflation 
and forcing the state to re-examine its 
role in the economy. 





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PAGE 8 


FRIDAY, SEPTEMBER 19, 1997 

EDITORIALS/OPINION 



Hrralb 


INTERNATIONAL 



Sribunc 


_ THE WASHINGTON rOST 

PUBLISHED WITH THE HEW VORX TWKS *>•» 


™ Misguided Abstention 

.. - treatv durine wartime. Like 


About 100 countries agreed 
Wednesday on a treaty that will pro- 
hibit them from producing, using or 
stockpiling anti-personnel land mines 
and require them to remove mines they 
have already sown. Regrettably, fhe 

■ Clinton administration, after having 
• failed to persuade other countries to 

agree to several loopholes sought by 
the Pentagon, withheld American sup- 
port. That eliminates pressure on other 
holdout countries, like Russia, China 
and India, to join the land mine ban. 

Ban supporters were right to resist 
the administration's efforts to dilute 

■ the treaty in search of a compromise 
acceptable to the Pentagon. Allowing 
America to carve out exceptions would 
■have encouraged other countries to do 
the same. With a signing ceremony 
now -scheduled for December, Pres- 
ident Bill Clinton still has time to re- 

' consider America 's misguided absten- 
tion and sign the treaty as drafted. 

The administration did tty in recent 
’-days to soften some of the Pentagon’s 
demands. But its attempts ar cornpro- 
. mise foundered, mainly on Washing- 
ton’s unreasonable insistence on a 
nine-year delay before the treaty takes 
effect. Such an extended delay is mil- 
itarily unnecessary. 

■ Washin g ton also sought an excep- 
tion for anti-personnel mines used in 
conjunction with anti-tank mines and a 
provision for withdrawing from the 


treaty during wartime. Like the nine- 
year delay, these changes would let the 
Pentagon continue using existing de- 
fense plans in South Korea rather than 
modifying them to conform with the 
treaty by its likely effective date of late 

1999. . . , . 

The humanitarian gain of banning 
land mines is worth the inconvenience 
of a fester, but still feasible, transition 
in South Korea. By fee Pentagon'sown 
calculations. South Korea’s vulnerable 
capital of Seoul could be effectively 
defended against North Korean attack 
without anti-personnel mines. 

The a dminis tration's quest for a 
compromise has been spurred by pub- 
lic opinion. Supporters of a mine ban 
now include many Congressional Re- 
publicans and retired military leaders 
like General Norman Schwarzkopf. 
The issue has attracted wider visibility 
since the death of Diana, Princess of 
Wales, who drew attention to land 
mine victims. 

Mr. Clinton repeatedly identifies 
himself with the cause of banning land 
mines, which, as he noted Wednesday, 
kill or maim 25,000 people a year. 
With approximately 100 nations 
agreed on treaty language and much of 
world opinion behind them, Mr. Clin- 
ton should rethink his position and 
make America a leader, not a lagger, in 
this important campaign. 

— THE NEW YORK TIMES. 


Backing Down in Bosnia 


Free and fair elections are a standard 
and useful part of the international ap- 


inofcen countries. In Bosnia, however, 
die procedure is at risk of being twisted 
into a caricature of its high purpose. 

- The Or ganizati on for Security and 
Cooperation in Europe set np local 
-elections in Bosnia. The idea was to let 
refugees vote for the day in the places 
they had been thrown out of, and thus 
to take a step toward their eventual 
permanent return, a prime Dayton 
peace goal. In the separate Muslim, 
Serb and Croat areas, the local na- 
tionalist parties mostly successfully re- 
sisted this ploy, but in perhaps 8 of the 
136 municipal councils a victory by the 
returnees seemed possible. Small 
change? This is Bosnia. 

But a particular problem arose when 
a Norwegian overseer of die elections 
ruled that a slate of Serbian politicians in 
the nationalist redoubt of Pale should be 
disqualified because of their ties to the 
indicted war crimes suspect Radovan 
Karadzic. His face was all over the place 
in open defiance of his Dayton ob- 
ligation to fade out of politics. No soon- 
er had word of the disqualification 
leaked, however, than the OSCE’s man 
for Bosnia overruled the Norwegian to 
head off what he perceived to be die 


mob violence that the Pale Serbs were 
organizing against Western election ob- 
servers, including 200 Americans. 

Outsiders cannot know precisely how 
vulnerable the observers were thought 
to be. But the implications of the OSCE 
decision to buckle under mob pressure 
— pressure quite likely generated by the 
indicted, mocking Mr. Karadzic — are 
devastating. The man himself wins a 
symbolic victory. The OSCE will be at a 
farther disadvantage in its continuing 
effort to put into effect the Dayton goal 
of a reintegrating, rather than a'splitting, 
Bosnia. People cannot fail to ask where 
the 34,000 soldiers in the NATO-led 
Bosnia peacekeeping force were while 
this dismal exercise was playing out. 

It was never in the cams that NATO 
and the OSCE woe going to put Bos- 
nia all back together again. But it was 
and perhaps it remains possible to keep- 
intact the idea and some of the form of 
a single Bosnia and to induce some 
cooperation between the Serbs on one 
side and the tentative Croat- Muslim 
federation on the other. The danger is 
that this latest incident will feed a 
palpable growing international despair 
and lead people to think the best way is 
just to let Bosnia split, calling it peace. 
But it will be war. 

- THE WASHINGTON POST. 


Pill-Popping Dangers 


The withdrawal of two popular diet 
drugs from the U.S. market this week is 
a useful reminder dial it is always risky 
to pop pUls for long periods even if they 
have been approved as safe and ef- 
fective by federal regulators. In this 
case, the drugs had been approved by 
the Food and Drug Administration only 
for the most obese patients. Yet reck- 
less doctors and diet clinics dispensed 
them to millions of pudgy Americans 
who demanded access to the latest 
weapon in the endless battle against 
overweight Only later did it become, 
clear that this supposedly miraculous 
magic bullet was capable of misfiring 
and doing more harm than good. 

The drugs, known as fenfluramine 
and dexfenfluramine and sold under 
the brand names Pondimin and Redux, 
act by depressing the appetite. They are 
often used in combination with another 
drug, phentermine, which increases the 
rate at which calories are burned. The 
combination is known as fen-phen. 

Pondimin has been on the marker 
since 1973, when it was approved as 
safe for short-term use of a few weeks. 
But it was a close call less than two 
years ago whether the Food and Drug 
Administration would approve Redux, 
the newest drug. An advisory panel of 
experts first voted, 5 to 3, against ap- 
proval because of insufficient long-term 
studies and concerns that it had been 
linked to a rare but fatal lung disease in 
Europe and to brain damage in animals. 
But two months later the panel reversed 
itself by a 6-to-5 vote, reasoning that the 
potential benefits for seriously obese 
patients outweighed the risks. The FDA 
approved the drag in 1996. 


At that point there was not even a 
hint that the drags could damage heart 
valves, the problem that has suddenly 
surfaced. More than 90 patients have 
□ow developed heart valve disease, 
and a new evaluation suggests that 
some 30 percent of those taking the 
pills may nave suffered valve damage 
without yet developing symptoms. 

Although the case against the drugs 
is not ironclad, the manufacturers, at 
the request of the FDA, took the only 
prudent course in withdrawing them 
from the market. The FDA did not 
request withdrawal of phentermine, 
the third widely used obesity med- 
ication, which has not been implicated 
in the heart valve problems. 

In recent years the FDA has been 
under enormous political pressure to 
speed up its approval of drugs, es- 
pecially those for which patients are 
clamoring. Whether that pressure 


played any role in the decision to ap- 
prove the new diet drug despite the 


jruestiofls raised about ir is uncertain. 
But the episode clearly points up the 
difficulties of ensuring that drugs are 
both safe and effective. 

The FDA had recommended that 
both the drugs now withdrawn be used 
for seriously obese people, not for the 
millions who want to shed 5 or 10 
pounds. But once a drug has been 
approved for one purpose, doctors are 
free to prescribe it for other purposes 
that seem appropriate in their profes- 
sional judgment. In this case, patients 
who were only moderately overweight 
demanded the drugs and all too many 
doctors were happy to oblige them. 

— THE NEW YORK TIMES 


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Brawling Democracy vs. the Totalitarian State 

. 3, cn *. the road to economic recovery. J 


jyjANILA — Consider the messy 


.democracy in the Philippines ana 
the reformist totalitarian state in China. 

A political battle is raging in the 
Philippines because, without stating it 
openly. President Fidel Ramos appears 
to want a second term starting next 
year, which would violate the con- 
stitution unless his supporters contrive 
to change it before then. 

Even critics acknowledge that Mr. 
Ramos has been an effective, perhaps 
outstanding, president The Philippines 
has weathered the current financial' 
slump in Southeast Asia better than 
most of its neighbors. Mr. Ramos pro- 
moted policies that put die- stability of 
the region's first democracy on a 
sounder footing after years of near-ruin 
under the misguided, authoritarian rule 
of Ferdinand Marcos and the begin- 
nings of recovery under President 
Corazon Aquino. 

But Filipinos have an understandable 
aversion now to anything that smacks of 
a return to dictatorship. Every day, Mr. 
Ramos must face the press, which calls 
on him to divulge his political inten- 
tions. Editorials attack him and colum- 
nists brand him a liar, a cockroach and a 
rat under a dung heap. At 6 o’clock each 


By Jonathan Mirsky on the bloody suroression of the stu- 


evening, church bells ring and car horns 
sound to protest the illegitimate alleged 
ambitions of the president 

Recently, Cardinal Jaime Sin, die 
Philippine Catholic prelate who helped 
mobilize the mass “people’s power” 
street demonstrations that eventually 
toppled Mr. Marcos and brought Mrs. 
Aquino to power, told me he feared Mr. 
Ramos's belief in himself as “a mes- 
siah" would bring about “a second 
Cambodia" — a bloody civil war in the 
Phihppines. The cardinal and Mrs. 
Aquino are organizing a huge demon- 
stration in Manila on Sunday to let the 
president know he must step down. 

What a contrast with China. Over the 
summer, a group of elderly Chinese 
Communists met at die seaside resort of 
Beidaihe to plan the next five years. In 
secret coaclave ahead of the party con- 
gress, they decided who would be the 
new prime minister, who would be in 
the Politburo, how far to proceed with 
the anti-graft campaign, how much the 
armed forces would be cut. how the 
economy would be managed and wheth- 
er the party would reconsider its verdict 


suppress* 

dents and others at Tiananmen Square in 
1989 who sought, not the overthrow’ of 
die party, but greater accountability and 
an end to rampant corruption. 

No Chinese newspaper offered crit- 
icism of the way these decisions were 
reached. No one suggested that Jiang 
Zemin might not be die best leader for 
the next five years. Apologists say: 
China needs strong government — 
look at what happened to the Soviet 
Union and the mess that followed the 
destruction of its Communist Party. 

Yet in the Philippines under Mr. 
Marcos, the country was ruled by a 
political dynasty so venal that it caused 
the collapse of what had been one of the 
richest economies in Southeast Asia. 
Those were the years of Imeida Mar- 
cos's hundreds of pairs of shoes, the 
Marcos millions in foreign banks and 
the murder in broad daylight at Manila 
international airport of Mrs. Aquino's 
husband. Ninoy. who was Mr. Mar- 
cos’s greatest adversary. 

Even though Mr. Ramos, a former 
armed forces commander, helped over- 
throw Mr. Marcos, protected Mrs. 
Aquino from repeated coup attempts 
and then pushed the Philippines along 


the road to economic recovery. J.V. 
Crez, a former Philippine ambassador 
to Britain, complained recently in The 
Manila Chronicle: “We put oor pres- 
ident up on a pedestal and venerate him 
and then discover he’s just a goddamned 
cheap liar." It is as if the Taiwan press, 
accompanied by the Dalai Lama, had 
moved to Beijing, where every day both 
attacked President Jiang. 

The Philippines will be a better place 
if a resurgent people's power move- 
ment turns Mr. Kamos from his fateful 
political path. Should the peaceful 
protests rail and civil war erupt, as 
Car dinal Sin fears, at least many of the 
70 million Filipinos will have made 
their voices heard. 

But if a second Tiananmen comes to 
rhina — ■ not necessarily in Beijing but, 
more dangerously, in the countryside, 
where discontented peasants are now - 
regularly kidnapping officials and at- 
tacking Communist Party premises, and 
spreads from province to province — 
who will be able to say that the Chinese 
government was given fair warning? 


77«? writer, Asia editor of The Times 
of London, contributed this comment to 
the International Herald Tribune. 


afW* 


l 1 l » ‘ 

/ I ‘ 


li* ■ 


!!■’ 


ihu 

: : t " 


* 


Some Things to Consider in Reappraising the Asian ‘Miracle 5 


H ong kong — it is fitting 
that the World Bank ana 
the International Monetary 
Fund are meeting in Hang Kong 
when the Asian “miracle" is 
under scrutiny and received 
wisdom about economic 
growth neelds reappraisal. Is- 
sues that ought be addressed 
include: 

• The merit of very open cap- 
ital markets, as promoted by the 
IMF, the United States and now 
by the World Trade Organiza- 
tion. Openness has always been 
a feature of Southeast Asia, but 
the extremes to which it has 
been taken led to massive in- 
flows, investment bubbles and 
ultimately to currency and fi- 
nancial sector crises. Develop- 
ing countries can easily be 
swamped or beached by flows 
from much bigger systems even 
if, like Indonesia, trade balances 
and macro management are 
sound and exchange rates flex- 
ible. More advanced countries 
like Korea could benefit from 
increased openness, but to date 
protection of their financial 


By Philip Bowing 


markets from volatile money 
flows has served them well. 

Open markets work well, in 
theory, in allocating resources. 


In practice they rely heavily on 
‘ ’ off 


the wisdom of foreign bankers 
and portfolio managers. Both 
species are known for a herd 
mentality, particularly when 
“discovering" new markets. 
Banking may be too important 
to be left to bankers creating 
credit excesses with other 
peoples' money. 

■ The merit of the IMF/World 
Bank push for privatization of 
power, roads, telecommunica- 
tions and so on. This improves 
operational efficiency and 
works well in a strong insti- 
tutional framework. However, 
all too often in Asia transpar- 
ency is absent The politically 
well-connected — rather than 


the most competent — have re- 
ceived franchises on excessive- 


ly generous terms that burden 
the economy. The process also 
shifts debt away from die state, 


which can borrow long term, to 
private entities reliant on the 
shorter-term foreign funding 
that has been so damaging in 
Asia. 

• The pace of reform in 
China. Parly Congress rhetoric 
about a great leap forward in 
economic reform under Jiang 
Ze min needs examination. Cor- 
poratization and partial sale of 
state enterprises have been pro- 
ceeding for four years. This will 
now be speeded np. But slate 
control remains, thus the pre- 
eminence of political over mar- 
ket forces. 

• China's growth. The World 
Bank has given credence to 
Chinese economic growth of 9 
to 10 percent, the big lure for 
foreign investment. However, 
basic data such as those on 
power, imports, freight traffic 
and so on suggest significantly 
lower GDP growth. 

Capacity utilization is pitiful. 
How much of the China “mir- 
acle" is due to increased data 


collection rather than real out- 
put, or represents inventory ac- 
cumulation? And how far is 
China’s 1995 devaluation and 
current dumping of excess ca- 
pacity a cause of Southeast 
Asia’s problems? 

■ The financial health of 
Hong Kong. Southeast Asian 
problems have been caused by 
huge capital inflows attracted 
by a doDar-based exchange rate 
leading to excess credit, par- 
ticularly to real estate. Hong 
Kong has been receiving sim- 
ilar massive inflows, resulting 
in rapid monetary expansion 
and astonishing rates of credit 
growth to real estate, driving 
prices that have now risen 1,000 
percent in 12 years. Real estate 
accounts for more than 40 per- 
cent of lending in Hong Kong, 
where the debt-to-GDP ratio is 
already higher than anywhere 
else in the region. Hong Kong 
also has a fixed exchange rate 
and S6Q billion in volatile for- 
eign portfolio in Vestment- 

Bankers say Hong Kong is 
“different” — despite its his- 


tory of property related banking 
crises. Is it? 


■ The benefits of very high 
levels of investment. Easy 


money and belief in the quantity- A 
of investment have created ex- * 


cesses almost everywhere: in 
manufacturing capacity 
(China), buildings (Bangkok), 
grandiose projects (Malaysia) 
and asset values (Hong Kong). 
But the economy with the most 
stable growth and soundest cur- 
rency has by far the lowest in- 
vestment ratio: around 23 per- 
cent of GDP compared with 
nearly 40 percent in Malaysia. 
Thailand and China and 35 per- 
cent in Korea. Where? Taiwan. 


Proof perhaps that brain is more 
rtant than 


important than brawn, rates of 
return more important than 
amount of investment. If the 
region is to get back on track, 
the traditional commitment to 
education and a frugal use of 
resources must supplant giant- 
ism and get-rich-quick schemes ■ 
for the politically well connec- V 
ted. 

International Herald! Tribune. 


U.S. 6 Wait and See 5 Pose Could Spell Disaster for the Mideast 


P ARIS — At least Secretary 
of State Madeleine Albright 
didn't pretend she saw some 
glimmer of promise for peace in 
the current Middle East situ- 
ation. “If I can make a differ- 
ence, I will be there," she said. 

“If there is not enough hap- 
pening for me to make a dif- 
ference," she said, she would 
turn her efforts and time to other 


Bv Flora Lewis 


urgent issues. 

It’s honest as far as it goes. 
But it isn’t enough- Things don ’t 
stand still in that distressed re- 


gion. They deteriorate if there is 
for 


no push for a solution, and it is 
clear that none of the parties 
involved is now able or willing 
to push in the right directions. 

That means the push has to 
come from outside, which can 
only mean the United States. The 
United States cannot just stand 


aside and wait for the lowering 
storm to pass, or it will have to 
deal with worse trouble than 
Mrs. Albright encountered. 

Prirae Minister Benjamin 
Netanyahu of Israel is right 
about one thing. The Oslo for- 
mula has run its course, and it 
hasn’t worked. It was based on 
the supposition that taking one 
conciliatory step at a time over a 
period of five years would 
gradually build enough confi- 
dence between Israelis and Pal- 
estinians to allow them to tackle 
a definitive settlement. 

There is less confidence now 
than at the start. Former Prime 
Minister Shimon Peres, clearly 
heartsick at the loss of hope but 
trying to restrain his criticism of 
Israel’s government from ab- 


road. in Paris this week spoke of 
what he considered Mr. Net- 
anyahu’s major error. 

“He is trying to make Arafat 
an agent” of Israel, he said 
“You can’t give him orders.” 
This refers to the specific list of 
measures to repress terrorists 
that the Israeli government de- 
mands from the Palestinian Au- 
thority as the condition for 
moving on with negotiations. 


with no quid pro quo except 
s 'll talk." 


“then we 
Meanwhile, Mr. Netanyahu is 
moving step by step to confirm 
Palestinian suspicions that the 
talks won’t bring them the state 
they seek. New settlements, 
house demolitions, economic 
sanctions including the with- 
holding of tax money thar be- 


Political Acrobatics in Stable Poland 


W ASHINGTON — Should 
Poles worry more about 
Moody’s than about Moscow 
this year? The prestigious Wall 
Street rating agency is doing 
what the old Soviet Union used 
to do — and what today's Rus- 
sia would like to do. Tell the 
Poles what to do or not to do. 

Moody's is concerned about 
the outcome of this Sunday's 


By Charles Gati 


Polish parliamentary elections, 
the pollsters c* 


which the pollsters call a toss- 
up. The rating agency says that 
if the Democratic Left Alliance, 
dominated by former Commu- 
nists, should lose after four 
years in power, “Poland’s eco- 
nomic achievements registered 
to date” will be imperiled. Giv- 
en its “nationalist-syndicalist- 
populist message,” Moody’s 
expects the Solidarity Electoral 
Action, the main opposition 
party, to adopt looser “fiscal 
and monetary policies as well as 
a xenophobic approach" to pri- 
vatization. 

This is strong stuff, the kind 
of unwelcome wanting emerg- 
ing countries often hear from 
the International Monetary 
Fund, the World Bank or 
George Soros. The Polish re- 
action, unlike Malaysia's recent 
outburst against Mr. Soros, is 
muted because most Poles are 
intrinsically pro-Western and 
indeed pro-American. But the 
financial markets there are 
nervous. The Warsaw stock 
market, up by more than 60 
percent in dollar terms in 1996, 
is flat now. In the absence of 
foreign investors, government 
bonds remain unsold. 

What makes the story in- 
triguing is that foe financial 
community in the West and in 
Warsaw, too, is rooting for the 


re-election of Poland’s ex^Com- 
munist government and against 
Solidarity, the brave popular 
movement that undermined 
Communist rule a decade ago. 
The reason: On economic is- 
sues, foe modem, even suave ex- 
Communists stand to foe right of 
Solidarity and especially the two 
small parties that are its poten- 
tial coalition partners. This is all 
rather odd because in the 1980s 
Solidarity, backed by 10 million 
anti-Communist Poles, and its 
leader, Lech Walesa, symbol- 
ized Western values of freedom 
and opportunity. 

Since then many Poles have 
come to identify the * 1 American 
model” with excessive income 
differentiation and economic 
pain. True, the country’s suc- 
cessful reforms have generated 
impressive growth rates, and 
privatization has created a pros- 
perous business community. 
And the United States is greatly 
appreciated for its role in press- 
ing for the expansion of NATO, 
what creates uncertainty and 
frustration is foe wide gap be- 
tween the rich and the poor. 


Where Solidarity has post- 
al pri- 


tioned itself is in favor of pri- 
vatization but in opposition to 
foe former Communist nomen- 
klatura, which many see as foe 
free market’s main beneficiary. 
Its appeal resonates among 
voters who believe the heirs of 
the despised Communist re- 
gime should not hold power. 
Quietly supported by the Cath- 
olic Church, Solidarity also 


how ro achieve them is vague. 
The party's slightly protection- 
ist bent appeals to the unem- 
ployed, even if it contradicts 
Solidarity's strong commitment 
to Poland's future membership 
in the European Union. 

While Moody’s concern is 
thus not unfounded, it under- 
estimates foe solidity of Polish 
politics. For despite often wild 
campaign promises, all Polish 
governments since 1989 have 
pursued vigorous programs of 
economic change. There was 
great anxiety when foe ex -Com- 
munists gained power four years 
ago; given their past record it 
was not self-evident they would 
even allow another free election 
to take place. Today this is not 
an issue, and the ex-Commu- 
nists’ economic policies have 
turned out to be closer to the 
values of the market than to foe 
teachings of Mart. 

'Hie polarization of Polish 
politics is more apparent than 
real. Leaders of Solidarity are 
not a bunch of untested dem- 
agogues. Nor is the still-active 
red-boy network as effective as 
it used to be. Moody’s over- 
states its case. It is more accurate 
to say that when it comes to 
economic policy, what was once 
the left is now righi-of-center 
and what was once foe right is 
now left-of-center. No one 
watching Washington’s politic- 
al acrobats these days should be 
surprised at how quickly politi- 
cians change foeir spots. 


longs to foe Palestinians but was 
collected by Israelis — all tills 
reinforces foe view that Israel is 
determined to dominate indef- 
initely. that no compromise can 
be expected. 

The Israeli prime minister is 
concerned about his own fun- 
damentalists and hard right 
wing, on whose support his 
government relies. Israeli so- 
ciety has never been so deeply 
and bitterly divided, but he ig- 
nores the major opposition. He 
seems confident that he can 
count on foe United States no 
matter what, so long as he can 
put foe blame on Yasser Arafat. 
Washington may blink, mutter 
disapproval of some measures 
as Mis. Albright did, but be 
responds with polemics. 

So it is time for Washington 
to show where it expects the 
"peace process” to lead. The 
definitive negotiations were for- 
mally opened on schedule last 
year, and then forgotten. Mr. 
Netanyahu has proposed mov- 
ing on with them. Fine, but what 
Yitzhak Rabin and Mr. Peres 
well knew but considered im- 
politic to admit should now be 
said openly: The talks will be 
about foe terms and conditions 
for the Palestinian state, but they 
will bring a state. 

Washington should now an- 
nounce what it also knows but 
finds hard to say for its own 
political reasons. It will recog- 
nize the Palestinian state as soon 
as acceptable terms are defined. 
That will help Mr. Arafat regain 
foe leadership authority he 
needs to oppose terrorism. 


It will help Egypt’s Hosni 
Mubarak and Jordan's King 
Hussein to argue for peace. 

It will bring a rage of protest, 
from Mr. Netanyahu and his 
constituency and from part of 
the American Jewish commu- 
nity. That has to be faced. Amer- 
ican Jews are also divided, a 
small minority dedicated to 
peace as fast as possible; an- 
other minority — very well or- 
ganized, vocal and skilled in the 
uses of political contributions 
— against any risks or conces- 
sions for peace, and an uneasy, 
uncertain majority, as in Israel. 
The political art has to be in 


finding the way to give voire jp 


and heart to that majority. It 
would take a real act of courage 
from President Bill Clinton, and 
it would be a real act of states- 
manship. It would show Mr. 
Netanyahu that he must please 
more than his right wing, that he 
does not have endless time at 
his disposal to create new fails 
accomplis. 

Otherwise, there is no chance 
of breaking the impasse without 
a new, much greater shock. Giv- 
en the forces involved and the 
complex relations, it isn’t likely 
to be another conventional war. 
though that can't be ruled out in 
such a neighborhood. It is likely 
to be distressingly violent. A 

For Washington to make a W 
difference, it too must take a risk. 

It is far smaller than the risk of 
“just wait and see if something 
turns up.” That is the policy of 
Charles Dickens's Mr. Mkaw- 
ber. It never got him anywhere. 

© Flora-Lewis 


If 


ri 1 ’ 




JN OUR PAGES; 100, 75 AND 50 YEARS AGO 


1897: Belgian Guard 

BRUSSELS — The new law 
compelling foreigners to serve 
in the Belgian Civic Guard is 
causing considerable uneasi- 
ness among the foreign pop- 
ulation. American citizens have 
been the first to take up the 
matter. There is a treaty be- 
tween the United States and 
Belgium which provides that no 
Belgian citizen shall be called 
upon for any military service 
whatever in foe United States 
and vice versa. It is rumored that 
foe Belgian Government will at- 
tempt to uphold foe theory that 
service in the Civic Guard does 
not constitute military service. 


is King Boris of Bulgaria. The 
Bulgarians, a practical, demo- 
cratic people, have lost faith 
since the war in the value of royal 
alliances and believe that an 
American Queen would prove a 
greater asset to their country than 
a European princess. 


1947: Russian Tirade 


bolds up family values and the 
npfe of social justice, 


principle of 
though its election platform on 


The writer, a specialist on 
Central Europe, is senior vice 
president of Inierinvest. a glob- 
al money management firm. He 
contributed this comment to 
The Washingmn Post. 


1922: Lonely Monarch 


GENEVA — There is a vacant 
throne waiting for an American 
hen-ess willing to become foe 
bnde of a young and handsome, 
but lonely, monarch in the Bal- 
kans. The sovereign in question 


NEW YORK — Andrei Y. 
Vishinsky, Russia’s deputy For- 
eign Minis ter, turned the 
rostrum of the United Nations 
General Assembly for a full hour 
and a half into a soap box for a 
tirade against what he called 
American monopolistic pro- 
vocation of a third World War. 
to foe guise of a reply to Sec- 
retary of State George C. Mar- 
shall's call for a body to bypass 
foe UN veto, Mr. Vishinsky ac- 
cused hundreds i of individuals a 
and institutions — Including The y< 
New York Herald Tribune — of 
militaristic, evil preparation for 
foe destruction of peoples. 





PAGE 3' 




WEDNESDAY SEPTEMBER 24, 199 1 


V- 


Uian % 


1NTERN.ATT0N.VL HERALD TRIBUNE. FRIDAY, SEPTEMBER 19, 1997 


OPINION/LETTERS 


A Lost Chance to Debate 
A Cruel Drug Policy 


By Richard Cohen 


W ASHINGTON — In ihe 
Helms -Weld heavyweight 
fight, almost everyone won. 
Jesse Helms won because he got 
his way. William Weld, ihe 
former Massachusetts governor, 
won because he eol national 
exposure for his likely presiden- 
tial run, and President Bill Clin- 
ton won because he split the 
Republican Party and managed, 
once again, to take a nonposition 
position — this time in favor of 
both Mr. Weld and Mr. Helms. 
So who lost? 

We did. 

We the people of the United 
States lost, aod not only because 
Mr. Helms, a man with a brick 
for a brain, was able to cow the 
entire Senate. We lost because 
the issues that so vexed Mr. 
Helms and caused him to deny 
Mr. Weld a hearing — the medi- 
cinal use of marijuana and needle 
exchange programs for intraven- 
ous drug users — were not even 
debated. Mr. Weld favors them 
both, and this, we are told, is why 
Mr. Helms bates him so. 

But Mr. Weld is right, and 
Mr. Helms is wrong. Mr. 
Helms's compassion and con- 
cern for human life, so evident in 
his furious opposition to abor- 
tion, nevertheless excludes drug 
addicts for some reason. Maybe 
he thinks they deserve to die.’ 

True, they are junkies, but the 
fact remains that they risk their 
lives every time they use a shared 
needle. With the drug, they may 


also be gening HIV. Their 
deaths, both cruel and protracted, 
ore more often than not 'joins to 
come at the expense of The pub- 
lic. Their lives could be saved 
with needle exchange programs. 

Study after study showjTthis to 
be the case — from one by New 
York’s Beth Israel Hospital to a 
review by a panel of the National 
Institutes of Health. It stands to 
reason that if drug users are going 
to share needles, they arc also 
going to share an HIVrisk. If. on 
the other hand, they use clean 
needles, they are not going to gel 
anything more from nn injection 
than the' drug they so crave. 

The opposition to needle ex- 
change programs is noi so much 
scientific as it is moralistic. To 
some people, it seems just wrong 
to aid addicts in their addictions. 
But no evidence suggests that 
needle exchange programs abet 
drug usage, while plenty of 
evidence "suggests that addicts 
will use whatever is available 
to satisfy their craving. In this 
case, a perfectly understandable 
moral argument is rebutted 
by some hard facts. 

The argument in favor of the 
medicinal use of marijuana is not 
quite as strong — but nonethe- 
less it is persuasive. Some studies 
indicate that marijuana has a 
medical benefit for cancer 
patients and glaucoma sufferers, 
reducing pain and the ill effects 
of chemotherapy. Others suggest 
that anything that can be done by 



Wo ir, ah kin see y'all wantin' to smoke cigarettes for medicinal reasons - 
but marryjnann? Fergit itT 


marijuana can be done just as 
well by other — legal — drugs. 

B u t the fact remains that people 
who have used pot for medicinal 
purposes swear by it. Richard 
Braokhiser. a senior contributing 
editor at the very conservative 
National Review, used marijuana 
to relieve the nausea of chemo- 
therapy for testicular cancer. 

It would be one thing if the 
drug under discussion was both 
rare and extremely addictive. 
But marijuana is as common as 
red ties in Washington. About 
70 million Americans have, as 
they say, experimented. As for its 
addictive qualities, they are 
largely exaggerated. Some 
people, predisposed in some 


way. apparently do get hooked. 
The same case, though, can be 
made againsr alcohol — and, 
in spades, about cigarettes. 

In boih cases — needle ex- 
change and the medicinal use of 
marijuana — Mr. Helms is not 
only dead wrong but also cruel. 
He person iiles the unwillingness 
of the political establishment to 
distinguish between drugs that 
are very bad and drugs that are 
not so bad. and its "insistence 
on treating our narional drug 
crisis mostly as a criminal justice 
matter and not as a public health 
issue. It is silliness to the point of 
cruelty to make a criminal out of 
.a desperate cancer patient. 

Mr. Weld gave Mr. Clinton an 


opportunity io make those points. 
But the president apparently 
once shared a needle with a polit- 
ical coward, and so he has said 
nothing on the subject. His drug 
policy has gone from nonexistent 
in his first term — not a single 
public service message — to 
mindless in the secondT 
As for Mr. Weld, he conducts 
himself like a pedigreed cat — 
haughty, independent and suffi- 
cient unto himself. He lost his 
ambassadorship and. probably, 
the patience of the White House, 
but he did not lose as much as the 
rest of us did — the chance to 
discuss a drug policy that is both 
inhumane and illogical. 

The Washington Post. 


LETTERS TO THE EDITOR 



the Mideast 


Ongoing AIDS Battle 

Regarding “A Cheery Health 
Report far U.S." (Sept. iS): 

While AIDS-related deaths de- 
clined 26 percent between 1995 
. and 1996 in the United States, this 
optimistic news does not reflect 
trends around the world. Accord- 
ing to the United Nations AIDS 
Program, there are currently more 
deaths than ever due to ADDS. 

It is estimated that one-fourth 
of all people who died of the dis- 
ease since the epidemic started 
died during 1996. Of all the health 


problems in the world, AIDS is 
the only one that is continuing to 
increase at such an alarming rate. 

The fact that the overwhelming 
majority of these deaths continue 
to take place in developing 
countries of Africa, Asia, the 
Caribbean and Latin America 
should not dampen increased 
global efforts in prevention, care, 
research and treatment. There is 
still so much we do not know 
about the HIV virus that causes 
AIDS and has already infected 30 
million people around the world. 

The fight against the devas- 


tating effects of AIDS cannot 
afford to be diminished. 

RON MACINNIS JR. 

Washington. 

The writer is the AIDS program 
coordinator at the National Coun- 
cil far International Health. 

On Protecting Religion 

Regarding "An Unnecessary 
Focus on Religious Persecution " 

{ Opinion . Sept. IS) by Anthony 
Lewis: 

As we approach the second mil- 


lennium. it's high rime to tell it 
like it is: Religion is superstition. 
Democracy allows the supersti- 
tious — from Christians to 
Scientologists to Heaven’s Gaters 
— the luxury to proselytize. 

Belief is sufficient to itself. 
Wherever they live, those 
who hold religious beliefs should 
be content simply to do so, 
without requiring the protection 
of the state, whose duties to a 
more inclusive population are 
infinitely more important 

GERARD MENUHIN. 

Gsiaad. Switzerland 


Not the Usual Suspects? 

Regarding “ Bomb in Ulster 
Shakes Peace Negotiations" 
(Sept. 17): 

To blame the Irish Republican 
Army for this deed is illogicaL 
The ones who gain most from 
this bomb are those who are 
opposed to the IRA's presence 
at the peace talks and to a 
peaceful resolution of the conflict 
Extremist Unionists should also 
have been suggested as suspects. 

PAULA BAVASSO. 

Paris. 


page 9 


Now, Fashion Victims 
Dress for Contempt 

By Maureen Dowd 


W ASHINGTON — The last 
time I obsessed over the 
proper Look was when I began 
working at The New York Tunes. 

For my first day on the job. 
I bought a navy blue sweater 
with a big duck on the front. It 


MEANWHILE 

seemed the kind of thing that 
would convey' old breeding and 
quiet confidence. 

The metro editor sent me to 
cover a soccer team pep rally at 
Columbia University. I got off at 
the wrong subway stop. A nice 
woman came up to me on 125th 
Street and said, with only a him of 
amused disdain: ’"You must have 
forgotten to transfer. I don't think 
you want to be wandering around 
Harlem looking like that.” 

Flipping through (he new 734- 
page (563 ad pages), 4-pound 5- 
ounce Vogue Fall Fashion Block- 
buster, I didn't see any duck sweat- 
ers. I saw something scarier. 

“ ‘Nineties sexiness is hard, vi- 
olent.' says Tom Ford, who start- 
ed the S&M trend with trashy 
thongs in his spring collection and 
then added spiky stilettos and pat- 
ent straps for fall. Versus's col- 
lection was dominated by black 
lea then manacled models and 
sex-shop styling stole Alexander 
McQueen's spring '97 show; 
Helmut Lang featured ‘bondage’ 
details on coats; and Cements 
Ribeiro revved up girlish looks 
with fetish-inspired boots.” 

Of course, heroin chic is out. So 
I guess the pain must be clean. 

Fashion can no longer get away 
with being autocratic. Once '70s 
styles were unfiuhomably re- 
cycled , it became perfectly plain 
that every woman should* adopt 
any style she pleases. They're all 
in and they’re all out Anyway, 
has anything really new happened 
in fashion since the miniskirt? 
Nobody has the controlling cul- 
tural authority to tell women to 
what lengths they should go. 

In 1950, Mary McCarthy wrote 
that the height of Vogue’s power 
as “a forbidding monitor enfor- 
cing the discipline of Paris” had 
come 20 years earlier. “This para- 
doxical relation between magazine 
and audience had a certain moral 
beauty, at least on the subscribers’ 
side — the beauty of unrequited 
love and unflinching service to an 
ideal that is arbitrary, unsociable. 


and rejecting, like Kierkegaard,'* 
God and Kafka’s Castle.” 

But now the relationship ‘is 
supposedly reversed, with the 
fashion industry kowtowing to 
consumers. Fashion mandarins 
chatter about how they are attuned 
id “realness.” to the needs pf 
women with frenetic lives who 
want functional clothes. ) 

Realness?! This year their 
major bow to real ness has 
been replacing fake fur with 
genuine dead pelts. 

The look for fall can best be 
described as Park Avenue Doro- 
inatrix. Giant shoulder pads, skin- 
tight leatherpants. animal skin and 
leather minis with hip-high sli/s. 
deep dfcolletage, feathers, fishnet 
stockings and 70-foot-high stilet- 
tos that would definitely leave you 
dressed to kill, or at least maim. 
Women are animals — get it? 

Maybe the stilettos ace 
designed to shatter the glass 
ceiling, or at least to scratch it. 
Still, this is a strange image ,ol 
women's strength. In these 
clothes, you don’t dress for 
power. You dress for contempt. 

Women in this country have 
made revolutionary changes 
in their roles in the past 25 years. 
So why do we seem to be sliding 
back? The wage gap between 
men and women is widening 
again. And even more frightening, 
the Diane Von Furstenberg 
wrap dress is back. 

But Vogue is insistent, with 
articles like: “Is the veil old 
hat? Underneath their black 
chadors, Tehrani women are 
flaunting fashion — from power 
suits to sexy slips.” And “Armed 
and glamorous: From Beirut ro 
Belfast, women living in battle 
zones maintain their style.' ’ 

One writer, Marina Rust, went 
on assignment in New York .to 
Buy black leather pants. “The 
Leather Man is on Christopher 
Street," she writes. “I'm greeted 
by a display of handcuffs and 
asked to check my bag. The pink 
claim slip says SPANK ME.” 

In her “Letter From the 
Editor,” Anna Wintonr proclaims 
that, while some may wince, real 
fur is also back: “In fact, as I write 
this in mid-July, Steven Meisel 
is at an estate in New Jersey 
shooting supermodels swathed in 
fur in 100-degree heat And they 
say they don’t earn their money!” 

The New York Times 



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XIVrERNATIONAL HERALD TRIBUNE 
FRIDAY, SEPTEMBER 19, 1997 


IVo Facets of Antwerp : Diamonds and Rubens 



w r 

Flemish Port Has Rich Legacy 
From Its Golden Age in 1 500s 


By Craig R. Whitney 

New York Times Service 




NTWERP, Belgium — Dur- 
ing its heyday in the 16th 
century, Antwerp was one of 
the richest and largest cides 
in all Europe, nearly the equal of Paris or 
London. Its splendid fortified port as- 
sured its wealth, attracting artisans who 
built its magnificent Gothic cathedral 
ifHd artists like Pieter Brueghel the Elder 
wjio amplified its reputation. 

‘ With two other Belgian cides — 
Ghent and Bruges — Antwerp dom- 
inated the intellectual, commercial and 
artistic life of the southern Low Coun- 
tries, until the religious and political tur- 
bulence of the latter part of the century. 
.Antwerp held on until the middle of 
the; 17th century, thanfat in part to the 
genius of such gifted and farsighted 
dozens as Peter Paul Rubens, who de- 
signed and built an impressive mansion 
in the center of die city and became 
court painter and diplomat extraordi- 
naire to the Spanish Habsburg regents 
who ruled it. 

. Most of the city’s Calvinist Protest- 
ants, including Rubens’s own father, 
Were driven out between 1567 and a 
brutal siege in 1584 and 1585. (Rubens 
ljiinself was bora in Germany.) In 1648, 
with the end of the Thirty Years War, 
Antwerp remained Roman Catholic, 
and the Dutch cut off its harbor from the 
ska. It stayed closed, or subject to Dutch 
tdlls, for most of the next two centuries, 
until it was freed again in 1863. The 
20ih century brought two German oc- 
cupations and heavy damage to the port 
from bombs after the Allies retook it in 
1944. 

1 'Today, Antwerp claims the second 
busiest harbor in Europe and the sixth 
busiest in the world, maintaining a 
1 ively rivalry wjth Rotterdam, the Dutch 
port only 60 miles (95 kilometers) 
north. 

On the tourist circuit nowadays, An- 
twerp and Ghent are overshadowed by 
Amsterdam, Brussels and Bruges. Yet 
the legacy that Rubens, his artistic pre- 
decessors and their wealthy benefactors 
left behind during Antwerp’s golden age 
makes the city worth a journey. 

Diamond Capital 

Antwerp grew to become a bustling 
commercial center of nearly half a mil- 
lion people and also the world capital of 
the diamond trade. The port, like much 
of the rest of northern Europe, has 
suffered from double-digit unemploy- 
ment in recent years, which, combined 


with a crisis of confidence in the Belgian 
political system, bas allowed an ex- 
treme-right nationalist party to flourish. 

Despite that, Antwerp has not tried to 
cut itself off from the outside world. 
Some of the city’s clothing designers, 
Dries Van Noten and Ann Demeule- 
meester among them, have worldwide 
reputations, and their creations can be 
found in the chic shopping district in the 
Lom hardens traat and the Schuttershof- 
straat, in the old city. The diamond unde 
continues to thrive; 70 percent of the 
global total of finished or nearly finished 
diamonds are polished or traded here. 
Diamond trading, which accounts for $4 
billion a year and 6 percent of Belgium's 
total exports, takes place just outside the 
monumental railroad station, built in the 
19th century outside die old town. 
Capped by a neo- Baroque dome, the 
station looks more like a temple than a 
terminal, with an adjoining glass-and- 
steel train-shed roof whose latticework 



Architectural legacy: Gabled buildings and the cathedral. 


ExptaEr 


IS 


minted a cheerful bright red. 
From' 


i the diamond district, it is a few 
blocks' walk through the old part of the 
city toward the Scheldt, and Antwerp's 
defining landmark, the soaring white 
stone lace work tower of die cathedral 
just off the city’s main square, the Grate 
MarkL Light floods into this spacious 
edifice, built between 1352 and 152 i in 
late Gothic style, through enormous 
stone-tracery windows created to frame 
stained glass destroyed by iconoclasts 
four centuries ago, and reflects off the 
cathedral’s whitewashed walls. The 
vast expanse of the seven-aisled nave, 
broken only by a Forest of piers and 
pillars, is breathtaking. And inside, in 
the transept and the choir, hang four 
Rubens masterpieces. 

T HE painting over the main altar, 
an ascending swirl of red, blue and 
ocher, depicts the Assumption of 
the Virgin Mary, accompanied by an 
angelic host of cherubs. On either side in 
the transept are, to the right, “Descent 
From the Cross,” a triptych beneath the 
modem choir organ case, and, in the left 
(north) man sept, “Raising of the 
Cross." A fourth work by Rubens, in 
the second chapel behind the transept on 
the south side of the choir, is of the 
Resurrection. 

In the Grate Maikt, the real center of 
the old ciry, the gilded facades of the 
merchant houses seem authentic, but 
most are actually reconstructions to re- 
main in keeping with the most important 
building here, the massive Renaissance- 
style 16th-century town hall, the 
Stadhuis. 

The fountain in from of the town hall 


shows Silvius Brabo, a Roman soldier, 
about to throw what looks like an out- 
sized hand off into the distance. It is. 
according to city legend, the hand of 
Druon Antigon, a erne l giant who used to 
control the Scheldt by exacting tolls 
from sailors who could’ pay, and cutting 
off the hands of those who couldn't. 
Brabo finally put an end to his tyranny by 
cutting off the giant's hand and throwing 
it into the river — the original legendary 
handwerpeu (“hand throwing”) that 
gave the city its name. Spoilsports say it 
was actually the name of a rock out- 
cropping that has since disappeared, or a 
corruption of the Flemish words aan de 
werfetL for "on the wharves.” 

Back on Rubens's trail, I walked to 
the Royal Museum of Fine Arts, on the 
southern edge of the old city on Leopold 
de Waelplaats, which has the world’s 
largest collection of his masterpieces, 
along with others by Jan van Eyck, the 
Brueghels, Roger van der "Weyden and 
Rembrandt. 

But it is also possible to develop a feel 
for Rubens's life and times in the villa 
he designed, lived and worked in, re- 
constructed as it used to be then, and in 
two other fascinating patrician homes of 
the period that, like Rubens’s, made 
even visitors from Italy envious. 

The Rubens home is a three-story 
stone and brick Renaissance villa at 9 
Wapper, a paved-over canal off Ant- 
werp's main commercial shopping 
street, the Meir. The villa is as admirable 
for the fine flower garden behind it and 
for the collection of antique Roman art 
that inspired the painter as for the 10 
paintings by him on display here, in- 
cluding a stunningly assured self-portrait 
in the dining room on the ground floor. 
There he is — city father, court painter 
and diplomat — in his prime, with mus- 
tache and beard, looking out from a 
broad-brimmed aristocratic black haL 

Rubens is buried just north of his 
mansion, in the apse of the Gothic Saint 
Jacobskerk. But we continued a few 


blocks west to the Vrijdagmarkt and the 
fascinating 16th-century home, offices 
and print shop of one of Rubens’s closest 
associates, Balthasar Moretus, a descen- 
dant of the 16th-century humanist, print- 
er and patron of the arts Christophe 
Plantin. The complex, called Plantin- 
Moretus House, covers most of a block, 
with 34 rooms displaying many treas- 
ures, including Flemish wall tapestries 
and portraits by Rubens and others, but 
also priceless examples of the printer’s 
art ot 400 years ago — not omy thou- 
sands of old bodes but original presses 
and type fonts, some designed by Plantin 
himself, and original galleys. 

forbidden books The shop dis- 
plays an index of books forbidden by 
church authorities, ironically since 
Plantin, who was French, had to flee to 
Paris in 1562 after being accused (un- 
justly, be claimed) of having printed 
some of them himself. The floors creak, 
and you can almost hear the clack of the 
presses, some of which still ran off 
copies of Plantin' s sonnet “The Joys of 
This World,” celebrating “Nodebts.no 
love-affairs, no litigation, no relatives to 
share one's revenue." 

In the other direction at 10 Keizer- 
s traat, a few blocks east of the cathedral, 
is the home of another Rubens con- 
temporary and friend. Nicolaas Rockox, 
the lord mayor of Antwerp at the time. 
Like Rubens's bouse, this one is a his- 
torically authentic reconstruction, with 
many masterpieces on display. 

The Rockox house also has a re- 
markable audiovisual presentation in 
English, viewable on request, that puts 
Rubens 's life into the politicaL religious 
and social context of the time and ex- 
plains the many statues of the Madonna 
found over doorways and perched high 
on street comers — all part of the 
Counter-Reformation renaissance, en- 
couraged by the Spanish monarchy, that 
remade Antwerp after the religious 
wars. 


Piscovering the Basque Heritage in Bilbao 


• By Christopher Clarey 

J New York Tunes Sen-ice 

B ILBAO, Spain — For as long as 
large-scale tourism has existed, 
visitors to the Spanish Basque 
country searching for a city to 
ejtplore have ignored Bilbao and headed 
fen San Sebastian. There is an excellent 
reason for this. San Sebastian, with its 
striking ocean views, is a postcard. Bil- 
tSo, with its grimy apartment blocks, 
Warehouses and disquietingly dark river 
fall of floating objects, is not. 

* But with tiie Industrial Age losing 
steam and the computer age gathering 
speed, Bilbao is spiffing up its water- 
front, trying to shift to a service econ- 
omy and, at no small cost, rolling the 
cultural dice. One result of that gamble 
iff on view on the banks of the Nervion. 
pThe S100 million Guggenheim Mu- 
seum Bilbao, designed by the architect 
FJank Gehry, opens to the public on Oct. 
id, and it already has opened plenty of 
xpouths and minds. With its shimmer- 
ing, titanium-plated forms jutting in un- 
expected directions, it looks capable of 
rapid movement, and in this digital era 
of industrial light and magic, you almost 
Would not be surprised to see it raise its 
iconoclastic wings. 

Comino Events 

a 

« A series of free, small-scale musical 
and cultural events are planned outside 
the Guggenheim, which is at 2 Avenida 


Abandoibana, from Oct. 3 until the 
opening. On Ocl 1 1, there will be pro- 
cessions in Bilbao’s old quarter in honor 
of the Virgin of Begona, the city's most 
important icon, housed in the hilltop 
Basilica of Begona. The basilica is 
worth aclimb not only lo see the icon but 
also for the view. It is open 9 to 1 1 AM. 
and 6 to 8 P.M. weekdays and 10 A.M to 
1 P.M. and 6 to 8 P.M. weekends. 

On Sept. 24, 25 and 26 ax S P.M., the 
Madrid Regional Ballet is to perform in 
one of Bilbao's few public buildings of 
great note, the Arriaga Theater, just over 
the Puente del Arena! in the old city. The 
interior of the 19th-century Arriaga was 
based on the Paris Opera. For tickets, 
about $7 to $35, call 416-3333. 

Mozart's “Don Giovanni,” with a 
cast that includes Ferruccio Furlanetto, 
will be performed in theTeatro Coiiseo 
Albia on OcL 1 1, 14 and 17. Domenico 
Cimarosa’s “Matrimonio Secret©’ ’ is 
scheduled for on Nov. 7, 10 and 12. 
Tickets: $1 1 to $72. The theater is at 13 
Alameda Urquijo; 415-3954. 

For those who prefer to applaud out- 
doors, the local soccer team Athletic Bil- 
bao plays its home games at San Mames 
Stadium on Sundays. An emblem of 
Basque identity. Athletic has long been 
one of the best teams in Spain. Tickets: 
$27.50 to $41.50 from 424-0877. 

Bilbao, with its Dickensian water- 
front, is clearly a fine place for the new 
Guggenheim. Gehry ’s bold and singular 
creation announces its presence in sur- 
prising places. One is the Gran Via de 


Don Diego Lopez de Haro, the city's 
main commercial thoroughfare, where 
if you peer down Caile de Ipairaguirre, 
you see the looming silver mass of the 
museum framed by the narrow confines 
of a rather conventional city block. 

Bilbao has two other museums of 
note. Museo de Bellas Artes, four 
blocks from the Guggenheim at the 
Plaza del Museo, has a reasonably good 
collection of Spanish, Dutch and" Flem- 
ish paintings, a few fme polychrome 
Gothic wood sculptures and a floor of 
interesting 19th- and 20th-century 
Basque paintings. Admission is about 
$4.85, $2.45 for students and seniors, 
under 12 free. Open 10 A.M to 1:30 
PM. and 4 to 7:30 P.M. Tuesday to 
Saturday, and 10 A.M. to 2 P.M. Sun- 
day; 439-6060. 

THE BASQUE heritage Basque ac- 
complishments are also on display at the 
Basque Archaeological. Ethnographic 
and Historical Museum, in a 'former 
convent at 4 Caile la Cruz. The col- 
lection, everything from whaling ar- 
tifacts to furniture to the massive stone 
blocks Basque athletes lift for sport, is 
edifying. And the clover-covered court- 
yard, which has a massive pre-Chris- 
tian-era stone sculpture, “The 
Mikeldi.” for a centerpiece feels like 
the son of place druids might vacation. 
Free admission 10:30 AJM. to 1:30 P.M. 
and 4 io 7 P.M. Tuesday to Saturday, 
and 10:30 AM. to 1:30 P.M. Sunday: 
415-5423. 


The Basque museum lies in the old 
city (casco viejo). about a 10-minute 
walk along the river from the Gug- 
genheim. Much of the- old section is 
pedestrian -only, a relief in a city where 
drivers seem to be revolting against 
central authority. The Arriaga theater is 
a good starting point and can be toured 
free in the morning by special arrange- 
ment by calling 416-3333. But tours are 
only in Spanish and Basque. 

The market of La Ribera is one of the 
largest indoor markets in Europe (8 A_M. 
to 2 P.M., Monday to Thursday, 8 AM. 
to 2 P.M. and 4:30 to 7:30 P.M. Friday, 
and 8 AM. to 2:30 P.M. Saturday). The 
ground floor is home to a daily carnival 
disguised as a fish market The variety of 
seafood is dizzying, from cod and hake 
to octopus and the goose barnacle. 

For those with transportation and the 
yen for a day trip, the Basque coast 
between the summer resort of Bakio and 
the fishing village of Lekeitio is an 
excellent choice. This gorgeous stretch 
of coastline incorporates the Urdaibai 
nature preserve, which has fine bird 
watching. Guernica, site of the brutal 
Civil War bombing that inspired Pi- 
casso's painting, lies a short drive inland 
from the surfing center of Mundaca. 

Just east of Bakio is the small, pic- 
turesque island of Gaztelugatxe. You 
can admire it from the road or drive 
down io the water, cross over on foot 
and climb the 231 steps to its stark 
stone chapel. Either way, you won't 
forger the views. 



Rubens’s house is a three-story villa reached through a massive 


The Art of Power: 
Dresden Museums 

From Old Masters to Porcelain 


By Olivier Bernier 



RESDEN, Germany — 
Dresden in the 18th cen- 
tury was no ordinary Ger- 
man dry. Ir was more beau- 
tiful than most, and more prosperous: 
the lead and stiver mines nearby, to- 
gether with its position as a great 
trading center, insured its wealth. 
Most important, though, was the char- 
acter of its princes. Saxony — the 
state of which Dresden was, and is, 
the capital — was among the largest 
and most powerful in the Holy Roman 
Empire, and its rulers, the electors, 
took full advantage of that. Augustus 
H, die Strong, who reigned from 1 694 
to 1733, made the right alliances, 
fought at the right times in the right 
places and was elected King of Po- 
land with Russian hacking. His son, 
Augustus EC, managed to retain (hat 
slippery throne; and both monarchs 
put on the kind of display that was 
meant to impress the rest of Europe. 

In Augustus the Strong's case, 
splendor came naturally. A huge bear 
of a man who fought, hunted and 
drank and who sired dozens of il- 
legitimate children, the elector- 
al so liked having the best 
everything — palaces, women, 
clothes, jewelry and decor. So he 
bought paintings of extraordinary 
quality, hired designers of genius and 
rook a chance that resulted in die 
manufacture of the very first Euro- 
pean porcelain. 

As for his capital, it was a cap- 
tivating blend of new and old. The old 
was the Schloss, the palace in the 
center of town, which had been 
mostly rebuilt in the 16th century and 
had gables and sgraffito, a type of 
design incised into the surface show- 
ing the rulers and their army. The new 
was a series of elegant rococo 
churches and palaces, and odd- 
shaped squares, like the Aitmark, 
where medieval. Renaissance and re- 
cent houses formed a harmonious en- 
semble — and. for strolling, the great 
terrace along the River Elbe. 

All that, except for the terrace, was 
destroyed in the 1945 air raid. Then, 
in the late 1950s, the Z winger was 
rebuilt: now the other monuments are 
being reconstructed from the ground 
up. The Schloss, for instance, of 
which only a few blackened walls 
remained, is scheduled to be com- 
pleted by 2003. 

Happily, the city’s portable, art- 
works were removed at the b eginning 
of the war and stored in a variety of 
mines, where they were found by the 
Red Army. Most were taken to the 
Soviet Union, then returned to East 
Germany. Today the museums of 
Dresden are among the most spec- 
tacular in Europe. At the Z winger, the 
pleasure palace built for Augustus II 
by Matthaus Daniel Poppelmann and 
enlarged in the 19th century by 
Gottfried Semper, there are three 
dazzling museums: the Armory, tire 
Porcelain Collection and, the largest 
of the three, the Gemaeldegdlerie. 


An Ete for Painting 

Both elector-kings had an eye for 
painting and were w illing to pay top 
price for a masterpiece; die results are 
astounding. In the ground floor gal- 
leries of the Geraaejdegalerie are 
views of Dresden and the Saxon 
castle of Pima by Bernardo Bellotto, 
Canaletto's nephew. Bellotto at his 
best transforms landscape and build- 
ings into a magic scene, bathed in 
golden, unchanging light. His paint- 
ings are also invaluable documents 
that describe the charms of lSth-cen- 
~iy Dresden. 

Upstairs, in the first gallery, there 
are still more Bellottos. Rococo car- 
riages roll past the Frauenkxrche, 
ladies in hoop skirts stroll through 


city squares, and on the other wall of 
that gallery Augustus the Strong, 
painted by Silvestre, looks property 
dashing on a prancing horse. 

All this is both informative and 
pleasing; but then come the great 
names. There are, for instance, the 
many paintings by Rubens: every- 
thing from a huge, spectacular Nep- 
tune, full of rearing horses, volnp-. 
tuous nymphs and billowing fabric, to 
a superb St Jerome represented as the 
very image of aging vigor. Just across 
the gallery is Van Dyck’s treatment of 
the same subject, in which the saint 
has been transformed into an -en- 
feebled, suffering but elegant old man 
— — a perfect summary' of the differ- 
ence between tire master and his stu- 
dent. 

Another" Rubens, a wonderfully 
sexy Bathsheba, is everythingwe 
might expect; more surprising is a 
small, admirable night scene in which 
an old woman holds a charcoal bra- 
zier, its brilliant light is reflected on 
her red, shining face. While below, a 
child blows on the burning coals. 

In the next gallery Rembrandt's 
small portrait of the young Saskia, her 
bodice slipping off her shoulder, a 
plume jauntily set in her hat, is pitiless 
in its observation of the sitter’s vanity. 
A “Banquet of Samson,” organized 
around a tri u m ph a n t, bejeweled De- 
lilah, with Samson hims elf turning to 
tell his story, is about contrasting 
strength and weakness. Nearby, one 
of Rembrandt’s great self-portraits, 
all in red and gold, shows him at the 
apex of his success: big black velvet 
hat with white feathers, sword, a glass 
of wine — while on his knee, his wife, 
in elegant white and gray with jewels, 
turns around as if to invite us into tire 
picture. 

A MONG the museum’s many 
other masterpieces are a jew- 
el-like Van Eyck, the Gior- 
gione “Venus,” the first great re- 
clining nude of the Renaissance; 
Raphael's late, already Mannerist 
“Sisnne Madonna”; one of Durer’s 
greatest portraits; and an abundance 
of French painting, from Poussin and 
Lorrain to Watteau. 

Leaving the Gemaeldegalerie, vis- 
itors can cross the arched passageway 
to the Armory, a large ground-floor 
space, brightly lighted by windows 
and organized around a series erf full- 
size suits of armor down the center. 

Here a very different sort of splen- 
dor is on offer. Even when armor 
stopped being an effective defense, it 
went on being worn on special oc- 
casions — and no one understood 
ceremonial grandeur better than the 
electors of Saxony. And so the 
chased, nielloed armors made in the 
16th and 17lh centuries. Some have 
scenes from antiquity across the 
breastplate, others gilt medallions 
with mythological subjects surroun- 
ded by tw ining leafy stems. One 
golden helmet has an entire battle in 
relief occupying every inch of its sur- 
face. 

The Porcelain Collection nearby is 
installed in cure of the 18th-century 
pavilions of tile Z winger. It could not 
be a more appropriate: In 1707 the 
very first European porcelain was 
*nade in Dresden for Augustus the 
Strong by Johann Friedrich Bottger, 
an alchemist who feii ]|pd to turn lead 
into gold but managed to transmute 
clay into a v^of desirable ob- 
jects. Three years later a factory was 
set np in nearby Meissen, and tire best 
of its production forms tart of the 
Zwmger’s collection. 

Most dazzling is tire famous swan 
service in which that most graceful of 
birds is everywhere. 

Olivier Bernier, who lectures on art 
and architecture at the Metropolitan 

Museum of Art, wrote this for The 
New York Times. 








WEDNESDAY, SEPTEMBER 24, 1WT 


PAGE 3 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, SEPTEMBER 19. 1997 


PAGE 11 





MOV I g GUIDE 


arts guide 





,L+ M.i ili.j'N-ii Luk' I'inchu 



sill 


Chris Tucker stars as the con artist Franklin Hatchett in ‘ Money Talks ’ 

Talks rageousness ai tht verv sum Imo the film 

h!lhl td \QQ^ ren Ra{r ? cr U S staggers drunken Maureen (Robin 

In the 1993 movie Friday,” motor- Wright Penn), dimly (nokina for her hus- 
nwuthed comic Chris Tucker's manic band Eddie (Sean Penm. who has been 
penormance as a hopelessly pot-addled gone for three days. Maureen is a model 
wastrel stole the show from the star, of drinking, smdkinu debauchery even 

rannor- I™»_T .1 1 . -u _■ ~ .7 . _ . V cn 


>■ Jgr go I s 3 






M !\)\vei' j 

• « h 7 

> I 1 j/V /./flfn 


^pper Jce-T. In "Money Talks.” Tucker 
Performs a similar feat, but this time he's 
the star and the executive producer. 
When we first meet Tucker as small-time 
ticket scalper and hustler Franklin Harch- 
ett, he’s cruising down the highway 
singing an exuberant — and hilarious — 
accompaniment to Barry White's 
“You're the First, the Last, My 
Everything” on the car radio. From the 
self-indulgent opening sequence, it is 
clear that this latest film vehicle was 
custom-built for Tucker, whose rubber- 
faced mugging and genial screen pres- 
ence more than carry the somewhat for- 
mulaic action-comedy. But what’s not to 
like about a movie that has $ f 5 million in 
stolen diamonds, bloodthirsty French vil- 
lains and a car chase in a vintage Jaguar 
(not to mention an appearance bv Heath- 
er Locklear)? Well, Charlie Sheen, for 
one thing. But not even the dead weight 
of the puffy, wooden Sheen as a has-been 
TV reporter can derail Tucker and his 
comedy juggernaut It’s stupid, guih-free 
nm- (Michael O'Sullivan. WP) 

She's So Lovely 

Directed by Nick Cassavetes. U.S. 
Blasting out of the past with a rush of 
crazy exhilaration. ‘ ’ She’s So Lovely” is 
a go-for-broke tribute to John Cas- 
savetes' free spirit. In a film maHp by 
Nick Cassavetes from a love-struck, stub- 
bornly incorrect screenplay that his father 
wrote but did not live to direct, there is 
barely a thought that could survive a 
present-day opinion poll. That makes the 
defiance of this boozy romance all the 
more brazen and rare. Big. headstrong 
performances from Sean Penn. Robin 
Wright Penn and John Travolta transport 
the film's carousing excesses to the realm 
of the huge-hearted emotional fairy tale, 
the world that the senior Cassavetes' 
films struggled to explore. The characters 
they play don't mean to be real; what they 
want is to be true. And Nick Cassavetes 
emphasizes that heightened passion even 
as he gives die family formula something 
it often famously lacked: economy. 


busting a bank in order to take care of a 
mentally challenged wife and a crippled 
buddy. The violence is against those who 
deserve it (the yakuza) and this macho 
male is an inarticulate good guy who does 
bud things for the best reasons. Not much 
comedy this time but lots of tragedy. As 
for the peculiarly hyphened title, the di- 
rector has explained that hanabi means 
"fireworks,” (literally, “flowers of 
fire") but that he has divided the word so 
that the hana ( flowers ) becomes symbolic 
of life and bi (hi) (fixe) represents gunfire 
and becomes symbolic of death. It is that 
kind of film. (Donald Richie. IHT) 

The Full Monty 

Directed by Peter Cattaneo. U.K. 
Stripped of their jobs, wives and in some 
cases, sexual potency, a sextet of British 

. . - .• steelworkers rum their other cheeks in 

though she s pregnant, which should be "The Full Monty.” a wise and rousing 
enough to sink the film for anyone who crowd-pleaser about the resilience of the 
lakes it literally. But Maureen is also as British working class. This warm, rib- 
desperately m love with this guy as she is aldly funny, stubbornly upbeat story is 
gapped l»y the standard Cassavetes very much in the vein of “Brassed Off." 
fraunes. As the film makes clear when it only these blokes don’t form a band, they 
finally locates Eddie partying in a tavern, put on a burlesque show. Though set in 
Edtfre is not your ordinary g U y. As played Sheffield in the late '808, the film opens 
by Penn with a strong echo of the elder with footage from a 25 -year-old promo- 
Cassavetes* wounded, boyish, teasingly rionai film celebrating the booming steel 
seductive presence (in a performance that town’s many wonders and future prom- 
won the best actor award at this year’s ise. Director Peter Cattaneo immediately 
Cannes film festival), Eddie means lo be cuts to the interior of an abandoned steel- 
good to Maureen. It s just not easy under works, empty except for rusting girders 
die circumstances. In a romantic parable and Ga? and Dave — two former em- 
that becomes markedly better as it goes ployees who’ve come to steal scrap metal 
along, moving toward an ending that in hopes of nuking a bit of cash. Boyish 
makes the whole journey unexpectedly Gaz (Robert Carlyle), behind on his child 
stirring, Eddie is pushed to his breaking support, and his panda-bellied buddy, 
point by Maureen's transgression and by Dave (Mark Addy ), are human casualties 
who knows what else. He collapses, of the technology that brought not only 
spouting the most overblown of the film’s the plant closures, but the loss of jobs 
dialogue, which is otherwise slyly de- traditionally held by men. Gaz is a happy- 
Jectable. Then he is sent to a mental go-lucky idler, but Dave, whose wife is 
hospital. "She’s So Lovely” enters the now the family breadwinner, struggles in 
twilight zone with the news that 1 0 years vain to survive this blow to his manhood, 
have passed and Maureen is apparently a Gaz and Dave find further untoward 
different person. No longer a raccoon- changes in traditional gender roles when 
eyed mess, she looks clean-scrubbed and they discover most of Sheffield's females 
lives in the suburbs with three children lined up to see die Chippendale dancers, 
and Joey, played by Travolta as exactly Although the performance is "for women 
the voice of reason this movie needs, only,” they sUp inside and suddenly, Gaz 
Travolta turns in yet another show-stop- "has a brainstorm: We, too, can bump and 
ping performance, this rime because Joey grind our way to happiness. To that end, 
doesn't tolerate baloney and isn’t in the the pair place Gerald (Tom Wilkinson). 



fbfrtua An Galfcfy, 

Don McCullin photographs of a US. Marine in Vietnam and elephants in India can be seen in London. '■ ■ 


ation of infinite compassion, the Boddlsattva 

R AUIT kl A Kannon, meaning “the one who hears their 

ones." is a National Treasure and usually kept 
Vienna in a Nara temple. The statue is 2 meters high. 

Austrian Museum of Applied Arts (MAK), tel and m ade from a single block of camphor 
71 1 -36-233. closed Mcnoavs. To Jan. 5: -Lucie w00tJ - 

Rig: Fired Clay." The ceramic works of Rie Fondation Cartier pour i’Art Contemporain, 
(1902-1995) have consistently unitea oppos- tel: 01-44-78-12-33, dosed Mondays. To Nov. 
iles: hardness and fragility, economy and lux- 2: "Amours.'' The expression of love in many 
ury. light and dark tones, simple shapes and forms ol art. 

sophisticated surface appearance. E^T kMAWT 

■~B ELOIUM _ 

■* — — Frankfurt 

BttuQES Schim Kunsthalle Frankfurt, tel: (69) 29-98- 

Stedeiljk Museun Arenlshuis, tel: isq > 44-37- 82,1 1 ■ Mondays. To Nov. 2: “Hans Hof- 

11 open daily. Sept. 2j To Ncv. 23- ‘Lace in mann: Wonders of Rhythm and Beauty of 
Europe." With a representative range of lace Space. "An extensive selection of the late works 
masterpieces, the museum reveals a surprising German artist (1880-1966). Hofmann 

unity of style in the different regions o* Europe, found his personal style during the 1 950s in a 
The sartorial function is illustrate d bv 1 7th-. combination of swirls ol color to which colored 
18th- and 19th-century portraits squares and rectangles were later added. 

Brussels ~ 

Palais des Beaux- Arts, tel: <2) 507-8466. 

closed Mondays. To Ocr. 5. "Jeune Pemture THESSALONIKI 

Beige 1 997." Prize-winning works by content- The Museum of Byzantine Culture, tel: (31 ) 
perary Belgian artists. ’ -rsss^mmtt 

Musee des Beaux-Arts. tel: (9) 222-1703. 
closed Mondays To Dec. 14: “Paris-8ruxeHes/ 

Bnjxefles-Paris."A confrontation of French and ■ '.'JBH 

Belgian art m the second half of the ISthcentury. 

The exhibition includes painting and sculpture. 
graphic art. literature, theater and music, pho- ' 

lography. architecture and urban design, and . f&f&yy 

decorative arts. Among the artists who played a ; ‘ 

leading part are Victor Hugo. Baudelaire, Ifk/ 

Courbet. Zola. Manet. Ensor. Seurat. Van Rys- fmr ' ■ 

selberghe,’ Khnopff. Redon, Gauguin, Rodin. IF*" 

Horta, Van de Velde. Lalique and many others. 

a Britain _ ^ 

Scottish National Portrait Gallery, (31) 332- , Q iC n fc ^ i/vT ^ 

2266. open daity. To Nov. 16: "Women in White: 1 949 Coffin Study of\ idol, London. 

Photographs by Lady Hawarden." Works by __ „ . ... 

one of the few woman photographers of the 
Victorian era . On show are photographs of her 

daughters that offer an insight into the private consecrated vessels from the monaster- 

uinHH \ 7 Hnri*»h •unman rGS . 


doesn’t tolerate baloney and isn’t in the the pair place Gerald (Tom Wilkinson), 
mood for self-sacrifice. But he knows their former foreman and a ballroom dan- 
Maureen, he knows the past and he cer, in charge of the choreography. Then, 
knows the score. The beat-up poetry, with the well-endowed Guy (Hugo 
soused look and bad habits of "She’s So Speer), the balding Horse (Paul Barber) 
Lovely” are often dated. The showy and the flat-chested Lomperf Steve Huis- 
bravado is noL (Janet Maslin. NYT) on), they prepare to shake their inhib- 

itions and rattle their jewels. As their 
HANA-BI debut draws nigh, they realize that for the 

Directed by Takeshi Kitano Japan. first time in their lives they are going to be 

Comparisons with Quentin Tarantino are judged as they have so often judged worn- 


instructive: Both directors are from the 
entertainment industry (Takeshi Kitano is 
Japan’s top TV talent), both use violence 
as a vehicle, and both are concerned with 
the tragicomedy of the modem macho 
male. Also both know how to win top 


en, solely by their appearances. “Who 
wants to' see this dance?" moans the 
paunchy Dave. Inevitably, the Sheffield 
six begin to suffer personal crises or just 
plan chicken out on their promise to take 
it all off, to do the full monty. Along with 


Poised on a knife edge between homage festival awards: “Pulp Fiction” won at witrv, appropriately rough-hewn repartee 

i <-/->- . , ... x. /-> ton 4- ... ..j 


and loving takeoff, fired by the sheer Cannes in 1994: "Hana- hi" won at the and genuine poignancy, writer Simon 
boisterous energy of its stars. “She’s So Venice festival this year. In his latest film Beaufoy manages lo sustain suspense to 
Lovely’ ’ stakes its claim to willful out- Kitano has his ex-cop (played by Kitano) the last gyration. (Rita Kempley. WP) 


C Vnguc. The Conic Nm M4icMra» Lid. 

1949 Coffin study of Vidal, London. 


Victorian era. On show are photographs of her 
daughters that offer an insight into the private 
protected work) of Victorian women. 


Beaufoy manages to sustain susi 
the last gyration. (Rita Kempl 


THE KOVALS 

By Kitty Kelley. 547 pages. $27. 

Warner Books. 

Reviewed by Michiko Kakutani 

Q ueen Elizabeth called 1992 

an “annus borribUis" — ahonible 
year that witnessed a fire at Windsor 
Castle, a furor over her exemption from 
the Tax code, the separation of Prince 
Andrew and die former Sarah Ferguson, 
rhe divorce of Princess Anne and Captain 
Mark Phillips, and the accelerating mar- 
ital difficulties of Charles and Diana. 
This summer might well be called an 


BOOKS 


like sitting down with a heap of trashy 
tabloids and a pile of le 11-all memoirs by 
disgruntled servants and turncoat 
friends: yards and voids of rumors and 
insinuations, and lots of unartributed 
quotations that the author does little to 
independently verify. 

The book suggests that Prince Philip 
was a womanizer, that Princess Mar- 
garet was a bigot and that die newly 
married Princess Elizabeth was a sex 
fiend. Kelley also contends that the 


picts the princess as a high-strung 
clotheshorse. reeling from the stress of a 
bad marriage but also obsessed with her 
own image. We’re told that Diana spent 
$4,300 a year on "colonic irrigation” 
and $65,000 a year on "astrologers, 
psychics, and holistic counselors." 

Some of the details in this volume feel 
eerie, in light of recent developments. 
Kelley writes that Diana “saw herself as 
Mother Teresa in a crown" and that her 
polo- playing husband “saw himself as a 


sicWyKing George Viand his wife (now man of the people.” She asserts that 


London — — 

Barbican Art Gallery, tel: (171) 638-8891, 

open daily. To Dec. 14: "Don McCullin: Sleeping 6708-811 ooen dailv 

with Ghosts." More than 200 pnnts covering the "“g JJVSmran- The iSSsaa Setf^drts 
British photographer's war. social documentary *2 ? { t« 

and landscape photography. Also included is a , T? J?® ^ 

selection of photographs of Indian religious in^Libnf thn 

vifdtpri hv thp artist ov«f thp na^t 10 exhibition documenting 3 day In the hie of the 
testers, veiled by the artist over the past 10 Qumran ^ Features a agricultural 

Tbe National Gallery, tel; (171) 747-2885. open gojj well as newly ex- 
daity. To Nov. 16: "Rembrandt: The Blincing of h,WBd fragments of scrolls. 

Samson. ' This dramatic painting was created m . . . - ■ 

by Rembrandt in Amsterdam in 1636. probably ■ - 

to thank the Prince of Orange's artistic adviser y EM|CE 

for commissioned paintings of the Passion of u,.— A ,. m ~ ■ «=i. -r« 

Christ. It is shown here wim other Rembrandt's 

paintings from the museums collection. SPSS^t 

Republic until its fall in 1797, and ho An 
open daily, lo bept. 28: ulinord ooftin. I ne 

Varnished Truth — Photographs from Vogue. 

1945-1955." For over a decade, in London, SSfSrjSlISn.lIS ih^wirah!!^ 

PnKc arm Nnu. York nwfnrrt rinffin 1 1013. 1 07J>i show revolves around flie 200th anniversary of 


the Queen Mum) conceived both prin- 
cesses through artificial insemination. 
As for Kelley’s prose, it would make a 


‘‘aestas honibilis.’ After the awful ac- romance novelist shudder: "Fergie with 
cident in Paris that took the life of Diana, no title was like Saudi Arabia with no 
Princess of Wales, and left her two 0 iL,” she writes in one chapter. And in 
young sons without a mother, there has another: There was “almost as much 
been a public outcry in Britain against tension between Charles and Diana as 
the royal family — not only for a per- between North and Sou til Korea.” 
ceived reluctance to accord Diana suf- If “The Royals” is less startling than 
ficient respect but also for being an Kelley’s notorious 1991 working over of 


Diana believed that she and Princess 
Grace of Monaco “were bom under the 
same star and shared mystical charac- 
teristics.” 

Kelley’s portrait of Prince Charles is a 
familiar one: a timid, self-conscious boy 
who became an emotionally immature 
andEndecisive adult. He talks to plants 
and dabbles in the paranormal. 

Queen Elizabeth emerges as a chilly. 


outdated, outmoded dinosaur our of Nancy Reagan, ir’s largely because re- 


Kelley’s notorious 1 99 1 working over of distant mother, too busy "queening’ ’ to Hl jjf e flm j pj^ Rae 


touch with its people. 

Matters will not be helped by Kitty 
Kelley’s salacious and gossipy new 
book. “The Royals.” The book, which 


cent members of the royal family — with 
a little extra help from the tabloid press 
— have already done such.an expert job 
of exposing their own problems and 


apparently went to press before Diana’s foibles. It’ s hard to turn something that ’ s 


death, contains little verifiable informa- already a long-nmning soap opera into chant for actresses ana oatnroom numor. 
tion that’s really new. At the same rime, something more melodramatic or lurid. 

its sheer accumulation of catty anec- Prince Charles admitted on television HEIR second son. Prince Andrew, is 
dotes creates an ugly portrait of the in 1994 that he had committed adultery', I one of the few characters in thisbook 
House of Windsor as a dysfunctional and he cooperated with a biographer who to win Kelley’s admn^on: "Through 
famil y worthy of weeks of Oprah shows: depicted him as a victim of cold, dom- his failed marriage Andrew had learned 
at once cheap and self-indulgent, hy- ineering parents who bullied him into a to behave with dignity w the face of 
wjcriticaL image-obsessed, emotionally ■ loveless marriage. A year later, Diana disgrace,” she wntes. ‘No matter what 
criPDled and cut off from the real world told television audiences about her bouts his fonner wife did to humiliate him and 

“not evil, just venal," in Kelley’s with bulimia and self-mutilation, and her provoke criticism, he remained blessedly 

words "hapless and unheroic." affair with a fonner army officer. As a silent, discreet, and steadfasL > 


pay attention to her children. Kelley 
credits her with being a hard-working 
“dutiful monarch,” but adds that 
“horses were what she knew besL’’ 

Her husband. Prince Philip, is por- 
trayed as a tasteless bounder with a pen- 
chant for actresses and bathroom humor. 


aiiwn iciuvn biw m u ib cwwui on iivbiobi w wi 

fliSSSSS LJhtlS! the fall of the Venetian Republic: The Cini Foun- ■ 
■ K Hil S SS5Sf« to 2K« ! datl0n show < to Nov - 3°) ,00fc s at the inter- 

. 1 ^. ^ ... prelation of the “Myth ot Venice" by Carpaccio, 

observation of worldwide art and society in the - ° 

early postwar years and include his celebrated JJ™* and Canaletto to Ruskin. Turner and 

1949 study of Gore Vidal. Monei - 

Royal Academy of Arts, tel: (1 7 1 ) 439-7438. ■~TT , = 

open daily. To Dec. 28: "Sensation: Young Brit- “ 

Ish Artists from the Saatchi Collection." Paint- G|RJ 

ings, sculptures, videos, photographs and ^ useum ^ p- ine tel: (58) 271-1313. 

d6sed 2Z ' 24 ^ 29 ■ To Oc*- 5: ,The 

'22 r Irf Si Barbizon Schod." Docutnanls the work of the 

the artists In the show, are Jake and Dinos of m j d _ 19th century artists who created 

Dam S Hiret ' intimate landscapes. Millet, Daubigny and 
Hume and Mona Hae. Corot were forerunners of the Impressionist 

M I ii ii ■■ i ■ movement in the late 19th century. 


T HEIR second son. Prince Andrew, is 
one of the few characters in this book 
to win Kelley’s admiration: “Through 
his failed marriage Andrew had learned 
to behave with dignity in the face of 


B FRAHCE 

Los Joumees du Patrimoine, tel: 01-44-61- 1 * LAN PS J 

21-50. Sept. 20 and 21. Throughout France. CffOWWH( 1 

public and private buddings, including the Crfminopf Mnimitm lovii 

headquarters o m/nrstnes and many villas are jn Design.- Documents how 

open to the pubne. - new majgnajs as well as renewed usage of 

p traditional materials can result in a new class of 

!?”” .... . _ c, ,. r rnH well-designed objects. The exhibition con- 

^i U sists of 200 products and prototypes, which 


Tuesdays. To Oct. 13: “Kudara Kannon: Une 
Sculpture du Japon Ancien.’' The personific- 


have been designed in the fast 1 2 years by Ron 
Arad. Philippe Starck, Frank O. Geh 


ry and Achille Castigtioni. among others. 

M SPAIN ~ 

Barceloma 

Fundaclo Joan Mlro, tel: (93) 412-4016, 
closed Mondays. To Nov. 2: “ Joan Miro; Har- 
mony m the Space." Miro visited Japan for the 
first time in 1966, and was strongly influenced, 
by Zen paintings, calligraphy and poetry. The 
exhibition highlights the affinity between Miro 
and Oriental art. 

Valencia 

IVAM Centre Julio Gonzalez, tel: (6) 388- 
3000, dosed Mondays. To Nov. 30: "Jacques 
Lipchitz.” More than 30 sculptures by the 
Lithuanian-born artist (1891-1973), ranging 
from his early Cubist to his late baroque 
works 

■ UNITIP STATES 
Atlanta 

High Museum of Art, tel: (404) 892-4444, 
dosed Mondays. To Nov. 29: “A. G. Rizzo!!: 
Architect ot Magnificent Visions.” Rizzo 1) (1896- 
1981} was an architectural draftsman engaged 
in a secret effort to record the recurring visions 
and halludnations that he daimed to expe- 
rience. This alternative world, rendered in 
beaux-arts style, features Gothic cathedrals, 
skyscrapers and intricate architectural detalls.- 

Houston 

The Menil Collection, tel: (713) 525-9400. 
dosed Mondays and Tuesdays. To Jan. 4; 
“Joseph Corned.” The Menu Collection houses- 
one of the largest collections of Surrealist art Jn 
the world. It indudes mors than 20 works by the. 
American artist Joseph Cornell (1903-1972) 
who assembled boxes containing small toys, 
mementoes, and unusual objects that pre-' 
served his personal reflections. The exhibition' 
features approximately SO boxes and cok 
lages. 

. New York 

Frick Collection, tel: (212) 628-4417, dosed 
Mondays. To Nov. 30: "The Spirit of the Place.'" 
A small selection of 1 6 paintings and four sculp- 
tures from the Madrid collection of Baroness 
Carmen Thyssen-Bomemlsza. The works 
range from Venitian vedutas to Impressionist 
paintings. 

Guggenheim Museum SoHo, tel: (212) 423-' 
3840, dosed Thursdays. To Jan. 4: "Robert 
Rauschenberg; A Retrospective." This exhib- 
ition compfements the one held ai the Fifth 
Avenue museum with Rauschenberg's exper- 
iments in art and technology. It also features his 
work of the last decade, inducting selections 
from his series of paintings on metal, as well as 
paintings and sculptures that are often de- 
scribed as his visual autobiography. 

San Francisco 

M.H. de Young Memorial Museum, tef: (415) 
863-3330, dosed Mondays and Tuesdays.. To. 
Nov. 30: “Masters ol Light: Dutch Painters in 
Utrecht During the Golden Age.” Utrecht paint- 
ing in the 17ih century combines Italian the- 
atricality and innovative lighting effects with 
Dutch sensitivity io nature. The exhibition fea- 
tures 80 paintings by 20 artists such as At* 
raham Btoemaert, Dirck van Baburen and Ger- 
ard van Honthorst. The exhibition wiU travel to 
Baltimore and London. ’ *'! 

CLOSING SOPH 

Sepf. 21: "Das Capriccio als Kunstprfnzip:" 
Palais Harrach, Vienna. 

Sept. 21 : “Sir Denis Mahon Collection." Na- 
tional Gallery of Scotland. 


EWOPE-yQUR PBOONAL-nUMEL GUBE 
A S marfdi Cart xxonpaiy you on you 

nckme wo B» UU0I anv* lou W«ild to ■ 

uni nwt ro i la Ifn W h n n i M Opn UL t« 
Hod B«s Bad n IfanH CortP or As Bm Bil m 
Muncnl 

Yu vfl laKt pen in m> mon Asnua aoo4 
marts ol oM Eunw* 

vcj wtf isqotxtay ep*s ona dM n ito moa 
"in mashed Manm B Bw beat laUM. i 

Ibu id juy 3 tm (mwl ho* ran d the ^ob*. 
n a caste or u, d pnror «ond 
You niiwO Its rrtrtuc w itensu^K. beta. gMM 
Be’ 'feu men k> rte urns ml woni Bffllon 
mancefi? Uhfch hene ret** ted prtfi rattm? 
Ascx BaitovSsdMV Pam. fbmc* lAredi liorts 
Cato. 5«a»»3 VMna itatrest 
r:u s# ra be *rj 3nteri«sl * « (nap mu 
l nuti vai art lo you ntmdl panorafy- 

Piw> ui Can rt latnwr ml idann u> O tx* 
ndHiAirt ntsilas 

Phoas Gananr rtWIWMBCT 

Fn Gdmnr ^ntBBS7 
i- — ikManona omrmn* 


words, "hapless and unheroic." 

Kelley likes to pose as an invest- 
igative journalist — she claims this book 
was based on 800 interviews — but her 
formidable energies have been expen- 
ded on uncovering (or purporting to un- 
cover) the sorts of secrets only super- 
market tabloids coveL In fact, &e 
experience of rea d i ng 4 ’The Royals is 


result of such revelations. Kelley's ob- 
servations tend to feel like embroidery 
work: just more seamy and painful de- 
tails that may or may nor be true. 

Although Kelley has gone on tele- 
vision in the past few days to suggest that 
“Tlie Royals" provides a sympathetic 
portrait of Diana, her book actually de- 

BRIDGE 


silent, discreet, and steadfast." 

Such remarks (like Kelley’s wistful 
observation that the royal family’s “ma- 
gic has been harshly exposed’ ’ in recent 
years) seem hypocritical in the extreme, 
given her own gloveless hand in ex- 
ploding its dignity and dragging its 
members through the mud. 

New York Tunes Sen ice 


5^ : v HOTEL NEW OTANI. 

YOtJK BEST DISCOVERY BY THE SINGAPORE RIVER. 






SwiecCiyl 


I HOTEL NEW OTANI 




Alan Truscott 

4 ||ll bridge players must 
! It&om time to time ex- 
plain to their partners the ra- 
tionale for an action that 
turned out disastrously. One 
of the most difficult, requir- 
ing a max imum level of grov- 
eling, concerns the penalty 
double of a contract that was 
due io fail but causes an op- 
ponent to retreat to a contract 
that succeeds. It is even worse 
wheninformation given away 
by the double was crucial. 

East had to grovel after the 
diagramed deal, shown at 
right, but he was unlucky. Tne 
declarer had to play superbly 
: to survive. , . . 

North-South had eight- 
card fits in both major suits. 
When they landed in four 


hearts. East doubled, relying 
on the defense promised by 

NORTH 
AQ10S 
C Q 9 7 5 4 2 ■ 

4 A 7 2 

*Q 


WEST (CO 

46 

PA 

«• KQ1DB65 
A A S 8 6 3 


EAST 

♦ 1542 
C J 10 S 3 
043 

* J 10 4 


SOUTH 
♦ AK973 
OKS 
O J 9 
A S752 

Both skies were vulnerable. Tne 

W* 60 * .. . 


North 

East 

South 

1 9 

Pass 

1 A 


Pass 

3* 

3* 

Pass 

4 v 

Pass 

pbL 

4* 

Pass 

Pass 

DhL 

PASS 


Pass Pass Pul 

Pass Pass DU- ‘ 

Pass Pass 

West led Um diamond king- 


his partner’s bidding. Four 
hearts would have failed, but 
South recreated to four spades 
and East doubled with dimin- 
ished confidence. 

The lead of the diamond 
king was allowed to win, and 
West shifted to his trump in 
ihe hope of cutting down 
niffs. Dummy’s ten won the 
trick and the club queen was 
led. West took the ace and led 
the diamond queen, won by 
dummy’s ace. 

West’s bidding marked him 
with the heart ace, and East’s 
double of four hearts marked 
him with four cards in the suiL 
So South made the re mark a b le 
play of leading a low heart 
from the dummy and playing 
low from his hand. As he 
honed, the ace appeared, and 
the’ dia mond ten was returned- 
F ast discarded a club, and 


South ruffed and cashed the 
spade ace. He then cashed club 
and heart kings resulting in the 
ending shown below. 

A club was ruffed and the 
heart queen cashed. East's 
spade jack was trapped at the 
finish in a coup. 

NORTH 

♦ Q 

<3 Q97 

O — 

*- 


HoogSoniee 
Owvwe tempi* 



«nd.j 


Rotemon 
& Quay 


WEST 
♦ — 

0- 
❖ 86 
♦ 98 


EAST 

♦ J 5 
9JW 

❖ — 

* — 






• SOUTH 
A K9 
0- 

❖ - 
*75 


' 17TA River Valley Read. Sipg&pore 17503). Tefc'3S : 3333 -Fait 339 2854 Tb: «S2029ftS»OtrW v,A" 

For reseivatbQrSabre N09O65, ApoSo/Galileo N09735,$ystHir^ OKlASBS^mW^^^S^ 




Pi* 


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PAGE 12 




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Compnang: __ 

istioriPliC)P6IITYIocaftdBt , NtelHarangr-ioBitx)nsrtl4ha28a23ca 

2nd) SEVERAL RURAL BU1LDIHKIS>tatalconMl438ha7Sa36ca 
3rd) SEVERAL RURAL BUILDINGS- tetai content 15 ha 45 a 1 ta 

4 t. 5th & fith MEADOWS and mSTURES - tou coittnl 11 na91 a 14ca 

The er»re estate presently Muting: office buWng wih Marfn lwaiidW£ 
/uoom manaoer's taco. Haia trainer house te&g: 5 rooms & 2 fa*P«£art 
attaiiad BtiBtfng for tmxxl maiBS. harnessing buidMig, 16 bass& 

SSlSutal wW TocShricaJ buDcfings. Tlw stud farm fc etjjippBtl wflh 

iflOOmtonflxiZm wide track.- 

STARTING PRICE: FF 1,727,000 

DEPOSIT: FF 431 ,750 

Information: Me JOUVION, DUPOFfT-CARIOT and 
DEPAOUIT. associate notaries m Paris (EWiJ) 65, iub (fAnjar 
. fet +33 (O) 1 43 87 59 59 - SCP BROUARD-QAUDE, 
authorized agent 34 rue Sal rite- Anne, 7E001 Paris. 

VISITS ON SITE: Wednesday, September 24th and October 
1 st, 1997, 10 a.m. till 12 am. 


SPAIN 


MALLORCA • 

pfea S 430 000.- 

ESPORLAS. Faimhcuse W«C 
£ Sei-3- ’ barb pool iro end wraca 

AmU^m^HOUS* on 3 tte. 5 M 4 
room and 4 bam. Pool and bartacue. 
Prtc« S 828JXW.- 

IVfe ta* is: f-as P rs •’C B* ag 
RB»aa do Bwyna-BaRl Es«» 

, =K -J+-71 -n 75 M =■ -5- '««* awer* . 
I (TE»\r — : .-..•.•.n:.'*'' !K -CK'f. _J 


Canada 


ELEGANT COUNTY HOUSE to Privets 
area of fashtonaKe a Saveur Four 


bedrooms. thru bafliocms. sans, 


equipped. baautifufy furnished- Only 
mteiss from local ski areas, and 35 
minutes from Ml. TremMant VJIage. 
AvaSafato from October 15th to April 15th. 
USS20.00000 far season Tel: 514 
737-8860 Fk 514-344-3875. 


Costa Rica 


COSTARICA 

Wa sel 247 ha on me Pndflc 
Coast irth private beach, 
near ifamesflc airport 
Price ' USS2.470.00a 
TaU 433 (D)1 4633 5252 Frit 4833 9098 


French Alps 


CHAMOWX VALLEY FRANCE, bout- 
ous condo wkh great charm, fantastic 
views, large terrace. Erapbca, 

2 betiooris, 2 bafts. beauMy 


finished. 53151 Contact Penny Pamx 
1-763-10531 


954-46341600. Fax: 954-763-1053 USA. 


THE INTERMARKET 
Continues 
on Page 12 


French Provinces 


LOIRE valley-CASTLE COUNTRY 


In a charming vBaoe n«h ati aranfiles. 
19TH CENT. HOMEwin 2 firing mare 
{900 sq.fi) study, 3 bedrooms, 2 baths, 
central hesfej, mn corufluon. tasteUy 
decorated Cn be sod finished or 
parfla% ftmtad MUST ££ Endosad 
' i with maricned trees belWma 

i iron gde. Oner FF1 950000. 

Tel/Fax i33 (0)2 54 20 19 74 
ask far Qaude 


NUMARIUS FYnn 
Sfaeofabed (rr raaf estate invwtmarfs 
proposes: Mas & BarfUes in Provence. 
New and oid reverue 


Fax 


Till 


MENERBES LUBERON 
Unique beaten Henfad ate. 160 sqm 
firing space. Landscaped gar den. Fo ot 
For deals fax: owner *33(0)442263214. 


PROVENCE: Afi kinds of properties. 
Please ask for Mm Wagner. Agenca 
Annular. F-84210 Si Didier. Tel: +33 
(0)4 90ttO753fi»{W»6d 12 35 


French Riviera 


CANNES, seafronL 130 sq.m, taro us 
BaL view, pool, tm Ug fanacee. prasfl- 
gious residence. Tetfax (0)4 91227927 


■XCIPnONAL 

PARTIAL OWNERSHIP 
in HOLIDAY RESIDENCE 
— AUCTION SALE — 
on September 22nd, 
at 950 ajn. & 250 p sn. 

TOULofTVMriads 
■t MAMMA 


and AUROM 

SfucSos, 2-room & 3-room 


STARTING PRICE- 
FF 3^00 for a week 
FF 31,500 for a fortnight 


HayeStFGlaiie 
21061 


TeL- *33 (0)1 53 57 21 06 (Mm Dekmne) 
Vfeftfi 

On appo m m ynten +33 93 22 10 10 

(Marina Service) 


CAPFERRAT 

Wafer edge Vila - FF10M 
Tuscan SriB vfe - FF15M. 
Modem m fanasfle seariew - FROM. 


NEAR MONACO 


vHa-FFisu. 


style rib ■ FF16M. 
■Bote Epoque' house, 
dked sea access -FP27M. 


HAUSSHANN Group 

Tet -f33 (ffl 4 92 DO 48 4B 
F»+33f0j 4 93 89 WB8 


WSTOfflC RIVIERA GARD01 OASIS 20 
min Monaco, 15 rai RMy. 15 acres + 
RMera's most bearihJ botanical pnlen 
A pool aree. Superb 4-bedroom iBUi 
cent. mas. 2 -bedroom guest house. 
Offered at 30% below value tor rapid 
Bate. Tat 377 93 50 59 31 


ANISES, 100 sqJTL 2-stay hose on 
360 squn. g ar den + garagweriomUc 
door + 3 parking spaces, in resderce d 
6 houses, low ragbBMton fees. FP13M. 
Cal 9am-7pm week: +33 (0)4 91483330, 
nekaant +33 (0)4 91 59 36 65 


GRASSE, in hty dass resWenoe, park, 
cool twrts. 7S stun. Bar. 3 rooms, hath 
WC. equtaped Henan, high dass Birip, 
air axriaar&g, garage, cate. Very qtfet 
<8i top Boor, terraces. FB95.000. Owner 
+33 (0)6 90 23 05 85 -10)1 69 05 W B2 


RMERA'S MOST ELEGANT HOME 
nea Royals 6 Opto gal. Bishop Grasse’s 
I88i cert Hedroam pafazzo dtxritufag 
— 3p Ob, serene untouchable views 
s/ pool & garden. Tel 377 33506931 


CAP FERRAT WA7B!PRONT JEWEL 
Uniquely beautiful ^bedroom villa + 4 
bedroom annexe. Prrrate beach & boat 
pfar. SI M Tet +377 93 50 59 31 


Greece 


VOULA (Panorama area), 25 fan (nan 
Athens. 310 sqm. via. extra bxuyfedi- 
ty. Owner lax +3013649584 


USOO SOIL PRIVATE LJMLCraa a 
the beach of BHan Island n» ’ Sns^ 
pore. US5 97 per sqm ^ CaB 
245754. Fax 431-251-21M34 (8* f«l- 


pethasakta^jcca^bcany 
30 Mnses Inn Pa 
On BaBan Rwiera ant) Apan ^s. 
Artete Centre dte*. 

75 sqm house wtft 2 bedrooms - ^ 5 
baft, firing room and 250 ®qm gzslea 
USS1B0JB0. EroeBert deal 
Tet Bafy 39 584 JTS17 
Tab Canada 519 9696591 


VENICE DefcflM spaosus && cn 
the Tt?) 2tid3nJ too. «* «• 
fag skytafa sfafio + tmts 
overtookng fagtxxi Aflque fimashei 
Fax +39-41 714 571 EtJUi 
r.wACverteanoA 


VENICE - AjBJtrrert on GRAJiC CANAL 
between Accadetma Bridge i 
Grass! - 145 sqm - USWjC.C-.il Sox 
04C4. tHT. 92521 NmaJfy Cede*. Frsce. 


London 


18TH CENTURY OASIS. 3 mins WeSj 
ntestar. 6 mins atroflar tin:?* 2,^ 
sqlL spfiHevel pope%. Presbg=s ft? 
security dsvetopnenL U Mgew r car 
parking. Large indoor swimming pw 
[asiis casra Specenfer & rmr^; a> 
ee. 2 elegant wvauSe fcaSccms. 
waled pate, rtuon by trod ctoor. 3- 
al far edaifaining. SSE5J500 TeL S*Ti 
725 5211 Fax 0171 73 4211 


HOME SEARCH LONDON L« » 
search far you. Kfa find ■' EsSs 
to buy and rent and prows zzrxtt 
refaction services. Fcr irrf.--.dias 
and companies Tel: -44 17' 22: 
1066 Fax + 44 171 33S 1077 
N&lww bemesearoh cojjfahm 


Monaco 


IMMACULATELY REFURBISHED 3! 2 
ccs: of FF7 fifificn ■ EPECTAC'.iAR 
APARTMENT ■ 38 sqm vT. psrsra: 
vans cf the Me&enanean. ros^raira 


AVAILABLE FOR SALE IN VCNACC 
TODAY, fenced transfer fees ^ sai 
fcy owner at a raeist: pee CaJc -33 
(0)6 C0 37 03 04 H IC-'E K H Zz K 
a fee 1-377 33 £ 75 36. 


Spain 


IBIZA - FEET ta SEA. Mglfrf srsc- 
Esal idsten. ad wlh 

100 aqm treed cards; e.’rtrfcv see. 
Direct access tc private creefa 
IfiSlSOtZl F3x *33 55 42 £3 2 

hHp^WJVjrto'es^rtieche.fc-prE^ 



Rf.Ai. F,sTaTf, In AnD ArOuNd E 




ft REAL ESTATE AUCTION SALE in IhePalaiB da Justice de Paris 
5^;; on Thurediy October 2, 1997 at 2^0 pro. - ONE LOT 


ESTATE in ST-GERM IA1N-EN-LAYE (78) 

3, rue du M al Gallieni 

indudlng: 11-main room HOUSE 
and 3-main room cottage. 
Outbuildings - POOL 
on about 1.319 sq.m, grounds. 

Staring Price; FF 3,200,000. 

Contact 

Mate PfCHAT, Lawyer, Paris 12« 

44, av. DasiwiATel +33 10)1 4307 06 22 
Mate BOiSSET Bquktetor assignee a 
Pans 3», 58 Bd de SflasBpoL 

Record office ol T.G.i. de PARIS where specifications are available 



Pans and Suburbs 


LE DE FRANCE - 45km North of Paris 
15 ndn from Cturies d> GauRe airport, 
dow serus and chaNthy 
( 4 gofi cnuises, home rklng ail racesi 


EXCEPTIONAL PROPERTY 
composed ol a main house + guest 
house surrounded by 4.53 ha old park 
(woods and lawn) fa historical v flags. 
250 sqm. on 2 levels. 5 bedrooms, 3 
btes/3 WCs, firing and (fining room, (re- 
places. equipped kitchen. Cellars. 
■2-rar garage. 3 rooms, equpped kxctien 
A bathroom n guest house. 

Sofa houses sofa either funs tied 
wfai s pfcwftf rapearv. hmhse 
art mirrors or unfixnshsL 
Safi by owner Fax +33-1 53 75 10 Q2 
Tet +33-1 53 75 10 04 


15 MM A 15 KM WEST OF PARS by 


the AH. 20 min St Lazarc station. Ven 
i Ml 


beauHU 1958 MOOeWST house, 
sqm. firing gace m 2.000 ! 
in private domain. Luxurious fittings. 60 
sqm. firing, large Septate, bn windows 

bang Sfflfih, terraces, 4 bedroom, 2 
baths. 2 shown. Qllfce. Room wkh fa- 
cuzrf | sauna. Otfatoor healed stem- 
ming pool Prvate qun on Seine, waar 
skfing. got). Ooet Greenery. Quality 
Be style. Near shops. USSKODOO. Teh 
NT 212 213 9565 Fax NY 212 965 1346 
Fax: Fans 01 39 75 74 94 


PAMTStS VILLAGE 


8 tan from BARHZON 

HACIfflDA STYLE PROPERTY seduded 
in 6X100 sqm pack twefaxteng Seine 
im 70 sqm verandah decoded with 
Leon Gaifter betun (1860). 
largo recept ion s, ID tearooms 
Carewe house, grarc. tennis, pool 
MUST SS - m mfioft 
Tet +33 {0)1 64 71 00 93 office or (0)1 
64 24 67 05 home, ftx ffl)1 6471 0094 


Bfit, CLOSE CHAMPS aYSEES 

and me Fg St Home, lor safe in ifflft 
cant Haussntann snte chararfer buftfing: 
omCES or HIGH OASS apamnax to 
to leaned (present Bed as offices). 
About 300 am. per level Partial sale 
BY GOOD OPWfTIUNrrr. 
Contact owner direct on 
Fax +33 (05 56 20 01 69 
Tet +33 11107 58 65 19 


RARE 


VIEW HFFEL TOWER 

3 teeuM recepWB. 

3 bearooms, 2nd tax, 
TOY nee character bilking 


ra SAINT GERMAIN 
5*8 rooms in beautfU character 
bukfrq. pop floor, dorite 
fiwia*ing, study. 2 b edroom s. 
2 bams, charm, maids' irons. 


FEAU 

LABOUHDONNAB 
(0)1 47 05 50 36 


BARGAIN at 150m from 


CHAMPS DE MARS 

5-fiOOU TRIPLEX with (fired BL 
170 sqm renovated * 70 sqm terace 
with trees A view BffeT Tower. 
FF4.480000 NEGOTIABLE + StudettS ♦ 
parking. Died Owner 06 07 70 16 44 


AVENUE DMA 

comet PLACE DES ETATS4MS 

270 sqm Rat it perfect anflui , 

70 sqm rente d terrace, Wg racgmon . 
4mng room. 4 bedrooms. 4 beftroens, 
overtookmg garden. 2 garages. Private 
patties only. Tet: *33 (0)1 47 20 91 49. 


ILE SAM LOUS 


VIEW SBNE 

250 sqm (about) apmment n 
BwrtBuse buading. high dass. dam. 
jusdied tsgti price Terfel 56 5801 76 


ITS!, THTNEfrPEREIRE 516 rooms, 
bright, 125 sqm., 5th floorflfit, 3 bed- 
none, triple firing, equipped kitchen, 
pantry, tathroorfseparatt WC. mould- 
mgs, Gaz iixfivkfual healing. Dlgkade, 
iraerphons. cellar. Freestone character 
buB^ renowfad 96. FF3j20OJ00a TA 
lanswerim senrica) 06 80 12 05 14 or 
items Canto RcBsaeparitescom 


16 th, LUXURY MODERN 2 bedrooms 
convened no i vast bedroom (essay 
restored back to 2 bedrooms). Large 
hug room, dining sea. den above Wafi 
to wdl tedfag gfiss vmdows. Very bmht 
and Sunny. Many custom closets. Mir- 
rored halitsy, 107 sqm. Ugh security 
patting and cribr. Tel (0)1 462090 ft 


PLACE VEMXHE (near) deiuw "pled a 
urr 56 sqm, eoM conHkxi Tet 
+33 SQ1 4260 3932 (answering mashne) 
or +33 (W 6043 ftBO ftnoMe) 


A.B.V.L. 


Gerald Kremer 


Your REAL ESTATE Agent in PARIS 


Will ill ■ Hie rrsraivh f«r tun 
& will t->| | nurtc tin- ymi|M-ri\ 
IH.i 33((l| I 3^ 2(1 UK 3«l 
Fax.: 3S(«M 53 20 418 60 

< r ii.nm \ Innl 'rr 
-Wum ;; 


TROCADERO, 
item, new tfigh dass bufidfag, 
defivsralte end 1997. 

Vay bmdlhi ■ptad*4oie , 1 
37 sqm firing ♦ bedroom comer. 

SBrt pm FFl 250.000 
Vet of ta decorated apanmt 
15 RUE FRANKLM 
COGEDfM +33 (0)1 45 24 42 66 


PARIS ISh ■ HEAR RADIO FRANCE & 
5 mins to Mfito hotel & Statue ol limy. 
Sh Sow, 79 sqm, doife firatg. 2 bat- 
rooms, small terrace 6 balcony. Excep- 
tional 1931 buiding and apartment 
■Paquetxx* archteoiae. Listed htauncal 
momimenL USS320.000 For visl cal 
owner on +33 (0)1 4288 7983 iter 730 
pm or Fax +33 (0)1 45 23 25 SO 
atertjot Francois Boucher 


SAINT LEU LA FORET, 12 mndes to 
La Defence, very large estate far sale, 
recent construction. Uacttona) m tree- 
stone. 2 JJ 60 sqm. landscaped paA. pos- 
sfatoy to buW pool and temis court. 330 


sqm jvtog aatace. Price FF3.8 Mo. 
" +33 (0)1 39 32 08 ft Jt Ffench) 


Tet 


MARAIS, TOP FLOOR OF A XVlim 
cent EULDING. Loll style fu% redone, 
beams and fireplace. Large equipped 
separate tifahen. Calm and very bright. 
Dked rarer ffl.lSOOOO. TeL +33 (GK 
70 32 74 56 Fax +33 (0)4 70 96 15 53 


CROtSSY, West Parts, in p essaiia area 
don EngSsh schoi 230 sqm v&a rai 
1200 sqm grounds, tnpto raceptoi. pa- 
rental suite. 3 bedrooms(3batts. 2-car 
wine cedar . heated pod. 
, Oww +33 m 39 75 41 96 


WEST PARS - LE PORT MARLY - 
Louvedennes. Vfe, axaroded n 1933, 
on 8X3 stm tread land, 260 sqm. firing 

space. 130 sq.m, basement. Free. 
FFL3QQDQ0 Tflt +33 (0)1 30 86 23 00 
FtoC +33 (0)1 30 86 23 30- 


SAINT MANDE. Ueto fire 1. 100 sqm 
fid, character, sunny, tofly renovated and 
decorated, largo fixing, 2 bedrooms, 
niucped kfichen Teffex +33 [0)1 43 74 
15 79 Ematt nsHchi€c5il>4ntemetJr 


Rlt, PRESTIGIOUS AVE MONTAIGNE. 
SptendM terrace apartment, Irah flea. 
4 bedrooms, caniarks. staff room. 
24 hour security. Tel: HacAndraw +33 
(0)1 4720 3051. FiK +33 (0)1 4723 5939 


ST CLOUD, high dass apartment. 104 
sqm., south, targe fimg. 2 bedroors. 2 
oaths, equipped fatchai Panong. Ctas? 
raft school, tennis, smtunrag pooL 
FF225000a Owns +33 «S1 402 2726 


HE ST LOUS, beaufftf reception apart- 
ment, is sqm, V2 Bedrooms, wood 
panning, fireplaces. Perfect corawcn 
FBfflt WWSGfl Tet (0)1 44 18 00 30 
Fa <0)1 44 16.02 37 


PRESnOOUS ADDRESS inRARlS 
S/p/zase J 6ifmr/e tftoA 

tprivate lanel 

LUXURIOUS RENOVATIONS in 
HISTORICAL TOWNHOUSE 

120 sq.m, apartment 

160 sq.m, apartment 

Tel + 33 (Ol T 44 55 50 OO 

Fax -+ 33 (O) 1 42 60 55 91 


YOUR PARIS APARTMENT 

A YOUR COUNTRY HE5DEHCE 
ft ONE SMGLE H01E 

12 tan tram Brie 1 7km tan La Deter® 
Eruptions! bcattn unimted greenery, 
privacy. 2J00 sqm supffb park 
wfih pool Chamwg ancieiti house 
+ modem hdependen guest house. 

RARE QUALITY WVESTVBIT. 

Tet +33 (0)1 47 71 63 55 exdusMty 

NEUBXY - BARRES, 25 sqm STUDIO 
■Hi smal garden, aroundnoor high dass 
txaWng erth guardan & security, quiet 
FF750.0GQ. OWNER +33 (0)1 4S6 3707 

Fax +33 10)1 4561 £96 taw. 47571400 

EXCEPTIONAL VIEW over PARIS, dass 
residence, 2 1st floor ad 97 sq.m. 3 
bedrooms. PONT DE NEUUY-PuteauL 
FF1550000. Tet +-33 (0)1 47 76 00 96 

16 Jh beautiful 180 sqm apamrem in 
resatetiai jwne+y, qiiet nice reception. 

3 bedrooms, 2 baths, targe balcony 
FF555OD00. Tet +33 (0)1 42 24 82 B 

600 SQJI. MANSION. 8.000 sq.m, of 
land, near Eurafcnay, sold by owner. 

FF5 Mg. Tet +33 Ktf1 60 09 If 62 

FRANCOIS 1ER, 263 SOiL Ugh stand- 
fag. qua. FF6JOO.OOO negotiable. 

Tel. -33 (Q1 39 65 76 98. 

NEAR DISNEYLAND, 158 sqm house, 

976 sqm land Sold by owner. FFifW. 

Tel -33 (0)1 GO 43 3Z 88, after 8pm. 

ST GERMAIN DES PRES bp Door view, 

16 th cert house. 3M rooms, cam, rental 
prastta Ideal couple +33 (01609767584 

RENTALS | 


Paris Area Furnished 

AGENCE CHAMPS ELY$EES 
often: 

AVENUE CHAMPS ELY5EES: Stutfo. 

balcony. 4ft Bin. fit FF7H00. 
MONTPARNASSE: 2 room, parking, 
cn qarden: FFBfltB. 3 roans, 
chann. FF7.000. Arttsfs rite, 

Evng. 1 bedroom: FFl 0,000, 
6ftRUEDERBBR:SUfio. 

6th floor, ft FF4.50Q. 

IMVERSTTL- 2 bedrooms, firing, 
on courtyard, beans FI 3.00a 

Tfit +33 mi 42 25 32 25 I 

Foe +33 &S 43 63 37 06 

16 ft AVE KLEBER, supeifa BaL dntitie 
fiumg + wraimtaming + 2 dcubto bed- 
roam + large Itood-paneled study wfih 
ftaftse 1 1 srnril bedroom FF20.fi® - 
Dked owner. Tel +33 (0)1 47 20 98 60 


8th, 200 aqm, LUXURIOUS 3 Ded- 
rewns. 3 tafaroome, tasteUly tumsi^d 
a deewaed. Uly equpped. FF35.000 
CAPITALE Tel +33 (0)1 42 68 35 60. 


A RARE 1315 ACRES ESUHE: 

WRHCASIU.MKV I UdnNtK 

OucbuMn^.VVfacxfland. ponds. 
Ideal for quiet, hunting and leisure. 

Tel/Fax: +33 (0) I 46 21 62 68 
A Kfedm of hrje properties do* to hrii 



ideal accommoda ti on: studo-5 bemoans 
Quata and service assured 
READY TO MOVE IN 
Tel +33(0)143129800. Fax (0)1 43129008 


(4th) ILE SANT LOIRS 
VIEW ON SEINE 

2 apartments - Very luxuriously furnished 


- Double fring, 2 bedrooms. 
Mt FF35 , 000 / morth 


2 baths. Rat 1 
Double firing, 1 bedroom, 1 bath + 
shower room. Rene FF20 1 OOOfnaift 
Tet +33 (0)1 56 58 01 76 


M PARS - PRIVATE APARTMENTS 
in amut areas. Spaoous. fwitished 
and equipped hr yoir canton. 

From FF9JOO per month far a large 
2 rooms (FF3JEOO per week]. Smafe 
aid fergar apartnerfs are avatate 
Mean ready to please you, tear ask 
FRANCE LODGE, 41 rue Lafayette, 
75009 PARIS. Tek +33 (0)1 53 20 09 09 
Fax: +33 (0)1 53 20 01 25 


Embassy Service 

YOUR REAL ESTATE 
AGENT IN PARIS 
Tel: +33 (0)1 47.20.30.05 


CAPITALE 1 PARTNERS 
Handpicked (jraBy apartments, 
afi sh as Pas ail suburts. 
Tet +33 (0)1 42 81 35 60 
Fax: +33 ffll 42 68 35 61 
Wo help you best) 


10th, oracter ftaL 80 sqm, 2 rooms. 1 
double faring, calm, sun, balcony, 
IWmo. GNS mo Tet +33101147708710 


IGfa. 1 bedroom. 70 ayn. ksutoifi. Uy 
equipped, garden, very cafcn FFBJ00. 
Free 1511 Ott T» +33 (OK 93 49 60 92 


16ft BY OWNBL kmnuL long term. 
42 sqm., firing, ktohen, batfmom KMte 
FF55CD. Tfll. +33 (^1 40 88 23 24. 


16ft TROCADERO, 75 sqm. 

Sat. newly eqiupped. CNN. FF . 

parting. Tet Owner +33 (0)1 6986 0652. 


6ft RUE CHHSTTNE 50 sqm. 2 rooms 
cafai, afi comforts, 4ft floor. 
‘.Td owner +33 (0)1 5542 lOft 


7TH, 1 block from EtiM Tower. 
Lwmdus 4 bedroom, fuly equpped. 

Tet 3HM52-22B0 USA 


MA MAIS0N 


Spscafia Vi High Cia'rt' 
fumisfied rtrow ffraaftrar 


TEL/FAX: 

E-mat mamaison 


AT HOME H PARIS 

PARIS PROMO 

Aparftwts to rati hirished or not 

Sates 8 Property Management Services. 

25 Av tfechs 75006 Pans F«01 -45611020 

Tel: f33{0)1 45 63 25 60 

VENDOME BtTEFtNATXJNAL 

Famished Renta/ Specafsts 

»l - Luxentxwrg: Modem 3 bed date 
reft private garden S tourtait FFIBAkl 

7th - Sumy 35 sqm. strike FF4rf01 

TeJ +33 (0)11289522). Pax (0)142895214 

E-Malt v8ndorneQnasynet.fr 

LE SAINT LOUS - LE MARAIS & otto 
areas • STUDIOS to G ROOMS - ONE 

WEB! to ONE YEAR. HIGH CLASS 
FURNlSHS) APARTMENTS MAID and 
maintenance sendees A5LOM Tef +33 
(Q1 4349 6779. Fax (0)1 4366 3714 

RENTING FURMSHED APARTMENTS 
near RER Le Vssinei or Sanrouvlfe. 

From 4 days fa 6 months From state 
ta 4 rooms Tflt +33 (0)1 30 88 23 00. 

Far +33 (0}i 30 86 23 30. 

CHAMPS ELYSEES - HIGH CLASS - 
Exceptional aparttmati lor business use 

50 sqm tafcony on Chanps Bysees 

Cal nor +33 (0)1 4432 0317. Fax 0319 

FACING NOTRE DAME - CHARMING 

60 sqm in a 16Di eartuy biding Re- 
cently restored, equipped, hardshell 4th 
taxr. FFr2,000 Tat +33 (0)60 0969 8419 

HE ST LOUIS SPECIALISTS. Furnished 
luxurious apartments, view or Seine 

Weeklr a monthly lerdab Tel: +33 10] 

-44 07 06 30 Fax *33 ( 0)1 46 33 37 73 

•taTO ppm de NEULLY (2 mins) very 
tarty hrrehed modem state n quel 
passage. Bathroom or shower, FF3300 

9 FFJiOO net Cal +33 (0)1 4747 5454 

NEAR PANTHEON, attractive 2-bedroom 
!* deans, fruate garden, 2 tatiuooms. 
Sa»/mrti Teh +33 (0)1 4331 6«3. 

CLOM LOUVRE, fuly eyjpped enta 
bn^®spaless Shortteg lam. Owner 

Tfl +33 (0)142963967. lax (0)142614724 

ST GERMAIN, Exceptional 4 beds. 
R’S.CCO. BARNES & NAYLOR Tel +33 
(0)1 45 74 24 21 Fax (0)1 45 74 60 12 

Paris Area Unfurnished 

7ft ST. GEHMAIN, 2 rooms in I7lh 
cart, fawhraow, 24 fe setunquareater, 

5?rttia bath, cellar. FFl 1.000 or Safe- 
FFISM. Td +33 (0,1 42220268 c»«*- 
a TeifFax Seta -34 5 282 8989. owner 

HEUUY MAURICE BARRES. 4th tax 
jfaWmert, Imra ««g. 2 bedrooms. 2 
h®* 15 - WflJlpped ktichea parting, makfs 

Key money, tsaufluni- 
lure »T2COflao. Tel office iO)l 45620410 

IIONTIIARTHE, INDEPENDENT ROOM 
toaiKferti fee new. quiet, shower. 

«r*ai wa T* ton 49 24 99 17 afice 


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vara 

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1 to 5 bedrooms, from arr « 

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tar. tetoor pare^e- to plw 

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sqm Pr« Sr ISM. ***&" 
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cw Afas Sate to fareignffi artto- 

ted. indoor pod & garage a* tas- 
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SUPERB MANSION 
FSft Avenoe & low 60fe 

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WEDNESDAY, SEPTEMBER 24, 1997 


PAGES' 


P +44 171 


4 2003 



?eai 


/Opr guests are richly rewarded with gift 
■' certificates to make their stay a special 
experience. 

i Hi'il A 

1 T5T.- (82-2)23 J-3 131 


INTEK'MTIOfVAL 


BUSINESS/FINANCE 


f 06r guests ore richly rewarded with gift "4- 
f . certificates to make tbeir stay a special ,j 

e xperien ce. 


153®^ i 


FRIDAY, SEPTEMBER 19, 1997 


»rmi4 

© 

-TT77- (82-2)23 3 -3131 . 


PAGE 13 


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Whirlpool 
To Focus on 

3^ 'New Markets 

Company to Shed Jobs 
"And Sell Finance Unit 

^-“"VOea tv Our SuffFnmi Di^mdies 

'V^S v'i „ BENTON HARBOR, Michigan — 
4 • ' f - Shares in Whirlpool Corp., the world’s 

- largest maker of home appliances, 
surged Thursday as the company it 
would sell its appliance-financing unit 

* to Trans America Corp. for $1.35 billion 

- ■^ 7 ' _ and build up its home-appliance op- 

i eraiions in Latin America and Asia. 

> The company also said it would close 

V-, ,. ^ Sy -. s ome p lants and cut 4,700 jobs in Europe. 

- Noth America and Asia, or about 10 
r ‘ ‘ percent of its work force. The job cuts 
-- - ' ■■ '■<> and plant closings would result in a third- 

. quarter charge of $180 million. 

*' The restructuring is aimed at increas- 

ing Whirlpool ’s sales in countries such 
as Brazil and China, where there is a 
= growing demand for its appliances. 
Whirlpool’s sales growth has slowed in 
„ . .>]••• " t he Un ited States and Europe as it faces 

• :r competition from General Electric Co.. 
*;-* ,, Maytag Corp. and Electrolux AB, 
.-V -5:1% among others, analysts said. 

The company manufactures in 13 
countries and markets products under 
&11 major brand names in about 140 
countries. 

~ * “We are surprised by the move, but 

r-r we’re pleased,’ said Neilson Brown, a 
= \y - portfolio manager with Invesco Capital 
Management. “They are focusing on 
their stronger markets, so this comes as 
31 good news.” 

^ _ Whirlpool said the restructurin g 

would cut annual costs by about $180 
’ million by 2000. 

' i-; • Whirlpool’s shares jumped $8,375 to 

close at 165.1875. 

Whirlpool said July 31 it was ex- 
- _ ploring “strategic business options” 

‘^ngc: for Whirlpool Financial Coro, as it as- 

_ '■* sessed how to make its busmess more 

profitable. 

In addition to selling the finance unit, 

. •» Whirlpool is selling a portfolio of loans 
pcSgy jg : ■ from its former aerospace unit for about 
"7~Zr — 1 —$250 million. Combined, die sales 
;■ would give the company a gain of $1.6 

"LiT-* million, although it was not yet clear 
. .« what quarter that would be taken in, die 

• 'a ~ company said. 

^ To increase its Brazilian operations, 

r r __ "Whirlpool said it would buy an ad- 
■: ditional 33 percent stakc in Brasmotor — • 

" SA for $217 rinUkm, raising its stake in 

the cmmany to 66 percent Brasmotoris 

—I - the bolding company that controls the 

b Multibras SA Eletrodomesticos appli- 
" ance company, which has the largest 
market share in Latin America. 

_ As part of its purchase of Brasmotor, 

£ Whirlpool plans to name the Brazilian 

*r”&VEL company’s chairman, Miguel Etcbe- 

• - nique, to its board, increasing it to 13 

members. { Bloomberg , AP ) 






r " 






Which Future for China: 
Threat or Positive Force? 


By Reginald Dale 

International Herald Tribune 


W ashington— D oes the 

arrival of a brash new great 
power on the world stage 
have to spell trouble for 
everyone else? It is only too easy to taka 
one look at today’s China and conclude 
that the answer is yes. 

In the United States, the dramatic rise 
of China is often compared, at least 
potentially, to Ge rmany ’s dev- 
astating quest for dominance in _ 
the first half of the 20th century. 

Most of China ’s Asian neigh- 
bors are also extremely nervous 
of Chinese expansionism. 

Bnt for now, to many people, the 
Chinese threat looks less military than 
economic. Competition from China ’s 
plentiful low-wage workers is blamed 
tot contributing to die current financial 
crisis in Thailand and other Southeast 
Asian nations 

Fears that a flood of cheap Chinese 
exports will destroy jobs and living 
standards in the inrhismal co unt ries are 
being exploited fay opponents of eco- 
nomic globalization to undermine sup- 
port for free trade in the United States 
and elsewhere. 

Bnt there is nothing inevitable about 
(he Chinese economic threat On the 
contrary, it is jost as easy to imagine a 
rosy scenario, in which China makes a 
hugely positive contribution to the 
world economy — an analysis that has 
received encouragement from two sep- 
arate developments in recent days. 

First came President Jiang Zemin's 
extraordinary commitment at the Com- 
munist Party congress to push China 
further toward a market economy in 
which capitalist concepts such as 
private ownership and the downsizing 
of bloated work forces would be given 
much freer rein. 

Of coarse, that will be easier said than 
done; it will take longer than many out- 
ride China would like. But Mr. Jiang’s 
speech was still a big step in the right 
direction. It constituted a remarkable 
acceptance of the realities of die modem 


r : wei 


L#**emw* 







O M r. 1 E N T A R Y 


Investors Are Flocking Back to Wall Street 


. c- By Mitchell Martin 

i' International Herald Tribune 

■ new YORK — Wall Street has 
seemingly recovered from its su mmer 
swoon, with stocks extending their ral- 
lies Thursday in a bullish atmosphere. 

Led by a drop in bond yields, the Dow 
Jones industrial average dosed at 
7,922.72, up 36.28 points, after rising at 
one point as high as 8,020.43. 
c Investors woe flocking into the mar- 
ket, notably the blue-chip issues, attrac- 
- ted by a “steady as she goes” economy, 
i according to Alan Ackerman, executive 
vice president of Fahnestock & Co. 

* L We're in an era of growth with low 
inflation and little movement in prices 
for either goods or wages and that has 
set a favorable tone for both stocks and 
bonds in America,” Mr. Ackerman 

I said. , 

r while the Dow climbed toward the 
8,000 level, last seen more than amonth 
ago, bond prices weakened slightiy de- 
spite an absence of i n flat i on in the U.S. 
r economy. The benchmark 30-year Treas- 
ury bond was yielding 6.40 percent, up 
' slightly from 639 percent Wednesday. 


Still, Charles Earle, a fixed-income 
strategist at Gnmtal & Co., is predicting 
yields will fail to 6 percent He noted 
that as the government moved toward a 

STOCKS 

balanced budget, it was paying down its 
debts, reducing the number of Treasury 
bonds on the market This, coupled with 
growing international demand for U.S. 
investments, is (he basis for his bullish 
outlook. 

With yields declining in the credit 
markets, stocks are growing in attract- 
iveness. 

“Bonds,” Larry Rice, chief invest- 
ment officer at Josephthal, Lyons & 
Ross, told Bridge News. “It’s die same 
take that’s been on the market for the 
last several days — the bond market.” 

As bond yields move lower over the 
longer term, Mr. Rice said, it “reaffirms 
that the economy is in fairly good shape, 
there are no real inflationary pressures 
and everything continues to move 
along. 

With the market in such a buoyant 
mood, even factors (hat might be wor- 


risome are being greeted as good news. 
When foe government reported Thurs- 
day foal the U.S. trade deficit expanded 
to a larger-than-expec ted $10.3 billion 
in July, foe news was taken as a sign that 
economic growth will not accelerate to 
the point where inflation becomes prob- 
lematic. 

It was growing American purchases 
of foreign-made goods that led to foe 
widening deficit, according to David 
Hensley, an economist at Salomon 
Brothers Inc., who noted that exports 
were more stable. Mr. Hensley said be 
remained wary about foe inflation out- 
look, saying foal demand for goods and 
services is strong in the U.S. economy 
even if foe demand has not yet translated 
inro higher prices for them. 

Nonetheless, after a week of favor- 
able economic reports, the chances that 
foe Federal Reserve Board will raise 
interest rates this year seem to be re- 
ceding. Given that backdrop, Mr. Ack- 
erman said he thought foe Dow would 
sur pass its Aug. 6 record close of 
83593 1 before the end of 1997. 

See STOCKS, Page 14 


CURRENCY & INTEREST RATES 


►. - •> : r4 

. ' * *■' 


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Cross Rates « <c «. a m 

vftu cc IIr] n_H IF. Sr. xR O r»™ 

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1455? 1-BSSS 14533 


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Key Money Rates 

ii^taSbta Oooo 

aeamanto 52)0 

pmi* 5? 

Fcdondfnta 5U 

jO^oy CDt M alta 559 

isstayCPdatan 550 

TreosarybO 496 

l^oor Tnasunr b3 5.18 

2^MrTicasanrbS 5J9 

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7Hfoar1Tsas»ynala 604 

lO^carTtaBaiyaato 62» 

30^ear Tlwwry bead 640 

MhtB OpKb 30-daf RA. SOS 

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1 nirtb to teitadr 3W 3W 

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t-month bttorbmh 3fk 3ft 

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6—Bb* CwOff Ltomats. 

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UfldW 32045 32085 +040 

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l/i *tas per ounce. London ofEdal 
lungs Zutxn and New nutopatins 
and dosfiv prices New YMCanex 
/Dae J 

50WIE«»tB5. 


2 Accounting Behemoths to Merge 


world and of the globalization process. 

The second, less highly visible event 
was the publication of a major study by 
the World Bank, “China 2020,” which 
should be required reading for anyone 
worried about China, not to mention for 
the country's leaders in Beijing. 

The bank concedes that China could 
go badly wrong. Slower growth and 
rising inequality could by 2020 turn foe 
country into a “tinderbox of tensions,” 
wracked by disputes with its trading 
partners. 

kins Alternatively, however, 
g A d China could become “an 
agile, modem and adaptable 
economy, ’ ’ trading profitably 
and peacefully with the rest of 
foe world, to foe advantage of everyone, 
including its Asian neighbors. 

This China would not lock like an 
aggressive imperial or Nazi Germany. It 
would be more like 19th-century Amer- 
ica, and postwar Japan in the 20th cen- 
tury, as they emerged as major trading 
powers. In both cases, the results were 
good both for the countries themselves 
and for foe world at large, the bank says. 
The m»mg sho uld hold true for China 

If China 's trade were to expand in 
line with the bank’s projections, its 
growing share of world trade in foe 21st 
century would look little different from 
the pattern the United States and Japan 
followed before h. 

In fact, foe bank says, with today's 
stronger trade, financial and communi- 
cations links — in a word, globalization 
— the world is better equipped than it 
was 50 or 150 years ago to handle foe 
emergence of a major trading nation. 

Bnt the mam point is that this utopian 
state of affairs will not come about 
unless China vigorously pursues reform 
and opens its economy. China's inef- 
ficient state industries will have to take 
their tom suffering from foreign com- 
petition. There will be short-term pain 
before long-term gain. 

Bnt Pima, with its unique combin- 
ation of Marxist-Leninist thinking and 
several thousand of years of history, 
tends to take the long view. Hopefully, 
that is what Mr. Jiang is doing now. 


By Tom Buerkle 

Inumationnt Herald Trib une 

LONDON — Coopers & Lybrand 
and Price Waterhouse announced plans 
Thursday to merge into the world’s 
largest accountancy and consulting 

firm, a move designed to keep pace with 

the global reach of their biggest cor- 
porate clients. 

The combined firm, a private part- 
nership, will dwarf many of foe cor- 
porations it aims to serve, a sign of the 
beady growth and concentration of the 
accounting and consulting industry in 
recent years. 

The company would have more dian 
8,500 partners and 135,000 employees 
in more than 100 offices around foe 
world and expects to generate revenue 
that could exceed $13 billion this year. 


The Big Six Turns Five 


That would vault it to the top of foe 
industry’s rankings, ahead of Andersen 
Worldwide. 

“Our decision to combine has been 
driven by foe recognition that our clients 
require seamless global support and un- 
precedented levels of expertise that, un- 
til now, were simply not available from 
any one organization,’’ said Nicholas 
Moore, chairman of Coopers & Ly- 
brand International, who would become 
chairman of foe merged group. 

James Schiro, chief executive of 
Price Waterhouse, would hold that post 

at the new firm. 

Competition has intensified within 
the industry in recent years as firms 
have moved to expand beyond their 
bread-and-bnner business of tax audit- 
ing to offer advice cm everything from 
corporate strategy to operating com- 


Fee income, in biSions of U.S. dollars 

Hgnsap 

«■ 1A4i)U:)4WM4 




_i Andersen Worldwide as 1 C 

2 KPMG &1 2 Ai 

3 E&Y 7£_ 3 Kl 

4 C&L a8 4 B 

5 am 05 5 D 

6 PW £0 

Source: firtemaBbna/ Accounting Butsttn, Dec. 1996 WotUSunmy 


mm 

1 

C&L/PW 

11.8 

2 

Andersen Worldwide 

9.5 

3 

KPMG 

8.1 

4 

E&Y 

7& 

5 

DTTI 

6S 


pater and software systems. 1 

Executives say those services are in- 
creasingly in demand around foe world 
as major corporations seek new markets 
and production sites in Asia, Eastern 
Europe and Latin America. * 

“Cheats now expect you ro do is 
Timbuktu what you do in London,” sai£ 
Peter Smith, foe chairman of Coopers & 
Lybrand UK. “They want consisted 
quality and seamless service. ” . 

But some industry specialists worried 
that this deal was one too many. | 
“They're global anyway, so going 
megaglobal doesn't achieve anything. 7 
said Anthea Rose, chief executive of foe 
Association of Chartered Certified Ac- 
countants, a British professional orga- 
nization. The proposed merger may 
only reduce competition and complicate 
the efforts of national regulators to en- 
force standards against foe power of 
global behemoths, she said. 

Other analysts predicted inevitable 
difficulties in trying to merge the cul- 
tures and peisonalities of a business that 
consisted mainl y of h uman capitaL - , 
“There are structural problems to 
bringing together two very large or^ 
ganizahons,” said Philip Abbott, head 
of Industry Research Group in London: 

But executives at both Coopers A 
Lybrand and Price Waterhouse said that 
foe two firms were complementary 
businesses with little geographic or in* 
dustry overlap. J 


Yaohan Reaches Financial ‘Dead End 9 


By Velisarios KattonJas 

Internononal Herald Tribune 

TOKYO — Yaohan Japan Corp., foe 
Japanese aim of a maverick supermar- 
ket chain thaf 0QC6 bOBSted (rf plans fO 

open 1,000 stores in China by 2010, 
filed for bankruptcy Thursday, saying it 
had reached a >! financial dead endL ,r 
The collapse of Yaohan, which em- 
barked on a spending spree in foe late 
1980s, opening 200 stores in 13 nations 
worldwide, illustrated foe problems 
Japanese companies face in parlaying 
savvy at home into profits overseas. 

“ft was a wild co mpany ,” said an 
analyst who asked not to be named. “Its 
disdosnre was always poor, and h was 
never clear exactly what was going on 
there. ’’The Tokyo Stock Exchange sus- 
pended Yaohan ’s shares, which slid 22 
percent to 70 yen (58 cents) before 'its 


collapse was announced. The shares 
have plummeted 87 percent since foe 
beginning of foe year. 

In a statement, Yaohan said that 
“with a near-term improvement in our 
finances not expected,” it had decided to 
file for court protection as a last resort 

Japan Credit Rating Agency indicat- 
ed that it expected Yaohan to default on 
its debts by slashing its bond rating from 
B-minns to D-minns. 

Yaohan’ s total debts exceeded 161 
billion yen, foe company said. Of that 
amount, 43.7 billion yen was in loans, 
37.4 billion yen in convertible bends 
and 49 billion yen in mortgaged bor- 
rowings. The rest was owed to sup- 
pliers. 

Yaohan’ s bonds, some of which are 
owned by individuals, are not backed by 
collateral, raising foe risk investors may 
not get back their money. 


The Stock Exchange of Hong Kong 
also suspended four Yaohan affiliates 
listed there over uncertainty about the 
company's future. The four affiliate* 
are Yaohan Food Processing & Trading 
Co., Yaohan Hong Kong Corp., Yaohan 
International Caterers Ltd. and Yaohan 

I n te piwtifYTial Holding s T id M 

In foe past few years, the company 
has evaded its long-esmected bank- 
ruptcy by selling some of its most prof- 
itable stores in Japan. 

Yaohan, hit hand by the spread of cut- 
price sup ermarket* in its main market 
areas, also planned to pay debts by cut- 
ting its stake in a large mall in Shanghai. 
The company had been trying to sell 
assets in Malaysia and the United States 
as well. Yaohan also hoped to raise 20 
billion yen in loans that never raate- 

See YAOHAN, Page 14 


U 


Insights for investors from the worldwide research of Julius Baer 


£ 

U 


EMU and your 
wealth - problem or 
opportunity? 


A large majority of investors believe dm Euro- 
pean Monetary Union will start as planned in 
January 1999. Before, during, and after its 
implementation, die enro will have a profound 
impact cm die investment marketplace world- 
wide. 

With a punctual launch ofEMU, investors fece a number 
of uncertainties: First, the number and identity of 
the countries that will be initially accepted for EMU 
membership. Although this will be unknown until 
spring 1998, we are of die opinion that there will not 
be a small onion of hard currencies, but a merger of 
a larger group of currencies which in the longer term 
could expand to countries not yet in the EU. 

Second, the determination of the fixed exchange 
rates between national currencies and die euro. 
In practice, setting these rates will be the task of 
the governments and the European Commission 
during the run-up CD EMU. 

Third, the effect of EMU on international forex 
markets, e.g. die US dollar, sterling, Swiss franc. 
The principal aim of the European Central Bank will 
be to ensure long-term price stability. We believe 
that the ECB will achieve this goal and that the euro 
will create a currency bloc rivaling that of the U.S. in 
size and providing a crucial counterweight to it. 
Moreover, after a transitional period, die euro will 
be used as a reserve currency to a far greater extent 
than die D-Mark now. 


“ The euro can be 
a dynamic force for 
Europe’s future. ” 




Equities, Bonds, and the Euro 3! 

EMU will accelerate deregulation, competition and 
emphasis on shareholder value foar have supported 
stock market performance. Thus a greater exposure 
to equities is likely to be implemented in the future. 
For fixed income investors, the absence of exchange 
rate risk and the expectation that interest rates should 
remain rather low in comparison to previous busi- 
ness cycles will reduce the typical opportunities of 
capital diversification. Resulting alternatives: take on 
more risk with euro bonds or expand investments 
into non-euro bonds. 

In view of the uncertainies surrounding EMU at 
present, there are obviously no patent solutions 
for an optimal investment strategy. Since the 
objectives and rime horizons of each in v estor are 
different, an individually structured portfolio is a 
must to balance risk and opportunity. 


Want to know more about EMU and its impli- 
cations for investors? Or discuss an asser manage- 
ment relationship with the Julius Baer Group? 
Just call Joseph A. Belle, Telephone (+41-1)228 55 59. 
Or visit us on Internee http://www.jiiKusbaer.coni 


JBp°B 

JULIUS BAER GROUP 

Zurich Geneva London New York Frankfurt 
- INSTITUTIONAL ASSET MANAGEMENT - 


PRIVATE BANKING 


TRADING 






p. 


I 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, SEPTEMBER 19, 1997 

THE AMERICAS 






I Investor’s America 


30-Year T-Bond Yield 


x '< V;r v-v- 



A Reason for Irrational 9 Strife 

Strikes May Hurt Both Sides but Can Prevent Future Gashes 


Dollar in Deutsche marks H Dollar in ,/en 


By Steven Pearistein 

Washington Post Service 


The typical part-timer, the foun- 

nr<1l or-f-nol l\r pmi Imc 





Very briefly: 


GM Might Sefl 14 Parts Operations 

. . 1T«1 1 CM. 


WASHINGTON — When the 
Teamsters union’s strike against 
United Parcel Service of America 
Inc. was settled last month, ana- 
lysts generally agreed that the 
company had capitulated and die 
workers were the big winners. 

In many respects, they were*. 
UPS gave op its effort to withdraw 
from the Teamsters pension fund, 
accepted strict limits on subcon- 
tracting and agreed to give full- 
time jobs to 10,000 part-timers 
who wanted them. In terms of 
hourly pay, however, the results of 
the strike were more ambiguous. 

According to an analysis by the 
Employment Policy Foundation, an 
employer-funded research group, 
the average full-time UPS employ- 
ee will have to wait until the final 
year of the five-year contract to 
come out ahead of where he would 
have been if the union had accepted 
the company's last offer before the 
strike. The analysis factors in the 
average worker’s lost income of 
$1,843 during the 15-day strike. 


dation said, will actually earn less 
"the contract 


money over the life of i 
than if the union had accepted the 
company’s final offer. 

“The point we wanted to 
make,” its president, Edward Pot- 
ter said, “is that in recent years it 
has been self-defeating for work- 
ers to go out on strike.” He said a 


review of 20 major strikes since 
1989 had found that only two 


ly two 

could be justified in terns of high- 
er incomes for typical workers. 

Rand Wilson, a spokesman for 
the Teamsters, declined to com- 
ment on the foundation’s calcu- 
lation, saying it was not a useful 
way to evaluate a contract in- 
volving issues much broader than 


hourly pay. By the same logic, he 
lid, UPS ' " 


said, UPS shareholders would 
have been better off if manage- 
ment bad accepted the union's last 
prestrike offer. UPS has said its 
volume of packages shipped has 
declined 4 percent to 6 percent. 

On the surface, it would appear 
tha t UPS and the Teamsters were 
equally irrational in getting into a 
strike. According to David Lipsky , 


a professor of industrial labor re- 
lations at Cornell University, aca- 
demic studies have long found that 
few strikes are ever justified on a 
financial basis for either side. 

Why, then, do strikes occur, if 
they do not benefit anyone? The 
answer, according to labor experts, 
is that it is perfectly rational for 
both sides to get into strikes oc- 
casionally, if only to establish bar- 
gaining credibility for the next 
couple of contract negotiations, 
when a strike can be avoided. 

If a company knows its union 
will never strike, then it would be 
irrational for it not to make a smaller 
“best and final offer” than it would 
make undo: duress. If a union 
knows a company will always cave 
in at the last minute to avoid a work 
stoppage, then it logically would 
make lavish contract demands. 

The willingness of economic 
actors to occasionally act irration- 
ally keeps the whole system ra- 
tional. said Robert Frank, a Cornell 
economist “In any sort of nego- 
tiation, if you advertise yourself as a 
perfectly rational person, you wind 
up being a sitting duck,” he said. 


STOCKS: Wall Street on a Rebound 


Con tinned from Page 13 


Although some comparisons 
have been drawn to 1987, when the 
market gave up all of its gains for 
the year in a one-day October sell- 
off, Mr. Ackerman noted that the 
economy was growing. Addition- 
ally, he said, prices were being sup- 
ported by “me small investor who 
today is better educated than the 
investor in 1987 and appears pre- 
pared to stay the course,” He ad- 
ded, “The flow of money into the 
mutual continues to be impres- 
sive.” 

Among active issues. Whirlpool 
was sharply higher after it said it 
would sell its finance unit and cut 
4,700 jobs. That is the kind of cor- 
porate strategy that has been cred- 


G-7 Puts Currency Market on Hold 

. Employees of GmT D elphi Automotive Systems were told " 

of the possible sales Thursday, said Karen Hulsey, a Delphi 
spokeswoman. The fate of employees — including whether 
there would be layoffs or if employees would move to other GM 
operations — would be negotiated as part of the sale, she said. 


nies competitive in the 1990s. 
job cots, amounting to about 10 
percent of the appliance-maker’s 
work force, are spread around the 
world. 

Tektronix also was higher after 
the company announced plans to 
cut about 250 jobs from its video 
and networking division as part of 
an effort to return to profitability. 
Tektronix, based in wilsonville, 
Oregon, also said late Wednesday 
that it would streamline product of- 
ferings and reduce the unit’s ex- 
penses, The Associated Press re- 
ported. 

Georgia-Pacific rose after saying 
Wednesday that its third-quarter 
earnings report would exceed ana- 
lysts’ expectations. The forestry 


Bloomberg News. U.S. Filter was. 
slightly lower on the New York 

Stock Exchange. 

■ LG Boys Rival Phone Firm 

LCI International agreed to buy' 
USLD Communications for $354.8 
million in stock and assumed debt 
as it seeks to improve in compe- 
tition with such larger long-afe- 
sauce carriers as AT &T, Bloomberg 
News reported from McLean, Vir- 
ginia. 

Under the agreement, LCI will 
exchange 520 of stock for each of 
USLD's 16.6 milli on shares out-1 
s tanding , or $331-8 million. The. 
transaction represents a 10 percent 
premium on USLD's closing share, 
price of 518.125 on Wednesday. 
LCI also will assume $23 million of 
debt and take an unspecified charge 
related to the purchase. ‘ 

LCI shares rose 6.25 cents to 
S24.125. 


t 


j 1* 

l' 1 ' 1 

1 a?* 

***' .. 


.•him 


• Chi quits Brands International Inc. of Cincinnati, has 
agreed to buy Stokely USA Inc. for about $1 10 million, most 
of it in assumption of debt, as the banana and fruit-processing 
company seeks to bolster its canning operations. 

• Montgomery Ward won a judge's approval for an in- 
centive package that could pay employees as much as $124 
million in bonuses and other compensation if they stayed with 
the troubled retailer during its bankruptcy reorganization. 

• ITT Corp.'s plan to split into three companies won die 
approval of the Nevada Gaming Control Board, pendi ng a 
decision by a federal judge this month. Las Vegas-based ITT, 
which operates the Sheraton hotel chain and Caesars World 
casinos, needs state approval for the split. 

• The Securities and Exchange Commission accused six 
people of masterminding a scheme involving the “leasing' ' of 
shares in s mall companies. The commission said they had 
managed to defraud a Swiss bank. Bank Leu, of S3 million, 
and to defraud Lehman Brothers of $6.5 million. The SEC 
said that the defendants had not cooperated in the investigation 
and that no settlement was expected. 

• 3Com Corp. expects to be named a key supplier of parts to 

Compaq Computer Corp. as part of Compaq’s push to 
expand its buiid-io-order personal computer business. 3Com 
said it was in the “final stages of discussion” ‘with Compaq 
Computer. Bloomberg. NYT 


Compiled by OurSuffFnm Dapotcka 

NEW YORK — The dollar was 
higher against most other major cur- 
rencies Thursday in spite of a 
worsening U.S. trade deficit, and 
dealers said any major movement 
was unlikely before the weekend 
meeting of the Group of Seven in- 
dustrial countries in Hong Kong. 

The dollar lost early gains after 
the Deutsche mark benefited from 
German money-supply figures 
showing stronger-than-expected 


growth and a report from the Ifo 
institute that mentioned the possi- 
bility of higher German rates in the 


products giant is planning to issue a 
new class of stock to 


FOREIGN EXCHANGE 


next few months in view of the 
economy's growing strength. 

The Bundesbank left interest rates 
unchanged, however, at its regular 
Thursday session. The dollar was 
quoted at 1.7796 Deutsche marks in 
late trading, up from 1.7724 DM on 


Wednesday, and at 121.935 yen, up 
from 120.90 yen. 

“The market’s ready to push the 
dollar up but is waiting for a polit- 
ical green light from the G-7," said 
David Thwaites, an analyst at Credit 
Lyonnais Capital Markets. 

The dollar was also quoted at 
5.9775 French francs, up from 
5.9510 francs, and at 1.4661 Swiss 
francs, up from 1.4615 francs. The 
pound rose to $1.6115 from 
S1.6013. (AFP. Reuters) 


YAOHAN: Unconventional Retailer Files for Bankruptcy 


Continued from Page 13 


rialized from unidentified 
“friends” of Kazuo Wada, its 
Shanghai-based chairman who re- 
putedly has close ties with top 
Chinese Communist Party officials. 

Nonetheless, Mitsumasa Wada, 
Yaohan's president and the brother 
of its chairman, said at a news con- 
ference in Tokyo that its foreign sub- 
sidiaries would continue operating. 

“Offshore operations, including 


Yaohan Holdings International, do 
not have a direct involvement with 
this,” he said after the company 
filed for bankruptcy in Numazu, its 
home town in Shizuoka Prefecture, 
south of Tokyo. 

“Starting from December 1997 
until 2001. we were supposed to 
raise 10 billion yen a year to redeem 
convertible bonds." the younger 
Mr. Wada said. “But it now seems 
to be impossible." 

“The loans were supposed to be 


provided to Wada as an individual 
and the company,” he said. 

Yaohan said in August that it 
would take out the extra loans in 
September to pay suppliers and late 
bonuses to employees. 

In the year that ended in March, 
Yaohan Japan had a consolidated 
pretax loss of 5. 1 billion yen on sales 
of 231 billion yen. The company 
was expected to post a similar loss 
this year, with sales falling to 168 
billion yen. 


track the per- 
formance of its timber business, 
leaving its building-products oper- 
ations under the main listing. 

Bankers Trust was higher even 
after it denied a televised report that 
it was a takeover target 

American Home Products rose in 
active trading, following several 
days of decline. The company has 
w it h d ra wn two obesity drugs' after 
concerns were raised about their 
effects on user’s hearts. 

Security Capital Group class B 
shares were trading at S34. 1 25, well 
above their S28 offering price. The 
real-estate investment and manage- 
ment concern sold more than 22.5 
milli on shares for S630 million in 
the initial public offering. The size 
of the offering was increased from 
1 5. 1 milli on shares, which had been 
expected to sell for as little as S25 
each. 

In over-the-counter trading, 
American depositary receipts of 
Memtec, the Australian maker of 
filtration products, were sharply 
higher. The company received a bid 
from U.S. Filler, which it rejected 
as “opportunistic and woefully in- 
adequate,” according to 


USLD, LCI will expand into the. 
Southwest and Northwest and add 
customers in the West and South-' 
east. The company will also be ablej 
to add more corporate customers, a; 
market reached by USLD. \ 

“This is a highly strategic com-: 
bination,” said William Vogel of! 
Montgomery Securities. “The move: 
will allow them to grow fester.” » 
Mr. Vogel said hie did not expect! 
any cost-cutting benefits from the' 
acquisition. Instead, he said, the! 
combination will provide LCI a bet- . 
ter return on the teJecommuiiica- ’ 
tions capacity ii has by giving it! 
more customers. 

LCI said it expected the com-' 
bination to add about 1 cent a share' 
to earnings in the year after com- j 
pletion of the acquisition, expected) 
by 1998. “ - ; 

LCI said it planned to lay offi 
some of USLD’s administrative! 



Ij'V 
l IV 


# 


employees, although the company] 
said it was likely to keep most of 


USLD's 700 workers. LCI declined; 
to say how many employees iti 
planned to dismiss. ' 

USLD provides long-distance! 
and local phone services as well as* 
operator services for the hospitality! 
and pay-phone industries. McLean, - 
Virginia-based LCI is die No. 6! 
U.S. long-distance carrier. ? 

The three largest companies,! 
AT&T, MCI Communications and* 
Sprint, have about 90 percent of the- 
long-distance market [ 

“LCI has an enormous amount' 
of av ailab le capacity, compared to; 
AT&T and MCI,” Mr. Vogel said, i 
The transaction will be accoun-: 
ted for as a pooling of interests. 

LCI provides worldwide voice! 
and data transmission services. It 
serves businesses, residential cus- 
tomers and other earners through its 
fiber optic network. 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 






Thursday's 4 P.M. Close 

The top 300 most odtve share* 
up to the closing on Wall Sheet 
neAssoa&dPiess. 


Sdes HU* La* Lslea Qrge 



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32V* 41% 
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ion 
m 
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4% «* 

24ft 24 
to to 
4ft M 
«k 48k 
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14% 13k 


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Dow Jones 

on* Mo* U"» LM Ck» 

me 291 DJIA 8020.90 78040 792272 +3678 
Trans 313155 317537 313188 316177 +27.55 
Uffl 24086 242,45 24037 241.11 +074 
Coop 2526.16 2557.07 2S20J1 253159 +I4J0 


Most Actives 
NYSE 


Sept. 18, 1997 

High Low Latest Chge OpUd 


High Low Latest Otge Opirt 


High Law Latest Chge OpW 


High law Latest Chg* OpW 


,k 

+1% 

-% 

♦% 

J* 

4* 

-*k 


Standard & Poors 


T**T 

4PJUL 


4ft 


4k 


24k 

sk 

4k 

47W 

6 * 

141* 


Industrials 
Tmnso. 
UffflBcs 
Fan nee 
SP 500 
SP100 


imA71100J931iaZ08 1IML45 
698-53 694J57 69 SJ1 701.40 
20B36 205,27 20500 206-47 
111J1 110.99 111.39 111.76 
95029 941.99 9-000 947X2 
91744 909.76 91074 913.02 


AH one 

PMMors 

GenEloc* 

CMHCAs 

MlanT 

BKMA 

M Dalai 

TendHIt 

Barings 

Earn 

Teems 

SocCGBn 

AMD 


V*l HMD 
8610 72k 
76763 74k 
72437 44V 
68145 4114 
67606 71% 
60833 2ffU 
51897 40*V* 
493*4 58*n 

47293 39k 
44445 28k 
43870 5A* 
42055 67V. 
41927 131k 
41794 34k 
40860 XMi 


Unv Mat 

70k 70-1 
73k 73'* 
4T> 44% 
404* 40k 
69k 70% 
27V, 3Bk 
38k 39 

56V, 57k 
37 38k 
27% 78k 
S3 53V* 
64% 66 

127W 129k. 

34 34k 
31k 32% 


“ 8 - 
+ *■ 
-k 
+k 
-k 

+r% 


+)k 

+7k 

+n 

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+lk 

♦n 


Grains 

CORN (CBOT) 

SQOO ou minimum- cents per bushel 
Sep 97 2*8 263 265 +1'4 

~ “ 266 '4 263V, 244k +H 

273 273 

277 273 

282k 280 '4 281 v< 

277 274 1 .4 274k undv 

275 272 272 V? untJL 

EsL sates NJL Wocfs sates 36830 
WedsopBi lot 301949. up 255 


Dec 97 
Mar 90 274-6 

May 9S 290 
Jut 98 
Sep 98 
Dec 98 


► k 
+»t 
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180818 

57.544 

14042 

24453 

1,774 

1S489 


0RAN6E JUICE (NCTNJ 
15000 bs.- cents per Ih. 

NO* 97 69J0 68J0 4805 -020 10575 

Am 98 7240 71-80 71^5 -0.10 9.144 

Mar 98 75JB 7475 7480 4U0 i880 

May 98 7790 7740 7740 4U5 7.513 

EsL sates HA Wetfs sates 1.971 
We« apaa iut 36.175. up 105 


Metals 

GOLD CNCMX) 

100 Iror oi- doRars per fray az. 


Sep 97 
Od*7 
No* 97 


330.90 +4L50 
32110 32040 321 JO +OJO 
32180 +050 


46 

8.123 


10-YEAB FRENCH GOV. BONOS DV4ATTR 
FFSnyjOD-BtsrilQOpc! 

Doc 97 99.90 99J2 9*X2 +0J6 124411 

Mar 98 99J4 9i82 99.14 + 0J8 928 

Jua 98 HLS2 9SJJ 9&S4 +(L28 0 

EsL sates; 128.107. 

Open ht; 127 J39 up Ijn. 

ITALIAN GOVERNMENT BOND CLIFFS 
ITL 200 rnBEM - pis of 10D pd 
Dec 97 111 JO I HL55 111-39 +049 114466 
Mar98 1TJJ1 111.00 111J9 +049 673 

Jim 98 NT. NT. 11129 +049 

EsL sales: 634M. Prey , sates 51525 

Ike*, open Ml 11&139 up 1.301 


Jan 98 9497 9485 MBS +006 71434 

Sap 98 95.10 9497 9548 +008 49J63* 

Dec 98 95.11 9495 95.10 +012 39J10 

Mar 99 9&01 9486 9500 +011 19^44' 

EsL sates 90491. Pro*, sates 107J73 
Pmv.apailnL.- 361JU8 up 10427 


NYSE 


Nasdaq 




MLEMSs 

iMekaadg 

SS X* 


MoaHOg 


avs 


Z74 

758 

360 

117 

1W 

73*3 

1271 

663 

m 

116 

136 

lit 

T9t 

60 


HBUlt 

RVIteai 

Horfcifl 

Nans 

HAVtact 


OadMa 


5971 

tu 

146 

1199 

766 

433 


4M» ... 

2* 52 

M 8 
k V* 
in 6V* 
Ik 7k 
»VW 9k 
1» Ilk 
sis* srv+ 
3k M 

3 € 

1M 18k 

tek w 

MW 

2k TV, 

2S 73 
«■ *o 
iik 
S5k sm 
7k 7k 
23k 3lte 
25k 23k 

5k 
lk 


ra 


•k 

♦k 

+ 1 * 


Qnparito 

gstom att 

nooB. 

UNIT 

Rnmce 


HW Un* Uari OW. 

50049 493-31 49S4I +220 

63045 43141 63421 ,lil 

4*4 SI «5.47 4*241 +2.94 

296-45 29274 29446 +173 

<71-82 46681 4*757 +15* 


VML 


8 

k 

616 

7ft 

9k 

119* 

Silk 

3k 

30k 


4k 

+»k 

4k 


Nasdaq 


Oiadai 

3Com 

AscbiM 

SyOsITc 

OlMs 

Mloostls 

DefCpts 

Egutm 


w Hk m -« 
9kk 9k Wk -V. 


Cemp m On 

induoriak 

Banks 

Imunnca 

Ftaance 

Tiansp. 


163989 I667J1 167006 
135067 13S3J4 135401 
10*2.19 185081 1859.01 
179988 178545 I 787J4 
2213J4 2190.1* 2211.16 
107074 107183 1 076M 


♦199 
*179 
+9.14 
-1273 
♦ 17SI 
+545 


PocJAart 

USlBcot 


High 

136885 379k 
10841 48 
103161 36 
95273 

85*30 97k- 
73004 \15Vi 
HOI 97H 
ST970 19k 

50717 TIN 
48984 37 
18 29k 
II 


48718 

47344 


4*346 14. 


«ogen* 


4471* i9»k 
41572 32k 


3*Va 369k 
45k 46*k 
34k 35k 
29* 3k> 
95 95 

13194 132 k* 
94k 94k 
IBVi UWk 
19k 21k 
35V*3*k«< 
27« 76k. 
10k 10k 
I2JJ* 13V* 
ilk n»* 
31 31k 


31* 

T7U 


AMEX 



SOYBEAN MEAL (CBOT) 



Dec 97 

32X70 32X10 

32X70 

+030 11*846 


1 00 Ions- dodm per ten 




Feb 98 

32*to 32X50 

32*10 

+0.60 

1*439 


Sep 97 

276JD 269.00 

269 JO 

-530 

2398 

Apr 98 

32*60 

32*93 32*80 

+ara 

*405 


00 97 

231.70 22460 

22*90 

-*70 

2X604 

Junto 



32770 

♦0.70 

069ft 

a*. 

Dec 97 

213J0 205 00 

20*50 

-5.10 

4*223 

Aug 98 



32980 

+070 

*327 


Junto 

207 JO 201.00 20130 

-170 

11395 

Oct 98 



331.90 

+0.70 

350 

4lk 

•4-191 

Mor 98 

201 JO 19*00 

1*630 

-iaa 

11.241 

EsL sates 1+800 Wads sales 1*777 


*Vi 

May 98 

201.00 19*50 

195.80 

-230 

9.142 

Weds open Int 201831, oft X«to 




Est sales NA Weds sates 19.992 








■1 

Weds open ini 108.75X up 278 



HI GRADE COPPER CNCMX) 



-11^ 

.B*. 






2*000 0)*- cenls per to. 




4-3V% 

SOYBEAN OIL (CBOT) 




Sep 97 

9*10 

9150 

9*95 

+ 140 

2494 

+ 244a 

60800 fas- cents per lb 




Od 77 

9*10 

9*00 

9*30 

+140 

1T43 

♦ ft 

Sap 97 

23.95 23.47 

7X62 

-0.18 

318 

Nov 97 

9*B0 

95.10 

9*00 

+ 135 

1.768 

-*U 

Oct 97 

2*02 7X51 

7X69 

-0.15 

1*799 

Dec 97 

97 JO 

9*50 

9*50 

+130 

29425 


Dec to 

2*40 2X88 

2482 

-0.20 

47JJ9 

Jui 98 

9*50 

9630 

9*50 

+1.40 

940 

♦ I9» 

.1 

Jan 98 

2*52 2408 

2*20 

-030 

1*257 

Feb to 

9780 

9630 

9630 

+ 130 

985 

■1 

Mar 98 

7*7B 2431 

2*46 

■019 

*430 

Mar 98 

9730 

9*70 

9*50 

+130 

*435 


May 9a 

2495 2*43 

2*62 

020 

192* 

Apr 98 

97.00 

9*45 

9545 

+135 

80S 


Esl. sales NA Weds sates 2*1*4 


May W 

96.90 

9680 

9*40 

+ 135 

1192 


UBOR 1-MONTH CCMERJ 
53 mAEan- pis of 180 pd- 
Od 97 4437 9436 9437 undL Z7J79 

Not 97 MJ4 9432 9433 undL 20668 

Dec 97 9417 «417 9417 -4L01 6.961 

Est sales 3810 Wad's solas 0349 - 
Weds open H 44817, OH 4576 


Industrial 
cotton 2 oreno 
581880 Its.- cents per lb. 

0097 7375 7330 7343 undL 1720 

Dec 97 7480 7345 73J9 +085 4M92- 

Mar 98 7589 7445 7471 +886 14Z74 

May 98 7535 7535 7538 +0.05 6306 

Jul 98 7482 75.75 7585 +0.10 &720 

EsL HtewNAWwTs soles &772 
WeA open M 84819. up 475 


te: 


AAA EX 


Weds open ini 9&48S, up 1,978 


ITU 

54k 

7k 

23k 

IS 

5»k 


wees 68uo 
Dow Jones Bond 


Tedor 


PC (Me 
PLCSfS 
PMC 


PanAeCl 

RnC 


6047 

193 

344 

3147 

1» 

124 


-4V, 


X 17k 
26, 251k 

116 14, 


20 Bands 
lOUtaiiies 
10 Industrials 


10426 

102.16 

10635 


10424 

102.06 

186+15 


STOP 
Hastens 
ACL LW 
IvaxCp 

tteowmte 

DIM 

gEG£ 

BenkkjaU 


WoL Hlgk 
50136 96k 
38003 77 
27961 M 
16658 101^ 
1581/ I7M 
11092 8k 

10542 321* 
9716 74*, 

9673 5*k 
9557 6*. 





SOYBEANS (CBOT) 





*.iS 

>000 bu mmlmuro- cento per binho* 





Sep 97 

TVS 764ft 

767ft 

33ft 

1322 

nm. iov* 

+¥» 

Nov 97 

653 634 

635 

■V 

9*430 

lift 

11+t 

+ ik 

Jan 98 

454 638 

638ft 

-7k 

21427 




Mar 98 

459 643ft 

64314 

■7ft 

9 JIB 




May 98 

b 4Z'V 648ft 

M8N 

4 

7.297 


Tlk 


Esl solos NA Weds sales 3*738 




W«h open lot KLS0& up 370 


5--V, Mi -k V*ds open irk 148J»2, up 1.609 


HW 

145 

BIS 


14k 

isn 

19k 

n 

IJfti 

41k 

ik 

Ik 

3k 

18 


4 


1ft 

+1ft 

Rftned 

ri9 

17k 

26ft 

25 

76 

♦Ik 

gw* 

198 

1*. 

Dk 

Eft 

Eft 

-lft 


211 

k 

4k 

3k 

1ft 

•Vk 

Ponsn 

706 

4k 

Ilk 

17 

17 

-1 

Pmb s 

» 

XM 

I5k 

1S»« 

159. 

♦ Vk 

FndLa 

1012 

27ft 


17k 

■1 

♦ Vk 

Piccn 

a 

l»k 

rv. 

7k 

lft 

-k 

PlkHi 

TIT 

8k 

2»‘k 

23* 

24<ft 

-•» 

PnAdh 

IS 

ft 

7 

4k 

eh 

■Vk 

PtraCTs 

ID 

5ft 

m 

9k. 

W 

-*k 

PtetCn 

205 

W 

lft. 

| 

1ft. 

-9k 

PWMT3 

IM 

13ft 

7k 

4*» 

w» 

-'■k 

«w*« 

145 


3k 

Ik 

3k 

_ 

RF Poe 

1521 

6k 

ip* 


99k 

-v» 

RaCatl 

459 

k 

nut 

Tto 

nn. 

-9k 

ge*K_ . 

793 

11 

ip* 

19 

m 

-ft 

tetoBd 

m 

M 

*k 

k 

k 

-9ft 

RkSn 

228 

14ft 

4k 

4*k 

*1 

♦ ft. 

MmBPb 

646 

12«ft 

2k 

2k 

m 

■9k 

Rrtonlc 

121 

16k 

8* 

TVk 

n 

-9k 

ROftfQ f 

sin 

Ik 

Uk 

14k 

I4H 

-9. 

SC Bcp 

m 

12k 

» 

*k 

ft 


SubuM 1 

290 

13k 

19k 

Ik 

lk 


SManBt 

ISO 

Dk 

?9k 

7k 

2k 

-Vk 

SriKnv 

344 

12ft 

zk 

2*. 

29k 

-Vk 

ScmrTn 

211 

3k 

Of! 

k 

4Jtt 

9k 

42k 

*k 


SL 

114 

M9 

2ft 

2ft 

ilk 

9k 

Ilk 


5rtBM 

244 

urn 

17 

Ilk 

Ilk 

-9k 

sound 

207 

A 

10k 

k 

10k 

k 

Wk 

ft 

-‘■k 


1*1 

■nos 

7ft 

96k 

<4 

ft 

ft 


SPMH 

1016 

65ft 

4k 

A. 

4k 

•Ik 

May 

1 a 

149» 

9k 

to. 

w 

-v» 

SMHSta) 

788 

27ft 

Wb 

6 

tVk 


StortM 

2261 

Itok 

9k 

k 

tk 

Jk 

S*W 

584 

2>ft 

ilk 

11 

13k 

-ft 

ShiD 

18 

11V. 

** 

4k 

4k 

♦ft 

SbMkt 

119 

Ilk 

17 

u 

l*4k 

+* 

SeVHMl 

m 

9ft 

Sk 

Jk 

4k 

-1ft 


US 

Jk 

7H 

4V 

7 

*t 

2k 

4 

■ft 

-9k 

fSr. 

743 

778 

36ft 

44 V. 

W 

Ilk 

8k 


naBucta 

831 

5h 

Bk 

Pi 

89k 

♦Ik 

Ttesdeta 

116 

lift 

k 

k 

k 

+'k 

Tftnrad 

1202 

19ft 


lift* 

l4Hk 

l*k 

6k 

nn 

4V. 

7k 

in 

,3k 

17ft 

nn 

in 




IT*. 

isn 

IV. 

**: 

13 

M 

m 

1*4 

2k 

irk 

13k 


Trading Activity 

NYSE 


WHEAT I CBOT) 

5X00 bu minimum- cents per bushel 

5ep*7 

Dec 97 


Nasdaq 


366 

3S3 

354 

■7 

297 

37 T.<t 

768 

369 

-4k 

61,008 

3Wii 

380 

381 Vi 

-6ft 

21852 

3*5k 

388 

389 

-496 

*473 


SILVER (NCM30 

S000 tray cn.- certs per troy az. 

Sep W 46*80 46080 46448 +830 1,141 

Od 77 46450 +B30 78 

Not 97 4*7.90 +830 

Dec 97 472.00 46050 4*8-50 +800 51971 
Janes J«vea +880 22 

Mar98 47880 47100 474^0 +7.70 12^477 

Mar 99 479J0 478.00 478.00 +730 1238 

■tel 98 48150 + 7 30 2.380 

Es(. sales 20000 Werfs sales 17,568 
Wnrs open H 79,1 14 up Too 


EURODOLLARS (CMER) 

St adlian-pfs of 180 pet 
Od 97 94L26 94JS 9436 undv 

Dec 97 94L20 9415 9418 -081 

9415 9412 9412 881 

9487 9403 9484 881 

93.99 9195 9196 -081 
9387 9183 9185 undv 
9385 9181 9183 undv 
9381 9177 93J8 -0.01 
9177 9174 9175 undv 
93.71 9165 9168 4781 
9171 916fl 91*8 -081 

9168 91*5 9165 -081 

EsL seta 371784 Waifs sales 531,638 
W«rs nprniim 160490& on 347870 


Mor 98 
Jun98 
Sep 98 
Dec 98 
Mor99 
Jan 99 
Sep 99 
0ec9p 
Mot 00 
-hm 00 


24528 

589343 

407.123 

299353 

732,133 

201049 

140351 

111346 

91422 

71885 

6&3S3 

54228 


HEATING ML (NMER1 
42800 pal cents per gal 
00 97 5420 5115 5344 +089 34581 

Nov 97 £80 5430 5449 +086 32894 

Dec 97 5680 5535 5589 +081 24443. 

JWW 5470 56.19 5*19 884 2L988I 

Feb 98 5780 5639 5639 -Q.04 I2JS7, 

Mar 98 5*30 5584 5584 -a 14 1742 ; 

Apr 98 55.10 5464 5464 8.14 4434.' 

Est sates N A Wetfs sates 33865 
Wetfs open M 151,998, OH 1245 


BRITISH POUND (CMER) 

62300 poinds. S per naimd 
Dec 97 I 6112 1J9CJ 14038+0.0082 30043 
Marffl 16032 18*40 18978+0-0080 — 

Jun«9 18920+08078 

EsL sates 9J6S Wetfs sates 4518 
We<h open bd 39,391, oil 11250 


light SWEET CRUDE (NMER) 

1800 bbL-daflon per bbL 
0d 97 1940 7933 I9JB -08# &2JBV. 

SSE '983 -083 82,196 

Dec 97 1977 1987 1940 881 5*841 

-Ian 98 1980 1940 1944 -081 3*337 

Feb 98 1980 1983 1985 -081 1*975' 

Mar98 1975 1946 194* 4181 10334 

EsL sates NA Wmfs sates 90476 
Weft open Inl 41 &S31. up 672 




231 

27 


PLATINUM (HMEK) 


4k 


19k 


4k 

l«k 

29+k 


*n 

-k 

♦ l k 


Mvancea 
Deduiea 
Unaidoged 
Tata issues 
New Wafts 
New Lews 


- AAA EX 


sat 

,6k 

in* 


5ft 

*n 

i:n 


tVk 

1M 

ss 


II 


Adnnced 
DecaneP 
unaumoMi 
Tow issues 
Newtosm 
New Laws 


1706 

1460 

Acwnced 


1877 

2132 

)174 

1390 

Dedtawd 


1511 

7040 

538 

557 

UndnigM 


2033 

1551 


3407 

ToM issues 


SCI 

m 

388 

43Q 

New Highs 


198 

717 

15 

19 

New urns 


35 

4* 



Market Soles 




D» 

9m. 


Tatar 


Prw. 

339 

305 


*80 


zoos. 

364 

275 

NY5E 

557.13 


711.19 

154 

TO 

180 

HA 

Arne* 

37.00 


4X64 

/ J/ 

75 

'tw 

7T 

Nasdaq 

64*54 


770.02 

II 

13 

inmUScns. 





EsI. «tes NA Wed-, sales 1X552 
Weds open tel 101454. oil 55 


_£lny tn^dofarcper tniy_c& 


Livestock 

CATTLE (CMER) 

40800 lbs ■ rails per lb. 

Od 97 *085 6785 *790 8^0 

69-30 68.87 6902 -072 

7280 7145 7180 4L22 

7477 7437 7462 -015 
7177 71.12 7120 -022 
7185 7000 70.80 -022 

EsI. steps 9.189 Weds sates 1X186 
Weds open tel 92.745 off 1423 


Dec 97 
Feb 98 
Apr 98 
Jun9B 
Aug 98 


mi 80 
31434 
15471 
8418 
*401 
1487 


42*50 42280 41X40 +110 9.243 
Jan 98 41*50 41130 41X90 +140 34*9 

Apr 9J 40190 +1.M *18 

Jut 98 401.90 +1.60 3 

Est. sales NA Weds tales 747 
Weds open Inl 1133X off 1*5 

LONDON METALS (LME) 

Dollars per metric tan 
AJraftOT (High Grade) 

5pd 14J6W 1628k 1595W 1596W 

Fotwiri 163500 1637.00 161580 1615k 

Cathodes (Iflgh Grade) 

211X00 211X00 2035 00 207.00 

213480 213500 206*00 30*7.00 


CANADIAN DOLLAR (CMER) 

100.000 daOai^ I porcdrvdr 

£^2 -2S -S!S -532* -o-ooi t 4&M0 

War 98 .7273 .7250 72W -0.0011 - — 
Junes .7284 -0.0011 

EsJ. sides 5895 Weds sates 7.700 
VWeds open Int 47441 uif 15.283 


1483 

376 


NATURAL DAS (NMER) 

JftOOO mm bhrs. Spar mm Mu 
Ocf97 1900 24*6 2JB87 +0304 
1010 X795 Z989 +ai84 
38*3 2-895 10*3 +8.150 
38*0 2891 1045 +0.135 

1770 1650 1770 +0.110 
24*0 1405 2445+0845 


Not 97 
Dec 97 
Jan 98 
Feb 98 
Mar 98 


5X176 

3X63? 

2*004 


Est. sates HA weds sates 388S9 
Weds open Inf 24X041 up 1103 


1*632 

11.744 


UNLEADED GA50UNE (NMER) 


19k 


Ik 

3k 

TVS 




11% 

I 

.» 


TbCowte 


2249 

4U 

138 

ITT 

114 

302 

210 

Id 


27 2J7, 

419b 4H% 


irv» 


91* 9«' 

U* 12k 


30k 

14k 

13k 

IV* 

Jk 

lift 

lJVk 

27k 

11% 

m 

2k 

2 +* 

10% 

W 

79k 

«sk 

«4ft6< 

12k 

271* 

199b 

19* 

m 

n% 

9k 

JV* 

EH 
41 
St* 
lift 
19* 
26 
41 '4 
18 


Dividends 

Company 


Per Amt Rec Pay Company 


Per Amt Roc Pay 


IRREGULAR 

Capwre HoKfings x 43 9-29 10-6 


■ STOCK SPLIT 
Bk Commerce CA 2 lor 1 spSL 
MBIA Inc 2 fori soflt. 

NFD Resanch 3 for 2 split. 


INCREASED 

FedOncBnqi 0 .155 9>30 10-71 

FtfCotaBncp 
MBIA Inc O 

Ho# England Com 0 

ThotnbwpMig Q 


.12 9-29 10-20 
39 9-29 10-15 
J» 9-30 11-1 
-SO 9-30 10-10 


INITIAL 

IpswidiSvgBkn _ .03 10-9 10-23 


Cr pf tni in l e I nil 
Enerpftis Resour g 
FFVA Fnd 
Ft) Carnegie 
GBC Bancorp 
Gen Chemical 
Ct Central Mines 
HertxOHe inti 
Uriel Corp 

ftftncWUS 
NACReCD 
Natf Bams Alaska 
Natl Furl Gas 
PennFhst Boncnrp 
PefWnsFmnBv 

Prime Bancorp 


Refiance Bncp 
i LAP, 


835 

974 

1018 

5241 

371 

4*7 

9714 

111 

nn 

22 ) 

2S33 

nr 

IMS 

64) 

2E 


171ft 

241k 

2ft 

lk 

m 


ft 

2k 

1» 

IV* 


in im 

ki n 


m 8Vk 


& 

3D 

9a 

£ 

2)9 


6842 

916 

114 




en iti 
Wft* 23k 
II 17ft 

% R 

lit m 

4k 

BSft Bk 
lHk 109k 
Bft 22ft 
89k N 

12* I Ilk 

.« i 

a mi 

k h 

ft III 

Iftb lBk 
Uft 169W 
Mk 2k 
Jl> lift 
lift 9ft 
15k ISft 
11+ II 

l!«* 11 


13ft 

l«k 

awi 

Ttk 

lft 

16ft 

10ft 

Va 

M 


,91 

-ft 

■W 

+n 


Adwico FlnBcp 

Beauttoxtfr 
Bllnvlelntl 
CPS Inc 
Common 
Conttnen 
ComeRtone Prop 


REGULAR 


.06 9-30 10-15 
.105 9-30 10-14 
835 10-1 10-15 
3d 9-30 10-17 
JO 104 10-20 
■05 10-2 10-14 
■30 9-19 10-31 


St Joseph I 
Sumitomo Bk CA# 
TCBYErttcipr 
TIG Holdings 
Westwood Fted 
WHpy. John A. 
Wiley John a 


Q 82 9-30 10-15 
M 8325 10-1 10-15 
Q .12 10-3 10-17 
Q 875 9-30 10-15 
O .12 9-30 10-15 
Q 85 10-1 10-15 
b 8647 9-25 10-31 
q .15 10-30 11-4 
Q 83 11-1 12-1 

Q .05 11-12 12-11 
0 .075 1 0-1 10-15 
0 JO 1 0-1 10-S 
0 835 9-30 10-15 
0 89 9-30 10-24 

Q -325 9-30 M-14 
.17 10-3 11-1 

.lfi 10-3 10-17 
J4 M-3 11-18 
.20 9-30 10-24 
.05 925 TO-10 
.15 10-31 11-17 
.05 9-30 10-17 
□ .1125 10-3 10-17 
Q .10 10-3 10-17 


FEEDER CATTLE (CMER) 

50- MX) lbs.- canle per Rv 
Scp97 B0JT2 B0J2 80J7 
80.75 B0J5 BOJO 
8157 81-10 8187 
8150 8110 BUS 8-2S 
82 1 5 81 A0 81.95 -0J0 

B3J0 8187 81.95 4V 
EsI. ttecs 2J3U weds sates 1,932 
Weds open tail 19.410, oil 128 


Dd97 
Na»97 
Jan 98 
MnrW 
AprOfl 


432 

■aa 

■0.20 


2888 

7885 

X845 

X098 

1,725 

568 


Lead 

Soot 

Forward 

Mcftei 

Spot 


*7180 

63180 


*2100 

637.00 


*12k 

623ln 


113k 

*3415 


Tta 

Spot 


*40080 *405.00 *368.00 *37000 
650000 *50580 646080 647080 


SERMAN MARK (CMER) 

125,000 marts, S per mark 
2*2 ^*2 -5*52 -0.0024 

Mar 98 S740 *71 8684 88024 

Jun 98 5714 -00034 

Est. sates 21336 Weds sates 16,94* 
Wats open ml 61,051 off 4X52* 

JAPANESE YEN (CMER] 
Spoiooy™ 

Dec 97 8398 8775 8313 -080*3 

*tor« .8470 .8410 8423 -08«S 
Junw 8535-08055 

Esl. sales 2*400 WMs sales 15854 
weds open bit ra51* 0fl4X582 


5*277 

1209 

2#477 


Od 97 
No* 97 
Dec 97 
Jan 98 
Feb 98 
Mar9B 
Apr98 
May 98 


*9857 

798 

1*5 


58.75 5780 5785 -1J0 

5*85 5580 S581 -0.73 

5*20 5580 55.41 4L53 

5*05 558 5 5*51 A43 

5680 5596 55.96 -043 

5*6* -0-37 

59.75 5989 59 89 4X29 
59 JO 5989 59J9 -029 

Esl sates NA Weds sales 2*604 
Wed* open M 10X041 afl 194 


29.973 

27883 

1*887 

1X783 

4574 

5J22 

1933 

1.155 


i 9 


. 558080 559080 S43SJ30 544S00 

Poneard 5*3000 5*3500 549080 550080 

One (5pecU Ktgb Gtntel. 

165580 1 66080 161580 1 62080 

Farv «r<J 142900 1431.00 140280 140400 


HOGS-Leae (CMER) 

40.900 lbs.- corns per te 
Od97 7150 7085 71.75 -085 
67.70 *7.05 *7.07 8.15 
*5.90 6SJS 6*57 -020 

62.77 62 42 6X42 -0.12 
67J7 62.10 6785 +087 
EsL solos 583* Weds sales *998 
Wrtfs open ml Jl 333. on S3 


H «gh Low Close Owe Onto) 


SWISS FRANC (CMER) 

12X000 francs s per franc 

-689* 4X0016 

MarM .7005 8944 8944-08816 
Jon 98 .7034 88014 

Esl. sates 1.402 Weds sates 1X631 
Wieds open W 39,224 off 20899 


37803 

1.194 

123 


GASOIL (IPE) 

UJ. daflars per metric ten -tarts of loo lens 
Oct 97 167 JO 164.50 166-75 +OJ0 2*014 

No* 97 16980 16685 168JD +0J5 1*571 
Dec 97 170 JO 148-50 17085 +OS0 17 , IT) 
Jan 98 17280 17085 171.75 +&25 1X467 
Feb 98 172 JO 171 JO 17X2S UndL 
Mar 98 171 JO 171 JO 17185 Urch. 

Est. steas: 1X000.. PlW. 80te3 : 10458 
Piw. open W_- 9X315 up 971 


*876 

*820 



Dec 97 
F«b 98 
Apr 98 
Jun 98 


1X471 

1*256 

1741 

W47 

947 


PORK BELLIES (CMER) 

40800 Kix- cents per®. 

Fob 93 6763 &6.10 ***7 -087 
Marta *780 6*00 6*50 -082 
May 93 67.70 47.M 67J5 undv 

Esl >olesX114 Weds ctees 1,174 
Weds open kd XH9. up 17 


«r S! ,«sr ehl 

JifWan-wsoMOOpct. 

Dec 9) 9J.97 9*95 9*95 jun *795 

. ™ 94.9* 9496 9*96 881 1,902 

i un,a 9489 oneh. 25 

«|solM 247 Weds sates 505 
Weds open tel A72i up 249 


MEXICAN PESO (CMER) 

SXLOOO pesos. 5 per peso 

,MSs -12427+ 80071 244)46 
M" 1 * -J?™ -11980 .11985 + 4)0005 *803 
Jun 98 .11610 .11600 .11600+80106 W61 
&t ; stecs X72B Weds sates *727 
WWs open tot XUS1. off 4677 


4521 

452 


^treasuhtkboti 

Bh & 440H DMOOpd 

S’’ "7-60 107-42 107^3 -06 73tt 

Doc 97 10740 )07-24 107-27 -05 230832 

A Weds sates 7*334 
"tors open IM 2M.16* off 2572 


a-pitnuab b-appradawto aneiml per 
Sbm/ADRj B-payaUe at CavCKSOD fUTKlS; 
m-tnonlfify; iHiMflfftyi s-twJ-nwtcl 


Food 

COCOA (NCSE) 

10 meblc lam- S per Ion 


77- 


m 

m 

rik 

8W 

10ft 

Bk 

.8ft 

ITJk 


■Vk 

.6ft 

4ft 

-»ft 


+Sk 

+n 

-n 

-H 


,5. 

MSft 


141 

130 

77W 


'i? *6 
W l » 

k 


Vk 


ilk 

II 

T? 

Mk 

9 


Stock Tables Explained 

Sotos ttguiw «w imofflcku. Ytatyliigjis end km leflect the prevtas 52 weete plus toe ament 
weADirinol1twlalesltadiiig(toy.VVtKRa^orstodidv!deitoBmauii^to2SpercetooriTOT 
has Deal puttie yea is to^vtowiange and diMend coo shown far the new stodo artiy. Untas 
otheniiise nrfed, rates of dridmds am omuot (Ssl)unetKn& based an toe latest dedaiatlan. 
a • dMdend oho extra Csl- ti - annual rote of dividend plus sleek dividend, c- liquidating 
dividend. ce> PE eKeeds09.eM - coINhI. 8 ■ nn* yearly low. dd - loufn the last 12 monrtis. 

• * dividend dedaied or paid in pneerfing 12 months, f - annual fate, increased on last 
dectoratfon. g - dividend in Canadian funds, subject to 1 5% notHesttfence tat i - dividend 
declared after spit-up or stock rfivfdetid. j ■ dividend paid this year, omitted, deferred, or no 
naion token at latest tfvideitd meeting, k - dividend declared or paid this year, an 
(wauntflalive issue wBh dvfdends in anear* m •annual rate, reduced on tost declaration. 

* * now tew In the past 52 weeks. The hign-iow range begins wnh the start of trading, 
nd - next day deuvery. p ■ inittol dMdend annua) rate unknown. P/E • pricc-eamlngi ratio. 
O-ckaed^nd mutual fu n d. r - dtvl dend dedo red or paid in p receding 1 2 monttra. pi us stock 

d«wd«ia»-stod< spilLDiirtdend begins «fflh dote (tfspiit.6is- sate. !• dividend ooid In 
stock in praading 1 2 months, attracted cash vaiaoon a* -dividend or e»-distrtt>«tton dote. 

u-newyeoriy high, v -trading halted. M -in bonkiuptoyor receivership or being reoiganlzed 
uj^ttwtenkniptcrAttorsecuritiesassumed by sudt companies, wd-wlwndlsW bvted, 

wt - when issued/ ww - wttti worranls. x - en-diirttoRd or cx-ngMi «fis - w+SstriDufiOR. 
vm - without warrants, y- n-dhridend and Mies in tufl. yld • yioM. X • spies in full. 


Dec 97 

16(5 

1659 

1678 

+10 

Marto 

1719 

1696 

1714 

>12 

Mavto 

1735 

1720 

1735 

+17 

Jul to 

1756 

1740 

1756 

+12 

Sea 98 

1774 

1772 

1774 

+ 12 

Dec 98 

1791 

1770 

1791 

*12 


iz XM* 


tCHOT) 

32nds oTIOOpd 

110-2* uo-r-d 110-15 -03 16.779 

!£J! 11215 ,,M7 ■« 359827 

Mor98 ltiMJ5 109-28 109-28 - 02 12JT74 

Wedi open nit 388 . 901 . «f 1798 


3-MONTH STERLING OJFFE) 
ctocuxn • pts at loo pa 

2*!! Z2-5 8 w-90 -we 14X112 

9X64 92A5 —086 111^27 
Jun98 9X82 9172 92JS -085 B8JI9 

Jepto 919S 9284 9187 -085 41573 

Dec 98 9X05 9X95 9X00 —081 airuc 

I*?* Si? 2H 5 93-11 +*01 SXJ7U 

JiMOO 9X21 9110 9118 +084 37.561 

Esl. soles: 15*946. Prev. sates: 25&ol3 
Piev. open tail 771862 up 1*9/2 


BRENT OIL (IPE) 

U *. doBors p*r barrel - lob of 18oo bum*: 

SS B3 

li ™ ^ 31310 

™ K Ilf ^ 

SXgTi JSSSS" 


Nm97 
Dbc 97 
Jan98 
Mffl 
Mar 98 


7861 

*050 

Z 243 


*sa- 


SiTsa ssa as p 


rwo7 +170 SIam 

2 S-3 ?54A0 95*50 +140 IMjS 

Murto 980X5 J*6J0 973JD +t1o xS? 

HA Weds sales 101,140 
W«rs open i|p 231,70* oH 36 




£lL soles *6*7 Weds rata, 8.719 
Weds open W 10*009. up 418 


COFFEE C (NCSE) 

+7,500 lbs.- amts per to. 

S*p97 205.00 170.00 177.75 -1*2S 
Dec 97 (7350 16*50 169 AS 
Mar 98 1*050 15450 15*30 
May 98 15*00 148 50 150.00 
Jui 96 147.00 14175 14175 

El), sates *977 Wads kOk *735 
wwr opan ml 2*817. up B 


-350 

-420 

-175 

-125 


168 

IX5I4 

SHU 

1.75» 

1,507 


‘prowatR* BONDS (CBOT] 

ap^iioxooo.ph x 32nds on 00 pa) 

El n3*8SI!S 
M *“ 1« M '! M 


3-MONTH EUROMARK OJFFE] 

DM1 mllfion - oh of 100 prt 
2°” »■» *tto Uneh. *343 

Not J? _N.T. N.T. 9*J4 Unch 3M 

2* 9*CI 9644 UncfL 794*17 

SfS Wk ' 3a 9454 UlKh - M*t03 

Junto 9*03 Vito 9682 +001 34X747 

rE2 S'? 2“' WM * a01 171294 

Eu.2 25^ 9165 7S7.7T1 

JHl J 449 9150 +081 144627 

Junto 95 35 95j| 95J4 +082 71J61 

9*21 9*17 9*28 +082 W- H fl 

»1*« 25X9*6 


FT3E 108 OJFFE] 

Oi pwlndwt point 

r2£ 50688 +310 s-™, 

S££ 5IM8 9)6*0 51328 +»i 

Mm-98 518*0 51608 517*0 +B8 5,- <& 

g.SOks: 9X97* Pie*. ICtes: Jy™ 

Piw. open M 2 8X480 e» 1,1*2 


1-802 


CAC4»(MAT1F> 


Sop w 
Ell. 


SUHOWORLB II (NCSE) 

1 1X000 tot- Cent* por b. 

QQ97 17 32 1132 1122 8.09 

Mar 98 11.79 11J0 11.70 -8.10 

.‘JlorW MAS 11.77 11.78 -088 

JiHVfl 11.49 1152 1U4 8.84 

Est. solos 27.157 Wnrs sates 1*413 
VMS «0«n M 18*458, «ff *459 


“"©GiLT OJFFE) 

pOMO - PH & 32nris efioa pd 

Sm IJS'IS 117-18 118-08 +0-21 *41* 

m "WTara zb™ 


Pnw.apenM- u*7.rji' up 4614 


5®P97 3997.0 29378 29868 +*n ~ 

52i 2S? SK -iS % 


4*911 

8*661 

£1825 

15.264 


saa's;'K5is , ’' B 
ass "ss "sa iss 


3-MONTN PI BOH (MAT in 
FFSmntai-phrtlOOpd 

DOC 97 96.44 96.41 OArt -tflAl ■» 

OpM Ini.: 201882141X381. 


|»«W 2to9J 2999J 30008 Z& 

Oec97 3010.0 29688 3008J + m? 

W Mtet 1*54* 4,3,2 

OPtoW.:7a8»lip521 


Commodity Indexes 


n « n ss « m 


„ Q»se 

Sjsa? 1-56180 

BE&- 

240.83 


CRB 


Ptarteik . 

‘■wajo^ 

'*? 04.70 W 




^WTOSJ.- Mata Az&odatpn d. 34 0-6l 

lBXg£5Br ss &ilr*’ 


i 






II 



INTERNATIONAL Hi 




O* \ i 


OTEMBER 24, 1997 


PACT 9 


INTERNATIONAL HERALD TRIBUNE, FRIDAX SEPTEMBER 19, 1997 



PAGE 15 


Alcatel Posts a Profit 

After Restructu ring 

Operating Earnings Soared in Half 


PARIS — Alcatel Alsthom SA, 
Europe’s biggest telecomm uni ca- 




stnooger demand at its mobile-com- 
munications, transmission and cable 
divisions, and one-tune gains. 

Profit was 1.5 billion Bench 
francs ($252 million), in contrast to 
a loss of 374 million francs a year 
earlier. One-time gains from asset 
sales totaled 13 billion francs , up 
from 413 million francs in the first 
half of 1996, while restructuring 
costs tripled to 759 million francs. 


ft* tain 


i w.J 


- . Sep- 

-C-iup- 
•■£ ;o 


■-.rniof 
:■? 'uni 
en- 

. ; J iHiT. 

.nr i'irr- 
-j h:s >«/- 

::::rfaliy 
,r: v-i 
•» j 
v*n.:P. 

Vi- 

■7‘Vrri -:n 
.. 2 

’ .. 

i 

. "it 

' - - ■*T 

. . _■ 

..--VXVJ 




* 


Credit Lyonnais 
Leaps to Profit 

CtVupJaJ by Our From Disparba 

PARIS — Credit Lyonnais 
SA, the French bank that nearly 
collapsed because of lending 
excesses, said Thursday its 
first-half profit rose nearly nine- 
fold on cost-cutting and better 
risk management in an im- 
proved economic enviro nment. 

Net profit for the six months 
to June 30 was 601 milli on 
francs ($100.9 million), com- 
pared with 67 million francs a 
year earlier. The state-con- 
trolled bank, helped by re- 
peated government bailouts, 
said banking income rose to 
23.36 billion francs compared 
with 21.45 billion francs m the 
year-earlier period. 

The net earnings figure ex- 
cludes the cost to Credit Ly- 
onnais of a 123 billion-franc 
20-year loan to a government 
agency set up two years ago to 
buy and then sell the bank’s 
dubious assets, absorbing the 
tens of billions of francs in 
losses. 

- Chairman Jean Peyreievade, 
who steered the bank’s turn- 
around from virtual bank- 
ruptcy. said expected further 
improvement hinged above all 
cm die bank’s ability to cut costs 
and master risks. 

(Reuters. Bloomberg) 


The company’s finance director 
Jean-Pi erre Halbron, said he expec- 
ted an operating margin of more than 
4 percent of sales for ail of 1997, 
co mpare d with US percent in 1996* 
Operating profit rose more than 
fivefold, to 2.7 billion francs from 
500 million francs, with the 
strongest contribution coming from 
Alcatel's cables and components. 

The company is starting to benefit 
from a reorganization begun by its 
chairman, Seige Tchuruk, two years 
ago. Caught in a price war in tra- 
ditional markets such as switching 
equipment, Alcatel took record one- 

lime charges of 23.9 billion francs in 
L995 to pay for job cuts and a shift to 
booming high technologies such as 
fiber-optic cable and mobile tele- 
phones. 

‘ Tm buying Tchuruk, he’s one of 
the best bosses in France." said Marc 
Renaud, a fund manager at CCA 
Actions. "Today's figures show the 
recovery is well under way.” 

Mir. Tchuruk announced that Alc- 
atel Alsthom would not seek to gain 
full operational control of Thomson 
CSF, the embattled aerospace and 
electronics company, but would 
rather seek to "benefit from syn- 
ergies’ ’ if it went ahead with plans to 
invest in the group. 

Speaking of Thomson. Mr. Tch- 
uruk said. "Having control or not 
having control is not really the main 
point.’’ 

Alcatel Alsthom and Lagardere 
SCA have both reiterated their in- 
terest in Thomson CSF since the 
Socialist-led government of Prime 
Minister Lionel Jospin abandoned 
the previous Bench government’s 
plans to frilly privatize the com- 
pany. 

Alcatel Alsthom ’s shares closed 
at 839 francs, up 18. 

(Bloomberg, AFP. AFX) 

■ Rhone-Foulenc Charge 

Rhone-Poulenc SA, France’s 
biggest drug and chemical company, 
said it would take a charge of 95 
billion francs against 1997 earnings 
mostly to spin off its chemicals busi- 
ness, Bloomberg News reported. 

The company acknowledged that 
the charge would produce a net loss 
for the year. In 1996, Rhone- 
Poulenc’s profit rose 25 percent, to 
2.74 billion francs. 


German Tourism Units Merge 


bf Our Staff From DatwT-, 

FRANKFURT — Consolida- 
tion in Germany’s tourism industry 
took a leap forward Thursday 
when Lufthansa AG, Germany’s 
flagship airline, and Karstadt AG. 
a retailer, said they planned to 
merge their tourism units. 

The 50-50 joint venrure, C&N 
Condor Neckermann Touristik 
AG, will link Lufthansa's Condor 
charter-flight unit with Karstadt 's 
NUR Touristik GmbH be ginnin g 
Jan. 1, 1998. The venture is ex- 

K cted to have sales of 7 billion 
aitsche marks ($3.95 billion), 
the companies sa j d T 
The linkup comes as German 
travel businesses scramble for 
ways to preserve their share of the 
200 billion DM industry in the face 
of growing pricecompetition. Ger- 
man consumers have become 


more price conscious and inde- 
pendent tour agencies are slashing 
prices to defend their maiket share 
against package-tour chains. 

"This is a necessary strategy 
that’s been forced by market 
changes,' * Thomas Ho fm a nn. 

analyst at Commerzbank AG. ‘‘Hie 
industry doesn’t have the level of 
growth it had a few years ago.” 

Hapag-Uoyd AG, a travel and 
shipping company in which 
Preussag bought a controlling 
stake on Sept. 3, said earlier this 
week it planned to take control of 
TUI, Europe's largest travel com- 
pany, and would begin talks soon 
with Westdeutsche Landes bank 
Girozentraie. which owns 30 per- 
cent of TUI, and Schickedanz 
Group, which has a 20 percent 
stake. Hapag-Lloyd already owns 
a 30 percent stake. 


Both deals are awaiting approv- 
al from the German cartel watch- 
dog, but the Lufthansa-Karstadt 
merger and Preussag AG’s pur- 
chase of Hapag-Lloyd could nave 
implications for the charter-flight 
market and torn operators. 

NUR is Germany’s second- 
largest tour operator, while TUI is 
Europe’s largest tour operator and 
leads the Ger man marker 

Condor and NUR will initially 
operate independently as part of 
the new company, said Walter 
Deuss, Karstadt’s chief executive. 
The parent companies will keep 1 0 
percent stakes in their pnits t while 
the remaining 90 percent will be- 
long to the joint venture. 

The two companies will benefit 
from COSt savings in bonking and 
reservations systems, Mr. Hof- 
mann said. (Reuters. Bloomberg) 


Nestle Surpasses Analysts’ Dreams 



Source: Tetekurs 


hncmwinnal Herald Tribune 


CntopM by Ov SstfFrrwn CUspada 

VEVEY. Switzerland — Nestle SA, the world’s 
biggest foodmaker, surpassed analysts' expectations by 
reporting a 40.3 percent increase in profit for the first 
half, pushed by cost cuts and a weakening Swiss 
franc. 

Nestle shares rose 90 francs, to 1,950 francs, after the 
company said net rose to 1.89 billion Swiss francs 
($1.28 billion) from 137 billion francs. 

The market had widely expected a rise of between 15 
percent and 22 percent. 

Nestie’s earnings also outpaced those of its rivals. 
Unilever, the Anglo-Dutch maker of consumer 
products, said last month that first-half net rose 30 
percent Danone, a French foodmaker, said first-half net 
rose 7.1 percent 

"Both sales and results clearly benefited from the 


appreciation of most currencies against the franc,” 
Nestle said. "The significant improvement is also a 
consequence of efforts to improve competitiveness.” 

Nestie’s operating profit rose to 3.10 billion francs 
from 2.35 billion francs a year earlier, while the op- 
erating margin rose to 9.3 percent from 8.6 percent 

“Higher margins at Nestie’s coffee and mineral- 
water businesses should have helped both net and 
operating profit to grow luster than sales,” said James 
Amoroso, an analyst at Bank Julius Baer & Co. AG, 
before the report 

Nestle said in July th at first-half sales rose 18 percent, 
to 33.46 billion. Nestle now expects full-year sales to 
rise about 15 percent from last year’s 603 billion 
francs, with profit rising * 'at least” in line with revenue. 
Last year, Nestle posted full-year net income of 3.4 
billion francs, a record. (Bloomberg, Reuters) 


Very briefly: 


Deutsche Telekom Net Disappoints 


Cnifxbd bjOar SraffFrtm Dupacha 

BONN — Deutsche Telekom AG 
said Thursday its first-half net in- 
come rose less than expected, to 1 .8 
billion Deutsche marks ($1 billion), 
as the cost of expanding its digital- 
phone network offset higher sales 
from mobile-phone services. 

Shares in the Goman phone com- 
pany dropped 3.6 percent, or 1.23 
DM, to close at 33. 10 after it said net 
income before minority interests 
had surged from 200 million DM a 


year earlier, when Telekom paid 
1.75 billion DM in costs related to 
its November initial share sale. 

Pretax profit before extraordinary 
items rose 33 percent, to 3.6 billion 
DM from 2.7 billion DM, while sales 
rose 73 percent, to 32.9 billion DM 
from 30.64 billion DM Telekom said 
it expected a pick-up in both sales and 
earnings in the second half. 

The figures painted a mixed pic- 
ture of Telekom’s chance of fending 
off competitors once it loses the last 


of its monopoly next year in Europe’s 

Though sales gro w t h is strong, the 
rising cost of ^eed-pheme lines, real- 
estate depreciation charges and labor 
have restrained profit. 

The stock has plunged nearly 9 
percent since the government said 
Friday that Telekom’s rivals would 
less than half as much as 
'elekom wanted to charge for ac- 
cess to the new network. 

(Bloomberg, AFX) 


Tele 


• Istituto per la Ricostruzione Industrial SpA, the Italian 
state holding company, will inject an additional 840 billion 
lire ($485.7 million) into Alitalia SpA on top of the 1 trillion 
lire injected last year. 

• Aerospatiale’s first-half net profit rose 123 percent, to 608 
million Bench francs ($1021 -million), as one-time gains, 
most of them related to sales of shareholdings by the state 
aerospace concern, added 168 million francs. Sales rose 12 
percent, to 25.83 billion francs. 

• Assurances General es de France, die country’s third- 
largest insurer, said first-half net profit rose 43 parent, to 1.03 
billion francs, as income from insurance increased and its 
banking units returned to profit 

• Stora AB unveiled a $13 billion deal to become part owner 
in a Brazilian pnlp project with Odebrecbt SA, 

•Royal FIT Nederland NV began operating the first mo- 
bile-telephone network in Ukraine, in a joint venture with 
Ukrainian Mobile Communications. 

• African telecommunications ministers approved the $1.3 

billion Africa One telecommunications project, which seeks to 
encircle the continent with 39,000 kilometers (23,400 miles) of 
undersea fiber optic cable, linking African countries to ooe 
another and die rest of the world. fevers. Bloomberg. AFP 

New Air France Chief Is Named 

Reams 

PARIS — Jean-Cyril Spipetta, former chairman of Air 
Inter, is the government’s choice to be the new chairman of the 
state-owned airline Air France, replacing Christian Blanc. 

The government said Thursday it would propose Mr. Spin- 
etta to the Air France board, which is scheduled to meet early 
next week. Mb. Blanc said he was quitting after die gov- 
ernment refused to give up control of the carrier. 


WORLD STOCK MARKETS 


Hfgft Low Ooh Prow. 


High Low Close Prow. 


High Low dose Prow. 


Higfc Low Ooso Prow. 


Thursday, Sept. IB 

Price* m local currencies. 

" Tetekuis 

jfqti LOW date Pi W. 


Amsterdam uxu+e mri 

PlWWSlWJl 


ABIMMR0 . 
Aegon - 

MwH 

AtaaNoM 

BaonCa- 

BobWtencm 

CSMcW . 

OoRflxnoPd 


Aaer 


. S-Bmcom 

«£3“ 

toowwettscH 

SwDwBte 

WG Group 
XLM 
IWPBT 
..KPN 

if OcrGoatcn 

Ran&adHdn 

f>nl wrr 
K UI I TI U 

Rodamcp 
Rofinco 
Rmento . 
Rowd Dutch 
Unaeveran 
Vendor Infl 
VNU 

WatonUcw 


41 XO 
151 SO 
55 
330 
130.10 

34.10 

9*» 
110X0 
1 89 JO 
31X0 
8ZJB0 
45 

55.10 
10X40 

3tf 

123X0 
84 
92jS0 
71 JO 
52-50 
77 JO 
4L50 
4040 
254 
15150 

115.10 
83.50 

171 JO 
4270 
J9QJ0 
118 
109 30 
42550 
115 
4449 
24250 


4050 41.40 
150 151 JO 
S3 5450 
32550 330 

12240 134-0 
3420 35.10 
9470 HJ0 
10731 109.90 
18770 18970 
313) 3170 
81-10 8270 
42 65 

5350 5470 
WOOD 10140 
34240 34450 
11950 12220 
85 86 

9170 9240 
6840 6950 
50X0 5240 

76.10 7720 
6040 6390 
5840 4020 

24350 25450 
149 150.10 

114.10 11420 
8080 82 

19030 191 

6120 6240 
HUM 19030 
11740 I1B 
10650 10833 
41820 42320 
113X0 1145) 
4390 44 

34050 24050 


4080 

151 

533) 

32880 

12240 

3430 

9450 

109 

18850 

«i 

5150 

10050 

348 

122.10 

8540 

913) 

7070 

St.W 

7050 

6070 

60 

243 

15140 

11450 

8270 

•as 

190 

118 

mm 

42150 

1144D 

4450 

34150 


HU tow Clow Prow. 

Deutsche Btefc 10955 10855 109.30 10955 

DeutTsfekoro 343S 323) 3220 3499 

DnmfcvrBank 7720 77 7720 78.15 

fiesento 312 310 312 305 

FiaMiwMod 13050 129 tSXO 13140 

filed Knap 3050 3S7.20 3S72D 363 

Golw 103 9920 9920 9020 

HehMbgZrt 
Henkolpfd 
HEW 
Hoddfef 
Hoe dm) 



13*50 1319) 

134 

13*25 

UMlHSHes 

7X3 

*88 

698 

Steranar 

3*50 

35J0 

3560 

37 

Ventarae Urals 

*83 

*73 

*75 

Sari 

6330 

6250 

63 

6235 


335 

337 

128 

5 BIC 

20450 

204 

204 

204 

Wb&nwd 

8X5 

7X7 

no? 

Tiger Oats 

71 

7050 

7QJQ 

71 

WBbmsHdgs 

357 

353 

156 






WoDetey 

*99 

*89 

489 






WPP Group 

2X7 

281 

2X5 


141 

140 

142 

141 

IDS 

103 

105 10*40 

448 

445 

446 

445 

80X0 

79 

80X0 

79 

7430 

72J0 

73X0 

7145 

650 

638 

650 

643 

9230 

8950 

9090 

93 


1265 1240 1265 1258 

Lufthansa R 3560 3*80 3£» K40 

MAN 550 542 547 53550 

Mwrewann 886 847 879 86450 

Me6algesdbdiaf139J0 39 JO 3940 

Mund> brack R *s8 »1 SM 99750 

ST* 8420 

5APe " 

2* 244 247 341 

11640 11540 T76JQ 11655 
1500 1500 1500 1500 

875 845 Sn 856 

40150 40020 401 40250 

9820 97 9648 9120 

562 562 562 565 

777 749 776 77950 

1174 1153 1174117150 


Kuala Lumpur 


AMMBHdgs 
GenOng 
JM Banking 
Motto) Ship F 
MonoGar 
Proton 
Pubfctt 
Renaag 
Resorts World 
RattmamPM 
Sine Doty 
TefefccniMal 


i 78648 
PrMous: 811.12 




9X5 

850 

860 

9X5 

1030 

930 

9X0 

1030 

1730 

16X0 

16X0 

1730 

5.10 

5 

5X5 

110 

9X5 

“■25 

9 

930 

930 

8X0 

895 

9 

239 

233 

233 

2X0 

330 

3.16 

330 

330 

7.15 

*M 

7.10 

7.15 

26 

2535 

2575 

2535 

&J0 

*05 

*10 

*45 

935 

9X5 

9X5 

930 

B30 

8X5 

aio 

830 

1230 

11X0 

11X0 

1230 

450 

*30 

*32 

450 



London 


AnoEan 


Assoc Br 

B AA. 

flwdori 


Bangkok 

AN* Mo 5 k 

Bawfa*B*F 

SwwTMBJt 

PTTBpW 

StanCeoodF 

Stars Com BAF 

Tefcamnsta 

DM Carom 


SET MB: 52145 
PmWfc 51740 


Helsinki 

HEXGwwM tadwe 840 JI 
Pmtaas: 3424X6 


50 

4930 

49X0 

4850 

HuOtaroottf 

200 

TO 

200 

19/ 

Kerala 

49 

47 

4850 

4*50 


7130 

70 

71X0 

70 

Merita A 

2330 

2240 

2130 

2250 


157 

157 

157 


Metadata B 

» 

4811) 

4830 

4750 

Neste 

140 

139 13950 

138 

Nokia A 

444 

438 4030 439.90 

Mn-YMyaae 

176 

174 

175 1715D 


222 

214 

IS 

214 

164 

158 

162 

169 

2535 

2*75 

25 

25 

382 

346 

370 

3/2 

574 

570 

570 

570 

108 

KB 

KB 

102 

2935 

2835 

2875 

7850 

46 

4250 

4350 

4*75 

106 

101 

105 

102 

103 

98 

103 

100 


Outokumpu A 

UPMKrwowno 

Vhtawi 


84 


135 14040 13540 
81 84 8070 


Hong Kong «-s 


,1441945 

PmtoOC:1441L19 


Bombay 


iAoto 

lort Lever 

KadWtPoRm 

MdOewBk 

Sssa™ 

State Bklmfin 


38 W 181477 

Pravtom: 39283 

56050 530 53825 54825 

13771 325J5 1325138973 

470 460 46825 46950 

104 Ml 1Q27S 10425 
577 56050 57650 567 

262 253 261 25650 

349 J5 34LM 3«K 3«50 

28225 Z7550 27925 283 

1625 15.75 1575 1625 
34150 329 33725 34425 


SfSKSS 

CMno UsM 
OfcPadBc 
OooHonaSk 
FWPwMc 



BELrSi 

PlWfcWK 2279J4 

1610 15» 

7550 7400 7480 7500 

9650 95® 9600 9650 

3295 J175 .£» 32B0 
■-THD5 17525 17800 17675 
.1790 1715 1790 1735 
7640 74» TWO 7480 

3400 3380 3390 3400 

.7180 7090 7090 7110 

3165 314) 3140 3165 

’5800 S7D0 5720 ,5810 
14475 34275 1442S .14400 
.14450 14100 14375 1C75 
14075 13575 IMS 13^ 
4915 4895 4R5 4920 

9570 9470 9470 MM 

3370 3205 3280 3250 

2)75 2130 2155 TVS 

US3S tins 14825 14775 
EO9C0 122500 123900 123000 


rlnv 

Henderson Ld 

HKQdnoGas 

HKEtedrtc 

HKTetocanm 

HmMoaHdgs 

HSKWDR 

HoteMsaiWh 

HwsmDev 

JohuonBHdg 

ZSttiSS 

StanLoidCa 
SthCWooPasl 
SwtrePKA 
Wharf Hdgs 
WbeekXk 


810 

7X5 

810 

27.90 

27X5 

2/45 

US 

1240 

UIO 

16 

81 

83JS 

nso 

72 

23 

47 

4040 

4IJU 

45 

4140 

Kl 

3*20 

3530 


8 

7X0 


1*60 

1*15 

1*60 

9250 

8825 

98/5 

835 

845 

835 

65 

6335 

6*50 

15A5 

KIW 

1540 

28X0 

78 

7840 

1730 

1640 

16X0 

*80 

*5B 

*63 

232 

723 

7» 

72 

68 

7850 

2120 

2235 

7330 

20X5 

2935 

7035 

1870 

1840 

1840 

4740 


4*80 

270 

740 

240 

137 

1X1 


97 

89 

92 

520 

S 

*15 

720 

7X5 

7.10 

6X0 

640 

*80 

65 

6150 

62 

2745 

2*65 

2740 

1650 

16 

1*05 


750 Omm 


45 

3S60 

7iS 


855 


475 

226 

71 


243 

124 

91 25 
5.M 
7J0 
6J0 


Stack MWB6T2J1 
PnvtaM. 6WJ9 

369 372 372 

354 365 356 

MT. h-T. 913 
30 361 357 

m 680 675 

413000 40000 4I30QD 
285000 285000 289400 
191 T9S5D TO 
762 778 7*0 

6*0 680 659 

1004 .W2S 996 
3» 354 352 

380 300 385 . 

409 412 408 

DAX 4000.41 

pl«*ton;48NlW 

ISS5 1SSS 
23080 232 JO 731 .90 
405 415L50 412M 
14080 141 JO 139 JO 
43 43J0 4U5 

6ijo a «•» 

' 

93 94 

68JS 68 57 JO 
75 » 74 

3&J5 3855 38.90 
1340 1350 MW 

151J0 152 l51-» 

^9 


Jakarta 

AsfrnloH 

BktDMlndon 

BkHogoM 

GodtBflGann 

tndoarom 

taddood 


SanpoeroaHM 
SanwnGRA . 
TWeftoownOcM 


”111 

USD 925 950 725 

8S00 86M B»a 

7750 2175 2200 2300 

3625 3575 3600 3650 

7675 7500 762S 7600 

6800 6600 ^ 
3100 2925 Kg M00 

3250 3150 3225 3275 


U1J0 133 
9SJ0 97 


97 


Johannesburg 

hk 3140 31-25 3140 3140 

12 lias lias 17 

ss 5175 54J5 54 

2330 2110 2130 2130 
1»35 136 137 JO 1® 

» JO XX 3035 »J0 
3835 3738 W 3J» 
,0* 10J5 10^ 1050 

MJD <175 <435 64 

SS OK 2225 2125 

I ^ 2 3 

wa uui i<S 

its Its S3 

% s .S|'5iS 

«£ oM SS 

n bob so-so n 


AMwNrfi 9.13 

AMedDwnecq 493 

8J0 
480 
W3 
545 
577 
1525 

158 

SAT tod 542 

Bonk Scotland 458 

Blue Onto 192 

BOC Group 1108 

Boot* an 

BPS tod 140 

BrOAerosp 1490 

BjflAJfWoys 470 

BO 242 

BdUffld 404 

Brfl Peftn 9.12 

BSkyB 447 

Sttisel 146 

BritTetocoro UB 

BVt 341 

Bunnofi Cortrat 10JS 

Button Go ITS 

CaUteWVeteM 452 

Cadbury Scteo 549 

CarttoaCaoun 5JS 

OanalUniaa 772 

437 
3J2 

issss is 

UK 

970 
1*5 
12.99 

GtoBlWao* nsi 

GranudoGp 512 

GrandAM 590 

1.99 
4JS 

iS 

HS&WdOS 

ia Hus 

asr ss 

Legal GenIGrp 448 

U^sTSBGf. 7.96 

UrarsiArty 2J4 

Marks Spencer 418 

MEPC 487 

||gf 

MorwWiUntan 
Orange 
PiO 
Pearson 
PHfcstan 

MS- 

PwnwrParaeO 
ProdH*d 
RrttacfcGp 
RmkGnw 

RKkOtCoho 

Rwfcerd 

Reed lob — 
^tUinnM 

Reuters Hdgs 
Room 


Fan)* 

Genrt Acddeot 

G ec 
GKH 


Gi^ _ , 
Green* Gp 
GrUrmess 
GUS 


886 

414 

507 

44S 

152 

539 

547 

1492 

545 

519 

454 

192 

1055 

834 

356 

1681 

471 

253 

599 

983 

458 

185 

401 

240 

1088 

130 

550 

577 

584 

781 

634 

336 

434 

485 

6 

643 

675 

173 

956 

384 

SS 


Aatfasm-- 
AeataAMlnd 

avmjn 

Bartow 

CClSwOO 

De Seen 

DriefcdMO 

FONOBBl 

Genoar 

GF5A 

laperidHdgs 

IdbwoObdI 

Hear 

JahnotesWti 

UwlyfWo* 

Mtorao 

Mooipak 

Hedcv 

RanfanndIGp 

Brmninrd 

RustPtaflfliai 


1146 
284 
548 
889 
751 
343 
274 
482 
782 
180 
754 
535 
441 
847 
355 
977 
289 
£82 
248 
498 
332 
9.98 
1055 
240 

425 

4 Sun AS 

445 
17.98 
78! 
450 
256 
186 
457 
11.75 

187 
543 
9 

455 
US 
849 
416 
460 
&2J 
506 
537 
329 
17.96 
488 
782 


KIZIW 
RMC Group 

Royal 8k Sad 
Rewal*. 

Satom 
Satastwr 
Sdrradew _ 
ScotNewaafte 
Soot Power 
Secwicor 
Severn Trad 

SheflTnffipR 

SUe 

Son Nephew 
SndWfflne 

SnfBBtod 

StteraSec 

StagerjoA 
Stand Dwter 
Tide & Lyle 
Teseo 

■nmesVABr 
3IGRBP 
Tl Group 
TmUe 
Unilever 
UU Assurance 
uttf News 


FT-5E lOteSOttJB 
PmtaBK 501X10 

884 987 
483 489 

8X0 8.19 

688 476 

150 154 

540 543 

585 568 
1489 1519 

830 852 
517 SJO 
UH 456 
379 MS 
1075 11X4 

831 839 

355 157 

1457 1485 
437 684 

257 259 

597 591 

897 9X9 

455 *65 
182 185 

198 199 
279 240 

1078 1084 

1.18 1-34 

538 546 

560 562 
495 S 
750 771 

415 433 

124 324 

431 434 

444 467 

586 597 

440 441 

475 478 

174 1.75 

950 953 

382 397 
1288 1157 
1330 1350 

8X3 8X4 

586 592 
188 UB 
450 455 

570 579 

4*8 485 

439 443 

1836 1878 
10.16 10.18 
167 388 
788 795 
281 282 

9.19 934 

258 284 

443 445 

758 785 

2.19 234 

596 410 

476 486 
1230 12J0 

279 281 

582 5X1 

873 886 

7.33 750 

110 383 

117 ia 

431 672 

752 756 

152 1-52 

7.43 750 

528 530 

430 435 

8.10 8-*S 

383 151 

987 977 

■ 282 282 
572 572 

232 14i 

485 492 

335 338 

983 9.91 

995 998 

23 3 239 

6X7 633 

535 545 

38S 1*4 

431 483 
1770 17-95 

7J5 737 

439 443 

153 256 

&47 874 

488 451 

1185 Il-M 
186 1*7 

145 IS 

888 8JK 
488 432 

LJS 480 
512 859 

4X5 4.14 

488 453 

RQ8 825 
4W 502 
417 433 

i7ii ita 

477 4X5 

753 757 


Madrid 


Acwtaos 

ACESA 

Aguos Borcaou 
Araentaria 
BBV 
Brmesto 
BcrUsdef 
Bco Centro Hap 
Bcu Papular 
Bar Santander 
CEPSA 

Confinenfa 

Cara Mapfre 
Endeso 

fecsa 

GasNotaul 

taenboki 

& 

SeveanaBec 
Tabacoletu 
Tstefonicn 
UntaaPeoasa 
Votaac Cement 


Baba tadts 60809 
PmtaBK 60186 


25980 25660 
2005 1945 

9730 SCO 
8280 S140 

4370 4250 

1470 W5C 
8390 8160 
6720 6070 
9450 9060 
4620 45X 

4620 4515 
2925 2895 
B600 8460 

3120 3075 

1265 1230 

7780 7360 
1785 1765 

2750 2*80 
6370 *2*0 
1415 1380 

9740 9570 

4410 4345 

1265 1250 

2820 2770 


25970 25620 
1995 1970 
9W0 5880 

8220 8110 
4350 4260 

1455 1470 

ten tnrin 
6720 6020 
9270 8980 

4*00 4570 

4550 4540 

2710 2920 

8530 8510 

3100 3085 
1265 1235 

7650 7350 

1785 1775 

2700 2745 

6330 6270 
1415 1380 
9600 9570 

4390 4345 
1265 1265 

2820 2820 


Manila 

A rata B 
Avoir Land 
• SiPMtotsl 
CAP Hanes 
Mania BecA 
Meter Bor* 
Pelron 
POBonit 
PUB Long Dtel 
San Miguel B 
SM Prime Hdg 


PSEW 

Pillion 107196 

1125 1225 13 1150 

1550 15 1125 1595 

ICO 9650 7TX0 
3J5 3J5 135 

7150 73 g 

370 34250 350 

420 410 420 

155 ISO 151 
925 900 915 

5750 S5J0 57 
. 6 SJO 580 


Paris 

Aflcor 

AGF 

AULlquide 

AlcSa Wrth 

A*»4)AP 

Brwtcolre 

BIC 

BNP 

QrntnPtas 

Camdour 

Costeo 

CCF 

CeMera 

OrdsltanDtar 

CLWJedafion 

CredB Aflrioote 

Danorto 

Bf-Auudnine 

Ertdnnta BS 

Eutodtanee 

Eurotuand 

Gen. Earn 

Haras 

taw4d 

Lntarge 

LKetted 

DSwrl 

LVMH 

MidYrinB 

PtrtrasA 

Period Kcanl 

Pegged CB 

PlnaaB-PlM 

Pn~wm iitnc 

Renault 

Rexel 

Rb-PortencA 

Sonofl 

Sdneider 

5EB 

SGS Thomson 


CAC-40: 297897 
PnadOBK 2944X8 


977 

244 

936 

842 

39840 

699 

44440 

292 

1127 

3612 


978 

231.10 

914 

799 

39X20 

683 

43X10 

28750 

1067 

3506 


aSo 3 o3d 


Sodexho 
SIGobcrta 
Suez Lron Earn 
Sfihetoo 
Thornton C5F 
Total 8 
Ustaor 
Vtako 


628 

856 

558 

13B3 

884 

no 

828 

825 

6AS 

706 

401.90 
868 
448 

1251 

2365 

1343 

34480 

<2890 

30X40 

776 

2635 

2210 

176.90 
7666 

24590 

619 

37020 

846 

533 

839 

2900 

913 

660 

737 

182 

672 

11X40 

377.10 


321 
613 
80 
546 
1303 
839 
771 
809 
8 
690 
689 
391.10 
844 
43920 
1230 
2240 
1320 
31320 
41550 
297 
766 
2571 
2141 
169 JO 
1400 
23120 
607 
35790 
831 
505 
813 
2730 
907 
647 
713 
17690 
647 
106 
363 


991 96* 

24X40 242 

93 6 934 

839 871 

396 39550 
695 694 

439.70 440 

J9U0 28890 
1122 1077 

3520 3552 
322.10 
325 
620 619 

85* 848 

5S8 545 

1303 1306 

874 843 

802 775 

828 805 

no xi o 
*40 *40 

694 «97 

39110 39*30 
B6B 167 
44110 445.50 
1251 1247 

2300 2263 

1337 1331 

Ml 33330 
42*60 418 

299 299 JO 
770 7*7 

2621 2*09 

2163 2135 

17*90 17190 
1666 1*20 
24120 24X50 
617 610 

37X20 357 

840 841 

525 517 

835 ns 

28*5 26*5 

913 910 

654 659 

71S 726 

111 181 
462 450 

11040 105 

17*70 7715] 


iB 
EriCSMnB 
Hemes B 
tacefUwA 
inrestarB 
Mo Do B 
rfardbankEo 

KT 

Santa B 

SCAB 

S-EBantanA 
Skandia Fan 
Storako B 
SKFB 

SjWrtxtetaiA 

SeHandeteA 
Vafra B 


366 
328 
702 
406 
27*50 
258 
283 
251 
231 JO 
193 
9150 
344 
322 
218JD 
182 
U5JB 
25X50 
211 


SU 
244 
322 
698 
399 
2*0 
25250 
278 
2 • 
M5P 

19050 

90 

333 

314JD 

215 

179 

126 

24X50 

20550 


5B7 58S 

346 33950 
ipai trtgi 
701 698 

404 403 

274 260 

258 253 

281 28250 
249 249 

22850 23150 
193 19050 
91 91 

3« 335 

322 316 

217 21550 
182 182 
i3* rai 
252 248 

20950 206J0 


Sydney 


P i wta a i. yg9J8 


ANZBMng 

BMP 

Band 

BnwiNeetad. 

CBA 

CCAmate 
Cotes Myer 
Conxrtco 
C5R 

FosJmfliew 
GoarteMnRd 
KDAurtrala 
Lend Lea*e 
MiMHd« 
NafAudBaaft 
Nut Mutual Hdg 
New* Cara 
PadfcDuntap 
floater Ml 
Pu6 Broadcsid 
Rtoftato 
St Geage Bank 
WMC 


•Pte 
WoofwarttH 


148 

857 

848 

864 

10X7 

1048 

10X0 

1045 

1*20 

1599 

16X8 

1*19 

4X5 

3X8 

*06 

4 

2530 

28X0 

2930 

2945 

1*64 

1*17 

1*42 

1*21 

1*90 

1*80 

1*83 

14X4 

*63 

*51 

*63 

*57 

*70 

*65 

*65 

*38 

549 

535 

545 

539 

2X1 

217 

2X0 

239 

3_23 

2.18 

819 

834 

1246 

1ZJ0 

1356 

JUS 

3140 

31.15 

31 J5 

31 JD 

157 

1-53 

155 

1-53 

21 

2033 

20X5 

2035 

230 

235 

239 

238 

843 

SJO 

640 

*51 

349 

345 

347 

3J0 

*73 

*69 

*70 

*70 

856 

8J0 

850 

as 

2039 

20 

2036 

20.13 

854 

831 

850 

832 

*23 

*14 

*17 

*35 

8X3 

829 

8X2 

131 

1230 

11X8 

1230 

12X5 

43B 

*18 

*36 

*18 


The Trib Index 


Prices mot 300 PM. Now York time. 


Jan 1. 1992- ICO. 

LMl 

Clunga 

%ctanga 

yM-totteM 
% ciungs 

Wortd Index 
Ragkmri bslwie 

174.39 

+0.90 

+0.52 

+16.93 

As&Pactfc 

116.82 

+031 

+0.27 

-5^6 

Europe 

1B9J38 

+1.15 

+0.61 

+17.48 

N. America 

207.87 

+0^3 

+0.11 

+28^9 

S. America 

Industrial hdUM 

ieaoi 

+4.21 

+255 

+47.70 

Capital goods 

221.76 

-0J8 

-0.17 

+29.74 

Consumer goods 

190^7 

+0.85 

+OJ4 

+18.30 

Energy 

207.01 

+2.46 

+120 

+2126 

Finance 

128.61 

+050 

+0.39 

+1000 

Mscetaneous 

185.12 

+0.87 

+0.47 

+14.43 

Raw Materials 

185.65 

+1.55 

+0.84 

+5.86 

Service 

16450 • 

+1.71 

+1.05 

+19.79 

Utffles 

169.11 

.+1.17 

+0.70 

+1708 


The International HoraJd Trfoune Worid Stock Index G tracts the U-S. dbtarwtawrf 
ZBO Ham a tionaty bwaaubto mods hom 25 countries. FOrmora Mxnzatkn. » hoe 
bookloi ia BvaSablo by turfing to Tim TribbvienTBI Amnue Charias de QrtuSe. 

9252J NButyGeefeuc Franca. CompBort by etoamfiorp Moan. 


High Low Close Pm. 


dose Pm. 


MurateMta 

HEC 

ttttoSv 


Mexico Beta 



Sao Paulo uq 


Taipei 


1050 
SI 7X0 
5*99 
BIBO 
1650 

55*99 

58*00 


I 355X0 
292X0 
19380 
4149 
1X300 
13980 
163X0 
129X0 
300X0 
3740 
1187 
2720 


1880 1020 
B25X0 82X00 
5X70 5750 

$2 
571X0 55500 
590X0 58*00 
4*8X0 4*6X0 
36250 35150 
797X0 29*00 
20X00 19198 
<180 <150 
1040 1040 
1415014X510 
16450 16199 
13150 JUDO 
311X1 298X2 
3850 27.50 

£3 SSS 


CafcarUtokB 
OiangHwa Sk 
Otto Tung Bk 
OW Devetpud 
atee Steel 
RrafBank 
Formosa Pte8c 
HoaHanBk 
tad Coon Bk 
Nan Yu Pkrsflc* 
Shin Kong Die 
TotanSml 
Totuog 

Uta Micro Bee 

UM World CNn 




Newbridge Nat 
retake 


*078139 

P HW— E 099J4 


87300 85800 85800 
7700 7600 7640 

19700 19500 19500 
10300 10000 10200 
23200 22700 22800 
5350 5120 5150 
«50Q 41000 <4000 
*0900 59500 mao 
67000 4*100 47000 
71800 70500 71300 
9100 9000 91M 
474000 455000 474000 


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1940 

9900 

22300 

5710 

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71000 

9000 

451000 


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266 

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166 

162 

144 

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69 

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U6J0 

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146 

126 

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116 
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186 
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372 

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810 

130 

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116 

112 

112 

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1914 

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565 

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122 

245 

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135 

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1030 

1008 

710 

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710 

699 

3290 

3320 

3350 

3400 

760 

748 

755 

760 

573 

528 

S65 

538 

929 

895 

923 

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2230 

2160 

2230 

2170 

481 

465 

481 

4/0 

2810 

2780 

2810 

2800 

3570 

2080 

3628 

2050 

m 

3U0 

2050 

1980 

1950 

1970 

7410 

1960 

2410 

236V 

9400 

SI 

655 

686 

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1340 

1300 

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493 

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3960 

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1430 

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156 

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7000 

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497 

513 

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410 

398 

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INTERNATIONAL HER ALD TRIBUNE, FRIDAY, SEPTEMBER 19, 1997 

SE 


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■ Is it safe to do business on 
the Internet? 

■ Are there broadly accepted 
standards? 

■ What is the role of banks in 
electronic business? 

Don’t miss the series of sponsored pages in 
the IHT on electronic business. Learn the ins and 
outs of on-line transactions. 

September 24: 

Business in e-Busrrcss: 
Banking 

Reprints will be made available after publication. 

Fax: +33 1 41 43 92 13 / E-Mail: iwpplnrnent6@ihtcora 



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INTERNATIONAL H 



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MBER 2L 1997 


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INTERNATIONA L HERALD TRfBINE, FRIDAY, SEPTEMBER 19, 1997 



PAGE 17 


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Brokerage 
In Japan 
Is Raided 

Scandal in Payoffs 
Spreads to Dahoa 

c.wxprinl bi for SmffFnm Dupaiihn 

TOKYO — Authorities raided 
Daiwa Securities Co. on Thursday 
as a scandal over payoffs to a gang- 
ster widened to enmesh Japan’s 
second-largest brokerage. 

Some 100 investigators entered 
Daiwa s Tokyo headquarters in 
search of evidence that the broker- 

6728 0111110,1 yen 

n ■ ■ ' 10 a COT PQraie racketeer, 
Kyuichi Koike, prosecutors said. 

We are taking the situation 
gravely und intend to fully cooper- 
ate with authorities,” Daiwa said in 
formal language similar to that used 
by the three other major Japanese 
financial companies that have been 
investigated by prosecutors. 

Nomura Securities Co. and Dai- 
Ichi Kangyo Bank Ltd. have already 
been found guilty of making illegal 
payments to Koike. And prosecu- 
tors arrested Yamaichi Securities 
Co. executives Thursday on similar 
charges. 

All are suspected of paving Mr. 
Koike to prevent him or others from 
asking embarrassing questions at 
shareholder meetings. 

The scandal will very likely cause 
Daiwa to lose its recent lead in trad- 
ing stocks on the Tokyo Stock Ex- 
change. said Walter AltheiT, analyst 
at Jardine Fleming Securities ( Asia) 
Ud. 

Nomura lost the No. 1 spot after it 
became the first brokerage to be 
linked to the scandal in March. 

If investigators find the brokerage 
paid off Mr. Koike, if will probably 
get slapped with punishments sim- 
ilar to those the Ministry of Finance 
handed out in July to Nomura. 

The ministry ordered Nomura to 
stop trading stocks on its own ac- 
count and selling new government 
bonds for five months. 

The brokerage has also lost 
money as customers bar it from un- 
derwriting their corporate bonds or 
refuse to lei it trade securities for 
them. 

Daiwa Securities, under investi- 
gation for allegations of corruption 
at its head office, was dealt its first 
blow abroad on Thursday when the 
Australian government cut the Jap- 
anese broker out of the sale of Tel- 
stra Coip. (Bloomberg, Reuters) 


ASIA/R4CIFIC 


IMF Presses Thailand to Help Banks 


By Alan Friedman 

Inienuiuwi H, ru U Tnbu > ir 


HONG KONG The managing director of 
Monetary Fund said Thursdav 
iJhhTh? 1 ™, “complying pretty well” 

«T 7 5^r° nnni,c conditions of last 
mtmth s $17.2 billion rescue packaee 

But the IMF official. Michel Camdessus, 
speakmg at a news conference here, also said 
the Fund was sull pressing Bangkok “to co 
ahead with strengthening a few of their com- 
mercial hanks. 

Mr. Gundessus denied reports that (be IMF 
was qutetly threatening to withhold funds from 
Thailand because the fragile governing coali- 
tion there was moving too slowly on its com- 
mitments to reduce public spending, increase 
taxes and bolster us foreign -exchange re- 
serves. 

Asked whether he was satisfied with Thai- 
land s performance so far. Mr. Camdessus said' 
“We are never satisfied. It is our job to pm 
pressure on governments and remind them of 
their commitments. 

“We are permanently in contact with the 
Thai authorities, and we see them complying 
pretty well with the budgetary . the monetary 
and the exchange-rate elements of the program. 
In the past few days, he added, the IMF has seen 
“a sense of urgency in their commitment to 
undertake financial-sector reforms.” 

Mr. Camdessus said the IMF was "sharing 
our impatience” with Bangkok, and he ac- 
knowledged “pressing” the government to 
move to strengthen some commercial banks. 

Some international economists express 
doubt about the willingness of Thai officials to 
lake sufficiently harsh steps against a number of 
the country’s more than 50 banks and hard-hit 
financial companies. 

But the Thai government restated its com- 


mitment Thursday to comply with ihe IMF 
reform program. 

Foreign observers also fear that the man- 
agement of the Thai crisis could suffer if the six- 
party governing erudition were to collapse, as is 
considered possible in the near future. A no- 
confidence motion accusing ihe government of 
"economic mismanagement' is" to be debated 
in Parliament on Wednesday. 

Mr. Camdessus said the stability of the gov- 
ernment was “not a performance criterion" for 
an IMF standby Joan. If the government were to 
change, he said, there would be a period of 
“agitation and speculation.” but "alter an in- 
terruption of die program, u-e would then con- 
tinue working with the new government” 

Some economists, however, fear that if the 
government were to fall, there would be market 

It is our job lo put pressure 
ou governments and remind 
them of their commitments/ 


mayhem long before the IMF got around to 
even meeting the new authorities. 

Separately, the Asian Development Bank on 
Thursday offered to lend Thailand SI billion to 
help fund the restructuring of its capital mar- 
kets. That would be in addition to the SI 7.2 
billion IMF bailout. 

Asked whether the governments of Thailand 
.and other East Asian countries could persuade 
their citizens that deep sacrifices were nec- 
essary. Mr. Camdessus replied: "The govern- 
ments should tell their people that if they want 
more growth, this has a price. This is the 
responsibility of the politicians." 

He added: “I believe that in today’s world, 
you have no more righr to make a mistake. All 


government* must compete for excellence.” 

Commenting on Europe's single-currency 
project. Mr. Camdessus said he was "■tremend- 
ously impressed” by European governments’ 
progress toward the economic targets for start- 
ing a common currency as defined by the 
Maastricht Treaty. 

*‘We believe they will be very close to 
Maastricht criteria, if not on target,” he said. 

But the IMF official said he remained con- 
cerned that despite near- record unemployment 
levels, European governments were not taking 
steps to make their labor markets more flex- 
ible. 

"My suggestion to European countries is to 
give at least as much attention to this problem as 
to the last decimal points of the Maastricht 
criteria." he said. 

■ Philippine Peso Reaches Another Low 

The Philippine peso tumbled to a record low 
for the second day in a row, Agence France- 
Presse reported Thursday. 

The dollar was quoted at 34.05 pesos, up 
from 33.25 pesos on Wednesday. The U.S. 
currency has risen more than 25 percent against 
the peso since ihe Philippines allowed the cur- 
rency to float in July. 

The peso's decline was fed by fears of polit- 
ical instability stemming from a scheduled 
massive protest rally in Manila on Sunday to 
protest moves for constitutional amendments, 
including a proposal to extend the term of 
President Fidel Ramos. 

"Some in the market expect the peso to dive 
further to the 35 figure soon." said Jacqueline 
Ong. a regional economist with the British 
financial house IDEA. She noted that the Phil- 
ippine central bank had not intervened in the 
market as it used to do by selling some dollars to 
cushion the peso's fall. 



Hong Kims 
Hang Seng 

two - - — 

1600Q-- - - 

15000 ip! 

14000— /r - 

\m -j - 

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1997 

Exchange 

Hong Kong 

. Singapore . „ Tokyo 

-• ' Straits Times Nflcket'S26 

2200 - 22000 

A" *1® 4 Ju ~ 21000 - • - 

- • 2000 V - 20000 -■ 

If- 1900- MhA 19000 j - V 

— • iboo V iBoooy - 

"a S' - A M J J A S' 17W0 'a'M j J'A S' 

1997 1097 

index Thursday. -Prev. % 

.Close ■ Close Change 
Hang Seng 14A19A6 ■ 14.411.19 +0.06 

Singapore 

Straits Times 

1,896.09 1.91024 

-0.74 

Sydney 

AOOnSnaries 

ZA9&3&- 2,579.30 

+0.63 

Tokyo 

Nikkei 225 

17,33009 17,883.27 +1-.40 

Kuala UmtjwConvoSite 

78KG8 ' 814-18 

-3.01 

Bangkok 

SET 

521.63 ; 51740 

+0.82 

Seoul 

Composite index 

.701^9 ; 699.33 

+0.29 

Taipei 

Stock Market index 9,141.33 9,087.55 

+0.60 

Manila - 

PSE . 

2,009.85 2,073.96 

-3.09 

Jakarta 

Compete Index 

attar 1 . 526.74 

•0.47 

WeSiogton 

NZS&40 

2^53.75 2,538.98 

+0.58 

Bombay 

Sensftiva Index 

9,884.77 3.928.33 

-1.il 


Source: Tetokurs 


lntirnuii<'iuJ HfrjU Tnhurr 


Very briefly: 


Toyota Said to Plan 2d Car Factory in Europe 


»r, nrtird to C>nr Stag Fm* Dt%p?irhn 

TOKYO — Toyota Motor Corp. 
will build a second assembly plant 
in Europe, the Nihon Keizai news- 
paper reported Thursday, without 
citing sources. 

Toyota, which is Japan’s largest 


carmaker, was reported to be aiming 
to expand sales in Europe by almost 
50 percent by 2000. 

"We haven’t reached a final de- 
cision,” a Toyota representative re- 
sponded, calling the newspaper’s 
report “pure speculation." 


The Nihon Keizai said in its 
morning edition that Toyota would 
spend 200 billion yen (S 1 .65 billion) 
to build the plant and would start 
production there by 2001. The 
Toyota representative said the auto- 
maker planned to decide on a site for 


Mitsubishi Heavy Stock Falls on Reduced Profit Forecast 


Bloomberg News 

TOKYO — Shares of Mitsubishi Heavy Industries 
Ltd. fell lOpercent Thursday after Japan *s largest heavy 
machinery manufacturer cut its full-year pretax profit 
forecast by 17 percent. 

The company's stock fell 71 yen to dose at 655 
yen. 

Mitsubishi Heavy said it expected a pretax profit of 
160 billion yen ($1.32 billion) for the year ending in 


March, and it blamed higher-than-expected shipbuild- 
ing costs and sluggish demand for power generation 
equipment. 

Mitsubishi Heavy's shares rose 1 yen Wednesday to 
close at 726. The company revised its earnings after the 
close of trading on the Japanese exchanges. 

The company develops, manufactures and distributes 
a range of heavy machinery including shipbuilding 
structures, nuclear energy systems and power systems. 


the plant, which is to produce com- 
pact cars, by "mid- 1998.’ ’ 

Toyota's share of the European 
auto marker in 1996 was less than 3 
percent 

Analysts said Toyota was expec- 
ted to choose a site in northern France 
for the assembly plant. They said this 
would help the automaker tighten its 
grip on one of its weakest markets. 

“It's better to build a plant in 
France to boost the share in that 
market, as Japanese manufacturers 
are too dependent on sales in Bri- 
tain, Germany and Switzerland," 
one analyst said. 

But such a move could provoke 
tensions with French carmakers, 
who say Japan has been exporting 
too many vehicles to Europe. 

( Bloomberg . Reuters ) 


• Sega Enterprises Ltd. plans to develop amusement centers 
in' India in a joint venture with Mitsubishi Corp. and 
Mahindra & Mahrndra Ltd. of India. Sega said the venture 
would generate annual revenue of 2 billion yen ($ 1 6.5 million ) 
by the end of 1999. 

• North Korea has informally asked to join the International 
Monetary Fund at the same time as it is accepted in the Asian 
Development B ank, officials said. No date has been set for its 
membership in the development bank. 

• Japan's commercial property prices declined for the sixth 
consecutive year, falling 5.1 percent in the 12 months ended 
July 1. the National Land Agency said. Residential property 
prices fell 0.7 percent in the same period. 

• Hyundai Corp. and Samsung Group established a pet- 
rochemical-production alliance to include building a pipeline 
in 1998 between Samsung General Chemicals Co. and 
Hyundai Petrochemical Co. in Sosan. southwest of Seoul. 

• Australia suspended Daiwa Securities Co. as (he Asian 
manager in its partial sale of Telstra Corp. because of 
investigations into Daiwa’s role in a payoff scandal in Japan. 

• D.S. Filter Corp., a water-treatment-system company, said 

it had offered to buy Memtec Ltd. of Australia for $33Q 
million. AFP. Blmmberg 


NEC to Build Plant in Singapore 

Agence France-Presse 

TOKYO — NEC Corp. said Thursday that it would invest 
300 milli on Singapore dollars ($197.6 million) in a semi- 
conductor plant In Singapore to meet growing demand. 

The company’s subsidiaiy. NEC Semiconductors Singa- 
pore Pte. Ltd., will build the factory to test and assemble 
semiconductors. With 600 employees", the plant will increase 
the Singapore unit’s total production volume by more than 2.5 
es by 2000, ~ 


tunes 


NEC said. 


We have won the ‘97 European Quality Award : 

another step towards excellence 



THE EUROPEAN QUALITY 

A W 

ARD 

LARGE 

R U 6 ! N E S S 


WINNER ‘97 


Participation is important 

The semi-conductor industry requires tremendous 
efforts in terms of investments, innovative capacity, 
research, development and marketing 
(pricing, delivery deadlines, service). 

Right from the outset, the undeniable quality of our 
company's production facilities and sales teams 
has been the driving force behind our activities. 

A determination to achieve perfection now entirely 
pervades our structure and our workforce. 

It represents the cornerstone of our corporate 
philosophy and enables us to adapt successfully 
to the accelerated development of our sector. 

Winning is rewarding 

This year, we have earned the European Quality 
Award, the most prestigious European recognition 
of global corporate quality, it honours the pursuit 
of an ideal relationship between a company, its 
employees, rts shareholders, and its social and 
natural environment. The award is bestowed on 
the basis of an extremely severe set of terms 
of reference and an audit, which required the 
wholehearted implication of all within the 
company. The motivation and remarkable 
enthusiasm of our personnel have enabled us 
to achieve this goal of worldwide significance. 

Perseverance Is crucial 

Nonetheless, we do not see this award as an 
arrival point, the final stage of a complex process. 

It Is simply another brick laid upon the harmonious 
structure - encompassing nature, people 
and industry - which we consistently strive to build. 
Admittedly, perfection is not of this world. 

However, the quest for the absolute, so 
characteristic of humankind, impels us to make 
persistent endeavours which guide us towards 
excellence. 




SGS -THOMSON 


Internet: http://www,5Lcom 



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TAGE 20 


INTERNAnONAL HERALD TRIBUNE, FRIDAY, SEPTEMBER 19, 1997 


SPONSORED ShA TION 


SPONSOREOSECr^ON 


RUSSIA 


Translating 


j Stability Into 


Steady Growth 


■ j Confidence in reforms is bringing investment. 


P resident Boris Yeltsin is not the first Russian leader to 
turn to the West for help in reforming the economy. 
Peter the Great and Lenin cherished similar goa/s. but 
•their success in opening the country to outsiders turned out to 

‘■be short-lived. , 

, ■ Despite Russia ’s alluring natural resources, huge untapped 
1 'market and educated workforce, foreign investors hung track 
' pi the early years of reform, wary that poliKwI chaos might 
drive Moscow into another bout of isolationism. The rout of 
tfie communists in last year’s presidential election, however, 
'instilled confidence that reform will not evaporate — it is just 
,9 question of how long change will take and how much room 
■will be made for foreigners. 

** Capitalizingon this political lull, Mr. Yeltsin has appointed 
a ie3m of aggressive reformers to spearhead economic 
policy. Their ■‘outstanding” success in stabilizing the econ- 
I omy this year has won high praise from the International 
' Monetary Fund and the reward of two tranches of the 
I agency’s threc-yearSlO billion Extended Fund Facility. IMF 
| approval also boosts foreign confidence, as does an array of 
i positive macroeconomic signals currently being trumpeted 
‘■from the Kremlin. 


positive indicators 

•inflation is down to 12 percent, interest rates have plunged to 
('■■around 24 percent from highs of over 120 percent and the 
1 juble exchange rate has done little more than twitch for more 
Inhan a year. There are even cautious hopes that Russia 's credit 
'rating will be improved when international agencies revisit 
! Moscow in November. 

*' What matters now is when and how the relief of stability 
i will translate into the resurrection of the economy. Officially, 
[ growth was 0.8 percent in the first five months of 1997, but 

■ even Economics Minister Yakov Urinson admits tliat these 
[ figures are unreliable. 

■ Moscow is awash with international financiers. Some SI 1 
[ billion in foreign portfolio investment has poured into Russia 
' oyer the last year. A large proportion of that has gone into 
\ jiigh-yieJd Treasury bills, and the rest to the equity market, 
“which have together absorbed S4.5 billion of the total $6.7 
billion in international capital flowing into Russia in the first 
half of 1997. Foreign trade in T-bills is expected to remain 

- buoyant through the year, despite a fall in yields to around 20 
percent from earlier peaks of above 200 percent. 

", Lower interest rates should perk up badly needed in- 
vestment in Russia's flagging industries. Since the election, 
."direct foreign investment has begun to climb, totaling $1.5 
billion in the first half of 1997, against S6Q0 million in the 
Ifiist six months of 1 996. ‘it’s going up, but not as much as we 
^ would like. ” says Pavel TeplukhinT chief economist at Troika 
'Dialog. “However, it’s very natural for early investors in 
emerging markets to focus on sovereign debt. Treasury bills 
and bonds. Longer-term players will follow, using the data 
and experience gained by the fixed-income crowd to help 


MoscewmceMxamg 
ftsSSOth anniversary 
anklfanfanaod 


TbecMxatiotiaho 
marks there- 


asanoutwanHookbg 
nation aslt seeks to 
st^jSze its economy 
Miowhtg reforms. 


bemg developed and 
refined In outer to 
facBftate foreign 
Investment and 
promote business 

ft, ..jr 

gromn. 


them feel more comfortable.” A spectacular inflow of for- 
eign funds into Russian privatization this summer has not yet 
shown up in quarterly statistics, Mr. Teplukhin points out. 
Financier George Soros forked out $900 million of the SI -S 
billion winning bid placed by Unexim Bank at an open 
auction for the telecommunications giant Svyazinvest in 
August. Mr. Soros's bid could herald a start to major foreign 
participation in federal equity auctions. 


More transparency 

Russian privatization has been insular and marked by con- 
troversy as state assets slipped into foe hands of favored 
banks for a song. Realizing that for larger sums can be 


generated at fair, transparent-equity auctions. Moscow has 
pledged to end insider dealing. If the s 


1 f the stakes are upped at share 
auctions, Russian bidders will almost certainly be in search of 
foreign cash. 

When the new captains of Russian industry start invest! ng. 
they will probably turn to foreign capital markets for funds. 
“Eventually, Russian banks will become the fuel for eco- 


nomic growth,” says Guy de Selliers, deputy vice president 
of foe European Bank for Reconstruction and Development 
“One of the EBRD's main tasks is to increase confidence in 
the financial sector so that domestic savings will re-enter the 
system and Russian companies can source term finance more 
readily.” 

The financial sector has absorbed over 600 million Ecus 
(S545 million) of the 2.14 billion Ecus the EBRD has 
committed so far in Russia. Loans have also gone to natural 
resources, agribusiness, energy conservation, wood pro- 
cessing and automobile production, among others. The 
EBRD acts as a catalyst for other investment by restricting to 
35 percent its contribution to any one project/ 

Taxation should be reduced, simplified and refocused on 
profit rather than revenue once the new tax code is applied. 
Parliament is likely to approve tire code this fall but deputies 
have already warned that the early stages of implementation 
will be bumpy. Crucial legislation is slovvlv entering foe 
statute book. 

Isabel Gorst 


Banks Go After 
Business Stakes 


Movement is away from securities and into loans. 


General keener Na 2170. isruerf 3CtW96 


National 

Reserve 

Bank 

one of the most powerful Russian 
banks. 


National Reserve Bank (NRBarik) has been off/dally 
authorized by the Russian government to deal with 
assets and liabilities of the former USSR. 


NRBank’s main focus is on investment banking 
projects such as placement of new government and 
corporate issues, structuring and marketing of 
existing issues, and other primary market 
placements. 


NRBank's secondary market activities include 
trading in Russian debt instruments (e.g. Russian 
USD-denominated Ministry of Finance Bonds, 
Vnesheconombank Loans, ruble-denominated 
“GKO" Treasury Bills, etc.), Russian equities and 
foreign exchange The risk management techniques 
include futures and options trading and use of other 
derivative products. 


Among the major services that NRBank provides to 
its clients are asset management and portfolio 
selection as well as project finance and asset-backed 
financing for the bigger clients. 


is 


One of NRBank's instrument strategies 
diversifying its exposure to Russian instruments 
with die instruments of other CIS countries such as 
Ukraine, Belarus, Kazakhstan, etc. The pilot name 
given to this powerful new instrument is "CIS 
Portfolio". 


NRBank has established a large network of prime 
business partners and counterparties throughout 
foe world, including the biggest investment houses 
in the major financial centres. NRBank has a strong 
presence in some CIS countries, currently 
concentrating on Ukraine and Belarus, In addition to 
branches in StPetersburg and Kiev. 


The present ratings consistently show NRBank 
among the top five Russian banks. 


NRBank is a type "C authorized dealer in GKO- 
OFZ securities, which allows it to trade with non- 
Russian residents. This status, in conjunction with 
its already considerable portfolio, makes the bank 
one of the Russia's largest investors in government 
securities. 


National Reserve Bank 
24/1 , Novokuznetskaya. Ulitsa, 

Moscow 109017 
Russia 

tel: (7-095) 956-3231, 230-3231/33-86/33-67/33-14 

fax: (7-095) 956-3230 

E-mail: admin@nresbanlcm 5 lc.ru 


I n 1993. because of con- 
cerns about local banks' 
being crushed by foe 
weight of foreign banks' re- 
sources, a series of presiden- 
tial decrees imposed a 
moratorium on foreign bank 
operations. 

At that time, only a few 
had managed to open offices 
in Russia. Bat last year. Pres- 
ident Boris Yeltsin began tire 
process of peeling away foe 
restrictions, and now they are 
lining up to get in. Foreign 
banks are limited to a 12 per- 
cent share of foe total Rus- 
sian banking capital, and 
they currently make up about 
a third of this limit. There are 
12 foreign banks with foil 
operating licenses, but sev- 
eral more, including Ger- 
many’s Hypo-Bank and 
Bank of America, are in foe 
process of applying for li- 
censes from foe Central 
Bank. 

While Russian banks are 
feeing stiff competition from 
international bouses in terms 
of experience, resources and 
expertise, they have other, 
more important, advantages. 
Menatep, one of foe seven 
largest local banks, bad total 
assets of just over 9 trillion 
rubles ($1.6 billion) at foe 
beginning of the year. Its 
president, Alexander Zour- 
abov, says that the bank’s ad- 
vantage lies in the “risk of 
business” in Russia, given 
that its legal framework is 
still rickety. 

“Unless you have created 
a whole system of how to 
solve these problems and re- 
duce this risk of business," 
says Mr. Zourabov, “you are 
less competitive. Western 
banks are finding it difficult 
to create this system at foe 
moment.” 


changing the banking busi- 
ness. We expect to restruc- 
ture 30 percent to 40 percent 
of our portfolio by foe aid of 
the year.” 

With a new reformist face ? 
in government, foe compe- 
tition is getting stiffen and. 
although trade is still an im- 
portant source of income, 
banks are becoming more so- 
phisticated in their search for 
new profit centers. Retail 
banking is dominated by foie 
Soviet-created Sberbank, 
which accounts for 70 per- 
cent of foe business and has 
over 30,000 branches nation- 
wide. 


Back to basics 
Several other banks are tar- 
geting retail, but only SBS 
Agio, with 1 ,200 branches, is 
a serious challenge at the mo- 
ment Banks like Menatep 
and Irikom each have around 
50 or 60 branches, which are 
primarily intended to estab- 
lish a presence in the increas- 
ingly attractive regional mar-^ 
kets. ~ f 

It is in foe traditional bank- 
ing business, however, that 
the real profits are going to be 
made. The market capitaliz- 
ation of Russian companies 
has gone from $ 10 billion to 
$100 billion during 1996. 
and they need loans and 
long-term investment capit- 
al. 

“For the most part Rus- 
sian assets are undervalued,” 
says Vladimir Chernykh, fi- 
nancial director of the Prema 
investment company. “But if 
you look at the profits, then 
the profits do not justify fae 4 


uj* pivjiis ao nor justify me** 
market prices. Most of foeP 
companies are trying to im- 
prove management to bring 
the cash flow into line with 
foe value of foe assets. There 


Metamorphosis 
Until foe start ofthis year, foe 
biggest banks were still op- 
erating more like financial 
houses than banks, with trade 
finance or foe buying of lu- 
crative government securi- 
ties accounting for most of 
their income. The govern- 
ment, in need of money, 
began issuing various state- 
backed securities, of which 
the GK.O fGosudarstvenniye 
Krafoosochniye Obyazatel- 
stva) were the most popular. 
Since the 1996 presidential 
elections, the yields have 
fallen rapidly from their 200 
percent peak as the govern- 
ment tapped into much 
cheaper funds through the is- 
sue of two Eurobonds, worth 
approximately $2 billion, at 
the end of last year. 

“We keep a portfolio of a 

few hundred million dol- 
ar £, says. Alexander 
Lebedev, chairman of foe 

National Reserve Bank, pre- 
viously one of foe bigSt 

Sm, but * ^fortunate]? 
theyields are now very low. 

•hey are not higher than 7 
percent to 8 percent, and it is 


are a lot of good opportu- 
nities.” 


Banks like Menatep and 
Unexim have stakes in some 
of foe largest companies in 
the country in foe rich oil and 
minerals sectors and are ac- 
tively restructuring them and 
making loans. 

rJyP tca [ foe banks, 
tokom is lending 20 percent 

ot >ts loan portfolio to 

faas in 
and Menatep. 30 percent. 

At foe start of July, fo er Jj 

JE* 5 banks/ doT 

tram more than 2.100 last 

S Kfi ° n,y five Russian 
hanks figure among foe top 

1 -000 m the world, but they 
are steadily working their 

way up the Jist With access 

to foreign expertise and can- 

«y wiII onmb ^ 

“Russian banks can raise 
roughly $4 billion to $ 5 ™f 

hon, but what we have to do 

is facilitate direct investment 
initially to the companies that 
belong to ou r respe^j 
groups, as well as director 
Jtal into the regions 
Menatep's Mr. Zourabo^ 3 ^ 5 

fa® Aris 


!A 






INTERNATIONAL II 




PACE 3 


RUSSIA 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, SEPTEMBER 19, 1997 


PAGE 21 


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* Telecom Upgrade 
Full of Promise 

For Investors 

: 0 PP°™nMes for growth are enormous. 

R lareelv tc ! ephone infrastructure consists 

mSSa^LSf d ejfctn^mcchanical system with 

voice “SSn ^ c,,ck into P**. L '™ static, 

■ ~fmf n dr °PO ut ’ sudden disconnections, busy circuits when 

: * e S*y call interference £ conm™ 

• rate- iust 1 5 hJ? 13 ^ a low te,e Phone penetration 

; • ^ ■! ^ i pe^ie — unacceptable in a country' 

. ^ s ^ stel J 1 and middle class whileit 
1 te'. we ^ es itself mto the international economy. 

T tJSL«S» have ^ e,ed Russia's demand for modem 
1 a ? d . attracted the world's telecommu- 

. nrcatrons multinationals, investors and analysts “Telecom- 

■ £?££* 2*“P Cfha P* thc number-one sector for investment 
i ; MifofS? 2* r? W ’ *** ‘S° r Kliutchnikov. chairman of 
j . Mifor Invest, a Moscow-based brokerage that is parr of the 
■ StS. Securities Issue Syndicate. “Almost 

: orS SibS T ”* “ increase in lhc numb,:r 

‘ Targeting regional companies 

; says his company is investing mainlv in 

1 SSSSL* steommumcations companies, not necessarily in 
. Moscow. Regional company shares are not yet available 
. Russia-wide, but beginning this year they will be. he says. 

. Soon, everyone will be able to buy them, and their liquidity 
I will increase, hesays. “We expect telecoms as a wholetoao 
; up m the near future." e 

; Suppliers stand to benefit as well. Upgrading and lavin* 
% new lines across vast Russia — which reaches from Scan£ 

* . v*™- tome Far East — will take a lot of work and big 
; money. Officials from Sweden-based LM Ericsson estimate 
, that Russia s telecommunications market, including switch- 
; attd radio communication systems, is worth about S3 00 
, million and growing at 1 00 percent annually. 

- The Russian government expects installation of 3 million 
bn^per year — with 75 percent supplied by foreign 
companies and joint ventures. Multinationals like Japan- 
based NEC Corp. and Germany-based Siemens have in- 
vited in local switch manufacturing. Through local man- 
ufacturing, these companies hope to become key suppliers to 
Svyazinvest, a holding company made up of 85 regional 
telephone companies. One-quarter of Svyazinvest was re- 
cently sold by the state to a consortium of banks led by 
Russia's Unexim Bank and ..eluding multibillionaire fin- 
ancier George Soros. 

. “More than 50 percent of Russia's telecom system needs 
. replacement," says Osamo Watanabc, head of NEC’s CIS 
office in Moscow. “We expect rapid expansion." 

Meanwhile, as the conventional systems get installed, 
&| cellular telecommunications has been expanding exponen- 
W ■ tially. The mobile phone became a quick practical alternative 
to the pay phone and has emerged as a prestige item. 

. Fractional market penetration < 

Some 160.000 mobile phone subscribers have signed on ; 
.since the first handsets for consumers were introduced in 




IbemobQe phone marieet is 99.9 penent untapped 

1*^4. The figure is low, representing 0.1 percent penetration 
and making growth potential enormous. As more com- 
petitors enter the market and drive prices down, the country’s 
subscriber base is expected to balloon. 

Several competing mobile phone standards have appeared 
on the market. Among them, handsets based on the GSM 
standard have little presence in the huge country — roughly 

25.000 subscribers. By comparison, systems with thc NMT 
standard — Russia's federal analog system — have about 

50.000 subscribers. NMT's advantage is its range, allowing 
leverage across long stretches of land. In big cities, however, 
its use is restricted by the limited number of frequencies. 

GSM has been slow to catch on because it is costly, 
requiring more base stations and aerials per mile across 
Russia than NMT standard systems. Ericsson remains the 
dominant supplier of cellular systems in Russia, accounting 
for a whopping 80 percent of the vast country’s cellular 
systems infrastructure, according to Yngve Rcdling. pres- 
ident of Ericsson Russia in Moscow. 

Sales were roughly $250 million last year. By the year 
2001, barring any unforeseen circumstances, Rcdlmg ex- 
pects Ericsson Russia to reach $1 billion in sales. Com- 
petitors include NEC. Motorola, Alcatel, Lucent, Nokia and 
Siemens. 

New York fisting 

Local cellular operators have popped up around Russia; 
Moscow-based VimpelCom is the largest In November, 
VimpelCom, anticipating huge demand, became the first and 
only Russian company to be listed on the New York Stock 
Exchange. 

For those who can’t afford a mobile phone, a pager has 
proven to be a bot-selling alternative. Motorola and NEC are 
two of the companies involved m paging systems in Russia. 
Other telecommunications equipment, including PABX sys- 
tems, is needed by Russia's huge state enterprises and 
ministries. 

Industry sources say their main concerns are that the 
economy keep moving forward and that the political situation 
not change dramatically. Some multinationals believe the 
risk is acceptable enough to increase their stake in Russia. 

NEC, with $100 million in sales in Russia last year, is 
negotiating other manufacturing ventures with Russian 
companies in the areas of fiber-optic transmission systems 
and microwave transmission equipment 

Drew Wilson 


Evolving Legislation for Oil and Gas 

Foreign oil companies are looking to a mote investor-friendly legal and tax regime. 

W hen Russia first tralian company BHPP’s Pri- gions of north European encouraged refiners to sta 
opened Us doors to razlomnoye field is the only Russia. investing in modemizatioi 

foreign investors in Foreign project to have won Meanwhile. .Amoco 's ne- bringing plenty of work fe 


W hen Russia first 
opened its doors to 
foreign investors in 
thc early 1990s. international 
I oilmen arrived in droves. 
Outside the Middle East, no 
country in the world has big- 
ger untapped oil reserves, 
| Foreign oil executives went 
| in search of oil deals in re- 
^ mote places like Tyumen 
§ province, foe Komi. Udmur- 
£ tia and Tataria. Since then, 
over a dozen mega-projects 
that could eventually bring 
some $70 billion in foreign 
investment into Russian oil 
fields have been painstak- 
ingly negotiated. 

Some 40 foreign joint ven- 
tures are already producing 
oil in Russia, accounting for 
around 22 million tons of the 
country's 300-million-ton 
annual output But most op- 
erators have trimmed earlier 
investment plans to the bone 
as rising tax and transport 
bills have gnawed away at 
their profit margins. 

Cautionary tales 

The travails of joint ventures 
are viewed as a cautionary 
tale by companies with more 
ambitious plans. They prefer 
to invest within the frame- 
work of production-sharing 
contracts, wh ; ch entitle the 
government to a fixed per- 
centage of oil production and 
limit its tax take to just two 
levies. 

Initially, the production- 
sharing law passed in late 
December 1995 looked like 
the perfect Christmas gift to 
foreign oil companies. But - 
they soon began to take issue 
with the details. A separate 
law of amendments has since 
been drafted and was given a 
fust reading by Parliament 
this July. More debate is ex- 
pected this autumn, when 
deputies mull over the 
second and third readings. 

Parliament also needs to 
approve each resource proj- 
ect recommended for devel- 
opment under production- 
sharing terms. So far, Aus- 


tralian company BHPP’s Pri- 
razlomnoye field is foe only 
foreign project to have won 
such approval. 

Investment stimulus 

Ironically, reform of foe tax 
system could take place be- 
fore foe production-sharing 
law is amended. Apart from 
reducing the overall tax bur- 
den. foe new tax code shifts 
the emphasis of taxation onto 
profits rather than revenues. 
This should help stimulate 
investment in the oil sector. 

The ongoing struggle be- 
tween Russian banks, oil 
companies and regions for 
control over oil reserves has 
muddied the field for foreign 
companies, which have often 


gions of north European 
Russia. 

Meanwhile. .Amoco 's ne- 
gotiations for the giant Pri- 
obskoye field in West Siberia 
stalled after Bank Meitatep 
took over Yukos, the owner 
of the field. 

A few foreign oil compa- 
nies have already abandoned 
upstream Russia: those that 
are staving have hunkered 
down fora long wait “In 10 
years' time, the situation will 
still be evolving in Russia,” 
says Jonathan Stem of Lon- 
don-based consultancy Gas 
Strategies. “There will prob- 
ably be about a half-dozen 
capital-intensive foreign oil 
and gas field projects under 
way. Other companies will 


encouraged refiners to start 
investing in modernization, 
bringing plenty of work for 
foreigners. Gasoline retailing 
is booming, so everyone is 
clamoring to build service 
stations ’ in and around big 
cities.” 

Privatization has opened a 
new window on foe oil in- 
dustry. Atlantic Richfield 
{ Arco) was a pioneer, buying 
an 8 percent stake in Russia’s 
biggest oil company, Lukoil, 
via convertible bonds issued 
in 1995-96. Arco also pro- 
posed to mvesr up to $5 bil- 
lion via the LukArco joint 
ventures it subsequently set 
up with Lukoil. 

“It’s been an extremely 
good investment," says 



Off refiners arc modemahig ffiefr operations now that domestic prices have risen 


been caught up unexpectedly 
in the scrimmage. Die local 
government in foe Nenets re- 
gion played a significant part 
in persuading Moscow to an- 
nul a tender in which Exxon 
won exploration and devel- 
opment rights on the CK 
block, the future hub of sev- 
eral huge oil projects foreign- 
ers are planning in Arctic re- 


have bits and pieces on the 
side.” 

There are still new aven- 
ues to explore. “Until re- 
cently. downstream was foe 
Cinderella of foe Russian oil 
industry,” says Peter Houl- 
der, managing director of 
Moscow-based Centerln- 
vest “Higher domestic 
prices for oil products have 


Robin Matthews, formerly of 
Arco. “Lukoil's share price 
has tripled since Arco bought 
stock. Purchase of foe bonds 
provided foe introduction to 
other projects with Lukoil, 
which now incliute a 5 per- 
cent stake in the giant Tengiz 
field in Kazakppi and a 
share in foe Caspian Pipeline 
Consortium.” I.G. 


Intel’s Secret: Create the Buyers 


Genera* licence No.41 issued 20/10. 93 


Intel has managed to rack up high sales volume mainly bv importing and selling. 


U .S.-based micropro- 
cessor maker Intel 
Corp. is a success 
. story, with a total $200 mil- 
.. lion worth of business in foe 
countries of foe former So- 
r \viet Union last year. The 
. . secrets of foe company’s 85 
"percent share of foe Russian 
-market are that it works 
closely with Russian com- 

f puier assemblers and ag- 
gressively creates user de- 
mand for foe latest Intel 
tetfonology. 

Moscow-based Pavel 
.'.'Borokh, Intel technical mar- 
keting manager for foe East 
European region, says Intel 
'Russia has studied “all the 
' ; steps through which our 
product moves into this mar- 
• ket We have people dedic- 
ated to influencing each part 
in this chain.” 

The fust links in the chain 
are strategic partnerships 
'.forged with local PC man- 
ufacturers VIST, Formoza 
^Cand R&K, which dominate 
■the buoyant small and me- 
? dium-sized business market 
.VIST holds 17 percent of 
• .Russia’s PC market besting 
.heavyweights like Compaq, 
. • Hewlett-Packard and IBM. 

Intel engineers deliver the 
. newest chips to these part- 
ners months before their 
market release and advise 
.them on how-to design their 
.. product lines around them. 

, “Then we have marketing 
people driving various mar- 
keting programs with the 
manufacturers' and working 
oir the wholesaling and re- 
taking channels, including 
^training for ■ them,” Mr. 
■iBorokh says. 

7 Co-op advertising 
.In a cooperative advertising 
, scheme, 6 percent of all 
' . money ' spent by Russian 
‘Companies on Intel chips is 
^reimbursed by Intel and must 
be.nsed for advertising that 
.carries foe “Intel Inside” 
logo. End-user demand for 
fctd c hips is stimulated by a 



software-development pro- 
gram that demonstrates to 
program developers foe ben- 
efits of the most advanced 
models. 

“Supporting software de- 
velopers is important for us,” 
says Mr. Borokb of the $1 
million program. “They can 
prepare their software to take 
advantage of foe newest 
technology. If wc do not have 
software that is taking ad- 
vantage of foe new hardware, 
then we will not be able to 
sell it. When our new MMX 
[microprocessor] was an- 
nounced this year, we already 
had software titles released 
that were using this technol- 
ogy because we had started 
working with foe software 
vendors nine months before 
it appeared on the market” 

Intel has also set up its own 
Moscow-based software 
technology laboratory to de- 
velop off-the-shelf programs 
that require its latest chips, 
designed for incorporation, 
into programmers’ software. 

With its strategic partners 
locked out of foe government 
market by foe multinationals. ■ 
Intel Russia is creating de- 
mand from corporations and j 
some federal ministries by I 
advising them on technolo- 
gical advances and tailoring 
their systems. Top clients in- 
clude Gazprom, Russia’s 
mammoth gas producer, foe 
Central Bank of Russia and 
the ubiquitous Sberb ank. 

Intel’s push-pull strategy 
is working. Sales predictions 
for this year are more than 50 
percent higher than foe 1 996 
figures. But there is a prob- 
lem. “Many multinationals 
view Russia as a dumping 
ground for newly outdated 
technology — maybe six 
months old — which nobody 
in Western Europe will buy. ” 
Mr. Borokh says. “Custom- 
ers are buying on price with- 
out ihinkina which technol- 
ogy is behind this pnee, and 
local manufacturers — our 
customers — are forced to 


iw * produced in its_ entirety by the Advertising Department 
of the International Herald Tribune. 

Writers: Ben Arts and Isabel Gorstin Moscow: 

■ Uqyd Donaldson and Drew Wilson in St. Petersburg 
Program Director: Bill Mukden 


work close to the same level. 
But pricing is very dynamic 
in foe microprocessor world. 
We really make money only 
on foe new technology.” 

Intel's regional manager 
for Eastern Europe, Stephen 
Chase, says that while Russia 
is still six to nine months 
behind Germany or France, 
the transitions that the coun- 
try is making between dif- 
ferent generations of chips 
are as rapid, and the gap is 
closing. 

In foe second quarter of 
1995. when the 486 com- 
puter still dominated the Rus- 
sian market, just 20 percent 
of Intel chips sold in Russia 
were foe new Pentium chips. 
Only nine months later, Pen- 
tium chips made up 65 per- 
cent of sales. 

With an Intel manufactur- 
ing plant costing $1 billion. 
Mr. Chase says foal the time 
is not yet right to build one in 
Russia. “There are too many 
unanswered questions and 


too many infrastructure holes 
that need to be fixed” 

The last link 

Intel is now shifting its em- 
phasis to foe last link in foe 
PC chain, focusing on dis- 
tribution. particularly to 
small companies that man- 
ufacture up to 1 00 computers 
a month, which - Intel esti- 
mates make up 35 percent of 
foe market. “Wholesale and 
retail channels are very frag- 
mented,” explains Mr. 
Borokh. “There are thou- 
sands of small companies 
that are wholesaling PCs, do- 
ing a little manufacture, a 
little bit of retail” 

This summer, a 14-mem- 
ber Intel team, dubbed 
“roadrunneis,” scattered 
across foe country with a 
mission to bofo help create 
Russia's computer cottage 
industry and sell Intel parts to 
h. The program mirrors a 
successful one in Indonesia. 

Uoyd Donaldson 


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PAGE 22 


^ KnalbS&ttnme 

Sports 


FRIDAY, SEPTEMBER 19, 1997 


World Roundup 


Roe Takes Lead 
In British Masters 

* golf Mark Roc of England shot 
a 7 -under-par 65 on Thursday to 

- ..take the first-round lead in the Brit- 
ish Masters, although most eyes 
, 3 were on the weak play of the e»git 
European Ryder Cup players in the 

..field. „ _ 

It wasn't a good day far the Ry- 
der team in a first-round that saw 78 
"players remaining on the course 
when darkness fell. Play was three 
.hours late in beginning because of 
i heavy morning fog in Coventry. 

- Of the three Ryder players who 
"finished the round, Dairen Clarke 
of Northern Ireland had the best day 
,'wjtb a 1 -under 71. Jose Maria 
Olazabal of Spain shot a 72 and Ian 
Woosnam of wales finished at 73. 
.. of the five Ryder players left on 
jhe course, Thomas Bjorn of Den- 
mark was in the best shape at 3- 
under after 12 holes. Another Ry- 
..der rookie, Lee Westwood of Eng- 
land was a poor six over with seven 
.holes to play. (AP) 

Grobbelaar’s Troubles 
.Seem Far From Over 

soccer Goalkeepers Bruce 
Grobbelaar and Hans Segers, who 
.'were acquitted of match-fixing last 
month, were charged by English 
‘soccer authorities on Thursday 
with breaking betting rules. They 
could face life bans from the 
sport 

The Football Association said 
.the charges stemmed from the testi- 
mony the two players gave daring 
‘their match-fixing trial in 
'Winchester, which ended Aug. 8. 

Grobbelaar, Segers, die former 
'Wimbledon striker John Fashanu 
and a Malaysian businessman, 
Ueng Suan Lim, were all acquitted 
on charges of fixing Premier 
_ League games for an Asian 
gambling syndicate. The four had 
been trial previously on the same 
charges, but the firsr trial ended in 
-February with the jury failing to 
.reach a verdict 

As a result of the court acquittal, 
the FA said Thursday it was drop- 
ping the charges of match-fixing it 

■ filed against Grobbelaar in Novem- 
.ber 1994. 

-. However, the FA said it was 
^bringing new charges against the 
two goalkeepers. “We can an- 
nounce today that Bruce Grobbe- 
laar and Hans Segers have both 
been charged with breaches of FA 
rules on betting,” the association 
said in a statement “They have 
admitted to breaches of the relevant 
FA rales at the criminal trials.fftPJ 

. Sanchez Vicario Triumphs 

- tennis Second-seeded Arantxa 
••Sanchez Vicario quickly ended the 
iJbopes of upset-minded Shinobu 
Asagoe, advancing to the Toyota 

.'.Princess Cup quarterfinals with &6- 
■*0, 6-0 victory over the Japanese 
j "■qualifier on Thursday. 

■ Asagoe, ranked 259th in the 
world, had ousted the error-plagued 

"Chanda Rubin of the United States 
in the first round on Wednesday. 
.On Thursday, as her Spanish op- 
ponent made no mistakes, she im- 
patiently slugged the ball long and 
-wide, and admitted later to being 
_ embarrassed by the splashy local 
. press coverage of her previous 
^ ’day's triumph, 

r Among the seeds in action on 
^■Thursday, only No. 4 Kimberly Po 
.'had to struggle. Overcoming a 2-5 
-Second-set deficit with heavier hit- 
"ting, the American beat Japan's 
. Rifca Hiraki 3-6, 7-6 (S-6), 6-3. 

Third- seeded Conchita Martinez 
! of Spain ousted Wang Shi-ting of 

■ Taiwan, 6-1, 6-3 in slightly more 
than an hour, chasing her around 
with a mix of slice and topsin, and 

. lobbing or passing out or trouble 

■ when she needed to. ( AP ) 


Fans Aren’t Cheering 
Champions League 

New Format Hasn’t Filled Seats 


Iniemadontd HemblTribme 

P ARIS — European soccer’s 
powerful marketing men seem to 
have missed a trick. For Paris St. 
Germain’s opening match in this sea- 
son’s Champions League, the field was 
surrounded by billboards for the com- 
petition's eight sponsorship * ‘Part- 
ners. ” Television directors could hardly 
avoid advertising tires or chocolate 
spread with virtually every picture of 
the action. 

If the cameras strayed away from the 
field, they could not help showing the 
Champions League logo — a soccer ball 


primarily packaged for television. Fans 
can watch their local team play ^ ve ana, 
immediately after that game has fin- 
ished, the wonders of the satellite can 
bring them the highlights from the even- 
ing’s other 2 1 matches, with eveiy goal 
replayed from four or five angles. Why 
bother to go to a match when the view is 
so good from your armchair? 

Television also breeds familiarity. 
Today every fan is familiar with every 
major European club. European soccer 
has lost its exotic quality. That process 
has been accelerated by die increasingly 
multinational and homogenous nature 


European Soccer/ Piter Berlin 


composed of stars — which UEFA, the 
governing body of European soccer, 
had plastered on every bare concrete 
surface. _ 

But UEFA could have done better. It 
could have stuck ads on the seats. The 
Parc des Princes was dressed up for a 
party but only 21,000 people came. 

The 1997-98 Champions League, 
part of Europe’s premier club compe- 
tition, was also greeted by tens of thou- 
sands of empty seats in such traditional 
soccer cities as Lisbon, Munich, Madrid 
and Turin on Wednesday night The 
blame does not entirely lie with UEFA’s 
constant tinkering with the competition, 
and the lack of fan interest may be a 
good thing . 

This season, UEFA has expanded the 
Champions League section of its Cham- 
pions Cup to 24 teams, from 16. For the 
first time, it allowed teams that arc not 
national c hamp ions into the competi- 
tion. The second-place teams from the 
eight highest ranked countries were ad- 
mitted to a qualifying round with 24 
champions of middle-ranked countries. 
All eight nonchampions won and ad- 
vanced. PSG was one of those. 

The losers in the qualifying round, all 
of them national champions, were re- 
legated to the lesser UEFA Cup, which 
is where league runners-up traditionally 
played. 

fit Paris, where PSG crashed Gote- 
borg, the Swedish champions, 3-0, the 
UEFA logo was obscured at either end 
of the ground by die banners of tlie PSG 
supporters' clubs whose members cram 
into the cheap seats for every match. 

One, belonging to a group which calls 
itself the Boulogne Boys, had hung out a 
banner mocking the new format It pro- 
claimed that PSG would win C3, the 
French shorthand for the UEFA Cup. C3 
was carefully crossed out and after- 
wards was written Cl — the Champions 
Cup. Even the most one-eyed fans of 
one of the clubs that has benefited from 
UEFA’s changes think the changes are a 
joke. 

Of course, the Champions League is 


erf European soccer. The great Real 
Madrid team of the early 1960s starred a 
player from Argentina, Alfredo di 
Stefano, and another from Hungary, 
Ferenc Puskas. But that process has 
accelerated wildly in recent years. PSG 
is managed by a Brazilian, and its star 
striker is Italian. 

In England, Newcastle United, man- 
aged by a Sa>t, faced Barcelona of 
Spain, which is coached by a Dutchman. 
A Colombian scored all three goals for 
the English, a Portuguese scored one for 
the Spaniards. 

UEFA’s changes to the Champions 
League reflect the increasing concen- 
tration of top players in a few wealthy 
leagues. Since the fan of the Iron Cur- 
tain, Eastern Europe has been strip- 
mined for soccer talent. Success can be 
disastrous for clubs in the less affluent 
European leagues. Players started leav- 
ing Rosenborg of Norway for wealthy 
English clubs even before its surprising 
run in last season's Champions League 
had finished. 

Even Monaco entered its first Cham- 
pions League severely weakened No 
sooner had it won the French league last 
season, than English clubs started buy- 
ing its players. Monaco could not keep 
Sonny Anderson, its star striker, once 
Barcelona decided he was the man to 
replace Ronaldo. 

One function of the Champions 
League is to forestall any attempts by 
foe biggest European clubs to break 
away from UEFA, leave their national 
leagues and form a European super- 
league. This is foe encouraging aspect of 
Wednesday's poor gates. Several po- 
tential superleaguers — Juventus, Real 
Madrid Bayern Munich — - draw larger 
crowds for matches against even foe 
weakest teams in their domestic league. 
Fans across Europe, like those in Paris 
who mocked their teams place in the 
Champions League, are traditionalists. 
Soccer, in its ceaseless quest for a few 
extra dollars, should bear that in mind 
Unless it plans to sell eveiy seat in the 
stadium to advertisers. 


Zuelle Closing In on Vuelta 


Reuters 

PONFERRADA, Spain — The de- 
fending champion, Alex Zuelle, 
strengthened his grip on foe Tour of 
Spain on Thursday, two weeks after 
he had seemingly become resigned to 
playing little more than a supporting 
role. 

A collarbone fracture had upset the 
Swiss racer's preparation, but foe 
12fo stage, with its first of four moun- 
tain-top finishes, brought out the old 
Zuelle. 

Although Roberto Hems of Spain 
beat foe favorites to the finish line at 
an altitude of 1,750 meters (5,775 
feet) ou El Morredero mountain for 
his first victory in three years as a 
professional, most eyes were on 
Zuelle. 

Zuelle played a waiting game with 
his main rivals, his compatriot 
Laurent Dufanx and Fernando Es- 


cartin of Spain. Then, 300 meters 
from the finish, he opened up to gain 
six seconds on the second-place Du- 
faux and three seconds on Escartin. 

He finished fifth, 1 :36 after Heras, 
and now leads by 36 seconds over 
Dufaux, with Escartin 2:17 behind. 

Dufaux earned a deduction of two 
seconds from his overall time for a 
second-place finish in an intermediate 
sprint. 

“I did not need to work,” Zuelle 
said. “I just had to control foe others. 
I was not afraid because I fell my form 
was good, and I was nor nervous 
because I only had to watch Dufaux. 

“I don’t like to talk about winning 
but foe situation is good for me. 
race to Covadonga is the most 
important' ’ 

That will take place on Sunday, and 
will be the fourth mountainous finish 
in as many days. 



CROSSWORD 


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PSV Eindhoven’S Arthur Numan, left, vying with Dynamo Kiev’s Vladislav Vashtchnk. Dynamo Kiev won 3-1. 


PSG, Bayern and Juventus Win 


By Peter Berlin 

International Herald Tribune 

PARIS — Paris-St Germain re- 
ceived plenty of help from visiting 
Gothenburg as it beat foe Swedish 
champion, 3-0, in its opening match in 
Group E of foe Champions League. 

The French team started impressive- 
ly. Rai, its veteran Brazilian midfield 
player, orchestrated a series of carefully 
constructed attacks "on the wings. 
Jerome Leroy and Laurent Fournier on 
the right and Franck Gava on foe left 
repeatedly outflanked the Swedish de- 
fense. But Marco Simone and the di- 
minutive Florian Maurice were usually 
outnumbered in foe Gothenburg penalty 
area, and the burly Swedish defenders 
reached every cross first. 

They did not always clear foe danger, 
however. In the 27th minute, foe 
Swedes half-cleared a PSG corner. Si- 
mone collected the ball on the edge of 
foe penalty area and rolled it into foe 
path of Bruno N’Gotty, who drilled a 
low shot into foe comer of the Gothen- 
burg goal. 

In a poor second half, both PSG goals 
were the result of inept defense rather 
than inspired attack. In the 52d minute. 
Gava swung another cross torn the 
Swedish goalmouth. Again, a defender 
reached foe ball first, but this time 
Teddy Lucic slammed his attempted 
clearance into his own goal. With eight 
minutes to go, Olof Magnusson tripped 
Simone to give PSG a penalty from 
which Rai scored. 

In foe other Group E match, Bayern 
Munich, foe German champion, beat 
Besiktas of Turkey, 2-0, in Munich. In 
foe first three minutes, Thomas Helmer, 
a defender, twice headed against foe 
post from corners. The second time, foe 
ball bounced straight back to Helmer, 
who poked it into foe goal. Mario Basler 
scored the second goal with a powerful 
drive in the 70th minute. 


The results left PSG atop the group on 
goal difference from Bayern. The en- 
larged Champions League means that 
only the six group winners are guar- 
anteed a place in me quarterfinals next 
spring. Only foe two best second place 
teams will join them, so a single goal 
advantage could prove cruciaL 

qroup c The most balanced group 
opened with two mild surprises. New- 
castle United, which prides itself on its 
tradition of great British center forwards, 
beat visiting Barcelona, 3-2, thanks to a 
vintage display of old-fashioned center- 
forward skills by a Colombian. 

Fanstino Asprilla gave Newcastle the 
lead in foe 22a minute in time-honored 
fashion. He poked foe ball into foe Bar- 
celona penalty area, drew an ill-judged 
dive from Ruud Hesp, then mmbied 
over foe goalkeeper in spectacular fash- 
ion to win a penalty. Asprilla converted 
foe kick himself. 

His other two goals were of classic 
beauty. Twice, Keith Gillespie, an old- 
fashioned right winger, skipped past 
Sergi, foe Barcelona left back, and hit 
accurate hanging crosses into the Bar- 
celona goalmouth. Twice, Asprilla out- 
leapt foe Barcelona defenders to slam 
headers past Hesp. 

In Eindhoven, Dynamo Kiev upset 
PSV, foe Dutch champion, 3-1. Yuri 
Maksimov gave foe Ukrainian cham- 
pion foe lead after 33 minutes, and Wim 
Jonk leveled for PSV five minutes be- 
fore foe half. But Seriiiy Rebrov scored 
in foe first minute of foe second half and 
Kiev tallied again in foe last minute. 

group B Juventus played much of its 
match against Feyenood of Rotterdam 
with just 10 men but still won, 5-1, in 
Turin. Juventus took a 3-0 lead in the 
first half. AJessandrDel Piero scored foe 
fust two, foe second from a penalty , and 
Filippo Inzaghi struck the third. 

Juventus lost Angelo De Livio early 
in the second half. He received a red 
card for handling foe ball on foe goal 


line. Jean-Paol Van Gastel scored from 
foe ensuing penalty kick, but foe Dutch 
could not exploit their advantage and 
Alessandro Birindelli and Zinedine Zid- 
ane scored again for Juventus; 

Kosice, the first Slovakian team to 
qualify for foe Champions LeagueJost 
3-0 to visiting Manchester United, the 
English Champion. Dennis Irwin, 
United’s left back, put his team ahead 
with a low cross-shot after 30 minutes.. 
Another defender, Henning Berg, 
scored foe second mthe53dinmute and 
striker Andy Cole pounced on a de- 
fensive mistake to score United's third 
in foe final minute. 

group a Stepfiane Chaptrisaf seemed 
the only goal as Borussia Dortmund, foe 
reigning champion, won, 1-0, in Istan- 
bul against Galatasaray. Parma, the 
Italian league runner up, drew, 0-0, with 
Sparta in Prague in a match in which 10 
prayers received yellow cards including 
a second caution of the competition for 
Parma captain Antonio Benamvo and 
Sparta's Miroslav Baranek, who will 
both be suspended for the next round. 

grow d Real Madrid brushed aside 
Rosenborg Trondheim of Norway, 4-1, 
in Madrid. Christian Pannucci, Ze 
Roberto, Raul and Fernando Morientes 
scored for the Spanish champion. Mini 
Jakobsen scored for foe Norwegians. In 
Athens, Olympiakos, the Greek charo- 

? 'on. beat Porto of Portugal, 1-0. Stelios 
annakoponlos scored foe goal 
group F Sporting Club of Portugal 
scored twice in the first eight minutes 
against Monaco, foe French champion, 
in Lisbon. Oceano scored with a near- 
post header in foe fourth minute and 
Mustapha Hadji beaded in a second goal 
from dose range four minutes later. 

Stefan Beinlich scored with a penally 
kick in the 40th minute as Bayer 
Leverkusen, the third German repre- 
sentative in foe Champions league, beat 
visiting Lierse, foe champion of Bel- 
gium, 1-0. 


v 

U.S. vs. Australia Tops Davis Cup Menu 


By Christopher Clarey 

Special to the Herald Tribun e 

WASHINGTON — In foe American 
capital, it will be strength against 
strength. In foe Swedish city of Norr- 
koping, it will be strength against weak- 
ness. 

The Davis Cup semifinals begin on 
Friday, and only one of them has the feel 
of a classic: Australia vs. the United 
States. The two nations have played 43 
times since this team tennis competition 
was launched in 1900. The Americans 
have won 24 of foe encounters and the 
Australians 19. But it has been rare in 
recent years for foe two teams to meet at 
anything resembling equal strength. 

American men have been foe dom- 
inant force in tennis throughout this 
decade, but the last time these teams 
played — in the first round in 1993 in 
Melbourne — none of foe American 
stars saw fit to make foe journey. The 
Australians responded by making rel- 
atively quick work of David Wheaton 
and Brad Gilbert on grass. 

This time, with no oceans to cross and 
no more Grand Slam tournaments to 
prepare for this year, the Australians’ 
singles opponents will be world No. 1 
Pete Sampras and No. 2 Michael Chang. 
The contest will be played on hard- 
courts: the surface that Sampras and 
Chang were boih reared on as adoles- 
cents in California. It will be played in a 
human-scale stadium — a welcome de- 
velopment after foe cavernous 23,000- 
seat Ashe Stadium at foe U.S. Often — 
that is expected to be sold out. 

Normally, all this would mean that 
the Americans would be heavy favorites 
to reach the final of foe event they have 
won a record 31 times. But the Aus- 
tralians are on a roil. They have Patrick 
Rafter, only two weeks removed from 
his stunning victory at the U.S. Open 
and now ranked third in foe world. They 
have the erratic but gifted Mark Phil- 
ippoussis. whose powerful serve and 


high-risk grounds trokes make him cap- 
able of beating anyone when focused 
and motivated. 

They have Mark Woodforde and 
Todd Wood bridge, the world's most 
successful doubles team with nine 
Grand Slam titles to their credit. 

‘ ‘This is only my fifth home tie,' ’ said 
T om Gu Uikson. who took over as Amer- 
ican captain in 1994. “You can take foe 
other four combined, and there hasn't 
been the excitement that's been gen- 
erated by this tie against the Aussies." 

The last time foe world's top three 
singles players competed in the same tie 
was in Minneapolis, in 1992. when 
Sampras, Jim Courier and Stefan Ed- 
berg of Sweden played in a semifinal 
won by foe Americans. Though foe 
doubles ranking system has evolved 
over the years, this appears to be the first 
time foe top three singles players and 
top doubles team are competing. 

“A little slip up, and we’ll be there 
like hungry dogs.” Woodforde said re- 
cently. 

The same cannot be said by the Itali- 
ans, who will face Sweden on a me- 
dium-speed indoor carpet. Italy reached 
the semifinals for the second consec- 
utive year by upsetting the Spaniards 
indoors in April, but that has been foe 
only exclamation point in a decidedly 
lower-case season for Italian players. 

Only Renzo Furlan Iras advanced past 
the second round in a Grand Slam event. 
He did so at foe Australian Open, and 
then proceeded to lose in the next round. 
Furlan is the highest-ranked Italian, and 
he is only ranked 84th. Omar Cam- 
porese. the team's other singles player, 
is ranked 220th, although he has an 
excuse (chronic injury problems in his 
right elbow j. 

To make matters more unsettling. Ad- 

nano Panatta. the Italian captain and 
former French Open champion whose 
surprising choice of Camporese helped 
create foe upset of Spain, resigned in July 
after a series of disputes with the Italian 


Tennis Federation. The new captain is 
Panatta 's former doubles partner and 
fellow chain-smoker, Paolo Bertolucci. 

He has inherited a poisoned chalice. 
The Swedes not only have foe home- * 
court advantage. They have Jonas 
Bjorkman, an explosive returner and 
fine serve-and- volleyer who reached the 
semifinals of this year's U.S. Open and 
forms one of the world's top doubles 
teams with Nicklas KultL The Swedes 
also have Thomas Enqvist, who has 
been in and out of foe cop 10 for much of 
foe last three years. 

To sum up, Sweden wfo be in the final 
( odd things have a habit of happening in 
Davis Cup, but there afe limits). Pre- 
dicting who will be in foe World Group 
next year is Jess straightforward. Eight 
qualifying- round-matches will also be 
played Friday, Saturday and Sunday. 
The winners will clinch spots in the 16- 
team World Group for next year. 

In Essen. Germany, Boris Becker, 
who has announced his retirement from 
Grand Slam singles play, will lead the 
Germans against the Mexicans on his 
best surface: an indoor carpet. In New 
Delhi, Chile's new and oft-naughty star 
Marcelo Rios will tty to eli minate 
Leander Pass and the Indians on his 
wprsi surface: grass. 

Two other intriguing matchups: 
Thomas Muster ana the Austrians 
versus the Black brothers (Wayne and 
Byron) in Zimbabwe; Brett Steven and 
foe New Zealanders versus Gustavo 
Kuerten and millions of suddenly ten- 
nis-hungry Brazilians. 

The last time Kuerten played Davis ! 
Cup in Brazil — - in February against the 
United States — * he was not yet a star . 
worthy of congratulatory faxes from foe • 
national icon, Pele. But men’s tennis has 
been producing new stars at a rapid clip, • 
and this weekend, in many different 
tune zones, in many different temper- 
arnres and on many different surfaces, 
roost of them will be sweating for their ! 
countries. 









INTERNATIONAL III 


9 jf[ 04 \\ pPTEMBER24,199; 


PACE fc 


INTERNATIONAL HERALD TRIBUNE, FRIDAS', SEPTEMBER 19, 1997 


PAGE 2S-' 


SPORTS 


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By Clifton Brown 

Times Service 

T HE CONTROVERSY in- 
* Se y e BaUesteros, 
Miguel Angel Martin and the 
European team has only increased the 
inmgue surrounding the Ryder Cup 
which tees off next week. P 

.Marta earned enough points to 
make the team, but because he has an 
injured wist, he was replaced by Jose 
Mana Olazabal. the next-highest 
qoaaner. Martin underwent surgery 

on his left wrist Aug. 5, and he ha? nor 

competed since. But instead of giving 
■ Martin more time to recover, as he 
requested, the European Ryder Cup 
committee announced Sept. 2 that 
Martin was out, and Olazabal was in. 

Martin is furious. He has 
tfareatowd legal action. And he has 
blasted Ballesteros, Europe’s captain 
j who is a close friend of Olazabal’ s. 
With Martin off the team, it opened 
up a spot for Olazabal. and gave 
Ballesteros the freedom ro add both 
Nick Faldo and Jesper Pamevik as 
captain's picks. Many people believe 
that’s what Ballesteros wanted all 
along. If getting Faldo, Pamevik and 
Olazabal on the team had to come at 
Martin's expense, so be it. 

“They wouldn’t have treated Colin 

Montgomerie the way they treated 
Martin,” said Paul Azinger, who 
played on the 1991 U.S. Ryder Cup 
team. “They would’ve waited as long 
as they could’ve to see if Montgo- 
merie could have played. I don’t 
know Martin, but I feel for him.” 

Martin withdrew from a tourna- 
ment in England this week and he still 
doesn't appear fit to play. Yet. his 
situation could have been handled 
with more sensitivity. And the furor 
over his treatment highlighted the del- 
icacy surrounding the captain’s picks 
at a rime when Ryder Cup interest is at 
an all-time high. 

Perhaps Europe’s selection com- 


Scoreboard 


mittee and Ballesteros succumbed to 
the immense pressure that has be- 
come pan of the Ryder Cup which 
begins Sept. 26 at Valderrama Golf 
Club in Sotogrande, Spain. This is the 
first time Spain has been host to a 
Ryder Cup. and Ballesteros desper- 
ately wants to win in his home coun- 
try. This is also an important tour- 
nament for European golf's prestige 
Top players like Faldo and Mont- 
gomerie have criticized some of the 
tournaments on the PGA European 
Tour this year for the poor conditions 
of the greens. 

Montgomerie and Lee Westwood 
are reportedly considering joining 
Pamevik as regulars on the PGA Tour 
in the near future. 

With Tiger Woods making his Ry- 
der Cup debut, a record number of 
television viewers are expected to 
watch the three-day event, which is 
generally considered to be the most 
pressure-packed competition in golf. 

The fust Ryder Cup was played in 
1927, but for most of this century, it 
was a one-sided competition dom- 
inated by the United States that re- 
ceived little worldwide media atten- 
tion. That changed in 1985, when the 
United States was defeated for Lbe 
first time in 28 years. 

Ballesteros has set himself up for 
criticism if Europe loses, particularly 
if Faldo, Olazabal or Pamevik do not 
play well. Lanny Wadkins. the 1995 
U.S. captain, was criticized after he 
made Curtis Strange a captain’s pick 
and Strange went 0-3. Faldo has had a 
poor year by his standards, and Olaza- 
bal is still trying to recapture his top 
form after rheumatoid arthritis in his 
feet sidelined him for much of 1995 
and '96. 

“I think Seve is going to put extra 
pressure on everybody on that team to 
win,” Azinger said. 

And because of the Martin affair, 
an already interesting Ryder Cup has 
become just a little more intriguing. 


McGwire Hits 
No. 53, the 
Most Homers 

Since 1961 


I he Assniated press 

Mark McGwire hit his 53d home run 
of the season as the St. Louis Cardinals 
defeated the Cubs in Chicago, 12-9. 

McGwire, who signed a three-year, 
$28.5 million contract with the Car- 
dinals on Tuesday, homered leading off 
the third inning Wednesday afternoon. 

The 53 homers topped his previous 
besr of 52, which he hit last season with 
Oakland. It also is the most home runs 

Nl. Roundup 

hit by a player in one season since 1961, 
when Roger Maris flit his record 61 for 
the New York Yankees and his team- 
mate Mickey Mantle bad 54. 

McGwire's two- season total of 105 
so far is one shy of Jimmie Foxx’s 
major-league record for a right-handed 
batter, set in 1932-33. McGwire is also 
only rhe second player to have back-to- 
back 50-homer seasons. Babe Ruth did 
it twice, in 1920-21 and in 1927-28. 

As for matching or beating Maris’s 
record, McGwire, who has 1 1 games left 
in the season, said: “It’s a long shot right 
now. If I get there. 1 get there. If 1 don't. 
I've still nad a pretty good year.” 

Royce Clayton hit a two-run homer in 
a five-run first for the Cardinals. 

Bnmwio, Mots 2 The Braves became 
the first major-league team to clinch six 
straight postseason appearances and set 
a record with their 12th grand slam of 
die year, using a nine-run first inning to 
cruise past the visiting Mets. 

Ryan Klesko hit the slam, Jeff filaus- 
er added a three-run homer and Greg 
Maddux picked up his 19th victory for 
the Braves, who nave been in the play- 
offs in every completed season since 
1991 and now are assured of at least a 
wild-card berth this year. 

PhHIws 5, Martins 2 ; Marlins 5, PtufUes 

2 Tony Saunders earned his first victory 
since July 31 to help host Florida sal- 
vage a split of their doubleheader with 
Philadelphia. Saunders (4-6), a rookie 




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Uidavl S. GiccafllH: AwcUol Ptcu 

Mark McGwire teeing off in the Cardinals’ victory at Wrigley Field. 


who was winless in his last seven starts, 
allowed four hits and one run in six 
innings. 

Garrett Stephenson and Ricky Bot- 
talico combined on a six-hitter for Phil- 
adelphia in the opener. 

Expos 4, Rods 1 In Cincinnati, 
Rondell White hit a three-run homer in 
the eighth inning as Montreal snapped a 
four-game losing streak. 

White homered off Stan Belinda 
(1-4) with two outs as die Expos 
avoided marching their longest losing 
streak of the season. Montreal has lost 
seven of its last 1 1 games. 

Astro* 8, Pirates 4 In Pittsburgh* the 
Astros took a big step toward winning 
their first division title since 1986, back- 
ing Shane Reynolds’s eight-hit pitching 
with three homers. 

The Astros opened a 4 -game lead in 


the NL Cental over the upstart Pirates. 

Reynolds 18 - 10 ) pitched & l A innings 
before being chased by Dale Sveuxn’s 
two-run pinch-hit homer in the ninth. 

Giants 2, Dodgers 1 Barry Bonds hit a 
two-run homer and Kirk Rueter pitched 
seven strong innings as host San Fran- 
cisco pulled within one game of the 
Dodgers, leaders in the NL West. 

Bonds’s 34th homer was his sixth 
against the Dodgers this year. After 
crossing home plate. Bonds blew kisses 
to the 50,92 1 fans — who spent much of 
the night chanting “Beat L.AJ” 

Padres 5, Rockies 4 In San Diego, 
Wally Joyner hit a two-run homer in the 
sixth inning as the Padres further dam- 
aged Colorado’s playoff hopes. Larry 
Walker had two homers and four RBL> 
for the Rockies, who trail the Dodgers 
by six games until 10 games left. 


Yankees Beat 
Tigers to Pull 
Within Four 
Of the Orioles 


The Associated Press 

Jorge Posada homered and drove in a 
career-high four runs as the New York 
Yankees cut Baltimore's AL East lead 
to four games with a 6-2 victory over 
Detroit. The Yankees also reduced their 
magic number to qualify foT postseason 
play to two. 

• Posada went 3-for-4 with a two-run 
homer on Wednesday night as the host 

AL Roundup 

Yankees matched a season high with 
their fifth straight victory. Chad Curtis 
went 4-for-4 and scored three runs, and 
Paul O’Neill was 3-for-4. 

Browers s, orioles 3 In Baltimore, 
Jeremy Buroitz had three hits and three 
RBIs as Milwaukee routed Scott Er- 
ickson and the slumping Orioles. 

Indians 7, Twins 8 Manny Ramirez hit 
a two-run double in a four-run fifth 
inning as Cleveland beat host Minnesota 
to move closer to the AL Central title. 

Red Sox 4, Blue Jays 3 Mo Vaughn 
responded to the boos of the home 
crowd with a two-run home run in the 
eighth inning to lead Boston past 
Toronto. Vaughn, who made it 4-2 with 
the homer off Dan Plesac, was booed 
during his first three at -bats in response 
to his comments that he did not want to 
return to the Red Sox next season. 

White Sox B, Royals 4 Frank Thomas 
had a two-run, two-out single in the 
eighth inning as visiting Chicago beat 
Kansas City. 

Rangers 5, Mariners 4 Lee Stevens hit 
Norm Charlton's first pitch off the wall . 
for a two-out, two-run double that 
capped a three- run ninth-inning rally, ; 
lifting host Texas past Seattle. Ken Grif- ’ 
fey Jr. failed to keep pace with Mark 
McGwire in the home run race but got . 
his major league-leading 140th RBI. 

Angels 8, Athletics 4 Tim Salmon hit a ; 
two-run homer and drove in four runs as 
host Anaheim improved to 1 1-0 against ; 
Oakland this year. 


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AHEMCAM LEAQUE 

Ttraato KM M0 011-3 7 S 

Boston M0 000 22K— 4 7 3 

Hefrtgm OoanMB (8), Pfesoc HD and a 
Santtogs St/ppan. Cold (B), Mailin' 
Gonlon (91 and Hattetay. W— Mahay, 3-0. 
L— Ovantrlfl, 8-7. Sv-Goaton 191. 
HRs— Toronto Cm Jr (25). Boston. 
MVawghn (33), Cordero (ug. 

Damn ooo in 000-3 < 0 

AtowYort 120 102 00 k— 4 15 1 

Moehler, Jotvfe IS), Duran (7>» GoBlard tS 
and Casanova,- Mcodaa, Nelson (71. 
Boehrinjer (9) and Posada W— Mendoza. 7- 
4. L-MmMk ll-ll. HRa— OeJraft. 
Hlgabsan (27), New Yoito Posada (4). 
Mfiwoafen 200 040 200-8 14 1 

Bottom 802 ON 100-4 9 0 

D'Amico, Adamson (0), Widanan (8) and 
Lents.- Erickson. Rhodes (5), Br.WHTlam# (7) 
and Webster. W — D'Amico. 9-6. L— Erickson. 
16-7. HRs— flaMmofts RAlomar (111. 
Webster (7). 

deMand 100 040 820-7 * 0 

Mtoeseta «B IN 003-6 11 3 

JiWrigM. A Lopez (7), Mesa (9) and S. 
AiomiK TiaJWHer. FrUodriguez (6L 
Guardado (81. Rfehte (81 and D. Miller. 
W— Jr.Wriflht B-3. L— TroJWfct 0-4. 
Sv— Mesa (i«. HRs— Minn, Lawton 2 C*1J. 
CNcnge 022 ON 032-8 M 1 

Kansas City 103 W0 M0-4 9 8 

Baldwin, Foufte (8) and Karianrin 
Fabreflas (8); Rrnada Cormsco (4). Sendee 
<71 Be*B (9) and MLSweenw. W— BeMwto 
12-14. L — Service, O-Z Sv-Foulte 0). 
HRs — Chicago, Durham (10). Kanos CBy, 
CDavtaCU). 

Souffle IN 08* 818-4 • 1 

Texas IN 001 BB3— 5 11 2 

Fossbto, Ayala CD. Tlmfin (Bl. Stoaimb WL 
Chariton (7) and DaWBsoft Burkett 


Patterson (9) and L Rodriguez. 
W — PuTterson, I06.L— SlacumtkO-9. 
Ocddaad IN ON 201-4 10 O 

Anaheim 418 111 8N-8 14 0 

Ludwtck, Larrabw CD.C Reyes MJ.Mofller 

(6) and MaBna, Moyne (8); Wafsarv James 

(71. Hattz (7). Peroral (9) and Kinder. 
W— Watson. 12-10. L-Ludwick. 1-3. 

HRs— Anaheim. Salmon (32). Muffins (15). 

NATIOlUi. LEAGUE 

St Leoif 501 ON 402-12 13 0 

Chicago Dot U1J 204-9 it 1 

Morrto Bautista (8), Fossus (9) and 
D>toHasBansta.R.Myea(1).D.StovHis Ml. 
BnflenfieW U). R. Tads (7). Ptedotta (71. 
Patterson (9) and Senmis. W— Monts, l ML 
U-Botteto O-S. HRs— SLLauto CtaTtan (91. 
AAcGwhe (19), DHefice (4). CMcogts Sosa 
(35), J.Hemondet («. 

Pteadelfhto 210 ON 002-5 10 B 

Florida 200 ON 000-2 6 1 

Stephenson, BattoOca (9) and UeberthoL* 
UHemandez. Cook (8) and C. Johnson. 
W— Stephenson 7-4. L— L- Hernandez. 9-1 
Sv— Bottafto Oil- HR — Florida Floyd (6). 
Second gmne 

PUtodripUa 0M 010 108-2 9 0 

Florida ON 131 00 x-S 8 0 

Mieiteo Games (6L Ryan (7), Bknier (8) 
and Estate*® Saunders. Staffer (71. Vosberg 

(7) . Powell (8), Hen (9) and Zaun. 

W— Sounder* 46. L-M. Leiter, 10-16. 
Sv— Nen C34J.HR— Phfladetphin Barron (4). 
NewYeric IN 8N 108-1 6 2 

Atlanta 900 001 Ota- ID 14 0 

BJJones, Y. Perez ft). Acewrto 15). 
Kashhvada (7) and F’rott. A. Castfito (7); 
GMaddux. cjontz (7),c Fw (8), Ustenberg 
(9) and EddLPeiez, G. Myers 19). W— G. 
ModOm, 19-4. L-U Jones 144. HRs-New 
York. Huskey (24). Aflanta, Btouser (17), 
Westo (24). 

Moatmd 010 0M 030-4 8 0 

OncmatJ IN ON 000-1 7 0 


MValde& But linger (7), Urbina (9) and 
Chavez; Rwnflnger- BeJtnaa 18) and Fofdycn 
Touftensee (B). W-Buninger 7-12 
L—BeflndC 1-t Sv-Urbino (27). 
HR-Mordreak RWItfle (24). 

Houston 014 bOI 200-8 15 0 

Plttsbargh ON DM 022— t 8 0 

Reynolds. B. Wagner (9) and Ausmus 
Schmidt Sflw (4), Sadowsky (4). Petals (7). 
Dessens IS) mid Kendall W— ReynoWi 8 
10. L— Schmidt 9-8. HRs— Houston Bagwell 
(41 ), L Gonzalez (9). Hidalgo (1 ). Pittsburgh, 
A. Martin H2), Swum (12). 

Colorado 300 001 008-4 5 I 

Sot Diego 300 002 OOK-5 10 1 

Thomson M. Munoz 01. Leskanic (8) and 
Murmuring. Je.Reed (7); Ashby. Hoffman 
(9) and C Hernandez. W— Ashby, 9-11. 
L— ' Thomson 7-9. Sv— Hoffman (35). 
HRs— Cotaxto LWrriker2 147). Son Diego, 
Cam initl £23). Joyner 03). 

Las Angeles 0« 010 M0-1 4 2 

San Francisco 2M DM Ota-2 3 0 

Park, Osuna (8) and Piazza; Rueter, R. 
Hernandez (8) and BJqhnsaa. W— Rueter. 
13-6. L-Pork, 134 Sv-RHemandez O). 
HRs— Las Angeles. Mondesi (27). Son 
Francisco, Bonds CM). 

Japanese Leagues 
aNnuiuoui 


SeRw 

49 

48 

3 

490 

_ 

Orix 

61 

52 

3 

440 

60 

Kintetsu 

40 

59 

4 

404 

iao 

Dole! 

56 

42 

1 

47S 

m 

Nippon Ham 

54 

67 

1 

455 

14.0 

Lotte 

50 

44 

2 

439 

17J 


THDUDItrs Msum 
CENTRAL LEAGUE 
Chunkdd 6 Hiroshiina 4 
Yokohama vs. Yamiurk ppd rain 
PACIFIC LEAGUE 
Nippon Ham 9, Off* 2 
Lotte vs. IGntetsn ppd rain. 


BASKETBALL 


Euwo League 

□ROUP 0 

5p B 72, Turk Tetecom Ankara M 
a ROUP D 

Teamsystem Batogno 80. Alba Beriln 73. 



w 

L 

T 

Pel 

GB 

Yatorlt 

74 

45 

3 

-623 

— 

Yokohama 

45 

53 

— 

-551 

85 

Hiroshroa 

60 

58 



508 

13.5 

Yomiuri 

SS 

67 



45! 

205 

HonsMn 

54 

67 

1 

444 

21 J) 

Chunidd 

52 

70 

1 

426 

235 


MCUNC UUMSVE 




w 

L 

T 

Pd, 

GB 


SOCCER 


flnoKAN auMPtoxc' uaooi 

GROUP A 

GakriasarayQ Sorussia Dortmund 1 
stand Mas: Barusskr Dortmund X Sparta 
Prague 1. Parma U Grriatasaray 0. 

GROUP B 

Kosice It Manchester U nlted 3 
Juventus 5, FeyenoooM 
staskhkm: Juveahn 3> Manchester Unit- 
ed 3; Kosice 0, Feyenoort 0 
GROUP C 

PSV Eindhoven 1. Dynamo Kiev 3 
Newaistta United 3. Bwoetona 2 
aTANDMoae Dynamo Kin X Newcastle 
United i Barcelona a PSV Eindhoven 0 
MOUPD 

CHympkikas 1, Porto 0 


Real Madrid 4 Rosenborg Trandhebn 1 
BTANDMOBc Re«4 Madrid 1 oiymptaos 3; 
Porto A Rosenborg Trondheim 0 
GROUP E 

Bayern Munich l Besffdns 0 
Paris St Germain 3. IFK Gothenburg 0 
STAND Mast: Paris St Germain X Bayern 
Munich L- BesMas a IFK Gothenburg 0 
GROUP F 

Bayer Leverkusen 1 . Lien* 0 
Sporting Lisbon X Monaco 0 
STAMZMOS: Sparring Lisbon 1 Bayer Lev- 
eriunen 1 Lierse a Monaco 0. 

NtapuN cup wihnhm' m> 

F«BT ROUND, PPWT LEO 

Betayna Bobruisk l , Lelaunaffv Moscow 2 
NK Zagreb X Tramso 2. 


CYCLING 


Touw of Spain 

Leading ptadngs in the 142km, 12th izego 
bom Leon rathe Ahode El Morredaro moun- 
tain on Thuradey: 

I. Roberto Hem, Spain, Kdnto three hours. 
23 mVurtes, evx) 25 seconds 
Z Jase Jlmenex, Spain, Banasta, 29 seconds 
behind 

3, Pascal Richard, Swftzeriond. Costarv35 
4 PovtfTpntov, Russia MapetdO 
& AlenZoeUe, Switzerland, ONCE, 136 
fi, Fernando Esnartku Spafcu Ketmc, 1^9 
7. Enrico Zalna, Italy, Aslcs, 142 
& Laurent Dufaux, Swflzeriand Lotus s. t. 

9. Marcos Senaaa. Spain. Kehnei 148 

10. Daniel Oavera Spain Esfepono 
OVRUAIjUI, ZirelleSl hours 25 minutes mid 
31 seconds; 2. Dufmn, 38 seconds behind; X 
Escartto £17; 4 Yvon Ledanois. France, 


GAN. 337; & Serrano, 4dEt 6, Zakux. sJj 7, 
actvem 432; & Hems, -*51 9; Claus Mater, 
Denmark, Estapona, 5:21; lit Rfchord &02. 


CRICKET 


ZUMABWI V*. MW ZMUANB 

FIRST TEST, 1ST DAY 
THURSDAY, M HARARE. ZSDABWE 
Zimbabwe: 205-4 

MDUVAHUUCnUI 
SAHARA CUP 
WEDNESDAY, M TOBONTO 
Paktohm: 169-3. 


TRANSITIONS 


AMERICAN LEAGUE 

Ai— Elected Phytti Mertoge senior vice 
president. 

Anaheim -Signed 3B Troy Glaus to 1-year 
contract Recalled RHP Geoff Jeff Edsei 
RHP Shod WHHams, and INF Chris Pritchett 
fnso Vancouver, PCL- 

NEW York -Activated DM Cecil Ftalder 
ftora 15-day dtortaied Art. Added RHP Joe 
Barowskl to the raster. 

SEATTLE -Exerdsed their option on LHP 
Randy Johnson tor 1998 season. 

TEXAS— Recalled C Kevin Brawn from Ok- 
lahoma City. AA_ 

NATIONAL LEAGUE 

MONTREAL -Activated RHP Dow Veres 
from 15-dcy Awbted fe}. 

st. LOUB -Signed IB Mark McGwire ft 3- 
year contract 


hahonal basketball assocjatton 
Cleveland -Signed F Cedric Hender- 
son. 

DETROCT— Re-signed F Rich Mahom to 1- 


vear contract. 

ooldem state -Named Bob 5 took assis- 
tant coach. 

Las AHOEUBS LAKY as— Sorted G Shea 
Seats. 

MIAMI -Signed G-F Todd Day. 

FOOTBALL 

NATIONAL FOOTBALL LEAGUE 
Carolina -Re-signed WR Mark Carrier. 
Waived QB Shane Matthews. 

Kansas -Waived OT TrseBe Jenkins. 
Signed OT Marcus Spears to 2-year contend. 

PHILADELPHIA -Signed S Charles 
Emanuel to 1 wear tnrrtrad, Released S Tim 
Watson. 

SAN FRANCISCO -Signed S Mike SotmorL 
TAMPA bay— W aived WR Brio? Hunter and 
WR Anthony Ladd. 

HOCKEY 

NATIONAL HOCKEY LEAGUE 
ANAHEIM -Re-signed C Sean Prongor 1- 
tw contract. Acquired RW Scott Ytorng tram 
Colara do Avatonche tor 1998 thM-raund draff 
pkk. Assigned D Byran Brisks. C Marc 
Cho uinanLGChrts Mason RW Craig Reicheft, 
G Btaim Russel D Ltoyd Shaw and LW Bab 
Wien to CindnnalL AHU Assigned D Kevin 
K effort, LW Joy Legautt, LW^ Tony Mohogen G 
Luke BaillancDurt to their funtortoams. 

buffald- Assigned LW Daniel Btenvenoa 1 
RWMartDavttta LWMark Duttauma RW 
Kurt Walsh, c Mike Zanvtfa D Jeon-UK 
Grand-Pletre O Mkhaci Bates, G Matin 1 
BhonandDMIkeMartonetoRrxMstecAHi- ’ 
Returned D Alexei TezSurv, C Dorron Moritec ‘ 
RW Jeremy ArktoonaC Jeff Marfa D Brian ‘ 
CaitobellRWmBSmMinogenov,LWDari» , 
. Van CHmG Scoff BuMolRW Ryan Davis and . 
C Francois Mofhot to their junior teams. , 

Florida— Assigned LW Dave DuaRten. C . 
Herbert Vlas »{ev» G Aaron ModXmald,. D . 
MBurOGradyand DMEuwlHaEdentoNew . 
Hoven, AHU and □ David Geris to Fort . 
Wayne, IHL 















INTERNATIONAL HERALD TRIBUNE, FRIDAY, SEPTEMBER 19, 1997 


POSTCARD 


Japan’s Blockbuster 


By Kevin Sullivan 

Was hington Post Service 

T OKYO — She's an animated sprite 
with Princess Jasmine’s eyes and 
Simba’s heart — and a stranglehold on 
Japan's hearts and wallets. 

Japan can’t get enough of ' ‘The Prin- 
cess Mononoke.” More than 400 theat- 
ers across the nation are ditching such 
big-name movies as “Jurassic Part 
The Lost World” to show this cartoon 
feature about a girl raised by wolves in 
ancient Japan. _. 

• Two months after its release, the turn 
has drawn 10 million viewers and is 
about to break the revenue and jRten - 
(lance records set 15 yearsago by E.T. 
the Extra-Terrestrial.” To meet the 
massive demand, many theaters are 
adding 7 A-M. shows and screenmgthe 
movie seven or eight times a day. Pnn- 
cess Mononoke key chains and stuffed 
animals and books are selling as fast as 
than they can be manufactured. 

And like most big Japanese feds, this 
one is headed for America. Parents still 
coping with the Tamagotchi, the elec- 
tronic pet that swept Japan and has done 
nearly as well in the United States, might 
want to note that “The Princess Mono- 
hoke” will arrive in the United States 
next March, when the Walt Disney Co. 
releases it in the States and Europe. 

Nine months ago, thousands of Jap- 
anese were lining up before dawn in 
Ginza to buy a little-known electronic 
chicken gizmo called a Tamagotchi. 
These days in the wee hours in Ginza, 
it's a doe-eyed little princess who has 
hundreds of people standing in line. 

□ 

Why the film has taken off is any- 
body's guess. Japanese love the work of 
filmmaker Hayao Miyazaki, wbo is al- 
most as famous in Japan as Walt Disney 
is in the United States. The movie takes 
place in ancient Japan, a popular setting. 
Japanese love animation, and “Mono- 
□oke's” is exceptional, if still not as 
sophisticated as that of Disney films. 

“The Princess Mononoke" has a 
strong environmental message: Human 
beings smelting steel and cutting down 
forests are despoiling the forest where 
Mononoke lives with the wolves. The 
humans have created such ill will with 


the God of the Mountain and the 
creatures of the forest that a raging 
battle ensues. 

But most people standing in line at 
dawn to see the movie said the en- 
vironmental message was not why they 
were there. They said they simply 
wanted to see the latest Miyazaki 
movie. 

Yasuyoshi Tokuma, president of 
Tokuma Shotea Publishing Co., the 
film’s producer, said the movie's 
strength comes largely from its appeal 
to people of ail ages. The 7 AA4. show 
Saturday was packed with children and 
their parents as well as quite a few 
people in their 60s or older. 

□ 

The movie is very violent. Heads and 
arms are lopped off left and right, and 
blood is splattered about liberally. One 
of the leading characters takes a musket 
ball directly through his midsection, 
and the initial splash of blood and flesh 
is followed by gobs of blood spilled all 
over the screen. The wolves and other 
creatures wounded in fierce battle 
scenes vomit blood and gunk. 

The story is compelling and inter- 
esting, but parents who won't let their 
kids see “Die Hard” might have the 
same concerns about “The Princess 
Mononoke,” unless it is edited for 
American audiences. 

Yet Mononoke mania continues un- 
abated in Japan. The movie has already 
grossed about $110 million, and its pro- 
ducers predict that it will break 
“E.T.’s” all-time records of $137 mil- 
lion in revenue and 12 milli on viewers 
by next month. 

As the 7 A-M. show let out Saturday 
mo rning , lines for the next show were 
already snaking out of the lobby and 
down the stairs. People were running up 
to the box office, looking panicked over 
whether the show might already be sold 
out. Vendors selling illustrated story- 
books were struggling to keep up. 
Ayako lida, 12. came out of the first 
show with her mother, sister and broth- 
er. She looked pleased, even though she 
said the film was a little scary and hard 
to understand. But she said the words all 
moviemakers want to hear: 

“I’ll definitely recommend it to my 
friends.” 


The Grande Dame of Mexican Dance 


By Julia Preston 

New YorLTbnn Servut 


J^JEXICO CITY 



— Amalia 
.Hernandez, who is turning 
80 this week, has spent her life 
culling popular dances from re- 
mote regions of Mexico and turn- 
ing them into foot-stamping show 
numbers. Bnt now, in search of 
steps for her Christmas pageant, 
she has become more ambitious. 

“I want to be sent a light from 
above to tell me bow the arch- 
angels dance up there, so I can get 
them to dance down oq earth,” 

Hernandez said, explaining what 
she calls the “euphoric” mix of 
spiritual reflection and anthropo- 
logical field work that goes into 
her dances. 

“I always ask to be seat a light 
from above,” she said, in a de- 
ceptively mild voice for a woman 
whose strength of will is legend- 
ary. “1 believe that the spirits are in 
contact with us.” 

Most of the dances Hernandez 

created under the guidance of her , „ 

religions spirits are famously sec- Amalia Hernandez, the 80-year-old founder of the Ballet Folklorico de Mexico. 


She admitted that she has added 
her own ingredients to her later 
choreography with a growing dis- 
regard for orthodoxy. Purists are 
especially initared by her recre- 
ations of Mexico’s pre-Columbian 
past. “In the Maya region;: I went 
with a photographer and a dancer 
to copy the positions on the stone 
stelae," Hernandez said. “Then I 
received a light. How else would I 
know how the Mayas danced? 
“One of their gods was named 
j v. :■ =*• j . ' Onichac. The god Onicfaac is not in 

any book that I have found But I 
!v • *./%$:.: am sure I heard the name Onichac. 

Where did it come from? From my 
concentration. 

“My concentration either re-, 
ceives or it invents. Hither way is 
all right, don’t you think?” . 

Her company has endured, she 
acknowledges, in part because of 
its links to the steady but mono- 
lithic political system that ruled 
Mexico for most of this century. 
The images she presents do noth- 
ing to jar the portrait of a pro- 
eressive Mexico, kind to all its 


ular. The sole choreographer and 
central moving force of the Ballet Folklorico de 
Mexico, she designed rowdy chorus lines of 
mariachis uniformed in silver-trimmed sombreros 
and tight black pants. She conceived parades of grim- 
faced revolutionary soldier- women in pink satin pet- 
ticoats with bullet-belts strapped across their chests. 

In Mexico some of Hernandez's dances, which 
have been seen by generations of schoolchildren and 
tourists, are so familiar that the public forgets they are 
the work of one artist Her company, now in its 45th- 
year, remains remarkably popular and stable. 

For 30 years the Ballet Folklorico has played at 
least three times a week in the Palacio de Bellas 
Artes, the grand national theater in downtown Mex- 
ico City. A traveling company has toured the United 
States every year for the last decade. 

Hernandez has long been a magnet for controversy 
and reproach. Anthropologists accuse her of dis- 
torting and cheapening folk ait. Foreign choreo- 
graphers regard her dances, drawn from village street 
fiestas and Indian rituals, as second class. She is too 
close to tile government, critics say. and too partial to 
foreign tourists. 

The grande dame of Mexican dance said she was 
never indifferent to the attacks. But she remains 
confident that she has one ability none of her de- 
tractors can claim: She knows how to put on a show. 


“I am more creative than the anthropologists.” 

David Rojas, an anthropologist and dancer at the 
University of California at Santa Barbara, agreed, 
recalling her adaptation of a dance from the iaqiti 
Indians of Sonora, a desert state in northwest Mexico. 
The Yaqui hold deer to be sacred animals, rep- 
resentations of God. He recalled that in her ad- 
aptation “she kills the deer.” 

He added: ‘ ‘That was her stroke of genius . In Y aqui 
belief, you do not kill God. I know the maestro in 
Sonora who taught her the dance. He is still mad.” 

But Rojas, who described the authenticity of 
Hernandez's dances as “nil," acknowledged that the 
deer's death, by a hunter's arrow, gives the mono- 
tonous Yaqui dance an engaging plot line that con-' 
tinues to delight audiences. 

Lately Hernandez has retreated to her “island,” a 
labyrinthine home on a hillside above Mexico City. 
She handed down the direction of the company to a 
daughter and a grandson. She uses her time making 
dances, going through the moves “with my. ima- 
gination.' ' since her bones are no longer willing, using 
a deep concentration she learned from studying yoga. 

As she recounted her methods, her shoulder ached, 
and she raged at the clumsiness of a pair of plaid 
flannel bedroom slippers in which she was forced to 
tuck her swollen feet, injured in a recent fall. 


Phaw r > u^ T>=~ v- gressive Mexico, Kino io an its 

” ‘ cultures, which successive pres- 
idents sought to project. Her most 
daring dance involves a writhing skeleton who 
wrecks a rural wedding. ..... . 

But in becoming a quasiofficial institution (the 
company receives no state subsidies), the Ballet 
Folklorico spawned a thriving folk-dance movement 
that is busy combing Mexico for grass-roots steps to 
use and preserve. The ballet opened its own school in 
Mexico City and has sent many dancers back to the 
provinces to open local academies of their own. 

Through these spinoffs Hernandez’s' choreo- 
graphy has become a kind of folk art in itself. 
Folkloric dances that children learn in the provinces 
are often steps that she choreographed. 

The movement also spilled over into the United 
States. Rojas said that in the Los Angeles area alone 
there are more than 2.000 Mexican folkloric dance 


groups. 

“The language of Amalia's dance is obsolete in 
Mexico.” said Matin Ramirez, an anthropologist 
who heads the National School of Folk Dance, a rival 
academy. “It doesn't propose anything new. Bur her 
dances have great currency among Mexicans living 
outside of their country who are asking themselves: 
‘Who am I? What am I doing here?* " 

Hernandez believes her dances have tapped a 
nationalist essence that cannot become stale. “ 1 go to 
the core of Mexico,” she said. 


MOVIES 


PEOPLE 


Shooting the Saga of China’s Famed Soong Sisters 


By Joan Dupont 

! rue rruit tonal Herald Tribune 

T ORONTO — Mabel Che- 
ung and Alex Law, Hong 
Kong directors, became Cana- 
dian citizens last week, during 
the Toronto festival. “We 
turned Canadian so that we can 
be treated like foreigners at 
home,” Law said. “It will 
make certain tilings easier.” 

- Law wrote and produced 
“The Soong Sisters, which 
was directed by his wife, Che- 
ung. The two, who met at NYU 
film school 15 years ago, work 
as a team. “Sometimes I write 
and produce and he directs,” 

Cheung said. 

Shooting the saga of the fa- 
mous sisters took only three and 
a half months on location in 
China, but the $5 milli on film 
was nearly five years in the 
making. “Two years to raise 
the money, a year and a half on 
research, and another year and a 
half dealing with the censors,” Cheung said. 
“When I was finished, I swore I'd never make 
another film in China, but China has amazing 
stories, actors and locations.” 

The story of three beautiful sisters, born under the 
Qing Dynasty, starts in a childhood free of the 
crippling conventions of the age. They never had 
their feet bound, they studied in America, spoke to 
each other in English, and when they returned to 
China they found “a place they couldn't under- 
stand, ana a country that couldn’t understand 
them,” Cheung said. 

Qingling (played by Maggie Cheung) married 
Sun Yat-sen, who set up the Kuomimang gov-* 
eminent; she became a heroine of Communist 
China. Mei-ling (Vivian Wu.) married Chiang Kai- 
shek. Ai-Ling (Michelle Yeoh). who married the 
finance minister, became fabulously wealthy. After 
the civil war, the sisters never saw each other again. 
Mei-ling, Chiang Kai-shek’s widow, who lives in 
the United States, is 98, and the director hopes to 
show her the film this winter. 

“Stare cost money, but I needed them, and to 
their father, Charlie Soong, I took Jiang Wen, 
la's top actor,” she said. “These women got 
their strength from the father, a very unconven- 
tional man, a Methodist missionary who had lived 



Michelle Yeoh as Ai-Ling, Maggie Cheung as Qingling and Vivien Wu, Mei-ling. 


in the United S tates, and he raised his daughters like 
sons. He also had three sons, but 1 had no time for 
them in this movie.'' 


got to know the locals — illegal 
immigrants and gangsters. It 
was a fun time. I made my 
thesis film, ‘The Illegal Im- 
migrant,' with my new friends 
acting their own parts." The 
1984 film won awards in Hong 
Kong and Tokyo. 

“An Autumn's Tale" was 
made in 1986. and in 1989. 
Cheung concluded her trilogy 
on immigrants with “Eight 
Taels of Gold, ' * a film that took 
her to China for the first time. 

“It was very traumatic be- 
cause it was a place I didn't 
understand and they found me 
strange; also, I was supposed to 
call this country my homeland 
in a few years. So I began to 
study Chinese history and 
came upon the Soong sisters. I 
think their background has so 
much in common with our 
own." 

Historical films made in 
China belong to the category of 
‘'Important and Sensitive Is- 


sues," she said. “The chairman was a very open- 
minded man and once they gave approval, they 
tucra m uus movie. gave all their support — the liberation army, the 

The director, 41, says nothing has changed in tanks, the battleships, the sisters' Shanghai res- 
Hong Kong, “not yet," since the handover this jdences. I finished editing at the end of 1 995, but by 
summer, yet she has dropped the name Mabel, and then, the personnel had changed and the party 
is now called Cheung Yuen-ting. wanted a tighter grip on the media, especially on 

She was born in Hong Kong, and when she was film. They cut the movie' s entire ending — a shot of 
growing up there were no women directors, only Qingling and Mei-ling sharing a parachute — it was 
“macho men smoking cigars with their chair boy too beautiful, it wasn't historically correct. They 
running around the set after them.” wanted to end on a title, ‘The Sisters Never Met 

“My mother would never have dreamed of me Again. ’ bui that’s no ending, 
becoming a director," Cheung said. "She wanted “I wenr back to China the winter of '96 1 sat 

' outside the office for a week until a female comrade 


me to be'a lady, and wear high heels. But since my 
father died, I became head of the household. And by 
the end of the '70s, filmmaking changed: New Wave 
directors like Ann Hui,Tsui Hark, and Yim Ho were 
malting films ou location about real people." 

Cheung moved to England where she studied at 
Bristol University and worked on BBC documen- 
taries, and in 1982, she entered NYU film schooL “It 
was New York City that appealed to me.’ ' she said. 
“You ran leant technique anywhere, but I wanted an 
exciting city where you can get inspiration.” 

She and Law lived in Chinatown on egg sand- 
wiches and worked at a video store. "Alex du- 
plicated the videos, I was front desk manager, and 


took pity on me and introduced me to her boss, who 
said, there's no appeal in China, and if they do open 
the case, they may find other problems and you'll 
lose your film. But 1 didn’t want io face the audience 
with this film so I took the gamble, and step by step. 
I got to the head; he told me' I couldn't have my 
ending back. I asked to cut a new ending with shots 
1 had on video. 'We don’t deal with video,' he said. 
*we deal with film.' And my new friend, the female 
comrade, said, ‘You've won. now run back to Hong 
Kong as fast as you can, and make your new ending.' 
So ihere are people who care about film, who wentto 
trouble for me — maybe China is changing.” 


T HE Italian designer Gianni Versace left 
his share of the fashion empire he created 
to his 1 1 -year-old niece, Allegra Beck, but the 
legacy will not change the way the business is 
run, his brother and sister said Allegra. whom 
Versace called “my princess.” now becomes 
the biggest shareholder in the multimillion- 
dollar fashion empire. The designer's brother 
and sister, Santo and Donatella Versace, said 
that Allegra' s share would be managed "in 
mutual agreement by her parents. Donatella 
Versace Beck and Paul Beck, together with her 
uncle Sanio Versace." Versace's will left his 
an collection to Allegra ’s S-year-oid brother, 
Daniel, and stipulated that his long-time com- 
panion, Antonio D’Amico, should receive a 
monthly sum of 50 million lire (529,000) and 
the right to live in the designer’s homes around 
the world, news reports said. 


The wife of Michael Jackson is expecting 
a second child, due in December, the British 
tabloid The Mirror reported. Jackson and 
Debbie Rowe have one child, a son named 
Prince, bom in February. 


□ 

Disappointed in lagging ticket sales and a 
lack of corporate support, the organizers of 
Farm Aid '97 have announced that the Oct. 4 
fund-raising concert has been moved from 
Texas Stadium to a Chicago suburb. The 
event now is scheduled for the 30,000-seat 
New World Music Theatre in Tinley Park, 
Illinois. Two weeks ago. Willie Nelson and 
the Dallas Cowboys’ owner, Jerry Jones, 
announced plans for the concert at Texas 
Stadium in Irving, for which they had hoped to 
sell 50.000 tickets. “What we do is just look at 
our costs vs. the sales of tickets. It just wasn't 
there in Dallas, ’ ’ said Barry Smith, program 
director for the Boston-based Farm Aid. 

□ 

“I've played in front of a lot of people in the 
last 42 years; coal miners, convicts, railroad 
engineers, lawmakers, presidents. It's the mu- 
sic that lakes me there and the music that 
keeps me going." Johnny Cash told a House 
Judiciary subcommittee Wednesday in his 
debut as a congressional witness. Cash was 
lobbying ihe subcommittee for treaties that 
will proiect American recording and creative 
product copyrights on the Internet. 

□ 

A new biography by Jorge Castaneda says 
Ernesto (Chei Guevara, the revolutionary 



DsvmI Mi-LainfThc Anodakd 

LAWN TRIPPER — Rvan Tripp, 12, of 
Utah, tooling down a Maine highway in 
his attempt to break the Guinness re- 
cord for longest ride on a lawn mower. 

icon of the 1960s, died during a guerrilla 
insurrection in Bolivia because his Cuban 
backers dropped their support under Soviet 
pressure. In the biography, the Mexican author 
says that a Soviet leadership seeking detente 
with the United States in 1967 was unhappy 
that President Fidel Castro had dispatched 
his former right-hand man to instigate re- 
bellion in Bolivia. The English-language ver- 
sion of the biography, "Companero:The Life 
and Death of Che Guevara," is scheduled to 
be released by Alfred A. Knopf on Oct. 9, the 
30th anniversary of Guevara’s death. 

□ 

She says he’s a groupie nursing a grudge 
since he was booted from Elvis Presley’s timer 
circle nearly 40 years ago. He says she's des- 
perately trying to sustain the myth she was 
Presley’s virginal bride. Priscilla Presley and 
Lavem Currie Grant are taking their fight to 
court in two lawsuits. Priscilla Presley sued 
Grant, a former army buddy of Presley's, for 
5 10 million over his claim that he had slept with 
her before she met Presley. Grant filed a S5 
million countersuit, saying she defamed him by 
claiming that he tried to rape her in the 1950s. 



in the springtime. 


Evert counm r has its own AT&T Access Number which 
makes calling home or to oilier countries really easy. 
Just dial the AT&T Access Number for the enuntrv vnu're 
calling from and you'll get the clearest connections 
home. And be sure to charge your calls on your AT&T 
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charges on vour hotel bill and save you heaucoup de fames 
I up to 60Vft ‘). Check the list fur AT&T Access Numbers. 


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Steps to follow for easy 
calling worldwide 

l.jiM Ji.ii the AT&T Acres Numfcf 
f*ir Un osjnin \i*i an: calling fr.mi 

i. Mini iIk plus* number you tv cailinu. 

5. 1 iial tlie calling cart number Itr.Ril 
ihnc ;.»mr Haiiie. 


AT&T Access Numbers 


EUROPE 


AnstrJjwo 

022-903-01 1 

Belgium* 

.Q-88O-10JM0 

France 

0-800-99-0 011 

Gwmainf 

.. 0130*0010 

Greece* . . 

00-806-1311 

IrelandB 

1-800-550-000 

Italy* 

172-1011 

Netherlands* . 

0890-822-9111 

Russia* a (Moscow)*.. 

. 756-5042 

Spain . 

980-99-00-11 

Sweden 

.029-795-611 

Switzerland* 

.0800 -89-0911 

United Kingdom a.. 

. 0580*89-0811 
0000-89-0011 

HlBOif EAST 

Egypt* (Cairo) t 

.. . . 510-0200 

Israel 

.177-180-2727 

Saudi Arabia* . .. . 

1-800-10 

AFRICA 

Ghana. . 

9191 

South Africa. . .. 

.0-800-99-9123 


Un i hnd ihe acosk Number fur the counuy wu rv railing from’ Jist ask any operator for 
ATflT Dtrttf"Senire. nr iWi our Hi* silt* at hap^ArvKuuLOHn/tnnTler