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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POSt(/? E \Uk N | ■•-?] 


The World’s Daily Newspaper 


Paris, Saturday-Sunday, September 20-21, 1997 


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By Roger Cohen 

Wp»v tot Times S ervice 

BENEVENTO. Italy — At the end 
of a dim comdor foil of yellowing 
files spilling their forgotten contents 
onto dusty shelves sits Dr. Mario 
Maddaloni, the state’s inquisitor in 
this depressed southern town. 

His mission is to cut the waste from 
welfare, .saving the government 
money by rooting out phony invalids. 
The disabled of Benevento account 
for an astonishing 21 percent of the 
population. The culture of depend- 
ency is deep-rooted But if Italy is to 
balance its bndget and qualify for the 
euro, that culture has to change. 

Dr. Ma d d al o ni has already inter- 
viewed about 800 local invalids. Of 
these, more than half were found to be 
making false claims and lost their 
benefits. It was wrenching work, die 
doctor said, because many of the 
people coming to the office needed 
the disability pensions to get by. 

“But we have to do this,” he said 
“As long as we waste public money. 

Second of two articles 

we will pay more taxes. And Italy will 
get left behind — a car with a beau- 
tiful wheels, a nice paint job and a 
lousy engine.” 

Throughout Europe, the euro, like 
globalization, has proved unforgiving 
of the inefficiencies of what Ger mans 
call the Vaterstaat — the consoling 
father-state, always there when 
needed It is forcing a radical re- 
consideration of the model of Euro- 
pean society — one that is treach- 
erous politically because it has been 
decreed by central bankers rather than 
demanded by voters. 

The euro requires countries to cut 
their budget deficits to 3 percent of 
total output this year if they are to join 
the new European currency at its 
I scheduled outset on Jan. 1, 1999. That 
can be achieved only through cut- 
backs in the Continent’s welfare state. 

Ii Italy’s budget deficit stood at 12 per- 
.ctau as recently as 1992. 

- The euro is shaking Europe like a 
massive electric shock, pushing stales 
jo reexamine their role in the econ- 
. oray. 

1\1 : Eveo in countries whose public fi- 
k; nances were less messy than Italy’s, 

[1 the euro is posing a basic question: 

[ How much of the welfare state should 
bhsacrificed for it? If European na- 


Jospin Accepts Central Bank 

; Fhmce and Germany Forge United Front at JFtimar 


By John Schmid 

- tmenuaional Herald Tribune 

WEIMAR) Germany — Setting 
aside their recent diplomatic skir- 
mishes, French and German leaders 
ended a two-day summit meeting Fri- 
day by prese^ing a united front on an 

- array of issues ranging from unem- 
ployment and monetary onion to 
Europe’s future central bank. 

Chancellor Helmut Kohl of Ger- 
many and Resident Jacques Chirac of 
Ftancesakl they agreed that the single 
Earopooh .cturancy masr move ahead. 
They also agreed on an independent 
rote for tiie central bank, cm the need 
to restructure the four-nation Airbus 
Industrie aircraft manufacturing con- 
sortium 'and on heightened cooper- 
ation in telecommunications . 

- The meeting was the first high- 
level display of unity since the So- 
cialist-led government came to power 
in Paris in May. That election lea to an 
ideological clash with the conserva- 


tive government in Bonn and dam- 
aged confidence that the two allies 
could unite Europe behind a common 
currency. 

Indeed, in a remarkable turnaround 
here. Prime Minister Lionel Jospin of 
France conceded that Europe's future 
central bank should operate entirely 
independently of a “European coun- 
cil” that his Socialist Party had de- 
manded be created to monitor znon- 
etarypolicy. 

‘‘The European Central Bank, 
when it exists, will be independent,” 
Mr. Jospin said. “We have integrated 
the idea of an independent central 
hank, which was not familiar to us, 
into France’s economic and political 
culture.” He added: “We have to stop 
linking this issue.” 

French demands for such a council 
had alarmed Bonn, which wants the 
new bank to be as independent as 

Germany’s Bundesbank. 

See SUMMIT, Page 4 


— - ■ - ^ y 


No. 35.631 


Will Europe Face Up 
To Coming Reality? 

With Euro, Old-Style Welfare Won’t Do 


tions give radically different answers 
tensions will jolt the single-currency 

In France and Germany — where 
: unemployment is 12.5 percent and 
11.6 percent, respectively, and the 
1 German rate is a postwar record for 
the country — the debate on how to 
shift from the expensive subsidizing 
of inactivity to stimulating jobs is 
already politically explosive. 

If welfare reform is pushed too 
hard, there could be social upheaval 
as there was in France in December 
1995, when transport workers vir- 
tually shut down Paris to protests 
against proposed changes in the so- 
cial-security system. 

The debate is particularly volatile 
because it is envenomed by a sense 
that Europe’s social model is under 
assault from a more vigorous United 
States. 

As Jacques Chirac, the French 
president, made dear by declining to 
don cowboy boots at the meeting of 
leading industrial nations in Denver 
in July, he does not want to be an extra 
in President Bill Clinton's global 
theme park. 

‘ ‘We have our model,” Mr. Chirac 
said, “and we plan to stick to it ” 

But is that model compatible with 
the euro? France has advanced social 
protection but also record unemploy- 
ment high taxes, labor-market rigid- 
ity, low growth and a rapidly aging 
population. 

U, and countries like it will almost 
certainly find the small budget deficit 
demanded by the euro’s dis- 
cipline difficult to sustain. 

It is also likely to need different 
monetary policies from states that 
have chosen to sacrifice some social 
security for jobs and faster growth. 

“If countries give radically dif- 
ferent answers to the challenge of 
reforming the welfare state,” gain 
Hans Tietineyer, president of the Ger- 
man Bundesbank, “we are going to 
have problems in the euro zone.” 

In Britain, for example, social-se- 
curity spending accounts for about 13 
percent of total output, compared 
with 20 percent in Italy and 23 percent 
in France. Britain seems set on a 
radically different course from its 
Continental neighbors, a course that 
borrows much from the American 
conviction that reduced taxation, de- 
regulation, labor-market flexibility 

See EURO, Page 4 




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New China Lineup 
Sets Up Succession 

Party Hierarchy Includes 
A Prime Minister in Waiting 






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Saba CBea/Agenee Rnt-Peaw 

Prince Charles showing his basketball skills Friday at a Salvation Army 
gymnasium in Manchester, where be spoke about the impact of Diana’s 
death. It was his first official engagement since the tragedy. Page 4. 

A Blank on Diana’s Crash 

Bodyguard Recalls Driver as ‘Perfectly Fine’ 


By Craig R. Whitney 

Sew York Tunes Service 

PARIS — The sole survivor of the 
high-speed automobile crash that killed 
Diana, Princess of Wales, three weeks 
ago told French investigators on Friday 
that he remembered nothing about the 
accident, an official close to the in- 
vestigation said. 

But Trevor Rees Jones, a 29-year-old 
former British paratrooper who wotked 
for die family of Dodi al Fayed, the 
escort who was killed with the princess, 
said that their Bench driver, round le- 
gally drank after his death in the crash, 
seemed “perfectly fine" before he took 
the wheel at about 12:20 A.M. on Aug. 
31. 

Mr. Rees Jones was seated in the right 
front seat of the Mercedes S280 lim- 
ousine beside the driver when he lost 


control at an estimated 145 kilometers 
an hour (90 mph) while trying to outrun 
paparazzi photographers on motor- 
cycles. 

When the car smashed into a concrete 
support pillar of a road tunnel, the body- 
guard suffered severe head and facial 
injuries and underwent a 10-hour op- 
eration two weeks ago to reconstruct ms 
jaw. 

Judge Herve Stephan, in charge of the 
investigation, has told nine photograph- 
ers and a motorcycle driver who were at 
the accident scene that they are under 
suspicion of having contributed to the 
causes of the accident 

Because Mr. Rees Jones’s injuries 
were so severe. Friday was the first time 
die judge questioned him as a witness. 
The judge interviewed him for about a 

See GUARD, Page 4 


By Seth Faison 

New York Times Service 

BEIJING — China's top leadership 
announced a new hierarchy Friday, re- 
vealing a freshly tuned balance of power 
that favors President Jiang Zemin. 

A day after closing the Communist 
Party congress, and ousting a principal 
rival and several lesser ones. Mr. Jiang 
presided over the first meeting of a 
newly named central committee. 

When it ended shortly before noon, a 
new lineup of the party’s top seven 
members walked out in front of the 
Chinese and foreign media, ending 
months of intense" speculation here 
about who would rise to. and fall from, 
the crest of power. 

As they emerged under bright tele- 
vision lights, attention focused on the 
third man in line. Deputy Prime Minister 
Zhu Rongji. His new ranking virtually 
confirmed that he will become prime 
minister when the term of the incum- 
bent, Li Peng, expires in March. 

Mr. Zhu is known as ahighly capable, 
independent-minded manag w, who has 
carefully allied himself with Mr. Jiang 
though, interestingly, their relationship 
falls outside toe patron-servant role most 
common in high-level Chinese politics. 

Many political cognoscente in 
Beijing believe that Mr. Jiang promoted 
his prime minister-to-be as a “Mr. No” 
who can execute politically unpopular 
decisions while Mr. Jiang remains 
above the fray, particularly in the crisis- 
ridden arena of economic reform. 

Mr. Zhu is as popular with foreign 
businessmen, who appreciate his direct 
and problem-solving approach, as he is 
unpopular with Chinese provincial 
leaders and company beads, who hate 
the way be has enforced a tight-credit 
policy in recent years by denying toe ' 
kinds of subsidies that many were ac- 
customed to. 

In toe new lineup, the most notable 
absence was Qiao Shi. the head of toe 
Chinese Parliament, who sat at Mr. Ji- 
ang’s right only a day earlier at toe 
closing session of toe congress. After 10 
years in the top rung of Chinese politics, 
his No. 3 ranking evaporated in a day. 

Leading toe Parliament, or National 

S ie’s Congress. Mr. Qiao often 
; about toe need for a rule of law in 
i. Yet those hoping he would be a 
forcefor greater reform were continually 
disappointed, because like other leaders 
be seemed more concerned about cling- 
ing to power than about policy. 

The other notable absence was of 
anyone in military uniform among toe 
party's top seven members, who make 
np toe Politburo’s standing committee. 

One of those edged aside by Mr. Jiang 
was General Lin Huaqing, and it had 
been widely expected that he would be 
replaced by another general. Instead, 
two military leaders allied with Mr. 
Jiang were elevated to toe 19-member 
Politburo — General Zhang Wannian 
and Defense Minister Chi Haotian. 

A new Central Military Commission, 


of which Mr. Jiang remains chairman, 
replaced two deputy chairman. General 
Liu and General Zhan g Zhen. with Gen- 
eral Zhang and General Chi. General 
Zhang was also given a key position on 
toe five-member party Secretariat, toe 
office that administers party ma tiers. 

The two new members in the Polit- 
buro’s top seven are Wei Jianxing, 62, 

See CHINA, Page 5 


Heavy Smog 
In Malaysia 
Puts Outside 
Off-Limits 


By Thomas Fuller 

Special ip the Herald Tribune 

KUALA LUMPUR — Malaysia de- 
clared a state of emergency in the-east- 
em state of Sarawak on Friday as smog 
that has blanketed the region for several 
weeks reached hazardous levels. 

Sarawak's schools, businesses and 
factories were ordered to close and 
flights from peninsular Malaysia were 
canceled. 

Urban and industrial pollution mixed 
with smoke from Indonesian forest and 
bush fires has left many countries in 
Southeast Asia under a thick haze that 
environmentalists say is toe worst in 
decades. Residents of many cities have 
not seen the sun for days and Singapore 
had its worst air-quality reading of toe 
year on Thursday. 

“Outdoor activities must be 
stopped,” Sarawak’s chief minister, 
Abdul Taib Mahmud, said in a radio 
statement. 

Hospitals and food stores were al- 
lowed to stay open, and Information 
Minister Mohamed Rahmat assured the 
people that they would not be arrested if 
they went outdoors. 

“If people have to go out, we suggest 
they should wear masks for their own 
safety and good health,” he said. 

The state, on the island of Borneo, has 
nearly 2 million residents. Repeals from 
Kuching, the state capita], described a 
largely deserted city, as residents stayed 

See SMOG, Page 5 


fht* A*- 


Welsh Back Home Rule , but It’s Close 


By Tom Buerkle 

Inumnional Herald Tribune 

LONDON — Prime Minister Tony 
Blair vowed Friday to press ahead with 
plans to give Wales its first assembly in 
pearly 600 years, but a razor-thin mar- 
gin in the Welsh referendum cast se- 
rious donbt on the government’s pro- 
gram of decentralizing political power 
across Britain. 

Fewer than half of Welsh voters 
bothered to turn oat for Thursday’s bal- 


lot, and the margin of victory was less 
than 7,000 votes out of 1.1 million cast 
The result was a far cry from the 3-to- 
1 vote in Scotland last week in favor of 
a regional Parliament there. It suggested 
that Mr. Blair’s vision of devolving 
power from the national government in 
London to regional and local bodies — a 
centerpiece of Labour's agenda for 
modernizing toe co untr y and making 
government more accountable — has 
not fired the imaginations of Britons in 
general. William Hague, leader of the 


opposition Conservative Party, called 
the result a “very stark warning” to toe 
government. The Conservatives have 
argued that Scottish and Welsh devol- 
ution were toe first steps down a dan- 
gerous route that could lead to toe 
break-up of the United Kingdom. 

Mr. Blair said he would not be de- 
terred by the narrow margin, insisting 
that toe people of Wales * 'have had their 
say and they have voted in favor of it” 

See VOTE, Page 4 



i/ ; 

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A Kuala Lumpur pupil at school 
Friday, masked for protection. 


AGENDA 


Rough Farewell 
ForaU.S.Envoy 

Gun-toting Nigerian police of- 
ficers disrupted a party by pro -de- 
mocracy advocates to honor Walter 


U.S. Jews Endorse Pressure on Israel 

Several Leaders Bade Albright’s Tough Stance on Netanyahu’s Moves 


mocracy advocates to honor Walter 
Carrington, who is leaving toe For- 
eign Service to take a post at Harvard. 
The envoy has been a thorn in the side 
of the militaty regime that seized 
power in 1993, criticizing human 
rights abuses. The police were said to 
have broken down doors to gel _tnto 
toe . room -where the party was held. 
“You need not apologize.’ toe am- 
bassador told his embarrassed hosts. 
.“I salute your courage.” Page 5. 


Books. 

Criwswortl Pag* *7. 

Opinion - Pag lf' 

Sports Pages 22-23, 


Sponsored Section Pages 9-11. 

BUILT FOR BUSINESS: INDIA 

The intermarket Pages 12 and 17. 



■■■ Erai SctaJn/AsnJcc Prana-Pjoxr 

BIG GIFT - Ted Turner, the 
founder of CNN, said m New 
York that he would give $1 b0- 

fion to the United Nations. Page 2. 


By Caryle Murphy 

' Washington Post Service ■ 

WASHINGTON — Secretary of State Madeleine Albright 
had an enthusiastic source of domestic support when she 
struck a tough balance in Israel last week, demanding that 
Palestinians crack down onterrorism and that Israelis halt 
‘ ‘provocative” unilateral acts that jeopardize peace talks. 

These boosters of Mrs. Albright are prominent mainstream 
American Jewish leaders who have begun publicly to signal 
their frustration with the policies of Prime Minister Benjamin 
Netanyahu of Israel that they consider partly responsible for 
the breakdown in the peace process. 

The Jewish leaders are urging President Bill Clinton’s 
administration to adopt a more activist role in dealing with 
both sides. They have concluded that a more muscular U.S. 
role, even if it involves pressure on Israel, is necessary to 
revive negotiations over implementing the 1993 Oslo accords 
on peace between Israel ana the Palestinians, several of them 
said in recent interviews. 

They said they had asked the administration, in private 
meetings and public letters, to use its influence with Israel to 
discourage one-sided actions that damaged the climate for 
peace, such as expanding settlements in the West Bank and 
building Jewish homes in East Jerusalem. 

They also have urged Washington to make it clear to Israel 
that the United States has other interests in toe Middle East. 


such as toe flow of oil and the stability of friendly Arab 
governments, all of which are being harmed by toe lack of 
progress on toe Oslo peace process. 

Several of these leaders said they were pleased by Mrs. 
Albright’s blunt approach during her first trip to the region as 
secretary of state, in which she said she aimed to provide both 
Israelis and Palestinians with a “reality check.” 

“I’m very happy from what I read in the paper that 
Madeleine Albright did what 1 hoped she would do,” said 
Theodore Mann, a former chairman of the Conference of 
Presidents of Major American Jewish Organizations. That, he 
said, was to emphasize not only the obligation of the Pal- 
estinian leader, Yasser Arafat, to give “100 percent effort on 
toe security issue” but also the fact that “there isn’t going to 
be a peace process with unilateral actions by Netanyahu.” 

Rabbi Eric Yoffie, president of toe Union of American 
Hebrew Congregations, which represents 1 .5 million Reform 
Jews in the United States, said he thought Mrs. Albright had 
struck a good balance. 

“It was absolutely essential for the U.S. president’s rep- 
resentative to make clear there would be no bending” toe 
issue of terrorism,’ ’ Mr. Yoffie said. In that context, he said, 
the rest of Mrs. Albright’s statements also were appropriate 
because “she was pointing out to the government of Israel 
that what they do is also important” and that the peace process 

See ISRAEL, Page 5 










Warsaw’s Order for Israeli Weapons Steams Washington 


By Jane Perlez 

PA New York Tutus Service 

— WARS AW — Two months after Po- 

land was invited to join NATO, the 

E government here has round itself in an 
embarrassing storm over its plan to 
choose a $700 million Israeli weapons 
deal, even though an American offer 

' from Boeing would be more compatible 

with Poland’s new Western, allies. 

] After a sharp rebuke from the Amer- 
ican ambassador to Poland and a threat 
1 by opposition parties to start criminal 
* investigations into why government 
1 leaders preferred the Israeli bid. Pres- 
' : ident Aleksander Kwasniewski put toe 
j deal on hold last week until after par- 
: liamentary elections Sunday. . 
Among the reasons Polish officials 
gave for preferring the Israeli option 
was the argument that the American - 
,! Jewish community would look favor- 
ably on the Poles buying Israeli, ac- 
- cording to U.S. and Polish officials fa- 
miliar with the negotiations. 

The Polish government, dominated 
by former Communists, has been sen- 
sitive abour accusations of anti-Semit- 


ism in Poland and has made special 
rffnrts through meetings with Jewish 
S indie United States in the past 

vear to improve Poland’s image 

3 Israel, according to these officials, 
has sought to play on these sensitivities 
during the weapons negotiations. 

The Israelis had suggested that as the 
vote on NATO expansion approaches in 
ihe Senate next year, Jewish senators 
would be more favorably inclined to- 
waid Poland if its military bought Israeli 
weapons, U.S. officials said 

The chairman of the Polish parlia- 
mentary defense committee, Jerzy 
Szmajdzinski, who had made his pref- 
erence for the Israeli deal clear, said in 
Warsaw earlier this year, “Don’t you 
believe that the American Jewish com- 
munity has just as large an influence 
over our entry into NATO’ as Amer- 
ican politicians, he asked. 

A former Polish defense minister and 
a current member of the parliamentary 
defense committee, Janusz 
Onyskiewicz, said in an interview that 
when he questioned government offi- 
cials about why all of the deal had to go 
to the Israelis and why some of it 


couldn't be bought from the Americans, 
he was told. “But we must take into 
account the negative results if we break 
with Israel and what that would do to our 
interests in the United States.” 

Mr. Onyskiewicz said he was left 
with the clear message that not taking 
the Israeli offer would hurt Poland in the 
Jewish community in the United States. 
Playing the so-called Jewish card, was 
just one of many problems — including 
the secrecy surrounding the negoti- 
ations — with the deal, the former de- 
fense minister said. 

The weapons deal, which is the first 
that the Poles have contemplated since 
the Warsaw Pact crumbled and they 
switched sides to join NATO, involves 
$500 million of anti-tank missiles for 
Polish-made attack helicopters and 
$200 million for accompanying avion- 
ics. The Israelis are offering a new tech- 
nology in their NT-D missile produced 
by the state-owned Rafael plant Boeing 
Corp. is offering the HeUfire missile, 
which is described as compatible with 
ail NATO equipment 

The weapons purchase represented 
an important test for Poland as it ap- 


proached NATO membership: Could ir 
negotiate a “transparent’ ’ arms contract 
to Western standards. La this test West- 
ern diplomats said, Poland had failed. 
Poland’s national security adviser, 
Marek Siwiec, one of President Kwas- 
niewski’s closest confidants, acknowl- 
edged in an interview Friday, that the 
tender was a “big mess. ” -> 

He called the process a “semi- 
tender." 

“I understand the American compa- 
nies can have the impression this tender 
was done without clear criteria,” he 
said. He added that before the delayed 
decision was finally announced the crit- 
ieria for selection would be published in 
the newspapers. ' 

On the political impact of buying 
Israeli or American. Mr. Siwiec said: 
“Some consider the political argument 
can be made in favor of Israel, some in 
favor of the Americans. From my point 
of view it will be a military decision." 

The arg ume nt by the Poles that they 
should buy Israeli because it would help 
feefr sending among U.S . Jews was one 
of many unusual elements in the tor- 
■ tured negotiations, diplomats said. 


Other problems u^luded allowing 
the Israelis to fine-tune their bid for toe 
avionics while the Boeing-led consor- 
tium was not allowed to do so. 

“It looked as though the Poles were 
using us a stalking horse,” a Western 
official said. . 

The degree of Polish industrial par- 
ticipation in the two offers — as an 
enticement, both the Israelis and me 
Americans had pledged to produce 
some of the avionics in Poland '— was 
never costed out. Western officials 

^Further, the Poles had apparently de- 
cided, die officials said, to break a pub- 
lic pledge that fee purchase of the rock- 
ets and the purchase of the avionics 
would be treated as separate bids. 

Essentially, American diplomats — 
though not Boeing — were content with 
a compromise. Western diplomats 

The compromise would have allowed 
the Poles to buy fee Israeli rockets — as 
they announced their intention of doing 
last year. And it would have given the 
Boeing consortium a fair shot at com- 
peting for fee S200 million of avionics. 


briefly 


Russians Vote Again 
For Religious Curbs 

MOSCOW — Russian lawmakers 
approved on Friday fee revised draft of a 

controversial bill res raming religion, 
cav the bill is Still dre- 


crijSory by 

faiths and violates fee Constitution 
Mtopted after the fell of comnraman: 

The bill, whose original draft was 
vetoed by President Bons Yeltsm after 
drawing the ire of human ^ghte ac- 
tivists^ U.S. Senate and the Vafean, 
was backed a vote of 358 to 6m fee State 
SSmaTfee lower house of ParhamenL 
The draft law must clear tbs upper 
chamber, or Federation Counmk before 
going again to Mr. Yeltsin. (Reuters) 

Turks Warn Cypriots 


Turner Will Donate $1 Billion to UN. 


By David Rohde 

New York Tuues Service 

NEW YORK — Ted Turner, the bil- 
lionaire founder of Cable News Net- 
work, who has made a career out of 
defying expectations and shocking fee 
public, has announced that he is making 
one of die largest single charitable dona- 
tions ever $1 billion to benefit the 
United Nations. 

St unnin g a black-tie audience of dip- 
lomats and dignitaries at fee annual 
United Nations Association dinner on 
Thursday night in Manhattan, Mr. Turn- 
er sad the gift would establish a non- 
profit foundation to benefit programs 
aiding refugees and children, clearing 
land min es and fighting disease. 

In a speech laced wife the brashness 
that is his trademark, Mr. Turner said 
the gift, to be given over 10 years, 
represented just fee increase in his net 
worth since fee beginning of this year, 
and he called on other wealthy business 
people to follow his example. 

He also urged the U.S. government to 
pay the $1 .5 billion it owes in back dues 
to fee United Nations — an issue that 
has become a political lightning rod 
among critics of the organization. 

In an interview on CNN after fee 
announcement. Mr. Turner, 58. said it 
was a “spur of the moment” idea. He 
said he had always been drawn to the 
United Nation's ideals: “I always liked 
fee idea — one for all, all for one.” 

Mr. Turner became vice chairman of 
Time Warner, the giant communica- 
tions company, last year when it merged 
with his Turner Broadcasting. 

Ed Adler, a spokesman for Time 
Warner, said Mr. T uraer’s gift would be 
instock. 

UN officials had little advance notice 
of fee gift, and could provide few spe- 
cifics on how it might be used. 

Secretary-General Kofi Annan called 


Founder of CNN 
Earmarks Causes 

the donation “noble and extraordi- 
nary.” As for how it would be spent, he 
added: “That’s something I’ll be work- 
ing on with him.” 

Fred Eckhard. a UN spokesman, said 
Mr. Turner had met with Mr. Annan on 
Thursday afternoon and told him he was 
thinking of making fee donation. The S 1 
billion gift roughly equals the orga- 
nization's annual budget. 

The gift is certainly among fee largest 
single donations ever. By way of com- 
parison, all charitable giving by Amer- 
icans in 1996 was estimated at about 
$119 billion, acconiing to Giving 
U.S.A., an annual report. 

A UN official who insisted he not be 
named said Mr. T umer had suggested to 
Mr. Annan that the General Assembly 
or a special committee decide how the 
money should be spent 

Mr. Turner said in the CNN interview 
that fee donation represented what he 
would have earned in interest over the 
years from his S3 billion in holdings. 
"I'm no poorer than I was nine months 
ago. and fee world is much better off.’ ’ 

In his speech, he said, ‘ ‘I ’m just about 
to go on fee Forbes 400, fee top 25, and 
I’m going to push myself down fee 
list,” a reference to Forbes magazine’s 
listing of fee wealthiest people. 

Mr. Turner said his net worth was 
$2.2 billion on Jan. 1. but had since 
grown to S3.2 billion. “All I’m giving 
away wife this billion dollars is my nine 
months’ work,” he said. 

He noted that fee money would not be 
spent on UN administration. For feat, he 
said, “the U.S. has still got to pay up 
what it owes." 

Mr. Eckhard of fee United Nations 


said Mr. Annan had been trying to reach 
out to fee private sector for donations and 
had met wife Mr. Tomer in the past 

"This is fee first time it has paid off,” 
he said. 

Mr. Turner, who also owns fee At- 
lanta Braves, has been devoting more of 
his time to his charity, the Turner Foun- 
dation. Referring by name to Bill Gates, 
the founder of Microsoft Corp., Mr. 
Turner called on other wealthy Amer- 
icans to follow his lead. 

“There’s a lot of people who are 
awash in money they don’t know what 
to do wife,”, he said in the CNN in- 
terview. “It doesn’t do you any .good if 
yon don't know what to do with it. 

“I have learned — fee more good that 
I did, fee more money comes in. You 
have to learn to give. You're not bom as 
a giver. You're bom selfish." 

Foundation heads reacted with 
amazement to fee announcement 

Leslie Gelb, president of the Council 
on Foreign Relations in New York and a 
longtime champion of paying off fee 
huge American debt to the United Na- 
tions, said: "That is probably the single, 
most dramatic, weird gift I’ve ever 
heard of.” 

Vartan Gregorian, president of fee 
Carnegie Corporation of New York and 
a former president of Brown University, 
said he believed Mr. Turner’s gift was 
fee largest single donation ever made. 

Mr. Gregorian, who attended fee din- 
ner Thursday night, sard Mr. Turner had 
approached him and John Whitehead, a 
former deputy secretary' of state who is 
now chairman of the UN Association of 
the U.S.A., during fee cocktail hour and 
asked him playfully what was the largest 
single charitable gift ever made. Mr. 
Gregorian replied feat he did not know 
offhand. Mr. Turner then told them be 
was going to announce his btilion-dollar 
gift. “Isn’t that the largest?" Mr. 
Gregorian quoted him as asking. 



MakoB^aUtenlcn 

A policeman standing amid the debris Friday in Mostar. The car bomb 
exploded near a police station in the Croat-controlled sector of the town. 


ANKARA — Prime Minister Mesut 
Yflmaz said Friday that Turkey was 
working on measures against a planned 
deployment of anti-aircraft missiles by 
Greek Cypriots. 

“We are working on precautionary 
measures,’* Mr. Yilmaz said after a 
meeting of key cabinet members ami 
military leaders. He gave no more, de- 
tails of any planned action. ■ 

The Cypriot government this year 
announced plans to buy S-300 surface- 
to-air missiles from Russia. 

Turkey has kept about 30,000 troops 
in fee north of Cyprus since invading m 
1974 in response to a Greek Cypnot 
coup in Nicosia. (Reuters) 

New Unionist Tactic 

BELFAST — Northern Ireland’s 


wing of fee irisn Republican / _ „ . _ 
peace ralks Tuesday, party insiders said 
on Friday. 

The Ulster Unionists will explain 
their presence, the source said, by de- 
manding that Sinn Fein be expelled 
from the talks because of a bomb ex- 
plosion Tuesday in Maikefeill. All five 
unionist parties have forsworn sitting 
down at fee same table as Sinn Fein, 
which was allowed into talks after fee 
IRA called a cease-fire July 20. (AFP) 

For the Record 

The European Parliament ap- 
proved a plan Friday to promote beef 
consumption, which has dived since fee 
announcement last year of a posable 
link between “mad cow” disease and 
the human form, Creutzfeldt Jakob dis- 
ease. (Reuters) 


Car-Bombing Wounds 50 in Mostar 


Romania 

Investment 

Summit 



Athenee Palace Bucharest Hilton 
October 29-30, 1997 

President Emil Constantinescu 
will give the opening keynote 
address of the summit. He will 
also host a special dinner for 
speakers, delegates and guests 
on the evening oF October 29 
at Cotroceni Palace. 

The fact that President Constantinescu has 
agreed to support this summit as an integral 
part of the Romanian government’s efforts to 
attract foreign investment, is a measure of the 
importance of the summit. 

If you are interested in Investing in Romania, the 
HTTs Romania Investment Summit will give you 
valuable insights and an inside edge. 


For full program details, please contact: 


420 030CT fax: <44171? 836' 0Ti7 "• 

i" 'V-; ' >• V 

... 



TRAVEL UPDATE 


Shroud of Turin Cathedral to Open 

TURIN (Reuters) — The Renaissance cathedra] housing 
the Shroud of Turin, one of Catholicism's most revered but 
controversial relics, will reopen in November after being 
damaged in a fire April 12. 

Giuseppe Forlani, head of a government commission over- 
seeing reconstruction of fee cathedral and fee chapel that 
housed the shroud, said the main part of the church would be 
Teady to receive the public by fee end of November. 

It was unclear whether the chapel would be rebuilt in time 
for a public exhibition of the wortd-famous relic next year. 

A hurricane kicked up dangerous surf along 600 miles of 
Mexico’s Pacific coast Friday, swirling winds to 105 miles an 
hour and dumping heavy rain on fee state of Guerrero. (A Pi 


C-w/tk d M* Ow StrfFwn Dap-acha 

MOSTAR. Bosnia-Herzegovina — 
A car bomb exploded near a police 
station in the Croat-controlled western 
half of bitterly divided Mostar, wound- 
ing 50 people, officials said Friday. 

It was the worst explosion anywhere 
in Bosnia since fee Dayton peace ac- 
cords ended a three-and-a-haif-year 
civil war in 1995. 

The bomb went off at 1 1 :40 P-M. 
Thursday outside a police station in the 
western part of town amid political ten- 
sions between fee Muslim and Croat 
communities feat share fee divided 
town in southern Bosnia. 

Soldiers with fee NATO-led peace 
force helped evacuate fee wounded and 
transported one seriously injured person 
to a hospital in Split, in neighboring 
Croatia. 

Debris from buildings and parked 
cars, as well as upturned earth, was 


spread over an area of at least 200 square 
meters (240 square yards). 

Tensions had been running high in 
Mostar since Croatian leaders came 
close to boycotting municipal elections 
held last weekend. 

Hard-liners on both sides have op- 
posed Mostar’s joint police force, a sign 
of fee desire of some in the town to 
forget the divisions created by 10 
months of warfare between Muslims 
and Croats in 1993 and 1994. 

Muslim leaders expressed anger this 
past week when Croatian officials in- 
dicated they might go ahead with fee 
unification of three predominantly 
Croatian districts in western Mostar. 
The Groats had promised earlier to drop 
plans to unify’ the districts. 

■ Elections in Serbia on Sunday 

Citizens of Serbia will vote Sunday 
for a president and Parliament in fee 


fourth elections since a multiparty sys- 
tem was introduced in the republic in 
1990, Reuters reported from Belgrade. 

Slobodan Milosevic’s Socialist Party 
of Serbia is expected to emerge from the 
elections with its grip intact on both fee 
presidency and Parliament 

Mr. Milosevic was barred by the con- 
stitution from seeking a third term as 
president of Serbia, and he has trans- 
ferred himself to the presidency of 
Yugoslavia. Mr. Milosevic is represent- 
ed m fee election Sunday by a proxy, 
Zoran Lilic, whom he replaced as fed- 
eral president 

There will be a runoff for the pres- 
idency, probably on Oct 5, if none of 
fee 17 candidates gets a majority in fee 
first round Sunday. 

Opinion polls indicate that Mr. Lilic 
can expect significant opposition from 
only two of the other presidential con- 
tenders. (AP, Reuters ) 


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Mexico 
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Forecast for Sunday through Tuesday, as provided by AccuWeather. 


Asia 



Mdiam 

North America Europe 

Much cooler weather wjiJ Sumy and mfkj in tho Unit- 
move into (he Northeast ad Kingdom Sunday 
Sunday and Monday. Out n through Tuesday. Chilly in 
should be milder by Tubs- Germany and Poland Sun- 
day. Alter a few chlly days day. but becoming milder 
in the Upper Midwest, n will Monday and Tuesday, 
warm up early next week Warm weather will prevail 
lonowed by some thunder- across southern Europe 
storms Tuesday. Hot In the with a mix ol clouds and 
Southwest. sun. but a lew showers will 

dampen parts ot Spain and 
Portugal. 


Asia 

Mostly sunny In Shanghai 
Sunday through Tuesday. 
Cool in Bel|lng and Seoul 
Sunday, but becoming 
milder by Tuesday. W amt 
and humid In Hong Kong 
with a couple ol showers. 
Muggy in Tokyo Sunday 
and Monday with a shower 
or two. then party » most- 
ly sunny Tuesday. 


Almaty 


Bon&nh 

MPna 

Bombay 

Ctfcuta 

CHongMiu 

Colombo 

Hanoi 

Ho CM Mnh 
Hong Kong 
Islamabad 
Jakarta 
Kfl/adi 
K. Lurgxjr 
K. Klngbalu 
Mooi> 

Mm* DaM 

Phnom Parti 

Phuksr 

Rangoon 

S«U 

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f'S?*** 

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Vientiane 


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INTERNATIONAL hRJ|x/^I |iPTE.TOER24, 1997 


DiCT rf 


INTERNATIONAL HERALD TRIBUNE, SATURDAY'S UNDAY, SEPTEMBER 20-21, 1997 


PAGE 3 




3 Top Teamster Aides Plead Guilty 

Prohe of Union Chief Found Fund-Raising Link to Democrats 


¥ 





% 


By Steven Greenhouse 

Nc*- York Times Service 

NEW- YORK — Three top campaign 
judes to the Teamsters president, Ron 
Carey, have pleaded guilty to funneling 
illegal contributions to his re-election 
drive as part of a broad scheme that they 
said involved officials of the Democratic 
Party and President Bill Clinton's re- 
election campaign, and included im- 
proper cash payments by leaders of other 
major labor unions. 

fin pleading guilty Thursday in federal 
court in Manhattan to fraud and con- 
spiracy charges, Mr. Carey's campaign 
manager and two campai gn consultants 
provided new details of a frenetic fund- 
raising effort that included a questionable 
SI 50,000 donation by the AFL-CIO. 

They also described a bond between 
the Teamsters and the Democratic Party, 
including allegations that Teamsters 


planned to contribute large sums to the 
paly m exchange for having an uniden- 
tified foreign citizen who was goine to 
donate to the party give $100,000 to the 
Carey campaign instead. 

The charges filed by prosecutors, and 
the statements made by the aides, did not 
directiy implicate Mr. Carey in any of 
the illicit fund-raising. But they raised 
new questions about the leadership of a 
union that has struggled with allegations 
of corruption for decades, and about a 
leader widely seen as a reformer 

When federal judges asked them to 
describe their illegal fund-raising efforts. 
Jcre Nash, the campaign manager; Mar- 
tin Davis, a fund-raiser for Mr. Carey, 
and Michael Ansara, a telemarketing 
consultant, disclosed several new aspects 
of a web of schemes lo raise money. 

• After Carey campaign officials 
spoke with the secretary’- treasurer of the 
AFL-CIO, Richard Trumka, the Team- 


sters made a $ 1 50.000 contribution to the 
labor federation ro enable it to contribute 
$150,000 to Citizen Action, a liberal 
group. As pan of a scheme devised by 
Mr. Carey's aides. Citizen Action then 
paid $100,000 ro Mr. Davis's firm to 
finance a mailing for Mr. Carey. 

• Leaders of several other unions 
made total cash payments of- almost 
$20,000 to the Carey campaign, although 
federal law bars union leaders from con- 
tributing to candidates in other unions. 

• The Democratic National Committee 
asked a foreign citizen who wanted to 
give money to Mr. Clinton’s campaign to 
instead donate $100,000 to the Carey 
campaign as part of a scheme in which the 
Teamsters pledged hundreds of thousands 
of donations to the Democratic Party . The 
Carey campaign ultimately rejected the 
$100,000 donation because the foreign 
citizen was an employer, and employers 
cannot donate to union candidates. 


Helms Signs Up for a Bigger NATO 


By Jeny Gray 

■VfH York, Tunes Servic e 

WASHINGTON — Sen- 
ator Jesse Helms, chairman of 
the Senate Foreign Relations 
Committee, has announced 
his tentative support for the 
expansion of NATO, saying 
he will help lead the fight for 
ratification of the plan if the 
Clinton administration ad- 
dresses a series of 
concerns.” 

Mr. Helms’s support 

cial^ to President Bill 

ton's effort to bring three of 
the West's former Commu- 


senous 


nist adversaries — Poland, 
the Czech Republic and Hun- 
gary — into the military al- 
liance in time for its 50th an- 
niversary in 1999. 

Mr. Helms made his offer 
in a letter to Secretary of State 
Madeleine Albright on 
Wednesday. 

“I have arrived at my de- 
cision to support NATO en- 
largement based on my belief 
thar this is a worthwhile en- 
deavor,” Mr. Helms wrote. 
“However, my support must 



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Clin- remain conditioned upon our 
ability to work together to in- 
clude proper safeguards that 
ensure enactment of an 
amended treaty is in our na- 
tion's best interests.” 

The amendment he was re- 
ferring to would change the 
original North Atlantic treaty, 
signed in 1949, to admit the 
new members. 

Mr. Helms said he intended 
to hold hearings on the pro- 


posed enlargement, and he in- 
vited Mrs. Albright to the first 
one. scheduled for Oct. 7. 

Pushed by Mr. Clinton and 
other Western leaders, the 
North Atlantic Treaty Orga- 
nization extended invitations 
in July for Poland, the Czech 
Republic and Hungary lo join 
the 16-member alliance by 
1999. 

In the United States, the 
Senate must ratify changes to 
the treaty governing NATO. 
The majority leader. Senator 
Trent Lon, Republican of 
Mississippi, has endorsed the 
idea, and Mr. Helms repre- 
sented the last major political 
hurdle to it. 

On July 9, a day after the 
invitations were extended, 
Mr. Helms listed 10 steps he 
said he wanted the White 
House to take — points he 
reiterated in his lener to Mrs. 
Albright. 

“The administration must 


outline a clear, strategic, mil- 
itary rationale for NATO en- 
largement that identifies the 
threats the alliance may face 
in the coming century and 
why an enlarged NATO is 
necessary to counter those 
threats,” he said. 

Mr. Helms also insisted 
that current NATO allies pay 
their share of expansion costs 
and that the alliance set 
"clear limits” on Russia's 
role in NATO decision-mak- 
ing. 

Several of his other con- 
cerns dealt with Russia: op- 
position to Moscow's efforts 
to establish a zone free of 
nuclear arms in Central 
Europe, rejection of aid for 
Russian arms sales to former 
Warsaw Pact military forces 
joining NATO and rejection 
■of any further Russian efforts 
to link concessions in arms- 
control negotiations to 
NATO expansion. 



Fki tDnlciuflteuian- 

DEBATEMG SOCIETY — Hispanic women showing support for 
Yvonne Gonzalez, Dallas's school superintendent, in a racially charged 
dispute with black activists over her efforts lo combat corruption. 


POLITICAL 


Away From Politics 

• Sergeant Major Gene McKinney, 

the highest ranking enlisted man in die 
U.S. Army, should face court martial 
on 22 charges of sexual misconduct, 
but not rape, a military hearing officer 
has recommended after reviewing al- 
legations by six women who said he 
made improper advances toward 
them. (AP) 

• Blood transfusions once a month 
could help protect an estimated 2,500 
children with severe sickle cell anemia 
from suffering a stroke, researchers 
say. Transfusions reduced high-risk 
children's stroke chances by 90 per- 
cent. a discovery so dramatic that the 
National Institutes of Health stopped 
the study 16 months early and sent the 
results to hundreds of doctors. (AP) 

• The number of AIDS cases dia- 

gnosed in the United States dropped 
last year for the first time in the 1 6-year 
history of the epidemic, a trend that 
federal officials attributed to aggres- 
sive new therapies that keep infected 
patients healthier. (NYT) 

• A frail-looking, 77-year-old man 
robbed a bank of $2,500 in Santa Ana. 
California, saying he did not want to do 
it but needed the money to pay his 
ailing wife’s medical bills, f Reuters ) 


House Adopts New Ethics Rules Republicans Split on Pay Raise 


BOOKS 


THE MAN WHO 
WALKED TO THE 
MOON 

By Howard McCord. 123 
pages. S/8. McPherson. 
Reviewed by 
David Nicholson 

T HIS is an odd little book, 
a novella about a profes- 
sional assassin walking up a 
Nevada mountain called the 
Moon, musing on literature 
and philosophy and the tools 
of his deadly trade.Told in die 
first person, the story contains 
some fine language and some 
telling insights. In the end, 
however, I suspect most read- 
ers will find the book fails 
uncomfortably between 
genres — it’s too literary to 
make a good thriller, and too 
fantastic a thriller to be truly 
literary. 

The assassin is William 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
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MINERVA PRESS 
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Gasper. Fifty and a “solit- 
ary,” “as alone and free as it 
is possible to be in this 
world,” be has been w alking 
the Moon periodically for five 
years. “It is,” he tells us, “a 
perfect mountain for our 
times, caught partly in an alien 
dimension, as unintelligible 
as most good novels, and as 
effortlessly boring to one who 
skims topographic maps with 
an eye to exritanent ’ ' Never 
mind that this is “the moun- 
tain of nowhere, ignored by 
those who live near it . . . nota 
climber's mountain, nor a 
hunter's.” Gasper finds 
meaning in “my walking, in 
ray calm, and in The Moon.” 

As he walks, Gasper tells us 
about himself. An indifferent 
student, he spent most of his 
time in the library, “where the 
librarians indulged my habit 
of reading bodes upside 
down. ” Afterward, he moved, 
“in my left-handed way" to 
the Marines, where he was 
trained as a sharpshooter and 
then sent to Korea. 

In between these nuggets 
from the past. Gasper muses 
about his walk, describing the 
terrain and remembering oth- 
er treks. He ranges far and 
wide in the fields of literature 


and philosophy, alluding to 
Nietzsche, the poet Chris- 
topher Smart, Heraclitus. He 
also plans to ambush the rifle- 
carrying man (or woman) 
who has been following him 
and who. Gasper has decided, 
intends to kill him if be does 
not strike first. 

All of this is, rf not straight- 
forward, then at least firmly 
rooted in reality. Soon enough, 
however, things begin to get 
more than a little strange. 

At IS. Gasper tells os, lost 
from his company with four 
other men. he survived a win- 
tertime trek to die Korean 
coast in the middle of die war, 
stole a boat and headed south. 
He’d thought himself alone 
on the boat; instead he finds 
himself in the company of the 
Celtic goddess Cenidwen. 

“You’ll see me again, as 
well as when you die," she 
tells him, apd then disap- 
pears, just as a destroyer es- 
cort appears out of the night, 
just in time to rescue Gasper. 

This is serious fiction, with 
a keen intelligence obvious in 
every sentence, every allusion 
and every trenchant observa- ' 
tion. The truth is that Howard 
McCord — a poet, critic and 
professor of English — can 


write, and that he is equally 
believable writing about rock 
climbing as he is about fire- 
arms or tactics for a success- 
ful ambush in rough terrain. 
Still, for all the solidity of the 
language, Cenidwen 's pres- 
ence as a character (she even 
seduces Gasper during her 
second appearance!) loosens 
some necessary hold we need 
as readers to maintain our 
connection to the story. 

Obviously this is the novel 
McCord wanted to write, and 
it is difficult to gainsay his 
intentions. Still, I can’t help 
thinking that it illustrates 
something about the nature of 
fiction. People who don't 
write often assume that any- 
one who does can write any- 
thing from mysteries to ro- 
mance to serious literary 
fiction. The truth, unfortu- 
nately, is different Writers 
write what they can write, and 
it is the rare talent who can 
switch between genres, writ- 
ing both high and low styles 
with believable aplomb. 

For all its pleasures, this 
novella is proof of that 

David Nicholson, a Wash- 
ington writer, wrote this for 
The Washington Post . 


WASHINGTON — Republicans in the House of Rep- 
resentatives have pushed through a change in ethics rules 
that would bar outside groups from lodging an ethics 
complaint against a House member, but failed to pass a 
provision that would have made it possible to kill an ethics 
complaint by delay. 

The moves came as the House, by a largely partisan vote 
of 228 to 154. approved a new set of rules for the ethics 
committee, eight months after the fractious and bitter in- 
vestigation into the use of tax-exempt money by the House 
speaker, Newt Gingrich. led to a moratorium on ethics 
complaints. 

Democrats protested that the Republican leadership was 
allowing floor amendments on a package of modest changes 
in ethics rules that had been drawn over months by a 
bipartisan task force. 

“What began as a bipartisan effort to improve the ethics 
process has disintegrated into one more political sham,” said 
Representative John Moakley, Democrat of Massachusetts. 

By a vote of 228 to 193. the House approved an amend- 
ment — sponsored by a dissident Democrat, Representative _ 

John Murtha of Pennsylvania — barring outside groups f/UOte/UnQUOte 
from lodging ethics complaints. J 

But the House rejected, by a vote of 236 to 181. an 
amendment that would have allowed a complaint against a 
member to be dismissed if tbe ethics committee, whose 
membership is split evenly between the two parties, dead- 
locked on a case for 1 80 days. 

Critics said such a rule would have most likely prevented 
a reprimand of Mr. Gingrich, whose investigation divided 
the panel and took nearly 28 months before it ended in the 
reprimand and a $300,000 fine in January. (NYT) 


WASHINGTON — Republican sophomores in the 
House are threatening another uprising against their leaders, 
vowing to block a pay raise for members of Congress. 

The pay raise was approved without debate or a direct 
vote, under a procedure that blocked any effort to stop it. 

‘ ‘This is an outrageous maneuver by House leadership to 
allow Congress to give itself a pay raise without letting the 
public know how they would vote on the issue,” said 
Representative Linda Smith, a second-term Republican 
from the state of Washington. “The American people 
deserve better.” 

The pay raise — a proposed 2.3 parent increase in the 
cost-of-living allowance — would be the first in five years 
for members of Congress. 

Mrs. Smith said Thursday she would try lo block the raise 
with an amendment to the spending bill for the Commerce 
and Justice Departments when it reaches the floor next 
week. If the Republican leadership thwarts that effort, she 
said, she had at least a dozen Republican supporters who 
would help stall, the legislation in the House. (NYT) 


Representative F. James Sensenbrenner Jr., chairman of 
the House Science Committee, cautioning the National 
Aeronautics and Space Administration about sending an- 
other American astronaut to the Russian space station Mir. 
“I think there has been enough evidence that has been put 
before this hearing to raise sufficient doubt as to the safety 
of continued long-term American presence on the Mir, and 
to force NASA to re-evaluate whether to send David Wolf 
up on the shuttle." (WP) 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 
Evangelical Sunday Service 10:00 
a.m. S 1130 a .mi Kids Wekxxne. De 
Cuserstraat 3. S. Amsterdam Info. 
020-641 8812 or 020-6451 653. 
FRANKFURT 

English Speaking International 
Catholic Parish, Sf Leonhard, Alte 
Mainzer Gasse 8, 60311 Frankfurt, 
Germany, Tel/Fa* 069-283177, Mass 
schedule; Saturday 5 pun.. Sunday: 10 
am Oontessions: iffl hot* before Mass. 


SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
English-Speaking nan-denominational. 
TeL +41 61 302 1674. Sundays 1030 
MHereSkasse 13, CH-4066 Basel 

ZUftICH-SWITZERLAND 

ENGLISH-SPEAKING CATHOLIC 
MISSION: SL Anton Church. 
MinervastraBe 63 Sunday Mass: 8:30 
am & 1130 am Services held in the 


BRUS5B5/WATBU0O 
ALL SAINTS’ CHURCH, 1st Sun. 9 & 
11:15 am. Hob Eucharist with Chfetnorfe 
Chapel atlllS. AI other Sundays: 11:15 
am Holy Eucharist and Sunday School 
663 Chaussfe de Louvain, Ohaln. 
Belgium. TeL 332 384-3556. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun 10 a.m. 
Family Eucharist. Frankfurter Strasse 3, 


Catholics AltenhtWerweg 7. 

Oberstedten (Church of SL Petrus 
Caseseus). Hob Mass. Sun. l. MO Pastor 
Fr. Bruens. 069-7191 1430 (home) or 
06171 -25983 (Office). 

FRANCE/TOULOUSE 
HOPE INTERNATIONAL CHURCH 
(Erangdfca)). Sunctey 630 pm Le Grand 
Noble Hotel 90 av. de Comebarrieu. 
Bagnac.TeL:05 62 74 1 1 55. 

FRENCH RTVIERA/C6TE D'AZUR 
MCE: Holy Trinity (Aralfcan). It rue 
B ufe. Sul 11; VENCE: St Hugh's. 22. av. 
Resistance, 9 am Tet 33 04 83 671983 
MONTE CARLO 

MONACO CHRISTIAN FELLOWSHIP 
Worship Service. Sundaye: 11 a.m. 
S. rue Louie Notary, Monte Carlo. 
TeL 377 92 165647. 

PARIS and SUBURBS 
EMMANUEL BAPTIST CHURCH - 56. 
me das -Bons-Raisins,. 92500 Ruefl- 
Matmaison. Worship: 9:45 - 11:00 
am Sun day School. For more Info 


aypt ol St Anton Cream 

EUROPEAN 

BAPTIST CONVENTION 

THE EPISCOPAL CHURCHES 
OF EUROPE (Anglican) 


BERLIN 


PARIS and SUBURBS 

TFE AMERICAN CATHEDRAL OF THE 
HOLY TRNTY, Sun. 9 & 11 am, 1045 
am Sunday School for children and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23, avenue George V, 
Parts 75d06. Tel.: 3301 53 23 84 00. 
Metro: George Vor Alma Marceeu. 

FLORENCE 

ST. JANES' CHURCH, Sun. Sam Rte I 
& 11 am. Rte H. Via Bemertto Rucelai 9. 
50123, Ftorertoe. Italy. TeL 3065 29 44 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
(Episcopal/Angllcan) Sun. Hoty 
Conmuilon 9 811 am SundBy School 
and Nusuy 10*5 am Sebassan Rtoz 
SL 22, 60323 Frartdiil, Germaiy, U1 , 2. 


I.B.C.. BERLIN. Rothenburg Str. 13, 
(Slegita). Sunday, Bible study 10.45, 
worship Service 1200 noon. Charles 
Warfare! paster. Tel: 030-774-467D. 

BRATISLAVA - SLOVAKIA 
LB.C.I The luventa, Karloveska 64. 
Audterium 1046. Worship Sul 10:00. 
T&L: (071715387 

BREMEN 

ULC, Hohonfahestr. Hermann-Bbse-Str. 
Worship Sun. 1700, Pastor telephone: 
0421-78648. 

BUCHAREST 

LB-fL, Streda Popa Ruai 22. 3:00 


5T. PAUL DE VENCE • FRANCE 

SL PW de Voice- France IBjC, Espace 9 l 
C laire. Level ‘0". BUe Study Sun. 9:30, 
Wtahip Sul 1045. Tet (0493) 320-5E6. 

PRAGUE 

LB. FELLOWS HP, Vmohradska # 68, 
Prague 3 Sun. 1 1«L TeL (02) 31 1 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHP 
Sun. 19*50 at Swedish Church, across 
Irom MadDonaMs, TaL (02) 353 1585. 

ZURICH - SWITZERLAND 
LB.C of Zurich, Ghelstra&se 31. 8803 
RQschflkon, Worship Services Sunday 
mornings 1030. TaL 1-4810018- 


ASSOCOFINTL 

CHURCHES 


am Sun day School: For more Info g, gp, hbm ftanfdiil, Germany, 
call 01 47 51 29 63 or check: Tet 4069 5501 84. 

hfip-J»ww.geoa^^ 352- 3M£*jef-/uea 


GENEVA 


HOPE INTERNATIONAL CHURCH 
Hotel Oden a Peris-to-Odtense, 8 bd.de 
Neuflfy. VKxshta Sundays. 930 am Rev. 

Douglas Mfer, Paster. T: 01 43 33 04 06 
Mta> 1 to la DiStanss Esplanade. 

. SAINT JOSEPH'S CHURCH (Roman 
Ctehoft^ MASS IN B4GUSH Sat 8S0 pmt 
Sun. jo a.m., 12 midday, 6:30 p.m. 

. 50. avenue Hoche. Parte Mi. TeL: 

W 42272B5S. Man Chafes deGaUto- Bote. 

REUGIOUS SOCIETY OF FRIENDS 
(QUAKERS). Uiwogrammed (silent) 
meMng for worship. Sundays 11 am 
€a*9ai5er Intemailcnai. 114 be, rue 
drariBri, 75006 Parts. AI Wdcome. 

*330145487423. 

. . - • TOKYO 

ftWJL NTERNATIONAL LUTH&tfN 
. W®. near fidabasH Sin. TeL 3261- 

S^W^SavliaSaOamSurrtys. 

2££tHON CHURCH, nsafOTrtssando 
*5#SRTR:3«Da)47.Vto^SeiMeeK 
■^’^BaOSiiflOam. SS at 9:45 am. 3339 or 3B6 47435®- 



EMMANUEL CHURCH, 1st & 3rd Si5l. 

Prayer. 3 rue de Monthou* UOV Geneva 
Swtertaid TeL 41722 732 80 TEL 

MUNICH 

THE CHURCH OF THE ASCENSION, 

Sun. 11:45 a.m. Holy Euchari^>d 
Suidey School Nurewy Care pwM- 
Seytotftstrasse 4. BJS45Mtfgi g** 
iscNng), Germany. TeL 43(09 6481 85. 

ROME 

ST. PAUL'S WTT> 9 N-Tffi-WALLS. Sun. 
830 am. Holy Oueftarfct Rte f; i^p®^- 
Choral EuchartstRjte H; IMP 

TeL- 396 486 


BUDAPEST 

J.B.C., meets at Modes Zsigmond 
Qtmnazium. Torokvesz ut 48-64, Sim. 
1000 . TaL 2503832 

BULGARIA 

i p .c. World Trade Center, 36, Drshan 
Tzankov Blvd. Worship 11:00. James 
Dute. Pastor. TeL 971 -2102 
DARMSTADT - GERMANY 
I B.C.. Wllhalm-Leuschner Str. 104, 
nanrciadl-Grteshelm, Bfcte Study Sun. 
ISOO. TaL (0611)941-0505, 
FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHP, Ev.-FtefldrchSchs GameindB, 
sodenerstr. 11 - 18 . 83150 Bad Hontotm 
Sunday Worship, NursBry & SS: 
1130 AM- Mfo-wcek m inistrie s. Pastor 
ULevey. Cal/Fax: 06T7362Z28. 
BETHEL -I.B.C- Am Dachsberg 92 

TPMTY BTHWATIONALhvtes youto 
H Christ centered feflowshfo. Servtas 
aflO and 1030 am Boemramplaan 54. 
Stoeenaar 07O517-8Q24 nuseiypitw. 

NICE -FRANCE 

TeL (W 93) 32 u5 96- 


BERLIN 

AMBUCAN CHURCH M BERLIN, cor. 
of Ctw Afee & Ffotsdamer Sir.. SS. 930 
am. Worship 11 am TeL CHCTSI 32021. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Verobina Sundaywrehip M0. r German 
IliXJhEngfeh. Tet [022)310^89. 

JERUSALEM 

LUTHERAN CHURCH of the Redeemer, 
OB Cly. Murtstan Rd. EngiBh worship Su\ 
9 am M are wakxxna lST(D^ 6281 -048. 

PARIS 

AMERICAN CHURCH IN PARIS. 
Worship 11:00 am 85. Qual tfOrsay, 
Paris 7. Bus 63 at door, Metro Alma- 
Maceau or InvaUes. 

ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service. Sunday School & Nureer 
Sundays 1130am, - ' 

TeL (01)2825625. 


ft 


SYNAGOGUES 


THE CONSERVATIVE JEWBH COM- 
MUNITY IN PARIS 'Adath Shalom" 
invites you to join them for Rosh 
Hashcnnan and Yom KIppurservfcea. For 
detals and seats, phone 01 A5JXL57.47 
or write Adath Shaiom. 22 its rue des 

Bales Feufes, 75018 Paris. 
COMMUNAUTE JUIVE UBERALE - 
TOULOUSE. Join us in our new 
i for weekly services and for fie 
High Holidays. Contact 
Kfe at OS fg.2o30.79 (630- 

8.00 pm) or kas@*xgJxttuLfr-. 



Why your next dress shirt should come 
all the way from a Me town in America. 


M aybe you've heard of us 
already, maybe not 
We're lAnds' End Direct 
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Name, 


Address. 


Postcode. 


. Country , 


Phone/Fax ( 


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IT 


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PACE 4 


piTFUNAMONAl HERALD TRIBUNE, SATUBDAY-SUNDAY, SEPTEMBER 20-21, 1997 




U— ew - of ^ ^ refonn, that 
and a dwindling safely net are the route ^eso 1 ™.® 1 postal causes Amgo Sadun, an Italian econ- 


to success in the global economy. 


ferred hayeo. 

A Dobncian would send 


le to 
their 
be a 


“People look across the Charnel and Ago — 

JprdoMtlitewtoihwMe. ^^y^Ttfae wwaid wool 

Ootke, former chancellor of the &- 

che( S er ’- sa,d ' . t. The level of disability needed to quaj- 


omist, to think that Italy is misguided in 
its haste to adopt toe euro from the 
beginning in 1999. 

“There is no question the Germans 
are right,” he said, referring to doubts 


France. “We can employ people here/ 
Mr. Cadic said, “but in France it has 
become prohibitive to hire. The French 
system seems to be conceived so that 
unemployment can go up.” 

For Mr. Cadic, Britain has realized, as 
France has not, that toe world has 
changed. For a long rime, the developed 


say ro toe Bench, ‘Our model is not 
perfect, but nor is yours. lust’s try for 
dynamism without cruelty / ” 

To look at a pay slip from Eric de 
Cardonnay 's BDM decorating company 
in the Nonnandy town of Bray-et-Lu is 


sclerotic, and the key to recovery there is ^‘SmUies iTiilactt like undo- control. We Italians are going and' military strength. That domination al a rm i n g . - nfttK 

structural change.” t custuoofor poor famines m piaccs a sustainable ad- has now been seriously eroded. The Benevento — and as nch m 

Britain’s economy grew at double the disability toe situation justmenL My is not ready for the knowledge and means exist for things to implications for the economy oftne 

French growth rate last year, and, at ai ” hem9flpanwwh«p ThicfcriuxrhnHenae zone. _ . . 

about 3 percent, its exnansion is ex- 


pected to be well ahead of France’s again 

this year. Unemployment has plunged in 
Britain to 5,3 percent, from 1 ° i ^ P er S“, 
in 1993, as toe economy has benemea 
from lower raxes and the birth ol a 
sh areholding culture. 

Netherlands, consensus 


channes. Authorities may approve a tor- euro. 

tberS450 a month to pay for a full- Stih, toe strafes Italy has madeMfer 


rime nurse, but there is no verification 


Tf countries give radically 

h « different answers to the 
In toe Netherlands, consensus tos f f . 

achieved what the Thatchente revolo- challenge 01 reforming 
tion did in Britain, bringing unemploy^ ^ state, we are 

going to have problems in 

the euro zone. 9 


meat down to 6.5 percent from more 
than 10 percent a decade ago without 
accentuating inequalities as much as m 
Britain. Growth in the Netherlands, as in 
Britain, has surged. But in both coun- 
tries, to different degrees, job security 
and welfare protection have been sac- 
rificed 

Europe thus offers various economic 
models, whose differences will be laid 


of whether a nurse performs toe job. 

Remarkably, more than 60 percent of 
die 1.4 million people now under in- 
i by Mr. Bet 


vestigation by Mr. Bergamini have this 

moaeis, wuvoc uiu»v*b«. ,,7? . 

bare by toe euro. The currency also will adtoto^ benefit 
usttoe sustainability of different systems Manano de Luca, president of a Be- 

it exposes those differences. nevento mvahds’ association, is fonous 
A comn^cSrency will reveal for about Mr. Betgamtm s campaign. He 
example, that toe same brand of Scotch pointed to toe man sprawled on toe wto 
whisky can vary in price by 50 percent, and urged him to speak. Say 
depending on whether it is bought in something, Pasquale, say something! 
SpKnor to Germany. It also will reveal he yelled No response. “Something, 


the relative attractiveness of different 
European economic environments in 
terms of tax levels, costs of labor and 
welfare, and business incentives. 

“If we get toe euro,” said Bruce 
gasman, a vice president at J.P. Morgan 
in London, “inefficient policies will be 
much less sustainable. 

* ‘You are going to see toe same kinds 
of competition as between states in 
America. There are going to be huge 
pressures on countries to provide 
policies conducive to investment.” 

In Italy, that pressure is particularly 
intense. More than 10 percent of Italians 
— 6 million people — are officially 
rfisahted These people will cost Italy 
more than $33 billion this year in dis- 
ability pensions. 

Many do have physical handicaps. 
But many are the healthy beneficiaries of 
a bygone system. Before the Cold War 
ended, $33 billion was considered a rea- 
sonable annual investment in Italian 
political stability. 

For decades Italy produced “inval- 
ids” at a remarkable clip. A politician, 
usually a Christian Democrat, who ar- 
ranged for toe payment of a disability 
pension won votes. Particularly in south- 
ern Italy, where jobs were scarce, to be 
disabled was to gain a passport to money 
or a job. 

It was a costly setup. Budget deficits 
and national debt spiraled. 

But toe system helped keep toe Chris- 
tian Democrats in office and the Com- 
munistsoUL 

Italy did not go toe way of neigh- 
boring Yugoslavia or Albania. Social 
security meant geopolitical security. 

Now, however, a political age has 
given way to an economic one. 

On Germany’s border with Poland, it 
is no longer the Warsaw Pact that 
threatens; it is workers making one- tenth 
of German salaries. Yesterday’s es- 
teemed political client in Italy is today’s 
resented financial burden. It is the euro, 
not the Politburo, that obsesses Europe. 

“Either we make it or this govern- 
ment falls,” said Enrico Michele, un- 
dersecretary of state for the center-left 
government of Prime Minister Romano 
Prodi of Italy. “And to get there, we 
have to negotiate reform of a distorted 
pension system. The welfare state is part 
of the European idea and cannot be 
completely dismantled. It must, 
however, be changed.” 

Michelangelo Bergamini is leading 
toe campaign for change. As a senior 
Treasury official in Italy, be has been 
asked to lead a sweeping inquiry to 
unearth fraudulent recipients or disab- 
ility pensions. 

Italy’s state-run pension system — 
which costs more than $190 billion a 
year, or about 15 percent of total national 
output — is a labyrinth; there are three 
separate categories of invalids, each paid 
by a different state entity. 

Mr. Bergamini was asked to start by 
investigating die 1.4 million cases 
handled by fee Ministry of the Interior. 

The number of people receiving these 
pensions has doubled since 1985; toe 
pensions cost the Interior Ministry about 
$8.8 billion in 1996. In an 18-month 
period that is to end March 31, 1998, Mr. 
Bergamini’s investigators, operating 
throughout toe country, are to interview 
150,000 of toe 1.4 million "invalids” to 
examine whether their claims are real. 

“We are well into the program.” Mr. 
Bergamini said, “and up to now we have 
found that one in four of those inspected 
was a false invalid. 

“We have found blind people who 
were not blind and people miraculously 
cured of rheumatoid arthritis. In the most 
extreme cases — say a ‘blind’ man 
working as a bus driver — we are bring- 
ing criminal charges.” 

Mr. Bergamini’s agent in Benevento 
is 1>. Maddaloni, who works in a crum- 
bling palace. There are typewriters but 
no computers. Just outside town, there 
are people still living in the mobile bous- 
ing they were given after toe 1980 
Naples earthquake. 

The bureaucracy of Italian welfare 
had assumed fantastic proportions be- 
fore the current attempt at reform began. 
Under a 1980 law, for example, a person 
with a peptic ulcer causing “grave di- 
gestive disturbance’* could claim a dis- 
ability level of 5 1 percent to 60 percent 
Diabetes of “medium gravity” would 
confer 31 percent to 40 percent dis- 
ability. Different ailments could be ad- 
ded — tike roulette chips piled one on 
the next — to increase one’s degree of 
disability. 

The degree was critical. Until 1992, a 
35 percent disability level was enough to 
qualify a person for one of the numerous 


Pasquale. you must say s omething ! ’ * 

From Pasquale di Fiori there emerged 
a groan. The sound slipped from lips 
contorted into a grimace. His harms 
writhed with tile effort; his body was 
clearly a vessel he did not control. The 
sound, 9 crescendo, was a call from a 
distant place. 

Satisfied, Mr. de Luca turned away. 
“You see what the government is do- 
ing,” he said. “Pasquale can’t walk. He 
can’t talk. But toe government calk him 
a false invalid! So they won’t give him 
the disability pension he deserves. The 
euro is being used to justify an Italian 
witch hunt” 

Mr. di Fiori has twice requested the 
extra $450 payment for 100 percent dis- 
ability and been refused. The authorities 
argue that bis parents can look after him. 


The euro has been the 
means to modernize our 
country. Without that 
external constraint, we 
would have been too lazy 
to do it ourselves.’ 


But to Mr. de Luca, the case suggests 
that toe excess of abuse has been re- 
placed by an excess of reforming zeaL 

But Mr. Bergamini remains tranquil 
in his mission, convinced that Italy 
should break with its former culture and 
become a truly modem state with toe 
euro as its currency. 

Already this year, his investigation 
has saved about $150 million, an amount 
expected to double by toe end of the first 
phase of his inquiry next year. 
Moreover, toe number of invalids — 
which was growing at more than 10 
percent a year in the 1980s — stopped 
rising last year. 

Eventually, it is clear, Italy's entire 
pension system will have to be reviewed. 
The three categories of invalids will 
have to be grouped into one and 
a rigorous inspection of claims carried 
out, officials said. Resistance from 


are staggering. Nowhere is it more ob- 
vious that toe euro is fueling profound 
economic atonstment in Europe. 

Inflation has come down to a pro- 
jected 2 percent this year — lower than 
in Germany — from 5 percent two years 
ago. The budget deficit may be as low as 
3.2 percent this year. Italy's national 
debt — at more ib«i> 120 percent of its 
gross domestic product — remains far 
above the 60 percent ceiling set for toe 
euro, but it, too, is coming down. 

“The euro has been toe means to 
modernize our country,” said Giuseppe 
Zadra, president of the Association of 
Italian Banks. “Without that external 
constraint, we would have been too lazy 
to do it ourselves. If we do not make it 
now, it would be a disaster.” 

But Hans Zehetmair, culture minister 
of toe German state of Bavaria, is among 
those unimpressed by Italy's efforts. 
“When you see how creative the Italians 
are with bookkeeping,” he said, “then I 
say no, wc will not allow this to make the 
German people suffer. Italy cannot come 
into the first wave of the euro.” 

While toe euro has been toe agent of 
change in Italy, Britain transformed it- 
self several years ago and as a result has 
profound doubts about a common cur- 
rency. Britain’s economic culture is now 
so profoundly different from that of 
Continental Europe that it is not easy to 
imagine Britain operating with the same 
money as its European Union partners. 

Britain Iras an important economy. 
More than 60 percent of its trade is with 
other European Union countries. The 
City of London has by far the Con- 
tinent’s largest securities and capital 
markets. A euro without that market 
obviously would be incomplete, and a 
B ritain without toe euro may face ex- 
clusion from a powerful club. 

Yet, to travel around Britain today is 
to be plunged into a world that seems to 
bear scant relation to Germany and 
France. The attractiveness of soccer- 
club shares or building-society shares is 
toe stuff of casual pub conversations. 
Shareholding has become a kind of na- 
tional sport. 

This radical change struck Walter 
Hasselkns when he moved from Ger- 
many to Britain two years ago to take 
over management of Rover, the auto- 
maker that had been acquired by 
BMW. 

Old images of conflict — miners* 
strikes, autoworkers' strikes — inev- 
itably lingered in this German exec- 
utive’s mind from toe days when Britain 
was Europe’s basket case. But what he 
found, he said, was “an acceptance that 
competitiveness is an absolute must” 

“It is amazing, absolutely amazing,” 
Mir. Hasselkns said, “to see the brutal 
change of ideological direction here. 
Britain is very, very far from die social- 
market model that has served Germany 
well, and I think we in Germany have to 
be very careful not to knit toe social 
safety net closer than we can afford” 

OUvier Cadic, a French businessman, 
recently moved part of Ms electronics 
business. Info Elec, from France to Bri- 
tain precisely to escape charges and con- 
straints that he could not afford. 

In Britain, he can hire and dismiss 
easily, and social-security taxes add only 


be made anywhere. This is the challenge 
that globalization poses. 



ably alongside toe euro zone for an in- 
definite period, preserving toe pound as 
its currency ,just as Canada preserves its 


zone. , 

When Mr. de Cardonnay started ms 
company in 1977, there were five lines 
on a salary slip. Now, after various taxes 
and charges have been listed, there are 
*** es. 


Economic Discipline 


Germany should manage to qualify for 
the euro; it sets the standard for 
economic stability in Europe. Italy must 
meet that standard and has been trying 
hard — era its efforts to cut budget 
deficits and inflation make dear. 


12 % 


BUDGET DEFICIT 
As a percentage of 
gross domestic 
product 



91 93 95 97* 91 93 95 97* 


6 % 



INFLATION 
Requirement Is to be 
within percentage 
points of taw-inflation 
members. 


91 93 95 9T 91 93 95 97* 

■Projection. 

Soirees: European Commission: Organization for 
Economic Cooperation and Development 


The Sew Y rat Times 

c urren cy alongside that of the United 
States. He would see grave dangers, he 
sa id , in joining toe euro before France 
and Germany bad undergone reform. 

“If some European areas are ready to 
lower minimum wages and achieve a 
flexible labor market and others are 
not,” he said, “how can the enro 
work?” 

Yet in France, the very word “flex- 
ibility” — also favored by Mr. Tiet- 
meyer of the Bundesbank — is taboo. It 
is seen as a code word for an American- 
style capitalism. France wants the enro, 
bat unlike Italy it seems unprepared to 
change to accommodate it. 

“An extreme free-marker approach 
may work,” a senior official at the 
French Finance Ministry said. “But it is 
not for us.” 

Ed Balls, an aide to Britain's chan- 
cellor of the Exchequer, worries 
about what he sees as an effort in- 
Paris to caricature the Anglo-Saxon 


All this means, to Mr. de Cardonnay 
that employing a worker at a gross 
monthly salary of 10,111 francs 
($1 ,702) ends up costing a total of 
15,306 francs, or an additional 51 

percent — while the worker ends up 
with a net pay of 7*882 francs. 

The charges include taxes for 
family allowances, for a fond of- 
fering low-cost housing loans, for 
unemployment insurance, for 
work-accident compensation, far 
pensions, for toe improvement of 
security on building sites, for pro- 
fessional training and even for re- 
ducing fee social-security deficit — 
an estimated $7.2 billion this year. 

The charges are so numerous and 
diverse feat Mr. de Cardonnay has 
given up trying to remember what 
all the acronyms stand for. AD he is 
sure of is this: “These charges are 
simply on controllable. They go up 
all the time.” 

That, in turn, creates difficulties. 
Having expanded steadily through 
the 1980s, BDM freed a crisis at the 
beginning of this decade caused by 
a combination of rising labor costs 
and fallin g revenue. Mr. de Car- 
donnay ended up laying off six of 
his 21 workers. 

For 18 months after toe layoffs, 
he had to continue paying an 
amount equivalent to most of the six 
workers’ salaries so that they could 
be retrained for other jobs. 

This so-called conversion train- 
ing has in practice proved largely 
ineffectual. 

“Anyone who has gone through 
that will never hire again,” Mr. de 
Cardonnay said. 

BDM’s experience is anything 
bat uncommon. Increasing costs 
and constraints on dismissals keep 
entrepreneurs from hiring and ex- 
panding. 

Unemployment rises, and with it, 
pressure builds on toe welfare state 
that is funded by toe charges. Taxes 
must rise further to compensate. 
The pay slip most grow longer still 
The circle is vicious. 

“If costs for employers in America 
were the same as in France,” a leading 
French banker said, 4 ‘perhaps 25 percent 
of Americans would be unemployed.” 

The dangers to the euro in this French 
situation are clear enough. Unemploy- 
ment brings anger, and it can take na- 
tionalist forms. 

Already the far-right National Front 
has become the third-largest party in 
France, with 15 percent of the vote. It 
constantly attacks the euro as a German 
plot to take over Europe. 

If unemployment continues to rise 
and change continues to be resisted, the 
euro may simply prove a catalyst to 
disaster! It will be toe symbol — weak 
and distrusted — of a stagnant Con- 
tinent. The state budgets behind the 
money will be overstretched. Germans 
will want their mark back. 

And the inquisition at Benevento will 
have been in vain. 


Thawing a Bit, Charles Tells of Family’s Grief 

In a Break With Stiff Royal Tradition, Prince Praises Sons 9 Courage and Thanks Nation 


By Dan Balz 

Washington Past Service 


LONDON — Prince Charles praised 
his sons on Friday for having shown 
“enormous courage and the greatest 
possible dignity” after toe death of 
their mother, Diana, Princess of 
Wales. 

In his first appearance since toe fu- 
neral of his former wife, Charles said 
that both be and the two princes would 
“always feel that loss.” 

Addressing a group of business and 
community leaders during a long-sched- 
uled visit to Manchester, toe Prince of 
Wales spoke openly about the impact of 
Diana’s death on the royal family and 
particularly on toe two boys. Prince 
William, 15, and Prince Hany, 13. 

“1 think, as many of you know from 
experiences of family loss in your own 
lives, it is inevitably difficult to cope 
with grief at any tune,” he said. “But 


you may realize, it is even harder when 
the whole world is watching at toe same 
tune.’ 

It is rare for the heir to toe throne to 
speak publicly about the private lives of 
his sons. His remarks were the latest 
sign of the royal family’s efforts to 
project a more human face and to open 
up the monarchy to public view. 

“It is unusual but then these are 
unusual times/’ a Buckingham Palace 
spokeswoman said. 

The prince’s comments came at the 
end of a week that began with a re- 
markably frank statement issued by 
Queen Elizabeth n in which she at- 
tempted to debunk repeated reports of 
behind-the-scenes battles over the fu- 
neral services. 

Criticizing a “wave of speculation 
and inaccurate stories/* toe queen 
denied that there had been significant 
differences among those planning the 
funeral. 


The public statement came after re- 
ports suggested that she bad favored a 
private service for Diana but that 
Charles had argued fiercely for a large, 
public event 

There has been considerable spec- 
ulation that Charles and Prime Minister 
Tony Blur are in general agreement 
about the importance of modernizing 
toe image of the monarchy. 

The queen's statement was seen as a 
sign that she did not want to appear to be 
toe obstacle to at least some relaxation 
of stiff traditions and protocol. 

Prince Charles had previously issued 
a statement of thanks for the outpouring 
of condolences after Diana's death and 
for the tens of thousands of personal 
messages of goodwill sent to him and 
his sons. But on Friday, he went further, 
repeatedly talked about how his sons 

were coping. 

Appearing composed, be told the 
Manchester audience: “I also want to 


GUARD: He Remembers Nothing About the Paris Crash, 


Continued from Page 1 

half-hour in Pitie Sajpetriere Hospital 
where Diana was pronounced dead of 
injuries to her heart and chest three and 
a half hours after toe crash. 

The driver, Henri Paul, 41, the as- 
sistant chief of security at toe Rite 
Hotel, which is owned by Mr. al 
Fayed 's father and where he and the 
princess had dined that night, was 
found with a blood alcohol content 
more than three times toe French legal 
limit, prosecutors said later. 

Mr. Paul's body was taken Friday to 
Lorient in Brittany, where he is to be 
buried Saturday after a funeral at the 
Church of Sainte-Therese in toe parish 
where he grew up. 

An official familiar with Mr. Rees 
Jones’s testimony Friday said that he 
told Judge Stephan that he remembered 
photographers’ being in from of toe 


Ritz after dinner and getting into the car 
with Diana and Mr. al Fayed, but tittle 
more. He said toe couple intended to 
spend toe night in a Fayed family apart- 
ment near toe Arc de Triomphe. 

“Retrograde amnesia is very com- 
mon in cases like this,” said a leading 
American anesthesiologist, Ellison 
Pierce Jr., associate professor of an- 
esthesia at Harvard University and 
chairman-emeritus of toe department 
of anesthesia at Deaconess Hospital in 
Boston. 

French doctors said that Mr. Rees 
Jones had lapsed in and out of con- 
sciousness before recovering markedly 
early this week and that there was an 
outside chance he might recover some 
of his lost memory as time went on. 
Judge Stephan is expected to talk to him 
again in coming days. 

' Among toe key unanswered ques- 
tions in toe inquiry is whether, as sev- 


eral witnesses have said, a motorcycle 
and a slower- moving car interfered 
with Mr. Paul's control of the Mercedes 
as he roared down a curving incline into 
the underpass beneath the Place de 
TAlma at three times the legal speed 
limit 

The police are also examining tail- 
light fragments from a Fiat Uno found 
near toe headlights of toe Mercedes and 
a dark paint scrape on toe forward part 
of the wreck to see whether toe Mer- 
cedes may have collided tightly with 
another car just before the crash. 

Given the spew! that Mr. Paul was 
going at that point, the police are said to 
believe this scenario unlikely. 

The last of three blood tests on his 
body, insisted on by the Fayed family 
because Mr. Paul had not appeared 
drunk before he took the wheel of toe 
car that night, also revealed traces of 
anti -depressant drugs. 


say how particularly moved and enor- 
mously comforted my children and I 
were, and indeed still are, by the re- 
sponse to Diana’s death. It has been 
really quite remarkable and indeed in 
many ways overwhelming.” 

Charles traveled to Manchester to 
help open a campaign to raise millions 
of dollars for charitable organizations 
working with children and to promote 
toe expansion of his Prince’s Trust, 
which helps inner city youth. 

He toured a Salvation Army center, 
the Manchester Royal Infirmary and 
Manchester Cathedral, where he was to 
view several books of condolences 
with messages from area residents. 

Charles was greeted warmly by res- 
idents of Manchester and won applause 
and good wishes at all of his stops. 

Introducing the prince before die 
audience of community leaders, a busi- 
ness executive, Charles Allen, thanked 
theprince for having agreed to go ahead 
with the visit “at a time of despair and 
deep loss and terrible sadness.'' 

The wince responded by saying feat 
he ana his sons were “enormously 
grateful” for toe public expressions of 
sympathy. 

* ’They are coping very well,” be said 
of William and Harry. “But obviously, 
Diana’s death has been an enormous 
loss as far as they are concerned, and I 
and they will always feel that loss.” 

He said that both he and his sons had 
been “hugely comforted” by the 
roughly 250,000 “really touching let- 
ters” that have been sent since Diana’s 
death. 

“These letters have meant a huge 
amount to us. a wonderful and heartfelt 
expression of sympathy for which we 
are immensely grateful.” he said. “It is 
difficult to express it, but I am making a 
small attempt here.” 

Charles also has announced that he 
would pass up a planned visit to Wales 
next month because it conflicted with a 
school vacation for his sons and feat he 
wanted to spend the time with them. 


EUROPE: 

Bonn and Paris Unite 

Continued from Page 1 

Mr. Jospin cautioned, however, that 
the members of monetaty union must 
coordinate their economic and budget 

^MrJCohl and the French steered clear 
of other unresolved conflicts Friday that 
continue to strain toe relationship across 
to* Rhine — - including their approaches 
to Europe’s unemployment dilemmas, 
how to reform toe institutions of toe 
European Union and whether Italy 
should be includedin toe inauguration of 
toe single currency. 

Keeping monetary union on track 
gives toe pro-European German leader a 
political break act a time when his op- 
ponents at home have buried his do- 
mestic legislative program and when toe 
conservative chancellor is widely seen 
in the twilight of his power. Mr. Kohl has 
thrust toe enro into toe cento - of his re- 
election efforts for elections in Septem- 
ber 1998, despite polls showing a ma- 
jority of Germans wary of abandoning 
toe Deutsche mark for toe euro. 

“Everyone can use moral support,” 
Mr. Kohl said in reply to a question 
about whether the French had come to 
Weimar to put on a show of solidarity 
and lend toe struggling German leader a 
hand. 

The conciliatory mood contrasted 
sharply with the last Frcnch-Getman 
copRnitatinn, in Poitiers, France, on June 
13, just after die Socialists took office, 
when the two sides exhibited more sus- 
picion tiran cooperation. 

The two sides met this time in the 
historic eastern German city of Weimar, 
a region synonymous wife hyperinfla- 
tion, to drum up support for what they 
hope will become a stable currency. 

am absolutely sure that there is no 
doubt that we punctually will meet the 
criteria for toe euro,” Mr. Kohl said at a 
joint press conference with Mr. Chirac. 
“I We no doubt that the French will 
also do toe same.” 

■ Mr. Kohl warned toe ‘ ‘gurus’ ’ in Ger- 
many who measure Maastricht budget 
progress “by toe centimeter,” saying: 
“The train in Europe will leave on time 
with the euro.” 

Now the two sides must forge an 
agreement by next May on toe first 
round of participants for the euro. 

Hinting feat Britain slowly might be 
changin g its anti-European stance on toe 
single currency, Mr. Kohl said be be- 
lieved London’s financ ial district has a 
vested interest in participating. “The City 
wants to take part in the enro,” be said. 

Somewhere between Poitiers and 
Weimar, toe two sides also seemed to 
make progress on toe reorganization of 
Airbus. French and German delegates to 
this meeting agreed to proceed wife toe 
change in Airbus’s status to a joint-stock 
company by January 1999. 

Any agreement will represent another 
concession by Fiance, which until now 
has been unwilling to incorporate state- 
owned aircraft factories into a jointly 
owned Airbus company. . . 

' France and Germany are “in com- 
plete agreement’ ’ that a restructuring of 
Airbus is “urgently imperative” to cre- 
ate an agile European competitor to Boe- 
ing Co. of die United Stales, which ac- 
quired McDonnell Douglas Corp. in 
August to form the world’s biggest 
aerospace company. 

Delegates also said the leaders dis- 
cussed toe possibility of cross-share- 
holdings between Deutsche Telekom 
AG and France Telecom. Bonn wants to 
sell another piece of Telekom shares, 
while Paris is preparing a partial pri- 
vatization of its national phone carrier. 

Mr. Jospin cited the need to bolster 
strategic industries, “particularly in toe 
aerospace sector, but also in the tele- 
communications sector where very im- 
portant projects are being prepared.” 


VOTE: 

A Welsh ‘Yes,’ Barely 

Continued from Page 1 

But be said the government would have 
to respond to toe concerns evident in toe 
vote. He promised, to “deepen very 
strong support for toe principles of de- 
centralizing power" in toe itm-op to 
1999, when the Welsh assembly is 
scheduled to start operating. 

He has his work cut out for him. The 
government narrowly escaped defeat in 
Wales despite its longs tanding political 
dominance of toe region, which did not 
elect a single Conservative in toe May 
general election. 

Unlike Scotland, which has its own 
distinct legal and educational systems 
and which chafed under toe increasing 
centralization of power in London dur- 
ing toe past 18 years of Conservative 
rule, regional identity in Wales has ten- 
ded to focus on cultural issues like toe 
Welsh language rather than questions of 
political autonomy. Some of Labour’s 
own Welsh members of Parliament op- 
posed the government’s referendum 
stance, arguing that devolution flirted 
with the region’s nationalist fringe. 

Much of England appears even less 
receptive to devolution, despite La- 
bour's pledge to consider toe creation of 
regional assemblies there. A survey by 
the NOP polling firmfor the BBC earlier 
this week found feat English voters 
would not want their own assemblies 
even if the Welsh went ahead. 

Wales will be toe end of toe road,” 



to toe Northeast, there’s a stra 
gional identity, but I don’t think th 
strong demand for a region: 
sembly.” 

While toe lukewarm Welsh 
raised doubts about En glish devo, 
analysts said it was unlikely to der 
government’s plans for a refen 
next year on creating a local ass 
for London with a powerful mayo 
abolition pf a London council by f 
Prime Minister Margaret Thatcbc 
controversial in toe early 1980s 
pjms show strong support for Lai 


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ROPE- 


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Dtt^v 




INTERNATIONAL H 



iPTEMBER 24, 1997 


INTERNATIONAL herald TRIBUNE, SATURPAy-SUNPAV; SEPTEMBER 20-21, 1997 


PAGE 5 


As Casualties Rise, Israelis Clamor for Leb anese Pullout 


By Joel Greenberg 


men! JJ 1 . j 1 * P etil “>ns. Another move- tbe violence have added their voices to the debate, hawkish Infrastructures 


Minister Ariel Sharon, 


Afcv Kirt 77m« p™, “■ meni arfiwaiinn , ™ ii~ r— oiiuuna move- tne violence nave auueo uku *“*“ ~ ibwwmi l 

5 Yos^i Beilin-f w j“,£ e S ,Jri lhis month by The father of a commando killed m Lebanon issued have suggested an early pullback, while several 

oDnnsi.T^i:^f" ber . of Parl, ™nt from the a plea to Prime Minister Beniamin Netanyahu over leaders of r*- - •- - 


^ ere is a new bumper sticker on opposition LatoM^amru 0 ^ Par ^ arnem fr° m tbe 
a b, “' Mys " has 


plea to Prime Minister Benjamin Netanyahu over leaders of the opposition have rejected the idea, 
the radio to cut the Gordian knot. ^ Four Mothers, an independent group that in- 

n rf . _ — . -I ^vuoijuu. The em^n~7rM lvu,,c,a - "Ifit’sgoingtobe war, then make war. and if it's eludes supporters of various parties, was formed by 

stickers is an organization called Four fleets wid^r Sirr;L°L^ Protest movements re- going to be peace, make peace, he said four women living in northern Israel after 73 sol- 

Mothers, a group of women with sons in the Israeli who are erm ° r cl , , , sc ? n , K ‘ nr 110100 6 Israelis, The mother of a girl killed in the last Jerusalem diets were killed m February in a collision of two 

Army who are demanding an immediate pullout of I 2 na vni^mm,I! 1 l P ■ ° f ,h . e deaths this month bombing blamed the government for its treatment helicopters ferrying troops to Lebanon. “We 

from the Israeli occupation zone in southern Leb- and of rivJ7f77,r - -‘fl 3 fai . led raid 01 Lebanon of Palestinians, which she said bred suicide couldn't sleep that night until we heard the voices 

bomhinn : ! l c,v,l,ans m a triple suicide bombers. “When you put people under a border of our children telling us that they were O.K.,” said 

^Th el 4-kilometer- wide (nine-mile -wide) swath A tmti n F u iT' . closure, when you humiliate, starve and suppress 

°f territory has been patrolled bv the Israeli armv anon. ihiv ‘ 4 so ldiers have been killed in Leb- them, when you raze their villages and demolish 

and an allied Lebanese militia' since 1985 as a suicide ,sraeIis have died in frw> houses, when they grow up in garbage and in 

buffer against attacks on northern Israel. But battles The wet ; ksinJerilsaJem - bolding pens, that's what tapper. rI " *~ 

m the zone with Hezbollah guerrillas have taken a confuse?^ 3 .? 6 If” m L y L IiJUC ls reaved mother, Nurit Peltsd-Elchanan. 

ming death toll on the ^ ovemment should ^ who ! 


.I 7, . — m Mi ivwmIH iin#uuu- 

Another Israeli soldier was killed in southern Leb- 
anon Thursday when a rocket hit his tank. 

As the military casualties have increased, so has 
support for the mothers' group, which now says it 
hundreds of active members and close to 


has 


.There are definite signs of fatigue in Israeli 
soc,ei >’* . Lieutenant General Amnon Shahak, the 
army chief of staff, said in remarks broadcast this 
past week on army radio. 

Anguished parents of soldiers and of victims of 


The father of a commando who survived the 
fighting in Lebanon appealed to Mr. Netanyahu in 
a television interview. '‘This is a child of peace.’’ 
he said of his son. “He doesn’t want wars, and 
neither do we.” 

The calls Lo leave Lebanon have cut across party 
lines. Some cabinet ministers, including the usually 


Min Sela, one of the mothers, who lives in Kibbutz 
Mahanayim, about 15 kilometers from the 'Leb- 
anese border. “That evening transformed us from 
people resigned to the idea that there is no other 
choice, to those determined to find a solution.” 

The mothers have held demonstrations near the 
Defense Ministry in Tel Aviv and lobbied cabinet 
ministers and members of Parliament. They con- 
tend that the army's continued presence in Lebanon 
has failed to shield northern Israel from rocket 
attacks, while bogging down the military in a costly 
guerrilla war that it cannot win. 


Police Put on High Alert 
At Tourist Sites in Egypt 


Reuters 

CAIRO — Egyptian policemen were 
on nigh alert Friday, a day after an attack 
on tourist buses in central Cairo left nine 
German tourists and an Egyptian bus 
driver dead. 

Soldiers with assault rifles patrolled 
the area outside the Egyptian Museum 
where officials said a “deranged gun- 
man ’ ' and his brother hurled a fire bomb 
at a tourist bus carrying 33 Ger mans and 
then began firing automatic weapons ai 
three other buses. The assistant interior 
minister, Mohammed Abdel Latif, told a 


Lagi 


r os Police 
Raid Fete of 
U.S. 


Envoy 


CompJrdbyOttrSu^'FntiiDijpaicha 

LAGOS — The departing Amer- 
ican ambassador, Walter Carring- 
ton, hailed the courage of opponents 
of Nigeria’s military junta after 
armed policemen violently broke up 
a farewell party being given in His 
honor by pro-democracy activists. 

“The police disrupted the party 
on the pretext that they were search- 
ing for arms,” said a senior African 
diplomat who was at the party 
Thursday night in the home of an 
opposition leader in the Surulere 
area of Lagos. 

Escorted to his car late by em- 
barrassed and shocked hosts after 
nervous, gun-toting policemen 
broke up the gathering, Mr. Car- 
rington told thein: ‘‘You heed not 
apologize. 1 salute your courage.” 

Mr. Carrington is leaving in early 
October for a post at Harvard Uni; 
versity in Boston. 

The South African ambassador, 
George Nene, who attended the 
party, said that “even in the days of 
apartheid, we never bad it this 
bod.” 

He was referring to the repressive 
decades of white minority rale in his 
own country, the independent Van- 
guard newspaper said on Friday . 

Mr. Carrington, an African 
American married to a Nigerian, has 
long been at odds with Nigeria's 
mili tary government, which accuses 
him of supporting the opposition. 

The U.S. ambassador responds 
by saying that Nigeria must intro- 
duce democracy and respect human 
rights if it wants to bei»me a re- 
spected member of the international 
community. 

The police smashed down the 
doors to the room where the am- 
bassador was a guest, forcing every- 
one to leave. 

Mr. Carrington told BBC radio, 
“About 15 minutes into the recep- 
tion, we began to hear banging on the 
iron gate into the house and the next 
ifring, the gate was broken into.” 

U.S. relations have been at an ebb 
with the military regime of General 
Sani Abac ha, which seized power in 
November 1993. Mr. Carrington ar- 
rived shortly before the coup. 

Witnesses said that the police 
were tense, fingers on their 
weapons, as they broke up the party. 
“They were ready to shoot,” a dip- 
lomat said. (AFP. Reuters) 


state-owned newspaper that the police 
had set up checkpoints around the city of 
16 million and bolstered security at ho- 
tels and tourist sites. 

"Security is tight, but of course we 
will tighten it even further after this,” 
Cairo's governor, Abdel Rehira 
Shehata, said. 

The official Al Ahram dally said that 
the police had rounded up 12 persons, 
including a restaurant owner who served 
the gunmen dinner on Wednesday. 

In Bonn, a Foreign Ministry statement 
warned Germans against traveling to 
Egypt because the “continuous conflict 
between militant Islamists and tbe pol ice 
shows that further attacks cannot be 
ruled oul” 

Tour operators in Germany said they 
were being deluged by calls from people 
wanting to cancel or reschedule their 
tours to Egypt, which is visited by 
500,000 Ger mans each year. 

“A lot of people are shocked by the 
attack and about half of those on booked 
tours leaving today and on Saturday 
have canceled,” said Klaus Vener, a 
spokesman for the Studios us group, 
which is based in Munich and which 
concentrates on educational journeys. 

In Cairo, a doctor at a hospital said 
that three German tourists were still re- 
ceiving treatment 

There was no immediate claim of 
responsibility for the attack, but sources 
bad said it was the work of Muslim 
militants seeking to overthrow the gov- 
ernment. 

The attack was the first on tourists 
since a militant group killed ] S Greeks in 
April 1996. 

The Interior Ministry' said in a state- 
ment that it had arrested the two men 
who launched the attack. 

Mr.. Abdel Latif told the daily news- 
paper A1 Gomhouria that the police were 
still looking for a third gunman. 

Tourists trickled back to Egypt’s pyr- 
amids and museums on Friday, some of 
them unbothered by the latest arrack. 

“Life goes on,’ ’ said aBritish tourist, 
Hayley Alford, after a morning horse 
ride at the Giza pyramids. 

“I’m not afraid because I don’t take 
tour buses,” the English tourist said. 
“I’m an independent traveler and 1 feel 
totally safe.” 

Foreigners roamed the desert on 
horseback or astride camels at the pyr- 
amids, one of Egypt's main attrac- 
tions. 



6 Killed in Two-Train Crash Near London 


Rescue workers struggling Friday to free people trapped in the twisted wreckage of a high-speed passenger train from Wales 
that smashed into a freight train in Southall, a suburb west of London. About 150 people were reported hurt some seriously. 


ISRAEL: Policy Has U.S . Jews Unhappy 


Continued from Page 1 


“can’t be solely and exclusively a dis- 
cussion of terrorism.” 

JJ. Goldberg, author of “Jewish 
Power,” a book about American Jews, 
said, “What we’re seeing is a much 
greater willingness by mainstream Jews 
and Jewish groups to distance them- 
selves from Israeli policy.” 

By lobbying for a more intervention- 
ist U.S. role in the peace process, these 
Jewish leaders are backing the official 
position of established umbrella Jewish 
organizations such as the Conference of 
Presidents and the American Israel Pub- 
lic Affairs Committee. 

Malcolm Hoenlein, executive chair- 
man of the Conference of Presidents, 
said “we were very pleased" with Mrs. 
Albright's initial remarks in Israel when 
she demanded greater Palestinian efforts 
against terrorism. But he added, “I think 
people were surprised by what she said 
in the latter part” of her trip when she 
suggested “that both sides err, without 
distinguishing the responsibility that 
both sides bear” for the breakdown of 
the peace process. “Both sides don’t 


have the same responsibility.” be said. 

The executive director of the Amer- 
ican Israel Public Affairs Committee, 
Howard Kohr. said: “We have stated 
from the beginning that the fight against 
terrorism and Chairman Arafat taking 
seriously his obligations are serious is- 
sues; and we believe, if those are met in 
a serious fashion, die peace process will 
move forward, and if not, the peace 
process is diminished. ’ ’ 

.In interviews, several Jewish. leaders 
said they had been telling U.S. officials 
there would be no reason to fear a back- 
lash from Jewish voters if the White 
House adopted a more assertive stance in 
the peace process. They said Israel should 
have nothing to fear, as they described 
Mr. Clinton's as one of the most pro- 
Israeli administrations in U.S. history. 

Robert Lifton. chairman emeritus of 
the Israel Policy Forum and past chair- 
man of the American Jewish Congress, 
said he and other Jewish leaders met 
with Mrs. Aibright last spring to tell her 
that “a large segment of the Jewish 
community ” would support “pushing 
the parties to agreement' ’ and that if thai 
involved “pushing Israel, that’s OJC.” 


Turbulent Week Ends 
Calmly in Jerusalem 


Rearers 

JERUSALEM — Israeli police on 
Friday hailed a quiet end to a steamy 
week over a move by Jewish settlers into 
an Arab Jerusalem neighborhood, an 
event that had prompted warnings of 
violent Palestinian protests. 

In the West Bank town of Hebron. 
Israeli security forces fired robber bul- 
lets at stone-throwing Arabs until Pal- 
estinian police intervened to stop the 
protests, witnesses said. 

But in Jerusalem, where Israel had 
bolstered its police presence, the Muslim 
Friday prayers at Ai Aqsa Mosque in tbe 
heart of the walled Old City ended with- 
out incident. 

The Palestinian leader Yasser Arafat 
rejected the deal agreed to Thursday 
between Prime Minister Benjamin Net- 
anyahu and Jewish settlers to allow 10 
seminary students to stay in the disputed 
Jerusalem building. “This is a way for 
Israel to set up a base for settlers.” Mr. 
Arafat said in Cairo. He was expected to 
complain about the deal to a meeting of 
the Arab League. 


Japan Aide 
Gives Signal 
He’ll Resign 


By Nicholas D. Kristof 

Ne*- York Times Service 


TOKYO — An ex-convict who 
was appointed to the cabinet last 
week suggested Friday that he 
would resign, defusing a political 
crisis for Prime Minister Ryu taro 
Hashimoto. 

The uproar over the appointment 
had been a huge embarrassment for 
Mr. Hashimoto, who has staked his 
career ou his ability to restructure 
the government to make it cleaner 
and more efficient 

Instead, his leadership has lately 
been embroiled in a series of scandals 
that do net touch on him personally 
but have tainted his administration. 

In particular, popular outrage 
greeted Mr. Hashlmoto’s appoint- 
ment to the cabinet a week ago of 
Koko Sato, a veteran politician who 
had been convicted of accepting 
bribes in the Lockheed scandal of 
tbe 1970s. Mr. Sato, who at the time 
received a two-year suspended sen- 
tence, was given the post of head of 
the Management and Coordination 
Agency. 

Mr. Hashimoto apparently made 
a disastrous miscalculation, assum- 
ing that voters would grumble for a 
bit and then forget about Mr. Sato. 
Instead, the appointment triggered a 
wave of protests and threatened to 
cripple the government. 

Mr. Sato did not quite say Friday 
that be would resign, but be stopped 
saying that he would not quit Of- 
ficials in the governing Liberal 
Democratic Party indicated that Mr. 
Sato would formally tender his resig- 
nation a t a meeting Monday with Mr. 
Hashimoto, and the delay seemed to 
be a bit of political Kabuki intended 
to allow Mr. Sato a chance to pre- 
serve a shred of dignity. 

“I want to make a judgment on 
whether to stay or quit at that time.” 
Mr„Sato said Friday. “I haven’t yet 
said whether I will resign or not.” 

But die party's secretary-general, 
Koichi Kato, strongly hinted after a 
meeting with Mr. Sato that Mr. Sato 
wonld resign (Hi Monday. He 


ted Mr. Sato as acknowledging 
it tbe issue was affecting Par- 
liament and that this was a cause for 
serious concern. 

If Mr. Sato were to stay in office, 
tire governing coalition between the 
Liberal Democrats and two smaller 
parties might well collapse. The two 
other parties, tbe Social Democratic 
Party and New Party Sakigake, had 
threatened to drop out of the co- 
alition, and even Liberal Democrats 
in the upper bouse of Parliament 
were threatening to vote in favor of 
a resolution of censure against Mr. 
Sato. Mr. Hashimoto had appointed 
Mr. Sato to the cabinet as part of a 
balancing act to win support from 
factions within the Liberal Demo- 
crats. The prime minister apparently 
decided that he could more easily 
afford to anger voters than to annoy 
the faction that backed Mr. Sato. 

Bat the {Hess and public respond- 
ed with outrage, and opinion polls 
showed tbe cabinet’s approval rat- 
ing plunging. With the coalition 
threatening to fall apart, Mr. Ha- 
shimoto and other officials began (o 
put pressure on Mr. Sato to quit. 


SMOG: State of Emergency in Sarawak Puts Outside Off Limits 


BRIEFLY 


Continued from Page 1 
indoors. Traffic was light because the 


thick haze made driving difficult, the 
reports said. 

In Kuala Lumpur, where polluted air 
' by mountains surrounding the 


Indonesian island of Sumatra, and had treated 6.543 people for respiratory 
smoke is poshed by winds across the problems, 2,747 of whom were children. 
Strait of Malacca to Malaysia, Singapore The minister encouraged people work- 


and other parts of Indonesia. 

Prime Minister Mahathir bin Moha- 
mad of Malaysia, who on Thursday wore 


is 


city. Goraiit Singh, head of a group that 
lobbies on environmental issues, called 
the pollution the worst in the city in 30 
years. 

“This haze has been almost an annual 
occurrence for the last 12 or 13 years," 
he said. “But this seems to be the most 
persistent case. People are finally gening 
angry.” 

September is a relatively dry month in 
the region, providing ideal conditions 
for fast-spreading forest fires. Farmers, 
too, set fire to large swaths of land as a 
quick way of clearing brush. 

Much of tbe burning occurs on the 


a surgical mask in public to encourage 

m the 


others to protect themselves from 
smog, said Friday that Indonesia bad 
accepted Malaysia's offer to help fight 
the fires there. 

Smog levels in Malaysia are meas- 
ured by Alain Sekitar Malaysia Sdn. 
Bhd, a company that said its index had 
reached 185 in Kuala Lumpur on Friday 
and 625 in Sarawak, far above the emer- 
gency level of 500. Sarawak officials 
closed all schools late Thursday when 
the index hit 400. 

Malaysia’s minister of health, Chua 
Jui Meng said Thursday that since Sept. 
1, a hospital in central Kuala Lumpur 


mg outdoors to wear masks. 

The prolonged bout of smog is likely 
to affect the region's economies, still 
recovering from several months of mar- 
ket and currency turbulence. 

“Tourism arrivals will surely drop 
and people thinking of investing in proj- 
ects related to tourism will certainly 
think twice,” said K_ S. Jorao, a pro- 
fessor of economics at the University of 
Malaya. 

The haze has already led Malaysia — 
which is normally reluctant to interfere 
in its neighbors’ affairs — to criticize 
Indonesia's handling of the fires. 

Law Hieng Ding, Malaysia's envir- 
onment minister, said Thursday that the 
government was “not totally satisfied or 
very happy” with Indonesia’s efforts. 


Taleban Fighters 
Seize Stronghold 
On Uzbek Border 


New York Times Sen. ice 

ALMATY, Kazakstan — The Tale- 
ban militia in Afghanistan has seized a 
military stronghold on the border with 
Uzbekistan, raising concerns that the 
A fghan civil war could widen. Western 
analysts said. , . 

Taleban fighters captured the border 
town of Hairatan on Thursday after a 
night of shelling that was heard across 
the Amu Darya River in Uzbekistan. 

The conquest gave theTaleban a large 
military depot and severed a key supply 
route from Central Asian nations to their 
anti-Taleban allies in northern Afghan- 
istan. Most main roads to Mazar-i- 



CHINA: 

The New Hierarchy 


Continued from Page 1 


fbc 


throughout Central Asia and Russia/’ 

“Taleban is gambling that Uzbek- 
istan and Russia are not going to m- 
ervene ” he said. "Unless it is handled 
very carefully by Taleban, it will widen 

the war.” . Thursday at the photo session Friday, reiterating 

One - s theme of “holding high 


who is China’s senior corruption fighter 
in his job as chairman of the Central 
Disciplinary Commission, and Li Lan- 
qing, another deputy prime minister who 
oversees foreign trade. 

Mr. Wei is close to the departing Mr. 
Qiao, and Mr, Wei’s promotion is prob- 
ably more a concession to Mr. Qiao than 
any sign of seriousness about fighting 
corruption. Mr. Li is close to, but not 
related to, Li Peng, who retained his 
position as No. 2 in the hierarchy. 

Among the new faces on tbe Politburo 
are Trade Minister Wu Yi, the only 
female member Mid a candidate to be- 
come minister of foreign affairs early 


next year. „ . _ 

Mr. Jiang spoke for about five minutes 


comes ..mos. 


Who’s in the Politburo 


Agcnce F ranee -Presse 

BEUING — The 22 members of 
the Chinese Communist Party’s 
Politburo elected Friday by the first 
plenum of the 15th party congress. 
The first seven were also elected to 
the highest decision-making body, 
tbe Standing Committee of the 
Politburo. 

Jfong ZHifctr secretory-general of Commurtsr 
Parly, presWer* aid head ol Central MHtay Com- 
mission; U Peas: prime mlnislec Zhu Roegfr «- 
eaillvr deputy prime mlnkJer. economy; Li RnUmne 
head a< Chinese People's PoOtaal Consu Native Con- 
ference; Ho Jintuo: member of Secretarial of the Gen- 
ital Committee; Wei Jiandng: chairman, DtodpEawy 
Commission- Li Lanqtag: deputy prime mHslet for- 
eign trade. 

The 15 other members: 

Ding Gmatjen: head of party propaganda Tiai 
ayum deputy in a l rm a n of P at Sainen h Li Chcmgchae 
paly secretary ot Henan Province; U Tiering: raWsfer 
of Commission lor Restructuring the Economy; Wo 
Btaggiw: deputy prime minister, state sector; Wu 
GoanM-ag: party secretory of Shandong Pnwlncet CM 
HsettaK deputy chabman Centra) MiHtary Commis- 
sion; Zhang Waeniaor deputy dvriimoix Central MS- 
Bay Qxnmtaaion; Luo Gm Central Commission of 
PoBtiatl Sdence and Lew. Jiang Omnywc deputy 
Prime minister, agriculture Jla Otngiln; party secretary 
ofBefpng; Qian (bdien: deputy prime minister, foreign 
sflohs Huang Jm party secretory t* Shanghai; Wen 
Jlataa: Central Finance and Economic Leading 
Group; Xie Fee party secretary of Guangdong 
Province. 



££££££ Sms-- ss? 

Thursday would 


“STd an alanr, fcllonTeonez. 


s socialist 
move by say- 
ing that when- individuals buy shares it is 
‘public ownership.” 


Police in Indonesia 
Arrest 8 Activists 


JAKARTA — Eight labor activists 
were arrested and four foreigners 
w ere questioned after the police broke 
up a meeting of members of a banned 
labor union Friday, witnesses said. 

About 200 people had been attend- 
ing the four-yearly congress of the 
Indonesian Welfare Labor Union, the 
country's largest but unrecognized in- 
dependent workers’ group. 

The police did not immediately say 
why they had moved on the gathering 
held in a suburb in southern Jakarta, 
although the union has criticized In- 
donesia’s government in tbe past 


house” gas emissions, which that are 
thought to cause global warming. The 
issue threatens to split the regional 
grouping. 

Despite long private talks among 
the 1 6 South Pacific Forum leaders on 
a picturesque coral atoll, a joint ap- 
proach proved elusive, officials said. 

A hastily convened meeting be- 
tween tbe two key protagonists, Aus- 
tralia and Tuvalu, also broke up with- 
out agreement 

Officials from several delegations 
said Prime Minister John Howard of 
Australia refused to back down from 
his opposition to binding greenhouse 
gas reduction targets. (Reuters) 


There were no reports of injuries. 

Indonesian 


Iran Dissident in Jail 


An officer said eight 
activists, including one woman, were 
arrested “because they refused the 
older to disperse.” Four foreigners 
were also token to Jakarta police 
headquarters to be questioned as wit- 
nesses, the police said. (AP) 


Filipinos Protest 


MANILA — Thousands of Filipinos 
marched through Manila’s financial 
district and to the presidential palace 
Friday to protest moves by supporters 
of President Fidel Ramos who want the 
constitution amended to allow him to 
seek a second six-year term. 

Businessmen and construction 
workers cheered and poured clouds of 
yellow confetti from skyscrapers in 
the Makati financial district as the 
protesters marched below. 

Corazon Aquino, a former pres- 
ident, and tbe Catholic archbishop of 
Manila. Cardinal Jaime Sin, are or- 
ganizing a rally Sunday against the 
constitutional changes that is expec- 
ted to be the country's largest protest 
since 1986. (AP) 


TEHRAN — A lawyer for a dis- 
sident Iranian journalist, Faraj 
Sarkuhi, confirmed reports Friday 
that Mr. Sarkuhi had been sentenced 
to one year in jail on charges of 
spreading propaganda against Iran. 

The lawyer, Shirin Ebadi. said she 
learned of Mr. Sarkuhi ’s sentence 
from judiciary and human rights of- 
ficials in Iran, but had not been allowed 
to attend her client’s closed trial. She 
said tbe government explained the trial 
without public witnesses and her fail- 
ure to see Mr. Sarkuhi by saying he had 
written a letter to the Islamic Human 
Rights Committee asking for a closed 
trial 

But Mrs. Ebadi, who said she has 
long represented Mr. Sarkuhi 's fam- 
ily, added the letter did not sound like 
it was written by the journalist. (AP) 


For the Record 


India rejected Pakistan’s charge 
that New Delhi was to blame for in- 
conclusive talks this week and said it 
was firmly committed to the peace 
process. (Reuters) 


n ./*• v i r South Korea announced Friday the 

Pacific Isles Impasse grounding of a U its F -16 fighter jets, 
** * joining the United States in taking 

AITUTAKI, Cook Islands — South drastic precautions following two 
Pacific leaders failed Thursday to take crashes of locally assembled F-16s in 
a joint stance on reducing “green- the past six weeks. (Reuters) 


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SATURDAY-SmOAX SEPTEMBER 20-21, 199^ . 



Hcralh 


INTERNATIONAL 



tribune 


ru BUSH ED WITH THE \ORK TIMES THE W-WlHHCniK WWT 


I China Takes Bold Steps 

I Tfc- nf th« wedt’s Deng Xiaoping. That Mr. Jia 


The centerpiece of this week’s 

Chinese Communist Party congress was 

President Jiang Zemin's call for die sale, 
merger or dosing of the majority of 
China's state-owned enterprises. His 
declaration exceeded expectations and 
signals the boldest economic transfor- 
mation attempted by Beijing since the 
early 1980s. Regrettably. Mr. Jiang and 
his patty colleagues showed oo parallel 
interest in political liberalization, the 
key to consolidating a market economy 
nnri relieving chronic tensions between 
China and the United States. 

Mr. Jiang emerges from the confer- 
ence with his personal authority 
strengthened and his chief party rival. 
Qiao Shi, nudged into premature re- 
tirement. Next month he will try to 
enhance his diplomatic prestige with a 
state visit to Washington. The chances 
of a successful meeting would be im- 
proved by a goodwill gesture like an 
amnesty for political prisoners. 

Even after two decades of market 
liberalization under Deng Xiaoping. 
China’s 305,000 state companies still 
' n half of urban 


welfare benefits to their employees, 
these enterprises had threatened to exert 

an increasing drag on China's growth, nse ana coma «> i «•* ~ 

They now absorb 90 percent of business since Chinese citizens still have no real 
credits provided by the state banking political outlet. for their gnfviuK^. 


Deng Xiaoping. That Mr. Jiang now 
seems to feel confident enough to em- 
brace accelerated economic reform 
leaves room for hope that he will go 
further and reopen die issue of political 
reform, off-limits since the 1989 
bloodbath in Tiananmen Square. 

In an encouraging sign, China’s of- 
ficially controlled press permitted a 
slightly broadened range of political 
debate in the weeks leading up to this 
week’s Communist Party congress. 

Mr. Jiang’s privatization plan calls 
for the vast majority of state-owned 
firms io pass into the market, leaving 
only about 500 of the very' largest in 
government hands. Many of the de- 
tails including the timetable, have yet 
to be filled in. What is most important 
is that government monopolies not 
give way to private monopolies and 
that privatization not become a smoke 
screen for handing over public assets 
cheaply to the well connected. 

Shutting down these state enter- 
prises carries social and political risks. 
That partly explains why it has been 
put off so long. There is likely to be a 
unemployment and consid- 
" ‘ as workers lose their 

ro company-provided 

schools, health care, pensions and oth- 
er benefits. Worker protests are on the 
rise and could grow 1 , all the more so 


system, and the privileges enjoyed by 
their managers also made these compa- 
nies seed bais of official corruptioa 
Despite artful language casting the 
move to shareholding and market re- 
lations as appropriate to “the primary 
stage of socialism." Mr. Jiang’s ini- 
tiative challenges the party's guardians 
of Marxist ideology, something he had 
been unwilling to do during the long 
and delicate transition of power oc- 
casioned by the frailty and death of 


Beijing can partly mitigate these 
problems by moving to build a universal 
government-guaranteed safety net to re- 
place benefits now provided mainly to 
employees of state enterprises through 
their workplaces. Bui it is unlikely to 
achieve lasting stability until it recog- 
nizes the virtues of decentralizing polit- 
ical as well as economic power and 
unleashing the civic as well as the pro- 
ductive energies of its people. 

— THE .veil YORK TIMES. 


Buying the White House 


In the hall of fame for rogues op- 
erating in the corrupt American political 
system, Roger Tamraz will have no 
trouble standing out But the larcenous 
charm with which he admitted paying 
S300.000 to meet President Bill Clinton 
should not obscure the import of his 
testimony. He was affirming that in the 
shadowy reaches of the international 
business world, it was believed, accur- 
ately, that during 1996 dubious entre- 
preneurs could buy White House audi- 
ences, particularly if they did not 
quibble about the cost of the ticket- Mr. 
Tamraz said he would have been happy 
to give the Democrats S600.000 if that is 
what it took to see Mr. Clinton. 

It is also worth remembering that the 
Democratic National Committee, per- 
haps with highly improper assistance 
from the Central Intelligence Agency, 
was eager to jam this fellow into the 
White House over objections from the 
National Security Council staff. That 
almost certainly took additional 
muscle from a senior presidential aide. 
To say the least, committee investi- 
gators need to determine which White 
House officials helped clear Mr. Tam- 
raz and why they aid. 

On this key question, the current re- 
cord is full of contradictory statements 
and memory loss. A former Energy 
Department official. Jack Carter, ac- 
knowledged Thursday that he had prob- 
ably told Sheila HesLin of the national 
security staff that Mr. Tamraz would 
donate money to the Democrats if al- 
lowed in the White House. He thus 
confirmed Ms. Heslin’s dramatic testi- 
mony of the day before that she was 
under politically motivated pressure to 
let someone with an unsavory reputation 
meet with the president to promote his 
pipeline proposal. Mr. Carter said he 
got the information about the contri- 
butions from a colleague, Charles Kyle 


Simpson. Mr. Simpson said he knew 
nothing about any contributions. 

As for involvement by high offi- 
cials, Ms. Heslin testified that the name 
of Thomas tMacki McLarty, the 
former White House chief of staff, was 
invoked as pari of the campaign of 
pressure. But in a sworn statement. Mr. 
McLarty denied that he had done any 
such thing. Records subpoenaed by the 
Senate comminee make ir dear that 
Donald Fowler, who ran the Demo- 
cratic National Comminee. enlisted a 
certain “Bob" at the Central Intel- 
ligence Agency to press Mr. Tamraz ’s 
case. But Mr. Fowler said he cannot 
recall doing so. and the lawyer for 
“Bob" said Thursday that her mys- 
terious client did nor help. 

Mr. Tamraz never won the approval 
of his pipeline that he sought, but he 
admitted that his meetings were a 
boon, precisely as Ms. Heslin had 
feared. All the lacunae in the story of 
what happened suggest one thing. Too 
many people are running for cover, and 
too few are telling the truth. 

Mr. Tamraz may well have per- 
formed some son of veiled service for 
the United States in the Middle East in 
the past His idea for an oil pipeline 
linking the Caspian and Mediterranean 
seas may even have merit. Bui the 
proper means to weigh such matters is 
the policy-making and national secu- 
rity machinery of the White House and 
tile cabinet, not ihe fund-raising arm of 
the Democratic Party. That so many 
high-level people even took the party ’s 
role into consideration is one of the 
most shocking lapses of judgment that 
the Senate committee has uncovered so 
far. In a different time in Washington, 
the Tamraz saga would also have made 
tile Justice Department curious about 
who else had the price of admission. 

— THE NEW YORK TIMES 


Other Commen t 


How Big a Government? 

The simplest measure of the eco- 
nomic role of the state is the share of 
national income spent by government. 
This averaged 30 percent in the rich 
industrial countries in 1960. By 1980, 
the share had increased ro 42.5 percent. 
The next 10 years saw accelerating de- 
regulation, technological advance and 
global economic integration. As a result 
the stare increased its shore again, to 45 
percent. Since then, the strong wind of 
globalization has become a gale and the 
stale has increased its share to 46 per- 
cent Industrial-country voters would do 


well to note [that] Asia's emerging 
economies are achieving and in some 
cases surpassing Western incomes, 
while maintaining far smaller govern- 
ments than those in Europe and even the 
United Slates. Singapore and Hong 
Kong are already among the richest 
places on the planet, and still growing 
fast: Their share of public spending in 
GDP is less than a quarter. Big gov- 
ernment is not something that happens 
inevitably. I( is something which, in 
democracies, voters iet happen. If they 
care for their freedom and prosperity, 
they should think about that. 

— The Economist (London). 


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Anyone for a Campaign to Stop Financing TV? 

J J X C7 xtnrh hcin£ courted by lobbyists can beagre 


P ARIS — In all the debate on reform 
of America’s political campaign fi- 
nancing, there has been little sign of a 
willingness to acknowledge why all 
this money is needed. It is needed to 
buy commercial time on television. To 
talk about campaign financing without 
talking about where the money has to 
be spent is like talking about die solar 
system and not mentioning gravity. 

Because of television's demand for 
money, supplying money for political 
campaigns has become a major in- 
dustry. Campaign money is big busi- 
ness in America. The coalition of those 
who are part of this business now is so 
wide, so rich, and so powerful that it 
probably cannot be stopped. Broad- 
casters. politicians, lobbyists, and in- 
dustry all want to keep things as they 
are lor make them worse, from the 
reformer's viewpoint). 

That is why tne existing reform de- 
bate is largely irrelevant, and serves to 
divert attention from the real issue, 
which is that political campaigning on 
commercial television has corrupted the • 
U.S. political system. 

Before the 1996 elections there was 
considerable talk of free television time 
for candidates, and some broadcasters 
made time available. Free time un- 
fortunately is not the answer. Free time 
does nothing to diminish the demand 
for commercial time; it .merely gives 
some exposure to poor candidates. 


By William Pfaff 

Reed Hundt, chairman of the Federal 
Communications Commission, is still 
trying to get U.S. broadcasters to meet 
specific public interest obligations, in- 
cluding (as he proposes) S400 million 
worth of free time for political debate. 

This still does not address the fun- 
damental problem. The United States is 
virtually unique among the mature de- 
mocracies of the world in limiting ac- 
cess to political office to those with a 
great deal of private money to spend to 
be elected, or those prepared to beg the 
necessary money from others who 
want favors from government. 

In a disastrous 1996 decision, the 
Supreme Court ruled that spending 
money to obtain political office is a 
form of constitutionally protected free 
speech, and no restriction can be placed 
on it. Bun Neu borne of the New York 
University Law School (former legal 
director of the American Civil Liber- 
ties Union) wrote in July 1966: “The 
Supreme Court, by treating money as 
speech, has virtually doomed cam- 
paign finance reform.'’ 

Until that ruling is reversed, nothing 
basic can change. Broadcasters are 
against any change because they are the 
people who profit the most from thing s 
as they are. Nearly all the private money 
raised for all the political campaigns in 


America eventually goes to them. Each 
national election produces a huge aans- 
fer to them of public moneys as well. 

Nearly ail their counterparts else- 
where in die world are barred from 
commercial!*- profiting from elections. 
Broadcasters abroad are requirea 
contribute to die national debate, and 
the national interest, by furnishing the 
air time necessary to the conducr ol 
elections. This is their exchange for the 
privilege of otherwise using regulated 
public airwaves for their business. 

The lobbvists who give the money to 
America's political candidates do not 
want a change because the current situ- 
ation legally authorizes them to pay 
what amount to bribes to legislators to 
advance the interests of their clients. 
Change would put them out of busi- 
ness. Or it would force them to turn 
themselves into public relations agen- 
cies or advocacy groups compelled to 
use argument and public persuasion to 
influence legislation. Giving money to 
politicians land ultimately to the broad- 
casters) is easier and quicker. 

The industries, unions, private indi- 
viduals and foreign governments who 
are the clients of the lobbyists do not 
want change because that would deprive 
them of their opportunities to exert spe- 
cial influence on legislation and obtain 
special favors at public expense. 

Politicians might themselves like a 
change, some of them at least. While 


being courted by lobbyists can be agree- 
able. the nnending task of raising cam- 
paign money is irksome, humiliating 
and destructive of the politician’s am- 
bitions to public service. When a leg- 
islator takes money from a special In- 
terest, and delivers what the contributor 

wants and eventually he or she has to 

deliver, or be driven from politics —he 
must know thai he has been bought, 
whatever the rationalizations. This is an 
acknowledgement hard for an honest 
man or woman to live with. 

The corruption is so great, and so 
institutionalized in the political system, 
that it is hard to see it eradicated by 
anything short of the aggressive trost- 
busting regulatory legislation of the first 
Roosevelt’s governments, early in this 
century, which transformed American 
capitalism. I see no sign of such a move- 
ment today. Could it succeed, if it ex- 
isted? The coalition of interests which 
profit from today ‘s system is much more 
powerful than the “trusts” Theodore 
Roosevelt attacked. It controls nearly all 
die principal means of public commu- 
nication in die country. 

However one thing seems dear. Un- 
til paid commercial advertising for 
political candidates is ended in the 
United States, democracy in the coun- 
try will steadily weaken, and pluto- 
cratic power will mount. 

International Herald Tribune 
'& Las Angeles Times Syndicate. 


Also on the Mideast Menu: The Net, With Banana Cream Pie 


I followed Secretary of State 
Madeleine Albright on her re- 
cent tour of the Middle East. 
Here is some of what was being 
talked about outside the cor- 
ridors of diplomacy. 

T EL AVIV — “Explain one 
thing to me,” I ask one of 
Israel's top financial officials. 
“Why doesn't the breakdown 
of the peace process devastate 
Israel's economy?” (Growth in 
1997 will be about 2.5 percent; 
in 1996 it was 4.4.) 

The answer is that Israel 
today has two economies; the 
old economy of oranges, tour- 
ism and textiles, and the new 
information economy of soft- 
ware and high-tech exports. 

* ’The information economy is 
highly resistant to violence,” he 
explains. “Almost all the ex- 
ports go outside the Middle East, 
and most of these information 
technologies are small and light 
or exported by modem. All the 
key inputs come from brains and 
human capital; no embargo can 
stop them. Smart global in- 


Bv Thomas L. Fridman 


vestors understand that. Bomb- 
ing affects the old economy, not 
the new one. Bui this new econ- 
omy was stoked by Israelis who 
came back from Silicon Valley 
after the Oslo peace. These 
knowledge people are highly 
mobile. The only economic 
threat is if the conflict makes 
daily life so unpleasant, the best 
brains leave. It could happen.” 

D amascus — “So 

what's the talk of Dam- 
ascus?” I ask a Syrian reporter, 
as Mrs. Albright's caravan pulls 
into town. 

“There is a big debate in the 
government over whether to let 
die Internet into Syria.” he 
says. The state intelligence ser- 
vices. which refuse to allow any 
Syrian to have a cell phone, are 
said to be arguing over who will 
get to be the Internet provider. 
Syria, though, has just allowed 
AT&T credit-card calls from 
the press room at the Sheraton. 
Good news: Syria is slowly up- 


dating its economy. Bad news: 
It’s just entered the 19S0s. 

A lexandria. Egypt — 

While Mrs. .Albright is 
meeting with President Hosni 
Mubarak, a Mubarak spokes- 
man strides over to me. 1 am 
sure he wants to talk politics. 
The first words out of his mouth 
are: “Have you seen our Web 
site? We’ve had seven million 
hits in only 10 months. It’s got 
news, a press digest. You have 
to see it.” 

Three years ago there was no 
Internet provider in Egypt 
Today there are seven. For the 
first time ever, an Egyptian dip- 
lomat boasts to me that the 
Egyptian stock market was the 
hottest in the world last year. He 
jokingly offers me the services 
of his" stockbroker son. 

Suddenly there is more to 
talk about than just Arabs and 
Jews. As Egypt sets more open. 
the demands for" more transpar- 
ency at home begin to mount 


The As-Sha*ab newspaper just 
ran a series alleging gross cor- 
ruption by the powerful min- 
ister of interior and his sons, and 
so far the government is letting 
the investigative journalism go 
on. 

J ERUSALEM— Think about 
this: Israel’s Yediot newspa- 
per just went to Moscow and 
bought Russian spy satellite 
photographs of new Scud mis- 
sile bases in Syria. Then Yediot 
hired a private U.S. expert on 
satellite photos to analyze the 
pictures. Then last week Y ediot 
published the package as a 
scoop, without ever quoting a 
government official. Good 
news: In today’s global market 
you can buy anything. 

Bad news: Syria is still pre- 
paring for another war. 

A MMAN, Jordan — Lead 
story in The Jordan Times 
on the day after Mrs. Albright 
visits: A speech by the crown 
prince on Jordan's need for 
global competitiveness. The 


hottest new Web site in Jordan 
is http://www.arab.net/gid/wel- 
come.html. This is the home 
page of the Jordanian intelli- 
gence service — the first in the 
Middle East to have its own 
Web site. An official handout 
says: “The site offers an in- 
teresting glimpse of the history, 
doctrine, responsibilities and 
viewpoints of the General In- 
telligence Department” 

Hottest new restaurant in Am- 
man: “BOOKS@CAFE.” an 
Internet cafe where you can sip 
coffee and surf the Web on a 
computer. In the morning Jor- 
danian housewives come in co 
shop on the Net; in the evening 
it’s the students who gather to 
schmooze. Try the banana cream 
pie. It’s made by the wife of an 
Israeli diplomat in Jordan. 

When Islamist opponents of 
Israel found that out, they posted • 
it on tire local Jordanian Internet, 
and called fora boycott until the 
pie was ousted. But the boycott 
fizzled, the cafe is packed and the 
pie is still a favorite. 

The Here York Tunes. 


The Death of a Diplomat Working in a Place He Cared About 


W ASHINGTON — In our 
last meeting the day before 
he left Washington in July, Geid 
Wagner explained whai pulled 
him back io Bosnia, away from 
family and from career track in 
Bonn. He settled for tins un- 
cluttered sentiment: It offered a 
chance to do something in a 
place he cared abouL for people 
he cared about 
Perhaps embarrassed by this 
moment of emotion, we rushed 
on to analysis of the latest on 
Radovan "Karadzic And the 
Dayton agreement. But I don’t 
recall a word of the analysis 
today. It is the mission Mr. Wag- 
ner set for himself that lingers. 
That mission came to an end 
Wednesday as Mr. Wagner and 


By Jim Hoagland 


1 1 others died when their heli- 
copter crashed on a Bosnian 
mountainside. The news bulletin 
noted that the world had lost a 
senior international negotiator 
on Bosnia. Those of us who 
knew Gerd lost even more: We 
lost another friend crying ro do 
good in striped pants. 

This German diplomat had 
served in ex-Yugoslavia in hap- 
pier days, and learned Serbo-; 
Croatian. He spent three years in 
Washington analyzing political- 
military affairs. He volunteered 
for a one-year tour as a nego- 
tiator that began in August 

The death of a friend triggers 
sorrow for his family and rage at 


others. I silently stormed at my 
German friend for riding in an 
antiquated Soviet-made heli- 
copter piloted by' Ukrainian 
strangers. What were you think- 
ing. f demanded petulantly. 

But I already knew the an- 
swer. It applied to the three 
American diplomats who died in 
a horrible road accident in Bos- 
nia two years ago. and to Com- 
merce Secretary Ron Brown and 
34 others aboard his doomed 
plane last year. Mr. Wagner and 
his American. British. German 
and Polish colleagues were on 
that helicopter trying to roll die 
heavy Bosnian boulder an inch 
higher up the hill that day. 


Faster! The Chip Cycle Runs Wild 


N EW YORK — The com- 
puter chip manufacturer 
Intel surprised and delighted 
the computer industry this 
past week with the announce- 
ment that its engineers had 
invented a way to speed up the 
design cycle of their chips. 

From now on, the amount 
of memory each chip can hold 
will double every nine 
months, instead of every 18 
months. That means computer 
processing speeds will in- 
crease at an even faster rate 
than before. 

Bully for them. In Seattle 
and Sihcon Valley, the morn- 
ing lattes are brimming with 
an extra dash of nutmeg. 
Watch for yet another tech- 
nology stock surge, and an- 
other run on the Bay Area’s 
Ferrari dealerships. 

Since the hulk of industry 
profits depend on loyal cus- 
tomers frequently upgrading 
their hardware and software, a 
faster product cycle means that 
technology will become obsol- 
ete quicker, forcing the Smiths 
to buy more often "if they want 
to keep up with the Joneses. 

For Steve Jobs and Bill 
Gales, the news is pure gold. 
Bui for the rest of us, the con- 
sequences are more mixed. 
It's true that machines will get 
even smarter, cheaper and 
lighter and will make our lives 
more convenient. But the 
faster pace has its ugly side. 

Not only do technological 
improvements increase the 
stress of living in a hyper- 


Bv David Shenk 


speedy, information-saturated 
w orld, but they also affect our 
relationship with time. As ma- 
chines get quicker and quick- 
er. the world appears to move 
slower and slower. 

Conveniences such as the 
fax machine, e-mail and beep- 
ers seem to compress time to 
such an extent that we're now 
painfully aware of every 
second that we wait for any- 
thing. Have you ever been in 
an elevator with someone who 
impatiently smacks one of the 
floor buttons over and over, as 
if pushing it would speed the 
ride? We're all becoming that 
person, a culture of restless 
button-smackers. 

Not long ago I passed a 
McDonald's that had just in- 
troduced a guarantee that all 
lunch orders would be served 
within 90 seconds. But don't 
you think people will still tap 
their fingers on the counter, 
roll their eyes, even look at 
their watches? If you're in that 
buuon-smaeking frame of 
mind. 90 seconds can seem 
like an eternity. 

So it goes with technology. 
As we speed -it up. we also 
speed up our expectations. 
Remember how 9600-baud 
modems and 386 Windows 
machines once seemed swift? 
Now, a few' years later, we 
consider them unusable. 

When the pace of change is 
so blistering, people who 


stand still feel as if they are 
falling behind. A faster 
product cycle is going to fur- 
ther undermine the confidence 
of consumers, who already 
feel that the machines they are 
buying today are almost" im- 
mediately obsolete. 

In our compulsion to im- 
prove efficiency, we easily 
forget that intelligent work by 
humans is not just a matter of 
processing speed. Notice the 
constant stream of spelling 
mistakes and missing words in 
the e-mail you receive. Good 
work takes time and patience: 
humans are not designed for 
multi-tasking. 

Someday, there will be no 
discernible wait at ail for 
transferring tiles or for Web 
pages- to appear on-screen. 
But when the Web become* as 
instantaneous as television, 
will wc then be content with 
the speed of information? My 
guess is that we won’t. 

As we enjoy the spectacular 
benefits oJ ihe information 
revolution, we must try to re- 
member that the machines are 
there co keep up with us. not 
the other way an >und. i admire 
Intel for what it has accom- 
plished, but my life doesn't 
need Us velocity doubled just 
yet. thanks very much. 

Mr. Shenk is author 
"Data Smog : Surviving ihe 
Information dim" and a 
columnist for the Hotwired 
IVcfr sire. He contributed this 
to The New York Times. 


The deaths of a‘ few more 
Western diplomats can only be a 
footnote for the « ex- Yugoslavs. 
They have experienced, wit- 
nessed or caused hundreds of 
thousands of atrocious deaths, 
rapes, disappearances and loss of 
homes in six years of savage war. 
They must rush on to “the im- 
portance and noise of tomor- 
row.” in the phrase W. H. Auden 
used tqdescribea heedless world 
reacting to William Butler 
Yeats's, death in 1939. But, 
Auden continued. “A few thou- 
sand will think of this day, as one 
thinks of a day when one did 
something slightly unusual." 

The day Gerd Wagner, 55, 
and the others died was such a 
day for his profession and mine. 
Ir brought home something that 
hovers in many conversations 
here about Bosnia but rarely 
gets said directly. 

A column I wrote on Bosnia 
18 months ago attracted Mr. 
Wagner's attention and gentle 
ire. Might he try to explain why 
things were not quite as simple 
as they seemed? I listened with 
a healthy but gradually dimin- 
ishing skepticism over the 
months as Mr. Wagner pointed 
out thar there were failings on 
all sides in Bosnia. He worried 
that we Americans were arming 
the Bosnian Federation forces 
too heavily. And so on. 

It was not the details or anal- 
ysis he offered that eroded my 


professionally honed wariness. 
Those matters are always subject 
to debate. But I came to see and 
respect Mr. Wagner’s persona! 
investment in ending the blood- 
shed. He was scarcely alone in 
this; but he expressed dial in- 
vestment in a compelling way. 

Bosnia has become the touch- 
stone for many in this generation 
of Europeans posted in Wash- 
ington. Americans can look at 
this conflict from a distance and , 
thus see it largely in moral 
black-and-white terms, la 
Europe,- the consequences and 
human pain of a nearby conflict 
racing out of control concentrate 
the mind differently. 

Mr. Wagner and many other 
Europeans have set out to edu- 
cate Americans not so much 
about Balkan politics but about 
the complex human forces that 
the end of the Cold War has 
unleashed in parts of Europe. 
They have emphasized the Deed 
for an almost un-American at- 
tention to detail in this crisis. But 
they have also listened and 
learned: Without American de- 
termination to solve problems 
and get on with the business at 
hancC there would be no cease- 
fire in Bosnia today. 

A European friend’s sad 
death faraway recalls what men 
and women of good will can do, 
working together and listening 
to each other. 

The Washington Post 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1897: Warning on Cuba 

SAN SEBASTIAN — General 
Woodford, the new United 
States Minister ro Spain, has 
told of the great losses, from a 
commercial and industrial point 
of view, caused to the United 
Slater by ihe protraction of the 
war in Cuba. He declared that if 
the war was not over before the 
end of October, the United 
States Government would ra ke 
the necessary steps to assure a 
complete peace in the island. 

1922: Smyrna Crisis 

SMYRNA — There are 
1 00,000 refugees of war and the 
fire huddled on the quays of 
Smyrna waiting for the prom- 
ised boats to take them safely 
away. The ships ore coming un- 
der American auspices, as the 
result of the intervention of the 
United States Government. 
They will rake the unfortunate 
people to Greek ports, and ih ere 


they will be under the charge ol 
the Hellenic Govern menL Then 
evacuation will practically de- 
populate the Smyrna region of 
all Christians, whose ancestors 
founded the historic city 2,600 
years ago. 

1947: Protests in Italy 

ROME — The prospect of na- 
tion-wide demonstrations sched- 
uled for tomorrow [Sept 20] 
by Communists and other Left- 
wing political groups caused 
such fears of revolution today 
[Sept. 19] that Italy's Minister of 
Interior Mario Scelba issued a 
statement to calm the country. 
The demonstrations have been 
ordered officially as a means 
to deplore the rising cost of liv- 
ing, but undoubtedly wifi serve 
as an attack against the Con- 
servative, generally pro-Amer- 
ican, Catholic party government 
which ha$ maintain ed a shaky 
control. of Italy’s affairs since 

mid-summer. 






N •• 

^IB- 


international HI 


9 jl\ fa \ 'jSi£b gJPTEMBER 24,1997 


n g Th 


INTERNATIONAL herald TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 20-21, 1997 


DiCC «' 


PAGE 7 




The 


■ •-'"«*!] Fi. 

















5 ; AL 


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INTERNATIONAL HERALD TRIBUNE 
SATURDAY-SUNDAX, SEPTEMBER 20-21, 1997 
PAGES 


-The Strange Case of James Ensor 


[nttr/unional Herald Tribune 

L ONDON —The painter's repu- 
tation as a strident, snarling 
nonconformist may not survive 
intact, but if the point of 
“James Ensor 1860-1949: Theatre of 
Masks,” on view at the Barbican Art 
Gallery until Dec. 14, is to shock and 
surprise, it succeeds beyond hope. 

By bringing together all the facets of 
the oeuvre, the show organized by Carol 
Brown reveals a case of split artistic 
persona lily that has few equivalents. 
Perhaps Ensor's origins and circum- 
stances made it inevitable. His father 
was a British engineer who came to 
Qstend on a tourist's whim and mamed 
a Flemish girl, Catharina Maria Hae- 
gh e man . An ill-fated attempt to sell his 
engineering ideas took him to the 
United Stares. Back in Ostend, be found 
no work, sank into alcoholic depression 
and was discovered, one day in 1887, 
dead in a doorway. 

It was Catharina's souvenir shop, in 
which she sold Far Eastern objects and 
Flemish carnival masks, that kept the 
fam ily going. The masks were later to 
haunt the artist and to serve as a major 
source of inspiration to his brand of 
Expressionism. But at first young Ensor 
followed another path. He must have felt 
a compelling urge to turn to art — the boy 
was only 13 when he studied drawing 
under two local painters and 16 when he 
took courses at the Ostend Academy. 

By the time he entered the Academie 
Royale des Beaux Arts in Brussels, the 
17-year-old was, in truth, a master. 
“Dunes," a small view of low hills 
under a stormy light with the sea ap- 
pearing far away, done in 1877 . is as- 


Ensor. A subdued Romanticism, remin- 
iscent of Corot and Georges Michel, 
exudes from the view. 

Three years later, Ensor made a leap 
into advanced modernity revealed by a 


explained. In 1883, he painted "Red 
Apples,” a still life done in an intense 
contrasted light, with suggestions of 
Manet in the 1870s and a touch of 
Cezanne of 1882-1883. That, however. 


"The Calvary.” Was Redon the cata- 
lyst that called back to Ensor's mind 
Daumier’s cartoons and some of Goya’s 
terrifying visions that he used to copy as 
a young aspiring artist in order to perfect 


private conecuon. 

Behind" and "Two Figures in the 
Rain" catch brief impressions of hu- 
mans, suggested rather than depicted, in 
the midst of abstract applications of 
color. 

This staggering prescience of ab- 
straction was not just a lucky accident. 
Using a different style much influenced 
by Turner, for whom he had boundless 
admiration, Ensor painted that same 


every bit as beautiful, bears no con- 
nection to “Red Apples." Almost clas- 
sical in its receding, layered compos- 
ition and painted in subtle shades of 
darker colors, the masterpiece could be 
that of another artist 
Unlike Dr. Jekyll, who bad only one 
Mr. Hyde, Ensor continued to switch 


Calvary," Ensor’s name is scribbled in 
block letters over Jesus on die Cross and 


a man in the foreground wears a singlet 
inscribed "XX" on the back. The idea 


appews to be that Ensor was crucified 
by his enemies among those who ex- 
hibited at the salon “Les XX." 

Parody of the worst' kind began to 

r_ r- ■ . . 


from one artistic persona to another. In afflict his art In the finished oil painting 

t doc i il:.l : ■ _i - 


SOUREN MELIKLAN 


1 883, be tried his hand at Impressionism 


year “After the Storm (the Rainbow)” 
which goes one step further. Were it not 
for the'rnerest whitish streak indicating 
ihe horizon and the faint suggestion of 
tiny sailing boats, the seascape would 
not quality as figural art. 

But just as he seemed about to make 
the final jump into pure abstraction. 
Ensor pulled back. “The Market at Ost- 
end,” dating from 1881, has a slanting 
rhythm with its ascending white bars 
standing for covered stalls seen from a 
height The strokes of the brush crushed 
against the panel charge the urban view 
with a kind of Expressionist violence. 
The “Boulevard Van Iseghem,” also 
painted in 1881. is more recognizably 
figural in its melancholy serenity. A 
broad swath of off-white goes up amidst 
vertical dark bars — the apartment 
buildings lining the avenue under 


revisited by Turner. The outcome was 
“Brussels Town Hall." uainted from a 


toflishmg. It is a totally mature work and 
very far from the art one associates with 


snow. 

Why and how Ensor leaped back to a 
modernist figural style has yet to be 


“Brussels Town Hall," painted from a 
high point with the conical roof of a big 
square tower rising up in the fore- 
ground, and the facades across the street 
already plunged in darkness under the 
shimmering golden sky. This is not the 
light of Impressionism. It is light seen 
with the eye of a mystical visionary. 

One can almost hear the voice read- 
ing out this line from Ensor's “Mes 
Ecrits” (My Writings) painted on a wall 
in the show: “I have no children, but 
light is my daughter, light one and in- 
divisible, light, light, shed light on us! 
Breathe light into us, show us ways of 
attaining joy and happiness!" 

Ensor neither attained happiness nor 
gave much more of his attention to light. 
Other temptations lured him. In 1886, 
he hung his paintings beside Odilon 
Redon’s in the salon “Les XX” (The 
20). He seems to have been over- 
whelmed by Redon's art. Redon 
devices, sunbursts in particular, ap- 
peared in his preliminary sketches for 


“The Calvary," a quizzical mask raises 
a very human eyebrow in a corner of the 
composition. Ensor’s signature is close 
enough to it to leave the viewer in no 
doubt as to what he meant to say — the 
mask is him. 


M ASKS turned into an ob- 
session. “Old Woman 
With Masks," is, indeed, 
the portrait of an old wom- 
an with a frozen smile in the midst of 
characters wearing sneering masks and 
gazing at the flowers foolishly stuck in 
her coiffure. At the bottom, a theatrical 
mask, vaguely Far Eastern in appear- 
ance, looks, on closer inspection, like 
some self-deriding likeness of the artist, 
with his signature close by. Ensor was 
turning into a clown. 

His desire to provoke the establish- 
ment resulted in such works as “The 
Entry of Christ into Brussels," in which 
most faces are handled in the manner of 
masks. The art, alas, does not live up io 
the social and political satirist's am- 
bitions. At widening intervals, the paint- 





Old Woman With Masks.” 1889. in the Ensor show at the Barbican. 


er continued io experiment in styles. He 
almost anticipated Expressionist Ab- 
straction of the 1960s with his “Fall of 
the Rebellious Angels.” It has a swirl- 
ing movement in which a few suggested 
figures can be made out. only just. And 
Ensor definitely painted the first truly 
Expressionist pictures of Modern art, 
such as “Strange Masks," dared 1892. 

Cartoon-like scenes increasingly ap- 
pealed to him. “At the Conservatoire, 


Brussels" has neo-Hogarthian ambi- 
tions, while “Fantastical Ballet" is just 
mediocre and unfunny. Here and there. 
Ensor sank into vulgar scatology on the 
thin excuse of satire. What on earth had 
happened to the sensitive artist of yore, 
to the poet in words as in images? 

Well presented, the Ensor show con- 
stantly raises questions and answers 
few. it is jxrssible to hate it, but not to 
remain indifferent 


In Rauschenberg Retrospective, Discovering 'Beauty Is Underfoot 9 


N EW YORK — Years ago. apropos of 
his good friend Robert Rauschenberg, 
John Cage famously said. “Beauty is 
now underfoot wherever we take the 
trouble to look. ’’ His “now ’ 1 implied not that the 
world itself had changed, of course, but that the 
way we viewed it had 

* The other important word was beauty, which at 
the time seemed a less vexed concept than it does 
today: Cage meant that we had come to see, 
through Rauschenberg's work, not just that any- 


By Michael Kimmelman 

New York Times Service 


Gallery in the South Village. You probably need 


Rauschenberg's energy just to make it through 
this exhibition without the works eventually 


this exhibition without the works eventually 
blending together big bluny collages collaging 
into one big - blur. Critics who have always com- 
plained that he never knew how to edit himself 
may nod their heads. 

It’s too bad, because retrospectives are sup- 
posed io make the tough choices that artists may 
not care to make themselves, and Rauschenberg, 
in his generosity, seems to be one of these artists. 


Never mind. I recommend just regarding the 
vastness of the show as a fair indicator of an 
astonishingly protean artist willing to take risks. 
And what is risk, after all, without failure? 

This point of view accords with our myth of 
avant-gardism, at least. We tend to prize artists so 
far as they are ground-breaking, and it is a given by 
now that Rauschenberg, as much as anyone else 
during the last 50 years, helped to erase all the old 
dividing lines: between painting and sculpture, 
painting and photography, photography and print- 
making. sculpture and photography, sculpture and 
dance, sculpture and technology, technology and 
performance art. not to mention an and life. 

That said, change in art never really comes 
about because barriers are broken but rather 
because they are gradually nudged out of the 
way. And the show prompts the thought that we 


thing, including junk on the street, could be the 
stuff of art (this, after all, wasn't new), but that it 


stuff of art (this, after all, wasn't new), but that it 
could be the stuff of an art aspiring to be beautiful 
— that there was a poetics in urban glut, which 
Rauschenberg revealed and celebrated. 

Rauschenberg, now 71, is the first great ecu- 
menical figure of postwar American art. And 
however much you may reject his work, or large 
parts of it. it seems always there to embrace you 
and the rest of the world. 

Hie Guggenheim’s extraordinary Rauschen- 


berg show may be the largest retrospective of a 
living artist ever organized. With hundreds of 


living artist ever organized. With hundreds of 
works, too big even for both Guggenheims, up- 
town and downtown, it spills over to the Ace 


might actually want to rephrase Rauschenberg's 
achievement, which hasn’t been so much to undo 
what came before him as to recognize how it 
could be elaborated on. 

This doesn't mean only the works of Du- 
champ, Schwitters and Cornell, the obvious sus- 
pects. It also m eans artists whom he is often said 
to have rejected, even vandalized, like de Koon- 
ing and Barnett Newman. ‘'Automobile Tire 
rant" of 1953, for instance, is the result of 
Cage’s driving the inked tire of a Model A Ford 
over 20 sheets of white paper, connected like a 
Chinese scroll. Was Rauschenberg mocking 
Newman’s famous “zip" paintings? Or was he 
expanding on Newman's art, which, to grasp 
properly its scale, demanded that a viewer walk 
past it, as if it were sculpture? 


I THINK the tire print can be imagined as 
neatly representing this movement across 
the picture, transforming Neuman's zip, an 
abstract line with spiritual pretensions, into 
an artifact of everyday culture, which, for 
Rauschenberg, had its own transcendent dimen- 
sion. 

A restless man with a compulsion to see the 
world, Rauschenberg made images of cars and 
spaceships, even real tires and bicycles, into 
leitmotifs of his art. And gradually hecarried the 


notion of movement to its logical but unforeseen 
conclusion in dance and performance. 

His black p aintings and red paintings of the 
early '50s suggest another kind of evolution. 
They are monochromatic, improvisatory pictures 
with roiling, bubbled surfaces made from the tom 
scraps of newspapers embedded in paint. People 
call them parodies of de Koonings or Pollocks, 
though before Rauschenberg, de Kooning, him- 
self a parodist, had incorporated bits of news- 
papers as flotsam in pictures, and Pollock stuck 
cigarette butts to canvases. 

The gap between what they did and what 
Rauschenberg did wasn’t really so big, until, of 
course, he took the mix of collage with Abstract 
Expressionism to the extremes of “Canyon" 
(attaching a stuffed bald eagle to a canvas), 
"Monogram” (the notorious sniffed .Angora 
goat girdled by a tire atop a painted panel) and 
“Bed” (quilt, sheet and pillow, slathered with 
paint, framed on the wall). 

“Bed” is worth contemplating. The old saw 
has it that the Abstract Expressionists were grave 
and inward looking, and Rauschenberg a merry 
prankster like the Pop artists with whom be is 
indiscriminately linked. But the truth is more 
complicated. The black paintings are solemn, 
shuttered. The red paintings look charred, with 
snips of fabric, akin io bandages, from which 


paint drips, like blood And ‘ ‘ Bed” in its tawdry, 
violent intimations, looks downright Gothic. 

Rauschenberg’s work, from the start, has been 
suffused with a delicate, often overlooked, sense 
of loss. It includes images of single figures, 
downtrodden, rapt in thought; frescoes of an- 
tiquity, fragmented, slipping out of focus and 
half-reraembered; photographs of forlorn, neg- 


lected places; bits and pieces of foreign cultures 
inevitably suggesting remoteness, the far away. 


inevitably suggesting remoteness, the far away. 

The uptown Guggenheim shows examples from 
Rauschenberg's Overseas Culture Interchange, his 
extravagant collaborative project begun in the 
1980s, to incorporate images and art practices 
from around the world He went to Chirk, Cuba. 
Malaysia and elsewhere, mostly places where art 
became a vehicle for communicating with people 
separated from the United Stales by political or 
other differences. This was RauschenbCTg's point; 
to be an unofficial ambassador of art 

The results, unfortunately, are mixed Many of 
the large ceramic sculptures and. paintings on 
aluminum, adorned with snapshots of exotic loc- 
ales, seem touristic, even paternalistic and bloated, 
their scale suited to the ambition, not to the quality 
of the work. In fact, much of Rauschenberg’s huge 
outpouring of thelast20 orso years, doesn t nearly 
match (he inventive brilliance of his early art The 
energy is still there; the element of surprise isn't 


ARTS 


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INTERNATIONA!. HERALD TRIBUNE, SATUKJO AY-SUNPAi. SEPTEMBE R 20-21, 1997 


RAGE 9 


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the Road Toward a Free-Market Economy 


Despite iin apparent slowdown of the economy, wide-ranging restructuring is under way in key industries. 


F rom a near-bankruptcy 
situation in mid- 1 991. 
w hen the country s tbr- 
eign exchange reserves were 
dou n to the equivalent of just 
two months’ imports. India 
has come u long way. Gross 
domestic prcduct grew by 
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pared with 0.8 percent in 
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Misplaced emphasis 
When Jawaharlal Nehru took 
charge as India’s prime min- 
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socialistic approach to gov- 
ernment eventually pervaded 
the process of economic 
planning. Policymaking in 
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heavy reliance on foreign 
debt, with virtually no direct 
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Today, die folly of basing 
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the poor performance of sev- 
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The economic reforms 
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socialist setup. India is trans- 
forming itself into a market- 
driven economy. Until re- 
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lated from rhe international 
markets, but it is now glob- 
alizing al a rapid pace. 

Integrating with the world 
One of the key indicators of 
the country's efforts to in- 
tegrate with the world is the 
consistent reduction in im- 
port duties over die past six 
years. Peak import duties are 
now down to 40 percent, 
from 190 percent in 1991. 
Duty rates are being brought 
down in line with recom- 
mendations of the Chelliah 
Committee, which was set up 


primarily for the purpose of 
tax reform. Personal tax rates 
have also been lowered. 

Furthermore. India has be- 
gun the process of privat- 
ization and the opening up of 
industries to foreign Invest- 
ment The private sector is 
allowed to invest in key in- 
dustries that were once con- 
sidered as the sole territory of 
the government With five 
more sectors de-Iicensed re- 
cently. projects in only nine 
sectors now fall under licens- 
ing provisions. De-liccnsed 
sectors include paper and 
newsprint; plywood, veneers 
and wood-based products; 
asbestos; animal fats and 
oils: and fur skins and 
chamois leather. 


Sectors under licensing 
provisions are coal and lig- 
nite. electronic aerospace 
and defense equipment pet- 
roleum and distillates, alco- 
hol, drugs and pharmaceut- 
icals, tobacco products, 
industrial explosives, haz- 
ardous chemicals and sugar. 

In the coal sector, the gov- 
ernment has taken an m-prin- 
ciple decision to fund only 
ongoing coal projects. Both 
private and public sector 
companies will be allowed to 
develop new coal mining 
blocks, ending foe public 
sector's monopoly- on coal 
mining. 

Steel, telecom and oil re- 
Contmued on page 10 


Foreign Investors 
Continue to Pump 
Funds Into India 

What is India doing to facilitate investment ? 

D espite the economic slowdown of 1996-97 and re- 
peated political hiccups, India has emerged as an 
attractive investment option for foreign investors. 
With China and other Asian emerging markets reportedly 
reaching saturation points in terms of attracting foreign direct 
investment, India is seen as foe next-best alternative. The 
country was recently awarded investment grade ratings by 
two major international rating agencies — Moody's and" Duff 
& Phelps. 

While FD1 approvals grew by only 12.7 percent in 1996, 
compared with 126 percent in 1995, and actual inflow was 
much lower at 12.6 billion rupees (£345.3 million) in 1996, 
compared with 33.9 billion rupees in 1 995, this was mainly 
due to political and social disturbances and not economic 
frailties. 

Restructuring and consolidation 
Key industries, despite registering poor growth rates in 1 996- 
97, have been undergoing major restructuring and con- 
solidation in terms of mergers, takeovers and divestments. 
I Tie-ups are being finalized at a rapid pace. Major Indian 
I corporations are gearing up in terms of management struc- 
I tures, accounting policies and disclosure norms in order to 
| measure up to international standards. 

Says Bhupendra Kumar Modi, chairman and president of 
ModiCorp Ltd., "The world over, every group has one 
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players are Modi-GBC, Graph tec India. Modi International 
Paper, Modi Telstra and Modicom. 

‘Today, the corporate scene is changing, and, in any 
business, if you do not have a global perspective, you will not 
survive.” says Mr Modi. “Our idea is to get Modicorp listed 
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Modi's attitude toward globalization is shared by most of the 
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Indian industries of particular interest to foreign investors 
are high-growth sectors like automobiles and auto parts and 
consumer durables. Hectic activity is taking place in these 
two sectors. In consumer products, several Japanese and 
American brands, including Sony. Akai, Kellogg's, Coca- 
Cola and others have already become household names, 
while others are lining up to set up shop. The optimism and 
success of these companies stem from India’s huge middle- 

Continued on page 11 


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■noNAL HERALD TRIBUNE, SATURDAy-SUNDAL SEPTEMBER 20-21 


1997 


PAGE 10 


BUILT FOR BUSINESS: INDIA 



SPONS 


Can Tourism Live Up 
T o Its Potential? 

The industry faces a gap between promise and performance. 

I 

sified cultural profile are fascinating fajjy booked 

to visitors. Indians arc known for remain mny 


.... , .Up five-star cateepry is now well 

ndia is a highly attractive tounst Due t0 rapid growth m 

destination. Its varied climatic fivfrStar hotels tn 

— zones, historical sites and djver- b Mumbai and New Delhi 

sified cultural profile are fascinating booked almost 

to visitors. Indians arc taownjo . Qut ^ year , it is estimated 

their hospitality, and tourist destin- dumber of hotel rooms must 

atinns— with the exception of K3S ^ least d oU ble in this category by the 



Investing in the Buildinu 
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Infrastructure development is a top priority. 

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mww ■«»•»¥ •*** . toJanJtTta government has set » *. ^^STln view°fthe investment 

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Bgssssssww 

“fast-track” approve policy for duectfcr- MW fceflities in jomt ventures with 

■_ n fthp rpnturv , . , , _ . » — * mm, inuMtment in mirastiucture aneaoy m u jr rw* trust* under the central 

"Te ESl company Urn- expected » take about five yea. to 


Jafcafrner, foe ' 


tries like Singapore orTnauana. 1 ms «« “ Loreto 75 percent of its ‘ito STS of i develop^ ^ lending norms imposed on lending factors of several 

STEm comes from four hotel Seto slow dSwS ^fcies for project tonrcm the power. (SEBs) in Into arc 

hght of ^k^ cheaDest tourist des- properties, two in New Delhi and one rSrtect die the migration of labor because tourist ports, telecom and road sectors- between 50 percent and 60 percent; the figure 

ot the worlds cheapest tourist oes Mumbai ^ Calcuna. destinations arc scattered all over the Slated to start operanons by Ae to w^ £ w M 25 percent m some rases, 

bnahons. . IHCL j s also a market leader in supremacy ot tne ^nanonai earner. of October 1997, IDFC will be positioning mqpsro^» r evaluating different 

T i ie cnJX ° Ldustrv* is still in its airline catering, which accounts for ir . « ’ permission has been So for, only one institution, the itself at the long rad ofthe . fa^ cpigstruc- ^ for restructuring the existingsetups. 

tourism as handful of 10 percent of its income. A new number of snail private Tourism Finance Corporation of In- ture. Banks and financial msfc ? Itso ^,^^ Transmission and distribution losses in India 

infancy m lndb operators and catering unit was commissioned re- g? operate largely on non- dia. is dedicated to funding the tourist invest in infiastiuctme projects for a five-to- high. With an installed capacity 

K^vel. ccntlyfn M^^jme ^ew ^unk routes, Ye^wherftbe Tata group sector. This institution restricts itself rf^SmTpOO MW, supp* is only 

Thomas Cook, American Express, 

Cox 

Groun) TCI and a tew omens arc uic ... “"is . „ f a com _ fleet of large aircran into me country. « i« guv ciimjcm .s«u U/ * &“ A\cme with 51 .B diuiou 

onTy^es offering the host of ser- tels Limited. ^ CL ^rchen P permission was not forthcoming. lated the draft of the National Policy the power and forgotten, however, that onlytwo of the eight 

vices needed by an international tour- ^Tte tourism industry views this as on Tourism, which industiy experts £fi^£Se ^tSk” projects (cl«ired four years ago) 

... -- Ltd. at Chennai. Singapore ^ m sertnr in a coimtrv sav is too generic. They point out that ing long-tom ftmamg needs oiimrasmKum: comm^oned so fer. 


1st; these include organizing foreign 


and other travel arrangements. 

Only these key players are making 
global marketing efforts. The gov- 
ernment’s initiatives to promote tour- 
ism have largely been staid and un- 
focused. although the industry is a 
key foreign-exchange earner, bring- 
ing in more than $2 billion a year. 

Rooms needed 

The next problem is infrastructure. 
The inadequate room availability in 


it out that iig long-term fafegneedso flnfiasu uouue sT far. ' ' ' 

Terminal Services ,?« w hi^h tax« on touriste m India in- projects, IDFC also plans to promote afi- investment mterest 

Airline System are the foreign part ■ ■*, ^ ^ wel j m dicate that the government continues nancial guarantee company. IDFC s pro^ . For instance, the 


^■ ga.aa w 


bookings need to be made well in 
advance as availability is far short of 
demand. 


nC Two new luxury hotels in Mumbai 
and Chennai are also being promoted 

rSS'3 Creatingemployment 
SaiSlm” Jodhpur and Calicut. Besides bemga key source of foreign 
is develming the latgest exchange. the tounsm mdustry-offers 
convention centerTnd hotel in the immense potcnnal for the creation o f 
coS fo the Bandra-Eurla com- jobs. TJe mdtBtry provides as much 
plex in Mumbai. Estimated to cost scope for unskilled and semi-sta led 
about 9 billion rupees, the project is employment as it does for skilled 


appvuio uitu mw, *■ ■ ■ - ww *• —-5 

before India really unlocks the po- 
tential of its tourism sector. 







tyTs' ■ 


dicate that the government continues nancial guarantee company. JDJCs pro- sector, however. For instance, the 

to perceive the industry as part of the posed equity hokfcgpattem, , T(HTent aroup plans to invest 35 billion ro- 

laxury category, thwarting the billion rupees, will be Swer sector over the next three 

growth of both domestic and foreign lows; central government, 2 bmion gently entered into a strat^ic 

tourism. Reserve Bank of India, 1^ billion nqjees, ye^s- ^ MCN ^ ofthe 

A recent proposal to charge a 5 Industrial & Devdopinent^nkof^to, United Slates to float a joint venture. Torrent 
percent service £ on tour operatora billion rupee* ojer domestic financ^m- Uruted SMS* ™ AQ of ^ 

has also been widely criticized It stitutions. 2.5 bmion many and PowerGen Pic have joined hands 

appears that it will be a long time institutions and agencies. 3.5 bfllion rupees, may “ < 5^ anfrJbHBd Torrent group and 

Reports and power . SSK 

Goods and passenger traffic m India is ex- 655 MW gas-oaseu 
peered to double by 2001. A recent Asian cycle power 

Development Bank study concludes that Currently, teledenstfy m Inda ^is abort A .7 

i^er tbenext 10 years, India will need at least 

150 billion rupees (S4 billion) just for new lOpercentto 12 ^ dolled 

national highwavs. Maintenance of existing percent to 50 Percent vJS: 

^ds mav cost another 90 billion rupees. cxHmtries. To match the worid average^mlia 
Although foe government has allowed a 100 needs about $130 billion, assumng a cost of 
percent foreign equity' stake in road projects, 50,000 rupees per lme. 

SSt companieshave negotiated joint ven- - Progress m to cmcrals^tor hffi bwn. 
tures to share the risks in such investment- very slow berause of a 

Average capacity utilization at major ports system, the overlapping roles of regulator 
is around 1 20 percent The average output of bodies and restrictive 
conventional £enSl cargo in India is only However, 

about 450 tons per ship a dav. compared with encouragmg. Several P ro J ec ^ ti ^ 1 ^^' 
international ^mdard of l.OOO-UOO ring funding problems were stock dw to 
Tns. With a current capacity' of 197 million non-asrig^ility oftetom hc^ 
tons for all categories of ports put together, recert budget made 
foe countrv need a minimWi of 350 million sigqabie, and the govermMt has toided to 
tons of cargo-handling capacity by 200 1 and reserve 40 percent of aJJ air 
more fora 540 million tore by 2006. India the private sector. Accordipg to foe new 
will need around 400 new berths in the next norms, a telecom company 
seven to 10 years, calling for an investment of up to 50 percent oftheproject co* through 
at least 400 billion rupees, only a small external commercial borrowings. • 


• ;i:.k .• Vi* * . . 








UNION BANK OF INDIA 

le to (xin/t toit/t 


Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai - 400 021 . India. 
Phone - 91-22-202 4647, 91-22-202 6049 Fax - 91-22-202 5238 
E-mail - Unionbank.mdsxii@rmd.sprintrpg.ems.vsnl.net.in 


vs 



Free Market 


Continued from page 9 

fining are some of the other key industries 
that have been deregulated over the past six 
years. Infrastructure has now been identified 
as a priority area for private investment 
considering the colossal investment that will 
be required for ray significant developmrat 
to take place in this sector. The ever-growing 
funding requirements in various sectors of 
the economy are a major reason for the 
innovations in the financial sector in terms of 
structuring new instruments. 

Disinvestment program 
The government has also embarked on a 
disinvestment program that will decrease its 
stakes in major PSUs. In the 1997 budget, the 
government assumed a revenue of 48 bfllion 
rupees (S 1 .32 billion) through disinvestment 
of its holdings in the public sector. A Dis- 
investment Commission has been set up to 
work out the modalities. The commission 


Sony, Akai, Honda, Suzuki, Kellogg, Coca- 
Cola and others becoming household 
names. 

Portfolio investment has surged as welL 
with India considered one of foe more at- 
tractive emerging markets. The recent South 
Asian debacle has resulted in a sharp fall in 
the value of some currencies against the US. 
dollar, but the Indian rupee was less affected 
by the impact, thereby enhancing India’s 
relative attractiveness among emerging mar- 
kets. 

Portfolio investment by foreign institu- 
tional investors (Fils) has been on the rise, 
owing to cuts in capital gains tax rates, an 
increase in the limit of portfolio investment 
by Fils in corporate equity from 24 percent 
tq 30 percent, and the permission granted to 
them to set up debt funds. The Union 
Budget announced at the end of February 
1 997, followed by foe Credit Policy in mid- 
April, provided additional boosts. While the 


<n>um urn me umuauLica. me wuiuuaaiuii budget fhrther slashed tax rates (personal as 
shortlisted 40 major PSUs for disinvestment well as corporate) and duty rates, the credit 
Nine of these (collectively called Navrotnos , policy realigned lending norms in line with 
or nine jewels) have been identified as the changing ground realities, providing great- 
most attractive companies for private in- er operational flexibility to foe banking 
vestment: Bharat Heavy Electricals Ltd. sector. 

(BHEL). 67.72 percent government-owned; As a natural fallout of major policy ini- 
Mahanagar Telephone Nigam Ltd. (MTNL), datives that propelled foreign investment into 
65.73 percent; Indian Petrochemicals Corp. foe country, forex reserves have shot up. 
Ltd. (IPCL), 59.5 percent; Steel Authority of exceeding $30 billion in mid-August 1997. 
India Ltd. (SAIL), 88.93 percent; Indian Oil 

Corporation ( IOC). 9 5 .04 percent Hindustan A fully convertible rupee 
Petroleum Corp. Ltd. (HPCL), 51 percent; Making the Indian rupee fully convertible 
Bharat Petroleum Corp. Ltd. (BPCL), 662 will ease the flow offoreign money in and out 
percent; Oil & Natural Gas Commission of foe country and will be a major step in the 
(ONGC ). 96. 1 2 percent rad Videsh Sanchar process of liberalization. The rupee is now 
Nigam Ltd. ( VSNL). 65 percent convertible only on foe current account but 

. , the government has already chalked out a 

mv l J stinent i u P plan to make the currency fully convertible 

Numerous foreign direct investment (FDD on the capital account as well by foe year 
proposals are being cleared almost daily. 2000. 

^-£, V ! n , S mo ™ nru . m 10 * e Proems are foe To begin with, foe government plans to 

ccn^hv raUngS f 1 ^ 11 - to I [ ldia - re " I ^ )lace * e existing Foreign Exchange Reg- 
^^ies y - u,a tion Act with the Foreign Exchange Man- 

fSrSrlv D “f ■ & P , hell, ? i - Act This will wentually fift con- 

fo^onsume^ o P Iacc m w* on cross-border trade and financial 

S d ^mobile sec- transactions, truly integrating India with the 
tors, with major international brands like world. • J c o* aun © 







INTERNATIONAL HERALD TRIBUNE, WEDNES 




Ember 24, 1997 


PACE 1 .* 


ildinq 


?tW5-*S 


K\r-: 




INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAi. SEPTEMBER 20-21, 1997 


-v. 


BUILT FOR BUSINESS: INDIA 


PAGE II 


SPO'^OREO SEC * LON 


Reforms Shake Up 
Banking and Finance 

The entry of foreign players has fueled competition and set 


new standards. 


WKS i - 5£: SvSr k,m ~ to 

wssaa irSSSS 

F= CT ™^“- 

&“^ST2s si Sa 4 

““£=«? sms-itb? kkmsm 


ciaries of this are, naturally, 
the customers. 

Financial institutions’ in- 
terest in banking activities 
like short-term borrowing 
and lending has received 


have enabled local entrepre- 
neurs to enter the business. 

The policy is to encourage 
entrepreneurs in banking and 
financial services to set up 
banks. The minimum seed 
capital required is 1 billion 
rupees f$27.4 million). New 
banks that have been set up 
according to these guidelines 
include HDFC Bank, ICICI 
Bank. UTI Bank. Global 
Trust Bank, Times Bank, In- 
duslnd bank and a few oth- 
ers. 


. . . , . . *■'*““■** ui me oaiiK nas 

A boost for foreign banks already been folly compu- 
I he government is also en- terized, telebanking facilities 
couraging foreign banks. Al- have been made available to 


. Bank . ,7 debt by Indian colonies !s 

Working capital lending is likely, 
basically a retail activity. Fi- 
nancial institutions are not Capital markets 
endowed with a retail net- With the primary equity mar- 
W °u ' , . , „ . ket in the dumps for more 

us right. The Un- than two years, debt issues 
ion Bank of India, for in- have been rampant in recent 
stance, has an extensive net- months. In the secondary 
wore of 2.032 branches, market, the positive policy 
having doubled m size be- measures initiated in budget 
tween 1 993 and 1 996. Of and credit policy announce- 
these, 414 branches have ments accelerated trading 
been computerized. While activity. The permission giv- 
the International Service en to foreign portfolio in- 
Branch of the bank has vestors to set un debt firnds 


oeen computerized. While activity. The permission giv- 
the International Service en to foreign portfolio in- 
Branch of the bank has vestors to set up debt funds 
already been ftiUy compu- and hold equity in Indian 
terized, telebanking facilities companies of up to 30 per- 


“ . *r- ~z avanuuic lu cent (earlier restricted to 24 

though permission for a for- some branches in Mumbai, percent) is expected to 
eign bank to set up operations Banks also have the ability to provide further depth to the 
in India continues to be access low-cost deposits, an equity and debt markets. At 
aigelyat the discretion ofthe advantage that financial in- the same time, the depos- 
Reserve Bank oflndia (RBI), stitutions and nonbanking fi- itories culture is spreading 


ua Uiuifl iv/imiKUCS IO DC 

largely at the discretion ofthe 
Reserve Bank oflndia (RBI). 


” — UilM UVI1UOIUV 

the number of permissions nance companies lack. 


given is increasing, and the 
files are moving much 
faster. 

Foreign banks have 
demonstrated a higher level 
of operating efficiency than 


With the onslaught of new 
products and services intro- 
duced by foreign banks, ln- 


the same time, the depos- 
itories culture is spreading 
fast 

On the institutional front, 
the Bombay Stock Exchange 
recently received permission 


dian banks have been left to expand the Bombay On- 
with no choice but to keep Line Trading (BOLT) system 


of operating efficiency than pace. Facilities like credit to 99 centers. However, the 
uteir local competitors. The cards and 24-hour banking National Stock Exchange, 
former have developed a have now become common, the country’s premier stock 
niche in many nonfund- Banks have also entered con- exchange, which has an ex- 
based businesses. Citibank, sumer financing and invest- tensive geographical reach 
Standard Chartered Bank, ment banking activities, through satellite, does not ap- 
ANZ Grindlays Bank and Automation levels have gone pear threatened in any way. 
Bank of America have re- up substantially, and the fb- "We don’t think that die 
volutionized retail banking in cus is shifting from the tra- BOLT expansion will affect 
India. ditional business of borrow- us in any major way,” says 

Reforms in the banking ing and lending to the R.H. Patil, managing director 
sector took off when the offering of complete finan- ofthe NSE. “And, after all. 
Narasimham committee sub- cial packages and techno] - quality of service is more un- 
fitted its recommendations ogy-backed retail products. portanL NSE had started op- 


volutionized retail banking in 
India. 

Reforms in the banking 


exchange, which has an ex- 
tensive geographical reach 
through satellite, does not ap- 


BOLT expansion will affect 
us in any major way,” says 
R.H. Patil, managing director 


milled its recommendations ogy-backed retail products, 
for improving the efficiency Taking the reform process 
of the system in operations, a step further, the slack-sea- 
accounting and accountabil- son Credit Policy announced 

in> a 11 X 0*1 i .j 


Recommendations in- several more constraints, 
eluded deregulation of in- Major policy changes in- 
terest rates, both on the de- chide the scrapping of the 


ogy-backed retail products. portanL NSE had started op- 
Taking the reform process erations in Mumbai, and 
a step further, the slack-sea- even before we spread to oth- 
son Credit Policy announced er centers, we had already 
in April 1997 has removed exceeded BSE hading 


several more constraints, volumes — which means 
Major policy changes in- that customers like us.” 


posit mobilization -■ '-and maximum permissible bank A mandate for efficiency 
lending fronts; reduction in finance system of working NSE’s mandate is to create 
statutory reserve require- capital financing; withdrawal the technological and insti- 
ments; introduction of capital ofthe obligation to fonn a tutional infrastructure that 
adequacy norms and pruden- consortium for extending would foster liquidity and 
ti'al norms relating to income credit beyond 500 million ro- market efficiency in India's 
recognition; asset classifica- pees; removal of cash-re- financial markets. In April 
ticrn and provisioning; and serve-ratio and statutory-li- 1996, NSE created the first 
other measures. - quidity-ratio requirements on clearing corporation in the 

interbank liabilities; removal country — the National Se- 


locreased transparency 
The impact of the above 
steps and others initiated nonbanking financial The NSE worked closely 
since 1991 is being seen in companies that fulfill RBI with other financial institu- 
increased competition stipulations; and the reduc- dons to create the National 
among banks, as well as in tion of bank rates and the Securities Depository Ltd., 
increased transparency and linking ofthe interest rate on which began operations in 
accountability in operations, rupee deposits of up to one November 1996. 

With a new focus on service year to the bank rate (cur- Speaking of NSE ’s future 
quality and technology, rently 10 percent). plans, Mr. Patil says: “Be- 

banks now place more em- Banks now have much sides foe expansion plans, 
phasis on credit risk and gen- more flexibility in develop- we are doing the ground 
eral risk management With ing their credit system as well work for introducing futures 
the services of banks, finan- as in asset-liability manage- and options trading, 
cial institutions and non- ment The bank ' rate has - However, bow long it will be 
banking financial companies evolved as an effective signal before we can actually start 
gradually beginning to over- rate as well as a reference is difficult to say since the 
lap. competition is intensi- rate, and the debt market has report on foe subject is still 
fying. The greatest benefi- received a boost thanks to foe under debate.” • 


of caps on batiks’ investment curities Clearing Corpora- 
in debentures and loans to tion. 


The NSE worked closely 
with other financial institu- 
tions to create the National 


work for introducing futures 
and options trading. 
However, bow long it will be 
before we can actually start 


Foreign Investment 


Continued from page 9 

class population and its in- 
creasing disposable income. 

The auto sector has seen 
an influx of foreign invest- 
ment in foe passenger car 
segment as well as in auto 
parts. Low labor costs and a 
growing market for new 
models have proved to be 
major advantages for foreign 
investment in this sector. Big 
names that have already lined 
up huge further investments 

in the passenger car segment 
include Daewoo, Peugeot, 
Mercedes Benz, Ford and 
General Motors. 

In auto parts, Fitchel & 
Sachs AG of Germany (the 
largest . manufacturer of 
shodc absorbers in foe world) 
is Unking up with Sirmour 
Sudburg Auto LtcL, while 
Toyo Radiator Co. Ltd. and 
Mitsubishi Corporation are 
joining- -up with Tata Auto 
Components. Hyundai Elec- 
tronics has alk> finalized 
plans; Toyota Motor Corpo- 
ration is joining hands with 
the Kirloskar group to invest 
between $700 milli on and 
S&oo million in this sector. 


Evidently, foe poor eco- 
nomic performance indicat- 
ors for 1996-97 belie the 
burst of activity taking place. 
Since 1991, India has ap- 
proved about 11,000 foreign 
collaborations, worth $38 
. billion. The industry minister 
expects $5 billion worth of 
TDI this year, compared with 
$2.4 billion last year. 

Policy changes 
Although disappointing in 
terms of growth parameters, 
1996-97 was marked by sev- 
eral policy-level changes. 
Several changes were incor- 
porated recently in FDI 
norms to further accelerate 
inflows, which have been 
languishing at around 20 per- 
cent of approval figures. 

The Foreign Investment 
Promotion Board will now 
consider 74 percent foreign 
equity in FDI proposals, 
keeping in view capital re- 
quirements and technology, 
and will give priority to pro- 
posals in infrastructure, ex- 
port, agriculture and health 
care. 

One hundred percent 
wholly owned foreign sub- 


“BfoLT FOR BCStNESS: INDIA* 


sidiaries will now also be al- 
lowed in high-tech areas, 
consultancy services, hold- 
ing companies and trading 
companies. In addition, tem- 
porary approval in nonpri- 1 
ority areas will also be al- 
lowed, provided that up to 26 
percent of foe foreign stake is 
diluted within force to five 
years. Foreign airlines will be 
allowed a 26 percent stake in 
domestic ventures. With a 
six-week timeframe for con- 
sideration of FDI proposals, 
foe F1PB will no longer make 
any post-fecto changes in ap- 
proval conditions. 

In a recent move, the gov- 
ernment also permitted FDI 
in foreign-exchange broker- 
ages and expanded foe list of 
industries qualifying for 
automatic approval in- 
volving. up to 100 percent 
equity investment by nonres- 
ident Indians and overseas 
corporate bodies. 

Permission for FDI in for- 
eign-exchange brokerages 
signals a further opening up 
of foe financial services sec- 
tor, which has been relatively 
slow in attracting foreign in- 
vestments. • 


Information Technology: India’s Professionals Rank Among the World’s Best 


The use of English following colonial rule has given 
India a head start in the field of information tech- 
nology. In this human-resource-intensive busi- 
ness, Indian IT professionals are currently ranked 
among the best in toe worid.The Indian IT industry 
is also very cost-competitive. The key issues fac- 
ing the industry these past years have been the 
need to generate adequate skilled manpower and 
to create sufficient infrastructure to meet the 
growing needs of the industry. These goals are 
now being realized. 

India's vast middle class is becoming rapidly 
oriented toward computer education . enabling the 
country to Increase the supply of skilled man- 
power. Indians are now finding that computer 
education is a successful passport to a good job. 
The statistics on the IT industry speak for them- 
selves. According to the international Data Cor- 
poration, the IT sector in India is prelected to gross 
a total turnover of 193 billion rupees ($5.3 billion) 
In the current financial year, which translates into 
a growth of 36 percent over the previous year. 
Whilethis is less than the phenomenal 61 percent 
growth posted in the previous year, the figure in 
absolute terms is still far higher than growth 
posted by any other industry sector. Furthermore, 
within the IT industry, the computer-training seg- 
ment posted a phenomenal growth of 44.56 per- 
cent during 1996-97 . 

India is finally investing heavily in IT infrastruc- 
ture. Many state governments — like those of 
Karnataka, Tamil Nadu, Kerala, Maharashtra and 
Orissa — are taking steps to set up •'information 
technology parks" to promote software exports. 
The state governments are using generous in- 
centives to woo technocrat entrepreneurs to set 
up ventures in these parks. Karnataka state s 
capital, Bangalore, is even known as the “Silicon 
Valley of India.” In a bid to retain this preem- 
inence, the Karnataka government has exempted 
entry and purchase tax on computer hardware, 
peripherals and other capital goods, including 
captive power generating sets. 


2 






'/ 

*y.S. 






India is poised to reap the benefits of fts investment n computer education in the smecSste ftifure. 


The growth in IT infrastructure, together with the 
availability of a maturing and increasingly skilled 
work force, is enabling Indian software companies 
to move from plain "body shopping" (sending IT 
personnel to client sites) to offering full project- 
management capabilities. 

With the computer-software segment booming, 
the growth in demand for computer hardware is 
also increasing, but local hardware manufacturers 
using dated technology are having a hard time 
competing with imports. Large multinationals like 
Compaq, Digital, Acer and IBM are cashing in on 
this opportunity. 

Wipro Infotech. which deals in both software 
and hardware, tops the list of Indian IT companies. 


in second position, Tata Consulting Services fo- 
cuses on software and is the undisputed leader in 
the computer software sector. NUT. number six, 
and Aptech, number nine, are India's leaders in 
computer education. 

Given the dynamics of the computer market, 
this list is sure to grow rapidly. Infosys Tech- 
nologies — perhaps the most admired IT com- 
pany, with a turnover of 1.44 billion rupees — 
does not figure in the list. The company posted 
sales growth of 54 percent last year and is poised 
to maintain the high growth trend, infosys hopes to 
be the first company in India to obtain a listing on 
a U.S. stock exchange. Obviously, the Indian IT 
industry’s ambitions are truly global. • 


“ Think India. Think Taj” 




Ths Tat Mahal Hotel. Run hiy oU urjril in.,- tnth nu.u-m mu. 

"The Taj Group offers you more and varied ways to enjoy the wonders of India than any other hotel 
group, quite simply, because we are larger than all the rest. TAJ LUXURY HOTELS: eight 
international grand luxe hotels, in all major cities, led by the legendary Taj Mahal Hotel, Bombay. 
TAJ RESIDENCY HOTELS : superb business hotels located in the heart of India’s key commercial 
centres. TAJ LEISURE HOTELS :' idyllic 
Beach Resorts, the majesty of genuine 
Falaces, intimate Garden Retreats in 
beautiful, natural surroundings and 
delightful Cultural Centre Hotels in 
places with historic attractions.” uu p«Uc. uiofur kiijikI; luaiiiid 

TAJ LUXU RY HOTE LS: TheTai Mahal Hotel, Bombay; The Taj Mahal Hotel, New Delhi; 

Taj Palace Hotel, New Delhi; Taj Bengal, Calcutta; The Taj West End, Bangalore; Thj Coromandel, Madras; 

TheTai Mahal Hotel, Lucknow; Tai Samudra, Colombo. 

TAJ RESIDENCY HOTELS: Tai Residency-, Bangalore; Tbj Residency, Hyderabad; Taj Residency, Visakhaparnam; 

Taj Residency, Aurangabad; Taj Residency. Ernakulam;Taj Residency, Indore; Tai Residency’, Nashik;Taj Residency, Calicut. 

TAJ PALACE HOTELS: Rambagh Palace, Jaipur; Jai Mahal Palace, Jaipur; Lake Palace, Udaipur. 

TAJ RESORT HOTELS: The Aguada Hermitage, Goa; Fort Aguada Beach Resort, Goa;Taj Hobday Village, Goa; 
Fisherman’s Cove, Madras; Em-boo-dhu Fin-olhu Island Resort, Maldives. 

TAJ GARDEN RETREATS: Taj Garden Retreat, Madurai;Taj Garden Retreat, Coonoor; 

Taj Garden Retreat, KumarakomiTaj Garden Retreat, Varkala. 

TAJ CULTURAL CENTRE HOTELS: Thi-View Hotel, Agra; Tai Ganges, Benares; Hotel Chandela, Khajuraho; 

Hotel de L' Annapurna, Kathmandu; Taj Malabar, Cochin. 


THE TAJ GROUP of HOTELS 


Thii a uK drt ^LiuINi i’i 4 nf 


THE TAJ GROUP. INDIA’S first. SOUTH ASIA'S fiiutL 


CENTRAL RESERVATIONS FAX IN BOMBAY: i<M-22> 283 7272 

9 

OR CALLU T ELL OR YOUR TRAVEL PLANNER. 


Writer: DebasMs Basu is based in Bombay. 
ftwGRAM Director: ^ BillMabder. 


A colourful directory ofthe Hotels is available. Please fax your request to (91-22) 283-7272 quoting “TAJIUT” 








PAGE 12 


INTERNAHOIVAL HERALD tribune. SATURDAY-SMVDAy, SEPTEMBER 20-21, 1997 







THE INTERMARKET 


^ +44 171 420 0348 





p FRIENDSHIPS 


|G> 


Edith Brigitta 

Fahrenkrog 

Tbe Ikthwtkwu- Pakwms^^ A*»«a 1 h Europe 


New York 


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PERSrtML IKMVBI'AL ASSOTAPCE & MV SSJUCE 

CoNiTOHorE Is My Highest Pw*nv. 

Frankfurt Head Office: Fkan^^t,^ s-tm 

eOJIfiFUAMCRUT/MAK. ' 

Teu- +49-69-43 J979 • Fax- +49-69-432066 

Paris Paws Office: mw - fw 9 >m. - 6pm. 

Paws 73008. 72 RUE w FAWOURO-ST-Hwnrt 
TEL: +33-1- 4007 86 87 • FaX+334-40078040 

Nfw York USA. Office: New York, m<w-fii?a* -<»* 

WEW YORK , ® ,9 - 730 ^ IF ™^^'S? 

Teu <1)212-333-8785 • Fax: 0)212 - 333 - 8720 

So™. Trxs°*M- Amw»TMixre ArcAuri PaSSOtE I* 

SSL. ^SiS^SlNGAPOM- HONGKONG 

O 

ifssss 

S/ u+v ,A* MiT. WITH GREAT STYLE AN 


Souro 

Individual 

ConnOENTIAL 


— WORLDWIDE ELITE— 

the sophisticated introduction ... 

SE-ASIA via SINGAPORE 
REFINED EUROPEAN TOP-EXECUTIVE, 28/57 

A VWAQ0U5, DHIGHIFUL and sokbsAI, htgWy JJW|«fesionaJ 
who graduated from leading European Universitiei, being 


. gabride thiers-bense 


nutWjwual aid m tar yam already « i tbe top of a nma*®* 
careerJ ■ AWwagh from an exaflent European Famiy she nw 
discovered the fascnalMfi, the merits and advantages of cultured 



— MARRIAGE MEDIATION — — > 

.to the best in international society 


Friendships 

EXCEPTIONAL French 


INTL ESTBMH) & WiAUHT 
- cfistin^ished HIGH ARISTOCRAT- 
AK H/IE W0HD OHZENaid OUBHMIMBFBSONM^ 

HIGHEST INTiR NATlQNAl BTBM ml a HU»*b l gj±| 
conprehensswly what is wdwstoodby WGWTf, 

WKOW-I OSO BTtuOfcQ Bl a whiiswws wsiini ■’■t J , _. < .1 l 

sodrtvm seek™ to fS the vacancy d yow side vm a Mwe «»ow 

dBKU&ftrEfift 

cnemifted and caring compamen tbon the Mf »JowodTOT«y 
fiferenfehd Aristoatf who foimw IwwiofyniHh 


fviminSouttioiSpahsi&rtw.jn 
his foes, wy destebta, wy feny, av 
falimaMf has naiad mudHta in 
look to re irique woman wta is wd 


educated, soy. very tunny, natty, R- „ 
nancbly Independent and «ho‘ s ma» to 
shan aw>«n& This iriqtt-pasnwfi , 
be nation in bar Wes. She needs to . 
han sons notions of French, Answer '' 


lWfen a pc r-and hdnde.tw Jtanrt cb ■ 
hmWfo to Box 410, WT, 92521 * 


turns. Wite to Box 410, 1HT, 
Neuily Cate, fiance 


neraan. EWMean or Auscnm Dusmsspenon as a raw Exclusively for vou w muuxvm new* 

and deji-oHe^uture Proi*ct"— SSe &pos** of on , y . * ^nified md comg v 

Srafatflmnanw PenonJy an« 1975 «M*d Aristocrat to 

gSSSSSfe £a:S:tSS sISsS* 

DaBy 11-19 hr* • Germany • 82031 Muiwh-Gninwald • Otto-Haflmann • Sir. 5 * By appointment 

Represented in Paris ■■■ — BeHin the USA ■■■ Singapore ——Melbourne 


SfefWTtis^ Aristocrat vAo Imw to fumah pnvacy c«npSshedw*^riai 

coodcvt cod vW shduc^orI ■ Our cfianf nxtoitai* ra™yj* r ®°9® Pafis ; , fr aV B ^ a j t6fl ^ 


Lovely American, Bnpe» educated, 
otti beauty, enwgjr, care, conpasskn, 
aret a sense of tunur. pdti 40, b- 
compished pmhssionBl orartly Ivtog h 
Paris, tranbn adenstvely u R^ing 
to tab. sewn to meet Mat refcbte 






Ks MARVELLOUS RESIDENCES IN THE MOST EXCL USIVE SITES IN EbROPf /OJD 
^A^mora^uwSSiwwiED CHARACT^ OF ' WOHrmi: J3 ■ 
EQUILIBRATED AND GENEROUS. HE IS LOOKING TOR TRUST. LO% c .AND11JT. AL 
mSp B CT IN A MARRIAGE IN PERFECT HARMONY. 

O WP^^NDLCWDwP^N 

W aND CLASSY WOMAN WITH BLOND HAIR - BUgEYES- ^PITV AT-N' 

A CAPACrn’ TO SMILE. TO LAUGH AND WITH GOOD COMPREHENSION OF 
BUSIN ES S LU-E AND ALSO A GOOD LISTENER. SHE LIKES CULTURAL EVENTS. A 
BEAUTIFUL HOME. TO BE A PERFECT HOSTESS AND |8 LOOKING TOR THE 
RIGHT PARTNER TO START A SERIOUS PARTNERSHIP BASED ON HARMONY. 
CONFIDENCE AND LOVE- ^ 



Claudia PfischeKKnles JLtdJ 

contacts among the most cfistingutsnea cl 

One of the ootstondfcg wing men i (29 
reno w ned ertiepreneurr fcanmMofoa 


. Edudted, 


men (29/188) from one of "THE* great, 
ies of oar times 


Active far you 
onaworfcMdBKafe 


A young genteman "par actterat, gntuatod ham fltta iDrastfy, erc^onrfy good lodang, a 
'sponeman'. tanned, dads, materaraan iype (hom B» icpar ton - hd. avemhlngconnectodirth 
IQ. He cornbines Europear aAue, sducason and das (tom his motoafs sk^ mtfi tie amarakp. 
casual maUBf-of-tocinees and power of toe Amatos) upper desses- He Is nonderUy open- 
irinded, an entrepr en eur from tip-g+toe. (alf^iy owning a muBmOan taruna, real astata and 
plants), htfriy cultsed, «el resed in nusc oto toe ine arts, senstove and always a g sn fiam an , 
er^oys gnat esteem and resect (even beyond toe good name ot his taniy), heir to one of THE 
enormous fortunes! What he mtases to toe woman al his tide: natiai, attractive, graduated. 
t&flfat. up to 30, tafl and tortntoB. sportive mdwito effie and taste, able to hoto her grand in toe 
irne^t-ayaaig'RisSady'.giailyEiRapemtinvtotoienationalixatooto. 

Do you feet Impressed? Ptooao call us: You can reach ue Oalty from 3 to 7 1 

Head oitices- Europe, Germany, Frankfurt- Ms. Hoffmann. T (0049 ) £M 


es of the top of society, the busness eme and HitemabonaJ vips othcb in us. 

From tba laocTmg circles of the American society - a breath-taking, 
gorgeously femasne beauty in her 40* 

A real ftefady a la Grace KSy (hop a-a tf toe good, cti Garmm tanSe). and 

feminine, wflh an cratisdide chain atom her. Ml of lai^dar and wainft. a w angi toraigh aw 
thrautf- wUmed and wtooutdaparetens 'arts a happy marriage wBh one i ^toa amnMtoeriMn 
eanpreaeut). Sba has tfven up d busness acSvjes fftjane d WBxsJ- btis a home m toeifift 
where she hes mast d toe Orta, wto rasderess ci h&ndi and m toe ■Cct^reffia^BEvaSgto 
Paris, RorenceAUoto, Stizbug and Sayreuto. A wcsiap of the wcrid a» to toe airo anetoemost 
charming, excing, and endHrtng woman dial you can imagine. She would ratoer apprecata a 
^eduderf Me with >argd enjoy Efe in apfeato atmosphere- gewaito bring hgwnass, tow and 
taupfa? bade into you Be and ^ady gwe her whole atsento o y«i a mar, ot toe wtxto, and real 
saanB, Weston European or American, g!a4y ip to ttis las 60s- 


iiL, adso Seusun on Fax 

42 77 154+ Germany, L 


1-875113 

lMs.ZbnmemwrmT(0049)211/329357j 


PLEASE CALX I 


NANNIES/DOMESTICS * GENERAL 



'Imperial I 


LINGUISTIC STAY IN PARS • French 


/annul nannies governesses 
BABY NURSES 

EVnonatty vend. UgUs apatanad and 
p iofe H kwal nUb aatefl wtoaiea. 
AVAILABLE NOW 

© TWl +44 17l 389 6132 
Fax: -1-40 171 589 0092 

V IS TWta* SM. ICMX3N SW7 OH (AGYI 7 


See Monday's Intern— ket 
for RemriUncnl, EducsUon, 
Secretarial, Internet Services. 

To adcotue contact Sarah ^fcnhof 
on -M4 171 420 0326 
or fax +44 171 420 0330 
A GREAT DEAL HAPPEAS 
AT TOE EYTERHARKET 


counts ntto quaUed (aacher. 15 hous 
per week. In TeadwCs home (Sve-tot 
rF4,490 / aeek or Independen stooo 


Wines & Spirits 


FF1350 1 mtii. Tel +33 (0)1 4252 1G5B. 


BRIONL Tin finest hand-made aft 
Largest selection in Switzerland at 
WEINSEflG toe leading men's store. 
Salnhdstr 13 Zunch 01-211 29 50 


UNIQUE wife OPPORTUNITY. Odtac- 
tor iftn for bid. 1 4, and 5 cade tf 
various Parker 100 and Otoe: sefeded 
Bateaux aid Yquem 1982-1990. Fa 
■totals fax Swtoknd 441 21 7912507 


Personals 


FEELING tow? - havtto (nUsns? SOS 
HELP Cristo4»e to HwfcfL 3 p.fli • 
lipjri Tei Pam (01) 47 23 80 BO 


Colleges A Universities 


ffc'umk* e//fr& 


tVelc orr.ss Ssrah Sell ’.wth hgrw-j«i:h c-f 
oro6rier.ee to our ler.a estaatished '.sf.m 


AD staff IrttsrvtBwed Quafifications 
and references verified- 
:Tab 44 171 499 3034 fac 44 m 499 3035 


STAFF of 'DISTINCTION 


Automobiles 



Monroe Nannies 

mom Hitowrauujr for ?k raw best 

NANNIESWATERNITY NURSES 
GOVERNESS ESMOTISR’S HELPS 


THE UNDERSIGNED 

s ntorested n tocafrm 
t/atine Gatoarague and Jean 
Bripjc Dugart benefictoes d toe 
Estate d Macele Robenson as wd as 
her late husband Robert Robertson 
We are also seeking to locale Jantae 
Rodrigue in oomedtan wtoi sato estate. 
If you have any mtamatton concentng 
toe *cve 3 peofc, please cwact 
JOB. S. STERN; 

STERN. WENEH and LEVY , LIP 
850 ThH Aw. NEW YORK, NY 10022. 
Tafc 1 212 355-7220. 

Far 1 212 371-3215. 


1952 MG KFTT) ROADSTER, cdour 
cream. Pnvale party - Tefr France 433 
(OH 9376 01E. ftx 433 (0)6 8084 4961 


GET A COLLEGE DEGREE to Z7 DAYS 
BSWUEAiThD- dc mckxSng gradua- 
fcn reg, transap, djAxna Yes fs 
reel, legal guaranteed and a ccadted. 
COuflfflA STATE UNIVERSITY 
1-SD4-4S5-1409 24 torn 


Auto Rentals 


RENT AUTO DERG1 FRANCE: 
WEEKEND FF500 - 7 days: FFT5C0. 
Pm 433 10)1 43 6B 55 55. 


EARN UNIVERSITY de?ees utffiung 
M7t fife i acadsmsc otpermce. For 
evaluation L rfonrafioo torenJ resumt 
tx Pacfic Soutoerr Urweraty. 3S1 IV 
Pico 3M., Dept (21 Los Angeles. CA 
9Q0SUSA 


Auto Shipping 


Trained British Nannies, Governess 


I Al staff are Mty experienced In the rare 
1 of infants & young chfdrar A tie provide 
i very professional & caring service 


& Mjtrrmty Nurses 
ID -jut iuo jretKTSOT 


Rease cxmlact Emily van Eysaen 
EL H4 1711 403 0910 FAt (44 ITT ] 629 «8 


mi 'jut ;un ircpersonun imtT 
c~Sr. - , ne“«d a»J reterenct checJaai 
— AttWuByprUeiswnalsoTxe 

Tal. A AA ITI HI Dim 


arrpmwulh' inw- I I A/2/70 URCdtfi GfltS 


SAVE ON CAR SHIPPING. AHESC0, 
Kribbestr Z Antwop Be^um. To/From 
US. Africa Regdar Ro-Ro saing Free 
hotel Tet 22/31231-4238 Fax 232-SS3 


REQSTERED ACCREDITED COLLEGE 
DEGREES. AJ subjects. Home Stud-/. 
FAX: 319-354-6335 TeL31 9-2563620. 
Box 2804, Iowa Cty, 1A 52244 USA 
E-M& affinriKiieblHLain 


TEL (44 171) 409 0310 FAX: (44 171) 629 fl® 
34 BROOK ST.. IIAYFAIR, LONDON. W1 


' ^ Tet + 44 IT 1838 0033 
Fax: + 44 171 569 1188 

2T TNurioe Soraat. London SW7 2 LQ 


lirndb^^eribunc 


Business Opportunities 


nBimimmmMWiig 


DomesH’c Positions Available Domestic Positions Wanted 


SUBSCRIBER CUSTOMER SERVICE: 
For questions or queries abouttoedaSv- 
ery d yof new^japer, toe stars d your 
subsopton v tixut ordering a sitoscrip- 


Autos Tax Free 


Hon, please cad toe Mowing renters: 
EUROPE ISD0LE EAST AND AFFBCA: 


FRENCH-AMERICAN FAMILY M NYC 
s eete nanny to heto care fat 5 yea old 
toy & tnfarrt girl. Musi have axpenenca 
vwrkngrtiving s mejtx cny Lfesi be na- 
tive French speaker. Verifiable, recent 
references necessary. One year comrrri- 
ment. Musi be fleieto; pteytut athletic: 
and able to travel. Comereational En- 
gSsh necessary Salary comnensurale 
with experience. Can colecl to 
212-874-4363 or tax resume 1o 
212-8745456 USA. 


STERLING DOMESTICS.. INC. NYC, 
rs currenfly representing many fngWy 
sided, buttes, chefs ana governess toai 
desire posts in toe UAE or Europe- AO 
have lop references horn toe workfs 
finest homes. Tel: 212-681-5813 
IOpjfwwii.deringrei.com 


SWISS FAULT H BERNE seeks ramy 
lor 3 year oW 8 twin boys 6 months. 
Mid haw experience it sola charge tar 
3 drWen. stay f year, rncam refererces 
necessary, saay conx iw n sa aia tito ex- 
perience. Write tfto CV. references 6 


EXPERIENCED COUPLE - French, Por- 
tuguese, Spanish art some Endfch. Fax 
UstXJfr 351.1.4577362 


EUROPE, UD0LE EAST AND AFFBCA: 
TOU. FREE - Austria 0680 8120 Bel- 
gun 0800 17538 Fiance 0800 437437 
Gemony 0130 848585 Italy 167 -780040 
luxwtourg 0600 2703 Netherlands « 
0225158 Sweden 020 7970® Swtaflf- 
land 155 5757 UK 0800 895965 Ebe- 
whera (t33) 1 41439381 THE AMERI- 
CAS: USA (loH-tree) 1-800-8822884 
Elsewhere (+1| 212 7523890 ASIA: 

S Kong 2922 1171 Indonesia BOD 
Japan (id-tree) 0120 464 027 
Korea 3672 0044 Malaysa 221 7055 
Phffippbies 896 4946 Singapore 325 
0834 Taiwan 7753456 Thatand 277 
4485 Bsewbere (*852) 29221171 


new TAX-FRS used 
ALL LEAWIG MAKES 
Same day legteation posstle 
renewable tot 5 yws 
We tiso reglsrar cars whh 
(oqwed) foreign (tax-free} petes 


OFFSHORE COMPANIES. Fcr free bo- 
efrure a atorca Tet Lonccn 44 181 741 
1224 Fax 44 181 74S 6558S3S3 
wwwjpptemco^ic 


2ND PASSPORT SI OK Also EU. 
Diplomatic, Drivers Licences EmaS: 
cqtEiUimne4<i Fax: 63-2-831 7552 


fCZKOVfTS 

ASrao Escher Street 10. CH-80Z7 art* 
Tat 01/202 76 10 Fas OlfiOJ 76 ® 


2S YRS OCEANWIDE HOTOflS 

woridMde noSy of tor-free cars AUX 
Mercedes, BMW, Porsche. Cel Germany 
449-21 1-4483830. tax 49-211-44 939322 


with cm -respond rjH reladondrip. 

Class A commercial Hcanae. 
Immediate delrrery. US $60,000. 
Nassau, Bahamas 

Tet (242) 394-7080 Tte (242) 394-7062 
Agents Wanted Woruswide 


photo kx G. Grimm, Bundackar X CH- 
3047 Bremgaiten. 


YOUNG MAN SEEKS housekeeping, 
hwng, gardening 7-yr experience, refer- 
ences. Consider any der. 06 1218 1278 


DOMESTIC STAFF -Hrgheti cafixe exp»- 
nenced Couples. Butiemxise Managers, 
Narrles, Chefs. Housekeepers, & PAs- 
all senoutousty vetted HUTcWNSOHs 
Emptoymerx Agency 44 (0)171 581 0010 


OUHNEXT5PEO/U.HBIDMG: 

REAL ESTATE 
in the SOUTH ot FRANCE 
the RIVIERA and MONACO 


Legal Services 


Business Services 


HOUSEMAN OR COUPLE WANTED 
Beverly Hills. Cafitomia Uve-fn. 
Fid dnwrg ficence, no chtorerv. Contact 
Mr Weiner after 22 September Fax 
1 310 274 2579 Tat 1 310 274 2379 


DOMESTIC SOLUTIONS AGENCY 
The spedafcts ta Buttes. Chatitens, 
Conoantons, CootaHnsekeepas, 
Coitees & Security stff. 

Tel 44-171 589 3368 to 171 589 4966 


DIVORCE 1-DAY CERTIFIED 
Cet or Fax (714) 9888885. Wite 16787 
Beach BW M37, Hurtington Beach, CA 
92648 USA - frrrral - wstoRna juxr.com 


(Safes and Rertab) 
m be appeafrig on 


Friday, October drd 


DIVORCE IN 1 DAY. No travel. Write. 
Box 377, Sutwy. MA 01776 USA. Tet 
9787443-8387, Fax: 97B/44M183. 


BUSINESS DEVELOPKENT: Atianfa- 
tased ex-CEO seeks assignrims. High- 
tech background wrtfa 20 yean Nenta- 
tonal sales & marketing experience In 
Europe A Asia. Fax- +1-770-640-711 a 
Emat 743622M6aaompusenejxm 


For more delate phase contact 


YOUR OFFICE M LONDON 
Bond Street - Mai. Phone, Fax. Tetex 
Tet 44 171 290 8000 to 17J 499 7517 


Collectibles 


UX NANNIES, EngTsh and ScUtsfl. 
wfii best references. Est 1970 cal +44 
181 650 3666. tar »44 1B1 GSO 5645. 


UK & OVERSEAS AU PAB AGENCY 
NANNIES, MOTHERS l€LPS. aQ iwto 
Stall 87 Ragert Si Lorafon WlR 7HF. 
Tet 171 494 2929 Fax 171 4»4 2922 


ftTERNATWlAL HERALD 7HBUNE 
PARS Tet +33 (0)1 41 43 33 95 
or toe +33 (0)1 41 43 S3 70 
Btnaft vtoytaUatcorn 


SHARE OUR 6000 LUCKJ Rare co*ec- 
lion of naiuiaf lucky 44eef ctorets. for 
sale. Please contact Mr Voumas, Greece 
to +301-3221778 


Escorts A Guides 


DINING OUT 




Heralb^^feeribitne 


BELGRAVIA 


AMSTERDAM 


PAHK7Mi 


TtiF.womjrs ovnar nevsrxpeb 


DEVUEGENDE SCHOTEL 


THOUMEUX 


PLANNING TO RUN 
A CLASSIFIED AD? 


ORCHIDS 

LONDON - EUROPE 


ttegetarkmfddmC 

OpendoBy ML30-2L30 
Kldien open 17JO - 22IS 
NEUWE IS1ES1RAAT 162 


PAWS 9th 


TY-COZ 


faso r rotwoK 020-6252041. 


faumiM i dwf by fenare gotoonamc guida. 


Ifew dtiHi Bmtelurto.toefe An reoes. 
7V,w(h^lMkriteNuly.T.Q1462UU&. 
An.ar.Jtikwr Ml Tfcl 01A7J127.il 




PAWS 6th 


LE BILBOQUET 

A» die hnt rfwSSSSSii 
far dinner tro drink. 
Gsaenomial nmai a reonreUe reks 

,3 » rue Salttf-Beaed, L 01 4&4&8I44. 


Tim American Bbh-o 

Great Food and Codcfoib 
Fun People.- 

8, BU Matemlre TeL 01 47 7D 27 20 


KIRANE’S 


Dtyaraj 


1<L row DDuytemB.^O^a^SSai 



CHEZ GANDHI 

RBrarrmnded far te gaWrenarm. 

Mdu of fanar^wt ig rails' 
fair ceoAieoad 4J, ru* (knjphlm. 
T.0l«t37OaM-01 43290129. 


KERVANSARAY 



ElflfOPE 
FRANCE WQhiW 
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cal 0973 530 056 


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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, SEPTEMBER 24,1997 


PiCT 9' 



***** 







2 U.S. Firms 
Find Listing 
In Tokyo 
Too Costly 

Reuters 

TOKYO — Two leading U.S 
companies turned their backs on the 
lackluster Tokyo stock market Friday as 

tteexcSsng 10 t * elist t ^ eir sbaresfrom 


Hcrnl hl^fcl SrUmnc 

business/finance 

SATURDAY-SUNDAY, SEPTEMBER 20-21. 1997 


PAGE 13 


Anheuser-Busch Cos. and Chrysler 
Corp. said they had applied for the de- 
usnng. saying that sluggish trading 
volume m their shares here had nm 
j^raied the high costs of maintain ing a 

. The wwts involved in maintaining 
its listing in Tokyo were unjustifiable as 
the number of local shareholders had 

Japan weighs tax cuts on corporate 
income and real-estate and secu- 
rities transactions. Page 17. 

been far below the company's expec- 
tations,” Anheuser-Busch said m a 
statement 

Chrysler also cited the low trading 
volume of its shares on the Tokyoex- 
change and the high cost of maintaining 
the listing. 

, The Tokyo stock exchange, which 
has suffered a series of departures 
from die market by foreign compa- 
nies, said the two companies* shares 
would be delisted at the end of the 
year. 

So far this year, only one company 
has joined the bourse's foreign section, 
while eight companies — including 
such blue chips as AT&T Corp. and 
Texas Instruments Inc. — are due to 
leave. 

The delistings will cut the number of 
foreign companies on the Tokyo ex- 
change to 60. 


-• *7.'. N 



IMF Pushing to Open 
East Asian Markets 

But Nations Appear Reluctant 


Anwar Ibrahim, Malaysia's finance minister, left, with Mar'ie Muhammad, his Indonesian counterpart, Friday! 

ASEAN States Seek Regional Fund 


By Thomas Crampton 

Special to the Herald Tribune 

BANGKOK — Stung by the con- 
tinuing shaip fall of the region’s cur- 
rencies, die Association of South East 
Asian Nations will push for an eco- 
nomic stability fund next week at the 
annual meeting of the International 
Monetary Fund and World Bank, a lead- 
ing Philippine official said Friday. 

Malaysia’s deputy prime minister 
and finance minister, Anwar Ibrahim, 
meanwhile, called for international reg- 
ulations to curb die power of “gun- 
slinging” hedge funds that speculated 
on currencies. 


The developments came at the end of 
a meeting here between Asian and Euro- 
pean finance ministers. 

Officials from several countries 
voiced support for a regional fond to 
bail out troubled economies and help 
them fend off speculative attacks in 
financial markets. 

At the same time, they acknowledged 
the difficulties. 

“We don’t have the expertise, we 
don’t have the technical know-how,** 
said Thanong Bhidaya, finance minister 
of Thailand. “We just know that when 
one of us is in trouble, the others should 
pack together and help.” 

Roberto de Ocampo, secretary of fi- 


Jiang’s Blueprint: What’s He Up To? 

By Peter Passell /ri . rwy 7 r»i • Thu !- whUe the P°* 

— China Telecom Share Offering 

£ May Raise Up to $3.7 Billion ~ iJgUi 

mg away of the " * Dlovment and cutout ii 


■ mg away at the 

R Stale as die final Bloomberg News 

stage of the socialist revolu- HONG KONG — China Telecom (Hong Kong) Ltd. may 
tion. But it is unlikely he had raise as much as $3.7 billion in its initial share sale, almost 
in mind today's China, where twice the original goal, according to Goldman Sachs Hong 
President Jiang Zemin has Kong, the sale’s lead underwriter. 

just broadened the definition The increase underlines just how popular the sale will be as 
of “public ownership” to in- investors scramble for their first opportunity to bet directly cm 
elude publicly held private China’s fast-growing telephone market 
com panie s and announced At a stroke, China Telecom, a unit of the Ministry of Posts 

that the vast majority of state- and Telecommunications, would become die seven th-biggest 
owned enterprises would listed company in Hong Kong, with a market value of up to 


companies and announced 
that the vast majority of state- 
owned enterprises would 


soon be left to the fate of the $14.8 billion, Goldman said in a report this week, predicting 


free market. that its 

What Mr. Jiang meant is dollars 
not yet clear. “Everybody’s The 

railing it ’privatization,’ territor 
which may not be the case,” Oct 22 
cautioned Robert Dauber- The 
ger, director of the Center for capital 
Chinese Studies at the Uni- listing. 


that its shares will be worth as much as 9-55 Hong Kong tain the “iron rice bowl” 
dollars ($1.23) apiece. guarantees of employment 

The listing in Hong Kong has received approval from the and minimum living s tan- 
territory’s exchange. The shares are likely to begin trading dards. 

Oct 22 or 23, one of die underwriters said. The catch, argues Hairy 

The company has said it plans to sell a quarter of its share B roadman, a senior econo- 
capital to investors in Hong Kong and New York for the mist at the World. Bank, is 


Thus, while the portion of 
gross domestic product gen- 
erated by the state fell to just 
34 percent in 1994 from 78 | 
percent in 1978, both em- 
ployment and output in gov- 
ernment enterprises actually 
grew. Today (as in the early 
1980s) roughly one Chinese 
adult in five works for the 
state. 

But the state sector is 
hardly healthy. Since the 
mid-1980s, managers have 
been granted freedom to pro- 
duce what they want and sell 
it for what the market will 
bear — as long as they main- 
tain the “iron rice bowl” i 
guarantees of employment 
and minim um living stan- 
dards. 

The catch, argues Hairy 


veraity of Michigan. Goldman Sachs estimates Chin 

“All we really know is that share capital of 12 billion shares. 
Jiang made k politically cor- 


ting. that state enterprises rarely 

Goldman Sachs estimates China Telecom will have a total confront a “hard budget con- 


reef to sell shares” in all but a 
handful of enterprises, he said. 

But Jeffrey Sachs, director of the 
Harvard Institute for International De- 
velopment, said: “They’ve reached the 
conclusion that state ownership won’t 
work; China is now committed to free 
markets.” 

China has been experimenting with 
its own eclectic mix of capitalism and 
socialism since 1979. The first step was 
the liberalization of agriculture, repla- 
cing c ommunes with long-tom land 
leases. 

That permitted peasants to keep the 
proceeds from their extra production, 
nearly duplicating the incentives of 
private enterprise while main tai ning 
state ownership of land. It paid off 
Farm output grew 5 percent annually 
from 1978 to 1995. even as the pro- 
potion of tiie work force engaged in 


agriculture fell to 53 percent from 72 
percent In the second wave of near- 
capitalist reforms, small, community- 
owned industrial enterprises were per- 
mitted to blossom, absorbing mnch of 
the labor freed by productivity gains in 
agriculture. 

“Special economic zones” — free 
markets by another name — were cre- 
ated in southern coastal cities, and their 
success induced around 90 other cities 
to demand partial exemption from 
Beijing’s rules on labor, taxes and for- 
eign investment 

Strikingly, though, the growth of free 
enterprise did not come at the expense 
of tiie socialist sector. Always viewed 
by the Communist leadership as its 
political base, state-owned industry has 
been coddled with government orders 
and capital 


strainl.” 

State enterprises were al- 
lowed to convert the fruits of 
their successes into wages and bonuses 
but were bailed out with loans or direct 
subsidies when they failed. 

This neither-fish-nor-fowl character 
of China’s state enterprises has pro- 
duced much the same effect that * ■peres- 
troika" had in the last days of the Soviet 
Union: Managers routinely played the 
system by taking out loans they could 
not repay, counting unsaleable products 
as inventory — or simply selling off 
assets to meet expenses. 

The big difference, Mr. Sachs argues, 
is that China could cany its state sector 
because the business sector outside the 
state was so large and growing so rap- 
idly. Why, then, the latest, seemingly 
radical, pronouncements on reform? 

One possibility is that Mr. Jiang is 

See CHINA, Page 17 


CURRENCY & INTEREST RATES 


Cross Rates 


Sept. 19 Libid-Llbor Rates 


Sept. 19 


t t ML FA Ua Ofl 5 F- SF. Yte 8 Pwfc 

lartM ih.1 im urn Lite , anil* — i*SSS* 1340 1AB* 1JD5 IJB 

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1— Hi (h) 1JS3 2JBN 5.5753 Z«U0 IBM 5&OT 2361 1W» 22B7 HUS 

Madrid ■ UU 0 UUU M 356 KJ 12 U» 5 * MJ 15 OKI WISH ~ 

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Pori* «» MOB 3JW — asn- 2KD MflB 4*3 mhk 

twjo BW MS aa t* M M — ■" 

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Zaricb • U572 23467 UB7 U4S .MBS* ftlW JfJjf 

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ChsawfcAmfcRteALonfeft. MHaa Pats and ZutkABdags m otoercedats New Yotk tales 

otapJS. and Toronto totes at 3PM. , ... 

or To bvy me pound to TobufonedoOac 'Unite of MXt NJ3- not quotert H-A- notavnoBDre- 

Other Dollar Values 


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l^ear SVb-S«?b 3T0-3M ItoMto T*-7*i 3Vu-3* **•*» 4W-4IS 
cwi jw flm hn Uards Bank. 

Rates oppQaitte to Mertxuik deposits of SI mtuon mm&nurn (or eqvtroteat}. 


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n " Bsa Wfca VBaweacFnnce tPari&Bankaf Tokro-MitsubisN (Tokyo!: 


Key Money Rates 

tlnttxl States Ctow 

DisoMRif rata 530 

Prime rote n» 

FedefoMOwte W 

96 -dnr CDs HMden 559 

ItMofCPMan 550 

3nnoott Treaswy Ml 492 

V^tv Tmnn WB 517 

2-jw Traasoy MB S» 

5- y eor Twarour ante 400 

7-yKr TTOovr Mte &04 

imrwTrooswy nate 506 

30-fm Timmy bend *37 

MarrB Lyadi 30-day RA 508 

*22. 

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CBOBMMr w 

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3Hnanfli totartaiik 054 

6- maiilti intertask 0« 

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Caflmopnr 

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^SMThblMlHnfe M7 

Bond 555 


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l»f«fOAT 548 545 

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LrncbTBank at Tonro-Mltiublslll- 

Ctxn&trtbtB&s Qvtfit Lyoonoti 

Go,d AM. PM. QrTte 

Juridl 33055 mao +t.to 

Loodoo 321.15 3BJDS +130 

KawYart 32120 223.00 +030 

Affissass?' 

BntfSsW Prices Nn/ YOrkume* 
(DocJ 

Saurar Rnfleii 


nance of die Philippines, said the so- 
called ASEAN Fund could be set op as 
soon as a year from now and would 
complement the role of the International 
Monetary Fund. He said it would not be 
a war chest to fight market trends or 
speculators. 

Discussions will be held next week 
about the regional fund with top IMF 
officials, Mr. Ocampo said, and Japan, 
China, Australia and New Zealand will 
be invited to join. 

“The participation of Japan and 
China will be absolutely key, he said. 

Regional cooperation has been mod- 
est in the face of the turbulence that 
swept through Southeast Asia’s econ- 
omies this summer, pulling down cur- 
rencies and stock markets. 

Since Thailand floated the baht July 2 
in a de facro devaluation that has sliced 
off one-third of the cunency’s value 
against the dollar, the Malaysian ringgit, 
the Indonesian rupiah and die Philippine 


the Indonesian rupiah and 
peso also have hit a sei 


1 and the Philippine 
a series of record 


See FUND, Page 17 


By Alan Friedman 

Iruentcuumil Herald Tribune 

HONG KONG — Even as fears grow 
among East Asian officials of the risks 
of opening up their capital markets, the 
International Monetary Fund is plan- 
ning to push strongly' in the opposite 
direction. 

On Sunday, the IMF’s policy-setting 
Interim Committee is expected to en- 
dorse a proposal aimed at gradually 
phasing out capital controls in a number 
of developing countries. 

The proposal involves amending the 
IMF’s articles to allow the or ganizati on 
to play a broader role in working with 
developing countries to liberalize their 
capital markets, according to Stanley 
Fischer, first deputy managing director 
of the IMF. 

In a speech here ahead of the start of 
the annual IMF and World Bank meet- 
ings, Mr. Fischer on Friday acknowl- 
edged the belief of some Asian officials 
— stung by recent market turmoil and 
attacks on currencies by speculators — 
that open capital markets could be the 
source of economic difficulties and thus 
prove more of a risk than a benefit. 

But he emphatically rejected this 
fear, arguing that “the benefits of lib- 
eralizing the capital account outweigh 
the potential costs.” 

He added that the IMF was prepared 
to work closely with governments to 
make sure liberalization “is carried out 
in an orderly, nondisruptive way.” 

Opening capital markets in a step-by- 
step way, Mr. Fischer said, “is an in- 
evitable step on the path to develop- 
ment, which cannot be avoided and 
therefore should be adapted to.” 

Among the benefits that he said 
would come from more open capital 
markets were the ability of governments 
to borrow and lend on more favorable 
terms, in more sophisticated markets, 
while making their domestic markets 
more efficient, helping economies to 
grow more rapidly and in a more sus- 
tainable manner. 

Officials attending the meetings here 
said that a separate but parallel issue 
was the negotiation in Geneva to lib- 
eralize financial services markets by 
allowing greater entry by international 


banks, insurance companies and secu- 
rities firms. 

These talks, under the aegis of the 
World Trade Organization, have run 
into trouble because of the reluctance of 
several East Asian governments, along 
with Brazil and India, to agree to a deal 
by the Dec. 12 deadline. 

The United States and others lob- 
bying for liberalization in this sector are 
hoping for a last-minute deal. 

They point to a special clause being 
proposed that would allow some ex- 
emptions in times of crisis. 

In Geneva, an aide to Renato Rug- 
giero. director-general of the WTO, said 
Friday that the search for a compromise 
continued and that “the mood is pos- 
itive, and no country has indicated a 
reluctance to participate in the ac- 
cord.” 

On Monday, the WTO will pnblish a 
study arguing that financial-services 
liberalization can have a stabilizing eco- 
nomic effect provided there is adequate 
regulation and transparency in the mar- 
ket being opened. 

Peter Sutherland, c hairman of Gold- 
man Sachs International and Mr. Rug- 
giero’s predecessor as WTO chief, said 
Friday that financial-services liberaliz- 
ation was “the cure, not the cause” of 
East Asian difficulties. 

“Given recent experience in cur- 
rency and stock markets in pans of Asia 
it is perhaps understandable that gov- 
ernments have an instinctive tendency 
to blame external influences and ex- 
isting levels of openness and to find it 
politically difficult to envisage going 
further in the liberalization of financial 
services,” Mr. Sutherland said in a 
speech at an IMF seminar here. 

But he concluded that “if that is the 
case, then it is both a faulty analysis and 
a wrong conclusion.” 

In his remarks here Friday, the IMF's 
Mr. Fischer also conceded that the avail- 
ability of rescue money from the IMF 
and other sources for financial crises 
could create “a moral hazard. ” 

Id his view, he said, such money 
could induce the private sector to be too 
willing to lend on the assumption that 
“a country in trouble will go to the Fund 
rather than default.’’ 


CMtlAU 



The Evelyn Sharp Collection of Modern Art 


. s-S -V. ’ 

■K t « 






rm| 





Highlights from our forthcoming Impressionist and Modern Arts sales will 
be exhibited in the following cities: 


Auction in New York; 
Wednesday, November 12, 1997 

Exhibition opens: 

Friday, November 7 at I p.m. 

For more information, 
please call Alexander Apsis 
at (212) 606-7360 or fax 
(212) 606-7037. 

To purchase an illustrated 
catalogue, call (8001 444-3709; 
outside the continental U.S n 
call (2031 847-0465 or fox 
12031 849-0223. For 
information on educational 
programs related to the 
Sharp Collection, please 
call Sotheby’s Institute at 
(212) 606-7822. 

hnp^/www jothebys.com 

Sotheby's 
1 334 York Avenue 
New York, NY 10021 

Man Chagall 
Les Amourevx aux lys 
Signed and dated T922-7925 
On on canvas 

45 V by 35 in. (1152 by 88.9 on.) 
Auction estimate: 
S3J500.OOD-aAOO.OOQ 


Singapore 

September 25-2 6 
Tokyo 
October 1-3 
Zurich 
October 8- Id 


Paris 

October 13-14 
London 
October 1 7 
Tel Aviv 

October IK-23 


Los Angeles 

October 21-23 

Chicago 
October 2K-.U1 
New York 
November 7-12 


SOTHEBY5 



*.» it « <ft » *' ► * 











PAGE 14 


The Dow 


30-Year T-Bond Yield 




INTERNATIONAL mHAi ji TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 20-21, 1997 

THE AMERICAS 

An Indictment for Iiitinddation 

Grand Jury Says Stock Promoter Sought ‘Accident 5 for Witness 


US — 



A M J J A S 
1997 




S 1,0 ^A M J J A S _ 

| 1997 ^ ^ 




By Jerry Knight 

Washington Post Service 

WASHINGTON — A federal 
grand jury in Las Vegas has in- 
dicted a stock promoter on charges 
of having tried to arrange an “ac- 
cident* * for an accountant who had 
testified against him. 

The grand jury alleged that 
Barclay Davis, a stock promoter 
Knimi to the collapse of Systems 
of Excellence Inc., tried to have die 
accountant poshed down a stair- 
way to discourage him from as- 
sisting a government investigation 
of stock fraud on the Internet 

Mr. Davis was ordered held 
without bond after lawyers for the 
Securities and Exchange Commis- 
sion made public transcripts of 
wiretapped conversations in which 
Mf. Davis apparently discussed 
killing the accountant. Merle 
pin If H i but said it would be better if 
he were only injured. An injury, he 


was quoted as saying to another 
person who was not identified in 
the trans cript, “could send the 
right message.” 

• “You know, Finkei just needs 
to fall down the stairs,’ ’ Mr. Davis 
said, according to the transcript. 
“He slipped and folk have a wit- 
ness there to say they saw him take 
a slip, and that’s die end of it It's a 
perfect setting, the stairs are far 
enough down, he takes that flight 
of stairs, he's going to end up with 
broken bones. ’ ’ 

Mr. Finkei prepared financial 
statements for Systems of Excel- 
lence, a Virginia-based video- tele- 
conferencing company known by 
its stock-trading symbol, SEXL 
The company filed for bank- 
ruptcy-law protecti chi last y ear and 
went out of business, wiping oat 
the investment of shareholders. 

Mr. Davis is the fourth person to 
be indicted as the result of an in- 
quiry by a federal task force on 


securities fraud over die Internet. 

The investigation is being con- 
ducted by the SEC, the Internal 
Revenue Service and U.S. attor- 
ney's offices in Las Vegas and in 
Alexandria, Vi rginia Systems of 
Excellence was one of at least a 
dozen small companies whose 
stock prices allegedly were ma- 
nipulated by electronic newsletters 
touting the shares. 

The company’s c hairman . 
Charles Huttoe, pleaded guilty to 
securities fraud in the spring and is 
serving a federal prison sentence 
in Florida. Last week, die editor of 
an electronic newsletter that tooted 
the film’s stock, who also pleaded 
guilty to securities fraud, was sen- 
tenced to a year in prison. 

Mr. Finkei, the accountant al- 
legedly targeted by Mr: Davis be- 
cause of his testimony, also has 
pleaded guilty to securities-Iaw vi- 
olations but is free on bond 
pending sentencing. 


SomBMb^'heM lnwnaikwl HeraldTribune 


Very brieflya 

United Trims Travel Agency Fees 

NEW YORK (Combined Dispatches) — United Airlines 
Inc. has cut travel agency commissions to 8 percent from 10 
percent for all tickets sold in the United States, saying it did so 
to save $80 million to $100 million annually in order “to 
survive and succeed” in the global marketplace. 

United said the change would have no effect on ticket prices 

Scanned by the unexpected cuts, which take effect Friday, the 
28,500-member American Society of Travel Agents promptly 
denounced the move as “deplorable and shortsighted." 

Meanwhile, United said mat it could soften its stance on the 
proposed global alliance between British Airways and Amer- 
ican Airlines if certain changes were made in the terms of the 
accord, notably access to slots at London’s Heathrow Air- 
port. (NYT, Reuters ) 

• UJS. per capita personal income rose faster than the national 
inflation rate in every state last year except Alaska and Hawaii, 
Commerce Department figures showed. Nationwide, per cap- 
ita income rose 4.6 percent in 1996, above the 2.4 percent 
increase in consumer prices. 

• Gillette Co. said it planned to buy back as many as 25 
million shares, or about 45 percent of its shares outstanding, 
at a time when the consumer products company's earnings are 
under pressure and its stock has tumbled from a midsummer 
record. Gillette said it would make the purchases over the next 
two years in both private and open-market transactions. 

• Food Lion Inc is ending a troubled venture into the 
Southwest, closing 61 stores in Texas. Oklahoma and Louisi- 
ana and eliminating 3,100 jobs. 

• The Securities and Exchange Commission is promoting 

changes that would expand the range of topics shareholders 
can propose for consideration at companies’ annual meetings 
to include "significant social policy matters.” such as hiring 
policies. Bloomberg. AP 


Westinghouse Adds to Radio Chain 


Bloomberg News 

PITTSBURGH — Westinghouse 
Electric Coip. agreed Friday to buy 
the broadcast operations of Amer- 
ican Radio Systems Coip. far $2.6 
billion, adding to its growing radio 
station business. 

Westinghouse, which also owns 
the CBS television network, will 
pay $44 a share in cash, or $1.6 
billion, and assume $1 billion in 
debt Before die transaction is com- 
pleted. American Radio will spin off 


its radio and telephone tower busi- 
ness to shareholders. 

The agreement adds 98 stations to 
Westmghouse’s CBS Radio unit, 
giving it a total of 175. American 
Radio is the fifth-largest radio sta- 
tion operator in the United States. 
Westinghouse became the No. 1 ra- 
dio company in the United States last 
year with its $3.8 billion acquisition 
of Infinity Broadcasting Inc. 

Westinghouse shares rose 18.75 
cents to close at $26. 1875. American 


Lower Profit Forecasts 
Leave Equities Mixed 


Radio fen $4.5625 to $473 1 25. 

Westinghouse said the deal 
should be completed by June. 

It said the 98 stations covered in 
the terms of sale included some 
pending station purchases. 

“The acquisition of American 
Radio,” said Mel Karmazin, chief 
executive of CBS Radio, “is finan- 
cially and strategically attractive for 
CBS. This investment will signif- 
icantly strengthen CBS’s position in 
the fast-growing radio industry.” 


Gvrp&flbr Oie Staff Fran Dspatihes 

NEW, YORK — Stocks were 
mixed Friday as Union Carbide. 
Rubbermaid and others warned of 
slowing sales or unexpectedly weak 

profit- . 

Trading was dominated by the 
quarterly “triple witching” expir- 
ation of stock options, index futures 
and index future options. 

“Trading is mostly going to be 
dominated by triple witch,” said 
Rich Ciardnllo of Liberty Invest- 
ment Management as the trading 
mpngififtH. “Things like Nike and 
Union Carbide wilf stand alone.” 

Nike wildly after the 

company said sales of sneakers and 
sporting goods could fall short of 
company targets this year. The stock 
fiiiisheddown 7/16 at 547/16. 

The Dow Jones industrial aver- 
age finished down 5.45 points at 
7,917.27. Declining issues barely 
outnumbered advancers on the New 
York Stock Exchange. 

The broader Standard & Poor’s 
500-stock index gained 3.21 points 
at 950.50, while tire technology- 
laden Nasdaq composite index was 
up 7.01 at 1,680.37. 

Union Carbide led the decline, 
dropping 4 1/16 to 49 9/16, fol- 
lowing its late Thursday wa rning of 
disappointing third-quarter profit. 

Gillette rose 3 15/16 to 8 1 1/16 
after saying it would buy back more 
than 4 percent of outstanding 
shares. 

Stocks are bolstered by the un- 
derlying soundness of the economy, 
said Joseph DeMarco of HSBC As- 
set Management. “When you con- 
sider the backdrop of inflation and 
growth, die market still has die abil- 
ity to set new highs.” . 

Adobe Systems core 4 to 4936 


Currency Traders Doubt G-7 Will Provide Surprises 


CotgnlrJbyOwSuff'Frtm Dtipmdta 

NEW YORK — The dollar 
gained a gains t the yen bat slipped 
against the Deutsche made Friday as 
traders predicted that the Group of 
Seven meeting in Hong Kong this 
weekend would not produce major 
developments. 

The market reacted mainly to re- 
marks by U.S. Treasury Secretary 
Robert Rubin, who indicated there 
would probably be a statement on the 
foreign-exchange market at the end 
of the talks. But he said the dec- 
laration might not be “dramatic.” 

“The market is a little nervous 


before the G-7, not that anything is 
expected” from the meeting of fi- 
nance ministers and central bank 

FOREIGN EXCHANGE 

governors, said Paul Farrell, a dealer 
at Phase Manhattan. 

Traders were also hedging their 
bets in the event that U.S. or Japanese 
officials might comment on Tokyo's 
ballooning trade surplus. The U.S. 
trade representative, Charlene 
Barshefsky, said in a television in- 
terview that Japan must take steps to 
bolster domestic demand and provide 


better access to internal markets. 

Barring any further U.S. state- 
ments on the trade imbalance at the 
G-7 meeting, Mr. Farrell predicted 
that the dollar would rise next 
week. 

An analyst at Nomura Interna- 
tional Bank also predicted continu- 
ing gains for the U.S. currency. 

“The dollar should continue to 
rise next week against the yen and 
the mark,” he said. 

But the gains against the mark are 
likely to be more limited because of 
growing expectations that the 
Bundesbank might raise interest 


rates, he added. Germany's M-3 
money supply data and a report by 
the Ifo institute have refueled fears 
of inflation and of higher rates. The 
central bank's chief economist, Ot- 
mar Issing, said Friday that M-3 was 
going “in the wrong direction.” 

In la te trading, the dollar, was at 
1.7758 Deutsche marks, down from 
1.7796 DM on Thursday, and at 
122.205 yen. up from 12 1 .935. It was 
also at 5.9675 French francs, down 
from 5.9775 francs, and at 1.4643 
Swiss francs, down from 1.4661 
francs. The pound rose to $1.6118 
from S1.61 15. (AFP. Bloomberg) 


after the graphics software developer 
said third quarter profit rose and it 
would buy back up to 15 million 
shares during the next two years. 

Rubbermaid rose % to 26 despite 
an announcement from the maker of 
plastic housewares and other 
products that third-quarter earnings 
were likely to fall by 18 to 19 cents 
a share, below consensus fore- 
casts. ' 

rVimnaa Commiter rose on in- 


vestor applause over the personal- 
computer .maker’s alliance/ an- 

UJS. STOCKS 

nounced late Thursday, with Intel to 
develop products aimed at reducing 
bottlenecks in computer networks. 

Roberts Pharmaceutical fell after 
the company said it expected to re- 
port a third-quarter loss as a result of 
higher-than-expected legal costs, in- 
creased marketing costs a nd delayed 
sales of products due to back orders 
with third- party manufacturers. 

Bonds climbed for the fifth time 
in six days, amid expectations that 
the economy will grow without 
speeding inflation. 

“The market has reason to be 
optimistic,” said Lauren Best at 
Advisers Capital Management ; 

The benchmark 30-year Treas- 
ury bond rose 10/32 to 99 31/32, 
cutting its yield to 6.37 percent 
from 6.40 percent Thursday. 

“The rally is as expected, given 
the incredible inflation perfor- 
mance,” said Steve Meirell at 
American Express Financial Crap.. 
Yet the gains mak e the market more 
vulnerable to any signs of rising 
prices or robust growth, he said. 

“We’re right at fair value,” he 
said. “Any negative inflation sur- 
prise and you'd see .a dramatic re- 
sponse.” It could send yields as 
much as 30 basis points higher, he 
said. 

More investors are coming 
around to the view that the Federal 
Reserve' Board will not raise in- 
terest rates again this year. 

“The odds of a Fed tightening 
this year have gone down,” said 
Michelle Laughlin, bond strategist 
at Prudential Securities. She said 
yields on 30-year bonds .could fall 
to 6 percent byyear-end. 

But other bond traders were hold- 
ing out “I'm a bit stunned by this 
rally because I don’t think anything 
has changed to justify it,” said Tom 
Seay of Lexington Management 
Corp. . “We still have a very strong 
economy and yet the inflation nura- ' 
bers continue to be a surprise.” 

( Bloomberg . AP) . 


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o -4425 9-30 10-17 
-0*95 09-29 12-26 
S ^4 11-14 12-1 
0 32 S 10-10 1031 


Corapany 

Charter find 
Emerald bio 
Erie I no 


Hawn Bancorp 
Hottoge Propraie 
KWnwrth BenAua 
Md Prop 
Mrido Cora ADR 
Midwest F«n 
MorwmStn Emra 
MoranStan Hi Yld 

NEC Co«T3 ADR 
RMHeotmCnre 
PNUCnxjp 
Placer Dome 
RberVaOey Bn 
Royale InvesiRwnt 
Saul Centers 
SutwiOFed Fnd 
Toro Co 
Traasonerlca 
TransAflanflc Hold 


Par Ami Rec Pay 

0 XB 10-3 10-17 

Q 437 10-21 11-1 

a .09S UM 10-20 

Q J)7 9-30 10-10 

8 -235 10-9 T0-17 

Jn 10-1 10-15 

a 32 9 30 10-22 
Q .IS 9-29 10-17 
0 JO 9-30 10-15 
M .065 9 30 10-15 
0 2E MO 10-10 
b JJ743 9-29 12-22 
a JHS 9-30 10-21 
Q J4 9-30 1 0-15 
M .11 9-30 10-15 
- 32T2 9-29 12-26 
0 450 9-30 11-14 

Q .05 9-30 10-15 
0 JJ75 11-14 12*15 
- A4 9-29 10-13 
0 .125 9-30 10-17 
Q J9 IO-17 10-31 
Q .08 10-1 10-15 
Q -12 9-29 0-0 

Q JO 10-6 10-31 
0 .10 12-5 13-19 
Q 3)35 9-30 10-15 
Q .535 10-10 11-3 


M*wab tapprotimto noon} per 
tharawpib f-pepaHe la canadton HtndK 
uHfeonltitB Q-Q W tefty ; s *mr t a nn u o! 


Stock Tables Explained 

Soto fifl Ues a e uiHffldOLYe ^ MBlB and k»w letted ftp pravtousg wrote plus tnecurwnl 
weefobutrtMBieUcjllii»Jiy(toy.Wbeiegspaoraodngri(tendnraoMifflnoio2SpeiCTnt<irniora 
■y Oy R ”*™ W”»|g t »*w | « | nircwd«fli | fcfe«>amstio || mlorllionciifdadgoiily. Unless 

anariMse natea nnen (Maends are araiuai (fidunemeras bosori on me Best dedarallon. 

a - dvf dend afoo extra bl. b - annual rat* of dhfdend plus stock dividend, c - liquidating 

dMdend cc - PEaceeds 99.dd - adled. d - nm yesty low. dd - ton in Ifie tost 1 2 mofillK 

• •jw™ nd dedarad or paid in preceding 12 months, f - annual rate, increased an last 
MdarafloaB - djMwd foCanaiSan funds, subjedto non-rwldonee fox. I ■ dividend 

«Wdfnd. 1 - dMdwwI paid thfa yoor. wnhled. def er red or no 
Btfl0n STL? nwifoS- * - *ridwd deefond or poW ftiis year, an 

ocamralanw fosuewWiaMdonds in arrears. m -annual rat*, reduaedon last dccJaration. 

P«» O wefB- The high- tow range begins with me start of hading. 
_ ■ next day deBwry. p - biBfai dividend, onnuel rate unknown. P/E - prlce-eamlngs rafla. 
2 5' ^Wdend declared or paid in preewftag 12 months, plus stack 

V ** ** g Oh Orind enfl begins wllfi dole of spOl. sh . sates, t ■ avtaend paid In 
«bmotad cosh value on ex-dlvldend oroi-fllslrlbulian dale. 
1,1 ' ta 09«*nre1cy or recehrerabip or b eing rewg an ued 
imder nwBoTUniplqrAa erstpirim assumed by such en mpcnfcs . wd - arhen dteWbuied. 
m" * - "MSvHend or ex-rig M». irili - ex-distribution. 

xw - wanouT warrants, f- «x-diyidffld md sales re full yfd - yieM. z - sates bi full. 


Sept. 19,1997 

Kxpi Low Latest Chge Opinl 

Grams 

CORN (CBOT) 

54)00 bu munmuin -cents per (nat*i 
Sep 97 269»7 250 255*7 -9'i 516 

Dee 87 764 C, liO'i 261V -2 V 194779 

Mar 96 273 269* 270V -2'- S7JS2 

MOV 88 277 274b 276 -I 14028 

-M 98 201 277* 279 -2* 2464a 

Sop 98 275 272 272* -1* 1.776 

Oeclfl 27317 269* 270* -1* 15*49 

EiL aries NA. Thus rates 3&92S 
Thus open M30&1ZX up 1.174 

SOYBEAN MEAL (CBOT) 

1 00 tons- doSon per tan 
Sep 97 769.50 26000 26030 -9J0 1J77 

Od 97 22SJO 221 10 225-10 *020 24163 
Doc 87 20740 20450 207 JO -IJO 44684 
Jen 98 20130 20000 20100 -I JO 11470 
Mot 98 199.00 1*600 198.10 -140 11J99 
May 98 l®8-50 19300 197 JO -1.40 9435 

EM. sates NA. Thus rales 25484 
Thus open M 109401 up 1450 

SOYBEAN OIL I CBOT) 

60400 Bn-cente per Ih 

S 97 2182 2265 2178 -116 125 

87 23.94 2164 2164 -0.05 15421 

Dec 97 2434 2197 2402 Unch. 49440 

Jon 98 2440 2417 7422 -042 14582 

Mar 88 2468 2443 2444 -a02 4576 

May 88 2460 2450 2457 -045 4239 

Est sofa NJA. TTnre sates 17434 
Thin open M 98.234, Up 1549 

SOYBEANS (CBOT) 

SJXU bv minimum- ant* per biaftef 
Sop 97 779 754 756* -II B25 

Nor 97 645 432 639 *4 84810 

Jon 9* 644 636 641 +2* 24410 

Marie 649* 641* 647* -4 9.709 

May 98 655* 648* 654 -5U 75*9 

Est sates NA Thus sates 44660 
Thus open M 151561. up 1768 

WHEAT (CBOT) 

5000 ou minimum- cento per bushel 
Sep97 357 2S3 153 -1 85 

Dec 97 369* 365 367* -1* 61.752 

Mor98 384 378* 381* +* 24290 

May 98 389 385* 387* -]* 4460 

EM- wtes N A Thus sates 174126 
Thus open nt 10166a up 1,206 


Livestock 

CATTLE (CMEfO 
AWOO lbs.- ants par I). 

0d87 68J0 67 JO 67.80 Unch. 2A164 

Dec 87 69.20 6&J5 64.97 0.10 32^27 

Fab 98 7190 71-57 7757 -0J2 14369 

AprW 7465 7430 7432 -030 8.715 

Jim 98 71 JO 7045 70.90 4)30 4X08 

Aug 88 7040 7015 7015 4US 1a98 

Est. sates 10571 Thus sates 9^46 
Thus open bU 92436. up S»1 

FEEDER CATTLE (CMER) 

50000 toa.- mis par IK 
Sep 87 to.is 79 75 7842 4L45 24373 

Od 97 SO 70 B0J5 8CJ0 -030 7176 

No* 97 8115 81.10 81.27 -010 3435 

Jon98 8210 81.90 81.92 -0 12 1087 

Mar98 8245 8140 81x0 -015 1.726 

AprW 8100 8155 81.65 -010 583 

Est sates 1281 Thin sates 1493 
Thus open fee 19581. off 28 

HOG&-LM0 (CMER) 

40.000 lbs.- cefUsperto. 

Oct 97 7070 6855 6945 -1J0 11433 

Dec 97 6670 65,90 6405 -1.02 10475 

FeBW 6515 6470 6490 -Oi7 1763 

AprW 62X2 6172 61.75 -0X7 1X56 

Ate98 6710 6470 664? -062 971 

Ert. sates 4905 Thus sates 4108 
Thus open M 3 W7& up 253 

PORK BELLIES (CMER) 

A000 Ibs^ enris per lb. 

FcbW 6615 6400 6405 -163 4555 

MarW 66.15 63.90 6410 -2.40 44 

MnyW 6740 6542 610? -2.22 96 

EsJ. sates 1011 Thus sates 1.181 
Thus open H 1158. up 39 


Food 

COCOA (NCS£) 

10 BteMc tons- s par Ion 
Dae 97 1690 1645 1650 -28 41X55 

Mar 98 1718 1680 1683 -31 29196 

May 98 1 738 17TU 1704 -31 12483 

Jut 98 1745 1725 1725 -31 1300 

Seen 1755 1743 1743 Ol 4730 

Draw 1785 1758 1760 -31 4511 

Est. sales 8X35 Thus rates 1264 
Thus upon Jrt 107144 up 637 

COFFEE C(NCSE) 

37400 ■».- cents per lb. 

Doe 97 17750 14475 1741S -450 11127 

M«n 16150 15540 161 JO +SJ0 £.275 

Ma»88 1S5J0 15100 155.50 -ISO 1.766 

M98 14945 14400 144.65 -5.90 1X83 

S*P 98 1X3X5 13900 1X3X5 -5.95 470 

Esi sates 7X64 Thus rate* &148 
Thus open IW 21439. ot! 178 

sucar world n maEj 
112000 ot- earth par lb. 

00 97 11.25 fl 15 11.17 -0 05 41716 

MorM 1170 1140 1141 4X08 B8J4J 

May 90 11.78 11.49 1149 4.09 TAM 

JM 98 1143 11 AS 11A6 -009 1SJ83 

En. sates 3A8H7 Thus talcs 25J50 
Tnui open U1M8L50. on 1916 


High Lra Latest Cige OpM 

ORANGE JUICE CNCTN) 

15400 lbs.- carts per B. 

Nov 97 69 JO 6SJ0 69.15 -CJ0 15457 

Jon 93 72.10 7190 7110 -015 «SS 

Mar 90 75 15 TiSC 7SJ2 -A25 £94? 

May 93 7745 77 JO 7745 -OI5 1A15 

Est sates HA ThussWes 1.160 
Hius open W 3A39& up 220 

Metals 

GOLDMCMX) 

100 tray at- ddtes per tray cc. 

5ep97 32T3 -CjO 46 

00 97 32340 E130 321-60 *430 84156 

Dec 97 32AT0 372-50 37100 -0130 117.927 
Feb 98 32640 32440 524X0 -0J0 15X47 
AprW 327.90 32400 326J0 -0X0 5L528 

Junta 32940 32840 37810 -0.43 8.713 

Aug 93 331X0 330.10 330.10 -030 4331 

Est sales 21000 Thus sales 17X53 
Thus open M 201887. up 1.166 

HI CRAPE COPPER «CMX> 

2MH0 tos.- emte per to. 

Sep 87 KM 9470 94.90 -AOS 1127 

Od 97 9640 9100 9535 4)05 1164 

Mow 97 9640 K80 96.00 UnA . 1.76* 

Dec 87 97X0 95.95 9635 41.15 77,798 

JaiW 96X0 9620 8635 -a 15 954 

Feb 98 9660 9620 9630 -030 1416 

Mir 98 97.10 8610 8620 4U0 47)4 

Aorta 8670 9605 8610 -035 844 

May 98 8690 8545 96-05 -035 2326 

Est sdcs 10000 Thus rates 12JXJ 
Thus open W 51200, aft U05 

SILVER (NCMX) 

5000 troy at- cents pa boy ot. 

Sep 97 460.00 466.80 46650 ,210 77D 

00 87 46650 -2.00 78 

Nov 87 468.90 , 2.00 

Dec 97 47400 46450 47050 *240 53X80 

Jon 98 47600 471.80 477 90 -200 22 

Marta 48030 47600 47640 *140 12X70 

Marta 479.80 +140 1215 

Jul% 48630 483.00 48120 -170 2X23 

Est. sales ISOOO Thus sates 20X93 
Thus open IM 77.264 OH 1-850 

PLATINUM (NMER) 

» Iruy oi- doflars pa bay at 
Od 97 431 80 41940 430 20 -640 9.135 

Jmta 42140 412.90 470J0 -7.30 3X93 

AprW 412.70 41030 41170 -680 622 

-M80 408.70 -640 3 

ESI. sates NA Thus sates 1X38 
Thus open Int 13X51 up 120 

Dose Previous 

LONDON METALS CLME) 

Cottars pa metric ton 

Atoatem (Hteh crate) 

ipol 163530 163600 1626* 1628* 

Forurad 1*3930 1640.00 163530 163730 

Copper Cathodes (High Grebe) 

Spot 211030 2111.00 2)1100 211100 

Hbteord 2130.00 213130 213430 213500 

usd 

Spot 62000 62130 62130 62230 

Forward 63030 63130 60130 63230 

wow 

SP 01 . 844530 645600 640000 640530 

Forward 654030 654500 *50030 650530 

. 561030 562030 5560 00 5990.00 

aEuSawtSScSSaff 0 5630X10 563500 

, 'P-OOO 166830 1655.00 166030 

™ w PM 141330 1415.00 142930 143130 

High Low Close Chge Optra 


ri. * ... . Financial 

(CMER) 

Jl"®* 1 tasMioopa 

9495 UnelL *787 
Marta 94 os 04.03 94,3 3339 

i un ’ 8 9449 Unflt 25 

S*"S L "A Thus sales 20 1 
Thus open mi 6J51, up 129 

5™ TREASURY (C80TJ 

SjH" Prt" Pte A 64ths at 100 pa 

Dra97 J, 5 !2J‘2 I07-41 01 Nm 

Dec97 Ifly.jj ] 07-20 107-Jb *01 230X24 

A. Thus sales 68x58 
Tlnrs open irumsOloK 2X61 

l? TRTREASURy (CBOT) 

5* * nmt °* !«> pel 

dSU f * "Ml 110-12 D 12.114 
110-09 -030811 

108-30 109-27 109-30 -ft 

W -A- Thus sates 107,978 

Thus open mt 388,121. aH 780 

BONDS (CBOT) 

*TOy»“** 

sr? ,,s - u "« i ut2 

^-f^fAThussotesWJSS* 06 1X7 

Thu-s ooen Im 641881 up aofc 

tgf*« LT ttlFPE) 

Pros opwi feu 1765-0 * 11? ” 
cer/uun gov, bund iliffci 

WUM400 - pfs5l« 

D<K 97 103.67 |m 44 im rn » 

Mdfta 101.90 10141 {”0 3,1 
Est. sates. 117.130 Pm ^ 

Pm. ftwn In)- 280.832 


IS «5ti Low Latest Chge Optra 

JO-YEAR FRENCH GOV- BONDS (MATTFJ 
FF50e300-ptscflOOpd 

TT Dec 57 9976 9946 9944—0.18 136551 

SS M0W 9936 98.96 9930 —0.14 930 

S Junta 9974 9874 98.68 —016 0 

15 Est. sales: 71X46 - 

Open lot: 137X31 op Id 142. 

_ ITALIAN GOVERNMENT BOND CLIFFS 
ITL 200 DiBDtn - pfc a6 100 pd 
Dec 97 111JJ 11105 11132 *023 120340 

Slarta NT. NT. 11142 *4X23. 922 

j. Junta N-T. NT. 11142 -023 0 

It Est. sates: 50516 Prev. sides: 66060 

7 Prev. open tnL: 121,763 up 6623 

8 LIBOR 1 -MONTH (CMER) 

5 S3 mBIan- pis at 100 pd. 

1 Od 97 9427 9426 9427 Uodt 27390 

Nor 97 9423 9422 9423 Unch. 29.148 

Dec 97 94.17 94.16 9417 Uneh. 6958 

EsL sates NA Thus sales 4334 
Thus open Int 67,206 op 391 

7 EURODOLLARS (CMER) 

4 51 rantavpts oi 100 pet 

» Od 97 9425 9425 «4J5 Unch 26142 

3 Dec 97 9418 94.16 «4.18 Unch SB6714 

: Marta 04.?: 94.(0 94.11 -031 3W929 

^ Junta 9434 9431 94JJ3 Unch. 305X72 

t Sep 98 9195 9192 9195 -031 234304 

I Dec 98 9384 9182 9344 331 206593 

> Mar 99 9383 9180 9333 Unch. 141X27 

Junta 93.73 93.75 9178 Unch 111340 
Sep9» 9175 93.72 9175 Unch 96457 
D«ta 93X8 9165 9168 Unch 80074 
Mar 00 9168 9165 9168 Unc/L 69.669 

JunOO 93 AS 9162 9165 Unch 56147 
Es» rates NA Thus sates 366290 
Thus apon tnl 2X16701. up 11293 

BRITISH POUND (CMER) 

61500 pounds. S per pound 

Dec9» 14088 15996 16058-03020 24X49 

Marta 1.6020 1-5990 1J996-030IB 233 

Junta 12936+03016 27 

Est. sotes NA Thus sales 10550 

Thus open Ini 20709, off 10682 

CANADIAN DOLLAR (CMER) 

100.000 dollars, S pa Cdn. dr 

Dec 97 .7239 .7219 .7231+03005 47 JOB 

Morta .7375 .7250 -7264*0000- 1X91 

■h*n98 .7287*03000 376 

Est sates N A Thus sates 6.169 

Thus apai Int 49.297, up 1.654 

GERMAN MARK (CMER) 

126000 morte s per rorafe 

Dccw -5689 -5639 A660-03008 51371 

Mcata J715 -5688 -5*93-03008 1’JO 

Junta 5777-03008 2.S13 

Est. sales NX Thus sates 21777 

Thus opal lnlS6274 aft ZB34 

JAPANESE YEN (CMER) 

125 mlBon yea 5 per 100 yen 

• 8W0 ^278-03034 76333 
Morta 8458 3309 3389410034 003 

^ un9B 3501 -0.0034 )A5 

Est sates NA Thus solas 28X70 
Thus open Ini 76302. up 6786 

125300 francs. S pa- tranc 

2*2! Mn 3899-03003 36643 

Mwta 7070 MU 3969-03001 U» 
^unvB J037 -03003 123 

Est solos NA Ttwi sales 16,188 
Thus apon bit 40371, up 846 

MEXICAN PESO (CMER) 

Spar pew 

Decta .17490 .12427 .12477- 30284 26133 
’J? 035 - ,,Qn .12030* .00319 6721 
Junta .11650 .11580 .11645+30319 L496 
Est. sates N A Thus sales 5JI0 
Thus open Ini 34401. up !^J50 

WMWTH STERLING tUFFEj 

CajOJWO.oftoflOOpd 

DOC 97 92.60 02S! 9157 —033 13U35 

Marta 8266 92X0 9261 ^434 100892 

Junta 9176 9269 9270 ^035 9 lS 

9tJtt 9JJZ —035 664ta 

[tecta 9330 92.95 92.94 —036 56011 

93.05 9335 -0.06 66164 

Junta 9218 9112 93.12 -036 38.7« 

Est solos: 77348. Prev. sales. 15948* 

Pnrv. open W.: 635.945 up 11793 

I-MOHTH EUROMARK IUFFE) 

DMi mlSon-ptsoflOOpd 

Oelta 96.60 9658 9654 -032 4401 

,6 - 5a W-H -0.02 350 

Sl^nn i* 04 -® 96X1 —0.03 293358 

Marta 96 34 96.1* 9619 -035 2M37S 

-«■« 242J05 

*•9™ 9682 95.75 9178 —035 176945 

DKta 9 Sa4 95JB 9559 —036 157.764 

Marta 9649 9642 95X4 —036 147X99 4 

Junta 95J3 9526 9539 nxS n 

9418 9S12 9S.15 —0X5 u 

Es. sales: 222W8. Pm.tetn: 226366 0 

Piw. open fed.: IJ56749 up p^t N 

3- MONTH Pi BOH CA6ATJP1 S 

FF5 mWlon ■ pis at 100 pd* 0 

Doc ?7 96X4 9640 9641 -OBJ ra*. _ 

Morta 9622 9616 ft18 -oS 

Jun98 9*32 95.97 9698 25?? 

Septa 9545 9579 a tit JtJ5 

Draw 9in sLs £52 =££ gJS 

fs! rates, sawa M 

OpmlnL 20*911 up 3JOT. Ri 

i-MONTH EUROURA(UFFE) Cl 

[TLl mHlan-pisallOOpc? 

^ SS SS S!i Sffi t 


High Law. Latest Chge Optra 

Junta 9539 9191 9536 -039 72372 * 

Septa 9S.T6 9532 95.11 +033 4877 ■ ■ 

Dec 98 95.15 9S35 95.10 UndL 39.130 

Marta 9535 9*97 9532 -tUB 26137-:; 

Est. sates 126131. Prev. sates 99X47 . : •' 

Pin. open ML: 366827 up *959 -«A 


• Industrials — - 

COTTON 2 CNCTN) . > 

56000 Rftr OHUS per Ih. r 

Od 87 7175 7125 7337 3.16 3X59 

Dra97 7192 7140 73X3 -616 49354 ^ 

Marta 7535 7435 74X4 -037 U28V “? 

May 98 75.70 7535 7539 -031 6307 - 

Julta 7615 75X5 75X8 -0.17 6847 .'J 

Est sales NA Thus rata 8315 -X 

Thus open tel 87353 up 534 

HEATING OIL (NMER) ■*. 


-> | 5- 


Od 97 5340 035 53X5 +601 31,732 ••• 

No* 97 5670 54X0 5M7 -002 34X79 i“ • 

Dec 97 5570 5536 S5X7 -0.02 248S8 _L 

Are 98 56X5 56.15 5617 -0.02 2148) L I 

Feb 98 5670 5635 5637 -4UB 11043 ? 

»-W »« 5532 -4130 MJ6 X t 

Apr 98 5690 54X2 54X2 +0.22 6772 ^ J 

Esl. sales NA Thus rates 51357 ’ 

Thus open fed 152.251 up 25B ; o 

LIGHT SWEET CRUDE (NMER) t 

1300 bW-dotos per DbL U. ' 

Oct 97 19X4 19 JO 19.35 -003 46X35 Z 

l!- 5 ? 19 - 49 W-S3 Unch 87315 5 1 

M !•** +«« »9B2 v ■ 

12-2 19 -*5 +0-0 1 36244 r, , 

Feb 98 19,73 19X6 19X6 -a 01 (7JSO n 

“MW 19J« 19X7 19X7 -031 loSl 

Ed. rales N A Thus totes 99334 ~ I 

Tires open M 407.72a Off 8311 •* ■ 

NATURAL GAS (NMER) 

10000 nan bfus, S per mm btu J *. . 

Od97 2.920 1830 2437 -0350 49403 I 

JJ? *97 1015 2925 2930 -0358 41J89 i ■ 

Decta 1085 3.010 3320 4)343 26667 ; 

SS 1000 3304 33fl KJ74 * \ 

VJX HIS 1710 ■ aoso 1A7BJ ’ 

Morta 2X75 2X20 2X20 -0347 11,183 ! 

ER.sdesNA Thus soles 70456 Ir I 

Thus open ini 245491 up 2.550 yi. \ 

UNLOADED GAIOUNS (NMER) — 

«3M got, cords per oat S ; 

Od 97 57 JO 5650 57X8 +623 26705 ° i 

N»97 55.90 55X0 5576 4tS MOB 1 

551,0 5153 +0.12 15053 It 

I 553 *°- 12 1W7 11 J 

5-S2 s*-® * 0.12 4782 -.. r 

Marta S645 5678 5678 -0.12 6630 :r * 

Are^W 9745 59X1 59X1 +O.I2 4139 T ' 

Mo »ta 59-51 +0.12 1X33 

^1- solos NA Thus sate 34247 T-' 

Thus open M I044Q& off 635 Y. I 

GASOIL OPE) 

U4. dplteri par memc tan- lots o( 100 tons — : 

Odta 16675 16X30 16650 +CL25 2644 - 

N°v 97 I4BJ5 )67J0 166JXJ +a23 1A06<] ft-, 

Dec 97 17030 16945 169.75 +050 17486 

fonw 17140 170.75 17155 +040 12X76 , 

ftb» 17230 171J5 171J3 +0JO 7484 J . 

Mrata 17130 170JS 17075 +040 4820 X' ‘ 

Apita 16840 16935 16940 + 040 Z321 5 : 

Est s a tes: 3X04. Prev. rates : 11404 d ~ 

Prev. open Int: 94188 up 873 

BRENT OIL OPE) . 

per barrel. lofcoti 300 banuts J. , 

No«7 i84o 1849 laxo-ainnxtM iT 
0«S7 848 1850 1842 Undi 3 7^ ?- 
gjta 18X1 1845 1848 - 032 3aS> *■ 

FebW 18X0 1846 1B4B -jm * - 

Marta 1855 1842 lILffl -0« 40l2 % 

Apita >8X9 18X9 18X9 -555 fSJ >; 

: ^ £ 

SHBaUg'tt'ci 

Junta 978J5 Unde ^ W 

sot« N A Thus rates 1 16212 ) ■ ' 

ThUs open int 2308C. off 862 im 

FTSE ISO(UFPE) ~ 

05 per Wa, point 

Est sates- 20822 . safes- -n w 1,805 
open 81347 o«m "... 

i- 

E« s W SBrij % :. 
SS*,* ^ ; 

Open kiL B0020 up l.ios. 

Commodity Indexes ‘ 

Moody's imS Pre * 1 «" 

Reulers « Ssi'S <-56130 „ 

DJ.Fun.rec I.OnTS r - ‘ M. . 


-5- '-#■ 

•'C 

ri\ 

X- '-e-ip 


^ ■» * J 




'sf~- 

' ■ 




pj- Finums 

CRB 


,915X0 ioTnTS r -- JA 

147J2 j] !-•§- 

240.72 : W 

r uwb M0 ’ 8 3 .(- 


Y & 


iV -•*.< 
A . - 







1 










. 1 ;-" 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, SEPTEMBER 24, 1997 


s T G 

r 


ae'St'""'!* 

* 

-*• *npcins ir 

oin: c 
“tide* 

rs 1 . . . 

k-iian 
; ccvir. 

^B. , 

; r^-^ci 


Stockholm Banks 

On Budget Surplus 

A,*et Sale, to Help m P e Out Deficit 

Bloamh+ra kU 


jNTERNATIQINAL H ERALD^TRIBU^ SEPTEMBER 20-21, 1997 


PA£r »’ 


PAGE 15 


EUROPE 


-- 

Ojr.. . __ P 0 ** to 

;:“ r * "ith 

,ns c -nirstl 

* U P 
^ being 


Bloomberg News 

STOCKHOLM — The n 
™“ icI « l Friday tfj£ if woSd 

Tomas Nondstroem. a top official 
at the Ministry of Finance” said the 
asset sales would reduce debt, but he 

***** would be 


*?* 0Wttn »neni to have ns 
“£ onom “' 

MWh, said. This works only so 
OT |“ l ? 1 Sh growth continues.' 5 
Swedish budgets are particularly 

in JESS 

cycle. Low growth increases unem- 

costs* 1 !? 1, resuitill S in burgeoning 
costs in a countrv known for il 


he 




r?. .L 0l - d 

wiun* 
!r - indi a 

’■> ,r.i\ 


#" 


sold. Sweden has not run a budget 2? ^ 3 c S M,y fc 
surohis since 1990. The BovemmS! expansive welfare sys 
^ said it expected the e^umv^u! ™ne„t expects t& 


it expected dTe ion^yZrck ™T,' XpMS tfie'« 0 ^ < 7 0 

«xt war J“y ropick grow 2.3 percent this year and 3 1 

porcent next year. 

"We are now experiencing the 
first cyclical upturn for 30 years that 
>sn t preceded by an expaii^e io- 
nomic pohey or a devaluation/ ’ the 
?2S^i^“^ e «!o«omyis 


up next year, cutting 
and increasing income. 

0 6 1 ^rSS 1US f “ ^ equal 

SmK?? 1 of economic output in 
SS compared with a forecastdef- 
~ L f J ' 9 of output this year. 

■” government said the 1998 
budget still would include incrtS 
spending on social services. 

“^proved growth prospects are 


ell ^.RWOS 


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Lufthansa Aims 
To Stay German 

Reuters 

Frankfurt- seeking to 

ensure that it stays in German 
nandsXufthansa AG issued de- 
tails Friday of incentives it will 
offer to mail investors seeking 
snares in next month’s public 
offering. 

Retail investors, expected to 
be Germans, will get priority if 
they order shares before Oct. 2, 
as well as a discount of 1 
Deutsche mark a share on the 
offer price. Lufthansa said. It 
said the minimum order would 
be 100 shares. 

“The incentive package 
stresses the importance at- 
tached to retail investors," it 
said in a statement. 

The 5 billion DM ($2.81 bil- 
lion) sale of the government's 
remai n i n g 35.7 percent stake in 
the airline will be Germany's 

biggest privatization since the 20 

billion DM flotation of Deutsche 
Telekom in November 1996. 

An international airline law 
states that flag carriers must 
show that national shareholders 
hold a ma jority stake. 


stronger than it has been for a very 
long time. ’ 3 

"Die new program of asset sales 
represents an increase from the 35 
billion kronor the government pro- 
posed to raise from asset sales in its 
P rev3 ° us budget, issued six months 
ago, Mr. Nondstroem said. 

. The sales would help Sweden be- 
gin ui 1 999 to pay off state debt from 
a recession and financial crisis start- 
ing in the early 1990s that caused 
debt to skyrocket. The Social Demo- 
cratic government has chosen to sell 
state-owned assets as a way of re- 
ducing reliance on foreign loans. 

The sales are to be divided into 
three equal parts, for 1997. 1998 and 
1999, each totaling 15 billion 
kronor. The previous budget pro- 
posed selling assets valued at 25 
billion kronor this year and 10 bil- 
lion kronor in 1998, with no sales 
scheduled for 1999. 

Prime Minister Goran Persson 
said Friday that the government 
might sell part of its 58 percent stake 
in Nordbanken AB this year, the 
news agency Direkt reported. 

Other assets that could be sold 
include Telia AB , a provider of tele- 
communications services, Vatten- 
fall AB, a utility company, and Va- 
sakronan, a real-estate company. 

The government said last month it 
had shifted ownership of Telia to the 
Ministry of Trade and Industry from 
the Ministry of Communications in 
a move that was seen as a prep- 
aration for its sale. A Swedish 
brokerage concern has estimated 
Telia ’s value at 45 billion kronor. 


Poland Facing a Decisive Vote 


By Peter S. Green 

_ /nrr-rnurmnu/ Herald Tribune 

In theory, the parliamentary elec- 
tions in Poland on Sunday should 
b® a simple choice for business. 

Solidarity Election Action. led 
by the trade union that brought 
down Polish communism in 1989. 
faces off against the young gen- 
eration of former Communists 
who now hold power as the Demo- 
cratic Left Alliance. 

In 1990. Solidarity ushered in 
free markets, and its tough reform 
program paved the way for the 
robust stock market, rising living 
standards, this year's 5.7 percent 
economic growth and, for a post- 
Communist country, robust indus- 
trial development. 

But the former Communists, in 
power since 1993, have overseen 
two years of steady growth, pro- 
gressive privatization and a gen- 
erally improving economy. 

Polls suggest that neither Soli- 
darity nor the former Communists 
will win outright, leaving the bal- 


ance of power and the shape of 
Poland's economy in the hands of 
a few small parties, from the right- 
ist Movement for the Reconstruc- 
tion of Poland to the protectionist 
Polish Peasant Party and the leftist 
Union of Labor, all with divergent 
economic views. 

Investors say they worry that 
both Solidarity and the former 
Communists will give in to farm- 
ers, who make up 28 percent of 
Poland's registered voters. The 
Polish Peasant Party nearly brought 
down the government with irs de- 
mands for higher farm subsidies. 

Chris Bledowsiti, chief econo- 
mist at Wood-Commerz brokers in 
Warsaw, calls the economic pro- 
gram of Solidarity Election Action 
“very iffy." 

“Their core support is union 
and blue-collars, so the restruc- 
turing and sale of key state sectors 
could be called off/’ he said. 

Before Poland joins the Euro- 
pean Union early next century, it 
will have to privatize many large 
industries, including coal mines 


that employ 250,000 people and 
lost about S750 million last year, 
according to a recent World Bank 
report. Other large employers still 
in stare hands include steelworks 
like the massive Nowa Hut works 
outside Krakow, the oil sector, 
power generation and the railroads. 
Restructuring could lead to unrest. 

Many say they want a govern- 
ment that includes the Freedom 
Union, a centrist party led by 
Leszek_Balccrowicz, who as Soli- 
darity finance minister in 1990 in- 
troduced the painful reforms that 
are now paying off. 

Mr. Balcerowicz worries about 
Poland's growing current account 
and foreign trade deficits and its 
hopes for EU entry. He wants to 
>peed up privatization, cur the 
budget deficit faster than the Demo- 
cratic Left Alliance has done, cut 
raxes and dismantle telecommuni- 
cation and energy monopolies. 

The current finance minister, 
Marek Belka. says that whoever 
succeeds him will have little room 
for maneuver. 




Frankfort. 

London 

.. . 1 

Peerfe... " -.- .... ••! 

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4500 

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1997 


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EwAanga 

fodex 

Friday . 

Prev;-' •% ’ 



. Close 

CtaBe: change 

Amsterdam 

AEX 

803J29 

: ■9ek77..'-1.05 

Brussels 

BEL-20 ’ 

2^389,42 

2,388^6 +0.00 

Frankfurt 

DAX 

■ 4^32^97 

... <00048 +03i 

[ Copenhagen Stock dfertet • 

«*wa. 

.61^78; *0.71. 

Helsinki 

HEXGsnerar- 

%50$.4t 

3,467.72 .*4.09 

Oslo 

oex- 

mm 

.' 6sa os . +ai 4 

Loudon 

FTS£100 

5,02340 

s.04^20. -0.44 

Madrid 

Stock 

6Q9.6S 

• -6O&0S. +026 

Mian 

MBTEL ' 

J&S9 •. 

1507$ V +1.00 

Paris • 

CAC40 ' 

2&T7.VS 

.2^78^37 -004 

Stockholm 

SX 16; ’ 

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Vienna 

ATX- 

t,3SS,44 

'TT^7^4 : 408t 

Zurich 

SR 


. 3,598.82 -0.15' 


iMenuuuuJ Herald Tribune 


Financier Bids for Worms & Cie. 


Very briefly: 


C’wrUtdtK Uur Stuff Frrm Duputrhn 

PARIS — The French financier 
Francois Pinault, pushing to expand 
his retail empire, made an unso- 
licited 30 billion franc ($5 billion) 
cash bid Friday for Worms & Cie. 

The French stock market regu- 
lator, Conseil des Marches Finan- 
ciers, said Evran group, which is 
99.6-percent owned by Mr. Pin- 
suit’s personal bolding company 
Artemis, was making a public offer 
for all shares and convertible bonds 
of Worms, which owns the insurer 


sugar 


Athena Assurances and the 
maker Generale Sucriere. 

Evran, which already owns 0.49 
percent of Worms, is offering 410 
French francs for each of the shares 
outstanding and 655 francs for each 
bond, the conseil said. 

Analysts said the takeover bid 
was slightly on the low side and 
could provoke a counterbid by a 
foreign insurance company. 

Mr. Pinault, 60, controls Pinauit- 
Printemps-Redoure SA, a disparate 
group including luxury- department 


stores, an African trading company 
and an electrical-equipment distrib- 
utor. 

Worms, founded in 1848 to im- 
port English coal", is 22.1 percent 
owned by the Worms family. Italy's 
Agnelli family, which controls Fiat 
SpA, owns 20 percent. 

Worms said it would await the 
ruling of the stock market authority 
on the bid’s eligibility before com- 
menting. Worms shares rose 20.90 
francs, or 5.6 percent, Friday to 
395.90. t Bloomberg , Reuters, AFP) 


EU Warns BA After Branson Complaint 


• De Beers/Centenary AG and RAO Almazi Rossii-Sakha, 
a Russian company, agreed to sign a new diamond marketing 
agreement in Ocrober. 

• Eridania Beghin-Say SA announced bener-than -expected 
first-half profits, which rose 14.8 percent to 855 million francs 
($143. 1 million), and said it would post a gain of 900 million 
francs in the second half from the sale of a stake in the Spanish 
company Koipe SA. 

• Philips Electronics NV said it was thinking of moving its 
head office from the southern Dutch city of Eindhoven to 
Amsterdam. 

• Laura Ashley Holdings PLC appointed David Hoare as 
chief operating officer as the clothing retailer attempts to 
recover from a series of management problems and profit 
warnings. 

• Ukraine's Parliament approved legislation providing tax 
and tariff breaks for foreign-backed car production. 

• LVMH Moet Hennessy Louis Vuitton SA said it would 

put forward new proposals next month aimed at combining its 
drinks business with those of Guinness PLC and Grand 
Metropolitan PLC. Bloomberg. Reuters, AP. AFP 


Reuters 

BRUSSELS — The 
European Commission, 
which is already casting a 
critical eye on British Air- 
ways' planned alliance 
with American Airlines, 
said Friday it had warned 
the carrier that its sales 
practices could amount to 
an abuse of a do minan t 
market position. 

If the preliminary as- 


sessment is confirmed. 
British Airways could be 
fined as much as 10 per- 
cent of its sales. 

The commission, the 
executive body of the 
European Union, warned 
BA in a statement of ob- 
jections in January that its 
discounts for corporate 
customers and travel 
agents' commissions ap- 
peared to be in breach of 


the Ell's fair-competition 
rules, a commission 
spokesman said. 

The EU’s inquiry fol- 
lowed a complaint by- 
Richard Branson, head of 
BA’s British rival. Virgin 
Atlantic Airways. A final 
decision is noi expected 
before the end of the year. 

BA denied its conduct 
was unfair, saying it was 
common practice in the 


airline industry. “We do 
not believe thae is any- 
thing wrong with our 
policy on travel agents' 
commissions or discounts 
for corporate customers," 
a spokesman said 
Virgin said that while 
both practices were wide- 
spread, BA's behavior had 
to be assessed in the con- 
text of its dominant po- 
sition in Britain. 


Porsche’s Output: All Sold 

Agence France-Pressc 

STUTTGART — Porsche AG now has firm orders for 
every one of the 38,000 vehicles the sports- car maker 
plans to produce through next July, its chairman, 
Wendelin Wiedeking, said Friday. 

Porsche plans to make 20,000 of its two-seat Boxster 
model and 18,000 of the 91 1 type, he said. 

Porsche is showing its new 91 1 model at foe Frankfurt 
auto show; foe Boxster made its debut last year. 



vjt.2 

v 


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Manila 


PSE index: 267857 



Previous: 2009*5 

Ayala B 

13® 

13 

1335 

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1*25 

15*11 

16 

1535 

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106 

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915 

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BNP 

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Cnrerfour 

Casino 

CCF 

Cetetan 

Christ Ion Dior 

CLF-Daaa Fair 

Credit Agricafe 

Danone 

EH-Aquttoine 

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Euro Disney 

Eurotunnel 

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Scania B 

4® 439.70 SCAB 


290 290® S-E Bantam A 
Skandlo Fors 


329® 

SUSP 

322® 

TB 

337.10 

32120 

425 

611 

alb 

420 

877 

&rt 

876 

856 

558 

542 

544 

558 

1320 

l®1 

1320 

1303 

911 

887 

903 

874 

823 

797 

814 

502 

884 

848 

875 

828 

835 

6 

8 

8.10 

6*5 

A® 

*45 

6® 

o95 

680 

b80 

694 

*4 

397 

<02.90 

39*10 

878 

840 

867 

M 

444 

437® 

443 

443.10 

12® 

1202 

1714 

1251 

2315 

2261 

2280 

2300 

1373 

1342 

13® 

1337 

34170 

329 

332® 

342 

427 

419.10 

423 

424® 

307 

296 

304*0 

299 

771 

7S7 

767 

770 

2678 

25W 

2630 

3621 

2209 

2165 

2180 

2163 

175® 

172® 

17420 

176.TO 

1649 

1600 

1630 

1666 


SXunstaaB 

SKFB 

Spaitxmken A 
Srora A 
Sv Hamlets A 
Volvo B 


High 

Low 

Clow 

Pit*. 

587 

575 

578 


34*® 

343 

343 

346 

32*® 

316 

317 323® 

724 

712 

718 

701 

407 

397 

398 

404 

2B7 

272 

284 

274 

258® 

255 258® 

7® 

280 

277 

27B® 

281 

251 

249 

250® 

249 

229® 

226 

236 228® 

195® 

192 

193 

193 

92 

90® 

91® 

91 

348 

330 333® 

340 

323 

3TB 

318 

32? 

224 

218 

220 

717 

183® 177® 

179 

182 

135® 

133 

131® 

134 

254 

235 

249 

2S 

212® 

208 208® 209® 


Jig Sydney 


Sanofi 
Sdmetder 
SEB 

5GS Thomson 
SteGenende 
Sadedn 
StGobain 
Suer Lyon Earn 


674 

372 

857 

537 

839 


608 

360 

834 

525 

829 


621 A17 
363 37070 
855 840 
528 525 
835 835 


BHP 

Borol 

Brambles In* 
CBA 

CC Amafl 
Cotes Myer 
Coma lea 
CSR 

Fasten Brew 
Goodman Rd 

(Cl Austin la 
Lend Lease 
MIM Hdep 
Nat Aust Bank 
Nat Mutual Hdg 
News Cap 
Pacific Duntop 

Pioneer mu 


2980 2851 2900 2845 Pub Broadcast 


Suer Lyon fcair 
Synthelabo 
Thomson CSF 


Usinor 

Valeo 


923 

652 

729 

1® 

693 


636 

713 

175 

664 


897 

648 

m 

17o 

693 


913 fbo TWa 
654 St George Bank 
715 WMC 
181 Wedpac Bking 
662 WborSdePet 


111® 10870 109® I1C.40 WOotworHis 

385 375 385 37570 



Al OnSraries Z73O40 


Previous: 269*36 

BJ7 

8*6 

875 

a® 

11.12 

1083 

11.12 

10® 

1*35 

15*4 

1570 

i*t» 

*12 

*04 

488 

*05 

30.10 

29® 

29.87 

29® 

77.10 

1*62 

1*94 

1*62 

1*85 

14*3 

1478 

1*83 

6.95 

*64 

*83 

*63 

6*5 

*61 

6*5 

6*5 

5.75 

5*5 

570 

5L45 

2® 

2® 

2*4 

2® 

23} 

232 

275 

ZI9 

12.95 

12*2 

12.90 

1256 

3*10 

31® 

33® 

31® 

1® 

1® 

1® 

1® 

22*5 

21 M 

27.90 

20.95 

2*5 

125 

2® 

279 

6*5 

*56 

6® 

*60 

3*9 

3*6 

3® 

3*7 

4.74 

*68 

*69 

470 

BJ0 

BL48 

ftJO 

8® 

2085 

20J9 

20*2 

2026 

8® 

854 

8® 

8® 

615 

*17 

*20 

*17 

874 

8*8 

8*3 

8*2 

72® 

12® 

12*2 

12® 

4® 

*36 

*48 

*34 


The Trib Index 

Prices as d MX) PM New York time. 

Jan. 1. 1932- too. 

Level 

Change 

% change 

year to data 





% Chengs 

World Index 

174.50 

+0.11 

+0.06 

+17.00 

Regional Indexes 





Asia/Padflc 

117.08 

+0.26 

+0.22 

-5 14 

Europe 

189.39 

+0.01 

+0.01 

+17.49 

N. America 

207.88 

+0.01 

+0.00 

+28.39 

S. America 

169.52 

+0.51 

+0.30 

+48.14 

Industrial Indents 





Capital goods 

221.82 

+0.06 

*0.03 

+29.78 

Consumer goods 

191.42 

+0.45 

+0.24 

+18.58 

Energy 

207.30 

+0.37 

+0.18 

+21.48 

Finance 

128.70 

-0.11 

-0.09 

+10.51 

Miscellaneous 

185.17 

+0.05 

+0.03 

+14.46 

Raw Materials 

184.21 

-1.44 

-0.78 

+5.03 

Service 

164.64 

+0.14 

+0.09 

+19.90. 

Utmes 

169.96 

+0.85 

+0.50 

+18.47 

JhB International HeraHI Titoune Worid Slock Index C racks the I/S. OoBarvaHtss at 

Sao mernelicnaSy nvestaite sfocte from 25 eounmes. For mom tnioimaoon. a free 

booklet « civaifeWs by writing to The Trto Index. 18i Avenue Cheriescle Gaulle. 

32521 Newsy Codex Fiance. 


Compiled by Bloomberg Nows. 1 

High Low 

Oosa Prwr. 


High Law 

dose Prav. 



599 


14® 

15® 

14® 

584 

597 

594 

5060 

SI® 

49® 

1350 

1390 

737D 

1810 

1880 

I860 

473 

477 

487 


Newbridge Not 
ndalnc 


Baba index: 514276 .. . 

Provtsas: 587*18 SflO PaUlO 
7070 6*50 70.10 6*90 _ 

2190 23*5 23.70 2190 BndesffiPW 1 

40.10 39® 39.90 39® BratunaPH 

Pfd 


Bovenalndwe 1171*00 Taip©i 
Prwvwt 117148# 


Stock Mortal ledrec 92071 


59® 5871 ®990 ®40 


China Steel 


or 14 Enam Group *44 677 *40 *41 GpoF Banner 346 138 142 140 EWWiras 

Wi *80 *63 *S *78 GpoRn Inbuna 3380 32® 31® 3380 

23® 2240 22® 23 175 174 1® SnbOortMeji 37® 3*85 37.® 37® 

-- «« TejevtoCPO if* 14*30 

GEC 191 185 188 187 ^dfltatL 19.16 18*2 19.10 18® 

GKN 1382 1272 1196 1197 


Grenada Gp 
Grand AW 
GRE 

GreefloRsGp 

Guinness 

GUS 

Haw 

HSBCHUgs 

la 

Impl Tobacco 


UJO 1J-J4 IJUM ulou 

877 M7 B.2& 8JJ4 Mllafl 

6 5.91 576 552 

252 272 184 188 Aleanm Assic 

fa H2 HI is bScM 


BcoRdeumm 
Era dt Roou 


582 5*7 576 579 

*89 *67 *80 *85 

64B *43 647 443 

19® 1856 1871 1R7B SidOolUnno 
51138 9® 956 1818 ejSS""* 

172 163 17) 348 

7.97 7® 754 755 


Usiminas P(d 
CVRD PM 


EN! 

Rot 


HS HS G^erolAssic 


IMI 


f 


^Copenhagen 


BGBwk 

SSSS. 

uSLnroitA 


Stack tadero <17.12 CBSd 
» — ■ — : 612® tacwood 


372 


375 370 37186 
372 361 365 
915 909 915 
371 359® 368 
697 681 _ 687 


Jakarta 

Astra tail 
Bl: tail Mon 
BKNepn 

GwkngGrm 


HM 


LevdGemGrp 

UomsTWOP 

UicaVnrfly 
Maks Spencer 


Asset 

Grid 


Neat 

Norwich Union 


9 132 9® 9J2 954 

247 2® 161 2*4 juA 

US *41 *49 445 

758 7® 744 785 

133 123 224 124 Stedtabmca 

AH 6 *02 *10 pfeXSon 

*9fi 483 486 *86 Kti 

11® 1105 1121 1130 St 

PtreB 
RAS 

Rato Banco 


MIB TeteeWtaoe 15229® S wim Cn» 
Prertarc 1507100 Td^rra PM 

16650 16210 16520 16200 Tatar 

48® 4680 4700 4790 Tetesp Pfd 

7119 66® £900 6605 Unfcanco 

1657 1625 1640 1606 

29000 27500 27850 27800 

3975 3950 39M 38» 

8840 86® 8695 B695 

10545 10400 10465 10395 

6000 5865 5950 5930 

38450 39000 39200 38950 

18008 17475 17976 17450 Doom 

2675 2610 2675 2615 Daewoo Heavy 

5850 5750 5850 5745 Hyundai Eng. 

Itia Motors 


1820 17® 17® 1840 r-r rrt nnnt 

584.00 Sr.-7.00 574.00 567.99 __ „ a, 

Itau banco Ptt riXLDl 599.93 Mac® MKL00 ,S-2 ,S"S 

UgMSenrtaas 465.99 46181 46*® 4®® 

37580 36381 36381 370.00 

304.99 29780 30080 30000 SfiELS'fS? 

207.00 197.99 197.99 19800 

4250 41® 42® 41.95 iMJwrosemi 

1855 1840 1854 10.40 JS^S_ R _ 

143.99 lffl® 141® 143.00 

16*00 16480 165® 16580 VWWarkJQlIn 

14280 132® 148® 13121 

32580 318.01 3211® 31081 

39 JO 3700 39® 38® 

11-93 11® 1185 1100 

28® 2880 2800 2839 


i PM 
Prnfcfo Lire 
5W Nadonnl 


Tokyo 


Seoul 


Nippon Ad 

■“-TSaSESHt SSU 

vrevwre-roijv AsailOieiii 
85900 85000 B5300 85300 AsaM Glass 

7640 7450 7500 7640 Bk Tokyo Mltni 

19500 18700 18700 19500 Bk Yokohama 

10300 9400 9700 10200 Bridgestone 

22900 22200 22200 23800 Canon 

5150 5010 so® si® ChubuEtec 

43000 40500 48500 44000 QlinukuElac 



Pravtom: 9141.33 

139® 

135 

137 

134 

no 

1114 

10V 

103 

84 

Bl 

82 

81 

124® 

129 

1Z2® 

121 

2B.U0 

28® 

28® 

28*0 

no 

103® 

109 

10J 

59® 

ML® 

59® 

5V 

117® 

111 

117® 

110 

58 

56 

57 

.55® 

71 

nua 

71 

71 

91 

a 

89® 

8/® 

1® 

143® 

148 

144 

47 

45 

46® 

45 

99 

U 

97 

97 

£L5D 

62 

62® 

62 


NBtel 225:18058^1 


Previous: 1793BJJ9 

IQ® 

1000 

10® 

1(00 

710 

no 

709 

no 

3420 

33® 

3«n 

33® 

7® 

740 

741 

156 

566 

556 

557 

565 


NTT Data 


Ricoh 
Rohm 
Sakuia Bk 
Sailqn 
SanwoBar* 
Sanyo Eric 
Seam 
SefcuRwy 
SektsuiChem 
Sddml House 
Seven- Seven 
Sharp 

SMkaicuSPwr 

Shbntaj 

Shfe-eboCtl 

ShfceUo 


84 B2M 82® B3ri 
Nora ndalnc 27.90 27® 27-35 27® 

35® 35.18 35® 35W 

14*15 143.85 144 14*15 

11® 11® 11® 11J5 
351* 34 35 3416 

26® 2*30 2*69 26® 
2*80 25-15 25.65 25® 
22® 2135 22-46 2135 
131* 1386 1385 13*5 
1Q5V> 1803 104-S 1 Q» 

36 35® 351* 35.SS 

.1450 1420 1440 1450 RloAlgam 3060 30.16 30** 30® 

IBJiSti lCUOb 107Db Mkffij Rogers CaiMB 25® l r . *i 25® 

- - 49 J5 48® 49 491* 

2385 2320 231* 231* 


48* 

11-403 111® 11400 111® PancdnPetkn 
782 773 77B 787 PetroCda 

501 A6 486 SU Placer Dome 

247 239 243 248 

TIB 694 699 700 

1B1 178 178 181 


Rkd Feflm 
Potash Sasi. 
Renaissance 


Sony 


SumttChem 
SumSwno Eric 
Sumfi MeM 
5«nB Trust 


5270b 5200b 5220b 5270b Stsujnvn Co 
HS 549 550 552 Stef&laA 

293 282 26B 295 Suncor 

17® 1690 17® 172? Tathman Eny 

13400 13100 13400 131 00 Trek B 
637 6)0 625 628 Tetogtobe 

®® 3950 4000 39® Tvtui 

1480 1420 14® 14® Thomson 

400 385 391 40* TocOom Bank 

8000 7900 W 0 8000 TratnoSo 

4830 4780 4830 4780 TransCda Pipe 

914 89B 901 915 Trimark Ftal 

11® 1180 11® TrtzecHnhfi 
88® 8700 8a® 8720 TVXGrtd 

1170 11® 11® 1 JS8 WeskoastEny 

1990 1970 19® 1970 Htadon 

569 555 563 567 

M 2CT0 3210 30® 

I960 1910 19® IB® 

1270 12® 126B 127® 

5070 5000 5050 5040 

11000 10600 10900 10800 

875 B® 875 870 

1770 1720 17® 1730 

429 417 427 421 

17® 1720 1730 1710 

257 249 257 2® 

11® mo 1148 1133 

3060 3000 30% 3030 


45*5 45 4535 45U 

4730 4611 4685 4730 

26 2480 2514 25 

5020 49 JO 59-20 49.® 
29%. 2955 2955 30.10 
3330 3115 33.15 2350 
46W 4*30 4640 4*® 
17J5 1780 1785 17.95 
2745 2738 2730 27.40 
821* 80.W m.m 84 
33.10 3230 33.10 3285 
7J15 *80 655 *90 

vm 28® 28*5 2&0J 
106 10*05 1Q6 107VS 


Commie Mae 531 J8 Orange 
Prwtats; 52*27 P&O^ 

3500 3375 3425 CTO paUngriii 

m >•' ^ 900 PoweiGen 

975 925 925 Prerefer Fom^ 

“50 BfflO MO B6K Prudential 

22® 2225 2225 . 2200 RofltiaCkGp 

37® 3®0 OTO 3600 Hank Group 

7725 7625 7725 7625 RecfeRlCokn 

8975 6725 6825 « Redand 

V( senMGnM 3075 2975 3025 3025 ReadtoS 

365 fSetorauSasI 3375 3275 33® 3225 RentoHInjOre 


9T3 

361 


ReutaroHdgs 
Roam 
RT2rw 


193 1 93 mSO 

769 770 770 

10» 10® 1K5 

3 5 | 

4H dll 413 



Fnmifurt 


^ t 


m 


_ gfBS? 

Pn*fMis;4HM> Driefoniebi 
I57S 1575 1580 1555 FetNaOBk 
t*r« 239*0 242-50 232® S&'F 
an fl*® 4w 4»s® craA 

’ss “5 as ffissr 

SS S3 

0* 4(1 91® 91® 94 LBterly Hdgs 

Sf M ax 69*5 68 

77 MJO 75JO « 

3840 S3 38® 38J5 
U4S 1350 T364 13® 

1® 152 154 IS 

a ilJB SIM 
135*0 mw 135J0 IB 
9130 95® 97 


Minorao 
Ntnpak 
Nb*w _ 

Rembrandt Gp 

Rirfleraart 

RnctPkritown 


-pKKZtwus SSbSJS 

mow 3205 3135 3248 31*0 
Ota CT® 278 278® _ 278 

- lOJS 2» 241® 240® getaway 

240 238® 23875 240® gctasb«r 

186 180® 182 IBS 

IT® 11*5 1175 11*5 SSSSr 

ua 5*s 5*25 s*75 SarfPM«r 

^ 2220 ag i snu. 

JS »£ si IS 7 ™ 8 

W® WTO 1ft® 

d Jgigi 

mH 139-5 Thame* Water 

1*« ISM 1575 l*W a Group 

m J£ irw T1 Group 
18® 1775 17-85 17-ro TomHfts 

105® W *g 1ia g Unlever 
42® 4040 fl-" , T ?5 UfdAaurancE 

g ££ SM 


t84 

180 

281 

281 

5*9 

538 

5*5 

5*3 

8® 

873 

873 

886 

7® 

7*2 

7*6 

7® 

3*4 

135 

13B 

3*3 

2® 

2.19 

2® 

222 

*82 

*73 

679 

672 

7® 

7® 

7® 

7® 

1® 

1*9 

1® 

1® 

7*7 

7*6 

7® 

7® 

5*5 

575 

579 

5® 

*37 

*25 

*33 

*35 

857 

828 

834 

8*5 

157 

3*9 

151 

151 

9® 

9*7 

9® 

977 

2*3 

172 

273 

282 

575 

5*3 

5*6 

572 

2® 

246 

253 

246 

7 

*92 

*99 

*92 

3® 

125 

126 

128 

1005 

9.93 

9.99 

9® 

1027 

975 

10® 

9.98 

238 

233 

234 

239 

*40 

6® 

*33 

673 

548 

541 

546 

5*5 

197 

3*4 

387 

194 

*51 

4*0 

4*6 

4*3 


86® 8525 86® 8530 

13900 13555 13700 135*0 KKaElPwr 

1304 5279 1286 1282 Korea EidiBk 

903 885 890 904 LGSemfcwi ..... ..... ..... 

2010 2775 2785 2810 Pahang Iron SI 60500 59000 59500 60200 

4895 47® 4855 4670 Samsung Dfafay 47003 44200 462ft? 47000 

152® 149® 15015 14875 Samsung Elec 71*00 69500 7WB0 71300 

23400 73200 232® 23100 ShMnn Hank 9100 S®0 8700 91 B0 

SPooto Tarino 12390 lino 121® 12110 SKTeteavn 463000 450500 459500 474000 Datura Home 

Tetaam Halo 11320 11170 11290 UI® DahraSec 

— ' DDI 


Tokal Book 
Tokio Marine 

931 910 91B 923 Tokyo El Puff 

2270 2310 2270 2230 Tokyo Electron 

490 481 490 481 Tokyo Gas 

2870 27® 2870 2810 TokyuCorp. 

3630 3490 3630 3530 Town 

2070 -mm 2070 20 ® Tcppan Print 


Dal Wpp Print 
Data 

DaMcM Kang 
Dcmw Bor* 


1980 

19® 

19B0 

1970 

Tornylnd 

712 

691 

696 

2430 

2379 

2420 

2610 

TosfaBn 

652 

635 

644 

699 

680 

685 

686 

Tostem 

1890 

1820 

1838 

1310 

1270 

13ft} 

1330 

ToyoTrast 

mi 

912 

917 

512 

493 

509 

503 

Toyota Motor 

3590 

3470 

3570 

1360 

1349 

13® 

1340 

Yuuiexmrtii 

29® 

2910 

2930 


9® 933 945 954 

1400 1368 1380 1430 

2310 2280 2290 2300 

7380 im, 7260 70® 

282 273 282 289 

569 5® 561 538 

1000 1070 1080 1080 Ul a || in ^„„ „ 

1610 15® 1570 1620 WeHHigiOFl NZSE*0 


701 


.256848 
PtnIms:2S53J5 


TIM 


67® 44WI 44H* 4W1 


Bee Mob Cara 


CTFWSvc 
Gm Metro 


3671*1 
Pmtavs: 378*99 
51-35 SOSO 50.90 51*5 
29 2BHt 2E90 28% 

37ri 37*5 371* 37*5 

46tt 44 44*0 44*0 
18*0 18*5 1830 1835 


Singapore 

Asia Pac Brew 
CerehosPac 
Cty.De vte 
a Cazrioge 
I Farm lilt* 


722 693 720 710 

6090a 60200 6030O 6020a 
30® 29® 30® 29® 


a:xlO(tO:xlMO 



Straffs Times: 189*73 Denso .... .... .... 

Previous: 189*09 EastJapanRy 5490a S250a 5440a 5450a 
Eisai 
Fanue 
ijl Bank 
l Photo 


*92 *99 *92 GVWest LiferX .^65 2&M W® 33J& JaidMatbesa 


Imasco 
Investors Grp 


Power Caro 
Powa-Rnj. 
OuebecorB 


4040 ®® 40.® 4D 3S 
40.15 391* 40.15 39.90 

yyi yian yian 20*0 
19 18*5 18.95 18.95 
39® 38M 38® 39.15 

3B» 37® M.15 38® 
261* 2*15 2614 2*15 


66V 


66V 66*0 


7® 7J3 7*6 7*7 

452 4*4 449 *43 

1® 252 2*0 256 

877 863 866 874 

4*7 4*7 448 4*1 



OBXMriC 699*9 §& 

Prerioas: 67801 S*?Xw l .l nfl 


Slog Tetecomra 
Tot Lee Bonk 


_ Oslo 

4*7 448 _ 

1175 11*3 11*6 1174 Aja, A 1® 130® 131 IB l(wllBWKnl 

1*7 1*5 1*7 1*7 BeraesenDyA 201 198 201 198 UW miftMlriaj 

iS8 845 S46 s* 1 OuSimtaU if-2 %?£, 22^2 

894 8*1 8*5 895 DeflWKteBk 29® 29*0 29*0 WingTalHdgs 

4*2 4*5 4*5 4*2 Bken 131 1W 127® 130 *.-*j US. doOars. 

*85 *75 *77 *80 HtrisiundA 45 48® 43® 43® 

8® 828 832 8® MAU 414 406 414 ®6® 

426 414 421 414 Norsk 

4*2 4*5 4® 4® NorekeSaigA 

828 820 821 825 NycmnedA 

804 5 5® 802 orkta Asa A 

*37 6.13 616 *» PeUroGeoSvc 

3*0 326 3*6 328 Sana Petal A 

17J7 17® 17*1 1779 fdWed _ 

*92 4*6 4.90 485 Transocaon Dff 


5® 

530 

5® 

5® 

5® 

510 

5® 

515 

9.70 

9® 

9.70 

9*5 

SO 

9.90 

990 

9.95 

077 

0.93 

0.96 

083 

16 

1570 

1570 

15® 

174 

170 

3J0 

172 

9.10 

8.05 

8.95 

9.10 

130 

HO 

1» 

128 

8.15 

805 

805 

870 

390 

186 

386 

184 

5® 

585 

598 

585 

116 

110 

112 

112 

448 

4*4 

4*8 

4*8 

196 

190 

194 

19? 

10W 

10*0 

1070 

10® 

*95 

*55 

*9S 

6*5 

585 

5*5 

580 

5® 

*70 

6*0 

*60 

6® 

12*0 

12® 

12® 

12.® 

7® 

7® 

7® 

7.10 

33 

22*0 

2280 

23® 

261 

2*5 

260 

2*5 

279 

123 

224 

273 

7® 

179 

279 

2® 

104 

1*2 

'184 

1® 

11® 

11® 

11® 

11® 

114 

104 

106 

3JH 


2300 2 ?m 2300 22 ® Toronto 

4700 45® 46SS0 46® 

1370 13® 13® 1370 

48® 47® ®50 4830 


AbtOilCara. 


Prarieu: 6978*9 
2485 24*5 24® 2470 


Stockholm 


262® 256 257® 255 

I® 164 1® 164 

587 591 SSS AGA B 

459 459 4® ABBA 

T47 149 146 AsiDaronn 

124 124® 12150 Asha A 

N.T. K.T. WO Alta Copco A 


5M 

464 

1® 

125 

K.T. 


7® 7*5 7® 7*7 Storebrand Asa 5150 51® 53 52 Autoffv 


Kachhunl Bk 

Htoaii 

Honda Motor 

IBJ 

IHI 

itocrtu 

tto-Ybkado 

JAL 

Japan Tabaca 

Jusco 

Kajima 


Kawasaki Hvy 
Kawa Steel 
KbddNtppRy 
Kirin Brewery 
Kobe Steel 
Komatsu 
Kubota 
Kyocera 
Kwishu Eric 
LTCB 
Maruben 

Marui 

Matsu Camn 

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PAGE 16 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNPAY, SEPTEMBER 20-21, 1997 


Friday’s 4 PJH. Close 

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Tax Cuts 
Weighed 
In Japan 

Government Lowers 
Its Economic Sights 

Gmii'CjJbt Og, Stiff Fn*x Dafucba 

TOKYO — Japan will consider 
catling taxes on corporate income 
and real estate and securities trans- 
actions to stimulate the economy, a 
leading official said Friday as the 
government downgraded its assess- 
racnt of the country's economy. 

Prime Minister Ryu taro Hashi- 
moto instructed cabinet ministers to 
speed up planned economic re- 
forms. ' 


economy 


'orms. He told the Economic Plan- 
ning Agency to identify planned 
structural reforms that could be 
hastened to spur the 
quickly. 

The agency said in its September 
report that private-sector demand 
had slowed because of the protrac- 
ted affect of the April increase in the 
(national sales tax. 

■ The deputy minister of the 

; Jgency, Shinpei Nukaya. said it 
i would be “fairly difficult” to 

— -j ichieve the original government tar- 

PAR1S of a 1.9 percent growth in gross 
approach jmestic- product for the year to 
simple: aboard*. 

But frotr Speaking a day before central 
where Com 0 *®* 8 and finance ministers meet 
thequestior Hong Kong, the head of the 
erty, has bt?°cy. Kojt Omi, said that Tokyo 
exposing th* 5 * prepared to lower tax rates. 
^lAmunisn/itpan is likely to come under pres- 
5 Announce at the meeting of the leading 
10,900 ChinJistrialized nations to increase do- 
holders, Pre^tic demand to help its economy, 
month took "he U.S. Treasury secretary, 
inisin to a rw^eri Rubin, said Thursday that 
The mease’s widening trade surplus and 
official gobnping domestic demand were 
ownership” ; ng new concerns about the 
do “with conigth and stability of Japan's eco- 
stood iL J c recovery. 

They did, h‘ docs look as though they'll 
with the glob^hcsc measures up in a pretty 
sorb 1.2 billion and present them to Bob Ra- 
get Hch and witen they get to Hong Kong,” 
Marxism to arri-'hard Jerram of DMG Baring 
ginfed by Marx:** (Japan) Ltd. of the Jap- 
tranon of powerroposal. “But they’ll make 
ForMr.Jian.ode difference to the econ- 
to lie in a biza 

expediency an-hitemational Monetary Fund 
ownership: M its forecast for 1997 Japanese 
way of “Dens 1 Thursday to 1.1 percent 
■| Four dayshe IMF estimate of the pattern 
l’arrvcongre« an 's economy and of growth 
t half state ov is acceptable,” Mr. Nukaya 
Hue, the k 

> tpan said last week that its econ- 
— ] ~i shrank 2.9 percent in the April- 


Thais Are Urged to Speed Reforms 


By Alan Friedman 

Inimutiuiul Her ald Tribune 

HONG KONG — The World ’ 
Bank president James 
Wolfensohn, called Friday on 
Thailand to speed up its reforms of 
the banking and financial sector to 
restore investor confidence in the 
crisis-ridden economy. 

“We'd like to see the Thais 
move more quickly and more 
definitively.” he said at a news 
conference here. 

Mr. Wolfensohn, who said the 
recent financial turmoil in East 
Asia would be at the center of his 
meetings with finance ministers 
froth the region, said the World 
Bank was prepared to work closely 
with Thai authorities. 

“We're ready to move the next 
minute they are ready to talk to 
us,' ' he said, adding that the World 
Bank was already cooperating 
closely with the International Mon- 
etary Fund on the Thai bailout. 

The World Bank president also 
acknowledged Friday that the Thai 
authorities might be distracted be- 
cause "they have their own polit- 
ical problems.” He cited the com- 
ing no-confidence motion in 
Parliament next week. 

"That is a moment where they 
will focus on domestic political 
issues,” he said, "rather than the 
issue of financial management, 
and we hope there will be strong 
political leadership after the 
vote." 

Seeking to reassure investors, 
Mr. Wolfensohn added: “I believe 
there is inherent strength in Thai- 
land, Indonesia and Malaysia, but 
there is fear in the Financial system, 
and this is not a five- min u re Fix. In 
the coming days, during meetings 
here in Hong Kong, we will try to 
reassure the world.” 

In Bangkok, meanwhile. Thai- 
land’s prime minister sought to re- 
assure the IMF of his government’s 
commitment to the terms of the 
IMF’s $17.2 billion emergency 




$100 billion 


Total loans of 
Thailand banks 


94 


95 



96 I 97 




20 baht to a dollar 




Thailand's 

-300 cu/7enf 
account 

balance 
-400 billion baht 


M 


91 


93 95 


97 

• eat 

Sources: PerBgrtne Securities International; DRtMcGraw-Htt; Bloomberg Financial Markets 


Tb,- Newport Tunc* 

bailout. Prime Minister Chaovolit A day before, on Thursday, Mr. 
Yongchaiyut told the IMF man- Camdessus had said that Bangkok 
aging director. Michel Camdessus, was “complying pretty well” with 
on Friday that his government the rescue plan, which oalk for 
would fully implement the IMF slashing the current account def- 
plan. The two held talks on the icit, bolstering foreign exchange 
margins of a meeting of Asian and reserves, nuking sharp cuts in pub- 
European finance ministers in the lie spending, and setting new in- 
Thai capital. flation and growth targets. 


At the Bangkok meeting, fi- 
nance ministers from 25 European 
and Asian governments pledged to 
cooperate to come up with com- 
mon policies to deal with threats to 
the global financial system. 

Thanong Bidaya, the Thai fi- 
nance minister, said, "It is hoped 
that new measures and initiatives 
to emerge from today's discussion 
will lead to further strengthening of 
Asia-Europe financial coopera- 
tion.’’ 

Mr. Chaovalit thanked the world 
financial community and the IMF 
for its August rescue package. He 
said thaf, as international financial 
maikets became more complex, 
‘ 'financial policymakers from Asia 
and Europe must step up their co- 

S ion on macroeconomic and 
ial policies.” 

Meanwhile, in Hong Kong, fi- 
nance ministers from the wealthy 
Group of Seven nations — the 
United States, Japan. Germany, 
France, Britain, Italy, and Canada 
— prepared ro meet Saturday. The 
G-7 meeting is expected to discuss 
the recent financial turmoil in East 
Asia, ways of strengthening the 
financial resources of the IMF, ex- 
change rates, Japan’s soaring trade 
surplus, and Europe's single cur- 
rency project. 

The U.S. Treasury secretary, 
Robert Rubin, has said he will 
make use of a bilateral meeting 
with his Japanese counterpart — 
Hiroshi Mitsuzuka — to learn how 
Tokyo plans to honor its stated goal 
of preventing a significant further 
increase in its trade surplus. 

■ Japanese Keep Faith 

The majority of Japanese firms 
that have business ties with Thai- 
land believe in the country’s 
growth potential. Agence France- 
Presse reported Friday from Tokyo. 
Twenty-three of the 41 companies 
polled by the Japanese Federation 
of Economic Organizations said 
they thought Thailand 's growth po- 
tential was “still high.” 



Investor’s Asia 


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i 

-i: 





Source: Tetekurs 


Very briefly: 


Mitsubishi Electric Predicts First Full- Year Loss 


? quarter, or II. 2 percent at an 

uui rate, the worst performance 

ce the “oil shock" of 1974. 

• While Mr. Omi made no specific 
jposals, several government pan- 
■s are discussing measures to cut 
axes to lesson the burden on cor- 
porations and ease sales of securities 
and real estate. 

A Liberal Democratic Party panel 
is considering a cut in the basic 
corporate tax rate, which now stands 
at 37.5 percent. Japan's top cor- 
porate tax rate is 49.98 percent, 
among the world’s highest. 

Japanese businesses may be will- 
ing to accept the end of some tax 
exemptions in return for a cut in 
corporate tax rates, said Hiroshi 
Kato. chairman of a key government 
tax panel. 

Businesses are seeking a 10 per- 
centage point reduction in the top 
corporate tax rate. Mr. Kato said 
In return, the businesses are 
showing more support for a gov- 
ernment proposal to eliminate tax 
exemptions for retirement bonus re- 
serves, loan-loss reserves and other 
funds for future business expendit- 
ures. I Bloomberg . A FP. Reuters) 


Cun f«M tn Our Staff From Dunm*n 

TOKYO — Mitsubishi Electric 
Corp. predicted Friday that it would 
post its first fiill-year net loss for the 
year dial ends in March because of 
low semiconductor prices and slug- 
gish domestic sales. 

The electronics giant said the 
plunge in value of the Thai baht also 
would affect earnings. The com- 
pany said it expected to post a full- 
year net loss of 10 billion yen ($82 
million), compared with a May fore- 
cast of a net profit of 20 billion 
yen. 

Pretax profit for the year will fall 
by 56 percent, it said, to 35 billion 
yen. 

Mitsubishi Electric, the high- 
technology aim of the Mitsubishi 

E , also forecast a net loss of 25 
t yen for the six months ending 
this month. 

“Earnings from air conditioners 
and home electronics were hit bv the 


consumption-tax increase and cool- 
er weather, while semiconductor 
prices didn't rise as anticipated.' ’ its 
managing director, Michiyasu Hira- 
hara, said. 

Japan increased its sales tax in 
April to 5 percent from 3 percent. It 
also phased out an income-tax 
break. 

The company’s pessimistic pro- 
jection contrasts with optimistic ex- 
pectations voiced in May by Mit- 
subishi Electric and other Japanese 
chipmakers for a recovery in do- 
mestic demand and worldwide 
prices for dynamic random access 
memory chips. 

Mitsubishi Electric said it also 
had suffered from a drop in sales and 
profit in Thailand that was triggered 
by the plunge this summer in the 
value of the Thai baht against the 
yen and other currencies. 

Shares in Mitsubishi Electric rose 
5 yen to close at 51 1 . The company 


announced the new forecasts after 
the close of trading. 


say would help rebuild confidence. 
Dai-Ichi Kangyo Bank said it 


• Moody's Investors Service Inc. said it may cut Thailand s 
short-term credit rating, a move that would make it still more 
expensive for the country’s cash-strapped banks and compa- 
nies to borrow. 

• Daewoo Corp-, which signed an agreement, to invest $L28 
billion in a joint venture with A vtozaz, a Ukrainian carmaker, 
saw the final hurdle to the deal cleared when t he U kraine 
par liame nt passed a law aimed at stimulating car production 
through measures including tax breaks on profits, imported 
parts and land. 

• Honda Motor Co- developed a hybrid system coupling a 
gasoline engine with an electric motor. The company said it 
had not decided when to start using the motor. 

• Swiss Bank Corp. and Long- Term Credit Bank of Japan 
Ltd. signed an agreement to create a jointly owned investment 
bank in Japan. The bank, to be called LTCB SBC Warburg 
Securities, is to begin doing business next spring. 

• Singapore’s efforts to build a “world-class” transport 
network will cost 10 billion Singapore dollars ($6.6 billion) 
over the next five years. Communications Minister Mah Bow 
Tan said. 

• Suzuki Motor Corp. asked the International Court of 
Arbitration in Paris to block the appointment of a new chief at 
Maruti Udyog Ltd., its joint car venture with the Indian 
government. 

• Yaohan Japan Corp. shares did not trade on the Tokyo 

Stock Exchange, because sell orders overwhelmed buying 
bids a day after the Japanese retailer filed for bankruptcy-court 
protection from creditors. Reuters. Bloomberg 


(AFP. AFX. Bloomberg) would reinforce internal checks, but i ti - o m A 

Sanyo Securities Secs Deficit Klw'oS!! Mazda Ex P° rtS So3r m AugUSt 


Sanyo Securities Co. said it 
would post a loss for the sl\ months 
ending Sept 30 and was seeking an 
extension on repayments of its sub- 
ordinated loans from life insurers, 
news agencies reported. 

The latest bad news among Jap- 
anese securities firms came as 
Nomura Securities Co. and Dai-Ichi 
Kangyo Bank Ltd said they would 
clean up their business practices in a 
bid to restore confidence after a 
scandal over payoffs to a corporate 
racketeer. 

Nomura’s package of 23 mea- 
sures includes tightening internal 
controls and hiring lawyers to be 
members of a new compliance com- 
mittee. It stopped short of appoint- 
ing outside directors, a step analysts 


plan 

rectors. 

“Restoring confidence is a very 
important problem,” Nomura's 
president, Junichi Ujtie, said. 

In a move aimed at winning back 
individual investors. Nomura said it 
would stop evaluating sales staff on 
the basis of commissions and would 
focus instead on how much cus- 
tomers' assets grew. 

Nomura’s hard-sell approach to 
selling stocks has driven away the 
smaller clients that it needs as Japan 
moves to deregulate its markets. 

“That’s very important," said 
Robert Garone, afinancial analyst at 
Dresdner Kleinwort Benson (Asia). 
“Thar’s where the future of the 
company ties." 

( Reuters . Bloomberg ) 


Bloomberg News 

TOKYO — Mazda Motor Co., one of Japan ’s five largest 
automakers, said Friday its exports of passenger cars and 
trucks soared 63 percent in August from a year earlier. 

Exports to North America, led by the company’s midsized 
626 and Millenia passenger sedans, more than doubled in the 
month, to 1 1397 vehicles. 

Exports to Europe, meanwhile, rose 77.5 percent, to 13368 
vehicles, while those to Central and South America rose 1 26 
percent, to 4,448, the automaker said. 

The company's production during the month rose 5.5 
percent from August 1996, to 45,105 vehicles, while output of 
commercial vehicles fell 12.9 percent, to 1 1,005. 

Exports of Japanese automobiles have risen sharply this 
year, leading to an increase in trade tensions with the United 
States. 

Mazda also said sales in Japan rose 7.4 percent in August 
from a year earlier, to 19,947 cars and trucks. 

Mazda's shares closed at 444 yen ($3.67), up 19. 


Halt at Mine Hurts BHP Profit 


Com-firi h\ «.h» SuJ Fn«n Puna In 

MELBOURNE — Broken Hill Propri- 
etary Co.'s profit before special items fell 
in its first quarter, the mining company 
announced Friday, as production stopped 
at its Ok Tedi mine and costs stayed 
high. 

BHP said its earnings before one-time 
items fell 1 percent, to 284 million Aus- 
tralian dollars (5203.1 million). 


The result sent BHP shiires plunging 38 
Australian cents to close at 1 5.70 dollars os 
analysis began lowering their fell-year 
earnings forecasts. 

BHP has been struggling to contain 
costs in its coal, iron-ore. copper and steel 
units, and it was hit by unusually dry 
weather in Papua New Guinea, which 
forced the shutdown of its Ok Tedi copper 
and g )ld mine. ( Bloomberg . AFP) 


CHINA: What Do Jiang's Pronouncements on Reform Add Up To? 

Continued from Page 13 


bluffing in hope of getting managers to 
shape up. But there are reasons to be- 
lieve Beijing no longer has the room to 
reverse course that it had in the 1980s. 

Wing Thye Woo, an economist at the 
University of California ai Davis, pre- 
dicts that "asset-stripping by managers 
will accelerate’* once they discover 
"this is their last chance to steal.” 
Hence, a reversion to direct state control 
would mean a serious loss of face for the 
leadership — - or, worse, charges of cor- 


ruption. Equally important, Mr. Dem- 
berger of the Center for Chinese Studies 
suggests, a subsidy-as-usual approach 
no longer represents a safe political al- 
ternative. 

While it may be possible to sustain 
the iron rice bowl for urban industrial 
workers, half-measures will not narrow 
the growing disparity in living standards 
between the more socialist northern re- 
gions of China and the virtually capi- 
talist south. 

Besides, Mr. Sachs argues, the 
chance of unrest breaking out when 


state enterprises are left on their own has 
been exaggerated. 

Mr. Sachs estimates that no more than 
3 percent of the work force would lose 
jobs in a rapid restructuring — a modest 
number compared with unemployment 
in the transition economics in Russia 
and its former satellites. 

Indeed, Mr. B roadman sees this as the 
opportunity for China's canny, surviv- 
al-oriented leaders to seize the day. 

"With the economy booming." he 
said, “they can afford the hard de- 
cisions.” 




FUND: ASEAN Seeks Cooperation 

Continued from Page 13 




Regional cooperation during 
the crisis essentially consisted of 
bilateral repurchase agreements 
between central banks and 
verbal attacks on currency spec- 
ulators. 

"Each country was preoccu- 
pied with what it faced within its 
own economy," Mr. Ocampo 
said. 

“Bui the crisis was a timely 
reality check that gave us more 
impetus to work closer togeth- 
er.” 

The lack of unity was high- 
lighted by Finance Minister 
Dominique Strauss-Kahn of 
France, who said Asia could ben- 
efit from the lessons of Europe's 
economic integration. 

“In Europe," he said, "the 
finance ministers are used to 
working together collectively." 

Mr. Anwar said he would call 
f °r International Monetary Fund 


regulations to rein in the power 
of currency speculators and to 
codify the liberalization of fi- 
nancial markets. 

“If yon have democracy,” he 
said, “you have the role of law. 
If you have a liberal ization of the 
fi nanc ial sector, you also need 
adequate rules.” 

Mr. Anwar said Asian dele- 
gates were more supportive than 
Europeans were of the proposal 
that he planned to table at the 
IMF-World Bank meeting. 

The roles would be similar to 
guidelines regarding the super- 
vision of banks and would "con- 
trol the irrational behavior of 
fund managers who take exces- 
sive risks to the detriment ot 
countries,” Mr. Anwar said. 

"Yes. the baht was weak," he 
said. "But does that provide a 
license to exploit the weakness 
of the situation? Should the 
whole population of Thailand be 
at the mercy of speculators?" 


Do YOU LIVE 

in Norway? 

For a hand-delivered subscription 
on the day of publication 
in Oslo and Bergen, 
call (10 33 1 4143 0361 


ABRIDGED ROOKS By Mike Shenk 



THE WORLD’S DAILY NEWSPAPER 


ACROSS 
I In a fog 

7 Fattening 
sites 

12 School founded 
by a brewer 

■8 Comic Judy 

19 FusilLi's shape 

20 Delta, for one 

21 John Knowtes 
book about the 
tortoise’s 
winning 
strategy? 

23 Paper launched 
in 1944 

24 lisse“*— is a 
setlin 

25 Color cluse to 
aqua 

26 Makes sound 

2S Slumber party 

guest 

29 Public outcry 

32 Frasier's 
brat her 

35 Debate 
position 

38 Diamond 
comers 

37 John Kennedy 
Toole book 
about a desen 
union’* 

41 Luke's sister 

42 -Whipir 
singere 

43 Wrong 

44 Parkers plug 
ihem 

46 Peruvian 
com 

47 Musical based 
on “La 

Bo heme" 

48 * So Fine’ 

51 Discussion 
groups 

52 bine, cosine and 
tangent 

55 Recess 

57 Duke is part of 
it. for short 

58 Henry James 
story about a 
mutiny? 

62 Minimal 
swimwear 

65 Tour-planning 
org. 

66 Island ring 

67 Islam's largest 
branch 

68 Jane Austen 
book about 
Rosa Parks? 


74 Moral 
misdeed 

75 Ring combo 

76 Patch sort 

77 Strasberg 
subject 

80 Was a pioneer 

81 Door feature 

84 Horror director 
Craven 

85 Kite-flying 
need 

86 Be cyclical 

87 Writer Tarbell 
and others 

80 Superwide shoe 
specification 

90 Thomas Hardy 
book about a 
taxpayer's 
deductions for 
groceries? 

96 Prophets 

97 City on 
Guana bara 
Bay- 

88 Pianist Peter 

and family 

99 Doughy 
snack 

101 Robust 

102 Start of many 
Latin 
American 
place names 

104 Dubai native 

106 Filing asst. 

107 It's not 
wall-to-wall 

109 John Grisham 
book about 
fashion show 
attics? 

1 14 Ordinary 

115 Sheathe 

116 Frosh topper 

H7 Sudden 

cnntractKHK 

1 18 TV event of 
January 1977 

119 Baseball card 
number 

DOWN 

1 Harts 

2 Com of 
Cordoba 

3 Lacking in 
substance 

4 Trophy 

5 Pilot's 
projection: 

6 Blowgun 
ammo 


7 Relieved 

8 Service award 

9 -401 00 '5 kin 

10 Singly 

11 Happy 
colleague 

12 Competes 

13 Radius setting 

14 Campaign 
poster 
inscriptions 

15 Gary of 
'Forrest 
Gump- 

16 Guitarist 
Segovia 

17 Cassette parts 

19 Sobersided 

20 19M Steve 
Martin. Lily 
Toinlinfilm 

22 Dtdo'sbtve 
27 Like 
appreciative 
tans 

30 ‘Jefferson in 
Pons" star 

31 Lseaprie-dieu 

33 1974 foreign - 

language hit 

34 Knowledge, in 
France 

36 Stirs 

38 Historic 
event 

39 Upended 
umlaut 

40 Alice's at 

44 Kind of shop or 
language 

45 Prepared for 
transmission 

48 Meddles 

49 Vespers Time 

50 Ross's forte 

51 Ream unit 

52 Win 

53 "Computers 
for people- 
company 

54 Old five- 
centesimrcow 

58 Heart ward, for 
short 

59 Swindled 
66 Sinn — 

61 Behavioral 
quirk 

63 Clear 

64 Rubbernecks 
89 Time 

being 


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70 Field 
marshal 
Rommel 

71 Actor 
Baker 

72 Precarious 

73 Corroded 

78 Floorboard 
sound 

79 Soundtrack 
album, eg. 

82 Scandal 
reaction 

83 Bobby Orr, 
from 1966 to 
1976 

85 H has Its 
ups and 
downs 

86 Enjoys a 
favorite book 

88 ‘Die 

Fledermaus" 

composer 


90 Shred 

91 "All's Well 
That Ends 
Wen- 
heroine 

92 Cad 

93 -Deed I Do- 
singer 

94 Andean beast 

95 Morale 

96 Pillow covers 

100 He introduced 

the Easter egg 
roll on the While 

House lawq 

102 stare 

103 Ctyof 
despair 

109 Rum cake 

I0S Fishes- Bull 
go-between 

110 -The bland of 
the Day Before" 
author 


HI Snitch 
1 12 in addition 
H3 Quick punch 


Solution to Puzzle of Sept. 13-14 






Page 18 


Friday's 4 P-M- 

The 1,000 nwsMraded Notional Market securities 

In terns or dadarvalue. updated Iwfcea rear. 

Tte Associated Pibss. 


XWTEBNA310WAL HERALD TRIBUNE, SATURPAY-SUNPAY» SEPTEMBER 28-21, 1997 

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SATURDAY-SUNDAY, 
SEPTEMBER 20-21. 1997 
PACE 19 



Amid Israel’s Turmoil, 
New Economic Calm 

Politics Aside 9 Stock Market Recovers 


Source: Bloomberg 


liucnutiiioal (irraU Tnhunc 


®8yp^ : Middle East’s Emerging Safe Haven 


By Digby Lamer 


I NVESTORS WHO bought Egyp- 
tian stocks about a year ago had a 
Jot to celebrate by the tune 1997 
was underway. Cairo rumed out to 
be the world’s top-performing stock 
market in 1996, adding more than 40 
percent by mid-February' this year. 

But from there on, prices foundered, 
due to a mix of shaky privare investor 
sentiment and fears among institutions 
that shares were becoming" overvalued. 

Mohammed Abdel-Hadi. an analyst 
with Robert Fleming Securities Ltd. in 
London, said that although a correction 
was expected, shares had been driven 
down too far by inexperienced local in- 
vestors who panicked. After that, the mar- 
ket looked cheap, but investors failed to 
pick upon Egyptian stocks again until less 
than a month ago, he said. 

Suddenly analysts are bullish once 
more on Egypt and there is more to their 
renewed enthusiasm than cheap valu- 
ations. The growing number of buy rec- 
ommendations reflects solid funda- 
mentals that some expect will push the 
Egyptian market beyond its 1997 peak. 

Most important is the counuy ’s solid 
economic backdrop. Mr. Abdel-Hadi 
said. With gross domestic product shap- 
ing up to about 5 percent this year and 
industrial earnings averaging 22 per- 
cent, Egypt seems to be in better shape 
than many emerging-market rivals. 

The currency turmoil hitting South- 
east Asia, for example, has caused in- 
vestors to downgrade their expectations 
there. As its economic and political ram- 
ifications spread, foreign capital is look- 
ing for safer emerging-market plays. 

A number of factors make Egypt a top 
candidate to receive these displaced 
funds, Mr. Abdel-Hadi said. He said the 
International Monetary Fund “has been 
acting like a guardian for Egypt in the 
last five years, monitoring its privat- 
ization program, its economic perfor- 
mance and its reserve efficiency.” 


OaUy dosings on the 
Cairo Stock exchange 


"As a result, the government has 
introduced some good reforms aimed at 
stimulating the economy,” he added. 

Stock prices may alsobenefit from the 
Internationa] Finance Corp.’s decision to 
include Egypt in its emerging-markets 
index beginning in November. The index 
will take a 6 percent weighting in the 
market and many emerg- 
ing-market funds are likely 
to follow its lead. Mr. Ab- 
del-Hadi said. 

Egypt's economic po- 
tential was the subject of a 
recent investment confer- 
ence in Cairo, sponsored 
by Euromoney Publ ica- 
tions. Entitled "The Tiger 
on the Nile.” the confer- 
ence promoted Egypt as 
heir to the emerging-market honors en- 
joyed for the last 10 years by Malaysia. 
South Korea and Tai wan. 

Radhika Ajmera. an emerging-mar- 
kets analyst with Aberdeen AsseF Man- 
agement Ltd. in Britain, said that foreign 
investors had good reason to have con- 
fidence in Egypt 

“'The macro picture is looking very 
good," she said. ‘ "We expect GDP to reach 
55 percent next year and inflation is under 
control at 5 percenL On top 
of that there have been a lot 
of structural reforms. Over 
70 companies have already 
been privatized and another 
30 are expected to hit the 
market by December. ” 

Despite the pace and 
continuity of the govern- 
ment's reform program. 

Ms. Ajmera warned that li- 
quidity problems and poor 
export growth should 
make foreign investors wary. 

While the exchange-rate stability of 
the Egyptian pound has benefited the 
economy generally, ii means that Egypt 
loses out competitively abroad, she said. 
As a result, exports are not expected to 
grow more than 3.5 percent this year. 


Commercial International 
Bank(CIB) 



Misr International 
Bank (MIBANK) 


Daiy ctosmgs in 
Egyptian pounds on the 
Cam Stock exchange 



A M J 
Sokt» StocmSf*; 


On the stock market, well-intentioned 
reforms have yet to make a significant 
impact on settlement problems. Of 650 
or so stocks traded on the Cairo ex- 
change, only about 50 are serious options 
for foreign investors, Ms. Adjmera said. 
The creation of a central depository eight 
months ago improved matters by In- 
traducing electronic trad- 
ing. but poor liquidity con- 
tinues 10 be an investment 
risk in the short term. 

When it came to picking 
sectors and stocks, Ms. 
Ajmera recommended 
banking. Aberdeen has 
been invested in Egypt for 
over a year and opted for 
Commercial International 
Bank, listed as CIB. and 
Misr International Bank. Both are avail- 
able to international investors as global 
depositary receipts. 

Commercial International Bank, 
which earlier this month reported half- 
yearly earnings growth of 9.3 percent 
after tax and provisions, is currently 
trading at about S3 Egyptian pounds 
(S24), but remains below its peak of 103 
pounds in March. 

Misr Bank fell from a high of 770 

pounds in April to 535 

pounds at the end of July. 
While its decline may be 
linked to the broader mis- 
fortunes of the Cairo mar- 
ket. it has so far failed to 
take pan in this month’s 
rally, ft stands currently at 
about 570 pounds. 

“It’s a fairly typical 
emerging-market scenar- 
io,” Ms. Ajmera said. 

“You have a combination 
of falling inflation, strong GDP growth 
and a growing level of investment from 
the private sector, all of which will be of 
benefit to banks.” 

Mr. Abdel-Hadi said he preferred in- 
dustrial stocks. He said these showed 
strong earnings growth even when in- 


-eoo 

-703 


-SCO 


vestors deserted them. 

He also said he believed that a re- 
peated stock-selling panic was less 
likely than before, with private in- 
vestors now preferring to invest in 
Egypt’s burgeoning mutual fluid in- 
dustry rather than risk going directly 
into the stock market. 

“There are a lot more institutions 
such as the Kuwait investment authority 
and the Hermes American Express Fund 
coming into the market.' ’ he said. * ‘That 
alone helps reduce the possibility of 
future panic selling.” 

For foreign investors, there are sev- 
eral ways to buy Egyptian stocks. Al- 
though there are no regulatory restric- 
tions on foreign investment, many 
investors prefer not to buy directly. 

For mutual-fund investors, there are a 
variety of sectors that include varying 
degrees of Egyptian exposure. These 
include emerging markets. Middle East- 
ern funds and African funds. Addition- 
ally. there are several dedicated Egyp- 
tian funds, including the Egypt Trust, 
Egypt Investment Co., Egypt Growth 
Investment Fund and the Egypt-based 
Nile Growth Fund. 

A GDR market exists but currently 
comprises only four companies. Apart 
from the two banks, Suez Cement Co. and 
Al Ahiam Beverages Co. are available. 

For further information, call: 

EGYPT FUNDS: 

• EGYPT IN VESTMENT CO (Fond) and EGYPT GROWTH 
INVESTMENT FUND: Concord hvcnnnonal. 1 212 759 
I3M. 

• NILE GROWTH FUND: Allonge Capital Management/ 
CtlC. 02 335 NCI. 

• EGYPT TRUST: Usnd Firm A Co.. I 212632 6000 l 
FUNDS WITH EGYPTIAN HOLDINGS. 

• FOREIGN & COLONIAL EMERGING MIDDLE EAST 
FUND. 44 171 cCt U34. 

■ BARING ASSET MANAGEMENT SIMBA FUND.. 44 171 
61*6000. 

-FRAMUNGTON EMERGING MARKET FUND. 44 171 
374 4100. 

BROKERS IN EGYPT: 

• DELTA EAB BROKERAGE. 10 2 3C0MSX 

■ EFG HERMES 202371 7847. 

• EL-RA5HAD BROKERAGE 20 2 393 7580. 

• INTER CAPITAL SECURITIES. 20 2 340 2483. 

• PRIME SECURITIES 20 2 360 75J2. 

• STRATEGIC SECURITIES. 2D 2 303 3890 


Not for Muslims Only: Islamic Finance on the Rise 


‘By Thomas Fuller 


N OR MOHAMED Yakcop 
jumps up from his oversized, 
pastel-colored couch and 
crosses his office to the wall 
behind his desk. There, he points to a 
plaque from the County of Los Angeles 
that recognizes him for an * * outstanding 
contribution to Islamic banking." 

“The reason I showed you this,” Mr. 
Nor says, “is that our approach has al- 
ways been that Islamic banking is not for 
the Muslims alone. It is for everyone. A 
lot of non-Muslims use Islamic banking 
to raise funds. It’s an open system.” 

Dressed for Wall Street but based in 
Kuala Lumpur, Mr. Nor is the architect 
of Malaysia’s Islamic financial system, 
a project he undertook while working 
for the country’s central bank in 1980. 

Today, Kuala Lumpur is the Wall 
Street of Islamic finance in Asia, and 
Mr. Nor’s assessment of Islamic bank- 
ing — that it transcends the Muslim 
community — is shared by bankers and 
fund managers throughout the industry. 

Islamic financial instruments are 
spreading from their traditional base in 
the Gulf. In Malaysia, for example, there 
are 10 Islamic mutual funds and more 
than 20 approved Islamic financial in- 
struments. Worldwide, the Islamic fi- 
nancial system is estimated to be grow- 
ing at 15 percent a year, with assets now 
valued at $160 billion. 

A central tenet of Islamic banking is 
that financial transactions be free from 
interest. Another is gharar, which 
roughly translates as uncertainty or de- 
ception; it means that financial trans- 
actions must be clearly defined, with 
each party knowing what the other is 
offering. Gharar limits futures and op- 
tions trad ing . 

.“The whole idea is a fundamental 
approach to money,” said Mushtak 
Parker, editor of Islamic "Banker, a 
monthly magazine that covers the in- 
dustry. “Money cannot make more 
raoney. Money must be used product- 
ively. And risk has to be shared.” 

Islamic bankers and fund managers 
®*Press frustration with the limited pub- 


Islamic and they dismiss it as funda- 
mentalist or terrorism — or whatever.’ ’ 
There arc varying interpretations of 
what constitutes an acceptable, or ha la I . 
financial instrument. Asian Islamic fi- 
nance officials tend to have more liberal 
interpretations than those in the Golf. 

In any country, Islamic financial in- 
struments must be approved by religious 
committees, which use Sharia, or Islamic 
law, as their guide to determine whether 
the activity is halal, or acceptable. 

In Europe, while the presence of Islamic 
financial instruments is not new. a push 
into the lower end of the market is. A new 
British fund. Halal Mutual Investment Co., 
is the first major Islamic fund in Europe 
aimed at the retail market, requiring a 
minimum investment of just $400. 

The fund is structured around trade 
transactions. Shareholders effectively 
finance the purchase of goods made by a 
trading company linked to the fund, Al 
Tadaraon Co. Once those goods are 
resold, the fund receives the proceeds, 
which are then passed on to shareholders 
in the form of half-yearly dividends. 

T O LIMIT risk, all bills of exchange 
acquired by the fund as a result of 
these trades must be accepted by a 
hank rated Al or better by Standard & 
Poor’s or at least PI by Moody's Investor 
Service. Shares do not appreciate, as all 
profits are channeled into die dividends. 

“The emphasis is on capital preser- 
vation,” said Glenn Stewart, chairman and 
architect of the fund. “Unlike equities, you 
don’t have a chance of losing money. 
You’d actually have to have the bank 
which is accepting these bills defaulting. 

The fund, designed to serve as an 
alternative to conventional bank deposits, 
offers annual yields of about 5.75 percent 
for an account denominated in pounds or 
55 percent far a dollar account "It's 
halal because the increase in amounts of 
money held by the fend derive from the 
exchange of underlying goods under an 
Islamically permissible contract, said 
Mr. Stewart, who is based in Bahrain. 

By contrast, funds in Malaysia 
closely resemble classic equity mutual 
funds. One of the country’s largest 
funds, the Abrar Investment Fund, man- 


houses or any firm engaged in gambling or 
the production of non -halal food products. 

Abrar picks its stocks from the list of 
approved companies and balances that 
with other investments approved by the 
Securities Commission and the fund’s 
Sharia advisory panel. The fund is de- 
nominated in ringgit and the mi ni mum 
investment is 500 ringgit ($165). It was 
established in April 1996, when units were 
offered for 1 ringgit. They now are being 
offered for 70 sen and last year tbe fund 
paid a dividend of 6 sen on each unit. 


For further information: 

• ABRAR INVESTMENT FUND. Osaact die fund's duel 
eaoctid vr officer. Khninirtrtifl Jifhu. oi 603 466 5067. Ftx: 603 
4M 0200. E-miiJ: I dinfliihr erceeuay 

• HALAL MUTUAL INVESTMENT CO. ThrampKiypbniio 
eapwd ukd conmaml Europe, hu fe» cw* it » boons u» 

in Brimm. Irish nenanab are nai eligible and US. atfM» will be 
eligible when the had u refistaed wrtb the LLS. Smarts* ft 
Exchange riwimiainii Much dirciinpaivinesvtO be axn 
Tekftore: 44 006 35 » 1 11 . Ewe 44 lrofi 35 OIU . 

• ISLAMIC BANKER magazine- A snhscnpooo corn 5290 ■ 
year. Telephone: 44 171 23S I WO. Fax: 44 J 71 580 7623. 

• MALAYSIA SECURITIES COMMISSION. To obtain a b« 
of affrewed Isbmic cqmoej in Malaysia, ccmud the cmn- 
misuon *1603 2507550. Fax: 603 233 6184 OrwMtbeWeb 
me ww*.aj-a*iaxom/se/. When you reach ibe homepage, look 
under prrti releases and send) through for the talesi bn of 
approved equibes- 


By Conrad de Aenlle 

P OLITICAL turbulence in Is- 
rael belies a new economic 
calm in the country. Slow, 
stable growth and declines in 
inflation and interest rales have pro- 
pelled the stock market to a 38 percent 
gain this year. 25 percent when ex- 
pressed in dollars. That is the best 
performance in four years, and it fol- 
lows a protracted bear market that cut 
share prices in half. - 
By the standards of developed 
countries, Israel’s 9 percent-plus in- 
flation and government lending rates 
above 1 3 percent do not impress, but 
the norm of the last several years has 
been consumer-price increases in 
double digits and interest rales two to 
four points higher than current levels. 

Israel lives with ever-simmering 
inflation because of its heavy military 
expenditure and provisions in many 
employment contracts linking wages 
to movements in retail prices. That 
keeps investors sensitive to swings in 
prices and lending rates. 

“Every' time interest rates in Israel 
fell below 14 percenc, the market ral- 
lies,” said Vicror Halpert, who fol- 
lows Israeli shares for Salomon 
Brothers Inc. “That’s low enough for 
local funds to switch from short-term 
investments into tbe market.” 

Unfortunately, the sensitivity to 
rates also works in reverse. A slight 
increase in recent weeks was enough 
to brake the rally and send stocks 
tumbling 10 percent 
Analysts attribute much of tbe cred- 
it for the country’s currently pleasant 
economic circumstances to an assert- 
ive central bank and a prudent gov- 
ernment, which has cut its deficit to 
3.4 percent this year from 4.7 percent 
in 1996. They also cite a fall in im- 
migration to about 55,000 arrivals per 
year from 90,000 in the early 1990s. 

Debbie Bennellick, an emerging- 
markets economist at UBS Securities, 
said that the decline in immigration 
had weakened consumer demand, 
which in turn has driven down prices 
and economic growth. One result has 
been a rise in unemployment to more 
than 7 percent from 5 percent in early 
1996. She expects it to reach 8 percent 
in the coming months. 

That, plus continued paring of the 
fiscal deficit, should push inflation 


Israel's Stock Market 

Monthy closings in Tel Aviv 


down toward 8 percent and interest 
rates toward 1 1 percent, which should 
be good for stocks. Better still, Ms. 
Bennellick said, gross domestic 
product growth should pick up because 
of strength in the key export sector. 

“Exporters have performed 
strongly since late 1996, she said, 
noting that trade accounted for SO 
percent of national income. “That 
will continue to drive the economy 
forward. It depends on the United 
States and European Union, Israel's 
two main markets, but we're looking 
for an export- led recovery.” 

The present low-inflation, low-in - 
teresr-rate environment aids Israel's 
large exporters three ways: by keep- 
ing wages relatively stable.’ by re- 
ducing borrowing costs and by de- 
pressing the value of the currency so 
that their goods may be attractively 
priced in foreign markets. The shekel 
has fallen by 12 percent in the last year 
against the dollar, to about 30 cents. 

E XPORTERS will surely benefit 
if rates continue to fall, but Mr. 
Halpert remained skeptical. 
“Lower rates, that’s hard to say," 
he said. * 'Despite all efforts, inflation 
usually bottoms between 8 and 10 
percent. At least a few years ago, the 
government announced that the goal 
was to get inflation down to 6 percent. 
The next year it was 7 to 9 percent. 
They have not really had much suc- 
cess reducing inflation.” 

Harlan Zimmerman, a Mideast spe- 
cialist at Foreign & Colonial Emerg- 
ing Markets, a London fund-manage- 
ment company, also is cautious. 

“We need to wait and see what 
happens with the proposed budget for 
1998,” he said. "It would be positive 
if it went through and would have a 
good impact on interest rates early 
next year.” 

Prime Minister Benjamin Netan- 
yahu's budget calls for Israel's fiscal 
deficit to fall to 2.4 percent, Mr. Zi- 
mmerman said, but * ‘it will be difficult 
for Netanyahu to get it through be- 
cause it entails some quite significant 
social cuts, which are highly unpop- 
ular with his coalition partners.” 

Foreign & Colonial recently cut its 
exposure to Israeli stocks, but’ he said 
“there’s a lot of money waiting in 
bank accounts, looking for good news 

Continued on Page 21 


r-280 


240 



200 

160 


120 


Jun'93 Detf93 Jun'94 Decf94 Jun‘S5 Detf95 Jun‘96 DedSB Jgn'97 

The Shekel's Decline 

Monthy closings of the Shekel in U.S. cents. 



Jun'93 Dec*93 Jun’94 
Source: Btoomberg 


Jun’95 


Jun'96 


. illlMJdUUtJ WJLU UJW uutr- . . c 

Jjf Perception of the industry as linked to ages a ponfobo consisong rf v amcm 
*etarykws such as a ban on investing in other investments, approved stocks 
Projects that involve alcohol or pork, listed on the Kuala Lunjurexcto^e^ 
y W often people tend to forget that Malaysia s SeOT*ftaCon^wn 
bankingis really part of the glob- maintains a bst of UanBgr gWJ 
^Jj^hical investment mbvemenu” Mr. stocks. Companies absent from the tenn 
f^riffirsakL “People tend to see the word dude conventional banks and insurance 


In Islamic Hedge Fund, 
A Touch of Old and New 

B ARR ROSENBERG EUROPEAN Management Ltd. is 
combining new technology with old religious and social 
customs to create a market-neutral stock fund — what 
hedge funds were originally intended to be — that uses American 
shares and conforms with Islamic Sharia law. 

The first step in creating the portfolio for the Alkhawarizmi 
Fund, which is named after a 9tfa-century Arab mathematician, is 
to eliminate from Barr Rosenberg’s universe of 5,000 U.S. 
companies those that do not conform with Sharia. That could be 
quire a few. as Sharia bans Muslims from paying or receiving 
interest or investing in businesses, such as banks or insurers, that 
engage to a great - extent in lending. Neither does it permit 
investment in purveyors of socially unacceptable activities, such 
as gambling, alcohol, tobacco or arms manufacture. And financial 
transactions must be clearly defined, with each party aware of 
what is being offered. This discourages futures and options 
trading. 

The investment prospects of the companies that are left are then 
assessed using compuier-raodeling techniques. The fund buys 
stocks deemed to be undervalued and sells short those that are 
judged to be extravagantly priced. Short-selling involves bor- 
rowing shares and selling them in the hope that they can be bought 
back cheaper and returned to the owner. 

Bair Rosenberg's black-box stock-picking method aims for 
balanced weightings of long and short positions within industry 
sectors, market capitalizations and other risk factors. If tbe right 
buttons are pushed, the only difference between the two groups is 
that the longs are bought low and the shorts are sold high. 

Jennie Patereon, Bair Rosenberg’s managing director, said the 
fact that the selection process was automated convinced the 
fund's distributor. The International Investor K.S.C.. a Kuwaiti 
Islamic investment bank, that the London portfolio manager 
would be able to stick to the rules of Sharia when making future 


would 
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INTERNATIONAL HERALD TRIBUNE, SATURD.AiT'SUNDAY, SEPTEMBER 20-21, 1997 




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PAGE 21 


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THE MONEY REPORT 





Cashing Out a 

Sj??:, ,t Ie ^ 3d bou S hl 100 shares of 
Co. m 1990 at S40. Last 

H^S4 wf»in PhtS * hC °u Wned 400 shafes * S60. 

es, ? enthadbecome S24.000 and 
he decided not to be greedv, especially in ii»hi of 

u - s - S2n£ 

rashed in his chips. After patting himself on the 
W^ e der' ed: Wha( sf] ouldIdowiththe 

■ ™ le is not 10 sell soraethine unless you 

' vhaI y°“ ^ going to do nexL But there 
S S!T Se “^o^sbing Ishmael. Anvwav. he 

hadasked a useful question. ' 

The answer depends on your current hold- 
wgs. your tolerance for risk, vour age. your 
financial goals. But, to simplify matters. I will 
list suggestions by broad categories. 

• For risk-takers, who consider their profits 
found money and would not be devastated by 
losses, a good strategy is to invest in so-called 
fallen angels. Not every stock has gone through 
the roof over the past year. There are dozens of 
good ones that have been pummeled but seem to 
nave the potential to bounce back. 


Winner ? Some Strategies for Reinvesting Those Profits 


buSSrSJ £r P» n, P«o n Enterprises Inc., which 

- a business «ia« 

foUowino ,K e 1 “ S by boomers retire and start 
the « n f ;he s u°' ' lVhen ^ntings dropped a bit. 
IW6,^^ aS ft bea i en . d0WD ^ 525b, nSd- 
m 1 5 [ 5 after ^ firsi half of this year 

/I?**?. way have been overreacting. 

Fned - whtor of the Buyback Strategy 
newsletter in Phoenix, Arizona,’ notes that the 
company is purchasing 2.5 million of its own 
snares ta sign of confidence from those in the 
snow), that sales are holding up well and that 
earnings could rise next year. The stock has 
bounced back lately, but it is still trading at a 
pnce-to-eamings ratio of 13 — and less than 10 
based on Mr. Fried’s per-share earnings es- 
timate of S 1 .98 for 1998. * 

• For nervous investors who are not looking 
tor a big score, but want nice, guaranteed re- 
turns, there are U.S. government bonds. 

With not a whiff of inflation in the air — and 
at least a seem of its opposite, deflation, wafting 
in the breeze — bonds remain tempting. Un- 
fortunately, rates fell sharply last week, down to 
just 6.39 percent late Friday for 30-year Treas- 
ury bonds. Next to them, the five-year T-notes, 


at 6.01 percent, seem reasonable. 

• For apocalypse- now types who fear a big 
shock is coming, there are oil reserves. 

It is not hard 10 imagine the next economic 
disaster coming from a cutoff of MWeasr oil. The 
publication Dow Theory Forecasts recently aler- 
ted readers to three large oil companies that have 
been adding to their reserves in other regions at a 
time when others have been less aggressive. 


They are issued at $10 each and Merrill prom- 
ises to pay 5 1 0 on maturity (usually five years;. 
So. unless that venerable brokerage firm de- 
faults, you will get your investment back. The 
equivalent of interest is paid in a lump sum at 
maturity and is determined by the performance 
of a specific market index. 

For instance, the First series of MITTS paid 
investors that original $10. plus 510 times 115 


JAMES GLASSMAN ON INVESTING 


The newslcner's top recommendation is 
Amoco Corp., which is focusing on Trinidad. 
Venezuela, the Caspian Sea, Alberta and the 
Gulf of Mexico. Dow Theoty also likes Exxon 
Corp. and Atlantic Richfield Co. 

• For investors afraid of blowing newly won 
profits but wanting a chance to score big, there 
are market-index target-term securities. These 
are issued by Merrill Lynch & Co. (and other 
firms under different names) and trade on the 
American and New York exchanges as though 
they were stocks. 

Yet you can think of these' MITTS as bonds. 


percent of the increase in the Standard & Poor’s 
5 00- sto ck index over the five years. Other 
MITTS use European, small-cap or Japanese 
indexes are their base. 

• For investors who hate this market and 
prefer to wait for it to return to earth: cash. 

Treasury bills, money -market funds and bank 
certificates of deposit ail fit under this financial 
rubric. With cash, Ishmael might be able to buy 
back bis 400 shares of Coke next year at, say, $30 
a sbare-if its P/E ratio descends to a more rea- 
sonable figure of 1 8. Of course. Coke may never 
fall from die ionosphere, but. in the meantime. 


Ishmael will be mid nicely while he waits. 

Fidelity Cash Reserves, for example, is yield- 
ing 5.28 percent, typical for a taxable U.S. 
money-market fund. 

• If you want to stay in the market but are 
looking for long-term diversification: pick one 
really good mutual fund. 

Sheldon Jacobs, editor of the respected No- 
Load Fund Investor in Irvington-on-Hudson. 
N.Y., recommends Neubetger & Berman Part- 
ners , which has returned an average of 17.6 
percent annually over the past 20 years-three 
points ahead of the S&P 500. 

A more intriguing and aggressive choice is 
Templeton Growth Fund , managed for the past 
10 years by Mark Holowesko. Lately, according 
to the Canadian Mutual Fund Advisor (which 
recommends the fund), he has been shedding 
U.S. stocks, “finding greater opportunities in 
Asia's downtrodden markets," buying under- 
valued European stocks and building up cash. 

I Vaskingrm Post Service 
• For further information, call: 

« NTEUBERGER a BERMAN PARTNERS FUND, 1 212 476 SMB. nr. »H- 
frrr in (be Limed Sun. I 800 ST? 9700. 

•TEMPLETON GROWTH FUND. I 415 312 4701. c*. toll -Crrr m die 
l'oilcd Sum. I 900 IQ? 9295. 


The Allure of Arab Bonds 

On the Investing Frontier 

Middle Eastern Countries Offer a Change 
H From La tin America and Eastern Europe 


By Barbara Wail 


i; 




"N THEIR QUEST for alternative 
markets, pioneering bond investors 
may have been persuaded in recent 
.months to shift the focus of their 
. attention from Latin America and Easi- 

■ era Europe ro the Middle East. Arab 
interna tional bond issues have been more 
frequent over the past three years and 

; yields are beginning to look interesting. 
Israel. Turkey and Jordan are con- 

■ sidered the most developed e.-1 access- 
ible bond markets in the r^ion. but 

■ other countries are catching up. Recent 
| international sovereign bond issues have 

■ come from Lebanon . Oman and Tunisia. 

. Egypt and Morocco are said to be nexL 
' “Egypt is interesting in that it is rich 
r enough not to need to raise cash through 
' an international bond issue," said 

■ Hammo Sontag, a spokesman for 
! Deutsche Morgan Grenfell in Frankfort 

• “It is likely the forthcoming issue is 
being used to announce Egypt’s pres- 

- ence and to provide a benchmark for 
; future commercial debt issues." 

In most Middle East markets, investors . 
■can buy sovereign debt denominated in at 
! least two currencies — typically die 
•country’s currency and dollars. Funds 

■ aiso are now being raised in yen, such as 
-Tunisia’s 5 billion yen ($41.3 million), 

; 15-year issue offered this month. 

! The. yields will differ, sometimes 

• markedly, according to the currency. 
!The long-term rate for Turkish-lira 

• bonds is 'roughly 115 percent,' for ex- 
‘ ample, whereas the rate for Turkish 
'dollar hoods is 10 percent. High in- 
| flation in Turkey is. the primary reason 
[ for this anomaly. 

• "Inflation in Turkey is running at 
‘ around 80 percent, but it could climb to 
► 120 percent," a global bond analyst 
‘ said. "If this was to happen, lira bond 
I holders would lose on their investment. 

• Because of the inflationary risk, many 
’ local investors prefer to hold Turkish 

• U.S. dollar bonds.*' 

; The difference is not as pronounced 
rin other Arab markets. Lebanese do- 
; mesne sovereign bonds yield about 14 


percent, while the rate on long-term 
Lebanese bonds denominated in dollars 
is about 9.25 percent. 

“The pickup in yields throughout the 
Middle East region has not been as good 
as one could have hoped for, but they are 
still attractive enough to encourage in- 
terest from foreign investors, especially 
expatriate investors," Mr. Sontag said. 
Although the Middle East is opening up 
to foreign investment, it is still relatively 
difficult for non-Arab investors to ac- 
cess the markets. For those who buy 
local-currency bonds, there is an ex- 
change-rate risk to consider and pos- 
sible settlement difficulties. Often, in- 
vestors must be registered as a company 
in each local market so they can open- 
accounts to trade the investments. 

"It is generally easier to buy dollar 
issues, bur foreign-currency bonds tend 
to trade in a much larger size than their 
domestic equivalents," said Philip 
Pool, head of research at ING Barings in 
London. "As a result, retail investors 
are largely precluded from investing in 
this paper." 

One solution would be to opt for a 
fixed-income . fond that invests in the 
region. There do not appear to be in- 
ternational funds that invest solely in 
Middle East debt instruments, although 
Alliance Capital Management, which is 
based in New Y ork, has recently started 
a fond in partnership with the Housing 
Bank of Jordan that invests in Jordanian 
equities and bonds. Called the Housing 
Bank of Jordan fund, it is to be a closed- 
end fund for the first three years. The 
final date for subscriptions is Oct. 16. 

"Although the frequency of Middle 
Eastern bond issuances is increasing, 
there is still not enough volume and 
liquidity in these markets to attract 
fund-management groups," said Vicki 
Fuller of Alliance. 

An alternative investment solution 
would be to invest in an emerging- 
market debt fond. These hedge funds 
generally invest in the defaulted debt of 
e me rging economies. There is no yield 
from the investment; the aim of the fund 
managers is to achieve high capital ap- 
preciation by purchasing debt at a frac- 





lion of its redemption value. The down- 
side is that the value of the paper may 
decrease, not rise. 

Events in Iraq during the past 15 
years illustrate how volatile zero- 
coupon sovereign bonds can be. 

"Before the war, Iraqidebt paper was 
being traded at 65 percent of its foil 
value," said Jean-Jaques Favre, a 
spokesman for the Jersey-listed Magel- 
lan Global Emerging Markets Debt 
fund. "During the war, the government 
coo Id not sell oil to the West because of 
embargo restrictions, and the value of 
the debt paper plummeted to 15 percent 
Since the restrictions have been lifted, 
die debt paper has recovered to 30 per- 
cent of its race value." 

The Magellan Emerging Markets 
Debt fund has invested in the debt of 
several Arab countries, including Iraq 
and Sudan. Sudan owes just under $2 
billion to a syndicate of 20 foreign 
banks. In order to cover the loan, the 
syndicate trades the debt in various hard 
currencies. The fund bought the debt 
paper when it was being traded at 2 
percent of face value, but in just a few 
years the value has risen to 10 percent 

"The value of Sudanese debt paper is 
likely to rise further in the next few 
years, perhaps to 50 percent of its foil 
value," Mr. Favre said. “To get on, 
both the Sudanese and Iraqi govern- 
ments recognize that they will have to 
clear their old debts." 

For further information, call: 

• alliance capital management, i 212 w 1000. 

• MAGELLAN TRIGONE 4! 22 738 002a 


Li. 


CM v 


Amid Political Turmoil, a Recovery in Israel 




■ Continued from Page 19 

! and a reason to get back in the 
^market.” 

Judith Kleinman, who cov- - 
- ers Israeli stocks at UBS, has 

■ one: strong corporate profit 
' growth. Earnings per share at 

Israeli companies grew by 
:i0.9 percent last year, she 
: noted, and this year they are 
\ shaping up to come in.at 1 83 
i percent, “a really good nnm- 
'ber." Next vear, even with 
’ the full drag "of the consumer 

* slowdown, she projects earn- 
’ings to rise by 17 percent. 

. “We would expect the 
' market to keep outperform- 
► ing relative to others in the 

* emerging-market universe," ’ 

' she said. "We expect interest 
'rates to come down, and we 
‘expect Improvements in pro- 
ductivity that will show in 


earnings." 

ruse of the weak do- 
mestic economy, she advised 
sticking with companies with 
an international focus. 

She said exporters were 
the favorites, especially in- 
dustries such as telecommu- 
nications equipment, soft- 
ware services and chemicals. 
Specifically, she likes Israel 
Chemicals Ltd. and its sub- 
sidiaries, Dead Sea Works 
Ltd. and Dead Sea Bromine 
Co., as well as Crystal Sys- 
tems Solutions Ltd., a soft- 
ware-services fnm. partially 
owned by Formula Systems 
Ltd., whose shares will soon 
be listed in the United States, 
where more than two dozen 
Israeli stocks trade. 

Mr. Hal pert also recom- 
mended Israel Chemicals, 
and Elise Horowitz, an ana- 


lyst at Lehman Brothers, last 
week raised her rating on it, 
citing a weak share price de- 
spite strong first-half results 
mat she thinks will carry over 
into the second half. 

Another ofMs. Horowitz’s 
favorites among chemical 
companies is Makhteshim 
Chemical Works Ltd. She has 
a lower but still positive rat- 
ing on Koor Industries Ltd., a 
giant holding company that 
seems to own a stake in every 
significant Israeli company. 

Ms. Kleinman is also fond 
of the big food retailers, Blue 
Square Chain Investments & 
Properties Ltd. and Snpereol 
Ltd. Only 36 percent of Is- 
raeli food shopping is done at 

supermarkets, compared 
with 60 to 80 percent in 
Europe and the United 
States. That means there is 


plenty of room to grow. 

She and Mr. Hal pert like 
prospects for the banking sec- 
tor, inducting the two big 
ones. Bank Leumi Le-Israel 
L t d and Bank Hapoalim Ltd., 
which they say are benefiting 
from efficiencies introduced 
after privatization. They also 
like leva Pharmaceuticals In- 
dustries Lid., a pharmaceut- 
ical company traded on the 
New York Stock Exchange, 
which is branching out from 
generics into brand-name 
products with a multiple 
sclerosis drug. 




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Deals in Less-Traveled Mideast Markets 


By Judith Rehak 

E MERGING-markets 
investors are end- 
lessly prowling for 
new opportunities, 
and one of the most prom- 
ising regions these days is the 
Middle EasL While" Egypt 
the current darting, and' Is- 
rael, the most sophisticated 
market, usually occupy the 
largest chunks of a diversi- 
fied portfolio, many fond 
managers are now moving 
into less- traveled stock ex- 
changes, as barriers to out- 
siders fall and once-strug- 
gling economies modernize 
and pick up steam. 

Coming on strong is Mo- 
rocco, with a stock market that 
has surged roughly 35 percent 
in dollar terms this year. The 
sharp rise has been .fueled 
partly by the introduction of 
domestic mutual funds, but 
Morocco has mucb more in its 
favor, said Dominic Baker, 
co-manager of the $47 million 
Framlington Maghreb Fund, 
which invests only in Mo- 
rocco and Tunisia. 

“The good companies are 
restructuring and consolidat- 
ing. and that’s leading to a 
15-20 percent annual earn- 
ings growth," he said. 

Like many investors in 
Morocco, Mr. Baker has 
profited from his holding in 
Banque Marocaine du Com- 
merce Exterieur, a major bank 
that has issued one of the few 
global depositary receipts in 
the region. But with prices this 
high, he is in more of a stock- 
picking mode, choosing 
companies like Cimenterie de 
1’ Oriental, a cement producer 
known as Cior that is growing 
at more than 25 percent a year 
as a beneficiary of govern- 
ment spending on bridges and 
dams, and Centrale Laitiere, a 
dairy-products company. 


Both reflect an important 
regional trend: Each has a 
direct foreign investor boost- 
ing efficiency and productiv- 
ity. Holderbank, the Swiss 
cement maker, owns part of 
Cior, and Danone, the French 
food conglomerate, has a 
stake in Central Laitiere. 

But many determined bar- 
gain hunters find the pickings 
better in Jordan. "What at- 
tracted us was that it has been 
a notable underperformer 
since 1993, and we now see 
value re-emerging." said 
Chris Butler, co-manager of 
the $35 million Near East 
Opportunities food, run by 
Martin Currie Investment 
Management of Edinburgh. 
He cited Jordan’s improving 
macro-economic picture, foe 
result of a tight money policy 
to protect its currency, foe 
rebuilding of foreign-ex- 
change reserves, and a lower- 
ing of interest rates to 8 per- 
cent from 9.5 percent in foe 
past three months. 

The big news from Jordan, 
however, is that a limit of for- 
eign ownership to 49 percent 
in a company was recently 
abolished, although not for the 
important raining and cement 
industries. Even so, it was a 
major step for a government 
that has sought foreign in- 
vestors but then imposed re- 
strictions that kept many 
away. “There’s a sincere re- 
cognition among authorities 
that they must change." said 
Omar Masri, managing direc- 
tor of foe Atlas Investment 
Group in Amman. 

In another sign of foe times, 
there will soon be a “pure" 
Jordan fund for domestic and 
foreign investors, sponsored 
by foe country's Housing 
B ank and managed by Al- 
liance Capital Management. 

Among foe bargains 
tempting Jordan investors is 
Jordan Phosphate Mines, 


: jmsM M fts&d feaB 



• Simulating the next financial crash. What 
happened when 50 bankers and regulators 
played out a staged crisis. 

• A new rating for emerging market banks - 
those the rating agencies haven't yet readied. 

• Birth of the US mega-bank. After 
Chase-Chemical and NationsBaiik-Bamett; 
who's next? 

It's all In the September issue of 


EUROMGYi 


For your free copy, send the coupon below to: 
Gary Bernard, Euromoney Publications PLC, 
Nestor House, Playhouse Yard, London, 

EC4V SEX. 

Tel: +44 171 779 8536 Fax: +44 171 779 8321 

«*c 

Name: 

Position: 

Company: 

Address: 


Tel: 


Fax: 


which sells its fertilizer 
product mainly to the Far 
East, and is foe largest Jor- 
danian bolding of the Near 
East Opportunities fund. 

Another favorite is Arab 
International Hotels, which 
owns the Marriott Hotel in 
Amman, and is developing 
luxury hotel and tourism at- 
tractions in the Dead Sea and 
Aquaba vacation areas. 

Another country recently 
favored by investors is Tunisia. 
Largely avoided until now be- 
cause its market was con- 
sidered artificially overpriced, 
its share prices have been foil- 
ing since electronic trading 
was introduced last year. 

Mr. Butler said his group 
was just beginning to look 
seriously at Tunisia, while foe 
Maghreb Fund has boosted 
its Tunisian holdings to 6.5 
percent from 3 percent, con- 
centrating on nonfinancial 
companies like Industries 
Oiemiques du Fluor, which 
makes and exports flourine, a 
chemical used in foe metals 
industry, and Palm Beach 
Hotels, which is upgrading its 
holdings and benefiting from 
European tourism. 

David Edgerly, who runs 
Alliance Capital Manage- 


ment’s Middle East Oppor- 
tunities Fund, favors Leba- 
non over Tunisia. 

The Beirut Stock Ex- 
change, which reopened in 
January 1996, has not attrac- 
ted a wide range of listings so 
far, but he said he expected 
more to come over the next 12 
months. He likes Solidere, foe 
company that is rebuilding 
Beirut’s center, and has glob- 
al depositary receipts that 
trade in London. Lebanese 
banks delivered a windfall of 
profits for investors who 
bought them last year. 

How can there be opti- 
mism. and stable markets, in 
the face of the faltering 
Mideast peace talks, and re- 
cent terrorist bombings? Mr. 
Edgerly {minted out that in- 
creasingly. these markets are 
driven by economics, not the 
political situation. 

"People don’t like it, but 
they’re not letting it dictate 
economic choices," he said. 

For further information, 
call: 

• ALLIANCE MIDDLE EAST OPPORTU- 
NITIES FUND. 3H 227 702 

• FRAMLEv’CTDN MAGHREB FUND. 44 
171 330 6590. 

• NEAR EAST OPPORTUNITIES FUND. 44 
13] 2295252. or. toll -tree m Bwmn. 0800 838 
766 


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PAGE 22 


^ 3tcralOT»buite 

Sports 


SAJXTKDAV^DT®^. SEPTEMBER 20-21, 1997. 


World Roundup 


Russell Grabs Lead 
La British Masters 

golf Raymond Russell of Scot- 
land completed a fog-delayed 
opening round with an 8- under-par 
64 on Friday to take the lead in the 
British Masters on a rainy day in 
Coventry, England. 

Russell, who had eight straight 
birdies Thursday, had three more 
Friday morning to finish the round 
and take a one-shot lead over Mark 
Roe of England. 

Russell’s 64 was one stroke on 
the course record. He also came 
within one birdie of becoming the 
fifth player in European Tour his- 
tory to record 12 birdies in a 
round. 

The opening day fog had allowed 
only half the 156-man field to com- 
plete their rounds Thursday, and 
there was little chance of the second 
round being completed Friday. 

The field includes eight mem- 
bers of the European Ryder Cup 
ff-nm that will face the United States 
at Valderamma, Spain, next week. 

Thomas Bjorn of Denmark, a 
Ryder Cup rookie, shot a 3-under 
69. Colin Montgomerie completed 
a round of 72. But Lee Westwood 
(79), Costantino Rocca (75) and 
Ignacio Garrido (76) were all in 
danger of missing the cut. (AP) 

Ireland Gels 2005 Cup 

GOLF The Ryder Cup will be 
staged in Ireland for the first time 
ever in 2005, the country's sports 
minis ter, Jim McDaid, said Friday. 
It would be only the second time the 
United States-vs.-Europe competi- 
tion has been held in a country other 
than Britain or the United States. 

McDaid said he had secured 
agreement for die Ryder Cup to be 
held in Ireland after negotiations 
with PGA European Tour officials. 
The 1999 Ryder Cup will be held at 
the Country Club in Brookline, 
Massachusetts, while the 2001 edi- 
tion will be staged at the Belfry in 
England. The competition will be 
back in the United States in 2003 at 
a site that has yet to be deter- 
mined. (AP) 

Dutch Try New Tack 

To Fight Hooliganism 

soccer Dutch soccer's arch 
rivals, Ajax Amsterdam and Fey- 
enoord Rotterdam, are banning 
each other’s fans from their sta- 
diums to prevent riots, the clubs 
announced Friday. 

Matches between the two teams 
are the highlight of the Dutch soc- 
cer season's calendar and are al- 
ways sold out months in advance. 
But in the aftermath of a brutal 
battle last March between the fans 
from the two clubs that left an Ajax 
fan dead, therivalry has become too 
volatile to risk allowing the fans to 
mix. 

The ban is enforceable since 
Dutch soccer fans cany personal- 
ized club-member cards and must 
show them when purchasing their 
tickets. Fans barred from the 
matches will be able to watch the 
action live on giant screens in their 
own stadiums. 

An Ajax spokesman said the sys- 
tem would not be **100 percent 
solid,” but showed that “toe two 
clubs are working together.” (AP) 


Chang Rallies to Defeat Rafter 

U.S. Takes a 1-0 Lead OverAussies; Sweden and Italy at 1-1 


WASHINGTON — Michael Chang, 
avenging one of the most difficult losses 
of his career, used his superior fitness to 
wear down Patrick Rafter of Australia 
and win 6-4, 1-6, 6-3, 6-4 on Friday to 
give the United States a 1-0 lead m the 
se mifin als of the Davis Cup. 

After losing eight of nine games to 
go, down 0-2 in the third" set, Chang 

rallied to win 10 of the next 1 2 games as 

the U.S. Open champion Rafter showed 
visible signs of fatigue and frustration. 

Rafter was also plagued by nine 
double fruits and was rattled at least 
once by the chanting, partisan American 
crowd in a match that last just over three 
hours. . 

Rafter, who beat Chang in straight 
sets in the U.S. Open semifinals, care- 
lessly netted an easy forehand volley 
that would have given him a 40-0 lead at 
l-l in the fourth set Later in the game, 
the serve- and-voUey specialist received 
a warning for racket abuse after he was 
unable to return another of Chang’s 
precision passing shots. Chang even- 
tually won the game in what proved to 
be the pivotal break in the final set 

Chang's trademark groundstroke ac- 
curacy had deserted him during the 
second set, but he finished off the third 
with a superb backhand passing shot 
down the line after Rafter had — again 
— approached the net on Chang's serve. 
A perfect lob capped a four-deuce game 
to break Rafter and make it 4-1 in the 
fourth, and back-to-back aces clinched 
the match after Rafter had saved three 
match points. 

Friday's second match paired two of 
the hardest servers in the game, Pete 
Sampras and Mark Philippoussis. The 
doubles match is Saturday, then Sunday 
it will be Sampras against Rafter and 
Chang taking on Philippoussis in the 
reverse singles of the best-of-5 com- 


petition. He winner will face either 
Italy or Sweden in the finals in late 
November. Sweden and Italy are tied 1- 
1 after today’s singles. 

The Australia-U.S. match is the first 
in Davis Cup history to feature the 
world's top three singles, players — 
Sampras, Chang and Rafter — as well as 
the top-ranked doubles team — Todd 
Woodbridge and Mark Woodfbrde of 


Davis Cor Semi umais 

Australia. It also continues the most 
storied rivalry in the tournament's his- 
tory: Australia’s 26 Davis Cap titles are 
second only to the United States' 31. It 
is also the first Davis Cap match to be 
played in Washington. 

The boisterous nature of the Davis 
Cup crowd played a part in the key break 
in the first set of the Chang-Rafter 
match. At 3-3 and 0-30, Rafter was 
bothered by something said in die crowd 
as he prepared to serve. He then hit his 
second consecutive double fault, got the 
umpire to issue a warning to the crowd, 
and lost the game to love when a weak 
second serve was returned with interest 
by Chang. 

In the other se mifinal-, in Norrkoping. 
Sweden, Jonas Bjorkman of Sweden 
won a hard-fought five-set match 
against Omar Camporese of Italy. 

Bjorkman wore down Camporese, 6- 
7 (5-7), 6-3, 6-2, 3-6, 6-3. Then, Renzo 
Furlan upset Thomas Enqvist, 3-6, 6-3, 
64, 3-6, 6-3 to even the semifinal. 

It was the first of a rough three days 
for Bjorkman, who will play every day 
in the best-of-five series. 

Bjorkman, 25, is used to tough Davis 
Cup weekends. He also played three 
matches in the quarterfinals against 
South Africa, including 10 sets in the 
doubles and the last singles. 

On Saturday, Bjorkman will team 


with Nicklas Knlti against Diego Nar- 
giso and Camporese in the doubles, 
although both non-playng captains can 
change then* pahs up until one hour 
before the match starts. 

In Sunday's reverse singles, Bjork- 
man starts against Furlan. Enqvist will 
close the tie against Camporese. 

Enqvist, whose season has been 
plagued by injuries and illness, didn't 
drop a set to Furlan in their two previous 
matches, the last one in the 1996 Aus- 
tralian Open. 

Bjorkman is enjoying his finest year 
as a singles player. He was asemifinalist 
in the U.S. Open earlier this month, 
losing to eventual winner Patrick Rafter 
■ of Australia. Bjorkman also reached the 
U.S. Open doubles final with KultL 

Sweden has not faced Italy in the 
Davis Cup since 1 990, when Paolo Cane 
upset Mats Wilander in a five-setter for 
(he decisive point to snap Sweden's 
streak of seven straight final appear- 
ances. 

Sweden lost to France in last year’s 
final. 

■ Sanchez Vicario Is Victorious 

Arantxa Sanchez Vicario dropped 
and broke her racket on a key serve but 
straggled back to a 6-3, 7-5 victory 
Friday ova* Chinese qualifier Li Fang, 
advancing to the semifinals of the 
Toyota Princess Cup tennis tournament. 
The Associated Press reported from 
Tokyo. 

Top- seeded Monica Seles didn't stay 
on court long enough for much to go 
wrong. She beat No. 8 Natasha Zvereva 
of Belarus. 6-1. 6-0 in 45 minutes, and 
explained later. *‘Ir was so windy today 
1 hoped the match wouldn't go too long. 
It was very difficult to play.” 

Naoko Sawamatsu, hitting some spec- 
tacular shots at a full sprint, gave host 
Japan something to celebrate by upset- 



Jonas Bjorkman of Sweden smashing a return against Omar Camporese 1 
of Italy in the Davis Cup semifinals on Friday. Bjorkman won in 5 sets. ; 


ting No. 3 Ccnchita Martinez of Spain, 7- 
6 174 1 . 64, in a nearly two-hour battle. 

The racket slipped from Sanchez Vi- 
cario' s hand as the No. 2 seed served at 
4-ali and i 5-40 in the second seL Li hit 
back an easy forehand return that the 
Spanish player could only kick. 

Bn: men feeding 54. U couldn't cash 
in on any of her three set points and lost 
the 1 game after six deuces. Sanchez Vi- 
cario saved two break points for a 6-5 


lead and broke Li again. 

Zh Saturday’s semifinals, she meets , 
No. 5 Yaynk Basnki of Indonesia, a 7-5, 
6-3 winner over Kimberly Po, toe fourth 
seed. Sanchez Vicario said sweat and « 
the humid conditions caused her to let 
the racket slip and crash hard into the . 
court “It feu, I lost toe point, and I 
broke toe racket,” she said. 

‘•Fortunately it doesn’t happen too.; 
often.” - 


Ravens Might Excel on First Down, but Then? 


By Thomas George 

New York Tones Service 


BaHsmon (2-1) art Tmimssm (1-1) 

Watch toe Ravens on first down. Quar- 
terback Vinny Testaverde has huge 
numbers there (70.4 percent completion 
percentage, 455 passing yards, four 
touchdowns, two interceptions and a 
105.1 quarterback rating). The problem 
for Baltimore in this game is what does 
it do on second and third downs? Ten- 
nessee has six sacks In two games. How 
toe Ravens contain miming back Eddie 
George is critical to toe outcome. Pre- 
diction: Oilers , 27-17. 

Oakland (1-2) at N.Y. Jets (1-2) After 
two close, painful losses, toe Raiders 
managed to pull out a victory in Atlanta 
last week and they look, for more success 
against a team trying to recover from an 
emotionally draining defeat last Sunday 
night in New England. This game 
should be full of big plays because both 
teams have deep threats on offense on 
the ground and in toe air. Jets, 23-20. 

Detroit (2-1) at New Orleans (0-3) The 

Saints' defense has been the best in the 
league at containing running back Barry 
Sanders. But that was primarily accom- 
plished when New Orleans featured 
rugged defensive players like Sam Mills 
and Rickey Jackson. Neither is a Saint 
any longer. And there is little saintly 
about the New Orleans defense or of- 
fense. Lions, 23-17. 


WnnMota (2-1) at Croon Bay (2-1) 
Minnesota has won both of its road 
games, but this week it is playing in a 
place (Lambeau Held.) where toe Pack- 
ers have won 17 in a row and 26 of 27. 
Make it 18 and 27 of 28, as toe Packers 
work hard to find toe rhythm of their 

NFL Matchups 

Super Bowl season a year ago. By the 
way. Packers quarterback Brett Favre 
needs just two touchdown passes to pass 
Bart Stair’s 152 for the most in team 
history. Packers, 26-10. 

Chicago [0-3] at Now England (3-0) The 

Bears were embarrassed at home last 
week by Detroit, 32-7. Rick Mirer takes 
over for Erik Kramer in coach Dave 
Wannstedt’s attempt to spark his team 
and reverse its fortunes. A tough task, 
especially on toe road against the AFC’s 
defending champion and a team that wins 
nearly every matchup. Patriots. 37-13. 

Kansas City (2-1 ) at Carolina (2-1 ) The 

Chiefs’ offense looked to be in deep 
trouble in its listless season-opening 
loss at Denver, but, surprise, toe Chiefs 
have turned their offense upside down 
in spirited victories over toe Raiders and 
Bills. The Chiefs’ defense has done its 
part, too, allowing opponents only three 
touchdowns in 1 1 trips inside toe 20 (a 
low 27.3 percent snccess rate for op- 
ponents that is third best in toe AFC). 
Chiefs. 13-10. 


Cincinnati (1-1) at Denver (3-0) The 

defenses are good enough for this game 
to be low-scoring, but the offenses are 
stellar enough to more likely make it a 
shoot-out. Two of toe league’s most 
mobile and accurate deep-throwing 
quarterbacks will be trading shots (Jeff 
Blake for Cincinnati, John Elway for 
Denver). Denver seeks its third 4-0 start 
in club history. Broncos. 24-10. 

Indianapolis (0-3) at Buffalo (1-ZJ 

Colts quarterback Jim Haibaugh leads 
toe AFC in completion percentage 
(65.5) but the Colts have little to show 
for iL Their offense — with dangerous 
weapons that include back Marshall 
Faulk and receivers Sean Dawkins and 
Marvin Harrison — has become its own 
worst enemy, the victim of a porous 
offensive line. Bui this team has im- 
mense pride and, with any production 
from its offensive line, is capable of toe 
upset Colts, 16-14. 

San Diego (1-2) at SoatUe (1-2) Seattle 
is fresh from a 3 1 -3 drubbing of the Colts 
and has finally begun to look like the 
improved team raosi people expected. 
Playing at home against a Chargers team 
still trying to find its way under a first- 
year coach, Kevin Gilbride, should give 
Seattle high hopes. Seahawks, 30-17. 

Atlanta (0-3) at San Francisco (21) 

The Falcons have been competitive un- 
der coach Dan Reeves but not yet sound 
enough to win. The 49ers. reeling on 
opening day after toe loss of Jerry Rice, 


have regrouped and appear headed to- 
ward a solid season. Quarterback Sieve 
Young wan his 70th game as a starter 
last week. The 49ers lacking full 
strength are still too much for Atlanta. 
49ers. 28-10. 

Giant* (1-2} at St. Louis (1-2) All of the 
other NFC East teams have byes this 
week. The Giants cany the flag alone 
and are fuming over their late collapse 
against Baltimore last week. They clash 
with a team still trying to find its iden- 
tity. and usually that search is a lot easier 
to’conduct at home. So watch running 
back Lawrence Phillips and a St Louis 
secondary that leads the league in in- 
terceptions with seven. Rams. 26-20. 

Miami (21) at Tampa Bay (3-0) This 
battle of Florida means plenty' to toe 
Dolphins coach, Jimmy Johnson. He 
has never lost a road or neutral-site 
game in Florida ( 1-0 in toe NFL, 6-0 at 
toe University of Miami). Will the Dol- 
phins quarterback. Dan Marino, have 
time to throw against this rush? That is 
toe key element. And toe answer is no. 
Buccaneers. 17-14. 

Pittsburgh (1-1) at Jacksonville (2-0) 

This is Jacksonville’s first Monday 
night game, and its fans and is players 
will truly enjoy [he spotlight. Jackson- 
ville is deserving, after reaching the 
AFC championship game last season 
and after starting fast this season. The 
Jags will not let this opportunity slip 
away. Jaguars. 19-17. 


LONG RANGE AIR RACE 


September 10th - September 21st 1997 

Reykjavik • Strasbourg • Sevilla • Roma • TeJ-Aviv • Amman • Trabzon • Izmir. 

official sponsors 



world 

games 


There are only two more legs to go in the Long Range Air Race 
before it finishes in Izmir on Saturday. 


Amman, September IS 

All the teams flew ■‘off-race" between 
Tel Aviv and Amman today. Everyone 
enjoyed the flight over Jerusalem, the 
Jordan river valley and Amman, minus 
the pressures of racing. On arrival at 
Nlarka Airport, HLs Royal Highness 
Prince Fayed. King Hussein's son, 
personally greeted the pilots. The 
nigunizeix have decided to dedicate 
tomorrow's leg to Sherif Rukan Gazi, 
the Jordanian pilot who won the 
Malaysia International Air Race in 
1990 with Captain Eric Ledger, and 
who w as killed while flying aerobatics 
two years later. 

The pilots are now preparing for the 
two final legs: Amman-Trabzon and 
Trabzon-lzmir. The "Young Turks’* 
feel quite confident in their Cessna 
Citation Jet and know that they will 
have an advantage in flying over their 
own country. 


T> Ik RimwinilMt . f 

il era l Os^.C;no unr 


Their competitors in the "Dream 
Team" will not concede easily, 
however. In Group One, the efficient 
German flying machine “Rectimo" is 
forging ahead slowly, while the 
Italian team slowly fails further 
hehlng. The British ream in 
“Welleshoume House’ clocked in 
good time on the inbound leg to 
Israel, but needs to do better to beat 
“Go Johnny Go" and ‘Kona Wind" in 
Group Two. 

The four favorites so far are 
"Rectimo", “Go Johnny Go", “Dash 
Ten’ and "Young Turks" in their 
respective classes, but there is 
always a chance of an upset in this 
kind of race. 

Detailed results and technical 
explanations are available on the 
race Web .site, whew messages may l 
he sent to organizers and 3 
competitor;. 


:: 


mixes inmoncouPiuiY 


Visit our web >ik- at. 

Impi/yourworkU'onipuscn'c.coni/homcpagc.s/Liir.mli/ 


Zulle Keeps Lead; 
Tonkov Wins Stage 

Reuters 

VALGRANDE PAJARES, 
Spain — Alex Zulle clung to his 
lead in the Tour of Spain in the 
grueling I3to stage on Friday, but 
his Swiss compatriot. Laurent Du- 
faux, cut his advantage in the 196- 
kilometer (121-mile) leg from Pon- 
ferrada, which took the race over 
three mountains. 

■ Dafaux. snatched third place, 53 
seconds behind Pavel Tonkov of 
Russia, who celebrated the birth of 
his son, Nicholas, with a victory in 
toe stage. 

Dufaux earned a deduction of 
four seconds from his overall time, 
closing to within 32 seconds of 
Zulle, who finished sixth behind 
Fernando Escartm of Spain. 

Tonkov’s fifth victory of the year 
was special. Although he won the 
1996 Tour of Italy and finished 
second this year, toe Russian - 
struggled with a stomach virus in 
this race, losing 36 minutes on toe 
leaders. 

“I am not in peak condition but 
my motivation was to win because I 
became a father two days ago,” 
Tonkov said. “I offer this victory to 
ray wife and our son. ” 

Tonkov overhauled Jose Jime- 
nez of Spain and covered the final 
four kilometers on his own with toe 
contenders apparently content to 
watch each other. 


$ 


Clemens 
Loses One 
To Boston 


- The Associated Press 

Roger Clemens lost a 
chance to beat his former 
team when Jeff Frye's two- 
run single in the bottom of the 
ninth gave Boston a 3-2 vic- 
tory over Toronto. 

Clemens struck out 10 and 
allowed five hits in seven in- 
nings Thursday night, and 
Paul Quantrill pitched a score- 

Kelvim 


less eighth. 


Esco- 


IIIP 


bar (3-2) struck out Reggie 
Jefferson to start toe ninth, 
but Boston loaded toe bases 
on Wiifreda Cordero's single, 
Troy O'Leary's walk and 
Scott Haneberg’s single. 

Then Etye, who was 2-for- 
2 with a walk against Clem- 
ens, lined a single into toe 
left-field comer past Jose 
Cni 2 Jr.. 

Mariners O, Rangers 3 

Roberto Kelly hit a pair of 
two-run homers ana Ken 
Griffey Jr. went without one 
for the second straight night 
as Randy Johnson and Seattle 
beat host Texas. 

The Mariners increased 
theft AL West lead to six 
games over Anaheim. 
Seattle’s magic number for 
eliminating the Angels 
dropped to four. 

Orioles 4, Brewers 3 Mike 
Bordick homered and made a 
key defensive play as host 



Giants Sweep Dodgers 
To Snatch Tie in West 


Vankee shortstop Derek Jeter forcing ortDeiiTcim 
of the Tigers on the way to completing a double play. 


Baltimore beat Milwaukee to 
move a step closer to the East 
Division title. 

The victory, combined 
with toe New York Yankees’ 
loss to Detroit, cat the Ori- 
oles' magic numberto win the 
division to five. 

Tigers 9, Yaninas 7 Dami- 
an Easley’s two-run stogie in 
the 1 1 to inning prevented host 
New York /ram clinching a 
third straight postseason berth 
as Detroit beat the Yankees. 

Imfians4 l 1toins1 GfelHer- 

shiser rebounded from his 
worst outing of toe year, giv- 
ing up three hits in VA innings 


v ‘ sil »nS Cleveland beat 
Minnesota to move a season- 
«J sr 14 games over .500. 

dropped ils magic 
number for clinching the 
v-entral Division to six, 

R 7. Angel* 3 Scott 

Brosius doubled twice and 
drove ,n toree runs to lead 
yisiung Oakland past Ana- 
heim, preventing the Angels 
from completing a 12-game 
season sweep of the Athlet- 
ics. 

-52? Sox 9, Howl, 2 Doug 
Drabek look a no-hitter into 
the sixth and Robin Ventura 
tot his 150ih career homer. 


The Associated Press 

Brian Johnson hit a Ieadoff 
home run in toe bottom of the 
1 2th toning, and the San Fran- 
cisco Giants, bolstered by an- 
other homer from Barry 
Bonds, defeated Los Angeles, 
6-5, to sweep a two-game 
showdown and tie the 
Dodgers atop the NL West 

Johnson connected for his 
10th home run on the first 
pitch from Mark Guthrie ( 1 4), 
the Dodgers' seventh pitcher 
of the game Thursday night 

Bonds hit his 35th homer, a 

three-run shot, in the fifth. 

Cubs 4, Cardinals 3 In 
Chicago, Steve Trachsel, who 
has given up more homers 
than any pitcher in the Na- 
tional League, slowed down 
Mark McGwire’s chase of 
Roger Maris as the Cubs beat 
St Louis, 

McGwire, the major league 
home-run leader with 53, 
eight behind Maris’s record 
61 set to 1961. went 2-for-5. 
He had a single and two fly 
outs against Trachsel before 
striking out on three pitches 
from the reliever Mare Pis- 
ciotta in the eighth. 

Marihit 8, Phillies 2 Kevin 
Brown won his sixth consec- 
utive decision, and toe host 
Marlins reduced the magic 
number to five for clinching 
their first playoff berth by 
beating Philadelphia. 

****** 7, BocfcJe* 8 Greg 
Vaughn and Ken Caminiti hit 
solo homers, and host San 
Diego beat Colorado, surviv- 
ing three late Rockies homers 


and getting the final out in a 
play at toe plate. 

Ellis Burks hit a two-nm 
homer, his 29th, that brought 
the Rockies wi fe in one. 
Stogies by Larry Walker and 
Todd Helton put runners on 

first and third with one out. 
Vinny Castilla flied out to left 
fielder. Chris Jones, who 
threw out' Walker at the plate 
trying to score the tying ran. 

PSrartm12»Astiw3ln Pitts- 
burgh, Francisco Cordova 
kept the Pirates alive in f-- 
CentraJ Division, running 1 

bitless inrun*** - - ■ 

Houston to 
up two runs. 

The Pirates cut Houston 
division lead to IVi games - 
just as it was before the tw 
game series began —and ke 
the Astros’ magic number 
seven. Houston has 10 earn, 

left and Pittsburgh has £ 

Braves 11, Nets 4 The ho 

Braves battered fe 
pitching for the second nitS 

r&SZ' ¥***& ho ? lers mw 

Chipper Jones and MictoJ 
TucW and toree more hi 
from Ryan Klesko. n 

_ ®» Expos 3 Uy:|.. 

Greene broke out of a sew, 

th= Expos. MontrtS'^ 

IIS season high with h? che 

™ re .asiMos.Srthe r fc« 

m six games. IirHl tu n 


i 












INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, SEPTEMBER 24,1997 


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INTERNATIONAL HERALD TRIBIHNE, SATIIRDAY-SUNPM, SEPTEMBER 20*21, 1997 


SPORTS 


PAGE 23 


/n This Globe- Circling Race 9 Modem Vikings Take to the Airwaves 

International Herald Tribune 


tnernarional Herald Tribune 
. -SOlTTHAMPTON, England — The 
yaaagsneya- imagined a force of such 
eno’gy. Neither did the colonel nor the 
acrauraJ when they conceived a round- 

^^b^s < ago Cfat raCe ° VCT a pint of beer 

The 10 boats may appear to be 
powered mnocenUy by the wind when 
the seventh Whitbread Round the World 

MTJKJS* Tr °P h y begins Sun- 
day. But the V ikmgs. the colonel and the 
admiral would be dazed if they were 
ever to realize that the real engines, built 
narrowly below deck of each 60-foot 
(18-meter) yacht, are modem broad- 
casting .centers — fully integrated stu- 
dios with uplinks to the satellites, the 
satellites that make the race go round 
There will be no special TV tech- 
nicians on board to produce this show. 

It’s no longer enough for each 12-mem- 

°er ^ *? ** navigating 3 1 .600 miles 
(50,560 kilometers), touching five con- 


I nntage Point/ Ian Thomsen 


nnents, avoiding icebergs. surviving the 
mosi extreme changes of weather and 
forgoing baths or showers for up to 30 
days at a time — the sailors themselves 
must now produce 50 words of texi 
daily, plus a pair of 10-minuie radio 
interviews and eighi minutes of edited 
video each week. And if ihev don*! meet 
deadline, there’ll be hell to pay. 

be in charge of the media." 
said Christen Horn Johannessen. a sail- 
or aboard the Norwegian entry inno- 
vation Kvaemer II. Johannessen. a de- 
scendant of the ancient Vikings, grew 
up learning to tie knots. He should have 
been studying Bergman. "They haven't 
told us for sure what the penalty will 
be, he said. "But they were talking 
about not giving the navigator some of 
the information he needs until thev gei 
the TV pictures that they need. We’re 


just going io make sure they get the 
pictures each week." 

Johannessen, 30. a district-level 
judge near Oslo when he isn't sailing the 
seven seas, said that his boat received 
the media equipment only 1 0 days earli- 
er. He hasn't nad time to learn’ how to 
use it. The boat might be flipping from 
side to side and he'll be down below, 
try ing to understand the owner" s manual 
as if he’d just bought a new video re- 
corder. "But it ail looks simple 
enough," he said optimistically. 

"1 don't know what the penalties will 
be. that's not for me to determine.” Ian 
Bailey-Wilmot. the race director, said 
from his headquarters in southern Eng- 
land. "We’ve got 567 hours of TV 
going out worldwide from the race. 
We're doing weekly programs this time, 
rather than one program for each of the 


nine legs, and we need the footage from 
the boats to make sure the programming 
is good.” 

li seems that Leu Eriksson’s vocation 
was zapped into another dimension dur- 
ing the 1987 America’s Cup races at 
Perth, which made an international star 
of the winning American skipper Den- 
nis Conner. “We changed the sport in 
Perth," Conner said. "You had a cam- 
era in your face the entire race. You also 
had a microphone on your lapel the 
entire race, so everything you said went 
straight out on a live feed. If I said, T 
have to go ro the bathroom,’ then 288 
million people heard you say it. 

“It’s just pan of the game. It’s part of 
what you're paid for if you want to go 
sailing around the world for a living. 
With the costs rising you know there are 
certain things you have to do to get 
around the world successfully, and this 
is one of them.” 

Conner, 55. is co-skipper of the 


Toshiba entry in this race, but be 
wouldn't say whether he would accom- 
pany the team. His former America's 
Cup rival, the great Chris Dickson of 
New Zealand, has been hired as co- 
skipper to handle the daily sailing. Con- 
ner's responsibility is the bigger picture 
— wherever he’s needed most, that’s 
where he’ll be. * 'There's a conflict with 
the Cape Town leg,” he said. Instead of 
meeting the team after its opening 
7 ,350- mile leg to South Africa, the 
world's most famous sailor said, "I may- 
be at a computer show in Las Vegas for 
Toshiba.” 

This race was begun famously by 
Colonel Bill Whitbread, of the British 
brewing family, and Admiral Otto 
Steiner of the Royal Naval Sailing As- 
sociation. Whitbread will end its spon- 
sorship after the boats return to southern 
England next May 24. In four years it 
will be the property of Volvo, the 
Swedish car maker, which probably 


would not have been interested in its 
estimated S5 million rights purchase if 
not for the enhanced TV coverage of 
sailing. 

‘‘Think of the images you’re seeing 
during this race.” said Mel Pyatt, man- 
aging director of Volvo Event Man- 
agement. “The backdrop of the south- 
ern ocean. the icebergs. the 
mountainous waves — the human spirit, 
the human endeavor of the crew — and 
then the graphics will say. ‘Volvo 
Trophy.' Volvo will also be printed on 
the boom. To get that kind of brand 
enhancement, it gives a very strong im- 
age for Volvo.” 

Four of the boats and the future spon- 
sor are from Sweden or Norway. Has the 
ancient Scandinavian spirit of explo- 
ration been reincarnated? 

"Do you mean the Vikings?" Pyatt 
said with a small laugh. “No, that's 
never come up in any of our discus- 
sions.” 


_■■■ -1K3 

,! -t- i:- 


Baseball Owners Powwow on Realignment but Postpone Decision 


By Murray Chass 

New York Times Service 

ATLANTA — The magic number is 
7. That’s the number of teams baseball ’s 
planning strategists would ideally like 
to have change leagues in their quest to 
realign the major leagues for 1998. 

The owners did not act on realign- 
ment on the final day of their quarterly 
meetings on Thursday. Instead, they 
postponed their self-imposed deadline 
to adopt a plan from Sept. 30 to Oct. 

John Harrington of the Red Sox, 
chairman of the realignment committee, 
said his group had six plans under con- 


sideration. A member of the committee 
said the plan of a 1 5 -ream switch was 
dead, and 7 was the target number. The 
key to achieving that number appeared 
to be persuading the Astros to move to 
the American League. 

The Astros’ owner' Drayton McLane 
Jr.’ has said that while he would like to 
be in a division with the Texas Rangers, 
he does not want to move. 

He reiterated that position after the 
meeting Thursday. 

“Houston Ills been in the National 
League since 1962," he said. 

"Wc have strong ties and sentiments 
in the National League. We feel that's 
an important part of our franchise. 


We’re not a candidate.” 

But if the planners want the Astros to 
move, they will likely offer a financial 
inducement. Compensation became a 
topic of conversation during the meet- 
ings. and Harrington said it was possible 
the Giants could be compensated for 
any possible economic loss as a way of 
overcoming their objection to having 
the Athletics join them in the NL. 

Oakland. Anaheim and Seattle are 
prepared to switch to the National, and 
Kansas City and Milwaukee have in- 
dicated similar interest, the RoyaJs to be 
in a division with St. Louis, the Brewers 
to be with the Cubs. 

Montreal and Florida are the two NL 


teams that would accept a move to the 
AL. Philadelphia previously expressed 
3 willingness to join them, but Thurs- 
day, the Phillies’ chairman’ Bill Giles’ 
said the club planned to stay where it 
was. 

The move of the three AL West Coast 
teams would create two four- team di- 
visions made up of all of the major 
leagues' eight western teams. Except 
for Peter Magowan of the Giants, the 
owners like (hat part of the realignment 
plan. 

If the Astros agreed to move — any 
team asked to change leagues has veto 
rights — the .najor leagues could look 
like this next season: 


NATIONAL LEAGUE 

EAST — Mets, Braves. Phillies, Pir- 
ates. 

CENTRAL — Reds, Cubs, Cardin- 
als, Royals (or Brewers). 

WEST I — Dodgers. Padres, Giants. 
Rockies. 

WEST II — Angels, Athletics, Mar- 
iners, Diamondbacks. 

AMERICAN LEAGUE 

EAST — Yankees, Red Sox, Orioles, 
Blue Jays, Marlins. 

CENTRAL — Indians, Tigers. Dev- 
il Rays, Expos. 

MIDWEST — White Sox, Twins, 
Rangers. Astros, Brewers (or Royals). 


Is Iverson Staying 
In the Fast Lane? 

The Associated Press 

PHILADELPHIA — The Phil- 
adelphia 76ers' star point guard, 
Allen Iverson, was a passenger in a 
car that police stopped for going 99 
miles per hour (158 kilometers per 
hour), according to local reports 
Friday. 

Last month, Iverson was placed 
on three years’ probation after riding 
in a speeding car and bung charged 
with weapons and marijuana vio- 
lations. Being a passenger in another 
speeding car would not necessarily 
mean Iverson had violated any laws 
or his probation terms 


Scoreboard 


■tar 


BASEBALL 


Major Leaoue Standings 


EAET DMSKM 



W 

L 

Pd 

GB 

y-Balflmrwe 

93 

59 

.612 


New York 

88 

44 

J79 

5 

Detroit 

75 

77 

Mi 

17V, 

Boston 

75 

78 

.490 

18% 

Taranto 

71 81 

CGimtALnvBiON 

A67 

22 

Cleveland 

82 

48 

Ml 



Chkziga 

75 

77 

jtn 

8 

Milwaukee 

74 

76 

Mi 

B 

Kansas Ctty 

61 

m 

MI 

21 

Minnesota 

61 90 

WESTDIVIOOM 

.404 

21 to 

Seattle 

85 

48 

-556 



Anaheim 

79 

74 

-516 

6 

Texas 

72 

81 


13 

Oakland 

42 

91 

MS 

23 


y-clinched postaedson berth 
national urnon 
east division 

w L Pet. SB 
y-Aftanto « S7 JOS — 

Florida 09 43 586 fi 

New York - « 7Y~ £36 1316 

Montreal 75 77 Mi 20 

'PtAxfctpftia 42 91 JDS 33 'A 

CENTRAL HVUMON 


Chicago 200 120 040-9 14 0 

Korea* Oty 000 000 110-2 & 1 

Drabei, McElroy (8), J. Darwin (9) and 
Fabregns PHfcfey, J .Walker (71, Olson (8). 
Bavil (9} and MLSwoerwy. A. Stewart (9). 
W— Qrabefc 11-11. L-Pntetey 44. 
HRs— Chicago, Ventura (6). Kansas City, j. 
Ball (21). 

dwetand 000 001 201—4 11 0 

Minnesota 000 000 010-1 4 1 

MwsMser, M. Jockson (8> and Bordets 
Tewksbury Swfnrfef (8), Nnvtfy I9j, Trombley 
(9) and 5teinbadL W-Herehiser 144. 
L— Tewksbury 6-13. Sv— M. Jackson 05). 
MlisraukK 000 012 000-3 9 I 

Baltimore m 210 MW— i 7 0 

Kart Fetters <61, Davis (73. Widunan (8) 
amt Maffwn)* Levis [B); Mussina, Orosco (7). 
A. Benflez (7), RaMyers (9) and Holies. 
Webster (8). W— Mussina 15-7. L— Kurt 10- 
13. 5* — RaJMyers (43). Hfe-MOwcukee. 
DrJocksMt (5). Baltimore. Bardidc (4). 
Seattle 200 210 010-4 9 2 

Ten* 100 000 200-3 10 0 

RaJahnsore Ayala (8) and Do.Wtoaa- 
D .Oliver, Moody IS). Te.Oork IS). Bailee IS). 
Whiteside (9) and H. Mercedes, K. r Brown 
(9). W— RaJahnsan 1*4. L-0. Oliver 12-12. 
Sv— Aynta (V). HRs— Seattle. Sorrento (30), 
R-Kefly 2(701- 

Defivff 001 302 SOI 02—9 15 2 

Mew York oao 400 no oo— y 12 1 

Keagte Sager (4), Broad (B). ToJones 
(91, Mtcefi (11) and WaibecJv Jensen (9), 
Casanova (10) KreRogere, - Irabu (7), M. 


r'.-.rj'ji 

Houston 

77 

75 

J07 

— 

Rivera (9), Borawsta (10) and Posada 


PIKsbuigh 

74 

79 

Mi 

3to 

W— TaJones 61 L-Borowskl M. 

•; :.*;a « 

Ctodanafi 

70 

82 

Ml 

7 

Sv— Mioefi C3). HRs— Detroit Nenrin (B). New 

St Louis 

TO 

82 

A61 

7 

York, Be-Wntoms (20). 

- "f 

Chicago 

65 

88 

.425 

12Vi 

NATIONAL LEAOUE 



WEST DIVISION 



SL Loots 000 000 003-3 9 3 


Los Angeles 

84 

49 

sa 

— 

Chicago 02B 002 OOx—4 10 0 

- 1 -2\ m 

San FtancbCD 

84 

69 

J49 

— 

SuLowe. Bautista (4). Patntur (5), Roggio 

. 

Colorado 

78 

75 

510 

6 

(7) and Marrero; TractiseL Ptatersan (7), 

. - “ 

SanDtego 

73 

80 

Ml 

11 

Ptsdotta (8), T. Adams (9) and Houston. 

- i i.- 

- reotJwnriiiiiwaJiH 


W-Trochset 8-11. L— 5. Lowe. D-2. HR-St. 


AHBdCAN LEAOUE 


Louis, Marrero (1). 

'■ • 

oiritand 

000 

050 

#02—7 

9 2 

Las AO gates 100 002 200 006-5 15 1 


Anaheim 

OBI 

on 

810-3 

9 1 

S-Frandsco 100 130 Otto 081-4 12 1 


(7) , (Tomes 18 ) and Lieberthal' KJ. Brown, 
Men (9) and Zaun. W— K. J. Brown 154. 
L—MI.G root 3-2. 

Colorado 100 000 032-4 11 0 

San Diego 010 110 50*— 7 8 2 

R-Bnitey, Holmes (7), S. Reed (7), DeJwm 

(8) and JeJ3eed Man waring |7); Menftcri 

D. Veras (7), TL Worrell (8). Kroon (8), 
H.Murroy (8). Cunnane (8), Hoffman i9) and 
Flaherty. W-Menhari 2-2 L-RL Bailey 9-1 a 
Sv— Hoffman (34). HRs— Colorado, Burks 
(29), L. Walker (48), Gatarroga 139) San 
Diego, CamlnUi (24), G. Vaughn (16). 
Houston 000 01) 010—3 5 4 

Pittsburgh 380 113 04x— 72 12 0 

Kite. Mognante (4), R. Springer (a), Lima 

(8) . T. Martin (8) and Eusebio; F.CordOva 

Wallace (7), M- WiBuns (8). Rincon (8), 
UMeMe <91 end Kendall W — F. Centavo II- 
B. L— Kite 78-7. HR— Houston, Spiers (4). 
Montreal 001 100 01 0—3 8 4 

CiKuiafl 003 100 7 IX— 4 12 0 

HermarBoti Kline (7), D. Veres (8), DeHart 
{8} and Widget; Schourefc. Sufevan (57, Shiny 

(9) and J.Offver, Toubensee (9), W— Sullivan 
3-3. L— Hermonson 8-4- Sv— Shaw (39). 
HR— Montreal Segui (19). 

New Yarft <m 000 000-4 4 0 

Atlanta 204 tIO 02S-I1 17 2 

lsiingfausen R- Jordan (4). Kush ten do 
,7). Rojos <8) and Pratt Byrd, Ligrenberg '61. 
Clortz (7). Cottier (8), C. Fax (9) and JJ-ccez. 
Spehr TO- W— Byrd 4-3. L— lsnnghausen2-2. 
HRs— Atkmto. Oi Jones (21), Tucker tlZ*. 

Japanese Leagues 

CZHTKAL ULMMflE 


BASKETBALL 


EuroLeague 

GROUP A 

Efes Risen Istanbul 67, Ofympfakos 70 
GROUP B 
Porto 71. PAOK Salonika 88 
OROUPC 

Pou-Orttus 94 Barcelona 95 
Po rt Iran Belgrade 9& Ulker Istanbul 84 
GROUP D 

CUxma Zagreb 7a Oflmpijd Ljubljana 72. 


Tetghedeb Groom (4), Taylor (7). T. 
J-Mathews (9) and Moyne; Dickson, DaMay 
(51, todaret (9), P. Harris {91 and Tomer; 

. Kraiter (5), Eircnnwoofi (9). W— THpheder 
45. L— Dickson 13-8. 

ttxMto 080 108 1<»-2 f 0 

Boston MW 010 002-3 9 0 

detnens; QuaidrtO (8). Escobar (9) and 
aSrierc Wakefield, Corel (9) and Hattebeig. 
W— Corel 4—2. L— Escobar 3-2. HR— Toronto, 
OTrien (4). 


Candkrifi, D. Reyes (5), Dnrifon (6). 
Radinsky (7). Osuno (9), To.WorreO (10), 
Guttata (12) and Piazza; Muttettand, 
Tavarez (7), R-Hemondez (7), 0- Henry (8L 
Bede OO) and B. Johnson. W— Beck 4< 
L— Guthrie 1-4. HR&— Los Angeles. Nban 
n J. San Frandscn, Bonds (35), Snow OS), B. 
Johnson (10). 

PhOadetahto 100 000 001—2 10 i 

Florida ISO 000 02*— B 15 1 

Mi. Grace, R. Harris (3), Blazter (5), Ryan 



W 

L 

T 

Pet 

GB 

Yakut! 

75 

45 

2 

525 

— 

Yokohama 

65 

54 

— 

546 

95 

Hiroshi mo 

61 

58 

— 

513 

135 

Yomturi 

55 

48 

— 

Ml 

215 

Hanshin 

54 

67 

1 

AM 

215 

Omntehl 

52 

70 

1 

.426 

2LQ 

MOnCUAOOE 




W 

L 

T 

Pet 

GB 

Seibu 

49 

49 

3 

585 

— 

Orix 

61 

52 

3 

540 

55 

Kintetsu 

40 

59 

4 

504 

95 

Date) 

54 

42 

l 

A7S 

110 

Nippon Horn 

54 

67 

1 

ASS 

155 

Latte 

51 

64 

2 

M 3 

165 


IBMI'SHNin 
CENTRAL LEAGUE 
Yakult 9, Yokotwma 1 
Hiroshima 1 Yomjuri 2 

PACIFIC LEAGUE 
L0tl»4,Se8»3. 


TENNIS 


Dams Cum 

asu-oceanzpme ghoupi puvoffs 

Oleg Ogorodov, Uzbektetan def. Byron 
Jutoia. Philippines. 6-1 6-1 «-(t Dmitry 
TomoshevfctL Uzbekistan, del. Joseph Lizar- 
da Philippines. 4-6. 4-2, 6-2, 7-5. 

Uzbekistan tends best -of-fivelte 2-0 

EURO- AFRICAN 20NE CROUP 1 PLAYOFF 

Audrey Aleduedev. Ukraine, def. Kernel 
Bardoczfcy. Hungary. 6-2. 4-2. 4-Z Attilu Sa- 
unit Henparv, def. And 'ey Ribalka Ukraine, 
64 62 7-6, 6-2. 

Hungarvl- Ukraine 1 

WORLD GROUP 
SEIilFINAL 

Jones Bjarfaaaiv Sweden del OmarCanv 
porese, Italy. 6-7 15-71.63, 6-2. 3-6 61 Renzo 
Furtaa Italy, def. Thomas. Engvist Sweden 
3-4, 6-3, 6-4. 3-6, 63. 

Saieden l. Italy 1 
QUALEYWG 

Alena nder Vofkov. Russia, def. Andrei 
Pavel Romania 6-1 6-7 (7-5), 6-Z 6-4; 
Yevgeny Kafelnikov. Russia def. Imi 
M oldovan Romania 6-4 7-4 (9-7), 6A 

Russia leads 2-0 

Byron Block, Zimbabwe. deL Gilbert 
Serial ler. Austria 4-3. 4-Z 6-1; Thomas 
Muster. Austria def. Wayne Black. Zimbab- 
we. 6.3. 6G 6-4 

Zimbabwe 1, Austria 1 

Baris Becker, Germany, def. Luis Hernia, 
Mexico. 7-5. 62. 6-3; Marc- Kevin Goedner. 
Germany, def- Alexandra Hemander. Meuca 
7-5 6-1 6-3. 

Geraiany leads 20 

TOTOnWNOSS cup 

FTWAY. IN TOKYO 
•TOMEM 

OUAnTLHRNALS 

Arantxa Sandier Vicaria (2). Spain def. U 


Fang, China 65 7-5 Yayufc Basuki (5). In- 
donesia def. Kbnberty Po (4), u.S. 7-5 61 
Monica Seles Ok UJS- def. Natasha Zvereva 
(B), Belarus, 6-1, 4-Qr Nuako Sawamalsu, 
Japan def. Canchlto Martinez a), Spain 7-4 
(7-4), 64 

DOUBLES 

QUARTERFINALS 

Park Sung-hee South Korea and Wong 
Stilting, Tainan def. Henrfela Nogyava Slo- 
vakia. and Patty Schnyder, SwHzeitamL 65 
7-5; Naoko KWnuria and Nana Miyogl C3), 
Japan def. Rika Hlroki Japan and KJmberiy 
Pa US. 2-4 74) (7-3), 62; 

Monica Soles, U.5., and Ai Sugtyama 
Japan def. Annabel EDwaod. Australia and 
Tamarine Tanasugain ThaDond, I -4, 63. 6Z 
June Hatard-Decugis, France, and Otonda 
Rubin. UJL. def. Conch Ito Mmflnea Spain 
gnd Patricia TarabM. Argentina (4), 7-5 63- 


SOCCER 


euroman cup wnnun* cur 

FIRST ROUND. FUST LEG 
AEK Athens 5 Dtaaburg Daugavpils 0 
Apoel Nicosia Cl Sturm Graz I 
FC Copenhagen 5 Ararat Yereven 0 
AIK Stockholm a NK Primwfc 1 
KocaefisporZ National Bucharest 0 
Slavia Prague 5 Lucerne 2 
Germinal Efceren 1 Cntena Zvexdn 2 
Nice 5 KJbnartwck t 
H apoel Beera hetra T, Roda4 
Chelsea 2. Staton Bratislava 0 
Vicenza 2. Legn Warsaw 0 
IB Veslmannuey tar 1, VFB Stuttgart 3 
Real Betts Z BVSC Budapest O 
BoavsrtaZ Shaktrtar Donetsk Z 


CYCLING 


To im or Spain 

Loading ptacings In trio 196 km. T3ttt stage 
from ponfarrada on Friday; 
l, Pavel Tonknv. Russia Mope) five hmire. 10 
minutes, two seconds 

Z Jose Jimenez. Spain Banesta 32 secs be- 
hind 

Z Laurent Dufdux. Switzerland, Lotus. 53 
A Yvon Ledonofc, France. GAN 
5 Fernando Esoartin Spain Kamre 
4 Ate* Zuefle. Switzerland. ONCE 


7, Jose Urtn Spain Estepana 
& Enrico Zalna, Holy. Asia 

9, Carlas Contreras, Colombia, Flavta, all s.t 

10, Roberto Heras, Spam Kehnn 1:02 
OVERALL: 1, Zuelta, 56 hours 36 minutes raid 
26 seconds ZDufaUA 32 secs behlrafcl Es- 
corting 17; 4. Ledanob. 337; 5 Zws tSO; 6 
Marcos Senann Spoto, Ketmn *Sh 7, Hetos, 
Sctth 8. Darnel Oavera Spain Estepana 424; 
9, Gianni Faresln Holy. MopeL BdO; la 
PhEppe Botdeiavn Franco Coskm 9417. 


CRICKET 


ZIMBAOWI W. NIW ZEALAND 

FIRST TEST, 2D DAY 
FRSAV. M HARARE. ZIMBABWE 
Zimbabwe: 298 
New Zeolond: 91 -3 

INDIA VS. MKHTAN 
SAMARA CUP 
THURSDAY, IN TORONTO 
Pakistan: 1 82-4 {50 oven). 


TRANSITIONS 


FOOtSAU. 

NATIONAL FOOTBALL LEAOUE 
Atlanta— Resigned OL Sarit Adrena. 
MIAMI -Re-signed P Kyte Richardson. 
PHILADELPHIA -Signed CB Tim McKyer 
to practice sguotL 

Washington -Released TE Chris 
Sanders. 

Haaanr 

NATIONAL HOCKEY LEAGUE 
CALBAKY -Assigned RW Ravfl Gusmanov 
and C Jeff Bes to Chicago. IHL 
Carolina— Sent Clan MocNdbLWtrevor 
Wasytufc C Byron Ritchies RW Shone Wifite 
LW Andrew Tayton RW E Irian Phflpotb D 
Hugh Ham Wore G Tripp Tracy; LW Mike 
Ructo3W,- D AsblW Ha'ilrigW; LW Mike MW- 
ronerCTom Buddey; LW Kevin BoyetC Brian 
Secatd and D Sergei Fedotov to New Haven 
■AHL 

ch lea oo— Sent F Sieve TndK F Eric Mon- 
low, F Brian Fetaner. F Petri Vans F Nathan 
Penult, F Ryon Hiuka, F Stove Md-aren. F 
Eric Lecompto aid D Marc Hussey, D Ryan 
Rtsrrfore. D Marty WHford and G Man: 
La matrie to Indianapolis lea IHL 
NEW JERSEY -Returned G Jean-Franctfe 
Doaiphoasse, F Mothfeu Benoit F Glenn 
Crawford and F Cart Piutfriomme to thdf 
(aniar teams. Returned D Henrik Rehaberg 
and D Jan SrcHnka to their European teans. 


The Week Ahead 


Saturday, Sept. 20 

soccer, Almaty, Kazakstan — world 
Cup quafflVfiifr Kazakstan vs. Uzbekistan. 

HORSE rac ms, Cuiragh, Iroiand — 
Irish St. Loser. 

ohicket, Toronto — exhibition, fourth 
one-day InternattonoL Sahara Cup, India vs. 
Pakistan. Match Z Harare, Zimbabwe — 
Zimbabwe vs. New Zealand, first lest, 
through Sspt. 22 . 

aoui Warwick, England — men. British 
Masters, through Sept 21; San Antonio — 
mare LoContera Texas Open, through Sept. 
21; Cantore Massachusetts— wamere Plng- 
Wekh's ChnmpioroWp, ihrough Sept 21; 
Sapporo, Japan — mere Japon PGA. ANA 
Open, through Sept 21; IndkmapaOs— mere 
ua. Senior PGA Tour, Brickyard Craning 
Championship, through Sept. 2lr inobre 
Japan — women, Yukqirushi Ladles Takai 
Classic, through Sept- 21; Komatsu — mere 
Senior Tout Komatsu Nagoya TV Open, 
through SepL 21. 

TENMn, various sites — DovhCufW World 
Group, semliinalre United States vs. Aus- 
ttaUn Sweden vs. Holy; Qualifying Round: 
Zimbabwe vs. Austria- Brazil vs. New 
Ztetonrk lndto vs. Chita; Belgium vs. Frances 
Germany vs. Niextca Russia vs. Romania; 
Canada vs. Slovak Republic- Switzerland vs. 
Korea. Eura-African Zone Group I, ploy-off; 
Israel vs. Morocco; Hungary vs. Ukraine. 
Third rmimt Portugal vs. Notndk Finland vs. 
Poland. Asia-Oceanto Zone Group 1 ptay- 
otfK Uzbekistan vs. PMOpiives. Asat-Oceo- 
nla Group 2 ftoab Lebanon vs. Iran In Zouk- 
mlkalL American Zone Group 1 ptay-aff: Ar- 
ganttna vs. Venezuela. American Zone Group 
2 final Colombia vs. Uruguay. Tokyo— wom- 
en, WTA Tour, NFchirel Ladies Chonrpl- 
ansMps, through SepL 21 

Sunday, Sept. 21 

AUTO RACma, Zettwlg, Austria — For- 
mula One. Austrian Grand Prt*. 

sAiLBta. Southampton, England — start 
of WlWbread Round Ifie Worid Raca through 
Moy2*im 

cniewr. Toronto— exMbfitore fifth one- 
day bitemattoncd, Sahara Cure I nda vs- Pak- 
istan. MaMi 2. 

Monday, Sept 22 

TEMiis, Surabaya, Indonesia — women, 
Wtemltak IrrtemattonaL through SepL 2ft 


DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 



' THIS IS 601N6 TO BE A BATTLE. CHUCK ! 
SOME OF US MAY NOT COME OUT AUVB! 


IN THAT CMS, LET'S 
THINK ABOUT WHO 
. FEE05 THE VOG.. 


IVi \W_19JPtCSE S3ICB0OT WlW®£meCS 

GOtMK GET (F THE RIGHT W® M*KE LNJGU. WD 1 POUlY 

WSSXD. F 0 SOH CKME CDUU> CALL ‘POBTf PIE. pVC n R» 

WEYCM? MS3H6.I WGW. / ™ ~T , 


OR 'BtTSV 

K30KUHS’ 


Bucharest Romania — mere Romanian 
Open, through Sept. 2ft Toulouse France — 
mere Toulouse Grand Prix, through SepL 28. 

Tuesday, Sept. 23 

tennis, Munich. Germany — mere 
Grand Skim Cup, through Sept. 28. 

Wednesday, Sept. 24 

soccer, various sites— World Cup quaF 
rfying, Eurapre Group 2. Moldova ». Georgw 
Group 6 Malta vs. Czech Republic Slovakia 
vs. Spato. Rome— lto0an Cup, second round 
second leg. 

Thu ns pay. Sept. ZB 

cole, Chdriotte. North CaraBna — wom- 
en, Fleidaeat Cannon Classic, through Sept 
2ft Endlcott New York — mere B£. Open 
ttoaugh Sept. 2ft Nasu. Japan — mere Gene 
Saiazen Jun Classic through Sept 28. 

cmoKGT, Bulowuya Zimbabwe — Zim- 
babwe vs. New Zealand, first test through 
SepL 29. 

Fhiday, Sept. 26 

aoLfi, Sotograndre Spain — mere Ryder 
Cure through Sept. 2a MiBore Ftorfda —mere 
U.5. Senior PGA Tout; Emerald Coast Clas- 
sic. through Sept. 2& Kurakawa. Japan — 
worn ere Japan LPGA, Miyogl TVCup La dies 
Open, through Sept 2ft 

soccer, Doha, Qatar — World Cup au“F 
tfying, Asia soamd round. Group A, Kuwait 
vs. Irate Ontario. Chino. 

Saturday, Sept. 27 

soccer, Tashkent Uzbetuskar— Worid 
Cup qualttytng, Asia second round. Group & 
Uzbekistan vs. United Arab Emirates. 

boxing. Parts — Nate MBien LLS, vs. 
Fabrico Ttozza France. 12-round bout tor 
M IHerts WBA aulserwetghl title. 

Sunday, Sept. 28 

athletics, Bertlre Germnny — Berlin 
Marathon. 

AUTO racing, Nutaurgring, Germany 
— Formula Onre Luxembourg Grand Prix. 

ruqQY league. Sydney, Austiafla — 
ARL Grand Fima 

soccer, Tokyo Worid Cup guoBfytag. 
Asia, seomd round, Group a Japan vs. South 
Korea. 


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INTERNATIONAL HERALD TRIBUNE, S ATURDAY-SUNDAX SEPTEMBER 20-21,1997 


DAVE BARRY 


A Great Pet Until It Hatches 


M IAMI — I don't mean to get all 
mushy here, but I want to tell you 

about Earl. Earl is my peL I got him 

several months ago, at my 50th birthday 
party, which was a quiet and relaxed 

E affair, in static contrast to my 30th birth- 
day party, which I am pretty sure is still 
going on somewhere. 

Eari was given to me by my diene 
Carl Hiaasen, a Miami Herald columnist 
and book author. Carl does not write 
syrupy, romantic books: Carl writes the 
type of book wherein a key character has 
his left hand surgically replaced with a 
working weed whacker. a 

At my party. Carl, 
who was clearly embar- 
rassed about making 
such a maudlin gesture, 
presented me with a 
Tupperware container 
bedecked with colorful 
ribbons. On the lid, 
written with a marking 
pen, was a date. “That's when it’s sup- 
posed to hatch," said Carl. 

“Hatch?" I said. 

I opened the lid, and there, on a bed of 
moss, was an egg. Carl wouldn’t tell me 
what kind of egg, because he wanted it 
to be a fUn surprise. But you could tell it 
wasn'r a baby chicken in there. 

“When it batches,” said Carl, “it’s 
going to want to eat" 

“Eat WHAT?” I asked. 

“You'll know," said Carl. 

We named the egg Earl. I’m pretty 
sure Eari is a snake. I say this because 
Carl told me he got Earl from a guy 
named Joe, who is very active in the 
South Florida snake community. I met 
Joe at a party one evening in a nice 
suburban Miami home; we'd been chat- 
ting fora few minutes when Joe reached 
into his pocket, exactly the way a person 
might reach for a package of breath 
mints, and pulled out — I swear — a 
turtle with two heads. 

“You dou’t see many of these." ob- 
served Joe. 

“No,” I said, brushing off my shirt 
where I had spat beer on it. 


R 


Inn 

op 

64 

Br 

Cc 


bit 

Fr 

an 

Rc 


We like Carl the 
way he is. He sits 
there and he’s never 
a speck of trouble. 


tin 

wi 

fii 

to 

ro 


or 

g 

ro 


bt 

te 

at 


i 


□ 


So anyway, now we have a suspected 
snake egg in the household. This fact 
does not sit well with a certain type of 
person, and when I say “a certain type 
of person," I am refemng to my wife, 
Michelle. She believes that there should 
be no life form in the household that 


could not quality for a Social Security 

lien 


card. She’s even afraid of lizards, whict 
are cute little rascals that you see every- 
where here in South Honda, outside and 
inside, dinging to your wails and ceil- 
ings. showing off their physiques, 
sometimes engaging in explicit sex acts 
and then smoking tiny lizard cigarettes. 
“It’s Always Spring Break," that is the 
lizard motto. 

The other day 1 found a lizard in our 
fax machine. 1 don't know what he was 
doing: maybe he was trying to transmit 


himself to some other household where 
he had heard there were some hot lizard 

** Anyway, Michelle saw this lizard and 
went sprinting into the bathroom and 
closed the door, she would not come out 
until I had shooed it onto the floor and out 
the door, which is not easy because liz- 
ards move at just above the speed of 
light, so yon have to lunge around your 
living room like a water buffalo chasing 
a gnat, a scene that always draws hearty 
chuckles from the lizards on the ceiling. 

The point is that Michelle hates liz- 
ards, and she REALLY 
hates snakes. Many 
women feel this way. 
Several months ago we 
had a housegnest 
named Bonnie who is, 
like Michelle, a sports- 
writer. Bonnie was 
staying in our little 
guest cottage, and one 
morning she came sprinting into the 
house, ashen -faced, to report thar(l) she 
thought she had seen a snake go into the 
cottage, and (2) she was not going into 
the cottage ever again, even if this meant 
abandoning her luggage. Michelle 
totally agreed with this decision. These 
are two women who routinely ask crit- 
ical questions of professional football 
players the size of construction equip- 
ment, but they insisted on remaining in 
the house and sending me, armed only 
with a broom, to find the snake. 

I laughed in a dew and manful voice. 
“You silly womenl* I said. “It's just a 
snake!” Then, when I got inside the 
cottage, I minced around with only my 
toenails touching the floor, waving my 
brown like a madman, praying to a High- 
er Power to please please please let the 
snake not be there, which fortunately it 
was not, although Bonnie nevertheless 
checked out immediately and has not 
returned. 

So considering the anti-snake stance 
of the household, it’s pretty ironic that 
we wound up with Earl as a pet He 
hasn't hatched yet. and he's past his due 
date. Carl says if Earl doesirt hatch, he 
(Carl) will give us a replacement. 

But we don't want a replacement We 
like Earl just the way be is. He sits on the 
dining table, in his beribboned container, 
and he’s never a speck of trouble. If you 
feel down and need somebody to talk to, 
Earl is there. When we leave the house, 
we tell him, “ Stay , Earl! Good boy I" and 
when we get home, he’s right where we 
left him. Call me crazy, but I believe Earl 
and I have developed a bond. I believe 
that, if I got into some kind of trouble — 
say I was home alone and, while rum- 
maging in the freezer for frozen yogurt, I 
got my hand trapped in the automatic ice- 
maker — I could yell, “Eari! Go get help, 
boy.'” I could yell this until my arm froze 
off. and Earl would never get bored. He’s 
a terrific listener. 

9 1 W7 The Miami Herald 
Distributed by Tribune Media Services. Inc. 



* 


KitanaccflVia 


In the campy film comedy “In and Out,” Joan Cusack portrays a woman who learns that the man she is about to marry is secretly gay; . 

A Scene- Stealer Becomes a Leading Lady 


By Pam Belluck 

New Yvri runes Sen-ice 


C HICAGO — So she doesn’t get to kiss the 
leading man. So a man does. 

So she has to spend half the film in a cream puff of 
a wedding gown, one that the wardrobe staff had to 
keep letting out during filming, she said, so the real 
baby growing in her belly would not, as she put it, 
“be bora with sequin imprints on his forehead.” 

Joan Cusack is perfectly happy ail the same. After 
more than a decade of highly acclaimed, scene- 
stealing work as a supporting actress, after mugging 
for laughs as the leading lady ’s big-haired best friend 
(“Working Girl”) or playing for squirms as the 
nurturing X-ray technician who romances the lead- 
ing lady’s teenage son (“Men Don't Leave"), Joan 
Cusack has become a leading lady herself. 

The 34-year-old Cusack is playing her biggest role 
to date in “In and Out.” a campy comedy in which 


high school. “I’m an absolute Joan Cusack love 
slave," Rudnick said recently, in discussing her role 
in the film. “There was a sense of writing up to her 
level, giving her as moch as possible to do. Joan also 
manages to mak e innocence comic. This is a very 
tricky part. She had to be a woman that had complete 
audience empathy. She could never appear foolish or 
stupid in any way, even though she was the last 
person in the world to know her fianc6 was gay.” 
Indeed, it is a good part. She gets a long, sidesplit- 


“I have a passion to be happy and balanced, ’ ' said 
Cusack. “To have a life that's meaningful outside of 
work. An actor’s life, you don’t have to maintain 
relationships or figure things out You’re' always 
travelingTxoH just hear about all these people; even 
great artists, and they just have terrible lives, and bow 
do they live like that?" 

Cusack wasn't always trying to achieve such* 
balance. In her early 20s, she was playing small film 


ting scene in which she explodes with stunned anger 
its. at the altar, that he is, in fact. 


roles and earning her comedic stripes as a regular on 

lay Nit’ 


Kevin Kline plays an English teacher in a small, 
siraitlaced Midwest 


western town. Kline’s star pupil wins 
an Oscar and happens to mention in his nationally 
televised acceptance speech something nobody is 
supposed to know — that his teacher is gay. (The film 
mirrors a real incident, in which Tom Hanks, in 
accepting an Oscar for “Philadelphia" in 1994, 
revealed that his high school drama teacher. Rawley 
Farnsworth, was gay.) 

In the movie, which just opened in the United 
States, every character has a gloss of screwball 
stereotype. The screenwriter. Paul Rudnick, whose 
credits include “Jeffrey" and “Addams Family 
Values,” says the device was intended to make sure 
that the film, the latest in a spate of gay-themed 
movies, did not become either a soap opera or a 
"politically ponderous" morality play. 

Cusack, who auditioned several times for the role, 
plays Emily Montgomery, Kline’s trusting, dieting- 
to-be-loved fiancee, who teaches in the same Indiana 


after her fianc 6 admits 
gay. She gets to contort her elastic face into a wide- 
eyed deadpan one minute and then erupt in a the- 
atrical frenzy the next, turning the voluminous wed- 
ding dress into her own comic sidekick as she sinks 
down in the middle of a road into a crazed white 
cloud or snags it in her car's automatic seat belts. 

And she gets to utter a choice barnyard epithet in 
connection with Barbra Streisand, naturally her gay 
fiance’s favorite performer. “It’s a sort of strong 
statement 1 mak e about her," Cusack said apo- 
logetically the other day in Chicago. As compen- 
sation, she offers up the fact that as a child, she 
adored Streisand’s film “What’s Up, Doc?" “I hope 
she understands. " 

Kline said he was impressed with her lack of self- 
consciousness. “She will try anything." he said. 
“She’s not worried about being attractive at every 
moment. She looks stunningly gorgeous at times, but 
she can also twist her face up into great an guish. 
She's not cursed with being a glamour-puss." 

Cusack said she was thrilled with wh at she de- 
scribed as a “sort of leading lady role" with “a couple 
of good juicy scenes." But what seems even more 
important for this well-regarded but not so famous 
actress (John, her younger brother, is the more cel- 
ebrated face in the family) is that she managed to land 
the biggest pan of her career without compromising 
what she considers die biggesi parts of her life. 


the 19S5-86 season of “Saturday “Night Live" (one 
memorable character was a coffee shop owner 
nam ed Selena, who served Jell-0 hot or cold). Soon 
she began to get larger comedy and character roles. 

2n “Broadcast News” (1987), Cusack was the 
production assistant who makes an acrobatic 1 1th- 
hour dash down a hallway to get a crucial film clip on 
the air. In “Working Girl" (1988), she was Melanie 


Griffith’s best friend with purply-blue-green eye 
unsubtle 


shadow and an equally unsubtle Nooo Yaawwk- 
accent, a role that won her an Oscar nomination. In 
“Men Don’t Leave” (1990), she played Jessica 
Lange’s pretematurally self-possessed neighbor. 

During the late 1980s. she also dug into stage 
acting and starred in the La Mama E.T.C. production 
of “Road,” about poor people in Lancashire, Eng- 
land, and in “Cymbeline” at the New York Public 
Theatre. Then, in 1990, Cusack played an assistant 
district attorney in “My Blue Heaven." a comedy 
starring Steve Martin as a Mafioso stool pigeon in a 
witness protection program. 

“I had a bad experience," she said. “That di- 
rector, Herbert Ross, and 1 didn't seem to get along 
that welL” She also realized she didn’t like living 
away from home for so long during the filming. 

“After that I was so miserable," die said. ‘’1 
didn't fed like I'd ever be a leading lady." 

Chicago became Cusack’s answer. 

“I decided I needed a stable place that was nor- 
mal, ” she said. 


DANCE 


PEOPLE 


Theatre of Harlem Comes of Age: 
After Divisive Strike, a New Spirit 


By Jennifer Dunning 

New York Tunes Sen-ice 


N EW YORK — Dance Theatre of Harlem, 
created nearly three decades ago to prove that 
black dancers could perform classical ballet, was 
always a company with a difference, a tight-knit 
family struggling together in a common mission. In 
January, that deeply ingrained sense of family was 
shattered by a strike that pitted the ‘ 'children 1 ' 
against their “father," Arthur Mitchell, founder 
and director of the troupe. 

But a new measure of self-awareness and growth 
resulted from that painfully divisive labor dispute. 


And that new spirit may be seen in the company ’s 
‘ ‘ CoIIe 


current season at Aaron Davis Hall at City College 
in a triumphant return to New York after a two-year 
absence, with a repertory and performances that 
critics have described as dazzling and distinctive. 

‘ ‘Forme, it was a learning experience," Mitchell 
said recently. “I would never have cut the um- 
bilical cord." 

A casual visitor to the troupe’s busy, light-filled 
headquarters might be forgiven for assuming that 
not much had changed. But the company has been 


hurt by declining government and private support 


a settlement that gave them a 10 percent 
wage increase over the two years of the 
contract as well as a 30-hour workweek 
and a limit on apprentice dancers. 

Dance is a profession whose rewards 
must be counted not only in wages, job 
security and good working conditions. 
Recognition is equally — if not more — 
important, whether it derives from the 
approval of artistic directors, audiences 
or critics. Dancers and their artistic di- 
rectors also tend to have a more intense 
personal relationship than workers and 
managers in other fields. 

The Harlem dancers are not alone in 
their partnership with management The 
desire to help American Ballet Theatre 
survive financially in 1994 led its dan- 
cers to form a breakaway union in 1994, 
with givebacks from other unions. 

The dancers had to grow up quickly 
during the strike, Eddie J. Shellman, a 
longtime principal dancer with the 
company, said of his newer colleagues. 
And as veteran dancers left over the 


for the arts. Though no programs have been aban- 
doned, the company and its school have stream- 
lined their staffs, which now total 26. And the 
company’s 38 dancers are pitching in to help run 
the organization as their rehearsal and class sched- 
ules permit. 

The family, Mitchell says, is now a ‘ ‘team." The 
defiant strikers of eight months ago, members of 
the American Guild of Musical Artists, have not 
capitulated in their insistence on being treated as 
autonomous adult professionals. They are proud of 


years, only a handful were left to pass 

ideals of 


along the history and founding 
the company. 

‘ ‘In our generation, when Eddie and I 
were at the age these kids are now, Mr. 

Mitchell was also a young person,” said 
Virginia Johnson, the company’s priraa ballerina. 
‘ ‘We were doing this thing together, out of the blue. 
Learning together. He was Dad. We were the kids. 
It was fun and there were lots of great things about 
that atmosphere. 



B ookshops at mu- 
seums across Germany 
are refusing to sell a contro- 
versial new biography of Jo- 
hann Wolfgang von Goetbe 
thai contends that the nation- 
ally revered poet was homo- 
sexual, the author said on Fri- 
day. The book entitled “Die 
Liebkosungen des Tigers" 
(The Tiger’s Tender Touch) 
has sent shock waves through 
Goethe academia and sparked 
a dispute among literary 
scholars. The author, Karl 
Hugo Pruys, a writer and 
journalist who is best known 
for his acclaimed biography 
of Chancellor Helmut Kohl, 
said the Weimar Classics 
Foundation had initially 
agreed to sell the book but 
withdrew at the last minute. A 
spokeswoman for the foun- 
dation confirmed that it had 
decided against selling the 
book at its 23 museums. * ‘Our 


LOW FLYING — Mathew Kettle, an animal handler 
at the Taronga Zoo in Sydney , holds aloft an eagle as 
part of the Free Flight Bird Show at the zoo. 


sorship" and called it a "great insult" to him 
as a Goethe devotee. 


□ 


S»w bind* hii'Thi''-* Ywk Tinir. 

Dancers Alicia Graf and Duncan Cooper in rehearsals. 


‘ ‘But that got diluted as the company grew, and 


more and more dancers were not a part of that first 
family. It became more of a job than something 
you just loved. We knew we could sit down 
together around a table. A lot of the younger 
dancers did not have that direct relationship with 
Mr. Mitchell." 


Two men have been arrested in London for 
defacing a portrait of the British child Jailer 
Myra Hindley created out of hundreds of 
imprints of children's hands. The Royal 
Academy's “Sensation" exhibition, which in- 
cludes pornographic exhibits as well as art of 
dismembered torsos and severed limbs, has 
provoked a barrage of media and public crit- 
icism, but it was the Hindley portrait by the 
artist Marcus Harvey that stored up most 


Jimmy Carter has recovered from an in- 
fection to his left knee caused by spider bite he 
received more than three weeks ago in Addis 
Ababa. He says his doctor told him he may 
resume his daily jog 1 


□ 


Billy Bob Thornton’s estranged wife has 
sued him, alleging he stalked and assaulted 
her during their four-year marriage. Pietra 
1 born ton is seeking nnspecified damages 
from the writer, director and star of the movie 
Sling Blade." 




Star Wars star Carrie Fisher presents 
o unique perepechve on life in ilnsellown 
in Came on Hollywood 


WAKH °N SUNDAY 


WORLD 



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boss read the book and decided it would not be public anger. She was jailed for life in 1 966 for 
suitable to sell moor bookshops," she said. Tseries of child murdenT ° 

Pruys denounced the decision as “self-cen- 



ri. 


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