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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, SEPTEMBER 24,1997 




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Itcralb 


INTERNATIONAL 



PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


The World’s Daily Newspaper 


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London, Tuesday, September 23, 1997 



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Hornets 5 Nest for U.S. 
At Asia Finance Talks 

Washington’s Push for Open Markets 
Meets a Backlash Over Currency Crises 


■ By David E. Sanger 

New York Tunes Service 


HONG KONG — After a decade of 
persuading nations to open their fi- 
nancial markets, American officials at 
a tease conclave in Hong Kong have 
ran into a. wall of resistance as angry 
' Asian leaders change that foreign in- 
vestors and Wall Street-style trading 
exacerbated Southeast Asia's financial 
crisis, -■ 

Wfialhas broken out at this usually 
plodding annual meeting of the World 
Bank ’and the International Monetary 
h Fund; with its endless seminars bearing 
titles like “Pension Reform and the 
Creadon of Efficient Capital Mar- 
kets,”. is a nasty skirmish in rhe es- 
catering war between nations and glob- 
al markets. 

The search to assign blame comes as 
Asian, officials are still struggling to 
contain the damage from a brutal cycle 
of currency devaluations, stock market 
sell-offs and, in the case of Thailand, 
political upheaval that has swept 
through the region. 

The most extreme of the accusations 
came from Prime Minister Mahathir 
bin Mohamad of Malaysia, who in a 
fiery speech Saturday accused the 
“great powers" — a clear allusion to 
the United States — of pressing Asian 
countries to open their markets and 
then manipulating their currencies to 
knock them off as competitors. 

Few Asians at the meeting of world 
Financial leaders have fully endorsed 
Mr. Mahathir's conspiracy theories or 
his contention that most forms of cur- 
rency trading are “unnecessary, un- 
productive ami immoral” and “should 
be made illegal." 

Nonetheless, several have made 
clear that they are planning to slow — 
and may reverse — the liberalizations 


thar have opened their economies to 
global forces. 

The U.S. Treasury .secretary. Robert 
Rubin, is caught in the middle of these 
arguments, at once making the case for 
farther opening of Asia’s markets and 
fencing with Asian leaders over - wheth- 
er the fault for the current crisis lies in 
the markets or in themselves. 

[At the session Monday, he stepped 
up pressure on Thailand to meet strict 
conditions imposed by the IMF in ex- 
change for a .$17.2 billion economic 
rescue package, Bloomberg reported 
from Hong Kong. 
fMr. Rubin met for an hour in the 

Progress on rescue fund. Page 15. 

morning with the Thai finance min- 
ister. Thanong Biday a, and a U.S. 
Treasury spokesman said that Mr. Ru- 
bin's message was that “rigorous and 
unambiguous” actions were needed to 
restore confidence in Thai land's econ- 
omy. 

[Mr. Rubin stressed “the impor- 
tance of doing what needed to be done, 
and the importance of doing it in ways 
that the international community 
would recognize as effective and 
would create confidence."] 

The crisis began in Thailand, one of 
the most successful of the “tiger” 
economies, which attracted billions of 
dollars in foreign investment — more, 
ir turns out, than it could wisely in- 
vest. 

It quickly spread to Indonesia and 
Malaysia, where Prime Minister Ma- 
hathir quickly ordered restrictions on 
short sales — trades that bet on a de- 
cline in prices — and moved to prop up 
stock prices for Malaysians, but not for 

See MARKETS, Page 4 



Deputy Prime Minister Zhu Rongji of China speaking Monday in Hong Kong. He said it was unreasonable 
to make “excessive demands” on Beijing before admitting it to the World Trade Organization. Page 13. 


Organization. Page 


Markets Gulp After Mahathir Remarks 


By Thomas Fuller 

Special to the Herald Tribune 


KUALA LUMPUR — Malaysia's 
srock market tumbled hand-in-hand 
with its currency Monday in the first 
day of trading after Prime Minister 
Mahathir bin Mohamad said currency 
trading "should be made illegal.” 

The dollar rose to 3.1037 ringgit 
from 3.0334 on Friday, adding 2 per- 
centage points to the slide thai has 
shaved 25 percent from the Malay- 


sian currency’s value since earl} 

The drop in the benchmark index for 
the Kuala Lumpur stock market of 
27.34 points, or 3.47 percent, to 
760.50. was directly tied to the ring- 
git’s volatility, analysts said. 

The parallel falls in the ringgit and 
equities have halved the dollar value of 
Malaysian blue chips from the start of 
the year. 

Mr. Mahathir proposed a ban on 
currency trading in a speech over the 
weekend in Hong Kong, calling it “un- 


necessary, unproductive and immor- 
al.” The prime • minister also told a 
newspaper that Kuala Lumpur would 
limit curreacy trading to financing 
trade. 

“There seems to be a close cor- 
relation between him making a state- 
ment and the market getting hit again,” 
said a researcher at a local brokerage 
house, who added that Mr. Mahathir's 
comments were probably not intended 

See RINGGIT, Page 4 


f- 


IBM Welds New Power 
Onto Its Semiconductors 

Tinier and More Efficient Chips Due by June 


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, By Laurence Zuckerman 

New York Tunes Service 

• NEW YORK — International Busi- 
ness Machines Corp. announced Mon- 
- day that it had solved a fundamental 
problem bolding back the development 
~ of faster semiconductor chips and would 
1 begin manufacturing chips early next 

* year Harare smaller and up tp40 percent 
more powerful than .the most advanced 

*^e^a^^ement is the second 
semiconductor breakthrough in less 

• than a week. Itunderscores that Moore’s 
law, an industry rnaxim that holds that 
the performance of chips doubles every 
18 months, must-be rewritten as im- 
provements in chip technology come 
ever more rapidly. 

Last week, Intel Corp. — whose co- 


founder Gordon Moore formulated the 
maxim in 1965 that came to bear bis 
name — said it had developed a way to 
double the storage capacity of so-called 
flash memory chips, which are used as 
storage devices in personal computers, 
video games and cellular phones. 

IBM’s announcement is per 
more significant because it advances i 
process used to make all types of semi- 
conductors, including microprocessors, 
memory chips and special-purpose 
chips used in everything from auto- 
mobiles to high-speed networks. 

IBM shares rose in heavy trading 
after the announcement, which was 
timed for a technology trade show in 
Paris. The stock closed up $4.9375, at 
$104.1875. 

“It is a major breakthrough that every- 
one has been trying to make, and they 


——— 

ifl The Dollar 9 

Hm 

Monday 8 4 PJ4 

previous dose 

DM 

1.7905 

1.7753 

Pound 

1.804 

1.8115 

Yen 

121.825 

122.25 

FF 

6.018 

5.9635 

Ir-a 

The Dow 

previous close 

+79.56 

7996.83 

7917.27 

■ S&P500 i, 

change 

Monday® 4 PM. . 

prevous Close 

+4S2 

955-43 

950.51 


Solidarity Wins on Stump 

Well-Oiled Campaigns and Voter Canvassing 
Bring Polish Coalition Back Into Limelight 


By Christine S polar 

Washington Post Service 


have pulled it off,” said Bryan Lewis, 
principal semiconductor analyst at the 
research firm Daraquest “It is even 
more significant than the Intel announce- 
ment because it has implications across 
the whole semiconductor industry.” 

An added benefit is that IBM said its 
new manufacturing process would be 20 
percent to 30 percent less expensive than 
its current method. That means that chips 
will not only get more powerful but will 
probably fall dramatically in price. 

See CBM, Page 14 


I 


Goofing Off at Work: First You Log On 


By Amy Harmon 

" New York Times Service 


' NEW YORK — Just bow personal is 
the personal compote? A little too per- 
sonal, when it comes to using the PC at 
work- these days in die eyes of many 
bosses. 

Employers, both in the federal gov- 
ernment ^and in the private sector, are 
cracking-down on the use of compute 
games: personal e-mail and recreational 
Internet surfing, which they see as un- 
dermining the productivity that the PC 
was. supposed to bring to the world of 
work. - 

- The management measures include 
monitoring employees’ computer files, 
ttackingiheir electronic footprints across 


“Stealth Surfing: secret tips and tricks 
from the pros on how to look busy at 
work while you’re cruising the Internet. 
No bosses allowed!” 

Don Pavlisch. a graphic designer who 
created the site ana who admits to 
browsing his favorite on-line m agazi n es 
as a way of unwinding at work, sees the 
issue as a matter of worker rights in the 
digital age. 

Bosses * ‘can crack down, they can ger 
tougher, but ultimately people always 


have a need for recreation,” Mr. Pavl- 
rsch said. “Surfing the Internet allows 
the mind to relax.” 

Joanne Capritti, speaking on behalf 
of many of the bosses of the land, frames 
the issue a bit differently. “It’s an evo- 
lution in the perception of computers.” 
said Ms. Capritti, adirectorat the Amer- 
ican Management Association. “ Your 
PC is something you get real intimate 

See PLAY, Page 10 


WARSAW — Four years after a co- 
alition of former Communists routed 
them from Parliament, Solidarity politi- 
cians have figured out the rules of the 
game. 

Solidarity Election Action, a conser- 
vative alliance rooted in the Solidarity 
political movement that toppled the 
Communists in 1989, showed in its vic- 
tory in the parliamentary election Sun- 
day that it has learned how to finesse and 
sustain modem democratic politics. 

In results made public Monday. Soli- 
darity won 33.8 percenr of the vote. 

NEWS ANALYSIS " 

That would translate to about 199 seats 
in the 460-seat Parliament. 

The Democratic Left Alliance, the 
social democratic offspring of the Com- 
munists, took 26.8 percent, giving it 163 
seats. 

The centrist Freedom Union, headed 
by the architect of Poland’s economic 
reform. Leszek Balcerowicz, and which 
ran a rigorous campaign, pulled in 13.4 
percent, or 60 seats. Its showing makes 
the Freedom Union a likely junior co- 
alition partner for Solidarity, analysts 
said. 

On Monday . it appeared that only two 
populist parties from opposite ends of 
the political spectrum — the Polish 
Peasant Party and Movement for the 
Reconstruction of Poland — would earn 
enough votes to be seated in PariiamenL 
Final tallies will be disclosed by mid- 
week. 


Opposition groups reorganized them- 
selves this year — with some guidance 
from such Western advisers as the U.S.- 
based National Democratic Institute — 
in order to challenge the well-financed 
and well-run operations of former Com- 
munists in the Democratic Left Alliance 
and their allies, the Peasant Party. 

The strong showing by Solidarity, a 
coalition with about three dozen polit- 
ical parties under its umbrella, reflected 
its consolidation and discipline. 

They did wbat they had never, in any 
orchestrated or systematic way, done 
before: They knocked on doors. They 
became hoarse from passing out cam- 
paign literature and chatting up voters. 
They carried questionnaires from 
Krakow to Poznan and from Turon to 
Lodz, asking voters what they wanted 
from their public servants. 

See POLAND, Page 10 


Computer 
On Mir Fails 
Days Ahead 
Of Docking 

Atlantis Rendezvous 
Still Planned Despite 
Latest Breakdown 


By Daniel Williams 

Washington Post Service 

MOSCOW — The main computer on 
the Mir space station broke down again 
Monday, and, although it was quickly 
repaired, the frequency of its problems 
is producing suspense ahead of the U.S. 
space shuttle Atlantis’s scheduled dock- 
ing with Mir. 

Because Atlantis is bringing a re- 
placement computer, its launching 
Thursday is taking on the look of a 
rescue mission. 

“It will suit us if it functions for one 
more week,” said Victor Blagov, 
deputy flight chief at mission control, 
referring to the old computer. 4 ‘We will 
finally receive the new computer from 
the shuttle.” 

The breakdown occurred at a delicate 
political moment. Vice President AI 
Gore was visiting Russia on Monday 
and met with Prime Minister Viktor 
Chernomyrdin to discuss trade, tech- 
nology and space cooperation. Congres- 
sional critics have been clamoring for 
Washington to cancel a $478 million 
contract with Russia for U.S. astronauts 
to use Mir, contending that the station is 
antiquated and dangerous. 

Mr. Gore said it was up to the U.S. 
space agency NASA to decide on con- 
tinued use of Mir and whether Atlantis 
should dock with it Sunday. 

He added that he expected to continue 
talks on the issue Tuesday, when the 
National Aeronautics and Space Ad- 
ministration is to decide whether to go 
ahead with the launching of Atlantis, 
carrying the astronaut David Wolf to 
replace Michael Foale, who is aboard 
- Mir. 

[“Right now, the present plan is for 
David Wolf to fly,” Reuters quoted a 
National Aeronautics and Space Ad- 
ministration spokesman, Kathleen Ma- 
Uga, as saying Monday.] 

The trouble Monday was Mir’s third 
compute malfunction in three weeks and 
its fifth since July. As in the past, the 
station immediately began a slow tumble, 
which threw its energy-producing solar 
panels out of line with the sun. 

The three crew members on board — 
Mr. Foale and the cosmonauts Anatoli 
Solovyov and Pavel Vinogradov — 
quickly turned off all but life-support 
machinery to preserve power. There is 
enough oxygen aboard to last several 
days. 

The crew then found the faulty part in 
the computer, replaced it and began 
realigning Mir to a proper and steady 
angle to the sun. Thai work usually takes 
one or two days. 

Russian officials acknowledged that 
they did not know how long the com- 
puter replacement part would last. TTte 
parts on Mir may have become faulty 
from contact with chemicals thar have 
leaked into the cabin from a malfunc- 
tioning cooling system. 

See MIR, Page 10 


Tokyo Seeks Middle Why in Alliance 


& Worid wkie web Rede fining Security Role Risks Alienating Washington or Neighbors 


congressional legislation drat would ban 
PC game-playing in federal offices. 
.Many workers, meanwhile, are de- 
VJ sing retaliatory measures of their own. 
Consider Don ’s Boss Page, available on 
'he Web and offering features like, 


By Sonni Efron 

Los Angeles Times 


Newsstand Prices 


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C £ 1.00 Nigeria ...125,00 Naha 

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— 12.00 FM Qatar 10.00 OR 

™*lar £ 0.85 Rep. Ireland.. .ftf £ 1.00 

rj® 81 Britain — E 0.90 Saudi Arabia ...10 SR 

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JD . UAE IttOO Dh 

E?"**-*- .K.SH.1B0 U.aM3.(Eur.)™$150 
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4 


TOKYO — Suppose there were a war 
in Korea and Japan dithered. 

What if Japan could not decide wheth- 
er refueling US. jets beating backaNorth 
Korean attack, or treating wounded 
.Americans soldiers in Japanese hospitals, 
violated its peace constitution? 

Worried that such a scenario would 
explode the U.S.-Japan Security Treaty 
and that trade animosities were eroding 
an alliance crucial to American security 
interests in Asia, Pentagon officials 
three years ago set about fortifying their 
defense pact with Tokyo. For the past 


of the revised guidelines specifying how 
their alliance will function in a crisis. 

Already, the defense guidelines are 
Triggering a major political debate inside 
Japan and raising concerns among Ja- 
pan’s ever- wary neighbors. Ironically, 
while the Asian countries worry about 
Tokyo inching away from its purely 
defensive military posture, some Amer- 
icans argue that Japan has not gone far 
enough in accepting a more equal mil- 
itary par tnership with the United .States. 

The consensus among security ex- 
pens is that Washington deserves high 
marks for getting the best deal possible 
from Tokyo, given Japanese political 
realities. 

Even so; some warn that the 




I 


9 


Shat Japan would and wofld not do if guidelines will J* J f “^ ,oaJ y 
conflict om in its neighborhood, adeoua^ ■n ome of waT. 

TbeU.S. and Japanese governments "If Sf d d> £L°3 

will make public Tuesday final details Korean battlefields. said Oera 


Curtis, a Japan expert at Columbia Uni- 
versity in New York, “and the Japanese 
are providing rear support outside of the 
combat zone, Americans will look at 
this and say, ‘Wait a minute, this war is 
taking place next ro Japan, their interests 
are threatened more than ours, whar is 
going on here?’ ” 

The lopsided U.S. -Japanese alliance 
could probably survive a short war that 
involved, say. a quick defeat of a North 
Korean invasion followed by an out- 
pouring of gratitude by South Korea and 
a happy glow of self-congratulation by 
the Americans, he said. 

But a drawn-out war would probably 
force Tokyo to reinterpret the ‘ ‘no war” 
clause in its American-authored “peace 
constitution” rather than allow its al- 
liance with the United Stales to collapse. 

See JAPAN, Page 4 


AGENPA 


Clinton Calls Fund Solicitations ‘Legal’ 


WASHINGTON (AP) — Coun- 
tering Republican demands for an in- 
dependent counsel. President Bill 
Clinton said Monday that he and Vice 
President Al Gore had acted “within 
the letter of the law” in soliciting 
campaign contributions Jasr year. 

The president told reporters he 


wanted “to cooperate however 1 can 
to establish the facts” about the fund- 
raising controversy. 

‘ ‘ But I think it is important that you 
and the American people understand 
that I believed then and I believe now 
that what we did was legal,” he 
said. 



S?., 

Vi 

MkMI 

TASTING DEFEAT — Henning Voscherau, left, the former mayor 
of Hamburg, looking chastened Monday after the Social Demo- 
crats' setback. With him is Oskar Lafontaine. party leader. Page 7. 

PAGE TWO Books Page 9. 

fn Rio, Credit Comes to Shantytown Crossword „ Page 11. 

■ - 1 ■ : Opinion Pages 8-9. 

AStA/PACIFIC Page 6. Sports Pages 2 3-23. 

Bashimoto Apologises, Sato Resigns 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, SEPTEMBER 23, 1997 

PAGE TWO 


Hyp erinflation Tamed / Poor's Credit Soars 

Brazil’s New Consumers 




V: -'sS 


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By Anthony Faiola 

HfasAiAffiM fttff Jgrvfrr 


R IO DE JANEIRO — In a dense liill- 
top shantytown far above Rio’s le- 
gendary beaches, Fatima Pereira do 
Nascimento's new microwave oven, 
her first, sits in a revered spot in the little 
market she’s built into her tiny home. Rickety 
interior lights shine on the sparkUng white 
oven, exhibited here with the krnd of pride the 
Smithsonian takes in showing off the Hope 

^Untilrecently, the microwave might as well 
have had the same price tag, too. But the end of 
a hyperinflation wave that reached its worst 
between the middle of die 1980s and the early 
'90s has given the poor here amazing new 
buying power. 

“I bought it on credit,” Mrs. Pereira said, 
beaming. ‘Tm buying it in 10 payments.” 

Here in Rio's infamous slums, which have 
bred generations of samba and soccer stars as 
well as some of the world’s most destitute 
urban poor, something else is emerging: 

°lsesides Mrs. Pereira’s microwave, her 
neighbors in Favela Sao Sebastiao, or Saint 
Sebastian's shantytown, now can claim a 
series of other firsts. 

Some residents have opened bank accounts 
— something once unthinkable for people 
living in this part of town. A few have bought 
washing machines and televisions. One dock 
worker recently purchased a compact disk 
player. And many families here are buying 
“luxuries” like disposable diapers for the first 
time. 

In Sao Sebastiao, many residents are the 
living manifestation of President Fernando 
Henrique Cardoso's New Brazil, where the 
end of runaway inflation is lifting spirits — and 


standards of living —fora segment of the vast 
and desperate poor in Lati n America s largest 
nation. In many respects, this Rio neighbor- 
hood is an example of the kind of progress 
being chased by other countries from the Rio 
Grande to Tieira del Fuego. 

For millions of Brazil’s poor, the medicine 
has been Mr. Cardoso’s move in July 1 994 to 
link the Brazilian currency, the real, to the U.S. 
dollar, which opened the door to foreign in- 
vestment and competition. For the United 
States, the success of Mr. Cardoso’s plan is 
vital. American companies have millions in- 
vested here, and U.S. officials are trying to 
woo Brazil into a vast free-trade pact of the 
Americas that would quickly come unglued if 
Mr. Cardoso’s policies fail. And five future 
political and financial stability of much of 
South America is Jinked directly to the drama 
unfolding in the Brazilian economy. 

A number of economists call Mr. Cardoso's 
strategy far from flawless; poverty here re- 
mains among the hemisphere’s worst, and 
analysts say that further steps must be taken if 
the widening gap between rich and poor is to be 
narrowed. 

But many experts now agree that, because 
ending hyperinflation has eased credit and 
brought higher salaries, Mr. Cardoso’s plan 
has aided the poor of this country more than 
any other social class. 

This year, inflation has averaged 0.4 percent 
a month. But in 1991. the worst year, annual 
inflation stood at 80 percent a month. 

While wealthier Brazilians had found ways 
to cope — and sometimes even benefit — from 
the hyperinflation by putting their money in 
special adjustable bank accounts, the poor 
suffered dramatically. They watched the value 
of their wages fade even as’ they ran from then- 
wooden shacks in haste to buy food for the 
month; the inflation at times could double the 


*4* -ag/t'w] hi mi.-’ 




Fernando Pereira do Nascimenfy 
who lives in a hillside shantytown 
above Bio's legendary beaches, 
making pizza with the microwave 
oven lus family bought on credit 








900,000 slum dwellers by early in the next, 
decade. 

For Mrs. Pbreira, all tins has meant a totally/ 
new life. In front erf her borne, the once trash- > 
filled dirt road that attracted rats and mos- - 
quitoes carrying deadly dengue fever has been ' 
paved A new sidewalk gives easy access to the „ 
window she's built in hex front room. She has 
slowly turned the house into a little market* 
offering everything from cookies and cakes to" 
shots of Brazilian sugar-cane liquor. She uses' 
her microwave — bought after paying off a. 
new refrigerator on credit — to heat thepizzas 
she makes and sells to neighbors. 


Li AuayUrtj hi qpor Poe 


price of such staples as a stick of butter in less 
than an hour. 

The most recent statistics available indicate 
that the percentage of Brazilians living below 
the poverty line has dropped markedly, from 
30 percent in 1993 to 21 percent in 1995. 

A recent study found that there are 30 mil- 
lion new consumers here, almost all people 
like Mrs. Pereira who were once so poor that 
they could not be considered part of the na- 
tional economy. As a result of the new pool of 
first-time buyers, the number of refrigerators 
sold in Brazil leapt 32 percent over the past 
year, washing machine sales soared 55 per- 
cent, color television sales rose 54 percent, and 
microwave oven sales jumped 73 percent, ac- 
cording to A.T. Kearney consultants. 

* ‘The interesting thing is that the default rate 
among our poorer customers is significantly 
less than with our wealthier customers,” said 
Ezequiel Nasser, president of Banco Excel 


Economico. one of Brazil’s largest banks. 

Mr. Nasser's b ank has begun offering credit 
cards to people once thought too poor to lend 
to. Interest rates are high — 8 percent a month 
— but the sam e as the bank charges more 
established customers. 

In Rio, economic stabilization has allowed 
the city to implement an ambitious urban re- 
newal project that is improving life in the 
legendary urban favelas. The city, which once 
sought to remove them, is dying to mm the 
favelas into neighborhoods by providing prop- 
erty titles to residents who once had no equity 
and extending basic city services for the first 
time, including potable water, electricity, 
paved roads, street lights and trash collection. 

The officials also are working with residents 
who are still timid about applying for home 
improvement loans. In two years, the project 
has reached 60,000 residents, including Mrs. 
Pereira’s neighborhood- The city plans to aid 


A FEW blocks away, Jose Saverimo 
DaSilva, 62, described how for three 
years he carried around a cloth bag 
with afew hundred dollars he wonin 
a sports lottery. 

“I kept on looking behind my back.” he 
said, flashing his few remaining teeth ip a 
sheepish smile. “I would get very suspicions 
every time someone started following me.” 

But every day during hyperinflation. W 
money was worth less and less. Still, he never 
thought about depositing the cash in a bank, Ik 
said, believing he would be turned away. Re- 
cently, members of his extended family pooled 
their money to open an account They also used 
credit to buy two washing machines, one for 
his wife and one for his daughter-in-law . - 
“It's the first time in my life, here in Rio, ft 
in the north of Brazil, where he came from, that 
I’ve ever seen anything done by these politi- 
cians really work.” Mr. DaSilva said 
“People here are still getting accustomed to 
it We were slum dwellers, * ' he said, pausing to 
let his words sink in. “But we are no longer 
slum dwellers. We live in a neighborhood 
where people have some respect” . 


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Henri Bendel, 89, Dies; Sold Shoes to the Fashionable travel update 


By John T. McQuiston 

ATnr York Times Sen ice 


NEW YORK — Henri Bendel, 89, the 
founder of Belgian Shoes and a former 
president of the fabled New York specially 
store founded by his uncle in 1909, died 
SepL 15 at his home in Manhattan. 

Mr. Bendel assumed the presidency of 
the store in 1 935 after the death of his uncle, 
for whom he was named, and he retired in 
1954 when the family sold it. 

Mr. Bendel, who had worked closely 
with several Belgian shoe-malting families 
during the 19 years he served as presidenr 
of Henri Bendel Inc., bought two 300-year- 
old shoemaking companies in Belgium in 
1956 and began producing a casual, classic 
loafer that became a staple of New York 
fashion. 


The hand-tailored, slipper-soft shoes, 
made for both men and women, come in 
many colors and materials, and ore 
trimmed with a signature bow readily rec- 
ognized by fashion connoisseurs. 

The Henri Bendel store was for decades 
a prestigious outlet for such haute-couture 
fashion houses as Chanel, Dior and Balen- 
ciaga. It was sold by the Bendel family in 
1954 to a group of investors and has had 
several owners since then. 


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Laura Margolis, 93, Helped 
Rescue Jews During the War 
NEW YORK (NYT) — Uura Margolis. 
93, who helped rescue thousands of Jews 
fleeing persecution during World War II. 
died Sept. 9 in Brookline. Massachusetts. 

Bom in Istanbul, Ms. Margolis moved to 
the United States with her family in 1907. 
She became the first female field agent of 
the American Jewish Joint Distribution 
Committee in 1937. 

In 1939, she was sent to Shanghai, 
China, where tens of thousands of fleeing 
Jews found refuge. When the United States 
entered the war in 1941. she was interned 


by the Japanese and was not released until 
three years later. In 1944, she went to 
England and Sweden to help direct the 
committee's refugee programs, and be- 
came the first female director of the or- 
ganization’s operations in France. 

Jean-Noel de Lipkowski. 77. 
Politician Who Wouldn’t Retire 

PARIS {Reuters! — Jean-Noel de Lip- 
kowski. 77. a French war hero and Gaullist 
ex-cabinet member who denounced his 
party when it dropped him from its election 
slate this year because he was too old. died 
over the weekend, friends said Monday. 

Mr. de Lipkowski was one of a handful 
of remaining “historic" Gaullists still ac- 
tive in politics who were excluded from the 
Rally for the Republic, or RPR. party list of 
candidates for parliamentary elections in 
June because they were 75 or over. 

Most of the dozen men involved left 
quietly. Mr. de Lipkowski made an angry 


He ran in the election as an “independ- 
ent Gaullist,” but was crushed by the can- 
didate the RPR appointed to replace him. 

Georges Guetary, 82, 

French Singing Star 

NEW YORK (NYT) — Georges Guet- 
ary. 82. the French singing star best known 
ro American audiences as Gene Kelly's 
rival for the affections of Leslie Caron in 
the Oscar-winning 1951 film “An Amer- 
ican in Paris,” died SepL 13 in a clinic in 
Mougins on the French Riviera. 

Although Mr. Guetaiy also perforated 
on the London and Broadway stages, he 
achieved his greatest renown in France, 
where his career of nearly 60 years took off 
w hen he became" the singing partner of the' 
music hall queen Mistinguen at die Casino 
de Paris not long after making his first stage 
appearance in 1938. 


U.K. Reportedly Lifts. 
Nigerian Flight Ran ■ 


LAGOS (AFP)— -Britainhaslifiedfa 
ban on flights to the country by Nigerian 
aircraft, a British diplomatic source said 
Monday. 

The ban was imposed in May. Britain 
said Nigerian planes did not meet in- 
ternational safety standards. Nigeria re- 
taliated by banning British Airwajs 
flights. It has made no official response 
to the end of die ban, the source said. 


i- 


Vietnam Cultural. Bark i 


public outburst saying the party sought to 
“bothersome for 


get rid of those who were 
holding their legitimacy from General de 
Gaulle and not from the RPR.” 


The Reverend John Seldon Whale, 
100, a distinguished theologian and 
renowned Congregationalist preacher, died 
Sept. 17 of hean failure at a nursing home 
in Edinburgh. Scotland. 


HANOI (AFP) — A $590 miilir 
cultural complex near Hanoi, where etW 
me groups would he featured, has re- 
ceived government approval, the Vi- 
etnam Investment Review said. 

The project will include a research 
center, art galleries and theaters. Details 
of financing are not set Donald Trump 
is said to have shown interest. 


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2679 

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Caro 

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DhAbscib 

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Forecast for Wednesday through Friday, as provided by AccuWaather. Asia 



JaUboam 

North America Europe 

Sunny and warm in the Sunny and warm over 
Midwest and the central most of England end 
Plains, but a Iron! will bring France Wednesday 
showers and thunder- ttnough Friday, but soaMng 
storms Friday. Cloudy with rain win conrinue in weei- 
showers m the Northwest ern Spam Southern Italy 
Wednesday, rhen cooler will have showers Wednes- 
wlih sunshine returning, day and Thursday: the rest 
Sunny but coo l in New of Spain will be pleasant 
York Wednesday, but with sunshine. Chilly with 
showers are likely Thurs- rain from western Russia 
dev to Romania. 


Asia 

Beijing will receive show- 
ers Wednesday, then will 


turn cooler with some sun- 
shine. Sunny and pleasant 
In Seoul Wednesday, then 
Cloudy with showers Thurs- 
day and Friday. Comfort- 
able in Tokyo with partly 
sunny sides. Hoi and dry in 
central China, but heavy 
rain e in store lor Cambo- 
dia. 



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[RALD TRIBUNE, WEDNESDAY, SEPTEMBER 24, 1997 


J NTERNATIONAL HERALD TRIBUNE, TUESD AY, SEPTEMBER 23, 1997 

THE AMERICAS 


PAGE 3 


If ack to School, Finally, in Washington 


l"i Ah felts Time* Sen ice 

■ Washington — to the relief of 

frazzled parents and thousands of in- 
creasingly bored children, public 
schools finally reopened Monday in 
Washington. 

For three weeks, parents in the U.S. 
capital have scrambled to figure out 
what to do with their children as school 
officials tried to complete roof repairs on 
the district s aging buildings, some of 
which date from the 19th century. 

■ more-affluent families have 
lured District of Columbia school teach- 
ers to come to their homes and prepare 
lessons. In other neighborhoods, parks 
and recreation centers have kept summer 
programs running overtime. In still oth- 
ers. parttcuJarly in the citya roughest 
wards, large numbers of children with 


time on their hands- have been hunsinu 
out on street corners. 

The failure to open the public schools 
on lime is no surprise — this i s the third 
lime in four years ii ha-s happened. Whai 
is different this time is the people in 
charge and what their performance por- 
tends for the increasing federal role in 
tunning the city. 

Last year, accusing the district's 
schools of "educational child abuse.*’ a 
presidential ly appointed emergency fi- 
nancial control board for the city” dis- 
missed the school superintendent, 
stripped the elected school board of all 
authority and gave a retired three-star 
general. Julius Becinn Jr., exirannJinary 
powers to turn the system around anil 
make it work. 

So far. it has been a rough ride. 


AMERICAN 

TOPICS 

Black Civil War Regiment 
Gets Recognition in Capital 

An IS-loot-tali sculpture celebrating a 
regiment of black soldiers who fought in the 
Civil War has been unveiled ar the National 
Gallery of Art in Washington. 

The work, an original 19th-century 
plaster by the sculptor Augustus Sl Gaud- 
ens. shows Colonel Robert Gould Shaw on 
horseback with his black foot soldiers 
alongside. An angel hovers above. 

In 1863. Colonel Shaw, a member of a 
prominent while Boston family, hesitated to 
take on the responsibility of the black re- 
giment. the Massachusetts 54th. But his 
parents, who were abolitionists, persuaded 
him. Congress, pressed by the abolitionist 
Frederick Douglass and others, had au- 
thorized the raising of black regiments, but 
only if white men officered them. Mr. ■ 

- Douglass’s sons joined the regiment. , 

Five months later, a bullet killed Colonel 

- Shaw as he and his men reached the parapet 
' of Fort Wagner, South Carolina, overlook- 

- ing Charleston harbor. The battle was wit- 
nessed by Clara Barton, who later founded 
the American Red Cross, and by Harriet 
ubman. the black abolitionist; they spread 
word of the men’s deeds, celebrated many 

, years later in the film “Glory.” 

The monument was built after the war 
’ with funds raised by a black businessman 
, and in recent years it has been restored. 

Colin Powell, who in 1989 became chair- 
. man of the joint chiefs of staff, the first black 
man to bold the nation’s highest military 
post, said in a speech Sunday at the gallery 
that the men were part of a “past we must 
never forget.” General Powell's parents 
emigrated from Jamaica, but he said that he 


felt like a descendant of the 200,000 blacks 
who fought in the Civil War. 

Short Takes 

At least 45 “homeless newspapers’* have 
sprung up across the country, produced and 
distributed by homeless people. Many of the 
papers, like their staffs, lead a tenuous ex- 
istence. At Boston’s Spare Change, the 
managing editor, a homeless man? btoke 
into the office one night and stoic all the 
equipment he could carry. Volunteers don't 
always show up for editorial meetings. But 
some papers make lively reading. Chicago’s 
StreelWise is preparing an expose on shel- 
ters. And in Seattle, the paper Real Change 
offers a dumpster rating system, with four 
dumpsters being the lowest rating — as in. 
“how many dumpsters would you go 
through before eating at this place?” 

A Connecticut man who broke into more 
than a dozen houses and stole portable tele- 
phones to make phone sex colls could get up 
to 1 5 months in prison. Thomas Roche 3d of 
Enfield has pleaded guilty ro 10 counts of 
burglary. Area residents had reported burg- 
laries for months, although the only things 
taken were cordless phones. In some houses, 
nothing was taken, but calls had been made 
to sex lines as far away as Africa. 

A coincidence, no doubt, that it came 
even as the number of cats in the country 
was surpassing the number of dogs for the 
first time, but New York State has decided 
to rectify- an old injustice. As of next year, 
hit-and-run drivers whose victims are feline 
will be in just as much trouble as those who 
are canine. The Ne w Y ork Times reports. In 
the past, drivers whose cars struck dogs, 
horses and cows — but not cats — were 
penalized. Under the new law. anyone who 
mows down a cat without, telling the police 
or. trying to find its owner can be fined SI 00. 
the same as for the other animals. 

Brian Knowlton 


Away From 
Politics 

John Bennett Jr., head of the 
Foundation for New Era Phil- 
anthropy, was sentenced to 12 
years in federal prison for 
running the largest ever char- 
ity scam. New Era took in 
$354 million from 500 non- 
profit organizations and phil- 
anthropists. \AP) 

The air force’s Air Combat 
Command halted for 24 
hours ail U.S. military train- 
ing flights to conduct a safety 
review following six acci- 
dents in a week, including 
Friday's fatal crash of a B-l 
bomber. { Reuters ) 

Cardinal Roger Mahony 
consecrated the site of a new 
$50 million Roman Catholic 
cathedral in central Los 
Angeles that he said would 
stand for 500 years. (LA ) 

School officials in San Fran- 
cisco have refused a $5,000 
award given by the Playboy 
Foundation to a local high 
school newspaper because 
they said taking money as- 
sociated with Playboy would 
not mesh with the school dis- 
trict’s mission and would rep- 
resent a tacit endorsement. 

(AP) 

A 17-year-old youth was ar- 
rested for the death of a 12- 
y ear-old girl who was bru- 
tally bearen while she was 
baby-sitting for five younger 
children in Stanwood. Wash- 
ington. fAPj 


Mr. Btrcion. 71. who was one of the 
army’s first black generals, then chief of 
the Federal Emergency Management 
Administration before leaving govern- 
ment. speaks with calculated bl unincss 
about the task ahead. 

“I did not come out of retirement, 
where 1 was thoroughly enjoying my- 
self, just to make a show of reforming the 
public schools in the District of 
Columbia.” he says. ‘*1 intend to finish 
the job.” 

He vows to remove any teachers who 
do not have full credentials by January — 
as many as a third of the city’s teachers 
may lack proper credentials — dismiss 
principals who do not make their schools 
measure up and end promotions this year 
for any third- or eighth-grader who has 
not met grade standards in reading. 




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ELECTION FEVER — The former president of El Salvador, Alfredo Cristiani, left, Gloria Salguero, a 
member of the National Assembly, and President Armando Calderon Sol celebrating the election of Mr. 
Cristiani as president of the ARENA party, which is gearing up for national elections in 1999. 


Panel's New Focus 
Splits Republicans 

WASHINGTON — After a week of 
powerful hearings that had Republi- 
cans applauding, the Senate commit- 
tee investigating fund-raising abuses 
in the 1996 presidential campaign has 
set on a course that has many in the 
party wringing their hands. 

Senator Fred Thompson's surprise 
decision to shift the focus of his hear- 
ings from White House misdeeds to 
flaws in the overall campaign -finance 
system has enthused reformers, relieved 
Democrats and divided Republicans. 

The unexpected tilt by Mr. 
Thompson, a charismatic first-term 
Republican from Tennessee, could add 
momentum to the drive by Democrats 
and a handful of Republicans to force 
action in the next few weeks on le- 
gislation to ban the unregulated “soft 
money” contributions that are at the 
heart of the fund-raising controversy. 

But Republicans — who raise vastly 
more soft money than do Democrats — 
are largely hostile to that legislation. 
Many in the party are scratching their 
heads at Mr. Thompson’s decision to 
dim the spotlight on White House fund 
raising just as a succession of dramatic 
witnesses in the past 10 days appeared 


POLITICAL NOTES 


to finally catch the public's attention. 

In fuct. committee sources say that 
senators from both parties had reason 
to call at least a temporary halt to the 
investigative proceedings. While each 
side on the panel seemed to fear that it 
was running out of investigative am- 
munition. each also worried that ac- 
tivities by its party remained vulner- 
able to further attacks from the other. 

"Members on both sides are tired of 
the rancor and unpleasantness.” said 
one Democratic aide on the commit- 
tee. '‘Even the most portisan among 
them have lost their stomach for the 
proceedings.’ ’ fUD 

Key Phone Records 
Were Handled Poorly 

WASHINGTON — Records of 
President Bill Clinton’s White House 
ftjnd-raising calls that led Attorney 
General Janet Reno to take the first step 
in a process that could lead ro ap- 
pointment of an independent counsel 
were turned over to a Justice Depart- 
ment task force several months ago. 

But they were not examined by de- 
partment attorneys until a few days 
ago because of confused document- 
handling procedures, government of- 
ficials said Sunday. 


The officials said that the records 
pertained to “a handful” of calls — 
although they said the number might 
be considerably larger — made by the 
president over an unspecified period 
before the election last year and that 
Ms. Reno ordered the review to deter- 
mine whether any money generated by 
the calls was placed in strictly reg- 
ulated campaign accounts, which 
would be a violation of federal law. 

Officials said that while there were 
several reasons for the delays in re- 
viewing the records, the main reason 
was problems the FBI had in sorting, 
identifying and analyzing the contents 
of hundreds of thousands of pages of 
documents obtained during the early 
months of the investigation, which 
began late last year. iWPl 

Quote/ Unquote 

Charles Lewis, executive director of 
the Center for Public Integrity, a non- 
profit research group, on a liberal 
grass-roots organization that has been 
accused of illegally funneling money 
to the campaign coffers of Ron Carey, 
president of the Teamsters union: 
“Citizen Action is the case of a good 
group gone bad. Over time, they be- 
came the very thing they were created 
to oppose.” fA'm 


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PAGE 4 


INTERNATIONAL her ald TRIBUNE, TUESDAY, SEP TEM BER 23, 1997 

INTERNATIONAL 


MARKETS: U.S. Finds Hong Kong Conference is a Hornets 

MAIUVC sar*”? 

foreign ownership Jrnntrtes Now. the proportions are star! 


Continued from Page 1 


foreign investors. That led investors to 
flee, and Mr. Mahathir was soon forced 
to make a sharp U-tirra. But the damage 
to his country's credibility was done. 

1 ft would be easy to dismiss Mr. Ma- 
hathir’s speech Saturday as the angry 
■ ... who en- 


ruminations of a prickly leader who ^n- 
of e 


ibved a- string of economic successes 
pnly to see his grand plans to b^d 
airports, dams and a Southeast Asian 
Si&on. Valley evaporate like 
tilipping off a trader s screen. J B warn 
*&« Asia, 

hathir’s views are considered «*"■"*• 

: But the fundamental emocon*at be 

expressed clearly carries an extra res- 
onance now, far beyond h^couuby 

Sunday morning, for example, Mr- 
throng; the Thai ’ 

agreed that Southeast Asia 

c^are a “good system » prevent^:- 

u la tors from driving down cun^ncies^ 

, But when asked whether he endorsed 

the Mahathir idea trim currency d^drng 

.i. An i/i ka itWfll. Mr. Thanong said. I 


-w» - " “^^H' VeioDing countries Now. the proportions are starkly dif- 

**?*?? Hon^Kms wmed that pro- ferenL Official aid has declined to $45 
meeting m Hon 0 Kog fmtiier billion last year, and private investment 

p^^tfaintte^wr^ruru^ Mooned to roughly $245 billion. . 
relaxation of “ !^S%itionafSSs When that nroney was flowing in, 

fo e tinti are already strain- Asian leaders had no complaints, 

on the They were being rewarded, they said, 

mj * tS?«S? definitely in for hard work, rising productivity and 

, 3 s \cmuir down, of re- the emergence of an educated middle- 

5LS ? foe presito of the World class that saved at rates that put Amer- 
BankTjMnes Wolfensohn, said in an icans to shame. 


interview Sunday. 

Sitting on the stage with Prune Mm- 
ister Mahathir on Saturday, he said that 
“rou could just feel the rapt attention 
as Mr. Mahathir deftly wove his theories 
of Western desires to suppress Asian 


Thanong said, 

^Indonesia has sent mixed signals. In 
late August a newspaper close to the 
government ran a public service adver- 
tisement with a picture of a cumenqr 
trader wearing a terrorist mask made of 
American SI 00 bills. , 

“Defend the Rupiah, it urged. Lre- 
fend Indonesia.” . 


■ Rubin Argues U.S. Position 

Mr. Rubin is a veteran of Wall Street 
who brings an international investor’s 
eye to every policy debate, Bloomberg 

desires to su PP rc» rwum reports. He spent the weekend arguing in 

“inSis witii the economic events of pnvate meetings that the markets were 
compentore imposing badly needed discipline on 

W? Wolfensohn warned, ‘ ‘Of countries that had failed to regulate their 
vou have to be careful that when banks, pursued huge national projects 
vo^Top the n^ of “piial, you have tto tbu toy could not £fard and 
™Sx P danEer of stopping the flow of cronyism win out over good judgment 

It is not exactly a welcome message. 

Wife tore have been financial crises At some moments the conffici -has 

before — Mexico in 1995, Latin Amer- mirrored arguments m the U-S _Con- 



RINGGIT: Markets Fall in Malaysia | 

. . 3 wa y •' said Mohamad -Arif, w 

Continued from Page 1 S^ve dirertor of the Malayan In- Tl 

, , aV . b firimte of Economic Research. . We nap 

as policy and should not have been taken sura l9 g 5 wit h negative economy 
^ That made us really turn 


AV 

far 




f -fft 


too seriously- 

In a Hong Kong newspaper mteivnew 

published Sunday, however, the prime we should see tins as an. 

minister did not mince words: urn- t watershed year, he coutm*. 

rency trading will be limited to financing instead of blaming the rest of. 

trade. ” be said. Jd we sh 0U ]d see where we went 

Mr. Mahathir’s anointed successor, me m 
F inance Minister Anwar Ibrabmu ^ The cheaper ringgit, too, couldgreat^ 

that the couments do not mean 1 ***** Jr * n A reduce imports: 


* ,/ 

s' 


Finance ivuau»«^ The cheaper nnggiu ww, 

insisted that the comments do not mean «Mrteremid reduce import^ . 

Malaysia will institute new trading reg- 2™ Z 


% 

ikf 

% 


Malaysia will msticute new trading reg- r. . „ 

ulatidns, sajting that Mr. Mahadur was ^ier slide in the Block mark^ 

referring only to “an urgent need to dangerous for the overall ccot- 

study the adverse effects of currency coumwsimmb^ uwa * ipveraeecL witl 


ft' 


speculation. 

Weeks of verbal attacks by Mr. Ma- 
hathir on speculators have left many 
Malavsian market players battle weary, 
' for more reassurance from the 




m Iwifr .ftwwJ.rwA viS 


r '*£*■£;** 

z&m 

NYT 


S thT^ry 1980s —the firel of what 
has happened in Southeast Asia is in 
some ways quite different. 

Asia's emerging markets came to 
view the private foreign investors as a 

virtually unlimited source of funds. 

It is easy to understand why. Only 
seven years ago. private investment in 
^»i A nin« nations around the world 


grass over whether free trade accords 
undercut American workers. At other 
times it has been tinged with anti-Amer- 
ican oratory, with particularly resentful 
comments about Washington’s failure to 
take part in a bailout of Thailand this 
summer led by the International Mon- 


etary Fund. “It’s really been quite re- 
■ " ted Sunday 


markable,” Mr. Rubin reflect* 


night after a long dinner with his del- 
egation, which is headed to China this 
week to assess many of the same issues 
addressed here. “For years, when 1 was 
at Goldman, Sachs and then when I first 
came to Washington, a number of us 
wondered when countries would fully 
engage in the debate about the effects of 
linking global markets.” 


highly leverage 

stocks often used as collateral for ^ 
borrowings and financial acquisitions^ 
•*If the market does continue to gg, 

for more reassurance from the c ^chMd 8 we could potentiall|,| 

gSenunent and less rhetorical flour- cretht^ crisis,” said a.fordg| J 

problem is a credibility gap 

right now, said Lai Tak Heong, dh which presents added risk fiff 

rector of research at SocGen Crosby wi^poiSbUos denominated in 

Research Malaysia Sdn. ^ A ^ ^ limited the amount 3 ^ 

» 2 SlSS 56 S 5 rS 3 t. 

baht on July 2 sent regional currenci^ 


Pt 

€' 

s>”.; 

& 




“We have to be very careful that we 
say the right things, not just do the right 
Thin gs.” 

Analysts said the current economic 
crisis . — which follows nearly a decade 
of 8 percent annual growth — would not 
be helped by attacking foreigners but 

should be seen as a normal cyclical 

readjustment * 

“The present crisis is a very useful 


& 

It? 

a# ; 


P "« ,S *e see stability in to eg 
change rates we may see investors re*, 
turning to the market, smd Sttvg 
Clayton, managipg director of. Caspian 
Research Malaysia Sdn. 


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JAPAN: Seeking Middle Way 

Continued from Page 1 


•jo. 

in 

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‘iC- 


Hotel Solicel 



Mr. Curtis said. “But that 
isn’t going to happen until it 
has to happen,’ he said, 
adding, “The domestic polit- 
ical price is too high.” 

“The Americans are so 
concerned about m aintain i n g 
the alliance for our own pur- 
poses,” he said. ”We’re not 
really going to put that much 
pressure on Japan to do more. 
And if we did, it could back- 
fire-” 

Others disagree. “Even if 
the alliance is spared the test 
of acrisis, the status quo is not 
sustainable,” Brace Stokes 
and James Shinn of the Coun- 
cil on Foreign Relations ar- 
gued. In the case of a Korean 
conflict, they wrote, “Japa- 
nese troops should be put in 
harm’s way.” 

U.S. and Japanese officials 
— speaking with rare unan- 
imity in both on- and off-the 
record remarks — insist that 
the revisions to the 1978 
guidelines do not represent 
any expansion ofJapan's mil- 
itary role, but only clarify 
bow far Tokyo can go without 
violating its constitution and 
its anti-nuclear principles. 


But judging from headlines 
in the Japanese and pthtjK 
Asian press, the guideline^ 
are seen as significantly aif . 
tering Japan’s military posjj 
ition. A country that was de* 
pendent on the United Stat^[ 
for protection has evolved itfc 
to a regional power that w£l£ 
cooperate with Washington 
in keeping the peace in the 
Asia-Pacific region and w^ 
provide some types of logistjg 
support behind the lines i® 
case of war — although it will 
not fight unless attacked. . j* 
Japan is walking apolitical 
tightrope: Offer too little mife 
itary assistance, and it risks 
jeopardizing the alliance. 0^ 
fer too much, and it risks alin 
enating its neighbors. -ji 
Although Japan's historic 
reluctance to acknowledge ft 
World War n aggression has 
receded, other Asian coon tried 
have watched with concern as 
Tokyo’s defense expenditures 
rose from the equivalent of 
$293 billion in 1985 to $503 
billion .a decade. lateL. That 
ranked it third in the world in 
military' spending, after the 
United States and. Russia, ac- 
cording to the International In- 
stitute for Strategic Studies. 




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INTERNATIONAL HERALD TRIBUNE, TUESDAY SEPTEMBER 23, 1997 


PAGE 5 


INTERNATIONAL 


, Iran’s New President Raises Hopes 

Arab Countries and Even Israel Encouraged by First Steps 


By John Lancaster 

_ Wit? king ion Pott Service 


A 


JERUSALEM — As Middle Eastern 
governments size up Iran’s new pres- 
ident, Mohammed Khatami, there are 
growing signs that the traditional hos- 
tility between Arab countries and the 
revolutionary Islamic regime in Tehran 
may be starting to thaw. 

Since Mr. Khatami's upset victory in 
May over a religions hard-liner, Arab 
leaders have been encouraged by his 
choice last month of several prominent 
moderates to fill key cabinet posts, his 
success in steering those appointments 
through ban’s conservative Parliament 
and a senes of soothing foreign-policy 
sta t e me nts from a theocratic govern- 
ment that has long been regarded as the 
region’s main exporter of Islamic ex- 
tremism. 

! Signs of the thaw include the planned 
resumption of Iran Air flights between 
Saudi Arabia and Iran, Iraq’s recent 
decision to open its border to Iranian 
religious pilgrims and commitments by 
Arab governments to attend a confer- 
ence of Islamic countries in Tehran in 
December. 

Even in Israel, where officials remain 
deeply skeptical of Iran, newspapers 
recently have reported back-channel 
contacts between the two governments 
aimed at resolving commer ci al disputes 
stemming from the 1979 Islamic rev- 
olution. 

‘ 'I think there has been a si gni ficant 
change in Iran, ' ’ said David Menas hri, a 
professor of Middle Eastern studies at 
Tel Aviv University and a scholar of 
Iranian politics. “It’s not only the new 
government It's the new atmosphere in 
Iran, a growing of expectations for 
change, and I think the team is capable, 
id terms of its ideology, of adapting 
more — - ~ ” 


- Still, for all the optimism surrounding 
Mr. Khatami — a former culture min- 
ister known for his relatively tolerant 
attitudes toward the outside world — 
and the overwhelming vote that swept 
him into office, few neighboring coun- 
fries are rushing to embrace the new 
Iranian government 
: I-ike Washington and other Western 
capitals, moderate and pro-Westem 
governments in the Middle Hast remain 
deeply concerned over the continued 
influence of Iran’s supreme leader. 
Ayatollah Ali Khameini, an arch-con- 
servative who retains dominion over 

of many lawmakcrem Parliament? 80 
«■ They also caution that any wanning 
fiend could be abruptly reversed if the 
United States determines that Iran had a 
feand in the truck bombingnf the Khobar 


Towers housing complex near Dhahran. 
Saudi Arabia, that killed 19 U.S. ser- 
vicemen in June 1996. 

Analysts note, moreover, that while 
many Iranians voted for Mr. Khatami 
because they believed that he would 
improve Iran’s relations with neighbor- 
ing countries and the West, the dom- 
inant issues of the presidential cam- 
paign had less to do with foreign 
relations than with domestic concerns, 
such as restrictive social and cultural 
policies and the dismal state of Iran’s 
economy. 

“I cannot disregard the basic dif- 
ficulties that his team could have in 
achieving a breakthrough on doe core 
issues of die revolution,*’ Mr. Menas hri 
said. “If there’s one issue on which 
Khatami is different, it’s basically on 
culture, not foreign policy. 

“We are in the be ginning of a pro- 
cess. There has been a significant 
change with much promise but we are 
not in a position right now to proph- 
esize.” 

Officials from pro-Western Arab 
countries espouse the same cautious 
view. “OX., fine, he might be a mod- 
erate within the ruling structure of Iran, 
but is he a moderate” in any other 
context? asked an Arab diplomat from a 
Gulf country. "Our approach to the Ira- 
nians has been that we really don’t care 
what they say. we care what they do. * ’ 


For centuries, Arabs have looked 
with fear and envy at their large and 
powerful neighbor to the east. While 
some Arab countries, notably Egypt, 
forged strong ties to Shab Mohammed 
Reza PahJavi, who was supported by the 
United Stares, relations between Arab 
governments and file Shiite Muslim 
clerics who deposed him in 1979 have 
been marked by mutual enmity and mis- 
trust. 

Arab governments accuse Tehran of 
trying to export its revolution through 
support for such Islamic militant groups 
as Hezbollah, or Party of God, whose 
military wing has been linked to ter- 
rorist activities worldwide and which is 
the main Shiite Muslim force fighting 
Israeli troops in southern Lebanon, 

If the west and its regional allies 
seem reluctant to move too quickly to 
embrace the new Iranian government, 
that is largely because of their expe- 
rience with Mr. Khatami’s predecessor. 
Hasbemi Rafsanjani, who stepped down 
last month after two four-year terms. 
Though widely perceived as a mod- 
erate, Mr. Rafsanjani coaid not escape 
the suspicion that he, too, sanctioned 
terrorism after a German court con- 
cluded that Tehran had ordered the as- 
sassination of Kurdish opposition fig- 
ures at a restaurant in Berlin in 1992. 

Even Washington has welcomed Mr. 
Khatami’s election as a possible turning 


BRIEFLY 



SayyKinhe/ 


ANNIVERSARY MARCH — Carrying weapons with flowers in the muzzles, female Iranian soldiers 
marched Monday in Azadi Square in Tehran to mark die beginning of the eight-year war with Iraq in 1980. 


point in Iran’s relations with the outside 
world, a view that is widely echoed 
throughout die Middle East. An ayatol- 
lah's son of impeccable revolutionary 
credentials, Mr. Khatami has a repu- 
tation for open-mindedness that stems 
largely from his role in relaxing re- 
strictions on the content of books and 
film during his tenure as minister of 


culture and Islamic guidance. More 
telling, perhaps, were his cabinet ap- 
pointments. 

They include Foreign Minister 
Kamal Kharrazi. Iran’s former ambas- 
sador to the United Nations, who holds a 
doctorate in science and education from 
the University of Houston and is re- 
garded with suspicion by conservatives 


because of his long years in tire United 
States; Culture Minister Aiaollah Mo- 
ha jerani. who stirred up controversy 
several years ago by publicly calling for 
dialogue with die united States, and 
intelligence Minister Oorban Ali Dorri 
Najaf-Abadi, a former lawmaker who 
has spoken candidly about Iran’s 
mounting budget woes. 


45 More Civilians Slain in Algeria Mexico Church Calls Drug Trade ‘Sin’ 


PARIS — Muslim rebels are suspected of killing 45 civilians, 
burning many of their bodies, in attacks on a cluster of tiny villages in 
Algeria’s province of Medea, Algerian newspapers said Monday. 

At least 17 children were among the dead, most of whom had their 
throats cut. 

Prime Minister Ahmed Ouyahia dismissed the violence, saying the 
terror campaign was doomed. But he acknowledged that fear felt by 
millions of Algerians was linked to what he termed “terrorist acts 
perpetrated in August, die blackest month since 1994. ** (Reuters j 

Israel Orders Closure of Mosque 

JERUSALEM — The Israel Army said Monday that it had ordered 
the closure of a mosque and a youth center in two West Bank villages 
near Hebron after finding what it called “incitement material” 
praising Islamist suicide bombers. 

Israel has rounded up scores of suspected activists of the militant 
Islamic group Hamas since five suicide bombers killed 20 Israelis in 
two attacks on July 30 and Sept 4. 

“The civil administration issued two military orders to close Hamas 
institutions; a youth club in Samoa village and a mosque in Dura 
village,” said Peter Lerner. spokesman for the army’s occupation 
authorities in the West Bank and Gaza. ( Reuters I 


MEXICO CITY — Mexico's Roman Catholic Church, faring 
controversy over an official's reported remarks that the church took 
donations from top drug traffickers, has condemned the narcotics trade 


as a sin. 


“The Catholic Church rejects drug trafficking, considering it a 
scourge on humanity, and an activity contrary to religious doctrine,” 
said a statement issued by the archdiocese of Mexico City. 

The statement followed remarks attributed in newspaper accounts 
to a church official, Javier Soto, a canonist and high-ranking member 
of a Mexican order, in a homily at Mexico City’s Guadalupe Basilica. 
He reportedly praised two drug traffickers for their generous donations 
to the church. ( Reusers) 

Volcano Destroys Montserrat Airport 

OLVESTON. Montserrat — A volcanic avalanche of super-heated 
ash and rock has tom through Montserrat’s abandoned airport, igniting 
its wood-frame terminal building and burying parts of the runway 
before racing into the sea. 

The airport, on the eastern coast of this British Caribbean colony, 
was closed days before a June 25 eruption killed 19 people. 

The latest eruption began around 3:55 AM. local time, firing a searing 
cloud down the volcano’s eastern flank and on to the airport. (AP) 


■ Is it safe to do business on the 
Internet? 

■ Are there broadly accepted 
standards? 

■ What is the role of banks in 
electronic business? 

Don't miss the series of sponsored pages in . 
the IHT on electronic business. Learn' the ins 
and outs of on-line transactions. 

September 24: 

Business to e -B usiness: 
Banking 

Reprints will be made available after publication. 

Fax: +33 I 41 43 92 13 / E-Mail: supplcmcmfi@ihtcom 



THE WORLD’S DAILY NEWSPAPER 


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PAGE v 


ASIA/PACIFIC 


Hashimoto Apologizes 
As Felon Quits Cabinet 


By Kevin Sullivan 

Washington Pusi Service 


TOKYO — Prime Minister Ryutaro 
Has him oto ’s risky appointment of a 
convicted felon to his cabinet 1 1 days 
ago ended in disaster Monday when Mr. 
Hashimoto accepted the minister s 
resignation in the face of public outrage 
and political pressure. . 

Koko Sato, 69, who was convicted ot 
taking bribes in the Lockheed scandal of 
the 1970s and received a suspended 
prison sentence, said he was resigning 
‘ 'to avoid any further confusion in na- 
tional politics.*' w _ 

But the furor caused by Mr. Sato s 
appointment, which was a favor from Mr. 
Hashimoto to his party's conservative 
old guard, has caused confusion and 
damage for the prime minister at an 
important moment in his administration. 

Mr. Hashimoto bowed deeply and 
apologized during a news conference 
Monday for the "chaos" caused by the 
affair, admitting that he “hadn’tthought 
enough about the weight of public opin- 
ion" before making the appointment 
Public response was nearly unani- 


mously harsh and swift after Ml Sato’s 
appointment Sept 11. Many analysis 
said Mir. Hasbimotobnd expected to be 
criticized for appointing Mr. Sato but 
had thought his generally high level of 
public support would cany him through 
until the uproar subsided. 

Instead, Mr. Hashimoto was bashed 
relentlessly in the media by opposition 
politicians and even by some members 
of his own party. The public also was 
uncharacteristically unified and vocal: 
Dozens of people stood in typhoon 
winds and nuns last week to picket Mr. 
Has hi motors residence. One lawmaker 
in the governing party said a group of 50 
angry women from his district baa come 
to Tokyo to give him a tongue-lashing 
about Mr. Sato. 


Mr. Hashimoto also saw his popular- 
28 percent 


Doctors Reattach 
A Tom-Off Face 


The Associated Pres* 

MELBOURNE, Australia — In 
a 25-hour operation, surgeons in 
Australia reattached the face of a 
woman after a farm machine tore 
much of her scalp and face from her 
head, doctors said Monday. 

The 28-year-old woman, from 
Shepparton, in central Victoria 
state, was injured when her hair got 
caught in machinery in a milking 
shed Sept. 16, ripping off virtually 
her entire face and scalp, exposing 
the bones and muscle of her face. 

"The tissue that was sent to us 
was packed in ice, and when we 
unraveled it and laid it out, here was 
a face looking at us." said Dr. 
Wayne Morrison icd ihc team 
rhai r - Jj. tied tv 

Til- . vn- 

on indinA. and Ju, .i«. sc ■ useo 
microscopes to magnify nn> blood 
vessels as much us 30 times to 
match the vessels in the amputated 
tissue with the remaining tissue. 

The surgeons said the woman 
would look much as she had before 
the accident except for scars around 
her eyelids and chin. 


ity rating plummet as low as 
in one poll last week. His Liberal Demo- 
cratic Party, which recently recaptured a 
majority in the powerful lower house of 
Par liam ent, also has taken a beating from 
critics, who say the party is arrogant and 
out of touch with public sentiment. 

“The whole thing is so shocking be- 
cause you realize that for several years 
we have been duped into t hinking that 



DIPLOMATIC GRAPPLING — President Jiang Zemin of China, right, tugging President Martti Ahtisaari 
of F inlan d before they held talks Monday in Bering. After a six-hour .stopover, Mr. Ahtisaari flew to Osaka, 
Japan. He is to meet later this week with Prime Minister Ryutaro Hashimoto and Emperor Aldblto. 


things were really changing.’ ’ said Chris 
topher Redl of ING Barings in Tokyo. 

"This shows that as soon as the LDP 
got back into power, they went right back 
to their old ways,” he said. “The old 
village mentality lives on in the LDP.” 

As a result of Mr. Sato’s appoint- 
ment, the government, which had been 
stronger and more popular than any 
administration in a decade, has been 
substantially weakened at a time of cru- 
cial domestic and foreign-policy tests. 

This week, Japan ana the United 
States are to unveil a bilateral security 
arrangement that will require approval 
by Japanese lawmakers — a task that 
analysts say may be more difficult for a 
weakened prime minister. 

Mr. Hashimoto appointed Mr. Sato to 
appease the wing of his party headed by 
former Prime Minister Yasuhiro Na- 
kasone. 

In choosing a party veteran, Sadatoshi 
Ozato. 67, to replace Mr. Sato. Mr. 
Ha.-.hinx»to appears tu ha v c steered away 
r-i.r. factional political cuitoJderauoiiu* 
vL, jfiiiii was praised leading die 
inment's response to the Kobe 
earthquake in 1995. and he is not di- 
rectly associated with Mr. Nakasoneand 
the party's conservative wing. 

Although Mr. Hashimoto has been 


As Economy Sours , Thais Seek Solace 


By Thomas Crampton 

Special to the Herald Tribune 


BANGKOK — He may not have 


ay i 

watched the stock market rail and per- 


weakened by the events of the past 

> affair 


week, many analysts say the Sato affair 
could fade quickly because the prime 
minister apologized frankly and vowed 
tu continue pushing his reform efforts. 


haps he did not follow the Thai cur- 
rency’s dive, but Phra Payom Klayano, a 
high-ranking Buddhist monk, has his fin- 
ger on the pulse of the Thai economy. 

"Since late last year, attendance at 
the temple has more than tripled,” he 
said, sitting cross-legged in Suan Kaew 
Temple outside Bangkok. "When the 
economy is not good, they come in 
much greater numbers. 

For the Thai monk, who made his 
name on television with sermons critical 
of the country's rapid modernization, 
people are looking for religion as well as 
economic miracles. 

In just six months. Thailand’s decade 
of fast economic growth has reversed 
course and turned into a nighmiuie with 
me government forced io tor a SI 7 o 
billion into, national bailout package 

Companies arc going bankrupt, un- 
employment is on the rise and some 
experts warn that the specter of hyper- 
inflation may lie ahead. 

Protesters have been rallying in prep- 
aration fur Parliament's vote this week 
on an anti-graft constitution. 

Stress from the crisis is driving more 
people to contemplate suicide, accord- 
ing to a survey published last week by 


the Ministry of Health. Officials said the . 
survey of more than 1.000 business 
leaders and office workers found 
‘‘alarming’’ signs of stress, especially 
among real estate developers. 

Many Thais, however, have begun 
seeking solace in religion and psycho- 
therapy. 

Saturday, in the most high-profile 
display of religious unity against the 
economic crisis to date, more than 100 
monks gathered at the Temple of the 
Emerald Buddha in Bangkok to lead a 
nationwide chant to dispel bad karma 


. carries a stuffed elephanttoward off evil, 
succumbed to pressure and canceled her 
participation in a ceremony to prevent the 
god Rabu from * ‘swallowing die moon” 
last week during a lunar eclipse. 

Among Bangkok’s newly wealthy, 
the strength of traditional beliefs is giv- 
ing way to an increased faith in the 
techniques of psychotherapy. 

“In die past, Thai people relied on 
their extended family for support in 


difficult times,” said 


and to promote positive feelings, 
if la> 


Thousands of lay people, including 
several cabinet members, sat in the or- 
nate temple and surrounding areas of the 
Grand Palace to listen as four patriarchs 
led the prayers and then dispensed water 
blessings on the crowd 
Broadcast on television and radio, the 
ceremony had been proposed by the 
Supreme Painaich to bulstci the morale 
of BuddtuMs. Prayir* were hua >imul- 
tancousiv by provincial governors and 
high monks throughout the country. 

The event came several days after a 
monk criticized the prime minister's 
wife, Khunying Pankrcua Yongehaiyut. 
for seeking support from ceremonies 
that he said caiered to superstitious be- 
liefs. and which are frowned on by the 
religious establishment. 

The prime minister's wife, who often 



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BRIEFLY 


Haze From Borneo Fires 
Worsens Across Malaysia 


HOTELS AND RESORTS 
www.intercouti.com 


, -FORUM HOTEL 


K If A LA LUMPUR — The haze .shrouding 
much of Malaysia worsened Monday, arid 
officials said it might not be dispersed by 
winds any time won. 

A stare • t c ■ ■■ de v hired i.ivr week in 

lb? buii*.«; i»ij:..i »iuic ’A Sarawak was. ex- 
tended as smog levels from forest fires rose 
again after dropping off over the weekend. 

The regional Kuching .Airport was ordered 
shut down. Schools, businesses and factories 
remained closed, and 1.9 million people were 
advised again to remain indoors. ( AP ) 


Philippine Trains Collide 


MANILA — Two overloaded commuter 
trains bound for Manila collided Monday after 
one separated from its engine and rolled back- 
ward more than a mile into the path of the 
other. 

At least seven people were killed and 220 
injured, officials in Muntiniupu said. . 

Many people were crushed in a stampede as 
passengers tried to escape, witnesses said. 

They said the second train was so over- 
crowded that some people were riding on the 
roof and were injured when they jumped off 
moments before the collision. (API 


Afghans Warn Tehran 


KABUL — The Taleban leadership accused 
Iran on Monday of providing military hard- 
ware to the opposition alliance and threatened 
unspecified "grave consequences” if the ship 
ments continued. 

"The Foreign Ministry of Islamic- State of 
Afghanistan strongly protests against Iran’s 
intervention and desires them to stop,” said a 
statement released in 'Kabul by the Foreign 
Ministry. 

The Iranian government still recognizes the 
government of President Burhanuddin Rab- 
bani, whose forces were ousted* from Kabul 
almost a year ago. f Reuters ) 



By Nicholas J). Kristof 

New York Tunes Service 


ass 


; formal control. 


Bhiyaraanotham, a psychotherapist and 
director of the Sukhum vit Hospital Psy- 
chology' Department. “Now they are 
looking for new ways to deal with the 
economic crisis.” 

Mr. Wanlop said there has been a 
fast-growing demand for individual 
counseling and mental relaxation 
classes. “We first offered a one-day 
class three weeks asp to teach people 
how to deal with stress.” he said "Now 
we bold the class every weekend and 
have to mm away many people who 
want to attend.” 

The one-day class, for about S55, 
addresses the causes of . insomnia, de- 
pression and hypertension, with instruc- 
tion on relaxation awareness, positive 
thinking and stress management 

* ‘Thai people do noi traditionally like 
psychology .” he said, "but it presents 
imponanr ways to deal with problems of 
modem society.” 


Monday that a provincial conj 
:e of the- ruling Korean Worker*? 
Party bad adopted a resolution on Suip 
day rpcommending .that "Mr. . Kim bo 
appointed the party’s ruling general sec, 
retary. ■_ ■■■.• '■' .‘.I* 

The announcement- set the stage tor 
Mr. Kim to become the.formal leader <g 
the Workers’ Party, which is the Nomj 
Kdrean equivalent of a Co mm uni s t 
Party; ' ! ' 1 

So Yun Sok, a Politburo member? 
said to the meeting's- participants before 
they voted unanimously for die -res-j 
olution: ’ 

"Comrade Kim Jong H- enjoys .ab- 
solute trust and respect from the KoreaS 
people and the progressives around the 
wond for die immortal exploits he h aS 
performed for the people’s revolution* 
ary cause, the cause of socialism. ” _ 

“The historic changes and amazing 
events in Korea prove tnathe is the 
distinguished leader and greatest 
man* in the present tune..’’ ‘ -j. 

North Korea has been without a polit- 
ical party leader of chief of sate fat 
three years, since the death of Mr. Kim’s 
father, Kim H Sung, who was in power 
from the end of World War II. ~ 

The younger Mr. Kim is believed tq 
be in de facto control of the country. Btrt 


idem to someone e, 

That' would put the responsibility of 
meeting with foreign leaders On an- 
other. : “ 

"Mr. Kim has never shown interest ifi 
such direct diplomacy. '- 

By many a*, counts North Korea is on 
dle-veli.■■., oi a severe i&nif» oj.i .•£ 

goveruinent dbes not allow must vis- 
itors to go to the" countryside or to travel 
around, so il is difficult for outsiders to 
gauge how severe the hunger is. ■ ? 

■ Missile Deployment Detected 

A U.S. military satellite has detected 
a North Korean deployment of ballistic 
missiles capable of reaching Tokyo, 
Reuters reported from the Japanese caj£ 
itali citing news outlets. ■ - 

In possible preparation for .a test- 
launching, missiles called Rodong £ 
according to -satellite images, were be- 
ing mounted on mobile launchers at £ 
northeastern base, the newspaper Yaj- 
miuri Shimbun said. " 1 

IT.S. military officials were, not im- 
mediately available for comment. | 

To monitor possible firings by Norm 
Korea, which conducted Rodong 1 ex- 
periments in 1991 and 1993, the United 
States had deployed two RC-135 eleef 
ironic reconnaissance planes in northeni 
Japan, Yomiuri Shimbun said. * 

In a 1993 test. North Korea caused 
toixiety in Japan by firing a missile into 
the Sea of Japan, demonstrating that 
parts of western Japan were within the 
missile’s estimated 1,000-kilometet 
(600-mile) range. i 

Recent ' U.S. military 


reportSy 


however, have put the range of the Ro 1 
dong 1 at 1 ,300 kilometers (780 milesi 


enough to reach the densely populated 
Tokyo region, the paper said. T 

The British magazine Jane: s Defense 
Weekly said in May that North Kored 
had deployed launchers for To of the 
Kodong 1 missiles in the northeast and 
near the capital, Pyongyang. 


Singapore Court Asked to Overturn Libel Award 


Reuters 

SINGAPORE Singapore’s Court of Ap- 
peal un Munoa;. was urged to overturn the 
country s big^.M ntx-l award, with an at-, 
lurney loi an opinion politician arguing 
that it contain d ugul errors and had been 
brought loi , ■ • reasons. 

mS h l rleS ‘ ’ l d Brj tish bbd lawyer who 
lied the appe. .. said that most of the cases 


- - -rr- •• uuu muai or me cases 

MnTfn , by / r,m ^ Minis!er Goh Chok Tong 
and 10 leaders ot the People's Action Party 

25m*! Tane L,ang Hong - 311 

were *ntended to keep- him from 
becoming a member of Parliament. 

8 iWm/rn a c nd his co,lea S u « w ere awarded 
S.U8 million Singapore dollars ($5.35 million) 

ralledtfie e ? rUer a* 18 year after Mr. Tang 
railed them Lars. Appealing that verdict, Mr 

Gray said the award was “grotesque” and 
would have a 'chilling effect on freedom of 
2 >pe^ch and political debate.” “ • 

"The political agenda is clear and trons- 


paren^‘ Mr Gray said,The party k Jen 

deny that- they use the courts Tc -.-s 
ponents, have said that they sue t. 

ButMr^GraysatcUhe ^'. .aio aevc 
b^ntededaga^i M T..^ Because J 
Lai Kew Chat who issued ciders critical 
fiqal result, should havt disqualified hi 
because of possible perceptions of bias. 

i he was not accusing Ji 

Uj of bias. But since the judge was a ft 
partner m a law firm co-founded. by S 
Minister Ue Kuan Yew, a People's A 

tS ”? er h and be had caila 

Tanga l>ar" and a “coward;” dierecm 

a oencenrirm u,c,cc oi 


$ 


Makes a Move 


To Take Reins , 
In North Koresi 


TOKYO — Kim Jong IL tiie lon^ 
time “Dear Leader? of North Korea^ 
has taken the first public step toward 


c nming 1 

TheNorth Korean news agency re; 


$ 


he has delayed taking the tides of powe£ 

at 


apparently in -part to adhere to a trav 
dinonal three-year mourning observed 
for Korean monarc hs. . • ” 

Mr. Kim’s ascension would make tiro 


tines of authority in North Korea clear T 


er, and would open- a possibility of top; 
level meetings with the leaders of other 
countries. '* 

But there is little indication that 
Kim will take North Korea in sot 
dramatic new direction after taking of- 
fice. ... ; . ■ ’ !l 

Indeed. Mr. Kim’s elevation would 
mean that theJeast understood country 
in the world at this time would -be 


I 


headed by the globed most enigmatic 
leader. • 


Mr. Kim, 55, has never. traveled out- 
side the Communist world and is not 
known to.haye ever met a Westerner- , 
The only time: that ortilnaiy^orifi 
Koreans have ever heard his voice was 
in 1991, when he made a one-tine 
speech on assuming ^ the post of aray 
commander. f * l 

■ Although Mr. Kim now seems certain 
to' become general secrecuy of the Com- 
munist ^ Ptiity i there fes been speculation 


that he would assign the f post of pres* 


0 


a y tne party lea 
Mp eV rl dence to substantiate tnetr chai 

firS' ^ 


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V> 







R ALD TRIBUNE, WEDNESDAY, SEPTEMBER 24, 1997 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, SEPTEMBER 23, 1997 



PAGE 7 


EUROPE 


* the New Russia, an Old Specter Returns: Legions of Street Children 


By Daniel Williams 

Washington Post Service 


ST. PETERSBURG — The boys 
huddling behind the statue of Catherine 
fe* Great on Nevsky Prospekt appeared 
rer a moment to be blowing up balloons. 
But the balloons we.e plastic bags, and 
the boys were nor exhaling air but 
breathing in glue. 

Spotted by a policeman, they tried to 


National Health, a social welfare group 
“Everywhere we turn, we see more 
violence toward children, more sex 
abuse, worse; health, more fatherless 
homes. It looks bad for our future ’ ' 
About four in 10 Russian children 
live in poverty, according to United 
Nations estimates. The number of ju- 
venile criminal arrests has increased by 
more than a third since the early 1990s 
to more than 200,000 a year, according 

tn Hia Tnfmnnl A fTr . X M • & 


bUl ° n< i; wh ? Speared to die MfeTstj^ 

£ be about 8, was collared. It was a In St. Petersburg. Russia’s second- 
yanahon on a scene that is becoming largest city, with a population of more 
common on die streets of Russia’s cities than 4 million, there may be as many as 


— even such stately main streets as Sl 
£ etersbifrg's Nevsky ProspekL Vagrant 
children, some homeless, wander about 
looking; for handouts, for pockets to 
pick, glue to sniff, vodka to guzzle, a sex 
partner to rob. 

. They are called besprizomiki, neg- 
lected ones. The word, which was used 
to describe the legions of orphans who 
tpamed Russia's streets and countryside 
during die civil warfare of the 1920s, 
Has snack a sudden comeback in today's 
laissez-faire Russia, where many chil- 
dren appear to be clinging to survival. 

^ An epidemic of street children has 
made Russians fearful of a lost gen- 
eration that at best will be underedu- 
cated and at worst may grow up to lives 
of crime and disease. 

... “The indicators are frightening,’’ 
jaid Ekaterina Rozhdektv enskay a, di- 
rector of the Women’s Organization for 


^ may be as many a* 

3,000 vagrant children. In Moscow, the 
number is at least double that, social 
workers say. In warm weather, it is easy 
to spot such children lingering in parks 
and woods that surround both cities, or 
gathered outside fast-food restaurants. 

Numerical comparisons with Rus- 
sia’s recent past are difficult to make. 
During the Soviet era, runaways and the 
homeless, whether children or adults, 
were treated by the Communist stare as 
social aberrations. Children whose par- 
ents abused or abandoned them were 
placed in institutions or orphanages; 
runaways were regarded as delinquents 
and sent to reform schools. 

“It’s not like the problem did not 
exist; in fact, it was a big problem, but it 
simply was hidden from view," said 
Valery Sokolov, director of Nochlezka, 
a charity that operates shelters for the 
homeless in St. Petersburg. 



Two of Russia’s many young “neglected ones' 


PiUl Mitoirtw Pnn 

sniffing glue in a sewer in SL Petersburg. 


These days, however, social and fa- 
milial instability peculiar to the new 
capitalist Russia contribute to the grow- 
ing herds of wandering youngsters. 

Workers who were underemployed 
under Soviet rule are unemployed 
today, and families have a hard time 


making ends meet- If there was linle to 
buy with paychecks in Soviet times, at 
least there were naychecks. If social 
services were inefficient, today they are 
evaporating from lack of funding. 

Migrants from former Soviet repub- 
lics also swell the ranks of the homeless 


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Hamburg Ri 

- By John Schmid 

i-. International Herald Tribune 

r . FRANKFURT — Hie rivalry within 
Germany’s political left over who will 
qhaUenge Chancellor Helmut Kohl next 
year stepped up on Monday following 
Jbe Social Democratic Party’s worst 
postwar showing in Hamburg’s local 
flections over the weekend. 

.-I Mr. Kohl, whose own rank" are beset 
tjy internal discord and sluinp.,.^ public 
■Support, basked in the afterglow of the 
Hamburg tallies. The chancellor said his 
party’s strong second-place finish in 
Hamburg’s traditional Social Demo- 
cratic stronghold gave him a solid start 
in the national elections in September 
£ext year, wb.n Mr. Kohl will seek an 
unprecedented fifth term. 

^ He said Hambure’s voters had re- 
pudiated the Social Democrat’s "re- 
form blockade" in Parliament, where 
tfte leftist opposition has buried Mr. 
Kohl’s economic reforms. 

Mr. Kohl’s party vowed to use the 
jpyecage from Hamburg's . results 

i\ r. -■ ■ f mm 


against the opposition on Thursday 
when parliamentary talks resume on the 
chancellor's stalled plans to overhaul 
Germany’s high tax rates in a move to 
create jobs and invigorate the economy, 
observers said. 

Commentators and political analysts 
said the surprise results from Ger- 
many’s second-largest city posed a 
political setback for Social Democrats 
and served as a warning to Gerhard 
Schroeder, a potential Social Demo- 
cratic candidate for chancellor and the 
front-runner against Mr. Kohl in opin- 
ion polls. 

Hamburg's mayor, Henning 
Voscheran, a Social Democrat who 
resigned after Sunday’s stinging set- 
back, had borrowed liberally from Mr, 
Schioeder’s campaign positions. Like 
Mr. Schroeder, Mr. Voscheiau took a 
tough stance on crime, portraying him- 
self as a law-and-order politician, an 
uncustomary stance for the German 
left 

And like Mr. Schroeder, Mr. 
Voscheran in the final weeks of the 


campaign talked about delaying 
Europe’s proposed single currency, the 
euro, which is Mr. Kohl’s cherished 
political dream. 

Although the Social Democrats re- 
main the strongest party in Hamburg, 
they fell 4 percentage points from their 
1993 tallies to 36.2 percent while Mr. 
Kohl’s Christian Democrats gained 
more than 5 points to 30.7 percent. 

With his resignation, Mr. Voscherau 
deprived his party of one of its top 
modernizers and economic experts and 
left it “in shock,” in the words of Joerg 
Kuhbier, Hamburg’s Social Democratic 
Party leader. 

"Voscherau and Schroeder are 
closely linked,” said Karl-Heinz Klaer, 
a political strategist in Bonn for the 
Social Democrats. Mr. Klaer predicts the 
Hamburg results will be a boost for Mr. 
Schroeder 's rival for the top job, Oskar 
Lafontaine, the party’s national leader. 

The Schroeder-Lafontaine rivalry 
has become one of Germany’s most 
popular spectator sports. Mr. Lafon- 
taine, who wants to avenge the defeat he 


suffered to Mr. Kohl in the 1990 na- 
tional vote, is an old-style German pro- 
gressive and defender of the high- wage, 
high-tax German economic model. 

By contrast, Mr. Schroeder paints 
himself as a pro-business party mod- 
ernizer who supports reforms in the 
social-market economy. 

The newspaper Die Welt said Mr. 
Schroeder would need to think twice 
about bis strategy. 

"Backing internal security as a cam- 
paign theme did not pay for the SPD,” 
the conservative newspaper warned. 
"Gerhard Schroeder should consider 
this if he is going to try to raise his 
profile wife this topic nationally.” 

For Europe's drive to unify behind a 
single curre ncy, the election was a boon, 
economists said. Voter repudiation of 
an anti-euro stance disarms other Euro- 
skeptic politicians in Germany and 
helps ease fears that the entire project 
will falter on rejection by German 
voters, said Holger Scbmieding, econ- 
omist in Frankfurt for investment house 
Merrill Lynch. 


in Russia, which contin- 
ues to use fee Soviet sys- 
tem of internal passports 
to discourage migration 
from fee countryside to 
the cities. Without a per- 
mit, children of migrants 
cannot attend local 
schools and often end up 
in the streets. 

Kremlin funding for 
social services is sparse, 
and much of fee burden 
falls on cash-poor and 
often corrupt local gov- 
ernments. 

‘ ‘Taking care of these 
children is low on fee 
spending totem pole," 
said Jeff Groton, a phy- 
sician with Doctors of 
the World, a New Yoric- 
based medical aid orga- 
nization that runs 
health-care programs 
for neglected children in 
St. Petersburg. 

All of this is occur- 
ring against a backdrop 
of disturbing health and 
social trends in Russia — including 
declining life expectancy and rising al- 
coholism. 

Officials and aid -workers in Sl 
P etersburg say fee majority of street 
children here are fleeing domestic vi- 
olence associated with alcohol abuse. 

According to published reports here, 
men who drink heavily frequently aban- 
don families or beat their wives and 
children; many pregnant women drink 
to such an extent as to damage their 
unborn children; and at least one Rus- 
sian family in five has an alcoholic 
member. 

Of those street children not fleeing 
alcohol-related violence, estimates in- 
dicate fear about a third a re fugitives 
from state orphanages and reform 
schools; a third are the offspring of 
women who have been forced out of 
their homes by abusive husbands; and a 
third are seeking adventure away from 
the city's sprawl of bleak housing proj- 
ects. They live in sewers, pedestrian 
underpasses, railway stations, garbage 
dumps and abandoned buildings. 

Outside St Petersburg’s Moscow 
train station, Sasha and Anatoli. both 13, 
stood among a gaggle of friends passing 
rime on a late summer nighL Occa- 
sionally, one would rush over to a taxi 
stand to beg money from a waiting 
passenger. The eyes of the others darted 
from side to side, keeping a lookout for 
“our policemen," as they jokingly re- 
ferred to the local patrolmen. 

“It’s better here than home,” said 
Sasha. "Everyone's drunk at home. 
They fight like dogs." 

"So? You dnnk loo,” quipped 


Anatoli. "But you can’t fight.” 

"Are you blue?" Sasha asked a vis- 
itor. Blue is street slang for homosexual. 
“If you like boys, you know, ir’s only 
$10. For girls, it’s more.” 

Down Nevsky Prospekt. in from of 
Kazan Cathedral, a group of four older 
boys crowded onto a bench watching 
passersby. Two work at an outdoor mar- 
ket in the suburbs, a common form of 
undeipaid labor among Russian youths, 
and all four live in an apartment far from 
fee center of town. 

All said their fathers worked in fac- 
tories and that they had no money for 
any entertainmenL 

‘ ‘In Russia, you understand, you live 
by knowing someone or stealing,” said 
a youth who identified himself as 
Dmitri. "School doesn't make any dif- 
ference." 

The youths avoid fee police, who are 
responsible for rescuing children, either 
from abusive parents or the streets, and 
taking them to one of fee city’s 18 
shelters. At some shelters, die city 
prorides teachers, some food and per- 
haps dilapidated facilities. It is up to 
shelter operators, usually private charity 
groups, to refurbish fee buildings and 
provide clothing, bedding, medical 
care, books, television and toys. 

Many of the children brought in suf- 
fer from disease. Tuberculosis is com- 
mon, and AIDS is becoming a concern. 
Dr. Groton of Doctors of fee World said. 
His organization uses children's draw- 
ings to try to ascertain their psycho- 
logical state. A boy named Maxim, a 14- 
year-old drug addict, depicted himself 
as headless, and Tanya, 18. a sex-abusC 
victim, imagined herself as a boy in 
military uniform in a rainstorm. 

Most of the shelters are simply stor- 
age bins for children, according to a 
report by fee Nochlezka charity. 

But some have tried to help children 
either return to their families or live in 
foster homes and perhaps be adopted. 
“Our goal is to keep them out of orphan- 
ages,” said Tatiana Ignatevna, deputy 
director of a shelter called Education 
House near Sl Petersburg. “They will 
only go bad there." 

Another shelter, the newly renovated, 
city-donated Aim us Center, strives for 
similar goals but has been plagued by 
problems. A water main broke recently, 
and the 40 children housed there -were 
without running water for some time. 

Operators of many of these shelters 
are at odds with fee city government 
over how long hey should care tor the 
children. The city wants them placed in 
foster homes or institutions within a 
year, but fee shelter operators want to 
take as much time as possible to ensure 
that a child’s new home will be per- 
manent “In a year, you only begin to 
know a child," said Mikhail Byakov, 
director of Aimus. 


v.’.-j.:: 




’’ V 


Milosevic Protege Faces Runoff 

Nationalist Outflanks Strongman’s Party in Presidential Race 


is 


_ r The Associated Press 

' c BELGRADE — For the first time since 
Slobodan Milosevic took control of Serbia 10 
years ago, his Socialist Party appeared headed 
Monday for a runoff in presidential elections 
against an anti-Western, candidate more 
nationalistic than Mr. Milosevic. 

. . While; the Socialists swept legislative elec- 
tions in fee Serbian Republic, a Milosevic 
protdge, Zoran Ulic, faded to win fee 51 
percent of a vote Sunday required for a first- 
round victory. 

Mr. Lilic is likely to face the lea d er of fee 
Radical . Party, VctjisUtv Seselj, in a second- 
round race OcL 5, according to partial results 
from the two parties. The Radicals also were 
close behind the Socialists in the race for 
Serbia’s 250-seat Parliament 
. Mr. Seselj, a 42-year-old federal legislator 
and fee mayor of a town on the outskirts of 
Belgrade, began his political career on his 
success as a paramilitary commander during 
fee wars in Croatia and Bosnia. Virulent in his 
fight for a “greater Serbia,” Mr. Seselj fam- 


ously declared that his men would "take out 
fee eyes of Croatians wife rusty spoons.” 

An advocate of ethnic cleansing in Serbia, 
Mr. Seselj appeals to people disgruntled that 
Mr. Milosevic, as Serb president, dragged fee 
Balkans into war and then signed fee 1995 
Dayton peace agreement 

Nevertheless, Mr. Seselj is unlikely to win 
the presidency. Socialists are likely to back 
Mr. Lilic, as are supporters of the pro-de- 
mocracy opposition, which boycotted fee vote 
Sunday, but who are likely to see Mr. Lilic as 
the lesser eviL 

"It is clear that citizens of Serbia made up 
their minds between a smaller and a bigger 
isolationism,” said Belgrade’s mayor, Zoran 
Djindjic, whose Democratic Party boycotted 
fee election and accused the state media of 
heavily biased campaign coverage. 

With stare electoral officials putting voter 
turnout at 62 percent, the boycott was a fail- 
ure. Mr. Djindjic and his allies had hoped that 
51 percent of the electorate would follow fee 
boycott, and fens render fee election invalid. 


BRIEFLY 





u _ . . y, leaders will meet alone in tire presence of 

L German rears OJ Kims fee chief of mission. ” t Reuters ) 

i. A Party Attack on Blair 

EASTBOURNE, England — Prime 
Minister Tony Blair came under fierce at- 
tack Monday at fee annual conference of the 
minority Libera] Democrats, whom he wel- 
comed last week into a cabinet committee. 

The party’s leader, Paddy Ashdown, who 
is undo- fire from some delegates here for 
having too close of a relationship with Mr. 
Blair, accused fee Labour government of a 
"straight betrayal” of election promises. 
And the party’s spokesman on treasury 
affairs, Malcolm Bruce, criticized the eco- 
nomic policies of the chancellor of the 
Exchequer, Gordon Brown. 

Last Wednesday. Mr. Ashdown and four 
of his colleagues joined a consultative cab- 
inet committee reviewing government 
p|an< for constitutional reform. (Reusers) 

Gonzalez on the Stand 

X5ADRID — Former Prime Minister Fe- 
lipe Gonzalez, testifying in a high-profile 
corruption case, told fee Supreme Gonun 
Monday he knew nothing about fee fitndmg 
of fee Socialist Party during his 13-year 

leadership. . . . 

Mr. Gonzalez, who was prime minister 
until last year, appeared as a witness in a 
trial on illegal party financing — a scandal 
that helped bring his Socialist government 
down. "I didn’t worry about the jparty s 
accounting matters because I was dedicated 
to'government duties,” Mr. Gonzalez said. 
Twelve senior Socialist officials are ac- 
cused of funneling funds from Spanish 

companies into tite] party's coff^ro fi- 
nance election campaigns. (Reuters) 


of dying of Lassa . fever, a deadly 
similar to Ebola. 

The health authority in the city of Mainz 
Jz said it had reached 50 people, most of them 
hospital staff, who h-**d baa contact wife the 
37-year-oM man. . . 

He died Saturday soon after admitting 
himself to a local hospital. 

_ The Lassa virus, which regularly hits 
i* regions of Africa, is transmitted throughout 
ji mine' or human bodily fluids including 
trsweaL ; • 

“We have not found any further cases of 
fee disease," said Chrisiiane Zerfass, a 
spokeswoman for the Health Ministry in fee 
state of Rhinelan d-Palatinate . “There is no 
need ror quarantine measures yet because 
people are not infectious until they develop 

' * "symptoms of thedisease.” The virus can be 

c treated effectively if diagnosed in the first 
; f six days . Hie Incubation period ranges from 
i-3 told days. (Reuters) 

Cypriot Rivals to Meet 


NICOSIA — The 
: Glafcos Clerides, and fee Turkish Cypnot 
i leader, Rauf Denktash, win begin a U.5.- 
t brokered dialogue Friday centering on se- 
i * curity issues on fee divided island, fee 
l United Nations said Monday. 

< r- Mi, Clerides, fee Grade Cypriot lea^r, 
and Mr. Denktash are to meet m fee dmdea 
^capital, Nicosia, on Friday afternoon at fee 
’residence of Gustavt Feissel, fee UN's 
chief of mission on the island. * They win 
meet without preconditions and without an 
•agenda/’ a UN statement said. ™ tff0 


Good News 

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THE WORLDS DAHY NEWSPAPER 


i 






PAGE 8 


TUESDAY, SEPTEMBER 23, 1997 

EDITORIALS/OPINION 


Rcralb 


INTERNATIONAL 



PliKJSHED WITH TUB NEW YORK T1M« A™ ™ WASHINGTON rOST 


Reno’s Baby Steps 


tribune In Como’s 

THE WASHINGTON TOST 


The need for an independent counsel 
K> lode into White House fund-raising 
during die 1996 campaign has long 
been obvious. By ordering preliminary 
reviews of the legality of phone so- 
licitations made from federal offices 
by Vice President Al Gore and pos- 
sibly by President Bill Clinton, At- 
torney General Janet Reno is finally 


Counsel Act is to maintain public con- 
fidence in the political and legal sys- 
tems. Given what we know about the 
Clinton fund-raising machine, that can 
only be supplied by a counsel with a 
broad mandate. He or she must in- 
vestigate whether federal bribery stat- 
utes were violated in the course of 
trading White House invitations and 


tomev General Janet koto juumj — 

lurchfogln^hfi direction of doing her presidential audaenc^ for Pineal 
duty But Ms Reno is still moving contributions. There is also me ques 
wiS the inexcusable lassitude and tion of who knew about the solicitation 

Q f njecise leeal focus that have and laundering of illegal foreign con- 
Slv^of^ ^nurTat the tributions to the DNC Ordy.anjn- 
n#*nnJSSirnf Justice dependent counsel with full mvesti- 

S'le - a 30-day gaSy powers can reliably Jdawwo 
preli minar y review and a second phase the extent to which soft , 

iaSnairoto 90 days — looks like a party activities was converted wto hard 
dilatory move to buy time for Mr. money for presidential campaigning-^ 
S Mr! Gore andthe Democratic For Ms. Reno to suggest tkt a coun- 

Nationai Committee. There is no need sel should be limited to 
to waiL Ms. Reno has the legal au- only whether Mr. Clinton is Jjnd Mr. 
thority to appoint an independent Gore s phone calls 
counsel immediately. Also, the public Pendleton Act against soliciraho 
record of suspicious activity compiled federal property “ J® S° Jf, y 
by Senator Fred Thompson’s hearings citizen who follows the news . in real 
and various news organizations is so ity, of course, once a counsel is ap- 
weighty as to undermine the purpose of pointed, he or she has the legal au- 
a preliminary review. thority to follow, any evidence of 

At this point, no one will trust a illegal activity. With her timid steps 
Justice Department that answers to toward duty, Ms. Reno demonstrates 
Ms. Reno and Mr. Clinton to decide once again that by intopretmg tne 
whether all this information contains counsel act so as to delay and evade ner 
“credible evidence” of wrongdoing obvious duty she lacks an encom- 
jy top officials. That is the sort of passing vision of her job. 
letermination that needs to be made The attorney general is the custodian 

>y a prosecutor with no political of public trust in the American legal 
intanglements. system. In 1997, maintaining that trust 

Ms. Reno's attempt to narrow the means speedily appointing an mde- 


with the inexcusable lassitude and 
lark of precise legal focus that have 
been typical of her tenure at the 
Department of Justice. 

Her current schedule — a 30-day 
preliminary review and a second phase 
lasting up to 90 days — _ looks like a 
dilatory move to buy time for Mr. 
Clinton, Mr. Gore and the Democratic 
National Committee. There is no need 
to waiL Ms. Reno has the legal au- 
thority to appoint an independent 
counsel imm ediately. Also, the public 
record of suspicious activity compiled 
by Senator Fred Thompson's bearings 
and various news organizations is so 
weighty as to undermine the purpose of 
a preliminary review. 

At this point, no one will trust a 
Justice Department that answers to 
Ms. Reno and Mr. Clinton to decide 
whether all this information contains 
“credible evidence” of wrongdoing 
by top officials. That is the sort of 
determination that needs to be made 
by a prosecutor with no political 
entanglements. 

Ms. Reno's attempt to narrow the 


Ms. Reno’s attempt to narrow the means speedily appointing an mde- 
pre liminai y inquiries to telephone pendent counsel with a broad mandate. 
rails is another ridiculously feeble re- Ms. Reno is taking steps in thai di- 
sponse to the existing record. rection, but they are small and tardy. 

The purpose of the Independent — THE NEW YORK TIMES. 

Teamsters Scandal 


The Teamsters union's own cam- 
paign finance scandal continues to un- 
fold and to ensnare. A federal pros- 
ecutor in New York now says both the 
Democratic National Committee and 
the AFL-CIO were used in efforts to 
launder and transfer money illegally 
from the union's treasury into the re- 
election campaign of its president, Ron 
Carey. Mr. Carey, running as the re- 
formist candidate, won a narrow vic- 
tory earlier this year over James P. 
Hoffa, son and political heir of Jimmy 
Hoff a, the former Teamsters president 
who was a symbol of the union's long- 
time corruption. Federal overseers 
have since invalidated Mr. Carey's 
victory, ordered a rerun and are con- 
sidering whether he should be disqual- 
ified from taking part. 

The prosecutors' charges remain un- 
proven, and are based in substantial 
part on the testimony of three Carey 
campaign aides who pleaded guilty to 
various counts of fraud last week and 
now are cooperating with the govern- 
ment in hopes of lightening their own 
sentences. 

The AFL-CIO says that if its of- 
ficials played any pan in the laun- 
dering scheme, they did so unwittingly 
t- that they were used. The DNC says 
it never actually transferred any money 
into the Carey campaign, though not, 
according to the prosecutors, for lack 
of at least one major try. The White 
House says that whatever may have 
been done was confined to the DNC, 
and no matter that the goal may have 
been in pan to raise additional money 
not just for Mr. Carey’s re-election but 
for President Bill Clinton’s. 

. “As far as we can determine, no 
one in the White House was aware 
of or participated in any alleged 


plan.'* a presidential spokesman said. 

You have to hope that's so. The 
great irony of the Teamsters scandal is 
how many advocates and beneficiaries 
of union reform, in an effort to help 
the reformist candidate, ended up 
engaging in some of the very prac- 
tices his candidacy was meant to 
oppose, including use of a union's 
treasury to help perpetuate its lead- 
ership in office. 

The federal government spent 
nearly half a century trying to clean up 
the Teamsters. It finally took over the 
union in the late 1980s under a consent 
decree resulting from a racketeering 
lawsuit. Mr. Carey was then the vic- 
tor in the first federally supervised 
election. In this second such election 
he . was in a sense the federal candi- 
date. Now the feds have been forced to 
renounce their, own creation. Mr. 
Clinton cannot want his own re-elec- 
tion campaign to have played even a 
minor part in the subversion of what 
the Teamsters election was supposed 
to represent 

Organized labor was likewise a ma- 
jor albeit grudging beneficiary of the 
Teamsters takeover. The gfcr. - union 
had been expelled by the / CIO. 
but its seamy history had no. . idess 
given labor a black eye. The recent 
success of the ostensibly reformed un- 
ion in its strike against United Parcel 
Service had been cited by labor of- 
ficials as proof of a rebound on the pan 
of the movement generally. Only days 
later, Mr. Carey’s election was set 
aside. The AFL-CIO no more than the 
administration can want to have been 
even a conduit in that The losses in this 
sad and complicated case have already 
spread beyond the Teamsters union. 

— THE WASHINGTON POTT 


Raise the Price 


: President Bill Clinton drew the right 
lines last week when he laid down the 
minimum conditions that any compre- 
hensive deal with the tobacco industry 
must meet Our only quibble would be 
that he may not nave gone far 
enough. 

Right from the start it has been ap- 
parent that there are two disabling 
flaws in the proposed deal negotiated 
among state attorneys general, 
plaintiffs' lawyers and the industry. 
The deal would weaken the Food and 
Drug Administration's newly won le- 
gal authority to regulate the nicotine 
content of cigarettes, and it would im- 
pose penalties on the industry that are 
far too weak to ensure that youth 
smoking rates fall dramatically. Now 
the president has made it dear that both 
flaws must be corrected before he will 
sign on to any deal. 

- Mr. Clinton called for legislation 


that would guarantee the “full author- 
ity” of the FDA to regulate tobacco 
products like any other drug or device. 
It is a reasonable request that should 
be granted. He also proposed stiff 
penalties if steps by industry and gov- 
ernment to reduce teenage smoking 
by 60 percent in 10 years fail to meet 
the target. 

The penalties, when added to the 
other costs of the settlement, could 
force companies to raise the price of 
cigarettes by as much as $ 1 .50 a pack 
over a decade. 

That is all to the good. Most experts 
agree that {nice increases are the 
most certain way to reduce youth 
smoking. But there is no good reason 
for limiting the price boost to $1-50 if 
further analysis shows that more is 
needed- Higher increases would cut 
smoking even more. 

— THE NEW YORK TIMES 


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WASHINGTON — In some re- 
W moteparts of the Democratic Re- 
public of Congo, you can still see the 
bones. The bones hidden in the central 
African forest are of Rwandan and Bur- 
undian Hutu refugees, killed while 
fleeing the advancing soldiers of 
Laurent Kabila’s Alliance of Demo- 
cratic Forces for the Liberation of 
Congo, or ADFL, and the Tutsi-dom- 
inated Rwandan. Patriotic Army, or 
RPA. Mr. Kabila's troops, with im- 
portant backing from Rwanda, 
Uganda, Angola and Burundi, ousted 
President Mobutu Sese Seko last May 
after a seven-month trek across what 
was then called Zaire. 

On a recent trip to Congo, I was able 
to see and photograph part of what Mr. 
Kabila and Vice President Paul Kagame 
of Rwanda certainly do not want anyone 
to see: the remains of tens of thousands 
of civilian refugees massacred during 
Mr. Kabila's military campaign across 
the former Zaire. Among the decom- 
posed r emains were the bodies of a 
number of women and children. In 
many areas, the bones already have 
been hastily exhumed and burned by the 
RPA and ADFL soldiers who carried 
out the massacres. Mr. Kabila and Mr. 
Kagame are worried, with good reason, 
that a special UN investigative mission, 
now in Kinshasa, may find these bones 
and attempt to determine responsibility 
for the killings. 

Over the past several weeks, Mr. 
Kabila has continued a game of cat and 
mouse with this UN team begun in 
May, sometimes blocking it com- 
pletely, sometimes stating that the team 
can move forward — but on his own 
terms. Meanwhile, massacre sites con- 
tinue to be cleaned up and potential 


Forest, the Bones Are There to See 

. _ . j. ua disarmed and brought to justice: 

By Scott Campbell SS?!? In the name of stability, many mem- 


witnesses intimidated and victimized 
by RPA and ADFL troops, often 
through arrest, beating or summary ex- 
ecution. Remarkably, some of the 
Rwandan officers and troops remain in 
Congo in the same areas where they 
participated in massacres, representing 
a lethal threat to any who would dare 
collaborate with the UN team. 

As Mr. Kabila stalls, RPA troops 
continue to operate in Congo, attacking 
civ ilian!; and hunting down their Hutu 
foes who carried out the massacre of 
at least 500,000 Tutsi during the 
1994 Rwandan genocide. Many of 
these aimed Hutu elements are still at 
large in Congo and neighboring ter- 
ritories, creating a security threat for 
the region. In the RPA’s attempts to 
eliminate these Hutu soldiers, many 
Congolese civilians as well as refugees 
continue to be killed. 

During my visit, knowledgeable wit- 
nesses told me that they had seen U-S. 
soldiers in the company of RPA troops 
on Congolese territory on various 
dates, including July 23 and 24 of this 
year. Officials from die State Depart- 
ment have issued blanket denials of any 
“lethal” U.S- military assistance to 
Rwanda or any presence on Congolese 
territory, until last month, when the 
Department of Defense admitted 
providing combat training to RPA sol- 
diers before the invasion of Zaire . In 
light of these contradictions and con- 
tinued allegations of U.S. military on 
Congolese territory, U.S. Ambassador 
Bill Richardson has a special respon- 
sibility as president of the UN Security 
Council to push Mr. Kabila and Mr. 


past and present mot tne u.o. .uu M ^ with Mr. Kab-j 

ahead of « and also needs the M of arim. 


aneao or it ana aiso neeas me 

support of UN Secretary-General Kofi Budding anewCoi "Jig* 
Annan, who already has caved in once ashes of refugees. » . ; 

to Mr? Kabila’s conditions regarding mula for renewed v * ol «ce^Dd m- . 

* stability in the long run, in Congo as t 

■ ■ w ell as in the Great Lakes region. As.- 

Kabila is playing cat Congolese throughout the I countiy.de- i 

j r -’eL TT1H scribe a deep frustration of being _oc~ 

and mouse With a bn cupied” by foreign troops from * 

team sent to investigate 

the massacre of tens of already seen in the east are likely to i 

thousands of civilian ^todesertedrefugeecamp sirerhatl \ 

Hutu refugees. visited was home to several thousand 1 

J C people before an attack by members Of i 

Se RPA and the ADFL, which killed 
the mandate and composition of the hundreds, according to- eyewitnesses. 
UN investigation. MrAnnan must re- Today, the camp is still strewn with the i 
mam steadfast in demanding that an clothing *lead. equip^nLand i 

im pn trial and independent investiga- hundreds of bullet shells, the bodies c 
tion be carried out immediately, from have been removed. 
within Congo if Mr. Kabila cooperates. By blocking the UN mission, Mr. J 

orfrom outside if he doesn’t Heshould Kabila “the liberator is making him- c 
insist that his team have access to all self an accomplice to these killings. If -> 
alleged massacre sites, especially Mr. Kabila is not willing to .nave- the >i 
where there have been numerous re- truth be told, he is missing the first key 
ports of killings, such aX the Mbandaka step in establishing the new democratic i 
area, from which the team has been Congo he has promised. As head of the a 
barred. If no massacres occurred, what new Congolese stare, Mr. Kabua has a 
does Mr. Kabila have to hide? responsibility to the Congolese people 

Mr. Kabila and the international to uphold respect for human ngfrts and - i 
comm unit y should insist that Mr to allow the UN mission to move for- -■! 
Kaname withdraw his troops from ward. ;-- 1 -d 


Kabila is playing cat 
and mouse with a UN 
team sent to investigate 
the massacre of tens of 
thousands of civilian 
Hutu refugees. 


the mandat e and composition of the 
UN investigation. Mr. Annan must re- 
main steadfast in demanding that an 
impartial and independent investiga- 
tion be carried out immediately, from 
within Congo if Mr. Kabila cooperates, 
or from outside if he doesn’t He should 
insist that his team have access to all 
alleged massacre sites, especially 
where there have been numerous re- 
ports of killings, such aXthe Mbandaka 
area, from which the team has been 
barred, if no massacres occurred, what 
does Mr. Kabila have to hide? 

Mr. Kabila and the international 
community should insist that Mr.' 
Kagame withdraw his troops from 
Congolese territory and investigate 
anyone suspected of killing civilians. 
Armed Hutu soldiers and militia re- 
maining in Congo must also finally 


The writer, a consultant for Human 
Rights Watch! Africa, contributed this 
comment to The Washington Posl . 


Jul 

At This Rate, Jerusalem Might Not Be Habitable for Anyone^ 


J ERUSALEM — The deal 
concocted to allow 10 Israeli 
settlers to remain in a building 
in the Ras al Amoud Arab 
neighborhood of East Jerusa- 
lem is a moral and political 
fraud (embraced by the Clinton 
administration) perpetrated by 
people whose goal is to drive 
Palestinians out of the city. 

This is sad. The issue today is 
not whether Jerusalem will re- 
main the unified capital of Is- 
rael. but whether it will be the 
habitable capital of Israel. Any- 
one who has visited Jerusalem 
lately knows Israel's hold over 
the city is unchallenged, and 
I'm glad it is. 

Jerusalem was never a more 
open city to all religions than 
under Israeli rule after 1967. 
But that is changing. 

Anyone who has visited Je- 
rusalem lately also knows it is 
increasingly a city of tension 
precisely because the spirit of 
openness and compromise is 
threatened. Palestinians in Je- 
rusalem now live in fear of ar- 
bitrary eviction, and secular Is- 
raelis feel increasingly alien- 
ated by the ultra-Orthodox who 
now dominate the city council. 

Most of all, the city is 
threatened by its Likud mayor, 
Ehud Olmert, who sees Jeru- 
salem as the vehicle he can use 
to replace his rival. Prime Min- 
ister Benjamin Netanyahu — 


By Thomas L. Friedman 


by tacitly encouraging Jewish 
hard-liners in Jerusalem to do 
tilings that either embarrass the 
prime minister or force him to 
move even further to the right, 
with Mr. Olmert reaping the 
credit (It was Mr. Olmert who 
snuck out and opened the West- 
ern Wall tunnel in the dead of 
night last September, triggering 
Israeli-Palestinian clashes that 
left some 70 pecmle dead.) 

Why did the Jewish settlers, 
who are tacitly supported by 
Mr. Olmert, choose the Ras al 
Amoud neighborhood? Simple. 
Two years ago, Yasser .Arafat’s 
deputy , Abu Mazen, and Shi- 
mon Peres’s deputy. Yossi 
Beilin, secretly worked out a' 
possible final settlement be- 
tween Israelis and Palestinians. 

In it. they suggested that the 
Palestinian village of Abu Dis. 
which lies just over today's mu- 
nicipal boundaries of Jerusa- 
lem, might become the Pales- 
tinians’ "administrative capital 
and be called Al Quds, the Ar- 
abic name for Jerusalem. This 
would give the Palestinians a 
connection with Jerusalem, 
while allowing Israelis to argue 
that the city remained unified 
under their control — precisely 
the sort of ambiguous compro- 
mise on which the peace of Je- 
rusalem has to be builL 


Ras al Amoud is the Arab 
neighborhood that connects the 
Old City of Jerusalem, where 
the Muslim holy sites are lo- 
cated, and Abu Dis. The settlers 
moved in there to cut off Abu 
Dis from Jerusalem and make 
the Abu Mazen-Beilin compro- 
mise less attractive or possible. 

This comes at a time when 
Israel has been engaged in a 
systematic attempt to squeeze 
Palestinians, and their econo- 
my. out of Jerusalem. 

One of my oldest friends 
here, Shoshana Sappir, called 
me two weeks ago in desper- 
ation. 

.Her family is building a new- 
home in Jewish West Jerusa- 
lem. They hired as their builder 
Abdel Rahman (Aziz) Ibrahim 
Abu Teir, who was bora in Je- 
rusalem on Dec. 12, 1962. Last 
month, the Israeli Ministry of 
Interior canceled his Jerusalem 
identity card (No. 080392244), 
without which he cannot work 
or live legally in the city where 
he was bora and where his fam- 
ily has resided for generations. 
Invoking an old law, the Min- 
istry of Interior says that any 
Palestinian who has moved the 
“center of bis life” away from 
Jerusalem for an extended peri- 
od will lose his ED card. 

Mr. Abu Teir’s crime was 


that be left to study civil en- 
gineering at London's Queen 
Mary College from 1984 until 
be graduated with a bachelor of 
science degree in 1987. Then he 
returned to work for his father's 
construction company, but 
when business dried up because 
of the intifada he returned to 
London to work in construction 
there, coming back to Jerusa- 

Compared with 
Ehud Olmert, Bibi 
Xetanyahu is Abe 
Lincoln. 

lem each summer, always pay-, 
ing municipal taxes on his home 
while-lie was away. 

After the Oslo peace, he dis- 
solved his business in London 
and moved back to Jerusalem 
with his Palestinian wife and 
five children, to reopen his busi- 
ness. Shoshana chose him as a 
builder on the recommendation 
of Israeli architects. 

“Aziz is building my house 
and my country is throwing him 
out of his,” said Shoshana. 
“It’s rather ironic that Netan- 
yahu. who grew up in America 
because his own father quit Is- 
rael for a long time, would tol- 
erate a policy that strips Pal- 
estinians of their right to live in 


Jerusalem because they wents 
away for a couple of years.” in 
Jerusalem today is becoming 
just another political symbol to 
expioiL You have Mr. OlmertSi 
die Marion Barry of Jerasaletmi 
who tries to propel his. political 
career by appealing to thjfa 
worst, most ethnocentric innr 
stinc ts in the city. (Compared/ 
with Mr. Olmert, Bibi Netan^ 
yahu is Abe Lincoln.) . . jg 
You have senators and conrfi 
gressmen, like Joe Liebermai*; 
Jon Kyi and Ben Gilman, whfc 
demand that the U.S. Embassy^ 
be moved to Jerusalem, no mas- 
ter what explosions it might trig- 
ger, to exploit the issue for Jewni 
ish votes. And. you have. 
American bingo magnate Lying 
Moskowitz, who : bankrolled ffiT 
thrust into Ras al Amoud ap- 
parently to salve his guilt for the 
fact that he is a super-hawkish 
Israel supporter who prefers tfi 
live in the comfort of Mianjp 
rather than actually move to Je- 
rusalem. ■ P 

When these gentlemen geVi 
done exploiting the symboli^- 
Jerusalem for all it’s worth, they 
will have sucked all the life out 
of the living Jerusalem — the, 
Jerusalem where real peopled 
people truly committed to co£ ! 
existence, like Shoshana an<P 
Aziz, are just trying to. get-' 
through the day in peace. 

The New York Times. '2 

f! 

Ip, 


The Job for Vietnam’s New Leaders: Revivifying the Economy; 

dJ 

W ASHINGTON — When By Adam Schwarz of advantages, among them bet- be in favor of shaking up tbB 1 

Vietnam s National As- ter access to land rmdir and «mrp et*r-tr\r r n oima 


W ASHINGTON — When 
Vietnam’s National As- 
sembly convened on Saturday 
for one of its infrequent ses- 
sions, delegates understood 
they would be spending most of 
their time mulling over people, 
not laws. The legislature is to 
vote for a new president, prime 
minister and cabinet on Thurs- 
day, with the new leadership 
team expected to be younger 
and better-educated than the 
one it is replacing. 

That's all to the good. But it 
won’t be enough to inject re- 
newed vigor into Vietnam 's eco- 
nomic fortunes unless the new 
leaders can do belter than their 
predecessors in forging a con- 
sensus on where Vietnam needs 
to go, and how to get there. 

Worryingly. both for the Vi- 
etnamese and the increasingly 
disgruntled foreign-investor 
community, there is as yet little 
evidence to indicate such a con- 
sensus is in the offing. Unless 
one emerges, and reasonably 
soon, Vietnam will run the real 
risk of frittering away much of 
the progress it has achieved in 
the past half-decade. 

According to Hanoi’s version 
of Kremiinologists, a meeting 
last week of the Central Com- 
mittee of the Communist Party 
settled on Phan Van Khai and 
Tran Due Luong to become the 
next prime minister and pres- 
ident, replacing the incumbents 
Vo Van Kiet and Le Due Anh. 

Mr. Khai, 63, an economist 
educated in the Soviet Union, is 
currently a deputy to Mr. KieL 
A well-regarded technocrat, he 
has been considered a leader 
of the party’s reformist win® 
since his election to the Polit- 
buro in 1991. 

How much leverage he will 
have in carrying our his ideas is 
unclear, however. Although 
Mr. Khai hasn't been accused 
directly of any wrongdoing, he 
has been plagued by allegations 
of corruption leveled against 
members of his family. Some of 


Ihe more conservative members 
of the party look askance at Mr. 
Khai's close ties with interna- 
tional financial institutions and 
Western investors. 

Mr. Luong. 60, another cur- 
rent deputy prime minister, is a 
geologist by training and also 
Soviet-educated. His elevation 
to the presidency is something 
of a surprise, as it leaves the 
military shut out from Viet- 
nam's ruling triumvirate. 

Relatively little is known of 
Mr. Luong 's economic views. 
He is believed to be close to Do 
Muoi, 80, the third member of 
the triumvirate and general sec- 
retary of the Communist Party. 

There's a real risk 
of frittering away 
the progress of the 
past half-decade . 

Mr. Muoi is seen as a balancing 
figure between the reformers 
and the more conservative ele- 
ments in the security forces and 
party, apparatus. 

The changing of the guard 
was meant to be accomplished 
at last year's congress of the 
Communist Party. But after 
months of factional infighting, 
the party was unable to agree on 
replacements for the top three 
leaders. It is not known if Mr. 
Muoi will serve out his term, 
which ends in 2001. 

It appears a safer bet, 
however, that the Messrs. Kiet. 
Anh and Muoi will all keep their 
posts in the powerful five-mem- 
ber Standing Board of the Polit- 
buro. As such, they are assured 
continued influence over the re- 
form program known as doi 
moi. 

And, along with the new cab- 
inet. they will not lack for issues 
in need of immediate attention. 
Despite official projections to 


the contrary. Vietnam's eco- 
nomic growth rate this year 
could fall well short of the 93 
percent recorded in 1996. 

Foreign investor complaints 
about bureaucratic intran- 
sigence, red tape and legal con- 
fusion become louder by the 
month. Rampant corruption 
erodes the party's legitimacy. 
Even major donor institutions 
like the World Bank and In- 
ternational Monetary Fund, 
after years of looking the other 
way when Vietnam failed to 
meet its reform promises, are 
beginning to attach stricter con- 
ditions to their aid programs. 

The four state-owned banks 
are thought to be saddled with 
massive arrears from the state- 
enterprise sector and have made 
only minor progress in drawing 
new deposits into the system. 
The Vietnamese currency, the 
dong, has depreciated slightly 
in recent months but at a slower 
rate than in most neighboring 
countries. That will erode the 
competitiveness of Vietnamese 
exports and could lead to re- 
newed balance-of-payments 
problems down the road. 

Allowing the dong to depre- 
ciate at a faster rate is probably 
inevitable, but this, too. will 
come at a cost. About half the 
d ebts held by state-owned en- 
terprises are believed to be in 
foreign currencies. Any depre- 
ciation of the dong will make 
these debts more onerous to 
honor. 

Indeed, the state enterprise 
sector poses perhaps the most 
serious challenge to the new 
leaders. Although reduced io 
about 6,000 companies from 
double that number in the late 
1980s, the state sector contin- 
ues to dominate Vietnamese 
industry. 

Although Vietnamese offi- 
cials speak often of a level play- 
ing field, the reality is that the 
state firms still enjoy a number 


of advantages, among them bet- 
ter access to land, credit and 
trade licenses. While crowding 
out the private sector, the state 
firms are doing a poor job in 
generating new jobs and ex- 
ports, arguably Vietnam’s two 
greatest requirements. 

Frequent promises to reform 
the sector have failed to make a 
dent. A program of partial pri- 
vatization, which the Viet- 
namese call equitization, was 
launched :i J994; fewer than a 
dozen firii« nave joined to date. 
That pace is apparently agree- 
able to a number of party ideo- 
logues who remain wedded to 
the notion of the state's playing 
the leading role in the economy 
and who are suspicious of 
private-sector behavior. Mr. 
Khai, the presumptive incom- 
ing prime minister, is thought to 


be in favor of shaking up thH 1 
state sector. In some important 
respects, Vietnam's near-ten# 1 
prospects hinge on his succeed* 
ing in that effort. ^d 

He might take comfort in 
looking north to China, a fellow'-’ 
practitioner of reform socialist)# 
Despite having already made! 
much more progress in creating' 
space for private entrepreneur 
ialisrn, China appears to havf? 
aiso reached agreement on the i 
urgency of winnowing its owifl 
state-enterprise sector ' furthefn 
Vietnam should do the same. « 

id 

The writer, the Edward R. 
Murrow press fellow at th%~< 
Council on Foreign Relations 
previously reported from Handr- 
for the Far Eastern Economidi 
Review. He contributed (hisd 
comment to the Herald Tribunen 


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PARIS — During a tour made 
through Alaska, Mgr. Nicholas 
met with some unpleasant- 
ness on the part of the Alaska 
Trading Company’s agents. For 
instance, the agents appeared 
in the church even while the 
bishop was performing divine 
service, driving out the male 
population to work. Americans 
in general have no consider- 
ation for the Orthodox popu- 
lation of Alaska. Hence Mgr. 
Nicholas thought it right to 
remind bis flock that “Russia 
in handing over Alaska to the 
American Government has 
never withdrawn her protec- 
tion from its inhabitants, espe- 
cially in regard to their salva- 
tion and spiritual welfare.” 

1922 : Fascist Prelude 

ROME — As a prelude to the 
firm foothold which the Fascist! 
mean to obtain in Rome, a Fas- 


cist contingent seized die/ 
Palazzo Rospigiiosi, wherei 
they intend to establish theirf 
headquarters. The FascistL who) 
are generally strong Republic 
cans, will make no mova? 
against the Monarchy. Signom 
Benito Mussolini has indicated) r 
Jnb in a speech, saying that 
“the Monarchy is not in opG 
position to our aims” and that* 
it is unwise to go a g ain s t the- 
traditions of the people.” // 

hi 

1947: Recovery Plan 

PARIS — The sixteen Euttc 
pean nations seeking Marshall! 
plan aid adopted their recover^ 
program and dispatched it byi 
special air messenger to Wash* 
tngton. An official summary d§ 
their inventory stated that the- 
participating countries an& ^ 
western Germany would re=>i 
quire a total Of $22,440,000,000 
m credits during the four yearO 
1948-1951. it was hoped the! 
Marshall plan would operate, .vj 


i 


J 


ftALD TRIBUNE, WEDNESDAY, SEPTEMBER 24, 1997 


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; Feelings of the Bereaved 
Shouldn’t Shape Justice 

By Brent Staples 

death of a informed the jury about the char- 
«. h^ l0 ^f d 0116 B painfu enou £h acterofthe crime and the character 
when u comes as no surprise of the defendant — disallowing 
and through natural R„. „ «»«wuig 


and through natural causes. But 
a savage act of murder leaves a 
wound on the survivor's soul. The 
closer the loved ones, the easier it 
is to envision their final moments 
and hear their cries for help. 

Learning to shut out these 
thoughts is a long and mysterious 
process. 

The murder of my younger 
brother has been a central theme 
in my writing and day-to-day life 
” for the better part of 15 years. 
The image of Blake hogging 
for his life as he was shot to death 
will be with me always. 

Until quite recently, bereave- 
ment brought a period of reflec- 
tion. But over the last decade, the 
solemn activity of mourning has 
become a raucous and public 
blood sport. In the television age. 
anguish only seems real when 
broadcast over the airwaves. But 
the U.S. Supreme Court played 
a role as well, when it ruled that 
the bereaved — who are now 
described as ‘•victims” — coaid 
testify ai murder trials. 

The bereaved now hold regular 
press conferences, as did Ronald 
Goldman’s father almost every 
day at the O. J. Simpson tr ial 
i|P Elsewhere, family members 
leave the courtroom with high 
fives and fists in the air, as though 
sentencing someone to death were 
no mote serious than a football 
game. I understand the depth of 
the pain and the desperate quest 
for relief. But the judicial system 
and courtroom were meant for 
a different purpose entirely. The 
bereaved are gradually becoming 
a permanent victim class, with 
outsized influence that is endan- 
gering the judicial process. 

The Supreme Court paved 
the way in 1991 when it ruled 
in Payne v. Tennessee that 
prosecutors in death penalty 
cases could introduce “victims* 
impact" statements in court, 
with survivors testifying about 
grief and loss. In Justice Antonin 
Scalia’s words, the court over- 
| threw two centuries of case 
law because of an “outpouring 
of popular concern for what 
has come to be known as 
‘victims’ rights.' " 

■ Prior to Payne, the decision to 
impose the death penalty was os- 
tensibly based on evidence that 


evidence that had no bearing on 
either. In the interest of equal 
justice, the same, dispassionate 
standard was to be applied to every 
crime and to every defendant, 
whether rich or poor, criminal or 
upstanding, loved or despised. 

Since Payne, the so-called 
“victims’ impact” statements 
have shifted attention from 
the pertinent facts to such matters 
as die victim's stature in the 
community and the eloquence of 
the survivors. As Justices John 
Paul Stevens and Harry Blackmun 
warned in their dissent, victim 
testimony would tell juries that 
some of the murdered dead 
were more equal than others — 
and that defendants who killed 
“important" people were more 
deserving of execution. 

Cast as victims by proxy, the 
bereaved have changed the nature 
of capital cases. Now that they are 
fixtures in court, they are likely 
to become ever more influential, 
perhaps even determining the 
sentences that prosecutors seek. 

The case that comes to mind is 
the murder last June of Jonathan 
Levin, a beloved high school 
teacher and son of the chairman of 
Time Warner Inc., Gerald Levin. 
He was gruesome ly murdered 
in his Manhattan apartment, 
allegedly by a former student. 

The Manhattan district attor- 
ney, Robert Mmgenthau. is 
personally opposed to capital 
punishment, but The New Yorker 
magazine reported recently that 
the Levin family was to play a role 
in whether Mr. Morgenthau seeks 
die death penalty. This would be 
disturbing. Whatever the Levins 
think, the sentiments of a single, 
private citizen should not dictate 
the shape of justice. 

I cannot see myself as a 
“victim." My brother's murder 
continues to be painful, but it 
invests me with no special in- 
sights and should bring no special 
entitlements. I avoided die murder 
trial — as did my parents — and 
would suggest that other survivors 
consider doing the same. 

Healing is a spiritual process 
for which blood lust and revenge 
play no useful role. To convince 
yourself otherwise is to dwell in a 
place where there is only pain. 

The New York Times. 


INTERNATION AL HERALD TRIBUNE, TUESDAY, SEPTEMBER 23, 1997 

OPINION /LETTERS 


Spao&Sb**** 1 Stonewall , 


THE ALIBI 

generator 

IS BACK. 
ONLINE! 


PAGE 9 




When Big Brother Gets 
Your Number Wrong 

By Lynn M. LoPucki 


LETTERS TO THE EDITOR 

Young Israelis Speak frar not violence or terror?” His the olde 


Regarding “ There Can Be 
No Peace Process Without 
Respect" (Opinion. Sept. Hi 
by Edward W. Said: 

Mr. Said's conclusion matches 
mine: The goal of both the Israelis 
and the Palestinians should be the 
formation of two independent 
states. Both peoples deserve to 
live a good life, side by side, 
somehow in peace. 

TAMAR HABERFELD. 

It all boils down to security. 
As an Israeli citizen, I can never 
be sure that the next bus I take 
or mall I go to will not be bombed 
by terrorists. 

KAREN OREN. 

If Israel were offered a peace 
agreement that could ensure its 
security, it would accept it im- 
mediately. The Palestinians’ ob- 
jectives of freedom and indepen- 
dence cannot be achieved without 
Israel’s goal of security. 

DANILESHEM. 

Ram at HaSharon, Israel. 

The writers are students 
in Maxine Tsvaigrach's 11th- 
grade English class at Yigal 
Allan High School. 

Mr. Said wrote, “Two 70-year- 
old Lebanese men were killed by 
Israeli planes ai the time of the 
marketplace bombings — why is 


that not violence or terror?" His 
question implies a moral equiv- 
alence between the two events. 
But the two men were tragic cas- 
ualties of a military operation 
against the Hezbollah forces that 
bomb Israeli villages. 

The Israeli Army may uninten- 
tionally kill the innocent or inten- 
tionally kill the guilty, but it does 
not intentionally kill the innocent 
GORAN ANDRUASEVIC. 

Jerusalem. 

In Defense of Germans 

Regarding “ Germans Flock to 
Sunny Tuscany, a Land Far (in 
Spirit) From Home" (Aug. 30): 

The article uses some pretty 
strong language to characterize the 
Germans and their country: the 
“guttural sounds" of their lan- 
guage, the Lack of good food, die 
“inevitable bad weather" and 
“the classic fatherland mind-set 
that is redolent of sausage, beer and 
oompah bands." Ugh! No wonder 
they flock to Italy! And who would 
ever want to go to Germany? 

Well, maybe the author should. 
It seems he's never been. The 
point of his disparaging article, 
after all — following the sugges- 
tion of Roberto Giardina’s book, 
“Guide to Loving the Germans" 
— is that Germans who goto Italy, 
the so-called “Tuscany faction." 
have a more “modern European 
perspective" and a “deeper sym- 
pathy for foreign cultures” than 


the older, more traditional Ger- 
mans who are said to resemble the 
stereotypes hauled out. 

All over the world, Americans 
are often regarded with suspicion 
and disdain for their ignorance 
of foreign languages, and there- 
fore of foreign cultures, traditions 
and history. Perhaps the author 
can set a good example. With 
a little more sympathy and know- 
ledge among Americans about 
the inhabitants of our planet, 
maybe there will be hope for 
the world after alL 

ROBERT E. NORTON. 

Florence. 

The writer is professor of Ger- 
man at Vassar College in Pough- 
keepsie. New York. 

On Fund-Raising 

Regarding "AI Gore on the 
Line: He’s No Criminal ” ( Opin- 
ion . Sept. 16) by Anthony Lewis: 

We Americans just don’t want 
to see the vice president, the pres- 
ident or any other government of- 
ficial — elected or otherwise — 
spending his or her time on the job 
engaging in partisan activities, 
whether they are legal or not 
These officials are elected or ap- 
pointed go promote the interests 
and welfare of all U.S. citizens, not 
just those of their political friends. 

WILLIAM H. WAINWRIGHT. 

Sl Ldger-en-Yvelines, France. 


C AMBRIDGE. Massachusetts 
— A few weeks ago, while I 
was on a shopping spree at Saks 
Fifth Avenue, the clerk told me I 
could gei a 10 percent discount by 
opening a Saks charge account, so 
1 filled out an application. 

When I returned to pick up 
my purchases, the clerks were 
looking at me askance. My credit 

MEANWHILE 

had been denied. “Denied? 
Impossible!” I told them. 

The clerks put me on the pbone 
with the credit manager in Dallas, 
but he wouldn’t tell me what 
the problem was. It would be 
an infringement of my “privacy” 
to do so, be said knowingly, 
implying that I might not be 
who 1 claimed to be. 

He gave me the phone number 
for Equifax Inc., one of the 
two consumer reporting agencies 
that had trashed me. 

The Equifax phone system 
was entirely automated, so there 
were no humans to scream at 
In response to the instructions, 
I entered my Social Security 
number, date o f birt h, sex, current 
address and ZIP code. Then 
the machine told me that I had 
not entered the correct address, 
so I could not have a copy of 
the report Click 

1 found another number for 
Equifax in the phone book, and 
1 eventually reached a human 
being. The conversation didn’t 
go much better. 

Could I name two of my 
accounts? 1 read off the names of 
every card in my wallet. Not good 
enough, the woman at Equifax 
said. She invited me to write for 
my free copy of the report, but I 
would have to include a copy of 
my driver’s license, my Social 
Security card, a bank account 
statement, a pay stub and die first 
page of my income tax return. 

But now — with a human bang 
on the line — I could scream: 
“Saks got a copy of my credit 
report in five minutes with noth- 
ing but information they got from 
me! Why can’t I get a copy with 
the same information?” 

“They are a business, sir," 
she said smugly. 

“Have you ever heard of 
the Harvard Law School?" 
I screamed. * ‘They are a business. 
Call them and ’they will tell 


you I work here, I am me, and 
this is my address." 

*Tm sorry, sir, that’s not the 


proper procedure. ’ ’ 
eventually, I » 


Eventually, I wangled the 
names of the complaining 
creditors from a careless Equifax 
employee. None of the creditors 
— nor their collection agencies — 
had ever sent a bill that reached 
me. By law, they didn't have 
to. Just because you've never 
seen a bill doesn’t mean your 
failure to pay it won’t be on your 
credit report. People generally 
learn of a bad report only when 
their credit is denied — while 
buying a home or car, or renting 
an apartment — when time is of 
the essence and they are at the 
creditors’ mercy. 

Textbooks on debtor-creditor 
relations recommend that 
someone who receives a bad cred- 
it report pay the debt, even if he or 
she does not owe it But the books 
also note that paying after 
discovering you have a bad credit 
report doesn’t make your credit 
good. And if the creditor takes 
your money and doesn't correct 

People learn of a 
bad report only 
when their credit is 
denied - when time 
is of the essence and 
they are at the 
creditors ’ mercy. 

the report, there’s probably 
nothing you can do about it. 

X have sent letters to Equifax 
and Experian Inc., die other 
service that repotted on me, with 
documentation, pleading for 
copies of my credit report. I hope 
one day my credit will be good 
again, but I don't believe it will. 

Equifax hasn't furnished a 
report because it still doesn't 
believe that I am me, and Experian 
says it is “unable to locate a 
credit profile." 

The writer is a visiting 
professor at Harvard Law School 
and an adviser to the National 
Bankruptcy Review Commission 's 
Data Study Project. He contrib- 
uted this comment to The 
New York Times. 


BOOKS 


RACHEL CARSON: 

’Witness for Nature almost by accident began stumbling 

By Linda Lear. 634 pages. $35. across new studies being done on the 

Henry Holt. pesticides that had emerged during and 

tv ■ j u n -n after World War II and were now being 

Reviewed by BUI McKibben sprayed by ^ anker trucks 

T HE more time passes, the larger ^ length and breadth of the nation. 

Rachel Carson looms. By now “Si- Working amid the distractions of her 
lent Spring" seems a rare fulcrum point literary fame and of a metastasizing can- 


loved middlebrow naturalist who have helped ensure that her work would lead to 
left few traces on the culture. Instead, she the first Clean Water Act. Carson, Lear 


auiiftuijjiiiiiaiiii-uiiyiiiiiaiiiiiiu 


in our history, a work that began to 
change our very understanding of who 
vye are and what our place in the order of 
things might be. A few weeks after its 
publication in the fall of 1963, she told a 
Washington audience that her mail 


almost by accident began stumbling reminds us, was not really equipped for 
across new studies being done on the such battles, but she rose to the occasion, 
pesticides that had emerged during and staunch and eloquent in public, though in 
after World War II and were now being private she leaned hard on her few close , 
sprayed by airplanes and tanker trucks friends. 

the length and breadth of the nation. The particular environmental crusade 
Working amid tire distractions of her begun by Carson, the fight against toxic 
literary fame and of a metastasizing can- pollutants, shows signs of final triumph 
cer, she somehow compiled this col- — President Bill Clinton’s recent de - 1 


lection of obscure data into “Silent 
Spring.’’ which she originally intended 
to title “Man Against the Earth.” 

Its three-part publication in The New 
Yorker set off a storm that occupied t be 


cision to back new EPA standards on 
clean air is the direct descendant of the 
legislation passed in the aftermath of 
“Silent Spring.” 1 


|'i already showed a change in public at- Jast few years of Carson’s life. The ebon- Bill McKibben. the author of “ The 

' ■ nilliiumace tn qcIt .1 ■ . , I? I .f I « I. . 


titudes, a willingness to ask questions. 
People no longer “assumed that someone 
was looking after things,” a sentiment 
that explains much of the late 20th cen- 
tury in America. The flavor of the weald 
changed when Carson in “Silent Spring” 
qnmasked sane of the chemical agents 
driving Progress, and that can be said of a 
bare handful of books, 
r We need, then, a definitive biography 
of Carson in order to understand how and 
why she drew back her bow and let fly. 
Linda Lear, a professor of environmental 
history at George Washington Uni- 
versity, provides us with such a book — - 


ical companies reacted with expensive End of Nature ” and, most recently, of 


fury, but President John F. Kennedy and 
Interior Secretary Stewart L. Udall 


"Hope, Human and Wild" wrote this for 
The Washington Post. 


CHESS 






By Robert Byrne 


A LEX Yennolinsky beat George 
Kramer in the final of the United 
States Open. Against die Queen's Indian 
Defense, Petrosian’s 4 a3 Bb7 5 Nc3, 


competent, careful, comprehensive. If it enables White to take the effective c3 
is not perfect, if it fails to quite explain square for his kn i gh t without allowing a 
how Carson made the leap to a kind of pm with ..JSb4. 
radicalism in “Silent Spring,” this is The idea underlying 8 Qa4 is to elicit 
because Lear is a modest and earthboond 8...Qd7. when 9 Qd7 Nbd7 10 Nb5 will 
biographer. force Black into an awkward protection 

Carson, born in a small Pennsylvania of his c7 pawn. Perhaps the best black 
river town at die turn of die century, was move is 8 ... c6, although White has 
years younger than her brother and sister, achieved the objective of cutting the b7 
She spent a lot of time alone, wandering bishop off from helping to control the e4 
the woods and fields, which is the clrchdd- square. Kramer's choice, 8..-Bc6 con- 
but-true beginning to the life story of sumesatempo,after9Qc2O-O10Bg2, 
nearly eveiy naturalist I know. Her fa- with 10..3b7, to gethis bishop correctly 
nm-ffv firman the iso- rweitnateri. while Yermolioskv’s 9 Qc2 


16.. .g6 17 Qh3 Nh5 18 Bh6Re8 19 f4, 
the -white ltingside pawn majority was 
more dangerous than its black coun- 
terpart on the other wing. 

Kramer’s attempt to break the white 
center with 20.. Jo was countered by 
Yennoiinsky’s 21 e4 fe 22 ed, but after 

22.. .cd, the right capture would have 
been 23 Bd5 ! Bd5 24 Rd5 Qc7 25 fe with 
an extra pawn for White. Instead, Yer - 1 
molinsky chose 23 Nd5?!, which was 
sharply met by Kramer’s 23— Bd4! 

After 24...Bg2 25 Qg2, Kramer erred 
with 25..Rc7?, when he could have j 
played 25...Qe7l? and probably held the I 
game. 

After the second black rook left the 
first rank with 26..Re5, Yennolinsky 
sprang into action with 27 Ne2!, and on 
27 JW7?. he penetrated to the eighth 
rank with 28 Rd4 Rd4 29 Nd4 Qd4 30 
Qa8 Kramer had missed his last chance 
to fight, 27...Rc21? 28 Rd4 Qe8, al- 


moos reserve came partly from the iso- resituated, while Yennoiinsky’s 9 Qc2 rank with 28 

lation of her childhood, partly from the cleared a square for his 12 Rdl. Qa8. Kramer missed frs chance 

te ofTfiSSddiSte Bud of After 12*Rdl, Kramer could not ata to SafcZ7-Rcm 28R*W, 
poverty and partly from the constant, al- for coonterplay with 12...C5 beraose 13 though ^ Re 30Re2 

attention of her mother, dc be 14 N&4 Nb6 15 Nf5 Re8 16 Bg5 Sff 2 

swkss SSSSTss 

SSSSSStKiSiS SiSfSI If*.- — 


■ science that grabbed her first, leading her 

: tg r» to Woods Hole Marine Biological Lab- 
- ? w ■ oratory and then to Johns Hopkins, where 
she earned a master's in zoology. The 

Depression and her sex made an academic 
career nnHkely, so she went to work in- 
stead for the government, editing and 
" writing pamphlets for the Fish and Wild- 

life Service of the Interior Department 
Those pamphlets turned into feature 
articles for newspapers and magazines 
: _ . and finall y, after many years, into * The 

Sea Around Us” and "The Edge of the 
Sea,” which woe published to great suc- 
cess in the 1950s. “The Sea Around Us. 

‘ A which offered most people their firstreai 
* ^ glimpse beneath the oceans surface, 

i, . spent 32 weeks atop the best-seller list, 

‘ fl- tv and“’nie Edgeof die Sea” joined it jn the 

J W f 10 immediately npon piblication. 

But had she stopped with those books, 
Carson would have faded away by now* 
V > like Edwin Way Teale or Donald Cul- 
/ ^ row Peattie, other specimens of the be- 


-KRAMEH/BLACK 



Yennoiinsky’s process, but merely 
shortened it by two moves. After 37 g4, 
Kramer gave up. 

QUEEN’S INDIAN DEFENSE 


YEfBlOUNSKYMHTTE 

Position after 28 ... Re5 


While 

Black 

White 

Black 

Yer’sfty 

Kramer 

Yer'sky 

Kramer 

1 

d4 

N18 

19 f4 

Bc5 

2 

c4 

efi 

20 Kbl 

» 

3 

NO 

bS 

21 e4 

fe 

4 

a3 

Bb7 

22 ed 

cd 

S 

Nc3 

d5 

23 Nd5 

Bd4 

6 

cd 

ed 

24 Nc3 


7 

& 

Be7 

25 Qg2 

Rc7 

8 

Qs4 

Bee 

26 fe 

Re5 

s 

Qc2 

0-0 

27 Ne2 

Rd7 

10 

Bg2 

Bb7 

28 Rd4 

Rd4 

11 

0-0 

Nbd7 

29Nd4 

Qd4 

12 

Rdl 

a9 

30 Qa8 

KT7 

13 

Ne5 

RC8 

31 QfS 

K£6 

M 

Qf5 

Cfi 

32 QeS 

Kd5 

15 

Bf4 

Ne5 

33 Qd7 

K£4 

15 

17 

tie 

Qh3 

§b5 

34 Rel 

35 Rfl 

K13 

Ke4 

18 

Bhfi 

Re8 

36 Qd4 

Kd4 


37 g4 

Resigns 


23rd September 1997 

National Day of the 
Kingdom of Saudi Arabia 

In the last twenty six years, the Kingdom of Saudi Arabia BSB 
has, with the help of God, successfully undertaken a R3E 

development programme of unique dimensions, «= 

expanding its industrial base and providing its people 
with free healthcare, free education to university level 
and a range of other welfare benefits. 


ECONOMIC RESOURCES 

Licensed factories 199 2303 

Megawatts of electricity generated 344 17,530,000 

Land suitable for agriculture in hectares 500,000 1.500,000 

Desalination capacity in millions of gallons 5 502 

HUMAN DEVELOPMENT 

PupDs in schools 600,000 3,300.000 

Students in higher education 8,000 170,000 

Students in centres of professional training 578 10,000 

HEALTH 

Hospitals 74 279 

Primary healthcare centres 591 3.254 


In addition, the Kingdom has provided an 
unprecedented annual average of 5.5% of its 
gross national product in financial assistance 
to more than 70 other countries in the Islamic 
world and beyond. 


For further information, contact; Ministry of Information, PO Box 570, Riyadh 11161 a bo 





!'« + <’ t: i< J i -i •» i *. * » i •, * m » t i* »f a > if-* ' * » VaV 




tGE 

A! 


ted* 
<t 19 


PAGE 10 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, SEPTEMBER 23, 1997 



INTERNATIONAL 


Clint on, at UN, Vows to Seek Approval for Test Ban Treaty 


By Brian KnowUon 

International Herald Tribune 


WASHINGTON — President Bill Clinton 
said Monday that he would immediately ask the 
Senate to ratify the Comprehensive Test Ban 
Treaty t which he called ‘the longest sought, 
hardest fought prize in arms coniroL' 

Anns-conrrol specialists welcomed Mr. Clin- 
ton's «ill . saying it would increase pressure on 
other nations that have nuclear weapons to pro- 
ceed with ratification. . 

In a speech to the opening session of the United 
Nations General Assembly, Mr. Clinton also 
called for the creation, before the end of the 
century of a permanent international court to 
"prosecute the most serious violations of hu- 
manitarian law.” 

He also promised that after years in arrears, the 
United States would pay nearly $ 1 billion in back 
dues to the United Nations. He praised the broad- 
casting magnate Ted Turner for his recent pledge 
of $1 billion to the international organization. 

F inall y, Mr. Clinton said that the United States 


would promote an expansion of the UN Security 
Council to better reflect changing mterntmonal 
realities. The administration has said that Ger- 
many and Japan should be included among the 
per man ent members of the council, and has said 
that three other seats should be added on a 

rotating basis. , 

The president's decision to use the UN speech 
as a pUtfoim fiom which 10 seek Senate rat- 
location of tee test ban treaty, which he had 
signed a year ago at tee United Nations, was 
welcomed in arms -control circles- 

Spurgeon Keeny. president of the Arms Control 
AssSon, said that Mr. Clinton s announce- 
ment was a "timely move to send this fotwd. 

Mr. Keeny, a former deputy director of the 
U.S. Arms Control and Disarmament Agency, 
said that the issue of a comprehensive ban had not 
fully captured senators' attention. But he added 
ihat “after some stormy and extensive debate, I 
think it will pass.” 

Mr Clinton called the test ban treaty our 
commitment to end all nuclear tests for 
all time, the longest sought, hardest 


fought prize in the history of arms control.” 

‘“It will help to prevent the nuclear powers from 
developing more advanced and more dangerous 
weapons,” he said. "It will limit the possibilities 
for other states to acquire such devices." 

Mr. Clinton was the first world leader to sign 
the treaty. Representatives of the other four major 
nuclear powers also signed it last year at the UN. 

He had delayed sending it to the Senate in pan 
to build support for the measure, and in part 
because the Senate was occupied with other 
anus-control issues, including ratification of the 
Chemical Weapons Convention. 

A test ban has long faced substantial oppo- 
sition in Congress, particularly by Republicans. 

Bm Mr. Keeny noted that the treaty nad gained 
two influential advocates: the U.S. military, and 
the weapons laboratories that contract with the 
Energy Department to test nuclear weapons and 
their components for continued reliability. 

Mr. Keeny said the Senate debate was “cer- 
tainly not going to be a walkover," but he pre- 
dicted the treaty would ultimately receive the 
two-thirds majority required for ratification. 


The General Assembly adopted the treaty lost 
year, and 146 nations have signed iL Bui only a 
handful have ratified it,. and none of the five 
major nuclear weapons states have done so. 

Mr Clinton’s announcement will increase 
pressure on India, which has said it will not sign 
the treaty but which, along with 43 other actual or 
potential nuclear powers, has the abffiry to block 
it The president was to meet Prime Minister 
Inder Kumar Gujral later in the day. 

All countries are believed to have observed a 
moratorium on testing since July 29, 1996, when 
China tested a nuclear deuce. Before that, the last 
explosion was by France, on Jan. 27, 1996. 

■ Mr. Clinton urged all nations to pat the treaty 
into force as soon as possible. ■ 

He also called for an expansion of the Security 
Council, which now has five permanent and 10 

rotating members. __ , , . A . 

On Friday, Secretary of State Madeleine Al- 
bright had indicated her support for proposals to 
give Germany and Japan permanent seats, and to 
add one rotating seat each for Latin America, 
Africa and Asia. 


Yeltsin and Religion 

Gore Appeals Against a Russian Curb 


By David Hoffman 

WjMngnvi Post Service 


MOSCOW — Vice President A1 Gore 
urged the Kremlin on Monday to reject a 
revised bill restricting minority religions 
that has drawn protests from the West 

But a top Russian official said that 
President Boris Yeltsin supported the 
legislation. 

Mr. Gore made his appeal in a meet- 
ing with Prime Minister Viktor 
Chernomyrdin, opening two days of 
talks on space exploration, the economy 
and nuclear nonproliferation issues. Mr. 
Gore said the revised religion legislation 
was just as objectionable as a version 
that Mr. Yeltsin vetoed on July 22 on 
grounds it was unconstitutional. 

The legislation, approved by the 
lower bouse of the Russian Parliament 
last week, would designate Russian Or- 
thodoxy, Islam, Judaism, Buddhism and 
Christianity as traditional religions, but 
create a separate, more restrictive legal 
status for many minority faiths. 

It would limit the practices and op- 
erations of those religions, sects and 
faiths that have not had a presence in 
Russia for at least 15 years, which would 
include most that have come to Russia 
since the collapse of the Soviet Union. 

These minority religions would be 
prohibited, for example, from importing 
or distributing literature, and in some 
cases would be forced to reapply for 
official registration every year, a time- 
consuming process. 

The legislation was pushed by the 
Russian Orthodox Church, which has 
felt threatened by proselytizing by other 
religions, cults and sects. 

The bill is expected this week to reach 
the upper chamber of Parliament, the 
Federation Council. In July, the Senate 
threatened to cut off all aid to Russia if 
Mr. Yeltsin signed the earlier version. 


Ex- Aide Fears 
Russia Lost 
Nuclear Arms 

Reuters 

MOSCOW — President Boris 
Yeltsin's former environmental 
safety adviser said in remarks pub- 
lished Monday that some of Rus- 
sia's potable nuclear bombs might 
indeed be missing, as asserted by 
another former Yeltsin aide. 

"The statement by Alexander 
Lebed concerning suitcases with 
nuclear bombs is definitely not 
groundless," (he former adviser, 
Alexei Yablokov, wrote in a letter ro 
Novaya Gazeta weekly. 

The letter was written Sept. 9, a 
few days after Mr. Lebed, the 
former presidential security ad- 
viser, told the CBS News "60 
Minutes” program that the Russian 
military had lost track of some of its 
nuclear weapons. 

He mentioned more than 100 
suitcase-sized nuclear bombs, any 
one of which could kill up to 
100,000 people. 

Defense Minister Igor Sergeyev 
insisted Monday that Russia's nu- 
clear arsenal was under firm con- 
trol. 

"There are no concerns over this 
issue,” Interfax news agency 
quoted him as saying. 1 ‘The nuclear 
weapons are under permanent con- 
trol.” 

The minister appeared to be mak- 
ing a general remark and did not 
mention Mr. Yablokov or Mr. 
Lebed. 

Nuclear experts with internation- 
al research organizations said in the 
past that Russia had strict control 
over its military nuclear sites and 
that they viewed nuclear bomb and 
missile theft as extremely unlikely. 

But they said there had been cases 
of theft of nuclear materials from 
power plants and scientific labo- 
ratories. 

Mr. Yablokov said the military 
might simply have no record of 
some of the portable nuclear bombs, 
which he said wens nude in the 
1970s for the Soviet KGB for “ter- 
roristpurposes." 

"These nuclear charges were not 
registered by the Defense Ministry 
and as a result could have been 
dropped from the list of nuclear 
devices under international disarm- 
ament negotiations,” Mr. Yablokov 
said. 


Boris Nemtsov, first deputy prime 
minister, said in an interview over the 
weekend that he also recommended that 
Mr. Yeltsin veto the bilL 

“I think we could live quite well with- 
out that legislation, ’ ’ he said. * ‘We have a 
constitution that says everybody is equal, 
those who believe in God, and those who 
don't And I think that's sufficient.” 

Critics say the new draft is just as 
restrictive as the one that Mr. Yeltsin 
vetoed. 

Ruslan Orekhov, head of the Krem- 
lin's main state-judicial directorate, told 
the Itar-Tass news agency that the law 
does not contradict the Russian Con- 
stitution. The 1993 constitution states 
that religions “shall be equal before the 
law.” 

According lo Mr. Gore, the U.S. and 
Russian experts disagreed over legal in- 
terpretations of the raw and he and the 
prime minister asked them to clarify 
their views. Mr. Gore said he hoped to be 
able to make some progress in influ- 
encing the Russians. 

On a separate topic, Mr. Gore said he 
and Mr. Chernomyrdin, meeting at a 
resort south of Moscow, had discussed 
American and Israeli complaints that 
Russia is allowing materials for 
weapons of mass destruction and missile 
technology to reach Iran. 

Russia is building a nuclear power 
plant in Iran, but has denied that it is 
sending nuclear weapons or missile 
technology to the Iranians. 

President Bill Clinton appointed 
Frank Wisner, a senior career diplomat, 
to look into the issue, and Mr. Wisner 
reported his findings to Mr. Gore and 
Mr. Chernomyrdin, accompanied by 
Yuri Koptyev, head of the Russian 
Space Agency. 

Mr. Gore said the report had brought 
“new information” to light but that the 
issue was "extremely sensitive." 



OjrSuZFtrmDispxiA s 

AMMAN, Jordan — A gunman shot 
and wounded two Israeli Embassy se- 
curity guards Monday in a residential 
area ’of Amman, in the first attack on 
Israelis in the Jordanian capital since the 
two countries signed a peace treaty three 
vears ago. 

Israeli Embassy officials said the two 
men were lightly wounded and had been 
treated in Jordanian hospitals. One was 
operated on to remove bullets from his 
legs. 

The Jordanian government issued a 
statement condemning the attack as a 
"cowardly terrorist act,” and a senior 
Jordanian’ official said a number of 
people had been taken in for question- 
ing. 

'The attack occurred about S AM. in 
the Deir Ghbar district of Amman, 
where the U.S. Embassy and the res- 
idences of several Israeli diplomats are 
situated. 

The Jordanian minis ter of state for 
information. Samir Motaweh, said the 
unidentified gunmen fired from a car at 
another car that was taking die two Is- 
raelis to the embassy in the Jebel Am- 
man area. 

The shooting occurred several kilo- 
meters from the embassy, he said, 
adding that the assailants, “appear to 
have been monitoring the movements of 
iheir victims.” 



2 Israeli Embassy Guards 
Are Wounded in Aj 


the car and smashing its rear window. 

The early morning ambush was die 
first reported shooting of Israeli officials 
in Jordan since the peace signing, but it 
followed a number of attacks on Israeli 
tourists and property this year. 

A previously .unknown group calling 
itself the Islamic Resistance in Jordan 
claimed responsibility for the attack. 

The group said in a statement sent to 
news agencies in Beirut, which could 
not immediately be authenticated, that 
the attack was a "reaction to what the 
Zionist enemy has done against our 
people in Jordan, Palestine and Leb- 
anon." 

The statement also called for the re- 
lease of Ahmed Daqamsa, a Jordanian 
soldier jailed far life for killing seven 
Israeli schoolgirls at a border site last 
March. (AP. AFP, Reuters) 


PLAY: 

Work-Shy on the Web 

Continued from Page 1 


with and you really do think of as yours. 
But the reality is: It isn’t" 
Management America is viewing with 
alarm the time-wasting potential of its 

. ...... high-te chJOpj^.A nd as employers damp 

A senior lordazuan official said ifie ccfinviKaraHK-of-war with employees 


•Inj-TT l HA., ft fir* 

Upper Gore, in Moscow, visiting Monday with children at a school. 


two Israelis, Mosfie Levine. 27, and 
Ucham Khadar, 24, both received nimpir 1 
injuries. 

The attackers, who apparently were 
Jordanians, then sped away, and Jor- 
danian police began a search for them, 
another security official said. 

A Jordanian government statement, 
broadcast later on state television, said 
the Israelis fired at the aitackers* Hy- 
undai, wounding at least one man in 


Polish Coalition-Builder Stands for God and NATO 


By Jane Perlez 

Ne m - fork Times Sen-ice 


WARSAW — Marian Krzaklewski, 
who rebuilt the Solidarity coalition that 
unexpectedly routed the former Com- 
munists in Poland’s parliamentary elec- 
tions, is a conviction politician. 

He believes the Roman Catholic 
Church should be allowed a prominent 
place in Polish society. The top item in 
his 21 -point agenda for Poland is a "pro- 

ers 


his 21 -point agenda for Poland is a "pi 
family ’ social policy to help moth' 
with young children. 

But the 47-year-old computer scien- 
tist also believes that Poland must forge 
ahead with its invitation to join NATO 
and that membership in the European 
Union, if approached carefully, is ac- 
ceptable. 

A national newspaper asked on Mon- 
day morning: Which is the true Marian 
Krzaklewski? The one who voices rea- 
sonable opinions abont Poland's eco- 
nomic and foreign policies to foreign- 
ers? Or the one who thunders that those 
who disagree with him on the need for 
having God written into the constitution 
are Bolsheviks? 

Whatever the answer, Mr. Krza- 
klewski’s painstaking work over the last 
four years — crisscrossing Poland and 


forming voter lists, choosing candidates, 
forging a coalition — paid off with a 
remarkable upset in parliamentary elec- 
tions that were expected to end with a 
fractured result 

Instead, politicians were talking Mon- 
day of the humiliating rout of the former 
Communists who have governed Poland 
for the last four years and whose pres- 
ident Aleksander Kwasniewski, re- 
mains popular after two years in office. 

“KizakJewski probably believes 
Solidarity won because of his radic- 
alism," said Marek Matraszek, the di- 
rector of CEC Government Relations, a 
lobbying group in Warsaw. “But I think 
he won because he brought a broad 
coalition together. It consisted of the 
young and the old. the economically 
prosperous as well as threatened miners. 
It was a real cross section.” Women also 
voted for Solidarity, which favors re- 
stricting the liberal abortion law, in high- 
er numbers than expected. 

The connecting thread, Mr. Mat- 
raszek said, was the anti-Communisr 
sentiment of the voters for Solidarity. 

Four years ago, these right of center 
voters spread their votes over a group of 
small parties, which because they failed 
to reach more than 5 percent" of the 
overall vote, were not represented in the 


last Parliament. By bringing more than 
30 small parties and union groupings 
under the umbrella of Solidarity Elec- 
tion Action, Mr. Krzaklewski was able 
to unite into one party the ami-Com- 
munist feelings across Poland. 

Although the former Communists 
tried to reshape themselves into Euro- 
pean style Social Democrats and re- 
named their party the Democratic Left 
Alliance, their efforts at dumping their 
Communist post and projecting mod- 
ernity were not convincing. 

In a buoyant economy with nearly 6 
percent annual growth in the last three 
years, the former Communists were able 
to increase their vote of 20 percent four 
years ago by only 6 percentage points, 
according to incomplete tallies Monday. 

These results also showed that the 
expected parliamentary coalition of 
Solidarity and Freedom Union, a centrist 
party headed by the free-market econ- 
omist Leszek Balccrowicz, would have a 
sizable majority. 

Fairly typical of the attitudes toward 
the Left Alliance by Solidarity voters on 
Sunday were those of a taxi driver, 
Krzysztof Wicewicz. 

As he emerged from his polling place 
in Warsaw on Sunday, Mr. Wicewicz 
said: "I voted for Solidarity because 


they are against what the left is doing. 
Anyway I have a piece of land that was 
taken from my family in 1947 and the 
left doesn't want to give it.back to us." 

In contrast, he said, Solidarity was in 
favor of restitution. 

Mr. Krzaklewski has stated that he 
does not plan to become prime minister, a 
post that could easily be his if he wanted 
iL Rather, he has said, he plans to run his 
party's parliamentary caucus, apparently 
with the idea of running for president 
against Mr. Kwasniewski in three years. 

So Monday, Mr. Krzaklewski had to 
set about choosing a prime minister. For 
foreign investors and centrist voters in 
the Freedom Union, the logical choice 
would be Leszek Balcerowicz, the fi- 
nance minister who introduced tough 
economic reforms in 1 990 and is now the 
leader of Freedom Union. 

Mr. Balcerowicz. who favors fast 
completion of the privatization process 
and decentralization of the government, 
would reassure Poland’s foreign in- 
vestors. But Mr. Krzaklewski and Mr. 
Balcerowicz, who have said rough things 
about each other in the past, are well 
known for not getting along. Asked who 
would be prime minister, Mr. Krza- 
klewski’s spokesman Tomasz Tywonek, 
said Monday: “Only Marian knows.” 


POLAND: Solidarity’s Victory Was Result of Well-Run Campaign and Voter Canvassing 


Continued from Page 1 

Perhaps more important for their own 
survival. Solidarity politicians stopped 
the internal spats that had driven them 
apart in the past. 

In turn, they recaptured their sense of 
purpose in this eight-year-old democ- 
racy, and they stoked voter interest in the 
future and formation of democracy in 
Poland. 

“The campaigns were well mobil- 
ized,” said Lena Kolarska-Bobinska, di- 
rector of the Institute of Public Affairs, 
an independent think tank. “And people 
came to vote in much higher numbers 
than before.” 

She said Poles “didn’t mind the idea 
of post-Communists in Parliament when 
there was a clear pluralistic society.” 
But she said since 1995. when the former 
Communist, Aleksander Kwasniewski, 
won the presidency, “there’s been a 
reminder of the days of one-party 
role.” 

The results of the election brought 
Polish politics another step closer to 
normal Western life. 

The campaign in Eastern Europe's 
largest former Communist country was 


remarkably calm by Polish standards. 
Church leaders in this overwhelmingly 
Roman Catholic country played a quiet, 
more circumspect role than ever. Coarse 
slogans, including anti-Semitic whis- 
pers that had cropped up in previous 
campaigns, were oonexistenL 

Whether the winners can hold onto 
this critical unity — in this next gov- 
ernment-forming stage — is all parr of 
the waiting game. The new Parliament is 
set to convene Oct 20, and the president 
has two weeks to nominate the prime 
minister. 

The man who led the Solidarity move- 
ment to triumph will be an integral pan 


of the negotiations — and may hold the 
key to forming a stable government that 
could last into the 21st century. 

Marian Krzaklewski, 47, the trade un- 
ion leader who has headed Solidarity 
since Lech Walesa was elected president 
in 1990. His learning curve has been 
steep. In 1993, Mr. Krazaklewksi over- 
played his hand in a parliamentary dis- 
pute that set the stage for Solidarity’s 
defeat io the former Communists. 

Mr. Krzaklewski clearly absorhed the 
jolt of where political talk can lead. But 
he remains a well-spoken firebrand whn. 
in the months leading up to the election, 
rarely shied from controversy or his 


Catholic convictions. On Monday, he 
openly chastised members of the Free- 
dom Union — Solidarity's most obvious 
coalition partner — for voting for a long- 
awaited constitution that he called 
' ‘godless' ’ in part because it did nor ban 
abortion. 

He has suggested, depending on the 
number of seats his bloc takes into Par- 
liament. that Solidarity could try to rule 
as a minority government. He said a 
coalition could be possible only with 
parties that fell in line with Solidarity 
demands — and he made no promises 
about the Freedom Union, which finan- 
cial markets have clearly favored. 


MIR: Computer Blows Again, Days Before the Atlantis Docking 

mission control. “When we were mon- 
itoring the turning of the ship, we saw 
some brown drops coming from it.” 

Mr. Vinogradov then said, “The 
drops were Fanning out for a long time 
and then stopped.” 

On the ground, Mr. Blagov said pres- 
*2* . m vehicle and engines had been 
checked and no leakage had been found. 


Continued from Page I 

There is a danger that the computer 
could break down when Atlantis tries to 
dock; a computer problem led to a crash 
between Mir and a supply craft in June. 

The main Mir computer dates from 
1980. For the first time Monday, Russian 
space officials acknowledged that there 


was no backup computer. The second 
computer aboard, a 1970s model, controls 
only the firing of jets to reposition Mir. 

Shortly after the latest breakdown, the 
Mir crew also noticed a brown liquid 
leaking outside but could not identify it 
or say what it might signify. 

“We have an observation we don't 
understand at all.” Mr. Solovyov told 


wet tte JHt^agjstoent of their time and 
wbrif up in a new form. 

Tbe^ figntnas' reached Capitol HilL 
Senator Lauch Fafr cloth. Republican of 
North Carolina,, became so. incensed 
earlier this year when he saw members 
of his staff playing games on their office 
PCs that he responded with an amend- 
ment to a pending appropriations bill. 
The measure would require federal 
agencies to remove any games currently 
installed on their computers and prohibit 
the purchase of new machines with 
games preloaded. 

The Senate has unanimously ap- 
proved the amendment, and a joint 
House and Senate committee must now 
decide whether to include it in .the final 
version of the bill. 

It would be alaw too far, in the view of 
Cory Tusar, a 22-year-old computer pro- 
grammer for the Environmental Protec- 
tion Agency. Mr. Tusar, whose super- 
visor deems him “one of the most 
productive employees in this whole of- 
fice," has been known to use his lunch 
break to play Quake, a popular Internet 
game in which the goal is to blow away 
an opponent in some other corner of the 
network. 

"I’ve been known to stretch it by 15 
minutes — or more," Mr. Tusar said of 
his lunch-hour computer carnage. “But 
then I work longer hours.” 

The heightened concern by both pub- 
lic and private employers about PC us- 
age is due largely to the advent of the 
World Wide Web, a looking-glass world 
just beyond the computer screen that 
employees fall into with great regular- 
ity. 

Workers with Web access typically 
spend 5 to 10 hours a week to send 
personal e-mail or search for informa- 
tion not specifically related to their jobs, 
according to employer estimates. Pop- 
ular entertainment sites, such as ESPJn ’ s 
Sport Zone, where visitors can check 
sports scores, and Sony Corp.'s, where 
they can play “Jeopardy." sustain 
heavy traffic during the work day. As 
everything from CDs to cars go on sale 
over the Web, meanwhile, some em- 
ployees are also spending more time 
shopping on-line. 

To rein in such digital dalliances, em- 
ployers are experimenting with new 
technology, using software programs 
like the aptly named "Little Brother” 
that allow managers to track which sites 
employees visit on the Web. Some are 
installing stripped-down computers that 
prevent users from loading their own 
games, screen savers or other personal 
touches. Then there’s the software pack- 
age " Antigame. ” which scans a PC 
network for offending amusements and 
zaps them. 

Nearly two-thirds of employees in 
medium and large companies in the 
united Mates now have access to die 
Internet, the global computer network, 
compared with 15 percent only two 
years ago. according to a sampling of 
3UU companies surveyed by IDC Corp., 
a research firm based in Framingham, 
Massachusetts. 

Wre here for business purposes, 
not for individual entertainment,” said 
Jim Kmney, chief information officer at 
Kraft Foods, which recently installed an 
automated system that prevents employ- 
ees from visiting World Wide Websites 

unrelated to their jobs. 


t * T 

A 


A 




INTERN ATTllMi I. 


HER1I n TAntriniE' lE’rnivnn^*' 




Phoio Point has potential to selectively 
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In dimcal studies, the PboioPoim drug is 
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exposed to a specific wavelength of non- 
thermal red light 



Light is directed at the target area. A 
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/rgfcc, and special devices deliver it u ithin 
the body or on its surface. 


•uimmiiinmnimini 





■lMiiliiiHnifiiii|iiiiiri|ciiii||f f ||„ l „ l , | 








Targeted cei/s are destroyed by an interac- 
tion between the drug and the ligfat.uith 
minimal known side effects. Photo Point. 
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as an outpatient procedure. 





WE’RE CHARTING A BOLD NEW COURSE IN MEDICINE. 
WANT TO COME ALONG FOR THE RIDE? 



Every once in a while, a sea 
change in medicine happens. It is 
the kind of shift that is so funda 
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At the time, of course, it is anything 
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While you ponder this homily 
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We niodesdy suggest that we’re 
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This technology, which is current!)' 
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"lo begin with, our procedure uses 
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We are synthesizing these drugs 


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Finally, we have forged strategic 


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We plan to market this procedure 
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Miravant 

MEDICAL TECHNOLOGIES 


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™|DAV SEPTEMBER 23, 1997 



Now Warming Up 
To the ‘Asiatropics’ 

Singapore as a Fashion Hub 


By Suzy Menkes 

Init'maiional HvrulJ Tribune 


s 



$ 


Series, 


INGAPORE — Outside on 
Orchard Road, it was as hot as 
Hades. But behind the glacial 
. plate-glass window, a man- 
nequin was muffled in a russet tweed 
suit and shawl. “Warm up to autumn," 
read the sales blurb. 

With shopping malls full of Western 
designer clothes reflecting fashion’s 
four seasons, Singapore launched last 
week an imaginative new venture* 
’Asiatropic” fashion. 

Thai means a new style appropriate to 
equatorial countries where Vivaldi’s 
music could never conjure up a snow- 
flake, a primrose or a falling leaf. Imag- 
ine seasonless clothes — lightweight, 
fluid in shape and in colors and textures 
that express the allure of the Hast. 

Culture as well as climate is part of 
the tropical concept. And with Pacific 
Rim cooking and feng shui in the home 
all the rage in the West, why shouldn’t 
Asia’s designers offer fashion from its 
compass-point of view? 

“All the fashion capitals are 45 de- 
grees north of the equator — below 20 
degrees there is nothing — so theor- 
etically, it is a good idea for us to 
develop a unique style, ' ’ said Alan Koh. 
chairman of the Fashion Connections 
Singapore organizing committee. The 
three-day fest included a trade show and 
a designer contest among Southeast 
Asian countries. 

The idea is to make Singapore a fash- 
ion hub — not quite the Paris of the 
Orient, but rather a marketplace for the 
400 million people in the countries of the 
Association of South East Asian Na- 
tions. Stephen Lee. the chairman of the 
Singapore Trade Development Board, 
calls it “a gateway to the burgeoning 
Asian market." The currency typhoon 
blowing through the area proves the wis- 
dom of creating a regional trading unit 
What do countries washed by. the 
South Seas have in common? Designers 
from Indonesia, Malaysia, the Philip- 
pines, Singapore. Thailand and Viet- 
nam — with India making a guest ap- 
pearance — all displayed a passion for 
textiles and texture. And instead of the 
cutting and sewing of Western design, 
they favor wraps and drapes to create a 
slender silhouette. 

T HAT might mean a Chinese 
cheongsam, cropped to a bare- 
midriff top; or just easy tunic 
and pants with rugged surfaces 
and tribal symbols. Colors can be earthy 
and spicy, or serene shades of sea green 
and blue. Vibrant patterns can be in- 
spired by wickerwork, traditional batik 
or a temple frieze. 

But while chinoiserie is currently hot 
in the West, designers digging down to 
their Asian roots can seem “ethnic.” 

“The fashion becomes regional cos- 
tume in Western eyes — and If you want 
to play in a major arena, you have to 
understand the wider market,” said In- 
no Sotto, a Philippine designer whose 
subtly draped clothes in sDky jersey, 
accessorized with metal bands like 
curved blades, caught the perfume of 
Asia in a contemporary way. 


For Professor Asha Baxi, from In- 
dia's National Institute of Fashion 
Technology, Europeans know instinct- 
ively “what to pull out of a culture.” 

The challenge for designers looking 
for an Asian identity is to b alan ce ethnic 
and modern. 

For the established Singapore 
companies at the Fashion Connections 
trade show, the Asian element meant 
commercial items like an embroidered 
bag or a Mao-collar blouse. 

But at the fashion schools, which held 
a runway contest, students are begin- 
ning to tap into their ethnic cultures. 
That confidence probably comes from 
the fact that they are in demand — with 
faxes from prospective employers on 
display at the LaSalle College. “When 
they first start, they say they are sick of 
Chinese — but when they see European 
designers inspired by this part of the 
world, they are much more comfortable 
with their roots,” says Jane O’Connell, 
principal of LaSalle, which offered a 
scholarship to the winner of the Young 
Designer Contest. 

At the Nan yang Academy of Fine 
Arts, the course is so popular that there is 
a twice-yeariy intake from the ASEAN 
region (with other foreign students from 
China and even Russia). Evangeline 
Tang, the academy head, says she tries to 
encourage Asian ideas by taking a theme 

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A LINCHPIN of Asian style is 
craftsmanship — exemplified 
by Biyan. a leading Indone- 
sian designer, who showed 
layered evening outfits with a moon- 
shine shimmer of tiny beads. A graduate 
of the London College of Fashion, be sec 
up business 13 years ago. 

“Asia has a big industrial base as 
well as cottage industries: hand-painted 
and woven fabrics and lots of crafts- 
manship.” he says. “But it doesn't have 
the proper synergy yet.” 

Is: it too early to talk of an Asian or 
tropical style? For the fashion consult- 
ant Pat Chan, it would be a mistake for 
the different Asian countries, with so 
many disparate cultures, histories and 
tastes, to try to speak “with one 
voice." 

Koh believes that after the period of 
rapid expansion, in which Asian as- 
pirations were to emulate the West, de- 
signers should now be ready to redis- 
cover an Asian fashion identity. Thai 
would be a blow to Western luxury 
labels, for whom Asia is a lucrative and 
expanding market. 

“This is jnst the beginning of a pro- 
cess of Asians beginning to understand 
themselves,” says Koh. “We have to 
create a situation of want Could there 
be a unique Asian tropical style? Is there 
a demand? And if not, how do you 
create one?” 

That is indeed the question. For at a 
fund-raising Versace gala that was a 
centerpiece of the Fashion Connections 
event, the elegantly dressed women 
were inevitably dressed in fashion's in- 
ternational little black dress. 

Yet Asian dress is still worn in so- 
ciety, according toTinaTan-Leo of The 
Link, the fashion consortium that 



- 





Clockwise from top left: Winning young designers Jonathan Seow of Singapore. Cynthia Teo of Malaysia and N go Thai Uyen of 'Vietnam, and creation 
in wickerwork print by Teera Chantaswat of Thailand; designer fashions by Inno Sotto and Biyan on show at Singapore's F ashion Connection. 


opened a new Versace boutique in 
Singapore last week. 

“A lot of Oriental women are proud 
to wear something Chinese,” she said. 
“I wear a cheongsam — but in a new 
way. split both sides over pants.” 

Singapore, with spices and peacock 
feathers in its Indian market, an Alad- 
din's cave of fabrics on Arab Street, its 
shop-houses in Chinatown and its 
Malay cultnre. seems well-placed to 
create a modern Asian style. It might 
even flower by the time the annual Fash- 
ion Connections celebrates its 10th an- 
niversary in 1998. 

“The whole concept of Asian design 
is fluid, ’ ’ says Koh. ’ * We need to adapt 
and adopt — to create a compromise 
between Western fashion and our own 
culture.” 


0* 

**** 


m 


Kai-Yin Lo’s Environmental Designs 


International Herald Tribune 

H ONG KONG — With the 
thick smog or so-called 
“ haze ” sounding an alarm 
call for Asia's environment, 
the jeweler Kai-Yin Lo has come up 
with a timely project. 

She has. used her. creative skills to 
support the World Wide Fund for 
Nature. On Oct. 1 . the WWF is launch- 
ing a collection of jewelry that is de- 
signed both to raise consciousness and 
to celebrate the elements that make up 
a threatened environment 

“The creative arts need a healthy, 

. natural environment in which to 
thrive,” says Kai-Yin Lo, who is con- 
cerned by Hong Kong's pollution. 


The most emblematic symbol in her 
WWF collection is a silver dolphin, its 
fluid tines and watery gemstone en- 
compassing both the endangered 
Chinese white dolphin and the rest of 
marine life. 

Because she wanted to take the fo- 
cus away from wildlife and focus on 
the wider issues, the designs are often 
abstract: a stylized leaf in 18-karat 
gold to represent flora; a Brancusi-like 
silver sculpture suggesting a bird in 
flight, and a flame of energy leaping 
from a circular cosmic core. But an- 
imal lovers will also find WWF’s sig- 
nature panda in sterling stiver. 



Suzy Menkes Dolphin in sterling silver. 


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Monday's 4 P.M. Close 

Nafiamide prices nof reflecting kite trades elsewhere. 

The AssMated P*?z.. 


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TUESDAY. SEPTEMBER 23, 1997 



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PAGE 13 


China Objects to ‘Excessive Demands 9 Over Its Bid to Join WTO 


By Alan Friedman 

/nft'r/wftiMvif Htruld Tnhimr 


HONG KONG — Pledging that 
Cruna would cut tariffs and steadily 
open up its market to foreign compa- 
ny- F!pP ut y ***”“ Minister Zhu Rongji 
said Monday that it was unreasonable 
for the world to make “excessive de- 
mands on Beijing before admitting it 
to the World Trade Organization. 

Mr. Zhu, speaking at a World Bank 
seminar here, reeled off a list of pre- 
viously promised trade liberalization 
steps including a commitment to re- 
introduce an exemption on duties for 
imports of capital equipment used in 
foreign investment projects. 

Mr. Zhu, who is likely to succeed 
Prime Minister Li Peng next year, said 
that China’s newly announced econom- 


ic restructuring plan for slate owned 
enterprises, along with other reforms 
such as the liberalization of the banking 
system, would remain unchanged. 

“Reform and opening-up,” he said 
in a speech before hundreds of inter- 
national bankers, corporate executives 
and government officials, “have be- 
come irreversible." He also said 
Beijing would “protect the rights and 
interest of foreign-funded enterprises 
according to law and grant them na- 
tional treatment so that all enterprises. 
Chinese or foreign-funded, may com- 
pete on an equal footing.’ ’ 

Speaking on the eve of a visit to 
Beijing by the U.S. Treasury secretary, 
Robert Rubin, Mr. Zhu noted that China 
had recently announced plans to cut 
from an average of 23 percent ro 17 
percent customs duties on more than 


4.800 items starring OcL 1. He called 
this “an important step gradually lead- 
ing to an open market.” 

Given the efforts China was making 
on trade liberalization, Mr. Zhu said, it 
was “unreasonable to make excessive 
demands on China, which is a devel- 
oping country.” The United States and 
other members of the World Trade Or- 
ganization have said, however, that 
China should not be considered a de- 
veloping country in order to be excused 
from meeting WTO obligations. 

When asked what message Mr. Rubin 
would be able to take back from Beijing 
to President Bill Clinton, who is pre- 
paring for a Washington meeting with 
President Jiang Zemin next month at 
which China's bid for membership in 
the trade organization will be discussed, 
Mr. Zhu demurred. 


Search for a Villain 
In Southeast Asia 

Who ’s to Blame for Currency Crash? 


By Reginald Dale 

tnicrniinoiKjf Herald Tribune 




* 


W ASHINGTON — From 
Shylock to Scrooge and 
now to George Soros, it 
has always been only too 
easy to cast the man with the money- 
bags as the villain. And it’s happening 
again as countries in Southeast Asia 
search for scapegoats for the financial 
crises that have beset them in recent 
weeks. 

Only Mahathir bin Mohamad, the 
outspoken prime minister of Malaysia, 
has specifically — and falsely — 
charged Mr. Soros, the billionaire 
American financier and philanthrop- 
ist. with plotting to destroy his coun- 
try’s economy. 

Bur people in other Asian countries 
too have been quick to blame the al- 
legedly nefarious activities of inter- 
national speculators for stock-market 
and currency collapses. Similar ac- 
cusations were made during the Mex- 
ican peso crash just under three years 
• ago, even though it was largely the 
Mexicans themselves, like the Asians 
today, who had precipitated their own 
crisis. 

But emerging nations don’t have a 
monopoly on paranoia about foreign 
financial skullduggery. Two decades 
ago, a British Labour prime minister. 
Harold Wilson, was blaming ‘‘the 
gnomes of Zurich” for the woes of the 
pound. 

F RENCH politicians of the left 
and of die right still like to 
attribute speculative attacks on 
the franc to an imaginary 
‘ ‘Anglo-Saxon conspiracy ’ ’ — a clear 
expression of die underlying cultural 
hostilities on which such fears are usu- 
ally based. 

In Asia, the latest crisis has added 
a twist to the debate pitting col- 
lectivist “Asian values” against as- 
sertive Western individualism that 



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has accompanied 
the explosive eco- 
nomic growth and 
rising political in- 
fluence of so many 
Asian countries. 

Some Westerners 
have been secretly 
thrilled to see Mr. 

Mahathir, one of 
die most prominent 
exponents of Asian 
superiority, get his 
comeuppance. 

For Asians who 
believe their success 
is due to their own 
values, on the other 
hand, it naturally 
follows di3t aggressive Western be- 
havior must somehow be at (he root of 
their unexpected financial troubles. 

It is not just Western speculators 
they are worried abouL In the words 
of Stephan-Goetz Richter, publisher 
of the Transatlantic Futures weekly 
wire, "leading Asian nations in- 
creasingly are expressing their con- 
cent about the rules and regulations 
of international institutions such as 
the International Monetary Fund, 
with their supposedly confrontation- 
al bias.” 

That may be one reason that Thai- 
land, for instance, disregarded insist- 
ent warnings from the IMF that it was 

heading toward the rocks. 

Bangkok was too proud to 
admit that it needed the 
Western-dominated Fund’s 
advice, particularly when 
that advice was politically 
unpalatable. Mr. Mahathir actually ac- 
cused the IMF of readiness to “sub- 
vert” Malaysia’s economy. 

All these wild charges, of course, 
may make good politics. There are just 
enough truths or half-truths behind 
them to invest them with a kind of 
spurious credibility. It is tree that the 
Fund often imposes harsh and polii- 





THINKING 

AHEAD 


ically unpopular conditions on coun- 
tries tfaar seek its aid. 

Ir also is true that many of the 
biggest and most aggressive specu- 
lators and investors are “Anglo-Sax- 
on” — New York and London, after 
alL are two of the world's top three 
financial centers. 

And it is true that speculators profit 
from instability and look for over- 
valued, or undervalued, currencies 
with which to gamble. 

But that is as far as it goes. Spec- 
ulators and investors are not motivated 
by any desire to destroy countries’ 
economies or retard tbeir development; 
they are trying to make a profit. They 
are just as likely to sell dol- 
lars short as Thai baht or 
Reach francs. That is the 
way capitalism works. 

That may be cold com- 
fort for emerging nations, 
who must often walk a narrow path to 
avoid punishment by the markets. But 
governments who embrace scapegoat 
psychology risk blinding themselves 
to the real cause of their difficulties, 
which is usually their own mistakes. 
Those mistakes will be much harder to 
correct if they believe their own pro- 
paganda. 


Turner Turns to the $1 Billion Details 


By Geraldine Fabrikant 

Afro- Tort Tunes Service _ 

Ted Turner wants to have his cake 
and eat it too. 

The ebullient multibillionaire 
pledged last week to give United Na- 
tions agencies as much as $1 billion 
over 10 vears. However, be has dis- 
closed that he wants to find a way togive 
the money away and not sell his stock in 
Time Warner Inc. His 58 million Time 
Warner shares — representing about 10 
percent of Time Warner’s shares out- 
standing — are the source of much of his 

53.2 billion fortune. 

To meet die stunningly large pledge, 
Mr Turner, 58. would have to give away 
roughly 2.7 percent of his stake each year 
oveTfoe next 10 years, assuming the 


share price does not change. The stock 
market — aware that even if he actually 
sold that stock over the extended period, 
the sale would have little impact — sent 
Time Warner stock down just 12_5 cents 
Friday to close at $55.25 a share. 

The stock closed Monday at $54,875, 
down 37.5 cents. 

But Mr. Turner, who clearly knows 
that his leverage with Time Warner de- 
pends heavily on his stock ownership, 
has asked his investment team to looker 
alternatives to an actual stock sale, at 
least in the near term. 

“I might pledge the stock to the foun- 
dation,” Mr. Turner sajd, and then 
borrow the money and give it away.* 

But Taylor Glover. Mr. Turner’s per- 
sonal finan cial adviser, acknowledged 
fhar devising a strategy to accomplish 


that goal would be difficult He said that 
he and a (earn of law firms and ex- 
ecutives of Price Waterhouse, Mr. Turn- 
er’s accounting firm, would be working 
over the next weeks to seek a solution. 

“If yon want to know the whole 
story,” Mr. Glover said, “stay tuned. 
We are discussing with United Nations 
officials their needs and ideas on the 
structure too.” 

Mr. Turner could, of course, hold his 
stock and borrow against it, eventually 
selling the stock to repay the loan. 
However, if be did not put the stock into 
a charitable foundation before selling it, 
be would have to pay capital-gains taxes 
on the sale. 

Another reason to keep the roughly 

SeeTURNER, Page 14 


CURRENCY & INTEREST RATES 


Sept 22 

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“J think both Presidents Clinton and 
Jiang are more clever than me. and I am 
sure (hey will be able to solve this ques- 
tion satisfactorily,” Mr. Zhu quipped. 

In response to another question, Mr. 
Zhu said he agreed that the Hong Kong 
dollar should remain pegged to the U.S. 
dollar “because the Hong Kong eco- 
nomic structure is sound and the Hong 
Kong dollar has a solid base of support 
with $86 billion of foreign exchange 
reserves.” 

Mr. 2iu characterized Hong Kong as 
“an important converging point be- 
tween our economy and that of the 
world’ ’ and he said that since the former 
British colony's return to China over two 
months ago the new Hong Kong gov- 
ernment bad been “operating smootiily, 
giving full expression to the principles of 
one country, two systems. 1 ’ 


The Chinese deputy prime minister 
also made the following other points; 

• He forecast a 1997 growth rate for 
China that would continue at around 10 
percent, a growth rate of about 8 percent 
a year between now and the year 2000 
and annua] growth of 7 percent in the 
first decade of the next century. 

• He said China’s foreign exchange 
reserves now totaled $ 13 1.6 billion and 
would reach Si 40 billion by the end of 
the year. 

• He announced plans for a special 
conference in November to examine “a 
deepening of reforms” in China’s bank- 
ing sector. 

• He listed three of the biggest prob- 
lems facing Chinese state owned en- 
terprises as an oversupply of products, 
heavy debt burdens, ana overstaffing as 
a result of pressure by local govern- 


ments * ‘to recruit more people than they 
needed.” 

• He predicted that Southeast Asian 
economies buffeted by currency and 
financial turmoil would be able to 
“overcome the present difficulty” and 
said it would be useful for financial 
institutions “to increase information 
exchange and cooperation so as lo pro- 
tect us from financial risks.” 

Separately, after a one-hour meeting 
with Thailand's finance minister, Than- 
ong Bidaya, Mr. Rubin said the United 
States was “enormously supportive” of 
Bangkok's efforts to restore financial 
stability after its currency crisis. 

"I think it's fair to say that they 
expressed real commitment to working 
with the International Monetary Fund 
and the World Bank.” Mr. Rubin said 
after the meeting. 


Eurotunnel Bigs Itself Out of a Hole 


Ccmfdtd bt Oar SiafT Fmm Duporfrs 

LONDON — Eurotunnel, the debt- 
ridden operator of the Channel Tunnel, 
reported Monday its first operating 
profit — £7 million (S11.2 million) for 
the first half of 1997 — but warned that 
Britain's efforts to gain a greater share 
of future profits could delay a deal with 
creditor banks. 

The operating profit compares with 
an operating loss of £29 million in die 
first half of 1996 and was achieved 
despite what the company called the 
restraints of fire-damage repairs to the 
tunnel that links England and France. 

Eurotunnel's British joint chairman, 
Robert Malpas, said that, barring un- 
foreseen events, the operating profit for 
1997 could exceed £54 million. 

Despite the operating profit, financial 
charges for tbe first half created a net loss 
of £323 milfiOQ, compared with a loss of 
£371 unffion in the first half of last year. 

Eurotunnel’s Bench joint chairman, 
Patrick Ponsolle, accused the British 
government of “bad management” for 
disclosing to the press its demands to 
revise an agreement reached earlier this 
year among Eurotunnel, Britain and 
France to extend the operating license 
by 34 years to 99 years. 

“I think it is bad management,” he 
said. “I am surprised as it is not good 
business behavior.” 

The license extension was the key 
factor in getting Eurotunnel’s sharehold- 
ers to agree in July to tbe restructuring of 


its £8.5 billion debt. Mr. Ponsolle said that 
the latest British demands could delay 
approval of the restructuring by Euro- 
tunnel’s hanking syndicate. 

“It would be extremely difficult for 
the board of the company, foe share- 
holders and tbe banks to agree to a 
substantial departure from foe agree- 
ment,” be said. 

A spokesman for Britain's Depart- 
ment of Transport said it was seeking to 
change foe terms of foe provisional 
agreement, adding that it was looking 
for “slightly more” than the 25 percent 
of future Euro runnel profits after tax 
that was first suggested by the French 
government this summer. 

“These negotiations still have to be 
completed,” foe spokesman said. “But we 
are sure we can reach an agreement. ” 

Mr. Ponsolle said that he. too. was 
confident of an agreement but only if the 
original verms could be maintained. He 
said that if Britain held fiim to its de- 
mand, foe discussions would enter ‘ ‘un- 
charted territory.” 

He added that he had received no 
indication from foe French govemmenr 
that it, too, sought to renegotiate terms. 

A British press report Monday in- 
dicated that Britain could be looking for 
an increased share of as much as 50 
percent of profits. Both governments 
have already won Eurotunnel's promise 
to increase its freight traffic but those 
targets could be raised further. 

Mr. Ponsolle said he was “99 per- 


cent” certain of winning approval from 
all creditor banks for its debt reorgan- 
ization plan. The reorganization would 
see Eurotunnel ’s creditors swap some of 
foe debt for equity. All 170-plus banks 
still need to accept foe plan. 

“We can’t guarantee thar there area ’t 
one or two maverick banks out there, but 
as far as we can tell the climate seems 
favorable,” Mr. Malpas added. 

Holders of more than half of the debt 
have already approved foe plan, Euro- 
tunnel estimated. Mr. Malpas said that 
the most vocal opponents had decided to 
sell their debt in the secondary market 
rather than oppose the plan. 

Eurotunnel units, .the equivalent of 
one share in Eurotunnel PLC and one in 
its French sister company, Eurotunnel 
SA, closed unchanged at 67 pence in 
London. The units fell 15 centimes, to 
6.3 francs, in Paris. 

The stock has fallen 90 percent since 
1989, driven down by cost overruns, 
construction delays and a fire that 
crippled pan of the twin-bore tunnel 
beneath foe English Channel last year. 
Repairs were finished and full service 
was resumed in mid-May. 

Georges-Christian Chazot, Eurotun- 
nel's managing director, said foe service 
had a 44 percent share of the market, 
putting it on track to a goal of regaining 
by the end of foe year what was its 50 
percent share before the fire. The ser- 
vice comperes with ferries. 

(AP. Reuters, Bloomberg ) 


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pace 5 


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INTERNATIONAL herald TRIBUNE, TUESDAY, SEPTEMBER 23, 1997 




THE AMERICAS 


Investor’s America 



Seagram Expands Cable Network 

$ 1.7 Billion Cash Deal Settles Bitter Lawsuit With Viacom 


Cm ^brOarSKfFmmDtvatdia 

NEW YORK — Seagram Co. 
said Monday it had acquired Vi- 
acom Inc.’s half interest in their 
USA Networks partnership for 
$1.7 billion in cash, giving it con- 
trol over two cable channels that 
could be outlets for some of its 
programming. 

The agreement settles a bitter 
lawsuit between the companies 
over their profitable partnership, 
which operates USA Network, one 
of the most watched U.S. cable 
channels, and the Sci-Fi Channel 

Since buying MCA and its Uni- 
versal Pictures unit for $5.7 billion 
in 1995, Seagram has struggled to 
build a full-fledged media and en- 
tertainment company. Its film 
business is struggling, and the lack 


of a profitable cable business has 
hurt us shares compared with other 
big media companies such as Time 
Warner Inc. and Wait Disney Co. 

“It gives them a necessary cable 
programming distribution outlet 
that their entertainment franchise 
is lacking,” said Frederick Moran, 
an analyst at Furman Selz LLC. 

Seagram’s shares rose 37.5 
cents to close at $35.5625, while 
Viacom’s Class B shares gained 
6.25 cents to $34. 

The company’s chairman and 
chief executive, Sumner Redstone, 
said Viacom would use the pro- 
ceeds to whittle down its $10 billion 
in debt The settlement also allows 
New York-based Viacom to devote 
more time and resources to its trou- 
bled Blockbuster video-store unit. 


Seagram and Viacom battled in 
a Delaware court for more than 


Chancery Court Judge Myron 
Steele concluded in July that Vi- 
acom's ownership of MTV, Nick- 
elodeon and other channels had 
breached the partnership agree- 
ment 

Viacom initially proposed an 
auction of USA Networks. 
Seagram argued that a sale would 
penalize it because the judge had 
already ruled in its favor. 

The agreement includes a clause 
that Viacom will not start a com- 
peting network to the Sci-Fi Chan- 
nel which is part of USA Net- 
works, said Jill Krutick. an 
entertainment analyst at Smith 
Barney. (Bloomberg. AP) 


IBM: Breakthrough Strengthens Qupl 


Continued from Pag® I 


Mark Slips as Rate Rise Recedes 


The technological breakthrough 

that IBM said fr had made concerned 

the metal that is combined with sil- 
icon to produce semiconductors. 
For 30 years, chipmakers have 
etched aluminum circuits on silicon 
wafers, the basic building blocks of 
a chip. Most chips contain transist- 
ors that are 035 micron wide. The 
most advanced have circuits with a 
width of 035 micron. Bur at 030 
micron, or about 1 /500th the width 
of a human hair, aluminum begins to 
slow the chips down. 

“As you get down to these very 
small dimensions.” said John Kelly, 
vice president for technology of 
IBM's microelectronics division, 
“the aluminum can’t conduct 
enough electricity to make these cir- 
cuits move fast enough.” 

Copper isamuch better conductor. 
Bur when chipmakers tried to use it, 
they found that the metal bled into the 
silicon, contaminating the chip. Re- 
searchers a t IBM and other compa- 
nies tried gold and other expensive 
materials, but those did not work. 
“We went down many, many 


Source: Btoombeig, Reuters 


Very briefly: 


• Microsoft Corp. and AT&T Corp. each acquired a 10 


pCTceilr stake in E-Stamp Corp.. a closely held maker of 
software that allows consumers to purchase and print stamps 
from the Internet. Financial details of the transaction were not 
disclosed. 

• Rohr Inc. said it had agreed to be bought by a company that 
it did not identify for about $882 million in stock: a week ago 
it said negotiations had ended unsuccessfully. 

• ING Groep NV said the New York office of its ING 
Barings investment-banking unit was being audited by U.S. 
authorities for amassing a backlog of unsettled stock trades 
caused by a surge in trading in emerging markets. 

■ Delta Air Lines Inc. will pay $4 3 million in a lump-sum 
severance payment to its formerchaiiman, chief executive and 
president, Ronald Allen; the company also agreed to pay him 
an annual consulting fee of $500,000 for seven years. 

• Conseco Inc agreed to buy Washington National Corp., 
also a health and life insurer, for $410 million, or S33.25 a 
share. Washington National h-^H $2.8 billion in assets and 
$14.9 billion in life insurance at the end of June. Bloomberg 


Bloomberg News 

NEW YORK — The dollar rose 
against the Deutsche mark Monday 
after the head of Deutsche Bank AG 
said top German finance officials 
were satisfied with current ex- 
change rates. 

But it fell against the yen after 
reaching a fo ur-an d -a-half-month 
high in Asian trading. The loss fol- 
lowed a warning by officials of the 
Group of Seven industrial nations 
against “excessive" yen weakness. 

Rolf Breuer, chief executive of 
Europe’s largest bank, met with 
Hans Tietmeyer, the president of the 
Bundesbank, and Finance Minister 
Theo Waigel. Mr. Breuer said the 


German officials were “content" 
with a dollar rate of about 1.80 DM 
and believed that it reflected eco- 
nomic fundamentals. 

At 4 P.M.. the dollar was at 
1.7905 DM, compared with 1.7753 
DM at the close Friday, and 121.825 


FOREIGN EXCHANGE 


yen, down from 122.250 yen. Ana- 
lysts said expectations that Ger- 
many would not soon lift interest 
rates had given die dollar an added 
lift against the mark. 

The G-7 officials' statement em- 
phasized the importance of avoiding 
depreciation of the yen “where this 


could lead to the re-emergence of 
large external imbalance" in trade. 

The dollar rose against the yen 
early in the day as traders initially 
interpreted the' G-7 statement as 
nonconfroniational and a green light 
to push the dollar higher. 

‘ ’The tone of their comments was 
not so serious," said Tatsuya 
Enomoto, manager of foreign ex- 
change at Sumitomo Bank Ltd. 
“The U.S. didn't complain too 
much about trade." 

Against other currencies, the dol- 
lar rose to 6.0180 French francs from 
5.9635 francs and to 1.4710 Swiss 
francs from 1.4625 francs. The 
pound fell to SI. 6040 from SI. 61 15. 


blind alleys,'’ Mr. Kelly said. 
ierlOye 


TURNER: Donor Hopes to Retain His Time Warner Shares 


Continued from Page 13 


Weekend Box Office 


The Associated Press 

LOS ANGELES — “In and Out" dominated the U.S. box 
office over the weekend, with a gross of S15.3 million. Fol- 
lowing are the Top 10 moneymakers, based on Friday's ticket 
sales and estimated sales for Saturday and Sunday. 


T. In and Out 

(FbawnaunP 

5150 million 

2. The Game 

f Polygram ) 

]92m9ian 

X Wtas Craven's Wshmnsler 

OAe/tnAAtafraato 

S60 million 

* LA. Coofklential 

fWamerBntsJ 

S50 miCon 

5. A Thousand Acres 

(Touchstone Pictures} 

S3 mit&on 

6. The Firi Monty 

(TmeraahCenlunrFaO 

S2.9mHBon 

7.GJ. Jane 

(Hollywood Pictures) 

S20 mfllion 

B. Air Force One 

ICotunMa PiefnresJ 

S3 miffion 

9. Money Tufts 

(New Line Gnana) 

S2J million 

10. Fire Down Bcfanv 

(Warner Bras J 

S10mlBton 


18.1 million shares — now worth 
about SI billion — out of a foun- 
dation and to put off a sale as long as 
possible is Mr. Turner’s belief that 
Time Warner's stock price will rise. 

If it does, Mr. Turner would need 
to give away fewer shares to meet 
his Si billion commitment. But if 
Tune Warner stock is in a foun- 
dation and its price soars, the foun- 
dation — not Mr. Turner — reaps 
the extra value, said Terry Chns- 
tiensen III, a trust and estates lawyer 
at Sullivan & Cromwell the New 
York law Him. 

Mr. Turner could theoretically 
put some of the stock into a foun- 
dation and have that entity borrow 


money against it. But Mr. Glover 
and a handful of tax experts said 
such a transaction might generate 
“unrelated debt-financed income" 
issues with the Internal Revenue 
Service. 

If the IRS chooses to treat the new 
foundation as a business and not a 
charitable entity, tax experts said, 
Mr. Turner's foundation might have 
to pay income taxes on Time 
Warner dividends — currently 36 
cents a share annually — as well as 
capital-gains tax on the proceeds of 
the eventual sale of the stock. 

But Mr. Glover said he and Mr. 
Turner’s (ax advisers believed that if 
the foundation borrowed money 
against the value of the shares with 
the express purpose of donating the 


money to the United Nations, it 
might well avoid such severe tax 
consequences. 

The gifts would certainly gen- 
erate a tax write-off against Mr. 
Turner’s income from Time Warner 
dividends, which is roughly S20 
million a year. However, if a 
donor's charitable donations exceed 
a certain percentage — the max- 
imum possible is 30 percent — of 
his or her annual adjusted gross in- 
come. the excess is not deductible. 

Mr. Turner's existing charitable 
contributions already take him to 
that limit before die UN gift is 
factored in, Mr. Glover said. In 
1997. the Turner Foundation will 
give away a total of SI 7 million to 
various causes. 


After 10 years of woric, researchers 
at IBM's laboratory in Yorktown 
Heights, New York, figured oat a 
way to insulate die microscopic cap- 
per wiring so that it does oat come 
directly into contact with the silicon. 

IBM is oat the only company to 
find a solution. Sematech, the 10- 
year-old research consortium fin- 
anced by 10 U.S. chipmakers, in- 
cluding EB M, announced last month 
that it had produced silicon wafers 
wjih copper deposited on them. 

But IBM is much further along. 
The company is already producing 
finished chips on a small pilot man- 
ufacturing line and intends to begin 
selling the chips by June. 

“For the next year or two. they 
clearly have a lead,” Mr. Lewis 
said. "They are going to gain market 
share in the semiconductor world.” 

Intel which has also been trying 
to derelop copper chips, does not 
plan to begin selling them until 2002, 
said Howard High, a spokesman. 

“If they can move it into pro- 
duction this early," he said, refer- 
ring to IBM, “that is certainly more 
aggressive than we and others had 
anticipated." 

The first of IBM’s new copper 
chips will appear in its high-end 
computers. In addition to mainframe 
c ompu ter chips, the process will be 
used to make PowerPC chips, which 
are used in IBM’s RS/6000 and AS/ 
400 computer lines as well as die 
Apple Macintosh and Mac clones. 
These new chips will run at speeds as 
fast as 1 gigahertz, compared with 
the. fastest microprocessors found in 
the current personal computers, - 


which run' at around .300'. 

IBM has.applied for several 
ents related to the process, Mr. K 
said, and does not plan to license 
technology to other companies. 

But IBM does help other comp*. 
Hies design and manufacture custom] 
chips. Mr. Kelly said the process 
would first be used to makeebips that 
demand high performance, such ,as 
fast memory chips and so-called ’' 
plication-specific chips used, at 
other things , to power the sw 
that route data on the Internet. 

Chips with more densely 
circuits require less energy, so 
process could be used to make ser^P 1 
conductors for battery-pc * 
cellular phones and 
Id gadgets. 

’Eventually, all semiconductor] 
will go to copper, because as you 
down to those dimensions you ’ 
no choice," Mr. Kelly said. k 
we not figured out how to do 
Moore’s law would have si 
down dramatically.” 

■ Bonds Help Stocks Rise 

U.S. stocks rose amid enthusiast 
over the new IBM technology 
further, gains for the. bond 
news agencies reported. . 

The Dow Jones industrial « 
rose 79.56 points to 7,996.83. 
barometer of 30 blue-chip com] 
nies is still down 3 percent from 
Aug. 6 peak of 8,259 3 1. A 
issues outnumbered decliners 
nearly 2-to-l margin . on the 
York Stock. Exchange. ' ■' ? 

The Standard & Poor’s 500 indeJ!“ 
meanwhile, rose 4.92 points, to 
955.43, while the Nasdaq composfffij 
index, which contains many ted®*] 
oology. shares, finished 9.10 pouts* 
higher, at 1,689.46/ 

Treasury bond prices contm 
to be bolstered by reports sfc 
that inflation has remained 


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The price of the benc hmark 30-yeSP 

bond rose 


rose 12/32to 100 1Q02, pnsP 
ing-its yield" down to 635 percent 7 = 
from 637 percent Friday. 

A jump in the dollar's valued 
which can spur foreign demand for 
U.S. inve s tme n t s , also helped lift tfajl . 
Treasury market, analysts said. 

IBM’s axmouxxremeitf helped .. 
er computer issues, including Deft: - 
and Compaq, rise. ... 

Computer Data Systems stcxHr 
soared after Affiliated Computer 
Services Inc. said it would buy tlftP 
provider of computer consulting- 
services for $373 million in stock ■ 
and assumed debt broadening Af- 0 
filiated 7 s customer base for infor- 
mation-processing services. AffTtyl 
iated Computer shares slipped. J 
Stock in Lunar fell sharply after] 
the maker of medical devices said i 
expected earnings .and revenue ft 
its first quarter to be lower tha 
‘expected., . (AP, Bloomberg 


Japan 




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AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Monday's 4 P.M. Close 

The top 300 most odiw stares, 
optottw dosing on Wal Street. 
The Associated Press. 


•5nks Mgn Ln* Lnwt Ckgt Indexes 


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— 111.81 112-55 

— 950.51 95543 

— 91644 921.86 


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High Low Latest Chgo Opto 


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Dec 97 262ft 257ft 762ft ♦ft 

Marie 2711. 266 271 -ft 

May 99 276ft 271ft 276 unto 

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ORANGE JUICE (NCTN> 

15000 On.- ants per lb. 

Nov 97 69.35 6850 68.70 4145 18730 

Jan 98 7130 71 JO 7145 -£45 9-270 

Mar 98 7505 7453 7473 -135 4E30 

EsL soles NA Fit's sales *90 
Frrt open int 36-554. up 161 


10-YEAR FRENCH GOV. BONDS (MAT1FJ 

FFsoaooo-ptsonoopd 

Dec 97 9950 9956 9944 Unto 133498 
.'.15798 9948 99.08 9900 Unto 1130 
Eft softs: 74516. 

Open toJ 13SJQ8 0111453. 


Sep 98 9531 95.12 9S.L5 +004 won 

Dec 98 95.17 95.1! 9113 4*03 40,721 

Mar 99 95JJ9 9503 9505 4003 7"*“"’ 

Est. softs; 15X77*. Prav. toes: 127426 
Pro*. Open hit; 37A0 SS up 7J2S 


vm. mp. 
96345 97A. 


95ft 97ft. 


- m 

SBSK 

tss&t 

a* 


48ft MM. 

^ SS 

96ft 990% 
19 19ft, 
37ft 374k 
133ft 134ft 


etra. 

-2ftj 

419ft 

4lft 

-5ft. 

42«t 

42ft 

-5ft. 

42Vft 

-Vk 

-lft 

-6ft 


SOYBEAN MEAL (CBOTJ 
100 tans- Oaflon per ton 
00 97 22370 21060 22370 -140 23.961 

Dec 97 207 JO 20240 207 JO lindL 45450 

Jon 98 202.10 19880 202.10 0.90 12217 

Mar 98 19840 19540 198.10 unch. 11480 

May 98 19700 194,20 19600 +2J0 <0618 

Jul 98 198.10 19600 19R10 4X10 5468 

EsL toes 24000 Ftfs ton 29,128 
RTs open W 111.142. up 1JB9 


■totals 

GOLD (NCMX) 

100 Hoy m ■ OoUan per lio» «. 

Sep 97 32770 uixJl 46 

0a 07 12240 321.00 32100 unto. 7,954 

Nov 97 32270 -rO.10 

Dec 97 32300 32270 323.10 +0.10 117034 

Ft* 98 325.10 32400 32460 4070 1&465 

Apr 98 32600 32670 32670 +0.10 5,731 

Jun 98 32870 37800 32370 +0.10 8.7(5 

Aug 98 33070 33070 33070 +ai0 4477 

0098 33270 40.10 350 

Est. sales 15000 Fits sales 25048 
Frfs open Int 202.491 off 494 


ITALIAN GOVERNMENT BOND CUFFE) 
ITL 200 miffian - ptx of 100 pd 
Dec 97 11279 11173 T13-1S 44X53117089 
Mm 98 111.90 111.90 11205 44X53 — 

EsL toes: 5707ft. Pm. softs: 52036 
Prav. open H-- 1180T1 off £951 

UBOR 1-MONTH (CMER) 


922 


t** 

-16ft 

43ft 


SOYBEAN OIL (CBOT) 

60000 lbs- cents par lb 
Od 97 2309 2302 23.65 441.01 

2426 2378 2402 unto 

2439 2410 2424 44X02 

2460 2470 2444 unto 

Mar 98 2472 2450 2455 002 

Jul 98 2470 2461 2464 001 

EsL softs 11000 Flfs tom 14124 
Fits open to 99084 up 1050 


Dec 97 
Jan 98 
Mar 98 
798 
Jull 


14769 

51049 

14074 

8093 

4772 

4682 


Od 97 
Nov 97 
Oet 97 
Jan 98 
Feb 98 
Mar 98 
Aar 98 
May 98 


-1.Q5 


HI GRADE COPPER (NCMX} 

25000 Rk.- cents per R>. 

Sep 97 94.90 9300 9305 

95.10 9420 9420 -1.0S 

5660 95.00 9500 -1.00 

9670 9480 9505 0.90 

96.10 9505 9505 -000 

9670 9575 9575 065 

9670 95.15 9555 065 
9670 9505 9505 065 
9500 9500 9505 040 

Est. to® 7000 Fits sales 6086 
Fits open Int 52080 up 380 


1.992 

3075 

1,799 

27082 

1020 

1,051 

4053 

358 

2.231 




32175 ^ 

p sir 
7 M 

HW & 


ft ftt +Vft 

9S»n9SVB +« 
269% 26ft 4ft 
24 74ft +4% 

Wt 31ft X 
lift 7 -Vft 
10ft 10ft 


SOYBEANS (CBOT) 

SOOObu mWinum- cents per bushel 
Nov 97 636 630 635ft 0ft 

Jan 98 639 633ft 638ft -2ft 

Mar 98 646 640ft 645ft -2 

May 98 653ft 648 653U -V 

Jul 98 699ft 653 ASVft -ft 

Est. iotas 3&000 Fits sales 40796 
Frio open to 150.972, off 389 


90324 

24«4< 

iai57 

8.181 

«03« 


WHEAT (CBOT) 

&000 bu mMinuin- cauls per bushel 

Dec 97 368ft 362 3641* 7ft 60246 

Mar 98 381 376 378ft 3ft 74037 


SILVER (NCMX) 

£000 liar or.- amis per troy oz. 

Sep 97. 46300 46370 46300 -370 

Od»7 46370 -200 

Nov 97 46500 000 

Dec 97 47100 46400 46700 -3JO 

J«1 98 44480 010 

■ Mar 98 47500 47100 47300 000 

MOV 98 476.90 47600 47690 -2.90 

Jul 98 48000 -2. B0 

Est. sales 6000 Fits sates 12.236 
Fto open to 78048. up 784 


271 

78 


52009 

22 

12.962 

1265 

2062 


Od 97 94J7 9407 9407 unto 2&166 

Nov 97 9434 94L3S 9*33 onto 20509 

Dec 97 9*18 9*18 9*18 unto 7.755 

EsL toes 1,193 Fits solas 5.115 
Fits open to 68.70% up 1094 

EURODOLLARS (CMER) 

SI mflton-pta of 100 pa 
Od 97 9436 9*25 9*25 unto 23,113 

Dec 97 9420 9*18 9*19 unto 58*312 

9*14 9*11 9*14 +002 394569 
9406 9*04 9*06 +002 30*873 
93.98 93.96 9198 +0.03 23*292 
”88 9305 9107 +003 205216 
9286 9184 9305 +002 1*2100 
9281 93.79 9181 +003 112031 
9178 9176 9377 +0.02 96226 
9172 9169 9171 +0.03 80022 
9272 91 7D 9171 +003 70058 
9149 9307 9168 +003 S4544 
Est. soft, 1 74656 Fits sales 213041 
Fits open Int 2017064 off 536 

BRITISH POUND (CMER) 

61500 pounds, I ow pound 

2^97 1.6066 J0W6 10984 0.0074 28,157 

M0T98 10930 10920 10920 00076 336 

Jun 98 10860 -Q0O76 Z7 

Ed. sales. 4, 121 RTs sale* 4175 

Ms open In) 28024 aH 289 


Industrials 
COTTON 2 (NCTN) 
SXOOOtK.-cankperlb. ' 
od 97 7325 7105 71.96 -121 

Dec 97 730S 7270 7201 -002 

Mar 98 7*09 73-95 7*03 001 

7535 7*67 7*75 4X54 

7500 7326 7536 4X32 

EsL toes NA Fits toes 5010 
Firs open to 86026. off 527 


•Sft'i 


HEATING OIL (NMER) 


Mar 98 
Jun 98 
Sep 98 
Dee 98 
Mar 99 
Jun 99 
Sep 99 
Dec 99 
Mar 00 
Jun 00 


Od 97 
NOV 97 
Dec 97 
Jan 98 
Feta 98 
Mar 98 
Apr 98 


5520 53J0 5473 +108 
5600 5*55 5307 +1.02 
5605 5507 5602 +4X92 
£05 5600 5702 +0.72 
5705 5600 57.17 +007 
5600 5600 5602 +003 
5522 +000 
EsL sates NA FfTs solas 17064 
Fit* open Ml 51004 off 447 


* ’*£?* 3* 


UGHT SWEET CRUDE (NMER) 
1000 UL- ctottan per bfaL 

1907 '1903 19.74 +021 
1907 1901 1904 +023 

19.96 1970 ‘1907 +022 
19.98 1976 1908 +022 
1908 +021 
2000 1909 1909 +020 
Ed. sates NA Fits, sales 7IJ12 
Fifs open U 40*m off 1537 


Nov 97 
Dec 97 
Jan 98 
Feh98 
Mar 98 
Apr eg 



Moy98 386 ft 3Etft 385ft -2ft *463 


PLATINUM (NMER) 


2019 2245 

1461 1905 

1977 1576 

5457 5736 

287 370 

» 40 


386ft 383 3B6ft -1ft 9.983 

EsL sales 1*000 FHs soles 16212 
Fih Open to 101.391. off 1069 


SOtrcjr ar.- doOpn oerlray «. 


Prav. 


Tatar 

M0 w. 

497.19 728.97 

2506 37.13 

65106 67906 


Dividends 

Company Per Amt Rec Pay Company 

IRREGULAR 


Livestock 

CATTLE (CMER) 

40000 cents per Bl 
O d 97 6825 47.72 6820 +040 

Dec 97 68.97 6845 6802 4LI0 

Fob 98 7105 7122 71.47 4X10 

Apr 98 7442 7*12 7427 4X05 

Jun 96 7007 7025 7007 -002 

Aup eg 7000 7047 7005 +020 

EsL sales 12443 Fits ton 10431 
Fits open Inf 9209& up 59 


■Octrt 43700 432-50 477.40 +720 

Jan 98 42700 42200 42600 +*70 

Apr98 41900 41500 417.90 +520 

Jut W 41300 +520 

EsL sates N A Fits sales *262 
Fits open bit 13425. all 28 


&751 

4046 

625 

3 


CANADIAN DOLLAR (CMER) 

1OQ0M ddn, S per Ctfa dir 

Dec 07 .7244 ,7234 .7236+00005 «»» 

**■'« -270 2360+0.0005 1487 

Junes .7300 .7393 . 7292 + 00005 376 

Est. sales MH Fits solas 7,116 

Frts open Ini 4&789. off 508 


NATURAL GAS (NMER) 

10000 mm Wus. spar mm btu «« 

K anS WW +0.156 057W 

n fZ rr 80 ■t' 970 1075 +0.145 

*22557 J 150 iw) 1140 +ai2o 

MM JtS 1 IK +0.171 at 

now 2.790 2.740 2J80 +0030 lij 
Mar98 2_ra» 2450 2473+0051 11,: 

Ed. HIM NA. Fits sabs 63007 
Fits open W24JV44* Off 149 


Previous 


27017 

33049 

15005 

9066 

6477 

1.737 


Per Amt Rec Pay 


.12 920 112 
RaL 


BEA Stmt Gtbl ,HC,lEl M 
Bov Apartment Q 

OtW State Bk Q 


10-7 10-15 
42 920 10-15 
.12 10-3 10-14 


from return of capRoL 
le 6 J709 10-3 11-14 
b 4534 9-29 - 

h 4948 9-29 — 

b 025 92 10-15 

- 0065 920 1021 
_ 3079 920 1021 

- .10 102 10-23 

- -W>5 9-30 10-15 
b 0645 9-26 10-30 
b 0139 103 11-14 
b JOS 9-29 12-17 

- JS 920 1020 


u __ . INITIAL 

HCB Bncshre Inc _ JS 920 10-10 

Peoples BkCp IN n _ .115 920 10-17 

REGULAR 


FEEDER CATTLE (CMER) 

5U00 bs.. cents per Rl 
S ep 97 79 JO 7902 7900 4X22 

00.95 80.00 8007 4)02 

81.90 80.90 8125 4X02 

8240 81-75 82.02 +0.10 
8105 8105 81.6® unto 
81.75 8100 8102 4X08 
EsL sales 2402 Fits sales 1057 
Fits open Int I946A off I2t 


Otase 

LONDON METALS (LME) 

Dotlais per metric ton 
Alnra lnui (HM Grade! 

Spot 165*00 165500 163500 163600 

Foneara 1652.00 165300 163900 164000 

Cepper Cathodes (HMi Grade) 

Spat 2072.00 207300 711000 2111.00 

Forwanl 309900 310000 213000 213100 

Lead 

Spot 617.00 618.00 62000 62100 

627ft 628.00 63000 631.00 


GERMAN MARK tCMER) 

J2MOO RIMfc* S permaifc 
Dec 97 5675 0993 0614 00046 sciu 

JW -*25 0*4500047 ^ 

JunOB 0674 00068 2013 

EsL sales 21078 Fits sales 21.235 
Fits open toil 6141 a up 1394 

YEN [CMER) 

JJJEPXtalWSpsrlOOran 

ss ® awa 

i unW 0523+40023 165 

Ed. toes 21008 Fits sales 2S458 
Fits open Ini 7153* aft Z76B 


CAS0UHE (NMER) 1 

SPSWt cento per 90! 1 

22, « S'S 57 M S®- 58 +<143 3*413 

No*W 5700 55.75 SaJK +109 wjybi 

fS-SO 5640 +007 14»d 

5 5 - 70 “45 +007 13067 

57.30 5605 5*85 +0.77 *3S 

5705 +OJ7 iSi 
ft*” «40 +0J9 3sU 

AV ’l 98 6000 +079 1,281 

Esrt. rados HA. Fits safes 7*253 [E 

Fits open W10X367, off 1038 )l 


m 


Od 97 
Nov 97 
Jan 98 
MarM 
Apr 98 


1.938 

7J19 

3063 

3091 

1,738 

593 


Spat 6380.00 6*0000 644500 
Farwonl 6480.00 650000 65*000 
Tin 

Seal 558000 SJtaO0O 561000 
ftrwirt 563000 563500 566000 
ZtocBpecU H tab Grade) 

Spoj^ 165200 165700 1*43.00 


645500 

654500 


5*2000 

566500 


AT&T Can 

ilAaamsNat 


Braodway Fnd 
CandnaP&U 


Commun BkSfir* 
FNBCatp NC. 
Motk Cental 
NawSotrih Bmp 
O hio Art 


State SheofCp 
Cable TV. 


Arrow Etadrati 2 far 1 spBL 
BEI Etadronla 1 shoe ^ BE1 Tedns I nc 
far eocti share IteM. 


Nawllus Systems 2 lor 1 spilt. 
~ • ■" Ispft. 


Raufl Sundown 2 fori \ 

REVERSE STOCK SPUT 
Source Inform Mg rnnt 1 fori Jl revena spBt 


TCA Cable 1 
Thor Indus 
US WatCoiiirnvn 
VanEcKACCom- 

VanEckAC Ulfl A, 
Zions Bancorp 


33 MO 11-1 
.10 9-30 10-31 
05 9-30 1031 
M 10-10 11*1 
.105 9-30 10-15 
.18 9-30 10-20 
X 10-31 12-15 
.10 10-2 10-24 
04 10-6 11-4 
-11 10-1 10-15 
.16 10-6 10-20 
03 9-29 10-7 
535 10-10 


HOG5-U» (CMER) 

40000 tos.- cents par ft. 

Od 77 69.70 69.25 6940 4X05 12083 

6605 6500 65.97 4J07 10490 

65.10 6*60 6*87 4X02 £868 

61.90 6100 6105 4X10 1062 

67.10 66.90 67.10 +427 985 

EsL soles 5058 Fm lotos 7.128 

Ftfl Open M 30783, off 692 


142100 1422.00 U130Q 
Higti Low Close Otge 


164800 

1415.00 


SWISS FRANC (CMER) 

125000 Italics, S par franc 

25r« 4W3 ■5SS ,a0M3 Tl.70i 

TrUdS ■cS 3 -® 11 0935 00034 1.202 

Junee 7024 .An* .7002 4X003S 163 

“*» 9,236 

Fits, open tot 39,1 77, off 89d 


Optnt 


Dec 77 
Feb 98 
Apr 98 
Jun 98 


Financial 

W T BILLS (CMER) 


si m«kn- ptsofiwpct. 
9*97 " 


Dec 9/ 
Mar 98 
Junes 


949* 


0 0625 9-22 


11-3 

9-22 


.12 9-22 9-22 
.12 10-13 10-27 


PORK BELLIES (CMER) 

40000 Bn.- cans per to. 

Fob 98 6*85 6300 6*25 +020 

Mnr98 6*50 6300 6*20 +OI0 

MoyM *5.90 *505 65.05 +002 

EsL toes 2021 Fils sain Z0S1 
FHs apan hd 5820 up 362 


Est toes 243 Fits antes 70S 
Fits open hd 7J87, up 436 


9*97 +001 4032 
9*98 +003 2JS5 
9*91 +002 too 


*«UCAN PESO (CMER) 
peso*. * per peso 

Ub£« !2SS JSf 70 - 1 7*85+000050 2&62S 

WorW .13070 ,12Gk40 .72040 1-. OCX) 71 tuwfl 

Junes .11*70 .116*0 .11660+0010* 1 MB 
EsL safes S327 Fits sales W55 
Fite open Int 3&041, up 6*0 


GASOIL OPE) 

U.S. doUanpar metric ton - toh of loo tarn ! * 

00 97 17050 165-75 169J5 +305 11 -t i* 

Nov 97 171 J5 1*050 17100 +300 li«s 

Dec 97 17305 16900 17200 +175 ILAli 
Jan 98 17*00 171 JO 17400 +Z50 lLfiS 

Fab 98 17*30 17125 17*25 +200 731 

Mar 98 K.T. N.T. 17175 +M n iofS 

Api98 N.T. N.T. 17125 ^LTS 

Bt idaK 13020. Prov.iotes^Tg. jw 

Prav. open kiL- 9*978 up 790 



SuS.™^".ffi£ ,UFra 


*891 

465 

105 


SYR TREASURY (CBOT) 


i 100000 (tan- pto & Mflis ol 100 pd 

Dee 97 107.37 107-28 — 


.. - ----- 107-36 
Est. Min 1*300 Fits sates 713*2 
Fr« open At 228099. off 7,104 


OS 228099 


Dec 97 
Mar 98 
Jun 98 
Sap 98 
Dec 98 
Mar 99 
Jun 99 


c-enwHri; b-oppn mimu tt amount per 
sbB^ADR; p-poyabte in CanaAn fumfe/ 
m-monttily: q-quortirtif; s-senu-atmito 


Food 


Stock Tobies Explained 

Sties IlgutES are unoffidoL Yeorty highs and loua reflect me previous 52 waeks plus Ifie ament 

weefcbtarrttt»latesttaaftigdaif.WhefBaspffor£tDck(SvWendaTinimilngto25peroBritormcw 

hos been paU 8te peats higlMiM tonga and Attend m shown for #t* new dads oMy-Unlea 
oJierwten rtowl rates of dhWWKft Ota onmtal tfisbuoemenb based on #*; latest ctedaration. 

a - dividend aba extra {s}. fa -annual rate af dhrtdend plus stock dhiuend-c-nquldatlng 
dividi^ cc- PE alhta. d - new v«r<Y tow. dd-knain me last 12 months. 

• - OtYidend dedarad or paid m precet&ig 12 months, f - annual rate Increased on lent 
dectorariofl. g - dividend In Canadian fundi subject fo 15% non-residence fax. i - dividend 
dwiared after spUt-up or stock dMdeiwL J * dMdandpold tab yeor, omitted, dufen«L or no 
action taken at latest dividend meeting, k - dividend declared or paid this year, an 
occumutottve Issue wltti dividends In arrears, re - annual rote, reduced on fast dedoration. 
” * newbsuemttw past 52 weMc* The htgtwow tango bos Ins with the start of tradinfl. 
nd . iwstf day degwry- p - mdafl rtMdend, annual rate unknown. P/E -price-earnings ratio. 

O-dteedwndi^^^r^dM^ (tectared trt paM to pnised^ 12 ntortifts. plusstock 

soles.! -dividend paid In 

swot in prece ding 12 momtur estimated cash value on ex-dividend oraMfisMbullon date, 
u-newyeoity juglLV- trading halted. vt -in bankruptcy or recetvetshlp orbsing reotganbsd 
unaerihe Bankruptcy Ad-orsecuritiesossumed by such aampanteSLiNd-wtiendisiributed. 

w - wbai bsusdnmr - with nanants. x • a-dMdend or ex-rights, adb - ex4>WhrtlHrtton. 
xw - Wifhoul warroms, y- extahridend and solas In fun ytd . yielcL x - sales ta fulL 


COaMOKSE) 

10 ntoric tons- S par ton 
Dec 77 1*68 1*38 

1*41 

-7 

Mrata 

1499 

1*74 

1680 


May 98 
Jul « 

1717 

1701 

1701 

-3 

1726 

1732 

T722 

-J 

Septa 

1740 

1739 

1740 

-3 

Dec 90 

1760 

17S7 

1757 

■3 


3057 

4730 

<061 


EsL sates *684 Fite sates 8088 
Fits open M 10&719, off 827 


COFFEE CCNCSC) 

37000 B>*- cents par lb. _ 

Dec 97 175J3 168.75 17005 -080 11178 
Mar 91 1*200 15600 15700 -170 
798 15600 15175 151.75 -175 


149 JO 14 SJ5 145.75 -290 
Sep 98 142-50 139.75 139.75 -1W 
Eri. sates *184 Fite ton 7017 
Fits open tot 22.93* up 295 


5*18 

1.731 

1084 

474 


10 YR TREASURY (CBOT] 

5100.000 pdn. pta 4 32nds at loo pet 

Dec 97 110-17 1104)9 110-16 +07 367038 

M»9B 1104)5 11002 T 10415 +» 11,797 

Junta 1W-26 T 07 1 

f ri to« SUMS Ffft Him 69,109 

Fite open int 38*450 offl07l 

US TREASURY BONDS (CBOT1 

apd-siaO0OO-ph& 32ndsiif 100 pcQ 

Dk 97 11i4)2 115-19 115-31 +10 580091 

Worta 115-23 115-17 115-21 +09 36,165 

Junta 115-10 1154)9 115-10 +10 2.107 

S** 9 ® 1154)0 +09 1,906 

EH- tales 225000 Fits solas 3072 IB 
Fite upon m* 4106& Off 2220 


a+S 9158 9«01 131805 

«S S' 59 -^03 107004 

99-70 92.65 9169 —001 91^3* 

Sof mZS UnclL 67033 

S'?? S’? 91,7 *003 57041 

S 414 *004 612*0 

9118 9110 93.17 +005 39,404 

EsL sates: 9060* Prav sate,; 79,173 
Prav. men InL: *350*9 ati 


BRENT OIL (IPS I; 

EsL toes: 3*734. Prav rat, : ao*« P 

Prav. open to.: 14*430 up 1082 



i. 


aw eu 5?^ rk njFFej 


SSL BI 5tt:Ffc.rti»Bci 

9600 Unto 5039 


SmJSSST" 

-S3 k Index 

sates NA Fits sates £2089 
Hte open W 225827, off 2015 


0097 ta09 9«0B ^ unat _ 

SftrSSJii H 9440 -001 295550 

7* 01 '98 96.19 96.14 9*17 — ru» 90*87% 

n 2 2’? W 95J5 — Am 175*05 

gccta9508 9502 « 0 * IftM aS! 

9527 -4102 71865 

"r •' j5.|4 WIN 13 -AM *1 lira 

o« 99» aW «■« S.W Zo0i sain 

Eto-sotei: 311045. fhw jaiois 
Pra*. open tet^ 10*J3S’ ^ *m 


gneiasaiFFE) 

DBCg ln |Sj!o , So20 51*50 


> i 


-nt T wo 

n.T N.T 5209 j) 




*764 


SUGARWORLD II (NCSE) 

1 1 1000 tJv-cntfc per Hi. ■ 

Oct 97 11.18 1104 1105 4X12 40098 

Mar 98 1102 1103 1107 4X04 87,745 

May 98 11.73 1)04 1108 4X01 19,924 

Jul 98 IIAO 1103 1105 4)01 16080 

EsL toes 37.277 Fris saris 32216 
Fm open ter 1 7&042L off 3099 


MWITOJffm 
JSOCW)-PhA32ndionOQpd 
S*P 91 118-19 1184)1 11B-I2 +0.13 
D«97 119-04 117-13 117-27 +0-13 1&&900 
EsL sates- 65833 Prav. latet: 40505 
Pre*. open w - 173*73 on 2047 

SfRMANW BUND (UPPE) 
OMmow-piicnoopd 
gK W 10! 48 +0.09 276096 

MOT9B 101 J7 10187 101.9J +IX10 

Ptav.» to. 1U785 
rrev. open hit., m/m on 


gBE.qsnr 

S£S bTk-S! SIS 

09CW 9504 m| 5 ata3 

EsI. sate* &S05*. 004 34,701 

opal tel.: 207096 up 2,785. 


C*C40(MAT|R 

nF200 par tedn point 

0«97 30540 30200 Mag 
Est. Mies: 2a 194 3 

Open InL 80355 up 335. 


Jody'S 

Reuters 

OJ-Future, 


MMNTH EUROURa OJFPn 
raitan -Ptseri loa pa FE} 

Dec 97 94.13 9*an 

MOrta 9*W 9*K aJS 

— « « S5 ^ si s KSSKgg^Snjf% 


Ctes« 

lfS51.30 

WJ7.90 

>46.45 '-?IS0q 

240.91 l*:3s 











INTERNATIONAL HERALD TRIBUNE. WEDNESDAY- SEPTEMBER 


%L 1007 





m 

M 


iericSf 



PAGE 15 


JE 3 


Si 


Kia Seeks Protection 
From Creditor Banks 

Group Wants Loan Payments Frozen 


Ctvqxint by Oar Sktf From PUpatUa 

...SEOUL — - Kia Group asked a 
court Monday to freeze loan pay- 
n|ems at four of its units and over- 
ride a demand by creditors that its 
executives resign as it tries to avert 
Ypiat would be South Korea's 
largest bankruptcy. 


units from 40,110 units in July as 
banks refused to discount the com- 
pany ‘s deposit accounts. Deposit 
accounts are used by exporters to 
procure advance payments on ex- 
port sales from banks. 

Chaebol have been running into 
■ — ■/-. , trouble because of mounting debt 

" lna showdown with bankers, Kia, and the country's slowing economy 
conn try s eighth-Iargesr indus- The Hanbo and Sammi groups went 
trial group, or chaebol, said it bankrupt this year, leaving tanks 
needed^ more nme to dig out from with billions of dollars in debt, and 


not provide new loans unless Kia’s 
chairman, Kim Sun Hong, and other 
executives stepped down. 

“Without court mediation, the 
Kia Group is certain to default on its 
debt ~ 
ends 


A spokesman for Korea First 
, Kia’s larges 


Bank, Ria’s largest creditor, said the 
bank would decide what to do after 
discussing the issue with other cred- 
itors. 

, **- — i A Kia spokesman said court me- 

. ~9, ’ said a spokesman for diadon also bad beta sought for four 
lya, which is the parent company of of the group's 1 5 units — JCia Mo- 
Korea’s third-largest carmaker and • - - - — — - 


-largest 

had sales of $13 billion last year. 

."“Kia sought special protection in 
order to keep Kim Sun Hong in 
place,'’ said Lee Jung Ja, head of 
research at HSBC James Capel. 

7 Creditors also have demanded 


tors Co., Asia Motors Co., Kia Steel 
Co. and Kia Inter Trade. Separately, 
the group asked for court protection 
for Kisan Co., meaning the con- 
struction unit would be put on sale 
by the court. 

As Kia asked for the court's help. 


that Kia’s unions agree in writing to the Korean stock exchange suspen- 


a wage freeze and work-force re- 
duction as conditions for the loans. 

Korea First Bank and other cred- 
F) itprs must now decide whether to 
back Kin’s plan or allow the group to 
default, saddling them with billions 
of dollars in bad loans. Analysts said 
Kia might be too big for the banks to 
ajlow it to fail. Kia employs 60,000 
people, and last year its sales 
equaled 2.6 percent of the country’s 
total output. 

. Whatever the outcome of the ne- 
gotiations, analysts predict a bleak 
fixture for Kia Motors. 

/-“Kia will be trying to sell cars in 


ded trading in the four units* 
shares. (Bloomberg, Reuters ) 


Southeast Asians Stay Home 


Bhtatnberg News 

SINGAPORE — Elly Muliadi used to come to 
Singapore at least once a year from her home in 
Jakarta to seek specialty medical care at the island 
state's hospitals. 

Now she is not sure she can afford to do that 
anymore. Two months ago, she put up about 1,703 
rupiah for a Singapore dollar; she now has to pay 
about 16 percent more, or 1,979 rupiah. 

‘ ‘We have to think twice before coming here/ ’ she 

lirl . If it k nnr 9 mwtiral « >nu no. 


The Indonesian rupiah has fallen 28 percent this 
year against the U.S. dollar, while the Malaysian 
ringgit is down 23 percent and the Thai baht has 
plunged 41 percent. The currency crisis has also 
weakened the Singapore dollar. But Singapore — 
which is the only country in the region with a trade 
surplus — has seen its currency drop just 9 percent 
against the U.S. dollar. 

The currency crisis may bun Singapore retailers, 
who are already struggling in the face of tough 


■ J iV- , w.viw vwiwuig iiwui, aw* "uv Ul UlC Ul lUUgll 

sajdlfit is nor a medical emergency, “we see doctors competition among the city-state's lar°e shopping 
back in Indonesia.” malls. 

Across Southeast Asia, people are beginning to And now, with clothing, shoes and even food 
stay home — Malaysia is even discouraging its costing more here compared with other parts of the 
citizens from vacationing abroad — as the region’s region, it looks like tourists from neighboring nations 
currency turmoil begins to bite. That is bad news for will keep a tighter grip on their credit cards. 
Singapore, which presents itself as the region's “It’D prolong the drought in the retail sector in 
health-care hub. a shoppers' paradise and a take-off Singapore,” Mr. Song of ABN Amro said, 
point for travelers to international destinations. Most likely to be affected are department store 

It will not be long before Singapore companies operators such as Robinson & Co. or C.K. Tang Lid., 
start feeling the pain, some analysts say. analysts say, because middle-income visitors would 

The usually packed hallways along doctors’ of- be the first to feel the effects of the currency crisis. 

The currency crisis has also battered stock markets 
and cut the value of investments in foreign-currency 
terms. 

That could hurt the bottom line of high-end re- 
tailers. 

“When these luxury goods retailers don’t have any 
boutiques in Indonesia, it means they’d expect a 
reduction in sales here/ ’ said Kerry nTay , investment 
analyst at G. K_ Goh Stockbrokers Pte. Ltd. 

Even if the retailers have outlets throughout the 
region, “whatever gains will also be muted by ex- 
change rates/’ the analyst said. 

All this could contribute to a slowdown in the 
Singapore economy, which is closely ded to those of 
its neighbors through trade and competition for in- 
vestment. 


frees at Mount Elizabeth Medical Center, the flagship 
hospital of Parkway Holdings Lid., for example, have 
never been so empty, nurses said. 

“We haven’t seen this kind of severe pressure on 
the rupiah in quite a few years,” said Song Seng Wun, 
regional economist at ABN Amro Hoare Govett 
Securities f Singapore) Pte. “It will have an impact at 
the end of the day.” 

Still, there is optimism here that Singapore’s ser- 
vices will remain a draw to people in neighboring 
countries. 

“Tbe currency situation has not noticeably af- 
fected our business,” said Dr. C. K. Loo, chairman of 
Raffles Medical Group. “People who come from 
overseas have real needs and continue to come to us 
for medical treatment.” 


Investor’s Asia 


Tokyo . ’ 

Nikkal22S 



A M J J A S 
1997 


A M J J A S 
1997 


A M j r J A S 

1997 


Exchange 

index ‘ 

.M(s(ktey -Prev. ■ %< . 


.-.Ctosar . • ■ Close -.-C tangs 

Kong Kong 

Hang Seng • ; 

. 14,7fi&5& J4.384.J3 .U& 

Singapore 

Ssefts'nmes . 

: s^jaejtfSF : -i&n 

Sydwy 

AH Orcfiherfes ' 

:;;g7G^' r £7S0Aiy- >1 &5 

Tokyo . 



KuaJa LumpurComposte 


Bangkok 

ser • 

■ S23J38 : ..523.30 , 

Seoul 

Composite index 

«5M5. :Bm.p . : ' -.1*6$ 

Taipei 

Slock Market .$2 om- 

Manila 

fse. • 

■ 2tf8m/30S8i5?;,*$S5 

Jakarta 

Compps&eifidex 

. 53S£D [ X $&SR 

Wedtngton 

NZS&4Q 


Bombay 

SensJtfvQ index . 

,3 J7Q&9 332&12. : : -1><2 

Source: Telekurs 


Imcnuutmal Herald Trihenr 

Very briefly: 


Japan and Hong Kong Back Regional Rescue Fund 


Yves-Thibault de Silguy, the __ 
ion’s commissioner for monetary 


Agence France-Presse 

HONG KONG — Southeast Asia ’s plans for a 
regional fund to complement International Mon- 
etary Fund programs gathered steam Monday, on 
tbe eve of global monetary talks, despite Western 
reservations. 

Ijrjllg IV XU ua Id Ul The fund, which won the backing of Japan and 3tix.uiva, auu uiu nuiig (VUUg ilUdULliU bCLTCULTy, 
ive domestic mar- Hong Kong, could amount to as much as $100 Donald Tsang, agreed Monday to jointly pro- 

Mnrrie Pnnm C, killinn “irt riu Irwin m n” tvith #tu» innlnci/in rtf 9 nlan tn r-rmafa pnm, hm, 


f _ — Un- Asian Nations, whose currency and stock mar- 

-- — — airs, pre- kets have been swept by turmoil since early July. 

dieted that tbe proposal would succeed. want Japan to be a major contributor to the so- 

"They ’ll do it — Japan and Hong Kong want called Asia Facility, originally christened the 
it,” Mr. de Silguy said. ASEAN Fund. ASEAN comprises Malaysia, In- 

The Japanese finance minister, Hiroshi Mil- donesia, Thailand, Brunei, Vietnam, the Phil- 
suzuka, and the Hong Kong financial secretary, ippines and Singapore. 

’ fund would serve as a buffer against 

: kind that erupted after tbe 
' Thai baht, according to 


during any regional currency crisis. 


• Fujitsu Ltd. said it would sponsor a World Wide Web site 
focusing on the international space industry with special 
emphasis on Japan. The site, at www.spacer.com, will feature 
daily and weekly reports from Tokyo, Washington and Har- 
vard University. 

• Aoki Corp/s shares plunged 38 percent as fears about 
bankruptcies spread to the medium-sized Japanese construc- 
tion company. A squeeze on public spending is putting a strain 
on construction companies of Aoki’s size. 

• China will need 697 million tons of grain to feed its people 
by 2020, but it must raise investment in infrastructure, ag- 
ricultural research and land and water development, the World 
Bank said. China is likely to produce 90 percent of this 
requirement domestically if it makes investments on time, tbe 
bank said. 

• Asian Paints (India) Ltd., India’s largest paint company, 
said it was determined to stop Britain's Imperial Chemical 
Industries PLC from buying “even a single share” in the 
company. Asian Paints called Id’s attempt to buy nearly 10 
percent of the company a hostile takeover bid. 

• PT Pertamina, the Indonesian state oil and gas company, 
signed exploration and production agreements with seven oil 
companies, including Unocal Corp. 

• New Zealand’s deputy prime minister, Winston Peters, 

voiced support for China's bid to enter the World Trade 
Organization, saying Wellington would assist where it could 
in helping China become a member, “hopefully sometime 
next year/ ’ Bloomberg, afp 


* -1 


ASIAN CAPITAL HOLDINGS FUND 

20. Boulevard j-mmann»1 Servais, L-2535 Luxembourg 
JELC. Lux e mbourg B 43 200 

NOTICE TO TBE SHAREHOLDERS 
u \ ’.*•■■' ■ • > y, . >■ t. • 

JVenioR, is frosty. even duz an fnnonlinarv General Meeting of tbe 
‘SlurAolclm of ASLAN CAPITAL HOLDINGS FUND urffl be bdd ar 
[ T lhg .registered office of the Company on. 14th October 1997 « 4KX> pm 
with the following agenda; 

t l. To consider and if thought fit to resolve that the co-orthnatedveraon of 
" the Articles of Incorporation dated April 29, 199b. be amended so that 
7 the first line of Article 17 must read as follows: 

“The corporation shall indemnify any Director or — “ 

IpL .Translation of the first line of Article 17 of the Articles of Incorporation 
into French. 

i Any.other business. 

The shareholders are advised that a quorum of 50 % is required for the item 
of the agenda of the Extraordinary General Meeting and that dedsou will 
jnx taken at the majority of the two thirds of the shares present or 
lLrepraenred -at tbe meeting. Each share is entitled t o one vote A 
'fyurchotder may act a any meeting by proxy. 

For the Fund 

Bantjue de Gesrioo Edmond de Rothschild Luxembourg 
Sodoe Aoonytne 

e Bd Emmanuel Servant 
535 Luxembourg 

3P. 

J» r 


Automakers 
In Japan See 
Exports Soar 

Bloomberg News 

TOKYO — Japan's four 
biggest automakers have re- 
ported increasing exports 49 
percent on average in August 
as sales slumped for the fifth 
straight month at home, 
where weak consumer de- 
mand is hobbling the eco- 
nomic recovery. 

Car factories in Japan are 
feeding the biggest surge in 
exports in more than a decade 
as the weak yen and popular 
models fuel demand abroad. 

Honda Motor Co. pushed 
up exports to (he Urn ted 
States by 148.7 percent com- 
pared with the same month 
die year before, to 23,449, 
while Toyota Motor Corp., 
Nissan Motor Co. and Mit- 
subishi Motors Corp. focused 
on Europe and other regions. 


FIDELITY FUNDS 

SocMtd d'lnvestissement & Capital Variable 
KnnsaUis House, Place de 1'EtoQe, 

B-P. 2174, L-1021 Luxembourg 
RC Luxembourg B 34036 

NOTICE OF ANNUAL GENERAL MEETING 

Notice is hereby given that the Annual General Meeting or Shareholder of HdeUty Fnmds (“the R«d“)jwU 
be held aithe registered office of the FUnd in Luxembourg on Thursday 2nd October 1997 at noon to consider 
the following agenda: 

1. presentation of the Report of the Board of Directors 

2. Presentation of the Report of the Auditors . , 

3. Approval of tbe balance sheet and income statement for the financial year ended 30th April 199/ 

4. Discharge io the Board of Directors . „ . . . ... . 

5. Election of nine (9) Directors, specifically- the re-election of Che following nghMSl preseni Director. 
Messrs. Edward C Johnson 3d, Barry R.J. Bateman, Charles T. M- Coliis. Sir Charies AFraser. Jean 
Hantilius. Glen R. Moreno. David J. Saul and Helroert Frans van den Hoven. and the election of one (1) 
Additional Director Fidelity Investments Luxembourg S. A. 

<L Approval of the payment of tfirectorf fees for the period ended 30th April 1997 

7. Election of the Auditors, specifically tbe election of Coopers* LybrandS.C.. Lt« «nb omg [ 

8. Approval of the payment of dividends for the year «wted30tb April 1997an< ISSSnW if nS^SS 
ofDireciDrs to declare further dividends in respect of the financial year ended 30th Apn> 1997 if necessary 
to enable the Fund to qualify for ’distributor status’ under United Kingdom and Irish tax laws 

9. Consideration of such other business as may property come before tbe meeting. 

Subject to the limitations imposed b> die Articles of Incorporation of the Fund 
shares bv US uenons or of shares which constitute in the aggregate mote than three porenll3*)of 
outstanding sfoSTSch share is entitled to'one vote. As hareholdCT may^nd and votoai the meeting or 
may appoint a proxy to attend and vote. Such proxy need not be a shareholder of the Fund. 

Holders of Registered Shares may vote by proxy by returning to the registered office of tbe Fund the form of 
- registered shareholder proxy sent to them. 

Holders of Bearer Shares who wish to attend the Annual General Meeting or vote a* the Meeting by proxy 
shoufcf contact the Fund, or one of the following insDtntions: 


in Luxembourg 

Ffakficy Investments Luxembourg S.A. 
KansaBis House 
.Pbeefe FEuille. BJP. 2174 
L-HJ2I LUXEMBOURG 
in if* United Kingdom. 

Fidelity Investments International 

OakiriU House 

130 -Tonbridge Road 


. KENTTNIJ9DZ 
in Inland 
BradneB Limited 
41-45 St. Stephen’s Green 
DUBLIN 2 


Bankers Trust Luxembourg S.A. 
14. bd. F.D. Roosevelt 
L-2450 LUXEMBOURG 

inNonmy 
Oslo Finans As 
P.O. Box 1543 Vika 
hWJinOSLO 


in Sweden 

Svenslca Handelsbanken 

vgssssas* 


’ To be valid, proxies must reach the registered office of the Fund 
“ f Luxembourg time) at the latest 


on the 29th September. 1997 at 12.00 


Dated.* Ifith July 1997 
ByOnkr of the Board of Directors 




Fidelity 



Investments' 



FIDELITY FUNDS 

Sori&l d’lnvestissement 3t Capital Variable 
Kansallis House, Place de 1‘Eioile. 

BJ*. 21 74, L-1021 Luxembourg 
RC Luxembourg B 34036 

-* . NOTICE OF EXTRAORDINARY GENERAL MEETING 

The shareholders of Fidelity Funds uhe 'Corporation”) are hereby convened to an Extraordinary General Meeting of shareholders to be held on 2nd October 1997 at the registered office at Kansallis 
House. Place de 1'Eioile, in Luxembourg at 1.00 p.m. (Luxembourg time) with the following agenda 
I. Toamend the Articles of tbe Corporation as follows: 

a. Investments through subsidiary companies 
Inclusion of the following sentence in Article 15: 

“Investments of the Corporation may be made either directly or indirectly through subsidiaries, as the board of directors may from time to time decide. Reference in these Articles to "investments” 
and "assets" shall mean, os appropriate, either investments made and assets beneficially held directly or investments made and assets beneficially held indirectly through the aforesaid subsidiaries.*' 
and amendment of the list of cases of suspension of the calculation of the net asset value contained in Article 22 by adding thereto: 

"(f) while the net asset value of any subsidiary ol the Corporation may not be determined accurately." 

b. Provisions relating to mergers qf funds within Fidelity Funds and mergers of specific funds cf Fidelity Funds with other collective investment undertakings : 

Inclusion of the fallowing provisions in the Articles of Incorporation which, together with the two last paragraphs of Article 21, will constitute an Article 2(bis : 

The general meeting of hotden of shares of a class or several classes may also decide to allocate the assets of such class or classes of shares to those of another existing class of share and to redesignate 
tbe shares of the class or classes concerned os shares of another class i following a split or consolidation, if necessary and the payment of the amount corresponding to any fractional entitlement to share- 
holders or the allocation, if so resolved, of rights to fractional entitlements pursuant to the last paragraph of Article 6 of the Ankles of Incorporation!. Such a class, meeting may also resolve to contribute 
the assets and liabilities attributable to such class or classes to another undertaking for collective investment against issue of shares of such other undertakings for collective investment to be distributed 
to the holders of shares of the class or classes concerned. 

Such decision will be published by the Corporation and such publication will contain information in relation to the new class or tbe relevant undertaking for collective investment. 

Such publication will be made within one month before the dote on which such merger shall become effective in order to enable holders of such shares to request redemption thereof, free of charge, 
before the implementation of any such transaction. 

There shall be no quorum requirements for the general meeting deciding upon a consolidation of several classes of shares within the Corporation and any resolution on this subject may be taken by 
simple majority. Resolutions to be passed by any such class meeting with respect to a contribution of the assets and of the liabilities, attributable to any class or classes to another undertaking for collective 
investment shall be subject to the quorum and majority requirements referred to in Article 29 of these Articles, except when a merger is to be implemented with a mutual investment fund i fomh commun 
de placement) or a foreign based undertaking for collective investment, in which case the resolutions shall only be binding upon such shareholders who shall have voted in favour of the merger proposals." 

c. Possibility to issue several classes cf shares in respect of which the expenses and fee structures may be different and redefinition of the rules of allocation of assets and liabilities to the share clusses 
Amendment of tbe first sentence of Ankle 22 to read as follows: 

"Whenever the Corporation shall redeem shares of the Corporation, the price per share shall be equal to the Net Asset Value per share of the relevant class as defined herein less any charge provided 
for in Article 21 and any deferred sales charge as may have been provided by the sales documents issued by the Corporation." 

To amend section F. of Article 22 to read as follows: 

T. Tbe Directors shall establish a pool of assets for one or more dosses of shares in the following manner: 

a) the proceeds from the issue of one or several classes of shares shall be applied in the books of the Corporation to the pool of assets established for the class or classes of shares, and the assets and 
liabilities and income and expenditure attributable thereto shall be applied to such pool subject to the provisions of this Article: 

b) if within any pool class specific assets are held by the Corporation for a specific class of shares, (he value thereof shall be allocated io the das, concerned and the purchase price paid therefor shall 
be deducted, at the time of acquisition, from the proportion of the other nu as&cL-. of the relevant pool which otherwise would he attributable to such class ; 

c) where any asset is derived from another asset, such derivative asset shall be applied in the books of the Corporation to the same pool or. if applicable, the same class of shares as the asset from which 
it was derived and on each revaluation of an asset, the increase or diminution in value shall be applied )o the relevant poo) and/or class : 

d) where the Corporation incurs a liability which relates to any asset attributable to a particular pool or class of shares or to any action taken in connection with on asset attributable to a particular pool or 
class of shares, such liability shall be allocated to the relevant pool ond/br class of shares, provided that all liabilities, whatever pool re class they are attributable to, shall unless otherwise agreed upon 
with the creditors be binding upon the Corporation as a whole; 

el in the case where any asset or liability of the Corporation cannot be considered as being attributable to a particular pool or class of shares, such asset or liability shall be equally divided between 
all tbe pools or. insofar os justified by tbe amounts, shall be allocated to the pools or, as the case may be, the classes, prorata to the net asset values: 
fl upon the record Tor determination of the person entitled io any dividend declared on any class of shares, the net asset value of such class of shares shall be reduced by the amount of such dividends; 
glupou the payment of an expense allocable to a specific pool or a particular class of shares, the amount thereof shall be deducted from the assets of the pool concerned end. if applicable, from toe 
proportion of the net assets attributable to the class concerned." 

d. Pooling 

Insertion of an Article 22 Ws. which shall read as follows: 

'I. The Board of Directors may invest and manage ail re any pan of the pools of assets established for two or more classes of shares referred to in section F. of Article 22 (hereafter referred to as 
"Parti cipoting Funds") on a pooled basis where it is appropriate with regard to their respective investment sectors to do so. Any such enlarged asset pool i "Asset PooD shall first he formed by 
tr an sferring to it cash or (subject to the limitations mentioned below) other assets from each of the Panicrpaiing Funds. Thereafter the Directors may from time to time make further transfers id the 
Asset Pool. They may also transfer assets from the Asset Pool to a Participating Fund, up to the amount of the participation or the Participating Fund concerned. Assets other than cash may be allocated 
to an Asset Pool only where they are appropriate to the investment sector of the Asset Pool concerned. 

2. tbe assets of the Asset Pool to which each Participating Fund shaft be entitled, shall he determined by reference to the allocations and withdrawals of assets by such Participating Funds and the allocation* 
and withdrawals made on behalf of the other Participating Funds. 

3. Dividends, interests and other distributions of an income nature received in respect of the assets in on Asscl Pool will be immediaiely credited to the Panicrpaiing Funds, in proportion to titeir respective 
entitlements to the assets in tbe Asset Pool at the time of receipt-" 

MISCELLANEOUS 

Shareholder* are advised that a quotum of 50% of the shares outstanding of the Corporation present or represented is required in order to constitute a valid meeting and the resolutions must be carried 
by a majority of two-tiuitis of the shares present oar represented at the meeting. 

Subject to the limitations imposed by the Board of Directors with regard to the ownership of shares by US persons and the fimiiations imposed by the Articles of Incorporation of ihc Corporation relating 
U> ownership of shares which constitute in toe aggregate more than 3% of the outstanding shares in the Corporation, each share is entitled to one vote. A shareholder may attend and vole at the meeting 
or may appoint a proxy to attend and vote. Such proxy need not be a shareholder. 

Holders of Registered Shares may vote by proxy by returning to the registered office of the Fund the fomi of registered shareholder proxy sent to them. 

In order Errrnnufjaary fieneral Meeting, owners of bearer shares should contact the Corporation or deposit their shares five clear days before the meeting with one of the following institutions: 

in Luxembourg 

Fidelity Investments Luxembourg S. A. Banker* Tmrt Luxembourg S.A. 

Kansallis H«ue M. bd. F.D. Rootevch 

Place de rEloile. B.P. 2174 L-245U LUXEMBOURG 

L-1021 LUXEMBOURG 

in the (/niied 1 Kingdom in Norway 

Fidelity Investments International Q*lo Finans As 

OakhfU House P °- Box 1543 Vika 

130 Tonbridge Road N-0I17OSLO 

HIJdcn borough 
KfiNTTN H 9DZ 

in Ireland in Sweden 

8 rad well Limited Svcoskn Handelsbanken 

41-45 Sl Stephen’s Green Blasieholnuacng. 1- 

DUBUN 2 10670 STOCKHOLM 

To be valid, proxies must reach toe registered office of the Corporation on the 29th September, 1997 « 12.00 ( Luxembourg time ) at the latest. 

Dated: l&h July 1997 

By Older of the Board of Directors 



Investments 


PAGES 


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PAGE 16 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, SEPTEMBER 23, 1997 

EUROPE 



Investor’s Europe 


T-V-Ts; 



■*.. •* , 

'-- — : 3250 

"; 3100 -1 


^Vm'J'JA'S 1 : 


1997 


Amstercbfft •••■. AEX 5 



A M J ' J A 

1997 


.BW&'r 

■■8&.4BC - 



JDAX . /'.••• 

^ '4;0£Bv9Z. A&Z8R. 

Copenhagen 


$t7j82 6f7.t? • . 

Hrfj *»W' V 

:HEX‘€efierat‘. • 

3^54iJ3 . 8<S05s4.t +V3B 

' 

OSX 

7Q2&r "J8KM9 itid 8 


FTS6.1& . : 

5 , 075 . 7 0 . 

Madrid 

Stock &rchar®e 


■■jfiwr." 

mibibu .’ v • 

• 15842 : .-.,•15220 

Paris. 

■CAC40 ; ... 

3.017AS 2,377^18 ■; +1.35 

Stockhoini 

SX t6 

• 3,484.13 8^98.86 . +2£3 


ATX 

1,40858 tj38a44 +\M 

Zorich . 

SP> 

■■ 3,64aa© '3^0350 +1.47 

Source: Telekurs 

Very briefly: 



• Deutsche Lufthansa Atf was oraereo to oner u» 

flier plan after a regional carrier. Euro wings, compiainod that 
the program violated restrictions on anti-compeunve rebates. 
German competition authorities said. 

• Prague's stock exchange said it would delist 302 lightly 
traded stocks beginning Ocu 1. bringing the number of stocks 
taken off the exchange since last December to 1 ,j14. 

• Morocco will merge three state-owned sugar plants that are 
scheduled to be privatized into a single company. Sucrene 
Raffinerie du Tadla, a Trade Ministry' official said. 

• German prosecutors said their investigation into tax-eva- 
sion charges against Leo Kirch had produced no evidence to 
justify taking the media executive into investigative custody. 

• Hannover Rueckversicherungs AG said it would buy the 
main pan of Skandia Insurance AB’s international reinsurance 
business for 243 million Deutsche marks (SI 37.4 million). 

• ASLK-CGER Bank, a banking and insurance company, 

said it planned to cut costs by trimming as many as 1 .000 
employees, about 1 1 percent o f its work force, in the next three 
years. ’ Bieumbrrg. Rearers 


France Telecom Priced 

But Range Is Higher Than Some Hoped 


PARIS — The government set a 


tentative price range Monday for 
’ ■ yt 20 percent of 


its plannee! sale oi 
France Telecom's shares. 

Under the pricing, France could 
raise as much as 38 billion francs 
($636 billion) in the stake sale, 
making it larger than the partial 
privatization of the oil company 
Elf Aquitaine in 1994, which raised 
35.7 btilion francs. 

The government set an indicated 
price range for each France Tele- 
com share of 170 to 190 francs, 
with investors able to reserve 


shares Tuesday. The final is 


sxpected to be announced 
Thestc 


stock is to start trading Oct 

20 on the Paris and New York 
exchanges. 

The tentative price range was in 
line with analysts’ predictions, 
which had valued the company’s 1 
billion shares at 150 to 230 francs 
each. But some investors had ex- 
pected the shares to be less ex- 
pensive, given the government's 
refusal to relinquish majority con- 


trol and the glut of competing 
ii cations of- 


European telecommunications 

ferings, including Telecom Italia 
SpA and Portugal Telecom SA. 


The previous French govern- 
ment wanted to keep a 51 percent 
stake in tire company, compared 
with the 62 percent the current So- 
cialist-led government plans to re- 
tain. Analysis said the higher de- 

E je of state ownership should 
ve translated into a discount on 
the share price because of the 
greater contxol.it implies. 

“We're going to fight for the 
shares to be priced ar thelow end of 
the range,” said Anne Meniel of 
Groupama Asset Management. 

The Finance Ministry said it 
would sell 75 million shares in a 
fixed-price offer on the market and 
place another 115 million shares 
with French and foreign institu- 
tional investors. 

Banks handling the sale will 
have an additional 16 million 
shares at their disposal to sell to 
institutional investors. 

Private investors will get a dis- 
count of 5 francs a share on the 
final institutional price. 

Former and current employees 
of France Telecom will be offered 
21 million shares under more ad- 
vantageous terms. 

The government has said that the 
sale wiU allow France Telecom to 



France Telecom In use Monday in front of the Bourse in Paris. 


strengthen its relationship with for- 


eign partners. Toward that goal it 


offer an additional 5 percent to 
10 percent of shares in a stock swap 
with Deutsche Telekom AG, France 
Telecom’s international partner. 

France Telecom has said the 
share swap will occur in the second 
half of 1998, with its terms to be set 
by the end of this year. 


Deutsche Telekom said Monday 
it had begun talks with France 
Telecom about tbe stock swap but 
tha t the talks had not yet yielded an 
agreement 

Forty percent to 50 percent of 


France Telecom’s net profit will be 
>lders t 


distributed to shareholders through 
dividend payments, the company 
said (Reuters. Bloomberg) 


Ruble-Only 
Shop Policy 


Hard-Currency Ban 
To Take Effect Nov. 1 


Nomura to Expand Its British Pub Holdings 


French Sales Slump Hits Peugeot 


Bltvmhert; .We s 

PARIS — PSA Peugeot Citroen SA said Monday that 
its first-half net income fell 63 percent as a plunge in 
domestic car sales canceled out higher sales abroad 
The carmaker earned 564 million French francs (S94.4 
million \ in the hall', down from 602 million francs a year 
earlier. Peugeot said last month that first-half sales rose 
63 percent? to 94.64 billion francs. Peugeot's shares 
closed at 7S3 francs, up 16. 


Bloomberg News 

LONDON — Grand Metropol- 
itan PLC and Foster’s Brewing 
Group Ltd. said Monday they had 
agreed to sell about 4300 pubs to an 
investment vehicle set up by 
Nomura Securities Inc. for £1.2 bil- 
lion (SI. 93 billion). 

After paying debts totaling £775 
million. GrandMet and Foster's will 
together receive about £425 million 
from Grand Pub Co. for their equal 
stakes in Inntrepreneur Pub Co. and 
Spring Inns Ltd., the owners and 
operators of the British public 
houses. 

London-based GrandMet, which 
is merging with Guinness PLC, has 
been disposing of pubs and other 
brewing assets to focus on food, 
wines and spirits. 

For Melbourne-based Foster’s, 
the sale is part of a plan to get rid of 
the remainder of its British assets, 
which include property and a stake 


in Scottish & Newcastle PLC. It has 
said it will continue its partnership 
with that company, which produces 
and markets Foster's lager brands 
under license. 

Analysts said the sale would have 
no impact on tbe merger. 

“Clearly Inntrepreneur was not a 


core business for GrandMet or 
Foster's, and the companies indi- 
cated that it would at some stage be 
sold," Richard Shaw, an analyst at 
Panmure Gordon, said. “I think the 
price achieved is roughly in line 
with expectations." 

Nomnra already owns 1.130 pubs 


Bass Bids to Buy Out a Czech Brewer 


Re uten 

PRAGUE — Britain's Bass PLC said Monday that it had offered to buy 
out the majority shareholders of the Czech brewer Radegast AS, of which 
it already owns a third, setting up a potential battle for control of the 
company. 

Graham Staley, Bass’s country manager for the Czech Republic, con- 
firmed a report in the Mlada Fronts Does daily that an offer had been made 
to a group of shareholders who together held a majority of Radegast He 
declined to give details of the offer. 

Bass holds 33.4 percent of Radegast IPB AS. the third largest Czech 
bank, votes with a group of shareholders which together have a majority in 
Radegast and in another brewery, Plzensky Prazdroj. 


throagh its Phoenix Inns Holdings 
Ltd. subsidiary. 

These pubs, together with the 
pubs Nomura is purchasing in this 
transaction, will make the Japanese 
securities company one of the 
largest British pub’operators. with 
about 7 percent of the market. 

Stephen Jolly, a Nomura spokes- 
man, said; “The group within the 
company that has purchased these 
rwo groups specializes in securit- 
izations. Nomnra plans to develop 
them further and to exit at some 
point in the future. Management will 
stay in place. Nomura is not a pub 
operator." 

Both companies said they would 
use proceeds from the sale to reduce 
debt. 

GrandMet ’s shares slipped half a 
pence to close at 595. Foster's 
shares, which rose 7.4 percent last 
w eek, rose 6 cents to a record high of 
Z60 Australian dollars (Si. 87). 


Reiners 

MOSCOW — Russia is banning 
the use of hard currency in cash and 
credit-card transactions in the coun- 
try as of Nov. 1 to Qy to increase the 
use of the ruble. 

The central bank’s deputy chair- 
man, Alexander Turbanov, said 
Monday that the central bank had 
stabilized the ruble against the dol- 
lar and that the amount of hard cur- 
rency received as payment in shops 
had fallen sharply in recent years. 

‘*AJ1 this has allowed us to con- 
clude that further hard-currency us- 
age in domestic payments is not 
expedient,” he said. 

Mr. Turbanov said the order, 
which regulates the use of credit 
cards, would not affect duty-free 
shops or prevent individuals from 
ope ning bank accounts in hard cur- 
rency. 

Cash payments in hard currency 
were banned three years ago, but it is 
still possible to make purchases in 
dollars via credit card. 

Analysts said the decision was in 
line with Russia's efforts to support 
the ruble as its economy recovered. 

"The central bank and the gov- 
ernment have promised to 
strengthen the ruble and de-dollar- 
ize the economy, and this is alogical 
step in this direction,” a Western 
economist said. . 

The ruble is depreciating gradr^ 
ally against the dollar but is strength- 
ening in real or inflation-adjusted; 
terms. The currency has fallen 5.05 
percent since the start of the year, but 
consumer prices in August were up 
14.7 percent from a year earlier. 

Mr. Turbanov said the volume of 
hard -currency payments, in shorn 
had fallen to i 8 percent of total saua 
in the first half of this year from 60 
percent in 1995. Russia began aid 
lowing its citizens to make pay,; 
meats in hard currency in 1991. * 

As part of the campaign to restore 
faith in the currency — which in die 
Soviet period had an official rate of 
well over $ I . whereas now it takes 
nearly 6,000 rubles to bay SI 
Russia will convert Jan. 1 to a neife 
ruble equal to 1,000 current rubles/ 


WORLD STOCK MARKETS 


High Low dose Prev. 


High Low Oom Pm. 


High Low a as« Pm. 


High Lew aesa Prw. 


Monday, Sept. 22 

Pr«es in lacci currencies. 
Teiekurs 

High Low Close Pm. 


Amsterdam 


AEX index: 910/4 
Previns: 99129 


A3 N -AMRO 
Aegon 
AhcM 
Aim NaW 
Boon 'la 

Bob ftts* ora 
CSMcva 
Dart&scfie Pc? 
DSM 
Elsevier 
Rxtis Aiaev 
Gerrorics 
t Bra era 
Huge-merer 
Hdnetasi 


Hoogwenscva 
Hum Douql 


I Douglas 
INC- Group 
YJM 
KNPBT 
KPN 

Ned Hoy <1 Gp 

Nutrtuo 

OceGrmten 

naps Elec 

Polygram 

RnmKtoa Hdg 

Rabeco 

Rodamco 

Rofinco 

Rarento 

Rows Dwch 

Urwewercva 

Vendexlid 

VNU 

Welters KJcvn 


4153 40 HI A) 40 JO 70 
157 it. 152.40 )5sjfl 152.10 
5560 5A70 55 JO 5J 
332 328 331 327.90 

133/0 12*50 UI40 126.70 
35 30 35.40 35 id 35 20 
9530 93 50 93.80 9480 
11220 W.7D 111.90 10950 
191 187 1B9 188.10 

32 31 3180 31 

83/0 81/8 8310 8180 
65/0 6130 65.10 65.10 
5650 55-20 S6/0 5150 
10140 101.70 102-20 101.40 
348 10 34230 348 34140 

128 12530 127 JO 12430 
88JQ 8630 88 8630 

9150 91.60 92JO 9130 
71.M 69.60 71 JO 68.60 
S2J0 5030 50.90 5140 
76.70 75.98 7630 75.20 
6530 63J0 65 63 

6130 6030 62 JO 59.90 
25430 35120 25130 25150 
1SS.W 149 JO 15130 14730 
HIM 11150 11150 11180 
8430 81 02 82 

19330 19120 19170 192 

6150 61/B 41.70 6120 
192 191 192 19O50 

118.10 11730 11730 118.10 
11130 10940 11030 11*30 
428 42030 42430 419.10 
116.90 115 11630 11530 

4420 41e0 44 4330 

]44 240.90 24130 240 


High 

Deutsche Bank 11585 
Deut Telekom 3i 
□rcsdner Bank 8130 
Freseiwis 314 

FmemusMed 13030 
Fried. Knipp 567 
Get* 

HerdrfbgZnrt 
Henkel ptd 
HEW 
Hoddiet 
Haecftst 
Karsfadt 
Lohmeyer 
Unde 

Lufthansa R 
MAN 

Mamesmonn 
Metofigesetschaft39jn 
Metro 8030 

Munch Rueek R 594 

Preuswg 518 

RWE 8430 

5AP ptd 442 JO 

Sdierinq 182 

SGL Carbon 250 

Semens 12230 

Springer (Axel) 1500 

Sued tucker 882 

Thyssen 414 

Vena 10075 

VEW 572 

Vmg 759 

voftswogen 1186 


Low Close Pm. 


104 

141 

107 

480 

8430 

7445 

6o9 

1D0 

1285 

36 

555 

87/ 


11170 11575 1IIL80 
32 50 Tins 3336 
SO20 8130 7985 
311 313 309 

12930 12930 130.70 
363 36570 358 

103 10360 103 

140 140 13930 

104.30 10530 104-30 
450 480 450 

8170 84 81 

7330 7475 7330 
645 659 648 

9060 9090 101 

1265 1277 1285 

35.15 3530 3529 

549 554 548 

866 86930 86430 

3975 3975 3930 
80 8035 fiffljD 
533 594 588 

506 513 50130 

8230 8100 84 

439 440.50 43630 
179.10 179.10 188/0 
247 250 252 

121.15 12180 119-55 

1500 1500 1505 

880 880 882 
404 409.10 403 

9930 10075 99 JO 
572 572 571- 

752 756 770 

1170 1178 1177 


SA Breweries 
Samcncor 
Sasai 
SB1C 

Tiger Oats 


13230 13175 13175 13175 
35 3430 34/0 35 

6430 6330 6430 6375 
206 204 20475 20775 

70.25 6930 69.75 69 


Kuala Lumpur ComMite:7«J0 

r Previous: 787 JM 


Utd Unities 
Vendomc U uts 
Vodafone 
Whffljreod 
WiKamsHdgs 
Wbfacfcy 
WPP Group 
Zeneca 


770 7 04 717 787 

472 4/8 438 469 

3J6 378 134 379 

8 7.92 7.93 7.97 

337 152 164 335 

i(15 431 573 490 

XB9 X85 X88 X06 

19.93 1935 19.75 1936 


Paris 


CAC-40: 3017/5 
Previous: 2927.10 


AMMBHdgs 

Gentmq 

Mot Banking 

MdWSKpF 

PetronasGas 

Proton 

Public Bk 

Renting 

ResrataWarid 

Rothmans PM 


Stare Oortw 
torn Mat 


T cMewn l 
Tenugo 
Did Engineers 
YTL 


8.75 

10 

1630 

S-30 

9.05 

835 

170 

370 

7 

2630 

6.10 

9.10 

7.95 

11JO 

416 


830 860 

980 985 

1530 1360 
5.10 575 

8.98 9 

870 8L30 

236 237 

108 370 

6 JO 630 
26 2650 
580 60S 

BOO 9 

770 7J5 

1030 10-90 

372 196 


830 

10.10 

1630 

570 

90S 

870 

274 

118 

7.10 

26 

405 

970 

7.95 

1180 

412 


London 


FT-SE 100:507570 
Previous: 589388 


Abbey Nan 
ASfied Domecq 
An gOan Water 
Argos 


Asda Group 
cBr Foods 


Helsinki 


HEX General tadec 354409 
Previous: 3505/1 


Bangkok 


SET index: 57X00 
Previous: 52X30 

Adv lnJo5vC 

322 

214 

270 

214 

Bpnqkck Bk F 

165 

15a 

160 

IM 

Krurta Thai Bk 
PTT Evplar 

2525 

24.75 

75 

2US 

362 

‘.152 

360 

360 

Skrai Cement F 

«n 

580 

too 

5ra 

SBin Cara Bk F 

107 

105 

106 

109 

ratecoaiasta 

79.75 

MS 

29.75 

ms 

Thai AMm 

Thai Farm Bk F 

48 

100 

44J5 

9X50 

m 

95 

4175 

ina 

Utd Comm 

103 

101 

103 

103 


EnsoA 
Hutriomddl 
Kot*u 
Kesko 
Merita A 
Metro B 
Metso-Serta B 
Nesle 
Nokia A 
Orion-Yhtynae 
Outokumpu A 
UPMKvnnnene 
Vofcnet 


5150 

SI 

51 -SO 

51,10 

205 

28Q 

205 TOO JO 


48J0 

49 JO 

49.50 

74 

71 JO 

74 

s 

2X30 

7190 

2X20 

23 

UO 

155 

157 

163 

4950 

48 

4X70 

47 JO 

140 

138 

140 

138 

466 

454 

465 

452 

183 

178 

183 

177 

93 

91 

■>3 

W 

14150 

140 

141 

MOJO 

88 

8750 

87 JO 

87/0 


Assoc Br I 
BAA 
Bonfovs 
Bass 
BAT hid 
Bra* Scotland 
Blue Code 
BOC Groap 
Boats 
BPBlnd 
Brh Aerasp 
Bid Always 
BG 

Bin Land 
BfffPeflm 
BSkyB 
Brit 5lrd 
Brit Teteaan 
BTR 


987 887 

485 476 

8.19 80S 

690 676 

131 135 

535 531 

575 533 

1347 15.15 

866 853 

532 375 

459 451 

195 3L85 

11/2 1171 
832 8J2 

150 3-44 

I6B2 1643 
639 632 

237 231 

607 69 9 
970 9.07 

492 475 

1.90 184 

414 405 

2.45 2-34 


Burma h CasUrol 1085 10.70 
Burton Gp 177 174 


Hong Kong 


Nang Seng: 141B8M 
Previous: 1(384.13 


Bombay 


Seasex 30 Index: 377899 
Previous: 3825.12 


BoU Aulo 
HlnSjsl Let 


H In dust Lever 
Hindus! Peflm 
I rat Dev Bk 
ITC 

Mohonagor Tet 
RnfionceliKl 
State Bk India 
Sted Authority 
Tata Eng Loco 


531 521 52530 527 75 

131175 1273 1282-75 1307 

477 46175 441.75 47425 
10430 10075 100.75 10425 
570 54825 55275 569.75 
25830 254 255 256 

30-50 335 334.50 ' 

275 26875 22025 
USD 1475 IS 
33430 3V>.75 32130 


Amor Props 
Bk East Asia 
Cathay Pacific 
Cheung Kong 
CK InJrastrud 
Chino Ug hi 
Cite Pacific 


Duo HennBk 

' ifrtdbc 


341 

273 

15-50 

332 


Brussels 


BEL-20 fudre: 241430 
Previous: 2389/2 


flnt, 

Hang Lung Dw 
Hong Song Bk 
Henderson In* 
He nderson Ld 
HK China Gas 
HK Electric 
HK Telecomm 
HagevieUHdgs 
HSBCHdgs 
Hukrtsai Wh 


At man* 
Bata IM 


BBL 
CBR 
CoJrayt 
DeUrittLiofl 
Etedrabei 
Electron™ 
Forth AG 
Gwaert 
GflL 

Gen Banqire 

Kredtethonk 

Pchafina 

Pmeetfli 

RoyaieBetoe 

SoeGen Bag 

SaJvay 

Tradebd 

UCB 


1620 

7320 

9460 

3170 

1R5D0 

1850 

7690 

3485 

7350 

3150 

5770 

14750 

14750 

14250 

4930 

9500 

3440 

2200 

14875 

125850 


1400 

7230 

9590 

3100 

17975 

1815 

7650 

341S 

7120 

3120 

5680 

14500 

14500 

13975 

4850 

mo 

3300 

2160 

14800 

123700 


1610 1610 
7250 7290 

9600 9590 

3100 3230 

18375 17800 
IBM 1815 
7660 7650 
3415 3430 

7300 7170 

3150 3150 
5680 5750 
14625 14425 

14750 14325 
14200 14000 
4920 4915 
mo 9430 
3450 3775 
2185 21 SO 

14850 14&50 
124300 122400 


Hyson Dev 
Johnson 


EIHdg 


New World Dev 
Oriental Press 
PflHlftfenW 
SHK Props. 
ShunTPxHdgs 
Snol/uufCa. 
SttiQUna Post 
SwtrePocA 
Wharf Hdgs 
WTteMock 


820 

27^B- 

12j58 

83.75 
72-40 
41 JO 
4430 
3550 

s.as 

1490 
90.50 
9 
6e 
18 W 
78-55 
1675 
4/5 
233 

69.75 
Z3J0 
20.40 
1875 
45-40 

2/3 

JJ1 

9175 
497 
7J0 
675 
6175 
27 JO 
15.90 


785 

2690 

11,70 


21.70 

40.70 
42-50 
3460 
7/S 

143S 
87 
BJS» 
6425 
1455 
27 JO 
16JQ 
440 
22S 


67 3 


20 JO 
17.95 
44 
2J5 
1,14 
89 
480 
695 
650 
59.75 
2680 
15JD 


7.95 820 

2785 27JO 
13.40 1150 
83 8450 
22 2855 
^>.60 41 JO 
fi 4<50 
3490 3SJB 
7J5 TSS 
1435 1470 
B8 9875 
875 9 

65 66 

14.75 1820 
28 2845 
1645 1670 

455 445 

229 231 

6875 6975 
2105 Z3JS 
20JB 
18 1825 
441 B 4630 
155 860 

1.15 1.19 

89J5 9125 
485 497 

7JB 725 
645 6J0 

6025 61 JO 
27 JO 2720 
1570 1585 


Cable Wireless 
Cadbury Sdtw 
Gnttafi Comm 
CwwJ Union 
ComMssGp 
Onntaukb 
Dimns 


5J9 SJ0 
166 540 

5.14 808 

775 742 

657 646 

142 3J0 

621 673 


Etectraampanents 468 464 

EMI Group 892 855 


Energy Group 647 MS 

EnlerorlseOri 660 656 

FomGoknU 1.76 1.74 


Gerrf Accident 984 943 

GEC 194 388 

GXN 1115 1278 

GtaoWetame 1165 13J3 

GnmudaGp 8/5 815 


:kuqs . 


Jakarta 


CwBpajflotodBC 53540 
Prams: 52188 


Copenhagen stock bdac razz 

r 9 DlHIiflM- 417 IS 


BGBonlt 


376 


Previous: 617.12 
370 37421 37286 


Codon 
Daitisco 
DenDanskeBk 


as 1912 B 
FLSlndB 
hub Lufttnvne 
NvoNordlsk B 
SophusBerB 
Tote Donmk B 
TiygBathca 


377 

360 36752 

365 

916.14 

910 91&.14 

911 

373 

3S7 

369 

Vfl 

691 

681 

687 

667 

418000 415000 415000 419419 

2HWW 2868*7 78JBM 7S5D00 

201 

194 

19820 

192 

790 

/« 

790 

m 

700 68 US 

700 

m 

1070 

1030 

1070 

1040 

356 

34/ 

nnaa 

351 

390 

385 

388 

187 

41701 

413 

417 

411 


Aitn Ml 

BklnHtndan 

BANegna 

GudangGana 

Indocaand 

Inddood 

Imfosot 

SampoHnaHM 
Screen DresA 
Tetekurourdhul 


3375 3175 2700 3425 

975 900 925 925 

975 925 925 925 

KSJ 8475 W 8500 

2350 2200 2350 . 2225 

*00 3750 3800 3750 

7975 7750 7900 7725 

6975 6800 6825 6825 

Jl2S 3025 3025 

3450 3325 3400 3350 


GrandMet 

GRE 
GreenaDsGp 
Guinness 
GUS 
Hays 
HSBC I 

ta 

l mat TobiKoa 
Kkiafttfier 

Ladbroke 
Land Sec 

Legat God Grp 
Ltojtis TSBGp 
LucasWaiily 
Mreks Spencxr 
MEPC 

Meroun Asset 
national Grid 
Nall Power 
NMWest 
Nad 

Norwich Union 
Orange 
PM 
Pea Iran 


PrwtUef Fcraefl 
ProdenflTO 


l Group 
ReckUCabii 
Radtad 
Reed toll 
Rentakl tmbal 
Reuters Hdgs 


Frankfurt 


D AX: 401892 
Prevteus.-4an.97 


AM?B 

Adidas 24150 

AISaMHdg 42970 

Altana U1J0 

Bk Berlin UM 

BASF 62 45 

Bayer Hypo 6k 72/0 

Bay-Vcmnsbanfc 95-30 
Bayer 69 J5 

Betemxl ri.90 

Bewog 38.70 

BMW 

CKAG Caforea 
Cammeutwi* 

Daimler Seru 
Defluwa 


1365 
161 
63 JO 
13*70 
100.70 


ISPS 1580 1580 
238 23825 24150 
42550 430.70 419 

13850 139 I41J0 

44 4460 44 

41/5 62 45 61.92 
7185 72* 7020 
*4 9480 9150 
4485 6*J5 69/5 
7iJ9 7880 7SJ0 
38/0 3870 3850 
133$ 1362 13u 
157 161 1S4 

6240 <030 61/0 
>36.78 13*50 13570 
9830 10070 9830 


Johannesburg AJtMo*»t77aL* 

9 Pravtans: 7177.19 

AndranMBks 31.90 30.90 3095 3105 
AngbAmCod 279 27850 279 27850 

AngloAm-Corp 242 2* 2* 24150 

23850 238 23850 29875 

18350 182 1B2 182 

1175 1150 1155 1175 
5475 54J5 5450 5425 
2370 2240 2260 2285 
I* 13873 >40 >38 

30 29A0 2970 2950 
3850 3775 3775 38^0 
10 JO 1055 laio 1070 
9575 95 95 95 

6375 62 6275 6250 

22J5 22J5 22J5 2235 
3.14 3JU 105 3.13 

61 60J5 6075 61 

372 368 368 372 

1*75 13875 13875 14075 
16. tG 16 Id 1575 
100 9975 100 - 100 

1785 17/5 1755 1785 
110 JO 102 10275 103 

4175 41.10 41.10 4170 


AngtoAmOM 
AnalaAm Ind 
AVMIN 
Bartow 
CG. Smith 
De Beers 
Drietarteki 
FstNatl Bk 
Gencar 
GF5A 

Imperial Hdgs 

IngecCoal 

hear 

Jehredm Indi 
Lfoerty Hrigs 

Mbmu 

Nampok 

Nedcar 

Rem brand! Gp 

WriWWf" 

Rust Plattnan 


65 43 6475 6225 

150 7975 8075 0075 


RTZreg 
RMC Group 
RaBj RoyCB 
Royal 8k Sad 
Royal A Sun All 
ScSway 
Sdrtshwy 
Sdmxiere 

Scot NowcaEtte 
Sari Power 
Seairtc nr 
SflWii T/ttrf 
Shed Tmnsp R 
SWw 

Smith Nephew 
Smith Wine 
Smittalnd 
SthemElee 
Stagecoach 
Staid Charter 
Tate 8 Lyte 
Tesat 

Thames NWer 
31 Group 
P Group 
Torutans 
Urflem 
1M Assurance 
Utd Nows 


6.13 589 

28V 285 

4J5 448 

587 575 

688 685 

6/1 645 

1889 18/3 
loirs 985 
173 3L63 

&M 786 
263 287 

9/2 8J4 

2/5 2-58 

4.58 444 

7.79 788 

277 273 

4.10 6 

4.97 486 

1265 1235 
ZW 279 
5-52 545 

88V 847 

-783 786 

3/1 333 

124 219 

6.93 677 

767 763 

1- S3 1/9 

781 786 

533 575 

638 679 

886 8.15 
156 380 

977 988 

286 278 

280 584 

2- 56 251 

7 686 
377 371 
10.05 987 
KUO 10.10 
239 233 

6/3 6-35 

5/5 5J6 

197 383 

487 4/7 
18.03 1776 
7/5 7J4 

458 4/7 

270 258 

870 880 
658 4/8 

1185 I1J7 
187 186 

558 136 
8-96 879 

458 645 
6J80 687 

B52 877 

4J0 470 

4.79 658 
877 8.15 
ill 699 
6.19 410 
233 376 

17.92 1787 
489 482 

7/2 7/5 


8.95 8.96 

476 479 

8.15 8.15 

686 681 
180 155 

564 £51 

£71 571 

ISM 15.15 
884 652 

£31 533 

456 452 

293 383 

1136 1134 
850 834 

249 144 

1678 1652 
663 658 

263 264 

£05 £97 

9.16 9.10 

686 479 

1.90 185 

412 406 

242 239 

1078 1072 
177 175 

SJ6 533 
585 582 

£12 £12 
749 784 

£47 £38 

139 375 

£25 6 JO 

686 684 

£86 £93 

6/3 6/0 

658 686 

176 1.75 

978 981 

193 188 

1112 1296 
1161 1234 

8/4 874 

£95 £96 

286 284 

A4B 451 
£85 £76 

£74 430 

£59 6/7 

1875 1871 
9.92 956 

265 271 

84C 754 

162 260 
9/0 932 

263 1*1 

657 4/9 

7 784 
225 224 

£08 £02 
£91 £66 
1257 1221 

287 28? 

£49 S/5 

871 8.73 

7J1 7/6 

3/0 338 

223 220 

669 £79 

784 784 

182 180 
779 785 

£25 579 

632 633 

153 834 

155 251 

9.75 989 

283 273 

£78 £66 

254 253 

4.91 679 

126 126 
9.98 9.99 
miS 1030 
235 2J4 

£42 633 

5/2 £46 

196 187 
464 446 

18 1773 
7/3 736 

£56 4/9 

270 280 
144 586 

487 4/8 

11.60 11/6 
1.87 167 
£56 5/6 
8.94 885 

485 4/5 

£69 677 

MS 832 
£28 £21 
£76 £60 

£23 83 1 
110 £02 
£12 £16 
129 126 

1758 1784 

457 490 

782 786 


Madrid 


BobalMtae 623/1 


Pravtan: 609/5 

Acerinm 

27950 

26810 

27950 

24500 

ACE5A 

2035 

1980 

2005 

1990 

Agugs Bararton 

6090 

5990 

SWD 

6000 

Aiwnluitu 

BBV 

8550 

4410 

8300 

4370 

8440 

4405 

8280 

4380 


1545 

I46U 

1540 

1455 

Bantdnter 

8480 

8.11(1 

8430 

8780 

Bco Centra IGsu 

6200 

6130 

6200 

6140 


9600 

9320 

9580 

9200 


4705 

4570 

4700 

4565 

CEPSA 

4750 

4600 

4750 

4530 


2905 

2870 

7890 

2860 

GorgMapfre 

8600 

3I8S 

8500 

3110 

8600 

3115 

8460 

3115 

FECSA 

1325 

1765 

1310 

1265 


7990 

7850 

7940 

7850 

tberurafci 

1815 

1770 

1816 

1775 


7740 

2710 

2725 

2685 


£440 

63W 

6420 

6390 

Sevllkma Eke 

1445 

1415 

1430 

1410 

Tabacatan 

10130 

woo 

I0IJU 

9800 


4505 

£160 

4490 

4345 

Union Fenasa 

1290 

1760 

1290 

1265 

VatancCemert 

3900 

2B50 

2885 

2825 

Manila 


PSE IIHteC 2096J3 


Prevtau: 207857 

AyotaB 

>£25 

mo 

1150 

1X25 

AvotaLraid 

Bk Philip W 

1725 

16 

16-50 

16 

113 

103 

103 

103 

CAP Homes 

£05 

£55 

X65 

3J5 

MreiHaElecA 

79 

7450 

7650 

76 

Metro Bank 

37750 

355 357 JO 

352-50 


520 

£75 

4.® 

£70 

Pa Bank 

150 

146 

146 

147 

PMLongDist 

960 

945 

955 

945 

5ar.Migue(B 

59 

55 

55 

5450 

SM Prime Hdg 

£40 

£10 

£10 

£10 

Mexico 


Bebotatac51D7J9 


Pmtan.-5nB.13 

AltaA 

7020 

70.00 

70,30 

69 JO 

Banocd B 

2X80 

•tiJO 

2X45 

2X50 

CemenCPO 

40.60 

4DJ0O 

40X0 

39.90 

DfraC 

1£90 

15/0 

15/4 

15/0 

EmpModerna 

4X60 

41/0 

42.30 

41/0 

GpoCflfSoAl 

6£00 

63.HU 

6100 

63/0 

GpoFScnner 

X4/ 

141 

■JM 

3/0 

Gpo Fhi Inbuna 
Kmtb Clark Men 

3X60 

33.00 

3X60 

3X70 

37.10 

J£50 

X£90 

3470 

TetevfcaCPO 

148. B0 

147 JO 

148.00 

148-20 

TetMen L 

19.24 

I8J4 

19.22 

1X90 

Milan 

UMBTetaanttea: 1584X00 


Previous: 15229/0 

ABeaua Asstc 

17000 

16690 

16945 


Ben Comm tsal 

4990 

4800 

4975 

4700 

Ben FUeuram 

7500 

7070 

7295 

6900 

Bead] Roma 

1678 

1648 

1674 

16*0 

Berwltan 

28950 

28700 

28950 

27850 

Cradtto ItaHono 

4310 

4)00 

4285 

3925 

Edison 

9100 

8870 

9055 

8695 

ENI 

10940 

10590 

1M0 

10465 

Fiat 

6350 

4025 

6300 

5950 

General Assk 

40600 

39450 

40400 

39200 

1FAI 

18995 

17930 

18595 


INA 

2770 

2675 

2765 


ltota« 

Mediaset 

6060 

5900 

6060 

5050 

9295 

8630 

9795 

84® 

Mediobanca 

14150 

13800 

14150 

13700 

Montedison 

i:w 

1305 

1370 

1286 

OfcrtS 

947 

97S 

934 

890 

Parmalat 

2880 

7B0 

7865 

2785 

Pered 

SIB 

4930 

5180 

4055 

RAS 

15675 

15370 

15550 


Roto Banco 

250W 

23500 

24600 

23250 

SPcsta Torino 

12WW 

12380 

12720 

12140 

Tsfecon rtotia 

11820 

114)0 

11800 

11290 

TIM 

ms 

6740 

/too 

6685 

Montreal 

Intastriebtatacsw^ 


Prevteus: 368X34 

BoeMobCom 

51.10 

SiS 

51.10 

5090 

CteiTlre A 

29i* 

TV* 

29 JO 

CdnUSA 

38/5 

38 

nunc 

37/0 


-4.30 

44.10 

400 


GmMeftxi 

18/0 

1820 

1 8b 

I8J0 

Gt'West Uteco 

3165 

37 40 

32t* 

32/5 


4LQ5 

40/0 

4060 

404 

Investors Grp 

41 

BBS 

40.90 

40.15 

LoiriawCas 

n 

71 

2\ 

20B 

Natl Bk Canada 

IV JO 

19 

19.20 

19/5 

sss? 

39b 

39 

3885 

tf 

39 

38/0 

39 

OuebearB 

7620 

2£10 

2£20 

Rogers Ccrwn B 

855 

X5J 

B55 

8/5 

Royal Bk Cda 

67H 

<6.90 

6/r* 

6470 


Accor 

AGF 

Air Uatikfe 
Alcatel Alsih 
Aka- GAP 
Baixaire 
BIC 
BNP 

Canal Phis 

Carrefour 

Cosmo 

CCF 

CeWem 

Christian Dior 

CUF-Oeida Fran 

Credit Agnate 

Danone 

Etf-Aquiftrine 

Etldanta BS 

Eurodhney 

Eurotunnel 

Gen-Eaux 

Hotoj 

Imehri 

Lafarge 

Legrruid 

Ltired 

LVMH 

MkhdfoB 

Paribas A 

PvaodRicanr 

Peugeot Cd 

PtoauO- Print 
Pmnx xitt 
Renault 
Hmrl 

Rh- Poulenc A 
So noli 
Schneider 
SEB 

SGS Thomson 
Ste Generate 
Sodexho 
StGobatn 
SuevLMtnErrox 


1025 984 1000 1002 

748/0 243.10 2AO 743/0 

957 944 556 942 

821 >93 795 B16 

402 396.10 4D180 39530 
754 720 750 711 

47370 454 47090 450 

2965C 28880 29£60 290 

1077 1056 1065 1057 

3608 3480 3600 3154 

Susp. Sura. Saw. 33210 

328.45 3ZJ 32720 323 

WO 671 616 

078 Bffl HTi 876 

555 £44 553 544 

1301.10 1 301 .10 1301.10 1320 
923 905 907 903 

8Z5 803 809 8U 

905 888 TO 075 

8.15 8 0 8 

6.40 6 JO 6-30 £45 

702 688 698 680 

41)80 40240 407 JO 402.90 


Etedrofux 3 

Sci. 

577 

577 

573 

Ericsson B 


344 355J0 

343 

Hemes 3 

3T./0 

314 

3TB 

317 

incentive A 

737 

773 

727 

778 

trvestCTB 

£3 

£11 J06-5u 

399 

f/cDoB 

292 

233 

2S5 

25! 

Nardbcnken 

257 JO 

5£ 

2=7 25SJ5 

PtaravUriohn 
SandvOc b 

284 

155 

2SZ 

2S3JC 

7B2 77BSS 
255 Z5XS 

ScsniaS 

250 

226 225J0 

2X6 

SCA3 

197 

'.93 

757 

353 

S-E Bantam A 

52J0 

91 

97 

97 JC 

StafKfiaFws 

347 


335JC 

33350 

SkanskaB 

32X50 31450 327J5 

318 

SKFB 

227 

221 

3455 

22) 

Spaibanken A 

1W 

ISO 

187 JO 

179 

Store A 

133 JO 

131 

132 

T33J0 

5v Han lists A 

25X5C 

250 Ju 

253 

249 

VOhroB 

213 209J3 

212 

33350 


Sydney 


AO Oftitaaries: 276450 
Previous: 2730/0 


874 

846 

068 

867 

452 JO 

4£J 45X70 

443 

1240 

1201 

1229 

1274 

2364 

2290 

2346 

2280 

I37B 

1353 

1375 

1350 

336 

331 

331/0 33X50 

433 JO 

428 

431.10 

423 

30750 299.10 301 JO 30160 

791 

770 

783 

767 

2699 

26X5 

2676 

2630 

2255 

2?>0 

2246 

2180 

17BJ0 

173 JO 

175/0 

174.20 

1647 

1600 

1634 

1630 

240 

236 238.70 237 JO 

640 

624 

636 

621 

37X90 

358 36180 

363 

869 

857 

860 

855 

545 

528 

545 

528 

853 

835 

853 

835 

2900 

2810 

7876 

2900 

918 

897 

914 

897 


Arocar 

ANZBWng 

BHP 

Batol 

Brambles Ini 
CBA 

CC Amato 
Dries Myer 
Comatco 
CSR 

Fosters Biew 
Goodman Rd 
to Aiotrako 
Lend Lease 


MIMHdm 
Aust Braik 


Total B 
Urinar 
Valeo 


CSF 


564 £57 660 643 

737 723 730 720 

180 17150 175 176 

707 686 700 693 

Hlft.'W 107.90 11050 10970 

388/0 375.10 37£70 385 


Nat Audi 

Nat Mutual Hdg 
News COrp 
Podfc Dunlop 
Pkmeef Inti 
Pub Broadcast 
Rio Tlida 
St George Bank 
WMC 

WestpacBtang 

WoofidePel 

Wentworths 


US3 

8J0 

£77 

0-75 

11/5 

10.99 

11-38 

11.12 

15JB7 

15J3 

15JE 

15.70 

£14 

407 

£13 

408 

30.15 

29B5 

30-05 

29J7 

17J4 

IAJ9 

17J8 

1 £94 

15.10 

14J0 

15.05 

1478 

6.99 

£79 

£93 

483 

£75 

£70 

£70 

£65 

*S 

5/4 

5.90 

5.20 

190 

X86 

X90 

284 

230 

230 

2J8 

225 

1X85 

12JD 

1X80 

>XW 

n*s 

3X08 

3X59 

3320 

)A3 

1-57 

162 

1-58 

WJJ 

21 J8 

2X35 

21 JO 

2-35 

X25 

2-33 

2J9 

6/3 

6JB 

£61 

6/0 

180 

3/8 

X79 

3/8 

476 

£68 

£74 

469 

£80 

£60 

BJ8 

8J0 

21.15 

2050 

21.12 

2082 

802 

8/6 

£B0 

8/8 

6-24 

£>B 

£21 

6.70 

8.97 

X61 

8.90 

8/3 

12J0 

I2J9 

12-50 

1X42 

£50 

£43 

4 JO 

4/8 


! The Trib Index 

Paces as of 2.90 PM New York time, i 

Jar r. 1332 - ICO 

Level 

Change 

% change 

year to data 

1 



% change. 

1 World Index 

170.40 

+1.65 

+0-94 

.. +1828. 

j Rugionai IndnoBS 




f. 

J Asia- Pacific 

118.01 

+0.93 

+0.79 

-4.39 . 

j Europe 

191.74 

+2.35 

+1^4 

+1855 

1 N. America 

209.95 

+2.07 

+1.00 

+29-67- 

S. America 

171.86 

+2.34 

+1.38 

+50.1 9: 

Industrial Indexes 




- 

Capital goods 

22521 

+3.39 

+1.53 

+31.76- 

Consumer goods 

194.75 

+3.33 

+1.74 

+20.64 ! 

Energy 

207.32 

-0.06 

-0.03 

+21.45" 

Finance 

129.86 

+1.16 

+0.90 

+11.51 

Miscellaneous 

184.53 

■0.64 

-0.35 

+14.06 r 

Raw Materials 

185.94 

+1.73 

+0.94 

+6.02 . 

Service 

166.25 

+1.61 

+0.98 

+21.07 r 

Utilities 

171.48 

+1.52 

+0.89 

+19.53 : 

The kvomananal Heraia Tribune Woikl Sock InOox © baefcs the US. dollar values of) 
290 wemaiionaHy anestatHo stocks from 25 countries For more information, a free 1 
booklei is available by writing to The TiU lndex.181 Avenue Charles da Gaulle. ’1 

I 32521 NewBy Ceuta*; France 


CompHod by Btoombery AtawsJ 

High Low 

Close Prw. 


High Low 

dose Prw 


Mitsui Fudosn 
MEsui Trust 
MirotaMf9 
NEC 

NftkuSec 
Kfiran 
Nintendo 


Nlpp Express 
jonOfl 


Sao Paulo 


MacilBMLM 
1164971 


Taipei 


Bradescn PM 
Brahma Ptd 
Cerate Ptd 
CESPPM 

Itaubanco Ptd 
UghtSenrioas 
LJgtitpar 
Petrobras 


iPW 

PauBsta Luz 
Sid Hodonal 
SpusiCruz 

Tetetuas PM 

Tetemlg 

Total 

TetespPM 

Untoanca 

Usiminas Ptd 

CVRD Ptd 


>180 

840.00 
61 JO 

89350 

1880 

59200 

610820 

480.00 
174.50 

312.00 
19SOO 

43.00 
N.T. 

14380 

168.00 

147.00 

337.00 
4080 
1283 
28.90 


1070 
83580 
59 JO 
6880 
1880 
580JX 
58080 
46580 
36980 
30380 
19100 
4270 
N.T. 
14080 
165.99 
141 JO 
32500 
38/0 
1181 
28.00 


10750 1080 
83880 835.00 
6030 9930 
88J0 8880 
1880 17.70 

591.00 57200 
61080 60080 
48080 465.00 
37380 36989 
3ia02 301.98 
19100 194.00 
42990 42 JO 
N.T. 10/0 
142.40 140.10 
16780 16680 
14780 141.00 
33580 32080 
3988 39/0 
1281 11.90 

2230 28-50 


Cathay Lite Ins 
Chang H«w Bk 
ChknTung Bk 
□ten Devetant 
China Sleet 
First Bank 
FormoM PtasJtc 
Hua Nan Bk 
Intt Comm Bk 
Nan Ya Plastics 
Shin Kang Life 
Taiwan Serai 
Tatung 

Utd Mian Elec 
Utd World Clin 


Stock Motet tatac 9220.99 
Pltvtow: 924171 

I3&J9 135 JO 137 137 

113 >06 110 109 

B3J0 tn Bl 82 
123-50 131 122 122 JO 

MM 2830 2830 2870 
1 10-50 106 108 109 

6030 59 60 5930 

122 11530 12030 11 7 JO 
58 56 57 57 

72 JO 71 JO 71 
92 88 JO 90 JO 69-50 
>49 I 46 146 >48 

46-60 4570 45.90 4620 
97 93 93 97 

64 6230 63 6250 


Nippon?.. 
Nippon Steel 
Ntoan Motor 
NKK 

Nomura Sec 

NTT 

NTT Data 
Ou Paper 
Osaka Gas 

Pin* 

Rohm 
SekuraBh 
Sonkyo 
5cmwa Bonk 
Sanyo Elec 
Secrim 


Selbu Rwy 
I Chom 


Tokyo 


NAteiZU: 18Z813Z 
Previous: IM3U1 


Seoul 

Docom 

Doewpa Heavy 


CranposSeMK 668/5 
PmiHfSI 68M4 


Nip pan Air 


) Motors 
Korea El Pwr 
Korea ExctiBk 


LG Sem icon 
Potangli 


. j Iran St 

Samung Dtalay 
Samsung Elec 
SWnhanBar* 
SKTetecom 


87000 83000 85500 85300 
7480 7000 7050 7500 

18700 75100 18300 IDOO 
10000 8930 B930 9700 
22500 38-WO mtK 22200 
5070 4880 4880 5070 

39200 36000 36000 40500 
59400 xm 36500 59500 
46000 44800 45600 46209 
69900 67700 67800 70000 
8700 855Q 8609 8700 

450500 422000 422000 459500 


Singapore smtsTmaivoiLZ] 

3 r Previous: 1B9A7J 


AsoWawm 
Asatil Glass 
Bk Tokyo Mitou 

BkTakohrana 

Bridgestone 

Canon 

ChubuElec 

WIS 

Dole? 

Dai-klU Kang 
Datum Bank 
Da tarn House 
Da two Sec 
001 
Denso 

East Japan Py 


1020 

723 

340 

743 

587 

934 

2270 


Asm Pac Brew 
fPoc 
rOevtts 


Lantooe 

Formlrt* 


Oslo 


OBX Mat 70207 
Prevtoob 699/9 


Aker A 


Oinsliania L. 
Dm norsfcr Bk 
Eftem 
HatclundA 
KvoemerAM 
Norsk Hydro 

“ ' i. J * 

i Am A 
PenraGea5K 
Saga Pettra A 


saga Pem 

SoTlkled^* 
TiansaceoaOtl 
Storebrand Asa 


133 

130J0 

130.50 

131 

208 

200 

208 

201 

2480 

2450 

2£78 

24J0 

29.W 

129 

29/0 

126 

29 JO 
126 JQ 

29/0 
127 JO 

44 

44 

44 

4UO 

41L50 

414 

416 

414 

42X50 

417 

430 

422 

263 

258 

263 

257 JO 

160 JO 

167 

168 

168 

595 

590 

590 

591 

465 

462 

464 

4?> 

149 

14&J0 

147 

149 

125 

124 

124 

124J0 

NT. 

N.T. 

n.t. 

690 

53 JO 

52 

52 

52 


DaeyFon 

DBS foreign 
DBS Land 
Fraser 4 Neave 
HKLond* 

Jort Mathew 
Jard Strategta 1 
KeppelA 
KeppetBaik 
KeppetFeb 
iH Land 
. Itoretan 
,UnlaiiBk.F 
ParirenyHdgs 
Sembawang 
Sing Air foreign 

Stag Tech Ind 

SngTalaaanm 
TotlceBar* 
UM Industrial 
UtoOSeeBkF 
Wing Tat Hdgs 

‘■m US Mm. 


5J5 

5J5 

5-25 

5J0 

5 JO 

430 

955 

9/5 

9J0 

9.95 

9B5 

9.90 

0.95 

0.93 

0.95 

15-50 

15.10 

1130 

173 

3L6B 

3 JO 

B.90 

8-70 

M0 

X24 

116 

120 

7.90 

7/5 

7JS 

3.92 

180 

180 

5.9S 

175 

19S 

120 

110 

120 

£40 

£28 

£28 

192 

3J8 

190 

1050 

10.10 

1040 

6.75 

6J5 

6/5 

5.70 

5J5 

5Z5 

7.10 

6/5 

7.10 

12/0 

1X10 

1X« 

7J0 

7.10 

7 JO 

2X60 

2120 

7X40 

157 

Z51 

XS3 

2J6 

2J2 

X34 

X80 

178 

180 

1.04 

1 

103 

11J0 

1080 

11.10 

112 

106 

3Jh 


EBal 
Fanuc 
Fufi Beni. 
fiS Photo 
FtqHsu 
HadiduniBk 
Htachi 
Honda Motor 
IBJ 
1HI 
Itochu 
Ito-Yokado 
JAL 

Jap«iTo6oeo> 

JlBCO 

XaTma 
Krewi Etot 
Kao 

KmnralLiHvy 


Stockholm 


SX 16 tatac 3484.13 
Prevta«:3S9M6 


AGAB 
ABBA 
AasDoman 
asm A 
Atlas Copco A 
Autoliv 


120 12130 11930 

108 112 10730 

347 24930 252 

U£50 13330 13530 13130 
251 248 251 246 

34630 136 34250 342 


12230 

112 

251 


Kowa Stem 
»«NtoPRv 
Kirin Brewery 

Knb*Sh*n 

Krenatsu 

Kuboia 

Kyocaia 

SS“ EIK 

Manriwnr 

Marat 

MtriwConim 
MrtsuEteeina 
Matsu Etocw* 
Mttsubath 
MJtsuStstv Ch 
Mitsubishi El 
MUsubtshiEst 
MttSUirisMHw 
MtaufateH Mat 
MtauMfil Tr 

MdVUl 


2990 
3660 
2100 
3020 
2480 
698 
1330 
527 
134Q 
758 
61000 
3050 
5620a 
2300 
4760 
1370 
4980 
1560 
1166 
1130 
4290 
1450 
334 
460 
6140 
476 
92900 
2710 
562 
21 B0 
1690 
425 
245 
690 
1016 
163 
714 
46j 
7880 
2100 
S44 
*0 
2070 
3610 
2110 
1280 
1090 
297 
505 
>680 
655 
649 
1820 
934 


1000 1020 1020 
7ia 716 709 

33« 3340 3400 
740 740 741 

556 578 557 

919 936 918 

2250 2370 2270 

476 487 490 

2880 2960 2870 
3590 3610 3630 

ion 2070 2070 
2000 7010 1980 
73» 2m 2420 
688 690 685 

1290 1320 1300 

509 520 509 

1320 1330 1350 
71D 720 720 

6000a 6050a 6030a 
2980 3050 3060 
5500a 5500a 5440a 
22*0 2260 2300 
4610 4700 4600 

1340 1360 1360 
4850 4950 4850 
1500 1540 1490 
1150 H50 1150 

1070 H20 1070 

4170 4280 4170 
1420 ICO 1430 
323 333 327 

448 452 £55 

5986 6140 6000 
,,468 469 475 

9740a 9270a 9210 b 
M0 2680 2580 
5» 550 562 

2150 2160 2180 
JO? 1630 1640 
424 406 

239 236 

685 684 

”5 1000 1020 

158 IM too 
704 


Sehtarii 

SeWsw House 
Seven- Eleven 

Sharp 

Shikoku El Pwr 

Shimizu 

ShhwrtwiCh 

shemto 
Shizuoka BK 
Softbank 
Sony 

Sum Hama 
Sumitomo Bk 
Sunil Chem 
Surariomo Elec 
SumDMsM 
SumBTrwd 
Tatsho PTkhtti 
TafcedaChera 
TDK 

TahokuEIPwr 
Tofcoi Bank 
TcUaMMru 
Tokyo El Pwr 
Tokyo Electron 
Tokyo Gm 
TokyuCorp. 
Tonen 

Towam Print 
Toraylnd 

TnsJifbo 


1530 

«W 

5240 

1420 

1950 

498 

11500 

775 

494 

262 

730 

182 

>480 

10901 

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INTERNATI ON Al- HERALD TRIBUNE, TUESDAY, SEPTEMBER 23, 1997 


PAGE 17 


SPONSORED SECTION 


;es 


* 


EGYPTIAN BANKING AND CAPITAL MARKETS 


V 


Market ref or m s are 

bating a fracing effect 
on Egypt’s banking 

and financial sector. 

New issues and the 
second wave of the 
government's 
privatization program 
have increased activity 
tm the local 
stock exchange. 


$ 



■ 5 ‘ 


Aiming at New Growth From a Sound Economic Base 

fy'ith GDP growth predicted at 5 percent this vear and inflation on its way down, Egypt's business community is showing increased confidence. 


V 


T he cunent positive 
mood in Egypt’s busi- 
ness community is not 
surprising, given the pace of 
economic activity m a coun- 
try long perceived as stifled 
by its bureaucracy and 
weighed down by economic 
apd political difficulties. 

Leading the way in setting 
ambitious targets for the fu- 
gue is Minister of Economy 
Youssef Boutros GhaJi. He 
has set an annual economic 
growth target of 7 percent to 
8 percent as the minimum 
[Reded to create opportuni- 
ties for the 500.000 young 
Egyptian whq cpme intp_fof_, 
jotPrfiarket annually and to 
faise^ firing standards for 
What remains an overwhelm- 
jn glypoor population. 

pocouraging indicators 
Egypt’s business community 
has welcomed the appoint- 
jnenf of Mr. Boutros Ghali 
and notes that he is now 
forking from a sound eco- 
pomic base. The country is 
expecting a real gross do- 
mestic product growth rate of 
p percent in 1997, while for- 
eign currency reserves have 
Roared to $21 billion, extern- 
al debt has been reduced to 
Jess than 50 percent of GDP 

OS.' 


and inflation is under 5 per- 
cent and falling. 

The privatization process 
has had some false starts over 
the past four to five years, but 
has also notched up some 
impressive successes. The 
government has been pro- 
gressively selling state- 
owned companies. has 
opened new sectors to private 
investment and has added 
build-operate-transfer and 
build-operate-own to options 
for major infrastructure de- 
velopment The Egyptian 
Stock Exchange has come to 
life. Growth figures are spec- 
tacular and just as important 
organization of the market 
has been tightened to ensure 
its transparency and its abil- 
ity to cope with growth. 

Individual sectors are 
clearly beginning to blos- 
som. Tourism has seen some 
of the heaviest investment, 
with major growth both in 
Cairo and along foe Red Sea 
and Sinai coasts. Egypt is 
self-sufficient in energy and 
is preparing to become a sub- 
stantial gas exporter, while 
industry is beginning to at- 
tract more interest from for- 
eign investors. 

Cement, steel and fertil- 
izers have been foe first sec- 


tors to feel foe impact, but 
Egypt also has expanding car 
and consumer goods indus- 
tries, set up to target its 
healthy domestic market of 
60 million consumers. 

Focus on textiles 
Attention is also being given 
to foe textile industry, one of 
Egypt’s oldest sectors, al- 
though work is still needed 
on pricing mechanisms that 
can strike a balance between 
foe needs of Egypt’s cotton 
growers and a textile industry 
that is struggling to build a 
place in foe international 
market. 


The government ackno wl - 
edges that foe bureaucracy 
needs to be reformed, and 
Mr. Boutros Ghali says that 
now that Egypt’s serious fi- 
nancial imbalances have 
been cleared, this matter will 
receive more attention. He is 
also optimistic that, with the 
opening of foe economy, 
many of the educated Egyp- 
tians who left foe country in 
the 1960s and '70s will come 
back and apply their skills 
and experience to speeding 
the pace of reform. 

The government has at 
times sidestepped difficult is- 
sues but has nevertheless 


made changes. For now, 
Egypt Air will stay in gov- 
ernment hands, but m August 
it was announced that private 
domestic airlines would be' 
licensed 

For many Egyptians, foe 
country is awakening from a 
40-year sleep, and is just be- 
ginning to explore its poten- 
tial. The chairman and man- 
aging director of HC 
Securities & Investment, 
Hassan Choucri, identifies 
what he sees as foe country’s 
strong points: “Our location 
is good, the labor force is 
cheap — although it needs to 
be retooled and reoriented; 


we have a pool of educated 
people — as many as 2 mil- 
lion have gone to foe Gulf to 
work, and Egypt has not 
suffered; we have land; and 
we are self-reliant in energy. 

“Until now, we have 
lacked a system to take ad- 
vantage of our resources,” 
says Mr. Choucri. “but now 
the government has lifted its 
hand Three or four years 
ago, we could not have fore- 
seen today’s developments, 
and there is no doubt that 
looking back in 10 years, we 
will be saying this was only 
foe beginning.” 

Pam Dougherty 


Banks Specialize 
A s They Multiply 

Egypt s state banks are evolving with the times. 

T he government is moving closer to privatizing Egypt’s 
four state banks, which have dominated foe market for 
the past 30 years. The four banks — National Bank of 
Egypt. Banque Misr, Banquc du Caine and foe Bank of 
Alexandria — had no competitors until 1 974, when joint- 
venture banks were allowed in an effort to encourage private 
investment 

Today, foe banking scene is increasingly complex, with 
private and joint-venture banks, private and jo mt- venture 
business and investment banks, offshore banks and Islamic 
banks all competing in foe market The big four, however, 
still account for about 70 percent of foe total assets held by all 
commercial banks in Egypt 

The conditions under which they work have also changed 
In 1993, foreign banks were allowed to deal in Egyptian 
pounds: in June 1 996 bank ownership law was reviewed and 
foreign banks were allowed to take majority stakes in local 
banks. Some foreign paitnere are now negotiating to buy out 
their local partners. 

New arrivals on the scene 

Egypt is also seeing the arrival of foe big names in in- 
ternational investment banking. HSBC Investment Banking, 
ING Barings, Credit Suisse and Morgan Stanley arc all 
setting up shop in Cairo. 

The state banks know they are facing new challenges, 
j They have had certain privileges, including access to gov- 
■ eminent foreign currency flows, but they have also been 
5 expected to extend loans to failing public-sector companies. 

1 and studies have indicated that bad loans could represent as 
much as 35 percent to 40 percent of their total loans. 

Egypt’s joint-venture banks, in contrast, have dealt pre- 
dominantly with the private sector, both local and inter- 
national. and have sounder balance sheets. “Banking is 
already very competitive,” says Amani Mohamed Haxned, 
general manager of stockbrokers and investment consultants 
Okaz, “and privatizing foe public share of foe mixed banks 
will make it even more so.” 

The big four do have their own advantages, not least of 
which is a branch network that, among them, counts 800 
branches throughout Egypt; combined assets of over $43 
billion; and deposits of over $33 billion. 

The chairman of the mixed-sector Misr Exterior Bank 
(MEB), Nabil Ibrahim, sees this as a time for new de- 
velopments throughout foe banking sector “The banks will 
be moving into syndicated loans for project financing and 
private and merchant banking activities such as long-term 
financing through foe capital market, venture capital and 
financial leasing, and also direct investment through mutual 
funds.” he says. “MEB’sown strategy over the coming three 
years will emphasize globalization and quality, and our own 
investment company is now up and running; our first mutual 
fund will launched soon.” 

MEB is among the mixed-sector banks whose parent state 
banks, in its case Bank Misr, are gradually divesting their 


Continued on page 10 




TONAL BANK OF EGYPT 

insistent Performance ;: 
in Dymnamic Times 

is steering the right course 
f^face the emerging sophisticated 
niques and the philosophy 
* 'ds universal banking, 
of the 




it risk 
estate a< 


rating. 


jrt and trade finance. 
Corporate management 
Customer finance programme, 
feature capital. 

^Brokerage. 

Tourism. 

"Cotton trade & marketing. 
"Leasing. 


ice I National Bank of Egypt "ft 
, El Nile, Cairo P.O.Box 1161.1 Tet 574 

! Tlx: 20069 NBE UN 


V s 
> 

A.-l 




ARAB 

INTERNATIONAL 

BANK 


Your Banking Partner 
in Egypt and the Arab World 
With a Network of Correspondents 
all over the World 


Financial Summary: 

Total Assets I Liabilities 

Capital 

Reserves 

Deposits 


USS 2264 million 
USS 210 million 30/6/96 
USS 101 million 
USS 1914 million 


The Government of Egypt - The Government of Libya 

- Abu Dhabi Investment Authority - The Stale of Qatar 

- The Sultanate of Oman Private Arab Investors. 


Heap Office; 35 Abdel Khalek Sarwat sl. Cairo. Egypt 

Tel: 3918794 - 3916492 

Telex : 92079 A1B UN 

F\x: 3916233 

Swift : AR1BEGCX 00! 


branches: 

Offshore Branches 
Bahrain 

Tel: 531611 Fax: 531009 

t i>eal Branches 

Alexandria 

Tel: 4836775 Fax: 4833230 

Port Said 

Tel: 223739 Fax: 225y08 
Tahnr Tej; 5743448 pax: 5753228 
Helioplis^i ^^069 Fax: 4173524 

"tfwSWT Fax: 302963! 


Representa tive Officer 


Tripoli, Libya 
Tel: J6UXMO 


Fax: 3600(139 



CONCORD INTERNATIONAL INVESTMENTS 


Management of individual portfolios 
Management of emerging market mutual funds 


New York 


Cairo 


PACE 5 


'g the coun- 
; reputation. 
* new money 
ton. There is 
-nin.g notion 
letimes listed 
single largest 
in deep trou- 
■a spreading. 
ie publisher 
that “Greece 
■vith two-star 
nd two-star 

meihing that 
rom one day 
Liberis said, 
problem be- 
ie is service, 
our mental- 

■onvergence 
Uy add up at 
:s, and foe 
with a few 
•n currency 
’ that Greece 
its ability to 
tyatfoede- 
evel ofper- 
would say 
■d Europe ’s 
Mr. Stra- 
: rather for- 

.htens. He 
eng family 
ve serious 
Nobody 
reece. And 
packed.” 





PAGE 18 


TUESDAY, SEPTEMBER 23, 1997 


EGYPTIAN BANKING AND CAPITAL MARKETS 






Equities Undergo 
Rapid Evolution 

Economic reforms have deepened th ; s market 


T he promising Egyp- jects, such as bridges and 
dan equities market roads.” 
has evolved rapidly Furthermore, many com 
since the government, under mercial banks have set up 
World Bank and Intimation- investment banking affiliates 
al Monetary Fund tutelage, to take advantage of the cap- 
began a program of econom- ital markets boom. Egyptian 
ic liberalization, which in- British Bank has joined 
eluded privatizing public- forces with HSBC lames 
sector enterprises and imple- Capel in an investment and 
meriting monetary and finan- brokerage agency in which 
cial market reforms. The HSBC has a 40 percent in- 
changes have been dramatic, terest. 


Furthermore, many com 
mercial banks have set up 
investment banking affiliates 
to take advantage of the cap- 
ital markets boom. Egyptian 
British Bank has joined 
forces with HSBC lames 


bringing not only a reduction 
in the budget deficit but also 
lower rates of inflation — 


These developments all 
highlight the growing inter- 
national confidence in Egypt 


now left to market forces — and confirm the early high 
exchange-rate stability and expectations placed on the 


good rates of interest. 

It is, however, the pri vat- 


market by Concord Interna- 
tional, winch in June last year 


izarion program that has been set up a fund valued at $40 
the biggest harbinger of million to invest in Egyptian 
change, affecting die equities equities, 
market through the appear- Concorde International 
ance ofbrokerage houses, the Chairman Mohamad Younes 
proliferation of mutual funds says the process has a lot 
and the overhaul of insurance further to go, however. “ Pro- 


and pension-fund regulations 
to improve the funds' per- 
formance. The Capital Mar- 
kets Law of 1992 provided 


motion of the Egyptian mar- 
ket only started a year ago,” 
he says. “Overseas ignor- 
ance is still mind-b ogg ling. 


the legislative framework for and we need to chip away at 
the establishment of broker- the gap between perceptions 


age houses and mutual funds, 
while the sale of shares on the 
market resulting from privat- 
ization has created economic 
incentives. 

New thrust for brokerages 
Egyptian equities are becom- 
ing tantalizing fare for local 
and foreign investors as for- 
eign banks and finance 
houses line up to establish 
brokerage wings in Cairo. 
Their goal is to be installed in 


and reality.” 

Broader base for funds 
Nevertheless, mutual funds 
are growing in popularity. In 
1994, six domestic mutual 
funds were set up by several 
banks. What began as a 
trickle in 1994 has in 1997 
turned into something of a 
flood. By March, there were 
13 local mutual funds, and 
several more are in the 
pipeline. EFG-Hermes, 


Egypt when the volume of which emphasizes equities 
trading picks up sufficiently trading, bond arranging, pri- 



PrivateSector Link to the Global Economy 

Bonds are becoming an ateactive avenue Analysts offer various ideas 
for raising reasonably priced funds. government wants to issue a oonu 

The new market-oriented measures that time. Since Egypt has $20 billion _ ._ [us 
encourage privat&sector participation in reserves and a balanceof-payrperrc p ^ 
the economy through a .rejuvenated stock there is no pressing need to raise 
market are creating cheaper sources of there is, .for instance, in Leba ^ 0 /^ . 
funding for companies. Previous official in- massive amounts of capital must oe ra 
terest-rate policies damaged the corporate for urban reconstruction, 
debt maiket, as interest rates were capped, Sources say proceeds will be useo 

leaving little capital for investment partly finance a scheme to extend the nao- 


m m 


leaving lime capnauor investment partly finance a seneme w 

The first to test the waters was the Egyp- itable areas of Egypt from 4 percent to 
tian phannaceutlcals company Hoechst Orf- percent in the Western Desert and Sinai, 
ent, which in May 1994 issued a fiveyear expected to cost around $29.5 billion an- 
floating rate note worth 30 million Egyptian nualty. 

pounds ($8.8 million}. Several banks have According to reports in the Egyptian 


issued bonds during the fast year. One of 
the most recent was Arab African Inter- 
national Bank, which raised 300 million 
Egyptian pounds in March 1997. 

Others are preparing issues, partly at- 
tracted by the tax-free native of bond in- 
come. Before that, the Central Bank of 
Egypt's bond in April 1995 raised 3 billion 
Egyptian pounds in the government’s first 
flotation on the stock exchange, at a 12 
percent fixed-interest rate. 

Trie government has plans for a five-year 
bond worth $250 million to $300 million. 


nualty. 

According to reports in the Egyptian 
press, this bond will become a lending 
benchmark in issuing securities to keep 
down the cost of debt, replacing short-term 
with longer-term debt 
It will be enhanced tv the International 
Finance Corporation's commitment to in- 
clude Egypt in the Global Investible Index- 
meaning that International fond managers 
will be duty-bound to invest some of their 
portfolios in Egypt, thereby linking the coun- 
try more dosely with successful economies 
around the world. 

J.B. 




Marla* capitalization rose to 63.7bWon Egyptian pounds by July of this year. 


National Bank Enters 
Active Second Century J 

NBE, established by French and British investors, is Egypt's oldest bank 

E gypt’s entry into the of the opportunities offered Mr. Abdul Aziz says the. 
worid economy as an by Egypt’s liberalization. bank is now concentrating on 

active partner is just Back in 1993, it had al- three areas: upgrading its in— 
starting, but its major finan- lowed its stake in the Com- formation technology, ex- 
aal ^ institution, the National mercial International Bank, panding its retail activities 
Bank of Egypt, was bom in which it originally estab- and adding more depth to its* 
tne I9tn century and is now lished as a joint venture with merchant banking activities, 
celebrating its 100th an- Chase Manhattan Bank, to be He is also pushing hard for ar- 
mversaiy. diluted to below 50 percent, substantial increase in the 

Caught up in President and in July 1996 it cut its bank’s capital, which now 
Nassers wave of national- holding further through stands at 1 billion Eevotiari - 



to attract more international 
investors. Many have formed 


vatization and debt issues, 
seems to have cornered the 


agreements with Cairo’s fi- market in mutual funds as 
nance houses and hope to well 


handle the stocks of privately 
owned companies to be 
offered on the Egyptian stock 
exchanges. 

Out in front is EFG-Her- 
mes. formed m June 1996, 
when die Egyptian Financial 
Group and a new company, 
Hermes Financial, merged. 
EFG-Hermes is handling the 
raising of capital for several 
privately owned companies 
and has mandates for several 
others. Says Aly El-Tahry, 
managing director of invest- 
ment banking for EFG-Her- 
mes: “We have just closed a 


According to Mr. El- 
Tahry, EFG-Hermes “man- 
ages eight mutual funds 
worth more than 1.6 billion 
Egyptian pounds and also 
manages incrementally 400 
million Egyptian pounds in 
private equity funds.” While 
private equity funds attract 
large investors, mutual funds 
mainly bring in smaller in- 
vestors, Mr. El-Tahiy adds. 

Sayings stimulus 
This is an important devel- 
opment that is in line with 
government plans to stimu- 


lomon Brothers in a May 
1997 report 

Foreign mutual funds are 
arriving in droves, even 
though they are subject to 
tax. According to capital 
market statistics from mid- 
May, the bourse had attracted 
714 foreign mutual funds. 


of July 1997. Three years 
ago, the market had only 
25,000 investors; there are 
now over a million, accord- 
ing to Abdel-Hamid Ibrahim, 
chairman of the Capital Mar- 
kets Authority. 


surance premiums do not ex- 


■3 celebrating its 100th an- 
g niversary. 

Caught up in President 
Nasser’s wave of national- 
izations m the 1960s, it was, 
like other state banks, for 
many years what Chairman 
Mahmoud Abdul Aziz de- 
scribes as “little more than a 


"The prefect needs 


j * — -W MU null. UIU1W UMUd 

ceed one-third of I percent of cash dispenser for the gpv- 
the GDP, and in a country of eminent.” 


Egypt’ 5 size and potential, 
this figure should be around 3 
percent to4 percent of GDP.” 
says Mr. Boutros Ghali. This 
means that the institutions 
“do not have the proper ac- 


714 foreign mutual funds. Bigger role for insurance “do not have the proper ac- 
spawning a plethora of fund- . Egypt is in the process of cess to markets or the right 
management companies. privatizing the insurance in- expertise and technology to 
The proliferation of dustry. Now that regulations generate these kinds of 
brokerage houses and mutual restricting insurance compa- premiums from the local 


Despite die limited range 
of activities open to it during 
the Nasser era, NBE was able 
to build a predominant role in 
the Egyptian economy and is 
still the country’s largest 
bank. At the end of 1996, its 
assets stood at 522 billion 


local private meet** 
can? doff air 


nk, to be He is also pushing hard for a- 
percent, substantial increase in the 
t cut its bank’s capital, which now ' 
through stands at 1 billion Egyptian - 
pounds. Mr. Abdul Aziz'-' 
would like to see an increase ■ 
of at least .500 million Egyp- . 
t tian pounds by the end of 1 

f 1997, but must wait for the.: 

ctor government go-ahead. 


Egypt’s first global depos- 
itory receipt (GDR; offering 
in London. 

In May 1996, NBE, to- 
gether with Concord Misr In- 


Redamation project 
.He is not sitting idle while he 
waits. One of NBE’s major 
projects for the future is to 
cake a leading role in the fi- 
nancing of New Delta Proj- 
ect, or Toshka, as it is more' 


.. .-is. viap 

- . 

• . v.*§j| 

- * '~y 

r-A wrzi-Sm 

*T= V 


' fa**#-' 


deal for 1 00 million Egyptian late savings and create open- 
pounds [S29 million] to in- ness and accountability. “In 

r*iw»ci« pvniial in A : - 


crease capital in Arabian In- 
ternational Construction, a 
company involved in the 
construction of upper-end 
hotel and infrastructure pro- 


an investment environment 
lacking transparency, mutual 
funds seem to be toe right 
investment vehicle for toe 
small investor,” said Sa- 


funds is one indication of in- 
terest in Egypt’s equities — 
making Egypt's bourse a fa- 
vorite haunt for local and for- 
eign investors — and the 
market’s capitalization fig- 
ures is another. 

Total market capitalization 
— the market value of shares 
listed on toe stock market — 
soared from 48.1 billion 
Egyptian pounds at toe end 
of July 1996 to 63.7 billion 
Egyptian pounds by toe end 


nics and pension fund activ- 
ity in toe equities market 
have been dismantled, the fo- 
cus has shifted to building 
confidence in the market by 
measures such as “closer 
surveillance and better 
solvency criteria,” says Eco- 
nomics Minister Yousuf 
Boutros Ghali. 

Insurance and pension 
funds are normally important 
market players, but in Egypt 
they underperform. “Life-in- 


experase ana technology to assets stood at 522 billion vestments, launched Egypt’s generally known/ which will ' 

generate these kinds of Egyptian pounds (SI 5.4 bil- first offshore fund, die Egypt pump water from Lake Nas^- - 
premiums from toe local on), denosits at *9 i Him™ Nas- 


premiums from toe local 
economy.” he adds. 

The privatization of stale 
insurance companies will 
precipitate change, as will 
policies to make Egypt's 
equities work harder on toe 
stock market. After all. 
Egypt’s pension funds in 
1996 carried about SI0 bil- 
lion in assets and brought in 
$700 million annually, ac- 
cording to the World Bank 
statistics. 

Jane Borges 


lion), deposits at 39.1 billion 
Egyptian pounds and net 
profits at 130 million Egyp- 
tian pounds. The bank had an 


Investment Company. In 
April 1997. It took a 10 per- 
cent stake in toe Nile Growth 
Company, a S150 million 


- f— vr “ i«uuum 

overall 21 percent share of offshore fund established to 
toe market. invest primarily in Egyptian 

listed equities. Once it is fully 
r reedom to act subscribed, the new fund will 

It has also enjoyed consid- be the largest in the market 
enable freedom of activity-. NBE has also joined with 
Even 20 years ago, no one Japan's Orix Corp., the In- 
intcrfercd, says Mr. Abdul ternational Finance Corp. 


Freedom to act 
It has also enjoyed consid- 
erable freedom of activity. 
“Even 20 years ago, no one 
interfered,” says Mr. Abdul 
Aziz. “We are owned by toe 
government but we are run- 
ning things.’" NBE has been 
quick to play its part in 
Egypt's privatization drive 
and is taking full advantage 


ser to reclaim 420,000 hec- 
tares (1 million acres) of toe 
Egypt’s Western Desert for 
agriculture. 

“The project needs bil-. 
lions, and the local private 
sector can’t do it all,” says^ 
the NBE chairman, “so we : 
will go to the international - 
market for a new alliance * 
with toe international banks * 
to raise finance. " It is another 





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Continued firm page 18 

shares. Bank of Alexandria 
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The government has still 
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All in due course 
Even Egypt’s fervently pro- ’ 
privatization bankers and 
brokers do not seem to see-- 1 a 
toe privatization of the state 
banks as a priority. The man- 
aging director of Falcon Port . 
folio Management, HaytoariT ■ 
Abou EI-Nasr, says there are ■ 
still loose ends to be tied up at , i 
toe banks. “Their losses have 
been covered, but it is not 
certain that they are ad- 
[ equately provisioned, and we 
feel that as they are the back- ’ 
bone of the economy, the 
process cannot take blace 
overnight.” - 

601106(1 b y : 
HSBC investment Banking’s 

in Egypt, 

Sff°P he L r Vaughan: •' 
Philosophically, if wi be- ' 
i , J V0i n pr mti2at io n, there is ' 
no reason for the banks not to ' V 

be done,” he says, “but to’; 

the bi play a'; 

^alroleinthe-ecrSiZic.: 

‘ 1 l^ stni I cture 4 and it may 
neea a slow process. ” p.D t ' 


“EcyphanBanionc 

AJvp CAPnxL Marktets» 

was produced in 
fc entirety by the 
Advertising Department 
of the International 
Herald Tribune. 

Jam Borges* 
L °odon and Pamela 
Dougherty in Amman 
program Dtrkctob- 


\:*fh 













INTERNATIONAL HERALD TRIBUNE, WEDNESDATLSEPTEMBER 24. 1997 


SPONSORED SECTION 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, SEPTEMBER 23, 1997 


PAGE 19 


to sTl EGYPTIAN BANKING AND CAPITAL MARKETS 


SPONSORED SEC 


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New Sources for Project Finance 

Attracting capital is of key' concern in developing the country's ambitious new projects. 





E gypt has many large 
projects on the 
agenda: huge tourist 
developments, infrastructure 
expansion, oil and gas de- 
velopment, light and heavy 


intended id be a 100 million 
Egyptian pound fund, is just 
one of the more spectacular 
examples of oversubscribed 
funds, [t is clear, however, 
that if project ambitions and 


joint-venture insurance 
companies, citing the need 
for growth in the industry. As 
one example, Mr. Boutros 
Ghali points out that life in- 


trated on helping to set up 
institutions and financial in- 
termediaries and on acting as 
a catalyst to attract money, to 
the country,** says l PC’s se- 


vf^"' 


si 


industry and, perhaps most growth targets are to be met, 
ambitious of all, the New Egypt must harness new do- 


surance premiums in Egypt nior projects officer for the 
arc just one-third of 1 percent Middle East region, Tarek 


f^SsNtSJSdif 



mm 


Egypt needs to harness both domestic and foreign capital bonier to bring its new projects to fruition. 


Delta project to transport wa- 
ter from Lake Nasser to re- 
. claim 420,000 hectares (1 
million acres) of land in the 
Western Desert. 

The question still to be 
answered is where the money 
t for all this activity will come 
from. 

Egypt’s own resources are 
enormous: an estimated S60 
billion to $S0 billion is held 
in private hands, and bankers 
point out that in the past Five 
years, the country has fin- 
anced tar more projects with- 
out recourse to foreign fund- 
ing than the famous “tiger” 
economics of Southeast 
Asia. 

At times, Egypt has 
„ seemed to be awash with 
? funds. The American Ex- 
| press Mutual Fund, which 
5 had a subscription of 900 
3 million Egyptian pounds 
<$269 million) for what was 


of its GDP, while they should 
meslic resources and bring in be closer to 3 percent to 4 
more foreign money, both in percent, 
equity and direct invest- Falcon Portfolio Manage- 
ment merit's managing director. 

Haythara Abou El-Nasr, es- 
BegtnnLng at home ti mates that Egypt's state- 

Thc government is placing owned insurance companies 
strong emphasis on boosting are already sitting on 9 billion 
domestic savings and mobil- Egyptian pounds in re- 
tzing them to support pro- sources, and that a further 70 
ductjvc investment Minister billion Egyptian pounds is 
of Economy Youssef locked up in Ministry of So- 
Boutros Ghali has identified cial Affairs and Pension 


Egypt’s insurance compa- 
nies. pension funds and so- 
cial security system as in- 
stitutions “in need of a major 
overhaul.” 

He is eager to see solvency 
criteria for insurance compa- 
nies improved to enable them 
to invest more effectively, 
and he is encouraging foreign 
insurance companies to enter 


Funds. “If this could be lib- louba. “and if you asl 
eralized, it would mean bet- different people, they giv 
ter pensions and a better different answers why.” 
overall economy,” he ob- 


Afiouba. “Egypr’s domesfic 
savings rate is low — jus* 18 
percent of GDP — while to 
achieve its growth targets it 
needs 25 percent to 26 per- 
cent- The only way it bridges 
foe gap is through foreign 
savings,” 

It is clear that to date, 
Egypt has been more suc- 
cessful in attracting portfolio 
investment than foreign di- 
rect investment “FDI is still 
very weak,” says Mr. Al- 
louba. “and if you ask 10 
different people, they give 10 


serves. 

■In its efforts to develop 
new sources of long-term fi- 
nancing and new financial 
intermediaries. Egypt has 
been drawing on the expe- 
rience of the International Fi- 


the market bringing both in- nance Corporation. 


vestment and expertise. He is 
talking of privatizing Egypt's 


“As a development 
agency, we have concen- 


More Sophisticated Tools for Privatization’s Second Stage 

n 

The government s program for selling off state assets is entering a more pronounced phase, one that requires a careful balancing of priorities between buyers and sellers. 


P rivatization, has been a tegic stakes in another 14 vestments Chairman Mo- .As the government moves 
major story in Egypt companies. hamed Younes says impress- to the second stage, bankers 

for the past three years. In September, the govern- ive growth on the stock would like the privatization 
byt financial observers now ment announced its hopes of market is only part of the process to be clearer. “At 
fegl the first, and perhaps the raising about $5 billion by story. “There has been ex- present, there is a lack of 
efpicst, stage is over, and it is the end of 1999 with the sale plosive growth in the last overall structure in the gov- 
tinje to move on to a new of almost all of its 73 hotels three years, and the biggest emment’s approach.” says 
pfpse. and tourism-related projects, challenge now is to manage HSBC Investment Banking’s 

_,That first stage has seen Observers w elcome the com- the process for further general manager in Cairo, 
[repressive success m the sale mitment. even if they do not growth,” he says. “What we Christopher Vaughan. “Each 
ot. state-owned companies, necessarily expect die gov- need is to go to the second company is dealt with in a 


now should be on sorting out 
the loss-making state-owned 
industrial companies whose 
potential profits make them 


The question of pricing of stockbrokers and investment 
sell-offs is always an issue, consultants Okaz. “so the 


present, there is a lack of an attractive strategic in vest- 
overall structure in the gov- menL “If the government 


emment’s approach.” says 
HSBC Investment Banking’s 


v i.i?ref7na, 
•-Umars, uhfr. 
s 

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fij-.e ihe 
In me 

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v The Capital Markets Author- emment to precisely meet all 
it}' chairman, Abd El-Haniid its targets. 

Ibrahim, says the market is 
new receiving ooe new com- Market conditions 
p^ny every week, and the The organization of the 
process is set to continue. Egyptian Stock Exchange is 

_Jn May, the government now also more in line with 
anmamcpd^lans 5 ,for further the needs of the free market 
s^J?£j$b&jn'.20 mlusr Mr. Ibrahim says that since 
trfflU 9 C«qp?nies that have . 1992, the market has been 
alpaady di vested small stakes reorganized in parallel with 


generation. 

Mr. Younes is firmly in 
favor of all-out privatization, 
and contends that effective 
regulation, rather than state 
ownership, is the right ap- 
proach even for so-called 
strategic industries. 


different way. and this can 
confuse investors. What we 
need is good data and a clear 
procedure, so that bids can be 
structured properly to pro- 
duce a better outcome.” 

Hamdy Rashad of Rashad 
Securities says the priority 


can clean the balance sheets, 
there will be interested buy- 
ers.” he says. 

Mr. Rashad points out that 
whenever the government 
offers companies for sale, 
there is no shortage of funds. 
“As many as 3 million to 4 
million Egyptians have the 
resources to invest and 1 
think it could go up to 5 
percent to 10 percent of the 
population,” he says. 


and the government is con- 
stantly treading a fine line 
between investor complaints 
of overpricing and popular 
perceptions that it is selling 
national assets too cheaply. 
The government recently 
canceled the sale of the In- 
dustrial Gases Company be- 
cause it considered offers too 
low, but in other cases it has 
been criticized because share 
prices dropped after the sale. 
“There will always be ques- 
tioning on prices,” says 
Amani Mohamed Hamed, 
managing director of the 


government should not go to 
extremes.” 

Ali Al-Tahry, managing 
director of leading invest- 
ment bankers EFG-Hermes. 
sees the whole process as a 
delicate balance between the 
legitimate needs of govern- 
ment, investors and financial 
intermediaries. 

“We need a policy that 
balances between the three, 
and foe more sophisticated 
players there are in die mar- 
ket, the more tools there are 
to strike the balance.” he 
says. P.D. 


Simpler procedures 
To help overcome these 
problems, an IFC subsidiary, 
the Foreign Investment Ad- 
visoiy Service, is now work- 
ing on a study to identity 
investment hurdles and ways 
to simplify investment pro- 
cedures. The IFC has also 
helped to establish Egypt's 
first leasing company and set 
up a credit-rating company, 
and it is looking at partic- 
ipating in insurance and 
factoring companies. 

The quality of projects on 
offer also has to be ad- 
dressed. Mr. Allouba’s view 
— “There is not a shortage of 
money; there is a shortage of 
well-conceived, well-con- 
structed projects” — re- 
ceives support from 
bankers. 

Says one foreign banker 
“The credit structures that 
were acceptable for the old 
public sector are not tight 
enough for ventures looking 
for mtemadonal capital. Wc 
have seen projects that have 
failed to attract foreign par- 
ticipation, although others, 
such as the Sidi power proj- 
ect, have been very profes- 
sional” 

M>. 


oyerthepast two years. Pub- 
lic Enterprise Sector Minister 
fiSf-Gbod then announced 
plans, for sales to be carried 
ou* in three-month periods in 
four categories, including 


the government's privatiza- 
tion process to ensure that the 
capita] market can develop as 
a conduit for medium- and 
long-term investment Mr. 
Ibrahim identifies essential 


global depository receipts for elements of this process as 
tl«ee companies, stakes of 16 the lifting of all restrictions 


ognpanies to be offered 
tfgpugh the stock exchange, 
tig sale of shares in 1 5 joint- 
v<jnture companies and stra- 


on the types of securities al- 
lowed and much-improved 
disclosure requirements. 
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PAGE 5 


is the coun- 
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mething that 
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r:. : Highlights on Banque Du Caire ./ ' h 

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■ _ Lj . — -j «&***.„ 


ti(< 


TUESDAY, SEPTEMBER 23, 1997 International Herald Tribune 



A Special Report 


Global Banking and Fi 


The Rush to Get a Piece of Wall St 


Commercial Banks Avidly Buying Up Investment Brethren 


By Erik Ipsen 


N EW YORK — Periodically, 

and with all the predictability 

of a lightning strike, commer- 
cial b anks have turned on 
their investment banking brethren, sud- 
denly gobbling them up at art-out- 
rageous prices in a veritable feed ing 
frenzy, n happened in London in the 
ron-up to the Big Bang deregulation 
there in the mid-1980s, and then again a 
jecade later, this time with Continental 
hanica replacing the original cast of 
largely British buyers. 

Now that frenzy, fed by fat bank 
profits and a long-sought easing of reg- 
ulations on tanks’ ownership of 
brokers, has shifted to America. There 
seven investment banks or brokers have 
— for a princely price — surrendered 
their independence since April, when 
Bankers Trust kicked off the orgy with 
its $2 billion (after tax.) acquisition of 
Alex. Brown. 

By most accounts, the phenomenon 
has only begun. 

“I have not met a banker in months 
who is not interested in owning an in- 
vestment bank," said Jim McDermott, 
president of Keefe, Bniyette & Woods, 
a research house specializing in b anks . 
Rumors have even circulated of a pos- 
sible pairing of industry giant Merrill 
Lynch with America’s largest bank, 
Chase Manhattan, which makes no 
secret of its desire to buy into invest- 
ment banking. 

Yet if history is any guide, most of the 
acquirers will come to rue their de- 
cisions. Investment banks, with their 
erratic earnings, and vastly different 
cultures, have rarely meshed well with 
the slower paced and more regimented 
world of commercial banking. 

For British banks, said Richard Cole- 
man, an analyst with Merrill Lynch in 
London, the acquisition of investment 
banks widely looms in the minds of 
investors as a "destroyer" of share- 
holder value. “The logic for such deals 
was always flimsy and has only gotten 
more so," he said. 

With British banks posting returns on 
equity of up to 35 percent in recent y ears 
on their domestic banking franchises, 
the notion ofbuying an investment bank 


with their infamously erraM finings 
and which even at the peak of toe stock 
market are posting ROEs m the early 
teens, makes little sense. 

Those banks that did venture into 
investment banking around the time of 

Big Bang have paid dearly for their 
temerity. The investment banking arm 
of the National Westminster Bank has 
made precisely £1 million ($1.6 mil- 
lion) in profit over the last 2^ years, and 
has long been rumored to be on the 
block. While Barclay’s BZW invest- 
ment banking arm has fared ^better. rt» 
too, consistently underperformed its 
parent. 

A similar tale is evident in the ex- 
periences of Continental banks like 
Deutsche Bank (which bought Morgan 
Grenfell), ABN-AMRO (buyer of 
Hoare Govetr), Dresdner Bank (buyer 
of Klein wort Benson). 

“Even in the midst of the bull market 
in 1996, the investment banking arms of 
these big banks often had returns on 
equity ranging from 8 to 1 1 percent, 
said Matthew Czepliewicz, an analyst 
with Salomon Brothers in Londoo- 
“Thai is often lower than their returns 
on their domestic operations. 

American banks, though, have a 
couple of crucial advantages over die 
Europeans. The London leg of that 
three-legged beast called the global cap- 
ital market is arguably its most over- 
crowded and definitely its most frag- 
mented one. with 15 countries and 
languages represented in the European 
Union countries alone, vs. die mono- 
lithic U.S. market. 

On top of the relative ease of raising 
money in America, U.S. banks also ben- 
efit from ambitions which, uncharac- 
teristically, fall well short of those of 
many European banks. 

Whereas such Europeans as Swiss 
Bank Corp. and ING, both of whom 
have recently added American invest- 
ment banks to their extant London in- 
vestment banks, wax boldly on the im- 
portance of building global and 
terrifically expensive investment bank- 
ing capabilities, most of the Americans 
do not. 

Instead, they aim to get their hands on 
an investment bank solely for domestic 
.purposes, largely in fact, to offer their 
middle market corporate clients die 


ability to underwrite new equity is- 
sues. 

* The only U.S. commercial bank that 
has ambitions to be one of the major 
global investment banks is (he one that 
has no plans to buy an investment bank 
— J. P. Morgan,” said Raphael Softer, 
an analyst with Brown Brothers Har- 
dman in New York. 

J. P. Morgan is not in die market for 
such an acquisition because it has built 
up its own investment banking oper- 
ation in a painstaking, decadelong 
struggle. It is also an effort that critics 
note has yet to pay a dividend for Mor- 
gan’s shareholders in terms of any im- 
provement in the relative performance 
of either its earnings or its shares. 

Those banks dial have taken the 
plunge into Wall Street lately, insti- 
tutions like NationsBank and 
BankAmerica, have at least mollified 
skeptics by not risking all that much. 


R ON MANDLE, an analyst 
with Sanford C. Bernstein, 
notes that in every case save 
only that of Bankers Trust, the 
price ofbuying an investment bank has 
represented under 5 percent of die total 
market value of the acquirers. (Alex. 
Brown’s price equaled roughly 30 per- 
cent of BTs value.) 

One of die most telling presences on 
the sidelines of the current rush from 
Main Street to buy a piece of Wall Street 
is Citibank. Citibank was one of those 
that leaped early, deep and disastrously 
into investment banking. In a series of 
acquisitions in the mid-1980s, it 
cobbled together what was briefly Bri- 
tain’s leading investment bank - — 
Scrimgeour Vickers — before whole- 
sale staff defections and volatile mar- 
kets reduced it to a shell in under a 


year. 


We are certainly optimistic about the 
New Europe. Enhanced competition and 
harmonization of essential standards are 
bringing Europe's people a whole new 
range of benefits. 


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iUIilUil* 



Today, instead of investment bank- 
ing, Citibank has its chips on retail 
banking operations, particularly in 
emerging markets around the globe. 

An even more basic variation on that 
theme has been Britain's Lloyds Bank. 
Its strategy of foregoing sexy invest- 
ment banking in favor of pursuing a 
more sedentary profit from mortgages 
and loans to British consumers has con- 
sistently tariff it Britain’s most prof- 
itable major bank. 


DmASafctSHT 


Ironically, a number of analysts on 
both sides of the Atlantic forecast that 
the show stopper of the current wave of 
acquisitions — the sale of a major, so- 
called bulge bracket Wall Street firm 
such as Lehman Brothers — will come 
from abroad. Even if a U.S. banking 
behemoth like Chase wanted to go for 
size on Wall Street, analysts insist then- 
bid would almost certainly be swamped 


Japanese Come to Terms 
With Idea of Credit Risk 


Shaken by Collapse of Bubble Economy, 
The Mindset of Investors Begins to Change 


By Miki Tanikawa 


T OKYO — In the past few years, 
Japan has seen some of its trus- 
ted corporations listed on the 
Tokyo Stock Exchange go bust 
and some smaller financial institutions 
declared insolvent, prompting a fun- 
damental shift in attitude among in- 
vestors and the public alike toward the 
concept of credit risk. 

This is a country in which people 
have had an almost legendary belief that 
banks and firms listed on the Tokyo 
Stock Exchange could never go under. 

But the series of nerve-racking 
events, including a highly publicized 
run on failed banks and the massive 
bottom-line losses by the top banks — 
incidents that bad once been considered 
virtually impossible in Japan — are 
challenging the mindset of people who 
once described their system as the most 
risk-free, stable economy in the world. 

And fueling the market jitters are the 
spate of recent bankruptcies of firms in 
Japan’s construction sector which is 
paying for the wild expansion of the 
economic heyday of the late 1980s. 

"Collapse of the babble economy 
altered investors’ perspective on risk,” 
said Wakako Komatsu, analyst at 
Daiwa Institute of Research. "There 
have been companies whose perfor- 
mance swung wildly and die potential 
for bankruptcy loomed." 

At a deeper level it was the abrupt 
end of the economic system under- 
pinned by ever-appreciating asset prices 
that brought about profound changes. 
The steep rise in asset value — many 
companies carried sizable assets in the 
form of stocks and land holdings on 
their balance sheets — had served as a 
comfortable cushion when the business 
environment turned sour. 

"At a time when such a mechanism 
was at work, bankruptcy was not a pos- 
sibility,” said Masaru Kakutani, rep- 
resentative director of Moody’s Japan 
K.K. “There was a legendary belief 
that under the Japanese system, big 
companies never go under." 

Another significant movement par- 
alleled the collapse of the bubble econ- 
omy. The government began to release 
its grip on Japan Incorporated. 

“In the past, there was supposed to be 
no such thing as individual credit risk 
(for big companies] in Japan," said 
Mariko Kodama, credit analyst at 
Mikuni & Co. Risk, as it were, was 
socialized, she explained, because of the 
efforts by the financial authority to con- 
trol and limit private-sector risk. 

Under this system, big companies in 
Japan were under the embrace of the 


banks, which were committed to ex- 
tending protective support should 
companies fall into financial trouble. 
The government, in turn, ensured that 
no financial institution would fail. 

This "syllogism," Ms. Kodama said, 
was the centerpiece of the nation’s sys- 
tem of risk management, making cor- 
porate risk virtually a matter of sov- 
ereign risk. 

The shift in the government’s stance 
was evident when it ordered the shut- 
down of Hanwa Bank, an ailing regional 
bank based in Wakayama Prefecture, 
last November, sending a clear signal to 
the market that the government would 
no longer lend a helping band to fi- 
nancial institutions. 


O NE OF the greatest challenges 
feeing Japanese banks is to 
shift from loan practices 
based on the collateral value 
borrowers can offer to assigning risk 
premium in accordance with the per- 
ceived risk of default. 

The embarrassment felt from the 
series of loan fiascoes. which eventually 
pushed banks into the red for the first 
time in postwar history, is causing the 
banks to reconsider their conventional 
loan methods, said Shinichi Taniguchi, 
deputy manager of corporate planning 
at Sanwa Bank. Bankers are now turn- 
ing, albeit slowly, to scientific methods 
of risk analysis, quantifying risk and 
charging differentiated premium as they 
see fit to die borrowing entities, Mr. 
Taniguchi said. 

Japan's lack of training and accu- 
mulated know-how in analyzing risk is, 
in fact, one main reason that its financial 
institutions lag considerably behind 
their Western peers in competitiveness. 
Banks are not well equipped to prof- 
itably loan to companies and the feck of 
a mechanism to control risk holds back 
institutional investors from initiating 
risky but lucrative investments. 

Japan’s insurance firms are also ill- 
prepared to compete with their Western 
rivals because the government-con- 
trolled premium rate has shielded them 
from developing the sophisticated tech- 
nology in risk assessment that is es- 
sential in underwriting insurance 
Rationalization of the Japanese fi- 
nancial markets is a welcome ingredient 
for foreign investors like Clifford Shaw 
president of Mercury Asset Manage- 
ment Japan Ltd., because markets be 
have in a fashion more akin to the wav* 
foreigners are used to at home. In ad 
dition. risk management and analysis a 
new domain for the Japanese, are West- 
ern financiers' strong suit. 


Tuning In 


am 


¥~: - 


a a 


r 


urn 



To Small 

Investors 


V. 


Financial Giants 
Lower-lnconw Marke ^ 



by richer offers from overseas. 

“German banks in particular have a 
very low cost of equity so they needless 
of a return to justify their purchase of an 
investment bank," said Nick Collier, an 
analyst with Morgan Stanley Dean Wit- 
ter in London. 


ERIE IPSEX is a journalist based in 
Sew York. 


P ARIS — If it is a banker’s fat$0 
follow his customers, there is 
one class of client that no bang 
in the world can afford to ignore 
any longer the small investor. 

The pattern is remarkably si 
worldwide. Dazzled by a multiyear 
run in stock markets neatly everywL~_ 
except Japan, and terrified by die near 
certainty that governments wdl have to 
cut back old-age security nets, s ma ll, 
investors across the globe are trying -to 
get in on the action before it is too lat® • ’ 
“Everywhere you loci — in the ngfcjp 
dia, in politics — it is a preoccupation^” 
said Steffen Matthias, secretary-generaL 
of the European Federation of Investment 
Societies in Brussels. “There is a strong, 
push by the public for new products^ 
the banks are coming up with diem." 

What has changed and is rapidly < 
veloping is that the financial establ 
ment used to be able to focus on hole-.- 
of large accounts when it came to stock! 
picking and asset allocation, leaving ifife 
small fry back at the starting gat e wim 
simple savings plans and insurant^ 
packages. - ' 

Although every investment primer 
makes it clear dial stocks are a betteP 
long-term investment, the risks fbF 
small customers were traditionally ttjtf 
large and the returns for banks too smafiF 
to open the gates to the masses. H&t 
Thames , once again, to the magic of the* 
microchip, mountains of paperwork 
have disappeared and there is now vfr- 
tually no account too small to produce a - ' 
profit for a financial intermediary. * 

For as little as several hundred d dj? 
lars, Americans have for some tn&? 
been able to buy professional manager 
ment of well-diversified portfolios frdil? 
a vast array of mutual funds, while)/ Sr 
discount brokerages have recentlytib^F 
conducting a price war to" slash fees-ai 
give the small investor access to Wf 
Street trading floors. 

If this has made it possible for in*, 
vestment to become a true mass phe- 
nomenon in the United Stales, tire 
largest and. most sophisticated inve®- 
ment market, the rest of the world 









y 


nil 






re- 


moving rapidly to close the gap. Even in 
die officially Communist society of the. 


ms 


People’s Republic of China, for ex- 
ample. over 20 percent of the urban- 
population now owns stocks, accord’ — 
to a survey released this month by 
Horizon Research Group. And J. M 
M obi us, manager of Franklin/Temi 
emerging market funds, called its 
tential “almost insatiable.” 


vffi 


According to the Investment Com? 
pany Institute in the United States, 


volume of funds invested in equity ahif 

KnnH mntiml linn aL /L-F ^ 


bond mutual funds has more than qu&F 



tupled over the last decade to more thiJi? 
S2.5 trillion at the end of last year, whSii' 
that amount has roughly tripled to abotiF 
£130 billion ($208 billion) in Bri tain. 
Even in the traditionally much nadri 
conservative German market, growth 1 
has nearly matched Britain’s rate, risitigj 
to 427 billion Deutsche marks ($2^0* 
billion). 

“There is now a choice of 25,Q&Y 
stocks and some 500,000 bond product 
available for investment worldwide and 1 





— vi ivivriuv mam, 

the public wants to take part,’’ sdnf 
Eckhard Bergmann, spokesman for 
DWS, the retail fund management amt 
of Deutsche Bank. 



Governments, meanwhile, are 
idle observers of the trend- As 
ulations age and social security 
mount, politicians are trying to head (ftp 
looming budget catastrophes. ' 

* ‘Part of the strategy of government 
is to encourage a much deeper and mufcBJ 
wider level of investment among 
public,’’ said Emma Weiss, an anafySf ’ 
at Britain’s Association of Unit Trust? 
and Investment Funds. “The idea is’ lcL 
attract the lower-income market" 

Such thinlring has led to this spring*#' 
round of tax cuts on capital gains in the 
United States and the introduction <5 a : 
wider variety of tax-advantageous re-* 
nrement investment plans. Among th'e 
many other countries rethinking invest-- 
ment incentives, Britain is reviewing ^ 
decade-old standard, the Pm 7“ 
Equity Plan, with a view toward 



to k , 


s m 




frrriu Shi ? s in legislation are creati 
world f ? oridmo U s the investing 
comnl« S 1 ^ ^ for more 
FiSniSVS?! vehicled 




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° f a growing circle ofLu 

inv^ ?rh a 0U f eS ** w ? nt to offer * e 

comen, T ** ^ orid * s Social giiJits 

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UP 01 


Continued on Page B 




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iXfc-'* 


INTERNATIONAL HERALD TRIBUNE. WEDNESDAY, SEPTEMBER 24, 1997 


PA£ir.<t 


\ INTERNATIONAL HERALD TRIBUNE, TUESDAY, SEPTEMBER 23, 1997 


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GLOBAL BANKING AND FINANCE /A SPECIAL REPORT 


The Euro De adline: As They Ready Systems, Banks Also Rethink Strategies 

Bv Shamn Meanwhile, the expenses mount.. Sn l — rrr : * - — — — — - — . . «• .. ...... ...... 



By Sharon Reier 

ARJS — While European fi- 
nance ministers and central 
bankers are still debating just 
— - bow qualified each country is ro 
meet the Maastricht requirements for a 
single currency. Europe's banking com- 
munity cannot afford to dither. It is 
plowing billions into the preparation of 
computer systems and personnel train- 
ing for Jan. 1 . 1999, when banks must be 
ready for the switchover to the euro. 

While local currencies will srlll jingle 
in European pockers.umil at least 2002, 
banks’ payment settlement systems, 
cross-border loans, stocks and bonds 
business and currency trading and de- 
i rivalives transactions will be denom- 
inated in euros. 

Besides the massive operations 
factor, many European banks are real- 
izing that the introduction of the euro 
will require strategic rethinking. As the 
euro ushers in a more level playing field, 
removing the competitive advantage of 
local currency trading profits, banks 
Wist reposition. 

; ; Matthew Czepliewicz, a banking 
analyst at Salomon Brothers in London, 
Q&served; “ft will pressure the banks to 
consolidate.” Pressure, he added, will 
be- particularly keen on large and me- 
djpm-sizc banks in medium-size mar- 
kets like Belgium and perhaps Sweden 
and Denmark. 


Meanwhile, the expenses mount. So 
far. Deutsche Bank reports it is budget- 
ing 400 million Deutsche marks f$235 
million) to prepare for the euro. It is 
estimated that globally the bank will 
have to examine 100.000 programs and 
200 million lines of program code. 

We at Deutsche Bank do not believe 
there will be a postponement,” said a 
Deutsche Bank spokesman. Dietlev 
Rahmsdorf, “and if a bank is not able to 
prepare, they can close their doors.” 

lit France, no one is taking any 
chances. French banks, with their Na- 
poleonic heritage of centralization, have 
been given specifications on simulta- 
neous changeovers of capital market 
activities ana are expected to spend in 
the aggregate 20 billion francs (S3.4 
billion) to ready themselves, according 
to Pierre Simon, general manager of the 
French Association of Credit Institu- 
tions and investment Companies. 

“We have to finish in approximately 
mid -199 8,” he added, “in order to be 
able to test ail our systems in the second 
half of 1998. ’ ' Not all that money will go 
for computer systems. “Half will go to 
train people, to train all our staff,” Mr. 
Simon said. “We have to change ail onr. 
documents.” 

While each French bank will be re- 
sponsible for managing its own invest- 
ment, Mr. Simon said, “We have de- 
cided to ask an auditing advice company 
to help us in the general planification of 
the changeover of capital markets busi- 




er Deutsche Bank, German entrepreneurs get some advice on the euro. 


nesses, so we are able month after 
month to know if everyone is respecting 
the general planning. Jt is a risk that in 
France, in Paris, we have thought a lot of 
about. We finally decided it was not 
possible to take the risk to have every 
bank and interbank system running as a 
kind of black box." 


Even in Britain, which by all reports 
will opt out of the first round of currency 
convergence, many banks are taking 
steps to ensure that clients who do busi- 
ness on the Continent can conduct it in 
euros. Barclays Bank is reported I v 
spending £120 million <$190 million) 
on the new capability. 


All this spending sounds like it might 
eat substantially into bank earnings, es- 
pecially at ailing institutions in Italy and 
France. But since the cost will be spread 
over several years and will be coupled 
with -projects like the ' year 2000 
changeover, the costs will be barely 
visible to the bottom line. 

S for local retail banks where 
“you primarily service indi- 
vidual and small businesses,” 
- — — .said Evan Bauer, vice pres- 
ident and senior research adviser at Ciga 
International, an information technol- 
ogy strategy company, “then what you 
need to do is help your customers ’ tran- 
sition from one currency to another. It is 
primarily a customer service function, 
and the task is relatively controlled.” 

Earnings for some financial institu- 
tions may be plagued by a noticeable 
shift in business at larger and medium- 
size merchant banks, as the euro 
changes patterns in the capital markets 
and corporate banking businesses. 

Mr. Bauer warned: “If a bank has 
been making money trading Deutsche 
marks for francs for pounds, you have 
just lost a profit center. ” 

He added: “Those whose primary 
dealing room activities and transaction- 
al activities were based on European 
currencies to dollars and yen will be 
better off than those 'whose primary 
profit and operations were based on 
currency trading among European cur- 


rencies on behalf of imra-EC trade. That 
means global multinational banks will 
be in better shape than regional mul- 
tinational banks for the next few years. 
And in the banking business, a few years 
is a long time.” 

On the corporate side, the euro will 
give large multinational companies less 
incentive to maintain accounts in every 
European country. 

As Mr. Simon said: “If you are a 
large American corporate and you have 
business all over Europe, you had bank 
accounts in Paris for your French op- 
erations and bank accounts in Germany 
for your German operations. With the 
euro you will need one centralized ac- 
count for all your operations." 

But despite a widespread French 
hope that Britain’s opt out from EMU 
will give French financial institutions a 
competitive advantage over London in 
euro trading and investment fund man- 
agement, some remain skeptical. 

Michel Aglietta. a professor of eco- 
nomics at the University of Paris X, 
Mid: “It will be interesting to know if 
the U.K. outside of EMU will be an 
obstacle or not. If you go back in history, 
the eurodollar market developed in Lon- 
don even though the U.K. was not in the 
dollar area. They could be the center of 
nonresident transfer between euros and 
foreign currencies.” 

SLLiRON REIER is a freelance jour- 
nalist based in Paris. 


KiS ^London Is Unlikely to Be Dethroned as Center of Europe’s Capital Markets 


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By Conrad de Aenlle 


L ONDON — The wisdom dis- 
played in the feverish expan- 
sion by Continental European 
leaders into investment bank- 
ing in the last three years is not uni- 
versally acknowledged, but there is 
ljUde fault found with their decision to 
uqchor.their operations in London. 

* The British government and public 
remain deeply skeptical of European 
mjpgrafipn, especially the economic and 
monetary onion planned to start in 1999, 
London’s financial infrastructure, 
routed. regulatory environment and the 
aggressive sense of competitiveness of 
iif deal makers and traders make it the 
fajfori te ro remain the center of Europe 's 
A capital markets for years to come.. 

™ L . , ‘All the. thmgs that support the in- 
vestment banking industry are in greater 
quantity and quality in London than 
aoywbere else.’’ said Ian Molson. who 
riins Credit‘So»sseFir« Boston's Euro- 
pean corporate and investment banking 
business. . “The pool of human capital 
ax&Iabtefo wcniin Loridon is; by a vasr 
jireat a ftan' anywhere * else. 
1|^y are we ji trained, highly rnobile aixl 
highly jnteraational. When you put all 
: — I — ; 


those things together, it's a pretty beady 
mix. No Continental center comes close 
to matching it." 

A few years ago, when the Maastricht 
Treaty on European Union was signed, 
one Continental center was expected not 
only to match London but to surpass it 

“Everyone said the business was all 
going to go to Frankfurt," Dick 
Brariey, a professor of finance at Lon- 
don Business School, recalled. “That 
sort of extreme view was nonsense." 
Mr. Brealey led a-researcb project in the 
early 1990s that examined the future of 
the City, London’s financial district 

That was before the latest round of 
acquisitions, in which Deutsche Bank, 
Germany's largest, bought Morgan 
Grenfell: Swiss Bank Corp. bought 
S. G Warburg: Dresdner Bank, another 
ofGermany’s big three, bought KJein- 
wort Benson and, in the most notorious 
example, the Dutch bank Internationale 
Nederianden Groep, as it was then 
known, took over what was left of 
bombed-out Barings: 

Earlier purchases by Continental 
banks include Hoare Govett by ABN- 
AMRO of the Netherlands; Phillips A 
Drew by Union Bank of Switzerland 
and Larng & Cruickshank by Credit 
Lyonnais of France. 


The buyers tend to be northern rather 
than southern for two- reasons: Com- 
petition is greater in northern European 
banking, and capitalism is more fa miliar 
to Anglo-Saxon institutions. 

“The whole investment banking 
business is one that a bank would typ- 
ically like to enter if it's in a mature 
market with strong competitive pres- 
sures," Mr. Molson said. “1 don't think 
Italian and Spanish banks are under 
quite the same pressure yet, and cul- 
turally it's a much bigger leap. The 
investment banking tradition is not very 
prevalent." 

As computer whizzes in California’s 
Silicon Valley understand on lx a place 
becomes dominant in a paiui.utai field, 
it tends to maintain its donariance as its 
reputation draws new people and 
money. The liquidity in London — the 
aggregate resources of the .banks and 
professional investors — attracts new 
banks looking to get a piece of it and in 
the process bring additional capital 

"London has enormous liquidity and 
market size," Gerhard Novy, a member 
of the managing board of Creditanstalt, 
a large Austrian bank, pointed oul v *U- 
quiduy is the most important factori" A 
close second, in his opinion, is an easier 
regulatory regime and smaller capital 


requirements than in other countries. 
That allows banks to do more business 
with less money and is one reason why 
Frankfurt has not caught on. 

“In the first instance, it seemed like a 
good idea,’ ’ Mr. Novy said of setting up 
investment banking operations in Ger- 
many's financial hub. “but you still 
have [more regulatory] restrictions, and 
banks are not interested in paying more 
in a country if they can go to London and 
cover the same markets. Therefore the 
concentration is there." 

For that reason, Mr. Brealey of Lon- 
don Business School noted, the City has 
become a magnet for sharp operators 
from the Continent who want to become 
tradeis and merger-und-aeqaisitiun spe- 
cialists but have few opportunities to 
use i heir “aggressive, macho trading 
mentality ’ ’ in their home markets. 

“Deutsche Bank andSBC have talked 
about the fact that they're getting ex- 
pertise they can bring back to their home 
offices,” he said, “lfyou want to get into 
complicated derivatives, the easiest way 
is to buy it in London but have it flow 
back to Frankfurt and Zurich.” 


Banking analysts have questioned 
whether they and the other purchasers of 
London banks have been making the 
best use of their newfound expertise. 
Financial returns from their acquisitions 
have in many cases not been stellar, 
considering that market conditions have 
been ideal for underwriting, trading and 
asset management 

B ANKS have also been plagued 
by staff defections, although 
representatives invariably in- 
sist that tbeir institutions have 
been minimally affected, and that in any 
case this sort of thing always happens in 
a merger. It is especially damaging, 
though, in a business that depends heav- 
ily on personal relationships and in- 
dividual imagination. 

Critics of the Continental Goliaths 
argue that some of the best pperators at 
their investment banking arms have left 
because the new owners, plagued by a 
leaden, bureaucratic corporate culture, 
fail to understand and nurture the mav- 
ericks that are lured into that field. 

“ft’s a creative business' tike adver- 


tising, and the big banks just don’t see 
that," one industry observer said. "A 
lot of the small investment banks have 
just been destroyed. There are a lot of 
smart people working at banks, but very 
few wise ones.” 

But at some investment banks there 
are people who start out too clever for 
their own good and end up looking not 
very clever at all, such as the trader who 
did in Baiings and the fund manager at 
Deutsche Morgan Grenfell fired after 
portfolio irregularities were dis- 
covered. 

Banks have to balance the need to 
keep their employees from going too far 
without excessively reining them in. 

“Deutsche Morgan Grenfell moved 
everything to London, then had trouble 
and took a lot of the operation to Frank- 
furt; they've had a lot of new restrictions 
built in,” Mr. Novy said. “Control is 
the main obstacle. IF you don’t control 
enough and leave too much leeway, you 
get into trouble.” 

CONR.4D DE AENLLE writes about 
finance and investment from London .. 


- ji .- • • . . . • 

Prague Pins Hopes on Bank Sell-offs 




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By Perer 5 . Greets 

ijRAGUE — It could well be the 
' fire sale of »he cente* * ’A’-ili its 
xCuiiqiv>j availed aiui Uu. uitSU- 
jeryised financial sector at the 

_ r _ die problem, the Czech gov- 

erpment is preparing a rapid sell-on of 
fivse leading banks that it still controls. 
I-Tjfc sales are expected to take one-and- 
"aSalf.to rwo years, and could well 
brpathe life back into the Czech econ- 
omy, where .growth and investment 
l^ye all but stopped. 

'^Overstretched, admittedly poorly 
drinaged and, by conventional acconnt- 
igg- , standards i insufficiently provt- 
s^oned against loans that are' unlikely to 
IJbpajd back, the major Czech banks are 
no lodger the country’s economic mo- 
tafc and have run out of the cash heeded 
ta.prop up an industrial base that still 
n^ds substantial investment and re- 




if I* 




Slated for (he auction block are 48.7 
patent of Komercni Banka, Central 
Europe’s largest, with assets of 456 
billion Konmy ($13.7 billion); 45 per- 
c’qjii of Ceska Sporitelna, the former 
^'stiUe savings bank with a massive 
titphch network and vast deposits; and 
percent of CeskOslovenska 
Obphodni Banka (C50B), which is 
mainly involved in financing foreign 
trade. Also expected .to be sold is 
Agrobanka, a privately owned bank that 
i barely saved from collapse last year 
xits'owners siphoned on the bank’s 
ets and it was finally put into forced 
administration. 

_The government has already agreed 
tp ’fell its 34pocent stake in Investicni a 
“^toyni &anka, with its troubled web 
3 vestment funds, industrial holdings 
banlting : services, to the London 
branch of Iran’s Nomura Group. 

^ Despite winning Parliament ' s prelim- 
approval for the sales. Prime Min- 
• Vaclav ‘Klaus’s .center-right coali- 
t is accused by the opposition Social 
nocralg of selling dip banks too 
aply Ahd die government may still 


have. to negotiate with a rebel MP who 
hoick the key swing vote and wants bank 
sale proceeds to finance a trust fund tor 
the crumbling social insurance system 

Hviv i'V h*»» liigely pf.v.»,i;-l f. w 
suiti -• *w iced turixs. and t'-'uuid 'uis 
already sold off several, too, while share 
prices of the leading Czech banks in- 
dicate they could have brought far more 
money if they had been sold earlier. 

‘ “It’s tempting to say they’ve sort of 
missed their chance and they should 
have privatized the banks a couple of 
years ago,” said Michael Whee Incuse, 
a banking analyst at Nomura Interna- 
tional in London. “All potential buyers 
of Czech banks these days will consider 
that they have a very good chance of 
getting the banks cheap, especially be- 
cause of the bad loans, he added. 

Recent 'audits, parliamentary ques- 
tions and investigative reports by in- 
dustry analysts and -Czech journalists 
have shown that the real estate, aging 
industrial plant and other collateral most 
Czech banks counted on as reserves was 

highly overvalued. 

“Czech banks rely heavily on col- 
lateral, and if it proves to be difficult to 
realize collateral at an adequate value, 
these batiks will really have troubles,” 
said Martin Nejedly. a banking analyst 
at brokers Wood & Co. in Prague. Weak 
legislation makes it difficult for banks to 
repossess property and sell ir off swiftly. 
Mr. Nejedly said Czech banks until re- 
cently kept lending good money, to bad. 
debtors, so that earlier loans could at 
least be serviced, adding to the bad loan 
problem. 

* At Komercni Banka, where bad loans 
account for about one-fourth of the port- 
folio, real estate collateral is discounted 
by 35 percent when provisioning. Still, 
the bank iff 37 billion Koruny under- 
provisioned by Western standards. 

That fuels the opposition’s call to 
restructure the banks before they are 
sold, a view echoed by analysts. Denise 
Vergot Holle, of the U.S. investment 
Kanir Merrill Lynch wrote in a recent 
report: "Privatization of the largest 
Czech banks is in our view hostage to a 


>an Enters Age of Risk 


-. ■ A 


-■ . a 


-u Continued from Page A 

,-?This is the time we have been wait- 
ing for,.” remarked Mr. Shaw. . 

„Tbetre3dl£even more auspicious for 
Jgppie in the risk-related business such 
Moody's Japan KJC, the Japan unit 
^Moody’s Investor Service. 
c i.Thecmdii-ratirig ageDcy inchoated — 
giving out numbers on the 



from 20 people six years ago to 50 

t0 Tokyo Shoko Research, which main- 
tains credit information on one million 
Japanese companies, said that the nran- 
ber of company reports it sells to clients 
has been growing by at least 1 0 percent 
annually and that subscribers to its on- 
line information service almost tripled 
in the past year from 700 to more than 
2 , 000 . , 


MINI T4NIKAWA is a journalist based 
in Tokyo. 


lu<u< portl* *!• »’ cleanup'." Poland' and 
Hu>s£:*j> «i.»oi cleaned up their bank* 
beiorc selling them- off. snt noted.-; 

Rut r-eiyorur agrees. 

.. * V*r Nejedly, 

i ^ e 'illy bai- 

auemg its budget, so where the hell 
should they get the money from?" 

The government agrees. Just before it 
approved the sale of its stake Tn In- 
vesticni a Postovni Banka, the country's 
most troubled large bank, a senior gov T 
emment official confided that the gov- 
ernment could no longer wait because 
could be only weeks from -a coir 
lapse that might have brought down the 
country's entire banking -system. 

'indeed, last year eight Czech banks 
failed. Poor management and outright 
theft were blamed- for most of the col- 
lapses, and the Czech National Bank 
had to bail-out depositors: Investicni a 
Postovni Banka's final sale price will 
only be known when twin audits are 
finished later this year, because poor 
management and opaque share transfers 
have saddled it with a loan book that is 
about'18 to 20 percent bad. 

While Nomura has agreed to pump at 
least 6 -billion Konmy into Investicni a 
Postovni Banka, the government has 
agreed to buy back many of the bad 
loans from Nomura. 

Analysts expect the government to do 
just as badly selling Komercni, Spor- 
itelna CSOB. In the first half of 
1997, Komercni ’s profits feU-35.13- per- 
cent and Sporitelna’s fell 55 percent.. 

Komerctii’s share price' has pearly- 
halved in the past year, and- analysts - 
expect the government's stake to go for 
even less, as more large debtors default 
and audits reveal more problems. - ’’ 
Slovakia’s reluctance to sell its stakes 
in Komercni -and CS.OB could also hurt-' 
sales prospects. . 

The government blames the banks for 
their own problems, and notes that it has 
already ta feign many Commnnsit-era bad 
debts from them. But bankers say that as 
their largest shareholder, the govern- 
ment-ought to have given them more 
direction. “There zero coordination 
between the state as regulator and die 
state as an owner. Their .banking 
policies are led by short-temi political 
considerations and -banks can’t operate 
with short-term horizons, ’said a senior 
official of one bank. .. ' 

Who will the new buyers- be? The 
government wants to find a single buyer 
for bank, a clear indication that it 
feels the current management is not up to 
the task of rescuing the banks. GEcap- 
Ital'df the United States and. the Dutdi • 
groups ING and ABN-Amro, both 
already present in the region, are upped 
as .favorites. Austrian and German retail 
hanfeg may also j oin the queue. 

PETER 5. GREEN is the International 
Herald Tribune’s East Europe corre- 
spondent. 



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>g the coun- 
I reputation, 
' new money 
ton. There u, 
-ning notion 
jelimes listed 
single largest 
in deep trou- 
?a spreading. 
ie publisher 
ihai ’■ Greece 
■vith two-siar 
nd two-star 

met h mg that 
ram one day 
Liberis said, 
problem be- 
ie is service, 
our mental- 

:onvergence 
Uy add up ai 
a. and the 
with a few 
'n currency 
that Greece 
its ability to 
ty a: the de- 
evel of per- 
would say 
<i Europe's 
'"Mr.Stra- 
; rather for- 

Jbtens. He 
x>ng family 
tve serious 
Nobody 
reece. And 
packed." 












INTERNATIONAL HERALD TRIBUNE, WEDNESDAY SEPTEMBER 24. 1997 


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1 


PAGE 22 


Svorada Captures 
Vuelta’s 16th Stage 

cycling Jan Svorada of the 
Czech Republic sprinted to win the 
Tour of Spain’s loth stage on Mon- 
day, a 195-kilometer (121 -mile) 
race from Cangas de Oms to the 
Atlantic coastal city of Santander. 

Svorada edged past Marcel Wust 
of Germany and Alessio Di Basco 
of Italy to cross the finish line with 
a time of 3 hours. 54 minutes, 7 
seconds. He finished with a pack of 
20 riders. The victory was his 
second stage victory in this year's 
Tour. 

Alex Zulle of Switzerland main- 
tained his lead of 2 minutes, 46 
seconds over Fernando Escartin of 
Spain. Zulle’s compatriot, Laurent 
Dufaux, who slipped to No. 3 over- 
all on Sunday, stayed there at 3 
minutes. 39 seconds behind Zulle. 

Tuesday’s stage covers 195 ki- 
lometers from Santander to Bur- 
gos. (AP) 

Lawyer Asks Albert Jury 

About Tatai Attraction 1 

A jury of seven women and five 
men was seated in Arlington, Vir- 
ginia. on Monday to hear the trial of 
die American spo rise aster Marv 
Albert, but not until its members 
assured a judge and attorneys that 
they could handle graphic testi- 
mony about violent sex. 

Perhaps opening a window into 
the defense’s strategy, Albert's 
lawyer, Roy Black, asked about 20 
potential jurors if they had ever 
seen the movie. “Fatal Attrac- 
tion." The film is about an ob- 
sessed woman who refuses to let go 
of a failed love affair and stalks her 
ex-lover. 

Albert, one of best-known 
sponscasters in the United States, is 
accused of severely biting a long- 
time lover and forcing her to per- 
form oral sex. He pleaded not guilty 
Monday to charges of assault and 
battery and forcible sodomy. 

Defense attorneys plan to argue 
dial Albeit had consensual sex with 
his 42-year-old accuser. (AP ) 

Cayard Leads Whitbread 

yachting Paul Cayard ’s EF 
Language held a narrow lead Mon- 
day after the first 24 hours of the 
Whitbread Round-the-World Race 
yacht race. 

The fleet covered nearly 200 
nautical miles in the first 1 1 hours. 
But as the wind died, the 10 boats 
dropped ofF to an average speed of 
just 6 knots and languished off the 
northwest tip of France. (AP) 


Sports 

Bills Spot Colts 26 and Still Win 


The .4 Utiialfd Preu 

The Buffalo Bills made another 
comeback for the record books. 

They overcame a 26-0 deficit, then 
stopped a 2-point conversion and a pair 
of desperation passes in the final 
seconds on Sunday to beat the Indi- 
anapolis Colls. 37-35, in the third- 
biggest comeback Ln National Football 
League history. 

Buffalo’s victory at home was re- 
miniscent of its triumph over the Hous- 
ton Oilers in the 1992 AFC playoffs. In 
that game, the Bills [railed, 35-3. before 
they won, 4I-3S. in overtime on their 
way to their third Super Bowl. 

Against the Colts, Antowain Smith 
rushed for 129 yards and three touch- 
downs. including a 54-yarder that made 
it 37-29 and appeared to seal the victory 
with 1:14 left. 

But Indianapolis (0-4.) moved SO 
yards and made it 37-35 when a reserve 
quarterback. Paul Justin, playing for a 
groggy Jim Harbaugh. hit Marvin Har- 
rison with a 2-yard touchdown pass with 
14 seconds left. 

Kurt Schulz then stepped in front of 
Justin’s pass for Harrison on the 2-point 
conversion, preservina the victory for 
the Bills. 

Bucs 31, Dolphins 21 Tampa Bay im- 
proved to 4-0 for the first time since 
1979 as Trent Dilfer passed for 248 
yards and a career-high four touch- 
downs against visiting Miami. 

Differ had a pairof short scoring 
passes to Mike Alstott. a 38-yarder to 
Reidel Anthony and a 58-yard screen 
pass to Warrick Dunn, which was more 


than enough to keep the Buccaneers as 
the only unbeaten team in the NFC. 

Packers 38, Vikings 32 Green Bay <3- 
1) won its 21st straight at Lambeau 
Field as Brett Favre threw two scoring 
passes to Antonio Freeman and one 
each to Robert Brooks. Terry Mickens 

NFL Roundup 

and Mark Cbmura. That broke Bart 
Starr's Green Bay record of 152 in a 
span of 1 6 seasons. Favre has 1 56 in just 
five-plus seasons with the Packers. 

Soahawks 2B, Chargors 22 Seattle had 
only two yards rushing ax halftime, but 
Steve Broussard ran for 72 yards on 1 1 
carries in the second half, keying the 
rally for the host Seahawks (2-2). John 
Carney kicked five field goals for San 
Diego 1 1-3). 

Saints 35, Lions 1 7 At the Superdome, 
Mario Bates ran for 162 yards and two 
touchdowns and passed for another on a 
halfback option as the Saints won their 
first game under Mike Ditka, who had 
berated the team after it started 0-3. 

Broncos 38, Bnnjih 20 Terrell .Dav- 
is’s club-record 215 yards included a 
50-yard touchdown run early in the 
fourth quarter that gave the host Bron- 
cos (4-0) a 28-20 lead. 

The Bengals ( 1-2) tied the score on 
Ki-Jaoa Carter's 79-yard touchdown 
run early in the second half. Carter 
finished with 104 yards, the first 100- 
yard rushing game fora Bengals back in 
168 games. 

Ravens 36, Oilers 10 The Ravens, 0-8 
away from Baltimore in their first season. 


won their second successive road game 
before just 17,737 in Tennessee. Vinny 
Testaverde threw for 318 yards and three 
touchdowns for Baltimore (3-1). 

Chiefs 35, Panthers 14 Elvis Grbac 
threw three touchdowns for the Chiefs, 
and Kansas City (3-1) had four inter- 
ceptions against Kerry Collins. U was the 
second loss in a row at home for Car- 
olina, which was 9-0 there last season. 

49m 34, Falcons 7 Steve Y oung had 
touchdown passes to Terrell Owens and 
JJ. Stokes, and Terry Kirby ran for two 
scores for the host 49ers (3- 1 ). 

Rams 13, Giants 3 Two field goals by 
Jeff Wilkins and a late 4-yard touch- 
down run by Craig Heyward were more 
than enough for the host Rams (2-2).The 
field goals would have been enough for 
die Sl Louis defense, which sacked 
Giants quarterback Dave Brown four 
times and harassed him all afternoon. 

j«ts 23, RaMars 22 Oakland ( 1 -3) ap- 
peared beaded for another victory as Jeff 
George threw for 374 yards and three 
touchdowns, beating comerback Ous 
Smith on each. But the visiting Raiders 
missed an extra point and four field-goal 
attempts, one that would have won the 
game in the final minutes and another 
that was blocked and returned 72 yards 
for a touchdown by Ray Mickens. 

Patriots 31 , Bears 3 In Massachusetts, 
Drew Bledsoe threw two touchdown 
passes for New England (4-0), and 
Curtis Martin had a 70-yard touchdown 
run. Bledsoe threw for scores of 7 yards 
to Vincent Brisby and 52 yards to Troy 
Brown, giving him 12 touchdown 
passes in four games. 






TUESDAY, SEPTEMBER 23, 199?^ 











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Fullback Kimble Anders of the Chiefs breaking a Panther tackle to score. 


Battered Warriors at Prayer: What’s Going On in the NFL? 


htlcrntUiMkil HerjU Tt ihunr 

E VERY MAN is invited to come 
pray — with a few guidelines. 
Only NFL players may take pan. 
Hie prayers are held at midfield after 
every' game, and members of opposing 
teams "are expected lo kneel and hold 
hands in full view of an audience rhat 
pays a lot of money to watch them beat 
heil out of each other for three hours 
every Sunday. 

“Usually all the guy s who are Chris- 
tians and believer^ come together ai 
midfield and pray." one v*f "ihe New 
York Giants' linebackers. Core> Miller, 
said in a recent interview. “We thank 
God for the gifts He has given us. we 
pray for the continued right to play this 
game, we even pray for the team trav- 
eling or going back" home." 

Football in the NFL is probably the 
most violent team game in the world. 
The players spend much of their lives 
bulking up. They coat their heads and 
shoulders in plastieized armor and at- 
tack each other as if they were shot out 
of cannon. Coaches often see them- 
selves as generals. 


Vantage Point/lAN Thomsen 


To some observers outside America 
this ritual of prayer after battle, which is 
not new but is becoming more and more 
prevalent, is going to seem like another 
example of the United Stares behaving 
like a political cartoon. Every time an 
American athlete thanks God for his 
victory, you can hear ihe groans around 
the world — there the Yanks go again, 
believing the Lord is on their side. 

But look it another w ay. What would 
happen if soccer play ers from opposing 
teams decided they wanted to kneel 
together in prayer after a Serie A game 
at the San Siro in Milan, or at West Ham 
in the East End of London? Probably it 
wouldn't be allowed. The fans might not 
put up with it. 

The NFL apparently didn't like it 
either when the public displays of broth- 
erhood began at the Super Bowl in 1 990. 
“They tried to fine us and do a lot of 
things to stop it in the beginning." said 
Miller, who joined the NFL in 1991. 
•‘But now guys will work a team to get 


guys into that circle after a game. I’ve 
seen anywhere from 10 to 15 euvs up to 
30 or 40." 

They do it because they believe, first 
of all. .Another reason that’ this goes on in 
football, but in none of the other .Amer- 
ican professional sports, is because the 
NFL is such a dangerous league. “We 
kind of even go past that.” Miller said. 
"Before ihe game we have about 25 to 
30 guys come out there and gather to- 
gether" in prayer to the Lord to protect us. 
To watch over us and the guys on the 
other team so no one is hurt. So we feel 
like w e'rc covered in the blood of Jesus 
before we even take the field." 

Then they go out and are seen trying 
to hurt each other severely. 

"It’s- just a game." Miller said- "It's 
fierce, competitive, a battle, a war. but it's 
a game, and many people have the desire 
to be out there playing it. We're out there 
because God blessed us and gave us the 
talent. We show people it's a violent 
game, but afterward we still have our 


beliefs and our desire to give thanks." ^ 
They are also showing that they don’t 
buy into the myth that they are enemies. 
By praying together the players are say- 
ing that they have more in common with 
each other than the game might suggest. 


A LL OF THIS mighr seem ri- 
diculous to the rest of the world, 
where teams are tribal and the 
players are expected to fight for the 
colors. In many countries, the team sup- 
porters simply would not permit such 
displays of fraternization with the en- 
emy. This is cot to say that respect 
b«ween rwo reams doesn't exist — 
shirts are exchanged by opposing play- 
ers after each match, and good per- 
formances by the visitors are often ap- 
plauded by the host fans. 

Just as surely, an abiding myth of 
European soccer is that the game is 
driven by the rabidness of the fans, the 
animosity- between rival supporters and 
the understanding of the players that 
they must win this panicular match or 
else. At the moment, the minority of 
black players in Europe face special 


phase already and are still complaining 
about the mercenary greed of the play- 
ers, the lack of loyalty. At the same lime, 
no fan in America can logically call for 
the players to hate each other, for the 
game to become that kind of war. For 
the fans, it’s more so than ever an avoca- 
tion, an entertainment, which is ail. it 
should be. - 


The U.S. and the Davis Cup: But for Egos, a Dynasty That Could Have Been 


By Christopher Clarey 

Special ro the Herald Tribune 

WASHINGTON — Pete 
Sampras and his fellow Amer- 
ican tennis stars have taken 
turns dodging their flag in re- 
cent years. But on Sunday, 
they were running with it. 

Fust came Sampras, who 
applied a choke hold to this 


Davis Cup semifinal against 
Australia by routing Mark 
Philippoussis on Friday and 
then kept right on squeezing 
against the reigning U.S. 
Open champ, Patrick~Rafier. 
on Sunday. 

Sampras’s masterful 6-7 
\6-8), 6-1, 6-1. 6-4 victory 
gave the United States an in- 
surmountable 3-1 advantage 


and clinched a spot in the final 
against Sweden. It also un- 
derlined a point: The Amer- 
ican sporting public, with the 
myriad diversions available 
to it. does not often take time 
to consider that Sampras at 
his very best is one of the very 
best who has ever played this 
tricky, grueling game. 

And so. after bugging his 


September 10th - September 21st 1997 

Reykjavik • Strasbourg • Sevilla • Roma • Tel-At iv • Amman • Tr.ihz« >n • Izmir. 

official sponsors 


T 


1 


The last kg of the long-range air race was full of surprises. All the 
aircraft have now landed safely in Izmir, Turkey, where the closing 
ceremony of the World Air Games took place on Saturday. 


captain and friend Tom Gul- 
likson, Sampras rook an 
American flag from his prac- 
tice partner, Justin Gunel- 
stob, who had been wearing it 
like a toga throughout the 
match, and proceeded to do a 
victory lap inside the stadium 
coun at William H.G. 
FitzGerald Tennis Center. 

As he ran slowly and less 
gracefully than when he has a 
racquet in his hand, it was 
difficult not to think about 
what might have been. 
Sampras and his American 
contemporaries should have 
been a Davis Cup dynasty, 
like Bill Tilden and his Amer- 
ican contemporaries from 
1920 to 1926: like the four 
French woitsqiteiaires from 
1927 to 1932; like captain 
Harry Hopraan's spirited and 
cohesive Australian teams in 
the early 1960s. 

Instead, Sampras and his 
peers — Andre Agassi. Jim 
Courier and Michael Chang 
— have not equaled the sum 
of their parts. They are the 
most talented generation of 
Americans since the one 
headlined by Jack Kramer 
and Pancho Gonzales 


emerged immediately after 
World War II, yet they have 
won only three Davis Cup 
titles so far this decade and 
just one in the last four years, 
when Sampras has been'at his 
peak. 

They have been beaten at 
full strength: by France in the 
1991 final. But more often 
than not, they have simply 
shot themselves in the sneak- 
ers by not committing to play 
on a regular basis. The Aus- 
tralians beat their B team in 
1993 in the first round on 
grass. The Czechs beat their B 
team again in last year's 
quarterfinals. 

“We had the ability to win 
seven or eight Davis Cups in a 
row. but it wasn't going to 
happen.” said Courier, who 
has come to value the Davis 
Cup greatly and, unlike 
Sampras and Chang, played 
in the first two rounds this 
year. “There are too many 
differences in this group. Too 
many different perspectives 
and different aims and dif- 
ferent egos for that to have 
happened." 

If their fellow Americans 
cared about the Davis Cup as 


Izmir, September 21 

While the flights from Trabzon to 
Adana and Izmir proved uneventful at 
high altitude, low fliers like the 
competitors in Group One faced 
turbulent weather with huge cumulus 

clouds and significant headwinds 
between Adana and Izmir. To make up ’ 
for the 35 minute penalty imprwtxl the 
day before. Kectirrm pushed hard and 
won both the sector and the g« »Id medal 
for overall first place in Group One. 

In Group Two. Rumbling Wreck made 
a tremendous achievement, jumping 
from third to first place, nosing mu 
Hope of Italy by a hairline - 16 seconds 
overall, after 30 flight hours! 

The quiet and smiling Gaby and Liny- 
Lee are dearly pilots to lie reckoned 
with. Go Johnny Go was involved 
in an incident during the approach 
to Adana, and as a result Ingrid 
and Erick Banck were excluded 


Bcrali^S^Srilnmc 


from the linal re-sulLs l»v ihe FA] Jur\ . 

In Group Three, (he Turkish team 
Sabi ha Gnkceii. Hying in its mvn 
haekyard. sailed ahead in first place. ■< 
while TBM kmghi Flight missed rhe 
.siher medal hecau.v/ of penalties - the 

plane took tiff from Amman liefore its 
allocated time. Dash Ten came in 
second. 

In Group Four, the Young Turks, at 
ease in Iheir own airspace increased 
their lead out the Dream Machine. 

assuring ihe crew lirsi place* overall. 
Karole Jensen and Jeanne Cook, 
whtise Carolina Belle had to withdraw 
because of engine failure, am veil in 
Izmir after the organtsalk >n's engineer 
fixed the jirplanc in Kerkira. Greece. 
Thai was a nice surprise li n every!* idy. 
The race is over, and ihe crews are 
now living hack home, a long way for 
most of them. Bui thai is another 
adventure. 


much as they have grown to 
care about golf s Ryder Cup 
— or that definitive interna- 
tional sporting rendezvous, 
the Olympics — it might have 
been different. But tennis, de- 
spite strong core support ( wit- 
ness the huge crowds at this 
year's U.S. Open and Lipron 
Championships in Florida), is 
no longer the flavor of die 
moment in this country. 

It is incapable of generat- 
ing the same sort of passion 
and intense curiosity as, for 
example, last Saturday's col- 
lege football game between 
Florida and Tennessee. 

When Sampras returned 
home from Moscow in 
December 1995, having 
beaten the Russians nearly 
single-handedly in that year's 
Davis final, there was no pub- 
lic outpouring of gratitude. no 
invitation to die White House 
or, perhaps more telling in 
this particular era, no rash of 
phone calls from booking 
agents for late-night televi- 
sion talk shows. And so 
Sampras, despite his attach- 
ment to the tradition-rich 
Grand Slam events, changed 
his priorities, and the tradi- 


tion-rich Davis Cup has been 
poorer for iL 

Yes. last year’s epic final, 
won so very narrowly by 
France over Sweden, was 
fantastic theater, but the per- 
formers were off-Broadway 
caliber. This year, the stars 
have — belatedly — returned 
to the stage, and when 
Sampras and presumably 
Chang fly ro Gothenburg, 
Sweden, for a final that will 
begin the day after Thanks- 
giving, they will have an op- 
portunity to narrow the yawn- 
ing gap between their 
individual and collective ac- 
complishments. 

“I was very disappointed 
about what happened at the 
U.S. Open.” said Sampras, 
who was upset in the fourth 
round diere by Petr Korda. “I 
feel this tie got me motivated 
to play again. One of my goals 
is to put the Cup back in the 
United States where it be- 
longs." 

It is absent only because 
Sampras has been absent 
Now that he has recommitted, 
the United States will be 
favored to reclaim it. 

But the Scandinavium, the 


-Memorable Moments from Jolumie Walker: RYDER Cl P with Bernard Cattm-h, 

* ^ 




t HUES UIRHDR COttPABT 



1989 - RINGER IHE MIRACLE WORKER AT THE BELFRY. 

U,,h A «? I*** VSm* bltmaM Hm,W Frit*** / <**w*«I Spm* forntn lap, W. 


rather homely Gothenburg 
tennis arena, has not brought 
good fortune to the Americ- 
ans in the past. In 1 984. in fh». .J) 
only previous final between 
the two nations, John 
McEnroe and Jimmy Con- 
nors. always a reluctant Davis 
Cupper, made for strange 
bedfellows and a bad and bad- 
tempered team. The Swedes, 
led by Henrik Sundstrom, 
beat them 4-1 on an indoor 
clay court. 

In the semifinals in 1994 on 
a fast carpet, the United States 
blew a 2-0 lead for only the 
second time in its history. On 
the final day. Sampras injured 
his leg and had to defajdt 
against Stefan Edberg in .the 
first reverse singles. Then, 
Magnus Larsson defeated /j 
Todd Martin in the decisive* 
rubber. 

The Swedes no longer have 
Edberg, but they still hive 
Larsson, along with the rising 
Jonas Bjorkman, who won all 
three of his matches against 
Italy in the semifinals. Choos- 
ing a surface won't be easy, 
however. Carpet would suit 
Bjorkman and another poten- 
tial Swedish singles player 
Thomas Enqvist, but Sampras 
us the best player on that sur- 
face in the world. Clay would 
Larsson. and argu- 
ably Chang, but at least-' it 
might neutralize Sampras. 

There was no neutralizing 
mm in Washington, where he 
'*? a Player for the,. 

f^t u & - and then Chang i 
ook their flag-draped victory 

7?™ the s !, Ilou, cr owd of 
7.200 roared. But the fans 

were not finished: "We want 
Courier! We want Courier'" 
mey chanted. 

Reluctantly, awkwaidlv 
Couner. who had not been 
picked by Gullikson to play in 
me semifinals, walked ontoihe 

t 5 e . fla S bunched un j u 
his hand like a warm-up suit 
Davis Cup might no longer 
mspire the same zeal in the 
United Stales that ii d oe s vf 
Australia, Brazil or FraM 
but at least rhe fans here ha\ ^ 
notloi, iheir sense 
u Couner hadn ’t been "L ;j > ■ 
to do the dirty work ! '> ,ng 
Jb's year. Sampras wLm ‘ Cr 
Have had the cb W 16 no1 
hero. me chance to be a 


persecution by the "enemy" fans„in 
many cities. Some players, like Ruud 
Gullit and Frank Rijkaard. helped per- 
suade Italian soccer to make statements 
against racism, resulting occasionally!! 
players from both teams marching into 
the stadiums in uniform T-shirts. \ 

But for the most pan, European soc- 
cer administrators have remained ig-. 
norant of the social problems overflow- . « 
mg from their game. ; 

This is going to change now that 
European players can move freely from 
country to country. Eventually the fans 
are going to have to accept that players 
aware not soldiers for their teams. In- 
creasingly. players are going to follow 
the opportunity wherever if leads them. 
American fans have gone through this 








s 


~1 








INTERNATIONAL HERALD TRIBUNE, TUESDAY SEPTEMBER 23, 1997 


PAGE 23 


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Radke Notches 
20th Victory 
As Twins Win 


*; The Amu it ned ftwj 

Brad Radke got his 20th victory- with 

complete game as Paul Moliior’s RBI 
-triple in the bonom of the JOth inning 
. gave the Minnesota Twins a 2- 1 triumph 
rover the Milwaukee Brewers. 

Radke (20-9) pitched a career-high 
. 10 innings for his fourth complete game 
, on Sunday in Minneapolis. He allowed 

■ one run and six hits with nine strikeouts. 
He didn't give up a walk and went to 

Baseball Roundup 

^ three balls on just three hitters. He threw 
128 pitches. 96 strikes. 

In the 1 0th, Brent Brede singled with 
one out off Mike Fetters (1-5) and 
Mol i tor followed with a triple down the 
' right-field line. 

Red Sox 5, Writs Sox 2 In Boston, Mo 
‘ Vaughn drew a leadoff walk to sum a 
three-run eighth inning. Jim Corsi (5-2) 
pitched two innings for the victory. 

Yankees 5. Blue Jays 4 Cecil Fielder 
hit his 300ih career homer and Tina 

■ Martinez hit a game-winning homer in 
the 1 0th for host New York. 

Tigers 11, Orioles 3 In Baltimore. 
Damion Easley homored twice and 
drove in a career-high six runs. Rafael 
Palmeiro hit his team-leading 36th 
home run for Baltimore. 

Royals i, Indians o Rod Myers hit a 
• two-out RBI single in the ninth to win 
t‘ the game for host Kansas City’. 

Mariners g, Athletics 2 Ken Grif fey Jr. 

. had two RBls. but went homerless in 
; five plate appearances as visiting Seattle 
-reduced its magic number for clinching 
the AL West to two. Griffey had a 
sacrifice fly in the third and a run-scor- 
ing single in the fourth to increase his 
. major league-leading total to 145 RBIs. 

. Angels 4, RangsrsTi Anaheim kept its 
slim playoff hopes alive by completing a 
three-game sweep in Texas. Tim Sal- 
mon's RBI groundout in the seventh 



The Protopopovs Just Skate On 


By Jere Longman 

New York Times Sen U't 




JuhnSmaoJIciarn 

the Reds Damian Jackson leaping for a wild throw from his catcher, 
Eddie Taubensee, as the Astros* Craig Biggio steals second base. 


inning broke a tie as the Angels improved 
to 7-1 against the Rangers this year. 

In the National League: 

Cubs ii, ptuflies 3 Curt Schilling in- 
creased his strikeout total to 313, tying 
the NL record for right-handers and 
setting the Phillies’ overall mark. Ryne 
Sandberg, playing his final home game 
at Wrigley Field, went 2-for-3. He hit an 
RBI double in the first inning and a 
single in the fifth. 

pirates 14, Cardinals 2 Mark McG- 
wire’s offense has stalled just when 
Pittsburgh has gotten its going. Jose 
Guillen and Turner Ward homered in a 
victory over visiting St Louis — the 
Pirates’ second romp in as many days. 
McGwire, the major league home run 
leader with 54. went hitless for the 
second game in a tow. He was 0-for-3 
with a sacrifice fly. 

Expos 7, Braves 1 RondeU White hit 
two of Montreal's four homers in a 
victory over host Atlanta that snapped 
the Braves’ six-game winning streak 
and put their quest for a sixth con- 
secutive division title on hold. 


Astros a, Reds 3 Ricky Gutierrez 
doubled twice and drove in three runs, 
helping Houston close in on the NL 
Central title with a victory over host 
Cincinnati. 

Giants 8, Patches 5 Barry Bonds hit an 
inside-the-park home run and Stan Javi- 
er snapped a ninth-inning tie with a two- 
run triple, lifting the Giants over the host 
Padres. 

nets 2 , Martins i New York preven- 
ted Florida from clinching at least a tie 
for its first playoff spot, beating the host 
Marlins behind Rick Reed's strong 8^ 
innings. Rookie Jason Hardtke hit his 
second homer for the Mets, who re- 
mained one loss from elimination. 

RocMbs IQ, Dodgem 5 Vinny 

Castilla's two-run double that center 
fielder Otis Nixon lost in the twilight 
highlighted a five-run. sixth-inning Col- 
orado outburst that carried the visiting 
Rockies over the fading Dodgers. The 
loss was the fifth straight and 10th in 13 
games for the Dodgers, dropping them 
two games behind NL West-leading San 
Francisco. 


LAKE PLACID. New York — It has 
been said that Oleg and Lyudmila Pro- 
topopov, the Olympic pairs champions 
in 1964 and 1968, performed with a 
brilliance that was not quite figure skat- 
ing and not quite ballet, but more in the 
realm of poetry. 

Even now at ages 65 and 62. re- 
spectively, they skate six days a week, 
up to three hours a day, and they em- 
body die essence of pairs skating with 
sophisticated lines and elegant, tranquil 
harmony. They are remarkably fit and 
youthful. 

Thirty years after they revolutionized 
pairs skating, the Protopopovs want to 
perform one more transforming act next 
February by taking pan in some fashion 
in the 1998 Winter Olympics in Nagano, 
Japan. 

Returning to the Olympics is a dream 
long deferred. Feeling prematurely dis- 
carded by a system that used Olympic 
sports as Communist propaganda, the 
Protopopovs defected from the former 
Soviet Union in 1979 and remained 
stateless until they acquired Swiss cit- 
izenship in 1995. They want to skate in. 
Nagano, not to win a third gold medal, 
but to connect the athletic present in 
their sport with the artistic past. 

They cannot perform the muscular 
throws, gymnastic lifts and robust triple 
jumps of pairs skating today. But much 
of what is prized in a classical sense — 
the graceful unison, the fluid spirals, 
sometimes even the choices of music — 
began with them. 

“Even if we are in the last car of the 
train, we are still moving with the 
train,” Oleg Protopopov said last week 
at the apartment that he and his wife are 
renting for two months while they skate 
as guests of the Olympic Training Cen- 
ter. "Medals don’t matter. I keep mine 
in a chocolate box. Our motivation is to 
show people that at our age you can siifl 
be strong and mentally and physically in 
good health.” 

It seems doubtful, however, that the 
Protopopovs will appear in Nagano as 


competitors. Because they have skated 
in professional competitions, they were 
required to reapply for Olympic eli- 
gibility by the International Skating Un- 
ion. The deadline for reinstatement was 
April 1995. four months before they 
received Swiss citizenship. 

Also, the Protopopovs would need 
permission from the Russian federation 
to skate in the Winter Games for a new 
country. And. unlike other skaters, they 
have not taken pan in any of the required 
qualifying competitions such as the 
Swiss national championships. Oleg 
Protopopov said he informally reques- 
ted a special exemption from the in- 
ternational group but was denied. 

Asked whether the couple had any 
chance of competing in Nagano, Ot- 
tavio Cinquanta. president of the group, 
said, * p l don’t think so.” He said he had 
received no official request. 

“We have to be realistic,” Lyudmila 
Protopopov said. “Even if we are in- 
vited, there is little time to prepare two 
routines.” 

A more feasible option is to invite the 
Protopopovs to perform in an exhibition 
that traditionally follows the Olympic 
skating competition. 

“It would be our homage to the 
Olympic Games.” Oleg Protopopov 
said of the Nagano exhibition. “As two- 
time champions. I think we have the 
right to do it.” 

If the answ er is no. he said, there is 
always the 2002 Winter Games in Salt 
Lake City’. The Protopopovs have no 
intention of retiring. In fact, they want to 
leant how to perform triple jumps, and 
they want to compete in future Swiss 
and European championships, as well as 
the Olympics. 

Oleg Protopopov. the son of a baller- 
ina, was abandoned by his father w’hen 
he was 6 months old. He was a boy of 9 
when Germany began its long siege of 
Leningrad during World War 0. He re- 
members eating blocks of wood glue for 
survival He went with his mother, Anna, 
when she did volunteer hospital work; 
Oleg Protopopov said he awakened one 
night in a crowded, cold hospital room 
and realized that the men on each side of 


him had died in (heir sleep. "I saw death 
face to face,’ * he said. “I mow the price 

of life. We bring life to other people by 
our skating. We create a feeling of liv- 
ing. of inspiration.” 

They met by accident, at a skating 
seminar in Moscow, and by the time 
they became skating partners, he was 23 
and she was 20. Russian officials told 
them not to expect loo much in skating 
because they were loo old. When they 
won their second gold medal in 1968, 
Oleg was 35 and Lyudmila was 32. 

* ’Skating is a feeling of freedom, of 
flight.” Oleg Protopopov said. “When 
you have that feeling of flight, it is 
forever.” 

On a world tour after the 1968 
Games, the Protopopovs said, they were 
treated rudely in Moscow by Soviet 
officials. Oleg Protopopov complained 
to a reporter." his complaint was pub- 
lished. and his career crossed some om- 
inous boundary. 

“From that moment we were crossed 
out.” Lyudmila Protopopov said. 

A year later they were dethroned at 
the world championships, and a more 
athletic Russian named Irina Rodnina 
would win (he next three Olympic pairs 
titles w ith two partners. Alexei Ulanov 
and Alexander Zaitsev. 

By 1970. the Protopopovs’ amateur 
careers were over. TTiey turned pro- 
fessional with the Leningrad Ice Ballet. 
Some officials suggested that they be- 
come coaches, but they wanted to skate. 
So, while touring Switzerland in August 
1979. they defected. Three years later, 
using their savings, they made a film 
autobiography of their career. If the 
Soviet officials wanted to forget them, 
the Protopopovs would make sure they 
were remembered. 

And now they want another chance to 
skate in the Olympics. If not at age 65 and 
62. then maybe at 69 and 66. Switzerland 
had no pairs skaters competing at its 
1997 national championships, Oleg Pro- 
ropopov said. The door is open. 

“We are like seagulls," he said. 
“While we have our wings, we will fly 
and be alive. When we will not be al- 
lowed to move our wings, we will die.” 


Scoreboard 


BASEBALL 


Major League Standings 

JUMKKANIUOUI 

EAST DIVISION 

W l Pd. M 
y-Bolthnon? 94 6t -606 — 

Y-NewYofV 90 65 SB) d 

Detroit 77 78 M7 I? 

Boston 76 tt Ml Ufa 

Toronto 72 B3 .465 22 

CENTRA!. DIVISION 


Cleveland 

83 

71 

S39 

— 

CWaujo 

77 

7B 

J97 

6to 

Milwaukee 

75 

78 

M0 

7V4 

Kansas Ctty 

64 

90 

-416 

19 

Minnesota 

63 

9) 

.409 

20 


wEsrnvKioN 



Seatlto - 

• 87 

69 

-S$B 

— 

Anaheim 

82 

.74 

S26 

s 


Jowl.. 

- Oakland 


.72 

a 


SJ. J62 15 
93 MU 24 


Detroit 302 OK 000—11 12 0 

Baltimore 090 102 000-3 5 1 

Ju.Thompsoa Mfcefi m. Brocad (9) and 
Cosanow Key, Van (S>. Bi.WWams 16) and 
Hokes, Rosario (7). W—Jy. Thompson. 15-11. 
L— Key. 14-10. HRs-Oefroit Easley 2 (22). 
Bctttmore, R. Palmeiro (36). 

MOwaofcW 100 ON 000 0-1 6 3 

Minnesota ooo oai aoo >— 2 8 e 

Hamfcdv WlcJunon fffl, Fetien (10) and 
Levis,- RodkemdSteinbach. W-Radk*204. 
L— Fetters 1 -5. HR-MJMaukee. ClriBo DO), 
□mind 000 ooo 000-0 5 0 

Kansas Cfly OH OH Ml— 1 5 0 

09ea, M. Jackson (6), Assenroadier 9) 
and Button; Appier. Pichardo (89, 
Whbenanf (9). Bevl (91 and Macfariane. 
W— Bert V2. L— M. Jackson 2-S 
Toronto M DM OH M II B 

New York 701 1H 010 1-5 II 0 

HO inning*) - W.WBUamfc Ptosac Ui. 
Robinson IS), Aimanzar (TO) and OBrien, 

B -Santiago (10); PeBBte, Stanton [83. M. 
Rivero (9L Boehtiger (10) and Posada 


...... . yifinched paasnasan berth 


W — Baehrtngec 3-2 L—AJmonzar, M. 


EAsromstm 



HRs— Now York. TJtoOn ez (431. Fielder 


w 

L 

Pet 

GB 

(11), Jeter (9). 

y-Aflanto 

97 

58 

626 

— 

Anaheta 9«1 000 Ilf— « IS 0 

. Ftorido 

90 

65 

S81 

7 

TUOS iw «» 089-3 9 2 

NewYbri 

84 

72 

-538 

13H 

Hasegawa, P. Harris (6), Hate £8), 

Montreal 

74. 

79 

.490 

21 

Perctval (9) and Kreutec Paifik, Baita (7L 

PHtodetoWa 

64 

92 

AID 

m 

Patterson (7), Wettetatd (9) and H. 

CBmUL DIVISION 



Meroedes, KJ-Brown (8). W— P. Harris 5-d. 

Hairston 

79 

76 

-510 

— 

L — Pavtfk, 3-5. Sv— Perctval (27). 

Pittsburgh 

76 

B0 

487 

3Vi 

Seatlto 812 300 912—9 14 0 

Gnctonatl 

71 

84 

.458 

8 

Oafehrad 920 000 008-2 9 1 

SL Louis 

71 

8« 

.458 

8 

Claude, Spobaric (7). Timlin 00. B. Wells 

Chkogo 

66 

90 

423 

13A 

(9) and Da-WSsorc Rigby, Mahler (4), 

WEsnnwsioN 



Wenger! (7), Lorraine (8), WBosIk (9) and 


86 

70 

SSI 

— 

Moyne, MoTmo (9). Vf-Ctoude. 4-2 

Las Angeles 

84 

72 

-538 

2 

L — Rigby, i-6. HRs— Seattle, Buhner 2 (3 91 

Colorado 

81 

75 

S19 

5 

Da-Wtam OS). 

Smt Diego 74 82 M* 

y-dinched postseason berth 

12 

NATIONAL LEAGUE 

DUMMY'S IMCSCOKES 


St Lout* 100 818 000-2 4 3 


AMERICAN LEAGUE 
- Qfw 1H 1H 000-2 10 2 

Boston 100 1H 03* — 5 10 1 

Eyre. Ferdham (d>, N. Cruz (D and 
VoNeBosj Seta. Corsi (7), Gordon (9) and 
' Hawtmon. W— Carat 5-2. L— Fonftun, 0-1. 
6 v— Gordon (10). 


Busby, Petkovsek (4), 5. Lowe (7) and 
Marrero, Lcmpfcln (7); Llaber. Ruofeel (9) 
and Kendat), Oslfc (9). W— Uaber, 11- M. 
L— Busby, 0-1. HR»— St. Louis, D. Young 
(4). Pittsburgh, Ward (7). J. Gulden 
(13). 


MMtatf OH 033 010-7 11 0 

Atlanta OH 070 000-1 10 0 

MUolmsoa DeHart (5). Tetfgrd (6). Kline 
(B), Urbina (9) and Widget; N eagle, 
(JgtenbM) (6), Ctortz (S), Brock (9) and J. 
Lopez. Spetu (7). W— DeHart. 2-1. 
L— NeogJe. ZX H R*— Montreal, Seoul £20), 
R. White 2 (26). Men lens (1). 

0)0 901 001— 3 8 0 
in 050 32*— 17 15 1 
SdiiOng. Staler (6), Karp (7). R. Harris fffl 
and Uefaerthat Taponl R. Tatis (8). R. Myers 
(9) and Houston. W— Tapani. 8-3. 
L— Schilling, 16-11. HRs-Oiienga L 
Johnson (5), Ma£roce 03), D-Hansen (3), 
J. Hernandez £7). 

Houston 901 140 770—8 14 0 

Gndnafl 010 010 001-3 7 1 

R.Garoa X Cabrera (7), Hudefc (9), 8. 
Wagner - (9) and Ausmus; Morgan 
FeJ?odriquez (6), Graves (8). Winchester £5) 
and Taubensee. W— R. Garda 8-8. 
L— Morgan B-12. HRs— Gndtnafl, NutmoBy 
01), W . Greene OS). 

New York M0 OH 110-2 8 0 

Honda OH OH 001—1 5 3 

RJteed, Rojas (9) and A. CaMhv Prod (B«- 
Ofofa. Pawefi (8), StanBer (9) and Zaun. 
W— R. Reed. 134. L-OWa. 1-2. Sv-Rajas 
(14). HR-New York, HarttKe a). 

Saa Francisco OH 203 003-0 13 1 

Sm Diego 020 OH 030-5 7 0 

Alvarez, Muftoland IB). Tavorez (8). R. 
Rodriguez QQ. Beck (8) and B. Johnson, 
MJrotoeffl (9)> Hitchcock, Broshe 161 K 
Murrey (8), D-Veras <8X Hoffman (9) and 
Robert*, C Hernandez (9). W— Bede 7-4 
Lr- D. Veras, 2-1. HRs— San Rmcisca, 
Bonds an. San Diego. Carntnm <251. 
Colorado ON 195 309-10 11 l 

Las Angeles 023 060 000— S 8 1 

F.CostUa Detoon W, S. Reed (8) and 
Manwrofnro RJtartnez. Dreifod («, Q. 
Reyes (7). Hotkey (9) and Piano. W— f. 
Cosmo. 12-11. L— R. Martinez. 9-5. 
HRs— Colorado. Burks OIL Galarraga MS. 
Las Angeles. Piazza (37), Mondesi (28). 






New YotV. Jets 21 Oakland 22 



1 FOOTBALL 


San Francisco 34, Atlanta 7 







Denver 38. Cindnaati 20 




NFL Standings 


Buffalo 37. Indianapolis 35 





■ 

— 

SL Louis IX New York Gtonts 3 



AMEMCAM COMFKKEMCI 


Seattle 26. San Diego 22 





EAST 



Tampa Bay 31, Miami 21 




W L T Pet. 

PF 

PA 





New England 

4 a aijQoo 

130 

40 





Buffnio 

2 2 0 .500 

94 

113 

The AP Top 25 


Miami 

2 2 0 .500 

71 

77 





N-Y.Jeh 

2 2 0 .500 

110 

80 

The Top Twenty Five mm In 

The 

Indkmapolis 

0 4 0 too 

54 

115 

Aesaaetad Press cottage football pod, wnh 


CENTRAL 



ftrovptace voces In parentheses, recontt 

Jaeteortvttle 

2 0 0 1.000 

63 

40 

through SepL 20, total points baaed on 25 

Battlnwre 

3 10 .750 

110 

71 

points tor a first place 

vote through one 

Pittsburgh 

1 1 0 J00 

21 

Si 

point (or a ZSth piece wad and previous 

Cinflwflti 

1 2 0 .333 

54 

82 





Tennessee 

1 2 0 333 

47 

73 

Record 

Pts 

PV 


WEST 



1. Florida 02) 

34) 

1,699 

3 

Denver 

4 0 01X00 

127 

51 

ZPeraiSt(28) 

3-0 

1,675 

1 

Kansas Qty 

3 10 .750 

88 

76 

3. Nebraska (7) 

3-0 

1.601 

7 

Seattle 

2 2 0 -500 

74 101 

4. Florida S1.fl) 

34) 

1.530 

S 

Oakland 

1 3 0 .250 

106 

106 

5. North Carolina (2) 

3-0 

1^75 

6 

San Diego 

1 3 0 .250 

56 

99 

6. Michigan 

2-0 

1^12 

B 

MATtONAL COKFXMNCE 


7. Ohio St 

34) 

1 XU 

9 


EAirr 



B. Auburn 

3-0 

1.180 

12 


8 L f Pd. 

PF 

PA 

9. Tennessee 

2-1 

1.158 

4 

Dallas 

2 10 .667 

80 

52 

1 Ol Washington 

2-1 

1,148 

2 

Washington 

2 10 667 

56 

37 

11. Iowa 

3-0 

1,062 

13 

Arinina 

1 J 0 333 

59 

65 

IZ Michigan St 

3m 

968 

17 

PWlodefphla 

1 2 0 333 

47 

61 

13.LSU 

2-1 

805 

10 

H-Y. Giants 

13 0 350 

70 

94 

14. Virginia Tech 

3-0 

770 

18 


CENTRAL 



IS. Washington St 

34) 

767 

19 

Tampa Bay 

4 0 01J100 

96 

58 

16. Colorado 

l.J 

725 

15 

Green Bay 

3 1 0 750 

108 

84 

17. Cfemson 

2-1 

547 

16 

Detroit 

3 2 0 300 

94 

S3 

18. Kansas St 

24) 

495 

20 

Minnesota 

2 2 0 .500 

107 

103 

19. Georgia 

3-0 

444 

25 

Chicago 

0 4 0 XOO 

58 

128 

2ft Stanford 

2-1 

4C0 

21 


WEST 



21. Alabama 

2-1 

329 

11 

SanFrondsco 

3 1 0 350 

88 

39 

22. Texas ASM 

2-0 

290 

— 

Caros™ 

2 2 0 .500 

59 

72 

23. Brigham Yoono 

l-l 

215 

— 

St Louis 

2 2 0 .500 

71 

77 

24. UCLA 

1-2 

181 

24 

New Orleans 

1 3 0 350 

72 

108 

25. Arizona St 

2-1 

177 

14 

Attarrtc 

0 4 0 JKJO 

61 

107 

Others reoetatag votes: 

Air Force 129. N. 

SUNDAY'S nSULTS 



CamOna SL 71 Southern AUss. 66. Piltaburgh 

BaWmonf 36. Tennessee 10 



26. Wyoming 1& CaSfranio 11, Cotorado St. 

Haw England 31, Outnga 3 



1 1, Oregon 1 1, Kansas 1 ft Te*as 9, Oklahoma 

New Orleans 3& Detroit 17 



St. 0, Arkansas 7, Kentucky A South Carolina 

Kansas Ctty 35. CaraOna le 



& Miami & Southern Cal 5L Toledo A Boston 

Green Bay 38, Mlnnesato 32 



Colege 1, Georgia Tech. 





TENNIS 


Davis Cup 


CYCLING 


Tour of Spain 


world anoup 

8EM1FMALS 

UfOTED STATES VS. AUSTRALIA 
SINGLES 

Michael Chang. U.S, dot. Mark PhtBp- 
poirosu. AustraAa. 7-6 (7-5). 7-6 (7-2). 
U^.^Aii5trorial 
U.S. to meet Sweden in the Final. 
QUAUFYMO ROUND 
CANADA VS. SLOVAKIA 
SINGLES 

Karel Kucera Slovakia def. Sebastian 
Loreau. Co™ da 4-4, 6-2. 6 -a 6-1 Domirtk 
Hrbaty, Slovakia def. Daniel Nestor. Canada. 
64. 6-1 £3-7). 6-3. 

Stoiokki 4. Canada 1 
EURO-AFRICAN ZONE 
PLAYOFFS 
GROUP 2, SO ROUND 
FTMJUBVS. POLAND 
StMOLES 

Tournas Ketria, Finland def. BarMomtoj 
Oovnwrsfcy. Poland J-6 (7-4). 6-1. 7-6 (7-4),- 
VBe (Jukka Finland def. Mlchal Chroeta. 
Poland 3-d 3-d 6-4, 6-3, 6-4. 

Finland X Poland 2 

tovota psmats cor 

IN TOKYO 
WOKEN 
FMAL 

Monks Seles (IX UA, def. Arantxa 
Sanchez Vksrfo (21.5pala 6-1, 3-d 7-6 (7-5) 
5EWHMALS 

Monica Seles (1). del. Kaoko Sawamatsu. 
Japan 6-x 6-1; Arantu Sanctis Vlearta def. 
Yayuk Basu W (5), Indon, 1-d 7-6 (7-2). 6-4 
DOUBLES 
FINAL 

Monica Sete*. UX. and Ai Sugtyama. 
Japan def. JuGe Hntont-Decugfe, France, 
and Chanda Rabin United Stales. 6-1, 6-0 


Leafing placing* in the l7D-fcm, 16th stage 
at the Tour ot Spain trom Cangas de Onto on 
Monday: 

1. JanSvaiada Czech Republic, Mope! three 
houm 54 minutes end seven seconds 

2. Marcel Wust Germany. Lotus 

3. Alesstodl Based Italy. Saeco 

d Lais Michaeben Denmark. TVM 
5. Aart Vterhouten Netherlands, Rabobank 
d Stofano Colag e. Italy, Refin 

7, Swn Teuton berg, Germany. U-S. Postal 

8, Ctowflo Camln Italy, Bresclalat 

9, Gianloco Gorfni, Italy. AKI 

1 a Angel B da Spain Kdme, all s.t. 
overall: l.AteiZuUe, Switzerland ONCE. 
68 hours. 52 minutes and two seconds Z 
Fernando Escnrhn Spots Kefme 2M be- 
hind Z Laurent Dufoux, Switzerland Lotus 
339; 4. Enrico Zdina Italy. Asks. 5.07; 5, 
Roberta Herns. Spain Kelme. fci 7: d Marcos 
Senana. Spain Kelme. 7:10; 7. Daniel 
Govern, Spain Esrepona, 7JSt B. Laurent 
Jakrtert France, ONCE- 9-Jd 9. Gtormi 
Faresln, Italy. Mopei, 11:1ft 1ft Yuan 
Ledanold France. GAN. 1 1 XL 


nam first dhv»iom 

BastkrClMetzO 

STMRNMCS: MeB 2ft Ports St Getmata 1ft 
Baste IS- Marseille 14, Gulngamp 14, Bor 
tfoomr 14; Monaco 1% Lens IZ Lyon 12 
Toulouse lZAuxerre 9: Mantes &Montpeifler 
7, Strasbourg 7s Le Havre d Rennes d 
Chotoouroux 5; Cannes 4. 


CRICKET 


xuuuH«i.inw 2 Uun 

FIR S T TEST 

MONDAY. IN HAMAH*. MAIM 
Zimbabwe: 398 and 311-9 
New Zealand 207 and 3064 
Match declared a draw 

OIDIA VS- MUCICDUI 
SAMARA CUP 
SUNDAY. M TORONTO 
India: 250-5 (50 overs) 

Pakistan: 251 -S <41 .5 avers) 

India won the series 4-1. 


TRANSITIONS 


IASIMU 

AMERICAN LEAGUE 

new York —A ctivated RHP David Cane 
from 1 5-doy disabled GsL 

FOOTBALL 

NATIONAL FOaTB ALL LEAGUE 

BUFFALO -Waived WR Steve Tasker. Ac- 
tivated WR Mitchell Gaflowoy from practice 
sound. 

N.Y. JETS— Terminated uml i wJ of OL Sfer- 
pefl Makunalo. Signed OL J JL Conrad from 
pro alee squad. 


Monica seton and Ai Sughrromv def. Naako 
Krjtmvla and Nana Mtyagt (3), Japan 7-6 D- 
l). 6*2 Julie Haloid-Decugid and Chanda 
Rubin rtot park Sung- hen South Korea and 
Wang ShHing. Taiwan. 2-d 6-1 6-3. 


Tampa Bay Z D C. 1 
Las AngetosZ San Jose 2 
standing*.- Eastern Conference x-D-C. 
S2 y-Tampa Bay 45,- Columbus 3d New Eng- 
land 34.- NY-PU 32 Western Conference *y- 
Konsos City 46.- y-Dallas 4Z- y-Los Angeles 
41; y -Colorado 35; San Jose 30 (s-cTmched 
conference ttfle y-d Inched playoff spot). 


NATIONAL HOCKEY LEAGUE 
DALLAS -Assigned C Lee Jinman RW Jeff 
Mitchell and LW Jamie Wright to Michigan, 
IHL Returned C Greg Leeb in Spokane. 
WHU 

prmBUBtwt -Returned D Andrew Fer 
enefc D Josef Mefichar and D Horton Pratt to 
then (urrfordubs. Annou need G Parris Duffus 
has toft hufning comp. Assigned D Stefan 
Bergkvtst and D Aiesef Krivchenkovto Cleve- 
land Lumberjacks, IHL Assigned C Brian 
Bonin ondC Serge Aubin; RW JanHRflnapnd 
G Jean Sebastian Aubin to SyrecuiA AHL 
PITTSBURCH —Assigned D Staton 
Bergkvisl and D Airaei KriKhmkmta Ctow 
(and Lumbef1oc4k& IHL Assigned C Brian 
Bonlrv C Serge Aubin. RW Jon HnflnaandG 
Jeon Sebastian Aubin to Syracuse, AHL 


DENNIS THE MENACE 

V 



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PAGES 


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409 














-f tfe.-ri 


PAGE 24 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, SEPTEMBER 23, 1997 


art buchwald 


The Ben Hur Pitch 


W 7 ASHlNGTON — My 
W friend Moses (a.k.a. 
Chariton Heston) came to 
Washington to make his usual 
pitch for gun ownership and 
his usual attacks on those who 
would demand the banning of 
them. 

In his presentation at the 
National Press Club, Heston 
(a-k-a. Ben Hur) 
said the Consti- 
tution's Second 
Amendment — 
the right of the 
people to keep 
and bear arms 
— is more es- 
sential than the 

First Amend- Buchwald 
meat, which 
guarantees freedom of religion 
and the press, among other 
freedoms. 

He said, as he parted the 
Red Sea, “The Second 
Amendment is America’s 
first freedom — the one that 
protects all the others." 

Heston also said guns 
alone are what offer the ab- 



solute capacity to live without 
(mi- *T want to save die 
Second Amendment from 
those nitpicking little wars- 
of-attrition fights over al- 
leged Saturday Night Spe- 
cials, plastic guns, cop-killer 
bullets and other for-prime- 
Hm e nonissues invented by 
some press agent over at gun- 
control headquarters." 


□ 


A Victory Binge 
For Admiral Nelson? 


The Associated Press 

AYLSHAM, England — 
Six weeks before he was killed 
at die Battle of Trafalgar in 
1 80S. Admiral Horatio Nelson 
spent half his annual salary on 
375 gallons of port A receipt, 
to be auctioned Friday, shows 
the British naval hero spent 
£304 and 2 s hilling s — or 
about $13,600 at today's 
prices, on the fortified wine. 

“It appears be must have 
been planning a monumental 
party to mark his victory," 
said Andrew Bullock, spokes- 
man for the auctioneer G.A. 
Kev, in Aylsham. Nelson was 
wounded and died aboard his 
flagship, HMS Victory , just as 
the battle ended. 


I ma y not agree with what 
Heston has to say. but I will 
defend with my deadly auto- 
matic rifle his right to say it. 
Men of goodwill can argue 
whether it is the gun in He- 
ston's closet that makes it 
possible for him to give a 
speech, or the First Amend- 
ment that guarantees him the 
right to do iL 

The people who don’t be- 
lieve the Second Amendment 
is necessary in a modem so- 
ciety live in fear that if every- 
one has a gun they might start 
using them before nuking a 
speech, if for no other reason 
than to attract attention. 

Not so, says the National 
Rifle Association. 

Everyone knows the media 
are corrupt, and if all of us 
were armed, reporters would 
t hink twice about what they 
write in the papers. 

□ 


Where Heston got into 
deep trouble was when he 
said the right to bear arms is 
more important than the guar- 
antee of freedom of religion. 
This upset people who be- 
lieve it was Charlton Heston 
who brought his people out of 
Egypt by guaranteeing their 
right to assemble in the 
desert. 

When I asked a clergyman 
what he thought of the Heston 
argument, he said, “Thank 
God he didn't start shooting 
from the hip before he gave us 
the Ten Commandments." 


John Pizzarelli, Out of His Father’s Shadow 


By Jacques Steinberg 

New York Taws Service 


N EW YORK — On an August evening 
five years ago, John Pizzarelli looked 
np from his seven-string guitar and thought 
he had stumbled into a time warp: watching 
intently as he picked out chestnuts like 
“Isn’t It Romantic?” and “Penthouse 
Suite,” were Richard Nixon and his wife, 

Pat, their daughters. Tricia and Julie, and 
Bebe Rebozo, once the nation’s First Friend. 

It was an intimate gathering at the Nixon 
home in Park Ridge, New Jersey, celeb- 
rating Pat Nixon's 80th birthday. And it’s 
unlikely Pizzarelli, then 32, would have 
been the featured entertainment had he not 
been accompanying his father, Bucky, one 
of the preeminent jazz guitarists, who has 
backed everyone from Frank Sinatra to 
Benny Goodman to Dion (on “Runaround 
Sue"L 

But these days, the younger Pizzarelli, 37, 
is drawing attention on his own — crooning, 
scatting. playing the guitar with die ferocity 
of a banjo and fronting his own trio, all in a 
bid to keep alive swing-jazz and big-band 
standards written long before he was bom. 

In what has been a breakout year for him, he 
recently completed a three-month ran on 
Broadway in the Johnny Mercer revue 
“Dream." His seventh album for RCA, 

“Our Love Is Here to Stay," has sold more 
copies during the past seven moaths than his 
previous biggest seller, “Dear Mr. Cole” (1995), sold in 
nearly three years. His trio — he’s joined by his brother, 
Martin, on bass, and Ray Kennedy on piano — has been 
popping up on television, performing on “The Tonight 
Show” and “Live With Regis and Kathie Lee." Next month 
it will appear on the nighttime soap “Melrose Place." Not 
bad for a jazz scion who first performed publicly in a 
forgettable high school garage band with a memorably 
dreadful name: Johnny Pick and His Scabs. 

For all the critical strokes he has received this year — 
primarily for his nimble handling of the guitar and his kinetic 
stage presence — Pizzarelli was perhaps most gratified by 
the invitation to perform on “Melrose Place," in a jazz club 
that is woven into the story line and features a different artist 
each week. 

“Melrose Place" offered him a rare chance to play for 
people of his own generation, who are unlikely to have heard 
“Jeepers Creepers" and “Straighten Up and Fly Right," 
which are among his staples. “Ihave, like, 4 fans in their 20s, 
and 1 0 in their 30s,” he said recently, exaggerating, although 
probably not by much. “But when you get up to people in 
their 60s, I'm huge." 

Frank South, the executive producer of “Melrose Place," 
said P izzare lli was an ideal person to introduce swing to a 



The relationship between John and his. 

7 1-year-old father, who is still playing* 
dozens of club dates a year, has been comC 
plex — one to which other sons of prom-A 
merit musical fathers like Jakob Dylan, Ju-^1 
lian Lennon and Joshua Redman could not 
doubt relate. * 

On its face, Pizzarelli’s upbringing wa£ 


entirely suburban: he grew up, along witty* 
lis brother, in a Vic 


Qri fWw-r* ‘rm liar Ynrk Tunes 

John P izzar elli and his brother Martin (rear) at a country club performance. 


two older sisters and his 
torian. house in Saddle River, New Jersey.: 
His mother, Ruth, reared the children wfijk* 
Bucky Pizzarelli played long hours in die 
studio and on the road. But when his- father 7 J 
was home, the house was often transformed 
into a living jukebox: Benny Goodman- 
dropped by occasionally, once just to rake a7 
nap; the saxophonist Zoot Sims loved the.' 
family swimming pool and the bassist Slam 
Stewart sometimes bunked with die family.^ 

The young John soaked up those in- 
fluences. At 6, he started on the banjo in a 
household where everyone played an in- 1 
strumeut — “sort of like the Von Trapp 
family, only on martinis," said Jessica' 
Molasky, John Pizzarelli’s co-star ur 
“Dream,” and now his girlfriend. (He has a 
5-year-old son from a marriage that ended 
in divorce.) 

As he grew into his teens, John Pizzarelli 
began to distance himself from his father's ' 
music, picking up the guitar but gravitating . 
toward the rock of Jackson Browiae, and 


viewership of mostly young women. “He’s a very smooth, 
sophisticated presence," South said. “He’s also a great- 
looking guy, which doesn't hurt," 

PizzareLLL, a lanky, boyish- looking man with wavy black 
hair , began his professional career at 20. But until recently 
his desire to reach a wider audience had met with frustration, 
and not just because the demand for such songs, Tony 
Bennett notwithstanding, has been dwindling. 

As he headed out as a solo artist in the late 1 980s, having 
toured in a guitar duo with his father for the previous 10 
years, P izzare lli was practically trampled by Harry Connick 
Jr., who burst onto the pop charts at the same time playing 
similar music. The comparisons between the two have been 
hard for Pizzarelli to shake, even as Connick abandoned 
swing to explore more eclectic sounds like funk rock. 
Reviewing Pizzarelli’s album “Let’s Share Christmas" in 
The New York Times last December, for example, Peter 
Wacous dismissed him as “a poor man’s Harry Connick.** 
Such statements, as well as those deriding his whispeiy 
tenor as a liability, irritate Pizzar elli, but not as much as those 
measuring him against his father. "‘1 think anyone wants their 
worktobejudgedonitsown,” he said. * ‘ 1 think Bucky ’s goal 
was always to be a rhythm guitar player with Count Basie and 
Benny Goodman. 1 wanted to be a leader." 


later forsaking die guitar for the trumpet.- 

ipa, Piz- 


But after three semesters at the University of Tampa, 
Tamili returned home in 1 980, interested in a career in music 


though unsure which style to puisne. 

His epiphany, he says, came when his father sat him down ' 
for a musical history lesson and played a stack of records by 


the Nat (King) Cole Trio. As they listened to * ‘PaperMoon" 


and “Body and Soul," something clicked, 
voice of Nat (King) Cole and the sound of that trio," the 
younger Pizzarelli recalls, “and I just said: ‘That’s iL That I 
can do.' ” 

While John P izzar elli longed for an identity of his own;: 
b reaking away was hard: His first solo album was backed by 
his father's trio. Its title: “I’m Hip (Please Don’t Tell My 
Father).” _ : 

John Pizzarelii's first break as a solo artist came a year 
later, in 1984, when the disk jockey Jonathan Schwartz 
invited him onto a live-music program on WNEW-AM in 
New York. Pizzarelli flashed a winning sense of hnmer, ! 
alternating imitations of the Yankees announcer John Got-'. 
don (singing Sinatra) with Gershwin tunes. He became a > 
regular guest “He is a musical contemporary,” said 
Schwartz- “His vocabulary in the field — the songs, the 
melodies, the reference points that he draws from — -■ is 
fellow.” . 


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ARTISTS’ COLONY 


PEOPLE 


Bucks County: Where the Broadway Set Put Down Roots 


By Rick Lyman 

/VVu York Times Service 


D OYLESTOWN, Pennsylvania — The stoty 
goes like this: In 1 940. Oscar Hammerstein 
2d hadn't had a hit in more than nine years. It 
looked grim. He and his wife, Dorothy, were 
taking a drive in the country when, in the middle 
of Bucks County, Pennsylvania, they spotted a 
rainbow. 

It was an omen, they decided, so they fol- 


lowed it along the winding roads and came upon 

)lace 


a farm that was for sale. They bought the p 
and moved in, and the next year Hammerstein 
and Jerome Kern won an Academy Award for 
their song “The Last Time I Saw Paris” in the 
film “Lady Be Good." 

Shortly after that, he began a partnership with 
the composer Richard Rodgers. On that very 
farm, he wrote the books and lyrics for all of the 
classic Rodgers and Hammerstein musicals, the 
greatest body of work in American musical 
theater, from “Oklahoma!" to “The Sound of 
Music.” “Oh, What a Beautiful Momin’!” 
came to him while he was sitting on the front 
porch looking across the rolling lulls. 

Not a bad story, even if that Technicolor 
rainbow does seem a little too, well, Rodgers and 
Hammerstein. Both Oscar and Dorothy always 
maintained it was true. 

Here's another one: Moss Hart, who was a co- 
author of popular stage comedies like “You 
Can’t Take It With You” and “Once in a 
Lifetime,” bought a Bucks County farm in the 
mid- 1930s not far from the one owned by his 
longtime partner, George S. Kaufman. Once, when 
Cherchez la Farm, as Kaufman called his spread, 
was bulging with guests. Hart was asked to en- 
tertain die visitin g drama critic and radio host 
Alexander WooUcott. 

It was a dreadful night First WooUcott chased 
away a fellow guest, the producer Max Gordon. 
Then, he demanded Hart’s own bedroom. The next 
morning, before leaving, Woollcott left a note 
thanking his host for “one of die most unpleasant 
times I nave ever spent” 

A bedraggled Hart told Kaufman that the only 
thing that would have been worse was if WooUcott 
had broken his leg and been forced to spend two 
weeks there. And almost immediately they began to 
write “The Man Who Came to Dinner,” which, in 
1939, became one of their biggest bits, and among 
die greatest of Broadway comedies. 

For the better part of three decades, from the 
'30s until Hammerstein 's death in 1960. 



Kaufman-Hart exhibit 
County: A Celebration 


Bill CrmafTbc New Yortt Tknc* 

in “Creative Bucks 
of Arts and Artists.” 


early 


Bucks County was the center of one of the country’s 
most diverse and influential artistic communities. 

Now, the county's golden age has been enshrined 
at the James A. Michener Art Museum in 
Doyles town in a permanent exhibit called “Creative 
Bucks County: A Celebration of Art and Artists." 
The exhibit, now completing its first year, has drawn 
a growing number or visitors, said Bruce Katsiff, 
director of the museum. Built around a grand, il- 
luminated dome surrounded by quotes about the 
importance of artists to a community, the exhibit 
commemorates the life and careers of a dozen writers 
and artists who lived and worked in the county. 

“What made a lot of people excited about this 
project was that it was honoring artists," said Kat- 
siff. “You know, in today's society, artists don’t 
always have the best reputation or status. So here was 
a chance for a community to celebrate its artists.” 

Still, some worried that the project smelled a 
little too much of hometown boosterism. “But the 
more we looked into iL" Katsiff said, “the clearer 


it became that something really important and 
interesting had happened in Bucks County." 

Even people who know something about 
Bucks County’s cultural past are often surprised 
at the number and variety of artists who made 
their home there. 

Pearl S. Buck, the first American woman to 
win the Nobel Prize for Literature, lived much of 
her life in the county, and the philanthropic 
foundation that bears her name is still housed in 
the author's former farm. 

Jean Toomer, one of the leading Figures of the 
Harlem Renaissance of the 1920s, moved to the 
county in 1936. Michener was bom there. 

Stephen Sondheim, one of the most accom- 
plished composers and lyricists of the last three 
decades, moved there as a boy with his divorced 
mother and found a surrogate family and a career 
with the Hammersteins, who lived nearby. 

“The more I worked on the project, the more 
surprised I became about the number of im- 
portant artists involved," said David Leopold, 
one of the curators. “Everything I knew about it 
had been anecdotal, so it was great to go up and 
really find the meat on the bones. You could see 
the connections. Ail of a sudden, the picture 
becomes a lot clearer. It isn't as random as it 
seems. SJ. Perelman was out here, and that's 
whal brought Dorothy Parker. Kaufman was out 
here, and that's whal brought Hart." 

In 1932, a struggling, increasingly cynical 
writer named Nathanael West, author of acerbic 
novels like “Miss Lonelybearts" and “The 

Day of the Locust,’’ was walking down a Bucks 
County lane when he stumbled upon a sign of- 
fering the adjacent farm for sale. The sign included 
a lengthy note by the owner, Michael Gold, who 
was somewhat well known at the time for a rabble- 
rousing novel called “Jews Without Money,” 
about his coming of age on the Lower East Side of 
Manhattan. 

Gold’s note promised that the farm was in the 
middle of a rich intellectual community of New 
York writers and artists. That appealed to West, so 
he bought the place. Only later did be realize thru the 
alleged writers’ colony was largely fictitious. But 
the idea was so infectious that West used it to lure his 
friend, the humorist Perelman, to buy a farm in the 
area. Kaufman, Hart and Parker soon followed. 

There was already a longtime, thriving arts com- 
munity in the river town of New Hope, Pennsylvania, 

a J 1 • * FILM 


T HE actor Harvey Keitel 
will play an American GI 
in the first U.S. film to be shot 
in Vietnam since the war, one 
of the producers said Monday. 
Keitel will be in Ho Chi Minh 
City when shooting on “Three 
Seasons” begins next month, 
said Joanna Vincente, a pro- 
ducer with New York-based 
Open City Films. The inde- 
pendent film is written and 
directed by Tony Bin. a Vi- 
etnamese who left the country 
in 1975 and w ho lives in Cali- 
fornia. Keitel is also executive 
producer on the movie, which 
has a S2 million budget — 
extremely small by today’s 
standards. It will be shot in 
Vietnamese with English sub- 
titles and. except for KeiteL it 
has an all-Vietnamese casL 


□ 


A life-size startle of Mother 
Teresa, presented to her be- 
fore her death this month, has 
been installed in the Mission- 
aries of Charity headquarters 
in Calcutta. A nun at the or- 
der’s headquarters said Moth- 
er Teresa, when shown the 
statue, had said that it must 
have cost a lot to make and that 
it was not right “to fuss over me." But Sister 
Nirmala who replaced her as the head of the 
Missionaries of Charity, decided that it should 
be installed in the chapel. 






>■■■ >• 





1G THE CROWD — Dagmar Havel, the wife ® J l , 

eh president. Vaclav Havel, to her left, pets a nM{] (JF| \ ( * 

ing a visit to the ancient city of Petra, Jordan* ■ 1 1 ▼ • , J 1 






□ 


Mick Jagger says his first experience with 
marijuana did not come courtesy of Paul 
McCartney, contrary to what the former 
Beatle is claiming. McCartney reignited the 
legendary “Beatles vs. Stones feud" when he 
told his official biographer that he was 
“fumed on to pot" by Bob Dylan in 1964 and 
then introduced Jagger to it iwo years later in 
London. But Jagger said he had first smoked 
marijuana “somewhere in California" during 
the Stones’ first U.S. tour in 1964. and that 
McCartney was nowhere near. 


“Fatal ^Attraction" and “Nine and a Half 
Weeks’ ’ were major hits, he never thought that 
18 months after completion “Lolita" would 
still be waiting for U.S. distribution. The 
movie made its screen debut at the San Se-j 
bastian, Spain, film festival, before going on 
general release in Europe. “Lolita” tells of ih£ 
obsession of a 45-year-old man, played iri 
Lyne’s version by Jeremy Irons, for a 12i 
year-old girl. The first version, in 1962, was 
directed by Stanley Kubrick and starred 
James Mason and Peter Sellers, with Sue 
Lyon as the sexually precocious Lolita. 



I> 



□ 


□ 


dominated by painters with roots in nearby Phil- 
iut West’s arrival is seen as the first foray 


adelphia. But 
into the area by what soon became a flood of writers 
and performers with their roots in New York. 


The film director Adrian Lyne suspected 
that his decision to bring Vladimir Nabokov’s 
novel ‘'Lolita” to the screen once more might 
meet some opposition. But after his steamy 


Miss America pageant officials are facing f 
some questions after reports that the father of 
this year’s winner served on the pageant's 
board of directors. Gordon Shindle, the father 
of Kate Shindle, has been a member of the 
pageant’s board since 1994. Before that, he 
was a volunteer for the pageant for 15 years. He 
took a leave of absence from the board in April, 
after his daughter became Miss Illinois. 





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