Adding to prospects of higher European rates, strategists pointed out that most of the members of the ECB board cho- sen this weekend, including Mr Trichet are interest rate bawks. The Bank of England’s mone- tary policy committee starts its two-day meeting today. Bundesbank dootrts, page 2 Yeltsin boosts role of prime minister By Cariotta Gafl to Moscow President Baris Yeltsin yesterday boosted the powers of Sergei Kiri- yenko, his new prime minister, allowing him to take more deri- sions directly by bypassing the presidential administration.

After a meeting with Mr Kirl- yenko in the Kremlin, Mr Yeltsin said he bad signed a decree sim- plifying the procedure for issuing prime ministerial resolutions. Previously, all government res- olutions had to go through the bureaucracy of the presidential apparatus.

Now it will be simpler, essen- tially giving more power to Mr Kiriyenko. Mr Kiriyenko would have to bear greater responsibil- ity fm- his actions before the pres- ident and the country, he added. Tim move gives Mr Kiriyenko. He added that it was only the latest development in a perpetual jockeying for pre-eminence between the government and presidential administration. Mr Yeltsin announced the decree as part of his plans for a new streamlined government.

There will be fewer ministries axid the govern- ment administration will be halved. At the Amucd General Meeting to be held at 3,00pm. The coupon should be paid onjuly? Shot pnofossi of his violent who nc younjjt Ukraine nierci. Analysts said the prosecu- tion against Mir Kokh, who faces a maximum jail term of 10 years if he is convicted, was an escalation of the fierce battle between Rus- sian political clans which has raged for nearly a year.

Mr Kokh now heads the Moscow-based Montes Auri investment company. An official at the prosecu- tor’s office said that because of the charges Mr Kokh had been barred from leaving the country, but a Moscow radio station reported that the ex- minister had already left Russia.

Last autumn, shortly after Mr Kokh’s resignation from the government, the former minister was embroiled in a controversial publishing deal. He and a group of other officials, including Mr Chu- bais. The book has not yet been pub- 1 lished. The high Tees and allega- tions that the publishing venture was funded by Oneximbank. In particular. He said Germany was in part to blame for the debacle because of the way Mr Duis- enberg’s candidacy had orig- inally been handled.

Meanwhile, analysts over- whelmingly agree that the board nominations win have no serious rffeci on the mar- kets. Michael Smith adds from Brussels. NibdimcrnpUtz i. Deputy Chairman. Number One Soadturh Bridge. Fat toll 5T76 ilii. Pruner S 4 Nurd Edatr. F-VtiUi Rambus Cedes 1. Etfitor Rkfaud Lambert. S-5S0 The killings come at a time of growing doubts over the future of the guard, responsible for protecting popes for nearly years.

Cedric Tomay. Mr Estermann. He was well known In Italy as one of several guards who attempted to shield the Pope during the attempt on his life in The official Vatican spokesman said yesterday that Tomay had been cen- sured by Mr Estermann, at that time acting head of the Guard, on February The killing represents a severe problem for the Vati- can, which spent more than six months looking for a new head of the Guard.

Recently, would-be recruits have been put off by the level of pay and are less pre- pared than their predeces- sors to accept the tight disci- pline and old rituals of the army and the Vatican. Beards are frowned on and soldiers must return to bar- racks before midnight.

Though in the past the job of bead of tbe guard was cov- eted by leading noblemen, the younger Swiss Catholic aristocracy are more inter- ested in making money- than serving the Pope. Estermann came from a fa nning family and thnngh the Swiss government is believed to have been willing to more than triple the SFY A veto by the Commission, possibly driving the bank into bankruptcy, was begin- ning to look inevitable in the weeks leading to last week- end’s European summit in Brussels.

A dramatic conclusion was averted only at the last min- ute, after the intervention of Jacques Santer. A solution to the Credit Lyonnais conundrum was never going to be easy. The value of the new package now being debated is for at least twice that amount As Karel Van Miert, Euro- would meet regardless. With the current information it had, it would almost cer- tainly rule against the plan The central difference between Paris and Brussels, which seems to have been branches or subsidiaries.

This will undoubtedly be reflected in the final compro- mise, likely to focus on ranges of activities invest- ment banking, commercial banking and geographic should be met with an equiv- alent increase in the pain imposed on the bank: FFrbn in asset sales. Tbe Commission came round to the French view that the bank would not be bridged.

Frustrated by the long delays by the French govern- ment to requests for infor- mation. At the start of April be set an ultimatum: either France came up with a new set of proposals by the end of the month, or the Commission exchange for additional aid. The complexity of tbe case was also exacerbated, in its early days, by the Commis- sion’s inexperience in the hanking field.

But how do you evaluate an offer to sell a portfolio of loans? After the more recent dis- covery that accumulated losses were several times higher than originally thought, Brussels argued that the total value of state aid in the Credit Lyonnais rescue could now reach FFrl90bn.

At the lowest estimates, it approaches FFrlOObn. Another disagreement ironed out was overprivatis- ation. This should pave the way for a French stock market flota- tion.

As a result of restrictive citizen- ship laws. It is. The swift rise of the extreme-right German People’s Union DVU to take 13 per cent of the vote was based on an intensive anti-foreigner campaig n- The result has raised fears that the extreme right could win support in other less affluent regions in Germany.

It may also herald a shift in attitude by the ruling Christian Democratic Union- and its Bavarian sister party the Christian Social Union as they try to claw back ground from the DVU with a tougher line on immigration and citizenship.

Already this year they have voted down a relaxation of the citizenship law proposed by the opposi- tion Social Democratic party.

Without citizenship or the right to vote, Turkish resi- dents have become increas- ingly disaffected. They are tbe biggest ethnic group of tbe more than 7m foreigners and more than half of them have lived in the country for more than 10 years. At a casual glance their impact on popular culture has been limited to the ubiq- uitous doner kebab shops. For the children and grandchildren of the original Gosiorbeiter. They probably speak better Ger- man than they do Turkish.

There is an inclina- tion towards fundamental- ism or extreme movements. These extreme groups can always find some support in young Turkish society but’ whether it is str on ger than before you cannot say. But this has been encour- aged by the other parties, the CDU and CSU, because they have divided people into Inlander and Auslander natives and foreigners. The one thing the main- stream parties agree on is that there will be more pres- sure for the law to change after the general election.

In fact, tbe rise of tbe far right may save to speed a change. Only yester- day did he sound Mr Delors art on the idea. Bys6e officials said yesterday the idea of a Delors group would be put to Mr Kohl at the Franco-German summit wtvctf opens this evening in Avignon.

W But they stressed it was only an idea at this stage, and even with German approval it would go no further unto an other EU members had been consulted.

Mr Dekxs is understood to feel there is scope for a group of wise men, drawn from various member states, to set out alternative scenarios on Europe’s future.

The euro has targsly. David Buchan. Two pri- vate cellular networks operate in Greece but little progress has been made on opening up data transmission and satelto services, while cable television has yet to be introduced. Because of delays in signing procurement contracts, only about 50 per cent of OTE’s network has been digitalised. Although an independent telecoms regulatory authority was set up last year, it is not yet able to Issue Dcenoes to new operators.

The French defence ministry has set a precedent by preferring a private shipyard to the state-run naval dockyards DCN In an open tender. Although foe tender was for small-scale repairs on a naval supply vessel, it nevertheless underscored the ministry’s detenu nation to seek value for money in competitive bids when its budget Is pruned back.

The winning bid from the dvfi group Technitas was to repair foe vessel in four months at a cost of FFr11 -2m Si. Highfighting foe difference in costs and productivity appeared to be a deliberate move by the Socialist-led govern- ment to warn unions who are threatening Industrial action to prevent the run-down of naval dockyards at Cherbourg, Brest. Nantes and Toulon. The message is that survival defends on being able to com- pete better with the private sector.

It was foe second quartar-. The move. According to an opinion poll conducted after Mr Borreirs nomination as candidate and published by B Mundo. The failure of the two sides to agree intensified speculation that the govern- ment would intervene before the end of this week and ask parliament to impose a set- tlement On Monday Paul Nyrup Rasmussen, prime minister, urged tbe two sides to find a solution within 24 hours.

The two sides had called In the state industrial rela- tions mediator after incon- clusive talks on Saturday. Yesterday 30, shop assistants and 15, electri- cians were locked out by their employers.

A total of more than half a million union members, a fifth of the total workforce, have stopped work. The dispute centres on pay and holiday entitlements. Employers said they would concede one extra day off a year, but the unions want at least two extra days off. The collapse of the talks has increased political uneasiness about the poten- tial impact of the conflict on the May 28 referendum on the Amsterdam treaty on closer political co-operation between EU countries.

Newspapers which are still publishing are speculating that a parliament-imposed settlement might cause bad temper and discontent, lead- ing to an increase In the No vote. An opinion poll last week showed the margin of sup- port for the treaty narrowing to less than 8 per cent. The latest poll showed Saab was forced to stop car pro- duction two days ago. Greg Mclvor writes from Stock- holm. Volvo warned that its assembly of trucks, which rely on Danish-made components, would be baited from next week if tbe dis- pute continued.

This could result in the loss of tracks per day. A senior official said the airline’s management would he left to “Implement a cost- cutting programme and find new sources of financing without any Interference from the government” Greece’s cabinet is divided over whether Olympic should shut down but Yan- uos Papantoniou. First-quarter losses are projected at more than Dr5bn Sl6m.

More than out of 7, employees have resigned since the restruct- uring was announced, fear- ing they might be sacked without compensation if the airline is declared bankrupt 1 The European Commission has complained in. Olympic’s chief 1 executive and board of direc- tors are appointed by the transport minister.

The board agreed to extra overtime payments for pilots to aval cuts in the flight schedule during the tourist season. It also aban- doned plans to cut loss-mak- ing international routes in response to a strike threat by cabin crews. He claimed the airline would have to shut down immedi- ately if the pilots and cabin crews staged another strike. Frits BoJ- kestein and Jaap de Hoop Scheffer, his two main rivals, respectively wielded a tennis racquet and jogged on a trea dmill.

At an event con- vened last month by the country’s heart foundation, each wanted to show he was fit for government. Fitness in the eyes of the voters will be decided in a general election today. This follows a campaign which has by no means quickened the national pulse. I As a series of inconclusive televised debates wound up and photo opportunities dwindled, the lunchtime news on the state-owned net- work yesterday devoted not a moment to domestic or European politics.

But the choice the Dutch will make, as the first Euro- peans to vote since the sin- gle currency became a cer- tainty, will help determine the economic course of a core participant in monetary union. And electoral senti- ment is shifting leftward. Including a dou- bled. The reformist democrats are expected to lose about half their 24 MPs. Els Borst, health minister and D66 leader, has said that without a minimum 15 seats it could not expect to con- tinue in office.

That would not only end the tens as for- eign minister of Hans van Mierlo, her party predeces- sor, but also remove an aft- needed buffer between the PvdA and Mr Bo Ike stein’s free-market liberal WD. The eurosceptic Mr Bol- kestein, who declined a cabi- net place when his party entered government under Mr Kok, declared his candi- dacy for the premiership late last month.

Failing that, be aspires to the foreign or eco- nomic affairs ministries. Though the two parties may together gain a major- ity in the seat lower house, few believe a left- right grouping would be sta- ble without the presence of a third force. Green Left is on course for at least 10 seats, and has ‘ declared itself ready to gov- ern.

Following municipal elections in March, it sits on Amsterdam city council in a rainbow coalition with the three national partners. Those two par- ties governed together in and could do so again, though with the PvdA on top this time. Mr Kok, who held the finance ministry in that cab- inet has salvaged a term of sorts at tbe European Cen- tral Bank for Wim Duisen- Ml Paross to promm berg, once a PvdA finance minister. Their combination of labour market intervention and financial discipline cre- ated hundreds of thousands of Jobs and cut the public sector budget deficit to below half the Emu norm.

It was dubbed the Dutch mira- cle or. Today, and In the coalition negotiations which will fol- low. Mr Kok must save his own job. There too, he knows he will need to com- promise.

That is what he does best, say supporters and detractors alike. He has expressed the wish for a more socially conscious bee to his next administration. But his firmest pledge, designed to sway those straying to the VVD. Full deductibility of mort- gage interest payments at the top marginal tax rate “is good, and should stay,” he said, “as long as 1 am prime minister.

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Telephone Shut profits! Michel Camdessus, IMF managing director, warned yesterday. Thai- land and South Korea. But the House of Representatives has indicated strong opposi- tion to the plan, citing grow- ing international criticism of human rights abuses in Indonesia.

Mr Camdessus, speaking in Melbourne en route to Washington from Singapore, acknowledged his concern about delay of the US contri- butiou. The congressional wrangle over the proposal should be put in perspective, he sard. On Mon- day, Jakarta’s removal of fuel subsidies increased the price of fuel more than 70 per cent, triggering warn- ings of further social unrest. Mr Camdessus added. It’s like a doctor giving medicine; for a time, it creates more pain. This was because the Indo- nesian government had seen, through the failure of two earlier programmes, the high cost of postponing such measures.

Thailand and South Korea could start to turn the corner towards the end of this year or early next. But there were risks. The recurring weakness of the Japanese economy is a fact that has to be borne in mind. Nor- mally. But his children are hungry and ha cannot afford to wait. In ihc village of Ajlep in Bahr el Ghazai. At a feeding centre run by Medecins sans Fronlicres. Sheltering under trees from the scorching sun and driving dust storms. Giacom- etti-like stick figures hold hands imploringly to mouths or mb sunken stomachs.

At the local market tiny piles of dried beans and peas are the only edible items on sale. Now there is no escape. For four years, cultivation was impossible because of the devastation wreaked by Kerubino K wan yin Bol. But that still leaves Bahr el Ghazai at the mercy of Khartoum, which has restricted or banned entirely aid flights to the area in an attempt to punish the rebels.

At the weekend Khartoum gave in to international pres- sure and ann ounced that Operation Lifeline Sudan, the umbrella aid operation grouping UN and private agencies, would in future be allowed to use five wlde-bod- ied aircraft and several smaller planes to drop food and seeds over Bahr el Gha- zaL The gesture was welcomed by UN officials, who said it would allow most of the esti- mated , people at risk to be saved, while still leav- ing the huge task of rebuild- ing a destroyed farming economy to a level where it could see through the lean months without outside help.

The Hming of the announce- ment, a day before a new round of peace talks between Khartoum government and the SPLA were about to open in Nairobi, has not gone unnoticed. H aving suffered a series of military defeats and with Us economy in cri- sis. The sudden ffla gnanim – ity on aid flights, SPLA members say, is aimed at winning sympathy abroad and increasing pressure on the rebels to declare a cease- fire. If they feel the new situation with flights doesn’t serve their strategy, they will stop it.

Chairing the opening ses- sion on Monday. Bonaya God ana, Kenyan foreign minister, berated both sides with their failure to modify stances adopted at the end of inconclusive talks last Octo- ber. Neither, he said, had shifted on two key issues; separation of religion and state, and southern self-de- termination. The SPLA, analysts say. So we’re try- ing to fly as much Into Bahr el Ghazai while we still can,” saitj a Nairobi aidrofficiaL A woman and chid await add supplies at the Ajiep air strip in south Sudan.

Thirty leading Egyptian business people and profes- sionals have set up the Cairo Peace Movement CPM aimed at forging direct links and co-ordinating educa- tional and cultural exchan ges with Israeli mod- erates. They hope to diminish Israeli suspicion of Arabs and the Arab states, encour- aging support for the peace process within Israel. The CPM has drawn its guiding principles from an agreement signed by Arabs.

Israelis and others in Copen- hagen in January CPM chairman and a former Egyptian ambassador to Moscow. While I think Israeli public opinion in general does so too, we want a revival of public interest in the peace process itself. Egyptian officials have for more than a year been con- sidering ways of appealing directly to Israeli public opinion, and seeking ways of preventing impressions of the Arab world being filtered solely through increasingly belligerent Israeli govern- ment statements.

Miriam Berv-Porat said the government spent too much money keeping the coalition together. The housing ministry, for example, which is contraBcd by the reSgtous parties, built homes mainly for constituents white the ultra-Orthodox Yeshhrot, or religious schools, inflated the number of students to win more money. Just over a year ago. Ibra- him Kam el, chairman of the Kato industrial group, became the first Egyptian businessman to buy shares in an Israeli company when he bought a stake In Israel’s Koor Industries.

Hopes that such ties would be strengthened have been shattered since the Israeli government of Benjamin Netanyahu built new Jewish settlements on Arab land and refused to abide by agreements to withdraw troops from territory to be administered by the Pales- tinian Authority. Plans by the World Eco- nomic Forum to hold a fifth annual Middle East and North Africa economic sum- mit to strengthen Arab-Is- raeU business ties this year have been cancelled because of the peace process impasse.

John Browne. BP’S chief executive, said the company – which recently opened an office in Tehran – was looking at exploration and production projects and investments in Iran’s petro- chemical sector. But he said I hero was one big c. At issue is a US law that bans imports of shrimp from countries which do not have laws protecting sea turtles. The decision has infuriated US environmen- talists.

If the decision ts upheld, the US would be required either tn amend the law. BP is especially sensitive to the issue of investing in Iran. BP also has extensive interests in the US, where it Is the- single biggest pro- ducer of crude oil and the largest foreign investor. Any investments by BP are also thought to depend on the reformers in Tehran gaining the upper hand in their power struggle with conservative religious ele- ments.

International oil company interest in Iran has increased in recent months as n result of ambitious tries which have complained that the law is hurting their exports. This week the State Department granted approval to 39 countries, allowing them to export shrimp to the US this year.

It did not include Thailand. Pakistan, and India, which brought the WTO case. Brazil and Venezuela were dropped from the list after US officials said they were not enforcing their own laws to protect tunles.

State department officials said the US had not yet plans by Tehran to open its struggli n g oil and gas sector to large-scale foreign invest- ment.

Many companies believe President Bill Clin- ton’s administration is pre- pared to be more flexible over investments in Iran, especially if these reinforce the reformist elements in the government.

But executives say US con- gressional resistance bas proved a complicating factor. In late March Thierry Des- marest, chief executive of Total, the French oil com- pany, said congressional opposition was the only obstacle to the US adminis- tration dropping its threat to impose unilateral sanctions on Total and its partners Petronas of Malaysia and Gazprom of Russia.

The three companies are develop- ing the offshore South Pars gas field in the Gulf. A much delayed US deci- sion on whether to punish Total and its partners is expected later this month. In the meantime, the law remained in effect Charlene Barshefsky.

US trade representative, has criticised the WTO decision, saying there are exceptions in WTO rules to protect h uman , animal or plant life. However, the Clinton admin- istration has its own chal- lenge to the law in US courts where it is arg uing that it sets an overly broad stan- dard for turtle protection. Jay Ziegler, spokesman for the US trade representative, said the US was considering whether to accept retaliation or seek a settlement.

Some trade experts argue that failure to abide by the panel’s decision would set a bad precedent for other los- ers in the WTO process. Investors call on Malaysia to open up By Shaft McNulty hi Kuala Lampur A group of US investors in south-east Asia has com- mended Malaysia for relax- ing some restrictions on for- eigners but has urged the authorities to go further. To attract much-needed foreign investment as the regional financial crisis slows its economy, Malaysia bas raised its limit on for- eign equity in telecom com- panies to 61 per cent from 49 per cent, but only for five years.

It has also given for- eigners a five-year deferment to comply with a new limit of a 51 per cent holding in insurance companies – down from per cent in at least the case of American Inter- national Group. He spoke on behalf or the Wash- ington-based council, whose representatives are tn Malay- sia for discussions with gov- ernment and business heads.

The council has for several years called on Malaysia to open its markets and Mr Bower welcomed the steps taken. But other Asean member countries, such as Thailand and Indonesia, have shown mare readiness to liberalise as they restruc- ture their economies. Malaysia rem ains con- vinced. Abdullah Ahmad Badawl, Malaysian foreign minis ter, said after speaking to the US- Asean Business Council that the steps taken would be enough to attract foreign investors.

US may insist on keeping disputed shrimp law Think-tank fends off attacks on US anti-dumping laws By Nancy Dome In Wasbngtan A prominent US think-tank yesterday defended US anti- dumping laws, saying the worst accusations of unfair- ness had already been addressed by legislation implementing the Uruguay round of trade negotiations.

Mr Mastel admits there has been valid criticism of US anti-dumping procedures. But changes made by Con- gress should be given a year test period, he said. Protectionists in Congress would gain the upper hand, and far worse damage would ensue to the world’s trading system. Anti-dumping laws affected no more than 0. Only about 44 per cent of the cases filed resulted in the imposition of anti-dumping duties.

Officials and businessmen in Namibia. South Africa and Zimbabwe were pleased to see him. This is not something Afri- cans are used to hearing from Eximbank, which has been focused in recent years on Asia and Latin America. Eximbank’s competitors have six to 10 times more exposure in sub-Saharan Africa. His immediate goal is to tell African businessmen and bankers what Esimhank can do. There is also greater chal- lenge,” he said.

One emphasis will be on small business, which com- prises more than 50 per cent of the economic activity in the region. With its natural beauty and exotic animal life, there Is scope for developing tour- ism. Those countries haven’t marketed themselves. Also major expansion will be needed in telecommunica- tions and energy.

He met officials of the South Africa Foundation, a fund which pays far toll roads, airports, harbours and other infra- structure projects. Airlines and airports also offer opportunities. Apart from one direct flight between New York and Johannesburg, most Ameri- can travellers must fly first to Europe to reach southern Africa.

Mr Harmon discussed fleet modernisation with Air Namibia, privatisation with South Africa Airways and medium-range regional air- w craft with Air Zimbabwe. We have to put the people in the market and stay the course. It shows how we ventured into the most promising areas of development through the launch of Swiss Re New Markets, a new division that deals with innovative risk-financing solutions. And it relates how we became Italys new market leader by fully :onsolidating our activities there under the Swiss Re Italia brand.

But most importandy, it concludes with a balance sheet to be proud of, strengthening our claim to be one of the world leaders in the insurance industry, now and in the next millennium: Gross premium income rose by 22 per cent to CHF 17 4 14 million; return on equity touched And profits after taxes hit the CHF 2 million mark.

Shot profess or his violent who nc youugi Ukraitu mercial pulifira “Mar. The Economic Daily, an official government-owned newspaper, said the launch of the euro should facilitate trade relations with the European Union. China’s fourth largest trading part- ner. In the future, the report expected that per cent of global financial assets would be denominated in US dollars and between per cent in euros. The rest will be held in Japanese yen and other currencies.

In turn, thi s would raise the competitive pressure on Chinese banks operating in the global marketplace, as they had no immediate pos- sibility of merging, he said. China did not think the Asian finan cial crisis should slow the pace of opening up, said Wang Qlnhual an offi- cial with the research department of the China For- eign Exchange Trade Sys- tem, which overseas the interbank market I t has been a tough 10 months for Tung Chee- hwa.

Rows have Oared over the freedom of speech and the rule of law. With legislative elections I due this month, and mount- ing redundancies deepening 1 the economic gloom, the squalls are unlikely to abate. But despite the trials. Mr Tung is determined neither be.

T think we have responded very firmly, very clearly. More at ease than in the days ahead of the handover, Mr Tung lists achievements since. The one country, two systems formula which underpinned the Stno-Brf dsh treaties has taken root.

Bei- jing has been supportive, but it has also kept its distance. But the chief execu- tive says the investments are necessary to sharpen competitiveness.

While he wants property prices to sta- bilise, Mr Tung insists the government Is not getting in the way of economic adjust- ment, nor will it scale back plans to raise home owner- ship from about 50 per cent to 70 per cent by At the end of the day we will be leaner and mare competitive.

The feelbad factor and an unemployment rate of 3. Economic affairs and health scares, however, are only part of the picture. The adapta- tion law, he argues, is necessary to replace the con- cept of the Crown from pre- handover laws and to clarify where laws bind the sover- eign and the state. Perceptions of such cases are crucial. Few issues are more sensitive for Hoag Kongers than fears of favouritism.

He expresses confidence in the continued operation of the rule of law, noting that Emily Lau, a pro-democracy politician, is proceeding unfettered with, her suit against Xinhua. While only 20 of the 60 seats will be selected by the electorate as a whole, itself a source of criticism, pro-democracy forces and other government opponents appear set to swell their ranks In the leg- islature.

Mr Tung is unfazed by the prospect But a more restive chamber and the aftershocks of regional recession, sug- gest the going for the chief executive and his team may get tougher stilL New Vietnam bank chief faces reform tasks By Jonathan BinbaM at Hanoi The Vietnamese authorities have nominated Nguyen Tan Dung, the first deputy prime minister, to be governor of the State Bank, the central bank.

The job has been vacant for seven months while the authorities tried to find a candidate prepared to take on the job of reforming the troubled banking sector. Mr Dung, Last September, the assembly surprised the new government by rejecting an attempt to appoint the incumbent, Cao Si Ki«n, to a further five-year term. He had faced growing criticism following banking scandals. The last publicly available official figures produced by the World Bank indicated that in June last year Most are held fay the main four state-owned commercial banks, which are politically obliged to con- tinue lending to loss-making state companies.

Three joint-stock banks are known to have had liquidity problems over the past year the State Bank responded by bailing them out. Last week, Mr Dung repeated the government position that weak banks should be merged or dosed. More than 70 people were arrested, including bankers at the city’s state-owned commercial banks.

Since the scandal emerged, foreign bankers say the State Bank has subjected them to a blizzard of regula- tions, many aimed at reduc- ing their competitive edge over local banks. Indonesia police fire live bullets at students By Sander Tboenes in Jakarta Indonesian riot police fired live bullets yesterday in a vain attempt to quell looting and anti-government student demonstrations in the city of Medan, according to civil rights activists. One activist in Medan, a city on the island of Suma- tra.

Earlier this week General Wiranto. It was the toughest army warn- ing yet to the students. The violent protests Riot police prevent students leaving a campus in Bandung. West Java, yesterday Reuters against President Suharto have been inspired in pan by his decision this week to raise prices for fuel, public transport and electricity.

The demonstrations inten- sified in Medan as bystand- ers joined in and started looting and torching shops. Many of the shops are owned by ethnic Chinese, a minor- ity widely resented for their relative prosperity.

About 58 civilians and 20 police were wounded during riots on Monday. The price increases ful- filled an important pledge to the International Monetary Fund and paved the way for the release of a? The IMF is due to review progress twice in the coming two months before releasing two similar tranches. The World Bank. Asian Develop- ment Bank and bilateral donors are expected to fol- low with their own aid offers.

However, the riots in Medan raise the prospect that growing domestic unrest may frustrate govern- ment efforts to reform the economy and stabilise the rupiah.

Student leaders, business executives and diplomats said the army might use the Medan riots and their nega- tive impact on the value of the rupiah as grounds for cracking down on all student protests, even though most have been peaceful. But the military’s response to protests has been incon- sistent highlighting what diplomats say is a split in the armed forces. Police fired rubber bullets at peaceful students in the capital on Saturday, but yesterday troops escorted students from four campuses on a march In southern Jakarta.

The Medan riots also indi- cate that an army crack- down could backfire Some witnesses said reports of police harassing female stu- dents had enraged bystand- ers as much as fuel prices. Mr Hatta. These informal contacts are enough to co-ordinate protests, but student leaders concede their organisation may yet prove too weak to withstand an all-out crack- down.

King James l obviously had a good head for business. It was by his ordi- nance that the Virginia Companie set up shop on the shores of Virginias Janies River in I60Z Nearly years later, British companies are stiff finding commercial success here. They’re attracted by die quality and depth of our workforce, in a state where labour and management enjoy a harmonious working relationship.

Perhaps ft! Contact Andrew F. CEDI Director. Box YesVir 3 jnia. Client accounts at Fortuxe will effectively be frozen, although clients with the requisite proof of ownership can sen their shares through other brokerages. The move added to the jittery sentiment surrounding smaller brokers since the collapse of GA Pacific in January.

These brokers, already under attack from international houses and expanding tech- nology. Police, working in conjunction with the stock exchange and foe Securities and Futures Commission, are investigating For- Juxa However, it appears its troubles stemmed from margin trading, whereby clients put up only a portion of the value to buy stocks, a practice prevalent among Hong Kong retafl Investors. The trip comes as Mr Kim seeks weatar international support for his famine-threatened regime.

Mr Kim last visited Beijing in June Remote controls. Security systems. Digital technology is evolving well beyond the personal computer, showing up in more and more things and more and more places.

And we should know. And better ways to help them reach theirs. Motorola has the right DNA for the digital evolution Making them faster, smarter, easier and just plain better. Viva the evolution! Jim Peterson. Canada’s secretary of state for finan- cial institutions, said yester- day the legislation would be held back until alter the report of a national taskforce on finanrial institutions was issued.

The decision on branches, ho said, was part of the merger question and needed to be looked at as part oT a package. Mr Peterson had said in an interview last month that the measures would come no later than the end of June. Under current law, foreign banks must establish fully capitalised subsidiaries in order to set up branches in Canada. This requirement has discouraged some banks from entering the market, particularly for large-scale corporate lending that requires access to the parent bank’s capital base.

Canada Is obliged to allow direct foreign hranching no later than June next year to meet its obligations under the WTO agreement Mr Peterson said Canada would honour its interna- tional commitments despite the delay, and suggest e d the government would consider allowing foreign branches to engage to retail as well as wholesale banking.

The national taskf orce is expected to make recommen- dations on the bank mergers and on whether Canada should lift its year-old pol- icy of protecting Its banks from foreign buyers by insisting bank shares be widely held. Four of Cana- da’s five largest banks have announ ced plans to merge, but these must still be approved by the finance minister, Paul Martin. Mr Martin said In an inter- view last month that the benefits of the mergers remained to be proved and insisted there was an absolute necessity to Tnafnfarm a reasonable level of domestic competition.

The delay is likely to anger foreign banks. Bob Vastine. He said the banks had worked and hoped for this for years. So much is hanging on the contest that neither competitor can contemplate losing.

The JSF. Given defence budget strictures following the cold war, the JSF will almost cer- tainly be the last new US military aircraft, with or without a pilot, to be built in numbers for several decades. Alan Mulally, who heads Boeing’s defence division. It has the boUt-in vari- ability the customer wants.

Boe- ing and Lockheed Martin are each producing two demon- strator aircraft to fly for the first time in In , one of them will win the right to progress to the next stage, with the prospect of building 34X10 aircraft far the four initial customers, and potentially many more. The Pentagon, which is trying to get the most out of its reduced budget by streamlining its acquisition process, is using the JSF pro- gramme as a model. Instead of setting cumbersome speci- fications, it has set broad performance parameters and asked the contestants to come up with desig ns which will meet them.

Hus is cheaper than most compara- ble atrryaft and means mak- ing trade-offs between per- formance and cost from an early design stage.

Bidders submit no paper drawings, but discs containing their three- dimensional desig ns down to the last fastener. The Pentagon will judge the competing aircraft not only on performance but on how easily and cheaply they can be malntainail This means keeping the number Of parts to a minhwmn and making them easily accessi- ble to support crews.

As in most defence pro- curements, politics will come into play: many jobs ride on the JSF decision as weD as on existing programmes more advanced than the JSF but still in early production stages.

Lockheed is leading, with Boeing as a partner, the cost- lier F air superiority stealth fighter now approaching full production, and It is still making the F Both compa- nies are involved in pro- grammes to develop unmanned aerial vehicles. The competitors have to tread a fino line, as they do not want to disadvantage their other products in push- ing the JSF programme, which they may not win and which, like all military pro- curements, ‘ risks being scaled down or delayed. It’s a fabulous product but we’re trying to work with the customer to figure out how it fits in with the rest of the vehicles.

Patrick Murphy, deputy senators the affiances had raised fears that competition on domestic flights would be reduced. Just one day afterAmerican Airlines and US Airways said they were launching an extensive marketing alliance. The Idee has already been taken up by other tong-dstance carriers, such as LQ International and MCI, but the backing of foe country’s largest telecoms company is likafy to give ft more weight The long-distance carriers fear that Industry reg- ulators wiN eventually allow the five Betts Into the long-distance business, which has lower barriers to entry, before their entrenched local markets have been fully prised open.

If the US Federal Reserve seems to be inclining towards raising rates at the next meeting of its open markets commit- tee, due on May 19, officials have Implied that Argentina will raise liquidity requirements beforehand. A rise in liquidity requirements from the current 20 per cent was a key recom- mendation by last month’s International Monetary Find mis- sion, whfc h urged measures to cool the economy. Gross domestic product grew 8.

It urged tax rises and other measures to slow domestic demand. Ken Warn, Buenos Aires.. For on-line reservations, vis vwwsheraton. Fax and Copier. A full range of business essentials. And of course, large, comfortable beds. Sheraton is also proud to ofFer an innovation that makes it easier than ever to stay in the loop when our of the country.

If sterling joined in Christian Moyer, is scheduled to retire then. In ferocious exchanges in the Commons, Mr Blair gave a staunch defence of the decision at the European Union summit in Brussels at businesses at the National Exhibition Centre, to – B irmingha m.

England’s second-biggest city, in the first of a regional series of government seminars. As more of toefr comptfttors dealt in a single currency, pressure would mount for them to do likewise or lese business. Responding to accusations that he had acquiesced in a breach of the Maastricht Treaty – which says the ECB president should serve for eight years – the prime minister said the Dutch cen- tral banker was “the only candidate that was credible”.

Unfortunately, the eco- nomic crisis in South Korea has pushed back its opening by a year, to the end of It was followed last month by the decision of Mitsubishi Electric to close its televi- sion plant at Haddington. On the same day.

But it is not all gloom. Cadence, based in San Jose, California, expects to employ 1. But Scottish Enter- prise believes 6, Jobe could have been created by then as other semiconductor design companies move in.

Project Alba should trans- form a Scottish electronics industry which employs about In the past decade, a stream of other companies from the US. Japan and Taiwan has opened elec- tronics plants in Scotland. Ereidrie JK. Semiconductor designers are in sho rt supply worldwide, particularly in California.

Cadence has gone for a long-term solution, which is very refreshing. What Michael Beahnear. Under Project Alba. Scot- tish Enterprise plans to establish a mechanism by which electronics designers can trade their software. There win be spin- offs in an areas of electron- ics and it win become easier to anchor manufacturing companies already estab- lished here.

The laws cover pubs, clubs, restaurants and liquor stores. Apart from the introduc- tion of ail-day opening in – extended to Sundays three years ago – the licen- sing regime is little changed since tough restrictions were imposed in to help the war effort.

George Howarth, a Home Office minister, told the Brit- ish Institute of Innkeeping that the current laws, the most restrictive in the Brit- ish Isles, no longer reflected modem leisure activities or the needs of the tourism industry. Among the Issues for review were the typegjrf licences, who should issue them, licensing hours, and conditions, and how the law should be enforced.

The announcement was welcomed by the industry, which urged a speedy con- clusion. The minister warned that change would come only after extensive consultation to protect the interests of rqsjdgnts and other inter- ested parties.

Officials said a green government consulta- tion paper was likely at the aid of next year and legisla- tion would be some time later. The pub and tourism industries point out that there has been no trouble following the relaxation of restrictions in Scotland and Northern Ireland. A public consultation on drink-driving legislation will end on Friday, with ministers undecided on whether to cut Britain’s limit to bring it into line with most other European countries. But officials have grown increasingly concerned about the public response to a cut in the limit from 80mg of alcohol per ml of blood to 50mg.

An investigation by the executive counsel to the pro- fession’s Joint Disciplinary Scheme a lawyer advising the scheme has decided that a prima fade case exists against Coopers and a for- mal complaint will be made to the scheme’s tribunal. The tribunal has in the past dismissed charges put forward by its counsel, or decided that no action is required against partners or firms. Initially the firm attempted to stall the scheme’s inquiry until alts’ the completion of civil and criminal proceedings linked to Robert Maxwell – but dropped its legal moves after contributing to a settlement far pensioners.

The tribunal will hear the case this year. It has wide- ranging penalties at tts dis- posal including unlimited fines and the banning of individual auditors. The disciplinary scheme said yesterday that Chris Dickson, the scheme’s coun- sel. Complaints would be made alleging that Coo- pers’ conduct or quality of walk fell below standard. Net resources at the end of last year were gLSbn. But he denied suggestions that Lloyd’s was trying to drive out Names, its traditional capital providers.

TT it is in the interest of British jobs. British invest- ment, British industry we do it,” he said. The prime minis ter dodged questions about how he intended to fulfil the crite- rion for Emu membership that applicant currencies must maintain a stable con- version rate with the euro for two years. The move could lead within weeks to the first exports of UK beef in more than two years. The favourable inspection will be greeted with relief in the UK.

The European Court of Justice yesterday upheld the : European Commission’s right to ban British beef 1 exports over the disease. It confirmed a preliminary opinion of its advocate-general and the UK government had expected the judgment It has been attempting to lift the ban with two schemes, one relating to Northern Ireland beef and the other to cattle through- out Britain boro after Octo- ber The commission said yesterday that other plants would have to be inspected before they could begin Northern Ireland Is able to start exporting beef earlier than the rest of the UK because it has a computer- ised system far tracking ani- mal movements over the past eight years.

The average delay was 16 minutes, compared with 14 minutes in The figures are averages of all flights from the airports and not just of those which were delayed. The authority said last year’s perfor- mance was still better than in the late s despite a 24 per cart increase in the number of flights since then. Last year’s delays had a variety of causes, including weather, industrial action, air traffic control difficulties, defective aircraft, missing passengers and security hold-ups.

Delays to scheduled ser- vices increased to 13 minutes from 11 minutes the year before. International flights were delayed more often than domestic services.

Delays were also more likely on long-haul routes than on short-haul flights. The worst airports for scheduled passengers were all in London.

Delays at Gatwick and Luton airports averaged 16 minutes. At Heathrow, the average delay was 14 minutes. The company, based in Los Angelee, has operated an online booking service in the US for the past 18 months. Barry Diller. I don’t believe this is right’,” she said.

Ms Short added. In a separate hearing. Robin Cook, the foreign secretary, told the committee that the govern- ment’s response to the crisis “had not been good enough”. It expects to sell up to of the high-performance Italian cars annually.

The Inchcape purchase forms part of preparations by Italy’s Flat group to relaunch the Maserati brand globally. At that time produc- tion at the troubled Modena carmaker had dwindled to fewer than 1, a year, with only a few dozen being sold each year in the UK. Ferrari president Luca di Montezemolo Immediately closed the plant in order to re-equip it with the latest manu- facturing equipment and technology. He has admitted three offences of breaching his bankruptcy arrange- ments.

Bra is a digital terrestrial company owned by Gran- ada and Cartton Communications. The corpora- tions to the recovery plan.

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Two pri- vate cellular networks operate in Greece but little progress has been made on opening up data transmission and satelto services, while cable television has yet to be introduced. Because of delays in signing procurement contracts, only about 50 per cent of OTE’s network has been digitalised.

Although an independent telecoms regulatory authority was set up last year, it is not yet able to Issue Dcenoes to new operators.

The French defence ministry has set a precedent by preferring a private shipyard to the state-run naval dockyards DCN In an open tender. Although foe tender was for small-scale repairs on a naval supply vessel, it nevertheless underscored the ministry’s detenu nation to seek value for money in competitive bids when its budget Is pruned back.

The winning bid from the dvfi group Technitas was to repair foe vessel in four months at a cost of FFr11 -2m Si. Highfighting foe difference in costs and productivity appeared to be a deliberate move by the Socialist-led govern- ment to warn unions who are threatening Industrial action to prevent the run-down of naval dockyards at Cherbourg, Brest. Nantes and Toulon. The message is that survival defends on being able to com- pete better with the private sector.

It was foe second quartar-. The move. According to an opinion poll conducted after Mr Borreirs nomination as candidate and published by B Mundo. The failure of the two sides to agree intensified speculation that the govern- ment would intervene before the end of this week and ask parliament to impose a set- tlement On Monday Paul Nyrup Rasmussen, prime minister, urged tbe two sides to find a solution within 24 hours. The two sides had called In the state industrial rela- tions mediator after incon- clusive talks on Saturday.

Yesterday 30, shop assistants and 15, electri- cians were locked out by their employers. A total of more than half a million union members, a fifth of the total workforce, have stopped work. The dispute centres on pay and holiday entitlements. Employers said they would concede one extra day off a year, but the unions want at least two extra days off.

The collapse of the talks has increased political uneasiness about the poten- tial impact of the conflict on the May 28 referendum on the Amsterdam treaty on closer political co-operation between EU countries. Newspapers which are still publishing are speculating that a parliament-imposed settlement might cause bad temper and discontent, lead- ing to an increase In the No vote.

An opinion poll last week showed the margin of sup- port for the treaty narrowing to less than 8 per cent. The latest poll showed Saab was forced to stop car pro- duction two days ago. Greg Mclvor writes from Stock- holm. Volvo warned that its assembly of trucks, which rely on Danish-made components, would be baited from next week if tbe dis- pute continued. This could result in the loss of tracks per day. A senior official said the airline’s management would he left to “Implement a cost- cutting programme and find new sources of financing without any Interference from the government” Greece’s cabinet is divided over whether Olympic should shut down but Yan- uos Papantoniou.

First-quarter losses are projected at more than Dr5bn Sl6m. More than out of 7, employees have resigned since the restruct- uring was announced, fear- ing they might be sacked without compensation if the airline is declared bankrupt 1 The European Commission has complained in.

Olympic’s chief 1 executive and board of direc- tors are appointed by the transport minister. The board agreed to extra overtime payments for pilots to aval cuts in the flight schedule during the tourist season.

It also aban- doned plans to cut loss-mak- ing international routes in response to a strike threat by cabin crews. He claimed the airline would have to shut down immedi- ately if the pilots and cabin crews staged another strike. Frits BoJ- kestein and Jaap de Hoop Scheffer, his two main rivals, respectively wielded a tennis racquet and jogged on a trea dmill. At an event con- vened last month by the country’s heart foundation, each wanted to show he was fit for government. Fitness in the eyes of the voters will be decided in a general election today.

This follows a campaign which has by no means quickened the national pulse. I As a series of inconclusive televised debates wound up and photo opportunities dwindled, the lunchtime news on the state-owned net- work yesterday devoted not a moment to domestic or European politics. But the choice the Dutch will make, as the first Euro- peans to vote since the sin- gle currency became a cer- tainty, will help determine the economic course of a core participant in monetary union.

And electoral senti- ment is shifting leftward. Including a dou- bled. The reformist democrats are expected to lose about half their 24 MPs. Els Borst, health minister and D66 leader, has said that without a minimum 15 seats it could not expect to con- tinue in office.

That would not only end the tens as for- eign minister of Hans van Mierlo, her party predeces- sor, but also remove an aft- needed buffer between the PvdA and Mr Bo Ike stein’s free-market liberal WD.

The eurosceptic Mr Bol- kestein, who declined a cabi- net place when his party entered government under Mr Kok, declared his candi- dacy for the premiership late last month. Failing that, be aspires to the foreign or eco- nomic affairs ministries. Though the two parties may together gain a major- ity in the seat lower house, few believe a left- right grouping would be sta- ble without the presence of a third force.

Green Left is on course for at least 10 seats, and has ‘ declared itself ready to gov- ern. Following municipal elections in March, it sits on Amsterdam city council in a rainbow coalition with the three national partners.

Those two par- ties governed together in and could do so again, though with the PvdA on top this time. Mr Kok, who held the finance ministry in that cab- inet has salvaged a term of sorts at tbe European Cen- tral Bank for Wim Duisen- Ml Paross to promm berg, once a PvdA finance minister.

Their combination of labour market intervention and financial discipline cre- ated hundreds of thousands of Jobs and cut the public sector budget deficit to below half the Emu norm. It was dubbed the Dutch mira- cle or. Today, and In the coalition negotiations which will fol- low. Mr Kok must save his own job. There too, he knows he will need to com- promise. That is what he does best, say supporters and detractors alike. He has expressed the wish for a more socially conscious bee to his next administration.

But his firmest pledge, designed to sway those straying to the VVD. Full deductibility of mort- gage interest payments at the top marginal tax rate “is good, and should stay,” he said, “as long as 1 am prime minister. Oesioned by a reputed CaWomtan Arehtocterat fitm. Janadhtpsthi MavwOW. With the introduction of the euro, fixed-income markets will be faced understand the credit parameter. So the global presence and in-depth with a profound structural change.

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But the House of Representatives has indicated strong opposi- tion to the plan, citing grow- ing international criticism of human rights abuses in Indonesia. Mr Camdessus, speaking in Melbourne en route to Washington from Singapore, acknowledged his concern about delay of the US contri- butiou.

The congressional wrangle over the proposal should be put in perspective, he sard. On Mon- day, Jakarta’s removal of fuel subsidies increased the price of fuel more than 70 per cent, triggering warn- ings of further social unrest. Mr Camdessus added. It’s like a doctor giving medicine; for a time, it creates more pain. This was because the Indo- nesian government had seen, through the failure of two earlier programmes, the high cost of postponing such measures.

Thailand and South Korea could start to turn the corner towards the end of this year or early next. But there were risks. The recurring weakness of the Japanese economy is a fact that has to be borne in mind. Nor- mally. But his children are hungry and ha cannot afford to wait.

In ihc village of Ajlep in Bahr el Ghazai. At a feeding centre run by Medecins sans Fronlicres. Sheltering under trees from the scorching sun and driving dust storms. Giacom- etti-like stick figures hold hands imploringly to mouths or mb sunken stomachs. At the local market tiny piles of dried beans and peas are the only edible items on sale. Now there is no escape.

For four years, cultivation was impossible because of the devastation wreaked by Kerubino K wan yin Bol. But that still leaves Bahr el Ghazai at the mercy of Khartoum, which has restricted or banned entirely aid flights to the area in an attempt to punish the rebels. At the weekend Khartoum gave in to international pres- sure and ann ounced that Operation Lifeline Sudan, the umbrella aid operation grouping UN and private agencies, would in future be allowed to use five wlde-bod- ied aircraft and several smaller planes to drop food and seeds over Bahr el Gha- zaL The gesture was welcomed by UN officials, who said it would allow most of the esti- mated , people at risk to be saved, while still leav- ing the huge task of rebuild- ing a destroyed farming economy to a level where it could see through the lean months without outside help.

The Hming of the announce- ment, a day before a new round of peace talks between Khartoum government and the SPLA were about to open in Nairobi, has not gone unnoticed. H aving suffered a series of military defeats and with Us economy in cri- sis.

The sudden ffla gnanim – ity on aid flights, SPLA members say, is aimed at winning sympathy abroad and increasing pressure on the rebels to declare a cease- fire. If they feel the new situation with flights doesn’t serve their strategy, they will stop it.

Chairing the opening ses- sion on Monday. Bonaya God ana, Kenyan foreign minister, berated both sides with their failure to modify stances adopted at the end of inconclusive talks last Octo- ber.

Neither, he said, had shifted on two key issues; separation of religion and state, and southern self-de- termination. The SPLA, analysts say. So we’re try- ing to fly as much Into Bahr el Ghazai while we still can,” saitj a Nairobi aidrofficiaL A woman and chid await add supplies at the Ajiep air strip in south Sudan. Thirty leading Egyptian business people and profes- sionals have set up the Cairo Peace Movement CPM aimed at forging direct links and co-ordinating educa- tional and cultural exchan ges with Israeli mod- erates.

They hope to diminish Israeli suspicion of Arabs and the Arab states, encour- aging support for the peace process within Israel. The CPM has drawn its guiding principles from an agreement signed by Arabs. Israelis and others in Copen- hagen in January CPM chairman and a former Egyptian ambassador to Moscow. While I think Israeli public opinion in general does so too, we want a revival of public interest in the peace process itself. Egyptian officials have for more than a year been con- sidering ways of appealing directly to Israeli public opinion, and seeking ways of preventing impressions of the Arab world being filtered solely through increasingly belligerent Israeli govern- ment statements.

Miriam Berv-Porat said the government spent too much money keeping the coalition together. The housing ministry, for example, which is contraBcd by the reSgtous parties, built homes mainly for constituents white the ultra-Orthodox Yeshhrot, or religious schools, inflated the number of students to win more money. Just over a year ago. Ibra- him Kam el, chairman of the Kato industrial group, became the first Egyptian businessman to buy shares in an Israeli company when he bought a stake In Israel’s Koor Industries.

Hopes that such ties would be strengthened have been shattered since the Israeli government of Benjamin Netanyahu built new Jewish settlements on Arab land and refused to abide by agreements to withdraw troops from territory to be administered by the Pales- tinian Authority. Plans by the World Eco- nomic Forum to hold a fifth annual Middle East and North Africa economic sum- mit to strengthen Arab-Is- raeU business ties this year have been cancelled because of the peace process impasse.

John Browne. BP’S chief executive, said the company – which recently opened an office in Tehran – was looking at exploration and production projects and investments in Iran’s petro- chemical sector. But he said I hero was one big c. At issue is a US law that bans imports of shrimp from countries which do not have laws protecting sea turtles. The decision has infuriated US environmen- talists.

If the decision ts upheld, the US would be required either tn amend the law. BP is especially sensitive to the issue of investing in Iran. BP also has extensive interests in the US, where it Is the- single biggest pro- ducer of crude oil and the largest foreign investor. Any investments by BP are also thought to depend on the reformers in Tehran gaining the upper hand in their power struggle with conservative religious ele- ments.

International oil company interest in Iran has increased in recent months as n result of ambitious tries which have complained that the law is hurting their exports. This week the State Department granted approval to 39 countries, allowing them to export shrimp to the US this year. It did not include Thailand. Pakistan, and India, which brought the WTO case. Brazil and Venezuela were dropped from the list after US officials said they were not enforcing their own laws to protect tunles.

State department officials said the US had not yet plans by Tehran to open its struggli n g oil and gas sector to large-scale foreign invest- ment.

Many companies believe President Bill Clin- ton’s administration is pre- pared to be more flexible over investments in Iran, especially if these reinforce the reformist elements in the government.

But executives say US con- gressional resistance bas proved a complicating factor. In late March Thierry Des- marest, chief executive of Total, the French oil com- pany, said congressional opposition was the only obstacle to the US adminis- tration dropping its threat to impose unilateral sanctions on Total and its partners Petronas of Malaysia and Gazprom of Russia. The three companies are develop- ing the offshore South Pars gas field in the Gulf.

A much delayed US deci- sion on whether to punish Total and its partners is expected later this month. In the meantime, the law remained in effect Charlene Barshefsky.

US trade representative, has criticised the WTO decision, saying there are exceptions in WTO rules to protect h uman , animal or plant life.

However, the Clinton admin- istration has its own chal- lenge to the law in US courts where it is arg uing that it sets an overly broad stan- dard for turtle protection. Jay Ziegler, spokesman for the US trade representative, said the US was considering whether to accept retaliation or seek a settlement. Some trade experts argue that failure to abide by the panel’s decision would set a bad precedent for other los- ers in the WTO process.

Investors call on Malaysia to open up By Shaft McNulty hi Kuala Lampur A group of US investors in south-east Asia has com- mended Malaysia for relax- ing some restrictions on for- eigners but has urged the authorities to go further.

To attract much-needed foreign investment as the regional financial crisis slows its economy, Malaysia bas raised its limit on for- eign equity in telecom com- panies to 61 per cent from 49 per cent, but only for five years. It has also given for- eigners a five-year deferment to comply with a new limit of a 51 per cent holding in insurance companies – down from per cent in at least the case of American Inter- national Group.

He spoke on behalf or the Wash- ington-based council, whose representatives are tn Malay- sia for discussions with gov- ernment and business heads. The council has for several years called on Malaysia to open its markets and Mr Bower welcomed the steps taken. But other Asean member countries, such as Thailand and Indonesia, have shown mare readiness to liberalise as they restruc- ture their economies.

Malaysia rem ains con- vinced. Abdullah Ahmad Badawl, Malaysian foreign minis ter, said after speaking to the US- Asean Business Council that the steps taken would be enough to attract foreign investors. US may insist on keeping disputed shrimp law Think-tank fends off attacks on US anti-dumping laws By Nancy Dome In Wasbngtan A prominent US think-tank yesterday defended US anti- dumping laws, saying the worst accusations of unfair- ness had already been addressed by legislation implementing the Uruguay round of trade negotiations.

Mr Mastel admits there has been valid criticism of US anti-dumping procedures. But changes made by Con- gress should be given a year test period, he said. Protectionists in Congress would gain the upper hand, and far worse damage would ensue to the world’s trading system. Anti-dumping laws affected no more than 0. Only about 44 per cent of the cases filed resulted in the imposition of anti-dumping duties. Officials and businessmen in Namibia.

South Africa and Zimbabwe were pleased to see him. This is not something Afri- cans are used to hearing from Eximbank, which has been focused in recent years on Asia and Latin America. Eximbank’s competitors have six to 10 times more exposure in sub-Saharan Africa. His immediate goal is to tell African businessmen and bankers what Esimhank can do.

There is also greater chal- lenge,” he said. One emphasis will be on small business, which com- prises more than 50 per cent of the economic activity in the region.

With its natural beauty and exotic animal life, there Is scope for developing tour- ism. Those countries haven’t marketed themselves. Also major expansion will be needed in telecommunica- tions and energy. He met officials of the South Africa Foundation, a fund which pays far toll roads, airports, harbours and other infra- structure projects.

Airlines and airports also offer opportunities. Apart from one direct flight between New York and Johannesburg, most Ameri- can travellers must fly first to Europe to reach southern Africa. Mr Harmon discussed fleet modernisation with Air Namibia, privatisation with South Africa Airways and medium-range regional air- w craft with Air Zimbabwe.

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Shot profess or his violent who nc youugi Ukraitu mercial pulifira “Mar. The Economic Daily, an official government-owned newspaper, said the launch of the euro should facilitate trade relations with the European Union. China’s fourth largest trading part- ner. In the future, the report expected that per cent of global financial assets would be denominated in US dollars and between per cent in euros. The rest will be held in Japanese yen and other currencies.

In turn, thi s would raise the competitive pressure on Chinese banks operating in the global marketplace, as they had no immediate pos- sibility of merging, he said. China did not think the Asian finan cial crisis should slow the pace of opening up, said Wang Qlnhual an offi- cial with the research department of the China For- eign Exchange Trade Sys- tem, which overseas the interbank market I t has been a tough 10 months for Tung Chee- hwa.

Rows have Oared over the freedom of speech and the rule of law. With legislative elections I due this month, and mount- ing redundancies deepening 1 the economic gloom, the squalls are unlikely to abate.

But despite the trials. Mr Tung is determined neither be. T think we have responded very firmly, very clearly. More at ease than in the days ahead of the handover, Mr Tung lists achievements since. The one country, two systems formula which underpinned the Stno-Brf dsh treaties has taken root. Bei- jing has been supportive, but it has also kept its distance.

But the chief execu- tive says the investments are necessary to sharpen competitiveness. While he wants property prices to sta- bilise, Mr Tung insists the government Is not getting in the way of economic adjust- ment, nor will it scale back plans to raise home owner- ship from about 50 per cent to 70 per cent by At the end of the day we will be leaner and mare competitive.

The feelbad factor and an unemployment rate of 3. Economic affairs and health scares, however, are only part of the picture. The adapta- tion law, he argues, is necessary to replace the con- cept of the Crown from pre- handover laws and to clarify where laws bind the sover- eign and the state. Perceptions of such cases are crucial. Few issues are more sensitive for Hoag Kongers than fears of favouritism.

He expresses confidence in the continued operation of the rule of law, noting that Emily Lau, a pro-democracy politician, is proceeding unfettered with, her suit against Xinhua. While only 20 of the 60 seats will be selected by the electorate as a whole, itself a source of criticism, pro-democracy forces and other government opponents appear set to swell their ranks In the leg- islature.

Mr Tung is unfazed by the prospect But a more restive chamber and the aftershocks of regional recession, sug- gest the going for the chief executive and his team may get tougher stilL New Vietnam bank chief faces reform tasks By Jonathan BinbaM at Hanoi The Vietnamese authorities have nominated Nguyen Tan Dung, the first deputy prime minister, to be governor of the State Bank, the central bank.

The job has been vacant for seven months while the authorities tried to find a candidate prepared to take on the job of reforming the troubled banking sector. Mr Dung, Last September, the assembly surprised the new government by rejecting an attempt to appoint the incumbent, Cao Si Ki«n, to a further five-year term. He had faced growing criticism following banking scandals. The last publicly available official figures produced by the World Bank indicated that in June last year Most are held fay the main four state-owned commercial banks, which are politically obliged to con- tinue lending to loss-making state companies.

Three joint-stock banks are known to have had liquidity problems over the past year the State Bank responded by bailing them out. Last week, Mr Dung repeated the government position that weak banks should be merged or dosed.

More than 70 people were arrested, including bankers at the city’s state-owned commercial banks. Since the scandal emerged, foreign bankers say the State Bank has subjected them to a blizzard of regula- tions, many aimed at reduc- ing their competitive edge over local banks.

Indonesia police fire live bullets at students By Sander Tboenes in Jakarta Indonesian riot police fired live bullets yesterday in a vain attempt to quell looting and anti-government student demonstrations in the city of Medan, according to civil rights activists.

One activist in Medan, a city on the island of Suma- tra. Earlier this week General Wiranto. It was the toughest army warn- ing yet to the students. The violent protests Riot police prevent students leaving a campus in Bandung.

West Java, yesterday Reuters against President Suharto have been inspired in pan by his decision this week to raise prices for fuel, public transport and electricity. The demonstrations inten- sified in Medan as bystand- ers joined in and started looting and torching shops.

Many of the shops are owned by ethnic Chinese, a minor- ity widely resented for their relative prosperity. About 58 civilians and 20 police were wounded during riots on Monday. The price increases ful- filled an important pledge to the International Monetary Fund and paved the way for the release of a?

The IMF is due to review progress twice in the coming two months before releasing two similar tranches. The World Bank. Asian Develop- ment Bank and bilateral donors are expected to fol- low with their own aid offers.

However, the riots in Medan raise the prospect that growing domestic unrest may frustrate govern- ment efforts to reform the economy and stabilise the rupiah. Student leaders, business executives and diplomats said the army might use the Medan riots and their nega- tive impact on the value of the rupiah as grounds for cracking down on all student protests, even though most have been peaceful.

But the military’s response to protests has been incon- sistent highlighting what diplomats say is a split in the armed forces. Police fired rubber bullets at peaceful students in the capital on Saturday, but yesterday troops escorted students from four campuses on a march In southern Jakarta.

The Medan riots also indi- cate that an army crack- down could backfire Some witnesses said reports of police harassing female stu- dents had enraged bystand- ers as much as fuel prices. Mr Hatta. These informal contacts are enough to co-ordinate protests, but student leaders concede their organisation may yet prove too weak to withstand an all-out crack- down.

King James l obviously had a good head for business. It was by his ordi- nance that the Virginia Companie set up shop on the shores of Virginias Janies River in I60Z Nearly years later, British companies are stiff finding commercial success here. They’re attracted by die quality and depth of our workforce, in a state where labour and management enjoy a harmonious working relationship. Perhaps ft! Contact Andrew F. CEDI Director.

Box YesVir 3 jnia. Client accounts at Fortuxe will effectively be frozen, although clients with the requisite proof of ownership can sen their shares through other brokerages. The move added to the jittery sentiment surrounding smaller brokers since the collapse of GA Pacific in January. These brokers, already under attack from international houses and expanding tech- nology.

Police, working in conjunction with the stock exchange and foe Securities and Futures Commission, are investigating For- Juxa However, it appears its troubles stemmed from margin trading, whereby clients put up only a portion of the value to buy stocks, a practice prevalent among Hong Kong retafl Investors. The trip comes as Mr Kim seeks weatar international support for his famine-threatened regime. Mr Kim last visited Beijing in June Remote controls.

Security systems. Digital technology is evolving well beyond the personal computer, showing up in more and more things and more and more places. And we should know. And better ways to help them reach theirs. Motorola has the right DNA for the digital evolution Making them faster, smarter, easier and just plain better. Viva the evolution! Jim Peterson. Canada’s secretary of state for finan- cial institutions, said yester- day the legislation would be held back until alter the report of a national taskforce on finanrial institutions was issued.

The decision on branches, ho said, was part of the merger question and needed to be looked at as part oT a package. Mr Peterson had said in an interview last month that the measures would come no later than the end of June. Under current law, foreign banks must establish fully capitalised subsidiaries in order to set up branches in Canada. This requirement has discouraged some banks from entering the market, particularly for large-scale corporate lending that requires access to the parent bank’s capital base.

Canada Is obliged to allow direct foreign hranching no later than June next year to meet its obligations under the WTO agreement Mr Peterson said Canada would honour its interna- tional commitments despite the delay, and suggest e d the government would consider allowing foreign branches to engage to retail as well as wholesale banking.

The national taskf orce is expected to make recommen- dations on the bank mergers and on whether Canada should lift its year-old pol- icy of protecting Its banks from foreign buyers by insisting bank shares be widely held.

Four of Cana- da’s five largest banks have announ ced plans to merge, but these must still be approved by the finance minister, Paul Martin. Mr Martin said In an inter- view last month that the benefits of the mergers remained to be proved and insisted there was an absolute necessity to Tnafnfarm a reasonable level of domestic competition. The delay is likely to anger foreign banks. Bob Vastine. He said the banks had worked and hoped for this for years.

So much is hanging on the contest that neither competitor can contemplate losing. The JSF. Given defence budget strictures following the cold war, the JSF will almost cer- tainly be the last new US military aircraft, with or without a pilot, to be built in numbers for several decades. Alan Mulally, who heads Boeing’s defence division. It has the boUt-in vari- ability the customer wants. Boe- ing and Lockheed Martin are each producing two demon- strator aircraft to fly for the first time in In , one of them will win the right to progress to the next stage, with the prospect of building 34X10 aircraft far the four initial customers, and potentially many more.

The Pentagon, which is trying to get the most out of its reduced budget by streamlining its acquisition process, is using the JSF pro- gramme as a model. Instead of setting cumbersome speci- fications, it has set broad performance parameters and asked the contestants to come up with desig ns which will meet them. Hus is cheaper than most compara- ble atrryaft and means mak- ing trade-offs between per- formance and cost from an early design stage.

Bidders submit no paper drawings, but discs containing their three- dimensional desig ns down to the last fastener. The Pentagon will judge the competing aircraft not only on performance but on how easily and cheaply they can be malntainail This means keeping the number Of parts to a minhwmn and making them easily accessi- ble to support crews. As in most defence pro- curements, politics will come into play: many jobs ride on the JSF decision as weD as on existing programmes more advanced than the JSF but still in early production stages.

Lockheed is leading, with Boeing as a partner, the cost- lier F air superiority stealth fighter now approaching full production, and It is still making the F Both compa- nies are involved in pro- grammes to develop unmanned aerial vehicles.

The competitors have to tread a fino line, as they do not want to disadvantage their other products in push- ing the JSF programme, which they may not win and which, like all military pro- curements, ‘ risks being scaled down or delayed. It’s a fabulous product but we’re trying to work with the customer to figure out how it fits in with the rest of the vehicles.

Patrick Murphy, deputy senators the affiances had raised fears that competition on domestic flights would be reduced. Just one day afterAmerican Airlines and US Airways said they were launching an extensive marketing alliance. The Idee has already been taken up by other tong-dstance carriers, such as LQ International and MCI, but the backing of foe country’s largest telecoms company is likafy to give ft more weight The long-distance carriers fear that Industry reg- ulators wiN eventually allow the five Betts Into the long-distance business, which has lower barriers to entry, before their entrenched local markets have been fully prised open.

If the US Federal Reserve seems to be inclining towards raising rates at the next meeting of its open markets commit- tee, due on May 19, officials have Implied that Argentina will raise liquidity requirements beforehand.

A rise in liquidity requirements from the current 20 per cent was a key recom- mendation by last month’s International Monetary Find mis- sion, whfc h urged measures to cool the economy.

Gross domestic product grew 8. It urged tax rises and other measures to slow domestic demand. Ken Warn, Buenos Aires.. For on-line reservations, vis vwwsheraton. Fax and Copier. A full range of business essentials. And of course, large, comfortable beds.

Sheraton is also proud to ofFer an innovation that makes it easier than ever to stay in the loop when our of the country. If sterling joined in Christian Moyer, is scheduled to retire then. In ferocious exchanges in the Commons, Mr Blair gave a staunch defence of the decision at the European Union summit in Brussels at businesses at the National Exhibition Centre, to – B irmingha m.

England’s second-biggest city, in the first of a regional series of government seminars. As more of toefr comptfttors dealt in a single currency, pressure would mount for them to do likewise or lese business.

Responding to accusations that he had acquiesced in a breach of the Maastricht Treaty – which says the ECB president should serve for eight years – the prime minister said the Dutch cen- tral banker was “the only candidate that was credible”. Unfortunately, the eco- nomic crisis in South Korea has pushed back its opening by a year, to the end of It was followed last month by the decision of Mitsubishi Electric to close its televi- sion plant at Haddington.

On the same day. But it is not all gloom. Cadence, based in San Jose, California, expects to employ 1. But Scottish Enter- prise believes 6, Jobe could have been created by then as other semiconductor design companies move in. Project Alba should trans- form a Scottish electronics industry which employs about In the past decade, a stream of other companies from the US.

Japan and Taiwan has opened elec- tronics plants in Scotland. Ereidrie JK. Semiconductor designers are in sho rt supply worldwide, particularly in California. Cadence has gone for a long-term solution, which is very refreshing. What Michael Beahnear. Under Project Alba. Scot- tish Enterprise plans to establish a mechanism by which electronics designers can trade their software. There win be spin- offs in an areas of electron- ics and it win become easier to anchor manufacturing companies already estab- lished here.

The laws cover pubs, clubs, restaurants and liquor stores. Apart from the introduc- tion of ail-day opening in – extended to Sundays three years ago – the licen- sing regime is little changed since tough restrictions were imposed in to help the war effort. George Howarth, a Home Office minister, told the Brit- ish Institute of Innkeeping that the current laws, the most restrictive in the Brit- ish Isles, no longer reflected modem leisure activities or the needs of the tourism industry.

Among the Issues for review were the typegjrf licences, who should issue them, licensing hours, and conditions, and how the law should be enforced. The announcement was welcomed by the industry, which urged a speedy con- clusion. The minister warned that change would come only after extensive consultation to protect the interests of rqsjdgnts and other inter- ested parties.

Officials said a green government consulta- tion paper was likely at the aid of next year and legisla- tion would be some time later. The pub and tourism industries point out that there has been no trouble following the relaxation of restrictions in Scotland and Northern Ireland. A public consultation on drink-driving legislation will end on Friday, with ministers undecided on whether to cut Britain’s limit to bring it into line with most other European countries. But officials have grown increasingly concerned about the public response to a cut in the limit from 80mg of alcohol per ml of blood to 50mg.

An investigation by the executive counsel to the pro- fession’s Joint Disciplinary Scheme a lawyer advising the scheme has decided that a prima fade case exists against Coopers and a for- mal complaint will be made to the scheme’s tribunal. The tribunal has in the past dismissed charges put forward by its counsel, or decided that no action is required against partners or firms.

Initially the firm attempted to stall the scheme’s inquiry until alts’ the completion of civil and criminal proceedings linked to Robert Maxwell – but dropped its legal moves after contributing to a settlement far pensioners. The tribunal will hear the case this year. It has wide- ranging penalties at tts dis- posal including unlimited fines and the banning of individual auditors. The disciplinary scheme said yesterday that Chris Dickson, the scheme’s coun- sel.

Complaints would be made alleging that Coo- pers’ conduct or quality of walk fell below standard. Net resources at the end of last year were gLSbn. But he denied suggestions that Lloyd’s was trying to drive out Names, its traditional capital providers. TT it is in the interest of British jobs. British invest- ment, British industry we do it,” he said.

The prime minis ter dodged questions about how he intended to fulfil the crite- rion for Emu membership that applicant currencies must maintain a stable con- version rate with the euro for two years. The move could lead within weeks to the first exports of UK beef in more than two years.

The favourable inspection will be greeted with relief in the UK. The European Court of Justice yesterday upheld the : European Commission’s right to ban British beef 1 exports over the disease. It confirmed a preliminary opinion of its advocate-general and the UK government had expected the judgment It has been attempting to lift the ban with two schemes, one relating to Northern Ireland beef and the other to cattle through- out Britain boro after Octo- ber The commission said yesterday that other plants would have to be inspected before they could begin Northern Ireland Is able to start exporting beef earlier than the rest of the UK because it has a computer- ised system far tracking ani- mal movements over the past eight years.

The average delay was 16 minutes, compared with 14 minutes in The figures are averages of all flights from the airports and not just of those which were delayed. The authority said last year’s perfor- mance was still better than in the late s despite a 24 per cart increase in the number of flights since then. Last year’s delays had a variety of causes, including weather, industrial action, air traffic control difficulties, defective aircraft, missing passengers and security hold-ups.

Delays to scheduled ser- vices increased to 13 minutes from 11 minutes the year before. International flights were delayed more often than domestic services. Delays were also more likely on long-haul routes than on short-haul flights. The worst airports for scheduled passengers were all in London. Delays at Gatwick and Luton airports averaged 16 minutes. At Heathrow, the average delay was 14 minutes.

The company, based in Los Angelee, has operated an online booking service in the US for the past 18 months. Barry Diller. I don’t believe this is right’,” she said. Ms Short added. In a separate hearing. Robin Cook, the foreign secretary, told the committee that the govern- ment’s response to the crisis “had not been good enough”. It expects to sell up to of the high-performance Italian cars annually. The Inchcape purchase forms part of preparations by Italy’s Flat group to relaunch the Maserati brand globally.

At that time produc- tion at the troubled Modena carmaker had dwindled to fewer than 1, a year, with only a few dozen being sold each year in the UK.

Ferrari president Luca di Montezemolo Immediately closed the plant in order to re-equip it with the latest manu- facturing equipment and technology. He has admitted three offences of breaching his bankruptcy arrange- ments. Bra is a digital terrestrial company owned by Gran- ada and Cartton Communications.

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Bax , AE Amsterdam, the Netherlands. Please specify clearly which position you are interested in. This prosper- oua Emilian town, celebrated for Its cheese, ham and spring vio- lets. There are the deBghtfol fres- coes of the Camera di San Paolo, painted for the private delecta- tion of an aristocratic abbess, and his illusi on i stir frescoes in the cupola of Parma cathedral. The town boasts a ftna art gallery housed in the gaunt 16th-century Farnese Palace, alongside the impressive classical theatre.

This breadth was manifest in his col- lecting too. Unlike most of his countrymen, Magnani did not confine himwif to the work of local or even Italian artists and the most striking aspect of a visit to Mamiano is discovering the unexpected – a stunning Dtkrer, a stupendous Goya, works by Ingres, Fuseli, a Mediterranean Monet, Renoir fish. In particu- lar, David Harewood’s account of the title role has grown immea- surably in immediacy, style, and power, and the whole staging – especially in the second half – is the most moving Othello I have ever encountered.

True, there are a few losses with its move from the smaller The whole staging is the most moving Othello I have ever encountered there is not an ounce of exaggerated or unnatural acting anywhere auditorium. Almost every actor lets a few or his or her quieter words or phrases become inaudi- ble in the larger auditorium. But the production is compelling, the address of each actor to his or her colleagues exemplary.

There Is not an ounce of exaggerated or unnatural acting anywhere here. On Monday, an audience that had brought an outsize share of coughs, throat-clearings and rus- tlings into the auditorium was gradually transfixed; in the last two acts, the tall of a pin onstage would have been been audible, and – in a production so econom- ical and focused – would have mattered.

Much about this Othello – which is set in the period between the wars – will seem definitive for years to come. No performance more so than Simon Russell Beale’s as tego. Or its scorn? Or fts lonefiness? He seems HI at ease with his own body. His voice is stinging, his presence baleful, his mind bil- ious. As Iago, however, he has two faults. He shows the rattling speed of lago’s talk, but occasionally Ids rapid delivery erf the long skeins of lago’s schemes becomes a vir- tuoso kind of -monotonous babble: we.

And, in same soliloquies, he Is too knowing, too dose to camp in his edd relish for the evfis he is setting in motion. Nei- ther of these faults is too serious. Right up to the end, fids Iago is disturbing and unfathomable: deeply so. The complete com- posure of this. Desdemona, whether in private grief or cc ad- verting with others, is wonderful because it draws us in: so that the final scenes in her bedcham- ber are thrilling.

Tranquil in hap- piness, she is rendered immobile by affliction. We hang on her face and voice and stance because their tiniest nuance expresses her Innermost feeling: ‘ As for Harewood, he now so by three gilt-bronze sphinxes by the outstanding French Empire fondeur-doreur, P-P -Thomire, made for Tsar Alexander H who then gave it to Napoleon. This is part of a notable group of Empire -furniture and works of art which Magnani acquired with the advice of the pioneering cham- pion of Neo-Classicism, Mario Praz.

The second revelation comes In the long picture gallery. As a collector of Italian Old Mas- ter paintings. Magnani never put Afoot wrong; there is not a single dud.

Moreover, a handful of paintings would grace any great museum. There is, for instance, the glow- ing, perfectly preserved panel of St Francis receiving the stigmata by Gentile da Fabriano, origi- nally made as a double-sided pro- cessional standard the other, less interesting, side is in the Getty.

St Francis kneels in prayer on a grassy ledge beneath the barren peak of La Verna- On the other side of a ravine, Brother! It is not known how Gentile came to interpret heavenly radiance a a natural sunlight he achieved the effects by laying his pigments tight that became the hallmark of so much Florentine painting.

Dareris Madonna, meanwhile, finds the artist at his most Vene- tian, a rare work of his second visit to Italy in and acquired by Magnani from an impoverished convent at Bagna- cavallo. Formed with discrimation rather than unlimited cash, this is one of the choicest small art collections amassed anywhere during the latter part of this century over gold leal , but this naturalis- tic rendering of tight and shadow Is entirely new in early 15th cen- tury Italian art.

Nearby, a Filippo Lippi Marinnwa and Child fs. The monumental figures fill the fore- ground, the donor kneeling In devotion at the feet of the Batofui presence: Kroon Russefl Baahfe Iago catches the misery of evil fully i nhab its the role of Othello that he carries the play’s later acts. His rapport with Desde- mona and Iago Is fuB of superb detail: how marvellously he lis- tens, and how poignantly he no sooner embraces Desdemona than he opens his mouth to address Iago.

Hare- wood listens, as he has listened throughout, with an innocence immensely touching in so force- ful a man. It is still true that his actual diction Is laboured; the dark, intense vocal tone and the consonants seem conceived in very separate areas of his head. But his phrasing has become altogether more natural, his keen spontaneity overrides all.

I love thee oatj Chaos is come again. Sometimes I think there is nothing better than to discover a new or unfa- miliar play of excellence; but sometimes I think that the best experience of all is to encounter a familiar play as if for the first time.

So with this superb Othello. Even Goya’s palette is muted. The aged Don Luis, the brother of Charles ID, sits at the card table, game over and cards discarded, staring vacantly ahead; his much younger wife sits having her hair curled.

A retinue of staff and family stand in attendance while in the foreground a painter crouches at hi« easel. Goya presents it all like some theatrical tableau, and even the protagonists seem to collude with an unseen audience.

Donna Maria Teresa Inspects us warily, the servants look on with open curiosity. Don Luis seems to be holding his pose while waiting for the curtain to drop — on the whole Bourbon dynasty, perhaps. One answer is that his father was a well-to-do busi- nessmen with interests in prop- erty and dairy and agricultural products.

What gives this collection its truly dis- tinctive character, however, is the rare care, discernment and passionate determination with which Gino Magnani selected and pursued his quarry. In Magnani set up tbe Foundation for the public display of the collection after his death- Music and art remain the life- blood of the place – as do those precious rounds of Parmesan cheese maturing slowly on the family estate nearby which help ensure the up-keep of the museum a nd its programme of loan exhibitions and concerts.

Hie Fo u n da t io n Is open daily, except Mondays, unfa November. Theatregoers may not show up thinking they will encounter gods and goddesses of the Hepburn-Grant order, but they do have a right to expect performers who can make these roles their own; otherwise there is no reason for people to pay top prices for facsimiles.

Unfortunately, neither Melissa Errico nor Daniel McDonald, who play tiie pair of swells here, is frilly up to the demands of their assignment, and their deficien- cies remove a lot of the glimmer and bite from what is otherwise a well-designed, quite enjoyable evening. McDonald is the more serious piece of miscalculation.

A square-jawed specimen of almost reprehensible handsome- ness, with a voice that has heft but not much lyricism, he would be ideal for George Kittredge, tbe down-to-earth fellow Tracy is about to marry; but as the yacht- loving, aristocratic Dexter, he is, in almost every way fighting above his class. In contrast to her co-star. Errico is not exactly miscast She has aid-fashioned patrician pretti- ness, an elegant clear soprano, and is capable of the screwball- comedy speed her lines often require.

She Is also very good at queening it over her colleagues. But when Enrico says. The other performers, with more stock roles to play, have near-uniform success. Bottom-pinching, bibulous. McMartin darts in and out of his Oyster Bay estate, where the nuptials are to be held, spreading an equal measure of gaiety anc consternation.

If rally the entire evening, whose direction Is cred- ited to Christopher Renshaw, had achieved an equally high level of grace. The conductor is Rtocartto Qialfly; May 6, 8. AWistmuseumbwairt Andy Warhol: Drawings Bigonzitti ana Forsythe; May 8, 9.

With the Handspring Puppet Company, at theLunatheater. Conducted by Jonathan Darlington fen a staging by Alain Marcel. Conducted by Gabriele Ferro in a staging by Stephen Lawless.

 
 

 

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Internet Arcade Console Living Room. Books to Borrow Open Library. Search the Wayback Machine Search icon An illustration kannasa a magnifying glass. Sign up for free Log in. Page 4 taknesian police fire an protesters Indonesian riot police fired live rounds as well 33 rubber bullets in an unsuccessful attempt to quell looting and violent demonstrations in the city of Medan, said civil rights activists.

Student protests and public 17033 widened this week after President Suharto raised prices for fuel, transport and electricity. Page 6; See Lex US to probe a crime affiances Patrick Murphy, US deputy assis- tant secretary for aviation, said the government would investigate the wave of alliances involving the country’s six largest airfirms, to ensure they did not reduce domes- tic competition. Page 8 Ulster beef gets dowload bill European Commission veterinary ‘inspectors gave a clean bill of health to two windows 10 1703 download iso italy news18 kannada factories to Northern Ireland.

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Page fi; Editorial comment. Page 14 Artemis, the holding company of French businessman Francois PtoauH, is set to become the big- gest shareholder In Christies Inter- national, buying 29 per cent of the auctioneer from Bahamas -based billionaire Joseph Lewis.

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Page 19 British Petrole um is looking at possible investments in Iran, believing that the US may be stating to change Its attitude towards Tehran. Page 16 Prices In Venezuela surged by 3. TBIS] 5. After two days of intensive and separate talks in London hotels with Mr Netanyahu and Yassir Arafat, the Palestinian leader. Madeleine Albright. The Washington talks would aim to windows 10 1703 download iso italy news18 kannada for a final push on the Oslo peace accords, which Israel says it читать далее. But Mr Netanyahu told Mrs Albright that first he needs backing from his rightwing nationalist cabinet on the US interim proposals, to which Mr Arafat agreed in February.

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Many economists had forecast the Ge rman currency would suf- fer from the deal struck at the ElTs Brussels summit to let Sio Duisenberg run.

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The Bank windows 10 1703 download iso italy news18 kannada England’s mone- tary policy committee starts its two-day meeting today. Bundesbank dootrts, page 2 Yeltsin boosts role of prime minister By Cariotta Gafl to Moscow President Baris Yeltsin yesterday boosted the powers of Sergei Kiri- yenko, his new prime minister, allowing him to take more deri- sions directly by bypassing the presidential administration.

After a meeting with Mr Kirl- yenko in the Kremlin, Mr Yeltsin said he bad signed a decree sim- plifying the procedure for issuing prime ministerial resolutions.

Previously, all government res- olutions had to windows 10 1703 download iso italy news18 kannada through the bureaucracy of the presidential apparatus. Now it will be simpler, essen- tially giving more power to Mr Kiriyenko. Mr Kiriyenko would have to bear greater responsibil- ity fm- his actions before the pres- ident and the country, he added. Tim move gives Mr Kiriyenko. He added that it was only the latest development in a perpetual jockeying for pre-eminence windows 10 1703 download iso italy news18 kannada the government and presidential administration.

Mr Yeltsin announced the decree as part of his plans for a new streamlined government. There windows 10 1703 download iso italy news18 kannada be fewer ministries axid the govern- ment administration will be halved. At the Amucd General Meeting to be held at 3,00pm. The coupon should be paid onjuly? Shot pnofossi nrws18 his violent who nc younjjt Ukraine nierci. Analysts said the prosecu- tion against Mir Kokh, who faces a maximum jail term of 10 years if he is convicted, was an escalation of the fierce battle between Rus- sian political clans which has raged for nearly a year.

Mr Kokh now heads the Moscow-based Montes Auri investment company. An official at the prosecu- tor’s office said that because of the charges Mr Kokh had been barred from leaving the country, but a Moscow radio station reported that the ex- minister had already left Russia.

Last autumn, shortly after Mr Kokh’s resignation from the government, the former minister was embroiled in a controversial publishing deal. He otaly a group of other officials, including Mr Chu- bais.

The book has not yet been pub- 1 lished. The high Tees and allega- tions that the publishing venture was funded by Oneximbank. In particular. He said Germany was in part to blame for the debacle because of the way Mr Duis- enberg’s candidacy had orig- inally been handled.

Meanwhile, analysts over- whelmingly agree that the board nominations win have no serious rffeci on the mar- kets. Michael Smith adds from Brussels. NibdimcrnpUtz i. Deputy Chairman. Number One Soadturh Bridge.

Fat toll 5T76 ilii. Pruner S 4 Nurd Edatr. F-VtiUi Rambus Cedes 1. Etfitor Rkfaud Lambert. S-5S0 The killings come at a time of growing doubts over the future of the guard, responsible for protecting popes doanload nearly years.

Kannaa Tomay. Mr Estermann. He was well known In Italy as one of several guards who attempted to shield the Pope during the attempt on his life in The official Vatican spokesman said yesterday that Tomay had been cen- sured by Mr Estermann, at that time acting head of the Guard, on February The killing represents a severe problem for the Vati- can, which spent more than six months looking for a new head of the Guard.

Recently, would-be recruits have been put off by the level of pay and are less pre- pared than their predeces- sors to accept the tight disci- pline and old rituals of the army iraly the Vatican. Beards are frowned on and soldiers must return to продолжение здесь racks before midnight. Though in the past the job of bead of tbe guard was cov- windows 10 1703 download iso italy news18 kannada by leading noblemen, the younger Swiss Catholic aristocracy are more inter- ested что power iso 64 bit download windows 8 сами making money- than serving the Pope.

Estermann came from a fa nning family and thnngh the Swiss government is believed to have been willing to more than triple the SFY A veto by the Commission, possibly driving the bank into bankruptcy, was begin- ning to look inevitable in the weeks leading to last week- end’s European summit in Brussels.

A dramatic conclusion was averted only at the last min- ute, after the intervention of Jacques Santer. A solution to the Credit Lyonnais conundrum was never going to be easy.

The value of the new package now being debated is for at least twice that amount As Karel Van Miert, Euro- would meet regardless. With the current information it had, it would almost cer- tainly rule iiso the plan The central difference between Paris and Brussels, which seems to have been branches or subsidiaries. This will undoubtedly be reflected in the final compro- mise, likely to focus on ranges of activities invest- ment banking, commercial banking and geographic should be met with an equiv- alent increase in the pain imposed on the bank: FFrbn in asset sales.

Tbe Commission came round to the French view that the bank would not be bridged. Frustrated by the long delays by the French govern- ment to requests for infor- mation. At the start of April be set an ultimatum: either France came up with a new set of proposals by the end of the month, or the Commission exchange for additional aid.

 
 

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Michel Camdessus, IMF managing director, warned yesterday. The job has been vacant for seven months while the authorities tried to find a candidate prepared to take on the job of reforming the troubled banking sector. Is set to raise FI Etfitor Rkfaud Lambert. There are people who have lifted themselves out of poverty, and ft Thriving markets and human e security go band in hand others who remain mired in deprivation.