Manual LA VISIÓN DE ATAPUM (Spanish Edition)

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Indicted in the US for cocaine-trafficking and a multi-million dollar embez- zlement, has been living in Cuba since According to the prosecution, be duped sev- eral foreign businessmen into backing the project with large sums of money, which he then mostly pocketed. The prosecution is seeking a year jail term for Mr Vesco and 10 years for his Cuban wife, Lydia Alfonso, who went on trial with him.

The financier's surprise arrest at his Havana home on May 31 touched off a storm of speculation that Cuba might offer his extradition to Washington as a means of try- ing to improve tense US-Cuban relations. US consular officials were present in the building. But so far Mr Vesco has shunned US consular assistance. But Mr Vesco, who had also spent time in Costa Rica and the Bahamas, was widely believed to be using his business con- tacts to help Cuba evade the US economic embargo. The government is also pressed to restructure its S5. Part of the government's efforts to improve its interna- tional credit rating to invest- ment grade by , says Mr Suarez, is to make all its over- due payments by year-end.

Under some circumstances, free health care and food may continue for a year longer. In addition, minors on wel- fare are required to live with a parent or guardian, single mothers must help the state to find and compel the father to pay child support, and mothers are encouraged to practise birth control because they receive no further benefit for new children. The theory is that recipients - most of thpm sing le mothers - wffl become permanent pro- ductive members of the work- s 1 A. And in the meantime, they will have an incentive to get married, keep family size down, and keep tabs on their men.

She wants to get work, and has already found a low-paid waitresing job. She says she will do two jobs, if she can find them. The computer warbles at her when she makes a mistake, and applauds and encourages her efforts. Emma says she would like to work with computers. What are they doing having babies left and right? Make the men take care of the children. Savings are, in any case, not an immediate prospect. Front- end costs are considerable: There they are taught the culture of the workplace - appearance, office etiquette, language skins - along with interview tech- nique, telephone skills and attl- tudinal training.

She got her high school diploma last year and hopes that will encourage her children to do the same. She does not want them ending up on welfare. And the state of Virginia will be delighted if it can get Emma off its welfare rolls. In Wiscon- sin, pioneer of state-led reform, AFDC rolls have fallen by 44 per cent since the changes started in Fairfax reports a small decline in welfare applicants since the April I introduction of workfare, but it is too soon to gauge long-tom effects. Back in the Department of F amily Services waiting roam, the lethargy is daunting.

A recovery of the economy would help the hanking system but would be a long process and even longer for the banking sector. The coverage of overdue loans by reserves has increased but "is stQl far below interna- tional standards when the true level of past due loans is taken into consideration.

Government programmes have been effective in bolster- ing the capital of the banks. Lewis, who had already won the long jump to add to his eight golds from previous Olympic games, was not a member of the original relay squad, after finishing last in the US m Olympic trials and refusing to join the US squad at its training camp. But since be won the long jump, there had been a public clamour for his inclusion in the relay team.

No Olympism has won more than nine gold medals in modem times and the strength of the US relay team would have given Lewis the ideal opportunity to break that record. Lewis himself had not made a direct appeal to US track and field officials, hut appeared on several TV talk shows saying be would be more than happy to run if asked. His charm offensive cut little ice with the US relay coach Erv Hunt however. That is not the metres. He got butt-na- ked last in the trials. Campaigners in the pro-Lewis camp pointed out he was a special- ist in running the anchor leg of the relay, having run the fastest ever time.

He brought the US team home in a world record time of Even Michael Johnson, Lewis's heir-apparent as king of American track and field but who has a frosty relationship with the sprinter, had pressed for him to be given his chance: If 1 was the coach, Td put Carl Lewis on that relay team. He has declined to live in the athletes' vil- lage during Olym pic games and has an aloof attitude to ward his team- mates.

He has always claimed this was necessary in order to concen- trate on bis own efforts. But in Atlanta he found himself in the paradoxical position of rely- ing on iris team-mates' goodwill to allow him a glimpse of ultimate glory. AP Irish athlete escapes drug ban Irish athlete Marie MacMahon, who took decongestant tablets containing a banned substance two days before running in the Olympics, escaped a ban yesterday despite failing a drugs test Senior IOC officials unanimously supported a recommendation to issue only a reprimand to the athlete and the Irish team.

Meanwhile, Russian Marina Tradenkova, fifth in the women's m. Agencies Two Taiwanese held for flag-waving Two Taiwanese spectators were handcuffed and hauled from the table tennis arena by police to waring a miniature Taiwanese national flag, the IOC said yesterday. Georgia state troopers carried the two men from the arena and charged them with obstructing police.

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Taiwan competes the namp Chinese Taipei. Its flag is banned from official events. The problem got serious as sailing broadcasters found the system was causing three-hour delays in pass- ing on race times. To solve the problem, the sailors swiftly turned to the internet. Race results and even mark roundings and split times became available on the World Wide Web as they happened. The web material is being used by the television broadcasters on the sailing courses, who were previ- ously hamstrung by long delays in Info 96 relaying mark times for a race that was happening in front of the viewers eyes.

The data was In their com- puters but the Atlanta organisers would not authorise its release to the system without a massively bureaucratic checking system. Because the International Yacht Racing Union, under its Canadian president, Paul Henderson, had taken file decision six months ago to build its own web site, the situa- tion was curable.

IBM locked the other way while sailors virtually hacked into their database, loaded it cm to their own web site and then fed it out to millions of cyber -sailors and grateful TV producers. IBM's site recorded over 24m visits in a single day this week, as users took advan- tage of coverage of all the events for free. Bet, like the diffi culties of the results system, the official Internet service has had problems. Some users complain the results, whe n available, are hard to under- stand, difficult to find, and often updated late. Fred Mcneese, IBM spokesman in Atlanta, admit s the system has had problems, with statistical data com- ing from the same troubled source as provided to international news agencies.

IBM expected an enormous level of demand, with the mainframes designed to cope with at least 10m visits a day, but despite powerful mainframe computers in Europe, Japan and the US, users are fre- quently placed in a queue. Mr Mcneese says late and inaccu- rate results can often be blamed on officials at the venues pressing the wrong buttons, or on communica- tion problems.

But the IBM site has also been slow at providing basic news. It may be able to exploit the Internet to the full in , when it runs the official Winter Olympics web site from Nagano, Japan. Negotiators -have already missed their original deadline of June 28 and hopes that they would coocftale fills wedc after a month's break have- been does not table for total. Erector of -foe 'US -Arms Con- trol ami TUiamttawiwtt Agency, told a plenary session of the ffisa nnmntaC 1 "The most probable result of farther negotiation is to doom this US- officials said the pact would.

The latest obstacles to agree- ment came on top of India's threat to veto the pact The draft stipulates that 44 states must ratify fhe accord. Pakistan says it will not endorse the treaty without Countries supporting the draft treaty are considering bypassing any veto by sending it directly to the UN general assembly with a sponsoring resolution. However, this is seen as a last resort since India and oth- ers could put down amend- ments to the resolution and try renegotiating the treaty in the wider forum. A joint conference will determine the final figure, which will obviously he between these two figures and therefore at least m less than the administration wanted.

But tbevatft majority of IDA fending goes to countries with per capita incomes of or less. The Bank also has m accumulated from previous years' earnings which were retained for future allocation. This is barely different from the Palestinian lawmakers meeting in fhe West ftanfr fifty rtf B ethlehem Mr Mahmnnrt Jumayal, 26, died from torture. They demanded an to h n w um ri ghts abuses Nablus is home to more than , Palestinians. About 1, Palestinians marched in a demonstration denouncing the PLO security force believed to be responsible for his death and paying tribute to Mr JumayaL Palestinian nffiriafa kept policeman off the streets to avert a confr ontatio n with the dem o nstr ato rs.

Algeria, France try to ease tension By Route Khalaf fin London Algeria and France will hold a serious dialogue on a wide range of issues, Mr Herv6 de Cbarette, French foreign minis- ter, said yesterday at the end of a two-day visit to Algiers. After meeting Mr Zeroual yesterday, Mr de Charette said the two countries would hold a series of ministerial meetings and he invited Mr Ahmed Attaf, Algerian foreign minis- ter, to visit Paris.

Relations between France and Algiers have suffered since the e r u ption of the con- flict pitting Tgiauitr militants against security forces. The conflict spalled over to France last summer in a spate of bomb attacks blamed on Islamic extremists. Seven French monks were killed in Algeria in May. Among issues in dispute are a French decision to shift Air Algerie flights to a special ter- minal at Paris' Roissy-Charles de Gaulle airport on security grounds. Algiers sees this as discriminatory. It is dear, simple, recognised by the whole world. All they need to say is [they] are ready to implement resolu- tion They only need to make a statement of one line.

He did not say whether this meant disarming Hizbollah, the shfa mllWn fighting Israeli occupation. If occupation aided, so would the resistance. Any decision to rein In Hiz- bollah, however, would depend on Syria, which licenses Hiz- bollah actions in part to press its own peace conditions with Israel. Damascus demands the return of the Golan Heights, ruled out by the new hardline government of Mr Beqjamin Netanyahu. Throughout five years of stop-start Israeli-Syrian negoti- ations, Syria has publicly rejected secret talks, and InsMpri on US mediation.

Mr Hariri said yesterday that fhe direct costs of April's day conflict in southern Leba- non were m, while the indirect costs could not be cal- culated. But he said work to repair the damage was prog- ressing, and the fi ghting had not stemmed private invest- ment flows into Lebanon. The Lebanese premier said parliamentary elections starting on August 18 would encourage Investment by pro- viding further evidence of a functioning democracy.

The parties hope to set a date for an international donor conference on aid to Lebanon, possibly later this year. With a site area of , square fed and a development potential of 2. C nndtown zoning permits office, residential, retail, hotel, or emertaimnent uses. Met ro politan Transportation Authority Charles A. Mr Peter Carl, the EU observer at tbe talks anx- iously awaited a decision on whether European companies would be allowed to partici- pate.

EU semiconductor manufac- turers maintain that they have lost out as result of the US-Ja- pan semiconductor accord which expired on Wednesday. When tbe accord was first negotiated, tbe US suggested that the pact would be advan- tageous to all manufacturers in gaining access to the Japanese market, yet the EU market share of about 1.

Japan has been pushing for the formation of a world semi- conductor council to include the EU and. The US has consistently resisted a such a multilateral deal and said that the EU could join only if it agrees to lift its tariff on semiconductors. EU commis- sioner for trade, said the EU will block further negotiations on an international technology pact if it is left out or a semi- conductor agreement Following the missed dead- line.

The two sides were bickering over whether or not market share data collected by the industries in both countries could be interpreted by the governments as an indication of market openness. For KLM lower income and for the travel agent lower commission because of the lower tariff for reserving the tickets. A KLM official said: That case, involving abuse of market dominance In packag- ing machines and cartons, took the best part of a decade. Mr Hajl-Ioannou admitted he was losing money on the Amsterdam route, which its Boeing s fly three times a day in each direction.

Revenue targets out of London, where the price war baa not been as acute, were satisfactory but EasyJefs ability to sell in tbe Dutch market had been impaired. He indicated that EasyJet could maintain tiie route for at least six months bnt added: Brazil increased motor vehicle impart tariffs from 32 per cent to 70 per cent in March Since December, manufacturers operating in the country have been allowed to Impart vehicles at tariffs of 35 per cent Japan and the EU say this discriminates against other manufacturers.

The US and South Korea have also objected to the tariffs; diplomatic sources said the two countries were expected to lodge gimllur complaints at the WTO this mouth. Brazil's trading partners have rejected an offer that would allow vehicle manufactures not based in the country to import 40, vehicles in the next year at the 35 per cent tariff. He said Brazil's vehicle imports from all countries were "at a virtual standstill" this year, after imports of about , vehicles in the first half of If the bill passes the Senate, as expected, it will remove Mexico's threat to bring a potentially embarrassing com- plaint against the US tuna embargo to the World Trade Organisation.

The bill follows agreement by governments in the region - an area of more than 5m square miles stretching from southern California to Chile - to institute reforms to keep dolphin from being killed in the circular mile-long nets used to catch tuna. The agreement, reached last year in Panama, was signed by 12 nations: Belize, Colombia, Costa Rica, Ecuador. Panama, Suez bridge contract signed — The Egyptian National Railroad Company has signed a contract with an international consortium to build a bridge over tbe Suez Canal, connecting the Nile Delta with the Sinai Ihe cons ortium, led by the German Krupp Stahlbau Hanno ver, includes Besix of Belgium and Orascom of Egypt The bridge is to be used by both road and rail traffic, mavinp the metre structure the world's longest dual usage bridge.

Located km north-east of Cairo, the bridge will Unk the Egyptian railway network to the Sinai. It will also provide a road link between tbe border town of Rafah. It is expected to be completed In Cairo Siemens wins Indonesia deal An estimated Venezuela and the US. The US lost an earlier case against the ban.

The decision enraged many envi- ronmentalists. An estimated , dol- phins a year we re being killed until the US ordered American fisherman to stop using the huge circular nets and ulti- mately banned tuna imports from countries where the prac- tice persisted. Ibis would be changed under the new legislation. They favour two other tuna fishing techniques.

Groups in favour of the act say dolphin will continue to be protected as much as passible. Vice president A1 Gore has pushed the act through Con- gress. He has waned that pro- posed arnenr lm p. Siemens of Germany has won a contract worth more than DMSOOm m to add over , telephone lines to the telecoms ne two r k in eastern Indonesia over the next three years. Indonesia has I90m people but just 2. The company, which completed the metro's 16km first stage in , will construct a 14km line and supply 35 six-wagon trains.

The new line will carry 40, passengers an hour to each direction. Designed to attract more foreign visitors to the country, the nativity complex stands as a garish monument to aesthetic miscalculation. Built partly with funds from the department of tourism, the village has not proved a hit with overseas tourists although the theme park has struck more of a chord among Filipinos. For some, though, the days-a-year Christmas village, which, it was hoped, would highlight the country's Catholic heritage in non-Chris- tian Asia, symbolises the Phi- lippines' failure to attract tour- ists to large numbers.

What they should be doing is promoting things like eco-tourism and the friendliness of tbe people. Arrivals have grown by 20 per cent since although most Where the Philippines' tourists come from More to the point, visitors tend to stay longer and conse- quently spend more in the Phi- lippines than in most neigh- bouring countries. What we want is to attract more high-spending vis- itors both for tourism and other sectors like conferencing and b usiness seminars. As the largest Industry in the world and potentially one of the biggest in the Philip- pines - In tourism accounted for 3 per cent or Philippine gross domestic prod- uct - the government says it attaches high priority to devel- opment of the local tourist industry.

With a budget this year of just over lbn pesos m. For many, the tourist mas- terplan is at best only a partial success. Here we are lucky to get 10 per cent," said Ms Mina Tanchi, a tour operator and former presi- dent of the Asean Association of South East Aslan Nations tourist association. What sort of road policy is that? The road journey from Baguio, the near- est airport to Banaue, takes almost as long. By contrast, the deregulation of tiie domestic airline indus- try last year is expected to improve tbe convenience of air travel in the Philippines.

Only Cebu, however, a popular resort destination for Japanese tourists, can so far boast a regular international connection. On the other; it is a hushed environment that silently whisks you to your destination as It cossets you with everything from a heated steering wheel to a W CO system offering you the acoustic profile of a cathedral orajazzeiub. In short, It is different from every luxury car you may have sat In because it regards the driver as a functioning; component of the car A levs! But Sir MicfcaB] Bishop, the airline's chairman, -said the appointment of Mr Turner did not result directly from the report or the fine at Luton Crown Court but followed a review of operations after the incident He said British Midland was follow- ing the trend In the aft-hue industry of placing responsibility for engineering and maintenance in a separate organi- sation.

Mr Turner will be responsible for all the airlines ' controlled by Air- lines of Britain Holdings, the com- pany that controls British Midland. He previously worked for JRntieBoyee, where he was dhrector of the civil aero engines busi- ness. The report praised the British Midland flight crew and air traffic controllers for their prompt action in malting an emergency landing at Luton Airport after the captain noticed that the oil had drained from both engines of the Boeing It called for changes in British Mid- land's approach to maintenance and reco mmended changes in the way the Civil Aviation Authority monitored airlines.

It said the CAA, which is increas- ingly delegating responsibility for safety to airlines, had foiled to iden- tify the lapses at British Midland. It stated that understaffing of the night main- tenance shift had been commonplace at the airline. On the night that the engine inspec- tion was carried out, there were two licensed inspectors on duty instead or the six that should have been avail- able. The airline said it bad taken on additional maintenance staff since the incident and had also recruited a new senior technical executive from the CAA nine months ago.

Mr Brown said be would give more details about the windfall tax on the privatised utilities in a keynote speech in September. But a senior Labour official said: Labour claims Porterb r ook may be the first of a number of rafl businesses to be sold at a large mark-up on the privati- sation price. Mr Brown, speaking at a Westminster news con fe rence, said: Mr John Swift, the rail regu- lator, has launched a review of the competition issues of a train operator acquiring a train leasing company, and has waned the sale may be referred to the Monopolies and Mergers Commission.

The Maersk Dorset is to be. Maersk Dorset is the sixth FPSO contract in which the Tyne has played a role and this time the river the lion's s hare of the work. FPSOs, a fusion of shipyard and oil industry technology which offer a flexible, movable means of tapping mar gi nal field reserves, are among the most promising new opportuni- ties to emerge from tiie inter- national ml and gas industry.

Chris Tighe Factory activity strengthens again By Graham Bowley and Robert Chote Manufacturing activity strengthened again in July for the second month in a row as new orders rose to the highest level since March , a sur- vey showed yesterday. It confirmed manufacturing was now recovering after recession earlier this year thanks to rising consumer demand but suggested the recovery may be gradual rather than tminraiiate. Companies laid off staff for the thir d month in succession. And price competition among suppliers caused the sharpest decline in industrial goods prices since the survey began in The subdued inflation out- look and the sluggishness of the manufacturing recovery suggests the door may still be open for Mr Kenneth Clarke, the chancellor of the Exche- quer to make another cut in interest rates in spite of the current strength of consumer spending.

Forecasters at the London Business School said that eco- nomic growth would accelerate to an annual rate of well over 3 per cent next year, with con- sumer spendin g strengthening, exports picking up and con- struction recovering. But the LBS added that the interest rate increases needed to keep infla tion in check would slow the economy's expansion in and It accepted a claim by administrators of Barings employed by the accountancy firm Ernst and Young, that they were first in line for the cash, returned to Baring Futures by the Simex futures exchange after the collapse.

However, liquidators of Baring Futures in Singapore are pursuing separate legal claims. These payments were made to ensure that it was allowed to restart operations in Singapore. However, Ernst and Young argued in court that ING Barings was not a conventional creditor of Baring Futures because of the terms of the acquisition, under which it was ring-fenced from taking on Baring Futures' liabilities. He warned in a letter to the group that their application for judicial review could cause damaging confu- sion as approval was sought for the recovery plan by the August 28 deadline.

PNAG members were "very significant beneficiaries or the settle- ment," he said. Meanwhile, votes by the Merrett and Cuthbert Heath Names associations indicated overwhelming support Ralph Atkins. The optimistic forecasts are underpinned by strong indica- tions of returning confidence among private buyers. Their absence had contributed significantly to the poor profitability of many carmakers and declining margins among distributors. The industry is in talks with the government on a substitute registration plate system which would distribute sales more evenly throughout the year.

The regulations were described by the DTI as the minimum needed to protect participants without harming legitimate enterprises such as catalogue agencies. The return of pyramid schemes was Illustrated by the recent court actions against the Titan Business Club, a money circu- lation scheme. Titan Was closed by the High Court last month after a senior judge ruled it an illegal lottery.

Such money-circulation schemes are guaranteed to result in losers, the DTI argues. Now there are further plans to move staff to satellite offices in schools, libraries and leisure centres. The aim is to free enough office space to sell two city centre properties to developers. The capital receipts could be used for alternative projects.

This left prices 5. It also suggests there Is some foundation to fears expressed by other Greek shipowners - who have issued veiled threats that they may desert the Lon- don market - that the tax authority is interested in more than just Mr KoHakis. This allows the hire charge for ships to escape UK tax. A lawyer in Greece said this week: S uch arrangements, both in Greece and London, are designed by governments to accommodat e shipowners.

The ships are manag e by another offshore company, which has a branch in Piraeus. Mr Kollakis has at least 20 vessels, mostly bulk carriers and ships which carry refriger- ated cargoes, with an average age of above 2D years. M It always has glowing commercial prospects 20 years in the future. A fuel cell delivers electrical power from a chemical reaction, like a battery. The difference is that the reactants are built into a bat- tery: A fuel cell has no stored chemicals - it will keep going for as long as reactants are fed into the cell.

Two developments earlier this summer highlighted the progress being made. The experi- mental Necar II vehicle - based on the new Mercedes V-class - is a huge improvement on its predeces- sor. That was a van in which the whole inte- rior was taken up by the fuel cell and various drive components. Daimler-Benz has also devoted considerable resources to develop- ing battery-powered electric cars in anticipation of pollution controls that are expected to penalise inter- nal Combustion anri diesel FTt ginen in the next century.

The first generation of mobile fuel cells wall run on one of the simplest chemical reactions: Hydrogen reacts with oxygen from the air to form water. Sir William Grove discovered the fuel cell in when he switched off an electrolytic cell and noticed current flowing in the opposite direction. The hydrogen fuel can be stored in a tank under pressure - as in the experimental Mercedes car - or it can be generated in a unit called a reformer, from fuels that are avail- able more widely such as methanol or natural gas.

Several high-temper- ature electrolytes are being devel- oped for use in stationary power plants, including phosphoric add. But the best system far vehicles is the proton-exchange membrane PEM which operates at 8YC - the temperature of a conventional car engine. This has a thin polymer plastic membrane coated with a platinum catalyst to speed up the reaction.

PEM cells were used by Nasa, the US space agency, to pro- vide electricity and water for Gem- ini spacecraft in the s. But their development over the past tterarfp has been led by Ballard, a Canadian company based in Vancouver, in partnership with Johnson Matthey, the UK catalyst manufacturer. Daimler-Benz uses Ballard fuel cells in its experimental car. The Canadian company says its first commercial product - with a projected launch in - win be a heavy-duty fuel cell engine for urban buses. This will be demon- strated in the US later this year when the Chicago Transit Author- ity takes delivery of three buses with Ballard engines.

The authority says that if they work well it will consider converting its whole fleet of 2, buses to fuel cells. One feature of fuel cell research is the complex network of corporate alliances - a result of public fund- ing programmes which insist on col- laborative arrangements. Georg Frank, a fuel cell researcher for Hoechst, says his company is working on new materi- als for the cells The membranes used today are made from expen- sive sulphonated fluoro-polymers.

Hoechst is developing aromatic polymers that would be far cheaper to mass-produce. Frank Bilstein, project manager, says costs still have to iall by a factor of SO for fuel cells to become fully competitive. Hydrogen is the most attractive fuel, technically and environmen- tally, for fuel cells. The only exhaust it produces is water. And widespread use of a potentially explosive gas could cause safety concerns.

Evans believes that genuine com- mercial sales of fuel cells - as opposed to government- subsidised installations - will begin in , starting with phosphoric add cells for stationary power gen- eration and followed quickly by other types. It seems that, years after its discovery, the fuel cell is about to confound the cynics and achieve successful commercialisation. At the same time, the arrangement by which milk prices were fixed by a committee representing producers and pro- cessors was replaced by a system of regular wfflt auctions.

A mal- functioning capitalist procedure was substituted for a discredited socialist one. The saleroom, auction is in many ways the epitome of market forces. Each of ns has. In a procedure which combines elements of the casino and the ballot box, the auc- tioneer knocks the picture down to whoever values tt most highly.

What he pays is only slightly more than the picture is worth to the second- highest bidder. The seller there- fore gets less than the maximum he might have hoped to extract But it also means that the auc- tion design has a property which economists have termed incentive compatibility. That means that it pays yon to bid honestly, in accor- dance with your true preferences. So long as afi the bidders behave independently - and that is a very important caveat - than is not much to be gained by strategic bidding behaviour.

Another common type of auc- tion - the sealed bid auction, in which each bidder puts a figure on a piece of paper in an envelope - does not have this characteristic of incentive compatibility. After all, she wants to pay just enough to get the picture, not to stump up the limit of her valua- tion. The bid therefore depends, not just on your valuation, hut on your assessment of what other bidders will do. But that assess- ment will usually be wrong. The picture will not necessarily go to the person who wants it most, but may go to the most successful player of the auction game.

So the sealed bid auction will not necessarily raise more than the saleroom auction. The sale- room auction attracts honest bids, but does not try to extract the last pound of flesh. The sealed hid auc- tion does try to get every bit of flesh, and in consequence does not attract honest bids. They bid differently because each has a different assessment of tiie block's oil-bearing potential.

Sometimes your geologists overes- timated the amount of oil that was likely to be there, sometimes they underestimated. The blocks yon won were the ones where your geologists had made much higher estimates thaw any- one else. Too often, the auctions yon won were those where your geologists had screwed up. You adjusted your bid- ding to what you thought other companies were doing: The auc- tion system became less efficient, as a means of allocating explora- tion rights to the most suitable mmpany and as a way of obtain- ing revenue for the government. It applies to almost any commercial auction process.

It was common tn the early stages of contracting out of public services. To be sure, the public authority often got some very tow bids: And the whiner's curse is a rea- son why many mergers, acquisi- tions and alliances disappoint Before you congratulate yourself too much on winning that foreign contract to run the local water supply or operate their power star tion, ask yourself whether your bid was actually better than any- one else's, or just higher. And when you think that an American acquisition looks attrac- tive. The milk auctions have not worked because the auctions sys- tem devised was not incentive compatible.

The television fran- chise auction did not work because it cost too much to bid for there to be an adequate number of players in the auction. There is more to Imple- menting market reforms than is provided by ideological slogans, or can be learnt from an unread copy of Adam Smith. To introduce a market, or to be an effective player in one, you need to under- stand how markets actually work. Telephone; The principal features include: Co mpl y Rome Combes. Schools Efc Multi Skill Capability. Re tit e m cnt. For further tnfuuutrtkm or to advertise ki this section please contact Metafile Milas Teh Fax: Massachusetts , far the purpose of detotreMng: CZ whether the wte r this itigatantlKMH be dsraissad on the martis with prejurtice as to Defendants ss set forth In the Ag r eement of SetOement dted July 1, L or me vrith the Oout under rehfcft PteWBs aid the CImb taffi refuse Mr efalme against Defendants and 3 the re as onableness of the s ppB cation of ooaiaal far Ptatotifle and the Ctoes far the payment of at to rney s ' fees and rasnbusement of coots and expenses incurred in connection sfh the Btigstion.

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The propo se d settlement provides far the paymert by D e f endan ts, far the beneS of the Ctass, of , plus any Merest earned thereon. PtaMW counsel writi seek legal fees of onethbd of Ms find SI 77, , together wth the rebitenement of e x p en s es of S New Yak , Attention Norris D. Please do not contact the Court or the Qalfl office. Cyprus, the liquidator of the said company, to come is and prove their sold data or claims at sach time rod piece at rfrea be Specified in sneh notice, or In default thereof they win be meksfed bum dm beoefii of any distrib uti on mrelc before andi defats arc prewed.

Such claims should be Qed with the Trutfeerf P. Customer cUmsnriB be deemad Bad ordywfoen received by foe Trustee. Customers who do not receive such forms wittrin seven 7 days from 8m date ofWs Notice may obtain them by writing to theTnoteaai to address shown above. Afl such claims wB be deemed Bad only whan received by tha Trustee.

Fatiure to attend the ineeting wB not aSsct the right of customers to aval themsafeasor tin protections afforded to timrn under SPA or of cracStore to file prrcfe of claim wdh foe Trustee. One Booting Green, New York.

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In the last few weeks TQnpleton has clam- bered on board, sponsoring the movie version of Der Rosenkacalier, with full orchestra. For most, the opportunity for cor- porate entertaining at their spon- sored event is the key attraction, and the range of festival activities - large and small, theatre and rfanm , music and opera - is also appealing.

One new sponsor has intimated that it is only taking part because this is the 50th festival and the progra mm e is particularly strong: A new feature far sponsors this festival is the Proscenium Clnb. One company, NEC, has ordered 1, such cards. Last year Duval toyed with arts sponsorship, linking TAG Heuer with a William Turnbull exhibition at The Serpentine Just for the dev- ilry of using a sports watch to spon- sor an adventurous arts event, and dipping its feet into the London Jazz Festival with Oris.

The aim is to malm the festival comparable with Montreux and New Orleans. The Idea is that an educated, sophis- ticated, male jazz audience would identify with a traditional, mechani- cal and authentic watch. The latest success has been the launch of the new Earth Galleries, which have filled the space once occupied by the Geological Museum, and now part of the Natural History Museum.

Companies feel good about Investing in museum projects which reflect their business. The Natural History Museum also got Elm from BP for its ecology gal- leries and the same from Ronson for the revamped dinosaur gallery, although given the subsequent fate of Gerald Ronson this carried a cer- tain irony. Although presented in rolling Sussex, When toe are Married is loaded firmly on Kelly's familiar turf of the West Riding of Yorkshire, in a turn -of-th e-century smaB town where municipal and church office often coincide and where the officials in question con- gratulate themselves not on presenting the best Messiah among the local pre-Christmas offerings, but the first JJ3.

In this case, la-di-dah south- erner Gerald Forbes Chris Lar- kin , the chapel or ganis t, turns up on the silver wedding anni- versary of three such couples with the bombshell that the parson who married them was not authorised to perform wed- dings: At this point a reviewer is hard-pressed to avoid descend- ing into a litany of name checking, since the cast is com- posed almost entirely either of actors instantly recognisable or familiar faces to whom not everyone can match names.

The other two couples are each composed of a pompous, hectoring partner Roger Lloyd Pack and Dawn French respec- tively and their timid, put- upon spouse Annette Badland and Paul Copley - in each case,' the worm turns to deliver a few borne truths.

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As bibulous, elderly York- shire Argus. Leo McKern is a bit of a disappoint- ment although his timing and characterisation are well in place, years of stage and screen rumbling combine with the requirement of acting drank throughout to reduce his voice as often as not to a semi-intelli- gible gurgle. All-star productions seldom equal the sum of their parts, but When toe are Married strikes a keen balance between delineating individuals and providing strong ensemble scenes, and in particular Kelly orchestrates the free-for-all arguments in the play extremely well.

Akuuii Muir Big-name centrepiece: Aspen Festival feast on the green slopes from its silver-mining heydays Aspen is making a praisewor- I t is not necessary to ski at Aspen pop. Instead, when the slopes are green and wild- Qower-strewn, you can go to the Aspen Music Festival It was founded in , and its concomitant Music School two years later - at the same timE as the Busch-Serkin Marl- boro festival. But the Aspen school casts its net widen plenty of young professionals come, but also younger stu- dents, of whom the best are drafted into the Aspen Festival Orchestra the principals are mos tly established pros.

The festival menu offers a substantial feast Besides the lectures, master classes and open rehearsals, there are orchestral concerts In the Music Tent which seats 1, people with others camped on the lawn outside, chamber music in the Harris Concert Rail opened in When the silver boom collapsed, the town dwindled from 12, souls to a few hundred; it took until , when the first chair- lift tor skiing was installed, far the revival to begin. Now the smart boutiques and eclectic restaurants of any interna- tional resort are dovetailed among the friendly old houses and shops, still surrounded by the splendid, unspoiled moun- tains.

There are brusque, unpre- dictable thunderstorms. I heard David Robertson con- ducting the Festival Orchestra in a fine performance of Stra- vinsky's Petrushka original version, huge orchestra until the final few minutes, when the r ain po unding on the canvas roof drowned out every- thing. When the clarinettist Joaquin Valdepenas joined them for the great K.

I should love to hear him do it again at the Wigmore, and anything else he might care to play. At Aspen, with Torke him- self again conducting, the text rather lost out Not the fault of the excellent student princi- pals - Alfred Walker ID, Sarah Turner and particularly Scott Wyatt - nor the raunchy schoolkids, and Anne Patter- son's designs looked good: A good fry, though, and quite a lot of fun.

Having been inspired by the Apollo li moon landing as a child, the composer John Pickard became fascinated with the idea of man in space and hit upon the myth of Icarus as the subject for an airborne orchestral piece. Essentially this is a minute Strauss ian tone-poem, written for a huge orchestra and exhibiting a flamboyant taste for pounding timpani and rocketing brass fireworks.

As a concert opener, it provided an exciting lift-off. The rest of the BBC National Orchestra of Wales's two con- certs under Mark Wiggles- worth, its new music director, inevitably sounded fairly earthbound by comparison. Each featured a concerto with a soloist from the younger gen- eration. There is nothing stolidly Teu- tonic about Hough's playing. The andante sang with elo- quent grace; as fluent as a be] canto aria; the central parts of the scherzo and finale flickered with scintillating brilliance.

Where other pianists struggle over pages of semiquavers. Hough darts by with dexterity and finds time to be expres- sive, too. In the heavyweight sections he did what he had to, though those carried less con- viction. Ste- ven Isserlis did not try to match the biggest perfor- mances of Shostakovich's First Cello Concerto. A huge shadow looms over this work thanks to Rostropovich, who used to attack the music as though going single-handedly into bat- tle against the entire Russian army. Isserlis does not see it as a combative concerto like that.

He played the outer move- ments with a keenly sprung sense of rhythm that was almost jaunty. The slow move- ment was very strange, blanched and without vibrato. It sounded out of tune. The performance was not always well balanced brass hanging heavy in the texture too much of the time but succeeded in finding the right late romantic swell of emotion by the end.

Multimedia stations display an encyciopeetfia of facts from a century of film. Winslow Homer and His Contemporaries: From Schiele to Wofruba: Works by Thomas Dewing and Dwight Tryon: The focus of the exhibition is the Freer Gallery of Art's collecting habits and aestheticism in tum-of-the-century America. This museum holds the world's largest col lection of these artists' works: Collaborative Prints and Presses.

For three decades the collaborative printmaking workshop in the US has had a significant impact on visual art Ninety works on paper, created by artists in collaboration with more than 35 printers, provide an overview of this development in contemporary art; to Aug 4 Listing compiled and supplied by Artfiase The International Arts Database, Amsterdam, The Netherlands. But their hopes were over- turned. The wrangle over Target is striking because it is the first firm example of how British businesses could be penalised if the UK stays outside Emu.

It has started to provoke reflec- tion in some business circles about the broader risk of dis- crimination if the UK is side- lined in Europe. Euroscepticism contin- ues to be voiced among some business leaders. Even many pro-European companies ques- tion whether monetary union should proceed as planned in And business leaders wor- ried about the wisdom of the UK opting out of the single currency are reluctant to speak out - not least because the issues appear confused.

At worst UK- based banks might find it harder than their continental competitors to borrow euros through Target for trading. This could hobble London's hopes of creating a euro money market, even though the City is Europe's financial capital However, this disadvantage for London might be offset if the Emu area imposed tight regulations such as require- ments on banks to bold mini- mum. Since Lon- don does not have such reserve requirements, it could be attractive as an o Ashore centre for euro trading - even if it does not become a primary money market Although these consider- ations mean it is too early to conclude what the broader impact of the Target wrangle cm the City might be, the epi- sode has provoked unease.

Highly technical and complex issues such as pay- ments systems are now the real battlegrounds in the run-up to Emu. And although Target has been the first flash- point, any loss of influence as a result of staying outside Emu could possibly affect UK sectors Other than hanking. UK exporters already selling goods freely in EU markets believe it is highly unlikely that single market legislation would be reversed. But some companies heavily exposed to EU legislation are uneasy about the potential loss of influence. For example, the chemical industry is one of the few sec- tors of British business which strongly wants the UK to join Emu.

As Mr Bryan Sanderson, head of BP Chemicals points out, s ome 8 0 per cent of legisla- tion affecting the chemical sec- tor now stems from Brussels. Sir Iain Vallance, ch a i rman of British Telecom- munications. British American Tobacco, which plans to expand its financial services interests in Germany, admi ts it is alarmed. Russian tastes westernised, but still sweet on home-grown products western watch.

For colour From Professor Richard Rose. While there is a demand from some Russians for some western goods, others prefer Russian goods. Belzec, Auschwitz, Trehlinka and many other places of Nazi atrocities were in fact German concentration camps in occupied Poland.

Sir, I am disappointed by all the articles criticising the Olympic Games in Atlanta. The media is looking for every possible negative issue. The games are about strength and goodness of the h uman spirit, not negativism. Every country that hosted the had its problems and share of complaints, but what bothers me is the accusation of Americans being jingoistic. I saw a lot of flag-waving at the Olympic television, the position is reversed: In short, they are just the sort of people who might From Mr J.

It is true that the value of keeping options open on Emu participation at the outset will diminish, and the value - with regard to the business practicalities - of a definite decision will increase, as approaches. But we believe there is still some value in Games in Lfllehammer in Norway, and I thought it was terrific. Americans are some of the most oithusiastic supporters of their athletes. Americans also cheer their favourite athletes from other countries - 1 am me of than. With regard to the bombing in Centennial Park, it was a tragic incident which brought back the memory of the tragedy at the Olympic Gaines in Munich.

Howeyer, most read the Financial Tunes. While Dostoevsky is dead, the traditional Russian division between westemisers and Slavophiles can still be found, whether the subject is consumer behaviour or voting behaviour. In our oral evidence to the committee, we mad e clear that a decisive announcement with respect to Emu entry was not necessary yet, and probably not until sometime late in In the meantime, however, it is important that discussions on the practical issues of the transition are p ushed ahead, so that the option to join at the outset does not disappear by default The CBI intends to play a full part in pushing forward work on that topic.

Adair Tamer, director-general, Confederation of British industry. I hope they remember the spirit of the games and strength of human spirit when it comes to resolute protection of freedom and the remarkable resilience when it is threatened. July 30 has himself confused the issues and been sidetracked. Regulators can't be expected to tell companies bow to run their business. There is always room for improvements in the light of new experiences or developments.

Your certainty is impressive, your statistical proof less so. Inconvenient though it may be, the choice between life and death involves rather more metaphysics than does stock market analysis. Strategies talks exclusively with Nestle Chairman - Helmut Maucher - and asks him how Nestle will develop in the next millenium. Sponsored by There is only one American Express.

Bet, like the diffi culties of the results system, the official Internet service has had problems. Some users complain the results, whe n available, are hard to under- stand, difficult to find, and often updated late. Fred Mcneese, IBM spokesman in Atlanta, admit s the system has had problems, with statistical data com- ing from the same troubled source as provided to international news agencies.

IBM expected an enormous level of demand, with the mainframes designed to cope with at least 10m visits a day, but despite powerful mainframe computers in Europe, Japan and the US, users are fre- quently placed in a queue. Mr Mcneese says late and inaccu- rate results can often be blamed on officials at the venues pressing the wrong buttons, or on communica- tion problems. But the IBM site has also been slow at providing basic news. It may be able to exploit the Internet to the full in , when it runs the official Winter Olympics web site from Nagano, Japan.

Negotiators -have already missed their original deadline of June 28 and hopes that they would coocftale fills wedc after a month's break have- been does not table for total. Erector of -foe 'US -Arms Con- trol ami TUiamttawiwtt Agency, told a plenary session of the ffisa nnmntaC 1 "The most probable result of farther negotiation is to doom this US- officials said the pact would. The latest obstacles to agree- ment came on top of India's threat to veto the pact The draft stipulates that 44 states must ratify fhe accord.

Pakistan says it will not endorse the treaty without Countries supporting the draft treaty are considering bypassing any veto by sending it directly to the UN general assembly with a sponsoring resolution. However, this is seen as a last resort since India and oth- ers could put down amend- ments to the resolution and try renegotiating the treaty in the wider forum.

A joint conference will determine the final figure, which will obviously he between these two figures and therefore at least m less than the administration wanted. But tbevatft majority of IDA fending goes to countries with per capita incomes of or less. The Bank also has m accumulated from previous years' earnings which were retained for future allocation. This is barely different from the Palestinian lawmakers meeting in fhe West ftanfr fifty rtf B ethlehem Mr Mahmnnrt Jumayal, 26, died from torture.

They demanded an to h n w um ri ghts abuses Nablus is home to more than , Palestinians. About 1, Palestinians marched in a demonstration denouncing the PLO security force believed to be responsible for his death and paying tribute to Mr JumayaL Palestinian nffiriafa kept policeman off the streets to avert a confr ontatio n with the dem o nstr ato rs. Algeria, France try to ease tension By Route Khalaf fin London Algeria and France will hold a serious dialogue on a wide range of issues, Mr Herv6 de Cbarette, French foreign minis- ter, said yesterday at the end of a two-day visit to Algiers.

After meeting Mr Zeroual yesterday, Mr de Charette said the two countries would hold a series of ministerial meetings and he invited Mr Ahmed Attaf, Algerian foreign minis- ter, to visit Paris. Relations between France and Algiers have suffered since the e r u ption of the con- flict pitting Tgiauitr militants against security forces. The conflict spalled over to France last summer in a spate of bomb attacks blamed on Islamic extremists.

Seven French monks were killed in Algeria in May. Among issues in dispute are a French decision to shift Air Algerie flights to a special ter- minal at Paris' Roissy-Charles de Gaulle airport on security grounds. Algiers sees this as discriminatory. It is dear, simple, recognised by the whole world.

All they need to say is [they] are ready to implement resolu- tion They only need to make a statement of one line. He did not say whether this meant disarming Hizbollah, the shfa mllWn fighting Israeli occupation. If occupation aided, so would the resistance. Any decision to rein In Hiz- bollah, however, would depend on Syria, which licenses Hiz- bollah actions in part to press its own peace conditions with Israel. Damascus demands the return of the Golan Heights, ruled out by the new hardline government of Mr Beqjamin Netanyahu.

Throughout five years of stop-start Israeli-Syrian negoti- ations, Syria has publicly rejected secret talks, and InsMpri on US mediation. Mr Hariri said yesterday that fhe direct costs of April's day conflict in southern Leba- non were m, while the indirect costs could not be cal- culated. But he said work to repair the damage was prog- ressing, and the fi ghting had not stemmed private invest- ment flows into Lebanon.

The Lebanese premier said parliamentary elections starting on August 18 would encourage Investment by pro- viding further evidence of a functioning democracy. The parties hope to set a date for an international donor conference on aid to Lebanon, possibly later this year. With a site area of , square fed and a development potential of 2. C nndtown zoning permits office, residential, retail, hotel, or emertaimnent uses.

Met ro politan Transportation Authority Charles A. Mr Peter Carl, the EU observer at tbe talks anx- iously awaited a decision on whether European companies would be allowed to partici- pate. EU semiconductor manufac- turers maintain that they have lost out as result of the US-Ja- pan semiconductor accord which expired on Wednesday. When tbe accord was first negotiated, tbe US suggested that the pact would be advan- tageous to all manufacturers in gaining access to the Japanese market, yet the EU market share of about 1. Japan has been pushing for the formation of a world semi- conductor council to include the EU and.

The US has consistently resisted a such a multilateral deal and said that the EU could join only if it agrees to lift its tariff on semiconductors. EU commis- sioner for trade, said the EU will block further negotiations on an international technology pact if it is left out or a semi- conductor agreement Following the missed dead- line. The two sides were bickering over whether or not market share data collected by the industries in both countries could be interpreted by the governments as an indication of market openness. For KLM lower income and for the travel agent lower commission because of the lower tariff for reserving the tickets.

A KLM official said: That case, involving abuse of market dominance In packag- ing machines and cartons, took the best part of a decade. Mr Hajl-Ioannou admitted he was losing money on the Amsterdam route, which its Boeing s fly three times a day in each direction. Revenue targets out of London, where the price war baa not been as acute, were satisfactory but EasyJefs ability to sell in tbe Dutch market had been impaired. He indicated that EasyJet could maintain tiie route for at least six months bnt added: Brazil increased motor vehicle impart tariffs from 32 per cent to 70 per cent in March Since December, manufacturers operating in the country have been allowed to Impart vehicles at tariffs of 35 per cent Japan and the EU say this discriminates against other manufacturers.

The US and South Korea have also objected to the tariffs; diplomatic sources said the two countries were expected to lodge gimllur complaints at the WTO this mouth. Brazil's trading partners have rejected an offer that would allow vehicle manufactures not based in the country to import 40, vehicles in the next year at the 35 per cent tariff. He said Brazil's vehicle imports from all countries were "at a virtual standstill" this year, after imports of about , vehicles in the first half of If the bill passes the Senate, as expected, it will remove Mexico's threat to bring a potentially embarrassing com- plaint against the US tuna embargo to the World Trade Organisation.

The bill follows agreement by governments in the region - an area of more than 5m square miles stretching from southern California to Chile - to institute reforms to keep dolphin from being killed in the circular mile-long nets used to catch tuna. The agreement, reached last year in Panama, was signed by 12 nations: Belize, Colombia, Costa Rica, Ecuador. Panama, Suez bridge contract signed — The Egyptian National Railroad Company has signed a contract with an international consortium to build a bridge over tbe Suez Canal, connecting the Nile Delta with the Sinai Ihe cons ortium, led by the German Krupp Stahlbau Hanno ver, includes Besix of Belgium and Orascom of Egypt The bridge is to be used by both road and rail traffic, mavinp the metre structure the world's longest dual usage bridge.

Located km north-east of Cairo, the bridge will Unk the Egyptian railway network to the Sinai. It will also provide a road link between tbe border town of Rafah. It is expected to be completed In Cairo Siemens wins Indonesia deal An estimated Venezuela and the US. The US lost an earlier case against the ban. The decision enraged many envi- ronmentalists.

An estimated , dol- phins a year we re being killed until the US ordered American fisherman to stop using the huge circular nets and ulti- mately banned tuna imports from countries where the prac- tice persisted. Ibis would be changed under the new legislation. They favour two other tuna fishing techniques.

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Groups in favour of the act say dolphin will continue to be protected as much as passible. Vice president A1 Gore has pushed the act through Con- gress. He has waned that pro- posed arnenr lm p. Siemens of Germany has won a contract worth more than DMSOOm m to add over , telephone lines to the telecoms ne two r k in eastern Indonesia over the next three years. Indonesia has I90m people but just 2. The company, which completed the metro's 16km first stage in , will construct a 14km line and supply 35 six-wagon trains.

The new line will carry 40, passengers an hour to each direction. Designed to attract more foreign visitors to the country, the nativity complex stands as a garish monument to aesthetic miscalculation. Built partly with funds from the department of tourism, the village has not proved a hit with overseas tourists although the theme park has struck more of a chord among Filipinos. For some, though, the days-a-year Christmas village, which, it was hoped, would highlight the country's Catholic heritage in non-Chris- tian Asia, symbolises the Phi- lippines' failure to attract tour- ists to large numbers.

What they should be doing is promoting things like eco-tourism and the friendliness of tbe people. Arrivals have grown by 20 per cent since although most Where the Philippines' tourists come from More to the point, visitors tend to stay longer and conse- quently spend more in the Phi- lippines than in most neigh- bouring countries. What we want is to attract more high-spending vis- itors both for tourism and other sectors like conferencing and b usiness seminars. As the largest Industry in the world and potentially one of the biggest in the Philip- pines - In tourism accounted for 3 per cent or Philippine gross domestic prod- uct - the government says it attaches high priority to devel- opment of the local tourist industry.

With a budget this year of just over lbn pesos m. For many, the tourist mas- terplan is at best only a partial success. Here we are lucky to get 10 per cent," said Ms Mina Tanchi, a tour operator and former presi- dent of the Asean Association of South East Aslan Nations tourist association. What sort of road policy is that? The road journey from Baguio, the near- est airport to Banaue, takes almost as long. By contrast, the deregulation of tiie domestic airline indus- try last year is expected to improve tbe convenience of air travel in the Philippines. Only Cebu, however, a popular resort destination for Japanese tourists, can so far boast a regular international connection.

On the other; it is a hushed environment that silently whisks you to your destination as It cossets you with everything from a heated steering wheel to a W CO system offering you the acoustic profile of a cathedral orajazzeiub. In short, It is different from every luxury car you may have sat In because it regards the driver as a functioning; component of the car A levs! But Sir MicfcaB] Bishop, the airline's chairman, -said the appointment of Mr Turner did not result directly from the report or the fine at Luton Crown Court but followed a review of operations after the incident He said British Midland was follow- ing the trend In the aft-hue industry of placing responsibility for engineering and maintenance in a separate organi- sation.

Mr Turner will be responsible for all the airlines ' controlled by Air- lines of Britain Holdings, the com- pany that controls British Midland. He previously worked for JRntieBoyee, where he was dhrector of the civil aero engines busi- ness. The report praised the British Midland flight crew and air traffic controllers for their prompt action in malting an emergency landing at Luton Airport after the captain noticed that the oil had drained from both engines of the Boeing It called for changes in British Mid- land's approach to maintenance and reco mmended changes in the way the Civil Aviation Authority monitored airlines.

It said the CAA, which is increas- ingly delegating responsibility for safety to airlines, had foiled to iden- tify the lapses at British Midland. It stated that understaffing of the night main- tenance shift had been commonplace at the airline. On the night that the engine inspec- tion was carried out, there were two licensed inspectors on duty instead or the six that should have been avail- able. The airline said it bad taken on additional maintenance staff since the incident and had also recruited a new senior technical executive from the CAA nine months ago.

Mr Brown said be would give more details about the windfall tax on the privatised utilities in a keynote speech in September. But a senior Labour official said: Labour claims Porterb r ook may be the first of a number of rafl businesses to be sold at a large mark-up on the privati- sation price. Mr Brown, speaking at a Westminster news con fe rence, said: Mr John Swift, the rail regu- lator, has launched a review of the competition issues of a train operator acquiring a train leasing company, and has waned the sale may be referred to the Monopolies and Mergers Commission.

The Maersk Dorset is to be. Maersk Dorset is the sixth FPSO contract in which the Tyne has played a role and this time the river the lion's s hare of the work. FPSOs, a fusion of shipyard and oil industry technology which offer a flexible, movable means of tapping mar gi nal field reserves, are among the most promising new opportuni- ties to emerge from tiie inter- national ml and gas industry.

Chris Tighe Factory activity strengthens again By Graham Bowley and Robert Chote Manufacturing activity strengthened again in July for the second month in a row as new orders rose to the highest level since March , a sur- vey showed yesterday. It confirmed manufacturing was now recovering after recession earlier this year thanks to rising consumer demand but suggested the recovery may be gradual rather than tminraiiate.

Companies laid off staff for the thir d month in succession. And price competition among suppliers caused the sharpest decline in industrial goods prices since the survey began in The subdued inflation out- look and the sluggishness of the manufacturing recovery suggests the door may still be open for Mr Kenneth Clarke, the chancellor of the Exche- quer to make another cut in interest rates in spite of the current strength of consumer spending.

Forecasters at the London Business School said that eco- nomic growth would accelerate to an annual rate of well over 3 per cent next year, with con- sumer spendin g strengthening, exports picking up and con- struction recovering. But the LBS added that the interest rate increases needed to keep infla tion in check would slow the economy's expansion in and It accepted a claim by administrators of Barings employed by the accountancy firm Ernst and Young, that they were first in line for the cash, returned to Baring Futures by the Simex futures exchange after the collapse.

However, liquidators of Baring Futures in Singapore are pursuing separate legal claims. These payments were made to ensure that it was allowed to restart operations in Singapore. However, Ernst and Young argued in court that ING Barings was not a conventional creditor of Baring Futures because of the terms of the acquisition, under which it was ring-fenced from taking on Baring Futures' liabilities.

He warned in a letter to the group that their application for judicial review could cause damaging confu- sion as approval was sought for the recovery plan by the August 28 deadline. PNAG members were "very significant beneficiaries or the settle- ment," he said. Meanwhile, votes by the Merrett and Cuthbert Heath Names associations indicated overwhelming support Ralph Atkins. The optimistic forecasts are underpinned by strong indica- tions of returning confidence among private buyers. Their absence had contributed significantly to the poor profitability of many carmakers and declining margins among distributors.

The industry is in talks with the government on a substitute registration plate system which would distribute sales more evenly throughout the year. The regulations were described by the DTI as the minimum needed to protect participants without harming legitimate enterprises such as catalogue agencies.

The return of pyramid schemes was Illustrated by the recent court actions against the Titan Business Club, a money circu- lation scheme. Titan Was closed by the High Court last month after a senior judge ruled it an illegal lottery. Such money-circulation schemes are guaranteed to result in losers, the DTI argues. Now there are further plans to move staff to satellite offices in schools, libraries and leisure centres.

The aim is to free enough office space to sell two city centre properties to developers. The capital receipts could be used for alternative projects. This left prices 5. It also suggests there Is some foundation to fears expressed by other Greek shipowners - who have issued veiled threats that they may desert the Lon- don market - that the tax authority is interested in more than just Mr KoHakis.

This allows the hire charge for ships to escape UK tax. A lawyer in Greece said this week: S uch arrangements, both in Greece and London, are designed by governments to accommodat e shipowners. The ships are manag e by another offshore company, which has a branch in Piraeus.

Mr Kollakis has at least 20 vessels, mostly bulk carriers and ships which carry refriger- ated cargoes, with an average age of above 2D years. M It always has glowing commercial prospects 20 years in the future. A fuel cell delivers electrical power from a chemical reaction, like a battery. The difference is that the reactants are built into a bat- tery: A fuel cell has no stored chemicals - it will keep going for as long as reactants are fed into the cell.

Two developments earlier this summer highlighted the progress being made. The experi- mental Necar II vehicle - based on the new Mercedes V-class - is a huge improvement on its predeces- sor. That was a van in which the whole inte- rior was taken up by the fuel cell and various drive components.

Daimler-Benz has also devoted considerable resources to develop- ing battery-powered electric cars in anticipation of pollution controls that are expected to penalise inter- nal Combustion anri diesel FTt ginen in the next century. The first generation of mobile fuel cells wall run on one of the simplest chemical reactions: Hydrogen reacts with oxygen from the air to form water. Sir William Grove discovered the fuel cell in when he switched off an electrolytic cell and noticed current flowing in the opposite direction.

The hydrogen fuel can be stored in a tank under pressure - as in the experimental Mercedes car - or it can be generated in a unit called a reformer, from fuels that are avail- able more widely such as methanol or natural gas. Several high-temper- ature electrolytes are being devel- oped for use in stationary power plants, including phosphoric add. But the best system far vehicles is the proton-exchange membrane PEM which operates at 8YC - the temperature of a conventional car engine. This has a thin polymer plastic membrane coated with a platinum catalyst to speed up the reaction.

PEM cells were used by Nasa, the US space agency, to pro- vide electricity and water for Gem- ini spacecraft in the s. But their development over the past tterarfp has been led by Ballard, a Canadian company based in Vancouver, in partnership with Johnson Matthey, the UK catalyst manufacturer. Daimler-Benz uses Ballard fuel cells in its experimental car.

The Canadian company says its first commercial product - with a projected launch in - win be a heavy-duty fuel cell engine for urban buses. This will be demon- strated in the US later this year when the Chicago Transit Author- ity takes delivery of three buses with Ballard engines. The authority says that if they work well it will consider converting its whole fleet of 2, buses to fuel cells. One feature of fuel cell research is the complex network of corporate alliances - a result of public fund- ing programmes which insist on col- laborative arrangements.

Georg Frank, a fuel cell researcher for Hoechst, says his company is working on new materi- als for the cells The membranes used today are made from expen- sive sulphonated fluoro-polymers. Hoechst is developing aromatic polymers that would be far cheaper to mass-produce. Frank Bilstein, project manager, says costs still have to iall by a factor of SO for fuel cells to become fully competitive. Hydrogen is the most attractive fuel, technically and environmen- tally, for fuel cells.

The only exhaust it produces is water. And widespread use of a potentially explosive gas could cause safety concerns. Evans believes that genuine com- mercial sales of fuel cells - as opposed to government- subsidised installations - will begin in , starting with phosphoric add cells for stationary power gen- eration and followed quickly by other types.

It seems that, years after its discovery, the fuel cell is about to confound the cynics and achieve successful commercialisation. At the same time, the arrangement by which milk prices were fixed by a committee representing producers and pro- cessors was replaced by a system of regular wfflt auctions.

A mal- functioning capitalist procedure was substituted for a discredited socialist one. The saleroom, auction is in many ways the epitome of market forces. Each of ns has. In a procedure which combines elements of the casino and the ballot box, the auc- tioneer knocks the picture down to whoever values tt most highly. What he pays is only slightly more than the picture is worth to the second- highest bidder.

The seller there- fore gets less than the maximum he might have hoped to extract But it also means that the auc- tion design has a property which economists have termed incentive compatibility. That means that it pays yon to bid honestly, in accor- dance with your true preferences. So long as afi the bidders behave independently - and that is a very important caveat - than is not much to be gained by strategic bidding behaviour. Another common type of auc- tion - the sealed bid auction, in which each bidder puts a figure on a piece of paper in an envelope - does not have this characteristic of incentive compatibility.

After all, she wants to pay just enough to get the picture, not to stump up the limit of her valua- tion. The bid therefore depends, not just on your valuation, hut on your assessment of what other bidders will do. But that assess- ment will usually be wrong. The picture will not necessarily go to the person who wants it most, but may go to the most successful player of the auction game. So the sealed bid auction will not necessarily raise more than the saleroom auction. The sale- room auction attracts honest bids, but does not try to extract the last pound of flesh.

The sealed hid auc- tion does try to get every bit of flesh, and in consequence does not attract honest bids.


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They bid differently because each has a different assessment of tiie block's oil-bearing potential. Sometimes your geologists overes- timated the amount of oil that was likely to be there, sometimes they underestimated. The blocks yon won were the ones where your geologists had made much higher estimates thaw any- one else. Too often, the auctions yon won were those where your geologists had screwed up.

You adjusted your bid- ding to what you thought other companies were doing: The auc- tion system became less efficient, as a means of allocating explora- tion rights to the most suitable mmpany and as a way of obtain- ing revenue for the government. It applies to almost any commercial auction process. It was common tn the early stages of contracting out of public services.

To be sure, the public authority often got some very tow bids: And the whiner's curse is a rea- son why many mergers, acquisi- tions and alliances disappoint Before you congratulate yourself too much on winning that foreign contract to run the local water supply or operate their power star tion, ask yourself whether your bid was actually better than any- one else's, or just higher. And when you think that an American acquisition looks attrac- tive. The milk auctions have not worked because the auctions sys- tem devised was not incentive compatible.

The television fran- chise auction did not work because it cost too much to bid for there to be an adequate number of players in the auction. There is more to Imple- menting market reforms than is provided by ideological slogans, or can be learnt from an unread copy of Adam Smith. To introduce a market, or to be an effective player in one, you need to under- stand how markets actually work. Telephone; The principal features include: Co mpl y Rome Combes. Schools Efc Multi Skill Capability.

Re tit e m cnt. For further tnfuuutrtkm or to advertise ki this section please contact Metafile Milas Teh Fax: Massachusetts , far the purpose of detotreMng: CZ whether the wte r this itigatantlKMH be dsraissad on the martis with prejurtice as to Defendants ss set forth In the Ag r eement of SetOement dted July 1, L or me vrith the Oout under rehfcft PteWBs aid the CImb taffi refuse Mr efalme against Defendants and 3 the re as onableness of the s ppB cation of ooaiaal far Ptatotifle and the Ctoes far the payment of at to rney s ' fees and rasnbusement of coots and expenses incurred in connection sfh the Btigstion.

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One Booting Green, New York. In the last few weeks TQnpleton has clam- bered on board, sponsoring the movie version of Der Rosenkacalier, with full orchestra. For most, the opportunity for cor- porate entertaining at their spon- sored event is the key attraction, and the range of festival activities - large and small, theatre and rfanm , music and opera - is also appealing.

One new sponsor has intimated that it is only taking part because this is the 50th festival and the progra mm e is particularly strong: A new feature far sponsors this festival is the Proscenium Clnb. One company, NEC, has ordered 1, such cards. Last year Duval toyed with arts sponsorship, linking TAG Heuer with a William Turnbull exhibition at The Serpentine Just for the dev- ilry of using a sports watch to spon- sor an adventurous arts event, and dipping its feet into the London Jazz Festival with Oris.

The aim is to malm the festival comparable with Montreux and New Orleans. The Idea is that an educated, sophis- ticated, male jazz audience would identify with a traditional, mechani- cal and authentic watch. The latest success has been the launch of the new Earth Galleries, which have filled the space once occupied by the Geological Museum, and now part of the Natural History Museum. Companies feel good about Investing in museum projects which reflect their business. The Natural History Museum also got Elm from BP for its ecology gal- leries and the same from Ronson for the revamped dinosaur gallery, although given the subsequent fate of Gerald Ronson this carried a cer- tain irony.

Although presented in rolling Sussex, When toe are Married is loaded firmly on Kelly's familiar turf of the West Riding of Yorkshire, in a turn -of-th e-century smaB town where municipal and church office often coincide and where the officials in question con- gratulate themselves not on presenting the best Messiah among the local pre-Christmas offerings, but the first JJ3.

In this case, la-di-dah south- erner Gerald Forbes Chris Lar- kin , the chapel or ganis t, turns up on the silver wedding anni- versary of three such couples with the bombshell that the parson who married them was not authorised to perform wed- dings: At this point a reviewer is hard-pressed to avoid descend- ing into a litany of name checking, since the cast is com- posed almost entirely either of actors instantly recognisable or familiar faces to whom not everyone can match names.

The other two couples are each composed of a pompous, hectoring partner Roger Lloyd Pack and Dawn French respec- tively and their timid, put- upon spouse Annette Badland and Paul Copley - in each case,' the worm turns to deliver a few borne truths. As bibulous, elderly York- shire Argus. Leo McKern is a bit of a disappoint- ment although his timing and characterisation are well in place, years of stage and screen rumbling combine with the requirement of acting drank throughout to reduce his voice as often as not to a semi-intelli- gible gurgle. All-star productions seldom equal the sum of their parts, but When toe are Married strikes a keen balance between delineating individuals and providing strong ensemble scenes, and in particular Kelly orchestrates the free-for-all arguments in the play extremely well.

Akuuii Muir Big-name centrepiece: Aspen Festival feast on the green slopes from its silver-mining heydays Aspen is making a praisewor- I t is not necessary to ski at Aspen pop. Instead, when the slopes are green and wild- Qower-strewn, you can go to the Aspen Music Festival It was founded in , and its concomitant Music School two years later - at the same timE as the Busch-Serkin Marl- boro festival. But the Aspen school casts its net widen plenty of young professionals come, but also younger stu- dents, of whom the best are drafted into the Aspen Festival Orchestra the principals are mos tly established pros.

The festival menu offers a substantial feast Besides the lectures, master classes and open rehearsals, there are orchestral concerts In the Music Tent which seats 1, people with others camped on the lawn outside, chamber music in the Harris Concert Rail opened in When the silver boom collapsed, the town dwindled from 12, souls to a few hundred; it took until , when the first chair- lift tor skiing was installed, far the revival to begin.

Now the smart boutiques and eclectic restaurants of any interna- tional resort are dovetailed among the friendly old houses and shops, still surrounded by the splendid, unspoiled moun- tains. There are brusque, unpre- dictable thunderstorms. I heard David Robertson con- ducting the Festival Orchestra in a fine performance of Stra- vinsky's Petrushka original version, huge orchestra until the final few minutes, when the r ain po unding on the canvas roof drowned out every- thing. When the clarinettist Joaquin Valdepenas joined them for the great K.

I should love to hear him do it again at the Wigmore, and anything else he might care to play. At Aspen, with Torke him- self again conducting, the text rather lost out Not the fault of the excellent student princi- pals - Alfred Walker ID, Sarah Turner and particularly Scott Wyatt - nor the raunchy schoolkids, and Anne Patter- son's designs looked good: A good fry, though, and quite a lot of fun. Having been inspired by the Apollo li moon landing as a child, the composer John Pickard became fascinated with the idea of man in space and hit upon the myth of Icarus as the subject for an airborne orchestral piece.

Essentially this is a minute Strauss ian tone-poem, written for a huge orchestra and exhibiting a flamboyant taste for pounding timpani and rocketing brass fireworks. As a concert opener, it provided an exciting lift-off. The rest of the BBC National Orchestra of Wales's two con- certs under Mark Wiggles- worth, its new music director, inevitably sounded fairly earthbound by comparison. Each featured a concerto with a soloist from the younger gen- eration.

There is nothing stolidly Teu- tonic about Hough's playing. The andante sang with elo- quent grace; as fluent as a be] canto aria; the central parts of the scherzo and finale flickered with scintillating brilliance. Where other pianists struggle over pages of semiquavers. Hough darts by with dexterity and finds time to be expres- sive, too. In the heavyweight sections he did what he had to, though those carried less con- viction. Ste- ven Isserlis did not try to match the biggest perfor- mances of Shostakovich's First Cello Concerto. A huge shadow looms over this work thanks to Rostropovich, who used to attack the music as though going single-handedly into bat- tle against the entire Russian army.

Isserlis does not see it as a combative concerto like that. He played the outer move- ments with a keenly sprung sense of rhythm that was almost jaunty. The slow move- ment was very strange, blanched and without vibrato. It sounded out of tune. The performance was not always well balanced brass hanging heavy in the texture too much of the time but succeeded in finding the right late romantic swell of emotion by the end. Multimedia stations display an encyciopeetfia of facts from a century of film. Winslow Homer and His Contemporaries: From Schiele to Wofruba: Works by Thomas Dewing and Dwight Tryon: The focus of the exhibition is the Freer Gallery of Art's collecting habits and aestheticism in tum-of-the-century America.

This museum holds the world's largest col lection of these artists' works: Collaborative Prints and Presses. For three decades the collaborative printmaking workshop in the US has had a significant impact on visual art Ninety works on paper, created by artists in collaboration with more than 35 printers, provide an overview of this development in contemporary art; to Aug 4 Listing compiled and supplied by Artfiase The International Arts Database, Amsterdam, The Netherlands.

But their hopes were over- turned. The wrangle over Target is striking because it is the first firm example of how British businesses could be penalised if the UK stays outside Emu. It has started to provoke reflec- tion in some business circles about the broader risk of dis- crimination if the UK is side- lined in Europe.

Euroscepticism contin- ues to be voiced among some business leaders. Even many pro-European companies ques- tion whether monetary union should proceed as planned in And business leaders wor- ried about the wisdom of the UK opting out of the single currency are reluctant to speak out - not least because the issues appear confused. At worst UK- based banks might find it harder than their continental competitors to borrow euros through Target for trading. This could hobble London's hopes of creating a euro money market, even though the City is Europe's financial capital However, this disadvantage for London might be offset if the Emu area imposed tight regulations such as require- ments on banks to bold mini- mum.

Since Lon- don does not have such reserve requirements, it could be attractive as an o Ashore centre for euro trading - even if it does not become a primary money market Although these consider- ations mean it is too early to conclude what the broader impact of the Target wrangle cm the City might be, the epi- sode has provoked unease. Highly technical and complex issues such as pay- ments systems are now the real battlegrounds in the run-up to Emu. And although Target has been the first flash- point, any loss of influence as a result of staying outside Emu could possibly affect UK sectors Other than hanking.

UK exporters already selling goods freely in EU markets believe it is highly unlikely that single market legislation would be reversed. But some companies heavily exposed to EU legislation are uneasy about the potential loss of influence. For example, the chemical industry is one of the few sec- tors of British business which strongly wants the UK to join Emu. As Mr Bryan Sanderson, head of BP Chemicals points out, s ome 8 0 per cent of legisla- tion affecting the chemical sec- tor now stems from Brussels.

Sir Iain Vallance, ch a i rman of British Telecom- munications. British American Tobacco, which plans to expand its financial services interests in Germany, admi ts it is alarmed. Russian tastes westernised, but still sweet on home-grown products western watch. For colour From Professor Richard Rose. While there is a demand from some Russians for some western goods, others prefer Russian goods.

Belzec, Auschwitz, Trehlinka and many other places of Nazi atrocities were in fact German concentration camps in occupied Poland. Sir, I am disappointed by all the articles criticising the Olympic Games in Atlanta. The media is looking for every possible negative issue. The games are about strength and goodness of the h uman spirit, not negativism. Every country that hosted the had its problems and share of complaints, but what bothers me is the accusation of Americans being jingoistic.

I saw a lot of flag-waving at the Olympic television, the position is reversed: In short, they are just the sort of people who might From Mr J. It is true that the value of keeping options open on Emu participation at the outset will diminish, and the value - with regard to the business practicalities - of a definite decision will increase, as approaches.

But we believe there is still some value in Games in Lfllehammer in Norway, and I thought it was terrific. Americans are some of the most oithusiastic supporters of their athletes. Americans also cheer their favourite athletes from other countries - 1 am me of than. With regard to the bombing in Centennial Park, it was a tragic incident which brought back the memory of the tragedy at the Olympic Gaines in Munich.

Howeyer, most read the Financial Tunes. While Dostoevsky is dead, the traditional Russian division between westemisers and Slavophiles can still be found, whether the subject is consumer behaviour or voting behaviour. In our oral evidence to the committee, we mad e clear that a decisive announcement with respect to Emu entry was not necessary yet, and probably not until sometime late in In the meantime, however, it is important that discussions on the practical issues of the transition are p ushed ahead, so that the option to join at the outset does not disappear by default The CBI intends to play a full part in pushing forward work on that topic.

Adair Tamer, director-general, Confederation of British industry. I hope they remember the spirit of the games and strength of human spirit when it comes to resolute protection of freedom and the remarkable resilience when it is threatened. July 30 has himself confused the issues and been sidetracked.

Regulators can't be expected to tell companies bow to run their business. There is always room for improvements in the light of new experiences or developments. Your certainty is impressive, your statistical proof less so. Inconvenient though it may be, the choice between life and death involves rather more metaphysics than does stock market analysis. Strategies talks exclusively with Nestle Chairman - Helmut Maucher - and asks him how Nestle will develop in the next millenium.

Sponsored by There is only one American Express. This is by for the most fre- quently asked question about the peace pro- cess in Bosnia. And can the countries con- tributing to the Ifor peace implementation force count on their troops leaving at the end of the year? The record after almost eight months of implementing the peace accord agreed at Dayton is a mixed one. Mr Radovan Karadzic, leader of the Bosnian Serb entity, has been pressed mtn handing over all formal public and party functions.

Not until Mr Karadzic appears in The Hague to answer war crimes charges can the full normalisation of rela- tions with the Serb entity begin in earnest. In the Moslem-Croat Federa- tion, the other entity in Bosnia-Hercegovina, tensions remain between the two com- munities, as Illustrated by the latest divisions over Mostar. The last remaining Catholic church in the Moslem strong- hold of Bugojno was recently the target for arsonists, and there has been a similar outrage against a mosque in Prozor, a Croat-held town. But the positive signs are there.

On Tuesday, the first train for 1, days travelled from Sarajevo to Mostar and on to the Adriatic port of Ploce - on lines rebuilt with Euro- pean Union money. It was her- alded by Mr Alija Izetbegovic, Bosnian president, as the sec- ond end of the Sarajevo siege. For all the inadequacies of economic policymaking and the slowness of international help, the cafes are opening, the forms are being cultivated and some factories are beginning to work.

The first signs of economic revival are visible. This is the most difficult and impor- tant part of the peace Imple- mentation this year - for more difficult than the separation of military forces and transfer of territory carried out by Ifor at the beginning of the year. Election campaigns inevita- bly stress what separates rather than what unites. The chances of the election dimin- ishing the influence of ethnic- based politics in the three communities in Bosnia- Hercegovina are approaching zero.

And if there is any change in attitudes, it is a hardening erf those which have driven the country to ethnic separation and ultimately war. The common institutions that win be created after the elections - presidency, parlia- mentary assembly, council of ministers, central bank, consti- tutional court, standing com- mittee on military forces - will weak only if there is a reason- able understanding between the three communities and the two entities. This requires a more or less common under- standing of the nature of the peace agreement.

Here, views are very differ- ent- On one side, there is the effort to interpret the agree- ment as a recipe for a unitary Bosnian state, with no real rote for the two existing entities. On the other, there is a ten- dency to see the Bosnian Serb entity as practically indepen- dent and its boundary as a state border. Neither of these Interpreta- tions is correct - the peace agreement sets up what is in essence a federal state.

It will be a very loose and highly decentralised state with weak central powers for its common institutions - and thus unlike any other state in existence. The centrifugal tendencies are obvious, and an occasions receive encouragement from Zagreb and Belgrade. It will thus require sustained interna- tional presence and pressure in the region to stop the Bosnian state from disintegrating during the first critical period of living together again.

As I made clear in my repeal to the UN Security Council, the involve- ment of the inte rnational com- munity must last longer the end of the year and extend beyond Bosnia. The French government has proposed a two-year period of consolidation, and the steering board of the Peace Implemen- tation Council, which I chair, has started to discuss the period after In Bosnia itself, I am seeking agreement for new all-Bosnia elections in September , thus, giving the country a two-year period to consolidate the peace and refine the national and Interna- tional structures to support it Such a period of consolida- tion must in all probability be supported by a military pres- ence in the county and the region - at least initially.

Ifor will leave at the end of the year, but on present trends a substantially smaller but very robust force will be needed to deter those thinking in terms of war again. This would not only Hpk the different parts of the area together, but also draw them into the long-term process of European integration. And it would give the EU mare power- ful leverage in Zagreb and Belgrade than now. In spite of all the problems. I believe the peace can hold, and the extremely ambitious goals of the peace agreement can be realised gradually.

But the challenges are enormous. What has been done so for this year has been simple compared to what lies ahead. It would be naive to believe that those involved in implement- ing the peace agreement can just pack up and go home at the end of the year. If we are lucky we will have made a start towards building a genuine peace - maybe not much more.

Nevertheless, that would be an impressive achievement after all that has happened to Bosnia ova 1 the four past years. The author is high representa- tive in Bosnia-Hercegovina. Some outside Brussels may not detect much difference in the level of activity. But a closer inspection of the Santer Commis- sion's record suggests there is more than meets the eye. It is true that this is a low-key Commission, cautious to the point of timidity, a shadow of its activist predecessors under Mr Jacques Delots.

That may be a bl essing in disguise. President Jacques San- ter's two conspicuous successes since he arrived in Brussels IS months ago concerned issues which his volcanic predecessor might easily have mishandled. Last year, he expertly defused the row over President Chirac's deci- sion to resume nuclear testing in the South Pacific. This year, Mr Santer played peacemaker in the panic over mad cow disease, refus- ing to isolate Britain while main- taining the pressure on a hostile government in London to accept responsibility for eradicating BSE. He had a good beef war.

Mr Santer has been less success- ful when be switched to offence. His plan to raise an extra Ecui. As a former finance minister, he ought to have real- ised that France and Germany would put a higher priority on meeting budgetary discipline ahead of the planned leap to mon- etary union in More telling was his failure to extract political capital from the action plan for employment he presented to the EU summit in Florence last month. Far from being a textbook in corporatism, the action plan is a thoughtful blueprint for tackling rigidities in Europe's economy.

But Mr Before was operating in a different era. The late s were a period of solid economic growth. Govern- ments had Spare Mah to han d over to Brussels. Last week, EU ministers actually cut the draft budget for Mr Santer understands these finanrijii constraints, just as he has grasped the political con- straints of the post-Maastricht eraJ Mr Defers overreached in his rela- tionship with the nation states now the Commission is paying the price. The adjustment for the Brussels executive is all the more painful because the Commission's role is changing rapidly from the role of initiator of grand legisla- tive projects to enforcer of law already on the.

In this respect, one of its chief tasks must be to police the single market and maintain the confidence of busi- ness and consumers in the project. This cer- tainly applies to the institution itself.