December 27, 1994

Michael Munize paced the windy sidewalks of the Fulton Shopping Mall in Brooklyn early yesterday morning waiting for the stores, any store, to open so that he could resume shopping for things, anything, now that this weird off-day for shoppers called Christmas was out of the way. "I'm thinking cologne," said Mr. Munize, a music-group manager, fresh from a 4:30 A.M. recording session with his hot new R & B group, Straif, and looking for something to buy. "And jackets, a nice new jacket. Once I have money in my pocket, I have to get rid of it, make myself feel good, look good."

Television and radio news, listings and advertising appear today on pages D9-10.

Along the banks of the Coa River in northern Portugal, in a spot where only shepherds' paths tell of the presence of humans, a prehistoric art gallery has been discovered on the rock face, setting off excitement, nervousness and accusations of a cover-up in the world of archeology. The images form an alluring parade of more than 60 animals, like bison, horses, ibexes and deer, and archeologists estimate that they were chiseled into the rock face with sharp stone tools 20,000 years ago.

CUOMO STILL AN ENIGMA AFTER 12 YEARS When Governor Cuomo steps down after 12 years on Saturday, he will bring to an end one of the lengthiest and most celebrated governorships in recent history. Almost as soon as he was elected, Mr. Cuomo was a national figure. He was twice a shadow candidate for President and was regarded by many as the most inspiring speaker in contemporary politics. Yet despite these achievements, there hovers about Mr. Cuomo the sense, predicted so long ago in his diary, that he has disappointed many. A1. A DAY TO SHOP FOR THE SHEER THRILL OF IT As much as yesterday might have been proclaimed a holiday of rest, throngs of happily incorrigible people paid tribute to it as the first shopping day of the rest of their lives. And retailers across the region awaited them with relief, for the early business measurements were that the pre-Christmas buying season this year was weaker than anticipated. A1. NEW YORK CITY

The Democrats have spent 60 years increasing the size and the power of the Federal Government, but as President Clinton looks for ways to pay for his middle-class tax cuts, he is turning to a tactic drawn from the Republican playbook: selling off some Government properties and functions and turning a number of agencies into private corporations. The strategy would gladden the hearts of politicians with whom Mr. Clinton shares little ideological kinship, including Ronald Reagan, who tried privatization and largely failed, and Margaret Thatcher, who as British Prime Minister was far more successful at turning Government agencies into private enterprises.

When Alliant Techsystems Inc., one of the Pentagon's biggest suppliers of munitions, signed a contract with Ukraine last year, the company believed it was on the fast track to making money out of the end of the cold war. Transforming large quantities of unwanted conventional weapons for civilian uses looked like the wave of the future for Alliant, which is based in Hopkins, Minn., and until four years ago was a part of Honeywell Inc. Alliant makes weapons ranging from torpedoes to cluster bombs, but like other American military contractors, it faces declining orders.

Perhaps more than any other street in America, Wall Street has come to represent a concept beyond itself. As a synonym for big business, it has lent its name to movies, television shows and a national newspaper. But these days, the large brokerage houses that once lined Wall Street and its cavernous side streets have spread far and wide in Manhattan, a reflection of how the area south of Chambers Street is no longer the dominant financial services center it once was. With aging buildings that cannot accommodate huge computers, and a declining need for financial companies to be near each other, The Street and its neighborhood are mere reminders of what they once were.

As the dust settles from Mexico's worst economic breakdown in more than a decade, it is becoming clear that the Government's desperate actions last week in floating the peso may have devalued investor confidence even more than they devalued the currency, making the recovery of trust essential to Mexico's rebuilding. More than any other emerging nation, Mexico has depended on the confidence of foreign investors to finance much of its economic activity. Foreigners, particularly those from the United States, buy nearly 40 percent of Mexican treasury notes and account for almost 30 percent of the stock market's capitalization.

As the chaos surrounding the Kremlin deepened, President Boris N. Yeltsin, appearing in public for the first time in more than two weeks, told his National Security Council today that he was prepared to initiate peace talks with Chechnya. At the same time one of his most influential deputies insisted publicly that, if anything, the military assault on Grozny, the Chechen capital, must intensify. After making the overture on peace talks, Mr. Yeltsin then said that the integrity of Russia was at stake and that the fighting in the region would continue as long as it took to subdue the gangsters he said were running Chechnya. He also appointed a new Chechen leader in Moscow.

Companies ITT agreed to sell its commercial finance unit for $4 billion in cash to the American subsidiary of Deutsche Bank. The deal reflects the continuing transformation of ITT, a onetime sprawling conglomerate that has been selling units in an effort to emphasize its growing entertainment and gambling business. [ Page D1. ]

American and Japanese negotiators are to meet today in London for hastily arranged discussions on various trade issues between the two countries, including automobiles, auto parts and activity in emerging markets. Jeffrey E. Garten, Under Secretary of Commerce for International Trade, said yesterday as he was departing for London that the meeting had been requested by Japanese officials.

New Deal for ITT Deutsche Bank of Germany agreed to pay $4 billion for the manufacturing finance arm of the ITT Corporation. Page D1. A Trove of Stone Age Art An important gallery of prehistoric art has been found in Portugal, but it may soon be lost under the water from a dam. Science Times, page C1. TV Listings Television and radio news, listings and advertising appear today on pages D9-10.