August 9, 1997

Fraudulent schemes involving currency trading are on rise, replacing precious metals as commodity of choice among investment frauds; attributed to growing awareness of currency market, as large companies increasingly try to minimize effects of changes in value of dollar against foreign currencies, and as major speculators generate headlines; law enforcement officials say schemes may have increased since US Supreme Court decision in February 1997, removing Commodity Futures Trading Commission from regulating certain parts of foreign currency market; fraudulent currency trading scheme involving AEL Fund Inc, which was operated by 35-year-old Russian immigrant, Alex Efrosman, described (M)

After a week of attacks between Israel and guerrillas in Lebanon, rockets hit a town in northern Israel, wounding one, and Israel fired back. Page 6.

Teamsters union strike against United Parcel Service has strained small businesses nationwide, especially those on tight schedules or tight profit margins; most big businesses appear to be weathering strike more effectively, but say prolonged walkout could eventually overwhelm contingency plans and eat up profits; photos (M)

Malcolm Shabazz Sentenced Malcolm Shabazz, 12, was sentenced to at least 18 months in a Massachusetts detention center for setting a fire that killed his grandmother, Malcolm X's widow. Page 25. What's That Drug For? The Food and Drug Administration has decided to allow drug makers to describe, in TV ads, what their products actually do. Page 35. Life of a Congresswoman Deborah Pryce was a municipal judge in Ohio when she was elected to Congress in 1992 as a moderate Republican. The life she expected has clashed with reality. Page 8. New Furor in Priest Sex Case A retired official of the Roman Catholic Church in Dallas said the parents of sex-abuse victims shared blame with the church. Page 8. Mets in 6-Player Cubs Deal The Mets traded Lance Johnson and bolstered their bullpen by acquiring Mel Rojas and Turk Wendell from Chicago. Page 31.

Harsh provisions of California's new welfare law have been tempered by pragmatism; while law will embrace notion of work first, and will leave many parents who combine welfare and work with somewhat less than they take home under existing law, it will also acknowledge that for most beneficiaries, passage from entitlement to employment requires much more than avaliable job; provisions discussed (M)