Investors respond favorably, but cautiously, to $8 billion aid package for Argentina announced by International Monetary Fund, with bond and stock prices rising across Latin America; but some analysts say aid only buys Argentina some time and fails to squelch prospects of more drastic measures, inclujding restructing of debt; Argentina has been in recession for three years, and some analysts argue that steep spending cuts required for aid package would make slump worse; graph; photo (Market Place column) (M)

Market Place; I.M.F. Aid Package Buoys the Argentine Markets, for Now

Australia's Publishing and Broadcasting reports net loss of 84.6 million Australian dollars ($45.4 million) in last fiscal year (S)

World Business Briefing | Australia: Australia: Media Company Reports Loss

Energy conservation measures that have forced Brazilians to curtail energy use since spring have also created market for more efficient appliances; home appliance manufacturers and stores are trying to lure energy-conscious consumers back into stores to replace, energy-guzzling appliances with newer, more efficient models; photo (M)

Power Crisis Is Creating Opportunity In Brazil

Kathy Boudin, former member of radical Vietnam-era group Weather Underground who has served nearly 20 years in prison for her role in 1981 armed robbery that left security guard and two policemen dead, is denied early release after her first hearing with members of New York State Parole Board; photo (M)

Parole Denied for Radical in Fatal 1981 Robbery

Texas Rangers defeat New York Yankees, 8-1; photo (M)

Passive Resistance Not Enough For Yanks

Anne Raver's Human Nature column on her plans to convert old barn on family farm in Finksburg, Maryland, into an apartment; diagram; photos (M)

A Hayloft for the Heart

Interview with Robert Polidori, photographer who specializes in interior subjects; his photographs of interior of 12-room, turn-of-the-century house in Havana, Cuba, owned by Senora Luisa Faxas, as well as other dwellings in city, will be published in September by Steidl Press as Robert Polidori: Havana; photos (M)

The Art of Memory: What Rooms Reveal

David Pogue State of the Art column on bargains currently available on computers suitable for college; discusses desirability of laptop versus desktop, Macintosh versus Windows operating systems and flat-panel versus CRT monitors (M)

When Packing for College, Which Computer?

Afghanistan's ruling Taliban has uneasy relationship with foreign aid organizations and workers in their poverty-stricken country; there are cultural conflicts and mutual distrust, as evidenced by arrest two weeks ago of 24 aid workers, accused of preaching Christian Gospel to Afghans; Abdul Ghafoor Afghani, Taliban's chief of protocol, claims those arrested were given visas as aid workers, not missionaries; Taliban is uncomfortable with what goes on behind high walls of aid workers' compounds: mingling of unmarried men and women, beat of rock 'n' roll, drinking at end of day; repeatedly, Taliban have warned against turning Afghan believers into Afghan apostates; arrested aid workers belong to Shelter Now, German-based group, but Foreign Min Wakil Ahmed Mutawakil has said that World Food Program itself is prime suspect; potential of more arrests leaves aid agencies in fear; huge withdrawal--or expulsion--of agencies would be catastrophic for needy; photos; map (M)

Religious Arrests Cast a Pall Over Afghanistan Aid Efforts

Australian government approves bid by Singapore Telecommunications for Cable and Wireless Optus, country's second-largest telecommunications company; imposes conditions intended to protect national security, which include measure to keep separate some operations and safeguard confidential information (S)

World Business Briefing | Australia: Australia: Phone Company Sale

Eli Lilly & Co will provide more than $200 million to Isis Pharmaceuticals to gain access to company's experimental cancer drug and its drug-making technology; deal provides some credibility to Isis's technology, known as antisense, which has had checkered development; technology, which turns off specific genes, holds promise of being useful in treating wide range of diseases; Lilly will acquire about 9 percent of Isis by buying $75 million of Isis stock at $18 per share, 79 percent premium to market price before deal was announced; will also pay $25 million upfront and lend Isis $100 million, repayable in cash or stock after four years; Lilly will receive exclusive worldwide rights to sell cancer drug that is in final phase of clinical trials in patients with non-small-cell lung cancer; companies will work together to develop antisense drugs to treat diabetes and inflammatory diseases like arthritis and asthma (M)

Eli Lilly to Buy Stake and Gain Access to Cancer Drug Technology

 White House Says Surplus Has Nearly Dwindled Away  The Bush administration released projections showing that federal budget surpluses outside of the Social Security system will dwindle to almost nothing for the next several years.    For the current fiscal year, the administration estimated, the government would run a surplus outside of Social Security of about $600 million. As recently as April, the White House projected a non-Social Security surplus of $122 billion for the fiscal year. [Page A1.]

BUSINESS DIGEST

Article on Walter Engel, who was paralyzed by stroke nearly 12 years ago but is able to produce works of abstract art by manipulating his wheelchair over canvas; photo (M)

Art Overcomes a Disability; Speaking With Eyes and Painting With a Wheelchair

JoAnne Jones, tenant who had fallen far behind in her rent at apartment house in Brooklyn, is charged with murder of city marshal Erskine G Bryce, who was beaten and burned alive while trying to evict her; photo (M)

Tenant Held In Murder Of Marshal

David Toms discusses winning PGA Championship golf tournament; photo (M)

Toms Enjoys His Sudden Celebrity Status

George Vecsey Sports of The Times column discusses increasing number of minorities playing in National Hockey League; photo (M)

Sports of The Times; Hockey's Minority Players Moving Past Trailblazer Stage

Jennifer Dunning reviews opening performance in weeklong series by Dance, the Spirit of Cambodia at Joyce Theater; photo (M)

Subtle Mysteries of Celestials and Mortals

A state transportation report on Pennsylvania Station accuses Amtrak of neglecting costly improvements to 15 miles of potentially dangerous tunnels that serve the passenger station, the busiest in the country.  

State Faults Amtrak For Tunnel Neglect

Survey of German business confidence by Ifo economic institute rose in July for first time since May 2000 (S)

World Business Briefing | Europe: Germany: An Increase In Confidence

James D McCall, one of Wall Street's best stock pickers in late 1990's, has compiled one of worst investment records of new century by sticking with technology stocks; more than $1.5 billion of client money he invested is now worth about $650 million; McCall has stuck to growth-seeking strategy that kept his Merrill Lynch Focus Twenty fund invested primarily in technology stocks throughout that sector's long, steep decline; fund's performance is down almost 80 percent in last year; McCall is sticking with his game plan, saying he warned Merrill's brokers all along just how volatile his returns could be and that Focus Twenty is no place for investors to put money they might need any time soon; says he thinks now, more than ever, is time to take chance on his fund, with its shares selling for about $2.20; photo; graph (M)

Relentless Search for Growth Humbles a Mutual Fund Star

Dutch publisher VNU cuts its earnings forecast for year in half and says first-half profit dropped to 75.5 million euros ($69.2 million), compared with 92.5 million euros ($84.8 million) year ago (S)

World Business Briefing | Europe: The Netherlands: Publisher Lowers Forecast

Saturn, once autonomous subsidiary of General Motors Corp, is back in corporate fold at GM, a move that is proving to be boon for Saturn; GM plans to give division entirely new model in each of next four years, beginning with car-based Saturn Vue sport utility vehicle last this year; small car, midsize car and minivan will follow; Saturn president reports to GM vice president, and runs its factories; design, engineering and marketing report to other GM executives; chart; photos (M)

The Reality Behind the Slogan; Saturn Unit, Once a Maverick, Is Looking a Lot More Like G.M

Jon Pareles (Critic's Notebook) appraises performances by African rock stars Baaba Maal, from Senegal, and Papa Wemba, from Congo; says summer 2001 has probably been best ever for African rock in New York City; photo (M)M)

An Energizing Fusion From African Rockers

Lufthansa's second-quarter profit fell 60 percent, to 100 million euros ($91 million), while sales rose 13 percent (S)

World Business Briefing | Europe: Germany: Profit Down At Lufthansa

Schools Chancellor Harold O Levy says rules against promotion of failing students are being applied inconsistently across New York City and in some districts seem hardly to be in effect at all: Board of Education adopted policy two years ago forbidding automatic promotions, but in half-dozen districts with worst reading and math scores, only small portion of students who failed last spring's standardized reading and math tests were required either to attend summer school or to repeat grade; in other districts, nearly all failing students were assigned to summer school; as result, when school opens in two weeks, more than 30,000 students in Grades 3 through 8 will move up a grade despite having essentially failed standardized reading or math tests last spring and without having had to attend summer school; Levy says that to ensure more consistency, he has asked Brian Morrow, chief administrator for summer programs, and outside evaluation company to examine board's promotion data for clues about how policy is being applied in each school; he is also reviewing statistics with superintendents during performance evaluations; chart (M)

Wide Disparity On Promoting Failing Pupils

Kathleen Freeman was an American actress. In a career that spanned more than 50 years, she portrayed acerbic maids, secretaries, teachers, busybodies, nurses, and battle-axe neighbors and relatives, almost invariably to comic effect. In film, she is perhaps best remembered for appearing in 12 Jerry Lewis comedies in the 1950s and 1960s and The Blues Brothers (1980).

Kathleen Freeman, American actress (born 1919)

Kathleen_Freeman

Peter Maas was an American journalist and author. He was born in New York City and attended Duke University. Maas had Dutch and Irish ancestry.

August 23, 2001

Headlines from August 23, 2001

Market Place; I.M.F. Aid Package Buoys the Argentine Markets, for Now

World Business Briefing | Australia: Australia: Media Company Reports Loss

Power Crisis Is Creating Opportunity In Brazil

Parole Denied for Radical in Fatal 1981 Robbery

Passive Resistance Not Enough For Yanks

Billboard 200

Now 7

Celebrity

Eternal

8701

Kiss Tha Game Goodbye

Notable Deaths

Historical Context for August 23, 2001