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Matisse work sets auction record

The colorful work, which depicts a woman seated at a table laden with fruit and a vase with flowers, eclipsed the old record for a Matisse of $14,852,500, set in 1995 by "La Pose Hindou" at Sotheby's. 

While records also fell for Aristide Maillol and Berthe Morisot, a host of featured works by artists including Degas, Van Gogh, Renoir and Cezanne failed to find buyers. 

Sotheby's thus joined rival Christie's and No. 3 auction house Phillips in sales this week in which several works by major Impressionists went unsold. Only 60 percent of the lots found buyers on Thursday. 

Sotheby's and Christie's have been toiling under the cloud of a price-fixing scandal, although most aspects of the criminal side have been settled.

The expected highlight of the Sotheby's sale, Manet's "Jeune fille dans un jardin" which the auction house had estimated could set a record at $20 million to $30 million, just managed it low estimate, going to an anonymous telephone bidder for $20,905,750 including commission.

The painting of a young woman in a garden who is wearing a bright blue coat and matching hat, which is among the artist's better known works, was the evening's top lot. 

Other highlights included Modigliani's "Fillette assise en robe," which far exceeded its pre-sale estimate of $8 million to $12 million, fetching $15,625,750 after a protracted bidding war between two clients.

Picasso's "Le Repos," which at $3 million to $4 million had not been expected to be among the top works, soared to $7,925,750, making it the sale's fourth-highest priced lot. 

Sotheby's officials agreed that the hallmark of the sale, which took in just over $123 million, was "quality rules," and indeed most all its very top lots sold. 

The unsold works fell mostly in the $4 million to $8 million range.

"It was a very interesting sale," said Charles Moffett, Sotheby's co-chairman of Impressionist and modern art worldwide. "No one hesitated at all" in bidding for the top lots. 

"The lesson we're going to take here is to continue to be aggressive and go after the best quality work ... We may just be moving into a new phase of the market, and it's a well-informed market," Moffett said.

Sotheby's officials admitted there was "some weakness in the Impressionist area" and "a little bit of nervousness in the room," but pointed out that it had made 72 percent of its $150 million to $200 million pre-sale estimate for the night. 

Maillol's "L'air," a sculpture of a reclining woman, sold for $3,085,750, far surpassing the artist's previous mark of $2.2 million, while Morisot's "Cache-cache" fetched $4,405,750, beating the old record of $3,852,500. 

Monet's "Matinee sur la Seine" sold for $5,725,750 and was the sale's No. 5 lot, but was a relative bargain having been estimated at $7 million to $9 million. Another Monet, "Antibes vue de la Salis," went for $5,065,750 after a pre-sale estimate of $5 million to $7 million.

On Wednesday a record was set for a Picasso at auction when his "Femme aux bras croises" sold for $55 million at Christie's in an otherwise flat sale that saw nearly half its major works go unsold. 

The portrait of a woman with her arms folded from Picasso's blue period sold for twice its pre-sale estimate of $25 million to $30 million. The price became the fifth highest ever paid for any work of art at auction. The previous record for a Picasso was $51,671,920 for "Les noces des Pierrette," set in Paris in November, 1989. 

Monday's Impressionist sale at Phillips, the No. 3 auction house which has been making a bid to compete with the two grandes dames of the auction world, also yielded disappointing results. 

Brazil media giant Globo winks at Wall Street

Globo's script might read like this: Powerful family offers foreign investors share of lucrative if cut-throat market upon death of ancient ban on foreign capital in Brazilian media. 

Brazil's Congress could approve by the start of 2001 a constitutional amendment lifting the 60-year-old ban, which would allow Globo to broaden its financing options to fund ambitious multimedia production plans. 

More than seven decades after the Marinho family founded O Globo newspaper, company officials at holding company Globopar are busy number crunching to prepare for a possible initial public offering should the amendment fly. 

"When the Constitution is changed to allow media companies to do IPOs, we want to be prepared to do one," Mauro Molchansky, director general of Globopar, said in a phone interview. "We are preparing the group in case this is approved," although no decision has been taken, he added. 

Launching shares locally and on Wall Street would be a fitting cap to the Rio de Janeiro-based company's glorious reign over Brazil's airwaves and print media. Globo anchored unprecedented influence with the launch of its TV network in 1965, under the military government. Now it ranks No. 1 in the world in terms of its share of prime-time audience. 

The TV network's sway over Brazil's 165 million people was mighty enough to carry presidential candidate Fern- ando Collor to power in 1989, said David Fleischer, professor of political science at the University of Brasilia. That earned family patriarch Roberto Marinho, now 96, the title of "Kingmaker."

Now it is up to Marinho's three sons to broker a handsome deal with Wall Street for a potential IPO, although analysts say there would be little need to sugar the pill given Globo's treasure chest of businesses. 

"I would love to see Globo go public," said Whitney Johnson, a Latin American media analyst at Merrill Lynch in New York. "They have a terrific collection of assets." 

Globo runs the country's No. 1 radio network, the No. 2 magazine group and cable television company Globo Cabo, but they are towered over by TV Globo, the jewel in the crown. The TV network has historically received more than half of Brazil's audience share and, in the first half of 2000, it reaped 78 percent of television advertising, Globo said. 

With Marinho's knack for making friends and influencing people, Globo has had the power and the money to poach the best stars and produce the best programs, according to analysts. 

The company's soap opera factory produced "telenovelas" or soaps that broached timely topics such as racism and feminism. 

Classics like "Roque Santeiro," "Escrava Isaura" and "Dancin' Days," became must-sees abroad, taking Globo's slogan of "global standard of quality" around the world. 

The network's stunning soap stars softened up longstanding Cuban dictator Fidel Castro and lightened the load in dreary Russia. The telenovelas even united Brazil's sweltering northeast and cool south in a single dress code, analysts say. 

Daily to USA with ANA, and no transit visa en route

This is a wonderful opportunity for all USA-bound Sri Lankan passport holders. Generally a transit visa is required for those flying via the Atlantic. 

But in this case there is no hassle after obtaining the US visa. All passengers travelling on ANA via Tokyo do not require transit visas. 

Ceylinco Universal Limited, the GSA for ANA in Sri Lanka, has on offer, flights to the USA with daily connections from Singapore via Tokyo. 

This also provides an opportunity for those passengers who need to transact business in Japan and also in Singapore. In other words ANA offer three destinations for the price of one. 

ANA is a vibrant airline which is ever expanding and currently operates with a fleet of 145 aircraft with a count of a average age of 7.5 years, which is one of the youngest in the industry. 

The pride of the ANA fleet is the Boeing 777 which, is the most modern state-of-the-art aircraft in operation. ANA was a partner in the development of the Boeing 777 from its very inception as the 'launch customer' in the 'Working Together' programme. As a result, the Boeing 777 incorporates many design items suggested by ANA engineers. 

In October 1995 ANA became the first airline in Asia and the second in the world to take delivery of the Boeing 777. 

This state-of-the-art aircraft first came into operation with the B777-200 version, and now ANA has taken delivery and has in operation the stretch version - the B700-300, which now becomes the longest passenger aircraft in the world. 

Committed to ANA's highest priorities of safety and reliability, the airline's goal is to be the first choice of customers on the strengths of personal service and world-class performance. 

ANA's mission is to enhance customer value by strengthening the basic pillars of safety, comfort, reliable on-time performance and convenience of the ANA air transport product. ANA's overall operational dispatch reliability rate averages near 100 per cent. 

ANA offers new on-board facilities including a business corner to let one work efficiently while on board, a bar counter, and on-demand in-flight entertainment for you to enjoy at any time. 

The bar counter gives you an opportunity to stretch your legs with a walk to the counter for a change of pace on a long flight and also offers a fine selection of wines, beer, soft drinks and snacks. 

Laksiri Fernando, Director Sales and Operations of Ceylinco Universal says that they need to convince a passenger to fly ANA only once as he is so confident that those passengers will become ANA regulars. 

Hanjin Ras Lafan makes maiden call

Over 20 guests, including Hanjin Shipping president, C K Kim and Korea Gas Cooperation (KOGAS) vice president K S Lee attended the special ceremony in Incheon to mark the occasion. At the ceremony, Kim said, "this special occasion marks the company's continued growth in the areas of LNG, LPG, chemical and tanker business". 

Delivered in July, 2000, the Hanjin Ras Lafan is the 15th of 17 LNG carriers ordered by KOGAS and will be used to transport 650,000 tonnes of LNG a year from Qatar until 2024. 

Incorporating the GT96-type Gaztransport and Technigaz double membrane containment system, the ship features an overall length of 280m and a beam of 43m 

In my opinion

By Gunapala Ranasinghe

The objective of the joint ventures, as envisaged by the previous regime, under the late J R Jayewardene, was for three primary reasons - the infusion of new technology, attracting much needed capital and employment generation. Unfortunately shipping, which in my opinion, does not come under the above, has been included in the policy and BOI status has been given to the industry, which is in my opinion a serious misinterpretation of the intentions of the policy. 

It is sad to note the misinterpretation of the policy has prompted many establishments such as Chinese health centres to operate under the blanket of the BOI, with many privileges not extended to locals. 

During the tenure of S W R D Bandaranaike there was a consensus that shipping did not necessarily require foreign expertise. This was stated by Bandaranaike when he met a delegation headed by Shelton Perera of Roton Vander, from the Ceylon National Chamber of Shipping in 1957. 

New ground

Under the open economic policy, the first shipping joint venture was the establishment of American President Lines Lanka - a joint venture with the American carrier, which was established with the intention of obtaining favourable trade terms with the US. Although this was done with the best of intentions, it is unfortunate that started a series of 'no-win' joint ventures where many went begging. 

The regulations were interpreted by certain politicians, and those in the business community, for their own advantage and many joint venture shipping concerns mushroomed. Today, this figure stands at around 11, which in my view is a pathetic showing concerning the circumventing of laws.

Even though the law states that the principal could only have a 40 per cent stake in the agency, it is widely known that the principal has the controlling interest, thus negating the objective of the exercise by the authorities. 

With regard to these so-called joint venture companies, one must make note of the large amounts of foreign exchange siphoned out of the country by foreigners with the help of local 'experts', prompting investigation by others. 

It is widely known among those in shipping circles that in certain joint venture concerns foreigners salaries, house rent and other local expenses are debited to the agency. In addition, vessel related costs such as incentive payments made to port workers - which run into the millions, and communication costs and marketing/advertising costs usually borne by the principals are borne by the agency in direct contravention of the exchange control regulations approved by the CASA tariff. 

The foreigners involved in joint venture companies have formed a 'cartel' and have managed to instil a sense of fear among locals, and are thus successful in circumventing the laws in Sri Lanka posing a threat to the sheer existence of CASA. 

In my opinion, the task before the two newly appointed ministers is not to make "new ports but to protect what we have, and to manage the present shipping and port activities professionally. 

ZIM Line up for sale

The Israeli government has announced that it would like to sell its remaining 48.6 per cent stake in Zim Israel Navigation Company (Zim Line) as part of the country's national privatisation programme. 

The decision to sell the shares is still subject to approval of the Knesset finance committee, and would be conditional on the government retaining a golden share. 

According to a Zim spokesperson, no restriction has been announced as to who would be eligible to buy the shares, but the government's golden share should effectively ensure that Israeli interests are protected at all times. 

It is understood that a formal tender process is envisaged, which could be completed within eight months. 

Most of the remaining shares of Zim Line are currently owned by Israel Corporation (48.9 per cent), controlled by the Ofer Brothers Group, which may now be interested in increasing its stake. 

The company has a broad interest in many aspects of shipping, including ownership of a number of container vessels chartered to Zim Line. 

Zim Line currently operates a fleet of some eighty vessels, 27 of which are owned or partly owned. 

Last year it made an operating profit of US$96 million and a net profit of US$25 million. Container liftings increased by 12 per cent, partly due to the inauguration of a transpacific service.. 

Easy terms with St Anthony's and People's Bank

This time it is the 'Sahasra Deemana' which will entitle any individual or group to obtain a loan of up to Rupees 100,000 from the People's Bank for the purchase of items under the Sanyo, Cosmo, BPI and Kenwood brands. 

The product range varies from household appliances such as blenders, food processors, televisions and radios to cassette recorders, microwave ovens and refrigerators among others. 

Customers able to satisfy the minimal loan requirements set by the People's Bank can avail themselves of this facility through authorised dealers of St Anthony's islandwide, and also from showrooms in Colombo 3 and at the head office. 

A special feature of this scheme is the convenience even to farmers who may pay their loan instalments on a quarterly basis, or during the harvesting period on a 'Kanna' basis. 

Piyasiri Amerasinghe, Asst. GM (Commercial Credit) of People's Bank said that the bank had 500 branches, many of them computerised, and that it would be possible to release loans within a matter of seven days, provided all the documentation was in order. 

In addition, loans of up to Rupees 50,000 require no down-payment. In the case of loans of over and above Rupees 100,000, customers will have to share a 20 per cent equity. 

Free medical check-up for 'Sampath Sanhinda' account holders

First-ever 24-hour supermarket opens

'Superstar' from BOC 

The 'Superstar Three-Wheeler' is manufactured using 100 per cent Italian technology and comes with a 175cc two-stroke petrol engine. 

The vehicle also comes with side curtains and an inner hood lining as standard equipment. It comes in a range of attractive, mettalic colours and has a one-piece windscreen for better visibility. 

The agents in Sri Lanka offer a four-month warranty and two free services with every purchase. The three-wheeler is priced at Rupees 147,000, inclusive of GST. Shanti Guneratne Motor Co. (Pvt) Ltd. is in the process of appointing an island-wide dealer network, where ample spare parts will be available.

In addition, leasing facilities are available from most financial institutions and banks. The company is located at 26A, Main Street, Battaramulla. 

Travel the world for free with HSBC's credit card

Four great prizes are on offer and the lucky winners could find themselves winging their way across the world on an all expenses paid holiday for two with free meals, air tickets and accommodation. 

The first prize, designed for all those imbued with a taste for history and culture, comprises a ten-day Cosmos tour of Europe. The second prize, a luxury cruise on the Royal Caribbean liner into the waters of North Western America. 

The third prize is a six-day safari to the Kana National Park in India, where they can see the Royal Bengal Tiger. 

The fourth prize is a four-day shopping trip to the city famed for its bargains - Bangkok. 

All successful applicants or HSBC's credit card will be eligible for this grand draw. Not only will the new cardholder win one of the grand prizes, but will also be able to take their spouse or an immediate family member or even a friend along with them on this all expense paid holiday for two. 

Anyone over 21 years earning a gross monthly income of Rupees 10,000 can apply for HSBC's Credit Card by filling out a credit card application form from HSBC and sending it in before January 31, 2001. The applicant's credit card will be proof of entry for the Grand raffle Draw.

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