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Give me a break! The AP reports Clinton had to apologize to the people of Wales for having used the expression, "welsh on your debts."

While at the same time on Page 1 of The New York Times Sen. Jesse Helms, at war with our State Dept. and Foreign Service, warns he's going to "bust up that little fairyland."

People who know such stuff tell me the hot monthly, savvy and on the cutting edge for Wall Street players, is The Red Herring, published and edited by Anthony B. Perkins at Flipside Communications in San Francisco. Good stats, good data set, I'm told. It costs $108 a year, big brokerage houses are the advertisers and the October issue runs to 124 pages.

Men's Journal promoted Todd Wienke to West Coast manager and named Jim Lonergan to the L.A. job.

Nifty radio sports column by Richard Sandomir in The New York Times on the latest vulgarian making it big on call-in radio, Scott Ferrall, syndicated nationally and heard on WFAN in New York. "Animal House" without the funny stuff, says Sandomir.

Departures magazine is tossing a dinner and "big band" dance this Thursday evening at the New York Public Library on Fifth Avenue in Manhattan.

New ad director for Cycle World is Paul LaBella.

WCBS-AM Sports Director Ed Ingles does it again, this time referring to the S.F. 49ers as "the Stanley Cup defending champions."

Look-alikes: Don Shula and Roy Scheider.

Traditional Home, a Meredith book, must be doing OK. Deborah Jones Barrow announced the third rate base increase within a year, up next March from 750,000 to 775,000 copies.

Forbes FYI, the spinoff edited by Christopher Buckley, celebrates its fifth anniversary with a gourmet dinner this Thursday evening aboard the yacht Highlander sailing around Manhattan. Bob Forbes and Buckley play host. Steve Forbes is busy doing something or other, I hear.

New consulting art director for both Elle and Mirabella is Adam Smith, who reports directly (and we mean directly!) to Regis Pagniez.

Eric H. Kearney, the publisher, sends along a copy of his 40-year-old magazine, NIP, which stands for news, information and pictures, and which targets African-American professionals (and their families) in six major markets in Ohio, Kentucky and Indiana. Handsome looking book and new to me. Mr. Kearney headquarters at 354 Hearne Ave. in Cincinnati where Rhonda Gooden is editor in chief.

New director of marketing for the international division of Westwood One, the big radio outfit, is Clement R. Connolly. He joins from Radio Express.

Clear off your dance cards. The third annual (will it make four?) Hamptons International Film Festival runs Oct. 19 to 22. John Schlesinger is this year's honoree.

Clemmy Closson's the new L.A. ad manager for Parade. She'd been with Fairchild Publications.

The great Edward L. O'Farrell, director of business development for Fund World Inc. in Manhattan, is at it again, entering boxing tournaments. The executive pugilist, who does not reveal his age, was in the Golden Gloves in February and lost his second bout. This time he's fighting in the 156-pound class of the USA Boxing Metro Tournament and won his opening round match against Louis Ruiz. Ed was due to fight again this past Friday at Port Chester. Good story.

Overlooked in all the excitement about this Nov.4 Tyson bout being on "free TV" from Fox Broadcasting is the fact this wasn't the first time Rupert Murdoch ever negotiated with Don King. About 20 years ago flamboyant promoter King called on Murdoch at his then-Third Ave. HQ in Manhattan to offer Rupert the opportunity to "buy" a big fight, Ali vs. someone, at some exotic site. When King left, without having made the sale, Rupert shook his head in apparent wonder. "I asked how much it was going to cost me and he said, `Eleven million, Mr. Murdoch. Ten million for the fight and one million to me for bringing it to you this morning.'*"

Woman's Day hired Karen Travis as an account manager on the NY sales force.

Ellen Wilk-Harris joined Bon Appetit as sales development manager.

As USA Weekend Online debuts this month, Dierck Casselman has been named senior associate editor.

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