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FINANCIAL TIMES 



N Korea rejects 
US request for 


Major stands firm over Conservative Euro-rebels 


talks on pilot 

North Korea yesterday refused a US request for an 
early meeting to discuss the return of a US pflot 
and the body of his co-pilot, who was w hen 

their anny helicopter came down in North Korea on 
Saturday. The rejection appeared to dash hopes that 
Pyongyang would try to resolve the incident 
swift ly, but US president Bill Clinton said he was 
giving the issue "high priority”. Page is 

Caesars World, owner of Caesars Palace tn Las 
Vegas and one of the biggest names in garpfog, has 
been bou ght for $1.7bn by HIT, the US conglomerate 
that has been riJCprtTtflrng into the leisure industry. 
Page 17 


By PhSp Stephens, 

Pofi&csl Editor, in London 

Mr John Major, the UK prime 
minister, said yesterday that he 
would make peace with the reb- 
els in the ruling Conservative 
party over Europe only on his 
own terms, as he issued a strung 
appeal for party unity. 

Rejecting calls from the right 
wing of his party for a speedy 
reconciliation, the prime minister 
said it would be months before 
he would consider liftin g tho sus- 
pension from the parliamentary 


party of nine Eurosceptic MPs. In 
as interview with the Financial 
Times, Mr Major said it would be 
“unwise" to rule out a referen- 
dum either after the European 
Union’s 1996 intergovernmental 
conference or on the issue of a 
single currency. 

But he did not envisage the 
1996 conference leading to a fur- 
ther institutional upheaval In the 

Union, adding: *1 do not expect to 
come back with anything that 
would justify a referendum." 

Mr Major suggested there 
would be a stronger case for a 


referendum on a single European 
currency bat said there was so 
possibility of economic and mon- 
etary Union in 1997 and only a 
small chance of it in 1999. 


In a wide-ranging review of the 
political and economic outlook. 
Mr Major played down specula- 
tion that the government mi ght 
legislate to prevent large 
increases in boardroom naiaHaa. 


Some of the recent increases in 


directors’ pay had been “insensi- 
tive” but there were serious 
ob s tacles to legislation. 

The prime minister ^ dis- 


missed the calls from some Tory 
MPs and ministers for early and 
large tax cuts to improve the gov- 
eminent's standing in the opin- 
ion polls. 

He said he was “100 per cent” 
behind Mr Kenneth Clarke, the 
chancellor of the exchequer, in 

his insistence that taxes would 
be reduced only when the econ- 
omy could afford it 

Speaking in Downing Street. 

his official residence, at the end 
of a year that has seen his pre- 
miership repeatedly under fire as 
the opposition Labour party’s 


lead has soared in the opinion 
polls, the Mr Major dismissed the 
sniping from Tory backbenchers. 

Stressing his commitment to 
sustained economic recovery, 
peace in Northern Ireland and a 
radical overhaul of public ser- 
vices, he said he did not believe 
"that it is the loudest voice that 
carries furthest; it is often the 
still voice that lasts right the way 

through the storm”. 

Mr Major issued another strong 
call for unity in the Tory party to 
allow the government to reap the 
rewards of the economic upturn. 


It would be “folly running off the 
Richter scale” if the Conserva- 
tives threw away the opportunity 
of “the best economic recovery in 
living memory”. 

But Mr Mqjor was absolutely 
clear that the nine Tory MPs 
suspended since last month's 
rebellion over the European 
Union budget would not be re- 
admitted unless they demon- 
strated their support for the gov- 
ernment. 


Ready to ride ont the storm. 

Page 15 


Soap war bits UiiBuvtN'i Anglo-Dutch group 
Unilever is shifting the time of its boardroom suc- 
cession amid evidence that its Persfl and Omo 
Power detergents have taile d to achieve their tar- 
gets. Page 16 

Talks continue despite bomb: Irish 
republicans resumed political talk* with British 
o fficials in spite of the discovery of a bomb in 
Enniskillen, Northern Ireland. The Irish Republican 
Army denied planting the device, which was 
defused by the British anny. Page 8 


Bulgarian socialis t s win decisive majority: 

Bulgaria’s Socialist 
party, the successors to 
the Communists, won a 
decisive victory and a 
dear majority in parlia- 
ment after Sunday's par- 
liamentary elections, 
according to preliminary 
results based on 95. per 
coat of votes cast BSP 
leader Zhan Videnov 
deft), who is expected to 
become prime minister, 
said he would try to form a broad coalition, but 
other parties have so far ruled out any affiance with 
the former communists. Page % 

Japan plans spemfing cuts; Japan’s ffwanre 
ministry proposed a national budget feat would cut 
spending for the first time for 40 years. Finance 
minister Masayoshi Takemura unveiled a fiscal 1995 
draft budget totalling Y7099 trillion ($710bn), down 
from the Y73.0B trillion for the current year. BoJ 
chief targets had loans. Page 3 

London court backs BCCI (teak London's 
High Court approved agLSbn compensation deal 
agreed between Abu Dhabi and liquidators and 
creditors of the collapse Bank of Credit and Com- 
merce International. Two further approvals are . 
needed before the package can be distributed. 

Albania rations e le ctri ci ty: A drought in the 
river system which supplies most of Albania's 
hydro power has forced the government to ration 
electricity. Local commissions are to decide bow to 
atoraister.the 50 per cedf^ower ration. 

IvanYibfiih former Hitt chief: Iranian 
authorities have arrtested!?isghar Kashan, a former 
deputy governor of the oSStral bank. He is accused 
of haying had “certain fafcign connections” during 
his thberat the bank. * 

Handling of young kfllers questioned: The 

European Human Rights Commission said Britain’s 
indefinite j ailing of young murderess breached their 
right to a court review of their detention. The rul- 
ing could affect the futures of Robert Thompson 
and Jon Venables, who are being held for at least 15 
years for killing James Bulger in 1996. 

Plan for fifth Heathrow terminal: BAA, 
Britain's airport operator, detailed its case for build- 
ing a fifth te rminal at Loudon’s main international 
airport It said failure to develop Heathrow would 
drive business overseas. Page 6 

Algeria suspends newspaper: Algeria 
suspended a fifth newspaper in six weeks, accusing 
it of manipulation over a re p ort erf promised presi- 
dential polls. Algeria says more than 10,000 people 
have been killed in violence which erupted after the 
cancellation in January 1992 of a general election 
which fundamentalists were poised to win. 



Russians 
prepare for 
final battle 
in Chechnya 

Y eltsin wins backing for 
‘elimination’ of rebel groups 


By John Lloyd in Moscow 

Fi ghting intensified yesterday 
around the Chechen capital of 
Grozny, and there seemed little 
doubt that Russia has committed 
its troops to a final battle with 
Chechen forces. 

Russian soldiers were still 
holding back from an assault on 
Grozny itself, but the conflict, 
which, threatens the stability of 
the Russian government, was 
entering a new phase in the rebel 
Caucasian republic. 

Early yesterday, Russian jets 
tried to knock out the TV tower 
in Grozny. According to Chechen 
officials, they also failed in an 
attempt to bomb Chechen presi- 
dent Dzhokar Dudayev’s resi- 
dence. 

Support far a decisive military 
campaign rama from a malting 
of Russian minis ters and senior 
parliamentarians in Moscow. 
Interfax news agency reported 
that the meeting had decided to 
“eliminate” illegal groups, and 
that the flight of much of the 
civilian population from Grozny 
and surrounding areas had 
helped “the actions of the Rus- 
sian armed forces”. 

The meeting blamed General 
Dudayev for refusing to negoti- 


When the centre does not 
hold Pago 14 

ate, although Mr Leonid Smiry- 
agin, an adviser to Mr Boris Yelt- 
sin, the Russian president, said 
talks were still possible. 

However,, he said that the Che- 
chen leader would have to come 
to Mozdok, the main Russian 
base near the Chechen border - 
an invitation Gen Dudayev has 
so far rejected. 

Mr Smtryagin hinted at the jus- 
tification for a Russian advance 
on Grozny: “So far, there is hope 
that Dudayev maintains some 
kind of order in the city. If it 
fades, reports will start to come 
about looting of the population 
and anarchy, and the federal 
authorities win have no way out 
other than to storm the city.” 

Yesterday’s fighting was con- 
centrated around the settlements 
of Dolinakoye, 20 miles from the 
capital, and Petropavlovsk. six 
miles north-east of Grozny. 
Reporters said many bouses in 
the Dolinskoye were destroyed or 
in flames. 

Opposition in Russia to the war 
Continued on Page 16 



Former US president Jimmy Carter (left) greets Bosnian Seri) leader Radovan Karadzic yesterday before their talks in the Bosnian Serb 
stronghold of Pale- Carter is visiting the former Yugoslavian republic in an effort to break the deadlock in the peace negotiations. Clinton 
administration officials have emphasised that his mission is private and ‘not a US government project’ 


European ministers concerned over treatment of Kurdish minority 

Delay for Turkey’s EU trade pact 


By Emma Tucker bi Brussels 

Turkey’s hopes of sealing a 
customs pact with the European 
Union looked certain to be 
delayed after EU ministers last 
night raised concerns over 
human rights abuses against the 
country’s Kurdish minority and 
Greece opposed a deaL 

The customs union, which 
would open the European market 
to Turkey and bring its trading 
system into line with the EU’s, is 
now unlikely to be signed until 
early next year. 

It is understood that Greece 
will not drop its opposition to the 
pact until a date has been set far 


the start of negotiations to bring 
Cyprus into the EU. This is 
expected next year, after the ED 
observer on Cyprus has repo r ted 
on progress made in talks 
between the divided island’s 
Greek and Turkish communities. 

In a separate development at 
the meeting in Brussels yester- 
day, foreign ministers gave their 
final approval to the Uruguay 
Round trade accord and the legis- 
lation required to Implement it 


The 12 agreed to send the nec- 
essary papers - which will be 
formally signed on Thursday - to 
Geneva -.qn. December 30, by 
which .time. all member gated, 
should have ratified the package. 
France, Spain, Portugal, Belgium 
and Greece have still not com- 
pleted ratification, but senior 
Commission officials are confi- 
dent all the documents will reach 
Geneva by December 30. 

During the meeting - the last 


foreign affairs council to be held 
under the German presidency - 
EU ministers told their Turkish 
counterpart, Mr Murat Karayal- 
cin, that they were concerned 
about the treatment of Turkey's 
Kurdish population, in particular 
the decision earlier this month to 
jail eight Kurdish MPs. 

However, they stressed that 


Continued on Page 16 
EU fisheries talks. Page 2 


Minmetals threatens debt 
suit against Lehman Bros 


This aJtvmsenumi appears as a maiEtr of ? rcoftJ onfy. 


ACQUISITION OF 



Ten held in anti- ETA swoop: Spanish civil 
guards arrested 10 people and seized weapons and 
explosives in an operation against Basque ETA ter- 
rorists in the northern region of Navarre. 

Poachers senten c ed to death: A Chinese 
court sentenced two policemen and three civilians 
to death for killing 16 elephants for their tusks in 
south-western Yunnan province. 

Swimmer seasick: Frenchman Guy Delage, 
attempting the first solo swim across the Atlantic, 
has been slowed down by seasi ckness . 


FT-SE 10 ft 
new 


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FT-SE Eurtra* 100 _t.3K.17 

FT-SF-A n&m 1,80445 

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New York 

Don Jonas M An 3,78499 

SSP Oomposita 


(AS) 
(tl 07.42) 

(-21-219 

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■ stbrumei 


new rout unsung 
S 1.8808 

Lariat 

$ 15613 ( 1 . 563 ) 

DM 2.4571 ( 2 A 561 ) 

FFr 44733 ( 44637 ) 

SR 20814 ( 20762 ) 

Y 154367 ( 156 . 535 ) 

£ Index 804 (Sans) 


Fafcral finds 

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■ DOLLAR 


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DU 157295 
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By LoiBSe Lucas h Hong Kong 
and Richard Waters hi New York 

China National Metals & 
Minerals Import and Export Cor- 
poration (Minmetals) , one of the 
three Chinese trading companies 
being sued by US investment 
bank T^ hman Brothers over 
alleged unpaid debts, is threaten- 
ing to sue the bank over alleged 
improper and unfair business 
practices. 

In an unusually aggressive 
move for a Chinese company, Mr 
Cao Yongfang, president of com- 
pany subsiffizury Minmetals Inter- 
national Non-Ferrous Metals 
Trading Corp, said the Hong 
Kong arm of a US law firm had 
been asked to prepare a suit "We 
have instructed our attorneys to 
investigate all aspects of Leh- 
man's dealings with our compa- 
nies in order to pursue counter- 
claims based upon what we 
believe were Lehman Brothers' 
improper and unfair marketing, 
trading and investment advisory 
services,” he said. 

Lehman last month launched a 
suit in New York against Mhime- 
tals, China United Petroleum 
Chemicals (Uni pec) and China 
National Metals and Minerals 


Import and Export (CNM) for 
allegedly fefimg to pay a total of 
nearly JlOOm in debts arising 
from foreign exchange and swaps 
trading. 

Minmetal’s counterclaims 
could top by “tens of millions” of 
dollars the |52£m, pins interest, 
which l-aTmian claims the com- 
pany owes it, according to Min- 
metal's lawyers. 

Lehman yesterday dismissed 
the allegations as “absolutely 
ridiculous and untrue. Just how 
ridiculous will become clear as 
the lawsuit unfolds.” 

Turning the taffies on a case 
which some bankers saw as a 
hardening of attitude by western 
financiers over unpaid Chinese 
debts, Minme tals 1 lawyers claim 
Tubman "lured a young and inex- 
perienced employee” into making 
trades which he was not author- 
ised to conduct 

Kaye Scholar Fierman Hays & 
Handler, the law firm acting for 
Minmetals, da inn; this single 
employee - who was 31 when he 

first started conducting foreign 
ggrfmmgg trades through an off- 
shore bank account set up at 
Lehman Brothers - was granted 
a higher trading limit than that 
accorded to the Bank of China. 


In spite of his youth and inex- 
perience, however, Minmetals 
Non-Ferrous entrusted the 
employee with sole responsibility 
for conducting authorised physi- 
cal and futures trades of metals 
out of London on its behalf. 

Mr Franklin Chu, the partner 
in charge of Kaye Scholar’s Asia 
Practice based in Hong Kong, 
compared Lehman’s business 
practices unfavourably with 
those of Bankers Trust, the US 
bank which is facing two law- 
suits over derivatives sold to Gib- 
son Greetings, the US greetings 
card company, and Procter & 
Gamb le. 

Mmmetal Non-Ferrous foreign 
exchange trades, according to 
Kaye Scholer, were conducted 
over two years. Permission to 
cany ont such trades had already 
been explicitly refused by Mmme- 
tal Non-Ferrons’s president. 

As time went on, the lawyers 
allege, Lehman "lured this young 
employee with progressively 
more inappropriate trades”. 

A Lehman executive claimed 
senior executives at Minmetals 
were fully aware of the trading 
that was going on. Last year, the 
same trader had made a profit of 
$29m from the same strategy. 


CONTENTS 


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© THE FINANCIAL T1M£S LIMITED 19!M No 32^54 Week No 51 LONDON • PARIS ■ FRANKFURT ■ MEW YORK ■ TOKYO 


A leading car wash equipment manufacturer and supplier 


FOR £25.7 MILLION 

by 

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and the management team at Valetmatic 


Senior and mezzanine debt arranged and underwritten by 

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Advisers ro Granville 
ERNST & YOUNG 
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Adviser to Vendors 

TOUCHE ROSS CORPORATE FINANCE 

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HAMMOND SUDDARDS 
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GRANVILLE 

Minr House, 77 Mansell Street, London El SAP Telephone 071-488 1212 
GusniiSc Priwac Equity Managers Limited is a member of IMRO 


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2 


FINANCIAL TIMES TUESDAY DECEMBER 20 *39* 


NEWS: 


Bulgarian Socialists to seek coalition 



The Bulgarian Socialist party won a 
decisive victory in Sunday’s parlia- 
mentary elections, preliminary results 
show, writes Theodor Troev in Sofia. 
Calculations based on 95 per cent of 
the vote give the BSP, the successors 
to the Communist party, 4&5 per cent 
support and an outright majority of 
more then 120 seats in the 240-seat 
dumber. 

Ur Zhan Videnov, BSP leader, who 
is expected to become prime minister, 
said he would by to form a broad 
coalition government However, other 
parties have so Ear ruled out co-opera- 
tion with the former communists. 

The last election in October 1991 
was won by the Union of Democratic 


Decisive election win raises hopes for economic reform 


Forces, a broad anti-communist alli- 
ance. but it fell bum office after los- 
ing a vote of nocanfidenoe in October 
1992. 

A non-party gov ernm ent of techno- 
crats took over, led by Mr Lyuben 
Berov and supported in parliament by 
ESP votes and a collection of break- 
away parties bom the UDF. 

On Sunday the UDF won only about 
24 per cent of the vote and 69 seats, 
compared with 34 per cent support 
and 110 seats in 199L At that election 
the BSP wan 33 per cent of the vote 
and 106 seats. 


Under Bulgaria's electoral rules, 
only parties which gain more than 4 
per cent support win representation 
in parliament. In Sunday's turnout of 
more than 75 per cent, the Popular 
Union attracted more than 6 per cent 
of the vote, the ethnic Turk Moves 
ment for Bights and Freedom (MRF) 
won more than 5 per cent, and the 
Bulgarian Business Block took just 
under 6 per cent. 

Monarchist parties failed to gain 
entry to parliament, as did the Demo- 
cratic Alternative for the Republic, a 
small coalition of centre-left parties. 


Both the UDF and the MRF have 
appealed to the anti-communist forces 
to combing their efforts to become an 
alternative to the Socialists 
Bulgaria now has an opportunity 
.for stable government by a Socialist 
party which is internally divided but 
which fo likely to be dominated by 
pr a g ma tic reformers who accept the 
need for a market economy and priva- 
tisation. 

In tins Bulgaria is following a pat- 
tern established elsewhere in central 
Europe, where pragmatic wings of 
Socialist parties in Poland, Hungary 


and fj thtanfo have gaine d the upper 
hand followfng decimal victories. 

However, nuBke these countries, 
where economic reforms are well 
advanced, Bulgaria lias a long way to 
go. 

A report by the International Mone- 
tary Fund's representative in Sofia 
revested last week that Bulgaria Is 
expected to have the highest rate of 
fnfiattnii and the lowest real economic 
growth in eastern Europe next year. 

According to the report, the reasons 
for this disappointing outajme are the 
long delays in implementing neces- 
sary structural reforms, combined 
with mistakes in macroeconomic pol- 
icy- 


EU strives to 
settle fishing 

row with Spain 


By David Ganfewr in Brussels 

European Union expansion 
from 12 to 15 nation-states 
from January 1 was still at risk 
last night, as the EU struggled 
to agree the terms of Spam’s 
full integration into the 
Union’s Common Fisheries Pol- 
icy (CFP). 

EU fisheries minis ters were 
meeting in Brussels in an 
effort to put flesh on the bones 
of the tacit agreement bro- 
kered by the current German 
presidency of the EU at last 
week's summit of European 
leaders In Essen. 

But differences over details 
of Spanish access to waters 
west of the UK and Ireland, 
and over control mechanisms 
on over-fishing of diminishing 
stocks, were still far from 
being resolved, EU negotiators 
said. The Spanish government 
has said it will not complete 
ratification of enlargement - 
set to bring Austria, Sweden, 
and Finland into the Union in 
January - unless the CFP 
issue is settled. 

Spain and Portugal were 
promised in March that they 
would be fully integrated into 
the CFP by January 1996 - six 
years ahead of the date agreed 
in 1986 when the Iberian coun- 
tries became member states. 

All member states agreed 
that if new member states 
were to get full rights then 
restrictions on the Spanish 
fleet - the EITs largest - could 
no longer be justified. 

Last spring’s enlargement 
talks ware in great part domi- 


nated by Spain’s objections to 
allowing Norway to gain EU 
entry on terms far better than 
those offered to the Iberians. 
Norway is one of Europe's 
leading fishing powers, but, in 
the event, its people voted 

a gains t memb er s hi p 

But Spain insists that a polit- 
ical deal was struck in March, 
and its parliament has told the 
Madr id government not to for- 
malise ratification, unless it Is 
now delivered. 

At Essen, Chancellor Helmut 
Kohl and Spanish prime minis- 
ter Felipe Gonzalez are under- 
stood to have reached an 
agreement whereby there 
would be no discrimination 
against Spanish fishing ves- 
sels. Translating this into prac- 
tice is, however, running up 
against a barrier of national 
interests. 

The UK and Ireland want to 
keep the Spanish fleet as far as 
possible out of the waters west 
of their two countries - the 
so-called “Irish Box” which 
Spanish fishermen tradition- 
ally know as the “Gran Sol” - 
while France also wants to 
restrict Spanish access In the 
Bay of Biscay, a traditional 
tuna and anchovy ground for 
Spain’s northern fleet 

Spain is currently subject to 
restrictions which allow 150 
out of a list of 300 vessels into 
the Irish box at any one time. 
In a bard imp document deliv- 
ered to yesterday’s meeting, 
Spain made clear it would not 
tolerate any restrictions which 
are not simultaneously applied 
to other EU fishing vessels. 


Berlusconi hit 

by minis ters’ 

threat to resign 


By Robert Graham in Rome 

The Italian government was 
further undermined yesterday 
by tbe prospect of ministers 
from the populist Northern 
League resigning in advance of 
tomorrow’s noconfidence vote 
in parliament 

At least three of the five 
League ministers said they pre- 
ferred to resign their portfolios 
before voting against the right- 
wing coalition of which they 
formed part. 

Mr Giancarlo Pagliarini, the 
finance minister, went further 
and became the first minister 
to criticise openly Mr Silvio 
Berlusconi, the Italian premier, 
by claiming “he lacked the 
ability to run the government”. 

But Mr Berlusconi still 
received support yesterday - 
albeit lukewarm - from Mr 
Roberto Maroni, the interior 
minister and the most influen- 
tial League figure In the cabi- 
net 

Within the movement, txtck- 
ers of Mr Umberto Bossi, the 
League leader, were gathering 


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signatures from deputies to 
check those willing to vote 
against the government. 
Another group was collecting 
the names of those among the 
105 deputies who would either 
abstain or vote for Mr Berlus- 
coni 

Mr Bossi has tested the loy- 
alty of a sizeable number of 
deputies by turning towards 
the former communist Party of 
the Democratic Left (PDS) as a 
potential ally. 

Others are concerned that 
since their election was due to 
strong backing from Mr Berlus- 
coni’s Forza Italia movement, 
they cannot easily break this 
link without betraying the 
electorate. 

However, the League is 
aware that the government 
has little chance of survival 
and that all options should be 
held open. 

Apart from Mr Pagliarini. 
the two other ministers willing 
to resign are Mr Francesco 
SperanL in charge of institu- 
tional reform, and Mr Vito 
Gnntti, industry minister. Mr 
Pagliarini justified his support 
for Mr Bossi by saying the gov- 
ernment had failed to fulfil its 
objectives and that be had 
been left to operate in a vac- 
uum. 

The stance of the League will 
be crucial for the eight-month- 
old government in the three 
no-confidence motions due to 
be debated on consecutive days 
from tomorrow. 

Mr Bossi needs about 50 dep- 
uties to remain loyal to ensure 
the downfall of the govern- 
ment. He has sponsored one 
no-confidence motion in tan- 
dem with the Popular party 
(PPD of Mr Rocco Buttigtione 
as part of what he says is a 
new liberal Democrat axis. 

Tension will heighten as the 
government and opposition 
seek to drum up support and 
organise street demonstra- 
tions. 

The financial markets regis- 
tered their concern over the 
increasing instability by forc- 
ing the Bra to fall dose to yet 
another psychological barrier 
- LL050 to the D-Mark. 



Serbian President Slobodan Milosevic deft) and Andreas Papandreou, Greece’s premier, after a meeting in Athens yesterday xp 

Carter pushes Bosnian Serb offer 


By Pate Adams hi Pale, Laura 
Sifoer in Belgrade 


Mr Jimmy Carter, the US peace 
mediator, yesterday announced 
that the Bosnian Serbs had 
agreed an immediate ceasefire. 
He said after talks with their 
leader, Mr Radovan Karadzic, 
that they were willing to dis- 
cuss the international peace 
plan. 

Before the mepting in Pale, 
the Bosnian Serb capital, the 
former US president had 
walked into controversy when 
he arid that Bosnian Serbs 
wanted peace and that 
Americans “have primarily 
heard one side of the story”: 
that the Bosnian Serbs were 
the aggressors. 

The White House, which has 
been sceptical of Mr Carter’s 
latest peace foray and has 
emphasised that it is not an 


official mission, immediately 
disputed his assertion about 
which side was the aggressor. 
“The Bosnian Serbs are the 
aggressors in this war,” a 
White House spokeswoman 
said. *1 think the American 
people have had an opportu- 
nity to see what's happening 
on the ground there and to see 
both sides of the story.” 

Mr Carter said after several 
hours of talks with Mr Karad- 
zic, who had invited him to 

mwlgrfcake his missaim, that he 

would return to Sarajevo to 
put the ceasefire proposal to 
the Moslem-led Bosnian gov- 
ernment. Mr Gaiter said: “Hie 
Bosnian Serb side agreed to an 
immediate ceasefire and to 
negotiate a lasting cessation of 
hostilities. While a ceasefire is 
in place, Bosnian Serb leaders 
agree to discuss peace on the 
tests of the contact group plan 
at a mutually acceptable site.” 


Mr Carter, said he had 
informed the White House of 
the outcome of his meeting. 

There was also co n troversy 
over whether the Bosnian 
Serbs had fulfilled the pledges 
they gave to Mr Carter before 
he agreed to meet them. Since 
Mr Karadzic issued his prom- 
ises last week, Serb forces have 
attacked peacekeepers and 
civilian targets in Sarajevo, 
blocked UN convoys and 
expelled more civilians from 
Serb-held territory. UN offi- 
cials reported. 

Tbe Bosnian-Serbs say pub- 
licly they have limited expecta- 
tions from Mr Garter's visit 
But officials hint privately that 
tiie leadership m pale may be 
dose to accepting a revised 
version of peace proposals first 
presented by the five-member 
contact group in the summer. 
The original plan, they believe, 
called on the Bosnian Serbs to 


from territory before 
negotiations mi complex issues 
such as agreed land, swaps and 
links between the Bosnian 
Serbs and what remains of 
Yugoslavia. 

"The contact group plan has 
been changed." an official said. 
The latest version makes it 
clear that only a ceasefire and 
verbal commitment are needed 
before negotiations begin. 

The official said that what 
tbe Seats wanted was “near to 
independence. We are not 
looking for a seat at the UN. 
Our idea is to unite with 
Serbia”. Unity would not pre- 
clude close economic and 
administrative ties with the 
rest of Bosnia, be said. 

His remarks appeared at 
variance with the frequent 
public insistence that only frill, 
internationally recognised sov- 
ereignty would satisfy the 
Bosnian-Serbs. 


BaUadur 
in fresh 
offensive 
on jobs 

By David Buchan in Paris 


Mr Edouard BaUadur, French 
prime minister, yesterday pro- 
posed to cut sickness insur- 
ance charges for lower-paid 
workers, to another move to 
encourage hiring by French 
employers and to reduce the 
country’s high unemployment 

The proposal, made in Le 
Monde newspaper, comes amid 
other signs that the debate 
between Gaullfst contenders 
far tiie presidency is torching 
to the left, on to political ter- 
rain left vacant by Mr Jacques 
Delors* refusal to be the 
Socialist candidate. 

Mr BaUadur has already 
shifted some of the burden of 
family allowance charges from 
companies to the state budget 
But despite public pressure 
from the Bank of France to 
close the public deficit he now 
proposes malting the same 
switch for sickness insurance 


Bundesbank holds the 
key to festive mood 



h- * "s' j* < >«■ 

4 



Reducing such charges on 
lower-paid workers would cost 
the state FFrl3bn ($2-53bn), 
and a total of FFrfiObn if 
extended to all employees, Mr 
Balladur said. 

In his broad-ran g in g article, 
he said he would use France’s 
presidency of the European 
Union which starts next 
month to propose to the EtTs 
15 members a convention on 
employment social security 
protection and vocational 
training. 

The swing to the left is 
being led by Mr Jacques Chi- 
rac who launched his first big 
campaign rally to Lyons last 
week with an attack on the 
country’s c on s e r vativ e rulers. 

In another sign of France’s 
shifting political landscape, 
pro-Chirac deputies jollied the 
socialist and communist oppo- 
sition yesterday to pass a reso- 
lution urging the government 
not to agree to a new interna- 
tional code against direct sub- 
sidies to shipbuilders. How- 
ever, tiie government appears 
committed to joining the rest 
of the EU in approving the 
code. 


.1 


-t ■ - i 


1991 92 03 94 95 


By Andrew Rsher in Frankfurt Gamiiiiiy'ii fifty and 

As Christmas approaches, the 
Bundesb ank is making those 
who analyse its every action 
wait a little before they can 
relax into festive mood. 

First, they will have to digest 
all the Goman central bank 
has to offer this week in the 
way of economic analysis, 
monetary performance and pol- 
icy targets. 

Among economists, a debate 
is raging as to whether the 
German central bank will start 
raising official interest rates 
soon, wait until late next year 
or beyond, or manage one 
more reduction to the present 
economic cycle. They are hop- 
ing for does when the Bundes- 
bank announces its 1995 money 
supply target on Thursday. 

Most economists expect grad- 
ual rises to rates from the sec- 
ond half of next year; a cut at 
this stage would unsettle bond 
markets. 

Yesterday, the bank offered 
some seasonal cheer with Its 
monthly report This high- 
lighted the strength of the eco- 
nomic upturn, welcomed the 
foil in the public sector deficit - 
expected to decrease by some 
DM30bn (£8J.bn) this year to 
around DMllSbn - and said 
west German inflation could 
decline to below 2J5 per cent 
early next year. 

Figures are also expected 
shortly showing that growth in 
M3, the broad monetary aggre- 
gate, eased further to an ann- 
ualised rate of just over 6 per 
cent in November. This would 

still leave M3 slightly above 
the 1994 target range of 
between 4 and 6 per cent, but 
mark the continuation of a 
huge improvement on the over 
blown growth rates in the first 
half of the year. 

At Thursday's meeting, 
therefore, the consensus is that 
the target level for 1995 will be 
roughly the same. 

But beyond that, economists’ 

Opinions diverge sharply- The 
Bundesbank bas calmed mar- 
kets by holding open all 
possibilities. 

The hope that something 
could come to the way of rate 
cuts has never been taken from 
the market," noted Mr Her- 




J Li 


mann Remsperger, chief econo- 
mist at BHF-Bank in Frank- 
furt The last reduction to offi- 
cial rates was in May, when 
tbe discount and Lombard 
rates were cut by half a per- 
centage point each to 4J> arid 6 
per cent respectively. 

Then, the aim was to slow 
the alarming acceleration in 
M3 growth by encouraging 
investors to move binds from 
short-term deposits to longer 
term instruments. “Looking 
back on 1994,” added Mr Ram- 
sperger, “I would say the 
Bundesbank’s experiment of 

using rate cuts to brake money 
snpply growth has 
succeeded.” 

Ms Alison Cottrell, London- 
based economist at Kidder Pea- 
body of the US, also believes 
the Bundesbank is trying to 
keep markets happy. 

They want to keep the hope 
of rate cuts alive all the time. 
That’s tbe reason they’re not 
cutting.” Nor does she see any 
pressing reason for further 
reductions now. She expects 
renewed tightening in late 
summer or autumn next year. 

Neither she nor Mr Remsper- 
ger totally exclude the possibil- 
ity of a cut early next year,- 
though. 

Among those arguing 
strongly for such a move is 
Dresdner Bank. "There 
remains a good chance that the 
Bundesbank will cut the dis- 


count rate once again,” the 
bank’s research arm said. 
Admitting its view was contro- 
versial, it cited the improving 
monetary and inflation situa- 
tion (including the prospect of 
moderate wage deals). 

Taking the opposite view is 
Goldman Sachs, the US invest- 
ment bank, its Frankfort-based 
economists have criticised the 
Bundesbank’s rate cuts and 
what they call its “liberal 
interpretation” of the mone- 
tary target in 1991 

Thus they see the need for “a 
moderate increase in official 
interest rates in the course of 
1995". 

Mr Remsperger sees the 
truth as lying someway 
between the two. For him, the 
importance of Thursday’s 
meeting win be more in what 
the Bundesbank says about M3 
performance and targ e ts than 
in the actual figures. "An 
unchanged M3 goal will send 
the message that the Bundes- 
bank takes account of the over- 
shooting of the target and 
intends to correct this.” 

Although the link between 
M3 and future infla tion is not 
always clear, some economists 
feel the Bundesbank should 
tigh t en policy early as a pre- 
caution against any speeding 
up of inflation to 1996. Mr Mar- 
tin HOfher, economist at' 
Bayerische Vereinsbank, says 
interest rates whmiid go up to 

the first half ofi995. 

For Ms Cottrell, however, it 
will be fiscal policy that deter- 
mines when, and if; rates rise 
next year. If both the consoli- 
dation of the federal budget 

and wage trends look like get- 
ting Out of hand, she thinks 

the Bundesbank could use 
interest rate rises as a “psycho- 
logical tool" to knock sense 
into politicians and wage 


Undoubtedly, the central 
bank continues to take M3 seri- 
ously, despite criticism from 
those who feel it has wavered 
from the true monetary path. 
Thus the Bundesbank is likely 
to underscore its commitment 
to monetary targeting when it 
sets its 1995 range for M3 on 
Thursday. Then the Christmas 
celebrations can begin. 
Editorial Comment, Page 15 



EUROPEANNEW^DIGEST m -• 

Gonzalez aide 

held in 

t>» riMkHrtest eDteoftg of tht parted to rttotf Mr 
rape Otm dlg’.tt a 

unravelled following the arrest « a wniw wwwrw ww 

governing Socialist party m comectioa witfr a 

degth squad that waged an undercover war agabot Basque 

the interior mM sfry’s 

state, tobUbe Madrid 

judge had ordered the arrest of Mr Julian Sa nmmmti, a 

SZZ official to ttoB^Goun^ts™ 

1983 and 1984, director general of state rewigbww® 
and 1986 and su b se que ntl y a member of the 
policy council. Ms Robles «nd the^nr^of 
together with three police officers, 

RateMcar Garato on charges of attempted murder, kidnapping 

and misuse of public foods. _ _ _ . . 1 

■ Mr Mario Conde, the former c h air m an of Ba ® co 
Crtdito (Banesto). who was indicted on ifraud charge tost 
mnntii was interrogated yesterday by a Madrid investigating 
judge. The questioning, which centres on the coflapee a year 
ago of Banesto, then the fourth-ranked Spanish bank, wmtin- 
ued late into tbe night and is expected to continue today.itaa 
Bums, 


Hurd tries to calm Gibraltar 

Tbe British foreign secretary. Mr Don g tas Hurd, yesterday 
moved to reassure Gibraltar ora its status as a UK colony 
ahead of talks with his Spanish counterpart. Mr *vwr Sotesu 
Mr Hurd said the UK remained committed to the Gibraltarian 
constitution which states there can be no change in the 
colony's status without the consent of the local peopta SpaUi 
said last week It planned to resurrect sugges tions lor a tease- 
bach of Gibraltar, or a sharing of sovereignty! when the 

animal hflatorwl meeting QXt the fotUTO Of ths British CtdffiQf 

*a fcae p iano in London today. However, Gibraltar’s chief minis- 
ter, Mr Joe yesterday separately raised the stakes for 

talks hy arensinff hath London and Madrid of de sf a WlWn g 
his adminis tration. He accused the Foreign Office of conduct- 
ing a "dirty tricks'” «mnpatgo against him because of UK 
newspaper covKUge that the colony was turnim? tote a moony- 
laundering and drugs centre. Mr Bossaao Also criticised Spain 

London- 



French contract ‘carter inquiry 

France's Council on Competition is expected to rule next 
spring on a preliminary repeat that the country's main public 
contractors have systematically rigged bids on highways, 
bridges and high-speed TGV rail track contracts over the past 
few years; According to toe preliminary report, which bas 
been leaked to the Canard Enchain^ investig ativ e weekly, the 
Council on Co m p eti tion has uncovered 37 alleged cases of 
market and price rigging by some 60 campe&tes. including 
Bouygues, Gtafirate des Eaux and Lycrinatee des Eaux. The 
companies now have two months to respond to the allegations, 
before the Council prepares its final report* .which could rec- 
ommend sizeable fines. Dootd Buchan, Paris 

VW’s Skoda stake to increase . 

The Czech government yesterday deered toe way for Volkswa- 
gen to Increase its stake to Skoda AntomobCtova fry approving 
a controversial amendment to s 1991 agreement. The amend- 
ment allows Volkswagen to take its stake to Skoda from 31 per 
cent to 6&3 per cent fry the end of this year and to TO per cent 
by the end of 1995, for a total cost of DMLtbn. But the new 
agreement also .accepts * substantial out to Volkswagen's 
overall investment from an anticipated DM9J5hs (£3.S7bn) 
when the original contract was signed, to Dan&Tbn. In return, 
Volkswagen has agreed to expand Skoda’a production capacity 
to 340,000 cars a year by 2000 from 230,000 currently and to 
introduce a new family-type car based on a Volkswagen 
design. Vincent Boland, Prague 

Russian businesses join forces 

Russia's emerging capflaltets are again searching for a con- 
structive rote in a society in which many people still regard 
malting profits as an unethical pursuit More than 1.000 Rus- 
sian business leaders gathered to Moscow yesterday to form 
an association to represent their interests mors effectively. 
The First Congress ' of Russian Businessman called on the 
government to stiffen its plans for a tight 1995 budget, to 
stabilise the economy, to reduce inflation, cut government 
spending and reform the tax regime. Representatives asked 
the g o v er n m ent to encourage a more favourable investment 
climate, malting it possible to channel private money into 
parts of the manufacturing sector which stood “on the brink of 
destruction”. John Thornhill, Moscow 

German TV station boosted 

Vox, the ailing German television station in which Mr Rupert 
Murdoch’s Notts Corporation has a 49.9 per cent stake, will 
spend DM200m (£81 .6m) cm its programming nest year. The 
channel was started at the beginning of 1993 by Bertelsmann, 
the German media group, but went into liquidation last April 
when a number of toe original shareholders withdrew. Several 
of Germany’s 16 state media authorities were reluctant -to 
renew the Vox licence after the channel went into liquidation, 
arguing that Mr Murdoch’s arrival in July meant the new 
shareholders and programme mix boro no resemblance to the 
original channel. However, a spokesman for Vox, said the 
media regulators had approved the new line-up. Michael Unde- 
mann, Bonn 

ECONOMIC WATCH 

Swiss industrial output falls 

Swiss industrial production 
was 6 per cent aheafl to the 
third quarter and new orders 
were 12 per cent higher *h«n 
in the third quarter of 1993, 
according to the Federal Sto 
turtles Office, industrial pro- 
duction, however, slipped 4.4 
per cent in the third quarts 
from the second quartet 
Export orders were 13 pe 
cent higher year-on-year am 
3.6 per cent ahead of the sec 
ond quarter rate. A manhia 
ery industry spokesman safe 
demand was strengthening 
but export orders were betel 
taken on very thin maxgtoi 
e. ... , . . because of the strength of th 

^ reDficted res 

tocktag following the long recession, especially to the metal 

working and watchmaking sectors, DcmeScanlers jumped® 

e 5 ct ^ be to reduce the cost of capita 
«P 10 P* year^n-iwU 

^ 1 ?omww ) iSui I ^3 r201bn estimated October. 

JSSSTS ^ 

minister ^ GOran Per8Son ' 

in hr* Ian * a round of deep JzpoavHns 

cuts in his 199546 budget pronosals HAtf 










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v, 


ft 7 ■ ■, 

-w*-. 


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FINANCIAL TIMES TUESDAY DECEMBER 20 1994 ★ 


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NEWS: INTERNATIONAL 


u-* 


Bank of Japan chief aims ^ e — of : 

JL f hitipcp 

to tackle bad loan problem count the 


Anniversary of Sino-British declaration underlines change in attitudes 

Chinese 


By Wtfflam Dawkins in Tokyo 

Mr Yasuo Matsushita, new 
governor of the Bank of Japan, 
yesterday pledged that 
resolving the banking system's 
bad-loan problems would be 
one of his most important 
tasks. 

Mr Matsushita, in bis first 
public pronouncement since 
taking office last week, said 
bad loans had peaked, “but I 
am not confident the matter 
has started to improve in 
terms of the adjustment of cor- 
porate bsthmce sheets.'’ 

Attempts to recoup some of 
those loans by disposing of 
property collateral wore “not 
necessarily proceeding 
smoothly,” he declared. 

The problem would not dis- 
appear until non-performing 
assets could be made more liq- 
uid and businesses and finan- 
cial institutions had improved 
their cash flows. Markets to 
clear such loans existed in the 
US, be added, referring to the 
securitisation of bad debts, but 


no such system existed in 
Japan. “Interest rate prob- 
lems” and complex property 
rights were also factors. 

While unspecific. Mr Matsus- 
hita’s remarks were welcomed 
by equity analysts as a sign 
the new governor will be sym- 
pathetic to the Japanese bank- 
ing industry's problems, and so 
can be expected to make the 
financial market’s stability a 
high priority. 

Japan’s 21 leading banks 
reported Yl&300bn (£85^bn) of 
bad debts, 3.45 per cent of total 
loans, at the end of September, 
widely seen as a drag on new 
lending. That only includes 
loans on which repayment is 
more than six months late: the 
total is generally estimated to 
be at least double if all restruc- 
tured loans are included. Full 
disclosure would increase con- 
fidence and management 
responsibility, but it was pre- 
mature to ask banks to do this, 
Mr Matsushita «>w 

He supported the decision of 
his predecessor, Mr Yasushi 


Mleno, to use Bank of Japan 
capital, for the first time ainra 
1937. to rescue two small credit 
cooperatives. This must have 
been the best option, he said. 

Yet the new governor 
appeared less optimistic on the 
economic outlook than Mr 
Mleno. suggesting to econo- 
mists in Tokyo he will be 
inclined to keep short-term 
interest rates low. 

He saw a slow economic 
pick-up, helped by rising indus- 
trial production and corporate 
earnings and improved busi- 
ness sentiment but was cau- 
tious over the recovery's sus- 
tainability. 

Corporate balance sheet 
adjustment was insufficient 
and personal consumption did 
not warrant optimism. "We 
cannot be too optimistic.” 

Hie saw no big change in the 
present economic trend. On the 
strength of the yen. cited 
recently by the Organisation 
for Economic Cooperation and 
Development as the main risk 
to Japan’s recovery, Mr Mat- 


sushita said the best way to 
achieve currency stability was 
to seek non-inflationary sus- 
tained economic growth. 

The government’s Economic 
Planning Agency yesterday set 
a £8 per cent target for GDP 
growth in the year to the end 
of March 1996. slightly above 
the OECD forecast and well 
above most private-sector pre- 
dictions. 

At the same time, it revised 
down the growth target for the 
year to March 1995 from 2.4 per 
cent to L7 per cent, again well 
above most private-sector fore- 
casts for growth of less than 1 
percent 

The EPA expects thig fiscal 
year’s current-account surplus 
to be higher than earlier fore- 
cast: $127bn (£79.3bn) rather 
than $l25bn. 

That, however, marks a 
politically welcome decline 
from last year's $131.4bn. It 
forecasts that the surplus will 
go on falling next year, to 
$122bn in the 12 months to 
March 1996. 


Shareholders fight political funding 


ByWHBam Dawkins 

Shareholder groups of three 
leading Japanese industrial 
companies yesterday took 
court action to stop than mak- 
ing corporate political dona- 
tions, the first such case in 
Japanese legal history. 

This exemplifies growing 
public concern that curbs on 
political funding, due to fake 
effect at the end of the year, 
may contain loopholes. It 
shows a small yet growing ten- 
dency among Japanese share- 
holders to make their voices 
heard. 

They are angry that, many 
companies have over the past 
few weeks resumed political 
donations, a year after they 
claimed to have closed their 
coffers, ostensibly to promote 
cleaner politics. In the previ- 
ous year, 1992, corporate dona- 
tions from all sources 
amounted to Y332.2hn (£2.lbn). 

The companies in this case, 
all Osaka-based, are Obayashi, 


one of Japan’s five largest con- 
struction groups, Osaka Gas 
and Kansai Electric Power, 
respectively Japan’s second 
biggest gas and electricity sup- 
pliers. The suit, filed an share- 
holders’ behalf by an Osaka 
civil rights group, seeks to stop 
the trio making donations for 
the Osaka governorship in 
next April's local elections. 

The shareholders allege the 
three companies contravened 
an election law against giving 
money to politicians responsi- 
ble for public works. Local gov- 
ernors can. select contractors 
for substantial civil engineer- 
ing projects. The trio are 
alleged to have collected 
Y420m from 129 local compa- 
nies for a candidate in the last 
gubernatorial election in 1991. 

Other business groups to 
have started making political 
donations again include the 
construction, oil and life insur- 
ance industry associations. 
The Keidanren, the leading 
business federation, continues 


to abstain from channelling its 
members’ cash to political par- 
ties, but says member organi- 
sations have kept the freedom 
to donate independently. 

However, the party line-up 
has now been simplified by last 
week’s merger of all leading 
opposition parties into a single 
group, the New Frontier party. 
This leaves Japan with a sim- 
ple system of three n»«tn par- 
ties: the ruling Liberal Demo- 
cratic party, NFP and Social 
Democratic party. 

The move has made it easier, 
for the first time in 13 months, 
for companies to spot who 
needs to be paid to safeguard 
their in te rests. The construc- 
tion industry group says it is 
giving to both the main par- 
ties, the LDP and NFP, the 
first time it has had to make a 
two-way political bet. Corpo- 
rate political funding is to be 
entirely in five years. 
Meanwhile, donations ran still 
be made to one registered fund- 
raising group per politician. 


Japan’s campaign against 
costly economic regulations is 
starting to make slow progress 
for the first time in reducing 
the jungle of government red 

tape, William Dawkins writes. 

The number of official 
permits and licences needed to 
do business in Japan, or 
simply live there, fell by 457, 
or 4 per cent, to 10,945 in the 
year to last March, reported 
the Management and 
Coordination Agency. It is the 
first drop recorded since 1985. 

Progress is slow because 
new regulations emerge nearly 
half as fast as old ones are 
scrapped. Last year, for 
example, 829 permits were 
abolished, while 372 new ones 
were issued. 

However, the pace of 
abolition may be increasing: 
506 were scrapped in February 
and March alone, under a 
deregulation plan launched by 
former prune minister 
Motrihiro Hbsokawa . 


seconds until 
they regain 

Hong Kong 

By Tony Walker in Beijing 

Tiananmen square in central Beijing has 
witnessed more than its share of momen- 
tous events, but yesterday’s unveiling of a 
clock marking the days and wnndc until 
Britain’s handover of Hong Kong must 
rank as one of the more curious. 

When the clock, attached to the columns 
guarding the entrance to the Museum of 
Revolutionary History, was unveiled by 
municipal officials it showed there were 
925 days and 7980m seconds to go before 
the July 1 1997 deadline. 

The ceremony also coincided with the 
10th anniversary of the signing of the 
Sino-British joint declaration on the Ques- 
tion of Hong Kong that took place in hap- 
pier circumstances than those prevailing 
between Beijing and London. 

Among onlookers who gathered in 
lightly felling snow to witness the unveil- 
ing, the mood was nationalistic. “With 
such a clock the idea of Hoag Kong return- 
ing to the motherland will enter people’s 
hearts gradually ” said a woman student. 

The idea for the clock came from editors 
associated with the popular magazine Top 
Brands published by the official Xinhua 
newsagency. Mr Li Weimrn. editor-chief of 
the magazine, said yesterday the clock 
was the “most appropriate” way to draw 
attention to the resumption of Chinese 
sovereignty over Hong Kong. 

“Tiananmen square is the focal point of 
the nation, and that is why we suggested 
that a clock be placed on the square so 
that it can best represent people’s patrio- 
tism and elevate national spirit,” Mr li 
said. 

China’s press, in its coverage of the joint 
declaration's anniversary, highlighted 
remarks by Mr Qian Qichen, the foreign 
minister, and Mr Lu Ping, director of the 
Hong Kong and Macau Affairs Office, in 
which they hailed the document as a 
“great achievement”. 

“Implementing the principle of ‘one 
country, two systems' toward Hong Kong 
after 1997 is neither an expedient measure 
nor a matter of being swayed by our emo- 
tions. . . this is China's long-term state pol- 
icy,” Mr La said. “It is regrettable that, in 
recent years, the British government has 
departed from the spirit of the joint decla- 
ration, changed its policy toward the issue 
of Hong Kang and adopted the way of 
confrontation," Mr La added. 



Countdown: cyclists pass the new clock in Tiananmen Square. Beijing, marking the 
time to go until China takes back Hong Kong 


Chinese officials clearly hope the clock 
on TVananwim square will reinforce popu- 
lar sentiment about the importance of re- 
establishing Chinese sovereignty over 
Hong Kong, but a risk is that such propa- 
ganda exercises will further sharpen 
antagonism with Britain. Recent discus- 


FtotdA 

signs between Chinese and British officials 
over such issues as guaranteeing the con- 
tinuity of an independent judiciary after 
1997 have revealed continuing sharp differ- 
ences. 

These lingering arguments do not augur 
well for a smooth handover. 


China puts terms Still loopholes in Hanoi’s new copyright law, critics say 

on TV ventures Vietnam attacks book pirates 


Warning on costs 
of protectionism 


China is to introduce a 
regulation preventing foreign- 
ers from taking part in joint 
ventures to produce colour 
televisions nniaea they import 
advanced technology, the 
English-language state-run 
China Daily said, Beater 
reports in Beijing. 

“No advanced technology, no 
market, that is the ministry’s 
policy," the newspaper quoted 
Thang Jinqiang, vice-minister 
for the electronics industry, as 
saying. 

Foreign companies are eager 
to set up joint ventures In 
China with the aim of gaining 
a larger slice of China’s huge 
market for home appliances, 
the newspaper said. Since 
introducing its first colour tele- 
vision production line in 1980, 
China has invested Yuan 20bn 
(£L5bn) in the industry. 

China has an annual output 
capacity of 20m colour televi- 
sions a year and 15m tubes; 


last year it ranked third in the 
world after South Korea and 
the US, with output of 13m 
sets, the China Daily said. 

Production is expected to 
reach 14m sets this year and 
l&n-aom by the end of the cen- 
tury. China exported 4.6m sets 
last year and the ministry 
hopes to raise this to 8m by the 
year 2000. 

The production value of col- 
our televisions accounts for 
about 40 per cent of the total of 
the electronics industry. 

About 80 per cent of urban 
families but only 10 per cent of 
rural familie s have odour tele- 
vision sets. 

Chhm has 51 colour televi- 
sion manufacturers, erf which 
five produce more than lm sets 
a year. 

The demand for large-screen 
colour televisions has 
increased rapidly in cities in 
recent years, the newspaper 
said. 


Vietnam’s recent copyright law brings 
protection up to international gtenflarfla, 
but in “photocopy city”, where books can 
be reproduced for a few dollars, loopholes 
still exist. Renter reports from Hanoi. 

National Assembly president Nong Due 
Manh signed the ordinance protecting the 
copyright of the works of Vietnamese 
authors last week, according to newspaper 
reports. 

“If s a good law in most ways,” said Ms 
Tanya Puffin, a specialist on intellectual 
property rights with White and Case, a 
New York law firm. “If s an international 
standard law that covers the thing s copy- 
right should cover, such as books, music 
and computer software.’’ The ordinance 
would help Vietnam join the Berne Con- 
vention an copyright 

But until it is admitted to the conven- 
tion, a serious flaw in foreign eyes is the 
or dinan ce’s stipulation that foreign 
authors must publish their works in Viet 
nam to qualify for copyright protection 
there. If they are published abroad, they 
must be published in Vietnam within 30 
days to qualify. 

In practice, few foreign authors of books, 


or composers, will do so. But computer 
software companies may well want to pro- 
tect their works in this growing market 

“It means we would have to release 
simultaneously in Vietnam and the US. in 
English," said Ms Maureen Flanagan, 

A serious flaw in foreign 
eyes is the stipulation that 
authors must publish their 
works in Vietnam to 
qualify for protection there 

country manager of the US company Uni- 
sys. Computer software piracy was “stan- 
dard procedure" in Vietnam and had been 
encouraged by the US trade embargo, 
which Washington rescinded in February. 

Because legal imports of US software 
bad been banned before then, the Viet- 
namese “got in the habit cf importing and 
copying”, she added. “It’s worse here than 
China or Thailand." 

When Vietnam joins the Berne Conven- 
tion, it will have to extend copyright laws 


applicable to its own nationals to foreign 
authors, too. “But until they jeon the con- 
vention, the 30-day rule is a big loophole,” 
Mis PuDin said. 

Mr Cameron McCullough, of Sly and 
WeigaD/Deacons, an Australia-based law 
firm, said the protection offered to com- 
puter software was the key element of the 
law. 

Vietnam is keen to develop an informa- 
tion technology (IT) industry as well as a 
publishing one. “A copyright law is an 
essential element for protection of interna- 
tional property to develop sectors of the 
publishing industry. It is important for IT 
and absolutely critical for development of 
a software industry." 

The law covers works including plays, 
broadcasts, videos, photographs, architec- 
ture, maps and books. 

How effective it will be against local 
piracy remains to be seen. There are lucra- 
tive businesses based on photocopying 
popular books and documents, and pirated 
popular compact discs imported from 
other Asian countries bave appeared on 
street stalls in large numbers recently, 
selling for about $1 each. 


By Our Foreign Staff 

A senior Indonesian minister 
yesterday warned that protec- 
tionism would raise local pro- 
duction costs and erode the 
international competitiveness 
of Indonesian industry. 

The warning from Mr G man- 
jar Kartasasmita, the planning 
minister, came amid a growing 
debate in Indonesia over 
efforts by a private company. 
PT Chandra Asri, to obtain 
protection for a $l.7bn petro- 
chemicals complex being built 
in west Java. The main back- 
ers of the project include Presi- 
dent Suharto’s second son 
Bambang Triha tmodjo. 

“We have to be very selec- 
tive in protecting our firms 
since this raises costs for 
downstream users, which in 
turn makes these industries 
less competitive.” Mr Ginanjar 
told a conference on manufac- 
turing. 


“We bave to ensure that pro- 
tection does not constitute a 
government subsidy to non- 
competitive businesses, deny- 
ing these resources to infra- 
structure, education and 
health, which are fundamental 
to our long-term development 
success,” he said. 

The Chandra Asri debate has 
been front-page news with 
economists, former ministers 
and finance minister Mar'ie 
Muhammad speaking out 
against protectionism. 

The company has asked for 
tariff barriers of up to 40 per 
cent for its plant, which is 
expected to produce ethylene 
and propylene. The tariffs 
would protect the Chandra 
Asri plant, due to come on 
stream next year, from cheaper 
imports. The company argues 
the protection is necessary 
because it will take several 
years before Chandra Asri 
becomes profitable. 


? Eastern demand lifts Cognac spirits 

The industry expects valuable markets in China and Vietnam, writes John Ridding 

T he Cognac region of CfMXltac; Drfnciisai markets Agreement on Ta riffs 

south-west France Is in Trade; which comes into e 

better cheer. Producers M&dreiaf fames endmfeftt at the start of next year. 


T he Cognac region of 
south-west France Is in 
better cheer. Producers 
of what Victor Hugo described 
as the “liqueur of the gods” are 
starting to see stronger ship- 
ments after years of sober 
demand. More important, the 
industry is hoping the rise of 
valuable new markets, notably 
rihtna. mil lead to a- farther 
surge of exports. 

“In the next 10 years. China 
has the potential to became by 
far the world’s biggest mar- 
ket.” says Mr GiBes Hennessy, 
vice-president of Hennessy. one 
of the largest Cognac houses. 
“Along with markets such as 
Vietnam, this is where we see 
future growth.” 

This is echoed by industry 
analysts. In a report cm R£my 
Martin, the biggest name in 
China, Mr Edouard de Baisge- 
hn, a Merrill lynch analyst, 
describes the market as “a new 
Eldorado” . He believes growth 
win be uneven and v ulner able 
to political and economic 
developments, but the coastal 
Chinese market could reach 
29m bottles by the year 2000, 
against 6m at present, and 
20.8m in the US, the biggest 
market in 1993. 

For the Cognac producers, 
the importance of China and 
other new markets reflects sev- 
eral factors. The Bureau 


Mdftorts at botWar eqMwfeftt 


Hong Kong 



•woo ei se -.ss. 


1990 91 92 SS 1990 01 92 S3 1990 M 


93 . 1990 91 92 93 


National Interprofessionnel du 
Cognac, representing the 300 or 
so Cognac companies, says 
about 94 per cent of sales 
comes from exports, with the 
hon's share accounted for by 
the US, Japan, Hong Kong and 
western Europe. As a result 
the industry depends on mar- 
kets which in many cases are 
mature or sluggish. 

But room still exists for 
growth. The US has rebounded 
from recession to regain its 
position as the number one 
market. Analysts also expect 
recovery in Japan, badly hit by 
economic downturn. 

“There, a lot of purchases 
were on corporate entertain- 
ment budgets and these have 


been bit as companies have 
tightened their belts,” says Mr 
Hennessy. whose company is 
the market leader. Overall 
sates in Japan fell to 17.4m bot- 
tles-equi valent in the year to 
the end of August, from 229m 
in the same period in 1992-1993. 
Price cuts have prompted 

improvement, but the return to 
previous levels has so far 
proved gradual. 

Despite resurgence in ship- 
ments to the US, and Japan's 
recovery prospects, few observ- 
ers see rapid growth in exist- 
ing markets. New markets are 
prompting the enthusiasm. 
"Emerging markets such as 
rn-ihm are the mam hope;” one 
analyst at a french bank said. 


This hope is partly justified by 
the Chinese market’s rapid 
growth. “The Chinese have 
always had a taste for 
Cognac,” says Mr Hennessy. 

Whether the appetites of the 
rhinpso consumer and the 
Cognac companies will be sat- 
isfied depends on progress in 
resolving the obstacles. Most 
important are the high taxes 
facing importers of liquors and 
spirits. Tariffs increase the 
cost of a battle of Cognac by 
about 150 per cent; taxes take 
the total price rise to almost 
250 per rant Import barriers 
are an important element in 
talks Got China ’s membership 
of the World Trade Organisa- 
tion, successor to the General 


Agreement on Tariffs and 
Trade, which comes into effect 
at the start of next year. 

One Cognac executive said 
progress was being made, 
partly because Beijing was 
seeking to curb the black mar- 
ket through which most 
Cognac at present enters 
China. But the gap between 
the Chinese offers on tariff 
cuts and the rtpmaTiHg of the 
international spirits industry 
st31 remains to be bridged. 

Partly because of high tariffs 
and fayps emerging markets 
in Asia, Russia and Latin 
America remain vulnerable to 
counterfeit producers. But 
things have improved some- 
what over the past two years, 
one senior executive in the 
Industry says. In Thailand, he 
estimates counterfeit Cognac 
now represents a few per cent 
of the market, against up to 3Q 
per cent a few years ago. 

Steps are being taken to 
limi t, the problem in the new 
markets. In China, Hennessy 
has agreed to set up a labora- 
tory with Chinese partners to 
root out counterfeit products. 
The company believes such 
moves will help smooth access 
for French producers, but the 
process may take a long time. 
Given the market’s potential 
size, the wait would seem 
worth it 


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FINANCIAL TIMES TUESDAY DECEMBER 20 1994 



s INTERNATIONAL 


Israel’s 
markets 
tax to go 
ahead 


By Jufian Oatnne in Jerusalem 

Israeli prime minister Yitzhak 
Babin yesterday said a contro- 
versial capital gains tax would 
go ahead on January 1 as 
planned. The statement put an 
end to a cabinet row over the 
proposed measure and settled 
more than a week of uncer- 
tainty. 

Mr Rabin made the 
announcement after meeting 
Mr Abraham Shochat, the 
finance minister, who spent 
last week fending off fierce 
atticism over the tax an. stock 
market profits. Opponents 
maintained that imposition of 
the tax had caused a decline in 
public support for Mr Rabin’s 
Labour party. 

Mr Rabin, however, said he 
was considering modifying the 
tax and would be listening to 
the investors in Israel’s stock 


Energy and transport departments to bear brunt of government savings 

Clinton lines up tax cut targets 


Under the present legisla- 
tion, investors will have the 
Option of paying varying rates 
depending on whether they 
want to deduct stock market 


The option with deductions 
will be assessed at a 20 per 
cent rate on net profits and 
wQl require investors to file 
year-end tax reports. 

The option without deduc- 
tions wQ] be assessed at 10 per 
cent and win be deducted at 


Foreign i n ve s t o rs living in 
countries which have a double- 
tax treaty with Israel, like 
most western European 
nations, will be exempt from 
paying the tax. 

Stock market analysts say 
the prospect of Implementing 
the tax has been one factor 
depressing the stock market 
which has declined about 
35 per cent in the past year. 

The market rallied briefly 
last week while Mr Rabin was 
abroad, but sentiment was 
quickly damped after the 
announcement shares yes- 
terday afternoon steadily shed 
their morning gains. The 
Mlshtanim index, which had 
risen 3J5 per cent during the 
m o r n in g , was up by only 0.05 
per cent shortly after the 
announcement 


By Juvfc Martin h W ash ing t on 

Senior members of the Clinton 
administration yesterday out- 
lined the details of about $24bn 
in spending cuts and depart- 
mental rationalisation 
designed in part to finance the 
$SQm middle class tax cut pro- 
posals unveiled last week. 

President Bill Clinton also 
announced that he bad ordered 
Vice President A1 Gore to 
expand the existing “reinvent- 
ing government” programme 
under his direction, and to pro- 
duce ftrrther proposals within 
90 days. 

He repeated that any tax 
cuts had to be paid for in order 
not to increase the federal defi- 
cit The bulk of finance for his 
proposed tax cuts comes from 
the $52bn generated by con- 
tinuing for two more years the 
freeze an discretionary spend- 
ing. Over the weekend, same 
prominent Republicans had 
agreed that it would be wrong 
to sacrifice deficit reduction on 
the altar of tax cuts. 

Mr Gore said consideration 
had been given to abolishing 
several government depart- 
ments and agencies, as 
demanded by some Republi- 
cans, but that the “reform 
option" was the better 
approach. However he pledged 
to “make government work 
better and do less” and 



government corporation. 

Bat 10 separate dep a rt men t a l 
divisions would be consoli- 
dated into three, and 30 exist- 
ing loan programmes, each 
with their own rules and crite- 
ria, would be reduced to three 
as well Mr Henry Cisneros, 
secretary of housing, said 60 
loan programmes to cities 
would be consolidated into 
three broad block grant catego- 


Tbe energy department, 
described by Ur Gore as a relic 
of “the Opec and Cold War” 
period, would achieve its 
savings by privatising the 

naval petroleum reserve in Cal- 
ifornia and through a variety 
of management and contract- 


A1 Gore (left): ordered by Bill Clinton to expand the “reinventing government” programme 


“to trade interference for 
opportunity”. 

Dr Alice Rivlin, the budget 
director, said the time had 
dearly come to “sort out roles 
and missions”. 

Basic questions to be 
addressed included: “Should 
the federal government be 
doing all these things? Should 
it be making all these deci- 
sions? Should it be handing out 


an these specific little grants?” 

Hie brunt of the $24bn five 
year hit is being borne by the 
departments of energy 
($10.6bn) and transport 
(S6.7bn), with smaller slices 
from the budgets of housing 
($800m), and two agencies 
which serve the federal govern- 
ment machine - the general 
services administration ($L4m) 
and office of personnel 


agement ($30,000). A farther 
SL5bn of spending cuts remain 
to be identified. 

Mr Federico Pena, the trans- 
portation secretary, said his 
department would see its staff 
cut roughly in half from 
106.000 to 54,000 over five 
years, with the 40,000 employ- 
ees at present involved in 
air traffic control coming 
under the auspices of a new 


Hte proposals outlined, yes- 
terday will form part of the 
administration’s 1995-96 bud- 
get, to be presented early in 
the year. Republican control of 
Congress means that changes 
to this will be made. 

All those who followed Mr 
Clinton and Mr Gore to the 
dias said they were determined 
to make the relationship 
between Washington and state 
and local authorities work bet- 
ter. But Dr Rivlin added a 
warning to some of the more 
fervent Republican (fisdples of 
government cuts: “There are 
some things which must 
remain federal”. 


Nigeria fails to heed business alarms 

Disenchanted companies are looking elsewhere to invest, writes Paul Adams 

E 


ver since Nigeria's mili- 
tary regime detailed its 
economic policies in 
January 1994, it has received 
blunt warnings of economic 
decline and disinvestment 
from Nigeria's private sector. 
A survey of British business 
experiences in pm w^ i n g mar- 
kets, published yesterday by 
Control Risks Group, under- 
lines this message. The survey 
shows the ratio of opportunity 
against risk in Nigeria as 
minus 445, whilst Africa as a 
whole receives a positive ratio 
of 2J>. 

Nigeria's advantages over 
most of the African continent 
- the largest domestic market 


in Africa, its dominance in the 
manufacturing and oil and gas 
sectors in west Africa and its 
agricultural potential - are 
being eroded as disadvantages 
rise. 

Many problems stem from 
political instability- In 1993 and 
1994, industry lost nearly two 
months business because of 
political strikes which brought 
fuel supplies and transport 
almost to a halt and dosed 
ports, banks and offices. 

In July and August this year, 
the strikes hit multinational 
oil producers as the unions 
damaged equipment and 
threatened staff who continued 
to wok. The manoeuvring by 


the military to retain power 
has eroded policymaking 
which is either on hold, non-ex- 
istent or liable to sudden 
U-turns. The most darn aging Of 
these was the imposition of for- 
eign exchange controls this 
year which stopped several 
planned investments in agri- 
culture and agro-industry by 
multinationals. 

High inflation, low produc- 
tivity and currency devalua- 
tion have hit spending power 
and depressed local demand 
while ill-conceived macro-eco- 
nomic policies have aggravated 
restrictions on investment. The 
limit of 40 per cent foreign 
ownership in the main sectors 



STATE PROPERTY AGENCY 


CALL FOR TENDERS 

In collaboration with the Altus Befektefosi es Vagyonkezelo Rt (Altus 
Investment and Property Management Ltd.), as the consultant, the State 
Property Agency offers the state-owned shares in the 

Magyar Viscosa Reszvenytarsasag 

(Magyar Viscosa Co. Ltd.) 

for sale in the framework of a one round, public tender. 

The issued capital of the Company is HUF 2,276,180,000, and the value of the equity capital 
expected on December 31, 1994 will be HUF 3,883,000,000. 

Of the state-owned block of shares in the par value of HUF 1,231,570,000, which represents 54.11% 
of the issued capital, the State Property Agency isolates a block of shares in the par value of HUF 
93,470,0 00 representing approximately 4.1% of the issued capital, which will be offered to the 
Company s employees for property acquisition under preferential conditions. Accordingly, the 
bidders can make bids for a block of shares in the par value of HUF 1,138,100,000 ensuring majority 
ownership in the Company, which will mean 50% + 1 vote for the bidder who wins the tender. In 
case the employees do not buy a part of, or all the block of shares isolated for them, the buyer must 
assume the obligation of purchase at the price and under the conditions offered for the majority 


The State Property Agency accepts bids for the whole block of shares, which ensures majority 
ownership, and the buying price is payable exclusively in cash. 

The State Property Agency offers for purchase, together with the package of shares, its accounts 
receivable from Hungarian Viscose Co. Ltd. in an amount of HUF 201,181,000.- 

Hungarian and foreign natural and legal persons, as well as economic associations having a legal 
personality, the Organization Committee of the MRP (Employees' Share Ownership Programme), 
private entrepreneurs and their consortia may participate in the tender. 

To confirm their intention of purchase, the bidders have to deposit a forfeit money of HUF 
25,000,000, until the deadline of submitting the bids, to the account opened by the State Property 
Agency at the Hungarian Foreign Trade Bank for the purpose of receiving forfeit money. 

The condition of submitting the bids is that the bidders buy the material, which also includes the 
detailed Call for Tenders, for HUF 30,000 + VAT, at the Consultant's office (1055 Budapest, Szalay 
u. 4. floor VII), and that they sign a Statement of Secrecy related to the data and information 
obtained. 

The bids have to be forwarded to the addresss given as the place of submission, in five copies in 
Hungarian language, in a sealed envelope without a letterhead, marking the "ORIGINAL" copy, as 
well as with the inscription "Magyar Viscosa Rt tender." 

The bidders have to undertake a ninety-day binding period. 

The deadline of submitting the bids is from 12.00 to 14.00 on February 22, 1995 (Wednesday). 

The place of submitting the bids is at the State Property Agency (1133 Budapest, Pozsonyi ut 56.), 
room 804. 

The State Property Agency reserves the right to qualify the tender as inefficient 

Further information in connection with the tender and the Company is available from: 

dr. Istvdn Moln£r, State Property Agency (phone: 36/1/267-00-68), Gyoigy Paszty, Magyar Viscosa 
Rt (phone: 36/33/355-2 55), dr. Ilona Tatai, Altus Befektetesi is Vagyonkezelo Rt (phone- 36/1/111- 
4438). 

HUNGARY: PRIVATISATION GOES ON 


of the economy. fwJiiHmg, oil 
and gas production, banking 
and manufacturing industry, 
deprives multinationals of con- 
trol. 

Nigeria has missed out on 
the interest in emerging mar- 
kets fluids and has been left 
behind fay neighbouring Gha- 
na’s newer and smaller stock 
exchange. Payment uncertain- 
ties are an old problem for con- 
tractors and. suppliers in 
Nigeria and now affect most 
sectors of industry. 

The failure of the state oil 
company. Nigerian National 
Petroleum Corporation, to pay 
its 60 per cent share of the 
operating costs in its joint ven- 
tures with the international oil 
companies forced Shell to 
declare NNPC in default The 
oil majors have warned that 
unless the government 
improves its funding or 
reduces its equity, more 
default notices wfll fallow next 
year and production will 
decline. 

Another difficulty is fraud. 
International companies have 
became a prime target for 
embezzlement, false invoicing 
and counterfeit documents, 
notes and even fake drugs. 

Armed robbery and street 
crime, and the corruption and 
inefficiency of the police force, 
make extra security essential 
to protect property. Several 


large companies employ and 
equip local police units to get 
the service they require. At 
Lagos airport customs officiate 
try to extort money, and touts 
deceive, abduct and rob visi- 
tors on arrivaL 

Poor infrastructure also con- 
strains business activities. 
Some areas go without mains 
electricity or water for weeks, 
so back-up generates, tankers 
delivering water and reserves 
of foe! for gen e rator s and cars 
are essential to most 
operations. Roads and telecom- 
rmmications are poorly main- 
tained mat congested. 

Bureaucratic corruption is 
ail-pervasive at an levels from 

the state telaphnna rranpawy 

the dozen or so agendas han- 
dling the shipping of goods in 
and out of the country. 

Panels set up early this year 
by Gen Sani Abacha’s military 
regime to probe these services 
are regarded as a cover-up. Mil- 
itary task forces usually add to 
the corruption and, in the case 
of the customs task force, 
increase the chaos. These prob- 
lems are less discouraging 
when companies are making 
sizeable profits. But if Nigeria’s 
economy continues its down- 
ward slide, the negative factors 
will add to the reasons why 
Nigerian and international 
businesses are looking else- 
where to invest 


international NEWS digest 

Mexican rebels 

break army line 

rjt*£STSjs,wi 

hriri hv mwenuueat soldiers ana mix nay now 
££i%d 38 of the state*” 0 

tteaate SdtadtaLen over at least (me two tell **«*“; 

move was his troops’ first “major mwury acm sm a 

cease fi re declared on January 12. • .. lA nfr hv 

Government troops have controlled ttestan^ff 
ling Zapatista territory, but the mw action may 
the situ ation, putting itoverngtent fwc^ in .the mw dte _ of 
territory claimed by the Zapatistas. Ted Benhcke, MemCUg 

Collor’s brother dies 

Mr Pedro CoRor (to Mello. whose revelations Pf 

ruptton in Brazil led to the toppling of his brother. £Mgte. 

president Fernando CoRor, in 1998, died yesterday, in New 

Y |5fr padre CoRor, who was 42. was declared taain dorian 
.Saturday alter suffering from brain cancer a nd wa s teg 
mat-nhsfrmH on a life-su pport machine. In an intervi ew m vu y 
1992, Mr Pedro Cdlor said his younger brother had amassri a 
fortune through a muIti-miUlon-doUar Influence paddling 
scheme that bfl had used cocaine* Paced .with && hHPGftch* 

meat trial and huge street demonstrations across Bre ak Mr 
Fernando CoDor resigned in December 199a and was 
quently banned from politics far tight ysais. ^ 
B razilian court threw out criminal charges of H * 41 
against MT Fernando Collor. Heater, Rio de Janeiro 

ANC officials deny racism 

African National Congress officiate have 
commit ment to non-racism and dented reports , that delegates 
to its rerHrmfli conference are calling for the party to pursue 
an ggpfidn which gives priority to black needs, Mr Mac M aly - 
jrqj, transport minister, and other senior members of a commie- 
sion rforfri lag the party's strategy and tactics, said speculation 
ti»t the ANC would end its recondite tory policy towards 
whites and devote fts eW to blacks was unfounded. . 

The u »«i«w« formalising party policy on issues rang- 

ing from next year’s local government elections to fovdga 
affairs will present their findings to the party plenary today 
when e^rtip u results for the party's , six top poets win also be 
announced. President Nelson Mandela and deputy preskfant 
Thabo Mbekl are ahwnst certain to be elected to the presidency 
and deputy presidency of the party respectively. Editorial 
comrarat. Page IS. Mark Suzman, Bloemfontein 

CONTRACTS AND VENTURES - . 


■ Singapore Airlines, which announced plans to Jtone to buy 
up to 30 Airbus aircraft, has now signed a c on t ract to boy 10 
A340-30QE aircraft with an option for 20 more. The $Ubh 
contract was in addition to an wtstiag fires order for seven 
AS4Qs. Ratter, Paris 

■ US off company Atlantic Richfield (Axco) slga»d aeontract 
with the China National Offshore Oil Gup (GNOQQ to 
explore for oQ and gas off China’s southern ZfidEnaa bind, the 
contract was Aren's sixth wWt CNOQC. Hie deal was 
CNOOC’s 100th with a foreign comp any - ftte. Bri&ng 

■ Pirelli, the Italian tyres and cafote mann faeb a rer. yertartay 
launched its first manufacturing rite to the Ffcr Bast the joint 
venture wtth a subsidiary o£ Qajah TtmggsLa divrariCed 
Indonesian group, wfll produce and Sell tssektedbd toSbom- 
mumcation cables and systems intodonesfa. fiuf the venture 
will be owned by Pixeffi Cables and the other halt by PT 
Kabahnstal Indonesia. Gqjah TonggaTs aubsMfauy. whkfa wiD 
together invest some $70m hi the first years of the venture. 
The venture company win make mid sell fibre-optic cables and 
systems for the telecoms market Andrew SSL SBkm 

■ Siemens Automation, part of the German electrical and 
electronics group, has established its seared Joint venture In 
China. Siemens Industrial Automation. Shanghai will distrib- 
ute and engineer programaUe logic controllers (PLCs), which 
are used in factory automation. Stamens* partner Is Shanghai 
Automation Instrumentation, which.' will have a 40 per cent 
stake. Zn future, says stem^n* its Sfanatic coatroUara will also 
be produced in Shanghai. Andrea Baxter, London 

■ Electrical engineering group ABB Asea Brown Boveri has 
won an order from the Berlin public transport authority, 
Berliner Vekehrsbetriebe, far25 to-car underground trains. 
An ABB statement said the order value wra for more than 
glOOm. Reuter, Zurich 


INTERNATIONAL ECONOMIC INDICATORS: MONEY AND FINANCE 


This table shows growth rates for the most wftdsty foBowsd 
market yield. AM Agues era per c ent a ges- 


of (MM and broad money, a representative short- and lomHm to te m a t 


■ JAPAN 


■ GERMANY 




Mom? 

« 

Smx 

Lng 

Mi 

M twd ‘ 

*55 

ted 

■ten 

Ate 

lay 


**53 



Rtit 

Mb 

1985 

20 

69 


1059 

fUL 

SJJ 


662 

251 

(La. 

4.4 

21 

245 

1986 

13.5 

&3 

249- 

7-07 

3.43 

62 

82 

5.12 

236 

034 

93 

27 

AHA 

1987 

11.6 

6l5 

6j82 

239 

212 

105 

112 

4.15 

434 

055 

9.0 

73 


1988 

4j3 

52 

7-85 

8.84 

3JS1 

8.4 

10.4 

4J3 

4,77. 

034 

S3 

24 


1989 

IjO 

32 

8.99 

&49 

3M 

4.1 

10j6 

521 . 

532 

048 

6-3 

57 

711 

1990 

27 

5u3 

aoe 

254 

3 M 

2J5 

25 

7.82 

691 

036 

43 

43 

249 

1991 

5J9 

22 

bJb/ 

7JBS 

221 

52 

2.0 

751 

837 

0.75 

21 

53 


1992 

12.4 

2A 

675 

7-0 0 

22S 

4^ 

-G4 

428 

535 


73 

82 

mrri 

1993 

11^ 

1.1 


5.86 

2.73 

ao 

1-4 

2JS3 

4.18 

037 

9l4 

73 

738 


284 

5*90 

6.14 

646 

*94 

8.71 

8.44 

7.77 

244 


1.70 
22 1 
261 


211 


211 


4th qlr.1993 

103 

1.4 

334 

259 

2J3 

33 

13 

2.14 

337 

034 

AjR 

1st qtr.1994 

93 

23 

332 


2.75 

47 

13 


3.68 

032 

11 1 

2nd qtr.1994 

73 

22 

440 

737 

230 

S3 

13 


435 

278 

113 

3rd qtr.1994 

21 

1-7 

437 

7-31 

237 

22 

23 

213 

4.48 

0.74 

66 


Januery 1994 


March 

Apr* 

May 


Jidy 


10.1 

9.7 

1Q3 

93 

9-0 

7.0 
63 

6.1 
5.1 
42 
32 
23 


1.7 

20 

22 

25 

27 

21 

1.7 

20 

1.7 

1.5 

1.3 

IjO 


3J8S 

320 

249 

284 

4.05 

4*54 

4J57 

4.75 

4.84 

5.01 

5/48 

281 


5.74 

5.71 
537 
6.47 
6.94 
7.17 
7.09 
7.28 
732 
7.44 

7.72 
7J94 


274 

272 

274 

260 

291 

291 


73 

11.6 

103 

24 


634 

5.88 


531 


263 

5.93 

271 

7.18 


1.79 

US 

1.72 

1J* 


291 

244 

265 

287 

291 


24 

42 

42 

52 

53 
5.0 
4.7 
5l7 
6 JO 
29 
20 
21 


1.4 
1.6 
1 3 
12 
22 
1.7 
16 
2J0 
16 

23 

24 
26 


1.90 

166 

205 

213 

213 

208 

2.01 

202 

216 

221 

220 

224 


22S 

234 

200 

4j08 

4j03 

3l90 

424 

432 
436 
430 

433 
433 


039 

036 

030 

0.79 

030 

0l78 

0L72 

0.73 

0.74 

0.77 

0.76 

0.79 


21 

113 

113 

103 

113 

113 

113 

9.7 

121 

93 

83 


83 

113 

113 

11.4 

103 

127 

103 

93 

.8.1 

23 

7.4 


211 

53Q 

531 

534 

531 

530 

537 

437 

530 

537 


271 



» Mai 




■ ITALY 






Mmr 

si 


IBM 

SSm 



ate 




m 

m 

fltet 

ten 

Hdrf 


"m 

flog 

***£ 

vwu 

1966 

22 

113 


11.74 

na. 

133 . 

125 

- 1434 

1271 

n a 

1986 

29 ' 

2.7 

7.79 

274 

235 

103 

22 

1225 

' 11^7 

1 di 

1867 

41 

113 

226 

9.46 

2.75 

124 

93 

1132 


13d 

1968 

33 

83 

. 734 

938 

269 

73 

29 

1134 

1054 

2-71 

1989 

73 

103 

939 

279 

238 

7.1 

22 

1241 

11.61 

2.46 

1890 

33 

9.4 

1032 

682 

619 

9.3 

9.1 

1138 

1137 

Ofii 

1991 

-43 

63 



658 

73 

20 ' 

1133 

1020 

■ in 
AdK 

1992 

-4L2 

53 


267 

335 

27 

7.5 

1336 

1329 

ago 

1993 

14 

-23 

335 

6.75 

331 

43 

7.1 

1022 

1123 

255 

4tfi qtr.1993 

1.4 

-2.9 

G.74 

532 

331 

7.4 

21 

289 

S 10 

o no 

1st qtr.1994 

23 

-53 

629 

299 

235 

73 

73 

242 

239 

1 fare 

2nd qtr.1994 

1A 

-42 

5.73 


257 

92 

7^4 

7.96 

934 

1 A3U 

13d 

3rd qtr.1994 

40 

-ft fy 

262 

Tj69 

KJ 

63 

61 

268 

11.42 

158 


631 


537 

227 

243 

633 

7.06 

630 

7.10 

733 

734 
7.48 


139 

«1 

1-77 

1.78 

136 

1.67 

130 

1J9 

1*74 

■1.» 

134 

1.62 


■ UNITED KINGDOM 


4.7 

43 

4.7 

28 

53 

53 

24 

24 

43 


121 

15.4 

153 

173 

173 

121 

73 

21 

33 


1232 

11.02 

277 

1241 

1330 

1432 

1136 

273 

539 


11.03 

297 


266 

1090 

1133 

1204 

209 

730 


436 
330 
448 
AM 
407 

437 
431 
.431 


1993 
January 1994 


March 

April 

May 

Jin* 

July 


1 A 
2-2 
an 
2.8 
as 
1.2 
in 

4.6 

35 

4.0 


-2J9 
-4.1 
-4.7 
-5.0 
-4.1 
-4.7 
-4 3. 
-1.9 
-1.2 
-0.5 


6L31 

630 

625 

6.01 


657 


659 

5.03 

3.05 

661 


5.70 

6L66 

693 
6.37 
6J6S 

694 
7:48 
7J8 
7J1 
608 
617 
613 


2.94 

Z82 

2.81 

Z90 

2 ns 
2.88 
614 

ana 


66 

5.4 

68 

67 


4J3 
5 A 
63 
4,7 


661 

631 


3.10 

618 

3M 


7JB 

64 

7,8 

9J 

10.4 

9L5 

7.7 

63 

68 

43 

43 


60 

7.1 

7.6 

66 

64 

7.3 

64 

68 

43 

68 

2.8 


672 

644 

637 

643 

611 

7.80 

603 

643 

683 

666 

678 

688 


6SS 


661 

67S 

612 

657 


694 

668 

678 

646 

8.07 

638 

10.46 

10.70 

IMS 

12JQ3 

12.08 

12-04 


1.87 

1.88 
1.74 
1.77 
1.58 
1.49 
1.57 
1.54 
1^8 
1.61 
1.71 
1.74 


60 

61 

64 

5.0 
60 
as 

6fl 

65 
63 
7Jt 
7J3 

7.1 


43 

6n 

5J3 

68 

5.4 

61 

5A 

4.7 

46 

4.7 

3n 


640 

644 

SJ27 

623 


624 


68T 

752 


oanbd bank sources. 
3-monlh Pita. iu]y . 



622 

5.18 

529 

658 

678 

698 

613 


618 

654 

638 

632 

680 

671 


Wo* til rates: show the 


percentage etange ow tha eonvapendhg parted, in flte previous year, 
and Kafr. Germsi moMtary AMiafica now torn a 

al wilHenn. period averages of US - 90-do)r oonener dd paper. Japan - ri . r „ - k ■■■ — „„ 

E«o-fca. UK - 3-month lexr. tona-tMzm, period average yfelda on 10-yaor benchmarii ' 3-manih 

period averages at the gross efivtdend yMd or) the rslevta FT4 world Mm. ' 50oda “ raw* 


678 

657 

4.00 

4SB 

681 

648 

649 
674 
687 
694 
4,18 
4.11 

4.04 

4.14 

A12 




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FINANCIAL TIMES TUESDAY DECEMBER 20 1994 


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UK 


Heathrow demands extra terminal 


By iftnmy Bums 

Failure to develop Heathrow would 
drive business overseas and undermine 
the UK aviation industry, BAA, the air 
port’s operator, warned yesterday as it 
unveiled its long awaited economic and 
environmental case for a fifth terminal 
at London’s main international airport 

Publication of Its case is the opening 
shot in what is likely to be a fiercely- 
fought planning battle - a public 
inquiry is to begin next May. 

BAA’s case is supported by the Board 
of Airline Representatives, which 
speaks for nearly all domestic and for- 


eign airlines using British airports, and 
is opposed by municipal authorities and 

environmental groups. 

The central premise of BAA’s case is 
that existing capacity In south-east 
England, the economic hub of the UK, 
will be incapable of meeting forecast 
passenger dem and by 2002. 

Sir John Egan, BAA chief executive, 
said: “Without a significant increase in 
capacity where it is most needed we 
will fail to meet demand. For the sake 
of the UK economy and the UK aviation 
industry we most provide move capac- 
ity in the southeast 
BAA said Heathrow remained “the 


first rhniee of air fines and passengers." 
It had unrivalled international connec- 
tions, and the intOTiathmaf trend was 
towards greater centralfcatimr based on 
m^Jor hub airports. BAA claims find 
only expansion at Heathrow wSU pre- 
vent additional business going to rival 
European airports. 

It argues that Tenninal 5 would allow 
Heathrow's existing runways to handle 
3Qsn passengers more a year, and would 
be a suitable alternative until about 
2015 to the creation of an additional 
runway. 

BAA, together with British Airways, 
have been anxious to avoid the row 


over the proposed new runway at 
Heathrow undermining the proposed 
\ development cf Terminal 5, so it would 
p pp fiy j| decision on the sew runway to 

be deferred. • . 

Yesterday Mr Dea Wilson, BAA'S pub* 
lie affairs director, released the results 
or an opinion poll suggesting that local 
residents were less opposed to the run- 
way Qian had previously been thought 
But Mr Dermot Cox of the Heathrow 
Association for the Control of Airport 
Noise said BAA’s proposals would mean 
a "massive increase in flights and pollu- 
tion, while safety standards will be 
under immense pressure.” 


Silver lady glides into partner’s arms 


Griffiths 



R 


»asnaa 

Vm , — * 


The engine 
supply and col- 
laborative engi- 


m e n t 
announced yes- 
terday by 
Rolls-Royce. 
Motor Cars and 
BMW of Ger- 
many should at 
least make R-R’s long-term 
task easier without, as yet. 
compromising its relative inde- 
pendence. The deal marks rmp 
of the biggest changes in the 
90-year-history of one of the 
most ffiostrious car marques, 
famous for its severe radiator 
grille tapped fay a "silver lady” 


Ogihara, the Japanese 
manufacturer of pressed steel 
components for the motor 
industry, is moving into the 
European market In a joint 
venture with Marubeni, the 
trading corporation, through 
the purchase of a plant at Tel- 
ford, Shropshire, Paul Cheese- 
right writes. 

The Japanese companies 
said In Tokyo yesterday they 
were paying Y3.Qim ((3L48n) 
for the plant and would take ft 
over on January v. Bad they 
not done so, the plant, which 
employs 86, would have 
dosed. The factory is owned 
by Venture Pressings, a joint 
venture of Jaguar Cars and 
GKN. It opened in 1990. using 


reconditioned equipment to 
make body panels for Jaguar. 
But when Jaguar was acquired 
t^y Ford, it obtained access to 
other sources of panels, reduc- 
ing its need for TtetfonL 

Ogihara has been consider- 
ing starting a presence in 
Europe for some years. Its first 
approach to the Telford 
authorities came in August 
1992. A supplier to major 
motor manufacturers in 
Japan, it already has plants in 
Mirfiig aw, Taiwan «wd Thai- 
land with an office in Beijing. 

Ogihara will own 51 per cent 
of its joint venture with Maru- 
beni. The plant will continue 
to supply Jaguar with limited 
quantities of body panels. 



T8P« Many Boyce {7863-1933} fewxte FJH. fierce and Co, crane 


It lifts from Rolls-Royce, a 
subsidiary of the Vickers 
industrial group, one of the 
heaviest Rwanda! burdens fac- 
ing any small-scale vehicle 
manufacturer - to design, 
develop and manufacture com- 
plex enpiMw and meet a maze 
of ever str ict er tegwtation an 
exhaust emissions, fuel econ- 
omy and other farimimi stan- 
dards. 

Rolls-Royce’s own ermines, 
with their roots in the 1950s, 
can meet emissions s tand a r ds 
to the end cf tins century. Yes- 
terday’s deal, reached after 
months of negotiations with 
BMW and posdhh alternative 
supplier Mercedes-Benz, goes 
modi farther. 

The V8 and V12 engines 
which BMW already produces 
for its own vehicles will be 
jointly re-engineered Ah' the 
Rolls-Royce and Bentley 
ranges. 

What the deal will appar- 
ently not do is to launch imme- 


diately the familiar process of 
a small British carmaker with 
a big reputation being 
absorbed into a much larger 
foreign one. There is no provi- 
sion for BMW either to buy 
Rolls-Royce or to take an 
equity stoke. Sr Cohn Chan- 
dler, chief executive of Vickers, 
said yesterday that neither was 
in prospect “for the forseeabte 
future”. 

He left the door at least 
slightly ajar in acknowledging 
that “nothing is impossible in 
the long term". BMW’s chair 
man, Ufa Bemd Pischetsrieder, 
in London for the announce- 
ment, hinted that BMW would 
be interested. 

When it comes to the 
long-term. Rolls-Royce’s man- 
agement readily concedes that 
one of its biggest problems, the 
volatility of the luxury market, 
will never go away. 

In the past Rolls-Royce has 
slipped into losses just as pre- 


dictably as it has returned to 
being Vickers’ single biggest 
profits earner when tile good 
times have returned. 

At the last recession in 1991, 
the factory in Crewe in 
north-west England needed to 
produce 2,400 cars to break 
even. Its sales plunged to 1,723 
from 3^33 in the 1990s and to 
1,378 in 1992. 

Flexible team working, 
heavy investment in auto- 
mated machining processes 
and other productivity mea- 
sures had reduced the break- 
even to below 1,300 at the start 
of this year, according to Mr 
Peter Ward, Rolls’ chairman 
and chier executive. 
Rolls-Royce is believed to be on 
course to make pre-tax profits 
of around £l2m ($19.7to) this 
year despite worldwide sales 
up only 22 per cent al ijbi in 
the first three quarters. 


16 


of floyoe and Chats Rafe (1877-19100, UKrfrtftutor of 

Preach cars 

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• — —1 -I - -A “ 

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AoSs^faqi^^Ainoaricw.fcuvicIwd • :r ;'U 

foSO ti ao fey 'Moiota goMinte&qBfdation and to bought by R-R" 
1930 FH3 Marts fflritog Meribiangiaa, reed it 3NaV War Ttao". ' 
hi power Spttfca and Mustang fighters - 


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issOLanch ef 6750oc V8 toghw [an which peasant R*ft.«r wgtviB 
ore baaed • 

IflOSCbrtroMsy as Sfaer Shadow frtxwsl launched vMimohoaeque 


tsn fl4I I goes Wo mc e ivwe W p afar.dWteuWes In thwetopog . - . 

R82H aoiBeta Lodthesd IHStaq R-n naflanaB— d by Tory government 
acid con&ovwsy about rescuing lame ducks' 


1968 FMl MoftrCws aoquked by-industM group VIefceis 




iaucta 

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1996 ftoducBonbr Qomiche 






x. 


MPs say 
EIJ aid 
for steel is 
‘shambles’ 

The government should 
-review its position" on state 
aid for the steel tedutty IT 
other European Uotoa produc- 
ers continue to receive state 
anbridtes. the House of Coa- 
moss trade -and industry com- 
mittee said yesterday* 

Mr Richard Cabom. an MP 
with the opposition Labour 
nartv who chairs the commit* 
tM/sald: "The system of state 
aids to European steel produc- 
ers is a shambles, and It is 
British steel producers who 
are paying the price." 

The MPs said their Inquiry 
was prompted by "growing 
concern over the ability of the 
European Commission to con- 
trol this situation". 

The report pointed to the 
failure of an EU restructuring 
plo t* which had aimed to cut 
European steel capacity by up 
to 26 million tonnes. 

Many blamed an EU Indus- 
try council decision a year ago 
to allow state aids for six 
struggling companies to Italy. 
Germany, Spain and Portugal 
In return for a capacity reduc- 
tion of 5Jhn tonnes. 

“There are doubts as to 
whether the cuts offered have 
been' made to productive 
capacity, as well as concern 
about the amount of aid 
granted.” said the report. 

It added: "UusubshUsed pro- 
ducers such as British Steel 
and the smaller companies to 
the UK have been left facing 
competition from subsidised 
companies which have little 
incentive to respond to market 
forces and cut production." 

The payments made to the 
six companies were legal 
under the Treaty of Paris, 
which governs the EU .steel 
industry: "But to some cases It 
appears that the conditions 
attached to the grants have 
not been met" 

The MPs said the Commis- 
sion did not have enough 
power to punish member 
states for breaking subsidy 
rules and waned that failure 
to restructure the industry 
had left fang-term problems. 

. Mr Caborn urged the UK 
government to “force" the EU 
comwti of industry ministers 
togfedp out illegal subsidies. 


British Steel la US. Page 17 


Nadir suffers hotel 
setback in Cyprus 


By John Barham in Ankara 
and Jbn Rely in London 

The administrators of Polly 
Peck International, the failed 
empire of fugitive businessman 
Asil Nadir, yesterday moved 
closer to gaining control of 
assets in northern Cyprus. 

A cheque for nearly $100,000 
was paid by a represe n tative of 
Voyager Kibris Ltd to the gov- 
ernment of the breakaway 
republic for unpaid rent on the 
Jasmine Court HoteL - 

Voyager is a subsidiary of 
PPI and the payment, which 
was acknowledged by the gov- 
ernment, represents a blow to 
Mr Nadir’s plans to gain con- 
trol of the hotel. 

Mr Bill Cleghom, represent- 
ing shareholders to Voyager, 
handed over a cheque for 
$97,215 to pay off a year’s 
unpaid rent on the govern- 
ment-owned luxury hotel in 


Kyrenia. Mr Nadir, who fled to 
north Cyprus last year after 
jumping £3-5m bail in the UK, 
ran the Jasmine Court in defi- 
ance of dpmanfk by the admin- 
istrators to surrender control. 

The administrators believe 
that the payment, and the 
return of a valid receipt for the 
transaction, represents recog- 
nition by the breakaway repub- 
lics government of Voyager's 
claims to control the business. 

Mr Chris Barlow, a partner 
in Coopers & Lybrand and lead 
administrator, said that there 
were also plans to meet the 
government today to discuss 
payment of the Jasmine 
Court's tax debts. 

He added that a reported 
deal between Mr Nadir an d the 
govexnmad, to which the fugi- 
tive businessman offered to 
hand over a fruit packaging 
business in Ken of debts, was 
now defunct 


Competition on railways 



Competition is to be restricted 
on the privatised railway net- 
work for at least seven years to 
prevent a free-for-all which 
would damage the interests cf 
travellers and the rail compa- 
nies, our Transport Correspon- 
dent writes. 

Mr John Swift, the rail regu- 
lator, yesterday announced 
plans for tight controls on new 
entrants to the railway busi- 
ness until March 1999 and con- 


tinuing "substantial restric- 
tions” for at least a farther 


Unbridled c om pe titi on on the 
railways from companies 
which bid to run individual 
lines or services could damage 
the intsests of the franchisees 
who acquire the right to run 
entire re gional networks. 

Mr Swift gave the reasons 
for his decision in the tautest of 
a series of policy documents 


which set a regulatory frame- 
work for the railway. Passen- 
ger train services to the state 
network are to be franchised to 
25 private operators over -the 
next two to three years. 

The government had origi- 
nally intended to allow “open 
access” operators to bid for 
particular routes or services in 
carder to increase competition 
with the franchisees, fait pro- 
tests from would-be bidders for 


a franchise have prompted a 
rethink- 

"The railway industry is still 
at an early stage of a period of 
fundamental restructuring, " 
Mr Swift said. "I do not believe 
It KOffid be wise to expose 
train operators or passengers 
to the risks of experimenting 
with uncontrolled competition. 
The introduction of competi- 
tion needs to take place on a 
gradual basis. H 


Many roadbuilding projects face axe 


The government Is to review 
more than two-thirds of its 
roadbuiiding programme fol- 
lowing the publication yester- 
day of a report which found 
that new roads could lead to 
increases to traffic, our Trans- 
port Correspondent writes. 

Dr Brian Mawhinney, trans- 
port secretary, said 270 road 
schemes now at planning stogie 

would undergo extra assess- 


ment to judge their impact cm 
traffic levels. 

He also said future road 
spending would concentrate on 
improving the eriaHing net- 
work. Seven big projects would 
be dropped from the govern- 
ment’s current progra mm e of 
about 360 road schemes. 

The report, drawn up by the 
Standing Advisory Committee 
on Trunk Road Assessment, a 


group of independent experts, 
says the current methods of 
assessing road schemes could 
lead to an exaggerated view of 
their benefits. 

The committee’s findings 
could lead to the most funda- 
mental review of the methods 
of assessing road schemes 
since the early 197Qs. 

The report concludes that 
present government methods 


for - assessing road schemes 
underestimate the Impact of 
"“induced traffic," journeys 
which are made only because 
the building or improvement of 
a road makes them feasible or 
more convenient 
Environmental groups wel- 
comed the report because it 
confirmed their view that 
building roads encourages 
more people to drive. 



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FINANCE TIMES TUESDAY DECEMBER » 1 994 


Bomb may stall Irish peace OECD expects 

Bj/ John Murray Brown owed the second session of sives . . .There can be no ques- senior Sinn Fein official, I 'W'tfM® "IHlI 

In Belfast «g?l0ratory talks between Brit- tion of political representatives refused to condemn the action, EE-1AEE. ▼ ra^EEE. kJ 

ish officials and Sinn Fein, the of paramilitary organisations saying It was an mrfAmt of v 

The Northern Ireland peace IRA's political wing, and will entering into the peace nagoti- no great significance, and it ^^Er n 

process appeared to be in. dan- underscore British demands to atlons process until their com- certainly won't affect the peace 111 \J| flUflll 

ger of stalling yesterday, with see the issue of the decommis- mitznent to peaceful methods process.” D LVMI1I’ T T T E'EE 

raimMlmine heinn up! c4#mln<r nf aw we uw il A glt w u 'Uaa Ivuvn I ■ m OhauMvi i* hi 


By John Murray Brown 
in Belfast 

The Northern Ireland peace 
process appeared to be in dan- 
ger of stalling yesterday, with 
republicans being criticised 
after the discovery of a bomb 
in Fermanagh the first incident 
since the IRA ceas e fire three 
months ago. 

An explosive device contain? 
ing 21b of senates explosive was 
discovered in a furniture store 
in Enniskillen, after an anony- 
mous call to the local police. 

The Irish Republican Army 
(IRA), in a short statement yes- 
terday, denied responsibility 
for planting the bomb. 

However the find overshad- 


owed the second session of 
exploratory talks between Brit- 
ish officials and Sinn Fein, the 
IRA's political wing, and will 
underscore British demands to 
see the issue of the decommis- 
sioning of arms and explosives 
resolved before Sinn Fein is 
invited to engage in full politi- 
cal talks with the government 
and the other constitutional 
parties. 

The issue is likely to high an 
the agenda at today's meeting 
between. Mr John Major the UK 
prime minister and Mr John 
Bruton, the new Irish premier. 

A spokesman far Mr Major 
said: "It mates dear why it is 
$0 important to deal with the 
problem of weapons and explo- 


sives... There can be no ques- 
tion of political representatives 
of paramilitary organisations 
entering into the peace negoti- 
ations process until their com- 
mitment to peaceful methods 
has been demonstrated." 

The find is the first evidence 
of the use of sezutex smce the 
IRA ceasefire at the beginning 
of September. The IRA is the 
only paramilitary oipnissitioQ 
known to possess senates. 

Mr Michael Ancram, a HE 
Northern Ireland minister, 
expressed disappointment that 
Sinn Fein declined to condemn 
the action. He said fflnn Fein 
has requested a further meet- 
ing in mid-January. 

Mr M artin McGuinness. a 


senior Sinn Fein official, 
refused to condemn the action, 
saying It was an mrident of 
no great significance, and it 
certainly wont affect the peace 
process.” 

Speaking in Dublin before 
leaving tor today's talk* in 
London, Mr Bruton said he was 
'‘saddened* by the incident, 
but he stressed there were 
"certain unusual aspects”. 

Mr Bruton had instated that 
weapons had to be handed 
over. But after his appoint- 
ment as prime minister last 
week, he has said the issue 
should be dealt with "sensi- 
tively**. 

Trust must be won. Page 15 


Britain is heading fra* at least 
two more years of steady eco- 
nomic growth, the Organisa- 
tion tor Economic Cooperation 
and Development predicted 


The Paris-based body, which 


Angry passengers attack Cunard 


By Neil Buckley 

An angry passenger on board 
the liner Queen Elizabeth 2 in 
mid-Atlantic said yesterday 
that the liner should "never 
have set sail” with work still 
incomplete an a £30m refit. The 
comment came as tickethold- 
ers left behind by the liner 
besieged its owner Cunard, 
rtpmarwfing compensation. 

Cunard at first closed its 
doors to angry passengers out- 
side its London headquarters, 
but said later it was making 


“tailor-made* compensation 
arrangements with the 500 pas- 
sengers who were unable to 
leave with the QE2 from South- 
ampton on Saturday because 
refitting work was still in prog- 
ress on 100 cabins . 

The compensation is 
believed to be based on Can- 
ard's original offer of a full 
refund by Christmas, with a 
free transatlantic cruise next 
year and spending money erf 
£250 ($410). 

However, some .tidnetholders 
eairi they s till phmnart to takp 


legal action against Cunard, 
and passengers on board the 
liner said Cunard was likely to 
receive many compensation 
claims even from those who 
had travelled. 

"Why the hell they ever put 
to sea with the ship in the 
state it was in on Saturday I 
just don't know,” said one pas- 
senger who asked not to be 
named. "Some passengers have 
got cabins without running 
water and with sinks that are 
blocked. They are having a 
pretty torrid tune," he added. 


Since leaving Southampton 
the ship has hit force 10 gales, 
adding seasickness to the mis- 
ery of passengers travelling in 
a ship which one contractor on 
board described as “worse than 
a building site*. 

About 190 passengers volun- 
teered to accept compensation, 
instead, but 80 boarded know- 
ing foe cabins were not ready. 

Cunard was yesterday refus- 
ing to ex plain why the work 
had not been completed on 
time, or why it had informed 
passengers so late. 


cations, also says the present 
economic upturn should be 
hfMtthter than previous recov- 
eries. Inflation will remain rel- 
atively low even thorrgfr unem- 
ployment will fall significantly, 
it adds in its latest half yearly 
outlook. 

But the OECD urges toe Brit- 
ish government to raise inter- 
est rates again and predicts 
that bank base rates wfil rise 


are optimistic about the 
outlook tor their bu si n e s se s, 
says a survey by the Chartered 
Institute of Management 
Accm mtairi s. Only 7 per cant 
of finance directors or 
ffiranchl cwrfrtfflera who were 
questioned for the survey were 
pessimistic about the pouring 
year. More than 75 per cent of 
the 500 senior managers 
interviewed were “fairly or 
very optimistic 0 about the 
outlook. The number of 
pessimists Is much lower than. 


teep inflation down, toe OECD 

suggest, & toe relatively high 


to exist in toe UK economy. 


to 7 per cent next year and 7.5 
per cent at the start of. 1996. 


from previous upswings in sev- 
eral respects.” the OECD 
states. “Controlling inflation 
may be possible with lower 
interest rate rises that in the 
past as monetary and fiscal 
policies have been tightened 
nrrwh earli er in tbe cycle.** 

One factor that may help to 


among City of London econo- 
mists that the recent strong 
growth could be overheating 
the economy , the OECD says 
the UK has more spare capac- 
ity than any of the leading 
seven manstnaitsea n at ions, it 
calculates that the UK output 
gap, which represents the <fif- 
foreuce between the potential 
and actual g ro w th , is 4 per 






. £ >cV : .A 


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body 




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UK NEWS DIGEST 





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NORTHWEST 

AIRLINES 




purchases are m o nito r ed elac t ro n k wHy Cora 

Cola's market share toll from 5A6 per cent in October to 42-2 

per cent in toe last weak of November. . M 

That was shortly after toft arrival 
Richard Branson’s Virgin group and supermarket ^un Sato- 
way, a p d six mont hs after Clastic Cola was launebed by 
Saimbniy, toe UK’s biggest food retailor. - , _.. . 

AGtfsfigures tte threat poerf to Coca-Wa.v*j<J 

bias dominated the market since its UK launch in by^rij 
year's new prod u c t s - all cf whichar* 
toe soft drinks group. Coca-Cola has begun a £to 

advertising campaign attacking own- label and copycat brands. 

■ 

Shake-up for gains tax 

Reform of on gains snd tosses in forsipi Mch Hiy c 
announced yesterday. New tarn allowing British buslnesawto 
opar&to on & rii ytihit ? haste to oompotitoflcs in othar counirtos 
will operate from March 23 wax year* Pressure *“1 
bo lit np over 20 years* *xul the gawrmwt imbllabed mSt 
proposals in 1989, It oansidjBSs that the new rules wtu bvp 
p re serve London’s status a financial centre. 

The new sys te m taxes gains and losses on. monetary assets 
as cadi and deposits, az&dhon liabilities when tfaqr- 
accrue - In with ooinznercial accounting rules. The 
w fll affwt y W that take mit Bnance 

in other countries 1 currencies and t hos e with assets held in 
currencies which are to significant e xchange rate 

fluctu ations . 

The rules wlll'permit them fear the first time to oflset losses 
an exchange fluctuations against tax. Previously they have 
b ee n tax ed on-any mchgag B without being allowed to 
tafcp any corresponding allowances for losses. 

Navy deal for GEC-Marconi 

A £630m contract for Royal Navy submarine torpedos was won 
by GEC-Marconi Naval Systems yesterday. Mr Roger Freeman, 
defence proc u rement minister, said toe deal for Spearfish. 
torpedoes would create 40 jobs at the company's plant at 
Waierioovffle, Hants, and safeguard jobs in other co m pa nie s: 
80 pear cent of toe m anufec t uri ng and processing week will be 
sub-contracted. - 

Christie’s ahead of Sotheby’s 

For the tint, time in ebnost 40 yettes cauisttels has edged 
ahead <rf SothebgTb as toe world’s lewiWug tine art auction 
house, to. the autumn seas on C hristi e' s reco rded a 10 per cent 
rise in t urnove r from S3&hn to £393m (p68SmX Sotheby's safes 
toll from £438mayear ago to £370m. 

Ovw the year aa a whole Sothehy'&ls stighetiy ahead, with a 
turnover of £8G2m compared with flMfta at Christie'S. But 
while Christie^ gained 12 per cent in sterling terms to 1994, 
Sotheby's safes only managed. to hold steady. to doUfcre ami to& 
back to sterflng. 

Christie's was helped fay two e xt rao rdinar y sales: the Leon- 
ardo manuscri p t known as tbs Codex Hammer which soared 
pegs, itg ^imato'tp .a^Ap.tiMtai CPEMm> to November, the 
highest price paid kar soy 6fa§ect at auction since 1990, and the 
£2L3m realised to Lopodn by Load Oadmonddey^s sale of 
furniture and works of art from Houghton Hall in Norfolk. 

Softshy’s safes were 9 per cant up in the UK and 30 per cent 
higher to Asia, which is regarded as the market with the 
greatest potential Most sedan of the art wurid showed higher 
turnovers. The area which fuelled the boom of the late 1960s, 
Impressionist and Modem art, however, remains convalescent 

Commercial Union arm fined 

Financial services regulators hove handed out a fine of I 
£105,000 GH73M to tie life insurance subsidiary of Commsr- 1 
dal Union, one of the UK's largest composite insurers, for I 
charges relating to toe quality of one of Its representative I 
companies • I 

Compensati on totalling £185,000 has already best paid to 58 I 
investors by CU.Iife Assurance, and the subsidiary has under- j 
taken that otho~ investors who would otherwise giiffiw - win I 
also be compensated, ft will also pay the regulator's costs of I 
£25400. 

The problems re la te to toe activities of an appointed repre- J 
sentative - a company "tied* to a life insurer and selling its I 
products only - where CU ended toe relationship over two I 
years ago. I 

The penally was imposed by Lautro, the seif-regulating I 
o rganis ation far the life insurance industry which has been 
superseded by the Personal Investment Authority, which acts I 
as general regulator for retail fir»mriai services. j 

Holiday price war may start 

Limn Poly, the UK travel company, yesterday cut the price of 1 
summer 1995 holidays by 12 per cent to a move which may 
start an early price war. 1 

Last summer, Lunn Poly and rival company Going Places I 
indulged m a price war which saw discounts of up to 15 per I 
sent to attract early customers for 1995 summer holidays I 
Other travel companies also offered big savings. But the move I 
wasonly partially successful and the travel industry is now 
determined to make the most of toe traditionally heavy nost- 
Christmas booking period. y I 

Lifer goes Christmas shopp ing 

MPs yesterday attacked yesterday attacked a decision to allow I 
a wom an, who has served three years of a life for l 

mmder to spend .a day ahopping to toe northern England dty ( 
ofL«e^A tan took toe 21-year-old woman, who was Sm [ 

gl ^ t a * mt with 811 to Leeds at a cost 
rfOOO. Mr TTmrthy Erkhope, Conservative MP for T rf ww te 

A lot of law-abiding people cannot afford to 
go on shopping sprees, but who’s going to pay their feresT 



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COMMUNICATION. 

THE 

OF BRINGING TOGETHER «.****„ 

been a nation of the arts -everyone knows it- but today, 

■ there’s another art in which Italy is an acknowledged 

world leader - the art of communication. The Italian Telecommunications System is a world-wide network of vital importance. 

Its development is the fruit of the collaboration of more than 100 companies. Together they form the integrated holding company, STET. 

The STET Group operates in all sectors of telecommunications: from services to manufacturing, from information facilities to multimedia 

activities. In other words, the STET group of companies provides the communication life-blood of the whole economic system, enabling 

# 

people to exchange and collaborate ever more efficiently. The STET Group is a market orientated company quoted on the stock exchange 

and whose stock is owned by thousands of shareholders. It is one of the largest companies in the world with 140,000 employees, a 

i 

revenue of $20 billion and $5 billion in investments. The STET Group activities reach out beyond its national boundaries, spreading 

Italian technology and know-how throughout the world. Like the arts, telecommunications bring together people, nations and continents. 







Telecommunications 
n Italy and the World 











10 


FINANCIAL TIMES TUESDAY DECEMBER 20 I'm 




TECHNOLOGY 


I zl a pressurised deanroom 
inside the Scottish plant 
of the electronics com- 
pany Call one, men and 
woman wearing pale blue suits 
and white maria which leave 
only their eyes showing are 
assembling delicate miniature 
hard disc drives, they look like 
astronauts inside a space sta- 
tion. 

Their goal is to make Cal- 
luna a world leader in the mar- 
ket for l£ln hard disc drives, 
products that cover no more 
than the area of a credit card. 

Calluna was formed in late 
1391. After three traumatic 
years surviving on a tiny 
amount of capital, it raised 
£lOm on the London Unlisted 
Securities Market in late Octo- 
ber. It now has a market capi- 
talisation of £50m and the 
resources to expand. 

Calluna’s l.Sin disc drives, 
which it nails Call ana cards, 
stand only 10.5mm high. They 
can be installed as an embed- 
ded component of a notebook 
computer, but more impor- 
tantly they also come in a por- 
table version that can be 
inserted in and removed from 
any PC that has an expansion 
slot conforming to the stan- 
dard set by the Personal Com- 
puter Memory Card Interna- 
tional Association (PCMCIA). 

PCMCIA slots, now being 
installed in many new note- 
book PCs, are widely seen as 
the gateway to a new method 
of moving data between PCs - 
transferring an entire credit 
card-sized disc drive which 
would either be the PC’s main 
drive or a supplementary one. 


James Buxton reports on how a Scottish disc drive maker plans to conquer the world market 

■ 

Calluna’ s future on the cards 


The new l-8in drives have 
very high storage capacity for 
their size - CaDuna cards, for 
example, range from 70MB to 
the recently launched 260MB 
product, the biggest in its cate- 
gory. But they need it: hard 
disc drives are becoming big- 
ger as software companies pro- 
duce programs that are ever 
hungrier for storage space 
(Microsoft's Windows Office 
needs about 82MB for the pro- 
gram alone). 

Norman White, Call una’s 
founder and manag ing direc- 
tor, envisages that one day 
travelling PC users will carry 
only their l.Sin disc drives 
with them, slotting them into a 
host PC when they need to 
work on their data. “This is the 
floppy disc of the future,” he 
says. “The personal element in 
personal computing will 

become the portable disc 
drive." 

There are aten openings for 
Calluna's products for non- 
computer use. A company in 
Spain Is developing a "speech 
integrator” using the Calluna- 
card from which visitors to 
museums and tourist attrac- 
tions will hear commentaries 
in different languages. The 
miniature drives can also be 
used to store and transport the 



Small be gin ni n g s: Calluna aims to develop a miniature 500MB drive 


recordings of security video 
cameras. 

White was a founder and 
technical director of Rodime, 
the Scottish disc drive com- 
pany which in 1383 produced 
the world's first 3.5-in hard 
disc drive. But Rodime made a 
series of strategic blunders and 


ceased manufacturing in 1S9L 
It now lives by licensing its 
past know-how. 

All Calluna's senior execu- 
tives worked for Rodime, mak- 
ing the new company Rodime's 
technological beta*. “These peo- 
ple have been around the busi- 
ness for a long time,” says Bob 


to 1,000MB 


Katsive of Disc/Trend, the San 
Fran cisco -based market 
research company. 

The team has succeeded in 
building up fiaiTimg «nd devel- 
oping innovative products 
despite having raised only £5m 
in venture capital, plus gra n ts, 
before the flotation - money 


was so short at times that the 
40 staff had to take salary cuts. 

Calluna’s disc drive compo- 
nents are made and tested to 
its specifications by suppliers 
in East Asia, England and Cal- 
ifornia. They are then assem- 
bled in Calhma’s plant at Glen- 
rothes in. Fife. 

It has established relation- 
ships with computer manufac- 
turers in the US and Europe 
which have confirmed the com- 
patibility of its products. In 
Europe it has a network of spe- 
cialist distributors, while in 
the US a company rebadges 
Calluna's products for sale 
under its own I&boL 

So far Calluna’s biggest 
orders have been for two con- 
signments of 2,500 units each 
for distributors in the US and 
the UK. The order book is 
growing, though the 25,000 sq 
ft plant is tooled op to produce 
50400 drives a year and could 
ultimately be expanded to 
make 450450 annually. 

Despite its technological 
prowess faces awe- 

some challenges, as the two 
pages of risk factors listed in 
its flotation prospectus attest 

Us strategy has three ele- 
ments. First, White says, it 
needs always to be at the lead- 
ing edge of disc drive technol- 



ogy. As a small company it 
cannot compete with larger 
disc drive makers on price in 
high volume manufacturing* 
Instead it must use its engi- 
neering expertise continually 
to incorporate more storage 
capacity on to its drives. White 
envisages Cafluna developing a 
minia ture 500MB drive by 1997 
and later progressing to 
1400MB. 

Second, however, it still 
needs to develop a good level 
of business with original equfr 
ment manufacturers in the PC 
industry waking less powerful 
drives, even though margins 
here are not very attractive. It 
could later license or sub- 
contract this part ot its out- 
put 

Producing in some volume 
will enable Calluna to buy 
components more cheaply to 
develop the third leg of its 
business, the higher margin 
business of making removable 


PCMCIA drives which could be 
sold by dealers direct to the 

consumer. 

However the market for l&n 
drives is still in its infancy. 
Disc-Trend forecasts that as 
more notebook PCs are manu- 
factured with PCMCIA slots, 
the number of PCMCIA disc 
drives shipped worldwide will 
rise from 360400 this year to 
more than 4.3m in 1997, 

But this forecast and others 
by Dataqucst have yet to bo 
confirmed by reality and White 
says the market for removable 
drives is still moving forward 
slowly, though that for embed- 
ded drives Is growing faster. 

Only three competitors, the 
US companies Maxtor, a long- 
established disc drive maker, 
and two recent start-ups, Inte- 
gral and Minister, have prod- 
ucts in the same category as 
Calluna. However. Katsive 
believes bigger manufacturers 
yrh as Seagate, Conner. NEC 
and Hitachi which hud earlier 
dabbled in the l.ffin drive mar- 
ket will return to the market 
as demand improves, possibly 
fate next year. 

Katsive says survival for 
independents like Calluna 
depends on staying ahead of 
the giants. "It will have to be 
fleet of foot," he says. 


Aluminium 


can 


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makers 
think small 

Kenneth Gooding on moves to 
reduce manufacturing costs 


K aiser Aluminium, part 
of the Maxxam Group of 
the US, says It has 
developed a “micro mill" 
process that could 
substantially reduce capital 
and operating costs for 
producing can sheet, an 
aluminium alloy from which 
beverage cans are made. 

Kaiser says the capital cost 
would be $25m (EISJhn) to 
330m for a micro min with an 
annual capacity of 30,000 to 
50,000 tonnes. It also claims 
that the cost of converting 
metal into sheet is only half 
that of a conventional mill. 

"This size of mill would be 
ideal in developing can 
markets." says Dick Evans. 
Kaiser’s corporate 
vice-president, flat rolled 
products: “It could provide 
stock for two can-making 
plants which could be dose by. 
It would be easier to raise the 
capital and it would avoid the 
heavy cost of transporting can 
stock from the US, Japan or 
Europe." 

Can sheet, or can stock, is 
produced mainly in large 
plants costing from t500m to 
$lbn and equipped to produce 
225,000 to 500,000 tonnes of can 
sheet a year. Separately, 

Golden Aluminium, which 
makes cans for Adolph Coors 
brewing group of the US, has 
tried in the past two years to 
convince the industry that 
“mini mills”, which produce 
the material on a small scale, 
will work. Mini mills need less 
capital and therefore do not 
hare to produce such large 
quantities of can sheet to be 
viable. Golden’s new mm at 
San Antonio, Texas, has the 
capacity to produce an annual 
90400 tonnes of can stock and 
the capital cost was $168m. 

To achieve cost savings, both 
Golden and Kafew have moved 
to a different method of 
producing can sheet The most 
expensive part of the 
conventional proces s is hot 
rolling, which rolls the metal 


until it is the required 
thickness. Each hot mUl costs 
Sl5m to 535m. To eliminate the 
need for the big aluminium 
slabs and hot rolling. Golden 
and Kaiser employ continuous 
casting techniques. This 
involves molten metal, 
adjusted to the right 
com posit km. being poured into 
a bolding box with a drilled 
mould down one ride. Metal fa 
poured continuously into the 
mould, as it fa propelled along 
by a moving belt, to produce n 
thin slab already the width 
needed by the cohl mill and - 
only 3xnm thick. The metal 
flows on to cold rolling where 
mills ore placed in tandem 
(three or four in a line) to save 
space. 

The metal is rolled through 
these mills instead of moving 
backwards and forwards in a 
reversing mill in the 
conventional process. 

There are drawbacks, 
however. Only certain alloys 
are suitable for continuous 
casting. Abo, some 
competitors have raised 
questions about the surface 
finish - soft drinks companies 
require a sparkling surface to 
the cans they use. There are 
questions, too, about the 
Golden Aluminium process. 
"Goldm claimed great things 
during construction of its mill 
but the start-up has been 
costly and long. So many 
observers are sceptical," says 
Nick Mason at the CRU 
International consultancy. 

Golden admits start-up costs 
so far at its San Antonio mill 
are $35 .8m. However, it is 
producing 7bn cans a year and 
has an outside customer in 
Reynolds Metals, the 
second-largest US aluminium 
group. Golden says the project 
needs only one more customer 
to become viable. 

Kaiser says it will have spent 
$20m on its micro min project 
by the middle of 1995. By fate 
1995 it hopes to have started on 
a micro min in the US. 


A good deal for 
the unions 


U nison, Britain’s big- 
gest trade union, has 
developed a software 
system that will help nnin n 
negotiators deal with decen- 
tralised bargaining across the 
public services. 

By using a mixture of elec- 
tronic communications and 
databases, negotiators can 
now receive support end 
wherever they are working. 

The union spent £300,000 
this year on developing a soft- 
ware package, Local Negotia- 
tor, which it Is offering to its 
2JS0Q branches. It indudes a 
claim calculator for use in 

preparations for bargaining 
and during negotiations. 

By entering some basic fig- 
ures, negotiators can see what 
the effect of a pay claim or 
offer will be on members or on 
the employer’s pay bill. A wel- 
fare rights package enables 
negotiators to calculate the 

effect of pay increases for 
members elaiwing benefit. 

Alan Jinkinson, general sec- 
retary, said: “Negotiators in 
the field, activists or staff can 
prepare claims, assess man- 
agement offers and send infor- 
mation back to head office 
within seconds. We are lead- 
ing the trade union movement 
in these developments, and are 


a he ad of public service man- 
agement in many areas* 9 

A bargaining support proj- 
ect depends on the exchai^e of 
current information, which 
branches can join by snbscrib- 
uig to Poptel, a noncommer- 
cial telecommunications sys- 
tem. Members can also acc ess 
and contribute to union bulle- 
tin boards. 

Unison estimates that abont 
half its brandies already have 
a personal computer. Some 140 
branches are testing the soft* 
ware, or which 30 arc fully on 
line. 

In common with all other 
UK unions. Unison hay u nd er * 
token a campaign to sign up 
its i-3m members to pay their 
union subscriptions by 
employer’s check-off from 
their salaries, and fo** so far 
signed np 92 per cent 

Jinkinson said; “Once all the 
sign-up information from the 
regions is entered on to our 
central computerised member- 
ship system, we shall be able 
to make substantial savings on 
direct mailing costs and target 
om- membership in terms of 
wicutar surreys, oneoff Ini- 
tiatives ®hd longer-running 
campaigns.” 

Andrew Bolger 


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FINANCIAL TIMES TUESDAY DECEMBER 20 1994 




■ * * 

* «■ 



Ina 


BSI seeks views on 


Public comment is being sought 
b y the B ritish Standards 

Institution on its guide to health 

ami safe ty management 
systems. The standard likely to 
follow consultation will be 

finked to BS EN KO 9000, the 

EHropean equivalent of BS 5750, 

tmt is unlikely to become a 
certifiable standard. 

BSI says the cost to employers 
of work accidents 

work-related ffl-health is 
estimated to be eqnivale&t to op 
to 10 per cent of B& company 
gross trading profits. Tbe 
organisation says a property 
managed health and safety 
system would save money. 

The guide has been written to 
allow file “typical manager" to 
design a system that allows 
them to meet the requirements 
of the 1992 Management of 
Health and Safety at Work 
Regulations, BSI says. 

Comments are welcome antD 
February 28 1995. The Guide to 
Health and Safety Management 
Systems is available for £L3 
from BSI, 0181 996 9000. 

Forearmed with 
Foresight 

Durham University Business 
School has launched a Foresight 
project designed to anticipate 
changes in the business 
en v iron ment for smaller 

businesses and to predict trends. | 

A quarterly publication wHl 
draw on experts from industry 
and academia as wen as policy 
makers to produce 
“poHcy-arteutated research”. 

Issues as wide ranging as the 
ageing of population, and the 
opportunities this wPl g ener ate, 
and the impact of regional 
development policy on the 
establishment of faster growing 
companies wOl be covered. 

The quarterly briefing will be 
available from Durham Business 
School and NatWest Bank, its 
main sponsor. Data win also be 
available on disc for subscribing 
members. More information is 
a vailab le from Anne Jenkins, 
Durham Business School, 0191 
3742287. • • - ■■ - • - 


MANAGEMENT: THE GROWING BUSINESS 


N estling beneath CasteU 
Coch, a 19th-century fan- 
tasy castle in south 
Wales, Is the regional 
base of British Coal Enterprise. A 
few miles away, in Cardiff dock- 
lands, is the regional office for Brit- 
ish Steel (Industry). 

The location of both these job-cre- 
ation arms or the two industries bac 
symbolism. Castefl Coch was built 
by the Marquess of Bute with for- 
tunes made from the coal of the 
Welsh, valleys, where deep-coining 
has a lmo st ended. BSfl) is hnnm} at 
what was East Moors steelworks, 
which closed in 1978 with the loss of 
nearly 6^000 jobs. 

Bath organisations seek to stxxnn- 
Into regeneration by encouraging 
businesses to grow within the local 
communities. They provide funding 
to enterprises which find it hard to 
obtain risk capital elsewhere, at 
least at such favourable interest 
rates. Both also offer managed 
workspace with easy lease fwm« 

Today, BCE’s future is in the bal- 
ance with the pri miiaiHiwi of its 
state-owned parent British Coal A 
government annfnnwmpnt was due 
before the end of November hut last 

week Charles Wardle, junior energy 

minister, said: “The government 
and British Coal are currently 
exploring options for tha services 
provided by BCE and no fina l deci- 
sion has been taken." 

BCE was established 10 years ago 
and BSfl) neatly 20 years ago to 
offset job losses in coal and steel 
communities. Their futures could 
be finite because the industry 
restructurings for which they were 
set up are largely completed. Yet 
there is stQl a need for such ser- 
vices. in the Welsh valleys, there 
are pockets of male unemployment 
of 30 per cent, and in Scotland BS(D 
is still taewing the effects of the 
Ravenscraig closure. 

To justify a f uture , Che organisa- 
tions must demonstrate that they 
have a cost-effective impart on per- 
manent job creation. 

Nigel Guy, director of 31 venture 
capital group in Wales, says that as 
BCE and BSfl) are not fully com- 
mercial animals - having a social 
responsibility role - they cannot be 
judged solely by private-sector stan- 
dards. “But at the smaller end, they 
have dime quite a reasonable job. 
They have provided real seedcom 
capital for businesses and a number 
have gone on to larger firings," 
TQlexy Valley Foods was set up to 
years ago by husband and wife 
Chris and HUaiy Bradshaw to Tpah» 
quality chined and frozen food at 
Abertfllery, in the Welsh valleys. 
The Bradshaws financed the 
start-up with £60,000 made from 
selling their Thames Valley house. 
BSfl) provided a similar ammiu t in 
preference shares and loans, subse- 
quently redeemed and repaid. 

Two years ago, 31 invested in the 
company by taking a 10 per emit 








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Nourished by hinds: Chris and Kfary Bradshaw's food company nmrtvKl a Iran parted thanks to Investment by 3 

Sowing seeds of 
regeneration 

Roland Adburgham on funding for companies in areas 
that have lost their traditional coal and steel jobs 


stake. “BS(D were sympathetic 
backers and saw us through the 
lean first five years when we could 
have gone bust,” Bradshaw says. 
“This year, we should make a profit 
of over film. We have always 
exceeded onr job creation forecasts 
and now employ 180 people." 

While this may be an exceptional 
success, BSfl) has been a self-financ- 
ing subsidiary of British Steel even 
before the latter’s privatisation in 
1988. BCE, however, receives £7m a 
year from its parent, with which it 
also has a £10m a year contract to 
deliver retraining and outplacement 
services for ex-miners. It has also 
built up consultancy work for other 
companies in the UK and abroad. 
For the government this its 
future more complex to determine. 

BCE, which has a staff of SO sec- 
onded from British Coal and an- 
other 400 an short-term contracts, 
does not seek to profit on its busi- 
ness funding because of the risk 
and low margins. It will make unse- 
cured loans up to £25,000 an five- 
year terms. But it can lend much 
more in-loans or equity. This sum- 
mer It invested £23X000 in Tech- 


board. a hardboard factory at Ebbw 
Vale. 

In common with BSfl), it is not 
simply filling what is «*»n as an 
equity gap. “With every investment 
client, we offer a business support 
service - a dual role to police the 
investment and also to try to help If 
there is a problem," says Jonathan 
Thomas, BCE’s business funding 
manager in south Wales. “Sixty-six 
per cent are still trading five years 
on.” He adds: “One of the myths we 
have to overcome is that BCE is 
just for ex-miners - they are very 
much in a minority." 

David Hughes, BSfl) regional 
manager for Wales, says: “We feel 
comfortable lending in the £25,000 
to £75,000 range. We’re looking for 
companies to grow irrespective of 
the starting point If it is likely to 
stay a one-man business, we 
wouldn’t be interested.” 

The organisations stress they act 
in partnership with other agencies 
and it is businesses which create 
jobs. BCE says it achieved a mile- 
stone of 10(M)00 “employment oppor- 
tunities" in 1993-94, which Philip 
Andrew, chief executive, described 


as the “most successful year" in its 
history. BSfl) says it has had a simi- 
lar number of “job commitments". 

Although BSfl), which has a staff 
of only 36. lost £l_2m in its last 
financial year. Vernon Smith, its 
chief executive, says: “There is no 
pressure from British Steel pic to 
try to cause us to be more profit- 
able. The aims of BSfl) are not in 
essence profit-making. Hhying said 
that, I still have to run this opera- 
tion as a business." 

Both organisations are putting 
more emphasis on supporting small- 
and medium-sized enterprises 
rather than start-ups. Smith 
explains: “We realise that it’s proba- 
bly better to help the small business 
that actually operates. If you back 
those, then you're backing someone 
who has a very good rtmnnn 

“Over the last six years our fail- 
ure rate has been 25 per cent of the 
capital we have put up. Venture 
capitalists think of that as a fair 
figure. Last year our losses in rela- 
tion to capital were 163 per cent 
We were- delighted - we’re obvi- 
ously past the worst of the reces- 
sion.” 


Richard Gourlay meets a man who 
has seen deals from both sides 

Benefits of an 
insider’s view 


I t is not clear whether Derek 
Lewis, who joins Schroder 
Ventures on January 1. is a 
poacher turned gamekeeper or 
gamekeeper turned poacher. 
Having raised money from private 
equity providers for two 
businesses in the last 10 years - 
once as a customer of Schrodens - 
he is crossing the tracks to 
become a director advising on 
deals in the electronics industry. 

Lewis has not always hod the 
smoothest of relations with his 
new employers. As he was 
negotiating the last details of the 
buy-out of parts of computer 
company MBS Product Sales in 
1989, Schraders “tweaked” the 
terms, leaving him and his 
management team with a reduced 
stake in the business. 

“At the end, I was happy,” 

Lewis says. “But it felt at the later 
stages that the screw was being 
turned and it was not particularly 
productive." Though a relatively 
widespread practice, it is one 
which Schraders says it is now 
leaving behind. 

For management teams seeking 
capital, dealing with someone who 
has negotiated from their side of 
the table may be a welcome 
development From Schraders' 
point of view, Lewis's arrival 
brings more than just knowledge 
of the other side of the deaL He 
also has the kind of industry 
insider's understanding of a 
market place which Schraders 
believes is an essential ingredient 
for successfully competing with 
other providers of private equity. 

Lewis is in the unusual position 
of having not only led a buy-out 
but started a company as well. In 
1984, after 10 years with IBM. 
Lewis and a partner bought a 
small computer broker, Combro, 
with finance from Citicorp 
Venture Capital. They intended to 
build a distributor of mid-range 
computers. 

But the company evolved along 
quite different lines to that laid 
out in the business plan on which 
Lewis raised the finance. Combro 
did sell mid-range computers, but 
within 18 months it had also 
become IBM’s biggest distributor 
of PCs in the UK. 

Its success was based cm buying 
large 'volumes, supplying dealers 
at better prices than they would 


get direct and by providing 
companies with very fine pricing 
and swift service. 

“The original plan was for a 
perfectly valid business but it 
would not have become a 
dominant force,” Lewis says. “The 
innovation was in recognising 
that the terms of the IBM contract 
allowed you to sell on to other 
dealers." When Lewis sold Combro 
to MBS in 1987. sales had grown 
from £2m to £40m. Two years later 
he was buying the business back 
as part of the deal financed by 
Schraders after MBS management 
ran into trouble with its other 
activities. And by 1992. the 

business had been sold to ICL tor 

an undisclosed amount. 

Lewis Is joining Schroder 
Ventures at a time when it and 
Schraders’ affiliates have been 
raising new capital for a number 


Poacher or 
gamekeeper? 'I 
prefer to look at it 
as bringing the two 
sides together' 


of its funds. Earlier this year it 
successfully raised n third UK 
buy-out fund .it $225ra (£l37m). 

Shortly afterwords it closed a 
SlOOra International Life Science 
Fund and funds for Italy and 
Canada. And by Christmas it 
should have raised $180m for an 
Asian development capital fund 
that is likely to close at 3250m. 

This fund will make Schraders 
one of the largest private equity 
investors in the region behind 
Prudential Asia. It will mainly 
provide development capital to 
businesses taking advantage of 
growing markets in growing 
economies, Schraders says. 

By comparison the UK. where 
Lewis will focus most of his 
attention, is relatively mature. 
Private equity investors are 
increasingly likely to require 
infusions of industrial expertise 
like that provided by Lewis. But 
does he see himself as poacher or 
gamekeeper? “! prefer to look at it 
as bringing the two sides 
together,” Lewis says. “Every now 
arid then the rabbit will jump into 
the pot of its own accord." 


m. jjj - ■ ; 


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UNITED COLORS 
OF BENETTON. 


UA . Ml 


HEAD OFFICE 

Excellent Retail Opportunity For Sale 
Three large Benetton Shops in West Midlands 
with an approximate turnover of £2,000,000. 
Alternative shops available In major towns In the 
Midlands and South West of England. 

For further Information please contact: 

Mr P Port c h, 119 London Street, Reading, Berkshire RG1 4QA 
Telephone Number (01734) 500489 Fax Number (01734) 599909 


COMMERCIAL 

FINANCE 


•II* 


Venture Capital availabla from 
£25,000 upwards. Sensible 
Rates. Sensible Fees. Broker 
enquiries welcome. 

An^o American Vfemras Ud. 

Tbfc C06B4) 201366. 

Fax (0034)201377 


CHANNEL ISLANDS 

Of&borc Company Fomuukn 
and Acfrrairistratxm. ABo Liberia. 
Panama & BVI etc Ibtal offshore 
fatalities and services. 

For deaflaaod appahak at »wa 
QuvTtax Lid, Bdomfl House, 

2-0 BdRKni Brt, Si Hdies; Jcraey, C-L 
Tel: 0S34 78774, Fax Q£34 35401 
Hi -1192227 OOFORM C 


11 1!* [• 


First Class Condition 
Good Trading Record 
Business Partner 
Required 

Contact: Ralph Marshall 
Sayers Butterwoith 
0171 935 8504 


ESTABLISHED YACHT BROKER &0 


My Mcurad. Can Carl 0784 477577 

(7 dare 


BUSINESSES WANTED 



ELECTRONfCS/TELECOM 

• Established products required 

• ■ T^ephone/Ceiular network testmg 

• Software/Hardware development 

Paul NeweH, Rice Waterhouse Corporate Finance, 

Tel: (0115) 9473000 Fax: (0115) 9472660 

I 

Pticetyfaerhouse 

#■ ■ 

Wet ttflcrtouu fe autfmatf Or if» ratta of Ourtwed AocobMs 
tA Entfra art VIM* to cvry on Dwdmem buskiK. 

WANTED 

Md OnWPubltoHnB Ctfs (or products) - TO up to £5m_ 

ConWentiafty assured. 

■ 

Writs to: Managing Director 
' FORM BOON SERVICES LIMITED 
Gateway, Crewe CW1 1YN 


Boopesn gronp sdtrng 525 acres (254 
million sq. yaitis) of productive. 


masmcnimcc operation in Ivgely 
developed an in SW Floride, sooed far 
single teai|y homes* The loctfuat the 
perimeter of a ptefened small tom vUi 
modem vafo^stmetn re, i g port and 
prorimiiy to Ac Golf of Mexico make 


DULWICH 

Prime Location 
Planning for 20 bed noising 
home or 10 flats on present 
derelict she. Proposals invited 
from operators and 
developers. Finance not 
essential. 

FAX 081 906 3944 


BUSINESS 


Tet USA 613 494 3*90 
Fta: USA 813993 0363 


4U (01) 422 38X2 (t^»e recorder) 


Y^L Dayttjpi ia Ttobacp 


GfebriTt 


£23-100000 
a im 
fisunoi 
SflSQfiay 
£100000 
9 £1094109 

EUXWOU 

£75,000 

£230£DO-£lm 

£140000 


USA only 24p per min 
Australia 40p per min 
No VAT 

Ask about oar low rates 
to other countries. 


altbacfi 


vex 


reflfrrJrertrM 


CaU USA 1-206-28443600 


419 SvccmdAve^ Seattle, W 08119 USA 


AIRCRAFT FOR SALE 


OTICE OF PUBLIC SALE 

NOTICE (S HEREBY GIVEN THAT RICHARD DALE AGNEW AND 
KEVDI JAIES BEARSLEY[oolteethrely, "Recahrarer] as recalvars 
under certain Mortgages dated Decamber 15 and December 26, 
1989 made by fotereredit Corporation to the Nippon Outfit Bank, 
Lid., Los Angelos Agency (“Secured Parly"], will foreclose and 
seR, by public tender, for cash, the following property 
("Property”); One Boeing 767-2Q9EM aircraft bearing 
manufacturer's serial number 22682 and registration number ZK- 
NBH with two Pratt & Wh i t n ey J T9P-7R4Q engines bearing 
manufacturer's serial numbers 709635 AND 709637; one Boeing 
767-209EM aircraft bearing manufacturer's aerial number 22681 
and registration number ZK-NBF with two Pratt & Whitney JT9D- 
7R4D engines bearing manufacturer's serial numbers 707529 
and 707530 [ourrantfy Under lease to Air New Zealand Limited 
("ANZ’)); and one Pratt A Whitney JT9D-7R4D engine bearing ! 
manufacturer's serial number 707548 [currently under lease to 
ANZ]. AH tenders must be lodged no later than 2.-00 pjn. New 
Zealand thne on February 15, 1995, with the Receivers at the 
offices of Coopers & Ly brand, 23-29 Albert Street, Auckland. 
New Zealand, Tel: 6444584MB, Fax 644358-1212. The 
Properly may be purchased in one or more lots end will be sold 
*AS IS4IACRE IS” without representations Or warranties, but 
free and dear of *U puMdy recorded security interests or Rent, 
Including the security interest held by Secured Party. Secured 
Party reserves the right to lodge a tender and to credit the 
amount of its tender against ft* secind claim, and the Receivers 
reserve the right to adjourn, delay or terminate the sale. The 
specifications of the Property and tender documents [including 
conditions of sale] are available from, and all Interested parties 
desiring to make an appointment to Inspect the Property should 
contact, the Receivers at the above address; or R.W. Panski, 
BouUtoun Aviation Services, Ina, 500 108th Avenue NIL, 25th 
Floor, Bellevue, WA 98004, Tel: 206-454-3106, Fax: 206-454- 
1913; or RJL Greenspon, Latham & Watkins, 885 Third Avenue, 
New York. NY 10022. Tel: 212-906-1200. Fax: 212-751-4864, 
counsel for Secured Party. 


TJ± +44 71 8733000 Rue 444 71 SB 


Bate 

>3064 


LoodooSBI 9HL 



BYRNE ASSOCIATES 


PLASTIC BOTTLES AND 
FASTENERS 


PWttp C Byrne the A dm m gte dve Receiver of Ajec Plastics L imite d 
maziufactizrexs by Blow and Injection Moulding m ROPE and P.V.C 
ofin for sale die busiitess and assets:- 


* Loyal and skilled workforce 

* 13,000 square foot leasehold factory 
unit available 

* Based in Ross on Wye 

* Niche market/ short runs 

* Estimated animal turnover J33.5 million 

Further enquiries should be addressed to: 

Byrne Associates, & Kilian House, 38 Whiteladies Road, 

Clifton, Bristol, BS8 2 LG 

Tel: 0117 923 8333 Fax: 0117 923 8900 


METING 


BUSINESS OPPORTUNITY 
LOG 


Centred Faruham - 

Raiangctn ltc - Npwkm-y 

Profitable part time 
business with 90+ outlets. 
Could be developed 
full-time. 

Tel/Fax: 02527 93804 


debUsoo: 


For Sole 


mind Hundreds of Coo. 

imH ra nte r^ |g f fffa iffhie 

Ttb 071-353 5003 Fax: 071-353 5004 


LEGAL NOTICES 


TOE INSOLVENCY ACT US* 


NOTICE IS HERESY GIVEN pumas to 
IL2 of SB Mtey Rules 1986 AsK a bd 
tivfckMd ii intended to bo dcctacd fa Ibc itarc 
naffer wiihb 4 ujafa of II (k hnattj 1945. 

Amy BH&or wt» hm not lod^d a proof of dels 
by mJuofly 19£ win to netted tan tint 
(DtMlwL Qcdiu dnoU Etewnd tUr chHi 
in N BMhfaA, I irpwtoftw gnfrcxw , flfcrafcw; 

The GoUeria. Stgskm End , CMey, Wcb 
Sw^XHJO IMY, 

Ttettd Ma Jtidi <fay oTDecemhe f 1994 


IN TOE BUSTER OF 
BKHBY i CYPRUS) 

AND 

DtmMtfmor 
gra iBB CQMWfflBSLWQlPIO 
NGTITCB IS HEREBY GIVEN daf dm cndkns 
id dnMucd company which b bek^ 
vokmmay mod op mo mphd on or beta 
Os 19ih (by ni Jbdhev 1995 in ni fa tba faa 

Bin nd damfatiB BQ , fall 

PKnCiWii oi KDCzr acoa w vHflm oO EBB 

HBrt and adtaneft of ttnv nfidaon (if ny) 


ACA of Julia Hone. 3 T toni ma ctci David 
Snta. PO Bax 1612. Moon. C^pnt, Or 
lirpwfafra of the srid tmpnx sod if m 
i qmci by Htftc In wattag unm Or mtd 
UqaXduar. io come in ad prow chnr said debe 
or da te* « snch time wA ntace a tfufl bo 
tpedfied fa sash oodoc. or fa ddhnfc toad 
ifay win bo add iti fans tin benefit of my 
AndM bade bdsrmch Afasaec ptoved. 
Dttd Oil 3D til fay of DttaAcr im 


The Joint Administrators, J A Talbot and M Fishman, 
offer for sale the respective undertakings of the above 
companies (whether by sale of shares or by sale of 
business and assets): 

M Leading international practice of multi disciplinary 
professional consultants and consulting engineers. 

■ Areas of expertise indude engineering, project 
management, transport and the environment. 

■ Annual turnover of group c. £40 million. 

■ Headquartered in London. 15 offices in UK. 
c. 800 employees. 

M 12 offices overseas inducting Hong Kong, Australia, 
New Zealand, Malaysia, the Phillipines and the 
Gulf region. 

For further information, please contact: 

Robert Caven or Paul Whitehead, 

Arthur Andersen, P.O. Box 55, 

1 Surrey Street, London WC2R 2NT. 

Tel: 071 438 3000. Fax: 071 438 3771. 


Arthur 

Andersen 

Arthur Andersen &Gq SC 


Arthur Andeoen U mxlhoTlsed by tor bnMhttte of Chavtnvd Aoconatanig In 
England rod Woles to carry on investment business. 


PINK PA8ES 1 fufr Indoad nnefcly guide to co'b fa Imufaofion & reodrer ah ip. co*a 

* In mwbto. bBDbnncy auctions. buBlneteUff far sate Ham Sections: 
Pre- Insolvency & IPA fl no alwMdps , 

fflOTOffY the UK guide ta conmidd property in meheonip end for sata - 
PAGES 100*e of property hagaira - Kotefa. Nursing Homes. Land. Offices. 

Radi Jr Industrial premises. Oewtepmert opperimMee esc. 


■■ELLS FO-.VLER GREOORV 


Tab {0273} 626881 Roc 688061 


BUSINESSES 
OPPORTUNITIES 


"Investors Required^ 
For Commercial 
Property Opportunity 

Minimum Equity 
£50,000 

Write to Box B3769. 

financial Times. 

One Southwark Bridge, 
k London SE1 9HL j. 


x^-BUSmESSHS 

f ■ 

V + * . ‘ 


FOR SALE 


Appear In lha financial Times 
on Tuesdays, Fridays and 
Saturdays. 

For further information or to 
advertise In tMs section 
please contact 
Karl Loynton on 
+44 71 873 4780 
or Melanie MHes on 
+44 71 873 3308 


financial tosi 






















%t*+ 


FINANCIAL TIMES TUESDAY DECEMBER 20 .994 


BUSINESS AND THE LAW 


Ruling on time 


T iie government's response 
to the soaring legal aid bill 
of the 1980s was to cot 
back on the numbers eligi- 
ble for financial assistance, curb 
lawyers' pay, impose standard fees 
for criminal cases and introduce 
legal aid franchising. 

The medicine was hard fibr law- 
yers to take, but appears to have 
worked. Legal aid expenditure is no 
longer rising at a rate of almost 30 
per cent a year. The increases in the 
past two years have been below 10 
per cent Future rates of increase 
will be even lower. 

The eligibility cats were particu- 
larly successful. The government 
reduced financial eligibility for 
legal aid in April 1093 so that people 
with incomes above the level of 
income support would no longer 
qualify for free legal advice and 
would have to pay a much larger 
contribution towards the cost of 
legal aid. The government esti- 
mated the cuts would save £43m in 
1993-94* mom in 199495 and £L73m 
in 1995-96. Raving made the cuts it 
expected total expenditure to reach 
£L54bn in 1995-96. 

In feet, legal aid expenditure in 
1993-94 was some £73m less than 
provided tor in the supply esti- 
mates. Expenditure in the current 
year Is also expected to be under- 
spent by at least £7Qm. As a result, 
the government has reduced the 
pro vision for the next two years by 
more than £70m in each year. 
Expenditure is now expected to rise 
to £1.6bn in 1997-98, just 4 per cent 
more than the original estimate for 
1995-96. 

Given the apparent success in 
holding back legal aid expenditure, 
the Law Society, the solicitors’ gov- 
erning body, has argued the govern- 
ment could now afford to relax its 
grip slightly. 

But rather than restoring the eli- 
gibility cuts - something Lord 
Mackay, the Lord Chancellor, prom- 
ised he would do as soon as It 
became feasible - the government 
seems intent on further tight- 
ening control of the legal aid 
biH 

Next spring Lord Mackay will 
publish a green paper outlining 
plans to make legal aid a cash- 
limited scheme controlled by “ftmd- 
hoiders for Justice" along 
similar lines to the GP fundholders 
system. 

The idea was first mooted in July 
in a paper by the Social Market 
Foundation, a right-wing think 
tank 

The paper was written by three 
members of the advisory group 
assisting the Treasury fundamental 
review of the expenditure of the 
Lord Chancellor's department, part 
of the purpose of which was to 
examine access to publicly funded 
legal services and the options for 
ensuring funding is provided in as 
cost-effective a way as possible. The 


limits clarified 


European Commu- 
/j\ I A nifcy law does not 
?S>5jjL preclude the appii- 
cation of a 
/ jfjf national rule 
\ which limits the 

eupMBUN period for which 
invalidity benefit 

may be payable 

under an EC directive, even where 
the directive has not been prop- 
erly implemented, the European 
Court of Justice ruled recently. 

In 1970 Mrs Elsie Johnson gave 
up work to look after her daugh- 
ter. In 1980, she tried to go back to 
work but was unable to do so 
because of a back complaint, tor 

which she was granted non-con- 
tributory Invalidity benefit 
In 1983, she started living with a 
man and benefit was stopped 
because, under English law at the 
time, a woman cohabiting with a 
man had to show not only that 
she was unfit tor work but also 
that she was unfit to carry out 
normal household duties. That cri- 
terion did not apply to males. 

In 1984, non-contributory inva- 
lidity benefit was replaced by a 
severe disablement allowance 
which could be granted to persons 
of either sex under Identical condi- 
tions. The allowance could be 
claimed automatically by persons 
entitled to the old benefit without 
having to satisfy the new allow- 
ance conditions. 

Mrs Johnson was refused auto- 
matic entitlement. This refusal 
was based on domestic legislation, 
whose effect was to deny an appli- 
cant the allowance if payment of 
the non-con tributary invalidity 
benefit had not been claimed 
before its abolition. 

The Social Security Commis- 
sioners referred the matter to the 
European Court of Justice to 
determine whether such a rule 
was compatible with the relevant 
EC directive. 

The Court held that it had been 
possible to rely on the provisions 
of the directive following its 
implementation in 1984 in order to 
set aside national rules on the 
entitlement to benefits which dis- 
criminated against women. The 
provisions also entitled women 
disadvantaged by maintenance of 
the discrimination to be treated in 
the same manner as men in the 
same situation. 

Following this ruling, the Social 
Security Commissioners granted 
Airs Johnson the severe disable- 
ment allowance, but only with 


effect from August 1986, 12 
months prior to her claim. This 
restriction on her rights to the 
allowance was made under domes- 
tic legislation. 

Mrs Johnson appealed to the 
Court of Appeal. Her argument 
centred on the ECJ*s decision in 
the Emxnott case. In Emmott the 
BCJ ruled EC law precluded the 
competent authorities of a mem- 
ber state from relying cm national 
procedural rules imposing time- 
limits on legal actions in proceed- 
ings brought by an individual to 
protect directly effective rights 
conferred by a directive where 
that directive had not been prop- 
erly implemented by the member 
state. 

The Appeal Court sought a pre- 
liminary ruling from the ECJ on 

the scope of the Emmott judgment 
in relation to Mrs Johnson's case. 
It wanted to know whether the 
domestic rule restricting the right 
to the allowance to a fixed period 
prior to tim date of a claim was 
compatible with EC law. 

Although the ECJ found the 
directive had not been imple- 
mented correctly and the domestic 
role was a national procedural 
rule on time-limits. It ruled its 
finding in Emmott should not 
apply. 

The Court said its decision in 
Emmott had been justified by the 
circumstances of that case, in 
which a time-bar had toe result of 
depriving the applicant of any 
opportunity to rely on equal treat- 
ment rights under the directive. 

In contrast, the domestic role in 
the present case merely limited to 
one year the retroactive effect of 
claims for invalidity benefits. 

The Court had already ruled 
that the rights of women to claim 
such benefits had to be exercised 
under the conditions by 

domestic law provided they were 
no less favourable than those 
relating to domestic actions and 
provided they were not framed so 
as to render it virtually impossible 
for individuals to exercise their 
EC rights. 

In the present case, those crite- 
ria were fulfilled. The Court ruled, 
therefore, that the domestic legis- 
lation in question was compatible 
with. EC law. 

C410I92: Johnson v Chief Adjudi- 
cation Officer, ECJ FC, December 6 
1994 


BRICK COURT CHAMBERS, 

BRUSSELS. 


Justice seeks 


its price 


Robert Rice on the arguments over 
curbing legal aid in the UK 



took longer to prepare UroroogMy. 

Solicitors had to c ®?f\ der „f I u ^ 
things as advance discl osure of 
prosecution statements in criminal 
cases, while In civil cases the 
increased burden of discovery of 
do pitmpnfji and the greater use of 
expert witnesses drove costs up. 
Moreover, there was also a signifi- 
cant increase in the hourly rates 
paid in civil cases as county courts 
increasingly allowed realistic w 
rates following a High Court ruling 
on the matter. 

The society also say the founda- 
tion's economic analysis of legal aid 
was wrong. The foundation argued 
le gal aid was subject to "supplier 
induced demand" - services were 
delivered because lawyers wished to 
provide them rather than because 
riipnbi needed them. But that analy- 
sis ignored the controls on the 
grant of legal aid and lawyers costs 
exercised by the courts and. the 

Legal Aid Board, toe society says. 


City 


thefts 


take the 


biscuit 


C ity law firms are feeing a 
Pilfering by ***** of*** 

calls destined tof 
meetings is forcing city firms to 

take drastic action- 
Simmons * Simmons has saved 

between U0.OOO and ffayJOOv fm 
by forbidding staff, even beads of 
department, to eat chocolate 

biscuits during meetings with 

clients. 

At Clifford Chance, a 
gtafr was given a formal reprimand 

recently after issuing more than 
the permitted two chocolate to- 

cults per guest ■ • 

Clyde & Co initially switched 
from four-finger to two-finger Kit 
Kats, but has now gone rano« 
by offering only Cadbury 1 ! 

gnadBL 

Senior partner Michael Payton 
says the savings were ^consider- 
able, mainly because we have been 
able to sack the half of the penm* 
nel department who were dealing 
witobototoTtet complaints about 
biscuits”. • 

At 1U Freeman* biscuit costs 
have proved difficult to control 
because of a form of the small boys* 
custom of "scrumping" to apple 
orchards, known as "hoovering". 
Staff loiter until conference mans 
axe empty, then dart to and fill 
their pockets. ..... 

Senior partner David Solomon 
says it waa hard to combat because 
"suspects include lawyers at toe 
most senior levels”. 

The cr isis has ted Dress to Incor- 
porate biscuits to negotiating tac- 
tics. At Freshfietda* Manchester 
Airport Enquiry meetings were 
speeded np by awarding a choco- 
late biscuit to whoever made a 
point on which aft parties could 


paper proposed establi s h in g a sys- 
tem of fundholders who would con- 
trol the funding of legal aid in a 
particular area. 

At present, those needing legal 
aid first approach a solicitor who 
applies for legal aid on their behalf, 
either to toe court, for criminal 
legal aid, or to the Legal Aid Board, 
for civil legal aid. They then assess 
whether the case merits legal aid. 
Those who qualify are offered legal 
aid so long as they also meet the 
financial eligibility requirements 
and pay any contribution which 
may be ordered. 

Under the proposed fundholder 
scheme, toe fundholder would be 
the first point of contact. Fund- 
holders would determine what ser- 
vices people required and seek the 
most cost-effective means of provid- 
ing theny They would have a lim- 
ited budget at their disposal. The 
idea was well received by the gov- 
eminent 

The Law Society is up in arms, 
however. It says toe Social Market 
Foundation’s analysis of expendi- 
ture trends is out of date; its eco- 
nomic analysis of the way legal aid 
operates ignores fundamental fea- 
tures of the legal aid system; and 
the fundholder scheme would turn 
legal aid into a lottery. 

Mr Charles Elly, Law Society 
president, says: "Cash-limiting 
would mean that whether you got 


legal tod depended on where you 
lived and When you applied, rather 
than on the needs of your case. 
What is worse, it could me a n legal 
aid would be cut off from cases 
involving a challenge to tbe govern- 
ment.” 

The society acknowledges legal 
aid expenditure rose very rapidly in 
the 1980s. doubling in real terms 
since 1987-88, while total govern- 
ment expenditure increased by only 
14 per cent 

But it says many of the factors 
behind the increase reflect deliber- 
ate government policy. Among 
these were: 

• The creation to a statutory duty 
solicitor scheme to provide advice 
at police stations. That cost £6&n in 
1993-94 

• A rise in the number of expen- 
sive serious fraud trials. Tbe esti- 
znated cost to the legal aid fond to 
the foiled prosecution to Mr George 
Walker, former head of Brent 
Walker, is £5zn. 

• Increased public awareness of 
available legal remedies. 

• More generous legal aid for chil- 
dren. 

• The success to the g reen form 
scheme under which people receive 
free initial advice on a legal prob- 
lem. 

At the same time, the society 
says, the average costs of cases also 
rase. This was partly because cases 


I ts main objection to tbe fend- 
H pide ** scheme is that cash-lim- 
iting would change legal aid 
from, a service to which all 
those who meet the qualifying con- 
ditions are entitled into a discre- 
tionary benefit. That would defeat 
the purpose to legal aid, which is to 
enable criminal trials to be con- 
ducted fairly and to enable the gov- 
ernment to meet its responsibility 
for ensuring access to justice In 
civil disputes. Cash-limiting, It 
argues, would mean toe legal aid 
scheme operated incons i st en tly In 
different parts of the country, and 
at different tim es to toe year, as the 
money ran out more quickly in 
some areas than, others. 

It would also ooahte the govern- 
ment to make covert cuts simply by 
underfunding the service rather 
than having to bring regulations 
before parliament whenever it 
wanted to change the scheme. Legal 
aid Ah' challenges to the govern- 
ment could be cut under the guise 
of giving priority to breed and but- 
ter cases. 

The legal profession recognises 
that it must live with a tighter legal 
aid budget in future. The Labour 
party has made it as clear as have 
the Conservatives that there will be 
little additional fending for legal 
aid. But with legal aid expenditure 
now under control tbe case for the 
draconian measures suggested by 
toe Social Market Foundation has 
not been made, the society 


says. 

A better approach would be to 
make the justice system Itself mom 
affordable. The Lord Chancellor has 
appointed Lord Woolf, the Law 
Lord, to review the civil justice sys- 
tem. Solicitors believe Lord Mackay 
should wait until Lord Woolf 
reports before taking action which, 
although popular with the Trea- 
sury, would not promote good and 
open public administration. 


Procedures elsewhere in tbe 
country vary, la Yorkshire, the 
duty to hospitality , is taken nay 
seriously. At the Sheffield Office of 
Oxley & Cowant, a heaped plate of 
Cadbury's Shapes te put on the 
table when meetings begin, and 
itjpfonWwd when empty. 

TUs adds an extra dimension to 
the threat to competition from 
regional law firm* 


Nick Gillies 


BUSINESSES 
FOR SALE 






... "V 


m 


PEOPLE 


FOR SALE 

Portuguese Company of 
Uibanistic Projects and 
Management. 

Tbe properties are located 
in die excellent touristic area 
of Albufeira within walking 
distance from the beach 
and golf course. 


WSftfP 






JEW 




linings’ initiative for Wales 


For further details please write to: 

Mis Ana Lopes, Apt. 60S, 
Arenas de &, Joao, 8200 Albufeira, 
Algarve, Portugal 


Loch Ness Yacht 
Charters Ltd 


This flourishing business is 
for sale as a going concern. 

Superb location. 

An excellent opportunity 
for on ideal way of life. 
Around £350,000 



Tel: 0463 861303 
Fax: 0463 861353 


Boss 

& 


(In Administrative Receivership) 

Roofing and Cladding Manufacturer 

The Joint Administrative Receivers, N J Dargan and P H Bcndall, 

offer for sale the busincs and assets of the above company. 

■ Based in Asbton-U-Lyncand Oidham, Lancashire. 

■ Turnover £8.6 million for year to September 1994. 

■ Two Freehold/ Long Leasehold Premises of 31,000 sq. ft. and 
8,500 sq. ft. 

■ Modem Composite Panel plant and profiling equipment. 

■ Substantial order and enquiry book with continuing repeat 
business. 

■ Experienced workforce. 

For further information please contact either Geoff Clurc or Nick 
Dargan at Touche Ross & Co., Abbey Mouse, 74 Mosley Street, 
Manchester M60 2 AT. Tel: 0 16 1 228 3456. Fax: 0161 236 0720. 


Godfrey fillings, who headed 
up Fimbra, the self-regulatory 
organisation for independent 
finaneia) advisers, is taking 
over as director of Wales' 
Financial Services Initiative. 

Tbe initiative seeks to lure 
financial services businesses to 
Cardiff and south-east Wales. 
Jillings, wbo spent 32 years 
with National Westminster 
Bank, was chief executive of 
Fimbra for three years before 
it was superseded this autumn 
by the Personal Investment 
Authority. 

Jillings, an Englishman, w31 
have the job of giving a fresh 
boost to the initiative, which 
was launched in 1988 but has 
been rather quiescent during 
the recession. In particular, he 
will seek to target potential 
relocators from London and 


h 



the southeast 
The initiative, which has a 
London office and an annual 
budget to £250,000, is nm as a 
partnership by the Welsh 
Development Agency, Cardiff 
city coundL Cardiff Bay devel- 


opment corporation. Sooth Gla- 
morgan county council and 
Newport borough council. 

According to Gregory Byrne, 
its chairman, the partners are 
“determined that, as the econ- 
omy recovers, the initiative 
will be back in the business of 
pulling jobs into Wales*. 

The Welsh Development 
Agency itself has a new board 
member, Robin Lewis. He is 
chairman and managing direc- 
tor of Magstim Company, 
which makes medical rostra*, 
ments at Whitland, Dyfed. 
Making the appointment, John 
Redwood, Welsh secretary, said 
Lewis had considerable experi- 
ence of running a small com- 
pany in a rural location. “I 
want to see many more such 
companies.” Roland Adtrnrg- 
ham 


Betterware 
looks to 
better itself 


100+ LIVE BUSINESSES POT SALE 
and Mes o( on SB 2 iio% 

tecon 7003464 


In dvr 


iJh Win WiflVl h 0 


Inntrepreneurs 
lose out 


GREEK EXPORTS &A. 


INVITATION 


FOR KXPRESSSOt'tS O* INTEREST IN PURCHASING THE ASSETS Of 
GABRIEL SA. SPINNING A WEAVING MILL OF NEO PHAJLKRjON NOW 

UNDER SPECIAL LIQUIDATION 

GREEK EXPORTS SLA., rrahfirfw, if ii Admti at 17 PucpiN i wi o f Sega, in its opacity m 
special liquidator or GABRIEL 5 A. SPINNING A WEAVING MILL OF NEON 
MKALEBON (ta accordance with P coi loa No. 834/1944 o( the Knew Cfanf of Appeal by 
which GABRIEL &A. SPINNING A WEAVING MUX OF NEO FHALERON feu been 
placed mdcf special KlqnMbtioa) aad wkbfa ihe fkanewarkof actido 46a of Law 1992/90, as 
sc p pk rniCTied toy article 14 of Law 3P0QF91 and oo uqi l n ffen ted by article 53 of Law 2224/94 

INVITES 

inicrertrd in v u fee id cm tf i r i Pt Arir toaa l h p unJu aiffi the i i fu i # of GABRIEL 5-A. 
5P1NN1NG A WEAVING MILL OF NEO PHALERQN now mder ^ecbl Hqaldilloa, by 
wtmlHing a aoo-hinifing. wriOeq qqwfan of atereg wtth iwaay f30)<hyi from today. 
GABRIEL StA. SPINNING A WEAVING MILL OF NEO PHALBRON ra fannied fa 
1986 in nmeusiod b eqpged fa praduefag and jettiqg knitwear, men materials and yams. 
Ttoe company's MaHaiim orate 

a) IDs mata fertoiy <M ft Pfam Street on a plot 9,4504 m J la area (vritbia the town ptan) 
wtfi bo OJtogi cow cri p g an aces of 14.211 m 1 containing a np*"Vng mill with 7*200 
spindles widi a opacity of 600 low per aaffimL 

b) A factory on Fkadoi A 3 Ml Street In Am Mnotopatiiy ol finals oa a plot of tand 
3,8435 1 m* fa an (wftMn the town ptan) god MUfap Offiwriqgaaamof 8 t 644m 2 ni 
which (he comp a n y^ (freJqft and Sobbing pilot has been inatlkxL 


GREEK EXPORTS SuA. 
(Founded & Owned by ETBA SLA.) 

INVITATION 


FOR EXPRESSIONS OF INTEREST IN PURCHASING TBE 
ASSETS OF METAULEFTIKI, EMBORKK3 & VIOMIHANIKI SLA. 
NOW UNDER SPECIAL LIQUIDATION 


GREEK EXPORTS SA, dbbiWftd In Athena at 17 P ao apirtimons Street, fa incapacity 
na special liquidator of METALLEFTtKL BMBOR1K1 A VIOMIHANIKI SJL 
(MINERAL, COMMERCIAL & INDUSTRIAL &A.) in ecom fan oe with Deristoa No. 
*525/1944 of tbe Athens. Com of Appe&L by which MBTALLEFTIKL EMBORKI A 
VIOMIHANIKI $A has been pfaoed mater special Ikpudaffool ud witbm tbe 
ft umc wo ffc of aitide 46t of Law 1392/90, a supp l emente d by utick 14 of Law 2000/91 
and CDoipfcmeiixed by ariidc S3 of L*w 2224/94 




interested imaestois to express ihcir fntera fa pratingfag Ibc assets of MEIALLEFTIKL 
EMBOEUKI& VIOMIHANIKI SLA- now natter special liquidation, by wfaadlifag a pop* 
bfadfag, written expression of fafctcN vtUtia twenty (20) days Cram KxhjR. 
MEEALLGFTIKI EM&ORIKI A VIOMIHANIKI SA. was Counted fa Athens fa 1954 
and b engaged roariy tn aasgacstte ore tninlq^ dfatribnoon of raw magnesite and in the 


c) A fectocy at Nea lamprefca fa Enfaoa on a Noe of bud 19,332 m* fa area fostufe die 
town plan) with buJKdbn covering an area of 3.415 m 1 fa wWrih ■ mixed wool safamnF 


lom plan) nrim bdbfap covering an area of 3,415 in' fa wUdi ■ nnto nod 
hhU Jtta bom fasolkd with L0 macfatri ufa djoo^fanfleswbh i^paeftf of 300 Pm 
per annum. 

OTHER GAIA CONCERNING THE PCWUC AUCTION 


hofpcaive tteyen, on piwidfag a written n mfarta fc bg of eoftiidcnihtity, may receive 
Kite atferioa JKtqofan&m boo the offices of tbe lxmidatfaa ocunouv. They shall also 


The compeny was Iwq mnriqg amQcntoe fa dte d e pa rt m e nt of Euboea, OP 332 
covering — ma of 8J7S swmas and OP24Q covering an area of 339 ato an wafc Tmi 
woffcfagp fait been developed inside these C M Q «riom » one wta yro d and am 


Kite ottering jKfaOfan&m from the offices of tbe liquidating company. They shall abo 
have access to any other ufonutfan they ray neck and may vbit the ptomfa e a of the 


IL The oferif^ manota n ifaM wai describ e In detail the total assets of the company far sale 
and win contain every unfol to fanattoa far the prospective buyer. 

The an aw m o e ment of the pohfic mtioa fa the highest Udder will be pdbKisbcd within the 
prescribed lime Emits tod hi the soma newspapers. 

Pot any farther defrib or iafaftaarion pfcanc apply uk 
GREEK EXPORTS SA. 

17 ft ucpitiiiniw Street, f fat Hoor)> /tot, Greece 
TfcL +NM-324J] 1 1 Rdc *30-1-3219185 


Among 0ibci* the tastalfcrians fadodc pze4nrilctation and benrfidufan fatalities, two 
abaft bHna for the ptodudkm of fade ragneafa and related ondfaeiy. The 

company aba owns 45 s&eomai at Kymni MantomHoa in Enbooi wtm too shaft kilns 
far piodiiriug and storing the cmtfa calcined magnesia oic idtotoed 


OTHER DMA CONCERNING THE PUBLIC AUCTION 


L Prospective bpyccs, on providing a isrhBen undectakiiig of copfhfloatiafity, may 
room the offetng aKnuxamkin from the offices of tbe Uqnidteipg oocopuy.Ttvsy 
also shall hove access to any other ft&ftmnfton they may seek and may visit tbe 
premises of the company under tiqt&datXKL 


Re St Louis, PARIS 

Restaurant FOR SALE. 

Excellent location. Very low rent. 

High turnover with year on year growth. Price FFr3m. 

Fax/Tel: PARIS 010 331 48086277 


VL Tbe ottering meroonmfcmi wia describe In detail tbe total awes of fe company for 
sole and vrifl contain evoy nseful fafantneion far tbe prospective boycx, 

Tbe a nn o cncfcfi KOt of the poblic auction fof the highest bidder will be ptridBbed 
within the prescribed time Unite wad tn the came ftcwapspco. 

For any farther deoil* or fafaraalion plead apply to: 


The recent loss by Grand 
Metropolitan, the drinks and 
foods group, of the manage- 
ment contract of Inntreprenear 
Estates, the UK pub joint ven- 
ture between (fraud Met and 
Foster’s Brewing of Australia, 
has left some 15 senior manag- 
ers without jobs. 

The rest of the 280 staff of 
Grand Metropolitan Estates, 
the subsidiary r unning EEL, 
will transfer to IEL which is to 
have its own management 
reporting to the two sharehold- 
ers, Grand Met and Courage, 

tbe UK brewing subsidiary to 

Foster's. 

The three most senior depar- 
tees from Grand Met Estates 
are Robert Williams, chairman 
and managing director, Peter 
Coleman, director of legal 
affairs and company secretary, 
Mike Newman, public relations 
director, and BUI Fox, Rodney 
Mann and John Norris, who 
are three of the regional man. 

agers. 

Grand Met had rnanag p d IEL 
since the two partners pooled 
their pubs in 1S9L It has been 
criticised by publicans, lobby 
groups and politicians for run- 
ning Inntreprcneur more like a 
property company than a pub 
business. Some licensees have 
campaigned through the courts 
against the terms of their 


Grand Met relinquished its 
management role. 

IEL is seeking a chief execu- 
tive and several other senior 
managers. Although IEL will 
run. independently. Courage is 
planning to play an active role 
in an attempt to improve rela- 
tions with EEL's licensees. Rod- 
erick Oram 


GREEK EXPORTS SA, 

17 PMqtitifatioa Sfrwt, (Ite floor), Alberts. Grecoc. 
Id. +30-1-32011 1 ftx: +30-10234183 


Courage, chaired by Michael 
Foster, was thought to have 
been dissatisfied with the man- 
agement arrangement When 
the joint venture was refin- 
anced again in November, 


■ Unilever, the Angto-Dntch 
consumer products group, has 
realigned roles at the top of its 
foods business. It has moved 
from a geographic to a product 
split The changes bring the 
business closer to the struc- 
ture of other Unilever 
operations such as detergents. 
Unilever says the continuing 
integration to European food 
markets and its own global 
food ambitions triggered tbe 
changes. Foods accounted for 

£l‘L3bn to Unilever's £27J9tm 
turnover In 1993. 

Jan Peeten takes responsibil- 
ity for global strategy in tea, 
tea-based beverages and a new 
culinary products portfolio. He 
remains chairman of the foods 
executive and farad to the US 
food operations. 

Anthony. Burgmans will 
head ice cream and frozen food 
operations in Europe and be 
responsible for the global 
strategy for those products. He 
was head of southern Euro- 
pean foods. 

Okko Mailer will head an 
other European foods and be 
responsible for global strategy 
of bakery, oD and dairy-based 
products. He was head of 
northern European foods. Rod- 
erick Onan 


national Holdings jumped Up 
to Sip yesterday as the life sci- 
ences group announced that 
Roger Pinnington was its 
choice as chairman to succeed 
Ian Campbell, who gave notice 
to his intention to resign in 
mid-August 

Last Friday, shares to Hm 
tumbled 23p to 20p as the 
group revested a plunge Cram 
profits of £8.68m to pre-tax 
losses of £7Llm, after excep- 
tional charges of £70 .8m to 
cove r restructuring costs at 
NK*i, the US engineering and 
environmental services busi- 
ness, and the placing into 
administration to Travers Mor- 
gan, the UK-based consultancy. 

Known as a “company doc- 
tor”, Pinnington, 62, has been 
chief executive to UBM Group, 
Royal Ordnance, RHP Group, 
Teifos (after the aborted take- 
over bid by William Cook), and 
Blackwood Hodge (until its 

takeover by BM Group). 

More recently he has worked 
with multinational leasing 
companies, institutional and 
private investors, clearing 
banks and venture ca pitalist 
including recovery and recon- 
struction. situations. 

Currently be is chairman of 
Lynx Holdings, Cortworth and 
British World Aviation. Peter 
Pearse 


Betterware, the direct 
home-shopping group, 
announced a number of board 
changes yesterday to try to 
boost its flagging share price. 

Peter Hartley, the former 
managing director of Texas 
Homscare who joined JBettef* 
ware In December last year, 
has been promoted to group 
managing director from, group 
financial director. 

Andrew Cohen has moved 
from the post of chief execu- 
tive to be executive chairman. 

Hartley will be based perma- 
nently at the group's Birming- 
ham headquarters and distri- 
bution centre; Cohen was 
previously in charge of 
operations but omy spent three 
days a week in Birmingham. 
Now, he will concentrate on 
the group’s strategy, especially 
the development of Better- 
ware's new partnership with 
Avon in north and south 
America. 

Paul Turner, currently finan- 
cial director to Betterware UK, 
becomes group financial con- 
troller; the board has not yet 
decided whether to appoint 
him permanently as group 
financial director. 

Walter Goldsmith has re t ir ed 
as non-executive but 

remains on the board ~and -will 
continue to chair the audit and 
remuneration committee. 

Betterware has fa! Ian out to 
favour in the City this year. Qs 
shares have dropped from a 
peak to 27% in July last year 
to 4% yesterday. Geoff Dyer 


Shares to Huntingdon Inter- 


■ Howard Dodd, corporate 
treasurer to ZENECA Group, 
has been appointed fina nce 
director to ZENECA 
Specialities. 

■ Andrew Thorpe has been 

appointed mariuting director 
of WHITBREAD Pub 
Partnerships; he moves from 
Scottish & Newcastle. 


■ David Brewer, finance dtreo- 
tor of British Coal, is to 
become boss of Mining (Scot- 
land), the consortium of pri- 
vate sector investors aqd 
unions which is the govern- 
ment’s preferred bidder for the 
Scottish coalfield. 

Brewer’s title will he 
operations and finawH^ ] iiw, 
for. The present chief execu- 
tive officer 1$ Brian MacDon- 
ald, a Scottish businessman 
and company doctor, bat tt 
was always made clear that 
MacDonald would step aside 
and recru it a ceo from the coal 
lndustiy once he bad steered 
the consortiums bid to a suc- 
cessful conclusion. 

Brewer, 48, has been with 
British Coal since 1968 and 
has held a number of 
financial posts, as well as 
being involved in the privati- 
sation process. James Buxton 


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FtNANCXAJL TIMES TUESDAY DECEMBER 20 1994 


ARTS 



Opera 

Oberto 

I n many performances John 
Tomlinson gives the impres- 
sion of a larger-than-life char- 
acter in search, of a role that is 
big enough for him. With the nti» 
role of Verdi's Oberto he has unde- 
niably found one of the right giro 
tra£ that has not stopped him being 
doubly ambitions and taking on not 
one role, but two. 

Last Thursday Tomlinson also 
made bis debut as an opera pro- 
ducer. When Opera North decided 
to pot on a production of Verdi’s 
first opera, it originally turned to 
Ian Judge, but he started to get cold 
feet a nd withdrew. Tim Albery was 
approached and thought better of 
the opera, but decided against it 
Eater Tomlinson, laying aside his 
Wagnerian spear and seizing 
instead a sword with which to 
champion this early Verdi rarity. 

His production is sketched with 
bold outlines, but not much in 
between - a bit like the opera, 
really. He has set it in the Italy of 
the 1920s, the ominous menace of 
dictatorship already casting a pre- 
mature shadow. The chosen period 
may make the story even less credi- 
ble than before, but it is a gift for 
the ladies of the chorus, who gtittAr 
in the party scenes as flappers with 
beads, plumed headdresses and long 
cigarette-holders - the full works. 
As a whole, the show looks good, 

John Tomlinson 
has laid aside his 
Wagnerian spear 
to champion this 
early Verdi rarity 
for Opera North 


thanks to Russell Craig's effective 
designs, but in early Verdi neither 
that, nor clever production ideas, 
will ever make the evening. Oberto 
depends on singers who can fire the 
imagination and at the Grand Thea- 
tre, Leeds, it had three oat af tour. 
Tomlinson throws himself into his 
role, giving it every ounce of his 
energy and decibels from the 
moment he comes on. Some H gfo 
and shade would be welcome, but 
single-handedly he galvanises the 
whole performance. 

The sparks fly when he is con- 
fronted with T.mrin Fmnle's hyper- 
ventilating Ctmiza. Heaven knows 
who gave her that awful wig (one 
imagines ha 1 worst enemy ironing 
the pleats in the dressing-room 
beforehand) but she makes an ace 
twenties' vamp, generously throw- 
ing around her ample, rather Wag- 
ujsnan mezzo. David Maxwell 
Anderson had an apology made 
from the stage for a cold, but sang 
with promising clarity; only the lyr- 
ical writing strained his resources. 

With David Ptircebjn keeping the 
impetus going (crucial in early 
Verdi) the musical performance bad 
most of the rude energy it needs. 
Only Rita CuDis in the soprano role 
of Leonora was too polite, lacking 
the necessary punch in the middle 
of the voice. Although she gave all 
she had, her final aria, which is the 
cUrnax of the evening, was a vocal 
firework display which went off 
without any §clati Incidentally, how 
striking it is to hear the pre-echo of 
Rigoletto in her duet with her 
father. 

Why is Oberto worth seeing? 
First, for historical reasons, because 
it is the seed from which all the 
later Verdi masterpieces grew. Sec- 
ond, for the sheer adrenalin, which 
will set toes tapping and hearts 
p u m pin g, even when the brain com- 
plains that the music is not good 
enough to support any serious emo- 
tions at afi. Opera North has found 
its energy and to that extent has 
found the opera, too. 

Richard Fairman 


13 



Freud and Rubens communicate across the centuries with lovingly painted feet Freud’s ‘Leigh under the Skylight’ and Rubens’ ‘Venus, Mars and Cupid’ 



among the big boys 


William Packer admires the brave juxtaposition of old and new at the Dulwich Gallery 


On tour until March 


T he Dulwich Picture Gal- 
lery holds one of Lon- 
don's more remarkable 
smaller collections of old 
masters. For its size it is 
extraordinarily rich not merely in 
the nominal range of the masters it 
represents, but in the prime quality 
of the works by which it represents 
them. Furthermore, it is kept and 
shown in the most perfect of gal- 
leries, built to the purpose by John 
Soane and a masterpiece In itself. 

Needless to say, being so special a 
national treasure, it has been kept 
on short commons for decades, 
sometimes even under threat of clo- 
sure. That said, it seems at present 
in fairly rude health, largely by vir- 
tue of the energetic fund-raising 
policies of its present director, Giles 
Waterfield, and his imaginative pro- 
gramme of temporary exhibitions, 
which from time to time brings in 
the work of modem and contempo- 
rary artists such as Ludan Freud, 
whose work is currently on show. 

But then although many old-mas- 
ter galleries put an shows of mod- 
ern art from time to time, even 


though not always by artists so cel- 
ebrated as Lucian Freud, nor neces- 
sarily with, the work of Velasquez, 
Poussin, Gainsborough, Tiepolo, 
Watteau, Canaletto and Van Dyck 
on the wall next door. Such a show, 
we would assume, would be set 
aside in a room to itself, a special 
case with critical values of its own 
by which to respond to it 

What makes all the difference 
here, however, is that Waterfield 
“tho u ght it would be interesting to 
hang the (Frauds) among the many 
mainly 17th century Flemish paint- 
ings in one of Soane's main gal- 
leries.” And be knew very well, for 
all bis mock-innocence, that by so 
doing he would be taking a most 
radical curatorial step. 

He had four new Frauds at his 
disposal, three mules of which two 
were very large, and a small study 
of a woman's head. And the wall he 
chose for them, in the first gallery 
on the left on the main axis of the 
gallery, is not full of any old things. 
It is commanded by the great 
Rubens, lately restored, of “Venus, 
Mars and Cupid”, with Lely's 


“Nymphs at a fountain" and a Van 
Huysum flower piece alongside, and 
Van Dyck and Hobbema, among 
others, across the room. 

One of the heresies of modernism, 
and one of the most pernicious, is 
that it represents a break with the 
great humanist tradition of Western 
Europe that goes back through the 
renaissance to classical times. Yet it 
has remained an evident truth, at 
least to those collectors with the wit 
and confidence to trust their eyes, 
that no hermetic seal ever came 
down to cut us off from the past. 
We may know a work of art, of 
whatever kind, by the company it 
keeps; and if it is good enough it 
will hold its place in the grandest 
company, by its quality alone. 

B ut it is a stiff test, and to 
set up Lucian Freud 
against Rubens of all 
people, could all too eas- 
ily be written off as 
mere curatorial affectation and no 
contest at alL But Freud at least 
has never felt himself to be cut off 
from the great tradition - artists by 


and large don't - and for the last 20 
years or so has openly set himself 
by its standards, not just in the 
intensity of his scrutiny of the visi- 
ble world, but in the physical scale 
of his pictorial ambition, and his 
prodigious output He is now 72. 
and on this present evidence is 
working with as much physical con- 
trol and energy as ever, if not more. 
The huge standing male nude, 
“Leigh under the skylight”, seen 
full frontal and foreshortened from 
below, is an astonishing practical 
achievement in itself. 

That it should also declare itself 
as a great work of art is something 
else again. Many still find Fraud's 
bleak vision of humanity unnerving 
and objectionable, but then the 
manifest fleshiness of Rubens' 
women is notoriously not to every- 
one's taste. The direct comparison 
here between Freud and Rubens is 
uncanny and revealing. Of course 
there must be differences - the his- 
tory af art cannot be undone, and in 
.Freud the legacy of expressionism 
is clear enough. But yet these two 
artists speak to each other across 


the centuries on equal terms, on the 
same scale, even in the same way - 
the crossed feet of Freud’s Leigh 
and Rubens’ Venus is the nicest 
coincidence. But then how closely 
similar is the drawing of those feet, 
in the working of the pigment on 
the surface, the openness and 
directness of the statement. The 
innate naturalism of each image 
bespeaks a deep and natural sympa- 
thy, far all that one is an allegory, 
the other supposedly an objective 
response to the natural world. 

But then all art is allegory, tn the 
sense that all art is art, and 
removed from the world through 
the sensibility and imagination of 
the artist Hoe are two great artists 
seen tor once side by side, with 
other great artists looking on. We 
can do no more than pay Lucian 
Freud the compliment of saying 
that his work looks as though it has 
lived in such company all along. 

Lucian Freud at Dulwich: The Dul- 
wich Picture Gallery, College Road 
SE21, until January 21. 


Concert 

Haitink 
and the 
LPO 


F or feus of the London 

Philharmonic Orchestra 
the most likely question cm 
everyone's Ups at the 
moment Is “who will succeed Franz 
Welser-MBst as music director?”, a 
matter of even greater urgency now 
that Klaus Tennstedt, the LPO’s 
principal guest conductor, has had 
to retire from conducting doe to 
the ill health that has constantly 
dogged his career. 

One possible contender for the 
post is sorely the present music 
director of the Royal Opera, 

Bernard Haitink. His long and 
fruitful association with 
Amsterdam's legendary Royal 

Concert gebonw Orchestra, his 
musical directorship of 
Glyndebotxrne Festival Opera and 
his special relationship with the 
Vienna Philharmonic certainly 
single him out as a strong 
candidate for the LPO Job, though 
whether his current position as the 
LPO’s president will disqualify him 
remains to be seen. If he is to be 
considered, then the two concert s 
he gave with the orchestra on 
Sunday and Thursday might be 
viewed as something of a public 
audition. 

The tidy account of Beethoven's 
First Symphony which began 
Sunday's concert was a good 
example of Haitink at his bed: neat 
and precise, free of Interpretive 
quirks, it gave the impression of 
playing itself. Short of wit, maybe, 
but handled with an attractive 
lightness of touch. It was, in short, 
a pleasantly unassuming reading, a 
quality less welcome in the Ninth 
Symphony, where the 
Interpretative challenges are so 
much greater and the weight of 
performance tradition so much 
more intimidating. 

Given Haitink's operatic 
experience, one might have 
expected a view of the Ninth riven 
with dramatic incident shot 
through with a palpable regard for 
its summatorr, colossean 
intensions. In the event, the bold 
rhetoric of the first movement 
seemed less than arresting, and the 
finale, for all the vigorous 
contribution of a well drilled LPO 
choir and the reliable team of 
soloists - Karita Mattila, Ann 
Murray, Keith Lewis and Robert 
Uoyd - was devoid of visionary 
ecstasy. Haitink was visibly 
exhausted at the end of it And the 
packed Festival Hall audience 
vociferous in its appreciation. Just 
quite why was difficult to fathom. 
Thursday's concert showed 
aitink on top form, however, not 
so much in a brash account of 
Berlioz’s Benvenuto Cellini overture 
and a rather subdued Ravel Mother 
Goose, but in a finely controlled 
and numinous reading of Vaughan 
William's Fifth Symphony. Haitink 
and the LPO are no strangers to 
VW. Their recordings for EMI of 
the First, Second and Seventh 
Symphonies have been 
enthusiastically received, further 
proof that VW Is not the exclusive 
property of British artists, as 
conductors erf the calibre of 
Rostropovich, Rozhdestvensky and 
Station have triumphantly 
demonstrated. The Fifth, in 
particular, is well suited to 
aftink's Introspective 
temperament, but what impressed 
above all was his reeling for the 
longer Hub, his ability to inject a 
strong sense of pupose to the 
ambiguous, ruminative nature on 
much of the music without robbing 
it of its sense of wonder. With more 
performances like this and a more 
careftdly chosen repertoire, Haitink 
could, perhaps, be just the music 
director the LPO so badly needs. 

Antony Bye 






- "i 



7c" 



■ AMSTERDAM 

■ ■ • 

CONCERTS 

Het Concertgebouw Tel: 0120) 671 
8345 

• Phfllipe Herrewaghe: with the 
FraJberger Barockorchastra and the 
. > Collegium Vocals Gent conducts 
Bach at 8.15 pm; Dec 20, 22 


■ BERLIN 


pm; Dec 20, 23, 25, 28;Jan 1 
• Domrbachen: by Tchaikovsky. 
Conducted by Stofre, 
choreographed by Nureyev at 7 pm; 
Dec 26, 27 


■ LONDON 

CONCERTS 

Barbican Tel: (071) 638 8891 

• LSO New Year Viennese 
Concerts: conducted by John 
Georgiacfls, -the music of Strauss in 
this traditional celebration of the 
New Year at 7.30 pm; Dec 31; Jan 
1.2 

• Royal Philharmonic Orchestra: 
Christmas concert with conductor 
Owain Arwd Hughes at 7.30 pm; 
Dec 20, 26 

Festival Han Tet (071) 928 8800 

• Johann Strauss Gaia: the Johann 
Strauss Orchestra with director John 
Bradbury, soprano Marilyn HK-Smlth 
and the Johan Strauss Dancers 
plays a programme of music by 
Strauss- First performance at 3.15 
pm, then at 7.30 pm; Jan 1 





/ 



. Ui 



PhBharmonte Teh (030) 2548 8132 

• Berlin Phfcarmonic Orchestra: 
conducted by Sir Yehudi Manidtin 
and with soloist Leonid Gorokhov 
plays Mozart, Tchaikovsky and 
Scht&ert at 8 pm; Dec 20, 21, 30, 
31 (5.15 pm) 

OPERA/BALLET 

Deutsche Oper Tel: (030) 3 41 92 
49 

"• Siegfried: by Wagner. Conductor 
Horst Stein, production by Gfitz 
Friedrich at 5.30 pm; Dec 27 
Staatsopw Ifnter den linden Tel: 
(030)2 004762 

• Die Zauberfltte: by Mozart 
Conductor Daniel Berenboim, 
production by August Evening at 7 


Festival Had Tet (071) 928 8800 

• The Nutcracker by Tchaikovsky. 
English National Ballet and Rs 
Orchestra choreographed by Ben 
Stevenson at 7.30 pm; from Dec 21 
to Jan 2 (Not Sun) 

Royal Opera House Tefc(07-1) 340 
4000 

• Cinderella: music by Prokofiev. 
Created by Fredrick Ashton In 1948, 
this was the first fuIMsngth ballet by 
an English choreographer at 7.30 
pm; Dec 23 (2 pm) , 26 (2 pm) , 27. 
SO, 31; Jan 3 

• The Steeping Beauty: a new 
production of Tchaikovsky's ballet. 
Produced by Anthony Dowell, set 
designed by Marla Bjomson at 7.30 




pm; Dec 20 (2 pm) , 21, 22, 28 
THEATRE 

Barbican Tel: (071) 638 8891 

• New England: World premiere of 
Richard Nelson's new play. No 
performance 12-1 5th Dec., 
otherwise at 7.15 pm; to Dec 29 
(Not Sun) 

National, Lyttelton Teh (071) 928 
2252 

• Out of a House Walked a Man: 
by Danffl Khaims. A Royal National 
Theatre and Theatre de Compncrte 

co-production of a collection of 
musical scenes by the Russian 
absurdist writer at 7.30 pm; Dec 23, 
26, 27 

• The Children's Hour: by Liman 
HeOrnan. directed by Howard Davies 
at 7J30 pm; Dec 28, 29 (2.15 pm) , 
30, 31 £.15 pm) ; Jan 2 

Queen Elizabeth Hall Tet (071) 928 
8800 

• Cinderella: by Rossini. The Music 
Theatre London present this new 
translation by conductor and 
musical arranger Tony Britten, and 
director Nicholas Broadhurst at 7.15 
pm; from Dec 27 to Jan 3 (Not Sun) 

• Rossini's Cinderella: new 
translation by conductor Tony 
Britten and director Nicetas 
Broadhurst at 7.15 pm; Jan 2 (2.15 
pm) . 3 

Royal Court Teh (071) 730 1745/ 
2554 

• The Libertine: by Stephen 
Jeffreys, directed by Max 
Stafford-Clark. Comedy based on 
the works of the 2nd Eari of 
Rochester at 7.30 pm; to Feb 4 


■ FRANKFURT 

GALLERIES 

Schkn Kunsthalle Teh (069) 29 98 
82 11 


• Asger Jom - Retrospective: 167 
works by the Danish painter. The 
fifth chapter in a series of 
presentations of postwar European 
artists^- to Feb 12 


■ NEW YORK 

GALLERIES 

Metropolitan 

• Am Hamilton: exhibition reveals 
the artist's Interest in the relationship 
between sight and touch; to Jan 3 
Whitney Museum 

• Franz Kline: Black and White 
1950-61: major Abstract 
Expressionist works from the last 
decade of the artist's life; to Mar 12 
OPERA/BALLET 
Metropolitan Tel: (212) 362 6000 

• Die Fledermaus: by J. Strauss. 
Sung in German with English 
dialogue at 8 pm; Dec 22, 29. 31 

• Don Giovanni: by Mozart, sung in 
Italian at 8 pm; Dec 20, 24 (1*30 pm) 

• L* Efisir d* Am ore: by Donizetti. 
Produced by John Copeiy, 
conducted by Edoardo Muller at 8 
pm; Jan 2 

• Madama Butterfly: by Pucetni at 
8 pm; Dec 21, 27, M) 

• Peter Grimes: by Britten. English 
at 8 pm; Dec 23, 28, 31; Jan 3 
New York State Theater Tel: (212) 
870 5570 

• The Nutcracker by Tchaikovsky, 
performed by the NY City Ballet 
Tue-Thu 6pm. Fri 8 pm. Ring for 
other times and matinees; to Dec 31 
(Not Mon) 

THEATRE 

Manha t tan Theatre Chib Tel: (212) 
581 1212 

• Love! Valour! Compassion!: latest 
play by Terence McNally (of Kiss of 
the Spiderwoman fame), directed by 
Joe ManteSo. Sun. performance at 



7pm otherwise at 8 pm; to Jan 1 
(Not Mon) 

Richard Rodgers Theatre Tel: (212) 
307 4100 

• A Christmas Carol: engaging one 
man show of toe classic with Patrick 
Stewart at 8 pm; to Jan 8 
Vineyard Theatre Tet (212) 353 
3874 

• American Dream big: by Chiori 
Miyagawa. directed by Michael 
Mayer. The story of a 
Japanese- American mixed marriage 
with an eclectic mixture of classical 
and contemporary music from East 
and West at 8 pm; from Dec 20 to 
Aug 1 (Not Sun) 


■ ROME 

OPERA/BALLET 

Teatro Defl' Opera Tel: (06) 481601 
• Cronache Italians: ballet in two 
parts based on work by Stendhal at 
7 pm; Dec 20, 21. 22. 23 


■ PARIS 

GALLERIES 

Grand Palais Tel: (1) 44 13 17 17 

• Poussin: 400th anniversary 
retrospective; to Jan 2 
OPERA/BALLET 
Ch&teletTet (1) 40 28 28 40 

• Christina hoyos; Flamenco 
choreographed by Hoyos, Marin and 
Gafia, music by Paco Arrigas at 8.30 
pm; from Dec 22 to Jan 7 
Champs Eiys&ss Tet (1) 47 23 37 
21/47 20 08 24 

• La Fontaine de BakchisatoF: ballet 
by the Kirov company, SL 
Peteraberg at &30 pm; Dec 20, 21 

• Nutcracker Tchaikovsky's ballet 
performed by the Kirov ballet 
company, SL Peteraberg at 830 
pm; Dec 22333536373839,30,31 


% 

< 


Op6ra National de Paris, Bastille 
Tel: (1) 47 42 57 50 
• La Lac des Cygrtes: by 
Tchaikovsky. Choreographed and 
produced by Rudolf Nureyev. 
Conducted by Velio PShn/Ermanno 
Florio at 7.30 pm; to Dec 31 (Not 
Sun) 


■ WASHINGTON 

CONCERTS 

Kennedy Centre Tel: (202) 467 
4600 

• New Year's Eve at the Kennedy 
Center Members of the National 
Symphony Orchestra perform 
popular tunes and waltzes at 9 pm; 
Dec 31 

GALLERIES 

National Gallery Tel: (202) 737 4215 

• Italian Renaissance Architecture: 
Brunelleschi, Sangalto, Michelangelo, 
the Cathedrals of Florence, Pavla 
and SL Peter's; to Mar 19 
Sadder Tel: (202) 357 2700 

• Paintings from Shiraz: the arts of 
the Persian book created in the city 
of Shiraz during the 14th -16th 
century; from Dec 24 to Sep 24 
OPERA/BALLET 

Washington Opera Tel: (202) 416 
7800 

• The Bartered Bride: by Smetana. 
Conducted by Heinz Fricke. In 
English at 7 pm; Dec 31; Jan 2 
THEATRE 

Otney Tel: (703) 924 3400 

• Cinderella: Rogers and 
Hammeistein musical version of the 
classic fairytale, directed by Mark 
Waldrop at 730 pm; to Dec 31 
Shakespeare Tel: (202) 393 2700 

• School for Scandal: by Sheridan. 
Directed by Joe Dowling at 8 pm; to 
Jan 7 


r 


WORLD SERVICE 

BBC for Europe can be 
received in western Europe 
on Medium Wave 648 kHZ 
(463m) 


EUROPEAN CABLE 
AND SATELLITE 
BUSINESS TV 
(Central European Time) 

MONDAY TO FRIDAY 
NBC/Super Channel: FT 
Business Today 1330; FT 
Business Tonight 1730, 
2230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Euronews: FT Reports 
0745, 1315, 1545, 1815. 
2345 

WEDNESDAY 
NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 
Sky News: FT Reports 
023a 2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 
Sky News: FT Repots 
0430,1730; 











: - -i 


v. %&m 



Far removed 
from the 
canals, bicycles 
to and red light 
districts of 
Amsterdam, 
thousands of 
■tompawtrt* Digital City 

— — residents are 
glued to their computer 
screws, experiencing a life of 
lonesome sociability. 

In a world of computer-based 
communication, they an meet- 
ing other computer owners in 
electronic “cafes”, sending 
messages to mailboxes in the 
system's “post office”, or hov- 
ering in the “main square", on 
the off-chance they might meet 
someone interesting. 

Amsterdam's Digital City 
TOm launched in January as a 
three-month project to stimu- 
late electronic communication 
and provide equal and wide- 
spread access to information. 
But its sponsors, mr.lnHrng the 
city and national government, 
have been surprised by its pop- 
ularity. The three-month time- 
scale has long since been aban- 
doned, and the programme is 
about to take into service a 
much bigger computer to han- 
dle a flood of “immigrants”. 

The city offers databanks, 
message groups and bulletin 
boards, similar to those avail- 
able an the global Internet sys- 
tem, but more compact and far 
less daunting, and in Dutch, 
rather than Rn gUsh. 

Residents can hook electroni- 
cally into services, such as 
Urban Desires, a computer bas- 
ket described as an Int e ract iv e 
mapmnp of metropolitan pas- 
sions. They can wander imagi- 
nary corridors, meeting fellow 
metro- travellers, on their way 
to more than 100 metro stops 
created by local computer 
buffs. Or they can drop in on 
one of the “buildings” rented 
in the para-city by organisa- 
tions such as tiie Amsterdam 
tourist office, the Anne Frank 
Foundation and the University 
of Amsterdam, to collect infor- 
mation or ask questions. 

Most residents enter the city 
from their offices or homes, 
using their own computers, 
modems and telephones. But 
there are also tariff-free com- 
puter terminals available at 
Amsterdam city hall, the pub- 
lic library and De Balie, an 
avante-garde cafe that is the 
spiritual birthplace of the city. 

Once in, users are greeted 
with messages declaring: “You 
are the 1,757th user today and 
the 45,341th this month.” This 
is an incentive for some, bat a 
deterrent for others, “nils city 
is becoming much too 
crowded,” complains one com- 
puter resident after failing 
repeatedly to logon for lack of 


On-line 

cafe 

society 

Ronald van de 
Krol wanders 
through 
Amsterdam's 
Digital City 

available telephone and com- 
puter space. 

To a first-time visitor, the 
city can be a bewildering 
fusion of high-tech communica- 
tion, old-fashioned chat and 
channel-surfing through televi- 
sion channels by remote con- 
trol. It is a bit like ham radio, 
except that the voices have 
been replaced by words flash- 
ing by an the computer screen 
and the crackle of radio fre- 
quency static has made way 
for the silent hum of the com- 
puter-modem connection. 

The city is populatedby char- 
acters raffing themselves “Day- 
dreamer”, “Nini” and “Tulip". 
Much of the on-line “talk” in 


Much of the 
on-line ‘talk* in 
the computer cafes 
is quick-paced but 
banal 


the cafes is quick-paced but 
banal. For example, one partic- 
ipant announces that he’s just 
bought some croissants, 
another types in “yummy”. 

By contrast, those taking 
part in electronic discussions 
about politics or society are 
more high-minded. One heated 
exchange touched upon the 
democratic credentials of those 
running the project and cen- 
tres on the right of the poor 
and those without computer 
equipment to take an active 
part in “Amsterdam”. 

Digital Amsterdam was 
launched to make computer 
communication a low-cost real- 
ity for all citizens of the real 
Amsterdam, by providing 
access to the network for the 
price of a local telephone call. 
However, the need for extra 
cash has raised the possibility 
that commercial businesses 
will be encouraged to rent 
“buHdrugs" in the city where 
they can ply their trade. 


One objector to this propopl 
* ends a di gital outpouring with 
warnings of totalitarianism 
and a parting shot from -Vol- 
taire: “It’s dangerous to be 
right when the government is 
wrong." 

The Digital Citizens' Rights 
Movement of the Netherlands, 
contributes to the on-line dis- 
cussion about commercial 
sponsorship with a warning 
that “governments and busi- 
nesses must not be allowed to 
run the show”. 

For others, even the price of 
a local phone call threatens to 
lmriorminp the birth of a true 
digital democracy. “In Santa 
Monica, California, even the 
homeless can take part in dis- 
cussions on the local Freenet,” 
one Amsterdam resident says. 

A few hours in the city are 
enough to leave the reassuring 
if sometimes depressing 
impression that people in the 
dawning world of virtual cities 
and computer communication 
are ultimately very much like 
the people who once sent mes- 
sages by homing pigeons. 

There is humour, intoler- 
ance, rudeness and honesty, in 
roughly equal measure. There 
is also no lad of controversy. 

Although firm figures are 
hard to come by. the regular 
residents estimate that as 
many as 90 per cent of the 
city’s inhabitants are men. 
They tend to be aged between 
15 and 30 and like to stay up 
late. As in the real Amsterdam, 
the Digital City comes to life 
after 10pm. 

Digital Amsterdam is also 
quite anonymous. You may be 
talking to a man who’s using a 
woman’s name, or vice versa, 
and no one can telL “Often, an ! 
Astrid is in reality a Willem," 
says Hanneke Vermeulen, a 
systems operator of the com- 
puter-based network. 

This anonymity means that 
the Digital City-dweller need 
never be shy to strike up a 
conversation with a stranger. 
At least in the beginning, peo- 
ple in cyberspace can hide 
behind their fictitious names if 
they want, only letting down 
their guard when they have 
developed a rapport with a new 
name on the system. 

Of course, there is no reason 
why two residents of Digital 
Amsterdam could not arrange 
to meet at a real cafe in the 
real Amster dam. But surpris- 
ingly, perhaps, long-time resi- 
dents say this does not happen 
often. “It’s easier when you 
don’t have to meet up face to 
face,” one regular at the com- 
puter “pub” confesses. “The 
person you’ve come to know 
through the screen be dis- 
appointing when he's sitting 
across from you. 


P resident Boris Yeltsin 
presents the Russian 
military intervention 
in Chechnya as a sim- 
ple affair. It is the taming of a 
rebellious republic that is 
unequivocally a part of the 
Russian Federation. 

General Dzhokai Dudayev's 
election as Chechen president 
in the autumn of 1991 was Ale- 
gal; he has since declared an 
illegal independence;' be has 
ignored all Russian legislation; 
groups of paramilitaries have 
been armed who have no right 
under Russian law to bear 
them; he has in the past few 
weeks called his nation to war 
against Russia. 

These acts are sufficient in 
any state to justify interven- 
tion. In Chechnya, they are 
compounded by allegations of 
organised criminals freely 
operating on Chechen terri- 
tory, the diversion of vast 
amounts of oil, the non-pay- 
ment of any taxes, drugs smug- 
gling, arms trading and tivfl 
strife. 

Mr Boris Fyodorov, former 
deputy prime minis ter and 
leader of the Liberal Demo- 
cratic Union, one of the few 
liberal politicians who sup- 
ports Air Yeltsin’s order to 
intervene, puts it more suc- 
cinctly than the president has 
yet managed to do: “I look at it 
this way - Chechnya is part of 
Russia: in Chechnya the consti- 
tution and the laws of Russia 
are not enforced; in Chechnya, 
for the past three years, Illegal 
armed groups have threatened 
3nd wn Russians. In the light 
of these facts, the central 
authorities must, sooner or 
later, re-establish order.” 

Most of Russia’s liberal 
reformers and democrats have 
not seen it that way. The two 
main liberal parties, Russia’s 
Choice and Yabibko. are vio- 
lently against military action 
(though with some dissent 
among members). 

Mr Yuri Kalmykov, the liber- 
al-leaning Justice Minister - 
himself from a North Cauca- 
sian people, the Cherkessians 
- resigned because of an early 
disagreement with the course 
of policy towards Chechnya. 
Mr Leonid Smiryagm, a presi- 
dential adviser, is also threat- 
ening resignation. Most of the 
liberal press is against the 
president's policy (though 
there are splits here too, divid- 
ing the newspapers). 

These liberals do not, in the 
main, support Chechen inde- 
pendence: instead, they fear for 
Russian democracy. 

For Mr Yegor Gaidar, leader 
of Russia's Choice; for Mr Grig- 
ory Yavlinsky, leader of 
Yabloko; for Mr Otto Latsis, 
Russia’s leading liberal colum- 


FINANCIAL. TIMES TUESOAV D^CKMBFR 


Russia’s milit ary action in Chechnya threatens 
its own insecure democracy, says John Lloyd 

When the centre 

does not hold 




Under fire: T^n«wdnn tanks advancing towards Grozny, c api t a l of Chechnya and; inset, Boris Yeltsin 


nist; for Mr Sergei Yusbenkov, 
chairman of the State Duma’s 
(lower house) defence commit- 
tee, the threat is dear it is of 
an authoritarianism that bases 
itself on the need to prepare 
the country for war against its 
enemies. 

Mr Yavlinsky, with a talent 
for the striking phrase, puts it 
thus: “If the country is drawn 
into a protracted war, the 
national-patriotic forces will 
become the regime’s natural 


by the Most financial group 
whose head. Mr Vladimir Gus- 
insky, has already been the 
target of a raid by Mr Yeltsin's 
private guards. 

The dwindling hand of radi- 
cals in the government met 
last Thursday to discuss the 
progress of refo rm and, inevita- 
bly, Chechnya. It included Mr 
Anatoly Chubais, the first dep- 
uty prime minister, and Mr 
Sergei Vasiliev, deputy eco- 
nomics minister. 


Already Mr Yavlinsky's 
warning carries evident force. 
The major party in the Duma 
supporting the president is Mr 
Vladimir Zhirinovsky's ultra- 
nationalist Liberal Democratic 
Party. Mr Yeltsin is enjoying 
vocal support from old and Ut- 
ter foes from the days when be 
was seen as the leader of the 
democrats, such ss Mr Alexan- 
der Nevzorov, the rightwing 
nationalist TV star. 

Increasing pressure is being 
put on the media - whose 
approaches have been droense. 
in some instances courageous 
and probing over the Chechen 
affair - to conform. Pressure is 
especially strong an the inde- 
pendent NTV channel, owned 


W hile they oppose 
the intervention 
on political 
grounds, they 
also see it as a disaster for the 
economic reform process. 
Rbsl.OOOba has already been 
promised to revive the repub- 
lic's economy, and the cost of 
the military operation is 
already running into the hun- 
dreds of billions of rouble. 
More seriously, they fear that 
the military budget will almost 
certainly be greatly increased 
as a reward to the army for 
fighting a dirty war in the Cau- 


Power has already drifted 
away from th» pgriiampr if and 
ministers towards Mr Yeltsin's 


bloated ad min istration since 
bis deliberate humiliation of 
the cabinet after the crash of 
the -rouble in November. It is 
sow moving further into the 
circle of ministers, aides 
and advisees who take a tough 
line on Chechnya and much 
else. 

Most of the important deci- 
sions are taken by the Security 
Council, which liberal com- 
mentators routinely liken to 
the Communist party Politburo 
that ruled the former Soviet 
Union, it indudes the minis- 
ters of defence and interior 
affairs as well as the director 
of the Federal Intelligence 
Committee. Its secretary, Mr 
Oleg Lobov, Is a tough conser- 
vative dose to Mr Yeltsin for 
many years. The man Mr Yelt- 
sin has chosen to be in 
day-today charge of the Chech- 
nya issue, Mr Nikolai Yegorov, 
a former chief administrator of 
the Krasnodar reg i on, is in a 
similar mould. 

The liberal figures in the 
administration are isolated. Mr 
rihnhat^ rwmlrally joint num- 
ber two in the cabinet, is fight- 
ing a lonely and exhausting 
battle to keep economic reform 
on the rails and cannot involve 


himself on ChechnyjuMJ^ 
nd Kozyrev, the 
ter. chose to 

aria’s Choice wfeeirtt '****££ 
the present's 

chnya and has since thrfwwra 
It m forceful terms. 

Mr Sergei Kovalev. Mr Jiff 
sin’s special representative 
human ifebts - who 
Chechnya to negotiate whh 
General Dudayev over tlu. 
weekend at the time when on 

attack was most Utotfy - *** 
strongly criticised Mr Yeltsin. 
With declining innucnce. 
be may soon have no job. 

But it ts not a simple matter 
of liberals against conserva- 
tives. The liberal critics have 
been joined by military figures 
who do not have a liberal repu- 
tation, such as- General Boris 
Gromov, the last Soviet com- 
mander in Afghanistan and 
deputy defence minister, arid 
General Alexander Lebed, the 
commander of the 14th Army 
in Transdnestria. the Russian- 
speaking cart of Moldova* Ob 
the ground in Chechnya, Gen- . 
era! Ivan Babichev. . com- 
mander of a motorised divi- 
sion. refused to advance to 
Grozny in the face of civilian 

opposition. ■ 

TV Interviews, Including 
Russian ones, have presented 

officers and ordinary soldiers 
openly questioning the need 
for the inte r v e n tion and eves 
expressing their determination 
not to fight. But if the army 
begins to divide over such 
Issues, it nay. soon begin to 
take sides In Russia's political 
quarrels. 

Mr Fyodorov taunts his lib- 
eral colleagues with having 
nothing to suggest to address 
the tbeat to the state’s integ- 
rity that Chechnya presents. 
However, the use of force could 
provoke a long and murderous 
anti-Russian war in Chechnya 
and perhaps further afield - 
with the Russians being seen 
as anti-Moslem, the religion of 
most of the Chechens. With 
some ram Modems In Russia, 
that would pose even greater 
threats to the country’s terrtto . 
rial integrity. 

Mr Yeltsin, in moving to 
safeguard Ms state’s integrity, 
has threatened it Anther, fie 
has made many mistakes: to 
moved very late: he shifted 
from neglect of the situation to 
violent threats with . nothing 
between; and he clumsily 
sought to use the Chechen 

opposition as prooties. - 

However, he and Russia may 
to feeing an intractable prob- 
lem - that of a member repub- 
lic of the federation that in no 
circumstances will give up the 
independence it claims. It is 
not yet dtearwhat comes after 
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LETTERS TO THE EDITOR 


1 . 


Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Lexters transmitted should be dearly typed ana not hand written. Please set fox for fi ne st resolution 


idgi 

ana: 


Beckman’s 

better 

times 

From MrHL Benjamin. 

Sir, To those who have been 
reluctantly bearish recently, 
but always looking for a silver 
lining, hope springs from an 
unexpected quarter. 

In a mostly well-reasoned 
article (In the Pink: “Batten 
down for a bear to beware”, 
December 10), Bob Beckman 
writes “. . .it would not be 
unreasonable to expect the 
bear market that began in Feb- 
ruary 1994 to be one of the 
longest and deepest ever expe- 
rienced”. I have been reading 
those of Bob Beckman's mar- 
ket forecasts published in the 
press as long as he has been 
making them and, so far as I 
can recall, they have Invari- 
ably been wrong and usually 
in spades. 

I look forward to the future 
with (a tiny bit more) confi- 
dence. 

H L Benjamin. 

22 Shrewsbury House, 

Cheyne Walk, 

London SW3 

Story is for real 

From Mr Richard AfH Bullock. 

Sir, Reviewing Princess Car- 
aboo (Arts, December 15), Nigel 
Andrews is, wrongly, sceptical 
of the claim that the film is 
based on a real story. 

In her English Eccentrics , 
Edith Sitwell relates the story 
at same length and includes 
references to contemporary 
journals and letters mention- 
ing the visit of the "princess" 
to ftr*gVi Tid. 

Richard M W Bullock, 

12 Peterborough Villas, 

London SW62AT 


US fiscal policy irresponsible 


From Mr John Caberiey. 

Sir, Your leading article, 
“Evading US fiscal reality” 
(December 19), and Michael 
Frowse's piece on the same 
page (“Why Bill signed Newt's 
contract”) correctly draw 
attention to the dangers of US 
tax cuts without commensu- 
rate spending cuts and to the 
longer term problem of rising 
social security spending. But 
even without these risks US 
fiscal policy looks irresponsible 
because of the failure to use 


the current economic strength 
to reduce the debit ratio. 

Reaganomics took gross pub- 
lic debt from 38 per cent of 
gross domestic product in 1980 
to 53 per cent in 1989. The 1990 
recession pushed it up further 
to 64 per cent by end 1993. This 
year, with the benefit of GDP 
growth at about 4 per cent, the 
ratio will fall, but only slightly. 
It will not foil more because 
the structural budget deficit, 
that is after allowing for eco- 
nomic cycle, has been allowed 


to continue at about £5 per 
cent of GDP. When the US 
economy slows down over the 
next two years, as it must, the 
ratio will inevitably start to 
rise again, even without any 
help from unfunded tax cuts or 
the expected rise in social secu- 
rity spending. 

John Calverley, 
chief investment strategist, 
Gtabal Economics Unit, 
American Express Bank 
60 Buckingham Palace Road, 
London SWlW OR (I. 


No time for doubt about India’s reforms 


From Mr K V Rqjan. 

Sir, The sense of friendly 
concern about the future pace 
of India's economic reforms 
evident in your editorial, 
“India an trial” (December 15), 
is understandable; but not, I 
submit, the note of pessimism 
about the possible implications 
of recent state election results 
when you say: “Reform will 
stand still, while fiscal 
stabilisation starts to go back- 
wards." 

By most yardsticks (foreign 
exchange availability, balance 
of payments, inflow of direct as 
well as portfolio investment, 
liberalisation, of the trade and 
payments regime, convertibil- 
ity on current account, 
exports, industrial production) 
India’s record since June 1991 
should Leave no room for doubt 


Simply the only 

From Mr Roger Hembuoag. 

Sir, On reading Joe Rogaly's 
article, “Down with the Lot- 
tery!" (December 17/18), and 
quite apart from his many 

comments which are open to 


that steady progress in the lib- 
eralisation programme will 
continue. Of course. Important 
challenges remain (labour 
laws, opening up of the insur- 
ance sector, reform of hanking 
disinvestment), but, as Dr Man- 
mohan Singh, India’s fmarw-p 
minister, suggested in an inter- 
view with the FT some mnni-hg 
ago (“We will surprise our- 
selves and the world,” March 
30), there is a need to avoid 
shock therapy if the delicate 
plant of liberalisation is to be 
protected. 

The Indian prime minister, 
Mr P V Narasimha Rao, and 
the . finance minister have 
repeatedly stressed that bene- 
fits of reform must reach the 
poor. As the prime minister 
put it in his Guildhall speech 
in March, if the poorest sec- 


tions of the population are left 
behind, it would lead to disas- 
ter. The recent state election 
results might be seen by same 
as reinforcing the logic of that 
concern, across the political 
spectrum. But this will only 
strengthen the consensus 
about the need for rapid eco- 
nomic growth across a broad ' 
front, not weaken it 
The International comma-, 
nity, which demonstrated 
robust confidence in India’s 
economic reforms at extremely 
difficult times in 1991, perhaps 
owes itself not to indulge In 
doubt and concern now, when 
neither is warranted. 

K V Ratfan. 

acting high commissioner, - 
The High Commission of India. 
India House, 

Aldaych. London EC2B 4NA 


answer to a simple question 

rfUdsm,m«y t ask ae ques- ules in the wrong line. : 
hfli “Who is the most dm. I belie ve that the answer Is 

1) He, wh o goes (tar a Hm-to-l X Heminway, 

34 SheRxnme Ploct, 

2) He who queues (tar 10 min- Punt Hoad. B^anSOt 


Very strange Morgan Stanley-Warburg talks could have sot so far 

nw ifarhui.. rv.^L I n_ , ... . . I .. O AvU, 


From Mr Charles Pugh. 

Sir, Apropos your article, 
“Warburg merger plan called 
off” (December 16),. note 7 to 
rule 9 of the Takeover Code 
contains something called the 
“chain principle” which deals 
with what happens when one 
party obtains control of a com- 
pany and thereby control of a 
second company because the 
acquired company itself bolds 
a con trolling block of shares in 
the second company. 

This note states that the 
Takeover Panel will not nor- 


mally require an offer to be 
made for the second company 
under this rule unless either 
the shareholding in the second 
company constitutes a substan- 
tial part of the assets of the 
first company; or one of the 
main purposes of acquiring 
control of the first company 
was to secure control of the 
second company. 

In the case of the Morgan 
Stanley-Warburg merger, and 

the controlling stake held by 
Warburg in MAM. it would 
appear that both these condi- 


tions are fulfilled. No-one could 
argue that MAM does not rep- 
resent a substantial part of the 
assets of Warburg, and you 
reported on your front page Mr 
Stephen Waters, co- managing 
director of Morgan Stanley 
Europe, as saying: “MAMwas 
the reason for us to do the 
deal" 

It therefore seems fairly 
clear that the rules of the 
Takeover Code rm>g n that a 
mandatory offer for the minor- 
ity s h areholding in MAM was 
always wtogto the requheT 


Against this background it 
seems very strange that negoti- 
ations between Morgan Stanley 
find Warburg; could have got as 
far as they did when the (pre* 
mature) ^announcement was 
“ade of bid talks without Inde- 
pendent advisers to MAM hav- 
ing already been brought in to 

to* potential 
show-stopper at a far earlier 

Charles Pugh, 

2 Priory Walk, 

tendon 

SW109SP 


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FINANCIAL TIMES TUESDAY DECEMBER 20 1994 


FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Tuesday December 20 1994 


Bundesbank 
in command 


The German economy has 
ccpfopnried. its critics in 1994; bo 
has the Bundesbank, it is tftffiwiu- 
to see why the council shonld 
revise Its fundamental poli cies 
when setting the monetary target 
for 1995 this Thursday. Nor is 
there a compelling reason for it to 
alter interest rates. When the first 
change does come, it is more 
likely to be up than down. 

It is remarkable bow far and 
how q uickly both the economic 
s i tuation and the problems con- 
fronting the Bundesbank have 
changed- A year ago, the Organi- 
sation tor Economic Co-operation 
and Development forecast gross 
domestic product growth of only 
0J8 per cent between 199S and 1994. 

Meanwhile, as recently as April 
the annualised rate of growth of 
broad money (M3), over the aver- 
age for the last quarter of 1993, 
was 15.4 per cent, far above the 
target range of 46 per cent. 

With the economy forecast to 
stagnate and monetary growth 
soaring, the Bundesbank was vul- 
nerable to criticism whatever it 
did. If short-term interest rates 
were lowered, it would be accused 
of ignoring the monetary targets. 

If they were not, it would be 
accused of ignoring the needs of 
the economy. 

In' the event, the Bundesbank 
did cot interest rates, lowering the 
discount rate from 5% per am*, to 
5% per cent in February, to 5 per 
cent in April and, finally, to 4!A 
per cent in May. Similarly, the 
repurchase (or “repo”) rate was 
lowered from 6 per «>nt at the end 
of last year, to 4J35 per cent in late 
July, where it has since remained. 

The justification g iven for cub 
ting interest rates was not that 
the money supply did not matte-. 

Heaven forbid. It was rather that 
the money supply was swollen fay 
technical factors, including tax 
considerations and high returns 
on liquid bank deposits relative to 
illiquid “monetary capital”. 

Vindicated 

Considerable scepticism has 
been expressed about this ratio- 
nale In retrospect, however, the 
Bundesbank has been vindicated. 

Since money supply remained vir- 
tually unchanged between April 
and October, the growth of MS is 
now likely to be close to the upper 
range of its target for the year. If 
M3 were to remain stagnant in 
November and December, its ann- 

Mr Mandela 
takes stock 


telised growth would even fall 
within the range. 

Money supply has come right - 
and so has the economy. The 
expectation is tha t GDP will grow 
by 2% per cent, or more, thfa year. 
Over the year to the third quarter 
it rose IS per cent. Growth hgg 
been driven, in the traditional 
manner, by export volume; up 14 
per cent In the year to June. As a 
result, industrial output has also 
risen quite sharply. In October, it 
was 5.1 per cent above the level 
reached a year before, although it 
was still 6 l 3 per cent below its 
peak in early 1992. The east Ger- 
man economy is also growing 
strongly, if from a low base: in the 
year to August 1994. output of 
ma n ufa ctures rose 19 per cent. 

Inflation 

Even though the economy has 
been recovering Car more strongly 
than expected, inflation has con- 
tinued to folL The annual rate of 
consumer price inflation has hqm 
running at below 3 per cent since 
September. Yesterday's nrnnftfly 
report from the Bundesbank 
west German inflation could 
decline to below 2J> per cent early 
next year. The report also wel- 
comed the improvement in the 
public sector deficit. Germany is, 
in fact, well on the way to meeting 
the Maastricht criteria for eco- 
nomic and monetary union, by 
1996. 

Meanwhile, the Bundesbank 
confronts the minor image of the 
situation it faced a year ago. Then 
the economy was weak and mone- 
tary growth strong. Now thmg s 
are the other way round. Never- 
theless, the economy is not that 
strong and and monetary growth 
is not that weak. The Bundes- 
bank's instinct may well be to 
change rather little. 

The monetary target for neart 
year is likely to be similar to the 
one for 1993, although that would 
imply upward drift in the base, 
above the midpoint of this year’s 
target range. Similarly, the Bund- 
esbank should see little reason to 
change interest rates. At some 
point next year, interest rates are 
very likely to be raised. But the 
economy is not yet growing tost 
enough - in particular, consump- 
tion does not appear dynamic 
enough - to compel an early 
move. The Bundesbank deserves 
to fed proud of itself. It should 
rest a while on its laurels. 


President Nelson Mandela's 
honeymoon with the South Afri- 
can electorate finally came to an 
end over the weekend, when the 
African National Congress (ANC), 
gathered in Bloemfontein for its 
first conference in South Africa 
fiftncfl it was unbanned in 1991. 

It would have been understand- 
able if the party used the event to 
dwell on its extraordinary achieve- 
ment ftinra its- inaugural gathering 
in the game city over SO years ago. 
TTiBtAfld the party is subjecting 
ttself to a brutally frank critique 
of its performance in office. 

This is as it should be, for to do 
otherwise would smack of compla- 
cency. As Mr Cyril Ramaphosa. 
the secretory general, put it in Ms 
official report to the delegates, the 
ANC is a liberation, movement 
still struggling to come to terms 
with its success at the ballot box 
last April. The party is heavily 
indebted, riven by “cEqu.es, fac- 
tions, tensions and squabbles”, he 
said. It has toiled to tackle con- 
tinuing township instability, ris- 
ing crime and high unemploy- 
ment, and is faced by one 
overriding concern: the failure to 
meet blade expectations. 

No one expected it to be easy, 
given Mr Mandela's dilemma. 
South Africa’s stability, and its 
appeal to foreign investors, rests 
on the new government's capacity 
to maintain white cftnflflmcg- To 
do so, Mr Mandela has chosen to 
act pragmatically - but in the pro- 
cess he has lost black support; 
particularly among impatient 
black youth. 

There is no simple way out for 
Mr Mandela. If he is to deliver on 
the key issues - jobs, housing, 
education, land reform - he has to 
preside over a growing economy. 
To do- this, he must bring with 
Mm a white community whose 
role in both business and the secu- 
rity forces is disproportionate to 
its numbers. And most difficult of 
aH, he must turn a civil service 
moulded by apartheid into a loyal, 
efficient administration, without 
which the best conceived policies 
will fail. 

Complex problems 

There are other brakes on the 
government's capacity to deliver. 
It is learning to live with a consti- 
tution which decentralises power 
to nine provincial -assemblies. 
Although the ANC controls seven 


of them, they are developing 
minds of their own, not suscepti- 
ble to reform by diktat. Add to 
this the complexity of the prob- 
lems to be addressed, whether the 
huge housing backlog, or the 
gross disparity in land ownership. 

Nor is Mr Mandela's task made 
easier by the nature of the . ANC 
itself. It is a stiU a coalition, origi- 
nally driven by a single overri- 
ding objective - the end of white 
minority rule. Now that has been 
achieved, the cracks in the coali- 
tion are emerging, for it encom- 
passes a very broad political spec- 
trum, ranging from advocates of 
market-driven policies, through 
mfflfamt trade unionists, to mem- 
bars of the influential South Afri- 
can C ommu nist party. 

State patronage 

In the past, Africa's leaders 
were able to sustain comparable 
coalitions after independence by 
resorting to state patronage 
through, nationalisation and jobs 
in government service. Mr Mand- 
ela, however, has taken office in a 
new Africa, where economic poli- 
cies are constrained by structural 
adjustment programmes which 
reduce. such patronage through 
policies that include privatisation, 
market driven exchange rates, and 
trade liberalisation. 

In the longer term, it might well 
be healthy for development and 
democracy in South Africa if there 
was a fundamental realignment in 
the country’s politics, with the left 
of the ANC breaking away and 
standing on its own platform. 

First, however, the party must 
put its own house in order. It 
must become an organised and 
focused political party, Instead of 
a liberation coalition. And for the 
current five-year parliamentary 
session at least, the ANC and its 
partners in the government of 
national unity must work together 
to provide the jobs and social ser- 
vices that will form the founda- 
tions of the new South Africa. 

The danger, as Mr Mandela 
warned at the weekend, is that tie 
ANC might attempt to regain lost 
popularity on the basis of populist 
rhetoric. 

If the party heeds his wanting, 
and imposes discipline on its feud- 
ing factions, Bloemfontein could 
mark the moment when the ANC 
came to grips with its new respond 
ability. 


M 



r John Major is not 
giving up. His gov- 
ernment lags fur- 
ther behind in the 
opinion polls than 
any other in post-war history. Sec- 
tions of the Conservative party fre- 
quently seem bod an self-destruc- 
tion. Mr Tony Blair is beginning to 
fashion an electable Labour party. 

But the prime minister intends to 
ride out the storm, to fight a gear 
era! election he believes may well 
not take place until mid-1987. 

Speaking in the cabinet room at 
ID Downing Street yesterday morn- 
ing. Mr Major's mood was quiet, 
initially rather hesitant But his 
message during a 45-minute conver- 
sation was unambiguous. 

He says he is not one of those 
politicians who bangs the table. He 
does not believe that to have con- 
victions you have to take up 
extreme positions. But he has dear 
ambitions - for the economy, for 
Northern Ireland, for a radical 
reshaping of public services to 
devolve power to individuals. He 
intends to see them through. Those 
in the Tory party who imaging that 
Mr Major might just get up and 

walk away shOOkl think a gain 

Political recovery, he concedes, 
will depend on restoring party 
unity, as well as what the prime 

minister describes as “the best eco- 
nomic recovery in living memory”. 
Last week's by-election defeat at the 
hands of Labour in Dudley West 
was “a very poor result”. 

Although Tory in-fighting did not 
entirely explain the biggest swing 
from Conservative to Labour in 60 
years, the lesson is: “Firstly, the 
part; must want to be united”. 

Mr Major warms to the theme: *T 
think the Conservative party in the 
country would think it would be 
folly running off the Richter scale if 
the party were not to come together 
and unite behind the economic 
recovery.” 

But it cannot be peace on his ene- 
mies’ terns. We turn to the position 
of the jodne so-called Tory rebels, the 
Eurosceptic MPs suspended for 
defying foe government in a vote on 
Britain’s contributions to Brussels. 
Their treatment technically 
deprives Mr Major of his overall 
majority at Westminster, though on 
most issues he can rely on the nine 
Ulster Unionist MBs far support. 

The prime minister is unapologe- 
tic. It is self-evident that there was 
“no choice” but to suspend them 
once the MPs withheld their sup- 
port on a vote of confidence. 

The same principles apply to their 
possible return to the fold. The reb- 
els are Conservatives and Mr Major 
hopes they wifi support the govern- 
ment in foe months ahead: “In due 
course one can consider whether 
they should be re-admitted to the 
party whip. But it is not imminent 
at all; they must show that they are 
in the business of supporting the 
government” The use of the term 
“months ahead” is not a slip. 

Qne oTthethlhgSThe rebels want 
is the promise of a referendum 
before Britain accepts any further 
European integration. Here Mr 
Major keeps the door firmly open. 

But first he insists on defining his 
broader attitude to Europe. Politi- 
cians across foe parties are divided 
into three groups. The first two are 
at the extremes - a minority that 
has never been reconciled to mem- 
bership of the European Union and 
an equally small number who want 
a centralised, federal Europe. 

Then there is foe third group in 


O n the eve of talks today 
with Mr John Bruton, 
the newly-appointed 
Irish prime minister, Mr 
Major said the Northern Ireland 
framework document under discus- 
sion between London and Dublin 
would not undercut the rights of 
Ulster's unionist community. 

He emphasised that the discovery 
at foe weekend of an nnexploded 
semtex b omb i n Enniskillen 
showed the importance of the IRA 
decommissioning its armoury 
before Sinn Fdtn was brought into 
round-table political talks on the 
future of the province. 

“What the planting of this device 
shows precisely is why it is so 
imp o rtant to deal with the prob- 


Ready to ride 
out the storm 

The UK’s embattled prime minister, 
John Major, outlines his objectives to 

Richard Lambert and Philip Stephens 


which Mr Major places himself and 
the broad mass of Conservatives. It 
does not question the economic 
advantages of membership of the 
EU- But it is equally sure Britain 
should not sign up for something 
just because it comes from Europe. 

This majority group wants 
Britain to shape Europe id a way 
that fits its own interests and 
Instincts. As Mr Major pots tfc “lam 
as passionately opposed to a wholly 
federal Europe as I would be to 
Britain losing its membership of foe 
European Union.” 

So will he offer a referendum? 
Not for narrow party political rea- 
sons. But yes, “there conceivably 
could be reasons that would justify 
a referendum on certain issue and 
I am not going to rule them out”. 

Taking first the EU*s Intergovern- 
mental Conference planned for 1996. 
the prime minister says the fears of 
the Eurosceptics are almost cer- 
tainly unfounded. 

The outcome of a conference that 
has not yet started is inevitably 
unpredictable. But “My strong sus- 
picion Is that we will see very little 
change of any serious nature, cer- 
tainly no serious constitutional 
change”. The prime minuter rein- 
forces the point “I do not expect to 
come back with anything that 
would require a referendum”. 

But he admits he cannot be sure. 
Other EU leaders might bring more 
grandiose ambitions to the confer- 
ence table. So the referendum 
option will be held in reserve. 

The case for a plebiscite on a sin- 
gle currency is more clear cut Eco- 
nomic and monetary unio n would 
be a change of “great national sig- 
nificance”. But Mr Major believes 
the timetable is more distant and is 
slipping. 

There is no question of right EU 
countries meeting the Maastricht 
criteria required for a single cur- 
rency in 1997. Only three countries, 
the UK among them, are likely to 
qualify. Theoretically, a core group 
might be ready to go ahead two 
years late fax 1999, but Mr Major is 
far from certain that such a group 
would chose to, given the 
“immensely divisive impact” on the 
EU. So in Mr Major’s terms: “X can- 
not be certain no-one will move 
ahead in 1999 hut I think those peo- 
ple who predict it with confidence 
are rather reckless in their predic- 
turns." 

But as to the timing of any spe- 
cific referendum pledge, Mr Major is 
keeping his counsel. 

Meanwhile, the cabinet will spend 
the next few months shaping 
Britain’s agenda far the 1996 confer- 
ence. No plans have been finalised, 
but slimming down foe European 
Co mmissio n to cope with enlarge- 




- 



f V, 


i_“ . 1 

«; i* .- 

. i 

w »-*.* .« 
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v*-* -»■ 





. v 





Tony Andnm 

John Major T am passionately opposed to a wholly federal Europe’ 


ment, the relationship between 
national and the Europea n parlia- 
ments and issues such as subsid- 
iarity and deregulation will be high 
on foe agenda. 

So too will be a strengthening of 
the intergovernmental structure 
established at Maastricht, partial- 
lariy in the area of security and 
foreign policy. There can be no 
question of Britain surrendering 
any sovereignty over its foreign pol- 
icy, nor of any moves that would 
undercut the North Atlantic Treaty 
Organisation (Nato). 

But there is “a range of areas 


where we can strengthen the Euro- 
pean defence identity, strengthen 
the European pillar of Nato and 
ensure that the Europeans collec- 
tively make a greater contribution 
to the overall security”. 

The discussion moves on to the 
economy, a source of both pride and 
frustration for the prime minister. 
Mr Major - like President Bill Clin- 
ton in the US - is presiding over a 
voteless recovery. Inflation is low, 
growth and exports are buoyant, 
but there is still barely a hint of a 
political payback. 

Mr Major suggests the biggest 


Trust must be won in Ulster 


Iems of weapons and explosives.” 

Referring to yesterday’s bilateral 
contacts with Sum Hin, Mr Major 
commented: “We have always made 
clear that there can be no question 
of political representatives of para- 
military organisations entering the 
politica] process until they have a 
commitment to exclusively peace- 
ful methods - and have demon- 
strated that commitment to exclu- 
sively peaceful methods.” 

The prime minister would not 
specify how Britain would react to 
the decommissioning of foe IRA 
weapons stockpile. Bnt he 


expressed hopes that continued 
peace would bring further gradual 
moves in security and policing 
operations in Northern Ireland. 

“Both the government and the 
Royal Ulster Constabulary would 
like to move to wholly civilian poli- 
cing- . . that fa going to take some 
time but it is a dear objective.” 

In a response to suggestions from 
Hr Albert Reynolds, Mr Bruton's 
predecessor, that Britain had con- 
ceded the creation of a new cross- 
border institution with executive 
powers, Mr Major said: “There Is 
no question of joint authority. 


which Is what worries foe people of 
Northern Ireland.” 

Mr Major stressed that, once com- 
pleted, the framework document 
would be a basis for discussion 
among the Northern Ireland par- 
ties, not a blueprint for a new polit- 
ical settlement imposed by the Brit- 
ish and Irish governments. 

Any new arrangements would 
require the consent of foe people 
and would be submitted eventually 
to a referendum. “ It we have 
learned anything about foe North- 
ern Ireland problem over recent 
years it Is that you have to carry 


IS 


obstacle to the return of confidence 
is that unemployment hit a differ- 
ent sector of the community during 
the last recession. “The bruising 
has gone unusually deep”. Those in 
white-collar professions such os 
financial services had previously 
been insulated from downturns. 
This time, their next-door neigh- 
bours have been among the victims. 

More broadly: “The economy is 
doing very extremely well but peo- 
ple aren't”. Annual growth is run- 
ning at 4 per cent but most individ- 
uals have not seen a nse in their 
net disposable income. 

The reason is that the vast balk 
of the extra growth has been 
absorbed by investment rather than 
by wages and dividends: "That is 
very good for the economy as a 
whole. It is very quod for employ- 
ment . . . but it doesn't impact on 
the person who says, 'l see the poli- 
ticians tell mo the economy is get- 
ting better, 1 don't feel any better 
off in my own lifestyle'." 

W e put it to Mr 

Major that many in 
his party bad a 
simple answer. 
Now that borrow- 
ing was under control, the govern- 
ment could fill tile voters’ packets 
with tax cuts. Was Mr Kenneth 
Clarke, the chancellor, being alto- 
gether too austere in his warnings 
about fiscal pruduence? 

The prime minister insists not “I 
am with the chancellor lift* per cent. 
We ore not going to engineer a pre- 
election honm. That is nut the game 
we are playing at all. Everyone has 
gone through a great deal of pain 
and a great dent of difficulty to put 
this economy on nn even keel ... If 
anybody thinks we will recklessly 
throw Mint away theii Mtcy are mak- 
ing a very serious misjudgement 
indeed.” 

Tax nuts will come when the eco- 
nomic cunditloiui an- right: "I do 
wish to put I;lm*s down, l i|o wish to 
give people choice hut 1 am not 
goiug to do it until U is economi- 
cally right to do it". 

But what about those company 
directors who have engineered their 
uwu private economic bourn with 
hefty salary increases and share 
option pat'fcigesV The electorate, to 
judge by the opinion polls, is 
njipaHud. Is Mr Major going to act? 

Some of the increases, the prime 
minister agrees, have been “insensi- 
tive”. He welcomes moves in the 
City towanls a greater degree or 
self-regulation. He has lield discus- 
sions on the issue with the Institute 
of Directors and the National Asso- 
ciation of Pension Funds. 

But in legislative terms there is 
little he can do: The danger oT gov- 
ernment taking legislative action of 
some sort is that you in practice 
then impose a rather restricted pay 
policy upon a smalt number of peo- 
ple". His comments leave the 
impression that Mr Michael 
Heseltine, foe trade and industry 
secretary and a fierce opponent or 
intervention, has prevailed in the 
cabinet debate on the issue. 

There is time just at the end of 
the interview to look ahead. To the 
question whether he can remain 
prime minis ter until the end of the 
present parliamentary term in mid- 
1997, Mr Major answers a simple 
“Yes”. And he intends to: "You 
sometimes have to tack and trim to 
get from Dover to some far distant 
port, but providing you get to the 
port a bit of tacking and a bit of 
trimming en route doesn't matter”. 


the people of Northern Ireland with 
yon,” Mr Major said. 

“We most earn and keep their 
trust and they most be clear that 
there is nothing going on that 
would unsettle either main tradi- 
tion ... So those people who are 
thinking: ‘Gosh, there is some 
murky work at the crossroads' are 
wholly wrong.” 

Mr Major expected today’s meet- 
ing with Mr Bruton to be an infor- 
mal discussion. He said it was too 
early to say whether the document 
would be completed in January. 

“We will move ahead as speedily 
as we can. There are still some dif- 
ficult issues to be determined. I 
think they arc determinate bnt it 
will take a little while.” 


Observer 


Game, set 
and cash 


■ Ilfs obvious when yon think 
about iL Ted Turner wants to buy 
NBC because otherwise his Turner 
Broadcasting Systems would look 
pretty silky in 1996, when Atlanta 
hosts the next summer Olympics. 
Turner’s cable channels are based 
in Atlanta, yet would be unable to 
broadcast the games. 

But NBC's owner. General 
Electric, is probably putting the 
price up each passing day. The 
rights to broadcast pictures of the 
games don’t come cheap; NBC paid 
the International Olympic 

Committee f45Gm. And NBC 
reckons it’s already reached half its 
$6Q(hn target for pre-sold 
advertising. Coca Cola promises 
962m, General Motors $S0m, and 
McDonald’s $30m - and the games 
are still 19 months away. 

Turner says he just wants a tiny 
slice of broadcasting rights. NBC 
chief Dick Ebersol, who wants to 
see something up front before 
striking any such deal, wants to see 
Turner’s cash. Now, if a deal is 
strack, who might Turner fire 
...7. 


Passing the hat 

■ Nigel Whittaker, the energetic 
Kingfisher director and 
chairman- elect of the British 
Retailers Consortium, is irritated 


that public references to cash being 
given to the Tory party gives the 
impression, that Labour gets 
nothing from companies. 

Whittaker says his own company 
is this year giving the Tories £25.000 
- disclosed in the company’s annual 
report - and also providing Labour 
with some £14,000, in the form of 
sponsorship and advertising. 

Whittaker reckons that Blair’s 
boys may soon be doing very nicely 
from undisclosed corporate 
munificence, and plans to canvass 
his fellow retail directors to ask 
them how much their companies 
surreptitiously give Labour. 

Time, surely, for a liberal 
Democrat to put forward a private 
member’s bill banning any and all 
form of corporate donation to any 
political party? 


lionised 

■ Christians at Lloyd’s is not an 
updated version of chocking 
believers into the lions' den, but 
rather a group set up by people 
working at Lloyd's, partly to help 
distressed Names. 

“If people are in foe state that 
they are in, then we cant just walk 
by on the other side of the road," 
says Nigel Found, one of the 
group's stewards. 

Found says Christians at Lloyd's 
also will fight the bad publicity the 
market has recently attracted: 
“When a market has fallen into 
disrepute in foe way that, sadly, 
Lloyd's has. foen we need to do 



something about that” 

Hie group is tomorrow organising 
a meeting with, pop singer Helen 
Shapiro, who suggests one of her 
records - Walking Back to 
Happiness - as a Lloyd’s theme 
time. 

Study the Eagles' hit - Hotel 
California - is more appropriate? 

As it says: “You can check out any 
time, but you can never leave.” 


Dual purpose 

■ Visitors to the US Treasury are 
bettor off leaving their guns at 
hnmp_ Unfortunately, Charles 
Cony, the bead of USX, owner of 


foe country's biggest steelmaker, 
forgot that simple rule last week 
and now faces a maximum penalty 
of 180 days in jail. 

It’s an easy enough mistake for 
the modem business executive to 
make. Corry regularly lugs a .32 
calibre pistol around in bis 
briefcase. Well, who doesn't these 
days? 

The snag is, he is only licensed to 
carry it in his home state of 
Pennsylvania. 

Surprising as It may be. 
Washington DC has strict gun laws 
- everything is relative - and foe 
state doesn’t take kindly to visitors 
toting firearms. Cony’s concealed 
weapon showed up on a scanner as 
he entered the Treasury, leading to 
his prompt arrest. 

He will be explaining himself in 

court in January. 


Demon barber 

■ Wanted - a new Butcher of 
Broadway. The New York Tunes, 
whose theatre renews used to be 
able to make or break new 
Broadway shows, is changing its 
"theatre critic. 

David Richards, foe paper’s lead 
theatre critic, is quitting alter only 
a year in foe job. The word is that 
his reviews have not been rude 
enough for some New Yorkers. 

Richards’ departure would not 
normally be worthy oT comment 
except for the fact that New York is 
the hub of US theatre and the NYT 
is the only voice that really matters 


when it comes to reviewing shows. 
A bad review could kill a good show 
when Frank Rich was sitting in foe 
lead critic’s chair. 

Richards’ problem, on the other 
hand, seems to have been that bis 
reviews have been a bit short on 
vitriol and this has caused a certain 
tension between him and his 
superiors. 

Vincent Canby, 70, the theatre 
critic for the Sunday NYT, is 
standing in for foe moment, but foe 
word is that Ben Brantley. 

Richards' 40-year-old deputy, is 
warming up in the bull pen. 


Ping-pong 

■ Bad luck all those hoping to get 
in a round or two when next 
visiting China. Yesterday the state 
planning commission reinforced a 
freeze on all new luxury projects 
until foe end of 1995. 

New golf courses and race tracks 
will be delayed in the hope that 
fixed-asset prices will not continue 
to soar. 

Of course, the only result will be 
sky-rocketing secondary trading of 
golf club memberships . . . 


QE . . . D 


■ Now we know why Trafalgar 
House wants that nice steady 
cashflow from Northern Electric 
to pay off foe hundreds of 
passengers denied boarding on 
Cunard's not-so-quick-fitted QE2. 






16 


/l/I o Do 


PULP. PAPER & 
PAPERBOARD 


FINANCIAL TIMES 


Tuesday December 20 1994 




P 

Unilever delays board 


R-R signs 


change after soap wars 


deal for 


By Roderick Oram, Consumer 
Industries Ecfltor, in London 


Unilever’s problems with its 
revolutionary new detergents 
appeared yesterday to have dis- 
rupted the orderly succession to 
the Angjo-Dutch group's top Job. 

The company announced a 
postponement of previously 
announced boardroom changes 
amid mounting evidence that 
Fersh Power and Omo Power, the 
detergents launched this spring, 
have failed to meet their targets. 

Unilever spent some £200m 
($3 12m) to bring its most ambi- 
tious new product in 15 years to 
market But it has made no dent 
in the sales of Procter & Gamble, 
its American rival, which has 
about 35 per cent of the £6bn a 
year European det er gents market 
against Unilever's 22 per cent 

P&G launched an unprece- 
dented public campaign against 
the product, which Unilever had 
hoped would help it recapture 
the lead in European d ete rg en ts 
it lost to P&G in the 1380s. 

Unilever said that Mr Niall 


FitzGerald, vice chairman of Uni- 
lever pic, the British half of the 
Anglo-Dutch group, and head of 
its detergents business, would 
not be joining the special com- 
mittee, the triumvirate that runs 
Unilever, as planned after next 
May's annual meeting. 

His move to the special com- 
mittee, announced last Decem- 
ber, had been seen as a precursor 
to his taking over from Sr Mich- 
ael Perry, chairman of Unilever, 
due to retire in May 19 % 

Mr FitzGerald “has expressed the 
wish to continue as d et erge n ts 
co-ordinator tor a further period," 
Unilever said. He would now join 
the committee in 1996. 

The delay means the spedal 
committee will be down to two 
men for op to two years, an 
mipre«>rigntpri situation in Uni- 
lever’s 64-year-history. 

The two special committee 
members are Sir Michael and Mr 
Morris Tabaksblat, chairman of 
Unilever NV, the Dutch arm. The 
third person on the committee is 
usually heir apparent to one of 
the co-chairmen. 


A 43-year old Irishman, Mr 
FitzGerald would be the youngest 
chairman in Unilever's history. 

ft would be unusual for a new 
chairman to take up his post 
without serving on the special 
committee. Asked whether the 
rfgmpt in timing Sir Mich- 

ael would extend his tenure, Uni- 
lever said: “That would depend 
on events and needs.” 

The original version of the new 
Power detergent, sold as PersQ in 
the UK and Omo on the Conti- 
nent came under a barrage of 
criticism for damaging some fab- 
ric under certain conditions. The 
group was forced to change the 
formulation after a flaw in it 
made it react to a some dyes. 

“We wanted to add several 
points of market share but we 
might end up this year slightly 
down.” a senior Unilever execu- 
tive said yesterday. Unilever's 
detergents business accounts for 
23 per cent of group turnover but 
Power detergents account for 
only some L5 per cent of sales. 


engines 


supplied 


by BMW 


By John Griffiths in London 


People, Page 12 


Chechnya | N Korea shuns US 


Continued from Page 1 


remains strong, even among 
senior military officials, and the 
divisions are echoing in the Rus- 
sian leadership. Lieutenant Gen- 
eral Valery Vostrokm, a deputy 
minister for emergency situa- 
tions, said in the neighbouring 
republic of Ingushetia yesterday 
that the army should not be used 
to establish order on Russian ter- 
ritory. 

Interviews with officers and 
soldiers have revealed a wide- 
spread dislike of the duty they 
are being asked to perform - 
while thane were reports that the 
commander of a motorised divi- 
sion which had refused to 
approach the city from the west 
had been replaced. 

Mr Yeltsin was released yester- 
day from a Moscow clinic where 
he had been directing the mili- 
tary deployment for the past 
week after an operation on his 
nose . 

In Moscow, troops and 
armoured personnel carriers 
were reinforcing the regular mili- 
tia throughout the city. 

The Moscow transport police 
announced yesterday that they 
had uncovered an arms dealing 
ring and had seized about 3^)00 
weapons. 

They said they were investiga- 
ting whether the arms were 
being delivered to trouble spots 
in Russia and elsewhere in the 
former Soviet Union. 


call over crash pilots 


By John Burton 
and Reuter 


North Korea yesterday refused to 
hold a meeting requested by the 
US to discuss the ret u rn of a US 
pilot and the body of his co-pilot 
killed in the crash of their army 
helicopter in North Korea. 

The announcement appeared to 
dash hopes that North Korea 
would try to resolve the incident 
quickly. But, in Washington. US 
president Bill Clinton said the 
matter was a “high priority” and 
that he was working hard for its 
resolution. 

North Korean officials 
explained that their leadership 
was "too busy with the investiga- 
tion" into the faridMif to hold 
talks on the pilot’s release, 
according to a spokesman for the 
US military in Seoul. 

North Korea's rejection of the 
US talks proposal could reflect 
deep divisions within the North 
Korean leadership on how to 
resolve the issue. 

The North Korean military is 
believed to be opposed to Pyong- 
yang’s recent rapprochement 
with the US, and. may try to use 
the incident as justification for 
its stance that the US still repre- 
sents a threat to the country. 

The Pyongyang government 


recently agreed to dismantle its 
nuclear programme in return for 
the establishment of diplomatic 
ties with the US. A long delay in 
solving the helicopter issue will 
increase pressure in Washington 
for the US to take a tougher 
stance on aid to North Korea. 

The two-man OH-58 reconnais- 
sance helicopter crashed on Sat 
today, three miles north of the 
eastern end of the demilitarised 
zone that divides North from 
South Korea. 

Tim North Koreans claim that 
they shot down the helicopter, 
but the US says that it may have 
had to make an emergency land- 
ing after straying across the 
demilitarised zone because of a 
navigational error. 

One explanation for Pyong- 
yang's rejection of the proposed 
talks could be that the US wants 
to discuss the pilot's release 
through the military armistice 
commission winch supervises the 
truce that ended the 1950-53 Kor- 
ean war. 

But North Korea withdrew 
from the commission earlier thic 
year in an attempt to press the 
US to sign a peace treaty for- 
mally ending the war, although it 
still maintains low-level contacts 
with US the military at the bor- 
der trace village of Pamnragom. 


The next generation of 
Rolls-Royce and Bentley cars will 
be powered by BMW-supplied 
engines and developed in collabo- 
ration with the German car 
maker, under an agreement 
signed yesterday. 

The deal between Rolls-Royce 
Motor Cars, the luxury cars sub- 
sidiary of UK engineering group 
Vickers, and BMW, which bought 
Rover Group from British Aero- 
space in January, followed nearly 
a year of negotiations. 

Sir Colin Chandler. Vickers’ 
chief executive, described it as 
“an extremely significant stage 
for the group in mapping the 
medium- and long-term future for 
Rolls-Royce Motor Cars, and in 
the conthming process of stabilis- 
ing and positioning all the 
group’s businesses for future 
growth". 

BMW will supply V12 and VS 
engines, which will be farther 
developed with Rolls’ Crewe engi- 
neers and Vickers' Cosworth 
Engineering subsidiary. The sup- 
ply of other compo nent s is also 
under consideration. 

The two companies will also 
explore ways of developing and 
marketing “Concept Java”, a 
small coupe prototype, ft has just 
completed a “world tour” of 
motor shows and received favour- 
able reviews. 

SSr Colin stressed Rolls-Royce 
was not for sale, nor would any 
equity stake be offered in it “for 
the foreseeable future”. 

The agreement relieves 
Rolls-Royce of the burden of 
developing its own engines - an 
increasingly complex and costly 


Setback for Turkey’s trade pact hopes 


Continued from Page 1 


groundwork for the customs 
union had been agreed, with only 
the political issues of human 
rights and Greece's concerns over 
Cyprus standing in the way. Tur- 
key is also due to receive 
EcuGOOm ($760m) in financial aid 


from the EU, but this too has 
been blocked by Athens. 

Mr Douglas Hurd, UK foreign 
secretary, said it was e xtrem ely 
important to maintain a partner- 
ship with Turkey. 

Against a background of noisy 
Kurdish demonstrations outside 
the council building in Brussels, 


Mr Hurd defended Turkish 
efforts to improve their record on 
human rights. 

“The Turks are taking quite 
substantial measures to legislate 
on human rights,” he said, 
adding that the rights cause 
would not be advanced “(me jot” 
by refusing a customs union. 


The deal with BMW was 
reached only after Rolls-Royce 
had conducted parallel negotia- 
tions with MercedesrBenz. 

Sir Colin said Vickers had made 
maximum use of the rivalry 
between the two German groups. 
Mercedes-Benz declined com- 
ment 

The agreement would not mean 
job losses at the Crewe plant, 
said Mr Peter Ward, Rofls-Royce’s 
chairman. Nor would BMW's 
name appearing an its cars. 

Sir Colin rejected suggestions 
that a non-British partner was 
regrettable for a company which 
much of the world regards as a 
symbol of excellence. “We live in 
a global village and alliances of 
this sort are an everyday feature 
of the motor industry.” 

A link with non-UK companies 
is nothing new. AH Rolls-Royce 
cars use a General Motors auto- 
matic transmission. 

The deal comes as Rolls- 
Royce’s sales are improving after 
one of the steepest falls on 
record. This year sales are expec- 
ted to be around 1,400 cars, with 
analysts projecting profits for 
this year of up to vism ($X9.7m). 


Rolls-Royce keeps hold. Page € 


FT WEATHER GUIDE 


Europe today 


Wintry conditions wifl prevail in most areas as a 
surge of cold air spreads over north-western 
Europe. Conditions wfil improve in the UK but 
wintry showers win stfl affect the north. More 
wintry showers mixed with sunshine wfll occur 
in France and the Benelux, wtile, further east, 
less frequent snow showers wiR fen in Germany. 
An active taw over the Gulf of Genoa wfll bring 
heavy rain to Italy and along the coasts of the 
forma’ Yugoslavia, Albania and Greece. 
Widespread snow will fell at high attitudes in the 
BaBcans, the southern Alps and Austria. 
Meenwhte, sca tt ered snow showers will occur 
over the western Pyrenees. Conditions over the 
far eastern M edft e rr an eat will Improve, while 
European Russia wW stay mainly dry and sunny 
but with frost 




In the North Sea region, wintry showers will 
gradually diminish allowing more sunshine but 
lower temper at ures- The unsettled and rough 
concfitions over Ksfy wfll move to the eastern 
Mediterranean, while northern and north- 
eastern Europe wifi become mainly dry but coid. 
Scandinavia win have a warming trend by the 
end of the weak. Heavy snow wflj continue to 
fell on Wednesday in the Alps. 



1 ;7AfTi:;i 


Situation at 12 GMT. ftnp— tow maximum <br day. Fotacasts by Metoo Consult of the No th&t maJ a 


Abu Dhabi 

Accra 

Atgtera 

Amsterdam 

Athens 

Atlanta 

6. Aires 

BJam 

Bangkok 


Maximum Efeqing 
Cebkjs Belfast 
fair 27 O dyade 

fair 31 Barite 

shower 15 Bermuda 

shower 5 Bogota 

doudy 10 Bombay 

sun 14 Brussels 

fair 25 Budapest 

shower 5 CLhaoen 


doudy 


5 Cardiff 
3 Casabli 


shower 

fair 

Sun 


faff 33 Cairo 

fair 13 Cape Town 


doudy 

sun 


21 Cologne 
21 Dakar 
33 Deltas 
3 Odd 
0 Dubai 

2 Outfit* 

17 DutttMtic 
28 Edinburgh 


rate 

shower 

sun 

fair 


fat 

shower 

rate 

shower 


Our service starts long before take-off 



Lufthansa 


29 Faro 
6 Frankfurt 
15 Genova 
0 Gtoraftar 
3 Glasgow 
31 Hamburg 
18 Hebinfcf 
S3 Hong Kong 
27 Honolulu 
6 btabul 
12 Jakarta 
3 Jersey 
Karachi 
Kuwait 
L Angeles 
Las Palmas 
Ume 
Lisbon 
London 
Luxbourg 
Lyon 
Madera 


ttr 

Sh ower 


fitar 

cloudy 

doudy 


tor 

doudy 

fat 

fat 

sun 

sin 




shows 1 

shower 

Mr 


17 Madrid 
3 Majorca 

2 Media 

17 Manchester 
5 Mania 

3 Melbourne 
-1 Mexico City 

18 Miami 

28 MBan 

5 Montreal 
30 Moscow 

io Munich 

29 Nairobi 
15 Naples 
21 Nassau 
21 New Yorir 
25 (fee 

14 Nicosia 
5 Oslo 
1 Parts 

4 Perth 


doudy 

hk 

rain 

fair 

windy 


8 Rangoon 

15 ReyXjavk 

16 Rk> 

5 Rome 
30 S. Frsco 
28 Seoul 

22 Sbgapore 

25 Stockholm 

6 Strasbourg 
O Sydney 

-13 Tangier 
-2 TeiAvfv 

26 Tokyo 
13 Toronto 
25 Vancouver 

6 Venice 

12 Vienna 

13 Warsaw 

2 Washington 
5 Wellington 
33 Winnipeg 
-2 Zurich 


fair 

doudy 

doudy 

rain 


fair 

shower 


THE LEX COLUMN 


Trafalgar’s tax heaven 




A tiwm between Trafalgar House and 
Northern Bectric would be a marriage 
made in heaven. The strate- 

gic fit might be questionable, bat the 
tax savings would be very real, tor 
outweighing the £26m windfall pay-out 
to Northern's consumers if Trafalgar 
sncftvded- Trafalgar holds substantial 
capital gains tosses* after two terrible 
years. These would off-set capital 
gains from the demerger of Northern's 
National Grid stake, saving at least 
250m in tax. The tedder has aJUrther 
f223m of unrelieved Advance Corpora- 
tion Tax to be used against electricity 
profits, and there are trading tax 
losses an top. 

The financial logic should dissolve 
sharehrihfer concern over the logic of 
moving into electricity distribution, 
about which Trafalgar knows little. 
Trafalgar's strategy of bonding stable 
earnings to ftmd infrastructure pro- 
jects may not appeal ltd'- shareholders 
who had invested in a cyclical engi- 
neering and construction company, 
but Northern’s share price. 30p below 
the cash offer, suggests little expecta- 
tion of a bidding war. Delay through a 
referral to the Monopolies and Merg- 
ers Couunisskm seems more likely, 
but it is hard to imagine grounds 
on which the bi d could be blocked._ 

The current discount to the offer 
price may Instead reflect the fact that 
Trafalgar appears to have offered a 
hill price. Only last week, political 
concerns were hounding the sector, 
and the likelihood of Labour govern- 
ment can hardly be said to have 
receded at Dudley West. 'Taxation, not- 
withstanding. Trafalgar's non-Hong 
Kong investors may make it hard far 
the company to pay more- 


FT-SE Index: 3034.4 (+20.8J 


30 


Rolls-Royce's equity, hit the qwtiSfc 
ofcontndmaj’tettBWJtoWWJnifc- «V 
vance. in 10 years or so Urn Germ * * - 
company is ■***«" awfeWT ^ 
indispensable to WjMp ; ^ 

BMW would be the obvious bW- k~ 
chadld Victors chow to wL to ftfc 
i ffoftwrtme shareholders to both co aa| ^ » j ; _e . 
nies should benefit, ■ 


20 — =■ 


15-V— 


WO 81 


group admits weakness and creates 
the possibility of s ynergies between 
the raginra and FIT'S Sheraton hotels. 
By rtorirffag' to flfrp w d *** its plans to 
construct a new Las Vegas casino, TUT 
also avoids increasing competition in 
an already tight market. 

That said, the north American gam- 
ing market ]s evolving rapidly; present 
growth looks unsustainable as new 
capacity is being added at a rapid rate 
on river boats and In Indian reserva- 
tions. OTs turn at the g»”«ng tahte 
will not be without its risks. 


Cadbury Schweppes , 7 

Cadbury Schweppes I* ln »M*i.Si 

trading this year has been better Hitt 

that of most food 

pantos, yet the usjntdiate fVUura to^ 
troubled. The shares are Awn 
cent in the past month and nearly U 
per cent in tire past yw- ... . 

Investors’ concerns are UDdjartaat^ 
able, if overdone. They crotra on 00®*,; 
Cola Schweppes . Beverages, ineJBfc 
bottling operation 51 per oot 
by Cadbury. White this has bemttt* 


motor of the group’s growth to reyi 
vears. the reliaUltty - and- tbawfore 


ITT/Caesars World 


ITT believes casino gambling is 
potentially more lucrative than finan- 
cial ssrices. That much became evi- 
dent from yesterday's $i.7bn purchase 
of Caesars World, coupled with its pro- 
claimed (I pteininatinn to i tS loan 
and mortage businesses during the 
coming few weeks. The rationale is 
not complicated. The immediate pros- 
pects for gaming are better than for 
ITTs loans operations; the North 
American gaming market Is currently 
rajqying double-digit growth and envi- 
able margins. 

The strategy ITT chose to deepen its 
exposure to gamhHnj r through acquisi- 


nr gains an internationally recog- 
nised brand-name, acquires first-class 
management in an area where the 


Rolls-Royce/BMW 

Both Rolls-Royce, the Vickers lux- 
ury car subsidiary, and BMW have 
reason to congratulate themselves on 
their supply agreement BMW has out- 
smarted its rival Mercedes Benz to 
forge a link which will considerably 
strengthen its position at the vary top 
end of the automotive market So soon 
after the Rover acquisition, it. has 
again demon strat ed its nimbteaeu to 
seizing the strategic initiative. 

For Rolls-Royce, the alliance will 
secure its future as an independent 
company beyond the currant .gaaorw 
tion of cats. Vickers has been good at 
cutting Rolls-Royce’s costs end 
improving its efficiency but does not 
have the financial clout to develop a 
luxury car for the next century out of 
its own resources. Under the ^ree- 
ment Rolls-Royce will get engines and 
other components more cheaply than 
if ft developed or made them itself, 
while BMW will be able to spread the 
costs of producing such large engines 
over higher volumes. - - 

The deal has been done without 
Vickers having to cede a ha’porth of 


years, the relteMltty - andtheratopr 
the quality of earnings - from tK 
business isaa clearly deteriorated. 
culprit is the outbreak of-Oda-wm*] 
the supermarkets bring out their 
products to an * attempt to undercut " 
the traditional preatiutt prtee^ 
enjoyed by Coke. Packaging prices ate' 
rising and next summer's weather is 
unlikely to be so de ment as in M0L;8 l 
is thus probable that CCSB'b operating 
profits will fan sharply , next year. .\:j 
The impact on Cadbury'S eondagr 
per share wfll however be diluted, ra- 
the fact that CCSB is not toliy-ownwL, 
Moreover, trading Is Strang to cento* 
tionary and Cadbury's earnings are . 
HkeJy to beat those of the sector to »■ 
whose next year; notwithstanding 
kers’ reduced profits forecasts. The:, 
ported of u nd erp e rfb B nence far Cad- 
bury should be coming to ur eod. ' . . j 


. tri J V 


bp . 

British Petroleum iiMter&y w 
took British Telecom to b ecome the 
biggest company by market 
tion on the London Stock 
Admittedly, BFs adUeveottt is not 
unaided - STs share price M yetier 

day as it went ex-d ivid e n d. The tel* 
cams group has underper for med this 
year because of fears about compett* 
HQft bom cable t tfwMcp md Jta toss 
than ambitious dividend policy. Bht 
Bp’s success is real nonetheless. Its 
re-rating since 1982 Js a tribute to the 
cultural revolution put in place by the 
the company's new management and 
its impressive earnings 1 performance 
in ft difficult uvirauaenk • * • 




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Lil<£ all the best Italimcais. die fiaPunto is recognised as a woife of art. Deirand for it j$ so mat r h„r 

are now being assembled in three separate plants - it’s already Italy’s biggest selling cat 
Bundji sole producer of brake and fuel lines for the Punto, is significantly easing production pressures by setting uo 
a manuiaciuiiiig plant actually within Fiat’s new integrated fedliiy at MelE. Southern Italy. Bund,', rapid remonse 
unit wili help the automotive industry's youngest woridoree achieve its highest productivity levels - a projected 
U00 vehicles per day - so keeping Fiat’s Ucde masterpiece on show at dealere all over Europe 
Bmdy is one of TI Group’s three specialised engineering businesses, the others being Dowty and John Cnne. 
Each one is a technological and market leader in us field, Togethet; their spedaiisi skills enable 

Tl Group to get the critical answers right for its customers. Wbrldwidt. ■ 





Tl GROUP 


wvnLD LEADERSHIP IN SPECIALISED ENGINEERING 

R,r tab* infanawion «b», d* Tl flreup. con*, *, ftp™™ of PabBcSIhw, TI Greup pic ■ l-^CoureAbiond^c^DDU^ 


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{Philip Morris sells 
Kraft Foodservice 

Ctayton, Dubsher & Rice, the US leveraged buy-out 
specialist, announced that it had agreed to buy 
Kraft Foodservice, the secondrbiggest food service 
company in the US, from Philip Moms, the US food 

and tobacco group. Page Id 

Aheld r My te sum down 

Ahold, the Dutch food retail group w hich operates 
six supermarket chains in the US, Is nrmcfflgHTip 

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togs into a property investment fund. Page 18 

BOTtetemann seals Rfcortff takeover 

Bertel smann , the German media and pobUsUng 
group, Is to merge Ricordi, one of the oldest and 
best-known names in Italian music publishing; with 
BMG Ariola, its Italian subsidiary. This mrnptoag 
the friendly takeover launched in August Page 18 

SeralHn Fetruzzl oa br ink of Dqulcbrtion 

Creditors of Serafino Fenroari. the private tmidhtg 
company which once controlled the Perruzzi fami- 
ly's bu si n e s s empire, gave notice that they ir>tOT|rttw\ 
to put the company into liquidation. Page 18 

B l eak year for fiirnruHi banks 

This year has been bleak tor Germany's big banks. 
Analyst s ha ve downgraded their forecasts for 1994, 
looking instead to improved results in 1995 as secu- 
rities markets settle down and hanbe benefit from 
the economic upturn. Page 19 


Toyota Motor, the leading Japanese carmaker, has 
revised upwards its profit forecasts for the first half 
to De c e mb e r , after cost-cutting had lifted unconsoli- 
dated operating and recurring profits, before 
extraordinary items and tax, to 10 per cent above its 
anginal forecast Page 20 

Moore Corp gets sophi st i cated 

Canada's Moore Cop has taken a big step towards 
shifting its emphasis from paper forms to more 
sophisticated iw fnmfiati nn -haririliwg systems by sell- 
ing the bulk of its stake in Toppan Moore, Japan’s 
biggest business-forms supplier. Page 20 

Lonrho and Gencor go for gold In the CIS 

Lonrho, the Loudon-based inter national trading 
combine, and Gencor. the South African mining 
group, are setting up a joint company to develop 
gold mines in the former Soviet Union. Page 26 

Stanhope wins breathing space 

Stanhope yesterday won a three day hreathing 
space as banks agreed to extended the property 
developer's borrowing facilities until Thursday. 

Page 22 

Standard Life ex pa nds health side 

Standard Life, the UK's largest mutual life insurer, 
is to.inject a further £10m ($16L4m) into Prime 
Health, its health insurance snbsi^ary, to help its 
expansion in the intennediaiy market. Page 24 

• Co m pani e s hi this Issue 


Aberdeen Trust 
Abtakf Preferred 
AWd 

Aied Domecq 
Arson Inti 
Aacom 

ASOOt Holdings 

BRCBank 

BMW 

Baird (VWBarr^ 
Bay. Hypo-Bank 
Bey: Verainsbank 
Ben 8 Jerry's 
Banefidaf 
Berfsfotd Inti 
Bertelsmann 


24 


18 

24 

18 

18 


19 

16^6 


19 

IB 


19 


18 

12 


Btacchtay Motor 
Branny 

Beak for the Border 
Brffish Steel . 

Burford Holdings 
Bufngton Northern 
Bumdene Investments 
World - 
UK 

Chutes Sidney 
Ctayton. DubBsr 


17 

24 

19 


17 


Coffesdp 
Cohen (Monts) 
Commerzbank 
Constitution Re 
Cunatd 


19 

8 

18 


Deutsche Bank 
Dresdner Bank 


19 

19 

8 

18 

19 

19 


Ftsons 

Friends Provident 
HK Bank Canada 
Hatton Houngs 
tfKsdown . 

llsialLeaBei 

Htusoowi TOtangs 
Honda Motor 
Htmtingdon Int Hdgs 
I Ml 
ITT 

t nn trap ns iaur 
Kralt Foodservice 
LTV 

London Capita! 
McAfprne (Alfred) 
Mezzanine Cap & Inc 
Mining (ScottexQ 
Moore Corporation 
N Atlantic Smalar 
Northern Bectric 
PhiHp Morris 
Plot Petroleum 
Premier Cons OR 
Rhfine-Poutenc Rorer 
Rfoord 
Rofa Royoe 
SG Warburg 
Santa Fe 
Serafino Femczl 
Standeerj Life 
Stanhope Properties 


25 

24 

24 

24 

24 


12 


17 

12 

19 

17 

25 

22 


12 


24 
17 
19 

25 


18 

16 

17 
19 

18 
24 


East Midlands Beet 
Edinburgh Japan Tat 




FUNDUS Grundstuecks 
Fakheven Inti 


24 

24 

18 

24 

19 

19 


Strong&Rsher 
Su m ito mo Metal bids 
Toppan Moore 
Toppan Printing 
Toyota Motor 
Trafalgar House 
UnBever 
Union Pacific 
Victors 
WetbOt 
WBs Group 
Wtmpoy (George) 
Xerox 


18 
24- 
17 
20 
20 
20 
17 
12. IS 
19 
6 
22 
24 


19 


Market Statistics 


$Anrutf repute sendee 
Buctoiok Bwt bontb 
Bond tubra and opttons 
Bond prices and Jidda 
Cnrmnodfflos prices 
DMdands aniauncad. UC 


20 


Eoobond prices 
Rxed Merest fcuSces 
FT-A Mtarid Indkae 
FT GoW lines index 
FUISMA MT trend stc 
FT-SE Aduwies Endcas 


zr 

20 

27 


FondDn exchange 
GBs prices 

LRTQ equity options 
London ahaa aantae 
London barfl options 
HaoagBd tads sarrira 
.Hooey raatlcsb 
Mew Inti bond teeues 
New ybik share sendee 
Reeott lasues, UK 
Short-term tat rtfas 
US Merest rate 
World Stock Markets 


32 

2Q 


27 

30-31 

32 

20 


27 
32 
20 I 


Chief price changes yesterday 



MM&Vnfc 


48? + 11 

780 -t- 8 

757^5 + 105 

lift 4- 18 


PARES (mr) 
Bou»un 


306 


CTFoncbr 


78Z - 


Ho tauaw 


CSX 

tears HW 


731 - 

040 - 


ft* + 
ft* +- 
+ 


4 «n 

f Id ft 


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• ** 


9 

7 


IM 

am 

2H 


flm&Jnyi 10 1 * 

ft - 1ft 
Mplluito 57* - A 

Nm York prim «C 12ft 


6 

3 

16 

41 

25 

10 

15 

13 
3! 
6 
S3 

14 
45 


SftSA 

TOKYO (Y«n| 


ftkalOift 

Tflftyute 


+ 18 
* 18 

- 11 
9 
17 
10 


19SD + 22 

3ft. + 4 

* 29 

+ S 


Renta 


768 -4 

- 4 




IVaBiyignW 

KhgflMr 

LnftnGfti 


W ' 
temBiet 
mpsi . 
teb 


K t 
it + 
342 mS * 
651 + 

mo + 
39 + 
429 + 

.+ 

+ 
+ 

♦ 


8 


774 

1ft 

1019 

1ft 


ftga&p 

Mto&p 

— *■ m . 

wmBi itf 


12+2 
B1 + 5 

819 + 29 

181 + 21 

2<3xd + 118 
17V + » 



17 


FINANCIAL TIMES 


COMPANIES & MARKETS 


glTHE FINANCIAL TIMES LIMITED 1494 


Tuesday December 20 1994 


& 

Dnrome ! e'eccn!o’ 


Creating connections for 
great business meetings 

0500 10 16 00 

Outside UK: 44 (0)ISi 283 4422 



ITT gambles on Caesars World 


By Richard Torn kins In New York 

ITT, the US conglomerate that 
has been seeking to expand in 
the leisure industry, is to buy 
Caesais World, one of the best- 
known names in gaming, for 
$L7bn in cash. 

ITT has agreed to buy the com- 
pany for $67.50 a share through a 
tender offer be ginning on Friday. 
Caesars World's shar es shot up 
520% to $85% on the news, white 

HTs eased ¥/* to 581%. 

Caesars World had net income 

of $7Edm on revenues of $lbn in 


the year to last July. It has three 
casino and hotel complexes in 
las Vegas, Atlantic City, and on 
the shore of lake Tahoe in the 
Sierra Nevada. 

The higgest of the three, Cae- 
sars Palace in Las Vegas, occu- 
pies an 80acre site an the famed 
Las Vegas Strip, ft is based on an 
ancient Rome theme, with toga- 
clad dealers and a massive char- 
iot parked in a comer. Zagat a 
US hotel guide, describes the 
hotel rooms as “like a bordello”, 

with circular beds and overhead 

mirrors. 


nTs businesses include insur- 
ance, communications and infor- 
mation, automotive sales, Quid 
technology and defence. 
Recently, however, it has been 
trying to expand in the growth 
sector of leisure and entertain- 
ment where it is already active 
through its ownership of the 
Sheraton hotel chain. 

Earlier this year ITT began the 
process of taking over Ciga, the 
Italian luxury hotel group, of 
which it now owns 70 per cent. In 

August it acquired the MflHison 
Square Garden sports and enter- 


tainment complex in New York 
for $].lbn in partnership with 
Cabteviston Systems, a US cable 
television company. 

In September ITT said it was 
seeking buyers for its financial 
services subsidiary, ITT Finan- 
cial, in a sale that could fetch 
$3bn-$4hn. It wanted to use the 
funds to expand its leisure inter' 
ests further. 

nr is already in the gaining 
industry: it owns the Sheraton 
Desert Inn hotel and casino com- 
plex in La s Vegas and a riverboat 
casino in Tunica, Missouri. 


In May it said it was going to 
build a S750m Desert Kingdom 
hotel and casino complex in Las 
Vegas, but in October it cancelled 
the plans. Yesterday’s agreement 
indicated that ITT now plans to 
buy existing gaming interests 
rather than buQd its own. 

ITT expected the acquisition to 
be non-dUutive and to add to 
earnings in the first year. It said 
the combination of Caesars 
World with Sheraton would cre- 
ate cm the world's strongest hotel 
and gaming businesses. 

Lex, Page 16 


Warburg 
director 
to leave 
in bond 
shake-up 

By John Gapper, Banking 
EcStor, in London 

S.G. Warburg, the UK-based 
investment bank, yesterday sig- 
nalled a shake-up of its bond 
operations after the collapse of 
its planned merger with Morgan 
Stanley by replacing the beads of 
its fixed-interest and treasury 
division. 

The investment bank brought 
in Mr David Burnett, the head of 
its UK equities business, to take 
over from Mr Peter Bass and Mr 
Peter Twachtmann. He is expec- 
ted to re-structure bond 
operations, which have per- 
formed poorly this year. 

Mr Twachtmann, a board 
director who has been with War- 
burg for 26 years, is leaving the 
bank after being toM the news 
on Friday. Mr Bass is to take a 
position in Warburg’s US arm, a 
move he was already planning. 

Before taking aver Warburg’s 
UK -equities badness, Mr Bur- 
nett’s job was to . reshape the 
Tokyo equities operation. He is 
given credit for returning it to 
profit, and reshaping it after the 
Japanese equity market collapse. 

Warburg told staff in an inter- 
nal note yesterday that Mr Bur- 
nett’s task “in the face of con- 
tinuing difficult market 
conditions” was to “reinvigorate 
and renew” the firm's fixed 
interest operation. 

The shake-up was planned 
before the coDapse of the merger 
plans last Thursday, but was 
implemented when Warburg’s 
board met to consider Morgan 
Stanley’s merger pull out. 

Warburg has a strong presence 
in sterling Eurobonds, and is a 
gilt-edged market maker. How- 
ever, its- operations in other 
European government bonds are 
likely to be reviewed. 

Warburg’s US operation, 
employing more than 600 staff, 
could also face further changes. 
It has expanded rapidly in the 
past two years under Mr Tom 
Wyman, a Warburg vice-chair- 
man, who has been in charge of 
building its US presence. 

Mr Wyman said yesterday that 
Mr Bass's new role was “not 
exactly” decided. He said War- 
brag would continue its growth 
in the US. 

He said there was unlikely to 
be a change in the balance of 
control between London and 
New York. “I would not be here 
if 1 was concerned that func- 
tional management in London 
would be taking control in a 
decisive way,* he said. 

Sir David Scholey, Warburg’s 
chairman, said on Friday that 
Warburg intended to resume a 
s tr ate gy of independent expan- 
sion “with adaptations and vari- 
ations”. The bank’s shares yes- 
today closed 2gp down at 685p. 


Peter Montagnon reports on how global ripples alter prospects 

FSbSBS 2 Asian markets feel the 

squeeze in a small world 


ive years ago. says one 
Asian stockbroker, it 
would have been unthink- 
able for the region’s markets to 
have tumbled on the news that a 
local authority in the US had 
gone bankrupt. That this has 
been the case with California’s 
Orange County is an indication 
of how global markets have 
become. 

Asian shares fell sharply as 
Orange County's troubles hit the 
headlines with Hong Kong partic- 
ularly badly affected, though 
many have since recovered some 
lost ground as Wall Street rallied 
and bargain hunters stepped, in. 

Fund managers say the under- 
lying tone remains weak and 
admi t that 1994 has been pretty 
disappointing after last year’s 
stellar performance. Attention is 
now turning to whether 1995 will 
be better. 

Perhaps Asia will shake off the 
interest rate gloom emanating 
from the US and resume its posi- 
tion at the top of the world per- 
formance league. But confidence 
is Ear from strong, even for the 
slightly longer term. 

In theory there are good argu- 
ments why Asia markets should 
recover. While interest rates have 
tended to rise around the region 
in response to tighter money in 
the US, the effect on economic 
output should be marginal with 
most countries expecting tittle 
worse than a slight softening of 
this year’s high growth rates. 

Indeed the Hongkong and 
Shang hai Bank has forecast a 
slight increase to 5.3 per cent 
from 5J> per cent in Hong Kong’s 
growth next year despite higher 
interest rates and the weaker 
tone of the property market. 

“We’re not cm the cusp of a 
recession here,” says Mr John 
Mulcahy of UBS Securities in 
Hong Kong. High economic 
growth rates will continue to 
drive corporate namings next 


The ties that bind 

Imfices In $ terms (robaoed} 

HO 


(nducfcig Mono Kong 8 Sngspom 
Mfcirtng Japan (5bn) 

40 — 


105 - 


100 



“Asia is delivering more than 
its fair share of earnings 
growth,” adds Mr David Bates of 
Aria Equity in London. “There- 
fore de-coupling [from the US] in 
1995 is a fair possibility.” 

ft is a measure of the uncer- 
tainty feeing the markets, 
though, that few brokers and 
fund managers are predicting a 
speedy tumround when the new 
year gets under way. Several 
think the markets could fen fur- 
ther before real buying opportu- 
nities emerge. 

Fart of the problem is that no 
rally can be sustained by local 
investor demand alone. Asia 
needs foreign capital to sustain 
its High growth rate and some 
brokers argue that local investors 
have neither the cash nor the 
confidence to drive equity mar- 
kets higher on their own. 

Share prices win only really 
start to recover properly, they 
argue, once foreign institutional 
liquidity returns. Yet Asia is low 
on the shopping list of US inves- 
tors now they can obtain higher 
yields in the money and band 
market and while they remain 
worried about redemptions from 
mutual funds in the wake of the 
Orange County crisis. 

An indication of the extent to 


Some: FT GrtpTflt 


which this is affecting Asian 
investments is the way it has 
exposed large individual stocks 
such as Indonesia’s Indosat In 
which foreigners have a sizeable 
stake. Indosat fell 14 per cent in 
the first 12 days of December, 
though it has since made up part 
of the drop. 

Similarly liquid markets such 
as Hong Kong have also taken a 

frflmmgrmg - 

On this basis it' would appear 
that the markets least at risk are 
those such as South Korea and 
Taiwan which are HicniatPrt from 
the ebb and flow of foreign 
liquidity by regulatory controls 
an overseas investment 

But others will not necessarily 
recover automatically. Part of the 
question is whether US buyers 
will return in force at all if 
higher interest rates make equity 
investment generally less fash- 
ionable in the US than invest- 
ment in bonds and money market 
instruments. 

Mr Angus Armstrong, Morgan 
Grenfell's economics director in 
Hong Kong, argues that Asian 
equity markets still do not look 
that cheap, not least because 
higher interest rates reduce the 
earning s multiple at which they 
become attractive. 


1994 


their debts and about the cava- 
lier way China has treated some 
foreign investors such as the res- 
taurant chain McDonald's which 
has bad its lease in Bering termi- 
nated. 

There remains a risk that 
China win foil to get to grips 
with the twin problems of con- 
tretting inflation and reining in 
state enterprises. If that happens 
the repercussions would be felt 
further afield, given the extent to 
which companies from countries 
such as the Philippines, Taiwan 
and Singapore have invested in 
China. 

Malaysia has also disappointed 
this year. Some investors hope 
that elections expected next year 
wfil help lift share prices as polit* 
ical parties step up their spend- 
ing to win voter support 

The same could be true of Thai- 
land where the coalition govern- 
ment is in disarray and where, 
according to Asia Equity's Mr 
Bates, an election adds half a per- 
centage point to gross domestic 
product 

Another worry is that Japanese 
investment in the region could 


slow when the yen starts to 
weaken. The easier situation fee- 
ing Japanese companies would be 
good news for Tokyo equities, but 
higher exchange rates would 
erode the competitive advantage 
of other Asian countries. 

By 1996 the earning s position 
could look a lot weaker. BZW is 
forecasting that earnings growth 
that year will have fallen sharply 
on tins year’s level in almost ail 
markets, except the Philippines. 

Crosby Securities believes 
Thailand will show earnings 
growth of 21.5 per cent in 1996 
against 2L9 per cent this year. 
Earnings growth will be slightly 
higher fay then in Singapore but 
it will have fallen back in Hong 
Kon g, Ma laysia and, in contrast 
to BZW's forecast, the Philip- 
pines. 

In other words, earnings 
growth may be reasonable next 
year, but doubts are creeping in 
about 1996. Those who are punt- 
ing on an Asian market recovery 
next year must believe US liquid- 
ity wfil return before the markets 
start looking past the peak of the 
earnings cycle. 


Steel 
groups 
forge US 
venture 


By FHchard Waters In New York 

Three big steelmakers from the 
US. the UK and Japan announced 
a Joint venture to produce low- 
cost steel in the US, a move 
which could be followed by simi- 
lar ventures around the world. 

LTV has a 50 per cent stake in 
the venture, called Trico Steel 
with British Steel and Sumitomo 
Metal Industries holding 25 per 
cent each. Together they will 
spend 5450m to build a "mini- 
mill” in the south-eastern part of 
the US. with production due lo 
begin in 1996. 

Mini mills make steel from 
scrap, skipping many of the 
steps in traditional steehnaking. 
By employing newer technology 
and non-unionised labour, small 
minimi 11 companies have become 
the low-cost producers of the 
steel Industry- Led by Nucor, 
which pioneered the technology 
in the US and which is now the 
conn try’s most profitable steel- 
maker, they have taken marc 
than a third of the US steel mar- 
ket from old-line makers. 

The plant will have the capac- 
ity to manufacture 2.2m tons of 
flat-rolled steel a year, making it 
one of the biggest minlmills in 
the US. 

Mr Brian Moffat, chairman of 
British Steel, said the venture 
would expand the company's 
involvement in the US and in the 
“rapidly evolving mtnimill tech- 
nologies”. LTV said of the three- 
way relationship: “This will be 
very important long-term. This 
is now a global business.” 

Kg old-fashioned steel compa- 
nies, which have spent much of 
the past decade reeling from fall- 
ing demand and prices, are try- 
ing to regain the lead in new 
production technology. US Steel, 
the US’s biggest producer, 
recently announced a feasibility 
study with Nucor into a new gen- 
eration of minimill technology 
which could bring down produc- 
tion costs still further. 

Through the Trico venture, all 
three companies “will have the 
chance to gain experience of 
minimill technology”, said LTV. 

Hie venture signals renewed 
expansion at LTV, once one of 
the US’s biggest and most 
diverse industrial conglomer- 
ates. In June 1993 the company 
emerged from seven years In 
bankruptcy, having been 
stripped of many of its busi- 
nesses. It is now the US’s third 
biggest steelmaker, with produc- 
tion of 7 Am tens last year. Trico 
will make flat-rolled steel to 
compete in the hot-rolled and 
higher-value cold-rolled markets. 


T 


he real question, he says, 
is where the capital Hows 
will go. “The markets 
which will suffer most are those 
which have been most exposed to 
international capital flows.” 

Markets where currencies are 
formally or informally aligned to 
the US dollar are particularly 
vulnerable to repatriation of for- 
eign investment This category, 
he says, indufles Singapore, Mal- 
aysia and Thailand as well as 
Hong Kong. 

Then there are regional factors. 
Overshadowing the Hong Kong 
market, for example, are worries 
that China’s economy might be 
hiding for a hard landing. Hie 
Chinese companies which axe 
quoted these make up for a small 
proportion of total capitalisation, 
but they have been particularly 
bard hit in recent weeks as wor- 
ries have grown about the ability 
of state enterprises to service 


Trafalgar launches power bid 


Baton Frii 
AMsgE 
tortu v(SSJ 


3m - 
6 - 
» - 
58 - 


2* 

8 

8 

S 


By Michael Smith and 
David Wigtiton in London 

Northern Electric, the regional 
power distributor for north-east 
England, yesterday rejected a 
ci ghn ($2bn) offer from Trafalgar 
House. 

Northern's board said it could 
see no advantage to Us share- 
holders in becoming part of a 
“ financially challenged conglom- 
erate, effectively controlled by an 
offshore minority shareholder”. 

Hongkong Land, a subsidiary 
of Bermuda-based Jardine Mathe- 
son, has a 25 per cent stake In 
Trafalgar, which has interests in 
construction, property, engineer- 
ii%; and shipping. 

If Trafalgar succeeds with its 
bid. signalled last Wednesday but 
officially launched yesterday, it 
intends to offer a £20 rebate to 
of the utility's i a*n to l.4m 
customers. 

Mr Brian Wilson, Labour party 
industry spokesman, called for 


the bid to be referred to Britain’s 
Mergers and Monopolies Commis- 
sion. The bid is also being consid- 
ered by Prof Stephen Uttleduld, 
industry regulator. Ur Nigel 
Rich, Trafalgar chief executive, 
said Prof Littiechfld had told him 
on Sunday that he would be con- 
soltmg publicly. 

Mr Simon Keswick. Trafalgar 
f-hwteman said he did not believe 
the bid would be referred to the 
MMC. “In our judgment, it is 
unlikely, ” be said. 

Northern’s shareholders are 
being offered £4435 hi cash and 
65 new Trafalgar convertible pref- 
erence shares for every ID shares 
they hold With the convertibles 
down 3*Ap to 94Kp yesterday this 
valued each Northern share at 
£1058. There is also a full cash 
alternative of £1048 a share com- 
pared with Northern’s close of 
£1010 up S3p. 

Northern shareholders can opt 
to obtain part of the consider- 
ation in the form of “grids”. 


interest-bearing bonds which 
give them rights to shares in the 
National Grid, 6.5 per cent of 
which is owned by Northern, if it 
is floated next summer. 

For these purposes. Trafalgar 
estimates that each Northern 
share contains £2 for the Grid 
olompnt This implies a market 
capitalisation for the Grid of 
about £3J>bn against estimates of 
more than £4bn. 

Hongkong Land has agreed to 
boy the first £3l0m of preference 
shares to meet elections for the 
cash alternative, Following 
Implementation of the offer, it 
could hold up to 31 per cent of 
the ordinary shares of Trafalgar 
assuming ftdl conversion. How- 
ever, it said it had “no present 
intention” of holding more than 
30 per coat of ordinary shares. 

Trafalgar is advised by Swiss 
Bank Corporation and Northern 
by S.G. Warburg. 

Observer, Page 15; Lex, Page 16; 
Background, Page 22 



COMPAGNIE RNANCIERE POUR IA DISTRIBUTION 

FRF 500,000,000 

Term Loan Facility 


Arranger 
WESTLB GROUP 

Lead Manager 

BANQUE FRANCO ALLEMANDE 
Co-Lead Managers 

BANCA NAZIONALE DEL LAVORO SPA - SUCCURSALE DE PARIS 
BANQUE DE NEUFLIZE, SCHLUMBERGER, MALLET 
BANQUE INTERNATIONALE A LUXEMBOURG SA. 
BARCLAYS BANK PLC, SUCCURSALE EN FRANCE 
BAYERISCHE LANDES BANK GIROZEWTRALE, SUCCURSALE DE PARIS 
BAYER ISCHE VERBNSBANK AG. SUCCURSALE DE PARIS 

DEN DANSKE BANK 

MORGAN GUARANTY TRUST COMPANY OF NEW YORK 

KREDiETBANK N.V. 

THE SUMrTQMO BANK, LIMITED, PARIS BRANCH 

Managers 

CA1XA GERAL DE DEPOSTTOS SA. PARIS BRANCH 
BANCO EXTERIOR DE ESPANA - ARGENTARIA, PARIS BRANCH 
BANQUE ET CAISSE D'EPARGNE DE L'ETAT) LUXEMBOURG 

Agent 

BANQUE FRANCO ALLEMANDE 










J 


-j^w«ac*rnr 

■ i* _ • 


18 


FINANCIAL TIMES TUESDAY DECEMBER 20 1994 



INTERNATIONAL COMPANIES AND FINANCE 


- i 



Bertelsmann seals Ricordi takeover 


By Andrew Hffl In MBcn 

Bertelsmann, the German 
media and publishing group, is 
to merge Ricordi one of the 
oldest and best-known names 
in Italian music publishing, 
with BMG Ariola, its Italian 
subsidiary. This completes Ore 
friendly takeover launched in 
August 

The German group also 
announced yesterday that 
BMG Ricordi, as the new com- 
pany will be known, would 
seek strategic partners from 
the retailing sector to help 
develop Ricordi’s chain of 
music and book stores across 
Italy. 

The sum paid by Bertels- 
mann for a 74.3 per cent stake 
in Ricordi has never been 
revealed, but the purchase this 


summer prompted a boot of 
patriotic distress in Milan, 
where the publisher is based. 
The merged group win have 
combined sales of more than 
L350bn ($2J4m) and just under 
1,000 employees. 

EstaHished at the beginning 
of the last century, Ricordi is 
closely linked with the world- 
famous opera house of La 
Scala. 

In the second half of the 19th 
century, Ricordi’s position as 
official printer of some of 
Italy’s bestknown composers, 
such as Rossini, mniini, Doni- 
zetti and Verdi gave the pub- 
lisher a virtual right of veto 
over the choice of works for La 
Scala's operatic season. Since 
then it has diversified into pop- 
ular Basic. 

Mr Arnold Bahlmann, senior 


rice-president of BMG Interna- 
tional, which groups Bertels- 
mann’s music publishing inter- 
ests, confirmed yesterday that 
the German company had 
bought up the minority inter' 
ests in Ricordi and owned 100 
per cent of the parent com- 
pany. G. Ricordi 

However, Mr Bahlmann reas- 
sured Italians that after the 
merger the artistic heritage of 
Ricordi would be preserved 
through a separate subsidiary 
called Casa Ricordi, which 
would group together the clas- 
sical sheet music activities of 
the publisher, and the collec- 
tions of valuable manuscripts 
and documents. 

“Neither the composers, nor 
the manuscripts, nor the 
money are leaving Italy, 
because we have invested a lot 


in the country and we want to 

earn it back,” he arid 

Apart from Casa Ricordi, 
BMG Rxcordi will concentrate 
on four core areas - records, 
pop music publishing, video 
and multimedia - which it 
hopes will dovetail with 
Bertelsmann's international 
publishing and multimedia 
ambitions. 

Mr Bahlmann said the group 
wanted to realise the potential 
of the 29 Ricordi shops in 15 
Italian cities, four of which 
have been turned into multi- 
media megastores. 

He admitted the German 
group did not have retailing 
expertise, and was seeking a 
partner. Negotiations have not 
begun, but the group had 
received some expressions of 
interest 


Eni sees profit 

rising to more 
than L2,500bn 

By Andrew HS 

Eni, Italy’s state-owned 
chemicals and energy group, 
said yesterday it was heading 
for a net consolidated profit of 
more than L&500bn ($l-53bn) 
for 1994. 

The announcement was 
made to 100 top managers of 
Eni at a convention last week, 
and is the latest in a series of 
optimistic statements intended 
to smooth the way for partial 
privatisation of the group next 
year. 

Eni said turnover would rise 
to L5L5Q0bn for 1994. in spite 
of the continuing programme 
of asset sales and winding-up 
of subsidiaries. The group, stffl 
burdened by debt returned to 
profit In 1993 when It made 
L419bn after tax, on turnover 
of L53^00bn. 

The Italian government has 
put the most profitable ofl and 
gas divisions of Eni on the list 
tor privatisation during 1995, 
but the timetable is crowded 
by other proposed sell-offs. 

However, Eni said the group 
bad “the wind in its sails”. Its 
divestment programme has 
raised some LMOObn since 
September 1992, helping reduce 
debt in 1994 by L3,000bn to 
LOSAOObn. The quoted chemi- 
cals subsidiary, Emchem, bad 
returned to operating profit 
following an extensive 
restructuring. 


Coflexip merges with Stena unit 


By DanM LasceOes, 




Coflexip, the French oilfield 
services company, yesterday 
completed a 3230m merger 
with Stena Offshore, the off- 
shore contracting arm of Stena 
of Sweden. . 

The two companies claimed 
the deal would create Europe’s 
largest offshore contracting 
company, and the world’s sev- 
enth largest tor market capital- 
isation. 

The merger was financed by 
issues of shares and convert- 
ible Coflexip stock which, 
when tolly exercised, will give 
Stena 32 per cent of Coflexip. 


CoQexip, which specialises in 
tble sub-sea pipework, is 
based In Paris and had sales of 
$379m and profits of $33m In 
1993. About 40 per cent of its 
business is in the North Sea. It 
also teas facilities in Australia, 
Brazil, Singapore and the US. 

Stena Offshore specialises in 
sub-sea contracting In the 
North Sea. Revenues in 1993 
were 3321m and operating 
profit $34m. The company has 
its headquarters in Aberdeen, 
Scotland, and employs 1,600. 

Mr Derek Leach, vice-presi- 
dent of marine and north sea 
operations for the combined 
group, said the merger 
reflected the changing condi- 


tions of the offshore contract- 
ing market, where weak oil 
prices were putting pressure 
on exploration and forcing 
companies to cut costs. 

Increasingly, he said, oil 
companies wanted contractors 
who could provide complete 
solutions tor offshore work. 

In addition, the declining 
size of new finds in the North 
Sea meant more wells were 
serviced by seabed technology 
lather than platforms. This is 
a market niche where both 
companies are market lead- 
ers,” he said. 

The combined company will 
be known as Coflexlp/Stena 
Offshore. 


Arcon boardroom dispute settled 


Serafmo 
Ferruzzi 
on brink of 
liquidation 

By Andrew Iffi 

Creditors of Serafmo Ferruzzi. 
the private holding company 
which once controlled the Fer- 


yesterday gave notice that 
they intended to put the com- 
pany into liquidation. 

The move would finally cut 
the Ferruzzi family's financial 
ties with the Fermri-Montefl- 
son industrial group, which 
came witidn hours of fifing for 
bankruptcy last year, brought 
to its knees by alleged corrop- 
tion and nrismanagmnent 

Creditor banks yesterday 
told tire Ravenna bankruptcy 
court which has been hearing 
the case that they were intend- 
ing to liquidate Serafmo Fer- 
rnzzl The move was backed by 
Ferruzzi Fhumzaaria. (Ferfin), 

the quoted holding company 
in which Serafmo stffl has a 12 
per cent stake. 

Italian news agencies said 
the Ferruzzi family's represen- 
tatives supported UqYddation, 
whi ch requires formal 
approval by the regulatory 
authorities. Shareholders 
would nominate a liquidator 
at a special assembly, proba- 
bly before the aid of the year. 

The trigger came at the 


By Kenneth Gooding, 

Mriing Correspondent 

The boardroom upheaval at 
Arcon International Resources, 
tire Irish company in which Mr 
Tony O'Reilly, chairman of 
Heinz Foods, has a 23 pear cent 
stake, has been settled with 
“an amicable and confidential 
agreement” and the immediate 
resignation of four directors. 

AD four have been associated 
with the company since it was 
founded as Conroy Interna- 
tional 

They are Mr Richard Conroy, 
former chairman and chief 
executive; Ms brother Mr Des- 
mond Conroy; Miss Maureen 


Jones, director responsible for 
administration and manage- 
ment; and Mr James Jones, 
director responsible for 
finance. 

Arcon issued an agreed state- 
ment saying they would “pur- 
sue other business interests”. 

The boardroom split came 
into the open in October when 
Mr Richard Conroy, Miss Jones 
and Mr Janes, resigned their 
executive roles claiming that, 
in their opinion, Arcon had 
“unilaterally and wrongfully 
repudiated their contracts”. 

Mr Brendan Gilmore, one of 
Mr O'Reilly's dose confidants, 
was immediately appointed 
chairman and chief executive. 


Arcon is preparing to start a 
565m lead-zinc mine at Gaknoy 
in County Kilkenny, Ireland's 
first new base metals mine for 
20 years. 

With his associates, Mr 
O’Reilly controls 2S3 per cent 
of the company while Outo- 
kumpu, the state-owned Finn- 
ish resources gro u p, owns 2L6 
per cent 

. Mr Richard Conroy, with 
associates and family, owns 
about 5 per cent. He set up 
Conroy, an investment com- 
pany, two years ago. Among 
other interests, it has large 
mineral claims in Finland 
where it is looking for gold and 
diamonds. 


tors reluctantly agreed to 
renounce L326bn (3199m) 
owed to Ferfin by Serafima, 
and write off a LlOOhn issue of 
Serafino bonds held by a 
related company. 

In errJiange, the family com- 
pany wDl write off a LIKLSbn 
Ferfin debt. Mr Guido Rossi, 
Ferfin chairman, held out 
against such a solution until 
the weekend when it became 
clear that otherwise Ferfin 
might have to repay tile debt 
to Serafino, without recover- 
ing what it was itself owed. 

Ferfin said the net write-off 
would affect the group's 1994 
accounts. Ferfin was expected 
to record a net loss tor the 
year. The company said that 
loss would still he lower than 
in 1993, in spite of the unex- 
pected increase in extr&ordi- 


Tbe 12 per cent stake in Fer- 
fin is likely to be taken up by 
the banks, which are the hold- 
ing company’s largest share- 
holders. 


Ahold’s US properties may 

be put into investment 



By Ronald van da Krof 

Ahold, the Dutch food retail 
group which operates six 
supermarket chains in the US, 
may hive off some of its US 
properties into a property 
investment fund. 

A decision on the fund, 
which, would be opened to par- 
ticipation front Institutional 
rather than private investors, 
is expected in early 1995. 

The company is discussing 
the idea with Dutch institu- 
tional investors. 

AhoM declined to say how 
much money it hoped to raise 


through the investment fond. 
However, it said it was not 
likely to seek a listing for the 

fond. . 

The company operates boo 

supermarkets in the eastern 
US making it one of the 10 
largest food retailers in the 
country. Some of these proper* 
ties are owned outright while 
others are leased. 

A study into a US property 
fund got under way several 
weeks ago, in response to keen 
interest among Dutch msutu- 
tiojoal investors for new prop- 
erty foods, particularly to the 
US, 


Ahold said ft was too tarty to 
ay how many fo proper- 
ties mi which its US sugtftuar- 
kets a te loaned tu ig& fe 
transferee! to the fond. .I. 

It would not conurant op « 
report in Dutch jMMr 
trade magazine Vast (kid 
Mark! which said the fond 
would start with assets of 
5100m divided over 10 ftipftr- 
marta properties. 

The company’s m US stores 

are in six regional ebstesfrom 
South Carolina to ' Mew 
England. The US supermarkets 
generate about half of Ahakfr 
annual turawer. 


Danisco exceeds expectations 


By HSary Barnes 

In 


Danisco. Europe's fourth 
largest sugar producer, lifted 
pre-tax profits in the half-year 
to October 31 by 25 per cent to 
DKr568m ($9 2m) from 
DKr4S3m. better than the com- 
pany had predicted. 

The group forecast a rise in 
profits of between 15 per cent 
and 20 per cent for the foil 
year, an upward adjustment of 


Group sales increased 10.5 
per cent to DKx7bn from 
DKi&33bu. 

The group has interests in 
sugar, distilling, snacks, frozen 
pea production, food ingredi- 
ents and packaging. All did 
better than last year, according 


to the interim report 
Food and beverages sales 
increased to DKrObn from 
DKr4.07bn and operating prof- 
its me to DKr504m from 
DKr394m. Sugar sales were 
strong in the first halt but are 
wyidiid to dip in the second 
hwif because the beet harvest 
was below normaL 
The group said Sweden’s 
decision to join the EU would 
have a positive impact on 
results. Danisco acquired 
Socker Bolaget, the Swedish 
monopoly sugar producer, two 
years ago and is in a position 
to consider structural changes 
in the Swedish industry, the 
interim report said. 

In Germany, rationalisation 
at factories in eastern Ger- 
many has been oompietad. 


Danisco'* EU sugar quote fo 
Denmark is 42S.QQ0 tosnat The 
group said production would 
exceed this but would- not 
reach last year's 521,900 
tonnes. In Germany, the quote 
was mow tonnes, but prods* 
tion this year would not be 
more thro 1Q5JOOO tonnes* Qi 
Sweden, production this year fe 
expected to be about 33&O90 
tonnes, about 50,000 tonnea 
less than in 1983-94. 

Grindsted Products, the food 
Ingredients company, which 
produces enaymes for food pro- 
cessing, increased sales to 
DKrUObn than DKrtSfcn and 
operating profits to DSftd&n 
from DKriSZm. 

The - packaging division 
increased soles to DErt,7tt» 
from D£rl.27bn. 


Ascom appoints chief executive 


By lanRodgar 
in Zurich 

Ascom, the troubled Swiss 
tefccommtrnncatioBS equipment 
group, has appointed Mr Hans- 
Ulrich Schroeder as its chief 
executive. He is currently head 
of the German unit of Alcatel, 
the French telecoms group. 

Ur Schroeder, a Swiss, will 
replace Sir Fred Sutter, a king- 
serving Ascom executive who 
stepped in a year ago when Mr 
Leooanto Vmmotti was sacked. 

The Swiss group, which has 
suffered two years of losses 
and business and management 
upheavals, said It had returned 


to profit in 1994 while net debt 
had been cut by one-third to 
about SFWOten 9451m) in the 
psst UttOOttSk 

Ascom is the product of & 
1987 merger of three traditional 
protected suppliers to the 
Swiss PTT. ft has hem strug- 
gling to develop a strategy to 
cope with liberalised telecom- 
municatiom markets. 

In the wake of Mr Vannottfs 
depa rt ure and a 1993 loss of 
SFr33S.7m, it was suggested 
the group be broken up. But 
the directors approved 
restructuring, recognising the 
customer base was too small to- 
support a frill range of tele- 


coms activities. Ascom. haw; 
sold off and closed several 
activities, and concentrates on 
three product tinea; telephone 
sets and related systems, cor- 
porate network systems, and 
coin- and card-operated; tet*- 


• Georg Fischer, foe Swiss 
foundries and engineering - 
- group, is to acquire Schubert A ■’ 
Salaer Efseoguss, a Leipzig- - 
based iron foundry that makes ■ 
cast Ira oonpoBfltb for heavy 
vehicles and construction 4 
machinery. The foundry 
employs 300 and 1994 sales are 
expected to be DM6Sm 

(wum). 


This announce mem appears as a matter of record only. 


December, 1994 



Petroleum a.s. 



We are pleased to announce that 
effective Monday, December 19, 1994 


US $850,000,000 
7 year Revolving Credit Facility 


ABN AMRO Bank N.V. 


Arrangers 

Barclays Syndications Deutsche Bank AG London 


Co-arrangers 


Christiania B ank og Kreditkasse 


Den norske Bank 


Lead Managers 

ABN AMRO Bank N.V. Barclays Bank PLC 

Christiania Bank og Kreditkasse 

Bayerische Landes bank Girozentrale 
Commerzbank Aktiengeselischaft 
The industrial Bank of Japan, Limited 
The Sakura Bank, Limited 

Societ€ Generate 

■ 

Managers 

Bank of America NT&SA 
Chemical Bank 

The Long-Term Credit Bank of Japan, Limited 
The Sumitomo Bank, Limited 

Agent 

Barclays Bank PLC 


Deutsche Bank AG London 
Den norske Bank 

Citibank International pic 
The Fuji Bank, Limited 
The Royal Bank of Scotland pic 
Scotiabank (Ireland) Limited 


The Bank of Tokyo, Ltd. 

Credit Suisse 
NationsBank 
Union Bank of Switzerland 





PaineWebber International (UK) Ltd. 

mi m ■ 

incorporating the international fixed income business of 

Kidder, Peabody 



will be operating from the following locations: 


The Fixed Income Division 

Finsbury Dials 
20 Finsbury Street 
London EC2 
071-814 9360 


The Equity Division 

1 Finsbury Avenue 
London EC2 
071-422 2000 


We would like to take this opportunity to thank our clients for 
their support, and wish you a successful and prosperous 1995. 


1 


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20 


FtNlVNCIAL TIMES TUESDAY PECRMSSR ,»»— 



Moore reduces stake in 
business-forms partnership 


INTERNATIONAL COMPANIES AND CAPITAL MARKETS 


% Bernard Simon in Toronto 

Canada’s Moore Corporation 
baa taken a big step towards 
shifting its emphasis from 
paper items to more sophisti- 
cated information-handling 
systems by selling the bulk of 
its stake in Toppan Moore, 
Japan's biggest business-forms 
supplier. 

Moore will receive Y34,4bn 
<$343m) from the sate of 35 per 
cent of Toppan Moore to its 
Japanese partner, Toppan 
Printing. The deal, which will 
be mniptetfid early next year, 
will raise Toppen's stake in the 
joint venture to 90 per oent, 
leaving Moore with 10 per cent 

Toppan Moore has contrib- 
uted an average of 10 cents a 
share over the past three years 
to Moore's annual earnings, 
which totalled 05$&2m, or 83 
cents a share, in the first nine 
months of 1991 

Moore had planned to reduce 


its stake in Toppan Moore 
through a public share offering 
in Japan, but that was expec- 
ted to take up to two years. 
“We have got the same deal, 
dealing directly with Toppan," 1 
Ms Shoba Khetrapal, Moore 
treasurer, said yesterday. 

Moore, which claims to be 
the world's largest supplier of 
business forms, is undergoing 
a shake-up spearhea d ed by Mr 
Rato Brano, who took over as 
chief executive in late 1993. 
The Toronto-based company 
unveiled a new business plan 
earlier this year to keep 
abreast of the shift Gram papa 1 
to electronic information 
sources. 

It aims to concentrate on 
three businesses: forms and 
form-management systems; 
labelling systems, including 
bar-codes; and customer com- 
munications, such as direct 

Tfce proceeds of the Toppan 


Moore sale will be used for 
acquisitions in these fields. 
Including further investments 
in Japan and other Asian coun- 
tries. Moore recently bought a 
60 per cent stake in a new 
information-handling .systems 
joint venture in China. Its part- 
ner is Shanghai Jielong Indus- 
try Corporation. 

As part of Us new strategy, 
Moore has also bought a 20 per 
cent stake in JetForm, an Ott- 
awa-based specialist in elec- 
tronic forms technology, and 
has fbnned an alliance with 
Patamax of Orlando, Florida, 
to develop a thermal bar-code 
printer for liner less labels. ■ 

Mr Braun aims to expand 
revenues by 10 per cent a year 
for the next five years, with 
more than half the growth 
coming from alliances and 
acquisitions. Moore's sales 
totalled almost $U3bn in the 
period January-September 
1994. 


Toyota raises first-half forecast 


By EmBco Terazono in Tokyo 

Toyota Motor, the leading 
Japanese carmaker, has 
revised upwards its profit fore- 
casts for the first half to 
December in spite of the yea’s 
appreciation, 

Mr Tatsuro Toyoda, presi- 
dent, said aggressive cost cut- 
ting would lift unconsolidated 
operating and recurring prof- 
its, before extraordinary items 
and tax, to 10 per oent above 
the original interim forecast 

Non-consolidated recurring 
profits for tire interim period 
are now expected to rise 7L3 
per cent from the previous 
year to Y145bn ($L44bn) while 
operating profits are estimated 
to Increase nine-fold to Y85bn. 

The company has reduced 
the variation In car models by 


WORLD BOND PRICES 


20 per cent and the number of 
parts by 30 per cent. 

The cost-cutting helped 
cover the Y30bn foreign 
exchange loss which bad 
arisen as a result of the com- 
pany basing its initial forecasts 
on. a yen/dollar rate of Y103, 
against the actual YS8 through 
the July-Decenxber period. 

Mr Toyoda was confident 
about the company’s domestic 
sales and overseas manufactur- 
ing Be forecast that domestic 
sales in the year to next 
December would climb 10 per 
cent from a year earlier to 
2.24m vehicles, after falling 1 
per cent this year to 2.04m- 

Overseas production, which 
rose 19 per cent to L05m units 
this year, is expected to 
Increase by 18 per cent to 
L25m in 1995. 


However, domestic produc- 
tion and exports from Japan 
are expected to continue to he 
weak. Domestic production, 
which fell l per cent to 3.51m 
vehicles this year, is projected 
to decline 3 per rent to 3.42m. 
next year while exports, which 
fall by 2 per cent to L51m this 
year, are forecast to tumble 17 
per cent to L25m next year. 

• Honda Motor of Japan yes- 
terday signed an agreement 
with Turkey’s Anadoln Endus- 
tri Holding to set a joint 
venture to manufacture and 
market motorcycles in Turkey. 

The Japanese company said 
the two companies would mod- 
ify an existing plant owned by 
Anadoln to start producing 
I25cc motorcycles in mid-1996 
at an initial rate of 6J)00 units 
a year. 


Ben & Jerry 
shares fall 
after loss 
warning 

By Retard Tomkins 
ki New York 

Ben & Jerry’s Homemade, the 
US ice-cream cnmpai^y famous 
for its odd ball approach to 
business, yesterday su r p r is e d 
toe stock market by wanting 
that it expected to tore in a 
net loss of between fTQQjNQ 
and 1900,000 hi the quarter to 
December because Of a down- 
turn in sales. 

The company said U had 
maintained its 42 per cent 
share of the super premium 
ice-cream market, but the sec- 
tor as a whole had shrank 
because of exceptionally heavy 
promotional activity by com- 
panies in the premium sector. 
As a result, the company’s 
sales were down by S per rent 

Boa St Jerry’s shares, which 
traded at nearly $34 at the 
height of the company’s 
growth in 1992, plunged $1% 
to $10 after (he announcement 

Ben & Jerry, which donates 
7.5 per emit of its pre-tax prof- 
its to charity, has grown rap- 
idly since its inception in 197% 
it made net profits of $7 Jtm on 
sales of $140 .3m last year. But 
it has recen tly been struggling 
to maintain its momentum. 

Earlier this year Mr Ben 
Cohen, one of the founders, 
announced that he was step- 
ping aside as chief executive 
and invited applicants to send 
in essays explaining in 100 
words: “Why I would be a 
great CEO for Bret & Jerry’s'’. 
The job has not yet been filled. 

Yesterday Mr Chock Lacy, 
chief operating officer, said 
the snper premium category 
had been sluggish this year 
because of -unprecedented* 
promotional activity in the 
premium sector. 

In last year’s fourth qaarter 
Ben A Jerry’s made net profits 
of 91.1m. 


Rad 

Capon Data 


Oaf* We* Month 

Price change Yield ago a go 


Italy 

■ NOTIONAL ITALIAN QOVT- BOND OTP) 
(UFFQ* Lin 200m lOOillS of 10096 


Ausfctfb 

&500 

wm 

92JI600 

*0.120 

T0L2Z 

1020 

1049 

Belgium 

7JS0 

10 to* 

95^300 

-0370 

038 

829 

840 

Canada* 

9J30Q 

12AM 

904000 

-0250 

009 

818 

815 

Denrafc 

7.000 

12AM 

ea42oo 

-0080 

a79 

867 

882 

Ranoe STAN 

aooo 

05/98 

1Q0JB200 

-0180 


731 

747 

OAT 

7-500 

owe 

964400 

-0500 

6.16 

803 

819 

Germany Bund 

T^OO 

11704 

100.1800 

+0300 

7JU 

746 

756 

m 

8JBO0 

08/04 

«X350O 

-0590 12.00t 

11.92 

11.06 

Japan No 119 

4800 

08/99 

1004400 

— 

091 

806 

406 

No 164 

4.100 

12AB 

Q&6Q40 

-0120 

4JS2 

«8 

<74 

NettwrftaKSa 

7-260 

1004 

97-2800 

-0080 

7m 

741 

7j61 

Spain 

10X100 

0506 

90.4500 

+0050 

11J33 

11-33 

11JK 

UK GDIs 

bmo 

06/99 

90-21 

*202 

847 

847 

636 


a750 

11AM 

88-17 

+3/32 

848 

851 

854 


9jqqo 

10/08 

104-09 

+402 

847 

850 

864 

USTtoesny* 

7-975 

11AM 

100-14 

-102 

7M 

7JS6 

802 


7-500 

11/24 

96-02 

+502 

7J84 

7J92 

814 

ECU ftanch GmQ 

6,000 

04AM 

83*9700 

-0310 

855 

844 

860 

London dbfkKL "Nmr Yurts mid-day 




YSrtdK Uacrt norint ttnd 

A m * ~ ^ ■ - - * ■ — — •> * - * 

7 wwe fncuanQ wnrong ex a wa par pn pfowi vif Bawwwia 

Pricaas U9, UK fa 3£nds, otfwm kf docmaaf Soaoe AAIS inbatnotf 

US INTEREST 

RATES 







Mar 

Jun 


Open Sett price Change Mpf) Low 

90.12 9*00 -041 9010 9075 

9090 -041 


Eat vo I Open hL 

13383 49727 

0 20 


■ ITALIAN GOVT. BONO OTP) FUTURES OPTIONS (UFFQ UrattOm lOQtts Of 10096 


State 

fttae 






Mar 

Am 

Mer 

Jan 

1.77 

2.19 

1.77 

2^0 

1-S2 

1^8 ■ 

£02 

818 

1 39 

1J8 

223 

848 


1140 Pula $087. IV>y|a< tMf* apan fat* 


Spain 

M NOTIONAL SPANISH 


liochtae 


KWnavato 




One mortis 
a** Tmmoam 

S three me' 
Ste monte 
- Qmjear 


Treasury Sfa and Bond Ytekb 
SAB Twojcv 


592 OmjaSHL 
SJU 

553 iemr 
7.12 " 


75B 

7JU 
739 
7 JO 
795 


Dec 

Mar 


UK 


Opan 3*8 price Change Htfi Low 
8QLB3 S&37 -024 8&Q5 88L32 

sens 85 jt -aie a&io ssje 


EM. voL Open int 
21,272 14.419 

10875 37.567 


■ HonomL uk oaTHmams gjrg* eftooo saws <* ioom 


BOND FUTURES AND OPTIONS 


I 


Dec 

Mgr 


Open Sett price 

10MB 102-31 
102-07 102-10 


+0-04 

+0-OS 


Htfi 

103-00 

1(8*15 


LOW 

102-27 

102-00 


Eat uof 

417 

12093 


Open int 

17518 

104469 


■ KOmONAL FRENCH BOND FUTURES (MATIF) 


■ LONG QflJT RJTWE& OPTIONS 0JFFQ ESOjDOO 64019 Of 10096 



Open 

Sett price 

Change 

rqQTl 

LOW 

Est voL 

Open KnL 

Strike 

Deo 

11814 

11800 

-092 

11814 

11242 

14409 

20,383 

Price 

Mar 

111-33 

11090 

-040 

11188 

110-88 

89465 

138872 

102 

Jui 

11084 

11024 

-040 

11004 

110.04 

2 

2465 

103 

104 
Eat ro 


Mar 

1-38 

1-06 

0-45 




Jun 

2-06 

1-44. 

1-21 


Me 

1-18 

1- 48 

2- 25 


Jin 

2-50 

344 

4-01 


EatWLMACdsSm Ms TSLMotsd^qpM (r*. Ctafa 22232 Put* 2M72 


■ LONG TERM FRENCH BOND OPTIONS (MATH 5 ) 


State 


Jan 




Jm 


Jan 


PUTS 

MW 


Jun 


110 

111 

112 

113 

114 


0.44 - - - - - 

0.10 - - - - - 

OiB 
0.01 

7.132 Puis 7371 . PmviMrt open fat, Cato 18 0694 ms 149,09. 


■ ECU BOND RJIWE8 (MATTF) 


Dec 


Open Settprioe Change . righ Low 

91-44 8138 -006 *\M 9136 


E sc, voL Open fint 
1.216 


Qomum y 
■ NOTIONAL ROW AN 


BUND FUTURES flJFFQT PM280JW IQOChe of 10094 


■ US TREASURY BOW HITURE& f36T) OTOQjOOQ 32nd* of 100% 


Mar 

Jun 


Open Sett price Change hflgh 

89.70 4X21 9008 

99.10 4X21 


Low 


EsL vof Open (nt 

172613 
0 766 



Open 

Inl^f 

Change 

tffljh 

UMr 

£sL vd .Open ML 

Dec 

100-00 

100-01 

-4 

100-01 

9080 

8810 

38110 

Mar 

99-14 

99-15 

4001 

99-10 

99-11 

238571 

354,384 

Jun 

9831 

99-01 

- 

99-01 

908Q 

814 

18174 


M BUND FUTURES OPTIONS (UFFQ DM260,000 points of 10099 


StaKe 

Price 

Jan 

Feb 

CALLS — 
Mar 

«kl) 

Jan 

PUTS 

Fab Afar 

Jun 

8800 

032 

0.79 

0L98 

1.10 

012 

069 

079 

140 

9009 

0.00 

054 

074 

096 

038 

084 

144 

1JB8 

9060 

043 

036 

083 

078 

083 

1.15 

143 

2.18 


■ NOTIONAL LONG IBM JAPANESE OOTT. 
(UFFE) YlOOm IQOthe of 100ft 


Me 


Open 

10025 


Esc w. m 


6309 mi 40V. Mto dmfm apro Inu Cafe iNMOfl Puli 123819 


on WT. M Open MM tigs. 


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10630 10934 

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Est rd Open JnL 
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( UK GILTS PRICES 1 

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O84H0UN 



Dealers switch focus to euroyen 


By Graham Bowfey 

Activity in the eurobond 
market y es te rda y was quiet in 
the run-up to Christinas, with 
only a small number, of dais 
in Europe anti a SlOfen float- 
tog-rate note signed to Asia by 
tile Bank of Seoul. 

INTERNATIONAL 

BONDS 

Attention is now turning to 
the new year, when dealers 
expect the euroyen market to 
provide most ex c itement "The 
bid for yen is still strong;” said 
one syndicate manager. 

He said, that the two-tranche 


yiafta six 10-year offering 
launched last week by the 
Republic of Austria had been 
extremely well-received by 
investors. He expected "that 
sort of demand to continue 
both os ex institutional basis 
and on a retail basis”. 

‘Three are a lot oT borrowers 
looking at toe yen market - 
such as Spain and the EIB 
(European Investment Bank]." 
Rff id mother syndicate official. 
“The swap levels there are 
attractive, particularly when 
other markets are less recep- 
tive,” he said. 

The prospect of Increased 
yen-issuance was boosted by 
comments made by a Japanese 
Ministry- of Finance official 


that japan is considering 
either easing or abofistiing to® 
“lock-up" period for evuroyen 
bonds issued by nonsovreagn 
foreign borrowers. 

This move would help roe 
distribution of eurobo nds to 
investors in Japan, However, 

the official told Reuters that m 

specific timetable bad been set 

Restriction on the purchase 
of euroyen bonds .issued by 
sovereign borrowers were abol- 
ished in January tins year. 

Dealers also expect to see 
greater activity to. the euro- 
dollar sector early next year, 
particularly In the five-year 
area of the yield curve. “We 
are seeing consistent interest 
in the dollar sector, and 


Traders await FOMC meeting 


By Lisa Branstan in New York 
and Martin Brice hi London 


US Treasury prices 
mostly flat to quiet trading 
yesterday morning ahead of 
today's meeting of toe Federal 
Reserve’s policy-making 
committee. 

At midday, the benchmark 
30-year government bond was 
up % at 96 i yielding 122ft per 
cent. At the short end of the 
market, the two-year was 
unchanged at 992, yielding 
7.563 per cent. 

There was some short-cover- 
ing as traders prepared for the 
Fed's open market c ommittee 
meeting. For weeks the market 
has been up and down on spec- 
ulation about whether the Fed 
would raise rates. 

In November the Fed finally 
convinced investors that it 
would hold the line against 
Inflation, which caused the 
yield spread between the 
two-year and toe 30-year bond 
to fall sharply as traders bet 
that the Fed might raise rates 
in December. A jQattentog yield 
curve is interpreted as a signal 
that the market expects eco- 
nomic stowing. 


Over the past two weeks, 
many have reversed thrir bets 
about a December rate 
increase - and toe yield spread 
widened modestly - as mild 
inflation numbers convinced 
many that the central bank 
might wait for the new year to 
put rates up again. 

GOVERNMENT 
BONOS 

Politics has also become a 
concern for the market 
recently, as Democrats and 
BepubHftans try win the hearts 
of voters with tax-cutting 
plans. 

■ UK government bonds rose 
slightly, and the December 
long gilt future moved up £ to 
around RBK to late trading. 
The yield spread over German 
governme n t bonds was around 
115 to late trading 

Mr Andrew Roberts at UBS 
said trade was very thin, with 
investors unlikely to place 
large orders before the new 
year. He said Hows were likely 
to remain very thin ahead of 
Christmas; however, support 


from domestic investors was 

underpinning gilt prices. 

EGerman government, bands 
slipped, and the March bund 
futures contract mi Lifie fell by 
around 021 on the day to 88.70 
to late trading. An analyst at 
Deu t sc he Hanif in Frankfurt 
said trading was likely to 
remain very slow to the run-up 
to Christmas, but there was 
substantial support for bunds 
at tbs 89.70 larveL 

B Italian government bonds 
fell, and the March bond 
futures contract on Liffo 
moved to around 98.14 to late 
trading, a fell of 0.47. Mr Plo de 
Gregorio at NatWest Markets 
said investors were worried, 
about political events, but 
these worries were obscuring 
the positive fundamentals. 

He said: ‘Ttoflattoa Is trend- 
ing down, but the worries of 
the political developments and 
the public finances are very 
much the focus of investors’ 
attention. The lira looks 
ex t r e m ely undervalued, ft has 
an enormous risk prsnliim 
because of the political racer* 
tainty.” 


recently there has bean a tot ot 

swit^Dgout^toWSwand 
into five-year booqs, $an aa 
trader. 

Dapfe, Germany's hugest 
mortgage bank* toereasad its 
DM75QU five-year offering 
launched test month to DMiba. 
due to "eweptional demand 
from European rehdl and instt 
tuttonal investor," Jotat toad 
manager Comanbuit UU* . 

Colombia's state institute for 
Industrial Development Is to 
issue a SIQOm eurobond to Feb- 
ruary 1996, via Citibank, * 
finance ministry official told 
Reuters. The proewds from tea 
offering would he used to nwka 
long-term loans to industrial 
companies, he said. ' 

Fisons and 
RPR abandon 
US venture 

e m 

By DuM Green 

RhAne- Poulenc Borer OtPftX 
tbu diUJS 87& oE Fwoch ttN a ft- 

j ea fa f pmpnrw Rtfoe fafeB?, 

and Fisons or the UK, have 
aban don ed a pharmaceuticals 
joint venture to the US. 

Ftsoos’ most Important chug. 
ffWhtna treatment TUada, and 
RPK's Azmaoort wlU now no 
longer be acid by each others 1 


FfcMjas said yesterday the 
change followed the transfor- 
mation to the US healthcare 
market where Individual doc* 
tora are being replaced ax drag 
buyers by health management 
organisations. 

This required smaller, more 
specialised sales teams, said 
Fisons. The company test sum* 
mer cut Its US sales force by 
almost 10 per cent 

Fisons Is undergoing a 
detailed strategic review wbkh 
may lead to a radical reorgani- 
sation to the next few months, 

RPR and Fisons still have a 
joint marketing ag reeme n t to 
Korops. 


uk caw 


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Towards life? \ 

What a fine destination. The unrelenting \ 

struggle towards preserving health. Always \ 

striving to improve the quality of life. \ 

This is precisely why our motto is “To Life!” \ 

And why we are totally dedicated to this task. ' 

We are Pharmacia, one of the world’s leading 
pharmaceutical companies with some 20,000 employees 
striving towards the same goal: To improve life, 
to make it easier. 

Proud though we are of this mission, being a citizen of 
the world means being respected by all in the community. 
Keenly involved in health care. Always open to discuss issues. 

The lasting testimony of our efforts must certainly be the 
innovation of new and better treatments. 

As we found out a long time ago, this means constantly 
searching for new ideas. Asking questions, but never settling 
on simple answers. . 

In fact, patients the world over are already experiencing the 
benefits of our struggle. Which is just as it should be. 

We hope you will follow our unrelenting efforts towards 
better health and care, now that we are acquainted. 

“To Life!” 


» 

\ 


n 



lo 


We are active in more than 100 countries, and lead the world in a number of specialist fields of therapy: Cancer, Growth hormone deficiency. Smoking cessation. Eye surgery. Clinical nutrition, 
and Aflergy diagnostics. In addition, we are active m several therapeutic areas such as Thrombosis, Diseases of the central nervous system. Urological/gynaecological diseases. Rheumatism, 
Chronic bowel inflammation. Immunology, With a turnover of some SEK 27 billion, we rank today among the world's 20 largest pharmaceutical companies. 


Pharmacia 


. t - B 


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a 


■■■■■ tp « ~ — . 


FINANCIAL TIMES TUESDAY -DECEMBER 20 19**4 


Banks agree three day 
extension for Stanhope 


COMPANY NEWS: UK 


- % ■ 

• " • ■ ■ ■ " 

P _ 

The Trafalgar House bid for Northern Electric: local reaction and funding details 

. " ■ ■ ™ 

Bidder Tli-ir! mn cr tti a Ararli V* t 1 it\7 rra v* 


Bg Simon London, 


Stanhope yesterday won a 
three-day breathing space as 
bank s agreed to extend the 
property developer's borrowing 
facilities until Thursday. 

The company’s £L40m loans 
were due for repayment at 
&90pm yesterday. All IS banks 
in its landing syndicate agreed 
to an extemskra. early in the 
afternoon and a terse Stock 
Exchange announcement was 
issued just minutes before the 
deadline. 

Stanhope, headed by Hr 
Stuart Upton, will use the 
breathing space to answer 
detailed questions from the 
banks relating to refinancing 
proposals received last week. 

If it can satisfy the banks, 
led by Barclays and advised by 
Barclays de Zoete Wedd, a 
three month, extension of the 


borrowing facility could follow. 
This would give Stanhope suf- 
ficient time to put one of the 
rescue packages into practice. 

However, sources close to 
tbs negotiations sgj i ri that some 
banks stOl needed to be finally 
convinced that refinancing 
would be a better option than, 
receivership. 

The main refinancing plans 
come from British Land, file 
property investment company 
headed by Ur John Ritblat, 
and Postd, the post office and 
telecommunications pension 
fund. The Postel plan envis- 
ages a rights issue of up to 
£250m, underwritten by the 
pension fund and other institu- 
tional investors. 

Stanhope could then par- 
tially repay its banks and buy 
the 50 per cent it does not 
already own of Broadgate Prop- 
erties, which owns much of the 
Tf frrpadgp tp and Ludgate 


developments in the City of 
London, The other half of 
Broadgate Properties is owned 
by Rosehaugh, Stanhope’s for- 
mer development partner 
which went into receivership 
in 139L 

British Land has offered the 
banks a cash-and-paper deal 
for Stanhope’s half 

share in. Broadgate Properties. 

While both proposals were 
revised late fast wed: to offer 
better terms to Stanhope’s 
lenders, the banks would have 
to write off up to 20p in the 
pound on their baits. 

Stanhope lias also asked the 
banks to consider a debt stand- 
still of up to three years, at the 
end of which they would 
receive foil repayment 

The c o mp an y believes it has 
found an Investor willing to 
provide working capital during 
a standstill period in return for 
an equity stake. 


Berisford statement on US 
acquisition expected soon 


opts for 

derivatives 

contract 

ffy DavM Wigtiton 

Trafalgar House is planning to 
offset a large part of the 
expenses, related to the ofte - 
for Northern Electric by 
entering into a derivatives 
c on t rac t with Swiss Bank, its. 
financial adviser. 

In return for an undisclosed 
fee, Trafalgar will benefit from 
any rise in the share price of 
Nartfamu Electric and several 
other regional electricity 
companies over and above 
reference prices set when the 
contracts were struck a mouth 
ago. 

Trafalgar expects to dose 
out the contracts during the 
offer period. 

It is thought to be the first 
bidder to use such “contracts 
for differences” winch should 
reduce its costs whether the 
offer succeeds or fads. 

Trafalgar opted for this 
mechanism rather than buy 
shares in the target in the 
market, the traditional 
method used by bidders to 


Berisford International is 
expected imminently to make 
an announcement regarding its 
$50Qm (£305m) takeover talks 
with Welbflt, the US kitchen 
equipment group. The talks are 
thought to be stalled on price. 

Berisford, which yesterday 
requested a suspension of its 
shares at 228p after news of the 
deal was leaked in London at 
the weekend, is believed to 
have set a deadline for the 
negotiations. 

Welbflt, winch manufactures 

rnirrmarnfal kitnihgn equipment 

for fast food chains sdfh as 
M cD onald's and Burger King; 
yesterday sought to emphasise 
the uncertainty of the negotia- 
tions. 

It issued a statement saying 


there could be “no assurance 
that an agreement will be 
reached with respect to any 
such transaction, or that any 
such transaction will be con- 
summated.”. 

There was also speculation 
in the US that Welbilt had 
been in discussions with other 
parties about a possible take- 
over. Berisford yesterday 
denied any knowledge of 
potential rivals. 

US analysts suggested that a 
price of $35 a share, or roughly 
fSOOm, would be enough to 
tempt Mr Jerome Kohl berg, 
Welbilfs 47 per cent share- 
holder. “At that price I do not 
think they would want to lose 
their bidder,” said one. 

However, there were some 
reservations over the possibil- 
ity that a bid would have 


to rely an. a rights issue. 

In the UK, however, inves- 
tors have Long known about 
the ambitions of Ur Alan 
Bowkett, chief executive, to 
build a global business in the 
services or manufacturing sec- 
tors. 

He arrived almost three 
years ago, after a series of 
asset disposals rescued the for- 
mer property and commodities 
group from the brink of col- 
lapse. At the time, he said he 
intended to build Berisford 
with finance raised from prop- 
erty sales or rights issues. 

An attempt last year to take 
over C&J Clark, the shoe com- 
pany, was unsuccessful. 

Earlier this year, however, 
Berisford bought Magnet, the 
ki tchen and joinery manufac- 
turer and retailer, for £5&n. 


Rival merchant bankers sakl 
it was a clever scheme which 
was likely to be copied. 
“Buying shares before or at 
the start of a hid has become 
more difficult because 
institutions are increasingly 
loath to selL And while 
picking up 2 or 3 per cent 
hardly makes much impact on 
the outcome it can stDl leave 
you with a hdty loss if the bid 
foils,” said one investment 
ba nter . 

The advisory side of Swiss 
Bank does not know how its 
derivatives arm has covered 
its position, if at alL 

If it has bought Northern 
Electric shares, under the 
Takeover Code it will not be 
able to assent them to the 
offer until it goes 
unconditiouaL 


These securities hose not been registered under the Securities Act of 1933 and mty not be offend or sold in 
the United Slates or la a US. payon, absent registration or an applicable exemption from the registration 
requirements. All these seamless hose beat sold. This announcement appears as a matter of record only. 


U.S.$1 56.792.670 


HYLSAEMEX 

Hylsamex, S.A. de GY 


43,756,094 Series B Shares 


Price U.S.$21.50 perADS/GDS 


2£98,528 Regulation S CDSs each representing 6 Series B Shares 
International Offering 


X B Morgan Securities Ltd. 


Morgan Stanley & Co. 


Baring Brothers & Co., Limited 


ABN AMRO Bank N.V. 


Deutsche Bank 


Inversora Bursdiii, SLA. de GV 


Serfin 


ities, Inc. 


UBS Limited 


3,447,792 Rule 144A ADSs each representing 6 Series B Shares 
United States Offering 


X P Morgan Securities Inc. 


Morgan Stanley Sc Co. 


Baring Securities Inc. 


C. J. Lawrence/Deutsche Bank 


JKkkfto; Peabody & Co 


Lazard Fr&res & Co. 


9,278,174 Series B Shares 
Mexican Offering 


Salomon Brothers Inc 


Operadora de Boisa Serfin, S.A. de CV. 


October 27 , 1994 


Chris Tighe considers the implications for the regional economy 


T his morning, the chair- 
man and chirf executive 
of Trafalgar House, the 
engineering and property con- 
glamerate bidding for Northern 
Electric, will pose for photo- 
graphs beside the Tyne Bridge. 

In choosing this backdrop, 
the most evocative and imme- 
diately recognisable symbol of 
Tyneside, Trafalgar is acknowl- 
edging the importance of 
regional identity in its fight to 
buy the north-east of England's 
regional electricity company. 

Trafalgar's choice of photo 
location is a bold attempt to 
emphasise its local links. In 
1982 it took over Dorman Long, 
builder of the Tyne Bridge, and 
it now owns 14 companies In 
the region. These include 
Cleveland Structural Engineer- 
ing, successor to the company 
which built two of the Tyne’s 
other big bridges. 

Local control is an Important 
issue in a region preoccupied 
by the problems of high unem- 
ployment, being geographically 
peripheral, the paucity of local- 
ly-based quoted companies and 
the need to maintain quality 
jobs for its university gradtt- 



TRfl FdLXWR H<W5€ 


“This isn’t about Trafalgar 
House, it's about the loss of 
control of a regional com- 
pany,” said Mr Doug Hender- 
son, Labour MP for Newcastle 
North. He wrote yesterday to 
the Office of Fair Trading, 
urging an investigation. 

Mr Henderson is worried 
that the hid could trigger rapid 
concentration of rec owner- 
ship, reducing competitiveness 
and technological edge. It 
could also cost the region 
much needed jobs, especially if 
the rec’s headquarters lost 




dedsuKHnakfog autonomy. 

Northeast England has only 
24 pics with local headquar- 
ters, of which Northern. Elec- 
tric is the largest Despite some 
new listings this year, this fig- 
ure has remained fairly static, 
“ft's sad that as soon as vre 
tend to get them, a lot get 
taken over,” said analyst Mr 
John Dickinson, a director of 
stockbrokers Wise Speke, 
based round the corner from 
Northern’s Newcastle head* 
quarters. 

Yesterday, Mr Arthur Foord, 
the Confederation of British 
Industry's northern region 
director, while stressing that 
be was not criticising Trafal- 
gar, ex pressed concern at the 
loss of headquarter from the 


“It’s im p o rtan t that manage- 
ment expertise at the senior 


level is held within the regon 
because that Influences invest- 
ment in plants.” 

Newcastle-based Mr Mike 
Darlington, managing director 
of Greggs pic, Britain’s biggest 
bakery chain, shares Mr 
Foard’s apprehensions. “I don’t 
Eke seeing businesses based in 
the north disappearing, l don't . 
think it's good , for the north, 
the power fa moving away.” , 

Mr Dariington, whose com- 
pany spends £4m a year on 
electricity from a number of 
recs, including Northern, 
added: "As a customer 1 can't 
see any advantage to our busi- 
ness.’’ He is concerned about 
investment pi ar y? uodffTrafal* 
gar and the possible loss of 
competition between recs. 

Emerging into the December 
chill from the showroom 
attadred to Northern Electric’s 


headquarters - a showroom 
adorned with "Buy now. pay 
1995” posters - fireman Mr 
Ken Gurling voiced similar 
concerns. “Trafalgar House 
have their fingers in so many 
pies. “Electric companies 
should be electric compan- 
ies." 

Mr Gurling and others ques- 
tioned outside the showroom 
w e re unimpressed with Trafal- 
gar’s offer of £20 off their first 
electricity bill after the take- 
over. Loyalty to Northern was 
coupled with some opposition 
to the privatisation of the elec- 
tricity industry. 

Some feared further job 
losses. Tro had dealings with 
Trafalgar House; they're com- 
mercial, profit orientated. 
There would be job cuts,” said 
interior designer Mr Richard 
Ry croft The £20 was, he said, a 
“sweetener". 

Labour’s chief whip. Mr 
Derek Foster, was blunter still. 
calling it the "bribe of the cen- 
tury” offered in an attempt to 
"hijack” one of the north's 
leading companies. Sale of the 
National Grid shares, added Mr 
Foster, could bring £325m into 
Northern’s coffers. 

Unions representing North- 
ern’s 4JOOO employees are com- 
mitted to fighting the bid- “The 
hoard is saying they also wish 
to retain independence, but our 
concern is that money talks, " 
said Mr Dave Harrison, chair- 
man of the joist unions. 

Although the unions bave 
been critical of Northern's 
plans, still under negotiation, 
to shed 800 jobs, they would 
prefer, he said, to see the com- 
pany retain its independence. 
“It's a case of better the devil 
you know." 


Charge of financial engineering? 

a ■ * # 

Trafalgar could offset its tax losses, writes Michael Smith 

M r David Morris, tive, said that the industry rag- cent share of that would be a ted since and this has been 
chairman of North- Utahn's decision to seek distori- £65m, some or all of- which reflected by a rise in ils share 
em Electric, has button price cuts of 17 per cent could be offset by Trafalgar. price. 


M r David Morris, 
chairman of North- 
ern Electric, has 
been involved in one hostile 
takeover bid before and, in 
that contest in the electrical 
engineering sector, he was 
with Delta when it bid unsuc- 
cessfully for Scholes in 1987. 

“We are not going to lose 
this one,” he said as he 
launched an attempt to keep 
his company independent from 
Trafalgar House. His oppo- 
nents are equally determined. 

Yesterday’s £L2bn offer may 
be insufficient to win Trafalgar 
its quarry but analysts believe 
that the benefits rtf a takeover 
for it are such that it may be 
willing to offer more if pushed. 

The bid will be watched 
dosely throughout the electric- 
ity sector. The possibilities of a 
white knight emerging from 
within the sector are being 
played down in the City. 

Other putative intra-sector 
alliances, however, together 
with potential hostile bids 
from outside, will be given 
impetus by the -bid, particu- 
larly if it is successful. What 
then are Trafalgar’s chances? 

It was still hopeful of a 
friendly merger, and was try- 
ing hard yesterday not to be 
hostile to Northern's manage- 
ment but a flavour of criticism 
inevitably crept through. 

Mr Nigel Rich, chief execu- 


tive, said that the industry reg- 
ulator’s decision to seek distri- 
bution price cuts of 17 per cent 
next April from Northern 
implied that Northern had 
much to do in cost cutting. 
Some regional companies face 
price cuts of just U per cent 

"Trafalgar's management fa 

confident of its ability to help 
Northern run its business 
more efficiently," said Mr Rich. 
Analysts woe more convinced 
about what Northern could 
bring to Trafalgar. 

Mr Rich pointed to the com- 
bination of regulated and nan- 
regulated businesses and to the 
possibilities for combining the 
two companies’ electricity 
expertise to expand overseas. 

Any company would faring 
similar things. The unusual 
aspect of Trafalgar’s bid is how 
it can offset tax losses against 
Northern’s steady stream of 
earnings. T rafalg ar hag £323m 
of unrelieved advance corpora- 
tion tax and tax losses which 
could be offset against trading 
profits and capital gains. Ana- 
lysts estimate these could cut 
Northern’s tax rate by up to 5 
percentage points. 

The capital losses could be 
put to use. in the flotation of 
the National Grid, scheduled 
for May or June. Assuming the 
regional power companies have 
to pay about £lbn in capital 
gains tax. Nor thern ’s 6JB per 


cent share of that would be 
£65m, some or all of-wbkfa 
could be offset by Trafalgar. 

This may help to explain 
' why Trafalgar decided to 
launch its bid more than three 
months before the expiry of the 
government’s golden share. 
Waiting longer could have 
meant foregoing the chances to 
offset Northern’s (kid flotation 
tax bill. 

In the forthcoming weeks 
Northern will undoubtedly use 
the “financial engineering" 
charge against Trafalgar. Sat 
strive to such charges, Mr 
Simon Keswick. Trafalgar 
chairman, said his company 
had no intention of asset strip- 
ping. “We want to keep the 
business,” he said 

Northern will base its attack 
on Trafalgar’s prospects, com- 
bined with a defence of its own 
record. “Nearly 60 per cent of 
the basic offer consists of 
paper of uncertain value," its 
directors said. However, this 
argument may prove of limited 
value given the cash alterna- 
tive available which is a 28 per 
cent premium on Northern’s 
share price a month ago. 

in defending their record. 
Northern managers acknowl- 
edge that in the first two years 
after privatisation four years 
ago the company was rated 
below average by the sector 
but say it has been reevalu- 


MCIT calls for £70m 


By Ktehoias Denton 

The revival of leveraged 
buy-outs in the US has led Mez- 
zanine Capital & Income Trust 
2001, the UK memandne finance 
trust, to seek up to ETOm in 
new equity. 

The trust, to be renamed 
MCIT, had net assets of £6fan 
at the end of the third quarter, 
and the new issue effectively 
doubles its size. 

MCIT proposes to raise up to 
£70m before expenses by way 
of a placing and open offer of 
up to 70m S income shares at 
65p each and 70m S capital 
shares at 3Sp apiece. 

The shares may be sub- 


scribed for in the form of pack- 
age units comprising one share 
of each class with an issue 
price per package unit of lOOp. 

Of the issue, shares to the 
value of £62.5m are being 
placed and shares worth a fur- 
ther £7.5m are subject to an 
open offer to shareholders. 

Non-binding indications of 
interest in the placing have 
been received from institu- 
tions, fariiwWn g g ri sting sham . 

holders, for fifiasm. 

The issue fa sponsored by 
Hambies Bank and distributed 
by SG Warburg. 

MCIT fa raising money on 
the back of a record, of returns 
to investors that pat It up dose 


McAlpine close to £45m 
deal on quarry products 


By Christopher Price 

Alfred McAlptne, the 
housebuilding and construc- 
tion group, yesterday said it 
was to discussions to sell part 
of Its quarry products busi- 


Thfi deal, which will raise 
between £45m and £5Qm. will 
be signed with Georgs Wimpey 
some time in January.. 

McAlpine said it had 
received an offer for the three 
■regions of its quarry products 
business, covering the Mid- 
lands and. south Wales, north 
Wales and Scotland. These, 
accounted for turnover' of 
about £30m and operating prof- 


its of £L2m in the year to June 
30 1993w It has net assets of 
£37hl 

Wimpey fa thought to have 
beaten rival offers from Tar- 
mac and Redland. Nineteen 
quarries are to be sold, dealing 
predominantly to sand, gravel 
and slate. 

The company signalled tt 
was considering its position in 
the quarrying products busi- 
ness at Us year-end in Febru- 
ary. It said then: "The fortunes 
of the quarry products busi- 
ness continue to be closely 
related to the level of demand 
from downstream construction 
activities which remained rela- 
tively subdued.” 


to the top of league tables of 
investment trust performance. 

. Net assets have grown from 
£29m to £66m since the compa- 
ny’s launch, in 1986, giving a 
total return on net assets of 19 
per cent a year. MCIT has 
invested in small ventures 
ranging from the Great Ameri- 
can Cookie Company to the 
Fannie May Candy Corpora- 
tion. 

But MCI has found itself 
almost flilly invested and 
unwilling to incur substantial 
debts. The trust has moved to 
expand fas equity in response 
to. an increase to proposals 
from Jordan/Zalaznick Advis- 
ers. its US investment adviser. 

Philip Green in 
Owen Owen deal 

By NeB Bucfdey 

■ 

Mr Philip (keen, farmer head 
of Amber Day (now WEW) and 
present chairman of discount 
chain Xceptioos, fa going into 
department store retailing with 
the purchase of Owes. Owes 
far an undisclosed sum. 

Together with Mr David 
Thompson. WEWV former 
finance director. • he has 
acquired the 13-store group 
from SFP-LET International 

Owmr Owen’s turnover last 
year was £l75m. and although 
it made a loss of about £2m, Mr 
(keen said be believed it could 
be made profitable by sharing 
distribution and administra- 
tion costs with Xcaptions. 


a ted since and this has been 
reflected by a rise in Hs share 
price. 

. Mr Morris will be pointing to 
several distinguishing features 
about the company in a sector 
where 12 companies are con- 
stantly trying to differentiate 
themselves from each other. 

tt has, he says, been the 
most successful in Increasing 
its supply business outside its 
area and it was the first to buy 
back its shares to cut the tax 
hflis of shareholders. 

Yesterday both Trafalpr 
and Northern were claiming 
comfort from Northern's share 
price which remained, at 
£10.19, up 33p on the day, 
below both the cash and con- 
vertible preference share price 
offered by Trafalgar. 

Trafalgar believes it means 
the market approves its hid. 
Northern believes it means the 
market is concerned about the 
possibilities of Trafalgar clear- 
ing all the regulatory and fair 
trading hurdles to its way. 

Either way there is plenty of 
time for arguments and share 
prices to change. Trafalgar 
said it did not expect to com- 
plete the takeover before the 
end of March when the govern- 
ment’s golden share expires. 

Shareholders can comfort 
themselves with the thought 
that they are not being forced 
to leap to decisions. 


Fair ha veil 
bid terms 
disclosed 

By Geoff Dyer 

EflglerHle announced the 
terms yesterday of a paper and 
cash offer for Fairhaven 
International, the Bermoda- 
regfatered hnliWng company 
which has OGC International, 
the oil services group, as its 


The offer, which was first 
revealed on November 9, 
values Fair-haven at £71 ul 

Eagfaville, which already 
owns 28-9 per cent of 
Fairhaven, fa controlled by Mr 
Fred Olsen, the Norwegian 
shipping magnate. Through 
other interests, Mr Olsen 
controls 75 per cent of 
Fairhaven. The offer is 
designed as a ti dying-up 
exercise for Olsen interests 
and a means of taking 
Fairhaven private. 

EagfevQle is offering one 
OGC share for every. 5 
Fairhaven shares, giving them 
a value of about 29p. 

this fa a 80 per cent 
premium over the price of 
22%p that Fairhaven shares 
had on November 8, the day 
before its directors announced 
that they had received an 
approach from Eagteville 
which might lead to an offer. 

Alternatively, shareholders 
can elect to take a cash offer 
of Z7p a share. Nearly 60 per 
cent of holders have so fax 
undertaken to accept the 
paper and not the cash offer. 




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bid 




• • • • • • 




















24 


All of these securities having been, sold, this announcement appears as a matter of record only. 


21,000,000 Shares 


SGS -THOMSON 


Common Shares 


Global Coordinator 


MORGAN STANLEY & CO, 

Incorporated 


Co-Global Coordinators 


INDOSUEZ CAPITAL 


LEHMAN BROTHERS 


7,350,000 Shares 

This portion of the offering was offered outside the United States and Canada by the undersigned 


MORGAN STANLEY & CO. 

International 


INDOSUEZ CAPITAL 


LEHMAN BROTHERS 


BNP CA PITAL MARKETS LIMITED IST1TUTO MOB I HARE ITALIANO S.pJL 

PA RIBAS CAPITAL MARKETS J. HENRY SCHRODER WAGG & CO L LIMITED 

A BN AMRO BANK N. V. ARGENTARIA BOLSA BANCA COMMERCIALS ITALIANA 

CREDIT LYONNAIS SECURITIES CREDlTO ITALIANO 

ISTITUTO BANCA RIO SAN PAOLO DI TORINO S.p.A. 

LAZARD FRERES ET CIE 
NATWEST SECURITIES LIMITED OCBC SECURITIES PRIVATE LIMITED 

SOCIETE GENERA LE UBS LIMITED S.G. WARBURG SECURITIES 


BANCA DI ROMA 

Gntpo Cana di Ritpannh di Roma 

DEUTSCHE BANK DRESDNER BANK 

AJcttengeaetkehafl Aktimgeadlxhafl 

KLEINWORT BENSON SECURITIES 


13,650,000 Shares 

This portion of the offering woe offered in the United States and Canada by the undersigned 


MORGAN STANLEY & CO. 

Incorporated 


LEHMAN BROTHERS 


CS FIRST BOSTON 


HAMBRECHT & QUIST 

Incorporated 

MERRILL LYNCH & CO. 


DONALDSON , LUFKIN & JENRETTB 

Securities Corporation 

KIDDER , PEABODY & CO. 

Incorporated 

MONTGOMERY SECURITIES 


GOLDMAN, SACHS & CO. 
LAZARD FRERES & CO. 
PAINEWEBBER INCORPORATED 


SALOMON BROTHERS INC 
S.G.WARRURG & CO. INC. 

m 

ARNHOLD AND S. BLEICHROEDER. INC. 

■ 

COWEN& COMPANY 
FAHNESTOCK & CO. INC. 

GRUNTAL & CO., INCORPORATED 
SOUNDVIEW FINANCIAL GROUP. INC. 


SMITH BA RNEY INC. 


SOCIETE GENERALE 

Securities Corporation 

WERTHEIM SCHRODER & CO. 

Incorporated 

SANFORD C. BERNSTEIN & CO., INC. 


LEGG MASON WOOD WALKER 

htnrpantfd 


McDonald & company 

Securities, Inc. 


FIRST OF MICHIGAN CORPORATION 
RAUSCHER PIERCE REFSNES, INC 
SUTRO & CO. INCORPORATED 


December 109, 


CALL FOR EXPRESSION OF INTEREST 
FOR THE PURCHASE OF THE GROUP OF ASSETS OF 
“VOMVICRYL SOCIETE ANONYME INDUSTRJDSLLE ET 
COMMERCIALS DES FIBRES ACRYUQOEST of Athens, Greece 


“ETHNIKI KEPOALHOU S.A, Admintatndoa of Asset* and Liabilities”, of 1 
Skonlcaion Str* Athens* Greece, in its capacity as Liquidator of "VOMV1CRYL 
SOCIETE ANONYME INDUST WELLE ET COMMERCIALS DES FIBRES 
ACRYUQUES“ a Company with its registered office in Athena, Greece (the 
“Company"), preflattfy under special liquidation according to the pmvisioa* of Article 
46a of Liw 1892H990 by virtue of Derision 709/93 of the Athena Conrt of Appeal, 
Invites interested parties to rW witfrfn twenty (2Q) days from the publication of this 
Notice, B Bfr h Mug written bEpreniaM of issercat for the purchase of the gtorp of 
assets described below, bring sold ns single entity. 

BRIEF INFORMATION 


The Company wai established in 1973, and was in operati on msB 1990, whw it W 
declared bankrupt On 2G331 it ms placed under special titpsUatioo according to the 
provisions of snide 46a of Law 1892/1990. Its abject* mriaded the production. 


proc ess i ng and Pirtong of all types of fibre and <rf textfles- 

GROUP OF ASSETS OFFERED FOR SALE 
industrial Plant in Avbki Rtiodda (stag the Lamia-Vote Notional Road) wawhag on 
a plot of 190.71S, Kq.au including buildings of 23JM fl sq.m, end coflueining 
ntt c hnoy , fr— »*p»;ya! c qmpncn^ pn$ qAff oqnjpnifliL 

SALE PROCEDURE 

The ale of the above group of assets of the Company riudl take place by way of Public 
Auction in acc o rd a nce with the provisions of Article 46i of Law 1892/1994 fas 
RqipkiiiCD^byatLld of 1^20000991 and a ob seq u ^y jup ea ded) and Ihe term of 
sale sec out in the offering Memorandum as well aa in the Oil for Tended foe the 
purchase of the above awrts, to be pobfcbed in the Greek and foreign pern on the date 
provided by the law. 

SUBMISSION OF EXPRESSIONS OF INTEREST - 
OFFERING MEMORANDUM -INFORMATION 
For the robndssloo of Exprasnos of Interest, as well as in older to obtain * copy of foe 
Offering Memoranda!* for the above group of assets, please contact the Liquidator 
“ETHNIKI VCEPHALEOU &A Administration of Assets and Liabilities" 1 Skouioiiou 
Str, 105 61 Athens Grace, TeL +SM -323. 14.84-7, fax +30-1 -321.7905 (attention 
M re. Marika ftipgalag) or die Liquidator's agent, Mxs. loulia Bvabfcoo, 44, Omtroa 
Sir. Athens, Greece 1W.+30- 1-361^3,68 ferr+W. J46L72J7 


SKANDINAVISKA ENSK1LDA BAN KEN 

US $ 330,000,000 


SUBORDINATED FLOATING RATE NOTES DUE 2000 


Notice is hereby given that, in accordance with the provisions of the 
above men tioned Floating Rafis Notes, the rate of Interest tor the six 
months period from December 19. 1994 to June 19, 1985 has been 
fixed at 7.125% per annum. 

The interest payable on June 19, 1 995 wffl be US $180.10 In respect 
of each Note of US $ 5,000. 


Agent Bank 

BANQUE INTERNATIONALE fifl 
A LUXEMBOURG “ 




I PMXIP^ALBCANPEBl 


MMxrSftMLSft 


WritasHm 
125 Finsbury Pivot onf, 
London EGA IM 
Tfcb 071-417 9720 
Fax: 071-417 9729 


it CFTiO;V2> 
•:\ m i c r.ov/K'.r !":•! . 


$32 




COMPANY 


FINANCIAL TIMES TUESDAY DECEMBER » »W 

UK 




East Midlands’ £86m 


beats City forecasts 


By Peggy HoOnger 


Shares in East Midlands 
Electricity rose by 5 per cent 
after the group announced sub- 
stantially better than expected 
interim results and a surpris- 
ingly large dividend increase. 

East Midlands, the last of the 
12 regional electricity compa- 
nies to report, was the stron- 
gest mover in a sector already 
buoyed by tbs Trafalgar House 
bid for Northern Electric. The 
shares rose 41p to dose at 3Slp. 

Analysts said the profits, 
which rose from £64 m to £8&n 
pre-tax for the six months to 
September 30, were some £L3m 
ahead of average expectations. 
Sales fell from £668J2m to 
£6liL3m. 

The dividend increase of 26 
per cent to &6p compared with 
expectations of &2p and fol- 
lows the special 85p pay-out 
announced in October. “Hav- 
ing paid such a big special divi- 
dend, East Midlands might 
have had more reason than 
most to be less generous with 
the pay-out,” said Mr. Nigel 
Hawkins of Hoare Govett 

Mr Norman Askew, chief 
executive, pointed out that fol- 
lowing the recent share consol- 
idation, the underlying 
increase in the dividend was 
slightly more than 12 per cent 
Earnings per share rose by 37 
per cent to 3&2p (22p). 

He said the group remained 



Norman Askew, left, with Bob Davies, finance director: 
demerger of the National Grid could wean a further pay-out 


dfitermtoed to return value to 
shareholders. The demerger of 
the National Grid, in which 
East mdiamds holds so. SA per 
cent stake, would be the next 
opportunity to release substan- 
tial value, be said. The market 
g j p p etti s this would mean a sec- 


ond 

Mr Askew said, the profits 
improvement had been 
achieved by squeezing more 
p r ofit from the regulated busi- 
ness and eliminating losses In 
the noa-regulated operations. 

The pre-tax line was also 
helped by a £3 An reduction in 
rnt a w ri c harge s to £4 j5ol 


Supply showed a 20 per cent 
rise in operating profits to 

£?_9m on sales of (521m 
<£55amJ- Distribution lifted 
profits 10 per gent to £7&2m on 
sales of E183m (£177m). 

On the con-regulated side, 
operating losses in the con- 
tracting division Ml from Hm 
to £400,000, However, retailing 
remained difficult. East Mid- 
lands share of the losses 
incurred in the retailing Joint 

venture was £3.4m (fitflto). 

Analysts are forecasting pre- 
tax pre fits of CZl&si for the full 
year, with a dividend total 
about 18 per cent up at 3D.5p. 


Hillsdown acquires Allied 


Domecq’s UK biscuit arm 


By Roderick Oram, 


HQlsdown Holdings has bought 
Lyons Biscuits, the UK biscuit 
business of Allied Domecq, the 
spirits group which is sheddfog 
its food, tea and coffee 
operations. 

Best known for its Maryland 
chocolate chip biscuits. Lyons 
also makes a range of biscuits 
for the own-label market. It 
mploys 780 people ha Black- 
pool and is profitable on sates 
of £44m a year, 

HEQsdown is thought to have 


paid just over £20ta for the 
company, winch it will merge 
with its Premier Biscuits divi- 
sion- Together, the two niche 
producers will hove about 
4 per cent of the UK biscuit 
market. Premier, a manage- 
ment buy-out from Cadbury 
Schweppes in 1967. was bought 
by Hillsdown in 1989. Its 
sales are believed to be about 


Tetley tea and Allied’s bak- 
ing business are the last two 
large groups of assets Allied 
Domecq st£Q has on the block. 
With earlier disposals such as 


DC A Food Industries, it 
appears to be on track to raise 
a total of about ftJQOm, 

Nestli of Switzerland and 
Tata of India were among 
the companies that looked 
at Tetley, the first or second 
largest producer in the 
UK, many continents! Euro- 
pean countries, the US and 
Canada, 

Nestte is thought to have 
balked at Allted Doxneoq’S ask- 
ing price, white a purchase by 
Tata would present the Indian 
company with some complex 
financing probtemi 


Wills Group’s shares rise 


prompts takeover statement 


By Jamas Whittington 


A sharp rise in t he vo hnne of 
shares traded in unite Group 
resulted in an announcement 
that it is considering too possi- 
bility of recommending a take- 
over offer. 

Hie distributor and manufac- 
turer Of Quid harafling parts 
said yesterday that it was 
"considering a range of strate- 
gic alternatives” but declined 
to give details. 

Despite reporting record 
annual p r o fi t s , the company’s 
share price has declined from a 
high of 30p in mid-February to 


a low for the year of 13% p last 
Wednesday. 

However, heavy trading 
pushed the pice to I5p by Fri- 
day's close and yesterday it 
rose farther to 17%p. 

Mr David Massie, chairman 
and the largest shareholder 
with a 15 per cent stake, 
declined to say whether or not 
the company had received any 
specific approaches. But he 
complained that “the market 
value is out of kilter with the 
steady progress the company 
has made”. 

Analysts said possible bid- 
ders might come from one of 


the company's US partners 
who want a distribution base 
in Europe, -or from another 
UK distributor looking to 
expand. 

Wills has made a series of 
acquisitions over the past year 
to extend the range (fits activ- 
ities, including a move into 
manufacturing. It has holdings 
in France, Germany, Italy, the 
Netherlands and Spain, 

Pre-tax profits for the year to 
July. 2 almost doubled from 
£i.56m to ££96m on turnover 
of £3L5m (£l&3m). Turnover 
for the present year is forecast 
to be in excess of £50m. 


NEWS DIGEST 


Halkin sells 


brewery to 
management 


Halkin Holdings, the branded 
products group headed by Mr 
Howard Hodgson, the former 
funerals entrepreneur, is selt 


comprises £L45m plus the 
value of Betwood’s net assets 
at December 31 1994. 

Strong & Fisher also 
announced the purchase cf a 
freehold property occupied by 
its peninsular Proteins arm, 
for £10.000 cash. The site, at 
Torrington, Devon, was owned 
by a Ilffisdown subsidiary. 


ure of £3.32m took in £762,000 
from a property disposal After 
a reduced interest burden, the 
pre-tax line emerged at 
£511,000 (£351,0001. 

The interim dividend goes up 
to 0.5p (0.4p), payable from 
earnings of 1.66p (1^86p) per 
share on capital increased by 
the placing and open offer in 
the summer. 




^cnYi 




The Marini Lmdora at spread btftbjg * fWoa4nd5^ani. Fori 

fan M 07 1 283 3667 


SacraifHO'dtfepieeftfli m. » 9pj& <n Ttictoa page 605 


ing T Hoskins, its brewery 
opoatian, to its management. 

The business, described by 
Mr Hodgson as “non-core” is 
being sold for about £L7m - 
£500,000 above book value - to 
Tom Hoskins Brewery, a com- 
pany formed by existing man- 
agement with the backing cf a 
group of priv ate investors. 

The deal, conditional on 
| shareholders’ approval, com- 
prises £i-21m cash, payable an 
completion; HaiiriTi will also 
subscribe for 500,000 50p con- 
vertible preference shares in 
Tom Hoskins at a prem ium of 
50p. 

Zn August. Halkin 
announced pre-tax profits of 
£1.25m on sates of gii.4m bn 
the six months to July 2, the 
first period since the restruct- 
uring which added the Bansan 
lighters and aerosol group and 
Clifford International, a gift 

company, to the Leicester- 
baaed brewery, 

Mr Hodgson said the disposal 
should have a minimal impact 
an the group’s trading perfor- 
mance. “I intend to recom- 
mend a dividend in respect of 
the fun year,” he added. 


Bnmdene lower 


t 


REUTERS lOOO 

24 hours a day -only 9100 a monthl 


l 


toUtmiMMi 



Burndene Investments 
reported a fall in pre-tax profits 
from £5JSta to £4£tin in the 
year to October L 

Profits from the caravan and 
mobile home division fell to 
£3.7601 (£4J6m) while property, 
finance and administration 
contributed a much, lower 
£153,332 (£JL04m). The hosiery 
division, however, rose slightly 
to £627347 (£597,319). 

Turnover improved to £62Jtm 
(£59m). Ramingg pef share fell 
from 3-73p to 2J96p, The divi- 
dend is raised to I52Sp with a 
lower final of U73p (L25p). 


Abtrost Preferred 


Ab trust Preferred Income 
Investment Trust had a net 
asset value per zero dividend 
preference share of I47^5p at 
the November 30 interim stage, 
against I39.65p six months pre- 
viously. The asset value of the 
ordinary income shares fell 
from Jl&2p to 91.28P. 

Net revenue amounted to 
£L58m, against £L4Sm in the 
comparable period and earn- 
ings grew to &33p tt86p) per 
income share. 

A second interim dividend of 
3p makes 6p (5Ai25p) to date. 


Edinburgh Japan 


Net asset value per share at 
Edinburgh Japan Trust 
dropped by 12 per cent to l65p 
at November 90, against I88p 
six months earlier. The result 
compared with a 7 £ per r*»w» 
fall in the Tokyo First Section 
Index, in sterling terms. 

. Net deficit for the six months 
was again £29,000 with losses 
per share unchanged at (L2Sn. 


Strong & Fisher buy 

Strong & Fisher, the sheep 
skin and by-products proces- 
sor, has acquired Belwood 
Foods from Hillsdown Hold- 
ings for about £2m. 

Belwood processes frozen 
offals for the pet food industry. 
The consideration, in cash. 


Ewart improves 

Ewart announced a 43 per cent 
upturn in interim prof i t s, as 
the Belfast-based property 
group continued to concentrate 
on combining steady rental 
growth with a "low-risk 
approach" to development. 

Turnover in the half year to 
October 31 amounted to 
£166m; the corresponding fig. 


Burford purchase 

Buribrd Holdings is to buy the 
h ag le asehold interest in the 
Victoria Circus Shopping Cen- 
tre, Southend, Essex, from San- 
field Lynton for £L1.4m cash. 

Sanfleld Lyntcm is a joint 
venture between SanfieU Prop- 
erties and Lynton, part of 
BAA. The property extends to 
35 acres and comprises 270,000 
sq ft of offices and a 680-snaee 
multi-storey car park. 


Standard 


Life 


expands 

health side 


By Alteon Smith 


Standard Life, the UK Vlttgrt 
m n toE i lift insurer, te to injec t 
g farther Siam into mw 
Health, Its health tunnste 
subsidiary, to help Its axpafr 
sfon in the btertwdltty tt**\ 
ket* 

The move is expected Jo 
be announced later «u* 


While the cam te small la 
terms of Standard Uh ft M p 
resents two- third* of RtW 
Health’s existing working 09- 
Hal of about £1 5m. ■ „ 

At the same thee. S t a nd a r d 


have revised stWHfr 

te the new bada«e 


that it was buying Prime from 
Municipal Mutual, the toad 
authority-owned lasunaae 
company, for an undisclosed 


Lest year. Prime’s gross pre- 
mium income was £Mat — 
making It the fifth largest 
health tcaam to the UK. tea 
policies cover about 50,000 
petqde. However, It snOkred a 
stight Uccsp tori mouth with 
the departure of- aae of 
its two ngtemaf sate* 



The acquiaitiOQ 
dud’s first move outride Bfe 


and penshms priteiee. Thoarix 

kfiua It 


the scale of the venter* 


asca b expected to be a 
fest gw w ria g peart of the 


Next year, Standard fines 

V |ls tka lUas Us — s_x» 

mm w Mot w. n nanoor 
ship with Halitax Bttildtog 
Society, in which the UK'S 
largest mortgage lander sold 
only Sbwbri-Uft fbundil 
services, and increasing 
competition for sales through 
indepmidant financial advis- 


Aberdeen Trust 
lifted to £5m 


The iauoch of new products 
and the general strength of 
global stock markets helped 
Aberdeen Trust, the fond man- 
agement and accountancy ser- 
vices group, hoist pre-tax prof- 
its from £3-15m to £5. 04m for 
toe year to September 30. 

The improved result - which 
was struck after writing off 
goodwill of £L5m - was fur- 
ther reflected in a £3 An cut to 
net borrowings which left 
gearing at 23 per cent (43 per 
cent). 

Turnover rose to £l7.7m 
(£14£m). Bantings per share 
cBmhed to 4.0lp (2.46p) white 
the final dividend is i.4p for a 
total of 2p (iJSp). 


m.sm of which £l0^m was 
from discontinued businesses. 
Earnings per share were 2L13p 
(losses 4.76p). 

However, the company said 
that because of its restructur- 
ing in. March the figures were 
not strictly comparable. It pro- 
vided figures for on g oin g busi- 
nesses showing turnover up 3$ 
per coot at £11. Im giving oper- 
ating profits almost doubled at 
£2v54m_ 


Smaller 


North Atlantic Smail p r Compa- 
nies Investment Trust raised 
fully diluted net asset value 
per s h are by 6 per cent ffcot n 
2S6p to 27ip during t he nine 
months to October 31. 

The increase compared vrith 
a M per cent foil in Standard 
& Poor’s Composite Index 
(adjusted for currency). 

The trust said market condi- 
tions, remained difficult 


HK Bank Canada 

HSBC Holdings subsidiary, 
reported net income for the 
year to October 31 of C3SS-Sm 
, agaillst CS63.2m, 
a stow& « in the fourth 

Total assets rose 18A per 
cent over the year to C$iSnL 
Risk asset ratio was 8.71 per 

ofi.'s^ 3 ^ 1 capital 
or 5-38 per c ent, 


Care UK recovers 

Care UK, the USM-quoted nurs- 
ing home operator, reported 
pre-tax profits for the year to 
September 30 of £$.92m on 
turnover of £is.4m, including 

£3.57a from discontinued 
activities. 

The result compared with 
losses of £7.Q2m on turnover of 


Ascot Holdings 

Holdings, the DYQQfiTtv ■ - 

^p!5S* ,lw,w «‘v 

On completion of the 

Eav? l 2lSI V8, ^ wffi 

S net assets of 




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Ogures It set for Prim*. 

It is thought to bare erf to* 
target to rise from itoout 215m 
thb year to about gtototeUr 
year, but thte bK w»w Nea 
shaded back to merer Uteri' ' 

Even though there ia a» 
doubt that Standard, to right 
behind the health Insurer, 
some large intermedtertas are 
said to have wanted to tee 
more capital hr the auMtiriy. 
itself before being prepared to. 
do business with it 




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Pt: 




FINANCIAL TIMES TUESDAY DECEMBER 20 1994 



25 


COMPANY NEWS: UK 


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Premier Cons co nfirms 

talks over Piet stake 


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By Christopher Price 

A Md battle among Britain's 
: independent oil exploration 
companies was signalled yes- 
terday when Premier Consoli- 
dated Oilfields confirmed It 
was In discussions to buy a 
46.3 pm- cent stake in Plot 
Petroleum, as part of a £80m 
.full offer for its smaller 
'rrraL 

' Premier is negotiating with 
Amerada Hess, the US oQ and 
gas exploration group, to buy 
the shares it has held since 
1967. As part of a possible i. 
Amerada would trade its 
holding for a stake in Premier 
and subscribe for further 
. shares to a maximum of 25 per 
- cent 


Last n»ght, Mr John Lander, 
Piet managing director, said: 
“We have been notified by 
A m erada Hess of their discus- 
sions with Premier, but as 
such we have not had any 
approach.” He refused to 
comment further on any rami- 
fications of an offer from Pre- 
mier. 

Premier said that any offer 
would be made on the basis of 
the group's relative share 
prices at the dose of trading 
last Friday. Piet shares were 
then 141p, w hile Premier stood 
at 2 lKp. 

Premier added: “Any offer 
for Piet is unlikely to value the 
company at a significant pre- 
mium to that price.” 

Yesterday, Piet shares closed 


14p up at I55p, valuing the 
company at £80m, while Pre- 
mier shares finished lKp up at 
23pi 

Analysts said that at this 
level of valuation, an all-paper 
offer would probably involve 
about seven Premier shares for 
every one Piet, giving Amerada 
a stake of about 24 per cent in 
Premier. In the event of an 
offer, the US group would pay 
■30p a share to increase its 
stake to the 25 per cent 
ceiling. 

Mr Iain Reid, oQ analyst at 
SG Warburg, said: “At this 
pice, this deal does not inflect 
the upside in Piet’s dr illing 
programme. We feel a more 
appropriate offer should be 
nears- the £2 a share level." 


Charles 
Sidney 
in bid for 
Bletchley 


? - Ok 
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IMI sells 
first phase of 
Holford estate 




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tmt, the engineering gro up , is 
selling the completed first 
phase of its Holford industrial 
and warehousing estate in Bir- 
mingham to Rodamco, the 
Dutch group, for £25 ul 
. The Halford estate is an land 
owned by HO near Spaghetti 
junction on the U 6 m otorwa y. 
It has been producing rental 
income of £2.Sm a year and 
was valued in the last 
accounts at 

IMI has extensive holdings 
of land which are no longer 
required for group operations. 
“The Holford estate has never 
been a core part of DU,” said 
Mr Alan Smson, direc- 

tor. “The market place for this 
type of development has 
improved." 

There has been a steady 
demand for distribution prop- 
erties on sites near motorway 
Junctions in the Midland* and 
numerous projects have 
emerged to compete with 
established developments like 
Holford. 

The -phase being sold to 
Rodamco cost £Z6.5m to 
develop. Phase two of the 
estate thus for involves just 
one building - an office block- 
far Birmingham Cable. 


Baird expands clothing 
side with £11.5m buy 


By 


Whi tfi rtflton 


William Baird, one of the 
leading suppliers to Marks and 
Spencer, yesterday announced 
the acquisition of Morris 
Cohen, a privately-owned lin- 
gerie and nightwear manufac- 
turer which also supplies MAS , 
for £1L5 ul 

The purchase will be 
financed by the Issue of 2 m 
ordinary shares at a price of 
215p, plus £4.4ffl in loan notes 

and Mi ton retch 

The move is part of Baird's 
plan to withdraw from the 
gn gfopffl -in g sector and concen- 
trate an its core eintfiing and 
textiles business. Last year it 
acquired Richard I Racks, a 


make- of women’s wear and 
casual dnthmg- for M&S. 

Cohen's forecast turnover for 
1994 is £32m. Baird’s contract 
do tiling operations had sales 
of £230m last year, most of 
which came from mas. 

The target's production 
units, located in south Wales, 
will be merged with Baird's 
existing contract lingerie 
operations nearby which will 
reduce operating costs and 
management time. 

"It's a perfect business for us 
in terms of its product, loca- 
tion and customer,” said Mr 
Donald Farr, Baird’s chairman. 

Cohen’s net assets are about 
£R5m, before a dividend of £2m 
to be paid to the vendors. 


Break for the Border expands 


Break for the Border Group, 
the restaurant and live music 
venue operator, has agreed 
with Mr. Andrew Mailer and 
Turner Page Music to acquire 
Glowspine - a newly-formed 
company owned by Mr Mailer 
- for £900,000. 

Immediately prior to comple- 
tion, Glowspine will, in 
exchange for preference 
shares, acquire from Turner 
Page, the business of promo- 
ting and operating the 


Shepherd's Bush Empire. 

Glowspine will enter into a 
15-year lease for the Shep- 
herd’s Bush Empire with 
Sharpfleur, a newly-formed 
company also owned by Mr 
Mailer, which will acquire the 
theatre from Turner Page, sub- 
ject to a £L3m mortgage, for 
the issue of Sharpfle ur prefer- 
ence shares. Glowspine will 
have an option, exerdsabJe fin- 
up to two years, to buy Sharp- 
fieur for more than £300,000. 


By 


Charles Sidney, the 
Mercedes-Benz truck and car 
dealer, has made a 
recommended all-share offer 
for Bletchley Motor Group, 
which has IS volume car 
dealerships, in a deal which 
values the latter at about 
£l 6 m, or 2 fi 0 p a share, 

BMG’s shares fell 5p to 260p 
and Charles Sidney's were 
unchanged at 90p. 

Charles Sidney has received 
irrevocable undertakings from 
Mr David Dunn, BMC 
chair ma n and chief executive, 
and the other BMG directors 
to accept the offer. They speak 
Ear i.44m shares, or 205 par 

cent of the issued capital 

Under the terms, existing 
Charles Sidney shareholders 
will bold 57.1 per cent of the 
enlarged group, and BMG 
shareholders 42£ per cent 
Charles Sidney is offering 
2£938 new shares for every 
BMG share. Full acceptance 
will entail the issue of up to 
about I7JBm new shares. BMG 
shareholders will also receive 
a special 2 p dividend. 

Mr Raymond Edwards, 
Charles Sidney chairman, said; 
“There is no geographical 
clash and there is no 
manufacturer dash." Charles 
Sidney has dealerships in 
Yorkshire and Scotland and 
sells Mercedes-Benz vehicles. 
BMG is based in the northern 
home counties and its 
dealerships include Vauxball, 
Rover, Toyota, Fiat, Peugeot, 
Cttrofn, Honda awl Ford. 

Mr Edwards said the 
ma nuf ac turers , for from 
seeing problems in the merger, 
saw it as positive. 

He added that there were 
opportunities for cross-selling 
- in that BMG’s rental fleets 
are small and do not Include 
commercial vehicles - and 
that the contract hire and 
rental divisions of both groups 
would be brought under one 
management 

In the year to August 31, the 
ungeared Charles Sidney made 
pretax profits of £&87m 
(£2. 46m) on turnover of £72.2m 
(£55An), In the six months to 
June 30, BMG made profits of 
£Llm (£800,000) pre-tax on 
turnover of £5 2.7m (£3S.6m). 


Friends Provident 

acquires LCH 


By Simon London, 

Property Correspondent 

London Capital Holdings, the 
property company owned by 
Citibank which withdrew plans 
for a stock market Dotation in 
May, has been bought by 
Friends Provident, the mutual 
life insurance company. 

Friends Provident will merge 
its £100m central London prop- 
erty portfolio with LCH’s 
£24Qm assets. The new com- 
pany will be owned 78 per cent 
by the life insurer and 22 per 
cent by Citibank. 

In addition, loans made to 
LCH by Citibank will be refin- 
anced by Friends Provident, 
which is effectively buying the 
assets at a modest discount to 
market value. 

Mr Nigel Kempner and Mr 

Stephen Musgrave, joint man- 

aging directors of LCH, have 


resigned from the company. 

LCH was formed from the 
remnants of Randsworth 
Trust, which was taken private 
in 1989 at the peak of the mar- 
ket, but subsequently had to be 
rescued by Citibank. 

Its portfolio includes a 
number of well-known build- 
ings in London's west end, 
Including the St Christopher’s 
Place Estate near Oxford 
Street. 

LCH’s planned flotation was 
pulled at the last minute 
because Citibank was not pre- 
pared to accept the price at 
which advisors said the shares 
would have to be sold. 

Mr Jeffrey Hein t g, managing 
director at Citibank, said the 
bank had achieved more 
attractive terms from Friends 
Provident than could have 

been achieve through a flota- 

tion. 


Margins under pressure 
as Brasway rises 20% 


By Paul Cheeserigftt, 

Midlands Correspondent 

Brasway, the West Midlands 
hose and fittings, lubricants 
and p roper ty group, lifted pre- 
tax profits by 20 per cent in the 
six months to October 29. 

However, Mr Mark Swaby, 
chairman, said there was pres- 
sure on margins and farther 
action to cut costs would be 
taken in the second hall. 

Profits were £505,000 
(£420,000) giving earnings per 
share of 0.43p, against 056p, 
and the interim dividend is 
maintained at 0J14p. A total of 
053p was paid in 1993-94. 

Turnover rose to £19.4m 
(£l5.3m) but the performance 
of its divisions was uneven. 

At Europower, the hose and 


fittings business, the order 
Intake has been strong. As a 
market leader, Brasway has 
been able to impose price rises 
to ease margin pressure. But it 
is still seeking productivity 
improvement through rational- 
isation at Its Whitby and Mar- 
ket Weightoa plants. 

At Excel ube, the lubricants 
company which was responsi- 
ble fin- a large part of Bras- 
way’s i m proved 1993-94 profits, 
business was sluggish in the 
first quarto:, although better 
in the second. But margins 
have been squeezed and the 
company is too small to do 
mare than follow the price lead 
of the oil majors. 

Property rents provided the 
biggest dement - £252,000 - of 
the pre-tax profits. 


I DIVIDENDS ANNOUNCED 1 



Gwent 

payment 

Date of 
payment 

Corns - 
poncfrig 
cMdend 

Total 

for 

yea* 

Total 

last 

year 

Aberdeen Trust — 

fbi 

1.4 

Mv 1 

1 

2 

1.5 

Abtruat Prmf __ 

— Jnt 

3<6 

Jan 31 

2.90625 

- 

12 

Rninwiiy — - 

M«iJnt 

024 

Mar 7 

0^4 

- 

053 

Bumdene Invs 

Jn 

1.175 

Fab 16 

1 25 

1.925 

1.75 

East Mkflands 

inf 

as 

Mar 23 

&8 

- 

22.7 

Ewart 

Int 

o^t 

Feb 16 

04 

- 

1 

Ivoty & Sbne 

— *nt 

2-25 

Jan 31 

225 

■ 

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Swiss Bank Corporation Citibank International pk 

Bear, Stearns inter national Limited Chase Investment Bank limited 


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October 1994 


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u+m 


FINANCIAL TIMES 


TUESDAY DECEMBER ZOM* 





COMMODITIES AND AGRICULTURE # j‘ ”"itftaS 

Lonrho and Gencor go Kissing goodbye to a Christmas tradition g 

® ^ ' ' . . a.ornwn mistletoe -i *•* 


* * * + 


for gold in the CIS 


problems 


By Kenneth CofxSng, 

Mining Correspondent 

Lonrho, the London-based 
international trading combine, 
and Gencor, the South African 
mining group, are setting up a 
joint company to develop gold 
mines in the former Soviet 
Union. Ur Joe Flatts-MIDs, a 
Lonrho director, said he expec- 
ted the joint venture to iden- 
tify within two years big 
reserves in the Commonwealth 
of Independent States, proba- 
bly as much as 2,000 tonnes 
(64.3m troy ounces) 

The 50-50 joint venture 
would draw on his group's con- 
tacts in the CIS - developed 
over the past five years and 
not just In the mining sector - 

and Its ability to work in 
unusual places and Gencor’s 
mining know-how, including 
its Bios technology. This uses 
bacteria to break down refrac- 
tory, or difficult, ores to 
release the gold locked inside 


Instead of employing expensive 
heat and pressure vessels. 

Mfr PUtts-MHLs said it was 
the policy of the fo rmer Soviet 
Union to leave refract o ry sul- 
phide gold deposits untouched 
so the technology had a lot to 
offer the CIS, inninding the 
ability to treat me with a high 
arsenic content and leave no 
harmful waste. 

Mr Adrian Coates of Warrior 
International, which advised 
Gencor on the deal, said the 
South African group concluded 
from visits to the (US two 
years ago that there were 
many ore bodies there that 
would lend themselves to the 
Biox process. Gencor also 
believed U was several yean 
ahead of zts nearest rival in 
bacterial gold recovery and 
needed to put this advantage 
to good use. 

The obvious partner was 
Lonrho, which via its 45-per- 
cent-owned associate Ashanti 
Goldfields in Ghana was the 


largest commercial osar of the 
technology and was already 
well-established in the CIS. 
Lonrho’s access to the Biox 
technology was primarily 
responsible a year ago for it 
winning the right to develop a 
big gold mine in Uzbekistan, 
with two Uzbek government- 
owned companies. 

Discussions are well 
advanced with the Uzbek State 
Committee on Geology for the 
development of its Tngtchki 
Research Establishment as a 
centre for the testing ores to 
see if they are amenable to the 
Biox process. 

Lonrho at present was 
engaged in 36 serious discus- 
sions about mining ventures in 
Uzbekistan, Russia, Kazakh- 
stan, Tajikistan and Kurdistan, 
said Mr Platts Mills. Most of 
the contacts were in Russia 
but the republic had so far not 
shown itself to be as open to 
doing dea l s as Eomg of ceor 
tral Aslan republics. 


W 31 the kissing have 
to stop? And if It 
does, wQl this be the 
result of a machiavellian plot 
hatched by the European 
Union? Moreover, If every 
red-blooded Brit observed rules 
established over generations 
might the practice already be 
dying out? Not because of a 
punitive Quota but simply 
because of market forces. 

I refer of course to the possi- 
bility of a crisis in the mistle- 
toe business and to the tradi- 
tion that dictates one berry 
aWnulrt be removed from each 
sprig of the foliage for each 
Was that takes place beneath 
it 

Fortunately such rules are 
regularly ignored and the sea- 
son of goodwill usually permits 
pursed lips to press against one 
another, according to custom, 
an rmKmrtpH number of times 
without berries being removed. 
Which is just as well, because 
were that not the case, I would 
be looking forward to a very 
dull Christmas. 

In the absence of any of the 
parasitic plants on our own 
apple trees, the other day my 
wife bought a small sprig of 
mistletoe in our local Norfolk 
town. It weighed between three 
and four ounces, complete with 
a dozen or so berries, and it 
cost her £L Indeed, she rebsed 
to buy any mare at such an 


‘Coffee has probably peaked’ 


By AEson MaHtand 

World coffee prices have 
probably peaked, provided 
there are no further crop sur- 
prises and the next Brazilian 
harvest turns out well above 
the gloomiest forecasts, accord- 
ing to the Economist Intelli- 
gence Unit 

In its December outlook for 
food commodities, it predicts a 
1995-96 crop of 17.5m bags, 
helped by the recent rains. 
This is 2.7m tonnes higher 
than the highest estimate from 
the Brazilian government in 
early November. 

The EIU sees the crop rising 
to2&n bags the following year. 
However, if this recovery is 
threatened, for example, by 
farther frosts next year, prices 
could easily rise above $3 a 
pound, it says. This is because 
stocks at the aid of the 1994-95 
season are likely to be at their 
lowest for many years, espe- 
cially in producing countries. 


The EIU sees the differential 
between robusta and mild 
arabica prices widening from 
about 17 pa* cent at present to 
average more than 20 pa* cent 
next year. It says robusta sup- 
plies should recover sharply 
thanks to a bumper crop expec- 
ted in Indonesia in 1995-96 and 
big increases in the harvests 
this season in Ivory Coast, 
Vietnam and Thailand. 

After this year’s sharp rise in 
sugar prices, the report pre- 
dicts little change next year, 
and a dfirfme to about 11 cents 
a pound, from a 1994 average of 
LL9 cents, in eariy 1996. This is 
because of a probable swing 
from a third successive global 
deficit to a surplus of lm 
tonnes in IS95-96L 

On grains, it expects record 
maize and soyabean crops in 
the US this year to push prices 
lower next year. 

It says export prices of US 
maize wBl hit their long-tom 
floor, averaging about $9 a 


tnnne less than in 1994 at $100 
a tarme or just below. The US 
maize crop of up to 260m 
tonnes will push carry-over 
stocks to nearly 60m tonnes at 
the end of the season next 
August, compared with 22m 
tonnes a year earlier, says the 
EIU. But a stock drawdown is 
likely to help prices recover in 
the first half of 1996. 

Soyabean oil is forecast to 
fall to 5550 a tonne by the third 
quarter of next year - RS per 
cent lower than the third quar- 
ter average far 1994 - based an 
world oilseed output reaching 
more than 189m tonnes in 
1994-%, up nearly 11 per cent 
on the previous year. 

Wheat prices are expected to 
range between 5150 and 5160 a 
tonne until the middle of 1996, 
unless the US crop next year 
proves insufficient, to rebuild 
depleted global stocks. In that 
event, the EIU predicts prices 
could go as high as $180 a 
tonne. 


, !i 


Base metals down 

Base metals prices rained from 
their lows at the London Metal 
Exchange yesterday but still 
ended with net losses, despite 
strong buying of ALUMINIUM. 

The cash premium in the 
COPPER market narrowed 
sharply as concern about 
approaching options declara- 
tions eased. 

An unsettled day at the Lon- 
don Commodity Exchange 
COFFEE market ended with 
the March futures price up 510 
at 52,648 a tonne, after trading 
between 52,607 and 52,690. Talk 
of a new producers retention 
scheme provided some support 
Compiled from Reuters 


FARMER'S VEWPOWT 

9 


.. *» 


extortionate price. Perhaps she 
was also trying to ten me 
something. 

But I had already esta b lished 
that at auction in Tenhury is 
Worcestershire (or "the 
orchard", as Queen Victoria is 
said to have dubbed the town), 
the price was about 75p a 
pound last week. Somebody in 
the supply chain, which admit- 
tedly stretches from the West 
Midlands to East Anglia seems 
to be TTiairiTig- a pretty good 
margin. 

Because of the association of 
mistletoe with apple trees it 
am only get dearer in the 
future. 

Although it will grow on 
ppplar and occasionally an oak 
trees, its favourite “host” is the 
apple. It establishes itself an 
the trees as a result of the 
beak-cleaning activities of 
songbirds, especially mistle 


thrrrehgg Having fed J& mistle- 
toe berries (which are poison- 
ous to some species) the birds 
apparently, get seeds stuck in 
the crevices of their beaks ~ 
like grape pips between our 
teeth. Not having tooth picks 
readily to bend, the birds 
scrape the seeds out of their 
beaks on to the rough bark of 
apple frees and “plant" them 
where they grow. Mistletoe 
derives its nourishment from 
the sap of the trees. 

UK apple growers have had a 
rough time in recent years as 
fruit from other countries has 
displaced indigenous varieties, 
French Golden Delicious have 
been a particular problem, 
although one British apple 
grower suggested the Drench 
should be hauled up before the 
courts under the Trades 
Description Act for naming the 
variety delicious. They come in 
during our own season and, 
hwtny a very high yielding vari- 
ety, cost much less to grow 
than best British apples such 
as Cox. 


T he disappearance of 
almost of Britain's 
apple trees since the 
country joined the Common 
Market in 1973, is not the only 
cause of the mistletoe short- 
age; nor will the grant-aided 
grubbing out of a further 13 
per cent of British orchards, as 


a result of a recent EU schema 
to ait community PjtajK 
and attempt to raise the price 
of apples to economic levels, 
necessarily affect ftiture sup* 

SSrfnStietoe. 

Fbr the EU nutate th« 

the apple orchards t® 
grabbed must be compo«d of 
young trees, not more than » 
years old and capable of 
mg a full crop fruit. They 
must also be planted at a den- 
sity eff not more than 160 trees 
an acre. In other words, the 
orchards that will go will be 
modern, hedge-type 
enabling easy picking from tne 

ground. 

But parasitic mistletoe is 
only allowed to grow on bigold 
trees in traditional orchards. 
Fifty-year-old or more cider 
and cooking apple trees are 
p yn/’ h thp best — the ones not 

covered by the EU scheme. 
Quo of the reasons for this is 
that most of those trees ere 
uneconomic for fruit produc- 
tion, on their last legs and 
almost ready to fell down in 
any case. Many are only 
retained to p rovide shelter for 
sheep flocks that graze the 
orchards and fee* the side-line 
cutting of mistletoe. 

It may be, therefore, as these 
old trees disappear, that in 
future years, sales of tradi- 
tional winter greenery held at 
Tenbury market on the four 


Tuesday* 

each year will have JjJJ". 

or l««l “W™" 

mixed among i Sm 

Christma-s trees. Indeed 

annual auctions !r*255 
begun to attract {HJ 

northern franc* where mWJ* 

toe is plentiful especially on 
the ubiquitous poplars. 

But disparaging locals «WF 

the french stuff to not wjlgd. 

ent. less attractive v«W- 
worse than this to *** 
presented; dehydrated and 
squashed following thetottg 
ioumey across the channel 
Tim French, you «*■***•“ 
real appreciation of 5* 
nor of any tradition of bft&w 
under the mistletoe to 
their racy reputation. OMf W 
British have revered misttswe 
from the time of the undent 
Druids and today its ntagxia 
and licentious power* art 
exclusively wjoyfd in the 
English-speaking woritL 
And when you think of w, 
kissing in France is outer a 
series of ritual pecks on_«» 
cheek - perhaps because of tin 
preponderance of gwlic to the 
diet The British are the deliv- 
erers and recipients of fail 
frontal smackers and long may 
there be sufltetaat English mto 
tletoe around to enable and 
enhance that excellent Christ- 
mas tradition. 




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Norwegians withdraw from gas pipe project 


By Karen Fassff to Oslo 

Statoil, the Norwegian state oil 
company, and Norsk Hydro, 
Norway’s largest publicly 
quoted company, have 
abruptly withdrawn from the 
proposed 440m pipeline project 
to Knk the UK with the Euro- 
pean natural gas grid. 

The new pipe toe, know as 
the interoannector, wifi allow 
large-scale gas exports from 
the UK by the end of the 
decade. 

The interconnector will be 
owned by British Gas, with 40 
per cent British Petroleum, Elf 
Aquitaine. Gazprom of Russia 


aztd Conoco, each with 10 per 
wnt and UK utility National 
Power, Ruhrgas of Germany, 
Disfrgaz of Belgium and Amer- 
ada Hess, each with 5 per coat 

Statail and Norsk Hydro said 
they had made fiber participa- 
tion in the pipeline conditional 
an achieving a solution to a 
dispute between Norway and 
Britain over a new Frigg gas 
pipeline t r eaty. 

"However, the majority of 
the other companies involved 
m the scheme were unwilling 
to accept this reservation. The 
dispute over the Frigg line con- 
sequently has to find a politi- 
cal solution," Statoil said. 


The British government 
refuses to ratify the deal, val- 
ued at more than NKr20bn 
<£L87bn) and agreed in 199> for 
Norway to supply National 
Power with 30.8bn cubic 
metres of gas over 14 years 
through the Frigg pipeline. 

Norway says the British gov- 
ernment made Norwegian com- 
panies' participation in the 
interconnector conditional on 
clearing the way for new Nor- 
wegian gas exports to the UK 
through the Frigg gas pipeline. 

“We will wait for the British 
government to clarity its posi- 
tion on the Frigg pipeline 
before deriding our next move 


on the treaty issue," laid Mr 
Tore Sondvold, direct or gen- 
eral at Norway's industry and 
energy ministry. 

Norway and Britain have for 
several years been in dispute 
over the terms governing 
transport of new Norwegian 
gas deliveries to the UK 
through the Frigg pipeline. 

Meanwhile, a planning apptt* 
cation for the irrtercoaaactor 
will be submitted eariy next 
year, to time for construction 
to begin in the spring of l96& 
the pipeline is likely to be com- 
pleted in the autumn of I9B&lt 
wffl carry aabn cubic mefrto of 
ges annually. 


crin 


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[ COMMODITIES PRICES 




"1 



BASE MFTAI S 

Pr(?r30iL«! MfsfflLQ mntinii<ari 

DRAINS AND mi SPPnS 

SOFTS 

MFAT AKin I WFSTnOK 

CROSSWORD 

#> , ; iij 

^ ^ : u. .. .«i«y 




I METAL I 

(Prices tan Amalgamated Metal Traded) 

■ AUJMillUM, M-7 PUWTY ($ per tenna| 

Cavil 3 Ifitl M 

Close 185&5-6&5 1894-35 

Previous 189234&5 1923-24 

Mghflow 1042A837 1910/1865 

AM Official 1843-45 1874-76 

Koto close 1900-1 


■ GOLD COMEX (100 Tray oz^ ttray ozj 


Ck»e 185&5-69L5 

Previous 18S&5-8&5 

Mghflow 1842/1837 

AM Official 1843-45 

Keab close 

Open Ink. 257,100 

Total dafly turnover 61,532 

te PIXMNBJH ALLOY ff per tormej 

Close 1820-30 

Previous 1820-30 

Mghflow 1801 

AM Official 1800-1 

Kerb dose 

Open int 2*801 

Toad doty turnover 1,174 

■ LEAD (3 per tonne) 


1880-65 

1860-70 

1650 

1840-45 

1860-5 


626-28 

63940 


Previous 63940 

Mghflow 

AM Official 619-20 

Karts dose 

Open M. 45,683 

Total daily turnover 12.348 

■ NICKELS per tmw» 

Oose 8300-25 

Previous 8540-50 

Mghflow 8170/8150 

AM Official 6145-50 

Kerts dose 

Open InL 68J88 

Total dafly tmwer 17,819 

■ TO (Spar terra) 


645-47 

657-58 


eaas-aauo 

B46-7 




8325-30 

8450-30 


Stt 0 wfM Qpos 

pries chregs ffigh low tat M. 

Dec 3782 -KLB 3702 3782 138 43 

Jm 39 408 7 

M 381 J 406 3820 3806 88,118 18648 

Apr 3857 408 3856 3847 13,464 320 

Jus 3886 +0L6 3806 3896 21,471 1,481 

flag 3943 +05 - 12406 20 

ItM 177,191 2*968 

■ PLATOWI NYNCX (50 Troy S/boy Ozj 

Job 4156 >+33 4176 4136 9621 3201 

Apr 418.1 +££ 4195 4190 14554 1540 

id 422.1 4i1 4236 422.1 2614 24 

Oct 420.1 +15 4275 426.1 822 2 

Jai 4295 +15 - 114 

TOM 27,125 AJ067 

■ PALLADIUM NYMEX QOO Tnoy oz^ S/troy ozj 

Dk 15445 4005 155LOO 15465 15 1 

tear 15580 +065 15075 155J5 5,878 170 

Am 15765 4085 - 806 17 

Sq> 15830 +065 - 129 

DK 15930 +065 11 

T«d 8JB3B 188 

■ aula OgMBC yioo Trey qza Cents/tioy cgj 

DK 4756 -13 4778 4756 71 18 

in 4766 -13 4768 4786 79 

» 475J -13 - - 2 

tear 4817 -13 4848 4798 71,156 10JZI9 

Itap 4878 +13 4806 4806 108B2 190 

M 4948 +14 4058 4825 7,451 35 

Told rere 10/f88 


■ WIMATLCegpartonnd 

Salt DtaTs 
pries cMbk High 


Ml Dafs 


pries chnpfl High Lm M Vd 

in 106.10 -085 108L46 10&10 W 2 

■tar 10735 -045 70780 10735 1792 l 

«lqr 10930 -050 10960 10930 1391 3 

id 11085 460 - - 277 

Sep 0575 -060 - - 80 

Mr 97.15 -046 9780 97.15 1657 2 

Total 6068 tfl 

■ WHEAT CBT ^.OOObu mtae cants MOb twahsQ 


»d» 

1039 


OpK 


UVI CATH£ CME (sOJOQObK onta/tad 


Sdl DSfft 


No. 8, 641 Set by CINEPH1LE 


ren 4». 


383 fZ +3ffi 3890 3BU0 
39BA +3M 400/0 394 H 
377 H +1/2 381A 3703 
347/2 +1/0 348/4 344/6 
39M -Offi 353/0 3S0M 
aoiffi -0/2 381/0 381 m 


483 6S4 

43661 15JB1 
7,728 1714 
14/494 1,719 
788 112 

319 40 

67746 20636 


■ HAia COT P60Q bu win; osnta/5tti buahaQ 

DK 21M -2/2 219/0 215ffi 2639 958 

Itar 22M -2/0 229/8 22614114*495 17882 

Rtay 234/2 -2/4 237/0 234A) 44880 1837 

Jd 238/4 -2ffi 241/0 238/4 45867 2804 

Sop 242/2 -2/0 244/4 24M 5697 15 

Dk 246/4 -1/2 246/0 246/4 28883 1805 

IWd 244632 24602 

■ BAfagfLCEeepKtOTcj 

in 10365 -040 10380 10135 363 12 

MW 105.15 -060 - - 188 2 

Hn 10780 -060 G2 

Sap 95J5 -050 30 

tar «6 0 -0 l7Q 9760 9680 67 20 

Jm 9BJ9Q 435 - 

Total 720 34 

M SOYABEAM8 CBT QMJOObo mlt; CBflWMl buabaQ 


21M 


Jd 

ToM 


17819 


ENERGY 

■ CRUDE OB- NYMOC {42600 U8 


DK 1023 +38 1030 977 3.425 228 

Mr 970 +5 OSS 973 41137 2J5& 

tap 973 +9 981 972 17.428 883 

Jd 979 +6 909 979 7839 251 

S* 980 •»« 608 9B 12,72 931 

Dk 1001 +11 1001 1000 12,158 20 

Tdd 100738 4808 

ffi COCOA CSCE (10 tonnes; Sflonnsg 

Itar 1297 -8 1319 1262 36803 U05 

ta/ 1310 -5 1326 1304 12804 1857 

Jd 1335 - 1345 1330 01414 1655 

SOP 1354 -6 1365 1350 %T69 42 

Dk 1381 - 1382 1382 4733 27 

MV 1411 - 6797 402 

Tdd 75882 UJBT 

rn COCC^flCCqpPfraftonn^ 

DK 18 Plies Free, d *T 

DM> . B66lC 97587 


70450 -0325 0725 70275 2706 1.M6 
70800 - 78L73D 70300 31,175 8832 

n.125 +8L175 71200 70800 21817 3615 
60.150 +0225 60175 60775 7,195 1791 
04050 +0225 64.175 0&8SD 0121 516 

61390 +0190 84790 01400 1846 132 


31700 -0525 30000 31300 981 714 

378S -0.150 30299 37825 14850 10481 

37700 -0225 30050 37825 8891 3867 

4X125 -0225 438BD <3.100 4801 1214 

43200 -OtOO 40400 40150 1,471 121 

41275 -0425 41J59 41825 I860 323 

S6BI 10207 


M PORK 


585040 


5950-00 

8050-60 


Mghflow 
AM Official 
Kart) dose 
Open Int 

Total drily turnover 


5840 

6830-40 

20079 

5638 


price tap 

1682 +086 
1090 +064 
1781 +001 
1789 -061 
17.19 

1729 +082 


1680 1072 87,176 39800 
1660 1621 100711 30910 
17.DB 1097 95,114 10821 
17.14 1766 22629 6670 
1725 17.10 10405 2288 
1760 1725 27897 1619 


570/4 

STM 

584/4 

587/2 


-6/6 5894 GSM 37286 20047 

-5A 576/4 SfiM 36670 9605 

-730 58774 578/4 10770 1640 

-5/0 992/4 59412 20899 3610 

-OB 595/0 58772 2247 114 

-4 a. 563/0 5B8/B I860 35 

130379 30311 


M GOFFS LCE Sflom) 


JV 2074 +16 2700 2825 7648 635 

Hv 2649 +11 2900 2607 11692 1235 

tar 2624 +1 2960 ZTS 5610 66S 

Jd 2608 +10 2620 2560 2688 131 

tap 2593 +13 2503 2550 £705 199 

tar 2585 +7 2595 2575 399 162 

Total 20245 0KM 

M COITLL^C 1 CSCE p760Qteeg centeflbi) 

Dk 15269 -620 15960 15030 33 14 

Mar 15695 +030 16020 15660 17206 0294 

Mre 16020 +040 16160 15010 0471 1287 

id 16040 -010 T62J5 15000 2682 483 

Sop 19160 +125 16360 15055 0171 288 

Dk 18010 -010 16290 18090 1627 162 

Total 3081210910 

M COtaS OCG) (US cantaflpouKO 


4L12S 392D0 39 BO 8610 
39600 -O07S 30900 38600 1932 
40100 -0200 40300 39600 555 
41600 +0025 41960 40990 926 
40075 +0450 40250 30700 235 
fl iygi >04a 48950 40950 19 

0788 


LONDON 

State price S t 

M ALUftHMUM 
<907%) LME 

1000 


TRADED OPTIONS 


1900 


Apr id Apr id 

178 90S 75 113 

125 155 120 162 

M 116 178 219 



<4% *- 



p 4 * 




f rs 
'Vi 


+ -i £, : 

■' 2 tVi J* j 



(Grade A) LME 


2900 


Oosa 

Pnsrious 

Mghflow 

AM Official 

Ksrt> dose 

Open InL 

Toad driy turnover 
■ COPPER, grads 

11Q0&4J5 
1110LS-11J5 
10991008 
’ 1097-88 

105^28 

S4J35 

A $ per tome) 

1131- 32 
1138-39 

113871119 

1128-27 

1132- 3 

Close 

3002-7 

2967-88 

Previous 

3054-56 

2985-88 

Mghflow 

3026/2690 

2986/2820 

AM Official 

3027-30 

2980-85 

Kerb dose 


2961-3 

Open hL 

230915 


Total dsOy turnover 

137.168 



CRUDE OH, BE (S/bonefi 

tatad DqTs 


pte ctaiga tfigb 

1562 +004 1095 
1093 +094 1054 
1596 +005 1596 
1099 +091 1660 

1096 -064 1003 
1004 +0.04 1BJ04 


1084 97625 23679 

1085 21468 0795 

1599 12643 1,756 
1090 7637 792 

1099 7,296 678 

1004 4666 400 


Total 


2664 -011 2699 2015 0617 028 

27.77 -023 2022 2765 30070 9.138 

2391 -033 2765 2692 20662 0112 

2094 -035 2640 2080 10632 1£16 

2055 -024 2095 2040 11624 1641 

2020 -025 2095 2029 2673 94 

110219 20663 


Dk 19 
Q up. (Ur 
15 dBftar 
8 No7W 


Pries Paw. dq 

14118 19058 

1486B 14695 

SUGAR LCEfosntsflbd 


8 SOYABEAN lOEAL CBT HOP tens? Sflod 


Total 161691 3088 

M HEAT1HQ O0. NYMEX {42600 US gta C/US gta.) 


1508 -01 197.1 1502 897 2.139 

157J +02 1905 1576 20291 7671 

1612 - 1622 1912 30617 0ST1 

1901 -01 1902 1649 14657 964 

1694 -03 1703 1692 10591 474 

171J5 -05 1729 1714 3.185 187 

90909 11546 

DOES USE gtawd 

2616 

3816 +15 2822 2800 1659 29 

2603 -12 2 

2500 - 

1681 39 

HT (BlffBQ USE (SlOflndex point) 

2013 - 2013 2005 288 24 

1883 -12 1890 1870 963 65 

1848 +3 - 184 

1748 -17 1758 1748 1650 9 

1500 +3 1565 1555 299 14 

1690 106 


M LME AM Official £/$ rata 
LME Closing M rate U 


Spdb1J562Q 3tatel6632 6 atari .5618 9fnta16Bl4 
M ROOM GRADE COPPER {COMEX) 


■ 



OpK 



OBK 

ctap HW taw 

tat 

M 

Ok 

13860 

-025 137-35 13530 

3677 

670 

jk 

13020 

-055 137.00 135.40 

1649 

22B 

M 

13100 

-020 13520 13580 

018 

60 

Ita 

13460 

-125 135JOO 13260 29.037 

4633 

tor 

13000 

-010 13060 129L00 

781 

30 

MW 

12840 

■iM 12X30 1ZMD 

&M0 

395 

Trial 



81628 

0673 

PRECIOUS METALS 



■ LONDON MUON MARKET 



prices suppfied by N M RrihscMd) 




pries tangs Low tat Vaf 

1 4725 -0JB1 4070 4740 20773 16688 

I 4660 -042 4075 4010 40963 9J78 

r 4840 -022 4050 4030 20350 7608 

r 4120 -012 4860 4010 13618 676 

f 4010 +4U9 4010 4740 0140 203 

k 4760 +023 4760 47J55 6685 K 

d 3 562 6 

GASOtLKpnonmi 


Pries 

Jn 14050 -1J0 14100 14000 40780 6645 

m 14125 -140 14540 142.75 2434 3643 

Msr 145LS0 -075 145J5 14175 14623 2617 

Aw 146470 -OJ5 14665 14840 1723 288 

tar 14740 -050 14740 14050 1651 245 

JK 14765 -078 147.75 14740 6699 985 

Total 90003 10404 

M NATURAL GAS NYMEX (10000 mnfibL; SDnaGSg 


1340 

1003 -024 
1017 -028 
1195 -020 


M WMIE SUGAR 1XC(«/tannei « 

Itar 41030 -170 41000 40940 10797 996 

Itar 40340 -220 41000 40070 0480 280 

Aag 39030 -170 88340 38000 4y487 20 

Oct 301.10 -3J0 30010 38140 1657 11 

DK 35080 *150 35110 35110 128 8 

Nv 35120 -160 - 223 - 

Total 246» 1J00 

M SUGAR *11* CSCE (112jOOQt)s; centeflba) 

MV 1445 -020 I&15 1460 9743920744 
May 1466 -026 1014 1445 37J91 7J906 

40 1457 -024 1178 M54 20116 0406 

Oct 1160 -025 1344 1190 27JB2 3295 

■tar 1092 -025 1108 1066 0428 525 

tar 1073 - 1085 1073 2468 155 


1900 

1660 

1700 


179 247 5 

136 218 11 

97 101 13 

Mar May Mar 

90 102 14 

72 06 21 

56 72 90 

IPE Jan Apr Jan 

44 


1 Put seed in raw and say it's 
someone else’s? (6) 

4, 10 Pinch Crippen 0 s got 
blurred where customers 
walk &8) 

9 Glazed fabric: note suggestion 
at last (6) 

10 Seed 

12 ftn in a lot of luck: put me 
before skilled worker (8) 

13 Tumulus with a wheel? (0) 
lS,5(Qr 26), 20 Team to appear 

tough (or unwearied) (4,4,4) 

16 Wealth: it’s tedious going 
round through It (10) 

rv- _ 1 ■ ij \ - . _ 


DOWN 

1 Number after point Lb nhiiwwi 
in enor (7) 

2 Fruit to preserve in a lot of 
salt, Manchester's way (4,5) 

3 Tailless monster pats it as- 
wefi (6) 

5 See 15: it’s bad. with luck (4) 

G Wolves, old, to be presented 
CB) 

7 Meal without starter 
for this man? (5) 

8 Escape? I don't believe it! (7) 
ll Go to another country 

whence I get my warmth, say 
CO 


■ v .# 


1 » -A 


.v- 






LONDON SPOT MARKETS 

M CRIA7E O0. ROB (pgr barrri/Feb} +d 


Dubd S19b20-&2Bu +0.130 

Brent Bland (dated} $1Gu62-&63 +U185 

tent Stand (Fat* S1540-&91 +aiOO 

W.T± (1pm ad} S1S84-6L30U +0.030 

M 01. PBOPUCre WW Ep nwp td Bta w yqFpaiiiel 


Prwriunf) Gaa o f n a 


84.14 

83u40 

7448 

7140 

7078 


Odd (Tnoy oaL} 


Opening 
Morreng tat 
Aft woon ffc 
Day*s Mgh 
Day's Low 
Previous dose 

Loco Ldn Mtnm 

1 month — ^ 

2 m o n te 

3 months 

Staler Rx 


$ price 
37010-379^0 
378.80-379 l20 
37940 
37020 

37940-37090 

378.70479.10 

380.60-381.00 

QoHS Lendbig Rtaa 
.^447 9 monte . 
— 5.01 12 monte 


2 aquhf. 

243427 

240921 


Latest Day's 
dfa ctego l te 

1419 -0079 1449 
1416 -0465 1445 
1430 -0453 1 680 
1.625 4UM0 1445 
1430 -0440 1445 
1450 41432 1460 


Jjbw tat 

1491 20446 
1490 20269 
1410 16475 
1410 91122 
1420 9440 
1445 7452 
140,140 


W 

19,192 

7409 

3418 

1473 

1415 

502 

33^185 


M OOTTOW NYCE gMjOQta cante/te 

Mtf 8088 +071 8165 8035 30779 5708 

tar 84.14 +043 8425 8095 11jB86 0062 

id 8040 +023 8140 8065 9401 1491 

Oct 7443 +023 7443 74,16 1441 857 

Dk 7148 +023 7240 7140 8478 077 

Mv 7076 +023 7078 70S 94 1 

TOW 50108 10285 

H ORAWg JUICE NYCE tl6JKK3ba: cantsfl^ 

Jh 11040 +445 11940 11040 9334 0035 

MW 12330 +440 12X50 12040 0874 0976 

tar 126L00 +430 12840 12375 1786 411 

Jd 12670 +440 12940 12740 944 35 

ta 131*40 +070 13240 13040 0227 150 

Nov 13040 +&60 13040 12840 1453 68 


Heavy fljtf 00 
Naphtha 
Jet furi 


157-199 

S130-141 


/teretauai Agn. TULcadbn 


$192-166 
$100-158 
$145-148 
017930 8792 


19 HigWy florid silking, actual 14 Attribute to a writer ( 7 ) 

or prtenHal or inserted 00) 17. 18 I appeal to some heavenly 

20 Sw 16 as canventenqe to lanx diaracters in regal fonn fora 

__ v*) , balanced figure (9,8) 

25 mak- 21 Awfully keen to criticise 

a MaiX . sod SSi 3houId protec * 

s S’™* a - - 

ansTO ’ s 

80 twomlOTie? BBtting 011 wtth *9 See IS for loco-mntion? (4) 

Ibhtthffl £ ^£Sv* 8 s PecemlKB- 31. 




. . - t i. 






L .....* 

m 








-MM -. 


11950 

12330 

12040 

12670 

131*40 

13040 


(tauss) 


.STB 

.046 


.. — 

momna 

0 monte 

1 year 

Odd Cota 
Kiugarwiri 
Maple Loaf 
Now Sovereign 


p/troy oz. 
305.80 
31U15 
315J35 
328.75 
$ prico 
380-383 
369.76-39240 
88-01 


US cts eqdv. 
477.00 


49145 

509.40 

£ eqdv. 
244-247 


LflM Dpi's 

Pte drew >te la* 

Am 51.75 4020 52.10 5140 

U 5040 +007 51.10 50l4S 

Btar 5140 -003 5135 5040 

Apr 5375 -005 039Q 5370 

Mqr 5346 - 5040 5340 

in 5145 4.10 5145 5145 


tea 

tat M 

17530 12442 
17,185 7.150 
BJ507 3,122 
0747 1469 
5455 807 

1489 3 


The Tea Brokers A aa octa fa i rapote good 
general damoid Golotiy Assam met less 
compettfion aid prioeadectaiad 3 to 6 panea. 
However, pUner deeol p tfona wore vhong and 
advanced 2 to 4 penca Bright East A f ricans 
were 2 to 4 pence Oder except pekoe dusts 
which were again strong and often dearer. 
Cafcury rnriuns opened firm tt> dearer tut 
dosed eUghtfy lower. Ceytens were about 
steady. Good demand at about steady ides. 
Quotafions: bed evaiable IfiOp/kg. rant good 
l32pflog., good nudum I22p/kg» metfium 
lOBptek low medium 80p/k&» The h^heet 
price reesesd Me weak woe I74p for a Kenya 
Pd. 


VDLUiE DATA 

Open interaat and Volune date s hown for 
cont racts traded on COMBC. NYMEK CUT, 
NYCg. GME. CSCE and IPE Grade OB are one 
day farsrrearaL 


INDICES 

■ REUTERS (Base: 18/^31=100} 


Dec 10 
2189.4 


Dec 16 
232.06 


Dec 18 month ago 
21824 21628 

s(Baas: 1987=100} 

Dec 18 m on t h ago 
230.79 232.72 


16726 


pear ago 
225.13 


Gold (per tray OB# 
Surer foer trey ozjf 
Ptattnun (per tray 00) 
Psfiadkan foer trey oz] 

Copper (US prod) 

Lead {L IS ptodj 
Un (Kl reta Lunnpur) 

Un tew York) 

Catde fha wrighOf 
Sheep pw wrig h t ) t» 
Pigs Pte w ri gW) 

Loa day sugar font 
Lon. day sugar (wte) 
Tate & Lyle export 

Btatey (Eng. teecfl 
Maize (US NoS Yeflow) 
Wheat (LIS Dak Morttfi 

Rifobar (to# 

Rutter 

Rutter (KLRSSMtflJi* 
Cooonuft Ofl <PHQ§ 

Prim 08 (Mrisy-ff 
Copra (PW0§ 
SoytetesfUG) 

Cotton Outksol^A 1 Mw 
Woottops (04s Shpei) 


478l5c 

(413.40 

$152.75 

14ajQc 

40.75c 

14$0r 

275l6o 

118-86p 

119.49p 

8lJS4p 

837080 


E363.0Q 

Unq. 

£1300 

£165X1 

103w50p 

103XWp 

3864m 

SflQOOy 

S70543Z 

UA4J)Q 

£170Xb 

87j50c 

470p 


■1-BO 

-050 

-0J30 


-0.16 

-3j0 

-2 XT 
-1JBCT 
+0 JBOT 

+&S0 

+7^0 

+5XJ0 


j 


Of broking and jobbing the Peiikan’s fond. 

See how sweetly he puts your word onto bond. 

Afttag© 


V. 

" 'V- 





'“■* * 1 .3 


+1.00 

+1.00 

♦115 

+100 

+oo 


-040 




■OH 

Ch 

. • ■ 

7 -*;r 










C par tom untass eman 
r iraMg. m Malrerian 

MwJwLqDkUkV 
$ BcMon urate tdoes. 
Changa (uaHkOno 


ppanewkg. d 


$ Swap (Mi* taght 
1 we lor prerina day. 


JOTTER PAD 


■t»: V J 

i . -’••• a 




1 ■ . 

V-;-. 


- v _ _ 




















L 


Is 




tr 


1-- 


«di 


FINANCIAL TIMES TUESDAY DECEMBER 20 1994 


I ,V*-O.T 




.Mill 


jf - i i 

*7*- . _ 


! «1S 


LONDON STOCK EXCHANGE 




“* -L 

■ E i 

" 0-- , 

a J 

^ 1 ' “ * ^ ■' 

* ^ 


■2 . "m.. 

1 ■ EH 


Equities in good form as bid stories emerge 


FT->SE-A All-Share Index 


1.575 - 


By Steve Thompson 


. • law « 

sr-.- vi- . 

■' ■> : f. 

. . 


' ' ■" ■> ."l. 

- ,r S£ 


— - . /» b - 


\ < a .- _ 


* ■>*.* 


*•— 1 _ ■ t ■ 

f 

■*-> ■* r . - 1 


V »' -r 


i ■ 




The emergence of a series of actual 
and potential takeover develop- 
’• meats supplied the amrnmritirtn f or 
v a strong start to the week in Lon- 
' don's equity market 
' f . Dealers said there were no real 
surprises with Trafalgar House’s 
‘ r-V* bid lor Northern Electric hot po ten- 
...’v tial bids for oQ group Piet Petro- 
team and Wills Group, t h Q indos- 
- trial concern, were news to the 
market. 

- .And marbetmakers remained on 

■ red alert for an expected bid from 
! '?sV De La Rue for Portals, the banknote 

. Jj'-'.o. paper manufacturer. 

' , H There was no disguising, how- 
ever, the beginning of a winding 
■ ""tV down process in the market ahead 
. of the Christmas holiday. That was 
: » ? \ evident in the relatively low level of 




x .. ^ 


. ■» ■ • -l 


. v ■» ■ 

^ • fc \ 

H 

■■ S.'. 

: X! 
■ *• \ 
. . •' A 


turnover - 477.2m shares - the low- 
est for tan trading sessions. Activity 
in non FT-SE stocks accounted for 
275 An shares, or 58 per rant of the 
overall total. The value of customer 
business is expected to fall dose to 
£lbn; last Friday saw customer 
business worth £l.54bn pass 
through the wiflrlw* 

A disappointing opening to Wall 
Street, where the Dow Jones Aver- 
age came in under pressure and fell 
over 20 points within an hour of the 
opening, took some of the gfrfrm off 
London’s traniiant showing. There 
was an atammt of uncertainty in 
the US ahead of today's crucial Fed- 
eral Open Market Committee meet- 

mg which w31 ponder US monetary 
policy. 

London traders did not expect 
any shift in US interest rates until 
the New Year. “We expect the Fed- 


eral Reserve to wait until it has 
sieved through the necessary data 
on the fourth quarter before it 
decides on any farther shift," said 
the head of strategy at one big 
European bank. 

Looking further ahead, he said 
there was a faint hope of a reduc- 
tion in German interest rates on 
Thursday whan the Bundesbank 
Council meets in Frankfurt 

The market's takeover enthusi- 
asm was such that the FT-SE 100 
shrugged off a tired-looking Wadi 
Street and closed 20.8 higher at 
3,034.4, its highest for almost two 
weeks. 

There was also keen support for 
second-line issues, where the FT-SE 
Mid 250 index settled 223 higher at 
3,460.0. 

Pride of place however, went to 
BP, whose rehabilitation was com* 


pie ted as the stock became the UK 
equity market's highest capitalised 
stock for the first time since the 
1960s. 

The 100 index began the day some 
13 points higher, as the marifwt got 
wind of the Trafalgar House offer 
for Northern Electric, a move which 
sparked buying across the whole 
utilities areas of the market 

Analysts said the Trafalgar move 
could attract a counter offer from 
domestic or overseas predators anx- 
ious to acquire the cash generative 
electricity company. The generally 
accepted view around the market 
was that the bid for Northern was 
probably the first of many among 
the recs. South Wales Electricity, 
London, South Western and Norweb 
remain the other favourite targets. 
East Midlands Electricity raced 
higher, courtesy of a 27 per cent 


interim dividend increase. 

Dealers pointed to above-average 
turnover in the recs as the bid spec- 
ulation gripped the sector; “Big 
turnover is always the precursor of 
corporate activity, 1 ’ said one trader 
“and we’ve seen big activity for two 
weeks." 

Outside of the utilities and exclu- 
ding the expected offer for Portals 
dealers said there was plenty of 
activity across various sectors. In a 
generally firm retailing sector King- 
fisher was outstanding - the 
FT-SE 100's best individual per- 
former - amid talk of buoyant 

CtlPS 

SG Warburg took the wooden 
spoon as the worst performer in the 
100 index, with suggestions of great 
unhappiness around the company’s 
various departments after the failed 
merger talks with Morgan Stanley. 


1,550 — 
1.525 --J 


1.500 



Equity Shares Traded 


Turbw by vebiM MSmV- 
Mrt-nart« bvwMt «nd « 
1,000 


800 


1,475 U 


1.450 


Nov 

1004 



Nov 

1004 


■ Key Indicators 
Indices and ratios 


FT-SE 100 

3034.4 

+5as 

FT Ordiawy index 

2331.1 

FT-SE MU 250 

3460.0 

+22 3 

FT-SE-A Non Ftos p/o 

17^0 

FT-SE-A 350 

1521.0 

+10.3 

FT-SE 100 Flit Doc 

3063.0 

FT-SE -A AB-Sfmro 

1505.86 

+9A1 

lOyrGfflyMd 

&57 

FT-SE-A MKShara ytekj 

4.CS 

tAlO) 

Long ^n/oqiaty yld too: 

2.13 


Best pifo u n la g se c tors 

1 Life Assurance 

2 Butfdng & Construe 

3 Buttfing Materials — ..... 

4 Bectridty ■HIM ■ Ml II ■■■■«■ >1 OBU*i *•« I 

5 Pharmaceuticals 


.. 4l«5 
... +15 
... + 1.3 

...41.2 
- +1.2 


Worst performing a 

1 Gas DbtrtKiUcn i.^. 

2 Mordan t Banks 


Extractive Inds ..... 
Textites & Apparel 


+164 

(17.77) 

+92.5 

(8.58) 

( 2 . 11 ) 


-0.4 

-0.4 

.hii-41 

+ai 


” 4 * * — ■“ cr ? 


1 ' V 7 


- - 


r . -. 


’ * • * 9.-7 * 

*4 

“ # 


Oil) 


-• . ; V 


*4V 

*30‘* 

i m 

'•-•v 

5.VA 

; . .-"V 

■ ’ ■ e ‘ 

1 i-v* 

:■ • 

o ’ 

'i 




Has 




*.■ 


J 


. ,. ' j ; 


-i-. - - 


P'Pepni 


Portals 
bid news 
expected 


Specialist paper group Portals 
jumped 45 to S65p as the com- 
pany's executive directors held 
face to face negotiations with 
their counterparts from De La 
Sue, the bank note printer. 

The boards of the two groups 
spent much of yesterday 
thrashing out details that are 
expected to lead to a killer bid 
worth in excess of £10 a share 
from De La Rue. 


It is believed that tha highest 
amount De La Rue could justi- 
fiably pay would be 1025p per 
share, which would value Por- 
tals at £665m. There will be an 
anno uncement this week, pos- 
sibly as early as tomorrow. 
One insider said: “With the 
share price swinging around 
like this and nobody knowing 
what is going on, there Is in 
effect a false market. They 
have to say something.” 

This is the second time this 
year that De La Rue has 
declared its interest in Portals, 
and analysts believe that if it 
backs away again there would 
be a damaging loss of face and 
De La Rue would be forced to 
la u nch a hostile bid - same- 




EQUITY FUTURES AND OPTIONS TRADING 




In trading volumes which 
displayed end of year thinness, 
stock index futures moved 
ahead briskly, opening up a 
wide premium to the cash 


market, writes Jeffrey Brown. 

The FT-SE 100 March 
contract was standing at 3,062 
at the dose of pit trading, up 
20 points tor a 69-point 


: d z—-—. c 


— — g - j - _■* "*■ ■* 

■ - Vi " 


7 Xr - Tfi — 




FT~SE 100 INDEX RmittSS flJFFQ £2S per hJ hutex point 

Opffi S«tt price Chanpe High Low I 

IT 3048.0 3063.0 -t3fL0 308 SjQ 80M 

n - 30744 -&U) 

FT^gE iTO> 850 INDEX RJIURES JJFFQ CIO per tul lnd« point 
r 34800 347SJ) 30 l0 34800 347GjO 


250 MJEX FUTURES fOMUQ £10 per M index poM 
34700 

■(M» an for pmtaa tty l t Exact vahm s town. 


CAPT1 

vol Open EnL 


2916 


CROSSWORD 


■ FT-SE IDO WCeXOPTIOHjLFFg (-3034) CIO pw tufl IndwtpoW 


•» f ii 

. » 1 


r ni I,.. 

■ .... 


fv 

Jurrf 


2850 2900 2980 9000 90S0 3100 3180 3200 

CPCPCPCPCPCPCPCP 
218 11^2 175^2 18 134 2912 99 45 68 87 43 9412 » 129 15 1S>2 

238122412 199 35 163 50 WfiSfla Wh 88% 73^ 113lz SZ^ 143 SBljITSlz 

24812 38 21312 52 177 « 148% 66 W^VSflz 9IV 134 73 164 H 19712 

267 48*2 222 tit MB 77% 181 IDT Of Whin's MB SOfe 179k 216 

24B 80 188l2l1B>2 - 13512 167 92 224 


■T 

II 


Ml 4S35 PHI1JE8 

I EURO STYLE FT-SE 100 INDEX OPTION JJFFE} CIO per M index paM 




2B7B 2B25 2S75 3028 3075 3125 3178 - 3238 

JU 191 14 14B 35 81 53 S 74^ 36>2 117 ISlz 141 12 183 

Ab 215 28 177 391214212 541211112 73 85 96 63 123 65 155 31 1S&2 

Mr 22712 42 191*2 5St15(fti 72 129 91 *2 163 115 S 172 46 205*1 

Jin 236*2 82 177 129*2 127 176*2 67 233 

Sqrf 272 107 21412144% 164 190 122 24% 

Orii 2,297 Prtt %295 p Undedytog Wta vjkm. Rnriara atnn mw bMd m MUunant prtcex 

f Ung dead wkf mortto. 

■ EURO STYLE FT-SE HP 850 0IDEX OFTTON fOMUQ £10 par U kidaK point 

3850 3400 3409 3800 3590 3600 3650 3700 


OfcOPukfl 


FT - 


3400 3499 3800 3599 

70^2 11 38 27*t .17 58 

m pfeK antf voftM W9 Won at tSOpn. 


Actuaries Share Indices 


thing it has shied away from 
because of the historically 
dose relationship between the 
two groups. De La Rue firmed 
a penny to 956p. 

Trafalgar offer 

Northern Electric forged 
ahead 33 to 10i8p as the mar- 
ket braced itself for a long 
drawn out bid battle after 
Trafalgar House finally 
launched its long-awaited 
£L2m bid for the distributor. 
Northern issued a statement 
after the market closed reject- 
ing the offer. 

Active trading of the stock 
following news of the bid saw 
volume rise to a hefty 4.8m 


advance over the past two 
trading days. 

At the official dose the 
premium to the cash market 
was 28 points, but at times, 
notably during the morning 
session, this widened to more 
than 30 points. 

As a result a certain amocrtt 
of arbitrage business went 
through, although underlying 
turnover remained modest. The 
day saw Just 9,216 lots traded. 

Turnover stayed weak during 
late, screen-based trading, 
but with Wall Street showing 
dear signs of weakness the 
March contract sagged to 
3,059, at which level it was a 
couple of points above fair 
valua 

The thinness of the market 
was also reflected in stock 
option trading, where lot 
numbers tailed away to 
26.292, from 44,805 on Friday. 
Calls outstripped puts by 
nearly two-to-one. FT-SE and 
Euro FT-SE business 
accouited for around 11,500 
contracts. 

The most actively traded 
individual stock option was 
Abbey National, with 2,134 lots 
dealt Cable and Wketess, 
Welcome and British Gas were 
also wefi traded. 


The UK Series 


shares by the close. Last 
week’s confirmation by Trafal- 
gar that it was considering a 
bid for Northern meant yester- 
day’s move was not a surprise, 
but dealers suggested: “This is 
only the opening shot for what 
will be a bitter battle." 

More cautious observers 
such as Mr Nigel Hawkins at 
Hoare Govett suggested that 
the bid could be referred to the 
Monopolies and Mergers Com- 
mission. 

However, the general view 
was that Trafalgar could even- 
tually capture its prize but 
would have to “substantially” 
increase its current offer. 

Mr Kevin Lapwood at Smith 
New Court said: “The tax bene- 


TRADING VOLUME 


■ IK*Ior Stocks 


ASD* Greet 


Foodfft 


W. (Mg tty>% 

0006 prtCE dhmn» 

421 329 A 

8,000 641* +Ja 

1,600 419 *1 

844 40 «1 

1,890 600 +7*2 

850 489 -8 

95 349 40 

3100 259 

1-800 241 42 


EMAf 

BATlncM 


638 

2J000 

4JH0 

803 


1M«* 


BOCt 

BPt 


Kit 


Cteaisf 


BrtMmpcI 1 

BffifflfaGsat 

EMUtalavi 


BbnnahCmott 

Aim 

CtoftWktft 


Goran. UMont 


472 

9^400 

4jDOO 

TjBOO 

4.100 

ijno 

6^00 

2,190 

2,900 

14 

946 

741 

1.100' 

£200 

7/00 

2/00 

4/00 

2/00 

220 

«\mn 

8/00 

1.700 

1/00 

1/00 

1/00 


713 

423 

284 

373 

TOP* 

603 

816 

279 

4ffi 

485^ 

423 

430 


Jl 


1/00 


Do La Root 


904 

1700 

1/00 


GiO CMb 


I UHMI 

Forit 

OaaAc 


ft CoLLT. 


127 
243 
1/00 
9 m Q 

1/00 


OynwAd 

tout , 

Grand MfiLt 


1/00 

441 

2/00 

5/00 

88 

2/00 

2/00 


A 

48 

48 


Day's 

Deo 19 chge% Dec 16 Dec 15 Doc 14 


Dhr. Eon. 

yWd% ytoflft 


Xd a4 Total 
ytd Return 



FT-SE 1t» 


FT-SE JMd 299 ok Irw Thais 


FT-SE SmICop 

FT-SE SnaBCap m hv That* 


34flq_0 

3461 JD 
1SZUQ 
1735-01 
1704w45 
1606/6 


*0.7 3013-6 2973/ 29606 3364w8 424 

*0.7 3437.1 3413/ 3405JS 3710.4 3JS5 

*0.7 343&3 3412-0 34060 3702/ 3^0 

40.7 1510.7 14822 1484,7 18742 411 

403 173098 173081 1727/8 1812.02 090 

403 160077 168079 18B7M 1797/1 3.72 

*07 1496J6 147060 1481 .19 165032 4 JOB 


723 16.10 

UO 1228 

071 1722 

7J07 1074 

5.04 2021 

059 2008 

6J93 17.15 


12080 

13&17 

144kBl 

6402 

56L21 


115063 

130248 

1301J34 

118320 

135081 

1335/6 

119026 


HSBGirapriMlt 


1/00 

848 

2.700 

2/00 

472 


134 

1.100 

1/00 


321 

233*} 

W 


I- 


D>V* 

Dec 19 edge* Dec 16 Dec 15 Dec 14 


*t ' r - - - 


— i . x : . 





10 MNB1AL EXnUCT10N(l9 

12 Extiadhie Industries/) 

15 00 IntflflRJtfedO) 

16 OB SaMlon ft ftodfll) 

20 QER IIANUFACTWERSfZST) 

21 BuBcSnfl & ConAtiucfion(33} 

22 BiMng Math 8 March8P2) 

23 Chen*atep3) 

24 Dhradfied JndustriatatlQ 

25 Bactronte & Bod Equlp(34 

26 B#mtag|71} 

27 Bi y t h o ai tig, Vahtelos(12) 

28 P itaUng . Papor & Pchgpfl) 

29 Traffics & Apparel 

30 GONSUMB1 QOODSm 

31 BwwalestlT) 

32 Sprite. Wines & CUersflOJ 

33 Focxjil«aiufacam8t2^ 

34 Houaehotcf GoodsflS} 

38 Heafth Carepl) 

37 PhanraoBiitlcaisCi^} 

38 TobacccQ 

40 SBRMCCSI219) 

41 Dtetribut0lS(3q 

42 to bm & Hcflfetaf26) 

43 Mmtypat 

44 Rdriten, FoodfTS) 

45 RstaBert, G o naral ( 4Q 

48 Support Sendcuffl) 

49 TnraporttlQ 

51 Othar Santera ft BurtnasatB 

60 unnoESpn 

62 BocttfcSyD7) 

64 Qas DtsMxitlon^ 


266846 

372820 

2648L27 

164200 

1813.14 

974J9T 

175360 


172035 

1832.42 

178043 

2177.73 

272148 

150080 

2763/0 

2186/0 

271634 

2272.72 


164691 

3211.78 

3884/3 

185667 

2508/3 

2077.71 

276749 

189614 

153683 

1460/2 

2197.70 

1231/1 

2371/4 

253671 


70 HNANClAl/(10q 

71 80*410) 

73 lnsunonoe(17) 

74 Lite Aoaurancon 

75 Merchant Bed afS) 

77 Other RnarcfalpQ. 

70 ProooitvMffl 

80 ■W5STBSSWT TRUSTSW 
89 FT-SE-A ALL-SHAKP72) 


1938/2 

1765/2 

1625/5 

214622 


1203/5 


2917/8 

182600 

136207 

2680L61 

1505/6 


*0/2652262613472616212528/8 
-61 3730.13 387676 3700/4 3579.15 
*0.72626932590382593/9248606 
*0.7 1830tB4 180345 160242 180608 

*0.7 1800.19 178278 1783/1 199213 
+1 Z 98093 94646 941/41248/7 
*1/ 173090 1703/4 170283 2174/1 
*0/ 224040 222344 221614 2245/7 
+09 170842 169020 1696/0 202271 
*65 1824/9 1788/1 178&5B 203046 
*03 1774/1 1771/0 1771/8 176251 
*0/216656 216451 217012 2069/4 
*0.7 27D227 268064 288092 2007/2 
*61 1501/7 149622 1491/6 1839/4 

*07 274616 271 1 J22 271019 2951 37 
-04 2194/3 215601 2160/9 2860/5 
*0/2006/82638/22837/6383074 
*03 2286.99 2241/7 223621 241622 
*09236248233663230651 2720/8 
*02 1543/8 1541/1 153506 1786/5 
*1/ 317343 314800 3151 20 3174/6 
+1.1 3624.09 360611 3811/0 448618 

*OB 184083 1826/6 1832.732033/0 
+1.1 2480/32467.12 2489.14290061 
*05 2067/1 2058.75 2066762059/2 
*002762.042740482733/82886125 
*0/108604 189612 1671/1 1740.73 
+1.1 152678 1507/6 1509.42 1821/5 
*0/ 1441/6 1440/0 144344 1641.76 
*042188/0 2160/62166072533/7 
*00 1220LB4 122122 121749 114321 

+05 235698 2335.17 233695 2702/3 
*12 2S0&44 2481.79 948342 250016 
-05 2033.44 2017/4 199612 2361.10 
+03 1830.19 1907/4 1912/2 2402/2 
*0/ 175614 1720.44 1753/0 2110/3 

*07 1614/0 1597/3 159699 1756/1 

*06 2132/7 209643 2105.77 2531.19 
*04 2631.74 2791/7 2785/9 3287/1 
+1.0 119235 116267 1171/3 148020 
*1/ 232303 227619 230747 269508 
-042830062912/2308007335694 
+1/ 181060 180605 1813/1 188616 
*09 1350/3 132X48 1322.74 162600 

*02 2675/5 2668/82657/7 291640 

*07 149605 1479/0 1461-19 1552/2 


Dv. Eon 
ytejd% y tMX 

657 Bui: 
344 53 

323 5.B 


619 

038 

4.17 

640 

4/0 

302 

449 


440 

401 

4/7 

3/3 

627 

420 

636 


m fVE Total 

ago ytd Return 

613 24/5 0683 107650 

5/1 2248 9662 102802 

5.68 2104 9644 109680 

t t 38/3 106607 

5.75 20/6 77/1 93245 

506 22/9 38/5 769.77 
5/6 2055 75/9 834/3 

4.78 26/4 9605 100638 

649 17/7 93/5 89106 

689 17/1 76/5 90648 

5/2 2108 60/3 102604 

1/7 8O0OT 94/1 1066/3 
674 2008 8674 1077.14 

659 19.70 6601 88089 

7/8 1673 121.70 960/2 

804 14/5 97.73 99808 

7 .00 1650 11308 91842 

7.78 1500 103.17 98658 

7/1 16B4 6003 68348 

3/6 
670 
90S 


Johnson Mcttttoy 

sss 




UnM 


12 

5.100 

10B 

2200 

1000 

61 

479 

3*3 

1/00 

1000 

1/00 

1.100 
1/00 
1,700 
1400 


141^2 

774 

ISO 

200 

378 

120 


7400 

427 


825 >3 


MofTtoOfi (Wtiv) 


NvthWnfVtot 


1/00 

2400 

1,700 

1/00 


1673 121.70 960/2 
14/5 97.73 99608 
10/0 11308 91842 
1500 103.17 98658 
15/4 9083 68348 
89/6 5102 903/6 
1705 133/7 1030/0 
1003 217/7 83501 

1748 66/8 92016 
1605 9656 87647 
2100 9300 103033 
2108 71.49 970/9 
13 M 6504 1023/1 
1649 6909 836.45 
1741 41/0 88708 
18/6 7204 868/3 
3547 38.11 1088/3 

15/3 119/1 931/0 
12.19 13257 107012 
1 11902 95011 
15/5 8303 840/2 
7/1 9906 898.10 

1700 67/3 115002 

12/4 95.79 B6604 
11.14 12000 858.04 
1104 63,13 88248 
1543 127/2 91068 
1201 103.78 88012 
1405 70/4 98402 
2026 59/7 78907 


9058 

9300 

71.49 

6604 


347 

206 

3/S 

3/2 


067 

4/5 

4/0 

407 

5/1 

542 

055 

4/9 

448 


Northern Foodrt 


4400 

021 


968-58 

BB3M KSS 
903/6 ftudsnt 
103000 

B35/1 SS» 

920.16 

87047 

1030/3 RftcrtjP 
970L59 

1023/1 Mil 
83045 WBkt 
8B7JSB 


1X00 

1JXD 

845 

4000 

1,700 


o?^oMnt 


3.100 

190 

1000 

10OD 

1000 

717 

1000 


nasAciyCot 

RylBkSoodi 


1000 


108053 teitlift ft NMLf 


704 15/3 119/1 931/0 

901 12.19 132/7 107012 

t 1 11902 96011 
7.71 15J95 8303 840/2 

1302 7/1 9906 89010 

070 1700 67/3 116002 

905 12/4 95.79 56024 

1009 11-14 12000 055.04 

1014 1104 63,13 832.48 

700 1543 12702 912/8 

9/3 1201 103.78 88012 

843 1405 70/4 08402 

475 2026 59/7 78007 

109 5031 8015 005.42 

093 17.15 8208 119608 


1JSQD 

1,100 

115 

1,700 

983 

1000 


172 

409 

*se 

1440 


*6 

#4 

*5 

*8 

*33 

rtja 

■&BU 

40 

-2 

48 

+11 

44 

*7 

-1 

+1% 

42 

40 

47 

4ir 

40 

46 


Sa ranTterat 

Start Ttanoporit 

swbri 

Stauoh EM 
ftnAh AVjq 

Snrth ft Naphewt 

OtnKI O w UNu t 


557 

1400 

129 

3X00 

1,790 

iso 


912/8 

88012 


doutfwn Bictf 
Scutfi WON Beet 


1X90 
a too 
7200 
1/00 


319 
332 
IDT 
155 
477 
514 
6M h 
669 
2lfi 
401 
153 
481 
422 
433 


Sarah Wml 


QMLt 


■ Hourly mowmanb 
Opai OOP 10/0 

FT-SE 100 30208 30260 30470 

FT-SE Md 250 34560 34503 34600 

FT-SE-A350 1517.7 1517.6 15207 


11/0 12/0 13/0 14/0 15/0 18.10 HjghA to y Lowfttey 


30440 3044.1 90420 

34840 34650 94660 

15204 1525/ 1524/ 


3038/ 30310 3034.7 3048/ 3026/ 

34K3 34610 34606 3467/ 3454.6 

1523/ 15200 15210 15208 1517^4 


Sun ANanoorf 
TMM 

T5BT 
Tanas 
Tteeftb te 
IhytofW nuOw 

meat 

Ihaiawnit 

TtonOAt 

TornIMt 


387 

SR 

31B 

1.700 

1.700 
2X00 
2/00 
1.100 
1000 

2.700 
340 

1000 

1/00 

1/00 

619 


TVtm c< FT-SE 100 l>/8 Mtfv 10JM«n Ctay 1 . Wc OOS«. FT-SS MO 10H 582031 712 J lar. 2B7U (2+W. 

■ FT-SE Actuaries 3S0 industry baskets 

Opm 9/0 IftW 11/0 12/P 13/0 14/0 15/0 1&10 Ctoac ngjw 

Brig & CnaScn Q10 2 914.8 921/ 921/ 923/ 923/ 823/ 8220 822/ 922/ 

P ha naailtto 3178/ 3178/ 3201/ 3201/ 3201/ 3198/ 31910 3180/ 3165/ 3187/ 3150/ 

Ito 17780 1773.1 17720 1772.0 17B90 17BM 1787.0 1791/ 1763 .1 1762/ 1762 .0 

D ental 2884 / 2662.0 28940 2680 0 28890 2888/ 28850 28740 28790 28790 28870 




8000 

74 


Oota Pierioua Ctange 

922/ 906/ +150 

3187/ 3150 Z *37/ 

17620 1782.0 +100 . 

28780 28870 +11/ 


IMNeampn 
1M dug tot 


VMVtar 


M 

wKDfnJT 


7.100 

1000 

2000 

912 

1000 

1000 


WteCmon 


Mttonrt Waneiloii a tha FT6E rtaerioa 6haie Inrtbao b pulrtrtrad Sttdy tone- UNaetf eotaiiM tsMniMii 
LWWt On» SMftwwkSrtdg* Lxidon 9EI SHL Tl» FT-8E Foowlw Sta. IndM. SmtafciriifciicoNn^nigB d * 
pwa uf + m wftwa Mow. I* angWb >wn FWSIAT ftany Houwl tS-17 BmbxTB LnytoiECZ* -git- 

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ei)M HMndWW 9M «( UlM Mradan otf (rf Mbnd LtaM i9MJ»Tha RnandBlIfaM 

W nd *FbcbW m )cH tnds im ard ante mails of «• London a#* Eufcangs ari ITI m RiawTlniji U 

kdon n uSMci Sm it. Ml Oman*, r Sucicr MC ntta arnttv ttm 80 n nM ^lowii 


Yorirfi n J 


1,100 

ITS 

421 


ACtuM* SSO md 9M FT-SE AflUtas Nuny 


Yortartura WflAfer 440 496 44 

StaMCrtt 1 JDO 881 46 

Btiad aa Mdrtfl bebM tor t MtaertM af nu|or 


ad ttn fOaty of 4cti«rtn unoor b man «ev of gnrad luto 


IMtatyiwB 4/Cfrn. t tataca— a FT^S£ in 
index oonrtBuent. rtl tadoa ora raundod 


fits to Trafelgar added to the 
break-up value of Northern, 
which we believe to be U25p, 
should see a take-out price of 
more than I200p.” The current 
offer from Trafalgar House val- 
ues each Northern share at 
1077p, with the cash alterna- 
tive at 104%. 

Mr Adam Forsyth and Mr 
Richard Alderman at NatWest 
Securities said simply: “We 
view the Trafalgar bid for 
Northern as fairly priced but 
not high enough to win round 
the company’s management. 
Without that support, persuad- 
ing share holders to accept 
could be difficult.’' 

The eme rgence of a “white 
knight" has not been ruled out, 
and several market partici- 
pants continued to point to 
Scottish Power as a probable 
suitor. Shares in that group 
shed 5 to 332p on the talk. 
Trafalgar eased a penny to 73p. 

A combination of a stock 
shortage, general recovery and 
reports of encouraging sales of 
video tapes and compact discs 
helped Kingfisher advance 15 
to 429p, in trade of 3 .2m. 

There was a big seller of 
Storehouse which left the 
shares trailing 7 at 208p. Vol- 
ume of L7m included a block 
of 700,000 that was dealt at 
209p. The stock had until 
recently been one of the better 
performers in an otherwise 
dull retail sector. 

Among food retailers, 
two-way business in Asda 
Group brought volume of 10m, 
making it the day's most 
actively traded stock in the 
Footsie. The shares added K at 
64Kp. 


NEW HIGHS AND 

LOWS FOR 1994 


Branoon Hn. DHTHi 

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■ SAM. 

Arana 


Sarah 


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MCUSnitem 

HI JU HEALTH 


19 Ainpraig tonta. Ontffen Hrtraaiy. 
INVESTMENT TRUSTS (17) KJBSURE ft 

Horaa to ra ft mat k omra c*. prl 

MEDIA (7) Bmtocra to. Odd O wi n ira Twtt. 
Nmh ml Spend SrateQ Pratatang. Toto 

-Qm Crt, VTR WMGO. OTHER FINANCIAL (9 
C teytrth* Wfcpc Lit 2000-1. M tnfaro fen S tr v tco, 
rang A Gtom Oosm Cm, PRIM. PAPER 


RETAIias, FOOD fQ Nunfti ft RbkocA. 
RETAILBB, GENERAL (ft Fm Aft 
fiUFFOfiT SERVS W Ovto Socrarty. BS-fcn 


GANADMN8 09. 

Negative press comment 
weakened dr inks group Bass 
and the shares closed ll 
cheaper at 516p_ Worries about 
the growing “bootleg” beer 
market cast a shadow over 
brewing group Vaux. The 
shares gave up 6 at 220p. 

Bid speculation boosted sev- 


eral stocks among the regional 
electricity companies. East 
Midlands, which brought the 
results season in the recs to a 
close with bumper figures, 
raced 41 ahead to 851p, while 
London put on 30 at 774p. 

Hong Kong related stocks 
HSBC and Standard Chartered 
fell 3 to 6S7p and 4 to 27fip 
following criticism in the 
financial press over the Far 
Eastern market’s prospects. 

Merchant bank S.G. War- 
burg lost more of its hid pre- 
mium following a welter of 
comment In the weekend 
press. The bank also 
announced that it was losing 
one of its senior directors, Mr 
Peter Twatchmann, and some 
insiders were suggesting the 
change was linked to com- 
ments Mr Twatchmann had 
made about Warburg’s fixed 
interest division - thus high- 
lighting the group's internal 
strife. The shares Tell 28 to 
685p. Some investors were 
switching into Kletawort Ben- 
son, up 12 at 535p. 

Pharmaceuticals group Hun- 
tingdon International leapt 10 
to 30p after announcing a new 
chairman, Mr Roger Pinning- 
ton. 

Reckitt & Colman rose 8 to 
593p after its proposed acquisi- 
tion of LK&F Household was 
approved by shareholders. 

Wellcome fell 7 to 678p, with 
dealers suggesting that inves- 
tors had been switching funds 
into Glaxo, which was held 
back on Friday by some nega- 
tive sentiment. Glaxo shares 
moved forward 13'A to 639Vtp. 

Fisons was restrained, but 
news that it had ended its US 


marketing agreement with 
Rhdne Poulenc came too late 
to hit the shares significantly 
and they finished unchanged 
at I14p. 

However, one analyst said 
the news essentially marked 
the end of the US prospects 
for Tilade, the asthma treat- 
ment and Fisons most impor- 
tant drug. 

Oil major BP was one of the 
most heavily traded stocks as a 
rise of 3Vz to 425p, against 375p 
ex-dividend fur BT, ensured a 
change uf leadership at the top 
of the FT-SE 100 league table 
and consolidated the oil 
group's rehabilitation in the 
eyes of investors. 

Piet Petroleum rose 14 to 
155p after the company became 
the latest to join the increas- 
ingly popular bid dub. The oil 
group issued a statement say- 
ing its 43.3 per cent share- 
holder Amerada Hess was in 
talks with Premier Consoli- 
dated Oilfields that could lead 
to a bid for all or Piet's share 
capital Shares of Premier rose 
l 1 ’* to 23p. 

Saatchi & Saatchl dipped 3 
to 151 p following consideration 
of the implications of the man- 
agement upheavals. 

US press comment sent 
Cable and Wireless rattling 
ahead in 5.9m turnover, with 
the stock market beginning to 
scent the possibility oT some 
sort of hive-off. The shares 
climbed 7 to 36Slip. 


M : < [i =i => u • i ; 1 1 ^ ; - q 


Peter John, Joel Klbazo, 
Jeffrey Brown. 

■ Other statistics. Page 2D 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


RISES AND FALLS YESTERDAY 


Option 


to 

Apr 

to 

to 

Aa 

Jto 

tottoot 

550 

10ft 

39ft 

40 

~n 

16% 

24% 

rasa) 

000 

Zft 

14% 

23 

41% 

44% 

52 

ft w* 

240 

K% 

22% 

26% 

3ft 

6% 

12 

rtsn 

280 

4 

12 

17 

13ft 

15% 

22% 

ASDA 

60 

6 

7 

B 

1 

3 

4 

r«) 

70 

ft 

3 

4ft 

7 

8% 

9 

Bitt Airways 

330 

31% 

41 

46 

1ft 

6ft 

U 

r358 ) 

380 

11 

25 

31ft 

11 

18 

27 

Mitel 

490 

14% 

27 

30% 

11% 

23% 

29% 

r«o> 

500 

2ft 

12 

29 

40% 

48 

53% 

BOOte 

460 

31 

44 

50ft 

2% 

8% 

14% 

r«8 ) 

500 

9 

21 

28% 

19 

26 

34 

BP 

420 

14ft 

25 

34 

8 

15% 

23 

T425) 

46D 

1% 

9 

17% 

36 

40 

45% 

fete* Steel 

140 

18 

22ft 

25% 

% 

2ft 

5 

n»> 

160 

4 

10% 

14 

8% 

10 

13 

Bare 

SOD 

23ft 

40 

48% 

5ft 

14 

24% 

rsi8> 

550 

4 

10ft 

26 

35 

41% 

51 

CrtteltehE 

380 

17 

31ft 

38% 

7 

15% 

22% 

(*3S8> 

390 

4% 

IB 

21% 

24% 

32 

38ft 

Co motto 

420 

27 

42 

47ft 

4 

13 

20 

f441 ) 

460 

5% 

20% 

25% 

23 

32 

40 

CoraUnka 

493 

44ft 

S% 

- 

1 

13 


F33 | 

543 

12 

23 

- 

17% 37% 

— 

Cl 

780 

23 

40 

52% 

15 

38 

44% 

ms) 

800 

8% 

10% 

32 

47% 70% 

75 

Khtflter 

430 

20 

3Cft 

48 

7 

16% 25% 

r«s > 

480 

3% 

16 

22 

31% 

39% 

48 

Lmd Sscar 

590 

43 

56% 

82% 

1 

5 

12% 

(•390) 

800 

9% 

24% 

31 

15 

21% 

33 

Maria 5 S 

380 

27% 

38 

43 

1% 

5 

10 

nwi 

390 

8 

«s% 

26% 

12 

16% 

22% 

NtfHM 

500 

22 

35 

46 

9% 

26 

32% 

PS10) 

550 

3ft 

13% 

26 

41% 

80 

63 

Stossbory 

300 

17 

31 

38 

6 

13% 

22% 

r3w> 

420 

4 

16 

23 

23% 30ft 

39 

SM Trans. 

650 

49 

Bft 

64 

1 

10% 

12% 

r«H) 

700 

11% 

24% 

34% 

15 

31% 

33% 

2DD 

»% 

U 

22 

3 

7 

10 

f 208) 

220 

2 

8 

12% 

13% 

172 m 


70 

4% 

9 

n 

2% 

5 

5% 

ra) 

80 

% 

4 

7 

9 

10% 

12 

IMawr 

1100 

47% 

71 

94ft 

7 

26%: 

38% 

nisq 

1150 

17ft 

43 

57% 

Z7% 

51 

63 

7ww*i 

850 

42% 

61 

72% 

10% 

28% 

35% 

rasi ) 

900 

14%. 

33% 

47 

33 

52 

61 

Option 


Fort 

•fay 

tas 

Fte 

wy 

Aug 

Grand Mot 

390 

18 

29 

35% 

14% 

20 

25 

(-396 1 

420 

Bft 

16% 

23 

34% 

38% • 

12ft 

1 Mflmti 

140 

22ft 

24 

28 

% 

5 

6 

nss ) 

160 

9% 

12ft 

17% 

6% 

13 

15 

UH Stafei 

300 

32M: 

37ft 41ft 

1% 

9 

12 

r3Z7) 

330 

12% 

to: 

84ft 

11 

23 

26 

(ton 


DSC 

nr 

to 

Dbg 

m 

to 

Bran 

110 

4ft 

13 

16 

1 

6% 

10 

ni4) 

120 

- 

Oft Tift 

8% 

12 

15 

Option 


Ftb 

SSL 

a 

Feti 

uw 

AS 


Option 


f233> 


H41) 


["200 ) 

P&O 

rw7j 


n«3j 

Pmdnu 
COT ) 
mz 

("825 J 


C453 ) 
Royal I 
("282) 


COIs Putt 

Fob ity Aug Fd) lay tap 

220 T7tt 21 23* 3 6 9 

240 8 19 13K 109 159 19 

140 8 13 16 9 10 

160 VO SIS 8 19* 21ft 22 
200 10 16ft 2Dft 8ft 13ft 16 
220 3 0 12ft 21ft 25ft 28 

600 2BI 40 51 16 33 40ft 
950 9 19 30 47 65 71 

160 10 14ft 18ft 3 Oft 10 
180 2ft 8 10 16ft 18ft 21ft 
300 25 29ft 34ft 5 13 15 
30 9 13ft 19ft 18ft 29 31ft 

800 45 67 7*ft 12 28H 38 
85018ft 32 48 37 55 82 
420 42K 80 54ft 5 15ft 20ft 
480 17 26ft 32 19 38ft 41 


British Ftnda 

Other FbsBtf Interest .. 
Mmol Extraction 


Consumer Gooda 


I l.ftl n n 

maufifl 


Inve s tment Trusts 
Others 

Totals 

Data b aw d on hm cool 


mom 

Fate 

Sanaa 

48 

8 

16 

0 

0 

14 

68 

19 

89 

200 

65 

363 

59 

28 

99 

126 

60 

305 

27 

10 

6 

154 

30 

182 

118 

MO% 

26 

<yi 

322 


33 

46 

682 

276 

1442 


fitted on the London Straw Sera. 


280 16 
300 7ft 


f237) 


ran ) 


("317 ) 

Option 

BAA 

r«75) 


23 28 10ft 18ft 20ft 
U 10ft 22 30ft 32ft 

220 22 29ft 29ft 1 7 9 

240 0 14 17ft 8ft 15ft 18ft 

200 10 17 20ft 7 11 14 
217 3ft - - 18 - 

300 22 29ft 32 3ft lift 12ft 
330 6 13ft 17ft 18 ZTft 28ft 

to Apr Jri to Pfw Mi 

475 lift 26 - 9ft 18ft - 

500 3 14ft 21ft 28ft 32 36ft 

460 22ft 30 48 5ft 13H 24 
500 5 18ft 26 28ft 35 46 

Pec tor to Dec Ito to 

390 29 30 43ft - 9ft 15 
420 2ft 18 26 4 23ft 29ft 

125 11 15 19 ft 4 7 

150 ft 4 8 15 18ft 20ft 

600 11 36 47ft 1 26 33ft 
650 - Mft 28ft 41 57 83 

2B0 18 29 33 - 4 13 

290 Z 17ft 22 4 13 22ft 

300 Oft 18ft 25ft I 8ft 16ft 
330 - C 12 24 28ft 3Bft 

160 18 20 25ft - 4 7 

1BD 1 8 14% 4ft 12ft 16 


TRADITIONAL OPTIONS 

Rret De oB nga December 19 

Last Destines January 6 

Cals; Automated See (PreQ, Owes Res, 
Res. Puts & Cate: Forth Qrpu 


Expiry 

Settlement 


Mach 23 
Aprt6 


Perth Gpk Iftnctanrood. Puts; Ovoca 


C474) 

teflon 
Abbey ten 

r*19 ) 


H35 \ 


r*w> 

EUlJfl Cfctto 
(-279) 


(-300) 

Dtans 

(176) 


• >:• I.--- , j i ' t 


tesue Ant MkL 
price peri cap 1604 
p up (Em.) Wtf i Lom Stock 


price 

P 


ISO FP. 79.4 
100 FP. 4.78 

- FP. 4/118/ 

- FP. 68/ 
100 FP. 204 
141 FP. 23/ 

- FP. 468.0 


152 145 Aahboune 

95 80 1 ! Asset Man Imr 
S9 255 BSkyB 
173 133 Oydepoit 
130 101 Euddan 
143 140 Emweki 

495 465 Fldefity Spec U 


Not Dft. ds WE 
dhr. cav. ytd rat 

WN3.0 3.1 2/ 130 


148 WN3.Q 3.1 2/ 130 

95 _ ^ — 

257l 2 +1 2 N- - - 

168 -1 RN3/1 - ZB 

UC - - - 

140 WNB0 10 55 112 

468 - - - 


390 29 3843ft 
420 2ft 18 26 
125 11 15 10 
150 ft 4 B 
600 11 30 47ft 
950 - 14ft2Bft 

260 18 29 33 
290 Z 17ft 22 
300 8ft 18ft 25ft 
330 - C 12 

160 18 20 25ft 
100 1 014ft 


(178) 

Data 

(nan 


180 18 20ft 
180 1 8 
140 10ft 14ft 
160 ft 5 


23 - 1ft 5 
11 5ft 9 18ft 
19 ft 5 7ft 
10 10ft 15ft 10ft 


T475) 


("332 ) 360 


non 
Fort a 
(-238) 


( 122 ) 
Jlun E 
noioi 

TSB 

(•230) 


at Am 
P430) 
BAT Mi 
f 431 ) 


409 35ft 47ft - 
448 15ft 29ft - 
420 30 30% 42 


10 22 - 
29 42ft - 
7ft 19ft 27ft 


(-214 J 


480 10 19ft 23ft 27ft 41ft 49ft 


BTR 280 14ft 19ft Mft 0 18ft 19ft 
(-283 ) 300 6 9ft 18 20 29 31ft 

Alt Tdkmt 300 24 34 41 3 0 H 14* 

(-375 ) 390 8ft 18 29 19 22% 29ft 

CmuyStt 390 Z7ft 33ft 38 3ft 13ft 16 

roar j 420 11 ibu 24 is so 3z 


ISO 60ft 7tft M 17ft 32H 44ft 
80624ft 46 69ft Sft 56ft 70 
«0 3Bft 38 43ft 4 lift 15 
480 8H 10ft 23ft 21 ft 32 35 
2fi0 19 36ft 30 2ft 5ft 10 
280 7ft 14ft 19 11 13ft 19ft 


(•977) 

Option 


r?83i 


[-638) 

nc7ipte 

p®9 ) 

Routes 
T4® ) 
Option 

n ote te yw 

H72I 


480 15ft 34 46ft ft lift 21% 
500 - 14% 27 25 32ft 42ft 

330 4 18ft 29% Zft 19 24ft 

360 - 7% 17% 20 38% 42% 

100 7 tin 13 % 2% 4% 

110 H 6% 7% 4% 7 Oft 

220 16% 24 27% - 4 8% 

240 1 11% 10 4ft 12 19% 

120 3ft 11% 15 1 7 10% 

130 - 7 10% 7% 12% 16 

100013% 48 73% 2% 24 32 
1050 - 24 47 38% 51% 57% 
220 18 24 27 - 8% 9 

240 1ft 11% 19 3% 15% 18% 

200 14 19% 25% - 5 8% 

220 f 9 15% 6% 14% 18 
850 28% 50 71 ft 24 35% 
700 1% 30 46% 23 50ft 81ft 
to Apr M to Apr Jii 


600 401560% 76 4% 21% 28 
850 1832% 50 23ft 45ft 52 
650 55 74% 84 4 24% 31% 

700 22 45 56ft 20 48 55% 
480 26 32% 43 Oft 19% 28ft 
5800 5 14% 23% 33% 42ft 49 

Fsb Way Aap ftp May Aag 

160 1019% 23 2% 8% B% 
180 4% 9% 13 11% 18ft 18% 


100 

FP. 

108 

101 

93 Rnabuy Site C 

00 


— 

- 

- 

- 

910 

FP. 

370 

625 

615 FM ftatenFr 

820 


- 

- 

- 

- 

100 

FP. 

46/ 

94 

91 Romtiig Nat Ass 

92 


- 

- 

- 

- 

too 

FP. 

302 

106 98b For A Col Em C 

104*2 


- 

- 

- 

- 

100 

F.P. 

303 

102 

98 Hoare Goratt 1000 

101 


- 

- 

- 

- 

60 

FP. 

100 

83 

83 Hydro IniL 

83 


AN- 

- 

- 

33/ 

- 

FP. 

260 

100 

90 NVESCO Korea C 

90 


- 

- 

- 

- 

120 

FP. 

2&0 

123 

123 hrarattve Techa 

123 


N- 

- 

- 

- 

215 

FP. 

66.4 

232 

220 JJB Sports 

228 


ANBZ 

2.4 

3/ 

130 

100 

FP. 

27/ 

103 

IX Kfei 0 tote 

IX 


F4Z 

- 

M 

— 

100 

FP. 

504 

101 

99 Lao 3 Gen Rec*y 

99 


- 

- 

- 

- 

S3 

FP. 

555 

3 h 

3 V MCE Group 

3*4 


bNO.1 

30 

3.7 

10 A 

100 

FP. 

43/ 

94 

82 MtfteBUi Ltayds 

87 


- 

- 

- 

- 

100 

FP. 

560 

92 

00 Ukom Brag Boon 

92 


- 

- 

- 

- 

- 

FP. 

14.7 

145 

138 RAP Group 

138 


RN4ZS 

2.1 

40 

100 

175 

FP. 

34/ 

210 

203 RM 

205 

-a 

N4B 

3.1 

20 

132 

— 

FP. 

5/3 

1DB 

101 Reektantfto top 

101 

-4 

- 

- 

- 

- 

120 

FP. 

63/ 

144 

120 SeaPerflect 

129 


- 

- 

- 

- 

182 

FP. 1/51/ 

168 

177 Totewsto 

181 


- 

- 

- 

- 

100 

FP. 

170 

102 

IX WeUngton Un. 

IX 


- 

- 

- 

- 




Issue Amount Latest 
price paid Rerun. 1904 

p up data Hlffi (jdw Stock 

190 m 25/1 30pm Itipra Cerate 

100 Nl 25/1 27pm 18pm DMsten Grp 
120 Nl 671 17pm 15pm Iraptoom 

53 Ml 31/1 ifzFn liprn MY 

37 Nl 3/1 5pm 2pm OMI 

12 Nl 3/1 T^pm ^ pm Settee 

10 Nl - * 2 pm * 2 pm T omo nom f s Late 

25 Nl 16/1 4pm Ujxu Uaboms 


il U 


Dosing ♦or- 


27pm 

25pm 

15pm 

4tpm 

2 pm 

Vipm 

1 2pm 

\pm 


r«) 

GEC 

rzraj 


' Undcf^teg aearty price. PtsmteiB shown am 
tote on MOtomnt prices* 
pNtnte 10 r ToCrt curaiEL t a. 2figB3S tek 9,172 
Pick 16/£G 


FT GOLD MINES INDEX 


TONES EQUITY 

Dec 19 Dec 16 Dec IS Dae 14 Dec 13 Yr ago "Htfi "Lera 

Ortflnaiy Share 2331.1 2314/ 2289.7 2202.6 2267/ 25160 2713/ 2240/ 
OrdL dta. yield 4j48 4/1 455 455 4/0 3.70 4/1 3j43 

Earn. yks. % UA 6/6 6.61 6.67 607 6.75 4.19 6.76 302 

P/E ratio net 17/8 1707 1709 17/1 17.11 30/9 33/3 16/4 

Pm too nl 17.15 17.03 1 €27 16 28 f 529 2700 30/0 T&67 

"For 1994. CMnory Stem Endoi sines r.fmri n rtnn tyflt 27130 24E/B4; tea 484 26/0*40 
FT faray tore to bare dtos 1/7184 

Or dtoo ry Share hourly c han as a 

Open 9/0 1000 11/0 IMP 19/0 1400 16/0 18/0 lam 

23244 23250 23384 2338.1 23380 23370 2333/ 23287 23310 23332 2324.1 


SEAQbm^ra 
Equity tumow (DntiT 
EQuty bapai re t 
Shares traded (rn(JT 
t&schi<teo i 


Dec 16 

Doc 15 

Dec 14 

Dae 13 

20081 

19/70 

10030 

18/87 

1541.1 

11840 

1576/ 

15960 

26023 

25200 

27,758 

28068 

588.7 

516/ 

6964 

082.1 


710/ 


Dm %teg Dm Dae tar 
16 W tey 15 14 ago 

Trateaicm 186808 -1.1 1874^17 188548 2173-19 


Aria (15) 
Aurtalretap) 

IM Amtfia (11) 
Qopptte. Tha Fh 
Rfliirei h bnctett 


533542 *4L9 290888 294403 307800 4.75 3711/7 230445 

232809 -14 Z38109 228805 25B6/T 203 30TT3Z9 717108 

1463.13 -20 149601 151156 1B55/0 000 203905 141700 

icH Tfenn LMSd 1tt4* 

rtnrrasnb«rol«o>i9toLBfttisUBDDto.BwiAte 100(U» 31/12/02. 
item hto Dm itt 226/ : ds^i mnpK *08 poferas Yto bqk 2610 1 PsrtaL 
nreno data for ite FT GoU Ntew to Is p rorated by trie Mmg Junto Ltd. 
(AMtotoferxttesdUofL AteMtoto I8rt2<94 Souffi Aries. 


Gross to 

SZMk 

|Uti% 

ttigb Lob 

230 

236740 178202 

4.73 

3711 J7 230445 

203 

30T3JB 2171.66 

CL90 

203905 141700 


T Sector WE rates ufeottrifrai 80 — net shown, t 
mm an 29 d to FT tod TTwtey DkniM 8. 


100000 31/12/92. 


A Prime Site for your 




Advertise your property to approximately 
1 rnfflion FT readers in 160 countries. 

For details: 

Call Emma Mulialy on 444 71 873 3574 
or Fax: +44 71 873 3098 


















28 


FINANCIAL TIMES TUESDAY DECEMBERS, y- 


LONDON SHARE SERVICE 


I li 


u * 


_ +«f nt 

: j# c«fia 

1 H §£ n S SS 

*2 +1 B2S 3»% W 

300 +3 314 233 Iff 

ww -2° » mi 

na +io% mu «a war 

Mtt -A E17.ET4X 3*772 

fig Wl £23% 37ZI 

2BW tl W K 1JM5 

WbU +2% 2C7 172% 2*47 

in% — ui% wfi ii72 

m _ mu mn 

. w ^ m w woe 


50 A 

6-1 X 

40 H.1 


Mot - 


729 +11 


«8 +4% 


W 


Ctlfi +% CI2U £TOAaG0t7 
233S +fl £30% EOT* 13006 


13005 

ITU 


sQrl 

to*Y 



“§ °a w 

OH V GB 457 

niffl 171 110 627 

a -i% ins geo lyw 


568 +3 W 

M% -2% STB 

M 820% 

810 48 622 

£21% £33 

40M 48 SB 

s =* 

273 -4 W4 

mi '3 SR 

W +91146% 
238 +1% 291 

h 5§ +% n 

213% -7% an 

489% -1 OB 


'^§g 

660 %947 
2D5 T7U 
519 7,237 
WH JUG 

Ip 

472 MSS 
421 8J« 
W W7S 


£8A 2H.W2 
£nS3flL174 
2g 2^79 
82% 840 

nttjnjra 

eamra 

197 3043 


tf% M77 

194 3081 


40 96 
U A 
06 1 

01 73 

18 36 
10 33 
12 1TJ 
39 - 

36 

U ia3 

03 - 

23 - 

47 41 
32 - 

113 - 

76 - 

04 A 

4jB 93 

m mi 

u 73 

02 110 

04 A 

05 740 

08 213 

07 * 

46 95 

66 A 

42 96 
OB S2.1 

05 

26 96 

93 - 

06 - 
06 * 
42 126 
06 476 
0B 876 
26 A 
16 426 




mm 

7tsa 


3u 


£MJ% 

TOi 

IS 

183 


3“« b ® 

+% "571 26T 


•a *"Si “S 




♦4 # J5 

309 219 

28 18 

— W « 
W to 
a 17 

-1% BB 429 
+9 918 327 

143 95 

+% 909% H3% 

2D 126 

4* flaw fl«P 


m 

ffl 

146 21 

14 18J 
04 141 
14 156 
76 - 

46 271 
46 iai 
02 - 
46 - 

41 17J 


no 

“a 

Ml 

BB1%U 

138 

148% 


S 


36 316 
76 W 


fl»g J*fl*g 




49 m 

232 

+1% TO£ 




113U 

*5? 

■a 

tti%u 

31 


at 178 

•a % 

S I 

127 100 

is _jn 

£3U 


«0 337 

220 191 

823 570 

483 345 


42 901 

26 164 

44 1X2 
22 - 
26 106 
56 106 
76 116 
17 - 

27 186 
44 814 
20 8U 
66 104 

15 176 
06 - 
46 146 
09 A 
8.4 9.1 

16 306 
16 216 
as 11s 

26 132 
04 106 
14 135 
36 106 
26 132 
26 216 


HE 204 
119 626 
£47 sons 
121 T5j 

2fl w* 
m iso a 

730 99J 


YU 
91 
36 
26 
.33 112 
16 
48 

06. 

36 
86 
46 
16 
16 


.iiJ| 

■S 


t9M 

M* 


"TO 

“5 



IM 

apoi 

TLB 

88X9 

161 


tr * 


±r2 


01 - 


+1 -3U 


.-jf.yl 


34 

■a 




M 210 1236 
48 SI 226 
473 XBS Vm 

■tostos® 
■a "aw 

SI 80 262 

flO flg% M2 


4R 294% 3866 

29. a! u 

« 90% 208 

27 10 Ml 

37 12% XU 

mm** 

88% 101 408 

• A IB 

M 74fe 8gK 

82% 14% 102 

47 7% 213 

56% 36 2tfl 

~tt 2S% 4U 

IS IS 


%B 216 

m 204 


> • % 


:s m% 


rTf. 


tti. ti it 


+ or 

Mtt 

SlfiiS +S 

2S6 +2 

177*1 

169 -1 

87 *1 

W +1% 


1994 

Mto tor 

5£ 1% 

819 483 

2H an 
in in 

181 142 


097 

4604 


w 

era we 


me - 

1QU +% 


as* +5 



SIS 

140 

am -28 

8K% -** 

xm. +% 
is m 

4U -3 


■488 343% 

an an 

984 452 

*» T24 

3778 3125 
SM% 6G5% 
246 195 

314 258 

MS 4S6 
*10% 6% 
393 208 

*581 477 

9 3 


386 

316 

16» 

702 

47.1 


2176 

106 

1000 


1506 

200.1 

1804 

764 


SB +3% *081 477 2J02 

8%t 9 3 182 

220d +% 808 281 307*7 

434 *430 324% - 1976 

M fB 817 484 2882 


5.1 136 
U 126 
16 146 
36 A 

Z5 T46 
ZS 108 
3J 21.7 
32 142 
42 202 
16 108 
06 207 
25 104 

25 105 

26 A 

36 

26 229 
04 103 



JL4 



| |T 

T% 


2M 

280 -5 

2BU +% 


1094 

htah tor 1 

» IK 

291 161 

888 253 

81 44 

31 21 OB 

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388 79 1709 

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131 119 436 

321 238 816 

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184 145 3126 

573 291 2802 

218 IK 401 
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139 103% mi 

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248 217 073 

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FINANCIAL TIMES TUESDAY DECEMBER 20 1994 


29 


>< f 




IfVISTIBENT TRUSTS - Coot 

+«■ W84 

Jl % 1 


Mca - 


fld Ok or 


* IWfBA . Coot. 


IBM 


LONDON SHARE SERVICE 


08. EXPLORATION & PRODUCTION - CooL PROPERTY - Coot 

4-V KM IM 


RETJULB1S, GENERAL - CooL 


■ r* 


r-r 


7 «f . 




-tic 


IS3 


03 to Cento 

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+% *27% 
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213 


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40 11.1 “ 

40 125 7%pc0vPV 



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286 146 210 

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172 


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+% £132% £113% 

196 IK 1106 

K2 Z79 1522 


203 18.1 80 145 feme. 


OIL EXPLORATION ft PRODUCTION 


+ or 


1984 


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912% 

312% 


88% 

+1 7194% 
+% 671% 



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+2 IK 139 7232 
— MB 13 300 


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342 880 2.1 145 J®5SlI=3 


+ ue 

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209 2210 
36 2770 


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184 412 
21 344 

178 4132 
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404 2081 
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290 67 J 
277 3832 
196 342 
117 6960 
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aBftfOTU 
495 2709 
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39 235 

230 147.1 
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73 172 
12 554 
100 632 
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1ft 674 
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428 198 


17 154 
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10 225 

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15 225 
12 152 
12 174 
54 02 
35 112 
40 13.1 
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20 - 
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44 140 
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11 114 

14 164 

15 104 

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- 217 
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- - Jfbvanfc 1983—X3 


res met 

438* 

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TRANSPORT 


NrLortn Irtre n 

AUtov AfrZ_£ 897 
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taaocflr^JSid 279 

gjjL - fwn 475* 

feflSSferl^D Oft 
Brfl&itawrei-IIO 

CtaWtefe 185% 

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CbUoDAH AND « 

Dot. 


+ or 


1994 


- Irirti fer Cart* 
t* m 3721340B 

mjh i» 

-13 4» 337 3038 


paten t 

tUoleddMdte 1994 
wu. p re ap p DBBn oo l miAWW araataasea 
sbur* e arrings, rtrtd. p tobMtaflii 
h tareent or esOorted toott aerafld oentao) 

— — ■— J* jXJJ — -a ■■ im k— uJ — 

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ted. pta based n prencteeite 
prevail yoiidUnQS orch ^ w imi tor 


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ZOtadBBdtedodi 


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+ or 


1991 


ft 777% 

171 

+4 *813% 
40 "041% 


11 175 
30 152 
42 160 
44 182 
- 75 

42 232 
35 305 

14 17.1 

15 112 


Foribfl 

fiuxs. 





58 159 
619% 10056 
197 4 U 
238 1038 
440 4059 
103% 1617 

£12 nu 

344 IO 
159% 5300 
88 2020 
27 370 
75 210 
146 232 
305 1M5 
195 1026 
5% 44.1 
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406 1395 


Jacobai 

InOMiFiuI-D 


158 810 
113 844 
125 187.1 
267% 1045 
126% 417 

39 200 
77 6J0 


YU 

BY WE 
65 110 
03 * 

25 HI 

12 215 

25 1&5 
40 - 

05 - 

40 07 
55 

16 119 

13 235 
12 147 
15 174 


11 21.7 

35 

11 17.7 
11 202 
U 132 

12 180 
40 105 
11 

62 15 



FT Free Annual Reports Service 

You can obtain the current annual/interim 
report of any company annotated with $ . 
Please quote the code FT19S4. Ring 
081-770 0770 (open 24 hours including 
weekends) or Fax 081-770 3822. If calling 
from outside the UK, ring +44 81 770 0770 
or fax +44 81 770 3822. Reports will be sent 
the next working day, subject to availably. 

FT Cityline 

Up-to-ths-sacond share prices are awsflabie by 
telephone from the FT Cityline service. See 
Monday's share price pages far details. 

An International service is available far caltan 
outside the IK, annuel aubacriptfan £250 stg. 

CJfl 071-873 4378 (444 71 873 4378 , tnUmatlonsQ 
for mere information on FT dtyitau 


_. df 
A- 


t 


r-- 


* 

1 










FINANCIAL TIMES TUESDAY DECEMBER » .** 


>1 J 








































































































































































































































































I 


- 0.4 

14872 

-ai 

16370 

-27 

1660 

-2.7 

1000 

04 


06 

31S71S 

06 

1.7584 

07 

1.7385 

ao 


-ai 

6.794 

-44 

I63L33 

-42 

16723 

-2.1 

13206 

-20 

134785 

-9.8 

74051 

- 1.7 

74676 

20 

1-3287 

20 

12989 

-02 

16615 

ao 

14506 

02 

12111 

ao 

121 75 


K 


i 

4 


i 





















33 



: .r. 

v v i 


FINANCIAL TIMES 


TUESDAY DECEMBER 


20 1994 



Ct* fji£o 




JJ-k 


i" 


.760 2,5 
780 03 
507 1* 
-JWO0 

■1?? U 

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B4S 10 
085 22 


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540 2J 
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1 20 

m 

i 21 

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1 4-4 

— — 

i 40 

m 

• 1*4 


i 10 

— 


PT 


♦2 782 625 _ 

into ^ 1230 788 — 
1 jm +10 1240 970 09 
5 



+6 732 


r . i ifl 


r>nr 


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rv 


■ U 

4-3 



. J , >■ ... 


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1280 — 1.330 1H20 _ _ 


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4250 lfi-30 52720 






34m +V 


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>rU 


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8> 

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7 ? 

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W, 


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MONTREAL (D0C19/CttlS) 
4pm don 


v 


20C7B Bnttit B 
24415 BnO 


& 


35 +5B* 




300 CTC ■ 
27300 JCOtfbi 


15500 






yr-T. 


EE 






xt; 




1,300 +10 1 



+ 1 

400 » 

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1 

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389 

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1^090 

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„ 2,230 

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1.700 +10 




♦10 1JH7D 1210 a? 



1230 12 


535 +10 




*; jo* 


*^nr -*■ ■?"- 


IMtofi 12 — l 1020 jQ 0 1? 
ttttnol 95.10 _ 126 69 


FRANCE (0ec 19 /Fra) 


21900 +1 35820CL9D 

658 HI 766 5D4 
713 +1 814 655 

46500 -040 813 408 
348 +T 330 217 
670 -9 710 STD 


TTTT1 


AlrtJq 

Aim 


550 +4 083 448L10 

2,782 +63.7502050 

550 +16 7» 503 


4 01-1. It IK f 

iH 1 i-Ks «.i ? * p \ 

UX**\\ m vni*\ 


-180 8.180 R1KXI 

I 07 — 

+31,002 

685 

XO — 

-8 830 

■ IP 


-7 47B 

266 

10 — 

-4 977 

750 

1 20 _ 

-6 748 

418 

X2 — 

-4 740 

506 

20 — 

+100 435 

E_5_ 

1 GLD _ 


ODD 

030 10 
311 24 
15750 _ 
151 12 
378 10 
295 23 
308 12 
540 _ 
101 52 
2070 0L4 
210 _ 
493 32 
62D 04 
416 23 
308 27 
329 24 
1230 02 
254 22 
200 32 
220 22 
080 1 A 
3Z7 12 
307 21 
810 12 
480 1.1 
1 11 
as 

24 
12 
27 
12 
402 02 
+3 443 320 02 
780 14 
205 12 


—20 
+85 

-sl 

- 2 2 11 
170H 
•100 

+31 
-X 
-10 




+w 


+2 513 



a +20 9575 




K 


17 

\Z& 

17 

iMlililiim ai 

+30 27541,970 07 

SJ3 
50 
7.2 
57 


rp 


.bos xi 
102 04 
XT 112 
696 67 
.005 11 
,385 32 
547 82 
,150 52 
360 22 
336 12 


N1U 
57147 
290 13 
422 12 
15 OS 
144 OLE 
05 03 
79 93 
282 1.7 
325 14 
67 22 
85 22 
LED 02 
251 12 
120 ZB 
137 2.1 
179 &1 
155 22 
152 23 
17 _ 
14 12 
IX 12 
102 23 
X 22 


120 —120 T9BJ50 0720 12 
LEO +1 23316250 12 
435 —4 475 351 12 


+5 1,100 841 
+7 788 514 
+1 833 715 


& 


k-n-* 


*7 699 497 — 


04 

030200-2200 mi 7*1M — 

585 +10 630 304 

541 -1 6C7 32} 

Sll +6 619 3d _ 

1220 +10 1070 882 13 

632 +1 63d S49 _ __ 

1270 1240 Z Z 


M.-j 


NT. 


RM08 333 _ 372 

Ran* 11960 +1-50 165 
PtemB 119 +120 IX 
SCA-A 11620 -1.60 1QE 
SCAD 116 —200 156 


rtr 




772 +13 BS3 666 

+1 773 562 


sr 

IMi 


308 +.12 822 320 6-8 183 
IX +21 122 120 22 — 
a 76 +02 100 062 ZA 00 


_ Mfflr 


+5 910 738 14 




X 2.1 




68 -20 122 81 3L5 

10020 —120 128 78 — 

VtobaA 13720 _ 150 IX 52 

VWkN 138 -20 175 IQS 52 



lii 



OacIS/Fr&j 


482 +7 686 

1420 +10 2,1201260 


714 +11 9<6 

015 +11 715 


ITT 


ir 



2130 +10 





rr- 


IX -6012.107 


4285 +10 


rr 


+1 747 


-1 970 702 12 
-1 942 680 12 


TCTT. 


+1 1200 860 



3J40 


271 — — 


+ 532 
+22 2.15 
+22 243 
-23 348 
-.05 425 
+25 925 
+22 420 
+22 028 


32 427 
U , 
5.1 297 
62 _ 

22 542 
5.1 190 
42 _ 
73 122 

23 ~ 
02 42 
32 — 
22 — 


-2B 174 
+25 625 
+35 525 
+3S 432 
+35 7.10 


ft nz 
+.12 330 
370 


13 

IAS 

UD 43195 
248 72 _ 

5.10 1.1 — . 

2.T2 4.1 _ 

3.14 — _ 

4.10 52 — 

1.15 93 — 
428 0l5 — 

451 

136 75 M 
505 50 — 


f 1 .-tTii 


228 92 212 


INDICES 


US INDICES 



GmadptfOTT) 




1Q8291 am 


VJvJvi 


1* ‘ < .■ r 


M Onftarteafl/l/BO) 19002 18972 WED 284828 3/2 

Al IMtfl/UXB 9124 9072 90L5 H36.10 3/2 


CMLAMn(3Q/f204 38953 387.16 38722 4BUB 2/2 
TtWfcri kdn^UDI) 103536 102722 102723 12222B 12 


13837ft 138444 138303 16028 6/2 

M 491772 4MZ720BVfftO8 130 

U 408235 401454 427822 2010 
M 411820 411170 480820 230 
ftp 281122 200038 20281 1/2 


«28B 12/12 
8791ft 12/12 

37994 25/10 
101128 6ti 


PC f<W 1378} 


COS Al ar PM 69 2754 Z74.1 2715 M 81/1 


C0p.4O(I/7M) 


182729 192440 190022 20904 3/2 


0*5940/1/89 1085.10 WBN 108344 121120 2B/2 


BB2D (1/1/91) 
DBieapo ga/OfSN 

S*nH(l97N 

Onpoob^ (1975) 
pkxMdSSH/^ 


864(1977) 


OmpPUS) 272126 270039 267905 330137 4/1 


M 29350 29310 XOBJO W2 


32SEU8 N» 
386990 2M 


88 AB-9pora(2M/79 52045 52572 5Z7J&4 8CLB1 


0709 21/6 
18RUB 12/12 
96991 2im 
298703 90 
2BG4D 20ft 
00004 13/12 


M0 LAV 


3807.19 376547 374029 3D83B 359035 

(3U1) (4ft) 


94X 

121/1) {28/11} 

import 141014 141241 1394JR 108229 1571-80 

(2Q H3/J3 

IflHn 18221 16122 18244 2Z7J0 17191 

m (22/11} 

DJ ML Dv*ft N^i 381725 P7MJ07 > U>« 875007 P72013 ) (Tt 
Oaf* h*h 3807^2 (SI7SJB0 > Lo*r 376547 (374000 ) PMuiti 


PBb 


397036 

Ol/UOft 


(tenoNSQ (i/i wi) 
WZN 1332 

P2AQ famass 

25046 RL50 

pimai (BW32) 


Cdnpodte * 


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STOCK MARKETS 


FINANCIAL TIMES 


Tuftsdav December 20 1994 j 






Profits taken Rise in carmakers enlivens Frankfurt bourse 

* > 

A MADRID'S Fen 

-8. A- ■ A _ Last Friday's surge in the Dow indulging in a little more seo- 1 CO *n *?6l{ lW. 

TT#-*! 1 * I IflllV lifted bourses In the morning, tor r otation . 

€>♦ JL 1/%/A -M-jr \/ T T kl but its subsidence yesterday AMSTERDAM, too, retreated - - • Vae&r. cw»ng rw 

left them subdued, writes Our from early gains, the AEX Deo» the sjropean sbves 110 cent down at Pta 

a % Market s Staff. index adding 2,47 to 4IOfi5 after Haurdaqua flw «a im i am imp km imp a» m Dealets said tit 

FAAAtlT ^TOITIC 1 FRANKFURT’S Dax index an earlier high of 41&S8. ft-se Bum* ioo 7337 a 13309 mas rsBstts&ta mua iaaw# 1332.77 iptnjJ_V - was unsettled b: 

i t \ 1 1 1 ” / I 111 j came bads from an intraday Paribas remarked m its lat- w- 8 E 6 «fc*ano iwafls raw raw raw rasat \xrsa igas wui tw— jy T r T A . ance before a Ml 

w w higb of 2,092,17 to close just est perspective that it was focia mcia ikm foci3 foe 12 j 1 yesterday of Mr 


Wall Street 

US share prices retreated from 
Friday’s pins yesterday mam- 
lng as traders took profits 
accumulated last week, writes 
Lisa Bransten in New York 

By 1pm the Dow Jones 
Industrial Average was down 
22.21 at 3,78438. The more 
broadly based Standard & 
Poor’s 500 lost 1.78 at 457.02, 
the American Stock Exchange 
composite fell L92 to 42431 and 
the Nasdaq composite declined 
L18 to 72739. Trading volume 
on the NYSE came to 156m 
shares. 

Analysts attributed much of 
last week’s strength to Friday's 
“triple- witching hour” when 
options and futures on stock 
Indices expired together in the 
last 60 minutes of trading. 
With that out of the way and 
no important economic news 
due out yesterday, there was 
little to push up riie market. 

Investors were also acting 
cautiously in advance of 
today's meeting of the Federal 
Reserve’s open market commit- 
tee. Most analysts are betting 
that the Fed win not raise 
rates at the meeting, but opin- 
ion is not nrwnhnninfi. interest 
rate increases usually push the 
market down as investors 
worry that reduced consump- 
tion and borrowing will erode 
corporate earnings. 

In recent weeks the market 
has mov ed up and down skit- 
tishly as investors first worried 
about another rate increase 
and then bought when those 
fears subsided briefly. A round 
of relatively mild economic 
news put out last week led 
many to speculate that the Fed 
would not raise rates again 
before January. 

In individual share prices, 
Caesars World rocketed $ 20 % 
at $65% after PIT said that it 
would acquire the casino com- 
pany for $6730 per share or 


$L7hn Shares in ITT fell $% at 
$81% on the news. 

Shares in US Shoe rose $ 2 % 
at $19% after the company 
reputed late on Friday that it 
was negotiating to sen its foot- 
wear business to Nine West 
Nine West gained $% at $26%. 

Ben & Jerry’s shed $1% at $10 
after the ice cream company 
announced it expected a fourth 
quarter loss of $700,000 to 
$900,000 and a decline in reve- 
nues from the same period last 
year. Revenues should be 
about $30m, the company said: 

Canada 

Toronto stocks were mixed at 
midday following the decline 
on Wall Street The TS&300 
index gained 5.69 at 4J23.72 in 
volume of 343m shares valued 
at C$2743m. 

Declining issues outpaced 
advances by 310 to 290, with 
353 stocks unchanged. The gold 
and precious metals sector was 
up 7255 at 8JBS5JBS. 

Rogers Communication “B" 
shares were unchanged at C$19 
after the country's cable televi- 
sion regulator approved a 
C$3 . 1 bn takeover of Maclean 
Hunter. 


Last Friday's surge in the Dow 
lifted bourses In the sunning, 
but its subsidence yesterday 
left them subdued, writes Our 
Market s Staff. 

FRANKFURT'S Dax index 
came bock from an intraday 
high of 2,092.17 to close just 
538 up at 2,075.94. In the post 
bourse, it eased further to an 
Ibis-indicated 3,06639. 

Turnover fell from DM 8 . 6 bn. 
inflated by Frankfurt's own tri- 
ple-witching process, to 
DM5.2bn. Carmakers were the 
prime feature of the day, BMW, 
Daimler and Volks w agen ris- 
ing BM12 to DM760. DMHL50 to 
DM757.50 and DM4.90 to 
DM427.90 respectively on the 
session, and the first two 
retaining about half of their 

gains after hoars. 

At James CapeL Mr Bob Bar- 
ber noted that the sector, the 
best performer in Europe until 
the cud of October, had under- 
performed both in November 
and in this month to date. It 
was too late, he added, for 
share prices to be responding 
to test week’s sharp upturn, in 
November’s European car reg- 
istrations; and BMW’s supply 
deal with Rolls Royce was bet- 
ter for prestige than It was for 
profits of any scale. It looked, 
be concluded, as if a trader-ori- 
ented market was simply 

ASIA PACIFIC 


indul gin g in a little more sec- 
tor r otation . 

AMSTERDAM, too, retreated 
from early gains, the AEX 
index adding 2.47 to 41035 after 
an earlier higb cf 41JL88. 

Paribas remarked in its lat- 
est perspective that it was 
shifting its stance toward a 
more defensive Investment 
strategy and away from cycli- 
cal^ However, brokers noted 
some interest in the cyclical 
sector yesterday with Hoogov- 
ens adding FI 1.60 to F174.4D 
and DSM up FI 1.10 to FI 135.20. 

Fokker, which suffered 
heavy selling last week after it 
warned of heavier than expec- 
ted losses In 19M. recovered 80 
cents to FI 12.00, after a high 
of FI 12.40. 

MILAN saw the battered lira, 
near an all time low against 
the D-Mark, provoke bargain 
hunting, particularly among 
foreign investors. The Comit 
index rose 1.49 to 607.26, 
largely ignoring political devel- 
opments which suggested that 
the government of Mr Silvio 
Berlusconi, the prime minister, 
was limping towards a parlia- 
mentary vote of no confidence, 
later in the week. 

Blue chips led the gains with 
Fiat, which has been attracting 
positive comment from ana- 
lysts, L86 higher at L5.795- 


FT-SE Actuaries Share indices 


HUS 1U0 1240 I3J» K00 IMP 


Stun price &mctac fr«b«s*$ 
1,0 


FT-SE EumOCk 100 T3372« Q36J9 133033 T336L5T 1MM3 133402 13XL« 1332.17 
FT-SE Encatadk 300 1390S5 13803* 130002 1300ft 13833* 13B HB 13KL5S 130031 


foe re see is me 14 p*i3 pgj 

FT-SE finnatk 100 USA 1326LM 131&82 130130 1301 

FT-SE E art X* 200 137177 T37Z89 13&54 133038 135SJ 

Bw uoo nuax hqam: tn> • uvxe an - iaua in^neo ■ wow aw • ukw t foH 


PMC 12 
130112 


Montedison rose L14 to 
LI .141 bub Ferrnm dipped L27 
to L1.140 as it was penalised 
for writing off credits frum its 
former holding comp any , Ser- 
afino Ferrnzzi, which could 
result in extra losses of L250bn 
in the 1994 accounts. 

Credito Romagnolo picked 
up L32 to L18.916 as hopes 
appeared to fade that Credito 
Kalfemn wo uld fgimdh a COUJX- 
terbid to Caiiplo's L2L500 a 

share offer, regarded as high 
by many analysts. Credito Ital- 
iano was L54 higher at LI, 650. 

PARIS offered a minimal 
advance with the CAC-40 index 
3.98 higher at L928D9L Turn- 
over was low at around. 
FFr2*5bn. 

G€n£rale des Eaux, which 
went against the trend with a 
fell of FFr5 to FFr509, after an 
early high of FFr534, was 
upgraded to market performer 
by Goldman Sachs. The US 


investment hank said that it 
had based its re-rating on the 
group's potential for restruct- 
uring and refocusing under 
sew management In addition 

the stock had underperformed 

the CAC by some 16 per cent 
since the start of the year. 

ZURICH lost a fraction, the 
SMI index receding 4.0 to 
2jG0QL7as the market waited far 
today’s FOMC meeting in the 
US. 

US selling left Swiss Re 
SFr2I lower at SFr766 as inves- 
tors decided that there was 
limited potential from farther 
gainq after riie recent strong 
performance. 

UBS bearers fell SFr23 to 
SFTL062. with the bank seen as 
a setter In its own shares. 

Second-tier shares saw 
Ascom SFx2Q higher SFrl,300 
as it benefited from the nam- 
ing cf a new chief executive. 

Georg Fischer rose SFrTO to 



MADRID'S general index Ml 
1.58 to 29fc37. 

Telefonica was a sizeable 
loser, dosing Pta3&. or 2,1 per 
cent down at Ptal.61Q. 

Dealers said that the markat 
was unsettled by the a ppear- 
ance befow a higb court Jtidgt - 
yesterday of Mr Mario Coafe, 
the former chairman of Baa* 
esto to testis in connection 
with alleged criminal acts that- 
contributed to the banking; 
group’s crisis a year ago. 

COPENHAGEN was Uttlf 

• j aUa trirV inrluv 







t 1 * 





r 

,u<ur« 

£«««* 

S 0 £C 0 



'■ m m r± 





Aug 


tSM 


SFrLSOO after the engineering 
group reiterated that it still 
expected 1SS4 group net profit 

to exceed SFWQm. _ 

fen back slightly 

overall, while Union Mim^re 
continued to attract interest. 
The Bel-20 slipped 0.69 to 
l yre 7 5 as the shares of the 
Tnotnlg group lost BFr20 to 
BFT2.490. 

Brokers commented tnat 
Union Miniftre had been 
heavily traded on technical fee- 
tors after the expiry of a war 
rant b»g* Thursday. There was 
news that a LI per cent stake 
in tfa* company had been sold 
by SGB, off BFT6 at BFT2085. 


004 higher to 91-58 as Dudsco "/ 
rose DKrt or 1.5 per ce&t to. 

DKr206 on sharply better tta#; 
expected first ball resuHs, 

TEL AVIV. fuHowing a 171 
drop to 170.66 In the Mtthtutim : , 

index on Sunday, speculated' . 
on possible changes in thT - 
upcoming capital gains tax on ' 
securities transaction profits^ ‘ ' 
and took the Index up ATI. or* < 1 - 
per cent to 175.87 at one point • ' 
However. Mr YiUfcak Satfe. , 
the Israeli prime minister, sen' 
in the afternoon that tbs tax A ’. 
was to be implemented, si • ‘ 4 

scheduled on January l, end. . 
the Mfehtanim dropped to ctess"". 

Li3 lower at 169^3. * 

^ I 

Written and edited by WIMmi* 

Codvm John Pftt cod Wctetf 
Uorgm : ^ 








- • \j 



- W 


Nikkei 225 ends higher for fourth day in succession 


Equity prices were sharply 
lower in early trading as 
reports came through of fresh 
trouble in tbs southern state of 

- Hhinpa fi 

The IPC Index fell 4&54 or L9 
per cent to 2^84.05. 

The Zapatista rebels said 
that they had turned down an 
offer from the government of a 
multi-party commission to 
negotiate peace. 

Volume was low at 3.9m 
shares worth 39 -95m pesos. 
Losers exceeded gamers by 43 
to one, with seven issues 
unchanged. 

Among the losers, Telmex 
“L" was off 1.85 per cent 


S African golds strengthen 


The market extended morning 
gains, with gold stocks partic- 
ularly strong. 

The overall index improved 
29.5 to 5£96 j 9, industrials 27.4 
to 6,857.5 and golds 30.5 to 
1,863.7. 

Among golds, Vaal Reefs 


R2 off at R341, South vaal 
gained R4 at R 1 I 2 and Dries 
was up RL50 at R5GL50. 

Elsewhere, Anglos fell Rl to 
R226, De Beers pot on 75 emits 
at R9&25 and SAB climbed R3 
to R96A0. Remgro was up 50 
cents at R28A5 and Anglovaal 


wait against the trend to dose 

R2 stronger at R137. 


MARKETS IN P 


■ 

■ 

% dMogi fa locM 

omqrt 

mringY 

hU 8 $t 

IWMk 4«Mn 

IT Mr Start cf 

me 

Stmt cf 

Stort of 
OM 


Austria 

Belgium _ 
Denmark 
Rntand ... 


Germany 

Ireland 

ttaty 

Kemertands 
Norway 


Switzerland 
UK 


Hong Kong 

Japan 

Malaysia 

New Zealand 


USA 

Mexico 

South Africa 

WORLD NDEX 


-ai4 

+0.13 

-0.78 

-124 

-0.93 

+1.82 

-HX42 

+1.62 

+1.13 

+0.29 

- 1^0 

+0.63 

+0.85 

+1.18 

+0.75 

^2.42 

+5l62 

+0.33 

+3^1 

+1.80 

+4.77 

+1.81 

+2^3 

-5.45 


+0^7 

+034 

-3.42 

-6.13 

- 0.68 

-1.51 

-234 

- 6.68 

+031 

+3.72 

-071 

-3.01 

- 0.12 

-3^5 


+038 

-1336 

-031 

-10.79 

-7.16 

-736 


-933 

-531 

-8L91 

+2430 

-1033 

-5.71 

-0.44 

+032 

-027 

+931 

-431 

+9.12 

-6.89 

-8.72 

•6.19 

-534 

-2234 

+238 

-1433 

-337 

-339 


-1332 

-8.70 

-1232 

+19.76 

-1435 

-10.40 


-138 

-437 

+236 


-9.78 
-334 
-8.79 
+3437 
-1130 
-638 
+036 
-231 
+030 
+6.62 1 


-438 


+019 +066 

-033 -046 

-336 -435 


+5.07 

■-1011 

-1139 

-077 

-1032 
•3336 
+4.72 
-2531 1 
-7.74 
-930 

-1.47 

-1.15 

-1131! 


+0991 

-4.88 

-11.69 


-330 

-36.71 

+10.46 

-25.72 

-032 

-634 

- 11.02 

-6L43 

-2438 


-3.64 

+4236 

-633 

-098 

+634 

+3.19 

+535 

+1233 

-138 

+16.19 

+049 

-6.71 

-231 

-2.80 

-33.14 

+16.70 

-2133 

+540 

-095 

- 6.00 

-1.15 

-2043 


-0.61 -534 +21.49 +15.03 +15.76 +2239 


+143 -131 

w, ne«. coMmu 


-3341 +2.12 


8edia A Cow 


Tokyo 

The Nikkei 225 average gained 
ground for the fourth consecu- 
tive trading day. Friday's rise 
on Wall Street pushed op 
futures prices and prompted 
arbitrage buying, writes Erntko 
Terazono in Tokyo. 

The index finished 107.42 
firmer at 1937035 after moving 
between 19,16033 and 19.336J7. 
Traders said last week’s rise in 
US equities had relieved inves- 
tors. who had been worried 
about an exodus of US funds 
from global stock markets. 

While position taking by 
institutions and dealers eroded 
some of the morning's gains, 
late afternoon index-linked 
buying supported share prices. 

Volume totalled 250m shares, 
against 230m. The Topix index 
of all first section stocks rose 
5.71 to L514J1, while the Nik- 
kei 300 put on 033 at 27937. In 
spite of the gains in the indi- 
ces, declines outnumbered 
advances by 649 to 314, with 
206 issues unchanged. In Lon- 
don the ISE/NIkkei 50 index 
edged up 031 to L26437. 

Although the Nikkei 225 bad 
bottomed out from last 
month's nine-month low, some 
analysts believed that the 
stock market might face tur- 
moil before the end of the busi- 
ness year in March. “Given 
modest economic prospects, an 
aggressive monetary tighten- 
ing could dampen expectations 
of economic growth with nega- 
tive implications Sot equities,” 
wrote Mr Keith Donaldson, a 
strategist at Salomon Brothers, 
in a recent report 

Trading companies, steels 
and shipbuilders were actively 
dealt Trading house Mitsui 
was the most active issue of 
the day, slipping Y4 to Y829. 
Nippon Steel moved forward 
Y4 to Y359 and Mitsubishi 
Heavy Industries finished 
unchanged at Y728. 

Sakai Ovex. a synthetic fab- 
rics maker, continued to rise 
on speculative buying, closing 
Y25 higher at T663. 

Department stores gained 
ground amid hopes of an 
increase in sales during the 
current winter gift giving sea- 
son. Mitsukoshi, a leading 
retailer with links to Harrods, 
moved ahead Y22 to Y1.020 


and Tokyu Department Store 
dimbed Y26 to Y 6 S 6 . 

Konica, the photo film 
maker, lost Y 4 at Y79S. ft rose 
to a new higb for the year ear- 
lier in the day on technical 
buying, but profit-taking 
finally depressed the stock 
after a four-day rising streak. 

In Osaka, the OSE average 
rose 96.60 to 20,92634 in vol- 
ume of 263m shares. 

Nintendo, the video game 
maker, dropped Y7D to Y5.430L 
Individual investors were 
apprehensive over a possible 
loss of market share, due to 
the recent introduction of new 
electronic game hardware by 
Sony and Sega. 

Roundup 

Wall Street's performance last 
Friday lifted a number of the 
region's markets. 

TAIPEI closed sharply 
higher following Saturday’s 
gains as institutions increased 
positions on fundamentally 
strong industrials. 

The weighted index strength- 
ened 11737 or L7 per cent to 
735530. Turnover amounted to 
T$118bn. 

China Steel, the most active 
issue, rose by its daily 7 per 
cent limit to TS2930. Textiles 
extended recent rises with 
Hnalon jumping T$L90 or 5.7 
per cent to T$3530. 

The heavily weighted finan- 
cial sector also rose to support 
the market ICBC surged T $6 
or 53 per cent to T$L10 and 
First Commercial Bank was up 
T$3 to T$197. Some brokers 
attributed the rise in finan- 
cials, many of which have 
dose government connections, 
to the ruling Nationalist par- 
ty’s victory in recent local gov- 
ernment fllanfcinng 

SEOUL was lower for the 
fifth consecutive session on 
persistent worries about tight 
liquidity, and the composite 
index shed 733 to 1,02831 in 
thin trade. Heavy selling of pri- 
mary blue chips and institu- 
tional inactivity put further 
pressure on the market 

Samsung Electronics and 
Korea Mobile Telecom went 
limit down, losing Won3,000 
and WonlO.000 at Wonll4300 
and Won469,000 respectively. 
Posco also hit its lower limit 
falling Won2,000 to W 011663 OO. 


WatyHecTtodax 
7300 

7300 

6300. 


6300 


5300- 


5300 





SYDNEY saw light bargain 
hunting by local inves tor s as 
the All Ordinaries index gained 
33 at 13003, off an infraday 
high of 1.912.9. The futures 
contract dipped 14 to 1396. 


Turnover was A$573m, boosted 
by options-related trading. 

Among leading stocks, BHP 
edged, ahead 4 crate to A$19J8. 
Mining issues were generally 
firmer on bargain hunting 
after recent sharp falls: WMC 
appreciated IS cents to A$739, 
MXM 7 cents to A32.19 and RGC 
5 cents to AS4.G5. 

HONG KONG finished mildly 
firmer after retreating from its 
highs on active profit-taking in 
the afternoon. The Hang Skig 
index was finally up 1135 at 
3,17834, after an early high of 
8326.78 on the back of Friday's 
rally on Wall Street 

Today's US FOMC meeting 
on interest rates also kept 
buyers on the sidelines, bro- 
kers said. 

Property issues fell the most 
with Cheung Kong losing 20 
cents at HK$3L70 and Amoy 
Properties 15 cents at HK$7J20. 


The China-controlled con- 
tainer leasing company Flo- 
rens Group made its debut at a 
553 cents or 193 per cent dis- 
count Erma its issue price, end- 
ing at HK$2325 on its first day 
of trading. 

BOMBAY fell prey to a 
threat by the opposition, right- 
wing Bharatiya Janata party to 
launch a pampaign to OUSt 
ministers rampA in a sugar 
impart and a securities scan- 
daL The BSE 30-share index 
retreated 3339 to 33UXQ6. 

SINGAPORE moved ahead 
on renewed demand fear Hue 
chip Issues, mostly fay local 
fuxris. The Straits Times Indus- 
trial Index rose 15.4? to 
2485J9, fait volume was thin 
at 6l.7m shares. 

Fraser A Neave added 30 
cents, at S$L530 on slightly 
better than expected frill- 
year figures. Asia Pacific 


Breweries, a joint venture 
between F&N and Helndom, 
rose 13.6 per cent in lateday 
trading as retail investors, 
chased the stock for its obs- 
for-one scrip issue. APB 
climbed SSL10 to SS1730 but in 
thin volume. 

KUALA LUMPUR closed: 
higher in response to Wall 
Street, but reluctance by tore* 
tore to accumulate stocks kept 
volumes low, 

The composite index firmed 
10.65 to 95735, helped by a TO- 
cent rise to MS1730 in TeMtem 
Malaysia. - 

MANILA finished off Its 
intraday peak as investors took 
profits after the index leapt by 
45 points in the first 30 min- 
utes of trade. 

The composite index dosed 
1437 up at 2.723.36. Volume 
increased to 2.4bn shares 
worth 2 Ll 3 bn pesos. 








_ -tLi fo 





r- 


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FT -ACTUARIES WORLD INDICES 


Jointly oomplod by Tha 
NATIONAL AND 


Figures in pnrthetts 
show number of ttnei 
of stock 


Ltd, Goldman. Sachs & Co» and Naflffest Sacurtta JLtd. fan conjunction with the institute of Actuaries and the Faculty of Actuates 

FMteY D ECEMBER 16 UN THURSDAY DEGBMBB1 15 1894 — DOLLAR MDEX 

Day's Pound Local Local On so US Fg ml Local Yea 

Ctang* Storing ran DM Curancy % chg Dhr. Oofiar Starring Yen DM Cunency 52 weak 62 week ago 
X Wax tote Index Index on day Yield Indat index jndw Index Index ttgh Low (epprog 


BER 16 18M 

Local Local 
DM Ctneney K chg 
Index Index on day 


AistraDa f68} 

Austria (16) 

Bolgfum(3S) 

Brazfl(2^ 

Canada (109) 

Danmark (33) 

Ffatend (24) 

Ranee (1029- — 

Germany £58) 

Hong Kong (SCt M 

Marad (14> 

itey (58) 


— 171,00 
176J32 


178+96 

127J64 


MaCayala (971- 

Mexico fig) 

Netfwrtand (IS) 

New Zealand (14) 

Norway 

South Africa 

Sjpeki (38) 

Sweden (38) 

Smtesia i d 

ThaOend (46) 

UrftBO Kfaigdom (204)_ 
USApi^ 

Americas 4363) 

Beqpe pPB^ 

NortSc (116) 

Pacfllc Baste (783) 

Euro-Padflc(15m) 

North America pi 7) 

Eutipe Be. UK ^04) „„ 


»1 75.68 
—163.78 
m 138^8 
.-327.14 

™7a78 

-.151^6 

—484.19 

.1899.84 

-21096 

—71-56 


— 356.70 
— 137.85 
—228.17 
—160 33 
—154.02 
—191.29 
^187.73 

— 17S+X9 
— 165L65 
— 217^4 
-.T59JS5 
-.162.01 
— 164J0! 
—14026 


Warid Ex. US (1708) 16086 

VlfrvMCW 


04 

06 

ai 

-07 

-04 

-02 

07 

-06 

07 

1.6 

02 

-02 

- 2.1 

OJ3 

06 

03 

04 
06 
04 

ao 

GUO 

2.4 

07 

07 

07 

-02 

0.1 

04 

07 

0.3 

-02 

03 


16220 

16725 

167.71 

169.76 

121.07 


16062 
15034 
131.72 
31032 
16063 
67.14 
14424 
44031 
1602.10 
20011 
6720 
19122 
34033 
30920 
13078 
21043 
152.65 
146.10 
181 45 
17007 

16017 

167.13 

206.16 

15125 

153,68 

17424 

14054 

15043 


10026 

111-62 

10525 

11329 

8060 

15060 

11120 

10067 

8721 

207.10 

124.69 

4421 

96.13 

29088 

1202.71 

13329 

4031 

12009 

23047 


139.70 

14405 

13083 

14620 

10427 

194.60 

14050 

133.79 

11344 

26726 

16091 

5722 

124w06 

37923 

1552.07 

17225 

5048 

16029 

29742 


6727 

14445 

10128 

9721 

121.10 

11085 

11023 

104w86 

137-59 

101.01 

10056 

11649 

9088 

14028 

103.73 


11228 

18041 

13147 

12523 

15828 

15327 

143.12 
13522 
17725 
13035 
13225 
15032 

191.12 
192.77 
13327 


14063 

144.03 

13220 

27016 

12828 

199.62 

17921 

139L10 

11344 

32520 

18045 

8048 

9013 

45843 

719121 

16922 

69.47 

18026 

24521 

28013 

137.79 

28429 

13223 

15014 

181.45 

187.73 

14075 

14824 

207.09 

10016 

12248 

18065 

12943 

20079 

12002 


ao 

a4 

05 

14 

02 

-as 

-0.7 

-02 

07 

-02 

02 

1 .B 

ao 

-02 

-22 

02 

09 

02 

03 

ao 

03 

ao 

ai 

24 

12 

07 

07 

0L7 

-02 

ao 

02 

0.7 

03 

- 0.1 

02 


Dhr. 

Vfajd 

323 

1.13 

4.17 
0.74 
229 
149 
078 
328 
1.83 
321 

324 
122 
080 
124 
1.42 
341 
422 
1.78 
1.74 
229 

4.14 
127 
124 
Z45 
425 
Z94 

228 

3.15 
143 

1.18 
223 

223 
050 
022 

224 


US Pound 
OoBar Starring Yen 

Index Index Index 


17123 
T 75-58 
16023 
17024 
12724 
238.97 
17037 
164.16 
13729 


196.60 

6925 

15120 

465-14 

1ML25 

21024 

7122 

20125 

362.46 

324.13 

13721 


15027 

15037 

188.63 

iaa» 

174.05 

164.47 

217.74 

19928 

18142 

162.73 

14720 

23847 

163L29 


16226 

16071 

15628 

16723 

121.09 

22724 

16745 

15528 

13092 

31229 

185.71 
0013 

14324 

441.63 

1842.16 

199.71 
6722 

19145 

344.14 

307.75 

13027 

21826 

152.74 

142.77 

17929 

17096 

1862 

15016 

20073 

15123 

15025 

17050 

14033 

22422 

16003 


10078 

11123 

104.77 

111.75 

8027 

152.16 

11123 

10409 

8743 

209.02 

12423 

44.17 

9012 


14017 

14348 

18522 

144.01 

10422 

19000 

144.12 

134.14 

11227 


123026 

133-37 

4016 

127.68 

229.63 

20542 

8727 

14423 

10220 

8525 

11060 

11018 

11036 

10429 

13826 

10126 

10225 

11057 

93.72 

14004 

IrtAW 


159.84 

8622 

12328 

38010 

158549 

17129 

6820 

164.78 

29019 

26427 

11221 

18039 

13146 

12228 

154.14 

15221 

14223 

134.40 

17723 

13025 

131.90 

14922 

12078 

19324 

ifnii 


14629 

143.40 

131.76 

27541 

12820 

201.17 

18051 

13926 

112.87 

327.46 

17924 

8427 

9012 

49026 


189.15 

19089 

177.04 

14521 

275.79 

201.41 

18527 

15040 


15728 15724 

16746 17091 

15924 15064 


12054 

23428 

11824 

16924 

12037 


16094 

5625 

187.71 

24523 

288.13 

13729 

25427 

13223 

14059 

17920 

18828 

144.90 

14726 

20722 

105.19 

122.12 

18227 

12927 

20724 

T74 71 


21080 

97.78 

170.10 

621.63 

264728 

ggflian 

7729 

211.74 

40128 

34220 

155.79 

242.81 

17056 

21406 

19004 

17058 

23301 

17088 

175.14 

182.73 

15012 

29021 

ITRtfW 


17706 

6087 

127.18 

430J1 


19128 

62.05 

171.05 

20406 

20505 

13201 

18705 

14821 


132.17 
235-77 
T1624 
160.41 
13044 
42060 
182S 
8709 
13525 
54015 
2211.70 
194A6 
8409 
171 JDS 

34ftfl0 

24407 

13094 

10725 

15721 


The Designated Market Makers are: 

HSBC Futures, a division of Midland Bank pic 

(acting on Dehatf of Mkfland Gtobal Marksts, a division of Micfencl B»ik pic) 

Istituto Bancario San Paolo di Torino S.pJV. 

Knedietbank N.V. 

NafWest Futures Limited 

(acting on behalf c# NatWast Markets^ 

UBS Futures & Options Limited 

(acting on behalf of Union Sank of SwitzBrtaid) 


tick. 

tick. 

tick. 

tick. 

tick. 


LJFFE is proud to announce the 
renewal of its Designated Market 
Maker Scheme for the Three 
Month ECU Futures contract. 

The Three Month ECU futures contract 
on UFFE is supported by five 
Designated Market Makers who are 
committed to a maximum bid-offer 
spread of five ticks in ail six delivery 
months of the contract. 

Support like this Is one of the reasons 
2,500 contracts are traded on average 
everyday. 

To find out more call Angelo Proni 
or Marco Bianchi at UFFE on 
01 71 379 2467/2762. 


j.* *•*-.*< 




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176.95 18958 


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16059 

181^44 

14104 

153.52 

175.67 

14033 

224.17 


164.96 
lfll/44 
147.15 
1 5441 
185 lD8 
14033 


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