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FINANCIAL 






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Fininvest set to sell 
supermarkets to 
Benetton alliance 

Fininvest, Italy's second largest private business 
group, owned by out-going prime minister Sflvio 
Berlusconi, is due to announce today a L950bn 
($576m) sale of Euromercato supermarkets, part of 
its stores and retailing division, to a consortium of 
the Benetton clothing group and Luzottica, the 
spectacles producer. Page 15; Italian parties take 
bard line in government talks, Page 2 

Weak dollar hits European markets: 

European financial markets ware depressed by the 
combination of a weaker dollar and US government 
bends. UK government bond prices fell by nearly 
two percentage points and Goman bonds were also 
lower. Spanish markets Mt again. Page 14; London 
stocks. Page 23; Currencies, Page 28; World stocks. 
Page 29 

Copper reaches six-year high 

Copper prices, already 
boosted by strong indus- 
trial demand, traded at 
their highest for nearly 
six years in London as 
speculative buyers took 
advantage of thin end-of- 
year business to push the 
market above $3,000 a 
tonne- Prices touched 
$ 3 , 022 , 2 per cent up from 
pre-Christmas levels and 
the highest since April 
1989, before dosing at 
$3,012, up $18. Demand Is . 
forecast to grow by more 
than 3 per cent next year, but copper stocks should 
fall because no new mine or refinery output win be 
on stream until the second half of 1995. Commodi- 
ties, Page 22 

54 (Be In TwUsh ah crash: Fifty-four people 
died and 22 were injured when a Turkish Airlines 
Boeing 737 carrying mainly military personnel 
crashed into a mountain in heavy snow while try- 
ing to land at Van in eastern Turkey after a flight 
from Ankara. 

Israel's economy beats OECD nations: 

Israel's economy outperformed all 24 Organisation 
for Economic Co-operation and Development 
nations in 1994, with a growth of 6.8 per cent in 
gross domestic product the country's central 
bureau of statistics said. Page 5 

China's ofl output set to pick up: Crude oil 
and natural gas output from China's onshore oil- 
fields wfli fall short of projections this year but 
rebound slightly in 1995. the country’s top oil pro- 
ducer said. Page 5; China's foreign minister to visit 
UK. Page 3 



i.ni i— u ■ i ■ ■ t 

SH 92 93 64 


‘Confession 1 complicates pilot's 

An ambiguous “confession" signed by a US army 
helicopter idiot captured by North Korea could com- 
plicate efforts to secure his release, increasing pros- 
pects that Congress will try to block the recent US 
unclear accord with North Korea. Page 3 

Banesto to sell stake in Portuguese bank: 

Troubled Spanish, bank Banco EspadoL de Credits is 
to sell its 50 per cent holding in Banco Totta e 
Agores of Portugal to Portuguese entrepreneur 
Antonio Champalimaud. Page 15 

Hochtief bid to raise holding blocked: 

Hochtief, one of Germany's largest construction 
companies, will not be allowed to increase its stake 
in Philipp Holzmann, its main domestic competitor, 
the federal cartel office aaiH page 15 

Second nuclear ded cancelled: A second 
German nuclear power station has decided not to 
said spent fuel to British Nuclear Fuels' Thorp 
reprocessing plant at S ells fie ld in north-west 
England and further cancellations may be on the 
way. Page 14 

First Choice revamps alliance: First Choice 
Holidays of the UK abandoned two of the three 
strands of its strategic alliance with Germany's 
Westdeutsche T-anrieshanir, which controls a 21 per 
cent stake In it Page 16 

Go-ahead for Carfplo’s Rolo bid: The Bank of 
Italy has given the goahead for the L3,29lbn ($2bn) 
bid for Bologna-based commercial bank Credito 
Romagnolo, launched by a consortium beaded by 
Cariplo, Italy’s largest savings bank. Page 16 

Asim economies climb ladder: Hong Kong 
and Singapore have joined Japan in the top 10 of 
the world’s richest economies in the latest World 
Bank listing. Page 3 

US In chiving seat: The US has overtaken Japan 
this year to become the world's top motor vehicle- 
producing nation for the first time since 1979. the 
US weekly Automotive News reports. Page 14 


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FRIDAY DECEMBER 30 1994 


D3523A 


L* • J*. -- 


Security chiefs say Chechen capital must be taken by January 15 


Russians prepare 




By John Lloyd hi Moscow 

The Russian army is grouping for 
a final push Into Grozny, the 
Chechen capital, in an effort to 
end a war that is straining the 
fabric of Russian, society and 
threatening the stability of the 

adminis tration. 

General Pavel Grachev, the 
Russian defence minister, told 
the Interfax news agency yester- 
day that Russian forces would 
“push deep into the city to seize 
weapons and liquidate armed for- 
mations*. 

Commenting an the apparent 
contradiction between that inten- 
tion and the statement by Mr 
Boris Yeltsin, the Russian presi- 
dent, that the city would not be 
stormed, Gen Grachev said it 
would not be a “storming in the 
classic sense, using all means at 
our disposal and launching an 


ini f f ai bombardment of shells 
and rockets for several hours". 

According to the Moscow daily 
newspaper Neravisimaya Gazeta, 
which printed what it said was 
the text of a report by Gen 
Grachev to the security council - 
tiie state body that oversees an 
secu ri ty matters - on Monday, 
the council has agreed to take 
Grozny no later than January 1SL 

It was dear that the Russian 
military, in spite of continued 
stiff resistance, has advanced 
steadily and has largely block- 
aded the city - although a fight 
for the town of Argun, which 
commands the road from Grozny 
to tiie east and is still in Chechen 
hands, was raging fiercely. 

Interfax said that: General 
Dzhokar Dudayev, the Chechen 
president, had called for talks 
without preconditions - possibly 
a sign of growing desperation. 


The new head of Russia’s main 
privatisation agency said yester- 
day he was prep arin g to ran*- 
tianaSse enterp ri ses in the ce&- 
tral sectors of the Hessian 
economy - oil and gas, alimriB- 
firm and the imStary-indnstrbd 
complex, Mr Vladimir Poleva- 
nov, said it was essential to 
change the government's eco- 
nomic course and impose “strict 
state management of e n ter- 
prises*. He dadmed the support 
of President Boris Yeltsin and “a 
part” of the gov ern ment. Page 2 

although one that met no 
response from Russia. 

The war continues to divide 
Russian politics and society. Har- 
ing lost the support of Mr Yegor 
Gaidar, his long-time ally and for- 
mer prime minister, Mir Yeltsin is 
now receiving his most vocal 


baCklllgfiOin Mir VbMHiwH * ZMrin. 
OVSky of the T ^HiatinnaTTa t: lib - 
eral Demo cratic party. 

Mr Zhirinovsky suppLanented 
the president's rail to the army 
to finish the job in Chechnya 
with an appeal of his own: "The 
motherland has called you at a 
difficult hour to fulfil your noble 
duty. The time of serious trial 
has come for Russia ... as well 
as bandits, joumahtis and pbtitir 
dans are shooting yon [the 
troops] in tbs back.” 

Leading editors of the liberal 
newspapers that oppose the war 
demanded an explanation from 
tiie president of his allegation 
that some of them were financed 
by Chechen money. At the same 
time, tiie government press ser 
vice accused journalists of put- 
ting sokfiers’ lives at risk. 

Mrs Elena Bonner, widow of 
the physicist and human rights 


campaigner Andrei Sakharov, 
resigned from the president's 
hnmah rights cohmnssfoa saying 
that the conflict "marks a r etu rn 
to totalitarianism". Mr Emil 
Pain, an . adviser to Mr Yeltsin 
who has been the most outspo- 
ken of the fiberaMndinfld aides, 
deplored the gap between the 
president’s promise to end the 
bombing and the attacks that 


Thai waps also taken up by a 
spokesmanfortbeFrenrii foreign 
min istry, in the sharpest com- 
ment yet from a major, noshMos- 
hgnfi ggg g state an the war. The 
spc&esmau said that "contrary to 
what has been announced [by 
YeKsfhr *£ have observed that 
the fi ghting- m Chechny a has 
intensified", ■ 

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I Tokyo dose Y 9933 


Unisys cuts 

4,000 jobs 

in switch to 
information 
services 

By Louise Kehoein San 


Unisys, the US computer 
company, is to cut about 4,000 
jobs - about &5 per cent of its 
workforce - as part of a switch 
from the mainframe computer 
business to infbnnatfOQ manage- 
meat services^-*- 

The cuts will be made tn 
Europe and the US, -its biggest 
markets. 

The company will take a 
fourth-quarter pre-tax charge of 
about $175m to $22 Rm to cover 
the restructuring costs, which 
will depress net income for the 
period. In the fourth quarter last 
year, Unisys reported net income 
of 2117.7m, or 53 cents a share, on 
revenues of $ 2 .11m. 

In Europe, slowing sales of 
m ainfr ame computers have 
dogged the company all year. 
Although the company has seen 
stronger demand among its Euro- 
pean customers for desktop com- 
puters, those products carry a 
lower profit margin. 

The restructuring will yield 
annual savings of at least $200m 
by the end of 1995. The company 
will continue to add resources in 
its growth segments, particularly 
in the services area where more 
than 2,000 new jobs have been 
created this year. 

Mr James Unruh, Unisys chair- 
man and ehief executive, said: 
"The repositioning will focus on 
our European business, our 
worldwide equipment mainte- 
nance business and on product 
areas where . . . we have signifi- 
cantly improved our efficiency." 

In March, Unisys appointed Mr 
Malcolm Coster, a former Coo- 
pers & Lybrand consultant, as 
head of its European operations 
to focus the business on growth 
opportunities. 

Unisys returned to profitability 
in 1992 after three years of heavy 
losses. The company has been 
attempting to expand its ftiforma- 
tion systems business to compen- 
sate for declining mainframe 
sales. 

Mr Unruh said that in the sec- 
ond half of this year the company 
had achieved revenue growth in 
information services and in the 
sale of departmental computers 
and desktop systems. "However, 
a slowing in the traditional hard- 
ware sales and maintenance busi- 
ness and profit pressures in oar 
European operations has ted to a 
disappointing financial perfor- 
mance in 1994, " he said . 

Information management ser- 
vices represent 25 per cent of 
Unisys' total revenue, Mr Unruh 
said, making that its largest 
business sector. Sales of depart- 
mental and desktop computers 
are also increasing. "Our 
plans' call for these growth 

Continued on Page 14 




Airbus wins $1.8bn 
order in US as 
market picks up 


Balancing act: an elderly woman 
makes her way cantfonsly ahmg 
an earthquake-damaged road 
towards her daughter's house in 
the northern Japanese eity of 
Hadunohe yesterday. After- 


shocks- and- snow . squalls- ha*H 
pered relief and repair efforts fax 
flie wake of Wednesday's tremor 
tint UBed three people - two of 
them in Hariiinahe - and fofnred 
267. 


peso lifts 
on hopes 
for rescue 
of economy 

By Tod Bardadw in Mexico City 

The Mexican peso stabilised 
yesterday as investors were reas- 
sured by reports that an emer- 
gency economic plan would 
receive backing from leading 
industrial countrie s and interna- 
tional financial institutions. 

President Ernesto Zedillo was 
expected to announce details of 
the plan late yesterday, when 
there were widespread reports on 
local finan c ial markets that Mr 
Jaim e Sena Puche, the financ e 
minister, would be replaced. 

Mexican reports suggested that 
the rateTtational backing could 
range from approval from the 
Group of Seven leading indu&rial 
nations of Mr Zedillo’s proposals 
to a package of up to SlObn to 
ease fears over repayment obliga- 
tions in the next few mouths. 

US PreshSemt B31 Cttnton said 
he hacked reform efforts in 
Mexico and was looking into 
“what we can do” to stabilise the 
peso: "It la something that I take 
seriously and we me ta nking at it 
very seriously. We're tanring to 
the Mexican government about 
what we can do,” 1 

At midday, the spot rate for the 
:peso was 4325 to' the US dollar, 
slightly up from Wednesday's 
dose of 4A75, white the Mexican 
stock market was up L53 per 
cent. Mexican equities in New 
York continued a slow ribnb that 
began on Wednesday. 

A delegation from the Interna- 
tkmal Monetary Fund arrived in 
Mexico _CUy late on Wednesday 
night and was reported to have 
met M!r Zedillo and Mr Serra, 
who. has been criticised {in' poor 
handling of the peso crisis over 
the past week. Mr Sena's office 
indicated that his future was in 
serious doubt "It is obvious that 
the president needs someone else 
to implement the plan," said a 
senior aide to Mr Serra. 

- Officials said the IMF mission 
was reviewing the economic sta- 
bilisation plan and might act ns 
an intermediary between the 
Mexican government and inter- 
national agencies. The IMF itself 
was unhkety to provide funds. 

Commercial bankers say the 
Mextean government would need 


Continued on Page 14 
Bruises after crisis. Page 5 


By John Rtddfog ki Parte and 
Andrew Baxter In London 

Airbus Industrie, the European 
aerospace consortium, has won 
orders and options for 40 aircraft 
worth an estimated $L8bn from 
International Lease Finance Cor- 
poration, the California-based air- 
craft leasing group. 

The order, announced yester- 
day, is the biggest received by 
Airbus this year, and reflects the 
Improvement m tte international 
aircraft market after the sharp 
recession of the past few years. 

An official at tiie four-nation 
Airbus consortium said: “It con- 
firms that things are looking up, 
althoug h there is still some way 
to go." 

The deal raps a much better 
year for Airbus in its battle with 
Boeing of- the US for airline 
orders. Before yesterday's 
announcement. Airbus had 
received mare than SO orders fin 1 
its airliners this year, compared 
with 38 in 1993. 

The two aircraft manufacturers 
have always disputed market 
share figures. But industry 
observers say they are running 
neck and neck in the number of 
firm orders this year, demon- 
strating the inroads that Airbus 
has made on Boeing’s traditional 
d ominanc e in the sector. 

Boeing has won ill orders tins 
year, farfuding seven for Air Ba> 
lln, the German charter operator, 
and - one for Lufthansa, 
announced before Christmas. 

QfC is ordering 90 aircraft and 


taking an option for a further 10. 
The firm orders include eight 
A3L9s, 13 A320S and tone A321s. 
The options comprise three 
A319s, three A321s and four 
A320S. 

All the aircraft have single 
aisles and are gimeraDy used for 
short and medium-haul flights. 
Deliveries will rim from. Febru- 
ary 1996 until the year 2000. 

Mr Jean Pierson, managtog 
director of Airbus, said the deal 
reflected the confidence of ELFG 
in the single-aisle aircraft pro- 
duced by Airbus. 

ILFC, part of American Inter- 
national Group, the' US insurance 
and financial services group, is 
tiie world's largest aircraft leas- 
ing company after GPA, the Irish 
aircraft fearing compan y rescued 
fTOm coiDapee last year. 

ILFC is the single largest cus- 
tomer of Airbus, which groups 
Aerospatiale of France, Deutsche 
Aerospace (Dasa) of Germany, 
-British Aerospace and Casa of 
' Spain. Tncindfaig yesterday's deal. 
It has 115 Airbus aircraft. on 
order, while 40 -others, have' 
already been delivered. ' ~ 

In recent years ILFC has also 
ordered about 300 . Boeing air- 
craft, of which about 180 are atfll 
to be delivered. No ILFC.cffirials 
were available for. comment, yes- 
terday, but it is believed within 
the industry that ILFC may toon 
place another order with Boeing: 

ATE, a French-Italian joint 
venture, is to sell five turboprop 
aircraft, worth an estimated 
860m. ; 



CONTENTS 


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© THE FINANCIAL TIMES LIMITED 1994 No 32,561 Week No 52 


LONDON - PARIS - FRANKFURT • NEW YORK • TOKYO 





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. 


MARKETS 


AMERICA 


Dow retreats 


as year-end 


rally falters 


Wall Street 


Stocks deepened losses at mid- 
day as Wall Street’s year-end 
rally stumbled, agencies report 

The Dow Jones Industrial 
Average was down 21.20 at 
3,840.49 with HprHnns IpacKng 
advancing issues by 12 to 
seven. 

The more broadly based 
Standard & Poor's 500 was off 
2.02 at 460.45, the American 
Stock Exchange composite lost 
2.46 tQ 4QL57. 

US Treasuries were mixed, 
with the long bond unchanged 
to yield 7.76 per cent 

Trading volume on the 
NYSE was 106m shares. 

AT&T, off $% at $51%, 
announced that It was request- 
ing price increases of SLS per 
cent for calling-card and opera- 
tor-handled calls, 1.3 per cent 
for international direct dial 
calls, 5.0 per cent for USADt- 
rect Service calls, and an aver- 
age of 2.4 per cent in the 
monthly fees for certain 
domestic savings plans. 

AT&T said that the price 
changes, which are expected to 
become effective on January 
10, 19%, will produce about 
$259m in revenues. 

Toys R Us. down $3 at $30%, 
declined to discuss its Christ- 
mas sales or comment on a 
lowering of the 1994 earnings 
estimate by a US broker. 

Home Holdings plan to cease 


Canada 


Toronto stocks gave up some 
earlier gains, but stayed on 
positive ground in quiet post- 
holiday action. 

The market is likely to 
remain lacklustre for the rest 
of the week as players dose 
books for the year-end, traders 
said. 

The TSE 300 composite index 
added AM 4197.64 In volume of 
16u2m shares worth C$204. lm. 

The upward impetus from a 
buoyant precious metals sector 
was blunted by weakness In 
energy and base metals. 

The precious metals group 
rose 168+85, or 1B4 per cent, to 
9.34&31 as gold prices stayed 
firm. Franco-Nevada Mining 
rose C$1 to C$69% while Placer 
Dome added C$% to C$29%. 


Mexican equities climb 


Mexican stocks rose in early 
trade despite a rise in domes- 
tic interest rates as investors 
reacted positively to news that 
peace talks between the gov- 
ernment and rebeb in the 
southern state of Chiapas 
could be re-opened. 

The IPC index rose 21.98 to 

4 QQ o (» 

MfA9047ir> 

Rebel leaders said in a state- 
ment that they recognised the 
interior ministry as the 
government’s representative 
in contacts for peace 
talks. 

But some traders said the 
marke t woold remain volatile 
ahead of President Ernesto 
Zedillo’s announcement next 
Monday of measures to tackle 
the currency crisis. 

• Sao Paulo rose 3 per cent in 
moderate midday trade as 


FT-Awodtf index ^tennajt t 
■£40 — 


&200 - 5 


ZJ000 


rjBOO 


1J3QC 


1,400 


1200 


■ * ** _ '■ 

ism. 


investors hooted for bargains. 

The Bovespa was up 1,256 at 
42,393 by 1 pm in turnover of 
R$1 86.1m ($217.1m). 




j i t 


m t % 

t uussr 


1 KWk 


Start of 


Austria 

Belgium — 
Denmark — 

Finland 

Franca 

Germany 

Ireland 

Italy 

Netherlands 

Norway 

Spain 


Switzerland 

UK 

EUROPE - 


+1X9 
+0.67 
+2 27 
+OA8 
+1.08 
+ 1.16 
+3.76 
+4.95 
+1.17 
+3.10 
-134 
+0.06 
+1.67 
+237 
+138 


+131 

+039 

+0.14 

-139 

-0.30 

+131 

+2.73 

+236 

+235 

+732 

n2.87 

-1.78 

+2.69 

+1.45 

+1.17 


-1030 

-636 

-7.17 

+21.4S 

-1230 

-734 

+3XQ 

+436 

-237 

+637 

-1039 

+633 

-831 

-833 

-735 


-1233 

-639 

-1033 

+2031 

-13.73 

-936 

+ 1.10 

+330 

-295 

+5.84 

-iai7 

+5.13 

-631 


-7.73 

-138 

-&49 

+40.18 

-10.62 

-431 

+433 

+333 

+ 2.11 

+1039 

-7.79 

+1136 

-238 

-939 


-333 

+238 

-1.19 

+4634 

-635 

-037 

+936 

+832 

+6.75 

+15.61 

-3.60 

+1695 

+135 

-638 

-139 


Australia 

Hong Kong ... 

Japan 

Malaysia 

New Zealand . 
Singapore..— 


+0.73 

+0.90 

+234 

+4.45 

-1.03 

+235 


+a7i 

-4306 

+433 

-235 

-4.80 

+0.80 


-434 

-26.05 

+638 

-1332 

-3.17 

-136 


-9.87 

-32.45' 

+7.06 

-21.98 

-839 

-733 


-1.07 
-35.47 
+14.05 
-2135 
+031 1 
-241 


+3.43 

-3234 

+1933 

-1739 

+437 

+2.03 


Canada 

USA 


+215 

+032 

+3.69 


+3.1 1 +214 

+1.81 -1.10 
-251 -439 


+035 

-0.93 

-8.04 


•8.90 

-534 

-4136 


-4.76 

-093 

-3891 


1 tali- •» — • — — — *" 


FINANCIAL TIMES 


Thursday December 29 1 994 


"IF— ♦- _■ to . 
• * L ft.' 


EUROPE 


Continent takes its cue from early US weakness 


underwriting and transfer 
some business to Zurich Insur- 
ance Group of Switzerland, 
announced on Tuesday, left the 
shares down $% at $9%. 

Mexican and other Latin 
American ADRs, which had 
been depressed in the wake of 
the devaluation of the Mexican 
peso, bounced back and pro- 
vided the stock market with 
one of its few pockets of 
strength. 

Telefonica de Argentina was 
up $1% at $50%, Telecom 

Argentina rose $1% to $48, Tel' 
m ex was op $1% at $38% and 
Brazil Fund rose $1% to $31%. 


Weakness on Wall Street lay 
behind the downturn in same 
markets during the afternoon 
session. 

Reviewing possible develop- 
ments among European equity 
markets daring the first quar- 
ter of 1996, Hoare Govett com- 
mented that it expected a 
recovery, “but returns are 
unlikely to be spectacular, 
despite this year’s falls”. 

The broker overweighted 
France and the Netherlands on 
a six-month view. “Paris has 
underperformed consistently 
for the past two years... [and] 
although liquidity and politics 
argue against a near-term over- 
weight position, we feel that 
these factors are offset by the 
relatively more defensive 
nature of the market, in view 
of the risk of negative earning * 

surprises in Europe as a 
whole.” Regarding Amsterdam, 
Hoare was positive because the 
market was broadly skewed 
towards sectors which it 
favoured, namely consumer, 
services and financials. 

Sweden and Italy ware put 
on the underweight list, partly 
as a consequence of having 
outperformed the European 


FT-SE Actuaries Share Indices 


Dm 26 THE EUROPEAN SERIES 

Houft dBBflw Open 1030 11-00 1200 13J00 1400 IMP 

FT-SE Euratatlte 13605 1352SD 13S1.19 1348* 134897 134831 134768 13409 

FT-SE BlBMttZB 1411.55 14T2JS 1411.33 140080 148637 1487JD M0SJ6 1406.73 

0*28 Ore 22 Pic 21 mea Dae 19 

FT-SE Euntmck 105 1348.48 1347.88 134023 133321 1332.17 

FT-SE 6wta* 200 1404.73 1403.75 138630 1383.10 1350191 

rnm TWO CBrtttan HyM* w - l«L8l; an ■ 14073 UMq; HE - 04&S3 MB - WBSJfl T NRH 


index in 1994. 

FRANKFURT pushed higher, 
the DAX index dosing the offi- 
cial session up 2LBG at 2j.09.01, 
having moved in a narrow 
range of between 2,107.55 and 
2J.1335. 

But the market tamed sour 
later, with the Ibis indicated 
index falling to 2,097.34. Turn- 
over was DIJSAbn. 

In a preview of prospects for 
the German equity market in 
1996 Bank Julias Bar said that 
the biggest danger remained 
the threat of farther rises in 
US interest rates. “This will 
lead to repositioning from the 
equities market into money 
market foods in the US and 
investment capital will be 
repatriated. The German 
exchange should also suffer 


from this withdrawal of liquid- 
ity in the first quarter. A more 
favourable trend is likely to set 
in starting in the spring when 
reports Aram companies raiqi 
dear that tbs spring s trend is 
intact" 

Banks were stronger: Deut- 
sche Bank gaining DM3L6D to 
DM726J50, Commerzbank up 
DM200 to DM33250, and Dresd- 
ner Bank putting on DM170 to 
DM406.70. The chamteal sector 
also gained narrowly: Bayer 
rose DML30 to DM36L60, BASF 
up 20 pfennings to DM31890, 
and Hoechst DM2.00 to 
DM3 32.00. 

AMSTERDAM gave up mast 
of Tuesday's gains, with the 
AJ5X index down 3J5 at 41481, 
after reaching a session high of 
41894 


Unilever, down 30 cents at 
FI 206, said that it had reached 
an agreement with Danone of 
France to buy its 60 per cent 
stake in a Spanish frozen foods 
company. Unilever said that It 
would have full management 
control and that the stake 
would eventually be increased. 

ING, off FI 1.00 at FI 82.10, 
confirmed that it had not been 
invited for talks on acquiring 
Hungary's state-owned Buda- 
pest Bank. 

Rcdamco fell FI 1.30 to 
FI 47.20 after the group said 
that it might drop its optional 
tax free dividend next year. 

PARIS was affected by the 
US story and the CAC-40 index - 
fell 28.15 to 1927.83, once again 
in very low turnover of 
FFrStbn. EuroDlsney, up 20 cen- 
times to FFr1155, was heavily 
traded after confirming that 
attendances were showing a 
s teady improvement 

ZURICH ended lower in a 
quiet session. The SMI index 
lost 17.3 to 2J656J2. 

Holderfaank was affected by 
what brokers described as UK 
s ellin g on worries about its 
exposure in Mexico, the bear- 
ers falling SFr24 to SFr 1,006 


Anri the registered SETS to 
SFr 199-00. 

Zurich Insurance bearers 
dipped SFffi to SFriJSS follow- 
ing Tuesday's announcement 
of a co-operation deal with 
Sweden’s Trygg-Hansa. 

M 7T.A N was polled lower by 
profit-taking, leaving the 
Coral t index down 3.59 at 
634.09. 

fimitfi New Court, issuing a 
long-term buy note on Fiat, off 
Li 35 to L5.960, said that its val- 
uation indicated a price target 
of between L6.800 and L7J30Q, 
indicating a 20 to 25 per cent 
upside from current levels. 
Positive factors for the car 
group included the strong 
advantage it derived from the 
devaluation of the lira, its low 
industrial debt/equity ratio, 

the prospect of new models 
and new markets boosting 
sales further, and the potential 
disposal of some assets provid- 
ing an additional boost to earn- 
ings and cash flow. 

On the negative side, SMC 
noted that being a market 
proxy - representing some 8 
per cent of the Coxnrt index - 
the shares were affected by 
volatility and political instabil- 


Writtan and edited bf John PM 


ASIA PACIFIC 


Arbitrage unwinding erodes early gains in Nikkei 


Tokyo 


Arbitrage unwinding and posi- 
tion covering eroded earlier 
gains posted on buying far the 
first day of January settle- 
ments, and the Nikkei index 
finally closed lower, writes 
Erniko Teroaono in Tokyo. 

The Nikkei 225 average 
closed down 4&83 to 19,665^3 
after a low of 19,599.40 and a 
high of 19JR&9L A rise in the 
futures marfcat in the morning 
prompted arbitrage buying and 
purchases by traders, but gains 
were eroded by afternoon sell- 

lug. 

Volume was 260m shares 
against 235.8m. Activity was 
led by dealers and arbitra- 
geurs. with Individual inves- 
tors trading in speculative 
issues. 

The Topix index of all first 
section stocks fell 3.26 to 
1,551.79, while the Nikkei 300 
index lost 0.68 to 1 285-24. 
Advances led declines by 478 to 
474, with 210 issues remaining 
unchanged. 

In London the ISE/NBfkei 50 
index fell 0.37 to 1,200.16. 

Speculative issues were 
among the most actively 
traded. Sakai Ovex, a synthetic 
fabric manufacturer, Ml Y10 to 
Y725 on profit taking, while 
Minolta added Y14 to Y553. 

Nippon Soda, a chemical 
maker, rose Y26 to Y880. Inves- 
tors were encouraged by the 
company's contract with a US 
drug maker to supply Aids-re- 
lated materials. 

Konica, the photo film 
maker, closed up Y13 at Y818. 
The company's 20 par cent rev- 
enue growth of its new dispos- 
able cameras has supported its 
recent price rise. 

Higher ferro-nickel prices 
boosted Pacific Metals, the 
largest ferro-nickel maker, in 
the morning session. The stock 
however, closed unchanged at 
¥533. 

Other mining and metal 


issues were also stronger, with 
Sumitomo Metal Mining up ¥1 
to ¥907. 

Profit-taking hurt shipbuild- 
ers. Mitsubishi Heavy Indus- 
tries, the most active issue of 
the day. Lost ¥3 to ¥750 and 
Ishika w aj ima-Harima Heavy 
Industries fell Y5 to Y453. Steel 
companies were mixed, with 
Nippon Steel down ¥2 to Y372 
and Kawasaki Steel up Y4 to 
7412. 

Textile companies were also 
weaker with Toray Industries 
down ¥10 to Y725 and Nls- 
shinbo Industries shedding Y40 
to ¥1430. 

In Osaka, the OSE average 
rose 29.28 to 2L656 j 60 in vol- 
ume of 29.8m shares. Aoyama 
Trading, the men’s suit 
retailer, lost ¥60 to Y2,200. 


Roundup 


Trading was thin. Bombay 
remained closed and will re- 
open on January 2. 

HONG KONG finished lower 
after a seesaw session, with the 
Bang Seng index down 4&8B at 
8,268.22 and with turnover 
totalling KK$L46bn. 

The January futures contract 
was down 50 at 8JJ80. 

There was talk of Japanese 
buying in the morning but 
dealers said they did not see 
any large orders. Most dealers 
expected fresh Japanese funds 
to came in the market in Janu- 
ary. 

Hong Kong Telecom dosed 
down 15 cents at KK$ 14.85, 
with China Light and Power 
off 70 cents at HK$33.60. 

Hang Seng Bank fell 75 cents 
to HK955.75, and HSBC was 
marked down 75 cents to 


2.04 to 1,027-37, with volume 
Mti Hmateri at .40m sThttb-Q- 

Brokere said that most of the 
day's a cti v i ty was the result of 
window-dressing of the year- 
end accounts, with little of the 
activity having an affect on 
prices. 

Smaller and medium-sized 
stocks were higher, but inves- 
tors saw few reasons to estab- 
lish new positions on the 
larger blue-chips before the 
year-end. 

TAIPEI finished lower in 
active trade on heavy profit- 
taking in tertflff? 

The weighted index sided 
down 35.08 or 05 per cent at 
6347.83, off a high of 7,01050. 
Turnover was TJSUJtan. 

Sentiment was hurt on news 
of an indictment over a share 
payment default scandal 
related to textile company 
Hnalon, which plunged by the 
daily 7 per cent limit to 
T$40.7U. Other textiles, which 
had risen recently on product 
price rises, also faced profit- 


taking, with Shfakimg Fibres 
limit down to TJ45.10. 

Mutual funds were weak, 
with Fubon down 60 cents to 
TSI53. 

MANILA slid as investors 
took profits. The composite 
index finished down 16.80 at 
2,777.78 in turnover of 132bn 


Ayala Land B shares led the 
fellers, off 33 per cent to 37 
pesos, after it said that would 
not bt bidding for a real estate 
project being auctioned next 


San Miguel B slid 33 per 
cent to 125 06506. 

KUALA LUMPUR closed 
lower in thin tr ading with low 
buying interest ahead of the 
year-end holidays. 

The composite index fell 
1L57 to 97537, with turnover at 
M$3343m. 

Tenaga Nasional fell 50 cents 
to MHO. with Telekom Malay- 
sia dropping 30 cents to 
M$L7.60. 

SINGAPORE made slight for- 


ward progress, the Straits 
Times Index rising 6.9 to 
233U5. 

Over the counter Malaysian 
shares retreated an forced sell- 
ing. The UOB-OTC index ended 
down 4.16 to 1,11735. 

Volume was just 50.08m 
shares with falls swamping 
rises by 214 to 73. 

SYDNEY rose In time with a 
stronger Wall Street and post 
five year-end sentiment 

The AH Ordinaries index 
added 263 to 13353, with the 
All Industrials index up 323 at 
2,7943 and the All Res o u r ces 
index up 213 to 13943. 

Turnover was A$273.7m. 

Comalco was up 11 cents to 
A25.16 after an nou ncing plans 
to float shares in its Common- 
wealth Aluminium unit 

BHP rare .34 cents to 3)2036, 
with CRA adding 34 cents to 
AJ18J.6 and Western Mining up 
20 cents to A$7.62. 

Poseidon rose 9 cents to 
AS&55, with Newcrest Mining 
up 2 cents to A&SQ and Placer 


Pacific u p 10 cents to Af&BO. 

KARACHI ended sharply up 
on institutional buying and 
short covering by investors as 
sentiment remained positive 
due to the improved- law arid 
order situation in the city. 

The wke loo-share index 
rose 27.63 or 136 per cent, to 
2,05536. 

BANGKOK rote slightly on 
last-minute buying although 
selling pressure emerged at 
mid-a fterno on. : 

The SET index added 338 to 
136334 after moving between 
1.35839 and 1,36935 on. moder- 
ate turnover of B&3tm. 

Thai Poly Acrylic, which 
made its debut, dosed slightly 
up from its initial 'public offer- 
ing price of Bt66 at Bt6730 
after peaking at BfTOSO 
■ The banking sector .was the , 
most, active and the biggest 
gainer, rising 13 per cent an 
BtBG33m turnover. Thai Fann- 
ers Bank rose Bt2 to Btl75 ami 
Krung Thai Bank was BCL5D at 
Bt88L5G- 


ASIA 


OUR WORLD 


The Index of China-owned 
stocks ended at 1,06836, down 
5.41 or 030 per cent. 

SEOUL ended slightly higher 
but off earlier highs, with 
investors taking profits on the 
last trading day of the year. 

The composite index put on 


S Africa in a solid rise 








South Africa .... 


+2JB8 -1.14 +25104 +16-321 +19.43 +24.86 


WORLD INDEX 


+128 +1-97 -1X8 -2J06! -1X6 1 +3J03 


BM ISM. CopytVK. Tin 


Shares made steady gains 
helped by a solid bullion price 
and portfolio juggling ahead of 
the year-end. 

The overall index rose 2J.9 
at 5.839.7, as mining and 
Industrial shares performed 
well. The industrial index 
made 303 to 6363.0, and the 


gold index rose 223 to 1,976.1. 

Miners were the focus as 
gold tested the 3382 resistance 
level. The feeling was that, if 
the metal broke through- it 
could push to $385 next week. 

In golds, Harries gained 50 
cents to R18.75, and Vaal 
Reefs climbed R5 to R362. 


-r * ~ . 

f. . to « — 




- : ViM 


FT -ACTUARIES WORLD INDICES 


Jo My com pfle d by Tfie Rnandat Times LMU Goldman, Sadhe & Ca and NaoWes ft Securities Ud. kt conjunction vvfth taaftuto of Adis riea and Faculty of Actuarial 


show number of VMS 
of nod 


— TUESDAY DE 

Day's Pound 
Change Storting Yen 
tf Index Index 


(HER 27 1994 

Local Local 
DM Comcy % tih0 
Index Index on dmf 


1894 


US Pound 


Y«r 


Ore. 

Yield 


Yen DM Currency 52 week 92 week ego 

non novr tnoox riyn low (copruX} 


AuotraBa ^3). 

Austria (16) — 

Belgium &5I 

Brad CW 

Grade 

Denmark (331 — 

wra R<) 

France (1Q2J 

Gecmany (56) 

Hong Kong (56) 

MendU^ 

wy m 

Jadan flGS). 

M*tayab(97) 

WtoteopB) 


1 72.39 

17B^4 

107.T2 

T53S2 

.. M l2fiL26 


...183.83 

le&oi 

,^140.61 

^30-06 

202-77 

W1HMnrti.75(0] 

155.48 

484.32 


-ai 

0.1 

0l2 

-3D 

- 0.1 

03 

1.7 

-04 

05 

0.0 

Gi 

\2 

-03 

-02 

-17J8 


16&26 

171-16 

16020 

147.17 

12001 

234-95 

17003 

15019 

134-79 

31043 

•WAX 

7151 

14005 

46429 

114067 


10044 

11324 

106.09 

07.46 

82.06 

155.59 

116.57 

104.76 


20955 

12073 

47.62 
98.70 
307.46 
761 47 


I41J32 

14036 

13099 

125.65 

105.96 

20091 

15053 

13027 

11626 

270.60 

16623 

6148 

127^6 

397^3 


147.70 
14642 
13144 
240.76 
131.04 
206.15 
18160 
14095 
11026 
327^4 
16723 

91^9 

98.70 
477^5 

740173 


QJQ 

Ol 

at 

-it 

oo 

03 

1.5 

-4X5 

0.4 

OO 

OO 

w 

-ai 

-4X2 

-4LB 


190 

1.11 

4.14 

066 

163 

1.44 

076 

004 

1^0 

3.76 
ZA\ 

1.72 

078 

1.76 
138 


17159 

17046 

166.65 


129-33 

244JJ7 

18054 

16665 

13956 

330.11 

202.40 

74.09 

15099 

465.15 

146058 


165.43 

171.04 
I59J93 
151.68 
123L96 
234.13 

173.05 
15078 

134.06 
31&41 

184.00 

nm 

14932 

465.01 
130005 


10032 
11003 
105.69 
10024 
61 22 
154.72 
114^6 
104 S3 


20009 

12820 

4093 

9821 

30720 


14122 
146.43 
13821 
12825 
10012 
20Q43 
14a 14 
13623 
114.76 
27067 
16628 
6020 
12820 


147.70 

146.17 

13328 

248.47 

13124 


189.15 

19629 

177.04 


160U09 

16746 

160.76 


16009 

16047 

16522 


19124 

141.64 

114.76 

32724 

18723 

90.78 

9821 

47825 


14521 

275.79 

201.41 

18627 

150140 


12024 

23621 

12320 

15924 

12827 


. 133.46 
248.14 
12323 
17&49 
14226 


216l€0 

97.78 

171X10 

621.03 


1T726 

6527 

127.16 

430.71 


18320 

69L71 

127.18 

86128 


925.14 1196^0 7485.60 284728 1199 M 336225 


Ntftnrtwv) (19). 

..^214.61 

1.1 

2Q5l92 

13027 

176.00 

17229 

12 

324 

21226 

203.73 

13423 

17441 

17120 

22320 

19128 

202X8 

New Zeatand (14| 

71-29 

ai 

6825 

4526 

68.45 

5326 

ao 

426 

7122 

6826 

4&11 

5044 

sum 

7720 

62.06 

64.68 

Nomay 123)... 20727 

ai 

198.38 

132.02 

170X0 

184JB 

ai 

1.70 

20729 

19007 

13155 

17D.42 

194JB 

211.74 

17723 

181.12 

Sfffiapore J374.B9 

ao 

36929 

23000 

30723 

28222 

ao 

1.70 

37426 

359.42 

23723 

307.70 

25221 

40128 

29«8 

981.71 

South Africa (59) . 


-ai 

31054 

21121 

27025 

39822 

01 

022 

33057 

319.72 

21129 

273.71 

29627 

94220 

gffff.55 

203X4 

Spain tMty ........ ■■■■.... ■ 

— mi4 

-3.1 

124.75 

8222 

10628 

131.46 

-8.0 

424 

18424 

128.78 

85.09 

11023 

13523 

155.79 

13014 

14321 

Swicssn p6) 

— 330,42 

02 

22929 

14628 

188.90 

255.41 

02 

127 

22925 

22012 

14046 

16044 

364.74 

24221 

19429 

19A58 

Swuwrtondi 147) 

h«m16X59 

05 

1S7.T9 

10429 

134.03 

135.79 

02 

120 

183l11 

15624 

10323 

133.84 

1303 

178JM 

14831 

16438 

Thailand (46) 

— 158.10 

02 

16126 

10X37 

129.60 

154.18 

02 

2.40 

157.63 

15129 

9924 

12924 

15168 

_ 

_ 


United Kingdom EBM) 

— 183X7 

ao 

18SJ7 

122.09 

158X8 

18SJ7 

02 

4.16 

19320 

18527 

12223 

156.36 

18057 

314J96 

181.11 

20723 

USA 614) — i 

18BL11 

as 

16128 

120.05 

166.02 

189.11 

05 

223 

T 88.14 

18023 

119LT7 

15427 

188.14 

19824 

17826 

191X1 

Americas (663) 

174.83 

02 

167.60 

11099 

14322 

140.09 

a4 

227 

17423 

16729 

11025 

14321 

14001 




Europe .^1^.1 87 Jfl 

02 

160.08 

10624 

13726 

151.79 

ai 

320 

167.55 

16060 

10013 

137X8 

15120 

17828 

16029 

17224 

NOfdrt (11© 

22126 

06 

212,76 

14021 

18125 

210.22 

05 

1.40 

22071 

211J55 

13920 

181.10 

20921 

28321 

18022 

18022 

Pacific Beam (793) 

16321 

-02 

16626 

103.61 

i3xm 

107.83 

-0.1 

1.18 

16328 

15629 

10328 

13421 

10723 

17028 

141J04 

14124 

EtfO-PtecMc (1501). 

.....16524 

-ai 

15621 

104.77 

135.29 

12322 

02 

129 

16520 

15034 

10424 

135L55 

13&2Z 

175.14 

153.85 

16325 

North America fffl 7 ). m ...-^m^16529 

as 

177.73 

117.60 

151.90 

185.11 

05 

222 

18449 

178.83 

11626 

15128 

18420 

192.73 

17527 

18722 

Ewope Er.UK (504) 

15032 

02 

144.10 

95.43 

12322 

131.64 

02 

2.46 

i40.es 

143.70 

9496 

12001 

13128 

158.12 

144.12 

14926 

Pacific Ex Japan 1325* 

240.19 

-ai 

23056 

1SIX8 

19621 

21036 

0.0 

3.17 

24033 

230.35 

18223 

19720 

210X1 

20621 

224.17 

272X0 

World Ex. US (1709) 

16523 

-03 

153.07 

105+34 

13002 

12071 

ao 

1.99 

16620 

15048 

10529 

13062 

128.74 

170.65 

15628 

16628 

Watt E*. UK 0018} 

17054 

ao 

163.48 

10026 

13920 

143.45 

02 

Z13 

17052 

163.45 

10621 

isa 92 

143.19 

17829 

16223 

192X9 

Wwtt Ex. Japan pra5)-~ 

183.60 

ai 

17001 

11620 

16051 

17524 

02 

226 

18324 

175.73 

11013 

16044 

17525 

19520 

17034 

18827 

The World Index (2223).~-. 

—173X8 

ao 

16044 

109.50 

14127 

14726 

02 

223 

17057 

165.40 

10030 

i« no 

147.02 

10080 

188.19 

168.74 


HONG KONG • TOKYO • SEOUL - BERING - SHANGHAI • SHENZHEN • TAIPEI • MANILA 
BANGKOK. * KUALA UJMPUK • SINGAPORE - JAKARTA • BOMBAY ■ KARACHI • 

, LAHORE • COLOMBO ■ SYDNEY * MELBOURNE • WELLINGTON 


3 ™Jardiae Fleming 

The leading edge in Asia Pacific. 


Investment Management • Securities Broking • Corporate Finance & Capital Markets * 


. - -• 


fry in the country. , 

STOCKHOLM saw the 
Affarsvfirfden general Index 
slip 103 to L463X 
Eriesson, down SKrd to 
SKrill, said that it had won an 
ante for the expansion of the 
mobile telephone network in 
Jiangsu province. C h ina. 

Trygg-Hansa B lost SKrQJSQ 
to SKrSO following Its 
announcemeit of a deal with 
Zurich Insurance. 

OSLO moved higher as the 
All-share index added £69 to 
655 in high turnover of 
NKz93Sm. 

Brokers remarked that "the 
activity arose from tax-related 
transactions - investors were 
eyhATiging shares with full 
voting rights for shares with 
I fpiitPri voting rights in rader 

to be able to write off their 

losses while retaining their 
stakes in the companies, 
Kvaerner A shares added 
NKr4 to NKrSIS, while its free 
shares closed NKr6 up at 
NKr317 after it announced that 
its German shipyard bad won a 
NKr65Gm contract to build two 
container vessels. 


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. ur Qian tpchen, China’s foreign 
. ja totter, will visit the UK next year in 
wba* British officials hope, but do not 

aspect, win marie an improvement in 

rotations. 

News of Mr Qian's proposed visit 
which is not expected until the late 
spring or summer, came amid expecta- 
tions of another Sino- British row - this 
time °ver a multi-b flli on-dollar phm to 
replace the sewerage systems in Hm g 
■finSi which the local government says 
is urgently needed. 

China has requested that the Hong 
jgong government defer plans to start a 
t& part of the HKSZObn (£1.67bn) proj- 
ect pending discussions about its envi- 
jaftmental consequences. 

- The government claims that as gtap* 
r-'te* of the project - a treatment plant 
& Stonecutter’s Taintid - is self-con- 
tained and can be completed before 
4pmg Kong’s handover to Hhirm in 1597 
£ does not need Beijing’s approval. It 
may let contracts this week for con- 
struction Of the trea tment plant. 

' Mr Qian confirmed his plans to visit 
the UK to a group of local Hong Kong 
politicians visiting the nhineag capital 
In a phrase which underlined the frosti- 
ness of bilateral relations he said that 


Sfe 

im 


tions over Hong Kong. At a meeting 
earlier this month In Tjmrinn. British 
and Chinese negotiators made little 
headway on important issues relating 
to Hong Kerns's legal system and the 
development of the colony's container 


New World Bank method of calculating GNP 


Dynamic Asians join 
top 10 richest nations 



Qian $cho: China has *no objection* to visit by Hesrfttne 


China had “no objection" to a proposed 
visit by Mr Michael Heseltioe, trade and 
industry secretary. 

Mr Heseltme is expected to go ninna 
in the spring: Last year he was forced 
to withdraw from a trade wifcgjwn to 
C hina when, in the middle of a row, 
Beijing informed London that, he was 
not welcome. 


Mr Qian’s planned visit to the UK is 
one in a regular series of meetings 
which Britain and- China agreed to as 
part of their 1991 pact to build a new 
airport in Hang Kang: British officials, 
however, took some comfort from 
his decision to go ahead with the 
visit 

This is in spite of the very poor atmo- 


On the port, the Hong Kong govern- 
ment appears to be stymied. A proposal 
from Bering this week that the colonial 
government build the port extension 
Itself and leave to the post-1997 admin- 
istration the question of its ownership 
has been rejected. 

A far more difficult judgment which 
the government will have to make in 
the New Tear concerns the colony's 
court of final appeal The government 
says it is committed to establishing the 
court - which will be Hong Kong's 
highest - before 1997. 

In spite of a 1991 agreement with 
rthma on the structure of the court. 
Beijing has been dragging its feet In 
approvin g the agreement in legislative 
form. It has had a copy of a draft bnH 
since May. 

In the meantime Hong Kong's legal 
profession has emerged divided on the 
government's draft hDL Its representa- 
tives in the local parliament have 
vowed to oppose the government 


By Peter Norman, 




re to 


Beijing plans to overhaul bankruptcy law 


4* - 
Ar •}:. ' 


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“'■*** *■-. - 

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By a Correspondent In BeQrng 

China plans to overhaul its 
eight-year-old bankruptcy law 
next year to accelerate the 
streamlining of loss-ridden 
state companies. According to 
the New China News Agency, a 
draft law to be presented to the 
National People's Congress, 
the nominal parliament, will 
ti ghten provisions of wri sting 
legislation, in effect since 1986, 
and bring it into conformity 
with market reforms and inte r, 
national practices. 

At a session of Chinese legis- 


lative leaders which prated yes. 
terday, the standing committee 
of the People’s Congress 
called tor tighter control by the 
legislature and the State Coun- 
cil. or cabinet, over the Peo- 
ple's Bank of China and its 
monetary policy . 

Under a draft law that has to 
be ratified by the legislature 
next year, the central bank 
will no longer engage in com- 
mercial or policy-related lend- 
ing and will have to report reg- 
ularly cm money supply, credit 
balance and other issues. 

The People’s Bank of C hina 


has been trying to modernise 
and make the transition from 
acting as the funding source of 
a planned economy to being a 
market-oriented institution. 

The legislative committee 
also cleared a new prison law 
aimed at curbing China’s ris- 
ing crime in a move that 
extends legislative supervision 
and the reach of Mr Qiao Shi. 
the powerful congress chair- 
man, considered a contender to 
succeed Mr Deng Xiaoping, the 
ailing paramount leader. 

“The tasks in the coming 
year remain very heavy,” Mr. 


Qiao was quoted as saying in a 
speech urging other legislative 
leaders to "promote the sus- 
tained, fast and healthy devel- 
opment of the national econ- 
omy as well as political and 
social stability of the co unt ry". 

Despite the proposed 
changes in bankruptcy legisla- 
tion, western economists ques- 
tioned whether the govern- 
ment will carry out its 
bankruptcy programme while 
millions of state enterprise 
employees are without work or 
relying on subsistence wages. 

However, Mr Cao Siyuan, a 


bankruptcy consultant and the 
architect of the proposed legis- 
lative changes, predicted the 
draft law would speed the rate 
of bankruptcies. Although the 
government admits that more 
than 40 per cent of the 12JWQ 
state-owned industrial enter- 
prises are In the red, only 
about 2,000 have been allowed 
to go into default under the 
existing law. For example. Mr 
Cao said the proposed law 
would remove government offi- 
cials from the bankruptcy pro- 
cess by providing tor an inde- 
pendent team to asses s a ss e ts . 


Three Asian nations count 
among the world’s top 10 rich- 
est countries when measured 
in terms of national output per 
head, adjusted for the purchas- 
ing power of their currencies 
in their home markets, the 
World Bank reported yester- 
day. 

For the first time, the Bank 
has published gross national 
product figures tor a majority 
of the earth's countries in 
terms of purchasing power par- 
ity (PEP). 

As a result, Hong Kong and 
Singapore, two of the so-called 
dynamic Asian economies, join 
Japan in the top 10 of the 
world’s richest nations. Two 
Gulf oil producers, the United 
Arab Emirates and Qatar, also 
appear in the tap 10, displacing 
Kuwait, which appears 1 0th in 
the traditional country rank- 
ings measured by GNP per 
head. 

The World Bank believes 
that GNP per capita figures 
give a better indication of rela- 
tive standards of Bring when 
converted into "international 
dollars” at purch asing power 
parity. It defines PPP as the 
number of units of a country’s 
currency required to buy the 
same amount of goods and 
services in the domestic 
market as $1 would buy in the 
US. 

Using PPP. Luxembourg 
emer g es as the world's richest 
country with an output per 
head of $29,510 in international 
dollars in 1993. The US, the 


In i ivi ‘ ' l n 

nemo 

tS 

On purchasing power 
parity 

(On traditional GNP 
per capita in parentheses) 

Luxembourg 

1 

69 

US 

2 

m 

Switzerland 

3 

in 

USAE 

4 

(12» 

Qatar 

5 

(23» 

Kong Kong 

6 

(2fi 

Japan 

7 

O) 

Germany 


WJ 

Singapore 

9 

as 

Canada 

10 

(18} 

France 

11 

(13} 

Norway 

12 

(S3 

Denmark 

13 

W 

Austria 

14 

(Ifl 

Belgium 

15 

(1«) 

AustraSa 

16 

(221 

Italy 

17 

(17) 

nevnenanos 

18 

(IS 

UK 

19 


Sweden 

20 

W 

-Mwonfrffftio* 

Souqs: WoM Qmd 

t tgm tor m 0 


world’s strongest economic 
power appears second in terms 
of GNP per head measured in 
terms of PPP but only seventh 
in terms of GNP per head. As 
the benchmark nation, US 
GNP per head is $34,750 
(£16,000) on both measures. 

Britain is 19th ami mg the 129 
countries for which the Bank 
has calculated output per bead 
in terms of PPP, with per cap- 
ita GNP of $17,750 in interna- 
tional dollars, and 20th among 
209 countries measured by 
GNP par head only. On the tra- 
ditional measure, UK output 
per head dropped in 1993 to 
$17,970 from $18,110 in 


1992. 

The traditional measure 
makes Switzerland the world's 
wealthiest nation with a GNP 
per head of $36,410. Mozambi- 
que is the poorest with a GNP 
per bead of $80. although this 
rises to an estimated $380 in 
international dollars using the 
PPP calculation. 

The PPP calculations have 
the effect of lifting GNP per 
head sharply for most develop- 
ing countries and former com- 
munist states. China, tor exam- 
ple, had a GNP per hea d of 
$490 last year but using PPP. 
this rises to $2,130. 

In Russia's case the PPP cal- 
culation yields a GNP per head 
Of $5^40 tor 1993 against $2^50 
using traditional measures 
while the World Bank, using 
PPP. calculates India's GNP 
per head at $1,250 last year 
against $290 using the normal 
method. 

The PPP method shows that 
Mexico, which formally joined 
the ranks of the industrialised 
countries last year when it 
became a member of the Paris- 
based Organisation for Eco- 
nomic Cooperation and Devel- 
opment, is less wealthy than 
several nations that are still 
considered developing coun- 
tries. Mexico's GNP per head 
was $7,100 in international dol- 
lars in 1993 against $8,630 for 
Malaysia and $8,130 for Vene- 
zuela. 

World Bank Atlas. $7.95. 
Details from World Bank, Mar- 
keting Unit. Room T-S054, 
Washington DC 20431 Fax US 
(202) 676 0579. 


Pilot’s confession may complicate bis release from North Korea 


By John Burton in Hong Kong 

An ambiguous "confession” signed by a 
US army helicopter pilot captured by 
North Korea almost two weeks ago could 
farther complicate efforts to secure his 


fpp- w- 

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Analysts were divided over whether the 
statement by Chief Warrant Officer Bobby 
TT.' ' Hall would speed his release or provide 
V Pyongyang with new grounds to detain 


i; .. 
«C ; .: 


him in return for possible concessions 
from the US. 

If Ms return is delayed further, it is 
likely to increase prospects that the new 
Republican-controlled US Congress will 
try to block implementation of the recent 
US nuclear accord with North Korea. 
Under the accord, Pyongyang agreed to 
dismantle its nuclear programme in 
return for US diplomatic ties and interna- 
tional economic aid. 


Mr Hall admitted that Ms OH-58 recon- 
naissance helicopter made an "intrusion 
deep* into North Korean airspace, adding 
"this c riminal action is ™ra*maiHi> anil 
unpardonable". 

”1 only hope, and it is my desire, that 
the [North] Korean People's Army win 
leniently forgive me for my illegal intru- 
sion so that I may return to my home and 
be with my family again,” he concluded. 

The apology -may provide a face-saving 


means for his release, while allowing 
North Korea to exploit the incident for 
propaganda purposes and justify its 
damning of the helicopter. 

The statement, if it was dictated by 
North Korean officials as many believe, 
does not offer much s upp or t for Pyong- 
yang's allegation that the helicopter was 
on a spying mission and that its intrusion 
was deliberate. Mr HalFs statement said 
that Ms helicopter “deviated” from its 


planned flight rou te within Sooth Korea, 
but gave no explanation for why the heli- 
copter strayed across the demilitarised 
zone. This could imply support for the US 
riafai that the helicopter lost its way after 
a navigational error. 

But some South Korean government 
analysts believe that Mr Hall's statement 
that the helicopter was on an “observer 
tion reconnaissance" mission could be 
in terpre te d as espionage if North Korea 


decided to press the affair. 

Whether North Korea will try to use the 
issue to gain concessions from the US is 
stffl unclear as it negotiates with a senior 
US diplomat who has travelled to Pyong- 
yang to gain the pilot’s release. 

North Korea may possibly exploit the 
incident to support its demand that the 
US sign a formal treaty ending the 
1950-53 Korean war and begin withdraw- 
ing its 37,000 troops from South Korea. 


,• : jV.' 


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.'tit-. ■_ 


hard 

talks 




In just four years since reunification, the former East Germany has 
become one of the most attractive locations in Europe for international 
investors. 

w™ 1 ™ rV'M7 1711 One of the prime reasons is its new and advanced telecom- 
F »: ^4 n Ter so 99 mi ^(^ions infrastructure, the most sophisticated in the 

HI IS world. And the speed with which Deutsche Telekom 
ftiwo ‘.1.... has put it all in place is in itself a feat of engineering unpar- 

fa« .si y 57 13 863 ? afleted in the world of communications. 

5 ?^ i « »'«i'o6 Currently, no fewer than 100,000 new telephone lines are 

Fax: *23 144 43 00 JO 

■mu being connected every month - over twenty tames more 

to: 2 775 os 99 than in the old German Democratic Republic. 

The telephone infrastructure for Eastern German industry 
5 ” W 9? is already fully established. 75 % of all local networks have 
been completely overhauled. 


Puri* 

tel.: *33 i 44 43 00 00 
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BrottU 

M.: +3? 2 775 05 11 
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Singapore....... 

TA: +65 538-80 78 
Fax: *65 53* 63 97 

Moscow . 

Tel: *7 SO 22 5651 00 
Fax- *7 50 32 56 51 10 


Data lines are now available in every area. And the same applies to 
mobile networks, radio, television and, from 1995 , ISDN - the new 
nervous system of European industry. 

In high-performance fiber optics technology, Eastern Germany even 
leads the field. As the world’s first network operator, Deutsche Telekom 
is bringing fiber optics right to its customers’ doorsteps in the eastern 
part of the country. 

So a sound basis has been created 
for a secure and successful future. 

Now it’s up to investors to make a 
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Telecommunications made in 





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FINANCIAL times PREPAY DECEMBER 30 1994 



NEWS: EUROPE 


■ " " ■ a 

OEGD struggles to adjust to harder times 

Heavier workload and resource constraints are str 


W hen Mr Jean Claude Faye, 
secretary-general of the 
Organisation ft* Economic 
Co-operation and Development, 
returned to his desk last month one 
of his first tasks was a fax. In a 
politically tactful move, he sent a 
message to Mr Donald Johnston, the 
Canadian recently selected to suc- 
ceed him, offering congratulations 
him on his appointment * and any 
advice he might need. 

In usual circumstances, the move 
might have seemed unremarkable. 
But as Mr Faye surveys the scene 
from his elegant offices in the 
OECD's Fans headquarters, both his 
position and the organisation’s situ- 
ation look anything but normal. 

Earlier this year the OECD was 
shaken by a bruising diplomatic tow 
over whether Mr Paye should con- 
tinue in the prat he has held far the 

past 10 years, or be replaced. The 
issue was finally resolved by agree- 
ing that Mr Johnston will succeed 
Mr Paye after 17 months. 

The dispute, however, has high- 
lighted new uncertainties about the 
future of the group, which promotes 
co-operation among 25 of the world’s 
leading industrial economies. For 
with the OECD’s workload surging, 
budgetary and political constraints 
are threatening to leave the organi- 
sation hamstrung - and Mr Faye 
and his successor facing an increas- 


ingly difficult task. 

"We are not stifled yet but we are 
in a difficult position in reconciling 
this wish for more weak and suffi- 
cient resources," Mr Paye says. "One 
of our concerns is that in some areas 
we are thinly spread now.” 

In the short tom, Mr Faye’s first 
challenge is to smooth over the dip- 
lomatic split betwee n the European 
and non-European members that 
was generated by his reappointment 

“It certainly was an unfortunate 
period, the battle for the secretary 
generalship ,” admits Mr Paye, a dis- 
creet and dapper French diplomat. 
"But to some extent I welcome tins 
because it proves that there is a con- 
viction in member countries that the 

org an isati on matters.” 

Indeed, hack in his office, he 
insists that all is business as usual. 
In his remaining time he plans to 
press ahead in the two main areas of 
change that have emerged in rewnt 
years: the enlargement of the organi- 
sation to Include countries such as 
Poland; and its move into new areas 
of social policy research, such as the 
OECD’s celebrated recent jobs study. 
And he shrugs off suggestions that 
his moves will be hampered by the 
Americans who opposed his reap- 
pointment 

"I don’t see the interest the 
Americans would have in blocking 
something. ... if they were to do so 


• • 


they would provoke retaliation later 
on,” he says, insisting that this 
would go against the "culture” of 
the organisation. 

But the real question that now 
hangs over the OECD is whether Mr 
Faye's cautious "business as usual” 
approach wfll be *noogh to tackle 
the broader problems it faces. 

the OECD started lift as an over- 


Pushing through 
radical reforms is 
a particularly 
difficult task 


seear of the post-war Marshall plan, 
and was established in its present 
form as a masting place for govern- 
ments and source of economic 
research almost 30 years ago. But 
rapid changes in the world economy 
have called this role into question, 
as groups tike the European Union 
have come to serve as an alternative 
source of co-operation. Meanwhile, 
the OECD’s claim, to promote 
cooperation in the industrial world 
appears increasingly anomalous, 
given that countries like the 
so-called Asian tigers are not mem- 
bers. 


organisation, writes Gillian Tett 


As Mr Paye points out, these prob- 
lems of geopolitical change also dog 
other institutions like the Confer- 
ence on Se oirtt y and Co-operation in 
Europe or the Nato alliance. Bed the 
OECD’s distinctive culture of polite 
peer pressure and amsaisus means 
that pushing through radical 
reforms is particularly difficult 

Although Mr Faye believes, for 
example, that Rather changes are 
needed to the OECD's internal struc- 
ture, this is proving sensitive 
because its members demand that 
the organisation should mirror the 
structure of their governments. 
Attempts to fuse some computing, 
industry and science committees 
earlier this year were blocked. 

Meanwhile, moving funds from 
lesser known programmes tike tour- 
ism research to new projects is hard. 
"We have tried to chop same pro- 
grammes. bat it proves very difficult 
to get unanimous agreement We 
almost scuttled the budget discus- 
sions one year because one country 
insisted on maintaining the activi- 
ties an pulp and paper,” he says. 

One solution, Mr Faye says, might 
be to end the requirement of una- 
nimity in the bud get dis cussions. 
But pushing th rong h may be 
difficult, not least because some 
members are already grumbling 
about the OECD's budget, currently 
about FFrUhn (fflSSm). 


The UK, for example, recently 
decided to stop tending the OECD 
Development Centre, comp laining . 
that its budgetary contributions had 
surged by 40 per cent in the past 
four years. The OEGD insists that 
the real increase is 28 per cent, with 
most of this due to new research 
into east Europe. But Mr Faye 
admit s that Britain’s move could, 
prove the tip of an Iceberg if the' 
organisation were “unable to adjust 
and develop to meet its challenges”. 

With Mr Paye hoping that the four 
Vlsegrad countries (Poland, Hun- 
gary, the Czech Republic and Slo- 
vakia) will join tim OECD in 1996, 
and South Korea already having 

announced its in tention of b ecoming - 
a member, he ™ista that the organi- 
sation still has a future. 

Inrfpprf, he argues that the develop- 
ment of such regional trading blocs 
as the EP and North American Free 
Trade Agreement means the OECD 
should now aim to play a vital role 
as a “meeting point for policy dia- 
logue between those groups.” 

But if the OECD is to achieve this 
role, it wifi require a new clarity of 
vision from both Mr Faye and Mr 
Johnston. And with, the former now 
p lanning to meet the latter for 
exploratory talks next spring, it 
appears that the two men will have 
much to discuss - irrespective of the 
previous diplomatic dispute. 



Secretary-general Jean Claude Faye 
usual” approach 


Plan for control of key enterprises jolts reform drive 

Russian call for state takeovers 


By John Uoyd in Moscow 

The new head of Russia's State 
Property Committee, the main 
agency for privatisation, said 
yesterday he was preparing a 
law to renationalise enter- 
prises in the central sectors of 
the Russian economy - ofl and 
gas* aluminium and the mili- 
tary-industrial complex. 

Mr Vladimir Polevanov, 
appointed last month as head 
of the committee hi succession 
to Mr Anatoly Chubais, now a 
first deputy prime minister in 
charge of the economy, told a 
group of Russian journalists it 
was essential to “change the 
economic course of the govern- 
ment” and impose "strict state 
management of enterprises”. 
He claimed he had the support 
of President Boris Yeltsin and 


"a part” of the government 

This is Mr Polevanov’s most 
open, statement of his aims 
since his appointment - 
though a series of muffled con- 
flicts have been obvious 
between him and Mr Chubais, 
the government's leading 
reformist, over the course of 
privatisation. However, in 
farming the president’s sup- 
port, Mr Polevanov is also 
claiming that his line is win- 
ning out in the struggle over 
reform. 

The threat to ente rprises in 
sectors most attractive to for- 
eign Investors - which include 
such companies as Lukoil and 
Gespram, now actively seeking 
foreign investment - is a move 
of the kind most feared by 
investors considering patting 
money into a country still seen 


as politically volatile. However, 
Mr Polevanov is being strongly 
opposed behind the scenes by 
Mr Chubais, who is fighting to 
keep reform and privatisation 
alive by working with Mr Pole- 
vanov's reform-minded depu- 
ties. 

Mr Polevanov said he was 
“very concerned” that in auc- 
tions of enterprises in the fuel, 
energy and aluminium sectors, 
foreign Investors had secured 
packets of shares of up to 15 
per cent of a company's stock 
and thus the right to seats on 
the board. “This directly 
threatens the security of Rus- 
sia," he said. 

He claimed that a senior offi- 
cial on Ifr Yeltsin’s staff had 
produced a report on the threat 
to national security of privati- 
sation and foreign investment 


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Economy hostage to 
war, oil and Yeltsin 


and that his actions were con- 
forming to the lines of the 
report. 

The privatisation committee, 
he said, was now draft i ng a 
law in co-operation with fhe 
heads of the Duma’s privatisa- 
tion and budget committees, to 
bring back the strategically 
important companies within 
state control. He said any loss 
of foreign investment as a 
result of such a law would be 
compensated by imposition of 
higher import tariffs. 

Earlier this week, Mr Maxim 
Boiko, head of the Privatisa- 
tion Centre - an independent 
frisHfarte close to the govern- 
ment - acknowledged that Mr 
Pofevanov’s ideas woe in con- 
tradiction to the reform coarse 
but said be was "new in the 
job". 


T he Russian govern- 
ment’s proclaimed aim 
of stabilising the econ- 
omy next year - a move seen 
as indispensable to bringing 
stability not just to the econ- 
omy but to politics - now rests 
an the outcome af a despe rat e 
behind-the scenes struggle by 
reformists over three critical 
issues: the war in Chechnya; a 
system of domestic oil quotas; 
and the support of President 
Boris Yeltsin. 

The 1995 budget assumes 
loans from the International 
Monetary Fund and the World 
Bank totalling nearly $13bn, 
which will account for a third 
of budget income. But this 
feuding is now in the balance 
because of a series of massive 
problems, any one of which 
mi ght throw such a pro- 
] gramme off track. 

The cost of the Chechen war 
is estimated to be running at 
some Rbs&£00bn a week, and 
mounting. The final bill, 
including rebuilding the 
severely damaged capital, 
Grozny, and other towns, bad 
been put initially at Bbsl,000bn 
but all estimates are now 
miw4i hi gher . In arlrWHm 7 ; thfl 
military will demand, greatly 
increased expenditure as the 
price for their engagement in 
the war. 

A system of domestic ofl quo- 
tas is now in draff form, and 
would replace the quotas an oil 
exports which w»maht m ftace 
until January L Mr Yevgenny 
Yasin, the pro-reformist eco- 
nomics minister, said yester- 
day that the draft had not yet 
been signed, but he expected a 


John Lloyd on 
the desperate 
struggle waged 
by reformists 
over three 
crucial issues 


decision, from Mr Victor Cher- 
nomyrdin, the prime minister 
in the next couple of days. 

"Our view in the economics 
ministry is that fears that end- 
ing quotas will lead to a short- 
age (rf ofl in the domestic mar- 
ket are insufficiently 
grounded, and that a decision 
to liberalise is absolutely 


Abolition of the quotas is 
seen by the IMF and file World 
Bank as vital to the liberaUsa- 
tkm of oil prices, which in turn 
is seen as a necessary coudir 
tii aa for economic stabilisation. 
IMF sources said yesterday 
that the derision was a crucial 
test of the government's good 
Intentions. 

The pos ition of th** president 
on these issues is presently 
unknown. Mr Yeltsin has for- 
mally backed the budget strat- 
egy, but has in the past 
insisted on bis own freedom of 
action to issue decrees and 
approve laws which contradict 
budget strategy. The reformists 
now fear that unless he explic- 
itly endorses the 1995 budget 
itself, it will fail to command 


domestic and international 
support. Mr Yeltsin has 
recently approved a law abol- 
ishing a profit tax paid by 
banks, and is said to be in 
favour of signing legislation 
raising minimum wages. 

Government officials admit 
that the first quarter of the 
new year will be exceptionally 
difficult as revenues are tradi- 
tionally low at that period and 
the costs of the Chechen war 
are mremtjng. However, they 
also believe that the budget 
deficit of &2 per cent of official 
gross domestic product (esti- 
mated at Rbs9&,0OObn) can be 
brought down, in part because 
the GDP forecast is too low. 

They also believe that if the 
IMF can agree on a standby 
loan in the middle of January, 
inflation now running at 
around 15 per cent a month, 
can be swiftly lowered as 
expectations are reduced. 

Mr Jochea Wamutb, head of 
the group of experts working 
with the finance ministry, said 
last night that “given recent 
positive developments in reve- 
nue c ollect ion and j yMWiflnui 
revenue measures which fhe 
government can implement 
without the agreement of the 
Duma flower house of parlia- 
ment], it is likely that the gov- 
ernment deficit could be as tow 
as 5. per cent; sufficiently low 
to allow for a credible policy of 
stabilisation - if supported by 
a stabilisation fund”. 

He added, however "Given 
the co n stra i n t s an the budget 
in the first quarter, quick IMF 
support for the programme is 
central” 


Scalfaro plans further round of negotiations 

Italian parties take hard 
line in government talks 


By Robert Gr a ha m hi Rome 

Italy’s main political parties 
have staked out intransigent 
positions in the initial round of 
consultations held by Presi- 
dent Oscar Luigi Scalfaro to 
resolve the country’s govern- 
ment crisis. 

As the president winds up 
today his preliminary SOUZld- 
in g a ft baa become -dear that 
he will insist cm ftntber exten- 
sive discussions with political 
leaders before taking a deci- 
sion. He will also be anxious to 
test whether there is any flexi- 
bility in the hardline positions 
adopted by tie parties. 

Political c om m en t ato rs were 
saying yesterday that he was 
unlikely to reveal his hand 
before the mid of next week. 
The prospect of a long drawn- 
out crisis put renewed pressure 
on the lira yesterday and it fell 
through the psychological floor 
of LUQ60 against the D-Mark to 
a new record low. 

Following last Thursday’s 
resignation of the eight-month- 
old Berinsconi government, the 
parties are split between those 
for and against early ejections. 
Mr Silvio Berlusconi, the ont- 
goteg premier, told the presi- 
dent bluntly this week that be 
had no option but to dissolve 
parliament and call a snap 
election. 

”We see no other solution 
but going to the poOs,” Mr Ber- 
lusconi said after seeing the 
president an Wednesday. The 
premier claims that he and his 
rightwing coalition were given 
a mandate to govern which can 



PDS leader Mawehnn D’Alema: 
opposed to snap election 

be usurped by no other politi- 
cal alliance. This view is 
shared by his allies. 

Mr Berlusconi has even 
backed up the call for a quick 
electoral test by suggesting the 
end of March as the polling' 
date - exactly a year after he 
scored bis triumphal success 
with his Forza Italia movement 
less than three months after 
entering politics. 

But yesterday Mr Mee rtwo 
D’Alema, the leader of the for- 
mer communist Party of the 
Democratic Left and the effec- 
tive head of the opposition. 


voiced a completely contrary 
view after meeting President 
Scalfaro. "We have told Scal- 
faro he cannot dissolve parlia- 
ment so long as the majority of 
deputies believe a new govern- 
ment must be formed,” he said. 

In the chamber of deputies 
Mr Berlusconi’s Forza Italia, 
plus its remaining allies - the 
neo-fascist MSI/Natfonal Affi- 
ance, the Christian Democratic 
centre and the Radical reform- 
ers of Mr Marco PanneHa - raw 
muster 277 votes. Even with 
the backing of some members 
of the populist Northern 
League which has left the 
coalition. Mr Berlusconi fells 
short of the 316-vote majority. 
In contrast the combined vote 
of the opposition is close to 360 

if the tell League contingent is 
included. 

Mr Berlusconi knows the 
longer the delay in elections 
the more he is likely to lose a 
sympathy vote. His opponents 
are meanwhile determined to 
place as many obstacles in his 
Path, a s possible to prevent him 
returning to government 

The opposition also shares 
President ScaMaro’s view that 
early elections without further 
reform of the electoral system 
and some fresh budgetary 
adjustments would be damag- 
ing to the country. 

However, these measures 

could not easily be forced upon 
Mr Berinsconi and his atiips 
who might retaliate by resign- 
ing en masse to demonstrate 
the lack of legitimacy in the 
continued fife of the parlia- 
ment.' ■ 



rise for 
truce in 
Bosnia 


Brians saber In Betgnde 

Bosnian Serb and Doited 

Nations commanders yesterday 
adjourned talks on a proposed 
four-month ceasefire agree- 
ment but remained confident 
the truce would be signed 
before the deatfline on Sunday. 

On the political front, Bos- 
nian Serb deputies last night 
piarfc a cautious endorsement 

of a peace plan brokered on 
Xtettmber 19 by Mr Jimmy 
Carter, former US president. 
Bosnian Serb leaders had 
promised to restart peace talks 
an the basis of the five-nation 
Contact Group plan to divide 
Bosnia roughly in half. 

"Ihe pa rl*a"¥to t informs the 
Contact Group and the Interna- 
tional community of the. readi- 
ness os the part of Republika 
Srpska to enter peace negotia- 
tions on the basis of the agree- 
ment with Carter.’* 

The lukewarm statement, 
issued in the Serb mmmtaih 
stronghold of Pale, fell far 
short of accepting the map 
which would call on -Sertxrto 
hand over a third of the 70 par 
cent of Bosnia they currently 
co ntrol 

Serb leaders still refect the 
maps, whereas the Moslem-led 
government bad insisted that 
the proposed division restates 
the same. But earlier Bfir Afifa 
Izetbegovic, President of Bos- 
nia, appeared to soften his 
position. Speaking in his cagats 
ity as leader of Bosnia’s mam 
Moslem party, he said: “We 
think that the resumption of 
fhe war is a bigger injustice 
than an unjust peace." 

After meeting Serb military 
and political leaders in Pale, 
General Sir Michael Rose, UN 
commander in Bosnia,: said: 
"There is goodwill on both 
sides. I hope we are going to 
get some, conclusion by the 
weekend. 

"Today it might be a Bale 
too soon, [for fhe signingr 
because we were not expecting 
it before January l and we still 
have two days to gou* 

. General Rafko Mladic, the 
Bosnian ' Serb commander, 
added: “I agree with what Gen- 
eral Rose has just said. I hope 
the' parties to' the conflict wifi 
sort details out" 

Bosnian. -Serbs and Moslems 
recently .endorsed a temporary 
truce in order to gain time to 
hammer out the details of a 
four-month cessation of hostili- 
ties throughout Bosnia under 
the agreement brokered by Mr 


Fighting near the northwes- 
tern Bihac enclave yesterday 
raised fears that even the pro- 
visional trues would not take 
hold. Seri? forces are encircling 
Bihac. They used tanks, artil- 
lery and mortars to push back 
their Moslem foes in nearby 
Bosanaka Krupa, said UN offi- 

The Bosnian government 
yesterday reiterated warnings 
that it would refose to si gn the 
four-month ceasefire if Sob 
forces, backed by troops loyal 
to Mr Flkret Ahdic, the Moslem 
renegade leader, kept up their 
assault cm Bihac. Glen Rose on 
Wednesday won conditional 
support for a truce from - Mr 
Abdic, but the maverick chief 
refused to accept any dead- 


. i 


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By-Ted BanJackaln Mexico City 


. Wall Street has wanted Jaime Sena 
puchfi’s head. Managers at the broker- 
age iiouses and mutual funds which 
.' mw lost bfllioEts of dollars in the 
Mexican market over the pest two 
weeks say the country's fiwam-p min- 
. jster, whose position originally looked 
secure hut finally mwi» under threat 
- test night , mismanaged the currency 
crisis. C onfiden ce in Mexico could not 
return until Mr Serra’s departure, the 
money managers said - always 
adding: "Don’t quote me cm that". 

Ahead of the announcement of an 
economic stabilisation plan by Presi- 
dent Ernesto Zedillo, gnm e rnmant offi- 
cials and political analysts said Mr 
Zedillo would attempt to restore 

■ investor confidence by chang in g poll- 

■ ides, not just people. 

"So far Zedillo's response to this 
-crisis has been tactical, making 
moves day by day. Bat be and his 
people know that to succeed they 
need to put together a real strategy," 
says Prof Gu£Qenno Gardufio, profes- 
sor of political science at the Mexican 
Institute of Technology. "Replacing 
Serra oily makes sense as a tactic, 
but it wouldn’t be very strategic less 
than one month into the govern- 
ment” 

A political strategy was yesterday 


beginning to emerge. One part would 
be. to b l a me ex-president Carlos Sali- 
nas and Mr Pedro Aspe, his former 
finance minister, for much of the cur- 
rent crisis. This move would follow a 
tra d itio n in Mexico of the new presi- 
dent coming down hard on the prede- 
cessor who hand-picked him 

Specifically, Mr Salinas and Mr 
Asp e wo uld be taken to task for not 
devaluing, even when they saw com- 
pelling economic reasons to do so. 
Several senior government economic 
officials, including Mr Guillermo 
Ortiz, communications and transport 
minister who was last night expected 
to take over from Mr Serra at finance, 
had been privately explaining the 
need for a devaluation as early as 
November 1983. 

But these officials were overruled 
by their superiors for political rea- 
sons, namely the fear that a devalua- 
tion would cause the ruling Institu- 
tional Revolutionary party to lose 
votes in last August’s election and 
take some lustre off Mr Salinas’ cam- 
paign to became head of the World 
Trade Organisation. Mr Salinas' 
dwindling chances of a move to 
Geneva, and a post-devaluation poll 
showing the PRX Body to be crushed 
in February's state elections, show 
just how right the two former officials 
may have been. 


Many foreign Investors would have 

favoured the return of Mr Aspe to the 

finance ministry. Political analysts 
say bri nging Mr Aspe back would 
have been damaging to the presi- 
dency, however. “Zedillo needs to con- 
solidate power or this is never gnin p 
to work. Aspe's return would be a 
recognition that Zedillo is weak and 
not in control of the situation.” savs 
Prof Garduflo. 

Mr Ortiz was the most elegant advo- 
cate of devaluation In the Salinas 
administration and was a prime can- 
didate to replace Mr Serra. At commu- 
nications and transport he was to 
have carried out many of the privati- 
sations that were expected to be a key 
component of the stabilisation plan. 

“In all wars there are deaths," says 
Mr Federico Arreola, a political col- 
umnist. And in Mr Zedillo's war 
against economic *ww™Ttieg, the sac- 
rifice of Mr Sens was expected to 
came “even though he might not be at 
fault”. 

Yet go ve r n ment officials recognise 
that this strategy w£Q not work unless 
the war in Chiapas province is 
resolved and political stability is 
restored, hi fact, since the financial 
crisis began nearly two weeks ago, 
more progress has been made 
towards reopening negotiations in 
Chiapas than an the economic front 


- •• -TPrr ■■ ■ 

. * 

• • 





Serra: drew Ore over of economic difficulties 


US investors nurse bruises from peso crisis 


By Usa Brartsten and Patrick 
Harverson in New York 


T 


he devaluation of the 
Mexican peso and the 
country's financial cri- 
sis have left US financial insti- 
tutions - the largest i n vestors 
in Mexico - nursing some 
nasty bruises. 

; Economists are worried that 
US mutual funds, banks, and 
securities houses may shy 
away from investing in Mexico. 
There is already evidence that 
some are withdrawing alto- 
gether, at least temporarily. 

One US mutual fund is said 
to have decided to liquidate its 
peso-exposed investments after 
seeing the value of its Mexican 
holdings decline as much as 20 
per cent According to a debt 
trader at one US bank, the 
fond is selling the securities in 
anticipation of redemptions 
-that may come in after the 
tend sends out its year-end 
statement in several weeks. 

The trader said that the tend 
bad bought at least. glSOm of 
the 'debt of a large Mexican 
company at an issue price of 
$102. After the crisis broke, it 
tried to sell the paper for $92, 
but bad trouble finding buyers. 


For another tend group, Mas- 
sachusetts Financial Services 
of Boston, the currency crisis 
meant a loss of about $llm 
across several tends with total 
assets of more than $3bn. Mr 
Jeffrey Kaufman, who man- 
ages emer ging market debt for 
several of the company's 
mutual tends, said that in the 
wake of uncertainty about the 
government's economic plan 
the company pulled all its 
peso-exposed debt out of 
Mexico. 

But, he added, “I don’t view 
our exit as permanent because 
I think the Mexican govern- 
ment can take steps to rebuild 
its credibility." 

According to the latest fig- 
ures from the Securities Indus- 
try Association, US investment 
in Mexican stocks totalled 
more than $lhn in the middle 
of this year. In the Mexican 
debt market, US investors held 
more than $£2bn as of last 
June. On the equities side, ana- 
lysts calculate that the dollar 
value of US investments in 
Mexican stocks would have 
declined more than 30 per emit 
if titty had been held through- 
out the week-long crisis. 

Upper Analytical, a research 


firm, said that open-ended 
Mexican equity tends in the 
US declined an average 25 per 
cent between December 16 and 
December 23 and open-ended 
bond funds fell by an average 
of 16 per cant over the same 
period. 

hi spite of these losses, how- 
ever, most US funds dedicated 
primarily to Mexico or emerg- 
ing markets appear to have 
decide d to see out the crisis. 

Mr William Truscott, assis- 
tant •manager of the SCUddfir 
Latin America Fund, which 
held about 30 per cent of its 
$72fen in assets in peso-denom- 
inated securities, said he would 
stay the course in Latin Amer- 
ica although the tend bad lost 
about 20 per cent since the first 
devaluation on December 19. 

Like many ei ther manag e r s, 

Mr Truscott expressed anger 
over the way the month-old 
administration of Mr Rmasto 
Zedillo chose to execute the 
devaluation. 

“There is general shock," he 
said. “The handling Of this 
problem fay the current admin- 
istration stands in stark con- 
trast to the Salinas administra- 
tion where there was always 
a plan and a contingency plan 


MEXICAN TESOBOMOS 
Short-term dollar 
securities falling (hie 
In 1995 ($) 

January 

SLOSSbn 

February 

U9bn 

March 

3l23Cmi 

April 

IJSbfi 

May 

2.72bn 

June 

IJMbn 

My 

3JSbn 

August 

4w14bn 

September 

OSOm 

October 

864m 

November 

2L20bn 

December 

715m 


Bank of 


if that plan didn’t work.” 

Mr Truscott and others are 
now waiting to see the eco- 
nomic plan Mr Zedillo is sched- 
uled to outline on January 2. 

Mir Lawrence Goodman, an 
economist who specialises in 
Latin America at securities 
firm Salomon Brothers, 
warned that investors shnnld 
expect volatility in the markets 
until the plan is announced. 

“What we are seeing now is 
that, independent of a pro- 
gramme, there are waves of 
speculation that are leading to 
massive swings both in the 


currency and the equity and 
fixed income markets. There is 
a fair amount of concern 
among investors related to 
credibility that has been jeop- 
ardised,” said Mr Goodman. 

For US commercial and 
investment banks, meanwhile, 
the immediate fallout from the 
peso devaluation has been the 
losses incurred on their portfo- 
lios of Mexican debt securities. 
Mr James Hanbury, banking 
analyst at Wertbenu Schroder 
in New York, said the peso’s 
decline ensured that a difficult 
trading year for banks ended 
on a suitably bleak note. "In a 
quarter where securities trad- 
ing and bond trading profits 
have been terrible, this will be 
another piece of bad news.” 

Not all US banks suffered 
trading losses. Although 
shares in Citicorp fell last 
week after the peso was floated 
because of concern about the 
earnings of the US tank with 
the biggest exposure to Mexico, 
analysts said the bank was pro- 
tected because it had a big 
local currency business in 
Mexico and so did not need to 
take risks trading Brady bonds 
and Latin American debt in 
New York. 


Bear Stearns, a Mg trader in 
the secondary market for Mexi- 
can securities, was also said to 
have fared well last week. One 
analyst said the firm told him 
that it had broken even on its 
Mexican debt trading during 
the crisis. Although he was not 
sure how the firm managed to 
survive the devaluation 
unscathed, the analyst said of 
Bear Stearns; “They're smart. 
Also, this [the devaluation] did 
not exactly come as a total sur- 
prise to everybody. They could 
have been short, or flat And 
they could have been lucky." 

Now the big questions are, 
said Mr Hanbury, "What hap- 
pens to Mexican credit in 1895? 
What will the economy do? 
How will Mexican companies 
pay their debts when their 
aammgq are in pesos and their 
debts in dollars? What is the 
knock-on effect of all this? We 
just don't know” 

The crisis also had serious 
implications for Mexico's capi- 
tal-raising ability, he said. “A 
good deal of Mexican stocks 
and bonds are owned fay out- 
siders. That puts them at risk 
in raising capital, because for- 
eigners will be frightened for a 
while.” 


Syria call 
to Israel 
supported 

By Roger Matthews, 

MfcJdto East Editor 

Syria yesterday won the public 
bacUng of Egypt and Saudi 
Arabia for its demand that 
Israel must fully withdraw 
from the Golan Heights and 
south Lebanon as part of a 
comprehensive Middle East 
peace agreement 
After a two-day meeting in 
Alexandria, President Hosni 
Mubarak of Egypt President 
Hafez al-Assad of Syria and 
King Fahd of Saudi Arabia 
issued a statement which also 
called ter Iraq to abide by 
United Nations Security Coun- 
cil resolutions and for tfae 
removal from tfae region of all 
weapons of mass destruction, 
a reference to Israel’s nuclear 

stockpile- 

The surprise summit was 
held at Syria’s request after 
growing concern in Damascus 
that Israel was whirring wider 
recognition in tfae region 
despite continuing to occupy 
Arab land. Mr Assad is under- 
stood to have been particu- 
larly concerned at the visit 
earlier this week to Oman by 
Mr Yitzhak Rabin, Israeli 
prfane minister. 

The Syrians hope that yes- 
terday's statement by Saadi 
Arabia, the dominant nation 
in the Gulf Cooperation Coun- 
cil. will pot pressure on the 
other five members to await 
progress in the peace negotia- 
tions before establishing links 
with Israel. 

The summit may also herald 
a concerted effort to rebuild 
Arab bridges after the divi- 
sions caused by the 1991 Gulf 
war and the unilateral deci- 
sion fay the Palestine libera- 
tion Organisation to sign a 
separate peace agreement with 
Israel. - • 

Th* three loaders said they 
"highly appreciated Syria's 
serious efforts* to make the 
deadlocked peam process a 
recces* and urged the US and 
Russia, the co-sponsors, to 
work towards “moving the 
ohAties the Israefa ride pats 
in the had to peace". 

They also urged Iraq to 
aMde by all UN reaoMtiaua “to 
dlevtefe the suffering of the 
brotherly Iraqi people and pro- 
ride a suitable atmosphere for 
stability tn the Arab world*. 


Populist who struck it lucky in Brazil 

President Franco is set to hand over peacefully, writes Angus Foster 


Li the film Being There, Peter 
Sellers played a nobody whose 
simple philosophies enchanted 
the public and nearly propelled 
him to the White House. In 
Brazil, where real life often 
seems stranger than Holly- 
wood, the story came true. 

Mr Itamar Franco, a small- 
town politician almost 
unknown outside his home 
state of Minas Gerais, was 
picked as running mate for Mr 
Fernando Collar, who at first 
appeared to have little chance 
of winning 1989’s presidential 
election. 

After Mr Conor won, then 
resigned two years ago, Mr 
Franco was swept into the 
presidency and has appeared 
startled by the television lights 
ever since. 

After a disastrous beginning, 
Mr Franco has won over many 
Brazilians. In July, his govern- 
ment launched a new cur- 
rency, the Real, which brought 
inflating tumbling down and 
greatly helped the poor. 

Instead of being booed dur- 
ing walkabouts, as happened 
earlier this year, he is now 
applauded. When he leaves 
office on Janaary 1, he will 
hand over to a successor he 
helped elect. 

Explaining these successes is 
as complicated as Mr Franco's 
unpredictable character. Bra- 


zil’s economic and political 
outlook improved under his 
leadership, but historians may 
decide this was due to luck 
rather than presidential judg- 
ment. 

A populist who took office 
with a poor understanding of 
economics and few political 
allies, and prone to lose Ms 
temper, Mr Franco, 64, often 
appeared to have little appetite 
for the job. 

After probably his most 
embarrassing moment, when 
he was photographed flirting 
with a imirfrariass actress at 
this year’s carnival, he com- 
pounded the error by telephon- 
ing her the n«t day. The act- 
ress, who was trying to revive 
her career rather than pick up 
the president, let the press lis- 
ten in on the conversation. 

Despite such setbacks, Mr 
Franco's two-year presidency 
will be remembered as a time 
of opening for the protected 
economy, and for the Real, 
which looks to be the country's 
best chance yet to kick its 
inflationary habit. 

Sadly for Mr Franco, Ms pre- 
decessor Mr Conor will proba- 
bly gain the credit for the first 
of these achievements, while 
his successor Mr- Fernando 
Henrique Cardoso will be 
praised for the second. 

It was Mr CoIIor who cut 


average tariffs from mare than 
50 per cent to 14 per cent and 
told industry to improve pro- 
ductivity. Mr Collor also 
agreed with President Carlos 
Menem of Argentina that the 
Mercosur customs union link- 
ing the two countries with Par- 
aguay and Uruguay should be 
accelerated and come into 
effect on January 1 1995 rather 
than five y e a r s later. 

The opening of the economy, 
as well as disastrous shock 
measures from 1990 designed 
to combat infiaHnn, sent Brazil 
into deep recession. 

When it started to recover in 
1993. helped by a more compet- 
itive private sector and rising 
commodity prices, Mr Collor 
was out of office and Mr 
Franco was in place to take the 
credit 

Although he was criticised 
for appearing to have no over- 
all economic policy, and for 
losing three finance ministers 
in seven months , Mr Franco's 
first full year in office saw 
gross domestic product grow 
by about 5 per cent compared 
to zero or negative growth 
since 1990. 

This year, helped by the 
Real's success, growth should 
be about 4 per cent 

Mr Cardoso’s appointment in 
May last year as Mr Franco’s 
fourth fine new minister was 


the real turning point far the 
government’s fortunes. 

Mr Cardoso, a former aca- 
demic and skilled politician, 
assembled a team of econo- 
mists to launch a new cur- 
rency specifically designed to 
stop inflation and e l e c t, him as 
the next president. 

Mr Franco also agreed, for 
the first time since becoming 
president, that he would cede 
control over the economy to 
the finannw ministry 

“Other than personal friends, 
the president only fully trusted 
Fernando Henrique Cardoso, 
who was also the only man 
alert enough to [Mr Franco’s] 
sensitivities,” according to an 
outgoing g o ve rn ment member. 

After the Real’s introduction 
in July, popularity ratings for 
Mr Franco and his government 
rose as quickly as inflation felL 

Mr Cardoso’s votes also 
mounted, and he comfortably 
wan October’s election. In Bra- 
zil’s turbulent politics, Mr 
Franco is one of tile few presi- 
dents to have handed power 
peacefully to Ms chosen sue- 



' t 


$ M- 



Mr Franco said recently that 
a big regret was Ms failure to 
increase the minimum wage, 
because of a lad; of fands. Crit- 
ics are harsher, pointing out 
that his prickly character and 
style of management .often left 


Franco: boos, them applause 

the government leaderless, 
with different ministries 
unaware of each others’ 
actions. 

His refusal to back much 
needed constitutional reforms 
earlier this year ensured their 
failure. 

His occasional outbursts, 
such as a threat to ignore an 
unfavourable Supreme Court 
ruling, reinforced international 
perceptions of the fragility of 
Brazil’s institutions. 

Yet, as at the end of Being 
There, Mr Franco's supporters 
are already musing about his 
chances of running for the 
presidency to 1998. 


INTERNATIONAL NEWS DIGEST 

Israel economy 
grows by 6.8% 

Israel's economy outperformed all 24 Organisation for 
Economic Co-operation and Development nations in 1994 with 
a growth of 6k per cent in gross domestic product, according 
to Israel's central bureau of statistics. Israel also led the field 
with a growth in per capita income of 4^ per cent although 
income remains low by western standards at $13,730. Fuelled, 
among other things, by an influx of 600,000 immigrants from 
the former Soviet Union over the past five years, the economy 
has exp anded at an average of 5 per cent a year since the 
b eginnin g of the 1980s. Figures released this week show unem- 
ployment falling from 10 per cent in 1993 to 7.6 per cent this 
year. This puts Israel ninth among OECD states with the 
lowest rates of jobseekers. 

On the other side of the ledger, however, Israel registered 
the highest trade deficit and the second highest inflation rate. 
The trade deficit rose to $&3bn, compared with $6bn last year. 
The consumer price index climbed to 1&3 per cent from 119 
per cent in 1933. Private consumption leapt 9.3 per cent, 
investment in machinery &od infrastructure by 17J3 per cent 

While celebrating Israel’s economic health. Independent ana- 
lysts are predicting a slow-down in 1995. Mr Ya'acov Sheinin, 
president of the Tel- Aviv forecasting firm. Economic Models, 
commented yesterday: "These figures mean that the Israeli 
economy has huge potential. The problem is that after so 
many years of growth, you run into bottlenecks. We predict 
that next year the economy will slow down a bit, until the 
government does something about the housing shortage and 
inflation.” Eric Silver, Jerusalem 

US newsprint shortage worsens 

A severe newsprint shortage and steep price increases have 
led some North American publishers to cut their paper con- 
sumption. The shortages, most acute on the West Coast, have 
been exacerbated by a strike at Fletcher Challenge Canada’s 
three mills in British Columbia which began last week. 
Fletcher normally produces about 3,000 tonnes of newsprint a 
day. Publishers' inventories are typically low at this time of 
year. Strong demand, especially in the southern US, and 
exports to Europe, south-east Asia and Mexico have also 
tightened supplies. Gannett, one of the biggest US newspaper 
groups, is expected to reduce newsprint purchases by 2-5 per 
cent Bernard Simon, Toronto 

Thai, Malaysian ratings boost 

Standard & Poors, the rating agency, has raised its credit 
ratings for Thailand and Malaysia's long-term foreign-cur- 
rency debt Malaysia's rating was raised to single-A-pius from 
single-A while Thailand’s rating was raised to smgie-A from 
single- A-minus, with a stable long-term outlook for both. Mal- 
aysia's upgrading reflects the country's steady progress in 
diversifying its export-based economy, prudent macroeco- 
nomic management and a political system that balances the 
demands of its multi-ethnic society, the agency said. Cautious 
fiscal and monetary policies had led to strong economic 
growth, averaging 8.7 per cent in the past six years, along with 
moderate inflation and a strengthening of already robust 
finances, it added. Thailand’s upgrading reflects the mainte- 
nance of the country’s external payments position and the 
consolidation of civilian-led democratic rule since 1992, accord- 
ing to S&P. Conner Middebnann. London 

US leading indicators ahead 

The US official index of leading indicators rose 0J3 per amt 
last month, providing further evidence that economic growth 
is likely to remain robust in the first half of 1995. The increase 
in the index, intended to give early warning of changes in 
economic trends, exceeded most analysts' expectations. It fol- 
lowed a revised Ol per cent decline in October and a gain of 
0.1 per cent in September. Officials said the index bad been 
boosted by positive contributions from five indicators includ- 
ing orders for plant, equipment, orders for consumer goods 
and materials, claims for unemployment insurance, and com- 
modity prices. Other indicators, including share prices and the 
money supply, contributed negatively. Michael Prowse, Wash- 
ington 

French banks raise loan rates 

French banks raised their base Lending rates by threetenths of 
a percentage point yesterday, passing this month’s increase in 
money-market rates on to their customers. Socigte Gfm&rale 
was the first to annnunre it would raise its base rate to &25 
per cent from 755 per cent Cram today. Cr£dit Lyonnais and 
the CiC hanking unit of insurer GAN followed suit Basque 
Nationale de Paris and Credit du Nord said they would 
increase their rates next Tuesday. Most other French banks 
are expected to follow soft. Reuter Paris 

Chinese offshore output dips 

Crude oil and natural gas output from China's onshore oil- 
fields will Call short of projections this year but rebound 
slightly in 1995, according to figures released yesterday by the 
China National Petroleum Corporation (CNPC), the country’s 
top oil producer. China became a net oil importer in 1993 and 
has struggled to maintain production levels for its maturing 
fields as imports have increased sharply to meet soaring 
energy needs. Onshore crude production in 1994 will stand at 
139.«n tonnes and natural gas at 15.0bn cubic metres. 0.6 per 
cent and 32 per cent above state-set targets respectively, 
CNPC said. Tbe 1991 output Is below CNPC’s January projec- 
tions of 140m tonnes of crude and 16bn cu m of natural gas. A 
Correspondent, Beging 

Immigrants worry Australians 

Australia's federal government is being urged to step up 
pressure on China in an effort to halt a sudden influx of illegal 
refugees reaching Australia by boat from the southern Chi- 
nese city of BeihaL On Wednesday, a vessel with more than 70 
people on board entered Darwin, the fourth in six days 
believed to be from the port town. This brought the 

number of boat people, pred ominantly Chinese, arriving in 
northern Australia this year to about 950, the highest annual 
total since the Vietnam war. More than two-thirds of tfae 
arrivals have occurred in the last six weeks. Nikki Tail, 
Sydney 


CIA chief who quit the troubled world of spying 


By Jurek Martin in Washington 

Mr Jim Woolsey, who resigned late on 
Wednesday as CIA director, has per- 
sonal qualities that do not quite fit 
with the conventional image of espio- 
nage shaped by real spies. He is gre- 
garious, fond of sailing and singing, 
and quite willing to talk about Ms 
trade. 

Indeed, these days old spies tend to 
talk a lot. Earlier this week Mr Aid- 
rich Ames, the unearthed Soviet 
"mole" who was the heaviest cross Mr 
Woolsey had to hear, went on televi- 
sion to discuss his treachery quite 
freely. Earlier this month, a whole 
g»f»gip of post and present spies and 
scholars convened at Harvard for a 
public forum which saw one former 
director. Mr Stansfidd Turner, con- 
fess that intelligence estimates of the 
Soviet threat he provided to President 
Jimmy Carter "were not much help". 

Even tbe cost of intelligence is no 


longer the closed book it was. In 
November, a congressional subcom- 
mittee inadvertently released details 
of the y»thn (giTBbrO national intelli- 
gence budget, cf which the CIA's par- 
ticular slice was disclosed at S3-ltei, 
half as much again as the State 
Department’s (military intelligence, 
much of which is electronic and to 
which the CIA has access, accounted 
for S23Bbnl. 

Not rtnee the 1970s, when past CIA 
activities from Cuba to the Congo 
were made public, has the agency 
been so much in the spotlight and 
subject to so much analysis and criti- 
cism. This year Congress got into the 
act by setting up a bipartisan commis- 
sion under Mr Les Aspin. President 
BUI Clinton's first defence secretary, 
and Mr Warren Rodman, the Republi- 
can ex-senator from New Hampshire, 
to new missions and purpose 

for America’s spies. 

From all comment, much pre- 


dating examination of the political 
entrails surrounding Mr Woolsey’s 
resignation, a composite picture of a 
troubled CIA emerges. Salient points 
todude: 

• An "old boy” culture protective of 
its own. This was most evident in the 
failure to detect Mr Ames’s activities 

This year Congress set 
up a commission to 
define new missions and 
purpose for US spies 

in the face of what now looks like 
overwhelming evidence, such as a 
personal lifestyle out of kilter with 
his modest salary. Yet Mr Woolsey, in 
the hope that miscreants could be 
rtf armed, gave them the disciplinary 
equivalent of a wrist-slap. A sexual 
harassment suit brought by a highly 


regarded woman case officer denied 
promotion was so strong that the 
agency settled out of court 

• Deep divisions between the new 
breed of intelligence analysts and the 
old operational cold war warriors, 
described at Harvard by Mr McGeorge 
Bundy of the Kennedy and Johnson 
administrations as “hard-boiled, activ- 
ist, give-us-tb e-job, anti -Communists'’. 

It was the latter school who went to 
great i»Tigthg to besmirch the reputa- 
tion of President Jean-Bertrand Aris- 
tide of Haiti, thus immensely compli- 
cating administration efforts to 
restore him to power, and who contin- 
ued to produce reports on leftwing 
dissidents around the world or Rus- 
sian crop estimates, often duplicating 
the work of the media and academia. 

• No real consensus on a post-cold 
war mission in the face of prolifera- 
ting demands for intelligence both 
because of old targets (Moscow, Bei- 
jing and Pyongyang) and new ones 


dotted around the world (Algeria 
being merely the latest). 

Mr Woolsey’s supporters argue that 
he bad quietly done much to rational- 
ise electronic surveillance, including 
a controversial extension into com- 
mercial intelligence-gathering, and 
had improved the quality of CIA anal- 
ysis. But this never satisfied his con- 
gressional critics, especially when he 
sought exemption from budget cuts or 
tried to explain why he had not hung 
up by the thumbs those implicated in 
the Ames affair. 

All this is a for cry from the last 
heyday of espionage under President 
Ronald Reagan when Mr William 
Casey more or less (fid with his CIA 
what he liked and if blocked, as over 
the Iran-Contra sramriai found other 
ways of doing it, like recruiting Colo- 
nel Oliver North. But Mr Casey never 
felt accountable to anyone, even, it 
seemed, his president Hus is not the 
fortune of today’s CIA. 



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FINANCIAL TIMES FRIDAY DECEMBER 30 1994 



NEWS: A YEAR OF CORRUPTION 




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DECEMBER 


Antonio Di Pietro, star of Italy’s dean bands investigations until be resigned this month, has become a celebrity after exposing an entire political generation 


-. . . ' n-^iv 


Politics, money and crime: a world on the take 


corruption making headlines across the globe. Andrew Adonis explains 


T his has been a year of 
concern about corrup- 
tion the world over. 
Gone are the days when devel- 
oped countries could smugly 
believe they had outgrown 
endemic corruption or the 
Anglo-Saxons that they were 
not like the southern Euro- 
peans and Latin Americans. 

Three broad categories of 
illicit practice are evident The 
first could be called “sleaze*’ - 
dubious practice on the mar- 
gins of impropriety, involving 
relatively small sums and 
favours. Congressional scan- 
dals in the US and the “cash 
for questions" furore in the 
British parliament belong here. 

In both cases, offenders took 
advantage of lax rules or found 
themselves in the darker grey 
regions of tolerable practice. In 
the UK, it was not previously 
clear that MPs should declare 
all outside income in the Regis- 
ter of Members’ Interests, 
while there was no clear divide 
between “acceptable” consul- 
tancy Gees and “unacceptably” 
pocketing fees for posing par- 


liamentary questions. 

Sleaze is readily tackled by 
tighter rules and more effec- 
tive policing, though if parlia- 
mentarians and officials feel 
themselves underpaid, some 
are bound to seek dubious 
earnings. 

The same applies to the sec- 
ond category - corruption 
associated with “re-inventing 
government”. As executive 
restructuring advances, with 
contracting-out. privatisation 
and devolution at its heart, 
new institutions are thrown up 
without the cultural or regula- 
tory safeguards of the old. 
France and the UK are the 
year’s foremost cases, France 
with scandals involving new 
regi onal councils and the con- 
tracting-out of municipal ser- 
vices, Britain through dubious 
practices in new state agen- 
cies, particularly in the health 
sector. 

The moral is dean it is rash 
to assume that safeguards 
against corruption, however 
deeply embedded in Gristing 
institutions (such as the elite 


national civil services of 
Britain ami France), will take 
root elsewhere without strenu- 
ous inculcation. 

The third category of corrup- 
tion - the endemic, enjoying a 
wide measure of social toler- 
ance and flourishing despite 
rules to prevent it - is the 
most difficult to address. This 
is because it Is the most deeply 


with an increase in corruption 


Editorial Comment, Page 13 


rooted, and comes in a wide 
variety of forms. 

In some cases, such as 
Japan, the exchange of favours 
for cash is a common practice. 
In others, notably Yeltsin’s 
Russia, extortion and racke- 
teering are widespread and the 
rule of law weak; with dictator- 
ships, the economy often 
becomes little more than a pri- 
vate fiefflom. 

Furthermore, the e x pos ur e of 
such corruption often has more 
to do with a change in circum- 
stances - such as, in Italy, the 
rise of assertive judges - than 


The past year has shown 
that where corruption is 
endemic it Is hard to tackle. 
France. India, Japan, Italy and 
Brazil - to take the most noto- 
rious cases - have seen gov- 
ernments elected with the 
eradication of corruption as 
prims objectives founder help- 
lessly, In some cases with 
“reformist” ministers - even 
prime ministers - charged 
with complicity in corruption. 

Endemic corruption has an 
impact outside the countries 
immediately concerned 
because those doing business 
with them are almost invari- 
ably sucked in. Strict controls, 
such as those imposed by the 
US on its emnpgnifeB abroad, 
are not panaceas, althnngh Dr 
Mark Pieth, chairman of the 
OECD working group on inter- 
national business bribery, 
would like to see them more 
widely adopted. In Africa and 
Asia- Pacific, it is an open 
secret that many western com- 
panies use local joint venture 


partners to engage in the brib- 
ery needed to win contracts. 

So what is being done? 
Where the reliance of politi- 
cians on corporate cash has 
caused scandals, state funding 
of political parties is a stock 
response. According to Dr 
Kart-Heinz Nassmacher of Old- 
enburg university, such fund- 
ing has grown “dramatically" 
in the past 10 years. 

Sate aid can help substitute 
for big corporate donations, 
but it rarely gets to the root of 
the problem, which is the 
expense of election campaigns. 
Dr Michael Pmto-Duschinsky, 
an expert an party finance at 
Brunei university, says: “Anti- 
corruption policies largely 
focus on management tech- 
niques, rather than on limi ting 
campaign expenditure - and 
therefore reducing the debts 
which politicians have to pay.” 
France, where the launch of 
generous state aid in 1988 did 
nothing to avert this year’s 
scandals; is a case in point 

Where institutions exist - 
such as the Milan magistracy 


in Italy - prepared to tackle 
endemic corruption, the pro- 
cess may start internally. 
Where such forces are weak, 
the task is for tougher. In 
extreme cases, such as Nigeria, 
all of whose key institutions 
are generally regarded as 
tainted, it means starting prac- 
tically from scratch. 

Encouraging multinationals 
to observe codes of non-corrupt 
conduct is one course. External 
publicity can also help; so can 
aid in establishing new legal 
and administrative systems, 
particularly with those govern- 
ments anxious to mnira a fr esh 
start after democratisation. 

To the fore in such efforts is 
Transparency International, a 
Berlin-based group founded 18 
months ago which calls itself 
the “coalition against corrup- 
tion in international business”. 
Led by a group experienced in 
aid, commerce and develop- 
ment, TT has no illusions about 
quick fixes. It is pioneering an 
evolutionary approach, relying 
on. a combination, of judicious 
publicity, and the promotion of 


Reforms may Corruption has become so pervasive 


prove to be a 


the practice carries no stigma 


backward step 


By Robert Grahan m Rome 


ITALY 


By Wffll am Dawkins in Tokyo 


JAPAN 


If corruption, means the 
exchange of favours for cash, it 
is part or the fabric of Japanese 
society. 

It has been increasing this 
year and is likely to go on ris- 
ing In 1995. A new electoral 
system and elections for 
regional governors, mayors 
and part of the upper house 
this year suggests that the traf- 
fic in political influence, the 
root of most Japanese corrup- 
tion, will get busier. 

The definition of corruption 
in Japan is as relative as the 
country's own moral code. 
Prosecutors tend to pounce 
only when they believe the 
behaviour of a company or pol- 
itician has gone beyond the 
limits of public acceptability. 

To take only its most cele- 
brated incident, the past year 
has seen the resignation of a 
prime minister. Mr Morihiro 
Hosokawa. over allegations of 
borrowing from a parcel deliv- 
ery company linked to gang- 
sters. 

He was not prosecuted. It 
was a minor offence by the 
standards of the Lockheed 
bribery scandal of the 1970s 
and the Recruit shares for 
favours scandal of the 1980s. 

More spectacular than Mr 
Hosokawa ’s Dill was the arrest 
last year and continuing brib- 
ery trial of a Conner construc- 
tion minister, Mr Kishiro Nak- 
amura. Hie case is linked to 
bribery cases involving 30 con- 
struction company executives 
and local politicians - the larg- 
est such affair since the war. 

On the corporate scene, 
there were revelations of bid 

rigging for overseas civil engi- 
neering contracts funded by 
Japanese development aid, 
plus insider dealing charges 
against 25 drug company 
employees. 

All this has corresponded 
with a steady rise in public 
aversion to politicians. The lat- 
ter have sought to Improve 
their image by a sweeping 
reform of the political and elec- 
toral system, which took effect 
on Christmas Day. Ostensibly, 
the change is designed to make 
politicians less beholden to 
special interests. Many believe 
it will, at least in its teething 
stages, have the opposite 
effect. 

It will make politicians fight 


harder for seats by replacing a 
multi-seat system, under which 
it was possible to get a seat 
with as little as 15 per cent of 
die vote, with a mixture of UK- 
style first-past-the-post single 
seat constituencies and Euro- 
pean-style proportional repre- 
sentation regions. Corporate 
donations are to be curbed now 
and eliminated in five years’ 
time, with a state subsidy for 
political parties, worth Y30-9bn 
(EL98m) annually, thrown in as 
compensation. 

However, analysts believe 
the new sy stem will have the 
effect of increasing politicians' 
need for cash. Vote-buying has 
been an important part of Jap- 
anese politics since the forma- 
tion of the Liberal Democratic 
party in 1955, and the main 
reason its top people have been 
so frequently caught breaking 
the law. 

Under the old multi-seat sy& 
tem, LDP members often had 
to compete against one another 
to win seats. They were unable 
to offer voters a choice of poli- 
cies. unless they had the good 
fortune to be one of the few 
LDP men standing against a 
Socialist. So an envelope 
stuffed with cash had to do 
instead; even better, a con- 
struction contract for a local 
company or a new swimming 
pool or road for an influential 
district. 

A sitting member needed to 
spend Y200m to Y300m in the 
six months leading up to an 
election, and Y50m to Y200m in 

routine annual running costs, 
depending on the size of the 
constituency, just to stay in 
business, estimates Mr Dan 
Harada, a political consultant 

Under the new system, the 
average politician will need to 
collect nearly twice as many 
votes as before to get elected. 
He will have to be top of the 
poll, rather than in the first 
five or six. 

He or she will also be under 
just as much pressure as 
before to buy those extra votes 
with cash, rather than policies. 
The recently formed main 
opposition party, the New 
frontier party, espouses poli- 
cies largely indistinguishable 
from the LDP, while the Social- 
ist party has dropped most of 
its left-wing baggage to forge a 
coalition with the IDP. 


Anti-corruption investigations 
have decapitated Italy’s post- 
war political Oita and discred- 
ited hundreds of businessmen 
and civil servants. 

Yet after almost three years 
of investigations spearheaded 
by Milan magistrates, the 
impetus is beginning to wane 
and public interest to deefrne. 
The magistrates’ battle to 
stamp out the worst aspects of 
corruption is also degenerating 
into a conflict between the 
judiciary and the executive 
branch of government 

The most spectacular 
instance of this conflict is *he 
move by Milan magistrates to 
inc rimina te Mr Silvio Berlus- 
coni, the outgoing prime minis- 
ter, for permitting corrupt 
practices in his Fininvest busi- 
ness empire. Mr Berlusconi’s 
government countered by send- 
ing inspectors from the justice 
ministry to check on the activi- 
ties of the MQan magistratizre. 

Mr Berlusconi rfahns be is 
the victim of a judicial ven- 
detta and says he has done no 
wrong. He moreover defends 
his younger brother. Paolo, 
who has admitted paying 
L330bn (£i28m) in bribes to the 


Guardia di Finanza, the finan- 
cial police, to ensure favoura- 
ble inspections of Fininvest 
accounts. 

In one sense Mr Berlusconi is 
right about the vendetta. Milan 
magistrates have picked upon 
him: as owner of Italy's second 
largest private company, they 
want to make an example of 
him in what might be called 
the second phase of the anti- 
corruption investigations. 

The first phase ended with 
the collapse of the old political 
parties and the success of Mr 
Berlusconi’s Forza Italia move- 
ment in the March 1994 general 
elections. That phase was 
intended to expose the incestu- 
ous and corrupt relationship 
between business and politics. 

Businesses funded the politi- 
cal parties with illicit contribu- 
tions to individuals, internal 
movements and party secre- 
taries. How much of this 
money was used for political 
activities as opposed to lining 
individual pockets is still a 
mystery. People have only 
admitted to what has been 
proven against them and most 
of the money was channelled 
outside the Italian booking sys- 


tem (mostly to Switzerland, 
Monaco and Luxembourg), hi 
return the businesses were 
allowed access to state subsi- 
dies, were awarded rigged conr 
tracts and were protected from 
external competition. 

Tbe most detailed exposfe has 
concerned the Ferruzzi-Mont- 
edison industrial group which 
spent more than L150bn (£5&n) 
between 1989 and 1992 in 
ensuring political protection. 
However, the FsruzzI fondly 
and former top executives 
insist their payoffs were invol- 
untary - a defence raised by 
every business involved in cor- 
ruption scandals. In other 
words businessmen were the 
corrupted not the corrupters, 

The second phase of investi- 
gations is intended to demon- 
strate that the distinction 
between corrupters and cor- 
rupted is spurious. Tbe core 
proof is emerging from an 
investigation into the Guardia 
di Finanza. This involves 50 
members of this force plus 
many prominent business 
names. 

The Guardia di Finanza axe 
accused of taking bribes to 
turn a blind eye to pom* or 
dishonest accounting and in 
return Ear low tax assessments. 


In Italy it is common know- 
ledge most companies keep two 
sets of books and that tax eva- 
sion is widespread. Pervasive 
corruption is encouraged by 
large sums of “grey” money 
that escape the tax net If com- 
panies pay large bribes they 
can be dressed up as take con- 
sultancy fees but more simply 
they are never registered in 
the formal books. 

This lack of transparency is 
encouraged by the existence of 
a huge criminal world, which 
has enjoyed a degree of politi- 
cal protection and which needs 
to launder money on a vast 
scale and by the fact that the 
bulk of “legitimate" business is 
carried out by very small fam- 
ily concerns which are not 
easy to monitor. 

Businesses claim it is sam- 
pler to bribe the Guardia than 
face difficulties. The Milan 
magistrates argue the busi- 
nesses have put themselves in 
a position where they have 
tilings they wish to keep quiet 
and are therefore willing to 
pay. The magistrates are out to 
break this relationship and 
demonstrate that bribing a 
public servant - one in uni- 
form who polices the most sen- 
sitive aspects of. the nation’s 


fiiwnwg - is a serious crime 
and not something “that every- 
one does”. 

The Guardia inquiry has 
shown public servants and 
bostnessmen brazenly contum- 
ing corrupt activities, even 
when the nation, has been con- 
vulsed by corruption scandals. 
In part this is because corrup- 
tion has became so pervasive 
the practice carries no stigma. 
But people are also encouraged 
to feel immune from prosecu- 
tion by judges who have 
proved corruptible and by a 
judicial system that can be tied 
in knots by a jungle of contra- 
dictory laws. 

The issue has perversely 
became not how to stop the 
practice but how far the magis- 
trates should be allowed to go 
in their Investigations. Tbe 
investigative process - let 
alone the passage through the 
courts - could last well into 
the next century. Politically 
such an open-ended timetable 
is highly destabilising. Yet any 
government that seeks to find 
a political solution risks foring 
accused of letting the thieve 
go free and undermining any 
subsequent attempt to impose 
new moral standards cm soci- 
ety. 


Rules of the game become ever tighter 


By Jurek Martin in Washington 


UNITED STATES 


It was only about 30 years ago 
that an intrepid reporter sum- 
moned up tbe nerve to ask 
Orval Faubus bow it was that 
since be was bom dirt poor 
and had never earned more 
than $10,000 a year as a multi- 
term governor of Arkansas he 
was able to retire to a splendid 
mansion. “I was parsimoni- 
ous,” was tbe reply, ami that 
was pretty much the end of the 
story. 

He could not have got away 
with foe answer today. Hardly 
a week passes without an 
elected or public official com- 
ing under the investigative 
gun of tbe media and a federal, 
state or independent counsel. 

This year two Washington 
heavyweights bit the dust Mr 
Dan Rostenkowski, quintessen- 
tial product of the Chicago 
Democratic political machine 
that always used money to 
grease its efficient political 
wheel, was forced to step down 
as chairman of the House ways 
and means committee after 


being indicted on several 
counts id 1 misusing congressio- 
nal funds. (He was later 
defeated at the polls.) Mr Mike 
Espy, agricultnre secretary, 
resigned because it was alleged 

he had accepted sports tickets 
and other favours of fairly 
nugatory value from agribusi- 
nesses he was supposed to reg- 
ulate. 

It is said, with some accu- 
racy, of Mr Rostenkowski and 
Mr Espy that they failed to 
understand there had been 
changes to the once lax rales 
Of the game applied in Con- 
gress where often modest 
favours (such as hospitality) 
were received and dispensed. 

At the heart of the White- 
water affair is the suspicion, 
still unproven, that money 
flowed in a clandestine manner 
from business interests to then 
Governor Bill Clinton’s cam- 
paigns in Arkansas and, per- 
haps, subsequently at the 
national lore! 

Congressman Newt Gingrich. 


the next Speaker of the House, 
is the subject of persistent 
questions about the funding 
and uses of his political action 
committee, tbe legal device 
through which so many politi- 
cians channel contributions. 

Congressmen are also, by 
definition, beholden to power- 
ful constituent interests. Sena- 
tor Jesse Helms from North 
Carolina and Congressman 
Thomas BHJey of Virginia, for 
example, have never disguised 
their protection of their home 
state tobacco farmers, who 
have returned the favour with 
campaign money and, equally 
important, jobs for voters. In 
an era of ever more expensive 
elections, disappointing such, 
interests can be costly. 

Indeed, the rules of the anti- 
corruption game are forever 
changing, with the appearance 
of i mp ropriety seeming to take 
precedence over the act itself. 
The Clinton administration 
came to power having cam- 
paigned against Republican 
“sleaze” and promised tbe 
highest ethical standards. 


Under its rules, no government 
official, high or low, may 
accept gifts or entertainment 
worth more than $20 per occa- 
sion or $50 per year from any 
single source, which has put a 
bit of a crimp in the Washing- 
ton lunch trade, if nothing 
else. 

Those who leave government 
now face tougher than ever 
curbs on thscr ability to walk 
through the revolving door 
into related c omm ercial activi- 
ties. especially if run by non- 
American interests. The 
restrictions may seem petty, 
even a disincentive to public 
service; but the climate of the 
times and voices such as that 
of Ross Ferot demand then. 

The administration also 
touts reform, of campaign fin- 
ancing and lobbying as effec- 
tive antidotes to the appear- 
ance of an unhealthy 
relationship between politics 
and money. But two Mils to 
this effect foundered in the 
autumn on the rocks of Repub- 
lican filibusters. Lobbying 
reform, which had enjoyed 


broad bipartisan s upp ort, may 
resurface in the next Congress 
with new on entertain , 

meat and travel and possibly a 
mandatory register of lobbyists 
and fuller disclosure of their 
activities. 

But public financing of con- 
gressional elections, the simpl- 
est way of levelling the finan- 
cial playing field and already 
In effect in the race for the 
{residency, profoundly divides 
file two parties. Experience of 
previous experiments in cam- 
paign finance reform - which 
do now place limits an individ- 
ual and special interest contri- 
butions - merely prove that 
money wOl find its way to its 

destination regardless. 

Curiously, US politicians 
may be held in low regard for 
their ethical standards but the 
evidence of endemic and 
wh olesale political corrup tion 
remains relatively thiw 
main difference is that any 
American hand caught in the 
cookie jar, no matter how 
small the haul, may end up 
raised in front of a grand jury. 


cMi* £> 


FRANCE 


Brave 


judges 


tougher laws, tighter monitor- 
ing, and technical assistance. 

TTs campaign focused at 
first unlive or six gove rn ments 
in developing countries and 
central and eastern Europe 
which were prepared to partici- 
pate. Ecuador has beat in the 
vanguard, reb l ri c tiu g tendering 
for big state contracts to corpo- 
rations which have signed an 
anti-bribery pledge. 

Yet it is a slow process. For 
as long as bribery is the path 
to contracts, companies are 
bound to engage In it Tbe US 
is a telling case in paint After 
cases such as the Lockheed 
scandal in the 1970s, US corpo- 
rations are more circumspect 
than many of their foreign 
counterparts. But past trauma, 
and tougher laws, do not 
explain everything: with the 
Clinton administration cam- 
paigning worldwide on their 
behalf as never before, the 
incentive to bribe is reduced. 

What of those without the 
clout of the US behind them? 
“It’s business as normal,” 
replies one cynic. 


pursue 

ministers 


By David Buchan ki Paris 


A wave of French corruption 
scandals this year has ted to 
the resignation of two minis- 
ters, tbe detention of a third 
and of a senator, the investiga- 
tion of the presidents of 
Alcatel and St Gobain as well 
as of lesser company bosses, 
and widespread pressure fear a 
divorce between corporate 
money and politics. 

As a result, just before 
Christinas, the French parlia- 
ment passed a law burning 
company donations to political 
parties sad candidates . 

Though be was later forced 
by public opinion to bade new 
legislation, prime minister 
Edouard Bahadur's initial reac- 
tion was to argue that tile very 
fact that scandals were surfac- 
ing was proof that existing 
political financing laws wore 
adequate. 

To a large degree, he was 
right.. Magistrates are without 
doubt' bolder in their targets 
and their tactics than, they 
were. A Lyons magistrate bad 
little hesitation in detaining 
Mr Alain Carignon, the former 
communications minister, in 
prison on charges relating to 
the award of a water contract 
to Lyonnalse des Eaux by the 
city of Grenoble, of which Mr 
Carignon is still mayor. A 
judge from Rennes has relent- 
lessly pursued Mr Gerard Lon- 
guet, the former industry min- 
ister, over allegations 
concerning his personal 
finances and those of his 
Republican party. 

One particular politician- 
businessman, Mr Bernard 
Tapie, has complained of a 
witch-hunt, noting that over 
the past 18 months investiga- 
tion of his famgiwi affaire haa 
involved 60 fraud squad offi- 
cers detaining 74 people and 
taking no fewer than 230 sets 
of fingerprints. Yet it could be 
argued that it was only Mr 
Tapie 's inclusion in the last 
Socialist government that pre- 
vented these investigations 
from starting rattier. 

However, it appears that the 
the volume - not just the visi- 
bility -- of corruption may be 
on the increase, for several rear 
sons. One is that the crack- 
down on the Mafia in Italy tew 
led organised crime to branch 
into neighbouring regions, 
such as the French Riviera. 
French magistrates now meet 
regularly with their Italian 
counterparts to tackle this. 

A more general problem is 
the consequence of the past 10 
years of devolving more power 
from Paris to the country's 22 
regions and 95 departments. 
This puts more power to award 
contracts into the bands of 
local politicians. And they 
have used this power. 

Part of France's new anti- 
corruption legislation is 
designed to make the award of 
public contracts more trans- 
parent and therefore less open 
to suspicion of sweetheart 
deals between contractors artf i 
local politicians. 

But the law’s total ban on 
corporate contributions to 
political parties and candidates 
will return the cou n try to its 
pro-1988 situation when such 

contributions were ntogai - in 
theory punishable as a Tftm y y 
of corporate fends, but in fact 
widespread and tolerated. - 
“This will just bring back 

meBL >" pre- 
dicts Mr Guy Carcassonne, a 
«ris law professor who helped 

Jjpato government design 

ite 1990 law. This legalised lim- 
ited corporate political contri- 
butions and required them to 
be reported to a control 00m- 
pteaon. It fee hardly had time 
to work, and the fear now is 
mat corporate money will con- 
tinue to flow to wUtirians, but 
to envelopes and suitcases. 


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FIN AJNCIAL TIMES FRIDAY DECEMBER 30 1994 



NEWS: UK 


Britain cautious oyer Hualon project 


By Jimmy Bums 

British government officials yesterday 
appeared to be backing away from their 
unequivocal endorsement of the contro- 
versial plan by Hualon Corporation of 
Taiwan to buhd a £160m textile plant 
outside B elfas t. 

The Northern Ireland Industrial 
Development Board is seeking detailed 
information from local officials in 
Taiwan about the repercussions for the 
Hualon Corporation of the indictment 
on Wednesday of Mr Oung Ta-mfng, the 
effective heed of the Hualon group, and 
33 businessmen linke d to him on share 
manipulation and other fraud charges. 

“The Hualon project is clearly 
fraught with problems, no doubt about 
that. We said we were dealing with a 


respectable and successful company. 
Now we have this," a British official 
said yesterday. 

The IDB confirmed that it was delay- 
tog giving approval to the start up of 
construction of the plant until {he out- 
come oT legal actum muthe European 
Court in which European textile and 
pinthing manufacturers ae challeng in g 
to a £6lm government grant to Hualon. 

The case alleges the European Com- 
mission brake its own rules by approv- 
ing the aid earlier this year. European 
manufacturers argue that the plant will 
add to capacity and threaten jobs in an 
already over-supplied sector. The case 
is expected to take about 18 months. 
Construction was originally due to get 
under way by autumn this year. 

The IDB said it was "monitoring 


developments in Taiwan closely 1 ’ and 
"seeking clarification” to establish 
what involvement - if any - those 
indicted had with the Hualon project in 
Northern Ireland. 

It added that he expected the indict- 
ment of Mr Oung to be among factors 
"taken on board” by the European 
court 

Mrs Jennifer d'Abo, a former IDB 
director who resigned last month in 
protest at the project, said last night it 
should now he scrapped. 

She said; “This may mean a postpone- 
ment of some of the jobs promised but I 
behave there are other inward invest- 
ments which Northern Ireland could 
count on in the future.” 

She said that before she resigned she 
had written to senior officials of the 


IDB asking for detailed information 
about pending criminal proceedings 
against Hualon executives, but had 
never received a satisfactory answer. 

Mr John Speller, Labour’s Northern 
Ireland industry spokesman, said (he 
indictment of Mr Pong was a "matter of 
considerable concern which ministers 
should be looking at urgently.” 

The Hualon Tehran Corp which 
announced the Northern Ireland invest- 


ment earlier this year was not named in 
indictment documents. Mr Oung is 
thought to control the company, how- 
ever, and was present in June at a joint 
ceremony marinng the announcement. 

The British Apparel and Textile Con- 
federation said it was also asking the 
government to “review” its support for 
the Hualon project 


Official R&D 


Fewer UK businesses fail 


spending lowest 
in past decade 


By David Owen 


Britain's Department of Trade 
and Industry is spending less 
on research and development 
than at any time for at least a 


Figures this month show the 
department’s R&D expenditure 
is about to fell to £245m in the 
present financial year from an 


Mil 


a ted £310m in 1993-94 and 


about £500m a year in the late 
1980s. R&D spending is expec- 
ted to account for just 17.8 per 
cent of total departmental 
expenditure in 1994-95, down 
from 23 per cent in 1993-94 and 
more than 33 per cent at its 
peak in 1987-8& 

The opposition Labour party 
pounced on the figures, saying 
they made a "farce” of the gov- 
ernment's rcfainiE to be a sup- 
porter of British manufactur- 
ing and innovation. 

Mr Brian Wilson, a Labour 
frontbench trade and industry 
spokesman, said nobody bat 
the government believed cut- 
ting support for R&D made 
sense. "In our competitor coun- 
tries, R&D is regarded as 
essential investment rather 
than an easy target for spend- 
ing cuts,” he said. 

Mr Richard Caborn, Labour 
chairman of the Commons 
trade and industry committee, 
was "very concerned” about 


the downward trend. "We 
ignore it at our peril," he said. 

Mr Michael Heseltme, trade 
and industry secretary, said 
the decline in R&D spending 
reflected fluctuations in the 
amount of aid provided by the 
government in civil aerospace 
investment ovw the period in 
question. 

In the first half of the 
decade, launch aid payments 
far outstripped receipts, Mr 
Heseltine said. That situation 
had now been reversed. 

From £32 -9m in 1992-93, 
launch aid payments are expec- 
ted to fell to an estimated 
£4. 6m in 1993-94, £6. 6m in 
198495, £2S.3m in 198596 and 
£8.4m in 199697. The govern- 
ment’s net receipts, which it 
gets once projects reach a cer- 
tain production stage, were an 
estimated £58. lm in 1993-91 and 
are budgeted to rise to £80t9m 
by 199697. 

Mr Heseltine said there had 
also been a “substantial” cut in 
energy R&D spending. He said 
the principal factor was the 
decision to withdraw from 
research on the prototype fast 
nuclear reactor at Daunreay. 

Mr Wilson retorted that if 
support fell off in one area, 
such as the Dounreay reactor, 
it was "reasonable to expect a 
boost in some other needful 
area”. 


By Peter Norman, 
Economics Editor 


Business failures in Great 
Britain fell sharply this year as 
economic recovery gathered 
strength and lifted the fortunes 
of small as wall as large busi- 
nesses, Dun & Bradstreet, the 
business information group 
reported today. 

Its latest annual tally of busi- 


ness liquidatio ns and bank- 
ruptcies showed a record 16.3 
per cent drop in failures in 
En gland and Wales to 40,255 
this year from 48,066 in 1993. 

The drop for mainland 
Britain, including Scotland, 
was more pronounced at 2L8 
per cent to 43£98 in 1994 from 
55,733 last year. 

Ihis reflected a 56.4 per cent 


decline in Scottish business 
failures over the year to 3,343 
from 7,667 in 1993. following 
changes in Scottish bank- 
ruptcy regulations which 
reduced the financial incentive 
for companies to be placed in 
bankruptcy. 

The news was hailed by Mr 
Anthony Nelson. Treasury 
minister, who said this largest 
ever drop in the tenure rate of 
businesses would boost confi- 
dence in job security. 

Mr Philip MeUor, Dun & 
Bradstreet’s senior analyst, 
said the last time the number 
of business failures in Britain 


fell as sharply as tins year was 
in 1987, before the recession. 

However, at that time the 
number of companies going 
out of business was far 


smaller, at less than 2QJXM in 
England and Wales. 

Dun & Bradstreet takes the 
view that the bankruptcy fig- 
ures are a good proxy for small 
company failures while 
medium and lai£8 companies 
go into Sqm elation. 


tional Scottish figures, the sta- 
tistics for England and Wales 
showed a 15 per cent drop in 
bankruptcies to 24^05 this year 
from 28646 in 1998. 

Liquidations were concen- 
trated in London, with jnst 
over 29 per cent of the British 
total in 1994 and 1993, and the 
south east with slightly more 
than 22 per cent in both years. 
Bankruptcies were concen- 
trated in the south east, the 
south west and Scotland. 


Softer line urged on bosses 

bQity and indecision, are esti- 


Employers should renounce 
toe macho management style 
of the 1980s and attempt to 
understand their employees’ 
feelings, according to new offi- 
cial guidelines, Richard WoUfe 
writes. 

Britain's Health and Safety 
Executive says employers need 
to pay more attention to their 
relationships with employees 
to prevent stress-related ail- 
ments in the workplace. 

The guidance, to be pub- 
lished early in the new year, is 
the first official health and 
safely advice to deal with occu- 
pational stress. 

"In the 1980s in this country. 


many employers shared the 
unfortunate attitude that 
arhn ftti rig to stress was admit - 
ting to a per sonal weakness,” 
says the HSE. "But we all have 
a threshold - even the tough 
guys have a threshold which, 
when crossed, can become a 
negative factor. We want to 
promote the preventive 
approach through education. 

About 80m working days are 
lost every year because of 
stress, according to Depart- 
ment of Health figures pub- 
lished at the Confederation of 
British Industry conference 
last month. Mental health trou- 
bles, such as headaches, irrita- 


mated to cost the UK economy 
£3-7bn annually. 

The HSE guidance, mainly 
aimed at small to medium- 
sized businesses, conies after a 
former social worker last 
month successfully sued his 
employer for negligence over 
his heavy workload. 

Stress at work has risen 
alongside the fear of redun- 
dancy, Recording to a survey of 
426 private and public sector 
companies. Research by 
white-collar onion MSF 
showed that 43 per cent of 
employees feel poorly treated 
by their employers. 


UK NEWS DIGEST 

Ashdown 
warns of EU 
‘in danger’ 

Paddy Ashdown, leader of the Liberal 
Democrats - Britain's third major party - 
yesterday used ids New Tear’s messag e to 
warn the* the European Union was in-danger 
of dying: 

Stren gthening the EU was Britain’s best 
hope of **nntairiiTig nationalism In western 
Europe preventing war in the east, he 
said. 

Yet Europe's leaders the British Cabinet 
were bring "weak, diffident and un c ertain” at 
a timn when the argument for the EU was 


“European Union is the most important 
political idea of our century. But it is in dan- 
ger of dying just when we need it most,” he 

said. 

“Unless those who believe in the European 
project are prepared to stand up and defend 
their visum, then 1995 could be the year when 
the of union in Europe began to die for 
want of people with the courage to defend it,” 
he added. 

He said that Britain’s Tories were going to 
have to choose between short-term survival of 
a discredited government and loyalty to the 
European ideal 

Blue-chips flock to 
Labour’s Euro-event 

Scores of blue-chip companies and trade asso- 
ciations are to attend a ground-breaking 
Labour seminar in Brussels, which looks set to 
mairp» a gfarahte contribution to the opposition 
party’s fi ghting fund for the next general elec- 
tion. 

According to conference organisers, dose to 
100 organisations have booked places at the 
event, which will take place on the afternoon 
and evening of January 10. 

These include Hanson, the conglomerate, 
Marks and Spencer, the retailer. News Interna- 
tional, the media group, National W es t min ster 
Bank and the Chemical Industries Association, 
a trade body. 

The extent of corporate interest in the £500- 
a-head event is a fresh indication that business 
is start in g to take Labour seriously. 

The Chemical Industries Association said 
yesterday: "We are interested in meeting leant 
ing figures in all political parties. We are 
looking forward to an interesting and usefbl 
seminar.” 

According to one conference organiser. 
Labour's profit from the event - to be attended 
by more than half the party’s 68 MEPs - is 

lihtdy tn rrm rntn tons nf thnrwamHs of prarndu 

Labour is claiming the seminar, which is to 
be addressed by Mr Tony Blair, the Labour 
leader, will he the biggest event ever organised 
by a British political party in Brussels. 


Mr Wayne David, leader J ***^ s r *^; 
said the conference - 

Working in Europe - was designed to estabusb 
“dose working links” between business and 
tiie Labour party at a European level. ■ 
Labour intends to follow UP nex * month s 
gamrnnr with regi on a l events in the spring 
j frnrtgndl Wales and England. 

Land Rover 
output hits record 

Bover group has increased output of its Land 
Rover fourwheel drive sports utffity vriudes 
by 39 per cent this year to a record 94.716 front 

68,159 in lflSa. • . 

Rover* si subsidiary of BMW of Gfinoflny 
the leading European maker of fonrwheal 


anve sports uuuij i p - — - 

raised production of Land Rover vehicles frma 


month, ■ 

At current levels output is set to rise steeply 

Ag flfr i n ext year to around 120,000* - 

Production has been increased in particular 
to meet rising worldwide sales of the L and 
Rover Discovery! which was launched in. 
North America early this year. Total -Land 
Rover in the US have increased by 138. 
per cent in the first 11 months this year to 
10994. 

Crash law suit for US 

Survivors of the Cormorant Alpha tragedy and 
bereaved famfiiafi have wan their fight to sob 
Shell, tiie major oil company, for compeusa- 
Hon in the Texan courts. 

Eleven people died when a Super Puma hehr 
copter plunged into the sea during a “short 
bop** flight in. appalling weather in the North . 
Sea in March 1992. There were six survivors. 

According to lawyers none of the survivors 
or the relatives of vic tims has to date recetred. 
any compensation- 

Air price cut war 

British Airways today announced its biggest 
hati*h of bargains once its World Offer pro-, 
gr ararmi was iflimriied in March, with cut- 
price feres available on more than 200 routes.' 

Savings on the usual lowest return ferea 
range from £10-£20 on domestic UK routes to 
£454 for flights to Manila. 

Tickets are on sale from today until January 
18, with most departures available until the 
end of March. 

The move brought an immediate response 
from Mr Richard Branson's Virgin Atlantic 
airline, which said it would undercut BA's 
prices by £1 on all routes which the two air- 
lines both operate. 

Gaming set for change 

naming machines should be able to pay out all 
their prizes in cash instead of tokens, Mr Mich- 
ael Howard, the UK home secretary, said yes- 
terday. He also suggested that betting shops 
ishnnirt be allowed to fasten gamfag machines 
and that maximum cash prize limits should be 

The proposals, in a consultation paper to be 
issued by the Home Office early next year, 
were welcomed by the fruit machine industry. 




There he is. Fourth row, second from 

the left. The one with the moustache. 

Obvious really. 

Maybe not The unsavoun^ooking 
character you’re looking at is more 
Kkdy to be your averse neighbour- 
hood slob with a grubby vest and a 
weekend's stubble on Ids chin. 

And the real refugee could just as 
easily be the deancut fellow on his left. 

You see. refugees are just Eke you 
and me. 

Except for one thing. 


INT 


Era-ytbing they once had has been 

left behind. Home; family, possessions, 
aft gone. They have nothing. 

And nothing is all theyTl ever have 
unless we afl extend a helping hand 
We know you can’t give them back 
the tilings that others have taken away. 



m 



tfi! 


United Nations High Goanmasioaer for Refugees 


We're not even asking for money 

(though every cent certainly helps). 
Bid we are asking that you keep an 

open mind And a smfle of welcome. 

It not seem much. But to a 

refugee it can mean everything. 

UNHCR is a strictly humanitarian 
organization funded only by voluntary 
contributions Currently it b responsible 
for more than 19 million refugees 
around the world. 


UNHCR Pnbfic Information 

Pi). Bax 2500 

1211 Geneva 2, Switzerland 



I 


L. 




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— - - Quibbling over words and weapons did not douse the flames of hope sparked by ceasefire after 25 Troubled years 



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155 Congress, Wedbrd B LOT, Rctcr, E7es 
Lev, Ss^'eter, &appfc, Crtwp Vecturc, 
A2tKeods, Sterling [lesCQi, Lyse!, Lancer 
BssSf Dstjcreificd Ftoaccs atlrr.! i Gent ices, 
Kfcssey Ferguson, Kidder PcSbcdy, Lac 
RSnorab, Kogg Group, GcAer Products, 

A aieriesr. Cya ae wM, ZfMknfc, AHcoa 
Eirrjncr, Co nfc roC Techniques, SshEckedazc, 
ECassbotoer, American Tobacco, Aden 


"Mr Chiton better watch out if he ex 
here. He'd better have a bodyguard. 



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of Kris alto* with Lady 


"ft Is a bit annoying. It is like going through dtoco 
prooeedkigB and suddenly faxing out that your 
partner is reafly good In bed." 


"Broken, using terms such as *wsosMCBkmf and 
‘Bqukflty’ stng the prates of companies with high 
share turnover— but investors should understand 
that what Es good for the crater Is not good for 
the customer. A hyperactive stock market Is the 


l a,; 'it 


"1 asked President Scaffaro to cafl 
soon as possible and l also r 


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Palestinians, tn charge on their own satt, fell out among thcmsclve 


Joseph Jett 


Lottery 



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cACi* P ■ Pi 3 Hussein and Rabin lit Midoast optimism 




Brazil won World 
Cup on penalties 


"No amount of dewor words or verbal gymnastics 
can hfcte the fad that the govern me nt has matte a 
fool of Britabi in Europe, the cabinet has mada a 
fool of (ha foreign secretary, and the prime minister 
has frankly made rather a fool of himself." 


Estonia and Cebu 
City ferry disasters 
cost more than 
1,000 lives 




Uoyxf Cutler 


ard 

Gersen 





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Ysblu 

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- i 



Blair and Prescott lifted the spirit?, of a grieving Labour Party 


Y fcsser Arafat comes home to Gaza 
and then Jericho as Israeli protes- 
tors clash with police in 
Jerusalem. Lasmo escapes 
Enterprise’s hid. Colombian Andres 
Escobar is murdered for scoring an own 
goal and Brazil wins the World Cup in a 
penalty shoot-out Derek Keys resigns as 
South African finance minister. Kim 0- 
Sung of North Korea dies;his son, Kim 
Jong-11, takes over. Leonid Kuchma wins . 
Ukraine's first presidential election. 
Jacques Santer of Luxembourg is chosen 
as European Commission president John 
Major shuffles John Patten out the door. 
Jeremy Hanley becomes party chairman. 
Miefaset Portillo takes on the (unjemploy- 
znent portfolio and Jonathan Aitken is 
appointed Treasury chief secretary. Tony 
Blair beats Margaret Beckett and John 
Pre santt to lead Labour. Prescott elected 
deputy. Prince Charles admits on televi- 
don he waa un&ithfui to his wife - but 
only after his marriage had “irretrievably 
hndam downVChbtara breaks out among 
Rwandan r efug ees in Zaire. Salvatore 
Sctada. senior manager at FininvesL 
***** paying three bribes to Italy's finan- 
ampoKw. The Department of Trade and 
™stry takes no action against Lord 
Archer. MMM, pyramid i nv e stm ent compa- 
ny. collapses in Russia. Culture minister 
•Jwiuss Touban launches a campaign to 
rattict use of fatten languages in France, 
“w becomes known as “MrAffsood*. 


August 


rish Republican Army calls “uncondi- 
tional 0 - but won’t otter the word “per- 
manent” - ceasefire, after 25 yearn of 
Ulster violence. Five French gen- 
darmes and consular officials are billed in 
Algiers. China and Taiwan reach their first 
substantial agreement since 1949. Bosnian 
Serbs refuse to endorse an international 
peace plan. Sergei Mavrodi, president of 
MMM, is arrested. Israel and Jordan open 
a new border crossing. Susana Higuchi 
decides to stand against hubby Alberto 
Fujimori in Peru's presidential election. 
The Fed lifts US interest rates again. 
“Carlos the Jackal” is captured. German 
with something to declare is arrested in 
Bremen with a stash of plutonium. UK 
frifintirtn rate foils to lowest in 27 years, 
but “feel-good” factor is elusive. Another 
victim is caught in the Whitewater froth 
as deputy Treasury secretary Robert 
Altman quits. Florida declares emergency 
as Cuban refugees flood into the state. 
Clinton announces tighter trade embargo 
on Cuba and thmisanris of refugees are 
boused at Guantanamo Bay. Ethical 
investment manager Franklin Research 
amt Development bins Body Shiv 
International shares, citing concerns about 
hs social and environmental activities. 
Earthquake kills 150 in Algeria. French 
troops quit Rwanda. Ernesto Zedillo wins 
presidential election in Mexico. Lockheed 
and Marlin Marietta agree JlObn merger. 
Kelvin McKenzie foils from Sky. 


Wbite Konse tatvn 

S 







ivO 1 ." Dolors left French Socialists in a 
quandary by shunning presidential race 




Ibert Reynolds meets Sinn Fhu, 
John Major ejects Democratic 
^E^&Unianist Ian Paisley from 
^^■KJowmng Street, and Gerry Adams 
visits the US again. The Estonia sinks 
betwe e n TalHnn and Sto ckholm, with the 

loss of m ore than 900 lives. Britain's four- 
month rail dispute is finally settled. 
Lonrho’s Tiny Rowland escapes a chal- 
lenge from Dieter Bode (but not for long). 
Moslems and Catholics ally to pretest 
against birth control and abortion at the 
International Conference on Population 
and Development in Cairo. Malaysia lifts 
its UK trade Han. John Major caffs for a 
drive to displace “yob culture” in Britain. 
The fifth US Air crash in five years kills 132 
people. Kenneth Choke lifts UK rates to 
5.75 per cent as GDP i s at its highest level 
m six years. A small aircraft crashes into 
the White House. Dial-a-diplomat Jimmy 
Carter makes a deal with Haiti's junta 
leader Raoul Cedras, for return of ousted 
president Jean-Bertrand Aristide. US 
troops land in Haiti for Operation Uphold - 
or Restore - Democracy. John Major visits 
South Africa. Plague in India kills &. 


( of Mexico’s ruling PRL is assassi nated. 

British Aerospace launches ted for VSEL, 

I the UK submarine maker. Boris Yeltsin 
| can’t find his feet after landing in Dublin. 

! Was be legless? Knock-knock. Who’s there? 
j OJ. QJ who? You’re on the jury. Simpson’s 
< trial opens in Los Angeles. 


S and Japan reach partial trade 
deaL Tony Blair caffs for the end 
erf Labour's commitment to public 
ownership at the party couforence. 
S.G. Warburg and Hamhros release profit 
warnings. Major John Hewitt irissaa and 
tells in “Princess in Love”. Hie Mirror 
Choup nabs Kelvin McKenzie. Iraq moves 
troops to Kuwait's border; the US deploys 
troops In the Gulf. The rouble blunges 2L5 
ps- cent in one day and Boris Yeltsin sacks 
Sergei Dubinin, finance minis ter. The rou- 
ble climbs 20 per cent Victor 
Gerashchenko, chairman of Russia’s cen- 
tral bank, resigns. GEC launches £532 
counterJrid far VSEL. UK inflation hits 27- 
year low. Japan's ministzy of finance 
authorises security dealings by commercial 
banks. Palestinian police arrest 200 Hamas 
members in the search for a kidnapped 
Israeli soldier, who dies in rescue attempt. 
Hamas suicide bomb kills 22. Yitzhak 
Rabin and Yasser Arafat win Nobel peace 
prize. Israel and Jordan sign peace accord. 
Helmut Kohl wins re-election with a wafer- 
thin majority. Finland Votes to join EU. 
Tory MPs Neil Hamilton and Tim Smith 
resign in “cadi for questions” row. The US 
and North Korea sign accord to defuse 
nuclear tensions. John Paul Getty H helps 
save the Three Graces from extradition to 
California's Getty Museum. Sir Leon 
Britten loses eastern European 
Commission's portfolio. Fernando Henrique 
Cardoso elected president of Brazil 


U S voters deliver crushing blow to 
the Democrats, giving 
Republicans their most sweeping 
congressional and state guberna- 
torial victories in more than 50 years. 
Oliver North and Michael Huffington nar- 
rowly line their bids for the Senate. 
Passengers and crew rescued from burning 
Italian cruise ship AchfDe Lauro. Fed rais- 
es short term rates by 3 /* point Storms in 
Egypt kill 410; rainstorms in Italy kill 59. 
UK cabinet abandons the sell-off of the 
post office. After threatening a cabinet sm- 
dde-pact if rebels vote down an EU contri- 
butions biff, the government wins and 
strips eight Eurosceptics of the whip. A 
self-flagella tory ninth un-wbips htmsaif. 
Tiny Rowland loses his struggle with 
Dieter Bock. The UN and Mato attempt to 
repel Serbs from Bfiiac. Sweden votes yes, 
Norway votes no to the EU. The bungled 
extradition of a priest accused of ehfld 
abuse triggers a political crisis in Ireland. 
Violence in Gaza strip kills 11. A leaked 
draft reveals plans for Tory backbench 
“yobbos” to beat up Blair, metaphorically. 
British Gas chief executive Cedric Brown 
receives £205,000 pay rise. Clinton and 
Robert Dole, senate Republican leader, 
sign deal for Congressional approval of 
Uruguay Round trade pact Berlusconi 
averts union strikes by conceding on pen- 
sion reform. Kenneth Clarke's budget 
pledges £28bn public spending cuts and 
£68Qm for jobless programmes. 


. 4 - 1 ; 


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TIMES FRIDAY DECEMBER 30 »»« 


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n't matter how much good I oo the rwt of 
I can't ewr outweigh the ev3 that rws 
by helling him to be started to Congress. 


■Wta have a Cmerra Charter which says you can 
got £5 bach if you wait more than 15 minutes far a 
train, but what do you get back if you corrt gat on 
a train?" 


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DLACK S HEE° An inky vandal upstaged Damien Hirst 




J&NOARY 


reece takes over the EU presiden- 
cy and snubs former Yugoslav 
republic Macedonia. Another 
long; bloody B alkan year begins 
as sis are killed in Sarajevo. You just can't 
get good staff any more: Yegor Gaidar, 
Russia's prominent economic reformer, 
and Boris Fyodorov, finance minister, quit 
the cabinet. Bobby Ray Inman withdraws 
as Bill Clinton's nominee to replace 
defence secretary Les Aspin. (William 
Perry takes the job). MP Tim Yeo quits the 
government after divergence between his 
preaching and practice on family values. 
Peasants rebel in Mexico. Clinton and 
Yeltsin agree to dismantle Ukraine's 
nuclear arsenaL Duchess of Kent is the 
first British royal since 1700 to become a 

Catholic. BMW takes over Rover. Clinton 
is dogged by accusations about 
Whitewater. Los Angeles earthquake kills 
42 as fires rage in Sydney. A hitman hired 
by the ex-husband of Tonya Harding, 
Olympic ice skater, batters the legs of her 
arch-rival Nancy Kerrigan. Links between 
UK arms sales and aid to Malaysia to build 
the Pergan dam are revealed. MAI bids for 
Anglia Television (soon after Lord Archer 
places orders for 50.000 shares, unbe- 
knownst to the world, and he says, his 
wife, who sits on the Anglia board). 
Morihiro Hosokowa's reform plans fail to 
pass in the upper house of Japan’s parlia- 
ment BSkyB can say "Gotcha" as it 
scoops Kelvin McKenzie from die Sun. 


ARY 


T he Fed raises its US federal funds 
rate 1 Ia of a percentage point 
International bond and stock mar- 
kets tumble. More than 50 
Palestinians are massacred by an extrem- 
ist Jewish settler in Hebron; peace talks 
break down. The Bank of England cuts UK 
base rates by ty* of a percentage point 
Morihiro Hosokawa is farced to withdraw 
his Yl8,000bn tax plan. Tony O'Reilly and 
Mirror Group Newspapers battle for own- 
ership of the Independent (The Minor 
group wins in March). Kevin and Ian 
Maxwell block the production of Max well, 
the Musical. An American paraglider who 
lands half-naked on Buckingham Palace is 
fined £200. Italy's Northern League seals 
an alliance with Forza Italia, the party of 
media magnate SiMo Berlusconi. It’s all in 
the family as Milan magistrates issue a 
warrant to arrest Silvio's brother, Paolo, 
for suspicion of corruption. Tory MP 
Stephen Milligan dies In unusual circum- 
stances. George Soros loses $600m on 
Valentine's Day. The European 
Commission fines steel manufacturers 
£79m for operating a carteL Viacom wins 
its bid to control Paramount Euro Disney 
accepts a rescue package hum its banks. A 
senior CIA agent and his wife arc charged 
with spying for Che KGB. Malaysia halts 
all deals with UK, complaining of a 
Sunday Times report on the Rergau dam 
affair. 500 are kille d in ethnic fighting in 
Ghana. 


March 

S fighters shoot down four 
Bosnian Serb aircraft Yeltsin 
fires his domestic intelligence 
-w chief. Berlusconi's Freedom 
Alliance wins a landslide victory in Italy. 
Andrew Neil, editor of the Sunday Times, 
eats humble pie and sends a conciliatory 
letter to Kuala Lumpur. Luis Daualdo 
Colosio, presidential candidate for Mexico’s 
rating institutional Revolutionary Party, is 
flggagai Tiatwd Ernesto Zedillo takes his 
place in the elections. Eleven women are 
found buried under bouses in Gloucester. 
British Nuclear Fuels wins 11-year battle 
to open the Thorp re-processing plant 
Germany threatens to ban British beef for 
fear it is tainted with "mad cow? disease. 
IRA fires two mortar bombs at Heathrow 

Airport Kishiro Nakamura, construction 
minister, fa arrested in Japan's biggest cor- 
ruption scandal since World War IL Nazi 
collaborator Paul Touvfar is tried far 
crimes against humanity. Forty killed as 
Sooth African army moves into 
Bophuthatswana. The US and Japan avert 
sanctions in an 11th hour cellular phone 
accord. North Korea withdraws promise to 
allow UN nuclear inspections and US 
deploys Patriot mwsiies to South Korea. 
Coca-Cola insists that Coke is "it" as 
Samsbmy's unveils a look-alike. The UK is 
pressed to accept a compromise on its vot- 
ing veto in the EU. The Eurofighter makes 
its maiden flight The Church of Rn gtawl 
ordains zts first women priests. 


April 

istory is made in South Africa as 
the first multi-racial elections 
overcome threatened boycotts and 
mishaps with voting papers to 
end minority white rule. Morihiro 
Hosokowa jokes to wwwyHam that he 
wants to stood down. Two days later he 
quits under a cloud of flnawriai impropri- 
ety and Tsutomu Hata produces a consarv- 
atiYedominated minority guvenunenL 
Fourteen die as Hamas bombs two Israeli 
buses. The presidents erf Rwanda and 
Burundi are killed when their plane is shot 
down, spaririog ethdic massacres in 
Rwanda. German property developer 
Jurgen Schneider takes the money and 
runs. UK chancellor Kenneth Clarke and 
Bank of Errand governor Eddie George 

begin publishing the minutes of their 
monthly Meetings - six weeks after they 
take place. US Air Force jet accidentally 
shoots down two US Army helicopters over 
northern Iraq. Kidder Fbahody fires chief 
government bond trader far allegedly fabri 
eating $350m in trading {unfits. Funner US 
president Richard Nixon dies. Belgium’s 
Jean-Lac Dehaene is tipped to succeed 
Jacques Debus as European Commission 
preridenL Procter & Gamble claims rival 
Unilever’s new detergent rots rather than 
niaans dnHwiL Enterprise on launches 
£1.45bn takeover bid far Lasma Lloyds 
Bank agrees to take over Cheltenham ft 
Gloucester building society. After court 
rebuff they find new plan. 


May 


June 


T he newly elected South African 
parHament chooses Nelson 
Mandela as the country’s first 
black head of state John Smith, 
leader of Britain’s Labour party, dfos of a 
heart attack, aged 55. Reports of up to 
200,000 dead emerge from Rwanda as 
rebels capture Kigali. Israeli soldiers for- 
mally quit Jericho, and five days later, 
they leave Gaza. Dutch prime minister 
Rund Lubbers declares his candidacy to 
replace Jacques Delors as European 
Commission president. Whitewater prose- 
cutor Robert Fiske is subpoenaed for the 
files cm Vincent Foster, White House conn- 
■ sel who died mysteriously. Yemen is riven 
by riv3 war. In a local election root, the 
Liberal Democrats gam 388 seats while the 
Tories lose 429. Even traditionally true- 
blue Tunbridge Wells is disgusted. The Fed 
raises the discount rale. Eurotunnel 
launches a rights issue. Troubled German 
engineering company Metallgesellschaft 
ann oun c es restructuring. E ur ope an 
Commission, abandons its steel industry 
rescue plan (only to revive it a month 
later). Jacqueline Kennedy Onassfa, the 
closest America name to having a queen, 
dies of c ancer in New York. Camelot con- 
sortium wins the bid to run the UK 
National Lottery. Russia and Ukraine bick- 
-er over the possihle secession of Crimea. A 
mysterious flogh-raHng bug kills seven. 
Alexander Solzhenitsyn returns to Russia 
after 20 years of erifa. 


T ^ib US is tra nsfi x ed by OJ Simpson, 
a story which - tike the forma: 
football here - runs and runs. 
Police pursuit along CaHfr>rrHg 
freeways Is broadcast live. Charged with 
murder of ex-wife and her friend, Simpson 
becom es catalyst for media overkill on. 
forensic science, racial attitudes, spouse 
abuse and-, media overkill. John Major 

vetoes JeanAuc Dehaene. Israel launches 

air raid on Lebanon, kllhng45 pro-Iranian 
EBzboUah members. Allied veterans march 
on Omaha beach to commemorate the so th 
anniversary of D-Day. Helicopter crash in 
Scotland kills 29, mchittiog senior special 
branch officers in Royal Ulster 
Constabulary. Hata loses a vote of confi- 
dence and Tomiichj Murayama, laa<fcr of 
faftwing Social Democratic party, becomes 
Japanese prime minister. Labour cele- 
brates best Ehmnelection results. RMT sig- 
nal workers begin series of UK rail strikes. 

Austria votes fair EU membership 
BconcniBt Eraeste i Samper becomes presi- 
dent of Colombia. George Michael loses hfe 
Prctttom in a battle to nullify contract 
J^Sony^y Telegra^cuts coro 
prae to 30p, the Times cuts to 20p, and the 
dependent complains. Former US presi- 
dent Jimmy Carter mediates In North 
^ South Korea agree to 

Bernard Tapie is 

i nvesti gated far fraud and tax evasion. 

Diego Maradona is sus- 
peaded from football far using drugs. 


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Britain’s opera houses move into the future 


Richard Fairman reviews 


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he nation may have lost 
its enthusiasm Jen mov- 
ing house, but opera 
companies are on the 
move as never before. In 
a round of keeping up with the 
Joneses that puts Acacia Drive to 
shame, UK opera companies are all 
- with one exception - in the pro- 
cess of redeveloping, upgrading, or 
building new homes from scratch. 

Jt has not gone unnoticed in polit- 
ical-circles that the first new opera- 
house to open its front door to the 
public was the only one in the pri- 
vate sector. Glyndeboume did 
everything right Having raised pri- 
vate sponsorship during the boom 
years, it built its new. theatre when 
costs were low during the recession. 
Unveiled in May, GO years to the day 
after the first performance in the 
old house, this handsome building 
combines good acoustics and inter- 
national class, all at the vary rea- 
sonable price tag of £33 ™]K«n. 

. Nobody will have begrudged 
fflyndebourae its year of triumph, 
not even those who booed the new 
production of Don Giovanni. As 
well as file theatre, this year's festi- 
val inaugurated a new artistic part- 
nership between Andrew Davis as 
music director and G raham Vick as 
director of productions, a team 
which has ambitions to lead this 
rural festival into new pastures, 
more challenging than the old. 

Their own contribution to the sea- 
son was Tchaikovsky’s Eugene 
Onegin, stylishly designed, well 
sung and played. This was self-evi- 
dently an evening of quality, even 
to those (admittedly a minority) 
who found it cool and calculated, as 
I did. Deborah Wamer’s uncompro- 
mising production of Don Giovanni 
divided opinion more violently. The 
key question for Glyndebourne is 
how far its core audience will be 
prepared to support this shift in 
artistic direction. Seats used to be 
Bke gold dust, but not this year. 
What will happen in 1995, when the 
new productions are Rossini’s 
Brmione and Jand&k’s The Makro- 
pouios Cast? Or in 1996 with Han- 
del’s rarely-heard oratorio Theodora 
0n the hands of enfant terrible Peter 
Sellars) and Berg’s Lulu? 

At Covent Garden any action on 
the rebuilding front remains on 
bold at the moment .Westminster 
City COundl approved the revised 
plans for the £100 million redevelop- 
ment scheme submitted by the 
Royal Opera House in June, but 
that was probably little more than a 
formality. The phantom of the 
opera waiting in the wings for the 
general director, Jeremy Isaacs, is 
public opinion, which dislikes the 


nois y audiences and new theatres 



I**:-! V;£t 




- a scene from Richard Jones’ controversial production of “The Ring’ at Covent Garden 


idea of the poor man’s National Lot- 
tery stake going to pay for the rich 
man's opera-house. 

For the time being, however, 
morale at the Royal Opera remains 
fairly high. Nothing brings a com- 
pany’s artistic strategy more clearly 
into focus than emharMng qq Wag- 
ner’s Ring. After a couple of false 
starts in recent years - one staging 
abandoned, another borrowed - this 
latest production by Richard Jones 
looks set to run the course, guaran- 
teeing front page news as it goes its 
wild way. Either one loves Wotan 
as a traffic cop gnd the Rhinemai- 
dens as fat, flubbery, Michelin-girls, 
or one hates them. 

To please its paymasters, the 
Royal Opera might think of making 
a gesture towards the UK’s balance 
of payments. A clear trend has 
emerged this year for in-house pro- 
ductions - like Massenet’s frothy 
Cherubim and the recently-televised 
La traviata - to be sturdy ggampieg 
of British manufacturing, while 
those imported from overseas have 
been shoddy goods. Did nobody 
notice that the Old Testament dust 


had settled on Rossini’s Mosi in 
Egitto before it left Bologna, or that 
the kiss of death had irmg since 
suffocated Toulouse's moribund 
production of Gounod's Ramie et 
Juliette? 

The Royal Opera also hit the 
headlines when The Hecklers booed 
and jeered a revival of Birtwistle’s 
Gaaain. Ironically their protest 
backfired: thanks to' the publicity 
the opera was a near seD-out, so 
“boo” to them instead. In musical 
terms it has been a good year, espe- 
cially for the music director, Bern- 
ard Haitink, who was praised for 
his Ring and showed himself a ten- 
der Jandfiek conductor with Katya 
Kabanova. If the redevelopment 
becomes reality and the Royal 
Opera House closes in 1997, what 
will he do? Surely he wfl] not be 
content to be conductor without 
portfolio? 

One irony is that the arrival of 
the National Lottery could give us 
less arts, not more. If English 
National Opera succeeds in getting 
the £40m it requires for the refur- 
bishment of the Coliseum, both 


London opera-houses could be 
closed for building work at the 
same time. Restoring Edwardian 
grandeur is the aim here: much of 
the splendour of Frank Matcham’s 
Imperial Rome interior is under a 
layer of grime at the moment (how 
many have seen the mosaic floors 
proclaiming “Salve” inside the 
entrance?). 

T he company spirit at 
ENO will have been 
buoyed by a rise in 
attendances to around 78 
per cent (up from GO per 
cent) since the summer. Having 
inherited a stock of productions 
that the Arts Council declared 
redundant, the new regime has set 
about renewing the standard reper- 
tory at top speed. Sometimes the 
haste was obvious. Productions 
such as Cosf Jim tube and Eugene 
Onegin sought to offer novelty at 
the lowest possible dent to the bal- 
ance sheet and may be replaced 
themselves in a year or two's time. 
The disastrous Jenufa will probably 
not last even that long. Perhaps the 


disposable opera production has 
finally arrived. 

Dennis Marks, the general direc- 
tor, will he aware that his successes 
have been the most professional 
presentations, like Massenet’s long- 
unseen Don QtdchoUe and Strauss’s 
Der Rosenkavalier with old ENO 
troupers Anne Evans and John 
Tomlinson lured hack from Bay- 
reuth. Musorgsky’s five-hour Khoo- 
anshcMm offered an epic lesson in 
Russian history to whfoh the party 
faithful turned up in large nunibers. 
Even Judith Weir's slip of a new 
opera. Blond Eckbert, was reason- 
ably wen attended, although Marks 
looked enviously at the foil houses 
for Birtwistle up the road If only 
The Hecklers could have visited 
ENO too, he opined ruefully. 

Scottish Opera is lucky enough to 
have unveiled its new theatre 
already. Although the company’s 
base remains in Glasgow, it now 
has the refurbished 1920s Empire 
Theatre for its visits to Edin b urgh. 
A highly-praised gala performance 
of Wagner's Tristan und Isolde in 
June marked the transformation of 


this ex-bingo hall into an opera- 
house of some style, blessed with 
excellent sight-lines and lively 
acoustics - all far a mere £21m out 
of the corporate sporran. The canny 
Scots spend their money wisely. 

In artistic terms, more regretta- 
bly, there was no profligacy either. 
The company enjoyed modest suc- 
cesses, such as a pleasing L’ebsir 
d’amore and an effective Peter 
Grimes, but Tim Albery’s staging of 
Fidelia was the only one to exhibit 
real flair and ambition. Perhaps sur- 
viving at all in the present eco- 
nomic climate is as much as one 
has a right to expect 

Smarter com panies did not enjoy 
a good year. Opera Factory made a 
heartrending appeal from the stage 
for donations, but after their cHcfafe- 
ridden production of Stravinsky’s 
The Babels Progress and the premi- 
ere of Nigel Osborne’s uncornmuni- 
c a t i ve Sarajevo, sympathisers will 
have put their wallets straight back 
in their pockets. Almeida Opera's 
two premieres - Elena Firsova’s 
The Nightingale and the Bose and 
Jonathan Dove's Siiren Song - were 


short and sweet English Touring 
Opera kept ticking over with La 
Bohtme and Gluck's Orfco. The 
exception (again!) was Glynde- 
bourne Touring Opera, which 
scored a monster of a hit with Birt- 
wistle’s King Kong opera, The Sec- 
ond Mrs Kong. 

Round the rest of the country 
opera managers were deserting 
ship. Ian Ritchie had barely been 
with Opera North for a year before 
he was packing his bags, apparently 
oblivious that he was running the 
only opera company not moving to 
a new theatre. From its base in 
Leeds, Opera North continues to 
seek out the operas that nobody 
else dares to play. This season 
included a creditable attempt to res- 
urrect Chabrier's seductive he Ren 
malgri hii, a newly-discovered ver- 
sion of Puccini's La rondrne and 
Verdi's first opera, Oberto, produced 
by John Tomlinson, laying n*M«» his 
Wagnerian spear. In addition, the 
company scored a popular goal with 
Benedict Mason's footballing opera. 
Playing Assay, when it arrived back 
at its home ground after the premi- 
ere at the Munich Biennale. Opera 
North remains at the top of the 
“Adventurousness" league. 

Matthew Epstein lasted loiter at 
the head of Welsh National Opera - 
three years out of his contracted 
five. Blaming cuts in subsidy, he 
left no doubt as to the reason for his 
departure, adding ominously as he 
went that he hoped “WNO will be 
strong enough to move into fits new 
theatre]"- The plan in Wales is for a 
wholly new theatre in the Cardiff 
Bay development area, financed 
with a grant from the Millennium 
Fund. At a cost of around £43m the 
company hopes to have a striking 
“glass necklace" building that will 
become a local landmark, like the 
opera house in Sydney. With a bit 
of luck it might be suitable for 
opera, too. 

Epstein's talent-spotting eye was 
doubtless responsible for finding 
some of WNO's promising young 
singers during the year, but there 
have also been interesting produc- 
tions, like the provocative Turandot 
and a heavenly staging of Berlioz’s 
Biatrice et Benedict, produced by 
Elijah Moshinaky. I have left this 
until last, because it was the most 
outstanding opera performance in 
Britain this year, near to perfection 
in every way. An evening like that 
leaves one full of optimism for a 
future which sees our opera compa- 
nies installed in fantastic, state-of- 
the-art theatres. If any of them fails 
to get the money, they could always 
try buying a ticket for the National 
Lottery. 


T he London concert 
scene was neither 
noticeably richer or 
poorer this year than 
before; which is to say, it has 
still been pretty rich. 
Shrunken state support has 
not diminished the variety of 
the “big five” orchestras' pro- 
grammes (I count the BBC 
Symphony among them, as one 
must). For every plain, undis- 
guised money-spinner on this 
year's menu, you could find 
two or three in the South Bank 
brochures for, say, 1965 or 1970. 

Which is only to remark: the 
notion of a "money -spinning" 
concert is elusive. A quarter- 
century back, Beethoven's 
Third, Fifth and Ninth Sym- 
phonies, Tchaikovsky's Fifth 
and Sixth and two Rakhmani- 
nov piano concert) were sup- 
posed to be surefire draws, 
almost as safe as the "1812” 
Overture with fireworks laid 
on. None of them now guaran- 
tees even a foll-ish house, not 
without a renowned conductor. 
The ageing audience for the 
traditional middle-brow favour- 
ites has become unreliable - 


London’s concertgoers spoiled for choice 

Times may be tough and tastes changing, but the city’s music remains healthy, says David Murray 


or, perhaps, just experienced 
enough to turn choosy. 

The only sure successes are 
(a) operas in concert form with 
famous singers, (b) some per- 
formances of not-too-unfamil- 
iar works - a much broader 
category than it used to be - 
by very big-name conductors, 
and (c) just once in a while, 
some especially ambitious 
piece (massive, or inordinately 
long or fabulously compli- 
cated) by a currently trendy 
composer. Any of those latter 
is difficult to plan with confi- 
dence. 

Yet the average numbers for 
concert evenings remain 
healthy enoug h: do wn a bit 
while the perceived recession 
continues, but not more so 
than the paying audiences for 
other arts. Despite the fearfol 
internecine competition 
between them none of the 


major London orchestras has 
collapsed yet, nor abandoned 
the capital for hand-to-mouth 
life in the provinces (though 
they complain that every Lon- 
don concert costs them 
money). These days, opera 
commands many more column- 
inches in the press than non- 
operatic music; but audiences 
for the latter, night by night, 
are in toto largo: by far. 

We are admittedly short of 
great conductors, (go is every- 
body.) The departures of Giu- 
seppe Sinopoh from the Fhil- 
harmonia and Franz 
Welser-M&st from the London 
P hilhar monic have not 
incurred widespread grief, 
though they both had their 
moments. The great Klaus Tten- 
nstedt, whose LPO concerts 
these past years have been reg- 
ularly announced, sold out and 
then relegated to a subs ti t u te 


or cancelled, has finally 
thrown in the toweL The loss 
to the London Symphony of 
Michael Tflson Thomas - at 
the gain of Coifin Davis - we 
can bear without pain; the Til- 
son Thomas career needed a 
move to America 'at this stage, 
and will no doubt benefit by it 
The Royal Philharmonic con- 
tinues to rotate any number of 
conductors, but can still rise 
beautifully to an occasion. 


A re so many orchestras 
a crazy London lux- 
ury? Well: not as long 
as they survive. For 
one thing, the notoriously 
scant rehearsal-time that they 
often get might not be 
improved in the least if they 
were fewer. Nor could we 
expect them, if they took to the 

ftemtinenfari ariA American mu- 


tine of repeating every concert 
several times in a weds, to risk 
as many bold programmes as 
they do. 

The fashion for mini-“festi- 
vals” has somewhat declined. 
This year the main ones have 
been Rostropovich's Schnittke 
conspectus at the Barbican, the 
South Bank’s celebration of 
Luciano Berio, and Tflson 
Thomas’s continuing Mahler 
cycle with the LPO; but noth- 
ing so unexpected mid enlight- 
ening as the Barbican’s recent 
“Tender is the North" conspec- 
tus of Scandinavian music, let 
alone the exhaustive South 
Bank forays into Stravinsky, 
Webern and Roberto Gerhard 
longer ago. 

Though that is perhaps no 
more than happenchance, it 
may reflect their promoters' 
concern that there is no longer 
a “special” audience for any- 


thing too special. Nobody can 
count upon younger ears 
eagerly zeroing into music 
they want to know more about, 
because they come from too 
many different places. There is 
no regular place appointed to 
classical music in British 
schools now, unlike those of 
virtually every European coim- 
try. To be prompted toward 
knowing more of It you have to 
be lucky in your local educa- 
tion, or divine extra possibili- 
ties in pop and rock mid popu- 
lar minimalism, or be moved 
by fashionable meditators like 
Arvo Part and John Tavener. 

It is left to the Wigmore Hall 
to sustain crusty, dependable 
old music-lovers. Chamber 
music, and piano and song 
recitals, sound better there 
than almost anywhere (except 
when the artists' ears have 
been spoiled by playing too 


much in grander venues). The 
Queen Elizabeth Hall, much 
improved by narrowing the 
available space for a more inti- 
mate audience, remains never- 
theless too large for immediate 
«mwnnfii«rtimt — though Rich- 
ard Goode’s inspired, ongoing 
Beethoven piano-cycle goes a 
long way toward refoting that 
charge. The Wigmore remains 
the place to hear Dichterhebe, 
Wmterreise or Die schBne MUl- 
lerin , the Beethoven quartets 
or Bartdk’s or the Schubert 
trios; and its best artists are 
invariably sold out 
We have little room for com- 
plaint Besides the many Wig- 
more series (which do need 
advance booking) and the 
mini-festivals in the larger 
halls, there have been plenty of 
rewarding one-offs this year - 
Maxwell Davies’s lithe new 
Fifth Symphony, and Boulez's 


knife-edge readings of Stravin- 
sky’s Symphony of Psalms and 
his own Cummings ist der 
Dichter at the Proms; Louis 
Andriesaen's De Materie in the 
South Bank “Meltdown" festi- 
val (not otherwise distin- 
guished), and Berio's opera La 
vera storia and the complete 
sequence of his Sequeme, 
Chailly’s Mahler Seventh with 
the Concertgebouw, and also 
some electrifying moments in 
Tflson Thomas's Mahler series 
so far. 

On the smaller Wigmore 
scale, I remember with acute 
pleasure concerts by the 
steadily maturing Cannina 
Quartet, the Ysa?e and the 
sumptuous Vogler. In Ueder, 
Nathan Berg's beautiful sound 
- and intelligence, and flair, 
and the even younger Matthias 
GSrne’s precocious ait; and at 
the Barbican, the unequalled 
Borodin Quartet in Shost- 
akovich, and peerless young 
Maxim Vengerov's virtuoso fid- 
dle. Times may be tougher 
than anybody likes to acknowl- 
edge, but we are still spoiled 
for choice. 



* 


O YOU? 



O&z ■*- e r ‘ * 




■ AMSTERDAM 


CONCERTS 

Hat Concertgebouw Tel: (02(9 671 
6345 

• European Baroque Orchestra: 
Wteland KUQfcen conducts Telemann, 
Muffat and Bach at 8.15 pm; Jan B 

• Royal Concertgebouw Orchestra: 
with violinist Sarah Chang. Charles 
Dutoft conducts BerSoz. Lato, 
Stravinsky and Ravel at 8.15 pm; 

Jan 4, 5, 8 


■ BERLIN 


CONCERTS* 

P M h w r n onto Teh (030) 2548 8132 
• BerSn PhShermonk: Orchestra: 
with conductor Ctaudto Abbado and 
soloists Sylvia McNair, USa 
Gustsfsson ptatys Sohunerm at 8 
pm; Dec 30, 31 (5.15 pn# 


Deutsche Oper Tel: (030) 3 41 8248 

• Ow Boaenkavafier by Strauss. 
Conductor Jifi Kent, production by 
GOz Friedrich at 5 pm; Dec 31 (5.30 
pm) ; Jan 8. 

• Zarund Zimmerman: by Loitzing. 
Conducted by Hans Htodorf, 


produced by Wlrdiried Bauemfaind at 
7 pm; Jan 10 

Steatsoper llntar den Linden Tel: 
(080) 2 00 4762 
• Die Zauberfl&te: by Mozart. 
Conductor Daniel Barenboim, 
production by August Everding at 7 
pm; Jan 1, 4, 7 


■ LONDON 

CONCERTS 

Barbican Tel: (071) 638 8881 

• LBO New Year Viennese 
Concerts: conducted by John 
Georgladls, the music of Strauss in 
a celebration of the New Year at 
7.30 pm; Dec 31; Jan 1,2 

• Royal Philharmonic Orchestra: 
conducted by Bramwefl Tovey plays 
Mendelssohn. Handel, Bruch and 
Beethoven at 8 pm; Jan 7 
Festival Half Tel: (071) 928 8800 

• Johann Strauss Gala: the Johann 
Strauss Orchestra with director John 
Brabtfoury, soprano MarByn Hill-Smith 
and toe Johan Strauss Dancers 
plays a pr o gramm e of music by 
Strauss. First p er f orman ce at 3.15 
pm. then at 7 JO pm; Jan 1 

GAMEMFS 

Hayward Teb (071) 261 0127 

• The Romantic Spirit in Romantic 
Art 1790-1990: examines work of 
early Rom an t ic painters. Includes a 
section on German Expressionists; 
to Jan 8 

Tate Tel: (071} 887 8000 

• James McNeB WMstier: major 
survey of the Victorian painter and 
designer; to Jan 8 

OPERA/BALLET 
Festival HaB Tel: (071) 928 8800 
m The Nutcracker by Tchaikovsky. 
English National Baflet and its 


Orchestra choreographed by Ben 
Stevenson at 7.30 pm; to Jan 2 (Not 
Sun) 

Royal Opera House Teh (071) 340 
4000 

• Cindenafla: music by Prokofiev. 
Created by Fredrick Ashton in 1948, 
this was the first fuIHength ba&et by 
an English choreographer at 7.30 
pm; Dec 30, 31; Jai 3 

• Swan Lake: by Tchaikovsky. 
Choreographed by Marius Petipa 
and Lev Ivanov, production by 
Anthony DoweO at 7J30 pm; Jan 5 

• The Sleeping Beauty, a new 
production of Tchaikovsky's baflet 
Produced by Anthony Dewed, set 
designed by Martet Bjomson at 7.30 
pm; Jan 4 (2 pm) 

THEATRE 

National, Lyttelton Tek (071) 928 
2252 

• Out of a House Walked a Man: 
by DaniH Kharms. A Royal National 
Theatre and Theatre de Compfcite 
co-production of a coDection of 
musical scenes by the Russian 
absurdist writer at 7.30 pm; Jan 7 
(2.15 pm) 

• The Children's Hour, by Lillian 
HeSman, di rec te d by Howard Davies 
at 7.30 pm; Dec 30, 31 (2.15 pm) ; 
Jan 2, 9, 10 (2.15 pm) 

Queen Bbsebeth HaB Tel: (071) 928 
8800 

• Cinderella: by Ros si nL The Music 
Theatre London present this nsw 
translation by conductor and 
musical arranger Tony Britten, and 
director Nicholas Broattourst at 7.15 
pm; to Jan 3 (Not Sun) 


■ NEW YORK 

GALLERIES 
Brooklyn Museum 


Tel: (718) 638 5000 

• Indian Mi nature Paintings: 80 
jewel-like paintings from the 15th 
-19th century; to Jan 8 (Not Mon) 
Metropolitan 

• Ann Hamilton: exhibition reveals 
toe artists interest in the relationship 
between sight and touch; to Jan 3 

• Origins of impressionism: 175 
paintings by Parisian artists of the 
1860's; to Jan 8 (Not Mon) 

• William de Kooning’s Paintings; 
to Jan 8 (Not Mon) 

Museum of Modem Art Tel: (212) 
708 9480 

• Cy Twombly: Comprehensive 
retrospective of the contemporary 
American artist; to Jan 10 

OPERA/BALLET 
Metropolitan Tefc (212) 362 6000 

• Die Hedermaus: by J. Strauss. 
Sung in German with En^ish 
dialogue at 7.30 prrr, Dec 31; Jan 5, 

7 

• L' Bisir cf Amore: by Donizetti. 
Produced by John Co pely. 
conducted by Edoardo M Oiler at 8 ■ 
pm; Jan 2, 6, 9 

• Madama Butterfly: by Puccini at 

8 pm; Dec 30; Jan 4, 7, 10 

• Peter Grimes: by Britten. English 
at 8 pm; Dec 31; Jan 3 

New York State Theater Tel: (212) 
870 5570 

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

THEATRE 

Manhattan Theatre Chris Teh (212) 
581 1212 

• Love! Valour! Compassion!: latest 
play by Terence McNally (of Kiss of 
the Spiderwoman fame), rfiracted by 


Joe Mantel lo. Sun. performance at 
7pm otherwise at 8 pm; to Jan 1 
(Not Mon) 

Richard Rodgers Theatre Tefc (212) 
307 4100 

• A Christmas Carat engaging one 
man show of the classic with Patrick 
Stewart at 8 pm; to Jan 8 


■ PARIS 

GALLERIES 

Grand Palais Tel: (1) 44 13 17 17 

• Gustave Calttebotte: retrospective 
of the patoter who belonged to the 
circle of impressionists; to Jan 9 

• Poussin: 400th anniversary 
retro sp ective; to Jan 2 

Mus£e tfOrsay Tefc (1) 45 40 11 11 

• Forgotten Treasures from Cairo: 
a rich collection of works by Ingres, 
Courbet, Monet, Rodin, Gauguin and 
others; to Jan 9 (Not Mon) 

OPERA/RALLET 
ChStefet Teh (1) 40 28 28 40 

• Christina Hoyos: Flamenco 
choreographed by Hoyos, Marin and 
Gaita, music by Paco Arrigas at 8.30 
pm; to Jan 7 

Champs Etys£es Tefc (1) 47 23 37 
21/47 20 08 24 

• Nutcracker: Tchaikovsky's baUst 
performed by the Kfarov baflet 
company, SL Petersberg at 830 
pm; Dec 30, 31 

OpAra Comique Tefc (42 96 12 20 

• Magic Flute: by Mozart 
Conducted by Claire Gibauft, 
produced by Louis Erie at 7.30 pm; 
Dec 30. 31 

Op6ra National de Paris, Bastfile 
Tel: (1) 47 42 57 50 

• Suren Lake: 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 
4800 

• 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 GaBery Tel: (202) 737 4215 
• Floy Lichtenstein: A survey 
spanning four decades of the 
American Pop artist; to Jan 8 


OPERA/BALLET 

Washington Opera Tel: (202) 416 

7800 

• Semele: by Handel Conductor 
Martin Peariman. Roman Terieckyj 
directs a Zack Brown production at 
8 pm; Jan 7 (7 pm) , 9 (7 pm) 

• The Bartered Bride: by Smetana. 
Conducted by Heinz Fricks. In 
English at 7 pm; Dec 31; Jan 2, 8 (2 
pm) 

THEATRE 

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FINANCIAL TIMES FRIDAY DECEMBER 30 1994 


MANAGEMENT 


Healthy 


Percy Bamevik, president and CEO 
of ABB Asea Brown Boveri. 


resolutions 


irol Cooper on tangible benel 
of giving up what one enjoys 


Ask a doctor to 
suggest New 

HR raS Year's resolutions 

I H and the answer is 
depressiiigiy 
f I J * predictable. 

Giving np what 
one enjoys and 
7 taking op what 

one does not is 

wauiicwa hard until there 

are tangible benefits. So just how 
soon can one expect returns from 
giving up smoking, taking up 

exercise and eating more 

healthily? 

In the case of smoking, it 
depends on the endpoint you 
choose. At post-mortem, no 
ex-smoker’s lungs ever the 
healthy pink hue of the life-long 
non-smoker’s. But lung function 
usually improves within weeks or 
months of stopping, while 
shortness of breath and coughs 
gradually recede. 

The risk of lung cancer falls 
gradually race the habit is 
ditched. However, new research 
from Hope Hospital, Salford, 
shows that the risk of lung cancer 
in ex-smokers, even if they gave 
up years ago, remains higher 
than in those who never smoked. 

On the other hand, some 
benefits are seen quickly. 

Personal freshness improves 
almost immediately, while giving 
up smoking in early pregnancy 
reduces the risk of miscarriage, 
growth retardation and stillbirth. 

Taking op exercise Is 
demoralising if stiff muscles 
result, but there are many later 
benefits in cardiovascular fitness, 
mobility, muscle strength and 
even mood. Exercise may also 
help prevent cancer of the 
pro s t a t e , breast, or bowel, though 
data are inconclusive. 

Exercise has a well-documented 
effect on blood cholesterol, 
increasing the good fraction 
known as HDL (high-density 
lipoprotein) and therefore 
reducing the risk of coronary 


Medicine and others suggest that 
less vigorous exercise five times a 
week is enough, A brisk daily 
walk of 2km may do the trick. 

Exercise usually takes weds erf 
commitment to make a difference, 
but improvements continue for 
months or years. Studies even 
show dial, in some people, 
oorosary artery changes are 
reversed after a year’s regular 
exercise (but see your doctor 
first). 

November saw the publication 

of the Coma (Committee on 

Medical Aspects of Food Policy) 
report on cardiovascular disease. 
Its recommendations for healthy 
eating include eating more fibre 
and starchy carbohydrate - as a 
nation we still take too much fat 
and sugar. It also recommends 
eating oily fish twice a week, 
replacing the breakfast fry-up 
with cereal and/or toast, and 
eating more fruit and vegetables. 

Fortunately, no single food is 
wholly good or bad. Variety and 
moderation are Important. 

Although they did not feature 
in tiie Coma report, anti-oxidants 
are worth knowing about. They 
include vi tamins C and S, folic 
acid and beta-carotene (the 
precursor of vitamin A), and 
combat free radicals, which 
probably cause cell mutations, 
and tiie changes of ageing. 
Collectively, anti-oxidants are 
found in green leafy vegetables, 
carrots, whole grains and fruits, 
and there is some evidence that a 
diet rich in anti-ooddants does 
help prevent cancer and heart 


Kg Idea: Managers need to break 
their organisations out of the nar- 
row confines of national borders if 
they want to tap the opportunities 
for freer global and regional trade 
opened in 1994 - such as the Gatt 
agreement, Nafta, an expanded 
European Union and progress in the 
Asia-Pacific region. This requires 
not only global management but 
also regional management with fall 
decision-making responsibility for 
total operations and product sandy 
in, for example, eastern and west- 
ern Europe combined, 
ttrafrng- The Endangered. American 
Dram by Edward N Luttwak (pub- 
lished by Simon & Schuster). 

Luttwak has a lot of insight and 
is provocative. Having seen the end 
of the European “welfare state”, the 
collapse of communism and the 
slowing of the Japanese economic 
engine, you wonder after reading 
this book where the world's one 
remaining superpower really is 
beading tog term. While you may 
not agree with all of his descrip- 
tions flTid recipes for change - 
reforms to public education, taxa- 
tion and industrial policy, and 
unprecedented trade liberalisation 
- he gives you reason to think. The 
author's humour and hands-on style 
also make it easy to read. 


The FT canvassed businessmen, consultants and 
academics for their thoughts on two questions 


from a training manual). 

Wby? Because it ties in with the 

c&sdtenge in the fusion concept Just 
described. But most of all because I 
like it. . 


Big ideas 


Hugh Dickinson, mana^ng part- 
ner. Boo® Allen & Hamilton inter- 
national (OE). 


big books 


David Smra, group chief executive 
and deputy chairman, British 
Petroleum. 


How much exercise? Hie usual 
advice is to take 20 minutes of 
brisk exercise three times a week, 
checking first with your doctor if 
unused to activity or worried 
about fitness. 

Recommendations from the 
American College of Sports 


How quickly does a healthy diet 
work? In most people, changes in 
fat intake result tn measurable 
effects from three weeks. The 
consequences of taking more 
anti -oxidants are less clear. Crash 
diets should not be part of the 
plan. Rapid weight lass does not 
usually stay off, and those whose 
weight fluctuates seem to be at 
greater risk of heart disease than 
those with stable weights. 

A final recommendation for 
1996 is based on evidence that 
people who enjoy life are 
healthier and may even have 
better immunity to infection. So 
above all have a Happy New Tear. 

The author is a London general 
practitioner. 


Big idea: Listen. Advice in short 
punchy statements rarely seems to 
stick; maybe people need their 
advice wrapped in academic paper. 
But a friend sent me a simple card 
once: “Listen first, think next and 
act after." To that I would add - 
lot* around you at other businesses 
as you listen to people In yours. A 
continuous benchmark process, 
maybe? 

Reading: Changing the Bole of Top 
Management : Beyond Strategy to 
Purpose by Christopher A Bartlett 
and Sumantra Ghoshal (Harvard 
Business Review, November-Decem- 
ber 1994). 

Why? Because it reinforced many 
conversations with friends in HP 
about our own path to performance. 
If vision seems Eke a little luxury - 
try purpose. Once you have it, how 
to make it happen? Try process. 
Who? You and yours - try people. 


must focus relatively mere an grow- 
ing revoiue (the numerator in most 
financial ratios) and less on cutting 
headcount and, investment (the 
denominators). Today employees 
are often told, if you don't get more 
efficient you'll lose your job. Yet 
workers know that if they become 
more efficient, they’ll still lose tinsr 
jobs unless there is top-Ene growth. 
Sitting a to p hi ghest unemploy- 
meat rates in the developed world, 
growth must become the over- 
whelming obsession af Europe’s 
senior executives. And don’t whine 
about shortterm investors or a lack 
of risk capital Swatch, Nokia, Vir- 
gin Atlantic and International Ser- 
vice Systems have all proven that it 
is imagination, for more than capi- 
tal, that po we rs growth. 

B«wHnF Great companies fail when 
there Is no way of mounting a suc- 
cessful assault on the out-of-date 
beliefs, assumptions and prejudices 
of top management Perversely, the 
responsibility for crafting strategy 
typically rests with the corporate 
“politburo", whose intellectual 
equity is invested more in the past 
than in the future. If it is to be of 
any use, strategy-making most be a 
subversive activity. Hence my 
enthusiasm for The First Dissident 
by wniiam Safire (Random House), 
a contemporary study on the Book 
of Job. If Job could challenge God’s 
fairness, and live to teH the tale, 
bow much more hope for those 
seeking to challenge the for less 
awesome interests that defend cor- 
porate orthodoxy. 








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3 


Big idea: The ocue “big” idea must 
be the rebirth of leadership “ more 
specifically, in establishing the 
vision for the business, in focusing 
the organisation on the one ot two 
central ideas that will shape vision 
into reality, mad in being rea dy t o 
take the tough people and resource 
deployment decisions that gu with 
the territory. And leadership inrao- 
ognising, resolving and accepting 
the give-ups and trade-offs that will 

inevitably be required. - 

B aaitiny Competing far the Future 
by Gary Haxnel and CK Pralabad 
in particular, its last 20-page chap- 
ter, “Thinking differently about the' 
organisation". . v " u 

Why so? Because of the boon 
eloquence in capturing the need to 
raise growth race more to the top of 
the corporate agenda. And, in its 
flnai pages, in its articulation of the 
significance of tiie complex inter- 
plays and feedback Loops between 
corporate strategy, business vitality 
and organisational choice. 


1994? 


r « •„ 


Motaamed A1 Fayed, chairman. Star- 
rods. 


f 


Rosabeth Moss Ranter, professor of 
business administration. Harvard 
Business SchooL 


Professor Gary Hamel, professor of 
strategic and international man- 
agement, London Business SchooL 


Big idea: 1995 should be the year of 
the “numerator”. In the quest for 
higher productivity, companies 


Kg idea: Tbs best “big” idea is to 
look for lots of small ideas, some of 
which will pro v e to be the break- 
through new idea that helps the 
business leap in new directions. Put 
innovation back into the cen t re of 
the business; in too many compa- 
nies it has been displaced by inter- 
nally-focused and rigidly controlled 
quality and re-engineering pro- 
grammes. Stimulate creativity at all 
levels. Hold regular brainstorming 


sessions about new ways to do 
things. Let a thousand small flow- 
ers of experimentation bloom. 
Reading: A toss-up between Tru- 
man by David McCullough and No 
Ordinary Time by Doris Kearns 
Goodwin about Franklin and 
Eleanor Roosevelt. 

These penetrating works of politi- 
cal biography show national leaden 
successfully mastering mega-chal- 
lenges of historical proportions. 
Ton see them make tough deci- 
sions, invent imaginative new poli- 
cies and programmes, build support 
for operating in the public spotlight 
and larking the singular authority 
that most business CEOs have. The 
change problems in business sud- 
denly seem more manageable. 


notorious for Its -shoddy goods, 
became an economic superpower, 
chiefly because it attained world 
quality leadership- 

Beading: No answer. 


Clive Williams, bead' of manage- 
ment consulting, Ernst & Young 
(CK). 


Joseph M Juran, a pioneer of total 
quality management and founder 
of the Juran Institute. 


Big idea: Set out to become the 
quality leader in your industry: 
Recall that Japan, a country once 


Big idea: Organisations are learning 
to live in a state of constant txanst 
tira. In these conditions traditional 
concepts of the managerial role 
have ceased to exist. Instead of 
(dinging to outdated practices man- 
agers should conce n tr a t e on devel- 
oping new business styles and shift- 
ing the organisation’s centre of 
gravity from a fixed line-based 
structure towards a flexible, pros- 
pect-based organisation. In3t995 the 
challenge is to become a genuine 
enabler of people and to focus an 
four imperatives - speed, adaptabil- 
ity, responsiveness and inno vation. 
Beading: The Scottish SSmgJayetn 
Expedition by WH Murray (excerpt 


Big idea: Invest in success, ff-you 
are fortunate to have a brand that 
is already admired and enjoyed,' 
support it to the Mtt and watch it 
take your company forward. In tin 
10 years since acquiring Harrods, 
we have invested gflnnrr* in refur- 
bishment, to opening new depart- 
ments and to improving our stan- 
dards of service. Even great 
national institutions need generous 
capital investments if they are to he 
worthy of their customers’ support 
into the next century. As a “big” 
idea this may not be new but as an 
Egyptian sage I once knew , put it 
“New is easy, good is hard." 

Harrods sells huge num- 
bers or business books but I must 
confess I don't read them. J}y foe- 
tune a man can afford £24.95 for a 
hardback by a former big name, 
usually looking back: he should be 
sufficiently sure of himself in busi- 
ness not to need that sort of advice. 
It is better to buy that classic wurk 
of fiction you always meant to read 
but never got around to or a couple 
of CDs by a co m poser you drat 
know. Let your overworked brain 
do the thtog yuu never allow it to 
do: to kfle^You will be surprised by 
how mariy-good ideas you come up 
with wharyaa are not thinking. 


FINANCIAL TIMES 


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FINANCIAL TIMES 

■ 

Number One Southwark Bridge, London SEI 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Friday December 30 1994 


Regulating 

derivatives 


Even by the standards of today's 
unstable markets. 1994 will go 
down aa a year of unusual flwsm. 
dal turbulence. Such has been the 
political fall-out in the US that a 
powerful regulatory response is 
inescapable, carrying with it the 
risk of over-reaction. Nowhere is 
this more true than with deriva- 
tive financial instruments such as 
swaps, forwards and options, 
which have prompted feverish 
anxiety cm Capitol HILL 

A sense of perspective is badly 
needed. At the risk of stating the 
obvious, derivative instruments 
have not,' despite the fiendish 
qualities attributed to tham seri- 
ously threatened, the stability of 
any fowiMng system in the devel- 
oped world this year. The biggest 
loss incurred in the markets - 
$2hn by Change County in Calif- 
ornia - stemmed less from dealing 
in der i v a t iv es than from the use of 
sate and repurchase agreements in 
the bond markets. This was one of 
several examples of leveraged 
HpwTtng where fund managers bor- 
rowed to increase returns, only to 
find that leverage can magnify 
losses as well as profits. 

With Procter & Gamble and 
other end-users of derivatives, 
lasses have highlighted potential 
conflicts of interest in the role of 
the banks. But it is not the task of 
central bank regulators to protect 
large industrial companies from 
their bankers or to monitor corpo- 
rate governance arrangements. So 
what should their priorities be? 

The precise extent of the sys- 
temic threat is hotly debated. 
What is beyond dispute is that 
while derivatives have great 
potential to increase capital mar- 
ket efficiency, the gap between 
individual firms’ knowledge of 
their trading and risk manage- 
ment practices, and the informa- 
tion available to outsiders, has 
sharply increased. Risks on and 
off the balance sheet can chang e 
hourly in a business that is 
increasingly conducted in over- 
the-counter (OTC) markets rather 
than organised exchanges. 

Lack of transparency 

The resulting lack of transpar- 
ency is such that risk may be mis- 
priced, white uncertainty over a 
bank's exposures could lead to a 
run on deposits. The threat of con- 
tagion within the finam-fal sy s tem 
is highly concentrated: in the 
derivative markets in the US 10 
banks account for more than 90 
per cent of credit exposures. Most 
important, banking supervision 
simply cannot keep abreast of the 
quick-fire changes in the risks 
that commercial banks now run in 
the normal course of business. 


This is a powerful argument for 
moving to a two-tier banking sys- 
tem in which the safety net of 
deposit insurance is denied to the 
commercial banks’ derivatives 
trading activity, ft also highHglrts 
the importance of a rapid move 
towards real-time gross settlement 
to reduce the risk that the failure 
of a counterparty will disturb the 
whole payments system. 

Market fluctuations 

The Bank for International Set- 
tlements (BIS) IS 8TnpniU^g cap- 
ital regime, currently directed 
exclusively at credit risk, to cope 
with the impact of market fluctua- 
tions. Yet capital is probably a 
less effective defence against trou- 
ble than a sound approach to risk 
management. On this score a 
recent BIS discussion paper has 
urged public disclosure of banks' 
internal risk management 
systems, a proposal promptly 
taken up by JJPJdorgan. 

A more radi c al suggestion, 
by David Folk erts-Lan da u and 
Alfred Steinherr in a recent Amer- 
ican Express Bank prize essay, is 
that the regulators should seek to 
divert business away foam OTC 
m a rk ets into a formal or 

clearing house structure. This 
would have thp advantage of 
greater transparency and liquid- 
ity, together with the dieripiina of 
collateral requirements that are 
tougher than a conventional capi- 
tal adequacy regime. 

Critics of this approach argue 
that it ignores the efficiency of 
private-sector decisions in this 
area and that a majority of busi- 
ness is done in OTC markets for 
good reason: customised contracts 
provide flexibility. The big banks 
also fear the loss of the competi- 
tive advantage that they derive 
from High credit ratings. Yet the 
Amex authors claim that a major- 
ity of OTC contracts are little dif- 
ferent from standardised exchange 
traded products. Moreover, the 
current capital adequacy regime 
contains a bias in favour of OTC 
dealing. The private sector also 
faces high costs in setting op a 
clearing house, where the returns 
on the investment are partly 
social and public. 

In the present fiscal climate few 
governments will look favourably 
an subsidies for clearing arrange- 
ments. Yet they have good reason 
to look at the case for a more level 
playing field between OTC and 
exchange- traded derivatives, not 
least because financial stability is 
an important public good. That is 
why increasing the transparency 
of the derivatives markets should 
be a high priority in any reform of 
the regulatory framework. 


Corruption has 
no frontiers 


O ~ 1 


For anyone who still believed that 
corruption was primarily a prob- 
lem of the developing world, and 
not the developed, the exposes of 
the past year should have pro- 
vided a belated awakening. Scan- 
dals ranging from petty “sleaze” 
to substantial bribery have broken 
out across the globe, from Japan 
in the east, through Britain, 
France, Italy and the former com- 
munist states in Europe, to the 
US. Brazil and Mexico in the west 
It is dear that bribery and corrup- 
tion know no frontiers. 

The rash of cases raises three 
questions: is the problem getting 
worse, in spite of the trend 
towards market economics, open 
trade, and deregulation? Is it a 
problem that needs to be con- 
trolled with new rules, or will 
such measures merely create new 
opportunities for corruption? And 
if more controls are needed, what 
effective steps can be taken? 

It is tempting to be cynical 
about the issue. Corruption has 
always existed, wherever power 
exists. On occasion it may argu- 
ably be beneficial: where a modest 
bribe can circumvent excessive 
and onerous regulations, it may 
oil the wheels of economic activ- 
ity. Or a bribe may simply redis- 
tribute the profit of a transaction 
from a government to individuals: 
then the state is the only loser. 

Where governments are exces- 
sive regulators, where they have 
imposed penal tariffs on trade, or 
where they have fixed unrealistic 
exchange rates, they deserve to be 
punished by such subversion. The 
real solution Is to reduce the 
bureaucracy and scrap the bad 
rajas, not to encourage corruption 
by writing more. 

Economic distortions 

The danger of the spread of 
bribes is that in the Bret place, 
•bay distort rational economic 
decision making: and secondly, 
that they undermine the legitl- 
awy^ of the administration, 
i n deed of the entire political sys- 
tem which allows to take 
Ptaffi- Eamomic distortions wsy 
be difficult to Uentlty. But loss of 


political legitimacy has been evi- 
dent in industrial countries suffer- 
ing from recent scandals. 

The scale of the problem does 
not seem to have grown. Rather, 
the trend towards deregulation, 
privatisation and more open gov- 
ernment has exposed its existence. 
That would seem to be the case in 
Italy, France and Japan. More- 
over. the end of the cold war has 
left electorates that were once pre- 
pared to tolerate corrupt practices 
in the interests of stability less 
inclined to do so. 

Political favours 

The common cause behind 
many of the recant cases has been 
the need for ever-increasing cam- 
paign funds for political parties, 
rather than individual venality. 
The soaring costs of campaigning 
for political office in a televised 
democracy have pot ever greater 
financial pressures on the partici- 
pants. In the US, as in Japan, the 
purchase of political favours with 
ca m p ai gn contributions has long 
been almost an accepted part of 
the system. 

What is to be done? Clearly it is 
essential that political contribu- 
tions should be subject to maxi- 
mum transparency. There is a 
case for strict limits to be set on 
election spending. Cost-free party 
political broadcasts, on the British 
model, rather than the commer- 
cial sate of television advertising 
spots, could be another way of 
controlling expenses. 

Another lesson is that both 
bureaucrats, and politicians, must 
earn incomes In keeping with the 
responsibility of their jobs. If 
cither are dearly underpaid, it 
will provide a temptation to cor- 
ruption, which would rapidly out- 
weigh the savings on their sala- 
ries. Above all, simple and 
transparent regulations are the 
best defence against corruption. 
The less unnecessary red tape a 
government Jmpnawi on business, 
and the more open and enforce- 
able the rales are. the less incen- 
tive or opportunity its employees 
will have to extinct private profit 
from their position. 


M 


r Tony Blair has 
cause for satisfac- 
tion and for con- 
sternation. Labour 
has an unprece- 
dented lead in opinion polls. His 
own ratings are higher than any 
achieved by the leader of the oppo- 
sition in recent memory. 

But his party is unprepared: 
expert in the skills of opposition, so 
far it has offered only a shallow 
programme for government. Mr 
Bilair’s firmest policy commitment - 
to ra di cal constitutional reform — is 
fraught with political ifong m-c 

Let’s start, though, with the satis- 
faction. It would be chwrtigh to deny 
Mr Blair bis plaudits. He has led 
Labour for less six in 

that short time he has transformed 
the mood. He has begun to reposi- 
tion the party in the public’s cm 
sdousness as value-based rather 
than class-based. He has shown an 
appreciation of strategy as well as 
tactics. He is a politician who 
means what he says. 

His admirers are not confined to 
friends among the Islington intelli- 
gentsia. Every opinion, poll since hin 
election in July has rmHwimod the 
appeal of this 41-year-old former 
public schoolboy to the aspirant 
working classes who deserted 
Labour for Mrs Margaret Thatcher 
in the 1S8QS. And the middle classes 
of southern England now have a 
leade r of the opposition whom they 
can call One of Us. The electoral 
“fear factor” which ha s haunted 
Labour since 1979 is dissipating. 

Mr Blair has performed well in 
the theatre of politics. During his 
twice-weekly duels with Mr John 
Major in the House of Commons, he 
has added a touch of gravitas to the 
boyish good looks. He 1ms 
one or two opportunities, but has 
not made any serious mistakes. He 
has portrayed the Conservatives as 
terminally divided and out of touch. 
In so far as the government has 
needed assistance in persuading 
voters of the veracity of the charge, 
Mr Blair has provided it 

It is not simply style and image, 
a ltho ugh Mr Blair is as conscious as 
any politician of his public rela- 
tions. He has pointed Labour in a 
different direction. His embrace of 
the “dynamic market economy” was 
unremarkable to those long 
acquainted with the realities of 
global competition. But w ithin his 
own party it marked a decisive step 
forward, even from the “modernist” 
policies presented at the 1992 gen- 
eral election. 

When Mr Kenneth Clarke, the 
chancellor, raised interest rates in 
September, Mr Blair eschewed the 
reflex, undiluted condemnation. 
Instead, he offered a more subtle 
message. Mr Clarke was right in his 
own trams to pre-empt an upsurge 

in inflation. But w hat an indiotmant 

of Tiny policies, said Mr Blair, that 
the economy risked overheating 
with 2J5m people unemployed. 

Mr Blair’s attitude towards the 
welfare state has revealed a «hntiar 
shift He did not endorse without 
qualification the report of the inde- 
pendent Social Justice Commission, 
established by his predecessor, the 
late Mr John Smith. But he 
embraced its central themeg that 
universal provision of benefits cart 
not be open-ended, that getting peo- 
ple back into work takes priority 
over handing out more in benefits. 

There have been other changes. 
Labour's policy towards Northern 
Ireland has cangbt up witii the prin- 
ciple of majority consent for any 
political settlement. Even before the 
row over his choice of a grant-main- 
tained school for his own son, Mr 
Blair had begun to detach Labour 
from the politically correct agenda 
of the teaching unions. 

But the political drama came with 


Now for the 

■ 

■ 

hard part 

y Blair, UK opposition leader, has 
well, but has not yet proved Labour 
dy to govern, says Philip Stephens 



Tony Blair: Us firmest policy commitment - to radical constitutional reform - is fraught with political dangers 


Mr Blair's announcement at 
Labour’s aut umn conference that 
the party must drop its most sacred 
shibboleth: Cfanse IV of its constitu- 
tion, enshrining a commitment to 
common ownership of the means of 
production and distribution. 

The pledge has teen irrelevant 
almost from the day it was penned 
by Sidney Webb in 1917. No Labour 
leader has ever suggested the state 
should run Britain's corner shops. 
But Clause IV has been the stan- 

BIair*s message is 
that Labour must 
rediscover its 
ambitions, not fight 
about the means of 
delivering them 

dard behind which the party’s ideo- 
logues have marched for genera- 
tions. Its replacement by a new 
statement of values should provide 
a potent symbol that Labour is seri- 
ous about change. 

Mr Blair is convinced he will win 
the argument, in spite of campaigns 
by some grassroots activists to pre- 
serve Clause IV. The final decision 
will be taken by a special confer 
raice in April. One or two of the big 
trade unions, notably the TGWU 
general union, will cling to the past 
So too wifi the cadres of constitu- 
ency party purists. But most indi- 
vidual members and a majority of 
the unions wffl back the leader. 


The glue holding together the 
strands in Mr Blair's strategy is a 
return to first principles. IBs mes- 
sage is Labour must rediscover Us 
ambitions, not fight about the 
Tin pang of delivering Fairness 

is more important than ownership, 
equality of op p o rtunity more rele- 
vant than redistribution of wealth. 
Values should replace totems. 

To the derision of the traditional- 
ist left, Mr Biair calls this New 
Labour. In fact what he is offering 
is Old Labour - a spruced-up ver- 
sion of the aspirational politics that 
guided the party In the immediate 
postwar period. The voters backed 
Labour then because it offered a 
ladder of opportunity. The ideologi- 
cal introspection of the party’s 
activists took bold later. 

But now' fear the consternation. 

Acknowledging that Mr Blair has 
done well is not the same as 
describing Labour as a government- 
in-waiting. Even after 15 years in 
the wilderness, the forces of inertia 
run deep. So does the reflex suspi- 
cion of party activists that the lead- 
ership is set on betrayal At West 
minster - in the shadow cabinet as 
well as on the backbenches - there 
are many who want Mr Blair simply 
to wait for the Conservatives to 
deliver him victory. 

But there Is no absolute guaran- 
tee that 'the Tories wifi not redis- 
cover their senses, that the eco- 
nomy upturn wffl not translate into 
a political rec o v er y. In any event, 
winning an aiwHirm is not the sam e 
as bang ready to govern. Mr Blair 
seems to understand that So, in his 


own way, does Mr John Prescott, 
the traditionalist deputy leader of 
the Labour party, whose support so 
far for the process of modernisation 
has teen vital. Many of their col- 
leagues do not 

The quality of the shadow cabinet 
is uneven. There Is a handful of 
thinkers. They are counterbalanced 
by a group of indifferent, often lazy 
politicians who see their role as 
denminring- the gove rnment Then 
there is a third group which tends 

Voters may wonder 
why devolution 
should take 
precedence over 
better health and 
education services 


to drift with the tide, offering grum- 
bling maait to the leadership but 
little conviction and less action. 

Mr Blair has provided policy sign- 
posts: the party is no longer intent 
an increasing the tax burden, it is 
in favour of public/private sector 
partnerships, it is no longer hostile 
to allowing schools more indepen- 
dence. But signposts do not add up 
to a persuasive strategy. What is 
missing Is not simply detail - at 
times Labour has been overly 
obsessed with the minutiae - but a 
sense that it has formulated policies 
across the range of issues which fit 
together as a coherent programme. 

There are contradictions also. Its 


economic strategy promises to 
eschew crude demand management 
and to maintain a target for low 
inflation. But It offers also a target 
for growth. It does not explain 
which economic levers it will use to 
meet the growth target, or how it 
will respond to the inevitable con- 
flicts between the two objectives. 

It is the same with taxation. The 
increases imposed by the Conserva- 
tives are roundly condemned, not 
just because they represent broken 
promises but because of the addi- 
tional burden on ordinary famiiias. 
Yet any pre-election reversal of the 
increases has been condemned in 
advance as no more than a bribe. 
The voters will want to know if Mr 
Blair thinks the tax burden is too 
high, is about right or is too low. 
They might also ask whether his 
party agrees with its leader. 

Then there is Europe. Few doubt 
that Mr Blair, who wants to take 
his party into the social democrat 
mainstream of its Continental court 
terparts, is serious about a commit- 
ment to keeping Britain in the 
European Union’s first division. But 
a reflex embrace for the social chap- 
ter and a hedged commitment to 
joining a single currency do not add 
up to a European policy. 


T here is an exception to 
the general vagueness. 
In one policy area - con- 
stitutional reform - Mr 
Blair has given an irrev- 
ocable pledge to legislate immedi- 
ately after the election for a parlia- 
ment for Scotland and an assembly 
far Wales. The judgment of some 
allies in the senior ranks of the 
party who want much greater clar- 
ity elsewhere is that here the new 
leader has made a serious mistake. 

The Conservatives will make 
{reservation of the union a central 
issue in the election campaign. 
English voters may see devolution 
in Scotland as the first step towards 
independence. That could cost 
Labour precious votes in Tory-held 
marginals in the Midlands and the 
north-west. 

And if Labour won the election, 
its first administration since 1979 
could become bogged down from 
the outset in a bitter constitutional 
battle. Dozens of his own MPs 
might rebel. Those with longer 
memories than Mr Blair need no 
reminding that it was a battle over 
devolution that crippled the last 
Labour government 
Mr Blair defends the commit- 
ment arguing that greater democ- 
racy is essential to restore the elec- 
torate’s faith in Britain’s 
institutions and in Its political leadr 
ers. The voters may be forgiven for 
wondering why devolution should 
take precedence over tetter health 
and education services, or action to 
shorten the dole queues. 

More generally, Mr Blair insists 
he is pacing himself ahead of an 
election that may not take place 
before mid-1997. His first six months 
were occupied with setting out the 
guiding principles for policy- The 
next few months will be taken up 
with winning the battle over Clause 
IV. Then will be the time to start 
formulating the "flagship policies" 
on which Labour will base its pro- 
gramme for government. 

Mr Blair is fond of reminding 
those who doubt bis determination 
that, since beenming leader, he has 
not given in on a single policy 
issue. He promises a simple state- 
ment of values to replace Clause IV 
which will cement the trust of the 
electorate in new Labour. He can- 
not afford to make compromises 
with his party’s traditionalists. Nor 
can he afford to resist much longer 
the pressure to produce clear and 
practical policies to sit alongside 
the principles. 


Every picture tells a story 


T he CD-Born disc is begin- 
ning to transform the 
home personal computer 
Tnarimt m much the way 
that its cousin, the digital compact 
disc, has come to dominate the 
music business. 

Their vast storage capacity - a 
CD-Bom disc can store about 650 
megabytes of data, equivalent to 450 
ordinary 3K” floppy (fiscs - makes 
them ideally suited for multimedia, 
the combination of digital text, 
video, stiff and moving images and 
sound. And a CD-Rom disc costs 
just pence to make. 

Multimedia wiaffhinwt with a 
CD-Rom drive, high-quality sound 
card, fast graphics and powerful 
microprocessors are leading the 
assault an the consumes' market 
Tumbling hardware prices have 
put multimedia PCs within the 
reach of most home PC b oy era. As a 
result PCs equipped for multimedia 
have been among the hottest selling 
items Christmas. 

According to IDC. the market 
research Arm, about one in five PC 
systems in Europe includes a 
CD-Rom drive and growth is accel- 
erating. “The CD-Rom market in 
Europe started exploding in the sec- 
ond half of 1993,“ says IDC, which 
estimates 4J>m CD-Rom drives wiQ 
have teen sold in Europe this year, 
up from l.6m in 1993. 

The surge in CD-Rom drive sales 
has coincided with an explosion in 
the range of reference, entertain- 
ment and games titles available in 
CD-Rom format, and a dramatic 
improvement bn so f tw ar e quality. 

In the early days of CD-Rom 
much of tiie software was criticised 
for bring slow and unattractive. But 
innovations, such as the introduc- 
tion of faster double-spin speed 
drives and higher-quality sound 
c ard s, have encouraged publishers, 
including Microsoft and DoxTing 
Klndexsley, tote more imaginative. 

Today there are thousands of 
discs available with prices ranging 
from less than £10 to several hun- 
dreds of pounds - or even thou- 
sands. But most so ftwar e aimed at 


Paul Taylor on the CD-Rom revolution in computing 


the home consumer market is 
priced between £25 and £70 - usu- 
ally a modest premium over print- 
based equivalents. 

The encyclopedia is probably the 
archetypal CD-Rom product - enter- 
taining, informative and helpful 
with h om e w ork. Indeed Microsoft's 
Encorta encyclopedia is the bench- 
mark for other CD-Roms. 

It includes the foil text of a tradi- 
tional 29- volume print encyclopedia, 
together with sound, photographs 
and graphics, interactive videos, 
aniiwaHnnfl, maps and an Illustrated 
time line. It is as quick to use as a 
print encyclopedia and easier to 
jump from one subject to another. 

The latest version, Encarta 95. 
costs about £85 and was released 
last month. It has 26,000 articles and 
has been updated to include infor- 
mation aa some of the latest news 
events - including the ceasefire in 
Northern Ireland. Despite its US ori- 
gins, the articles easily meet the 
homework demands placed on it by 
mast junior and secondary school 
children in Knope. 

Other encyclopedias worth con- 
sidering include the Nets QroUer 
Encyclopedia and the new Hutchin- 
son Encyclopedia 35, the only fofiy 
British multimedia encyclopaedia, 
containing some 34,000 articles 
though in less depth and with fewer 
video and sound clips than Encarta. 

Red Shift provides “a planetarium 
on your desktop” for £70. This 
award-winning space simulation 
includes over 700 photographs and 
fcaVes the peruser on a voyage tit 
discovery across the solar system. 

FOr ease of use and superb pre- 
sentation. five new titles from Dori- 
ing Kindersley, the innovative Brit- 
ish book publisher, are hard to beat. 

Eyewitness Encyclopedia of Sci- 
ence is a top-rated and brilliantly 
iffustrated interac t iv e disc contain- 
ing L7D0 entries and aimed at chil- 
dren aged 10 and older. Like 
Encarta, this CD-Rom is good for 
answering basic homework ques- 



tions, or simp ly browsing. Dorling 
Kinders ley’s other CD-Roms are 
also aimed at a younger audience, 
and include The Way Things Work 
and Incredible Cross-Sections which 
provides a fascinating multimedia 
tour of an 18th c en t ur y man-of-war 
ship. The Ultimate Human Body fea- 
tures three-dimensional images, 
detailed micro-photography, anima- 
tion and sounds and includes an 
Interactive journey through the 
human body to discover what every 
part is called, where it Is situated, 
what it looks like and how it func- 
tions. 

For a younger audience, My First 
Incredible Amazing Dictionary tar- 
gets children aged four to seven, 
including those who cannot yet 
read or have never used a com- 
puter. This CD-Rom presents 1,000 
words in context so children can see 
and hear how they are used in 
speech and writing. 

For older wordsmiths The Ox fo rd 
English Dictionary is impressive on 
CD-Rom, with over 2.4m illustrative 


quotations, but it is costly at £495. 
For those with smaller wallets, the 
Concise Oxford English. Dictionary is 
available for £50. 

Meanwhile Microsoft’s Bookshelf 
1994 includes the latest editions of 
seven - mostly US - reference 
works including word dictionary, 
dictionary of quotations, encyclope- 
dia and atlas. 

Microsoft's rapidly expanding 
library of home multimedia titles 
also includes Ancient Lands and 
Microsoft Dinosaurs, which provides 
a tour of prehistoric life, as does 
Prehistoria, originated by Software 
Toolworks, which was acquired this 
year by the Pearson Group, owner 
of the Financial Times, and 
renamed Mlndscape. 

Other “edutainment” CD-Roms 
for children include Interactive Stor- 
ytime, also originated by Software 
Toolworks - three discs of interac- 
tive stories for children. In the US 
the hottest children's CD-Rom this 
Christmas is probably Disney’s 
recently released Lion King, an 


interactive animated story-book 
based on the children's film. And 
Microsoft’s Cinemania 95 Is 
acknowledged as the definitive mul- 
timedia film guide. 

There is a wide range of CD-Rom 
titles covering the art world, includ- 
ing Cameron's Fine Art, 450 works 
from leading artists and photogra- 
phers; Renaissance Masters , a two- 
disc series with 1,300 images on 
each title; and Exploring Modem 
Art, a tour of the Tate Gallery con- 
ducted by the senior curator. 

S erious Music buffs may be 
interested in CD-Roms cov- 
ering the lives and works of 
great composers, which try 
to rnaka the most of the CD-Rom’ s 
multimedia capabilities by combinr 
ing music with analysis of the 
works and the composer's life. 
Among these are Beethoven's 5th, 
Mozart: The Dissonant Quintet and 
Stravinsky: The Rite of Spring. 

FOr pop fens, Jump provides an 
insight into David Bowie’s weird 
world while Peter Gabriel has pro- 
duced an extraordinary CD-Rom 
featuring his music called Xplora L 
Anyone wanting to improve their 
chess game should try Chessmaster 
4000, one of several sophisticated 
interactive chess games available 
on CD-Rom - a £40 package includ- 
ing superb graphics but which, like 
even the best CD-Rom package, 
complements a real board and 
human opponent, rather than sub- 
stitutes for either. 

The audio CD has all but replaced 
its vinyl predecessor. Wffl the elec- 
tronic book, in the form of a 
CD-Rom, have the same impact on 
its paper-based rival? Probably not, 
since text on screen is stiff much 
harder to read than print 
Yet, as many new multimedia 
CD-Rom titles demonstrate, the 
combination of moving and still 
images, sound and text is a potent 
mix, particularly for the young. The 
grow in g list of publishers jumping 
aboard the CD-Rom bandwagon 
shows this is a new market not to 
be ignored. 






12 


KNANCOU. times FRIDAY DECEMBER 30 .994 



la a 

nondescript 
three-bedroom 
apartment in 
north-west 
London a tradi- 
tional Saudi 
meat stew sim- 
mers on the 
kitchen stove, as Mr 
Mohammed al-Massaari, 
dressed in a white caftan, 
stands over a row of modems. 

This is the headquarters in- 
exQe of tbs Committee far the 
Defence of Legitimate Rights 
In Saudi Arabia, an organisa- 
tion that every Tuesday spends 
10 hoars sending 900 faxes to 
Saudi Arabia and 200 to other 
embassies and press centres. 

Mr al-Massaari, a physics 
professor turned Saudi dissi- 
dent, and his partner, Mr Saad 
al-Faguih, a surgeon, were 
jailed for launching the CDLR 
- which advocates greater gov- 
ernment accountability and 
stronger adherence to Islamic 
values - in Saudi Arabia in 
1993. On their release, they fled 

to London, applied for political 
asylum and went shopping - 
for fax machines, modems, 
computers and a copier. 

For the past eight months, 
they have bombarded Saudi 
government offices, businesses 
and universities with faxes. 
“We've sent faxes to the king 
himwif and his defence minis- 
ters,” says Mr al-Faguih. “We 
have their private numbers,” 
he adds, with the glee of the 
computer hacker who has 
beaten the system. 

The faxes they send are libel- 
lous inventories of alleged 
mcompetencies and corrup- 
tion, spiced with accusations of 
sexual peccadilloes. Typical are 
remarks such as “prince X is 
fond of flogging people in his 
office. Sordidly he often uses 
shoes on his victims’’, or “X 
leads a group of sexual devi- 
ants who have terrorised the 
people of the province”. 

Last week's fax carried a 
warning that a leading hotel 
owned by the Treasury depart- 
ment had installed hidden 
cameras to record the guests' 
“very intimate” moments with 
the intention of blackmail. 

The CDLR's own fax 
machines, meanwhile, receive 
a barrage of grievances, some- 
times factual, sometimes fic- 
tional, from supporters in the 
kingdom. Drawing such com- 
plaints has required ingenuity 
- in the form of telephone lines 
that allow Saudis to call with- 
out being traced 
“We had two limitations,” 
says Mr al-Faguih. “US tele- 
communications operators, 
such as MCI, AT&T and Sprint, 
do not have faculties to con- 
nect Saudi Arabia with the rest 


The 

fax 

war 

Roula Khalaf 
and Mark 
Nicholson on 
a high-tech 
challenge in 
Saudi Arabia 


of the world, and people do not 
have calling cards in Saudi 
Arabia." 

The CDLR solution has been 
a toll-free number, which con- 
nects callers, via MCI, AT&T 
or Sprint, to a number in the 
US. Thai Washington DC call 
is then forwarded to the CDLR 
in London by a local telecoms 
carrier. The CDLR has also 
purchased two calling-card 
numbers, issued by AT&T and 
MCI, that can be used only to 
dial its London offices, and dis- 
seminated the numbers 
throughout the kingdom. The 
itemised bills for all these calls 
are seen only by the CDLR. 

The faxes are 
libellous 
inventories of 
alleged Saudi 
corruption 

For the sophisticated user, 
the CDLR promises a newslet- 
ter will soon be available via 
E-mafl. Mr al-Faguih says he is 
also negotiating with several 
US companies for a contract to 
fax the newsletter on the 
CDLR’s behalf. He says he has 
received an offer from a US 
company to fax the newsletter 
which would reduce by half his 
monthly costs of £30,000 
(financed by Islamist support- 
ers within tiie kingdom). 

Even without such advances, 
the CDLR faxes have presented 
a growing nuisance to a sensi- 
tive government. Saudi rulers, 
when they comment at ell on 
the CDLR, adopt an air of 
haughty dismissiveness. “They 
are nutcases,” a prince said. 
“These faxes don’t represent 
any increase in the kingdom 
far their point of view.” Never- 
theless, members of the ruling 
family find them irksome. 

The. government is used to 


controlling information 
sources. A team of' censors 
pens sits dally in an office in 
the Sftudi information ministry 
rippi n g offending pages out <rf 
foreign newspapers, blacken- 
ing news pictures, or striking 
out with a giant black X any 
advert for alcohoL The royal 
family has also tried to prewait 
uncontrolled satellite TV 
broadcasts in the kingdom. 

In a land where media 
sources are purged of anything 
deemed un-Eslamic, anti-Saudi, 
critical of the rulers or even 
Just saucy, the faxes make pop- 
ular and gripping reeding. 

And the Saudi government is 
disconcerted by their political 
effect, although officials claim 
that the problem is not that 
the foxes are galvanising' an 
anti-government mobilisation, 
but that they are damaging 
people’s view of the kingdom. 

The faxfls are also demon- 
strating the paucity of Saudi 
Arabia’s information policies. 
Many of the faxes are salt to 
western journalists, who, 
starved of other information 
about Saudi politics, have 
given their allegations play. 
For such journalists, there is 
no one in the kingdom who 
can be contacted for an official 
rebuttal, or to put another side. 
Some of the princes admit that 
the government has found no 
satisfactory way of responding 
to the publicity that the CDLR 
has created. 

Last month, the Saudi gov- 
ernment offered visas to about 
a dozen western reporters in 
an attempt to redress this 
problem. Kit this new open- 
ness did not seem to have per- 
colated far into the Saudi 
bureaucracy. After a fruitless 
45- minute interview, one FT 
correspondent’s Saudi minder 
helpfully explained, about the 
senior official in question: "he 
doesn’t really like talking to 
journalists, so he was not 
going to tell you anything”. 

Another Saudi response has 
been to urge the British gov- 
ernment to get rid of the trou- 
blesome Mr al-Massaari and 
his London fax HQ - a topic 
that was high on the agenda of 
prime minister John Major's 
recent talks in the kingdom. 

Mr al-Massaari ’s request for 
political asylum in Britain was 
refused last month, though he 
is now appealing. But being 
forced to leave the UK is 
unlikely to force him to aban- 
don his modems. 

The CDLR may long for the 
pure Mamin state of the 8th 
century, but it has embraced 
the telecommunications revo- 
lution of the 20th century. Mr 
Al-Faguih says: “Khomeini’s 
was a cassette revolution, ours 
will be a fax revolution.” 




F our years ago, the 
Treuhand, Germany's 
privatisation agency, 
vowed to complete its 
operations by the end of 1994. 
Mrs Birgit Breuel, the agency's 
combative head, is proud that 
the organisation, the world’s 
largest holding company, will 
keep its promise and cease 
operations on December 3L 
“We stuck to' our mandate. 
There was no other alterna- 
tive,” she says. 

Mrs Breuel, who joined the 
Treuhand in Ckdober 1990, suc- 
ceeded its first head. Mr Detiev 
Rohwedder, in April 1991 after 
he was murdered by unknown, 
assassins. . The agency had 
been set up in March 1990 to 
privatise the state-run econ- 
omy of former communist east 
Germany. 

Treuhand’ s small staff of 
west German industrial man- 
agers had no i de a of the grain 
of the task or how much it 
would cost The agency had no 
reliable accounts or balance 
sheets for the Kombinate, the 

giant state-owned enterprises 
that it started disman tling in 
late 1S9Q. 

Once figures were available, 
the magnitude of the problems 
became apparent. The Treu- 
hand had 13,781 industrial 
enterprises on its books, plus 
10,652 small shops and other 
retail businesses, ft employed 
about 4m people. 3.5m of them 
industrial workers. 

In the past 56 months, the 
Treuhand has quickly priva- 
tised the retail outlets. Of the 
industrial enterprises, 3,527 
have been dosed. Almost all 
the rest have been sold, 2j879 
to management buy-outs, 855 
to foreign investors and the 
rest to west German investors. 

In all, the Treuhand has 
attracted Investment commit- 
ments of about DM206bn 
(£85bn) and earned DM643bn 
from sales. The remaining 100 
companies will be placed under 
so-called Management KGs run 
by west German managers 
with the aim of preparing them 
for privatisation. 

Impressive though this 
record is, the Treuhand has 
been the subject of acute, criti- 
cism in both parts of Germany. 

One cause is its cost Privati- 
sation receipts bum east Ger- 
man industry were once opti- 
mistically expected to yield as 
much as DMQOObn for the 
finance ministry, instead, the 
Treuhand will have run up 
debts of DM270bn, of which 
DMIOOfan has been spent on 
restructuring companies and 
subsidising jobs. 

When tiie Treuhand decided 
to save some sections of the 
industriai/manufacturing base, 
ft did so at enormous expense 


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to the taxpayer. 

In the east German ship- 
building sector, for instance, 
7,000 of the original 40,000 jobs 
have been saved at a cost of 
more than DM700,000 for each 

job. The subsidies for saving 
Jobs at Eko Stahl, east Ger- 
many’s loss-making steel com- 
pany, will cost even more. 

“These industries will 
become competitive,” says Mrs 
SreueL Treuhand officials 
admit, however, they were 
trapped between privatising 
quickly and saving jobs 
through what amounted to 
transitional subsidies. 

The agency’s record in pres- 
aving jobs has also been crit- 
icised. Six out of 10 employees 
at Treuhand enterprises lost 
their jobs. The Treuhand has 
secured job guarantees for just 
L5m workers, only 700,000 in 
the manufacturing sector. 

IG MetaU. the steel and engi- 
neering trade union, and the 
governments of the five east 
German states believe the way 
the Treuhand dosed large sec- 
tions of industry hindered the 
growth of the Mittelstand, 
gmaii anH jnedlumsized enter- 
prises. “The Treuhand's poli- 
cies virtually destroyed the 
region’s indus trial base,” says 
Mr Karl RShring, an official of 
the union's Berlin/Branden- 
burg branch. “The Mittelstand 
depends on an industrial base. 
East Germany cannot live off 
services alone. It will never 
become a self-sustaining econ- 
omy without industry.” 

IG Me tall also attacks what 
it describes as the absence of 
an economic strategy to help 
the newly privatised compa- 
nies survive. “That was up to 
the politicians,” says Mrs 
Breuel- “That had nothing got 
to do with our mandate.” . 


As the Treuhand winds up, 
Judy Dempsey looks at its red 


And Mr Otto Schily, head of 
the parliamentary investiga- 
tion committee set up to scru- 
tinise the Treuhand, has 
accused the agency of makfoig 
decisions behind closed doors, 
in particular of selling compa- 
nies too cheaply to managers 
who wanted only to pick up 
the subsidies or the property. 

“We were open at all times," 
says Mrs Breuel adding that 
negotiations are never carried 
Out in the public domain 
- There has also been criti cism 
of the agency's methods from 
foreign investors. “We were 
often passed from one Treu- 
hand official to the other. We 
never knew the rules of the 
game,” a UK investor com- 
plains. 

B ut Mrs Breuel rebuts 
any notion that the 
Trenhand tried to 
keep foreign investors 
out “About 10 per cent of our 
portfolio has been sold to -for- 
eigners," she says. “All along, 
we applied the same philoso- 
phy to each sale. We wanted to 
buy management buy know-, 
how, buy expertise, buy tech- 
nology - even more impor- 
tantly, buy marketing skills.” 
As the Treuhand prepares to 
end its operations, however, its 
pace and methods continue to 
evoke as much admiration as 
criticism. “I have spoken to 
people who have done mergers 
and acquisitions, and they said 
you needed about 10 years for 
this kind of work. They are 
truly surprised at what the 
Treuhand achieved,” says Mr 
Horst Siebert, head of the Insti- 


tute for World Economy at Kiel 
University. 

The agency has had to cope, 
for example, with obstruction 
from east German factory man- 
agers, many of them former 
communists opposed to privati- 
sation. They feared for their 
jobs if the true financial condi- 
tion of their enterprises were 
discovered. 

“I remember when I was car- 
rying out an inventory of the 
enterprise, one of the depart- 
ment heads, a former member 
of the Stasi [east Germany’s 
secret police] simply refused to 
hand over some records,” says 
nna ns consultant. “In the end, 
he locked me into a small room 
and allowed me to look at the 
books. I was not allowed to 
take them away.” 

More fundamentally, there 
was no precedent for privatis- 
ing an entire economy, particu- 
larly when monetary union 
between the two Germanys 
had made the east’s exports 
uncompetitive In its core mar- 
kets of eastern Europe. 

Mrs Breuel recalls the early 
days as “truly extraordinary 
times. After starting from vir- 
tually, nothing, we built up a 
networkuf experts and a finan- 
cial picture of the enterprises." 

And despite the criticisms, 
few economists believe there 
was an alternative to the way 
the Treuhand operated. “I 
looked at how some of the east 
European countries were 
introducing the voucher sys- 
tem in which ordinary people 
could trade in their coupons 
for shares,” says Mr Siebeit 
“But in the case of east Ger- 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fox for finest resolution 


■ ■ 

Need to achieve a better balance in 
social policy in Europe and the UK 


From Mr Robbie Gilbert, 

Sir, Mr Peter Cooke (Letters, 
December 29), maintains that 
“the economic value of EU 
membership should be shared 
partly in the form of improved 
social benefits for workers 
where those can be delivered 
without prejudicing competi- 
tiveness". Few would argue 
with that But the problem 
with many of the social mea- 
sures brought forward by the 
European Commission - 
including the European works 
council directive - is that they 
do compromise competitive- 
ness, and at a time when 
Europe's share of world trade 
is falling Unemployment, par- 
ticularly long-tom unemploy- 
ment, has been worse as a 
result 

Tiie problem is that social 
policy has been too much con- 
cerned with the rights of those 
in employment and too little 
directed towards what would 
help the 20m out of work in the 
EU find jobs. The result has 
been both inflexibility in 
labour markets and high social 
costs for every person 
employed across much of 
Europe. 

That undermines competi- 
tiveness and the creation of 
jobs. Employers are well aware 
of this, but It is also being 
recognised now by other objec- 
tive observers, notably the 
OECD in its recent jobs study. 

It was an inevitable conse- 
quence of the general approach 
of harmonising social provi- 
sions at the most generous - 

and therefore thg and 

most restrictive - level apply- 
ing anywhere in Europe. The 


social chapter of the Maas- 
tricht treaty, with its provision 
for majority voting in place of 
unanimity on a wider range of 
topics, threatened more of the 

same - rathw than thn r arfiral 

rethink required. That affects 
British businesses and jobs. 
UK companies value the social 
chapter opt-out accordingly. 

Some welcome signs of a 
shift in the Commission's 
thinking have emerged during 
the past 12 months, not least 
Commission President Jacques 
Defers’ recognition of the com- 
petitive challenge to Europe, 
and Social Affairs Commis- 
sioner Flynn's promise of no 
new raft of legislation. A better 
balance in European social pol- 
icy may how emerge. But 
whether that would have hap- 
pened - and whether it will yet 
prevail - without vigorous 
advocacy from British minis. 
ters aimed at persuading their 
Continental colleagues must be 
open to question. 

There are. indeed, still 
ostriches hiding from the chal- 
lenge of change and arguing 
for the old approach, though 
they are more enmmnniy found 
in Brussels than Westminster. 
Robbie Gilbert, 
director of employment affairs. 
Confederation of British 
Industry. 

13 New Oxford Street, 

London WClA IDU 

From. Mr Robin Pedlar, 

Sir. Peter Cooke’s thoughtful 
letter was published in the 
same issue in winch you fea- 
tured a report, entitled “Ger- 
many 'ahead of UK on labour 
costs’ ’, detailing the Confeder- 


ation of British Industry’s con- 
cerns that Germany’s unit 
labour costs are reducing at 
the same time as the UK’s are 
again beginning to increase. 

It would seem that the cur- 
rent policy of resisting the 
legal protection of employee 
rights is no guarantee of main - 
taining comparatively low unit 
labour costs, even when the 
comparison is with Germany, 
the European country where 
those rights are mast 
entrenched. 

Robin Fed ier, 
executive director, 

European Centre for Public 
Affairs, 

Templeton College, 

Oxford OX1 5NY 

From Mr Chris Pond. 

Sir, Your call for a debate 
about worker rights is wel- 
come (“Time to debate worker 
rights”. December 22). The UK 
is almost the least-regulated of 
the OECD economies, without 
legal pay protection, limits to 
working hours or a statutory 
right to paid . holidays. Yet 
recent evidence provided by 
both the European Commis- 
sion and the employment 
department has demonstrated 
that the deregulation strategy 
has not created significant 
numbers of new jobs. 

Indeed, the UK’s record of 
job creation is rather poorer 
over the medium term than 
that of other economies with 
for higher levels of social and 
employment protection. 

Employment secretory Mich- 
ael Portillo's decision earlier 
this month to opt out of a 
European directive providing I 


improved rights for part timers 
and temporary workers is a 
case in point. While other EU 
governments consider that 
improved rights for part-timers 
will increase flexibility by 
encouraging more people to 
accept part-time employment, 
the UK insists that fewer such 
jobs will be created. 

The same arguments were 
used against the Equal Pay 
Act If companies had to pay 
the same wage for women as 
for men, it was said, they 
would cease to employ people 
frill-time if they were required 
to provide the mum rights to 
part-timers. 

Your editorial galls for “a 
framework of employment 
rights; which could make the 
two demands — flexibility and 
fairness - more visibly compat- 
ible”. The experience of the US, 
which pursued the same 
deregulation strategy as the 
UK during the 1980s, provides 
an important lesson. 

As Robert Reich, US labour 
secretary, has explained, the 
insecurity and uncertainty that 
deregulation created made peo- 
ple less w illing to accept the. 
changes that a modern econ- 
omy requires. The lack of 
employment rights has 
resulted in less flexibility, not 
more. 

Fairness and flexibility are 
not incompatible: indeed, it 
seems unlikely that the latter 
can, in the long-term, be 
achieved without the former. 

Chris Pond, 
director. 

Low Pay Unit, 

27-29 AmweU Street, 

London EClR 1UN 


Referendum 
for EEC only 

From Mr J G Bye. 

Sir, You state In your “FT 
Guide to Eli Inter-governmen- 
tal Conference” (December 19) 
that Britain held a referendum 
on EU membership in 1975. But 
surely at that time we voted 
for continued membership of 
the European Economic Com- 
munity and not for the federal- 
ist mnnnUth we now seem to 

be rushing headlong towards. 

J G Bye, 

39 M&untsornt Lane, 

Rothley, 

Leicester LE7 TPS 


Zimbabwe tobacco growers diversify by choice 

n 1 M iv rt-a m ■ ■ i ■ * 


From Mr P W Richards, 

Sir, I refer to your excellent 
article. “Zimbabwe’s flower 
exports take to the sky” 
(December 21). It is incorrect to 
say that “the [flower] industry 
took off when white tobacco 
Farmers decided to diversify, 
fearing the strength of the 
anti-smoking lobby in the 
west” 

Traditionally, tobacco pro- 
duction has been the mainstay 
of forming in those areas of 
Zimbabwe suitable for this pur- 
pose. However, generations of 
tobacco formers have recog- 
nised the danger of having all 


your eggs in one basket and 
have attempted different forms 
of diversification. 

I wen remember the gover- 
nor of the Reserve Bank, when 
opening the annual tobacco 
congress in 1961, exhorting 
tobacco growers to diversify 
and suggesting ground n uts as 
a possible crop. This diversifi- 
cation has ebbed and flowed 
over the years, depending on 
the prevailing economic return 
of tobacco viz a viz that of 
alternative crops. 

Horticulture is presently the 
most popular alternative 
source of income for tobacco 


fermera; Not because of a fear 
of declining tobacco fortunes 
due to thfi anti-sm oking cam- 
paign but because horticulture 
currently enjoys a satisfactory 
return on each dollar invested. 
To ach ieve such a return does, 
however, require a massive in> 

SSL c ^P itai Investment. 
Tobacco is the only crop which 
pan significantly carry that 
investment until the first 
rebun is realised. 

P W Richards, -• 
president, 

Zimbabwe Tobacco Association, 

Harare, 

Zimbabwe * ■ 


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many, this system would not 
have bad the effect of bringing 
In capital v®y quickly, aa well 
as bringing in new manage- 
ment. These two aspects were 
the most promising ingredients 
of the Treuhand’s methods.” 

The benefits of the Treuhand 
approach can now be seen in 
the investment record: some 
DMMObn of private Investment 
has been used to modernise (he 
capital stock of east Germany’s 
enterprises and to improve the 
quality, of distribution. For toe 
first time tost year, Investment 
per capita in the east oxcceded 
that in the west 

The true worth of the Treu- 
hand's work will be measured 
by the performance of the east 
German economy in coming 
years. It is now showing real 
signs of recovery, with growth 
expected to be 9 per cent this 
year and a further 10 per cent 
in 1995 (though this follows a 
foil of 30 pea: cent in 1991-1998). 

Much of this growth is 
fuelled, by the non-tradeable 
goods sector, including the 
construction and food-process- 
ing industry. Exports by priva- 
tised companies remain miser- 
able, partly because of high 
labour casts and few productiv- 
ity. Gross domestic product per 
employee in eastern Germany 
last year was 45 per cent of the 
level in the west, while per 
capita wages and salaries rose 
to 70 per cant of the' western 
level. 

Despite these more optimis- 
tic signs at growth. Mrs Breuel 
declines to speculate what the 
east German economy will 
look like in 10 years. “I am no 
Delphi But I have do doubt 
that the kind of management 
sldlls we have bought and 
investmsit decisions we have 
made will bear fruit” 


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FINANCIAL TIMES 


Why fly when you can 

Videoconference? 

internet 


f / / 




Friday December 30 1994 


Tel: 04 54 201000 Fax:0454 201001 



Gonzalez fails to quell fear of instability 

‘Dirty war’ claims hit 
Spanish markets again 


By Tom Bums ki Madid 

Accusations of government 
involvement in a secret “dirty” 
war against separatist Basque 

terrorist sympathisers shook 

Spanish markets again yesterday, 

sending the peseta to an historic 

low against the D-Mark. 

Increased fears of political 
instability drew Mr Felipe Gonz- 
alez, the prime minister, Into giv- 
ing a rare press conference, but 
he failed to settle market nerves. 
Tbe Madrid Bolsa fell to its low- 
est level since the European cur- 
rency crisis In the autumn of 
1992. 

Mr Gonzalez, who is facing the 
most testing period of Ms 12 
years in power, rejected allega- 
tions that his government had 
been involved in a shadowy 
death squad and said he had no 
intention of resigning or of call- 
ing early elections. 

“There is a majority that pre- 
fers the stability that comes from 
serving out the full legislature, " 
said the premier, who won a 
fourth successive four-year term 


in 1992, jflthpngft he fell short of 
an overall majority. 

But as a relaxed looking Mr 
Gonzdlez dug in his political 
heels, the Bolsa came under 
sharp selling pressure and its 
general index closed at 280.33 
points, 3.26 points down on 

Wednesday. The index has lost 
nearly 6 per cent of its value 

Domestic fears hit Madrid 

World stocks. Section U 

■ 

RTTigw the government was rocked 
last week by allegations that 
linked it to an undercover war 
against Basque separatists in the 
mid-1980s. 

The peseta, which had fixed at 
Pta84j64 against the D-Mark an 
Wednesday dropped to Pta85.20 
before steadying to close at 
PtaS4_94. The yield on the Trea- 
sury's 10-year band was pushed 
up to 1L83 per cent from Wednes- 
day's 11.72 per cent 
The government, which has 
been shaken by a string of scan- 
dals and corruption allegations 


this year, is highly embarrassed 
by a wefi-pablicised legal probe 
into a group of mercenaries who 
fought members of tbe Basque 
Eta organisation in south-west 
France 10 y ears ago. 

Three former security chiefs 

were remanded in custody last 

week in connection with the 
dirty war, and more indictments 
are likely. 

Questioned over the death 
squad allegations, Mr Gonz&les 
said his gov e r n ment had “acted 
strictly within the framework erf 
the law in what was an extraordi- 
narlly difficult situation”. He 
rejected opposition calls for his 
resignation as “out of the ques- 
tion". 

Assurances of continued back- 
ing came from the Catalan 
nationalist leader, Mr Jordi Pujol, 
whose party has provided Mr 
Gonzdlez with a parliamentary 
majority over the past 18 months.. 
In an interview with a Barcelona 
newspaper yesterday, Mr Pujol 
said the prime minister could 
count on his “wholehearted and 
firm support”. 


Second German nuclear plant 
cancels contract with Thorp 


By Andrew 
and David 


in Frankfurt 
in London 


British Nuclear Fuels has 
received another setback after 
the decision by a second German 
nuclear power station not to seid 
spent fuel to the Thorp reprocess- 
ing plant at Sellafield in north- 
western England. Further cancel- 
lations may be on the way. 

It WE and Bayemwerk, the 
companies operating the 
2.600MW Gundremmingen 
nuclear power station in Bavaria, 
wrote to BNFL last week inform- 
ing it of their intention to end 
the present contract and use 
domestic storage facilities 

instead 

BNFL learned just before 
Christmas that the Rrttmmel 
power station in northern Ger- 
many was cancelling a contract 
with Thorp under pressure from 
the nuclear lobby. 

Because of changes this year to 


Germany's nuclear legislation, 
permanent storage is now possi- 
ble in Germany. This is much 
cheaper than the controversial 
reprocessing method, which pro- 
duces plutonium. 

A permanent storage facility is 
being built at Gcrieben in the 
northern state of Lower Saxony. 

Until the new site is completed, 
spent fuel from Gundremmingen, 
located on the liver Danube, will 
be stored at Ahaus in the state of 
North Hhine-Westpbalia (where 
RWE is based) and at interim 
facilities in Gcrieben. 

No details were available about 
the size or duration of the Gun- 
dremmingen’s contract. 

Bayemwerk said the compa- 
nies were ending the contract 
before December 31 to save on 
cancellation penalties. Other Ger- 
man utilities may also cancel 
before this weekend for the same 
reason. 

Since penalty payments do not 


apply to a gimflar reprocessing 
contract with Cogema of France, 
there is no need to end these 
now. But negotiations will take 
place with the French company. 

The lost contract relates to the 
second 10 years of Tharp opera- 
tion, from 2004 bo 2014. BNFL had 
offered German utilities cancella- 
tion clauses after the law change. 

BNFL had no comment on foe 
cancellation last night However, 
the company had been expecting 
to lose business ahead of the 
increase in cancellation penal- 
ties. It estimated it could lose 20 
pm- cent of Thorp's orders in the 
second 10 years. This would not 
affect the plant’s viability, which 
was based on revenues for its 
first 10 years. 

The cancellation will hearten 
British environmentalists who 
opposed Thorp's construction 
and sought to have it cancelled 
during last year's government 
review. 


US takes 

lead over 
Japan in 
vehicle 
output 

By Kevin Done 
in London 

The US has overtaken Japan this 
year to become foe wurid’s top 
motor vehicle producing nation 
for tbe first time since 1979. 

According to data collated by 
Automotive News, the US 
weekly, vehicle production in the 
US has risen by 13 per cant this 
year to 12.28m from 10.87m in 
1993. 

Vehicle output in Japan has 
fallen by 2 per coat to 11m from 
lL33m in 1993. Production in 
Japan has fallen for four years in 
succession under heavy pressure 
from the domestic recession and 
from declining exports. 

New vehicle registrations in 
Japan have shown the first signs 
of recovery in recent months, 
but, for the foil year, vehicle out- 
put has fallen to the lowest level 
for 12 years. Production peaked 
at 13.49m in 1990 after first ovo> 
taking foe US in 1380. 

In the US, vehicle production 
has risen rapidly during the past 
three years, matching the expan- 
sion in the d o mestic market 
* Output dropped to 8.8m in 
1991, the low point of the last 
recession. It has risen by 39 per 
cent in the past three years to 
reach this year’s level, however, 
and is forecast to increase fur- 
ther next year to top the previ- 
ous record level of 12899m, set 
in 1978. 

The new ascendancy of the US 
as foe world’s leading vehicle 
producer owes much to the 
rest r ucturi ng of the world auto- 
motive industry over the past 


Unisys cuts 

Continued from Page 1 

businesses to provide nearly half 
of the commercial revenue of 
Unisys In 1995,” he said. 

“As they become an ever larger 
part of the total company, the 
traditional infrastructure most 
be far more streamlined and effi- 
cient.” 

For 1993, Unisys reported net 
income of $565.4m on revenues of 
$7.7bn. For the first nine months 
of 1994, net income totalled 
$lS2J3m on revenues of $53bn. 


Mexican economy plan 


Continued from Page 1 

extra funds if holders of govern- 
ment securitie s decid ed not to 
roll over their in v e stments and 
demanded dollars over pesos. 
More than glOhn in doDar-denom- 
inated, short-term government 
securities called Tesobonos come 
due in the next three months. 

Backing from the Group of 
Seven leading industrialised 
nations for Mexico’s economic 
stabilisation plan would increase 
the likelihood that investors will 


remain In the market, thus 
reducing the need for an emer- 
gency injection Of mtamatinnal 
capital. 

Meanwhile, the central bank 
said it was preparing a package 
of “new and attractive” debt 
instruments to retain the partici- 
pation of foreign investors. 

Investors were also encouraged 
by signs that negotiations 
between the government and 
armed rebels in the southern 
state of Chiapas could begin 
soon. 


Japanese vehicle producers 
have contributed greatly to the 
shifting balance by transferring 
more production out of Japan 
during foe past 10 years, first to 
North America, and more 
recently to Europe and south- 
east Asia. 

General Motors, Ford and 
Chrysler, the big three US car 
producers, have restructured 
drastically to regain world com- 
petitiveness and their fortunes 
have revived, but their domestic 
position is under challenge. 

About 15 per cent of US vehicle 
production is now earning from 
Japanese carmakers’ plants - 
either wholly owned or in joint 
ventures - compared with noth- 
ing little more than a decade 
ago. Honda was tbe first Japa- 
nese vehicle mator to begin car 
assembly in the US in 1982. 

Japanese vehicle makers now 
operate 11 assembly plants and 
three engine plants in North 
America, and Honda is the lead- 
ing US car exporter. 

Since the early 1980s, the Japa- 
nese have built in the US an auto 
industry larger than that of 
Britain or Italy or Spain. 

With its improved competitive- 
ness, the North American auto 
industry is becoming a growing 
force in world auto markets, 
albeit from a small base. 


FT WEATHER GUIDE 


Europe today 

A deep low pressure system near Scotland 
win bring scattered showers to the UK, 
Ireland and the Low Countries with a risk of 
hail or thunder. South-westerly gales are 
expected from Ireland to Denmark. Central 
Europe win be mostly cloudy with rah and 
snow in the Alps. An active depress i on wBT 
causa long periods of rain in Portugal and 
north-west Spain with temper at ures above 
20C on the coasts. Snow is expected in 
central Scandinavia, but strong south- 
westerly winds wfll push moist and mild air 
accompanied by showers into southern 
Scandinavia. South-east Europe w3l be 
mostly sunny, but occasional showers are 
expected in Egypt and Libya. 


Cold unstable air wffl be driven into western 
Europe as the low pressure system moves to 
southern Scandnavla. Snow and hafl 
showers are expected from Ireland to 
Germany, with temperatures barely above 
freezing. The Alps will have a lot of snow and 
Spain wiU continue to have periods of rain. 
Rather unsettled conditions are expected in 
south-eastern Europe and Italy with 
outbreaks of rain. 

TOMVeraMAAtMBS 



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Maximum Ddfln g 


AbuDMM 

Accra 

Algtan 

Am ste rdam 

Attars 

Atlanta 

B. Aires 

BJwn 

Bangkok 

Barcelona 


sun 

tour 

Mr 

shower 

sun 


fair 

drzd 

fair 

cloudy 


26 

ai 

20 

9 

16 

6 

31 

9 

34 

16 


Btfgrada 

Berfln 

Bermuda 


Bombay 


rain 

Mr 

shower 

cloudy 

cloudy 

fair 

shower 

rah 


Cairo 

Capo Town 


0 

7 Cardiff 
10 

9 Chicago 
21 Cologne 
20 Data 
31 Mbs 

8 Delhi 
6 Dubai 
6 DubSn 

17 Dutravrdk 
29 Ednbtrgh 


fair 


cloudy 

doudy 

shower 

fat 

rain 

Ur 

fair 


fair 

doudy 


X Fan 
9 Fkaddut 
19 Geneve 
2 Gbmttv 
8 Sasgow 
28 Hamburg 
15 HefcrirN 
26 Hong Kong 
26 Honolulu 
B Istanbul 
15 Jakarta 
7 Jersey 
KftWtt 
Kuwait 


doudy 19 Madrid 


fdn 
doudy 
rain 


Majorca 

Mute 


doudy 


fair 


No other 3irlrne flics to more cities 
around the world. 

Lufthansa 


fair 

doudy 


Las Palmas 

Lima 

Lisbon 


fair 

cloudy 

rdh 


Uocbourg shower 
Lyon rata 

Madera doudy 


9 
10 

19 Manchester 
8 Mania 
7 Mefaoune 
4 Mexico City 

22 Miami 
27 Mian 

11 Monfeed 
31 Moscow 
11 Munich 
26 Nairobi 
19 Naples 

16 Nassau 

23 New York 
25 Mat 

17 Nfcosb 
10 Oslo 

6 Pate 
13 Patti 
22 Prague 


drzd 

fair 

Mr 

ran 

Mr 

sw 

fair 

fair 

rain 

fak 

rain 

rain 

*”3 

far 

fair 

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rrfn nt 


fair 

shower 


11 

18 Ffayktavlk 
17 Rio 
8 Roms 
30 S-Frsco 
23 Seoul 
23 Singapore 
27 Stoddtttm 
6 Strasbourg 
-11 Sydney 
5 Tangier 

8 TeJ Aviv 

26 Tokyo 

16 Toronto 

27 Vancouver 
2 Vote 

14 Vienna 

17 Wasaw 

1 Wa sh ington 
10 Weflhgton 
33 Winnipeg 

9 Zurich 


Ur 

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CB22I 

doudy 

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shower 


Mr 
Mn 
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refer i 
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fair 


enow 

rain 


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30 
16 
12 

4 

32 

4 
11 
24 
18 
16 
10 
-3 
6 

7 
9 
9 

5 
17 

-11 

8 


the lex column 


Prescription for 



Almost everything that could go 
wrong for Upjohn has gone wrong. 
Foot of its top drags, generating com- 
bined sales of more than flbn, have 
lost US patent protection during foe 
past two years. Its main hope for the 
non-prescription market, an anti-bald- 
ing treatment called Rogaine, was 
refused a licence by foe US Food and 
Drug Administration earfler this year. 

Now, the most important drug in 
development, Freedox, a treatment 
from a class of drags called Lazaroids 
- because they are meant to help 
stroke and head injury victims 
recover, as if from the dead - has 
proved a misnomer. Enrolment for a 
trial has been halted when it was dis- 
covered head injury victims were 
more likely to die taking the drag 
than an ineffective dummy medicine. 
At best the Freedox fiasco means a 
delay in the drug's ap p roval At worst 
it may never be launched. 

Upjohn has a huge hole in its devel- 
opment pipeline, with nothing capable 
of replacing the sales Bom the drugs 
that have lost patent protection. The 
first inclination of Mr John Zabriskie, 
the youthful and recently appointed 
chairman and chief executive, wifi be 
to soldier on. But the company is now, 
more than ever, vulnerable to a take- 
over from a European drugs group. 
Much depends on the attitude of the 
Upjohn family , which stffl owns a sig- 
nificant stake. If the family has lost 
confidence in the present manage- 
ment, if it can. wring guaran tees from 
a predator about TnarntaTning a sub- 
stantial presence at the Kalamazoo 
headquarters, and if it waits for forth- 
coming US legislation cm capital gains 
tax, Upaohn’s future as an independent 
company is doubtful. 

Deutsche Bank 

If ITTs sale of its financial services 
arm is in shar eholders’ interests, the 
r ev erse may be foe case for Deutsche 
Bank, which is paying a net 8900m for 
ITT Commercial Finance. True. Deut- 
sche will be able to reap benefits from 
putting together its existing north 
American asset-based tending activi- 
ties with those of foe ITT subsidiary, 
and win gain access to thousands of 
new customers in north America and 
elsewhere in foe world. 

But the bank wfll also have to write 
off substantial goodwill following foe 
acquisition. No figure for this has 
been disclosed, but analysts put it at 
8700m. The acquisition adds S3.75bn of 
receivables to Deutsche’s balance 
sheet, but the net effect of the deal 


FT-SE Index: 3065.6 (-30.2} 


■ ■ - 1 


Iteioim 
********* ■* 

fWsttotDi ta&mtetfffnd P^HtaWi 



SO .. Ol* 4ft: •*- 


■ - « ■■ 


• •• •• V . 


win be an appreciable deterioration in 
the bank’s core, tier one capital ratio. 
Other recent acquisitions, both in Ger- 
many ami abroad, have also involved 
a large goodwill element Given the 
bank’s reluctance to sell the bulk of its 
industrial holdings, the dangwr is that 
Deutsche win be obliged to turn to 
shareholders to restore its capital 
base. 

Investors may be reluctant to con- 
template this, as the strategy behind 
the acquisitions makes questionable 
sense. Recent purchases in Spain, Italy 
and now foe US enhance foe bank’s 
position in these countries, but do not 
transform the bank’s global competi- 
tiveness or its earnings power. The 
bank should consider puffing oat of 
peripheral markets - especially in 
Spain and Italy - and concentrating 
its resources on developing a world- 
class investment banking operation. 

J 

Australia 

Is Australia about to embark on 
another vicious boom bust cycle? With 
bond yields in excess of 1ft per cent, 
investors appear to have readied their 
conclusions already. The chief worry 
is inflation, even though it is naming 
below 3 per cent Interest rates have 
been raised by 2.75 percentage points 
since mid-August and tax increases 
are in the pipehne, but this may not 
be «nongh to curb overheating. The 
drought has not prevented the econ- 
omy growing at 5 per cent The reli- 
ance on commodities, which account 
for more than 60 per cent of exports, 
limits the effectiveness of monetary or 
fiscal policy as a way af eontrofimg 
economic growth. 

Memories of the last recession may 


have contributed to an over-reaction. 
The current account deficit is -a con- 
cern, but foe drought has resfrsiwd 
escorts, while import growth has been 
pSK stimulated by capital equip- 
ment expenditure. This provides far- 
ther evidence that industry h as laarnt 
from previous cycles, and is iscrearing 
investment to retain competitivmess; 
Inflation should peak at 55 per cent in 
late 1996, not enough to justify current 
bond yields. Industrial stocks already 
look undervalued on earnings esti- 
mates for the next two years. The Aus- 
tralian dollar is tied to commodity 
prices, and is likely to strengthen 
steadily. An excessive appreciation, 
would, erf course, erode industrial coni-, 
petitiveness in foe longer term, text a. 
strengthening dollar should attract 
overseas cash, providing further sup- 
port for the markets. Shares, down 17 
per cent since February, look over 
sold. : 

L 

Derivatives accounting 

Derivatives -pose a challenge to 
those who devise "accounting stan- 
dards, not least because part of the 
raison tittre of complex financial 
instruments la to circumvent existing 
disclosure rules. But derivatives have 
the power to transform a company’s 
risks - for Uttie cash outlay - in a 
way which is not reflected in conven- 
tional historical cost accounting. 

The US’s Accounting Standards 
Board, currently examining ways of 
improving financial reporting in this 
area, is thus right to tackle the issue 
Tbe ASS is Bkely next year to recom- 
mend increased disclosure so that 
users of accounts -gat more informa- 
tion about the -risks taken op . by the 
company. -Thus, companies, may be 
required to disclose the Impact of fluc- 
tuatkms in exchange or interest rates 
on balance sheet ratios. Same groups 
release this information voluntarily 
now, as part of a review of treasury 
policy in foe operating and financial 
review which Bums part of a set of 
accounts. The ASB should go further, 
for example requiring -companies to 
recognise unrealised gains and losses 
incurred oh d eri vative s . 

Given derivatives’ inherent complex- 
ity, though, there la a danger that 
greater dfadosure-will sow canfasion 
rather than understanding among 
users of accounts. But if the process of 
complying with such rules helps com- 
panies better to identify foe risks they 
are tetting themselves in far, neither 
management nor investors should 
rewnplafa- - ■ 





Bayern. 

At the peak, research 

at its peak. 


8 


ift Bayern, research is paramount 

At the very peak of fte ZugaprtM, 

Germany 'a highest mountain, 
there's an atmospheric research 
sration. Though e bn lower m 
attitude, the state's other scientific 
institutes (the headquarters of the 
wortd-renowned Max-Pfanck and 
Fraunhofer institutes are tn Bayern), 
universities, polytechnics and 

technology transfer agencies all 

conduct research at the same high 
level. 

They also produce the high-queUty 
personnet staffing the state s high- 
powered companies. These conips- 
(ties and their lugh-performance 
products have sealed the heights of 
the world maffret 


Should we have heightened your 
interest in doing business in 
Bayern, please contact the 

Ministry for Economc 
Affairs, Transport and Technotoav 
Dr. Manfred Pfeifer 
ftinsregentenstr. 28 
BQ538 MQnchgn / Germany 

Tel.: (89)2162-2642 
Fax: (89) 21 82 - 27 60 



Bayern. 

The Quaftty Edge 
in the New Europe 



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People’s Republic of China has chosen the Alenia’s “Marco Polo” project to send the country flying into the future. Within this perspective, 

Alenia is producing air traffic control systems, radars and communication equipment, some of which are currently operating and others soon 

■ 

will be installed in 27 Chinese airports. The “Marco Polo” project will ensure the complete safety of air traffic over China, which is expected 


■ 

to increase dramatically over the next few years. There is high regard for Alenia’s technological heritage 
this is why the company and its products have been recognized by more than 80 countries across the world 



w Alenia 

A FINMECCANICA COMPANY 


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16 


FINANCIAL TIMKS FRIDAY DECEMBER 30 1994 



INTERNATIONAL COMPANIES AND FINANCE 


- 


Bull recovers at operating level 


By Jofai Ridding in Paris 


Groups Bull, the French 
com pu te r manufacturer m the 
process of being privatised, has 
achieved its aim of returning 
to profit at the operating level, 
according to Mr Jean-Marie 
Descarpentrles, chairman. 

Addressing a shareholders' 
meeting yesterday, he said he 
expected an operating profit of 
between FFrioOm and FFr300m 
($l&3m-$55m) for 1994, com- 
pared with a loss of FFrl-Sbn 
in 1993. 

Mr Descarp entries said the 
tumround reflected the 


' restructuring and cost-catting 
measures implemented over 
the past, year, and that the 
company should break even at 
the net level by the ™iddip of 
1995. 

The improvement in results 
follows a protracted period of 
significant losses during winch 
Bull has accumulated a net 
deficit of FFr20bn since 1989- 
The weak financial perfor- 
mance pushed the French gov- 
ernment to seek privatisation 
through the formation of 
industry partnerships rather 
than through a public offer for 
shares. 


Potential bidders for stakes 
in Bull, which are thoug ht to 
include NEC of Japan, are 
examining tile company before 
making a binding, find! offer. 
The privatisation is scheduled 
to be completed before next 
spring’s presidential elections. 

Mr Descarpentries said the 
improved prospects for the 
group should allow a flotation 
of shares after privatisation. 
He said this could involve 
between 10 and 20 per cent of 
the equity in the company and 

wmiTfl rpqrrinp thq agrwpmmt of 
its leading shareholder s 

Accord i ng to the Bull chair- 


man, tiie recovery in results 
reflected a series of factors, 
ftvflnHiny a shar p reduction in 
COdS. He «Hd that witmalar y 
costs had been, cut by 
FFrUftm in 1994, and that far- 
ther reductions would be made 
in 1995 and 1996. 

The group also benefited 
from a sharp improvement at 
Zenith Data Systems, its per- 
sonal computer division. Mr 
Descarpentries . -said ZDS. 
which has a strategic alliance 
with Packard Bell of the US, 
bad returned to profit at the 
operating level in the final 
quarter of the year. 


Green light 

for Cariplo 
in Rolo bid 


By Robert Graham 
in Rome 


The Bank of Italy has given 
the go-ahead for the L3^9lbn 
($ 2 bn) bid for Credito Romag- 
nolo (Rolo), the Bologna-based 
commercial bank, launched by 
a consortium headed by Cari- 
plo, Italy's largest savings 
bank. 

The bid still requires the 
approval of Consob, the stock 
exchange watchdog, but this is 
unlikely to be withheld. 

The main issue is whether 
Credito Italians, the recently- 
privatised bank that initiated a 
takeover battle for Rolo, win 
raise the stakes. Credito has 
already improved its ori ginal 
offer, but it is still 18 per cent 
below that of Cariplo. 

The consortium led by Cari- 
plo is made up of HU, the 
partly privatised hanWng insti- 
tution; Carisbo, the regional 
savings bank covering the 
Emilia Romagna region; and 
Reale Mutua, the insurance 
group. The bid, launched just 
before Christmas, is for 70 per 
cent of Ralo’s equity and would 
leave Cariplo with 52 per cent 
of the shares at an anticipated 
cost of L2,400bn. 

The official prospectus is 
likely to he released early next 
week, probably an January 3. 

Analysts believe Credito 
would find it difficult to 
improve the Cariplo offer cm its 
own. However, they consider it 
stiD possible for allies to be 
brought in to help capture the 
prize of one of Italy’s most 
profitable regional banks. 


Fokker moves to 


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arrest share fall 


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By Ronald van da Krol 
in 


Shares in Fokker, the Dutch 
aircraft manufacturer, fell 
heavily yesterday after a series 
of negative domestic media 
reports, but recovered strongly 
towards the close of trading as 
the company repeated that it 
was working on a new cost- 
cutting campaign. 

In early tr ading , the shares 
foil by more than 15 per cent 
to FI 10.20 from FI 12.10 on 
Wednesday. Dutch television 
on Wednesday night reported 
that management consultants 
believed the company’s high 
costs made it uncompetitive, 
raising the possibility of plant 


closures. A Dutch newspaper 
said job losses might be as 
high as 1 , 000 , while union offi- 
cials said they were expecting 
proposals for mare than 500 job 
cuts. 

However, the shares recov- 
ered after the company dis- 
missed the reports of 1,000 fur- 
ther job losses and plant 
closures as premature specula- 
tion. It re it erate d its intention 
to draw up a new cost-cutting 
plan by the end of February. It 
also said the management con- 
sultants’ report was based on 
out-of-date figures. 

Fokker’s shares closed yes- 
terday at FI 1L80, down 2J5 per 
cent foam Wednesday. 

In mid-December, the shares 


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First Choice 
tones down 
German 
alliance 


By David Blackwell 
In London 


Soi*«dfowra»w''- • ! -.»... . 


fell to a 1904 low of FI &50 after 
the company revised earlier 
forecasts of lower losses and 
said the deficit this year would 
be around the record FI 460m 
($26L4m) incurred in 1993. 

The company has blamed the 
decline of the dollar and 
downward pressure on the 
selling price of aircraft for 
its failure to pare losses this 
year. 


Athena suppliers seek legal advice 


By Raymond Snoddy 
In London 


Creditors of Athena, the poster 
and card retailer forced into 
administrative receivership by 
its parent Pentos, were yester- 
day seeking legal advice about 
the legality of the action. 

Mr John Allan, a director of 
Bod Prods, a Sheffield-based 
supplier of novelty stationery, 
said his company was owed 
£75,000. He said he always 
understood he was dealing 
with Pentos, and he only 
agreed to supply Athena after 
a £45m ($69 .6m) rights issue 
came through for Pentos ear- 
lier this year. 

Mr Allan's company supplied 
children’s stationery decorated 


with spiders and slugs. Mr 
Allan, who received an urgent 
fox fora n Athena on December 
19 for further supplies worth 
£25,009, said last night he was 
told by receivers Grant Thorn- 
ton that he would not get any 
of his money. Hie said that in 
16 years in business he had 
never before had a bad debt of 
more than £5,000. 

Mr Chris Marie r of Davy 
Marler, another supplier of 
novelty stationery, said his 
company was owed £60,000. He 
said last night he knew there 
was a degree of risk but 
thought that Pentos would 
stand behind Athena. 

Pentos, whose main com- 
pany is Dffions the booksellers, 
said an Wednesday file board 


had decided it should not inject 
further funds into Athena’s UK 
business because there was no 
prospect of its returning to 
profit in the foreseeable future. 

Earlier this week, Pentos had 
changed the name of the 
Athena subsidiary from Pentos 
Retailing Group to Athena 
Holdings. The directors of the 
latter then called in the receiv- 


ers. 


Mr Bill McGrath, Pentos 
chief executive, said in an 
interview an Wednesday “We 
couldn’t give it [Athena] 
away.” Mr Marler said yester- 
day: To ringfence a bit of the 
business like this is morally 
reprehensible." 

Pentos declined to comment 
yesterday. 


First Choice, the UK holidays 
group, yesterday scaled down 
its strategic affiance with Ger- 
many’s Westdentsche Landes- 
bank, which controls a 21 per 
cent stake in it 

The group also announced 
that Mr Wolfgang Trube, chief 
executive of a WestLB subsid- 
iary, would be joining the 
board as a nonexecutive direc- 
tor. He will replace Hr Chris- 
topher Rodrigues, chief execu- 
tive of Thomas Cook, which is 

90 per cent owned by WestLB. 

Thomas Cook bought file 21 
per cent stake in First Choice, 
formerly known as Owners 
Abroad, last year, helping 
First Choice to defeat a hostile 
takeover bid from Airtonre, a 
rival tour operator. 

Ihe Owners Abroad manage- 
ment at the time expected sub- 
stantial savings to follow 
through co-operation with 
LIU, the German travel com- 
pany 34 per cent owned by 
WestLB. 

First Choice will retain its 
retail agreement with Thomas 
Cook, but wfQ end att empts to 
realise economies through 
links with LTD. Mr Trube’s 
task will be to monitor 
WestLB’s investment and to 
provide an informal channel 
for links with LTD. 

T think tfs a new start,” Mr 
Francis Baron, First Choice 
chief executive, said yester- 
day. “It’s a new start an a vary 
pragmatic, business-oriented 
baste, aiming to secure bene- 
fits for all our shareholders.” 

Dr Johannes Slngd, chair- 
man of Thomas Cook and a 
member of the WestLB board, 
said that WestLB remained 
"committed and supportive 
shareholders and believe that 
the company has a bright 
future." 

The alliance always prom- 
ised far more than it delivered. 
At the sam e tfanw the manage- 
ment structure of First Choice 
changed out of all recognition. 

Shortly after defeating the 
Airtours hid, the chairman 
and managing director of 
Owners Abroad resigned after 
disclosing that fan-year profits 
would be only half of market 
expectations. 


SC A sells clothes-making 


.S' 


division to William 



•f 


By Hugh Camegy 
bi Stockholm 


SC A, the Swedish forestry 
products group, said yesterday 
it had agreed to sen a clothes- 
making unit to William Baird, 
a UK clothing producer. It is 
tiie second strategic move 
announced this week by 
SCA’s biggest subsidiary, 
MOtalycke, 

Metta-Taam, which makes 
leisure wear at three manufac- 
turing plants to Portugal, is to 
be sold at a price "slightly 
above” its net book value, 
which stands at about 
SKrlSSm (S24.7to). 

Turnover this year is set to 
reach SKrTZOm, and SCA said 
the price represented a multi- 
ple of six times operating 


William Baird, with annual 
sales of about £ 500 m ($77&5m), 
produces chiefly for the UK 
market It said it intended to 
keep Mefta-Tenson as a sepa- 
rate unit within the Baird 
group, an< i ri afatnh1 its pres- 
ent management 
The sale is a significant step 
to a restructuring programme 
at MQtalycke, a company with 
annual of SKrlfibn, to 
focus on and strengthen its 
core operations in absorbent 
materials, tissue and clinical 
products. As well as disposing 
of Melka-Tenson, MOlnlycke is 
looking to sell its toiletry divi- 


iitijii 


sion, 

MOLnlycke's biggest 
operations are in so-called 
Tuff products", making dis- 
posable baby nappies, adult 
incontinence products and fem- 


inine hygiene products. It runs 
ywiiMi to Procter & Gamble to 
European market share for 
nappies.' It Is also a world 
leader to adult Incontinence 
products and' Europe’s second 
largest manufacturer of sani- 
tary towels. 

Fierce competition to baby 
nappies forced MOlnlycke ear- 
lier this month to launch a 
SKrl-3bn programme of cost- 
cutting and reinvestment to 
order to sharpen its competf 
tiveness and stem a drag on 
group profits. 

On Wednesday. MOlnlycke 
said it was spending SKrfflOm 
on buying up the balance of 
Scott Health Care, a 5050 joint 
venture with Scott Paper In 
the US which makes adult 
incontinence products to- the 
US and Canada. 


V:' 

i v 


. - 
- n • 


Swissair criticises Air France 


By bn Rodger in Zurich and 
John RkkSrig ki Parts 


Swissair, the . quoted Swiss 
carrier, said Air France’s par- 
tial ownership of Sabena was 
hindering its plans to buy a 
large minority stake to the Bel- 
gian national airline. 

“A continuation of Air 
France’s involvement would 
appear to make little sense,” 
Mr Paid Mfiller, a Swissair 
director, said in the latest issue 
of the employee publication 
Swissair News. 

Swissair said yesterday that 
current negotiations depended 
on Air France. “If they decide 
to keep their shares, then we 
will have to discuss a new situ- 
ation," it said. 

Air France owns two-thirds 


of Ftoacta, a holding company 
which has a 37.5 per emit stake 
in Sabena. It has been reluc- 
tant to dispose of its 
investment to the Belgian 
carrier. 

However, industry observers 
believe that Mr Christian 
Blanc, chairman of Air France, 
may be leaning towards a sale 
or reduction of the stake. 

"It would be difficult for Air 
France to muster any further 
capital for Sabena, given its 
own need for financial 
resources," said one airline 
industry analyst . 

Swissair also denied a report 
in a Belgian newspaper that it 
was seeking a 75 per cent stake 
in Sabena. 

It said its aim in associating 
with Sabena was to obtain 


in fi neri re over an operating 
entity within the European 
Union and thereby strengthen 
its competitive, position to 
Europe. 

As Switzerland is unlikely to 
join the EU to the foreseeable 
fliture, Swissair fac ts passible 
discrimination on EU routes, 
Its wrisHng cooperation with 
Austrian Airtfaes is helpfol but 
insufficient 

"Expanding our group of 
hubs - Zurich, Geneva and 
Vienna - to include the capital 
of Europe would do much to 
alleviate this serious shortcom- 
ing.” Mr Mtfller said. 

Swissair has hot said how 
large a stake it is seeking to 
Sabena, but there has been 
speculation that it would be as 
much as. 49 per cent 


K‘g 


t. ■ 


- • -** v-* 

# a • ■ ■ ■ 


EA-Generali maintains dividend 


By Ian Rodger 


EA-Generali, Austria's second 
largest ftrarranre group, said 
its premium income rose? per 
cent to 1994, to Sch36.5bn 
(S3.3hn), and reaffirmed its 
intention to maintain its 15 per 
emit dividend. 

EA-Generali is 80 per cent- 
owned by Assicurazioni Gener- 
ali of Trieste and operates to 
Austria, Germany, Hungary 


and the Czech Republic for 
Generali 

The Vienna-based group said 
premium income of its five 
Austrian primary insurance 
subsidiaries rose 10 per cent to 
Sch23.7bn, and its four German 
subsidiaries showed similar 
growth, to ScfalOJStHi. 

Premium income of the two 
Hungarian subsidiaries was up 
11 per cent to Schl. 6 bn, white 
operations in the Czech 


Republic were in a start-up 
phfoe. 

Reinsurance revenues from 
third parties fell 40 per cent to - 
SchSOOm following the grotto’s .. 
decision to concentrate on 
fraternal business. 

, Earnings per share were 
expected to rise from SchlOS to 
1993 to SchlOft. 0 \ 
Mr Dietrich Earner, chief 
exe cutive , said the group was 
satisfied with its results. 


Hw Company a kHjaSf nxjund to puM&i noo&i 

Shanghai Tyre & Rubber Co., Ltd. Notice of Interim Shareholders' Meeting 

As rautad by ton flto 9anton of toe Fb* Boaitf off Ohodora (toa "Board”) of fliangW TVra 4 RUbbar Co. Ud. (toe "ConjanO omened on 
December 19. 1994 tonaL an Im ar kn a Mf fto*dBEs > Mooan g o< Ihe Sharehokfareof tha Conysny o hereby caned 10 be conducted by weyqf 

witten consent wtoi reapea to a proposed baue of oon wn fcla bondabyTO Conpany Thamatftealoreonadeiaitonand toemn to frp procedwtor 


the Mann Sharehofctara' Itavttng am sal torfi n the free 


1 . 


A. The Board roaotaa tost tor tha 
otfevtag during the fkst half of t99&, up 10 
frp RenrontoT 



Program, toe 
bonds dun 2003 (toe 


issue and eed In a global 
Bondd"). comoftMo 


amove erf toe Convertible Bonds my be toaued awJ 
a The Baud ranrivos tool, subject to toe 


l-O each d toe Company Sharul. on nidi tanns and condwm as toe 

to toe went of war aSoBi w n t of toe Ga n mnMa Bonda, up 10 U A Si 38,000 .000 principal 


The B o o n! heieby frbn ito this natter to toaSh aie h u t J am lor aulhorizmon and nn pm wJ 
' of too l ato wnt PRC gowe m mertal aih o ril ia. upon too aaflar of toe iranafty of toe 


of Aeeooadonof tteOompenj.The 

CoracnMa Bonds am actfigiy cannoned dtftng 9 

8oiiitoaiacooidanCBidtoihearti^aueonj Moyw^ ^lheConvert^Bontls.TTyBflfBrt fiembyaitoiltolhls 

each Shanaft 


in toe amount of rey a a e fl caaftt tM be dofrf rtfflrt by toe turtw of B 3m fro vrtech toe 
toe eonw rai qn pwod end mi todude addttanof 6 9wea tssued to hoktom of toe Convertible 


to toe StarthokfretarappraraL 

Cl T he Board heitfsy requests each Shareholder* waiver of itis pmcnotfue rtata to rasped of toe issuance of toe Canvtfflbto Bonds oral of 
T1 Till Hum ipfi uMiwiiiinH nf Bin rmeiMfli TWirti finrhirlTQ pumnnf in tone nm ftiimn firwrinrO 

Dl The Boert hereby also requesto each Shareholder* consent end edhortzafion of toe B ore d to da in i i m. In too bat rtaresl s of too 
Company: toe dst^od plan, tomie and cmaaons far i» to— and me of toe C aiw uni a Bonds tochiduift but not fcritod toe frte of tosuance, 
toe (ton d maturity, toe price of Issuance, the con wrn on prenBwn, tha appobtonentof underamtoiS, tag* adutavs, e coo Wfr . dsposhary bank, 
toatog rnggseer. paytog agwi and Olher piqfciudrind oowueanto and toetoeeandcosaoi toa tgaueandealeef toe OnmartMa Honda; as wtflaa 
toe eutoonneon of toe Boenl to doiannm toe oonm end lorm of el retaud etpeomoms and docunMi Undudna bur not Imbed Ml toe ad»- 
itf fr i un agraoCTed. toe Indmeum and toe depoaa a n a ama n d. and In ba aoto dscmnon. to autfwim a p proprtato oBtotoe of toe Company findudk 
tnfl.Ugnoi iin no d to. toa Chapman of toe Bond of Diaapia. the Vtoe Chairman of toa Board of OfrOtote, Dsectoto ' 

Depuy General Manager] to cmcula al such uyreomontt and doouneda on behatf of toe Coipan^ 


dial be held by my of written oonsert.Thto 


togeihar wWi too attached 
not send any nodfladon or 


The Bon rasohms that toe kimn Shareholders' 
uwov snap oe oGomeo to do nouce or tno Monri cswenoKMra 
bald to Shvohoidoii, in ary other marmar. 

The 8oanl hereby requeas each Sh ni eUuldaMtoie on toa manamd iiaciej a d In eecdon one of tola Wodoo, 
ton or (den id toe Convwiy al too adtooas aai lorto below on or before January 28. 1995 (Ddpnq lie). Any B 
reoewed by toe Oonnpaiyly toner tototoie olid— — artoan I m ay H i99b (Baijing nmej anal be doemed mu 
XT?m completed end eHpmd BiHot ahoidd be iwit to the C«Mf al the fofkswing addfrea: 

Dc^fctog^Sepaiary ol too Bound d Dtootoa, 619 Oman Head MidL Shanghai 200002. Ftoopn Rapubfio d Ghtnot 

Daoantoor 29. W 


by tho pod 


Cuf <M or ippMiee and i«M to toa Compare 


BALLOT 

S ha ng ha i Tyre & Rubber Co., Ltd^ 63 Si Chuan RoatfMld, awntfuri 200002, Peopte’s Be pub B c of China 

Interim Shareholdefs’ Meeting 

Name of Shareholder Shareholder Account No: Tet 

Address of Shareholder Number of Shares held: Rax: 

Vote: A. To authorize the issue and sate of Convertible Bonds as set forth In the Notice of Interim 
Shareholders' Meeting: For Q Against: Q 

B. To waive preemptive rights In respect of the Issue and sate of Converttele Bonds as set forth 
in the Notice of Interim Shareholders' M ee ting: For □ Against: □ 


Stature: 

■ Art 


to afl dorica aboua araapt tor toa dgnanM • todcato woto with toa taftowfng marie V“ 


I IN \\< I \l, I IMI S 


HAST EUROPEAN 


i> I; 


ReEabie, comprehensive and objective - 
East European Markets, the twice monthly newsletter 


of Central and Eastern Europe including Russia 
and the rest of the Jonner Soviet Union. 

To receive a FREE sample copy contact: 


Sinii Banal, financial Hanes Newsletoass Marketing Department. 
Third Floor. Number One Southwark Bridge; London SEI 9HL, England. 
Td: (+44 71} 873 3795 Fa*: (444 71) 873 3935 

«n !■ M bj H Hd Mgrbl M by adter mtoA 


n 


RHUCUL TWES 


Ow ia W mrt ate*. IW. SEIM. Bywe 
'mt awsnu. 


SWEDBANK 
(Sparebankemas Bank) 


US1 100,000,000 
Subordinated floating rate 
notes due 2002 


Notice b hereby given that the 
notes add bear interest at 
&20X per annum IhoiR 30 
December 1994 to 30 Jane 
1995. /Merest payable on 30 
Jane 1995 per USSJO.OOO note 
will amaam to USS414J56. 


Agent: Morgan Guaranty 
Trust Company 


JPMorgan 


APPOINTMENTS 

ADVERTISING 

appears in the UK edition 
every Wednesday & 
Thursday and in the 
International edition every 
Friday. For further 

information please contact 
Stephanie Cox-Freeman on 
+44718733694 


cmcoRPO 



vs. 

Subordinated Floating Bate Notes Due S ept ember 3000 

Rota tJ? 30 f 

i Mem jO. 1 995 hos bain tbtod of 6.25% and lhaf Iht mtomt 
on fh* miivant bitaml flamml Data Mordi 30, 1 995 # 


1 



pAubw on Wm rt ia v en f Inftaml Peymonl Data Mom 30, 1 995 # omM 
Coupon No. 6 in mpiti oF US$5,000 nominal of tfui Notot will bo 
US$78.13 end in reipect ef US$100,000 nernkwl of tha Notes will be 


USS1.562J0. 


Qsc wn btrJO, P994, 4onc»n ~ 

By CMbonk^NA (iiM"SafV>c«a} i Aawit flenk 


CmBANCO 


CITICORP & 


UJS4350, 000,000 


Notice is hereby given that fhe Rale of Interest has been fixed of 
6325% tn respect 3 ho Origind Kota and 6^125% ki reaped of die 
Enhancement Notes, and fnat fhe interest payable an tiie relevant 

i.i. _ «■! 1MU I* li «■ kl n l n > 


Interest Payment Dale January 31 
of US$1 0,000 namindcfA 


. 1995 
fhe Notes wM be USS 



Notes and US$56.1 1 in respect of h 


No. 110 in 
33 in resoectof 



U.Sv$500, 000,000 
SbdboKdhMted Floattng Bate Notes Due October 25, 2000 


Notice is hereby given that Ihe Rale of Interest has been fixed' at 
6.225% and mat the interest payable on the relevant Interest 


Foyir i q* Data January 31, 1995'cgairet Coupon No. Ill fri re sp ect 
oF USS10.000 mind dl (he Nate be USS5593. 


U.S4500,000,000 


Notice is 


given that the Rate of interest 
4.2% and that me interest 


a.zx ana that tha interest payable on the relevant Interest 
Payment Date January 31, 1995 against Coupon No. 108 in 
respect of USSlOjOOO nannal of (he Notes wH be USS55.1 1 . 


By: Ctibank, NA {Issuer Services!, Agent Bcnh CfTIBANKO 


Banca di Roma S.pA 


US*200,000,000 
Floating rate subordinated 
loan participation certificates 
due 2001 


Issued by JJP. Morgan GmbH 
far the purpose ol making a 
subordinated loan to Foreign 
Branches of Banca dl Roma. 


The rate of interest /bribe 
period 30 December 1994 to 
30 June 1995 has been toed at 
7.03% per annum. Interest 
payable on 30 Jane 1995 wfO 
amount to US$1,777.03 per 
US$50,000 certificate and 
USS17, 770 Jt8 per US$500,000 
ce rt i fic a t e. 


Agent Morgan Guaranty 
Trust Company 


JPMorgan 



DEN DANSKE BANK 

US$100, 000,000 
Subordinated floating rate 
notes due 2000 

Ossoulby<M$dtntimt*Mmof 


In accordance mfth the 
provisions of the notes, notice, 
is hereby given that far the six 
months interest period from 
30 December 1994 to 30 Jane . 
1995 the nates uriO carry an 
interest rate of 7.0625% per 
annum. The interest payable 
on the relevant interest 
payment date, 30 June 1995 
wdl amount to USS357.G5per 
USSJO.OOO note and 
USS8J2622 per US$250,000 
note. 


Agent Morgan Guaranty 
Trust Company 


JPMorgan 



PWLUPXA1FXAWDB1 I 


securvtcb a mums UD 


ltufe; ■. c-P'iCNS 


Laodca ECZA lfi\ 
TU: 071-417 TOO 
Ax: 071-4279719 


$32 




JN! 


Signal 


lout' 


RT DA 


•_ n.i 


C;i II Lo r-Jor. 
for ci:r ou 


;i£R 



Am you interested in stock market trading profits? Discover merger and 
takeover arbitrage. For details of oar unique performance , related service 
call Arbitrage Dept Michael Laurie lid (MenAer of SFA) 

Teh 071 493 7050 Fax: 071 491 8998 





REUTERS lOOO 

24 houna adoy -only glOO amorrihl 



*•,*- 


7^; 




£150.000,000 
Floating rate notes 1997 


For the period 28 December 
!994to24MarchJ995the 
notes w/tt bearinteresrar 
566042% pwa nnu m. Interest 
payable an the releaant interest 
payment date 24 Hard\ 1995 
inig amount to&156.93 per 
WOOOnote andSI,S69JQper 
£100,000 note. 


Agent: Morgan Guaranty 
Trust Company 


JPMorgan 


Wells Fargo & Company 


US$200,000,000 
Floating rate subordinated 

notes due 2000 


The nates toa bear interest at 
6J5i% per annum for the . 
{Merest period 30 December ■ 
1994 to 31 January 79S& 
Interest payable on 31 January 
3995 uriS amount to US$55.56 
per USSI0.000 and ISS27730 
per US$50,000 note. 


Agent: Morgan Guaranty 
Trust Company 


JPMorgan 




TSB GROUP PLC 


9SOOO) 


£100,000,000 Perpetual Floating Sate Notes 

Notice la hereby given that the Rote of Interest has been Fixed of 
7.075% and that the Interest payable an the relevant Interest 


Payment Data March 31 , 1 995 against Coupon No.20 In respect of 
£10,000 remind amount of Notes wifl be £17A39. 


Dumber JQ, IPW. fodon 
By: Qtibonii. NA.lfowr SerrteeaL 


Bank 


CITIBANK* 


U.S. S300,000/K)q 



Bank of Greece 


Floating Rata Notes Due 1996 


Rfr 7<SB26% poranmni 




iiivtm 


u A&mn 


@ CS ftiwr Boston 

a * 

MQfra 


U A 5100,000.000 


Loan Partkspadon Certificates 
duo 2000 


benodby 

The Nlkko Seavfltfcs Co. 

(DaoMhlud) Chdril 


far^ap iirp na g nf fttfidfn^ antl 
■tfllnW | 'tfhn nrfi mrfmrf 


mnhrfalnfnga adwaBnrtaJ 
man to 


The Ashikaga 
Bank, Ltd. 


^Otwa Is here b y gtm that far 
tin dine months h netes t Mad 
fmn 30tfa Dcoattbar. 2994 to 
Jlst March, 1995 die Ccrdflouci 
«ID cany a Cunpoo Han of 


Coupon pspAh « dbt Much. 
»9S will emeontto US. a73U3 
PW 118. JIMOroo Ccrriflcatu. 


The Mtanbhdil Beak, Unritad 

London Branch 



The Republic of Italy 


US $300,000,000 

Floating Rats Notes due 1997 


In accordance with the provisions of the Notes, notice 
is hereby given that the Interest Amounts payable on 
the next Interest Payment Date 31st January. 1995 wilt 
be US $312.65 for each US $10,000 Note and 

US $7,816.40 for each US $250,000 Note. 


AgentBank 

Bank of America International Limited 

30th December, 1994 





IIIIIIIIlllIVVIlllIllllllllillliiiiiiiiiiiiiiiiiiiiiii 



United Kingdom 

U.S.$4, 000,000,000 

Floating Rate Notes Due 1996 




aA*iTTjr-jT PmoQ juui December 1994 m 

30th Match, 1995, the Nona wiU brer in®^; 
po«u.p=»^ Cow. NoJ4*ill SLwfi 

25 fr"B Sow ol 




S<G. Waiting & Co. Ltd. 

AgentBank 

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.-• - r- . 1 1 • 1 • . - I ■ 



FINANCIAL TIMES FRIDAY DECEMBER 30 1994 



ends 48 years 

nationalised coal 

■ 1 

feFeggy Hotinper 


COMPANIES AND FINANCE 



19 



Banco Bilbao Vizcaya edged out in bid for Spain's mobile telephony system 

Santander snatches cellular phone licence 


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TJna age of the nationalised 
ptjsl Industry came to an 
gaily this morning, almost 48 
veers to the day after the gov- 
ajanant first took control of 
Britain's collieries. 

At one minute past mid- 
nigh t. RJB Mining became the 

no- of by far the hugest part 

British Coal: its 18 opera- 
nd English minwt 

■ v^.Shfi deal will make Mr Ricb- 
1 i^g{d.Bodg8i RJB's chief exacu- 
'.^tb who has been criticised for 
.• ■’fla assumptions used to back 
-Ids company's bid price, some 

- gSO.OOO richer. His contract 
•:7 allows for this bonus to be paid 

on completion of the deal, as 
. veH as further profit perfor- 
mance payments of up to 100 
. per cent of his basic £290,000. 

RJB's shareholders approved 
' the takeover at -an uneventful 
and sparsely attended EGM in 
London yesterday. Investors 
. have already put up £400m 
towards the £815® purchase 
price; the balance will be 

- funded with debt 

Mr Budge said he had no 
fciw for substantial changes 
to the mines or to the employ- 
ment conditions of the 7,100 
miners be was taking on. Pre- 
vious management had already 
got the business “down to the 
operational levels it should be 
at”, he said, furthermore, the 
enlarged company would be 
able to cut 5 per cent Gram Brit- 
ish Coal's operating costs 
almost immediately. 

British Coal’s Scottish assets 



Richard Budge (left) with BID Rowell, director of deep'ShS^T" 




were transferred yesterday to 
Mining (Scotland) for £49m. 
Celtic Energy, which is pur- 
chasing the Welsh mines, is 
expected to conclude the trans- 
fer today, leaving British Coal 
with only nonrmining assets to 
unwind. The deals end a five- 
year journey to privatisation. 

The National Coal Board was 
set up on January l 1947 to 
own and operate Britain’s 
mines as an early part of the 
incoming Labour Party’s pro- 
gramme to nationalise basic 
industries. It was a Conserva- 
tive government under Mrs 
Margaret Thatcher which 
decided in 1989 to reverse Hm* 
process. 

Memories of the bitter min- 


ers’ strike of 1984 — and public 
sympathy for the mining com- 
munities - were still vivid 
when the government 
announced the wholesale do- 
sure of 31 of its 50 pits in 
advance of privatisation. The 
justification was that demand 
had dropped substantially and 
and productivity improved, 
leaving little other option. Pub- 
lic outcry forced a comp r om i se 
with the immediate closure of 
Just 10 mines. 

In the end British Coal 
closed 34 pits, some of which 
have since been reopened by 
private operators, meiuriing Mr 
Budge. Sixteen operating pits 
are being transferred to private 
ownership today. 


By Tom Bums in Madrid 

Banco Santander has delivered 
a second blow to Banco Bilbao 
Vizcaya, its chief domestic 
hanHwg rival, in a little over 
six months. 

In lata April It beat BBV in a 
public auction to acquire 
Banco Espaflol de Crddfto Ban- 
esto, and now a Santander- 
backed consortium has edged a 
BBV-Ied group out of the con- 
test to develop a nationwide 
mobile telephony system. 

The result of the contest for' 
Spam’s second GSM (global 
system of mobile cornmuntea- 
tions) licence the first is 
reserved for the gove m manfs 
Telefonica also saw AirTouch, 
the US cellular operator, and 
British Telecommunications, 
the technological partners of 
the winning Airtel-ASR consor- 
tium, defeat the US's Voda- 
fone, part of BBVs competing 
group. 

BBV’s humiliation is consid- 
erable. In addition to San- 
tander, Airtel counts among its 


main shareholders Banco Cen- 
tral Hispano, a second big 
bank competitor and one that 
had stood aside from the Ban- 
esto bidding process. 

Determined not to be 
thwarted a second Bmp, BBV’s 
CometflhSRM consortium had 
made a bigger cash bid for the 
cellular licence, offering 
PtaSSbn (£432m) against the 
PtaSSbn from Santander and 
its fellow Airtel shareholders. 
In April Santander took the 
Banesto prize when Its sealed 
bid offered Pta762 per Banesto 
share against BBV’s Pta667. 

With its acquisition of Ban- 
esto, Santander put itself 
ahead of BBV in the size of its 
branch network and in the vol- 
ume of deposits, mutual funds 
and loans to become the larg- 
est domestic banking group. 
BBV, which has traditionally 
maintained a high industrial 
investment profile, had sought 
to even the score by taking on 
the mobile telephony business. 

In the event, the ««*' offer 
by BBV and its fefiow Cometa 


partners was not enough to 
obtain the GSM licence. The 
competing consortia were also 
required to make a series of 
undertakings covering indus- 
trial investment, job creation 
and research and development, 
and the bids were awarded 
points under a complex adjudi- 
cation s y stem drawn up by the 
government and Lehman 
Brothers, the US bank. 

Full details of the two bids to 
develop what represents one of 
largest single investment proj- 
ect to date in Spain will be 
released to parliament next 
month but Mr Jos6 Borrell, the 
telecommunications minister, 
said Airtel ’s bid had totalled 
447 .30 points out of a possible 
600 against Cometa’s 432.67. 

Mr Juan Berberena, banking 
analyst at AB Asesores, the 
Madrid securities house, said 
BBV’s failure to win the GSM 
licence was “a psychological 
blow” that weakened its image 
but added that its defeat could 
turn out to be a blessing in 
di$pdse. "The GSM business is 


potentially very profitable but 
it represents a huge invest- 
ment effort which will have to 
wait three to five years to see 
any returns,” he said. "BBV 
was maTring a very large bet 
and carrying a very big 
implicit risk." 

A key difference between the 
two competing consortia was 
that Cometa’s financial burden 
was squarely placed on BBV, 
which had a 298 per cent stake 
in the consortium, as well as 
on Vodafone, which had a 
stake of 23 per cent, whereas 
the equity at Airtel is more 
widely distributed. 

Santander has only 138 per 
cent of Airtel and it has syndi- 
cated this equity to a 138 per 
cent shareholding in the con- 
sortium owned by BCH. Air- 
tel’s spread of financial back- 
ers is further increased by a 
16.7 per cent stake (hat is 
jointly held by a group of five 
regional savings banks. 

Analysts say Airtel’s finan- 
cial partners will stand It in 
good stead as it embarks on 


investments that could total 
Pta200bn. Under the terms of 
the tender the consortium has 
to provide GSM’s pan-Euro- 
pean digital network to ail 
towns of more than 10,000 
inhabitants within five years. 

The Spanish licence rounds 
off an acquisitive year for Air- 
Touch. which has a 16 per cent 
stake In Airtel (BT has 7 per 
cent) and will be its dominant 
technological partner. The US 
operator entered the cellular 
markets in Germany. Portugal 
and Sweden in 1992 and those 
of Belgium, Italy and Spain 
this year. 

Airtel will share with Tele- 
fonica a Spanish GSM market 
forecast to have 2m users and 
a turnover of Pta208bn by 1998. 
"Telefonica will have to beef 
up its marketing - in AirTouch 
and BT it will be being two 
experienced and tough compet- 
itors in the cellular environ- 
ment," said Mr Jonathan Lee. 
telecommunications analyst at 
James CapeL the London bro- 
ker. 


" ... 

■ ■ ' * " ■ ■ 


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Compensation 
for Brockbank 
underwriter 

Shareholders in Brockbank, 
the Iioyd’s managing agency, 
are expected today to approve 
payment to (he group’s lead 
underwriter of £l.88m com- 
pensation plus 500,000 new 
shares for «™«ninp a profit- 
sharing deal, writes Ralph 

A tkins . 

The package is being offered 
to Mr Mark Brockbank as the 
group seeks shareholder 
approval to demerge its 
Lloyd’s members’ agency 
interests. Some of the compa- 
nies concerned face legal 
rJirims by lnssmakfaig Names. 

Under the original contract, 
Mr Brockbank, who owns 
about IB per cent of the group, 
received 15 per cent of the net 
profit commission retained by 
the managing agencies. Brock- 
bank said it now wanted to set 
up a new bonus pool for key 
staff. 

Brockbank’s shares, which 
trade under Rule 48, currently 
stand at about 200p. 


Jardine sets sail for Singapore 

H 


ong Kang’s stock mar- 
ket today loses two of 
its biggest and oldest 
listings, Jard ilie MaUiwenn and 
Jardine Strategic Holdings. 

Up to 85 per cent of trading 
in Jardine Matheson stock has 
passed through the Hang Kong 
stock exchange, with London 
absorbing the remainder. 

Jardine, listed in Hong Kong 
in 1961, hopes the share trad- 
ing is Hang Kong wffl shift to 
Singapore, whoa the company 
has arranged to facilitate it If 
the arrangements work - 
including paying the cost 
shareholders incur in moving 
share registration from Hong 
Kong to Singapore - the trans- 
fa: of trading will. have a big 
impact on the Singapore 
bourse. 

Jardine Fleming Securities, 
the brokerage owned equally 
by Jardine Matheson and Rob- 
ert Fleming, the UK merchant 
bank, estimates Jardine Mathe- 
son win be the fourth biggest 
stock in Singapore by market 
capitalisation and the second 
most liquid stock. 


The Hong Kong market is losing two of its oldest 
listings. Louise Lucas and Simon Holberton report 


The defection of Jardine 
Matheson, which accounts for 
about 1.66 per cent of the stock 
market’s capitalisation, and 
Jar dine Strategic, the invest- 
ment arm, which is also the 
linchpin in a protective cros- 
aholdfog with Jardine Mathe- 
son. is the culmination of a 
decade-long tussle with the col- 
ony's securities’ regulators. 

In spite of protestations from 
Jar dine directors, It has also 
been Been as a vote of no confi- 
dence in the post-1997 future of 
Hang Kong. 

The saga began on March 28 
1984, when the group said it 
was moving its domicile from 
Hong Kong to Bermuda. 

Ja rdine flirmgfat this would 
put it beyond the reach of 
Hong Kong regulators. The cre- 
ation of the Securities and 
Futures Commission following 
the 1987 stock market crash 
changed that The SFC*s power 


to regulate the company - 
especially In takeovers - 
prompted it to seek other ways 
to avoid Hong Kong regulation. 

This included moving the 
primary stock exchange listing 
to London in 1991, and then, in 
1993, getting the authorities in 
Bermuda to enact a takeovers 
code - based on London's - 
that applied only to the Jar- 
dine group. 

An attempt this spring to 
persuade the Hong Kong gov- 
ernment to accept the latest 
"Bermuda solution” fell at the 
first hurdle. 

Ironically, the SFC still 
daims the power to regulate 
the company. Its powers 
extend to companies whose 
principle business and manage- 
ment Is in Bong Kong. About 
60 per cent of Jardine Mathe- 
son’s earnings came from Hong 
Kong and Gh™ in 1993 which 
will remain the principal 


source of earnings In the 
medium term. 

The SFC took comfort from a 
derision this month by the FF- 
Actuaries World Indices policy 
committee to retain the Jar- 
dine group in the Hong Kong 
section of the FT-AWZ indices. 
Morgan Stanley took a differ- 
ent view. 

This month, Morgan Stanley 
Capital International restruc- 
tured its Hong Kong index to 
reflect the delisting of the Jar- 
dine group by deleting Jardine 
Matheson, Dairy Farm, a 
worldwide retailer. Hongkong 
TiHnd, the property investment 
company which has a stake In 
Trafalgar House, and Mandarin 
Oriental, the hotels group. 

Jardine Matheson directors 
estimate 80 per cent of its stock 
is held by overseas institu- 
tions, the vast majority of 
whom will not be obliged to 
sell their holdings. 


Statement 

The Walt Disney Company 

. VS. $400,000,000 
Senior P articipatin g Notes Doe 1999 

B Qittrtcfffr Statement Dated: December 30, 1994 

for the period from Jotj 1 to Sept em ber 30,1994 Cthe - “fledo<r) 

O SnfaHndSWcmcat 

for foe period Odd Ftbaury 28. 19_ fo Aagnt 31. 19__ (iheTWoTl 
for Ha period torn Sqftmhff 1, 199. 10 August 31. 199. (foe^PcrtocT) 


(d>e ,, S«caiag^llbdflgfamMiBdtolfokienof8iicfafrfoigorngWaltDlsoeyCoig|apj 
0ke l On|te/)i CaptoBaed ms need in itaii Stetson! lave die metatap ascribed to 
them in die Notes aod foe Hscal Agency Agreement, <tod as of October !, 1992, between 
the Company and Cttithaafc. NLA* as Fiscal Agent, Ptindpal Paying Agent. Transfer Agent 
and Registrar. The infoaufon contained In fids Statement is given for both tha Mod 
corned by this Smbbcol QaEcafed Iqp me boi (tacked above) and for the period fimn 
October 20, 1992 1 thedaieorisBianceorKheNtm(^ a> lsnieDHsr)«0ra^hlbeendar 
the Mod coveted by Ohs StatanenL 

ThisSte!einePtiai KTnnifttiiW byadeB rrip t fr vC!fqMxt iIbii.T«bliig d>eicavtiyiod8ttt«g 



NA, lMWaD Streep New York, New Yodi 10043* AtteiHkiLCixpocaeTiiBtDepartaiaa; 
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The Walt Disney Company 

Bjht Eanaom JtiBP 
Tide Dinaorqf Corporate Fima 



The Bangkok Bank of Commerce Public Company Limited 

US$90, 000,000 

Floating Rate Notes due 2000 


Arrangers / Managers 

Burgan Bank (S.A.K«) Kuwait 
KEB (Asia) Finance Limited 
Korea First Finance Limited 

L.F.C. Far East Ltd / London Forfaiting Company PLC 
Sanwa International Finance Limited 
Standard Chartered Asia Limited 
Sumitomo Finance (Asia) Limited 


Fiscal and Paying Agent 

London Forfaiting Asia Limited 


Issue Co-ordinator 


L.F.C. Far East Ltd 


December 1994 


/ 


i 












18 


FINANCIAL TIMES FRIDAY DECEMBER 30 1994 



INTERNATIONAL COMPANIES & CAPITAL MARKETS 


MEWS DIGEST 

Finland gives the 
go-ahead for 
Neste flotation 

The Finnish, govern m ent yesterday gave the 
go-ahead for a share issue hr Neele, the state- 
owned ofl and petrochemicals group, which is 
likely to be Finland's largest privatisation to 
date, writes Hugh Caraegy in Stockholm. 

As the 97 per cent shareholder in Neste, the 
government's approval was the vital factor at 
a special shareholders' meeting held to 
approve the company's plans to issue for sub- 
scription during 1995 a ™ gyiTm im of 18m new 
shares, equivalent to a 20 per cent stake in the 
group. 

Some estimates have valued Neste, which 
had sales of FMSSbn in the first eight months 
of the year, at FMlObn (S2.09bnX 

Oriental Press earnings 
slip 15% in first half 

Oriental Press Group, Hong Kong's biggest 
newspaper publisher, suffered a 15 peer cent 
fall in first-half earnings to HK$216.6m 
(US*28m) from HK$307.5m a year earlier, 
writes Simon HoJberton in Hong Kong. Turn- 
over rose 1&5 per cent to HKfSLSJhn from 
HE$7175 hl 

An unchanged interim dividend of 10 cents a 
share is declared. 

Hie company said all its businesses had put 
in a good first hall; suggesting most of the 
problems came from its new English-language 
daily, Eastern Express, which continued to 
suffer large losses. 

Mr Ma Ching Kwan, Oriental’s cha ir man , 
hoped break-even would soon be reached and 
that “the paper win become a channel for the 
group to miter into the competitive interna- 
tional media market”. 

Valeo, Siemens link in 
automotive components 

Valeo of France and Siemens of Ge rm a n y are 
to merge their operations in the growing mar- 
ket for automotive heating and air condition- 
ing systems, writes Kevin Dome, Motor Indus- 
try Correspondent. 

The venture is a signifi«»Tit move in the 
restructuring of the European, automotive 
components sector, creating an alliance 
between two of the industry’s leaders. 

Valeo, the leading French automotive com- 


ponents maker, planned to take an Mtlal 75 
per cent stake in the venture, which would 
integrate the heating and air conditioning 
systems activities of the two companies. Sie- 
mens will have an option to increase its stake 
to 30 per cent 

The venture, which is expected to have 
annual sales of about FFr42bn ($77&3m), 
should begin operations in the first quarter of 
1995. 

In a related deal, Siemens is to take a 70 per 
cent stake in Valeo's electric motors business 
for Hhwate control applications. 

■ 

Nestle’s US takeover 
cleared by the FTC 

The US Federal Trade Commission has settled 
charges that the acquisition by NestLS Food, a 
unit of Nestle, the world’s largest foods group, 
of Alpo Petfoods would end US competition 
between the two trig cat-food makers, Beater 
reports from Washington. 

The FTC said concerns that a lack of compe- 
tition would lead to higher prices were 
resolved when Nestle’ agreed to sell its Fort 
Dodge, Iowa, manufacturing {riant to another 
company that would operate it in competition 
with NestlA 

The Glendale, California, unit of the Swiss 
company plans to buy Alpo, a subsidiary 
of Grand Metropolitan of the UK, for 
$510 hl 

Unilever in deal will) 
Indian ice cream group 

Unilever, the Anglo-Dutch conglomerate, has 
linked with the Kwality Icecream group, 
India's largest Ice cream manufacturer, to pro- 
duce and market ice cream under the Kwality 
Wall’s brand name, writes Shiraz Sidlnra in 
New Delhi. 

The agreement, signed by Brooke Band Lip- 
ton India, a Unilever subsidiary, and three of 
four families which own Kwality, is part of 
Unilever's strategy to enter India's growing 
food processing industry. 

The three parties to the deal, which cover 
two- thirds of the country and account for 85 
per cent of the national volume sold by the 
Kwality group, will make ice cream for Brooke 
Bond, which will market the product 

Brooke Bond Upton India, which has a sub- 
stantial presence in the country, took over the 
Dollops Ice cream business and marketing sys- 
tem from Cadbury India, before launching 
Wall's, the international ice cream brand, in 
India early this year. 


cats fan 

as traders 
switch 
into bunds 


By Martin Brice In London 
and Lisa Brans ten In New York 

UK government bond prices 
fell almost 2 points yesterday 
after investors switched oat af 
gilts into bards. 

One trader attributed the 
volatility to the thin volume of 
trading. The December long 
gDt future fen 18 to around 
1008 in late trading, and the 
spread over bunds widened 

GOVERNMENT 


out to about 123, from 105 in 
the morning. 

There were market rumours 
that US hedge funds had 
placed large sell orders yester- 
day. 

Talk that gilts had fallen on 
increased worries over infla- 
tion after prime minister Mr 
John Major had promised tax 
cuts was dismissed. 

■ US Treasury prices were 
mostly flat yesterday morning 
as the dollar bounced back 
from Wednesday's lows. 

At midday, the 30-year gov- 
ernment bond was down £ at 
96ft yielding 7.834 per cent At 
the short end of the market, 
the two-year note fell ft at 
90S, yielding 7.707 per cent 

Commerce department data 
showed the into of leading 
economic indicators op OJ 
per cent for November, 
slightly above most econo- 
mists' projections. 

Bond prices had support 
fr om a rising dollar. 

■ German government bands 
slipped in line with Trea- 
suries, and the March bund 
futures contract an U£Te fell 
by around 156 on the day to 
83.70 in late trading. 


expected 


Germany heads for calmer waters 



After a stormy 
year, German 
government 
bonds are 
likely to enter 
calmer waters 
in 1995. How- 
OUILOOKtj ever, the new 

year win not be 
all plain sailing , with economic 
expansion gathering speed and 
expectations of interest rate 
increases growing. Indeed, 
although most market analysts 
predict a dedine in bund yields 
during the year, many expect 

them tO be HM7 p rhang wri at 

end of 1995 from their current 
levels. 

German government bands, 
or bands, began 1994 in a buoy- 
ant mood, boosted by hopes of 
further interest rate cuts 
which had underpinned the 
market throughout 1993. Anrid 
this dmwrtfl of optimism, tire 
yield cm the benchmark 10-year 
bund reached its lowest point 
at 5.5 per cent in early 
January. 

Then things turned sour. 
First, the US Federal Reserve 
raised interest rates In Febru- 
ary, fuelling fears of inflation 
and monetary t fgritenrng even 
in those countries whose econ- 
omies were dearly behind the 
US cycle. 

This was followed by a rapid 
unwinding of speculative posi- 
tions by leveraged band mar- 
ket playera, most of whom, bad 
bet an a continuation of the 
previous year’s bull run. 

In Germany, alarming 
money supply numbers - with 
January M3 data, released an 
March 2, showing a growth 
rate of 20J6 per cent - sent far- 
ther shudders through the 
market an fears that, far from 
continuing its rate-cutting 
campaign, the Bundesbank 
would start raising rates. 

By eariy October, the yield 
on the 10-year benchmark 
reached its year's high of 7.77 
pm* cent 

Although bunds recovered 


some of their losses in the final 
months of the year, helped by 
a more stable US Treasury 
market and a resumption of 
bund purchases by domestic 
retell and Institutional inves- 
tors, they remain vulnerable to 
weakness in the US market 
and fears of reviving i nflation- 
ary pressures. 

While Bundesbank officials 


cryptic statements indicating 
that they .are keeping their 
options open on the future 
direction of monetary policy, 
most observers how feel that. 
flltho ngh hnth inflation and M3 

money supply growth are near 
or at the Bundesbank's stated 
targets, the only way for 
German official Interest rates 
is up- 

”111 the face of stronger 1584 
growth «nH fh» Hi gher infla- 
tion risk in 1995 and 1996 asso- 
ciated with that growth, we 
now fed that there is no scope 
or necessity for the Bundes- 
bank to ease headline rates far- 
ther in this cycle,” said Mr 
Richard Reid, chief economist 
at UBS in Frankfort 

Tpfiirtirm in December stood 
at 2.7 per cent compared with 
the central bank’s 2 per cent 
goal, and M3 in November fell 
to 6 per cent the top of its 4-6 
per cent target range. But 
although mflaHnn fg expected 
to dedine further in the first 
half of 1995 - helped by a sub- 
stantial base effect improve- 
ment in January - and M3 may 
remain in fla target range after 
overshooting it for most of the 
last three years, there is evi- 
dence to suggest that Inflation 
pressures are rising. 

“The output gap is virtually 
closed, capacity utilisation and 
pipeline Inflation measures are 
rising and economic growth is 
strang," warn analysts at IBJ 
International 

Moreover, recent positive M3 
numbers should be taken 
with a pinch of salt, dis- 
torted as they are by Ger- 


ib yew Eftim yWd (|K) 
* 



t 1 1 , r ' • ■- - 




1994 


many's new money market 

fhnfe 

Same DM195hn has flowed 
into these funds between 
August and November, if this 
money twd remained in the 
ha Hiring - system, November M3 
would have been around 6-9 
per cent, rather than the 
reported 6 pea- cent 

However, while few expect 
another cut in official rates, 
many say the first increase 
may not Materialise until 
the second half - and scane 
say the final quarter - of the 


The picture is of sustained 
but not runaway growth,” 
argues Mr Raid. 

“We feel the market’s expec- 
tation of Immtnait and exten- 
sive rate rises is too pessimis- 
tic.” 

Eariy in the year, the 1995 
wage round may prompt mar- 
ket jitters amid fears that the 
Bundesbank could fire a pre- 
emptive monetary "warning 
shot”. However, most expect 
the wage round to be relatively 
smooth, with trade unions’ 
concerns about unemployment 
and employers' continued 
drive to cot costs indicating 
wage settlements of around 3 
per cent 

On the fiscal front,- bunds 
are likely to derive support 
from continued budget consoli- 


dation, helped by the rise 
in tax revenues resulting 
from economic recovery and 
the redaction in transfer pay- 
ments by the federal govern- 
ment to the eastern German 
states. 

The federal budget deficit is 
projected at some DM^bn in 
1995, little changed from this 
year. 

Mr Rtitger Teuscher at Deut- 
sche Bank Research in Frank- 
furt estimates that Germany's 
public-sector deficit will 
amount to DMl07bn, or 3 per 
r-pnf <if gross domestic product, 
in 1995. That compares with 
DMMSbn (43 per cent of GDP) 
in 1994 »"d DM179bn (5-8 per 
cent of GDP) in 1993. 

Meanwhile, politics could act 
as a sporadic irritant for the 
market. Although Chancellor 
Helmut Kohl won his fourth 
election last October, his 
majority in the upper house of 
parliament is sharply reduced 
and rifts in his fragile centre- 
right coalition could unnerve 
the market 

However, bunds - often seen 
as Europe's “safe haven” - 
could benefit from political 
uncertainty in other European 
countries, such as France, 
Italy, Spain and the UK, where 
imminpnt elections or political 
upheaval may scare bond 
investors away. 

Most forecasters expect the 
German yield curve to flatten 
substantially next year. Ten- 
year bunds are seen trading in 
a rough range of 7.25-7.75 per 
cent, to end the year around 
7.5 per cent (up from 7.65 per 
cent at present), while three- 
month money rates are seen 
rising to around £6.25 per cent 
by year-end (up from 5.30 per 
cent currently). 

Tt win be largely a year of 
consolidation, ” says one senior 
bund dealer in Frankfurt. 
"After being overbought in 
1993 and oversold in 1994, 
bunds could do with .a period 
of relative calm.” 


WORLD BOND PRJCES 


BENCHMARK CKWUWHUil 1 BONDS 

Rod Day's Week Month 



Colson 

Date 

Price 

changa 

Yield 

690 

ago 

AuebaBa 

UOO 

0M4 

93^500 

-0660 

1060 

mu 

1048 

Belgium 

7.750 

10AM 

866800 

-0630 

&41 

869 

825 

Canada* 

9.000 

12AM 

896600 

-0.700 

8.10 

964 

9.16 

Denmark 

7J0D0 

12AM 


-1670 

ai2 

866 

861 

Ran BTAN 

8L000 

06A6 

1006600 

-0200 

769 

768 

724 

OAT 

7J500 

OWB 

946300 

-0650 

624 

ai9 

769 

Germany Bund 

7^00 

11AM 

906100 

-0350 

765 

762 

723 

Italy 

asoo 

08AM 

80U4400 

-0480 1168T 

1168 

1167 

Japan No 119 

4B00 

06/99 

1006400 

- 

3 l 83 

366 

366 

No 164 

4.100 

12/03 

87.1330 

-0660 

<55 

<54 

<68 

Netherlands 

7-250 

1QAM 

96L2800 

-0660 

760 

768 

745 

Spabi 

KXOOO 

02/95 

67.7600 

-4X980 

1168 

1163 

11.13 

UK Gits 

6.000 

08/89 

66-28 

-27/32 

&70 

843 

825 


6.750 

11AM 

68-31 

-55/32 

8.75 

848 

848 


9JOOO 

10AB 

102-13 

-65/32 

8.70 

846 

844 

USTteaauy “ 

7 J 5 TS 

11AM 

100-14 

-14/32 

761 

760 

763 


7 J 5 QQ 

11/24 

86-03 

-291/32 

765 

766 

862 

ECU (ftendi Gov4 

6.000 

04AM 

83.7500 

-0670 

860 

869 

821 


■ ■ — ^ - -i- - i yi-i, - J ~ ■ ■ ■ . 

LOnoOn TRW IWl iTBQ Owy TnaE Local *■— i»oi wanon 

wm pnauang wvRBmy nx e io par cant pqnno ny ncnsBKMnxB 
Prices: US. UK In S&xfe uttitei hi <tochml Source: JhflJS MmuflanN 


US INTEREST RATES 


LindtSme Trasay BEs and Bond Holds 


Mrenfe .. . 

fX* TremA 

5.15 IVeyear 

532 itaew 

7J1 

7J» 

Mar tomato - 

^ 6^2 The 

553 R*|w 

7J3 

MU 

Sin Anrii. . 

8J56 10-war 

762 

UMriMmla 

ft- - fkmjm 

722 KHw 

761 


BOND FUTURES AND OPTIONS 


I ta ly 

■ NOTIONAL ITALIAN GOVT. BOND (STP) FUTURES 
(LHQ* Lira 200m IQOtto of 10096 


Open Sett price Change tflgh Low Ett. vof Open ktL 

Mar 89.70 96.81 -095 99.70 96.75 9408 48224 

Juft 9a.11 -QJB5 0 29 


■ ITAUAN GOVT. BOND flBTPfr FUTIWEB OPTIONS QJFFQ LtaZOOm IQfths Of 10094 


Strto ' ■■ CALLS PUTS 


Price 

Mar 

Jun 

Mar 

Jun 

8850 

162 

228 

161 

265 

8800 

165 

228 

1.74 

222 

9080 

128 

162 

127 

821 


Eat yqL total, CNN ADI Ma 817. nwriout qpw fcg. dab 1094 Ftm 14805 


nVACTUARIES FIXED INTEREST INDICES 


Price bncftces 
UK G8ta 

Hu 
Oec 29 

. Dey^ 
tenge % 

Wed 
Dec 28 

Acoued 

bnmat 

xdad|. 

ytd 

■ 

1 

Up to 5 yeereC24) 

11823 

-062 

11966 

163 

11.14 

6 yni 

2 

5-15 yeera (22] 

13861 

-161 

14063 

2.11 

1267 

15 yve 

3 

Over 15 yam Q3) 

15563 

-821 

16862 

264 

1221 

20 yn 

4 

NdriteR 

17725 

-120 

17941 

1.15 

1<71 

knedLT 

5 

Al stacks m 

13628 

-127 

13764 

2.14 

12.15 



Index-finite 


— User coupon )Md — ■ — Meten coupon yMd High coupon yield — 

Dec 29 Dec 26 Yr. ego Pec £9 Dae 2B Yr. ago Deo 29 Deo 29 W. ago 


873 

849 

567 

671 

846 

5.78 

822 

867 

567 

as 

863 

827 

8.71 

847 

669 

aoi 

867 

669 

845 

860 

868 

8.71 

847 

644 

a 82 

860 

0L61 


650 639 653 


Mellon 5% KnflMon 1M 

Dec 28 Dec 28 Yfc. ego Dec 29 Oec 2a Vr. ago 

8 Up to 5 yang) 187.19 -005 16728 153 GL07 Uptoflyis AM AM 252 2.78 2.74 1.17 

7 Over 5 years (11) 17358 -043 17443 071 034 OwSyn 087 353 258 357 354 258 

8 AD stocks (19 174.19 -039 17457 075 030 

. n ywfy yiffri— — ■ 18 year yM — * 25 year yield-—— 

PabnE n n and Loan Dec 29 Dec 28 Yr. ego Deo 29 Dec 23 Yr.- ego Dec 29 Dec 28 Yr. ago 

9 Debs & Loans (77) 12048 -159 13050 221 1122 9.82 042 758 955 957 7 M 957 951 758 

Me pm radvnpftn J*Cdb "* sham tee. Caupaa Betas Lorn OK-TWt; Mates eft-IOV* Htfc 1191 md am. f Bat yMd. ytd Year «> dee. 


Spabi 

El NOTIONAL BRANCH BOND RJIURES Q4BRF) 

Open Sett price Change Mgh Lour EsL voL Open ini 
Mar 8444 8420 -#<L01 8453 8411 24583 42547 


UK 


FT FIXED H I I CHES T INDICES GILT EDGED ACTIVITY INDICES 

Dec 29 Dec 28 Dec 23 Dec 22 Dec 21 Yfrago Ugh* Lor Deo 28 Dec 23 Dec22 Dec 21 Dec 20 


Oort. Secs. (U9Q 9153 9201 91J9 91.77 9154 10758 10754 8954 QOI Edged barite 685 75.1 844 - 895 855 . 

Fixed Merest 100171 10954 10954 109.79 10072 131.71 23357 10650 6-day average 545 . 365 707 . 835 625 

m lor 1994 Qovommo a See o tM dgh dnoe cgnpamoa 1ZM0 Ma 4018 Ftad tab—* Ifrfr decs ca i TMVvr 133HT pi/W) . low 30-SI |W7C| . Badi 100c Q w ram mr Seotese ifihV 

26 md Rad ham 192BL 8E odMr hfae rimed 1974 


■ NOTIONAL UK GAT FUTURES flJFTg* CSPJWO 32rta of 100% 

Open Sett price Change Hgh Low Esl voi Open hit 

Mar 102-10 100-15 -1-31 102-10 100-14 28407 103010 

Jun 99-15 -1-31 ' 0 0 


FT/iSMA INTERNATIONAL BOND SERVICE 




France 

■ NOTIONAL FR04CH BOND FUTURE (MATF) 



Open 

Sett price 

Change 

I4gh 

\sm 

EriL vd. 

Open M. 

Mer 

110.86 

110.44 

-024 

11164 

11042 

53431 

133651 

Jun 

11066 

108.64 

-022 

11038 

10964 

542 

2686 

Sap 

109 l 78 

10866 

-022 

109.78 

109.78 

2 

872 


■ LONG TOM PRBiCH BOND OPTIONS (MATF) 








son 


“ — 



“ Pul® “ 


Price 

Jan 

Mar 

Jun 

Jot 

Mar 

Jun 

110 


- 

. 

- 

. 

- 

111 

- 

166 

- 

066 

165 

• 

112 

- 

0.70 

. 

166 

- 

- 

118 

- 

041 

- 

- 

- 

- 

114 

- 

022 

. 

- 

_ 

- 


Esl wL Rte CA 4908 Pm 3.426 . Betel tay 1 * open ht. Grib 162587 Pus 153521. 


Cenna py 

■ NOTIONAL GERMAN BUND FUTURES QJTFET DM2SO000 lOOths of 100% 


Mor 

Jun 

Open 

68.60 

Soft price 

aaao 

88.18 

Change 

-aas 

-1.05 

hflgh 

89.70 

Lm 

88.75 

Ert.«l 

60009 

0 

Open be. 

168045 

1128 

■ BUND FUTWES OPTIONS ftJRFE) DM25060Q pohta Of 100% 




Strike CALLS — PUTS 


Price 

Feb 

Mar 

Apr 

ifell 

Feb 

Mar 

Apr 

Jot 

6880 

0 l 72 

028 

0.86 

1.18 

0.42 

068 

1.17 

160 

8900 

0.46 

0.72 

0.66 

026 

066 

022 

1.48 

160 

8860 

028 

a50 

047 

0.79 

026 

120 

1.78 

2.11 


Esl voL tori, Crib 8057 Put* 61QB. Pfetem cbyH OMR *U Crib ISSOOB Put* fflKU 


■ LONG QEJ HJTUHEB QPI1QMB (UFpg £50500 848 b of 100% 


S&ttn 

Prioe 

• CALLS - 

Mot 

Jill 

Mot 

- PUTS ■ 

Jot 

100 

1-38 

1-51 

1-06 

2-21 

101 

1-06 

1-25 

1-39 

259 

102 

(M3 

1-03 

2-13 

3-37 

Eft wLM 

Cafli 3803 Pus 3404. Retee day^a opm inL, C 

Mb 34734 Puri 30360 

Ecu 





■ ECU BOND FUTURES (MAT ¥} 





Open Sett price Change Hgh Low Eat voL Open ML 
Mr 8154 8050 -070 81.10 8050 1530 8556 


US 

■ US TREASURY BOND FUTURES (CBTJ 3100500 32nda of 100% 



Open 

Latest 

Change 

ugh 

Low 

Est ugL 

Open InL 

Mot- 

89-24 

99-22 

-0412 

100-04 

99-17 

14QJ017 

340631 

Jot 

99-15 

99-11 

-0-02 

89-24 

99-06 

6465 

' 12636 

Sep 

89-12 

99412 

+0-05 

99-12 

99-02 

1,172 

982 


■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

qjFFg yioopi i 000*1 of 100% 

Open Close Change Mgh Low EnL vot Open kit 
Mdr 108.72 10855 108.72 689 0 

■ UFFE ootea ttted on APT. M Open b e t Bp. m tar prevtow dm- 



The survey wH duuu the economy^oref^i pofley, p riv ati sa tion, bdo a fay, construction etc. tt wl be 
(Bstrtbuted with the FT on tint day and read by leading dedstoHnakets bi over 160 countries 
woridwide. 

If you woted Bke to advertise to this Muentiat auiSanee pleees contact 

Peueb SanMge in London 
t* (unjffraMS 
RBfvnimeeae 


MneKaentoHSha, 
waagK jaggy m irannr 
(484 644083(02) 
6 4 4 0122 W fl)8444 H 77 

FT Surveys 


taued Bht Oftr Chg. VtaU 


BU Ode Ch». YMd 


bawd Bd Okr Ct« YMd 


AbtoyfWTt«uya%03 

1000 

88% 

86% 

-% 

a48 

AtolKnDrim7%0B 

1000 

00% 

Oft 


620 

AtotoOlsOO 

400 

W1% 

W1% 

-% 

8.18 

to* fed Pan-ton 7 » 

1000 

SB 

00% 

ft 

ao5 

B«*tfTd90 8%98 

wo 

WO 

wo% 

ft 

632 

to|akni5%a3 

woo 

82% 

aft 

ft 

636 

BKE 7% 97 

150 

9B% 

9ft 


ate 

&BahGnQ21 

1600 

11% 

«% 


652 

Crab 9 06 

1000 

101% 

101% 


7J9 

Chug Kmg At 5^2 SB — 

600 

87% 

aft 

ft 

8156 


woo 

U% 

8ft 

ft 

&23 

OowdBacpnSSB 

100 

80% 

nft 


612 

QwXFantfcrtfzaa 

300 

KM% 

w*% 


620 

0—tok5%90 

woo 

03% 

83% 


610 

EntJ^enlU^8%04 . 

600 

8G% 

eft 

ft 

830 

BCSCS% SB 

TW 

wo% 

Wft 


618 

BBC 0% SB 

WO 

100% 

nft 


731 

SB 7% SB 

250 

99% 

wo% 


729 

SBB%97 

1000 

W2% 

HB 


612 

Bb: di Ranoe 9 98 

aoo 

W1% 

wft 


nsa 

BedhE(Ac86 

100 

im% 

W1% 

ft 

m 

MnBrikJte61E 

&DQ 

a 

Oft 

ft 

617 

BvortDriQiphn — 

_ — 150 

W3% 

w» 


621 

Fete ru Mot 7 AO 04 ^ 

WOO 

85% 

96% 

ft 

625 

fete 6^87 

3000 

96% 

90% 


824 

ftrtM0tarQw»«%S3_ 

1800 

W% 

«% 


650 

QanBaeCBpfed9%9S 

300 

101% 

Wft 

ft 

6W 

c—nsJ, m 

200 

100% 

Wl 

ft 

am 

fndBkJflpeiRa7%87 _ 

200 

98% 

99% 


883 

hkr Arrw Dot 7^|06 

200 

99% 

oft 


730 

b^a^sEi 

3600 

78% 

79 

ft 

614 

Japan Dnr Sk 8% 01 

GOO 

W0% 

Wft 

ft 

631 

KflreriQeBper1086 _ 

■ E 

102 

Wft 

ft 

6* 

Km Boo *mv 69a ai- 


U% 

88% 

ft 

9U9B 

UCS Ai 8 97 

"SririrTti 

98% 

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ft 

an 

MrikrihftaEhcT^OQ 

10D0 

**% 

95% 

ft 

836 

Nate A 07 

WOO 

88% 

93% 



Gktofe7%0a 

3000 

w% 

9ft 

ft 

as7 

OBOTNararihonktfaOl M 

200 

Wl 

101% 

ft 

62B 

RNCnh7^E_ 

200 

98% 

9ft 


880 

tabplAOS 

1000 

S4 

Oft 

ft 

653 

OuteF4dft)9W96 

150 

W3% 

104 


&55 


200 

101 

W1% 


681 

saa— irtftoo 

ISO 

101% 

wt% 

ft 

&29 

SA81099 

200 

W3% 

w* 

ft 

a m 

mrspo^an 

150 

103% 

104 

ft 

626 


1500 

83% 

83% 


619 

S&toBc NSW S3 

aoo 

100% 

Wft 


826 

SndanB%03 

2000 

aft 

aft 

ft 

645 

SmWiEqntg*in_ 

TOO 

wo% 

Wft 


&11 

1Uq(oSacRnRr0%00 _ 

WOO 

86% 

87% 

ft 

&34 

ToUjo MatopoiB 8% BB _ 

200 

WD% 

Wft 


608 

Toytto MakrS% 98 

1500 

Oft 

03% 


608 

UMKrgdoraT^m 

3000 

96% 

06% 

ft 

608 

WoddBankS%89 

WOO 

m% 

101% 

ft 

614 

WaMBtokS%97 

1600 

101% 

102 


an 

DBfTSCIE MARK SntNQHTB 





Au*to«%M 

2000 

82% 

aft 

ft 

611 

Cn&Rndr 7% 03 

2000 

08% 

96% 

ft 

738 

DafnakO%SS 

.2000 

97% 

07% 

ft 

889 

OaphRnn»6%03 

_ 1500 

90% 

90% 

ft 

736 


2000 

a 

96% 


784 


2900 

98% 

or 

ft 

m 


1600 

85% 

95% 

ft 

733 

M»17Un 

3000 

08% 

Wft 

ft 

755 


5000 

Oft 

no 

ft 

729 

U®Bada>Wtattflia«_ 

2250 

87% 

a 

ft 

728 

Nn«w6l>BB 

WOO 

87% 

aft 

ft 

688 

Ontario 6% M 

_ 1500 

88% 

89% 

ft 

738 

fefe 7% 03. 

4000 

Oft 

96% 

ft 

752 

Stew 8 07 

2500 

101% 

W2% 

ft 

74 


IfetodMngAoaTHSr S9BB V&z 

VotaHeoen U Hn 7 03 MOD M 

WaddBMcOlfi 2000 20% 

3ooo ab 
1250 10R 


&0G VUMftlD 


smog mwcsiwaoHis 

ManEMMSK) 

Aokta4>j00 


ttOSl 
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aA -H 
mb 


vn NtaytUltaHiySOBE 1000 91^ 

- m -nsif 

iso s&% 
800 81% 
837 V&i 
100 «J3% 
800 103 


6JD0 Afaca Lflka 11^ 97 C 
7X2 B8hhLmd ^ 23 E_ 

7J1 Denmfc01|9Be 

872 BB1097C 


Htftai 10^972 


Cound Bnpa 44^ 96 

□enafc^SB 

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FUardTliBO 

HjvxM Motor HnSb 97 

hMAOO 

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wauanksoa 

VMdBMc701 


-WO 

103 

104 


671 

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_ 153 

108% 

WOO 

87% 

97% 

4*6 

601 

ta^r10%M£_ - 

m 400 

106% 

.250 

WO 

Wl 


429 

JteDOTBh7 00E 

200 

91% 

10QD 

97 

97% 


4J07 

lad Sacs 9% 07 E 

— 200 

97% 

.300 

TO 

100 

fl 

hm 

CkMalllgfflP . 

WO 

W7% 

-100 

110 

113 


638 

Pmgm^ Q3fi 

250 

B6% 

.300 

107 

OT% 


553 

8a— 1 1—11% SB 

— 150 

W7% 

-WO 

ws% 



620 

TU9DBBeRm1107£ — 

— m 

107% 

.100 

107 

TO 

-1 

8.10 

Abbqf Mflcnd 0 BB NZS 

— 100 

84% 

.240 

W3% 

104% 

-*2 

671 

TCNZFh8% 02 NZS 

75 

101 

.400 

in 

TO 

ft 

523 

GteriocriBaiRV 

— 7000 

83% 

.in 

68% 

87 

ft 

652 

BecdgFtoitoB%&m 

— 3000 

100% 

.400 

109 

W9^ 

4% 

677 

SHCF9%87fFr 

— 4000 

W3 

.150 

97*4 

97% 

ft 

540 




.ODD 

wo 


• 

644 

FUMMQ RATE NOTES 




92 Jt 
W63, J, 

80 1 

Oft J| 
102% -% 
103% + i 

103*4 -*4 

109 -1% 
106*4 -1% 

91% -% I 

98*i -1% I 

106 -5, 


96% 

109% 

t»*f 

85% 

102 

88 % 

100 % 

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-% 

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BdkpnGS 
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90000 114% 
83% 


WMdBank5%02 


100000 iaR 
120000 111% 
.soon 104% 

160000 HH% 
-30000 111% 
tfflOOO 107 
150000 102% 
250000 101% 


Uk 9%99LR- 1000 104% 

KB Ded Mat* 6% 03 Ur _900D 100% 

WoMSb* 896LA 1000 nd% 

ABN too 6% DOR WOO 95% 

Ba* fed Qtnwrfen 7 03 H — 1500 94% 

MwtoRwtoKPiMC* an 101% 

MCmda19%90CS WO 103 

aMCdtntotalonCS 300 101 

BBlOfcnCS 130 103% 

Bk da lime 9% 90 CO 235 101% 

Qan BasdpH1096 CS 308 101 

NWHRiWOlCI 400 101% 

fecon 7U Td 10% 69 Ct 200 102% 

onMoaosct woo 91% 

QtS»Hj4to10%SBCt 000 104% 

OMr KMtabnk 10% BO C9 — 130 102% 

CkatacFtorltfs flics m W2% 

Betftnr8%06Eai 1290 101% 

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CnA L)onnfe 9 93 Em — . 

10 97 Ecu 


wft . 

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420 

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422 

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10023 

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228 

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10619 

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420 

BPCE-Offi 98 

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9279 

9620 

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475 

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9694 

won 

104 

4 % 

408 

totals 

— 2000 

9923 . 


1111s 

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CCCEanREni 

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9626 



320 

CM4oteA0D 

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8741 

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u® BadaMTOtRl-^SB WOO 

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645 

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9616 

9240 

101% 

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9670 

9976 

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9658 

9027 

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729 

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9025 

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629 

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674 

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- 8000 

29J94 

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101% 

ft 

614 

tote Bk VUorla 0U06 S 

-125 

9679 

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838 

SwdnniM 

-WOO 

9927 

9022 

101% 

ft 

635 

8 — tan ft m 

— 2000 

9674 

9681 

mm 

± 

6.13 

tetoONnBSomftflB 

-4000 

2681 

9920 

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103% 

ft 

ft 

680 

942 





91% 


sir 


Cm. 



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m 

656 

h 

■ued I 

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645 

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53900 

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53750 

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5JB125 

60000 

63750 


81125 

80323 

W8J5 


Faro (M SU 10% OB Gai 

IMir 10% 00 Ecu 

Spain 9 96 Ecu 


1100 101 % 
.125 101% 
1125 104 

.600 104% 
1000 103 



WOO W1% 

IMadfegdomgigOib] 2790 102% 

ACC IQ 86 AS WO 90% 

CoramBkAuSolBl^9BAS _ WO 111% 

BB7%®« 350 S3 

NSWDaeuyZMQ02DAS — _ WOO 9% 

R & I Bonk 7% 03 AS 125 85% 

Stoto B( NSW 9 02 AS 300 92% 

S& tost QM Rn 0 02 AS ISO 92% 

UMewAusaWtusSAS 19) WS% 

VMHtomAudTim7%96AS _ 100 2 1% 


■wunrtowdtoht 
Capon tfmwiri 


W2% 

102% -% 
W2% -% 
101 % 
w% 

104% -% 
WB% -% 
102 


877 

7j41 

8£4 

734 

756 

847 

876 


Qktofa&pUSSS , 250 

Odd Kegooda 7% 00 _85 

Itona uu 9 *j 03 E 500 

tfcnaonAtnfeaUBOl TOOO 

Hoag touted 4 oi <io 

Land Sect 6% 02 Z 64 

Lassn 7% 05 E — 00 


52% 

86 B 
UJ554 10 


™ j. reauferic2%03 

HB -% ISO ■■ - ■ 


39% 1029 

tii% -% wa 1 
W% -% 880 

a 4% oes 

95% 1% HM2 
92% -% 1045 
32% -% 10SO 
104 10JSB 

92% -% 1033 


Moirt ha Fh 9*3 87 
Na)PnmrB% DBS 
Og*n9ffi__ 

PHfeol4%03 

SuneanoBark3%« 

Sw Atones 7% 060 

Taaeb CapU8 OS £ 

Tftaa IrtdnmrtJ 2 % Qz m 

•IbfeWlofl— ^ 



43436 

48BB 

43380 

+M34 

-2800 

4693 

4853 

^aua 

At? 

40890 

ms 

H 461 

4-17J0D 

+ 14 jfi 2 

<873 



rit the bond onr tie 
Timt LU. TflCL Ifrmtefert In drii or h port h my bn not p eai mu trine 



hr U3 ddhrik CApNThe cume 









4 























1 








ITALIA 


A NEW NAME LEADING TELECOMMUNICATIONS IN ITALY 



TELECOM ITALIA 

was set up on 18 August 1994 through the 
merging of five companies (SIP, Italcable, 
Iritel, Teiespazio and Sirm) that had until then 
managed Italian telecommunications 
separately, and has thus become a global 
operator in a completely new framework. 

TELECOM ITALIA 

is now the sixth largest telecommunications 
operator in the world in terms of turnover 
and one of Europe’s prime investors 
in the sector. 

It is a joint-stock company with almost 
70,000 investors and 18% of its share 
capital is held by foreign shareholders. 


TELECOM ITALIA 
has a worldwide presence with 18 
representative offices with a large number 
of other corporate entities. It also has a 
wid[e-spread commercial network geared to 
provide, even abroad, a speedy, integrated 
and innovative answer to the communications 
requirements of people and companies. 


“A sharp decline in financial charges achieved thanks to 
ongoing economic and financial consolidation is the dear 
result of a policy based on rational and integrated organi- 
sation, further strict cost reduction measures and carefully 


tive in a free market”. 

' (Francesco Chiridiigno) 

Managing Director 


THE FIRST SIX MONTHS OF TELECOM ITALIA 


The figures are in Bra 

30.06.94 

31.12.93* 

REVENUES (BILL) 

1 4.276 

23.404 

ADDED VALUE (BILL) 

1 1.345 

18.164 

ADDED VALUE / REVENUES (%) 

79,S 

77,6 

GROSS OPERATING MARGIN (BILL) 

7.994 

12.327 

GOM / REVENUES 

56 

52,7 

OPERATING PROFIT (BILL) 

3.136 

3.796 

NET FINANCIAL CHARGES / REVENUES (%) 5,3 

9,8 

PROFIT BEFORE TAXATION (BILL) 

2.175 

1.741 

INVESTMENTS (BILL) 

3.680 

7.963 


"1993 FIGURES REFER TO MERGED COMPANY SIP 


TELECOM ITALIA - Direzione Generate - via Haminia, 189 - 00196 Roma 



1 

PROGETTO GHAFCO HJ08UCITAf«>-IACOPM -OCCAM -ROMA 








2 



Prudential buys 25% 
of Thai Sethakit Life 


By Atison Smith 

Prudential Corporation, the 
UK’s largest life insures*, has 
bought a 2L99 per cent stake In 
Thai Sethakit Life for about 
£13m cash, and plans to bid for 
further shares. 

Thai rules do not allow Pru- 
dential to acquire a stake of 
more than 25 per cent in TS 
Life, and the tender offer will 
be made jointly with the Khun 
Goanpot Asvirdchit 

Prudential bought the stake 
from the Asvinichit family, 
which still controls a signifi- 
cant part of the company fol- 
lowing the sale of 7.72m shares. 

Hie tender offer Is expected 
to begin in February, and will 


80 % rise 


involve a bid of BtS5 per share 
- the game price as recently 
paid. Prudential is hoping to 
acquire a further 10 per cent of 
the company through the joint 
offer. 

At present, TS Life is the sec- 
ond smallest of the 12 Thai 
insurance companies, with 
about 0.7 per cent of the mar- 
ket Prudential believes that in 
seven years this can be 
increased to a share of about 
7JS per cent through organic 
growth, and that the market 
itself has great capacity for 
growth. Only about 7 per cent 
of Thais are insured. 

TS Life has set up a working 
team to decide how to maxim- 
ise the benefits of the alliance. 


It is likely that Prudential will 
provide TS life with technical 
support, international exper- 
tise, new product development, 
computer systems, training, 
marketing and management 
skflls. 

Representatives of the UK 
insurer are intended to join the 
TS Ufe board shortly. 

Prudential already has 
operations in Hong Kong . Sing- 
apore and Malaysia. Mr Mick 
Newmarch, chief executive, 
has hi g hli ghted the opportuni- 
ties for growth in the Asia 
Pacific markets, compared 
with Europe. He believes there 
will not be a pan-European 

medium and long-term savings 

market until after 2000. 


UK PUBLIC AND PRIVATE DEALS 1994 




Stanhope 
takes 
advice on 
trading 

By Ralph AHdns in London aid 
John Ridding in Paris 

Stanhope, the property 
developer headed by Mr Stuart 
Upton, was last night still in 
limbo - a week after its hanks 
decided not to extend its credit 
facilities. 

The group is understood to 
have taken legal advice about 
continuing trading, pending 
the outcome of negotiations 
with its bankers, advisers and 
other companies which have 
proposed rescue schemes. 

Stanhope appears to have 
benefited from the near-shut- 
down of normal business over 
the holiday period, which will 
have reduced outgoings. Some 
hahQities might also he met 




Tide of interest faces many locks 4 


W hen Big Ben strikes 
midnight cm Decem- 
ber 31, the revellers 
in Trafalgar Square's fountains 
will not be the only ones with 
water on their minife 
January 1 1995, heralds the 
expiry of the government’s 
"golden share” in nine of the 
10 regional water and sewerage 
companies in England and 
Wales. 

The "golden share” was 
devised to offer protection 
from hostile takeovers after 
privatisation In 1989 l Its expiry 
means the nine could become 
vulnerable to bids. Welsh 
Water enjoys legislation pro- 
viding greater protection. 

Takeover talk started bubbl- 
ing wen ahead of the deadline. 
This month’s hostile hid by 

Trafalgar House for Northern 
Electric, one of the regional 
electricity companies, has sent 
speculative ripples into the 
water sector. 

Investors have reacted to the 


Haig Simonian explains why takeover talk in the 
water industry is tinged with caution 

v9 rnMh : IWlalhm iBrtriond qnwft 


m ""- l " "■ ^ J " «" , • i. 


Retake to ? 'M 

-*/•- m ’ m 

102. . . . J i 1 k fan. 


KftrftfvMend increase 
TO ' 


■- #u ■ V- ■ ■ w ■ /; * -■ *■ 

r v- * ■ ■ • . ■ --v* • 

_■ V.- •%.- *■ ‘ a ■ 7 * i . 

j p vi 1 , ". 

^ ■< I . ,p I •»* .."■■■ v. * ; 

’■ ‘ I " . - I >:/iv ► *' - • 

\- * r '■ - 1 ■ # . t ' . * - "i 



'■ • % -'.'J* 


A. Z* l f \ 


■ UK water tictor 

□ft-se-a*- 



; ?.■ ■- .. .-/■•■•.v ‘j; .. 

, * * . - • -tM*..;* 1 I' v a — 

■ ■’ % ■> : . "*« * 


ye* i _ f: 




\ % S.t. 7 # .» 

4 W ■ ■ ■■ 




«L:. :* 


r: *’C 


■' - . <■ 
1 ■# 


«.»•** 

i&dVMVB 


makes it relatively affordable 
In spile of its high share price. 
It also stands out fra- strong 
earnings, according to Mr 
Nigel Hawkins, the industry 


“I don't expect any bids or 
mergers immediately. Possibly 
around the «*nd of the decade, 
or later,” reckons Mr BUI Dais, 
the water industry analyst at 


bar in electricity. Many ana- 
lysts believe the rocs’ fat prof- 
its derive largely from a rela- 
tively generous regulatory 
environment. Ufe in the water 
sector b aH been tougher. 


Adviser 

PubSc 

deals 

Private ctoata 


Told* 


No. 

On 

No. 

On 

No. 

£m 

1 S.G. Warburg (1) 

10 

3.346 

26 

733 

36 

4.080 

2 Schraders W 

8 

2,683 

20 

1.132 

28 

3.B15 

3 Baring Brothers (8) 

6 

616 

17 

2£42 

23 

2,858 

4 Boldman Bachs (-) 

3 

1331 

10 

1,382 

13 

3,214 

5 Samuel Montagu (11) 

9 

903 

15 

1.886 

24 

2.799 

6 Morgan Granfefl (2) 

9 

1.292 

17 

1.385 

26 

2jB77 

7 KteJnwort Benson (S3) 

6 

819 

12 

1,753 

IB 

2J572 

8 Robert Fleming (19) 

5 

2J072 

16 

243 

21 

2,315 

9 Lazaris (7) 

4 

1398 

20 

511 

24 

1.909 

10 KPMG Corp Fin (9) 

1 

7 

137 

1.785 

138 

1,792 

199a *i wdte Soucv AcqiMfara Mmtfy. 

£5.09bn, while the value of pri- 

burg emerged as the leading 

vate deals almost doubled firon 

financial adviser for the second 

£5.72bn to £tt.4bn. 


successive year, playing a role 

Fees earned by 

merchant 

in deals 

worth 

more 

than 

banks and accountants ad vis- 

£4bn- 















23 





H'ar 


« » - 


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m -■ r 

■ s • ■••■’.■■ . •> 

?1V. r _ 


Sp 


'V . 


■* *1 iji • _..*■ .. 

r-' Ttrr # * * -» 

< V A i 



FINANCIAL TIMES FRLDAY DECEMBER 30 1994 



mwcEr REPORT 


International rate pressures unsettle UK equities 


Equity Shares Traded 


1,575 


. _ ■■ * '• 
\ ” 


* - - 


# ■ 

v. 


5 - 


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% 

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il*_ - 


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- ' 


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1 . 
'■4 




* -I tit .— 





CROSSWORD 



i’./. 
./*- ' 


: *b 


>- 








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& 



gyStevo Thompson 

tbs surprise increase in base rates 
by a number of leading French 
frnvfcs and widespread disappoint- 
ment across global markets with 
0» outcome of the latest auction of 
German bunds provided the real 
trigger for a global slide in equity 
markets. London's equity market 
j»uM not ignore such moves and 
-cxme under pressure from out- 
sat. eventually closing sbarply 
lower after a session of thin and 
difficult trading. 

The French shift was preceded by 
a surprising retreat from Wall 
Street overnight and a stuttering 
performance by US equities at the 
US opening yesterday. Adding to 
Wall Street's discomfiture was 
slightly worrying economic data 
and renewed concerns over Mexico. 


At the close of trading, the FT-SR 

JOO index was at thTtay’s ESS. 

level, down 302 at 3,065.6. Second 
hners fared only mar ginally better 
the FT-SE Mid 250 index mifing the 
day 7.7 off at 3,498.4. 

Dealers said there was always an 
element of uncertainty in gflt/boud 
markets yesterday, and London had 
picked up the scent of trouble from 
the outset. UK gilts opened easier 
and moved progressively lower. 

One m arfcet maker pointed to the 
threat to French interests by terror- 
rate from Algeria and the increas- 
ingly disturbing news from Russia. 
With the German bund auction 
to have been badly received, there 
was only one way for intamaHf^nai 
bonds to go. 

“It looks very much now that fha 
cycle of lower European interest 
has finally turned, “ said an econo- 


mist at one leading European hank 
mlandotL “The chances of another 
jednctian in German interest rates 
have virtually disappeared and the 
markets will have to cope with a 
period of stable German interest 
rates , which wifi, be gently nudged 
upwards in the second half of the 
year ” he added. 

London began mi a quiet note but 
down 144 at 3JBBIA in the wake of 
the poor performance by Wall 
Street overnight and the opening 
falls in gilts. 

A flurry of sizeable trades put 
through the market during the 
early part of the session caused 
some consternation around the 
City’s dealing desks but these were 
eventually unveiled as “bed and 
breakfast", or tax-related, d«ais and 
had little impact of prices. 

Thereafter, there was little instf- 


EQUITY FUTURES AND OPTIONS TRADING 


tutional trading until mid-morning, 
when gilts turned off again, along 
with German bunds, triggering 
small pockets of seDtog pressure in 
equity leaders. 

The FT-SE 100 began to weaken 
in the run up to Wall Street's open- 
ing when it was down over 31 
points. However, the US market 
came in level and began to edge 
higher, shrugging off news of 
slightly higher 'than expected lead- 
ing indicators for November from 
the US. 

London staged a minor rally, 
reducing the fall in the FT-SE 100 to 
22 points, but then fell as the mar- 
ket picked up the scant of a shift in 
French base rates. 

Senior marketmakers, although 
rattled by the sudden and unex- 
pected move by the French banks, 
said It would be wrong to Judge the 


mood of European markets an such 
a day: “Dealing date in London 
were only half-manned and no-one 
wanted to trade," he said, adding 
that most big securities houses had 
already positioned themselves with 
level books going into the New 
Year. 

The expected surge of activity 
linked to over-the-counter option 
trades, specially tailored to client 
needs, failed to materialise. But 
many in the market are looking for 
a sudden burst of activity towards 
the close of trading this afternoon 
when derivatives traders are expec- 
ted to try to influence some of the 
FT-SE 100’s best and worst perform- 
ers as the year mmes to an end. 

Turnover, given a strong boost by 
“bed and breakfast deals”, account 
tag for turnover of some 74m 
shares, readied 426m shares. 



1,000 



■ Kay Indicators 

tmScet nd ratios 

FT-SE 100 3D6&6 

FT-SE Md 250 3496.4 

FT-SE-A 350 1537.0 

FT-SE-A AB-Shara 1521.15 

FT-SE-A Af-Share ytefaj 4.03 


1 TextSes & Append . 

2 Electricity 

3 Health Care 

4 Ofl Exolora&on & Prod 

5 Retailers, General 


-302 

-7.7 

-1Z4 

-11.49 

P-9S) 


FT Orefinoy index 2359.2 

FT-SE-A Non Rns p/e 18.06 

FT-SElOOFut Mar 3077.0 

10 yr Oft yield &82 

Long gftt/oqutty ytd ratio: 2.18 




- 21.8 
(1320) 
-410 
*9.5 6) 
P-lfi) 


.- 2.1 


Diversified Industrial 
Spirits. Wines & Cider 



It was a poor day in the 
derivatives market as a lack of 
buying, combined with dud 
sentiment after an overnight 
retreat on Wafl Street, 


TRADING VOLUME 


y®stenlay , s fails in European 
markets and weakness in UK 
gilts, writes Joe/ Kfbazo. 

In futures, signs that 
Wednesday’s rally had ran out 


■ FT-SE 100 PiPEX FUUfflES (UFFE) £25 per fan index prim 
Open Sett price Change HFg h Low 

Mar ' 3107.0 3077X1 -41.0 311*0 3078X1 


(AFT) 


Jun 


3077X1 -41.0 

-3090.0 -40.0 0 

3142X1. 3112X1 -30X3 3142.0 3142.0 500 

■ JFT4ga« 230 £1Q per fiJ ferKtex pdnt 


vof Open InL 


3515.0 3607 & -U£ 381R0 3515X3 


43 


H FT^SC WD 2 S 0 P 1 QBC WJTURB3 (OMUQ CIO per hril Index point 


M 


3495X3 
for 


T Ewe* vokaim 


m FT^SE 10P BPSC PF1KMI PJFFQ ("3065) £10 per fcfl Index pofctf 


3100 
O P 


3150 
C P 


CPCPCPCPupcpcpcp 

_ IS* I ^ 22 ffi esij IfelOZia eh 149 2% 19B 

Ftt 20>z 22 162>i 35 VBh&l 96>a 70 88 93 <6^ 123 35^ ISO Ws 301 

Wr a« 40>a 180 W2 146 72h H7 92ia 87^ 113^ 88 142 47? 175 M 213 

te mh S2 tMlaBPz TO 85 132 105 108 129^ 88 159 65^ 196^ BUe 234 

J*t 2EB 71*2 nShlOTh 13712 153 S3h 210 

MI2SUPMA117 

■ BUBO STYLE FT-SE WO MDBt OFTIOW QJFFQ £10 pqf ftj tndra pcW 


of steam were seen at the 
outset as the March cont r act 
on the FT-SE 100 began an 
early slide. A greater number 
of independent traders was 
said to have returned to the 
market but with few wfltyng 
buyers many were left 
twidcdlng their thumbs for most 
of the day. Sentiment was 
further dampened by a retreat 
in other European markets 
which followed disappointment 
with the German bund auction. 

In the afternoon, the setback 
in the UK gilts sector brought 
a further slide and the contract 
fed to Its low of 3,075 around 
the time of the annomcement 
of an Increase In French base 


VoL 

000s 


Dqr*a 


A&MQKMtf 
Abbey NaUarait 
Mben* 



44 

6.6Gb 

T30D 

11.000 

8*7 

4M 

108 

1.30Q 


428 

48 

887 

514 

301 


BMfr 

BKTWt 

BET 

BQC 

BOCf 


8B1 237 'j 

118 980 

108 Z74 

468 


SHtt 




ftb 


3075 3125 3178 

2IV2 5 16312 8 11832 2S 79 38 «H2 50>2 22^ B1 118 2Ht 161 

2IS 17% 17P2 2Elj 141 12 39 186% 56 89 77 67 103% 39 135 25% 171 

Hr 226% 3 190% 40% 155% 54% 03% 72% SB 94 72% 110% 52 149 38 182 

AS 242 81% 19B%117% 18%162% 86% 217% 

Soot 278% 99% 2f9% 138 168 180% m% 233 

era t» Mi 134 * IM4M bta raw. Prankm rioMi SB burn M vttneM pitai. 

firs AM taki into 

■ BUBO •STYLE FT-SE MjD S80 INDEX OPTION ( OMLX) CIO per Hi index poW 

3700 


CMi OPua 0 SHBamest pries nd nfegnaa n Man M -C30pm. 


March finished at 3,077, 
down 41 on its previous dose 
but at a 12-point premium to 
the undertying cadi market 
Volume was 4,699 kits. 

it was an equally poor day in 
the traded options sector and 
turnover slipped to a mere 
13^564 contracts of which 
6,799 were dealt In the FT-SE 
100 option and a paltry 244 in 
the Euro FT-SE option. 
WeDcome was the busiest 
stock option at 1 ,006 trades. 

J. Safrabury and Glaxo were 
the other active stack options. 


Bnoriiaastl 

BUanLmi 

enuiSbwtt 


woo 

4v«0 

1,000 

BW 

3300 

984 

MOO 

31500 

481 

IjOOD 

1200 

m 

os 

1JOOO 

148 

702 

5JDD 


367 

427 

204 

577* 


211 

611 

516 

284 


506 


314 


1.100 

415 


& Wtaerf 


2.100 

sxoo 


155 

173 

812 

978 


8jn0i 

Conun. UMont 
Cookson ( 
OoutaMfft 
Dtintfa 

DfaUHutft 


161 

437 

1XQD 

498 

820 


168 

504 

231 


Lee*. 


4® 

102 

1800 

864 


418 

840 

101 

784 


Eunsfeml IMs 

BO 


FT 


Actuaries Share indie 


Da/o 


100 

Md 

MM 250 ox taw 


FT-SE-A ALL-SHARE 


3501-5 
1537X5 
1746X59 
1715.68 
1591.15 

Air^hm 


-1.0 30855 3083j4 3091 J 
-02 3506.1 3487J 3485L9 
-02 3500.0 34809 34875 
-06 15404 1542.7 1545.7 
-01 1747J39 174081 174427 
-Ol 171067 17148B 1713.12 
-07 153064 152037 1629X59 


37806 

37705 

17006 

1864.44 

181047 


Day's 

Doc 29 digsK Dec 2B Dac 23 Doc 22 



i 

he UK Series 

Dtv. 

Earn. 

WE Xd adg. Trial 

ylftdft 

ytekJft 

radio ytd Return 

420 

724 

1601 129.60 117044 

3j61 

6.15 

1044 14020 131010 

3.76 

606 

18.10 14&79 131707 

407 

609 

1094 6422 120080 

348 

502 

2528 5723 136400 

3.70 

5X58 

23.13 5000 134504 

403 

805 

17J34 02.64 120800 

Dhi. 

Earn 

P/E Xd ofl. Trial 

ytaw% 

yMdft 

ratio ytd Brian 


RvateACOLLT. 

™wy 

Gon. Acddarfft 

GMBaaf 
3 urt 



136 

491 

m 

678 

2.100 

578 

920 

1.790 

778 

1500 

4500 

458 


<72 


140 

110 

196 

240 

509 

274 


-1 

4b 

42 


-1 

-14 

-2 

-6 

-to 

-a 

-10 

-4 

-I 1 ® 

—7 

-5 

-6 

-4 

-3 

-9 

42 

-2 

-1 

-1 

-1 

47 

-42 

-3 

-6 

41 

-14 

-6 


-6 

-1 

4fi 

47 

-4 

-fl 

♦1 


-1 

-4 

-12 

-1 


1J9Q0 

154 

725 

651 

1X500 

013 

1,900 

2^00 

352 

887 

IfiQO 

1200 


334 

604 

404 

530 

IBB 


711 

350 

231*1 

138 


ire 

318 

757 


SSfSS? 


10 MMERAL EXTRACnOttflH) 2884^82 

12 Extrectfre MusOMM 3761.92 

15 Ofl. M«graM(3) 2680.72 

18 09 EMtotaUon & Pfodni) 1872.41 


-07 2704*50 25B8J90 2096J91 2575^4 
-0^ 379058 3784.72 3768.68 3720jB2 
-OB 2882.08 2688.58 2681.02 252830 
1871.70 1866.18 1881.45 177226 


304 

509 

2482 8903 

108301 

3.41 

5.45 

2207 9822 

103807 

306 

504 

2206 96.44 

109077 

2.62 

£_ 

* 3803 

108305 


101 

63 

1X500 

m 

1AQ0 

413 

164 


646 


547 

100 


20 GEN MANUFACTUTOtSm 1827^2 

21 Buflcfing 6 CdnstrucifQfi(13) 886.49 

22 Ouhflng Mutti & Merchs(3Z} 1773.70 

28 Ctamlcata(23) 2268^9 

24 ONnffiad MustririatlQ 1738J8 

25 QecOo Nc 6 BoA E«iM33) 1847.77 

26 Engineering^ l) 1793X56 

27 Engineering, VfcNdeapg 2177.51 

28 AMng, Paper A PdvQCQ 2737XK5 

29 Teottflee 6 APoerelgOI 1S12.76 


-a7 184068 183390 1831^7 2021.12 4JZ7 5.76 20.74 

-a3 986.09 96341 98225 131013 097 5JB2 2233 

-1^ 1796.53 1786.15 17B0L31 2174X52 422 5J83 2062 

-0^228044 2288.962291.422324^56 416 476 2011 

-1^176046 1753^2 1743^B2036L88 5^9 6L64 17^0 

-OS 1866L24 1858.88 166019 2097^42 416 6S7 17J34 

-02 1797S3 178732 178723 1780.10 837 5S1 2132 

-02 2182-41 2164.92 216232 2128.61 460 137 8000T 

-05 279040 2731.45 273073 26O1S0 320 5.70 2041 

♦03150086150081151132181638 448 8S4 1064 


7734 
8005 
7050 
9535 
9434 
7635 
81 X)0 
9431 
8739 


77013 

84415 

101330 


UdydBAbbe 
Undi Bankf 
IAMuR) 
Ldndon 
Unto 


466 

8000 

5300 


91004 

103339 

1065.92 

108076 

88011 


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Mm — 
Unfcs&Spmcfft 

W) 


fSSmtast Banflt 


30 CONSUMER QOODSM 

31 8remrie£p7) 

32 8pMbL WMob A CMort(1Q 

33 Food Manu!acturere(24) 

34 HouBonold GoodsD® 

36 HaeVtti Care(2l) 

37 

38 Tofaoccogj 


278060 -1,0281186 2817.74 282838 3022.89 438 732 1538 122XJ1 

2197.84 -05 2207.84 220534 221139 230077 438 021 14.71 9009 

271938 -1.4 275832 274234 2751.72 3116.68 430 630 1831 11339 

2311.62 -07 232832 232414 232537 246079 430 736 1539 10408 

237239 -062386392396342390642856176 336 731 1535 9083 

156053 156933 156031 156647 17673B 324 153 40X11 5132 

326323 -0.8 328933 330062 334127 327475 413 060 1733 13107 

3614.47 -2.1389019371446 3691.45466633 635 1008 1033 217.07 


88043 
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Nurthom FoodSf 


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284 


714 

434 

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741 

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130 

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41 DttlfiMtora&B 249123 

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44 RMn, FbOdfIG) 175137 

45 flftMm, GenetM(4Q 1581.82 

48 Support Senric09(41) 1457.15 

49 1^mport(iq 2199.02 

51 Other Services 6 Bu^nesrta 124135 


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1821.49 -13 183934 180177 180138 208335 531 1149 


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184108 -03 184535 184129 T64531 1926.14 

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80 FT-8&A AU.-SHAR£(B71) 

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■ PT-SE Actuaries 350 Imhwtiy basket* 

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Burin 29006 29011 2901.2 29018 2904.1 2001^ 28905 29010 2894^ 26910 

AddfiOMl tone toft on tto FT^SE 

I MM OmSoMmk frOp. UnMiflg »*- Sm *!? 

tndmuq to them Mom, h mHA km FftSTAT. Fteroy Mom 13-17 

Ito nr - 500 " M Ml w»ad 

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LltoFT-80 


fVtkM i si 


BUSINESSES FOR SALE 


Appear in the Financial Times on Tuesdays; 

Fridays and Saturdays. 

For further information or to advertise in 
this section please contact 
Melanie Miles on +44 71 873 3308 
Karl Lovnton on +44 71 873 4780 


French 
rise hits 
builders 


A late move by the leading 
French commercial banks to 
raise their base lending rates 
Bent shock waves through the 
building and cxmstruction sec- 
tor. 

The rise to 8^5 per cent from 
7.95 per cent led to fears that 
recovery in French construc- 
tion could be nipped in the 
bud. Some analysts argued 
that the move signalled a 
higher interest rate environ- 
ment in Europe and could sti- 
fle business in Germany where 
many of the UK construction 
and materials groups are also 
heavily involved. However, 
others suggested that the shift 
was purely domestic. 

Speculation that something 
was happening leaked into the 
gilts market around midday 
but the first announcement of 
a change did not happen until 
half an hour before the UK 
market dosed. 

Share prices were already 
weak and when the news came 
dealers immediately marked 
than down further. They cat 
the price of the FT-SE 100 
stocks - BMC, Redland and 
Blue Circle. BMC fell 15% to 
940p and Redland, which is 
heavily involved in the French 
road building programme 
through its aggregates subsid- 
iary Steetley, fell S to 460p. 


NEW HIGHS AND 
LOWS FOR 1994 


w 

ni 

MDL8 (!) BH Prop-, 


SouOi 


to 


7. 

tat. 


mum €9 Ohwton Ktawry PM. Gaft, 
ZmuPiUJF, 


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«1> 


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M.ORBW«Sfl> 

CNSTRN tO Eva. BUQ MAILS t RflCHIS ft) 

PI Amor Glp. 


(1) FMMA, ENG» VMCLE1C1) 
Molar ExniAcnva rm a mhm. 

01 


i 

m vu*. conn 


p « i a , yi iwv 


Cwnoor QM# M, fitoii Bto. SnW^ HJWy 

Spoctol 0. UMl, Ftat Spmtti Op Ot Uk 1067. 

j— ii ^ * — — PU— 

i HirenQ uom. rvmng an. ruD. wni, 


Inc. Wdl, Loifa AAMricm. Oton Conv^ 
PIwUii RwrA 


COMMMBB Cl) Onfli Fmfl. LEBUPi 6 
HOTELS P) AIM 
UnM Nonrapopm 
eXPLOfMUGWA PROD PJ seftiffndagar, KCL 
OTHER 8BM A BUSKS p| Lppi to, PortK 
PROPERTY CfJ McKay RMTABJEMS^ 

(H TtoMbyv. SUPPORT 8BWS (1) 


(0 


CANADIANS (8). 


Blue Circle slid 9 to 284p with 
dealers also dting the current 
BZW sell stance. However, 
BPB and Pilkington, Europe’s 
premier ^ass maker, escaped 
unscathed and remained 
steady at 294p and 164p respec- 
tively. 


Telecommunications group 
Cable and Wireless was one of 
the weaker spots among lead- 
ing issues as a large seller 
dragged down the share price 
amid concerns over competi- 
tion and overseas pressure. 

A 72-point fall overnight in 
the Hang Seng market in Hong 
Kong, hum where C&W gener- 
ates around two-thirds of its 
operating profits, led to initial 
weakness. This was com- 
pounded by news that competi- 
tion had forced its Mercury 
subsidiary to make big cuts in 
the cost of International calls. 
Also, Mercury’s Christinas pro- 
motion for its One-2-One 
mobile phone came in for 
heavy criticism. The shares 
ended 12 lower at 378p. 

Standard Chartered firmed a 
half to 282%p despite being 
exposed to the frailty of Hong 
Kong’s Hang Seng Index. The 
bank is seen as a global take- 
over candidate. 

Growing concern over the 
state of the Mexican economy 
sent Lloyds Bank shares down 

5 to 553p. Though not directly 
affected by the crisis, the bank 
is heavily exposed to second- 
ary debt in Latin America and 
it has seen its capital ratio 
come under pressure at a time 
when it needs its strength to 
push though its proposed 
acquisition of the Cheltenham 

6 Gloucester building society. 

Insurance stocks, highly 

geared to the performance of 
the market, tell as they also 
came in for negative press 
comment on their prospects for 
1995. However, Prudential 
received support from the 
news that its was taking 25 per 


cent stake of a Thai life assur- 
ance group. The move was 
seen as securing a toe-hold in 
the emerging market. The 
shares closed 5% lower at 
3I6Kp as two-way business 
took turnover to 2.1m. 

Northern Ireland Electricity 
moved 5 ahead to 363p, as bar- 
gain hunters turned their 
attention to the distributor. 
The shares were left behind In 
the recent strong rally in the 
sector that was ignited by the 
bid for Northern. 5 lower at 
1005p, as the market awaits 
further developments on the 
bid. Northern’s predator 
Trafalgar House eased l 1 /* to 
73p, in strong business of 7.4m. 

Speculation of a further Md 
nies boosted Yorkshire IX to 
718p. 

Rank Organisation hardened 
a penny to 41lp as Smith New 
Court struck a positive note. 
Recommending the stock as 
one of its favourites for the 
coming year, Smith believes 
the company will benefit from 
“strong growth and the bene- 
fits of cost cutting at Rank 
Xerox.” in which it holds a 49 
per cent stake. 

Hopes of bumper sales over 
the festive season helped sev- 
eral retailers the market slide 
yingfighAr gained another 5 to 
443p with sentiment enhanced 
by a press recommendation. 

High street retailer Boots 
was also in demand and the 
shares added 2 to 508p. 


Peter John, 

Joel Kibazo 

■ Other statistics, Page 18 


LONDON EQUITIES 


1 LIFFE EQUITY OPTIONS 






Option ta ta 24 Xn Apr Jtf Opftn 

tafltay ta » ta fm 


RISES AND FALLS YESTERDAY 


500 am sa em » bhizh 

550 5 2ZV& 33Kim 25 34 

260 W19* 25 411 6 15 

260 2 19 15 16K 19 25 

GO 7H 9 100 IS 2 3 

to lit m m s to a 


rS37 J 

AgO 

rassj 

ASM 

raj 

UAkaop 

C-35B) 
StfUvnA 
f 458 1 
Boots 
(“SOT ) 

BP 

r427 | 


330 20ft 4IM 47 
300 7tt 2Zft29tt 
420 46 4B 87 
400 10 25 mt 
sooim 32am 


» 7H 14 
9K 19NZ7M 
it m M 
11 24 SOM 
6M 15 23M 


Baa 

nsiej 

Grift & Ml 

C37B) 

ftotnUi 

r*i ) 


550 -1W17M4ZH45M 53 

420 13M25M34M 6 14 21 

460 1 9 1733M 38 43M 

140 15ft 2B23H M 2M 5 
rtf 1H «9f 12 7 Tr 1399 

500 22 39 48 4 13ft 21 H 

215ft 21 35ft 40ft 48 


r232) 
Lasmo 
(*145 ) 
Lucas tads 
t-204) 

PAD 

rSOB) 

PBdngtan 

(*164) 

Prwtatt 

rsi7j 
mz 
rB 2 B 1 


22315ft 19 
240 4ft 8ft 
140 10 18 
160 2 6 
200 1118 17ft 
220 3St 9 


22 2ft 6ft 10 
12 11 IB 2D 
18 3M 7 8 

9ft 15ft 18ft 10 
M 8 lift 14 
15 1B22M25M 


600 25 
650 Oft 
160 Oft 14ft lift 
160 2 6 Oft 

30022ft 28 33 
330 Cft 1218ft 


37 49ft 13ft 33 40ft 
77 2m 46 65ft 71 
4 6 m 

17 18 20 
3ft 12ft 15 
17 29 51ft 


Brito pimriik — _ M11 



0 

65 

5 

Other Rxed htwat 



0 

0 

14 




44 

63 

88 

General Manufachms 



65 

148 

414 

f^yMiir^f flrwk 



14 

49 

122 




53 

92 

345 

UtWlM 



12 

19 

12 

prwmrinM .. 



24 

134 

206 

Thintn 



34 

107 

321 

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13 

61 

52 

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250 

738 

1582 


Don bmd on taw 


Stood on ma London 8hm Service. 


(•505 ) 

IQ 

(-756) 
KhgflriDff 
("443 ) 

Lad Scot 
(*597) 
IMS &S 
CM7J 


44 4 12 IBM 

300 5 20 2011 16 26 33 

480 12ft 2nt 39ft 10 2D 29ft 
500 1 IZft 10ft 39 44ft 54 

463 10 31 - 4ft 23ft - 

543 1ft 10ft - 38 57 * 

750 18M 37 51 10ft 34ft 43 
BOO 2ft 1« 30 44ft 57 73ft 
420 28 43 48 2 12 20 

460 5 2927ft 20 30 40ft 


r4») 

AH 4ta» 

("277 ) 

loco 

rw) 

run 


r*s) 

Op&n 


800 43 58ft 70 Oft Z7 33ft 
050 18 3! 45 32ft 53K 99ft 
4001011 28ft 94ft 14K 32 37 
500 411 14 19 41ft 59ft 63ft 

an am sou m < 11 & tm 

220 lift 17ft 23 12 21ft 23ft 

240 12ft 18 22ft 41fc lift 14M 
260 3 10 13 14ft 23 25ft 

200 13ft 20ft MM 4 8 11 

217 5 - - 12ft - - 

300 20 27ft 30ft 3 lift 13 
330 411 12 10ft 18 28 20 

Jflt *r Jl M\ Apr Jd 


TRADmONAL OPTIONS 

Hret Darings December 19 


Last Daringe 


Jammy 6 Settlement 


Man* 23 
April 6 


Caflar Alrtow*, mudwim Prt Botton. 


550 48ft 68ft 07ft 
600 10ft 25 34 
300 12 24ft 3Zft 
420 2ft im 10 
500 21ft 35ft 40ft 


- 4ft 19ft 
9 19 31ft 
4 10ft 16 
23 26ft 33 
6 26 31 


BAA 450 22ft 30 - 1ft 10 - 

(*489 ) 475 7 21 - 11 20ft - 

Han* Mr 480 27ft 43 51 1ft 10 20 

r<84 ) 500 5 20ft 29H 10 28 40ft 

Option Hr Jtf Sep Hot Jon Sop 


HO. 

ESanhefcn Prf, Brtt 


LONDON RECENT ISSUES; EQUITIES 

Issue tat Met 
price psks cap 1904 
p up (Eni) Htfi Low Stack 


TUkntf 08, Union DtocomL 
Mkunet; NSM, 


+/- 


Net Dlv. ta 
dta. com. yM 


WE 

net 


MnrMri 

T428) 

AnaOri 


rsi3 1 


580 2ft 13ft 20ft 37ft 57 00ft 


StinstKVY 390 22ft 36 43ft 2 9 18 

(-409 ) 420 5 18ft 27ft 14ft 2ZH 32M 

Siri Trans. 650 81 60 68ft - 9 11 

(-688 ) 700 lift 24ft 35 9M 30ft 31 

SMtaas 20010ft 22 27 ft 4ft 7ft 
f2l5 ) 239 3ft 10 15ft 7ft 12ft IB 


TMrigar 

r74j 

Uriom 

ms?) 


pmn 

Btoe Ckds 

r205) 

bum 

(“314 J 


n») 


420 22 29 35 17 23ft 28ft 
460 6 13 1944ft 49 53 

125 13 17 - 3ft 6 - 
160 2ft 0 - 18)6 2016 - 

600 35ft 45)6 55ft 22 32 38ft 
650 13ft 21 34 53ft 81ft 88 

280 38 43ft 45ft 1ft 5ft 7ft 
3n 816 15 21 2116 31 34M 
an 28 29 32 5)6 12 14M 
330 • 1316 17ft 2016 27ft 30ft 

1601816 28ft 23 6 8 10ft 

an 7 16ft 13ft 15 10 21ft 


(TO) 

Option 


70 6 9 11 1ft 4 5ft 
60 1 4ft 8ft 7ft 9ft 11 

1150 21 81ft 67ft 13 39ft 51 

ireo 5M am 46ft 4516 ream 

BSD 34ft 53ft 87ft 6)6 28 37 
an 8ft 27 43 31 55 83)6 

Fsb Stay flog Fsti May Aug 


(TO) 

Unto 

ns2) 


Good Urt 

390 

18ft 

30ft 

36ft 

ii 

17 

22H 

P404 ) 

420 

5 

17 

a 

30 

34 

a 

1 Mfiitbp 

1G0 

13 

to*: 

BH 

3ft 

e 

ii 

no) 

160 

3ft 

7ft 13ft 

14 

20 

22M 

UtoBkOftS 

300 

29ft 

34ft 

a 

IM 

9 

12 

(*325 ) 

330 

9ft 

im 

a 

12 

24 

27 

OpHon 


lta 

tan 

S«P 

Idar 

Jus 

Sep 

■— 

1 nous 

too 

15ft 

16 

21 

3ft 

6M 

8 

no9) 

110 

10 

13 IBM 

8 

lift 

12ft 

Option 


Fab 

MV 

tag 

tab 

May 

ta 

M Aero 

400 

31ft 44ft 

— 

g 

22 

— 

Itezr ) 

448 

tZft 

27 

— 

a 

43 

— 

BAT tads 

420 

m 

34 

a 

0ft 

21ft 

73 

r431 ) 

480 

0 

15ft 19ft 

31ft 

46ft 

53ft 

8TB 

280 

urn 

27ft 

29ft 

4ft 

TZft 

15ft 

r2S2 1 

300 

7ft 

13 

19ft 

13ft 

23ft 

26 

BttTOKom 

360 

34 

34ft 

41 

4 

7ft 

13ft 

r377) 

390 

7 

17ft 24ft 

17 

21 

28ft 

OedbuyBca 

«D 

20 

27 

m 

Bft 

18ft 

21 

r«aj 

460 

5 

10ft 

» 

a 

44ft 

46 

EssamOoc 

750 

46 

00 Sift 

16 

30 

44H 

rrae) 

800 

19 

44 

a 

41 

55 

re 

Guknsts 

420 

33M4TK 

46 

2tf 

Oft 

14 

T447 ) 

460 

9 

18 

a 

18 

28ft 

32 

GBC 

260 

lift 

a 

a 

2 

5 

9M 

r2?«) 

280 

7 

14ft 

I8ft 

10 

13 

19ft 


P4B4) 

Scot 

(*353 ) 


mo) 

forte 

1 


41 46 


Tame 
P22 ) 
Hum 
H027) 


(■234) 

Toridns 

ran® > 


) 


Option 


1 5ft 7 
7 15 18ft 
3 8ft 9 
13 16M 19 

63 8 1416 19ft 

41 20ft 3116 37ft 

9 14ft 21ft 
23 2616 38 
0 5ft 8 0 

0 lift 14ft 14ft 
31 3 8 10 

26 10ft 17 19 

12D 9ft 13 16 6ft .11 13 
13D 5 816 Tift 12 17 16ft 

1000 5816 88 91ft 1616 25 38M 
1050 2816 teft 63 39ft 47 64 
22010ft 23ft 2716 7 10 14 

240 9 14 11 17ft 20ft 24 

200 22 29 31ft 2ft 6 9ft 
220 10 17ft 28 10 14 18ft 
m 70 03 95 18 27ft 38ft 
700 39ft 58 0H6 39ft 50 SOM 
Apr Ari Jn Apr Ad 


100 2T16 25 28 
in 716 12ft 14 
140 1519ft 22 
160 4ft 9ft 12ft 

460 48ft 88 03 
500 21 M 

336 3 Oft 
360 14 25 
110 Oft 9 
120 2ft 6 
229 81 30 
240 IM 18 


100 EF_ 

- FP. 

- FP. 

- FP, 
100 FP. 

- FP, 

- FP. 
810 FP. 
100 FP. 
100 F.P. 
500 FP. 

- FP. 
60 FP. 

- FP. 
120 FP. 

- FP. 

- FP. 
100 FP. 
100 FP- 
§3 FP. 
100 FP. 
100 FP. 

- FP. 

ire fp. 

- FP. 
120 FP. 
182 FP. 
100 FP. 

- FP. 


4J39 
4399.1 
393 
903 
194 
316 
116 
37J2 
46X3 
29 3 
217 3 
264 
10l9 
296 
253 
222.7 
94j0 
27X) 


98 90*2 Aasst Ktan hv 


64 43 

173 133 
103 96 

94 82 

27 22 

OSS 015 
94 91 

108 90*2 
510 490 
98 94 

83 
100 
123 123 
125 


BSkyB 
Brit 
Oydaport 


SO 


Gth 


Rdeflty Sp VM 
Do Wurarta 
Fta Rusafan Fr 
Ftamhg BBriRso 
For 1 Col tag C 
Qemnore IBc Uts 
HB Ita 
Hydro ML 
WVESCO Korea C 
tnmwtofve Techs 


97 

256^2 

14 

187 

07 

92 

27 

620 


10 2h 

510 -f2 
97 


-1 N- 

m3si 


- - 48L3 

- 23 


95*2 

123 

90 


§34 20 44 
RN- 

N- - - 

N52 - 73 


12.1 

3 33 


SJ55 

42J5 

58-8 

UJ 

34.7 

&JB3 

nan 

14653 
17 3 
247J 


103 100 

10 1 99 

3*2 3 

94 82 

02 88 
146 138 
210 203 
108 101 
144 120 
IBS 171 

102 102 
HO 111 


Do Inc Annriy 
KBl Ospftal 
Leo 9, Gen Jtacwy 
MICE Group 
Mattvwon Lloyds 
Munqr Envg Boon 
RAPMup 
RM 

lnaoennw rrop 


100 ¥43 - 50 

99 - - - 

3*4 bNQ.1 32 3.7 


TeAeWsst 
Wellngton On. 

nr„ .ij-JiiMiw. i i Uk 

WOOOkww UdD 


90b 

138 

208 

101 

129 

171 -1% 

102 

no 


RN4J05 2.1 4J2 
N43 XI 23 


104 


101 

131 


toe ArooLtot 

price paid 
P up 


Ctaatng +or- 


Hgh 


Low Stock 


) 

HSBC7»rio 

(“712) 


r4?i j 

Ogdon 


G50 21 41ft 
700 3 20 

70026ft 41 
750 Bft 25 
460 17ft 30ft 
500 2 13ft 


68 11 33ft 42 
38 43 63 71 
63 11 39ft 48 
42 41 K 70ft 79 
42 5ft 19 2B 
24 30 42 46M 


m> Hg tag Fsb Mg tag 


in 21ft 25 28 1 4 6 

180 716 12161816 7 12 14ft 

Undfiriy*ig rooriy pnea Ttotan town 


nrei 


190 

tro 

25/1 

37pm 

10pm 

Cowto 

37pm 

100 

« 

25 n 

Z7pm 

16pm 

Omian Qp 

17pm 

120 

N3 

on 

18pm 

15pm 

Insdrioni 

18pm 

53 

m 

31/1 

Ihpm 

%pm 

MY 

%pm 

37 

PM 

w 

5pm 

2pm 

duo 

2pm 

10 

25 

PM 

m 

on 

102 

igpm 
tap m 

44pm 

Tamamftye Lata 
Trio 

Jyxn 

tapm 

7% 

M 

3£ 

1%pm 

hpm 

VMy 

ipm 

90 

NO 

is 

15pm 

4pm 

Writar Gtardc 

11pm 

FINANCIAL TIMES EQUITY INDICES 




Dec 29 

Oac 26 

Dec 23 

Dec 22 Doc 21 Yr sqo 

■Hgh TXAw 


13,790 


0.127 


FT GOLD MINES INDEX 


ft cfcB Dso 

oe day 27 


23 


ago jMd ft Mp lorn 


Ortay Share 2SBSB2 2301 X) 2381 X) 23003 2355.7 25704 27101 22406 

OnL ytotd 4,43 439 4A1 AM 4.43 062 4LOI 043 

Eton. Vfcl ft ftjfl 050 &43 646 &45 649 4.10 8.76 342 

RAE caSo net 1740 17.95 17P8 17.08 17 J A 30.76 3343 1594 

P/E ratio nfl 17-24 1739 1732 1738 1736 28.52 3030 1637 

■For T094. Qrtfnary Shan Mbk skin eun p O rio n: higb 27118 20094; low aba MBMO 
FT Orttay Share Was km dee 1/7/33. 


todn M 1967 JJ *3.1 190831 190175 2I8U1 222 298740176232 


Open 930 


Share hourly dienges 

1030 11 M 12X30 13X30 1430 15X30 1630 Ifltfi 


(1ft 

(?) 

North Mcda {ii j 

CopjffWJtoFi 
at 


312231 +05 310735 311537 317932 
2439.18 +24 238130 238438 255137 
155531 +43 1482J2 148138 1847J9 

Tktm s Unta 1B94. 

of cotvvmk. Baa* U3 
Dae 2ft 2423: 


448 371137 230445 

2.14 301339 217136 

034 203935 141730 

Vatoee 100030 31/1 2T02. 


23714 23700 2064^ 23804 23866 23836 23604 238X7 2360X7 2371-9 2358L3 
Dec 29 Dec 28 Dec 23 Dec 22 Dec 21 Yr ago 


SEAQ bargains 
Ecprity (unow O^mjt 
Gqriy bargataat 

frtftt 


12344 


12414 

686.1 

18J38 

384w5 


11361 

754.1 

17332 


1M81 
1316,2 
26309 
581 X) 


18,746 

1624X1 

31,037 


38,746 

1303X) 

41,272 

4743 


i 


% 


















T - -If* ^ 


■i- -i t. 


' - - ►*— J— 


•-... u. 


1W1 . Rl 1 / 


. ; v|« > 


rPOT 


22 


FINANCIAL TIMES FRIDAY DECEMBER 30 1994 



COMMODITIES AND AGRICULTURE 


THE MARKETS IN 1994 


Copper, aluminium and coffee shine in an eventful year 


F or leading world com- 
modity markets 1994 has 
been a year of mixed for- 
tunes; and for many commod- 
ity analysts a period to look 
back on with some embarrass- 
ment 

Base metals prices, which 
were generally forecast to lan- 
guish., remained very strong 
throughout; and the gold price, 
for which strong gains were 
predicted languished. Coffee's 
expected modest rise rise 
turned out to be a major bull 
run; while cocoa failed to build 
as expected on its strength in 
late- 1993. 

At this time last year the 
prices of metals traded on the 
London Metal Exchange were 
struggling to move away from 
historic real-term lows. Most 
analysts were suggesting that 
the recovery would be long and 
arduous. Nevertheless, they 
said, most prices would be 
higher in 1994 - the exception 
bong copper, which needed to 
Gall a little more before moving 
back up. How wrong most ana- 
lysts were. 

Base metals prices have 
boomed. Copper and alumin- 
ium, the most heavUy-trade 
metals, are 70 per cent above 
the levels ruling at the mid of 
1993 while even zinc, which 
most analysts agree has the 
worst near-term prospects of 
the LME metals, has risen by 
16 per cent 

Nearly everyone failed to 
predict tiie impact of two new 
elements in the metals markets 
this year the activities of the 
investment funds and banks. 

The funds are estimated to 
have put DSSIGbn f£MJbn) into 
metals so Gar this year. Mean- 
while, the banks probably con- 
trol 75 per cent of the LME 
stocks - traders say that as 
much as 85 per cent of the 
exchange's aluminium stock is 
controlled by four or five 
banks . 

Consumers are complaining 
and producers, many of whom 
were almost suicidal a year 
ago, do not wholeheartedly 
welcome the new element In 
the metals markets either. 
High prices encourage substi- 
tution of other materials for 


COMMODITIES PRICES 


metals and volatile prices 
frighten off potential metals 
users. Also, some producers 
are using the futures markets 
to lock in artificially high 
prices either to fund further 
development or to bolster 
flagging operations - moves 
that might bloat future supply. 

Nevertheless, investment 
fund managers say they had 
good reasons for buying met- 
als: clients wanted to reduce 


$400 a troy ounce and some of 
the same investors who had 
driven up the gold price in the 
spring of 1993 attempted to 
push silver through $6 an 
ounce. This attempt was 
unsuccessful, as was gold's 
attack on $400. 

The World Gold Council 
points out that rising interest 
rates are encouraging more 
gold mining companies to 
hedge their future production 


(platinum’s sister metal) to 
double in the past year. The 
precious metal is needed for 
the multi-layer ceramic capaci- 
tors used in these telephones, 
as well as in a wide variety of 
other electronic equipment 
such as personal computers 
and the new wide-screen televi- 
sions. 

Few coffee traders would 
have thought at the end of 1993 
that a year later they would 


level. But traders saw that as a 
"bubble” . waiting to burst. 
They were concerned about the 
growing influence in the rise of 
the US. investment funds, 
which mi ght pull out of the 
market even more quickly 
than they had entered it 
There were signs that that 
might be happening late in 
May when a surge to within 
$20 of the $2^QOa-tonne mark 
for the second position was fed- 


UdEShrOTrth metal 
OOOS per tonne- 1 

£ 0 — 



my m w ■ , , ■ ■- . t 

I^Lt, M jll.L.E 144 I LuU 370 ( A LSXUpJLJ4JUUaJ U i I i V 14 mJ * 

IflO* ■ i9M ■ ’ ' * ■ taw . iw . . . ■ 1994 - ' - 1904. 


• •* 


their portfolio risk through 
asset diversification and to 
hedge against unexpected 
inflation. 

Some analysts still insist 
that metals prices have outrun 
the fundamentals of supply 
and demand. But others sug- 
gest the funds’ timing so far 
has been perfect and there are 
solid reasons underlying this 
year’s price rises. 

Mr Wiktor Bielski, metals 
analyst at Bain & Company, a 
Deutsche Bank subsidiary, 
points out that demand for alu- 
minium, copper and nickel 
rose 7 per cent in the first half 
of 1994, compared with the 
same period last year, while 
lead and zinc demand was Up 
by 4 per cent Meanwhile, sup- 
plies have fallen along with 
exports from the former east- 
ern bloc - apart from those of 
aluminium. Some producers 
have had to buy metal on the 
LME to cover c ommit ments. 

The year started well for 
precious metals producers. 
Many analysts were predicting 
a steady, if unspectacular, rise 
in the gold price well beyond 


and this appears to be putting 
a “cap" on any price rise above 
$400. North American produc- 
ers can now lock-in prices of 
about $410 an ounce for deliv- 
eries one year forward, it says. 
In Australian dollar tains, for- 
ward premiums look even 
more attractive. 

Interest rate increases have 
pushed one-year gold contan- 
gos (premiums for future deliv- 
ery) to above 5 per cent. The 
WGC also points out that, 
when the gold price tested the 
top end of $370-$395 range in 
which it has mainly traded this 
year "heavy trade selling was 
encountered and the price fell 
back". 

Platinum was held back by 
gold’s lacklustre performance 
— many investment funds Hnk 
all the precious metals in their 
computer-gen e r a t e d trading - 
and simply was helped by Rus- 
sia digging deep into its 
reserves to keep up with grow- 
ing demand in the western 
markets. 

But booming world-wide 
demand for mobile telephones 
helped the price of palladium 


regard London futures prices 
in the high 12,000s a tonne as 
somewhat disappointing, 

At that time the second posi- 
tion at the London Commodity 
Tfrmhanga was a whisker below 
$1,200 a tonne, having already 
been boosted by a producers' 
agreement to withhold supplies 
from the world market in an 
effort to lift prices to a more 
remunerative level 

I n fact, by the time that 
agreement - styled the 
"export retention scheme" 
- came into effect at the begin- 
ning of October its market 
impact appeared already to 
have been discounted. Nearby 
LCE prices had rallied from 
the tow $900s in July to above 
$L300 in August, in anticipa- 
tion of the retention scheme, 
before the downward reaction 
set in. 

A renewed uptrend in the 
early months of this year - 
encouraged by crop problems 
in various producing areas - 
quickly consigned the reten- 
tion scheme to history by car- 
rying prices above its target 


lowed by a $400-plus plunge in 
the space of two days. 

In the event prices stabilised, 
and by mi&June any thoughts 
of a speculative sell-off had 
been dismissed following news 
that growing areas in Brazil, 
the world's biggest producer by 
far, bad suffered a damaging 
frost that had severely hit 
flowering for the 1995-95 crop. 
That pushed the second posi- 
tion price above $3,000 a tonne; 
and four weeks later it topped 
$4,000 to reach the highest 
level for eight and a half yeara 
after a second frost struck in 
BrazQ. 

After another retreat prices 
were driven to fresh 8%-year 
highs in September by more 
Brazilian weather worries - 
this time drought But that 
proved to be the peak. Since 
the rains came in mid-October 
the overall trend has been 
downwards and the second 
position closed yesterday at 
$2£76 a tonne, still 140 per cent 
up on the year but SU£0 off 
the peak. 

With weather worries off the 
a genda for the tinia being ana- 


lysts have bean taking a more 
sober view of crop prospects 
and turning their minds 
increasingly to the demand 
aide of the equation. At today’s 
prices most see consumption 
facing significantly next year, 
compensating to some extent 
for the reduction in Brazilian 
supplies. 

Ihe LCE cocoa market put In 
a much more pedestrian perfor- 
mance this year. The current 
three-year sequence of world 
supply/deanand deficits is gen- 
erally expected to continue for 
another two years at least, so 
stocks should continue to fall. 
But that has already been 
taken account of at present 
market levels, analysts say, 
and it will take fresh bullish 
developments to lift prices 
above the 6%-year highs seen 
briefly in July. At £1,116 a 
tonne the July peak for the sec- 
ond fulm es position was only 
£50 above the high seen in 
December 1993. And since then 
the price has retreated by 
about £180. It closed yesterday 
at £984 a tonne, up just £55 
over the year. 

Producer talk of a withhold- 
ing scheme similar to that 
operated by coffee producers 
does not seem to have worried 
buyers overmuch . and pros- 
pects for renewed price gains 
in the new year could depend 
on a return of the Investment 
fund money that was switched 
into tiie coffee market in the 
first quarter of this year. 

London white sugar futures 
surged to four-year highs late 
in 1994 as Increasing supply 
tightness was fait in the mar- 
ket In late trading yesterday 
the second position stood at 
$405.50 a tonne, up $118 overall 
but $9 down from the peak 
reached early this month. 

Broker C. Czamikow said 
recently that sugar prices were 
likely to continue in a "consoli- 
dation. phase” for a while 
because big importers such as 
China and Rusria would proba- 
bly stay out of the market until 
well into next year. In its 
December Sugar Review Czar- 
nlkow said: "Although 

renewed strength may well 
emerge during the course of 


BASE METALS 

LONDON METAL EXCHANGE 

(fti ces from Amalgamated Mott Ttacfing) 

■ ALUMMUM, 9SL7 POTTY {$ par tome) 



Cnh 

>3 tnthfl 

Close 

1955-6 

1981-2 

Previous 

193&5-&5 

1985-6 

rtgh/tow 

195571963 

1985/1974 

AM Offettal 

1954-5 

197&5-9.5 

Kort> doM 


1979-80 

Open tot 

240201 


Total deny tumewor 

38338 


■ AUMttOM ALLOY par taring 

■ 

Ctone 

1670-80 

1915-25 

Previous 

1800-70 

1903-5 

rtgMow 

1875 

192071910 

AMOfficiri 

1870-5 

1915-20 

Kerb doss 


1915-25 

Opan InL 

2.633 


Total ctafly turnover 

616 


■ LEAD (5 per tonne) 



Cte 

84MQ 

wro 

Previous 

64054.5 

662-3 

HlgWtow 

648 

672/866 

AM Official 

54B-85 

666-7 

Kert) dose 


669-70 

Open (nL 

42.450 


Total dafiy turnover 

10,760 


■ NICKEL (S per tome) 


Chao 

8810-20 

8880-70 

Ptevttua 

0735-45 

6890-900 

rtgWtow 


9080/8950 

AM Official 

8790-800 

8940-50 

Kerb dose 


895040 

Open Int 

6QJ94 


Total daily turnover 

12,145 


M TIN (S pertonnej 



Close 

5995-6005 

6090-100 

Previous 

5926-35 

602500 

Mgh/tow 


6130ffi070 

AM Official 

5990-6000 

6090-5 


Precious Metals continued 

■ COLD COMEX QOO Ttay oe.; Vtroy qeJ 


Dm 


GRAINS AND OIL SEEDS 

■ WI«T LCE g p* tonne) 


SOFTS 

■ COCOA LCE (Etam) 


3 


16 


Dqn 

tap Mgh low 

- 3816 382.1 

-1.1 - 

-12 3818 3819 83,916 25051 

-1-2 3017 3810 14300 

-10 3812 3825 21.485 

-1.1 3975 3975 12030 1 

171633 21528 
■ PlAnWUil NYMEX (50 Troy qcl; Srtroy ozj 


*r 

teg 


3817 

3827 

3611 

3811 


mot 


548 S0p 


10110 +065 10100 10170 


11120 +050 

9750 +4L2S 9750 9750 


°sr 

Vri 


St 

b refe 


' op« 

tour tat 

W 

796 

78 

DM 

972 

40 

994 

972 ijoro 

57 

1,73! 

S 

Star 

984 

-2 

995 

900 43574' 

882 

1327 

54 

fi*7 

979 

-3 

990 

980 1*127 

118 

312 

- 

Jta 

. 989 

4 

998 

088 7,384 

91 

00 

10 

Sta 

998 

- 

1007 

989 1*061 

282 

1,120 

40 

Dm 

1010 

-Z 

1017 

1010 1*288 

210 

gjgg 

207 

Total 




111,347 U94 



MEAT AND UVESTOCK 

■ UVE CATTLE CME {4Q00Ofas; centaribri 


» 

Jon 

to 

Oct 

Dm 

Totri 


■ WHEAT C 8 T ftOOObu min; cantfiffiOfa buriiflQ M COCOA CSCE (10 tonnes tfonneri 


71579 +0576 71525 70525 32398 
71550 +1200 72500 71500 21891 
01900 +1125 66529 66.475 1073 
64200 -0090 64500 84400 1523 
64400 +1100 64.725 64425 1574 
65550 +0075 85250 65575 32G 

70087 

m UVE HOGS CME pojXMbe; cantata} 


to* 

4091 

1019 

774 


97 

14 


4110 

4208 

4252 

4212 

4319 


-16 4114 4140 1492 1.811 

-12 4252 4118 11089 1545 

-12 4210 4215 1073 86 

-12 - - 828 6 

-12 4310 43SJ0 115 1 


Apr 
Jri 
Oct 

Total 

■ PALLADIUM NYMEX (100 Troy oql; Sttroy QgJ Total 


3528) +V0 352/2 3500 783 

361* +1/0 3828) 3618) 2 

374/0 +1/0 - - 302 


7825 

ICta 

1306 

40 

1324 

1303 34,029 7J9I9 

m 

39475 -0.100 39725 S8L100 14^209 

2380 

675 

lire 

1319 

-17 

1341 

1319 11/984 

era 

Apr 

ao+yc + 0 L 8 Z 5 wwn 39550 

X794 

1386 

1,158 

JMf 

1345 

-17 

1369 

1344 6^07 

482 

to 



884 

20 

sap 

1363 

47 

1372 

1372 4433 

51 

to 

4X600 - 43J25 4X390 

1JBST 

141 

25 

DM 

1393 

-17 

- 

. 4 jsn 

2 

Oct 

41550 +0060 41J0D 41400 

1,249 

303 

- 

Mer 

1418 

-17 


- 6J39 

2 

DM 

iw •'h i'll 

437 


vm 

TOW 




74/347 9331 

Total 


33/MB 

0373 


Kvt) dose 
Open mt 

Total daily turnover 


6115-25 

21.679 

4200 

{5 per tonne) 


Ctoee 
Previous 
Hfgfi/low 
AM Official 
Koto dose 
Open «t- 

Total diriy turnover 
■ COPPER, Made 

113 3J&<6 
1124-6 

113X5-4.5 

103,891 

16^43 

A (S per tonne) 

1160-1 
1 162-3 
117071158 
1100-1 
1156-9 

dose 

30T6-7 

3002-3 

Reviews 

3014-5 

2989-90 

MehAow 

3028/3025 

3019/3001 

AM Offidal 

3027-8 

3003-4 


Kerb done 3010*2 

Open Int 221763 

Total dady turnover 74288 

■ LME AM OffldW COT ratoc 10S2O 

LME Poring C/S nta: 12617 

SpoLlJttOO 3Rtt&lJ560l OmVKlJCOO 9ffKKl2596 

m HIGH GRADE COPPER (COMEX) 




my* 

OpM 



One 

donga Hgp low 

Ini 

M 

jta 

138.55 

- 0.15 138 J» 13829 

2 jBB 4 

277 

FM 

138 J 80 

+030 138 J 0 138.75 

789 

125 

Rtar 

130 LOS 

+015 13840 13725 30,123 

7,207 

Apr 

13405 

+ 0.15 133.50 1332 S 

891 

- 

Rbr 

131.45 

40.15 131.60 13080 

4.455 

215 

Jot 

13655 

137 .S 0 13750 

530 

- 

TOT 



88,187 

B/K 6 

PRECIOUS METALS 



■ LONDON BULLION MARKET 



(RncOT ftippEod by N M Rolhedilld) 




Mb 

16000 

+630 

16120 15920 629 Z 

524 

Jot 

16125 

+030 

T 822 D 16200 623 

20 

to 

16225 

+005 

- 

- 129 

- 

Dm 

18125 

+605 

- 

11 

- 

Total 




73 

544 

■ SILVER COMEX (100 Trey ozj; Centn/troy az 4 

JOT 

4852 

-20 

4872 

4852 195 

13 

M 

4862 

-22 

_ 

- 1 

- 

Mm 

1 

-22 

4872 

4800 71241 

16077 

■w 

4904 

- 2 J 


ty • Ti "?1 

418 

Jtfi 

1 - " 

-22 

i?T 1 

M' * 

275 

to 

509.7 

-22 

- 

- 6699 

1 

Ttari 




13^248 17,228 

ENERGY 





■ CRUDE OR. 

NYMEX ( 42^)00 US gafe. SftarraQ 


UW 

Mfn 


Opm 



price 

cb—ge 

Mg* 

lam tat 

M 

FM 

1728 

+007 

1726 

1725 02215 36151 

Her 

1723 

+006 

1720 

1727 53256 24.120 

Mr 

1725 

+006 

1720 

17.79 22295 

5241 

■W 

1728 

+604 

1729 

1724 13226 

1,421 

JOT 

1729 

+024 

1722 

1727 25.797 

2233 

Jta 

1729 

40 L 01 

1722 

1728 16118 

644 

Total 




354291 

76*08 

■ CRUDE OIL IRE ( 8 /berrefi 




UOTt 

tag’s 


te- 



price 

riBR 


Um tat 

m 

Fab 

1653 

+611 

1657 

1646 89250 22200 

Iter 

1651 

+006 

1655 

1645 26198 

7,123 

Mt 

1649 

+607 

1653 

1617 11587 

678 

May 

1651 

+003 

1655 

1629 6843 

135 

Jm 

1654 

+002 

1657 

1653 7,424 

251 

Jut 

1655 

+604 

1622 

1824 4087 

14 

Total 




157088 31211 

■ HEATWQ OtL NYUEX ( 42 /X 3 D US gOTj riU 5 gtDlJ 


UKOT 

nre -0 


apt- 



price 

ctav 

to 

Low let 

M 

JOT 

5070 

4058 

5090 

4820 14216 

19.737 

Fob 

5025 

+029 

51.10 

BOOT 47,639 19054 

Mr 

5020 

+039 

51.05 

5045 25016 

4039 

Apr 

50.45 

4024 

5050 

5045 16157 

1085 

to 

qinn 

+028 

5020 

4095 7098 

715 

JHI 

4670 

4024 

49.70 

4086 7,479 

432 

Mri 




144,185 45075 

■ GAS 

06 , EE (Sftm 

i 




Sett 

Of 


Open 



price 

dvege 


LOW fat 

VW 

Jm 

14620 

+200 

14075 14475 35079 

7008 

u 

Wft 25 

+125 14875 147 JO 2*513 

8013 

IOT 

15120 

+200 

151.75 14675 12,781 

1078 

Mr 

15175 

+225 

15200 

15020 4025 

699 

to 

15225 

+125 

15200 

151.75 1,795 

348 

Jot 

16100 

+ 1 J 5 

15100 

15200 7 r 152 

204 

Tent 




96095 17019 

■ NATURAL QAS KYMEX {HUBO mnBbL; SAnoBta) 


■ MAKECBT (5,000 bu ndn; cenbri56b bushel) ta COCOA (CCX® (SOFTa/tomei 


91 PORK BELLBB8 CME (402000)8; cantata) 


«* 


Total 


231/4 -US 233/0 231/2121096 34.107 

23912 -Iff 2W4 23M 51361 7210 

244/0 -2/Q H5ft 243ffi 41286 5595 

247/0 -112 24M 247/0 1565 421 

248/4 -1/4 250/2 248/0 33091 1172 

25674 -112 25772 255ffi 2075 140 

etaipm 41881 

LCE (C per! vnj 


Mr 


980.14 


ftne. day 
967.14 


LCE (Stonna) 


Jot 

mm* 

EE3 

EEEl 


284 

tor 

10675 

m 

- 

- 

249 

to 

107.75 

- 

- 

- 

69 

to 

95l75 

- 

- 

- 

30 

■nr 

9700 

- 

- 

- 

65 

Jm 

9800 

- 

- 

- 

- 

Tetri 


m 



877 


‘ 2 


■ SOYABEANS C8T ROOOta mil; CSntSffiOb fentaQ 


to 

557/2 

- 4/4 

SQM 

558/8 20012 12084 

Mar 

568 fZ 

- 4/0 

572 /D 

568/0 46497 17077 

■V 

577/4 

- 3/4 

561/0 

577/0 22058 2,137 

Jol 

583/4 

- 3/2 

cacti 

583/0 29,198 2021 

to 

588 IQ 

- 3/0 

568/4 

5864 ) 2061 99 

to 

Mri 

587/0 

-04 

58 M 

586 ft 1006 231 

g 40 i tata a 

■ SOYABEAN OIL CBT fBO 0 OOtoft contsA) 


JOT 


+13 2880 

2809 

3083 1,474 

Hr 

2876 

+32 2925 

2835 13096 2038 

to 

2842 

+8 2880 

2820 

5098 

565 

Jri 

2835 

+30 2880 

2805 

2.115 

96 

sw 

2843 

+34 2B46 

2815 

2087 

25 

8P 

2843 

+55 

- 

561 

- 

Mri 




27,03 

40H 

■ COTTEE V CSCE (370000k; oents/feri 


Her 

17305 

-035 17800 17300 16040 3088 

■re 

17S25 

-020 17675 

17400 

7048 

883 

Jri 

17E70 

+055 17900 17800 

3008 

850 

SOT 

17650 

-015 17900 

17626 

2015 

143 

DM 

17615 

+005 17150 17500 

2.754 

9f 

Her 

17400 

- 17458 17400 

320 

28 

Total 




S0O8 

wen 

■ GOFfEE (ICO) (US cents^pounefl 



DM. 28 


Price 


Prev. 

Mi 


Fob 


Jri 

Ado 

ta 


40300 +4L100 40400 39300 1797 1017 

40825 -1050 40,796 31890 1,553 109 

41 £00 +0.15Q 410011 40900 543 45 

41750 -0J150 41600 42050 606 112 

49 J0Q +0200 41J00 40JQ0 235 7 

47.990 21 2 

17V 1,1292 


LONDON TRADED OPTIONS 

SHoe price S tonne — 


(99.7%) LME 

"ran 

1990 

2000 


(Grade A) LME 
2700 


to 

2677 

+048 

2680 

2611 20,368 

7,140 

Mb 

2625 

+025 

2800 

27.78 45033 11009 

fMf 

2BJ8 

+008 

2803 

26J35 21049 

3096 

Jri 

2508 

- 

2800 

2500 12091 

4013 

MB 

2500 

403 


2630 2J45 

124 

to 

2122 

+004 

2525 

24.90 2037 

834 

Total 




116043 20077 

■ SOYABEAN MEAL G8T (100 tone; S/OT4 



Cota- tar t 15405 15145 

15 d« wmg» 147.95 14701 

■ No7 PREMIUM RAW SUGAR LCE (cento/ttw) 


2900 


2900 


2700 


Jn 

157J 

-10 

1567 

1580 14767 

4005 

tore 

1604 

-10 

1810 

160.1 

33.425 

5075 

to 

1643 

-10 

T650 

1640 

17,177 

2087 

Jri 

1664 

-10 

1665 

1662 

13025 

2.149 

to 

1705 

-10 

1710 

1700 

3027 

354 

tap 

1720 

-12 

1730 

1720 

20M 

419 

Tetri 





98001 

19008 

■ POTATOES LCEffTtomei 





2500 

2605 *10 2810 2710 1,421 

3015 ... 7 

ZSDD - 


23 


Itotaf 

■ FREIGHT (BffFQQ LCE (tlOflndOT print) 

•2 2005 2005 881 

+11 2020 2010 233 

+23 1,615 

+9 1915 1910 296 

+10 1705 1700 142 

+3 1735 1735 

13M 


Hr 

Jri 

Oct 

Total 


2016 

2013 

1916 

1705 

1730 


1 

19 

14- 

41 

4 

79 


Jm 

1300 

_ 


' _ 

m 

Bar 

15.09 

+605 

- 

- 480 

- 

■re 

1616 

+003 

- 

• 860 

- 

Jri 

1402 

-003 

- 

- 300 

■ m 

Total 




1046 

- 

to WVfflE SUGAR LCE (8/tonnel 


HP 

41030 

-070 41200 40900 11170 

SI 

MOT 

40S30 

-030 40500 

40400 5031 

108 

to 

30170 

-020 38130 

3B8JQ 4046 

1 

net 

36320 

+030 

- 

- 1057 

- 

DM 

35600 

+670 

- 

- 138 

- 

HOT 

35630 

+100 

- 

- 229 

- 

Total 




2019 

480 

■ SUGAR 11" CSCE (UZjOOQbe; centa/to* 


MV 

1489 

-002 

1408 

1400 89,483 6078 

tot 

1408 

-am 

1500 

1406 3*929 1348 

Jri 

1459 

-005 

1454 

1403 24J47 

973 

Oct 

1174 

+004 

075 

1163 27050 

881 

Rtar 

1105 

4604 

1108 

1209 8072 

215 

Mar 

1205 

+005 

1205 

1205 2095 

2 

Total 




18005711007 

■ COTTON NYCE ffiOjOOOfcs; centa/tn) 


MB 

5686 

+0.46 

9000 

8607 32,404 7,430 

■w 

8663 

+656 

8905 

8645 13080 3026 

Jri 

8703 

+013 

6700 

5670 8059 1,158 

Ori 

77.10 

+015 

77.15 

7080 2025 

151 

DM 

7205 

-002 

7205 

7272 8086 

688 

Mr 

n.u 

tdO s 

• 

- 110 

25 

Mri 




0048 

7034 


050. 

975. 

■ IV 

1600 

1650 

1700 


Jul 

Mv 

Jri 

189 

57 

126 

143 

105 

176 

106 

168 

238 

Jul 

Mar 

JUt 

163 

. 

112 

116 

- 

163 

81 

44 

224 

May 

Mar 

to 

378 

57 

188 

348 

71 

156 

320 

88 

178 

May 

Mot 

to 

86 

13 

32 

71 

20 

42 

58 

31 

54 

M 

Apr 

JU 

122 

44 

67 

97 

67 

92 

73 

106 

118 


LONDON SPOT MARKETS 

m CRUDE on. FOB ftMfhan^Faq 


+4JT- 


Dubri 

urem e M na pasoq 
Brant Stand (Feb) 
W.U (Ipoi eat) 

■ 06 PRODUCTS 

Sl&O7-a.10u +0.12 

$1026.628 +0.13 
$1053465 +O10 

S17.81-7MU +QJ055 

NWEproiTpi Mfemy OF (kxme) 

Prentoi n Qaaotore 

StSr-153 


On 01 

3147-148 

+2J3 

Hoevy Puri Ol 

$104-106 

+20 


$161-164 

+10 

Jet fuel 

$164-166 


Dtaeel 

$152-164 

+20 

AOTOTMtAeuL 7W. London (071) 389 8792 
■ OTHER 



1915 1972 


GoMflroy OSL) 
ClQ TO 
Open in g 
Momma Ax 
Afternoon fee 
Day's High 
Day's Low 
PmtoiB dose 

Loco Ldn 
1 month - 


5 price 

354*10-38450 

383.1048X90 

38115 


£ equte 


241383 

241631 


38400-38500 


2 months »*._ 

3 m on t hs 

S0ver Ha 
Spot 

3 months 
6 monra 
1 year 

aoMCMna 
Krugerrand 
Maple Leaf 
New Sovereign 


381,90-382.20 

Gold Lending Rates (Va USS) 

— 4.94 0 months 508 

....5.11 12 moraha 

5.35 

pftroy Os. 

315.60 
320.00 
325.45 
337.90 
S price 
384-387 
3854*48130 
90-93 


Utart Dsyta Opm 

fries tags H|b In ta 

LOSS *1020 1J00 1j655 27,232 1547 

1.670 -0009 1J000 1455 17,509 1144 

1JBS0 +UDM 1JB80 1JM 1333 1018 

IMS -0091 1.950 1M0 1357 1.105 

1J90 40005 U075 1J6B0 1009 748 

1.880 +1006 1165 1.680 9.414 234 

UV»1 17,820 


fer 

Majf 

Jol 


mwe (42,000 US CWtaj 


US eta e^ifv. 
49025 
497.00 
505.40 
534,55 
Coqtav. 
247-250 

55-61 


Latatt Ktafi 

Rfet tangs Mgh Law 

5455 +059 5110 54.10 
6355 +030 6400 5120 
«M 5165 +120 5400 5100 

Apr 96JSD +116 5655 5645 

Itay 5100 +021 5620 5100 

Jm 9120 4161 56JQ H0S 

Total 


1027 11,125 
21191 1048 
1556 2J3BQ 
10.153 1,406 
5J651 511 

1.377 81 

57475 Hta 


Wool 

Tin AibosRwi maricei dosed 1994 with prices 
rind 50pe tan when the year bdatai. 
The rise lor wool gromm was enouQh to mean 
m return to e co nomi c produedoa after the 
extremes of deep recession. The wool trade 
and lexifle Industry etanenced a much more 
sa ttafedre y year as prices took an upward 
trend The problem which ckwdeped dtrino the 
latter half of the year was that of paw in g on 
the higher rw wool prices. Lower toveb tad to 
better kunese but when it corne a to replace- 
ment receAere were reluctant to ppy prices up 
by SOpc to lOQpc or for specUtty fibres by 
more tan that Wad b not theodyooniTiod- 
fty factae thb problem of a rising market as the 
primary end but resistance further dawn the 
Ine. c taa d y rotated to p oBcte s to 

check Mtutkxi. The outlook Cor 1895 Is seen as 
dfifiedt largely for this r ea son. 


■ ORAWGE JlttCE NYCEflSjQOQlta; cqnteflbs) 

JM 10180 -1J5 1D8LQ0 11^30 1694 0 

nr in jo -125 11275 10935 urn 2.933 

mm 11450 -150 11125 1112S 2,149 253 

Jd 11750 -150 11750 11150 1444 2 

Sop 12125 -150 13025 11100 1424 1 

Nd¥ 11125 -150 - 1479 

27,606 11 95 


Open 


DATA 

vid Utfune data shown for 
mdocf on COMEX, NYMEX, C9T, 
CME, CSCE and PE Crude 01 ere one 


NYCE, 
day h 


INDICES 

■ REUTERS Pasac 1W31=1 0Q 


E9 Dec 28 month ago 

22405 2234.0 21485 

■ CRB Rituree (Base: 1fl97»10C) 

Dee. 28 Deo. 27 month 


1081.7 


Gold (jper trey 
Sfiver (per troy oztf 
Whm (par bey esj 
nrfrfin (par troy ol) 

GOPper (US prudL) 

Lead (US predj 
Tin gCuala Lunpu) 

Tki (New York) 

Gottfs fibre writfiQT 
Sham (he w c tflW)t 4 
Pigs fifee wrighp 

Lcn day sugar (raw) 
Lon. day su^r (eta) 
Trie & Lyle export 

Bgriey {Eng. feta 

Mta (US No3 Yettci«4 

Whom (US Dark Nontf 
RubbM(FetW 
FMbberfMariV 
RUbber (KLRSSNol Jufi 

Coconut 06 Fta 
Prim Ql (Matay^S 
Copra (Pftq}§ 

Soyabeans (US} 

Cotton OutkxakTA 1 
WooHope (B4e 


«f£c 

9418^5 

$157^5 

143.0c 

40.75c 

15.06r 

a 

121^1p 

123.0&P 

85j6lp 


+2J30 

+KL0 

+1^0 

+1.15 

+10 

+C31 

+io 

+aiir 

-IjIS* 


-180 

- 2.10 

-100 


+1.00 

+1.00 

+as 


23102 


23110 


22156 


S4T43Q 

£851,00 

Unc 

£13Z0 

21010 

lOlSOp 

1054WP 

3fil0m 

S6R.0y 
9716L0z 
$444 .Oq 
E173J3Z 
N/A 
478p 


, _ pmc«4<g. c 

r mPte m Mdnyrian oacriu. y JwWWlT 
PAZJfliLgtMJMf ManPletaaifiOF 


r 


T4 


pert y«ar, there is now less 
ce rtaint y about the direction 
which the market might take 
in the short term and there is 
Ufcsly to be a period of consoli- 
datiem" 

A week earlier, however, 
ELD. &F. Man, another broker, 
suggested that the sugar mar- 
ket could move higher in com- 
ing months. “In this situation," 
it aaifi 1 "even routine offtake is 
to reinforce the under- 
lying support for prices. 

The International Sugar 
Organisation, which represents 
the world’s leading producers, 
appears to go along with Czar- 
nikow’s "consolidation the- 
ory^. It said recently that it 
believed prices above IS US 
cents a pound Oust above the 
current level) would “dry up 
physical demand from the 
price-sensitive importers which 
account for the lion's share of 
the world sugar trade. 

Volatility has been one of the 
main features of ail prices this 
year, with sharp swings 
between the year’s low of just 
under $12 a barrel for Kent 
Blend in February and a high 
of about $1940 a barrel in tiie 
summer. Scone traders say the 
presence of hedge and com- 
modity funds in the oil mar- 
kets baa led to increased price 
volatility. 

Oil prices have remained rel- 
atively weak even though the 
Organisation of Petroleum 
Exporting Countries has ganex^ 
ally adhered to the 24J>2m bar- 
rel a day quota first set in Sep- 
tember 1993. The continued 
expansion of non-Opec produc- 
tkm, paittodariy from the Brit- 
ish and Norwegian sectors of 
the North Sea, was one of the 
maht reasons whyOpec’s strat- 
egy over the past year failed to 
result in. oil prices moving 
steadily upwards. - 

Non-Opec production is 
expected to expand even far- 
ther over the first half of 1995. 
But Opec strategists hope that 
faster economic growth in the 
main industrial countries will 
lead to sharply higher oil 
demand by the end off 1995, and 
the prospect of higher prices. 
Richard Mooney, ' Konnoth 


Russians 

undecided 

on smelter 
refit plan 

Management at Russia's 
Krasnoyarsk aluminium 
smelter has not yet decided 
which of two rival modernisa- 
tion proposals from foreign 
companies it will accept, 
reports Reuters from Moscow. 

The Siberian plant’s deputy 
director, . Mikhail Vasilyev, 
said this week, however, that 
proposals by Alcoa (Alumin- 
ium Company of America) are 
expensive than those of 

France's PecMney- 

"According to our experts, 
the French proposal is about 
twice as expensive as Alcoa’s," 
be said. 

Earlier this year, Peddney 

submitted to the Russian state 
metallurgy committee a pre- 
liminary reconstruction plan 
for Krasnoyarsk. 

A Fechiney official rejected 
the cost comparison. “The two 
projects are completely differ- 
eat," he said. 

Much more ambitious than 
Alcoa's proposals, Pechiney’s 
$1 jfcn-Sl.Sbn plan calls for tiie 
complete reuuu&ii action of the 
plant in three stages with 
modem, less polluting techndl- 


Mr Vasilyev said Alcoa, one 
of the world's biggest alumin- 
ium producers, was c onsid er- 
Jug acquiring a 20 per cent 
stake til the plant. But the 
decision to sell these shares — 
held by tiie state - would not 
be tfikeD.fiOfiiL 
The state property commit- 
tee and federal, property fond 
last week ordered a temporary 
halt to selling shares in alu- 
minium plants -or registering 
new owners pending an inves- 
tigation into share ownership 
amT registration. 

. This decision came shortly 
after Transworid, a British 
firm specialising in metal trad- 
big, said its 20 par cent stake 
in Krasnoyarsk had been 
crossed off the shareholders’ 
register. But Mr Vasilyev said 
there was na link between 
negotiationktivar Alcoa's mod- 
ernisation plans and the share 


CROSSWORD 


No.8,647 Set by ANTARJES 



1 fill save you travelling often 

( 6 , 6 ) 

10 Low wall's point is to conceal 
a crime (7) 

11 To love butcher is hard,' 
apparently (7) 

12 Demand neatness (5) 

13 Sweet thing, but not desirable 
in bed (S3) 

15 Interior ministry's provision 
far telecommuter? (4,6) 

16 Admittedly genuine (4) 

18 Girl to avoid (4) 

20 Subsidise sleeping accommo- 
dation (7,3) 

22 Superfluous to find a way to 
economise (6) 

24 Pansy’s instrument (6) 

26 Use of emulsion tnimc secre- 
tary an age (7) 

27 Crimson vehicle belonging to 

me CD 

Saving lost courage, struggle 
with these in dread (12) 

DOWN 

2 Terrible ordeal to marfc noble 
rank (7) 

3 Great lake, or greater (8) 

4 Observe what’s wrong with 
“do re me fa so la do* (4) 

5 Lack of resources to produce 
popular volume (TO) 

6 Submit name for acceptance 
by ship (5) 


7 Tarcdst taking hallucinogen? 
CD 

8 Responsihilfty of the small, to 
be m fashion (2-245-6) 

9 Hustling bicycle salesman? 
CM) 

14 Puddings have spread all 
round chap’s face (10) 

17 Wayward creature abandon- 
ing Cowper over poetry (8) 

19 Ed’s meat cooked - tightly (7) 
21 Newly wed receives decora- 
tion with trite remark (7) ■ 

23 Yorkshire city is before all 
others, we hear (5) 

25 Muffler almost reveals wirfri 
blemish (4) 

Solution 8,646 


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Of broking and jobbing the Petilani's fond. 

Set haw sweaty he puts your word onto bond. 


JOTTER PAD 


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tatte noto cotenn Italy a a 


BitaXTteM Ow m bb m taoorpogtfad c rwiMH i M Jtatad oa te a p pnM d 


came dm of ngtetei as 
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Mner Md orziiontoisaficM fa pnracss 

Raacast dbldand ytald; pta bate on eaadnoa npatai* by taw 


brad on 00 



prtoerrnicroBMr F Yield brad oa P R^aU tanadon 

oe^iesaniba. t maqavm ei TOdatrtt 

c Craft. ofletjf asamra ar ofuav ssbksbs far 

fR***L 168445 . 1994 


o M denfl fiwrwiwfiia if mess man 

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Mteif ifcflds aoL pnKWdto or oriw 

atateJB. KWawnBAm *Baaterax 

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tons. 1931 ZIMUytedtoteta. 

|ted K told bsaod on 


orator 


qmqiql oflBcW cs&nrite lor 

ftadcatadMM 1994 Attn 

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*flxM hod; 


to* bote oo an 


tar a te <ri £1236 ■ ynr far each 


FT Free Annual Reports Service 

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FT CHytlne 

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4 1 


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■ % ■ 


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24 


FINANCIAL TIMES FRIDAY DECEMBER 30 1994 


banks 


LONDON SHARE SERVICE 


mMSMnMG&BEGnttmEOPT-CodL EXTRACTIVE DKWSTBH8 - Cdrtt 



HEALTH CMC - Coot 


ABN Ann A. 
AKZAf. 


mnKArai..1lC] 

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m -% v»% 111% m* 

_ _ .fpO R1 4 SO « ^900 

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♦ or 1994 



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t V' 


FINANCIAL TIMES FREDA Y DECEMBER 30 1994 * 


2 , 2001.750 Z& 
1,270 7 B 0 DB 

-i m m ib 
umz^xi u 
IJtS 1,100 1 M 
1387 001 05 
744 53 B „ 
ijw- m 15 
ijaaa as o u 

40 B 386 u 
250 171 « 
1.100 074 _ 

406 312 15 
701 648 25 

BOO 430 1.7 
45403311 15 


L20 S25 
UO 835 
L10 234 
L40 371 


i ► * . ► i 


-6 1500 
- 71.100 
+2 604 

L30 287 
-30 187 

L2O1BTJ0 
+1 752 
_. 845 



8300 —105 11,700 B/7DQ 3j» 


Vr 


took* 




T 7 


m 


^r-r 


i ■ . -■•r ► 


7T 


M 


rrvrrn 


-13 754 

-4fi» 

IB04&BO 
+1 BOO 
— 010 
+2 700 
-6 2570 


:S 2 


LL 




yr 

F/ 


ttt: 


Tt 


Jit 


il i 


* 1 r 




4 i 


% 








as 


*77 


fvf 




i . 

m 

1 ZB 


1 IB 


1 OB 

“ 

1 3.1 


1 BJ 0 

nil 

1 ZB 


1 5-3 


1 4 B 


1 IB 


) ZB 



I ZB 

__ 

1 Z2 

m — 

1 IB 











11 


U 

14 

_ 

16 

aaaa 

OB 

t t 

16 


14 


2 JT 


ZB 

* i 

64 


14 



14 

— 1 


UIh 



14 


34 

— 

16 


Z1 


14 

m 

ZB 

m 

34 


ZB 

— 


02 

12B 

S 3 

40.70 

157 

563 

34 

55 

540 

129 
1ST 

130 


ft 585 

680 
905 
sac 

-5 

1 1BBL2D 

sJbd 


£ 


r — i ■ ■ , ■ - . « 

> r;r t Y 777 

irrrlfr-r 


154 


ZB 


SB 


ZA 

__ 

u 

m 

44 



6.1 

m 

54 

m _ a 

214 


3.1 

m 

IS 


14 


46 

MM 

IT 


86 

m 

17 

__ 

SB 


144 


4,1 


7T 



24 

- 

34 

m 

26 

m 

24 

— ! 

34 


04 



F .T/r» ■ < 


i ■ m- r i i 


545 1.1 


6180 

38 

suo 


TJ«4 

4&3D 

212 

770 



IB 

■ 2 B 
-3 095 510 1 JB 


:<1 A 


BP 




-6 780 551 


,1 1 » 




yr^tr^l 




SCAA 

SCAB 

SXFA 


BBS 



613 

74 — ■ 

f 05 

14 - 

2450 

i £4 M 

1600 

1 44 — 

BIO 

i ZB — 

B .15 

04 MM 

81 

*7 — 

532 

2 T MM 

4440 

14 — 

350 

i 3.1 — 

1 B 70 

QLT m- 

23650 

24 — : 

398 

i *6 MM 

1 398 

24 _ 

483 

3.1 ^ ; 

402 

5 B — : 

852 

! 74 M- : 

32 

BL 2 ^ j 

340160 ^ I 


rtz 


1 1 1 W • J M 


12 — — 


ft 


10 744 


444 

i -1 480 

) 94 

MM 144 

96 

-1 110 

A6 

+1 122 

108 

MM 126 

13960 

I +160 150 

130 

+60 175 


1490 -202.1201400 


JUJ 



+2 457 


tm§ TM m 



m 



mTi 



.1 I r". I 


]4gg 

+10 

1.730 

-00 


IB 900 7»1J 


E 2 


UVJ 


SudTrft 1/400 


■rf 3 




■tf 




«*r 






21501140 2 JB 


45 468 STB 


1210 


IB 705 

5 Z 0 



2450 


MM 2.140 

1 WI 

07 , 

+2 780 

450 

mam 

+4 829 

623 

— 

—7 730 

450 

m 

hlO 1490 

1/480 



1.190 


-3 786 

57 S 

wv 

•■1 873 

670 


+ 31.260 

930 


-10 779 

433 

m 

-1 823 

' BSC 

m 


285 


r.i 

1 1.470 


-4 5 BS 

421 

1-1 

mm 2400 

1/430 

> MM BE 


34S 


ITT] 


ir^r 


-3 886 346 


— 3 


3E 



-1 

io 

592 

b 

1 


'l|P.V< 


aC 


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3H 


pu: 




MTh 






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T> • 


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■+ 


■M 






123 

200 

2M8 

5M 

140 

67 

31 

60 

4J0 

17126 

1025 

7350 

1425 

35 

42 

25 

80 

1075 

171 


17 


12*9 1?1« 


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+rr. 

3-Sn 


■.■ t 


* W I»I 




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V^P 




dl 4 SAKMm 

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♦60 

66 

2860 

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3760 

♦45 3760 

27 

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1 21 SON) 

117.75 

♦ 2 T 3 

164 

IDS 

2 A 






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rw+ r y * 


, ,-rrtT 

1 : 1 


B 1 BV K 58 444 81 770 0778 Vl -*4411 770 3 K 2 


M MM 

B.1 146 
BB1&B 

34 MM 

ZB m. 
34 MM 

Pacific Metals M 

Stocks 

Traded 

SAm 

doting 

— ■ 

rnCSfl 

500 

Change 
on dsy 

+27 

Toyota Motor — 

22 MM 

44 _ 
1_1 

Sakai Ovex 

5.1m 

758 

-133 

MhubM Heavy 

Nippon Sts* — 

36m 

* 373 

+1 

Meson Motor 



rj;< 


I S .A 


rrrr 




322 


rr 




* on aim 54 _ 

3.70 26S 0221.0 


INDICES 


US INDICES 


1631&31 


1994 

FfgO l oa 


16094 


Dec Die Dec 

29 26 27 


4438 445lB 





HM/Sq (31/1 AQ 


4122 

p/7/33 

5480 



. j*r ft 

j v . • 

. .- c- •- 

‘ir* 


MMlRHrtfWS 
Campotiit q^5» 
IM*K(UA9 


VGA Gn (3112m 


S8F 250 PVUMMI 
OC40p1/l2ff9) 


* 410510 411378 BtlOUOO 

M 412002 * 4DU2 

M 4201 JO « 4B0JB 
W 205986 6} ZHU9 

|4 5QU 54219 B7SM0 

34032 347J7 MJB «7» 

18407 W8lO 16308 19080 

12522B 128629 127961 WBJD 
1B8115 192183 199586 2XU5 


\WU 

zm m 

23094 

1094 

21/11/94 


STUB4 

20M/94 


9^(1977) 


2BBL8 29003 322680 18094 
59085 53171 84US 4/1AC 


JSEeaumam 20101V mi was 

J5E tod €26079 9B702V 89616 8832 2 


20H2B4 

3TU94 


RtZAMnat/12/59 


781.19 79667 78762 HUT 18M4 


07763 2)0001 210015 227111 18094 
881.11 86638 80634 H9U1 WUS4 


I8M4 74264 SHOM 


KtaOvmprmr 102737 102780 
SmSE0O/t2m 20063 28159 
Mm 0 iGb(U 23 ) 


MftM 01/0(59 

S9CGn*(UW) 


29W 

mm 

3vm 


081280 20094 

5DB64 13/12/94 

E746X90 14094 
144000 19M4 

88037 2NA4 


anw 

io cm 




(20941 W4M 

54664 56169 54767 09.19 51065 

C8W94} (21W99 

4165 4167 4169 4084 9667 

n4M4)g2mm 

26169 25168 S5066 28K71 243J4 

(2094) KMA9 

42962 42637 42078 487J9 42023 

74246 746.19 742.19 8B3J8 09179 

(1UM4 0W4 


mm rims 

56118 362 

ponom ttuem 

4018 064 

PBftSS (1/1 OTT^ 

267 J! 465 

mm pswg 

487J0 2631 

mm m»72i 
80SJS 5467 
(laom (91/1V7Q 


i . r ,i 


t2C7.f7 

125452 

W3J i SHIM 

1X3622 2mom 

Dow Jones M. Dtv. Yield 

Dec 23 
2.78 

Dec 16 
2B0 

Dec 9 
248 

Year ago 
247 

83457 

99993 190329 31/U94 

87657 27/1004 


Dec 28 

Dec 21 

Dec 14 

Year ago 

0M7J3 

B9BZ91 

7X0163 30W9« 

518453 10394 

S & P tnd. Dtv. ybld 
SAP faid. PJE ratio 

2M 

18.76 

245 

1548 

2/47 

1040 

240 

2743 





■ STANDARD AND POORS 800 BBSSX FUTURES $900 tfcnw index 




i,T 


Mgh Low EsLvoL OpenlnL 





JJ.u.1 JL 


r I . .i c y/Th III 




SE 


JCfa 1 


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The Future's History. 


1 1 


■ ' K ' I >/■><’' >. >' 

M n i vV- h U: v. : :. 1 r Mut, f-.i'.f:-; M-li'f • j».:i. brine)*. 
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ut fjri.inr.'.ii p.ipf-r on tnx' jr^.rfjrcC. Try 
Pulse for F Re E ncuv ,ind you'll '.ocu^ C why 

Call 0 S 00 23 28 26 Ext, 134 today. 



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provides. 


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Political worries push peseta to record low 


WORLD INTEREST RATES 


MONEY BATES 

lUnmhw IB Ovor On* 

month 


Concern that political troubles 
could prompt the fall of the 
government yesterday drove 
the Spanish peseta to a record 
]am, writes Philip GawiUt 

Spanish markets have been 
rocked recently by allegations 
of government involvement in 
undercover operations against 
Eta, the Basque separatist 
group. After touching a low of 
Pta 85.28 against the D-Mark, 
the peseta closed in London at 
Pta 85.15 , from Pta 84X2. 

The Italian lira was also a 
victim of political worries, and 
general D-Mark strength. It 
breached the crucial level of 
L1.Q50 against the D-Mark, to 
touch LL050J0, from LI ,045. 

In Mexico, by contrast, mar- 
kets rallied, with interest rates 
falling and the peso recovering 
sharply. The peso finished in 
London at 4X25 pesos, from 5.3 
pesos, to the dollar. It was later 
quoted by Reuters at 465/43 



The Canadian dollar contin- 
ued to weaken, despite 
reported central bank interven- 


POUND SPOT 


turn, finishing at C$L407 from 

C$1,403. 

The US dollar recovered 
from its sharp fall on Wednes- 
day afternoon In New York, 
where it touched lows around 
DML54 and Y98L6, to dose at 
DML5507 and Y99.68. 

Traders stressed again that 
liquidity was very poor, and 
this was accentuating price 
movements. 

■ Mr Felipe Gonzalez. Spain’s 
prime minister, sought to calm 
markets by saying he would 
not call an early general elec- 
tion. Arguably, this achieved 
the reverse effect Mr Malcolm 
Barr, international economist 
at Chemical Bank in London, 
commented: “This only added 
to the markets' nervousness 
because it was seen as a sign of 


— Prer. dan 
15700 
15609 


£ spat 
l mSi 
300 
1* 


15891 

15577 


15664 


the depths of the crisis. There 
is a feeling this could be a bit 
Hke the Berlusconi investiga- 
tions which don't end until the 
roots are traced right to the 
top." 

“The suspicion has been cre- 
ated that Mr Gonzalez and 
members of his government 
knew what was going on, and 
that Gonzalez could be farced 
to resign if any evidence came 
to light," laid Mr Barr . He said 
Spanish economic fundamen- 
tals were also not that good, 
"and this sort of development 
forces the market to reappraise 
what is going on.” 

Mr David Williams, Euro- 
pean economist at Merrill 
Lynch, commented: "The basic 
problem for the peseta moving 
forward is that Spain's 
extremely high propensity to 
import, coupled with a gradual 
loss of cost competitiveness, 
points to a trend deterioration 
in the current account.” 

The Bank of Spain has said it 
will defend the value of the 
peseta, and economists believe 


: ■ .. .. . -.v„ ■ ■ . ■ .**• 


v/. * * 

■ ^ V ■■ ■■ • T • m 


-■ v .. 


: Agassi the D+tafcftap^pMlj 

w. « — y ./ - +^y 


■ ■ fsa -ell ■■ ■ ■ ay r ■ • ■ 4 a aaa 

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m * w a nn a u M ii a , 

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-■ % _s ■ # / . 

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a ' ^ fill ■■■■■••■ ■■■ aa^ ■■ 

•• • ■ - *. . ■ 


that if it weakens to around 
Pta 86/865, fee bank will be 
forced to raise interest rates. 

■ The catalyst fin: the peso's 
appreciation was news that 
that the US is working with 
Mexico on a credit facility to 
stop the currency’s recent felL 
A US Treasury official said 
also that Mexico had not 
drawn on the $7bn c urren cy 


DOLLAR SPOT 


support line provided to it by 
the US and Canada to support 
the peso. 

The official comment fol- 
lowed market rumours which 
saw the dollar plummet by 
around three pfennigs and two 
yen during afternoon New 
York trade on Wednesday. 

■ In France leading commer- 
cial banks raised their base 
rate to &25 par cent from 7X5 
per cent, but the Bank of 
France held its intervention 
rate at 5 per cent 

The intervention, rate has 
been at 5 per cent since May 
24, Analysts said the central 
bank had sought to keep its 
intervention rate above the 
German repo rate, which has 
been at 4X5 per cent since 
July. French inflation is only 
L6 per cent, but the central 
bank wishes to keep the franc 
stable against toe D-Mark. 

The franc closed unchanged 

at FFr3.455 against the D-Maik. 

■ In the UK short sterling con- 


tracts fell fay 10-15 basis points. 
They took their lead from toe 
collapse in gilt prices. Mr Rich- 
ard Phillips, analyst at bro- 
kers, GNI said the tone had 
been set by heavy se lling from 
two US hedge funds. “It has 
been a combination of 
extremely thin markets and 
same quite lumpy orders.” 

The March contract finished 
at 8152, from 92X6. 

Sterling had an erratic day, 
finishing more than a pfenni g 
lower -against the D-Mark, at 
DM2.4183, from DM2.4309. 
Against die dollar it was by 
1% cents, at $1X595. from 
$L5447. 

TTi ft Bank of pro- 

vided UR money markets with. 
£70Sn assistance, after declar- 
ing a £800m daily shortage. 


£ S 

T7&4Q4 - T7&7B4 113210 - 113210 
2725.13 - 2728.12 174380 - 175000 
0.4681 - MM3 02994 - ft 3002 

991175-9*96* 244504- 244954 
553150 - 5537J8 95«7J» - 99B1J0Q 


su 

6* 

svt 

5* 

5« 

6* 

54 

5* 

5.03 

520 

AJSS 

523 

H 

6fl 

54 

si 

84 

8% 

84 

8* 

w 

941 

454 

541 

3ti 

4 

34 

4 

5* 

5a 

SM 

os 


On® Loo*. .Dfc. A** 

year Ww “ 


7-40 UO 


*40 

U0 



n i I. . 

M9>1 rfWIO 

Dentah Krona 
D-Msfc 
Dutch Gutter 
French Franc 


5&-S& 6ft 

sft-a sft- 

6-4ft 5ft 

Si-Si Sft 

Sft-Sft 5& 


QAE. 



On* month Three m o rth i Ooa yrev JPUorgm 
Rate 96M Rata KM Rate KPA Max 


USDoear 
Man Lba 
Van 

Man SStag 


Belgium 

Danmark 

RrHand 

France 

Germany 


My 

Luxembourg 

NBtherianrte 


Portugal 



IK 

Ecu 

SDRf 


(Schl 

(BFr) 

<DKi) 

(FM) 

0=ft) 

(PM) 

O) 

« 

W 

ftft) 

n 

INK I) 

(Es) 

(Pte) 

JSKr) 

JSFr) 

n 


17.0274 

49.7044 
9-4900 
7.3933 
8.3527 
2.4183 

375.060 

1.0099 

2537.15 

48.7044 
2.7067 

1Q5B10 

248.052 


11.6061 

2.0480 


-aoeeo ioo 

-0245 807 
-0.0424 812 
+0.0168 820 
-0.0472 492 
-00128 109 
-0JS85 784 
-00003 001 
-X49 556 
-0246 807 
-00138 070 
-0-0477 552 
-0795 816 
+0138 757 
40017 946 
-OJ OQS3 454 


368 172942 

281 505900 
020 9.5408 

038 7.4140 

561 84969 

198 2X319 

336 370754 
107 1-0246 

674 2544.19 
281 505900 
103 2.7278 

667 10X178 
288 28X975 
046 207J933 
178 11.8579 
483 y.OflOQ 


16L9943 

49.6800 

9*881 

73320 

03464 

2-4149 

372-544 

1.0064 

2528.18 

49JB800 

2.7042 

10l5482 

240478 

205778 

115271 

2.0418 


17-0136 

406744 

0.4833 


15 16.973 

07 495804 
04 0500 8 




6-354 -02 03485 05 02951 07 
2-4167 05 2-4121 15 25778 1.7 


1.0101 

2543.15 

485744 

2.7069 

105613 

240.672 

200261 

115331 

00434 


-02 1-0091 

-08 255255 
07 405684 
05 2. TOT 7 

OlO 105508 
-45 251547 
-2.1 206581 
-15 112656 
2.1 25367 


1.006 


1.1 485694 1 A 

15 25649 15 

05 10561 ai 

-3.7 

-2.1 210241 -2.1 
-1.7 11.7746 -15 
25 15913 2.7 


11X8 Austria 
1175 Belgium 
1165 Deranai 
885 Rntand 
1105 Franca 

127.1 German 
- Greece 

105.1 Mart 
725 Italy 

1175 Lummfa 
12M Netherii 


Mr 

Luxembourg 


Malaysia 
New Zealand 
PhB ppin em 


AusMa (AS 

Hong Kong (HK5) 
Mb (FteJ 

Japan M 

Malaysia (MS) 

New Zealand (NZ $) 
PhB ppIn cm Phq) 
SudAMda (SR) 
Singapore (SS) 
S Africa (ConO fl) 
$ Africa (Bn) P) 
South Korea (Won) 
Taiwan (TS) 

Tholond OBQ 

1S0R ram tar Dae 28. f 
raitei but ira taipM by 
IMS aid die Doto- Spot t 


- 15731 -a 0053 724 - 738 15958 15720 12732 -0.1 15734 -5.1 . 15656 06 


15703 15514 - - - 

15348 15147 - - - 

25074 2.1808 2.1945 -05 2.1955 -05 2-2053 -05 

75050 75138 - - - - - - 

15703 15512 15593 02 1.5592 0.1 1OT Ol 

25235 15951 25094 -1.1 2.0138 -15 25432 -15 

12.1529 12.0040 12.0138 55 12.0133 15 125283 05 


B45 

765 

1215 

795 


Norway 

Portugal 


(Sc* 

(BA) 

flDKi) 

FM) 

« 

ftfli 

P) 

(NKfl 

(EgJ 

(SKf) 

CSFt) 

B 


109106 

315720 


-0161 100 
-0466 670 


4.7408 


15507 

240500 

15443 

162650 

315720 

1.7369 

6.7720 

159-700 

132.030 

7-4422 

15125 


SDRf 


15260 

1-44697 


-4X0347 355 
-0082 555 
-0023 503 
-256 400 
400151 435 
-175 640 
-0405 670 
-00256 364 
-0096 705 
-255 600 
-1.13 960 
-00606 372 
-00161 120 
+00148 590 
+0510? 247 


210 115675 
770 322800 
910 6.1338 

481 47800 


105140 

315870 


10511 


105045 

31.782 


6.065? 6LQ907 -02 6Q9QS 


510 1-5629 

000 242J020 
450 1-5461 

740 163650 
770 322800 
374 1.7496 

736 65209 

600 160560 
080 133520 
472 7-4941 

130 15233 

600 1.5703 


45817 

m t p 

15447 


15333 

1317.00 

315670 

1.7308 

6.7485 

159500 

131J960 

7-3560 

15045 

15512 

15163 


243 

15448 


05 

05 

09 

-125 

-04 


4.7353 


315495 

1.7357 

6.7722 


75534 

15102 


1.2248 


05 

09 

OJO 

-4w7 

-25 

-15 

2-1 

02 

02 


24755 

15449 

16885 

31.782 

1.7322 

6.7745 

16156 

132.715 

75747 


05 

1.1 

- 0.1 

05 

02 

1-1 

-124 

-Ol 


10797 

31517 

0077 

4w7183 


1525 


15245 


1.1 

1.1 

-Ol 

-45 

-2-1 

-1-7 

25 

01 

Ol 


15451 

16885 

31517 

1.7092 

6.712 

16555 

13456 

75672 

1577 

15577 

15315 


1.1 

15 

02 

05 

07 

1.7 
-103 

-Ol 

-25 

15 

15 

09 

SJB 

-22 

-15 

2.7 
01 

-05 


104.0 
1065 

106.1 
835 

1058 

1075 

685 

735 

1065 

1065 


-Sft-Sft Si 

9-8% »ft 
7ft-7ft ?H 

ft 

Sfe-5& 5H 
e^-0S| sft 
9-7% ah 
2V-2& ^ 
ft-ft 4% 

molisteUSO 


-5V 

■6*1 5A» -5*2 

-5 SH-5 

■ «. 5*| - Si 

■Si 6%-ttz 
■83* 10A - n 
-7H 8A-5i 

■ SV A-o 

■ 3*2 3a-3U 

■5% 6* -51i 

-5A 6-6% 

-8*4 83. -a*» 

■2& ih * Si 
■AH 4* - 4i 


5*2 - 5*» 

m«-6% 

gh-sh 

54-SJj 
6i-5iS 
10ft - 10H 
Bk-e* 
8i - 6* 
AH -4>, 
TH-7 
8*a -s* 
a>t -a 
2h - 2h 
4i-4* 


th -tiH 
5>a- rt 
&A-5A 
«-o A 

11*4 - 1<H» 
8*1-8 
7A-7* 
4l*-4*s 
8-7% 
7-6% 
9% -9*8 

2H-2B 


- Vv. a«MfK t— <m v ncMen 
(MMV) Paris tatofbaVcoOarod 


93.15 


95.13 


92J94 

92.44 


-007 

-aoe 

•— 

•005 


wgh 

9019 


Low 

9011 


12,190 


Open Sett price Change 


965 
. 7BJ 
81 5 
1007 
67.7 


92-77 

8159 

9158 

9157 


-006 

-008 

-OjOB 

-OlO 


Sim pi 

«8h 

9250 


B2JSB 4547 

9251 2563 

of 100* 

Low EaL ud 
92.78- 200 


as 

ft ^ 

6-5B 

111# -left 

7B-7U 

ft-ft 

7ft - 7S 
10& - 1<£ 
2H - 2% 
4»-4fi 


Open M. 

60,206 

40463 

30190 

40702 


EaL ed Open k± 

200 1456 

0 448 

0 177 

0 0 


Argentine (Peso) 15598 400148 590-602 
Bmd 56) 15217 +0001 206 - 229 

Canada (CS» 01941 40027 930 - 962 

Mexico (New Peso) 75806 -05081 612 - 000 

USA ft 15585 400146 590 - 600 


+00219 062 - 068 
+01127 631 - 724 
+04371 263-723 
+0406 354-548 
+00343 904 - 945 
+00252 248-299 
+02234 278-780 
+00561 478-523 
+00174 782 - 812 
+00303 267-325 
+00374 461 - 004 
+1053 038 - 131 
+05011 295-746 
+05007 919-402 ! 

Mi hi to tantf Spot tz£ 
etiateft. 9 Maq Index ceS 
I tarn THE VMffiBJTBB 


USA 


mo 

[Cfi 

(New Peep) 


15001 - 000-001 

05475 -00075 470-480 

1-4070 +0004 067-072 

45250 -0375 500 - 000 


1-0000 15001 - - 

05510 05470 - - - - 

1-4070 1X043 1-4072 -Ol 1.409 -06 

55000 4.7500 4926 -02 45278 -02 


Open 

94.44 

9458 

93.70 


9351 


1^18 -08 

4Jm2 -02 


24075 

125678 

485488 

18&48f 

35925 

2.4273 

38.0519 

55501 

2-2797 

55296 

03628 

123054 

41.1521 

39.1201 


403110 405960 
166L380 154510 
45184 35711 
2.4440 2.4147 
385775 375450 
55899 55186 


154531 4.0 153556 


148501 


1885 Jap an 


04337 


2.4458 


2.4839 -25 


5- 5786 

6- 4068 
124059 
415258 
304600 


55007 

03107 

122436 

405424 

385350 


ifrted by tfw Bnk of B^tand. 
CLOSMG SPOT RATES. Soma 


m not Mrecdy qicte d 


to tiM 
In botfi 


vafcm are lomded by the F.T. 


Auatiala (AQ 

Hong Kong (HK$ 
Me (Ra) 

Jap an (V) 

Malaysia (M S) 
New Zeeland (NZS) 
R afr pptne s (Be so) 
Seudf Arabia (SR) 
Stegapore 

S Africa (Com) (R) 
S Africa (FK) (IQ 
South Korea (Won) 
Taiwan (IS) 

Thitflend (BQ 

tSDR rate te- Oeo 2& Bk 
tembpMbycweii 


1-2872 

7.7382 

313875 

995900 

25601 

15564 

24.4000 

3.7513 

14618 

05468 

45800 


+05016 668-676 
-05016 377-387 
-05188 825 - 925 
-0596 500- 100 
-05024 598-606 
+4X0014 552 - 576 
-009 000-000 
+05008 510 - 515 
-0.0028 613-623 
-05145 450-466 
-0515 700 - 900 
-04 200-300 
820 - 940 
750 -950 


13889 1.2848 
7.7392 77377 
31.4150 315825 
100530 995000 


-05465 

ikitfwDt 
UK Irate 


15578 

245000 

3.7515 

1.4830 


15S6 

244000 

34510 

1.4613 


14879 -0.7 14887 -08 

7.7362 04 7.735 02 

31^575 -2.7 314025 -2.7. 
9944 4.1 9844 44 

24571 14 24528 14 

14573 -417 14598 -05 


14026 -14 
7.7427 -0.1 


92.4 


94495 44 1495 

25806 -04 
14688 -04 


CWnuWSftJFF9"DMlmpomof 100* 

Change KBgh Low EaL vM Open U. 

-047 9446 9448 21113 210264 

-aiO 94s. 10 9340 . 11758 135458 

-CLIO 93.70 9X61 4799 83002, 

-0.10 9343 9X24 1091 62217 

mum POT1JIK9 ftJFFa LlOOOm pofrM of 100* 


Open , Sett price Orange 

8949 8942 -0L09 

5946 8944 -056 

69.14 6X11 -056 

6X95 8844 -006 


Open 


45900 45620 


3.7549 

14603 

35613 

4.103 


2X4240 2X3820 2X408 

255980 2X0720 2X1145 


-1.1 3. 781 8 -1.1 

14 1.4568 14 

-X2 35334 -X4 

-&2 4.1525 -7.1 

-44 79X75 -34 

-04 2X448 -09 

-14 25.2055 -14 


3.7763 -07 
14403 15 

3.7583 -05 
449 -74 
81445 -34 

2X61 -2.1 


9X00 

94.76 


Sett price 

9X49 

9X19 

9449 

9A76 


Mwid & ECU mn quoted h US 


otedtetb 

188(^100 


Open Sett price 

9845 9X16 

9247 9X76 

9246 9248 

9X10 9X10 

teftrae indte on APT 


Change Mgh 

-052 9653 

-006 9X20 

-002 9X00 

-056 9X78 

PftJFFQ ficulm 

Ctege High 
•Oil 9246 
-Oil 9247 
-OlO 9X46 


Mrfi Low EaL sol Open M. 

8X89 89.81 4509 32837 

8949 8943 630 19775 

8X15 8X11 85 21429 

8845 8844 18 - 15523 

UTUMS (LWQ SAIm poteto of 100* 


Htfi . Lone Era. vd Open tnt 

9653 9X48 2111 18098 

9640 9X16 102 . 7491 

9X00 9X00 20 4879 

9X78 9X76 1 1727. 

sculm potato of 100* 

High Low EsL Md Open bit 

9X26 " 9X16 948 8806 

9247 9X76 212 ; 4645 

9X46 9248 . 48 2784 

9X10 9X10 - 6 1364 



CROSS RATES AND DERIVATIVES 




MARGINED FOREIGN 

Z "ZmZZ 

EXCHANGE TRADING 


Fast, Competitive Quotes 24 Homs H 

I'luurcN r . t J 

Mj Tel: +44 71 81S 0400 ip 

SSE Fax: +44 71 329 3919 as 


DONGYANG DRAGON TRUST 

Irttcmrio—I Dcporftny RccttpO {TOEQ . 


Notiee is hereby gwen io the UnbboldcB Usee DaagYmg taeoataM Ttera Cx baa dednd 
a dbufliettoo of Woe 203j000 pcrIDR of LOOQ touts praMe an Dnombe IX 1994 in lira 


Sammy 20 W95 m US dourai m qpg ef the jbuowBtg offices of Inpi Ooaasiy Tnra 


INVESTORS - TRADERS - CORPORATE TREASURERS 

SATQUOTE™ - Yoor sin^e service for real time quotes. 
Futures* Options * Stocks * Forex* News * Via Satellite 

LONDON +71 329 3377 

LONDON 471 309 3777 NEW TOfUC 4212 206 «K nUNKFDKT +00 44M71 


NnrYoft; 60 WaU Street 



Tbe amranrt ofddrariril be Ac act precccds of die sale of the amomtf of woo at da 
tjpgttc tnraater adllag rate quoted by ■ Koran Exchan g e fr* fa the Rqrahlicof 
Kknaon da day tfnunDieaby the pi i t y gc f aed wfll be dadatod ttt da Ucdihoktetsia 
pvqponfrn to Mr leapeutve c o t U terac ei a after dodwdoQ of afl tana aad ch&sgoa of tee 


t h i i [i ^ t \y m -j i 


88 DOTES STREET, LONDON WfX 8KB 
TEL: 0371629 1138 FAX: ONI 486 0622 


*■«* J.f 


» w»\ 



■ray obtain pnymeig of their coapoas 


i donbk laxatioD tzcaty with tee BcpobBc of Korea 
at ■ fawn me (ace table hmfadow) of tee £men 
tiom they fandsb odber to the Dquaftiry or 


0.7704 X7636 -00078 07712 07595 

07685 07694 -05073 07705 07685 

07755 - - 07755 


1X178 3X707 

62 650 

1 54 


15732 14588 -00164 

15550 


19441 6X167 



She 

One 

a rnunths 

yere 



FOR TRADERS ON THE MOVE 

Watch the martafs move wfth the screen In yoor podoet that recetree 
Currency. Futures, faxDoea end News updates 24 hours a day. Fbryour 7 day 
tree trfaLcaH Futures Fnger Ltd on 071-896 9400 now. 

FUTURES PAGER 


» Orange *+/-flram * spread 
Ecu on day can. rate v raaakeat 


ha artranfc Star&ng 7 - 4^ 5ft - 5ft 6ft - 5ft 6ft > Oft 7ft - 7 8 - 7ft 

SterangCDa Oi - 5(J 8ft - 8ft 7ft - 6JJ 7{J - 7ft 

Treasury Bib 5Q - 5ft 8ft - Oft 

Bank BOA 0 - 5ft Oft - Oft Aft - 6ft 

Local authority daps. 5ft -5ft 5ft - 5ft 513 ■ 5|J 6,i - S& 7 - 8ft TU - 7}i 

Dbcoont Marirat deps eft - 4ft 5ft - 5ft 

IK c tearing bank tens lending rat* eft pra era tan Peownfaer 7. 1994 

Up tel 1-3 3-8 M 0-12 

month modh months months rnonths 


.1 -m* J J - 

mrananuD. 

X1967Z 

Oemieny 

144964 

fleigbim 

402123 


7^3079 


19X854 

154450 


264513 

179X19 

0786749 


748101 


196518 

161541 


295.1 




1149 

012 


Crate ot Tax dap. (£100400) 1ft 4 3ft 3ft 3ft 

Cana d Tn dap. rab n 00,000 la iftpc. Oipoga rate— nbceP ftpe. 

Asa teKW reaa of Woora 8538100. ECQO tad ite 3^. Bet Rnanca. IMa ip ttey Das 30. 
1W. — tetw ponod Jan 25. i99Btt>Fob2X IW, Schamaa a 1 B 7.71 pc. Mannei rata tor 

period Oral. 1994 to Dec 30. lD9r. Sctemoa (VAV X4QSpe. RnanraHoun Bara Rata fiftpe tan 
Ora l.ioe* 

■ THREE laONTN STBUJHQ FUTWES (UffE) £500500 pofrtts of 100% 


1 . 421 

_6 

■ 328 

-11 

040 

-X96 

-34 

' -X72 

_ 

4.79 

— 



TAX-FREE SPEC IS L All C) N 
IN FUTURES 


copy of tee Ccmfidte of In eorpo i 
rtnmnrara are agrateJ by the Kq 
icai d coce aad wteral than the ten 
wQl be retained. 


lfcxzaae(%) - 


5 % m 1 >_ 

MosgoHa 

19 Brag&jt Potiod 

12 Japan 

125 FOB — 

15 Airattaira, Anatrii 


i or ■ copy of tee passport fafadi 
Itetioeal Ttec Atenfabtratera Office 
of 26473 pet Korean Do o-fta dai i 


wttebokfieg tax 


tr. i ; 
i.+ : a | 





lo ttts LG. fadoi Pic. 


tow year BpracM BooiraMfc w era bdp 
a Ira Jdfa m 07U21 7233 eg wtee 
EMcfc Row. Laedoa SW1B 5ER 


Tnelaed. Nonray, 


n, IrefaoX Daly. Loo 
Sia ga p o ra . Sd Leaks, 


Malaysia, Netherlands, New 
Switzerland, TnUi, Uteri 


^M&FutuieView 


ResMm 


AoubottarycftheLCE 


1X126 Canada, 1 
20 tatea.Tli 
2X875 Tteflaad 


O any d 
tee date 


L-. v'.. : ■ u j o j . r j 


IgrtcuiwN, and 


of tea currencies 


Open 

9X65 

61.96 

91.46 

91.16 


Sett price Change 

9253 -013 

9143 -0.14 

9153 -015 

9144 -014 


Tradod on AFT. AI Opan tnteP M T fgs. ora fw previous 


High 

9X65 
9156 
91.48 
91.16 
m day. 


Low EaL wol Open in 

9X52 14756 92868 

9142 3446 63589 

9143 2134 60222 

91.04 788 44864 





OPTION* &JFFE) £500000 ports at 100% 


Prioe Mar 

8250 026 

9275 014 

9300 007 

Era. ra. KfaOramMs 


- CALLS 
Jill 

0.17 

on 

007 

3472. tees 


015 
OlO 
006 
day's c 


PUTS 

Mar Jun 

023 084 

046 1.03 

054 124 

IX. C9ta 7BB27 MB 78 


Jan Fob 

541 545 

3w45 346 

154 222 

043 148 

040 044 

014 

«rai1J83Ptes 24280. 


Mar 

625 

444 

X78 

158 

092 

OAS 


OlO 

084 

242 

449 

6j48 

muci 


m rr r 




BASE LENDING RATES 




(IMM) $1m pofnte of 100% 


Latest Change Low 

8X77 -041 8X81 9X77 

9146 -005 9245 9146 

91.74 8158 -045 91.75 91.84 


EaL wol Open (nL 
7X419 472*176 

6X636 347424 

38251 28X427 


Market-Eye 

Profcs^ionof ftrrzncio! ir,formjt<ort direct 
to yca:r PC for ^ lew f i koq cos*. 

FREEPHONE 0800 321 321 


Currency or Bond Fax - FREE 2 v/eek trial 
sold and silver faxes Anne ,, Vhl!by 

7 S«ci!c.v SJr-:-:-s. Lcn-ion WtB 7HD. UK • Te; 0i '^ ?34 7174 

o.cnvngc re'e spc-itllih lor cv:r 20 yo^s FcX: C 17! ‘-^' 

: <‘C O'-' ‘"t ? v.'Sr^C-. !.•■ vC-:' r v"? h tv 


HU J ; i Mil \ H Ml\ \K 


befion hy tee Ttirat tea& sranfa endnrad at the exp 
wfakfa thif Aratekra Grat becaara payable. a& righn 
re tec proceeds of nki thereof ahafl be erafagaraheX 
mtetitoTrasL 

Morgan Qoaaty Tost Gaapnj of No* Yeek 
35 Aanraae dca Axte, 1040 Bmseb 


rapfadin of five yen from 
igtas of IDR Tinkl e r s to rad 
ieX end the P ep o aiteiy riraO 


JP Morgan 




071-S65 OSOO 


a n±o7i«5om 
Rra 071-9720970 


Adran & Company ., 
ABed Trust Bank.... 


% % 

— 625 Duncan Larafe _625 

— 425 Brater Baric IMM _ 725 

~ 625 HnandblS Gen Baric.. 65 
625 ranobert rterring & Co*.. 625 


9X41 

0253 


* Ftataugho Guanradoe 
CrapoMon lirrited is no 


Bank of Cyprus - 

Btoriigfbettnd 

Barit ol Incfia 


..629 

-625 


Hehb Baric AG Zriteh. 625 

» ■ — ■ a m 

vranuDS doth . . M .— - ojsj 
Horittfete 5 oral tov Ql 625 


a Danidng nxnuuon. a 
FtoytfBkQfSndBnd^ 625 
«6n«i &VMMnSea . 62S 



I |MM) Sim per 100* 


9X42 03.40 

-442 9X68 9X63 

-044 9X92 


XJFB Dftflm points oMOOS 


1.407 1X719 

148 X704 

474 1408 


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C. Hoorn & Co .625 

Hongkong & Shanghai- 62S 
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GALLS PUTS 

Jon Fris Mar iRrai Jai Feb Mar 

618 023 025 019 005 OlO 0.12 

045 049 012 Oil 0.17 021 024 

041 003 005 005 058 040 042 

Safe 616 Mi 174ft. terete us day's opart tat, CMe 119711 Ms 154697 

■ss FRANC amoM pFFE) sft im prims of ioo* 


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IW tea k itma — 625 


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Correction Notice 

THE STARS PROGRAMME 
STARS 1 PLC 

£475,000,000 Ctasa A Floating Rato 
Mortgage Backed Securities 2029 

Nolioa is hereby giwn Hurt Ihe Roto oF Intomt hm i n-n R*,, , i ^ 

t^J n Lt a ^i n 2r\ ^r b,a 




.Psosnuw 3D. 1 994, te ndo n 

By; Gfaboni^ -A. (ksuor Service), Agent Bode OT7BAMO 


.■f* 















































t? 


' * : - . 7 

a> ** w ’Wf*- 4 - . ■_ 

_ ,-JL_ . - >. 

^a§M % '•> 

*'-:&.■ •••• ■• 

J T "I* A •' • 

■ **•^.•2' - J *4- 

■ . * ^ ■ Ik -* _• ■. i*. 



FINANCIAL TIMES FRIDAY DECEMBER 30 1994 ★ 



4 patSBsa Decanter 29 








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:’ 

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m v 

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* ■- --' 


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S'- 
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Coottmod tan pravtoos pag» 

a ir>s midge ijz 7.7 is ra ig> 2 ibv + 1 . 

10 7*aantftEte 018 u 1 HI ^4 84 0* -4 

fftttUsFsGn 27 ana 134 is 134 -4 

g%30»(SH*tft UO M t 55U3S>2 334 33% 4 % 
3B4 lS4S#nW 0.10 06 M17S5 17% 17% 17% +% 

» 194 SansLoe 060 Z7 54 3008 2^ 254 254 -4 


u45% 44% 45% *1% 
3L04 2.7 IS 2228 74% 744 7 ' 


304 41 ScmCwp 282 07 12 

20^2 13% SCKrp 180 &7 9243BB 15% 

S 314 Sdart*flP ~ - ' 

544SCM1 
63 »5ettU 
37 234 ScbaatO) 

W4 aJ«Sd»Hhar 
B4 124 bum 
1B4 nsonm 
70S 374 SotBP 


82 424 414 424 +4 
14% 14% 


124 

184 


18% ScoAW%F 002 0.1 
84 ScuamCuF 018 18 


12 


120 04 H 4538 514 504 

028 08 15 587 354 3S4 35% 

7 337 74 74 74 

008 03 38 1228 204 20 204 

010 08 12 85 174 17 174 

080 1JE 21 MB 50 BB4 «4 

224 204 204 20 V 

401 0 584 84 

OH) U 8 II 13% 13% 13% 


i 


A 


wh ii4a*ci>tS5 1.48 04 noo is4 i§ is4 

in Soate 


824 264S«»b 
04 174SnplEn 
a 4 2B4S^dMr 
S>4 <4 
04 84 

384 17% Soqurt 
404 21 Sapunfl 
* »224SnCp 
254 21% SiflM 
25 124EtawW 

a io4 


4 
+?■ 

34 +*2 


HS 7^3 Shady ftl 
56% Staff* 
35% 23h StmtM 

25% 12%Sftnqn 
29% 11%Shmboak 
20% 17% Stamp v 
0% 4 

G% 


B39B2 24 23% 

OLGO 2D U 1446 28% 29% 

32 1360 10>2 1B$ 10% +% 
20 34 35% 34% 34% -% 

140 15 13 6752 45% 44% 44% -% 

084 6.1 170 10% 10% 10% 

022 OS 29 1763 35% 34% 35% +% 

060 2A 9 105 26% 25% 25% +% 

050 IS 14 10 27% 27 27% +% 

042 IS 18 1165 27% 27% 27% 

092 19 13 415 23% 23% 2 

022 IS 16 3700 14% 14% V 

Ht 060 03 63558 16% <H 6 % 16= 



33% 16% 

13% 


10 % 

9% 5%Stata 
34% 16%Sfcyfce 
5 3%£Ltato 
0 % 2 % SontaCt 
17% 8 %Smtt&ft 

® *o 


l 8 %SoinsFd 
28 20%6muckarJ 
44% 29 JftpQaT 

21% 14% SqpdarOfl 
34 23%S4ta»un 
34% 28 SbqbI 

63% 49% Stair 
19% 11 “ 



028 13 18 10 6 % B% 

144 3.7 22 44 65% 65% 

058 1 J 15 808 32% 32% 32% 

B 1014 13 12% 12% 

010 07 13 182 13% 13% 13% 

1.12 01 10 131 18% 18 18% 

2 10 7% 7% 7% 

1.00 14 10 064 29 28% 29 

30 1310 31% 30% 31% 

1.12105 24 223 10% tf10% 10% 

016 2S 1 352 5% 6 % 

048 2.7 12 196 16 17% 

006 IS 13 29 4% 4% 

010 3S 17 774 2% 2% 

IS 1713 12% 11% 

1S1 ZS 15 25 36 35% 

1.18 15 14 743 34% 33% 

052 2.1 IB 9B4 25% 34% 

050 2.1 21 86 24% 23% 

1SB 13 14 ITT 33% 33 33% 

OJB IS 23 059 14% 013% 14 

18 1140 27% 26% 

1.08 30 14 1741 28 27% 

043 S3 7 330 56% 56 56% 

_ . 03* 11 27 1182 11 % 11 % 11 % 

4B% 36% SuoaQft 180 06377 46 38 37% 37% 

46% 27% SmCftS* 2 S 0 as £100 29% 29% 29% 

24l6%smntatf 1S4 as If 97 18% 17% 18 

30 14% S 8 tttavi 050 14 35 837 14% 014% 14% 

ISO 6 S 11 147 17% 17 17% 

OBO 42 8 385 10 % 19% 19% 

1.18 5S 13 1990 20% 30 2D 

1S5 6 S 10 67 Z7 26% 26% 

1.76 &4 60 689 32% 32% 32% 

004 02 12 2582 16% 16% 16% 

14% SftJ fliWC BB 082 SO 14 75 14% 814 14 -% 

149 QdtffEoor 024 IS 12 121 14% 14% ^ 


22 15% sewn 

22 16% 

22 17% 

33% 34 

36% 28%SVETta 
39 l5%SWMr 


23%8H8HBHP» 120 8L2 11 274 2B% 2B% 


i 


12 V 8 >t kata Fund IMS 5JS 
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18VUVSPX 
19V HV su Damn 
MVSHIMar 

tz4 4V 9wfUlt 0.12 2 l 37 1794 
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413 BV « 8 


8 58 4V 4h 

&16 U 10 61 M 13% 1J| 


A 


3 


120 05 12 184 3?V 37V 37V 

1J» 2£ 11 7800 2B 27V Z7V 

MU 4 9 18V 18V 18V 

CHO 23 4 33S 12V ItV 12 

H32 1.7 11 213 18V 18V MV +V 

BV SV 6V 

0* 29 12 183 23V 23V 23V 

264 21 14 84 3lfi 31 31 -V 

1.06 14 12 74 Xft 30V 30% +V 

1.40 36 16 BIS 37 3SV 3BV -V 

1-40 3L8 B S3 36V 92V 38V -V 

aa 11 15 2 Z 2 V 22 V 22 V -V 

ft£4 28 6 223 ZJV 23 29V 

224 27 11 25 6V dSV BV 

13V 3VGI«W3m 0JD8 2£ 37 T2G7 12V 12V 12V +V 

14V #VS8fl 10 180 1lV 11 11V +V 

35V 25SH10SWB 14 944 U3SV 35V 3#V +V 

nV svswni ai 2 21 s sb sV sV 5V 

34 Z7V Skn&WMi 260 1JB 36 20 33V 33 33V 

21 V aVSUWCM 271 4.1 S 1790 17V 17V 17 V 
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WV 13S&EV Ol88 EL5 12 3B3 13V 13V 13V 


32V 24V 
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44V 34%SMtt 
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120 2.7 16 378 
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A 


41 

BSMUttnaPf 


11 % 

M% 

46% 24% Settlor 
22 Btawal 
11 % Suq Cm 
17 Safes FW 
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M% 6%S*nCap 



B% 6 % 8 % 

1 % <n% * 


A 


1.44 3J1 11 -788 48V 48V «V 

10 Soph Food 038 3.7 12 69 lift 10V 10V 

018 07 15 483 26V MV 35V 

094 18 34 823 SV 24V 2S 

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027 1.4 86 19V MV 19V +V 

26 743 31 30V 38V +V 

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29V »V 5 p» 044 1 7 20 4002 26 25V 26V 


BV 5 nSYEnW 

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2 V iVTISHV 
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18V 13 >. THP Estep 

77 V 61 TM 
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16V IDTMyPt 


-T - 

020 35 17 342 
1.00 25 9 73 

084 107 2S 
043 09120 5 

008 49 10 375 
056 17 11 3114 
0 » 06 11 182 
200 10 14 494 
002 01 IBS 
042 06 20 122 
1 00 79 zlOO 


5V SV 
40V 40V 
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48V 48V 

iv IV 

15V MV 
mV 14 V 
GSV 65V 
av 2BV 
tv 7V 
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% 

4 

22% 

St 

s 

76 

56% 

58% 

30 

a 

s 


34%Ttabnft 

^35? 

7%Ttaralkfl 

2TCCM 

18%Tan Bmq 

23% TIOir 
23% TctoOi 
H%W|8 
33%TMft» 


4STtaM 

18 Ti 

6%T«npMtaibi 
6% TaovOCHx 
mswrno 


a 72 

088 

1S1 

060 

DSO 

1.69 

1S1 


20% T«8d)t» 
4% Ttrax 
5%Tmtads 

5% T cetera 


61 

IflTmPK 
29 % ran 
2%TmfiWi 
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Tharicany 
14% TM Cap- 
21%TWRnd 



22%ThUol 

SBieHSaO 

16T1M- 

2B>2Htav 

ai%iMMm 

31% Tlmtan 
2%7BaiOp 
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4 Todd Sfap 
0% TaktataGo 
24%TotadE2S1 
B%Ti dBm 
54T«taan 
32%Tcftnk 
TonCnp 



SSZXi 

46% TlAnX 

46%ltaraffan 

11%TtaKD 

12%‘nnotn 


TMr 


7WCW2S 
lUVC 
taft 
jltcm 
30%7k*4y 
28%lknoM 
24% THtan 
40%TmaN 
2%TmonB 
4% TrttaCrp 
STtakMta 
6%1tanCart 
171tataDta: 
42%1>m 
5% Tyco T 
3%T*r 


no. w m 
v* * e vm 

1JB AS 16 1192 
11 3574 
1 A 19 I486 
7S 168 
♦I 21 
00 14 430 
IJ 14 3ZM 
2 82 
4011 8 360 

45 6 3158 
3jB 784400 

LOB 2.4 28 300 
0.10 OS 226 
060 9.4 365 

042 6S 1806 
ISO SO 12 3823 
040 9S 7 T7B 
20 ora 

008 OS 0 121 
DJDB OS 18 849 
8 582 
020 5JS 16 2098 

06 9 425 
IS 11 3167 
2.1 13 U 

07 14 4031 
1.10 413 2 286 
ISO ZS 10 629 

212 16 

035 2.1 57 

04 628 
03 22 538 

25 B 173 
13 10 232 

26 15 60 

22 221357 
07 21 351 
1S125 9293 

05 33 2034 
26 86 133 

17 sea 
00 10 
43 301 
6.1114 09 

261 107 £100 

0 427 
044 07 17 82 

12 8 851 
IJ 11 429 
22 13 336 
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1794745 
ai 9 62 

46 9 703 

036 06 13 1104 
060 17 81 685 

10 24 

2S 10 87 

IS 6 4429 
1.4583 98 

7S 4 
6 773 
IS 17 908 
42 832 

22 16 2151 
24 18 

05 23 
ISO 26 16 

37 1288 
020 43482 250 
012 IS 426 
064 5S 1 B7D 
070 36 10 7 

06 162617 
17 2 SB 

17 315 



020 

ISO 

040 

3SB 


008 

012 

088 

224 

040 

040 

028 

036 

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ISO 

056 


1.12 

048 

084 

089 


iw ^ m Zm 

e$b so% 


16% 

22% 


026 

060 

QS4 

260 

161 

064 

066 


010 


040 

010 


16% 

U15 

11 % n% 

£% a% 

17% 17% 
31% lOl% 

sa 

20 819% 
31% 30% 
28% 
34% 
42 

3% 3 

<% 

0 ( 6 % 
11 10 % 
19% 16% 
47% 46% 
5% 5j2 
3% 3% 


10 % -% 

15 +% 




8 




UJBFfei 

. uns 

51% 42USFAS41 
30 17% use 
31% 23%U5T 
51% 48%USCCumPr 
150 83% UAL 
10 % 1 % UDCHot 
24% T7% US Cup 
11 % 4 % UNCbK 
24% 20%lHoom 
27 20% lUlkc 
17% 11% IMM 
74% 56%lHta 
ifDO%UnM 
42%UnQnp 
21%UnCM 
14% 8% Union Cm 
54% 42% UnB 3SD 
67 51IW4S0 
30%Ufiec 
43%U«ta: 
19% Ik* pM 
22 10%UMTtaa6 
-2% % Ltafcffln 

1B% B% Ltasys 
3% 2% 184 Cvp 
41% 29% UUAsosK 
15% 12% IMoefly 



40 

4%(M«h6t 
10 % UffUdoM 
% AUtfMCM 
15% 4US% 

16% 11% UGFBfi 
16% 12% US Filar * 
29^2 UUSHdom 
41% 30% USUQi 
24 11% USShN 
32% 15% USSftO 
46% 34% U99M 
72 fiSUtfta 
14% 12%U8Mttar 
21 13% IMM 
34% 26% Italy Foods 
18 15%lMvWh 
}* Q.05IMvMid L 
14% 9% IWMrQp- 
26% 17%IM0p 
30% 24%ltaDOi 
58 35%UNUMCoip 
37% 25% Wn 
24 15% UGUCD 


10 % 6 % 

19% 15% USX M 
30% USXU5 
9% USX DON 
25%UffMP 


1S4 46 

4.10 ai 

160 4.7 
468 02 

1681222 
1.38 09 

ISO 66 
040 IS 
010 08 
166 23 
2.75 24 
1S6 32 
075 25 

BSD 76 
450 63 
244 66 
1JZ 17 
09Z 45 
020 IS 

277321 

164 29 

078 5S 
020 13 
003 01 
278 03 
028 57 

079 73 

012 36 
020 IS 


132 3S 
03E 1 y 
008 04 
214 00 
260 12 
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ass as 

168 102 

030 23 
ISO 50 
080 29 
096 25 
1-46 46 
021 16 
060 06 
068 41 
ISO 2A 
020 20 
1J2 6.4 


10 1310 24% 24 

B 124 5% 6% 
19 45% 45 

01044 16% 16% 
152877 27% 27% 
19 40% 40% 
70 195 88% 67% 

1 7W 1% 1% 
17 579 20% 19% 

2 228 6 5% 

76 880 24 23% 

23 2IB 25% 25% 
13 27 12% 12 

10 4 72% 72 

15 496 117% 111 
44 718 48% 
172362 30% 

17 7 13% 

rt 


■3 




3 

r 88V 
mV mV 
19 18V 
30 4430 48V 44V 

11 139 30 

10 110 5 4' 

25 10V 10’ 

15 59 
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6 1348 MV 13V 
35 329 iflSV 15V 

5 178 15V 15V 

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14 1078 83V BZV 

12 2G MV 12% 

27 185 1BV 18V 
14 343 27V 27 

10 BB 1 ' 

0 31 
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38 3821 

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10 4682 31 

10 116 20V 
0 SB 8V 
M 2852 16V 
12 1145 35V 
4 1006 MV 
12 194 2BV 


■«. ^ 





27% +% 


OH « 


W flta 

8 


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53% 44% VFQi 
24% l6%lflK0E 
8% 4% tautac 
8% 6% YtadtaqiFS 
10% 7%>Mtan|ita 
12% otanKamflui 
7% 5% VtacoM 
39% 28% Vtatal 
50% 33Vtata 
15% lT%VMar 
79% eevttaraso 

62% 31% VtaNty M 
25% 1B%lMata 
29% 20% Wars he 
39% 24% UmMOPB 
14 S% Vtafenhn 
21% 15% VtanCos 
37% 30% Wm&dD 
38% 


\JX 26 
0S2 01 
008 IS 
07013.1 
096 126 
064 86 


12 500 


95 42 
124 


ISO 96 
560 66 


JCD 

17 1138 
024 07 15 865 
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0 3 

2 

21 160 
8 70 

19 306 
098 26 31 3663 

7 433 
21 982 

20 45 

21 106 


48% 47% 
16% 

a 

7% 

9% 
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% 

7% 

10 % 

6% 


260 SS 
1-32 ZS 


34% 34% 
39% 36% 
12 11 % 
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48% 48% 
21 % 20 % 
27% 26% 
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50% 


48% 

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34% 

38% 

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27% 

33% 

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29V 15V WUSM 
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15 594 17% 17 17 

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2791033 16V IBV IBV 
1J2 4-0 10 804 32V 32% 32V 
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9 188 4V 4V *h 
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074 28 13 298 28V 27% 28% 

ai7 as 19T5B81 21 V 21% 21 V 


004 1.7118 535 2%* 2V 
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1JD0 75 6 
222 &S 11 
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428 IJ 17 


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226 BJ] 22 325 37% 37V 37V 

054 75 12 317 BV B% 8% 

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023 21 14 91B 10% MV 10% 

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4.00 27 10 809 146V 144% 14S% 

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092 07 11 208 18% 15% 18% 

21 1481 37% 37V 37 V 

9 528 IBV 16V 16% 

81026 17 18% 17 

OJB 1.1142 406 18% 18V 16V 

023 147144 84 23V 23 23% 

1-98 09 10 1289 26% 28% 2B% 

020 15 16 3930 12% 12V 12V 

032 45 0 174 7 8% 7 

15 189 14% 14% 14V 

050 29 5 11 17% 17% 17% 

1.10 28 25 1274 u39V 39% 39% 

120 21 15 2345 38% 57% 38% 

010 07 15 2G9E 15% 14% 16V 

122 24 11 1928 51% 50% 50% 

23 34 23% 22V 22V 

034 21 17 1037 16% MV 16% 

18 193 19% 18% 19% 

150 65 12 S 27% 27% 27% 

010 15 14 197 0% OV OV -% 

084 14 12 2563 25% 24% 24% -% 

006 09 14 126 B% BV 6% +% 

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156 W 17 193 82V 52% 52% 

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151 55 16 1047 2B% 25V 26% 

152 65 11 111 27% 27% 27% 

040 28 46 58 14% 14% 14% 

1.12 4.5 25 530 25% 24V 24% 

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016 05 17 112 24% 34% 24% 4* 

050 VI 21 2066 1<V 14% 14% -% 

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101 1111 7% 7 7% 

056 1.1 25 509 49% 4BV 49% 

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044 20 10 a 22 21% 21% 


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53% 4onaCn]> 
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14% 72dffi 
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29% MVaraM. 
13% l0%2migFM 
10% 7% ZmlgToS 


-X- Y - Z - 

100 10 60 1947 99% 
056 15 13 929 45% 
152 57 11 51 21% 

016 04 15 442 36% 
014 4.1 10 575 3% 
81087 11% 
150 45 10 1318 22% 
083130 12B 9% 

040 12 M 46 12% 
088 5.1579 119 17% 
1 JIB 103 482 M% 

054107 557 8 


98% 90% +1 

43% 45% +2% 

21 % 21 % ■»% 

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21% 21% 
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AMEX COMPOSITE PRICES 


4 pm dose December 29 


AdrMagn 

Mhtac 

MptaM 

taataPa 

Am ItaftA 

AndW 

AmExpt 

Ampta-AmA 

ASRhvs 


AftnCUB 

AatanA 


BSMOcmp 


PI 

Dk. E 1001 W> 

107 11 UU 

5 48 J 

4 162 6>2 

1SS 30 2100 47 

068 13 1l9u25% 
0S5tS75Z71ini< 
13189 £ 

19 ZTO 6S 
Olfi 16 231 « 
29 «9 

6 772 
0 373 
2 519 


14 T4 -V 

.0 JS A 

47 47 

25^4 25*0 -ffa 

llA 11 -f^a 



WOMiTA 
8aiy RG 
BATadf 


BrtsftiBi 
DMA 
Start A 


055 0 14 

on 132100 

004 22 250 

i 2 an 

071 11 TO 

6 7 

040 22 41 
21 285 
057 17 88 

10 70 
038 01032 
IS* 18 12D 


2k JJa 2^ 
2356 23< 235 
b l 2 5k &k 

ii 105 « 

i3k trt i3k 
ikdlk Ik 
iwak 18k 
27k Z7k 27k 
47k 47k 47 
3 25 2 
10k 1« 1- • 

14k 14k 14k 



Cffktare 

Chsdca A 


Oammon 

Cbdta 

CntaFdA 

Comhoo 


1 14 k k k 

oa M 104 28 % as sV -V 

014 22 2 10% 10% UV 

am s 784 * 3% 

8 Bl 3il 3% 

10 168 31% 31 31 

aM 22 1737u16% 17V 
0 01 47 4fi d4% 

on s is 17% i7% i; 



CkopTdi 

CtampiaBc 

CftcdFM 

CftttATA 


Cubic 


PI 

Mo E 1001 HMl UnraowChtal 

56 28 65 
1 51 1 

3 23 7k 7 
064 24 167 13k 1 
DomiCA 0.40 0 17 13 1 

Crown CB 040 10 115 1 

053 44 2 1 1! . 

10 14 2k 


TO 93 
24 186 
g 43 
048 7 67 


UlCD 046 11 4 13k V 

tatoBta 007 772993 Ilk II 

EcolEnA 082 8 30 9k " 

12 769 Bk 

28 605 35k 

161449 12 11* _ 

141239 22k 21k 22k +k 


n 
Dknafc 




64 31k 30k 31 +k 

3 B75 


MIMi 064 12 -- __ ^ 

FWA 4SQ 20 3 B75 575 675 

FtaCiienc; Off 9 is 1^2 10k 10k -k 

RUfciM 058 21 6 295 29k 29k -k 

Anti* 24 478 47 401; 

Fnqu mef 3 96 4ft 


% & A 


MU 


B 157 16% 16% MV 
072 14 159 22 21% 21% 

070 89 1S5 
1 251 
9 40 
034 B 162 

S B33 3A 3% 3% 



PI 


Bl E MOD Mgh UnuOosn Ctng 

025 14 1390 29% 28% 29% +% 
22 IS 3V 3 3%+% 
1 323 1 % 1 +% 

Heta) 015 14 11 9% 9% 9% 
RmatonA 10 371 6% 5% 5% 




tatranCp 012 19 25 12% 12% 12% 
74900 7% 6% 7% 

82 233 13% 13 13% 

006 163172 18% 18% 16% +% 


2 591 4 3% 33 

10 30 3% 3% 3% 

31 308 19V W% 19% •% 

30 61 7% 7% 7% 

9 SB IV IV 1% . 

B 158 5% 5V 5% +% 

3 33 % A % +£ 

S3 13 13V 13V 13V 

18 3 29% 29% 29% 


KkakCfc 

ntyBqi 

nvcq 

Ubaraa 


InMnn 
llHftHK lac 
Lynch pp 


Media A 
llem CD 


044 24 07 


31 30k 31 -k 

2Bk 2Bk -k 


lleogA 
USRfl 


m 


Tjz 75 ^ 
42 32 ft 9k 9k , 
70 919 d2k 13 2k <# k 


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3 919 IS 1: 

058 151360 22k 2lk 22 
19 23 5k 5k 5k 
13 100 5k 5k 5k , 
010 72121 ilk ilk 11k -k 

060 10 2fl 9k 9k Sk -k 


IV 

Stock Dfo E MOc Kfigb LovCtofaQvg 

PatHPtaS 1S4 97 
IVMtaA 050 21 
RyGem 01Z 43 


32 

B 




RamaBrad 
RB&WCp 


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Hend OeHvwy servioes era aveflabto for subseribens in the Greater Brussels area, the Greaser Antwerp area. Brugge, Gent, 

HsHe, Komgk. Lumen. U^a. Mechelen, Nlvelies end Wavre. 

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FINANCIAL TIMES FRIDAY DECEMBER. 30 1994 



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NEW YORK STOCK EXCHANGE COM 


:Z*Kj_ 


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17$ 13% B*ar FM 
22% 17 Satan 

27% X% BIMar Sc 
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038 03 11 73 

278 54 15 1228 
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2ft 2ft 
4ft 043 
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424 424 
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39 3ft 
27 2ft 
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2ft 384 
11 1ft 
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GUEST, 


QRAGAN PALACE HOTEL 
Kempindd Istanbul 

When vou Slav with os 


stay 10 (ouch - 

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FINANCIAL TIMES 


63% 50% MSli 
57% 43%MiA 
26% 20% MM 
60 48% Ban* 1 
44 34% Ban* 
36$ XbBanaUo 

1% ttBmui 


zoni&inBsw 
11% 66anjP*r 
45% 19 Bo* Bay 
28% X%BM$tl 
65% 49% BaHanR 
24% 16% BUG! 

53% 4Z% bool 
10% 11%8oBt 
X$ 11%BtoJft 
32% 18% BtalMmS 


25% IBbBXsfc 
22% l7%Bta*HH. 
10% 7%B**n*ANa 
8% Afttatt 
10% 7$BktaMM 
48$ 33 Stack 
6% 6%BtacQ*x 
16% 9% BMC tod* 
50% <2% Boatag 
30% 188 cm: 

X$ lOMtBtM 
2B% 9$ Santa On 
18% 11 Bankn 

24% 18% BOM C*B 
2A 20%BOH*r 
38$ lB%Baz8FMx 

31% 21$ arena 

45% 30% Eafga 

33% uflaBmMU 


Dk * e m Mi tar m 

2JB 5.1 32809 64$ 54% 64% 
13 1.1 19 XO 58$ 66% 56$ 
654 12 10 X2 24% 24 24% 

430 U 3 59 SD 50 

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047 10 14 18 23% 83% 23% 

OUM 8.4 7 490 H (ft % 
043 14 13 972*80% 3% 20% 
27 1197001860018680 

040 41 63 X 0% 9% 9% 
25 5051 90% 29% 

ISO 17 3 25$ 3% 25$ 

500100 173 60% 50 50% 

040 12 7 1284 1B% 18% 18% 
144 12 X 2B7 45% 44% 45% 
IS 138 14% 14% 14% 
£10 mono » 17% 17 17 

040 10 18 1X5 20% 19% 20% 
0.40 1.7 3 BBS 24% 24% 24% 

1JK 12 12 in x% m 21% 

QM 17 106 7% 7% 7% 


QM 17 106 7% 7% 7% 

175120 1832 8% 8% 8% 

005 £1 905 8 87$ 8 

IX 13 23 XX 3 37% 37% 
16448.1 31 6% 86 6% 

008 05 T5 47 15% 15% 15% 
1JOO 11 16 3850 47% 47% 47% 
060 13 6 1480 S$ 28% 3% 


8% 8% 8% 
8 87$ 8 

SB 37% 37% 

6 % 86 6 % 


33% 16% BIHMtl 
X SObUnSq 
74% 54$BrAtr 
54% 39 Bit S* 
85% 55% BP 

77 15 % bp pram 

27% UBSM 
71% 53$ BT 
28% XbBMAI 
38$ ntanta 
8 5%BrmSb 
3% 2B% BmFnB 
32$ 24%8rftar 
4$ 3BRT 
2ft 17 Bntak 
1B% 13% Brad VM 
41 30$BKhagmR 

28% 10% Beta COM 
SB% 46% BnH 


26% 28% 
32% 83% 
30$ 30% 
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18 18% 


19% 12%BuMaaft 


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060 15 61480 2B$ 28% X% 

006 04 a 753 14% 13% 14 

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100 08 8 18 22% a 22% 

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027 OS 1208 33% 32% 83% 

140 79 14 73 30% 30$ 30% 

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108 14 48 2888 80% 7V% 78$ 

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177 03 13 203 60% 80% 80% 

108 80 11 231 22% 22 22% 

1.60 52785 717 X$830% 30% 
002 50 3 87 6% 8% B% 

006 12 15 145 X% 30% 31% 
008 24 18 2820 X 28% 28% 
80 107 3% 3% 3% 

044 13 IB -Utt 10% 18% 19% 
002 10 15 110 1B% 10% 10% 
200 02 8 X 34% 33% 94% 
11 9X 11b 10% 11% 
100 15 11 538 48$ 47% 48% 
055 10 29 8464 35% 34$ 38% 
144 114 14 TO 12$ X2% 12% 


xta 


X 19% CMSBi 
82% 98$ CNARl 
B5% 44% CPC 

x$ ucnoom 

92% 83% CSX 

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X 24%Cab*C 
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2% 1%HRa*E 
15% 9$ CMpaiCtfl 
18% i5%Qfiav 
15% 8% Cal Fad 
23% 16$ COB* CD 
46 34% C&pbS 


18% 14CafBc 
85$ BD% CIpCB - 
14$ 9% Cptt 106 
37% 15Capitl10 
42% 18$ Captt Mg a 
25% 15% Cananak 
35% 30% CkICS 
24% 16%CnMQ 
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68% 53% QataT 


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X% 18% CassCp 
10% 7% CM Aunt 
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38% X% CadtaW 
13% B% OaatBl 


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42% 33% OinBk 
11$ 7% Oara Waat 
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050 11 12 IK X 27% X +% 

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020 1J0 12 295 20% 20% 20% +% 

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080 90 1 6743 8% 8% 8% 

020 08 6 238 22$ 22% a% 

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146 0511 4i a% a% a% 

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147 290 2B% 26% 2B% +% 

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020 20 13 14 7% 7% 7% -% 

17 89 9% 9% 9% ft 

100 40 8 2947 34% 34% 34% 

1 IX 5 5 5 

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244 6.1 17 94 33% 33% 33% 

1JB 40 610441 38% 38% 36% -% 

020 11 X 671 9% 9% 9% 

072 12 X 307 33% 32$ 33-% 

105 40 X 35X 44% 44% 44% ft 

003 10 114 48% 45% 48% ft 

020 10 437 13% 13% 13% ft 

71035 5$ 5% 5$ 

13 366 34$ 34% 34% 

38 6 31% 31% Xb 

140 12 5 8690 4% 48% 49$ +1% 

144 14 13 7X 78 77% 77$ ft 

104 40 61X4 83% 62% 62% ft 

000120 423 7 8B$ 7ft 


§ 33 ft 

£ 3 
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S K 7 i 


248 77 12 


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40% 16% Oraa Ck 
47% 36% ODcp 
26% 24% 08cp012 
96 7fi% BqfBM 
198% K%QqreA8 

17% 12% can uiA 

17% 12% eta (MB 
12% 7% QyNsH 
12% 6%«E 
23% 9%OMia 
71% 90% CtadGq 
X% 12% QaynHa 
11$ 6% Oamanue 
BS 03%Qow70B 
45% 34anO 
66 57 CMOS 

59% 47Cknx 
28% X%CttlM 
13 9%QMtaUDI 
18% iftOcratann 
19 12% Coat Star 
33% 24% CBM 
53% 3ft OnC 
19b MCBcttl 


000 44 X 3X 17% 
038 15 X 489 2ft 
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102 70 53 1395 23% 
100 74 11 167 27% 
010 05 13 2» X% 
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040 1.4 619978 41$ 
208 80 58 25% 

OOO 80 11 72% 


17% i; 


23% 23% 
27 27% 
X% X% 
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21 % ft. 
41% +1% 
X% +% 


65%«bCM>a 
11% ftcaknUi 
8% ftCAttdHx 
7% 5% OaktaMi 
8% BCHattMx 
30% XbCnta 
45% 33% C08CA 

x% 17% can 

M% i7%Owdkra 
X% 24% Canaries 
20% 12QlttMc 
X% 21 Com* Mat 
25% aCBNB*f10 

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18 9% QaoiaPk 
42% 24%Caiaq 
1% % Cbanbaa* 


51$ X%CnpBd 
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31% X$0cnMdW 
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71$ S3 CcnE40S 
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2ft IBWft 


47 KbCOttfi 
52% 41$ CcnRgi 
99% 48% ON 
30% ITbQaiSBn 
Bft 35$ Centaco 
GO 47% CPnr 4.16 
100 78 CPnr 745 

180% X%ConP708 
12% SQntlMc 
28% 12CMCP 
10$ 8% OonrWda 
11% 9$ CcnaHPT 
ft 4% DneaxCoa 
3% i CDqra Qoa 
52% xScccpin 
23% X% OccpaTW 
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28% a$o** 

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19 12% QDanbyfr 
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12 ftcriu 

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9% 7$C8reg«ra 
35$ 25 CUC I* 
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13% 16%CUn*h 
37% 32$ CaMr 
11% ft OHM 
15% 7%0ye»Byi 
24% iftcyaSn 
33% 23% dpAOB 
41$ i2%cyac 


746 15 7 83d82% 82% 

17 X5 ift 812% 12$ ft 

142110 8 833 12$ 812% 12$ 

020 10 14 474 18% 1ft 10% ft 

008 10 78533 7% ft ft -ft 

012 14 10 627 11% 11% 11% 

8 SX 54 53b 53$ -ft 

008 05 15 5479 1ft U$ 15% -ft 

008 44 144 8% ft ft ft 

708110 4 Bft 883% Bft ft 

100 34 10 X 38% 38% 36% 

740114 7 62 X K -ft 

102 30 IS 371 59 58% 58% ft 

000 10 11 88 2ft 22$ 23% ft 

146 114 58 8% ft 9% ft 

004 14 8 70 15% 14$ 15% 

002 20275 404 13% 13% 13% ft 

040 14 12 708 25% 25% 25% ft 

078 10 X72X52% 5C 52% -ft 
045 03 « OX 1ft 18% 18% 

015 00118 508 18$ 1ft 1ft -% 

27 274 35% 34% 3 ft +$ 

14* 18 17 3007 63% Bft 83% ft 

045 84 731 9% ft 8% 

080 07 OB 7 6$ 6$ 

070114 85 ft 6 8ft 

0l56 80 546 8% 6% ft 

132 17 4 1(02 3< 23$ 23$ ft 

£12 03 18 8833 37% 38$ 37% ft 

100 11 88 67 1ft 18% 18% ft 

008 14 19 458 B% 22% 22$ ft 

108 50 7 779 24% 24% 24% +% 

050 17 18 70 ift Tft 1ft ft 

046 14 14 237 X 25% 25% ft 

1.90 18 5 X% X% Xb ft 

240 94 2 7 22% 21$ 22% 

038 34 44 652 10% % 10% ft 

13 8888 40% 39% 40% +1 

18 115 87% ft 6% 

000 14 » 1282 40 47% 47% ft 

X 1305 50% 4ft 50% ft 
010 10 3 15 8% 8 8% ft 

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003 18 16 2002 X$ X% Xb ft 

148 10 13 68 25 3ft 24% ft 

100 19 11 2X 19% 18% 18$ ft 

8 3X9 9% 88% 9% ft 

485 03 3 57 57 67 *1% 

200 70 8 2088 2ft 25% 25% ft 

100 83 8 80 SBb BD 

040 10 X 1812 22% Z1% 22% ft 

144 50 18 14B3 38 aft 35% ft 

108 20 27 346 47% 4S 4ft -1% 

100 34 14 1627 50% 48% 48$ 4-1% 

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416 17 2 47$ 47$ 47% 


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51068 15% 15 15% ft 

140 40 8 384 37$ 36% 37% ft 

LIB 174 71124 6$ dft ft ft 

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090 54 52 43 1ft tft 13% 

140 12 7 OBI 45$ 45% 4ft 


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101% 88EMRMJPE 
19% 12%EanO 
ii ft tach Bi 
37% 21% taior 
2ft 18% BterraCo 
2% 1%B0KB«ter 
30% 21% Bqdte* 


1ft ft Etain 
19% 9% Hhyl 
14 io%Bnpo» 
ift ftaom 

17% 1ft Bntetar 
105% 56% Boon 


020 20 16 4T9 
056 3J935B 887 
1.20 29 14 409 
1-54 7* 8 834 
140 52108 144 
120 3.1 14 629 
IJO 24 19 8491 
120 24 1313& 
ara 25 T3 104S 
(L5D 24 15 1136 
124 7.1 27 259 
028 21 7 m 
44 18 

022 1-4 10 IDO 
9 161 
4 142 
12 480 
052 24 21 7708 
0l12 12 300 

172 28 17 1908 

247 24 2 

120- ai 12 70 

B 698 
085 21 12 428 
1.12 25 9 101 

248 22 9f 1320 

OJB 4J 9 133 
1082 29 6 

080 27 183470 
0L12 OLE 2D 620 
7 JO 7J 10 
020 1 J 22 1440 
030 3.1481 B 
IJO 82 12 6833 

1.10 56.7 * IX 
002 2.4 171183 
1.18 4^ 13 685 
11 104 
050 50 13 XX 
OSB 10 140 

11 16 
1.12 7.7 7 

m 49 16 era 


10$ w 
Ub Mb 

41$ 40b 
Xb Xb 


Sib X 
47$ 47 

50 48$ 


X$ 20$ 
17$ 17$ 
17$ 17$ 

M i§ 

»$ 8j* 
2 

22$ X$ 

3 ^ 

BZb 62$ 

1^ 

40$ (MO 
Si$ 20$ 
22$ X$ 
11 $ 11 $ 


14^ ^ 
41 4$ 

3 4$ 
■$ 

47 -$ 
48$ +1$ 
®$ 4$ 

it 
1§ +$ 
& i 

5$ -$ 
2 4$ 

s z 

02$ 4$ 


9$ -H 
«$ -1$ 
20$ 4$ 

x$ -$ 
11 $ -$ 


30$ a$ 
19$ 18$ 
X 89b 
12 $ 12 $ 

5 X$ 

1A<1S$ 
1$ X$ 

28$ a 

27$ 26$ 
13$ 13$ 
9$ d9$ 
1O$X0b 
10 9 $ 
14$ 14$ 
X$ X$ 


30 -$ 
18$ +$ 
X 

a z 

28$ -$ 
27 -$ 

s z 

1? 

14$ 

81$ -$ 


-F- 


4$ 2$ FMkar 
16$ 12$FTIMtn 
18$ 11$ FMdCBK 


18$ ll$Falidta« 

38$ 35^2 Frtidd 3 l 
8 8$FmM 
X$ 6$ Fnta foe 
8 eFqaDmg 
K$ 47 Fed ta Ld 


007 17 K 2 2$ 2$ 
1.12 05 67 13$ 13$ 

012 07 IS 70 17$ 10b 
300 07 Z100 37$ 37$ 

(UO 80 16 16 6$ 6b 

6 1658 7$ 8$ 

aa if io *0 sb o$ 

104 11 0 3592 GD$ 50 

'186 50 262 53$ 53b 

in 70 30 IBS 20$ 20$ 
048 08 HI 299 7$ 6$ 

13 XO 60$ 59$ 
(MB 14 13 739 20$ 19$ 
140 30 9 4X5 72$ 72$ 
100 4.1 43 2743 2% 3$ 
042 10 X 809 20$ 20$ 

10 1099 18$ 18$ 

904 12 14 3K 24$ 24 

9 S3 25$ 26$ 
Oa 25 37 37 10$ 10$ 
.0.16 10 10 2244 15$ 15 

108 50 7 606 30d29$ 

1.16 15 B 2390 33$ 32$ 
040 10 12 X7 34$ 33$ 
600 80 3 73$ 72$ 

300 70 8 48$ 48$ 

050 70 8 87dB8$ 

200 40 81409 47$ 47$ 
200 40 8 502 (5 44$ 

115 11 54 35$ 36$ 

003 02 188 12$ 12$ 

010 02 X 964 63$ 82$ 
300 4/4 8 2348 67$ 87 

005 10 18 451 UZ3$ 23$ 

105 63 240 19$ 13$ 

104 40 8 978 fl$ 41$ 
433 60 9 X$ 61$ 

040 60 17 3X 8$ 6b 
102 4.1 8 137 32$ X$ 
100 40 8 473 28$ 2Bb 
100 40 9 X45 32$ 32$ 
OK 30 10 836 13$ U$ 
ia 5.1470 ea 23$ zsb 
048 10 U n <1$ 40$ 
202 17 13 233 30$ 30 

OX 44 X 343 18$ W$ 
000 \A IB 1904 44$ 43b 

47 8X 57$ 57$ 
005 10 4 308 3$ 3b 

004 10 8 357 14$ 14$ 

104 17 511167 27$ 27$ 
OSOIOUB 48 8$ 8$ 

074 14 10X43 30$ 28$ 

11 484 15$ 14$ 

108 49 11 1D3Z » 34$ 
OK 00 638 9$ 69$ 

080 12 147 6b dB$ 

040 1.1 11 BK 35$ 35b 

30 748 X 38$ 

005 10 X 4$ 4$ 

006 10 37 46 3$ 3$ 
1.25 70TU12K 17$ 17$ 
an 20 X 1879 X 2Db 
078 30 8 201 23$ 22$ 

12 808 27$ 20$ 

068 09 9 30 74 73 

000 10 167 14$ 14$ 


FURfe 


37$ 1S$Fe*V 

00$ XFadM 
32 20$fMPBd 
X$ 17 Fads* Sg 
25$ 18FMD*Q 
35$ X$F«ratap 


13$ B$ Rtafe 
33$ 14Ptagrt* 
40$ 23$FMAnB 
a 29$HBfi 
37$X$(tatbnd 
98 60$ FtaChWB 
51$ 45$RdMCFC 
1B1$ 8B$MQkcpC 

S 4i$F*»a 

*0$ ram 

37$ 32 Rtf Fdll 
18$ 11$R*M 
63$ 51$ Ft* ft M 
85 62$ F*H 
23$ 12$F«Ni 
23$ 16$MMF 
43 aOHUttn 
53$ X FtatUFT 
10$ 6$MtaH 
40$X$H*Vbg 
35$ ^tFMrCB 

27$ T7$RmSi 
30 22$ FtanOk 
44$ 33b (=!***& 
33$2*$FWg 
20$ TSFMM 
58$ 40$Ftar 
85$49bFMCCp 


17$ 11$ FoOM G 
K 25$ Fad 

10$ 8 Fntfi x 

45$ 28$FMM 
18$ 13$ MM 

a 27$ FPL 

5$ Raaftox 
8 6$FMdRx 
X 33$Ptt*l$ 
42$ 29$ Rawayar 
6$ 3$ RftadA 


X$ 16$ FMIcM 
27$ 1B$RHk8IA 

ax$F$oa 

a BRlm 
79$ BOHMnCn 
16$ 13$FttmB 


2$ 2$ 

13$ 13$ -$ 
10$ 17$ ♦$ 
37$ 37$ 

6 $ 6 $ -$ 

s § z 

so m ■ 
j! 

20$ 20$ +$ 

H iZ 

19$ 19$ +$ 
72$ 72$ *$ 
29 +$ 


sz 

33$ +$ 
X +$ 
73$ +$ 


41$ -$ 

”4 =a z 


+$ 


18$ 4$ 

ZSb +$ 


56$ 49$ 60X3075 
44$ 38$ 8AIX 
57$ 47$ SCO 
16b 7$GKtaB 
37$ 2S$B1E 
1ft 1ftEIEF12 
12% ftGMEq 
aft zftBBtfr 

16 10%taMbUr 

ft i%tarnm 


<ft 29am 
aftzftflccoi 

11$ YOGaoHM 
2ft 16%taMI 
ift fttavp 
22% ifttata 
37% aetata 


ft AtaHort 
ift AtaHm 
82% 4ft M 
Bft 38% Getar 
SB% 27% GtettE 
40% 31UM 
31% ZftfiafVt 
129%im%8nfte 
38 30% Baft 
§3% 41%taentad) 
ft l%6moo 
21% l2%GamSl 


43%Z1%Qtfia 

104 80^^772 
1ft 11% Gabor Sd 
12% TftfiamnyFd 
18% ft MB 


1ft US Aft Mr 
14% ftGMGtp 


3J0 7J 91 
IJO 38 12 1R 
IJO 2J 17 130 
18 337 
1J8 a2 22 59BB 
1JS 7J 2 
1JZ13L7 . 207 
088 2* IS 86 
1.70 14J 8 

004 U10B 04 

1 JO ZJ T71JI7 
048 1J 14 8800 

IS 333 
1.72 IB 2 140 

030 1.7 7 107 
060 1212 390 
0.12 OB 291 
140 12 12 47Z 
L64 12 130807 
038 8J 2 817 
032 13 14 X 
1 JB 33 18 12BB 
080 1J 719420 
GL48 U 24 3045 
.080 13 221002 
IJO BJ 71 493 
1J2 1 J IB 5B7 
091 3J 18 B46 
44 018 
0 882 
B 22B 
22 469 
L15 30 IS 561 
X ZX 
100 £3 822366 
702 80 3 

002 15 17 IN 

102112 153 

80T02S 
006 U 19 X 
9 99 


51$ 60$ X$ +b 
41$ 40$ 41b .1$ 
4D» «b 48$ 

11$ 10$ 11$ +1$ 
30$ 30$ 30$ -$ 
16 15$ 19 ■$ 

i 

Xb X$ 31$ -$ 

11$ ii$ 11$ -$ 


n$ n$ -$ 

zb Z$ 

33b 33$ ■$ 
Zth 30b +1 

24$ 26$ +1$ 

10 $ 10 $ 


333 26$ 24$ 26$ 
140 10$ 10$ 10$ 
IV 17$ 17$ 17$ 
» 11 $ 11 $ 11 $ 
231 10X9$ 18$ 

472 43b 43$ 43b 
807 X$ 50$ X$ 
X7 4$ 4$ 4$ 
» 14$ 14 14 

2B5 57b 56$ 67b 
420 42$ 41$ 42$ 
945 38$ 38$ 36$ 
8K 38$ 34$ 35 

483 28$ 26$ 28$ 
567 125$ 134$ 1»$ 
646 32$ X$ 82$ 
X8 47 46$ 46$ 

BK a i$ ' 1$ 
2a 13$ 13$ 13$ 
496 5 4$ 4$ 

SX 36$ 36$ 39$ 
ZX 36$ 38$ 38$ 
366 71$ 7D$ 71 

3 88 87$ 87$ 

12$ 12$ 12$ 
153 10$ 10$ 10$ 

aa 4$ d» 4 

X 11$ 11$ 11$ 

a 7$ 7 7$ 


4 +$ 
«$ 


10$ AQknt 
76$ 57$ OOP 
X$ 1AM 
16$ 10$ Ban 
7$ 5$acM 
9$ 7$ CM* 
5 3$ BOM 
S$ 6 Bob* 
46 34$ DM 
48$ 36 BAfed 
Xb 47b Goode 


89$ Blbtavw 

30 23$ 6 UM 
27$ 17$ BAPT 
17$ 11$&a*G 


O aetMhln 
X$ 15$ GBffta 
X$03$GnMil£P 
34$ Xb Ban Tm« 
17$ S$B*aSaB 
19$ 12$ Cm 
12$ V$GnMtaSm 
40$ lB$GmtaADR 
16$ BGcaedamt 
24$ 10$GttadM 


W.K k 
Dk » E Ub 

009 44 13 IS 

109 10 a nn 

087 40 157393 
040 17X4 8 

042 74 559 

061 77 «2Z 

375 3KB 
050 80 1799 

03* 10 8 749 
200 50 & IK 
300 70 S 
080 14 92605 
45 79 
146 30 13 473 
060 14 17 909 
100 40 17 140 
020 £1 3 436 
035 19 U9 
040 07 14 2297 
400100 11 9 

092 67 W 1232 
IS 7.7 11 X 

02 08 12 3051 
008 17 12 107 

03 10 W 130 

045 40 1401 

Z716&I 
032 20 17 9S 
£90 £7 12 97 




7 06$ 
75$ 75 

20$ 28$ 
19 13 

3$ «$ 

& J2 

3$ 83$ 
6$ dl 
89$ 35b 


a 39$ 
5B$ 56$ 
25$ S 
19$ 18$ 
12X1$ 
57$ 56$ 
42$ 41$ 
16b «$ 


10$ 10 
14$ U$ 

& 

19$ 17$ 
12$ 12$ 
»$ X$ 


7S$ +$ 

20 $ 

■a 

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39$ -$ 
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35$ -$ 
18$ +$ 
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66$ +$ 

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112 

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1 

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1J0Q 

3.0474 

ten 

ft 

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Waned 



1 

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14 13$ 14 4$ 

a 16 19$ 

13$ 13$ 4$ 
2 $ 2 $ 2 $ 

33$ 33$ 33$ -$ 
2 X$ 2 

8$ Jfjk 8$ 4$ 
14$ 13$ 1A -$ 
1B$X7$ 1?$ -$ 
11$ tl$ 11$ 4$ 
15$ 15$ 15$ -$ 


2 dt- 
8$ f 


flb 11$ 

17$ IStkndyMni 020 10 14 103 15$ 15b «$ 

X$ Ikana 05« 20 T7 253 24$ 2» 24$ 

26$ 18$Kna*id 038 US 17 87 25$ 25$ 25$ 

4$ Amrnn’m BBS 1 £ 1 

22$ T7$ftaao«B 096 S3 WX3B 18$ U U 

39b 30$ iknfii 044 10 X BSD 35$ 65$ 85$ 

24$ 19$ IWaal 006 49 Tl 331 26 19$ 18$ 

2B$X$Uadqrtal OU 08« 1855 28$ 27$ 27$ 

a 24$ HnaaM OM 04 17 219 X 35$ 36 

27$ IftHrtg 040 14 371638 025 27b 27$ 

52$ 37$ talk 10* 00 13 KM4 41$ 4S% fib 

46$ 38$ tan . 146 24 13 221 41$ 40$ 40$ 

53$K$IMU8m 120 34 16 225 40$ 39$ 40 

7$ sum annua ia a 5$ s$ 

18$ Mb HtakOB 108 04 10 M$ M$ 14$ 

38$29${mnme 136 74 12 87 32$ 32 32 

16$ UWM 102 9L7 12 Bn 13$ 13$ 13$ 

32$ 2S$Ha**Ch 104 80 19 112 38$ 30 30$ 

7$ 4b WhtaaDs (U* 10 U K 0$ 6 6 


39b 30$ IMBn 
24$ u$iwana 
29$ XbumyOk 
38 24$HmaM 
27$ isbtttdg 
52$ 37$ talk 
46$ 38$ tana 


$ +$ 
38 4-1$ 

$ 4$ 


18$ MbHtaMB 
36$29$fmnM 
16$ 13DDM 
32$ a$Ha**Ch 
7$ 4b Whkraoa 
M$ 23$HnB*h 
42$ 25b ittnxra 
15 9$Had*l 
36$ 23$HtOgMr 


X$24$N*oP 
mb 9B$Kad* 


sab xbnmy 
187$ 71$FktaPte 
6b 2$ me* Op 
6$ 4HSnr 
9$ 7$ HkantaA 
6$ 4$Mt*ksa 
7 S$n*ita*x 
9$ 6$ UYtttac 
9$ 7$H1Mnax 
13$ IIHbpgW 


048 10 U 63 6$ 6 6 

EG 3982 35$ 3*$ 35$ 4$ 

35 714 0% 40$ 40$ 

IMS 05 25 2506 ;<> 10$ 10$ -$ 

00* 10 18 639 25$ 24$ 24$ -$ 

14* 09 18 1Z3 37 36$ 37 4$ 

004 07 77 82 33$ 32$ 32$ -$ 

050 10 » 164 25$ 25$ 25$ -$ 

004 07 19 358114$ 114$ 114$ +$ 
100 16 17 X2 48$ 48$ 49$ 4$ 
100 10 18 6067102$ IX 102$ 40$ 
044104 0 547 4$ 4$ <$ -$ 

7 13 3$ d3$ 3$ -$ 

004 3.1 9 430 7$ 7$ 7$ 

000710 153 5$ 5$ 5$ -$ 

003110 722 6 5$ 5$ -b 

007127 74 7$ d5$ 6$ ■$ 

00411.4 111 7$ 7$ 7$ 

056 48 14 195 12$ 11 


2* 17$ Wan 
74 48$ Mkatft 
na$ 72HDCH 
48$ 29$IM(tap 
15$ BbHanaS&cp 
24$ 76$tkaMl 
1$ IHcqtaWB 
37$ 27$ HraMIASR 
38$ 2B$MvmI 
28$ I9$htttaa*d 
X 18$ Hem Mb 
26$ 18$Hcnaal 
W$ l2H0ntan 
13$ 8$H*Har 
3$ lbHMkr 
53 3B$ttn*MM 
a$ $HamF*> 


8$ $ Homs Fta> 

36$ 28$ M* I 
27$ 25$ Hrad I Dp 
13$ 10$ Hm* 

26$ 11$ HudnpFda 
19$ Mtutyoap 
32$ lAtta*»Sflp 


16$ UbHktMgC 
11$ 1$Hodc(plon 
10% 7$l*parta 


057 10 24 241 2B$ 27$ 9 

12 650 20$ 20$ 20$ 

100 10 a 1058 a 66$ 57$ 4$ 

005 10 n 74 96$ 96$ 98$ 4-1$ 

019 03 3B 5080 48$ 49$ 45$ 

53 2302 9$ d9$ 9$ 

000 10 S67X 17$ 17$ 17$ -$ 

004 40 2 403 1$ X 1 

0240747 42 35$ 35$ 25$ 4$ 

100 30 14 U90 X$ 30$ 30% 4$ 

02910940823$ 22 23 +1 

3 459 27% Z7$ 27$ 4$ 

056 22 18 557 28$ 29$ 25% -$ 

006 05 8 1864 12% 12$ 12$ 

Oa 30 27 2554 9$ 9$ 9$ +$ 

5 146 3$ 2% 3 4$ 

00010 10 30 45$ 45$ 45$ -$ 

048430 0 500 1 % 1 

ia M II 1285 37$ 36$ 36% 4$ 

208 05 U Z5$<QS$ 25$ -$ 
016 102*5 4 12$ 12$ 12$ 

012 05 16 47S 26$ 25$ 2£$ -$ 

004 12 68 29 15$ 15 15$ 

034 10 ID 37 18$ 18$ 18$ -$ 

145563.4 K 19R 23$ 73 23$ 

008 18 13 X 13$ 13$ 13$ 

002 13 a 538 2$ 2$ 2$ 

096110 377 8$ 8$ 8$ 4$ 


’S’S 


8 $ 8 $ 


35$ 22% BP he 
31$ HbPTta 

11$ 8$Rrnnp« 

5 2EFKa 


30$ X$UaboPkr 
43% 33% UK CD* 


49$ 41$ N70 

3 X$IFM0B 

a aap>40 

52$ 430M04 

3S$ 23$ ttokCB 
47$ SttkAHM 

52 42BFM8n 
22$ 18$ Mr 
64$ 44D 

48$ 30$HCGU* 
12$ 8$ MU 
18$ 14$8Akn*t 
a$ x$kco 
97$ 76kaM7n 
30$ 19MaB8ix 
23$ l7$tadB*agy 
X$ 11$ladmRi* 


15$ 10$ 
X$ 29$ 


41$ 29$tagBal 
42 29$k*B 
23$ UIM0*p 
9$ 7$ lata 8)* 
23$ 18$taSt** 
49$ S&btaeegraFa 
9$ 3$ MM 


9$ 3$ MM 

32$ ahtarR 

20b 15$ Mia 
3$ ibtaUM 
7B$ X$BH 
22$ 12$ km* 
47% 35$ WIT 
19$ l^pktt* 
80$ 80% Utap 
35% 27$ kM* 
11% 7$ ktfantt 
304 2D%ltf*Pl 
3% 4% UTAH 


8% 4$urw 
34 14%ta6GmdT 
24$ 13 H Rad 

4$ 2H1Mn 
62 42$ tala 
24$ 18% toM 1 68i 
35$ 28$ McoBtf 
11$ 6$ ktratan 
12 $ 7 %B 4 rta* 
38$ 22$ B* tap 
194$ 77 ITT 


- I - 

000 00 13 1532 
186120 3 » 
064 80 15 SM 

3 8Z7 
106 70 12 100 
17 29 
IX 17 ZNO 
308 9.1 2 

204 90 230 

2.10 00 2 

4.12 90 2 

100 30 12 243 
300 15 3 

S58 83 2 

IJO 43 12 1088 
177 3J 22 44 
1JB 23888 7Q 
QJO 47 4 2B7 
132 BJ 88 
QJO 13 801028 

7J6 fl-i noo 

138 8 J 231 

1 JO B2 IS 28 

HDS 04 88 

13 5BQ 
074 23 leilfiT 
030 17 09 1133 
19 836i 
CLS 3J 82 
030 13 9 10 

IJO 43 fi 329 

2 148 
034 2J 5 57 
1JB1DJ 100 

1 984 
IJO 13 2016194 
43 333 
Ui 27 23 818 
QJD 4J 7 188 
138 23 S 2021 
OJB 1 J IB 988 
at2 U 6 19 

2J6 8J 11 169 

3 314 
0.12 03 14 5434 

23 587 
7 973 
30 SBB I 
1 J8 28 10 BS 

2.12 7J 12 435 

0.10 U 04 
0.17 21 210 

49 74 

LBB 23 122547 


1532035% 34% 35 ft 

99 23% a 28 ft 
534 10% 10 10% +% 

327 3% 3 3%-% 

100 23% 23% 23% 

20 41% 41% 41% ft 
ZfflO 23% 25% 25% " 

2 41% 41% 4T% 

230 22% 22% 22% ft 
2 24 24 24 


3ft ft 
35% -1 
42 -1 

as 


X 30% 
35$ 35$ 
<2 dC 

x$ x$ 
<7$ «% 
4Z% 42$ 
10 $ 10 $ 
15$ 15$ 
28% 

79 73 

19$ d19 
20$ 29$ 
11 % 11 $ 


>23$ 22$ 
8$ B$ 
19$ 19$ 
40$ 38$ 
4$ 3% 
22$ 22$ 
16 15$ 
1 $ 1 $ 
74$ 73 

12$ dt2$ 
47 46$ 
17% 17$ 
74% 74 


ss 

28% ft. 
78 

ift +$ 

ift +$ 
32 +$ 
34$ +$ 
24 -M$ 

19$ 

40$ +1$ 
4 +b 
Zft -$ 

1ft -$ 

74$ +1$ 
12 $ -$ 

a z 

74$ 


7$ 7$ 
2ft 23$ 
6 $ 8 
1ft 15$ 
2ft 23 
2% 2$ 
*2$ X$ 
1ft Tft 
30$ 30 

ft «b 
8 $ 8 $ 
34$ 34$ 
BS 87$ 


19$ +$ 


46$ K$ JRtakPF 
46 37% JRMTL 


K% JacoMEigi 


M$ ftJwOfc 
55$43$J*B> 
imaZ$J^f70B 
X$ 44%JmCa 


13$ 8$ 
a 15$ 


- J - 

3a 80 X 37% 37$ 37% 

UO 80 237 39$ 86$ 39$ 

OK 40 « 494 7$ 7$ 7b 

X 747 17$ 17$ 17$ 

002 00 71 8% 8$ 8% 

0 1388 £ d$ $ 

079 10 40 9$ 9$ 9$ 

1J2 30 10 m 5ft 52$ 82$ 

7a 84 200 93$ 83$ 93$ 

IA U 12 5*7 40$ 49$ 49$ 

1.16 11 184IBI 55$ 9 56 

038 U T9 BD 11 HA 11 

on 4J 30 286 19$ 1ft 18% 


S 2AKBM 
ftOttr 
1106 7$M*M 


- K- 

32$ X$ nn II Dt* OS 11 11 SX 24$ 24$ 24$ 

26% 20$ M Bwgy 100 40 29 87 22$ K$ 22$ -$ 

88 54KraQ40 400 M DOO 33 <82$ 62$ -1$ 

2ft 20$ RkMPPT 200105 8 84 21$ 21 X -$ 

9$ 7$ttttSt 006110 7 9 ft ft •$ 

4$ 1%tattS«v 40 X9 2$ 2 2 

23% 1ft taC»P US2 U 14 654 2ft 23$ 23$ -$ 

20 14Kk£pS4K 100 07 S U 15 15 

S 29% KamaSta (UO 10 11 3059 X$ 30% X ft 

3% KWar {LTD 14 70 425 4$ 4$ 4$ ft 

TUE 7$M*M 005 30 5 EM 8$ 8$ ft 4$ 

25b 12$Kta*8*d9r UO 13 11 657 13$ 12% 13 +$ 

24% 20$J&pte 044 10 T3 X5 24$ 23$ 24 

ii BbRBtaAotX 074 15 45 ft ft ft 

aO$47$N*ogg IM 15 18 BX 56$ SB$ ffl$ ft 

27 16$ K u 6. ua! 800 20 11 10BS X$ X X 

11$ 8% Nmp HOttX 105 170 2X ft ft ft 

64$ 35$ Kamaa- OK 14 11 77K 37% 37$ 37$ 4$ 

1ft TfbiprM 00011.1 X 9$ 9 8$ -ft 

ft fttansvlSr 064 90 ITS 7$ 7$ 7$ 

ift ftKanpvWn 007 80 435 10$ 10$ 10$ ft 

l3$10$Kmp*ST 002 70 17111$ 11 11 ft 

29$ XKsmt 000 20 16 792 23$ 23$ 23$ ft 

22 18$ tar 61 J IJO 17 5 18$ 18$ 18$ ft 


kill* ‘*» 


ID BbROtaAoCX 074 U 
60$ 47$K*0QQ 104 15 


28$ XtadB* 

22 18$ tarfi U 
51 40talHc 102 30 34 BX 4ft 
19 lOKByttCn 6 2 13% 

29$ ifttaMK 074 4.1 18 XB 16$ 
n 47ta*a 176 34 141634 Xb 
2$ 1$KtaokcB! 003 20 18 264 1$ 


KpgMfl 


14 504 34$ 34$ 
009 74 1217365 13$d12$ 


X% 12$ta*t 009 74 12173BS 13$ 

X 49$ MM IA 20 19 Z7D 51$ 50$ 51$ 
20$ ft KragoCnp 0.10 00125 4B0aX$ 20$ X$ 
ft ftUtantti 009 10 34 28 6$ 

27$ 19% Kraft 001 00359 154 2ft 

2ftifttagBr loan aft 

a$24$HUE«W 104 6013 75 07$ 

18$ 11 MOM CD UO 40 X 9*13$ 


’J 3 1 i a 

ft 3ft 


27$ 1AMN 

aft iftlOdoar 
B$24$MJEHW 


154% 1W Mean CP 
a$ U^aertaN 


090 40 X X 13$ 13 18 ft 

006 00 a a 149 1*8$ 146$ -ft 
062 14 12 5* 22 21$ 22ft 


19$ ft LA Oik 
41 33$UOEBl 
45$ ISbLSLg 
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rjZirTTn 


Equities vacillate ' 
thin year-end trading 




US share prices were mixed 
yesterday morning as investors 
adjusted their portfolios to fin- 
ish the year, writes Lisa Bran- 
sten in New York. 

By lpm, the Dow Jones 
Industrial Average had fallen 
5.05 at 3,834.44. The more 
broadly-based Standard & 
Poor’s 500 dropped 0.39 at 
450.47, the American Stock 
Exchange composite rose 0.67 
at 430.29 and the Nasdaq com- 
posite gained 9.64 at 745.10. 

NYSE volum« 

Deity {rnfflon) 

500 


450 -I — 


volWM 1393 
260,100400 


300 ■- -1 Jr-— -A— ■ - — 


2SO 


16 19 2021222327282930 


Volume on the NYSE was 142m 
shares. 

The market was volatile in 
thin trading. The Dow shot up 
more than 12 points near the 
opening bell before turning 
negative by early afternoon. 

There was no apparent rea- 
son lor market movements on 
the penultimate day of trading 
this year because most eco- 
nomic data was generally 
within the range of econo- 
mists' forecasts. The index of 
leading economic indicators 
rose 03 per cent in November, 
according to the commerce 
department, although anal ysts 
had expected an increase 
closer to 0.1 per cent 
. Initial unemployment claims 
fell 3,000 to 322,000 for the 
week ending December 24, 
according to the labor depart- 
ment Although not considered 
among the most important eco- 


nomic indicators, the figures 
are viewed as a preview of 
all-important unemployment 
statistics due out next month. 

The bond market which fell 

on Wednesday, was mostly flat 
in part because it found some 
support from the dollar which 
bounced back from Wednes- 
day’s lows. 

Gibson Greetings, which 
dropped $% at $14%. 
announced that it would cut 
the fun-time workforce at its 
corporate and greeting card 
division by about 5 per cent or 
126 positions. 

Apple Computer gained $% 
at $39% after reports that a 
company, partly-owned by Oli- 
vetti, had announced a clone of 
the California-based computer 
maker’s Macintosh model. 
Other technology shares were 
also mostly higher. Hew- 
lett-Packard rose $1% at $101%, 
Dell Computer climbed $1 at 
$41%, Compaq Computer was 
up $y< at $39% and Gateway 
2000 rose $% at $21%. Digital 
Equipment lost $% at $34%. 

Intel gained $1% at $64 after 
Merrill Lynch increased its 
estimate of the company’s 
earnings. The news brought up 
prices of other semiconductor 
companies, as it suggested that 
there would be no long-lasting 
implications from Intel’s mis- 
handling of public relations 
related to a flaw in its Pentium 
chip. Micron Technology rase 
$1 at $45% and Analog Derices 
was up $K at $34%. 

Telmex continued to 
rebound. By midday, the stock 
had risen $% at $41%. 


Toronto was weak at noon, 
depressed by softness in trans- 
portation, real estate and 
financial services. The TSE 300 
composite index was down 
16.77 at 4,184.75 by midday in 
very low volume of 15.1m 
shares. Canadian Imperial 
Bank of Commerce foil C$% to 
C$33% in moderate midday 
dealings while Bank of Mon- 
treal tost C$y* to C$26 in fairly 
heavy volume. 


Brazilian shares rose 3.6 per 
cent in moderate midsession 
trade, spurred by heavy buying 
from pension and equity funds 
squaring portfolios a h ead of 
the year-end. 

The Bovespa index was up 
L521 at 43474 at 1300 local time 
in turnover of R$148.1m 
($174. 7hl). 

Brazilian stock exchanges 
will be closed today, ahead of 
the New Year's Day holiday. 

Argentina 

An early 2.5 per cent rise in 
Argentina’s Merval index 
suggested that that investors 
were regaining confidence in 
the market, after the 17 per 
cent slide since Tuesday of last 
week. The Merval climbed 
10.77 to 447.74, preceded by a 
strong advance in Argentina’s 
Brady bonds on Wall Street 

SOUTH AFRICA 

Profit-taking and an easier 
gold price bumped South Afri- 
can shares off their earlier 
highs in quiet afternoon trade. 
The overall index gained 17.1 
to 5,857.2, industrials were 
14.2 firmer at 6,9772 and 
golds picked up 38J5 to 2,014.6. 

Vaal Reefs put on R8.25 to 
R370.25 in active trade and 
Kloof gained B1.40 to R60.75. 


EMEF 

r 

MARKETS: 1FC WEEKLY INVES7 

fABLE PIECE B 

’ ! / r ■ ’ 


Market 

• 

No. of 
stocks 

Dolor terms 
Dec. 23 % Change 
1994 OVftf wo ok 

% Change 
on Dec *93 

Local currency 
Dae. 23 % Change 

1994 over weak 

terms ' 

% Change 
on Dec *93 

Latin America 

POT) 

582.94 

-15^ 

-10.4 




Argentina 

(24) 

766.45 

-9L4 

-22.9 

470,077.20 

-9-3 

-23.0 

" — 

urazu 

(57) 

377.66 

-11.0 

+62-3 

1^05^406,980 

-104 

+1,086^ 

Chfle 

(25) 

786.72 

-1.6 

+42.6 

1274.65 

-1-5 

+33.7 

Colombia' 

(11) 

773.27 

+2A 

+19.9 

1,131.25 

+2-4 

+22J} 

Mexico 

(67) 

622.90 

-24.7 

-38.1 

1^55^9 

+1.7 

-6.9 

Peru* 

(ID 

179.7B 

-6.3 

+48.7 

23724 

-0.7 

+49 2. 

Venezuela* 

(12) 

463.29 

-1.6 

-21-7 

1.809.16 

-1.7 

+27-3 

Asia 

(558) 

249.42 

+2.8 

-14J 




China 4 

(18) 

77.02 

-3.0 

-404 

82-36 

-03 

-49L8 

South Korea* 

C158) 

137.89 

-1.0 

+16.7 

143^7 

-i^ 

+142 

PtiUpptnes 

(19) 

300^45 

+2-9 

-11.8 

350j53 

+02 

-21.1 

Tahwan, China* 

m 

157.59 

+m 

+16.6 

156.22 

+0.9 

+16A 

India 7 

(78) 

123.41 

-0 J3 

+5^ 

137.61 

-02 

+08 

^ndonGsra* 

(38) 

10052 

+3^ 

-19.4 

119^7 

+3.9 

-10LO 

Malaysia 

(104) 

269.34 

+4.3 

-20.6 

245.73 

+43 

-24.4 

PM&ssf 

(15) 

354JJ9 

-2J9 

-8,7 

494.14 

-2.9 

-6-4 

Sri Lanka" 

© 

17083 

+1.4 

-3.6 

184.10 

+1j6 

-3 £ 

Thailand 

(55) 

386-32 

+1-7 

-19.1 

38533 

+1.8 

-20.3 

Em/Md East 

(125) 

120.48 

+02 

-28^ 




Greece 

(25) 

222.47 

-OI 

-2JS 

387.47 

+04 

-4.4 

Hungary" 

(5) 

156.00 

+1.6 

-6.4 

214.62 


+6-3 

Jordan 

(13) 

151.90 

-1.0 

-02 

225.13 

-0.8 

-6 JO 

Poland" 

(12) 

456.11 

-2.0 

-44_2 

699.18 

-1J9 

-36.7 

Portugal 

(25) 

120.42 

-1^ 

+08 

134,16 

-1.1 

-2 JS 

Turkey® 

(40) 

127.44 

+1.4 

-40.1 

2^76.19 

+1-5 

+56l5 

Zimbabwe 14 

(5) 

245frl 

-Oj2 

+21.2 

302-57 

-0.1 

+41^ 

Composite 

(890) 

308.51 

-06 

-103 





Mbn m Gflferikrt « im/ nuu*. and wutfjr cftmgn are parcwNg i movavMnf ion ffv pnMn /**%>. Bn a cute: Dee f9U»T00 
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Ob c 31 199S; pTjCfcc 31 1992: 31 1992 4 188% ffftJI* 2 1393. 


&M3t 1 1991: (1<M 


The pattern of investment in the world’s emerging markets throughout 1994 has been 
uneven, with many international fond managers turning cautious, writes John Pitt . This 
is reflected in the flow of funds, which has begun to slow down - Cram a peak of more 
than $205bn in 1993, direct and indirect investment in emerging markets this year is 
expected to be abont Sl77bn. The recent trauma in Latin America has shown that even 
markets perceived as being on the threshold of maturity can conceal a sting in the tail. 
Turkey has remained one of the worst performing markets in 1994, although equities 
have clawed bade some of their losses during the second half. Mr Tim Lee of GT 


Management notes that the current environment of negative real Interest rates, easy 
liquidity and a currency still somewhat undervalued should provide a stable back- 
ground. “However, this hull market should not be expected to last much beyond the 
next six months,” says Mr Lee. “The makings of the next crisis are already in place: 
inflation is on the verge of a sharp acceleration which will lead to much higher interest 
rates and a monetary squeeze.” 


FT-ACTUARIES WORLD INDICES 


Jo i n tl y convrfacJ by The Financial Times UdL. Gofcfrnan. Sachs & Co. and NatWast Securities 
NATIONAL AND 

REGIONAL MARKETS WEDNESDAY DECEMBER 28 1994 

Figures in pmrtftsses US Day's PoinC Local Local 

atm number of fines Dollar Change Storting Yen DM Girorcy % chg 

of sack index % Index Indot Max Indot on day 


Domestic fears depress Paris, Madrid 


Mexico 

Talk of a US rescue package 
for Mexico lifted the peso, and 

the IPC index recovered 
another 23.79 to 2,361.51 . as 
7.49m shares changed hands. 
Dealers said that window 
dressing by local mutual funds 
was part of the process. 

Gover nme nt officials con- 
firmed that the Mexican presi- 
dent. Mr Ernesto Zedillo, plans 
to announce an “economic 
restructuring" programme at 
2006 local time next Monday, 
including privatisations, spend- 
ing cuts and an international 
aid package. 


Bourses were weakened in the 
morning by overnight losses 
on Wall Street and. in the 
afternoon, as the dollar and US 
bonds took over. However, the 
French and Spanish markets 
had their own problems at the 
end of the day, as actions 
designed to release fiscal and 
political tension had the 

reverse effect, writes Our Mar- 
kets Staff. 

PARIS opened to a Bank of 
France offer of overnight 
money, aimed to reduce ten- 
sion in the money markets.. 
However, finanmalg continued " 
to lead the equity market 
down, said Mr Frederick Sau- 
vegrain at Ferri, and the weak- 
ness In the sector over the past 
two days was justified at the 
close as commercial banks 
increased their base lending 
rates from 7.95 to &25 per cent 

The CAC-40 index dropped 
33.68, or 1.75 per cent, to 
1,894.15 in turnover of 
FFr2.5bn. Falls were wide- 
spread; but in financials Axa 
was down FFrtLLQ to FFr25080, 
BNP by another FFr4.70 to 
FFr249 and UAP by FFr4^0 
more at FFr139 JO. 

Mr Sauvegrain conceded that 
there were other reasons for 
the day’s fall: US influences; 
fears on the Algerian crisis; 
and a window dressing move- 
ment involving the selling of 
underperformers to leave the 

ASIA PACIFIC 


FT-SE Actuaries Share indices 


Hnfljf 


opaa 103a mo 1200 imp uno ism 

1331 m 1331X1 1331X7 1332JJ5 1330.18 13&84 133755 132745 

13HL0Q 138095 138053 138852 138751 138550 13B7J33 138*57 


0k 28 


0k 23 


OK 22 


FT-SE EnM HJO 134089 13*048 134758 134023 133121 

E Euraback 200 1408.13 1*0*23 1*0375 138550 138010 

urn (■russqt a*nr w - U3z*t an - ram tort* no . inx an - iws t im 


Ok 21 
134023 


0k 20 


remainder of a given portfolio 
looking In better condition. 

MADRID hit its third consec- 
utive closing low, the general 
index ending 3.26 lower at 
280.33, after 279.00. Bond mar- 
kets dropped and the peseta hit 
a new low against the D-Mark. 

Prior to this the prime minis- 
ter. Mr Felipe Gonx&lez. 
rejected either calling early 
elections or resigning, saying 
that Oris would weaken Spain’s 
financial markets. 

Turnover was strong at 
Pta45-3lbn. One exception to 
the day's equity retreat was 
Banesto. suspended for a time 
before the sale of its 50 per 
cent stake in the Portuguese 
bank. Banco Totta y Acores, 
was confirmed, but requoted 
later to dose Pta34 higher an 
the day at Pta949 in volume of 
lm sha res. 

FRANEFURT ignored com- 
forting corporate and indus- 
trial news. The Dax index 
extended Wednesday’s post 


bourse tosses, ending with a 
session fall of 3L98 to 2,077.03 
as turnover rose from DM3.5bn 
to DM3:9bn. 

The bourse did not like the 
weak dollar, or the foil in US 
bonds which followed a higher 
than expected rise in Novem- 
ber leading indicators. Bunds 
and bund futures followed 
their US counterparts down, 
and the Ibis-indicated Dax 
closed the afternoon at 2,074.68. 

Carmakers dropped. Daimler 
by DM10.40 to DM7&2.10 and 
Volkswagen by DM10-30 to 
DM420, although VW produced 
a 7.9 per cent rise in car deliv- 
eries for November. 

The worst Call in the Dax 30 
was reserved for Karstadt, the 
department stores group, 
which shed DM2L50 at DM550. 
Analysts said that it was still 
priced at a strong premium to. 
Kaufhof, with German con- 
sumption, weak in 1994, facing 
further erosion from the soli- 
darity Income tax surcharge 


starting next week. . 

AMSTERDAM dipped in 
response to lower bonds and 
the AEX index eased 0-34 to 
414.47 in very thin trading. 

Fokker, the aircraft manu- 
facturer. took an early 14 per 
cent tumble in response to 
news of a management consul- 
tants report which conclude 
that the company might not 
survive unless it cut costs 
drastically. Later the shares 
pirifpd up to fiwfch 30 cents or 

25 per coot down at FL1L80 
on speculative buying by indi- 
vidual domestic investors. 

Polygram gained 70 cents to 
FI 80.70 on heavy US baying. 

ZURICH was lower as bonds 
weakened and with the day’s 
economic data from the US 
triggering further Late losses. 

The SMI index lost 27.4 to 
2.6285. 

Among the financials, UBS 
bearers dropped SFr28 to 
SFrl,068 amid large sell orders, 
especially from foreign inves- 
tors, on worries about an 
investigation into Ihe price of 
packets of shares which 
changed hands in October. 

Zurich Insurance was SFrlO 
down at SFrl4J45 as the group 
said it was confident that its 
agreement with Sweden's 
Trygg-Hansa, to bail out 
Trygg’s U.S. subsidiary. Home 
Holdings, would stand, in spite 
of reports of revised offers 


frtnn a group of US investors. 

Holderbank lost another 
SFrl5 to SFr991 on continued 
concern over the impact oT the 
company's exposure in Mexico* 
A SF12500 or 75 per cent 
rise in Euoni to SFr36,500 was 
attributed to speculation that 

thor n may be a change to the 
holding of the largest share- 
holder. 

MILAN, with politics on the 
backburner, carried its correc- 
tion into a second session alter 
the strong run of the previous 
week, the Comit index fin- 
ished 9.09, or 1.4 per cent 
tower, at 625.00. 

Fbrruzzi lost L4I to L1.235 as 
speculation Bided that it would 
announce the expected sale of 

Fondiaria by the end of the 

year. 

Against the trend. Credito 

Romagnolo picked up LIS to 
L19.200 as the Bank of Italy 
gave the go-ahead to Caripto’s 
bid. 

STOCKHOLM was lower, the 
AJHSrsv&rlden index losing 3.1 
to 1,460.0 in quiet, holiday con- 
ditions. 

Trygg-Hansa, however, rose 
SKr2 to SKr82 os the insurer 
said that it had no comment on 
reports that US investors were 
p lanning ’ revised offers for its 
Home Holdings subsidiary. 

Written and edited by Wlfflam 

Cochrane and Ifictnei Morgan 


Nikkei edges ahead as Taipei recoups 1.2% 


Tokyo 

Small lot purchases by retail 
and overseas investors sup- 
ported share prices, and the 
Nikkei index posted moderate 
gains in light volume, writes 
ErrUko Terazam in Tokyo. 

The 225 average rase 87.45 to 
19,75258 after a tow of 19,509.15 
and a high of 19,763.78. Arbi- 
trage unwinding depressed 
share prices in the morning 
session, but arbitrage buying 
and blue chip buying by for- 
eign. investors supported the 
index later. 

Volume totalled 210m shares 
against 254m. Individual inves- 
tors focused on speculative 
favourites, while a European 
bank targeted blue chip electri- 
cals. Institutional investors 
remained sidelined ahead of 
the New Year holidays. 

The Topix index af all first 
section stocks gained 255 to 
155454 and the Nikkei 300 rose 
L12 to 2S6L36. Losers outnum- 
bered gainers by 597 to 398 
with 157 unchanged and, in 
London, the ISE/Nikkei 50 
index rose 0.05 to 1586.49. 

The dollar weakened against 
the yen, falling below the Y100 
level Some traders said that 
volatility on the currency mar- 
ket was a good test for the 
underlying strength of the 
stock market, and that the Nik- 
kei could rise farther in the 
new year if share prices man- 
age to withstand the current 
rise in the yen. 

The consensus among most 
analysts, however, seemed to 
be that share prices wifi hit a 
low in the first three months of 
the year, according to a surve y 
by the Kyodo News Service. Of 
30 analysts surveyed, 27 said 
that they expect the Nikkei 
index to hit a low of around 
19500 early next year, while 14 
predicted that the average 
would rise to the 23,000 level in - 
the second half. 

Speculative issues gained 
ground. Pacific Metals, the 
most active issue of the day, 
rose Y27 to Y560 white Safari 
Ovex gained Y33 to Y758. 

Matsushita Electric Indus- 
trial rose Y20 to Y1530 an for- 
eign buying as did Nomura 
Securities, up Y20 to Y2.070. 


Ltd. In conjunction with the institute of Actuaries and Ihe Faculty of Actuaries 


AustreKa (6SJ irS.18 

Austria (IQ 1 79.57 

Belgun (35) 1GO 68 

Baza P8) 155.92 

Canada (1031 129.31 

Denmark (33}. 24000 

Finland (24) 18438 

France flog 16031 

Germany £8) 141.14 

Hong Kong (56) 328,99 

Ireland (14 -203.21 

Italy (59) 73.43 

Japan f*eej 155.18 

Matayau p7) 479.89 

Mexico (1$ 1292.47 

Nefrertand (19) .214,00 

New ZKtiaid (14) 71.57 

Norway 63) .21036 

Singapore (44) 373.95 

South Africa (58} 333.4ft 

Spain (38) — - 139 77 

Sweden (36) 22009 

Switzerland (47) 163.78 

Thaland (4Q 157.52 

(Mad Kingdom pO0) : 184.14 

USApl4) 18846 

Amancaa (883) 174.47 

Europe [708) 167.51 

NortiC (IIS) ~221.63 

Pacific Basin (79$ —..^—162.99 

Euro-Pacific (1501)^. ^164.77 

North America (61 7) 164.79 

Beope Ex. UK SO*) 149.61 

Ptofe Be. Japan (325) 240,52 

Worid Ex. US (1700) 165*79 

World Ex UK (2019) 170.16 

Wbrtd Ex Japan (1755) 163.29 

The World Met 0223) 17027 


1.8 

0.6 

-03 

lA 

0l0 

1-2 

04 

- 1.0 

04 

-0.3 


166.14 

172.38 

15056 

149.66 

124.11 

238.03 

17858 

156.75 

135.47 

315,77 


111.15 

113.93 

105.75 

98.93 

8004 

15755 

11659 

TQ3l61 


20074 


14353 

146.91 

13037 

127.57 

105.79 

20220 

16085 

133.61 

115.47 

26017 


149.76 

146.91 

13252 

24559 

13157 

20030 

184.79 

13950 

11047 

32*30 


1.4 

04 
-04 

15 

02 

1.0 

05 
-15 

02 

-03 


Dhr. 

YWd 

355 

1.11 

4.15 

084 

253 

1.43 

0.76 

008 

150 

3.78 


TUESDAY OECEMBER 

US Pound 

Dofier Starting Yon I 

Index Mom Index ft 




DM Currency 82 week 52 week ago 
Wax Mac High Low f^prox) 


17250 

17854 

167.12 

15352 


24559 

18353 

16551 

14061 

33058 


16556 

171.16 
16020 

147.17 
12351 
23455 
17653 
158.19 
134.79 

31043 


109.44 

11354 

10659 

9746 

82.06 


11657 

104.76 


20955 


14152 

14656 

13099 

125.85 

105.96 

20091 

15053 

135-27 

11656 

27080 


147.70 

14852 

13044 

24076 

18154 

20015 

16350 

14095 

11026 

32754 


189.15 

19089 

17754 

14031 

275.79 

201.41 

13557 

16040 


16016 16016 
16746 18758 

16076 16001 


12054 

28081 

12350 

15034 

12037 


134.79 

251/47 

124.14 

17857 

141.78 

474,73 


02 

196L05 

12093 

16026 

187^3 

0 JO 

041 

202.77 

19429 

12073 

16023 

18723 

21080 

177v9B 

18400 

-2.1 

7050 

46.61 

6010 

8023 

-1.9 

1.75 

7BJQ1 

71 SI 

47S2 

61/C9 

9129 

97.78 

6547 

6006 

-02 

14646 

98/46 

12097 

9046 

-02 

076 

155.48 

14005 

8070 

127.46 

9070 

11U10 

12083 

12037 

-09 

460.62 

304/49 

392.63 

47361 

-0.9 

1.76 

484 

4G4JZS 

307.46 

397.03 

477^5 

621 83 

430.71 

586.09 

72 

124054 

82005 

105743 

748984 

1.1 

1J37 

119949 

114087 

781/07 

98029 

7409.73 

264788 

119949 

238011 

-04 

205.40 

135.78 

17009 

172.15 

-05 

038 

21461 

20092 

13037 

17009 

17Z99 

22380 

191-28 

201.30 

04 

6000 

45.41 

5055 

59.10 

04 

4M 

71.29 

6035 

4029 

5845 

58L86 

7789 

62.05 

6489 

1.1 

201.91 

13047 

172.11 

19010 

09 

169 

' 20787 

199J38 

132.02 

17048 

19428 

211-74 

177^3 

18002 

-02 


23727 

30096 


-02 

1.70 

374*89 

350,39 

23000 

30723 


40188 

294.66 

369.74 

00 

320JJQ 

211.53 

272.77 

29040 

06 

021 


31054 

211J81 

27025 


342.00 

20055 


*03 

12455 

62.33 

106.17 

13096 

-04 

4J36 

130.14 

124.75 

8282 

106.68 

131.46 

155.79 

129.77 

14080 

-1.0 

21002 

144.72 

18061 


-08 

1.68 

23042 

22089 

14028 

18090 

255.41 

242.81 

19073 

19073 


-02 

-05 

-Ol 

-01 

-02 

-03 

-05 

OI 

- 0.1 

-05 

-02 


15750 

161.19 

18034 

18058 

167.46 

16078 

212.72 

15044 

1501B 

177-36 

143.60 


159.13 

16032 

17093 


10352 

0956 

12018 

11957 

110.70 

10658 

14062 

103.41 

10456 

11754 

9453 

15251 

105.19 

107.96 

11030 


13450 

12088 

15084 

154.18 

142.74 

137.05 

18152 

13035 

13481 

151.18 
122.40 
19079 
13554 
13951 
14096 


13441 

15065 

18034 

18045 

14653 

151.48 

21009 

107.62 

12458 

18451 

13089 

21055 

12032 

14004 

17048 


-07 

-03 

04 

-03 

-05 

-02 

-OI 

-05 

-02 

-03 

-06 

OI 

~ai 

-05 

-02 


151 

041 

414 

254 

258 

3.09 

1/41 

1.16 

159 

253 

2.47 

3.16 

250 

2.14 

257 


16459 

15010 

19357 

189.11 

17463 

16753 

22158 

16121 

1B004 

18039 

15042 

24019 

16553 

17054 

18080 


157.79 

15156 

18057 

18156 

16750 

16058 

212.78 

156/46 

15021 

177.73 

144.10 


13007 

16046 

17001 


10449 

10087 

12259 

12006 

11059 

10054 

14051 

10351 

10477 

11750 

95.43 

15258 

10554 

10026 

11656 


13453 

12950 

15659 

15552 

14032 

13758 

181.95 

13060 

13559 

15158 

12352 

19091 

13002 

13080 

16051 


135.79 
154.18 
18557 
18011 

14063 

151.79 
21022 
10753 
12552 
18011 
13154 
21038 
12071 
143.45 
17084 


181.11 20039 

17085 19157 


17056 14091 16094 


2145G 

19004 

17858 

23091 

17086 

17014 

182.73 

16012 


17065 

17050 

19550 


16056 

16051 

14024 

15470 

17557 

14412 

22417 

15076 

18033 

17034 


17257 

19075 

14065 

15031 

19014 

149/45 

27955 

15753 

16093 

16046 


Automobile makers were 
actively sought. Toyota Motor 
rose Y20 to Y2.090 while Nissan 
Motor gained Y15 to 7817. 

In Osaka. the OSE average 
fell 2737 to 21JGZ9J23 in volume 
of 23j6m shares. 

Roundup 

Hie holiday season continued 
to limit activity in the Pacific 
Sim, where Seoul, Jakarta and 
Bom bay w ere dosed. 

TAIPEI gained nearly L2 per 
cent in a rebound after two 
days of falls, led by financials, 
textiles and some speculative 
shares. The weighted index 
ended 79.60 higher at 7,027.43 
in heavy t u rnover ofT$88.76bn. 

Financials recovered after a 
recent consolidation, China 
Development rising TS4 to 


T&4450. Textiles responded to 
product price rises, with Tah 
Tong Textile up by its 7 per 
cent limit to T$4130. 

HONG SONG was lower on 
futures-linked selling but 
recovered from morning lows 
after local and UK bargain 
hunters stepped in as the 
firmer US dollar during the 
afternoon also helped senti- 
ment. The Hang Seng index 
lost 72.20 or 0.9 per cent to 
8,196.02 in turnover - of 
HK$L7bn, against Wednesday’s 
GESl^lbn. 

SINGAPORE’S Straits Times 
Industrials index finished 8U57 
higher at 2^43.02 an last-min- 
ute advances by several key 
stocks but, overall, the session 
was weak and mixed. 

KUALA LUMPUR saw fur- 
ther losses as volume dumped 


to 50.3m shares, the lowest this 
year. The composite index 
ended down &£3 or 0.9 per 
cent, at 967.14. largely due to a 
60-cent fall in Telekom Malay- 
sia to MS17.00. 

SYDNEY ended slightly 
weaker after being supported 
for most of the session by insti- 
tutional buying of stocks 
whose options expired yester- 
day. The All Ordinaries index 
ended 2.7 lower at 1.9S&8 after 
an intraday high of 196.0. 

Dealers said that institutions 
were caught short in BHP after 
its strong rally in recent days. 
This, combined with the strong 
performance of golds, under- 
pinned a market which other- 
wise was weighed down by 
Wednesday's profit-taking on 
Wan Street 

WELLINGTON’S leaders, 


Brlerley apart, dragged the 
market down after Wall 
Street’s overnight retreat, the 
NZSE-40 index closing 10.46 
down at its low for the day of 
1,909.37. 

MANILA indulged in some 
light window-dressing, institu- 
tional investors picking up 
selected bargains in order to 
book higher values for their 
portfolios. The composite index 
rose 8.03 to at 2.785.81 in mod- 
erate turnover of lJ$bn pesos. 

BANGKOK saw tight selling 
after Mis in key foreign mar- 
kets and the announcement af 
a Thai import tax cut The SET 
index closed 10.35 lower at 
1,352.89 in turnover of Bt7.1bn. 

KARACHI Ml on prafit-tak- . 
ing by short-term investors, > 
the KSE 100 index losing &53 
at 2,047.24. 


This announcement appears as a matter of record only . 


Banco 

Votorantim 


w 


(Incorporated in the Federative Republic of Brazil) 


US$ 50,000,000 


10 % per cent Notes due 1997 

(First Series issued under a US$ 100,000,000 EMIN Programme ) 


% 

Lead Manager 
ING BANK 


Co-Lead Manager 

GOLDMAN SACHS INTERNATIONAL 


Co-Managers 
ABN AMRO BANK N.V. 

DEUTSCHE BANK AG LONDON 
J.P. MORGAN SECURITIES LTD. 

LTCB INTERNATIONAL LIMITED 

STANDARD CHARTERED CAPITAL MARKETS LIMITED 


ING Hi) BANK 


Internationale 

Nederlanden 

Bank 

November 1994 


16545 106.30 140.94 14094 


172-56 166-44 1Q&&6 141.47 147.2B 18080 106.19 167.79 


Cmtfi Hit Ftancu Tnw LMud, Goktam SacfH aid Co. and KaMftnt Snita lM»d 1987 
puces «m imaitafa lor mb odUcn. Atrioac gfc—m nnzM lnfena