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interventi on debate 

How Japan can boost 
the world economy 

SttWJrt Britten, Page 17 



Mass transit 


Smart cards take 
to the streets 


Pago. 14 



Subtle prescription 

Drugs groups take 
the indirect route 



EP presidency 

Who would be 
the MEPs choice? 


Page 3 


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FINANCIAL TIMES 



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Coffee 

London Robueta, 

2nd position ($ per knne) 
4.000 


IIS dollar recovers 
ground as traders 
look for rate rise 

The battered US dollar bounced back on foreign 
exchanges as rumours circulated among dealers 
of an imminent tightening of monetary policy 
by the Federal Reserve. The market performed 
a swift about-turn from Tuesday’s fears that low 
inflation would delay Higher interest rates, and 
focused in stea d on the prospects for an imminent 
increase in rates. The dollar closed more than 
a pfennig and a h al f higher in London, at DM15383, 
and was also firmer against the yea at Y9&15 
from Y9&80. Page 18; Sam Brittan, Page 17; Curren- 
cies, Page 34; World stocks. Page 38 

Italy announces economic plans: The 

Berlusconi government last night gave a brief 
foretaste of its economic plans, annmwiring 
L5,000bn ($3.1 bn) in revenue would be found to 
keep the 1904 budget on track and that measures 
producing an extra L40,000bn would be found 
in 1995 to reduce the public sector deficit from 
Ll59,000bn to L140,000bn, below 10 per cent of 
gross domestic product 

Ell visa format released: The European 
Commission produced its proposed format for 
a European Union visa for non-EU citizens which 
would come into force from the beginning of 
1996- Page 18 

Compagnle GAndrale das Eaujc The French 
justice ministry has asked police to conduct two 
“preliminary” inquiries into alleged irregularities 
by the construction, utilities and communications 
group, in funding political parties. Page 2 

Coffee prices pushed to fresh peak 

Reports of large cash 
purchases by coffee 
roasting companies 
eager for stocks of 
beans after frosts in 
Brazil lifted coffee 
prices to an 8’A-year 
peak on the London 
Commodity Exchange. 
New York traders 
pushed the September 
delivery position to 
$4,085, although the 
{nice fell near the rimy 
to end at $3,990. up 
$92 on the day. Page 28 

EU strategy on Asia: The European Union 
risks losing out on the “economic miracle’' in 
Asia unless it strengthens political ties and boosts 
investment in the region, according to a European 
Commission policy paper. Page 6 

Kim Jong-H assumes power: Radio broadcasts 
from Pyongyang indicated Kim Jang-il had assumed 
complete political power in North Korea following 
the death of his father. President Kim H-sung. 

Page 6 

Services boost for Russian economy: 

Services are now contributing more to the Russian 
economy than manufacturing - a sign that reforms 
may be working. Page 2 

Move to limit unfair EU competition: 

European Union members would be required 
to narrow differences between the terms on which 
they provide exporters with medium- and long-term 
credit guarantees under a directive proposed 
by the European Co mmissio n. The move is intended 
to limit unfair competition between the 12 govern- 
ments in export financing. Page 4 

UK economy: News of a further fall in 
unemployment and slightly lower-than-expected 
inflation last month confirmed recent signs that 
the UK economy is maintaining steady growth, 
while keeping prices under control. Page 8; Lex, 

Page 18 

Renault The French government took a step 
towards the vehicle maker’s privatisa ti on, announc- 
ing that it was preparing to select banks to advise 
on the “eventual opening of the capital” of the 
group. Page 19 

Murayama backs defence review: Japan's 
new prime minister Tomiichi Murayama pledged 
his backing for the first overhaul of defence policy 
for 18 years. The defence review is expected to 
propose heavy cuts in ground forces but increased 
spending on defence electronics. Page 6 

BJHInger & Berger, one of Germany’s largest 
construction groups, emerged as the surprise 
owner of a 15 per cent stake in Buderus, German 
heating equipment and engineering group. Page 19 

Japanese car sales fall in Europe: Japanese 
carmakers have suffered a heavy loss of mark et 
share in western Europe following the rapid appre- 
ciation of the yen. Page 2 



Jan 1994 
Souco: Dara s tream 


■ STOCK MARKET INDICES 


FT-SE100: 

Vle« 


■3JKL3 


_A12 


FT-SE Etifrtrack 100 -.1.3&S4 

FT-SE-A M-SfBTB 1,01.43 

ma 2054041 

Hen Yurie bmebtane 
Dew Jim ind Am _._3,T13fi7 

S&P Composite 44057 

■ US LUNCHTIME RATES 


(•41.4) 

(+8.09) 

(+1.2*) 

(+13993) 

t+UjQI) 

(+1.62) 


Federal Rods: 4U% 

3-™ Trees Bis; Yld „A511% 
Long Bond ®3* 


Yield, 


jjsn% 


■ LONDON MONET 


3-motatotank S£% (5^*) 

UBe long gifl Mrs: Sq> 109^4 £Sep 1 Q 2 j 3 

■ NORTH SEA OIL (Aigu«) 


Brent 15-day £10585 (1033) 

■ COLD 


HmrYortGomaxiftq) —.$3849 
Union $3842 


(3662) 


Asna 

Boigun 


Cyaus 

Cnchfe 

Demon 

fflbnd 

France 

Gantany 


Sch32 

DUU50 

HRfiS 

L«2Sm 

CCI.10 

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05.00 

FU 14 

FMS0 

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Once 0350 
HongKong H<Si8 
ftnpsy R 185 
testate Wfilfi 
inda wo 
ted meso 

b tf L3000 

Japan Y500 
Jordan JD150 
KiMH HSJBS 

utwn US$150 


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Pttkttt RMQ 
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Petard 332X00 
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Sw 9 i A*Ca R 12 X 0 
Span Pta2S 
Sateen swe 
SwNz SR&30 
Syria £5000 
TllttB OHUfD 
Tata; 130000 

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THURSDAY 1994 



■ SnStUNO E 

New York lunchtime: _ c 

$ 

1.5671 

t 

London: 


5 

1.566 

(1-57Z5) ( 

DM 

Z4089 

(29958) t 

FFr 

82549 

(8.2284) c 

SR 

24291 

(2-0231) a 

Y 

153.706 

(152226) 

£ Index 

73J) 


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DM 

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SR 

1.29635 

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London: 

E 

W 

15383 

P-5235) J 

FFr 

52715 

(5J3Z7) J 

SR 

129S8 

(1.2865) J 

Y 

98.155 

(96.805) “ 

S Index 

SLZ 

PIJ) - 

Tokyo dose Y B7.45 


$7bn CBS-QV C merger called off after rival bid 


By Martin Dickson In New York 

A proposed $7bn merger between CBS, 
the US television broadcasting network, 
and QVC, the cable television shopping 
channel headed by Mr Barry Diller, col- 
lapsed yesterday in the face of a rival 
£L2bn bid for QVC by Comcast, one of 
the US's leading cable television service 
companies. 

Comcast, which is one of QVC’s three 
largest shareholders, with a 15 per cent 
stake, surprised Wall Street late on 


Tuesday night with news it strongly dis- 
liked the CBS-QVC merger and was 
itself launching a cash and stock bid for 
QVC worth around $44 a share. That is 
substantially higher than the $38 a share 
offer for QVC announced by CBS two 
weeks ago. 

CBS said yesterday it would not pur- 
sue the acquisition of QVC and would 
instead launch a cash tender offer for up 
to 3.5m CBS shares - about 20 per cent 
of its fully diluted stock outstanding - 
at a price of $325 a share. Ihe move will 


cost about $l.lbn, which is about the 
size of CBS’s cash pile. 

The tender was viewed by Wall Street 
as designed partly to protect CBS's 
share price following the collapse of the 
QVC deal, which had been viewed very 
positively on Wall Street and included a 
cash distribution to shareholders of $175 
a share. 

CBS stock rose $10 to $310 in morning 
trading, while QVC jumped $6 to $42 and 
Comcast dropped Sift to $14£. 

Comcast said it would sell assets or 


bring in partners to finance its offer for 
QVC, which analysts said would stretch 
its finances. However, it denied sugges- 
tions that it was interested more in 
derailing the CBS deal than consummat- 
ing a QVC takeover. 

Still, yesterday's developments left 
both CBS and QVC as sitting targets for 
bids from other media companies and 
raised a question mark over the future 
of Mr Diller. one of Hollywood's top pro- 
gramming talents, who joined QVC 18 
months ago. 


He aimed to use its television shop- 
ping business as a springboard to build a 
broad-based, multimedia television pro- 
gramming empire. Under the CBS 
merger agreement, he would have 
become chief executive of the combined 
group. 

Mr Ralph Roberts, chairman of Com- 
cast, and his son. Brian, chief executive, 
played an important part in persuading 

Continued on Page IS 
Lex, Page 18 


Penalties total $158m 


Price-fixing 
cartel given 
record fine 
by Brussels 


By Emma Tucker In Brussels 

The European Commission 
yesterday imposed record fines 
on 19 carton-board producers 
which had allegedly formed what 
it described as Europe’s “most 
penurious” price-fixing cartel. 

Suppliers of carton-board in 
western Europe face fines total- 
ling Ecul32.l5m <$15&58m) with 
the cartel’s “ringleaders" bearing 
the brunt. Iggesund, the packag- 
ing unit of the Swedish forestry 
products group MoDo. will pay 
the biggest single sum of 
Ecu22.75m. All 19 companies 
must pay the fines in the next 
three months. 

Mr Karel Van Mtert competi- 
tion commissioner, said “the 
massive cartel” flagrantly vio- 
lated European laws. The com- 
mission described how partici- 
pants met in luxury Swiss hotels 
to agree price rises and concealed 
their illegal activities by drawing 
up bogus minutes of their meet- 
ings to cover only “innocent” 
subjects. 

Exercising strict discipline and 
making virtually no written 
notes, the companies were said to 
have carefully orchestrated price 
increases every six months. Hav- 


ing decided what the market 
could bear, one company would 
lift prices, followed on agreed 
dates by the others. 

On each occasion, between 1967 
and 1990. prices rose by 6-10 per 
cent The commission said that 
often the increases were forced 
through against “determined cus- 
tomer resistance” and in spite of 
a fall in raw materials prices. 
Laggards were pressed by the 
other companies into raising 
their prices to the agreed levels. 

The companies involved are: 
Bu chmann, Europa Carton, 
Gruber & Weber, Laakmann and 
Moritz J Weig of Germany, Cas- 
cades Papeteries de Laucey 
of France, Enso-Gutzeit and Finn- 
board of Finland, Fyskeby, MoDo 
and Stora of Sweden, BPB De 
Eendracht and KNP BT of the 
Netherlands. Mayr-Melnhof of 
Austria, Rena of Norway, Sarrio 
of Italy. SCA Holding of the UK, 
and Enso Espafiola of Spain. 

The case is the third incident 
in which a cartel has been fined 
by the European Commission 
this year for distorting competi- 
tion in the single market In Feb- 
ruary, Brussels fined 14 steel 

Continued on Page 18 



Bosnian president Afrja Izetbegovic tells French foreign minister Alain Jnppd (left) and his UK counterpart Douglas Hurd (centre) that he 
does not like the latest peace plan. However, he said he would accept it because the alternatives were worse Report Page 3 


Ar -w v f wnfl ftrw 


Santer willing to be Delors successor 


By Lionel Barber In Brussels and 
David Marsh and Roland Rudd 
in London 

Mr Jacques Santer, the 
Luxembourg prime minister who 
has risen from rank outsider to 
frontrunner to succeed Mr Jac- 
ques Delors as president of the 
European Commission, yesterday 
declared himself available for the 
job. 

But as momentum behind the 
Santer candidac y appeared to be 
increasing, a Financial Times 
poll of newly-elected members of 
the European Parliament showed 

little enthusiasm 

Euro MPs must vet the choice 


of Commission president next 
week. Mr Santer - viewed as a 
safe but uninspiring choice - 
said yesterday he would accept 
the post on condition that the U 
other member states reach a con- 
sensus on appointing him. 

However, an FT telephone sur- 
vey of 150 members of the 567- 
strong European parliament 
showed he was well down the list 
of candidates favoured by the 
Strasbourg assembly. Under 
Article 158 of the Maastricht 
treaty, heads of government are 
allowed to nominate the Commis- 
sion chief only “alter consulting 
the European parliament”. MEPs 
meet next week to consider the 


choice. Chancellor Helmut Kohl 
of Germany - current holder of 
the rotating EU presidency - 
meets parliamentary leaders 
tomorrow. 

leading members of the Stras- 
bourg assembly doubt that par- 
liament would oppose Mr Santer 
next week. Since he represents 
the Social Democratic end of the 
Christian Democrat political 
spectrum, he is likely to gain sup- 
port among the two main politi- 
cal groupings at Strasbourg. 

However the lack of enthusi- 
asm displayed for Mr Santer in 
the FT poll, conducted by tele- 
phone between July 8 and 13. 
indicates the possibility of set- 


backs next week. The survey, 
conducted among a sample of 59 
Socialist MEPs. 52 Christian 
Democrat-leaning members, u 
Liberals, five Greens and 23 
assorted and unattached mem- 
bers - puts Mr Santer in joint 
eighth place in the list of 
favoured candidates. 

Mr Delors and Mr Giuliano 
Amato, a former Italian prime 
minister, topped the poll ahead of 
Mr Jean -Luc Dehaene. Mr Ruud 
Lubbers and Mr Felipe Gonzalez, 
the Belgian. Dutch and Spanish 
prime ministers. 

MEPs show little support Page 3 
The real Delors, Page 16 


Cola price 
war breaks 
out in Japan 

By Emiko Terazono in Tokyo 

Coca-Cola Japan, the subsidiary 
of the US soft drinks company, 
has been pulled into a cola price 
war to itefend its market against 
lower priced retail brands. 

Facing greater competition 
from cheaper colas sold by lead- 
ing supermarkets, the company 
has imported 300,000 cases of 
Coca-Cola from the US to sell at 
reduced prices in supermarkets 
and fast food outlets in the 
greater Tokyo area. 

The cola price war. new to 
Japan, has already hit North 
ica and Europe, where 


Although the bulk of Japnese 
oca-Cola sales are made 


Ito-Yokado, a leading super- 


produce soft drinks. The 


Continued on Page 18 


BnpnnNnw V 

MmUc na l N ew s... 6 

Anwar News 4 

Worid Trade New# 4 

Watt Cup 5 

UK tows ® TetJTKtoyy- 

RBOffc 
Abetter 


Glaxo in investment 
shake-up after losses 


By Richard Waters In New York 

Inves tme nts in complex fingnrfal 
instruments have cost Glaxo, the 
UK pharmaceuticals group, 
around £100m ($lfi2m) in recent 
months, the company indicated 
yesterday. 

Glaxo also said it bad switched 
control of its £ZL2bn investment 
portfolio from its own 10- 
member. Bermuda-based invest- 
ment management group to out- 
side experts. “We are going to 
concentrate on pharmaceuticals 
from now on, rather than invest- 
ment banking,” the company 
said. 

Glaxo’s losses stemmed from 
the investment of its huge cash 
pile, rather than from trading in 
financial markets, which has 
been the cause of wetHpublicised 
losses at other companies such as 
Procter & Gamble. 

The losses are believed to have 
arisen almost entirely from the 
company's holdings of structured 
bonds, which amounted to 10 per 
cent of its investment portfolio, 
and collateralised mortgage obli- 
gations, which have been 
reported at $600m. 

Structured bonds are instru- 
ments whose returns are tied to 
some other factor, such as the 
relationship between two interest 
rates, while CMOs are securities 
created from mortgage-backed 
bonds which carry greater risk 
(and potentially greater rewards) 


than standard instruments. 
Though not strictly derivatives, 
these securities can share many 
of the characteristics of such 
instr ument s, since they bring a 
leveraged exposure to a change 
in interest rates or other market- 
moving event 

A number of big investors in 
the CMO market in the US have 
reported substantial losses in 
recent months. 

Hie head of Glaxo’s investment 
management activities, Mr John 
Hignett, a former managing 
director of Lazards and bead of 
the City’s Takeover Panel, retired 
in March 

His departure was not related 
to concerns about the quality of 
the investments, Glaxo said. 
However, after his departure, Mr 
John Coombe, the company's 
finance director, launched a 
review of the company's invest- 
ments which revealed the losses, 
the company said. 

The company refused to con- 
firm directly that it had lost 
£i00m. 

However, it said: “That is what 
the market thinks if the board 
thought the market was wrong, it 
would make a statement" The 
losses were broadly in line with 
the decline in bond markets in 
recent months, or about 5 per 
cent, he added. 

The scale of the losses could 
grow further as Glaxo moves to 
sell its securities. 


CONTENTS 



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.-.pt 


O THE FINANCIAL TIMES LIMITED 1994 No 32.418 Week No 28 


LONDON ■ PARIS - FRANKFURT - NEW YORK - TOKYO 



Evary business wants to be close to its customers. 
And when you're located in the Slack Counry 
that's exactly where you wffl be. 

The Black Country is right in the 
middle of virtually everywhere. Which 
ntMns you can be almost anywhere in 
a single day's HGV drive. 

While to help you on the road, there's 

■a. 

quick access to no leg than five main 4 

motorways. The M5. MS, M54, M42 and M40- 

TEUPHOHE 021-511 2000 



Of course, yetting to and from the 

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Moving in is just as straightforward. 
From planning to funding, the 
Blade Country Development 
Cur potation wifl make sure you're up 
and running with the minimum 
of fuss. 

So. where better for a business to be 
than at the centre of things? 


BLACK COUNTRY 

orvckorMiNT corbohatiph 


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/ 






FINANCIAL TIMES THURSDAY JULY 14 1994 


NEWS: EUROPE 


Water group faces funding inquiry 


By David Buchan in Paris 

The French justice ministry said 
yesterday it had asked police to con- 
duct two “prelimiirary*’ inquiries into 
alleged irregularities by Compagnie 
Gdudrale des Eaux (CGE), the con- 
struction, utilities and comm uni ca- 
tions group, in ftmdh^g political par- 
ties. 

CGE yesterday denied one allege 
tkra that it had paid money to a com- 
pany associated with the Communist 
party for what CGE knew to be bogus 
services, but said that it understood 
that police were inquiring Into 
whether it had exceeded the 
FftSOO.QOO (£60,240) fimft on what a 


mm puny and of its subsidiaries 
can give political parties per year. 
CGE has MOO subsidiaries. 

Meanwhile, France's other big con- 
tracting-communications group, 
Lyonnaise des Eaux, said ft had yes- 
terday brought a libel soft against Jfir 
Thierry Jean-Pierre, a forma: magis- 
trate, who last month was elected to 
the European parliament. In May Mr 

Jean-Pierre published a document 

^flhmwg that “80 per cent of political 

corruption was organised by two Mg 
groups. ■ . -carrying out services for 
public authorities’’. 

Lyonnaise des Eaux said the refer- 
ence was “sufficiently clear and pre- 
cise for a large number of newspa- 


pers to designate it I&e company] 
without hesitation*. It complained 
that these “groundless" allegations 
had caused “real prejudice" to the 
company’s interests. The share prices 
of Lyonnaise des Eaux and CGE Cell 
immediately after Mr Jean-Pferre’s 


former local managers of CGE and 


Police interes t in CP E’s politic al 
funding stemmed from a corruption 
investigation in the French te r ri tor y 
of Rguxrion in the Indian Ocean. A 
magistrate there, in his investigation 
of alleged kickbacks in the awarding 
of building and waste treatment con- 
tracts, has formally c ha rg e d the far- 
mer Socialist mayor of St Denis, the 
Island’s capital, as well as c urren t or 


Pursuing his inquiries at CGE*s 
offices in Paris in March, the 
Rotation magistrate came across 
some company papas, tmrriatefl to 
the St Dads affair but which be con- 
sidered suspicious enough to pass on 
to Paris prosecutors. These papas 
form the starting point of the police 
inquiry that the justice ministry con- 
firmed yesterday. This week’s edition 
of the Canard Enchain* satirical 
paper claimed that Mr Pierre MCbaig- 
uerie, the justice minister; was defib- 
erately restraining the inquiry hy ref- 
using to call in as investigating 
m agistra te at *hfc stage. But a minis- 


try spokesman said yesterday it was 
first important for police to check 
whether there was “any reality to the 
suspected infractions". 

CGE, which under French law 
would only have a right to see the 
results of any pofice or magistrate's 
investigation if formal c ha rges were 
b ro ugh t, said it believed the allega- 
tion of irregular fttmting of political 
parties related to 1992, the test year 
for which parties had filed full 
a ccounts. But In the 1993 parliamen- 
tary elections it said it had only 
given FFrllm oat of the national 
KFrMbn total that went to candi- 
dates. "This A8 per cent of the total 
Is derisory," said a spokesman. 


Kuchma 
seeks to 
bridge 
divisions 

By Chrystta Freeland bi Kiev 

Ukraine’s presidentelect, Mr 
Leonid Kuchma, yesterday 
sought to unite his divided 
potion and Mfrinn hfa commit- 
ment to Ukrainian indepen- 
dence and economic reform. 

In his first public appearance 
since his victory at the polls, 
an ebullient Mr Kuchma said: 
“I have never suggested that 
Ukraine should return to the 
Russian empire.” 

Pointedly, he spoke only in 
Ukrainian, even in response to 
questions addressed to him in 
Russian. “1 win work only for 
the benefit of nKtependent, sov- 
ereign. Ukraine,” he said. 

Mr Kuchma aim haM out the 
hope that £hg contested Crimea 
peninsula - the most danger- 
ous flashpoint in Qkrainian- 
Rossian wflatiftns and the most 
serious challenge to the integ- 
rity of the Ukrainian state 
-will be appeased with his 
electoral victory. “Crimea has 
voted for Ukraine," he said, 
aUrating to the region's over- 
whelming support for his can- 
didacy in Sunday’s pdDL 

He made encouraging prom- 
ises to potential western inves- 
tors and welcomed the Choup 
of Seven industrialised nations’ 
offer of $4hn in aid to Ukraine 
if it begins market reforms, bub 
he refosed to commit himself 
on the controversial issue of 
the country’s ™ dear status. 

T will refer to the nuclear 
question in the future, but first 
we must analyse it in greater 
detail,” he said, in answer to a 
question as to whether Ukraine 
wifi sign the Nuclear Non- Pro- 
liferation Treaty, which 
expires this year. 

Mr Kuchma said his priority 
would be to act an his cam- 
paign promise to revive the 
economy, beginning with 
changes to Ukraine’s punitive 
taxation policies and its fixed 
exchange rate system which 
often makes exporting unprof- 
itable. 

"The more we tax the less 
money we get in the state bud- 
get,” he said. “The current tax- 
ation system is killing busi- 
ness. If we stop doing that I am 
confident that more money 
will flow into the government’s 
cofiars.” 

Before implementing his eco- 
nomic pn^ramme, Mr Kuchina 
must assert his control over 
Ukraine’s government, thrown 
into confasion by the unex- 
pected defeat of President Leo- 
nid Kravchuk. The president- 
elect struck an initially concil- 
iatory tone, promising that 
there would be “no witch 
hunt”. He also said he had met 
Mr Vitalii MasoL the prime 
minister, and was prepared, for 
the time being, to weak with 
Mm , although there would 
soon be changes in the cabinet. 

Behind the placatory 
phrases, however, were signs 
that iwfa he has established 
himself in office, Mr Kuchma 
intends to role Ukraine with a 
strong hand. “I did not take 
power in order to give it 
away," he told reporters. 


Struggle for control of TV in Italy 

Robert Graham in Rome surveys the battlefield as new RAI board takes over 


A new five-strong board 
yesterday took control 
of the RAI, Italy’s state 
broadcasting corporation, amid 
a growing debate within the 
country over control of the 
media by the government 
Tins is the first European 
administration whose prime 
minister, Mr Silvio Berlusconi, 
not only owns television inter- 
ests but controls almost half 
fhr> nation's airtime through 
his Fmmvest wiadfa empire. 

The board was approved late 
an Monday as a result of a 
compromise between Mr Ber- 
lusconi’s Forza Italia party and 

fhn (tfter two tnairt pa rtrinif ff jn 
tiro right-win g raaKHmi — fhp 
populist Northern League and 
the neo-fascist MSI/Natlonal 
Alliance. 

The members include a 
medieval historian, a promi- 
nent female stockbroker, and 
businessmen dose to Confin- 
dustria, the industrialists’ 
organisation. Their back- 
grounds reflect a sharp s win g 
away from the cultural influ- 
ences inspired by the left in 
the post-war era. 

They displace a t ransitional 
team, dubbed, the professors 
because of their academic 
backgrounds, which, was 
appointed last year to manage 
the RAJ, pending the outcome 
of general elections and an 


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'flaBthy • 

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eventual r efo rm of broadcast- 
ing. Its mandate was due to 
run until 1995. 

As he prepared to hand over 
the chairman’s office, Prof 
Claudio Dematte was less con- 
cerned at his enforced depar- 
ture than that of the in-defined 
future of television. "A year 
ago, on July 13, 1 accepted tins 
job - to act like a civil servant 
carrying out a transitional role 
at the RAI," said the 52-year- 
old, Harvard-educated profes- 
sor of business administration. 
“The government is perfectly 
entitled to change the RAL But 
the way it was handled was 
unfortunate.” 

President Oscar Luigi 
Scalfaro was obliged to inter- 
vene so as to prevent Mr Ber- 
lusconi exercising direct con- 
trol over the appointment. 


leaving it in the hands of the 
speakers of the two houses of 
parliament. As a result, the 
league has ensured that the 
board is not completely under 
the thumb of Mr Berlusconi. 

“As a teacher of business 
administration, the first thing I 
tpTi students is that the share- 
holders of a company must 
entrust managem ent with a 
clear mission... But the new 
management has not yet had 
its role defined,” said Prof 
Dematte. 

So far, the government has 
only talked of improving the 
RAI’s finances - the formal 
excuse for sacking the board. 
With losses of L479bn (J317m) 
and outstanding debts of 
Ll,496bn in 1993, no-one dis- 
putes the foMTwnai fragility of 
the RAL But a savage cost- 


cutting programme is under 
way that includes a 15 per cent 
reduction in staff and the end- 
ing of abuses of overtime and 
foreign travel. By 1995, a mod- 
est surplus is prcgected. 

With what seems a reason- 
able restructuring plan in 
place, it is hard to escape the 
conclusion that the govern- 
ment is more interested in 
exercising control over a 
medium which every Italian 
watches for as average of four 
hours a day. Control in this 
sense is not simply a question 
of the political content - just 
as important is the ability to 
shape the RATs fixture and 
decide whether the state 
should retain a presence in 
broadcasting. 

“RATs three channels are 
too many." said Prof Dematte. 
If changes are to be made, he 
argues, the government should 
clarify whether the RAI either 
continues to offer a broad 
base of programmes or concen- 
trates on specific and minority 
interests. 

For instance, the focus could 
he otx news, current nffalw and 
culture, ignoring entertain- 
ment Or it could operate one 
general chamnrf and other spe- 
cialised Ch»TWH»fa. (sport, film*. 
etc.). At present, Finin vest's 
channels are heavily oriented 
towards entertainment, pres- 


enting almost 40 per cent more 
hours of fnmR, chat shows and 
soaps. Its news side loses 
money. 

Prof Danatte insists that any 
changes in the structure of the 
RAI must take account of Fin- 
invesfX own throe commercial 
channels. There is an effective 
duopoly between the RAI and 
Fininvest, where both have 
been conditioned by competing 
against each other.” Ferocious 
competition in the late eighties 
forced up the cost of each 
other's stars and imported pro- 
grammes. 

“Whatever service you take 
from the RAI potentially bene- 
fits the competition,” claims 
Prof Dematte. This also applies 
to advertising, Fininvest being 
especially sensitive to the 
RATs 7.2 pea: cent increase in 
advertising revenue when the 
market was stagnant in 1993. 

Thus the re fo rm of the RAI 
inevitably raises a conflict of 
interest between Mr Berlusconi 
reshaping state television and 
his continued ownership of 
Fininvest. Beyond this, as 
emphasised in a debate staged 
on Tuesday in Milan by Mr 
Indro Montanelli, a veteran 
ne ws p a per editor, it raises the 
issue of toe lack of an adequate 
system of chgrffs and balances 
on government attempts to 
control the media. 



Police break up protest at German nuclear waste site 


By Quentin Peel in Bom 

Several hundred German 
police moved at dawn yester- 
day to dear some 400 protest- 
ers from a makeshift village 
outside Germany’s proposed 
nuclear waste disposal site, in 
an escalation of the campaign 
against nuclear energy. 

The confrontation comes as 
the first delivery of highly 
radioactive nuclear waste is 
expected at toe remote Gorie- 
ben plant on the banks of the 
river Elbe, where it is supposed 
to be stored temporarily pend- 
ing a legal decision on how to 
dispose of such waste perma- 
nently. 

Fears of violence evaporated 
when police approached 
the impromptu roadblocks 


unarmed, mill top demonstra- 
tors offered only passive resis- 
tance. But they had to be car- 
ried away from the site before 
bulldozers moved in to clear 
the road. 

ft was uncertain last night 
how soon nodear waste deUv- 
eries could start, because toe 
protesters had dug tunnels 
under the entrance roads at 
the Gorieben rite, although the 
storage plant itself is protected 
by massive security fences. 

Failure to resolve the ques- 
tion of nuclear waste disposal 
in the face of anti-nuclear pro- 
tests has left the industry's 
fixture in Germany in doubt 
Attempts to negotiate an over- 
all energy consensus, involving 
the electricity industry and 
state and federal governments 



• 0 

Mm 

UO | 

y 



f 

Mn 

— ’. 

J.. 

i 


have broken down. Local 
authorities ami the Lower Sax- 
ony state government have 
be*m pitted against the federal 


government in Bonn, causing a 
stalemate over waste disposal 
plans for almost 20 years. 

The Lower Saxony authori- 


ties, who are in control of the 
state’s police under the Ger- 
man federal system, instructed 
them this week not to charge 
protesters with any offence. 
But the local council in the 
Gorieben area hawnprf any pub- 
lic assembly, giving police the 
excuse to move in. 

Low-level nuclear waste is 
already stored at toe Gorieben 
site, but temporary storage of 
high-level waste has been 
blocked by repeated and 
extended planning inquiries 
organised by Ms Monika Grie- 
fahn, tbe Social Democrat envi- 
ronment minister in Lower 
Saxony. 

She admitted recently her 
efforts had been exhausted, 
and the first vitrified glass con- 
tainers of high-level waste 


from the Philippsburg nuclear 
reactor in Baden-WOrttemberg 
are expected imminently, with 
toe approval of Mr Klaus TOp- 
fer. environment minister in 
Bonn. 

The socalled Castor contain- 
ers are to be kept in a huge 
warehouse, in conditions of 
strict security, pending a deci- 
sion on permanent disposal. 
That has hitherto been banned 
under German law, which 
favoured recycling. In the 
meantime, most nuclear waste 
from Germany’s midear power 
stations is bring sent to repro- 
cessing plants in France and 
Britain, to be converted into 
plutonium and re-used in toe 
nuclear system. 

Any question of permanent 
disposal of nuclear waste at 


Gorieben - in a salt mine cur- 
rently bring dug for the pur- 
pose - remains in doubt 
because of opposition of focal 
authorities. The Lower Saxon; 
government wants to link am 
decision on use of the site to a 
comprehensive {dan to phasa 
out all nuclear power produc- 
tion in Germany. 

Until German authorities at 
state and national level can 
agree on nuclear waste dis- 
posal, the industry will depend 
on its reprocessing contracts 
with France’s Cogema and 
BNFL’s Thorp plant at SeHa- 
fteld to recycle waste. Bid if 
they reach, agree me nt on the 
Gorieben project, a second 
phase of those contracts after 
the year 2000 may he unnec- 
essary. - 


Japanese cars lose ground in Europe 


By Kevin Done, 

Motor Industry Correspondent 

Japanese carmakers have 
suffered a heavy loss of market 
share in the west European 
new cm market in the first six 
months this year, their compet- 
itiveness hit hard by the rapid 
appreciation of the yen. 

Overall sales have risen by 
6L8 per cent to 6J5m from 6-0an 
in the corresponding period a 
year ago, according to industry 
estimates. Sales by Japanese 
carmakers, by contrast, have 
fallen by 58 per cent to an 
estimated 712,000 depressing 
their share to 11 per cent from 
12.4 per cent a year ago. 


Seven Of the eight Japanese 
manufacturers in the west 
European market have seen 
volumes fall in the first six 
months — Suzuki «nd Daihatsu 
have both lost over a fifth. 

Last month, total sales rose 
in west Europe by an esti- 
mated 12J9 per cent to 1.065m 
from 943300 a year ago. The 
recovery has strengthened sig- 
nificantly In the past two 
months, mud new car car sales 
in west Europe have been 
hi gher then a year ago in five 
of toe past six months. 

Last year, they fell by more 
than 15 per cent, the steepest 
annual decline in toe post-war 
period. 


In June sales were higher 
than a year ago in all 17 mar- 
kets across west Europe led by 
the UK, Spain and Scandina- 
via. In the first half of the year, 
sales were lower than a year 
ago in only four markets - 
Italy, Austria, Portugal and 
Greece - while sales in Ger- 
many rose only marginally. 

Significantly, demand has 
picked up in the past two 
months in both Germany and 
Italy, the leading European 
volume markets. Sales hi Ger- 
many in June rose year -on- 
year by an estimated 58 per 
cent; in Italy by 7J per cent 

Four of the big six volume 
carmakers in the west Euro- 


pean market - General Motors 
(Opel in continental Europe 
and VanxhaH in toe UK), Peug- 
eot Citroen, Ford and Renault 
- have all gained ground. 
Peugeot sales have risen by an 
estimated 13.1 per cent in toe 
first six months helped by 
recovery of the French market 


Vol ksw agen is suffe ring from 
weak demand for VW and 
Audi, but has seen sales rise 
for Seat and Skoda, its Spanish 
and Czech subsidiaries. Some 
of the biggest gains have been 
achieved by the specialist 
makes, Mercedes-Benz, Saab, 
Volvo and Rover. 


The more you travel , the more you feel Meridien. 



The newly renovated Le Parker Meridien 
in New York offers business travelers a first- 
doss experience found only in the finest 
holds of Europe. From Chtb La Paquette, 
our fitness center, toShm's, our fusion cui- 
sine restaurant, our service and amenities 
are superb. Close to Carnage Bad, Lincoln 
Center, Central Park and Fifth Avenue 
shopping, Le Parker Meridien is the soul 
Of Europe in the heart of New York. For 
reservations or information, please call 
44-71-439-1244. 


MERIDIEN 

L - NEW YORK 

118 V.STtb St. 

New "fork, NY 10019 





WEST EUROPEAN NEW CAR REGISTRATIONS 






Vokm 

Vokm Shim (%) 

Share (%) 



Changafk) Jan-Jui 9t 

•hn-Jun9S 

TOTAL MARKET 

8/100,000 

+&a 

IQOlO 

1008 

MANUFACTURBlSt 

- 




Volkswagen group 

1JWBJ00O 

+3JS 

1B4 

168 

- Volkswagen 

694,000 

403 

10.7 

11.4 

- Seat 

173.000 

+23-9 

2.7 

23 

- Audi 

169,000 

-2-2 

26 

28 

- Skoda* 

30.000 

+19.1 

08 

04 

General Motors* 

MOjUM 

+7J5 

128 

123 

- OpeWauxhaB 

805,000 

409 

124 

124 

- Saab”* 

27,000 

+328 

0.4 

03 

PSA Peugeot Citroen 

ftiejioo 

+13.1 

128 

118 

- Peugeot 

488,000 

+10-0 

78 

73 

- Citroen 

328,000 

+18.1 

5.1 

48 

Ford group# 

758,000 

+06 

11.7 

118 

- Ford 

753,000 

405 

118 

11.4 

- Jaguar 

6,000 

+38 

0.1 

0.1 

Rat group*# 

748JM0 

+4-5 

118 

118 

- Rat 

579,000 

+78 

88 

S3 

- Lancia 

99.000 

-02 

18 

1.7 

- AHa Romeo 

64,000 

-04 

18 

12 

Renault 

eeajooo 

+9L3 

108 

104 

BMW group 

389 ,000 

+7J0 

6.1 

68 

- BMW 

201,000 

+1.1 

21 

33 

- Rower 

198,000 

+138 

38 

29 

Mercedes-Benz 

229,000 

+29.7 

38 

27 

Nissan 

210,000 

-1.6 

3.2 

3.5 

Toyota 

168,000 

-3.4 

26 

28 

Volvo 

111,000 

+25.3 

1.7 

13 

Maria 

102J00 

-8.4 

18 

18 

Honriaf 

86,000 

+6jO 

18 

13 

MBsuUsM 

66JH0 

-16.4 

1.0 

13 

Suzuki 

44.000 

-218 

0.7 

0.9 

Total Japanese 

712(000 

-58 

118 

124 

MARKETS; 





Germany 

1,762400 

+0.7 

27.1 

28.7 

Italy 

1,058,000 

-2.6 

168 

173 

United Kingdom 

956,000 

4-14-0 

14.7 

138 

France 

938.000 

+168 

144 

134 

Spain 

455.000 

+198 

78 

63 

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Services take 
lead in Russia 


By John Lloyd In Moscow 

Services are now co n tribut in g 
more to the Russian .economy 
than manufacturing - a 
remarkable sign that reforms, 
painful and s tfn far from com- 
plete, may be working. 

Figures from the state 
agency Tosaomstat reveal a 
momentous shift in an econ- 
omy which in Soviet times was 
expressly dedicated to produc- 
tion. It means that Russia is 
now developing the begin- 
nings of a profile associated 
with advanced economies - 
where services account for a 
higher proportion of gross 
domestic product and employ- 
ment than making things. 

However, it appears that 
much of the improvement is 
due to the informal or “grey" 
sector of tbe economy, so 


rose from jost over 30 per cent 
to 40 per cent of the total. For- 
eign investments in the period 
was only 3280m. 

At the same time, toe. fig- 
ures draw that real disposable 
income has gone up by scone 
10 par cent over the same time 
last year. 

Experts now in Moscow on 
missions from the main into-- 
national Wnnm*lnt jprtHnHml 
say the apparent paradox of 
tumbling production and ris- 
ing income is explicable in 
large part because of the 
growth of the “tofarmaT sec- 
tor, which remains largely a 
matter for estimations. 


no taxes and parts of It may be 
wholly criminalised. Studies of 
this sector differ as to its size, 
but the average estimate Is 
that it may account for around 
25 per cent of gross domestic 
product. 

Hie figures for the first six 
months for this year showed 
that services of alt kinds gen- 
erated nearly 50 per cent of 
GDP estimated to total 
Rbs245,000fan. Manufacturing 
output, by contrast, contrib- 
uted 42.5 per cent and has 
declined by mane thaw 25 per 
cent in the first half of 
year. Engineering was particu- 
larly hard hit, felling by about 
44 per cent on the first six 
months of last year. 

Investment shrank by 27 per 
cent in the first half, but the 
share of Investment in private 
and semi-private enterprises 


THE FINANCIAL TIMES 


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Financial T*m LuMrt. N water toe 

Sotufcwrfc Bridge, Lmfan S61 

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tabut Cata I. Hitter BUnl tJ*** 
ISSN: ISSN 1140-2753- “ 

No 670OSD. 


DENMARK 
Financial TSaoa 
Anted 42A. DR. 1161 




* -• 


Germans on parade for 
Bastille Day in France 

Oiancrilor Helmut Kohl has invited three leading Germans wife 
links to the resistance against Hitler to come with 1dm to Agfa 
today to attend France's Bastifie Day criehrations. when Genaih 
troops - among them soldtas of the 1 0th Panur Division fife* 
tsred above yesterday outside Paris - win join tin parade far 
the first time since the second world war as members of fee 
Eurocorps, writes Quentin Fed in Bonn. Mr BwaU-Hehuidi ion 
Debt was a junior officer involved in the July 20, 1944 conspir- 
acy to assassinate Hitler, and his father was ex ecute d for Ms 
put in toe resistance. Mr Dans von Dohnanyl, former WA 
mayor of Hamburg, and Mr Manfred RunmeL the ford mayor of 
Stuttgart, will also attend. Mr von Dohnanyi’s father was Ufa* 
dered in Flossenburg c on centration camp, while Mr Romanfi 
father. Field Marshal Erwin Rommel, was forced to oonmdt 
suicide for his links to toe July 20 plotters. 


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EUROPEAN NEWS DIGEST 


Alitalia, unions 
reach accord 


The mnagement of AEtalia, Italy's state-run national airline, 
yesterday readied a ground-breaking agreement with tha mum 
trade unions that involves the ending of damaging restrictive 
labour practices. The outline agreement follows a strike on 
Itonday and series of wildcat strikes which caused chaos to 
Alitalia's operations last week. The deal centres on a commrt- 
ment by unions to end their ban on cabin crew being allowed 
t o swi tch between different types of aircraft, inng pr working 
hours, an unspecified cvxt in wages and a freeze on pay 
increases through to 1996 plus a stop on new recruitment. 
Against this, redundancies among ground staff, originally 
planned at 4,000, win be L570. But this figure does not include 
800 people approved for early retir ement by the previous 
Qarapi government and natural wastage envisaged at about 
800 a year during the course of the three-year restructuring 
plan. Yesterday Alitalia declined to give details of the agree- 
ment, which most now be put before union members for 
approval. Suita, the militant cabin crew union, me nded from 
the negotiations and which caused the wildcat strikes erf last 
week, said it would reject the deaL Its members, ffnmo 300 
strong, also said they would go ahead with plan ned strikes on 
July 21 and 22. Robert Graham, Rome 


Russians 'money-laundering’ 


Minions of pounds have beat laundered by crtmmals 

through banks in the United Kingdom since Russia's moves 
towards market and currency liberalisation, a senior UK law 
enforcement official announced yesterday. Mr Albert Pacey, 
director-general of the National Criminal inteTiigprw-p Service, 
told reporters to Moscow that of 13,000 “suspicious” transac- 
tions reported by UK financial institutions last year, 200 
involved funds from the Russian Federation. “That is not a 
large number but what distinguisbes them were the 
of money involved - from half a mflbnn pounds to several 
million pounds,” he said, speaking after mee tin g * to 

build a working relationship with Russian law enforcers. 
Ley la Boulton, Moscow 


Austria poll set for October 9 


The Austrian government has called general elections for 
October 9 and European elections will be held early next year, 
after Austria’s January 1995 admission to the Ehzropean Union, 
interior ministry officials said yesterday. Austria's maHtinn 
government led by Chancellor Franz Vranitzky’s Social Demo- 
crats (SPOe) with their junior partner, the conservative Peo- 
ple’s Party (OeVF), was successful in securing a Yes vote in 
the referendum on BU membership to June, but the SPOe 
hired badly in regional elections in March. Austria’s for ri gh t 
Freedom Party (FPOe), led by JOrg Haider and one of the 
par ties opposing EU membership, retained suport at regional 

elections, and Mr Haider fras claimed that those who voted No 

in the referendum will support him in October. The Social 
Democratic party has ruled alone or in malitinn ninca the 
early 1970s, and analysts argue that the SPOe enaHtinn is 
Kkely to hold on after the election. Reuter, Vienna. 


UK, France pressure Serbs 


The foreign ministers of Britain and France yesterday tried to 
tighten the screws on Serb leaders and warned of a wider war 
if rival communities foiled to endorse the plan for Bosnia’s 
partition along ethnic lines. Bosnian Serb leaders fold the 
foreign ministers of Britain and France yesterday they would 
neither endorse jior reject the “last-chance” plan. In mwatinga 
with Bosnian Serb leaders, Mr Douglas Hurd, UK foreign 
secretary, and Mr Alain Jnppfe, his French counterpart, said 
earlier the international community expected Serb forces to 
hand over one-third of the 70 per cent of Bosnian territory 
they hold. Under the plan, the new Moslem-Croat federation 
would gain control over 51 per cent of the war-tom country 
leaving 49 per cent to the Bosnian Serbs. Mr Hurd warned that 
if the plan is rejected, the five nation “contact group” - cun- 
prising the US, Russia, Germany, the UK and France - have 
considered lifting the arms embargo against the MostentCroat 
federation, further tightening of UN sanctions and withdrawal 
of the 18,000-strong UN force from Bosnia. The mMstera were 
later due to meet President Slobodan Milosevic, who they hope 
will join them In persuading Bosnian Serbs to accept partition. 
The Serb assembly - for more radical than its leadership - has 
rejected previous peace plans despite intens e internati o n a l 
pressure. Laura SUber, Belgrade 


UN in $540m Sarajevo project 


Despite the uncertain prospect s for peace in Bosnia-Hercego- 
vina, work is about to begin on a $540m UN coordinated 
action plan for the restoration of essential services to Sara- 
jevo, United Nations officials said yesterday. -Neariy half toe 
money is needed far projects described as “urgent” and sched- 
uled for completion by the end of this year. Immediate priori- 
ties include restoration of the city’s gas supply, water chlori- 
nation, refuse removal, restoration of power fines and repairs 
to schools to time for the autumn term. Mr Edouard R onssalot. 
operations director for the action plan, said over $68m had 
already been raised following a pledging conference in New 
York to June, the three largest donors so for being the US, 
Britain, and Japan. Frances Williams, Geneva 


Riviera beach pollution claim 


Excessively high levels of bacteria from human waste were 
found to the water off four of 11 French Riviera beaches 
tested, environmentalists said yesterday. The Cfreens party 
called for an investigation on whether bathing was safe at the 
four beaches after laboratory tests of water quality were 
conducted at the request cf the Vai Nissa, an associatio n led 
by Patrice Miran, a political leader in tbe region who is also a 
Greens member. The tests, conducted last w eek, fo und levels 
of bacteria well above guidelines set by the European Union. 
Reuter, Nice 


ECONOMIC WATCH 


Portugal’s trade deficit falls 


Portugal’s trade deficit feU 
n M tiM iiil ■ 15.7 per cent during the first 

- • • three months of 1994, com- 

VWtae trad® b«toncd.{E3c. do) .. pared with the same period 
(h6tf.«easOO%«8u3tsc9 • i ast year> to Es300.5bn 

■ (£L2tm), the National Statis- 
f tics Institute said yesterday. 

An LL9 per cent increase in 

■ first-quarter export ea rn ings 
to Es663.2bn strengthened 
signs of recovery after reces- 
sion in 1993 caused mainly by 

" a foil in exports. Spending on 
imports rose 1.4 per cent to 
Es963.7bn. The trade deficit 
with the European Union, 

•-5Q0 1 ’ fc * r* ■ which accounts for 72 per 

.9**'' ■*’ ® 93 94 . ■ cent of Portugal’s foreign 

SomfteABM*. trade, fell 26 per cent to 

Esl788bn for the first quarter. Exports to tbe EU rose 1(18 per 
cent to Es496.7bEL Imports fell by 2.1 per cent to EsOTS^bn. In 
a further sign of recovery, the government yesterday forecast 
an increase of almost 50 per cent in tourism earnings this year 
to about Esl.OOObn. Peter Wise, Lisbon 

■ French M3 money supply shrank 08 per cent in May from 
the previous month, giving a year-on-year foil of 4J. per cent, 
the Bank of France said. 

■ Western Ger man wholesale prices to June rose at their 
fastest pace of the year, rising 08 per cent from May and op 
18 per cent year on year, the Federal Statistics Office said. 

■ Spain's broad M4 money supply rose U.6 per cent to Jun e 
from May, the Ranh of Spain said, while lending to the private 
sector rose 58 per cent from May. 


■-5P0 * < — >■ r 1 — — 

Wi:«' 82 93 94 

'souKxftxA*;- 


MEPs show little support for Santer 


The Maastricht treaty sought 
to strengthen the European 
parliament’s standing by giv- 
ing the Strasbourg assembly 
the right to be consulted on 
the choice of Commission pres- 
ident 

Judging by as FT opinion 
survey carried out by tele- 
phone with 150 of the 587 MBPS 
elected cm June 9 and June 12, 
the innovation could misfire. 

Mr Jacques Deters, the pres- 
ent European Commission 
president, and Mr Gi uliano 
Amato, the former Italian 
{rime minister, top the list of 
favoured candidates. 

Mr Jacques Santer, the Lux- 
embourg prime minister who is 
favourite to be chosen by the 
special summit to Brussels 
tomorrow, comes well down 
thepalL 

When the newly elected dep- 
uties meet next week to ponder 
the new president, there is 
likely to be no more than an 
tmeirthnsiastic endors ement of 
Mr Santer. 

Mrs Pauline Green, the Brit- 
ish Labour Euro-MP who leads 
the dominant sforiaifot group 
at Strasbourg, said yesterday: 
“We want somebody of the 
right stature and ability to deal 
with world leaders.” 

.*?he warned that , under the 
Maastricht treaty “we have a 
constitutional right to veto and 
we’re prepared to use it”. She 
also suggested that “if tbe 
[European] Council can’t 
decide” an a successor to Mr 


Who the MEPs would like as next Commission president 


foeanbmt (More and ttafian ex-PM Amato top popularity Bst 
. Rsmbs fndcaiB number tjf MEPs naming camfidate as frat choice 


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Sotrac FT Pol oMGO let July 8-13. Ffcjuna do not add up to ISO as 10 MEPa 



named another candkbte as ftrsi Ctate* 


Delors “then maybe we should 
nominate someone.” 

Tbe FT*s opinion poll, car- 
ried out between July 8 and 13, 
gives only an incomplete guide 
to MBPS’ sentiment Nonethe- 


less, the sample of 26 per emit 
of MEPs, spread throughout 
the European Union and 
including a representative 
selection of all the Strasbourg 
political groupings, has pro- 


duced tbe first insight into the 
assembly's views. 

MEPs Grom the following 
countries gave firm responses 
to FT researchers conducting 
the poll: Germany (22), UK (33). 


France (15), Italy (20). Spain 
(5), Belgium (9). Ireland (8). 
Netherlands (18). Portugal (12), 
Denmark (4), Greece (4). None 
of tbe six MEPs from Luxem- 
bourg could be contacted. 

A total of 177 MEPs were 
contacted by telephone and 
asked to take part in the poll, 
with 27 declining. Tbe MEPs 
were asked to list in order of 
preference their three favoured 
candidates. Mr Deters was 
given 35 first places, seven sec- 
ond places and eight third 
places. Mr Amato gained 23 
first places. 15 second places 
and six third places. 

Mr Jean-Luc Dehaene, the 
Belgian prime minister, who 
was the leading candidate until 
opposed at the Corfu summit, 
gained 15 first places, 14 sec- 
ond and 14 third. 

By contrast, Mr Santer was 
given first place by only six 
MEPs. with one putting him to 
second place and five in third. 

Mr Helmut Kohl, the Ger- 
man Chancellor and current 
president of the European 
Council, is likely to be told of 
MEPs' hesitancy about Mr San- 
ter on Friday. At Mrs Green's 
insistence, he will then meet 
the leaders of the main politi- 
cal groups to the parliament to 
sound them out before joining 
heads of government at the 
Brussels summit. 

Whoever emerges as the 
European Council's nominee 
from tomorrow's s ummi t will 
be expected to appear before 


the Socialist group in Stras- 
bourg next Tuesday, and then 
the parliament’s full plenary 
session on Wednesday. 


The FT polled 
Euro-MPs on 
their preference 
for Commission 
president. David 
Marsh and David 
Gardner report 


On Thursday. MEPs inn»nH 
to vote on the candidate. 
Although Maastricht entitles 
them only to approve or reject 
the Commission us a whole, if 
the vote were negative or even 
close it could badly damage the 
credibility of the choice. 

The parliament insists all 
members of the Commission be 
named by the end of October, 
and intends to hold individual. 
US Senate-style confirmation 
hearings of the member states' 
nominees before voting on the 
whole Commission in Decem- 
ber. There is no provision in 
Maastricht for these but the 
assembly says it will not put 
ratification of the Brussels 
team on the agenda unless 
they are held. 

Readers requiring more infor- 
mation on the FT poll should 
contact Neil McDonald. FT 
Research Unit. 071S73-33S5. 


OVER THE LAST 7 


YEARS WE'VE INVESTED 


£7 BILLION AND 


BROUGHT 


PRICES DOWN. 




In Britain we manage a vast 
infrastructure which includes a 
network or pipes long enough to 
stretch six and a hair times around 
the world. 


And since privatisation we 
have invested over £7 billion in 
this infrastructure in order to 
bring gas more efficiently to over 
IS million British homes. 


At the same time we have 
managed to bring gas prices down 
by nearly 14% in real terms since 
1987. even after the introduction 
of VAT. And yet while prices have 
gone down, our service standards 
have gone up. 


year alone we received thousands 
of letters ot thanks from satisfied 
customers. 


And we're happy to continue 


but a fair rate oi return and a leve 


vei 


playing held tor competition are 


essential. 


In a recent survey 89% ot our 
customers said they were happy 
with British Gas's service and last 


British Gas 


y 


THE LEADING INTERNATIONAL GAS COMPANY. 


we 





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4 


NEWS: THE AMERICAS 


FINANCIAL TIMES THURSDAY JULY U 1994 


Redesign for 
dollar to beat 
counterfeiters 


By Ken Warn in Washington 

The US Treasury yesterday 
unveiled plans to change both 
the look and security features 
of the dollar, to try to stem the 
rising tide of fake bills. 

This is the first significant 
change to US paper money 
since 1929, when note sizes 
were reduced by 25 per cent 

But, while the dollar may be 
out of favour on the foreign 
exchange markets, it remains 
the currency of choice among 
international counterfeiters. 

No-one knows the full extent 
of their work but Mr Guy 
Caputo, deputy director of the 
US Secret Service, the Trea- 
sury's anti -counterfeiting 

bureau, yesterday estimated 
that, for fiscal 1994, fake bills 
with a face value of some 
$l30m (£82 .8ml would be seized 
overseas and about S70m in the 
US. 

More than S350bn of US 
notes is in circulation, more 
than half outside the US. How- 
ever, the US is becoming 
increasingly concerned at what 
could be destabilising effects of 
counterfeiting overseas, partic- 
ularly from plants in the Mid- 
dle East, officials said. 

Mr Lloyd Bentsen, Treasury 
secretary, rejected suggestions 
that the US should recall its 
existing currency and issue a 
new one. The advantages of 
that, such as fl ushing out crim- 
inals' cash hordes and disrupt- 
ing the laundering of drug 
money, would be more than 
offset by the potential loss of 
confidence in the dollar, said 
Mr Frank Newman, Treasury 
under-secretary for domestic 
finance. 

The US has never demone- 
tised or recalled its currency, 
official after official told the 
House banking committee yes- 
terday as the plans were 
unveiled, nor will it now. 

Older bills will continue to 
be valid but Secret Service 
operations against faking the 
older-style notes would he 
stepped up and destruction of 
old notes, as they wore out, 
would continue until the vast 
majority of bills in emulation 


was of the new design, Mr 

Newman said. 

The Treasury does not 
intend to change the size, col- 
our or portraits on the notes, 
but the central portrait that 
dominates one side of each bill 
will be enlarged and moved off- 
centre. and a battery of new 
security devices will be intro- 
duced, to try to combat ever 
more sophisticated counterfeit- 
ing technology. 

The Treasury plans to intro- 
duce a watermark and an 
enhanced security thread in a 
different position for each 
denomination. Such threads 
were first introduced in 1990 
for $50 and 8100 notes. The 
plans also include increased 
use of microprinting, in the 
design and in reflective mate- 
rial embedded in the paper. 

The new bills would also fea- 
ture “interactive or moire”' 
patterns that distort when cop- 
ied photographically. Covert, 
machine-readable features 
would also be introduced. 

The changes would increase 
the cost of producing an indi- 
vidual note by an estimated 1 
per cent and the first new $100 
notes would be in circulation 
by 1996, officials said, with 
other de Humiliations to follow. 

Despite the fanfare with 
which the Treasury unveiled 
its proposals, officials admitted 
that they are now on a tread- 
mill of introducing new design 
features in efforts to thwart 
forgers. 

“In the future, more frequent 
changes will be required, to 
meet the threat of advances in 
technology, and each change 
will necessitate further public 
education," said Ms Mary Ellen 
Withrow, US Treasurer. 

"Our plan is a preemptive 
step to protect US currency 
from high-tech counterfeiting,” 
Mr Bents en said. 

Although forged bills made 
up only a tiny fraction of those 
in circulation, "we would risk 
eventual dimmishment of con- 
fidence in the Integrity of our 
currency if we did not change 
it to meet Che challenges of a 
new generation of technology," 
he said. 



President Itamar Franco of Brazil (pictured 
above) looks set to order a pay rise for military 
and government employees early next week, 
which would raise serious concern about the 
government's ability to control spe nding before 
the presidential election due in October, reports 
Angus Foster in S&o Paulo. 

Mr Franco has asked finance ministry officials 
to assess the government’s scope to raise 
salaries. A decision is likely on Monday or 
Tuesday. "The president wants an increase; 
it is the size which is being discussed,” said 
bis spokesman, Mr Fernando Costa. 

The president has come under pressure 
from the military, who complain their salaries 
have not kept pace with inflation for many 
years. Mr Rontildo Canhim, a minister with 


dose military links and who has been reviewing 
pay levels, has suggested an average 28 per 
cent rise for most government employees. 

That would lift government spending by the 
equivalent of about S2 jhn (El.Sbn) this year. 

Analysts said the request was optimistic 
but that an; increase at this stage would 
damage the government's credibility. The 
current anti-inflation economic plan needs 
a balanced budget to help convince markets 
that the government will not start printing 
money to pay its bills. 

The president has already proposed an S 
per cent increase in the minimum wage, to 
take effect this year, and a package of 
emergency spending in Brazil's north-east, 
together likely to cost more than SSOOhl 


Bill to outlaw 
replacement of 
strikers fails 

A bill to outlaw the permanent replacement of 
striking workers was thrown out by the Senate 
yesterday, in a blow to US organised labour and 
the Clinton administration, Ken Warn reports 
from Washington. Backers of the bill failed by 
seven votes to muster sufficient support to over- 
turn a Republican filibuster of the bill, meaning 
it is unlikely to be reintroduced this year. 

The legislation, a version of which was 
approved last year in the House, would have 
prevented companies from permanently replac- 
ing workers on strike for more pay. But employ- 
ers would not have been prevented from using 
managers or temporary replacements to con- 
tinue operations during a strike. 

The bill was opposed by US business. “Sena- 
tors understand this bill would have serious 
consequences for the economy and US competi- 
tiveness,” Mr Jeff Joseph, vice-president for 
domestic policy at the US Chamber of Com- 
merce, said. 

Unions pushed for the change, and President 
Bill Clinton had promised to sign the bill if it 
passed Congress. Permanent replacement of 
strikers has been legal in the US since 1938. The 
issue became controversial in the 1980s. 


US inflation 
pressure stays 
moderate 

US inflationary pressures remain moderate, 
despite robust economic growth, official figures 
indicated yesterday, writes Michael Prowse in 
Washington. 

The consumer price index rose 0.3 per cent 
last month, and by 2.5 per cent in the year to 
June, in line with Wall Street projections. 

The “core" consumer price Index, which 
excludes the volatile food and energy compo- 
nents, rose by 0 J per cent and 2.9 per cent 
respectively. 

Economists at C J Lawrence, the New York 
broker, said inflation in the US service sector, 
at 3.2 per cent in the year to Jane, had fallen to 
Its lowest in a decade. Inflation in the goods 
sector has edged up in recent months, but is 
still at an annual rate of only 1.6 per emit 

Following reports on Tuesday of zero pro- 
ducer price Inflation last month, the figures 
were not seen as putting immediate pressure on 
the Federal Reserve to tighten monetary policy. 

Most analysts, however, expect the Fed to 
signal farther interest rate increases in coming 
months, as part of a longer-term strategy to 
prevent rapid economic growth eventually pat- 
ting strong upward pressure on inflation. 


jUS oil loses its clout 

| A troubled industry finds political support hard to 
I come by, write Jeremy Kahn and Robert Corzine 


/^v ne of the maxims of 
( I Political life in the US 
| V-/ is that Big Oil can 
| grease any jammed govern- 
ment wheel in Washington. 

If so, some US oil executives 
and entrepreneurs must be 
wondering whether they have 
lost their touch. 

Last March, more than 100 
! federal lawmakers requested a 
meeting with President Bill 
Clinton. They were concerned 
that low oil prices were accel- 
erating the decline of the 
industry, which has seen daily 
average production fail from 
10 .2-15 m barrels in 1983 to 
8365m last year. 

The lawmakers also feared 
that the accelerating pace of 
lay-offs in the industry - 22,000 
jobs have been shed since 
November 1993 - would 
depress regional economies. 
Some also feared that US 
dependence on foreign oil. 
| which now accounts for more 
than 50 per cent of daily con- 
sumption far the first time, 
jeopardised national security. 

That meeting was not held 
until June 16. when Mr Clinton 
and other administration offi- 
cials sat down behind closed 
doors with more than 80 mem- 
bers of Congress to review 
ways of bolstering the domes- 
tic oil industry. 

Mr Clinton listened to dozens 
of proposals, ranging from tax 
incentives to regulatory 
reform, but offered no firm 
commitments, according to 
those at the meeting. 

That cautious approach has 
characterised the administra- 
tion's dealings with the sector, 
a fragmented mix of companies 
that includes the largest US 
corporations as well as some of 
the smallest. Some analysts 
say the often conflicting needs 
and expectations within such a 
diverse industry has hampered 
its ability to get a strong mes- 
sage across to the administra- 
tion. 

They cite the gulf between 
the concerns of an Exxon, and 
those of the freewheeling 
entrepreneurs or the small “Ma 
and Pa” oil companies that 
operate across the "oil patch" 
states of Texas, Louisiana, 
Oklahoma, California. Colo- 
rado. 

“Independent (producers! get 
all their investment from well 
revenue," says Ms Denise 


Bode, president of the Indepen- 
dent Petroleum Association of 
America, a lobbying group for 
many of the small producers. 

“They need something that 
can stabilise these erratic 
prices that are beyond our con- 
trol. A modest sense of secu- 
rity is the least the govern- 
ment can do to provide a little 
downside protection.” 

Tax incentives to keep oper- 
ating the 15 per cent of US 
wells defined as margin- 
al - producing less than 15 bar- 
rels a day - if oil prices fell 
below $20 a barrel and the 
wells' viability were in jeop- 

USoli 

Production (mason bomb jw d*y} 

12 - 



a --- — 


6 


4 L - 1 I — » — L— l — — I .... I ) 

1963 85 67 08 91 93 

Source: to 

ardy, have won tentative 
approval from the White 
House. But Mr Clinton said 
any incentives should not 
increase the budget deficit. 

The requirement that any 
help be "revenue neutral" also 
affects proposals aimed more 
at the 50 or so big indepen- 
dents and oil majors that 
account for almost three-quar- 
ters of total US oil production. 

Mr Clinton endorsed the con- 
cept of royalty relief and tax 
incentives for operations 
employing new drilling meth- 
ods or those undertaking oil 
exploration - including the 
deep-sea drilling which prom- 
ises to unlock big new oil fields 
in the Gulf of Mexico. Relief 
would only be granted, how- 
ever. if the interior department 
determined that drilling would 
not otherwise occur, according 
to Mr Bill White, deputy 
energy secretary. 

But details of such schemes 
have yet to materialise, and 
many industry figures remain 
sceptical that the administra- 
tion will offer anything more 


than marginal relief, "I think 
there has been a tremendous 
amount of sympathy expressed 
but we haven't seen a lot of 
action,” said Ms Bode. 

The debate over whether to 
UR the fftyear old export ton 
on Alaskan North Slope oil 
exemplifies the dubious politi- 
cal rewards of getting too 
deeply involved In oil Issues. 

Amid warnings that the Us 
would be running foul of inter- 
national free trade provisions, 
Mr Clinton has offered tenta- 
tive support to a deal between 
oil producers and some labour 
unions to UR the export rcstrrc- 


Fmport* (rWSon bwrats par 


-10 



turns. 

The prohibition was a 1973 
oil crisis trade-off for congres- 
sional approval of the trans- 
Alaska oil pipeline. The ban - 
has since been championed by [ ; 
a range of groups, including \ 
environmentalists who fear ' 
further exploitation of the 
Alaskan wilderness. 

Under an arrangement eqg- * 
nee red mainly by British Petro- * 
leum, the hugest Alaskan oil * 
producer, the ban would to * 
lifted on condition that only 
US flagged and crewed tankers 
be used for export But Interna- 
tional shipping groups have 
warned that such a restriction 
would be prohibited under the 
General Agreement on Tariffs 
and Trade and might interfere 
with Organisation for Eco- 
nomic Cooperation and Devel- 
opment negotiations on ship- 
ping liberalisation. 

Mr White said Mr Clinton 
was aware of the “substantial" 
trade complications lilting the 
ban poses and would only sup- 
port eliminating it if these 
issue were resolved. 


NEWS: WORLD TRADE 


Brussels plan 
for export 
credit rules 


By Guy de Jonquidres and 
Richard tapper 

European Union members 
would be required to narrow 
differences between the terms 
on which they provide export- 
ers with medium- and 
long-term credit guarantees 
under a directive proposed by 
the European Commission yes- 
terday. 

The draft Legislation is 
intended to limit unfair compe- 
tition between the 12 govern- 
ments in export financing and 
to control their mounting 
losses on bad debts, which 
have totalled Ecu7bn (£5.4bn) 
in the past three years. 

Though drawn up in negotia- 
tions with EU government offi- 
cials and export credit agen- 
cies, some of the proposals are 
likely to arouse concern in 
Britain and the Netherlands. 
The Commission hopes, none- 
theless, that the directive will 
be approved this year by the 
Council of Ministers, on a 
majority vote, and will lead to 
a wider agreement between the 
25 members of the Organisa- 
tion for Economic Co-operation 
and Development, 

EU export credit agencies 
guarantee medium and 
long-term contracts worth 
about Ecu30bn annually, 
roughly two thirds of total 
guarantees by OECD members. 
Many national treasuries are 
unhappy about the costs and 
risks involved. The directive 
falls short of calling for full 
harmonisation of export credit 
rules, but seeks more common 
ground in three areas: 

• By setting guidelines for 
guarantee conditions, notably 
in respect of the types of risks 
and the proportion of loss cov- 
ered. Coverage would be lim- 
ited to 90 per cent of the value 
of an exporter’s order and 95 
per cent of a project's cost 

In the UK, the only EU mem- 
ber where cover up to 100 per 
cent is available, exporters 
have protested that a reduction 
in the percentage would raise 
their costs and handicap them 
against bidders from the US, 
Japan and Canada, which all 
provide 100 per cent guaran- 
tees. The directive seeks to 


meet these objections by allow- 
ing 100 per cent cover when 
there is only one EU bidder for 
an international contract, or 
when several EU export credit 
agencies agree to match sup- 
port available to non-EU bid- 
ders. 

• By laying down rules for 
calculating export credit pre- 
miums. These would have to 
be no more than 35 per cent 
above or 10 per cent below an 
agreed norm. 

• By dividing country cover 
into six categories, according 
-to the countries' creditworthi- 
ness, economic and political 
stability and weight in insur- 
ers' overall portfolios. 

The directive would also 
require greater transparency 
by obliging export credit agen- 
cies regularly to exchange 
information and explain cases 
of unusually large exposure to 
individual countries. 

This proposal is intended to 
underpin a Future common. EU 
foreign policy and is not expec- 
ted to be widely applied until 
further progress is made 
towards that goal. 

Britain's Export Credit Guar- 
antee Department said yester- 
day it would closely examine 
the wording governing excep- 
tions to the ban on 100 per cent 
cover. But it welcomed the 
commission’s statement that 
premiums should reflect risks, 
and that rates should cover the 
cost of claims. 

Dutch concern is understood 
to focus on the proposals for 
the wording of policies. Unlike 
most other European agencies, 
Dutch policies cover all risks 
except for those specifically 
excluded. 

Commission officials said 
they expected growing budget- 
ary pressures to rally govern- 
ments behind yesterday's pro- 
posals. These are separate from 
proposals on short-term export 
credit rules, to be made by the 
Commission's competition 
directorate in September. 

Efforts have been made to 
harmonise export credit rules 
since the European Commu- 
nity was formed in 1957. Yes- 
terday's proposals are intended 
to replace a 1970 directive 
which was widely ignored. 


Gatt caught in Congress crossfire US business 

lobbies over 
anti-dumping 


Nancy Dunne on threat to US ratification of Uruguay Round 


I t is hard to tell friend from 
toe as months of back-bit- 
ing have eroded the bipar- 
tisan majority in Congress 
which has long supported lib- 
eralised trade. 

When an agreement was 
struck among the members of 
the General Agreement on Tar- 
iffs and Trade last December, 
there seemed to be lew hin- 
drances to its approval in the 
US this year, beyond a busy 
congressional schedule. 

There was then no hint of 
the highly charged partisan- 
ship and the soaring level of 
distrust that now surrounds 
the question. 

The test comes today as leg- 
islation approving the Uruguay 
Round deal gets its first inspec- 
tion today in the key House 
Ways and Means committee. 

The perception that Presi- 
dent Bill Clinton stumbled at 
the Group of Seven meeting in 
Naples, where his plan Tor fur- 
ther trade negotiations was 
rejected, has fuelled Republi- 
can hopes of gains in the 
House of Representatives in 
the elections in November. 

The administration has been 
scrambling for months to find 
the $13bn or $l4bn needed for 
passage. Although most econo- 
mists say the deal will stimu- 
late business and ultimately 
increase tax revenues, arcane 
and controversial budget rules 
require that either new fees be 
imposed or programmes cut to 
compensate for the expected 


loss in tariff revenue over the 
next five years. 

Congress can waive the bud- 
get rules and in ordinary times 
would. Current posturing has 
Republicans such as Minority 
whip Newt Gingrich calling for 
a waiver and insisting that no 
new taxes would be acceptable. 

Democrats, uneasy about 
presidential vulnerability 
fearing that support of a 
waiver would make them sub- 
ject to charges of big spending, 
have come up with a number 
of funding proposals, all of 
which have been demolished 
by lobbyists representing the 
various interest groups. 

Senator Pat Moyruhan, chair- 
man of the Senate Finance 
committee, fumed on the Sen- 
ate floor earlier this week, acc- 
using fellow Democrats at the 
White House or “leaks, distor- 
tions and Innuendos". The 
focus of his ire was a line 
which appeared in the Wall 
Street Journal saying that 
White House aides were wor- 
ried that Congress would not 
have time “to get to the world 
trade pact this year”. 

It was the administration 
which had tailed to submit a 
funding proposal, the senator 
said. It was the administration 
which encumbered the imple- 
menting legislation with a con- 
troversial request for new “fast 
track" authority to negotiate 
more free trade deals which 
Congress cannot amend. He 
threatened to delay the pro- 



Nader sovereignty warnings 


cee dings unless the White 
House this week formally 
delivered a funding proposal 

A funding proposal is in fact 
now nearly complete, although 
as one Senate staffer predicted: 
“The cuts won't be real 
because the losses aren't real.” 
One of its more ludicrous fea- 
tures is the raising of between 
Slbn and $3bn by more quickly 
voiding uncashed welfare and 
food stamp payments. 

The odds are still in 
fovoiir of passage of the imple- 
menting legislation this year, 
but obstacles remain. Hoping 
to proceed with trade negotia- 
tions with Chile and other 
Latin American countries, the 
administration has Included 
in the implementing legis- 
lation a request for new "fast 


track" negotiating authority. 

Republicans and business 
groups are in open rebellion 
because the administration has 
vowed to include negotiation of 
labour and environmental 
standards in all future trade 
pacts. Many Democrats say 
they will oppose a Cast-track 
provision if mention of labour 
and environment is dropped 
from the fast-track language. 
The administration may have 
to drop the fast-track request, 
although it will be much more 
difficult to get later on. 

Worries about potential loss 
of US sovereignty by the new 
World Trade Organisation are 
being skilfully exploited on the 
left by Ralph Nader’s Public 
Citizen and on the right by two. 
former right-wing presidential' 
candidates, Mr Pat Buchanan, 
the television commentator, 
and Mr Pat Robertson, a televi- 
sion preacher. Their latest con- 
tribution to congressional 
chaos is an amendment - not 
expected to pass - requiring a 
90-day delay in the proceedings 
so a panel of experts can study 
the sovereignty concerns. 

The administration had 
nursed the hope that the Gatt 
legislation could be got out of 
the way next month to make 
way for the really difficult 
task - healthcare. First, it will 
need the effective intervention 
of President Clinton, who sink- 
ing in the polls, badly needs a 
new victory. 


By Nancy Dunne 
in Washington 

A coalition of 50 business 
organisations Is lobbying Con- 
gress to modify what they 
term 24 “highly protectionist 
violations’’ of the Uruguay 
Round agreement contained In 
the Clinton Administration 
proposals to rewrite the anti- 
dumping and countervailing 
duty laws. With US companies 
a target of snch regimes In 
other countries, the concern is 
that any violation of the spirit 
of the pact will be copied by 
foreign governments. 

Clinton Administration offi- 
cials insist that they have been 
faithful to the spirit as well as 
the language of the Round 
when they translated the 
agreement into implementing 
legislation. They are defending 
their view in both House and 
Senate committees where the 
legislation is being scrutin- 
ised. 

The coalition - which 
embraces the Pro Trade 
Group, the Computer and 
Communications Industry 
Association and other export- 
ers - accuses the administra- 
tion oF “chipping away at 
gains made in the Uruguay 


Sound by slanting nearly 
every change to the statute In 
a manner that is beneficial to 
those who initiate d ampin? 
complaints." 

Privately trade lawyers 
worry about some proposals 
which they say continue exces- 
sive and time-consuming pro- 
cedural requirements. They 
say the changes increase (to 
likelihood of guilty findings 
and artificially inflate the 
level of duties to be imposed. 

Although the new anti- 
dumping and countervailing 
duty codes require reform 
individual governments still 
have flexibility in their regula- 
tions. New provisions, for 
example, agreed at the Gate 
would ease the burden on com- 
panies under Investigation 
which often find it a burden to 

comply with requests for Infor- 
mation and find themselves 
penalised with duties. 

Both importers and export- 
ers are urging the Administra- 
tion to closely monitor tiw 
compliance of foreign ant- 
dumping proceedings with the 
new Gatt rule. They want the 
US trade representative to pre- 
pare an awwrai report on an 
anti-dumping actions taken 
against US exports. 


H 

Taiwan resists demands * 

to lift capital controls 


India and US sign series 
of energy agreements 


By Shire SJdhva bi Now Delhi 

India and the US yesterday 
signed a series of agreements 
to establish long-term techni- 
cal co-operation programmes 
in the fields of power genera- 
tion and sustainable energy 
development 

Eleven new private sector 
ventures between Indian and 
American companies to build 
energy projects in India were 
also signed. 

The agreements result from 
a nine-day visit to New Delhi 
by Ms Hazel O’Leary, the US 
secretory of energy, who led 40 
278 companies on the first cabi- 


net level visit to India in 20 
years. 

Ms O'Leary's mission fol- 
lows closely on the heels of 
Indian prime minister PV 
Narasimha Rao's visit to 
Washington, a visit hailed by 
both sides as the “beginning of 
a new era" of trade and diplo- 
matic relations between the 
two countries. 

On the commercial side, the 
visit resulted in agreements 
between Solec International of 
California and Pentafour Solec 
Technology of India for low- 
cost photo-voltaic technology, 
Spectrum Technologies, USA, 
Elgin National Industries and 


Spectrum Washeries India, 
and Jaya Foods to apply 
advanced US coal-washing 
technologies to India’s high- 
ash coals, targeting a Slbn 
coal washing market. 

The US will also assist India 
in the oil and natural gas sec- 
tor, in the fields of advanced 
exploration, production, and 
upgrading technology trans- 
fer. 

The World Bank and several 
other donors have urged India 
to accelerate its infrastruc- 
tural development to enable 
the success of Its reform pro- 
gramme. 


By Laura Tyson In Taipei 

Taiwan has balked at US 
demands that it lift controls on 
capital movement and foreign 
investment in the domestic 
stock market as a condition for 
the island's entry to the Gen- 
eral Agreement on Tariffs and 
Trade. 

Mr Liang Kuo-sbu, governor 
of the country’s Central Bank 
of China, was quoted yesterday 
as saying that to do so would 
be to allow the US to dictate 
Taiwan's monetary policy. 
Because Taiwan is not a mem- 
ber of the International Mone- 
tary Fund, it is required to 


sign a special exchange pact in 
order to join Gatt. 

But Taiwan views some of 
the terms of a financial ser- 
vices agreement which it must 
sign with the US to gain US 
support for the Gatt bid its 
"unreasonable”, the Chinese- 
language Economic Daily 
News reported. Taiwan offi- 
cials were in Washington last 
week to discuss the agreement, 
but refused to concede to US 
demands. 

Taiwan Is widening market 
access to foreign banks to 
enhance its Gatt application 
and further its professed aim of 
becoming a regional financial 


centre, according to Mr Liang- 
who took up his post test 
month. 

Soon, non-resident foreigner 
will be allowed to open loca> 
currency hank accounts. Rule, 
limiting foreign banks fro® 
accepting more than 15 tin» 
their capital in deposits wiU 
relaxed or abolished. Ana 
restrictions on the number ana 
location of branches foreign 
banks may open are 10 
eased. “We’re not allowing 
eign banks to do everything, 
but we are making It 

1 , llmru-A ADD OP® 




5».‘ 


' ff. 

, . 4 J 



FINANCIAL TIMES THURSDAY JULY 14 1994 

NEWSs THE AMERICAS 


Ground shakes under homeowners 

An insurance policy crisis is forcing US authorities to act, reports Richard Waters 


Derivatives bill 
put to House 


A swelling insurance 
crisis in California, fol- 
lowing the Northridge 
earthquake earlier this year, is 
forcing US authorities to recon- 
sider how they should deal 
with natural ralamirtnc 
Tomorrow Mr John Gara- 
mendi, California's insurance 
commissioner, will host a 
meeting to try to fold a way 
around foe decision by big US 
insurance companies to stop 
selling new policies to Califor- 
nian homeowners. 

Over foe past two months, 
Farmers, a subsidiary of the 
UK's BAT Industries, and 
Allstate, another big US 
insurer, have stopped selling 
new homeowners insurance in 
the state, thnngh they are 
renewing existing policies. 
State Farm stopped adding to 
its Californian risks a year ago, 
after its losses of $3.4bn 
(£2.2bn) on Hurricane Andrew 
made the company rethink its 
exposure to natural disasters. 
It was also the biggest loser in 


Northridge, with a liability of 
$L3bn. 

The insurance crisis has 
taken six months to develop. 
At first, insured losses from 
the groimd-shaker in southern 
California were put at no more 
than $2.5bn, although that 
would still have made it the 
US’s third most expensive 
insurable event, after hurri- 
canes Andrew, which cost 
$15.5bn and Hugo ($4..2bnl. 
Estimates have since scored: to 
at least $5U5bn, according to an 
industry group, and possibly to 
$7bn or more, according to 
unofficial estimates. 

One insurance company, 
20th Century, nearly folded 
under the losses and was 
ordered by state regulators to 
cut its exposure to future 
losses as part of a recapitalisa- 
tion plan in April. That put 
pressure on others to take up 
the slack, leading to a domino 
effect in which, one by one, all 
big insurers have stopped writ- 
ing new policies. Allstate was 


foe last to move, a fortnight 
ago. “We could not afford to be 
the only game in town,” said 
Mr Jerry Choate, president of 
the company’s property and 
casualty business. 

Mr Garamendi has taken 
steps to ensure Californians 
are not left uninsured. He 
extended the “Fair” plan - 
adopted to cover foe uninsura- 
ble risks of wildfires which 
tore through southern Calif- 
ornia last autumn - to cover 
earthquake exposure as welL 
This scheme offers cover to 
anyone who cannot get it else- 
where. 

H e has also called on 
state governor Pete 
Wilson to stop insur- 
ers withdrawing from Calif- 
ornia. something Florida was 
forced to do last year after 
Hurricane Andrew saw insur- 
ers halt sales of new cover to 
property owners in the state. 
Florida has since put a limit of 
5 per cent a year on the propor- 


tion of policy holders that an 
insurer can shed each year. 

In front of Mr Garamendi 
tomorrow will be the insurance 
industry's own plan. This 
would involve putting earth- 
quake risks into a separate 
“pool", to be financed jointly 
by the insurers. Under one ver- 
sion, only new earthquake 
risks would go into this pot, 
leaving individual insurers 
with their existing exposure; 
an alternative would lead to all 
earthquake risk being pooled. 

Californian homeowners 
(only one in four of whom 
choose to buy earthquake 
cover, which most under state 
law be offered to all policy- 
holders) pay around $350m a 
year in earthquake premiums. 
That could rise to $65Qm as a 
result of Northridge. says Mr 
Robert Pike, general counsel of 
Allstate; he bases foe figure on 
foe rise in premiums Mr Gara- 
mendi has instituted in the 
Fair plan to cover earthquake 
risk. 


The problem for the commis- 
sioner is that the industry's 
proposal could leave state tax- 
payers picking up the tab from 
a big disaster. If another earth- 
quake struck before foe insur- 
ance pool had built up its 
reserves, the pool would bor- 
row against future premiums. 
That could raise up to five 
times its reserves at the tiine. 
estimates Mr Pike at Allstate. 
Losses above that would be 
met by a $lbn levy on insur- 
ance companies. 

That might be enough for a 
Northridge-style earthquake. 
But what about foe proverbial 
“Big One” that every Califor- 
nian fears? The same problem 
exists for Florida’s catastrophe 
fund, which has foe power to 
borrow only S2bn. 

Two years ago, Mr Gara- 
mendi was forced to cancel a 
state earthquake compensation 
fund which would have paid 
up to $15,000 to each home- 
owner when it became clear 
that foe state taxpayer could 


be left footing the bill from a 
large disaster. The Californian 
administration only last week 
completed another traumatic 
annual budget round, in the 
process borrowing $4bn from 
international banks, and does 
not want an open-ended earth- 
quake liability. 

Until Andrew, insurers had 
not contemplated a multi- 
billion dollar disaster. Now 
they talk of the SSObn incident 
which could wipe out a large 
part of the capital of the US 
property and casualty insur- 
ance industry. 

The final answer, say insur- 
ers and state authorities, rests 
with lawmakers in Washing- 
ton. The Natural Disaster Pro- 
tection Act. or earlier versions 
of it, has sat before Congress 
for some time. Like the pro- 
posed California scheme, it 
would cap the insurance indus- 
try's exposure. But there is lit- 
tle sign federal taxpayers will 
be any keener than state ones 
to pick up the rest of the tab. 


By Richard Waters 
i In New York 

A bill to give the US Securities 
and Exchange Commission 
greater powers to regulate the 
derivatives industry was intro- 
duced yesterday by Mr Edward 
Markcy. chairman of the 
House of Representatives sub- 
committee on telecommunica- 
tions and finance. 

Hie bill, which would extend 
SEC oversight to many dealers 

not now regulated, follows a 

call from the General Account- 
ing Office of Congress two 
months ago for greater control 
of the derivatives markets. The 
rapid growth of these financial 
instruments, and foe concen- 
tration of trading in the hands 
of a few companies, has 
increased the risk of a melt- 
down in financial markets, the 
GAO warned. 

The Markey bill runs counter 
to the more consensual 
approach to regulation of 
derivatives preferred by Mr 
Arthur Levitt. SEC chairman. 


He recently started talks with 
various securities companies 
on voluntary regulation of 
their derivatives activities. 

Wall Street's traditional 
broking and dealing activities 
come under tbe SEC. but most 
securities firms have set up 
separate subsidiaries to trade 
in the specialised derivatives 
markets, putting them outside 
the SEC's regulator)' net. 

The bill introduced yester- 
day would require all unregu- 
lated dealers, such as those 
owned by securities firms and 
insurance companies, to regis- 
ter with the SEC. and give the 
regulators power to set capital 

standards for dealers. 

It would also set rules for the 
sales practices of derivatives 
firms, including u requirement 
for them ta assess the suitabil- 
ity of instruments fur particu- 
lar customers. 

Tbe Markey bill follows leg- 
islation proposed by the House 
banking committee, which 
would cover the derivatives 
activities of commercial banks. 



Mr Atlantic helps 
soccer fans find the groove 



)K- 


uim 






On the shelves 
behind Ahmet Erte- 
gun's desk sit doz- 
ens of framed pho- 
tographs of the sort 
you might expect to see in the Man- 
hattan office of Atlantic Records’ 
co-founder and chairman There is a 
picture of Ertegun, with Quincy 
Jones, the legendary record pro- 
ducer. and one of Ertegun arm-in- 
arm with Mick Jagger. 

Yet on the top shelf Is a promi- 
nently displayed picture that has no 
connection with tbe worlds of 
rhythm and blues, jazz and soul in 
which Ertegun has spent most of 
his working life. 

It is a photograph of Ertegun 
holding - a cumbersome gold statu- 
ette instantly recognisable as foe 
centrepiece' of international sport’s 
crown jewels - foe World Cup tro- 
phy. In the picture, Ertegun is 
sporting foe awed, slightly sheepish 
grin that any soccer fen might wear 
in the circumstances. But Ertegun 
is no ordinary soccer fen. He is a 
member of the World Cup 1994 
organising committee. 

Ertegun, who is 70, earned his 
place on the committee for his 
efforts over the past 25 years In 
helping foe roots of soccer grow in 
a seemingly infertile land. During 
the early 1970s, he and his late 
brother Nesuhi persuaded Warner 
Communications to provide the 
financial backing for a New York 
team - the Cosmos - to play in foe 
North American Soccer League. 

For a few glorious years, the Erte- 
guns, with the help of Pete. Franz 
Beckenbauer and other soccer 


Ahmet Ertegun says Major League 
Soccer will succeed in the US, writes 
Patrick Haiverson from New York 


greats, put the Cosmos and the 
NASL on to the American sports 
map, where it stayed until excessive 

s pending and insnffir.iwnt revenues 
plunged the league into bankruptcy 
and failure a ago. 

In spite of the unhappy ending , 
Ertegun r ememb ers foe days of the 
Cosmos fondly. He recounts a story 
about Beckenbauer’s astonishment 
at finding bir^awif dribbling foe ball 
towards goal in his Cosmos debut 
while an announcer carefully 
explained the rules of the game to 
the crowd over the loudspeaker. 

' But Ertegun is too busy enjoying 
this World Cup to dwell on foe past 
As someone who was always confi- 
dent that the tournament would be 
a success, he is especially delighted 
with the large numbers of 
Americans who have attended the 
garni**;. He says the television pic- 
tures which, have shown stadiums 
filled with colourful, partisan fens 
following their national teams have 
not told the full story. 

“It always looks as if there are 
more foreigners than Americans, 
but there aren’t The foreigners are 
very visible, and very audible. You 
know: ‘Ooh, aah, Paul McGrath. 
Ooh, aah, Paul McGrath .’ Right? 
You hear that" 

Yet he says, referring to a popu- 
lar US player, “there’s no Voh, aah, 
Alexi Lalas. Ooh, aah, Alexi Lolas’ 
Ertegun's point is that traditional 


soccer countries may not know it 
but Americans have embraced the 
World Cup wholeheartedly - but 
not noisily. 

He also remarks cm how soccer in 
foe US has been attracting a differ- 
ent kind of fen. “I learned this from 
the Cosmos - soccer in America is a 
family sport In Europe men go to 
see soccer, and they sometimes take 
their sons, if they're old -enough. 
Here the whole family goes. They 
have picnics in foe parking lot The 
Americans view it as a nice day 
out" 

But can a top-level US profes- 
sional soccer league be founded on 
the enthusiasm of fans who view 
the game as a nice day out? Remem- 
ber that Fife, soccer's governing 
body, awarded the World Cup to foe 
US in foe hope that foe interest 
generated would provide the basis 
for establishing a fully-fledged soc- 
cer league, one that would last lon- 
ger than foe Hi-feted NASL. 

Ertegun is realistic about whether 
foe World Cup legacy will sustain 
Major League Soccer, the new 
league planned for next year. “The 
feet that it's a world event has 
attracted a lot of attention {to the 
World Cup]. Now, when we have a 
professional league next year. I'm 
not sure that a game between Tulsa 
and Buffalo will attract many view- 
ers. It’s a thing we’ve got to build 
again from the ground up.” 


That takes time, perhaps more 
timp than Fife or some soccer boos- 
terists In the US have to spare. “It 
took ice hockey some 30 to 40 years 
to make foe impact it hag so far, It 
could take us 20 years to really 
build [soccer] up into a top game in 
A meri ca." says Ertegun. 

Wm Americans - or Fife - wait 
that long? Ertegun thinks so. “ Soc- 
cer has been played here since 1900. 
We've had foe patience to stay with 
it so far.” The key, he says, lies in 
ensuring that the new league is 
competitive, with no single team 
dominating foe others, as happened 
with the Cosmos. 

And he believes that the best 
American players should be allowed 
to play abroad, because it is only in 
the big European lea gues that they 
can earn the kind of money which 
will start enticing young athletes 
away from mainstream American 
sports and into soccer. 

It can happen. Ertegun believes, 
because of soccer's universal 
appeal. “You don’t have to be 7ft 
tall, as in basketball, or weigh 2501b, 
as in American football. It's a game 
everyone can play. But foe great 
athletes are drawn to foe games 
where they can make the most 
money. If some of our players 
playing abroad start to make a mil- 
lion bucks a year, we may see a lot 
of kids from the inner city hone 
their talents. 

“Maybe we’ll have some of those 
young men who can run 100m in 
under 10 seconds learn how to do 
the same with a ball between then- 
feet When that happens, we could 
have the world's greatest team." 



Tasso tti’s eight-game ban ‘excessive’, says Spaniard 


Luis Enrique, tbe Spanish forward 
whose nose was smashed by Italy’s 
Maura Tassotti during foe World 
Cup quarter-final last weekend, 
yesterday criticised foe eight-match 
ban Tassotti subsequently received. 

Enrique called foe punishment 
“excessive" and said he would have 
been satisfied with an apology from 
Tassotti. 

Fife, soccer’s governing body, 
imposed only a four-game 
suspension on Brazilian defender 
Leonardo for elbowing American 
Tab Ramos in foe face during a 
second-round Tnatr.h, even though 
Ramos suffered a fractured skulL 

Tassotti 's suspension, one of 
the heaviest in World Cup history, 
was also criticised by Italian 


newspapers. The Corriere della 
Sera called it “a mad decision by 
the Fife mafia" while la Voce 
chipped in: “This ugly mess over 
Tassotti has shaken foe national 
team, in a World Cup ruined by 
the mad omnipotence of [Fife 
general-secretary Sepp] Blatter." 

Fife used video evidence for the 
first time to decide Tassotti’s 
p unishm ent. Earlier, Blatter had 
refused to study such evidence 
to txamlne the sending-off of 
Italian striker Gianfranco Zola. 

Spanish newspapers viewed foe 
ban on Tassotti as compensation 
for Spain's elimination from foe 
finals. 

The Tfallan soccer federation 
has said it will appeal against the 


ban, which could end the 
34-year-old Tassotti' s international 
career. 

Signori upset at being 
left out of semi-final 

Italy's Giuseppe Signori was 
simme ring yesterday after being 
dropped from the starting line-up 
for the semi-final against Bulgaria. 

“1 can't tell you how 1 feel," be 
said. ”1 must think it over . . . Tm 
not happy.” 

Signori was dropped to make 
roam for mid-fielder Roberto 
DooadonL The leading scorer for 
the last two seasons in the Italian 
league, Signori was sent on as a 


second-half substitute in tbe 
quarter-final against Spain a n d 
set up foe winning goal by Roberto 
Baggio with two minutes left. 

“It was a painful but unavoidable 
choice.” coach Am go Sacchi said. 
“1 picked the players who could 
do better at mid-field." 

Stoichkov chases 
seven-goal mark 

Prio to yesterday’s semi-finals. 
Bulgarian star Hristo Stoichkov 
needed two more goals to hit the 
seven-goal barrier at the World 
Cup. a mark that has not been 
readied in 20 years. 

He was the only player left in 


foe tournament with five goals. 

In contention with four apiece were 
Sweden’s Rennet Andersson and 
Martin Dahlin, and Brazil's 
Romano. Russia's Oleg Salenko 
is foe leading scorer with six goals, 
a record five coming against 
Cameroon. 

Grzegorz La to of Poland scored 
seven goals during the 1974 World 
Cup. Just Fontaine of France holds 
the record: 13 goals in foe 1958 
tournament 

Goals bring joy 
to weary people 

In Brazil as elsewhere, the weary 
people need a glimpse of happiness. 


Goals give them that Recent 
research has shown that factory 
workers are much more productive 
the day after a Brazilian victory. 
Should Brazil win the World Cup, 
the country will close for at least 
one day of celebration. If it loses, 
experts say, there will be an 
increase in suicides. 

Brazilian players do not consider 
this a burden. They are protected 
by their cockiness - so long as 
they do not lose. After Brazil’s 3-2 
quarter-final win against Holland, 
Romano told reporters: “You 
witnessed art today,” while Brazil 
manager Carlos Alberto Parreira 
said: “The last 34 minutes provided 
some of the most exciting, dramatic 
moments of the World Cup.” 


Brazil’s 

‘twins’ 

stress 

team-work 

Ahead of yesterday’s World Cnp 
semi-final against Sweden in Los 
Angeles, Brazilian strikers 
Bomdrio and Bebeto admitted they 
were unimpressed with Brazil's 
showing to date. 

“Technically, we haven't shown 
soccer of great qnality.” said 
Romdrio. “We’re making op for it 
with strength and team-work. 
Individually, we have the 
obligation to play better." 

US defender Alexi Lalas. 
out-gmmed by Bebeto in Brazil’s 
1-0 second-round victory, said tbe 
South American team were 
“dribbling maniacs" who hurtled at 
opponents at lOOmpb. 

Yet Brazil's brightest stars are 
under-whelmed with their team's 
showing. “We're not playing that 
‘show soccer 1 people expected." 
Romdrio said. “We’re playing a 
modern and efficient soccer." 

Bebeto added: “What matters is 
the end result It’s useless to play 
pretty and lose. Maybe it’s not 
great soccer, but it’s practical." 

Brazil knew bitter 
disappointment in the last five 
World Cops. They were always 
among the favourites but somehow 
failed to win, often through 
over-confidence or theatrics - 
known in Brazil as “playing in 
high heels." 

Coach Carlos Alberto Parreira 
has been criticised for implanting a 
scrappy style and causing the 
demise of Brazil's art-boose soccer. 

But Romano defends him: “We 
haven’t yet been able to admire 
Parretra’s work. But we should be 
grateful for what he's done. 
Someone like me wouldn't pot up 
with the things he’s had to take.” 

Arguably, Parreira's greatest feat 
has been to maintain harmony 
among a cast of prickly characters. 
And some observers say he has 
added desire, spirit and awareness 
to foe Brazilian line-up. 

“For many years, people said 
Brazil's yellow jersey was very 
pretty bnt had no heart inside,” 
said Romario. “After this World 
Cnp. I think they'll say it's a pretty 
jersey with 11 hearts inside." 


■ Third-Place Play-Off 
Sattrtay 

Los Angeles, 3.30pm BST 

■ Final 


Sunday, July 17 
Los Angelas 8.30pm 


d 




ax 


ill 


EDS 


The technology services behind tfM/£tapUSA94' Sp 
For further information cad Bill Wright on (44) 81 754 431 8 


A 


/ 


, and officials to the 9 v ^ > _ 



The World Cup 


has seen more bookings 
than ever before. 

But not just bv the referees 






6 


NEWS: INTERNATIONAL 


FINANCIAL TIMES THURSDAY JULY 14 1»M 


‘Dear Leader’ takes complete power in N Korea 


Radio broadcasts from Pyongyang 1 
Indicated yesterday tbat Mr Kim 
Jong-il had assumed complete politi- 
cal power in North Korea following 
the death of bis father. President 
Kim Il-sung, Our Seoul and Beijing 
Correspondents report 
Mr Kim, the country’s “Dear 
Leader”, has been raised H to the 


highest position of the (ruling- Kor- 
ean Workers') party, the state and 
the revolutionary armed forces,” the 
state-controlled Radio Pyongyang 
said. The statement suggests Mr 
Kim oow occupies the three key 
posts in the country, including gen- 
eral secretary of the party and presi- 
dent, in addition to his current role 


as supreme commander of the 
armed forces. 

Bat the radio broadcast did not 
mention the official titles of these 
positions, indicating Mr Kim would 
not formally be named to them until 
next week after his father’s funeral 
on Sunday. 

In Beijing Mr Li Peng, the Chinese 


premier, on his return from a cen- 
tral European tour hailed Mr Khn 
Jong-il as North Korea's “new 
leader”. Mr Li led other Chinese 
leaders to the North Korean 
embassy where they bowed to a 
large portrait of the late leader and 
wrote condolence messages. 

According to China's official Xin- 


hua news agency, Mr Li then asked 
the ambassador, Mr Chn Chang Jun, 
“to convey bis regards and respects 
to the Democratic People’s Republic 
of Korea's new leader. Kim Jong-U”. 
The am b assador replied that under 
the leadership of Mr Kim Jong-il, 
the Korean people would turn grief 
into strength. 


Radio Pyongyang announced that 
North Korea would hold prepara- 
tory tflikw with the US in New York 
next week on resuming their negoti- 
ations on the international inspec- 
tions of the North’s nuclear facili- 
ties. The discussions, begun In 
Geneva last Friday, were suspended 
after President Kim's death. 


Kim’s challenge is to save his nation from collapse 

Pyongyang’s economy is caught in a seemingly endless downward spiral, John Burton reports 


North Korea 

GNP growth rata (%) Per capita GNP $ TOO) Exports (Sdn) imports fibn) 



&T ■ 1 he principal challenge 
1 confronting Mr Kim 

.A. Jong-il, the new leader 
of North Korea, is whether he 
can reverse the country's eco- 
nomic decline and save it from 
possible collapse. 

The North Korean economy 
is caught in a downward spi- 
ral, with gross national prod- 
uct having shrunk at an aver- 
age annual rate of 5-2 per cent 
during the past four years. 

The immediate problems 
have been caused by the col- 
lapse of the Soviet bloc, which 
ended a barter-trade system, 
that supplied Pyongyang with 
cheap and vital on Imports. 

The resulting energy short- 
age has caused factories to 
work at half their capacity or 
less. 

The problems have been 
compounded by food shortages 
caused by four years of poor 
harvests. Bad weather and the 
backward agricultural system 
in a mostly mountainous coun- 
try have been blamed for an 
estimated 40 per cent shortfall 
in grain supplies needed to 
feed the 22m North Koreans. 

The economy has also been 
undermined by more funda- 


mental flaws, including a 
highly centralised and ineffi- 
cient planning system, a large 
heavy-industrial sector work- 
ing with outdated equipment, 
and a huge diversion of 
resources to support one of the 
largest military forces in the 
world. 

The country's governing 
jitche (self-reliance) ideology 
and its attempt to create a 
self-sufficient economy is 
another main cause of the 
decline. Trade accounts for 13 


per cent of North Korea's GNP 
of $20J5bn (£13bn), an exceed- 
ingly low ratio by international 
s tandar ds. 

The adverse developments 
represent a potential political 
threat to the North Korean 
government, since the poor 
economic condition may even- 
tually provoke a popular upris- 
ing. 

In an unprecedented admis- 
sion last December, the govern- 
ment acknowledged the coun- 
try's economic woes and 


signalled an important policy 
shift by downgrading the role 
of heavy industry. 

Instead, increased emphasis 
was placed on agriculture, the 
growth of light industry to sup- 
ply more consumer goods, and 
the development of export 
industries that could provide 
North Korea with badly needed 
hard currency to buy oQ and 
food supplies from abroad. 

Some analysts believe Mr 
Kim Jong-il was behind the 
changes. “Although Kim 


Jong-il has not made any pub- 
lic pronouncements on eco- 
nomic reforms, the people who 
surround him are primarily 
technocrats who want a 
change in economic policy,” 
one western diplomat said. 

The key element in a future 
North Korean economic strat- 
egy is to attract foreign invest- 
ment which wonld support 
new plant facilities that could 
produce goods for export 

North Korea is already tak- 
ing part in a project sponsored 
by the UN Development Pro- 
gram to develop a free-trade 
and investment zone around 
the cities of Raj in and Sonbong 
in north-eastern North Korea. 
Other free economic zones are 
being proposed for the port of 
Nampo near Pyongyang and 
Sinuiju on the border with 
China. 

The country over the past 
year has also revised its for- 
eign investment laws, basing 
them on Chinese practices, to 
attract foreign capital and 
technology. But political con- 
siderations will probably limit 
the opening of North Korea to 
foreign investment, which 
raises doubts about the effec- 


tiveness of the proposed 
reforms in saving the economy. 

Officials in Pyongyang worry 
that an extensive opening of 
the country will undermine the 
government as the population 
becomes exposed to outside 
influences. 

Mr Kim Il-sung, the late pres- 
ident and father of Mr Kim 
Jong-il, summed up the 
dilemma that foreign invest- 
ment poses for North Korea: 
“We must open the window to 
let the wind in, but not the 
mosquitoes”. 

In an attempt to retain con- 
trol, the proposed free eco- 
nomic zones are mainly located 
in sparsely populated regions. 

This may prove to be a disin- 
centive to foreign investors. 
Samsung, tbe South Korean 
conglomerate, recently 
dropped plans to help finance a 
railway connecting the Raj in- 
Sonbong region with China 
because it regarded the area as 
being too isolated. 

Foreigners are also con- 
cerned about how well their 
investments will be protected: 
North Korea has shown little 
inclination to repay jil.6bn to 
foreign banks on loans it bor- 


rowed in the 197Us. 

But South Korea's main busi- 
ness groups at least are eager 
to set up factories in North 
Korea, to take advantage of a 
cheap, disciplined and Korean- 
speaking labour force. 

Initial investments would 
focus on production of textiles 
and electronic goods, but activ- 
ity could eventually expand to 
the operation of heavy-indus- 
try plants such as steel, and 
the construction of ports and 
other infrastructure projects. 

Seoul has so far blocked 
business ties with the North 
because of the continuing dis- 
pute over Pyongyang’s nuclear 
programme. But if the issue is 
resolved. South Korean invest- 
ment is expected to receive the 
active hacking of the govern- 
ment. 

Seoul wants to prevent a 
sudden economic collapse of 
the North, which could trigger 
a costly and rapid reunification 
of the two Koreas. Instead, it 
hopes to promote the gradual 
upgrading of the North's indus- 
trial structure, which would 
reduce reconstruction costs in 
the future once tbe countries 
are united. 


Murayama backs overhaul 
of Japanese defence policy 


By WUflani Da wkins in Tokyo 

Mr Tomiichi Murayama. 
Japan's new socialist prime 
minister, yesterday pledged his 
backing for the first overhaul 
of defence policy for 18 years. 

The defence review, by an 
independent panel set up in 
February and due to conclude 
its work next month, is expec- 
ted to propose heavy cuts in 
the number of ground forces 
but at the same time prepare 
for fast responses to regional 
crises and increased spending 
on defence electronics. 

Japan is one of the last lead- 
ing industrialised countries to 
adjust its defence guidelines to 
the end of the Cold War, a 
reflection of a taboo on defence 
debate, linked to the pacifist 
constitution. 

Panel officials are under- 
stood to lean towards reducing 
the number of ground troops 
from the present 150,000 to 
between 100,000 and 130,000, 


which is likely to win support 
from Mr Murayama 's pacificist 
Social Democratic party. 

But the SDP may find it 
harder to accept the panel’s 
proposal, in a draft report yes- 
terday, that the military 
should establish an organisa- 
tion to oversee Japanese con- 
tributions to United Nations 
peacekeeping. Mr Murayama 
hinted at his own reservations 
over UN peacekeeping by 
responding cooty to the Ger- 
man constitutional court's 
decision, the previous day, to 
permit German troops to take 
part in UN operations. “Each 
country has its own situation,” 
he said. 

The draft plan also aims to 
prepare Japan to defend itself 
against several regional 
threats, such as North Korea, 
and to support the US presence 
in east Asia The draft report 
calls for co-operation with the 
US on anti-missile systems, a 
response to Washington’s calls 


for Tokyo's participation in its 
theatre missile defence pro- 
gramme, designed with North 
Korea in mind. 

The existing 1976 defence 
programme, on which equip- 
ment procurement is still 
based, says Japan must pre- 
pare to defend itself, with US 
help, against a single large 
security threat, the former 
Soviet Union. 

It is clearly out of line with 
present threats. 

The government wants to 
adopt the new guidelines 
before it prepares next year's 
budget It has already started 
to squeeze military spending, 
up a mere 03 per cent this 
year, the smallest rise in 34 
years. 

Mr Murayama’s moderate 
stance reflects the dominance 
of the conservative Liberal 
Democratic party in his three- 
party coatttion. Officially, his 
own SDP believes Japan's mili- 
tary self-defence force is 


unconstitutional and that tbe 
US-Japan defence treaty, which 
allows US forces in Japan, 
should be revoked. 

In another indication of the 
moderating influence of his 
dependence on the LDP, Mr 
Murayama yesterday withdrew 
his ban on official ministerial 
visits to the Yasukuni shrine 
to Japanese war dead. Four 
LDP cabinet members wish to 
visit the shrine on August 15, 
the 49th anniversary of the end 
of the second world war. 

However. Mr Murayama has 
found scope to express his par- 
ty’s instincts, by sending an 
effusive telegram of condolence 
over President Kim Il-sung's 
death to the North Korean 
authorities. 

Mr Murayama said he was 
acting as SDP leader, rather 
than prime minister, but was 
reminded by some cabinet 
members that Japan was sup- 
posed to have no diplomatic 
relations with North Korea. 


Beijing 
official 
for Taipei 

By Laura Tyson In Taipei 

China is to despatch its chief 
Taiwan negotiator to Taipei 
later this month, making him 
the most senior mainland offi- 
cial to set foot on the island 
since the two parts of China 
split in 1949. 

In an apparent easing In 
cross-strait ties, Taipei and 
Beijing have agreed to resume 
talks over fishing disputes and 
repatriation of illegal immi- 
grants and airline hijackers. 

Mr Chiao Jen-hn, Taiwan’s 
chief China negotiator, yester- 
day welcomed the planned 
July 27 visit to Taipei by his 
Beijing counterpart, Mr Tang 
Shubei. who notified Taipei 
late on Tuesday of his inten- 
tion to accept its invitation. 

The news came as China 
responded to a recent Taiwan- 
ese white paper, by saying Bei- 
jing “firmly opposed” any 
moves “detrimental to China's 
territorial sovereignty and the 
cause of peaceful reunifica- 
tion”. 



ii ii— ■ 1 1 , i, in ii , 

A former walks his parched paddy beds in east Java. A drought 
has ruined much of Indonesia’s rice harvest feu* 


EU in danger of losing out on Asian economic miracle 


By Lionel Barber in Brussels 

The European Uni on risks losing 
ont on the “economic miracle” 
taking place in Asia unless it 
strengthens political ties and boosts 
investment in the region, according 
to a European Commission policy 
paper. 

The document agreed in Brussels 
yesterday calls for a radical rethink 
of EU strategy toward Asia, which it 
treats as a coherent economic region 


encompassing Japan, China, and 
Bast Asia. By the end of the 
century, the paper notes that lbu 
Asians will have significant 
consumer spending power, with 
400m having average disposable 
incomes at least as high as 
Europeans or Americans. 

Mr Jacques Before, president of 
the European Commission, drove 
home the Increasing importance of 
Asia during last weekend’s Group of 
Seven summit In Naples. By the 


year 2010, the GTs share or global 
output wonld fall from 75 per cent 
to 50 per cent, he predicted. 

The German presidency of the EU 
encouraged the Commission to 
produce a paper on Asia as a means 
of increasing awareness of the 
region’s economic importance and 
making the Union more 
outward-looking. 

The paper lists several priorities 
for action: 

• A wider political dialogue to 


extend the coverage of the UN 
conventional arms register and the 
Nuclear Non-Proliferation treaty. 
Deeper co-operation an controls of 
sensitive technology, and 
“strengthening the policy of 
encouraging the improvement of 
human rights”. 

• Raising Europe's profile in Asia, 
through more education visits and 
training programmes, cultural 
exchange and twinning cities: “The 
EU needs to make a far greater 


effort to explain its policies. ” says. 

• Strengthening Europe’s economic 
presence, by lobbying more 
forcefully for the removal of laws 
restricting trade and Investment, as 
well as the discriminatory use of 
intellectual property rights, 
standards and testing. 

The paper also calls for more joint 
ventures between European and 
Asian companies; extending 
scientific co-operation, opening up 
“European Business Councils" in 


China, Indochina and Pakistan: and 
following np the ECs “market 
transition programme” in Vietnam 
with other moves to offer policy 
advice to former command 
economies now embarked on 
economic reform. 

The EU is now the second biggest 
market for exports from developing 
Asian countries after the US. It 
absorbed Ecul28bn (£101bn), or 27 
per cent of their total exports, in 
1993. 


HK pension plan is aimed at a maturing society 

Colony’s government wants to provide for growing number of over-65s, writes Simon Holberton 


The cost of greying Hong Kong 

Projected pension pa yment, 1994 HK$br> 



q! — _J I_L 1 1 J 1 1 1 L_J 1 1 


ISM 95 90 97 08 S9 2000 Ot 06 ft IS 30 SB 
People aged 65 years or above, as K of the population 



. SSD 1 B 36 66 


T he words “welfare state" 
and "Hong Kong” have 
always seemed to be at 
odds, given the colony's free- 
wheeling capitalist image. But 
when on Tuesday the govern- 
ment outlined plans for a com- 
prehensive old-age pension 
scheme, some in the colony 
began to wonder whether a 
society whose state provisions 
had always stopped at the 
basics of housing, health and 
education was now about to be 
taken a benefit too far. 

The consultation paper 
issued for comment drew a 
strongly negative response 
from business leaders and their 
representatives in die colony's 
Legislative Council (LegCo). 
which may eventually he 
called on to turn the proposal 
into law. China, which would 
have to approve any scheme 
through the Joint Liaison 
Group before the government 
can proceed, gave conflicting 
signals. 

Hong Kong’s aged residents 
currently rely on a fragmen- 
tary system of old age allow- 
ances and invalidity benefits. 
The scheme would provide 


Sauce HoftgKanoBowmrporV.. 

those over 65 years of age with 
a pension of HXSL300 (£193) a 
month, index-linked to the rate 
of inflation. In ail, 3 per cent of 
Hong Kong’s annual wage bill 


will be collected and trans- 
ferred to a specially estab- 
lished fund that will be iso- 
lated so that all of it would be 
dedicated to pension payments 


and administration of the 
scheme. 

Employees would contribute 
1.5 per cent of their pre-tax 
income and employers would 
make a matching contribution. 
The pension would be means- 
tested at first - to exclude 
those with assets, other than 
the family home, in excess of 
HK$2m — but after 10 years 
would become a universal ben- 
efit. All employees would make 
contributions from the outset 

The government's defence of 
its initiative - which will be 
subject to a three-month con- 
sultation exercise -is that 
Hong Kong is becoming a 
mature economy and that 
there is growing community 
pressure for a state pension. 
People over the age of 65 will 
double as a percentage of Hong 
Kong’s population to 1&5 per 
cent by 2056. 

“There is a need to fund a 
growing number of poor, old 
people in Hong Kong, espe- 
cially with the decline of the 
extended family in recent 
years," said one official. “It 
will not be up and r unning for 
18 months to two years so we 


will have to consult closely 
with China; they will have to 
administer it" 

Wen Wei Po, a pro-Beijing 
newspaper in Hong Kong, yes- 
terday delivered a blistering 
attack on the plans. Having 
done nothing about pensions 
for 150 years, Britain had "sud- 
denly raised such a ridiculous 
and imaginary idea” just three 
years away from the 1997 
transfer of sovereignty, the 
paper commented. 

It was unclear, however, if 
this represented Beijing's 
authoritative response to the 
plan. Mr Tam Yiu-chung, a 
leading pro-Beijing politician 
in LegCo, said he supported 
the plan, which was made 
available to Beijing officials 
last week. 

Unions also lent their sup- 
port to the plans. The pro-busi- 
ness Liberal party said it 
opposed the scheme in princi- 
ple, but hedged its position 
until it had “consulted" more 
widely. The immediate reac- 
tion from businessmen was to 
warn that employers were 
likely to recoup the costs of 
contributions through higher 


prices. 

The pension would be paid 
only to those who are perma- 
nent residents of Hong Kong; 
yet contributions will have to 
be paid by all who work in the 
colony, including expatriates.. 

The provision of a state pen- 
sion has always been opposed 
by the colony’s strongly pro- 
business elites which have 
seen it as symbolising creeping 
“welfare-ism". Although more 
than 50 per cent of Hong 
Kong's population lives in pub- 
lic housing and enjoys subsi- 
dised health care and free 
schooling, there is no provision 
for unemployment benefit and 
other forms of income support 
are primitive. 

{n the mid-1980s a proposal 
for a Singapore-style, compul- 
sory savings central provident 
fund (CPF) was killed off, with 
prominent businessmen siding 
with the government It resur- 
faced two years ago when 
China and leading Hong Kong 
business figures united to push 
the idea. Beijing is very keen 
on the CPF, to which it attri- 
butes much of Singapore’s eco- 
nomic success, and plans to 


experiment with one in Shang- 
hai. 

The Hong Kong government 
however, rejected a CPF and a 
mandatory privately-run retire- 
ment scheme because both 
would take too long to produce 
returns to contributors. By 
contrast, the pension scheme 
now being proposed would be 
operational from day one by 
virtue of a HKS15bn contribu- 
tion from the government. 

The proposed pension would 
be index-linked to inflation 
rather than earnings. The gov- 
ernment estimates that in 2056 
earnings related indexation 
would be HK$145.5bn (in 1994 
prices) more than inflation-re- 
lated. 

The government has rejected 
suggestions that the introduc- 
tion of a pension would be the 
beginning of a firat-world type 
welfare state in Hong Kong. It 
said that under its scheme, 
pension payments would 
amount to about 1.5 per cent of 
gross domestic product, com- 
pared with an average of 15 per 
cent of GDP for total welfare 
payments in west European 
countries. 


Signs of 
change 
in Golan 
deadlock 

T he Kirk garden oT the 
Burgh al-Kuneitra res- 
taurant in Syria is a 
minefield which marks the 
1974 ceasefire line with IsraeL 
The terrace* offers a panoramic 
view of tbe Israeli-occupied 
GoLm Heights, with lush green 
fields, neat rows of cherry 
trees and high-tech surveil- 
lance posts. 

The front entrance opens 
into the ghost towu of "liber- 
ated" Kuneitra, once home to 
more than 50.000 Syrians but 
now abandoned and in ruins. 

White Jordan and the Pales- 
tinians are pushing towards 
j peace with Israel, tbe future of 
the Golan Heights bedevils 
talks between Israel and Syria. 
Damascus demands a complete 
Israeli pullout from the plateau 
while Israel talks about with- 
drawal. 

No big breakthrough is 
expected during a visit to the 
region this weekend by Mr 


James 

Whittington 

reports from 
Kuneitra, Syria 


Warren Christopher. US secre- 
tary of state. But most Syrians 
believe a peace deal is inevita- 
ble. Signs are there that Presi- 
dent Hafez al-Assad is prepar- 
j mg for such an eventuality. 
Nearly SO per cent of the 
Golan Heights was captured by 
Israel in the Six-Day War of 
; 1967. Six years later, in the 
October War of 1973. Syria 
tried to win it Kick hut failed 
when Israeli forces pushed Syr- 
ian troops to the edge of 
Damascus. A ceasefire line was 
negotiated by L'r Henry Kis- 
I singer, theu US secretary of 
state, whose shuttle diplomacy 
entailed 43 visits to Damascus 
in less than eight months. 

In June 1974, most of foe 
newly-occupied land was 
returned, plus around 300 sq 
km of territory lost in the 1987 
war, including “liberated" 
Kuneitra and its restaurant 
Since then, there has been 
deadlock. The Israelis have 
built 40 settlements on the pla- 
teau which are home to about 
15,000 settlers. They cultivated 
the fertile soil and set up lis- 
tening posts in the hills. In 
19SI the Knesset. Israel's par- 
liament. formally approved 
annexation of the area. 

Syria left most of the Golan 
left to it as it was at the end of 
the war. Some 400.000 dis- 
placed Syrians got temporary , 
housing in and around Damas- | 
cus. President Assad proceeded 
to shape nearly all his foreign 
and domestic policies around 
the goal of achieving frill 
return of the Golan Heights. 

So far, real progress between 
Syria and Tsrael has been virtu- 
ally imperceptible. But serious 
and detailed negotiations have 
been going on, primarily 
through the US administration, 
with President BQ1 Clinton's ' 
meeting with Mr Assad in Jan- i 
uary and Mr Christopher's ? 
three stops In Damascus this « 
year. This week Syrian officials f 
were saying they have nothing 
new to offer from their last 
proposal which demands the 
following from Israel: 

• It must scrap its annexation 
of the Golan Heights. 

• It must recognise Syria's 
sovereignty over the Golan. 

• It must commit itself to a 
full withdrawal, as required by 
UN Resolutions 242 and 338. 

• There must be equal secu- 
rity arrangements in the area. 

• Normalisation of relations 
must be linked to tbe speed of 
the Israeli withdrawal 

While negotiations continue, 
President Assad has been qui- 
etly making changes In expec- 
tation of a peace settlement A 
new road is being built from 
Damascus to the Golan. Scores | 
of long-serving governors and | 
party officials have been or are q 
soon to be replaced. A reshuf- 
fle has taken place in one of 
the main pillars of Mr Assad's 
regime, the armed forces. 

New appointees to tbe civil 
administration are seen as 
more liberal and open to peace 
than their predecessors. But 
the new generals are hard- 
liners. Much to Britain's dis- 
may the new air force chief 
Gen Mohammed al-Khouli. la 

believed to have masterminded 
the 1986 Nizar Hindu wi plot, 
when Syria allegedly tried to 
Wow up an Israeli aircraft at 
London's Heathrow Airport 
As usual. President Assad is 
rating with a two-edged swonL 
After decades of anti-Israeli 
propaganda he needs fresh 
bureaucrats who can work 
with a peace settlement. But ot 
the same time he needs hard- 
line loyalists to maintain disci- 
pline in the 450.000-strong 
armed forces which have the 
most to lose from peace. 

This approach will not be 
welcomed by Israel or the IS, 
but such is the nature of the 
president's hold on power. 


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8 


NEWS: UK 


SFA to 
monitor 
derivatives 


By Norma Cohen, 

Inve s t m ent s Correspondent 

The Securities and Futures 
Authority, the self-regulatory 
body for leading City firms, is 
monitoring the ability of the 
largest securities houses to 
assess the risks they take on 
with complex derivative prod- 
ucts. 

In a series of inspection vis- 
its, some of the firms, which 
are largely subsidiaries of the 
world's Largest commercial and 
investment banks, have been 
told to alter their risk models 
and their management struc- 
tures. 

Also, the SFA is insisting 
that firms whose senior direc- 
tors do not have a reasonable 
grasp of the work done by the 
more junior “rocket scientists” 
who design complex products 
to appoint a team which does. 
The team should report 
directly to the board, SFA offi- 
cials said. 

In its annual report for the 
year ended March 31, 1994, the 
SFA said the switch in strategy 
follows a review of the way its 
surveillance division carries 
out its duties at firms "whose 
operations cover a wide range 
of different products and espe- 
cially over-the-counter and 
derivative products." 

A special surveillance team 
win monitor the activities of 24 
major securities houses and an 
annual “risk management 
review" will be conducted. So 
for, the reviews have been con- 
ducted at 12 firms, the annual 
report said. 

The change in strategy is in 
line with growing concern 
among securities regulators 
world-wide about whether 
firms which sell over-the- 
counter derivatives understand 
the risks they are taking on. 

In particular, the SFA is 
looking at the models each 
firm uses for determining the 
pricing of complex bespoke 
derivative products for which 
there are no screen-based 
prices. The prices of these 
products vary widely with mar- 
ket movements and the 
amount of capital required to 
be held for each frill vary 
widely depending on how the 
price is deter min ed. 

Regulators fear that inade- 
quate pricing models will leave 
firms holding too little capital 
to cover Josses in highly vola- 
tile trading conditions such as 
those earlier this year. 

Separately, the SFA said its 
administrative expenses have 
risen, partly reflecting 
increased costs of professional 
services associated with its 
enforcement duties. 


Regulator 
wins crucial 
City case 


By John Mason 
and Nonna Cohen 

A High Court judge yesterday, 
in a sweeping Judgement 
which will affect regulators all 
over Britain, ruled that the 
Securities and Investments 
Board, the City's chief regula- 
tory watchdog, cannot be sued 
for damages by private individ- 
uals unhappy with its enforce- 
ment activities. 

The UK courts have never 
been asked to rule on a point 
of law about the remedies 
available to those who feel 
aggrieved by the way regula- 
tors carry out their duties. 

Mr David Mayhew. solicitor 
for Clifford Chance, the SIB's 
counsel, said the ruling will 
also buttress the Bank of 
England, the Monopolies and 
Mergers Commission and the 
Office of Fair Trading, among 
others. 

Afterwards, SIB officials 
expressed considerable satis- 
faction at the result One said: 
“This was about the propriety 
of the exercise of our powers. 
We have very strong powers to 
do things and this case was a 
test of whether we use them 
properly". 

Mr Justice U ghtman threw 
out the action seeking £7m in 
damages from the SIB in a case 


brought by Melton Medes. a 
trading conglomerate accused 
of breaching pension fund 
investment rules. 

The plaintiffs had argued 
that the SIB had disclosed 
“restricted information'' in vio- 
lation of Section 179 of the 
Financial Services Act to the 
pension scheme beneficiaries 
who are asking the company to 
restore a similar amount to the 
scheme. 

Had the scheme beneficiaries 
not obtained the information, 
they would not have pursued 
their case against Melton 
Medes for restitution to the 
scheme, they argued. 

In his r uling , Mr T. jgt l trafln 
said that the law clearly states 
that individuals have no pri- 
vate right of action if they feel 
aggrieved. Hie intent of Sec- 
tion 179 is to protect the spe- 
cial interests of informants and 
“to control in the public inter- 
est the use of information 
acquired rather than to subject 
SIB, in this respect to private 
law actions.’’ 

The only remedy open to 
Melton Medes is to seek a crim- 
inal prosecution of the SIB or a 
judicial review of its conduct 

He denied the plaintiffs 
request for leave to appeal his 
mling and awarded indemnity 
costs to the SIB. 



Ulster Orangemen mark the Battle of the Boyne of July 12 , 1G90 - the victory of William of Orange over Catholic Sing James 

Shrinking state still proves top heavy 


FiNAivnAr, tthvtfc; 


Maxwell 
action 
dismissed 

By John Mason 

A legal action brought by fte 
Maxwell pensioners to claim 
up to £235m from the adminis- 
trators of Maxwell Communi- 
cation Corporation was dis- 
missed by the Court of Appeal- 
Three appeal court judges 
rejected the argument of me 
liquidators of Bishops gate 
Investment Management, the 
former manager of tbe Max- 
weO pension fluids, that It had 
a prior claim to the first 
E235m of the money raised 
from the sale of MCC assets. 

Price Waterhouse, the 
nihwiwiiB tra ta rg of the largest 
quoted company ran by the 
late Mr Robert Maxwell, have 
>ver Catholic King James so for raised about £680m from 

such asset sales. 

' PW has proposed treating 

hAnTTTT BEtf in the same manner as 
[ iTj nCdl VV other creditors.- by paying div- 

v J Mends raised from the asset 



By Philip Stephens, 

Political Editor 

Top government admin- 
istrators. the legendary ‘man- 
darins' of Whitehall, are up in 
arms. They have too many 
ministerial masters. 

On the eve of a government 
policy paper foreshadowing 
more cuts in administrative 
jobs, the mandarins are com- 
plaining that ministers have 
exempted themselves entirely 
from the drive to reduce the 
size of the state. 

A handful of opt imis ts in 
Whitehall are suggesting Mr 


John Major might use the 
forthcoming reshuffle to prac- 
tice what the government 
preaches and cut the number 
of ministerial jobs in the gov- 
ernment. 

Realists predict the prime 
minister will be more con- 
cerned to maintain the fragile 
peace amongst the Tory rank- 
and-file. so patronage will 
again come before principle. 

The Treasury estimates that 
privatisation and contracting 
out has cut the size of the gov- 
ernment by abont a quarter 
since the start of the Thatcher 
revolution in 1979. 


Civil servants numbers also 
have dropped 24 per cent from 
732,000 to 554,000. Today's 
paper will forecast another fall 
to below 500,000 within the 
next four years. 

However, comparison « f the 
official lists show that there 
were 81 ministers and 21 paid 
government whips (in charge 
of internal party discipline) in 
Mrs Margaret Thatcher's first 
fliiminictiuHnn Now their are 
87 ministers and the same 
number of whips. 

If these well-heeled ministers 
had suffered the same squeeze 
as their mawlaHiM Him n umb er 


chauffered to and from their 
plush offices at taxpayer’s 
expense would have fallen 
sharply to a mere 62. The cost 
is not borne only by the tax- 
payer. Superfluous ministers 
add to the workload of their 
civil servants. 

Nor can these myriad parlia- 
mentary under-secretaries, 
minis ters of state, solicitors’ 
general and economic secre- 
taries claim their Westminster 
workloads have increased. 
Responses to MPs questions 
more often than not consist of 
referrals to the relevant agency 
or privatised business. 


How e ver, BIM bad claimed 
it had a prior rfmtn over the 
frill amount of BBTs pension 
money wrongly paid to MCC. 

The riding will not enable 
PW to bring fo rward its plans 
to pay interim dividends to 
creditors since BIM stdl has 
other claims outstanding 
against MCC which have to be 
settled in the High Court 

The appeal court awarded 
costs against BIM and refused 
it leave to appeal to the House 
of Lords. However, lawyers for 
the framer pension managers 
said that they stfB intended to 
apply for a further hearing. 


No peace dividend for the people of Plymouth 

Roland Adburgham reports on the plight of a regional sub-economy based on defence and the historic dty at its heart 

O n Plymouth's historic Hoe, dockyard and employers such as parts of the city, male unemploy- 
overlooking the sea, there is British Aerospace, there are 18 mili- ment is 25 per cent 
an imposing memorial to the tary bases in its travel-to-work area. The first years of DML cutbacks 


O n Plymouth's historic Hoe, 
overlooking the sea, there is 
an im posing- memorial to the 
port’s servicemen and women, killed 
in the two world wars. It is inscribed 
with no fewer than 23,182 names. 
Today. Plymouth is having to come 
to terms with the casualties of 
peace. 

The 850 redundancies at the city's 
Devonport naval dockyard, 
announced last month, are the most 
recent consequence of the peace div- 
idend. In the seven years since the 
consortium DML took over the pri- 
vatised management of the yard, the 
workforce bad shrunk from 11.400 to 
4,350 even before the latest job 
losses. The euphoria last year of win- 
ning the contract to refit Trident 
submarines has evaporated. 

Plymouth has one of the highest 
concentrations of defence establish- 
ments in the country. As well as the 


dockyard and employers such as 
British Aerospace, there are 18 mili- 
tary bases in its travel-to-work area. 
According to Plymouth Business 
School, defence accounts for more 
than one in five local jobs. 

The city fears any benefits of 
national recovery are being can- 
celled out by cutbacks which Mr 
David Jamieson, Labour MP for 
Devonport. described as having a 
“major and devastating effect." It is 
widely expected that tomorrow's 
defence review could entail further 
losses, with the possible relocation 
of Royal Marines. 

Mr Tudor Evans, chair of the city’s 
employment and economic develop- 
ment committee, said: “We already 
have poverty as intense in some 
wards as anywhere in the country," 
he said. In the Plymouth travel-to- 
work area 17,600 people are unem- 
ployed, or 11.6 per cent. In some 


parts of the city, male unemploy- 
ment is 25 per emit 

The first years of DML cutbacks 
saw early retirements and large pay- 
offs. Redundancy costs, met by the 
taxpayer, averaged £30,000 a person. 
Mr Peter WMtehouse, DML’s busi- 
ness development director, said: 
“Now the young and those who gen- 
uinely want to work will be unem- 
ployed and the social and economic 
impact will be much higher." 

Many of the redundancies are 
among the well-paid and skilled. At 
the crowded Devonport job centre, 
nearly all the vacancies are for 
unskilled or semi-skilled work, often 
part-time. 

The defence dependency, not only 
of Plymouth but of the counties of 
Devon and Cornwall has stimulated 
a recognition that the sub-regional 
economy needs to be restructured. A 
public and private sector partner- 



ship. Westcountry Development Cor- 
poration, has been set up to help job 
creation when many traditional 
industries, lik e fish ing, are also 
undergoing structural change. 


European and piimm inimt fainting 

is starting to come into the region. 
Plymouth last year gained European 
Objective 2 status. It has also been 
designated an assisted area. But 
Plymouth Business School calcu- 
lated that ftnyting to compensate for 
the Ices of defence-related spending 
had been insignificant. 

“Much of it has come very late and 
• it’s just too Utile,” said Mr Jamieson. 
“There is no joined-up thinking 
between one government depart- 
ment and another. The . Ministry of 
Defence Is acting totally unilater-, 
ally." 

The go v er nment hag become con- 
scious of its vulnerability in the 
south-west (last month the Conser- 
vatives lost the European parliamen- 
tary seat of Cornwall and Plymouth 
West to the Uberal Democrats). 

One action has been to create a 
development corporation for three of 


the waterfront military sites in 
Plymouth. Mr John Collinson, its 
chief executive, who is seeking a 
variety of inward investment from 
leisure to light industry, said: “I am 
heartened by the interest Plymouth 
is probably better known around the 
world than it is in London. It is 
about time the city took its rightful 
place on the stage and I think it 
wflL" 

Companies such as Toshiba of 
Japan and Wrigley of the US have 
plants In the city. To encourage 
tourism, Plymouth is promoting 
itself as a “historic waterfront city.” 

Mr John MannpTl . chief executive 
of Devon & Cornwall training and 
enterprise council, said: “Plymouth 
has such natural potential - it is a 
wwdaifbl place to be.* But as it 
sheds its garrison town image, it is 
finding it difficult to say what it 
wants to be in the fixture." 



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To find out more about advertising to these influential people 
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FINANCIAL TIMES 

LONDON ■ PAULS ■ FIAWUKT ■ MEW YOU ■ TOKYO 







10 


FINANCIAL TIMES TIU-RSDAV JULY U l«w.J 


MANAGEMENT: MARKETING AND ADVERTISING 


The row over food ads directed at children is 
reminiscent of the tobacco debate, says Diane Summers 

Sour taste of 
sweet debate 


D uring one typical week of 
children’s television pro- 
grammes on Independent 
Television in the UK last 
month there were 388 advertise- 
ments, well over half of them for 
food products. Of these commer- 
cials, three-quarters were for break- 
fast cereals (mostly the sugary 
kind), confectionery, fast food, soft 
drinks, ice cream and lollies. In 22 
hours of children's TV, there was 
just one ad for fruit 
To the National Food Alliance - a 
campaigning umbrella group which 
includes such unlikely bedfellows 
as the British Dental Association 
and the National Farmers Union - 
the figures say it all On Monday 
the NFA published the results of a 
Mori survey which claimed to show 
that three-quarters of parents think 
food advertisements do not encour- 
age children to eat healthily. 
According to the poU, two-thirds of 
parents want to see tougher restric- 
tions on food ads. 

All advertisements for fatty and 
sugary foods should be banished 
from programmes that large num- 
bers of children are likely to view, 
says the group in a submission to 
the Independent Television Com- 
mission, the body which regulates 
commercial TV. 


The Advertising Association, 
which represents both advertisers 
and the advertising industry, furi- 
ously described the survey as “a 
superficial and cynical attempt to 
steer the political debate about the 
Health of the Nation [the govern- 
ment's white paper on strategy for 
improving health published in July 
1992] on to advertising^. Food 
advertising is not about diet but 
about individual brands, says the 
association: "Brand adverts are not 
tools of social engineering, even if 
the NFA would like them to be." 

The AA sees advertising as once 
again being made the scapegoat. 
Many of the arguments, and cer- 
tainly the level of emotion, are rem- 
iniscent of the debate surrounding 
tobacco advertising. 

In turn, the association is launch- 
ing the results of its own research 
at a seminar in Cambridge today. 
Conducted by Leeds University 
researchers, it concludes: “Rather 
than famili es seeing advertising as 
distorting the pattern of their chil- 
dren’s eating, in Eact, advertising is 
perceived as potentially positive in 
that it may encourage children to 
try out new foods." 

The latest row was sparked by the 
government in March when it said 
that its Nutrition Task Force - one 


of the bodies set up after the Health 
of the Nation white paper - would 
be taking an interest in advertising. 
The ITC and the Advertising Stan- 
dards Authority, the body which 
polices printed advertising, were 
asked to scrutinise their codes of 
practice in the light of the white 
paper dietary targets. 

These targets include a huge 
reduction in the consumption of fat 
Diet, and in particular fat consump- 
tion, Is seen as a highly significant 
factor in the incidence of coronary 
heart disease and strokes, among 
the greatest causes of preventable 
premature death and disability. 

The advertising industry was 
asked to look at how it could 
“encourage positive use of the 
advertising message to promote die- 
tary advice consistent with the 
Health of the Nation” Meanwhile, 
the ITC and ASA were to “Identify 
any desirable changes” to advertis- 
ing codes, paying particular regard 
to advertising to children. 

The ITC already applies some 
rules in the area: TV ads must not, 
for example, encourage children to 
eat frequently throughout the day, 
or to consume food or drink, espe- 
cially sweet, sticky foods, near bed- 
■ time. Advertisements for confec- 
tionery or snack foods must not 



CoJ> Coni' 

Advertisers are being asked to promote dietary advice but ’brand adverts are not toots of social engineering’ says the industry 


suggest they are substitutes for a 
balanced meal, and there are also 
restrictions on health claims tha: 
manufa cturers are allowed to make. 
The ASA applies a similar code. 

The NFA wants these codes 
strengthened to the point where ads 
for sweets and many snack foods 
would be banned from children’s 
programmes and the 9pm “water- 
shed” would be applied to ads for 
fhtty or sugary food featuring, for 
example, cartoon characters or toys. 

The group points to the tougher 
restrictions applied in some other 
countries. For example, Canada, 
Sweden and the Flanders regional 
government in Belgium ban adver- 
tising to children during children's 
programmes. France bans use of 
children in food ads. Ads for sweets 
in the Netherlands, allowed after 
8pm, feature a toothbrush logo to 


remind children to brush their teeth 
although, says the NFA, “the effec- 
tiveness of this has been questioned 
not just from a dental health per- 
spective but from the apparent 
endorsement such logos give to con- 
fectionery' products”. 

The AA replies that “the effects of 
advertising are badly misunder- 
stood. Advertising restrictions will 
not improve the nation’s health”. In 
hs response to the government's 
Nutrition Task Force, it says: "A 
strategy for improved health is best 
addressed by a targeted programme 
of public eduction, encouraged by 
public authorities and supported by 
food manufacturers and retailers.” 

The AA's research from Leeds 
University certainly highlights the 
extent to which public education is 
still needed if government targets 
are to be met One of the most star- 


tling findings is that "nutrition" 
appears to be about the least impor- 
tant factor when it comes to plan- 
ning the family menu. 

The researchers concluded that 
planning, buying, preparing and 
cooking food account for 37 per cent 
of famili es' concerns, while whether 
the family would actually oat and 
epjoy the food accounted for a fur- 
ther 51 per cent. Nutrition and 
health accounted for 7 per cent and 
even then the subjects tended to be 
associated with specialised “health" 
foods and vitamin tablets, rather 
than daily intake. 

The exact role that advertising 
has to play in the process of raising 
public awareness - the AA main- 
tains. self-effacingly, that advertis- 
ing’s role in these matters is always 
vastly overrated - is likely to 
re main a matter of controversy. 


U S pharmaceutical 

companies are bombarding 
consumers with public 
health information in a subtle 
effort to market their products. 

The theory is that the more people 
know about their health, the more 
likely they are to seek help, and 
the more prescription medicines 
drug manufacturers will sell. 

Genentech, for example, helped 
finance a print campaign on how 
to recognise the early signs of a 
heart attack, indirectly promoting 
its angina drug, Acttvase. Merck 
backed an information campaign 
on enlarged prostates to market 
its Proscar product Upjohn and 
Solvay are launching a public 
awareness campaign on obsessive 
compulsive disorder to boost sales 
of their new drug. Luvox, a relative 
of Prozac. 

Once, the pharmaceutical 


A most subtle prescription 

Drugs companies are using indirect methods, says Victoria Griffith 


industry promoted prescription 
drugs only to physicians. Today, 
drug companies find direct 
marketing to consumers more 
effective. “We try to empower 
people with information about 
their health,” says 
Wyetb-Ayerst “Earlier, people 
didn't really participate in their 
treatments. They just took what 
the doctor gave them. But now, 
patients are much more involved.” 
Drug companies have been 
traditionally wary of directly 
promoting prescription drags, 
because of strict Food & Drug 
Administration rules. The FDA 


requires that all advertising of 
prescription medicines reveal 
potential side-effects and provide 
a balanced view of the benefits 
and disadvantages of the product. 

Pharmaceutical manufacturers 
often provide money for the 
awareness campaigns to public 
health organisations, which then 
put ont information in the form 
of brochures, print and television 
advertisements. 

“We're seeing more of this 
[contributions for public awareness 
campaigns by drag companies] 
as opposed to traditional 
contributions over the last several 


years," says Steven Erickson, a 
spokesman for the Arthritis 
Foundation. “There's more of a 
marketing element involved.” 

Yet public health organisations 
say they welcome the trend. “It's 
a win-win situation,” says Brigid 
Sanner, vice president of 
communications for the National 
Heart Association. “We get the 
information out, patients get a 
chance to live healthier lives and 
the drag manufacturers get their 
message out” 

Many health associations have 
established "corporate” offices 
to work together with companies 


on the advertisements, which the 
associations then vet for accuracy 
and balance. 

The advertisements most contain 
more than just information about 
the disease to be effective, though, 
says Nancy Glick. a senior vice 
president with the public relations 
firm Hill and Knowlton. “You need 
to provide basic information, but 
you also need to tell consumers 
what they can do about it: either 
‘call this 800 number for more 
information', "write for a brochure 
on* or ‘ask your doctor about'." 

Sometimes, the public awareness 
messages are followed up by direct 


marketing. Drag companies are 
becoming less leery about 
advertising prescription medicines. 
Merck, for instance, begun a 
campaign for its drug Proscar with 
general health messages detailing 
“what every man should know 
about his prostate”. More recently, 
however, the company has 
switched to advertisements which 
declare “Only one medicine can 
shrink the prostate: Proscar.” 

The public awareness campaigns 
as a marketing tool have proved 
so effective that other sectors are 
beginning to jump on the 
bandwagon. Makers of caldum 
supplements, for Instance, have 
sponsored commercials on 
osteoporosis, and one sunscreen 
manufacturer Is expected to launch 
a campaign this summer on skin 
cancer and the dangers of exposure 
to the sun. 


Why I 
holiday 
in UK 


A > the British make their 
:uuukiI summer 
pilgniungr to tbr beaches 
of Spain. France and Greece, 
they leave behind a country 
increasingly popular with 

tourists frum elsewhere. 

Britain w the world's sixth 
largest earner of tourist 
revenues. Lost year, a record 

19., tin overseas \ isitors spent 

fiUbn ill the UK 
The conventional vv-v. is that 
foreign visitors come to the UK 
for its liisturical and cultural 
attractions. A new set uf 
marketing guulesi* lutblislted 
by the British Tourist Authority 
reveals a more complex picture. 

Australians and New 
Zealanders find British castles, 
gardens and historic houses 
appealing. Greeks, on the other 
hand, have no interest in such 
attractions: they visit the UK 
to shop, learn English - or 
undergo surgery. 

The BTA's 26 guides show that 
VK hotels and tour organisers 
need to adapt their marketing 
to the country m which they 
an* trying to sell their services. 

Belgian visitors like golfing, 
walking and cycling when they 
visit the UK. Norwegians like 
canal cruising. Argentina want 
to watch rugby. 

Visitors from Hong Kong do 
not like to walk. They etyjoy 
uageantry but do not like rain. 
Many Israeli visitors to London 
go to the theatre ever)- night. 

Top attractions for Indian and 
Pakistani visitor* are Maritime 
Tussaud's and the Tower of 
London. Although a large 
proportion of Indian and 
I'ukishuii visitors come to the 
UK on business or to see friends 
and relatives, there are 
increasing numbers of young, 
financially independent tourists 
from the two countries. 

Visitors from France tend to 
come to the UK to find 
eccentricity and cosy pubs. 

Michael Skapinker 

*Orderform and pirns can he 
found in thefiw publication UTA 
Marketing Opportunities. 
Dipartnier.t l), BTA. Thames 
Totcer. Black's Road, Ijmthm 
W69EL 



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No senior person in the banking world can 
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FINANCIAL TIMES THURSDAY JULY 14 1994 


FINANCIAL TIMES SURVEY 


11 



□ Partnership tackles 

region’s image 

Page li 


MERSEYSIDE 


Thursday July 14 1994 


^ i\ m M erseyside has been 
' EMI handed a two-edged 
■ WE sword. This week the 
European Commission 
approved outline plans to 
spend £628m of EU money over 
' the nest six years to help one 
v of Britain’s most deprived con- 
urbations catch up with other 
more prosperous parts of 
Europe. 

This Is Merseyside's share of 
the EU's “Objective I” funding 
for those parts of Europe 
where the local gross domestic 
product per head is less thajn 
- three-quarters of the EU aver- 
age. Other beneficiaries 
include Greece, Portugal, 
•’ Ireland, the Highlands and 
Islands of Scotland and parts of 
the former east Germany. 

The award does bring with it 
its own dil emma, as Mr John 
Stoker, head of the US govern- 
ment regional office on Mersey- 
side and the man who will be 
in charge of the money, points 
out “Objective 1 is two-edged 
because you can interpret it 
positively or negatively.” In 
other words, if an area needs 
such help, that might put 
investors off. 

Yet if the resources are han- 
. . died well, they could accelerate 
. economic growth and create 
unprecedented business oppor- 
tunities, reversing the decline 
that has enveloped Merseyside 
- ^ for decades. 

The trick, as the conurba- 
tion's leaders recognise, is to 
cut with the right edge of the 
sword. Worried Eurocrats In 
~ Brussels rejected initial pro- 
posals. These would have 
. - involved the disbursement of 
funds on projects not dissimi- 
lar to others that have so Car 
failed to stop the decline. 

Training is one of these. Pro- 
fessor Patrick Minford. Liver- 
pool University's celebrated 
monetarist, has warned that 
* soft-focus training - preparing 
people for jobs that might 
never materialise - is likely to 
encourage emigration in 
search of work, further weak- 
ening the skills base. He wants 
Hajijjj more spent on physical Infra- 
structure, arguing that freer 
movement encourages trade. 

Brussels called in Mr Peter 
Lloyd, professor of geography 
at Liverpool University, to 
redraw the spending plans. 
Among the people he consulted 



Liverpool: Abort Dock, the Ptor Head and (in the background) the city centre GMOm 


The double-edged sword 

Ian Hamilton Fazey looks at the region’s plans to spur economic 
growth and create business opportunities with the aid of £628m 

from the European Union 


was Prof Michael Parkinson, 
whose European Institute of 
Urban Affairs at Liverpool 
John Moores University has 
dome definitive work for the EC 
on why some cities succeed 
while others fafi. 

The result is a strategy based 
on five economic "drivers” - 
big companies, small compa- 
nies, technology transfer, lei- 
sure industries and human 
resources. 

Brussels has accepted the 


principles involved, perhaps 
noting some signs that the tide 
may already be turning. As Mr 
Jack Stopforth, former head of 
economic development at the 
abolished Merseyside County 
Council and now a marketing 
consultant, observes: "The 
image of Merseyside is now 
lagging behind the reality. 
Before, we used to say Mersey- 
side was great, and try to make 
it so. Now it’s getting great but 
it doesn't look Kim ft yet.” 


The membership and sub- 
scription list of the Mersey 
Partnership - which will use 
Objective 1 funds to market 
the area worldwide - supports 
him. Councils and companies 
have contributed between 
£5,000 and £150,000 each to 
raise more than film. They 
clearly mean to maim it work 
and seem to have learnt the 
lessons of what has produced 
successful regeneration else- 
where. 


The lessons are that there 
have to be leaders; they have 
to sink their differences and 
work together; and they have 
to develop a wider vision of the 
community than their own role 
in it. 

“There has been a telling 
influx Of young or vigorous 
people into key positions. 
Many are newcomers, uncon- 
strained by the great burden of 
Merseyside's past. They have a 
commonsense approach which 



is yielding benefits,” Mr Stop- 
forth points out. 

Already in place is Mersey- 
side Development Corporation, 
a government agency now 
chaired by Sir Desmond 
Pitcber. the chairman of North 
West Water. It has rescued the 
Mersey waterfront from dere- 
liction. though it has blotted 
its copybook recently with a 
public relations disaster over 
financial losses incurred by a 
promotional opera concert. 

An infrastructure of finan- 
cial and professional service 
providers is re-establishing 
Itself. Among them, KPMG 
Peat Marwick is playing a cen- 
tral role in devising and eval- 
uating Financial mech anisms 
needed for regeneration, while 
Grant Thornton's Mr Amin 
Amiri is running a vigorously 
competitive corporate finance 
operation from Liverpool 

The latest newcomer is Mr 
Ian Loblev, director of 3i's Mer- 
seyside office, the successor to 
Mr Rob Toomey, who has 
joined Edward Bfllington, the 
Liverpool sugar merchant and 
food process group, as develop- 
ment director. 

Mr Lobley provides the best 
evidence of growth where it is 
needed most (because more 
jobs are created there) - in the 
small and medium-sized busi- 
ness sector. "Our local equity 


book has grown from £lum to 
£35m since 1991. 3i's total port- 
folio has risen from £39m to 
£63m in the same period" he 
says. 

He believes the base of small 
and medium-sized businesses 
is too small and must be seri- 
ously nurtured. Mr Tim Beer, 
in charge of a new operation 
for KPMG dealing with owner- 
managed businesses, thinks 
mergers and acquisitions 
among them - possibly aided 
by a new fund set up with 
Objective 1 help - is one 
answer. 

T he region's basic prob- 
lems. leading up to the 
need to seek special 
assistance from Brussels, have 
been the changing patterns of 
world trade, transportation 
technology and global eco- 
nomic groupings. Nearly a cen- 
tury ago. Liverpool was the 
leading European terminal for 
transatlantic emigration to the 
US and for world trade. 

it grew rich on it but has 
been in relative decline ever 
since _A body similar to the 
new Mersey Partnership was 
proposed in the 1920s, when it 
was already clear that a dam- 
aging change to the economic 
structure was under way. 

The jet age. bulk cargo han- 
dling, containerisation of 


□ The ‘drivers’ 
of change 
Page III 


shipped freight, .ind Britain’s 
political and economic alliance 
with an ever-uniting Europe 
have all further accelerated 
Merseyside's decline since the 
1981 Toxteth riots. 

Church leaders - notably the 
Rt Rev David Sheppard, Bishop 
of Liverpool - characterised 
the riots as an explosion of 
frustrated helplessness in Che 
face of unbridled market 
forces, but the aftermath did 
more damage as Merseyside 

demonstrated an unrivalled 
ability lo shoot itself in the 
foot. 

Marxist factions on Liver- 
pool’s city council and among 
us town ball trade unions 
sought to municipalise as 
much of the local economy as 
they could. Bitter confronta- 
tion with the Thatcher govern- 
ment ended with 47 councillors 
disqualified for financial mis- 
management ,uid Liverpool m 
debt to foreign banks which 
had financed a senes of deficit 
budgets. 

With Merseyside's capital 
emanating little but bad news, 
the private sector and the four 
other Merseyside councils - 
Wirral. St Helens. Knows ley 
and Sefton - ran for cover and 
decided to act independently. 

Seven years .liter Uie House 
of Lards confirmed the disqual 
ifications. the Merseyside com- 
munity is coming together 
again, though with less than 
wholehearted commitment 
from Wirral. winch watches 
developments wanly from Its 
self-contained peninsula across 
ihe Mersey from the other 
four, contiguous, boroughs. 

In the meantime, the labour 
party has expelled most of its 
known local Marxists or hard- 
left former members who 
would not accept the discipline 
of Mr Harry Rimmer, Liver- 
pool's moderate leader. 

Most local leaders believe 
Merseyside touched rock bot- 
tom in 1991 with a seven- 
month town hall strike But 
although relative economic 
decline has since continued - 
resulting in Objective l status 
- there are signs it may now 
be reversible. 

Merseyside seems to have 
finally got its act together. All 
it needs to do over the next six 
years is to spend £628m of EU 
funds wisely. 







£0 





This number is for people who don’t believe everything they read in a newspaper 


TM 


Whatever you read about Merseyside in this 
survey, die chances are that you’ll be looking for 
a second opinion. 

That’s where we can help. 

The Mersey Partnership was formed to 
provide a single point of contact for any business 
wanting to know more about investment and 
development in the region. 

And because we are a partnership of some 40 
businesses and organisations from the private 


and public sectors, one telephone call can put 
you in touch with a wealth of different 
experience. 

We have a comprehensive database 
covering all aspects of the region's 
economy and infrastructure and a 
register of all recorded sites and 
premises available. Wfe’ll also help you 
access one of the most generous grant 
regimes available in Europe. 


E 


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So, if you’d like an information pack and a 
copy of our free magazine Quorum, which 
takes a frank and independent look at 
business life in the region, just give us 
a call. Or complete the postage-free 
coupon. 

The Mersey Partnership. Your 
short-cut to a second opinion on 
doing business in Merseyside - from 
people who are already doing it. 


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I 


ARGENTINA IV 


FINANCIAL TIMES WEDNESDAY JULV 13 


The new 
constitution 


The main item on the 
constituent assembly's 
agenda Is the removal of the 
1853 constitution's ban on 
successive presidential terms 
to allow President Carlos 
Menem to stand for re-eleo- 
tion next year. 

If all goes according to 
plan, the new constitution 
will allow re-election of the 
president to a second, four- 
year term- At present, the 
president serves for a single 
six-year term. If Mr Menem 
wins the 1985 presidential 
elections, be will govern 
Argentina up to the end of 
1999, when he will be 69. He 
would not be allowed to run 
for a third term. 

As well as this, a number 
of other items are np for 
debate. 

• The indirect electoral col- 
lege election system will be 
abandoned and replaced with 
a two-round direct election. 
If the winner gets more than 
45 per cent of votes there 
need be no second round 
election. 

Equally, if the winning 
candidate gets 40 per cent of 
the vote bat leads the second 
candidate by 10 percentage 
points, there need be no sec- 
ond round. These elaborate 
rules were drafted bearing In 
mind the Peronist party’s 
traditional 40-45 per cent 
share of the vote. 

• A cabinet chief, a sort of 
prime minister, will become 
responsible for “general 
administration of the coun- 
try” exercising powers “dele- 
gated by the president". The 
cabinet chief can be removed 
by both houses of Congress 
with a simple majority vote. 
The opposition Radicals hope 
this will reduce the presi- 
dent’s powers, but Mr 
Menem has already said he 
will not cede fall presidential 
powers. 

• The 40-member Senate 
will be Increased by half. The 
extra 24 seats wfll be allo- 
cated to the opposition par- 
ties in each of the 23 prov- 
inces and the federal district 
of Buenos Aires. 

• The executive’s legislative 
powers, principally the right 
to issue em e rgency decrees, 
will be restricted. The presi- 


dent will be forbidden from 
decreeing on tax, criminal 

law or electoral issues. How- 
ever, the role of Congress in 
ratifying or rejecting presi- 
dential decrees is not clear. 
• A council of jurists wfll 
select judges and oversee 
management of the Judiciary. 
At present, judges are 
selected by the e xe cu ti v e and 
approved by the Senate. The 
Supreme Court is responsible 
for the management of the 
judiciary. 

Hils amendment is meant 
to strengthen the indepen- 
dence of the courts, since 
judges are often appointed 
for political reasons. How- 
ever, the rules governing the 
council will be written by the 
Peroni st-dominated Con- 


• The head of the National 
Audit Bureau will be nomi- 
nated by the apposition and 
be subordinated to Congress. 
At present the toothless 
Audit Bureau is part of the 
executive. 

• The mayor of Buenos 
Aires will be elected. At pres- 
ent the president appoints 
the mayor. The federal dis- 
trict of Buenos Aires Is a tra- 
ditional Radical stronghold, 
and this was intended to ben- 
efit the Radicals. However, 
they have lost the last two 
elections in the city and 
would do so again if the elec- 
tions were held today. 

• The share of financial 
resources between the fed- 
eral and provincial govern- 
ments is to be made more 
equitable. The tax shareout 
at present is subject to a 
number of complex rales 
that gives the provinces 56 
per cent of certain federal 
taxes, such as value added 
tax, but not customs reve- 
nues. Hie p r ov in cial gover- 
nors demand that they be 
given half of all taxes raised 
by the federal govmiment 

In addition to these points, 
there are other clauses 
introducing referenda, grant- 
ing independence to federal 
prosecutors (currently con- 
trolled by the g o ver nm ent), 
protecting the environment 
and entrenching competition 
policy and consumer rights 
in the constitution. 


L ast year President Carlos 
Menem's chances of ful- 
filling his over-arching 
amb ition of removing the con- 
stitution's ban on successive 
presidential terms and stand- 
ing for re-election to a second 
term looked remote. 

Now, the constitution is 
being changed and already Mr 
Menem looks unbeatable in the 
1995 elections. 

Mr Menem achieved this by 
enlisting the opposition Radi- 
cal party - which had used its 
blocking minority of & seats in 
the lower house of Congress to 
prevent reform - as allies in 
amending the US-style 1853 
constitution. 

In a deal last December with 
his old rival Raul Alfonsin. the 
Radical leader and former pres- 
ident, Mr Menem agreed to a 
constitutional reform formula 
that strengthens the judiciary 
and legislature and introduces 
a semi-parliamentary form of 
government in exchange for 
being allowed to stand for a 
second tens. 

Most Argentines are treating 
the reform process with consid- 
erable cynicism. Rosendo 
Fraga, a political commentator, 
says; “None of these reforms 
are essential. The only reason 
for reform is Menem's re-elec- 
tion. The other clauses are 
only there to justify this." 

But optimists, especially 
those in the business world, 
say a second Menem term will 

A second term for Mr 
Menem creates as many 
doubts as ft does 
certainties 

further extend the horizon of 
political stability, allowing his 
bee market reforms to consoli- 
date themselves. Mr Menem 
has stated repeatedly that he 
will reappoint Domingo 
Cavallo as his economy minis- 
ter. 

However, many foreign exec- 
utives would have preferred a 
Chilean-style transition In 
which the- direction of eco- 
nomic policy has remained 
unchanged, in spite of two 
changes of government. 

The core of the new constitu- 
tion is contained In a Congres- 
sional resolution passed last 
December with a two-thirds 
majority with unanimous back- 
ing from Mr Menem’s Peronist 
party and the Radicals. The 
resolution's text was drafted in 
secret by Radical and Peronist 
negotiators. The two sides 
agreed that an assembly 
elected in April to rewrite the 


Mr Menem’s chances of re-election look strong, says John Barham 

No guarantee of stability 


constitution must accept or 
reject this reform package 
without any modification. 

In addition to the reforms 
already agreed by the two par- 
ties, Congress has allowed the 
assembly to introduce addi- 
tional changes such as introdu- 
cing referenda or entrenching 
consumer rights in the consti- 
tution. 

Pollsters say that- although 
the public shows little interest 
in the constitutional reform 
process, it seems content to 
allow a successful g ov e rn ment 
to continue in office for a sec- 
ond term. 

However, a second term for 
Mr Menem creates as many 
doubts as it does certainties. 
There are those who believe he 
will do little to strengthen 
Argentina’s weak democratic 
institutions: no other president 
in Argentina's history has 
resorted to emergency decrees 
- 308 of them in four years - 
as much as Mr Menem has. 
The draft constitution is vague 
on congressional ratification of 
presidential decrees. It does 
not say whether Congress may 
even overturn decrees. 

Successful economic reforms 
are the foundations of Mr 
Menem's political popularity. 
But Manuel Mora y Araujo, a 
pollster, warns that Mr Menem 
may be making a serious mis- 
take by believing that eco- 
nomic stability and growth are 
sufficient to satisfy voters. Hie 
says: “People want other 
things. People have other pri- 
orities. The dominating themes 
today are unemployment, cor- 
ruption. education, health.” 

However, few politicians are 
responding to these demands. 
The Radicals have been dis- 
credited by Mr Alfonsin's 
disastrous 198SS9 government 
and his alliance with Mr 
Menem. Mr Mora y Araujo also 
notes a deepening contempt for 
conventional politics and poli- 
ticians. 

These factors, plus a strong 
anti-corruption message, 
account for the rise of the 
Ftente Grande, a loose coali- 
tion of left whig parties, dissi- 
dent Peronists and environ- 
mental groups. The Frente is 
led by Carlos Alvarez, a charis- 
matic Congressman. He says: 
“Our view Is that most officials 
are part of a corrupt system 
and Menem allows and gener- 


• 'W •"***• •«' :U«; •/*! "'T 1 

‘ : t“ ■> . 1 !» •I. -'v- . .v* •a -st-luii' ■■ i 1 *' 1 ’ ■ 


This announcement appears as a matter of record only 


Vi 

V : \ . : . 


BANCO 


WUNB 

^ ^ UNIBANCO 
20 da Mayo 4BB (1002) Bumas Atm, Argentina 
Fh. (041) 312 - 7870/9. 


Banco UNB S.A. 

(incorporated in Argentina as a sociedad an6nima) 

U.S.$ 50,000,000 

8 % Euronotes due 1996 


Lead Manager 

West Merchant Bank Limited 


Co-Lead Managers 

Barclays de Zoete Wedd Limited 

Deutsch - Sudamerikanische Bank AG - Dresdner Bank Group 

Prudential - Bache Securities 


Co-Managers 

Banco Mercantil Argentino S.A. 

Inverworld - I.G. Services Ltd. 

Standard Chartered Capital Markets Limited 


ates and approves of corrup- 
tion". 

The Frente carried the fed- 
eral district of Buenos Aires 
during the April 10 elections 
for delegates to the constituent 

Mr Menem's poor health 
has made the post of 
vice-president a 
desirable political prize 

assembly and took 14 per cent 
of the national vote, finishing 
third behind the ’Radinais- 
SfcilL few analysts behove Mr 
Alvarez threatens Mr Menem’s 
re-election. A diplomat com- 
mented that the elections were 


more akin to a by-election in 
which voters registered discon- 
tent Kit in a presidential elec- 
tion they would probably cast 
their vote far Mr Menem. 

There are those who wonder 
how Mr Menem would react to 
an economic downturn. Many 
fear Ms latent populist tenden- 
cies would come to the surface. 
A former minister says be wor- 
ries about Mr Menem's 
“authoritarian tendencies". 

Mr Menem Is given to lash- 
ing out at critics with incendi- 
ary statements. He has com- 
pared the opposition press to 
terroris t s and boznh throwers. 
He baa said lmnwn ri ghts cam- 
paigners are “attempting to 
undermine the foundation of 


the institutions, including the 
armed forces. We will never 
again tolerate subversion in 
our cou ntry ". 

Neither is Mr Menem, in 
spite of his protestations, in 
the best of health. LastOctob©- 
he underwent emergency sur- 
gery to remove a blockage in 
the carotid artery which car- 
ries blood to the brain. Mr 
Menem came dangerously 
close to an incapacitating 
stroke. K also emerged that he 
suffers from diabetes. 

tbs d ete r iorating he a lt h has 
made the once unattractive 
post of vice-president a desir- 
able political prize, with sev- 
eral Peronists discreetly press- 
ing their claims. However, Mr 


Menem has said hhnng 
mate will be Eduardo 

his vice-president 
election as governor of Buenos 

A ^Mr Menem were disap- 
pear from the scene, his suc- 
cessor could change course 

abruptly. Mr DuhaJde is a _ con- 
summate machine 
with tittle attachment to Mr 
CavaHo’s economic pohcjes. mt 
C avallo’s tight control over 
spending and unpredictable 
outbursts of fury ha™. “Wjte 
him deeply unpopular m the 
government. In May he 
stormed out of a cabinet meet- 
ing shrieking that fellow minis- 
ters were conspiring against 
him. 

Argentina’s weak political 
instit utions, further unsettled 
by the constitutional reform 
process, and its history of vio- 
lent, unpredictable upheaval 
mean that Mr Menem's reflec- 
tion does not guarantee that 
stability will continue. 


THE PROVINCES 

Prosperity is 
dwindling 


February 1 994 


Few of Argentina's 23 
provinces have benefited from 
the past three years of vigor- 
ous growth. The backward 
northern region, bordering 
Bolivia and Paraguay is suffer- 
ing as its traditional econo- 
mies, based on sugar cane and 
tobacco, decline. 

To the south, vast but 
sparsely populated Patagonia 
is seeing its population dwin- 
dle further as the oil industry 
sheds jobs, as it restructures 
and central government subsi- 
dies are cut off. 

Even on the Pampas, Argen- 
tina's agricultural heartland, 
times are hard. Agronomists 
reckon that only one in five 
forms in the province of Bue- 
nos Aires are economically via- 
ble. Santa Fe, once one of 
Argentina’s most vigorous 
industrial provinces, has 
became a rust bowl of obsolete 
industry an rf rising unemploy- 
ment where 

labour unrest 
is rising. ™ 90vemi 
Only a few of the d 
parts of the allowing la 

country are to fgji beh 

prospering. The 

! industrial belt prosperou 
surrounding taamm^mamm 
Buenos Aires concentrates one- 
third of Argentina's population 
and much of its industry. Cor- 
doba is the cradle of the car 
industry. Mendoza to the west 
has bucked the trend of weak 
regional economies. It has 
sound government, a relatively 
vibrant local industry and has 
become a focus of invest m e nt 
from neighbouring Chile. 

However, none of the prov- 
inces has emulated economy 
minister Domingo Cavallo's 
sweeping reforms of the federal 
public sector. Their aggregate 
budget deficit may reach 32bn- 
3bn this year - about l per 
cent of GDP and more than 
five times larger than expected 
at the beginning of the year. 

Unreconstructed public sec- 
tors raise local industry's oper- 
ating costs by burdening it 
with high taxes and expensive 
but inefficient infrastructure 
and utilities, malting it hard to 
create jobs or raise investment 
The government is keenly 
aware of the dangers of allow- 
ing large regions of the coun- 
try to fall further behind the 
few prosperous provinces. 
Already, the overcrowded 
slums surrounding Buenos 
Aires are swelling with 
mi grant^ from the interior. 

Last December, rioters seized 
the northern city of Santiago 
del Estero for a day, looting 
and burning as they went It 
was Argentina’s worst out- 
break of violence since hyper- 
inflation four years earlier. 
Public employees' demanding 
unpaid wages led the rioting. 
Unrest continues to simmer, 
with public employees protest- 
ing almost weekly in cities , 
throughout the interior. 

Comparisons with the new : 
year's day guerrilla uprising in 
Mexico's state of Chiapas are 
far-fetched, but Mr Menem’s 
failure to deal adequately with 
the provinces’ troubles is 
emerging as one of his greatest 
shortcomings. 

On the rmft Mr Menem 
needs the powerful provincial 
governors' backing for his re- 
election campaign. Yet at the 
same time Mr Cavallo is 
demanding deeply resented 
public sector reforms. Unsur- 
prisingly, Mr Cavallo's reforms 
are on hold. 

The governors - led by mem- 
bers of Mr Menem's own 
Peronist party - are demand- 
ing that the assembly which is 
rewriting the country’s consti- 
tution should insert a danse 
ordering the federal govern- 
ment to hand over half 
national tax revenues to the 
provinces. The federal govern- 
ment has budgeted tax reve- 
nues of $47.46bn for 1994, 
$l6.09bn of which it must 
transfer by law to the prov- 
inces. 

Giving way would open the 
door to an avalanche of 
demands for more concessions. 


entina’s 23 In June, Mr Menem bluntly 
lenefitted from told the governors to “be quiet 
rears of vigor- and try to contribute to reform.- 
he backward mg the con stituti on, and not 
n, bordering Introduce destabilising ele- 
guay is suffer- ments". He attacked them for 
Ltional econo- “demagogic, absurd populism", 
agar cane and Meanwhile, Mr Cavallo and 
Juan Antonio Zapata, his sec- 
h, vast but rotary overseeing provincial 
ted Patagonia reform, are struggling on as 
p illation dwin- they can. Even Mr Zapata 
te oil industry admits he is facing an uphill 
t restructures stru ggle. He says: “We need a 
tmment subsi- gradual policy- We are pushing 
through some policies to 
ampas, Argen reform the provincial public 
ral heartland, sector, but until the private 
Agronomists sector [shows] strong demand 
y one in five [for labour], it is difficult to 
ivtnce of Bue- cany out It win have to be 
namically via- done simultaneously. Each 
once one of province reforms as it can." 
ost vigorous In many provinces, notably 
ivinces, has the north-west, local govem- 
twl of obsolete ments are the largest employ- 
ing unemploy- era. No governor can afford to 
throw thou- 

The government « aware 0 °[ 

of the dangers of 0 f work when 

allowing large regions unemployment 

to fall behind the few j* already Wgh. 


^ . : wrxirv': .rr.irer, 


sis*: . 










Grape harvest in Handan: anty a taw parte of tha country ant 

experiencing economic growth 


prosperous provinces 


ngers at of work when, 

ge regions unemployment 

xf the few is already high. 

-» Furthermore, 

provmces distribution of 

government 
jobs is a cornerstone of a dlen- 
telistic political system that 
has kept seme ruling familiar 
in power for generations. 

Neither can the governors 
afford to reform their highly 
inefficient and anti-business 
tax systems for fear of losing 
revenues. In the past, the fed- 
eral government showered sub- 
sidies and investment incen- 
tives on the regions, even 
though corrupt businessmen 
ami officials often stole these 
resources. In one celebrated 
case, Koner SA. a now bank- 
rupt conglomerate, is accused 
of misappropriating 3100m in 
government subsidies over a 
five-year period in the 1980s. 

Mr Cavallo has a different 
approach. Be has cut federal 
taxes for companies in the inte- 
rior. He has given the prov- 
inces more money in exchange 
for promised tax reform and 
privatisations. He has offered 
to take over deficit-ridden pro- 
vincial retirement funds. Mr 
Cavallo is also targeting 3300m. 
of federal spending on infra- 
structure in the provinces this 
year as part of a planned $2bn, 
five-year program. 

Furthermore, privatised tele- 
phone, rail, port and highway 
operators are also investing 
heavily in the interior. More 


efficient and cheaper infra- 
structure is reducing compa- 
nies' costs as well as pumping 
money Into the regions. How- 
ever, tiie provinces have stub- 
bornly resisted privatising 
their utilities and banks. 

Governors complain that Mr 
Cavallo’s largesse hardly com- 
pensates for tiie transfer to the 
provinces of responsibility for 
education and health that used 
to be handled by the federal 
government. But most of the 
governors are taking the extra 
money without kwymg their 
side of tiie bargain and begin- 
ning reform. Provincial govern- 
ments' spending rose to 
325.70bn last year from 
$ 16.241m in 1991, when Mr 
Cavallo took office. Spending 
on wages hit a record $13.76bn 
in 1993 - two-thirds more than 


in 1991. An exasperated Mr 
Menem said the governors 
were “not administering as 
they should. They are not low- 
ering public spending. They 
have not carried out public sec- 
tor reform”. 

Yet his home province of La 
Rioja - which Mr Menem gov- 
erned from 1983-88 in tire time- 
honoured tradition of padding 
the public payroll - has done 
little in the way of reform. 
Even tim local finimee minister 
admitted La Rioja receives 
more than Its fair share of fed- 
eral transfers. Until the prov- 
inces’ backward political struc- 
tures are reformed, it is bard to 
see how Argentina can achieve 
balanced and sustainable 
growth. 

John Barham 


FINANCIAL TIMES 

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B 


How the European funds are likely to be spent 

The ‘drivers’ of change 



A five-point plan to regenerate 
Merseyside's lagging economy 
has been approved by the 
European Commission, it was 
announced yesterday. 

The six-year plan will be the 
basis far spending Merseyside's 
£628m of Objective 1 funds. UK 
public sector sources will 
match the sum. The combined 
£L26bn is expected to lever in 
more horn the private sector. 

Under the plan there will be 
five main “drivers" of 
economic change;- 

• The big-company sector. 
Projects will relate to 
preparing, servicing and 
accessing strategic sites for 
large companies and signif- 
icant inward investors. Infra- 
structure spending, marketing 
and improving the region's 
image will also be covered 
here. 

• Small and medium-sized 
enterprises (SMEsj will be 
encouraged to grow, with EU 
money helping to fund train- 
ing, services and advice 
through TECS and Business 
Links. There will be a Mersey- 
side Special Investment Fund, 
set up by the clearing hanks 
but wtth EU money used to 
subsidise interest rates for 
business loans. 

• Knowledge-based industries 
will be encouraged, with spe- 
cial attention to technology 
transfer between Merseyside's 
two universities and industry, 
particularly SMEs. One idea is 
a graduate retention pro- 
gramme with local industry to 
keep more people in the area 
after quahfjyingL 


• The arts, cultural and tour- 
ism sectors will be encouraged. 

# People- based initiatives whl 
concentrate on training and 
systematic development of 
human resources. Inner city 
and social problem areas, such 
as outer estates with high 
unemployment, will be espe- 
cially targeted. 

Money will be cascaded into 
projects on a wholesale-retail 
basis. It will go in bulk to “eli- 
gible bodies" - such as local 
authorities, the three TECs on 
Merseyside, or the universities. 

Other “eligible" wholesalers 
include Mersey- 

travel, English not apply for 

Partnerships The Speke-Garston area Objective l 

and Merseyside may see a “21st century" funds directly. 

Development business park since these are 

Corporation, as for restructur- 

well as volun- mg industry 

tary sector and non-profit rather than subsidising indi- 


the MS near the Hay dock inter- 
change with the A580 East 
Lancashire road and the M62 
cross-over. 

The third site is the Gammell 
Laird shipyard at Birkenhead, 
which its owner VSEL, the 
Barrow nuclear submarine 
builder, closed but has been 
reluctant to sell. Merseyside 
Development Corporation has 
compulsory purchase powers. 
A joint venture with EP and 
the private sector looks possi- 
ble. 

Some SMEs have criticised 
the plans because under EU 
rules they can- 


organisations, or other bodies 
acting in the public interest 

En g lis h Partnerships (EP) is 
expected to play a leading role 
as the tog-company driver. 

Mr David Taylor, the chief 
executive, says three main 
sites win be involved, headed 
by the Speke-Garston area near 
Liverpool Airport, where EP 
will commit £36m to develop 
what Mr Alan Chape, deputy 
chief executive of Liverpool 
city council, says will be a 21st 
century business park. A new 
Hnk road is already hiring built 
to put Speke within a few min- 
utes of the motorway network. 

Another EP Investment site 
will be Parkside coffiery in St 
Helens, which closed last year. 
It is well-placed, adjacent to 


vidual businesses. 

However. Mr Tim Beer, who 
runs KPMG Peat Marwick’s 
north-west services for owner- 
managed businesses, suggests: 
“Companies might join 
together to draw down training 
and consultancy money to 
improve competitiveness. 

“Many SMEs have still to 
tackle how to reduce costs. We 
need more mergers and acqui- 
sitions among them. I have 
seen a large number of compa- 
nies that are fundamentally 
good but their individual mar- 
ket shares are too small to 
carry their costs and allow sub- 
stantial growth. There is also a 
need for venture capital" 

On this last point, Mr Ian 
Berry, chief executive of Liver- 


pool chamber of commerce, 
hopes to set up an investment 
fund administered by a trust It 
would work in the equity gap 
with private sector venture 
capital partners, down to as lit- 
tle as £50.000 invested. Due dili- 
gence - the costs of which 
make most deals below 
£500,000 uneconomic for the 
private sector - would also be 
met by the fund. 

He also sees SMEs as being 
able to borrow from a fund 
that the banks would create, 
but at interest rates subsidised 
by Objective I money. 

In the tourism area. Objec- 
tive 1 funds can be used to 
help build hotels. Mr Berry 
says Merseyside would also 
benefit from reviving Liver- 
pool's largely dilapidated Chi- 
natown, partly by building an 
underground station in the 
middle of it to improve access 
from MerseyralTs existing ser- 
vices. 

Many of the “people" initia- 
tives will try to target training 
to ups kill the workforce in 
jobs, rather than just train 
unemployed people lor stock. 
The three TECs - Merseyside 
in Liverpool. Cewtec in the 
Wirral and Qualitec in St Hel- 
ens - will be the ™aln whole- 
salers of funds. 

As Mr John Stoker, head of 
government offices an Mersey- 
side. puts it “It's about jobs; 
it's about enabling. It’s a tall 
order, but Objective 1 has got 
to address fundamentals and 
make thing s better.” 

Ian Hamilton Fazey 


HIGHER EDUCATION 


Torpors: 


Campus is no longer remote 



An old industry has been 
mushrooming anew in the 
heart of UverpooL It is higher 
education and its local turn- 
over is almost £30Qm a year 
and rising. 

That is at least four times 
more than 10 years ago. Partly, 
it is the result of the expansion 
of higher education places and 
the metamorphosis of Liver- 
pool Polytechnic into Liverpool 
John Moores University, bat it 
is also - the result of radical 
changes in attitude. 

Merseyside has two universi- 
ties - the new “JM” and the 


“old” Liverpool University, the 
first of the civic red bricks. 
What characterises each of 
them is an obvious and vigor- 
ous sense of entrepreneurship. 

It was very djf te w mt 12 years 
ago, when Liverpool University 
often appeared trapped in its 
own precinct at the top of 
Brownlow HID, quite literally a 
stone's throw from the 1981 
Toxteth riots, from which it 
was insulated and aloof, 

At the same time, the poly- 
technic suffered from the 
second-class status conferred 
on colleges of its Bk by local 


authority control, fewer 
resources and a national, exter- 
nally-controlled, bureaucratic 
system for validating Its 


Supporting 

MERSEYSIDE 



When it’s hands on support your 
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WntM a w ■ 


Richmond House. 1 Rumftxd Place, Liverpool L39 OY 

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Chartered itcamadi m E aglend VUb to tarry on mu ttimnt t mu n m i 



Today, Liverpool University 
turns over £150m a year on its 
own, a third of it on research, 
with three-fifths of this latter 
amount discretionary money 
won in a tight marketplace 
from industry and various 
research councils. 

Liverpool JM has been rege- 
nerating Tnnflh of the elegant 
Georgian section of the inner 
city on its own. Originally a 

conglomeration 

of technical, 
art and com- 
mercial col- 
leges dotted 
about the 
place, the dots 
are spreading, becoming blobs 
and coalescing, reversing the 
spread of a spotty dereliction 
that was threatening an over- 
all, seedy decline. 

Professor Peter Toyne, who 
stresses his entrepreneurial 
orientation with the combined 
title of vice-chancellor and 
chief executive, has rescued a 
fine old terraced small man- 
sion in Rodney Street - Mer- 
seyside's Harley Street - as the 
jM*s headquarters. 

"Vision is all-important.” he 
says. “We are in the business 
of being a new kind of univer- 
sity. We have compacts with 
local schools and are trying to 
harmonise the area’s potential. 
We cannot become a remote 
campus and we don’t want to 
be. We are all over the dty and 
growing into it os m otically." 

He believes in out-reach - 
and keeping access open to 
anyone who can benefit from 
higher education and pass the 
exams at the end. This means 
that although there are more 
than 10 applications for every 
place now, the JM has resisted 
the urge merely to move aca- 
demically upmarket 

A few mature adults without 
conventional school-leaving 
qualifications can still get in if 
they can prove their ability in 
a rigorous interview. Admis- 
sion tutors counsel other 
routes elsewhere, such as voca- 
tional courses, if they think an 
applicant might fail. 

The JM has also modularised 
its courses so students can mix 
and wwteh them over three or 
four years, studying in bites. 
This brings Prof Toyne to what 
he cans his “bite and mega- 
byte” philosophy, using infor- 
mation technology more effec- 
tively in education. 


“Our theme; partnership 
with industry, commerce 
and the community” 


So the JM does not have a 
conventional library, but an 
architecturally impressive new 
£&n learning resource centre 
This has been partly endowed 
by the Canadian-born Mr Aid- 
ham Robarts, one of the UK’s 
pioneers of free newspaper 
publishing when he founded 
the Wirral Globe, initially an 
advertising freesheet, in 1973. 

The centre is a library in one 
sense, but every carrel bas a 
terminal - there are 700 of 
them - for access to any data- 
base a student might need. It 
can also be accessed remotely 
by modem from 
personal com- 
puters. The JM 
is already plan- 
ning a second 
centre and 
other universi- 
ties are looking to copy the 
model 

A few hundred yards away 
from Rodney Street in Senate 
House, Liverpool University's 
vice-chancellor spells out a 
complementary philosophy. 
Prof Philip Love’s greatest sell- 
ing point is his university’s 
academic reputation and 
record as one of Britain’s tqp 
research institutions. 

While Chadwick’s pioneering 
work splitting atoms 60 years 
ago bas been superseded by a 
nationally funded interdisci- 
plinary surface science centre 
and a Leverhulme- backed 
catalysis research institute, a 
university can only get such 
prestigious projects if it bas a 
widespread, rock-solid aca- 
demic base. 

“Our theme is partnership 
with industry, commerce and 
the community,” Prof Love 
says. "We have lots of very 
expensive facilities which we 
intend to make increasingly 
available locally, with empha- 
sis on wealth creation." 

For example, there is a rapid 
prototypes laboratory which he 
believes should be used more 
by small companies than by 
large ones. He is also trying to 
ensure that Liverpool’s gradu- 
ates are never thought 
unworldly by industry and 
commerce. 

“All learn problem-solving 
skills as part of their courses,” 
he says. “We try to produce 
people with multi-competences. 
Instead of just having a degree 
in a particular subject, we try 
to equip them with compe- 
tences for a lifetime In work - 
and with entrepreneurial 
skills, if possible.” 

Ian Hamilton Fazey 


M ersv v side - 1 i: c n c x : b c > ' / ■ 1 1; l> 1 0 Ha ! ‘ 0 n 


MAKE IT IN 

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Helping to shape the future of 
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W avertree Technology 
Park was launched in 
1983 as a symbol of 
Merseyside’s future- The idea 
was to attract value-added, 
high-wage new employment - 
rather than low-paid jobs in 
retailing and assembly - anr| 
help stop the drift of qualified, 
able young people from the 
region in search of work. 

The original 65-acre site was 
a disused railway marshalling 

yard. Tenancies were to be 
restricted, if possible, to high 
technology and associated 
industries. The original park 
is now approaching full occu- 
pancy, with 30 companies 
employing 2^200 people. 

The technology park has 
always worked closely with 
the Merseyside Innovation 
Centre, which, in turn, has 
dose Kwhs with the two uni- 
versities, Liverpool and John 
Moores, and the Merseyside 
TEC. 

MIC was set up in 1981 by 

the universities and the local 
authorities, and has become 
an important force In provid- 


Stewart Dalby on changing the economic base 

Reskilling emphasised 
in Training for work’ 


Links between the park 
and universities will be 
strengthened to encourage 
more technology transfer 


ing product development, 
design contracts and training. 

One of its largest contracts 
is with Merseyside Training 
and Enterprise Council and is 
aimed at keeping university 
graduates in Merseyside. Each 
year, the MIC has a graduate 
training and placement pro- 
gramme involving more than 
200 unemployed graduates. 
About 70 per cent get jobs, 

The MIC is also involved in 
registering companies for the 
BS5750 quality standard and 
helps inventors and small 
companies obtain seedcorn 
money from such schemes as 
the Prince’s Trust and the 
DTPs Enterprise Initiative. 

Dr Brian Job, executive 
director, says: “We give sign- 
posting support to individuals 
and inventors. We have 
around 1,000 approaches from 
individuals or companies a 
year." 

An adjacent 23-acre site to 
Wavertree has been acquired 
and land btm pud and the first 
building, a business and tech- 
nology centre, has just been 
completed by English Partner- 
ships, the successor to English 
Estates. 

Merseyside Innovation Cen- 
tre wfll 1M "T > this new cen- 
tre and strengthen the links 
between the park and the uni- 
versities to encourage more 
technology transfer. 

However, Wavertree’s role 
as tiie forerunner of a local 
network of similar parks for 
knowledge-based concerns 
remains, in the words of Mr 
John Pugh, corporate affairs 



The JM Centro m Liverpool, Utflowoods’ mad order HQ TtavorHuiu*™ 


BARCLAYCARD 


director, “an aspiration”. 

So difficult has been Mersey- 
side’s unemployment problem 
that the area has been glad of 
any job-creat- 
ing investment 
ft can get The 
largest 
employer on 
Wavertree is 
Barclaycard - 
certainly not 
low tech, but 
hardly the 
model of state- 
of-the-art high 
technology. 

However, the desire not to 
be content with a mix of low 
paid jobs in retailing, tourism, 
leisure and construction 



Wavertree technology park's 
largest employer is Barclaycard 


remains strong. The evidence 
for this is a drive to upgrade 
skills in all areas, rather than 
Just trying to reduce unem- 
ployment 
Mrs Linda 
Bloomfield, 
chief executive 
of Merseyside 
Training and 
Enterprise 
Connell, feels 
some criticism 
of the two 
main training 
programmes 
has been justified. Many 
believe the youth training 
scheme and the employment 
training programme have been 
aimed at reducing dole queues, 


rather than addressing the 
long-term problems of skill 
mismatches between the job- 
less and the jobs available. 

She says: “The employment 
training programme has been 
particularly discredited. Peo- 
ple were signing np lor a few 
weeks, then immediately 
going back to unemployment." 

The replacement programme 
- “Training for Work" - 
emphasises reskilling and 
tries to ensure proper place- 
ment for older long-term 
unemployed people. Mean- 
while, the programme of train- 
ing credits for young people 
which has taken over from the 

“The programme has been 
discredited. People were 
signing up, then going 
back to unemployment" 

youth scheme stresses training 
and acquiring skills for both 
the employed and unemployed, 
Mrs Bloomfield Miys: "We 
start in the schools with II- 
year-olds. We try to raise their 
horizons, make them believe 
in themselves.” 

School-leavers are given 
credits which will give them 
training that leads to a 
national vocational qualifica- 
tion. The training credits pro- 
gramme is the largest scheme 
undertaken by Merseyside 
TEC. accounting for £20m of 
its £4Sm budget. 

At any given time, there ore 
6,000 yonng people on 
schemes. Last year, 36 per cent 
left with some form of 
National Vocational Qualifica- 
tion, with a 42 per cent 
increase in the numbers reach- 
ing NVQ level three. Over 25 
per cent went into a perma- 
nent job. 

Mrs Bloomfield believes that 
solving Merseyside's chronic 
unemployment problem is 
beyond the remit of the three 
Tecs - the other two are Quali- 
tec in St Helens and Cewtec, 
which covers Chester. Elles- 
mere Port and Wirral. 

“Overall unemployment is 
15 per cent against a national 
level of 10 per cent, but male 
unemployment in some pock- 
ets is 50 per cent Merseyside 
will go on exporting workers," 
she says. "What we can do is 
contribute to making skills 
available so that the signifi- 
cant money about to come to 
Merseyside utilises (the skills 
of] the local population.” 


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14 


FINANCIAL TIMES THURSDAY JULY 14 1994 


TECHNOLOGY 


T he idea of making things 
in space still belongs to 
science fiction rather than 
reality. In spite of the scientific 
ad vantages of manufacturing 
outside gravity's reach, sending 
up the equipment is lust too 
expensive. 

But with the launch last week 
of a unique space laboratory to 
study what happens to materials 
when bandied in microgravity 
- the very low gravity 
environment in an orbiting 
spacecraft - progress towards 
the processing of metals, alloys, 
crystals and glass outside the 
earth's pnll could receive a big 
impetus. 

The International Microgravity 
Laboratory, or IML-2, is dedicated 
to the study of life and materials 
sciences in microgravfty. It was 
carried In the cargo bay of the 
US space shuttle Colombia that 
took off on Friday. 

The 14-day mission, the second 
in a series of international 
Spacelab missions, will carry oat 
77 experiments to explore how 
life forms adapt to weightlessness 
and how materials behave when 
processed in space. The European 
Space Agency has provided half 
of these, the rest coming from 
the National Aeronautics and 
Space Administration in the US 
and space agencies in Japan, 
Canada, Germany and France. 

The life science experiments 
will use biological specimens, 
from single cells to whole 
organisms, to study the effects 
of space radiation and 
microgravity on genetic material, 
growth, reproduction and bone 
development. The well-being of 
the astronauts will also be 
studied. 

The materials science 
experiments will cover areas such 
as metal alloys processing and 
the growth of crystals. These are 
of particular interest because the 
microgravity environment is free 
from such gravity-induced effects 
as convection and sedimentation. 
Normally, these limit the quality 
of processing and restrict the 
scope of studies into the materials. 

It was back In the late 1960 b 
that Nasa began materials 
processing in space (MPS). The 
first experiments were conducted 
during the return of Apollo 
spacecraft from the moon, 
fallowed by pioneering 
experiments on Skylnb, the US 
space station, in the 1970s, The 
hope was that space would contain 
factories of the future, producing 
miraculous new crystals and 
drugs and processing materials 
of supreme quality. 

However, although research 
has proved that many products 
processed in space are of higher 


Miranda Eadie 
on research into 
processing 
materials in 
microgravity 

Making 

• M • 

it m 

space 



Columbia: 77 e xp erimen ts 


quality dmn those made on the 
ground, production in space 1$ 
unrealistic economically. 
Transportation costs, at 
appro xim ately 1100,000 (£66,000) 
per kilogram, are too high and 
the lead times too long to be of 
commercial i n terest. 

Tet industry is Interested in 
microgravity research. Although 
commercial processing in space 
is unlikely for at least a decade, 
the lessons from research in space 
can be applied tn manufacturing 
on the ground, leading to 
improved industrial techniques 
and better materials. 

To be considered for processing 
in space, materials have to be 
pretty special in the first place. 
They most have superior or 
unique properties compared with 
any rival material or substitute 
processed on earth; they must 
be key elements in a system for 
advanced industrial, medical or 
other high technology application; 
and they must have a high cost 


to weight (or volume) ratio. 

“What is needed to approach 
such a high risk activity as MPS 
are long-term industrial 
commitments supported by a 
strong national policy," says 
Hannes Walter, chief scientist 
for fluids and materials in the 
ESA microgravity programme. 

In Fluid Sciences and Materials 
Science bn Space, an ESA 
publication, he says: “Progress 
in materials science and 
engineering stimulates tile growth 
of many sectors of the economy. 
The access to new materials and 
processes results not only in 
qualitative improvements, it 
frequently generates new 
technology." 

For example, knowledge from 
research Into microgravity has 
led to development of a casting 
process that produces even 
dispersions of lead or bismuth 
in aluminium alloys - which has 
applications in self-lubricating 
bearings. Germany's 
Metallgesellschafi: is testing these 
for use in car engines with the 
hope that reduced friction and 
wear win cut fuel consumption 
and pollution. 

A new technique for making 
glass fibres used in transatlantic 
communications cables was also 
first studied in space. In the 
original terrestrial method, the 
glass fibre constituents are melted 
in containers or crucibles. When 
heated above 1,00Q°C, the 
containers sometimes melt, 
leading to contamination and a 
reduction in the glass fibres' 
transmission efficiency. In the 
space-perfected technique, 
containers are not needed - the 
constituents are held tn levitation 
tn an electromagnetic coll - thus 
avoiding con taminati on. 
Reductions tn the loss of laser 
light (carrying voice and data 
traffic) in the glass fibres of np 
to 10,000 times can be achieved. 

Industry Is also Interested in 
space-processed material samples 
for evidence of their technical 
limits. Some companies want to 
know more about crystal growth, 
in particular protein crystals. 
Humans are estimated to consist 
of lm different proteins. 

Understanding the 
three-dimensional molecular 
structure of proteins is necessary 
to understand many biochemical 
processes and for better design 
of therapeutic agents such as 
drugs and vaccines. 

Since materials are a key to 
technological progress and thus 
competitiveness, the IML-2 
mission has an important role 
for industry. So even if the costs 
of manufacturing in space remain 
prohibitive for some years, 
research will go on. 


I n about two years' time, if all 
goes according to plan. Hong 
Kong will have chalked up 
another first in the field of 
public transport Not only will it 
have one of the only profitable pub- 
lic transport systems in the world 
but it will also be the most techno- 
logically advanced. 

By mid-1996. Creative Star, a con- 
sortium of transport providers led 
by the colony's Mass Transit Rail- 
way Corporation, hopes to be issu- 
ing the first batch of 3m credit card- 
sized plastic "smart cards”. The 
consortium - which brings together 
rail, buses, trams and ferries - rep- 
resents one of the most comprehen- 
sive and biggest applications of 
smart card technology. 

This system is being designed by 
ERG Australia, a Western Austra- 
lia-based company which is a leader 
in the application of smart card 
technology to urban transport 
systems. The system to be intro- 
duced into Hong Kong will have 
initial capacity for 3m to 4m trans- 
actions a day producing annual rev- 
enues of around HK$8bn (£660m) 
across all forms of transport. 

ERG. which recently won the 
HK$400m contract is also advising 
transport authorities in Manches- 
ter, London and Melbourne about 
the application of smart cards to 
public transport. 

Unlike most ticketing systems, 
which require the ticket to pass 
through a mechanical device, the 
secret to the smart card being intro- 
duced in Hong Kong is that it does 
not come into contact with any- 
thing. A microprocessor embedded 
in plastic - which possesses the 
computing power of IBM's first per- 
sonal computer - is activated when 
passed over a “target” device. 

This device powers the card and 
enables it to communicate with the 
target Once a form of radio contact 
is established there is a two-way 
exchange of information between 
the card and the target The card is 
identified and reports its remaining 
value; the target assesses if there is 
enough value in the card to enter 
the station. If so, it transmits date, 
time and station of entry. A similar 
process occurs at the end of a jour- 
ney, with the cost of the fore being 
deducted on exit. 

This process takes place within 
the twinkling of an eye - just a 
third of a second. The Information 
passes down data lines (or by micro- 
wave communication for buses and 
ferries) to a “service provider cen- 
tral computer" owned by the rail- 
way or bus company, enabling it to 
know instantly the usage of routes 
and lines. This management infor- 
mation. which could be valuable to 
competitors, is stripped off before 
the raw billing data is passed on to 
a central clearing house. Creative 
Star totes up and distributes reve- 
nue according to usage. 

The card is easy to operate. Cre- 



Hung Kong’s transport system, including raX. buses, trams and fontes, wifl be one of the most tachnologicalty advanced 

Smart cards take 
to the streets 


Hong Kong's public transport system is about 
to be revolutionised, writes Simon Holberton 


ative Star makes much of the fact 
that a user need never take the 
plastic out of his or her wallet or 
purse. All a user has to do is pass it 
over the target to gain access to the 
station or bus. According to Brian 
Chambers, a technical manager at 
the MTRC in charge of the smart 
card project, the target's signal 
could be powerful enough so that it 
detects a smart card on a passenger 
without his doing anything. 

“People could walk through the 
turnstile without touching the 
card,” he says. "But Japanese 
research shows that people don’t 
like the idea of a body scan. They 
prefer to take the card out and 
touch the unit. They feel a transac- 
tion has been executed.” 

T he MTRC is also concerned 
about the potential possibili- 
ties for invasion of privacy 
inherent in the smart card. As the 
card is not disposable, users will 
have the opportunity of personalis- 
ing their card with a photograph 
arid personal data. This will allow 
identification of the card in case of 
theft Anonymous cards will also be 
issued, although the ability of the 


MTRC to cancel a stolen card and 
reimburse the lost money will be 
diminish ed. 

“We intend to hold the least 
amount of data possible," says 
Chambers. “We are endeavouring to 
make sure there is no Hnk between 
what personal information we may 
have mid the usage of the card. But 
if the card is lost what we want is 
some mechanism of cancelling the 
card and returning the unused 
value to the customer.” 

Creative Star has set ERG a 
demanding specification for 
recharging the smart card. It wants 
to offer three methods of recharg- 
ing. The first is conventional - take 
ft to the MTRC window and pay the 
desired amount of cash. The other 
two methods, however, have the 
potential to make the card into a 
rash equivalent 

The first is to place the card into 
an automated teller machine and 
debit a bank account The second is 
to establish a direct debit on a 
savings or current account When 
the card foils to a specified level it 
is recharged (again to a specified 
upper level) on passing by a target 

& this way. the introduction of 


smart cards will not only herald the 
beginning of yet more convenience 
for the users of Hong Kong’s public 
transport, but also the beginning at 
the end of sznall change. 

If the executives running Creative 
Star have their way. people will use 
their smart card for transactions 
ran g in g from buying a newspaper 
or soft drink from a vending 
machine, to making a public trie- 
phone call, paying for parking, buy- 
ing fast food or sitting in a booth to 
have a passport photograph taken. 

Rob Noble, director of marketing 
and planning at the MTRC, notes - 
that the card is designed for large 
volume, small transactions. But in 

offering vendors of other non-tans- „ 

port products access to Creative 
Star’s central clearing system, be 
says it will not be trying to compete 
with credit cards. ■» 

“We’re at the bottom of the mar- L 1 . 

ket competing with cash.” he says. ] H 
“We see it as a convenience for cos- c - -* *• 
turners. But the more cards in use, 
the more able they will be to use it 
for convenient things. We don't 
want it to be an MTRC- card or a 
transport card, but ultimately a 
rash card." 



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PEOPLE 


Higher an 

Yorkshireman Darryl 
Hartley-Leonard sounds like a 
character out of Kane and 
Abel, one of Jeffrey Archer’s 
best-selling novels. Just 30 
years after he found a job as a 
desk clerk in a Los Angeles 
Hyatt hotel he has risen to be 
chairman of the privately- 
owned Hyatt Hotels Corpora- 
tion, which oversees 103 estab- 
lishments in North America 
and the Caribbean. 

Hartley-Leonard, 49. who 
takes over from Thomas Pri ta- 
ker whose family owns the 
company, has managed hotels 
in Chicago, Houston and 
Atlanta. Priteker re mains pres- 
ident of the parent Hyatt Cor- 
poration. 

Since settling in the US. 


higher at 



Hartley-Leonard has thrown 
himself into good causes, 
including Unicef and the Big 
Shoulders Fund, which sup- 
ports Catholic schools in Chi- 
cago where Hyatt has its head- 


Hyatt 

quarters. 

He helped form the Hyatt 
Force (Family of Caring and 
Responsible Employees), which 
gives staff four days off each 
year to work in their communi- 
ties. His enthusiasm has been 
spotted by Ron Brown. US 
Commerce Secretary, who has 
appointed Him as an adviser on 
travel and tourism. 

Hartley-Leonard became 
president of Hyatt Hotels in 
1986, with responsibility for 
their operations and develop- 
ment His new post will leave 
him free to concentrate on lon- 
ger-term strategic issues, 
including the company’s deci- 
sion to start franchising hotels, 
which is expected to begin In 
the next fewmonths. 


■ Greg Melgaard. formerly 
md, has been ap pointe d chief 
executive of GESTETNER 
HOLDINGS. 

■ David Dunbar, formerly 
finance and administration 
director of Brown & Root, has 
been appointed a director of 
the WEIR GROUP. 

■ Christopher Green has been 
appointed deputy md oF 
PATERSON ZOCHONIS. 

■ John Warwick, formerly 
head of civil and engineering 
division at Tbyssen GB, has 
been appointed production 
director of COAL 
INVESTMENTS. 

■ Richard Handover, formerly 
md of Our Price, has bee n 
appointed md of WJL SMITH 
News on the retirement of Bob 
Simpson. 

■ John Crowtber, formerly 
md. has been p romot ed to chief 
executive of VICKERS Defence 
Systems. 

■ Patrick Dineen has been 
appoin ted chairman of IRISH 
STEEL. 


BM picks 
Bespak’s 
finance 
director 

BM Group, the engineering 
company which fell heavily 
into the red last year, yester- 
day announced the appoint- 
ment of Alun Hicks as group 
finance director. 

Hicks, 44, leaves Bespak, the 
medical equipment manufac- 
turer. having served as finance 
director for six years. 

BM has been without a 
finance director since the resig- 
nation of Carl Young In Sep- 
tember. The group almost col- 
lapsed last year when it 
breached covenants on interest 
cover and net assets; it had 
bunt up substantial debt fol- 
lowing a series of acquisitions. 


BM has subsequently sold 
most of the Blackwood Hodge 
businesses leaving the group 
with process engineering 
operations and a product man - 
ufactunng division. 

In March, after reporting fur- 
ther writedowns and losses of 
£14-2m pre-tax for the first half, 
the company said it expected 
debt to represent less than 90 
per cent of the £58m (£60.2m) 
in shareholders' foods by the 
end of the year. Shares, which 
closed at 34p yesterday, have 
fallen sharply from a high of 
SS3p in 1991. 

Cliff Walker, BM*s chief exec- 
utive, says Hicks was joining 
the company as its restructur- 
ing neared completion and 
would “participate in BM’s 
continued recovery". 

Hicks has overseen a diffi- 
cult period at Bespak, which 
saw a 38 per cent foil in pre-tax 
profits from £H.5m to £7.lm 
last year. Shares, which closed 
at 265p yesterday, were trading 
at over 5Q0p a year ago. 


Open door for Hopwood at Atreus 


Geoffrey Hopwood, 48, has 
been appointed chief executive 
and given the task of restoring 
the stock market credibility of 
Atreus. the shower screen and 
mirror company which was 
floated on the stock market in 
March 1993 but foiled to live up 
to its early promise. 

Rodney Harnett, the chair- 
man who brought the company 
to the market, and his finance 
director, Gerry Ceclich, both 
resigned earlier this year fol- 
lowing a surprise profits warn- 
ing. 

The shares, which were 


floated at 20p and rose to 28p 
at one stage, have been trading 
at 12%p recently. 

Charles Gillam, chief execu- 
tive of Tumpyke Group, took 
over as c hairman in the spring, 
and Andrew Muir, 54, a former 
finance director of Shanks & 
Meg wan, has been appointed 
as the new finance director. 

Hopwood, a Manchester 
Business School MBA, has 
spent much of his career in the 
building products sector. He 
was general manager of Marley 
Buildings' buildings division 
and managing director of Hen- 


derson Group's industrial 
doors division. 

Hopwood, who had been 
interested in arranging a man- 
agement buy-in at one stage, 
said yesterday that the previ- 
ous management had tried to 
go off in too many directions 
too quickly. The company had 
a good brand name and he 
hoped that it would benefit 
from a "s t eadier hand". Bruce 
Led with and David Howarth, 
the two founders of the com- 
pany who retain substantial 
stakes in the business, con- 
tinue as executive directors. 


Bodies politic 



Rupert Pennant-Rea, deputy 
governor of the Bank of 
England, has been appointed 
chairman of the steering com- 
mittee of the London School of 
Economics’ financial markets 
research centre. 

Pennant-Rea (above), a for- 
mer editor of The Economist, 
has taken over from Sir David 
Walker, the first chairman of 
the LSE's financial markets 
group. The group, which 
undertakes basic research Into 
the nature of financial markets 
and their links with the flow of 
savings and investment In the 
domestic and international 
economy, has always had close 
lies to Britain's central bank. 

Sir David is a former executive ; 
director of the Bank 
England and Mervyn King, 

Bank's chief economist, ‘ 
set up the group in 1987. . . 

The group, which vras i |]^\? 
launched with funding from ^ j ] j \ 
City sources, has recently been 
awarded a El An funding pad- 
age from the Economic and' 

Social Research Council which 
will result in it being desig- 
nated an ESRC research cen- 
tre. 



tecutive v 

mk of.n-rv, 

!Sj 5 «\lS 



■ Lord McCall of Dulwich has 
been appointed president of 
The HOSPITAL SAVING 
ASSOCIATION in succession 
to the late Lord Cottesloe. 

■ Gary Cohn of Goldman 
Sachs Futures has been 
appointed a director of The 
LONDON METAL 
EXCHANGE. 

■ Alan Jenkinson. deputy 
chairman of Noble Lowndes 
Trust Corporation, Scottish 
Pension Trustees and E nglis h 
Pension Trustees, has been 
appointed president of the 
SOCIETY FOR PENSION 
CONSULTANTS. 

■ Geoffrey Kitt, a partner at 
Touche Ross Management 
Consultants, has been 
appointed president of the 
INSTITUTE OF 
MANAGEMENT 
CONSULTANTS. 






1 



FINANCIAL TIMES THURSDAY JULY 14 1994 

ARTS 


Cinema/Nigel Andrews 


Warmed-up leftovers 


O ne Sim with a sp ecial 
set of characteristics 
is an accident Two 
with the same set is a 
coincidence. Three is 
a starting gun to the world’s trend- 
spotting film critics. 

Pansing only to grasp their essay 
pens, they hurtle into action, 
hypotheses flailing. Maverick, The 
Beverly HUlbiUies and The Ftijtts- 
tones - three movies based on old 
A meri c a n TV series, opening this 
weds and next in Britain! This most 
mean that western popular culture 
is undergoing an important new 


If only. But if the large screen is 
raiding the small, it is no more than 
a twitch on a now well-established 
graph line. Where were these 
“Eureka!” critics while the skies 
were raining Batmans, Star Treks 
and Addams Families? hi Holly- 
wood, as we in the 1990s surely 

know, the sons ami daughters at 
yesterday’s couch potatoes are 
today’s popcorn fodder. 

The new TV adaptations, like the 
earlier ones, each take a once 
popular series that rejoiced in 
skimpy production values and 
give them the big-dollar treatment. 
And each trusts that a freshly 
campy approach to material 
that was already tongue-in-cheek 
will be hailed as the New Sophisti- 
cation. 

What we have in Maverick is two 
hours of the new smugness. The 
19608 tele-series, starring James 
Gamer as the poker-playing dandy 
with the wry, rictus grin and the 
six-gun concealed in his corset, was 
a noted fagnmnia cure in its own 
right; although today's critics are 
already canonising its halcyon 
charm. Maverick the movie kicks 
Ur Gamer upstairs - into the role 
of senior gunfighter - while passing 
Mel Gibson the smirk, the suit and 
the stack of cards. 

Can our hero win the ultimate 
poker tournament to be held aboard 
the ultimate Mississippi steamboat? 
Can he pet to the steamboat, past a 


narrative obstacle course contain- 
ing Red Indians, enemy gamblers, 
sadden guest stars (James Coburn) 
and thieving saloon beauties (Jodie 
Foster)? Not to mention all those 
slapstick fight scenes, in which 
every bullet or Wow of fist solicits 
an audience chortle. 

“It's not unlike the Lethal 
Weapon movies.” Gibson has said in 
interviews: in case we thmig ht that 
the film was based on exhaustive 
historical research- This Bret Mav- 
erick quips, smirks and double- 
takes; he turns on and off the sud- 
den violence; and he is directed by 
Lethal's very own Richard Danner 

MAVERICK (PG) 
Richard Donner 

THE BEVERLY 
HILLBILLIES (PG) 
Penelope Spheeris 

MA SAXSON PREFEREE (15) 

Andr£ Techinfc 

GYPSY (U) 

Emile Ardoifno 

RENAISSANCE MAN (12) 

Peony Marshall 

with Lethal buddy Danny Glover 
popping up in a twooecand bandit 
cameo. 

Elsewhere we have a funny bit 
about politically correct tertians- a 
fanny bit about a runaway stage- 
coach; anrt annHiPr fanny hit abo ut 

a sackful of rattlesnakes at a lynch- 
ing. The problem with thoqp funny 
bits is that for the most part, as 
directed by Donner and scripted by 
William ( Butch Cassidy And The 
Sundance Rid) QoJdnum, they are 
not fanny The only thing that twin 
my attention throughout was Miss 
Foster. Can Our Lady of the Silent 
Lambs, I wondered, stretch her 
range do a knockabout comical 


role? Not quite. But unlike the rest 
of the rheumatic reflex artists 
around her, she does try. 

The press show of The Beverly 
HillbiUies saw at least one early 
walk-out from a critic. But who am 
I to wag a finger? I kept falling 
asleep. I dreamed that a jdopyful of 
peasants with twanging accents 
journeyed to Beverly Hills, alter 
striking oil in the Arkanas back- 
woods, and became enmeshed in a 
chaotic plot about evil businessmen 
(Dabney Coleman), shape-changing 
secretaries (lily Tomlin) and sud- 
den guest stars (Buddy Ebsen). 

Ah — that inrK tha film? Anrt there 
Was I thfalring f WHS sHTT in JLfrrrvr - 

ick, or that my dreams urgently 
needed a new scriptwriter. This fihn 
employed no in« than four, n oiy of 
whom seems to have been able to 
come up with an original comic 
moment Jim Varney, Claris Leach- 
man and Diedrich Bader are 
the Ozark-accented muggers. And 
the director is the ance-promising 
Penelope ( Suburbia , Dudes) 
Spheeris. 

★ 

Elsewhere in this non-improving 
week, you have a choice of female 
monuments. After watching Ma 
Saison Prtftrte and Gypsy on the 
same day - let us can it Black Mon- 
day - a terrible urge came upon me 
to swap the female leads 

The French film’s glacial, torpid 
study of a brother-sister relation- 
ship riven by love-hate - be (Daniel 
Auteu2) is a tormented, philander- 
ing brain s u r ge on, she (Catherine 
Deneuve) is a repressed public 
notary - would surely be livened up 
if we replaced Deneuve with Bette 
Midler? And Gypsy, a loud, stagy 
rehash of the Styne-Sondheim musi- 
cal, might have a surreal charm if 
Hurricane Bette as Gypsy Rose 
Lee's all-singing, all-screaming 
stage momma were replaced by ice- 
cool Catherine. 

She would delicately urge her 

rtangfafyr to enter the lower depths 
of show business, invoking the cul- 
tural precedent of Toulouse-Lautrec 



James Garner’s smirk, suit and stack of cards is passed on to Mel Gibson (above, with Jodie Foster) in ‘Maverick* the movie 


or the fr uitf ul existential an guish of 
Juliette Greco. Meanwhile Midler 
would be found somewhere in 
France, raising vocal hell: a ban- 
shee let loose in the bantieu. 

Instead the two stars stand 
annmd fi nn i n g up the riltehifee of 
their respective vehicles. Andre 
Techinfe’s listless chamber drama 
embodies everything bad about 
modem French cinema its tasteful 
lesson in family tension, full of 
pinched-nerve emotions anrt pseudo- 
profundities, resembles a TV day- 
time soap rewritt e n by Andre Mal- 


raux. And Deneuve is as elegantly 
dull as only she today can be. A 
once expressive actress - remember 
Polanski's Repulsion ? - is now cast 
forever as the First Lady of French 

cinema 

If Hollywood bad a star as inani- 
mate as this, they wo uld consig n 
her to stand-in work for the Colum- 
bia torch lady. What France, in 
turn, would do with La Midler we 
can only guess. Position her. per- 
haps, at the entrance to the Chan- 
nel Tunnel as a warning to all 
French people going west “Apres 


ca. le deluge. “ In Gypsy Midler 
bawls, screams, wheedles, cries, 
laughs and occasionally sings. The 
rest of the cast, including Cynthia 
Gibb’s pretty Louise and Peter Rie- 
gert’s perky Herbie, are wiped out 
For Midler in this form is not so 
much an actress: more an exploding 
barrage balloon with teeth. 

By default the week’s best film is 
Renaissance Man, which in a good 
week might be the worst Danny 
DeVito, failed advertising man 
turned supply teacher, instructs six 
backward army cadets in the 


delights of Hamlet. They rebel: they 
hellraise; then finally - what else - 
they knuckle down and come to 
love the Bard. By final curtain they 
have all turned into G- Wilson 
Knights and are changing the face 
of Shakespeare interpretation. 

You have to love a film like this. 
It is foolish, sentimental, and as 
directed by Penny Marshall (Awak- 
enings) earnestly inspirational But 
at least it is not based on a TV 
series, does not star Mel Gibson and 
does not lean for support on a once- 
great diva past her prime. 



Musical/ Alastair Macaulay . 

She Loves Me 


I t is true to say that the 1963 mnairal 
She Loves Me, now revived at the 
Savoy, is by far the best musical in 
town, but it is not enough to leave it 
there. It is the kind of musical nobody 
writes any more; and it is all too possible 
that people today win be too sophisticated 
to take it seriously. Who cares about staff 
squabbles in a Budapest parfumerie and 
two correspondents in a Lonely Hearts 
dub? Who cares about innocent charm? 
Well, thanks to She Loves Me, I do - and I 
am not alone. I would gladly swap the 
whole of Lloyd Webber and Sondheim far 
it its scale is miniature, but it is radiant 
with rhythm, vitality, and human variety. 
No, it la not a great musical, but it is 
exceptionally dear. 

Though there are several highly effec- 
tive hits here for the leading four charac- 
ters, I believe that this musical’s spell 
really lies in its ensembles. The action 
begins, so simply, with shop assistants 
arriving at work, singing “Good morn i n g, ** 
•Good day," “Isn’t this a beautiful day?" 
"How are you this beautiful day?" - which 
could be cloying, (the lyrics are by Shel- 
don Handck), save that the words are so 
timed by Jerry Bock's music that their 
good manners become intoxicating. Some- 
how, Bock catches the rhythm of shop life 
and file way that assistants have to sop- 
press their sincerer emotions behind the 
brio of salesmanship. Wonderful. 

The mode draws on a wide panoply of 
rhythms, and it is this, above aD, that 
mafro Amalia and Georg (the two parfo- 
TTM»Hfr assistants who do not realise that 
their anonymous Lonely Hearts correspon- 
dence is with each other) large to us. Not 
only tiwnn, but also Miss Ritter (who keeps 
faffing for the wrong man) and even Mr 


Kodaly (who makes a career out of being 
the wrong man for whom women fail) and 
their whole mil to n. down to the ingenu 
delivery-boy Arpad. How judicious the 
way the emotionally perilous tango of the 
cafe where Amaha waits to meet her cor- 
respondent for the first time suddenly 
switches into a hysterical Viennese waltz 
as she sends Georg packing; how witty the 
way Miss Bitter’s big number, “A Trip to 
the Library", begins as a bolero and then 
changes mtn a quickstep. 

The West End staging almost exactly 
reproduces the 1993 Broadway revival, but 
the openingroght p erfo rmance here was 
certainly fresher than the midweek-mati- 
nee l caught of the latter this February. 
One can find some fault with the two 
leads, though the audience certainly seems 
not to. As Georg, John Gordon-Sinriair not 
only carries so hint of the Euperohous 
pride of winch Amalia initially accuses 
him , he also overdoes the character’s gau- 
cherie; and, as Amaha, Ruthie HenshaTl 
tends to a certain hard-boiled g l assfoe ss 
around the smile, eyes, and high notes. He 
is dynamically a bit alack , and her sin g in g 
would be more engaging if she did not 
squeeze into her vibrato and if she con- 
ceived each number with a surer sense of 
its overall architecture. A few of their 
nmwfr ers - nntahiy Tonight at Right" and 
“Where’s My Shoe?" - are too obviously 
choreographed for cute effect (rather than 
for emotional sincerity). 

But the bright gleam of her voice is a 
rare pleasure in m u sicals today, and the 
freshness with which she inflects the lyr- 
ics rwm wonders never cease?") is win- 
ning: Aha and Sinclair perform with exem- 
plary manners as part of a larger 
wwwwWfl, and they catch both the pathos 


fanns- 

The most successfully re-thought char- 
acterisation is Tracy Bennett’s as Dana 
Ritter. She not only catches just the right 
amount of caricature in this weary good- 
time gill, she also packs her full of big- 
time vigour. In her “Library" hit, she 
delivers "He read to me all night long" on 

an ecstatic rthnar a nd toimndiately a drift 

“Now how about that?" in a glowing mur- 
mur adorably funny. Gerard Casey, David 
de Keyser, Simon Connolly, Barry James, 
and David Alder all contribute good per- 
formances. My only serious problem is 
with the exaggerated facial expressions of 


Jon Peterson as the Busboy (much better 
played deadpan), and Robert Scott’s some- 
times slack musical direction. Scott Ellis's 
direction, Tony Walton’s set. and Rob Mar- 
shall’s choreography sometimes combine 
to make the show more neat and cartoon- 
like, qnd less touching than it really is. 

But the whole production has just 
enough poignancy and fra gs of flair. This 
musical has th<» kind of charm that others 
have been trying to banish from the genre 
for decades now. At its heart lies real 
heartbreak, as well as good manners and 
cfwiHfi vitality: flll 


At the Savoy Theatre (071-836 8888). 



An enchanting confection: John Gordon-Sinclair and Ruthie HenshaU 
and the comedy of their characters' situa- 


Theatre /Martin Hoyle 

The Country Wife 


I n the mid-1980s a run of Wycherley’s 
The Country Wife at Manchester's 
Royal Exchange Theatre dazzlingly 
summed up that decade’s attitudes 
through the prism of Restoration comedy. 
Nicholas Hytner’s strutting, rapping pro- 
duction portrayed a predatory jungle 
where people are commodities, where the 
innocent survive only by l earning duplic- 
ity, and where the clowns in authority are 
not only buffoons but can be brutes as 
weH It worked. Above all, though it dis- 
turbed. the production's sheer swish, style 
and swagger were exhilarating. The Royal 
Shakespeare Company now brings what is, 
incredibly, its first Country Wife from 
Stratford (premiered last August) to The 
Pit What does director Max Stafford-dark 
see in the play for the sober and grim- 
faced 1990s? 

Chiefly, sobriety and grimness. A visu- 
ally conventional production (the only 
anachronisms are the modem-looking 
banknotes oiling the intrigue, and Hor- 
ner’s skin-tight Lycra breeches) has been 
decked out with a n eedless new prologue 
(by Stephen Jeffries) and songs by Ian 
Dury and Mickey Gallagher that are 
unnecessary to the point of embarrass- 
ment. And nobody seems to have told 
some accomplished actors how to play 
comedy. 

This is glaringly apparent in the pivotal 
relationship between the over-protective 
Pincbwife, suspicious of London's 
debauched society, and his naive spouse, a 
rustic fruit ripe for plucking. Robin Scans 
presents neither a comically jealous down 
nor a grotesquely possessive jailer but a 
well-spoken little man who at times seems 
the most reasonable person on stage: a 
basically correct man whose virtue, taken 
to impracticable extremes, topples him 


into social unacceptabtiity. All comedy 
must be played straight, consistently and 
true to its context; but this Pinchwife is 
given no context. When he threatens to 
stab out his wife's eyes or “write whore 
with this pen-knife on your face" the 
words are neither frightening nor funny, 
since the character exists in a vacuum. 

This is particularly hard on Debra Gil- 
lett who in other circumstances might 
prove an outstanding Margery. Round- 
faced and saucer-eyed, she makes a droll 
boy in her masculine disguise, and works 
hard to play her scenes as comic though 
often with no support from a partner who 
has apparently been directed otherwise. 

Pinchwife’s new reasonableness, in a 
character usually depicted as a boor and. a 
bully, naturally necessitates some adjust- 
ment in his rivals and competitors. The 
nearest thing to romantic interest. Har- 
court is played by Jonathan Phillips with 
a cold, calculating urgency that suits a 
conniving macbiavel more than a dashing 
lover. Horner, the compulsive lecher, is 
not, by definition, moderate; but he should 
at least give some inkling as to his irresist- 
ible appeal to women. The excellent Jer- 
emy Northam has incisiveness, intelli- 
gence, voice and physical presence, but 
nary a glimpse of charm apart from those 
Lycra breeches. And when the production 
comes up point blank against an inescape- 
ably comic figure, it faffs flat. The usually 
sensible Simon Dorznandy makes Sparkish 
a stereotype fop. Such characters can be 
made to come to life: one thinks of the 
RSC’s own Simon RusseU-Beale. No, the 
1990s, whether cynically disillusioned or 
thoughtfully caring, still await a Zeitgeist 
production of Wycherley's great comedy. 


At The Pit (071-638 8891). 



s 


i 



FESTIVALS 
■ BATIGNANO 

This year's opera festival (July 
23- Aug 12) includes performances 
of Don Giovanni Details from 
Musica Net Chiostro Santa Croce. 
58041 Batignano, Commune di 
Grosseto, Italy (056-438096) 


■ GLYNDEBOURNE 
The new theatre has made a 
crackfog start with Le nazze di 
Figaro starring Rened Fleming and 
Afison Hagley (final performance 
tomorrow), Graham Vick’s new 
staging of Yevgeny Onegin with 
Yelena Prokina as Tatyana (final 
performances tonight, next Wed 
and Sun) and a revival of 
®yndeboume's dassfo production 
of The Bake's Progress in David 
Hockney's sets (July 16, 21, 27. 

30. August 2. 5, 8, 11, 14). These 
have now been Joined by a new 
Production of Dm Giovanni, staged 
by Deborah Warner and conducted 
by Simon Rathe, with a cast led 
by OSes CachsmaRle (July 17. 22. 
26, 29, August 1. 4, 7, 10. 13, 16. 


19, 21, 24). Trevor Nunn's 1992 
production of Peter Grimes is 
revived on July 31 with a cast 
headed by Anthony Rotfe Johnson 
and Vhrian Tierney (0273-541111) 


■ LUCERNE 

Under Matthias Bamert, 
Switzerland's premier music festival 
has taken on an adventuous slant 
Focal posits this year (Aug 17-Sep 
10 ) are a 70th birthday tribute to 
Swiss composer Klaus Huber mid 
a wide-ranging explorationof the 
way music Is Interpreted. Fora- 
different performances wffi be buBt 
around Schubert's Winterretee, 
including a new opera. There wffl 
also be a aeries of offbeat events 
breaking afl the rules of traditional 
concert form. (041-235272) 


■ MACERATA 

This year’s operas are Carmen (July 
16-August 11). La boheme (July 
23- August 12) and L’eiisir d’amore 
(August 4-13). The Bfest, conducted 
by Alain Guingai and staged by 
Gilbert Deflo, has changing caste 
rnckfdtng Denyce Graves/Luda 
VaJentinj Terrani in the title rote aid 
NaB Shicoff/Fablo Armifeto as Don 
Jos& Giusy Devinu sings Mkni fa 
the PuecW, and the Donizetti cast 
is headed by Valeria Esposito. Pietro 
Baflo and Enzo Dara (0733-230735) 

■ MARTINA FRANCA 

Thfe yam’s operas (July 23-Aug 
7) are Bellini's La Sonnambula. 
Puccini’s Le ViHi and a rare hearing 
of Amor vuoi sefforenza by 18th 
century Italian composer Leo 


Leonardo. Details from Martina 
Franca Festival deSa Valle d'ttria, 
Palazzo Oucaie, 74015 Martina 
Franca, Italy (080-705100) 


■ OSLO 

Founded by Norwegian vtolintat Arve 
Teflefsen in 1989. the Oslo Chamber 
Music Festival has quickly won a 
reputation for convtviaBty and 
musical quafity. Concerts take place 
in churches, castles and concert 
halls mound Oslo, with each year’s 
programme focusing on a efiffarent 
country. This year (Aug 5-13) is 
Britain’s tun, with music ranging 
from Byrd and Bridge to David 
Matthews and Oliver Knussen. The 
Nash axi Hilliard Ensembles are 
taking part while Truls Mock wfll 
play agar's Cello Concerto and 
Yuri Bashmet gives a viola recital 
(2255 2553) 


■ PERALADA 

The gardens of this Catalan castle 
north of Barcelona are the setting 
for an annual festival of opera, 
dance and con c erts. This year's 
programme (Jidy 29- Aug 23) 
includes a song recital by Kaha 
Rfcciareffi and productions of 
Rossini's II Turoo in Italia and 
Stravinsky’s The Soldier's Tala 
Details from Festival krterradonal 
de Musica Castall de Peralada, Pere 
de Montoada 1, 08034 Barcelona 
(03-280 5868) 


■ PESARO 

This exquisite walled town on the 
Adriatic was Rossini's birthplace. 


Each year it brings together genteel 
lovers of the Italian maestro’s music, 
who come to explore some of hte 
lesser-known operas, alongside 
bucket-and-spade beach-goers. 

This year's programme (Aug 11-29) 
includes a new production of the 
one-act dramma giocoso L’lnganno 
felice, staged by Graham Vick and 
conducted by Carlo FSzzl; a revival 
of the 1992 production of 
Semiramide, with Roger Norrington 
making his Pesaro conducting 
debut; and L’Kaliana In Algeri 
starring Jennifer Larmore 

(0721-33184) 


■ RAVENNA 
This north Italian town is Riccardo 
Muti’s home, and he has become 
the mate force behind the annual 
festival. He will conduct a staged 
production of Norma wrih Jane 
Eaglen in the title role (July 16, 19, 
21 and 23), and also Verdi’s 
Requiem on July 20 and 22 
(0544-32577) 


■ SANTA FE 

Graham Vick's new production of 
Die Entftterung aus dem Serall 
opens on Satuday. This yea's other 
new productions are Tosca, directed 
by John Copley, with Mary Jane 
Johnson in the title role (continuing 
tfll Aug 27) and fl bartwere cfl Sivigfia 
(Erected by Francesca Zambeilo, 
with Delores Ziegler as Resina (tin 
Aug 26). Zambeilo also produces 
ths American premiere of Judith 
Weir’s Blond Eckbert (July 30- Aug 
12). Gttan Jarvefeft’s 1984 


production of Intermezzo is revived 
on July 23, with Sheri GreenawakJ 
and Dale Duasing as the Storchs. 
And the pleasures of the place itself 
never peR (505-986 5900) 


■ SAVONLINNA 

No one who visits Finland's premier 
summer festival can fail to be 
impressed by the stone castle 
courtyard in which it takes place. 
Poised on the edge of a lake, Olaf s 
Castle (Otevtelinna) is an outstanding 
outdoor location fa- opera. The 1994 
programme, which opened test 
week. Is one of the least distinctive 
of recent years, with revivals of last 
year’s successful production of 
Verdi's Macbeth (till July 19). the 
evergreen Die ZauberflOte (final 
performance tomorrow), and a visit 
from the Hungarian National Opera. 
One of the more eye-catching 
events is a student production of 
Yevgeny Onegin in the final week. 
The festival runs tot July 30 
(057-273492) 


■ TORRE DEL LAGO 

The open-air Puccini festival near 
Vlaregglo on the coast of Tuscany 
runs from July 23 to Aug 13, and 
includes performances of La 
fenetufla del West, Turandot and 
La boheme (0584 350567) 


■ TORROELLA DE 
MONTGRI 

Torroefla de Montgri is a small 
Catalan town six tan from the sea 


on the Costa Brava, but rt Is not 
primarily a tourist resort The town 
is architecturally typical of the 
Empordd, and is set in beautifully 
natural surroundings. The summer 
music festival, continuing till August 
26, mixes Spanish artists of the 
calibre of Giacomo Aragall and Jorcfi 
SavaU with international guests such 
as the Franz Liszt Chamber 
Orchestra and the Choir and 
Orchestra of the St Petersburg 
Capefla (072-761098) 


■ TANGLEWOOD 
For more than 50 years, The Boston 
Symphony Orchestra's summer 
home has provides a relaxed setting 
for concerts in the Massachusetts 
countryside. This weekend’s 
concerts are conducted by Mariss 
Jansons and Seiji Ozawa, with 
soloists including Andrfr Watts, 
Midori and Peter Serkln. The festival 
rims tfll Sep 4 (Tickstmaster Boston 
617-931 2000 Western 
Massachusetts 413-733 2500 New 
York City 212-307 7171) 


■ VADSTEJNA 

Vadstejna’s opera festival takes 
place in the historic buildings of 
this medieval town 250 km 
south-west of Stockholm. The 
second production this year is The 
Various Adventures of Mrs BJSck. 
a tragi -comedy by Swedish 
composer Staffan Masse nm ark 
based on a novel by Jonas Carded, 
from 28 and runs HI August 12. 
There wiH also be an opera gala 
in the Vadstejna Castle courtyard 
on August 7 (Tickets 0143-10094 
Information 0143-12229) 


ARTS GUIDE 

Monday; Performing arts 
guide city by city. 

Tuesday; Performing arts 
guide city by city. 

Wednesday: Festivals guide. 
Thursday: Festivals guide. 
Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 
(Central European Time) 
MONDAY TO FRIDAY 
NBG/Super Channel: FT Busi- 
ness Today 1330; FT Business 
Tonight 1730, 2230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Euromwe: FT Reports 0745, 
1315, 1545, 1815, 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 








16 


FINANCIAL TIMES THURSDAY JULY 14 >qo,i 


Will the real 


Jacques Delors stand 


N igeria's embattled 
military regime 
today faces its most 
serious test since 
General Sani Abacha seized 
power last November. 

In the high court in the capi- 
tal of Abuja. Moshood Abiola, 
millionaire businessman and 
victor in last June's annulled 
presidential poll, will mount 
his latest and most public chal- 
lenge to the soldiers' authority. 

Last month Ur Abiola. com- 
fortable winner in elections 
intended to return Nigeria to 
civilian rule for the first time 
since the military took power 
in 1983, defied the government 
and claimed the presidency. 

Arrested shortly after a spell 
in hiding on a charge of trea- 
son, Mr Abiola, a southerner 
whose Moslem faith gave him 
some standing in the predomi- 
nantly Moslem north, will 

today seek hail. 

Few observers think he will 
be successful. But from the 
public platform of the court, 
Mr Afaiola's lawyers may turn 
the occasion into what 
amounts to a rallying call for 
opposition. His legal plea could 
strain the stability of Africa’s 
most populous nation, the 
world's sixth-largest oil 
exporter, and Europe's largest 
trading partner in sub-Saharan 
Africa apart from South Africa. 

Already a sympathy strike 
by workers in the oQ industry 
is gathering pace and may 
spread to other unions next 
week, but the strains go wider 
and deeper. The crisis is not 
Just over a millionaire's ambi- 
tion, or over soldiers clinging 
to power. After 34 years of 
independence, three new con- 
stitutions and half a dozen mil- 
itary coups, Nigeria has yet to 
develop a stable system of gov- 
ernment which adequately 
shares the power and wealth 
derived from exports of 1.7m 
barrels of oil a day among 
more than 200 tribes and 90m 
people. 

The crisis is about Nigeria's 
capacity to govern ifiseIC and 
manage its recovery from an 
economic decline as steep as 
any on the continent External 
debt exceeds US$34bn, and is 
rising at a rate of $6bn a year. 
An economic reform pro- 
gramme launched with the 
backing of the International 
Monetary Fund in 1986 had 
begun to falter by 199a When 
the January 1994 budget intro- 
duced a fixed exchange rate, 
the main pillar of reform - a 
market-driven exchange rate - 
was abandoned. 

Meanwhile, the spectre has 
arisen of religious and ethnic 
rivalry between the largely 
Christian, Yoruba-dominated 
south, and the predominantly 


Last week 
Jacques Delors 
I \ admitted on 

/a \ ^ renc k televl- 
sion that he 
was rather Hat- 
BOOK tered by all the 
Btn/nw fuss surround- 
■ mg the choice 

of his successor as president of 
the European Commission. 

As well he might be. Last 
month the UK government 
paid him the tribute of declar- 
ing that so important had 
Delors made the presidency of 
the European Union's execu- 
tive that it was ready to risk a 
serious row with its European 
Union partners over who 
should ill] his shoes. 

And it is a British journalist 
who has paid him the compli- 
ment of writing the first seri- 
ous book about him. Some 
skimpy tomes about Delors 
have appeared in France, but 
none is the C-ompleat Delors 
that Charles Grant has pro- 
duced. It is, of course, Delors’ 
decade in Brussels which has 
made him famous, and on 
which Grant, as former Brus- 
sels correspondent for The 
Economist, might have been 
expected to focus most. But 
Grant has also delved meticu- 
lously into Delors' French 
upbringing and political 
career, and served up a mix- 
ture of personal juice and intel- 
lectual fibre that makes for a 
most satisfying meal 
What most intrigues Grant, 
and Delors' friends and ene- 
mies. are the man's contradic- 
tions. "He is a socialist trade 
unionist who once worked for 
a Gauilist prime minister and 
who describes himself as a 
closet Christian Democrat. He 
is a practising Roman Cathode 
who takes moral stances and 
claims not to be ambitious; yet 
he is a crafty political tactician 
who enjoys power and has held 
the Commission in an iron 
grip. He is a patriotic French- 
man with a vision of a unified 
Europe." 

Thus, one face of "Janus" 
Delors is genuine modesty - he 
was the only socialist minister 
in the early 1980s to live in a 
working-class part of Paris, 
and as Commission president 
he sometimes takes meals with 
his chauffeur and bodyguard. 
His other visage is that of the 
haughty Eurocrat, telling 
national governments in 1988 
that “in 10 years’ time 80 per 


DELORS: Inside the House 
that Jacques Built 
By Charles Grant 

Nicholes Breoky. £12.99. 310 pages 


cent of their economic legisla- 
tion will come from the EC", or 
telling French opponents of 
Maastricht in 1992 to “get out 
of politics”. Such careless out- 
bursts contrast with Delors’ 
extraordinarily careful 
approach to important Euro- 
pean negotiations. 

Most of Delors’ main 
achievements are well known 
- keeping France, when he 
was its finance minister, 
within the European Monetary 
System; playing a leading role 
in pushing through the 1986 
Single European Act and 
increased use of majority vot- 
ing that paved the way for 
Lord Cockfield’s single market 
programme; and the launching 
of the move towards economic 
anri monetary aniem (Emu). 

Grant Is very revealing 
about the way that Delors has 
always paid court to Germany 
in general and to Chancellor 
Kohl in particular, though one 
German, Karl-Otto Pfibl, the 
former president of the Bund- 
esbank. now regrets he sat on 
the Delors' committee whose 
1969 report paved the way for 
Emu. "If I had boycotted 
[the committee], I could not 
have stopped the process, 
but 1 might have slowed it 
down," Pfihl has since told 
Grant 

But this book also usefully 
recalls two other achieve- 
ments. One is how Delors, by 
p ushing through his EU budget 
packages of 1988 and 1992. has 
spared the Union, up until 
1999, the mind-numbing argu- 
ments over money that pre- 
vailed before 1988. The second 
is the European Economic 
Area (EEA). Delors' aim in pro- 
posing this extension of the 
single market was to discour- 
age a rush of members from 
the European Free Trade Asso- 
ciation applying to join the EU 
as full members. In this, he did 
not succeed. But should the 
Nordic countries fail this year 
to get their peoples to approve 
EU membership, they will at 
least have the EEA to foil back 


On the minus side. Grant 
records Delors' disappointment 
in not getting the EU to adopt 


his “EuixM^olbertM’' schemes 
for more R&D spending, and 
contrasts that failure with the 
success, largely unwelcome to 
Delors, of the tougher EU com- 
petition policy that Sir Leon 
Brittan and Peter Sutherland 
Imposed. For the most part, 
however, Delors and his 
“mafia” got their way In Brus- 
sels, frequently riding rough- 
shod over others. Grant finds 
major fault here. "By the end 
of his reign, Delors' personal 
system of command and con- 
trol had begun to damage the 
Commission's internal organi- 
sation, sap tlte enthusiasm of 
its officials and contribute to 
the tarnishing of its image." If 
that sounds a bit tike Mrs 
Thatcher's eventual impact on 
her own government, Grant 
intends it to be so. For, in a 
comparison neither would 
appreciate, he likens Delors to 
Thatcher in his "attention to 
ideas an d irn pipin potatio n. to 
ideology and to detail, to prin- 
ciple and power". 

How does Europe stand after 
Delors? Grant, perhaps wisely, 
offers few predictions, except 
to say that Delorism/federalism 
will live on to do battle with 
Thatcherism/Gaullism in the 
EU's 1996 review of the Maas- 
tricht treaty. 

He provides more clues 
about Delors' own future. 
Delors' wife, Marie, apparently 
does not want him to run for 
president of France, while 
Delors seems to believe his 
daughter, Martina, a former 
socialist minis ter, has a better 
chance of entering the Elys6e 
one day than he has. But the 
vacuum created in the Social- 
ist party by Michel Rocard's 
abrupt ousting could yet suck 
him into France's presidential 
election campaign 

So will Delors chance his 
hand for another kind of presi- 
dency? Grant records Delors’ 
ambivalence about elected poli- 
tics, and the attitude of the one | 
man who might prevail on him 
to run - Francois Mitterrand. 
In the words of an Elysee aide. i 
Mitterrand "has a Darwinian 
view of the world: people must 
cope on their own and take i 
their chances. He won’t 
arrange Delors’ political career 
far him. Delors has always 
been appointed to jobs, but the 
one job you're not appointed to 
is the presidency. Mitterrand is 
not going to send for him with 
four horses and a chariot". 

















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Economic pressures are building as Nigeria 
ponders its constitutional future, says Paul Adams 


Well-oiled, but 


still creaking 



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Moshood Abiola: challenge 
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Moslem, Hausa-Fulani north. 

Whether these economic and 
political strains can be 
resolved depends partly on the 
outcome of proceedings under 
way not far from the high 
court in Abuja. 

Some 360 delegates have 
gathered nearby at a constitu- 
tional conference initiated by 
the government and with a 
qualified mandate from Gen 
Abacha to define a path to 
democracy by the end of Octo- 
ber. subject to the military's 
approval. About 270 of the dele- 
gates were elected In ill-pre- 
pared polls in which few peo- 
ple voted, and the rest were 
nominated by the government 
to debate the country’s consti- 
tutional options. 

Mr Abiola and his supporters 
say the answer is simple: hand 
over power to the man who 
won toe only presidential elec- 
tion since civilians were ousted 
in 1983. For the past decade 
there has been a constitution, 
but governments have ignored 
it, they argue. 

They charge that toe confer- 
ence has no real power, fa 
unrepresentative, needs only a 
third of the delegates to make 
a quorum and will be manipu- 
lated by the military to pro- 
duce the result the regime 
wants. Much will depend on 
the skill of Mr Sylvanus Karibi- 


Whyte, a judge who has been 
seconded from the United 
Nations commission on war 
crimes in former Yugoslavia to 
chair the conference. 

According to government 
advisers, the military wants 
three issues resolved at the 
gathering: last June’s election; 
a formula for the distribution 
of revenue among the states of 
toe federation: and the role of 
the military in Nigeria’s future 
leadership. 


T he government hopes 
the conference will 
give legitimacy to the 
transition to civilian 
rule it is due to announce next 
year, when the ban on political 
parties is lifted. It also hopes to 
appease the US and toe Euro- 
pean Union, which have 
imposed limited diplomatic and 
military measures against con- 
tinued military rule. 

The conference could also be 
a way for the government to 
neutralise support within the 
armed forces for the Lagos- 
based national democratic 
coalition which championed 
the cause of Mr Abiola. 

But no clear direction or lea- 
dership is likely to emerge 
from the wide range of interest 
groups represented at the con- 
ference. Among the delegates 
are sacked ministers, retired 


state governors, banned presi- 
dential candidates and ex-sena- 
tors from a national assembly 
dissolved twice in more than a 
decade of military rule. Politi- 
cal leaders in the south-west, 
in support of Mr Abiola, boy- 
cotted the conference, leaving 
the Yornbas represented only 
by political lightweights. 

The north sent some power- 
ful politicians, including Mr 
Shehu Yar'Adua. a previous 
presidential contender, who is 
expected to use the conference 
as a dry run for the formation 
of his own party next year. 
One surprise delegate nomi- 
nated by the government was 
Mr Umaru Dikko, who until 
last month had been in exile 
after a previous regime tried to 
kidnap him for trial on corrup- 
tion charges. Mr Dikko is seen 
as a counter-balance in the 
north to Mr Yar'Adua. 

Few delegates will stand up 
for Mr Abiola. "The Abiola 
issue will come up indirectly." 
said one. "It is too late to 
uphold his right to the presi- 
dency. That should have been 
done a year ago. He is no lon- 
ger acceptable outside his own 
part of the country." Mr Abi- 
ola’s political enemies say he is 
an opportunist who lacks the 
backing of a united party and 
that when his victory was 
annull ed his appeal was even- 


tually reduced to his feu ow 
Yorubas. Others accuse him of 
only supporting democracy 
when it suits him. The pt^-. 
dential candidates who were 
banned by former President 
Ibrahim Babangida in 1993 are 
also hostile to Mr Abiola, They 
blame him for failing to speak 
out against toe ban in his Con- 
cord newspapers group, shortly 
before he put himself forward 
os a presidential candidate. 

Government sources say the 
regime is ready to concede a 
greater share of revenue to the 
oil-producing states to pacify 
their angry citizens who object 

to seeing most of the oil wealth 

go north or west. "We do not 
see it as just a north«south 
issue,” says a newspaper pub- 
lisher from the east "The ben- 
efits between east and west am 
lopsided. Senior government 
posts are loaded in favour of 
the Yorubas and they do not 
want to change it.” 

As strikes threaten within 
days to curtail production of 
crude oil, the life blood of 
Nigeria's economy, the confer- 
ence is starting to look irrele- 
vant. Even if there is relief 
from the strikes, now spread- 
ing to water, electricity and 
other services, and the con fe r, 
ence is a success, it can only 
make recommendations to the 
government which appointed 
it. Previous military regimes 
have shown no inclination to 
check the dominance of tribal 
over national interest and the 
growing centralisation of 
power. 

“Nigerians' conception of the 
state is that of a national cake, 
in which all sections have to 
partake in the sharing, other- 
wise their area will be 
neglected,” according to Mr 
Shehu Musa, a member of the 
civilian government in the 
early 2980s and now a member 
of the commission which 
helped to set up the constitu- 
tional conference. "Political 
office has therefore produced a 
set of emergency millionaires 
whose main preoccupation in 
office was to loot the treasury 
and divert all development pro- 
jects to their kinsmen," he said 
in a speech earlier this year. 

This observation goes to the 
heart of Nigeria's predicament 

Its civil service is inefficient 
and demoralised, its educa- 
tional institutions neglected, 
its youth disillusioned and its 
civilian leadership weakened 
and divided by regional, ethnic 
and personal rivalry. 

In short, Nigeria will have to 
overcome its chronic institu- 
tional weaknesses if it is to 
manage its recovery from a 
protracted decline. Nothing 
that will happen in Abuja a 
likely to change this. 


i’ML i 


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 


Wrong route to reduce unemployment 


From Mr Bill Morris. 

Sir, With reference to your 
reports (“The Group of Seven 
summit", July III on the G7 
summit in Naples, I very much 
welcome the fact that mea- 
sures to bring down unemploy- 
ment have at last been placed 
high on the international 
agenda after being spumed 
repeatedly during the Reagan- 
Thatcher years. Some of the G7 
proposals for job creation are 
also to be applauded. However, 
I am concerned that so much 
emphasis is being placed, at 
least by the British govern- 
ment. on deregulation of the 
labour market as a means of 
achieving reduced unemploy- 
ment 

AH the talk of “reduced 


labour market rigidities, lower 
indirect employment costs and 
fewer regulations" can be 
translated as lower pay, more 
precarious employment con- 
tracts, worse health and safety 
md a weakening of social secu- 
rity. If the UK government 
hopes to convince the world’s 
most advanced economies to 
adopt the path of deregulation 
as a means of creating jobs, Its 
track record must surely 
undermine its credibility. After 
15 years of deregulation, priva- 
tisation, anti-union laws, 
reduced employment rights 
and the growth of low pay, we 
have 3m unemployed com- 
pared to lm in 1979. 

The low pay, low skill, low 
productivity option simply 


does not produce results. More- 
over, the evidence is that aboli- 
tion of the wages councils last 
year has produced lower pay; it 
has not produced more Jobs. 
Perhaps politicians should 
reflect on three things before 
pursuing this argument 

1. The aim of economic activ- 
ity is to produce decent jobs 
and a good standard of living - 
it is not an mid in itself. The 
most successful countries have 
combined economic success 
with steadily improving social 
and employment conditions. 

2. How for would standards 
have to be lowered in Europe 
so that we can compete on 
labour costs with Taiwan. 
Korea and China? 

3. Surely, one of the biggest 


and most neglected issues fac- 
ing the world is how to p«K" 


mg the world is how to pro - tv u 

duce demand in the Third ,11 1 j i j ; $ 7 ' \ s 

World which can be supplied ' 1 ' ' 1 


World which can be supplied 
both locally and from the G7. 
This can never happen while 
countries are hidebound bf 
debt which they cannot afford 
to repay. The G7 countries will 
have to be for bolder and more 
imaginative than their propos- 
als in Naples suggest if they 
are to break through this 
vicious spiral of debt and pov- 
erty. 

Bill Morris, 
general secretary. 

Transport and General Worker* 
Ortion, 

Transport Mouse. 

Smith Square, 

London SW1P 3JB 




3i subscription rate 
implies good judgment 


‘Jobs for life’ were never 


the norm for Japanese 


From Mr Jon Moynihan. 

Sir, In a somewhat odd 
article ("Exco issue more than 
three times subscribed", July 
12), Simon Davies appears to 
be implying that Exco's new 
issue on Monday was very suc- 
cessful, because it “was 3.2 
times subscribed", whereas 3i's 
flotation last week was less 
successful, because it “was 
only 1.1 times subscribed". 
This point of view, apparently 
quite widely endorsed in recent 
newspaper comment, misun- 
derstands the purpose of a flo- 
tation or rights issue, which is 
to gain maximum value for 
new shares issued for pre-issue 
shareholders of the company. 

Since a greater than three 
tim es subscription means that, 
almost inevitably, one third of 
those subscribing tall that was 
needed) would have been pre- 
pared to pay a higher price for 
the shares, we may deduce 
that the Exco offer was at least 
somewhat unsuccessful in get- 


ting top price for its sharehold- 


On the other hand, a 1.1 sub- 
scription rate implies that 3i 
and its advisers, for from being 
unsuccessful, judged nicely 
(even if possibly somewhat too 
finely) the highest price they 
could get 

The reason financial advisers 
are paid so much by their cli- 
ents in these transactions is 
because they are expected to 
jndge well the highest price 
possible, commensurate with 
full take-up. So it is clear that, 
on the only objective evidence 
available, 3i and its advisers 
have done extremely well, anH 
Exco and its advisers not so 
weUL for those for whom this 
exercise was conducted - the 
pre-issue shareholders of those 
companies. 

Jon Moynihan. 
group chief executive. 

PA Consulting Group. 

123 Buckingham Palace Road, 
London SW1W 9SR 


From Dr Malcolm Trevor. 

Sir. It is unfortunate that the 
myth of "lifetime employment” 
has been trundled out again in 
the FT (“Fujitsu staff go it 
alone”, July 12). Even in big 
Japanese companies it has 
never applied to the large num- 
ber of temporary and part-time 
employees, who can be fired at 
any time. Small and medium- 
sized companies may revere it 
as an ideal, but cannot afford it 
- some 70 per cent of employ- 
ees work in such companies. 

Far from being the norm, 
“lifetime" employment, which 
even some Japanese companies 
are trying to rename 
"long-term" employment, prob- 
ably applied to no more than 
30 per cent of all Japanese 
employees at most - including 
those in government offices. In 
other words, only a minority 
has ever enjoyed the job secu- 
rity that it offers, at a price. 

In the present recession, 
such large companies as Pio- 


neer and TDK are making "per- 
manent" staff redundant, while 
others are reducing the com- 
pensation of those who will tut 
take early retirement. SME 
employees must, as usual, take 
their chances in an external 
labour market that is even 
harder than before. 

While not denigrating the 
significance of “one career* 
employment in the large corpo- 
rations as an instrument of 
control and as an ideology or 
idea with considerable emo- 
tional pull the fact is that this 
practice, which has only ever 
applied to those at toe top 0* 
the pile, now applies to even 
fewer. While it would be an 
exaggeration to predict its total 
disappearance, a growing num- 
ber of companies is finding it 
increasingly unrealistic. 
Malcolm Trevor, 

204 Memoir Fmukawa. 

19-1 Funagatocra-machi, 
Ichigaya. Shityuku-ky, 

Tokyo 162. Japan 


The scientific 
approach 
to investment 


_ ^i R i!lri:^^ A l Y i'i~^ l A i^ REMEWT "- | J NDERST AN D 'N^ ! Panel concept a useful first step to restoring shareholder purpose 


PIcj*v »ond ini' more duUils un Kick js jppropnarel:- □ GLOBAL EMERGING MARKETS □ INVESCO 

|rn ~ ***^ ': ‘ 

^ — ^S£y- 1 ^/ relc P hon ^3 

PI«m»; complete ind post Co INVESCO. FREEPOST, tt Oevoiwhlre Square, London [C2B ZTT. mji v 


INVESCO ■» the nurki’iing name ofiNVESCQ Fund Man.igcif Lid. Thu value of invesnnenis and any income from ihem can ijlla* well as nse and you may 
rut receive back the amount Invejted. particularly in ihc case of early withdrawal. Oversea* investments may also (all or rise due to currency fluctuations. 


INVESCO Fund Managers ltd is a member of IMRO, LAUTRO and AUTTF 


From Mr JR Brewer. 

Sir, The shareholder panel 
concept outlined in the article, 
“With strings attached" (July 
12), will doubtless be feared by 
die-hard captains of industry 
as the thin end of the Teutonic 
wedge in the shape of the 
supervisory board. Yet Profes- 
sor David Hatherley's sugges- 
tion would bring the sort of 
informed and responsible 


involvement from a company's 
owners that would elude any 
centralised and bureaucratic 
audit commission. 

Shareholders are the only 
people properly positioned as 
the source of ultimate author- 
ity and legitimacy of the corpo- 
rate form, yet few understand 
that along with shareholder 
rights come the obligation to 
ensure that elected manage- 


ments perform properly. The 
architects of the joint stock 
company could never have 
ima g ine d that, 150 years after 
the Registration Act of 1844, 
shareholder Influence would in 
so many cases be effectively 
debilitated by the imposition of 
investing institutions between 
the mind of the investor and 
the company into whose shares 
his money eventually flows. A 


shareholder panel would pr£ 
vide a useful first step towards 
restoring the corporation s 
legitimacy of purpose. 

J R Brewer, 
chairman, 

Hong Kong Institute of Com- 
pany Secretaries. . 

22{F Prosperous Commeraat 
Building. 

54-58 Janiine ’s Bazaar. 
Causeway Bag, Hong Kong 



FINANCIAL TIMES THURSDAY JULY 14 1904 


17 


FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Thursday July 14 1994 


Politicians and 
civil servants 


The British civil service is justly 
famed for its impartiality and 
objectivity. Such qualities are 
essential both in the task of 
administering public services 
fairly and in providing high-qual- 
ity advice on policy matters to 
ministers. Yesterday's white paper 
on continuity and change in 
Whitehall must therefore be 
Largely judged by the degree to 
which it preserves a non-political 
civil service that can serve gov- 
ernments of any persuasion. 

Much of the white paper con- 
tains good sense, extending to 
Whitehall the sort of management 
reforms already imposed on pubhc 
services, such as health and edu- 
cation. Departments will be expec- 
ted to improve the quality of the 
services they provide, with higher 
performance targets set each year 
as part of the Citizen's Charter. 

They will have to achieve these 
higher standards with frozen run- 
ning cost budgets, putting strong 
pressure on managers to strive for 
efficiency. 

To help them reconcile these 
conflicting demands, permanent 
secretaries are to be given much 
greater freedom to manage. 

Departments will take responsibil- 
ity for the pay and grading of 
their staff, whose salaries account 
for more than half of civil service 
costs. The cash-based Whitehall 
accountancy system is to be 
replaced by resource-based accru- 
als accounting, to Improve the 
management of current and capi- 
tal resources. Managers will be 
encouraged to draw on a range of 
management techniques, such as 
market-testing, benchmarking and 
process re-engineering, to raise 
their efficiency and effectiveness. 

Less day-to-day interference is 
promised by the central depart- 
ments, the Treasury gwd the Cabi- 
net Office- 

Best practice 

In principle, such reforms are 
welcome. They reflect best prac- 
tice in the private sector. They 
have improved the qualify of ser- 
vice in other parts of the public 
sector and may be expected to do 
the same in Whitehall 

Also to be welcomed are the pro- 
posals to open the upper echelons 
of the civil service to outsiders. 

The top managers in Whitehall 
who have come from business or 
other parts of the public sector 
have contributed much to improv- 

America’s 
near abroad 


ing standards. A greater inter- 
change between the public and 
private sectors is desirable, and 
will be assisted by the advertising 
of top jobs. At the same time, 
young civil servants with ambi 
tions to reach the top will be 
encouraged to acquire experience 
Outside Whi tehall 
The most controversial propos- 
als in the white paper are those 
for putting some 3,000 top manda- 
rins on personal contracts. The 
government has sensibly decided 
against short-term mn tra*** th at 
would inevitably politicise the 
civil service. But it has opted for 
indefinite contracts which spell 
out the rights and responsibilities 
of top mandarins more clearly. 
The carrot is higher pay for those 
that perform well; the stick Is pre- 
mature departure for the under- 
achievers. 

Increasing pressure 
The white paper says that such 
contracts will put them on a par 
with, their counterparts in other 
walks of life. That may be so, but 
it is not difficult to see undesir- 
able consequences flowing from 
increasing pressure on civil ser- 
vants to satisfy the riamanriR of 
their political masters. Mr W illiam 
Wal degrave, the donnish public 
services minister whose white 
paper it is, may welcome robust 
challenges from his civil servants. 
But other ministers appear less 
tolerant of intellectual dissent, as 
the recent premature departure of 
two highflying permanent secre- 
taries indicates. And there is no 

doubting the wn happing*? among 

many s enio r Home Office manda- 
rins over the home secretary's 
unwillingness to listen to evidence 
that casts doubt on the wisdom of 
his criminal law reforms. 

If this reform is to go a head, an 
independent appeals body is 
needed to which civil savants can 
turn if they fed they have been 
badly treated by their ministers. 
The present system of internal 
appeal up the management chain, 
ultimately to Sir Robin Butler, the 
head of the civil service, is inade- 
quate. The fact that only one case 
has ever reached Sir Robin indi- 
cates that civil servants have little 
confidence in the procedure. If the 
public is to be assured that the 
government's shake-up in White- 
hall will not politicise the civil 
service, a genuinely independent 
appeals body is essential 


When 2,000 US marines are 
stationed off a Caribbean country 
“to protect Ame ri can personnel", 
that country should know what to 
expect. Signals from Washington 
suggest, more concordantly than 
usual, that the countdown for an 
invasion of Haiti has begun. 

At first sight this seems strange. 
Why should President Clinton 
decide on an invasion now, after 
IS months of ducking and weaving 
and contradicting himself? A sub- 
stantial majority of Americans 
opposes military intervention in 
Haiti. So do the Pentagon, at least 
part of the State Department, 
most of the Republican party, 
most other Caribbean and Latin 
American governments, many of 
the Americans still resident in 
Haiti whom the marines would 
ostensibly be protecting, and - in 
public, anyway - the ousted Hai- 
tian president whom an invasion 
would restore to power. Almost 
the only voices calling for an Inva- 
sion are those of the black caucus 
in Congress and, increasingly, the 
inhabitants of Florida who fear 
an invasion of their state by Hai- 
tian refugees. 

Already UN sanctions, imposed 
in May at the US's request have 
cut off all legal commerce with 
Haiti and paralysed the economy 
of what is anyway the poorest 
country in the western hemi- 
sphere. Should these sanctions not 
be given “time to work" before a 
resort to force? 

lanctions argument 
That argument, familiar from 
\e build-up to the Gulf war, does 
ot take account of the way that 
3 net ions “work", if and when 
ley do. Rarely if ever do they 
ucceed on their own in persuad- 
lg a government to change its 
alley, or even prompt its support- 
's to overthrow it What they can 

0 is to disorganise and demoral- 
le a regime, gradually reducing 
s will to withstand a violent 
oslaught from within or without 

1 Haiti’s case they have produced 
renewed exodus of refugees. In 
re past the US sought to label 
rese as economic migrants, in 
rder to avoid offering them asy- 
m. Now it attributes their flight 
> human rights violations. The 
i tier are real and numerous, but 
fere can be no doubt that destitu- 
oq aggravated by sanctions Is 
iso a potent factor. 


The US is desperately building 
temporary housing for the new 
refugees at Guantanamo, its naval 
enclave in Cuba, and seeking "safe 
haven" for them in other Carib- 
bean countries, whose populations 
do not want them any more than 
Florida does. Mr Clinton cannot 
afford to let this crisis escalate 
indefinitely. Nor can he revert to a 
more conciliatory policy without 
making himself a complete 
faugtung-stock. He has boxed him- 
self into a situation from which 
invasion may be the only way out 

Popular enthusiasm 

If it comes, it will probably be 
greeted with initial popular enthu- 
siasm in Haiti. It wfll no doubt 
succeed in removing the three top 
military leaders and restoring 
President Aristide to office. But if 
it stops there, it will leave Mr 
Aristide with the problem that 
faced him before his expulsion in 
1991: implacable opposition from 
the military and the ruling elite. 
Only a much longer occupation, 
which would purge and disarm 
the police and army down to NCO 
level and encourage the educated 
Haitian diaspora to return to the 
country, with a coordinated pack- 
age of economic and technical aid, 
would give Haiti any real hope. 

The US tried something like 
that in 1915, stayed for 19 increas- 
ingly bitter years and left the 
country little better off at the end 
of it This time, following a prece- 
dent set in Somalia and now fol- 
lowed by France in Rwanda, it is 
looking to other countries in the 
hemisphere to relieve it under UN 
auspices, once the initial, dra- 
matic phase is over. 

There might indeed be a case for 
making Haiti a UN protectorate or 
trust territory, as there would 
have been for Bosnia and might be 
for a dozen or more “failed states” 
in various parts of the world. 
There is certainly a case for any 
intervention being carried out 
under UN auspices rather than by 
a great power acting alone - if 
only because of the dangerous pre- 
cedent that the latter would set 
But the chances of an invasion 
being followed through with suffi- 
cient generosity and clarity of pur- 
pose do not seem good. There is 
still time for the Haitian junta to 
realise what is about to hit them, 
and to hand over power volun- 
tarily before it does. 


How the world’s currencies compare 



Economic viewpoint 

It’s the yen more 
than the dollar 


I ntervention in the foreign 
exchange market by govern- 
ments central franks may 
or may not be justified. But 
to have a chance of success at 
least three criteria must be fulfilled: 
• it must, if necessary, be massive. 
Nothing is worse rtmn half-hearted 
intervention which merely gives the 
speculators a taste of blood. 

• It must be multilateral. At the 
very least, the authorities of both 
the strong and the weak currencies 
should take part 

• It needs to be backed by domes- 
tic policies. Either the country with 
the weak currency should ti ghten 
its monetary policy - that is, 
increase interest rates - or the 
country with the strong currency 
should loosen monetary policy; or, 
best of all, both should move. 

There was no chance of these con- 
ditions being fulfilled at the time of 
the Group of Seven summit at 
Naples in the case of the dollar. The 
German authorities were deter- 
mined not to intervene to support 
the US currency. But the problem is 
more a dollar-yen one; and joint 
action by the American and Japa- 
nese authorities was not on the 
cards either. 

The situation may always change 
if exchange rates move towards 
panic points - what these are h a ve 
probably not been determined in 
advance. Central bankers are now 
under a lot of pressure to intervene 
to prevent “disorderly markets"; 
but they will simply be making cap- 
ital losses for their countrymen 
unless they are to implement the 
three conditions. Anything less will 
be worse than useless. 

Meanwhile, it would help to clar- 
ify thought if we could establish 
whether the main trend has been a 
weak dollar or a strong yen. In the 
aftermath of the recent inconclusive 
summit, market operators merely 
noticed the dollar falling against all- 
comers and the yen rising. But a 
longer, cooler look makes it clear 
that tiie main development has 
been a rising yen. 

Indeed, the dollar frag not been all 
that weak if examined over a rea- 
sonable period. There are many 


ways of demonstrating this fact. 
One of the most illuminating is to 
look at the track record of the dol- 
lar fl gatngt the D-Mark. 

In the early and middle 1980s, it 
was violently unstable. But since 
the much-maligned Louvre Agree- 
ment of early 1987, the exchange 
rate between the two currencies has 
rarely strayed more than 10 per 
cent on either side of DM1.6 to the 
dollar. Indeed, the dollar’s rate 
against the D-Mark was more 
favourable the day after last week- 
end's Naples summit than it was at 
its 1990, 1991 and 1992 low points. 

The relative stability of the dollar 
against tt y* D-Mark thus suggests 
that the problems have come from 
the yen side. This is confirm by 
looking at the yen's movement 
against the dollar, which is maHrad 
both by medium-term instability 
and a strong trend in favour of the 
yen and a gains t the dollar. 

An alternative way of showing 
the yen’s strength, not involving 
the dollar at all, is to look at the 
yeu/D-Mark exchange rate. This 
Important, but neglected, cross-rate 
shows the D-Mark falling from a 
high of more than Y90 at the begin- 
ning of 1991 to a low of less than 
Y60 this year. The move can be seen 
as a 50 per cent appreciation of the 
yen, ot a 33 per cent depreciation of 
the D-Mark. It has undoubtedly 
helped Germany to compete in 
world markets despite a past-unifi- 
cation upsurge In domestic costs. 

These conclusio ns are confirmed 


By Samuel Brittan 

by the trade-weighted indices. Con- 
trary to popular impression, there 
has been little trend either way in 
either the D-Mark or dollar index in 
the last three and a half years. The 
yen, on the other hand_ haw ^ 
upwards, although it previously 
reached something near to its pres- 
ent level in the summer of 1993. 

Japan has had lower inflation 
than the other G7 countries, but the 
discrepancy has not been nearly 
enough to offset the rising yen. 


One can argue how 
far US monetary 
policy needs to 
tighten, but Japanese 
monetary policy 
should loosen further 


Profit margins have been squeezed 
and export prices have fallen 
severely in yen terms in 1998 and 
1994. Yet whatever yardstick is cho- 
sen, the yen has had a large rod, as 
well as nominal , appreciation in the 
last few years. 

This appreciation has undoubt- 
edly contributed to the severity of 
the Japanese recession. The retarda- 
tion of gross domestic product hag 
to be judged not just in relation to 
other countries, but in relation to 
the much higher trend previously 
seen in Japan. 

If one looks at industrial produc- 


tion, such analytical contortions are 
unnecessary. The absolute fall here 
has been much greater in Japan 
than in both the US and Germany. 
There are some indications of a 
slight recovery; but it will have to 
go a very long way before the trend 
rate of growth is recaptured. 
Indeed, the OECD projections show 
Japanese growth as among the most 
sluggish of the G7 in the next cou- 
ple of years. 

The strength of the yen should 
put into perspective the facile belief 
that a position is always 

closely linked with politics. For 
Japan has the most unstable gov- 
ernment of all the G7 countries and 
the most uncertain political future, 
yet the strongest currency. 

The continuing Japanese external 
surplus is not on its own a suffi- 
cient explanation either. There is 
nothing new in the high Japanese 
propensity to save. The novel fac- 
tor, which is helping to pull the yen 
upwards, is the growing disinclina- 
tion to invest the surplus abroad. 

Irrespective of the precise diagno- 
sis, the policy implications are 
pretty dear. Although tt remains 
debatable when or how far US mon- 
etary policy ought to be tightened, 
it is clear that Japanese monetary 
policy should be loosened further. It 
will obviously help if Japan's 
finance ministry shelves indefi- 
nitely its plans for indirect tax 
increases to offset the recent direct 
tax reductions. But it is not enough 
to continue to rely on fiaeai park- 


ages, which are seen as temporary. 

It may be asked how Japan can 
loosen monetary policy further 
when the official discount rate since 
last September has been at IV* per 
cent - a post-1945 low - and three- 
month market rates have averaged 
about 2 per cent 

The discount rate can Indeed be 
cut further and there are rumours 
that this is likely to happen. But if 
this is not enough, the short answer 
is to Increase the supply of yen. If 
Japanese investors are not in a bor- 
rowing mood, the Bank of Japan 
can increase the supply of yen by 
issuing them to buy up dollars and 
other currencies in the foreign 
exchange markets (a process known 
as “unsterilised intervention”). 

The country with a strong cur- 
rency that Is gaining- reserves has 
an open-ended ability to intervene, 
which it is well advised to use so 
long as it is more afraid of deflation 
than inflation. The onus is on Japan 
to depreciate the yen more than on 
the US to support the dollar. 

The benefits of so doing would 
clearly make themselves felt to Jap- 
anese business. If the Japanese 
authorities can reverse the move- 
ment of the yen, the prices of inter- 
nationally traded products in Japa- 
nese markets will start to rise. 
Thus, real Interest rates may fall 
and could perhaps become negative, 
so helping economic recovery. 

The needed US contribution is 
mainly political and psychological 
If Washington does nothing, mar- 
kets may fear that it will go back to 
its old policy of talking down the 
dollar against the yen for the sake 
of US exporters. Markets will also 
worry that American trade negotia- 
tors may make direct threats which 
will unsettle sentiment further. The 
statements from US commerce sec- 
retary Ron Brown are hardly reas- 
suring here. So any gestures which 
show the US in support of Japanese 
actions will help. 

Nor is there any reason to with- 
hold this help. A monetary relaxa- 
tion In Japan will give just the 
boost to the world economy and to 
American exports that Washington 
is supposed to be seeking. 


Dear rural dweller, you must pay more 



The UK govern- 
ment's favoured 
option for the future 
of the Post Office - 
to sell 51 per cent of 
the Royal Mail to 

PPWiZTr Private sector - 
si*!*, L is to be welcomed. It 

— will give the Post 

Office management the freedom it 
needs to compete in the interna- 
tional communications market At 
present the business is shackled by 
political restrictions, particularly 
access to new capital. 

However, the proposal does not 
go far enough. For ministers have 
declared that the uniform charge 
for tetter delivery will stay, what- 
ever the outcome of the govern- 
ment’s current review. 

Undoubtedly it would be highly 
controversial if the m^ynnn charge 
went But it is difficult to see how 
competition can develop fully 
unless competitive pricing is 
allowed. At present the Royal Mail 
cross-subsidises within the letters 
business, a practice that is not com- 
patible with big geographical differ- 
ences in delivery costs in an unre- 
gulated competitive market 


The argument for cost-based 
charging is straightforward. At 
present when services are priced 
below the true cost of supply, the 
value which marginal customers 
place on the service - as repre- 
sented by the price they are willing 
to pay - is lower than the cost of 
the service in terms of the resources 
used to provide it The opposite 
applies where services are priced 
above marginal cost 

There is a case for reducing the 
supply and raising the price where 
prices are currently below marginal 
cost; and for raising supply and cut- 
ting charges where prices are 
higher. As costs of letter collection 
and delivery are much lower in 
urban areas than in remote, rural 
regions, this would cause prices to 
fall for town dwellers and rise In 
parts of the countryside. 

The argument for a uniform price 
is concerned with what some see as 
the “unfairness" of chan gin g differ- 
ent consumers differently. Yet it is 
not obvious why it should be 
applied to postal services and not to 
other goods and services seemingly 
just as vital to rural existence. 
Rural areas suffer less frequent bus 


services; they have far fewer super- 
markets and hence higher food 
prices - arguably food is much 
more of a necessity than a tetter. 
Yet no (me seriously argues that 
there should be uniform bus fares 
and food prices. 

The extent to which those in 
rural areas gain from uniform 
charging is, of course, unclear. The 
present pricing system conceals the 

A cost-based Royal 
Mail charging system 
would open up the 
possibility of a more 
varied service 


amount of cross-subsidisation. 
There is no evidence, though, that 
cross-subsidy goes from the “rich" 
to the “poor”. In any case, postal 
charges exist to pay for a service, 
not provide a means to redistribute 
income. This is the function of the 
tax and benefits system. 

A cost-based charging system 
would open up the possibility of a 
more varied service. At present the 


uniform charge allows little variety 
in postal services. Even those 
who would prefer a better service 
are given no opportunity to pay 
for it, unless they resort to 
expensive premium services such as 
Datapost 

Local authorities could seek to 
subsidise services to retain or 
improve the quality of service (such 
as more daily deliveries) or reduce 
the postal charge. Those in rural 
areas facing a higher tariff might 
prefer less frequent deliveries and 
collections, say every other day, to 
keep the charge down. Alterna- 
tively, they might prefer to collect 
their mai l from the village shop or 
garage, or have the mall delivered 
along with the daily milk or news- 
paper. Already the milkman and the 
newsagent provide doorstep deliv- 
eries. Is it necessary for the post 
man to visit, too? 

The main benefit of previous pri- 
vatisations came in reducing costs. 
This has tgke n two forms; doing 
more efficiently what is already 
done; and doing new things in new 
ways. The latter are what econo- 
mists call “dynamic" efficiency 
gains. The government’s privatisa- 


tion proposal for the Royal Mail is a 
bold first step, but many of the 
potential dynamic efficiencies will 
come only if price signals are intro- 
duced into the market for letter 
deliveries. By retaining a uniform 
postal charge, the potential gains 
from privatisation are restricted. 

When Rowland Hill introduced 
the “penny post" in 1840, his aim 
was to achieve political acceptabil- 
ity. Hill initially recommended a 
fiat charge between “post towns" 
only, where he calculated that the 
costs of provision were roughly uni- 
form. It seems once again that the 
future of the Royal Mail is to be 
determined by political necessity 
rather than sober economics. 


David Parker 


The author lectures in managerial 
economies at the University of Bir- 
mingham Business School This 
artide draws from a study in the 
current issue of Pubhc Money and 
Management, published by the Pub- 
lic Finance Foundation, 3 Robert 
Street, London WC2N 6BN 


Observer 


Brittan fiber 
alles 

■ Sir Leon Brittan should think 
about chang in g the title of his 
lunchtime speech at the Policy 
Studies Institute in London 
tomorrow. Instead of “What next 
for Europe?”, a much more 
appropriate theme would be “What 
next for Leon?”, particularly since 
just a few hours later, in Brussels, 
EU leaders are set to choose 
Brittan’s next boss. 

Everyone knows that 
Luxembourg's Jacques San ter is 
the hot favourite to take over 
Jacques Defers' job as president 
of the European CommissioiL 

He's the dark horse candi d a t e 
who has made late strides after 
better-known candidates such as 
Dutch Prime Minister Ruud 
Lubbers, Belgian premier Jean-Lnc 
Dehaene, and Sir Lean himself were 
either blocked ot dropped out of 
the race. 

But whfle the prospect of Samar’s 
arrival in Brussels has dismayed 

wfftp spninr G nmynisrinn officials 
who remember the uninspired reign 
of fellow Luxembourger Gaston 
Thorn in the early 1980s. it may 
not entirely displease Sir Leon, 
the competition commissioner. 

Asa student of German politics, 

he would no doubt recall the 
immortal words of the Bavarian 
heavyweight Franz-Josef Strauss 
- a great power in the land even 
thmig h he never rose to be 


chancellor of Germany: “Es 1st mir 
egal wer unter mir ist” (I don’t care 
who is below me). 


Letting rip 

■ Talking of Gaston Thom, 
president during a period of deep 
Euro-sclerosis . . . A particularly 
moving ode has came Observer's 
way penned by a distinguished 
participant in the depths of an 
interminable meeting in the 
Berlaymonl building, or possibly 
in the Charlemagne, next door. 

It runs roughly as follows: 

“When a meeting is chaired by 

G. Thorn. 

It is certain to last until dawn. 

He's mumbling and bumbling 

and continually fiwnhlmg 

And the whole thing is one 

bloody yawn." 

A bottle of finest malt for the 
most Inspired guess as to the author 
of the poem, and for the best 
attempt at a new generation of 
ditties to mark the presidency of 
SanterCifhegetsttl 


Explosive stuff 

■ White the world is exercised 
about the vaulting price of coffee, 
scant attention has been afforded 
the recent surge In the price of 
methanol. This key ingredient in 
methylated spirits was going for 
less than DM200 per tonne last year; 
it now costs ever DM550 per tonne. 

Although it is best known as a 



ThaTO be £1,000 and no 
questions asked’ 


cheap if unpalatable alternative 
to whisky, meths is now an 
essential ingredient in unleaded 
petrol Another sign that the price 
of supermarket petrol may soon 
be heading in the same direction 
as the price of supermarket coffee? 


To the hilt 

■ Bristol & West Building Society 
is so concerned to take the public's 
views into account that ft 
commissioned research to find out 
what people wanted from a 
mortgage, it found that the public 
was not seduced by the various 

eashharir w-hemec which have 


cluttered the market recently but 
looted at a mortgage In terms of 
monthly payments. How wise of 
the society then to launch a new 
range of mortgages on the basis 
of those finding s; how sad, however, 
for existing B&W borrowers who 
find that the s tandar d variable rate 
they pay is - at 7.89 per cent - the 
h ighest charged by any of the ten 
largest societies. 


Guillotine motion 

■ So bow was your July 13? While 
most of Britain’s commuters were 
struggling to get to work during 
the fifth rail strike, Observer was 
pleasantly surprised to find that 
not only had the Hampton Court 
to Waterloo service not been 
cancelled but the number of trains 
had doubled from two to four an 
hour yesterday. 

The morning took an even better 
turn when the FT receptionist rang 
to say that Le Croissant Shop, had 
delivered a box of hot croissants 
for Observer to commemorate 
Bastille day. If it bad been delivered 
on the correct day. Observer would 
have been on holiday. 


Sleight of hand 

■ Chris Moncriaff, the Press 
Association's political editor 
retiring after 82 years at 
Westminster, told guests at a lunch 
staged in his honour yesterday of 
the time when Sir Denis Thatcher 


was unceremoniously deprived 
of his copy of the FT. 

Margaret Thatcher had a glossy 
magazine in her hand as she was 
about to leave 10 Downing Street 
shortly after her third general 
election triumph in 1987. 

Alerted that a battery of 
photographers was assembled 
outside, she grabbed the FT from 
Sir Denis and hid the magazine 
Inside it “You didn't see that" 
riie told Moncrieff, and, until 
yesterday, he duly obliged. 


Over my head 

■ When in Geneva do as the 
Genevese do. A reader, just back 
from the place, reports having some 
difficulty following the English 
instructions on how to validate 
his tram ticket He was advised 
to “push the side to obliterate home 
into validation slit”. 


And finally 

■ After four years doing the 
fi n ancial spots on BBC Radio 4's 
Today programme. Nils Blythe is 
hanging up his microphone and 
moving to the Money Programme, 
This morning is his last opportunity 
to plunder this column for his “and 
finally” pay-off line. 

How about asking how many 
lawyers does it take to change a 
light-bulb. Nils? 

Answer HI have to get a QCs 
opinion. 


A FINANCIAL TIME 
( for change 

i 



FINANCIAL TIMES 

Thursday July 14 1994 



nuoueuiiousE 


0816892266 


WORLDWIDE EXPERTISE AMD RESOURCES 


EU states criticised over failure to agree on justice and immigration 

Brussels forces the pace on visas 


THE LEX COLUMN 

CBS switches channels 


By Emma Tucker and 
David Gardner in Brussels 

The European Commission 
yesterday produced its proposed 
fbrmat for a European Union visa 
for non-EU citizens which would 
come into force from the begin- 
ning of 1996. The proposal was 
discussed at a meeting where the 
Commission was highly critical 
of member states' failure to reach 
agreements on Justice and immi- 
gration affairs, the "third pillar” 
of the Maastricht treaty. 

The Commission's attempt to 
introduce a common visa is part 
of an initiative to allow free 
movement of people, including 
third country nationals, in 
Europe. If Commission plans are 
Implemented, non-EU citizens 


will ultimately be able to apply 
for one visa granting them entry 
to all countries of the Union. 

However, this idea has met 
with considerable opposition 
from some member states. In par- 
ticular. the UK government was 
concerned that citizens from 
Commonwealth countries who 
did not require a visa to enter 
Britain would have their move- 
ment restricted under a common 
EU visa. The introduction of the 
new European format, a prelimi- 
nary step in the Commission's 
Initiative, will constitute a 
change in design only for 
national visas and will not be 
effective as a European-wide visa 
until member states have agreed 
unanimously on a proposed list 
of 129 countries whose citizens 


will require one for entry. 

When the list was published in 
November it prompted much con- 
troversy. 

“An agreement is going to be 
very hard to achieve," one Brit- 
ish official said. “The Maastricht 
treaty demands a common [visa] 
format The British will accept 
the format It is accepting the 
common list that will be a prob- 
lem." he said. 

The visa, and the list of nation- 
alities requiring permission for 
entry, follow closely work done 
by the ning members of the inter- 
governmental Schengen free 
travel agreement, which covers 
all the EU members except 
Britain, Denmark and Ireland. 

Mr Padraig Flynn, social affair s 
commissioner, who led yester- 


day's debate, is understood to 
have told bis colleagues that “it 
is not possible to detect any sign 
of movement towards seeking, let 
alone finding, compromise solu- 
tions” on a range of initiatives 
the EU has set Itself. 

These include the Europol 
organisation to combat organised 
crime and drugs trafficking 
within the single market; the 
external frontiers convention, 
meant to permit freer movement 
within Europe by tightening up 
controls on non-EU nationals at 
port of entry; and a common cus- 
toms information system. 

Last December’s EU summit in 
Brussels gave Justice and interior 
ministers a dgaflitng of this Octo- 
ber to fltua.li.se the Europol con- 
vention. 


Dollar Arms on rumour of rates rise 


Bills redesigned to beat counterfeiters 

The US yesterday announced the first significant redesign of the 
dollar since 1929 in an effort to curb a rise In counterfeit bills. Hie 
portrait on the new notes will be moved, securi ty strips made more 
sophisticated and a watermark introduced. However, old bills will 
not be recalled because of a potential loss of confidence in the dollar. 


By Philip Gawith in London 

The battered dollar bounced back 
on foreign exchanges yesterday 
as rumours circulated among 
dealers of an Immine nt tighten- 
ing of monetary policy by the 
Federal Reserve. 

The market performed a swift 
about-turn from Tuesday's fears 
that low inflation would delay 
higher interest rates. The dollar 
closed more than a pfennig and a 
half higher in London at 
DML5383 from DM1,5235. It was 
also firmer against the yen, clos- 
ing at Y98.15 from Y96.BG. 

There were suggestions In the 
markets that US shortterm rates 
would rise by anything from 50 to 
100 basis points, which would 
take them above German rates 
for the first time since September 
1990. 


Earlier the dollar had weak- 
ened slightly on the release of US 
consumer inflation data for June. 
Month-on-month inflation rose by 
0J3 per cent, in line with market 
forecasts, momentarily damping 
hopes of a Fed tightening. 

A quick increase in rates would 
dispel fears that the Fed has been 
slow to respond to the threat of 
inflation arising from economic 
recovery. It would also quash 
concerns that the Fed is bending 
to the will of the White House, 


which does not want higher 
rates. Both factors have contrib- 
uted to recent dollar weakness. 

Another factor contributing to 
the rebound was the greater sta- 
bility in international bond mar- 
kets. Volatile bond markets had 
driven investors towards safe 
haven currencies such as the 
D-Mark and the Swiss franc, and 
the relative weakness of these 
two currencies in recent days is a 
sign of calmer markets. 

Analysts said the dollar's 


bounce provided evidence that 
some investors were becoming 
nervous about the weakness of 
the US currency against the yen. 

However, sentiment remains 
bearish awl yesterday's bounce 
was seen more as a corrective 
rally than a turning point But 
investors remain cautious of tak- 
ing aggressive short positions 
against the dollar, for fear of 
being caught out by central bank 
intervention. 

“The lower we go, the more 
nervous the market gets," said 
Mr Ian Gunner, international 
economist at Chase Manhattan in 
London. The dollar has fallen by 
around 9 per cent since the begin- 
ning of June. 


Samuel Britten. Page 17 
London stocks. Page 27 
World stocks. Page 34 


Coca Cola Japan joins soft drinks price war 


Continued from Page 1 


bottlers, the distributing whole- 
saling companies to which Coca- 
Cola Japan supplies beverages, 
have started distributing the 
cheap imports to be sold at a 
retail price of around Y70 a can, 
36 per cent lower than Coca- 
Cola’s usual retail price, for a 
limited period this summer. 

Private labels are already a 
familiar phenomenon in Europe 
and North America, where con- 
sumers have increasingly become 
more concerned about getting 


good quality at a low price than 
about the name on the product. 

In the soft drinks sector, tough 
competition from Cott in the US 
recently prompted Pepsi-cola to 
warn of flat profits in its second 
quarter, causing its share price to 
plummet. 

The trend towards brand labels 
in Japan can, in part, be attri- 
buted to frugality. The ordinary 
Japanese have been hit by the 
prolonged domestic recession. 
Also, the higher yen and expan- 
sion of retailers have lowered the 
price of imported private brands. 


Retailers’ private brand products 
now range from food to mens’ 
suits to electronic appliances. 

Coca-Cola Japan was dismis- 
sive of the impact cheaper pri- 
vate brands were having on its 
market share, since sales through 
retailers amounted to l per cent 
of overall sales. However, an offi- 
cial at a bottler noted the trend 
towards lower prices in Japan 
and said the company was test- 
ing the quality of the imports 
before possibly distributing Coca- 
Cola made in the US on a regular 
basis. 


CBS merger 
called off 

Continued from Page I 


Mr Differ to join QVC and said 
yesterday they would “be 
pleased" if he chose to remain as 
the company's chief executive. 

Wall Street analysts felt It 
highly unlikely that Mr Differ 
would wish to remain in the 
humdrum world of home shop- 
ping, working for men who had 
destroyed his deal with CBS. 

It is the second time in six 
months Mr Differ has foiled with 
an ambitious QVC takeover deal 
In February, he lost a $10bn bat- 
tle to acquire entertainment 
group Paramount Communica- 
tions - a deal Comcast strongly 
supported. 

Comcast objected to the QVC- 
CBS merger because it sees its 
stake in QVC as a means of build- 
ing up a strong presence in tele- 
vision programming, where it 
has few interests. 

Federal law limits broadcasters 
and cable operators to a 5 per 
cent voting stake in companies in 
each others' industries. As a 
result, Comcast’s influence at 
QVC would have been signifi- 
cantly diluted by the CBS 
deal 


Record fines imposed on price-fixers 


Continued from Page l 


producers more than EculOOm for 
price fixing and market sharing. 

Under the cover of an ostensi- 
bly legitimate trade association, 
called the PG Paperboard. 
Europe's carton-board producers 
- including several big interna- 
tional forest products and paper 
companies as well as smaller 
Independent mills - set up a 
scheme to guarantee regular 
price rises which ran from 1986 
until 1991. The cartel was uncov- 


ered in a series ctf unannounced 
inspections carried out simulta- 
neously by the commission in 
April 1991 after complaints by 
Brtiish and French carton users' 
trade associations. During the 
raids, commission officials dis- 
covered important evidence, even 
though the cartel had taken care- 
ful steps to cover Us tracks. 

In August, Store, the Swedish 
company which had recently 
taken over the German producer 
of cartonboard Feldmohle - a 
ringleader of the Cartel - came 


dean with the commission. For 
its cooperation its feces a sub- 
stantially lower fine of 
Ecull^Sm. Fines were also lower 
for those companies which did 
not contest the essential facts 
alleged against them, roughly 
half of the companies involved. 

Mr Van Miert said it was “very 
disturbing" that after more than 
10 years of active pursuit of 
secret cartels, the commission 
was still discovering market 
sharing and price-fixing cartels 
in major industries. 


FT WE ATHER GUIDE 


Europe today 

A frontal zone wiD result in clouds and 
outbreaks of rain over Ireland and Scotland, 
while England and Wales wiH enjoy sunny spells 
apart from the possibility of thundery showers 
over eastern counties. Cooler air from the 
Atlantic may move into the Continent. 

It will meet the hot. continental air over the 
Benelux. France and Germany and this will 
cause thunderstorms, which could be 
accompanied by hail at times. Thunderstorms 
are also likely In the Alps. 

Eastern Europe will continue warm with 
frequent sunny spells. Over the Balkans, the 
sunshine will be more prolonged, but a few 
showers are still possible. Spain, Portugal, Italy 
and Greece will also enjoy sunny conditions. 
Central and southern Scandinavia will 
experience sunny periods along with a few 
showers, with temperatures well above normal. 

Five-day forecast 

The British Isles will enjoy frequent sunny spells 
and should remain dry over the weekend. 
Scattered thundery showers are likely over 
Scandinavia and western, central and eastern 
Europe. Afternoon temperatures will drop to a 
more seasonable level. The Mediterranean will 
remain sunny and dry. 



TODAY'S TEMPERATURES 


Situation at IS GMT. Tonijsafafuflss maximum for day. Forecasts by Mateo Consuff oT (to 


Abu Dhabi 

Maximum 
Celsius 
sun 40 

Accra 

(air 


Algiers 

Bun 

34 

Amsierdom 

thund 

as 

Athens 

sin 

31 

Atlanta 

tar 

32 

B. Ares 

tan- 

13 

B.fiarn 

tar 

24 

Bangkok 

cloudy 

31 

Barcelona 

sun 

28 


Baling 

fair 

30 

Belfast 

nun 

20 

Belgrade 

fair 

28 

Berlin 

lair 

as 

Bermuda 

loir 

32 

Bogota 

cloudy 

17 

Bombay 

■shower 

29 

Brussels 

shower 

25 

Budapest 

lair 

30 

C.hagon 

fair 

28 

Cairo 

sun 

35 

Cape Town 

fair 

16 


ftiranw 

cloudy 

25 

Cardiff 

fair 

22 

CasatXanca 

sun 

26 

Chicago 

shower 

29 

Cologne 

shower 

26 

Dakar 

fair 

28 

Dallas 

tar 

33 

Delhi 

(air 

35 

Dubai 

sun 

38 

Dublin 

rain 

20 

Dubrovnfls 

sun 

29 

Edinburgh 

daudy 

22 


Fao 

sun 

30 

Frankfurt 

thund 

29 

Geneva 

shower 

29 

Gibraltar 

sun 

28 

Glasgow 

rain 

22 

Hambu’8 

thund 

29 

Helsinki 

sun 

28 

Hong Kong 

Band 

33 

Honolulu 

fair 

32 

Istanbul 

ft* 

28 

Jakarta 

fair 

31 

Jersey 

lair 

20 

Karachi 

fair 

34 

Kuwait 

sun 

45 

l_ Angeles 

sun 

24 

Las Palmas 

lav 

27 

Una 

cloudy 

18 

Lisbon 

sun 

28 

London 

fair 

26 

Liixbotsg 

thund 

25 

Lyon 

thund 

29 

Madeira 

fair 

24 


Madrid 

sun 

34 

Majorca 

sun 

32 

Malta 

sun 

31 

Manchester 

faff 

23 

Mania 

cloudy 

32 

Melbourne 

fair 

15 

Mexico City 

thund 

23 

Miami 

fair 

32 

Mian 

sun 

31 

Montreal 

Mr 

27 

Moscow 

shower 

27 

Munich 

fair 

29 

Nairobi 

fair 

25 

Naples 

sun 

31 

Nassau 

fair 

32 

New York 

kb 

30 

Nice 

sun 

28 

Nicosia 

sun 

33 

Oflfo 

fair 

29 

Paris 

fair 

27 

Perth 

lair 

16 

Prague 

(air 

31 


Your bonus program. 
Lufthansa Milos & More. 

Lufthansa 

German Airlines 


Nettertandu 


Rangoon 

Reykjavik 

Rio 

Roma 

S. Frsco 

Seoul 

Singapore 

fiAjfc j»||h jJj> 

oIOCiQiOnTi 

Strasbourg 

Sydney 

Tangier 

Tel Aviv 

Tokyo 

Toronto 

Vancouver 

Venice 

Vienna 

Warsaw 

Washington 

WeJBngton 

Winnipeg 

Zurich 


cloudy 

32 

rain 

13 

fair 

17 

SU1 

31 

sun 

23 

fair 

34 

Cloudy 

32 

sun 

30 

thund 

28 

tab 

16 

sun 

30 

SU1 

3l 

fair 

30 

cloudy 

28 

lair 

23 

sun 

30 

Mr 

30 

fatr 

29 

faff 

34 

Mr 

9 

fair 

24 

Shower 

27 


Cozncasfs move to acquire QVC 
certainly scores high marks for audac- 
ity. Its £L2bn bid has already scotched 
the home shopping channel's rival 
plan to merge with CBS. Whether it is 
also a smart move is unclear. If Com- 
cast flushes oat a third bidder, it will 
be able to cash in its 15 per cent stake 
at a handsome profit But if it ends up 
controlling QVC and chairman Mr 
Barry Differ - whose star status has 
boosted QVC’s value - walks, the 
price-tag may look steep. 

Though Mr Diner’s intentions are 
unknown, it is dear he feels QVC on 
its own is an insufficient vehicle for 
his talents - hence his plans to 
acquire Paramount and merge with 
CBS. With both schemes dead, Mr 
Differ could rash in his QVC shares 
and options. He could then cast 
around for another vehicle into which 
to inject both his talent and his capi- 
tal. An accommodation with Comcast 
cannot be ruled out - though it would 
presumably have to involve turning 
QVC into something grander than a 
home-shopping channel. 

Meanwhile, CBS may now receive 
attention from other suitors. Chair- 
man Mir Larry Tlsch has done nothing 
to discourage the impression that he 
would welcome offers. Yesterday’s 
decision by CBS to buy back gl.lbn of 
its own shares is a sign that Mr Tisch 
is looking to cash in his large stake. 
He has even given interested parties a 
price to aim at Anything over the 
buy-back price of $3% a share would 
presumably be acceptable. The prob- 
lem is that CBS has effectively been 
up for sale for some time and the only 
suitor to emerge has been Mr Differ. If 
Mr Tisch really wants out, he may 
have to lower Ids price. 

UK economy 

The picture of steady, non-inflation- 
ary growth painted by the Treasury's 
summer forecast has survived this 
week's batch of economic figures. The 
small drop in un d erlying inflation last 
month was no more than finan cial 
markets expected. More importantly, 
after the scares earlier in the year, 
there is no sign of upward pressure on 
average earnings. Add in the good 
news on wholesale prices - marmfarv 
turers are not passing on higher raw 
materials costs to customers - and the 
inflationary threat looks remote. 

The fingering worry is that the econ- 
omy mig ht accelerate through the sec- 
ond half of the year. Yet straws in the 
wind hint that the Treasury's forecast 
of 2.75 per cent growth this year is not 


FT-SE Index: 3005.3 (+41.4J 


UK real yield 

Long yield minus cctb Inflation, % 



n Iv Iiiiihi'iimIiiiiiiiiiiiIh ii hiiiiiI 

1990 91 92 #3 94 

Scum- BotaMmarn 


unduly conservative. Overtime work- 
ing fell unexpectedly in May, while 
the modest drop in unemployment in 
June does not smack of overheating. It 
may be that tax rises and higher bond 
yields have been just enough to take 
the inflationary edge off recovery. The 
rise in gilt yields looks ail the more 
ferocious against the background of 
yesterday's comforting data. 

The sharp rally in gilts this week 
may mark a realisation that real 
yields have risen for enough. If that 
brighter mood can be sustained, equi- 
ties will al») have more headroom. 
With the FT-SE 100 index breaking 
back through 3000 yesterday, the 
equity market again looks inclined to 
take its lead from the promising fun- 
damentals. But the FT-SE climbed 
higher than this last month only to 
plunge with international markets, 
and not that much has changed in the 
domestic economy since. 

UK telecoms 

Mr Don Cnrickshank, the UK tele- 
coms regulator, yesterday ticked Mer- 
cury Communications off for being 
shrffL He is right The company’s lat- 
est campaign about unfair regulatory 
treatment sounds like special plead- 
ing. Mercury has been cossetted dur- 
ing its 10 years of existence by paying 
artificially low prices for use of BTs 
network. That may have been appro- 
priate to give the company an initial 
leg-up. Seme assistance to the latest 
batch of telecoms players is also rea- 
sonable. But, at some point, the sub- 
sidy has to stop. 

The snag is that Mercury has not 
used the seven years when it was BTs 
only licensed competitor wisely. 


Instead of differentiating its services 
from BTs and building a sustainable 
competitive advantage, it offered a 
slightly cheaper but similar service, It 
exploits the wide gap between the 
wholesale prices it has paid for using 
BT’s network and BT’s high 
long-distance charges. Mercury is now 
feeing a two-way squeeze. BT ts cut- 
ting its long-distance charges, while 
the network usage fees are going up. 

This is not to say that the ungainly 
regime which governs network fees is 
perfect The system exists because BT 
is not allowed for political reasons to 
charge customers the fuff cost of hav- 
ing a telephone line. If the government 
had political courage, it would scrap 
that restriction. But so long as it 
exists. Mercury does itself no favours 
by moaning, ft would do better, even 
late in the day, to try to build a sus- 
tainable competitive advantage. 

Owners Abroad 

The market seemed comforted by 
Owners Abroad’s reduced interim loss. 
But that is not necessarily good news. 
Bigger losses for tour operators at the 
half-way stage often point to an 
increase in capacity and higher 
annual profits. Owners' figures, 
though, are muddied by Its increased 
Canadian exposure which counters the 
seasonality of UK package tours. The 
link-up with Thomas Cook also makes 
it hard to gauge what is happening bo 
the underlying business. Nevertheless, 
Owners appears to be making good 
progress cutting costs and reinvigorat- 
ing its operations. Its forthcoming re- 
branding exercise will be critical for 
the second phase of recovery. 

Owners' revival is made easier by 
the strong holiday market, with book- 
ings up 13 per cent so for this year 
compared with 1993. BAA's passenger 
figures yesterday also confirmed how 
many Britons are joining the holiday 
brigade. But the real test for Owners - 
will come when the market tightens 
again. The benign theory of the indus- 
try’s future suggests that may not 
happen for a time. The big three oper- 
ators, which control well over half the 
market, have grown sensible and 1 
sophisticated and averse to price wars. 
Besides, the industry is maturing and 
the barriers to entry are rising. More 
stable industry earnings should there- 
fore be rated more highly by the stock 
market than in the past But such 
arguments have been advanced before 
and confounded by experience. It still 
takes a leap of faith to regard tour 
operators as dependable investments. 



Mfajpl 


LSrROYCE WINS £601#b 


FJtmr INDONESIAN POWER 

4 "" " , 

;-Royce has won its first full turnkey powj 

e contract is worth £60 million (US$90 
mechanical equipment and civil works 




station to be built for Indonesia's 
‘e &ain contractor is Parsons Power Gener^p^.^y 
^ ?|Powei Engineering, who will b^jEespo 

w.-!3aSP I0 f ec * ™ over * wo years. Most major i 
it will be ^p^||ed by Rolls-Royce companies, including two RB2U gas 
ine 



.,^,The.< tier strengthens Rolls-Royce's presencein South East * 


















19 






brother* 

TYPEWRITERS 
WORD PROCESSORS 
PRINTERS 
COMPUTERS 
FAX 


IN BRIEF 


Hilton Hotels 
income up 26 % 

Hilton Hotels, the US-based hotel and casino 
group, bounced back from last year’s profit decline 
and a weak first quarter by reporting a 26 per 
cent increase in net income to 333.9m for the 
second quarter. The improvement was driven 
mainly by economic growth in the US. Page 21 

US accounting cuts Fiat losses 

The US accounts of Flat, the Italian automotive 
and industrial group, show a 1993 net loss almost 
Li.ooobn (5662m) lower than the loss shown by 
the group’s European results. The disparity is 
the result of accounting differences. Page 20 

Uralita plans chemicals spin-off 

The Spanish industrial group is to place its chemi- 
cal operations into a separate company to pave 
the way for a possible outright sale. The reorganisa- 
tion would allow Uralita to concentrate more 
fully on its core building materi a l s business. 

Page 20 

TV network boosts CBS earnings 

CBS, the US broadcast television group, yesterday 
announced second-quarter profits of yifMflm, 
up from 5107.4m a year ago. The results translate 
into earnings of $&84 a share. Page 21 

Pro fi t s halved at First Chicago 

Trading profits at First Chicago, the first big 
US bank to report second-quarter earnings, were 
less than half their record, level of a year before 
at 536.7m (S9l.6m). Page 21 


Latin American foreign bond issues down 

Slightly more than $2bn in foreign bond issues 
was raised by Latin American borrowers in the 
second quarter of this year, a sharp drop on the 
previous quarter's $6.42bn. Page 22 

Derivatives trading debate continues 

The debate over the merits of open-outcry versus 
screen-based derivatives trading has been revived 
by a study challenging the widely-held n otion 
that electronic exchanges are inherently less 
liquid than open-outcry markets. Page 22 


Buhner profits decflne to £3.9m 

HP Buhner, the UK ddermaker, reported a sharp 
decline in full-year pre-tax profits reflecting excep- 
tional write-offs. Page 24 


Cray down on lack of exceptional gains 

The absence of exceptional palm resulted in a 
10 per cent decline in pre-tax profits at Cray Elec- 
tronics Holdings from £23m to (J39.82m) 

in the year to April 30. Page 24 


Yates plans to double retail outlets 

Yates Brothers Wine Lodges, the independent 
UK drinks group, unveiled plans to double the 
size of its retail operations following its forthcom- 
ing flotation. Funds raised by the £10m <$l&2m) 
placing will be used to reduce group borrowing 
and launch the expansion programme. Page 25 


Coffee prices reach new high 

Mew York traders helped push the London Com- 
modity Exchange September delivery position 
to a 8Vt-year peak of $4,085 a tonne. But at the 
~ market close the price dipped just below $4,000. 
Page 26 


Companies in this issue 



: 



Abbott Mead Vickers 

24 L’Ontel 

21 

Aberfbrth Spit 

25 Malvern UK Index 

25 

Aiza 

21 NEC 

19 

Atreus 

14 Norton 

24 

BM Group 

14 NuovePlgnone 

21 

BWD Securities 

25 Orcofl 

21 

BUhnar (HP) 

24 Owners Abroad 

18 i 

CBS 

21 par 

24 

Castle Comma 

24 Pacific Dunlop 

22 , 

China Steel Corp 

22 Prudential Secs. 

22 

Cotarvtaton 

__ Redwood PubfisNng 
“ Renault 

24 | 
20 19 

Control Techniques 

24 

SavMa 

26 

Secure Retirement 

24 | 

Cray Electronics 

25 

Emerson Seethe 

24 

Service Corporation 

24 

RhI 

20 Sky Television 

20 

First Chicago 

21 Toshiba 

19 

Fujitsu 

19 Toyota 

22 

Gannett 

21 Trifast 

25 

Great Southern 

24 Uralita 

20 

Heath (CE) 

24 Waterglade 

25 

Ninon Notate 

21 Wembley 

25 

Indus?! Bank Japan 

22 Weyerhaeuser 

21 

Irish Life 

25 Yates Brothers 

25 


Market Sta tis tics 


ii 


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fAnraal reports sen** 28-29 
Benchmark Govt bonds 23 
Bond ftifiro and option 23 
Bond prices and ytobte S3 
CoramdHes prices 2S 

DMdands summed, UK 24 
EMS tenancy rates 34 

Eurobond prices 23 

Hod Wares! Mfces 23 

FT-A World teflon Back Page 
FTSoW Mnes Index Bade Page 
FT/KMA tafl bond sve 23 

FT-SE Actuaries Indices 27 


Foreign exchange 34 

Gilts prices 23 

Uffe eqttfty options Back Page 
London share sendee 28-29 

London trad options Bade Page 
Managed finds service 39-34 
Money marimta 34 

Nsw tad bond issues 23 

Recent issues. UK 27 

Short-term bit rates 34 

US Interest rates 23 

World Stock Marteta 35 


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4 


FINANCIAL TIMES 

COMPANIES & MARKETS 

©TH6 FINANCIAL TIMES LIMITED 1994 ThiUTSdSy Jllty 14 1994 



France takes 
step towards 
Renault sale 


By John Ridding in Paris 

The French government 
yesterday took a step towards the 
privatisation of Renault, annnrrp. 
cing that it was preparing to 
select banks to advise on the 
“eventual opening of the capital" 
of the state-owned vehicle maker. 

Mr Edmond AlphandSry, the 
economy minister, said the deci- 
sion was not an announcement of 
Renault's privatisation. But his 
statement suggests that the gov- 
ernment is pressing ahead with 
plans to implement at least a par- 
tial privatisation of the flagship 
public-sector company, which is 
valued at about FFrtObn ($7.2bn). 

Last month, Mr Philippe 
Auberger, a senior member of the 
National Assembly's finance 
committee, said that the govern- 
ment was considering a partial 
privatisation, but no decision had 
been taken and such an opera- 
tion would be unlikely before 
October or November. 

Mr Aiphandery said the role of 
adviser would be open to both 
French and foreign hanks As in 
previous privatisations, competi- 
tion for this mandate is expected 
to be fierce. 

Renault is one of the 21 public 
sector companies slated for sale 
by the centre-right government 
But the timin g has remained 
uncertain since the collapse of 
plans to merge Renault and 


Volvo, the Swedish vehicles 
group, at the end of last year. 

During negotiations with the 
Swedish company, the French 
government had committed itself 
to privatise Renault by the end of 
this year. The failure of the 
merger plan, however, and the 
dismantling of much of the exist- 
ing alliance between the two 
companies, has complicated the 
privatisation timetable. 

Industry observers believe the 
government, which holds 80 per 
cent of Renault’s shares - Volvo 
holds the rest - is now leaning 
towards gradual privatisation 
which could start before next 
spring's presidential elections. 

“It seems possible that they 
might want to s en a stake of up 
to 25 per cent as the first step," 
said one industry analyst in 
Paris. But it seemed they bad 
“not yet made up their minds 
and might still go for a full-blown 
sale". 

The sale is complicated by 
political sensitivities. The Con- 
federation G6n6rale du Travail, 
thg co mmunis t-led miinn , has 
expressed opposition - Renault 
has been a symbol of state-owner- 
ship since the end of the second 
world war. 

Volvo’s stake is also a factor, 
although a privatisation might 
provide it with an opportunity to 
reduce its holding. 

Renault in pole position. Page 20 


German builder 
takes a 15% 
stake in Buderus 


By David Waller in Frankfurt 

Bilfinger & Berger, one of 
Germany’s largest construction 
groups, has emerged as the sur- 
prise owner of a 15 per cent 
stake in Buderus, the German 
heating equipment and engineer- 
ing group. 

The news follows last month's 
placing of 80 per cent of Buderus 
on the German stock exchanges 
by MetaDgesellschaft, the trou- 
bled conglomerate. Buderus 
shares were suspended yester- 
day. 

The move is being widely seen 
in Germany as a prelude to a 
possible battle for control of the 
highly profitable Buderus. Com- 
merzbank and Dresdner Bank 
each bold a 10 per cent stake. 

Mr Christian Both, Bilfinger 
chairman, disclosed the news of 
the shareholding at his group’s 
annual meeting yesterday. He 
said Bilfinger was in talks with 
Buderus' management board. 

Although Buderus said it wel- 
comed Bilfinger as a long-term 
shareholder, Mr Betnhard Engel, 
a director of Buderus, said there 
had been no talks with Bilfinger 
and there was no possibility of 
business cooperation. 

“There is no evidence to sug- 
gest that there is anything suspi- 
cious. about this holding.” said 


Mr Engel. “We see it in a neutral 
light: we are not enthusiastic but 
we are not disappointed either.” 

Secret stake-building is shortly 
to become illegal in Germany 
under the terms of the second 
Financial Markets Promotion 
Act, which is likely to come into 
farce on August L The law will 
oblige companies to disclose 
stakes once they reach 5 per 
cent, providing an early warning 
system far German companies. 

The stake-building also 
appears to contradict the terms 
of the plarfwg of Buderus shores 
last month, in which Metall- 
gesellschaft obtained DMLkbn 
(*788m) for its 80 per cent share- 
holding. 

Deutsche Bank and Dresdner 
Bank arranged the placing of 
Hetallgesellschaft’s Buderus 
stake with the declared atm of 
ensuring that Buderus would be 
owned by a broad spread of 
shareholders. 

Deutsche Bank said it had 
been told about Bfifmger's pur- 
chases yesterday by Dresdner, a 
25 per cent shareholder in Bilfin- 
ger. Dresdner refused to answer 
specific questions about its role 
in helping Bflfmger buy the Und- 
ents shares. 

Buderus made pre-tax profits 
of DMlS3m last year on sales of 
DM2.77hn. 


Japan’s chip makers 
lift capital spending 


By Mchlyo Nakamoto bi Tokyo 


semiconductor makers 

stepping up capital spending 
manufacturing faculties to 
let growing demand from the 
nputer and home electronics 
rrkets. 

SEC, the second largest maker 
semiconductors in the world 
er Intel of the US, plans to 
lease capital spending on chip 
Mtoctkm this year to YllObn 
;.14bn). It had earlier set 
ending at Y90bn- 
i'njitsu Is also increasing capi- 
Spending by Yl8bn and M3t- 
bishi Electric is considering 
ising investment to meet 
are demand. 

Keanwhile, Toshiba, Japan's 
•ond largest semiconductor 
tker, announced that its semi- 
id net or manufacturing com* 
ay - a joint venture with 
itorola of the US - is investing 
nut Y27bn in a new fac tory in 
ian to make microprocessors 
i application specific inte- 
ited circuits. 

fbe move in the PC market 
raids advanced computer* and 
i introduction of new operat- 

’ software had Increased 
nand for memory chips, NEC 
d_ The new operating soft- 


ware, for example, uses more 
than 10 times the memory of ear- 
lier software. 

At the same time, demand for 
semiconductors from home elec- 
tronics makers has been particu- 
larly strong for microcontrollers 

used in mobile phones, air condi- 
tioners, washing machines and 
other household appliances- The 
demand reflects the growing use 
of such appliances and the recov- 
ery in consumer spending. 

Fujitsu said that it would 
spend about YThn to expand pro- 
duction of microcontrollers. 
Another Y2bn would be used to 
increase productim of integrated 
circuits for mobile phones. 

Japanese semiconductor mak- 
ers expect demand to remain 
strong, particularly with the 
development of multimedia. The 

growing use of video in comput- 
ers. for example, will spur 
demand for memory chips. 

The rise in investment sug- 
gests a brighter outlook for the 
Japanese companies, which have 
been facing increasing competi- 
tion from the US and Korea. 

■ NEC said yesterday that it 
planned to raise the sales target 
for its new parallel processing 
mainframe computers by 15 per 
cent 


David Waller reports on the lack of a share culture in Germany 


Resisting the 
bait of equity 
ownership 



F or deep-seated social, psy- 
chological, legal and politi- 
cal reasons Germans have 
a problem with shares. 

They don't like buying or deal- 
ing in them, they don’t like 
shares in their companies traded 
on the stock market, and they 
often can't talk about shares 
except in an emotional and illogi- 
cal way, complains Mr Rolf 
Breuer. 

The chairman of the German 
Stock Ryohang a and a member of 

the board of ma^ g fog directors 
at Deutsche Bank laments the 
absence of an “equity culture” in 
Germany. 

aOnly 6 per cent of German 
households own shares, com- 
pared with more than. 20 per cent 
in the UK or the US; there are 
only about 665 quoted companies 
in Germany compared with more 
than 2,000 in the UK; and the 
market capitalisation of the Ger- 
man stock market amounts to 25 
per cent of GDP - against 75 per 
cent in Japan and the US and 127 
per emit in the UK. 

“This Hack of an equity cul- 
ture] is a big and growing disad- 
vantage for Germany at a ttm>» of 
Increasing competition between 
the world's financial markets,” 
laments Mr Breuer. “Capital 
flows to wherever it finds the 
most attractive home - that is 
true both for multinational com- 
panies Mpfcmg to raise funds and 
for international Investors 
looking for somewhere to put 
their money." 

By these criteria, Germany’s 
underdeveloped equity market is 
in the international “second divi- 
sion", Mr Breuer complains, with 
the risk that big German compa- 
nies will seek to raise frianm in 
markets outside Germany and 
international investors will 
divert funds elsewhere. 

The evidence of this is low 
liquidity by international stan- 
dards. an absence of domestic 
institutional investors, a hostility 
to financial innovation, an 
unthinking preference on the 
part of German savers for gov- 
ernment bonds, and an unhelpful 
tax regime, the head of Deutsche 
Bank's securities operations says. 

Such a litany of weaknesses 
raises the question: what is to be 
done to strengthen the German 
financial markets so that they 
enjoy a role commensurate with 
Germany's position as a Europe’s 
leading industrial power? 

Help is coming from the forth- 
coming second Finanzmarktfor- 
derungsgesetz - the Financial 
Markets Promotion Law doe to 
take effect on August 1 - which 
will introduce international stan- 
dards of regulation for the Ger- 
man financial markets. 

The law, first mooted in Janu- 
ary 1992 and passed by parlia- 
ment this month, introduces 
measures to bolster the Fin- 
anzplatz - Germany as a finan- 
cial centre. The new law: 

• makes insider dealing a crimi- 
nal offence; 


• creates a regulatory body for 
the German securities markets, 
the Bimdesaufsichtsamt fQr den 
Wertpapierhandel. This will 
evolve into a version of the US 
Securities & Exchange Commis- 
sion (SEO, policing financial 
markets; 

• requires quoted companies to 
publish details of Bh^rehnlrfings 
in other companies when they 
reach 5 per cent, rather than 25 
per emit at present. Other rules 
will require prompt publication 
of price-sensitive information; 

• allows the reduction of the 
nominal value of shares from 
DM50 to DM5, helping to enhance 
the attractiveness of equities by 
reducing the top-heavy share 
prices of some big German com- 
panies; 

• facilitates the introduction of 
money market funds, a form of 
short-term investment vehicle 
which is popular in the US and 
France, but hitherto banned in 
Germany because of the Bundes- 
bank's worries about the impact 
on monetary policy. 


However, the provisions are 
not enough to rectify the weak- 
nesses in the German markets 
overnight, Mr Breuer concedes, 
although he says the insider deal- 
ing law wfll help to enhance the 
image of Germany as a finwnrial 
centre. 

H e accepts that it has long 
been anomalous for 
insider dealing to be per- 
mitted in Germany, but is ada- 
mant that insider dealing in Ger- 
many has been on a small scale 
compared with Anglo-American 
excesses. 

"There is not and never has 
been much insider dealing in 
Germany," he contends. “But for- 
eign investors have always had 
the impression that Germany is a 
wild west" 

Mr Breuer also thinks the new 
disclosure rules will encourage 
greater transparency in the Ger- 
man equity market, and wel- 
comes the creation of the Ger- 
man SEC. However, he admits 
that tiie structure of the new 


institution - which will intro- 
duce three levels of supervision 
of German stock markets - is not 
ideal, adding that it will take 
until “the middle of nest year” 
for the new body to be up and 

r unning . 

More must be done if Germany 
is to develop an equity culture, 
Mr Breuer says. His agenda for 
action fails into two categories. 

First, he would like to 
strengthen the legal infrastruc- 
ture further with the introduc- 
tion of rules for takeovers in Ger- 
many, preferably modelled on the 
UK’s non-statutory Takeover 
Code. 

The main purpose of such a 
code would be to give rights to 
minority shareholders, whose 
interests are often neglected. “If 
we are to have an equity culture 
in Germany the «anaii investor 
has to participate ." 

Mr Breuer says a draft code 
will be presented to the Bonn 
Finance Ministry later this year. 

Second, he wants to introduce 
further reforms to the German 
Stock Exchange “with the aim of 
ensuring that anyone who wants 
to do business in D-Mark denomi- 
nated securities does it via the 
German market and not in Lon- 
don. 

“Ten per cent of turnover in 
blue-chip German shares is done 
in London, and that is 10 per cent 
too much!” 

Part of the problem is that 
liquidity in share trading is «tiii 
divided between seven separate 
stock exchanges in Germany, Mr 
Breuer says. But the creation of 
the Deutsche Bfirse - the Ger- 
man stock Exchange - at the 
beginning of last year was a big 
step forward. 

“Everything connected with 
securities dealing is now under 
one roof, from dealing and settle- 
ment to software development 
and clearing." he says. “To have 
it all together like this gives us a 
tremendous competitive advan- 
tage. We can streamline invest- 
ments, pool our resources and 
develop technology much more 
effectively than our rivals.” 

Mr Breuer says the focus of 
development in the next few 
years will be investment in new 
technology to expand on the Ibis 
dealing system (which captured 
30 per cent of the market in 
German blue-chip stocks last 
year) - and an attempt to forge 
closer co-operation between 
Frankfort, the biggest exchange 
in Germany, and its six regi onal 
rivals. 

These efforts alone will not 
lead to the sudden development 
of an “equity culture" in Ger- 
many, Mr Breuer concedes. The 
biggest obstacle lies in people’s 
attitudes. "When it comes to 
shares we have a mental problem 
on the side of both investors and 
entrepreneurs," he says. 

Those attitudes are changing 
and the Financial Markets Pro- 
motion Act is likely to accelerate 
that change. 


Large UK 
tour groups 
failing to 
gain share 

By Michael Skapbiker, Leisure 
Industries Correspondent 

Large UK tour operators are 
failing to increase market share 
through, their ownership of travel 
agency chains, according to Mr 
Francis Baron, nhiaf executive of 
the holiday group Owners 
Abroad. Mr Baron, whose group 
has financial links with Thomas 
Cook travel agents, said yester- 
day that independent tour opera- 
tors appeared to be gaining an 
increased share of the overseas 
package holiday market 

While large travel agents were 
concentrating on selling their 
parent companies’ holidays, they 
were reluctant to sell those of 
rival large groups, but happier to 
sell the holidays of wmalter tour 
operators which did not own 
travel agent chains. 

The Office of Fair Trading lias 
been investigating the links 
between large tour operators and 
travel agents after complaints 
from independent companies. 

Mr Baron's remarks came after 
Owners Abroad surpassed City 
expectations by repenting a pre- 
tax loss of £29 im (94L5m) for the 
six months to April 80, down 24 
per cent Holiday companies usu- 
ally record first-half losses. 

The acquisition in February of 
International Travel Holdings, 
the Canadian tour operator, 
helped to reduce Owners 
Abroad’s winter losses. 

Mr Baron said the group's 
share of the summer 1994 market 
had risen from 95 per cent to 11.6 
per cent In May. 

Turnover rose 46 per cant to 
£328m. Cash balances increased 
39 per cent to EM&m. The loss 
per share foil to l&8p from 17.4P 
and the Interim dividend is an 
unchanged L4p. 

Lex, Page 26 


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FINANCIAL. TIMES THURSDAY JULY 14 1994 


INTERNATIONAL COMPANIES AND FINANCE 


US accounting difference 
reduces losses at Fiat 


By Andrew HH1 In Milan 

The US accounts of Fiat, the 
Italian automotive and indus- 
trial group, show a 1993 net 
loss almost Ll.oOObn ($662m) 
lower than the loss shown by 
the group's European results. 
The disparity is the result of 
accounting differences. 

lh May, Fiat announced a 
record consolidated loss of 
Ll,783bn for 1993, after 
minority interests, extraordi- 
nary items and tax. 

In the US accounts, depos- 
ited with the US authorities 
at the end of last month. 


the net loss is L794bn. 

The comparative profits in 
1992 were L551bn in the Euro- 
pean accounts and L375bn in 
the US equivalent 

At the same time , sharehold- 
ers 1 equity is slightly higher in 
Fiat's US accounts for 1993: 
Ll8,724bn. compared with 
Ll7,427bn In the European 
accounts. 

Mr Carlo Gatto, a senior 
vice-president in Flat’s admin- 
istration and audit division, 
explained that the difference in 
net results was particularly 
marked in the 1993 accounts 
because the group imple- 


mented changes to US rules on 
accounting for deferred tax lia- 
bilities and assets. 

When the cumulative effect 
of the changed accounting 
principle was included. Fiat's 
US profit and loss account was 
adjusted upwards by LI «308bn. 
although this figure was offset 
by other negative items. 

The adjustment to sharehold- 
ers' equity was mainly due to 
differences in accounting for 
goodwill in acquisitions. 

Fiat Indicated at its share- 
holder meeting at the end of 
last month, that It would 
return to net profit for 1994. 


Czech cabinet rejects shake-up 
plan for petrochemical industry 


By Vincent Boland 
In Prague 

The Czech cabinet yesterday 
rejected fresh proposals for 
restructuring the country’s oil 
refining and petrochemical 
industry, potentially clearing 
the way for further consider- 
ation of two earlier plans 
which would see private inves- 
tors take a minority stake in 
the sector. 

Mr Vdclav Klaus, prime min- 
ister, said a revised industry 
ministry proposal would be 
studied again in a 
month. 


The government has already 
received two proposals for 
restructuring the industry, 
which is estimated to be in 
need of a $ibn investment pro- 
gramme. 

One would see four interna- 
tional oil companies. Shell, 
Conoco, Total and Agip, take a 
49 per cent stake in the refin- 
ing business in return for an 
immediate payment of $180m 
and a $520m investment pro- 
gramme over five years. This 
plan would leave the petro- 
chemical business in state 

hanrig 

The second proposal which 


the government favours, has 
been submitted by Chemapoi a 
powerful Czech monopoly oil 
importer which is itself being 
restructured. 

The influential Council of 
Economic Ministers has recom- 
mended that Chemapol's pro- 
posal be accepted. 

The Czech Republic is cur- 
rently almost entirely depen- 
dent on Russian oil supplies, 
which are piped via Ukraine 
and Slovakia. The g o ve rnm ent 
)s committed to building the 
Ingolstadt pipeline from Ger- 
many to reduce this depen- 
dency. 


Agencies cool on UK societies plan 


By Alison Smith in London 

Credit rating agencies believe 
the UR government’s plans to 
give building societies greater 
freedom could increase the risk 
profile of societies. 

IBCA, the European rating 
agency, said the plans, 
announced last week by the 
Treasury, bad potentially nega- 
tive implications for societies. 

While IBCA said it was not 
revising its positive view of 
societies "for the moment*', it 
appeared more conscious of the 
mistakes societies might make 
as a result of the changes than 
of the benefits to them. 

The government intends to 
allow societies to raise up to 50 


per cent of their funds on the 
wholesale money markets; to 
wholly own a general insur- 
ance subsidiary dealing with 
house-related lines of insur- 
ance; and to carry out limited 
l ending to businesses which is 
not secured against land. 

Moody’s Investors Services, 
the US ratings agency, was 
wary about the use societies 
may make of the new powers 
which, by definition, would 
raise their risk profile. "Our 
ratings are stable but our out- 
look is cautious,” it s aid yester- 
day. 

Moody’s highlighted the 
prospect of greater risk if soci- 
eties Increased the amounts 
they raised an the wholesale 


money markets in terms of 
short-term, confidence-sensi- 
tive binding. 

A report from IBCA focused 
on the increase in risk from 
moving into general insurance, 
and expressed scepticism about 
the merits of a bunding society 
lending to businesses. 

IBCA’s doubt about the wis- 
dom of societies’ lending to 
business reflects the general 
view among society chief exec- 
utives. But the agency's reac- 
tion to the proposal on general 
insurance is gloomier than 
that of the sector. 

IBCA argued that general 
insurance in the UK “has been 
almost characterised by its 
unprofitability". 


Sky to offer 
up to five 
new satellite 
TV services 


By Raymond Snoddy 
In London 

Sky Television is planning to 
launch a number of new televi- 
i sion services, possibly as 
many as five, over the next 
few months. 

The satellite television veo- 
I tore yesterday announced the 
first of the new services - a 
second Sky Sports package, 
which will be launched on 
August 19. 

Also under consideration Is 
a travel channel an education 
channel and a science fiction 
ehnnnt>l 

The aim is to take a 
number of programme services 
from cable television to 
strengthen Sky’s Multi-Chan- 
nel package of subscription 
channels. 

The new services could also 
lead to an Increase in the 
prices of some of Sky subscrip- 
tion packages. At the moment, 
all the services offered by Sky 
Television cost £19.99 a 
month. 

Sky declined to comment on 
whether prices would change 
once the new services were 
introduced. 

The new line-up of services 
is not likely to involve com- 
plete channels. The services 
will almost certainly be 
segments of programming 
added to the total Sky 
package by splitting existing 
channels. 

To begin with, for example. 
Sky Sprats 2 will only broad- 
cast at weekends. 

The new sports service will 
give schedulers an extra 50 
hoars of airtime to broadcast 
more live sport and documen- 
taries. 

The new weekend service 1 
will be free to existing Sky 
Sports subscribers. 

With only one sports chan- 
nel, Sky has faced consider- , 
able scheduling difficulties. 1 
Daring coverage of England’s 
cricket tour of the West Indies 
earlier tins year, coverage of 
English Premier League foot- 
ball bad to be moved to Sky 
One. 

Sky Television is owned by 
British Sky Broadcasting, a 
consortium in which Pearson, 
owner of the Financial Times, 
hag a significant stake. 


Renault in pole sell-off position 

John Ridding finds a mix of caution and commitment from Paris 

M r Edmond Alphan- 
dery, the French 
economy minister, 


ffld" 


M r Edmond Aiphan- 
dery. the French 
economy minister, 
chose his words carefully yes- 
terday. He was not announcing 
the privatisation of Renault, 
merely preparing to select 
adviser banks for the “evolu- 
tion of the capital" of the 
French state-owned automo- 
tive group. 

But despite Mr Alphanddry’s 
reticence, the French govern- 
ment has clearly started the 
wheels rolling again in its 
plans to transfer the car 
maker, one of the flagships of 
the French public sector, into 
the private sector. 

It raises the question of how 
and when Renault might be 
sold, and who might be the 
buyers of stakes in the com- 
pany, which is valued at about 
FFr40bn (SSbn). 

Behind yesterday’s 
ann o uncement lies a mixture 
of caution and commitment. 
The government is keen to sig- 
nal its commitment to 
the sale of Renault, which has 
proved one of the trickiest pro- 
posals on its list of 21 public 
sector companies slated for 
sale. 

“The French state should not 
be in the business of making 
cars,” says Mr G6rard Longuet, 
the industry minister. 

Mr Longuet has pushed hard 
for Renault’s privatisation. So 
has Mr Louis Schweitzer, the 
chairman of the automobile 
group. 

Industry observers add that 
the company is in good shape 
for sale. It is one of the few 



Edmond Alphanddry: his 
remarks show cautious line 

European motor groups to 
endure the recession of the 
past few years without falling 
into loss. 

It reported net profits of 
FFrl.07bn in 1993, and has 
developed a successful 
range of new models, including 
the Twingo, the quirky 
small car. and the Laguna 
saloon. 

A number of obstacles, how- 
ever, have prompted a delay in 
the privatisation. Most 
obvious was the collapse last 
year of plans to merge with 
Volvo of Sweden, a merger 
that was intended to be 
the final step before privatisa- 
tion. 

The sale of Renault has also 
run into political sensitivities. 
In particular, the centre-right 
government of Mr Edouard 
BaDadur has been anxious to 


avoid trade union opposition to 
its plans for Renault, 
a stronghold of union groups 
in the 1960s and 1970s and 
which remains a symbol of a 
corporatist system of industrial 
management 

As Mr Alphanddry demon- 
strated yesterday, the govern- 
ment remains cautious. 
According to the economy min- 
ister, the launch of bids for 
adviser banks “prejudges noth- 
ing” concerning the future 
ownership of Renault. He 
aririprf that there was no dead- 
line for decisions to be 
taken. 

French officials argue that 
there is no need to hurry. The 
government has already named 
Assurances Generates de 
France, the insurance com- 
pany. and Groupe Bull, the 
computer manufacturer, as the 
next companies to be priva- 
tised. 

Proceeds from the privatisa- 
tion earlier this year of Elf 
Aquitaine, the oil group, and 
Union des Assurances de Paris, 
have already taken the govern- 
ment beyond its targeted 
receipts of FFr55bn for this 
year. 

T hus a possible scenario 
for Renault is a partial 
privatisation which 
could take place before next 
spring’s presidential elections. 
A sale of the balance of the 
state’s 80 per cent stake could 
follow. 

Auberger, a senior member 
of the National assembly’s 
finance committee, said last 


Uralita set to spin off chemicals 


By Tom Bums in Madrid 

URALITA, the Spanish 
industrial group in which a 
number of UK institutions took 
a significant stake last year, is 
to group Its chemical 
operations into a separate com- 
pany in order to pave the way 
for a possible outright 
sale. 

The reorganisation would 
allow Uralita to concentrate 
more fully on its core building 
materials business, analysts 
say. 

The group is Spain’s building 
ma terials market leader. 

A number of UK institutions, 
lead by Scottish Widows, last 


year paid Pta7.6bn ($58m) for a 
15 per cent stake in Uralita. 
The vendor was Grupo March. 
Spain's leading holding com- 
pany. 

Buffeted by recession, Ural- 
ita lost Pta7.4bn last year but 
strong first-quarter results 
suggest that losses could be 
brought down to Ptal.5bn 
this year and that the group 
could be profitable in 
1995. 

Uralita plans to underwrite a 
Ptal5bn ra prfoi incre ase, a sum 
equivalent to the book value of 
its plastic and r.hpmicai assets, 
for Rocalla, a fibre cement 
company that is to acquire 
Uralita's chemicals assets. 


Rocalla is to change its name 
to Aragonesas. 

Rocalla, which is 95 per cent 
owned by Uralita, and is listed 
on the the Madrid and Barce- 
lona stock exchanges, will pass 
its cement business across to 
Uralita. 

The His pnoai of the chemical 
units grouped in the re- 
launched Aragonesas, either 
through a trade sale or 
through a placement with 
institutional investors, is 
expected to take place early 
next year. 

Uralita is believed to 
have a placed a price tag of 
between Pta20bn and Pta23bn 
on its chemicals assets. 


month that the government 
was considering a 
partial privatisation, but that 
no decision had yet been 

tabPTv 

Industry observers in Paris 
suggest that a partial privatisa- 
tion could involve the 
sale or between 15 and 
25 per cent of the company’s 
shares and the formation of a 
so-called "noyau dur" of 
long-term shareholders. 

S uch shareholders would 
probably be drawn 
mainly from- the ranks of 
France's largest financial and 
industrial groups. 

They might include Lagar- 
dfire Group, the communica- 
tions and defence company 
which Is Involved with Renault 
in the development of its 
Espace vehicles, and which has 
expressed an interest in its 
partner's privatisation. Elf 
Aquitaine, which co-operates 
with Renault in several areas, 
including in Formula One 
motor racing, is another poten- 
tial investor. 

Renault has also been seek- 
ing Industrial partners follow- 
ing the collapse of its merger 
plans with Volvo. Negotiations 
with Fiat of Italy, however, 
concerning the sharing of 
foundry facilities, have ended 
unsuccessfully. 

Privatisation, however par- 
tial could help untangle the 
remnants of Renault’s 
complex cross-shareholding 
with Volvo. The Swedish com- 
pany has 20 per cent of 
Renault 

Pirelli confirms 
sale of US farm 
tyre subsidiary 

Pirelli the Italian tyre group, 
has confirmed press reports 
that It plans to sell the farm 
tyre business of its US subsid- 
iary. Armstrong Tire, Renter 
reports from Milan. 

“In line with our strategy to 
focus the company on the car 
and light truck tyre market, 
we are currently in negotia- 
tions for the sale of the Des 
Moines plant which produces a 
textile cross ply farm tyre,” 
Pirelli said. The sale will cut 
Pirelli Armstrong's workforce 
by 40 per cent to 1,150 workers, 
press reports said. 




'|**i A 


rTfivni- s 


4m 


REMY • COINTREAU 

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 1994 

Profits increase by over 25% 

Results confirm success of focused growth strategy 

The Remy Cointreau Group’s net profit after tax tor the year ended 31 March 1994 was FFr 252 million, a rise of 24.5% 
over the previous year's figure of FFr 202 million. Turnover rose to FFr 6,505 million, up 9% on the previous year. 

Despite continuing contrasts in the glohal economic environment through the 1993/94 financial year - marked in 
particular hy a persistent recessionary climate in continental Europe and Japan - the Group pursued ics dynamic growth 
itinerary, which resulted in operating profits of FFr 918 million, up 4-7%- The Group’s brands enjoy a strong presence 
in all their markets and recorded gains in market share tor all divisions. 

The Remy Martin brand consolidated its position as rite world leader in superior quality cognac with over one-third of 
market share. 

The Liqueurs 3nd Spirits division saw turnover rise by 5.3%- This performance is particularly promising since this divi- 
sion's main markets were severely affected by the recession throughout 1993, particularly in Italy and Spain. 

The Champagne division, which includes the Piper Heidsieck, Charles Heidsieck and Krug brands, experienced a 7% 
upturn in turnover volume, meeting the challenge of already extremely competitive markets. 

Turnover from distribution of non-Group spirits rose 13%. This increase was led by the Group's Scotch whisky partner,. 
Highland Distilleries, which jumped 57%, and by The Macallan single malt, which recorded a 39% rise in sales in the 
United Scares. 

R6my Assocub, the Group’s distribution network, continues to open subsidiaries in new markets which have promising 
devekipment potential 

During the first quarter of the current financial year (April - June 1994), Group turnover continued to grow. 

First quarter's turnover ( l april - 30 june 1994) 


(FFr millions) 

Cognac 

Liqueurs, Wines, Spirits 

Champagne 

Non -Group Brands 

3 months ended 30.6.94 

466.4 

357.1 

103.6 

272.6 

3 months ended 30.6.93 

4293 

307-6 

113.4 

243-3 

% Change 
+ 9 
+ 16 
- 9 
+ 12 

TOTAL 

1,199.7 

1.094-1 

+ 10 


Sales of all Remy Cointreau Group brands continued to expand during the firsr monchs of che 1994/95 financial year. 
The gradual recovery of European economies, coupled with sustained growth in the United States and the Asia-Pacific 
region, indicate that the recession is now over. 

The Group is therefore confident that the Current year will see ongoing development of business levels and a sustained 
rise in profits. 

At the Annual General Meeting to be held on 22 September 1994, the Board of Directors will propose a dividend pay- 
ment of FFr 4.60 per share (FFr 6.90 including tax credit), which represents an increase of 4% over the previous year. 
In addition, and in line with standard practice, the Board will propose that authorisation be given to increase the Company's 
share capital, at an appropriate time, over che ncxr five years. 

Remy Cointreau consolidated turnover for the year ended 31 march 1994 
The meeting of the Board of Directors of Remy Cointreau on 29 June 1994, chaired by AndnS H4riard Dubreuil. appro- 
ved rhe Group's consolidated financial statements for the financial year ended 3 1 March 1 994. 


(FFr millions) 

Turnover 

Income from services 

Operating revenue 
Operaring profit 
Financial charges 
Exceptional items* 

Consolidated net profii'(Group share.) 


Year ended 31.3.94 
6,377 


Year ended 31.3.93 

5.832 

140 

5,972 

876 

(577) 

(31) 

202 


* The change in exceptional items is mamly accounted for by the FFr 55 million provision mode m die year ending 1993 and m 
1 994 by the side of minor non-core activities. 

Consolidated turnover 


(FFr millions) 

Cognac 

Liqueurs, Wines, Spirits 
Champagne 
Non-Group Brands 

Year ended 31.3.94 

2 .821 
1,742 
668 
1.145 

Year ended 31.3-93 

2306 

1,654 

655 

1,017 

% Chare 
■*■13 
+ 5 
+ 2 
+ 13 

TOTAL 

6377 

5.832 

+ 9,3 


Portugal's most experienced international bank 





Banco Totta «X- Aeon's Is the result oj mergers and acquisitions 
of severed hanks and finance houses over the years, dating hack to 1843. 

Proud oj its past. Banco Totta <3 Acores is now one of the leading hanks in Portugal, 
but more than just a bank, Totta became the true expressi(>n of a powerful financial group. 

Totta, probably the most experienced Portuguese hank in international business. 


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FINANCIAL TIMES THURSDAY JULY M 1994 


INTERNATIONAL COMPANIES AND FINANCE 


TV network lifts CBS to 
record per-share earnings 


By Patrick Hanrerson 
in New York 

CBS, the US broadcast 
television group, yesterday 
announced second-quarter 

profits Of $109 .3m, Up slightly 
from $1 07.4m a year ago. 

The results translate into 
earnings of |6.84 a share, a 
record for CBS. Last year, the 
company reported earnings of 
$6.73 a share, but that figure 
was boosted by two extraordi- 
nary items. 

Without those items, earn- 
ings in this year's second quar- 
ter were up is per cent from a 
comparable $5.77 a share in 
1993. Operating income was 
also higher in the quarter, up 
14 per cent to 81748m. while 


consolidated net sales rose 6 
P» cent to $883£nL 

The CBS television network 
unit made the biggest contribu- 
tion to group earnings, report- 
ing substantially higher 
income than a year ago. It 
attributed this to a strong per- 
formance from its prime-time, 
daytime, late-night ami news 
programming. 

Although it has the weakest 
sports programming of the 
three main networks. CBS 
its college basketball broad- 
casts in the quarter - which 
included the highly -popular 
Final Four championship tour- 
nament - posted an especially 
big sales increase, as did 
late-night progr amming led by 
the top-rated Late Night 


with David Letter-man show. 

Higher earnings were also 
reported by the group’s affili- 
ate stations and radio divi- 
sions. 

The results had Utile impact 
on CBS shares yesterday. How- 
ever. they fell sharply tn early 
trading on the news that the 
COI&paiiy Was flfomdnufog its 
planned merger with the QVC 
television shopping network, 
after telecommunications 
group Comcast launched a 
rival bid for QVC. 

The shams recovered later, 
after CBS said it would buy 
back 3J>m shares and split its 
stock ftve-for-one. By late 
morning, they were trading at 
$300, unchanged on the 
day. 


Cummins chief stands down 


By Lawfe Morse 

Cummins Engine, the US 
diesel engine mafrpr has laid 
the groundwork for its execu- 
tive succession following the 
announcement that Mr Hem? 
Schacht. chief executive offi- 
cer. will step down. 

Mr Schacht has held the top 
management post at Cummins 
for 21 years, during which tftng 
he has successfully battled to 
keep the manufacturing com- 
pany profitable in the face of 
global competition and domes- 
tic economic downturns. 


He will be replaced by Mr 
James Henderson, currently 
Cummins' chief operating offi- 
cer. Mr Schacht will retain his 
post as rhairman and Mr Sen- 
ders on will keep his title of 
president. 

Mr Theodore Solso, cow a 
Cummins executive vice-presi- 
dent will assume Mr Hender- 
son's old post of chief operat- 
ing officer, putting him in line 
for the chai rmanship 

Mr Schacht 59. said he was 
standing down now, rather 
than at 65, so the company 
would avoid the double resig- 


nation which would occur if he 
and Mr Henderson retired 
simultaneously In six years. 

“This management transi- 
tion reflects the Cummins tra- 
dition of orderly change,* Mr 
Henderson said. “Henry 
Schacht and I have worked 
together for 30 years. 

"The transition plan he has 
developed with the board pre- 
serves our working partner- 
ship, guarantees management 
continuity, and assures the 
ongoing consistent execution 
of Cummins’ highly successful 
business strategy." 


Advertising sales boost Gannett 


By Richard Waters 

Improved newspaper 
advertising revenues and 
steady operating costs helped 
Gannett, the US publishing 
and broadcasting group, report 
record after-tax profits of 
$131 An, or 90 cents a share, in 
the second quarter. 

A year before, net income 
was $1 13.6m. or 78 cents. 

Gannett, whose publications 
includes USA Today, earned 
advertising revenue of $540m 
in the period, up from 1513m. 
while income from newspaper 
circulation edged up $3m to 
5213m. Other sources of reve- 
nue were broadly in line with 
the year before, while costs. 


excluding interest payments, 
were flat at $73Sm. 

The company, which pub- 
lishes 83 newspapers across the 
US, attributed the advance to 
gains in ’help-wanted' advertis- 
ing. The 13 per cent increase in 
classified advertising sales con- 
tributed to a 5 per cent overall 
gain in newspaper advertising 
revenues, it said. 

Broadcasting revenues fell 
slightly, to $107m, reflecting 
the sale of three radio stations. 
However, profits climbed 29 
per cent to $39m_ 

Profits from outdoor adver- 
tising, by contrast, slid 8 per 
cent to $ft-9m , as revenues fell 
1 per cent to $63m 
For the first half, net income 


of $21Qm, or $1.43 a share, was 
up from 5180m, or 5L23, a year 
before. 

• Higher revenues in its infor- 
mation services business were 
behind a 16 per cent rise in net 
income at Dow Jones in the 
second quarter. 

The company, whose inter - 
ests include the Wall Street 
Journal, said revenues from 
information services such as 
the Dow Jones/Telerate ser- 
vices, rose 12 per cent to 
$2S9m. 

Net income was 546m. or 46 
cents a share, for the period, 
and $86m, or 86 cents, tor the 
first half of 1994. These com- 
pare with $4Qm, or 40 cents, 
and 571m or 71 cents last time. 


US forestal 
group hit by 
weakness in 
wood prices 

By Laurta Morse In Chicago 

Weyerhaeuser, the US forest 
products company, saw sec- 
ond-quarter earnings before 
special items fall to $128Am> 
or 62 cents a share, from 
5181.5m, or 89 cents, in last 
year’s corresponding period. 

Sales for the period rose to 
$2.6bn from $L4bn last year. 

The company said that 
although pulp and container 
board packaging prices had 
begun to strengthen, the 
improvements were ofiSet by 
weaker wood products prices. 

Prices for logs, lumber, and 
plywood reached historically 
Ugh levels last year. However, 
rising interest rates this year 
have dampened the new home 
building boom that had under- 
pinned those price increases. 

“Our second-quarter results 
were mixed," said Mr John 
Creighton, president. “We 
began to see the benefit from 
higher prices in onr pulp, 
paper, and packaging busi- 
nesses at the same time we 
experienced lower lumber, ply- 
wood and oriented strand 
board prices, and reduced vol- 
umes of domestic log sales." 

Weyerhaeuser’s thhberianda 
and wood products segment 
turned in second-quarter oper- 
ating Mining * of {24130, up 
slightly from $24L8m. 

The company’s pulp, paper 
and packaging businesses 
recorded earnings of $30.lm in 
the quarto', down from 544.4m 
in the second quarto- of 1998. 

Weyerhaeuser's overall first- 
half earnings stamped to 
5255.4m, or $1.24 per share, 
from $35 9m or $1.75 in the 
1993 first half. Sales for the 
period were $4L9bn, up slightly 
from last year’s $4.7bu. 

Nuovo Pignone 
appointment 

Mr John Blystone has been 
named president and chief 
executive officer of Nuovo Pig- 
none, a European manufac- 
turer in which General Elec- 
tric of the US holds a majority 
interest, Reuter reports. He 
was vice-president and general 
manager of GE Superabra- 
sfves. 


Hilton Hotels posts solid 


By Richard Tomkins 

to New York 

Hilton Hotels, the US-based 
hotel and casino group, 
bounced back from last year’s 
profit decline and a weak first 
quarter by reporting a 26 pa 
cent increase in net income to 
$33Pm tor the second quarter. 

The Improvement was driven 
mainly by economic growth in 
the US, which lifted hotel occu- 
pancy levels and helped the 
company improve average 
daily room rates. 

Group revenue rose by 10 per 
cent to $38l.2m. Operating 


profits an the hotel side shot 
up 47 pa cent to 543.7m, while 
operating profits on the gam- 
ing side fell 2 per cent to 
536.7m. 

Earnings per share rose 25 
pa cent to 70 cents. 

Fa the first six months, net 
Income was 13 pa cent ahead 
at $56.6m, excluding the effect 
of accounting changes. Earn- 
ings per share were 13 per cent 
ahead at $1.17 on the same 
basis. 

Hilton said it was the second 
successive quarter in which its 
hotel operations had shown 
double-digit gains. They had 


been boosted by good results 
from the hotels in New York, 
Chicago, Washington DC. New 
Orleans and Hawaii, and by a 
substantial increase in the con- 
tribution from luxury Conrad 
hotels, particularly in Hong 
Kong. 

The gaming side suffered 
from the loss of 500 rooms at 
the Flamingo Hilton Las Vegas 
because of a construction proj- 
ect However, Mr Barron Hil- 
ton. rhajrman and chief execu- 
tive. said Hilton was 
m aintaining its leadership in 
the gaining business In an 
increasingly competitive envi- 


First Chicago halves profit 


! By Richard Waters 
in New York 

Trading profits at First 
Chicago, the first big US bank 
to report second-quarter 

aamirig gj were leSS thaw half 

their record level of a year 
before. 

The bank, however, 
recovered from the losses in 
financial markets it suffered in 
the turbulent first three 
months of year. 

First Chicago’s Iowa trading 
profit, at $36.7m’ - down from 
591.6m a year before - is likely 
to be echoed by other big 
American commercial banks 

International 
Paper improves 
in second term 

International Papa achieved 
earnings of 587m, a 70 Cents & 
share in the second quarter, up 
13 pa cent from 577m, or 62 
cents, in the same 1993 period, 
writes Laurie Morse. 

The second quarter also 
showed improvement ova thfc 
year’s first quarter, with rising 
paper and packaging prices 
boosting profit s . 

“This quarto's eaming H per- 
formance reflects the pricing 
improvements International 
Papa is now realising in most 
Of our product lines," Chairman 

Mr John Georges said. 

Second-quarter sales rose to 
$3.6bn, from 535bn in the same 
1993 quarter. The company 
said price increases for contm- 
nerboard, pulp and uncoated 
printing papers had held 
through the quarter. 


which are expected to report 
their figures during the next 
week. 

The reversal in bond and 
equity markets since the US 
Federal Reserve first raised 
interest rates in February has 
brought to an end a string of 
record-breaking profits in the 

financial marlrats 

First Chicago’s second- 
quarter net income remained 
level at SISSJm or $1.71 a 
share, due in part to a number 
of one-off factors. 

The restructuring of Brazil’s 
foreign bank debt added $32m 
to pre-tax w arning s, while the 
accelerated sale of certain 


assets brought net g ains of 
522m. The bank's provision for 
credit losses fell to $43m, from 
S7ten a year before. 

The year-ago quarter had 
been boosted by 578.7m from 
the sale of equity investments, 
compared with gains of only 
S3 3m this timp 

For the first six months, net 
income of 5382.5m or 53.76 a 
share was up from 5347.6m or 
$3.78 a share a year before. 

The bank's return on equity 
for the half year, at 18.3 pa 
cent, was down from 22.4 per 
cent while in the second 
quarter, return on equity 
slipped to 16^ per cent 


FDA approves sale of 
new Alza heart drug 


By Daniel Green 

Alza, the California 
biotechnology company 
chaired by former Glam nfopf 
executive Mr Ernest Mario, has 
won approval from the US 
Food and Drug Administration 
to t h a heart drug Dynacirc 
CR. 

Alza specialises in drug 
delivery systems, such as slow 
release capsules and skin 
latches. 

Dynacirc CR is a controlled- 
release version of Dynacirc, a 
heart drug developed by Swiss 
pharmaceutical manufacturer 

Sqnflfg 

Analysts at stockbroker 
Lehman Brothers estimate 
potential sales of Dynacirc CR 
at op to 5100m a year. 

Dynacirc belongs to a class 


of drugs known as calcium 
antagonists. This market is 
dominated by US company 
Pfizer, whose Procardia is one 
of the world's top three drugs 
with sales of more than $2bn a 
year. 

Dynacirc CR is the result of 
a joint effort between Alza and 
Sandoz. It uses Alza's Oros 
control! ed-rel ease technology 
based on the principle of osmo- 
sis - the movement of a fluid 
through a membrane - to 
allow the slow dispersion of 
the contents of a capsule. 

Sandoz, which will be mar- 
keting the drug, said it planned 
to introduce Dynacirc CR in 
the US in early 1995. The medi- 
cation will be manufactured by 
Alza. 

Alza made an after-tax profit 
of 545.6m in 1993. 


21 


increase 

ronment, both in Nevada and 
elsewhere. 

• Hilton's Conrad Hotels sub- 
sidiary is to develop a 500-room 
five-star hotel in Vietnam's Ho 
Chi Minh City, helping to ease 
a shortage of first-class rooms 
in the former Saigon. AP 
reports from Hanoi. 

The hotel will be part of the 
planned Saigon South urban 
development, which includes a 
world trade centre complex, a 
financial district and a civic 
centre. 

Construction should start 
next year, and the hotel should 
open in 1997. 


L’Oreal 
buys control 
of Lanvin 

By Alice Rawsthom 
In Paris 

L’Ortal. the world's largest 
cosmetics group, has taken 
control of Lanvin, one of 
France's oldest fashion and 
perfume houses, by buying 
part of the stake owned by 
Orcofi, the luxury goods con- 
cern controlled by the Vuitton 

famil y 

Orcofi. which has since 1989 
shared the ownership of Lan- 
vin with L'Oreal, agreed to sell 
a 16 per cent stake, reducing 
its own holding to 34 per cent 
L'Or6al will control Lanvin 
with a 66 per cent majority 
holding. 

L’Oreal and Orcofi acquired 
Lanvin in 1989. They immedi- 
ately embarked on an ambi- 
tious investment programme 
to relaunch the company, in 
the hope of revitalising its 
brand name in the then- 
buoyant up-maricet fashion and 
beauty business. 

However, the luxury goods 
market has since been 
depressed by the recession. 
Lanvin has incurred heavy 
losses, and is understood to 
have sustained net deficits of 
around FFrl50m ($28.7m), 
including restructuring costs, 
in 1992 and 1993. 

Mr Michel Pietrini. the for- 
mer Chanel executive who 
orchestrated the relaunch, left 
Lanvin last year to be replaced 
by Mr Loik Annand, a L'Ordal 
executive. 

The new management has 
since cut costs and restruc- 
tured the bumness. 


Strength in German M&A Worldwide 


A- Krombach & Sflhne GmbH & Co 
has been mid 10 

Allied Lyons PIC 

Wc advised the vendors in tbit transaction 


Morgan Grenfell GmbH 
July 1993 


Korber AG 

acquired 

Fabio Perini SpA 

Wc advbcd K&rbcr AG in tfai* nansaettoa 


Morgan Grenfell SpA 
Morgan Grenfell GmbH 
December 1993 


Dcvalit van Deest GmbH & Co. KG 


has taU tu UK badnesses to 


Linpac Mouldings Limited 


We sdvnrd DevaUt ran Deaf GmbH S Co. KG 
m this transaction 


Morgan Grenfell GmbH 
Fcbnurv 199+ 



Raab Karchcr AG 

iaa acquired 20*o of 

Had Hatuteduik AG, Austria 


Aegis Group pic 

ha* atxpHred $0*6 of 

HMS Media-Beratung GmbH 

and 

HMS-Service GmbH 



We advised Raab Karchcr AG in d*s transaction 


Wc advtied Aegis in this transaction 



Morgan Grenfell GmbH 
September 1993 


Morgan GrenfeD & Co. Limited 
Morgan Grenfell GmbH 
November 1993 








Hannover Papier AG 
has sold 

Papierverarbeitnng Sacha GmbH 
to 

Gascogne S-A. 

We advned H insurer Papier AC 
tn tbti transaction 


Markt & Technik Veriag AG 
hu aold its book and software Kimntri to 
Paramount Publishing Inc. 

We advised Marta & Tedm fit Veriag AG 
In this transaction 



Morgan Grenfell GmbH 
December 1993 


Morgan GrenfeD GmbH 
December 1993 








Courtanlds pic 
mod 

Hoechst AG 

have ccrobincd riirir viscose and acrylic fibre 
budnenes in a fatal vectwc 


Westinghouse Electric Corp. 
b» said 

Controhnatic GmbH 
to rabndUries of 

Compagnie Generate dcs Eaux 



We advised Comtauld* pic In (hn transaction 

Morgan Grenfell & Co. Limited 
Morgan Grenfell GmbH 
April 199+ 


We advised Wratcgbotnc Ebctrk Carp, 
hi this transaction 

Morgan GrenfeD GmbH 
April 1994 



Heidelberger Zeroent AG 
hat acquired 42.6% of 

Cimcnteries CBR S.A. 


We diNcd Hoddbager Zrancnl AG 
in thi* transaction 


Morgan Grenfell GmbH 
Morgan Grenfell & Co. Limited 
December 1993 


A5KO Deutsche Kauihaus AG 

ha* sold a 15% shareholding in 

Praktiker AG 
to a coraordwB of 

Deutsche Bank AG 
Berliner Bank AG 
Allianz AG Holding and DG Bank 

and a further 104« to the 

Hirscb Group 

Wr advised ASKO Dcund* Kaufluui AG 
in this transaction 

Morgan Grenfell GmbH 
December 1993/January 1994 


Honeywell AG 

ha* sold 

Honeywell- ELAC-Nautik GmbH 
lo 

Allied Signal Inc. 

Wr advised HoneyweD AG in this tram ac ti on 

Morgan Grenfell GmbH 
April 1994 



Morgan GrenfeD GmbH is the German subsidiary of Morgan Grenfell. 

Morgan Grenfell’s strong connections and international Capability make it one of the most active advisers on German Mergers and Acquisitions. 

MORGAN 

GRENFELL 

Morgan Grenfell GmbH 

Bockcnhezmer Landstrasse 42, 60323 Frankfurt am Main, Germany Telephone (+49) 69 17 00 81 - 0, Fax (+49) 69 17 00 81 - 18 

Tba iifninnssis is fwn tppnred hf Magaa Gnpfl ACa / i n* I. a madm tf S/A. 










22 


FINANCIAL TIMES THURSDAY JULY 14 1994 


INTERNATIONAL COMPANIES AND CAPITAL MARKETS 


Latin American foreign 
borrowings drop to $2bn 


By Stephen Refer, 

America Editor 

Latin American borrowers 
raised slightly more than 
in foreign bond issues in the 
second quarter of this year, a 
sharp drop on the previous 
Quarter’s $6A2bn and the low- 
est figure since the third quar- 
ter of 1992. 

The $8.4bn raised hi the first 
half was 21.5 per cent down on 
the first half of 1993. according 
to figures compiled by West 
Mer chant Bank. 

■The new issue market recov- 
ered in June, when 2960m in 
new bonds were issued, from a 
slump in May when only $34Sm 
of bends were launched. 

The second quarter decline - 
following the rise in US inter- 
est rates which started in Feb- 
ruary - was most marked in 
Mexico, also hit by political 
uncertainties in an election 
year. 

New Mexican issues in the 


second quarter dropped to 
S996m from $3.46bn in the first; 
in Argentina the decline was to 
3904m from $U4bn and in Bra- 
zil to only $8lm from 3L15bn. 

As a whole, the bank said it 
expected between $15bn and 
$17bn of new Issues tins year, 
against last year’s record 
$2&8hn 

Redemptions of Latin Ameri- 
can bond issues will fall 
slightly this year - but then 
rise sharply. The bank esti- 
mates about &2bn of Latin 
bond Issues will be redeemed 
this year, down from $3Jbn 

last year. 

Bat redemptions will rise to 
SS-Obn in 1995 and *&4bn in 
1996, suggesting a continuing 
heavy demand for bond finance 
from issu er s i n / junwi^m 
countries. 

Other developments, mostly 
reflecting the increased cau- 
tion of investors and a flight to 
quality, were: 

• The average maturity of 


issues declined. His average 
for the second quarter for all 
Latin issuers was 3J2 years, 
compared with 45 years In 
1993. Mexico c ontinued to issue 
the longest dated bonds - an 
average &5 years - but suf- 
fered the greatest maturity 
reduction from an average AO 
years in 1993. 

• Public sector bond issuance 
has outstripped private sector 
issuance this year in contrast 
with 1992 and 1993. This year, 
42-2 par cant of the bonds were 
Issued by the private sector, 
against 60.1 per emit last year 
and 63.4 per cent in 1992. The 
fall was almost entirely caused 
by Meccan borrowers, with 
the private sector accounting 
for 29.4 per cent at issuance 
against 64 per cent last year. 

• Floating rate notes have 
become more important They 
accounted for 38 per emit of 
issues in the second quarter 
against 22 per cent in the lint 
and 7 per cent last year. 


IB J forms ‘bad loans 9 specialist 


By Gerard Baker In Tokyo 

The Industrial Bank of Japan 
(IBJ) announced yesterday the 
joint establishment with a 
number of other financial insti- 
tutions of a company specifi- 
cally intended to help liquidate 
bad loans. 

Port Island Acceptance Lim- 
ited Liability, based in Kobe, 
will formally come Into exis- 
tence today. 

The company will begin 
accepting in September the 
problem loans to 10 non-bank- 
ing companies affiliated with 


Hyogo Bank, a troubled 
regional tumir. 

It will be the first "special 
purpose company” since the 
ministry of finance allowed the 
establishment of such compa- 
nies in February. 

Banks with loans to the 
non-banks will be able to 
transfer to the new company 
some of the principal on 
which interest rates have 
been cut, allowing them to 
write off the balance as tax- 
free losses. 

The IBJ and its affiliated 
companies will be the major 


shareholders in the company. 
Other subscribing companies 
will include The Long Term 
Credit Bank of Japan, Sumi- 
tomo Trust and Ranking Carp, 
the Rank of Tokyo, Sumitomo 
Life Insurance and Nippon life 
Insurance. 

The company will be headed 
by Mr Takao Suzuki, of the 
IBJ's business co-ordination 
department 

The scale of the discount at 
which loans will be transferred 
to the new company is not yet 
dear, but analysts believe it 
could be as high as 40 per cent 


Pacific Dunlop in $75m food deals 


By Bruce Jacques 
in Sydney 

Pacific Dunlop, the Australian 
industrial group, has 
announced a A$102m (US$75m) 
investment programme in the 
food industry, including the 
purchase of equity in compa- 
nies in China and Thailand. 

Mr Philip Brass, Pacific Dun- 
lop's manag in g director, said 
yesterday about half of the 
investment would be in Aus- 


tralia, and involve upgrades 
and the expansion of food 
plants. 

The company had also 
agreed to purchase a 50 per 
cent interest in Meadow Gold 
Investment, the Chinese ice 
cream maker, and 40 per cent 
of General Pacific Foods, the 
Thai food group. Pacific Dun- 
lop has also acquired the Asian 
rights to the Vrtari food brand. 

Mr Brass said the Chinese 
and Thai investments had 


strong expansion prospects. 

He said Pacific Dunlop would 
provide technology, binding, 
marketing and management 
services to both operations 
through its Pacific Brands 
Food group. 

• Parker and Parsley, the US 
oil group, has won control of 75 
per cent of Bridge Oil, the Aus- 
tralian petroleum group, and 
extended its takeover offer, 
which was due to dose yester- 
day. until July 27. 


Charge of 
$305m at 
Prudential 
Securities 


By Patrick Harverson 

In New York 

Prudential Securities, the Wall 
Street securities firm, 
announced the addition of 
3305m to reserves, set aside to 
settle lawsuits brought by 
thousands of customers who 
claim they were defrauded 
when the firm sold them high- 
risk limited partnerships in 
the 1980s. 

The addition means Pruden- 
tial Securities will take a loss 
of 3215m in the second quar- 
ter. The firm's parent Pruden- 
tial Insurance, agreed to 
add 3180m to Prudential Secu- 
rities' capitaL 

Even without the cost of 
adding to its reserves, the firm 
said it would have reported a 
loss of 335m in the quarter, 
because of the slump in US 
stock and bond markets and 
the slowdown in the domestic 
brokerage business. In the 
same quarter a year ago, it 
made a profit of 335m. 

Prudential Securities said it 
was almost doubling the size 
of its reserve fund, to 3635m, 
because its settlements with 
customers were proving larger 
than anticipated, due primar- 
ily to unexpectedly high inter- 
est payments. 

The securities house has 
been making reparations to 
customers since last October. 
Then, it agreed to pay 3371m 
in fines and restitutions to set- 
tle state charges that it 
defrauded thousands of inves- 
tors by persuading them to 
buy more than 38bn of limited 
partnerships in the 1980s. 
Many of those high-risk lim- 
ited partnerships subsequently 
soured, and investors claimed 
that they were never told the 
investments were highly spec- 
ulative. 

Its underestimation of the 
cost of the legal settlements, 
and the need for a capital 
injection from its parent, is a 
blow for Prudential Securities. 
When the firm agreed to the 
nmlti-mUfion dollar settlement 
last year, tts chief ex e cuti ve, 
Mr Hardwick Simmons, said 
he hoped the deal represented 
"one last punch". But since 
then, the firm has has lost 
numerous brokers to rival 
securities firms. 


Merits of open-outery challenged 


- fl f- 


The debate over the merits of 
open-outcry versus screen- 
based der iva tive s trading has 
been revived by a study chal- 
lenging the widely-held notion 
that electronic exchanges are 
inherently less liquid than 
open-outcry mark e ts. 

Open-outcry involves dealers 
in trading pits competing to 
execute customers' buy and 
sell orders. They are joined by 
local traders, iiuhviclnals who 
usually trade their own capital 
and supply liquidity by absorb- 
ing order flow imbalances. In 
an automated trading system, 
buyers and sellers feed quotes 

DERIVATIVES 


into a centralised computer 
system which automatically 
matches trades according to 
time and price priority rules. 

Opextoutcry trading is prac- 
tised on many exchanges, 
including the world’s largest 
futures exchange, the Chicago 
Board of Trade, and Europe's 
largest the London Interna- 
tional Financial Futures & 
Op tions Exchange (ZJffe). How- 
ever, more awH more p 1«*rnrnp 
exchanges have been set up in 
recent years, including Ger- 
many’s DTB, Switzerland’s Sof- 
fex and Spain’s Meft 

While electronic-trading 
enthusiasts predict that screen- 
based markets will eventually 
supplant pit trading, others 
counter that computer-based 
exchanges will never be able to 
replace open-outcry, largely 
because it offers unparalleled 
liquidity. This, many say, is 


largely provided by locals. 

“Locals are an extremely 
important source of liquidity 
as they provide depth to the 
market especially when it gets 
choppy," says Mr Daniel Hod- 
son. Liffe's chief ex e c u tive. 

However, a study for the Chi- 
cagohased Catalyst Institute 
by Mr Craig Pirrong, of the 
University of Michigan, casts 
doubt on this conventional wis- 
dom. 

Based on a one-year exami- 
nation (July 1992 to June 1993) 
at the German 10-year govern- 
ment bond futures contract 
traded on and DTB, th** 
study rejects the widely-held 
view that Liffe’s contract has 
greater depth and liquidity 
than DTB's and dies empirical 
evidence indicating that the 
apposite may be true. More- 
over. it argues that locals are 
not necessary to provide liquid- 
ity in an automated futures 
market 

As Mr Pirrong defines it, a 
market is liquid when traders 
can buy and sell without sub- 
stantially moving the price 
against them, and deep if trad- 
ers can buy and sell in large 
quantities without substan- 
tially moving th p price 

thaw 

To evaluate the contract’s 
liquidity, Mr Pirrong studied 

tWO factors On each nrrTuingn.- 

the spread between bid and 
offer prices, which is widely 
believed to reflect liquidity 
(the tighter the spread, the 
more liquid the market); and 
the mi wi iri depth. 

His analysis of bid-offer 
spreads ronrhwlnn that “fnr ttiir 


period (studied], bid-ask 
spreads on the DTB were no 
higher, and were possibly 
lower, than the spreads on 
Liffe”. Moreover, “the DTB 
market was deeper than Liffe; 
increases in volume on Liffe 
substantially increased price 
volatility during this period, 
whereas increases in volume 
on DTB had no such effect on 
volatility". 

Further enhancing the DTB 
market’s depth, the study 
argues, is the fact that the 
exchange's order book, show- 
ing the M best bid and offer 
prices in the market, provides 
traders with an insight into 
market depth which Liffe deal- 
ers lack. Moreover, it notes 
that in hectic trading condi- 
tions, high volume can lead to 
"market fragmentation" in 
open-outcry pits, where differ- 
ent prices can be quoted at the 
«amp Hmp This Ls Impossible 
on an electronic exchange. 

The study also argues that 
loads, who tend not to partici- 
pate in computerised 
exchanges, are not needed to 
proride liquidity there. "Virtu- 
ally aB liquidity on the DTB is 
provided by large institutional 
traders and market-making 
firms. These firms can bring 
substantial capital to the mar- 
ket and this facilitates the 
operation of a deep and liquid 
market,” the study says. 

Some observers complain 
that locals sometimes engage 
in practices which can distort 
market prices, such as step- 
ping In ahead of large cus- 
tomer orders as they are being 
relayed to brokers in the pit 


This often means that by the 
time the order hits the market, 
file price has already moved 
against it 

Nevertheless, locals remain a 
crucial element of a liquid 
futures market, says a senior 
dealer. "They do a very good 
job moving the market around 
and keeping things going,” he 
says. 

One point worth noting is 
that the DTB’s bund future 
actually benefits from the 
liquidity provided by Liffe’s 
locals. "You can’t look at toe 
two contracts separately - 
they are very much linked by 
arbitrage trading,” says a 
dealer. He also points out that 
the bond future ou DTB, which 
opens half an hour before Uffe, 
often does not show a clear 
trend until Liffe begins trad- 
ing. "The real price discovery 
occurs on Liffe," he says. 

Liffe’s Mr Hodson argues 
that measuring a market's 
depth by looking at an order 
book is not particularly useful. 
"The capital on Liffe Is there 
when you need it - you dont 
have to have a huge order book 
to demonstrate this." he says. 

"The reason people trade on 
Liffe is that they know they 
can get out a reasonable price 
if the water gets choppy, and 
the locals play a very impor- 
tant part” in this process, he 
adds. Besides, "you only have 
to take a look at the volumes 
to see where the liquidity lies”, 
he says, noting that 72 per cent 
of bund futures turnover is 
done on Liffe. 

Conner Middeimann 


- 

:.. ; 1 1 
V--' 


Toyota cuts domestic 
sales target to 2.13m 


By MfeNyo Nakamoto 
in Tokyo 

Toyota is unlikely to meet its 
target for car sales in the 
rirn^pgHr market thta year due 
to a sharp drop in sales 
between January and April, 
the mrapany said 
Mr Tatsuro Toyoda, presi- 
dent of Japan’s largest car- 
maker, said the company was 
now forecasting domestic sales 
of 9.1 am units rather than the 
2.17m forecast earlier in the 
year. The figure was stiff 3 per 
cent up on last year when 
domestic sales totalled 2117m 
vehicles. 


Exports, on the other hand, 
are expec te d to be higher than 
earlier forecast at 1.44m 
vehicles, while overseas pro- 
duction is likely to increase to 
L04m units - up from a fore- 
cast i-P2wi imita the company 
said. 

Mr Toyoda also indicated 
that the company expected an 
average exchange rate of Y105 
to the dollar for the fiscal year 
be ginning this month. At that 
rate, the company should be 
able to increase pre-tax profits 
in fiscal 1994 to more than the 
Y200bn (US32bn) forecast for 
the year just mriafl from July 
1993 to June 1994. 


Global offer planned 
for China Steel shares 


By Laura Tyson In Taipei 

The Taiwan government is 
planning to sell up to 450m of 
its shares in state-run China 
Steel Corp, the country's hug- 
est steelmaker, through an 
offering of global depository 
receipts as early as September. 
The shares represent about 6 
per cent of the company's 
equity. 

The government Is also plan- 
ning to sell another 198m com- 
mon shares to domestic inves- 
tors late this month as part of 
the company’s phaqad privati- 
sation, said an official in the 
economics ministry’s commis- 


sion of national corporations. 
Some of the shares will be dis- 
tributed though private place- 
ment and the remainder 
offered to the public. 

Lead underwriter China 
Development Corp said the 
shares would be priced 
between NT$21.71 (81 US cents) 
- the fixed price i n a M arch 
share issue - and NTJ22. CSC 
shares traded on the Taiwan 
stock exchange closed down 
NT30 cents at NT327.3 yester- 
day. 

The March issue came at a 
time of waning market senti- 
ment and was not regarded as 
a success. 


p^ ix«w * 


DIVIDEND NOTICE 
TO THE HOLDERS OF 
EUROPEAN DEPOSITARY RECEIPTS FOR 
COMMON STOCK OF TOSHIBA CORPORATION 
(FORMERLY TOKYO SHIBAURA ELECTRIC COMPANY) 
DESIGNATED COUPON NO. 94 

(ACTION REQUIRED ON OR PRIOR TO OCTOBER 31, 1994)** 

Chemical Bank, as Depositary (the "Depositary') under the Deposit Agreement dated as of February lfith 197D among 
Tokyo Stdbaurn Electric Company Limited (the “Company"), the Depositary end the hakims of European Depos itar y 
Receipts (the " Receipts") issued there und e r in reape d nf aharea of Common Stock, par value SO Ten per share, at the 
Company (the "Common Stock"). HEHEBY GIVES NOTICE of ■ dhrldend of S Ten jw share at Common Stock.* 

The Dividend on the shares oT Common Stock on tecocd of Dqiosit with Use Custodian under each Deposit Agreement 
lens a portion thereof withheld by the Company ao account of Japaneee taxes, has been received fay die Custodian os agent 
for the Depositary, and, pursuant to the provisions of mefa Deposit Agreement, has been con ve rt e d into United States 
Dollars at the tale of 08.76 Yen per United States Dollar. 

The Depositary has beea advised by the Company that Japan is a party to torenraHnnal agreements with Australia, 
Bangladesh, Belgium, Bulgaria, Canada, CIS. Csechoaiovakla. Denmark, Finland, France, The Federal Republic of 
Germany, Holland, India. Indonesia, Italy, Luxembourg, Malaya, New Zealand, Norway, Singapore, Spain, Sweden, 
Switzerland, the United Arab Bepobttc, the United Kfaigdom and the United States of America under which certain petsoos 
are entitled to 1M tax withholding rate on dhridenibsoch as the dividend fat qaegtkm. The persons so entitled Inciode res- 
of countries and pijpnhwl meeting ratating to the csnytnj oo of 

trade or bodnen b Japan. Persons not so entitled to a ISKtsx withholding win be paid a dividend on wfalch a 20M tax 
withholding rate has been applied. 1 » 

To detennlne entitlement to the leaser tax withholding rate of 1896 it la necessary that the surrender of Coqpon No. 84 be 
accompanied by a properly co mpleted and signed certiBcate (copies of the Barm which are obtainable at the office of the 
Depoattary tn London or any DepOBttary’a Agent) as to the reridenqr and trade or b n atncaa activities in Japan Of appBca- 
Mc) of the holder of Coupon No. 94. Sac* certffir ate n may be forwarded by the Deposit ary to the Company upon Us 
request. 

Payment In United states Dollars of the amount of the dividend payable win be made jd the office ct the Depositary in 
London or at the office of any Dep osi t ar y 's Agent Hated heiow upon surrender of CooponNOu 94. 

DepOBttary’a Agents 

Name Address 

Chemical Bank ftankftnt, Germany 

TbC Hwilr of Tokyo Pn jtmirf 

The Bank of Tokyo Limited Paris, Fiance 

TJv Btnlcaf Tokyo limited Brussels; Belgium 

The Bunk ofTokyo limited Ptenkfint, Geiiuauy 

MeesPlemon Amsterdam, The Netherlands 

Bancs N artonale del Lavoro Rome, Uafar 

BaacaNarinwajcdelLavoro Milan, Italy 

KredktbankaA-Luxssnbottrgeotoe Luxembourg 

U* following cable sets forth the amounts payable upon presentation of Coupon No. 94 from the various denominations at 
Receipts. 

Coupon No. 94 Detached Dividend Payable Dividend Payable 

Own Receipts In the (leas iffii Japanese (lass 20* Japanese 

Denomination of wtthhoUtagtsx) withholding tax) 

I Depositary Share 92.16 *2.02 

]D Depositary Shares JSLB2 22025 

20 Depttthaxy Shares *43.04 *4061 

60 Depositary Shares *107.60 S10L27 

100 Depoattary Shares *216.10 *20153 

Payment in United States Doflxrs Id respect of Coupon No. M will be made by United State* Do Oar check drawn on, or 
transfer to a United Stales Dollar account maintained by the payee wkb a bmk in New York City. 

Due; Juty M, 18M Chemical Bank, as Depositary, 125 London Wall, London, £G3Y£AJ, England. 

* March 31, 1994 baa been est a blished aa the record date Bor the dete nrtna t l onof lhemockhokfag of the Company afl- 
tkd to such dividend. AH receipts breed in reject of Common Stock not entitled to share in such dividend wO be with- 
out Coupon Nob 9* attached. 

— Certain hoktera of Bccripta may be entitled upon the fldflhnent of certain co rtfl tini r i to redactions fat the witfahokflag 
tax rate applicable to there. The Depositary wd. If in tta dis cr etio n not unduly burdensome and upon payment of all 
e xp e ns es breamed In c onnectin g therewith, telag such action M It deem appropriate hi the dmirabio c vs to sash* such 
holders in availing themselves of mch redactions. 

Because of Japanese tax requirements applicable tn the Company, the Custmfian has been asked to remit tn the Company, 
shortly after 31 October 1994 (he excess received by the Castodtan over SOM of (he dividend payable and aflocaMe to 
uunrmdered Coupon No. 94. 

A* a result, persons surrendering Coupon No. 94 after such a date wQI be entitled to receive from the Depositary or any 
Depository* Agent a dividend oo which a 2tBfc tax withholding rate has been eppBed and, IT entitled to a IS* tax withhold- 
ing, wiB he required (in order to raaftae such entitlement) to make application to the Company far an aMtluia l 6M. Such 
application may. constaarily with tfte foregoing paragraph, he made through the Depository. 


Chemical 

As Depository 


KLEINWORT BENSON SELECT FUND 
SocjgaC dTnvcMsecincttt ft Capital variable 
Registered Office H me Aldringmo, D n em bo m g 
R.C. Luxembourg Section B 28X38 

DIVIDEND ANNOUNCEMENT 
The Board trf Direct o r* l»s aiwomced to pay an interim dvidand to the shareholders 
EcS/Ckialsflr^wrB tor the European Band Fmd payable against presentation m 
fcSoj^PW sTmiu tor mo mwnCTtandBcndFwmpayattea pd nwp rao an m uon d 
S^arwajhacnbod and kidtodalininn -ham 30*»- ISM payable on -My 15th. 1394 



baric 


Tho Bowd dOvectars 


Rothschilds 
Continuation 
Finance B.V. 

U.S. $75,000,000 
Subordinated Gu arantee d 
Floating Rare Notts due 2015 
For die six months 13th July, 
1994 co 13th January. 1995 the 
Notes will carry an interest rare 
at 5!v% per annum with a 
coupon amount ofU.S. $287. 50 
payable cm 13th January, 1995. 


ALLIANCE INTERNATIONAL TECHNOLOGY FUND 

Soctftt cflnvastisaament & capital variable 
47. Boulevard Royal. L-2449 Luxembourg 
R.C. Luxembourg B 21.278 
NOTICE 

Nates is hereby given to attend the Annual General Meeting of Sharehoidan, 
wHdi wB be held on July 29, 1994 at 2J0 pjn_ (Luxembourg time) at the offices 
of State Street Bank Luxembourg SA, 47, Boulevard Royal, L-2449 
Luxembourg, lor the toBowing purposes: 

AGENDA 

I. To approve the annual report 'in c orporating the auStoiV report end audited 
financial statements o* me Fund tor the fiscal year ended March 3L 1994. 

2.. To discharge the Directors and the Aucfitor with respect to the performance ol 
thek dudes during the fleeal year endad March 31. 1994. 

3. To approve the payment at a dMdend of 5.10 per sham payable to 
shareholders of record on July 29. 1994. 

4. To elect the fbftowfng persons aa Directors, each to hold office untff the next 
Annual General Meeting of Shareholders and urafi Ns or Its successor Is tMy 
elected and quaMed: 

Dave U Oevfer. Chairman 
WMam H. Henderson 
Shingl Tawzswa 
Dave H. Waltons 
John M. WHtans 
HtrosMOhte 
ShugoUzawa 

5. To appoint Ernst 5 Young as Independent audtors of the Fund to hold office 
unfit the next annual m eeti n g of aharahotdara. 

6. To transact such other business as may proparly come before the meeting. 
Only sharehotoere of record at the dose of business on June 15. 1994 are entttod 
to nodes of. and vote at the Annual General Meeting of Shareholders and ai any 
t H j tH avuiMnts thereof. 

Should you not be able to attend the meeting in person, please return your proxy 
before July 28, 1994 by tax and by airmail to: 

State Street Barik Luxembourg SA. 

P.O. Box 275, 47 Boulevard Royal 
L-2449 Luxembourg 
Fax number +352-470204 

lo the attention of Petra Rles. to assure that a quotum wfD be present at file 

By order of ote BoanJ of Directors 


DESIMPEL 
NEDERLAND B.V. 
LUF 40O4J0M00.- 7 1/2 % 

. 1993/1S98 

Unconditionally and 
Irrevocably Guaranteed 
by Desimpei Kortemark 
Company N.V. 

Bondholders are hereby 
informed fhai in accordance 
[with danse 13 of the Terms 
and Conditions" the Issuer 
shall exercise its right for 
substitution of toe debtor. 
As from 3 1st august, 1994, 
Desimpei International B.Y., 
Udenhout shall assume all 
rights and obligations under 
toe bonds. The annual 
reports and Ctaporan: by- 
laws of the new debtor shall 
be available at the registered 
officers of toe Fiscal Agent 

The Fiscal Agenl 

§CREDfTUroraAlS 


NATIONAL BANK 
OF CANADA 
USD 200.000.000 
FLOATING RATE 
DEPOSIT NOTES 
DUE JULY 1986 

For tiie period 
July 13, 1994 to 
January 13 ( 1995 the 
new rate has been fixed 
at 5,4375 % PA 
Next payment date: 
January 13, 1995 
Coupon nn 17 
Amount 
USD 694,79 

for the denomination of 
USD 25 000 

THE PRINCIPAL PAYING 
AGENT SOGENAL 
SOCIETE GENERALE 
GROUP 

15, avenue Emile 
. „ Reuter 
LUXEMBOURG 


Marine Midland Finance N.V. 

U,S, $125,000,000 

Guaranteed Floating Rato Subordinated Notes due 1994 

fat die three months 11th July. 1994 to 13th October, 1994 the Noes will 
cany an tntcrew rate of SH% per annum with a coupon amount of 
U S. $13.42 per U.S. $1,000 Note and U.S. $134.17 per U.S. $10,000 
Note. The relevant interest payment dare will be 13 ch October, 1994. 
Lot ed on the Lonion Stock Exchange 


0 Banker* Trust 

Company, London 


Agent Bank 





ISTANBUL 

STOCK 

EXCHANGE 

Trading Hours x 2 
Settlement Period T+2 

The Istanbul Stock Exchange is pleased to announce that both 
trading hours and settlement period have been doubled. 

Effective today, 

in addition to the morning trading session of 10:00-12.-00 
an afternoon trading session has been inaugurated 
between 14.00 and 1600. 

With Istanbul at GMT+3, longer trading hours enhance access 
to investors in Europe, the US. and Asia. 

And, for (he convenience of all investors outside Turkey, 
settlement period has been extended to T+2. 

Beginning today, 

trading on the Istanbul Stock Exchange 
is more feasible than ever. 


~ 5 *i: : * 


' ' • t-- - 


BRADFORD 

&B1NGLEY 

eiRVWMJQQ 

Roaring Rate Notes Dua 1987 
In acconteno u with the twnw and 
conrfuom of the Metes, the interne 
rate tor lha period 13th July. 1994 
“ Oao ber. 1394 nn been fixed 
a £27782% par annum The interest 
payable on 138) October 199d against 
Coupon 19 wiB be 03303 per £70000 
nominal 

Agent Bank 
R0UU.BANK 
OF CANADA 


THE HSBC CHINA 
FUND LIMITED 

Unaudited NAV 
per share as at 
30th June, 1994 
US$1.74 


S.G.WARBURG CAPITAL B.V. 

U-5JZ0C, 000,000 
Floating Rare Notes 2006 ' 

H older t of the above Nom are 
advised ihai copin of the Annual 
Report and Accounts of the Mtier and 
the guarantor, S.G. Warburg Croup pic, 
for die financial rear ended 31 « March. 
1994 are available from (far Cumpanr 
Secretary, S.G.Warburg Croup pie. 1 
frnluy Avenue, London EC2M 2PA 


U.S. $100,000,000 
^ ASRNAG 
tehbatew-MdSti w al Mt a g ea- 


Guaramaad Ftoadng Rata 
NQtai (fate 1897 

tmcondWonoSy and braWMMy 

g ua i m ta>d»»» ial | |l l pri a**! 

bilareni by ttw 


RcpUceftatria 

Note# * to"** l**> *£** 

Internet Period Horn JUy K 1B04 10 
January 17. IBSS tea Nates wfl cany 
an toeresl Rtea of 5J* P* driWte- 
Th# amount ol k*reri W** 
o«i January 17. 1985. wH be U.S- 
*2,856.84 end U S. S28S ® raeperi* 
(wfy tor Nates In donamtoatene w 
U.S. *100.000 and U.S. SKMUQ- 

By I* Oasa UtooOJiMM . 

Uteao. RANKS KQBl 






sSSV - 




0,1 <.t pl-annei 
iui Mwl shar t 


'I -j- 


23 


INTERNATIONAL CAPITAL MARKETS 


European sector eases on dollar support rumours 


Liberty Life cuts 
convertible issue 


By Graham Bowfey and 
Conner MEddatmann In Undon 
and Patrick Harverson 
in New York 

European government bonds 
fell back yesterday on rumours 
that the US Federal Reserve 
may act soon to support the 
dollar by raising official 
short-term interest rates. 

The shift out of US hnnric 
into European bonds, triggered 
by the weakness In the dollar, 
which caused European mar- 
kets to rally in recent days 
also seemed to have slowed as 
the US currency regained some 
of its composure. 

The interest rate rumours 
were triggered by US data 
showing a 03 per cent rise in 
consumer prices in June. 

■ The more pessimistic tone In 
the German government bond 
market was compounded by 
disappointment over the Bund- 
esbank’s two basis point cut in 


AMP offshoot 
alters Japan 
stock portfolio 

By Tracy Corrigan 

AMP Asset Management the 
investment management arm 
of the Australian insurance 
company, said yesterday that it 
has completed S650m-worth of 
trades in the last four days, in 
a restructuring of its Japanese 
stock portfolio. The trade, com- 
pleted by Morgan Stanley, is 
believed to be one of the larg- 
est rebalancings of an actively 
managed Japanese portfolio. 

The trade consisted of 73 
stock positions across 21 
accounts. 

The changes were initiated 
by Mr Zac Bharucha, 
AMP AM’s new Japanese port- 
folio manager, ami comprised 
changes in specific stocks, 
rather than a shift in the 
weightings of specific sectors. 


its securities repurchase rate, 
from A93 to 4.91 per cent. 

“Cuts in the repo rate have 
become smaller and mwiyr in 
recent weeks, suggesting that 
the Bundesbank is reluctant to 
lower interest rates further in 
the near term,” said Mr Adam 
Chester, international bond 
strategist at Yamaichi. 

Analysts said that data 
showing a rise in West German 
wholesale prices in June of 03 
per cent, which was above 
expectations, had provided an 
excuse for the market to 
sen-aft 

■ French government bonds 
ended the day off their highs 
as investors squared their posi- 
tions in thin trading ahead of 
the Bastille holiday today pnd 
tomorrow when French mar- 
kets will be closed. 

■ UK gilts rose sharply in 
early trading, boosted by 
weaker than expected retail 


By Tracy Corrigan 

Credit Foncter de France's 
Y75bn offering of eight-year 
bonds yesterday commanded 
most of the attention in tbs 
Eurobond market, which is 
still absorbing two large dollar 
fixed-rate offerings launched 
cm Tuesday. 

Finland’s and Freddie Mac’s 


INTERNATIONAL 

BONDS 


global offerings, totalling 
$i-5bn each, won both priced 
yesterday. 

Dealers said demand for 
paper had been hel ped by the 
improvement in the dollar’s 
performance yesterday. 

Finland’s 10-year issue, 
priced at 55 basis points over 
the 10-year Treasury, was bid 
at its launch spread of 65 basis 


prices and employment data, 
but afternoon rumours of a 
another US interest rate hiim 
triggered profit-raking at the 
long end of the yield curve, 
leaving prices to close only 
slightly hi g h e r an the day. 

As traders began to focus on 
Friday’s gilt auction announce- 
ment, the Bank of England’s 


GOVERNMENT 

BONDS 


announcement that it would 
issue £800m in tranches of 
existing bonds from today put 
a further Hamper on the mar- 
ket’s mood. 

“The obvious interpretation 
is that Bank is keen to take 
advantage of the market's posi- 
tive sentiment in recent days,” 
said Mr Peter Fellner, edits 
strategist at NatWest Markets. 

However, many participants 
said that investor demand 
remained subdued in recent 


points at the end of the day’s 
trading. 

According to one of the 
underwriters, around 20 per 
cent was placed in Asia, with 
the remainder split between 
the US and Europe. Freddie 
Mac's five-year deal was priced 
at 17 basis points over the 
curve, In the middle of the 
indicated range. At the end of 
the day, it was trading at 18 
basis points over the five-year 
Treasury. 

Credit Fourier’s deal was 
shortened to ri g ht years from 
an initially-planned maturity 
of 10 years, due to oversupply 
in the 10-year area, according 
to co-lead manager Morgan 
Stanley. 

Dealers said the issue was 
vary a tt ract iv ely priced. With a 
coupon of 4.75 per cent, the 
bonds proved attractive to 
asset-swappers, who were able 
to swap the bonds for floating- 


sessions. “We haven't yet got 
to the point where investors 
are willing to chase the market 
aggressively,” a dealer said. 

■ Italian bonds c nd«l the day 
slightly weaker on profit-tak- 
ing after Tuesday's strong 
gains. However, prices held up 
moderately well as dealers 
anticipated good news from the 
government on its fiscal 
plans. 

Still, with most of the pack- 
age's details leaked in recent 
days, “it will be hard to sur- 
prise on the positive side,” said 
Mr Jouni Kokko, mtarnaKon i fl 
economist at S-G. Warburg 
Securities. There are wide- 
spread hopes that the govern- 
ment will annrnmre dramatic 

cuts in health and pensions 
spending to cut the country's 
heavy fiscal deficit 

■ Spanish bonds rose half a 
point amid fresh hopes that 
Spanish short-term rates could 


rate assets paying around 18 
basis points over yen 
Libor. 

According to dealers, asset 
swaps on the bonds were com- 
pleted into dollars ht»i French 
francs, as well as yen. 


ease further after yesterday's 
encouraging June inflation 
data. The headline rate rose by 
0.1 per cent on the month, 
bringing the year-on-year rate 
to 4.7 per cent Analysts were 
particularly encouraged by the 
0.S per cent fall In service 
costs. 

■ In Sweden, bonds weakened 
again ahead of the special 
meeting of the parliament's 
finance committee, the auction 
of SKri23bn of Treasury tails 
and the release of June infla- 
tion numbers, all slated for 
today. The yield on the bench- 
mark bond due 2003 rose by 
seven basis paints to 1037 per 
cant. 

■ US Treasury prices held 
steady across the maturity 
range yesterday morning In 
the wake of a consumer prices 
report that was in. line with 
market expectations. 

At midday, the benchmark 


“Clearly, the deal was very 
cheaply priced,” said one 
underwriter. “We have been 
taking calls from people trying 
to get hold erf the bonds all 
day." 

In the lira market, the Euro- 


30-year government bond was 
down it at 83ft. yielding 7388 
per cent, and the two-year note 
was up ft at 99g, to yield 6304 
per cent 

After Tuesday's better- than- 
expected June producer prices 
report had lifted bonds, inves- 
tors were hoping yesterday 
that the second half of the 
June inflation data - the con- 
sumer prices figures - would 
be equally positive. 

The figures, however, proved 
unexciting, with the '0.3 per 
cent increase reported in the 
c onanmgr prices tedwr falling 
in line with economists' fore- 
casts. 

A similar-sized Increase in 
“core” consumer prices (minus 
the volatile food and energy 
components) was also as expec- 
ted, and consequently, there 
was little reaction from bond 
prices, which traded in a nar- 
row range either side of open- 
ing values throughout the 
morning se ssio n. 


pean Investment Bank 
launched a L40Qbn offering of 
10.15 per cent bonds due 1998, 
fungible with an existing 
Ll.OOObn deal, wwiring it by far 
the largest offering in the 
Eurolira sector. 


By Graham Bowiey 

Liberty Life, South Africa’s 
largest life insurance company, 
has been forced to reduce its 
offering of convertible bonds, 
to 8300m from the planned 
$36Qm to S50Qm range. 

Poor demand from investors 
in the US was blamed for the 
shortfall in the issue, which 
was priced yesterday by lead 
manager Robert Fleming. 

But the first global offering 
of convertible bonds by a 
South African company was 
hailed as a success by some. 

“The sale represents a con- 
siderable achievement in what 
have been extremely difficult 
and uncertain currency and 

bond markets globally and 
given, a market that is highly 
unpredictable,” said Mr James 
Knowles, equity syndicate 
manager at Klein weal Benson. 

“The size of the offering was 
appropriate for demand and 
will provide a useful bench- 
mark. It will be a precursor to 
a substantial Inflow of funds 
into South Africa,” be said. 

However, the shortfall will 
throw doubt on the country's 
to return to the international 
capital markets after its first 
non-radal elections in May. 


By Tracy Corrigan 

Swiss Bank Corporation has 
set up a securities unit in 
Milan , SBS SoCfetk di Tntor mp. 
dfairirme Mobiliare (SBS SIM). 

The introductory or “rac- 
colta ordini” SIM. which 
opened for business on Mon- 
day, will focus on marketing 
SBC products to Italian chants, 
across the main product areas 
of cash, equities, bonds and 
derivatives. It may apply to 
make markets in Italian bonds 
or equities at a later date. 


It was hoped the offering 
would pave the way for a spate 
of financing s by the country’s 
under-borrowed corporate sec- 
tor, and was seen as a 
test of market sentiment fol- 
lowing the resignation of Mr 
Derek Keys, the South African 
finanw> mins ter, on July 5. 

“Although it is believed the 
US was disappointing, there 
was very strong interest in 
Europe.” said Mr Roddie Flem- 
ing, a director of Robert Flem- 
ing. “The US seems to have 
been far more affected by Mr 
Keys’ resignation." 

However, an analyst in Lon- 
don said; “This deal has not 
worked and it is not surpris- 
ing. Very few people believed 
that it would be successful" 

The bonds, due in 2004, with 
a semi-annual coupon of 63 per 
cent are non-callable for at 
least the first five years and 
have “soft protection" for the 
remaining five years. They are 
convertible into ordinary 
shares of Liberty Life at 
R106.68 per share, representing 
a premium of 10.4 per cent. 

Robert Fleming has the 
option of subscribing for up to 
an additional $60m of the 
bonds. 


Mr Rudi Bogni, chief execu- 
tive of SBC in London, will be 
rihflirmfln of the Sim, and Mr 
Massimo Perazzo vice chair- 
man and managing director. 
The SIM is expected to have a 
staff of 25. 

SBC already bas a mergers 
and acquisitions subsidiary, 
Sodett di Mergers & Acquisi- 
tions, in Italy, mid bas recently 
been authorised to lead-man- 
age Eurolira bond issues, the 
first of which, a L200bn deal 
for Osterreichische Kon troll- 
bank, was launched last week. 


NEW INTERNATIONAL BOND ISSUES 


Amount 

Coupon 

Price 

Ueturfty 

Pwm 

Spread 

Book rumor 

Bonowor 

YQi 

m. 

* 


% 

bp 



CrAdft Fancier de FtencaM 

75bn 

4.76 

98JBOR 

Aug3002 

asofl 

- 

tsj but J Morgen Stanley 

STBdJ MQ 

FtaalderdU nnpaec&fodtt 

290 

ff»D 

99A5R 

JuL2023 

aim 


NntWaet CapHel hfortate 

nsBUBmu Pnopaece.fo/0; 

180 

(cl) 

09.B85R 

■hiieng^ 

undtacL 

- 

Netwaet Capital Mwkets 

CANADIAN DOLLARS 








BeywtaChe Landeabank 

100 

9. SO 

S9238R 

Aug2004 

1325R 

+25 (8W%-04) ScOtHtaflcLeod 

ITALIAN LAE 

European Investment Bank(e) 

400bn 

10.15 

101 A2 

JUL198B 

1375 

. 

BCVBNL/Credtto itefeno 

SWISS FRANCS 
Bwopeen Investment Bank 

200 

525 

1».M 

AugaOOl 



Swtsa Bank Cap. 

JFM 

160 

6.60 

102.75 

Alift2004 

- 

- 

IBJ (Snltz) 


final taima and non-eeUbla unless stated. The yletd spread (over relevant government bant at lauich la auppfed by the lend 
manager. R: fixed re-offer price; tees era shown at the re-offer leveL SRostkig rets note, e) Short 1st & 2nd coupons, b) Ctaaa At. 
Average He: 1-84 yra. bl) 3-tnth Ubor +15bp to JuLDI end +30bp th ere afte r, e) Class A2. Average fife 850 yre. el) 3-rwh Libor 
->22Mbp to JU.m and *50bp thereafter. Cfi Long 1st ctx^xxv Cokable on cotton dates from JuLOl at par. £25m doanup cat Ctesa A3 
of 230m were primely placed, a) Fungible with LlOOOfan. Plus 38 days accrued. 


Credit Fonder ’s Y75bn offering proves attractive 


SBC forms unit in Milan 


WORLD BOND PRICES 




BENCHMARK OOVERNMENr BONDS 

Rad Day'a 

Cocpon Deta Price change 

YMd 

Weak 

■BO 

Month 

■80 

AuatreU 

9.000 

OGAM 

963500 

+OJ1D 

9433 

070 

184 

Beigiuin 

7350 

04/04 

95.7000 

-ai6o 

74)8 

825 

727 

Carada * 

0500 

06/04 

834)500 

^0550 

9.14 

924 

008 

□enmaric 

7.000 

12/04 

91.2500 

- 

128 

150 

109 

France STAN 

8300 

05196 

104.6200 

+0770 

090 

090 

181 

OAT 

5.600 

04/04 

87^300 

40090 

728 

7.82 

756 

Germany Treuhand 

8.750 

06/04 

900000 

40000 

6433 

74)8 

7.12 

Italy 

8300 

OIAM 

69.7700 

40320 1021T 

1056 

1027 

Japan No 119 

4.800 

06/90 

105.2090 

- 

3.56 

3430 

063 

No 184 

4.100 

1203 

975890 

<0680 

4.42 

4435 

420 

Netherlands 

B.750 

01/04 , 

910800 

-0180 

6.92 

7.11 

7.18 

Spata 

0.000 

05/04 

84.7000 

+0660 

1058 

11.11 

1032 

UKG»s 

14)00 

08/99 

92-08 

*13/32 

7.90 

131 

109 


S.78Q 

11/0* 

88-2B 

+10/32 

121 

183 

BOO 


94100 

10/08 

105-24 

+8/32 

130 

186 

154 

USTraaswy* 

7250 

08/04 

98-28 

*8/32 

7.42 

752 

701 


0250 

0803 

83-12 

*10/32 

7458 

721 

702 

ECU French Gerrt) 

aooo 

04/04 

875700 

+0360 

7M 

0.11 

704 


Italy 

■ NOTIONAL ITALIAN GOVT. BOND (BTP) FUTURES 
OUFFET Lbs 200m lOOtha of 100 % 


Open Sett price Change Ugh Low Eat vd Open inf. 
Sep 104S8 104.73 -0.10 105.51 10435 40477 59048 

Deo - 10303 -0.10 - - 0 110 

■ ITALIAN QOYT. BOND (BTP} FUTURES OPTIONS (UFFQ Lkn200m lOOths of 10096 


Strike 

Price 

Sop 

■ CALLS 

Doe . 

Sep 

■ PUTS 

Dec 

10480 

105 

■ , 281 

1.72 

3.78 

10500 

. .1.87... 

2.60 . 

104 

4.07 

10850 

1.43 

250 

220 

407 


London eMfeig. *Nn> Yorit inid-dv 


t Grom tncUHg wflhhotdnB tax at 125 per cant poynbb by ramHwai) 


YtaMc Local rorrtox ranted. 


EtL «L *M Cm 1138 Puts Mia Aorioua day’a opan hL. Cm 30888 Pin 2B22T 


Spain 

a NOTIONAL SPANISH BOND FUTURES (MH^ 


Men us. UK ki aam, other* In mcti* 


Source: AIMS MamadDnar 


US INTEREST RATES 



Sep 

Lunchtime 


Tiwjury Bata and Bond Ylafcta 


Dec 




857 


Oskar ten rate — 
FedAnto. 

— 5% Tfaea won* — 
— — 4\< Sk arete — 

- 454 Ffcayoar 
505 ID-yaw 

— 704 

742 

UK 


Open 

8840 


Son price Change 
M62 +059 

09.10 


High 

90.14 


Low 

wai 


EeL voL Open Irtt 
69560 104,992 

- 33 


MAmaittanmHBh. 


(tea war. 


552 30-yaw 


BOND FUTURES AND OPTIONS 

France 

a NOTIONAL HtENCH BOND FUTURES (MAT1R 


N NOTIONAL ISC <HLT FUTURES (UFFET £50.000 32nda of 10099 

Open Sottpttee Change Mgh Uyw Esl vol Open to. 
Sap 102-30 103-05 +0-13 103-27 102-30 7B7S3 117383 

Doc 102-15 102-12 40-17 102-15 102-04 736 824 

B LONG OA.T FUTURES OPTIONS (UFFQ E50J0Q B4tha of 100% 


Sep 

Doc 

Mar 


Open 

115.74 

115 . re 

115.24 


Sett price Change 
11828 +0.06 
11548 +0.06 

114.78 +aos 


High 

11646 

118.00 

11524 


Low EeL voL Open lit. 
118,12 125208 127211 

115.78 585 13223 

11420 487 1.747 


■ LONG rSRU FRENCH BOND OPTIONS (MAT1F) 


Strta 

Price 

Sep 

■ CALLS 

Dec 

Sep 

■ PUTS 

Dec 

103 

1-66 

2-61 

1-39 

3-37 

104 

1-23 

2-33 

2-07 

4-09 

108 

0-62 

2-09 

2-48 

4-49 

Bs. «eL totaL Cra> 4530 Rite 8754. PmAu dayia open lm_ CA 88793 PUB 49096 


Strike 

Price 

Aug 

CALLS 

Sep Dec 

Aug 

PUIS - 

Sep 

Dec 

114 

. 

- 

027 

056 

1.86 

115 

101 

2.45 

050 

120 

120 

iie 


108 

051 

1.55 

250 

117 

052 

103 

125 

159 

- 

118 

028 

0.B2 120 

- 

2.44 

- 

Em. wL tod COto 20,767 

Pun 89802 - Prevtaua day* open Itl. 

Qadt 344,117 Pun 385.157. 


Ecu 

■ ECU BOND FUTURES (MATIF) 


Germany 

a NOTIONAL HERMAN BUND FUTURES (UFFE)‘ 0M250.PQ0 lOOBW Of 100% 

Open Settprice Change H»h Low Bfi. vol Open W. 
Sep 9321 8328 -029 93.82 33-12 138228 133851 


Dec 


US 


Open Settprice Change Mtfi Low 

8420 8424 +044 B4.40 B320 

8320 +044 


EeL voL Open Jnt 


B US TREASURY BOND FUTURES (CBf) 81 00200 32rida of 100% 


Dec 


83.00 


82.61 


>029 9310 


8220 


2013 


■ BUM FUTURES OPTIONS UFFB DM2SO.OOO pOWa of *00* 


Strike 

Price Aug 

0300 028 

9350 043 

9400 022 


S«P 

128 

120 

0.75 


CALLS - 
Oct 

Dec 

Aug 

Sep 

PUIS 

Oct 

Dec 

123 

154 

141 

1.00 

152 

1-93 

0.98 

150 

165 

122 

1.88 

119 

178 

1.10 

194 

157 

115 

149 



Open 

Latest 

Change 

High 

LOW 

Bat vol 

Open int 

S«P 

100-28 

100-20 

-O-OB 

101-06 

100-17 

478,111 

379,070 

Dec 

100-00 

99-28 

-0-06 

100-11 

99-28 

1679 

55587 

Mar 

99-14 

99-02 

-0-08 

99-19 

99-06 

81 

4.124 


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a NOTIONAL MEDIUM TERM GERMAN OOVT. BOND 
(BOBmUFFg* DM2SQ200 IQOfhs of 100% 


Sap 


Open Settprice Change 
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High 


Low 


EsL vd Open frtL 
0 76 


Japan 

B NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

QJFFQ YIQOrn IQOfhe of TOOK 

Open Ctoee Change Ugh Low Est vd Open kit 
Sep 10820 - - 10929 10923 3181 0 

Dec 108.16 - 109.18 108.18 100 0 

- UfTE contract* ndsd on APT. « Opan MM Hqs. wo kw povtae toy. 


UK GILTS PRICES 


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M Md McaE+nr- 


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Hg* tew 


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TimlDocLn. IM4£_ 1000 - 100 

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tolTBCTKaT--.. 10 50 BK U«1 
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131 U 119U 
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B25 107% 
8.71 1230 
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6.12 83% 
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729 78* 
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- 47Hri 

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- 350 

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+* 127* 
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t* 110* 

♦i 1514 
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Ml 2%pe'Q3 (782) 323 184 181* 

4S«»r3ffi3[ Ig 3 sj ibL o«. 


FT-ACTU ARIES FIXED IN IfcHfcSI INDICES 

Price Indices Wad Deyte Tue Accrued ted ec0. 

UK OU» Jul 13 change % Jd 12 feiteraet ytd 


«- Law ooupon yield— - Medium emmon ytetd - — Mgh coupon yWd — 

Jii 13 Yr. JU 13 JU 13 Yr. eg ) Jd 13 JU 12 Yr. ago 


1 

tip to 6 years (24) 

12134 

+124 

12105 

110 

552 

5 yre 

758 

107 

175 

118 

824 

650 

128 

132 

7.08 

2 

6-15 yeera (22) 

14184 

+024 

14250 

136 

6.71 

15 yis 

820 

822 

7.74 

133 

138 

7.84 

181 

852 

109 

3 

Over 15 yeera (B) 

18058 

*119 

18108 

127 

857 

20 yra 

118 

118 

750 

133 

138 

758 

145 

8.48 

113 

4 

Irredeemables (8) 

18254 

+135 

'18150 

1.72 

758 

Ifredt 

128 

129 

105 







5 

All stocks (81) 

139.99 

+123 

13956 

127 

143 



















— 

™ mmon mb 11 

— 

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— 



tadaot-Moed 


Julia Jd 12 Yr. ego 


Jte 13 Jd 12 vr. ago 


8 Up to 5 years (2) 

7 Over 5 yews (11) ‘ 

a Aflstoctafia) 

Dehanturee end Loene 


iaaS4 

171JB 

17202 


-003 

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+ 0.01 


18069- 
171 SE 
17080 


1^41 - 

0.64 

071 


2.33 Up to 6 yra 
2JM OverS yre 
2S8 


348 

a.0B 


082 

308 


2.75 

343 


ZS& 

328 


2.84 

3.71 


102 

324 


H year yfaid ISywylrid -26 year yteld— — 

Jul 13 Jd 12 Yr. ago Jd 13 JU 12 Yr. ago JU 13 Jt4 12 Yr. t^o 


9 Deba A Loans (75) 131.41 +013 13124 2.54 504 900 BAS 035 9J0 032 8S2 

Amwsbb poas Wdw wiUu n yWkto am 4nm mmml Coupon Panda; Low; 016-744 It; Madkarc SH-KHiN; WON 11% Wid orar. t Hat yiahl. ytd Vaar to data. 


924 


8-25 


9J» 


FT FIXED INTEREST INDICES 

Jdy 13 July 12 July 11 Jdy B Jtey 7 Vt bqo High* LOW 


GILT EDGED ACTIVITY INDICES 

July 12 July 11 July ft 


July 7 July 8 


Qovt Secs. (Uq 93.75 9042 9228 02.14 92J36 8046 10704 9099 

Ftaed Merest 11103 111 J» 100.50 109.52 109^5 116.84 133.87 107S3 


OK Edged bargains 97.8 79a 802 71.8 905 

S^tey average 804 81.7 80.4 82.1 800 

• lor 1994. Qawmmant Sacurtoaa Ngh atnes conariatton; W7A0 (WSSL low 48.16 prt/73). Ftoad knrait high ainoa compfladon: 18347 (2WB4) . tow WAS 071/78) . BaWa iKk Ooranmara Sacuetoa isnor 
28 and FVsd aitwsw 1828. 8E aedrity todtaa nbaaad 1974 


FT/iSMA INTERNATfONAL BOND SERVICE 


Used an tie Meat htemttWd ttonda tar «MEh mare la an 
Bhl OBar Chg. 


ariaryirin aaconttey marioaL Lataat priosa at 7100 pm on Jwfr 13 

HU OBar Chg. YMd 


laaoad BM OBar Chg. YMd 


US. DOLLAR STRAffiHTS 

AbtMy NaS Iteoaiy 8% 03 1000 90% 

MMaPinlnaTHse 1C00 inPa 

184 00 400 104% 

- 100 102 % 

1000 84 

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1600 W% 


BM Of Tokyo 8% 98. 

Babkin 5% 03 

BFCE7%S7 

atom Gas 021 

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Chauifl Kengfii8% 88 . 

a*wB%D* 

Quid Biopa 8 08 — 
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BSC 8% SB 

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Bac da Franca 9 98 . 
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hdBktepw fit 7*97. 
kffir Asm Oe* 7% 96 _ 
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103% 

119* 

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2<tff09 m 168 3JV 151* 

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2%PC13 flOa 172 188128*61 



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MrarattaBre7%02 

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200 

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200 


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700 


.1000 103% 

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.1000 88 % 

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_ 150 107% 107% 
. 1500 98% 98% 

. 3000 89% 99% 

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.3500 80% 80% 

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. t360 84% 85% 

101% 102% 
98 89% 

100% 101% 
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104% 
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170 

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550 


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858 

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887 

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110 

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105 

105% 

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550 

102% 


864 

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102% 

102% 

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850 

106% 


758 


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90% 

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BM 

105% 


750 

SNCF704 

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109% 

109% 


574 

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521 

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657 


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HSBC Haktega 1189 SE . 

M7 10% ME 

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Tokyo ac Power 11 01 £ . 

Abbey Ntert 096 N3_ 

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CMdktecaiaoi PFr. 

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SNCF9% 07ffr 


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93% 

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958 

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106% 

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752 

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1020 

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- 837 

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757 

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105% 

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108 

ft 

831 

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111% 

111% 

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954 

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832 

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150000 102% 
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IS 2%W16 (87-61 L75 381 138% 

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101 4%oc'30tt — (135.1) 179 332108*14 — 128ft 105% 

PraepadM real iwtanptkm rata on projected Inflation of (1J 1094 
and 0 5%. W Rbww In perarthaaea shew RPI base far 
Indexing 0 » 8 merthd prior to MuN vaf have baen adMted ea 
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Tokyo MaeopcteB% 98. 
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1000 

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3000 
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LMSBattoHMattObOB 2250 

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97% 
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CnALyHMtaQQSEai IS 102% 103% +% 

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7.14 

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lhbdKtagdent8%tnEcu 2760 105% 

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24 


FINANCIAL TIMES THURSDAY JULY 14 1994 


COMPANY NEWS: UK 


Loss on disposal of pectin side and UK provisions total £17.6m 

Bulmer declines to £3.9m 


By Paul Taylor 

HP Bulmer. the Hereford elder 
maker which recently 
announced further restructur- 
ing plans including a with- 
drawal from the soft drinks 
market, yesterday reported a 
sharp decline in full-year pre- 
tax profits reflecting excep- 
tional write-offs. 

Pre-tax profits fell from 
£L9.6ra to rawm in the year to 
April 29. The latest pre-tax fig- 
ure was struck after the group 
recorded a £9.76m loss an the 
disposal of its pectin manufac- 
turing interests, announced is 
November, and took a £7 .84m 
provision to cover the funda- 
mental restructuring of its UK 
operations, announced in May. 

However, profits before 
exceptional items increased by 
9J8 per cent to £2L5m (£19 .6m) 
r eflecting the strength of the 
group’s brands in the UK, Aus- 
tralia and Belgium, markets 
which have all faced increased 
competition and pressure on 
margins. In spite of these pres- 
sures operating margins from 
drinks activities continued to 
improve from 9.5 per cent to 
10.4 per cent 

Turnover edged up by 1 per 
cent to £254. 6m (£251.8m) 
including w-ftm (ciosm) from 
discontinued operations. The 
modest rise in turnover 
masked strong growth from 



In the premium sector. 
Scrumpy Jack’s 40 per cent 
year-on-year growth substan- 
tially outstripped sector 
growth of 12 per cent 
Buhner’s beer portfolio vol- 
umes increased modestly 
w ithin a market that continues 
to be highly competitive. 

Operating profits from the 
Australian business rose 25 per 
cent to £2L97m. while in its first 
Ml year Cidrene Stassen in 
Belgium produced operating 
profits of £L34m. 


John Bodgard (left) with Mike Ward, finance director 


the group's cider business 
which compensated for a 
h piling in soft drinks following 
the te rmination of the Perrier/ 
Buxton mineral water distribu- 
tion ag reement ip Marnh 

After a reduced tax charge 
there were losses per share of 
OJBp compared with earnings 
of 22.89p. In spite of this, the 
directors are recommending an 
Increased &8p (6.4p) final divi- 
dend Tfiairfng a total for the 
year of 10-8p (KU5p). 

The shares closed lp lower at 
364p. 


Mr John Rudgard, nhfof exec- 
utive, said the results were “a 
satisfactory per formance in a 
competitive market" He noted 
that the group’s share of the 
important d raug ht cider mar- 
ket in the UK continued to 
grow, reaching 55 per cent last 
year. 

Buhner’s on-trade volumes 
expanded by a per cent while 
buoyant Strongbow sales in 
the off-trade helped the group 
to boost volumes by 6 per cent 
in spite of strong growth at the 
economy arid of the market. 


Bulmer’s decision in May to 
restructure its business with 
the kiss of up to 300 jobs is a 
sensible response to the com- 
petitive pressures in the 
domestic defer wm rfcat which 
nevertheless is continuing to 
grow. The move will eventu- 
ally take about £6.5m out of 
coats - fluids which are 
expected to be reinvested at 
least in part in the group’s 
solid brand portfolio. Overseas 
activities, including export 
sales from Hereford, now rep- 
resent 21 per cent of group 
operating profits and the com- 
pany is looking to increase this 
farther. This year Buhner’s 
pre-tax profits should reach 
ygirn producing earnings of 
29p. The shares are trading on 
a prospective multiple of 1Z55 
and look fairly priced. 


PSIT rises to £12m as 
property values Improve 


By Sbnon Davtea 

PSIT, the Investment company 
formerly known as Property 
Security Investment Trust, yes- 
terday announced that pre-tax 
prefits for the year to March 
increased by 24 per cant to 
£igm, against * 9**™ 

The company’s net asset 
value per share rose 18 per 
emit to 168p (142p), reflecting 
improving property values in 
the UK. 

Total investment rents rose 
by gi.gm to fumm the 
company benefited from lower 
interest rates and lower debt 
levels, a result of its reduced 
property development pro- 
gramme. Interest payable fell 
from gji-iffl to £9m. 

Income from investment 
securities amounted to £&4hn 
(£2. 14m) and the company 


raised £SL4J)00 from the sale of 
investment securities, com- 
pared With £999,000 in 1993. 

Mr Albert Perry, rfum-pum, 
said: "We continue to look for 
p roperties or sites which can 
both produce income and offer 
the potential for Aztizre devel- 
opment, and we are currently 
in negotiations for further 
acquisitions." 

PSTTs extension of its Aus- 
tralian shopping centre has 
been completed and is 98 per 
cent occupied. New highways 
are under construction on Its 
Florida site. The company has 
alan achieved further lettings 
on pr o pert i es In Hampshire 
and Cheshire. 

A final dividend of 2J375p is 
proposed, making a total for 
the year of 4.625p (4.125p). 
Earnings per share were 7.03p 
(&86p). 


Bonuses of £1.6m for 
CE Heath executives 


By Richard 


Two executive d ir ectors of CE 
Hbath, the insurance broker, 
were given bonuses totalling 
p.i Rm in the year to March 31, 
according to the annual report. 

The payments, intended to 
reward past performance and 
secure future loyalty, indicate 

thn valtW Of leading pa rannnpl 

to rnramercfal insurance and 
reinsurance brokers, in the last 
few years, several have been 
hit by staff defections 

Mr John Mackenzie Green, 
group managing director, 
received a total at cim - in 
addition to his salary of 
£183,315 and a profit-related 
bonus of £43,000. 

Air Peter Presland, chief 
executive, received loyalty 
bonuses totalling £600,000 on 
top of his £U8b87B salary and a 


£29,172 profit-related bonus. 

The discretionary bonuses 
amounted to £400,000 for Mr 
Mackenzie Green and £240,000 
for Mr Presland. Loyalty pay- 
ments were £600,000 for Mr 
Mackenzie Green and £360,000 
for Mr Presland. 

Overall the group paid some 
£2.3m in loyalty payments. 
These payments are repayable 
if npfic* is given - other 
in certain limited circum- 
stances - before March 31 1997 
of the ♦onwfngtinm of the recipi- 
ent's service contract with the 
company. 

A new incentives scheme 
will take effect in 1997. The 
bonus payments will be 
charged to the company's 
profit mod loss account over 
the next three years. 


Abbott Mead 
to purchase 
Redwood 
for £2.85m 


By Diane Summers, 

Marketing Correspondent 

Abbott Mead Vickers, the 
advertising group, announced 
yesterday that ft had agreed to 
buy Redwood Publishing, the 
contract publisher, best-known 
for its American Express, 
Mnrk <; and Spencer, and inter- 
city magazines, for an initial 
cash payment of 22.85m. 

AMV also said 537.879 new 
ordinary shares were being 
placed by Hambros Bank at 
660p apiece to raise £L35m, 
net of expenses. The balance 
will be used by Redwood as 
additional working capffaL 
Brokers are SG Warburg and 
dealing is expected to start 
tomorrow. 

Four additional payments, 
dependent an Redwoods’ per- 
formance until the end of 
1998, are also to be made. Bed- 
wood's unaudited pre-tax prof- 
its for the first five nwnHia of 
1994 were £300;000. 

AMV shares rose lp to dose 
at 670p. 

Mr Peter Mead, AMV group 
i-Mpf executive, «p»m that cus- 
tomer magazines had come of 
age over the past few years 
and Redwood's magazines 
were "carefully focused 
towards wv isti ng customers of 
e ach of their clients”. 

There was considerable 
synergy between AMVs and 
Redwood’s activities, and the 
purchase was part of the 
group's strategy of offering 
integrated marketing to 
clients, he said. 

Redwood was formed in 
December 1993 after the BBC, 
which partly owned the com- 
pany's predecessor, WPL, 
decided to sell its contract 
publishing interests, retaining 
tost its consumer magazines. 

Mr Mtehad Potter and Mr 
Christopher Ward, founders 
and senior directors of Red- 
wood, will run the business as 
a separate company wi thin the 
AMV group. 

Correction 

JW Spear 

JW Spear’s merchant bank, 
which handled its successful 
sale to Mattel, was Bartng n not 
Hambros as Btated yesterday. 


Norton revival plans close to 
collapse as backers fall out 


By Tim Bui 

Moves to revive Norton, one erf 
the most famous names In 
British motorcycling, 
appeared dose to collapse yes- 
terday amid a bitter row 
between the company's Cana- 
dian backers. 

The dispute follows the 
group’s failure to secure a fuQ 
listing In North America and 
has split WlldroM Ventures, 
the Vancouver-based Invest- 
ment vehicle which bought 
Norton for C$lm (£400,000) 
last year. 

Ms Rozanda S k alban l a. who 
had been managing Norton 
Motors (1993), has left the 
company and lawyers acting 
for the Aqufllnl family, Cana- 
dian pro p erty developers who 
hold 10 per cent of Wlldrose, 
are understood to have taken 


ova* at tiie group’s Midlands 
plant 

Their arrival comes after 
month s of fr anti c and Increas- 
ingly bizarre efforts to gener- 
ate fnnda to restart motorcycle 
production and develop new 
uses for Norton's rotary 
engine technology. 

Those efforts centred on 
Norton BSA, a former shell 
company fisted on the US bul- 
letin board in pink sheet secu- 
rities. After that foiled to raise 
the necessary working capital, 
Ms Skalbanla tried to recall 
and auction 10 vintage Norton 
motorcycles on permanent 
loan to a number of museums. 
The museums refused to hand 
over tiie exhibits. 

Other money-making initia- 
tives included a joint venture 
with MIG, the Russian aircraft 
manufacturer, to produce bicy- 


cles from recycled tita nium 
and plans to produce Norton 
BSA skis. 

With little sign of Norton 
receiving its much needed 
cash injection, the wor k force 
called a meeting with Ms Skal- 
h oirffl and demanded 

They told her that with 
working c a p i t al in short sup- 
ply “we are becoming increas- 
ingly more concerned about 
the future erf the mm pony and 
more so, our jobs”. 

The developments have 
prompted concern among 
industry analysts, who yester- 
day said they were pessimistic 
about Norton’s survival. 

“Norton's future depended 
on selling the brand name, but 
that* 8 not happened,* said one 
analyst. Td be surprised if 
there was anything left to 
revive." 


Control Techniques stake 
agreement expires 


By CaraBne Southey 

The standstill agreement 
between Control Techniques 
and Emerson Electric of the 
US, which holds 2987 per cent 
of the Powys-based electronic 
drives and controls company, 
expired yesterday. 

Under tiie agreement, struck 
In 1991, Emerson undertook 
not to Increase Its sharehold- 
ing in Control Techniques. Mr 
Trevor Wheatley, chairman of 
Control Techniques, yes- 
terday he was “not aware of 
Emerson’s intentions.” The US 
company was unavailable for 

However, Control Tech- 
niques said it was holding 
talks with Emerson over the 
US company’s 20 per cent stake 
in CT Drives, the drives 
systems manufacturer based in 


Grand Island, New York. Con- 
trol Techniques acquired 80 
per cent of CT Drives from 
Emerson in 1991. 

Under the agreement. Con- 
trol Techniques had the option 
to increase its stake in CT 
Drives, payable in cash or 
shares. 

Control Techniques said it 
understood that Emeraan did 
not wish to take up the option 
to lift its stake, which would 
trigger a takeover bid for it by 
the US company. 

Control Techniques shares 
dosed 9p down at 894p. 

Pre-tax profits at Control 
Techniques in the six mrtnfha 
to March 31, were £8.8ta after 
US reorganisation costs of 
£600,000. In the comparable 
period profits were £3. 72m after 
reorganisation coats of 
£200,000. 


FINANCIAL TIMES 

LONDON • MAI* - PfUNWlINT • NOW yam • TOKYO 


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I DIVIDENDS ANNOUNCED j 


Currant 

payment 

Data of 

Correa - 
ponding 
dMdend 

Total 

for 

yav 

Total 

tast 

year 

AbartortJi Sptt fln 

2.45 

Sept 2 

2.4 

8.45 

04 

BiAnor (HP) .tin 

6.B 

- 

BA 

10^ 

10.15 

BWDS«u«es§ lot 

1.7 

Oct 3 

1JS 

- 

4 

Cotaviakm — fln 

nfl 

- 

3.1 

2-5 

5.6 

Cray Electron fln 

1JS\ 

Sept 14 

1 

225 

IS 

Equtty Cons ord fin 

13^375 

Aug 30 

13^ 

24.9 

245625 


27X175 

Aug 30 

27 

402 

40125 

Honlns fant Hgh fln 

ZSB75 

Sept 8 

JL5675 

35675 

3J5675 

Mahrorn UK Index im 

1.7 

Sept 9 

1.7 

- 

4 

Owners Abroad .... Int 

1.4 

Nov 1 

1.4 

- 

as 

PSIT fln 

2.875 

Oct 3 

2-625 

4,625 

4.125 


1^ 

- 

1 

9 9S 

1 


0.86 

Aug 25 

- 

088 

- 


DMdends shown 
increased capital. 


per share net except where otherwise stated, ton 
iUSM stock. 


PUBLIC 


WORKS LOAN BOARD RATES 

effiedfsw Jnfr 12 


Quota loans* 


1 

art 

ret 

5ft 

■rt 

ret 

6 



6ft 

7ft 

6ft 

6ft 

7ft 



6ft 

7ft 

7 

7 

8 


7% 

7ft 

8ft 

7ft 

7ft 

8ft 


- "Pk 

7ft 

8ft 

7% 

8 

8ft 


8 

8ft 

8ft 

8ft 

8ft 

8H 


-...- 8ft 

8ft 

8ft 

8ft 

8ft 

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8ft 



8ft 

8ft 

6ft 

8ft 

8ft 

9ft 


- 8ft 

8ft 

8ft 

6ft 

8ft 

Sft 


. 8ft 

8ft 

8ft 

9ft 

9ft 

9ft 

Over 15 up to 25 — 8ft 8% 8* 9% 9<A 9ft 

Over 25 8* 8% 8ft 9ft 9 9 

"Hamuoa tans A me 1 pv sere Mtfw m nttvowea wns B 2 per ts^wr n man cm *■ 

quota leans, t&jud hofewts el pdne^aL it Rnmn by Mryuatr snrvajr (Itaa eepri 
hi yaly p^wents m wasri pttaapri and W«e» 9 WBi Mime wpaa at frest arty. 


Currency or Bond Fax - FREE 2 week trial 

also daily gold and silver faxes -;y-, Anr-e v-h-ihy 




■*!. 07 f /Jd 7 174 
Fok: 0/1 -. 1:7 .;? 6 i 



Cray 10% down on lack 
of exceptional gains 


By Patti Taylor 

The absence of exceptional 
gains resulted in a 10 per cent 
decline in pre-tax profits at 
Cray Electronics Holdings 
from £29m to £26 Jim in the 
year to April 30. 

Strong underlying growth at 
the operating level saw the 
contribution from continuing 
operations advance by 53 per 
cent to £25£m (£16&n). How- 
ever, the comparable pre-tax 
result was swollen by £8j05m 
profits on dis posals and vaiftm 
of foreign exchange gains. 

Turnover in the period under 
review from continuing 
operations increased by 50 per 
cent to £24Um (£L622m). This 
fnctnrtori a foil-year contribu- 
tion from the Dowty IT busi- 
ness. which was acquired in 
August 1992, and an initial 
gw.vm contribution from the 
P-E International business, 
which was acquired for £16-2m 
in September. Discontinued 
operations added another 
527.7m (£3&6m) to total sales. 

Earnings per share fell from 
13 .8p to 8.6p. An increased 
final dividend of L5p (lp) is 
proposed, making a total for 


the year of IL25P (L5p). 

Profit from continuing 
operations included an initial 
£767,000 contribution from P-E 
Internati onal. The discontin- 
ued Cray Technology 
operations, which were all sold 
during the year, added another 
£473,000 to Operating profits. A 
£235,000 loss was carried an the 

dw pnaal 

Net interest receipts of 
£146,000 compared with 
£871,000 of costs previously. 
The group ended April with 
net cash of £15.6m, up from 

giaftm 

At the divisional level the 
advance was again ted by Cray 
Communications, which 
boosted its input to £20 5m 
(£JL2.7m) on turnover <tf£1655m 
(£127m). Margins Improved 
from 11 per cent to 13 per cent 
and divisional research and 
development expenditure 
increased to £20m. 

Cray Systems, which now 
includes the P-E Compote- Ser- 
vices business, lifted turnover 
to £57.6m (£35 Jim) including 
organic growth of 15 per cent 
Profits of £43 Lm (£3.71 m) rep- 
resented a reduced 8 per cent 
(11 per cent) margin on turn- 


over which reflected the inclu- 
sion of the loss-making P-E 
operations. 

The F-E International man- 
agement consultancy business 
reported profits of £881,000 on 
turnover of £2Um. 


P 

nib 

!t’ : 


The reorganisation of the Cray 
businesses is now complete, 
the P-E International 
operations have been inte- 
grated and tike group is now 
organised into three distinct 
divisions. Despite persistent 
rumours erf a possible bid for 
Racal, Cray’s management 
makes it dear that attention is 
dearly focused on 
these core bus i nesses interna- 
tionally - main ty by organic 
means - and achieving further 
winf giw impr o vements In par. 
ticular the management has 
has set a 20 per cent margin 
target for the core cosummrica- 
tions division, which has a 
strong and product 

portfolio. Pre-tax profits of 
£33. 2m look possible this year, 
generating earnings of 10. 6p. 
The shares are trading on a 
deserved premium prospective 
p/e of just under 1& 


Sharp increase in activity 
Savills rise to £3.24m 


helps 


By Sbnon Davies 

A sharp increase in activity in 
both the commercial and resi- 
dential property markets last 
year helped pre-tax profits at 
Savills, the estate agent and 
s u rveyor , to more titan double. 

Pre-tax profits were £344m 
(£L44m) far the year to April 
30 on an increase in turnover 
of only 26 per cent to £31 An 
(£25 An). The shares closed 2p 
higher at 83p. 

Mr George Inge, chairman, 
s ai d! “There seems to be some 
uncertainty within the finan- 
cial maritete generally, which 
may impart an investor senti- 
ment, but so far has bad little 
effect on our residential side." 

The commercial division saw 
a 25 per cent increase in sales 
to £13.4m producing an 82 per 


cent rise in operating profit to 
£L49m (£819,000). 

The investment ft*™ bad a 
record year, and was involved 
in transactions worth £600m- 
Savills also benefited from the 
management contract for tiie 
Canary Wharf administrates. 
However, Mr Inge warned that 
it would be difficult for the 
division to exceed last year’s 


cent of its T fm<Vm residential 


ii'l 


The agricultural and residen- 
tial division reported operating 
profits up by 2.5 times to 
£1.19m, on a 23 per cent 
increase in sales to £17.9m, 
helped by a sharp recovery in 
luxury residential prices. 

Savills sold £425m of residen- 
tial property during the period, 
a £lOQm increase from 1993. Mr 
Inge said that f pra ign purchas- 
ers had accounted for 40 per 


The company also benefited 
from a "fa* contribu- 

tion from its new finance ann, 
which made profits before 
interest and tax of £221J)0Q. Mr 
Inge said this would be an 
i mportan t area of growth. 

Savills is providing corporate 
finance and debt financing 
advice, but with nOm of cash 
on its balance sheet, it plans to 
start providing direct finance 
far transactions. 

It also intends to sponsor a 
number of property funds, in 
which Savills would be pre- 
pared to take a direct stake. 

The company recommended 
a flnaf dividend of I-5p, muting 
2J25p for the year, up from lp 
Earnings per share were 62( 
02P). 


Great Southern 
offer extended 

By Sbnon Davtea 

Service Corporation Inter- 
national, the US funeral com- 
pany, has extended its 600p a 
share offer imtn August 2 for 
Great Southern Group, despite 
receiving acceptances for 0.11 
per cent of the UK funeral 
operator’s shares by the first 
closing (tete. 

A separate offer has been 
made to shareholders of JD 
Field, which owns 56J. per cent 
of Great Southern. SCI has 
received no acceptances from 
JD Field shareholders, who are 
primarily trusts related to tiie 
ETeld family. 


Castle Comms jumps 
58p on offer talks 

groups from the period, indok 


By David WIghton 

The share price of Castle 
Communications, the music 
and video publisher, jumped 
58p to 835p yesterday as it 
announced that it was in talks 
that might lead to an offer for 
thfl company. 

The statement was In 
response to recent moves In ita 
share price. 

Castie, which was floated on 
tiie USM at 200p In March 1987, 
releases compilations of pop 
artists from the 1960s and 1970s 
and owns rights to some 






tog the Kinks and the Search 
era. 

There was speculation yw 
today that the righto, vah» 
at 230p a share in its last bal 
ance sheet, might hav 
attracted tiie attention aflarg . 
music copyright holders. 

Castle made a pre-tax pnff, 
of £L5m on t urnover of £3Ma 
to tbe year to June 1993. 

Castle, which is valued a 
£22 8m at yesterday's cloato 
price, said a forther announa 
meat would be made as soo 
as p r acticab l e. 




FT-SE Actuaries Share Indices 


The following changes to the 
classification of companies 
recently granted a Stock 
Exchange listing or granted 
permission to deal in the 
Unlisted Securities Market will 
be effective an August 1: 
Arcadian International from 
Building 8c Construction (Sub- 
sector 210) to Hotels & Caterers 
(424); Azlan from Electronic 
Equipment (253) to Distribu- 
tors of Indus trial Components 

& Equipment (412); CPL Aro- 
mas from Household Requi- 
sites (346) to Food Manufactur- 
ers (330); Central European 
Growth Fund from Investment 
Trusts (800) to Other S. 842 
Investment Trusts (980); Cen- 
treGold from Publishing (436) 
to Leisure (422); DCC from 
Diversified Industrials (240) to 
Distributors, Other (414); 


Dominion Energy from Oil, 
Integrated (ISO) to Oil Explora- 
tion & Production (162); Dam- 
nick Hunter Group from Engi- 
neering, Diversified (26 5) to 
Engineering, Speciality (263); 
DRS Data A Research from 
Computer Services (487) to 
Electronic Equipment (253); 
Emerald Energy from Oil, Inte- 
grated (150) to Oil Exploration 
& Production (162); Fine list 
Group from Distributors of 
Industrial Components & 
Equipment (412) to Vehicle Dis- 
tributors (418); Five Arrows 
Chile Investment Trust from 
Offshore Investment Compa- 
nies & Funds (940) to Other S. 
842 Investment Trusts (980); 
Hamlet Group from Clothing 
Manufacturers (291) to Distrib- 
utors, Other (414); Inspirations 
from Leisure (422) to Transport 


(490); Israel Fund from hires 
mat Trusts (800) to Other i 
842 Investment Trusts (980 
John Lusty Group from Foe 
Manufacturers (330) to Retai 
era & Wholesalers, Food (44C 
MAID from Computer Servlet 
(487) to Publishing (436); MU 
gate from Electronic Equfc 
ment (253) to Vehicle Distrito 
tors (413); Robert Wisems 
Dairies from Food Manufactu 
era (330) to Retailers & Whol 
salers, Food (440); Roxspi 
from Electronic Equipmej 
(258) to Engineering, Divert 
fied (265); Utility Cable fro 
Electronic Equipment (253) ' 
Building & Construction CZK 
Va from Publishing (436) 
Leisure (422); Wellington Hal 
togs from ETi {pn»»rtng , Dlren 
fied (265) to Chemicals, Mate 
als Technology (236). 


5 '/- 


r YORKSHIRE A 
BUILDING SOCIETY 
Issue of up to 
£150,000,000 ' 

Floating Rate Notes 
Due 1997 
W«u eft aaoMSfioa 

ntkJtiyOMat At UtUTraaebti 
Id accordance with the terms and 
cutu£ tioni ot the Notes, notice b 
hereby given ibai far tbe three 
month interest period from (and 
indtK&ng) I3ih July 1994 to (but 
exdwlmi) 13tb October 1994 the 

Note* »ul carry s nte of interest of 
5JJ1875 per mL per tnaa/b. Tbe 
relevant interest payment date wiQ 
be Lkb October 1994. The coupon 
amount per £30.000.00 Note will be 
£07031 payable against surrender of 
Coupon No: 17. 

Hambros Bank Limited 
V Agent Bank J 


LEGAL NOTICES 


Wretae af Appnhnawnr af 
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sdnlatattst h e ncatan: National Wntmhatq 
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IK j gH E md I M iiedtk. Offla bolder mbm 
007119 sod 002104. Address 9 Orcylriwi Road. 
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FINANCIAL TIME S THUR SDAY JULY 14 1994 

Yates plans to 
double retail 
side after float 


COMPANY NEWS: UK 


By Tun Burt 

Yates Brothers Wine Lodges, 
the independent drinks group 
which claims to have first 
introduced wine to the north of 
England, yesterday announced 
plans to double the size of its 
retail operations following its 
forthcoming flotation . 

Funds raised by the £10m 
placing, giving the company a 
£54m market capitalisation, 
will be used to reduce group 
borrowing and launch an 
expansion programme which 
envisages a portfolio of 100 out- 
lets by the year 2000. 

Institutions have been 
ottered shares at 140p.as part 
of the float, which involves 
5.7m new .ordinary shares anti 
1.3m existing shares. 

Although the placing will 
dilute the Yates family's 75 per 
cent shareholding, same 40 rel- 
atives will be left with a 85 per 
cent stake when the company 
obtains a listing. 

Mr Peter Dickson, manag in g 
director and great-grandson of 
Mr Peter Yates, the group's 
founder, raid he was confident 
ofwinnzng widespread instttu- 


BWD Securities shows 
25% advance to £2.25m 


By fan Hamilton Fazey, 

Northern Correspondent 

BWD Securities, the USM- 
quoted stockbroking and finan- 
cial services group, reported 
pre-tax profits 25 per cent 
ahead to £2 ,25m for the six 
months to May 31, an turnover 
18 per cent ahead at £&73m 

against £7-43m. 

flarafng g per share rose to 
7.7p (&6p) and the interim divi- 
dend is lifted by 18 per cent to 
1.7p (l.Sp). 

BWD began as a stockbroker 
and unit trust manager in Hud- 
dersfield but expanded by 
acquiring the Liverpool-based 
Rensburg. Capital for Compa- 
nies. an independent Leeds 
BES and venture capital fund 
manager followed. The group 
then set up Northern Regis- 
trars, a 'subsidiary uang 'Hnd- 
dersfield’s lower overheads to~ 
compete nationally for share 
registry business. 


BOARD MEETINGS 


. BWD ' Rensburg has now 
completed a £650,000 invest 
ment to upgrade electronic 
systems and equipment ready 
for the Stock Exchange's move 
to rolling settlement next 
week. The stockbroker’s nomi- 
nee service has grown by 600 
tiinnte to 4J10O which dwuM 
also help smooth the transi- 
tion, the company paid 

BWD Rensburg has also 
acquired new buildings in Bir- 
mingham anti Sheffield, where 
significant growth is now fore- 
cast 

Capital for Companies raised 
£30m for BES assured tenancy 
schemes, making a total of 
£78m, its last chance to do so 
before BES is replaced by the 
Enterprise Investment Scheme, 
which the company is looking 
at^alang with venture capital 
"triists. ■ ' ‘ - 

'Northern Registrars won 15 
new clients to bring its total to 
85. 


Suffering pain to recapture past strengths 

John Gapper looks at the strategies adopted by the high street lenders in their efforts to 


attract funds 


tional support for the expan- 
sion. 

"We believe there is poten- 
tial to open a Yates in every 
town with a population of 
more than 75,000," Mr Dickson 
said. 

The group - which first 
came to the market in 1986 
under the matched bargain 
Rule 535 - has set its sights on 
new outlets in three target 
areas: Yorkshire and the 
north-east, the Midlands and 
the Ml corridor to London. 

Initially, however, most of 
the funds raised by the plating 
will be used to wipe out £&5m 
of secured loan s and unsecured 
bank overdrafts. 

Mr Dickson said the com- 
pany would rely cm progressive 
borrowing to fund new outlets, 
but added that gearing was 
unlikely to exceed 33 per cent 

Gearing in the year to March 
27, when the group made pre- 
tax profits of £8 36m (£2.77m) 
on turnover of £&9m (£35 3m), 
was 25 per cent 

Dealings are expected to 
begin on July 19. The plating 
was sponsored by Panmure 
Gordon. 


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F or the past five years 
TSB, the retail bank, 
has been deliberately 
making less and less money 
from its depositors. It has 
been telling them to transfer 
fluids to high interest 
accounts, and in the first half 
of this year a further £30Qm 
drained out of its low interest 
accounts. 

In the past, tins loss of cheap 
deposits would have made 
most bankers tear their hair 
out, but Mr Peter Ellwood, 
TSB’s chief executive, is proud 
of it "Now we can tell people 
truthfully that we offer 
competitive products. Five 
yearn ago, we were saying one 
thing and tioto g another," he 
says. 

Mr Ellwood is not alone. 

! Over the past two years, 
National Westminster has paid 
higher interest to attract sav- 
ers - so narrowing spreads 
between Its loans anti deposits. 
It hag moved from having to 
borrow £2bn from wholesale 
markets to fund branch lend- 
ing to having a £4bn retail 
f unding surplus. 

Mr Richard Goeltz, Nat- 
West's chief financial officer, 
says the bank is accepting 
lower re turns because it must 
lend the surplus on whole- 
sale markets, where margins 
are narrower than on cor- 
porate loans. "We are taking 
some short-term pain to 
achieve a long-term objec- 
tive." 

Banka’ renewed wm phaitig on 
deposit-gathering provokes 
scepticism from building soci- 
eties, winch have made a namfl 
as a better place for savings 
in the past two decades. But 
there is some evidence that 
it is more than a passing 


Colorvision 
declines to 
£203,000 

Shares in Colorvision fell 7p to 
31p yesterday, as the Liverpool- 
based television and video 
retailer report e d pre-tax profits 
down from £L7Sn to £203,000 
for the year to and-March. 

The downturn, which was 
foreshadowed in April's, trad- 
ing stettinent, was struck on 
turnover marginally np from 
£66 ,8m to £67.1m - of which 
£951,000 was contributed by 
discontinued operations. 

The directors said that, in 
line with current retailing 
practice, the reported turnover 
figure now contained commis- 
sions received, and interest- 
free credit subsidies ware 
included within the cost of 
sales. 

Action had been taken to 
improve the profitability of the 
group, the directors added, and 


fed - that banks are serious 
about recapturing a past 
strength. 

The gloomiest observers say 
that b anks still pay a huge 
price for past errors. Mr John 
Aitken, an analyst at UBS, 
says banks would have £50 bn 
more in retail deposits if 
they had maintained their 1975 
market share. He estimates 
that this seepage costs thpm 
£2.5bn in profits each 
year. 

Mr Aitken believes banks 
stopped growing then, and are 
now recognising their loss by 
cutting branches and staff. 
"Banka used to be regarded 
mainly as repositories far 
funds. They were safe, even if 
they did not give you much for 
it, and they did not loee large 
amounts by unwise lending," 
he says. 

Banks are now attempting to 
retrieve this position, and 
reverse this trend, they have a 
number of motives for doing 
so: 

• Taking deposits is less risky 
tViap lending, the side of the 
balance sheet on which many 
concentrated in the 1980s. 
Deposit-taking may not earn 
much, but it carries no risk of 
future loss. "Let us say our 
strategy is wrong. Well, we can 
rectify it in a couple of rnonths 
by changing rates," says Mr 
Goeltz. 

# It employs no nor is 
much absorbed by the whole- 
sale assets into which surplus 
retail deposits are put "The 
returns do not look frightfully 
good, but you do not have to 
put much capital against it, so 
it can still be good business for 
shareholders," says Mr Patrick 
Perry, treasurer of Barclays 
Bank. 


nine outlets had been ear- 
marked for closure, of which 
six had been closed prior to the 
period end S taffing levels had 
been reviewed and appropriate 
cuts had been made, the costs 
of which had been provided for 
in the results. 

Warnings per shar e were 0.2p 
(5.6p) and, as previously stated, 
the board is not recommending 
a dividend. 

Increased losses 
for Waterglade 

Increased pre-tax losses of 
£2 .37m against £954.000 were 
announced by Waterglade 
International Holdings, the 
pr o pe r l y investment and devel- 
opment group, for the half year 
to November 30 1993. 

The result last time, how- 
ever, included significant prof- 
its from property disposals, the 
mm party said. 

Turnover fell to £172,000 
(El.OSm) but administrative 
expenses were cut from £L04m 
to £961,000 including £130,000 



Midland Bank' s Richard Orgfll, flmM by Peter EDwood of the TSB (left) and Richard Goeltz of 
NaiWest having to accept lower r e turn s in a bid to increase market share 


• Retail funds help banks' 
balance sheets in two ways. 
One is that they are a stable 
funding source. Wholesale 
funds, i»nt in large tranches by 
banks or by institutions which 
have surplus cash, fluctuate in 
price and supply can dry up 
quickly If financial markets 
are volatile, or a hank appears 
unsafe. 

T he second is that retail 
funds tend to be cheaper 
at the margin. Once a 
bank has set np a branch 
network, the marginal cost of 
gathering deposits is usually 
lower than borrowing from 
wholesale markets. The rela- 
tive costs are more difficult to 
calculate if branch costs are 
ntiriad to the equation. 


• Banks are placing more 
emphasis on selling fmanriai 
products such as kfe assurance 
rather than lending money. 
They see savings and deposit 
accounts as a risk-free means 
of expanding their customer 
base. They hope that they will 
be able to persuade such cus- 
tomers to buy other things 
from t ftem. 

The last factor is the highest 
priority for most. Mr Goeltz 
says that it lay behind Nat- 
Wesfs deposit push from early 
1992. "We recognised then that 
the hawk had to develop alter- 
native income streams. 
The key is to satisfy more cus- 
tomer needs from essentially 
the sama in fra str u cture," he 
says. 

However, gathering deposits 


NEWS DIGEST 


relating to the co6ts of the cap- 
ital reconstruction in June 
1991 

Losses per share were 0.24p 
(O.OBpX 

Aberforth Split 
net assets Improve 

The net asset value per unit 
share of the Aberforth Split 
Level Trust stood at 27L2p at 
the 12 months prided June 30, 
up from 25G.3p at the same 
date last year. 

Available revehiie rose from 
£L27m to PI -9 1 m Earning s per 
income share rose from 8.43p 
to 8.47p and a fourth interim 
dividend of 2.45p gives a total 
for the year of B.45p (8.4p). 

Wembley considers 
investor proposals 

Wembley, the debt-burdened 
stadium anti greyhound track 
operator, yesterday confirmed 
that ft was considering a num- 
ber of proposals from various 


investor groups. 

The proposals all envisage 
an injection of new equity ami 
all potential investors have 
stated that they would wish 
the printing management to 
remain in place. 

Trifast ahead of 
forecast with £2.63m 

Trifast beat its prospectus fore- 
cast with pre-tax profits of 
w.fam for the year to March 
31, a 33 per cent rise an the 
previous Ei^wni- 

The industrial fastener group 
said that during the year the 
business had continued to 
grow much faster than the 
economy or its own sector. 

Sales rose 25 per cent to 
£29.1m (£23 -2m) and Trifast 
said that allowing for the 
acquisition of Fastener Tech- 
niques in October, the underly- 
ing rise was 21 per cent 

A net dividend of 0-86p is 
proposed for the year. Earn- 
ings per share came to 1223p 
(9.11p). 


does not bring simple cross- 
selling gains. Mr Ellwood says 
that TSB customers with borne 
mortgages tend to buy an aver- 
age of three other products 
from the bank. This is because 
mortgages give banks obvious 
cbanceB to sell related 
products such as home insur- 
ance. 

Mr Dennis Holt, general 
manager of personal banking 
for Uoyds Bank, admits that 
savings accounts have "less 
built-in loyalty". He says 
banks can improve their 
chances by persuading savers 
to buy long-term products such 
as the three-year stepped 
income deposit account 
launched by Lloyds this 

mnrtf h 

Mr Ellwood says banks now 


The share price closed up 7p 
at 208p. 

Irish Life sales rise 
15% to I£185.6m 

Total sales for the first six 
months of 1994 at Irish life, 
the insurance group, rose 15 
per cent to I£185.6m (jEKS.tai), 
while in Ireland recurring pre- 
mium sales totalled raw-Sm, up 
11 per cent on 1993. 

Single premium sales 
increased by 6 per cent over 
the year to I£64.5m. Sales in 
the UK fell by 37 per cent to 
reia.gm. 

Malvern UK Index 
matches benchmark 

Malvern UK Index Trust 
reported net asset value per 
share down 12.6 per cent at 
132.36p at June 30, against 
151.42p six months earlier. 

As the FT-SE-A All-Share 
index fen 13 per cent over the 
period the trust said it had 


have greater p*igwo« to cross- 
sell to savers because of tech- 
nology. TSB this year achieved 
a 20 per. cent, response to a 
mailshot offering personal 
loans - 10 times fee normal 
response - because it had 
already credit-scored the cus- 
tomers to whom it sent the 
offer. 

But whatever the attractions 
of gathering deposits, banks 
now face a problem in finding 
a proper use for them. "Most of 
us now have a surplus of retail 
deposits because of poor loan 
demand. It is difficult to find 
suitable outlets," says Mr Rich- 
ard Orgill, Midland's deputy 
chief executive. 

T he problem Is com- 
pounded by the fact that 
societies are now having 
to bid strongly for retail fonds 
to compete with National 
Savings, and are offering 
attractive rates. Bankers say 
that same societies are giving 
savers rates which are too high 
to make a profit if the funds 
are lent wholesale. 

This competition for funds is 
one reason, cited by banks Cor 
wanting to buy building societ- 
ies. Some see it as an opportu- 
nity to buy back the retail 
deposit strength they have lost 
over the past 20 years. Without 
this elegant solution, banks 
face a tough struggle to rebuild 
market share. 

Mr Goeltz says that banks 
must be consistent to reestab- 
lish a good reputation, "^bere 
is a cost to convincing custom- 
ers that we are a valuable ally 
in the savings market," he 
says. That cost could start to 
look very hi gh if Hanks cannot 
quickly achieve the other sales 
for which they hope. 


achieved its objective of track- 
ing the index. 

Net revenue for the six 
months to the end of June was 
film (£974,000} for earnings per 
share of 2.07p (2.01p). The 
interim dividend is maintained 
at L7p. 

At the annual meeting in 
April the vote, as required 
under its articles, was over- 
whelmingly in favour of con- 
tinuing the fiind for anoth er 
year. Of the votes cast 95 per 
cent were in favour. 

Secure Retirement 
£0.3m In the black 

Secure Retirement, the devel- 
oper of sheltered housing 
which gained a listing in April, 
returned to profit in the year 
to March 31 with £341,000 pre- 
tax compared with losses of 
£2.tm_ 

Turnover rose from £1.67m 
to £2.7m reflecting an increase 
from 20 to 34 in units sold. 

Earnings per share were 
3.09P (20.92p losses). 


I ,, <■ 

1 v» • 


*3 

\A 


■BfBBnaa«aaaa«Hi 

SB 

SB New Issue 
m July 7. 1994 


faa&BBBSSIIBSliagiS 



All of these securities having been sold. 
This announcement appears as a matter 
of record only. 


CANADA 

US-$ 2,000,000,000 
67 2 per cent. Notes due 7th July, 1997 


1 Deutsche Bank AG London 


S 3 RBC Dominion Securities Inc. 

S 

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S3 

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Merrill Lynch International Limited 
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Eurotunnel PJL-C. Registered Office: The Add phi. John Adam Sum. London WC2N 6JT. Registered in 
England Na 1960271. 

Eurotunnel SA_ Sorid tf Anoayme au capital de FRF 5398.071,810. Reg is tered Office: 112 avenue Kllber, 
BJ>. 166 - Trocad&o. 75770 Paris Cedes 16. Regisiered in Paris No. RCS B 334 192 408. 

NOTICE TO HOLDERS OF FOUNDER, 1991 AND 1993 WARRANTS 


FOUNDER WARRANTS: the 2,652,000 twinned warrants ((be “Founder Warrants”) lo subscribe for shares in 
Eurotunnel P.L.C. (“EPLlCTandin Eurotunnel S A. ("ESA") (issuable in the form of Units} constituted, in the case 
of EPLC. by an Instrument dated 1 September 1986 (as amended by Supplemental Lostmmems dared 4 September 
1 990 and 24 June 1 993) and, to the case of ESA. by a Board resohaioo doled 13 August 1986 (as amended by Board 
resolutions dated 4 Septe mb e r 1990 and 24 June 1993 with the approval of (he wananibotdera given at general 
meetings held on 3 September 1990 and 23 June 1993); and 

1991 WARRANTS: (he 7.U2XS7 twinned warrants (die “1991 Warrants'*) (o subscribe Tor shares in EPLC 
and ESA (issuable in ifae form af Units) constituted, in the case or EPLC by an Instrument dared 10 June 1991 (as 
amended by a Supplemental Instrument dated 24 June 1993) and. in the case of ESA, by a Basil resolution d ated 
23 May 1991 (and subsequently amended by a Board resolution dated 24 June 1993 with tbe approval of warrant- 
hoiders at a general meeting held on 23 June 1993); and 

1993 WARRANTS: tbe 534,141.299 twinned warrants (die “1993 Warrants") to subscribe for shares in EPLC usd 
in ESA (issuable in the fotm of Units) constituted, to the case of EPLC. by an Instrument dated 25 June 1993 and, 
in tbe case of ESA, 1* a Board tcsohnioQ dated 2A June 1993; 

are hereby informed that, as a result of the rights issue (tbe “Rights Issue") of EPLC and ESA conferring rights to 
subscribe for an aggregate of 323.884,308 New Units on tbe basis of 3 New Units for every 5 existing Units held 
at a price per New Unit of 265p or FRF 2250 or a fixed combination of I323p phis FRF 1 1.25. the number of 
stores in EPLC and ESA. twinned as Units, which a holder of Founder, 1991 and ! 993 Warrants may subscribe oa 
exercise of die said warrants has been adjusted. 

The results of the adjustment are ns follows: 

- Founder Warranto: each Founder Warrant entities the bolder thereof to subscribe for 12^6 Units (previously 
1 1.20 Units) at an aggregate price of £9.72 plus FRF 100. Subscription Rights under tbe Founder Warrants are 
oofy exercisable in respect of whole numbers of Units. 

- 1991 Warrants: each 199! Warrant entitles the holder thereof to subscribe for 1-24 Units (previously 1.1 1 Units) 
at an aggregate price of £1.75 pins FRF 17.50. Sobseription Rights under the 1991 Warrants will only be exer- 
cisable in respect of whole oumbm of Units. 1991 Warrants arc not exercisable at present. 

- 1993 Warranto: leu 1993 Warrants entitle tbe bolder thereof to subscribe for 1-12 Units (previously 1 Unit) 
at an aggregate price of £1.675 plus FRF 14.125. Subscription Rights under the 1993 Warrants ore only 
exercisable in lens and in integral multiples of ten and only if and to die extent (hat sufficient 1993 Warrants ate 
exercised so as to entitle the bolder to be allotted one Unit or an integral multiple of Units. 

Certificates setting out the above adjustments have been obtained from Morgan Grenfell & Co. Untiled and Basque 
lndasuez. Copies of the certificates are available for inspection by holders of the Founder, 1991 and 1993 Warrants 
at die registered offices of EPLC and ESA. 

The right lo’ exercise Founder and 1993 Warrants was suspended from 12 May 1994 uigi] 11 July 1994 inchoTve. 
Tbe Founder and 1993 Wwratos will become exercisable with immediate effea; the above adjustments will apply 
to Founder and 1993 Warrants exercised on and after 12 July 1 994. Under the terms and uoraliiions of the Fourxier, 
1991 and 1993 Warrants, the suspension will not result in an extension of the Subscription Period. The 1991 
Warrants are not exercisable a prnsenL 


By Order of the Board 
S . A Walker FOS 
Secretary 
Eurotunnel PJ^C- 


Tbc Board of Directors 
Eurotunnel SJL 


12 July 1994 


s 




26 


FINANCIAL TIMES THURSDAY JULY 14 1994 


COMMODITIES AND AGRICULTURE 


New York buyers 
lead coffee prices 
to fresh peaks 


By Deborah Hargreaves 

New York traders took the lead 
in the coffee market yesterday, 
p ushing the London Commod- 
ity Exchange September deliv- 
ery position to a new 814-year 
peak of $1085 a tonne. But the 
more subdued London tone 
dominated towards the market 
close and in last minute trad- 
ing the price dipped just below 
the $4JX)0 a tonne mark. 

By the end of trading the 
September contract was quoted 
at $3,990 a tonne - a rise of $92 
- while all other positions up 
to nest May remained above 
$4,000. New York prices were 
continuing firm in midday 
trading with the September 
arabica futures contract show- 
ing a rise of 18 cents to $2.65 a 
pound. 

Reports of large cash pur- 
chases by coffee roasting com- 
panies eager for stocks of 


beans drove the market yester- 
day. “This market has readied 
the point of panic for most 
roaster s and they have to be 
extremely aggressive about 
buying," said Mr BID O'Neill, 
soft commodities analyst at 
Merrill Lynch in New York. 

At the same time, traders 
were concerned about the tim- 
ing of Brazil's coffee sales, 
which it has signalled to allevi- 
ate supply tightness. Brasilia 
suspended exports while it 
assesses the damage to next 
year's crop of frosts earlier this 
week and traders are uncertain 
when the release of stocks will 
be resumed. 

Mr O’Neill said the market 
mighr try to test the tip** resis- 
tance level at $2.76 a pound, 
which was last breached in 
1986. “After that it's into 
uncharted water with the 1976 
h igh of $3.75 a pound to go 
for,” be said. 


Shephard ‘anxious’ about 
disease in single market 


By Deborah Hargreaves 

Importers of live animals to 
the UK most be aware of their 
responsibilities in keeping out. 
infectious diseases as the free 
movement of farm animals 
across borders increases in the 
European Union's single mar- 
ket, Mrs Gillian Shephard, 
agriculture minister, stressed 
yesterday. 

The government will be hold- 
ing a ggnrinar in November to 
offer advice to importers on 
animal health problems. Mrs 
Shephard told the House of 
Commons Agriculture select 
committee of MPs that it was 
up to individual operators to 
“blow the whistle," on those 
that were acting irresponsibly. 

Mrs Shephard said she was 
not entirely happy with the 
way the single market worked 
in all member countries and 
that there were “waves of anxi- 


ety”, in the Ministry of Agri- 
culture over the outbreak of 
disease. 

But the increase in UK veter- 
inary dhwrfn* cm imported ani- 
mals since November had 
revealed few major problems. 
All cattle from France bad 
been checked following an out- 
break of warble fly infestation, 

Anri 12 mnirigninmh! this year 

had been returned to France. 

In addition, the government 
had launched a series of 24- 
hour periods of blanket surveil- 
lance of imports and exports 
that have so Ear covered 500 
consignments. Some form of 
irregularity had been found in 
one in seven of the shipments, 
but these mostly involved 
faulty paperwork, she said. 
Only about 1 per cent at cases 
concerned more serious hea lth 
certification irregularities. In 2 
to 3 per cent of shipments 
there were welfare problems. 


CBoT hopes for big yield from crop insurance futures 

Laurie Morse on a scheme that could cut the cost of government disaster compensation to US farmers 


T he US government and 
the Chicago Board of 
Trade are collaborating 
on a novel market-based effort 
to reduce the cost of govern- 
ment support to farmers after 
crop disasters like floods and 
droughts. 

The co-operation is a 
by-product of a major overhaul 
in the US federal crop insur- 
ance programme this year, but 
the resulting options contracts 
could find favour with a vari- 
ety of agribusinesses that need 
to manage risks associated 
with volatile grain production 
levels In the US. 

The CBoT’s futures and 
options pits already set the 
benchmarks for world prices 
tor wheat, maize and soya- 
beans. Those contracts offer 
producers, grain dealers, and 
food processors a kind of price 
insurance ww^ani™ 


The new options, which are 
stm in the design stage and 
have not been announced pub- 
licly, win provide a means for 
hedging the size, rather than 
the price, of a crop in specific 
areas. The ccartracts would per- 
tain to US crops, but analysts 
say the concept could be 
applied anywhere in the world. 

The “area yield options con- 
tracts", as they are called, 
would work much like similar 
price-based contracts. How- 
ever, instead of selecting a 
strike price, traders would 
select a strike yield for a par- 
ticular crop in a particular 
area. A holder of a call option 
for maize grown in the Mid- 
west, for example, might select 
a strike of 100 bushels an acre. 
If the actual yield, as assessed 
by the US Department of Agri- 
culture after harvest, was 
greater than the strike, tiie call 


holder would receive a cash 
payment. Conversely, a put 
holder would receive payment 
if the crop was smaller than 
the chosen strike. The con- 
tracts would mature at har- 
vest, and be settled in cash. 

in essence, the options would 
be a production insurance 
mechanism, says Mis Ann Berg, 
a CBoT Director and a cham- 
pion of the yield options con- 
cept She expects a wide vari- 
ety of grain handlers, barge 
and rail companies, food pro- 
cessors, and bankers to use the 
product. “There has been a 
long period of consolidation 
and inte gration in agribusiness 
which ban created big compa- 
nies with huge capital invest- 
ments in storage terminals, 
export bouses, a nd other facili- 
ties whose profitability 
depends largely on the volume 
handled, and hence the crop 


size." she says. “This could 
help thorn manage that aspect 
of risk in their business.” 

Ms Berg expects the options 
contracts to be ready to trade 
sometime next year. 

The USDA views the options 
as one way to attract more cap- 
ital into the re-insurance net- 
work that backs the govern- 
ment's vast crop insurance 
programme tor farmers. 

That programme has been 
widely criticised for its lack of 
actuarial soundness, low levels 
of farmer participation, and its 
high cost For each of the last 
seven years congress has voted 
additional disaster relief to 
farmers, trying to fill the gaps 
left by the Insurance system. 
Last year the US paid out more 
than $4hn in disaster relief and 
crop insurance payments to 
formers following record floods 
in the Midwest. The money 


paid to compensate formers for 
crop losses represented one 
quarter of all federal subsidies 
paid for wheat, rice, feedgrains 
and cotton programmes, 
including export subsidies. 

In an effort to manage the 
budget drain congress this 
month Is expected to approve a 
controversial overhaul of the 
crop insurance programme. 

Under the new system, form- 
es will be required to sign up 
for crop insurance so as to 
quality for government price 
supports. This, USDA experts 
say. will triple the size of the 
insurance programme and 
strain the nation's crop rein- 
surance resources. Crop insur- 
ers liabilities could rise to 
$40bn, from their current cov- 
erage of Sl3bn, according to 
USDA data. 

Mr Joseph Gla uber, principal 
economist in the USDA’s Office 


of Economics, says the insur- 
ance programme is arpamnwg 
just as reinsurance capacity is 
dwindling. “We're worried 
there won't be enough capital," 
he says. “The options markets 
would allow some wholesale 
management of production 
risks and could bring in otter 
players." 

While innovative, the yield 
options concept is unproven, 
and may not attract any more 
customers than the CBoTs 
nearly-moribund catastrophe 
insurance futures contracts. 
However, Mr Richard Sandor, 
the derivatives wizard who 
helped invent financial futures 
in Chicago, is enthusiastic 
about the idea. “This will 
appeal to many types of trad- 
ers,” he says. “These win be 
the first contracts to bridge the 
agricultural, insurance and 
capital markets." at the CBoT. 


Generators forecast to need 15.5 per cent more uranium by 2000 





By Kenneth Gooding, 

Mining Correspondent 

New uranium mines will be 
needed at the turn of the cen- 
tury to cope with a forecast 
15.5 per cent world-wide 
increase in requirements by 
nuclear power stations, accord- 
ing to the Uranium Institute, 
an international associatio n of 
producers and consumers. 

Most of the new capacity will 
be in Canada, the US and Aus- 
tralia, it points out in what the 
institute claims is “the m o st 
comprehensive global analy s e s 


of the uranium market pub- 
lished so for”. 

The report notes that the 
World Energy Council predicts 
global energy demand will be 
50 per Cent higher in 2010 than 
in 1990 and then looks at proj- 
ected nuclear generating 
capacity on a country-by-coun- 
try basis. It concludes that 
requirements will rise from 
56,076 tonnes in 1993 to 64,786 
tonnes in 2010. 

Some of the uranium 
will be supplied from existing 
mines which have been operat- 
ing at well below capacity for 


some years. Than is also the 
very real prospect that ura- 
nium derived from former 
military material will begin to 
be released into the market at 
some point in the next decade 
- “a real manifestation of the 
peace dividend", was the way 
Mr tan Duncan, the institute's 
chairman, described it. 
Depending on the restrictions 
placed by governments on this 
material, it could add between 
S per cent and 15 per cent to 
world supplies from all sources 
within 10 years. 

The report points out that 


uranium production in the 
western world has fallen 
sharply in recent years and in 
1992 covered only half of west- 
ern demand. The gap was filled 
by uranium from stocks, from 
reprocessing products and 
from imports from the Com- 
monwealth of Independent 
States, Eastern Europe and 
China. 

As existing western stocks 
begin, to run out towards the 
end of tiie 1990s, and if the 
nwrte share of tiie CIS 
East European countries con- 
tinues to be limited by eco- 


nomic factors and by trade 
restrictions imposed by the US 
and the European Union, pro- 
duction of uranium from west- 
ern mines will need to 
increase, the report suggests. 

However, Mr Duncan said 
the fundamental issue raised 
by the report was “how is the 
world to meet the burgeoning 
demand fotr electricity and 
what part is nuclear power to 
play in this ?" 

The report says that in 
2991-92 nuclear power supplied 
about 7 per cent of the world’s 
primary energy and 17 per cent 


of its electricity. Since 1971 
nuclear power has been the 
only primary fuel to increase 
its share of total electricity 
production. “Nevertheless, 
midear power’s fixture role and 
growth faces considerable 
uncertainty in spite of Its com- 
petitiveness and demonstrated 
environmental benefits.” 

The Global Uranium Market 
Supply and Demand 1992-2010. - 

£200 firm the Uranium htsOr ■ ~ 
Cute, Sowater Souse, 68 ' 

Knightsbridge. London SW1X 
7LT, UK 


Car industry boost forecast for base metals 


MARKET REPORT 

Copper prices settle back 


Rising car output, growth in 
the number of cars in use and 
hi ghpr consumption of non-fer- 
rous wwjfartq in wflch car shou ld 
see the industry's for 

base metals grow further in 
the 1990s, according to Brook 
Hunt and Associates, reports 
Reuters. 

But the latest report on the 
car industry by the metals 
industry analyst says that 


after the turn of the century 
use of copper and zinc will fall 
markedly, althoug h alumin- 
ium, lead and ntekwi consump- 
tion will continue to rise. 

Brook Hunt estimates that 
between now and 2005 con- 
sumption by the passenger car 
industry of aluminium wifi rise 
by 83 per cent to 395m tonnes, 
of lead by 11 per cent to 194m 
tonnes and of nickel by 10 per 


cent to 57.000 tonnes. 

But usage of capper is fore- 
cast to foil fay nearly 12 per 
cent to 480900 tonnes and of 
zinc by 79 per cent to 457,000 
tonnes by 2005. 

The passenger car manufac- 
turing industry’s share of west- 
ern world demand for the 
major base metals in 1993 was 
12 per cent for aluminium, 8 
per cent for copper, 32 per cent 


for lead, 10 per cent for nickel 
and 13 per cent for zinc, Brook 
Hunt says. 

Aluminium's unique combi- 
nation of physical and mechan- 
ical properties make it the 
material of choice in a wide 
variety of applications and will 
ensure it has the greatest 
potential for future demand 
growth in the car industry, the 
report says. 


The London Metal Exchange 
COPPER made another 
attempt to dear $2,450 a tonne 
for three months delivery yes- 
terday but again met general 
liquidation and Chinese selling 
and settled back to end mar- 
ginally lo wer an the day. 

ALUMINIUM prices did not 
make any more headway 
either. Business was done 


within a comparatively narrow 
band, well below the overhead 
objective for the three months 
position of $1,550 a tonne. 

There were some signs of for- 
ward tightness developing in 
T.RAH next year, but thin faflnri 
to generate enough on the 
upside to lift the market above 
the 5600-a-tonne barrier. 
Compiled from Reuter 


COMMODITIES PRICES 


BASE METALS 


LONDON METAL EXCHANGE 

(Prtcas from Amalgamated Metal Trading) 

■ AUna W alM. B8 l 7 PURITY (5 par torme) 



Gate 

3 mtfm 

Close 

1514-5 

1532-3 

Prarious 

15205-1.5 

1538-7 

HJflhW 


154011523 

AM Official 

15108 

1 636-5-7 

Kerb dose 


1533-4 

Open mt 

282^81 


Total riafly turnover 

84,770 


■ ALUMNUM ALLOY (S P* tome) 

GtaM 

1505-15 

1525-35 

Previous 

1510-5 

1525-30 

HgMmr 


154011530 

AM Official 

1515-28 

1535-40 

Kerb dose 


1525-35 

Open ir*. 

2.870 


Total deny turnover 

455 


■ LEAD IS per tonne) 



Close 

562-4 

594-8 

Previous 

551.5-2.5 

588-7 

hfigtWwr 


601/696 

AM Official 

585.5-6 

587-8 

Kerb dose 


594-5 

Open riL 

41.381 


Total dally turnover 

9.835 


■ MCKEL& per tonne) 


Close 

6260-70 

8350-6 

Previous 

8275-85 

6305-70 

HgiVtav 


638018310 

AM Official 

6252-7 

6350-5 

Kerb doee 


0355-80 

Open ril 

57.989 


Total daily turnover 

11.597 


■ TM (S per tonne) 



Ckwe 

5310-20 

53MM00 

Previous 

5345-55 

5415-25 

tflOh/tow 

5336 

5430/5406 

AM Office* 

5330-5 

5405-10 

Kerb dose 


5390-400 

Open to. 

19,184 


Total daBy turnover 

3379 


■ ZINC, apecM Mgft grade (S per tonne) 

Close 

988-9 

992-3 

Previous 

863.5-4.5 

388-9 

hkjMqw 


9901990 

AM Official 

972JL3.5 

996-6.5 

Kerb doee 


993-4 

Open M. 

J 03. 039 


Tool may turnover 

17,101 


■ COPPGR, grade A(S pw tonne) 


Close 

24S&-30 

2447-8 

Previous 

2431-2 

2449-60 

rtohrtow 


2458/2437 

AM Official 

2430-1 

2448-9 

Kerb dose 


2444-8 

Open «. 

237.637 


Total daBy tunovor 

51.083 


■ UKE AM Official CIS rata: 1.5878 

UHE Ctoetag Ot rate: 1.8875 


Spot 1.5670 amDsl^BGO 6ntths1.S658 9mKS:15M7 

■ HK3H GRADE COPPER (COM EX) 


Day* 


Open 

One donga 

N* DM 

tat Vo) 

Jd 11020 4020 

note 109.80 

2.421 XE 

tag 11QS0 -030 

11080 11030 

aw 

Sag 11090 fOM 

mm 110. 35 

31.317 S.159 

OCt 11055 +030 

- 

324 2 

Rat 11020 +035 

- 

245 

tee I ».» +035 109.90 10029 

a;30S 339 

TOW 


50378 8JM2 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Ptkw auppled fy N M flotfwcrad) 


SoldfnuycsJ S Price CNjutv. 

3056 364.00-384.40 

XMOkig 38SJXMB5.40 

ferrtng ft* 3«.B5 245.518 

tftemoon fix 384.65 2454)78 

fey's High 38fi.40-385.80 

>3/3 LOW 383.85-38405 

CtomctoM 38860-388.40 

jKfl LA Mian GdM Lanttaig R**a 0* US$) 

month 4.1t 8 months 4.64 

.4.20 12 morons j.os 


4 no 


her Rx 


months 


prtroy oz. 
332.55 

341.05 

351.40 


US cts eqriv- 
521.50 
SZ7JBS 
534.55 
55Q.2Q 


Gold Coins 
Krugonww 
Mapla Leaf 
Now Savereftf 


$ pries Cequf». 

391-383 248-251 

394.70-397.20 

SI-94 50SB 


Precious Metals continued GRAINS AND OIL SEEDS 

■ BOLD OOMBC (100 Troy oz4 Vhoy eg.) ■ WlgAT LCE (E per tome) 


SOFTS 

■ COCOA LCE g/toreia) 


MEAT AND LIVESTOCK 

■ UVE CATTLE CME (4qoocft»; canta/feri 



Srit 

tefa 



OP* 



Srit 

OWb 





Srit 

Oaf* 



OP** 



Srit Oar* 

OP* 



Price 

craaga 


lea 

tat 

M. 


Price 

(ten* UK* 

LMT 

tat 

W 


Prica ( 

teaga 


Lear 

tat 

M 


prica itaiga Wgft bar 

tat 

N 

Jri 

3B3J 

-2.1 

- 

- 

184 

184 

at 

10115 

-035 103.10 10230 

414 

37 

te 

10(7 

+■10 

10(3 

1022 

130B 

144 

teg 

88630 +0500 04150 67673 24430 13670 

tel 

3840 

-23 

3863 

ms 64338 23308 

Ik* 

10300 

-030 18330 

103M 

2323 

213 

tep 

T06Z 

+8 

1053 

10ZB 

17.784 2547 

Oct 

71.750 +0.425 71600 70875 2DJ11 

7686 

*P 

385.5 

■23 

« 

- 

- 

- 

tei 

10590 

-030 10530 

10560 

1.440 

25 

Itac 

1083 

+12 

1063 

1038 

24288 

1599 

tee 

71625 +0250 71560 70750 11582 

4603 

OEt 

387.1 

-22 

3800 

mo 

M32 

251 

ter 

107 JO 

-050 10770 

10750 

019 

44 

Mar 

1080 

+9 

1080 

1053 28623 

831 

Nb 

70650 +0160 70900 70600 

4418 

1663 

tec 

3903 

-22 

3924 

3800 29307 

744 

ter 

1CSL2SJ 

-0140 10930 10490 

399 

3D 

MW 

ioas 

+11 

1085 

10B3 

9624 

27 

ter 

72025 +0150 72250 71500 

sjna 

431 

Fob 

3835 

■22 

387.0 

39*0 

7375 

688 

Jri 

11155 

- 

- 

125 

- 

Jri 

1088 

+7 

1080 

torn 

3,929 

21 

Jtai 

65890 +4125 64150 64700 

1.M6 

72 

Total 




145018 2B5M 

TOW 




5529 

341 

Trial 




18362B 4100 

Trial 


74380 27610 


■ PLATINUM NYMEX 150 Troy az.; SAroy czj ■ WCAT CRT fiOOCbu nunc csrtaSCfc bmhefl ■ COCOA CSCE (10 tonoag Monnag ■ UVE HOGS CME (4Q.P00fcK canfcMba) 


te 

4006 

-06 

4120 

4045 

278 

S 

OCt 

4106 

-03 

4136 

4045 

14187 

46*4 

Jan 

4144 

-05 

4146 

4146 

2^90 

111 

Triri 

4176 

■04 

4196 

4140 

1.723 

22648 

4JW 


■ PAUAUU** ft/YMEX (IPO Troy az^ Story azj 


te 

14475 

-060 

14760 14425 

4.701 

430 

Dae 

14450 

-030 147J25 14450 

788 

25 

Mar 

14&2S 

-165 

- 

- 

126 

2 

TOW 





4895 

487 

■ SILVER COMEX 1100 Tray az^ Cents/trey ol) 

Jri 

512 2 

-120 

5246 

6146 

410 

117 


514.7 

-11.7 

5256 

5256 

- 

- 

ten 

9145 

-11.7 

5300 

5156 80.196 11644 

Dae 


-116 

5383 

5236 23471 

574 

Jan 

5256 

-116 

- 

- 

33 

• 

Mar 

5321 

-116 

5456 

5316 

4502 

38 


Tum 122,758 lifiU 

ENERGY 


■ CWUDC OIL NYMEX (42.000 US flrta. S/bairri) 


Lriari Day's 
price donga Mp 

teg 2061 +068 2058 

Sop 1965 +412 1930 

Oct 1438 +412 1440 

Ho* 196B +069 1413 

Dec 1488 +404 i860 

JM 1&7E -402 1&7S 

Triri 

■ CRUOe OIL IPE (Ubarrel) 

Open 

In W IM 
2030 78,134 84680 
I960 79346 43644 
18.19 44713 18640 
1064 24792 9370 
I860 39340 15380 
1473 23237 8578 
424584184880 


lateri 

oar* 



Open 



prica 

c tenge 

Htfi 

Law 

IM 

W 

teg 

1B33 

+427 

1455 

1827 

54376 30272 

Sep 

1865 

+4Z7 

1608 

1760 5B2T1 

27613 

Oct 

1760 

♦020 

1761 

1759 

17384 

7610 

He* 

176B 

+401 

1763 

1750 

4967 

1619 

Dec 

17,48 

- 

1760 

17.48 

12622 

1218 

Jaa 

• 

- 

- 

- 

4.475 

07 

Triri 




164484 99614 

■ HEATWO 04. NVMBt (42600 US gdtedUS gate) 


UCMl 

ore's 



Opm 



price 

change 

WBb 

lee* 

bri 

w 


5165 

+061 

51.10 

4968 24497 

22580 

Ste 

5160 

+037 

5160 

5065 21627 

4802 

Oct 

5270 

+032 

52.70 

5165 

10.400 

1.449 

Hue 

5365 

+022 

5360 

«jmn 

4891 

1302 

Doc 

54.75 

+022 

5460 

5360 

19293 

4047 

Jaa 

55.20 

+037 

QUO 

5560 

11613 

1,838 

Total 




123659 40628 

■ 0A3 04 PE (Stone) 





Srit 

Oof* 



Opm 



price donge 


Let* 

tat 

W 

teg 

15860 

-a75 

19960 

15475 

16« 

7610 

Sap 

180.75 

■0.75 18130 13930 30.438 

3640 

Oct 

18175 

-060 

16435 

16250 

11,762 

583 

Bov 

185.75 


10400 

184.75 

9651 

450 

Dec 

1B765 

-475 

16750 

16660 

62S5 

427 

Jan 

18860 

■475 

18450 

18475 14697 

234 

Total 




M£49 12A41 


■ NATURAL flAS HIMEf (tftPQO (lWfiftL; gamSBiJ 



Utaat Oqf'k 


Qpaa 



price change 

"eh 

lee* tat 

VQ1 

teg 

2615 +0610 

2625 

1690 15681 

7,757 

sip 

Z655 +0603 

2660 

1035 13,128 

4,482 

oa 

2.090 +0003 

jnes 

2680 8681 

1203 

Her 

2.180 +0605 

2.180 

2.195 10632 

570 

On 

2380 +0005 

2290 

2270 14,401 

864 

Jm 

2380 +0608 

eean 

2270 9,738 

SOS 

Total 



108,190 11671 

■ UNLEADED OASOUHE 



met H2600 IB gate: riUS gate) 



Uteri Dsy1 


Opm 



Price change 

MBit 

Lear u 


teg 

5505 +034 

5530 

8465 43681 24.488 

Sep 

5420 +0.70 

5560 

5460 21609 10637 

Od 

53.76 +438 

5360 

SUB 7625 

1,604 

NO* 

52.45 +0.48 

5246 

5165 8,724 

818 

tec 

57.10 +069 

5720 

58.70 3668 

882 

Jtai 

5442 +068 

8142 

6&« 1608 

507 

Tew 



B£M 3*283 


Jri 

315/0 

+0« 

318*0 

SlSffi 3685 

1740 

Sap 

321/8 

+0*4 

324/0 

321/4102.735 38,455 

Oac 

334/2 

-m 

33843 

3335152680 52635 

War 

33941 

-on 

341/4 

338/8 29620 

1386 

■w 

334/0 

+VD 

335*4 

33461 1,115 

110 

Jri 

32)6) 

+16) 

3230 

32)6) 2880 

375 

Triri 




282688 88690 


■ MACE CBT (5600 bu ffitn; cantt/Sqb buW»Q 


te 

235* 

♦3/2 

2386) 

233C 376*0 23685 

S«P 

227*2 

+2/0 

227/4 

2266)281,785 73680 

Dec 

226/2 

+1/0 

2286) 

225*4581636133680 

Mtr 

23543 

+161 

235,4 

234*4 80.185 13620 

** 

241/8 

+<W 

»2/2 

241/2 27695 8605 

Jri 

245/4 

♦ 16 ) 

2486) 

245*0 29605 6655 

TM 




16801284713 

■ BARLEY LCE (£ per tome) 


Sap 

9960 

-050 10060 

10060 200 1 

ter 

1CI.75 

+405 

rnsi 

1016 0 389 21 

Jaa 

10265 

+066 

. 

28 

■ar 

10*60 

- 

. 

3a 

ttey 

105.75 

- 

- 

1 

Tew 




888 22 

■ SOYABEANS COT (560Qxi mbc carisnob bated) 

te 

62361 

on 

827*4 

82265 20.100 16620 

teo 

817/2 

+2/4 

618*4 

814/4129685 58680 

Sap 

587/2 

+4*2 

S9M 

5B5/D 62655 14.740 

Rev 

583/0 

+46) 

5M/4 

58IV2 348685 145605 

Jan 

58014 

+4*4 

5916) 

587/4 41680 5.165 

far 

588/2 

+4A 

588*4 

S95/4 14^30 1135 

Tetri 




688^E92SL220 

■ SOYABEAN Oft. C8T pjO.OOCfctc cental 

Jri 

2469 

♦129 

24.75 

2460 2,183 1623 

tep 

2469 

+027 

24.75 

2461 20*7 76*5 

Sw 

2468 

+020 

IU5 

2462 17.758 4694 

Oct 

2460 

+020 

24.10 

2360 10925 1309 

Deo 

2158 

+0.13 

23J7 

233S 32,431 6*3 

Jtai 

2363 

+013 

2177 

23.45 1421 554 

Tom 




83681 246*0 


■ SOYABEAN MEAL C8T (100 tong; 8/tan) 


Jri 

1812 

+06 

<856 

1646 

4.1 52 

1674 

teg 

184.7 

♦06 

1856 

184.1 

22621 

TAW 

Ste 

1826 

+04 

1814 

1826 10227 

1678 

oa 

1808 

+16 

1816 

1796 

9607 

1.479 

Dec 

1806 

+16 

1816 

1796 24600 

4634 

Jra 

1816 

+16 

1816 

1806 

2660 

318 

Tetri 





94679 17601 


■ POTATOES LCE (E/tanrw) 


No* 

906 

. 

- 

Mta- 

1036 

. 

- 

AW 

2056 

-116 2146 2056 16H 

180 

far 

2256 

- • . • 

- 

Jib 

TaW 

1076 

1682 

180 


■ FREIGHT pFFBQ LCE (SIQ/Indax poK) 


te 

1378 

-13 

1300 

1375 

81) 

37 

teg 

1340 

-a 

134a 

1335 

886 

63 

Oct 

1388 

■10 

- 

- 

437 

- 

Jra 

1380 

-10 

1390 

1300 

254 

1 

Apr 

1405 

-2D 

- 

- 

108 

- 

Jri 

1200 

. 

■a 

- 

80 

- 

Trial 

Ctaaa 

Pin* 



2628 

109 

BH 

1402 

1398 






cot&xi 

Spot and shipment sales In Liverpool 
amounted to 75 tomtu tor the week ended 
.My 8 against 218 tonnes In the previous week. 
Subdued offtake did not bring many 
operations Support was forthoomfeg In oartain 
M pa aafa t styles, notroey In the Amwlcan range. 


Jri 

1421 

+15 

14Z7 

1415 182 

8 

Jri 

48600 +0275 46.700 46600 

1640 

390 


1434 

+11 

1442 

1410 35685 0,146 

abb 

44680 +0300 44600 43650 11258 

1083 

Sea 

1475 

♦14 

148? 

1453 14628 

IAOT 

Ori 

4r650 ■ 41650 40825 

TM 

1677 

far 

1506 

+14 

1508 

1484 7,703 

84 

Dec 

40AS0 +0150 40600 38650 

460 

598 

“te 

1528 

+14 

• 

- 2691 

8 

Feb 

30825 +1250 40600 39650 

1.116 

132 

te 

7548 

♦14 

- 

• 26)2 

- 

AW 

*pg) -6650 -TPann 38830 

887 

119 

TaW 




88694 7636 

Tetri 


2M38 

1254 


■ COCOA ftCCO) (SDfl'e/tonne) ■ PORK BBJJB1 CME (4Q.0OCU»; oteteAbri 


MTI2 Price Pnr. Ikf 

Qfify 1081-08 105442 

10d*Mmp «« WA 


■ COFFEE LCE (S/tonne) 


Jri 

3975 

+« 

4020 

3910 

1J02B 161 

Sep 

3993 

+« 

4085 

3905 20661 5697 

taw 

3993 

+® 

40® 

3810 

7624 2653 

Jaa 

4013 

*00 

4085 

3803 

9,767 1672 

far 

«B3 

+110 

4000 

3930 

3664 000 

fay 

4015 

♦159 

4000 

3935 

719 308 

TaW 





4364616885 

■ COFFEE XT CSCE <376tWbs: cantafeef 

te 

24665 

4L25 

263® 

24565 

138 63 

sap 

241 JB 

-440 274® 

241® 2147510.788 

Oac 

2I7J5 

+9® 


- 

12,179 1.784 

Mm 

217.® 

+9® 



6662 730 

“te 

217® 

+9® 

- 

• 

1635 « 

te 

2)140 

♦a® 

- 

• 

328 44 

Tetri 





44,834 74,0*7 

■ COFFEE OCOMUS centa/pound) 


te* 12 



Price 


Pitf. (taj 




205.17 





U Na7 PRStftftl RAW SUGAR LCE fcats/fos) 

oa 

11.78 

. 

1161 

11.77 

1,118 375 

Jaa 

11.82 

« 

% 

- 

- 

Mar 

If -49 

-004 

1162 

1162 

73 25 

Total 





1.1® 4® 

■ WHITE SUGAR LCE (Mm* 


Abb 

33170 

-a® 

338® 

331® 

5658 1.681 

Oct 

311.40 

- 

312® 

310® 

1O6B0 776 

Dec 

306® 

-0.10 

308® 

308® 

902 12 

taw 

305® 

•020 3 07® 308® 

1744 47 

May 

30110 

-0® 

306.10 305.70 

382 4 

tei 

304® 

-0® 

305® 

305® 

344 Z7 

IMri 





216*7 2671 

■ SUOAR *11' CSCE p 110000 *; centa/Jbs) 

Ori 

1164 

*062 

1161 

11.47 

70®7 9646 

far 

1162 

■061 

11® 

11® 30018 1307 

rite 

1164 

-064 

11® 

11® 

5®0 684 

te 

11.15 

■062 

11® 

11.15 

2,414 145 

Ori 

11.11 

-062 

. 

- 

870 8 

taw 

11® 

-067 

11.10 

11.10 

94 

Tetri 




10*38313®* 

■ COTTON NYCE BO^OOtoc ccnts/fcs) 

Aag 

8140 

+050 



3 

Oct 

m® 

+0-50 

70® 

8695 

8,096 1.188 

DM 

6963 

+644 

70® 

SLID 29,757 8683 

far 

70® 

+650 

71® 

7060 

7.1 SI B01 

“ay 

71® 

+640 

7260 

71.12 

4®8 438 

Jd 

72® 

+6® 

71® 

73® 

2623 323 

nto 





SZ*®7 9fiN 

m GRANGE JUKE NYCE pSjOOOfae; cantaAbd 


te 

B465 

-1® 

89® 

B&2Q 

84 

46 

s® 

8840 

-1® 

9265 

8120 14638 

464 

lb* 

9165 

-1® 

94® 

01 JO 

3615 

2® 

Jbo 

8525 

-065 

97.70 

9525 

4679 

81 

far 

9965 


10175 

9965 

awn 

22 

m 

TOW 

10125 

+1® 

104® 

103® 

434 

2S®0 

683 


VOLUME DATA 

Open intweet and Vokrnie data shewn for 
contracts traded on COMEX. NYMEX, C8T, 
NYC£ CME CSCE and IPE Ou* 03 era one 
day in sneers. 


INDICES 


■ narrats (Base: iatt3i=iM» 


•M 13 Jul 12 month ago year ego 
21332 2110.7 2027.1 iKfta 

■ CTO ftibeeB Baas -me-iog 


M 12 
22531 


Jri 11 
23004 


month ego yew ago 
235.30 21118 


Jri 

38.1® 

-24)00 37600 311® 

686 

91 

A® 

33625 

-2®0 354® 33625 

4622 

1633 

Fad 

4ZS2S 

-1475 41873 42.125 

2607 

2B1 

Mr 

416® 

-t®0 436® 416® 

87 

3 

“te 

42675 

-1775 436S0 42675 

49 

6 

Jri 

ToW 

44.150 

-03® - 44.1® 

a 

7681 

1 

1688 


LONDON TRADED OPTIONS 

Strike price $ tome —Cate Puts — 

■ ALUMDOUM 


(96.7%) LME 

Sep 

Dee 

Sep 

Dec 

1825 

64 

89 

54 

81 

ISO 

52 

78 

67 

85 

1575. 

42 

06 

81 

109 

■ COPPB4 





(Grade A) LME 

Sap 

Doc 

Sep 

Oac 

2400 

se 

120 

47 

98 

2450 _ 

71 

97 

69 

123 

2500 

si 

78 

100 

152 

■ comas lce 

Sep 

Nov 

Sap 

Nov 

3000 

060 

777 

2S7 

384 

3650 

621 

730 

278 

407 

3700 „ 

583 

72S 

300 

482 

■ COCOA LCE 

Sep 

Dae 

Sep 

Oac 

1000 

73 

121 

21 

68 

1050 _ _ 

44 

96 

42 

82 

lino. 

25 

73 

73 

no 

U BRENT CRUDE IPE 

Aug 

Sep 

teg 

Sep 

1700. 

. 

. 

. 

2a 

1750- 

45 

87 

. 

4T 

1800 . 

- 

82 

- 

83 


LONDON SPOT MARKETS 

■ CRUDE OH. FOB (par barrat/Aug) +or- 


Dubai 

SI 863-7.070 

♦0.18 

Brwrt Band (dated) 

S1&3&438 

♦0.18 

Brent Bend (Aug) 

$1864-869 

♦0636 

W.TX (1pm ad) 

820-43-044 

-062 

■ OIL PRODUCTS NWE prompt dsftwy OF (toms) 

Premium Gasolne 

$184-108 


Gas OU 

S16S-166 

-16 

Heavy Fuel OH 

587-99 

*16 

faprotw 

8167-1® 

+05 

Jot tori 

S169-171 

-16 

A*elMn Argue Eritraea 



■ OTH® 



Grid (par troy oj) f 

$384-20 

-260 

SPrer (per troy 

52260c 

-560 

PtaOnun (per troy azj 

$40865 

+4.7$ 

PalatSun (per buy nzj 

SI 45.75 

*1.15 

Copper (US prod) 

114 A: 


Lead (US prodj 

3460c 

-2.70 

Tin (Kireta Lixnpur) 

1365m 

♦an 

Tin (Naw York) 

24&50c 


Zinc (US Prime W j 

Ung. 


Ctattle (8w wrighQt 

116.17P 

+088* 

Sheep (Ive wrigmjt* 

B665p 

-260- 

Plge Otae weWri) 

75.48c 

-048* 

Lon, day auger tran} 

$283.30 

+aso 

Lon. day suga- (wu^ 

$338.00 


Tata & Lyle export 

£28960 

+160 

Sartey (Eng. feat fl 

PIOOiJT 

-16 

Marie (US N d) YeUow) 

$143.5 


Wheat (US Dertt North) 

£1906 


RuObv 

BIJOp 

+1.00 

Ritew- (Serf^ 

81 .OOP 

+160 

RTOibar KLftSS Nol Aug 

314.5m 


Coconut Ot (Pt®§ 

t&aai 

+126 

Palm 01 (Malay^ 

S4S76q 

+106 

Copra (Pt*)§ 

$4006 


Soyabeans (U9 

tlT7.0q 


Cotton Out took w index 

80.406 

-aso 

Wodtope (B4a Stem) 

423C 



C per feme iriM oBmrnm rioted. p pencattp. a cnMx 
r rtnggaAg. m Median canata. t MWAug. q Aug. i m 
M. w Jdy. V London Ptiyricri. 9 OF Ranw a a ii . $ Brikn 
neri^ date * g hevp id ol* priori. * Cheng* an 
wmA pwfcerii prions. 


CROSSWORD 


No. 8,505 Set by HIGHLANDER 



ACROSS 

1 Historic novelist Chris slack- 
ened off (7,7) 

10 Let in and on (5) 

11 GP eats it, cooked hard in the 
middle with pasta (9) 

12 With one's thumbs do nothing 
but idly Addle (7) 

13 Progressive artist covered in 
obloquy (7) 

14 Pot gag and so forth in right 
hand (5) 

16 Former partner led City 
astray with pleasurable antic- 
ipation (9) 

19 Redrafts standards for Mer- 
chant Navy omitting one new 
abbreviation 0) 

20 Di s tributed timber on time (5) 

22 Not much over sea level - 

sounds like cattle country (7) 

25 Lack of belief in two articles 
is origin of Mormonism (7) 

27 Direct one Fren chman to ref- 
eree O) 

28 Roman poet has no right to 
watch (5) 

29 Bird seen on the line the 
moment after old ruler 
appears (5,3,6) 


DOWN 

2 Clumsy amateur took food 
outside first (3-fi) 

3 Deserved to be criticised 
severely (5) 

4 En gifoh flower and dairy pro- 
duce offered during church 
festival (6£) 

5 Pull to the left in a manner of 
speaking ($) 



6 Stayed tn the same house tak- 
ing care of practice with 
Edward (9) 

7 Arrive at erroneous conclu- 
sion involving consumer © 

8, 21 Poppy's type goes to 
church to see Hollywood star 
(7,6) 

9, 19 down Old sailor's wife 
starting to ccm vert a girl he 
8poilt (6,7) 

15 Farming partner on the Urn 
(9) 

17 Useful if one wishes to did 
(Tessa can’t, unfortunately! 
O) 

18 Arriving at a platform whict 
is getting shorter (7,2) 

19 Sees 

21 See 8 

23 She comes from west part or 
Arabia (5) 

24 Hated new curtains (5) 

26 Almost have first to opei 
caught in total confusion (5) 

Solution &504 



□Q0Da H0QEQQE0 
□ □Honan 
□BaaaanHH bodd 
q q □ q o □ h 

□HUDHE □mQEIDQQ 





ri * nils in |)^ ■), 


r i‘» U'Ulf lu 


CROSSWORD 



,V 


* * [L 

■•3 

t * s 


FINANCIAL TIMES THURSDAY JULY ia 1994 


27 


MAIBOET REPORT 


LONDON STOCK EXCHANGE 


Footsie recaptures 3,000 mark in good volume 


FT-S&A AH+$bare index 


1^00 


By Terry Byland, 

UK Stock Market Edtor 

The latest official statistics on 
domestic inflation and employment 
found a very positive response in 
the UK stock market yesterday. The 
ET-SE lodes rose by more thaw 40 
points to close convinc ingl y above 
the 3,000 mark which has proved a 
barrier since the middle of last 
month. Reports that continental 
European funds had been buyers of 
shares in London were borne out by 
an increase of around one fifth in 
trading volume. 

After breaking though the Footsie 
3,000 mark in early trading, the 
market remained firm behind a pos- 
itive British government bonds sec- 
tor. The final reading showed the 
FT-SE Index at 3,005.5 for a net gain 
an the day of 4L4. 


The lead came from a powerful 
recovery in the stock index futures 
sector, depressed on the previous 
day by a heavy sell-off by a US 
fund. After struggling for several 
sessions, the September contract -on 
the Footsie moved up to a signifi- 
cant premium against the rash mar- 
ket yesterday morning and held sol- 
idly above 3,000 until the **!"■» 

A steadier trend in the US dollar 
Set the stage for market recoveries 
across Europe. London gin gghufl off 
a bout of nervousness in mid-after- 
noon when rumours circulated in 
Europe that the Federal Reserve 
m ig ht , after all, be about to raise 
rates in the US. 

But the very slight increase in US 
June consumer prices was in ling 
with expectations, and the bout of 
nerves appeared to reflect nothing 
more than the Fed's failure to sup- 


Aoeount fliiaTIng Data* 

j 

Jitt 4 

jri w 

■a 

f^ialnm f *n-*» ,, 



W 14 

Jri2B 

n% 

UriD^ta. 

Jul IS 

nft 

rva 

ttttnai Pep 
teas 

n ft 

rVB 

■Heie ttataataga raw Ha 
eettter. Haw W+fty ■■Hfinm 

plnee tan bn ttftpe 
a e/eta tall 


ply liquidity at its traditional time 
for intervention Today brings the 
latest US retail sales data which 
will provide the latest focus for cau- 
tion in European securities mar- 
kets. 

Share prices opened higher, in 
line with firmness in the US dollar 
arid other European V>pd stock 
markets. But the chief boost to UK 
equities pan** from, the release of 
the day's batch of domestic eco- 


nomic data at mid-morning. Steady 
hpftrfVmp inflation of 16 per cent for 
June, with the underlying rate 0J 
per cent easier, steady underlying 
wage inflation of 3.75 per cent and a 
fall in unemployment in May, 
underpinned the market’s most 
optimistic scenario of economic 
growth and subdued infla tion. 

The influence of the futures mar- 
ket could be seen in the pattern of 
trading. Of total Seaq volume of 
720i8m shares, around 50 per cent 
was in the Footsie-listed shares, a 
higher proportion than usual and 
an indication of substantial activity 
in the blue chip stocks which make 
up the Footsie contract 

However, the second line stocks 
were sufficiently active to lift the 
FT-SE Mid 250 Index by 27.8 to 
3,493.7. On Tuesday, retail or cus- 
tomer business was worth £Ll9bn, 


confirming the return to levels of 
turnover associated with the long- 
running bull market in London. . 

Increasing reports that interna- 
tional funds may be moving out of 
do liar-based securities and towards 
European bands, with UK gflts in 
particular favour, gained some cre- 
dence yesterday from the strong 
performance of the London market 
Late trading saw hnnri markets ease 
back from the day's highs, however. 

Some nervousness was again 
expressed regarding the powerful 
influence exerted by the futures 
markets, but it is now widely recog- 
nised that the stock index futures 
are the conventional route by which 
international funds seek to chang p 
their asset stance in global markets 
and that the London futures market 
itself as an impor- 
tant stage for these operations. 



Equity Shares Traded 

TttnpMr byratem (priBert. Ewawsig: 
MwnwHtttuakieM and overran twwwr 
1,900 - — 


800 



Indices mh| ratios 

FT-SE 100 3005.3 

FT-SE M id 250 3493.7 

FT-SE-A 350 1513.1 

FT-SE-A Al-Sharo 1501.43 
FT-SE-A Aft-Share yield 332 

Best perforat in g sectors 


Tobacco 


Sectridty 
Oil Exploration a Prod. 


Oft. Inter a cted 

Um & Hotels 


+41.4 

+27.8 

+18J 

+17.55 

p.97) 

FT Orcfinary index 
FT-SF-A Non Fire pfe 
FT-SE 1 00 Fut Sep 
10 yr Gilt yield 

Long gltt/equixy yW ratio: 

2358.3 

1B^9 

3015.0 

K35 

2.17 

+262 
0177) 
+45.0 
(8.41) 
(2.13 ) 

+3.7 

Worst perforating sectors 

_ +0.0 




_+o,i 

+1.9 



. +A2 




^ +02 

+1.8 

5 Other Financial _ 


+02 


Portfolio 
worries 
hit Glaxo 


Shares in Glaxo the leading 
UK pharmaceuticals group, 
were dragged lower in after- 
noon trading in London when 
US investors sold heavily on 
worries over suspected losses 
on the company’s £2.2bn 
investment portfolio. The com- 
pany is believed to have lost at 
least £100m. 

Later, it emerged that Glaxo 


had disbanded its in-house 
investment arm, which is 
based in Bermuda, and had 
already started to liquidate an 
unspecified portion of its 
investments prior to appoint- 
ing a new ftmd manager. The 
company refused to say how 
much of its £l.7bn internal 
portfolio it whs selling. But a 
spokesman commented; “we 
are selling some of the invest- 
ment as a pre-requisite to 
handing over because new 
fund m a n agers tend to prefer 
cash.” 

The company added that, fol- 
lowing an internal investiga- 
tion, it had decided to hive off 
its investment arm because, 
“Glaxo’s business is pharma- 


EQUITY FUTURES AND OPTIONS TRADING 


Stock index futures dosed 
above the 3,000 level for the 
first time In nearly a month 
as favourable figures on 
Inflation triggered buying by 


European and US institutions, 

writes Joei KMjazo. 

At the dose, the September 
contract on the FT-SE 100 
stood at 3,015, up 45 on its 


WFI-8E 100 BOEX RTTURS {UFFE) £25 per Ml index point 


(W7) 


Open Sea price Change High Low EsL vol Open Jut 
Sep 2985.0 30155 +455 30300 2984.0 15610 48964 

Dec 3017.0 302541 +455 30250 30150 116 1243 

■ FT-SE MP 2S0 INDEX FUTURES (UFFE) CIO per tuft Mm paint 


34800 


250 


■ FT-SE MP 260 WOEX FUTURES jOMUQ ElOper Id tadeocpoW 

Sep 3480.0 636 

Al open knew t(Mi» ■*» tar pnntu ter- 1 S ad wkang ghoun. 


■ FT-SE WO HDEX OFTIOW (LiFTE) (*3003) CIO par M Index port 

2860 2900 2060 3000 3050 3100 3150 3200 

CPCPCPCPCPCPCPCP 
Jrf 159b h 109b *s 62b 2*j 10*j 11 2b 46b *2 96b h 146b h 196b 

Aug T78b19b13Sb2Bbfl»b 43 7»b 63b 49b 89b » 121 WzISBb 10 201b 

Sep 199b 36b IB 48b 12T 64 99b 04 73 108b S*b 138b XT 173 21 211 

Oct 217 52 180b 6«b «9 82b 129b «B 94b 128 74 157 55b 189 4*b 226 

Decf 207b 87 IS1 129 W*b 182 69 245b 

£ttl 55V PKl 5557 ... 

■ BJBO STYLE FT-SE 100 INDEX OPTION (UFFE) CIO per Ml Mew point 

2826 2975 2925 2995 3025 3075 3125 3175 

M 191 b134b 04 b5BbSb9b2S168bb 117b b 167b 
Aug 198b 13b 157 22 119b 34 88b 51 99 74 38 102b 9* 137 13b 17Bb 

Sep 2MbWh MS 56 95 95 43 152 

Dec 283b 63 199 98 139 138 91b 189 

Mrt 297b 89 233 121 177 162 30b 211b 

Crib 5,457 Puts 4.173 * Urieriytag kite tee. Platens tea n trad on GeOemsat prtan 
t ima tend aq *7 mnoBo. 

■ EURO STYLE FT-6E HMD 250 MDEX OPTION (OMLX) CIO perfd hdra point 


3300 3350 3400 3450 3500 3650 

Jd 95b b 50b 5b 19b 23b 

Caflt 0 Rta 0 tettkeratt (tea «J teams are Men it 430ft*. 


3000 


ceuticals and not financial 
investment.” It refused to 
name the choice of fund man- 
ager. Early indications were 
that the portfolio might, be 
spread among several institu- 
tions. 

The shares were IX higher at 
their peak but US selling out- 
weighed continued Institu- 
tional buying in the UK and 
took the price back to 114 op at 
55lp on turnover of KSm. 

Steel doubts 

Turnover in British Steel 
rose to 22m, making it the 
day's most heavily traded 
Stock, after NatWest Securities, 
a long- tima bear of the shares. 


previous dose, at a strong 
premium to cash and some 
7 points above its fair value 
premium to cash of about 5 
points. Volume was an 
Average 15,610 lots. 

Earlier, the contract had 
opened firmly at 2,985 which 
was the first sign that a 
positive session lay ahead. 

The UK figures on Inflation and 
unemployment encouraged 
buying by the large Institutions. 
Dealers suggested that one 
at Tuesday’s main US sellers 
had turned a big buyer. 

September reached its peak 
of 3,030 over lunch before a 
bout of nervous selling, ahead 
of Wail Street’s opening 
brought a brief retreat. This 
proved short lived and buyers 
for September were seen once 
agon. The contract maintained 
a stroM premium to cadi ~ 
through out the session which 
at the day's best stretched 
to 20 points. 

In traded options, most of 
the sector's activity was 
centred on the index options. 
Total volume was 31,343 of 
which the FT-SE 100 option 
traded 12,012 and the Euro 
FT-SE option 10,096. Argyll 
Group was the busiest stock 
option at 1,097 lots. 


I FT - SE Actuaries Sh; 

are Indices 



• he UK Series J 




Yaw 

E*v. 

Earn. 

PIE 

Xdatft. 

Total 


Jul 13 

chgeK Jul 12 JJ 11 Jul B 

ago 

ykiitH 

yWdW 

ratio 

yw 

Datum 

FT-SE 100 

3005l3 

+1^ 29639 29839 2982A 

28329 

4.12 

790 

1699 

6096 

112491 

FT-8E Iftd 260 

3493.7 

+08 34859 34739 34549 

32229 

393 

598 

2041 

7291 

1291.42 

FT-SE Md 250 a ki* Trusts 

34904 

+08 3471.1 347afl 3459.6 

32301 

3.68 

698 

1001 

7592 

128998 

FT-S&A350 

1513.1 

+19 1494.3 1502.8 14829 

14199 

398 

074 

1799 3391 

1158.75 

FT-SE SmadCap 

178089 

+02 177791 1778.68 177051 1833.17 

3.16 

498 

2991 

29.65 

1371.16 

FT-SE SmeftCap ax Inv Trusts 

1754J3 

+OI 175298 175492 1783.13 183491 

394 

498 

2796 

3068 

135399 

FT-SE-A ALL-SHARE 

1501.43 

+19 148398 1401.78 148295 140597 

392 

896 

1013 

3242 

1109.69 

■ FT-SE Actuaries All-Share 






Xd raft. 




Days 

Year 

0%. 

Eten 

P/E 

Total • 


Jt* 13 

chge% Jul 12 Jii 11 JUS 

ago 

yield*. 

***** 

ratio 

Y* 

H9h*n 

10 MMERAL EXTRACWONtiq 

2614^5 

♦19 257295 257048 257498 218890 

3^7 

4.48 

2892 

4741 

1039.03 


3672.91 

+04 385698 3881.18 380197 3106.10 

3.47 

590 

2290 

5494 

100291 

15 Oft. Wogrteripj 

257398 

+1.8252798 252099253294 211190 

398 

490 

2791 

5054 

104494 

16 Oft Exploration & ProcKID 

194065 

+1.9 100390 1891.17 187595 184090 

2.49 

1.18 

BOOOt 2034 

111270 


20 GEN MANUFACTURBISftBBq 186030 

21 Bulking & Constructian(3Z) 1158.45 

22 Buldbig Mate 4 Merctopl) 196648 

23 Owmlatee2) 2371.70 

24 Omnttfied industrtsfetlffl 198*21 

25 Bectroric & Sed &>4p<35) 1885.41 

26 CnB te ortngpO) 1B41.01 

27 Engineering. Uat*cta(12) 234634 

28 Ptettng, PSpra & Pc*g(26) 27BO05 

20 Tatete S Aooaro4201 164332 


+13 1950.13 1952.73 1935^42 177030 
+03 1154.02 118137 116067 102530 
+03 195138 198136 1943.78 162830 
+13 234233 234236 2332.44 211430 
+13 195536 196836 196530 1871.70 
+03 1988.17 1873.14 184539 198330 
+1.1 182139 181434 179433 156530 

2345.78 2330.16 229003 1816.60 

+03 2772.06 276738 272S33 224430 
+0.4 163730 1617.72 1610.82 176130 


395 

4.69 

2890 4095 

99893 

393 

4.70 

2796 2084 

89034 

3.73 

498 

3192 4599 

92027 

391 

4.07 

3193 5893 

104348 

498 

4.71 

26.13 5000 

100398 

398 

894 

18.15 1043 

90393 

3.0B 

499 

2546 3590 

104692 

4.46 

290 

8396 4298 

1122.98 

3.01 

5.18 

2293 4061 

108897 

4.08 

6.16 

1996 6626 

82494 


30 CONSUMER 00003(97] 

258947 

31 BrewerteaflT) 

2141.42 

32 Spktte. Wnos & CtteraflOJ 

2723.13 

33 Food Mflnutac&rarep3) 

216898 

34 Household Gooda(13) 

243890 

36 Hearth Corapl) 

1589.78 

37 P)iarmaeauttcte(i2) 

278799 

38 TetacoaM) 

356596 


+1.1 257097 266790 257017 259010 

4.45 

737 

1598 

6898 

88597 

+09 2123.47 211698 2107-29 197050 

4-41 

008 

15.18 4898 

96395 

+1.0 269694 2723.16 288622 272190 

497 

797 

1038 

8045 

91298 

+05 215940 2174.51 2147.08 2182.70 

442 

aie 

1492 

6194 

90598 

*1.1 2412.84 2405.70 238794 21B8.60 

390 

796 

15.78 

52.16 

86 OIB 

+09 158197 158020 1579.60 171190 

398 

3.19 

6491 

32.14 

91793 

+09 2782.16 2818.76 283398 2B264Q 

448 

794 

1499 

5891 

87223 

+3.7 343993 3462.1 1 334395 367790 

691 

995 

1196 12793 

78083 


40 sanAcespao) 

41 DtatnlMkjtapi} 

42 Leisure & HoWaftM) 

43 Maota(3Q 

44 Heaters, FoodflT) 

45 Heaters. GworaK-tSJ 

48 Support SwvJcmi40) 

49 Transportfltft 
51 OBw SeMcae a 


aagBa 


1914 38 

270030 

208834 

280334 

1599.40 

186432 

153233 

2340.64 

1141.76 


+13 1890.71 1S02.78 1885.13 175530 3.19 837 1806 3536 93437 

+13 288268 264939 260738 280530 331 639 1834 5337 92839 

+13 205139205130203133 163840 330 4.73 2438 2733 1017.72 

+03 27S130 279835 277434 2329.70 232 539 22.12 49.18 98831 

♦ 13 1578.17 1591-73 1S7ai3 176830 430 1006 1239 4034 96136 

+13 184530 16EF139 1649.97 146230 009 638 19.10 32.12 88436 

+1.1 151533 1516.82 150636 155830 2.68 8.14 19.16 24.61 92732 

+13 2303.38 232833 2305-82 204530 358 531 2132 3933 911.41 

+03 1136.62 114130 114733 120030 430 3.07 5333 18L1B 973.47 


60 UTtUTEStaq 
62 0eotrtcfty(17) 

64 Gas Distribution^) 

66 Tteoa Ks nun fca SooBtq 

68 WBMfia 


2222.87 +13 219532 221736 220631 2120.00 

216S37 +2.1 212034 213338 2121.17 178070 

1621.39 +1.6 179138 179136 180137 191730 

188131 +<L7 196734 200041 196012 197010 

163636 +07 162735 164091 1649.01 168000- 


4.7* 

033 

1447 

40.18 

8*097 

423 

1125 

1060 

4094 

88345 

098 

* 

t 8079 

83299 

417 

796 

15.48 

1093 

82048 

593 

1433 

7.84 

BS.77 

817.75 


69 N0W4WNCWLSt6»q 

70 RNANdALSpOq 

71 Banta(lC| 

73 msumcsf17) 

74 life Aa3umnco(6} 

76 MOTt U te BantaJB) 

77 Other FhancWpq 
79 ProratvWII 


jlflgB.05 +13 1608.82 161832 160635 1509.78 332 833 1639 33.70 1139.19 

2086.19 +13 2061.73 2070.11 206138 2061.10 

266830 +13 282533 262634 2815.77 255230 

1177.16 +13 116532 118534 1187.18 1429.70 

228432 +1.0226139 2281.16 226025 267130 

2758.52 +1.7 271455 2731 JOB 2710.71 257020 

177730 +03 1773.83 177068 178738 158040 

155837 +03 1554.11 14BB.J7 1S47J1 1401 JO 


4.33 

092 

1394 5841 

81050 

407 

B21 

1294 73.83 

78072 

548 

1225 

999 3693 

79695 

544 

796 

1543 8297 

867.38 

393 

1198 

074 6990 

82829 

090 

025 

1446 4293 

943,19 

397 

391 

3197 3497 

88798 


l a& WyeSTMeWTlBUSTStm SBMM +aa 26S1.4? «**&* 2BV37 2384.10 224 131 


1501.43 +13 148338 1491.78 148235 140637 092 836 


5236 3731 
18.13 32.42 


897.76 

116038 


Open 

990 

1090 

1190 

1290 

1390 

1490 

1&00 

15.10 

MgWta Lsmfder 

2875.0 

3468.8 

14909 

28609 

3472.7 

1503.9 

2998.7 

34802 

15002 

30029 

34859 

1511.1 

30029 

34879 

15119 

3002.1 

34805 

1511.4 

3001.1 
34903 

1511.2 

29901 

34808 

15103 

30039 

34929 

15123 

30009 

3433.7 

15101 

29759 

34607 

14909 


89 FT-SE-A AIX-SHARE9S82J 


FT-SE 100 
FT-SE M« 250 
FT-SE A 350 

Vws fll FT-GE 100 in*" LAW SJCom 

■ FT-SE Actuaries 350 Industry baskets rJ 

Opwt 030 1000 1130 12-t” 1330 1430 1&«> 1&10 Ctat * P ^ wfaus 

BdoACranoi 1102.5 1100.5 1103.6 1104-6 110R| 11^ ZTSTA 2TO.7 27WJ +2&4 

s B s s SSSSsa s as 

. „ i— ■ M.rf >»« i iii M t iiwiaMfcWBi1haH"cMlliiW 


tebnnB>ttisa»«B>ea».H a w j «a » a prjg im 250 FT3E Aeawnte J60 id B» FT3E teste teter 

Vta ft ~Mtr Has nssn tanamafl FT-SE-* Morsf W faOJiw «w, ma — FT-SE 4cttar»s MW Wi 6 

<^teea bt Hranam WW, 13 S*. O RnsrcS* TV»— 

OT ni» hMiwbopi £®CK Exdnv *****3*2 %?. Etemoo «1 7»- Htete UnteThs Fr« tetaanw S« 

M Ufisd tv tew f BteDf pit nn 0 Wte ten » — wtteim t 


announced a substantial 
upgrade in its profits forecast 
The shares put on 3% to 
155p. 

The securities house, which 
met British Steel executives on 
Monday, raised current year 
profits estimate by £l30m to 
£40Qm_ It said the move took 
account of changing currency 
forecasts, and prppciMf rises in 
product prices in the second 
half of the year. 

However, there was little 
change in NatWest’s general 
caution on the British Steel 
and it continued to advise 
investors to “reduce holdings." 
Analysts at the broker said: 
"Even on thin new forecast, it 
remains an overvalued cycli- 


TRADING VOLUME 


■ Mafor Stocks 


ASMOnrf 
MteyNteW t 
MntFUw 

SSt 


Yesterday 

Vet Ctaakie Oaf’s 
OOQw ftk» chtnm 


Asooc. a*, ftara 
BWKt ^ 
BKTMlt 
BET 
HOC 
BOOT 


art 

BWt 

BaNi of Scoflnitft 

STorctat 

Backs 
Bo«wt 


Wt teii ^ao q t 
grtMite^at 
Bate Goaf 
Bate Land 
BrawiSMt 
BuqJ 

BcmUi CmAJIf 

Britan 

CMteitewf 


Otter Grocp 
Candont 
Cteon Ceit*rtt.t 
COteUydUt 
Conan. Untanf 


OtepteOfff 


«£oa 

65V 


2.*CC 

407 

+7 

1,000 

47 


4300 

563 

*4 

1400 

476 

+1 

EM 

338 


IOJXO 

235 

<3 

1«30 

282*2 


42 

537 

716 

273 

*4 

1JCO 

04S 

120 

O100 

42fi 


&200 

110 


1J00 

401 

«« 

621 

70S 

♦7 

13JK0 

3BBh 

+11 

1.700 

321 

< 

7.7m 

4,700 

?ss 


9.t00 

sn 


2100 

179 


4,700 

632 

4.700 

530 


2B00 

319 

+2 

367 

405 

<2 

27m 

5«2 

«6 

2000 

439 

♦4 

on 

433 

+11 

2600 

426 

+10 

7.100 

274 

+*h 

1.400 

405 


2*fl00 

155 

+01* 

2400 

163 

6Z4 

642 


lAOa 

5J00 

% 

♦1 . 

+6 

-1 200 

<33 

- «r 

34 

277 

+3 — 

• 1.700 

SB 

♦1 

no 

BOB 

+10 

3900 

212 

+2 


629 

♦14 

940 

250 

16 

raooo 

sn 

+6 

525 

4» 


561 

829 


2100 

196 


5« 

616 

+19 

223 

605 

+23 

1«0 

338 

+6 

IJOO 

421 

♦11 

461 

1J000 

iA 

♦1% 


aiinouf 

H3BC(7Ep«4t 




MBCt 


wet 


6,100 


teTiSetant 


llNKf 


SawnltMt 
8hal TTBoportt 
Etabof 
On&Bm 
SMt|VKH|A 
Snttttl A NMta«t 
Sn+3 Boodtwmt 
SnM Beedara Uttt 
arttews. 
SoUttem Stef 
Soutti Wte Sml 
S outti WMcMUar 
Snttti YtaL Boot. 


Banted Ctamit 


Sun i 

TSN 

Tnapupt «8i 

rest 33oo 

Toma 7.703 

Tub & Lift 4GB 

TaytorWteteH 1JOO 

TteMt . 4&D 

ThomonWnart 2JXD 

ThomBpT 1,400 

TnoS*ttt A 8 O 0 

iteteHczxt be? 

419 


!SS 


90S 

^fWW^ 

WMu^SQf 757 

WaBoomt £400 

WWdiWte 057 

37 

5-t 2JOO 

WBaOamn &46 

»W, 'A* 8 

nuteri sis 

Y n teHi ttBea, 303 

VantetaVAte 

Zmazt 

I teww fer ■ edbetton 
ittwEEHOiyu 
tiinwin.i mi 1 Tpri Timm n-nn 
mnniHMamtlniaUBi 
100 


583 
169 407 

2300 7461} 


FT- 8 E 


caL” 

BAA strong 

Airports operator BAA 
cheered the market with better 
than expected traffic figures 
for the month of June. 

The shares jumped 20 to 
948p, on trade of L7m after the 
figures revealed a 9.1 per cent 
year-on-year increase in pas- 
sengers handled. UBS reiter- 
ated its buy wwimmpnfttin n 
on the stock boosting senti- 
ment further. The shares have 
been a strong performer since 
last week's favourable figures 
from British Airways. 

The news from BAA also 
encouraged buying erf British. 
Airways and the shares fin- 
ished 10 ahead at 42Gp, with 
volume reaching Mm. 

Oil shares Wintimii^ to nmlw 

good progress as prices 
responded to the recent 
upsurge in crude oil prices as a 
result of the Nigerian oil work- 
ers strike. 

BP was the favourite stock of 
mant institut io nal fund manag- 
ers to participate in the oil 
price rise, with dealers point- 
ing to the stock’s high gearing 
to rising prices. At the close 
BP shares were 11 better at 
395’Ap after relatively heavy 
turnover of 12m. And there 
was evidence that some US 
fund managers had moved to 
buy back some stock after the 
recent surge of selling from 
across the Atlantic. 

Shell, on the other hand, 
imderfoirmed BP as some insti- 
tutions remained concerned 
about the group’s sizeable 
interests in Nig eria . - Shell 


NEW HIGHS AND 
LOWS FOR 1994 

NEW MOHS ft*. 

BBIMUIOW t8 Wtt. B XC. T HM C » ELECT 

SOUP tn N te PiL. B n ill UhW H n w om a n . 

EXTRACTTVH MOS p) Dnn, kapota Httnm. 
WDoUBhbyo’ PH. HOUSEHOLD OOOSS (I) 
Dtey. MVCSnmr TRUSTS fj) LBSURE 6 
HOTB3 a Boony 6 HmakM. CMtte Comm*. 
TRANS>ORT |1) P 8 O 5H*c PM, 

AMOHCA148 0)«fin. Oymratol. C WW MH8 

(DOttreanate 

NEWUMSPft. 

BUILDINQ 3 CWTRN 69 AI4EC 61ip Pit, 
JMs. OOMCALB (1) SucdEta Spettmn 
LMIMBURMS C9 DIKOttet Motor, tenoo. 
aBCTWMC 3 CLBCT COOP to WB»a. 
ENOMB3KMO (7| AFV, ChOROtag, Fenira. QBE 
fettL. IB K &MlL MS httL, RcfaonU. HEALTH 
CARER Aragon, Dn, Sctonfc, Echctt. 
MSUUNCE H CLM. Heath (CO. Hbntton. 
Mracbead. N<ra Lumtan Coi. PW, Sodpafc*, 
T o p te t iio r K WWb COpooti. BiWeSTMEWT 
tweis n ttWEsnen cowames n 

LBSURE ft H0TB3 (3 AitaJ Lwa, Fattt, 
MCDUL n Mm ImL. RWMtft. Btttocnv. OB. 
BLPLORAnON & PROD {0 MIL BornoA 
OTTMBI HNANCUU. H C+Wr ABm. 
WmUWK OTHER SENS 8 BUSKS ft) B*. 
BooteDdc. PHMWMcaniCALB m Uft B. 
PR174Q, PAPQi & PACKG (R Bre. PUytwra 
7ftpc PH. FWL Wtadtegton «. PBOPSITV M 
Dwyer, B^Landa 714po 2020, Rottf» Kho, 
Union teewtfoa. neTA&Bta. POOD (8 Bate 
Brra, PyOte. RETAILERS. OBSIAL (ft A6MT 
U. DiRuteiL Oolorauon. Ctttey Coiuita. 
BWORT SERBS (ft Ovdtay JorttJm. ML 
Corrwn. & Stek Itemotfh & BonteB. Dm. 
Meragoa (Mad Mutate. Ptn. Bpagoi 
VMitBy. TEXTILH1 & APMREL (9 CknmonL 


r |1) Iteftotea. AIBtCANS n 

AtaboS LAfaa, Uagai pn. Tfem Vterar. 

shares settled 6 firmer at 701p. 

Exploration and production 
stocks, which have tended to 
lag the majors, made rapid 
progress led by Enterprise 
which pat on 11 to 421p and 
Ijsmo 4 better at 140p. 

Better than anticipated fig- 
ures from tour operator Own- 
ers Abroad and an upbeat 
results statement helped the 
shares gain 6 to 99p. The group 
reported a. loss or £13.8m. 
against a loss of £17. 4m a year 


earlier and better than the 
market's worst fears. Senti- 
ment In Owners spread to Air- 
tours, where the shares hard- 
ened 2 to 462p. Solid demand 
for Bank Organisation ahead 
of today's interim figures saw 
the shares appreciate 14!4 to 
381‘Ap. Speculation that Thorn 
KMT ma y main * an announce- 
ment on its demerger plans at 
tomorrow's annual meeting 
was heard in the market The 
shares gained 12 to 1074p. 

Insurance and tobacco con- 
glomerate BAT Industries 
jumped 15 to 425p in response 
to positive figures from US 
rival Philip Morris. Also, the 
group’s proposed acquisition of 
the American Tobacco Com- 
pany division of American 
Brands was cleared by the UK 
Trade and Industry Secretary. 

Food and detergent group 
Unilever was one erf the few 
fellers in the market as what 
cme trader described as a “tech- 
nical situation” overhung the 
stock. The shares were also 
suffering from a recent sector 
review by Smith New Court 
which restated the analysts' 
bearish view on the stock. 
They closed S down at 990p. 

Great Universal Stores 
added a further 13 at 587p as 
share buy back speculation 
readied fever pitch ahead of 
the figures today. Last year the 
company anno unced that its 
was enfranchising its shares 
and investors are increasingly 
hungry for good news this 
year. The market expects a 
full-year profit of £5l7m 
against £475m last year. 

SmiHiKliiig Beecham recov- 
ered 10 to 398p in the ‘A’s as 


the recent 9m share bought 
deal was finally said to have 
been carried out. Dealers said 
Smith New Court had taken 
the stock on at 397p and placed 
it at 398p. Smith was also said 
to have been actively on the 
bid in the pharmaceutical sec- 
tor and SmithKline rival Well- 
come rallied from early pre-re- 
sults weakness to close 4 up at 
604p after being 6 lower, while 
Zeneca lifted 6‘/» to 746 %p. 
Recent weakness in the dollar 
plus the sale of a 2 per cent 
block of Willis Corroon and a 
broker downgrade in Sedgwick 
continued to drive the insur- 
ance brokers lower. Willis set- 
tled 3 off at 234p and Sedgwick 
7 lower at I57p. 

The regional electricity 
stocks shrugged aside press 
criticism and made good prog- 
ress as income funds moved in 
to buy the sector. 

Eastern was one of the sec- 
tor's best performers climbing 
19 to 61 6p. as was East Mid- 
lands, up 23 at 6Q5p. Southern 
jumped 17 to 601p. 

Bank shares mirrored the 
market’s surge with HSBC, 
also stimulated by a strong rise 
by the Hong Kong market, 
jumping 21 to 687p. NatWest, 
now very much in favour with 
a number of influential UK 
funds, moved up 11 to 445p. 

Royal Bank of Scotland 
remained a poor performer 
after the recent stake sale, the 
shares easing 2 to 4Q2p. 
MARKET REPORTERS: 
Peter John, 

Joel Kibazo, 

Steve Thompson. 

■ Other statistics. Page 23 


LONDON EQUITIES 


UFFE EQUITY OPTIONS 


RISES AND FALLS YESTERDAY 


Sane 


OpttDB 


— aat Pte — 

M Oct Jte Jit oa ftn 


□pm 


540 21 19(4 - S» 18 - 

[•553 ) 589 2 161* -39*48 - 

teB* MO 4V* IS 291* BM 1ft 22 
("235 ) 200 1 71* 121* 27 30 35 

ASM 50 7 n* 10H 1 3 0* 

r56 ) 60 II* SI* 5H 5M 8M in* 

MAtefts 420 13 am* a 7 19KZ7M 
P42SJ 460 IN 13 2Z36U43J* 50 

aaiDteft iso is a v 01 * 211 * 28 )* 

r»> 420 4 141* M 26381* 46 

Bote 500 45)4 58 65V* 1>4 8 151* 

fS41 ) 550 7 161* 35H 15 27M 36M 

BP 390 13 271*341* 6 17 23W 

rassj 420 212** 21 27 35 40M 

BAttiSM 148 W 21 25 1 4H 7 

1*154 ] 100 3 91* *4 8 13 16 

Bus 500 35% 5BH 5B14 2 11% 24% 

fS30 ) 550 51*22% SI 24% 34% 51 h 

Ctellftl 390 28 42 49% 3 12% 19 

T«11 ) 425 5% - - 19 - - 

CanteOi 500 11% 31% 41% 9 24% 32 
rSOO) 560 1 1220% 53 57H63H 

CaanUokn 500 34% 42V4 52% 1H 16 21% 
rS28 ) 550 4% 18% 28 25% 45 47% 

El 750 47 01 77 21*21 20% 

(V01 > 800 12% 32% 50 IB 45% 53 

KhgfWMT 500 23 45% 52% 5 22% 27% 

(*514 ) 550 3 18% 2B 39% 5D% 58 

lari Saar 650 22% 41% 50 4% 15% 23% 
rwa ) 7m 2 W 28% 38% 43 50 
UMa&S 390 20 32% 39% 2% 9% 16 
r406 > 420 416% M 17% 24 31% 

MU 420 26% S7H. 47 2% 15% 18% 
(*444 ) 460 6% 18 27% 21 37 39% 

Steteiy 380 S3 44 5B* 2% 9 18 

Ha) 380 9 25% 33 9% 22 29 

SteITtsa. 7m 12 29 39 10 29 34% 
1*701 ) 750 1 9% 19% 51% 64 97% 

Sbtem 2Q0t3%ZT%=H 2 7% 11 

(-210 ) 220 2% 10% 15 12% 17% 22 


79 6 - - 2% - - 

88 2 - - 7 - - 

950 44 60 76% 3% 18% 28 
1000 11 40 S3 23% 41 50 
7m 4M* 61 74 34 16% 24% 
750 T2 39% 45 16 30% 47 
teg ter Feb Aug to feb 


CaOs Pte 

teg Mm Ite tag Mo* Mi 


240 16% 21% 25% 2% 9 12% 

260 5 12 18 11% 19 22% 

134 16% - 3 8 - 

154 2% 7% -16% 20% - 

190 17 24 27 3 11B* 13% 

200 6% 13% 17 12% 22 24% 
650 35% 54% ■ 11% 34 42 
7m 10% B% 45 37 63 69 
160 18 23% 26% 2 6 9 

180 4 12 15 10 15 19 

280 an* 27 32% 3% 12% 14 
300 7% 16 22% 12% 23 24% 

am 32 57 73% 15 36% 44% 
860 9% 33 50 45 65 71% 
500 29% 46 54 8 25%31% 

550 5% 21 SI 37% 55 61 
240 9% 19 25 8% 19 21 
290 3% 11 16% 23 32 33 
220 9% 16% &% 6 14 17 
240 2%. 8 13% 20% 28% 29% 
5QQ 46 58% 87 5% 19 27 
550 11 31% 42 29 43% 52% 
325 32% 90% -28- 
354 11 21% - 10% 20% - 

JM 04 JU Jit Oa Jrii 





10 

6 

82 

412 

112 

327 

10 

186 






20 

96 

29 

70 


1 “ 







RnandaM 

1M 

57 



Others 

78 

15 

42 

Totals 

931 

302 

1420 


Dm Mart on Hum o n uttutt aa tad on ttn Lennon sms Sonfca. 


TRADITIONAL OPTIONS 

RratDeaflngs Jiiyll 

JUy 22 


Last Declarations 
For seffiomant 


Oct 13 
Oct 24 


(*530 ) 


CteK teaaco, On— re ate Oft. Dm ScSenttlfe, OMtenMn, Lucas Wta, Wandtey. 
Put* QoMmttft. Pub A Cate: BtenaM, Hay ptocman), Nam Rea. 

LONDON RECENT ISSUES: EQUITIES 


{*450 I 

Often 


HQ) 
Unlew 
raw > 


BAA 9m sn* 71 01 2% 16 25% 
fS46 ) 960 15% 46% 61 17 36 46% 

~ 420 St% 46% 50 1% B 15% 

480 5% 21 26% 15% 24 34 

Sep Me Mir Sep Pec 

Nttay MW 390 26 37 47% 11% 18% 25 
(*407 ) 420 13% 22% 32 23 32% 41 

ARBtntt 25 4% 5% 8% 2% 3% 4 

[*27 ) 30 2% 1% 4% 5 6% 7 

Da lift* 500 42% 53% 62% 13 19%2B% 
(-531 ) 550 15 28% 37 38% 46% 55 

fifta Orta 300 30 S7% 45% 10% 14% 17% 
(*319) 330 14 22% 30 26 30 32% 

BrtOta Gas 2B0 23% 29 SI 8 12 14 
rZ74) 280 12 16 20% 15 23% 25 

Dtata 100 14 21 25 13 15% 18% 
H* J 2m 6% 13 17 25 27% 30% 

160 12% 16 16% 8 10% 12 
180 4% 7% 11% 21% 23% 25 
130 10 14% 18% 9% 13 16% 
140 6% 10% 14% 16 16 23 


1*744 ) 
Optka 


E«ri Met 390 31% « 53 4 13% 19 
(*414 ) 420 12% Z7% 39 10 28% 33% 

LtaBTOtt 160 13% 21% 27% 4 8% 12% 

n«) 180 4 12 18 IS 20% 24 

UU Hecate 300 2S aj% 39% 4 12 15 

rSIO) 330 7% 17% 25 16 26 31 

Optra Sep Deo Mar Sep Pec Ite 

RMB 130 16 26% 23 5 9% 12% 

(139 1 140 10% 14% 17% 9% 15 17% 

Optra Ana ter Mi Am Mw Fab 

Bill Aero 460 35 67% 73 9 31 41 

r<» ) 500 14% 38 S« 31 51% 51% 

BAT fata 420 16 28 te 16 26% 29% 

r«4 ) 4» 6% 14% 23 49% SB 5ft 

BIH 360 23 31 31 4 ISM 17 

(*377 ) 300 ft 15% 24% 18 29% 33 

BftTtam 360 30% 33% 37% 4% 10% 17 
(*387 ) 390 6% 16% S% 18% 25% 33 

Catalyse* 420 22 33% 42 6 17% 21 

r<32 ) 480 4% TS% 84 31% 42 44 


n®) 

Loreto 

DM) 

taft Pom 

T438 ) 

teat taw 

HO) 

Sam 

(114) 

Ate 

ram) 

Tamac 

n«) 
Ttom as 
P073) 
7SB 
1*204 ) 
Itnttdre 
f225 ) 


r*w> 

Optra 


420 35 
460 14 
36016% 
390 9 

110 0% 
120 4% 
200 IS 
220 6% 
160 14 
IK 6 
1050 60% 
1100 29 
200 14% 
220 0 
220 M 
240 6% 
600 38 

fiW IB 

Jt> 


44% SZ% 
24% 32% 
25% 33% 
14% 18% 
1214% 
7 9 

23 Z7 
1317% 


12 16% 23% 
32 39% 44% 
20% 25 30 
41% 45 40 
4% 6% 8 

8% 12% 13% 
6% 11% 14 
17 23 25 


saua Arm 
Trice prid 

p ra 

I*L 

era 

S&nJ 

1994 

H£l Low Stock 

Ctam 

price 

P 

V- 

r*tt 

dv. 

Drv. 

CSV. 

Gra 

Y« 

WE 

nor 

100 

FP. 

32.1 

104 

9912 BaVeGflMShnC 

103^ 

♦*2 

_ 

_ 

re 

_ 

§40 

F.P. 

15.7 

45 

43 fBooro 

43 


- 

- 

_ 

_ 

105 

FJ*. 

9179 

114 

105 BoomJxny Pb 

114 

+1 

WN2P4 

2.7 

33 

115 

ISO 

FP. 

17J2 

160 

156 CPL Aromas 

isa 


LN3-0 

04 

2 A 

15.1 

100 

FP. 

642 

107 

96 Ctu3terton fell! 

10 G 


HN3J 

IO 

19 

149 

44 

FP. 

506 

46 

43 COttocs 

46 

+3 





220 

FP. 

107-9 

225 

220 Eieodolar 

220 


WMLS 

DO 

43 

179 

- 

FP. 

“ 


31 V Rw> Arrows Wts 

am- 

■1\ 

re 

_ 



- 

FP. 

7M 

93 

90 Hflmeig Indian 

91 


re 

re 

_ 


- 

FP. 

7-56 

50 

42 Do Warrant* 

45 


_ 

_ 

re 

re 

225 

FP. 

1003 

233 

22 s imraineJaie 

232 


LN9l8 

2.1 

03 

01 


FP. 

SOS 

185 

162 JBA 

162 


LN2.4 

4.1 

19 

185 

“ 

FP. 

“ 

77 

63 JF FI Japan Wrtn 

68 

-1 





3 

F.P. 

1.73 

3V 

3 John ManaSeid 

A 






- 

FP. 

143 

97 

94 J^on Fry Eire 

95*2 


b02 

_ 

06 


120 

FP. 

342 

130 125h Norcor 

127 


W4S6 

05 

45 

109 

100 

FP. 

BOB 

95 

94 Old Mutual SA 

94 






re 

FP. 

016 

44 

43 OoWraranta 

44 






- 

FP. 

289.7 

131 

106 Redraw 

122 

+1 

WN2.7 

2 5 

26 


“ 

FP. 

115-6 

95 

91 Schrader Japan G 

82*2 






- 

FP. 

113 

48 

42 Do WtamvrtB 

47 



_ 

re 

_ 


FP. 

443 

82 

8812 Scudder Latin 

89 






- 

FP. 

6.02 

44 

42 Do Wkte 

43 






100 

FP. 


99 

98 Sriras HY Site C 

99 




re 


100 

FP. 

as2 

97 

97 TR Euro Gth Ptg 

97 







FP. 

- 

14 

8*2 TR Prop Wrts 

11*2 


re 

_ 


_ 


FP. 

204 

93 

68 Untwraal Ceramic 

93 


LN3.75 

13 

OO 

139 

ISO 

FP. 

51.7 

150 

128 VCt 

133+2*2 

WF6S 

13 

02 

119 

- 

FP. 

500 

49 

41 VbeoLoglc 

41 



- 




17 22 12 16% 19 
9% 14 25% 30 32 
76 91% 46% 61 75 
54 69 78% 90% 105 
20% 23% 10% 14 18% 
11% 15 24% 28% 31% 
19% 24% 12 15% 16% 
11% 18 25% 28 31 
53 67 33 46% 55 
32 46% 65 76%B5M 
Oct tan Jul Oct Jan 


RIGHTS OFFERS 

tseue Amount Laced 
price paid Reran 1994 

P °P date Wph Low Stoofc 


Closing +«r- 
Ptee 
P 


: BOO 20% 41% 54% 20% 35% 46 

rei4) 850 4 21 34 SB 50 7ft 

Gttnasa 4za 25 55% 43% S 16 18 

(*«37) 490 515% 28 27 37% 39% 

SEC 28020% 24 V 4 8% 12 

(*278 ) 200 S 13% W% 14% 19 23 


Oa> SO 15% 34% 46% 15 44 53 

(*550) 600 2 15% 27% 54 79 66% 

KBC&tt 69} 47 75% 83 5% 35% 49 

(*686 ) 7m 16% 49% 65% 27% 60 74 

feten 462 12% 31 - 11 27 - 

(%«) 41ft 2B - 18 32V* - 

Optai tag %w Feb Aqg Nor Fab 


47 

M 

IteB 

6pm 

255 

Nl 

an 

Gian 

410 

NS 

18/8 

54pm 

- 

M 

13/8 

105pm 

265 

Nl 

14/7 


13 

N8 

22/B 

iVpm 

68 

M 

9/8 

78pm 

» 

Nl 

25/7 

2^ipm 

70 

M 

16/8 

13pm 

70 

m 

19/8 

12 pm 

IDS 

n 

- 

5pm 

9 

Nl 

3/8 

ftpm 

IS 

Nl 

7517 

S*2pni 

130 

W 

WT 

26 pm 

73 

w 

S/B 

3pm 


3*2pm 

l^pm 

39pm 

65pm 


1! . 

33pm 

2 1 2 pm 

8pm 

5pm 

3pm 

*pn 

Iwm 

K 


iMmberiey 
Agsoc Nureing 
CterADen 

Gtortet 

Euotunrel 
Graycaat 
HbmbI Writing 


38pm 


jt aam ion t h & Brehtt 
Union ktf. 

Olid 

Paramount 

CkJBgoitt 

IftCBRto 

Watas CSty ot Lon 


10pm 

1*ipm 

7ipm 

9pm 

5pm 

5pm 

ft^pm 

9pm 

upm 


nwj 


160 H 20% 24% 4% 11% 14% 
ZOO 3% 11% 18 16 22% 25% 


FINANCIAL TIMES EQUITY INDICES 


* Undarfymg eaBeay price. Aecnkm ttwri m» 

based on doetag cd* picea. 

iktty 13 Toni LKttnen : 30.731 C MB 141601 Pie* 

UJB45 


FT GOLD MINES INDEX 


iW 


Jri 

Ktag 

JH JM Tara 

Greet ta 

52 emit 

12 

mm 

11 S age 

ywi% 

Mgft Lora 

1917.18 

+09 

190073 166^17 20124? 

2.14 

236750 132258 

763188 

+01 

27^27 2747.10 272844 

4JZ 

344050 190223 

2(6950 

+20 

24^32 24315B 249458 

258 

301359 1603.18 

156034 

—0.1 

156156 152222 173356 

059 

203955 13BU0 



Aiy 13 July 12 Jriy 11 

July 8 

July 7 

Yr ago 

Hi* 

Tear 

Ottanay Shore 

23503 

2332.1 2363.1 

2331.4 

2327.4 

22205 

2713.6 

22405 

Ori ter. yMd 

455 

450 457 

451 

432 

4.16 

4jC8 

3.43 

Earn, ykt 9* tuO 

655 

5.72 568 

573 

574 

455 

655 

a to 

P/E ratio net 

1852 

1059 1073 

1057 

1052 

25.88 

3343 

1759 

P/E ratio nl 

1957 

1934 19.48 

1931 

1838 

2337 

3050 

1061 

Toe MB*, tattay Stora Mac etaee conphakn Z7ia» JBOBftft; kw ASA 2BSM0 

FT Mhenr Store Mm brae dte V7/38. 


WcadB) 
tasMatam 
ftrili America (13 
CeppWa. Hie Itaidri Unas Untad WM. 

In brKhte tew neitt o t o ta nte e . Bate US Doflam. Bora tew 1001X00 31/1392. 
nadeceeaer Odri Mrae intac JUy ita 23UL dw% ctanE +0.7 pom: Veer egc =253 
Item prteee teem iruetae for lh% edMbn. 


Orta mi f Share hoeriy cteigat 

Opan M0 llXflO 11JOO 12J0 13J» 14J0Q 1S4W 1&00 Htfi | _nw 
2333A 2347.4 2354.4 23005 2361.7 23602 2358.9 2357.4 23506 2364.0 233B.7 
Afty 13 Jt*i 12 -**j 11 Jiriy ft My 7 Yr aoa 


SEAQ batgahs 24j05S 22,441 

Eqittty hanow (Bntf - 11509 

Eqittty targabBt - 24.148 

Shares rated M)t - 457.4 

t Exskjctag Wre enm ra budnee* and ommta hn«nr. 


20211 

1172.7 

28J021 

451.6 


20530 

1463.4 


5403 


20.131 24,453 

13107 139341 

22.1S9 20241 

4400 omif 









































































'lp»l 


FINANCIAL TIMES THURSDAY JULY 14 1994 



ttSBees , sEgsseeeEceSa see , esksseses , sekbk , u , seebesse , ecbec , , bcecsb , se . EBeseGBeeesSs 



















































FINANCIAL TIMES THURSDAY JUL\ 14 1994 






































































































































































































































































































33 










































































34 


FINANCIAL TIMES THURSDAY JULY 14 1994 


CURRENCIES AND MONEY 


MARKETS REPORT 


POUND SPOT FORWARD AGAINST THE POUND 


i 


Rumours boost dollar 


M 13 


Cbdng Change Btd/oTer 
ndd-pofat on day apnea 


Day's MW 
high low 


Offa month Threa month* Omjw 

Rtf* %PA Rata MPA Rate WA Eng. W« 


Rumours of a rise in US 
Interest rates and ongoing 
fears of central bank interven- 
tion yesterday helped the dol- 
lar bounce off recent lows, 
writes Philip Gaurith. 

These factors overshadowed 
the release of US consumer 
inflation figures which were in 
hue with market forecasts * a 
2J5 per cent year on year rise to 
June. As with Monday’s pro- 
ducer infla tion figures, the 
market’s initial response was 
to sell the dollar as the figures 
did not seem to provide cause 
for the Fed to tighten policy. 

The dollar finished VA pfen- 
nigs higher against the D-Mark 
in London at DM1.5383 from 
DML5235. Against the yen it 
closed at Y98.155 from 
Y96.8050. 

The dollar’s bounce came 
amid evidence of increasing 
nervousness in the market that 
the currency might be close to 
the bottom. Sentiment remains 
negative, but investors are 
wary of being caught short 

The D-Mark turned In a 
mixed performance in Europe, 
amid evidence that Investors 
have used the currency’s 
recent strength as an opportu- 
nity to take profits. The Bel- 
gian franc finished unr-’hawg Bd 
at BFr20.61 against the D-Mark 
after the central bank cut its 
central rate to 4.90 per cent 
from 4.9S per cent. 

This brought Belgian rates 
in line with German rates fol- 
lowing a two basis point cut in 
the German repo rate to 4£1 
per cent 

■ The good inflation data in 
the US released yesterday and 
on Tuesday did not deter mar- 
kets from working themselves 
into a frenzied lather of expec- 
tation about the Fed raising 
rates. Initial rumours involved 
a 50 basis point rise in the dis- 
count and Fed funds rates. The 
size of the likely increase later 
grew to 100 basis point. 

Mr David Cocker, economist 
at Chemical Bank, said the rel- 
atively modest bounce in the 
currency suggested the market 
was not altogether convinced 
by the rumours. 

But Mr lan Gunner, interna- 
tional economist at Chase Man- 
hattan, said the bounce "shows 
the market is slightly nervous 
about these levels. The lower 
we get, the more nervous the 


Ster&tg ' 

Dec 'MRrtur* coo&aet, bid price 



Jan ■ ■ ISM 

SoOrCKFT Graphite 

■ Pound In Now York 


Jut. 


juts 

— Itsest — 

-ftwr. Okoe- 

£*nt 

13070 

13686 

iron 

13885 

13890 

3oitti 

13862 

13B7S 

ir 

13848 

13845 


market gets.” 

Mr Cocker said there had 
been reasonable buying from a 
wide variety of sources, but 
underlying sentiment 
remained deeply negative 
towards the dollar. He said the 
dollar was enjoying a "correc- 
tive rally” rather than a sus- 
tainable upward move. 

The Chemical analyst said 
the further rumour that the 
Fed was taking prices “added 
to the sense in the market that 
the Fed is keen to stabilise the 
dollar now” He said the rate of 
decline in the dollar on Tues- 
day had been approaching lev- 
els which central hanks might 
have considered inappropriate. 

The German newspaper Han- 
delsblatt. meanwhile, reported 
that “sources In the US presi- 
dent's delegation let It be 
known on Tuesday that a con- 
sensus had been in Naples to 
accept a dollar level of Y96.98 
or DM1.50 and (only) to inter- 
vene heavily below this level." 

Mr Peter Luxton, economist 
at Barclays in London, said the 
sober performance in recent 
days of the D-Mark, against 
European crosses, was a “pos- 
sible early indicator that the 
bear market in 5/DM may have 
been overdone." 

He said the 9 percent Ml In 
the dollar «1 ti«» the beginning 
of June was difficult to under- 
stand since all the explana- 
tions put forward - such as a 
large trade deficit and adverse 
capital flows - had been pres- 
ent all along. 


Mr Luxton said that if the 
Fed were to raise rates now, 
against a benign inflation 
background, this would be 
very well received by the mar 
ket. It would show that the Fed 
waa responding proactively to 
inflartnn - the market has wor- 
ried that it has fallen “behind 
the game” - and that it was not 
bowing to the Clinton White 
House which has made clear 
that it does not feel rates need 
to rise. 

■ Short sterling futures had a 
heady day after the release of 
better than expected retail 
prices Inflation. It fell to 2.4 per 
cent In June from 15 per cent 
in May. 

Volumes were heavy, with 
the December contract trading 
nearly 55,000 lots to close 16 
basis points up at 93.85. Ana- 
lysts said the market was 
buoyant, with rates converging 
on the cash rates after a 
protracted period of extreme 
Interest rate pessimism. 

A gilt auction at the end of 
the week, and the health of 
sterling, are the main obstacles 
to further advances. 

The sterling index closed 
slightly firmer at 79 from 78iL 
The pound was slightly firmer 
against the D-Mark, at 
DM2.4089 from DM2.3958. It 
dipped slightly against the dol- 
lar to finish at $1,566 from 
$L5725. 

The Bank of England pro- 
vided £680 of late assistance to 
UK money markets after ear- 
lier forecasting a S850m short- 
age. The Bank had earlier pro- 
vided £63m assistance. 
Overnight money traded 
between 4% and 7 per cent. 

■ German call money eased 
slightly to 4.90/5 per cent from 
4.95/5.05 per cent after the 
Bundesbank sanctioned a two 
basis point decline In the repo 
rate to 4£l per cent With the 
small fall in the repo suggest- 
ing rates may be close to the 
bottom, euromark futures lost 
ground. The December con- 
tract closed at 95.05 from 95X9. 

■ OTHER 


Europe 

Austria 

Belgium 

Denmark 

FMsnd 

Prunes 

Germany 

Greece 

taste* 

fa* 

Luxembourg 

Nadwrtands 

Norway 

Portugal 


Sweden 

Switzerland 

UK 

Beu 

SORT 

Am eri ca * 


(Scty 1&S397 *0.1021 
IBS) 49 £438 *04761 
(DKi) 3.4613 *00388 

(F*4 7.8748 *00527 

(RFfl &SS4S +00205 
(DM) 2.4089 *00131 
toe 381222 +1J3S9 

m 10117 *00025 
(IJ 239064 +1193 

[L ft) 406438 +02 751 
OR) 24950 +0.0083 
(NKr) 1OG801 
{Ea| 347.107 
(Pte) 181328 
CSKrJ 118658 +00648 
(SR) 2JB81 *0008 

» 

- 1.2598 +00061 

- 09387® 


*0863 

+1.178 


330 

076 

578 

512 

080 

108 

848 

078 

938 

811 

218 

782 

284- 

590- 


• 483 
788 
660 


168483 
418789 
14850 
7. 


1176® 

414830 

14160 

7.8130 

12271 


098 

515 

128 

159 

789 

845 

303 


298 


24088 

383318 

1.0736 

2391.59 

418799 

2.7031 

105846 

247.445 

198*38 

71.6828 

10308 


381.538 

14X189 

2374-61 


104884 

241034 

1WLSB4 

11.8912 

2.0231 


18703 1.5819 
1.4512 1.43S7 
11712 11597 
13455 13198 
15738 1.5650 


- 317 413560 410680 

153.830 151510 
4.0715 4.0477 
15976 15828 

41.6809 408848 - - - 

19013 18695 - - “ 

23780 2.3863 - - - ' 

229 5.7448 58893 - - ' 

7.3064 7.2179 - - - - 

220 128101 1281-23 - - ' 

41.8066 41-6338 - - - ' 

454 311880 310018 - - - 

but are toted I v «ara* tatarek rate. fiMOv ta dm cs lcutatsd by me ten* of Entf—d- Boa ■w e a iW* «icaa<Lpter «• *»+»**• h Mh Mb me 
mo Donor Spot tafate dated tarn 1HE wumaiTBta CLOSING SPOT HATES. 9om refete are mndsd by Ow IT. 


Argentina 

(Ptat8 

13828 

-0,0068 

B24- 631 

Bnnfl 

PI 

1.4375 

-10029 

^7 - 333 

Canada 

(CS 

2.1605 

-10131 

597 • 612 

Uadco (New Peso} 

53244 

-10217 

196-29? 

USA 


13660 

-10085 

857 - 662 

PacMofMIdaa Bom/ Africa 



Australa 

(AS) 

2.1188 

-10222 

172 - 198 

Hong Kong 

(HKS 

12.0887 

-10513 

860 -014 

India 

ra 

411200 

-02074 

082 - 317 

Jqan 

(V) 

153.708 

+1.47 

842 -770 

Mreoyns 

(MS) 

40635 

•10141 

520 - 548 

New Zeelend 

803? 

23654 

-02138 

826 - 879 

Phfflpptaee 

(Pww) 

412829 

-13299 

648 - 809 

Saudi Arteta 

(SB) 

18729 

-02248 

717-740 

Stagepore 

CSS) 

23874 

-1008 

688 - 681 

S Africa (CcvnJ {R> 

17209 

-10043 

187 - 229 

S Africa (Rn.) 

(B) 

72347 

-0.0618 

179 - 516 

Soud) Korea 

(Won) 

128122 

-528 

164 - 220 

Taiwan 

(Tfl 

41.7095 

-0281 

982 - 228 

Thaland 

P9 

39.0236 

-1147B 

018-454 


1&835S 

13 

162303 

12 



1162 

49.6638 

-02 

49.6888 

-14 

416168 

11 

117.0 

14083 

-19 

14834 

-18 

92283 

-17 

117.4 

8Z2 

S25S8 

-17 

82688 

-08 

82573 

10 

iiao 

2.4089 

02 

2.4072 

13 

22657 

1.0 

1282 

J.012 

-0.4 

1.013 

-15 

12158 

-14 

1044 

2397.3+ 

-3.4 

240924 

-3J2 

2458.14 

-22 

77.0 

48.8836 

-02 

416888 

-14 

49.8188 

ai 

1172 

&S95 

10 

2.6335 

12 

2.8724 

18 

121.0 

103571 

13 

115878 

-02 

115538 

11 

86.5 

241082 

-4.7 

250227 

-4.T 

- 

" 

- 

191833 

-11 

189.773 


203263 

SL 4 

862 

114081 

-0.4 

112638 

-2.0 

12.188) 

-ZB 

732 

24277 

16 

2.0247 

19 

1.3892 

12 

1212 




- 

■ 

- 

792 

12805 

-02 

12823 

-18 

12833 

-02 

- 

2.1624 

-12 

2.1669 

-12 

2.1981 

-1.8 

85.6 

12858 

OJ3 

12882 

02 

12631 

02 

622 

2.1183 

02 

2.1203 

-02 

Z1387 

-09 

- 

110848 

Id 

122937 

02 

12.1007 

10 

” 

151331 

22 

1 52.638 

32 

148288 

32 

1814 

2J891 

-1.7 

22385 

-1.7 

22141 

-1,1 

- 


fSOR rte tor M 12. BUfeChr spread* to dw Pound Soot I 


1 DOLLAR SPOT FOR’ 

.■YARD 

AGAINST 

i HE DOLLAR 



1 

Ji*t3 Ooatng 

Change 

Btdfafier 

Day's mid One month 

Three monthe 

One year 

J.P Morgan 

ndd-pokri 

on day 

spread 

high lew Rata MPA 

Rata %PA 

Beta MPA 

tadn 


Bmp* 

Austria 

Bolglixn 

Denmark 


France 

Germany 

Greece 


Italy 

Luxembourg 
Netherlands 
Norway 
Portugal 
Spam 
Sweden 
Switzerland 
UK 
Ecu 
SDftf 
Americas 
Arga nttaa 
Brazil 

Canada (O) 1.3797 

Mexico (Now Peso) 3-4001 

USA (5) 

Padflc/MUfl* EaaWUHca 


(Sch) 

108175 

*0.11 

150 - 200 

102200 117350 

10222 

-IS 

1023 

-15 

117076 

02 

104.4 

t»=0 

31.7020 

*0207 

840 - an 

31.7200 312900 

31.7248 

-0.9 

31.752 

-18 

31.777 

-02 

1011 

(QKr) 

62410 

+0.0498 

406 - 433 

10433 

52963 

10479 

-12 

10609 

-1.1 

10958 

-02 

1017 

(FM) 

ft, If BpW 

+10547 

574 - 578 

5.0978 

52500 

5.0955 

-0.7 

5.098 

-14 

1137 

-02 

77.4 

(FFi) 

12715 

+10388 

700 - 730 

52730 

12320 

52759 

-1.0 

62813 

-17 

82838 

12 

1082 

09 

12363 

+10140 

380 - 388 

12388 

1.5255 

1.5387 

-13 

1238 

11 

12263 

18 

1072 

(Dr) 

231260 

+125 

800 - 100 

232.100 231700 

2332 

-72 

234.15 

-32 

23146 

-12 

692 

m 

12478 

-10104 

484 - 483 

12590 

12455 

12489 

17 

12449 

18 

1238 

16 

- 

P4 

162828 

+1628 

815 - 700 

1527.00 1612.00 

153123 

-3.7 

(53143 

-314 

157228 

-32 

77.4 

(Lft) 

31.7020 

+0207 

840 - 200 

31.7200 312900 

31.7245 

-19 

31.752 

-18 

31.777 

-02 

1011 

n 

1.7210 

+101 25 

205-216 

1.7247 

1.7094 

1,7214 

-13 

1.721 

10 

1.7098 

07 

1010 

(NKr) 

17438 

+10568 

418 - 453 

17453 

16903 

17471 

-ae 

17918 

-02 

17271 

02 

982 

ra 

157200 

+12 

700 - 900 

157200 158240 

160 

-9.1 

181.17 

-82 

187.6 

-62 

942 

<Pt4 

128260 

+1275 

600 - TOO 

121700 125260 

127205 

-3^ 

12723 

-11 

12101 

-22 

81.7 

(SKr) 

72900 

+10728 

885 - 936 

72935 

72180 

7.607 

-2.7 

7.6435 

-22 

7.798 

-2.7 

792 

{SFt) 

7.2958 

+10093 

965 - 960 

72960 

12880 

12932 

02 

12838 

17 

1279 

12 

1018 

(Q 

12680 

-10065 

857 - 682 

12738 

12650 

1.5858 

13 

12652 

02 

12831 

• 02 

802 


12432 

-10104 

428 - 4% 

12518 

12428 

12419 

12 

124 

1.0 

12432 

-15 

- 


- 1 .47458 

(Peso) 09980 
H) 0.9160 


-00002 979-880 
+0002 170-180 
-10028 794 - 798 
*00004 978 - 026 


08880 09879 
09190 08170 
1.3835 13783 
34028 33878 


13834 -33 
14011 -04 


13844 -1.4 
34029 -03 


1.405 -13 
34103 -03 


813 

953 


AuatriM 
Hong Kong 
inctia 
Japan 
Malaysia 


IAS) 

INKS) 


13529 
7.7281 
(Ra) 313676 
M 951560 
23886 


joi 13 

•tan 

ran 

Kuwft 

POM 

note 

UAE 


158304- 158510 
274800 - 2748JJ0 
04817- 04831 
34825.4 - 348755 
3157.08 - 318176 
SJ472 -5.75BB 


885308-889300 
174830 - 1750.00 
02940 - 02957 
221130 - 221400 
201800 - 201000 
38715 - 15735 


-10085 

623 - 535 

12807 12523 

12531 

-13 

12638 

-13 

12812 

-02 

5 

-0.0004 

258 - 286 

7.7278 7.7256 

7.7259 

02 

7.7388 

02 

7.7418 

-02 

- 

-02013 

650 - 700 

312700 312850 

31.4525 

-32 

312975 

-2.8 

- 

- 

- 

+125 

300 - 800 

911800 872000 

9724 

16 

97.48 

22 

94273 

13 

1522 

+0.001 B 

880 - 890 

22860 2-5882 

15793 

42 

2268 

12 

22415 

-2.0 

- 

-10019 

496 - 523 

1.6582 1.8480 

1232 

-17 

12538 

-17 

12591 

-15 

- 

-11 

000-000 

218000 211000 

. 

- 

re 

- 

- 

- 

- 


502 - 505 

3.7505 3.7502 

17517 

-14 

17566 

-18 

17744 

-02 

- 

+10012 

115 - 120 

12125 1-5110 

12104 

1.1 

1.5085 

18 

12018 

17 

- 

+10125 

525-540 

165S0 16420 

16688 

-11 

18971 

-4.8 

17738 

-13 

- 

-102 

100 - 300 

4.6620 42100 

4.0S37 

-18 

4.7126 

-82 

re 

- 

- 

. 

800- 900 

605200 805200 

60825 

-L5 

81225 

-32 

83186 

-11 

- 

-0.0677 

310-395 

262520 282270 

216663 

-02 

216853 

-19 

- 

- 

- 

*021 

100-300 

242300 242100 

242926 

-15 

26.12 

-32 

252 

-2.7 

- 


(MS) 

New Zealand (NZS) 13510 
Phflpptnes (Peso) 203600 
Soud Arabia (SR) 57504 
Singapore (S3? 1.5118 

S Africa (Com.) (R) 33533 

S Africa (Kn.) (FO 43200 
South Korea (Won) 805350 
Taiwan (IS) 263363 

Thaland (Bt) 243200 

180H rata to Xt 11 BkWter speeds to to Mar Spot t*ue tew only ms tad Bure oectowl ptons. Fonrert i 


i m not drecUy quoted to the awM 


but ere toted by anenr Mamet nM. UK Ireland * ECU ere quoted in US curency- -IP, Morgan nontoud kxfcas Jii 11 Baee imraoB 1BQQ»100 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Jul 13 BFr OKr m DM 


R 


NKr 


Ea 


Pta 


SKr 


SA- 


CS 


Ecu 


EMS EUROPEAN 

JU 13 Ecu can 


Belgium 


(B Fr) 100 1106 1633 4.051 2.007 4816 5429 2137 4973 3883 2339 4387 2.01S 4351 3155 3018 2396 


CURRENCY UNIT RATES 

Rate Change 
agafcwtEcu on day 


W +7- from % spread Dtv. 

cea ret* v weakest Ind- 


Danmark 

(DKi) 

5147 

10 

1724 

1546 

1289 

2528 

1849 

11.18 

2612 

2016 

1158 

2.145 

1257 

1283 

1256 

1622 

1231 

Ntothartande 

119872 

114830 

-100088 

-110 

420 

Ranee 

(FFr) 

8114 

11.48 

10 

1917 

1225 

2888 

3285 

1178 

298-4 

2412 

1429 

1458 

1212 

1617 

1297 

1882 

1225 

Belgium 

402183 

39.4708 

-0.0044 

-124 

422 

Ore many 

PM) 

2021 

1929 

1428 

1 

0.420 

9915 

1.119 

4285 

1918 

8135 

4234 

1843 

1415 

1887 

0260 

6323 

0223 

Germany 

124984 

121734 

+0201 

-128 

422 

Ireland 

09 

49.10 

9258 

1164 

2282 

1 

2384 

1888 

1145 

2444 

1911 

11.75 

1007 

1989 

1138 

1248 

1510 

1245 

Nand 

0206628 

1805504 

+1000297 

-139 

170 


W 

2277 

0298 

1346 

1101 

0242 

101 

1113 

1442 

1134 

8297 

0487 

0285 

1042 

1090 

aoaa 

8.431 

0.063 

France 

623883 

627369 

-0.00564 

023 

1.78 

Nethertude 

IR 

1142 

3211 

3263 

1894 

0275 

8818 

1 

1918 

9129 

7158 

4408 

1753 

1371 

1801 

1581 

6723 

0467 

Denmark 

743879 

723342 

-100115 

120 

029 

Norway 

<NK») 

4721 

asse 

7216 

2180 

1967 

2263 

2252 

10 

2342 

1872 

1125 

1221 

1947 

1045 

1-483 

1425 

1.182 

Puritopl 

191854 

198273 

+1057 

114 

lie 

Portugal 

OEs) 

2109 

1829 

1340 

1975 

1409 

9672 

1291 

4274 

101 

8025 

4208 

0221 

0.405 

1874 

0234 

8220 

0210 

Spain 

154250 

157.786 

♦1133 

130 

020 

Spam 

(Pta) 

2523 

4.771 

4.182 

1214 

1510 

1205 

1259 

5.325 

124.8 

100. 

5291 

1223 

1504 

1.089 

1790 

7721 

1835 







Sweden 

(90) 

41.78 

7264 

1848 

1027 

1851 

2012 

1269 

1889 

2082 

mo 

10 

1.708 

0242 

1218 

1218 

1294 

1280 

NON ERM MEMBERS 





Bwteartand 

(SFr) 

24.47 

4283 

4.068 

1.187 

1498 

1178 

1.328 

ft-VCK 

1212 

97.73 

5266 

1 

0493 

1.065 

1772 

75.75 

1821 

Greece 

264213 

288220 

+0.091 

145 

-824 

UK 

<9 

4024 

1461 

1254 

1408 

1211 

2390 

1696 

ns a 

247.1 

1913 

1128 

1029 

1 

1160 

1266 

153.7 

1259 

My 

1703.18 

1899.85 

*028 

524 

-3.43 

Canada 

<C$) 

2198 

4280 

1821 

1.116 

1468 

1106 

1248 

4289 

114.4 

9121 

5200 

1939 

1483 

1 

1725 

71.18 

0203 

UK 

1788749 

1787480 

-0200021 

127 

022 


us 


» 31.70 
(Y) 3233 
3143 


1042 

8135 

7316 


1271 

5170 

6366 


1338 

15.67 

1313 


0340 

8378 

0303 


1626 

16550 

1896 


1 . 721 
1733 
1141 


1743 

6171 

1388 


1573 

1808 

1963 


1263 

1290 

1873 


7386 

7739 

1436 


Ecu 

Yon par 1,000; DanWi Kranar. French Franc. Norwegiai Kroner, and SwuMi Kroner par 10c Britan ftine, Escudo, Uni and te a par 100. 


1396 

1330 

1.612 


0330 

8308 

1784 


1379 

14.05 

1.716 


1 

1119 

1244 


8115 

1001 

122.1 


1804 

1191 

1 


■ D-MARK FUTURES (IMM) OM 125,000 par DM 


Y»MPim«9<«WM? Terr 115 per Yen 10Q 



Open 

Latent 

Change 

Ugh 

Lew 

EaL vol 

Open tat 


Open 

Latest 

Change 

High 

Low 

EaL vtt 

Open M. 

Sap 

18533 

08537 

■10004 

0.0664 

16500 

62,056 

9B.603 

Sep 

1JJX21 

1.0308 

•02020 

1.0330 

1-0286 

32J278 

68277 

Dec 

08535 

18547 

*10005 

18581 

16528 

310 

2.958 

Dec 

12300 

12382 

-02019 

1.0411 

12280 

587 

.4,774 

Mar 

“ 

02569 

10004 

* 

“ 

49 

691 

Mar 

" 

12606 

+02005 

■ 

- 

18 

7D8 

■ SWISS FTUUfC MJTUR8S (IMM) Sft 125200 per SFr 



■ STBttJHG Fimiras (MM) C82200 par G 




Sep 

17780 

0.7780 

-02003 

17785 

17730 

23,409 

47,048 

Sap 

12684 

12702 

+02022 

12730 

12050 

11064 

40463 

Doc 

17770 

17780 

- 

0.7804 

17788 

197 

1,112 

Dec 

12700 

12718 

+02046 

12730 

12700 

93 

418 

Mar 

" 

0.7815 

*10002 



1 

10 

Mar 

1.6680 

12880 

+10012 

12720 

12680 

2 

148 


13 


-a 

-14 

-18 


Ecu caram rana aat by taa Ewqpaan ComnMon. Qaiandaa are to daacamanp raMte aMooih 
Paro nre gn chang” «rn lor Ecu a poatore ritanga denote a weak curency. Dire p jn ee toio+re dw 
rado baMawi Me (poods: tha parceraaga dtaaranc# bamaan Bib actual mariutand Ecu eanM rata 
tar b ntrvncy. and toe mptowm pmmmt pocentopa d reto fflon c< toe awnncY* meW mu >nn )u 
EoueanMIma. 

fl7/Bre0 Slating and Man Ur* ampondad Awn BtM. AcMbnani criculuad by Om RrencW Tlmaa. 
■ PIHJUnLPHIA sac/s OPTIOMS ESI ,280 (cenbi par pcMtocfl 


MONEY MARKET FUNDS 


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WORLD INTEREST RATES 


MONEY RATES 


■ THR— IWHTH BUBO— toHK WJTWW (LFFQ* DMIm pofciM of 10016 


SWka 

Price 

Jul 

-CALLS - 
** 

Sap 

Jul 

— PUTS — 
AUfl 

Sep 

1.476 

941 

9138 

148 

- 

• 

118 

1200 

626 

723 

7J32 

- 

108 

148 

1225 

4.47 

421 

526 


134 

021 

1250 

105 

190 

325 

021 

092 

129 

1275 

133 

123 

133 

078 

129 

180 

1200 

- 

188 

129 

185 

329 

423 


July 13 

Over 

One 

Three 

Sbc 

One 

Lomh. 

Dta. 

Repo 


Open 

Sett Prica 

Change 

High 

Low 

EaL vql 

Opai tat 


night 

month 

mths 

nflha 

year 

Inter. 

fold 

rate 

Sap 

95.18 

9118 

-O.Q2 

9118 

9114 

16319 

173328 

Belgium 

s 

5* 

5W 

50 

aw 

7.40 

420 

_ 

Dec 

9529 

96.05 

104 

95.09 

9104 

22S17 

188502 

weak ago 

a 

6W 

5W 


flW 

7.40 

490 

_ 

Mar 

9420 

94 BS 

105 

9480 

9424 

14471 

155862 

FVuca 

544 

sw 

S3 

58 

S4 

S.I0 

_ 

175 

Jun 

9484 

9429 

•024 

9424 

9428 

8385 

94389 

week ago 

5* 

5W 

5W 

S* 

61 

no 

- 

175 

■ TM«ni Motmi BunouitA totTJiAn ptmiRtaa (uffh i 

LI 000m points of 100% 


422 

4.90 

4.90 

4.00 

5.05 

820 

420 

421 









week ago 

428 

4,90 

426 

49S 

no 

100 

420 

625 


Open 

Sett price 

Change 

HW> 

Low 

Eat vof 

Open tat 

Ireland 

5 

5& 

5* 

51 

6W 

_ 

_ 

125 

Sep 

9123 

91.47 

-021 

9129 

91.46 

3303 

33066 

wsofc ago 

Si 

H 

50 

U 

61 

_ 

_ 

125 

Dae 

9121 

91.18 

2.02 

8122 

91.14 

3902 

44985 

Italy 

aw 

3Wi 

a& 

«A 

94 

te 

7.00 

820 

Mar 

9180 

9177 

221 

9188 

9176 

1468 

12155 

week ego 

aw 

BW 



91 

- 

720 

100 

Jun 

9134 

9028 

221 

9025 

9123 

447 

10005 

Netfwwtanda 

425 

490 

422 

521 

5.19 

- 

525 

- 

■ THRU MONTH BURO StMSG H1AHC FUTUGBS (UFFB SFrlm pofrite at 10096 


4.97 

4.90 

42S 

6.06 

124 

_ 

SOR 










SwAzortand 

4 

4d 

4U 

4ft 

41 

6.825 

3.60 

_ 


Qoan 

Sett price 

Change 

High 

Low 

Eat vol 

Open fait 

week ago 

4 

4* 

4W 

<i 

49 

6.625 

320 


Sep 

9520 

9171 

2.07 

95.90 

9170 

4274 

23844 

Ua 

AY. 

4& 

4W 

51 

5a 

_ 

320 


Dec 

9527 

9522 

227 

9528 

8520 

1314 

10032 

«M»k ago 


4A 

4ft 

5» 

53 

- 

320 

__ 

Mar 

9127 

9526 

105 

9629 

ty. -n 

910 

9746 

•tap* 1 

2 

2 

2W 

aw 

21 

- 

1.75 

- 

Jun 

9485 

9484 

224 

9497 

9422 

277 

1741 

week ago 

2 

2 

2W 

aw 

34 

- 

T.75 

- 

■ THHEH MONTH ECU PUTUBBS 0JFFE) Bculm patm* at 100% 



■ t LIBOR FT London 

OiMftrenk Ffadng 444 411 54* 

week ago 4H 42 5J 

U8 Debar CUe - 4.43 469 5.01 

weak ago - 443 4.71 5.02 

SDR linked Da - 3H 3} 3*t 

weak ago M 3& 3% 

ECU Untoad Da mid ratoa: 1 mm: BJ; 3 mOnc a ; 6 ntoar 6i: 1 
ogre m aSoreel rates nr JMtoi mm to ow lumei by tour n* 
d «. The btotoa are Banka's Hurt, Bank of Tokyo, Bardaya and 
MU rate era toman tar Ow domrelfc Monay Ftaaa. US t COn and SOR Urdcad DapetoGi 


5» 

5fl 

5.83 

5.60 

4 

4 






Open 

Sett price 

Change 

High 

Low 

Eat vol 

Open InL 



- 

Sep 

9325 

83.83 

- 

9327 

gaoo 

760 

10850 



"" 

Dec 

93.75 

9172 

101 

9177 

93.72 

257 

8820 

— 

— 


Mar 

8327 

9321 

lot 

S3. 57 

9151 

179 

4171 

' 

" 

- 

Jim 

3125 

9121 

102 

9128 

9321 

80 

918 


r. ea. S UBOR 
bank* m ij«m 


to worUns 

m- 


* UFFE Uura tradad on APT 


■ THREE MOUTH BUHOQOLLAH (IMM) Sim pokita of 100% 


EURO CURRENCY INTEREST RATES 

jul 12 Short 7 days One Three 

torn nonce month 


7 days 
noHco 


Sx 


One 

year 



Open 

Latest 

Change 

High 

Law 

EaL VO 1 

Open fed. 

Sep 

9423 

9463 

- 

9488 

94JS2 

111503 

481 £38 

Doc 

9193 

3192 

101 

BLOB 

03.92 

178.100 

441827 

Mar 

9168 

9183 

102 

9170 

03.63 

91JJ04 

317,620 


Belgian Flanc 
D«toh Krone 
D-Uerir 
Dutch Quider 
French Prone 
Portuguese EoC, 
SpanWi Peseta 
swing 

Swiss Franc 
Can. DoBar 
US CMtar 
BaSanUra 
Van 

Aaisi SSkig 
Shcrt res rate 


Sis 

- 5 

6k 

- 6 

sh 

■fi>4 

5ft 

-5ft 

sa - 

Sti 

eft - 

ft 

■V 

■5% 

s\ - 

6*2 

611 

-sa 

61* 

- B 

ft- 

ft 

eil - 

aft 

5,4 ■ 

■4H 

*8 - 

«u 

4% 


4% 

ft 

4J3- 

4,1 

ft - 

43 

4»- 

-4H 

4H- 

«U 

‘U 

-4k 

4|J 

-ft 

5A- 

4fi 

6U - 

ft 

5b ■ 

•ft 

3b- 

ft 

Pt 

■ 51a 

SM 

•ft 

ft- 

ft 

ft 

-8 

ia*, - 

11% 

14 - 

13 

13\ 

•12* 

13*2 

- 12‘j 

13ft - 

1ft 

13*4 - 

12>4 

7i* 

■74 

7A- 

7,; 

711 

■ft 

8- 

rh 

8ft- 

Bft 

0ia- 

ft 

*«• 

-5 

4«- 

4» 

5 - 

4il 

5ft 

•ft 

Sh- 

ft 

eft- 

ft 

4*4 

* 4 

4*4 

-4 

4A 

-4A 

4ft 

-4ft 

4ft- 

4ft 

4*1 - 

4*7 

sh ■ 

5* 

S4» - 

3*4 

5)1 

-sa 

ft 

-bU 

71. 

- 7 

713- 

713 

4A- 

4A 

Ak- 

4V| 

4SJ 

-411 

413 

■4« 

ft- 

ft 

5i] • 

613 

9- 

Th 

84- 

1h 

8d 

■oil 

8ft 

-8ft 

aft ■ 

Bft 

ft- 

813 

2»s- 

2/. 

?>■ 


2*s 

-2i« 

2ft 

- 2*| 

2ft- 

2*1 

211- 

2ji 

Sh- 

3\ 


3A. 

4, '4 

•4ft 

AM 

-4*S 

5ft- 

ft 

511- 

5,‘i 


■ USTTWA9URTI 


■ wmwai QMM) Sim par 10098 


Sap 

Dec 

Mar 


95.11 

9434 


95.10 

9434 

0423 


-101 

*106 


9113 

9456 


9110 

8432 


888 22317 

56 9,180 

2 131“ 


M Opan Inmat Bg*. era tar pneMous day 
■ WmOWUlHK OPTTOMa (LB=FE) DMIm fxtoita ot 100% 


on ctol fur me US Dote md ite, odur* two deya 1 iwuca. 


strike 

Price 

M 

Aug 

CALLS - 
Sep 

Doc 

jii 

Aug 

PUTS 

Sep 

Dec 

9500 

aie 

ai7 

120 

123 

0 

101 

CUM 

118 

9539 

001 

003 

108 

113 

no 

no 

11s 

133 

9580 

0 

0.01 

OJE 

ao6 

134 

135 

136 

161 


■ THWff aaoerm pmOR FVTtlRES (MATTF) Parts Imerpnnk ottered ihb 


Eat vaL Wto. Ctoto SMI tea lOGO. Pmku dWI open ML. Ctota 221100 Fkm 154657 
■ EURO WHBS PBAHC OPTlOia (UF9 Sft 1m potlta 10016 


Opart 

SaBplCB 

Change 

High 

Law 

EaL vol 

Open htt. 

Strike 


- CAULS - 



PUTS - 


Sep 94-27 

9432 

+108 

9428 

9L21 

14,744 

51897 

Price 

Sap 

Dec 

Mar 

Sap 

Dec 

Mar 

Dec 94,15 

94.11 

+104 

94.17 

CM.07 

11.117 

34.853 

8550 

126 

023 

126 

104 

121 

150 

Mar 9198 

0193 

+105 

9138 

93.92 

8,118 

31016 

9678 

nna 

a« 

ns 

113 

a3S 

168 

Jun 93.78 

9174 

+005 

9179 

9171 

&331 

24,724 

9600 

0.03 

108 

109 

132 

184 

184 








Htt Ki fttorf. Otoi S Ruts 0. netted dar« cam ml Qtoa 905 Pu» 1033 


■ Twm MONTH MffWDOLLAR (LlFrer Sim pone cl lams 










Open 

Sett price 

CMrtga 

Mflh 

Low 

Eat vol 

Qponlnfc 








Sep 94.08 

94.64 

+103 

94.69 

94.06 

138 

2568 








Dec 9198 

9194 

+104 

BBJBB 

9196 

39 

1982 








Mar 

KLOQ 

+106 

- 

*. 

0 

1243 








Jun 

9139 

+104 

- 

- 

0 

266 









Piteous day's wL, Ctaa 158.710 Pin 184*08. te. dqra span ht. Oris 042*41 Puts 682*28 


UK INTEREST RATES 


LONDON HONEY RATES 

Jul 13 Ovtr- 

night 


7dM« 

nodee 


One 


Three Sta 
months monthe 


One 


7-4ii 43-4(1 5-4% 6d-5 i, B>a-5J, 8A-6Ai 


4B-4B 5ti-l & 8i-5H 

W-m 4U-4B 


Wtohank Starting 
Storing CDs 

TVeetoeyBOo _____ 

Bento BBS - 4S-48 5 - 4(J 5fi - 6* 

Local HuOwniy depa. 4fJ ■ 4fl - 4fi - 4» - 4fl 6A - SA 5»-5» 

Discount Market daps 8b-44i4%-4Jt3 

UK dnaring hank base landtag rata & par cent tom FWxuoiy 6, 1894 

Upto 1 1-3 M 8-8 9-12 

mortfr manor months monffto 


Certs of Tm dap. (Eioioa? 1>2 4 ^ M 3^ 

Cere dlTtot dap. aider eiOftOOO to llypc. Oapototo wHdr a en to caah tea 
Are. oudar rate «f dbcount 4*6SSisa. SJOO mad oda sag. Em mama. Mare w day June 30. 
U84 Aveaditoe tor ptotodJuM 1864 »«» 23. 1004 Sehanus ■ a B 8*4pe. B riwic e raw tor 
period JUn 1, teWtaJtoaaa tflOASctoomna W4V5.iarapaFtaancaHouuSaaeltaiaSfipe«on 
July 1,1894 


■ THREE MOWTH STlgllJHO WmiRB9 fUFFg) £500,000 pctoite of 70091 



H 

i OptionTrader J 

n= 

III 




iBBfi 


Tfco Maifcat Leader* ia reraad bonmj - Flmdal md Spotla Fori 
tnxtoure and m ■ocouto appUurkm fcvra cal 071 3*3 3367. 

Amount* an noraady optmd wiUria 72 him. 
SH«ip4»4reptabii (a 9pm. on Tdenst page SOS 




REUTERS IOOO y 

24 hours a day - only $100 a month! ■ 

UVB nNAlfCfAl. DATA DtBECr TO VUtlH PC 
hyporCOXt 


Pax UK 071 8161089 


Europe *48 46678773 



Kiitin'eView 



Wexmogc loua op to 90» Lou » Viriaa. 

PROPERTY 

R LAURIE 

Most oooipGlitte tad OedMe toms for 
qortlty UK commercial property & 

FINANCE 

H m-071 493 7050 

dcrefcjpmeiits opwatdi at Elm. 

UCCtentW 

|| Psc 071 499 6279 

COmacc Sfchacd i«a GAtxca 

Prapcrty 



Open 

Sou price 

Change 

High 

Low 

EaL vol 

Open taL 

Sep 

94.44 

94^1 

+0.08 

9463 

9444 

40291 

87338 

Deo 

9171 

9186 

+0.18 

93.90 

9171 

54774 

151982 

Mar 

9118 

9131 

*118 

9137 

9117 

14850 

67861 

Jun 

8166 

9179 

*115 

9188 

9166 

4047 

BO*83 


Traded cn APT. A1 Qpan mwraot Oga. ora tar premia «tay- 


■ MOWT STMMJBIG ORTWM (Uffg 2800300 petata cri 100% 


Strike 

Price 

MSB 

9478 

9600 


0.(4 

104 

0 


CALLS 
Dec 
a 07 
103 

am 


Mar 

Sap 

PUTS 

Dec 

Mar 

0jB7 

113 

0.72 

1.28 

004 

028 

193 

1.48 

102 

149 

T.18 

1.71 

day* open taL, ere 

222211 Put* 224339 



BASE LENDING RATES 


Adam & Compaq 625 

Afcd Trust Berti _326 

AB Sarto - SJS 

•HanryAnstwtET 525 

BartocJBaroda 525 

Banco Bftao vtzsaya^ 325 

BtaAof Cyprus.. 525 

Bark of Wand— 525 

Bar* of Irate 825 

Benkof Second .325 

BardayeBar* _52S 

MteefMdEaat 525 

•entei Shipley & Co LU 325 
CLBankNoderiaid... 12S 

CafcankNA..., 32S 

Ctydeodali Bmk 62E 
The Coopt*®* Bank 325 

CoUSs&CO _325 

Cret»tLyor««te 525 

OjprtB WprerBanfc -32s 


Duncan Laurie S2S 

Eater Berk Umled- 625 
FtaaneMSOtfiBre*. 6 

•fioben Hemtag & Co * 825 

QrotW* 525 

•GUmuss Manor 525 

HtebBarAAGZbrich.525 

SKamtnoBmk 525 

Hartettea.GenkwBk.525 

•HBSemueL .526 

C. Hose A Co 125 

Hongkong S Shanghai 525 
Aian Hodge Bank.... 525 
•Uopdd Joseph a Sorw 125 

UoyubBanfc..,.,^., 125 

MbbM Bank Ltd 625 

125 




" Mount Bartdng 6 

.._ 325 

525 


atonHngbwfUksi. 8 
ftayal 8k of ScpttBM _ 525 
•Smflh & WKren Secs. 525 

TS0..„ — S2S 

•Un8ed6k<*KUiMft_ 625 
Unly Twt Bank Pfe-. 625 
Wastam Treat „.,. n S2S 

VHererey Lektav... 625 

Vrakofilra Bredc 525 

• Membere of London 

Invoatmont Bonking 

Aaaodalon 

* taactaMtereort 



Tha ere etutal ooal For rtia rerlure Immt 

Market-Eye 

la re ■ ■■ re re l to‘6 l re ■ < n ■ 1 re re 

London stock exchamob 



Signal 


Q 136* eoAmra oppCcadons O 
O BT DATA FROM *10 A DAY O 
O Stool SOFTWARE GUIDE O 
Ccfl London 44 +- (0)71 231 3S66 
for your guide and Signal price lot 


Argus Fur 


Petroleum Argus 





3-0 


OPTIONS ChOKE.-Tj 


London SW1X0ML 
Ta&*7iawoan 
FOk *713366800 


$32 


ROUND 

TRIP 




Financial Inform ail on Service on Japanese Corporate Issuers 

M IKUNI’S 
CREDIT RATINGS 

on about 5,000 bond issues and about 1.300 short-term notes 
Coat :US$ 4300 per year 


TailMm s Co. LM. 

paHcw .toori fttodtat, i^Ntato flh l n re Mh l hfm 
tekta Tdkye )0L JlPtoi « fit* 03*4/2-6635 

I I Please send further Inform all on 
Name 


Address 






FINANCIAL TIMES THURSDAY JULY 14 1994 


WORLD STOCK MARKETS 


EUROPE 

ABsnu(Juii3/Scffl 


+/- J—a ia» w w 
m 7M 600 5JJ „„ art 


+ /- MBS lam TM HI 
12. iso +i9oias®Bjm o _ 


m in? £2! 12. iso +ibo 0.201 u _ LanOfc 770 

'-Isl " a = as s ftusia?; = S? ® 

l£ 5 'nra — TmUV ibjoo -«mgw 24 Z fSaSo ’raa 

uns 1.170 *331 JOS T.0B0 Oft __ Unicera moo +160 16,700 1M0O tl „. ==== - ~1= 


JWT 1JB0 
BfcAurt 1ft» 
OedK 668 
EABan 3,*KUd 
EVN 1.320 
Louno 1.230 
M0ir4ll HZ 
QbMV bbo 
P nOn 946 
FWOH 4*1* 
Start) 220 
VATk 0*6 
WflMg 354 
VM&A 623 
VBWr 488 
Manta 3.730 


1JM +10 1.760 2.7 

1.020 _ 1.270 90S as 

6GB -6 83* 836 U 


-S4JB0 3J26 04 
-3 1.71 S 1,100 1.4 
- a 1J67 1,050 0.4 
+6 744 SCO — 
+3 1.041 B4S 1.7 
_ 1.056 88S 2.1 

«S «3 ZJ 

_ 258 171 2.7 



'•22 ts HE !■"»&* 

jyss ^“■sss/i* 0 m 

Z7BM +2 2962*030 ._ 
618 -1 @34 480.10 32 

243.40 *420 27*201.10 00 
1W -3£0 13660 6720 5.8 
MM +11 lj«8 928 83 
1«W _ 180 JO 130 80 


*EnraL**os(jiii3/Rs.) 


ABWfW 58.70 -20 7170 Hu KGS Hr 

ro.w +.00 110*9020 *jo _ sm* 


: n -a ujSs E 5 . q ^IsS = 

: sHS-£ ISh = Bffi SS --"MSB E 




_ 258 171 27 ~ rm«e 330 *1110 371 fl-fl __ S5i 

a mb 874 _ :: es? » - ro ~ ££ 

— _ 40G 326 1 3 fi g* 81E +1§1 j 00G 7B5 _ nS*, 

vu&A 023 -1 7*1 548 la _ &9gin Jg _*Jj 1.1S0 bos 1 J _ eSw 

w»r 469 -5 BOO *30 1.7 __ £555 *FL2 +t §3 ®0* 382.10 ._ _ fUIUI 

IIMrtq 3.730 - 424034111.0 - 8Ef 1M lK * 1 -S 1S J£ 1,S * M - Rw!w 

SE? Tig 3? Si g? J.7 Z gS3 

raO8M/UnaM00M(JuM3/Ff&) -SI ^•g^gssa “gay 

~WB +19 1,788 1.500 32 Z UflOBs 

378 +150 4SL00 337.10 „ “ HWM 

«b +fioo 600 472 as ... fcSEr 

+8 910 4TB 0.7 — uSKl 

+6 70047333 62 — MGOpfl 

1.040 2470 1,790 __ ESST 

BGnLH 23275 -2255025022.740 ZJ _ 5g?!. _g2 TlS 3E , 552 iB - KLM 

BnoHS 38275 *1.1J5 4Z475302»WJ «. fES'* -«S ’'SS ~ IWBT 

Btttt 2210 -631530 2-105 — 322 _ 350 *1D 529 332 — _ KPN 

Bekfl 26.750 1J — *} , 28^E,JfS A ' 7 ™ IMP" 

COnom 11300 +25 13.078 llSs 10 3^2? IK-90 +120 23760 10350 HaSSS 

MB S3o 2 '700 21* 40 “ 2E5«, “32 +W21ZB12B1 12 - 

QCW8 6.750 +110 6200 fiizo 4A ^^*152 H - 


08.70 +20 77 JO 6160 ... _ 


130.40 *20 148 105 GO 12 — 


MomB 4 250 *60 4250 1705 1.7 

Mmoni 7JB0 -60 1890 7 jco 82 
Arted 4240 +S5 1300 4, §99 — 
BflL 4.040 +45 4.570 3.800 42 

bmvu iMbb -lansaawsai IT 


LanGtt) 770 +10 091 795 1.8 — Kth 

MtCofi 1J20 -2012201^09 29 — KobeSl 

«ng 1JJ70 -2 1.437 1 JR3 13 — XaBBM 

Oarftffa 133 +2 ITS 123 _ — KohBo 

■ - 1 JSSar -10 1.738 1.420 4 A — hflRqa 

4230 +320 5^401970 ... — Kmaai 
FlUB 200 -9 263 185 10 _ Kertn 

fta* l.tEO -81.540 IJm ... .. _ 

RctMSr 11.S76 -?T7Bff' 

RWB1 1400 *240 r*,u A+vu u+> — ~<wnr. 
SGSBr 1JH0 +102J001JM 28 +. KireOo 

SMHBr 745 1.055 710 12 — Kinra 

GMHRB 162 _ 227 149 12 „ KurcW 

' 070 -15 888 «G5 — KuflB 

646 -13 670 848 _ __ (Ten 

1 JiO +15 1 JS0 1.400 28 
BSD +1 1.100 B45 20 - 

831 3S2 4JJ _ 


1230 -10 1200 1.13 


— _ SnHEP 

— _ sma 


2 J50 -10 2B80 24B0 - _ 
075 —1210 77S - _ 


-r_W® 740 ... ... SntiQi alio ,10 22201210 _ ._ 


01IAOD 14 — Kisma 
0 1400 02 „ KmCuiri 


2280 -1024801.700 

2,700 *20 2760 2150 _ _ 

932 +23 907 732 _ 

718 *13 749 805 _ __ 

884 +14 930 046 ... 

732 +12 754 551 — _ 

517 +21 541 425 1.7 — 

474 +4 823 318 __ ._ 


1.1 GO +lD 1,280 1,910 


1 J00 +10 1,280 1.140 — _ WttME 
1 JSO -10 USD 1.120 — — MfeMPI 
849 +B 939 60S OJ — WlMn 

—5 810 411 — ._ 

-5 380 258 _ 

656 ^ a 3S= - «»« 


BJS +.05 BUM 119 14 

ass -as BJ4 ass u 

7^6 -11 132 7 JO 1.0 

237 -.02 285 227 4J 

4J3 tJ3 SJSS 4.16 1J 

462 _ 4J2 170 1.7 

2SI +J1 152 274 21 


- HWSK0Ne(Jii137H.K^ 


— OschPo 185J0 +1J0 200173*0 28 — EwajJ 107JO +JO 

— BMW 16440 +1J3O105J0 145 1.7 .... 5*?®?. 680 + 

— Hriw io -jo 25 1100 4.7 _ &SS?* 5S " 

... FAimfW 7050 +.70 6840 68.10 45 - ' 

— grn« BOJO _ 10850 90 4.1 — Unaffl ’.!» ■ 

— OSfOpR 4SJ0 + Jo 6180 4440 29 _ S*JSp 

HUM 130 -15015750 123 — — art “ 

— HaWtn 218.10 +4807442039680 18 _ 

— HoBBs 297 +3336.60 294 13 - 

— HpOpR 72J90 +1J30 70 4150 10 _ 

7950 + JO 93J50 8880 2J DAP Op 

3S.40 -.10 45 34.70 34 “HUriU 

— MGOpH 7850 +.10 04.70 73.10 OJ — iniuu Ihd 11 i VM1 

— MkB 7680 +.10 WJO 7650 28 EE -WMH (4* 13 / rflUj 

— IUM_ 5070 -50 GOTO 4090 20 _. 


EE btsu 
— KhmH 


“ SwftBflr 590 
EE SwHeBO 545 
- S-abR 763 
UnBkBr 1,199 
"■ VMnflp 035 
~ TirtlS 1J80 


- PACIHC 


177 4.1 — KUBPw 2840 


+5 BIB 575 — ... LHnGp 710 
+5 770 526 — _ LaImC7 1,160 


-5 SBC 736 _ 
-21503 1,085 aa 
-5 932 910 25 
-51J151J20 1J 


600 +2 845 400 _ _ Gfcyar 2J90 

2780 -402J40 2220 _ _ SimfirM MS 

7JM .+ 7JBDBJ00 _. .„ Sorw BJBO 

507 -IS 553 375 U — Sue 830 

812 -13 BBO 790 - SunrtU 008 

943 +21550 905 ^ SunBnk 2080 

2840 .-2^2480 - ™ Suntan S3 

710 — IS 638 - - SumChm 505 

1.1M +20 1-230 790 — _ Sumta 1J20 

'J90 -1J40 686 08 _ SumSs 1,400 

827 -SS AM jig _ - - 

1J90 SO 2.220 1J80 „. _ 

637 +2 680 428 _ SUMCar 

sao .n « ng i.7 _ sunn 

430 *2 400 321 - _ SunlMI 930 

1 J40 -40 2010 1.420 1.1 — Sunfin 701 

1400 +201,9501,700 „ _ Suifla 1 


— snwans i J70 - 10 1 jso 1,110 — 


— £'*» *^9 +402*02100 — 

— Smrtra 90S +8 BOB 700 05 

Sow BJBO -70 0480 5400 

— Safe 830 *5 052 BIB — 

— SumflU 008 +4 747 425 _ 

— Sun®* 2080 +10 2JG0 1.600 - 


BOS +4015.60 SJS 4J 7.7 


— AmoyPr . .... 

— OEM* 3220 -00 50 2680 25 221 


1,700 -30 1520 1500 — _ SunTiB 


Gaunu 4.0 so 
GIB Gp 1J40 
BwBnq &100 


„ 174 -1 202 184 75 

7.130 -40 6B00 ft 100 1.7 

1 J30 +2 1,569 1 J20 22 

6.700 +80 &820 6.450 7J 

+S 1701 1134 4J 
-2JTO2KSJ ... 

3505 -29 4500 3540 55 

4J*M +80 4,470 3510 4ft 
1JA0 -28 1J80 1J2Z 27 
6.100 _ 0.lW17ftoo 5.7 


— TflWB 307 JO +450 36450293.10 3.7 

— U£ 14ftTOB +1JO2245D133J0 3ft 

” lfiU« 390 -5 484 885 3ft 

— UHM 500 +15 890 429. ID 5 2 

— UBtotfc 84410 +3 809 303 0.1 

— Wjte 282 +H.50 307 221 9J 

— WfcP 281.05 +1.90 335 340 14 

— WnnaQ 270 80 -.90 35574750 4 J 


AUKS 

— AmadB 


-aaSSaSoTi = sswwrtw wom 

4560 +110 5550 4.1 BO 2-S _ 


mmau 2ft50 _ 3.GB5 2ftOs 3ft 

Knb* 0503 +20BJ00BJ00 lft 
®MF SftSO >_ 7.950 BJ70 1 J 
8.400 BftOO 4.1 

— - _ ijsao 1.450 6J 

PanLutlB.IOOwl taioaiUOD _ 

PlSra Bft40 -70 H.775 BJBO 2ft 
Pwrtn £.850 -15 I860 2. 70S 4ft 


176 ™1B6JB 153 0ft -nw +* m 

- M2 +5 G3S S30 a2 

— AM*1"B ueo +40 1A40 1,120 1.1 .. . 

— Mns 2*16 +4ezjni ZjEeo us _ "*«™r 13 7 Kroner} 

9B7 -B 570 675 21 

1JJ15 +26 1.191 897 , 

840 _ 1 025 787 Oft _ S”* 1 . l 

291 -arosfaK 270 27 _ SSSf 


— is" ss ^Sso.s^sr = ass 

mopfl 47.10 -.70 57.20 43 JO 12 _ 602 

— NMJri 04 *80 0SJO 58ft0 12 _ 

— WTinC 7SftO +JD1DQJD 72 26 _ 

' BO -.10 8850 93.78 _ _ 

78 +2 BIBO 6SJ0 3ft -. 

fiftlO +JJ0 57. BO 40 1ft _ 

7150 +.50 84 JO 71 1.0 

— — 11200 *ftO 131 1T2 11 Aqwnw 3,900 

— BMIfnco 5M+1.BD 68 5120 6.7 - AmSt 1130 

— RUM 11520 + 601J34B1UJB 2ft _ ^ 

— Horant 86J0 +.40 16CL50 84 JQ 3.1 ._ 

RDufcfl IBBftO +1J0 71340 IBS ai 4ft _ 

•smut 44 +1 GO JO 4033 l.B 

I In* Du 1B27D +1 238 T7B.40 3ft .... 

VT*J 1B8SO -SO 2DOSO W*50 21 _ 

VnODDR 4SJ50 -vM 58.80 45 JO 21 — 

WMDsfi IllftO +1 13U0 101JD lft ~ 


1J20 +10 1,420 1200 _ 

082 -11 737 4CS ... 

1.100 +20 1200 991 ftS 

WM -MlftGO 879 _ 
1,180 *201220 891 

1.7BD +20 lft9D U70 

701 +3 744 363 14 


MOB 1,120 — 1—20 800 1.1 ... SU1MIB 

Mbhl 1290 -20 3,640173) _ _ (haftd 

ium Qia +io sea 711 _ _ iw 

KbMM 548 +1 648 387 - _ TOW 

803 +6 882 5» ... 

718 +13 732 557 -.- 

739 +33 792 662 0,7 — 

lAnCC 1JI09 -101j8401ftM Oft — 

831 *1 983 460 __ 

S38 +10 5*3 380 — _ 

MMmbH 1,120 +10 1230 790 Oft — . TUIn 

UDBank 2ft 10 +I0 3fti0 2ft» — _ TtfUM 


S3 . 873 432 _ — 

505 +5 548 404 

Ift20 +101,100 837 — 

1,490 -10 IftBO 1280 _ 

411 +3 476 3G0 _ — 

«3 _ 485 288 - - 

+31JC5 BSI Dft — 

. +2 308 2G2 — _ 

930 -61,018 S64 _ 

701 +9 734 611 1ft _ 

+101,120 813 — — 

+io 1ft201.no „ _ 


■- QHV9 

— DFonn 


llI5 +ftS 15.70 1040 U -.. 
34 ID +lftO 52 30.90 2ft — 
38.50 +.70 57 37 11 36 0 

€5 +1 91 39 2ft 618 

7 ftO +.15 14 6.13 — ... 

21.40 +£5 2720 1560 lft — 
1075 -.15 10.10 19JD 3ft 15ft 

10.40 +.10 1620 10 OJS -. 

* « +24 G.Ofi 4.12 Eft _ 

3320 +1 45 29.30 12 — 


8829 Bmcor 
61210 CAE 
95022 Cmoofti 
5000 ClnOp 
8800 CnffdA 
570i Craugr 
615*4 CmbSh 
888820 tanaco 
*27590 CMImp 
30G3S GanOcc 
379510 CanPac 
200 taiTIr 
69010 CanTrA 
38820 CariM 
TOO CanUlfl 
10373 Mr 
1 Caning 


.^■Qaanl 

Hi*B GntGatfl 
14181 CMOdM 
h 2371 Gomnco 

,s»r 

■8901 Goocnnl 


1400 asttPx 
1S0 6NC 
2DOOO Bononi 
OfiOO SftTd 
1610 ?*■*!* 


13 301000 ScccH 


30»i 

271} -j, 

art +?_ 

is*a S 0 h 13‘j 

114* -*1*11% 111* 
16H T>B*1W. 10% 


08639 Sworn 
3138 Soane 


+3 IBS IBS 1 BOOTS T«8a£ 
530 38% 15264 Tac* B 

zm Ts*g» 
15 015 158529 Trta 
‘13 435 440 n3 Tana 


1SB00 OsranA 
mm Oarttn 
151360 Dolaco 
10050 DontlT 


IftIO +001ft20 9*0 _ EE unaanfe 2ft 10 +10 SftlO 2ft60 

510 +4 _ 534 402 1ft ._ MbCorp 1.180 +301JB01ft20 


Aoyam s,sao —S^oaixao — 
Amu 5,130 -70 5ft40 4.070 Oft 

AsaMk TJ20 +Wljsnift30 _ 
1.130 +10 1 J50 1ft7D — 

756 4ft 803 fiBO 1ft 

asms U 20 +io uni 1,040 — 

Asmo 585 +Z B28 410 06 

_ Asm 474 —4 513 300 1.1 

__ AtrtM 033 +0 679 630 _ 

„ amffn ms +10 990 ess _ 

Bream IftSO — 1. BBO IftBO 09 

Bromr 75* +1 601 415 __ 


694 +8 72* 520 - _ TraHoc 

IftIO *20 1 JOO 905 — — Tbahm 

502 +15 533 335 — __ TObUt* 

WO +11 933 BD3 -.. — ToOaQp 

511 +3 642 425 — — -*~ 

546 +3* 584 30* _ 

960 -9 IftIO 798 — _ Tnf*EP 1890 

1J0O _1ft3B 842 — — Haim 1J20 

BB7 +3 732 487 — _ TWO) 

690 - 739 HO - - Total 


’"SOB ffi2 M _ 04JG +lftS 131 80 10 — riS| . *=- 

El, mo fl£ MLU4J0 lifts +40 21 J0 11 JO 44 37J SS SSL* 

Eg ''73S g?7 lft — KSaraB 52.75 +.75 BO. 50 47.75 3ft 18.* gg^j Omaift 

1011M 815 1-3 “ +J013J0 10 IS 27 5?™* 

IlieaiftBO “ KW*W 5J7 +.13 BftO 5ft3 4ft _ 

Bis W* — ~ wntw 37 +270 0060 3240 6.7 

— usauSo EE EE ino +.452425 13252114 . 

*ii£W3,n 1. EE w®* 0 "- 70 +js laoo mw 1.7 7ft 

-a MB Bin HKW 4230 +ftD 64 37.7G 24 17ft lB Z5? S' 1 * 

fgfwPti 2910 +30 2ftl0 IftZO 1ft — HKSo 2220 +.73 3SJ0 20J0 3ft — 

-- “ 5la M _ EE 1070 +1 JO 31.761780 Oft 

+g 082 079 07 EE 20.93 +ftS 3026 1240 3J 213 

■ — TftOB 1.079 — _ HKTd 1440 +.1517.70 12 35 — 

— 1340 1 090 _ _ HOOW» 8J5 +271000 580 S4 _ 

l.oJo 870 _ raaeiiw 3Z.70 +jo c?» 27 JO z.i ... 

-ID 58E 400 — Hysm 21 JO +1 JO 3326 IBftS *ft - 

-1 026 01BO9 _ -MM 9 ...13.10 7J0 07 _ 

-1 1.100 70S Oft — >0901 60 +1 B4.50 40.75 0 4 

—3 6*7 566 08 „„ JSWt 50*0 +.70 3020 2*20 0* - 



600* DinfiA 
250 EaiplrBx 
20422 EctmB 
7200 Emu 
ware bna* 
noi m 
SO fan® 
9100 FMMA 
29000 Fonts 
10030 FTNM 
6000 F*nV 


23 

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27^+1%^^ 

7% 671* 7*s 2261 DO TrMCA 

12 12 Oil BOH) UAP4 

400 -■ 400 400 100 UCW 1 

20 +>*3K«« 19% 173101 UMDom 2*J 

lipiS ■ " 

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3 s!E S Am*** 

20 - 1 * S20 70 


■ifioo UrtH ■ 

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1 5004 IMCBl 

4001 s wwaa 


387 1 5 ... KM to 14JO +.10 25 12J0 2U22J B7B7W FaianA 


Rend 465 
IWolg 5.050 

sjim 
SocOnB 2.180 
SQnAFV 2.173 


13 680 420 3ft 
SOOftHMftAO 4U3 
9280*200 4ft 
2,838 2,125 5J 
2J38 2,105 6.1 


83 +2 1(2 


3,700 +20 3J40 2410 _ .. 

1.130 _ 1220 042 3J — 

056 -4 711 138 _. „ 

1.730 — 1J201J30 _ 




Suftin 13J30 -60 75.iaiJ.iM 4ft _ 

Same i.*00 _ 1,8731.402 7ft — 

SUHV 14.DOO +125 1IJB013.no 4ft — BUlHr 

Treffif 3 £90 -BOllJOBBAOO Aft _ W9 

UC8 23.400 -500 20.100 22JOO 2ft _ USB 

UnBUi 2.455 -15 2J30 2.440 4ft _ DaMs 


DSMARK (Jul 13/19) 


AnJP A 850 _ 731 MU - 

Baubn 232 +2 201 216 Z2 

talA 284 -8 333 267 1.1 _. 

Conan 5,750 ._ 7ft00 5J00 Oft _ r-— 

0fti2A 184500 -coo 1SJW man a.4 _ £»*» 

DnUco DB4 +1 1,140 878 0.3 — go** 

MrDrt 332 _ 42730850 3ft _ 

6ASW 174 _aH25 162 5J __ 

FLS B 560 +30 815 367 2-1 __ 

fflNora 540 +5 043 44S 22 _ ■■ 

(SS B 218 +3 Z7B 204 Oft 

ftshafl 341 +1 42S 330 2J 


333 267 1.1 EE jJartBK MOftO +1 JO 88750 0SB5O 2ft _ 


5,750 7 £00 5 JOO Oft _ 


♦ftO 510 436 1ft _ £22 

_ 405 3*0 2.4 S’**? 

33700 -52040*00337.70 3J _ 

426 +4J1D53150 397 3.4 — 

019 +6 92B 039 lJ — 

«O0 +2 STS 423 2ft — 

954 +14 OHO BIB 1ft _ 

__ 280 -.703*850 230 1.7 JgsM 

_ BHFBH 398J0 +&» 528 Sas aft „ £2* 

_ USB 7W) .... 901 760 1.7 

_ CUKnz 1J40 -ID IftS0 1.140 Oft gtog 
C0»W» 008 +31M0 840 1J -. | Vg 

Cnmnt* 332ft0 +2ftO 3S02S05D3ft _ S2S* 1 

ta*« 238ft0 -3-50 3 BO 320 _ to* 

-i eoo 430 Oft _ Wa r. 

+4 004 BOO 1.1 HS* 

+5 660 443 1ft _ VKalA 

-? 2SBJO 210.50 _ 


17050 +2ftO 172 ISO 06 — tawn6 3,490 +30 3.500 2.500 ^ 44ft WBri 


STB +16 SOD 407 — — TfiMM 
IMp 419 +9 445 SIB ... ... IWjsaia 

— HU) 578 __ 085 383 _ — 1M4 ... 

— MTS IftSO +101.000 1.140 _ __ TRBr'a IftBO 

MUMW 1.670 +30 IftIO IftSO — _ TWJom* 2,000 

8*0 +io eso 4S5 -map* aora 


KHTf 205 
UN 100 
NaMM 22850 
NSknAf 171 
OWa 229 
Rnart 13750 


1X40 +50 ID. 911 11.50 ... 

170 +2 1 70 12S TJ 

BOftO +150 114 77 _ 

12D +50 149 100 3.7 

205 +2 306 280 1ft 

100 +3 11556 81 3.0 

2850 +6 260 208 1ft 


EE Scwai 
Z ton 
_ War 
Z ***** 


13750 _ 16*60 135 3ft _ ==£2T 

83 _ 91 74 2ft _ Qa ™ 

62.50 +2 91 72 2ft — 

85 +2 97 72 5ft — 

100 +4 122 0550 14 _. 

11750 +250 151 114 2L2 „ 

30 +2 0450 31 _ 

08 -2 88 65 8ft — , 


1J30 +10 1.410 1.020 Oft 

CenRn 575 +6 611 31S -- 

408 +1 482 337 1 2 

,-m IUU 891 — 997 041 — 

+2 300 zw lft Z gjto 4401 -jSS ,| -2S? 

+3(1558 Ri in QaBI 603 — 708 671 (ft 

IS wo 208 15 2.620 +10 2ft70 2.580 _ 

El Stt 140 05 Oid+un 1.190 +20 1330 1.(30 _ 

+1 211 -1 * Dlrti 7520 1780 SftSO __ 

1K rS im +i ~ CMjOTB 1560 _ 1500 1J1D 

092 -6 984 804 Oft 

042 +2 008 700 _ 

SCO +1 625 410 ... 


— MzSpn 1.170 
_ Moerfh 2,1*0 


aw +io iso 455 — — nap* 

B«2 +9 845 S32 — IKBcn 

358 +i +00 am _ _ lams 

1.170 ._ iftso i.ioo oft _. TWtm 

BS» +3 880 798 0.9 mSB 

412 +4 489 378 _ _.. TYSM 

409 +9 453 337 — _ IKuCar 

B30 _ BOO 578 ~ — HoUp 

B4B +9 WO 77t) a7 __ TkuLnd 

403 -6 440 310 — 75L9 Tonon 

1.180 +20 1.400 843 _ _ 

1JJ70 -301.110 790 _ „ 

1.600 +10 2J» 1 JBO OJ _ 

BOB -2 702 BIO IMS 

1.170 -sauna on __ _ Tatwr 

X140 „ 2J49 1 £83 0.« __ Tartu 


1.320 +101.4201.170 — _ ShaiE 

S13 +30 636 335 _ _ ShtaO 

+2 507 415 ... _ SCW 

_. 7 juo i.iso oft — SHCCD 

+0 000 421 „ _ smm 

+101,7201,450 _. ... tend 

IftBO +30 2JC01J10 „. — TPs® 

2.000 +60X200 1570 ... _ vltS I 

3.000 3ft40 3j040 _ — mMCk 


_ UanOOr 1040 -JS 1250 820 Oft _ 

_ NmMH 2250 +1.30 4X50 20JO 3ft „ 
ntOrt 3X40 +ftO 3S 30 65ft 

— SHIFT 45.70 +1 JO 77 41 JO X7 54.4 

w- Shn*9r 1X10 -.151650 11 2ft 4X2 

~ " 4.70 -57 815 3.75 3J 14J 

12 +55 15 .m BlBS lift 37ft 19475 

— SCWMP 450 +52 fi.45 Ifffl 87 .. SiO? 

300 +.10 JftO XS6 87 _ 652270 6UIC 

68 +50 71 50 2ft 180 300 KarSlA 

86 +.15 11J0 B 2ft 13 J 

3150 +2 3875 23 2ft 

2805 -1.45 41 25.60 2J _ 

— moCfc 1830 +.40 235014.75 _ 


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1000 Sarnia 


7500 QtWftl 
MOO GaecC 


13% -% *13% 13% 

sa^iasl 


is% 

44>| -il *5 - 
510 10 


7G3B1 MMBi 
27101 BtoOiP 
5000 tantto 
25877 CBoaOS 
200 CrttaiD 
1800 STUB* 
8861 JCouui 
11101 Mimcn 
14867 MBSkC 
1 ODcom 
6250 UMn 
6900 iMfan 


1 7*1 -4 57% 17% 

isljE 1^ 

Wj +% ^2 B 1 * 

io«« — ^SEjdHPi 

s% an ia 

1BV+ +lj SW5 18% 
3i SSI Ml 
12% +% ftlS*s 12% 


3J20O +10 3ftWX740 — _ Wr^On lOftS +05 I860 10*0 X2 Z 


a® +b b70 *91 __ 

070 +10 705 520 _ _ 

2.360 ._X7MSjno — — 

2,140 — 2.1*0 1.62D Oft — 

7SB +1 780 450 „ „ 

+4 829 E57 ... — 
BlO +3 730 60S _ — 

1.400 _ IftSO 1,480 — 

IftOO +20 IftB0 1.190 — — 


35 17.40 10.70 89 


“ IIALA7S1A (Jut 1 3 ! MYH} 


1 HemnG 
3700 HBnor 
7D30B tan 01 
2CS5 Hoittm 
6757 t*J(ffiay « 
3575 On. 


AFRICA 

SOUTH ARflCA (Jrt 13 / Rand) 


... HMEC 1.110 +10 1J80 1,050 

— +0 748 433 


— iwank 

— kHUn 

— rtiPup 


S95 +U 624 4BS Oft _ Tamil 


_U„ a X380 — <0 2.7D0 2.000 

*5601.720 _. MiEtdan *ft30 +30 4.940 3J20 — 


+1 16S 132 2ft SPAM 

+2 007 481 2ft _ 

,, 4Z7S*L5C 3ft Z 381J0 -1 JO 40850 340 X6 Z *®a 

— “— ■= 347 -13 Blfl 405 1J _ Arantr 

+1 307 263 20 _ BW 

_ 700 +23 716 590 2ft — 

-S SX SS Srfi HatnbB 190 -8 246 190 3ft _ 

HrtSrn 1 Joan) — 1J80 1.1 BO 1.1 „ BPortr 


, SPAM tU 13/ PIS.) 




XGSO -80 8280 6.190 2J 
5.190J31 +40 8700 4J2D 4ft 

2ft45m +45 5.535 2J80 87 
2ft76 +45 3ft0D 2.416 82 

4J70 +1G 4J70 3,075 4.1 

14.700m -bo i-fwa fton 5.4 


-fl Iftso 957 1.4 


Snrn ina iMiunSi •“ ****** 566ftO — 4ft0 661 565 lft _ BSanU 4ft15 +95 83214.400 81 _ 

MOMS «0 ‘W?l “ HUB 371 -1 440 355 2.7 „ Brtato 900 +8 1.43S 700 220 _. 

NriMB MS -1 71^ ~ Hod* 935m -5 1M 857 1.4 .... CB>SA 2J75 +40 3386 2.410 X4 — 

MM ai rS ~ HTUBt 310 -33&ft02S*20 2J _ CaiMIl -1.600 ... 4JT/0 3.+DU 2.B _. 

aSS ^ +17 015 5MD.7 z htonnn +5 1JJ80 830 1ft _ Q*m lOJfiOm +250 1£«0 9J80 XI _ 

SophaB 574 +4 076 473 0.7 Z 

fS?. S5 ™ M “ M«K374ft0m +4 433 353 Xl .. BWl* 

wSEi S3 ^ 1ft Z ^ ’39X0 +X50 109 131 _ ._ 

UraanA 223 -1 267 207 B8 4ft — 


IftIO 1,400 _ _ 

BOG — 1.830 GOO .... 

Dal«o 1.100 _1J20 BOO _ 

881 -1 910 551 ... _ NHKSp 

62tt +0 570 415 _ _ H« 

1.120 -101J70 9B3 _ NOK 

DaBBT 1J80 +20 X020 1J60 _ 

DNpTor 4SB -2 527 345 _ ..... 

— DahwaP IftfiO +10 1J80 079 „ _ Hctiffu 

DTcdhfW 701 -8 80S 897 0.B — HffUf 

Mm B 1J20 - 101,120 951 ... ._ (SoBGa 
1 JOO — 1.710 1 £80 _ BBft NgUd 
1.710 _ lftTD 1J30 OJ 


NEC 1,240 +101,310 BS9 

NGKkl 1ft40 _ 1,170 S«E 

NOKSn 1J10 +10 1,400 1,020 

— see -8 too 395 


_ 905 000 
+3 414 285 
— xoeo iftso 
+5 500 421 


4 — £2 800 190 X2 
31 JO --50 38 SO 25 Oil 
1X70 +.10 17.50 1200 @7 
14.70 IllftO 1X30 Oft 
XB2 +-«■ 830 X1D 1.6 
3ft? +.10 805 X9B 0 4 
X88 -£2 805 852 1J 
BftO -J» 840 SlBO XI 


— “ ShneO BftO -D5 840 5 BO XI 

— — TtHKtn 1880 +.10 24 jo 18B0 Oft 

is »e «i ixi Z T 0 *® 8 13 -3° +-ioaj»ixao _ 

1.970 +30 X010 1,430 _ 57ft 

732 +16 738 516 ... .— — - —— 

-7 733 524 - SBRAP0BE(JuM3/SS 


260 +* 2Bi 231 ~ _ THOM 

020 -id B44 565 ... ... To*cTR 

758 +3 788 S2S 1.1 — To+oTB 

719 — 774 483 _ _ Toyota 

438 +7 484 315 — _ TsOiMn 

BIO +6 610 711 -- Tsaand 

-21J4Q 781 Oft — U8E 

+4 588 500 — _ UnMk 

— X080 1,710 ... VJrtnr 

+20 1ft501£30 — -. VWcoal 


_ TO® 

_ TcSOCn 

... TdaAld 1.670 +30X0101,430 

.... Tntotn 

_ TopdOi _ 

— ToyoSK 3.430 -10 X480 X600 _ — 


" ™ z ass. ^ u z " CM 

DowaHr 674 +7 830 466 _ _ 


+ 1 nm 

-3 B7 330 Z _ DBS 11 +JO1X7O10JO 1.0 

_1J50 «S5 _ — PrtAlf IBJOm +J0 IBftO 15 0ft 

+0 m Ian “ _ emiA* xso .. . 3*s 2 +0 3.4 

_ 600 482 „ .... Hanftr 3.00 +ft2 3J6 X43 3ft 

-9 576 345 — — Inchcp 5ft5 +ftS 6.65 4£2 54 

+4 42D 2S6 _ _ good 10 j 60 _ 1X00 0 1ft 

+8 418 272 ... .. OCfiC 13 — 18.70 11 lft 

— IftOO 035 — OUB 810 +.15 7. BO 5.75 lft 


1J70 +20 1J30 1 


BMAHD (Jli 13/Mta) 


-33fcft02B*20 2J tawn 4ft00 ... 4JT70 8+00 20 

ram +5 use? 830 1.6 _ aomiojsam +250124009.000x1 
215 _ 253 2082ft Dr«dr» Xl»0 +B5 2J15 1 JTO 4 J 

287 +1 324 288 3J _ tanAg UOO +20 1,775 1X45 1 9 

som +4 433 353 Xl __ BMP X300 +70 3X60 X32D XX 

000 +110 8100 5JS0 XS 
Sal +201,100 865 ._ 
729 +10 024 418 12ft 

(50 +118150 115.1Q z, Z tMtal 3ft80 +50 S.140 3ftlQ 3ft 

148 +-SO 179 10270 34 _ todr 91 am +4 1J1D 875 _ 


-■ HU lW 374.50*1 *4 433 353 Xl — BUM 

— KBI8S 139-60 +2-50 IBS 131 .. ._ 

— “ — +8 040 515 X2 — 

+0 650 461 X7 — OrOuf 

14*50 +1 ieuo 115.1a ... mean 

14B +-EO 179 10270 34 _ feeUr 


674 + 7 635 466 _ 

1.700 +20 1.790 1J50 _ 

1.730 -20 1,9801.890 ... 

1.130 -201.170 BB3 ... 

4.490 -1ES 4ft40 BftOO _ 
ISO -6 708 621 Oft 

2JBD +20 X460 1J920 „ 


+10 ais aso _ _ vuartC U20 +10 1.430 930 _ _ SPraaa 


712 +12 788 828 — — 

520 +11 543 400 0ft — 

780 _ HS1 STB 

465 +14 S20 412 — — 

IJ10 +10 1440 U60 OJ — 


021 +18 0® 020 — — STmtT 

936 +10 1,010 592 88 -. Stn* 

1 .040 __ X230 IftIO _ „ Taut 


*65 +14 620 412 — — YmMta 1ft40 +30 IftIO 1J50 _. 

U10 +101440 U60 Oft — YamXflO 1.040 -401.180 BOO _ 

U60 +20 1.140 856 — _. YTnTran 1J00 — 1J501.110 — 

8810 +50 7.EO0 8150 — YmzBa* XlSO +30X290 1ft70 0ft 


10 +-50 16.20 1X10 1ft — 
X42 +ft6 X88 X14 Oft — 
X42 — 4JS 3.16 X0 — 

4ft4 +.04 5 JO Sft8 XO — 
870 +.10 11X5 845 2ft — 


+3 800 630 1ft _ Krone 8£0om -40 7.400 4.000 ZX 


578 +2 685 445 — — NpCrftk 6J20 -30 6J40 4J80 — — YtoMn 

2X30 +202ftB0XD00 — — NpDrMl 422 +3 482 316 — — TasSi 

703 +10 720 606 1ft — NpOnra X07D -20 X)» IftIO — — Ta*fir 


105 -1 233 

10.70 -J0 17£0 
SO -JO 66 


154 18250 1.7 
... 178 121 X0 

—IDS 80 — 
_ 46 50 3530 1J 
-1 233 184 X2 


+s 860 080 IX — Mrtre 
912 +10 060 830 JJ Mma 

341 +8 410 329 2J — Porw 

187 -122DftB 163 — — Prpar 

188 -JO 218 158 lft ._ taHl 

40X10 -5-90 470 370 XI — SMACE 


5J5D +OQ7J3O4J0O 3ft 


860 830 1 J .- MVDhb 4.560 +30 6£80 4 J50 ZX 
410 329 X3 — tan 18470m +260 1XSW 0.710 1ft 


S15 

+7 

706 

512 

1ft — 

173 

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11X1 

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74/ 

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185 

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20K 

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+1 387 206 X7 — Sarto 

-1 486.50 387 1ft — SflVH 
-2 022 7E5 — TatacA 3X00 
158 -&J0 28817550 4ft — TaMn 

MS 3JI7 2.080 04 — Tudor 

229 -4 JO 202 210 _ _ Un Fan 01 9 m 


MuS&lB 2 £45 —8617X080 04 

PWA 228 -4 JO 202 210 — 

FMWnmSOXEO — 330 604 3ft 

p&rcen aoo -zn bub sob oj 


_ FTrcn IftIO -40X105 ljoo — 
._ taw 4 £10 +5 4.000 3J0S 2ft 

-2 366 102 — 
-0 000 351 0.1 

_ +2 BIG 610 6ft 

TatacA 3X00 +90 4.450 X0O5 3J 


81 -1.40 102 69 — — 

66 — 104 S3 1J — 

62 JO +.50 102 54.10 1ft — 
94 JO +1 JO 120 8450 1.1 _ 

IBS +5 225 ITS Xl — 
17 -1 31 15 — 

1X9D ,-BO 20-00 12 — — 

BOJO -JO 120 80 — 


lftOO +15 XI 85 IftBS 3£ 
1.155 -35 1.436 950 1.7 

51 9 *1 — 738 578 7J 

1.550 +10 2£00 1.415 11J 

1.47S -6 1.710 1.150 XI 


— 530 604 XB — ItoFam 1 J50 +10 2£00 1.415 11J 

-20 089 698 Oft — U*B 1 j476 -51X101.150 6.1 

429 -2 408 418 X3 — VUWn X405m +05X120 2^X0 

433 JO +4X087X50 399 X8 ... Vttefii 3 £60* +45 X580 X2SD1ft 


— RWEPt 345.50 +1 JO 424 329 3J — 

— RQaME 1X95 -S1J201J40 1JO _ 

: SSS? g§S »*«*w™**m 

— +1 313 260 X3 — 

-3 I.KS 898 1ft — ASA A 

-3 42B 360 1 J ... ABA B 

Sam S53X0 +3-20790.?; B33 2ft — 

“ — ““ — -8 am bid u — 


461 -3 513 276 _.. __ 

629 +7 585 380 — — 

952 _UMO 710 — — 

1.100 +201X70 990 — — 

2X90 _,2JOOUBO _. _ 

1 £90 +10 1.180 841 — _ 

700 -I 788 514 — — 

887 +3 033 787 

1.160 +2D 1X90 1.120 _. ._ 

894 +14 700 420 0.7 _ 

1.1*0 1.250 


__ 734 
583 -1 W 

480 +4 525 

086 +5 780 

1J060 +101.130 — _ 

484 +7 550 397 1.7 

070 +8 tea 870 — _. 

950 -1 1 £40 029 ._ 

0450 -150X830X700 — — 


X10O +30 2,300 1X30 _ YasTiB 

IftIO +101.110 937 — — YtelMB 

755 -3 602 703 1.0 _. YManBh 

660 +5 620 460 — ... YkhmRb 


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, L ” KOffTH AMERICA 

+1 lft30 734 - - CANADA 


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*8% 6% AngAm 228 +1J0 24011X50 1 0 

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, 36 30 ArnlN 120X5 -Xfi 135 102 OS 

-% SM% 14% Btata 33 — 57 20.50 — 

*10 17% Beam 2X75 -X5 31 20.73 X4 

*7 8% Dufta 45 JO +J0 56 42 Oft 

+J3 »1»j 18% CMAOBI 3-70 — 4J0 3-55 1.0 

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(M.50 -X5 BS-75 48 17 

10.70 -.10 11 JO 7X5 47 
75-50 +J0 31 22 JO 3ft 

3X50 .... 40X5 30 4X 

22J0 - 2X50 21.50 3.2 

5SJ0 -125 00 5X75 8ft 

*9 0% Bencar 12 +.1512x0 7.B* 3ft 

QFSA 125 + 5 127 87 50 1.7 

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- " 23 -X9 26 1X75 7.0 

28 +1X5 29 16 IX 

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10% noli 10 

10% — % sW, 10% 

20% — % *21 W 70J, . 

32 JP »c» 

34 +1 34 32 - ' - — 

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9% . S»f* 9% (doom 57X5 +XS 80 41 Xl 

5}a +% M% *% LBLfB 97 —100 75 1-4 

££» +J*H>£? «■» 22 15.50 — 

23% +%dH22% HMcsr 32.75 —34.50 26 l.T 

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BOB +11 745 


-10 2,190 uoo 0.7 _ Yemuno 1.030 +301.100 w» _ - 

+11 850 828 — — YbaftPh 1.150 +10 1.100 921 — — 

~ +1 753 442 _ — 

+1 746 498 _. __ 


CANADA 

TORONTO (Jul 13 /Can S) 
4 pm does 


771 +11 850 828 — *— YbsftPtl 1.150 

735 +10 769 470 — — YlftSa 

1,500 +10 IftBO 1.470 Oft — Zaa* 

740 +| 784 653 ._ — 

725 -S 7B0 500 — — 

T25 +6 768 464 — — AUSTRAUk UlA 13 / AlEtfi 

1,130 +10 1X00 Iftso lft __ ftucrrrwunwnra'HAWI 

544 +3 817 450 — — 

1X10 +30 1300 lft70 0.7 — Mrtffl X75 — 5ft 

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. SS ‘ S1, 218.KS — — Ampotx 4.10 +.0* ail 

law —iftgO!'* 1 ? — — Arrtsa 7j»m -aaivo 


103000 AbUm 
50400 AgrCag 
.127300 Arena 
107343 AUBE 
3307 AUN1S 
904490 NuM 
220658 Am Ban- 
Mil Alcoa 


105440 NmOW 
37830 HacnE 
671086 NUlTU 
300310 Nora 
1200 Namea 
50168 NuaneE 
3100 Oanx 
20301 OatttwA 
. 10014 PtonMt 

161} 831400 PDCOP 


5% Rnrnfip 
10% RmnrCn 
24% RuMPI 
14% SntRan 


25 14 

17 1J 

103 +.75 103 72 1ft 

. SoRan KMJO +1 135 87 2X 

40 SnmiCG 17.75 +XS 20 1X50 7.8 


10% -% *1710% 082201 PWA 


1X80 +20 IftIO 1X40 — — 

444 +5 SO0 33S „ 

347 -1 381 302 _. 

478 -3 630 3*5 — — 


FRANCE (Jul 13/FlS.) 


-0 am 6io u 
— 550 480 1.1 
279-50 +.50 30823X60 X1 
-1 380 300 3 J 

+1 5G2 458 XG 
+1 387 317 2J 


AfiF 461+8 B79 410XD _ — 

Accor 040 +10 766 SBS X7 _. 

AITUg 773 +5 808 721 2.7 — VM 

AICM 609 +11 913 541 XJ — VW 

AO 254 JO +8.60 330 217 118 — 

EHC 1,180 +2 1.435 1.140 2J — _ 

BNP 242 +2.10 28a S? 227 lft — ZDFOV 

Bncar 523 +13 60346X3) 2ft 

Sonpn X99S _ X730 2787 3.1 — 

urn 013 +0 707 58? 2.7 ITALY (Jul 13 / Ure) 

COP 1.155 -131,4801.057 4X X. ' “ ' 

Caift. {OTM +2 1.155 001 4J — 

emtan 169 +6.70 226J01BB80 6X — BComm 4J30 +10 6.405 4X60 4-6 .... 

CnkHM 187.10 +21021X20158?® — — Marta 2,840 +30 3ft83 2J41 — — 

Colour 1J66 +56X1051,711 X2 — BRtaW X075 -10 X450 1.775 IX — 

_ Banxd 166 ‘ “■ ~ 


+2 415 365 2.4 — 

+2511 JB 408 1ft -. 

+3 GG4 41B 04 ... 

+3 443 338 OJ — EmOroB 

-J 979 780 1ft HIMB 

-1 270 220 lft — HMU 

IncntA 


5X50 -JO B3 5BJD10I ._ 

58J0 + JO 05.76 SB 17.1 _ 

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904 -2 685 438 1.7 MKoU 

152 +2 197 15 1.1 — HBted 

ISO +3 104 144 1.1 _. HHIM 

07 JO -1 J0 10550 79-50 103 _ MgM- 
88 -JOiOBJO 781X1 — tnZun 
374 +12 438 282 1.7 — HoJEP 


— 978 56B — — NpTVNw 26.700 —27,7001 BJBO 0.4 — 

-10 1.120 812 __ NTT SSBjQOO ^au UM 7(1001 — — 


399 +10 406 200 1.1 

103 — 134 SB 2.7 

102 -1 134 100 2.7 

SO +1 110 S3 XI 


+50X1051,711 
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15 X450 1,775 IX 
IB -1 an 70 _ 
2X050 -2502X858 21050 1.7 


+7 430 251 1J 
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-3 311 237 XQ 


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— 3B0 17 2X 

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155 ItB lft 
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+1 104 125 ... 


Ou&M 

375 

-5 

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an 




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452 3ft 


Cmndr 

2940 

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499 +1150 

737 

470121 

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2,030 

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5,500 

+100 X16D 

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2900 

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— 

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740 

015 3ft 


FKBs 

5,600 

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675al 

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(VKI 

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... 

Ftata 

12900 

-100 17980 11 JOO XO 




435 

364 49 


Genum 

1J44 

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GenAss 

40,700 +1,150 4X200 St JSO 09 


BSan 

947 

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GUH 

4,130 

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B8J0 +J0 122 


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JO 122 04.34 _ 

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BIB +3 946 712 — _. 

IftIO -30X040 1J00 — — 
1.060 — 1.120 620 — — 
XI 00 -1DXZ691J10 — — 

1X20 +20 1X40 

728 -2 750 

548 +5 500 497 — — 

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460 +1 520 423 — 

731 +1 700 681 _ _ 

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600 +7 850 500 — — 

J 130 +70 2340 1,960 Oft — 

140 +102-280 1JS0 - — 

474 +4 520 303 — 

1,180 +80 1X70 525 Oft _ 

044 +4 007 723 — — 

*S E E 

2-iS -« 2 ^g 1 '? 70 - - 

US 5 IS 522 _ Z 

041 +3 010 702 IX — 

5 .*00 +100 0,150 X040 


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— — MpYnai 625 +4 087 SFI — — BouoCp 

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_ - PWW 610 +2 017 3«a B1S1 o!m 

— - w «sw 8W +3 »4 727 SS-n 53? 


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1X00 +101J20U70 — 

840 +11 902 808 — — 

438 +3 475 325 _ — 

1.100 +10TJ70 815 ... .... 

533 +14 559 401 _ _ 

006 +5 U«0 010 — — 

xaao +20 3.100 X600 oft 

1J20 +101.710 735 _ — CRM* 

345 — 372 28« — — Damfdw 

UOO — 1*50 1X30 Km 

2X90 +40 Z570 7,790 OJ 

600 +10 653 056 — — 


X75 — 5lBS XBO Oft — 500 Alcoa 

6.70 -£3 11.12 BftB XS 8X2 122000 Am 

4.10 +.0* X10 X78 IX — 13385 BCSugA 

7J3m -aiim i*6 3.t».i iooug Scili 

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1 JO _ 255 1.7? SO 3J 

17ft2 +ft2 10-60 10 1 J Z7X 400700 BhMort 

XS1 +ft* XG6 2.76 XT TJ 245290 BUtaWSx 

3X5 .... 4 62 3X2 SJ — 177380 BenuEX 

0 65 — 1 JB 0.64 — — _ 104820 BndKkB* 

II -.16 15-06 12J0 4ft 3X5 122380 BOWW 

0-90 — OJS 0ft7 22 _ 1M5B70 Bmdea 

0.96 MB 0-94 BX — 711$ RnnaiA 

3J7 -OT Sft3 X35 Sfl ISA _ — — . 


3831 BCE 
5326 BCE Mb 
9030 BORA 
782 Bmmk 


5% 58% 8% 

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14% +%IM% 14% 
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4Mm -J& x«b JftouiBJ ■ TOKYO - MOST ACTIW BTOCKftc Wednesday, Jrty ID, 1BB4 

’3“ XS’xm’xku Z Stock* Closing Chongs 

a^aafiz.^ l 5r ^ ond8y _ 


20% -% SJH 29% 
420 420 415 

21 +% *21 
23% +%ex% 

20 *20 1 


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Mltsutortii 08 „ 

Stocks 

Traded 

27.1m 

Ctnring 

Prices 

1200 

^orTday 

MlaubisM Huy 

Stocks 

Traded 

4.8m 

Ctoaing 

Prices 

600 

Change 
on day 
+11 

Japan Enorgy 

IXftm 

492 

+1 

Maul 

3.9m 

842 

+9 

Tenant* Corp 

10.8m 

1240 

+60 

KnaJsu Gas 

3.4m 

795 

+65 

Wtacfil 

Toshiba 

6.6m 

6.0m 

1010 

780 

-10 

-a 

Sanyo Bee 

Kawasaki Steel — 

3.2m 

3.0m 

578 

402 

+3 

+7 


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1£00 -50 1X80 1.730 — 

930 -0 904 528 — 

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393 +3 448 2B4 

7DB -8 735 605 X7 

492 +1 SOI 388 

605 +4 680 479 — 

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11J00 +200 13.400 10900 — ... 

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380 +7 412 271 — — 

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197X52 196*39 194651 2*350* 3/2 


40X30 21® 
257/90 21® 


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251X76 2S33J2 2543.75 380X31 411 


27203 270X7 289X5 3Z2BfiO IB/2 




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961.37 06059 94X04 87*25 22 


US INDICES 


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(31/1) (4/41 (31/1 AM) 

Ham Benda 9660 9666 8XB5 10X81 BB.43 10X77 

(21/1) (13®) (18/10/931 

Transport 1582.77 158298 1B02JC 109X29 154&DZ 188X29 

(2/3 (ZOM) (2/2/94) 

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(9m CM®) 01/6/83) 

DJ tod. DayK 3725.32 (3795J0 ) Low 366000 (3671-26 ) (nwrxtacat+J 
Day's Mgn 370X65 {971708 ) Law 307X23 (MSSOftS ) (Actual*) 

aSS“' |,M WJ5 *4X06 44355 48X09 43892 48X00 


522.27 521.B4 52129 68089 

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44-26 4443 44.62 469* 

(14/9 


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FT 


T74X00 14/Z 
544X00 W1 


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(tag sen03V7®4| 883X01 8591.45 839494 12X7199 4/T 




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ftyeDgns (31/T288) (4 207 « 29298 39X19 5/1 

BstaBS BrWg(7/1/92) 15X66 15897 157.15 18232 14® 

■ CAC-40 STOCK IHDKX FUTUBMN (MATTF) 


247.47 24750 24X11 2B7J1 24114 

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*2X50 42477 42545 48799 42297 

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709J9 70X83 707.48 80393 69179 

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48799 2891 

aam an vm 

80393 5497 

(18®®4) PT/MV73 


Year ago 
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Year ago 
298 
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■ STANDARD AND POOR* BOO MMX FUIURBS KOO times )nd*x 


75.562 202.771 
814 11,855 

285 2J281 



Opt* 

Latest 

Change 

Hoh 

Low 

Sep 

44X70 

44995 

+0.60 

449.75 

44890 

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451.35 

4ST.75 

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To: Cillian Han. financial Timn (Europe) Gmbtl. Ntoetunpaplan 3.G/UI8 Frankfun/Main. Germany, 

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YES. I would like 10 tubscribe 10 the Financial Times, and enjoy my lira 13 iw free. I wiD allow up 10 21 days 
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Belgian BFR 1 3 JOO Germany DM 750 Norway NOK 3.220 Switzerland SFB 710 

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Expiry Date . 



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To subscribe to the FT io Narib America contact New York Td 7524500, Fax 3682397. Far East coniact Tokyo 
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36 


FINANCIAL TIMES THURSDAY JULY 14 1994 


4fmc*aeMyt3 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


«M m it sb on 

1*0 UvSttft Ik \ i M) *1 hm tab 

17% 13% AAR 0.48 3D*62 2(0 1< 13% 13% 

1B% 13 A L Late A » (LIB ID 31 285 13% 13% 13% 


052 2.7 

24 

0 44 19 3 
1.09100 


72% 57% AMP 
72% 52% AMR 
5 3%AJB 
66% 30% ASA 
31% 25%Afatt£x 
13% 11%AMfetPr 
23% 17% ABM M 
13% IlftAqftmln 
31 22% ACE Ltd 
12% 10% AOU&rtlfi 
10% 7% ACMGuOpp 080 86 
10% BAOKMSp DJ96 120 
12 9% ACM Bet Se IDS 11.7 
((% S% ACM tor TDBTZD 
9% sACuumefla.72 x? 
13% B% tmtt 044 4.0 13 
9% 8% AanoQaa 6 

28% 23 AcORHa 060 22 13 
9% 5%fctea 036 4.1 2 
15% 11%A*rono BB 

10% 16% AdaifijBpr 048 2D 0 
64 40% Ad b&ro 100 54 
31% 1B% AAMe 

6% 5Muos2 Ckp 

20 iSAdtnhe 
57% 40% Awn ADR 
85% *9% Aetna!. 

34% 25% Mx 
20>4 1B%«WTO1 
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497a 38%AWrC 
39% 2a%ArtmFn 
27% 18% Akoastnc 
16% 1«% Mease 
26% 21% Alien 
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18% 13% AtetaAif 
21% 17% Atomy K 
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1,68 2 3 2S 78)1 u73 72% _ 

31 4028 82% aft Sift +ft 

12 BT6 3% 3% 3% +% 

20 45 26 648 45 44% 44% -% 

076 28 1838391 27% 27% 27% 4% 

050 41 B 69 12% 11% 12% +% 

26 18% 19% 19% -% 
71013% 13% 13% 

236 23*2 23 23% 

534 II 10" 

22 8% 0 
154 8% 

454 9*2 9 
1113 9% 

29 8% 0 
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IB 27% 27 

ISO A B! 

110 12% 12 


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0.18 09 14 72! 17% 17% 17% 

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1.64 £0 21 242 ZD*2 20% 20*2 

018 ID 384 A A A 

ID* 5.4 14 IQ 23% 23% 23% 

057 ID 7 4254 35% 34% 35 

088 35 18 957 25*1 25% 25% 

232721 8% 8 6% 

8 499 28% 3 28*2 

IDO 10123 7122 a 78% 76% 

43 6310 23% 22% 23% 

096 11D 635 8% A a% 

025 17 23 40 A A A 

OOB 1.1 6 772 7% 7% 7% 

048 22 <4 II 21% 21% 21% 

OE0 13 21 1035 51 50% 50% 

024 2.7 69 8ft 08ft 8ft 


818 55% . . 

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aio 06114 58 17% 16% 17% 

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ZTB 50 BZIIS 55% S3% 

046 ID 14 1367 34% 34% 34% 

0D8 4.5 14 1SZ7 19*2 19% 19% 

1 34 2% 2 2% 

098 2D 24 1836 44 43% 43% 

030 ID 17 3305 29% 28% 29% 

47 105 Z?% 30% 27% 

1D« 11D 12 5 18 15% 15% 

209$ 24% 24% 24% 

01B 7D 3 10* 104 104 

020 1.4 81026 14% 14% 14% 

035 ID 33 60 19% 19% 19% 

020 ID 1394 16% 16 16% 

038 12 15 B9 22% 22% 22% 

038 1.4 15 33 20% 20% 20% 

0.44 1.6 71 4617 28 27% 27% 

030 13 42 3674 24% 2d 24 
1.00 1.7KT1 1405 59% 58% 58% 

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048 2D 18 2428 19% 19 19% 

1D4 7.8 11 772 Z1% 20% 21 

. 13% Man Cm 
25% 20 Atagvi 

4% i% ATlon 
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27% 71% Mum 
40% 33% AtoStg 
29% 24 AIM Op 

6% -ft Aim** 

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240 &3 15 2787 26% 29 29 

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27% 23% Am MBi Pr 2.30 0.4 8 IS 24% 24% 24% 

2D% 1B% Am Hens* » 066 17 11 17 18 17% 18 

65% 55% Aimas 2D2 5D II 42n SBft 58% 58% 

2% 2% Am Hon* 0.75 206 9 15 A 2% ' 

96% 81% MM 046 05 IS 4007 86% 88% 

11% 8% Am Opp IK xl D0 110 1095 B> 

30 23% A&ftaar 088 38 1387 24% 23 

34 IflAmftmdl 040 ID 8 402 22% 21 

A 7% Am Had E3 044 5D 5 153 8 7 

27% 71 Amstor 048 ID 7 1120 24" 

2*2 18 Am Walr 5% IDS 01 2100 

32% 26% Am war i.os 19 12 133 

43% 38% Amrten 1D2 10 13 Its 

43% 34% Ameren he 1DB 17 5 48 

15% 11% Ante* 024 1.S1U 3436 u 
60 50% AmoCO 2D0 17 16 7348 
8% 8% AnjcofWr 010 ID 51154 
4% 3% Arne he 012 3D 80 84 A 

33% 29%Amaxdb 1.40 4.4 10 817 31' 

4% 7% Anaconv 10 1137 

58% «2%Artodaita 030 06 708842 
31% 23%Ondog 26 1744 . 

29% ?4%AngaftCa 084 18 23 43 20% _ 

55% 47% Arts* 1.44 2D 22 3397 50% 49% 49% -1% 

28% 2% AMRPpaH 2D7 106 3 25%tf25% 5% 

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16% 14% Attoony 4i 044 19 15 Z "* " 

3S 30 Am Op 1JC 59 7 114 

29% 22% AtncftaDp 028 1.0 40 1292 __ _ _ 

10% 9%-ApeattXJF 072 7D 190 9 7 « 9% 9 7 a •*% 

18% 14% AW 31 2043 111 A 18% 18% *% 

7% 4AppMMB 1 455 4 % 4% 4% -% 

22% 16%AmiPWA 012 08 33 115 20% 20% 20% 

27%22%ARfl0n 010 04 16 5043 23% 

50% 43% Aren Charm 2DD 56 20 96 45 

51% 46% Amo 4DP 450 07 2 46% 

6% 4% Anted Z 1633 6% 

29 23% Afmco 2.1P 2.10 BD B 23% 

57%43%AnmfW 128 26 37 2055 50% 

45% 33% Amu * Bee 14 2880 35% 

' — 2 63 5% 

07B 12 13 327 23% 

040 14 89 1677 29% 

040 ID 11 3 Z7% 

IDO 10 12 1901 34% 33% 33% 

0D7 ID 529 18 17% 17% 

5 2* 


23% 19% Am Cap Of 
57% 42% AmCyao 
37% 27%AmOV 
33% 25% AmEngrx 
29% 24% AmGart 



aft Z£B ZPl -ft 
15% 15% 15% -% 
32% 32% 32% +% 
28% 28 28 -% 


7% 4%Artra0ip 
33% 23% Anhhd 
30% 21% Ararat 
31% 22% AsMdCBd 
44% 33% AMI 
25% 16% AaaPacF 
3% 1% Asset fnurx 028 102 
37 31% AaxNIGxa 



23% 3 
28% 28% 
27% 27% 


287 


012 04 21 230 32% 32% 32% 

ID! 2D 13877 53% 53% 53% 

2DD 1.1 3252% 251252% 

208 60 14 128 34% 34% 34% 

028 5.1 6 3 5% 5*2 5*2 

1.54 BD 10 726 18% 18 IB 

350 12 63 5611 108% 104% 105% 

1 327 5% S»j 5% 

20% 17% Aftnas Emu 088 47 8 24 18% 18% 18% 

12% 8%*MS«mx QD< 3D 10 340 0% 8% 8% 

24% l7%Awd 040 10 34 349 20% 20% 20% 

12% B%*US»F0 OlO 1.0 G4 9% 9*2 9% 

" 060 1.1 24 2240 53% 53% 53% 

044 31 10 13 14 013% 14 


57% 49*z AT&T 
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38% 33% Asm Gas 
9% 5% A8nb Ste 
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112% 82% AMcn 
10 4% 


55% 47%AuOtO 
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19 7% AM 
45 30% Anal 
61% 48%AwnPr 
14% 10% AfdnQxp 
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004 05 1 1766 8% 8% 8% -% 
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IDO 31 IB 1963 59% 58% 5B*2 -% 

10 202 11 10% 11 

20 219 5% 5% 5% -% 


- B - 


38% 31% BCE 2D8 
9% 6*2 BET ADH 034 
5% 3 Baferco 020 

17% 16*|U0FM 040 

22% 17 Baton 046 

27% 21% BetttrEk 040 
30% 24% BaBCp 000 

16% 96UM DOS 

9% 6%ftflU 
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20% 13% ranwrqt 020 
38 30% BcOna 1 34 
29% 19% BancFWa 
25% 20% BancnBIVx 1.14 
11% 9%8nnCMH 072 
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1*4 1% BancTeos 
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58% 22% BMfctn 088 
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35 BIBmkAmB 6.00 
84% 84%Bnt>TdX 160 
38% 308dm 129 

30% 22% Bsrl (C R 956 
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48% 39% BamBfc 1.64 
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22% l9%8dTr1838* 1.72 
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50% 47% BoSMA 243 
37% Z7%Bammos o.M 
26% 23 Bodmcnh 940 

42% 34% BodnD 974 


I 34 33% 34 

i 0% 8% 6% 
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! 23% 22% 23 

i 25% 25% 25% 
1 9% 0% 0% 
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r 21% 21% 21% 
1 20 20 20 
r 34% 31% 33% 
I 29% 29% 29*2 
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I 10% 10 W 

i 32% 32% 32% 
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1 52% 52% 52% 
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r 48% 48% 48% 
J 82 B2 82 
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59% 49BMIX 
19% 14% Bel to 
63% 53BeBUix 
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25% 20% Bants 
69 57% Band4DP 
40% 34% Bond 
30% H% BflndWiA 
1% I2BK9MB 
19% 14%Ber^r 
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10% aBsrjftw 
37% 19BMtd<7 
28% 26% BaOi S2. 

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53% 42% Bstz L 
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10% 8%BWmS«Ta** 

48% 37% BW( 

31% 23%Bhcdi 
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28% 19%OHCM 
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27% )98rt0C 
21% 10% Bed Bid 
15% 9% Bonham 
18% ii%Bantoi 
22 18% BtetnCdt 
25% 20% BdMT 
31% 18% BmdRal 
34% 30% SHE ftop 
90% 6B%B(«S 
33% 19% BrHafkd 
59% 50% EM^fSQ 
74% 55%BrAlr 
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76% 55% BP 
27 >0% BP Audioa x 
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71% 53% BT 
28% 2?%&U|OU 
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25% 17% Nd 
18% 13% Snail WM 
41 35% Buefcaie Pt 
18% 14% BtekarW 
17 >5%B»BarKI 
9% 18% Burl Cod 
68% 51*2 taM 
46% 3B%8UhRMC 
19% 18% BvrtamK 


MR 9 

* s cm W i« 

036 6.4 9 100 8% 8% 

2.7B 5D 16 5027 56% 33% 

040 24 14 1M 18% 16% 

2.75 4 6 29 5881 81% 60% 

060 ID 20 282 45 44% 

054 14 23 330 23% 22% 

430 73 noo sa 39 
1.52 4D 12 886 38% 38 

047 ID 17 33 29 28% _ 

00* 4D 4 380 J % JJ 
948 3.1 21 421 15% 1S*2 1E% 

46 24017160171001 
040 4 0166 16* 10 9% 

15 5331 24% 24 

2D0 90 137 u£8% 27% 

SOO SJ S3 54 53% 

0.40 ID 7 8044 20% 20% 

144 3D 21 620 44 43% 

2611829 12% 012 
910 98 18 823 12% 12% 

040 ID SB 4723 27 25*2 

0*0 2D 17 1650 17% 17% 

1D2 7.1 11 351 18% 18% 

073 8D 1*4 9 8% 

975 196 387 7% ^ 

970 7D 566 9 B% 

IDS 3D 22 3802 38% 37% 

910 94 23 8116 28% 26% 

012 1.7 140 6% 6% 

16 265 28% 28 

IDO 2.1 12 SOD 47% 47 

050 2D 6 847 23% 23% 

OD6 9 6 27 221 11% 10% 

0D4 54387 3404 Ul5% 15*2 
030 24 18 S62B 12% 12% 

126 02 6 9 20% 19% 

980 24 13 195 24% 24% 

927 1.1 950 25% 25% 

Z40 7D 7 91 30% 030% 

1D4 2.7 11 608 69% 88% 

20 3528 24 23% 

2D2 5D 138860 52% S2% 

1.77 26 15 B46 8B% 66% 

3D7 7D 23 468 42% 42% 

225 3D 24 5435 74% 73% 

1J8 6.7 7 333 23% 23% 

032 ID 242SOOOu24% 2* 

3D1 4D 16 600 61 60% 

1D5 £4 14 237 24% 34% 

1.60 4D195 170 35% 35% 

0D2 50 4 S 8% 6% 

995 3.4 4 378 23 27% 

068 22 28 7319 31% 30% 

13 42 4% 4 

044 ID 39 4188 23 22 

020 14 35 1327 14% 13% 

280 7.7 10 35 38% 86% 
1.72114 0 193 15% 15 

1.56 9D 19 27 16% 16% 

15 864 21 16% 

IDO 2D 16 2491 52% 051% 

055 1.4 20 76» 4Q% 40% 

1.40 8.1 22 58 17% 17% 


29 +% 


20% 


- c - 


S 25%CB 
253% CBS 
% acfwuh 

25 19%CMS&i 
82% SICNAfn 
51% 44% CPC 
17% 14 CPI Carp 

92% 71 CSX 
28% 19% CIS Cmp 
24% 18% CKMSMra 
132% 82%CaMdnh 
98% 46% CMC 
23% 18% CabaO&B 
17% 10% CaoncnOsri 
5B 35% Caesars W1 
2% 1%Cal(tadE 
15% l1%CdganQn 
19*2 15% CaBQ 
15% 9% 00 Fad 
25% 17% GrtadCo 
42% 3*%CmpU5» 
a iSCampdRs 
18*2 14% CadWc 
75% BO%CapOI 
38% 2B%CSMi 
14% 12%QBBIID6 
37% 2D%Qn«aiD 
42% 22% CrhU Mga 3D213D 
22% 15VteMMk 
35% 30%CahCD 
22% 1B% OmkaGI 
I] U Canto Pt 
13 9% Canto Fr 
30 22%CBP6LX 
66% 56%CjrtrT 
26% 18% CWterWU 


048 ID 27 174 2B% 26 

200 06 15 3802 310 233% 

016427 0 SO J3 % 

072 3D 11 1051 22 21% 

29 27 81% 81% 

1D6 2D 16 2319 *6% 48% 

0D6 3.3 18 36 17% 17 

1.78 24 21 883 74% 74% 

940 ID 19 IS 2S 24% 

064 13 17 S8S 19% 19% 

28 3763 111% 106% ^ 
1.04 2D 25 08 S0% 50% 

0.16 07216 328 21% 21% 

875 6346 U17% 17% 

10 1007 39% 38 

920100 2 29 2 1% 


016 ID 27 175 12% 12% 
16 302 16% 16% 
Q 2384 12% 12 

040 2D 56 151 20% 20% 
1.12 3D 14 993 K% 35% 
14 5483 dti 

032 Z.1 57 1252 !S% 14% 
ODD 03 2 4169 u75% 74% 
ODD 27 91799 29% 29% 
IS mi 167 12% 12% 
IDO 7D 6 21 21 

6 348 24% 23% 
18 6S21 21 33 

072 2D 17 11 32 31% 

12 110 18% 19 

0 179 U 1U 
020 £1 9 231 8% 9% 
1.70 7.1 11 3583 24% 23% 
2.40 4.1 14 SB 59 58*2 

0D3 ID 29 121 17% 17% 

18%13%CMC*N6l09B 7.0 12 86 13% 13% 
10% 7%CtehAmm 005 06 10 137 7% 7% 
>»%80%C389r IDO 11 16 9663 111% 108% 

i 5 io%cncvp as is 14 13% 

36% 30% Cedar Far X 2D0 94 11 383 31% 31 

13% 9% CardEn 080 aO 1 312 10% 10 

45% 23% Carte* 020 06 10 4681 25% 24% 
30% 25% ObWIUbix 2D0 BD 9 167 2B% 28% 
25% 21% CMrlad 1.46 6D 13 705 23% 23% 
15 10% Cate Itan* 090 6.2 6 419 11% 11 

30 24% CoarHMp 048 1.8 22 826 27 

22 14% Catelltna 1.42 05 9 72 15 14 

" ' ~ 1.70 8D 13 22K 21% 21 _ 

032 ID IB 323 25% 25% 
72 3503 U2S% 28% 
020 06 19 1700 34% 

020 2D 79 23 8% 

13 779 6% 

2 50% 

1D2 35 20 3776 38% 

1 38 2 

112 338 

0.70 5.7 0 357 _ . 

204 5.7 20 117 U38 35% 
1D2 4D B 7385 30% 38% 




n%ctoujii 

26% 18% Caitdn 
36 280xq*i 
12% 8%OHparrt 
15% 5% 0*1 tea 
51% 49% Chaste! FTP 105 01 
«3Q%CtasaM 
3% 1%(3auseB 
is m%o»*sj 

12% 12BmBkC 
36 30% Owned 
42% 33% 


(U18% 
’ 12 % 



11% 7% Own Wads 020 22 0 1284 9% 


27% 22% 

47% 41% Own 
56% 4O%oasPan0 
19% 11% Odfr 
8% &% CnootFte 
38% 3200311 

34% 24%axtdiana 
63% *4%0^ 
33% 70% 0x4* 

74 570iaB 

9% 7 0gnaHI 

37% 28% Ckarp h 


072 26 57 469 25% 24% 
165 4D 1115257 44% 43* 
1.45 14 321 

ODD 16 502 

72 43 
6 33 
46 11 
1.00 2 0 727290 50% 49% 
164 24 19 OO 76 75% 
10* 4D 22 5037 
090126 570 

248 63 11 48 


44% 43% 

SS 

36% 35% 
34 64 


72 70% 
7% 7% 

37*2 28% Ocaph 248 8J 11 48' 

16% 15% am Bel x OLIO *7 16 339 17 16% 

Z7% ZtOtete 1.72 7.7 74 2291 23% 22% 

036 16 15 1467 2O%018% 
32SI298 3% 3% 
200 7.0 10 194 26% 26% 
0.10 05 IB 3106 21% 20% 
21 6058 27% 26% 
OBD 1.5 1015410 ‘ 

226 89 55 

6D0 7D 14 

7.00 7.4 S 

19 745 
IDS 109 8 328 

064 6D 30 481 io% 10% 

008 10 1855 B 07% 

012 1.1 - - “ 



9 3232 10% 10% 
2B 510 85 64 

171160 19% 19% 
S« 10% 10 

3 

B 295 

2 


25% 10% 

3% 2% CheplaxO 
30% 25% Cbm 
Z3lB%0nx*a 
40% 20% China 
44% 36% gate 
28*2 250*9112 

96 83%CfepFCAd 
1(0% 93% CtcpPQAd 
17% 11% centra A 

18 13% Cento B 

11% 7%C8lMM 
12% 7% Off 
23% 9*2 tt*s*S 
89% 50% CbrtEq 
2S% 17Qxi4an Mb 
11% 9% Oamenh G 057 S.7 

90 73QM756 7D6 BD 

45*2 34%OmCa IDO 3D 

B6 73 Onto B 7.40 07 

55% 47Qnra* 1.60 17 IS 282 

29%2%CUMed ODD ID 10 2 

13 10% CHAhcoma 1.08 99 19 

18% i1%Coaaaw 024 ID 7 113 

17% I30xnsaf 
33% 26% Coxa 
44% 38% On C 
19% 14 Cocj&l 

23*2 18*2 Cobu Deh 
32% 25%0snman 
85% 51% CrtgPa 
11% 9%CakxiKNx 
8% 7% CotanMH 
7% 6% CdanaM 
8% 7QakxMM 
30% Zl 1 ? CrXGsa 
46% 36% CohCA 
24% 17% Gonxtoo 
30% 25%Comarfea 
27% isconam: 

29 21 CsnxrtUelx O40 1.9 >5 
3% SCmndsa 0 

28% 22% CBMIC01.42 1.43 S3 
26% 21 axmC01D 1.90 86 

26 22QmteB2D0 200 88 2 

26% 22% CorraEd IDO 7.1132 4903 22% 

19 11% Cammil P*f 0D6 23 21 1696 13 12% 

39% 24% Comps) 7632948 37% 35% 

1% % Qximrteer a 0 S u .« 

44% 27% CnpAm 020 05 2115081 42% 41% 
44 31% CmpSQ » 2000044% 43% 

9% 6%CompS’TI* aio 11 3 199 8% B% 


-5 



040 23 IB «19ul7% IS 
040 ID 30 4715 30% 

078 ID 24I77S0 42 

005 03125 105 16% 18% 

015 OB 19 332 17% 17% 

24 615«E% 31% 
28 1510588 53% 51% 
189 9% 9% 

558 8 7% 

28 0% 8h 

434 7% 07 

1398 27% 27 

012 OD 4810064 30% 38% 

036 ID 9 845 19% 19% 
1D» 45 10 1948 28% 28% 

068 26 20 142 27 26% 

S3 25% 24% 

510 3% 03 

7 24 24 

38 21 % 21 % 

3 22% 22% 


065 6.6 
060 7.5 
070 105 
068 76 
2D2 OS 


30 20% Cornea 
30% 25%Dltaa 
31% 73% Carina WE 
25 20 CmntaEn 

20% 11% CmwfH 


0.74 ll 13 717 2S 34% 

072 24 IB 5497 30% 30% 

1.46 59 13 36 5% 25% 

IDO 6D IS 2B 21 20% 

1 8804 13*2 12% 



71% 570X1*4.55* 4.60 Ol 9 57% 57% 

32% 25% COWEO 200 7 3 10 3570 27% 27 

75 62QxaE0PT« 500 7.7 4 94% 64% 

29%21%C0tfrt 25 1674 23% 22% 

47 36%CmMGx 1.94 SD 181194 39% 37% 
IDO 23 20 2712 56% 55% 
12 2295 12% 11% 
OD0 1.1 4 2206 45% 44% 
4 18 83 3 S) ifiO 

7.45 BD 2 87% 87% 
70S OD «0 87 087 

625 8% 8% 

19 50% 50% 
34 27% 27% 

an id aims 37% 36% 

IDO 6.4 6 440 15% 15* 
0D4 04 
1 18 10.7 


17S 7S 
ZSS 83 


21 


69% 50% MM 
20% ii*2Qxxi08xx 
68% 43% COraaca 
00 30 CPwr 4 10 

100 ®(Tw7.45 
100% 87CunP7D8 
12% 7% CcntMcdc 
50% 49% CoXSk PI 
28 7 3 COTBW>» 

37% 2S%CcnSk 
28% 14% OorXCp 
10% 3% Csrwttex 
11% 10% Con* H PI 
7% 4% Corvix Cara 

1% .'.Cooper Os 

£?% 34% Ohm 

29*2 Z2% Cooper TBfl 0.2 ID IB 074 
15% iDGoraH 02* 23 ID 436 1 



28 24% Cr*SS 
34% 27%Crrhg 
1B% m% Craw in 
19 13% Cuutey O 
11-% 7%CMW»»r 
18 15% Coutraft 
127. 11% Daig 
21% 24*8 Qa* 

17 14%Gmifcx0 
33% 19% Ctay% 
4% 39% Ortft 
13 9% DOB 



130 4tS 10 1213 26% 

068 21 458 52! 9 33% 32% 

012 10 24 12% 12% 

0L32 23 4 3088 14 13% 

0D4 BD 50 418 8% 8 

068 5D 34 137 16% 16 

19 5 12% 12% 

an U 16 419 26% 35% 

ODD 11 IS SS 16% 16% 

9 2148 22% 22% 

1.90 34 13 128* 47 48% 

1 18 100 13 22E 10% 10% 


HM LtoSncX 

8% 5%08Uqlfc 
24% iBVGnqanu 
41% 53% CrwCS 
13% 9%OSSBr 
12 %awtd» 
8% 7%CSFSS 
9% B*>C9BoSb 
2SQJCM 
17% 12% Cuftm 
74% 6G Qjnun£rtl5 
S7% 40% Curxrfn 
11% u%Cimcmh 
37 32% CteWt 
11% 9HH 
13% 7%CftamS|8 
19% 13% ftpS* 
33% 2S%C*JM*X 
Hi 2 12%C|KC 


21% 18% DPLHOUg 
20% 15% Odas Sara 
30% 25*2 Bra 
45 38Dand«a 
13% 10% DoMtad 
10% B%Dxfi£n 
7% 3% QdJpon 
S% 6% EMxWSW 
82% 64% I 


n.n a 

Btr % E toe 

040 S3 5 393 
048 28 17 1352 
17 634 
012 1.1 X 910 
ODBlftl 0 7 

aft 13 323 

OBl 93 371 

38 3133 
080 5.4163 12 
IDfl 52 16 

050 ID 817BZ 
0J2 7J 13 17 
100 30 68 2 

108115 7 106 
9 112 
64 3612 
080 £7 15 2282 
4 986 



DSRW 
2 %0OLB 
B% 5%MSHP 
33% 3% Dear Foods 064 
41 31% DnnWO 050 
8% 7% OemWExx 060 
90% 67% Deere 2D0 

1% tjDdMHi 
23%1E%Ma01x 154 


0)4 


12% 9% 

2% % 

38 25% Mbs 

101 84 DteE07.45 

102 9DIME0758 
30% 24%DM£d 
25% 22% Dexter Op 
22% 17% Bmi Prods 
23% 1B%DlaBW 

30 23*2 OhnsxfS* 052 
14% UODtemOixp 
45% 34 DktxM 088 

38% lS%»BaE 
37% 29 DM 0D8 

9% T%Dhn$»NT 
48% 39%ttoeyx ODO 
35% 26% Ddefd 
45% 35%onmB» 

0% 4% Domtarhc 
25% aODondtext 
31% 28% Donrty 
86% &Q 7 j Dour 
70% 56% On* a 
41% 28% DovJrtj 
21% l7%Da*mey9U. 048 

103 97 0H.7D75 738 

34*2 2S% (ME 1DB 
28% 20% DTP* TOP 

13% 10 Dean 062 
24% 20 Orest OSS 

52% 44% Bafts 076 
10% B% Orfifl Fd S i 066 
11 9% OrfUBStGx 090 
11% 9%Drtn8IUx 073 
76% 86%OuPoeMDx 450 
43 32% DianPer 1D8 
27% 2D% (M*Wy IDO 
64 55% Dwftd 260 
62% 48% nfU 1.76 
29% 28% Eftt-4.1 205 
Z7% 23Daqml75 1.88 
29% 27Duqaw*D0 200 
29 28% DdoL 4D 210 
29 2SDUM14 IS 206 
100 82% Du«. 7D 7 DO 
44*4 36 Duxd 088 

10% 8 DM Htn 9i 

16 13 Dyranles 020 


- D - 

53 14 1257 20 19% 

19 1029 1B% 17% 

23 10 3507 28% 28*2 

03 23 2ft 44*2 43% 

ID 29 185 11% 11% 
2 1025 7% 7% 

2 253 4 3% 

24 5 2 B% 6% 

21 17 3288 B1% 60% 

3 234 1% 1% 

25 3 32 5% 65*2 

23 17 519 28% 27% 
ID 10 3164 37% 37 

7D B2S 7% 7% 
2D 17 8346 72% 71% 

1 38 % % 

BJS 10 7685 18% 18% 

04 9 3270 48% 47% 

3D 15 111 12% 12 

0 4 1% 1% 

06 IS 783 26 03% 

OB 3 17 85*2 

BD 5 91 090 

02 71243 25% 25 

18 17 478 25 24 

ID 20 1» 21% 21 
27 81208 22% 21 
20 24 1(43 25% 25% 

14 434 8% 7% 

2D 27 568 44 43% 

1222214 21% 20% 
02 15 2032 33% 33% 
61 1756 8% 8% 

07 301(015 42% 41% 
ID 21 381 28% 27% 

7.1 11 1640 86% 35% 

4 9 9 366 5% S 

1.1 11 289(25% 25 

2.0 24 1405 28% 28 

15 21 1520 60% 59% 

19 28 8242 66% 66% 

2D 20 3818 30% 29% 
23 11 156 20% 20% 
72 140101% 101%' 

SD 11 239 72% 29% 

15 2123 22% 22% 

5D 4 107 11 10% 

12 11 6848 21% 21% 
ID IB 778 49 48% 

7D 254 9% 9% 
11 282 9% 9% 

7.1 302 10*2 10% 

BD 2 86% 67% 
52 12 1508 36% 36% 
6.7 26 1408 27 26% 

46 23 2260 57 56% 

10 70 8866 5B% 5B% 
7D 1 26% 025% 
BD I2D 23 dZ3 

7.4 220 27 dZ7 

7D 2100 26% 026% 
BD nOO 25% 25% 
7B 1 92% 032% 
2* 36 3669 41% 40% 

28 SB 9% 9% 

1.4 19 30 14% 14% 

- E - 


20 
s 

<3% 

aS 

I . 

37% +% 


* 

•% 

3 

A 

3 



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17% 4%ECCM 
19 14% EG&6 
46% 36%Syam 
27% 22%ExrtUCl 
27% 22% E Bap 
48% 39%EadDi 
SB% 40% Bod* 

62% 46% Eaten 
35% 24%Ecrtha 
23*2 19% Ecolaii he 
32% 73% Edten Bra 
24% rs% fOrnrH 
0% 6% Bn Map 
25% 18% Bar Cop 

5% 1% Bw Ass 
9% 5% Bn 
5 1% BacfeX 
23 12%atCCnp 

9% 7% Emery Geary 
65% 56% EmerB 
7% 5%amxfM.75 

20*2 16%'Emphian 

16 B% ErrpAjfBen 
55% 41 *e Enora ADH 
23% J9%B*rpeiCo 
31% 23%BM«i 
16% 13 Enas Bren x 
*55376% Emon 105 
34% Z7%Er*on 
24% 19%Entxi OIGx 
51 SOEnscHUE 
(01% 67BndiAJPEx 
19% 12% Ear* 

10% 5% Em* Ex 
37%24%Etegr 
23% 18% Basra CD 
10% 9%HKBtan 
2% 2% HXHeaBx 

30% 21% Enaixx 
2% 1%E«0nE 
30% 32%EMabta 
9% 6%Edertte 
19% 11%Bhyl 
14 10% EiaapaFd 
16% S%E>gHlr 
17% is%B«aa*a 
87% 56% Exxon 


ODO 1.4131 43 
056 DB 10 720 
IDO 12 10 1290 
154 6D 9 413 
1.40 62 2D 447 
IDO 14 1300 

IDO 13 33 6379 
120 22 201430 
076 24 19 4337 
044 22 17 1264 
1D4 SI 11 72 

056 12 7 1127 
61 18 
022 OD 14 218 
3 303 
114 248 
7 1568 
052 13 323523 
012 ID 123 
156 27 15 *407 
047 61 1 

IDS 7.7 14 126 
90 1912 

1.09 24 15 1 IS 
1.06 5D 12 230 
044 1.8144 1204 
05B 4D 11 68 
ran 23 noo 

075 23 24 535 
012 05 12 758 
ire 7.5 noo 
7 do 7j noo 

ODD ID 35 5794 
030 44171 10 

1J0 7.1 9 5S9S 
3 249 
1 10 10D 74 a 

1.10 469 B 10 
062 2D 33 M 
02B24D 0 89 
1.14 13 15 385 

2 UDO 
050 4D 1518572 
675 65 277 

69 173 
IDO BD 3 
28B 5D 13 9948 


-% 


4% 


4% 2% FN tram 
16% 13% FTUeartxi 
18% 12% FaMCert 
38% 35%Frcrt41x 

8 5%F reset 
21% 10% Fan* he 

7% S% F*ja Dnxj 
62% 48%Paat*Bln 
53% *4%FedPB2D7S 288 
29% 23 Fad R»T 156 

8% 6%Fadto 
80%63%Bxfiai 

37% 24%Fni«d 
89*j 78%FedNH 
27% 20%Fert« 

21% 17fa0«dSg 
25% 19% Farthxxs 
S% 22% Fwrti Qxp 
34% Z2% HflCxn 
10% 8% Ftortk 
33% 22% Rnosted 
40% 34% FkatAmBx 
» 29% Fsffl«£ 

37% 32% FtnlBmd 

aa KFtOMn 
51% 49%F*tax«rc 
101% B5*2 FdQttoC 
s% 4 i%fetaaa 
48% 42%B8F» 

37% 33%FstF021 
18% 11%nteFrt 
60% 51% First PnM 
95 G2% Fean 
17 12% P«lli 
23% 1B%FdP»F 
4B39%ftfUto 
53% 51 % PM U PI 
10% 6% faftMl 
40% 32% Bte Vkp 
35% 29% FWarCD 
41% 31% FMF 
a 18%RwiEn 
29%D3%flM» 

44% 33*2 Ht*M»x 
33% 24%Rmg 
20*4 16Romre 
56% 40% floor 
56% 45% HJC CO 
7% 5%FMCGd 
ffl 41% FortaCSfl 
17% 11% FoutMS 
35 26% Bad 
10% 9 Forte 

45% 32%Fo*Wl 
15 ii%FaaaByn 
33% 27% FPL 
14% 6% Franca Bo 

9 7%FmMPr 
61 33% Fraud RS 

42% 34% RsCMWte 
6% 4% FittNdA 
5% 4%FHWB 
21% 16% frtUM 
27% 21% BMMAx 
24% 21% FranCn 
33 SSMiaxll 
7B% (OFMifil 
18% 13%MuraS*y 



- G - 


56% 50H1X3D75X 
44% S% BATX 
57% 49% GKO 
12% 7%6BCW 
»% 29% GTE 
33% 78% GTE 2475 
19% 15%CIEFID5 
12% 10%6aortEq 
3s% 28% Ortgnr 
15% li%Eetx*Ui 
<% 1%GdxHtm 
59 47% Gama 
49% 37% Cache 

a% »%gccm 

11% llbnHtl 
90% 1E% Gated 1 
16% 11% amp 
22% I9*j Rites 
57% SGenDynx 
B *6 GenBec 
6% *% GaiHaa 
15% 19% fieri Hnaa 
62*4 49% MBi 


188 75 

IDO 17 

IDO 10 

1DB 63 
248 6B 
IDS 7.6 
IDO 60 
on 29 
1.70 116 
004 29 
1D2 27 
048 ID 

1*0 12D 
ODO 15 
060 45 
612 OB 
1.40 15 
144 11 
aa 69 
0DZ 10 
158 IB 


73 

13 321 

12 2a 
18 210 
28 8874 
9 
2 
258 

14 45 
12 

S 42 
T7 03SJ 
27 5210 
K 16 
SG 

8 IBS 

9 601 

73 
4 868 
922941 
2 460 
11 127 
16 3065 


52 51% 
«% « 
49% 049% 
11 % 11 % 
30% Z97 a 

a%aa% 
16% 16% 
11 % 11 % 

ssa 

41% 40% 
27% 27% 
11 % 11 % 
19% 19% 
12% 12% 
20% 20% 
40% « 

47% 46% 

10%tf10% 

53 SS% 


51% 4% 
40% ♦% 


49% 

11 % 

ZS% 

a% 

16% 

30% 

’S 

s 

27% 


♦% 

**% 

a a 

a 

46% -% 

5% 

10% -% 
52% -% 


BgD ImrJhte 
65% *9% GteUr 
a27%Sc«St 
40% 31% WW 
31% 25GO0U 
us%ltn%6te#h 

aa%Gen9o< 

51% 41% Gerasoete 
5% 2% Oenaco 
21% 13% Seam SB 
7% 4% Gfitrait* 

B% 33% Genii 
35% 21% &BtaQf 
77% 5fl%&abP 
110*2 100% QftPTD 
104 95%Q«a772 
51% 26% GertPr 
16% 13% GOterSd 
12% 10%GsmsiTft 

12% 6% GotS 
18% 12%6eayte 
14% 9% Grax Grp 
10% 7*i Sard ha 
69% 57% Bte 
2% i% GRnGip 
21% 15% Gtau 
15% 10% GfeaenCB 
7% 5% Steal Gar 
9% 7%O0WW* 
4% 3%amdter 
8% 6%StedH8 
46 37%GWWFn 
48% 0BGOk*i 
51% <7%&*tfcl5 
49% 34% GOyen 
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BanUGraxOSKia 638 32% 31*2 32 +% 
Basset F 080 15 250 28*2 28 2B& 

Bay Wawx 080 ia 373 24% 24% 24% +% 
BaytaNu 1.46 13 370 60% 90% 60% +% 
BB&Tfln 168 S 83 31% 30$ 30$ 

BE Ami 20 2B4 8% 9% 0% +% 
BeautKos 028 32 427 14% 14 14% +% 

BenUeny 15 252 15% 15% 15% -% 

BarideyWR 044 14 224 3B 37% 37% 

BHAfip 012141556 9% 9% 9% 

Bltae 97 40 5 4% 4$ -% 

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BWayW 008 13 06 11% 11% 11% +% 

Bingen 321B69 30% 29% 30*e -% 

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BkxftDtg 164 11 138 31% 31 31% +% 

BMC Soft* 18 3982 50% 40% 50 «1% 

Boatmen S 164 10 1781 33 32% 32% -% 

BoD Bane 027 19 610 21% 21% 21% 

BtateftB 14 91 27 26% 27+1% 

Bartend 3 Z743 10% 10% lOA -A 

Basttl Bk 079 5 443 33% 32% 33% +% 

BtWmTc 43 2529 9% 8% 9% +% 

BtWtyWAx 068 19 38 U*9 47%46%+1% 
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BnmoS 024 151125 7% 7% 7% 

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313*08 0« 5 7 2*1 02% 2*i -ft 

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BUMrfBT 25 42 15% 14% 14% -% 

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45 45 


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BdktanTA 00* 25 324 4ft d4% 4% +% 
BaryRC 192133019% 19% 19% +% 
HAT tad 03 12 314 7% 7% 7% 

Baud B 21 2 2 2 

Buds Man 0*01*2 77 20%d19% 3 -% 

BkHtadA 52 84 lBh 18% 18% -% 

A 050 44 2S4UW$ 40% +% 


Blows A 
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Bowmar 28 

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32 1T% 11J 
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53 21$ 21% 21*2 
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34 20$ 20$ 20$ -% 
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870 2% 2ft 2% fft 
5 15 2% 2% Z% 


Ctamptan 45 2057 31% 28% 31% +2$ 
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10% 10% -% 


P/ Sta 

Stack Oft. E IBQe H$b Low Base dug 
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Coraputrac 0 10 ti ti Ji 

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CmssATA 0645*1 152 18% 18 15% 

Crown C A MO « 2 17% 17$ 17% 

Crown CB 0.40 14 0 18% 18% 16% 

Cubic 053 82 68 19 18% 19 

Cuetomedta 13 81 2% 02% 2% 

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Ducomnun 9 24 4% 4% 4$ 

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6 10 7$ 7$ 7$ 

18 729 35$ 35% 35$ 

50 2481 4ft m $< 

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Frequency 2 41 444 

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22 2765 19 18% IS +$ 

78 388 9% 9% 9% +% 


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082 17 25 15% 15% 15% -% 
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Start B 00*13 117 12 11% 11% 

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Tab Prods 020 48 37 9 d&$ 8$ 

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GET YOUR FT DELIVERED TO 
YOUR HOME OR OFFICE IN GERMANY. 

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ISTiwiff txallhr 



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21 1058 23% 23$ 23% -% 

1 1035 1% 1% Ift 

1 IK 3 d2% 2$ +% 

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Cwuihc 000125 30 90 89% 90 +% 

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CMtanCm 081 23 4 28% ZB 28% 

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060 7 330 20% 20 01% 

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13 18 3% 83% 3% 

8 914 4% 4% 4% 

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1-28 12 25 53% 52% 63% 

CtataaCp 017 31 203 32$ 32$ 32$ 
Oiualgc 385611 34% 32% 34% +2% 
CB Tech 106 460 2ft 2% 2% -% 

1335505 24% 23 24 +1% 
C&Buicp 1JS 18 50 29 20% 28% -% 

QteuHbr 25 1*7 7% 7% 7% -% 

cons Dr 42 35 12% 12% 12% +% 

Cttbeani 8 428 4% 4% 4% +% 

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1423952 7% 7 7% 

29 18 11% 11% 11% 

28 488 17$ 17$ 17$ 

93 194 10% 10 10% 

18 K 13*2 12$ 12$ 

040 71 221 18% 17% 17$ 

128 14 24 21$ 21 21$ 

080 10 5 28% 27$ 27$ 

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6 2T2 5$ 5$ 5% 

1.44 185026011% 10% 11 

32 34 17 18% 18% 

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FatWbatn OK 7 73 8% B% 8% +% 

fatfaUK 052 B 880 23$ 23% 23*2 *% 

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38 134 8% 8% 8% 

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108 10 7 31 31 31 -% 

11 125 11$ 11% 11$ +% 

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GmafaPh 31183 10 d9 9% -% 

GantaxCp 400 43 901 25$ 2*% 25% +$ 
finelnc 129 518 4% 3% 3% -ft 
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Garni £5 040 B 657 13% 13% 13$ +ft 
Bkttvl 012 12 5526 1B$ 15% 10% -% 
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5 848 8% B% 8% 
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Mcrpufc 2 B27 5% 5% 5$ +ft 

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Md ABM 425931 48% 46 47% +1% 

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Mtadeqh 15 10B 12% 11$ 11% 

MoMeTrf *8 0324 19$ 18% 19% +1% 

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Roae Sir 020 11 255 15% 14% 15 +% 

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RPM Inc. x 052 19 291 17$ 16$ 16$ -*g 

RSRn 048 13 112 22% 21% 21% 
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- S - 

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Smturago 030 12 22 17% 16$ 17 +% 

SchfmogrA 030 18 992 25% 2*% 25$ +% 
SCI Had L 83100 PO* 2 »% 30% *% 
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Sera 8 262 6% B% 6$ 

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8 2030 7% 7% 7% »% 
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112 15 23 25% 24% 25$ •% 
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19 

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290 

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32 

383 

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18 

603 

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28 

910 

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27 

43 42 *2 


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14 

190 17% 18% 17% 

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SutagrfA 020 38 2027 18*4 17$ 18$ +$ 


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38 


WORLD STOCK MARKETS 


FINANCIAL TIMES 


Thursday July 14 1994 ; 


AMERICA 


Collection of factors 
combine to lift Dow 


Wall Street 


Reassuring news on inflation, 
a modest rebound in the dollar 
and news of another bid for the 
QVC television shopping group 
lifted US share prices across 
the board yesterday morning, 
writes Patrick Harverson in 
New York. 

At 1 pm, the Dow Jones 
Industrial Average was up 8.42 
at 3,711.08, The more broadly 
based Standard & Poor's 500 
was also firmer at the halfway 
mark, up L32 at 449.27, while 
the American Stock Exchange 
composite was up 234 at 428.04 
and the Nasdaq composite up 
6.68 at 716.27. Trading volume 
stood at 153m shares by 
1 pm. 

Share prices firmed from the 
opening, helped by news that 
the consumer price index had 
risen by only 03 per cent last 
month. Although the CPI num- 
ber was sot as positive as the 
report on the producer prices 
index, which was flat last 
month, it was in line with 
expectations, and reassured 
investors who had been wor- 
ried that strong second quarter 
economic growth might have 
fed through into higher prices. 
Also, taken together, the June 
inflati on data was unlikely to 
prompt the Federal Reserve 
into raising interest rates 

ag ain 

Consequently, stocks posted 
solid gains in early trading, ris- 
ing by more than 20 points at 
one stage. Equities received no 
help from bonds, which 
ignored the good inflation 
news. By early afternoon the 
benchmark 30-year bond was 
unchanged, still yielding 7.68 
per cent. 


Nasdaq stocks outperformed 
other sectors of the market 
thanks to strong technology 
stocks, and news of a rival bid 
for QVC. Last week the home 
shopping television group 
announced that it was merging 
with CBS, the broadcast televi- 
sion network. Late on Tuesday 
night, however, Comcast, the 
big telecommunications group 
which owns 15.4 per cent of 
QVC, launched a counter bid 
worth $23bn. 

The rival offer immediately 
persuaded CBS to abandon its 
merger plans, which did not 
deter investors from buying 
QVC in the hope that the 
stock’s price would be driven 
higher by new bids for the 
company. In early afternoon 
trading QVC was up $6 at $42 
in volume of 4.7m shares. Com- 
cast, which is also traded on 
the Nasdaq market was down 
$1% at $15% in volume of 4.4m 

On the New York SE, CBS 
shares were also higher, up $6 
at $306. although the rise in 
the stock had less to do with, 
the news of its failed merger 
with QVC and more to do with 
the company's plans, 
announced yesterday, to buy in 
3.5m of its own shares and split 
the stock flve-for-one. 

Hilton Hotels rose $% to 
$62% after reporting second 
quarter profits of $33-9m, up 26 
per cent from a year ago. 
Among higher Nasdaq technol- 
ogy stocks. Intel was up $% at 
$61, Cisco Systems $1% at 
$24%, Lotus Development $1% 
at $41%. and Oracle $% higher 
at $39%. 

Canada 

Toronto stocks were firmer at 


S Africa ends 


South African shares ended mixed after 
Struggling for direction in a slow trading ses- 
sion. 

The failure of the bullion price to move for- 
ward also contributed to the general lack of 
movement, brokers commented, although 
firmer London and US markets lent support 

The overall index added 17 to 5,471, the 
industrial index 12 to M66 and the gold index 


in slow trade 


lost 6 to 2,105. 

Among the day’s main movers Anglos 
improved R1.40 to R225, De Bens made Rl-50 
to R107 and Gencor added 15 cents to R12. 

Pick n Pay lost farther ground as strike 
action bit its stores, shedding 50 cents to 
R12.75. Iscor added 10 emits to R3.70, Sasol 
continued to move ahead adding 75 cents to 
R25.75 and Absa 15 cents to R9. 


EMERGING MARKETS; IFC WEEKLY VNVESTABLE PRICE INDICES 


Market 

No. erf 
stocks 

Debar terms 

July 8 % Change % Change 
7994 over week on Dec *99 

Local currency terms 
July 8 % Change % Change 
1994 over weak on Dec *93 

Latin America 

<2091 

eizie 

+4.4 

-5.9 




Argentina 

(25 ) 

869.53 

+4.0 

-12.5 

533,564.32 

+4.0 

-125 

Brazil 

(57} 

278.37 

+11.2 

+19.6 

1,041,612,029 

+11.2 

+9255 

Chfe? 

(25) 

645.78 

-1.6 

+17.0 

1,088.80 

-1 jo 

+14J2 

Colombla , 

(ri) 

956.21 

+1.4 

+48.3 

1,389.42 

+1^ 

+495 

Mexico 

(68) 

831-96 

+Z2 

-17.3 

1220.11 

+2J 

-9.6 

Peru' 

0 U 

133.70 

-3 £ 

+10.6 

179.04 

-3.2 

+12.6 

Venezuela 3 

(12) 

5CHL50 

+16.3 

-14.1 

1,987.23 

+0^ 

+39.8 

Asia 

(557) 

238.65 

-0.1 

-18.0 




China* 

(18) 

83.34 

-2.7 

-442 

91.08 

-2.7 

-445 

South Korea* 

(156) 

128.59 

+0.7 

+8.8 

136^0 

+0.8 

+8.5 

PWippmes 

<1B> 

261.84 

-4.9 

-2a i 

335.48 


-24.5 

Taiwan. China* 

00 

139.79 

+5.5 

-3.4 

13949 

+4.2 

+4-3 

India 7 

(76) 

131.58 

-1.1 

+iao 

14530 

-1.1 

+iao 

Indonesia* 

(37) 

96.48 

-2.0 

-22.6 

113.69 

-1.9 

-202 

Malays la 

(105) 

259.73 

-0.? 

+23.4 

248.83 

-0.4 

-262 

Pakistan* 

(15) 

396.83 

+0.1 

+2J 

55Q.37 

-0-1 

+42 

Sri Lanka* 


180.66 

-0.5 

+1.9 

193.43 

-a4 

+1^ 

Thailand 

(55) 

362.86 

+0.8 

-24.0 

360.48 

+aa 

-25.4 

Eura/MU East 

(125) 

109.57 

+4.6 

-35.3 




Greece 

(25) 

220.00 

+3-6 

-3.4 


+1.7 

-8 A 

Hungary" 

(S) 

184.55 

+2.1 

+10.7 

224.40 

+0.8 

+11.1 

Jordan 

(13) 

160.80 

-2.1 

-2.9 

228.57 

-1.8 

-4.5 

Poland* 

(12) 

588.06 

+16.2 

-28.0 

838.02 

+163 

-24.1 

Portugal 

(25) 

112.01 

+3.9 

-1-6 

124.05 

+1J9 

-102 

Turkey 0 

(40) 

103.37 

+4.9 

-51.4 

1^07.04 

+4.8 

+3.8 

Zimbabwe** 

(5) 

238.66 

-3.9 

+18.0 

284.11 

-S.0 

+33.0 

Composite 

(591) 

306.59 

+2.4 

-13.9 





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-men are- j IS9I; OOoe 31 1SSS CUan 5 1990; 1-fiOoc 31 1982; BM*i 3 «« * r® 9 ’-' <W*" « flWap » * 1481: (19 

One 3i IRS* /MOre SI 1980 IlSSDee Si I9K- tlXAug * 1983: pA My 3 1880. 

Companies from emerging markets have been turning increasingly this year to issuing 
ADR s in the US, according to Citibank. 

India has led the way, with 18 companies having launched ADR programmes so far in 
1994, followed by Hong Kong with 10, and Brazil and Mexico with nine. Citibank 
comments that the total dollar trading volume for the instruments - a certificate issued 
to facilitate trading in overseas stocks - reached $135bn in the first half, up 60 per cent 
from first half 1993. 

Other emerging market countries which have issued ADRs this year include China. 
Korea. Ghana, Hungary, Turkey, Chile and Peru. Mr David Boyle, managing director, 
says that the strong growth seen in ADR trading is “being fuelled not only by investors 
attracted to the higher potential returns for overseas equities over the long term, but 
also because there is now greater emphasis on diversifying portfolios internationally.” 


EUROPE 


Bourses reflect dollar, higher oil prices 


midday on improved sentiment 
as inflation data abated fears 
of higher Interest rates. 

The TSE 300 composite index 
was up 4.14 at 4,135.86 in vol- 
ume of 17.60m shares valued at 
C$271. 95m. Advances led 
declines by 276 to 245. with 276 
unchanged. 

The improved performance 
was credited partly to com- 
puter stocks, which recovered 
from earlier losses. De Irina 
Carp gained C$l% to C$20 % 
and Newbridge Networks was 
up C$l% to C$58%. 

Five of Toronto's 14 sub-indi- 
ces were higher, led by con- 
glomerates, which rose 1.6 per 
cent as Canadian Pacific 
gained C$% to C$20%. Other 
strong sectors included forest 
products and utilities. Precious 
metals and communications 
suffered the worst losses. 

The gold Index was off 1.06 
per cent on reduced inflation 
fears - Echo Bay lost C$K to 
C$15 and American Barrick 
dropped C$% to C$31. 

Active issues included Chief- 
tain International, which 
dropped C$l% to C$20% alter 
Alberta Energy said that it was 
selling its 22 per cent stake. 
Alberta Energy gained C$34 to 
C$22Vi. 

Mexico 

Mexican shares opened weaker 
as investors noted a rise in 
domestic interest rates at the 
weekly Treasury bill auction. 

The IPC index of the 37 lead- 
ing shares was off 9.48 at 
2,278.80. in volume of 4.1m 
shares. 

The primary interest rate on 
the 28-day Treasury bill, or 
Cetes, rose by 60 basis points 
to 17.10 per cent 


The dollar stabilised, but 
bourses were mixed, writes Our 
Markets Staff. Oils were strong 
as the commodity price 
reflected a strike by Nigerial 
oil unions. 

FRANKFURT sold the “Big 
Three” chemical stocks as the 
Dax index rose 5J5 to 2j054L00 
in turnover down from 
DM6.4bh to DM5.4bn. BASF, 
Bayer and Hoechst fell by 
DM6.70 to DM291. DM5.20 to 
DM337.80, and DM3 to DM310 
respectively, on the weakness 
of the dollar against the 
D-Mark this year. 

Mr Albert Richards, chemi- 
cals analyst at CS First Boston 
in London, acknowledged that, 
with, chemicals priced in global 
terms, the present currency 
relationships meant a less com- 
petitive European chemi cals 
industry and a more competi- 
tive one in the US. 

However, he said, when the 
dollar settles this will provide 
a nice buying opportunity. 
“Past periods of dollar weak- 
ness were accompanied by 
periods of overcapacity in the 
US, bringing significant pres- 
sure to bear on European pric- 
ing,” he explained. “The US, 
now, does not have that much 
spare capacity.” 

ASIA PACIFIC 


AMSTERDAM notched up a 
gain although the market 
stayed volatile ahead of futures 
and options expiry tomorrow. 
The AEX index improved 3.10 
to 38631, recapturing most of 
Tuesday’s losses. 

Royal Dutch rose F1L5Q to 
FI 186.80. Qc6 van der Grinten. 
up FI 2.00 at F176t00, attracted 
an upgrade by James Capel 
earlier in the week which rated 
the stock a buy opportunity. 
Capel said that fourth quarter 
1994 and 1995 profits growth 
should be in the region of 20 
per cent , p lacing the compa- 
ny’s Shar es at a 1995 multiple 
in line with the market 

PARIS built up a good rise 
on relatively thin turnover 
ahf*arf of its holiday today and 
tomorrow. The CAC-40 index 
gained 32.51 or 1.6 per cent to 
157439. 

Oils were strong, helped by 
firmer crude prices. Elf Aqui- 
taine rose FFrl8J.O to FFr395, 
and Total FFr630 to FFW0730. 

ZURICH fell to its low for the 
year as Roche gave up 5.3 per 
cent in further response to 
Tuesday’s lower than expected 
first half sales. The -SMT iwHav 
lost 33.5 or 13 per cent to 
2,47*L5 in higher volume as 
recently inactive institutional 


FT-SE Actuaries Share Indices 


13 

KMtt efcanflBS 


Oro 


THE EUROPEAN SHVES 

1030 11.00 1100 1100 U00 1&00 CM 


FT-SE UntaK 100 
FT-SE EtnmfcSn 


132424 132002 12082 132078 132025 13Z7J7 132*24 1 32084 
1380.74 136154 136156 136034 136029 13S2.64 136DJ* 1382.13 


JUf 12 


JH 11 


•M 7 


M 0 


FT-SE tata* 100 1317-85 132078 131000 132032 131104 

FT-SE eaabaeh 200 135044 136500 135404 135040 134&68 

BM ran (anam. 100 • U3UO ao . UEKD1 IMMF 100 - 13Z3S7 200 - 135703 


investors turned sellers. 

Roche dropped SFr300 to 
SFrS,400, taking the two day 
loss to 10 per cent, the market 
unimpressed by yesterday’s 
statement that first half finan- 
cial earnings improved. The 
weakness spilled over into 
other pharmaceuticals, Citaa 
registered falling SFrl9 to 
SEMSL, while Sandos. report- 
ing its own first half sales fig- 
ures today, saw its registered 
SFril lower at SFr550. 

MILAN reversed its five-day 
slide as hopes grew that bud- 
get details would finally 
«*Tn«r gA after last wight's cabi- 
net meeting. The Comit index 
picked up 9.25 to 687.35 as the 
market was also encouraged by 
a forecast from the Isco 
research group that the public 
sector deficit next year could 
be smaller than feared. 


Industrials were among the 

better performers with Pirelli 

rising L114 or 15 per cent to 
L2.643 in response to recent 
positive analysts’ notes. Fiat 
was LSS higher at L6£85. 

Telecommunications, which 
had been one of the biggest 
sufferers in the recent retreat, 
also rose strongly with Stet 
adding L188 or 3.6 per cent to 
L5.312 and Sip putting on LX22 
or 3 per cent to Li£18. 

m Annin extended its gains 
to a fifth day, the general index 
closing 2J38 higher at 301.40 in 
turnover of Pta32bn. Endesa 
was the most active stock as it 
rose PtallO to PtaSROO. How- 
ever, Repsol came back from a 
high of Pta4.H0 to close only 
Pta5 higher at Pta4,D10 after 
Nymex oil prices turned mixed 
in New York. 

Nordic markets mostly had a 


good day, helped by the high- 
tech appeal of Ericsson and 
Nokia in Sweden and Finland \ 
- after strong second quarto- 1 
results from Motorola in the 
tJS on Tuesday - and by 
higher oil p rices in Norway. 

STOCKHOLM rose for the 
fifth consecutive session. Erics- 
son climbing SKris, or mo re 
than four per cent to SKr©s, 
as the AfSrsvSrlden General 
index closed 13.90 higher at 
1,397.70. HELSINKI saw Nokia 
up another FM17 to Fm493 fid- 
towing continued gains for its 
American depositary shares in 
New York. 

OSLO'S all-share Index 
climbed by 9.33 to 617.31 with 
Norsk Hydro NKr6 higher at 
NKr22&50 on ail prices, high 
aluminium prices and a deci- 
sion to lift magnesium produc- 
tion at Hydro’s plant in Can- 
ada. 

WARSAW was encouraged 
by Tuesday's advance through 
the 10,000 level, and the Wig 
index put on another 804.7, or 
7h per cent to 11,062 a. Turn- 
over rose by 35 per cent to 
MOObn zlotys. 

Written and edited by William 
Cochran*, John Pitt and Mfcftaai 


Nikkei makes its first gain in six sessions 


Tokyo 


Hopes of an interest rate rise 
in the US at the end of this 
week encouraged some bro- 
kers, and the Nikkei average 
gained ground for the first 
time in six trading days, writes 
Errriko Terazono m Tokyo. 

The 225 inrior gained fggjgg 
to 20,540.41 after a low of 
20,368.77 and a peak of 
20,558.81. Consumer spending- 
linked shares were popular, 
reflecting the recent rise in 

rnmarmpHnn ihw to inmmw tax 

cuts and the hot summer 
weather, but large capital 
stocks were hit by profit tak- 
ing. 

Volume totalled 320m shares 
against 303m. Buying orders 
placed at low levels by life 
insurers and brokers supported 
investor confidence but some 
foreign securities houses took 
profits. Individuals were also 
reported to be picking up some 
speculative favour! tes. 

The Top ix index of all first 
section stocks rose 7.38 to 
1,654.53 while the Nikkei 300 
gained 1.34 to 300.81. Advances 
led declines by 606 to 358 with 
228 unchanged and, in London, 
the ISE/Nikkel 50 index 
unchanged at 1 .340.01. 

Traders said that the 
rebound of the dollar from 
record lows against the yen 
supported sentiment Specula- 
tion that the US Federal Reser- 
ave Board may act to prevent a 
further plunge also encouraged 
some investors. 

Stocks linked to Vietnamese 
oil development were actively 
traded on Mitsubishi Oil’s dis- 
covery of its second oil well off 
the coast of Vietnam, earlier 
this week. Mitsubishi Oil was 
the most actively traded issue 
of the day. but closed 
unchanged at YL200 on profit- 
taking in the afternoon ses- 
sion. 

Japan Energy, which is also 
drilling for oil in Vietnam, rose 
Y1 to Y492 and trading houses 
involved In similar ventures 
advanced. 

Koatsu Gas Kogyo, a leading 
industrial gas producer, was 
actively bought on rumours 
that the company has received 
a patent for a process in the 
m anu facture of a special car- 
bon. The stock gained Y65 to 
Y795 in spite of later denials by 
the company. 

High-technology stocks were 


lower on the yen’s recent rise 
Hitachi fell Y10 to YL01Q and 
Toshiba lost Y9 to Y780. 

In Osaka, the OSE average 
rose 44.68 to 22£&83 in vol- 
ume of 29.4m shares. Retail- 
linked shares gained ground, 
with the mens’ suits retailer, 
Aoki International, rising Y230 
to Y2350 and Aoyama Shoji 
gaining Y190 to Y40BQ. 

Roundup 

The strong performance seen 
to Hang Kong provided a fillip 
elsewhere in the region. 

HONG KONG rose another 
2JB per cent, taking the Hang 
Seng index above 8J50Q at the 
close in a continued sharp 
technical rebound as bargain 
hunters swept back into the 
market 

The index rose 237.46 to 
8,828.91 in turnover that 
swelled to HK$3.9bn from 


Tuesday’s final tally of 
TTgyg.Rhn- in subsequent Lon- 
don trading, the indicative 
initor put on a further 67 to 
8£96. 

Mr Nicholas Knight at 
Nomura commented that taken 
to isolation, tee market’s two 
day rise of 52 per cent looked 
impressive. 

However, he cautioned that 
to the wider context of the neg- 
ative impact on valuations of 
rising interest rates, it looked 
somewhat of a swan-song. 
“The slow slide in the market 
now looks destined to acceler- 
ate with third quarter 2998 lev- 
els looking the most obvious 
downside t a rge t ”. 

Previously hard-hit p rop er ty 
stocks led the rally for a sec- 
ond day. Cheung Kong rose 
HKtt.90 to HKJ34TQ, Hender- 
son Land added HK$2.70 to 
HK$37 and New World jumped 
HK$L30 to HK$22-50. 


SINGAPORE closed higher 
on demand from foreign funds 
for blue chips, and the Straits 
Times Industrials index rose 
24.58 to 2,183.93. Commercial 
property stocks led the return 
of institutional buying to tee 
wake of a pick up in commer- 
cial property r entals . 

KUALA LUMPUR was again 
encouraged by hopes of an 
early general election and the 
composite index put on 195 to 
989.57. SYDNEY displayed 
renewed confidence although 
brokers warned teat the posi- 
tive sentiment was fragile 
ahead of the release of yester- 
day’s US inflation data. 

The All Ordinaries index 
closed 5.7 points stronger at 
1R78.6, after a day's high off 
LS85.1. 

WELLINGTON saw demand 
for forest sector stocks and the 
NZSE-40 c apital index gained 
15.73 to L970.52. 


MANILA was weighed down 
by the continuing slide In 
PLOT although some seoand- 
line issues firmed. 

The composite index fen to 
22.56 to 2,510.76, prompted 
mainly by PLOT'S $1% drop to 
$52% to New York The stock’s 
local price fell 25 pesos to the 
year's tow of 1,400 pesos. 

SEOUL was flat after 
renewed interest to financials 
and some smaller capitalised 
shares was eroded by profit- 
taking. The composite stock 
index added 1.36 points to 
96157. 

BOMBAY ended slightly 
higher as volumes fell sharply 
due to thin attendance an the 
trading floor after many 
employees were late arriving 
for work after monsoon rains 
threw suburban train services 
out of gear. The BSE 30 share 
index rose 2.45 to 4.13LS2. 




WORLD INDICES 


Jointly compiled by The Financed Times Lid.. Goldman, Sachs 6 Co. and NatWeat Secuoes Ltd. In oonfunc&on wtth the tostttute of Actuates and the Fneaity of Actuates 
NATIONAL AMD 


REGIONAL MARKETS 
Hflwua m parentheses 
sham number at Ines 
ol stock 

US 

DoBar 

Index 

Day's 

Change 

% 

TW 

Potjnd 

Staring 

Index 

sSOAYJt 

Yen 

Index 

jly ia it 

DM 

Index 

m 

Local 

Currency 

Index 

Local 
H chg 
on day 

Gross 

Drv. 

YWd 

US 

□dar 

Index 

MONDAY JULY 11 1994 DOLLAR HC 

Pound Local 

Sterikig Yen DM Cunancy 62 week 52 week 

Meet Index Index Index Mgh Low 

IEX 

Year 

■eo 

(enxnx) 

Australia IB9) 

165.12 

1.3 

155.67 

101.04 

130.79 

149 JO 

0.7 

3.68 

162.97 

154.51 

10020 

130.48 

148.40 

186.16 

13528 

13953 

Austro (171.. 

190.32 

0.4 

179/43 

118.46 

150.75 

1 50.40 

-0.7 

1.06 

lease 

179.75 

1l6i68 

151.78 

151A8 

195.41 

148J0 

14600 

Botghsn (371 

....—171 .S3 

0.3 

181.72 

104.96 

135.88 

132.81 

-0.9 

4.18 

171.08 

182.19 

10528 

13626 

134X17 

178.87 

143.82 

147^0 

Cort«tai106) ..... 

,_._.1 25.66 

1.0 

11547 


99^3 

125.78 

a4 

zea 

124.41 

117.98 

78J57 

90.S1 

12S24 

145^1 

1205« 

128.04 

Denmerk 031.. 

- 271.10 

1.0 

2S5-5S 

186.89 

214.73 

220.94 

0.8 

1.34 

265^4 

252-14 

163.67 

21222 

219.19 

275.79 

2C7M8 

209.71 

Finland £41 

150.67 

2.0 

147.71 

96J7 

124.09 

16S.K 

as 

0.86 

15333 

146.57 

94.48 

12222 

164-38 

158.72 

85.42 

38.00 

Frawe(97) ... 

„ 171 .64 

0.7 

162J» 

105.15 

136.10 

141416 

-a^i 

3.18 

170.63 

161.77 

105411 

138.61 

141 AS 

18537 

14ft60 

160.72 

Germany (58) ..... 

14335 

0.3 

135.14 

87.72 

113.54 

113.54 

-0.8 

1k2 

14290 

135A9 

37.85 

114^41 

114.41 

147.07 

112.69 

11456 

Hong Kong SB) 

34S.89 

2.4 

329.87 

Z14.10 

277.13 

347.08 

22 

3.42 

341*1 

324.11 

21029 

27109 

339,16 

506.56 

271^2 

279.92 

Ireland <141... .. 194.94 

0.6 

183.78 

11929 

154.40 

178.28 

02 

3.48 

19X29 

18327 

11827 

154.76 

17507 

20953 

15595 

15555 

IWvffit) _„aS46 

05 

8057 

5230 

67.88 

96.38 

-03 

1.S7 

BSJJT 

8088 

S228 

68.11 

9 720 

87.78 

57.88 

6756 

Japan (469) ......... 

163.74 

0.1 

160.03 

103.87 

134.45 

103.87 

-as 

0.74 

169.65 

IW^fi 

104.41 

136.83 

104.41 

170.10 

12454 

14659 

Malaysia (98) 

_,_4«1.42 

02 

43s.ee 

28236 

38448 

4fia88 

0.1 

1.77 

480.44 

43055 

28928 

388.5S 

4SSA4 

6S1S3 

32260 

327.15 

Mexico 118 ) 

1938.43 

-0.9 

1825.62 

1184.33 

1533.74 

7197.83 

-O.B 

1.86 

1853^1 

1851.88 

1202.11 

1563.79 

7256.33 

264708 

151657 

1634.40 

Netfwrbnd (27). 

20496 

-O.J 

19&22 

125.42 

1B2M 

159.82 

-1J 

ass 

20524 

mss 

12632 

164.32 

161.77 

207.43 

18459 

185.99 

New Zealand (14) 

66.16 

0.9 

8227 

4048 

5i40 

58.07 

as 

4.12 

65.55 

62.15 

4034 

52.48 

57.73 

77.59 

51.62 

52.94 

Norway (33) 

— 19V37 

2.1 

18692 

12133 

157.04 

179^9 

i.i 

1.84 

194.14 

184.07 

119^8 

155.43 

178.10 

206.42 

15*74 

197.79 

Singapore (44) 

329.09 

1.3 

311.01 

201.87 

261.29 

229.84 

i.i 

184 

325.66 

308.76 

300.43 

260.74 

227.06 

378.92 

24427 

244.73 

South Africa 1531. -275.34 

1.3 

350.58 

168 48 

21X08 

279^4 

0,6 

127 

271 £6 

257.74 

18721 

217« 

277.48 

784.68 

17553 

20454 

Spain (42) 

143.15 

2.5 

134.06 

S759 

11338 

135.98 

1.2 

425 

139.64 

132.40 

85.96 

11160 

134.41 

155.79 

11*33 

121.36 

Sweden (36) — 

^,21<L56 

2.0 

200.40 

13007 

16836 

23ftS4 

OA 


206.44 

197.83 

12829 

186^ 

23SA7 

231^5 

16755 

167.95 

Switzerland (47) 

15982 

-1.2 

150.68 

97.80 

126.59 

127.47 

-2.0 

180 

181.73 

15334 

99^4 

129.40 

i3ais 

17556 

124.46 

127.03 

United Kingdom (204). — 

19625 

-0.1 

179.37 

116.42 

150.89 

179.37 

-0.6 

4JO 

19034 

180.47 

117.15 

152.40 

180.47 

214.96 

17052 

17052 

USA 15181— 

182.75 

0.0 

172.29 

mta 

144.75 

182-75 

OO 

2^3 

182.76 

17327 

112.40 

1463? 

1BZ.76 

19504 

170.95 

183.79 

EUROPE (720) 

16&S1 

0.3 

158.88 

103.1 1 

133.47 

147 JS 

-0.7 

114 

168.07 

15925 

103^4 

134^6 

14&S5 

17550 

142.48 

14Z48 

Non* ill Q- __ _ 

£11.18 

2J0 

199.10 

129-23 

16737 

20053 

06 

1.49 

207.07 

19622 

127.44 

165.78 

19ft36 

22060 

180.47 

180.47 

Pacific Baser (750} 

17553 

02 

165.48 

107.41 

13a 03 

1 12.78 

-03 

1.05 

175:10 

15601 

107.77 

140.19 

itaio 

1 75*7 

134.79 

15008 

Euro-Pacrttc p470l 

172.44 

02 

16258 

1I»5Z 

138.58 

127,12 

-0.4 

1.91 

172.01 

163.1H 

105.87 

137.72 

127.66 

172^4 

1 43.66 

14655 

Norm Armrfca BE5) ^ — . 

170.21 

oo 

168.95 

10ft® 

141.94 

17ELB3 

ao 

2.92 

179.14 

16ft 94 

11025 

143.4 2 

17X01 

18273 

17557 

18053 

Euopa Ex. UK (SiB) 

152.83 

0.4 

144JB 

3152 

12105 

128.96 

-0.7 

222 

152.17 

14428 

93.56 

121.63 

129.87 

157^47 

124 77 

12451 

Pacfltc Ex Japan (28i)_ 

238.05 

1 A 

222.64 

144.44 

10097 

211.32 


3.02 

232 U7 

220,80 

14320 

166L29 

200.77 

29021 

18450 


World Ex US (15331 

173.1£ 

0J 

163 Hi 

106.94 

137.12 

13036 

-0.4 

153 

172.62 

163 69 

10628 

138J3 

1305C 

173.12 

14S58 

147.88 

World Ex UK (1868) 

— 173.B4 

02 

163^9 

106.38 

137.69 

14309 

-02 

2.06 

17343 

164.48 

108.78 

138 AO 

143.72 

175. SB 

15650 


Worm Ex. So. At. £113). 

174.70 

02 

104.70 

106.90 

13&37 

145.72 

-0.3 

228 

174.41 

16536 

10724 

139.64 

140.13 

17B56 



Work! Ex Japan (1703) „ 

180.71 

02 

170.37 

110.58 

143.13 

171.04 

-0.1 

2.99 

18029 

17033 

11028 

14434 

171J0 

195-20 

18651 

16753 

the World Irem (2172).. 

176.31 

0 2 

165H7 

107 27 

13&85 

146.72 

-0.3 

22B 

17500 

165.91 

107.70 

140.11 

147.11 

178J7 

158.79 

158.79 


Cwvm. THa HwM Tfcim Lknaeo. Oafetmn. Sachs end Co. and NatWM 
mnununaftMiin Hsoittxi. 


Seamus UMEBd. 1WT 


f THE 
| INFORMATION 
| SUPER 

| highway: 

| FAST LANE 
I NOW OPEN. 



S 


In che lose three years, a whole new 5 
investment sector has developed to reflect the = 
converging interests of the information = 

technology, communications and enter- = 

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Billions of dollars have been poured s 

into the multimedia Indosuez I 

technologies: cable Multimedia | 

TV and telephony, — Fund — - i 

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All business trends in this sector suggest s 
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To get on to the information super highway, 

J BANQUE INDOSUEZ complete the coupon and return It without deby- 

= To: Indotiiet Multimedia Fund, c/o Banque Indosuez Luscmbourg S.A., 39 A l lie Scheffer. LS-25ZO Luxembourg. 

= Plcuc have your local Banque Indotuei Private Bonking officer send me a prospectus. 

S Name: Mr fMiafMa _ 

_ i Mailing Address: _ 

=j Country: Post Code: — 


mnwt si 


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