Skip to main content

Full text of "Financial Times , 1994, UK, English"

See other formats


if rr^ 


U . 


^ ■•it*-- 

*i..- . 


Eiurope's Business Ms'.vsce-'‘'S-' 


FINANCIAL TIMES 


THURSDAY JULY 21 1994 


AWania: infiasifmnofit 
is the 






D8523A 


to imtatte Brussels set to back state aid for ailing Air 


on Britain 

Is poised to Sft Us ban on UK 


Fsbroaiy partly because of Any at BtiUAw^ 

cowrage of tte Pergau dam al&ir. "We b^eve the 


a banker close to tbe Ualaysian govenunent UK 
boanessmen with Ibbyslan interests axe con- 
■ paced the embaiED win be removed by the end of 


Wtar^and CSaBtocIi to rfMh The biggest 

USdrugsmakerissettoamKninceadealwiUiCen- 
tedi to collaborate on an asthma drug mveuted by 
the UK otamany. They win be ooDQietmg wUh the 
UK’s GUbo and Seatuiebased Icoa, irtko ate woridng 
CD a shnOar drug: Page 15 

Mqior shufRes the ptwks Brltam’s John Uaior 
^py?°C6d ibB Ugi^st ahake-im of his pramieESfaqi, 


aim. was to cxeate a team-to fight tbs - 

and his chaises sugig^ a shift to die right Page 14 

Compaq Coinpulai boosted second qoarter sales 
bySSpcrceutasdieUSpersonalconqniterinanu- 
ihctnrer eoDtinned to win market share fitan crai- 
petitors. ciwwiipaq shipped a record ««iw>ww of ( v>m - 
potexs to reach levennes of g2.5im. up from gl-53bn 
in the same period of isgs. IS 

Chotara ffoaiwd among roftmoa; 



PC' ^ S * .1 . 

■ '• V-'-* ■ ::r*r 


^Siicwt 

■ i : 

'Vi ..NTuacj' 



; -i • 

"rs 




•ii 


..V 




Chodera has didmed its first TictiiBS among the 
mfllloa Rwandan re fugees crowded into die Zairean 
town of Gama, westan-doctors believe. Jacques de 
bfilliano, head of medleal diszlty Iffidedns Sans 
^^onfimes, said his meihcal teams had Teported 
around tm rniwwfi f ann. . 

firm dm jgesenpe bfthgdiseas^ l p twcm d^ and. 
IdOOn a£ the lefiigBes are eadcted to 'ihe of it fidt- 


Spare, Il holm c knnderiyhigiiiBtiyofitsinggOTOd 
I'r? {.‘c by almost 10 pet paitto|SO!Mbn in die second quar-' 
u:.’!S ter. Tbel^-ietail and insurance groDp was h^nd 
.'I iu ( by a surge in stmm asiles. Page 15 

“V.'T Paraaotapalato Jordsasbiaettfiraga 

mifiinlgr Peres heeame the first cahi- 

‘ .V^' • hi'.' net minister to be received opoilyiDlio Jordan. He 

was widcomedtbere after peace tafts at the border. 
P»ee 4 

lluLiall a l i apal wot SantoB Ihe powgfiil 
British labour Party groupin the European Partia- 
.•t*. . cr ment is bai^d by Belgian and Flench sodahsts in 
cqqmsDigJacqiifisSanterasneatiKesideatofdie 
EmopeanCoroinissionTheparliiDHiePtisd^ 
vote on IfrSanter’scanifidscy today, 
v-,*.’. PageW 

H oa p it allhr wa tBwadBApAi g gi t in i anhoi^ttal 
.! treating victims of BCbnday^ bomb at a Jewish oen- 

tie was partiy evacuated because of a bOBih threat 
. , •: A Inieficaseltnmd at the Buenos Aire hospital was 

. ; later detonated but it was not clear if it was a 

bomb. Pictate, Page 3 

' SMm against aintavlty: About a mirnoa Turks 

! >' staged a oned^ strike to iffotest against the goy- 

ernment's econondc ansterity packag e. 


,S. •. , *i->T 

.*r 

... :,',-ra:S 






PtahanaaB ^wa iq> tr a wlaR Danish fishermen 
have bamipd a cultured Fresich trawler to theh: 
govennnmit Ihey seised the vessel in a weekend 

diqpate shout drift nets used in tana fishing. 


Donor oggo docioiotw Britain's Hnman 
FmtiUsation Smbryology Authoriiy said 


offliM not be used to treat infbrtile women but could 

be used fte research. The agency r^nlates infertflr 
ity treatment and embryo researcfaL 

dMon egao South AMca: French auto maker 

(StrBen is considering building a R400m ^109m) car 
pVint tn ^l*nith Africa, ft is negotiating 
over a ^te in SiMinCT KwaNdebele bomdsnd. 

South Afttcn wel co med bade The 

OonmioiiwBalth tbonnally welcomed South Africa 
bu^ into its ranks with a cdf^netion at WestmiD* 

ster Abbey in Txffidnn- ArAMshop Desmond Ttttn 
addressed the gathering. 


■ arocK twcBr IMP 

FT-SE too: _J077J 


FT-SE Bntack 100 .nS756 (i&OS} 
Fr<5B4W5ftn_1SSK38 (4^ 

aOpTWie {tesi 

HufYMehoMAH 

DowJDnnWhe^SRUI H&IQj 
SSPOomptt*— .-.46U7 

a US Luucimur miMs | 

Mad Rads _ — 4^ 
SuoTtwSMEllll ..ASM 
ting Bond ,■■■■■ 

VUd .TSMJl 

a tOMOOB W OMBT 

SuoMdud %% ( mpM 

Life l^gRUuK .-hp 1>M (hpio^ 

g BoicmaMaOM. (ftrpul 

BnotlSdq STRS n7J7) 


ltaK.YbfkOaane , 3W55 

Lndn $3BJ 


NM yak kuMtaK 
$ lAsas 
untaK 

$• 1JS 0-5901 
,DII 2^U9 
I m UIM (0.3319 
SPr 2Xm (24MOD 

Y 16 Ui 4 ( 151 . 450 ) 
£tata( 7 U (T&S 

B POUAB 

NwniklWEMImc 
DM 1J0S05 
m 5xas 

SFr IJOa 

Y S 0 J 95 

Undn; 

DM 1J00Z (1-5569) 
Hr 5305 ^3415) 
SR 13M (1319) 

Y 9536 {050351 
$MU 023 (BU) 


( 385 ^ i Idvo dsuYttlS 


am DOSD 
ttaoiue HKpS 

Hnmr 

■Bpnl N215 

Mi MS 
M SMJO 

aq tarn 

Jqn YSB 
JgriM JDtSD 
NiMt ntflu 
Ubmn USSISO 


tin IMS 

IMO UnOSO 
Itawa Mills 
iMh n4n 
ngmt MUD 
»taMir miup 

odoi onso 

MOM MO 
HMPdM RnSO 
AM zssm 
Mus eats 


QM QRian 
SMS 0R11 
Skopn OHM- 

MOp xauo 
auhMfeiftlSilO 
Rati raSS 
UnM SNrW 
8mU SRUD 
Siu scaue 
TiMiia DUISOO 
ItiM UOOOO 
iME onaio 


By Dnina TUefcer ill Bruseete and 
John fttdAig fei Paris 

The Freajdi goveemneart is likriy 
to win European Commission 
a ppro va l next wedc to g rant Air 
nmide, tiM bsemaking national 
carrier, a capital injeetkm of 
FFkSObn C63 l1Ski) hi return tx 
relativdy mild concessions. 

The state aid padsage, expected 
to be appro ved by the Coaiaiis- 
sioQ on Wednesday, win proride 
a waZccme boost to Prime Bfinis- 
ter Edouard Baltediir’s unpopular 
. governmeiit. 


However, it is evaded to pro- 
voke prated as wedl as le^ 
■actiop fiom the UK government 
and non-enbtidised European 
Union alrhnes so^ as British 
Airwasn and the jDn^ cajilei 

WTJtf 

A Brnaaels decision to allow 
the aid to be paid win be seen as 
a test ease in EU eStntsto hber- 
«Hfle the air transport market, 
and the politically smsitive issue 
of stateaid. 

The eonditioes to tiie 

rescue package wera discnssed 
yesterday ahead of next Wednes- 


day's vote at wli!^ it needs the 
support of of the 17 eommls- 

slanen 

The UK g o vtan ment has feath- 
eated it win take tim eommlsdoai 
to the Bur^esD Court of Justice 
if the aid is approved. 

But *hfl flnmmtflgtftw te MlwJy to 
argue that the conditions are 
tough “mngb to Justify the 
so-called “one-time last-time'* 
naprfail tO the wOiwg air^ 

Ihift T ^ii* iwii H l l ww 

U AH of tiie aid. meat , go only to 
Air Finnca. Air biter, a substd- 
iaiy of Air France, most become 


a holding company, to be kept at 
arm's length from the wmtn oper- 
ation. 

• The lesb r u rt u ring of the com- 
pany ehoiild be followed by priva- 
tisation. Air Ftance is one of 21 
pmUic sector campuriaa destined 
tor sale bs the ceotteri^ gsv- 
ernment of Mr Balladnr but a 
sale is not expecM soon. 

• Air France must sen tile hotel 

«4u>m Hfftri/Kwri, a ai0Ve is 

already on tile cards. 

BA is likely to protast that 
tiiere is nothing to weveni Air 
France inTtraagirtg ^ c^ucity by 


i<wi«>ing aircraft from other air- 
lines. 

Another main grievance is that 
Air France has not sidSdently 
divested itself of other assets 
sudi as property and stakes in 
other airlines. 

l&r David Itobaes, tdreetor of 
government and indbstry aflkirs 
for BA, said yesterday: . “Air 
France is the largest airUne in 
Europe and occupies a central 
position. We have made a ftiU 
study of the case vriiich we pres- 
ented to the commisriou whi^ 
says that Air France does not 


need any subahlles. It should go 
in tor a proper restructuring plan 
as we di^“ 

Air France mW It was bmdng 
for approval of the capital 
increase as qtdckly as posslUb. It 
said it expect to reorive the first 
tranche of FFrlflbn as soon aft the 
go-ahead is given by Brussels. 
Two other trances of FFrSfaB are 
due In mkl-1995 and in the IbUow- 
ing year. 

The French government has 
lobbied hard for the capital 
increase because of the political 
importance of the aliiine. 


Greenspan indicates US 
rates may have to rise 



By Mtehaal PrawM in 
WMningnfi ana rmmm 
Harweraoirki Nm York 

Mr Alan ^eesqeao, US Federal 
Reserve chahman, rfgnanoH yes- 
terday that further inerBases in 
118 ahort-tenn i nt erest rates may 
be needed tn nstrajbi httiaUfm 
But he Ad not ^ve the impte^ 
ginn that, ftia Fed would ti^iten 
mone tary poliey in the near 
future. 

He said the had 

weaker thaw he in (ha 

past six moaths aiVni that was 
“bad tor the econamy*. Howeva-. 
Be indicated tiie Fed would not 
Ut BxrJiangft rate oonaderations 
detennine US mooetaiy pQhey. 

The Fed woedd eontinne to 
tocos oi domestic gods of solid 
wflnnnmin growth pflrp stB- 

He prid progress cm tiiaae 
fr o nth ' wbold “-oisiiEe np* doite- 
- - / 

Pages 

■ Fed- chfaf sees m oderate 
woonomic growth rate 

denominated assets remain 
a t tr ac tiv e to ^ofaal in ves tor s. 

“It is an.open question whether 
our aettona to date have been siif- . 
fleient to he^ off inflatianary 
pressures anik thus maintain 
fovomable trends in the econ- 
omy,’' he told the Senate huik^ 
committae. “We are mouiUging 
eoonandc and finanrial data care- 
fid^ to assess wtaetiier addffional 
aAostments are iqqaxipriate.’' 

Els remarks irtittelly boosted 
the doSar in New Task bat it fril 
bade on the view thaL oven tf US 
rates were increased again, that 
nti^t depress bond and stodE 
prices, redudv overseas demand 
tor US assets. By early 

afteinoOD, the doDar was down 
slightiy. at D1CLS650 and Y98B0. 

Hr Gieen^an apito after the 
release of flguree showing tiiat 
boustaig starts fdL 10 p« cent in 
June from Hay. a nmdi bigger 


toH than expected. Data on starts 
are VObdfle on a wnwthly ha at* 

but tiiis was seen as another sign 
tiiat higher long-term interest 
lates are beginning to depress 

AemtmA ffy hmiarng 

Whfle giving the M scope to 

raise rates • gato Hfr Qfaawqwi 

made no efiiort to prepare the 
groemd tor a tightening policy, 
as he did at the end of January 
betore the Fed embarked on a 
series of tigiiteniTig moves that 
Kftaxi . shart-4eQn rates fnm 3 per 
cent to 4!4 per cent by late May. 
Be gave tlm itw i iwwgiftn 
tiiat the Fed would figbton only 
U eoaoomic grav^ toDed to mod- 
erate or if tile outlook 

deteriorated. 

The Fbd had not raised rates at 
its potiey w^***^"? in early July 
because there was “daisldeaahle 
unoertetoty about ^ para of v^ 
w^Miufciii anJ thff pfslhtote xir 
prices ’ going fbrward”. Tt but 

jaimp i PTwiif - Tunte fif ' Pari ai a1 Inn 

In the* growth of final 

demasd*. .However^ balance 
of evidence Indira ted that 
“growth remained shove its long- 
run trand” in the second quarto. 

tfr firBffnwpwn WBS deUvsring 

his twice-yearly Humphrey 
Hawkins monetaiy teBti meoy co 
Capitol BBIL He released eco- 

Tifftmir p w ^ wrlinna iTwfip«ittng 

Fed governors and regkmal laesi’ 
doito ejected more moderate 
growth and. relatively subdued 
inflation in the next aix quartera. 

The Fed expects economic 
growth to slow to 2.5-2.75 per cent 
next year from 2.7^3 per cent 
tUs year. Tnflation next year was 
projected at 2.783.5 per cent, 
“about the same as in 1S94 x 

nU ghtly 

US share and bond prices ware 
unsettled by Mr Greenspan’s 
com m ents . The dO-year gtrvem- 
mimt bond fell about three quar- 
tets of a print, pushing up hs 
yield to 7A34 per oeut TTie Dow 
Jones bidustrial Ararage was 
down 14 points to 3,73429 by 
1pm. 


Chinese telecoms 
move towards 
free competition 





Alni (keenipn ri lust sn ^*! San- 
ate banUng c mi i ud t tae hearing 
wfwre he ssM It waa *sn opan ques- 
tion wtwttier our ecti on s to dale 
have boon eriMont to hoad off Hte- 
thmanr prettiires*. Hie dollv 
straogSiened but M back bter on 
fwn wWiD out of a further pro- 
»eti» US rate lisa 


Axel Springer sacks four 
board members in shake-up 


By Judy Denipsey In BevGn 

Axel Springte*, Gennany's largest 
newspaper group, yesterday 
sacked tour of its seven board 
membm, tTirinHTwg Mr Horst 
Kaiser, chainnan designafa in 
one ri German iiidnstzy's biggest 


The announcement, made to 
ahar riifliders at tiiB aBDoal gen- 
eral meeting in Berlin, toDowed 
montbs ri criticism witldn the 
group and the Springer fEunily 
etocnxt the oampany'e strate^. 

The family bolds a 50 per cent 
stake in the group, which 
inctodes Die Welt, the lossmak- 
ing daily, tte mass circnlation 
Bfld. and the Berimer Mbrgat 
posL It also holds a 20 pm* emt 
stake in Sat 1 tetevistooL 
The rapidly eqianding Kirch 
Grotto, headed Mr Srch, 
vrtiote interests inctiide tilin, tel^ 
vision and newaptoters, brids a 35 

per cent stake in the Springer 
group, *md 40 per cent in .Sat 1. 

Hr Bonhard Sovatius. d]ah> 
man of the supervisory hoard, 
said: "Axel ^ringer will attempt 


araaeni^ - J 

kMlWtaMNwe —4 r 

AibMiMM 8 Mni^ 

WaUfMaNwn .-. — >9 OMM— 
UKfMt TWiraar- 

/toGddB.. 

jjy ■ — U . O iM w eid~. 


to meet cludlenges of the 
markets with a ngnificantly 
changed board.” 

Last year Sprto^ tori a tank- 
over of DUBGm, a IkQ of 1 per 
cent on tiie previous year, end 
profits of DMTlm, a rise of 
IIM143m ovra- the same period. 

lb- JQrgen Itiritiar, 52, who was 
due to x^lace Mr Kriser in a tow 
yeara was appofaited tiiairiDan of 
the managemeiti boarti. 

Ha win be flanked by three 
new younger memherc lb Falk 
Sttwrin, 52, dziaf flTianrfal ofll. 
oar, Mr Rudolf Btoqiier, 49, head 
Of production, iuri Mr Dieter 
Pacdudski, 5A pnUidiing dlreo 
tor. 

an nknd bietodB Mf ClaUS 
Liesner, dilef officer, 

and Hr j^ms-Joachim Mars, 
respoi^le for tsefanoilogy, both 
cemsiderad the “rid guard” in tiie 
grotto. 

The Springer shalra-tto <i<dn- 
cides wito the rapM expansion of 
the rieetromc rnsj^ involving 
new partori^ps among Ger- 
many's biggest pnWbihing groups 
and foreign companies. These 


CONTENTS 


MapMn OoMiMatt. 

.13 ra a\;a Eqmropdn-. 

-12 W.C>p»e^i— .a InteantfSenfei 

_9 MConpate'.— iai7 MngadArra. 

„13 Mrian Moray twu- 

.10 C uHi n u dHao — 2( 1 Room Mm — 

.11 ^ arnktaMoa 

.11. FTWMIMMsi— — SB TnfniW0p4n 

Jt' FontefrcMew,.— 34 l£ndcnSE_- 


Include a recent deeuton by 
Bertelsmann and Mr Rupet Mor- 
dodi’s News Coiporatum to take 
over Vox, the Coilognebased trie- 
viston station wUrii toced Bqui- 
dobGQ lost ^qqqQl 

However, the opposttiou Social 
Democrats yeeterday challenged 
the takeover on tiie grooDds that 
it would amrte a ‘^AoiJan Cfiumr 
nel” in Gemany. 

Eattier year, Bertrisnunm 
and toe^^efa'Qro^ Geonany's 
two largest tnvestois in private 
television. Joined forces with 
Deutsdie Tri^m. the state trie- 

ffOnnnnni ffy Hnnc mOQItoOly. T bf 

partner^to^Q become file dom- 
inant country 

of the next generation of se^ 
vices, surii ,as: -pay TV pro- 
grammes, riupphig TV and ottier 
spedalist diannels. 

However, ^tite^. Cartel Office, 
wUch claKOgthat titis could 
to a nuporpriy, has pas se d tiie 
proposed venture to fbe Euro- 
pean Coumnsriem to investigate. 


Fall of ihe ^irinjpir 


old guard, 
Page 16 


-Tf ■ BMiM. 


By Amfrew Adoitie 

China has riiriished its telephone 
monopoly in a step towards 
aBowiiig western companies to 
partkhMte in operating networks 
in tiM world's largest telecoms 
xaaraet. 

The state councS has allowed a 
rftway itow* of three other minto 
tries to buQd.a na^rmai telecoms 
networt in competitioii with the 
mhnstty of posts and triecommu- 
nicatioos. despite strong efforts 
by fbe MPT to preserve its 
mouctooly. 

The IiberaUsation is being 
diivrai by fbe govenimeiit*s amUb- 
tious aim of inwtwdng the num- 
ber of phone ibr»«^ in nMwa from 
about Sbin to '120m by 2000. 
Bardy two in 100 Chinese have a 
ptome compared with 4S pear 
100 in Htoig Kioaig. 

Hie three ministries - rail- 
ways. electronie_indnstries and 
electrical power - fhis weric 
laimehed a joint venture ranmrt 
United Triecommiinica- 
tioDs (Umcom), with the MririTip 
of iMiting dnwiffiictir: inveslxuent 
groups. Unicom is liccosed to 
provide long-distance telecoms 
finks, and may also have its own 
local ooamections. 

Nynex, the US regional Bell 
(toerator, has signed a memoran- 
dum of understonding with 
of the ministries invrivei^ which 
may lead to a joist vEQture. 

Mr Andrew Hkrrington. Salo- 
mon Brothers Aste-Pecific trie- 
corns analyst, said: *”11115 signals 
an accrierattm of the libmalisa- 
tion process in China. It could he 
only memths betore they allow 


western companies to form joint 
ventures to operate netwMks.” 

In January the ministry rielec- 
tronic industries was aUowed to 
compete wttii the HPT in data 
triecoms services. It set up an 
QporaticHi called ,n Tong, wUeh 
tonned a joint venture with 
Ben Sou^ ancil^ US n^ooal 
operator. 

Earlier ibis year the operating 
and regutotory divlsioDS ol the 
MPT were s^arated, moiring it 
easier for new (toerators to estab- 
lish themsrives. Last September 
the People’s Liberation Army 
was afiowed to use its radio net- 
works for commercial purposes. 

The market for telecmnmunica- 
tioQS eqntom^ has long - been 
liberalised and most leading 
vrestem sujtoliers have produc- 
tion fiwdliHftB in flhifia 
In addition to rival ministries, 
local Bind re^onal leaders have 
a lso been' seeking to break the 
MPT”B stran^hrid on tpipc oms 
development. Last autumn Bb 
Huang Ju. mayor of Sha^hai, 
called for joint ventures with 
western (aerators to accelerate 
the building of new ifaws 
In addition to Nynex and Bril 
Sonih. ATftT - the largest US 
opmator - is active in BriJing. 
while CaUe ft Wireless, the UK 
group which bolds a majority 
share of Hoo^kong Triecom. has 
been nominated “pTcferred parb 
ner” by the MPT. 

Lord Young, CftW chairman, 
bdd talks to Be^tog to Hardi 
with Hr Jiang Zemin, Ch^'s 
president. He said C&Ws first 
Chinese joint ventures could be 
agreed by the end of the year. 


"I see, you get thirty tons 
of steel, make a tube 
and some wings out of it, 
slap three hundred 
people in there and tell 
them they're 
going to America. 

It's a cute idea Mr Wright 
but it'll never take off." 



Having iihe capital to back a big idea is only half the secret. 
Having the vision to spot one is the other half. 


ClN^n 


High finance 


: — : ^ T . .nn . .. T-11 infnr,irMn«q LONDON - PARIS • FRANKFURT - NIW YORK - TOKYO 

0 THE FINANCIAL TIMES IJMnroiW No 32.424 W 


CMVttiUdhiMnbirgl MIO 









FlNANClAU TIMES THURSDAY JULY 21 1994 


NEWS: EUROPE 


If not vindicated, certainly a little wiser 


The Bundesbank’s totems are set to emerge intact, writes Christopher Parkes 


T he Bundesbank’s credi- 
bility has been called 
into question and its 
monetary management meth- 
ods have been mocked. But 
both of these totems, counted 
among its most prized assets, 
appear likely to emeige intact 
£ram the travails of the past 
few months. 

Mr Hans lletmeyer, the Ger- 
man central bank's president 
may even come fhrot^ with 
his reputation as a pragmatic 
monetarist enhanced. The 
record of Mr Otmar Issing, the 
bank's high priest of monetary 
orthodoxy, may be similarly 
embellished. 

Both, together with their fel- 
lows on the bank's central 
council, are already a little 
wiser, and keen on learning 
more. 

No one wants a repetition of 
this year's experiences with 
the bank’s main policy guid- 
ance system, the AQ monet^ 
aggregate, which went haywire 
at the turn of the year and is 
only now settling down. And 
while the bank's policy-makers 
seem to ezyoy springing sur- 
prises with the timing of their 
interest rate changes, the mar- 
kets' bewilderment at their last 
disoo!mt rate cut in mid-May is 
not an experience they want to 
repeat 

Some signs of new thinlring 


Germany: MS growth 



Levei during month, scaaonaly at^istad flop-scale) 

DMto 


I OuariSfiy avaraga 


Targeb 


..^^s^SrtrTarQat _ 

- 4.5«to6.SK 


. TBiget: ... 

" 3.5% to S.5% 


HansTwtmayw 
Bundesbank president 


Sourea. Oouacha BifidHeerJi 


may emerge today after the 
council's mid-year review of 
M3 performance. But it is 
already plain the over-riding 
message will be a re-afBrma- 
tion of feiih in monetary tar- 
geting. Even thou^ the con- 
cept has been dropped in all 
other leading industrial coun- 
tries, the Bundesbank insists it 
is the most reliable indicator <K 
possible infla tion. 

The MS components of cash 
or short-term, easily-accessible 
savings not safely iMked iqi in 
long-term bonds or other 
instmmeats - so-called mone- 
tary capital - are a potential 
threat to monetary st^ility, it 
says. 


Accordingly, the idea that 
the bank should welcome news 
that money supp^ is expand- 
ing at double its mtended rate 
would in normal circnm- 
stances be beyond belief. But 
thai was the case on Tuesday 
this week, when it announced 
M3 grew in June at an annual- 
ised. seasonaliy-adJusted 11.3 
per cent, compared with the 
target range of 44 per cent. 

The fact that the result was 
better than Bundesbank watch- 
ers had expected was one rea- 
son for satisfectioo. But more 
important, the fact that the fig- 
ures showed “special fectois” 
that bloated the measure were 
starting to unwind, tended to 


support Mr Otmar lasing’s fim- 
damental belief in the imdoriy- 
Ing virtues of M3. 

But the council will today 
oTamiTiff a wider horizon than 
the tlu'ee percentage point 
span of tins year's target 
range. Mr Ifetmeyer said yes- 
terday the bank was studying 
new factors which could i^u- 
ence M3 - “new phenomena 
stemming from the interna- 
tionalisation of capital omve- 
ments”. 

In the light of widespread 
scepticism about the useful- 
ness of the measure, it 
also contemplate vAys of 
sharpening assessment of the 
apparently endless flow of the 


distorting “special factors''. 
The effece of German unifica- 
tion. tax changes and currency 
market interventions, for 
example, have conspired to 
keep M3 off track for the past 
three years. As Mr Tietm^er 
suggested, future shocks are 
more likely th.**!! not as Ger- 
many becomes increasingly 
enmeshed in fast-moving 
global markets. 

One aim of the central coun- 
dl debate will be to sharpen 
the efncienc\* of the bank’s 
long-range radar. Another will 
be to improve internal and 
external communications. Fail- 
ings in both departments 
appeared to catch the bank 
napping earlier this year, when 
January's M3 growth figure, a 
thundering 21.2 per cent, came 
in accompanied by a bland 
statement blaming special fac- 
tors. A sell-off followed in 
international markets already 
rattled by fears of rising US 
inflation. It was not. as Mr 
Tietmeyer acknowledged, “a 
championship performance’’. 

But conflicting statements 
and apparently contradictory 
actions by the bank were later 
to compound suspicions that it 
did not really hnow what was 
happening to M3. The liquidity 
log-jam was reusing to break 
up. Meanwhile - and contrary 
to its established practice of 


Plans to cut pension benefits will put further strain on shaky cabinet unity 


Berlusconi faces another minefield 


By Robert Grahani in Rome 


The bruised unity of Italy's 
right-wing coalition govern- 
ment feces another tou^ chal- 
lenge over plans to cut pension 
bendSts in the 1995 budget 

At a cabinet meetii^ today 
Mr Silvio Berlusconi, prime 
minister, will have to initiate 
a delicate compromise on an 
issue wMch has caus^ serious 
divisions. The thr^mlnister 
economic team has argued that 
a large cut in pension benefits 
will give an essential rignal to 
the finanfoai markets of Italy’s 
determination to tackle the 
budget deficit 

But others like Mr Clemente 
Mastella, labour minister, fear 
a sharp attack on pensions 
would risk a serious confronta- 


tion with the unions. 

The problem of finding the 
r^t fonnula on pensions, plus 
other cuts in social and health 
spading, has been one of the 
main causes of the long delay 
in formolating the 1995 budg^ 
and a three-year macro-eco- 
nomic prt^ramme. This delay, 
in turn, has worried the finan- 
cial markets and ha<! been a 
factor in the weakness of the 
lira over the pa^ three weeks. 

The prime minister's office 
announced yesterday a second 
cabinet meeting was scheduled 
for tomorrow. Ihis could mean 
that all the long^waited eco- 
nomic policy decirions may not 
be made known until them 

The economic ministers have 
already warned that if suffi- 
cient cuts cannot be found in 


public spending, there would 
be little option but to raise 
taxes. Last week, the govern- 
ment said it would be building 
the 1995 budget round a bench- 
mark deficit of L144.000ba 
(£S9.7bn), just below 9 per cent 
(rf gross national product 
Tliis would mean finding an 
extra L40.(KKIbn either in taxes 
or spending cuts. Otherwise 
they said, the deficit would 
move inexorably upwards to 
UfliOOObn. Both Mr Lamherto 
Dini, treasury minister, and Mr 
Giolio Tremonti. finarw-p minis- 
ter. promised last week that 
fi s«^l pressure would not rise 
above the 1993/1994 levels. 
Instead, would be relying 
on spending cuts plus a reor- 
ganisation ^ the tax system to 
make it more efficient 


They also plan to raise extra 
funds throu^ a form of tax 
amnesty by <*i«»ring up a back- 
of 3.2m contested tax 
assessment cases. Another 
source of revenue is expected 
to be a pardon on illegal prop- 
erty development The precise 
terms of the latter are stiB 
being disputed. 

But the real source of con- 
flict in recent days has been 
over prasions. Tim economic 
tflflm believes Italy must accel- 
erate the pace at which the 
retuement age is moved from 
55 to to 80 for women and 60 to 
€5 for men. ‘Hiis could even 
mean women being, retired at 
tte same age as men. Tbe defi- 
cit in the state pensions 
scheme this year is likely to be 
more than L80,OOQbn, or half 


the total budget deficit 

The unions, who near have 
more membera who are pen- 
sioners than active workers, 
have warned aga?ngt tamper- 
ing with benefits. The only evi- 
dence of a softening of their 
stance has been to propose tiie 
issue be put aside until 
aut umn This view has had 
considerable sympathy from 
the labour minister, whose 
portfolio embrace pensions. 

Mr Berlusconi for his part 
may not wish to follow a path 
that causes a conftnntation 
with the unions. But the sole 
alternative acceptable to the 
nervous financial markets 
would be higher taxes. His 
most popular election pledge 
was lowering taxes and creat- 
ing a miliion new jobs. 


Jail looms again for released Italians 


By Robert Graham 


The Italian government’s abrapt 
aboat-tnm on the contreversiai issue of 
preventive detention has left more than 
2,000 people wondering whether they 
wai be obliged to return to jail. 

Yesterday, the jails were still releas- 
ing people in fine with the terms of the 
decree approved by the cabinet last 
Wednesday that restricted the judicia- 
ry's right to arrest and imprisem. But 
this decree is now due to be dropped by 
mid-August - as soon a new text is 
endors^ in cabinet and passed 
througfa paiiiamenL 

Since last Thursday, when the decree 
came into force 2.137 people have been 
freed frxim jaiSs all over Italy. Of these 
929 have been confined to house arrest 
Acconfing to Ansa, the national news 


agency, 189 had been held in preven- 
tive detention on various charges of 
ooTTcqition and only 12S of these were 
under house arrest 

The main public outcry has centred 
on tiie release fium prison of tiioee 
held on chaiges linked to the nation- 
wide investigations into coimption. 
But magistrate said yeterday they 
were concerned that at some known 
drug-dealers "hH crimiiials had been 
able to secure release under tiie decree. 

These included a man held ou fraud 
chuges, but alleged to be the persooal 
doctor of Hr Toto Riina. admowledged 
bead of Cosa Nostra, the umbrella 
oiganlsatimi of tbe Sicilian Mafia. 

"Each individnal pubUc prOMNsutor's 
office will be able to dedde on an indl- 
vidnal basis whether or not those 
released will have to go back to 


prisMi,*' Ms ESeoa Paodotti, diainnan 
of the national magistrates'assodation, 
was quoted as saymg. Bui she insisted 
that this csse-by-case approedi would 
have to wart until the new law bad 
been i mproved. The revised law will 
rrinst^ cases of corruption involving 
the public admiiiistration as a serious 
crime; but it is not dear wtmt other 
Grimes wifi be redassified as serious. 

Lawyers were also divided on 
iriwther time now spot under house 
arrest could be indnded as part of the 
time served in prison. Magistrates can 
hold people in preventive detention for 
a maximum cd three nuratfas, unless 
exceptional proof for renewing the 
imprisonment is accepted by a spedal 
ctvn liberties tribunal. 

Yesterday, the team of Milan aoti- 
ooimptim magfetrates, wbo resigned 


in protest over the introduction of tbe 
decree, were working normally. How- 
ever, they indicated that they were 
iiiiii ting their judgmeut nntO Qie text 
of the new law was known. Altbongh 
they were tim only ones to resign, their 
stance was backed by colleagues in 
other prosecutor’s offices all over Italy. 

Italy’s media, meanwhile, wen unan- 
imous In tbe view that Bta* SUvio Ber- 
lusconi, tbe prime minister, bad suf- 
fered a serious setback with such 
headlines as “Berlusconi surrenders 
and withdraws decree” and ‘Elated 
and dMeated". In a withering front- 
page commentary. Hr Eogenio Scalfari, 
editor of La Bepnbbfica and a dedared 
adversary of tbe prime minister, said: 
“What happened yesterday was the 
lowest point ever touched (in tbe 
BepublicI” 


Balladur puts the squeeze on spending 


By John Ridcbig in Paris 


Mr Edouard Balladur. the 
French prime minister, yeste^ 
day ordered ministers to curb 
their spending requests for 
1995 and said that the rise in 
total government eiqienditure 
had to be limited to toe expec- 
ted inflation rate of 1.7 per 
cent 

His demand, made during 
meetings with government 
ministers, represents an 
attempt to reassure financial 


maikets that the government’s 
plans to cut tbe budget deficit 
will not be compromised by 
political pressures ahead of 
next year's presidential elec- 
tion. 

Mr Balladur warned that feil- 
ure to stick to the govern- 
ment’s five year budget d^cit 
reduction plan could threaten 
economic growth by putting 
upward pressure on interest 
rates. Under tbe plan, the defi- 
cit is targeted at FFrSOlbn 
($S6ba) this year and FFr275bn 


in 1999, compared to FFliSlSbn 
last year. 

Details of ministerial spend- 
ing requests for next year have 
not been revealed, but are 
thought to be substantially 
higher than the funds avail- 
able. Driit r^taymmUs and pay 
increases for civil servants 
Tnaan that most ministries wQl 
fece spending cuts this y^. 
The most difficult ministries 
are thon^t to be defence and 
social security. 

Political opponents, however. 


were unimpressed by Mr Balla- 
duris statenmnts. The Socialist 
party attacked the rise in pub- 
lic sector debt. “There has 
been a significant deferioration 
which does not appear to hare 
achieved any thing ," the Scciai- 
ists said in a statement. 

“Unemployment has grown 
in worrying proportions and 
the g ppnriing commitments of 
the government are only met 
with difficulty through excep- 
tional receipts,” toe statement 
said, in a reference to the 


centre-right govermnent’s pri- 
vatisation programme. 

Mr NicobB Sarkozy, tbe bud- 
get minister, said that letters 
would now be sent to tbe vari- 
ous ministries outlining the 
ceOing for expenditure for next 
year. Tbe finaiisation of tbe 
1995 budget would then be 
negotiated in tbe autumn of 
this year. 

“There was unanimous 
agreement on tbe need to bring 
public finances under control,’’ 
Mr Sarkozy said. 


THE FINANCIAL TIMES 
Pubibhed by Tbe FinancisI Timet 
{Europe) GmbH. Nibetinse^atz 3. 
S031S Frankfim am Mam. Ceniany, 
Td^Ode *+49 69 136 850. Fu -mJ? 
69 W6^l, Teles 416193. Rcpresenied 
in PnuMiirt by J. Walter Brand. Wfl- 
hdm J. Bffi-aiJ Colin A. Keonanl as 
GcacbZOknUiier and in London ^ 
Dnvtd C.M. Ben and Alan C. MiUer. 
Printer: DVM Pmck-Vertrieb iind Mar- 
keting GmbH, .Admiral-RosendaJil- 
StinsK 3a, 63263 Neu-lscnbitra (own^ 
bv nujT{yi!i laKmatioi^ IS^: ISSN 
0174-7363. RmobsMc Editon Riebud 
Lambert, e/o Tne Fouiaciil Tima Lim- 
ited, Number One Southwark Bridge, 
Londoa SEI 9HL UK. ShaiehoUen of 
ibe Hnaneu! Tima fEiiropc) GmbH 


Semi-detached’ called back home 


David Buchan on an ultimatum to civil servants in private industry 


arc: The Financial Tans (Eurapej Lid, 
London and F.T. (Germany Advert^ 


Lonoon and r. i. lUermany AU«enb- 
ingi Ltd. Limdon. Shaidiol^ of Die 
ebove meaiioaed two conponiee ie: Tbe 
Fi na nc i a l TlittM Loniled. Nnnber One 
Seuthwork Brid^. London SEI 9HL. 
The Colony ia iocorporated ooder the 
bws or EnaUnd and WoIbb. Chainnan: 
D.CM. BcR 


FRANCE: Publiahinc Diiwelon D. 
Good. 168 Rue de RivoU. F.7S044 Parii 
CMex 01. Telephone (01) 42970)631, 
Fax (01) 4297-4)629. Prtntcn SJi. Noid 
Eebir. iS/3I Rue de Ceire, F-59100 
Roubaix Codex I. Editor Richard Lam- 
bert. ISSN: (S^ 1148.2733. Conunb- 
don Paritaire No o7808D. 

DENMARK: Financial -nnK, tScandlii. 
avia) Lid. vimmeUkafied 42A. 
DK-II6I Cnpcf^'ISI^K. Tdepbonc 3.3 
13 44 41, Fax 93 3.3 35. 


Tbe French government is 
quietiy rolling back the fn^ 
tier of state involvement in 
the private sector. It is giving 
senior civfl servants in iiriva- 
ti sed companies six months to 
rqoin tbe civil service or leave 
it definitively, 

'Hie ultimatnm yesterday by 
Mr Andrd Bossinot, tift dvfi 
service minister, means that 
top flight civil servants, or 
members of the so-called 
grands corps of state financial 
inspecton, anditors and law- 
yers, will no longer be able to 
choose to work for years on 
“detadunent” in new^ private 
companies while retaining ti» 
option to retorn to the civil 
service withoot missing any- 
thing in pay or rank. 

In contrast to other coun- 


tries which draw their elite 
from nniversitles, France 
traditionally trained its elite 
in administrative scho^ Typ- 
ical is the Ecole Nationale 
d* Administration (ENA) whose 
top graduates pass into tbe 
grtmds ooips of the Inspectorat 
des Fmanees, the Cour des 
Comptes (the public audit 
body) and the Conseil d’Etat 
(which acts as the govern- 
ment’s adviser on le^lation 
and top administrative tribn- 
tml). 

After four years’ service in 
these pranefe corps, these 
boreaacrats can seek “detach- 
ment*' to do whatever they 
want, but with an indpfinHp 
return ticket. 

If for instance, Mr Edouard 
Ballador, tbe prime master, 


should decide to give up poli- 
tics, he can always returu to 
the Conseil d'Etat, as Mr Jac- 
ques Atiali did last year when 
he resigned as head of the 
European Bank for Recon- 
struction and Development 

“By remoTTug this safety net 
for fimedorm a ires is privatised 
cornices.” said an aide to Mr 
Ros^ot yesterday, “we may 
be moving towards a more 
Anglo-Saxon system, perhaps 
with goldeu paraebates" - 
large pay-offs to tempt senior 
civil servants into bu^ess. 

Ur Rossinot has given civil 
servants working for compa- 
nies already privatised until 
the end of tim year to 
their choice, tboogfa those of 
10 years’ or more standing in 
the civi] service can remain 


“at tbe disposition" of the 
state with fewer privil^es for 
a further six years. This will 
affect tiiose at Rbdne Poulenc, 
tbe chemicals groop. Banqne 
Nationale de Paris, and the 
UAP insnrance group - all 
now in the private sector. 

Mr Rossinot’s circular is 
moot in tbe case of tbe priva- 
tised oil group Elf-Aquitaine, 
whose president Mr Philippe 
Jaffre. has already resigned as 
an inspecteur des ftnan^ and 
given his 60 colleagues in the 
same position ontii Hay 30 to 
make their choice. 

All but 10 have resigned 
from the civil service. Hr 
Jaffre argued it was unfair for 
many top Elf directors not to 
share toe same career risks as 
the rest of tbe company’s staff. 






Lukashenko: contradiction 


Reformist 

Belarus 

cabinet 

named 


By John Uoyd in Moscow 


Tbe new president of Belarus 
has named a cabinet chosen 
from among tbe most reformist 
figures in tbe country’s politi- 
cal class -'in contradiction to 
bis campaign promises and his 
comments immediately after 
the election. 

Hr Alexander Lukashenko 
was inaugurated as preiddent 
of tbe former Soviet state yes- 
terday after a campaipi prom- 
iang cloeer imiOQ with Russia 
and an end to the privatisation 
prosranune as weU as to cor- 
ruption. 

Hr Lukashenko appointed a 
banker, Mr Uicbael Chigir. as 
bis prime minister. In his first 
news conference, Mr Chigir 
said: “I stand for market 
reforms. Belarus cannot be an 
island among states moving 
towards market reforms. For 
the moment I am for state reg- 
ulated prices, but that is on& 
temporary. I will pursue 
refoims" 

Further, Mr Lukashenko has 
asked Mr Stanislav Bi^daiikev- 
ich, head of toe central bank 
and tbe strongest opponent in 
tbe previous government of a 
merger of tbe Russian and 
Belarus currencies, to continue 
in his post 

Mr Bogdankevich. previously 
regarded by Mr Lukashenko as 
one of a number of corrupt offi- 
cials he would sack, is also 
identified with tbe s^ii and 
so fer weak group of market 
reformers in toe Belanis gov- 
ernment 

These moves appear to show 

that Mr Lukashenko, even 

more than Mr Leonid Eucbma, 
tbe new president of Ukraine 
elected at the same time, is 
positionii^ himself to bring in 
a quite different policy in gov- 
ernment from that laid out to 
his electors. Mr Kuch^ gen- 
erally seen as pro-Russian and 
eleet^ with tbe support of the 
Communist and Socialist 
groups, has since also revealed 
hiinself as pro-reform and for 
tbe retention of fiiU indepen- 
dence. 

However, the pl^t of both 
Belarus and Ukraine remains 
perilous. The two states were 
heavily dependent on the 
Soviet military for the pur- 
chase of the'ir industrial out- 
put. The collapse of defence 
orders and the rise of energy 
prices to near world market 
levels have decimated their 
industries and Uvii^ stan- 
dards. 

It now seems likely that they 
will seek to negotiate an eco- 
nomic agreement with Russia 
aimed at ending tariff and cus- 
toms barriers between them 
and re-establishing links 
between their enterprises. 


EUROPEAN NEWS DIGEST 


raising rates to choke off mon- 
etary growth and potential 
inflation ~ the bank was seen 
to be cutting them on the basis 
of a bright short-tenn inflation- 
ary outlook. 

The mid-May cut in the dis- 
count rate was uldely seen as 
an uncharacteristic gamble fay 
a notoriously conservative 
institution. 11121 view has mod- 
erated now that funds stuck in 
short-tenn deposits seem to be 
moving outside the scope of 
Ml An emboldened Mr Isaing 
said earll^ this wc^ it was 
now not tieyond the bounds of 
possibility for M3 to end the 
year at or close to target 

Similarly encouraged, Mr 
Tietmeyer said yesterday the 
bank believed there were, so 
far, no inflationary dangers 
associated with latest bout 
of money supply distortions. 

Such comforting comments 
will no doubt go down well in 
stiil-jittery zuariEets. More com- 
forting would be a con- 
tinuing series of M3 

numbers for the rest of the 
year. Even better, and de^te 
recent controversy, another 
discount rate cut in the 
interim would be the strongest 
possible indicator that the 
Bundesbank chained Its 
full confidence in M3, and. cru- 
cially, in its ability to intopret 
and control it 


Bosnian Serb 
leader warms 


to peace plan 


Spain returns trawler to France 


The Spanish go\'ernment yesterday evening defrised a t^tical 
row with France by Tiaw^ing over La GafarieOe, toe hijadted 
tuna trawler, to the French authorities. La GabriaOe had 
held since tot weekend by Spanish fisheimen after viotot 
clashes with their French counterparts over the size of tbe 
Fr^di trawler’s tuna nets. Prance has since the start of the 
week bemi pressing to retium of La GabrieUe. Mr Edou^ 
Balladur. the French prime minister, stepp^ up the dlirio- 
matic pressure by calling at yesterday’s cabinet meeting for 
the “immediate return” of the vessel and stressing that his 
govenunent would press for “compensation" for its owners. 
However, a Spanish official, who boarded La GabrieUe on 
Tuesday, reported that its tuna nets were twice the maximum 
size of 2.5km permitted under European Union regulations. 
The Spanish authorities yesterday afternoon persuaded the 
hijack^ to surrender La (SabrieUe to them, but stressed that 
Spain would continue to lobby for the application of EU 
fishing regulations even after returning the trawler to French 
hands. Alice Ratestlmm, Paris 


Danes move over shipyard aid 


qiie Association of Danish Shipbuilders yesterday sent a writ 
against the European Commission to tim European Court in 
Luxembourg that the (fommission exceeded the terms 

of an EU directive when it approved German subsidies to 
shipyards in the fonner East Gomany. The association took 
action when the Danish government itself dedded tot Frii^ 
not to bring a ease. As the writ, challenging a Cominissioii 
dedsion of blay 11 this year, had to be lodged by midnight last 
ni^t. the assoclatioD’s writ was sent by courier. Tbe flu’s 7th 
shipbuUding directive ajgiroved German subsidies to the east- 
ern shipyards to a to^ of DH3.2bn ($2bnl. but only on 
certain conditions: the capacity of the yards had to be reduced 
and operating subsidies were not to exceed 36 per cent of 
“Donnal turnover.” The association claims that tbe capacity of 
tbe yards will in feet be expanded very substantially and that 
the operating subsidies to the UTW stupyaid at Wismar, 
owned by the Bremex Vulkan group, will be 70 per cent of 
turnover. Hilary Barnes. Copenlmgen 


Hungary media chiefs named 


Hungarian President Arpad Gonez has appointed new heads of , 
state television and radio aftn- years of political controvert 
over broadcasting, his office said yesterday. He accepted nomi- 
nations made by new Socialist Prime Minister Gyula Horn and 
appointed Adam Horvath president of state television and 
Janos Sziranyi president of state radio, after consultations 
with opposition parties broke down. The opposition parties 
and a group of journalists had appealed to Mr Gonez to delay 
the appointments. Trade unions and broadcasters' professiona] 
groups urged him to go ahead. Many journalist groups in 
Hungary and abroad have accused tbe former ceoabre^r^ 
government, which was r^jlaced by a socialist-liberal coahtion 
last Friday, of usi^ electronic me^ to promote itself and 
attack its adversaries. The new govenunent has png>osed that 
parliament pass a long-stalled media law that w^d enkbrine 
gtmrantees of editorial independence for broadcasters and 
pave the way for partially privatising electronic media, over 
which the state has a virtual monopoly. Beuter, Budt^iest 


Fighting flares in south Russia 


Fitting erupted in tbe breakaway southern Russian r^ion of 
Cbsctmya yesterday after opposition forces blew up a t^way 
bridge leading into the capital, intPrfaT news agamy reported. 
Tbe battle pitted gunmen loyal to President Dzhokar Dudayev 
against fighters loyal to opposition leader Ruslan Labatanov. 
A dash b^een the same two groups 1^ moitih claimed at 
least 140 fives, induding those of nearly 100 non-oanbatanta. 
Interfex said. Also latipri in the June flghtiTig was Mr Labaza- 
007*5 brother. According to Interfex, tbe opposition leada has 
sworn to avenge his brother's death. Chechnya is fawiiwi for Hs 
gun-toting clans and has a long hfetory of blood feuds and 
revez^ killingsJt has severed most tn^nmnin ties with Rus- 
sia, and the resultmg lawlessness and economic hawiship have 
helped swell the ranks of tbe opposition in recent Mr 

Dudayev, a fonner Soviet air force generai, was elected ptesi- 
dent of Chechnya in 1991 and immediately declared the inde- 
pendence of the tiny, mountainous region in southern Russia, 
ffince then, the opposition has repeatedly tried to topple him. 
Associated Press, Moscow 


ECONOMIC WATCH 


Grennan producer prices ease 


Oi! 


Mr Radovan Karadzic, tbe Bosnian Serb leader, yesterday gave 
a teasing response to the internationally spouse^ peace plan 
by calUng it a “good basis for negotiation”. His response - 
described by one diplomat as a “yes, and...” • was delivered 
behind clos^ doors to representatives erf the flvo-oatiou con- 
tact group in Genm. The group, consisting of the US, Russia. 
Britain, France and Germany, had insisted on a dfear Yes or 
No to its proposal for splitting Bosnia 51-49 between the 
Moslem-Groat alliance and the Serbs. The Moslem-led Besnian 
government has .Tccepted the plan, while Mr Karadzic bas 
I avoided answering dfrWtly. On Tuesday, sources close to the 
Seihs said they may push for an agreement on the condition 
that they could have a seat at the United Nations - a demand 
that would chaDotge the concept of a single Bositian state. 

In Bnissds, prospects for intensified use M western air 
power ag^nst the Serbs in Bosnia were douded after some 
Nato members expressed the view that a fresh UN mandate I 
would be needed to establish new "exclusion zones". Existing : 
UN tesdutions have been used to justify establishment of ' 
exclusion zones, where heavy wea^us are subject to air , 
strikes, in both Sarajevo and the enclave of Gorazde. Some 
Nato ambassadors meeting in Brussels yesterday said 
UN mandates did not go fer enou^ to justifr more draconian 
use of air power or extension of the “exclusion zeme” princlide. 
Bruce Clark. London 


-N 5 V . ^ . 

k 31 I : i i ^ 

1 jii i ’ - 








i W'. 

’ V 1 


Pfodueer prices, annual 96 d)w^ 
2.5 -i-- - 


05 


WjjtjjiL - Western Germany's producer 

Western eermany price index eased In June by 

Produeerprieea. annual 96 chwigs 0-1 P^r Cent from May, but 

2.5 - - rose 0.4 per cent from June 

I 1993. tbe federal statistic 

20'/Vi " -• reported. Analysts bad 

/ I predict^ a 0.2 per cent 

— ■ - increase from lifey^ 0-7 prt* 

I cent from a year earlier. In 

1.0 \ bijry, producer prices rose 02 

VA per cent from April and were 

.Ml ... up 0.4 per cent from a year 

\ W earlier. Western Germany’s 

0 — \ . jy_ seasem^y adjusted and ann- 

ualised i^tion rate rose tV 

. 0 . 5 * ' — JL 1..- I 2.5 points both in the seo^ 

1892 93 94 quarter and first half of tws 

soueeiEwaMwni veor, the Bundesbank Said m 

its July reporL The data 

based on cost of living indices, excluding tlte oil tax rise at the 
begiiming of the year. The bunk said the 'inoderate devekv- 
ment” of western German consumer prices in June was an 
extension of a trend seen in recent months. AP, IFfesbodra 
■ Italy’s public sector deficit narrowed to a provisional 
L77J)00bn (£32bnl in the first five months of this year fra® 
LS8,665bn in the corresponding period of 1993, the treasu^ 
announced yesterday. Tax revenue amounted to L173,99®®^ 
the period, public sector spending totalled L210.447bn. whue 
treasury operations resulted in a deficit of L36.451bn. 


'fick,.) 

^ V •!, 5 


Soueei Dot iUHM in 


Nat 


financial TIMES THXJRSDAYJtJLy21 19W 


3 



Venezuelan probe into medicine pricing 

a,> Judge arrests drug 
company chiefs 

^ Joseph Maim h Carecae month eariter. At thti Hma ttia t>ae iHea 


NEWS: THE AMERICAS 


- 

.... 


• *i'A '••r 


!0F; 


By Joseph Maim h Cwacaa 

A Venezuelan ctinunal court 
judge investigating aUag aij 
overpricing of medicines has 
issued 16 arrest warrants 
against ezecntives of phaxma- 
centical companies operating 
in Venezuela, meiinUtig' the 
s ubsidiarie s of several m«lHna- 

Hiwals 

The warrants, issued by 
Judge Cristobal Ramirez in 
Caracas, are against ezee a t iv es 
from companies, ineiwitiwg 
units of CSbaGdgy, Eh lilly, 
Merc^ BhOne-Poulexie. 

Sandoz and Servier. Most of 
the ezecuflves cited ' are 
reported to have tamed them- 
sdves in to the judge |iwd have 
been released anbafl. 

Judge Randrez, who has said 
his investigation will affect 
more phaixoacentical compa* 
nies, claims that- of prod' 
nets submitted to ihe govern^ 
meat at the beghudng of this 
year 1:7 drug ooDpames con- 
tamed mices that were inflated 
in emnparisem to.prices listed a 


month eariier. At the time, the 
ondgidng govanmeot, replaced 
by the administjation oi Fresi- 
doit R a fael Caldm on Febru- 
ary 2, was getting ready to 
order wid»«n|mg price con- 
trols on medidnes. 

Representatives of drug com- 
pani» have said the prices 
submitted before tae imposi- 
tion of price conlroils 
increases covering a new valne 
added tax (which was later 
eliminated) atiii otiiW l^iii- 
mate cost inoeases. 

_ Bfr Rrandsco Afleude, execD- 
tive director of Caveme, an 
^ustry assocUtion that 
incliides the 36 mtemational 
drag companies operating in 
Veneznela, said the steady 
devaluation of Venesnela's cur- 
rency had hit retail drug 
prices, since over 70 per omit of 
the value of products in 
Veneznela are Imported. 

*^e can^ live with prices 
frozen at the level of Deemoher 
1993, with the dollar reaching 
as high as 200 bolivars,” he 
said. The didlm cost imports 


has risen sharply. Before 
ezdiange controls announced 
on June 27, the bolivar had 
• faTten to 200 to tho (Udlar, r^ 
le s en t i ng a 47 per cent dm^ht- 
ation from the end of 1993. 

^Prices of mediemes are frxh 
ten, but the industry still has 
to deal witii Inereash^ costs 
for imported raw materials and 
other inputs, as well as ^^ngi’tior 
labour,” Bifr ADeode 
One phannacenti^ com- 
pany executive said: ^These 
dtaiges are seen by many as a 

witch hunt fl gamgl th** jlwir . 

maeentlcal indnst^, since 
tbey^ cmne at a time vtiien 
the government is Wawtiny the 
business sector fiw high prices 
mA is bying to bully us 
price staMlity.” 

Many managers tiie 

govenunent has hriped to cre- 
ate a general anti-bnriness 
envhroDznent in recent weedu, 
accusing sbcpkeepeis of profi- 
ap^nilatrrm »nA hnawS. 
in an effort to divert blame 
for the faitaie of enti-in- 



An Argentine girl holds a portr ait of a friend who disqipeared 
after the howihfag of a seven-storey JewUi ea nmwiwWy eenbre in 
Buenos Ahes on HoniUy. The death tafl yesterday rose to 33. 
with 157 people hurt. IsraSl has blamed rntMiam cxtienlsla. 




US hints at deadline for Haiti rulers to go 


■■'ipjal 


^ Jurek Martin in Washington 

.“I'Tt' The US yesterday 
: the war of words on 

. mUitazy leaders and appeared 
to set a deadline of October 1 
for them to relinqaisb power 
' voluntarily. 

.L'r; Ur Bin Gray, the ns specisl 
..1.7 envoy, said: “Onr expectations 
' are that the Three stooges' win 
not be in power” that data 
Be was referring to Lt -Gen 


Raoul Cedras, the anny cbieC 
Brig Gen Philippe Biamhy, 
army chirf of st^ and It Ced 
Michel Francois, who heads 
the pdlioe. 

President BUI frifwiwi him- 
self said a 08 military invarion 
was not ‘inevltahle” but he 
was ”now more detennined 
than ever to see that we have a 
ebange of leadership down 
fhaire”. 

The administration has, 


meanwhile, begun a new round 
of at the TTrtl4<i.l 
that could to the authnl^ 
ation of a UN peacekeeping 
force in Haiti, and even ON 
endmsament of a OS-led inva- 
sion by a tnnIHn«ti#maT forcn 
However, Congressman Bill 
Richardson retnrned frrom 
TTafti on Tuesday saying that 
Lt Gen Cedras mi^ be ready 
”to make a move” to avoid a 
OS invaaon. 


After a White House session 
with Hr Clinton y^erday 
morning, Mr Richardson said 
he thought tsvaalon ahnnirf be 
”a last resort”. Current US ptd- 
icy, be said, wording, eco- 
nomic ere biting, 

refogne policy is also working. 
1 think if s i m portant we be 
petienL* Othm at 

tire reported no siensa 

of an turmiTtawt ug invasion. 

But Mr Gray, who earlier 


had spoken of a siz-month 
timetable for the restoration of 
democracy, ruled ont 
[OrOtraCted «hawtaatwia vrttb *ha 
junta. 

”We are only opor to one 
negotiation: when are you leav- 
ing^ he 

He waa also dlsmisrive about 
popular US opposition to an 
Invasion. ”^00 don't make for- 
eign policy by polls,” he 
dedared. 


Fed chief sees moderate 
economic growth rate 


^ l£en Vlten in VtasMiglen 

The US economy is settling 
into a pattern M more moder- 
ate growth, Ur Alan Green- 
span, Fed^ Reserve ch^ 
man, said yesterday in his 
ha]f-yeaz)y report to CoDgress. 

The M forecast GDP 
grawtii of 3-3iS per cent over 
tide year, uncfaimgHii fitim its 
February forecast and 2g2.75 
next year. TUs noini i ai es with 
growtii at an amuial rate of 7 
cent in tbs last quarter of 

1996 3A par i* tn tho 

first quarter of this yesor. 

‘^he favouraUe perfiKmance 
of the wmHnuad in 

the first hair of 1994.* Mr 
Gteuspen said in bis gene^ 
ally upbeat prepared testimony 
to *'hi. hainViltg cOOmiit- 

tee. ”EconoiDic growth was 
strong, unemployment fell 
appre^bly, and inflation 
remained siibdued.” 

Growth, tiiodid continue at a 
moderate rate over the next six 
quarters wtalle ahn^id 

remain subdued, provided 
”appropriate” moaeteuy poli- 
cies were pursued, he sm 
lufiatian is prcjecte d at 2.75-3 
per this year, little 
chang ed or Only »H ghtiy fai^ier 
next year. 

Accompanying those prtdeo- 
tians, however, Ur Green^an 
gave a detailed rationale for 
Qm Fed's snecemton cf mone- 
taiy tigh**fthig moves so far 
this year and fbresfaadowed 
frirther possible rate rises 
aKfttild the wflatiww picture 

Shm signs nf da to rinr a Hnn. 

Tt is an open question 
whether onr actions to date 
have been snflicieiit to head off 
infialiorauy pressures and thus 
Hwrinfain favoQTaMe tieuds in 
the economy,” he 
Reviewing possible danger 
irf gnnin ox tnfiaHnnj Mr Green- 
span noted tiiat labour mar- 
kets had conridera- 


bly in recent months, while 
costs <tf and mate- 

rials had climbed, partly 
rdlecting caindty util- 
isation. Improving economic 
conditions amm^ the US’s 
tradi^ partners should fisihff 
boost demmd, he said. 

However, on the poritive side 
rates had not shown 
"petsuasive'’ signs of acceloa- 
tiim so far and consumer price 
rises excluding food and 
energy bad remained near last 
year’s pace. 

In sudi circumstances the 
Fed would ft$ rigi- 

lance over larlce accderatiim. 
”An Increase in inflation would 
come at coorideraUe cost," he 
warned. ”We would lose bard- 
won ground in the fight 
against inflation expectations 
- ground tiiat would be hZB- 
cnlt to recapture later. . . and 
actions would eventu- 
ally be necessary to reverse the 


the expectations of 

Fed moves, prompted sharp 
risM in long-term interest 
rates over the first taalL 

Cfo the recent ddUsr weak- 
ness, the Fed ehaiiman said 
appropriate monetary and eoo 
nomic policy would adtieve 
the goals of solid economic 
growth a^ mice stability, and 
ensure that dollatslenominated 
assets remained attractive to 
gfobal Investors. 

Rising interest rates and 
financial marifot vdatUlty did 
not seem to have slowed over- 
all credit flows this year, Ur 
Greenspan srid. Domretle non- 
fianeiai sector debt had g rown 
at an annual rate of S.3S per 
cent up till Hey, well within its 
48 per cent monitoring range. 

However, the composition of 
debt growQi waa chan^ng. Hr 
Greenspan said. Expanskm of 
fedenl debt bad slowed as a 
result of efforts to cut the bud- 


Tire Fad's sconomie proisctloire 



1M4 

1906 

ftroamag* eimtgK 

NonM OOP 

&50 • 6M 

AOO - 550 

Reel OOP 

9M • 3.25 

250 -ATS 

CeiaunMr prien Indsc 

Awisb tasfc 

2.76 - 3JM 

aTS • 350 

CMtan UMTRploynwnt ntn 

0.00 - 6.a 

6A0-e.2S 


upsurge in inflationaiy insta- 
bUhtes.” 

Mudr of Mr Greenspan’s tre- 
timony was devoted to recent 
maricet vdatilUy. The financial 
markets were not folly pre- 
pared for the Fed’s sUft from 
Its accommodative stance on 
interest rates in February, be 
aeknowled^d. 

^lis ley behind the Fed’s 
gradualist policy in aiaiog 
rates. Nimettiriess, there was a 
daip martet reactiem to tbe 
Fed’s first K-potat rate rise. 

Evidence of unexpectedly 
stnmg economic growth in tile 
US and abroad, combined with 


get deficit. Business, house- 
hold, state and local govMn- 
ment debt had been growing 
faster. This indicated that pri- 
vate borrowers had become 
less cautious about taking on 
debt and lenders were more 
comfiMtable 

Nonetheless, the expansion 
of monetary aggregates 
remained subdued this year. 
Looking ahead, the Fed's provL 
sional forecasts for broad 
money growth show M2 within 
a l-S pm* cent range for 1995, 
unchanged fivm this year, 
with H3 within an unchanged 
04 per cent range. 






Study gives boost to 
Clinton healthcare plan 


By Jeramy Kahn 
*: Ifi Wa s hi ngton 

V The' OS Treasu^ yestezd^ 
-• provided MTinniiT riU mi for the 
admixiistratlan’s healthcare 
reform initiative, with a report 
■ that 84 iKT cent of the 37m 
Americans without health 
insurance were frum working 
families. 

i..4 The Treasury defined work- 
ing famities as those in which 
• at least one spoure had a per- 
manoit full-time job. 

"The bottom Ime: the unin- 
sored are your nrirtiilniaocHne 
.. working ad^bours.” said Bfr 
"" Uoyd Bentsesi, ’Freasuiy secre- 
tary, as he announced the 
; results of the Treasury study. 

BCr Bentsen said the admiidn 
tration hoped these findings 
wcoild dispel tiie myth that the 
‘Tnunsored are poor, or disa- 
bled. or ddetly”. 

The average uninsured fam- 
- fly has an faicoine of gSOJlOO 


(09,^^ wen above the federal 
d«iftnitfnn Of poverty, says the 
report, vdneh also finite tbat 
close to 25 per eent of mztn- 
sured ATngriMmg are chlldrmL 

"IffiPions of chfldien across 

‘The uTiinsttred 
are your 
middle-income 
working 
neighbours’ 

this country have no insur- 
ance;,'* Mr Benisen seod. "(foil- 
dran drm’t hire lobbyists. They 
don’t have anyone to speak for 
♦iiOTn in this « te b ate. but they 
are tile ones moat vulnerable.” 

As CQDgreaa nears tbe l^ls- 
lative phase of healtiumre 
refonn, Ur Bentsen and Presi- 
deoat BiU CUntan moved to 
clarify statements made by Mr 


nmttin yesterday. Mr fiKn*™ 

hatA gaiil thait i rtrilp biS 

was for "pnlversal coverage” 
he would accept aiefonn paifa- 
age that towards* um- 

TCisal coverage. 

'T don't see the president 
backing down," Bfr Bentsen 

awiil ”[ thiTilr Tml wpwai l COVer- 

ag^ when you dpftnp what we 

arp talfcrng ahnnt, in gnarantep- 

ing tbe to every Ameri- 
can of insutanoe.” 

Mr WpntePfi alsn aaiH that fha 

administration " pteler red” to 
adbieve such coverage by mak- 
ing it mandatory for anvloyen 
to pay to insure ttwir woikets. 
but ^ pretident would acoe^ 
an alternative proposal if it 
still covered aD Americans. 

Ur Bentsen was confident 
c ni i g T igg a imai leaders could be 
convinced to pass healthcare 
reform this year, Imt he 
refused to comment on 
whether the administration’s 
initiattve could be passed. 





We support Ae National Grid Intema fan ^ Panel of rpipireg 

not just as a ^ thing for cnciet. but bixatoeAe umpire ^ects one of .I 

the National Grid’s own values. 

a* and np er arin g rfift ]fugh-VQltage.eM±cic43c. 

transmission-system; Natior^ Grid mamtaiw a fair ; 

and encourages competition that is to each and eve^ player. i 

We'U work harjl to keep foe playing field level: 



awaking ELECTRICrrSf WORK i 

THE NATIONAL ORlD COMPAWY pic. Soutfi Afrioan unify 



If tbe 

rainforests are 
being destroyed at 
tbe rate thousands 
tre(» a minute, how can planting 
just a handfol of seedlings make a difierence? 

A WWF “ World Wide Fund For Nature tree 
nursery addresses some of the problems lacing people 
that can force them to chop down trees. 

Where hunger or poverty is the underiying cause 
of deforestation, we can provide fiuit trees. 

The vitlageis of Mugunga, Zaire, for example, eat 
papaya and mangoes fiom WWF trees. And rather than 
having to sell ^ber to buy other food, they can now 
sell tbe surplus font their nursery produces. 

Where trees arc chopped down for firewood, 
WWF and the local people can protect them by planting 
&st- growing vaiieties to foim a renewable fuel source. 

This is particulaily valuable in the Impenetrable 
Forest, Uganda, where indigenous hardwoods take 
two hundred years to mature. The Markhamia lotea 
trees planted by WWF and local villages can be 
harvested vnthin five, or six years of planting. 

Whw trees arc chopped down to be used for 
construction, as in Panama and Pakistan, we supply 
other species that are fist-growing and easily replaced. 

These tree nurseries are just part of the work we 
do with the people of tbe tropical forests. 

WWF sponsots students fiom developing countries 
on an agroforestry course at UPAZ University in 
Costa Rica, where WWF provides technical advice on 
growing vegetable and grain crops. 


Unless 
help is given, 
is exhausted 
very quickly by “slash 
and bum'* farming methods. 
New tracts of tropical forest would then have 
to be cleared every two or three years. 

This unnecessary destmedon can be prevented by 
combining modern techniques with traditional 
practices so that the same plot of land can be used to 
produce crops over and over again. 

In La Planada, Colombia, our experimental firm 
demonstrates how these techniques can be used to 
grow a family’s food on a small four hectare plot. 
(Instead of clearing the usual ten hectares of forest.) 

WWF fieldworiceis are now involved in over 100 
tropical forest projects in 45 countries around the world. 

The idea behind all of this wofo is that the use of 
natural resources should be sustainable. 

WWF is calling for the rate of deforestation in the 
tropics to be halved by 1995, and for there to be no 
net deforestation by the end of the century. 

Write to the Membership Officer at the address 
below to find out how you can help us ensure that 
this generation does not continue to steal nature’s 
capital fiom the next. It could be with a donation, 
or, appropriately enough, % legacy. 


<1^ 


WWF World me Fund Rf Nature 

(TonttRly tMirU taldift Fund) 

Intemadonal Secretariat, 1196 Gland, Switzerland. 


FOR THE SAKE OF THE CHILDREN 

WE GAVE THEM A NURSERY. 




4 


FINANCIAI.TIMKS THURSDAY JULY 21 hW4 


NEWS: INTERNATIONAL 


Peres 

breaks 

46-year 

Jordan 

taboo 


^ James Whitt i n g ton at the 
Dead Sea, Jordan 

Another taboo in Middle 
Eastern politics was broken 
yesterday when Mr Shimon 
Feres. Israel's Cor^gn minister, 
crossed the border from Israel 
to Jordan to hold peace talks 
with Mr Abdul-Salamal-Majali. 
the Jordanian prime minister, 
and Mr Warren Christopher, 
US secretary of state, on the 
shores of the Dead Sea. 

Mr Per^ Qew in from Jeru- 
salem in a military helicopter 
to become the first Israeli 
net minis ter to be received 
openly in the kingdom. **It took 
us 15 miwirteg to fiy over but 46 
years to arrive to this place of 
and promise.” he said on 
artlvaL 

The talks are the fifth in a 
series of trilateral n^otiatioas 
which began last October to 
focus on areas of economic and 
infrastructural co-operation 
between Jordan and Israel 

Ihey come a day after the 
close of bilateral border talks 
on land and water ri^ts and 
less than a week before Jo^ 
dan’s King Hussein is due to 
meet Mr Yitzhak Rabin, the 
Israeli prime minister, in 
Washington. 

All three parties emptu^sed 
the historical importance of 
the meeting, saying it was a 
critical step on the path 
towards peace between the two 
countries. Mr Peres said that a 
similar meeting had been 
suggested six months a^ but 
”at the time seemed an hI^)05• 
sibilit]^. 

Mr Christopher said that 
now the ice had been broken, 
“high-level negotiations coiild 
take place regulariy.” 

But having Just arrived from 
Damascus was careful to 
stress that pn^ress on the Jo^ 
daniMTi fra^ would not be to 
the exclusion of Syria, where 
he is due to return tomotrow. 

Mr Peres described the 
planned summit between the 
Jordanian king and braeli pre- 
mier as “the start cd a new 
era” in Joidanian-lsraeti rela- 
tions, and Mr M^aU, who was 
acting tn his rule as foreign 
minister, did not rule out the 
signing d some kind ta agree- 
ment or declaration bi Wash- 
ington. 

However, he warned against 
optimism that a full peace 
treaty between the two sides 
would be signed soon. 

Instead, peace would come in 
stages: “Like a book, the peace 
will come in chapters. Only 
when aU the chapters have 
been written can a full peace 
treaty be signed. Althou^ this 
is not to say that along the 
way each chapter can be put 





i BOJ QUARTERLY ECONOMIC REPORT 



into practioe,” he said. 

Earlier in the day. King Hus- 
sein said: ”I hope to sign as 
soon as it is poi^ble. But not 
next week.” 

Concrete s^reements at the 
«id of the talks were limited to 
farther studies on future pro- 
jects and economic co-opera- 
tion, inr-liiHin g! 

• A master plan to develop 
the Jordan Valley into a joint 
national heritage park. 


• A study of aviation routes 
to benefit both countries. 

• A commission to promote 
tourism which will include 
opening a crossing-point 
between Aqaba and Eilat, on 
the Red Sea, for third-country 

naHnnals 

• A site survey for a road 
Unking Jordan, Israel 
and Egypt along the Gulf of 
Aqaba. 

Mr Peres spoke optimisti- 


cally of open bonlers, trade 
and skies in the future where 
“farms replace soldiers and 
greenhouses replace army bar- 
racks.” 

He said that the bonier dis- 
pute in which Israel occupies 
around 380 square kUometres 
ol Jordanian land was near res- 
olution; “We can marts out [the 
border] now while respecting 
the sovereignty of both sides,” 
he smd. 


Manila agrees 
$469m debt deal 


By Jose Galang in Manfla 

'Ihe Philippines has concluded 
an agreement for the resched- 
uling of $4e9m (£308m) worth 
of debts from its Paris Club of 
official creditors, the govern- 
ment announced yesterday. 

The rescheduli^, agreed in 
Paris, follows ttie ^proval <»i 
June 24 by the Intmnational 
Monetary Fund of a $68Sm 
credit package to support the 
country’s growth-oriented eco- 
nomic programme for the 
period to June 1997. 

it also precedes a meeting 
today, also in Paris, of the con- 
sultative group that co-ordi- 
nates a World Bank-led mum- 
lateral assistance programme 
for the Philippines. 

Pledges of some $2bn conces- 
sional loans and grants are 


exp«ted at the meeting. 

With these financial pack- 
ages, the Philippines now 
stands “on the threshold of a 
full and dramatic recovery,” 
Mr Roberto de Ocampo, the 
finance secretary, said. 

The rescheduling, Mr de 
Ocampo said, supports “the 
soft-landing approach to the 
countiy's exit from exceptional 
financing. . .to achieve growth 
consistent with sustainable 
external accounts primarily 
supported by voluntajy Qows.” 

Ihe economy grew by 4.8 per 
cent in the firat quarter of 
this year, a big jump from 
0.3 per cent in the same 
period last year. 

This has led to expectations 
that the 4.5 per cent growth 
targeted for the fiill-year will 
be exceeded. 


252 detained as 
strike hits Nepal 


Nepali police yesterday 
detained 252 people who were 
eoforcing a communist-spon- 
sored natiouwide strike that 
paralysed the capital Kath- 
mandu and most ^ the coun- 
try. agcndes report trinn Kath- 
mandu. 

An interior ministry spokes- 
man said demonstrators 
Hamanriinp Mt Giltja PlU- 
sad Koirala, caretaker prime 
minister, leave ofiice dairmppri 
15 state-owned commuter 
buses, a police van and a car 
with Indian licence plates in 
the capital The strike brought 
Kathmandu to a standstill 

Mr Koirala, 70, Nepal's first 
democratically-elect^ leader 
in three decades, resigned on 
July 10 after losing a policy 
vote in parliament, but was 
asked by iOng Birendra to stay 


on as caretaker. 

The communisMed opposi- 
tion demanded that Mr Koirala 
leave office so that he cannot 
influence the outcome of the 
general election scheduled for 
November 13. At least 20,000 
people gathered near tiw royal 
palace to back the call 

Mr Kokala's government col- 
lapsed because of Infighting in 
his Nepali Congress par^, but 
many Nei^dis are also frus- 
trated that democracy has not 
done more to alleviate the 
country's poverty. 

The (giposltiou demands that 
King Birendra, who gave up 
his absolute powers to become 
a constitutional monarch in 
1990 after a bloody prodemoc- 
racy campaign, appoint a gov- 
ernment of nati<xial unity to 
oversee the etections. 


Disabled to have redress 
under new HK legislation 


By Simon Holbeiton 
hi Hong Kong 

The Hong Kong government 
said yesterday it plans next 
year to introduce comprehen- 
sive legisUtion to out^w dte- 
crimination against people 
with disabilities. 

Mrs Elizabeth Wong, the col- 
ony’s secretary for h^th and 
weifttre, said that harassment 
and vilification of tiie disabled 
will also be wtlawed. Disabled 
people will have redress to an 
Equal Opportunities Commis- 
sion whi^ is to be established. 
If they believe they are the ta^ 
get of (Uscriminatory practices. 

The legislation also 

cover those who are HIV posi- 
tive or have Aids - a provirioa 
which goes further the 
UK whm workers sacked for 
having the HIV virus have 


recourse only to the general 
law on employment protection. 

A week ago the government 
published a discussion paper 
that advocated the introduc- 
tion of an old-age pen^n. This 
drew a hostile reaction from 
business which earlier this 
week countered by suggesting 
the expansion of existing bene- 
fits rather than creating a new 
one. 

The latest announcement is 
bound to raise concerns among 
the more conservative ele- 
ments in Hong Koi^ who 
think the government is going 
too far in Its welfare policy. 

Mrs Wong said the legisla- 
tion would enshrine in Law 
“the standards to which we 
believe Hdi« Kong, as a civi- 
lised community, should 
adhere”. She said “disability” 
was any physical or mental 


impairment that limited a per- 
son’s life activities. 

The proposed l^lslation will 
contain ^visions to cover dis- 
crimination at work, in recre- 
ation and education, as well as 
in housing, and access to and 
use of buUdings. 

The law will not impose gen- 
eral requirements on employ- 
ers to provide more Jobs or b^- 
ter facilities to persons with 
disabilities. 

There will, however, be two 
general exemptions from the 
law: unjustifiable hardship, 
and the inherent requirements 
of the job. The law would not 
r^uire that people with a disa- 
bility be given a job which 
they could not do, she said. 

“The legislatiou will not 
require ab^lute equality in all 
areas whatever the cost,” Mrs 
Wong said. 


Beijing 
settles on 
talks date 

By Laura Tyson in Taipei 

Taipei and Beljiag have finally 
settled 00 a date for a frvsh 
round of talks, the first sioce 
the BSarefa 31 mnidera of 24 
Taiwan tourists in eastern 
China. 

Following weeks of fhee-sav- 
ing proposals, the meeting will 
be held in the Taiwanese capi- 
tal Taipei on July 39 beto^n 
the qaasl-offlcial straits 
exchange foondation (SE^ 
and its Chinese counterpart, 
the association for relations 
across the Taiwan straits 
(Arats). 

A sixth round of working- 
level talks on fishing dispates 
and repatriation of Illegal 
imndgrants and airline hijack- 
ers will be followed by a sec- 
ond round of meetings 
between Arats and the Sl^. 


Japan heads for recovery 


By Gerard Baker in Tokyo 

The Japanese economy is at 
last headed for recover}*, the 
Bank of Japan said in its quar- 
terly economic report pub- 
lish^ yesterday. 

Buoyed by risUig consume 
tion. fiscal and monetary pol- 
icy stimuli and expanstmi in 
overseas markets, Japanese 
business was emerging from 
the long recession, the central 
bank said. But it warned that 
the pace of reeoveiy would be 
slow as private sector invest- 
ment remained weak and 
unemployment drifted upward. 


PM in 


In its last report issued In 
April, the Bank .s.iid only that 
the economy had “stopped 
declining", but in recent 
months it has become much 
more optimistic about the pros- 
pects for recovery. Yesterday's 
report underlined its sanguine 
view. It said the recent sharp 
rise of the yen against the dol- 
lar might not be as damaging 
as some industrialists have 
feared, since it could be ofEset 
by world economic recovery 
and cost-cutting in Japanese 
businesses. 

Most components of aggre- 
gate demand would support 


recovery in the cuiTcnt year, 
according to the Bank. Income 
tax cuts and price stability 
would bolster personal con- 
sumption. Public sector invest- 
ment was rising, and even pri- 
vate sector investment, wli^ 
has been particularly sluggish 
in the last three years, was 
expected to st(g» declining in 
the latter pari of the year. 

Only cxjxffts were expected 
to show a dedine as manufoc- 
taring production continuixi to 
shift overseas. 

The risks to the recovery 
remained strong, however. Cor- 
porate indebtedness cemtinued 


to act as 8 brake on private 
Investment, and import pene- 
tration of Japanese markets 
posed a threat to cmnpanics' 
prospects. 

In a separate report jisfer 
day. the research institute at 
the Uag-Tcrm Credit Bank of 
Japan said it was raising its 
forecast for grawtii in the cu^ 
rent year to 9.7 per cent from 
minus (12 per cent in its laid 
forecast in January. Hie In^- 
tute said the improved pros- 
pects were due to stronger 
than expected recovery in per- 
sonal consumptktt and robust 
private housing investment. 


Israelis and Palestinians slug and chant peace sl<%aiis (above) as laraeli and Jordanian flags are 
waved during demonstrations supporting the peace process in Jordan attended by Warren Ctoisto- 
pfaerfhelow left) and Kizig Hnssein. 


, Japanese frugality 

change of ^ t , 

heart over comcs Under threat 

military 


By WSTam Dawkins in Tokyo 

Japan’s new socialist prime 
minister yesterday formally 
declared the military to be 
eonstitntlonal, an historic 
retreat frrai his party’s deep 
pacifism. 

Mr Tomilehi Mnrayama was 
greeted by shouts and 
applanse in parliament, where 
he annonneed bis political 
about-turn. It came In 
response to a question from 
Mr Tsntomn Bata, his prede- 
cessor, who was needling him 
for forcing Mr Bata's resigna- 
tion tiiree weeks ago. Mr Hata, 
a firm supporter of the self- 
defence forces, stepped down 
rather than face a no-confi- 
dence vote from Mr Muraya- 
ma’s Social Democratic party 
and the consen*ative Liberal 
Demooatic party. 

“Please listen to this care- 
fully,” Mr Mnrayama told the 
chamber. “As long as we keep 
the defescesjnly posture and 
as long as they are kept at a 
minimum, the Self-Defence 
Forces are canstitutional.” 

Mr Murayama’s remarks 
win be greeted with relief by 
the armed forces, of which he 
automatically became com- 
mander in chief on bddng the 
prime ministership. 

Under nearly four decades of 
LDP role, Japan grew to 
become the world’s largest 
defence spender after the US, 
If military pensions are 
included. This Is despite 
article nine of Japan’s 1946 
constitution, which says 
“land, sea and air forces, as 
well as other war potential, 
win never be maintained." 

Officially, the SDP Cakes the 
constitution literally, though 
its moderate leadership has 
long admitted that the party’s 
anti-military stance is unreal- 
istic. 

This is the latest sign of SDP 
leaders’ willingness to aban- 
don party principles in the 
Interests of staying in the gov- 
ernment coalition with the 
LDP, which brought Mr 
Murayama to power as the 
first socialist prime minister 
in 47 years. 


Finance ministry officials are trying to prevent an 
explosion of state debt, writes William Dawkins 



Mnrayama: about-turn 


J apan's finance ministry is 
struggling to prevent the 
new government from det- 
onating what offic^ fear may 
become an explosion of state 
debt 

The new three-party coali- 
tion’s populist plan to cut 
income taxes and further drive 
up spending has created alarm 
among the finance ministry's 
mnnriarinn reluctattt to aban- 
don the fiscal frugality which 
they see as a vital feature of 
Japan's economic strength. 

After strenuous persuasion 
by the ministry, tte previous 
coalition had agr^ that an 
income tax cut must be 
decided at the same time as a 
subsequent rise in the 3 per 
cent s^es tax. possibly to 7 per 
cent A decision was being pre- 
pared for late June, until the 
new government with its lax 
tax policy, staged its parlia- 
mentary coup three weeks ago. 

The sales tax rise would not 
only fund the income tax cut 
but also start to compensate 
for a decline in the income tax 
base which will be caused by a 
sharp growth in the number of 
pensioners. This is needed 
because Japan's present tax 
structure prepares it badly for 
the coining grey wave. A fifth 
of government income comes 
from sales tax, well below the 
avera^ of 30 per cent for 
Organisation for Economic 
QH>peration and Development 
countries, and around two- 
thirds of state revenue is 
derived from income tax. with 
the balance from property and 
capital gai^ taxes. 

Mr TOmiichi Murayama. the 
socialist prime minister, and 
his Liberal Democratic party 
partners now wish to leave any 
planned rise in the politically 
unpopular sales tax vague. 
Fimuice ministry of fipiais now 
have no idea when or whether 
they will obtain tbeir cher- 
isbed tax reform, a poison chal- 
ice that may be passed to a 
future government 
In the meantime, coalition 
leaders vrant to fund the tax 
cuts they plan to make 
- around Y6.000bn (E3Sbn) 
annually - with a mixture of 
cuts to government spending 
and the issuance of deficit 
bonds. This Is heresy to a 
finance ministry deeply 
scarred by its mid-1970B experi- 
ence of struggling to control a 
rising budget deficit, a conse- 
quence of a rise in public 
spendtog to stimutote tiie econ- 
omy after the first oil shock. 
Most Japanese state debt is to 
the form of construction bonds, 
so called because they finanpa 
infrastructure projects, so 
addtog to the nation’s phj^ical 
wealth. The finance ministry 
has no injection to these, but 
does object to increasing Its 
dependence on deficit bonds to 
cover future pensions and 
other non-infrastructure spend- 


uig. 

The ministry agreed to four 
economic stimulus packages, 
totaUlng Y45.000bn over the 
past two years, only on condi- 
tion that it would not have to 
issue deficit bonds to fund 
them. In the event, it eras 
forced this year to issue deficit 
bonds for the first time since 
1988, to cov*er just over 4 per 
cent of spending. Officials fear 
it will be hard to re^ issuing 
more. 

Tliis may be “unavoidaUe”. 
warns Mr Yosbiro Mori, secre- 
tary general ot the LDP. 

Just as worrying, the new 
government has pledged abun- 
dant cash hand-outs during its 
short time in office, to do more 
to stimulate the economy, but 
also to satisfy politically 
important groups such as frurm- 
ers. 


The coalition’s 
plan to cut taxes 
and drive up 
spending has 
created alarm 


The latest government lar- 
gesse includes a YJO.OOObn 
plan to install a national fibre 
optic cable networit next year, 
and there Is talk of adding 
Yl70.000bn to on existing 
Y430.000bn public works pro- 
gramme, covering the decade 
to 2000. This week’s cabinet 
meeting was deluged with min- 
isterial requests for "excep- 
tional treatment” for pet pro- 
jects to next year’s budget 

Govermnoit finances are for 
weaker than i^ticiaiis realise, 
argues the ministry. Applying 
the standard international 
measure. Japan’s general gov- 
ernment de^it stands at 1.9 
per cent of gross domestic 
product, apparently far health- 
ier than the US, at 2.6 per cent, 
according to the OECD. 

This is a misleading guide, 
say the bureaucrats. Japan's 
budget deficit includes a 3.8 
per cent of GDP surplus on its 


social security budget, more 
than three times the average 
social security surplus for the 
Group of Seven leading indus- 
trial nations. Exclude social 
security, and the govenunent 
deficit shoots up to a worri- 
some 5.7 per cent of GDP, w^l 
ahead of the US at 3.S per cenL 

Japan’s social security sur- 
plus is artificially large 
became its social security sys- 
tem is much youi^r than 
those of its partners. That 
means it is fiu^ with contrlbu- 
tlms but not yet depleted by 
pay-outs. It will quickly turn 
into a d^it as the proportion 
of people aged over 65 climbs 
from around 12 per cent 
-among the lowest in the 
OECD - In 1980, to 25.S per 
cent, expected to be among the 
highest In the industrialised 
world, by 2020. 

The finance ministry is 
unwilling to plunder tlw social 
security budget for general 
spendtog on the grounds that 
the cash belongs to future pen- 
sioners aud may in any case be 
inadequate to meet obligatums. 
It does already lend from the 
social security budget to other 
state bodies, such as the Japan 
Development Bank, to fund 
their ovm projects, so the sur- 
plus is not Idle. 

Japan looks surprisingly 
indebted by another measure 
- its interest bill The cost of 
servicing Its accumulated 
Y200.000bn debt reached 15.7 
p^ cent of GDP last year, the 
highest among the world's five 
top economies, according to 
the OECD. That will rise. The 
government borrowed to 
finance 14 per cent of its ^lend- 
ing last year, climbing to 
nearly 19 per emit this year. 

Hie mandarins believe Uuy 
can probably count on the sup- 
port of former finance minis- 
ters in the LDP, the largest 
member of the coalition, as 
well as centre-right opposition 
parties. But fior ^ time bang, 
the iMUvident are in a inin(M> 
ity. Japan’s new government is 
in a mood to ignrae the finance 
ministiy and bmrow its way 
out of trouble. 


Japan's flnanees . 

'CoinpanBd to U8 geneiat government balance as a H of GDP 
S 



Some fear power struggle even if reconciliation policy continues 


Kim succeeds father in N Korea 


By John Burton in Seoul 

Mr Kim Jong-ll was prodded 
as North Korea's new leader 
yestecd^ at a memorial cere- 
mony In Pyongyang for his 
fathtf, the late president Kim 
D-sung. 

The reclusive Mr Kim did 
not speak to the hundreds ol 
thousands of people that 
crowded into Kim Il-sung 
square, but Mr Kim Yong-nam, 
foreign minister, led a group of 
officials who vowed support for 
the 52 year-old Dear Leader 
and referred to him as "bead of 
state". 

Mr Rim is expected to 
assume the positious of general 
secretary of the Korean Work- 
ers’ Party and president after 
the party and parU^ent hold 
formal sessions. 

The new North Korean 
leader, dressed in a black suit 
and wiring a mourning arm- 
band, looked haggard in the 


sweltering beat of Pyongyang 
as he gazed at the grim-foced 
and weeping crowd. 

The foreign minister 
refrained from criticising the 
US, in an indication that the 
new leadership will continue 
the policy of reconciliation 
recently pursued by the late 
president. The US hopes to 
resume talks with North Korea 
in Geneva at the batoning of 
August in an attempt to 
resolve the dispute over Pyoi«- 
yang's nuclear programme, 
according to U$ officials. 

The 75-miimte ceremony, 
broadcast live to foreign coun- 
tries, "was meant to send a 
messs^ to the world that the 
situation in North Korea Is sta- 
ble and that tltere will be no 
sudden changes to policy.” ggirf 
Hr Michael Breen, an analyst 
on North Korea For Seoifi-ba^ 
Merit Consultancy. 

Nonetheless, other analysts 
suggest a power struggle is 


looming in Pyongyang. They 
note that Ms Kim Song-ae, the 
president’s widow who is 
believed to oppose her step- 
son's assumption of power, had 
a prominent place in the 
funeral services on Tuesday. 

She advanced to I4th In the 
biwarchy at the fUne^ from a 
ranUng of 104th on the state 
funeral committee, which was 
announced last week. This 
could indicate that her influ- 
ence and that of the conserva- 
tive old guard is growing. 

But Mr Kim Pyong-H, her 
natural son and a potential 
rival to his stepbrother, was 
not mentioned as being present 
at the ftineraL 

The body of Mr Kim U-suug 
is expected to be laid to rest 
temporarily at the presidential 
palaite to await completiou of 
the Kim il-sung menunlal hall, 
where he will go on permanent 
display in a ^ass coffin. 

Meanwhile. South Korean 


President Kim Young-saff 
warned that radical students 
who have held mourning tote* 
monte for the North Koreu 
lead« will foee harsh punisO’ 
ment. . 

"The government cai^ 
continue to be so tolerant . W 
government will never 
those students vriro bhndlf ^ 

low communism and Indtscnlu' 

Inate violence.” he said. 

The South Korean go^JJ 
ment has daimed that 
radicals ore formentu® 
dent and tra^ union unrest 
instxucUoiu from 

The students can be l^* 
cuted un^ the nattond 
rity law, vrhlch 
tacts with North Kor« 
expressions of 
government Mr J^ 

Lasso, the United NWkte W 
Commissioner for 
Rights, yester^a^lSj,*? 








FINANCIAL TIMES 


THURSDAY JULY 21 1994 


To all our 
customers and 
employees, 

thanks a million. 

(Make that L52 Billion.)^ 


It’s impossible to describe the hard work and dedication of every GE employee 
or the support and confidence of our customers. But you can demonstrate results. 
We posted the best second-quarter results in our 116-year history, 
with record orders, sales and earnings ($1.52 Billion). 

As we look forward to next quarter, only two words come to mind. 

Thank you. 



USA 


We bring good diings to life. 




6 


FINANCIAL TIMES THURSDAY JULY 21 1W4 


NEWS: WORLD TRADE 


Gatt shuts door on environmentalists 


By Frances WlOlams in Geneva 

A jffoposal by the US to niake Gatt a 
more open institution was turned 
down by its tradli^ partners yester- 
day. in a move that win give US envi- 
Toninental ^ups further ammuni- 
tion in their s^aiust the 

Uruguay Hound trade accords. 

Mr Booth Gardner, US ambassador 
to Gatt, said environmental organisa- 
tions ^uld be invited to an open 
meetiiig of Gatf s governing council to 
discuss a panel report co^nming a 
US embai^ on tuna imports. The 
embargo applies to countries deemed 


to kill too many doiphins In tuna fish- 
ing nets or which import from those 
countries. 

The tuna-dolphin case has become a 
c^bre amaag US environmen- 
talists, who see it as proof that the 
General Agreement on Tariffs and 
T^e is antipathetic to envitonmea- 
tal concerns. Much of their indlgna- 
tion has centred on the secret^ of 
Gatt dispute settlement procedures, in 
whi^ a three-person panel hears evi- 
dence from govenunents in private 
before passing Judgment 
The US propo^ met with almost 
universal opposition. The European 


Union said it would set a dangerous 
precedent for other interest groups 
such as farm unions, while Brazil dis- 
missed the idea os "inappropriato. 
impractical and unreasonabte”. India, 
Australia, the Nordic states. Asean. 
Canada, Aigentina. Mexico and New 
Tpatan H also expressed disagreement 

The Catt panel r^rt the second to 
condemn the US tuna mbargo, says 
the US breached fair trade rules in 
imposing a trade ban designed to 
force other nations to diange their 
own domestic laws and practices, 
however worthy the motive. 

Mr fiiQckey Kantor, US trade repre- 


sentative, said in May the US would 
"ehaUenge the dispute settlement 
panel's f^ure to provide a fair hear- 
ing and due process'. 

However, the &U yesterday won 
wide support for formal endofscment 
of the pai^l ruling, on a complaint 
brought by Brussels after Mexico 
declined to press ahead with the ear- 
lier case. In a statement, Mexieo said 
it would now consider requesting 
adoption of the ftrst report at the next 
meeting of the council in October. 
Under present rules panel reports 
must be adopted by oonsansus. 

Figures compiled by the Inter-Amer- 


ican Tropical Tuna Commission show 
that dolphin deaths associated with 
tuna fishing in the eastern tropical 
Pacific have fallen from 133,000 in 
1386 to 3.600 in 1993, compared with a 
dolphin population of 9.5m. The fhll 
reflects conservation efforts by fish- 
ing rutions ani predates the 1990 US 
embar^. 

EarUer, the council a^^proved Viet- 
nam's request for obsemr status •- 
seen as a first step in the membeRhip 
process - and adorsed GrUt entry 
terms for Slovenia. 

See book review (Greoaing the Gatt): 
features pages 


Egypt gives 
approval to 
privately run 
oO refinery 

Tlie Egyptian government has 
ap^ved a private-sector pro- 
po^ to build a large ofi rrii- 
nery and petrochemical plant 
near Suez. 

A ^up of Egyptian and 
Enwaiti investors, operating 
as the Sahara Company for 
Petrolenm Products, plan to 
qrend about S1.2bn C£769io) on 
Uie refinery, which would 
probably use Saudi or Kuwaiti 
crude and refine products for 
export, oil mmist«‘ Hamdi el- 
Ranh i said yesterday. 

Plans to build a separate pri- 
vate-sector refinery of about 
the same size on the Mediter- 
ranean coast west of Alexan- 
dria were more advanced than 
those for the Suez one. 

JIB advises Oresund 

jarittne Construction Services, 
a London-based division of the 
international insurance braber 
JIB Group, has been appointed 
the insurance broker and risk 
management adviser for the 
$2.5btt (£1.6bn) project to bi^d 
a bridge and tunnel link 
across the Oresund, one of 
Europe's biggest construction 
projects, writes Christopher 
Brown-Humes in Stodsholm. 

Ihe 17km road and rail link 
between Halmo in Sweden and 
Copenhagen in Denmark was 
the final go^iead last 
month. 

The group will be responsi- 
ble fw pladng the oonstme- 
tioa and third party Uabifity 
risks with leading interna- 
tional insurers before building 
work b^^ next year. 

Siemens in Russia 

KWU. the Siemens power en^- 
neering business, has formed a 
joint ventore uith companies 
of the Russian ministry of 
nuclear energy to engineer 
and market orntrol and instru- 
mentation systems for nuclear 
power plants, writes Andrew 
Baxter in Loi^a. 

The company, A.O. Nuclear- 
control, will aim to improve 
safety and reliability of Rus- 
sian nuclear plants through 
the use of modem control and 
instramaitatio& equipmeat. 


The joint way to break steel bars 

Michiyo Nakamoto on Japanese-American partnerships that beat the import barriers 


N ippon Steel, the 
world's largest steel- 
maker, last week 
agreed to take a 10 per cent 
equity stake in New CF&l of 
the US. a subsidiary of Or^n 
Steel, and provide its subsid- 
iary, CF&L with the technol- 
ogy and focilities to manufac- 
ture bead-hardened rail 
The arrangement will enable 
Ifippon Steel to overcome the 
imp^t of the yen's sharp rise 
against the dollar and to 
deflect US anti-dumping 
charges while CF&l will bene- 
fit by being able to supplythe 
railway industry with a lead- 
ing pr^ucL 

The venture comes two years 
after CF&I joined Bethlehem 
Steel in bringing charges 
against Japanese steelmakers 
of dumping in the US and 
is one ai six ventures by Japa- 
nese steelmakers in the US. 

Through partnerships with 
US steel companies. Ja^ese 
producers have been enjoying 
thriving business in the US 
while the domestic market has 
been in the doldrums. 

The US recovery and the lon- 
ger term need to invest in 
infrastructure are expected to 
support continuing demand for 
steel products, which Japanese 
producers will be ible to sup- 
ply through their US 


Japanese steelmakers plan to by-pass a Chinese 
govenimeat agency awH export SJMO tonnes of 
sted directly to two companies next 

month, agencies report from Tokyo. 

The emergency measure follows the collapse 
of bilateral talks on prices and export levels, 
Kawasaki Steel said. It said the exports 


involved hot-roHed steel plate prodneed by 
Kawasaki and five other blast furnace opeta- 
ters, adding that prices would be about $20 a 
to nng higher than in the first six »»nnth<e of thi« 
year. The other five companies are Nippon 
Steel, NKK, Sumitomo Me^ Industries, Kobe 
Steel and Nisshin Steel 


operations without the worry 
of anti-dumping duties. 

An example of a successful 
move of this type is Kobe 
Steel's two joint ventures in 
the US with USS. the largest 
US steelmaker. 

Mr Ryiqi Higashi director of 
Kobe’s steel sales group, 
e^^resses regret over the per- 
sistent trade fiictUm between 
the US azul Japan -which he 
hiamflfl in part on the poUti- 
cians and bureaucrats - but 
says that between businesses 
on both ades, and particularly 
between Kobe and USX, 
things are going very wefi”. 

USS/Kobe Steel is an equal 
partnership joint venture with 
USX, the parent company of 
USS, which produces steel bars 
and pipes for the automotive, 
petrochemical and aerospace 

inHiKtriflg 

The company has been prof- 
itable in each of its five years 
in operation with profits of 
Y190bn (£1.2bn) in the fiscal 
year to end-ldaich. Its success 


has enabled it to sub- 

stantial camtal investments. 

Pro-Tee, the second joint 
venture between Kobe and 
USX. which makes coated steel 
sheet for the car, electronics 
and construction industries, 
did not make a profit in its 
first year of operation. 

But Robe is pleased that the 
company, which began 
operations in January last 
year, is already running at 7D 
per cent capacity and turned 
profitable in the foianh quarter 
of its first year. 

“Whether a joint venture 
succeeds depends on wfaether 
the partners can trust each 
other and in that sense, Kobe 
and USX have been a great 
success," says Mr Higashi 

From the start, the partner- 
ship seemed like a perfect 
match. At the time. USX's 
Lorain Works in Ohio needed 
equipment ai^ technology If it 
vas to remain competitive. 

Kobe Steel needed a tecility 
in the US and an experienced 


workforce to help it supply 
that market, including the 
growing number of Japanese 
“transplant" motor vehicle 
manufacturers, ftee from the 
risk of anti-dumpi^ charges. 

There are obvious differ- 
ences in management style. 
“The culture is different, the 
history* is different, the lan- 
guage is different." Mr Higashi 
says. 

However, the two sides have 
been careful to respect each 
other's strengths and capitalise 
on them. On technology, for 
example, the US comj^y gm- 
eraily heeds the advice of its 
Japanese partner whose tech- 
nological expertise helped 
transform Lorain into a world 
class facility. Kobe leaves pro- 
duction matters largely to the 
Americans. 

The partnership has also 
been able to take advantage of 
the US company’s marketing 
skills and of Kobe’s connec- 
tions with Japanese companies 
which have set up manufactur- 


ing operations in the US. 

Kobe is also pleased that it is 
able to avoid the worst impact 
of the yen’s recent rise against 
the doilar. If the company had 
still been exporting coated 
steel sheet to the US, for exam- 
ple, the yen’s rise would have 
TWPftnf loss of the business, Mr 
Higashi says. 

Kobe’s US experience will 
provide useful lessons as the 
company faces pressure to look 
outside Japan for future 
gnmth. 

Given the tong histoiry 
pride of the European steel 
industry, Europe is unlikely to 
provide opportimitles for simi- 
lar ventures. But Mr Hi^hi 
believes that eventually the 
company will have to consldw 
manufacturing elsewhere in 
Asia to supply the growing 
south-east Asi^ and Chinese 
markets. 

“One day we will no longer 
be able to export to these 
radons," Mr Hi^hi says. 

Although setting up manu- 
focturing facilities overseas is 
a risky move for capital inten- 
sive steel companies, and there 
are no large steel companies 
such as USX in the region to 
smooth the process, Kobe's 
happy experience with its 
American partner bodes well 
for such ventures in Asia. 


Row mars birth of Caribbean trade bloc 


By Canuta James bi KkigslDn 

blinisters and officials from 
Caribbean Community (Cari- 
ann) countries bave spent this 
week solving a dispute which 
threatened to overshadow next 
week's formal establishment of 
the new Assodation (ff Carib- 
bean States trade bloc. 

A diplomatic shuttle was 
needed to perauade President 
Rafael CaLdera of Venezuela to 
attend Sunday's signing cere- 
mony. Venezuela bad consid- 
ered recalling its diplomats 
from Caricom before a hurried 
visit to Caracas by Caricom 
officials resolved the problem. 

Venezuela's displeasure 
arises from a letter sent by 
Caricom teaders to former Ven- 


ezuelan President CarlOB And- 
res Pfirez, who is in prison 
awaiting trial on corruption 
charges. In his two tenns In 
office. Mr Pirez promoted 
closer ties with Caricom and 
the letter expressed '^irofound 
awredatlon" for his contribu- 
tion to “the development of 
democracy and economic 
advancement in the hemi- 
sphere". 

Mr Caldera's administration 
interpreted the letter as inter- 
forence in tus country's domes- 
tic affEuzs. 

Caricom quickly sent the 
fence-mending i^sion to 
secure the participation of one 
of the more inyiortant mem- 
bers in the new trade gnnv. 

With Venezuela molUfied, 


atbentiou is now on the start of 
the new economic group of 23 
oountries, with about IS depen- 
dent territories to be offered 
associate n^nbership. 

The 13 Caricom members 
(English-speaking countries 
including Belize in Central 
America and Guyana in South 
America) will be joined in the 
ACS by the Group of Tfaxee 
(Colombia, Meaco and Vene- 
zuela), the countries of Central 
Americ^ Cuba, the Dominican 
ReptfoUc, Haiti and Surinam. 
Haiti's seat will be offered to 
the government in exile. 

“The signing of the conven- 
tion creating the ACS will 
laundi new opportunities for 
the pursuit of coUectire initia- 
tives by 40 states, countries 


and territories, comprising 
some 200m people, united by 
the \vaters of the (Caribbean," 
the Caricom secretariat said. 

The aims of the new group 
include the expansion of trade 
among its members and an 
increase in the level of func- 
tional coH}peration in several 
sectors, including energy, sea- 
bed mining, agricultural and 
industrial developmenl trans- 
port and communication. 

Tbe ACS will take a common 
approach in international trade 
negotiatioDs, siftb as with the 
European Union and with the 
members of Nafta. It will be 
involved in tbe negotiations of 
'1>referenttal arrangements for 
trade in goods ami pending 
the outcome of the Uruguay 


Rmind negotiations, in services 
as well”, according to Caricom. 

The row between Caricom 
and Venezuela was an early 
hurdle for tbe ACS to clear. 
The involvement of Cuba may 
prove less easy to resolva 

Cuba sees tbe new trade 
group as a possible opportunity 
of escaping from its economic 
morass, lity Roberto Robaina, 
Cuba’s foreign adnister, says 
his county is seeking regional 
cooperation in tourism, and to 
expand its maiket for a range 
of goods and services. 

US coDcem at Cuba's inclu- 
sion has already meant the 
loss of some associate mem- 
bers. Puerto Rico and the US 
Virgin Islands, both US territo- 
ries, will mA join the ACS. 


Modest results 
seen for EU’s 
regulatory plan 


By Guy de Jonquterea, 
Buskiesa Eifitor 

Itie European Union’s plans to 
stimulate greater regulatory 
competition between member 
countries - a keystone of its 
single market programme - arc 
likely to produce only modest 
results, accoiding to a study* 

The study, by Stc|A>en Wool- 
cock. a research fellow at the 
London School of Economics, 
soys this is Ukoly to limit the 
application of subsidiarity - 
tte principle, enshrined in the 
Maastricht Treaty, that deci- 
sions be taken at the lowest 
appropriate level. 

The study also concludes 
that the aigvoach ^oneerod by 
the BU does not offer a basts 
for an effective frameworic for 
global deregulation, because it 
requires governments to sur- 
render a politically unaccept- 
able degree of sovereignty. 

Since the mid-19808, tbe EU 
has sought to break down nat- 
ional barriers by requiring 
membor coimtries to recognise 
one another's r^ulations and 
standards for products and 5e^ 
vices, in the belief cross-border 
competition would toad them 
gradually to conveige. But the 
study fi^ little evidence that 
has happened so for and says 
importwt obstacles remain: 


■ PersistcAce post national 
policies and practices, which 
prevent development of a true 
single niaricet: 

■ Limited transparency and 
lack of information on the 
impact of national regulation 
and the effect of ehangtwp 
them; 

■ Inadequate en&ireement of 
EU and national rules, iriddt 
undermines mutual oonfideoce 
among regulabss; 

■ Hie ability of natioqal regu- 
lators to keep standards above 
the agreed EU ndnimam lev^ 

When national rules have 
converged. It has been more 
often due to tedmical dticus- 
sions between expert s than to 
cross-border conqstiition, 

“The general oonchision that 
appears to emerge. . . is that 
scope for ronq i o H H qiY 
twem ri^ Is, in reslity, folriy 
limited." the study says. 
Those who see it as a panacea 
for problems of deefaUng be- 
tween national and EC-level 
regulation, or as a means (rf 
avoiding having to dedde on 
the form of Eunvean-level reg- 
ulatory policies, seem Ufc^ to 
be dlrappointed." 

"The Snple European Bforftet: 
eentralisatiott or eonipetition 
among national rales? ^g/al 
Institute of Intematicnal 
Affairs. £& 


Du Pont plans 
growth in India 
by joint ventures 


By SMraz SUhva In New Delhi 

Du Pont, the US chemicals 
company, is holding talks with 
fiadian partners to set up five 
separate ventures in cote sec- 
tors such as agrochemicals, 
engineering polymers, pig- 
ments, automotive safety prod- 
ucts and nylon and Teflon. 

Ou Pont plans to expand into 
the Indian market through its 
suhsidiaries and branded prod- 
ucts, a departiOT from its cur- 
rent emphasis on selling 
advanced technology to Indian 
companies such as Reliance. 
India's largest private sector 
company. 

Du Pont Fhr East, through 
which tbe US conglomerate 
operates in India, has two 
Indian joint venture partners, 
tbe Delhi-based Ihapar group 
and tbe Madras-based TVS 
group. 

It may colkfoorate with both 
in engineering polymers for 
the power and telecom indus- 
tries, white pigments, nylon for 
tyres, and tyre-dipping Ekcili- 
ties, Tynex nylon for tooth- 
brushes and health-care prod- 
ucts, agrochemicals for crop 


protection, and polyester for 
textiles and ima^ng films. 

The subsidiary "iSSi entruBt 
the marketing of its nylon 
prodi^ to the Thapar group, 
its joint venture partner fiar a 
nylon plant In (toa. Several 
new projects are also bring dis- 
cuss^ with the TVS group, 
which is producing Tyiwx bris- 
tles for toothbrushes. 

The company is explorlag 
the possibility of setting up 
wholly owned subsidiaries, and 
would prefer to hold a majority 
stake and operational contrri. 
"But wc wUl go ahead even 
without a do^nant equity- 
holding, if we find tbe 
partner," a spokesman said. 

The multinational Is negotia- 
ting with Rellaitce to mmnofeo 
tore Dacron, a specialised poly- 
ester staple fibre (PSF). Tbe 
Indian petrochemicals con- 
gfomerate hopes to become one 
of Asia’s top five FSF prodne- 
ers in Asia after its new 160,000 
plant at Haara in Gujaratgoes 
into production by late 1996. 

Analysts expect the Indiitt 
PSF market to grow by.SO'pfr 
cent Ity 1997, because of cb&n 
and viscoee price boeieases. . . 


•r 

? 


Hve iwim 'Oman fw 


M -fiTifwminiTf > 


The more you travel, the more you feel Meridien, 





• WVM) • NM tolM ■ 


The nezofy rmovated Le Parker Meridien 
in New York offers business travelers a first- 
class experience found only in the finest 
hotels of Europe. From Club La Raqueile, 
our fitness center, to Shin's, our fusion cuir 
sine restaurant, our service and amen^es 
are superb. Close to Commie Hall, Lincoln 
Center, Central Park and Fifth Avenue 
shof^ng, Ijc Parker Meridien is the soul 
of Europe in the heart of New York. For 
reservatioru or information, please call 
44-71-439-1244, 

MERIDIEN 

YORK 

USW-STlb Si. 

New ^.NY lOOIV 


Is the train causing 

you strain? 


So wh'.' travel ai all., nov; livar. a video call 
as inexpcp.^ive a^ a mobiic Drione cdl:' 

PictureTel videocotiierencmg, 

, Instant visual commurt/caf/ons. 

Anywhere in the world. 

' I Without leaving your 
f/ ■ k. office or home. 


■M m 








PlCTURiiTF.l... 

^ 1^- -LI -r s - 

' ul LL'.' t-T “'iT' 

0800 234800 



DO YOU WANT TO KNOW A SECRET? 

Tto U1& Gam Sannar wl staN you haw Vn maketi FEALLY wit. Tto I 

Mtng tBrnrepas of the legendvy wn. Gan can Increae your praes aid corKwi yow I 
losseB. How7 Thate »» sanL nrig 991 474 008P ID twoK yow FRS ptace. 


CONTRACTS & TENDERS 


PETROBFU^ 


INTBIilATIPNAL COMPETITIVE BIDDIIiG N0T1CG5 
BIDDINQ NOTICE N« 874-81-0002/93 

PelrOleo Braslleiro SA. • PETR08RAS bifonns that Ida oeadUho tor 
bid submission has bssn postponsd to August 09. 1994. Ths sddrsss 
and tinw stabllahed In the bidding notice remain unaltered. 

BIDDBra NOTICE N* 874-81-0007/98 
Petrdleo Braslleiro SA. - PETROBRAS tntonns that ihs deadline lor 
bid siXmilsslon has besn pesipened le August 04, 1994. The address 
and lime stabllahed In the bidding notice remain unaltered. 

BNMNNQ NOTICE N* 874-81-0018/93 
Peirdlso Braslleiro BA. - PETROBRAS Infonns thai the deadline tor 
bid submission has bssn postponed to August 11, 1994. The address 
and time stabllthed bi the blddliig notice remain unaltered. 

BSDINC NOTICE N* 874-81-0024/94 
PstrAlee Braslleiro SJV. - PETROBRAS Intorms that the deadline lor 
bid submission has bssn postponed to August 02. 1994. The lime 
siabllshsd hi the bidding notice remain unaltered. (Address: Av. 
Repdbnca do Chile, 65 - Rooms A and B - isl Root • Rio de Janeiro). 

BIDDING COMMITTEE 


CONTRACTS & TENDERS 


TELECOM ARGENTINA 

Contract to tender for 

EXTERNAL PLANT WORKS 
OCT 94 TO SEP 96 
BID NR: 20.127/94 


Deadline: August 8, 1994. 

Offer delivery in JVfaipu 1210, 7tfa floor 
Buenos Aires-Argeiitina. 

Bidding conditions and specifications: 
in the same place (consults. Ridding 
Conditions sale.) 

In advance, bidders must buy the tender^s 
conditions (US$ 3000, not refundable): and 
be registered in the Contractors Register of 
TELECOM ARGEIVTINA. 


FAX: 54 1 968 3252 






THURSDAY 


JULY 21 1994 


'{•? .•'* 






,r-»'*'H* X'W -ii“* - 
- ^;A— 'r* -_ :. 






AEA Technology helped a pharmaceutical company reduce the size of its plant. 


- * S 








And reduce operating costs. 




And increase safety. 












And improve its environmental performance. 


A large pharmaceutical company asked AEA 
Technology to help them reduce their operat- 
ing costs and increase their manufacturing 
capability. 

In the process, as you see, we did rather 
more than that 

Stanelco Products of Fareham is a small 
engineering company which provides fur- 
naces for fibre-optics production. 

We extended the life of the heating 
elements they use. 

In some cases, by up to 50 times. 

At the same time, we improved the fibre- 
optic manufecturing process and reduced 
operating costs. 

In science and engineering, a problem in 
one area often has an impact on other areas. 

Or;toputitanotherway,the right solution 
in one area can have benefits in other areas. 

At AEA Technology, we have the re- 
sources to understand the whole problem 
and not just part of it. 

And to consider these four inter-related 
areas: 

Plant, Process, Safety, Environment 

That is why our solutions are more 
complete. 

And it is why the commercial gains are 
greater for our customers. 

(Nuclear Electric had a safety-related 
problem which reduced their revenue. 
Our solution allowed them to gain up to 
j{^200,000 a day in revenue.) 

As we have shown, our integrated app- 
roach works with small companies as well 
as big ones. 

And with small problems as well as 
big ones. 

Of course, we do start with certain 
advantages. 

Nearly half our staff are science and 
engineering graduates. 

And for 40 years we have developed 
leading-edge technologies for the UK nuclear 
industry. 

(Although today, through technology 
transfei; almost half our work is with other 
industries.) 

We wouldn’t want to claim all the credit 
for the results we achieve. 

We work in partnership with the com- 
panies which consult us. 

The evidence is, though, that they have 
an advantage over companies which don’t 

AEA Technology. Science and engineering 
at your service. 


AEA 


AEA Technology 




•]| 


: I § 


• j •] 




for further information please contact JONATHAN FEARON AT AEA TECHNOLOGY, 329 HARWELL, DIDCOT. OXFORDSHIRE 0X11 ORA. TEL: 0235 432994. FAX: 0235 436660 












8 


FINANCIAL TIMES THURSDAY JULY 21 1994 


A- 

NEWS: UK 


British Chambers of Commerce survey indicates recruitment difficulties worst since 1990 

Recovery faces supply-side constraints 


By Peter Norman 
andGiEanTett 

UK companies experienced 
gFowing diffiw iitieR Fecrmting 
staff in the secoi^ quarter of 
this year, providins a first indi- 
cation that Biihun's economic 
recovery mi gtit be running into 
supply-side constiaiiits. 

la an otherwise upbeat sur- 
vey of neaiiy 8.000 DE man- 
u&cturiQg and service compa- 
nies. the Association of Biitisb 
Chambers of Commerce, found 
that recruitment difficulties 
were at tiielr hi^iest level 
since late 1990. 

liie difEerence betwemi man - 
ufacturers reporting staff 


London’s 

position 

‘under 

threat’ 

John Capper, 

BanUng EcStor 

London’s position as an 
intemation^ banking centre 
could be undermined by pro- 
tectionist EU l^dslation, or by 
the adopti<m of common bank- 
ing supervisory standards 
around the world, according to 
research published yester^. 

A study of Loudon’s po^on 
compared with other finandal 
centres snch as New York and 
Frankfurt concludes that it 
could be HaiHagarf by increased 
F^nlation of toe nnderwritii^ 
and trading of securities and 
finaiiriai derivatives. 

Professor Harold Rose of 
London Business School says 
toat London’s share of cross- 
border bank lending from 
18 per cent In the niid-lSSOs to 
under 14 per cent of a modi 
bi^ier world laigely due 
to the rise in importance of 
Asian centres. 

However, be argues that the 
chief competitive threats to 
London as a banking centre 
are the liberalisation of mai^ 
kets abroad atiij the 
in supervision wtiidi weekend 
London’s previons advantage 
of Ugbt re^atom. 

He says that toe risk-w rig ht- 
ns^ in the Basle accord 

to nal fPlatP the tumlta 

should apply to loans conld 
affect London disproportion- 
ately because toey do not take 
account of the lower risk of 
intematioiial lending. 

Professor Bose argues that 
Loudon’s position as the lead- 
foreign exdmnge coitre is 
likely to be reinforced by 
EMU. 

Losses of trading among 
European curre ncies would be 
offset by European Currency 
Unit bading^ Anvever, Profes- 
sor Rose says that EBID could 
lead to business switching 
from London to FranUnrt 


gwri those reporting 
cuts was a positive 11 per emit, 
up fiam 0 per cent in March, 
the survey said. 

The proportion among the 
service sector was a positive 
hatanpp of 12 PCT Ceot, With a 
haiancp of 17 per cent espect- 
ing to increase staff in the next 
three months. 

But 45 per cent of manu&c- 
turing companies and 44 per 
cent of service sector busi- 
nesses reported recruitment 
difficultie s, the survey showed. 
This was the largest proportion 
reporting reenutment difficul- 
ties since 1990. 

The survey, which covers 
7A3S companies in services and 


By Our Belfast Correspondent 

Belfast International A^ort, 
Ulster, is to be sold to its 300 
management and staff, the gov- 
rnnmait announced yest»day. 

Tbe news surprised many 
observers who felt that the bid 
was toe least likely to succeed. 

The management-employee 
buy-out (MEBO) team d^eated 
toree rival ladders on toe short 
list with a bid of E32.75m which 
together with tbe company’s 
cash reserves of £15J5m will 
boost Treasury coffers by 
£47.9m. 

Belfast International airport 
has undeigone a £2Sm develop- 
ment pix^ramme over tbe la^ 
five years and now boasts 
some of the best r^onal air- 
port facilities in the UE. 

Unsuccessful contenders 
included an Airports Europe 


Mr Tim Brown, an official of 
Britain's National Society for 
Clean Air, spent the first week- 
end in July having a barbecue, 
painting his hoose and driving 

has car. He had no idea that all 
three activities put him in 
direct conflict with the govern- 
ment's emeigeney recommen- 
datuns to combat smog. 

Tbe UK Department of toe 
Environment issued its first 
summer-time akrt fidlowing a 
heavy build-up of smog. Mr 
Robert Atkins, Minister of 
State for the Environment, 
asked pet^ie to use thdr cam 
only if fh^ had to and not to 
use solvenbbased paints. 

Hot weather had caused a 
rise in levels of nitrogen diox- 
ide. sulphur dioxide and 
ground level ozone - pollutants 
formed mainly from vehicle 
emiasions, iriil^ cause breath- 
ing dilfleulties. and forced 


manufacturing, showed that 
companies were now reporting 
moderate growth. 

The chambers’ findings were 
released today after official 
retaU and hawk flwH build- 
ing society lending figures yes- 
terday provided further evi- 
dence that the economy was 
giwing steadily and shrug- 
ging off April's tax increases. 

City economists su^ested 
that yesterday's news of a 1 
per cent seasonally adjusted 
increase in retail sales volumes 
between this year's first and 
second quarters and a surprise 
£2.9bn increase in bank and 
building society lending last 
month was consistent with 


Groiq> led by Mr Paul McVni- 
liams, chair man of Ulster’s 
Local Entmprise Development 
Unit whose partners included 
Amsterdam’s Schiphol airport 

The others were a hi^i-pro- 
flle group led by Industrial 
Development Board chai rman 
Mr John McGuckian and 
backed by TBF Thompson a nd 
Northern Beuik and tbe 
Ulster Investoient Bank whose 
bid was supported by City 
BnanriaT institutions. 

The completion of the sell-off 
means Northern Ireland’s two 
main airports are now in pri- 
vate hanrta 

The Belfast Harbour Aiipoit 
near the city centre is owned 
by Shorts-Bombardier. the 
Canadian transportation 
gronp. 

Both airports have been 
involved in heavy competition 


ozone levds up to 80 per cent 
more than accept^le levels. 

kfr: Brown believes that his 
own ignorance of the wamiiig 
was repeated country-wide. 
“Media covers^ patchy 
and Fm sure that mosi people 
were just like me and had no 
idea about it so they just car- 
ried on as normal,'' be said. 

Criticism about the effective- 
ness of government warnings 
in the UE comes as the Euro- 
pean Commission has 
suggested increasing the num- 
ber of air pollutants that the 
I^tic should be waro^ of if 
limits are breached. 

A draft directive asking 
member states to reduce air 
pollutants to safe levels within 
IS yean was approved by the 
Commission earlier this month 
and Is now awaiting approval 
by ministers. Up to 14 air pol- 
lutants would be covered 


bank base rates being held at 
5.23 per cent for a few mootos 
yet However, some predicted 
higher base rates. 

The publication yesterday of 
the minutes of the June 8 
meeting between Mr Eddie 
George, the Bank of England 
governor, and Mr Kenneth 
Clarke, the chancellor, showed 
that tbe Bank was advocating 
a preemptive rise in interest 
rates if stronger growth or 
increased costs threaten price 
stability in the years ahead. 

Data released yesterday 
suggested that Britito Eamfiies 

anri maniifartaTrin g mmpanTpg 

were developing an increased 
app^te for credit last month. 


on domestic routes and that 
rival^ is likely to intensify. 

• Birmingham International 
Airport, toe fifth largest in the 
UK. y^erday unveiled an 
expansion prt^ramme which 
will cost £40Qm over the next 
10 years and will involve the 
private sector taMng a major- 
ity interest in the owner^p, 
Paul Cheeseright writes. 

The airport’s local authority 
owners • seven local councils - 
are prepared to give up at least 
51 per cent of their equity to 
attract private capitaL said Mr 

Fred Hunt, chairman of the air- 
port company. Private sector 
control will give the airport 
greater wnamriai Oextoility. Its 
bonewing, seen by the Trea- 
sury as part oi the public sec- 
tor borrowing requirement, is 
at present s^ect to govern- 
ment constraints. 


inclutoi^ sulphur, nitrogen 
dioxide ^ carixm monoxide. 
Wamii^ about excessive lev- 
els of ground-level ozone are 
already covered by an existing 
EU dit^ve. 

The commission is also seek- 
ing a common meth^ for mea- 
suring pollution. 

Britain's DoE. which issued 
a second summer sm<^ warn- 
ing last week, is now canying 
out research into tbe public's 
response. It siqipo^ the prin- 
ciple of greats di%losure as 
do most environmental pres- 
sure grotms. White there are 
differences over the number, 
location and fundh^ of pollu- 
tion monitoring units all sides 
agree on the necessity of wam- 
Ing the public. “We are all for 
widening public awareness," 
an DqE official said. 

However environmental 
experts point out that more 


• New mortage leixding by 
UK building societies rose 
sharply in June to reach its 
highest levels fOr ahMfttt tWO 
years. There was also an 
merease In set new commit- 
ments made by societies to 
£3i8bn from £3.29bn in Msty. 

Last month's 0.5 per cent 
increase in soolted M4 tend- 
ing compared with May, 
brought the seasonally 
adjured increase in bask and 
building society leading to 
private-sector UE residents to 
£2i.7bn in the year to toe ad 
of June. Last xaonto's Ending 
was 3.5 per cat up on the lev'el 
of June last }'8ar. 

The Bank said its proiistooal 


By Chris Tighe hi Newcastle 

The French-based comps^ 
which is the only protective 
bidder for Swan Hunter, the 
Tyneside shipbuilder facing 
closure, said yesterday it 
would only go ahead w^ a 
deal if the British government 
guaranteed toe yard two years 
base workload- 
Soffia, parent company of 
Cherbourg patrol boat builder 
Constructions Mecaniques de 
Normandie, said it had not 
ruled out baying Swan Hunter 
from the receiver despite Tues- 
day’s news that Swans has not 
won the Sir Bedivere lanHing 
ship refit, on which CNN's 
original, now aborted, pro- 
po^ d€^ was conditionaL 
But Mr Fred Henderson, 
leader of CMN’s bid team for 
Swans, said it needed a clear 


widespread public warnings 
are likely to increase expecta- 
tions that action will be taken 
to reduce air pollutant levels. 

‘You cannot teD people that 
the air is xmh^thy h^ay and 
not show that you are doing 
something about it” said one 
of toe government’s environ- 
meotal advisers. 

This prindple is recognised 
in the Commission's directive. 
It su^ests that governments 
be required to take emergency 
measures - such as toe cireure 
of factories and power stations 
- once limits are breached. 

The DoE, in a recent consul- 
tation paper, indicates that it 
favours intervention only as an 
extreme measure. Emergency 
intervention measures ‘^rould 
be justifiable only where it was 
clear that the benefits out- 
wei^ed tbe costs," the consul- 
tation paper states. 


figures for lending were 
broadly consistat with season- 
ally a^usted statistics from 
tbe British Bankers’ Associa- 
tion. published yesterday. 

• Britain’s nine biggest 
banking ^tmps increased their 
new tending for consumption 
substantially last month. The 
£ 218 m seasnially a^dsted rise 
in consumer lending by the 
banks was the biggest since 
Decoiber 1990 and reflected a 
£179m jump in credit card bo^ 
rowings. 

• Manufacturers increased 
their borrowing from the 
banks by El62m in June after 
several months of repaying 
debt. 


indication from the British 
governmat it wished to see 
Swan Hunter survive. 

“If Swan Hunter is to survive 
the MoD must guarantee a 
baM workload for two years." 

TTie MoD said yesterday its 
policy was always to place 
orders in terms of best value 
for money. "It’s been continu- 
al the policy that work is not 
directed to specific shipyards.” 

Yesterday Swan Hunter 
union leaders met Mr Iskandar 
Safa, Soffia’s senior director, in 
Paris. Afterwards. Mr Safa 
called for a "partnersffip" 
involving Soffla/CMN. the 
unions, the MoD, receiver Price 
Watertiouse and Swans’ major 
creditor, Lloyds Rank, to find a 
solution. CMN hopes to meet 
MoD ministers uigently; the 
offer of Olwen must be finali- 
sed by August 1. 


By Stoiriien McGookin 

London is not toe only city 
where the level of air poUntion 
is contributing to a health 
problem and where efforts are 
being made to reduce the level 
of harmful emissions. 

Britain’s Labour oppositioa 
has cbaiged that tbe govern- 
ment’s traspoii policy was at 
toe heart of the problem, par- 
ticularly motor vehicles with- 
out catalytic converters, which 
strip out harmfril gases. 

Since January 1993, convert- 
ers have bea compulsory on 
all new cars ~ nearly two 
decades after the US took the 
same step. But converters can- 
not be fitted to older cars, and 
currently only about 15 per 
cent of UK vehicles have them. 

Hr Ktens Topfer, Germany’s 
environment minister, said 


Britain in brief 



Task force 
to tackle 
trade gap 

An Industry task force to 
reduce Brito’s £1 A4bD trade 
deficit in building materials 
was laandicd yesterday 1? 
some of the country’s biggest 
ccHitractoTS^ prcmmty 
developed and consnltants. 

The initiative was supported 
by the Ifovironmat 
Depaitmat whldt has 
seemided a salor civIL Mr 
Haledlm Dodds, to be dlrectmr 
of the new Cottstnictton 
Procuremat Group. 

Its aim Is to woric closely 
with buUdlng material and 
componat prodneers to 
increase tbe cmnpetitiveness 
of UE constrnction Planets in 
domestic and export marimts. 

Members inclnde chainna 
of leading ctmtractars, Amec, 
Bovis, Join Laing and Ikrmac 
and T^lor Woodrow as well 
as senior directors from 
propnty developors H^C. 
Land Securities, Stanhope 
Pnmerte and Greycoat 


Tour company 
ceases trading 

A tour operator spaialising in 
city btetdes to continmtal 
Europe has ceased trading. 

R^at Travd Services Ltd, 
of North Kensington, west 
London, also trading as 
Cifytravdler. was authorised 
by its Air Travd Orgaxds^'s 
Licace to carry 3B05 
passengers a year, the Civil 
Aviation Authority said. 

Passogers curratly abroad 
would be ^le to continue toeir 
holidays and travel home as 
planned but there would be no 
forther outbound ffights after 
midni^t toni^t 

Anyone due to fly out aftm* 
this date, irrespective <£ 
whetom- they were holding air 
tickets. wouM not be able to 
travel. The CAA said fonns 
would be sent out so people 
could claim refunds. 

The company was also a 
member of the Association of 
British Travel Agents and an 
ABTA spokesman said people 
travelling by mpgns pthpr than 
air toould contact them. 


Drugs reform 
urg^ by MPs 

A complete overbanl of 
decision-making for dn^gs 
gpgniKwg by toe National 
Health Service has bea 
proposed the Gonunons 
health committee. 

In a repent the committee 
called for nmre a ppropriate 
prescribing of m^dnes. It 
was the fii^ time paritemat 
has heemue tnvolvM in 
riiniftai dedsions. 

The most radical iHvqK^ 
was the creation of a national 
prescribing list This would be 
a list of all dn^gs whidi would 
be rdmbnrsed by the NHS. 

At *ha* time, aa<4» diug 
wmxld be subject to a sdentific 
review. Those fbund less 
e ff ect iv e than existing 
therapies, or more eeqieiirive 
with no additional tlimpraQe 
value would be excluded firom 
the prescrflihig list 

This process would 
effectively create a so-called 
*Tbartii hurdle" for medicines. 


More Yfind 
farms sought 

More wind farms should be 
allowed in Wales, the 
Commons Welsh aS^ 
committee said. 

"Within tbe framewoik of a 
robust appropriate and locally 
accountable planning system," 


this month that his conntry 
wonld take its own st^ to 
reduce the level of benzoe in 
petrol unless the EU cotdd find 
a solution. Benzae makes up 
around 2.5 per cat of petrol 
and contributes to the creation 
of smnnier smog. 

In southern Germany last 
month, the Baden-Wurttem- 
bnrg r^on around Stuttgart, 
where about 150,000 people 
live, claimed some success 
with a fourday experimat to 
reduce ozone bnild-np. A local 
speed limit of 60 km per hoar 
mph) was introduced and 
indnstry imposed voluntary 
controls on out^t of smoke 
and waste products. 

In Greece, where the pol- 
luted atmosphere in Athens is 
damagpng some of the nation's 
architectural treasures, the 
environmeut ministry has 


the MPs said, "We see no 
objection to tbe oatinuing 
^velopQMnt of wind farms in 
Wales, subject to their 
environmental acceptability.” 

The committee’s support 
comes at a time when there 
has bera increasins wirition 
to the turbines a gnx^ of 
visual intrustoo. ncrise and lack 
of economic justifieatia. 

"We believe that concerns 
over visual impact are the 
most deep^eated and flrml)- 
hdd ot^ectioQS to toe 
devdomnat of wind energy," 
the committee said. There 
should be ’The stroo^ 
mosumptioQ" against tntoines 
in natxmal parks, areas of 
outstandlim natural beauty 

and rites of great landscape 

value. 


High tolls 
divert cars 

High tolls on the Seveni 
bridge bMwea England and 
Wates are eanring about IJXN 
vehides a day to divert to 
other nmtes, a Highways 
Agency repi^ has fonad. 

The stody was set up to 
investigate complaints of 
greatly increased trade traffic 
on local notes timngh 
Ghraeestershire to Wales. The 
one-way toU Is £10.10p for a 
heavy goods veUcte. Revenue 
ftom the bridge is paying for 
the construction by 
Laing-GTH of toe second 



Severn crossing; doe to imra 
in 1996. 

The repmt claims that toe 
tolls are "not a significant 
factor" in Increaring traffic on 
other routes, bat that factors 
sndi as congestion play a 
bi^ier part. It says the 
problem should be eased when 
the second teidge (mens. 

Mr Robert K^, minister for 
roads and traffic said the 
report showed about 2,700 
more vehicles a day ttom 
might be expec t ed, after 
allfliwing for traffic growth, 
were traveOhug west tiironidk 
Gloucestershire. He said: 
"Only 1,500 of these can be 
poritivdy identified as 
avoiding bridge tolls." 


British Library 
‘a shambles’ 

The eonstructia of toe new 
British Library in centra! 
London has into a 

shambles, a conunittee of MPs 
says in a hard-hitting report on 
tbeprcgect 

The cross-party Commons 
Nattonal Herita^ committee 
says that more than 16 years 
after the new building was 
starte^ no-one has any idea 
when it will be compteted or 
opa at how modi it will cost 

The committee calls for a 
public inquiry into the project 
to establish vtoetber there has 

Iwwi malflrfmrnia traHnn and 
incompetoce in Us dedgn and 
construction. 


3% pay rise 
for police 

The 120.000 police officers in 
England and Wales will get a 
pay rise of 3 per oat firom 
S^tember nndm a new pay 
formula recommended in the 
Sheehy report on police 
reorganisation. Tte rise is at 
the top end of public sector 
groups bnt lower timn the 3.75 
per cat that the police 
officers would have recrived 
under tiielr old pay fotmnla. 


Introduced staggered working 
hours in the capital until tbe 
end of August ad has laid a 
extra buses in an effort to 
reduce the number of rnrii- 
hour cars coming into toe city. 

The US Bavimunatal Pro- 
tectipa Agency, in an effort to 
at ozone levels, has asked 
petrol companies to volun- 
tarily sell lower vapour pres- 
sure gasoline, which evapo- 
rates less and crates less 
ozone. 

Detroit, Bllchlgan - tradi- 
tionally the home of toe US 
antomoblle Industry - ha 
launched a "smogbnstln^ 
rawip ai g n , fovolvimi boto bnri* 
ludtvidnals, aimed at 
rednring ozone levels. 

California, which has the 
nation’s poo^ air quality, w 
aiming to reduce mnlssfons tay 
7S per cat by the year SOW. 


Reshuffle marked by calculation over glitz 


By PhiPp Stephens, 

Poafical EcBtor 

Resbuffies are like Budgets. The 
cleverer they look on the day the 
more chance they will imravel once 
the novelty wears off. So perbiqis Mr 
John Major should be applauded for 
escbewii^ ansrthii^ that mi ght be 
termed glitz. 

His mid-term shake-up did inclode 
ae significant gamble - the elevatia 
(A tbe untested Mr Jere^ Hanley to 
the party chairmanship. Mr Major 
was tou^ enou^ to sack Bfr J(dm 
Patta from the ^cation d^)artmat 
and to let go three other cabinet min- 
isters. 

He took also the longstanding 
advice of friends and replaced Mr Gra- 
ham Bright as his parliamentar y pri- 
vate secretary with the nonesdeesript 
but safa Mr John Ward. 

But overall it was a play-it^e 
reshuffle rather than a dramatic 


restructuring of the cabinet team that 
will face Mr Tony Blair’s Labour 
party in the second half of the presat 
pariiamat 

It left the clear impression Mr 
Major has given himself room for 
another, albeit smaller, shake-up 
before the general election due by 
mid-1997. Mr Malnnlm ffifkind, who 
stays for now at defence, looks lite a 
foreign-secretaiy-in-waiting. 

On ae level the prime minister's 
hands were tied. Mr Kenneth darite 
was never likely to move fhmi the 
Treasury. Mr Douglas Hurd, a pillar 
of stability in the cabinet, was needed 
at the foreign office for at least 
ffno*hflr year to prepare for the Euro- 
pean Unia’s intergovernmental ca- 
ferace. 

Moving Mr M’^haai Howard from 
the home office or Mr Michael 
Heseltine fiW trade and industry 
would have created too many waves. 

But eva within those constraints 


Mr Major ace again prrierred careful 
calculation over showmanship. The 
various moves upwards, downwards 
and ridewa^ were all designed to pre- 
serve a balance. 

Overall Tory MPs dmected a slight 
shift to the ri^t - but not by any- 
thing like enough to persuade them 
the recent rightwards shift in his 
rhetoric signal^ Mr Major had truly 
become "One of us”. 

Thus Mr Michael PortiUo’s promo- 
tia to employmat. TTie Tory ririit 
was assured their standard bearer 
would retain an influence on eco- 
nomic policy. Mr Portillo will work 
closely with Mr Peter Lilley, his 
Thatcherite ally at social security, to 
introduce the toi^ new Jobseekers' 
allowance for the unemployed. He 
will be ideally placed also to indulge 
his distaste for Brussels by opposing 
further social legislation. 

On the other hand employmat is 
tbe most Junior of tbe economic posts: 


the catre-left will be told Mr Portillo 
can be reined in wha necessary by 
Mr Clarke and Mr Heseltine. 

Mr Jonathan Aitka’s move into the 
chief secretary's slot bore the same 
hallmark. Meanwhile Mr Siepha Dor- 
rell, the ffarling of tiie One-Nation 
left, wa his mu^ deserved elevatia 
to toe cabinet But his new positia is 
sufficiently uncontroversial not to 
enrage the ririit 

Other moves have a wider political 
oteective. Mrs Gillian Shephard's pro- 
motia to edueatia is designed to 
restore some counon sense to the 
governmat’s approach. After six 
years of i^eaval the promise now is 
of a period of consolidation and 
bridg^building both with teachers 
and with local authorities. 

Mrs Shephard would never dam to 
be a great innovator but her experi- 
ence as a teacher and local authority 
edueatia officer has left her far more 
in touch than her predecessor with 


tile preoccupations of parats. 

Elsewhere Mr Mrior rewarded com- 
petence. Mr William Waldegrave's 
move to agriculture was widely sea 
as a good decision. So too was the toe 
choice of Sir George Young as finan- 
cial secretory to the Treaory, the 
post generally sea as a waiting rooi 
for the cabinet. Mr Brian Mawl^- 
ney*s promotia to transport was a 
appropriate reward for loyalty and 
work. 

Mr Hanley’s apptentmat was toe 
principle puzzle. In one respect it 
reflects toe continuing influeDce of 
Mr Chris Patten, the now distant gov- 
ernor of Hong Kag and party chair- 
man at toe last election. Mr Hanley 
was his protege. 

The message from 10 Downing 
Street last nl^t was that the reshuf- 
fle must be sea as a package: that 
taka tc^ether the changes at all lev- 
els mi^t not he flashy but would 
stand to test of time. Perhaps. 


THE NEW LOOK OF BRITAIN’S CABINET 


Prime Mnfster 

Lord QftancaBor..^ 


Secretary: 

ChanoaBor of the Btchequ 
Home Secr^ary: 


PresidBtTt of the Board of Trade: 
Defence Secroiay: ... 


Lord President of the CoutkS:, 

Environment 

EducaSoTK 


John Malor 

_..Lord Makay of Ctashfem 

...............Dauglas Him 

..-Kenneth GMce 

Midmei Howard 

-...—-...-..Michael Heoeltine 

Malcolm RHkM 

— -Tony No wton 


ChanoeBor of the Dtjcfy of Lancaster^ 
Social Security: 


——.John Gummer 

.^lian Shephard fformeriy John Patten) 

David Hunt 

(formerly Winiam Waldegrave) 

Peter UBey 


Agriadtue: — 

Scoter Secretary:^ 


..vraiam Waldegrave (GSian Shepherd) 
Ian Lang 


Nordiem ltdand Secretsy: . 
Heehh: 


.Sir Pabriefc Mayhew 
...Virginia Bottomley 


Emplayment 

Walsh Secretary: — . 

Tiansport.— — . 


.Michael Portllo (David Hunt) 
.John Redwood 


Nation^ Herrtage:. 
Lord Privy Sas/;— . 


Dr Brian MeMhemey (John MacGregoi) 
Stephm Oomll Oteter Brooke) 


Treeswy CMsf Secratery^... 
Tory party ch aft m an :.— — 


..Yisomait Cranborne (Lord Wfakeharri) 

.lonathm Aiticen (Michael Portilk4 

— . Jerenqr Hartay (Sir Norman Fowler) 



Jeremy Hanley, tiie new Tory party rimirman deft), Gilfian Shephferd, who moves from Agrieultiire to Educatton. 
(centre), and Brian Maviiinii^, who takes over as Ttansport secret^, following yesterday’s government reshuffle m 


Belfast Airport sold in 
management buy-out 


CMN seeks MoD 
pledge on work 


Smog message fails to hit home 

The government is considering its air pollution approach says William Lewis 


London’s cloud problem 
is repeated worldwide 



FINANCUU-T^IES THURSDAY jijlY 2. .994 



Game 


S port IS not just a game. It is 
a busmen. Anyone who 
doubts this need only con- 
sider the sponsorship con- 
tract ^gn^ this weeh between Mer- 
cury Asset Management, the UK’s 
biggest fund management group 
and cncketer Brian Lara. 

The sponsorship deal, valued by 
s agent at £soo.ooo - but which 
MAM tasists is actually £ioo OOO - 
illustrate the value which a finan- 
cial services firm, whose products 
have nothing to do with cricket 
places on sport 

Among financial services compa- 
nies MAM, which is considering fur- 
ther sports sponsorshm deals aSmaH 
at encouraging junior competitors 
in a wide variety of sports, is hardly 
alone. National Westminster Rant 
sponsors since 19S1 of the one-day 
NatWest Cricket Trophy, spent 
£^,000 00 sports-related promotion 
last year. Scottish Provident gignari 
a contract worth £600.000 with ITV 
to sponsor the last British Lions 
rugby tour. Cornhill Insurance 
sponsors a cricket series and Britan- 
nic Assurance sponsors county 
cricket championships. London 
Global Securities, which specialises 
in international securities lanitipg , 
sponsored Eamonn Martin, winner 
of the 1993 London Marathon. 

In the UK, according to Mintel, 
the market research group, corpo- 
rate sponsorship covers a range of 
sports from swinuning to darts. 
Sports sponsorship deals in 1993 
were valued at £342m and is fore- 
cast to grow to Pififtm this year. 

But what does an advertiser gain 
from sports sponsorship, particu- 


sponsorship 



RtBnang on spensorsMp: Eamonn Martin, winnar of tha 1993 Londcai Marattwn 


larly when the product is onrelated 
to sport? 

MAM said this week that it 
wishes to draw a connection 
between the excellence at sport 
demonstrated by Lara - who holds 
two world crictet batting records - 
with its fund managemeat dtiUs. 

Significantly, the Mintel research 
showed that four of the ei^t lead- 
ing corporate sponsors of cricket in 
1993 were in the finanHai services 
industry. Among so-called AB tele- 
visioo viewers whose imxnnes and 
educati(mal levels are the hi^e^ in 


the country, cricks ranked number 
five of all spo^ watched, with 31.7 
per cent of that socio-economic 
grotm choosing to watch it 

Mike Bloxham. director of The 
Bloxham Group, a company which 
helps corporate clients devise 
long-term sponsorship strategies, 
says that sport may be a way for a 
financial services finn to reach a 
much broader audience than other 
forms of advertising. 

“People who could be buyers of 
their products may not encounter 
their name in everyday life. it*s not 


like Heinz.** he says. For .i company 
such as MAM, which opted for indi- 
vidual sportsman sponsorship 
instead (£ team or event sponsor- 
ship, there can be a specific market- 
ing goal “One approach to sponsor- 
ing indivMuals is that they can be 
seen to encapsulate certain values 
with which the sponsor wishes to 
associate himself." 

The downside with individual 
sportsman sponsorship, he sa>'s, is 
that “you cannot legislate for 
aspects of an Individual’s behav- 
iour”. Sportsmen and women peri- 
odieally engage in activities wUcb 
corporate s];»nsors feel will tarnish 
their brand image. “O.J. Simpson is 
DO longer a good person to be asso- 
ciated with,” Bloxham said. 

Martin Loat. a spokesman for 
rrV’s sponsorship arrangements, 
notes that there is also a “chair- 
man” focfor in selecting individuals 
for sponsorship. “It may also be a 
chairman's wife factor, " he says. 

Moreover, sponsorship allows 
companies to offer corporate hospi- 
tality to their clients and contacts, 
an. aiwi which ranks high in Nat- 
West's decisira to sponsor the one- 
day cricket matches. Sponsoring an 
individual may allow a company to 
introduce him personally to clients, 
an experience likely to reinforce 
warm feelings about the sponsor. 

And, for a firm such as MAM, 
sponsorship means the opportunity 
for Lara to don a MAM cap immedi- 
ately after leaving the field of tri- 
um^, just in time to be inter- 
viewed on national television. 

Nonna Cohen 


Hospitcdity joins the fast track 


T he popularity of corporate 
hospitality or eo^loyee 
motivation evenings in the 
form of “arrive and drive" go-kart 
racing has inspired dozens M 
circuits catering for the activity 
throughout Europe. 

The concept is pois^ to be lifted 
on to an altt^ther higher plateau - 
with 200 horsepower Alfa Romeo 
155 saloons of similar appearance, if 
not Quite the petformance, of the 
bright red Alfa Romeos currently 
leading the British Touring Car 
Championship. 

Companies, or even wealthy 
individual drivers, wiD rent every 
car competing in the “Pro-Series** 
Alfa 155 championship placed for 
tbe 1995 motor racing season. 


The championship departs from 
conventional motor sport concepts 
in that sponsoring w>fnpMw<p^ anA 
th^ ^vers can expect to conmlete 
a full chas^ionship season at a 
fixed cost, with the onus on 
providing raceworthy cars for 
round switched to the achial 
operator of the championship. 

The venture operators, Graham 
Hathaway Racing and entreprmeur 
and rallyeross driver Peter 
Barnshaw, will retain full 
ownersh^ of the ears: repair, 
maiwrain xnA tham to 
finm the circuit, and provide the 
hospitality fkcilities for 
partuapating companies to 
entertain their gue^. 

Pioneered in North America in 


the Zerex Saab championship, the 
concept is intended to eliminate one 
of the biggest disinoentives to all 
commercial motor qrort 
sponsor^p, spen^^ spiralling out 
of control as competitors seek 
technical advantage over rivals. 

Uotm: sEurt te an expensive 
activity, with even a single-car 
budget for a modest “one-make" 
championshv likely to approach 
£50,000 fm* a season. It is also 
notorious fbr its disillusioned 
sponsors. Many companies vow 
never to Involve themselves again 
when confronted with a choice 
between ejecting extra funds part 
way throu^ a season or their 
team’s withdrawal and the collapse 
of tbe spoosorship venture. 


Earnshaw, who is curreutly 
n^tiating approval and 
administration of the series with 
the British Automobile Racing Club 
and motor simrt au&orities, says 
that cnmpanifig not Wanting to 
a single car will instead be able to 
join a small pool of sponsors whose 
brandh^ will be carried on every 
fifitn pptiTi g car throughout the 
dozen or so races which will 
up tl^ championahip. 

The concept is ab^ oCTering a 
financially predictable, rather than 
necessarily cheaper, entree into 
motor sport Costs have not been 
finaiisaH but several thousand 
pounds per race is certain. 

Jobik Griffiths 


N ot enou^ people get up in 
the morning and think “! 
must go to BBS”. That is 
the problem Helena Fackshaw, 
mariteting director of the British 
retailer, faces as she attempts to 
transform the chain into a 
“destination" store, rather than 
somewhere sboi^rs jnst drift in 
to from the high stre^ 

The BBS brand, says Packshaw. 
is “too neutral". Christopher 
Satterthwaite. from BBS's 
advertising agency Howell Henry 
Chaldecott Lnty, puts it more 
blnntly: “Reality and perception 
are not matching now. If s better 
than von expected when you go m 
the store." 

The first evidence of a vast 
brand-boilding exercise aimed at 
remedying this sitoation is about 
to hit the television screens as 
BBS starts to advertise for the 
first time in atmut five years. The 
logo has also be« revamped and, 
from next year, the shop interiors 
win also begin to look different 
The moves are part of the 
restrnctnrmg and reeoveiy of the 
Storehouse group, of which BBS is 
part Tbe last thm or four years 
have been spent developing a 
young, energetic organisation, and 
defining the store’s “value 
proportion" says Packshaw. 

The three parts of this 
proposition, central to the way the 
brand is promoted, are: 
“fashion-moderate" products, 
which are iip-tiHlate but 
mainstream, rather than at the 
cutting-edge of fashion: consistent 
and appropriate qaalitr» and low 
prices attractive to mothers on 
tight budgets, who fonn by far the 
largest group among BBS’s 
customers. 

The TV advertising, which 
starts in early Angnst will use 
real people at specially-staged 
“happenings* in stores 
around the eonn^. In a new 
piece of advertising jargon whiefa. 
one sospeete, will not catch on, 
Satterthw aite hails the rawn>aig« 
as "Fresh TV". 'Hiere will be jnirt a 
few days* gap between filming and 
screeuing, and a new ad will be 
made abont every two weeks. 

Pilot advertisements were shot 
in Watford last month. Over one 
day, five "bearii parties” were 
sta^ in MS stores in the town. 
Members of the pnbUe were 
stuped on the street, invited to 
Join the parties and to fake part in 
ratwalk shows feetuing B^ 
clothing. The Hnfcman, a young 
black actor called Sylvmtier, is the 
only professional to appear in the 
ads. 

Ontof this unscripted filming, a 
Gb«econd commerdal is distilled 
There is a deliberately “home 
movie" feel, with blaA and white 
video until the point when the 



BHS beach parties staBed in store show the blest fashions 


A revamped BHS hopes to excite 
shoppers, writes Diane Summers 

From neutral 
to higher gear 


BHS prodocts are featured, when 
the fiim moves into colour. 

The overall effect Is lively and 
loud, with Sylvester as a slightly 
nervous par^y of the male in the 
traditional soap jwwder 
advertisements. 

The format will be adapted to 
show different seasons* clothes 
and could also be extended to 
other BHS lines, for example its 
lighting. The fliat place to get tbe 
treatment will be Gateshead's 
giant shopping centre, tbe 
MetioCentre. 

Hie idea of the in-store "event" 
will be used to drive local 
publiri^ and as a gen^ 
promotional tool, and will be 
extend to shops which are not 
featured in the TV commercials. 
The inteiition is tiiat customers 
should be able to go to the stores 
and immediately locate the 
merchandise featured ou 
telerisiOD. 

Tbe new logo is. says Padeshaw, 
a “more feminine, more fluid" 
version of the existing one. which 
is “OK bnt doesn’t give her [the 
customer] the fieeling of 
exdtement or energy" that BHS is 
keen shonld be assorted with the 
brand. 

Do not expect to see tiie new 
logo on high-street shop fronts for 


some time. The 122 ra.>;cla.s will be 
replac^ as stares are refurbished. 
In any case, Pacluhaw believes 
that customers know where their 
local BBS store is and so rarely 
look up at the sign. 

Instrad. the company is 
concentrating on getting the new 
I<%o on to ca^er bags, inside the 
stores for displays, and on to 
iabels. 

The final piece in the Jigsaw Is a 
revamp of the store interiors 
which, Packshaw says, will show 
mercimndislog off to greater effect 
and “allow it to breathe". The new 
look is being unveiled in the 
Cambridge store next year. 

As far as the entire strategy is 
concerned, Packshaw will want to 
see concrete evidence of success. 
The shops currently show 
£200-£220 revenue per square foot, 
compared with about £400 at 
Marks and Spencer, she says. 

Althoni^ no one is expe^ng 
sales densities to double 
ovemi^t. there uIll have (o be 
an appreciable narrowing of this 
eap- 

Apart from sales, there will also 
be longer-term measurement of 
perceptions of the brand, for the 
campaign “is also about elevating 
the brm^ In the minds of people 
to whom it might be neutral". 


b2a 

;<3 


1994 GENEVA 
EXECUTIVE COURSES IN 
HNANCE 

August 22 • 26 

FORECASTVIG TEC»NKHfES W FmANCUL 
IIARKETS 


io| 


August 29 - September 2 

EXCHANGI “ 


cc 

UJ 

K 


(D 

s 

u 


flQ 

O 


JE-RATEANDWTEREST-RATE 

ECONOHDCS 
September 5 - 9 

BONO POinPOUO AND BITeiEST-nATE 
RISK MANAGEMEIIT 

September 12- 13 

PRACTICAL Y1EU3 CURVE BUlUXNG 

September 14-16 

SWAPS: VALUATION. HEOGWG AND 
TRADING STRATEtaES 

Semember 19-23 

OPTIONS: VALUATIdi HEDGING AND 
PORTFOUO APPUCAT10NS 
September 26 • 30 
TREA^RY RISK MANATniFKT 

October 25-28 

ADVANCED MATHEMATICS OF OBUVATIVE 

PRODUCTS 

October 31 - November 1 

NUMERICAL METHODS « ASSET PRICINQ 

November 2 ■ 4 

ADVANCED ANALYSIS OF MTEREST-RATE 
OPTIONS 

November 21 -25 

EQUITY PORTFOLIO MANAGEMENT 
November 26 - December 2 
GLOBAL ASSET ALLOCATION 

Intensive courses by leading international 
professiortals and academics, with an optimal 
blend of theoretical principles and practical 
appUcations. Since 1982. some 590 banks and 
insAuticxw (tom over TO countries have sent their 
executives to ICMB courses in order to sharpen 
their skills in the latest risk management 
techniques. 

For our detailed brochure, piease c qntai^ 

Febiarvw SeaoBola or Anne SefKipbacn 

I nten wtlonMCwiier for Monetary and 
Banking StudiM _ 

P.O. Bos 36. 1211 Geneva 21. Swtaerta^, 

Tel: 41/22-734 95 48, Fax: 41/22-733 38 S3 


f^^^^feFutureView 


, , '■ 


BOOK PRIME SPACE NOW 


^ MOIA INTERNATIONAL TRAPE FAIR 
^ NOVEMBER 14-27, 1994 

it pays 10 p u rd cl p a la in MW's targast tn tema tfof a i trade stiw. 
irTF94. a unique gawwny to the Vast Mbn Market, ofrera nceaent 
m aifcet lii y opponurWes where buskim vtsitm wS to toolang tor 
tertwi o logl nB . products end eeralcee in thie mua-produca tak. 


EXHIBITORS PROFILE 


P a ii e^iaao nby ma wtqwiancowXnesettheweSatwtiertlendcotrogTy 
level. Mtoi Swas. Union terrltorte s . Govt Oapartments, Publie sector 
and private o nt cip i lnu . 


SPECIAL DISPLAYS 


SUSTAINABLE OEVELORUENT ~ praducts, services, equipment, 
machinery, technokigy per w iieng to poiuUon contrti, akematlve eowcee 
ol energy. ec^Mendly Mueaias. tiydio-taeed energy eto. 

TECHMART — emphaiscig tM oontnbuton at 9T«1 eceW indwlrtea to 
the netkawl economy and foreign trade. 

GOOD LIVING — u wenn Q a wide range ol eonmner products from 
ooemetics to housWnld ap pHance e . g t f lw a r a to entertafrunerx 
i tect i ju ice- 

RUBBER — the Industry and rWaled products. 

HANOICRaRS. 


Over 60,000 busineei visitoie indudng loreign trade d e i o g a tio i i a . 
eaptami of Indu^. opnran mekers. plant techniciarv, govemmenl and 
flnancial irotitution offleiats are experted lo visit the fair. 


PARTICIPATION CHARGES 


Indoor Non-AC Indcior AC Ouldoor 

Eweepece Bvespeoe Barew»ce 

tparSqm) fperSqm) IperS^ 


Bi^eary 
oue charges 
^wnibkor 
constiiueni} 


USS-l2Sr- usstsor- usssor- US513V- 
ElectnotyfPower charges extra. 

Par Aether dkMta, plam a w n taU ; 
Manaw (IITF) 
feidta Trade Promotion 
Pregatt Bhivan, 


¥ 


MaUan. 

New Datfu-HO 001. 'Tlx.: 031-01022/61311 
Fax : 91-11-3318142 Phone : 3318681 


IS INTGRNATIONAL 
INVG 5 M£NI 



REUTERS 1000 

at houra « day • o nly $10 0 A monihl 
uvu iwuNeiAL om BumcT TO voim pe 



vnrtr Md U rt '^'LonJoB It wB be fid by fouiof berinoit paopte v4 

rnmeiK officials h 160 coimtrito worldwide h- 



you whh te reach tWs important midleoee wnn ymir 
action with Wales, cafl: 


CRveRadfoni 


FT S urveys 


thaS 






ALL GREEK TO YOU? 


It needntbs. 


Rnancisi Times Magazines publish a montMy magazine 
specif written for the investor w3h a global perspective. 
We recognise the need for impartial kwestment advice - 
written by people who understand every aspect of oveiseas 
investment. 

It's called The International , 

An d you don't have to be an economist to understand it. 

FIMNCI. U TIMES 1 


Witt) a wealth of edrtorJaJ In every issue, it’s the 
essential guide to the world of finance. And because 
The International is published by the Financial Times 
its pedigree is impeocable. 

Already thousands of shrewd subscribers have 
reaBsed The intemafionars other great benefit: 

ITS ABSOLUTELY FREE FOR ONE YEAR. 

To join them simply corrptele the free 
subscription form bebw. 


yK,PlHnfradna,FilEE«id uekMdcHgNtamior 
OMyaKoiymaalMy eopy fltT))»h(iiiHlloiMl,1f» 
ponwMf HoMCo iMgrabw from ttw ntooeW Tfemt. 




. _ 1 noprMoi/Scll-EfflplBpid/Panmr 
02 Etnplsyid 
Oa Camwwni 

4 Ridrad 

5 SBtorarUrMrrgloyad 


Jaoito 


U Miq t wBt y 

CendmyPrlwi* Addracs 


Cowwy 


{8^ hM only ■ you wM to nrato ■ 
i n^ raBopyonirafci hu Ml i cr M l. 


P I9M9 rafrim to Kavin Philips, The IntsmslIonBl, Gnystoks Place, Fetter Lane, London EC4A 1ND, UK 

□ 33644 

□ 4 4844 

□ S 6844 

□ S68t 

lypra •( frivMtoMto cuiwiUy Md 

Q 1 Dotmalc Squtto 

□ 2 iBtonwHone Eqmira 
Q3 teUhora DapoM 

0 4 PrapMy 
5 BendB 

□ 6 Pw toiaMxtotoOatia 
□ 7 Unk 'niwMAJhiU Fundi 
□ s ahertaemaHanaiimwiniMB 
I □ MNm 

WMBkol ton tatonlng d« yon hMT 
□ 1 et«dlC«M(*g.Vka) 

□ 2 GMCwd 
□ a ehaoaC«dp.g.AiiiMC) 

□ eg Nona 


u-l 

B 




Q I FIrancUl Ssfvew 

2 ComtfueiKin 

3 OdMrSwvlBBS 

Q4 TraiapattfrrawiCaiwnunl eM larw 
QS Ptofr uh nVHadB /CB to Hg 
[□8 ExincSion(Ol.rreMnli.«le) 

Q7 Wanu fa caidngrBidnaarag 
QMOttwriPiMnwan 









10 


FINANCIA!.TIM!SS THURSDAY JULY 21 19»J4 


TECHNOLOGY 


Hugh Aldersey-Williams on the 
potential of independent projects 

Inventors with 
time to think 


C orporate research is 
Kcellent at bringing 
incremental improvements 
to ieehnologjr that is already 
available, bat it is Car less good at 
coming np with bright ideas that 
could lead directly to entirely new 
products. And when it does the 

final connection may not be 

made. 

It was, for instance, Seroz 
Corporation’s Palo Alto Research 
Centre in California that did 
much of the work leading to 
intuitive interaction with 
computers based on using visnal 
icons on the screen. Seeing itself 
as a copier company, however. 
Xerox did not reap the benent of 
the ideas embodied in the 
prototype “Star workstation”. 
Apple Computer’s Steve Jobs did. 

To overcome this kind of 
mental block, David Liddle, 
formerly of Xerox Corporation, 
and Paul Allen, one of the 
founders of Microsoft have set up 
Interv^ Reseandt which aims to 
explore new ways that we might 
interact with technology. 

They dislike being labelled a 
tbfnirtank. “We are Inventors, not 
writers of papers,” says BUI 
Verplank, a researcher at the 
company who worked on the Star 
workstation. Interval Research, of 
Palo Alto, has a foundation 
investment of glOOm (£67m) to 
fund it over firo years. 

This provides breathing space - 
the “interval” - to embark on 
projects that are not beholden to 
any particular manufacturer or 
ty^ of product “A lot of the 
computer companies are so tied 
np in doing incremental product 
d»ign, that it is difficult to stand 
back and say, weU, ’what’s the 
next great thing to do?',” says 
research feUow Colin Bums. 

Interval Research aims to profit 
from its inventions by selling its 
ideas or by spinning off small, 
start-np companies to pursue 
them further. 

In London, Liddle has arranged 
the five-year sponsorslup of a 
research design studio at file 
Royal Coll^ of Art The £2.5m 
programme will allow Interval 
researchers to participate in 
design projects at the coUege and 
students to work in California. 

The RCA is the first design school 


Interval has worked with. 

“Ihey are interested in the 
different take that designers have 
from engineers,” says Gillian 
Cramptmi>SnU^ pressor of 
computer-related design at the 
RCA. liie otha* aim of the li^son 
Is to encourage involvement from 
British and European companies. 
The RCA already has links with 
companies such as BT, Lt^iiea and 
Philips, which are likely to take 
an active role. 

The startii^ point for Interval 
Research activi^ is “interaction 
design” - the sl^ii^ of the way 
people use technol<^. Disciplines 
as diverse as design, psychology, 
anthropology and dramatic arts 
are brought under this banner in 
an attempt to make people’s 
interaction with products more 
natural. 

One topic concerns “place” in a 
computer environment For 
example, asks Crampton-Smltti, 
“how do yon do the equivalent of 
patting your bead round the door 
of the canteen to see If there is 
anyone there yon would like to 
have a cha^ with?” Designers can 
use their in visualising in 
three dimensions to give this 
electronic an 

^ipearance that is usable in an 
intuitive way. Such 
understanding is expected to help 
in the design of products that 
incorporate a computer in snch a 
way that its presence does not 
intimidate ordinary users. 

One putative example is a 
telephone-answering madime 
designed by DurreU Bishop, a 
graduate of the RCA and now a 
research fellow at Interval. Hus 
would spit out messs^es in Urn 
form of marbles with solid-state 
memory chips mnbedded in them; 
to replay the message, the user 
would simply drop the marble 
into the right slot on the macfame. 

Other items on the research 
agenda include ttie combinimdion- 
of forms of sensory interaction - 
sound and a more subtle use of 
feel as well as sight and tonch. As 
Crampfton-SmHh points out “We 
are stuck with a keyboard and a 
mouse and pathetic feedback, so 
that you have to concentrate on 
osing a computer. Ton should be 
able to coDceutrate on your 
work.” 


Making artificiai enzymes 



Molecute 


Mdecule 


En^ms mimic 


Fidy assendiied RMleeule wrthri the efuyme mimic 


Chemistry by design 

Scientists are constructing enzymes artificially, reports Lionel Milgrom 


I magine looking down the bar- 
rel of a microscope at a single 
wriggling ceO. It could be a 
deadly bacterium, a h uman 
sperm or a white blood celL The 
tiny, writhing of protoplasm is 
a highly eSdent chemical factory, 
doing the same as any other chemi- 
cal plant the world over - making 
and transforming chemicals. 

The chemical output from a cell is 
minuscule - tmcrograms compared 
with the tonnes from man-made 
chemical factories. But cells are 
doing chemistry faster and more 
efficiently than any chemical plant 
is ever Ifitely to do. For example, it 
would require a laboratory the size 
of Britain to reproduce the number 
of chemical reactions in a single cell 
using conventional chemistry. 

A cell’s ability to package and 
control complex chemical processes 
is awe-inspiring. With pressure 
building on chemical manufacturers 
to clean up their operations, while 
remaining competitive and profit- 
able, research chemists are now 
taking a bard look at how ceils do 
chemistry with a view to mimickiog 
the process. 

One area being studied is 
enzymes, made from large, intri- 
cately folded, protein molecules. 
Enzymes can orchestrate almost 
every chemical process in cells with 
total finesse, speed and selectivity. 
They can bil^ together two seem- 
in^y unreactive molecules (by rec- 
(^msing them), make them react 
(catalysing reactions between mole- 
cules which under normal circum- 
stances would not react or would 
take a long time to do so), and then 
release the products, ready to start 
the cycle again. This is all done in 
less than one ten-mllUonth of a sec- 


ond. with a subtlety that ensures 
only one chemical outcome from 
the many possibilities available. 

In contrast to the slow, compara- 
tively haphazard progress of 
man-made chemical reactions, 
enzymes make and break chemical 
bonds in a fast and controlled man- 
ner. 

“Hie trouble is we don’t know all 
the rules of this game yet,” says 
Jeremy Sanders, a chemistry lec- 
turer at Cambridge University in 
the LHC. ”We want to build mole- 
cules that mimic enzymes in orda* 
to discover those rules,” Sanders 
adds, and not purely for the chemi- 
cal insights such a discovery would 
bring. 

A rtificial enzymes are being 
developed from the insights 
obtained so far. Although 
inferior to the real thing , they are 
built out of simpler, tot^ier. molec- 
ular components that are r^tively 
easy for chemists to assemble. Mole- 
cules like these could one day help 
chemists perform their own, large- 
scale chemical processes, much fas- 
ter and more efficiently. 

How is an artificial enzyme made? 
There are two approaches: by 
design and by empiric^ research. In 
the design approach, a particular 
system is selected and made, prefer^ 
ably out of molecular building 
blocks enabling a big molecule (arti- 
ficial enzymes have to be big in 
order to contain the reacting mole- 
cules) to be assembled in as few 
steps as possible. 

The new molecule is then studied 
to see how weU it binds other mole- 
cules and makes them react “The 
beauty of this approach.” says 
Sanders, “is that we know what we 


are trying to make, so we can build 
in rational chnng es as we go along. 
The disadvantage is that because 
we don't know all the rules yet axxy 
molecule we design is likely to fail 
as an artificial enzyme.” In other 
words, the design approach invoh'es 
inspired guesswork. Nevertheless, 
Saiiders and his Cambridge team 
have had some success. 

In constructing their artificial 
et^tnes, the researchers adopt a 
minimalis t approacL IhexT target 
molecules consist simply of a rigid 
cavity with several binding rites for 
other molecules (real enzymes, of 
course, are more flexible and mud) 
more complicated). Nevertheless, 
one of Saiiders’s rigid cavities can 
speed up, by approximately a thou- 
sandfold. an industrially important 
reaction, called the Diels-Alder reac- 
tion - used to make insecticides. 

Sanders's rigid cavity accelerates 
the Diels-Alder reaction much less 
than real enzyme spe^ up th^ 
reactions. Also, the Diels-Alder 
products remain strongly bound 
within the cavity, so that Sanders’s 
molecules are not behaving as true 
catalysts. Even so. they are much 
tougher than real enzymes. 

In its latest work. Sanders's group 
has tried out artificial enzyn^ on a 
different tj'pe of reaction: this time, 
they behave as proper catalysts. 
Ag^ the rate of acceleration of 
the reaction is nowhere near as 
good as that achieved by enzymes, 
but it is a start. “We have a loi^ 
way to go before we have synthetic 
enzymes worthy of the name,” says 
Sanders, “but at least we know it 
can be done.” 

The empirical approach can 
quidcly generate a lai^ number of 
molecules - usually big proteins 


called catalytic antibodies - for 
testing as enzyme mimics. The most 
catalytically active ones are that 
selected. 

The disadvantages with this 
approach are that it can be difficult 
to Identify a catalyticaily-active spe- 
cies. The very nature of these cata- 
l^c antibodies also makes them 
difficult to modifr in any systematic 
way. Both these disadvantages can 
to ptoblmns in figuring out the 
rules that die empirical approach 
was intended to understand in the 
first place. 

Nevertheless, Frederic Monger 
and his chemistry team at Emory 
University in Atlanta have come up 
with a simple enzyme mimic based 
on the empirical approach. It ope^ 
ates in a way that many chemists 
believe enzymes may have evolved 
billions of years ago. 

E nzymes work by bringing 
togeth^ two molecutes liv- 
ing them no choice but to 
react Meager uses molecutes with 
long, fatty chains at one end and 
reactive sites at the other. When 
the mixture is put in water, the 
fotty chains cause the molecules to 
behave like oil and form a clump. 
As with enzymes thdr reactive ends 
are now so close together they react 
very smartly indeed. 

“It's almost as if our randomly 
created clumps are like random 
mutations," soys Menger. 

The artificial enzymes Sanders 
and Mei^r have created could be 
the blueprint for future industrial 
chemical catalysts. The rules and 
criteria these and other chemists 
workliig in this field are discover- 
ing, seem set to revolutionise chem- 
istry in the Slst century. 


For 

men 

only 

U nofficial estimates 

suggest that more than 
som men in Europe and 
the US suffer from impotence. 
Ihe true figure could be much 
higher because it Is a audition 
that many are nductant to 
discuss with their doctws. 

Most sufforers go untreated 
not least because there are no 

attractive remedies available. 
The only drugs sanetioriod by 
healA regulatory authorities are 
muscle relaxants that improve 
blood flow to the penis. They 
must be given by Inaction and 
the effect lasts an hour or so. 

But now. dbucal trials have 
started on a pill which might do 
the tilde. Texas bibtedmd^ 
company Zonagen has obtained .'i 
licence to commercialise 
researdi conducted by Adrian 
Zorgniotti, professor of cllnicd 
urology at New York University 
School of Medicine. 

He worked on drugs that had a 
much more modest effect than 
the iitiection. Zonagoi’s 
compound seems sinqdy to make 
a man more likely to achieve on 
erection rather than trigger an 
uncontrolled respmise. 

It also seems to be mwe 
effective with men who suffer 
from impotence than those who 
do not, providing some 
reassurance to health regulators 
who fear that the drug will find 
a market as an aphrodisiac. 

But apart from a phyriok^ical 
response, little is known about 
how It works, admits Jo^fa 
Fodolski, Zonagen's president. 
Hic tabtet takes effect about is 
minutes after beii« swallowed 
and wortEs best with men whose 
impotence derives from 
psychological problems or poor 
arterial blood flow. 

Evmi its name is unda* wraps 
while Zonagen trios to secure 
patent protection. It was 
originaUy developed in the 19SQs 
as a heart treatment and 
Zonagen fears that without the 
threat of patent action. 
manufheturHS of the heart 
treatment wUl simply offer a 
tabtet version. 

At least the trial results 
should be dear quickly, says 
Fodolski. and a product could be 
on the market within two years. 

Daniel Green 


— 

'IJ’lliBrr 





Margmed Foreign Exchange 
Trading 

Fast Competitive (2uotes 24 Hours 
Thk 07U15 0400 or Fax 071-329 3919 


(INVESTORS - TRAOIBS - CORFfNtAlE IIKEASITRERS 
SATQUOTE™ - Your single service for real time quotes. 
Futures * Options * Stocks * Forex * News * Via S^dlhe 

LONDON +71 329 3377 

LONDON +71 3977 NSW YORK +312 2<MMC niaNBIlR+4M944Nn 


CLIENT 

TRADING 

ROOM 

PRIWRtUENTS 

IVKLCDME 


1 

38 DQVra grSEET, LONIXIN WS SBB 
TEL: 071 629 1133 PAX: 071 495 0022 

« j 


FOR TRADERS ON THE MOVE 

W^ch the nurkets move vvlth the sooen hi year podtet that receives 
Current. Futures, Indices and Nem updates 24 boura u day. Fbr your 7 day 
free trial. caD Futures Pnger Ltd on 071-895 9400 now. 

f FUTURES PAGERi 



TAX-FREE ' SPECULATION 
IN FUTURES 


TootahiyavtaeCWdenliovyiMrnaudilBodtaaetcrcaDfadp 
Tan,aiUidBdl*HDrorlmjB4taiaaen4m7239 armUe 
wuBlGlnlainc.»IICMP»ainrcaraaM.lBudauSWIWaePL 


FutlerMoney - the Global Strategy Newsletter 

cendj, itocks. i ccrrrranifior' inciii-in-:' vv-r -p 

invcil, fuUe-t/or.QY ;; '.vri^^eri by Dcjvis FniiaMC' in'i-j-o’''- r'’' itv.'.-.-'--- . v. 
ccset mbrtniy. Singl+ntue cr !^’S522 b.-nuc' ny «. 

e>.*v;herc£liC! c: US522a o- C'C-''- -C"* 

Cc.'l Jeno ?cr3<.'r.QrJC:r: Ct ChC(t Anciy.';;'. Ltri 7 

-cl Lc-ritlon 7', 7-. .-yo 

S > V-it • 


FOREXIAFAX $ £ Dm Y 

A S VSAR PUBUC RECORD OF ACCURATE SHORTTERII POREWN axCHANOE FORECASmia 
DAILY FOREIGN EXCHANGE COMMENTARIES, 
CHARTS, FORECASTSAND RECOMMENDATIONS 
Tel: +-44 81 948 8316 Fax: +44 81 948 8469 

FOREXIA FAX - by using handset on your fax machlm dW +44 81 332 7426 


One Chart Equals One Hundred Stories 

rr; I! rrem 5 ci-art i.brctx-;: t-’spe-or c-c !-::ornci:cnc. f.T. 

C-| C]rtS). C(j{'^:7Cy Q~cf b'/ 'C; wO 'p 'i " - C - * C~ — ) 

- (C- p:7(c-:;,5,-c! cr-c cipc-.cnW r^Tc-r-'" 

if ihbl ; VO J ■ cG'i Davi':; Kerf,' cr jL,;on ?. -g ('i- -'-i- ; 

Tel: London 7 ! - ; 3 u 7!70 ( 07 : t.K; Of io ; 71 - .i 3 ? .S ^6 


fct 


CURRENCY UANAGEMBNT 


CORTORATIONPLC 



IKMJeiwjr 



LoodnECZaSDD 


Td: on MS one 

Fu: 071 P73 0970 


E .N- D 


*F0REX •METALS •BONDS •SOFTS 

Objective anolysis for professional investors 

0962 879764 , 

FIfnnes Ho'jse, 32 Southgate street. V.'irchester. j 

. Hant?S0239EH Fax O;:; 774037 ; 



The cmulal iwiil fat ihc , 0101 a InvcH+t 

Market-Eye 


London stock exchange 



O ICHABk 

LAURIE 

Tl- 1; im4<t9 TUSCI 
Fax: 1171 4W 627e 


I We jRBBgF taaos q> 10 vn Loan u Value, 

Most eompeiiihv iMl OexMe lem for 

emliiy UXeoaBHuiai pmpeny A 
dcdopMBOli vrwuda vTiio. 

fUdnvd TOO Cams 


I PROPERTY I 
FINANCE 

UKConmerdal 



Upto15% 

off electricity 

/'Piir cr'CxirLrciDn spirra's 
£1000 Pi'' r-ipfi!,-i pr rip:,';- bn clcctrciP;. 
- 0 ; .-ire ejup:?? 

021 423 3018 

Powerline 


■ '.'appear in tte 'UK ■ 
edition every 
'Vi^nesday &- 
. TbuiSday' 
and'in the loWnatioiial 
edition every. Friday 

For-.fiutiier information 
please call': 

Gareth Joaea 
on 071 873 3779 

Andrew Shan^nsid 
OD 071 873 4054 

Philip 'fVri^ey 
on 071 8733351 

Brian O'Neill 
.. on 071 873 4027 


Mew Sr •KSKW OUMBiad toSM 
pmoos fli M SIKMIA, aaci|.g as 


ll tiyiil a 
•MMMMPiii. 
hakfSinVS' 


I VMn. 



PM 



Ifltar 


pwcrim 


QMM 

p>ca 

pre* 


■Hkig 

tMIMi 

GlifWh 

OWNte 

fwin 

1278 

1720 

mas 

0100 

11.55 

1129 

1325 

0130 

11.55 

1129 

1055 

(BOO 

I0J6 

11.69 

loss 

nCTi 

1096 

1129 

1085 

osn 

1009 

1129 

1025 

0330 

1026 

1129 

I32S 

0400 

1096 

1129 

1325 

OMO 

1006 

1169 

1325 

OSOQ 

1096 

11.69 

1326 

0930 

1005 

1040 

1420 

OODO 

1006 

1070 

lOJO 

0830 

11.19 

1070 

1070 

0700 

22.76 

2223 

24.79 

07n 

22.76 

2070 

2224 

0900 

2264 

Mnn 

27.18 

0990 

2207 

2429 

2023 

0000 

22.43 

2022 

29L20 

0630 

MM 

2623 

3020 

1000 

33.77 

3620 

3923 

1830 

33SS 

3621 

3921 

1100 

33.00 

3721 

3929 

1130 

34S3 

3010 

4127 

1000 

3033 

3005 

4120 

1230 

3020 

3021 

4124 

1300 

2059 

MM 

3120 

1330 

2073 

2525 

27.77 

1400 

33.46 

8522 

2728 

ICO 

2325 

25.15 

2729 

1900 

MM 

2012 

2724 

1630 

2025 

2010 

2721 

1900 

MM 

Man 

2725 

1630 

29ua0 

an an 

3121 

tmo 

302S 

2920 

3124 

1730 

3095 

29.16 

31.45 

1600 

2029 

2422 

2026 

1830 

2222 

2425 

27.13 

1000 

S2JT 

2082 

2926 

1030 

2076 

8321 

36.47 

2000 

1825 

aaaa 

2007 

2030 

1724 

aaaa 

2527 

2100 

1926 

anna 

2527 

2130 

1090 

aana 

2007 

2200 

17S4 

3074 

3521 

2230 

3074 

3074 

3629 

2300 

1826 

22.55 

2420 

3330 

13.71 

17.73 

1920 

2400 

1096 

1724 

1920 



Sl I— m-SS* Mr* an My et 



fciapnMgn^toM* 



8- O 


BaJTarmlriMJtPLC 


-UTU'ES 5 BROKERS 


London SWIxaHL 
TM +71 2460088 
Fax; +71 235 0599 
MewborSFA 


$32 


ROUND 

TRIP 


7T7C'JT|0'; 7'JLT 


Signal 


O 130» software a pptegOons 0 
O RT DATA FROM $10 A DAY O 
O Sigoal SOFTWARE GUIDE O 
OKI London 73 44 + (0) 71 231 »56 
lor your gtddo ext Sig^prteellsL 


Petroleuin Argus Oil-Market Guides 

'Con'yra.^snsr.'e exc‘:irT;t:or:s of ‘he olf -rc-r\o‘s' 

PGtrol&um Argus- 

CALL .NO’.V :cr ''j--h8r details '44 i 359 579:: 


Currency or Bond Fax - FREE 2 week trial 
also daily gold and silver faxes -v Annt-whithv 

l-vrn Ciljrt Ariir/ii:. "t.'- 'T’ ' ! "'.J 

7 3. VO I o,v -jir'.-t: L‘jnd.,n 1 R 7HS. Ur. •- - — i- 0“' ' - .ilQ 4 '?^ i 

eii:7i;Hn3+ rile sr-ci3.iils -or O'.'i.T .;0 ■,'r'3-+ >- 


KffureSdwrc©- N-.v -r.r r. 


rjo.va'.aiiaoife rje;, hx =er.ice' 

VLr • -i.-r'c h'.' ,::f C‘-‘ 

ti ■ ; .-r- T;-'; ■ Cl:; ■ r,, , ' r. .. 

.5: a. a.: L.-r ■, ’ r?:, r,,; - - c i^'el 

-Jty-oSoLrre Tol: u7ln-:h7 H.’-r? o7t-4Ki ,‘042 


PEOPLE 


Virgin directors take flight 


Three Virgin Atlantic Airways 
directors are tearing the group 
as a result of a reorganisation 
of senior managemenL A six- 
person supervisory board has 
been create reporting to exec- 
utive i^hatmjfln Richard Bran- 
son. 

The streamlined structure, 
which was devised after con- 
sultation with 40 middle man- 
agers, is intended to improve 
the effectiveness and efficiency 
of the aiiiine’s senior manage- 
ment, and give the 10-year-oId 
conqiany a better structure to 


conqtete into the next centu^. 

It replaces a system compris- 
ing two joint managing direc- 
tors, reporting to Bransem. and 
ten othtf directors. As a result, 
Pennington, one of the 
joint mds, has the airline 
but is in discussions on a possi- 
ble role within Viigm Group. 

Tte other joint md, Roy 
Gardner, is to become chief 
executive of a new company, 
Vii^ Atlantic Engin^ring, 
which win meet the airline's 
ei^dneering needs but also 
seek eriiernal customers. 


Sales director Rohan Alee, 
engineering director Dick 
Plowes and personnel director 
Nick Potts have also Irit or are 
leaving because their responsi- 
bilities will be handled 1^ the 
new, slimmeddown boar^ all 
of whose members are inte^ 
nally recruited. 

“With this new supervisory 
board, we will be giving our 
directins and thdr staff greater 
responsibility for the areas 
they mana^ and putting in 
plan the right teams for the 
risdit jobs,” Branson said. 


■ Alan Brindle, formerly 
acting head of London 
'nran^rt’s former tendered 
bus division, and Michael 
Ensor, formerly director of 
purchasing and li^istics for 
the NHS ^plies Authority, 
have been appointed directors 
of LONDON TRANSPORT 
BUSES. 

■ Edward Wood, md of Halifax 
Courier Holdings, has been 
appointed to the parent board 
of JOHNSTON PRESS. 

■ Ifinc ent Slerin, md of MORE 
O'FERRALL Communications 
and chairman of More 
O'Ferrall Ireland, has also been 
appointed md of More 
O’Ferrall Adshel on the 
resignation of Richard Pears. 

■ Darid Searles, a director of 
Zeneca Specialties and former 
finance director of Tloxide, has 
been appointed group treasurer 
of ICI; iVed Gray, ICI deputy 
group treasurer, has been 
appointed financial director of 
'Koxide. 

■ Roger Cooper, formeiiy 
sales & marketing director, has 
been appointed md of 
IDEAL-STANDARD, the UK 
subsidiary of the American 
Standard Cforp; be succeeds 
Nonoan Bennett who becomes 
ch.4irmaT> until he retires at 
the end of the year. 


Bodies politic 

■ Sir Aostiii Pearce, former 
ehairmfln of Esso and British 
Aerospace, has been smpointed 
chainnan of WARDEN 
HOUSING ASSOCIA'nON. 

■ Malcolm Roberts, an 
independent management 
consultant, has been appointed 
e hairmfln ^ the Eastern 
Region ELEfTlRICITY 
CkDNSUMERS’ Committee. 

■ Len Sanderson, 
advertisement dilator of the 
Doily Telegraph, has been 
appointed a member of the 
council of the ADVERTISING 
STANDARDS AUTHORITY. 

■ Malcolm Sevren. customer 
services director of Allied 
Carp^ Group, has been 
appointed t^hflirman of 
QUAUTAS FURNISHING 
STANDARDS. 

■ Bob Heygate, a director of 
Heygates. has been elected 
president of the NA'HONAL 
ASSOCIA'nON OF BRmSH 
AND IRISH MILLERS. 

■ Juha Rantanen. ceo and 
chairman of the executive 
committee of Borealis, has 
been elected president of the 
ASSOCIA'nON OF PLASnCS 
MANUFACrrURERS IN 
EUROPE. 

■ Paul Glenister, md of Paul 


Corbett, has been appointed 
president of the STORAGE 
AND HANDLING EQUIPMENT 
DISTRIBUTORS' 
ASSOCIATION. 

■ Shirley Giflinrinun has been 
appointed executive secretary 
of the CHARITY FINANCE 
DIRECTORS' GROUP and 
Flemings Senior Research 
Fellow at South Bank 
University; she moves from the 
Charity Commission. 

■ Bin Roberts (below), who 
has just retired as head of 
Ernst & Young’s Insolvency 
departmmit, h^ been 
appoint ed tec hnical director of 
nie SOCnE TY OF 
PRACTITIONERS OF 
INSOLVENCY; he succeeds 
Gerry Weiss. 



Sabberwal helps take oiff the brakes 


T&N, the motor components 
and materials group, yesterday 
announced the appointment of 
Amar Sabberwal, chief execu- 
tive of the company’s friction 
products division, to the board 
of Japan Brake International, 
the Japanese vehicle parts 
business. 

Sabberwal, 60, is expected to 
strengthen the existing links 
between T&N and JBL which 
in 1990 formed a joint venture 
company, Ferodo Automotive 
Products, in Nashville. Tennes- 


see, to supply brake pads and 
linings to Japanese car p lants 
in North America and indige- 
nous US manufacturers. 

Although Sabberwal will 
remain in chaige of the fric- 
tions business, Colin Hope, 
T&N diairman and chief exec- 
utive, says his position with 
JBI would enhance an associa- 
tion which has “helped T&N to 
meet its Japanese customers' 
needs and led to T&N being 
the first choice supplier to Jap- 
anese plants in Europe and the 


US". 

The move marks the btest in 
a series of promotions for Sab- 
berwal, who was named an 
executive director in 1988 after 
serving on the board of TN 
Technology. T&N’s central 
research and development 
focility. 

Before that he was managing 
director of BIP Chemicals and 
managing director of T&N 
Materials Research. He is also 
a non-executive director of Uni- 
versity of Salford Holdings. 



Hoare Govett, the DE 
stockbroker which now 
belongs to ABN Amro, the 
Dutch Bank, has hired bbbA 
Haepherson* a 30-somethliig 
director of corporate finanee 
at BZW, to shake up its 
smaller company corporate 
finance activities. 

Hbare's senior management 
need not worry too mneb 
about its latest recruit swan- 
ning off on maternity leave at 
the drop of a hat In an inter' 
view with The Independent 
four years Maepherson 
affectionately described chil- 
dren as “rqwUmit little bog’ 
gers” for u^om she would be 
loatii to sacrifice her career in 
the City. 

Hoare will presumably hope 
that MaciAefson shows a Utile 
more gentleness towards the 
entrepTMeois who are seeUsg 
ways to make their fledrifeS' 
companies grow. ' 

■ Gareth Jones. ABBEY 
NATIONAL'S group treasureTi 
has a^umed control of its 
European operations from 
Charles Toner, md retafl. 

■ Tony Stradmoor, fonneiljr 

general manMPer of KobayasU « 
& Co, is appointed a direette of 

Martin Bierbaum. another 
TRIO HOLDINGS subridbry- 

■ Jonatiian Lnbran, formerly 

dilef executive Bankers 
Trust Investment 
Management, has been 
appointed md of FOREIGN & 
COLONIAL'S institutional 
marketing division; he and 
Fted chairman m 

Foreign & Colonial Emerge 
Markets, have been appointed 

to the F&C Management boara 

■ Gordon HcKechnle hssj^ 

appointed dlrectw of pnyedt 

advisory at NATWEST 
Markets; bo moves from J-F* 
Morgan. 

■ Edward Bonham Carter, ^ 
fonnerly a director BeCW 
Kingsway, has been 

a director of JUPtTER 
TYNDALL MERLIN. 

■ John Brakell, a founder 

director of Granville Private 

Equity Managers, has 
appointed to tiie board (x 








financial TIMES THURSDAY 


JULY 21 1994 


II 



ARTS 


Cinema/Stephen Amidon 


Sensual promises, wishful thinking 


irens is a smug, 
ode to bohemi- 
ezUsni that leaves 
you wondering if 
stuffy conservatism 
not be sudi a bad way of 
life after aU. 

Set in 193te Australia, it com 
cems a young English vicar 
(Hu^ Grant) who is gsi»wf to 
try to persuade the rebellious 
artist Norman Lind^y (sam 
Neill) to remove an alle^^ 
bla^ibemous paintixig horn an 
exhibition. Ihe vicar travels to 
the painter’s remote studio 
accompanied by his new bride 
(Tara Fitzgerald), the sort 
of repressed Englishwoman 
abroad who has become a 
stock-in-trade in art house rin. 
emflB of late. 

The bnttoned-iq> couple dis- 
cover that Nein leads a seem- 
ingly amoral existence with a 
f^thinking wife and three 
dishy models, all of whom posA 
naked for his racy, idiosyn- 
cratic paiwKtigg 

The vicar proves no mati-h 
for an that naturalism, 
his wife soon lets her hair 
down, aided by a steamy 
encounter with a brain-dam- 
aged ranch-hand who looks 
like a blind Chippendale. 

The pwanlae trf Rite 
son (as the lead model) tunimg 
Hugh Grant on to the more 
earthly pleasures in a film 
which espouses creativity over 
convention should have proved 
a winning formula. 

Unfortunately, the film’s cel- 
ebration of arti^c fr e e d om is 
so self-satisfied that it defeats 
itself at just about every turn. 

Neill and his models are so 
piously cocksure about their 
lives (hat it is who come 
across as the ftmriamgnfaiKigtg 
utterly contemptuous of any- 
body or anything that does not 
fit their narrow sensual 
agenda. 

Grant and Fitzgerald, mean- 
while. prove to be the only real 
human bedngs, flawed yet lik- 
able characters who are wfilh^ 
to listen, grow and love. 

You soon pity them Cor hav- 


ing to endure this squad of cul- 
tural onanists for more than a 
few minutes. Now. if this 
ironic reversal had been 
intended it would have ma/ja 
fbr a fine comedy, but director 
John Duigan tak^ his 
seriously, littering the Sim 
with Edenlc imageiy of snakes 
and ^ples and references to 
lost paradises. 

Indeed, there is something 
brazenly two-faced about a film 
which lectures you on the 
value of artistic int^rfty while 
shoving a nude snpermodel in 
your at every opportunity. 

Grant’s and ntzgeral(l’s 

SIRENS (15) 

John Do^an 

LOVE AND HUMAN 
REMAINS (18) 
Denys Arcamd 

THE FUNriTONES (uT 

jBrian Levant 

SNOW WHrre and the 

SEVEN DWARFS (U) 

David Hand 

MYGcErilpG) 

Howard Zieff 


eventual oenversion to a more 
sensual life is utterly onbeUev- 
aUe, more a product of wisbfbl 
Qrinking on the director's part 
thaw aiwHiing intrinsic in the 
story. 

* 

Where Sirens is never more 
than a pale nnitaHnn art. 
Love and Human Bjemains 
looks KVa the real thing. 

French Canadian doctor 
Denys Arcand’s first Wngiiah 
lan^age feature has the 
messy, enthralling feel of mod- 
em life. It centres on David 
(Thomas CUbsem}, a gay actor 
who rooms with Caz^ (Ruth 
Marshall), a depressive book 
reviewer. 


She secre^ loves him. while 
herself serving as the object (tf 
the frustrated affections of a 
lesbian schoolteacher and a 
married bartender. David, 
meanwhile, divides his time 
between his womanising best 
fiiend, a confused rich and 
a clairvoyant do minntriT 

While Arcand might not 
reach the diszying mythic 
heists of his Asus ^Montreal 
here, he does manage to create 
a fihn whose bon^ty is dis- 
turbing. For the most part be 
avoids emotional clichds and 
fartie resolutions as be charts 
the interactiems of tins diverse 
grovQ). David belief he can 
live without love yet finds that 
this ref^al causes pain to 
everyone around Wm, while 
Candy wrongly gh» pan 
love several people equally. 

It is only in a gratuitous sub- 
plot invedving a serial killer 
that Arcand fdters - his vision 
is much too strong to need 
such artifidal bcdstmlng: 

The Flintstones is a corioas 
cultural phenomenon. Not a 
film in any meaningful way, it 
is rather a 930 mUlton tterdse 
in problem solving on the part 
of supremo Steven ^ielb^ 
and his crew. 

Can the filmmakers accu- 
rately reproduce the classic 
Hanna-Barbera cartoon using 
live actors and real sets? Can 
they create a world m whidi 
evmything is made of leather 
and rock, where dinosaurs and 
people coexist, where every 
name is a palBnlTfhir pnn? fian 
John (Soofenan as bring 
to mind the shambolic pres- 
ence beloved by a generation ei 
couch potatoes? Can the spo- 
dal effects btffins febricate a 
credible Dino? 

It is a measure of how dismal 
the film is thaf^ even thmig h 
the answer to dl tha w qioe^ 
turns is yes, you are stiU left 
with a tedioudy pointless 90 
minutes. The few good 
moments - a living garbage 
disposaL a soap opera called 
”1716 Young and the Thnm- 


bless* - are not nearly 
to sustain a project wlfich com- 
pletely abandons the adult 
irony and AQddle America sat- 
ire that makes the cartooii so 
epjcqmhle. 

The filmmakers must hope 
that we are so dopey vrith nos- 
talgia and impressed by the 
film’s dobunu cmtoon-isito-life 
alclieiny that we win forgive 
them for not botherii^ to 
entertain us. 

Or maybe Spielberg just had 
some dinosauts left over from 
JiaxissicP^. 

* 

At the end cd The FUntstones 
there is a mommit when a pro' 
historic bird, fedng immment 
extinction, rues not having 
signed a ccmtrect with Disney. 

would nevw: have dom 
this to me,” he quips. 

Bow true, as t^ week's reis- 
sue of Snoa White and the 
Seven Dwarfi reminds us. It is 
idee to see that there are stiU 
on show flyamplog of anima. 
tiou created by people who 
believe in the art fenn. 

* 

Intmestingly, the Disney clas- 
^ » not the most sdumalt^ 
film on trfftw week. This 
distinction must go to Afr/ Gxri 
Z For those who migead the 
original episode - cougratula- 
tions. That said, at least the 
first instalment provided the 
imallojrsd pleasure of watching 

^acawlay O nUrin die horribly 
in a bee-sting accident. 

No such hick hm as Anna 
Chhirndy, now 18, reprises her 
role as the motherless giil with 
a heart of gdd. As part of a 
school project she trevels to 
LA. to research her dead 
molhes’s life, discovoing t>«»t 
she was in feet a serial kUler 
and an S&M hooker 
who . . .just kidding 
Ihe fflm’s only distinction is 
its uncanny ability to present a 
world in which everyone, 
including a sergeant in the Los 
Angeles Police Department, is 
imfeiiiTiig i y nice. Good soimS- 
track, thought 
Htffel Andretes is on hoUdev- 



Amoral existence: Sam Neill as Australian artist Norman Lindsay snrroimded by his bohemian 
models in ’Strens’. indudlng siqiermodd EUe Maepherson (lefO 



The 


W hat an erixaordinary play The 
Miracle Worker is. Sxich a 
standby fbr provincial reps, such 
an easy option for tatty tours. Yet despite 
vague memmes of W illiam Gibson’s 1959 
Broadway success as a w^-taQored tear- 
joko'. the piece works theatrically every 
time. 

Of course, the plot is fool-proof: the true 
stM7 of how the infant Helen Keller, blind, 
deaf and dumb and reduced to the status 
of an imperfectly domesticated animal, 
was rescued fr(xn this fivhig death by an 
inspired teacher, Annie Sullivan, half- 
blind herself and from a beart-rendingly 
deprived backiTUond. 

Hie moment of breakthrougli towards 
the of the play, when the wild 
speechless child makes the connection 
between the finger-language words 
pressed out on her palm and the actual 
outside world, is tremendous theatre. I 
d^ any cynic to be unmoved. 

The scene passes with Dying colours in 
the prodnctiooi by Richard Olivier at the 
Comedy ThiNAte, even cast with a sbrewd- 
Ifwiring for whom communication 

is patently only a matter of time, and an 
Anni e whose cool confidmice is never 
really in doubt 

If juvenile monory serves me, London’s 
original Annie was Anna Massey, whose 
gawky, homely vulneral^ty marked her 
as potmxtiaUy one of ^e’s tosere. 

^e had to fi ght to survive, let alone 
sustain the effort of wDl to drag her 


Theatre/Martm Hoyle 

Miracle Worker 



AbaWrMtt 

Jenny Seagrove: an otmons taenrine 


pupil into the worid. Here we have Jminy 
Seagrove, fine-boned, delicate, beautiftiL 
an obvious heroine figure despite all her 
anguished, haunted recoUeetions of the 
little brother who died in the workhouse. 

Catherine Holman gives a t«rhn(figny 
remarkable perfonnance as Helen, convul- 
sive, scenting strangers like an animal, 
suritching from tantrnms to the pathetic 
liemaTwl for comfort and reassurance. 

But ^e misses the frighteningly feral 


quality that some actresses have hmu ght 
to the role There is no need to be brou^ 
up by wolves to be wnd; helplessly indul- 
gent parents in well-to-do Alabama in the 
1880s will do the trick for you just as 

The play is fUmner than mi^ be eqiec- 
ted, the humour centrh^ on the bluster- 
ingly bewhiskered paterfamilias. Captain 
EeHer. There are queasy hints that he is 
mran t to be a lovsible old s(^ - and a 
wispy sub-plot canceraing tensions with 
his growiHip son steer dangerously near 
the sqoeJchy quicksands of pop’hTunior 
plays - but William Gaunt gives him 
tough authority. 

Jndi Bowkeris Mrs Keller is also a 
rounded character, understandably 

inclmed to mfinlg p Vii»r Tnahnart jlS 

with ot^ aspects of the production, 
Annie’s stn^sSe to tame bm* bri^Jing. iso- 
lated pujal locto a trifle contrived - one 
long, sotmdless physical scuffle is as elabo- 
rately choreographed as any western 
saloon-bar brawl - the message emeiges 
clearly. 

For Annie Sullivan it was not enou^ to 
transform the untamed creature into a 
clran, napkin-wielding household pet, 
Hden had to be made as aware oL and 
as hungry for, the richness of life as 
any normal person. Here acting, produc- 
tion flnfi the play rgmip ioto their 
own. 


The Comedy Theatre. 


Peter Brooke bows out 


E veryone knew Peter 
Bro^ was about to lose 
his job as the national 
heritage minister. Always 
humoured and laid back, he 
has seemed even more relaxed 
in recent weeks as he dutifully 
attended the arts fimetions, the 
heritage briefings, the broad- 
casting confrontations and the 
sports meetings which litter 
the life of the Bfinister of Fun. 

He only got the job because 
of the crisis in. Septmn- 

ber 1992, when David MeUm. 
the prime minister’s frfend and 
the main advocate of the new 
ministry, was forced out of 
govenunenL Brooke was cho- 
sen as a safe pair of hands 
who, at 58. harboured no great 
ambitions. He has done his 
duty with urbanity and prag- 
matism and leaves with the 
warm goodwill of most the 
disparate band of suig)licants 
who lo(& to the heritage minis- 
ter for funds. 

His great achievements were 
getting the Lottery up arid run- 
ning with little fuss, and secur- 
ing a new charter for the BBC. 
He has proceeded slovriy and 
safely with other broadcasting 
r^onns; be has proved a friend 
of the media by not rushing 
through a draconian Privacy 
Act; and as a collector of 
watercolours and an old^fesh- 


loned gentleman he was a 
quiet supporter of the heritage 
lobby. 

He cut the Arts CouncU 
grant this year - the first time 
ever - but he will a^ue that 
he fought his comer gainst an 
axe-wielding Treasury with 
sViB Things have been 

worse and the total budget of 
his ministry increased, quite 
an achievement 
He reformed the councU 
gently, making it more 
accountable. Pertiaps his great- 
est long-term contributiem was 
to strmgthen its management 
by appointing Lord Gomle as 
chairman, and names such as 
Trevor Nunn and Richard Rog- 
ers as members. 

L ike his predecessors 
Brooke failed to get to 
grips with the British 
Library juggernaut which acts 
like a leech on his bud^ and 
got him embroiled earlier with 
the Commons Heritage Com- 
mittee, which yesterday 
released a scathing report 
He also lacked ima^nation 
in dealing with the poweifril 
British film lobb]^ the DE still 
starves its movie makers of 
necessary financial incentives. 

His main blunders were 
small but emotive. He failed to 
catch ^ public mood after 


fire destroyed part of Wb^sor 
Castle and xmwisely pledged 
government money for the 
rebuilding, and he somehow 
messed up the D-Day commem- 
oration. 

If John Major was lookiiig 
for an excuse to shed him. 
rousing the ire of the stroi^^est 
Conservative lobby in the land 
provided it 

But Peter Brooke went 
because he was e.ypendable. 
and because he was too sensi- 
tive and restrained to bang the 
promotional drum. The Heri- 
tage Ministry was designed as 
a vote winner for the govern- 
ment. to spread a powerful 
feel-gqod atmosphere throu^- 
out the land. Mellor had the 
personality to lead the parade: 
it went attest Brooke's grain. 

U mi^t suit Brooke’s suc- 
cessor. Sb^ben DorrelL rather 
welL He is a politician on the 
make. He vsiU see heritage as a 
step up the ladder. He will 
raise his profile throu^ the 
ministry, and be keen to dem- 
onstrate that this is one gov- 
ernment dqtertmsit that sees 
its job as improving tte men- 
taL and physical, health of the 
people. He is as much the new- 
style politirian as Peter Brooke 
represented the dying breed. 

Antony Thomcroft 


Recital 

Message 
lost in 
double 
Dutch 

A mong ocher ihings. the 
Almeida Festival has 
brought us the Schoen- 
berg Quartet from the Nether- 
lands, and m turn they 
brought us not only two works 
by their eponym, but two 
, recent Dutch pieces. 

I One of them was Louis 
' Andriessen’s 1991 quartet Fhc- 
I mg Death, from about the time 
' of his Dr Materie - an impos- 
ing success, os 1 reported b^. 

I at the South Bank’s Meltdown 
festival; so 1 went 
There is nothing much new 
to report about Andriessen. 
Like each movement of De 
Materie, Facing Death (title 
unexplained) explores a nar- 
row vein at relentless length, 
here a jazzUy syncopated tune 
in innumerable variants and 
simple counterpoint. 

Jt just about succeeded in 
holding our Interest, and might 
do so a second time or even 
perhaps a third; but around 
thra its sell-b>’ date may have 
pased. Such oleessive. close- 
focus treatment works better 
as a segment of a larger whole 
than as a self-standing piece - 
at least when it takes some SO 
hectic, exhausting minutes. 

Though the Schoenberg 
Quartet are doughty players, 
they missed the degree of 
gleaming precision that Rein- 
bert de Leeuw got from his De 
Materie bands, and there were 
occasional lapses in pitch. 

Yet they are a keen, intelli- 
gent ensemble: blunt and 
sometimes > to non-Dutch 
ears, anyhow - even ^celess, 
but attentively musical and 
fully equal to severe technlral 
deinands. In Schoenbei^s Ode 
to Napoleon (after Byron) they 
gave us a superbly lucid perfor- 
mance. better thw almost any 
I have heard of this gritty, 
angry piece, and Michael Gran- 
dage delivered the text with 
gr^ Byronic flair. 

Sepp Grotenhuis. the excel- 
lent pianist in the Ode. 
sounded odder in Webern's 
quintet-version of Schoenberg's 
evergreen (3iamber Symphony 
no.l for 15 instnunents. 

Certainly Webern's arrange- 
ment sets knotty problems of 
balance ~ even more than the 
originall - but can Grotenhuis 
really have listened to the orig- 
inal, so as to leam what ^ 
was standing in for? In the 
event, he let subsidiary voices 
loom up like the Kraken's howl 
while understating the crucial 
ones. It was Uke meeting the 
work in a reversed negative: 
weirdly fascinating If you 
already knew it, baOling 
(thoi^ maybe escitlng) if you 
didn’t. 

I hesitate to mention the 
fourth work, the First Quar^ 
of Elaas de Vries, because I 
could make no sense of it I 
could describe it - its elements 
are not complicated, and they 
include some deliberate (very 
faint) echoes of earlier quar- 
tets; but what it thou^t it was 
saying, or doing, remained 
opaque to me. 

There is perhaps a dense 
Dutch subculture of musical 
avant-garderie which has 
taken different turns from 
those familiar elsewhere; if one 
doesn't know the loral history, 
its latest products may well be 
impenetrate. 

David Murray 


I 


s 


t 


9 




f 


iNTERNAnONAL 

Arts 

GlRDE 


FESTIVALS 
■ EDINBURGH 

• This year’s festival (Ang 14^ 

3) is one of the most ambitious of 

recent yrars, spurred by the opening 
of a major new venue, the 
E^bui^ Festival Tbeatre. 

• Ike drama line-up is headed by 
Peter Stein and Robert Lepage. Stdn 
presents a Russian cast in a 
seven-hour production of Aeschylus’ 
Oresteia trik^ (Ai^ 25-28). white 
triage premieres his new woikTue 
Se^ Streams of the River Ota, the 
river vhidi nms benrath Hiroshima 
(Aug 1421). Among the other 
theatrical wo^ on ofite* are 
Goer's Torquato Tasso to an 
En ^jgh t raniJatinn (Aug 1S20); JR. 
Synge's The WeU of the Saints from 

ll^Un's Abbey Theatre (Aug 24-^ 
two Shake^teare plays ■ the Berimer 
Ensemble's Gennan-language 
IMn^tion of Antony and Cleopatra 
(Aug 16-18) and a French-languase 
productiem from Orleans of ITm 

Winter’s Tate (Aug 23-25); and the . 
UK directorial debut of Luc Bandy in 

e quintessential intemational 
fmtival produetion. a wordless play 


by Peter Wandire iuvolvtog 30 actors 
playiz^ 400 characters CAug Sl-Sep 
3). 

• The dance programme is headed 
by an Edinbiffgh favourite, the Mark 
Morris Dance Group (Aug 20-22). 
followed by the Lurinda Childs 
pawfffl company (Aug 23-25) and 
Merce Cunninghra Dance Company 
(Aug 27-28). 

• Beethoven is tiie festival 
r-fimpfiear (ihig yrax. Scottish ^era 
presents the opening prodaction of 
ETdeho. All nipp symphonies will be 
played by orchestras from 
develand. Stavanger and Hamburg; 
plim (he Orchestra of the Age of 

Tgnliphtermignt. aS Well 38 the fiVe 
piano concertos and many of the 

string qnartets. Among the 
musicians involved are Alfred 
BiendeL Andras Sdiifi. Richard 

Goode, the Borodin Quartet. Frans 
BrUggen. Charles Mackerras, 
C3ffi5toph von Dobnanyi and GUnt^ 
Wand Ghalnjer is the other featured 

composer, with performances of 

three of his stage works. Roderick 
Biydon wmkea a welcome retuni, 
QQpfiocting the Australian Opera's 
production of Britten's A 
mdciimmer Night’s Dream (Aug 
25-27). Donald Runnides conducts 

the opening petfoimance of Mahler’s 

xs giift Sym^mny on Aug 14. and 
Charles Mackerras the closing 
performance of The Dream of 
Genmtins on Sep 3. 

• Official Festival' 031-225 5756. 
Military Tattoo: 031-225 1188. Fringe*. 
031-2265257 

■ glyndebourne 

The new theatre has made a 
crackmg start with Graham Vick S 


new staging of Yevgeny On^in with. 
Yelena Frokina as Tatyana (final 
perfonnazice on Sun), a revival of 
GlynddxxirDe’s ctessSc produetion of 
The Rake’s Progress to David 
Hockn^s sets (tmiigiit, also July 27, 
30, August 2, 5, 8, 11, 14) and tiie new 
Simon Rattte/Debmah Wamer 
prodiictioD of Don Giovanni, with a 
cast led by Gilles CacbemaiDe (July 
22. 26, 29. August L 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 Antiumy Ridfe Jrfonsan 
and ITzvian Tierney (0273541111) 


■ LUCERNE 

Under Matthias Bamert. 
Switzeiiand’s premier musie festival 
hu t^en (m an adventurous dant 
FOcal points this year (Aug 17-Sep 
l()) are a 7Dth Itiithday tribute to 
Siriss composer Elaus Buber (whose 

new piano concerto will be 
prmzdered by Andras Schifi) and a 
wide-ranging exploration of the way 
music is intmp reted. FouT different 
performances will be buOt around 
Schubert’s VnnteiTeise. induding a 
new opera. There wiU also be a 
seite (XEfoeat events breaking all 
the rules (tf traditional concert fonn. 
The conventional ride to the festival 
is as strong as evn*. with l eadi ng 

orchestras from Berlin, Vienna, 
Amsterdam. Cleveland and Dresden 
(041-835272) 


■ MACERATA 
Tins year’s (^eras are Carmen, La 
bdreme and L’rilslr d'amore. The 
Bteet conducted by Ahdn Guingal 


and staged by Gilbert Deflo, has 
i-Aanging casts including Denyce 
(haves/Uida Valentmi Terrani in 
the title rate and Neil Shico^Fabio 
Amdliato as Don JosA Giusy Devtou 
sings mmi in the Puccini, anri the 
Dondzetti cast is by Valeria 
Esposito, Pietro BaDo and Enzo 
Data. The festival runs till Aug 13 
(0733-230735) 


■ OSLO 

Founded by Ncowegian violinist 
Aive Tellefemi in 1969, the Oslo 
Chamber Music Festival has quiddy 
won a rqmtation for convivtelity 
and musteal quality. Cfonoerts 
place in churdtes, castles and 
concert halls around Oslo, with each 
year’s programme focusing on a 
diBerent country. This year (Aug 
s-18) is Britain’s turn, with music 
ranging from Bytd Bridge to 
Dai^ Bfettiiews and Oliver 
Knussen. The Nash and IDUiard 
Ensembles are taking pert, white 
Triite MOrk will play Elgar’s Cello 
Concerto and Yuri Bastonet gives a 
viola recital (2255 2553) 


■ PESARO 

This exquisite waited town on the 
Adriatic was Rossini's birthplace. 
Each year it brii^ ti^elher genteel 
lovers of the Italian maesto’s musie, 
who come to eix^te some of his 
TffVirrTniown operas, ainn^d^ 
bnekeband-spsM beadi^uers. This 
yisr's programnm 11-29) 

indudes a new producQcn of the 
(niMct dramma L’it^anno 

fdice. staged by Grdiam Vick and 
conducted by Cario Rizzi; a revival 


of the 1892 production of 
Semiramlde. with Rc^ Norrington 
mniring his Pesaro ffnndnph 'ng debut; 
and LTteliana in A^ri starring 
Jennifer Laimore (0721-33184) 


■ SANTA FE 

Gdran Jarvefelt’s 1984 production of 
IntennezzD is revived on Sat, with 
Sheri Greenawald and Date Duesing 
as the Storchs (sung in English}. 
This year’s new productions are n 
barbtere <& Svi^ia. staged by 
Francesca Zaznbello and conducted 
by Evelino Pido (till Aug 26). Tosca 
staged by John (fopley with Ma^ 
Jane JotoiSQa m tte title role (till 
Aug 27), and EntiOhrm^ directed by 
Graham Vick ((ill Aug 34). The 
American premiere of Judith Weir's 
Blond Ecikbert takes place on July 
30. less than four months after the 
opera was unveiled by ENO in 
London (505-988 5900) 


■ TANGLEWOOD 

For more than 50 yearn, the Boston 
Symphony Orchestra's summer 
home has provided a relaxed setting 
for con(tert$ in the heart of the 
Bfassachusetts countryside. This 
weekend’s concerts are conducted by 
Leonard SlatUn and SeUi Ozawa. 
wiQi tinree pUno soloists • Alida de 
Uuroc^ Aferia Tipo and Christian 
zafthflriaq Saturdays conc^ 
includes ^ world premiere of 
Lukas Foss’s new Piano Concerto. 
Next weekTs visitois uudude Ute 
Lem^, Richard Goode and Anne 
Sophie Mutter. The festival runs till 
Sep 4 (TTcketmaster Boston 617-931 
2000 Western Massachusetts 413-733 


2500 New ToriE City 212507 7171 
Other areas 1-800 347 0808) 


■ TORROELLA DE 
MONTGRI 

Torroella de Montgri is a smaD 
Catalan town six km from the sea on 
the Costa Brava, but it is not 
primarily a tourist resort. TTie town 
is architecturally typical of the 
BmponUu and is set in beautifully 
natural suiroundings. The summer 
muric festival, whidi runs till Aug 
26, mixes Spanish artists of the 
calibre of Giacomo At^U and Jordi 
Savall with inteniational guests 
such as the Franz Liszt Cbamher 
Orchestra and the (3ioir and 
Ordiestra of the St Petersburg 
Capella (072-761098) 


■ VADSTEJNA 
Vadstqjna’s annual opera festival 
takes place in the historic buildings 
of this charming medieval town 250 
km south-west of Stockholm. The 
second and final production this 
year is The Various Adventures of 
Mrs ^Ork, a bra^-comedy by 
Swedish composer Staffan 
Uossenmark based on a novel by 
Jonas Cardell. This opens on Ju^ 28 
and runs till August 12. There will 
also be an opera gala in the 
Vadstegna Castle courtyard on 
August 7 (Tickets 0143-10094 
Infoimation 0143-12229) 


ARTS GUIDE 

Monday: Perfonning arts 
guide city by city. 

Tuesday: Performing arts 
guide ci^ by dty. 
Wednesday: Festivals gukta. 
Tlairsdsy: Festivals guto. 
Riday: Exhibitions Giuide. 

Enropean Cable and 
Satellite Bosiness 

(Cantrai European Time) 
MONDAY TO FRIDAY 
NBC/Supar Cliennek FT Busi- 
ness Ted^ 1330: FT Busness 
Tonight 1730, 2230 

MONDAY 

NBC/Siiper Channel: FT 
Reports 1230. 

TUESDAY 

Eiaonews: FT Reports 074S, 
1315, 1545. 1815, 2345 

WEDNESDAY 

NBC/Super Ctwnnal: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Fteports 1230 

Sky News: FT Reporu 0230, 
2030 

SUNDAY 

NBC/Supsr Channel: FT 
Reports 2230 

Sky Nswa: FT Reports 0430. 
1730; 





12 


FINANCIAL TIMES THURSDAY JULY 21 \WA 


Traders and greens 
caught in a net 


W hen a General 
Agreement on 
TarUEs and Trade 
panel ruled 
against the US in 1991 for ban- 
ning Mexican tuna exports, 
because they were fished with 
nets which also caught dol- 
pUns, American greens saw 
red. On posters and in newspa- 
per advertisements, they 
attacked ‘‘GattzUla” as a ram- 
pagii^ dmosaor, brutally tram- 
pling on ecolt^cal safl^uards 
and national sovere^jzty. 

The tuna-dolphin case has 
since become a potent symbol 
of friction between environ- 
mental and trade policies - 
and of the heat It can generate. 
Environmentalists sneer at the 
trade community as bloodless 
zealots, who worship only eco- 
nomic efficiency. 

Free-traders, meaifwhile, 
deride environmentalists as 
wild-eyed idealists with poorlj' 
thought-out goals which, 
implicitly or es^licitly. favour 
prot^onism. 

These mutual hostilities 
have not favoured rational 
debate on a subject which is 
commanding growing interna- 
tional attention, but about 
which much remains uncer- 
tain. The relationship between 
trade and environment policies 
is so pooiiy charted that it is 
ti^ to be sure how Ear they 
genuinely conflict - or 
whether the controversy is 
mostly politically contrived 
alarmism. 

Bsty, a former DS environ- 
mentsl policy official, declares 
his interest at the outset He 
insists serious issues are at 
stake because environmental 
problems increasingly cross 
frontiers. Many trade experts 
would dissent But judging by 
the p^udits for tarn bo^ from 
both sides of the divide, be has 
set out the opposing argu- 
ments with exemplaiy fairness. 

His starting point is that the 
focus of environmental policy 
has shifted from crude curbs 
on smokestack pollution 
towards reliance on market 
forces to change individuals’ 
behaviour. The result is grow- 
ing interest in the principle of 
The polluter pays", in pridng 
mechanisms and in ensuring 
that environmental costs are 
properly internalised. 

Yet economic disciplines can 
work only if agreement is first 
reached on the value of the 
assets concerned - a question 


GREENING THE GATT; 
Trade, Environment 
and The Future 
By Daniel C. Esty 

ftatitute for 

Economics, Washkigtan DC 
S44pjps. S 19.95 


on which opinions can differ 
widely. What, for instance, is 
the value of a pret^ view? On 
such questions, Esty argues, 
political judgments are 

unavoidable. 

However, he says, environ- 
mentalists lack a suitable Insti- 
tutional framework, of the 
kind Gatt has provided in 
trade, in which to fbige inter* 
national consensus on rules 
and their enforcement. As a 
consequence, the environmen- 
talist cause remains splintered, 
poorly focused and prey to spe- 
cial interest lobbies. 

Esty’s preferred solution is a 
Global Enviroiunental Organi- 
sati^ which would set world- 
wide standards and settle 
putes. However, he is honest 
enough to admit that - barring 
some global ecological catas- 
trophe ' the idea is poUtically 
a non-starter. 

But when Esty seeks alterna- 
tives, his balance starts to wob- 
ble. In striving to be even- 
handed, he becomes enmeshed 
in convoluted aigi^nts, the 
implications (tf which he does 
not always hilly explore. 

On the one hand, he accepts 
that unilateral trade sanctions 
are a poor way to enforce envi- 
ronmental standards: often, 
they lead to evasion or inflict 
economic damage without solv- 
ing environmental problems. 
Far better, he says, to use 
fiTianHai incentives to encour- 
age adoption of higher stan- 
dards. Equally reasonably, he 
suggests that Gatt disputes set- 
tlement procedures be made 
more transparent and involve 
more environmental esqiertise. 

Yet he says Gatt rules 
should nonetheless be changed 
to permit greater recourse to 
trade measures for environ- 
mental reasons, because the 
US and some other members 
will probably impose them 
anyway. 

Tlie notion is flawed. Not 
only does Esty admit that Gatt 
is a far from ideal body in 
whkh to settle environmental 
issues. But be Implies that 
internationally agreed rules 


must be bent to suit the vocal 
political lobbies in powerful 
economies which he earlier di^ 
pan^. The same case could 
be t^e to condone sanctions 
against low-wage exporters - 
or to justify the enormities of 
the European Union's Common 
Agricultural Policy. 

Esty raises more problems 
when be tries to construct ^- 
eral principles under which 
Gatt mi^t reasonably author- 
ise use of trade measures, (fis 
idea that they should be 
allowed in support of envirou- 
mental policies which enjoy 
wide "moral" Intimacy inter- 
nation^y or address "global" 
problems looks suspiciously 
like a formula fbr endless hair- 
splitting debate about matters 
on which even scientists find it 
hard to agree. 

Ihe water is muddied still 
further by his proposal that 
the Gatt dause wfaidi author- 
ises bans on products fbr envi- 
ronmental reasons should be 
extended to production meth- 
ods. Not only would that 
heighten risks of trade conflict 
by elevating local environmen- 
tal problems to international 
status; but by switching the 
(mus from imtecting consum- 
ers to disdplining producers, it 
would create iwimowg* admin- 
istrative difficulties. 

How would environmental 
standards at twiiiintig of lactic 
ries worldwide be moakored? 
How would customs officers 
identify offending products, 
such as microchips which had 
been processed using ozone-un- 
friendly CFCs? And why 
should producers necessarily 
respond to trade sanctions by 
raising environmental stan- 
dards, rather than by lowering 
them stUl further to cut costs? 

That Esty provides no satis- 
factory answers is less a criti- 
dsm of his book, which is an 
honest attempt to make sense 
out of confusioa. than an illus- 
tration of the difficulties of 
policymaking while so much in 
the trade and environment 
debate remains unclear. The 
immaHiate need IS oot for more 
solutions, but for rigorous and 
objective analysis to clarify the 
true nature of the supposed 
problems, and how much they 
matter. 

Guy de 
Jonqui^res 


T heories about the 
causes and cure of 
unemployment arrive 
in every post. One 
way to l^p one's bead abo%’e 
water is to e.’mmme together 
clusters of ideas with a com- 
mon core, even though this 
does less than justice to each 
individual var^t. A cluster, 
known for a long time but 
growing in popularity, is called 
the ‘wedge theory'. 

The wedge is the gap 
between wlmt the employer 
pays in wages and wl^ the 
worker talms home. In its sim- 
plest form it runs: there ate so 
many add-ons on top of the 
wage bfll to pay for social ben- 
efits that labour has become 
expensive to employ. Non-wage 
latour costs were estimated by 
a House of Lords report’ to 
amount to 44 per Cent of total 
labour costs as an EU average, 
but ‘only* 30 per cent in the 
UK. In Japan'they were 24 per 
cent and in the US 28 per cent 
Businesses understandably 
seek to avoid these add-ons by 
mectumisation. labour-saving 
drives, macho-management 
and so on. 

As Anthony de Jasa)*' has 
put it "Social protection costs 
more than it is worth to at 
least some of those that it pro- 
tects. The result is that, at the 
margin, employment is taxed 
more than the subsidy is worth 
to workers ... and there is a 
net exbra burden on the econ- 
omy. Enterprises have to 
restructure and unemployment 
is bom of social pratectioo." 

Why are these wedge theo- 
ries so familiar? It is because 
tfa^ tmve been previously pro- 
mulgated in a very different 
political setting by leaders 
such as Harold VTilson. UK 
Labour prime minigtflr m tlm 
1960s and part of the 19^. 

Vfilson cafied the wedge the 
'sodal wage': and he used it to 
sell pay restraint, arguing that 
real wages were much hi^er 
than take-home pay because 
part of workers’ remuneration 
took the fonn of welfare state 
ben^ts, such as health, educa- 
tion. social security and so on. 
He used this notfon in his cam- 
paign for pay restraint. 

One of the meet numericaUy 
sophisticated recent attempts 
to stand up the vredge doctrine 
has come from a 1^ securities 
economist, John Mueller*. Ifo 
relates unemployment to what 
economists used to call ‘effi- 
ciency wages', that is pay 
adjusted for prices and produc- 
tivity. He slmws that, on plau- 
sible assumptions, efficiency 
wages can be approximated by 
‘labour's share of the national 
income'. To arrive at the latter 
he subtracts from gross pay 
taxes on labour, such as pay- 


Gifts That Mean Business 


! i\a\t;al TlMl s 


Choose FT diaries for personal or business gift use. There is no limit to the number you can buy and when 
your order exceeds 24 items, generous discounts are available. A single pocket diary can cost as little u £749 
when the maximum discount is applied. 

Pr Desk and Pocket Diaries 

Available in a dmicc of coven; lotherdotli, hooded 
kalbcr or leadier, to meet diCfereat budget 
reguirenicnto. If you arc buying for 
corponic aU diaiies can be 
penotulbcd wiib your Company 
name or logo and your custorao-'a 
lull name or initiab. Your own 
corporate infbnnation pigs can 
abo be included. 


Ft Pocket Diary 

Wcek'to-view dbiy whidi rana Irom 
December 19th 19^ to January 7th 
1996 and containa 14 pages padued with 
business and travel {nforinatian. London 
maps include the City, the West End and 
the Underground. A detachable personal 
telephone directoiy b abo included. 

Size: iSSmm a S 4 iiim i Uimn. 


POCKET Diaries 

Code 

UK 

eu 

WORLD 

Black katbnclotli 

PC 

£1260 

£1130 

£1160 

BcnWimly bonded bather 

PB 

£UJ0 

£I4S3 

£12.72 

Black bather 

PL 

£1549 

£1562 

£1173 




FT Pink Pace Pocket Diary 

Distinctive pink ps^ and a black 
bonded ieadiier cover nuke diiv diary 
unnuatalaUy FT. It has a landacape 
week-to-vivw diary section which runs 
iVxim December 19tfa 1994 to January 
7th 1996 and contains 34 pages 
of valudale travel and business 
inlbmution. Maps of the City, 
tbe West End of Londem, 
intcr-etty services and the London 
Undeiground are indudeil, 

Hicrc it a detachable personal 
tJepbone tltrcctory at the back. 
Size 172mm 1 87mm x ISoua. 

.. RECTOF 

Pb<k Pocket OiARf code uk eu world 

Bbekbondsd leather PP £1496 £I5£4 £1X74 


Pr Desk Diary 

A Week-to-view ^ary whidi runs from November 2^h 
1994 CO January 28th 1996 and oilers over 100 
pages of frequently needed budnea and travel inlbnnadon. Business 
directory Uses die cop 100 iotcraailonal banks, world atodt nurkets 
and intematiaiial databases. The budness travel section contains 52 
individual countzy surveys, city centre maps and coven 1 35 
iotemadonal dtics. A 48 page hdl colour world alba and an attractive 
detachable personal telephone directory are abo included. 
Sise267iiinii316ans33nnL 

Desk Diaries code uk eu world 

Bhf V irttUMwinW. OC rmsa CTt«* X33.09 

Bnrgond/ bonded Imlhtf 06 SABX mSS £SU1 

Blacklealber OL ITUS OUI £i&96 


PRICES 


TV prim m iV prten pw difj vAkb jmn b tm In dun item mA no 
hams gk MTvka are rtqaind. UK aod EU wm hchidr VAT and p>M and piding. 
If you iR boa « liU countiy ad u r itia ibe UK and arc n^ncRi! fur VAT plene 

KSc jew VAT DBAer to iV order IbiB and pry iM ^ VAT. KataTthe -wld prkacseWe 
V.IT bat indtadc pmi and paik^ Over 2S lusn. d keuan te d piloet on apphoTHA. 


Personalisation (Gold Blocked) 

UKandEU RESrOFWRLO 

PuIInamelniaxofSdchancteR) £4,64 £3JS 

Initiab (max of 4 charactas) £2.59 CJO 


BUSINESS GIFT BITYTRS 

Otr.tTxHis ! ■lu' liV.'.ii.'J'i': "-'i';!. yc;',; Ar'j'vf a rVi'.'A 

C:in U';I-..y lA-'ijri; '.liv ijrd'.'f U>niA 

Cam. Kate Thompson. 

Telephone 0483 376144 or Fax 0483 302437 


Oni>ER Form 


Business Gift Bi 
Q 1 AM MiMBiiB St FT DUaiB rat ■iiinu am.{ 

UYERS 

n BiAH ore n a ^KmntjN. 

Onalirfaa 

CM* 









COMPUTE NAME AND ADCHtESS SECnON BELOW 
FDR ORDCRS op UNDBR 35 ITRMS PLEASE OOHPLER SeCTiON BELOW. 
Fni CkMOGUE Hme tick baa ts lecrhe a ofp «f bt FT Cokniai oOlepN Q 


PIhm Ab mInI eMs teoWN ad ^ a 


Oaw 

OnoirrMH 

tpWMIll 

IHqWH 

lAOf 

C T«r6^ 





















BOVTOMT ‘RnXlX 

Bp CnOt Cud, ^ drwi en a UK Baek 

BintaaiMfanBiUM.Srll^^(#ba 

— — 


mane? ardov haak doB. 
GMHrCHDOBnillB 

'fttephOMO 0209612820 
Fax O 0209612830 

Vkrllii. 

TfcfcWathadafiafe 

□ ocdkCard □ouqne 

□ Kw?(hdm QBaAf^OnB 
If fasfa^ Iv ocA card plaM emtoddi 

□ AeeeW □vha D/am □»«» 
Monrad 


PodtlM. 


Camsanp ... 
Addiest 


tat 

Cad«_. 


lUNn. 


.Cauatr? 


I . 11 II I I I I I I I I I I II 

CndbaUer^namr 

. 

HlBuiHiiii Miiiilia Hill H*l 


BvMifliPtaasa Ptton order 
and pariDent la: 

nClfceBan. 

CuMMsSereiZM 

DeyaatBtot, 

PO Vw 6 ( CaahHM, C 
CttBMani4SEqa| 

enccu!«totoi«m 


ECONOMIC Viewpoint 

‘Wedge’ versus 
‘social wage' 

By Samuel Brittan 


UK labour costs and unamptoyment 


80^- 


— 16 


10 



60 V 


.-.:r 


ss 


-10 


so — - > 

1060 62 64 66 68 

SeuCK Lntsman BeS Nkmler Comen 


t t » 1 t I » I » » I » « ■ » » » » » » » < « 1 ■ 


XJ. 


70 72 7« 78 78 80 82 6«8e 68 80 02 


-IS 


roll levies and a share of 
income tax. He adds on domes- 
tic transfer payments, which 
are mainly for social security. 

The adjusted series throws 
light on one parados why has 
UK unempbvment risen so 
much oi'er the last decaite and 
half when the combination of 
labour market shakeout and 
Thatcherite policies has 
pressed down on pay relative 
to profits? The accompanying 
ch^ suggests that although 
the emploi/ees' share of the 
national income has fallen. 
labour's share, after making 
the fiscal adjustments just 
described has actu^" been 5 
to 10 percentage points higher 
than it was in the 1970s. 

There are several points to 
clari^x It is not always realised 
that there is little difference, 
apart from presentation, 
between social security contri- 
butions levied on employers 
and those levied on employees. 
Both wifi be passed forward 
into the cost of labour. For 
instance, the main impact of 
UK mainstream National 
Insurance contributions 
derives from their total weight 
of just over 20 per cent, rather 
than from the fact that they 
are divided almost equally 


between employers and 
employees. 

In some European countries 
with high payroll contribu- 
tions. a shift from payroll ta.Yes 
to income taxes or indirect 
taxes such as VAT has been 
discussed. But this would not 
solve the problem either. 
Income tax is - like payroll 
taxes - an almost propcvtional 

The focus on 
non-wage costs is 
questionable. All 
per capita labour 
costs matter 

levy on wages and sabries. 
with some alleviation at the 
bottom of the scale. Indirect 
taxes are taxes on that prt 90 ^ 
tion of income (about 90 per 
cent) that is spent If workers 
have the market power to 
make employers recoup in 
higher pay the burden of pay- 
roll ta3^ they also have tiie 
power to recoup other taxes 
levied directly on their 
incomes or expenditure. 

The wedge theory was origi- 
nally advanced not as an esepb- 
nation for unemployment, but 


as a vraming about the distor 
tions to the supply trf effort 
which too ambitious a welfare 
state could impede. This can be 
seen frr^ the earlier writings* 
of Assar Undbeck, the Swedish 
economist who pioneered the 
wedge theory when Sweden 
still had foil employment 
'The wedge may nonetheless 
affect employment for three 
reasons: 

• Workers do not value the 
social wage as much as take- 
home pay, and at the margin 
are less inclined to L-ike jobs or 
more inclined to work shorter 
hours. Unemployment of this 
kind is surely voluntary. 

• Union representatives do 
not fully take into account the 
social wage and insist on 
higher settlements than they 
otherwise would, to recoup the 
tax wedge. As a result, workers 
are priced out of jobs. 

• There are many factors 
other than the imme diate state 
of the labour market that 
determine employers' pay 
offers. These factors cover 
ideas of foimess and a desire 
for labour goodwill. They dis- 
courage employers from trying 
to recoup the wedge in lower 
pay. but they respond by cut- 
ting payrolls inst^. 


Other questions nnse. Why 
should the size of the wedge be 
limited to benefit expenditure? 
Dc JoiKty includes all welfare 
expenditure - health and edu- 
cation .9E well as benefits. But 
why stop oven there? Surely 
taxes on workers to pay for 
military expenditure, publii; 
administration or Intensit on 
Che national debt arc just as 
much part of the we^. 

What then are the policy 
implications of the wedge the- 
ory? Many of the academics 
who espouse it sujmcst that 
social security contributions 
should be actuarbliy related to 
bendits. In other words, contri- 
butions to fimince the dole 
should be related to the chance 
of failing out of work in 
particubr occupation; and 
social security rates should be 
sufficient to finance state pen- 
sions on normal actuarial 
expectations. 

I n these circumstances, 
the argument goes, pay- 
roll levies would be for 
defined bencTits, for which 
workers would be prcixired to 
pay without recouping in 
wages. The riew is plan^ble 
on^ If the actuarial contribu- 
tions arc also voluntary ^ in 
which case a social security 
system could haidly be said to 
exist Moreover, the actuarial 
principle could not realistically 
cover health and education, let 
alone non-wclfore spending. 

The whtde focus mi non-mqje 
laboiu* costs is open to suspi- 
cion. It appoais to politicians 
because It looks less like 
union-bashing; and British 
ministers can also feel self-sat- 
isfied because the burden of 
these costs is less in the UK 
than in other EU countries. 

But it Ls surely total hbaur 
costs per head which determine 
whether it is worthwhile to 
employ an extra person. These 
include pay and non-pay ele- 
ments. Some of the latter 
escape measurement, su^ os 
restrictions on hours or on 
adjusting pay fUliy to age, 
experience or skill AU th^ 
things make workers expen- 
sive and it is iirbitrary to pick 
on any one of them. ‘Pricing 
out of work’ is still the best 
encompassing formula. 

‘ House of Lords Sefect Commit- 
ire on Suropean Cornmunides, 
ML paper 43. April 19 1994. 
■Anthonp de Ja^. A Vkious 
Circle of Social Kindness, 
Financial Times, April 29 1991 
‘ J MueUer A Challenge to Con- 
oaaitmal L^tour Utorket fifs- 
dom, Lehrmon, Ball, Mueller, 
Qmnan.ll0 North Glebe Bond. 
Suite im Artington. VA 23201. 

* Assar Lindbeck. We^aiv 
^te, Edward Bgar, 1991 


LETTERS TO THE EDITOR 

Number One Southwark Bridge* London SEl 9HL 

Fax 071 873 5938. Letters transmitted should be clearly typed and not hand written. Please set fax for finest resolution 


UK needs effective opposition, 
not petulant and petty outbursts 


From Sir Colin Chandler. 

Sir, With Mortimer on for- 
eign affairs, Brittan on eco- 
nomics and Rogaly on politics, 
there's not much need to look 
elsewhere - congratulations on 
such an excellent team. 

But can I take issue with Joe 
Rogaly, whose recently 
expressed enthusiasm for a 
change of government is per- 
haps ahead of itself? With 
almost certainly two and per- 
haps three years to go before 
the next general election 
should he not be emphasising 
the need for an effective oppo- 
sition party in tbe interim? 
Otherwise the job will be left 
as it tnereasin^y has been, to 
the less olqective sections of 
tbe media. 

And an dfective opposition 
party depends not just on one 
person, its leader, but on tbe 
whole team, and I for one have 


been disappointed with the per- 
fonnance of most shadow cabi- 
net members recently. One 
example was a seemingly petu- 
lant and petty outburst by Dr 
David Clark, the shadow 
defence secretary, on the gov- 
ernment’s recent announce- 
ments about agreed orden for 
defence equipment 
This company benefited frtun 
a contract for 2S9 Cballeoger 2 
main battle tanks. Dr Clark 
dismissed this piece of good 
news for manufeicturing i^us- 
try as old news dressed up for 
the parliamentary occasion. In 
fact the secretary of state for 
^fence anoounoed tbe govern- 
ment's intention to purchase 
up to 259 Challenger 2 tanks on 
December 1 1993. Without 
detracting from thal annminrow 
ment I am sure that even tSr 
Malcolm RUkind would agree 
that statements of intent do 


not necessarily count for very 
much. What d^ count, for the 
Army, for tbe tauciayer, for this 
company and its suppliers, is 
the quantity of tanks, the spec- 
ification, the delivery dates, 
the price and tbe payment 
terms. To have agr^ all of 
Qiose in Tf% months is remark- 
able by any commercial stan- 
dards. 

If Dr Clark bad instead said 
the decisfon was good news for 
industry but should have been 
taken a long time ago, I would 
have more confidence that 15 
years in opposition had been 
spent leandng about tbe real 
world rather than practising 
the art of empty slc^ans. 

CoUn Chandler. 
thus executioe, 

Videers, 

ShUboTik Tower. 

MiUbonk. 

London SWIP 4RA 


Unemployment factors also a myth 


From Mr Andrew Sentaace. 

Sir, Peter Robinson (Personal 
View, July 18) usefully dis- 
misses some of tbe mytte sur- 
rounding the current debate on 
employment and unemploy- 
ment But be concludes by per- 
petoating a myto of his own. 
He alle^ that it is tbe decen- 
tralisation of pay baigaining 
and the abolition of incomes 
policy in tbe private sector 
which have been responsible 
for a worsening inflation/un- 
employment trade-off in tbe 
UK and, hence, the country's 
currently hi^ Jobless total 

That is the wrong conclusion 
to draw from tbe experience of 
tbe 19806. Tbe secular rise in 
UK unemployment was mir- 
rored in other Burojiean coun- 
tries which did not experience 
the same changes in pay biu- 


gaining structure. Many of 
them have very centralised 
systems of pay determination, 
hforeover, this European expe- 
rience stands in ste:^ contrast 
to tbe US - which has a very 
decentralised system of pay 
bargaining, and where unem- 
ployment has not followed tbe 
rising trend apparent in most 
of Europe. 

There is no simple l ink 
between pay bargaining 
systems and unemployment 
experience across different 
countries. Tbe key to msuntain- 
li% a high level of employment 
is real wage flexibility, so that 
unpleasant shocks are 
reflected in lower labour costs 
rather than rising unemploy- 
ment. Real wage QexibUity can 
be achieved under centralised 
pay bargaining systems in cor- 


poratist economies <eg, Ger- 
many and Scandinavia). But It 
is alro a feature of the decen- 
tralised system in the US. 

if Uiere is any conclusiim to 
be drawn about pay bargaining 
structures and real wage flexi- 
bility. it is that overlapping 
centralised and decentralised 
structures combine the worst 
of both worlds. So. having 
embarked on the dec^tralised 
route, Britain’s chance of 
improving its unemploy- 
ment/inflaUon trade-off would 
be to continue in that direc- 
tion. 

Andrew Sentance, 

Centre for Seonmk 
Forecasting. 

London Business School, 

Sussex Place, 

Regent’s Park, 

London NWl 4SA 


Good news for product safety in Europe 


From Mr Stephen Ownpton. 

Sir, Stephen Sidkln and 
Nigel Miller ("Stay secure on 
safety"! July 19) appear to take 
a dim view of the quality of 
British manufacturing indus- 
try. They apparently regard 
requirements to supply safe 
goods, to warn purchasers 
about any particul^ risks, to 
investigate complaints and to 
recall dangerous products as 


"costly and onerous”. It is not 
one that we share. 

It is true that the European 
General Product Safety Direc- 
tive provides (to us welcome) 
additional protection for con- 
sumers, although the UK is 
unlikely to take up all the pow- 
ers which the directive sets 
out. But it Is also good news 
for reputable UK manuCactur- 
ers because their European 


competitors will now be sub- 
ject to similar obligations to 
those set out in the UK’s 19S7 
Consumer Protection Act. Dan- 
gerous products cross (tantiers 
and this l^slatioa is a boort 
for consumers for fair competi- 
tion and for the Single Market. 
Stephen Crampton. 
seereiary. 

Consumers in Europe Grotm, 

24 TWlon Street. Lmulon SWl 


Too costly 
to dress up 

P^wn D A Ogilou-WdnL 

1 read with dismay dement 
Crisp’s pompous article (Arts: 
"The decline and fell of ele- 
gance”. July 18) about dressing 
up for Covent Garden. 

I would love to dress up to go 
to Covent Garden, bnt as I 
have to buy my own ticket to 
attend the Roy^ Opera House 
(and also English National 
Opera) on a r^ular basis, I am 
only able to afilnd a seat in the 
lower tx upper slips if I wish to 
see oil the new and the old 
operas. .As an office worker, 
ttere is not enough time for 
me to have a meal before tbe 
performance; and, as 1 have to 
leave promptly at the end to 
catch a late train home, I iric- 
mc on the stairs in the Intv^ 
(this also ke^ my costs down 
for the evening). Besides, there 
are often long queues in tbe 
smoke-filled 1^. 

In the circumstances, I prefer 
to be a regular opera-goer even 
if U means slttix^ tn a cheap 
seat - among the real opera 
buffe who go to see and not to 
be seen! 

D A Ogilvie-Ward. 

77 Topstreet Vfap, 

Harpenden, 

Herts ALSSTY 


Simplistic view 

of rail situation 

From Ih- Chris Road^ 

Sir. The FT*s coverage of tbB 
railway signal workers’ diqnite 
(such as "Signal workers reach 
crucial turning point”, July 13) 
is ovor-sirapUstic. It continues 
to ignore t^k 

• The RMT union has fittle 
option but to pursue the 
long-standing grievances tf the 
sig^ WQric^, porticulariy as 
these woriters had their own 
union in the past. 

• [f RaUtraek forces a cessa^ 
tion of tbe strikes, it may not 
end grievance and conflict m 
the signal baxes. 

• Fewer, lai^r, hi-tech s^nal 
boxes, each coveriug many 
miles of track, will sreaw 
enhance the strati » 
Uie remaining s^I workere 
in the future. 

Chris Rowl^, 
lecturer, human resource 
management, 

Cardiff Busmess Sdiool. 
Abenonway Building, 

OahoR Drim' 

Cardiff CFI3EU 



financial TIMES THURSDAY JULY 21 1994 




financial times 


Tel. 071-873 3000 Telex; 922186 Fax: 071-407 
Thursday July 21 1994 


9HL 

5700 


A soft- shoe 
reshuffle 


Mr John Major's new cabinet 
announced yesterday. U not 
unlike the one that preceded it 
Toe significance of the reshuffle 
was greater in the anticipation 
than the deliverance. Weeks of 
advance fanfare have been fol- 
lowed by the qukt rasp of soft 
shoes. Three ministers who had 
long been ready to leave office did 
so; one was dismissed for poor per- 
formance. Iliere was rather more 
changing of titles and in 
the middle and junior ranks of the 
; administration, but that is a stan* 

I dard way of keeping backbmich»s 

I in a state of hope of preferment ft 
is a whip’s strategem. 

This is not to say that the 
changes are a nullity. The new 
faces may be better on TV than 
the old. Mr John Patten was 
hardly a success as education sec- 
retary; Mrs Gillian Shephard, a 
former teacher, is likely to soothe 
the profession and bed down the 
national cutriculum. She w«*y not 
he a creative policy-maker, but 
she should he a safe pair of 
Mr Peter Brooke, unexpectedly 
brought in from retirement to 
serve at national heiftage, did so 
with moderate ^stlncUon. His 
successor. Mr Stephen Dmr^ is 
one of the brighter characters in 
the mini-drama. Fcff Mm heritage 
may be a disappointing ticket to 
the cabinet room. 

The move of Mr Michael Portillo 
to employment will test both his 
administrative abilities and the 
l^veniment's intentions on educa- 
tion and training. He is as li^- 
wing as his predec^sor. Mr David 
Himt, was left, but the portfdio 
does not offer imlhaitaH scope fu 
demonstrating either proclivity. 
He will team 19 with Mr Peter 
UUey. right-wing secretary for 
social security, to introduce the 
new Job Seekers Allowance. 

Mr Portillo Is succeeded as chief 
secretary by Mr Johathm Aitken, 
another Eurosceptic. Mr Jeremy 
Hanley, previously unsown, 
ffhahman of the party. 


He has taken over an institutiim 
whose performance can hardly 
decline. 

Lord Wakeham had outstayed 
his usefulness in the uj^r house. 
He deserved his nnnq } <Ha] title of 
“Lord Fi^t" but recently too 
much legislation hag emefged 
from the Lords is a broken state. 
His job has been subdivided. One 
of his successors. Viscount Cran- 
borne, win bring a Cecfl back to 
pcomtiwmce among Conservatives; 
another. Mr David Hunt, may 
become as adept as Lord Wake- 
ham was at smoothing troubled 
waters, ansmgtog deals, spotting 
hazards, it. Mr William 

Wald^rave deservedly survives, 
and moves to agriculture. At 
transport, Mr John MacGr^or 
had ^ some time intimated his 
readiness to retire; his replace- 
ment, Dr Brian Mawfainney, is 
good at presentation. 

At best, yesterday’s change- 
around marlm a small but disceni- 
ible st^ in the long by the 
prune minister to recover his 
administration's authority. The ' 
previous steps are well-known. 1 
The government was blown off- 1 
course in September 1992 when 1 
sterling was ejected from the 
exchange rate mgriMwgm stabil- 
fty has been restored, at the cost 
of ceding greater infingni^ over 
monetary pdliey to the Bank of 
England. The electorate is proving 
slow to respond to the improved 
economic outiook but it may do so 
in time. The Conservattve party's 
divisions over Europe have 
papered over. 

fti short, the cabinet re^uflle 
nmy be taken as evidmiQa that tiie 
government believes it has passed 
ttimngh rtio nadir of its unpopu- 
larity. ft probably has. As part of 
the process of r^ainmg poise, yes- 
terry's moves are unlikely to 
harm Mr Major. Nor are they 
likely to prove memorable. The 
prime minister Is doomad to oon- 
tinue the strugi^e to pat a distinc- 
tive stan^) on his governmenL 


Euro-follies 


The newly elected European 
Parliament has got <»ff to an 
ui4)romismg start By vetoing this 
week l^siation to tiberahse Euro- 
pean voice tdtqdiony, the parlia- 
ment has threatened a programme 
vital to industrial competitiveness 
and therriiy diminished its own 

There appear to be three main 
reasons for the decision: confUdon 
among MEPs, some of whom 
apparently did not realise what 
they were voting on; concmn that 
libwalisatiop would raise residen- 
tial telephone charges; and a 
broadly shared desire to dmiumr 
strate institutional parity with the 
European f^nTnmiaBiq n and Coun- 
cfl of Ministers. 

Only the first explanation is 
readily acceptable, on the grounds 
that many MEPs are still inexperi- 
enced. The second is understand- 


able. but wrox^headed. Technol- 
ogy and oompetition are rapidly 
eroding the monopoly profit struc- 
ture which has long subsidised 
residential telephone services- 
Thwarting liberalisation will sim- 
ply impede the Boropean telecom- 
monications indust:^'s adjust- 
ment to market realties. 

The sorriest aspect of the affeir 
is that the parlT«Tn<vir «»ein<i to 

think it can command respect by 
siting its face against economic 
progress. Using its powers in this 
way is a disseivloe to the elector- 
ate, whose interests it claims to 
T^nesent, and invites charges rtf 
frivolity. With luck, the teleoom- 
munications package can be 
reassembled soon. On current 
form, repairing the damage to 
confidence in the parliament’s 
legislative wisdom may take 
rafiier longer. 


Aid to Rwanda 


Ev^ by Africa’s grim record, the 
horror of Rwanda d^ies belief. In 
an exodus without precedent up 
to 2m refragees have Bed to nelgh- 
bouring Burundi, Tanzania. 
Uganda and Zaire since early 
AmiL and as many again are now 
pouring across the frontiers. Pe^ 
ha pa a quarter of Rwanda's popu- 
lation is now outside the countiy. 
niis tragedy demands an interna- 
ticmal req^ionse, with an urgency 
and on a scale well beyond the 
current efibrts. 

The tide of fleeing humanity 
most be fed. But it neither can nor 
should be housed in refragee 
ramps on foreign soiL The ilm 
must be reversed, and the relief 
^ott must str&e a careful bal- 
ance between immediate needs 
and longer-term objectives, while 
not exacerbating the rMugee prob- 
lem itself 

As it is, there is a danger that 
the es^us could take on a l(^c of 
its own. As more people flee to 
Goma atiri other points across the 
borders, so more supidies from the 
outside world will arrive. As more 
<dd arrives, so do more rMugees. 

Calls for large-scale military 
intervention need to be treated 
with caution. The lesson of Soma- 
lia is that soldiers are not enough. 
Their intervention should be 
accompani^ by a carefuUy 
thoi^ht-out prc^ramme of politi- 
cal reform and economic recon- 
struction. In Somalia the absence 
Of such a framework proved fetaL 
Rwanda, with its history of bitta* 
ethniff conflict, will be no easier. 

Yet there is a way in which 
ariititinnfli, limited military assis- 
tance and mue relief supidies can 
be combined, in an exercise aimed 
at gtpfTtTnjpg and then reversing 
the «ndu if While the barrowing 
plight of the refugees in Goma 
requires immediate medical and 
food aid, the bulk of assistance 
should be directed to centres 
established within Rwanda. The 
troops, under UN super- 
vision and rebdbrdng the Fr^h 


presence, should carry out these 
operations, protecting the relief 
centres and, where necessary, 
helping to distribute the soi^lies. 

The presence of foreign soldiers 
should reassure the remaining 
lo(^ population, and encourage 
the refUgses to return, by allaying 
their tear of revenge kBllngs by 
the victorious Rwanda Patriotic 
Front There is no evidence that 
thiR fear is justified. Rumours of 
reprisals seem to have been 
spread by broadcasts from the 
retreating government, deter- 
irriiyirt to leave chaos in its wake. 
But once short-ierai relief has 
provided, the world should 
take stock of Africa's deepming 
crisis. Unless a co-ordinated 
attempt involving African' and 
other governments, the United 
Nations and aid agendes is nmde 
to help Africa help itselt the con- 
tinent may be heading towards a 
catastrophe on an evra greater 
scale. Horrific though it is. 
Rwanda is only one symptom of 
Africa’s decline, as It pays the 
price of 30 years of disaster. 
Tnan-madft and imturaL 
fVffi flirts in Angtda and Sudan 
drag on; states like Zaire are in 
chaos; others hitherto seen as 
stronger, such as Nigeria and 
Kenya, are under increasi^ politi- 
cal economic strain. More 
thaw 4 di children in Africa under 
the ^ of five die each year ftmn 
preventable dio ca s es . 

ft is more and more difficult to 
get Africa's crisis on to the agenda 
of an international communi^ 
which has been discouraged by 
the Somali experience, and by 
Africa's evident marginalisation: a 
faiung share In tbe world com- 
modity market, stagnant share of 
trade, and tiny share (barely l per I 
of world investment. Before 
inng the more fortunate parts of | 
the world will have to decide 
whether to ring-fence Africa or 

accept a sb^ re^oDSflnlity for 

it Rwanda should at least concen- 
trate the mind. 


E urope is about to dis- 
cover whether there la 
life after Mr Jacques 
DeloTS. In Strasbourg 
today, newly elected 
members of tbe European ParUa- 
mem wQl rise up Mr Jacques San- 
ter, tbe safe but uninsjdring choice 
to succeed Mr Delors as president of 
tbe European (Commission. 

The vote in tbe parliament, 
though sot Mnding, wfl! in practice 
deteimine whether Mr Santer takes 
over the most powerful non-elected 
post in Europe next January. It also 
offers the long-serving prime minis- 
ter of Luxembourg tin chatvre to 
dispel doubts about his stature and 
set out bis own for the next 

five years. 

Speakiag to Socialist MEPs on 
Tuesday ni^, Ur Santer slmwed 
he is walking a tightrope. His 
remarks that his poUdes were no 
different from those of Ur Jeain-Luc 
Dehaene, tbe Retg ian prime minis- 
ter, were calculated to pre-empt par- 
liamentaiy criticism of his Isri-mis- 
Qte emergence as a compromise 
candidate. Bat they provoked an 
aproar in the UK, which vetoed Dfr 
Dehaene as president on the 
gnstmds that be ia a centralising 
federalist who flirts with protec- 
tiOOlSDL 

A more snbstantive point is 
whether Mr Santeris appointinent 
signala a weakening of the Commis- 
sion. which hlr Delon tunied into 
the driving force Enropean 
integration, following his arrival in 
Broils nearly lO years ago. 

As president of the Comotission, 
Mr Santer takes cha^ of a body 
whose morale is low whew mis- 
sion needs rethinking. His chal- 
lenge is both political and h^tu- 
tional: how to preserve the 
Commissfon's role as umpire, pow- 
erhroker ana oately^ ana 

how to stand up to an increasing 
assertive European Pariiasmzft 
a Council of Bilinlsters In which 
nmjorlty sentiment leans towards 
cutting the Commission down to 
size. 

Many tn Brossels are mourning 
the imminent departure of Ur 
Delors, but it is easy to forget that 
his legacy is donble-edged. Against 
the grand derigns of the European 
jringifl market, ilae European Eco- 
nomic Area and the plans for politi- 
cal and monetary union must be set 
the penalisation of public opinion, 

and twa OWn 

admissian that he m^ have over- 
reached in his years. 

The areutnent over the directicn of 
European Integration remains unr^ 
solv^ among member stales: The 
preadent of the CommissiQn most 
recondle the ineeoncilable,’' says a 
fellow Luxemboti^er and former 
seidor Comiiiigginn offidSL 
The immediate task facing the 
Santer Commisrian ^ be the pr^ 
aration of the 1996 Inter-Govem- 
mental Conference, which will 
review the Maastricht treaty,.possi- 
bly streamline dedsion in 

an enterged Unton, and prarntrip the ' 
use of national vetoes. Semm fear a 
rerun of the Maastricht debate, with 
a polarisation of views and the Brit- 
ish fVwis«»nBtti 'gp |j[iiijn rii*ni»n^ tidd 

hostage Iv ife Burosceptics. *^6 
conference could be disaster,** says 
one Maastricht negotiator. "It 
would be better to put it off 
unto im** 

Other practical tasks for the Com- 
mission include tiie absorption next 
year cf tqi to four new EU member 
states (inland, Aostria. Sireden 
and Norway) as well as planning toe 
th e g iygt nKmd of enlargement in 
astern Eurc^, Cyjaus and Ualts^ 
monitoring and eventually judging 
whether member states have met 
the strict criteria for jdning a Euro- 
pean monetazy union; and prepar- 
ing for the next fivo-year budget 
when the p rese nt Delots II lackage 
eqiires in 1999. 

^ Leon Brittan, tbe amdor Brit- 
ish t-nTHTnigginnar , has aigued in his 
recent book on the fixture of the EU 
that many of these issues are 
linked, and may be resolved only 
throng a series of trade-ofb, in 
which tbe Commission could play a 
pivotal role in identifying and foo- 
kming compromises. 

For Instance, the d^ree to which 
tbe "Club Med" states of Greece, 
Pmta^ and Spain can preserve 
their privileged statas in the nest 


Lionel Barber on the political and 
institutional challenges that Santer would 
face as European Commission president 

Enter, looking 
for the trap -door 



budgm negotiations may deter- 
mine their support for memborship 
of tbe Czech R^mblic, Poland and 
Hungary at the tom of Qxe century. 

In tbe saimB vein. German enthu- 
siasm for swapping the D-Mark for 
a single European eurrmicy may 
depend on French agreement to 
arpaTMtinn of the ElU ^fitwards 

a political itninn £ar more ambitious 
than the present loose cooperation 
among governments over Foreign 
and defence policy, ‘"lliere must be 
a compromise on these matters," 
says a German offidaL 
Mr Delors showed on several 
occasions in the past 10 years - 
notably in his two budget packages, 

Much will depend on 
viiether he can grow 
in Ms job, like Delors 
- who, as Santer 
pointed out, was also 
second choice in ’84 


hlB early support for German unifi- 
cation and, latterly, in his white 
paper oa competitiveness, jobs and 
growth - that tbe Commission has 
a special role in nudging member 
states towards Eorope's collective 
mtarest 

Yet Mr Delors' powers of persua- 
siasi have clearly ebbed in past 
two years as suspicion of the Ciom- 
mission has grown - not just in the 
but also in France, where offi- 
riai* ran against its pretensioDS in 
foreign policy, and work to weaken 
its prtxnacy in trade policy. Others 
in Brossels detect cases of "creep- 
ing unilateralism", as countries 
invoke their own "atitwai mterests 
ahead the common tuterest, most 
notably in Greece’s imposition of a 
trade embargo on neighbouring 
Macedonia. 

In seeking to maximise his 


authority, Ur Santer starts off with 
two disadvantages: be comes from 
the gwiallftst state in the imi'nn and 
he was nobody's first choice as 
Commission president. Better- 
known candidates such as Prime 
Minister Ruud Lubbers of the 
Netherlands, Prime Minister 
Dehaene of Belgium, and Prime 
Minister Felipe (Soozilez of Spain 
either were blocked or declined to 
enter Qie race. 

Much win depend on whether he 
can grow in job. like Mr Delors. 
who, as Mr Santer pointed out this 
week; was also everybody's second 
choice in 1964. It will also depend on 
his ability to reform the Com- 
mission. 

ft is symptonmtic oF the mistrust 
of the Commission by member 
states that, 35 years after the foun- 
dation of tbe European Uuioo, tbe 
president still does not have the 
power to choose bis own teaxo. 
Commissioners are still regarded as 
national representatives and there- 
fore national appointments. 

Sir Roy Oeomau, a former EU 
ambassador in Washix^on, says: 
"Governments do not like appoint- 
ing people to tbe Commission who 
are too good. They want to control 
things from capit^ and are happy 
to send second-raters to Brussels. 
The exception is France, which is 
why the French effectively run the 
Conunissioa" 

Mr Delors has always been at 
pains to dispel the notion that be 
was a creature of the French gov- 
ernment Occasionally, as in the 
final stage of tbe Gatt trade talks, 
be even ffistanced himself discreetly 
from Paris. But the French lan- 
guage and culture still permeates 
tbe Brussels bureaucracy, so much 
so that the Balladur government’s 
mtnimam requirement was that Ur 
Delors’ successor should be a Fian- 
cophone. 

Tbe Santer Commission is likely 
to contain hold-overs from the 


Delors era. Advocates an opm, 
free-trade-oriented Commission wU) 
welcome the desire of Sir Leon Brit- 
tan to stay on in his job as chief EU 
trade negotiator. And despite the 
odd mis-step. Mr Karel Van Miert, 
the Belgian competition policy com- 
missioQer. remains of the most 
popular and effective operators in 
Brussels. 

Less appealing for overworked 
Eurocrats is the prospect of another 
five-year tern for Mr Martin Bange- 
mann. tbe talented but relaxed Ger- 
man industry commissiozier. Many 
will regret, however, the expected 
depaxtnre of Ren^ Steirix^ tbe 
Luxembourger who has done yeo- 

*The next president 
must give back the 
organisation a sense 
of pride. He must get 
rid of the abuse and 
restore morale’ 

man work on implementing the 
Common Agricultural Policy 
reforms and layl^ tbe ground for 
Airther eban^ in anticipation of 
enlargement into eastern Eurppe. 

Ttoding enough work to top Mr 
Santer's colleagues busy may be tbe 
toughest job for tbe new Commis- 
sion. Thanks to tbe prospective 
enlargement of the EU next year, 
the number of individual commis- 
sioners should rise from 17 to 21, 
with one extra representative fixun 
the Scandinavian states and Aus- 
tria. Moreover, each commissioner 
has his or her own cabinet, which 
leads to political appointees creat- 
ing rival power-centres to tbe career 
dvU servants in tbe bureaucracy. 

"Tfte next Commission president 
has an awesome task," says a seuior 
EU civil servant. "He must give 
back the organisation a sense of 


Observer 


Hanley gets a 
handfiil 

■ Win new Tory party chairman 
Jeremy Hanley again display his 
Dennis tbe Menace cufflinks? The 
wartiTy nsu^ty Dennis is one of the 
UK's most wen-established comic 
characters. Ifenley's links caused a 
stir at the Narthmm Ireland pbfttical 
talks during his stint as a jtmior 
Northern Ireland minister. 
Chiuii^'s oitertafrunent seems to 
have been a recurrent theme of 
those tense n^otiations. 

During them, Hanley was said to 
have been accused of totrodocizig 
"Blue Fetff documents”. The term 
(jerives frm another age l ess 
feature of British childhood, the 
telerisiOQ pn^ramme Biue 
Peter, ytboee presenters instruct 
ffhiidm fi bow to fashuMi wonderful 
objects frmn old detei^nt bottles 
and idue. the catch-phrase 
"here's one 1 made eariii^. 

ffinley’s accountancy training 
will be usefiil for a party with a 
£17m debt But has he enou^ 9are 
time? What with constituency work, 
Meima membership, his cootoy. 

diess, cricket langimg^ tlmriza, 

music and golf interests, 
surely sonfriAfog has (ogive. 


Hourglass figure 

■ So much for Sweden^ famed 
ssj^gal libertarianism. Bjdm 
Rosengrmi been forced to ([Uit 


as bead of the country's white- 
collar union, the Ccoifederation of 
Professional Wenkers, following 
lev^tioDs that he vlrited a topless 
duh ~ three years ago. 

Rosengren dnq^ped in at the Tabu 
dub along with an American gnest 
but says be left - after less thm an 
hour - when be realised what sort 
of establishment it was. 

Some hour. His bill was for 
S&^6,000, or f7,200, which even by 
Scaixfinavla's expensive standards 
is pushing the boat out His lawyer 
managed to reduce the outlay to 
below SEiTO.OOO. What sank 
Bosengrsi was tbe outoy from his 
membership, 5C per cent of whom 
are women. Some taboos die hard, 
ft seems. 


Dog-eared 

■ Tough luck on Dm Publishing, 
which today brings out ^ 1994 
etfttion of the Whitehall C^panlon. 
an izrraluable 'WTho's Who” for 
govenunent departments and 
quangos; it's already out of date. 
Yesterday's UK govenunent 
reshuffle means moves not just for 
ministers but also their ad<^ts. 

Life win teriainly change frv 
Eltemor Laing, adrieer to 
MacGregor, outgedng trans^ 
secret ary . The Compaslon di^oses 
that she has advised MacGregor ^ 
a diverse range of subjects; she was 
his aide when he was at education 
and stayed by him when he was 
Leader of the Commons, mdirtg up 
in transport 



T told him seat belts wouldn’t 
do Idm any good' 


Cliff Graotbam, special adviser to 
departing education secretary John 
Patten, may also be casting around. 
A forms' BBC radio news reporter 
and lobbyist, be also advised Patten 
as minister of state at the Home 
Ofilce. 

Peter Brooke enjoyed the services 
of two advise at the Departmmit 
of National Heritage. Dominic 
Tije Tinig nawift from tife Sunday 
Tel^raph, but could always turn a 
hand to bis fiiri galling ^ as a 
lyrici st Bryan Jefferson vo^ 
survive the diange of miidsters, 
since he brings pr^essional skills to 
bis role as architexfosal adviser. 

Anyone out there with special 
knowledge of transport, education 


or tbe national heritage? Get your 
(TVs in test 


Asian hi^ noon 

■ With one previous winner in jail 
and another having resigned from a 
senior spcKtmg post amid 
allegations of cheating, the Asian of 
tbe Year award has something of a 
chequered past 

Tonight at London’s Grosvenor 
Hotel, the 1994 plaudit is likely to 
go to Ghulajn Kandezboy Noon, 
owner of Noon Products, vrixich has 
successfully cornered a niche in 
Indian frozen foods, numbering 
Sainsbury among its customers. 

The gong is presented by the UK 
pnblication. Asian Who's Who 
Internatioiial, to high-achievers in 
tbedte^ra. 

Prerious winners have been 
ffezmu Viranl - now spending 30 
months inside one of Her Majesty's 
less salubrious hostelries for his 
rote in the Bank oF (Credit and 
(kmimerce Internatloiial fraud - 
and imraTi iThan, fonner Pakistan 
test cricket captain. 

Khan recent resigned fium the 
international Cridtet Council, a&ex 
admittteg nnee uBing a bottle-top to 
tamper with a czicket balL 

Pwhaps the organisers are feeling 
the need to polish up ^ award’s 
image. That could explain tile 
presence tf some big noises, 
including Wchael Heseltine. UK 
trade and industiy secretary, as 
chief guest He's joined ty Labour’s 
Bferg^t Beckett and Liberal 


pride. He must get rid of the abuse 
and restore moi^. It's anarchy at 
tbe moment." 

one ki^cal refonn would be a 
triumvirate at tbe tcm. with power 
divided between the president suid 
two vice-presidents, one responsible 
for the single market and one for 
exter^ affelrs. Each would hare 
"junior" commissioners who could 
Lnlcp orer specific portfolios such os 
telecommunications and tire envi- 
ronment, or Russia and eastern 
Europe, external trade and develop- 
ment poUo’. 

This leads into dangerous terri- 
tory. \Vhen Mr Delors suggested 
streamlining the Commission in 
early 1992, be was accused of ha^ 
bouring plans to rule Europe. The 
prospect of smaller member states 
losing their commissioner or baviz^ 
ob\iously second-rank appointees 
provoked on outcry. 

.Another unresolved quKtion con- 
cerns the Commission's monopoly 
right to propose legislation, its will- 
ingness to use it to complete the 
single market, and its ability to 
develop as a regulatm and CQ-OFdizt 
ator now most of the legislation in 
the 1992 progr.imme is complete. 
'Hie desire to exercise these func- 
tions sits uneasily alongside the 
post-Uaastncht emphasis on subsid- 
iarity' - the devolution of decision- 
making to the lowest appropriate 
naticmal, regional and local level - 
a principle to which Mr Santer has 
declared he is committed. 

A senior Commission 
official w.vns that there 
are risks in applying 
subsidiarity too rigor- 
ously: "The credibUit>' of 
the European Union depends on 
delivering the practical results of 
what it has deckled to do. The inter- 
nal market exists in theory, but it 
must be created in practice, and 
you do not do that through an act 
of God." 

Thus EU governments face a 
conundrum as they brace them- 
selves for the next phase of the sin- 
gle market in areas such ns tele- 
commuittcations and energy. This 
wiU require member states to make 
significant adjustments, either by 
applying mutual recognition of 
national rules or by ogrMing to a 
second burst of Eurolegislation to 
harmonise competing systems, 
which in turn will require a strong 
central regulator. 

The lesson of the Delors era is 
that member states ore uncomfort- 
able with an overactive legislative 
programme and with the idra of the 
Commission as a government-in- 
waiting in Brussels. Countries such 
as the UK and France are particu- 
larly resistant to the idea of the 
Commission developing a separate 
foreign policy-making function. The 
hii^-water mark for EU le^sbtion 
may titm out to be the 199S single 
market progra^e. 

Tbe temptation is to restrict the 
Commission’s ambitions to its tradi- 
tional tas k jt ; prinopally conducting 
trade policy, monitoring the (torn- 
mon Agricultural Policy enforcing 
tbe Treaty of Rome In areas sudi as 
competition and state aid; and dis- 
pensing regional aid. 

Yet as Mr Niels ErsboU. tbe oub- 
going secret^-general of the Euro- 
pean Council, pointed out in a 
recent article in tbe foreign policy 
magaziiie International Affairs, the 
(fommisson role as an "implement- 
ing government" is under tiiz^t 
not only from member states, which 
have an interest in deciding how 
lightly or strictly EU law is applied, 
but also from the European Parlia- 
ment as co-legislator. 

In Strasbourg ttos week. MEPs 
blocked the Council's decision to 
liberalise tbe market in voice tele- 
phony bj’ 1998 - the first use of 
such powers under the Maastricht 
trea^. Mr ErsboU argues that the 
institutional power-struggle could 
become even more acute in an 
enlarged Union. 

Some member states such as tbe 
UK mi^t relish the prospect of tbe 
Commission in retreat, but the price 
could be high if this means lax 
enfbFcement of existing rules or a 
ctmdomlxuum between int^ration- 
ist-mlnded member states led by 
Germany. "We are not entering a 
trap-free zone." adznits one British 
officiaL 


Dmnoerat lemier Paddy Adidown. 

Associates of Noon describe him 
as "squeaky clean”: so maybe the 
choice is right a change. 


Unreal hopes 

■ Why are politicians unable to 
resbt piggy-backing on the success 
of national sporting heroes? 
Argentine president Carlos 
Menem’s designation of Diego 
Maradona as a "roving ambassador" 
after tiie 1990 Rome football World 
(hzp now looks risible. 

BrazU's ^zvenunent is now doing 
its damnedest to repeat the error, 
by connecting the BrazUian team's 
success in the US World Cup to 
hopes that the country's new Real 
currency wiU also strugEte through 
to eventual victory. 

Don’t ba^ on it. 

For the thousazzds of Brasilia 
residents who cheered their 
returning soccer stars at the 
capital's airport late on Tuesday 
immediately started booii^ when 
three government ministers stepped 
on to the runway. Looks like a 
penalty for someone. 


Tune in, drop out 

■ Reference writers seeking a 
safely ambiguous turn of phrase 
could do worse than coiuazlt the 
Edinburgh Festival Theatre's list of 
omning attractions: "This onihestra 
feseinates by its oobelievable 
possihilities of interixretatic^” 


14 



WOBIPWIDE EXPEKtlSEAMD lOSOORCES 


★ 

FINANCIAL TIMES 

Thursday July 21 1994 



Frederick House. Pulford Road. York YOi 4SA. 
Telephone 0904 632401. Fax; 0904 610256. 


Major’s biggest reshuffle gives 
right a stronger cabinet voice 


By Philip Stephensi Politieal 
Ecftor, In London 

Four British cabinet ministers 
lost their jobs yesterday In Mr 
John Moor's bigg^ reshuffle 
since he became prime minister 
in 1990. 

The shake-up came on the eve 
of the certain choice by the oppo- 
sition Labour party of Mr Tony 
Blair as its new leader, to replace 
Mr John Smith, who died in May. 
Mr Blair, whose election will 
foreshadow a drive to shift 
I^d)our further into the political 
centre ground, is expected to be 
joined by Mr John E^rescott as 
deputy leader. 

Mr Major's reshuffle was 
intended to put in place most of 
the Conservative team which will 
the general election due by 
mid-1997. But it left scope for far- 
ther changes before then, Mr 
Douglas Hurd, who remained as 
foreign secretary, is widely 
expected to step down within the 
next two years. 

Overall, the changes pointed to 
a shift to the right by Mr Major 
with Mr Michael Portillo, the 
'^tdierite standard-bearer, pro- 


Surprise chairman for party 
as four ministers lose jobs 


moted from the Treasury to the 
post of employment secretary 
and Mr Jonathan Aitken, another 
ri^t-wittger, entering the cabinet 
as chief secretary. 

Some Conservative MPs were 
suggesting that this combination 
- alongside Mr Peter Lilley at 
social security - could herald the 


election strategJ^ He replaces Sir 
Norman Fowler, who submitted 
bis resignation earlier this year. 

The elevation of Mr Hanley, 
widely r^arded as on the centre- 
left of the party and as a prot^ 
of Mr Chris Patten, the former 
party chairman and present gov- 
ernor of Hong Kong, surprised 


Calculation over glitz Page S • Brooke’s legacy Page 1 1 
Editorial Comment and Observer Page 13 


start of another sharp squeeze on 
spending on the welfare state. 
Ihe number of ri^t-wingers in 
the cabinet - dubbed the '‘bas- 
tards" by Mr fl&jor - has now 
risen from four to five. 

The biggest surprise of the 
reshuffle, however, was the 
appointment of Mr Jeremy Han- 
ley, formerly the armed forces 
minister, as Conservative party 
rhairman where ^ wiO play a 
pivotal role in plannu^ general 


and irritated Tory Etirosoeptics. 

Mr Hanley, a pro-European and 
a liberal on social issues, mil sit 
in the cabinet as minister with- 
out portfolio. He will he joined at 
Conservative Central Office by a 
new team of deputies led by Mr 
John Maples, a former Treasury 
minister and now a senior execu- 
tive at Saatchi and Saatchi, the 
advertising t^ency. 

Among the other main promo- 
tions, the left-leaning Mr Stephen 


Dorreli entered the cabinet as 
taeritap secretary and Mr Brian 
Mawhinney as transimft sect«- 
Viscount Cranboume also 
joined the cabinet as teader of the 
House of Lords. 

'The principal csuairj* was Mr 
John Patten who vss sacked as 
education secretary. In a terse 
letter to Mr Major. Mr Patten did 
little to disguise his anger at the 
decision. Mr Peter Brooke 
resigned from the heritage 
department while Mr John Mac- 
Gregor. transport secretary, and 
Lord Wakeluun. leader of the 
House of Lords, had exp^ed to 
be asked to leave the cabinet 
Mrs Gillian Shephard was 
moved frum agriculture to educa- 
tion. She is a close poUtical ally 
of Mr Major and will be expected 
to improve relations benreen the 
government and teachers before 
the next gezmral election. 

hlr David Hunt, the former 
employment secretary', replaced 
Mr \miiam Waldegra\'e as public 
services minister. But Mr Hunt 
was given also the chairmanship 
of a number of k^ cabinet c(»n- 
mittees previously nm by Lord 
Wakeha^ 


UK MPs issue rebuke over Pergau dam 


By James Biite in London 

Lord Younger, the former UK 
defence secretary, was con- 
demned yesterday by a promi- 
nent committee of members of 
parliament for '‘reprehensible" 
and “wholly Inappropriate" con- 
duct when THfliring ati ofier of aid 
for Malaysia’s Peigau dam in the 
late 19805. 

In one of the toughest official 
critidsins oC govemtaent policy 
in recent times, the all-party 
Bouse of Commons foreign 
affairs committee accused minis- 
ters of a “serious failure" in the 
coordination of policy over the 
Peigau dam in the late l98Qs. 

The report on Britain's offer of 
£234m ($362m) Of aid for Pergau, 
which has taken six months to 
complete, did not entirely spare 
1^7 Thatcher, the fonner prime 
minister, who refused to give 


evidence to the committee. 

It says ministerial replies - 
several of which were made by 
the former premier herself > 
were “literally true, thoi^ less 
open and less informative than 
the House has a ri^t to expect". 

In one instance, a written par- 
liamentary answer from Lady 
Thatcher's office was judged as 
"not fully answering the ques- 
tions" raised by MPs on funding 
for the dam. 

There was stroi^ criticism, too, 
of the tactics used by a consor- 
titun of companies - including 
Balfour Beatty and General Elec- 
tric Company - when they tried 
to win a contract for the dam in 
March 1989. 

The report says the consortium 
put pressure on Lady Thatcher to 
make a finn offer to the Malay- 
sians to build the dam “on the 
faa^ of information which was 


incomplete". Within days, the 
government found the consor- 
tium's costs had jumped, requir- 
ing substantial additional expen- 
diture for the Overseas 
Development Administration’s 
bucket 

At the heart of the committee's 
inquiry was the issue of whether 
the British government had 
offered aid on condition that Mal- 
aysia bought £1.5bn of British 
defence equipment. 

Such a link would be contrary 
to British government guidelines. 

The committee agreed that a 
protocol signed by Lord Younger 
linking the two deals “was the 
only instance of which we are 
aware where the policy proscrib- 
ing oonditional linkage . . . has 
been breached". 

The MPs judged It “reprehen- 
sible" that the Ministry of 
Defence bad conducted negotia- 


tions on the protocol w*hich were 
within the remit of the Foreign 
Office without informing Lord 
Howe, then foreign secretary. 

It was "very regrettable" that 
Lord Younger did not feel it 
"appropriate to consult, even to 
inform. I^ndon before conclud- 
ing the with Malay- 

sia". According to the MPs. Lady 
Thatcher and Lord Howe success- 
fully disentangled the link 
between aid and the arms deal 
after Lord Youz^r's return. 

The committee did agree how- 
ever that a mathematical formula 
linking the size of the two deals 
was an enduring feature of all 
the contracts signed between the 
two governments between 1988 
and 1991. Mr Peter Sboi%. the 
Labour MF who chairs the com- 
mittee. confined himself to say'- 
ing that the fonnulahad played a 
“shadowing role" in the afiair. 


Labour MEPs to resist Santer candidacy 


By Uonel Barba- in Strasbourg 

The powerful British Labour 
party group in the European Par- 
liament last ni^t dedared that it 
opposed Mr Jacques Santer as 
the next president of the Euro- 
pean Cominissioa. 

The Labour stand, backed by 
Belgian and French socialists, 
fuelled the atmosphere of uncer- 
tainty a h ea d of today's vote to 
endorse Mr Santeris candidacy. 
The mood was heightened by 
MEPs' new assertiveness at their 
inaugural parliamentary sessiozL 

The vote for Mr Santer is part 
of a broad power struggle 
between the parliament and 
other EU institutions, which is 
e^rected to come to a head in 


1996 when the Uniou reviews tiue 
Maastricht Trea^. The treaty 
gives MEPs the ri^t to qiprove 
or reject the Commission to 
throw out certain EU laws. 

MEPs used this power for the 
fit^ time on Tuekkiy whm it 
voted down the Council's deci- 
sion to liberalise voice telecom- 
munications in Europe by 1998. 

Suppor^ (tf Hr Santer, the 
loDg-serving Luxembourg prime 
numster. seemed confid^ that 
he would achieve the simple 
majority required today, but his 
last-minute emergence as a com- 
promise candidate to succeed Mr 
Jacques Delors irritated MEPs 
clamouring for closer consulta- 
tion with EU governments. 

Ms Christine Crawley, deputy 


leader of tiie Labour group, said 
MEPs had been presented with a 
fait occomsp/i. "We are voting 
against Mr Santer because of the 
1^ of consultation." 

Ms Crawley acknowledged that 
the Labour group's opposition 
could change if the Eui^pvUa- 
mentaiy socialist group dedded 
to endorse him tod^. Labour has 
62 of 198 votes in the group. 

Mr EUaus Hdnscfa, the new 
premdent of the European Farha- 
menL made clear in his maiden 
speech that MEPs held the power 
to derail the Santer candidacy. 
He told MEPs: “L^ally speaking 
this is only a oonsultation, but 
politically spealting any candi- 
date that does not receive major- 
ity support from this parliament 


will fml. This is a measure ctf the 
power and influence we have." 

Mr Swter. a 57-year-oId Chris- 
tian Democrat and one-time 
MEP, 1ms been lobbying hravily 
for support from members of the 
Strasbourg assembly, appearing 
before the parliameot's two big- 
groups on Tuesday to out- 
line 1^ views 00 Europe. 

He spelt out his commitment to 
an integrated Europe and said be 
intended to lead a strong Com- 
mission, pursuing social and 
pnvironmpntai policies and a Sin- 
gle currency. He also strongly 
simported principle of "sub- 
si^arity" and spoke out against 
concentrating power in Brussels. 

Siting up Mr Santer. Page 13 


FT WEATHER GUIDE 


Europe today 

High pressure systems will maintain 
seasonal conditions from Scandinavia to 
Spain. Temperatures will be somewhat 
higher than yesterday in France and the 
Beneiux. Heavy rain and thunda showers 
w9l cross the nordiem Balkans. Hungary and 
the former Yugoslavia wilt have a lot of rein 
with a risk of flooding. Low pressure iKXth of 
Moscow will produce doud and rain over 
Russia with scattered thunda storms nea 
the Black Sea. The south-eastern 
Mediterranean will remain dry and warm. 
Western areas ol Great Britain will stay 
ciOLidy and unsettled but England will be 
warm and sunny. 

Five-day forecast 

Tropical temperat u res will spread 
northwards to Belgium tomorrow before 
thunda showers produce temporary cooling 
durirrg the weekend. Much of Europe will 
stay dry and warm although Scandinavia will 
become very urtsettlad. The western 
Mediterranean wSI have a heat wave arxi 
eastern win be warm and sunrty- 
Thunda etorms should develop ova ports of 
Greece and Turkey. 


TODAY'S -neaPERATURES 



SHua&ma 12 GMT. T€nipefaum maximum for day. FeneastsiryM6l9oC«isia of the NethertanOi 

Maximum BeWng fair 33 Caracas 

Cetiius Bdlast drszl 18 CaRjHI 

AW OhaU SIX) 38 B^raOe Idr 26 Casablanca 

Aeaa Itwnd 27 fair 28 Chicago 

Aigisra sun 95 Bermuda doudy 32 Cologne 

Arreleidam sun 27 Bogota doudy 20 Dakar 

Adim tair 33 Bombay diowrer 29 Danas 

Atlanta ihurvl 32 Brussels lair 29 Delhi 

B. Aims rain 18 Budapest thund 30 Dubai 

BJiam la 23 CJn^ sun 24 Dublin 

BarokOh shower 33 Cairo sun 37 Dubrovnik 

Barcdona sun .29 CwaeTown sun 14 EcSnburgh 



Latest technology in flying: the A340 

Lufthansa 


fair 

33 

Faro 

sun 

28 

Ma«d 

sun 

36 

Rangoon 

rain 

29 

doudy 

21 

Frankhiit 

lair 

31 

Maiorca 

aun 

32 

Reytaa^ 


14 

9WI 

27 

Geneva 

fair 

26 

Malta 

tair 

31 

no 

fair 

28 

thund 

30 

Gibraltar 

sun 

31 

Manehestar 

tar 

21 

Rome 

(hind 

31 

fair 

30 

Glasgow 

dial 

20 

Mania 

shower 

31 

S. Prsco 

ra 

21 

lair 

32 

Hanibvrg 

sun 

27 

Melboirne 

ahower 

13 

Seoul 

lair 

K 

tar 

36 

VMsinM 

shower 

20 

Mexico city 

shower 

21 

Stigapon 

doudy 

32 

atwwar 

39 

Hong Kong 

rain 

32 

Miami 

ttiimd 

32 

Stockholm 

lair 

26 

aun 

40 

HorioUu 

shower 

32 

MDan 

tair 

29 

SlTBSMurg 

(Sr 

29 

drzzi 

19 

Istanbul 

lair 

30 

Momreel 

dcudy 

SO 

Sydrvsy 

shower 

17 

thmd 

30 

Jakaria 

doudy 

32 

Moscow 

thund 

20 

Tangier 

sun 

29 

rSoudy 

22 

Jersey 

sun 

20 

Munidi 

far 

27 

Tel Aviv 

sun 

31 



Karachi 

doudy 

30 

Nakobl 

fa 

22 

Tokyo 

(hund 

30 



1 Kuwait 

bir 

44 

Naples 

thund 

30 

Toronto 

thund 

32 

A340 


1 LAngeles 

bir 

26 

Nassau 

thund 

32 

VanCouw 

sun 

24 



Las Palmas 

aun 

36 

NewYod< 

fair 

33 

Venice 

shower 

28 



Lima 

doudy 

21 

rfcee 

sun 

28 

Vienna 

doudy 

28 



LisbOrt 

fair 

28 

Nicosia 

sin 

34 

Warsaw 

sun 

27 



' London 

tab 

26 

Oslo 

fair 

26 

Washing Ion 

fair 

31 



Liix.bourg 

tar 

28 

Parts 

fair 

29 

WdUngton 

rain 

10 



Lyon 

lair 

28 

Perth 

shower 

18 

Winnipeg 

shower 

23 


' Madeira 

sun 

25 

Prague 

Iw 

27 

Zurich 

!<sr 

25 


THE LEX COLUMN 


Growth without pain 


Thei« is a a'ell-earned hint of 
self-congratulation in the minutes of 
the UK chancellor’s June meeting 
with the governor of the Bank of 
Ez:gland. Both said that the economic 
situation was “favourable" with 
steady growth and low inflatioiL That 
is doubtless a fair assessment of 
present but it says little about the 
future. The task now is to matinain 
this benign environment; the risk, 
underlined by yesterday’s crop of eco- 
nomic indicators, is that the economy 
may be set to grow too quickly. 

Retail sales grew i per cent by vol- 
ume in the last quarter despite April's 
tax increases. Building society lending 
is picking up, which must offset some 
recent worry about the bousing mar- 
keL In the background is the nascent 
economic recovery in Europe which 
should boost exports, especially at 
sterling's current low eschar^ rate. 
The economy's ability to withstand 
tax increases may aim encourage hith- 
erto reluctant companies to invest. So 
the governor's threat to raise interest 
rates if the pace of activity picks up 
could well be put to the test 

The question for the markets will be 
whether this can occur without the 
turmoil that followed the Federal 
Reserve's tig h tening in February. At 
least both gilts and equities have 
frdlen back since then. Equities would 
have the consolation that the eco- 
nomic strength which prompted mon- 
etarv' tigh tening should also do won- 
ders for corporate earnings. Gilts 
might prefer the first, pre-emptive 
tightening to be larger than the quar- 
ter point measured out by the Fed. 
The trouble is that the glare of publlc- 
ic>' which now surrounds monetary 
policy is more conducive to compro- 
mise tlm bold gestures. 

British Airways 

B.A's passenger figures have 
recently shown some encouraging 
gains but two dark clouds are drifting 
across its flightpath. USAir's second- 
quarter profits increase disguises its 
dreadfril plight. Hie fall in fuel costs 
which flattered its latest figures will 
be rapidly reversed this quarter while 
staff costs are still rising at an alarm- 
ing rate. USAir accepts it needs a “per- 
manent and substantial" reduction in 
operating costs. The strength of union 
representation will make conventional 
cost-cutting hard to achieve. United 
Airlines' blueprint for swapping 
labour concessions for employee own- 
ership may therefore appe^ But such 
a scheme would cause big problems 


FT-SE Index: ^077.2 ('14,1) 


UK momy supply 

Anrwal % growth 
12 - 



for BA. Either B.A's 2J.6 per cent 
shareholding would be heavily diluted 
or it would need to iiuect substantial 
funds to retain it at that level. may 
also worry that a rise in employee 
representation would lessen its own 
rnfiuenf-g over the future of USAir. 

BA’s other bugb^ of the moment is 
that the European Commissioa seems 
set to wave ti^u^ the state bale-out 
of Air France with minimal condi- 
tions. That would be little short of 
scandalous given the ECs suppos^ 
commitment tu free markets. Air 
France would recrive FPr20bn of 
fin.-reeial aid. which is equivalent to 
about 60 per cent of BA's market 
value. State subsidies on that scale 
promise to do for the European avia- 
tion industry what Chapter 11 
achieved in the US. Too much capacity 
will be kept in the air. distorting com- 
petition and destroying profitability. 

David S. Smith 

Making paper should be a relatively 
predictable business since demand is 
so closely linked to the economic 
cycle. But the competitive environ- 
ment can change extraordinarily 
quickly as David S. Smith's antm.-!! 
results make clear. Last y-ear, paper 
makers were obsessed with price bat- 
tles with their customers. This year, 
they have watched with a mixture of 
excitement and alarm as pulp prices 
have shot skywards. The scale of the 
rise has made it easier to pass on the 
pain to the end users. But as Inveresk 
warned earlier this month, that has 
not been universally possible. 

Smith has done well to avoid the 
margin squeeze on most paper grades. 
The Kemsley mill Is complete and can 


take full advantage of the market 
Strength. Recent acquisitions are 
alrea^ proving their worth. Not only 
is Smith benefiting from the pick-up in 
demand across Europe; it can also 
gain from the greater market peovtra- 
tion for its recycled products. 

Yet the 4 per cent rise in Smith's 
shares yesterday seems excessive after 
the company’s SS per cent outperform- 
auce against the market over the past 
year. Smith's tax charge will double 
from last year’s 11 per cent, pugging 
earnings growth. Besides, there is no 
guarantee that the benign trading cli- 
mate fur recycled paper will omtinue. 
Tile absurd German recycling scheme, 
which has distorted European recycled 
paper prices for years, has finally been 
adjusted. But insanity could easily 
break out once again. 

Futures trading 

ITie battle lines in giobal futures 
trading are being drawn. In one camp 
are the Chicago Board of Trade and 
London’s Uffe. Yesterday they agreed 
to explore Unking their electronic out- 
itf-hours trading Q'stems. In the other 
camp is Globex - an alliance embrac- 
ing the Chk^o Mercantile Excha^, 
Germany's DTO and France's Mdtif ns 
well as Reuters, the financial informa- 
tion group. The two groups have 
rather different visions. CBOT and 
Liffo, reflecting their positions as the 
largest exchaii^ in their respective 
lime zones, understandably do not 
wish to lose control of their futures 
contracts to rival exchanges. As a 
result, they favour loose bilateral alli- 
ances. Both are also committed to the 
system of opw outco'- So electronic 
trading Is envisog^ mainly as a way 
of extending their sen*ices outside 
normal opening hours. 

Globex is a tighter alliance, pair- 
ing a greater degree of commitment 
from its members. That is one of the 
reasons CBOT left it earlier in the 
year and liffe reftised to join. Elec- 
tronic trading also plays a more cen- 
tral role, with Globex ultimately envis- 
aged as a round-the4:lock system. 

In the medium term, both 
approaches can coexist. Ute only con- 
tract over which there is serious com- 
petition is the bund future. Moreover. 
Globex's slow start shows that global 
futures trading will not develop 
quickly. But a tidly screen-based trad- 
ing system looks like the more cost-ef- 
fective option in the long nm. If so. 
open outcry could find itself consigned 
to history in the way face-to-iace share 
trading was in the 198Qs. 


'nll»«mmn^l•a«p«na9renar«fl•cndoWs^ 


May 1994 


nepuit 

COMPTOIR DES ENTREPRENEURS 


FF 10,252,000,000 

Sale of Real Estate Assets 

The undereigned acted as advisors to Comptcrir des Entrepreneuis. 


Bankers Triist lotiemationa] PLC 

UemberclSFA 



imafftne 

KtonOsitol'ASF 


ATLAS CAPITAL LIMITED 


FF 4,500.000(000 6.375% Bonds AAA/Aaa due December 1998 

f Uncooditionally and incrocaUy punintved bv MBIA Corp.) 

FF 4302,000,000 FRN AAA/Aaa due December 1998 
(Uncomlidonally and irKvocablyeuannleed by MBIA Cuip.) 

FF 1330,000,000 Privately Placed Junior Notes due December 1998 


The uiKlersigned acted as arranger and underwriter to Atlas Capital Limited. 



Bankers Tnist International PLC 


rutombn ol SFA 


handbirBarSin Ihoi NibiTiailBnainc 








15 



u>u 





T-A'je.: 


Bryant 

Group 

Invest in Quality 

“®**“*P*0^>niES-CONSTRUCTK)N 
02^ ?n 1212 



FINANCIAL TIMES 

COMPANIES & MARKETS 


Overseas Mcmng 
byMichaelGerson 


081-44613001 


OTHE FINANCIAU times limited 19W 


Thursday July 21 1994 




IN brief 


BankAmerica 
advances 8% 

adraurad s per 

m the three months to the end of June, as the 
^ ftancis<»hased bank continued to reflect the 
LaUtomian ecmomys slow emergence from reces- 
sion. Fage 18 

AdP may sell bank stake 

Assnrances Genres de Ftonce (AGF), the FTendi 
insuranw company to be piivatiaed in the airttimpi 

IS consideriiig selling ib 43 per cent stake in 

Banque Frangaise da Commerce Bxterieur (BFCE) 

the specialist banking group. Page 16 

Alcan of Canada seHs Auslr^mi stsdca 

Alcan Alumimom of Canada has sold its 78.3 per 
cent holding in Alcan Australia via an mtamatiiiji ai 
secondary oSering worth USg24Sm. Meanwbiie, 
Alcan Australia aimounced a retorn to tise Uack 

despite Ug production cuts. Page 17 

nns of steel In South Korea 

Fohang Iron and Steel, South Korea’s 
steel company, plans to eqiand its production 
capacity in an attenmt to block the HjnmSai group 
from entering the steel sector. Page 17 

Positive quarter for US drugs groups 

US drugs groups reported positive seoond^inarter 
figures 00 top of double-digit g»«wg in gf pp0, 

scription drugs in the US. Only Pfizer warned 
this year's profits would toil to match AgHmaNac 
Page 18 

110111800 43% 

MCI Communications, the second largest US long 
distance telecommunications conqiany, reported a 
43 per cent rise in secmid qnarter net in<v>fwa^ 
helped by growth in frie consumer, business 
^bel markets. Page 18 

Putures exchanges look at iink-cqi 

Ihe Chica^ Board cd Trade and the London Inter* 
national Financial ^tures & Options Exchange, 
the largest and third largest futures exchanges, 
plan to ^ilore the feasibility of Hnirittg their after* 
hours electronic trading sydiems. Page 20 

David $ teiith pleases narlcet 

Shares in Dadd S. Boiding g jninped 22p to 

SSOp after the UK paper, paciMgmg and (tffice siQh 
plies group report^ bette^tban^xpected results. 
Page 21; Lex, Page 14 

A bniah-^ for bookfas 

All the main chains M British betting shops are 
planning to refiirbish their sbopfirmts foDowh^ the 
goveromtet's deciaon to ease restrictions. Page 21 

Flat performance from Eve 

Eve Group, the USM-quoted dvfl eigineeiing 
group, hlaifM»ri cliTp fpah trading fnniKHnwfl jn the 
construction industry for a fiarf peifonnanoe in the 
year to March 3t Page 22 

Monaanlo ves^ks to allay fears 

Mnnaatitn wluch "wViiq nulk-bocisting diury 
hormone BST, yesterday sou^it to counter fears 
about its use, sapng It had not affected milk con- 
sumption and was reaping dividends for tonneis. 
Page 26 


Companies In this issue 


AGF 

16 

FM Marytand 

22 

Aerastructures 

22 

Gangold 

17 

Air France 

1 

HoBas 

21 

Afcan 

17 

Hyundai 

17 

Alcan Australie 

17 

nr 

18 

ABstate 

18 

Ladbroke 

21 

Angtavsal 

17 

Lotus Pewekipmante 

18 

Axel Springer 

iai 

MO CommunlcationB 

18 

BFCE 

16 

McOonneB Deustes 

18 

BPA 

16 

McKay Secs 

2t 

Bayerfsche VWe. 

16 

Merck 

16, 15 

Beailord 

21 

MoeaictrTvs 

21 

Bristol-Myers Squibb 

16 

Ocaonics 

21 

British /qrways 

1 

PliBer 

18 

Cehech 

IS 

Mwngkon&Siael 

17 

Central Motor 

21 

Ramco Bwrgy 

21 

CheiaigKong 

17 

Sable 

17 

CoielSK a Fowler 

22 

Schering-Plough 

18 

Compaq 

15 

Scottish Americsi 

21 

GopyrigM PremoBons 

2t 

Sears Roebuck 

15 

Credt Lyonnds 

16 

Smith (David S| 

21 

de Morgan 

21 

Smith Barney 

16 

DowdhgaMDs 

21 

TAN 

10 

Emap 

21 

USAir 

Id 15 

Eve 

22 

Vkgbi 

10 

Maitsst StaUslics 

fAnwainportoaanlce 

»9a 

Rjnign octenge 

34 


BsHtmark 60*1 boodi 20 

Bond futins Bid opOoni 20 

Bond prica aid jiWds 20 

CDQmdBK priCK 26 

DMdMb amwcod, UK Z1 

BIS cdnsicy am 34 

Eurabepd (rIms 20 

Rnd WBmt Mens 20 

FT-A Wortd hdns Bick togs 
FTGoUMliMMn BidtPqe 
FMSKU M bond s*c 20 

FT-SE Acbariet IndEM 27 


eBtspricn 
Utoequhapten BiekPlBs 

Undon Item santo 2B-29 

London osl wAn BskPiBe 
Msi^ tunte aanks 2SM 
Monsir msketa 
MwMbenllMM 
Recant teun, UK 
Shoct-tsiniRtiatM 
US bitseit filBB 
waM Stock liatan 


Chief price changes yesterday 


niMsaiiin’iDie 


BUT 

Bdmttt 

Oeesa 

eoE 

Ute 

MU 

MB 

unrvffiKM 


eWiMq 
MGroTidi 
IMDsiBM 
teOuMDoug 
PSnr 

nuesgiq 





EBF 

960 

B« 

♦ 

14 

PfeiMMaivs 

SB6 

976 

4925 

564 

+ 

27 

aos 

11 

Piaaeda 

eiH! 

944 

770 

9S2 

BBB 

1 


14 

a 

Ml6 

aHMWeCoee 

5se 


TOtorOffdal 

Meea 


1 


vn* 

• 

2 

aisai 

500 

X 

- 

1M 

Kane 

aos 

20 U 

31W 

- 

m 

IVb 

Mad Mari 

1390 

1ISU 


3M 

Mbon Now 

549 

ss^ 


Zm 

QriaSlVMst 

Mli 

1200 

666 


26 

jannlMUng 

42S 


+ u 

* m 

* 42 

•» so 

- SI 


* 12D 
+ 17 


Nbw VMc pricn at 1£a0|»k 


WHDOMpBBcat 


MBiiterCBit ur 


MKC 

111 

•f 

0 

UUteedb 

316 

* 

aoAm) 

2 » 

2 » 

t 

0 

7 

IHRIBM 78 

572 

008 

+ 

MgMntM 

23 

♦ 

6 

VSB. 

* 

BaiFiisin 

212 


12 

Mta 



tekrTymUl 

ar 


9 

MU 

120 

_ 

tbSiSBa 

UOGSdo) 

SS7 

933 


30 

30 

CieGraw 

383 

- 

IWsSr 

1S7 


16 

Gabon L|ani 

132 

- 

UaaiyAtsa 

619 

4 

21 

KatfdBh 

105 


tapMs 

Fma 

1068 

301 

4 

r 

33 

21 

WwBow 

135^ 

- 

OdttIMJS) 

500 

4 

2S 

WMtono 

615 

— 


12 

10 

S 

w 

3 

9 

13 

5 

5H 

IS 


Compaq soars 
and gains share 
from PC rivals 


by Lottos Kahoe 
in San nenefceo 

Compaq Computer yesterday 
wpoM a S8 per cent jump in 
sales for the second quarter as 
the US pmrsonal computer mann- 
tocturer continued to win maiket 
share from con^etitots. 

The company sbtoP^ a record 
number of computers in the quar- 
ter to reach revenues of 82.^ UP 
from $l,63bn in the same period 
of 1S83. During the quarter it alto 
introduced a record number of 
products, fr^ hi^perfonnanee 
notebook computers to servers 
for computer networks. Net 
income more than doubled to 
$2l0in. or 78 cents per share, 
from ^Qhn or 40 cents per share. 

Coaiipaq's results came one day 
ahead of IBM's. The industry 
leader is today expected to unveil 
strong eaniingB tor quarter, 
in contrast to the heavy losses 
sustained in the same period of 
1998. when it took an S8.9bn 
restructuring chaige. 

Analysts e^mate that IBM's 
quarteriy PC revenues ^ew by 
about 10 per cent, susesting it U 
losing ground to Compaq, whidi 
aims to overtake .^pie Computer 
and IBM to become the largest 
seller of PCs by 1996. 

Compaq's figures were in line 
irith Wall Street prejections but 
the company's stellar perfor- 
mance over the past year has 
heightened expect^ons and its 
stock was trading at S32 in mid- 
session yesterday, down from 
Tuesday's dose of 838^. 

'‘Ihe growing woridwide accep- 
tance of the CoiQpaq brand has 


helped propel the company to 
another record sales quarter,” 
SBDd Mr Erhard Pfdffer, presi- 
dent and chief executive. 

Calming investor concerns &at 
PC market growth tnay be on the 
wane. Compaq said it anticipated 
gro win g demtod in second 
half of the year. Ibe eft«pawy is 
hiriirHpg aew production to 
expand its operatimss wwldwito. 

Inventories stood at 82.24fan at 
the end of the second quarter, up 
from $1.12bn at the end of 1993. 
Mr Daryl White, chief financial 
officer, tJiic was in 
tion of strong demand, particu 
larly in the fourth quarter. 

“Our inventoiy l^el, in terms 
of weeks of invmitory, has not 
increased from the second 
quarter of last year.” he 
added. 

Compaq also announced part 
nerships aimed at new market 
segments. Comjteq and Picture- 
Tel. a video rrmfmnrnng equip, 
meat company, haw formed an 
affiance tor the design and manu- 
facturer of PC-based "personal 
conferencing” products. Micro- 
soft. the leading PC software 
company, has teamed up with 
Cmnpaq to develop video servers 
tor interactive tetevlsion ai^lica 
tioos. Compaq has also 
announoed a joint wnture with 
Grade to develop database s^- 
ware for Compaq servers. 

For the half year Compaq 
reported revenues of KSbn, up 
fr^ $3.2bn in toe fiiA half of 
1993. Net Income more than dou- 
bled to $423m. against 8204ni, 
while Aflraing B per share rose to 
$1.59 from 81 


USAir faces big 
losses despite 
positive quarter 


Rich a rd Tornkne 
ki New York 

USAir, the straffing US carrier 
in iriildi British Airways bolds a 
24.6 per cent stake, yesterday 
reported a small inovase iu net 
piuflts, to $l33m from $5.tei, to 
Hs aecmid quarter. Bowever, ft 
still loito set to end the year 
with heavy losses. 

Tbe company operates mandy 
in the north-east of the US, 
where it toces tough coupeUUcui 
from Cootlnental Airlines, 
Southwest Airlines and other 
low-cost carriers.' Earlier this 
year, it bad to dash fares to win 
hadi passengeis. 

Tederday USAir said Hs low- 
fare strategy had been vindi- 
cated. Ihe increase in passnger 
nninibers had more toan oot- 
wri^ied the effect of lower fares. 
Total revmraes rose by 34i per 
een^ to $1.72bn from $1.6ttm. 

The airline also said its 
attmnpts to increase productivtof 
bad succeeded in cutting operat- 
tog costs per available seat mile 
from 11.12 cmite to 1037 emits. 

However, the second quarter is 
traditionally USAlr’s best 
because of seaswial factors, and 
it acknowledged that its cost lev- 
els were still too Mgh to enable 
it to show a profit tor the year. 


In the first quarter, the airline 
lost $19&7m and warned that Hs 
full-year liases would be even 
worse than last year's $349m. 

British Airways has invested 
nearly $400m in USAir, and was 
due to invest another $450m 
between now and ISSL However, 
in March it annainioed it would 
not conunit any more funds to 
the US atrffne until it tmiwoved 
Hs financia] perfomunce. 

Last month, USAir announced 
K would seek to take $ll« a year 
oiH of operating ante by 
through efficiency truprovements 
and cuts in labour costs. How- 
ever, it has yet to reufa an agree- 
ment iritb fte unions. 

USAir has indicated it has 
enou^ cash to take it toto next 
year. However, it is six years 
since the airlliie made a profit, 
and it is widely regarded by 
industry aaalyste as one the 
two lai^ OS aiiiines least Ufcely 
to survive another wave bank- 
ruptcies. The other is Trass 
World Airlines. 

After preferred divideads, 
loeses pm share wme 0.9 cents 
compa^ with 23 cents last 
time. For the first six months, 
net lo«es rose from $5S.an to 
$i82An, eluding the effect of 
accounting changes. 

Lex, Pi^ 14 


Retail jump for 
Sears Roebuck 


By Richard Tomlteis hi Now Yoilc 

Aroog increase to profits from 
its revamped stores helped Sears 
Roebuck, the US retailiz^ and 
group, to lift underly- 
ing net pR^ts by nearly 10 per 
cent to $^.4m in the second 
quarter. 

Opeiatii^ profits in the stwes 
diviaon shot tqi 23 per cent from 
$199 Jhw to $199im. driven by an 
11 per cent increase in sales to 
$7.6bn. Under the leadership of 
Mr Arthur Martinex, chief execu- 
tive since 1992, Sears Roebuck is 
w^ into a store remodelling pro* 
graniDm. 

*w"paiiv said costcutting 
n^fiures initiated over the past 
year had also helped retailing 
I'esalts. Selling and administra- 
tive CT iwTMe ^ ^ ^ percentage <£ 
xeveuues toll from 26A per cent 
to 26.6 per cent. But the eflbet 
was ofiset by the costs of an 
extensive advertising ca mpai gn, 
so the gross margin was 
irnffhang ed at 28.9 psT Cent. 

The ip>amaHonal storm, com- 
prising Sears Mexico and Canada. 

cut their losses from $5.2m to 


$800,000. 

Gains on the retailing side 
wmepartiy oftoetby a dec^ne in 
the contribution from Allstate, 
the insurance company of which 
Sears Roebuck owns 80.1 per 
cent Resuha for this tide cC the 
business - reported separately 
yesterday - showed net income 
after minority interests falling 
from |37inm to $2221111, laigtiy 
because of higher catastrophe 
losses. 

Revenues Ibr the groiqi as a 
whide rose 7 per cent to $13.01bn. 

net income of &03.4m 
appeared to represent a decline 
from the $i.0dbn reported last 
time, but the yearsa^ figure 
inniiidwi a $63S.im gain from the 
sale of a minority interest in 
Allstate. 

On a Ilke-for-Ulte basis, earn- 
ings per share on txintinuing 
operations rose from $1.19 to 
$1.27. 

For the first six montiis, net 
to cofWQ on ctmrinuing oper^iODS 
fell from $77S.5m to $40SAm, 
nwrinly because of heavy catas* 
tropbe losses in the first quarter. 
Allstate results. Page 18 


Conner Middelmann on governments struggling to finance their debt 

A breather for the 


T he recent bond market 
recovery has provided 
European governments 
with a umeh needed opportunity 
to step up funding programmes 
that had become b^ed down to 
market turmoil and adverse yield 
movements. 

Some governments - notably 
Germany - had cancelled anfr 
tions anrf faUftn h»hiwit with thtir 
fundlDg programme others 
shifted funding to less vola. 
tile shortte* maturities. 

However, the improvement tn 
sentiment eased l^e way this 
week for the German govern- 
ment's first ametion of lO-year 
bonds since September, raising 
DMlQbn ($6bn>. N^ week the 
UK will auction its first long- 
dated conventional bond to ax 
months. Since January, it has 
auctioned £lQAbn (tl6bn) of 
“exotic** instruments, such as 
convertible and Qoating.rate gilts 
and shorter-dated bonds. 

Altogether, the next four weeks 
are likely to see around glDOtm of 
new supply from the Japan, 
Germany. France, the UK and 
Italy, as well as sobstantial issu- 
ance in Spain a^ Sweden. 
Indeed, the heavy supply may 
limit tte scope of file bond mar- 
ket recovery, especially as some 
countries are lagging to their 
funding schedules. 

Even before yesterday's wob- 
ble. the sustainability of the 
recovery was b^g questimed. 
Some analysts were disimsBtnc It 
as litfie more than a tedmical 
bounce and remained concerned 
about mvestor demand. 'Ts this a 
genuine rally or just a correction 
to the market?” asked Mr 
Kirit Shah, international bond 
strategist at First Chicago in 
London. *1 tbtok it is the latter.” 

The recent rally began with 
investors swUehing into German 
bonds out of US assets. 17160 US 
bonds and the dollar staged a 
cautious recovery, eaiming world 
markets. Moreover, encouraging 
German money supply data 
revived hopes that the Bundes- 
bank would cut interest rates 
again. 

Some bond dealers have ai«n 
reported a cautious return by tra- 
ditional bond investora, who had 
abstained dining tbe sell-off but 
were tempted by tbe sbaip rise to 
yields to buy a gam from the start 
of tbe third quarter. 

Others, however, attribute the 
recent gains mainly to futures 
buying by players seeking 
short-term capital gains, and 
warn that more retail buying is 
needed to underpin tbe recovery. 
'At tbe moment, most of the buy- 
ing iB futures driven, with some 
increased buying by hedge 
funds,* said Mr .Shj ji- 
'“Fo cite an old tnnsm: supply 
is never a problem vriien there's 
adequate demand.” said Mr Jan 
Loeys, European fixed-income 
strate^t at J.P. Morgan. 

Governments will want to 
ensure that this year's supply 
goes into firm hands after last 


Merck boosts 
asthma stake 
with UK deal 

By DanM Qrsen in London 

Tbe biggest corporate deal yet to 
be signed by a UK biotechzudogy 
company is set to be announced 
today between Celltech and 
Merck, the biggest US drugs man- 
utoctorer. 

The two will collaborate ou an 
asthma drug invented by 
CeJltech. Codenamed CDF840, It 
has been suc cessfu l to early clini- 
cal triaU. Mark win laig^ pay 
tor the much more expensive 
later roimds of trials. 

7726 deal win bring Merck and 
UK-based Celltech into direct 
competition with Europe’s big- 
gest drug company Glaxo, which 
has a deal with toos. the Seatfie- 
based bioteriizudogy company, to 
develop a Himiiar drug. 

It reinfiuces Merck's chaHenge 
in asthma, a growing business 
worth St least $4to a year. 

Glaxo dominates the sector 
with two drugs, Ventolin and 
Becotlde. Rival big-selling prod- 
ucts are made by Sweto’s Astra, 
the UK's yteona and Botiviiigte 
Ingelheim of Genzumy. 

Mer^ has already signaOedits 
intantico to fight its way into the 
asthma sector and has a drug of 
He own in the later stages of tiin- 
ical trials caned MK-476. It would 
be lacmched a year or two before 
the Celltech product and both 
could be On toe mariret by tbe 
end of the decade. 

For Celltech the deal repre- 
sents a vote fjC nrmflrfenpB jn Its 
product pipeline as much as 
cash. The btiongs to a class, 
phosphodiesterase IV inUbitoirs, 
which bolds out tbe promise of a 
onceA-day t^let to replace ste- 
roid inhalers. 

Other «vnpaDlfts are working 
ou ggiflar dnigs, hxduding Icos/ 
Glaxo. Oelltedi darima Its dn% is 
either furtha* down the develop- 
ment route than rivals or per- 
torms better in trials. 

US drugs groups, Pago IS 


funding laggards 


Qovenunent borrowing programmes 



Cutrant 

lhanciSyear 


GroM term Implied manitily linplud iiwrtMir 

borowlis USS PKo ef kmonco, USS laauatoe m W 

ieqt*enia« bn 'etn oi fnancnl ytiv bn ol GDP 


USCton) 

IBS 

IBS 

47S 

475 

41 

41 

7.2 

Japan (rODObn) 

13J8 

137 

27.5 

278 

2.4 

24 

at 

Itady (L'OOObn) 

1S2 

97 

235.7 

151 

185 

11 

12.0 

Francs (^ibrO 

286 

S3 

500 

94 

34.2 

6 

ae 

UK(£bn) 

2a7 

32 

29.2 

46 

2.4 

4 

4.3 

Qannany (OMbiq 

38.0 

24 

126.8 

61 

16.5 

It 

as 

Spain IPta'OQObto 

2.4 

19 

6.8 

53 

a7e 

6 

14.5 

Biwedan fStobq) 

95 

12 

106 

14 

8.6 


7.1 

Balgiuni ( BFitanl 

236 

7 

1013 

32 

19.6 


3.4 

Bonmoffc (DKrbn) 

44 

7 

102.2 

17 

6.5 


B.4 


year's borrowing honaraa turned 
sour. “They issued like 
year, but half the investors 
absorbing that supply weren't 
permanent investors ~ they were 
in it for the short term.” said Mr 
Loeys. Earty fills year, many of 
them took their profits. 

Reliance on foreign capital 
made some markmn particularly 
vulnerable to file bears. About 48 
per cent of Sweden’s net bo^ 
rowing was Rnanftad by oveiseas 
buying of government boc^ or 
foreign currency boirowtog, and 
heavy foreign sales this year 
have rtiwr toIL 

As a result, scone governments 
have started targeting domestic 
investors to ensure more secure 
homes for their debt. FYance 
plans to launch a programme 
this autumn to encourage private 
investment in govenunent bonds. 
And tbe Spanish TTeasuiy earlipr 
this week said it would s^ three- 
year fixed and fioating-rate pa^ 
to domestic insurance companies 
and hankg on August S. 

But altbouj^ supply is not 
causing serious difficulties now. 
it may well do so later in the 
yew, warns Mr George Mi^us. 
chief inteznational econamist at 
SC Warburg Securities. 

Indeed, the worries which 
plagued investors earlier this 
year could easfly return. For one, 
economic growth - while helping 


to slim government budget defi- 
cits through higher tax revenues 
- will fuel fears of inflation and 
higher interest rates. Even if the 
Bundesbank continues to cut 
interest rates, traders will be 
increasingly worried that each 
cut will be the last. Further 
threats to European bonds could 
come from the US, where interest 
rate increases are foared. 

Political risks abound, too. Jit- 
ters could surface, for instance, 
ahead of Sweden's elections in 
^ptember and its referendum 
over EU membership in Novem- 
ber. and ahead of the French 
presidential elections in early 
1995. to Italy, anil Urtginm, 
With their fragile coalition gov- 
enunents, the threat of govern- 
ment crisis is never far from 
investora' minds. 

A snapshot of Europ^n 
governments' remaining 
bond issuance for the 
year, sealed to gross domestic 
product, shows that supply pres- 
sures remato tbe largest in Italy 
and Spain, according to Mr 
Loeys. While Italy is fairly 
up-to-date with this year's sched- 
ule. it has so far foiled to fund 
any of next year's massive 
redemptions as originally 
planned. 

Meanwbiie, Spain issued few 
long-dated bonds during the first 


half of the year, rel>ii% heavily 
on short-term funding. Some 60 
per cent of its borrowing so far 
ttos year has been channelled 
tbrou^ treasury bills which will 
have to be refinanced within the 
next 12 months, impljing more 
supply later this year and espe- 
n^y in 1995. 

Supply pressures are relatively 
low at present in Belgium, which 
is slightly ahead in its issuance 
calendar. However, It, too, has 
been borrowing heavily at the 
short end of the yield curve 
implying heavy refinancing vol- 
umes not £w down the road 

Countries borrowing at the 
short end make themselves vul- 
nerable to rising short-term 
rates, which increase the cost of 
servicing their debt 

The UK is doing fairly well 
after last year’s substanti^ pre- 
funding, and has few redemp- 
tions to reftoance. Tbe French 
authorities have stuck doggedly 
to their monthly funding sched- 
ule throughout tbe bond market 
turbulence - though as a result 
French bonds substantially 
underperformed their German 
counterparts. 

But after yesterday’s bout of 
profit taking, tbe big question 
remains; will investors absorb 
tbe waves of supply to come later 
this year? 

CqiHal markets, Page 20 


This annoitnccment flj>pcflrs js a moner of record only. 
July 1994. 



/S4S 


Kbs sold 


SAS Leisure Group 


to 


Airtours pic 


for 


SEK 870,000,000 


Alfred Berg has acted as SAS' sole financial adviser. 





STeCXHOLM • COPCNMASeN • HELSINKI 
OSLO • LOMepN • NSW TOUR 




16 


FINANCIAL TIMES THURSDAY JULY 21 1994 


INTERNATIONAL COMPANIES AND FINANCE 


BankAmerica advances 
8% in second quarter 


Bjr Riehaitl Wates 
in New York 

After>tax profits at 
BankAmerica advanced 9 per 
cent in the three m onths to the 
end of June, as the of 

the San Frandscohased bank 
continued to reflect the Califor- 
nian economy's slow emer* 
gence from recession. 

Net interest income fell by 
S20m to 8L83bn, as an increase 
in loans failed -to oSset a Eall in 
the bank's net interest maigin 
to 4.49 per cent fixmi 4.72 per 
cent. However, provision for 
credit losses duriz^ the period, 
at Sl25m. was Sl02m lower 
than last time. 


Non-interest income, mean- 
while, dropped by SUm to 
$i.02m. In line with other 
banks and secorities houses 
whidi have reported results in 
recent days. BankAmerica's 
trading income was affected by 
the turbulent financial mar- 
kets. It fell to 9106m in the 
latest period from 9172m a yeu 
ago. On Tuesday, Merrill 
Lynch, the US's bluest securi- 
ties house, rqxnted net earn- 
ings of S252m. 27 per cent 
below the $345m of a year 
before. 

BankAmerica's fees from a 
number of products - includ- 
ing deposit accounts, credit 
cards and trust woik - also feU 


during the period. High^ fees, 
particularly from retail cus- 
tomers, have been one of the 
main methods by which US 
banks have increased their 
non-interest revenues in recent 
years. BankAmerica's income, 
however, was tol^red by a 
^5m increase in (^r sources 
of non-interest income, mainly 
the disposal of assets it had 
previously earmarked for Mia. 

Net income for the three 
monihs was $52Sin, or $1.32 per 
fully-diluted share, up 
948^ or 9L19, the year before. 
For the forst half as a whole, 
net income rose to 9 L04b n, or 
$2.58 a share, from 9972nx, or 
$2.38. 


AGF may sell bank stake 


By Alice Rawsttiom n Paris 

Assurances Gdndrales de 
France (AGF), the insurance 
cojnpai^ scheduled for privati- 
sation in the antiimn^ yeste^ 
day confirmed it was consider- 
ing the sale of its 43 per cent 
stake in Banque Franpaise du 
(Commerce Exterieur (BFCE). 
the specialist banking group. 

AGF also verified that it was 
in talks with Credit Lyonnais, 
the troubled French banking 
group that owns 24 per cent of 
BFCE, over the proposed dis- 
posal. However, AGF and 
Crddit Lyonnais declined to 
miTiTnpnt on speculation that 
they were considering selling 
their holdings together as a 
controlling stake. 

The disposal of their com- 
bined holdings, a m^ority 
stake of 67 per cent wi& an 


est ima te value of FFr2.8bn 
(9534m), would in theory raise 
more money than the separate 
sales of the individual stakes, 
given that a potential pur- 
chaser could, be expected to 
pay a premium for control df 
BFCE. 

AGF and Credit Lyonnais 
are making disposals. AGF. 
which has denied speculation 
about substantial losses on the 
bond maricet, is trying to raise 
capital after last ykr’s tnairing 
of heavy provisions on its prop- 
erty portfolio and its exposure 
to ailing concerns such as 
Comptoir des Entrepreneurs, 
the troubled financial gnnqi- 

Mr Antoine JeanixnnrfrGalig- 
nani, AGF rhairman, is review- 
ing the future of an the insur- 
er’s non-strategie interests. 
AGF yesterday confirmed ri»a* 
the BFCE stake was "not con- 


sidered to be a strat^c invest- 
ment" and might therefore be 
sold. 

Credit Lyonnais is onder 
even greater financial pres- 
sure. Mr Jean F^^evade, its 
diainnan, this spring secured 
tile government's support for a 
FFr44.9bn rescue paciki^ after 
disclosing a net loss of 
FFi&dbn for 1993. 

However, he recently con- 
firmed that bis group would 
require yet another capital 
inleetion following the discov- 
ery of more finanrial problems. 
ISr Peyrelevade is also intent 
on raising ca pH aT from dispos- 
als. 

Credit Lyonnais last week 
agreed terms to sell its oontrol- 
itrig stake in Fnac, the music 
retaning groiqi. to Mr Francois 
Pinault, the entrepreneur, for 
FFrL9ba. 


German bank takes over Swiss firm 


By Christopher Parkes 
In Frankfurt 

Bayerisdie Vereinsbank is to 
take complete control of Bank 
von Ernst, an old Swiss firm 
specialising in private busi- 
ness. 

It will take over the 50 per 
cent it does not own from the 
Creditanstalt-Verein in hernia, 
subject to approval by the rde- 
vaid authorities, the ba^ stud 
yesterday. 

Rank tod Enist, with a bal- 


ance sheet total of SFrl.Tbn 
($lJ2bnX has branches in Bern. 
2urich, Geneva and London, 
and emplo^ 250 people. 

It has representative 
bureaux in Frankflirt, Tokyo, 
Miami anH Caracas. 

Bayerische Vereinsbank is ai d 
it intended to strengthen Bank 
von Emsf s business with insti- 
tutional clients, especially in 

asset manag gniCTit and pa pifail 
markets business. 

Detailed terms were not dis- 
closed, aUi^nng h the Viennese 


partner in the daai is to take 
over Bayerische Vereinsbank's 
minority holdings in two Aus- 
trian hatika 

Since Bayerische Vereins- 
bank's 1992 purchase of the 
Schoellerbank had ^ven it fiill 
coverage of the Austrian mar- 
ket, its 4.7 per cent in the Bank 
for Oberosterreich und Sala- 
faurg. and a similar stake in the 
Rank fOr Tirol and Vorarlberg 
were no loiter of any strategnc 
importance, Bayerische 
Vereinsbank said. 


Portuguese 
bank turns 
in 13% fan 
at halfway 

By Peter Wise In Lisbon 

Banco Portugal do Atlantico. 
Fortngars second largest 
bank, has reported a 13.3 per 
cent fan in pre-tax profits te 
Es9.2^ ($S8m) for the first 
half of 1994. 

BPA said the slide was dne 
DiaiBly to a 31.7 per cent 
increase In proviglons aga^ 
credit and other risks to 
EslL74bn as a resnlt of reces- 
sion in 1993. 

Earnings were also afl'ected 
by investments in overseas 
snbtidlailes and in Dnido de 
Bancos Portngiteses, a small 
retail bank is which BPA 
acquired a coutroUlng stake in 
1993, BPA said. 

Cash flow in tiie first half 
rose 10.6 per cent, compared 
with the same peri^ year, 
to E824.37bn. Total deposits 
increased 7 per cent to 
Esl,9^75ba. The gttmp's loan 
portfolio grew 1.6 per cent to 
Es8llA6bn. Net assets rose 
16.4 per cent to Bs2,53Sbn. 

BPA has Sri aside Es326m 
for tax payments on first-half 
earnings. No tax provisions 
were nude dozing the fust 
half of 1993. 

The state is due to sell Hs 
rwmflinteg 24,^ per cent bold- 
ing in BPA bat no date has 
been set A group of Forto- 
gnese bnsinessmen has 
acquired a erntrollmg stake of 
abrat 27 per cent stzue privati- 
sation of the hawk b^;an in 
stages in 1990. 

BPA increased its capital 
from EslOObn to EsllOlm in a 
rights issne that closed on 
July 1. 


Fall of the Springer old guard 

The shake-up was dramatic. Judy Dempsey asks if it came too late 


UK brewer gets 
Richard North 

Bass, the UK's biggest brewer, 
has appointed as its finance 
director Mr Riehazd North, 44, 
who two weeks ago left Buzlon 
Groap, the fashion retailer, 
with a nan-contractnal banns 
of 12 months' salary > close to 
£250,000, writes Andrew 
Bolger in London. Bass said 
Mr North intended to folfil the 
£60,000 contract to do 12 
months' consultancy work for 
Burton which he was awarded 
when he left. 


M r Axd ^ringer, who 
in 1946 foozuM what 
was ti> becoizte one of 
Germany's largest pub lishing 
and uen-spaper houses, never 
had any doubts about what edi- 
torial line his papers should 
take, and what they stood 
for. 

Mr Springer, bom in 1912, 
was a defender of the 

reunification of (jennany; he 
was virulenUy anti-communist; 
he sought reconciliation 
between Germans and Jews; 
azid he was an ardent advocate 
of the market economy. The 
decision to locate Springer’s 
fall (tffice block at Chedc Point 
Charlie, the main crossing 
point for the divided Berlin, 
azid to ensure it could be seen 
by east Beziiners, confirmed 
these printiples. 

However, he never lived to 
see the collapse of the Berlin 
Wan. He died in 1985. 

The Springer group's 
troubles started after German 
renziification. whidz coincided 
witii tile rapid expansion cd tte 
ele c tronic media. The gronp, 
whose reputatitex was based on 
its three big daihes > Die Wdt, 
Bild, and Berliner Kforgenpost 
- were slow to adapt to a 
nnited Germany azid the 
changing tastes Of consuzziers. 

"Spring was just too slow 
in getting into the electronic 
media,* said Ms Ute Wolf, 
media analyst at Deutsche 
Bazik Research. "They were 
also slow in cost-cutting.* In 
fact, it wasn't until two years 
ago that the board finally 
undertook to shed 800 of its 
22J)00 workforce, revamp Die 
Welt, and move the paper's 
headquarters to BezlizL 
However, the main 
stumbling block facing 
Springer was the lack of 
strategy, caused largely by 
uzicertainty on the board itselL 
Over the past year. 
sharphntripTg have been asked 
to accept no continuity in the 
leadership of the group. 

When Mr Gflnter Wille. the 
c hair man died tn November 
1993, aged 65. he was succeeded 
by Mr Ctinter Prinz, 64. Then 
last April, it was anziounced 
that Mr Horst Reiser. 58. would 
take over at yesterda/s annual 
general meeting. He would 
remain in the job for ozUy 
for a short time, an then be 
replaced by Mr Jurgen Richter, 
SI 

Yestmtiay's decision by the 



View across a unified Germany from springer's Berlin HQ 


supervisory board to end the 
imcertainty by promoting Mr 
Richter as chairman was 
welcomed by shareholders azid 
analysts. "Tliis is a positive 
development,* said Mr Michael 
(Geiger, media analyst at 
NatWest Securities in LondozL 
"Now it can work on its 
strategy.* 

The question is who 
organised the "coup* agaizist 
the old guard, azid what does 
Mr Richter want to do with the 
Springer group, which is 
almofit ceirtaui to leave H«>hiT>d 
the traditions of Axel? 

D issatisfaction over the 
lack of continuity was 
apparent for some 
time, particularly within the 
Springer femily, which holds a 
50 per cent stake. Three of the 
heirs to the Springer group 
earlier this year published a 
letter in Die Zeit weekly 
criticising Mr Bernhard 
Servatius. chairman of the 
supervisory board, for what 


they saw as a confused 
strategy and the 
slow implementation of 
dedsioDS. 

Staff at Springer yesterday 
said the heirs had the support 
of Mr Leo Kirch, the media 
mapnato who holds a 35 per 
cent st^ and who, since 1956, 
has built up a a vast media 
empire spanning film. 
televistcQ, print and interests 
in eastern Europe. For his pact, 
Mr Servatius supported Mrs 
Friede Springer. .Axel 
Springer's widow, who is on 
the supervisory board. 

The intemal divisions in the 
femily and supervisocy board 
were expMted to be papered 
over at yesterday's AGM. “But 
suddenly, three days ago. the 
supervisory board held a 
special meeting. ITiey decided 
to replace the old guard. They 
informed the management 
board. And that was that," a 
Springer staff member 

sairi 

Mr Richter, apparently 


backed by Mr Kirch, now 
intends to proceed with the 
following strategy: 

• the management board will 
be reduced from seven to .sfe 
nwefoers; 

• intermediate layers of 
decision-making uill be 
scrapped, with the aim of 
giving board members more 
direct responsibility for 
meeting and distribution; 

• younger staff from within 
the group will be promoted, to 
impro\'e morale aiid keep them 
from going outside the 
company. Yesterday, Mr Klaus 
Leisner. 59. was dropped from 
the board and replaced by Mr 
Falk Ettweln. 53, who will be 
responsible for finance. 
Meanwhile. Mr Rudolf 
Knepper. 49. replaces Mr 
Haite-Joachim Marx, 63, as 
he^ of production. 

• Springer will also focus 
more on the electronic media, 
and look at how best to cut 
the losses in its television 
zziagazmes, which have not yet 
found their audience, and 
cut Die W^t's annual losses, 
which exceed DM7Qm 
($45m). 

Analysts and staff believe Mr 
Klrdi ^ played a nde both in 
tte strategy azid tbs "coup*. 
"After all, be would like to 
increase his stake to 50 per 
cent." an analyst said, and 
this depended on whether 
the Springer family was 
prepaid to increase his 
state. 

A lready. Mr Kirch and 
Springer ore working 
closely on Sat l, the 
independent television 
networic in which the former 
holds a 20 per cent state, and 
the latter, M per cent 
"The possibility of Kirch 
holding a majority stake 
in Sat 1 through Springer 
cazmot be ruled out. but it 
would be criticised, if not 
prevented, by the authorities. 
We all thizik of Berlusconi,* 
another Sprii^r staff member 
said. 

Whatever the outcome, 
yesterday's quiet revolution in 
Springer represents just one of 
the biggest shake-ups in the 
German media. It also 
represents the end of an era In 
a publishing house which 
prided itself on castigating the 
communists and upholding 
conservative traditions at any 
opportunity. 


Those seeunties have not been registBredundarltieSeajiiiesAel at 1933 anti may ntH be alfarsd or saUHiffieUniKdStiios 
except inaccanlarKBwiih Ole rasaleii a ti kJ l iMa^ili lie ^ /leihBnla. AS at ^esaseamHes having been saU. 

Oils announcement ippeanasanauaatrocanicnly. 



N.V. Yerenigd Bezit YNU 

3, 600, (XX) Common Shares 


GJbfra/ Coonfinerfors 

Goldman Sachs International 


ABN AMRO Bank N.V. 


Intemation^ Bering 

This portion ot the oUenngwaaoOered to insOtutionalini ms toisoutaKle el The NetherlanOB. 
Certalnollheaeseeunteehavebeenaeldut the LMtort States by rotates 
o/eonalnoUhsunasmignetllnprtitaieoltertngapuisuantlo 
ftuiei44AunderiheSecutUesAGtoti933. 

Goldman Sachs International 

ABN AMRO Bank N.V. 

Swiss Bank Corporation 

S-G.Warburg Securitfes B.V. 

CS First Boston 
J.R Morgan Securities Ltd. 


Deutsche Bank 

MiifciiitcwUBctefl 


Paribas Capital Markets 


Morgan jStanley a Co. 

IntvfnMranel 

Smith Barney Inc. 


NeffiertandsOfterir^ 


ABN AMRO Bank N.V. 


Kempen & Co N.V. 


Goldman Sachs International 

Internationale Nederlanden Bank N.V. 

MeesPierson N.V. 
Rabobank Nederland 


March 1994 


How do you keep up with 
an expanding Europe? 



Europe’s essential online business 
information service from the Financial Times. 


Now that the single market is a reality, the 
need for business information ... on markets, 
on your competitors, on European legisla^ 
tion... has become more urgent. 

So bow do you keep up with ail of the 
changes? And bow do you separate the useful 
information from the time-wasting trivia? 

You need FT PROFJULE. 

As a Financial Times reader, you already 
know where to turn for authoritative reporting 
on the issues and events that influence 
European business. FT PROFILE draws on 
this authority and on hundreds of other 


equally important information sources to give 
you the facts you need - in seconds. 

FT PROFILE is easy to use. 

All you need is a PC, a phone line and 
access to FT PROFILE. It helps you sift 
through the millions of pieces of available, 
information for the facts that can make the 
difference between a good guess and an 
informed decision. 

To learn more about how FT PROFILE 
can enhance your perspective on business in 
Europe and the world, call us now, or simply 
complete and return the coupon to... 


FTPRCMTLE. 

13-17 ^zwonb Slicet, Londoo EC2 4D1., 
Great Brimio. TbI: 444 (0) 71 825 SOOU 


Financial lines InfcniMtiOD Services. 
Nfeelungenplatz 3, 60318 I^aakfuii Main. 
Germany. Ibl: 069/15 685- 113. 


Financial Tunes InfomutloR Services, 
Bureau De Vente Paris. 168 Rue De Rivilo. 
75001 Paris. Prance. (1)42 97 06 10. 


Name 


Job Title 


Company 


No. of employees Q under 50 Cl 5o\o 100 Q over 100 
1 already use online C Yes D No 


Nature of business 


Address 


Postcode 


Tfelephone 


FT 


BUSINESS IN^MATION 


Country 


PART OF THE FINANCIAL. TIMES GROUP 





glNANClAI,TIM£B THURSDAY JULY 21 1994 


17 


INTERNATIONAL COMPANIES AND FINANCE 


Sabic extends rally with 57% rise 


By Marie Nieholson 
In Cabo 

Saudi Arabian Basic Industries 
Corporatiaiu the 70 per cent 
stateowned indnstrial and pet- 
rochemicals group, has 
reported a 57 per cent rise in 
earauigs for the firet half to 

^l.35bn (S380m), consoUdat* 
ing a strong tumround in prof- 
its which began in the last 
Quarter of 1993. 

Sable said the growth 
resulted from a cotnhinatim (tf 
improved rrorld prices for its 
products, which include petro- 


chemicals, plastics, fortilisers 
ajad steeU mid a substantia! 
rise in gross output as new 
protfects have b^un to come 
onstream. 

Total revenues for the sec- 
ond quarter of 1994 were 
SRaSSbn against SRlSSbn for 
the corresponding quarter last 
year, aeonritihg to Mr Ibrahim 
Ibn Salmneh, Sabic's vice- 
diairman and wiflTiflging direc- 
tor. 

The group’s gross output for 
the first ^ months reached 
7.96m tonnes, a iIm tf 36 per 
cent over 1993. Sabic said ou^ 


put was on target to reach 
total capaoty of 20m tonnes a 
year ^ the end of 1994. 

Sabic is well into an ambi- 
tious expansion scheme wbich, 
at an estimated cost by 
the end of this year of $41m. 
will have seen expansion 
at IS of the holding 
company's 18 subsidiaries or 

affiUatpa 

Sabic announced only this 
week that its ibn Sina plant to 
produce methyl tertiary butyl 
ether (MTBE), the petroleum 
additive, bad come on stream. 
The Ibn Sina plant is a joint 


venture between Sabic and 
Panhandle Easters, the US 
group, and Hoechst Cel^ese, a 
US unit of Hoechst 

The first half tunironnd fol- 
lows growth of about 10 per 
cent in earnings during the 
last quarter of 1993 following 
foUs in fwmtngii in both 1991 
and 1962 - largely attributed to 
soft world petrochemical 
pricesL 

Sabic, total assets of which 
rose 6 pm* cent to SA37fibn, 
claims to <wnmiTTi<^ $ per cent 
of global petrachemli^ mar- 
kets. 


Japan brokers 
face shake-up, 
chief warns 

By Gerard Baker In Tokyo 

Continued slnggbh trading in 
Japan's equity markets is 
lilmly to fom a reorganisation 
oi Japan's brokerage industry, 
an Indnstry oBleial «aiH ye^ 
terday. 

Hr Sadakane Doi, ahaiitmiw 
of the Japan Secuities Deal- 
ers* Assertion, told a press 
conference that all brokers, 
inclndlug the Big Foot - 
Noninra, Yamaichi, Daiwa 
Nikko - were facing 
'extremely severe* conditions 
as they approached the half- 
way point in tiie year at 
tile end of Septmber. “I think 
this conld prompt mei^ers and 
acquisitions among indnstry 
members," be said. 

Hr Ooi also eqresaed con- 
cern about the entry *"*9 the 
securities market of subsid- 
iaries of banks, a development 
allowed under a progrannne (tf 
finanrifll 


Alcan Aluminium of Canada 
sells stake in Australian unit 


By Robert GBibens in Montreal 
and Brace Jacques ki Sydney 

Alcan Aluminium, a£ 
has sold its 73S per cent hedd- 
ing in Alcan Australia via an 
iaternational secondary o^- 
mg worth US$2^m. 

Alcan had already said that 
it planned to dispose (rf its con- 
trolling stake. CS First Boston, 
the investment bankers and 
underwriter for the issue, 
placed the Alcan Australia 
shares with fagKfn*i/mat inves- 
tors in Australia, Europe. 
North America and Asia. 

The placement totalled 
130.8m shares at A^.S5 
(US8LS7) a share. 

Alcan Australia employs 
2,400 at seven plants a^ at 
dfstribution centres in Austra- 
lia and New Zealand. But it is 
the smallest of Australia's inte- 
grated producers, with sales 
only one-third of rivals Alcoa 
Australia amd rvtmalm 


Alcan Australia’s primary 
otoacity is 15SJI00 tonnes per 
year at its New Sou& Wales 
smelter against 400J)00 tonnes 
each for its competitors. 

Alcan Australia has a larger 
proportion of its business in 
dow n str e am actirities. It repre- 
sents 9 per cent of Alcan Alu- 
minium'a total world primary 
metal capacity. 

Alcan Alnminium retains Its 
bauxite mining interests in 
Australia and a 21.4 per cent 
stake in QmwngiaintT Alumina. 
It will continue to su{g>ty alu- 
mina and technology to the 
independent Alcan Australia 
and will market the letter’s mi- 
mary Twatai m Asia. 

Also. Alcan Australia will 
market Alcan products In Aus- 
tralia and New Tenlawrf M<ring 
the Alcan name until the end 
of 199S. 

Ihe 26.7 per cent of Alcan 
Australia not under fiawaritaw 
otmtrol has been held by vari- 


ous Australian Institutions. 

Meanwhile, Alcan Australia 
yesterday announced a return 
to the black for the June half 
da^Ue major produetkm cuts 
aSectiog the worldwide alu- 
minium industry. 

'The company turned a 
Ag2.9m leas into a AM-4m net 
profit in the period m a mar- 
ginal increase in sales revenue 
from ASSOlAa to A|S07.Sm. 

Directors profit was 

"still modest" and the com- 
ply would not pay an Interim 
dividend. 

The earnings improvement 
cane despite a 10 per cent cut 
In primary aluminium output, 
beaming this year, following 
an agreement among the 
worid's mqjm' aluminium pro- 
ducers to reduce oversupply. 

‘Ihe result followed total tax 
provision of Ag7.sm . compared 
to A$6.4m previously, ai^ 
interest expense of Ag5.4m, 
cmnpared to A$6.6 bi. 


Cheung 
Kong plans 
China spin 
off listing 

By Loiase Lucae 
in Hons Kong 

Cherny Kong, the flagship of 
Hr Zi Ea-shing's listed Hoag 
Kong empire, is to sifin off its 
China interests - whleh 
Inelnde property, hotel and 
infrastroetOTe praiects - In a 
separate listing within the 
next three and a half years. 

To finance te China inter- 
ests, whleh were recently 
hronght together under the 
ttmbrella of Chenng Kong 
Holdings (China), Cheang 
Kong plan* to issue USSSOOm 
worth of five-year exchange- 
able Roating-rate notes- 

The notes, which will pay 50 
basis poittfs above the thrae- 
montii US dollar inter- 

bank offered rate, may be 
redeemed for shares in Cbeniig 
Song (Holdings) China, once 
the initial public offer takes 
place, on an assured allotment 
basis, or for cash. 

Holders of the notes may 
convert them into shares 
wltliltt one year of the IPO. 
After thto, the notes become 
similar to a convertible note 
with an initial co n version pre- 
mium of 10 per cent. Investors 
axe also bong offoed a put 
oiptitm after ttoee years, or on 
the first anniversary, enabling 
them to redeem the notes for 
the prindp^ amount plus 
aeoned interest 

Chenng Kong (Holdings) 
China 's projects inelnde 11 
property developments, five 
government-supported hons- 
ing schemes end two hotels in 
Beijing and Oungshon. 


Posco expands to thwart 
Hyundai in steel sector 


By John Burton in Seoul 

Potaang Iron and Steel, South 
Korea’s dominant .steel com- 
pany, yesterday announced 
plans to expand its production 
capacity in an attempt to block 
the Hyundai group from enter- 
ing the steel sector. 

The increase in Posco’s 
annual production capacitj' b>- 
S.9m tonnes to 2Sm tonnes 
would cover any predicted 
shortfall in steel supplies in 
the next decade and deprive 
Hyui^ of its justification for 
starting die production of cold- 
rolled coils. 


The e.tpansioo of Posco’s 
facilities would be completed 
by 1999 at a cost of 
Wonl5,000bn ($l6bn}. 

Hyundai this week 
announced its long-term plans 
to build, ^ the year 2001 at a 
cost of WonT.TOObn, steel focili- 
ties to produce 9fim tonnes a 
year. 

'The government and stote- 
on*ned Posco oppose the move. 
sa>ing that the Hyundd facili- 
ties would result in a i^ut in 
steel supplies. But Hyimdal 
believ’es that South Korea will 
face a sigE^eant shortage of 
steel in the next decade. 


Posco fears th.it Hj-undal’s 
steel production would 
cause a price war that would 
threaten its status as the 
world's most profitable steel 
company. 

It would also lead to 
the loss of Hyundai as 
Posco's single biggest cus- 
tomer, turther depressing prerf- 
its. 

Hyundai plans that two- 
thirds of lu steel produc- 
tion would be consumed inter- 
nally by other group compa- 
nies, including car. shipbuild- 
ing nnd transport equipment 
units. 


Gengold posts 16.9% decline 


By Mark Suzman 
in Johannesburg 

South African gold producer 
Gengold has posted a 16.9 per 
cent decline in after-tax pr^it 
for the June quarter to Rd.8m 
(S2.6m> from RllJBn in the pre- 
vious three months. The drop 
was hugely due to lower pro- 
ductivity and a higher tax rate 
which counteract^ the effects 
of the improved gold price. 

Widespread election-related 
labour unrest across the 
group’s mines, combined with 
the huge number of public hol- 
idays in the quarter, led to a 4 
per cent drop in tons milled to 
2,602 from 2,711. This in turn 
caused overall 0>kl produetioa 
to drop 3.9 per cent to l,6Mkg 
from 1,763kg in the previous 
quarter and is well down on 
the l,8S9kg mined In the June 
quarter laA year. 


-At the same time, overall 
taxation rose 30.6 per cent to 
R66J14m from RSOAim, and the 
payment of a further R2SJ19m 
ti) cover the oneoff, 5 per cent 
transitional levy, announced in 
the June budget to help cover 
the cost of the election. furthiN' 
dented the bottom line. 

Mr Gar>' Maude, managing 
director, admitted that labour 
unrest bad been a significant 
problem and u-ns continuing, 
but said be expected the cur- 
rent wave to subside gradually. 

Mr Maude also noted that 
the group had now unwound 
all its forward hedging with 
the exception of a small 
amount outstanding on the 
marginal Stilfontein mine and 
so was poised to take full 
advantage of the improved spot 
gold price in the next 
quarter. 

Of the group’s big mines 


Beatrix was least affected by 
the labour pnAlems ,7nd was 
able to use stockpiles to 
incre.'iso overall production 
slightly to 3.224kg from 3.220 in 
March. However, production at 
Kinross dropped from SJQOkg 
to 2,a50kg while at Buffelsfon- 
tein It fell to 2.852 from SJWOkg. 

• Labour problems and the 
costs of the transitional levy 
also hit tlio gold mines in the 
Anglovaal group ,is overall 
oftcr-tas profit for the June 
quarter fell to R43m from 
RTOm. The total cost of the 
levy was R20.3m. 

A combination of lower 
grade ncineved and lower ton- 
nage milled led Hartoboestfon- 
tein, the group’s ffogship mine, 
to record a drop in after tax 
profit to R40.2m, down from 
Re3.6m in March. Gold produc- 
tion dipped to 6,S50kg from 
6.965kg. 




r ■% 


C . 




I\ 1. 


l!;v. 



Ail of these securities having been sold, this announcement appears ds a matter of record onfy. 

NEW ISSUE July 14.1994 


US$126,000,000 


Embotelladora Andina S.A. 

7.000. 000 Americran Depositary Shares 

Representing 

42.000. 000 Shares of Common Stock 


The Company is the largest producer of soft drinks in Chile. Its principal business is the production and 
distribution of Coca-Cola products in Santiago, Chile and Rio de Janeiro. Brazil in addition to Us 
Coca-Cola products business, Andina produces and distributes fruit Juices and other fruit- 
flavored beverages atui mineral water PET bottles, prirwiptUly for its own use and 
that of other Coco-Co/n bottlers; and processed agricultural products. 


NYSE Symbol: “AKO” 

Global CoorxUnator 

CS First Boston 

These securities were offered internationally and in the United States. 

International Offering 

1,400,000 American Depositary Shares 


CS First Boston 


Baring Brothers & Co., Limited 
Credit Lyonnais Securities 


ABN AMRO Bank N.V. 
ING Bank 


Dresdner Bank 

AkdcnRcscilsehiJi 

N M Rothschild and Smith New Court 
Paribas Capital Markets 


United States Offering 

5,600,000 American Depositary Shares 


CS First Boston 

Bear, Steams & Co. Inc, 

Salomon Brothers Inc 

Credit Lyonnais Securities (USA) Inc. 


All of these securities having been sold, this announcement appears as a matter of record only. 


NEW ISSUE 


July tl. 1994 



FIM 2,592,000,000 


NOKIA 


Global Offering of 

6,0(X),000 Preferred Shares, in the form of 
American Depositary Shares (“ADSs”) or Preferred Shares 

{Each ADS Representing the Right to Receive One^Half of One Preferred Share) 


Global Coordinator 

CS First Boston 

These securities yvere offered internationally and in the United States. 

International Offering 


2,000,000 Preferred Shares 


CS First Boston 


Enskilda Corporate 

Skandtnavska UmLiJila Bankc.-n 

Cazenove &. Co. 
Indosuez Capital 


Mandatum & Co Ltd 


Deutsche Bunk 

Aklk‘ni!L*wlLv:liari 

UBS Limited 


S. G. Warbui]g Securities 


United States Offering 

4,000,000 Preferred Shares 
in the form of American Depositary Shares 
or Preferred Shares 


CS First Boston 


Goldman, Sachs & Co. 


Alex. Brown & Sons Dillon, Read & Co. Inc. 

IneorporaWiJ 

A.G. Edwards & Sons, Inc. Hambrecht & Quist 

InuonKnuu-U 

NatWest Securities Limited 


Morgan Stanley & Co. 

Inciirponiira 

Donaldson, Lufkin & Jenrettc 

S«c»rM)«s Cinponktipn 

Invemed Associates, Inc. 


Lehman Brothers 
PaineWebber Incorporated 
Amhold and S. Bleichroeder, Inc. 
Brean Murray, Foster Securities Inc. 
Cowen dl Company 
Gabelli & Company, Inc. 


Josephthal Lyon & Ross 

IncorpiHMeii 

C.J. Lawrence/Deutsche Bank 

Sccuriiio, Curponujon 

Piper Jaffray Inc. 


Oppenheimer &, Co., Inc. 
Smith Barney Inc. 
Sanford C. Bernstein & Co., Inc. 
Commerzbank Capital Markets Corporation 
Fox-Pitt, Kelton Inc. Furman Selz 

InciH-ponilnl 

Gerard Klauer Mattison & Co., Inc, 
Ladenbui^g, Thalmann & Co. Inc. 

Nordbetg Capital Inc. 
SoundView Financial Group, Inc. 


Legg Mason Wood Walker 

Incurponunl 




18 


FINANCIAL TIMES THURSnAV JULY 21 19*M 



/U;o/£A«8e8ecun£ie8/iat;tM^6een4old^ tki$mnamcmml appears a£ a rmUIxr of record only. 

$256,979,980 

Grupo lusacell, S.A. de C.V. 


Global Coordinators 


MORGAN STANLEY & 00 . 

/aearponUtd 


BEAR, STEARNS & CO. INC. 


614,408 Units 

Each Unit is Comprised of 
3 Series D American Depositary Shares 
(Representing 30 Series D Shares) 
and 7 Series L American Depositary Shares 
(Representing 70 SeriesL Shares) 


204,803 Units 

Tkisparttonoftke offering was offered <mtside the United States, Canada and Mexico by the undersigned. 


MORGAN STANLEY& CO. 

bUomtUaml 


BEAR, STEARNS INTERNATIONAL LIMITED 


mimuEZCAmAL mnuRA im-EmATioNAL ms umited s.g. WAmim SECvmrm 

AmSNTARlA BOLSA BARING BROTRERS & CO.. UBflTED BNP CAPITAL MARKETS LIMITED 


DEUTSCHE BANK 

^itnsttatU»ekoR 


LATINVBST SECURITIES LIMITED 


VESTRUST SECURITIES INC. 


409,605 Units 

Tfds portion of the offering was offered in the United States and Canada by the undersigned 


MORGAN STANLEY& CO. 

f utm v u r uM 

BEAR, STEARNS & CO. INC. 


DONALDSON, LUFKIN & JENRETTE 

SecuritUe Corporatioa 


KIDDER, PEABODY & CO. 

iMOTpsndaf 


ALEX. BROWN& SONS CS FIRST BOSTON DEAN WITTER REYNOLDS INC. 

inearpgntem 

AJ^. EDWARDS & SONS INC. GOLDMAN, SACHS & CO. INVERMEXICO USA, INC. 

LEHMAN BROTHERS MERRILL LYNCH A CO. NOMURA SECURITIES INTERNATIONAL, IIKt. 
OPPENHEIMER A CO.. INC. PAINBWEBBER UKXiRPORATED 

PRUDENTIAL SECURITIES /MXUSPORATED SALOMON BROTHERS /JVC Sflf/TH BARNEY UVC 
ARNHOLD AND S BLEICHROEOER, INC. THE BUCKINGHAM RESEARCH GROUP 


CS FIRST BOSTON 


ARNHOLD AND S BLEICHROEOER, INC. THE BUCKINGHAM RESEARCH GROUP 

hmtponttd 

COWEN A COMPANY HANIFEN, IMHOFF INC. LEGG MASON WOOD WALKER 

ImeaiptraUd 

McDonald a company rauscher pierce refsnes. inc. wheat first butcher singer 

Sremiliea, tne. 


HANIFEN. IMHOFF INC. 


9,859,134 Series D Shares 

and 

23,004,646 Series L Shares 

This portion of the tfffering was (ffered in Mexico by the undersigned. 


Price New Pesos 9.16 a Share 


INVERMEXiai, S.A. DEC.^ CASA DE BOLSA 

O^paflMfidfn/mrrMeiM 

MEXIVAL BANPAIS.S.A. DEC.V., CASA DE BOLSA 


ACCIONES r VALORESDE MEXICO, &A. DEC.V., CASA DE BOLSA 

GnfisPUtsHtisnBmamaAteiaat 

G4^ DE BOLSA BANCOMER, SA. DBCV. OPERADORA DE BOLSA SBRFtN, SJL DECK, CASA DE BOLSA 

GnjteFhtasdtnBoMnmer tSnftFiiuadenSeHm 

PROBURSA^^DECK.^^SADE BOLSA GBM GRUPO BURSATILMEXICANaSjLOECK,aSADE BOLSA 

GneHFiaa»emPnbma GnpoPbmitfmGBMAtUiiiia 

INTERACaONBS^SA D E BOLS A. SA. DEC.V. VECTOR, CASA DEBfKSA, SA. IXEC.V. 

QflifiQ t^naumfO initrgcfwnst 

VALIHtES FINAM^, S.A. IIE C K, CASA DE BQL54 MULTTVALCRiBS CASA IX BOLSA &A OECV 

CrspeF^isrsPrsmaFleomex , MxItiVscSHFiSulS^' ^ * 

INVERSORA eURSATIL, S.A. DE CV., CASA DE BOLSA 

Grtvo ffMjHinv Inkerse 

Inly 199i 


INTERNATIONAL COMPANIES AND FINANCE 


Prescription sales behind solid results from US drugs groups 


Pfizer issues profits warning 


By Rietiard Watecs 
In New York 

A warning from Pfizer that 
this year's proGts «’ould fail to 
many analysts' esti- 
mates doud^ wtat was other 
wise a moderately positive set 
of second-quarter Ggiires yes* 
tetday from some of the lead- 
ing US dn^ gnw- 

AU the companies reporting 
Tester^ showed double-digit 
gains in sales of prescription 
drugs in the US. with overseas 
sales growth ^erally lower 
due to regulation on prices in 
Europe and a weaker dollar. 

The US gains mainly 
stemmed from new products 
and reflected hi^er volumes, 
with prices remaining under 
prsssure. 

Mr Henry McKinnell. Pfizer's 
chief fiwaneiat officer, warned 
that the company’s earnings 
per share for 1994 would come 
“toward the bottom” of the 
range of market expectations, 
wbl^ stand at SLID to $125. 

The warning follows the 
issue of a new patent in the US 
to B^'er. the Gennan pharma- 
ceuticals group, which will 
require PQzer to pay higher 
royalties on its biggest-selling 
product, the cardiovascular 
drug Procardia XL 

Pfizer said the eSiect was to 
reduce pre-tax proGts by SlSm 
in the second quarter, 
with the full-year cost put at 
SSSm. These figures represent 
the company's expected higher 
royalty payments to Bayer, 
oQ^t pa^y by lower royalties 
it win have to pay to its US 
partner, Alza. on the drug. 

Sales of Procardia XL also 
dropped 9 per cent during the 
quarter from a year 
before, though the company 


How m dniBS oompaiilos InvB farad 


Cempoiv 

aid quarter 

Sales (Stei) Chonge <■* 
1994 ymr(^ 

Net Net 

bieenw tneem* 
19M(Ml993f$Ri) 

■pd 

1994 

•P4$ 

IMS 

HalMiew 
Nek kieeme 
1094 (ten) 

Nwttwame 

1993(Sn4 


Morck 

3.8 


794 

994’ 

0.61 

0.61 

1.439 

1,307 


Brfsm-Myers 

3.0 

*6 

542 

521 

IfrT 

1-01 

1,123 

1.0to 


Pfizer 

1.9 

>10 

257 

2S4* 

0.S4 

0.79 

828 

583 


SdMfing 

Pkxiph 

14 

+6 

241 

213 

IJS 

1.09 

494 

437 


j'san & J'son 

34 

4-10 

S69 

495 

096 

0.75 

1.103 

996 



• Ii-Ilnmif fn — rr — * *‘*-11 -‘ •B^USoaSnSmp^tmmnevsmftMSJ. 


r Am (itaioir « pn Mi 0M 

SMKoanvnpHveMi 


blamed this mainly on 
short-term inventory 
adjustments by wholesalers. 

Despite this, sales during the 
period were 10 per cent higher 
than the year htfore. driven by 
a 16 per cent increase in US 
pharmaceuticals sales. The 
growth was driven by a range 
of new products, with sales of 
four " Zoloft, Zlthromax, 
Norvase and Cardura - grow- 
ing in aggregate by 59 per cent 
to accoimt for a third of total 
drug sales in the period. 

Merck, the US’s biggest 
drugs groiq). recorded a 10 per 
cent growth in sales of human 
and a nima l health products 
fiom a year before. Adding in 
sales of Medco Containment 
Sm^ces, the drugs distributor 
it acquired last year, 
sales growth was 18 pw cent. 

The company's after-tax prof- 
its grew at the slower 
rate of 10 per cent, thoi^ due 
to the lower margins on Med- 
co’s business compared to 
Merck's traditional operations. 

Mr Raymond GUmartin. who 
recently took over as Merck's 
chief executive and will 
become chairman in Novem- 
ber, said the company had seen 
"strong unit volume gains" 
during the period. 

Sales of Mevacor, a cholestiH'- 


ol-lowering agent. feU on com- 
petition ftom rival products, 
along with a group of other 
longer-established products. 
This was countoed ^ volume 
gains for a range of newer 
drugs, tte company said. 

Bri$tol4!yers Squibb’s sales 
growth dui^ the quarter was 
driven by a 12 per cent 
Increase in ^rugs sate, with 
Capoten, its largest-selling 
product, advancing by 7 per 
cent de^te increasing compe- 
tition. Consumer product sales, 
memiwhite, grew by only I per 
cent, while nutritional product 
revenues fell 1 per cent 

The company also warned it 
could foce an additional charge 
to profits stemming Grom 
breast implant claims against 
it. llie charge could arise due 
to the number of women who 
have opted out of an global 
industry-wide settlement 
reached in March, requiring 
the company to settle claims 
individually. 

Bristol-Myers said it did mt 
yet know what the claims 
would be, but added It “could 
have a material impact on the 
company’s results for the 
year”. 

Bristol-Myers, like other 
drugs groups with manufectur- 
ing operations in Puerto Rico, 


MCI Communications income 
ahead 43% in second quarter 


By Martin Dickson 
in New York 

MCI Commnnications, the 
second laigest US long dis- 
tance telecommunications 
company, yesterday reported a 
43 per cent increase in second 
quarter net income, helped by 
growth la the consumer, busi- 
ness and ^obal markets. 

MCI. in which British Tele- 
coQunumcations will buy a 20 
per cent stake when regulators 
have approved the purchase, 
reported net income of $2l5m. 
or 37 cents a share, cooipared 
with SlSOm, or 27 cents, in the 
same period of last year. 

The 1993 figures included a 
charge of ^Sm. or 5 cents a 


share, for the eariy retirement 
of debt 

Revenues totalled $3.31bn, up 
13 per cent on the second qum> 
ter of last year, while year-on- 
ycar tra^ grew 14.4 per cent 
substantially higher than the 
industry average. 

The figures were slightly 
ahead of the consensus WaU 
Street forecast, which was 
pitched around 36 cents a 
share. 

They confirmed both the 
strong growth of the 
long-distance market amid US 
eoononuc recovery, and MCTs 
above-average momentum, due 
to strong marketing inno- 
vative products. 

Sprint, the third largest long 


distance carrier, also reported 
good results on Tuesday, with 
its long-distance unit reporting 
a 30 per cent increase in oper- 
.itii^ income, to $lS8m. 

Mr Oecabl Ihylor. MCI presi- 
dent. said the company contin- 
ued to gain new customers 
across the board. 

He added that other factors 
behind the leap in profits were 
its ability to capital^ on early 
(^qiortunities in select markets 
and deliver services faster and 
more cost-efficientiy. 

For the six months, the 
group reported net income of 
$424m. or 73 cents a share, 
compared with $301m. or 55 
cents, in the first half of 
1993. 


Allstate bounces back for record 


By Patrick Harverson 
in New York 

Allstate, the US insurance 
group whose first-quarter 
re^ts were hit by the Los 
Armies earthquake in Janu- 
ary. yesterday announced 
record second-quarter net 
Income of $402m, up ftom 
$396.7m in the same period of 
1993. 

The strong earnings repre- 
sented a sharp rebound from 
the $275.2m loss in the first 
three months of the year. 

Net income on a per share 
basis was 88 cents In the quar- 
ter, down on the 94 cents a 
share income in the same 
period of 1993 due to an 


increase in the number of 
shares outstanding. 

For the first six months, 
Allstate earned $1268m, or 28 
cents a share, down sharply 
from the $716.feu, or $1.70, in 
the first half of 1993. 

Ihe decline was attributed to 
the cost of meeting more than 
glbn of claims from the Los 
Angeles earthquake and the 
severe wmti»' storms wlUdi hit 
laige areas of the east coast in 
January and February. 

Property and liability 
operations r^xnted net income 
of $355.1m, sightly lower than 
a year earlier because of 
hi^er catastrophe losses, but 
still strong thanks to favoura- 
ble treads in vehicle claims 


and expense reductions. Life 
Insurance operations reported 
a modest increase in net 
income to $S6.9nL 

Allstate shares rose to 
ytCA on the New York Stodc 
Exchange yesterday. 

• ITT, the US conglomerate 
with significant insurance 
operations, yesterday reported 
second-quarter net income of 
$2S8m, or $1J7 a d^are, down 
from $267m, or 32J12. a year 
earlier. 

Mr Rand Araskog, Phairnmn 
said all three of the group’s 
largest business areas - finw- 
cial services, manufactured 
products and hotels - rois- 
tered impressive sdes growth 
in the quarter. 


Smith Barney earnings fall 45% 


By n^iard Waters 

Smith Barney, the securities 
oompany owned by Travelers, 
the US financial services 
groop, posted a 45 per cent fell 
in earnings In the three 
months to the end of June 
compared with the previous 
quarter. 

The company blamed the fell 
on lower tra^ng volumes and 
difficult financial markets, 
echoing other fin a pe te l firms 
which have reported figures in 
recent days. 

Smith Barney's net income 
of $79m. on revenues of 
$l.28bn, compared with 
$144in, on revenues of $i.45bQ, 


in the previous period. 

Comparisons with a year ago 
are not relevant since Smith 
Barney absorbed the retail 
broking arm of Shearson Leh- 
man in the second half of last 
year. 

The profit decline, which teft 
Smith Barney with return on 
equity 14.2 per cent for tte 
period, was behind a fall 
in profits at Travelers 
compared with the previous 
period. 

The financiat services group, 
which changed its name 
Primerica after acquiring 
TVavelers insurance company, 
at the at^ of tlus year, posted 
net income of $320m, or 


93 cents a share, and six-month 
net income of $660m. or 
$1.89. 

Ifr Sanford Weill, chairman 
and chitf executive, said the 
group results showed that its 
diverse businesses made it able 
to "withstand the volatility of 
the securities business”. 

Net income at most of Trav- 
elers' businesses equalled or 
eimeeded the previous period, 
with consumer fluanec contri- 
buting ISSm, Primerica Finan- 
cial Services $S2m. the Travel- 
ers life and annuhi^ business 
S50m, managed care and 
employee benefits $34m, and 
property-casualty insurance 
$80m. 


also reported a hiidier tax 
charge due to the phasing-out 
of tax allowances in 
the US. This had pushed the 
effective Income tax rate up to 
nearly 33 per cent from 2$ per 
cent a year beftwe, it said. 

A 28 pn* cent increase in US 
drugs sales, to SS4lm, was the 
main factor behind sales 
growth of 104 per cent at John- 
son & Jerimson during the sec- 
ond quarter. 

Totol drugs sales grew hy 17 
per cent to $l41bn, while sales 
of consumer products rose 7 
per cent to $i47bn and pro^ 
slonal products increased 8 per 
cent to $l44bn. 

US pharmaceuticals sales 
growth was led by two new 
products, Sisperdm, a treat- 
ment for schizopbrmtia, and 
Propulsid. a gartro-intestlnat 
drug, said Ur Ralph Larsen, 
choirnuui and chief executive. 

Sebering-noogfa also bmiefit- 
ted from stronger US ivesc^ 
tion drugs sales, frith revenues 
from Claritin. an antihista- 
mine, topping quarterly saUs 
of Siooro for the first time. 

vifiiile foreign sales were 
unriumged, total pbannaeeuti- 
cal sales growth of 9 per cent 
(10 per cent before the eftect of 
exchange adjustments) was 
driven by growth in the US. 


Cost-cutting 

underpins 

McDonneU 

Douglas 

By Richard Tomkins 
In New York 

McDonnell Oonglas. the US 
defence and aerospace gronp, 
n^MKtod a fell in net earnings 
to $l38m from |170m in Its 
second quarter. 

However, the figure repre- 
sCTted a 32 per increase from 
S113m if nniisnal Hems were 
stripped out of the prerioes 
year's figure. 

The improvement was 
achieved In spite of a down- 
turn in revenues caused by 
poor demand far (saomercial 
aircraft and reduced activity 
in the missiles, space and dec- 
tronie systems si^menL Group 
iuniover fell by 15 per cent to 
$345bn. 

By catting costs, UeDonnell 
, Douglas Mile to faMseese 
I operating profits to $2S9m 
fiw $234m last year, exdn- 
diag nimsiial items. EandiqB 
per share were $3.50, com- 
pared vitiL $4.33 last time, 
or $2.87 withont nnnsnal 
items. 

The most laofitalde segment 
was military aircraft, which 
saw an 11 pmr cent increese in 
revennes. Operating profits 
rose from $ll8m to $l53m. 

Gommerrial aircraft reve- 
nnes feD more than 40 per cent 
dne to ageiiwing demand. 

The company delivered eight 
MD-80 tvrin-Jets and four 
MD-ll trl-Jets In the second 
quarter, against 13 MD40s 
and 10 MD-lls in the same 
period year. However, the 
division lifted operating prof- 
its from $12m to $24ni. 

The missiles, space and deo- 
tronic systans segment saw a ^ 
33 per cent dedJne in revenues 
because of the company's 
redneed role in tiw spaee sta- 
tion progr am me and ^ wind- 
ing down of the advanced 
ernise missile pn^ramine. 
Operating profits ^ from 
to$80ni. 

Cashflow from aerospace 
operations remained stroim, 
allowing the company to cat 
debt by more tium $300m In 
the first dbe mon^ to gUShn 
at Jane 30. 

Net income far the first 
she months was OSTSm, com- 
pared with $207m before 
nnnsttal ttens and $3S6in afttf 
then. 


Production delays depress Lotus results 


By Louise Itohoe 
in San Francisco 

Lotus Development, the US 
personal computer software 
company, has rqiorted a 36 per 
cent drop in second-quarter 
earnings, blaming product 
delays and tbe reorganisation 

its sales force. 

Net earnings from operations 
for the quarter were $9.7m, or 
20 cents a share, down from 
$l54m, or 35 cents, last year. 
Revenues were down 5 per cent 
at$284m. 


In last year's second quarter, 
Lotus took a $i9,9in charge 
related to the acquisition of 
Approach Software. After the 
clmrge, tbe comimny reported 
a net loss of $4,^ or 11 cents 
a share, 

“Product delays, cyclical 
competitive pressures, the 
reorganisation of our US s^es 
force and the transition to a 
new worldwide channel sales 
programme contributed to our 
disappointing performance,'' 
said Mr Jim Manri, president 
and chief executive. 


Lotus failed to release sev- 
eral new products on schedule. 
It is also under intense compet- 
itive pressure from BHcrosoft, 
the largest PC software com- 
pany. analysts said. Althouipli 
Lotw sales M communications 
software are growing, It is still 
heavily dependent upon mar 
ket SHhooute in which it is 
being overtaken by competi- 
tors. 

Lotus’s communications 
products Include Notes, a tool 
for sharing Information and 
collaborating across computer 


networks, and cc:MaU. the 
besteelling e-mail program. 

"Based on the expected ship- 
ment of ^ rfftlay gd products 
during the next several weeks 
and eontixuwd mmaentum to 

our bUSlnCSS, 

we expect to see iinproved it^ 
enue growth In the second half 
01 the year,” said Mr Ed.fhUis, 
chitf fififlnrfal olQc^- 

FOr the year, net tofiome 
from operatioDS was up 13 per 
cent to $31.1m, or 64 cents a 
share, on revenues 2 per cent 
b^dier at $47lm. 


\ ^-1 •*: 


\ 1 








f* vW'^S^ 






'■i:--^j.f'^.*L:r' 






r4 








’*> .v^*' 




i - > - 








P.F 






ji 


.n, 




**Eri 






K*?- 












.AV«'-.’' 






»< «- -ri-n- 

Vj:nr 7> 


’•*/ 






Ih 


■^iU 




1 V '-,* 




Lead-positions : 




Number |y j privstisations 


Number eQuity-linked issues 


Number |y || Iqi. pujjijQ offors spd tske-over bids 


Number «/ O 


for initial public offerings 








H.-, "CW- ^ 


P I 

£S35inSf7^;;^J. 


BNP's Merchant Bank 


Source: Option Finance (Juiy 1994) 


■’>. TlVa* v-' .'Tr_ 




BNP Equity Group 








20 


HNANCIclL TIMES THURSDAY JULY 21 l<)iM 


INTERNATIONAL CAPITAL MARKETS 


US Treasuries nosedive after Greenspan’s testimony 


fiy F¥ank MeGurty in New York 
and ConrNT NOdddmam 
in Londcm 


US Treasury bonds retreated 
yesterday morning after tbe 
Federal Reserve diainnan told 
a Senate committee tbat a fui^ 
tber tightening of credit condi- 
tions was still “an open ques- 
tlon". 

By midday, the bendunarit 
30-year government bond was 
S lower at 84H. with the yield 
rising to 7^ per cent. At the 
short end, the two-year note 
was down & at 99S, yielding 
5J98 per cent 

In early activity, bond prices 
showed modest declines as 
traders adjusted their positions 
ahead of the congressional tes- 
timony by Mr Alan Greenspan, 
tZie FM chiefl The selling came 
after several strong sessions in 
which the market had antici- 
pated a signal from the central 


banker that an early move to 
higher interest rates was 
unnecessary. 

Instead. Mr Greenspan was 
decidedly non-oomnuttal, and 
bonds went into a taflspin. In 
his twice-annual Humphrey- 
Qawkins briefing, he said he 
was uncertain whether the 
four increases in short-term 


GOVERNMENT 

BONDS 


rates sanctioned by the Fed so 
far this year had been suffi- 
cient to dispel inflationary 
pressures in the economy. 

Mr Greenspan's comments 
left no doubt in the minds of 
bond traders that the Fed may 
move to a tighter monetary 
policy in the run-up to the next 
meetii^ of its policy-making 
arm on August 16. 

That prospect overwhelmed 


a smattering of fbvourable eco- 
nomic data reirased earlier in 
the morning. The Commerce 
Department said housing starts 
last month had dropped 9.6 
cent while building permits 
had fhllen 3J) per cenL 
As the afternoon com- 
menced. 'Dreasuries stabilised 
at moderately lower levels. But 
the market was still lacing the 
announeement of the sixe of 
next week's govenunent auc- 
tion of new two-year and five- 
year notes. 


■ European govemment bonds 
ended a volatile session lower 
across the board. 

Traders said the oorrection 
would test the durability of the 
recent rally, which has seen ID- 
year bund yields move more 
than SO basis points in two 
weeks. 

“We've had quite a powerful 
move, so I'm not surprised to 


see a bit of profit-taking," said 
a Franfnrt bund dealer. Re 
expected tbe retracement to 
contimie in tbe short-tenn. but 
did not expect mices to return 
to recent lows. 

Some txaiters said the largely 
technical correction could rep- 
resent an Important test lor 
bond maikets. 

“Will havestors use these 
cheaper levels to put some 
cash to work? And wiH those 
who participated in the early 
stages of the rally be comfort- 
able holding on to their posi- 
tions?" asked Mr Stephen 
Dulake, international bond 
strategic at Paine Webber. 


DM4.7bD auction of the second 
tranche of the new 6,73 per 
cent bimd issue was deemed a 
success, traders said most of it 
went on bank's books latber 
than tntfi firm retail hnnriK. 

The Bundesbank's repo rate 
tell another three basis points 
to 4.SS per cent, as expected, 
giving away little ahead of 
today's Bundesbank council 
meeting. Meet market partici- 
pants said they e:q>ecM the 
central bank to leave key lend- 
ing rates unchanged. 


could underpin the auction. 


■ German bonds underper- 
formed nmny of their nidgh- 
boois and fell by more thaw 
half a point at tbe long end 
with Dikn.Tbu of new iQ-year 
government bonds weighing on 
prices. Although yesterday’s 


■ French bonds tracked bunds 
lower as dealers took profits 
after the recent days* sb^ 
gains. 

The French Treasury today 
is to auction FPrl9bn-FFT2lbn 
of new two- and five-year 
Btans. According to one d^ler. 
the poKibility of another IQ-ba- 
sis-point cot in the Bank of 
France’s intervention rate 


■ Weakness in other markets 
put pressure oo UK gilts, trig- 
gering some stop-loss selling in 
tbe futures market Dealers 
said most of the activity took 
place in the futures pits, and 
did not report strong selling by 
cash investors. 

“If anything, many investors 
would like to see the market 
woik its way a bit lower so 
they can bi^’ more cbcoidy at 
next week's auction." a dealer 
said. 


CBOT and Liffe 
consider linking j' 
after-hours trade 


ByTtaeyCorrfgan 


• The London International 
Financial Futures and Options 
Exchange (Li^) will begin 
trading long gilt futures and 
options contract a half hour 
earlier starting August 1. Tbe 
futures contract will open at 
0700 and the options con- 
tract at 0702 GhlT in line with 
the cash market. 


The pattern of alliances 
between the world’s futures 
exdiaiiges shifted once again 
y^erday. 'The Chicago Board 
of Trade and the London. Inter- 
national Financial Futures & 
Options Exdiangc, largest and 
thlrd-lai^t exchanges, said 
th^ would explore the foosibU- 
ity of linking their aftn^hours 
electronic trading systems. 

The two exchanges were 
known to be looking at ways to 
join forces, after both turned 
thmr backs on Globcx. the elec- 
tronic trading system devel- 
op^ by Reuters. 


Lukewarm reception for 
US bank’s $lbn offering 


DERIVATIVES 


NEW INTERNATIONAL BOND ISSUES 


By Graham Bowleyand 

Antonia Sharpe 


Federal Home Loan Bank 
(Fffl£) Euled to set the inter- 
national bond market a^ht 
yesterday with the launch of 
its anticipated inaugural $lbn 
oSerii^ (d gtobal boo^. The 
indicated price range on the 
two-year bonds was 9 to 11 
basis points over five-year 
TVeasories, in line with market 
e^ectations. 

Syndicate managers said 
although FHLB had worked 
hard to raise its profile with 
investors outside the US, 
HamfltiH from ESurope anH Asia 
was muted and they expeirted 
most of tbe bonds to flow back 
into the US. However, joint 
lead managers Lehman 
Brothers and Moigan Stanley 
said placement was evenly 


split between the regions. 

The bonds are likeiy to be 
priced this afternoon to yield 
10 basis points over Treasiuies. 
Yesterday's sudden sell-off in 
the US bond market was not 
expected to hamper the 
indeed a potenti^ coupon of 
close on 6% pm: cent as a result 
of the wealmess was lilcaly to 
attract more buyers. 


INTERNATIONAL 

BONDS 


With FHLB's deal out of the 
way, the calendar of new euro- 
bond issues is looking thin, 
though the European CJommu- 
nity is expected to invite bids 
for its seven-year EcuOOOm 
issue ear^ next week. 

Simdicate managers wel- 
con^ the slowdown in new 


Issues business which would 
mve tbe market tin»» to digest 
the recent flood of supply. 

Among yesterday's other 
offerings, General Electric 
Capital followed hard on Mt- 
Ish Telecom's heels raising 
£ 100 m throu^ an offering of 
five-year eurobonds, taking 
advantage o( improved condi- 
tions in the sterling bc^ mar- 
ket and the greater demand 
from European investors. 

The bonds were priced to 
yield 2Q basis pointe over the 6 
per cent UK government haai. 
(gilt) due 1999, which dulled 
their appeal to institutions 
somewlmt Indeed, some s^dl- 
cate managers said when com- 
pared with a gilt with a more 
comparable maturity, the 
spread on the bonds was closer 
to 14 basis points. 

However. European retail 


Deiiuwor 

US DOULARS 

/LotoUitt 

tik 

Coupm 

•k 

Mce 

MotaoMy 

ROM 

% 

Gpreta 

bp 

Beett ruMMr 

Redwol HerrM Loon B6 Syjtem 

ita 

(4)4 

MR 

Auo.1996 

61SR 

womayi) 

Lahcnan/ Morgen Stanley 

MBL nianea^MBMM^at 

430 

td) 

1Q6X 

.ML2007 

ttodiacl 


Mtaubm Finance ML 

MEL gfc— 

100 

»i} 

10600 

jtiLaoo4 

irndtoel. 


MitsubitoU Rnonee WL 

MEL Bnanea(CUMeaa)(G«V 

200 

{•<> 

100X0 

JtoXOOt 

imSocL 

• 

MItaubian Flnanee ML 


NaaU t ta Mn gafl 
eretUMO 

Ganawi CqpiCttpjfll 

fMIARKS 

^aanag(># 

inUJAN L8E 
EuraAtna 


AuB-iea? aiSTsn *s iswK-gii) cs fm eoaton 


«a 0 lew-eq OoMm Sadia bttL 


300 mi) Sara aus.1998 oas 


CernneRBonk 


3aobn lad) tmsa sap^isn i.ra 


BNUC.Rdlana/San tada 


ouansB 

vsa <ka^ 2S0 r .00 saaOR fugsom o aOR *40 (8»W-OI) KBW ESjeeMneonlt 

MJSnWLMM OOUiMS 

Eapdt ffcianea a Ifta. Carp. 78 acgS lOlJO Aue.>9S7 t.S0 MawU Lynd> hianqilpnji 

awoe FRANCS 

Ahbay Nad-TtMaury SarAeaa tOD SJ)0 lOaoo Au^tesa Ciefla fiiii-a 

final tarm and nan-ealaUa ixiaas stdad Iha ywM ap e a d (ew reMwart govetiMitani DwW) at IomkIi b susteed by na load 
managar. MMsiad. tFlewina rata neta. tSami-armal eeujdL R: btad raoNar pace: tees wa ahewn at tha la-oNor (amL a) Mead 
today at 9-11bp omt Trrimiwi b) Long lat caupotv. el Sanaa t. fttm 35/7/02 at par. el) la SS/r/DS ond S4Mh Uber 

-t-TObp thMaftar. d) Sertaa Z Cateba from 31/7/99 at par. dl) 7HK to 31/7/99 atd S-mb Uber ^SObp inara o Wir . a) Sotlaa 1 Calbbb 
tarn 26/7/99 at par. el) THW ta 36/7/99 and 6-mtfi Liber *5(!bp Stananar. f) baua taunebed on 39/6/94 waa bga a aad la SSOOm. g) 
Short lot coupon, ti) 2m floor certs blued at 0U6.60 pay diffnnea baaiMan 7K and 6-iinh Ubor. hi) B-mth Ubor *30bp: ma* 7 34b. 


Iiflenill Lyndi huotnaHanai 


Credo Subaa 


investois were strong buyers. 
The funds raised were swapped 
to floating-rate sterli^. 

Nestld floMings followed up 
on the success of its S200m 
eurobond issue in June when it 
increased the three-year offer- 


ing by a further SlOOm yeste^ 
day. Lead manager CS First 
Boston said the bonds were 
aimed mainly at Swiss retail 
investors. T^e new tranche 
was priced to yield 5 basis 
points over the yield on the 6/1 


per cent Treasury due 1997. 

Given Nestis's hi^ standby 
among investors, the spread is 
expected to tighten further and 
eventually trade below Trea- 
suries. Late yesterday, the 
spread was unchanged. 


Although Globex has 
achieved disappointing vol- 
ume. relying mainly on after- 
hours trading tite Hatif French 
futures exchange, It does com- 
mand an impressive grouping 
of bond contracts. 

Since Liffie decided not to 
join the system, mainly 
because of concerns about 
restrictions on other comme^ 
cial links, and the CBOT. one 
of the original backers of the 
project, pulled out earlier this 
year, Globex has attracted Ge^ 
many's Deutsche Terminbdrse 
to join the Matif and the Chi- 
cago iktercantile Exchange. The 
Matif and the DTB have agreed 
to link their day-time trading. 

The C30T has an agreement 
in principle v»itb Bloomberg 
which would give users with 
Bloomberg terminais access to 
its products. 

7^ growing number of stra- 
tegic alliances between futures 
exchanges has raised the 
stakes for Liffe and the (2BOT 
- both have a number of tailed 
efforts behind them. But the 


technical foasibHity stiU has to 
bo explored, it involves linking 
two after-bours systems. Ltffe's 
APT and the CBors Prujcct A. 
which have ceitatn simiL'irltios 
' both are open workstotiou- 
based systems - but some 
Important dlffnences. 

Users would have to be 
trained on both systems, which 
could be accessed on ttie same 
workstation, but through dif- 
ferent windows. Tbe .4PT sys- 
tem relates trading in tbe 
futures pits, while Pr^ect A is 
a trade-matching system. 

“We are optimistic that it 
can be done," said Mr Phil 
Bruco, director of strategic 
business development at Liffe. 
He hop» the technicil stu^ 
will be concluded by ttie end of 
this year, and a Uve astern 
would bo implemented In 199S. 

Unlike Globcx, the agree- 
ment would allow each 
exchange to retain “compltte 
control of its own contracts", 
according to the CBOT. bear- 
ing would be provided by tbe 
Board of Trade Ciea^ 
ration for (7BOT contracts 
the London Clearing House for 
Liffe products. 

White the Liffe/CBOT Unk 
and Globex are part of the 
same trend, the potential 
rivalry between the two 
systems should not be exagger- 
ated. For the most part, they 
will trade different products. 
The only direct competition 
would be fw business in bund 
futures. and perhaps 
short-term German Interest 
rate futures, listed on both the 
DTB and Uffe. 

Nevertheless, the move is 
not good news for Globex, 
which is left with a smaller 
array of products than it mmht 
have hoped for, in a market 
which is cynical about the 
sc<^ for global trading. 




WORLD BOND PRICES 


BEHCHBflARK GOVERNMENT BONDS 

Had Day’s WMk Month 

Cotyi OoM Meg Wanga Ytetd ago ago 

Austr^ aaoo OMM 97.3700 -O/STO ^42 9.63 &78 

Bafglwn 7.250 OMM 95.7000 -0A50 7M 7ja LIO 

Canada* 6.500 OSAM SlfidOa -OjBOQ 9it7 9.14 9.42 

Denmortt 7XKn 12414 929200 -0930 aOB 6.28 942 

Fianw STAN 6000 OMM KB-OODO 40980 6>I7 690 703 

OAT 5900 OMM 87.8700 -0470 7M 796 7A3 

GMinanyTmtand 6.750 QSAM 969000 -0980 6.77 690 790 

My 6900 01/04 869000 -0660 1099) 1021 10«47 

J^Mn Nolls 4900 <»9S 1049850 -0370 063 056 396 

Na 164 4.100 129)3 905270 ^130 492 4,43 4L41 

Notherlanda 5.790 OlAM 904000 -0960 696 092 7.12 


642 9.63 

799 799 

997 614 

602 628 
697 690 

798 796 

077 698 


Italy 

■ NOnONAL RAUAN GOVT. BOND |B1R RnURfiS 

(UFFB* Lira 200m lOOBn W 100% 

Open Sottpriee CMitge High Low EsL vol Open fnL 
6wi 1Q4.tS 10653 -047 104>U 10125 40616 74646 

Dee 10233 -<1.47 0 110 


FT-^CTUARIBS FIXED INTEREST INDICES 

Pnee intCces Vttad Day'i Tua Acouad aC ac6 

UK OKI J(4 20 chMige K .lii 19 iiiMnl ytd 


•>L 0 w esupon yWd— MeWum eeNpm yWd -> —Mgh emipen |Md — 


9 rr/iuAN Govr. bond (btr nmines options {Ufpg urasoon lootns w iaa% 


1 up n 5 yem 64) 12208 

3 5-15 yean ^ 148.71 

3 Over IS yean (9 15672 

4 liiiirIrrtTitf'le (B) 183.38 

5 A9 shades (61) >3667 


12208 -Ott 12233 

148.71 -033 14654 

15672 -098 159.32 

183.38 -091 183.78 

13667 -4X27 14093 


640 Syra 
796 ISyn 
611 20 yn 
798 Imor 
7.05 


Jta 20 

Jid 10 

'ft. age 

JtaSO 

Ji5 19 

Vr. age 

jU2a 

Jl4 18 

Yr. aga 

7.»4 

7.8S 

187 

114 

809 

7.05 

120 

113 

726 

8.22 

618 

7.77 

633 

628 

Tja 

662 

6S6 

613 

619 

624 

117 

122 

7.90 

103 

133 

628 

7.95 

146 

141 

618 

— ■ 

•>MtM|onS% — 

w 

— i 

obMIon 10%- 

— 



6000 05/04 


-0960 1099r 1091 
-0970 aaa aso 
-0.130 492 4,43 

-0960 4*6 WQ3 

-0950 lose 1050 


Strtltt 

Rice 

Sep 

. CRLLS 

Dec 

Sap 

- Pins 

Dec 

1S8S0 

1.97 

2.84 

1J94 

4lOT 

10400 

1.71 

2.63 

118 

420 

10480 

1.0 

ZM 

146 

4.81 


JUI 20 JU 1» Yr. 


Jul 20 M 19 Vr. 


6 Up lo SytmO) 

7 Ovp 5 yean(il) 
6 AastocksClSt 


•4X01 16793 
-Oil 17296 
-0.10 17399 


2a Up Id 5 yra 
39S Omt 6 yrs 
616 


UK Gita 

SAW 

0809 

02-12 

-10/33 

7M 

700 

131 


1790 

11AM 

88-22 

-24/32 

624 

121 

8.S8 


aooo 

1008 

10»*11 

-2202 

8.35 

lao 

183 

USTiawway* 

7250 

OSAM 

100-00 

-22ra2 

70S 

7.42 

7.15 


1250 

QBAB 

84-24 

-2W32 

7.S5 

7.88 

7.44 

Ed) pench Govl} 

imo 

(MAM 

864S00 

-1420 

r.72 

7JBa 

118 


EH. <kL IBM. CMN 4001 Ml 8S7. HHbui dw/a apn mb. Crfh 33«3 nei ^9^S» 


Oebertwee end Loemi 


SyeorylaM-— — -ISyeai 
JiSlOVr. aooJMa) M 


9 Data & Loans (761 1319S -4195 131.72 277 594 998 631 649 632 99B 

Amagi 9m ledeifmMn yMcb 0tom tbom. Cemm Bank IAk OH-niyi; MmA«ic (W-imiW; Mgrc tIH wW mv. f RP iiHtt. yW Tw to dtoe 


p IIP- II I I...— 35 wteW 
Yr. ipo JU g Jul tSW. ago 
391 9.28 624 696 


London ctotortft *N>w VM iaU.9w 
t Qm w a wtia M n u w « 129 pm < 

Prone U6 UK In 3Me. <arwo In docend 


US INTEREST RA1ES 



Otp 

liBRMOnt 

tatooM — 

Tuniiy Bf aU Bond TWdg 

. 421 ToBior 

6 n 

Doe 

todvbODOT 

FWtota 

_ 5% Ibm mto— 

— 41* totoorti 

4.42 Nrawto 

4J7 lOfCto 

— . 60 

722 

UK 


Spain 

a NOnONAL SPANWM BOND FUTURES (MEFQ 

Open SeSprlee Cha^ Low EoL «gL Open M. 

Sop 9190 9090 -643 9195 9670 S7,ie 10493 

Doe 9644 • • • • 564 


FT FIXED INTEREST INDICES 

July 20 .My 19 Jiiy 13 Jiiy 15 Jiiy 14 Yn 


Gfl.T EDGED ACIWITT INDICES 


MW Lta'* 


Otat. Sees. (UK) 9671 9688 9493 9351 94.11 9693 10794 60.99 QW Edged 
Fted toterew 11207 11231 11243 11239 11207 117.19 13687 10793 S-tayam 


a M F 6 aa Mnol iwa. S£ aWMy ndeei iWMood 1P74 


FUtaWNMnaefeu 


BOND FUTURES AND OPTIONS 


France 

a NOmNAL FWBICH BOND RiTURBS (MATR 


a NOnONAL UK QLTW7rURE8(LJffEr 880900 3tad»q1100W 

Open Sett pdea Oenge Low EsL voi C^oan inL 

Sap 103-22 103-02 -0-83 106-28 102-30 62S92 110256 

Dec 102-06 102-08 -0-23 1Q2^M 102-06 4 1241 


rr/^MA ^TTERNATIONAL BOND SERVICE 


Jidy 19 

JIdy 18 

July 16 

July 14 

My 13 .iiiJii,. 

1280 

1260 

137.9 

1012 

1412 

137.8 

121.6 

1113 

100.9 

964 1, . . 

21/I/B«> . tow 560 prvTto . toeta iWfc GwtoiiieM aacitotaa la/iOf |j|^ ^ , 





1 

— . . 


a L0WGqR.TRJTURE8OPnOHS(LJffg tS0900 64Caof 10014 


Uctod M V« WWrtMiefW bmto lor «Mch tae b *> adcqwa onetatoy nwdoi. I9M price* N 790 pm en JBy 29 

tauM BM OHW Cfcg. YfcW baaed BM OIW Chg. YMd 


Open SeRprIea 

Changa 

Hob 

Low 

EaL tcL 

Open bri. 

SvOaa 

nice 

G4P 

, CALLS — — 

wrs - 


Sop 117.70 117:06 

•088 

11702 

11168 

149074 

124028 

Dec 

Sop 

Dec 

Dec 11168 11122 

•068 

11186 

11130 

1008 

13,490 

103 

1-32 

140 

1-28 


Mta 11114 11160 

•168 

11114 

11170 

1,177 

1.967 

104 

1-01 

2-13 

1-61 

SSI 

■ LONG 1B1M W1B4CH BOND OPTIONS (OMTin 



108 

(M3 

1-63 

2-38 

4-37 


Sbflto 

Price 

Aug 

- CMIB 
Sep 

Dee 

Aug 

— WT8 
Sop 

116 

■ 

- 

- 

115 

178 

116 

1S7 

113 

. 


1.05 

117 

175 

147 

. 

168 

141 

118 

130 

195 

145 

. 

1S3 

119 

110 

157 

1.10 

157 

. 


Eto. WL toW, eWi 27^6 PiM 54987 . PntoM day’s opM Ire, CNa ai9a Puto ail.B4. 

Conn any 

a NOTfONAL QBBIAN BUND PUTURBS (UFFB* 044260900 lOOttw of 10DW 


Ecu 

a ecu BOND Rmawa (matif) 

Open Sditprtoa Change High Low Ew. ML Open M 
Sep 0666 6600 -096 86« 8690 1,068 6.798 


64.56 -656 



Open 

Senpriee Change High 

Lew 

Eat VO) 

Open tat 

US 







Sep 

94.60 

9168 

4X78 M54 

9351 

159475 

155968 

■ US TREASURY BOND nmucacmnsioiomsandKd toon 


Doc 

9175 

9180 

-178 9175 

9185 

1559 

11042 


Open 

Ltaeot 

Chtoige 

iRdi 

Lew Bto. tori. 

Open «L 








Sep 

103-16 

105-14 

•006 

10123 

103-11 91523 

375536 

■ BUND RfTURBS OPTIONS (UFFS OMZSOJXU peinta W 100N 



Ota 

102-26 

102-23 

•ora 

102-30 

102-19 4521 

57,354 

Strike 

— 

— . CAILS 


PUTS — 


Mto 

- 

102-00 

• 

- 

58 

4500 

Price 

Aug 

Sep 

Oct Dee Aug 

Sap 

Oct 

Dec 








9350 

0.45 

1.13 

ira 147 127 

055 

150 

158 








MOO 

121 

186 

(X87 1.25 153 

1.18 

1.88 

126 

Japan 







0450 

ora 

163 

OS7 1.03 051 

145 

118 

154 








Ed. «el HbL Cele 13SH RA 10002 IV wtom dqrb epei tot. ONi 504031 Ra 051069 


a NOTIONAL IBMIM TBOW GERMAN OOVT. BOND 

(BOBlXUFFg’ DM250.000 lOOtho of lOON 

Open Senpflce Clmge High Low Est «al Open bri. 
Sta 9673 -662 0 76 


a NOTIONAL LONG TBM JAI'AIKIIC GOVT. BOM) PUTUReS 

(UFPg YlOOni 10OM Of 100N 

Opon Ctaee Change High low EN. vW Opon InL 
Sep 10672 108.76 100.44 3480 O 

D09 10673 10674 10660 47 0 

* UM4IMA MdM en APT. M Opwi kAteel Rr we A ptwAA dw- 


UK GILTS PRICES 


-1W_ _19M- 

bt Bid Mcee*ar- Hpi lew 


-19M- 

W ned MaEi-v- Htfi uw 


Mow (Um A to Ha VtaN 

Itooa KM In. 1894(2^ lom 

UI2>tf(18M 1241 

IbAOpelMitt 6 tt 

I4G1995 1190 

adiSpetea-M 605 

lOlipe 1996 932 

ItaiiaVpeiOMtt— ii.n 

14PC1996 ■ „ 1281 

ISlipctflflOrt 1134 

EohlOltWlOMtt <192 

(!BandeaiOKt89e_ 9i40 
TmGoiTwtSSTtt— 790 

IbAlSLyeta;# ii.M 

Ul tO>i|B 1997 679 

INaOIa 155715— 545 

eWi1SRl597 1140 

svpBiao 9a 

taeriKiaoti—.. 7a 
ItoA Ha 1 006 9 >tf _ 609 

14k 69-1 11.72 

1lBniS>Ne'9BH 1121 

EwIitflpeMM HLK 

rmsBizKiaott an 


- 100 
6H10D{ta 
&I0 10IA 
&ll103ipl 
615 98A 

in 1041^ 
6IC lOBH 
634l1(H)to 
682 1I4A 
684 mil 

698 loeu 
7M MM 
7.1911^ 
73S107AB 
732 lON^ 

743 12m 

7.T6 !« 

7.73 98^ 

744 95^ 

840 lim 
744 tag 
746 114)5 
749 105V 


— 1 ®d 

104G 

-i'« 103S 
-& 1074 

— . osa 
_ lom 

U3V 


I17A 

-it >»» 
-i* llTfi 
-If UTJk 
-h UQH 
-A »itt 
-A 114,^ 
-A 1 I 0 A 
-V I31il 
-i IMB 
Si TOU 
-A i« 
-A laiA 
-A 140^ 
-H 12 SU 
-A 1182 


iibcaiao 

100 ncali<aeoaoM 

1002 RnBN3<eK’99-4 

<014 OiiiwnlK9^ 2004-. 

IW 1h9ie^K2004n 

97) Ooa*9lfKan5 

19*# TMt 12 >Bie 2001-5 — 

"g* iLKioaott 

w 8Kan2-6ti: 

! S TiNHiltLK30Q9-7 

TbKNeKOOOT^ 

Sr ijhpcoi-a 

,*g THMOKWOBit 


fbotoRBMTtal 

Eos 12I4K 1990 M67 

1bv10t2KI999 _ 9 l9 

IbHMelOOOtt 649 

BtaaMe lOltK 1980- 943 

TiaiRbMI'g9.___ 

jKTCOOtt 549 

Tmei3K2000 1670 

HhewM US 

TpeVltt 745 

IWVIA- 740 

MiK20a2- 948 


600 iiq) 
607 tOOA 
745 WIM 
618 lOSL 
- 89fi 
610 lOOA 
630 I21B 
64ai05M 
620 92<e 
6 S 83B 
644 1072 
835 98 


-A iao2 
-A I21A 
-A lOlU 
-A 12IH 
— 1002 
-A iiM 
-ii 13511 
>22A 
A lOIA 
10IA 
-A 1032 
-A ti3g 


m-w— 

THMOKWOBit 

lOOfi 

<5114 

HOB 

1042 

93^ OlUnfllMlfOBJ 

untOKTOOi 

inKfli/taaio 

l^il Caar9Kln2011te — 

IMA n»*ea«2t3 

<032 Tine Slaw 200 B- 12 P_ 

nneiK30i3)f 

7bK30<2-1Stt 

nwfllcK 201726-— ■ 

11«, 

108% 

303 

‘S 

9« 

lOHi ItariNM 

1102 Cawb4K 

IMA IbrlmiSiapct* 

502 OowS'tfe'NM 

OB) IbnSK'MNt 

103% Cawb2<iK 

042 TM.2>2K. 


611 648 1091) 
1605 661 I14B 
447 7.1S 74% 

844 640 107% 

741 824 <N2 

841 630 107% 
1610 672 1231) 
610 634 OSH 

625 642 gqi 

048 aniirjto 
840 630 1012 
1043 674 T30B 
693 634 105)1 


-% 127, «, 
-i) »9H 
052 
-A 12SA 

-% 105). 

-a <25% 
-A 1432 
-A tl2U 
-a 111 % 
-A <352 
-U 1192 
-K <512 
-<3 <34tt 


- 1 HH- 
ni OF 

riH£ 

♦ar- 

— ma_ 
ndi lew 

244 

672 

t9« 


303% 

lOTU 

359 

307 

USA 

-2 UU 

1042 

301 

378 

150% 

-% 

175% 

163% 

34S 

3J0 

1 « 1 A 

-% 

173% 

ISOA 

144 

177 

mu 

-A 

m 

107% 


la 3J9 167% -A « 


9>ncV9— _P 6 E 69 642 191 
2 >ne'n (744 34) 3J4ISB] 


-% )79% 154% 


ai3Kl3 „.(B9S 346 34I<29UN -A <45% 125% 


2%K't5 (n4) 19 340 137% -A 1572 134% 

BHkVO (K)4 3JI 345 131)1 -2 ISHl t25>i 

ItocMt— a7J| la 19 VBU -A 125\ 105% 

4%k'W (IW-I) 173 34510eA^ -% tesA 108% 

Rq ap ocBw rial rtddnMton tat on p i u le u l wl Oddijii ol (i) 194 
and m SN. n ngwos to pm n toiiw ahew RR On to 
toda^ M I moHM prior to towid ond how been odMM to 
rafteet nbadPQ Q( Ml to IQQ In JNiMy 1907. 0«wviian toctor 
6945. Rn tar Nowontoar 1993: 14l4and tor JwM ISOL- 144.7. 


U 6 Doum snwioiis 

MtorM 0 TkaBafv 6 %O- 
Nbarto Rntas 7% W ._ 
/ 4 ata 0 %l )0 

8 lr*Grntoe 8 %K 

Bdgim 8 <iM 

B7CE7%97 

BMi 9*021 

CrakSa 

ChiuE lOrg Hn 5% 08 

On 6 % 04 

CouslBfepe880 

CradlFhnd(r9%90 

Damk$%« 

totoJniMato^D4- 

BaCS%9B 

SB 8 % 06 

BS7%S 

BO 9% 87 

BtodaPncaOS 

&WT»e%BK _ _ 
Ei-toiBaBJtovi 8 S — 

btosnowCapsifS 

Uaa(KBl*tt740IN — 
R<^aLnr — — 

HnariiEi^9%a 

Pad Mato OMKBHW 

GaiBKOto 8 dO%S 

aMC9%K 

WB(Japa>Fto7%07 

ttor 4 fflwQA 7 %M 

n%^23 

tanDav»«% 0 f 

KaedBKPwlOM 

Kaea 8 KPBiv 6 %a 

LTC8nti89T 

MdialitoBto7%02 

hOAArT%97 

Onarb^l 8 ___ 
cnaitasata 8 *B%oi — 

P9»Cafnb7%n 

Patsd5%B 

QuabaeHydB9%9 

Qutoto ftor 9 BB ___ 
Sir«ii 78 %K^_ 
S*S 10 »_— _ 

9CFW2» 

teBi 6 %W 

StoeBkNSW5>296 

9mn9>29 

toABritB9aL6%90 

Tall|«teoRnto6l|a3 

'U40MWWWSB%H 

T 0 )ta Motor S% 95 

LMadKrvtonrita) 

NMBafi5%S 

VtoaB»K3%8r___ 


.3000 91% 

. TOT i(n% 

— 400 105% 

. 109 XS% 
. 1OT 85% 
-1» 102% 
. 1OT 10% 
. 1OT 104% 
-SDO 91^ 
.110) 87% 
_ioD ie 
-300 106% 
. 1000 9fia 
-000 91% 

— 193 toB% 
-WO 103% 
-SO 102% 
.1000 107% 
-300 WB 

— 100 104% 
-SOO 102% 

— 190 108% 

. 1800 09% 
.300 85% 
-20 193% 
. 130 97% 
-30 105 

— 30 108% 

-20 101% 
-20 102% 
.350 03% 

-» 104% 
-30 

. 130 aft 
-200 102 
. lOT 97% 
.WOO 101% 
.300 97% 

-20 105% 

-30D 1 in% 

.100 05% 

_ 10 107% 
-» .105% 
-ISO 104% 
.20 108% 
-M> 1 «% 

. ISO 57 
-20 10% 
.250 95% 

.10 

. 1000 s 

-30 103% 
.1505 95% 
.300 95% 
ISO 105% 

. 1OT 10% 


e% 

IK -% 


105% 

m% -% 


1B2% 

11 -% 


104% 

91% ♦% 


« 1 % 
108% 


100 % 

97% 

W% -% 


104 

103% 4% 


IK t% 
107% -% 


m% -% 

IM% J, 


1K% Ja 
109% 


00 % -% 
10 -% 


104% 

M t% 


106% -% 
1M 


<«% 

<03% -% 


83% t% 
lO 


»5% 4% 
87% *% 


10 ^ 

97% 

101 % 

97% 

KB% 

IK 4% 


87 -% 
108% -% 


105% 4% 

105% -% 


107% -% 
100 % 


97% 

1(0% 4% 


0 % 

K 0 % 

90% 

103% 

96% 

86% -% 


106% -% 
105% -% 


DEUnCHE KMRK $7RA»fT8 

Nfita 5% 34 an 80>2 


621 133 OTS 
740 619 B2!i 
6<7 631 1WA 

644 &29T06))lri 

740 6R 76H 
619 625 «7fi 
619 622 0%to 

849 84210214 

846 849 13^ 


-A <15,*. 
-% 962 
-U 130U 
-B 127% 
-A 90% 

-a 11 ^ 

H) 114% 
-% « 8 % 
-% 159% 


Other nxed Inte r est 


CnaFawr%03. 
DBrak 6 % 0 — 
DtotoRaneaOHo). 


.200 101 
.3000 10 


-TtoW- -1064- 

W fcd Pltaitear- Wg* lar 


-A 50% 
-A 54B 
-A 71 
-A 44% 
*A 30% 
-2 37% 


Mton0a»1l%2m6 

Adn Oar 10%K 2009— 
nan1l<iK0lS 

toMflto8%K‘lO 

Ok Cw 1906- 

13KV7-e 

H|dn(todM 16 K 0 M- 

ljeKT8%K20D6 

UHqnl3%KtoM 

LCC3K0W. 

ltonctaMrli%KaD7. 

MeLWk.aKT 

irattM^3%K3Kt 

4%k62D2< 

IWNBSKBiebKaM 


849 120U 
88 S 1132 
948 130% 
- 101 

- IK 
> Ml% 

049 144% 

- 125% 

' 22 * 

- 30% 
U7 115% 
70 8 Mi 
440 132% 
447 127% 

- 137 


-li 1«A 1TSU 

- 1 ^ lan 1051$ 


-% 142 MS 

— 115% 95% 

— 10 % in 

-% 115% 106% 
-1& 10U 1WU 
-% la»% 125% 

-% 44% 33% 

-% 40% a>4 

«% 136% 113 

78 86 % 

+% 150% 129% 
«l% 146V 123% 
-2 ISM/ 135 


0audtoacFta7%fD 

?Q(B 

SCBisDD . nm 

RRflLm 

isn 

Rton!i 7 l.nn 

3(00 

tt*y7%0 

UaBBdB>Wtorti 8 %n 
Wanw> O %0 
CKBta6%0l 

SOT 

22S0 

isn 

fsn 

SpenTHie 

StodmSW 

4330 

- 200 


lan 95% 


36% 4, 
101 % -% 
10 

e% -% 

107% 4% 


100% -% 
«% -% 


10 % 

we% -% 


92% -% 
< 00 % -% 


93% -% 
101 ^ -% 


Ud0NtaoriMr%97 

70 1MaMoaiMFto7a 

7.16 MtaBakOIS 

724 «bHBto*9%0 

60 WtoldBM6%0 

7.79 

671 SHNS FWWC SEMOIIS 
60 MnDiirBtaiOlO 

617 w^4%m 

62 CeimBr(ta4%0 

80 Dmrart(4%0 

«0 aAM 

7.14 BK*Rton7%0 

B» nM7%0 

70 IViaWMBBrftiO%97— . 
60 fc^»%i» - 

631 M9ba6%in-_ ___ 

80 0totto8%0 

675 QnbKH)Ge50 

70 SNCFTM— 

82 WgMMcSO^— 

70 wgrideark7Di 

70 

70 vmsnuiGHis 
80 Brlgunsw - 

618 ««*%™ 

7.13 FtotoV»%0 

645 karAnwDBr7%0^^— 
60 *4,,a%<w — 

70 JtowrDtoSSW 

849 4tonDtoB)<3%0< 

60 ieparTH1H5%0 

70 

835 sMye%0 

861 ean5%K 

70 SHeden4%0 

70 Mto«Ba*S%0 

set 

70 onOTsnuHHn 
70 G(r*wntLui9%0lA'_ 
64) KBt)MhiGntta%aur. 

70 MtoMBwfiaMLft 

70 Badi1taerNedGan7%KR 
70 Bn0aBetaer8%nR 

677 /tti 0 tPintaatO%ncS — 

616 MCaiiMl0%nci 

7X6 mWiCdtoiNa1O0C5 

70 CBinlffflnrt 

as BKd5FlTOS%ISC$ 

80 GanaKCaptaHOMCS — 

60 NWhtRniemCS 

7.0 )%t)ai1U1W1O%0e6_ 

80 OMbOffiCS 

6JB a«MH|GolO%9BC$ — 
70 QdwKantekUhttCS 

7.13 QueMcAarlO%«CS 

85) Ba^9%9BEai__ 
OnndbntaSOI ^ — 
Cndl 9 0 Eu _ 

70 BWIHQ7B,. 

70 F!noddSW1oi|0Ew — 

6)2 kWtO%aOEoj 

70 Sptoi9WEu 

7.15 ItotodKngdBin 5% 0) En- 
as 4n«tnM0 

6K 8Prin«imi2%00 

678 Oomm 0000113% 900 

80 BB7%n/« 

70 NEWTiKaeZoDOmm- 

612 R&IBM7%n0 

?Sr SUaBkNSWOK0_- 

7.16 SOrNatOMAlSOera 

80 Untovar/lMHIal2n/tt-. 


.5600 IK 

. ion 0 

.2000 23% 
.3000 03% 
. 1290 113% 


W3% 

«% 

2 % •% 
93% 

1 C% 


- in 101 % 
■ ion 98% 
.290 in 
.wn 0 
-sn in 
. in 110 
_3n 108 % 
. in 108 
. in in 

.340 106% 

.an VB 
.in 90% 
.OT 1W% 

. in 09 
.no io»% 


103% 

09% 

100 % 

96 1% 


100% 4% 

IK 


109% 

107 4% 


in 

t06% 4% 


105% 

91% •% 
111 % 

99% 

110 *% 


607 ribbwNWnaoBiyaase. 

7.15 MmdUia11%97e 

70 aiWiLmiS%2£ 

in Da«n»fc6%0C 

Its BBIOWe 

whiio%we 

Hanoi 10% 973 

50 raCHokiiKlimKE. 

40 II410%14B 

474 JapanDav8k7nE 

40 lndS«atf}07£ 

50 (Mato11%0lB 

601 fH w aiy w ^ 00 3 — — 

50 SMiiTtontti%nC 

60 Td«eBac(%iwrt10ie. 
800 Mbay NKgiK 001423 — 

50 TC»eRnO%KNZS 

679 CndlloedaoiFFr^—. 
804 Btcd»nawaa%2m- 

50 acFoVwm 

6M 

60 nWlOMRMEMnES 


iMued BW Oltor ChQ. 

— ion 94% 94% -% 

in 100 % m >% 

ISO n 90% -% 

on 96% 96% -% 

637 105% WEt 

in wo 105% -% 

sn 105% 106 % -% 

— 158 111% 12% -% 

4n 110 % tw% -% 

— 2n 93% 91 -% 

— 20 100% WB% -% 

wo 110 % 111 ^ -% 

— 2U 99% 99% -% 

— ISO 111 111% •% 

— WD 110% 111 -% 

in 2 % 81 % 

7S 100% 101% 

— TOT 2% 0 -% 

-SOT 106% 1K% -% 
-«n ws% 10 % -% 


-% 82 
J| 70 


Jk 907 
Jk 80 


Jl 80 
82 


. 7son 103% 
iDoon 111% 
.soon 105% 

.3000 114% 

m*t % \ 

WOOn KM 
i2oan 112% 
.soon 106% 
tsoon 104% 
.aoon 111% 

ISOtt 107% 
worn 103% 
2S00n 105 


103% -% 
111 % -% 


100 % -% 
116 -% 


0 % -% 
104% -% 


112 % -% 
108% -% 


107% -% 

102% -% 


106% -% 


- ion 107 
-3m i(e% 

- ion in 
-wn 100 % 

- 600 

— sn 109% 

— ISO 104% 


.900 102 % 
.130 105 


103% 

105% 4% 


.275 l(B% 
.30 1K% 


.400 103% 
.an 103% 


103% 4% 

100% ■% 


tobe NW ItoHuy >2 0 — 
Bance Rom 0 0 — 

ed)3KiA970M 

BFCE-000 

aaaRtoaio0c 

canon >%0 

CCeEO0Eu 

CmBlyonnabAn—— 

OanHrii-%0—^^— 
Onodnw Am 0 DM -. 
Fane dd 8061007 

HnMOOr 

ltandO0 

ur%0 

U(BBad4fMI«iBrtHi'%0- 

UayMBpikAtoSaiO 



NmZadMd-%0 

OiCdoO0 

RentoOK 

SeeMsGaiiMaO0 

StoKtank 600-600 DM 
SHto0ycMkQfi60 — 
SHedenOte— — 
Sa^-% 0 l 

IM 0 tongdem -% 0 — 


O0r 

C4pt 

aewi 

4000 

680 

47812 

WOM 

6570 

560 

47300 

WUE 

63500 

820 

4310 

018 

6010 

970 

5210 

00 

6750 

W6M 

S4NI 

1011 

400 

wain 

5310 

5873 

4550 

KTUS 

500 

9947 

^aat 

8<0 

4100 

048 

52508 

990 

4010 

0S7 

4810 

0X1 

6120 

9984 

4012 

won 

4250 

015 

61125 

00 

4050 

enna 

44SR 

9981 

45)0 


to 


— isn 91% 
..SOO 105% 

— ISO 104% 

— sn 103% 
-tsa 103% 

— iin 10 

— US «e% 
.. 1125 105% 

— 500 107% 

— ion 112 % 
-ion 105% 

.2750 107% 

— in 103% 

— in 106 % 
-100 115% 
W-3S0 S7% 
-ion 0 

— 12 87% 

-3n 0 

-180 86% 

— ISO MB% 


104% -% 

)B% 4% 


COMKHimX BOMM 


106% 

«M% 

104% 1% 


103% 

W6% 4, 


mh 

100 % 

107% 

112 % -% 


10 % -% 
107% -% 


103% 4% 

106% 


1f7% 

97% 4% 


95% -% 
0 % 1 % 


109% 4% 


BnwtogPan 8%0 - 

oiMbCaposon 

GfildK4^7%00- 

itmonAme 

HmailmrieiSafii . 

HutoyMOK 

lndSK98%KC 

MlftoBa*E%tt 

Mount la Ai 8% 97 — 

MiRH«r6%0B 

OodgnSK^—— 
fMnoi4%a) ._..— 
SMto^n Eoik 3% M — 

auKiMBarVnE 

ItonCtoMOne — 
Taataqimm2%K. 
* We Wiriitaan ataatot 
t Oto m nrtei indar 


Oam 

taotd Wee m cmrfi» 
40 »i ^ 0 

20 0 *”5! 

0 1X554 1|t% ltt% 40* 

sn 16875 100% 110% Htto 

W0 75 15% 

4m 161 m 135% 

94 62 101 lOi! 

_» SJ54 89% 06% 

am 028 « « ♦'s* 

wo 230 104 W8 itf 

_20 4X3 109% 4r-0 

.66 35077 00% *5*2 

00858097 »)% 9A 

an 35069 9*4 50% <092 

— US 30 0 0 *1*" 

.200 801 1^ ”*% 'I** 

— 30 2% W0% W*% 

1 • pmtow dM 0w 
rwfMMapn 


L.'ikW,.;., ' 


7*** ? 5S*'**®’ ^ • I** *7 etomey “da. Q* dtordtaot on a^. 

Rflnrwa R4TE m>ieA OiWWitoiJ to Gdoa wfaw 0*W4to Indatod. Caa»w dwn la mitoam apeeddriagln Kwe toi irwnto oObb 

cemnnSlS HNBto OenieaM n cUm irtM eUMtoe todMWd One. Kewdamuf amoM of boM pv dwe atoewd to euMttv ( 
sm* (daetoe p>to e> angtotog dtoea «e toe bond ner Um nM leeani filH or Dig dwea. 


■nento etomd wto (ShewiioWi Otomd newi 
to eunney ef dan to Qomentoi NM Otod to I 


■d to US Otooe. Cepiwllto an« 
■ML Pmadtotoiritol Pta4wn er W 


* Tto aoA. n Ttotea to noni u dd e iii on nppi LMM i. E Aicitoi bto*. ad to mom. Ctotof nUtirm oe n *■ 


G Tha hnwof Tkiae UL I99l top w * ** " m uMa « ta pett to a* tom m pe n died «mmu Metan emant Da aiipntod W tatantatoal rw«»— « Itant Aaetodov 


* M 








i; 



financial TIME S THURSDAY JULY 2 M 994 ★ 

COMPAMY NEWS: UK 


21 


Clmirm^ forecasts strong year ahead as paper 
ana packaging markets recover across Europe 

David S Smith pleases 
market with 56% rise 


Junk food odds 
on to console the 
betting person 


Qy Andrew Bolgor 

Shares in David S Smith 
Bbldisgs jumped by 22p to SSOp 
after the paper. paeVa^ng and 
office supphes group pl ea s ed 
the maAet nithbetter'auatex- 
pected results and a entiw aont 
trading stateoRat 

Pre-tax pi^ts jumped by 56 
per cent to £422m in the year 
to April 30, while tniztover rose 
by SI per cent to £783m. 

Both increases were mainly 
due to a nine-month contribu* 
tlon from Spicers, the US's 
largest wholesaler of office 
products, bought for £S3.Sm 
last year. 

Mr Alan Clements, chair- 
man, said: **A^ three years of 
cautious statements it is pleas- 
ing to be able to be more 
upbeat . . . The trends in our 
□mikets are hivourable and I 
am confident that the group 


will perform strongly in the 
year ahead." 

Mr Peto Williams, chief 
eaecutiTe, said Spicsrs whole- 
saling in the HE had turned in 
an excellent performance, 
producing operating profits of 
' n&sm on sales of £ 2 tijini, and 
showing growth of 9.5 per cent 
in a recovering market 

Spicers’ UK and Iri^ man- 
ufacturing Operations were 
adversely affected by low mar* 
ket prices, but a gradual 
improvement was expected in 
the warning year. 

In packagmg and p£ 4 )er, total 
sales were SSiOm, up 4.1 per 
cent Operating profit slipped 
to £37m, down 2.9 per cent 
from the previous year, 
reflecting a fall In margins 
from 7.3 to 6.8 per cent. 

Ihe group said the markets 
fbr Its products had improved 
recently .as the recovery spread 


across Europe, bringing rea- 
sonable giwth in most areas. 

Padmging paper markete 
staged a particularly robust 
recovery with good growQi in 
demand and significant price 
increases. However, paper- 
making margins had not 
reflect^ the hill benefit due to 
a rapid esc^tion in waste 
paper prices. 

Sisularly. although the 
group's packagmg operations 
were gmmraHy bett^ 

vohunes, tiiey were faced with 
the problem of p"««»ng on the 
cost of large paper price 
increases to their customers. 

Gearing feD from S7 per cant 
to 37 per cent Earnings per 
share Increased by 17 per cent 
to 25.^ (21.^). A final divi- 
dend of 6p gives a total of 
10.75p (IQp), an increase of 7.5 
per cent. 

See Lex 


By David Wighton 

"A tenner each way and a 
double cheesehurger.” could 
be the order of the day at 
Brttatai's betting shops fofiow- 
ing the govemmenfs de^on 
to ease restrictimis which have 
governed die industry for 33 
years. 

All the wifliw chains wel- 
comed the annonncement by 
Mr Miehaei Howard, the home 
secretary, which wiQ allow 
dear gl^ shppfnmts, larger 
televisloo screais and a wider 
range of food. 

Ladbrokes, which has 1,900 
betting shops, said it would 
“significantly increase" invest- 
ment in refurbishment to 
£75m over the next three years 
to take advantage of the 
changes. 

William Hill, the 1.800- 
strong chalu owned by Brent 
Walker, said it would oonttnne 


to invest about £8m a year. 

Ur Chris BeO. deputy man- 
a^g director of Ladbrokes. 

"It is mdiaotis that the 
public have not be^ able to 
see that the intoior. U a b^ 
ting shop is far imnoved firm 
the traditional ima^ or buy a 
snack other tiian crisps or con- 
fiBcdaDery when inmde." 

The rules, ^riiidi date back 
to 1961 when off-coorse bet- 
ting was legalised, were 
dfwigned to limit the attrao- 
thA Of betting tats to the 
young and impressionable. 
The u id usby has lobbied hard 
fbr thMr removal, paitieularly 
in the face of competition from 
the Natiowd Lott^. 

Coral, the 70b4bop chain 
owned by Bass, said ^ most 
hnpoiiant dmii^ was to allow 
ordinaET shopfronts. “It will 
demystify betting shops and 
help attract people who have 
not been in one before." 



Ladbrokes' new shopfront: no longer a case of throng the glass daiUy 


Bookmakers have known 
ffhangge were likely for over a 
year and have easnred that 
shops refurbished recently 
could be adapted qoidJy. “We 
will be potting in new shop- 
fronts as soon as the law is 
changed early next year," said 
CoraL 


Ladbrokes has already 
designed a new format for its 
shops and fitted one out as a 
pilot. 

Betting shops will be 
allowed to display race and 
betting information in their 
windows and provide larger 
television screens, cnrrently 


restricted to 30 inches. They 
will be able to offer “hand- 
held” food, such as burgers 
and chips, but the ban on alco- 
hol will remain, filr Howard 
has made clear that the 
changes should not resnU in 
bettl^ shops becoming “gen- 
eral entertainment centres”. 





■K. ■ 







Hollas restructuring starts to pay off 


By Tim Bint 

Hollas, Urn Mar^cA^este^based clotidng and 
textiles group, yesterday announced 
details of its restructuring programme 
aimed at transforming the company into a 
broadly-based gannent suppfier. 

The ^oup, which acquired clothing 
companies JB Hunter and Textilion in 
March following an £l8.3m rig^ issue, 
said it was pursuing “significant opportu- 
nities" amo^ both btgfi street retafiers 
and industrial customers. 

The strategy follows the appointment 
lact autumn d Ur .T iiTian as Chief 

executive, who y^ t erday announced pre- 
tax profits of £165.000 for the year to 


March 31 against restated loss% of £73m. 

Hie 1993 figures wme reatijusted under 
3 to take account of £7.9m (g goodwill 
written off on the 1989 acquisition of 
Hawkshead, the 50 per ceot-owned man 
order company. 

Mr Lee said the smaD profit last year 
was due entirely to contributions by Gar- 
diner, the ninthtTig im por t business. 

Turnover, however, feU slightly from 
£44.3m to £43.8m and Mr Lee warned: 
“Hiis company would have been dead 
within three years if it remained an 
impoxtmr.” 

Operating profits Cell frum £l.02m to 
£75^000, althou^^ kfr Lee said tiiere would 
have b^ an increase had the company 


sot made a £280,000 compensation pay- 
ment to Ifr Tony Lawson, who steppe 
dovm as chief executive to become non-ex- 
ecutive /^fcairmaw 

In other management changes, Mr Roger 
WaSwork, finance director for more than 
20 years, has bera replaced by Mr Paul 
BaddDey. Mr Jaymin Trivedi has left the 
board to concentrate on Gardiner Trading, 
the group's Hong Kong associate; and BCr 
Robert Jackson, a former director at 
TiTnpy , jotned as direc- 
tor responsible for empmate developmenL 

Altbou^ losses per share fell from a 
restated 122^ to 0.1^, the final dividend 
is cut to 0.^, wiaWng ( 1 ^) for tile 
year. 


McKay shares jump on 
sharp advance to £3m 


Shares in HcEay Securities 
rose 16p to 187p yesterday as 
the property investor and 
developer reported doubled 
pre-tax pre^ for the year to 
end-MairJi- 

Tbe profits increase - up 
from £L5m to £3m - was 
bidped by a reduced intaest 
charge of £2.57m, against 
£329x0, and benefited from the 
absence of one-off dbarges - 
last year’s figure included 
£686200 of refinancing costs. 


Dowding & 
Mills $1.7m 
acquisition 

Dowding & Mfite, the dectrteal 
and medianicai services group, 
has acquired Apparatus Salk 
and Service, based in Salt Lake 
City, Utah, fbr gl.Tsr (El.llm). 
The company rewinds and 
repairs electric motors. 

In 1993 Apparatus broke 
even on turnover of g2.1m. 

Scottish American 

Scottish American Investment 
announced an 18 per cent 
increase in net revenue flrom 
£324m to £425m for the half 
year to end-June. 

The figures compared with 
£102m for the frill year to the 
end of 1993. 


Gross rental income was 
marginally down from £&96m 
to £8.39m as were sendee 
charges, which amounted to 
£L6m (£l28m). Income from 
investment properties also ^ 
frtxm £7m to £6.49x0. Compara- 
tives wme restated to comply 
with FES 3. 

Earxungs per diare eu^rged 
at 10.7p (42p> and a recom- 
mend fhial dmdend of S.lp 
raises the total for the year to 
5.2p (8 j5p). 


Reorganisation costs 
push CMA into red 


Reorganisation costs and asset 
write-downs totalling £505,000 
left Central Motor Auctions 
with pre-tax losses of £4fr)j)00 
for the six mauths to April 30, 
against profits of £347.000; 

The U^-quoted company is 
involved in running auction 
centres. It is being refocused to 
provide further services to the 
vehicle disposal and remarket- 
ing market 

Auction proceeds were 
higher at £152.1ni, against 


NEWS DIGEST 


Net asset value par share 
rose from 16S.lp to 1?^. 

Earnings per share came out 
at 2.03p (1.72p). A second 
interim dividend of l.2p is 
declared, making 229p Q29p) 
to date. 

de Morgan 

Krectxtfs of de Hoigan Gioi^, 
the oommercial and industrial 
property advisory company, 
said yesterday that discossians 
concern^ a “substantial" 
acquisition had been termi- 
nated. 

A fund raising exercise is 
under consideration to satisfrr 
future development and to 
meet professional and other 
costs the aborted purchase. 

Ramco Energy 

Ramco Energy, the USM- 
quot^ eneigy services com- 
pany, has pla^ 910200 ordi- 


nary shares with UK and US 
institutions. 

Shares in the Aberdeen- 
bas^ company were placed at 
13Sp, a 42 per cent discount to 
Tuesday’s close of 14lp. 

Ihe conipaiiy sai d luoceeds 
would be used to reduce group 
borrowing. 

E^nap 

In view of the judidal review 
being sought by Guardian 
Media Group concerning 


£1442m, however inccone was 
lower at £52m (£527m). Units 
sold l^ 32 per cent despite 
units oflbred rlsh^by 132 per 
cent, resulting in hi^ier oper- 
ating costs. Action has been 
taken and April saw an 
Increase in units sold. 

Interest payable fell by 
£46,000 to £143.000. 

Losses per share came out at 
3.1p (earnings LSlp) anfl the 
Interim dividend is halved to 
02p. 


Bmap’s offer for Trans World 
Communications. Emap said it 
was to delay the posting of its 
offer document 

Emap will take a full part in 
the review, which is expected 
to be heard on July 27. 

T3ie company wiQ. subjert to 
any ruling by the Takeover 
Panel, post its offer document 
to Trans World shareholders 
within seven business days 
after the judgmmxt is ^vea m 
by August 8. whidtever is the 
socmer. 


DIVIDENDS ANNOUNCED 



Current 

pqtment 

Data of 
paynant 

Conee - 
pondng 
dwidend 

Total 

fbr 

year 

Total 

last 

year 

Centre! Motpr § -int 

05 

Oct3 



4 

Cdete a Fpwler~~-.fln 

0.5 

Oct 3 

02 


1 


8 

Sept 15 

72 

11 

10 

HoBas - - - an 

02r 

Gets 

02 

OB 

12 

McKey SecurtMee..— fln 

oi 

octe 

32 

52 

32 

SecA American — mt 


Oct S 

1.1S 

• 

<85 

Smith IDMid SI 

a 

OctS 

725 

1075 

10 


DMdcnd* shown pence per share net accept where otheratee stated. -(On 
Inmnnnnfl capitaL §UM stock. ik'Sacond intBrlm maloig 2.39p to data. 


FINANCIAL TIMES I 

LOMDON ■ pADtm . f iwwgwwT . wew yoww . towvo g 


IVfANAGEMENT REPORTS 


AUTHORITATIVE 

MARKET 

REPORTS 

\ccount;incy • Aiitoniotn o 
• Banking cS; Einance * Enti-g' 

• Environnicnl * Insuranci.' • Media • 
PliJirniiU LUl it als • 1‘i'opei tv • 
Teleconununiciitions and Ji'a'el 


fok. further 

INEORMLAnON CAX-E: 

+44 CO)71 814 9770 
+44 (0> 71 814 9778 


Kommumnvest 
ISver^AB 
U.S. SlOOiOOOJWO 
GuacaDieed 
Hoetiiig Kate Noaee 
due 1998 

For cSe Interect PMod 20di 
July. 1994 CD ibth Oeuber, 
19^ (be Nocei will curr a Race 
of iateiest of per 

aiuima, the Interen Amount 
pardile per U.S. $3,000 Nora 
wilt be U.S.$6J.09, and far 
iheU.S. $100,000 Notewili be 
U.S.$I,261.8I. pajobte on 
20thOaDbet,l994. 

LMed IB riM Luicabouq Stod 


QBaaiwnthHt 


^**"1*— “Ti^******** AC^wBuk 


BUSINESSES 
FOR SALE 


^ipearinfhe 
Finandsd Times 
on Tuesdays, Fridays 
andSatUFCte^ 

For frirther faifbmiatkm V to 
advertise in this section 
pl^ee contact 
Karl Loynton 
on 071 873 4780 
or Lesley Sumner 
on 071 8733308 


nNANCIALllHES 

iiiiri n ■iiitiin i Tn'irn ' 


Flotation gives Copyright 
Promotions £12m price tag 


Oceonics 
falls to 
£1.3m loss 

Oceonics Group, the Nmfrrik- 
based survey services group, 
reported a slide into pre-tax 
losses of £128m in the year 
ended March 3L 

ihere were profits of £i2lm 
last time, restated fbr FB8 3. 

The oompaTiy said the ape^ 
ating environment continued 
to worsen hi the second half; 
particulariy in the North Sea. 
It had also suffered a stowing 
in business in Nigeria since 
December because of the piriiti- 
cal t^Hwiata 

However, new orders had 
been won in South Africa, and 
a new base established in 
Tbwn, directors said. 

Current trading remained 
difficult and opmating losses 
continued, they - added, 
although action had been 
takpp to maintain overheads at 
an appropriate level. They 
looked forward to a better trad- 
ing environment in 1995. 

Tornover slipped to £241m 
(£30.7m) and operating losses 
amounted to £129m (£223m 
profits). 

Losses per share emerged at 
( 02 p earnings). 

The second tranche of divi- 
dend arrears relating to the 
preference shares redeemed 
last year is being delayed and 
the nrHT|p»»ny is nTiajite tO pay 
the oouvertlble preference 
share dividmid. 

Beaoford 

capital 

reconstruction 

Beauford, the eughmerh^ and 
ceramics group, said the Ifiifo 
Court had confirmed the reduc- 
tion of its share premium 
account by £45m and a £326m 
reduction in its share capital to 
£6m. 

Accordin^y, the native 
balance on the profit and loss 
account Imd been eliminated 
the company would be 
able to pay di'rideaids on any 
future p^ts. 

Beauford cut its pre-tax 
loss from £26.4m to £7.43m in 
1993. 


By Caroline Souttiey 

Copyright Promotions Group, 
bert known for Handling the 
marketing rights to cartoon 
characters such as the Flints- 
tones. Captain Scarlet, Mr Men 
aud Thunderbirds, Is being 
floated via a placing and offer 
grviDg it a market capitalisa- 
tion of £12m. 

It is being spun-off by Mosaic 
Investments, the mini-con- 
glomerate. Mosaic will receive 
cam in naeh raised from the 
placing and 3m shares worth 
£32m at the placing price of 
120p. The placing and offer js 
folly underwritten by Charles 
Stanley, a small Lmdon bro- 
ker. 

A total of 3m new shares, out 
of a total of 10m, will be Issued 
of which half are subject to 
clawback by existing Mosaic 
shareholders on the basis of 
one CPG share for every 29 
Mosaic ordinary shares or 6.67 
prtference shares. 

Mosaic will retain a 30 per 
rant shareholding. Four mem- 
bers of CPG's management, 
including the company’s co- 
founders Mr David CardweU. 
chief executive, and Mr Rich- 


Mosaic Investments, the 
liemising and desi^, display 
products and specialist pack- 
iqdng grotto* retomed to the 
black with pre-tax profits of 
£lm for toe year to April 30, 
writes Caroline Southey. 

hset time tiiere were losses 
of £14j8ni, restated for FB8 3. 

The company also 
announced the separate listing 
of Copyright Promotions 
Group, its wholly owned sub- 
sidiary in which it will retain 
a 30 per cent holding. 

Mosaic’s sales foil from 
£3l.2m to £214m, althmtoh 
tninover from continning 
operatiims rose margiiiaDy to 
£20.4m (£ 20111 ). 

Operating profits were 


ard Cully, managing director, 
will hold a 40 per cent stake. 

Mr David 'Williams, Mosaic's 
chairman, will serve as a non- 
executive chairman and Ms 
Sue Ball, Mosaic's finance 
director, has been appointed 
part-time Qnanoe director. 

Mr Cowell said the listing 
would Increase the profile of 
CPC and improve its maiket 
position In the UK. (7G is adso 
involved in advertising consul- 
tancy and character costume 
manufacture. 

Mr ilffUlanis said the under- 
lying value of CPG was not 
frilly reOected in Mosaic’s mar- 
ket capitalisation and the flota- 
tion would increase share- 
iudder value. 

He added that CPG's perfo^ 
mance had been over^dowed 
by difficulties at Mosaic, which 
is engaged in licensing and 
design, display products and 

SpedaliSt par-lcaptfip 

Mosaic will set aside £lm of 
the £3m cash payment from 
CPG to indemnify CPG against 
development costs incurred 
ELG. its European joint ven- 
ture. and has also granted CPG 
a £7^,000 two-year, interest- 
free loan. 


£l.5lm (£l.47m), including 
losses of £100,000 (£460,000) 
from discontinued activities. 
The pre-tax result last time 
was after mneptioiial restroct- 
nring charges of ElSAm. 

Mr David miliams, founder 
and ctaairxnan, wto returned 
to Mosaic in February after 
leaving in 1991 following 
boardroom disagreements, 
said tbe results “demonstrated 
that Mosaic has returned to a 
position of financial stability". 

Be said the flotation of CPG 
was tbe beginning of his strat- 
egy to refocus the company 
and shareholders should 
expect the process to continne. 

Mosaic’s shares were 
suspended between September 


Character licensing gener- 
ates more than 50 per cent of 
(^C’s turnover. It receives 
commission on gross royalty 
Income by acting as the match- 
maker between character licen- 
sors and licensees such as 
manufacturers and retiulers 
like Marks and Spencer, Tesco. 
Mothercare, Burton and Pizza 
HuL 

Mr Cardwell said future 
earnings potential was under- 
pinned by income from 
long-standing “classic charac- 
ters” although it would be 
influenced by revenue from 
new “hot characters". 

The company expects income 
to be boosted in the coming 
year by royalties from the 
Flintstones following this 
week's release of Steven Spiel- 
berg’s film of the famous 
American cartoon characters. 

The company's costs were 
low, he said, with no stock and 
15 employees. 

In the year to April 30, CPG 
reported pre-tax profits of 
£567.000 (£212.000) on turaom 
of £)25m m.mm\ 

Dealings in the shares are 
expected to begin on August 
15. 


1992 and ftlay 1992 because it 
could not raise sufMent funds 
to redeem a preference share 
issue. 

Mr Williams said the relist- 
ing had been achieved by the 
diqiosBl of lossmaldiig activi- 
ties, the arrangemait of new 
banking facilities to provide 
adequate woiUng coital and 
tbe settlement of oblisntions 
relating to deferred consider 
ation. 

A further boost came fhnn 
Montagu Private Equity 
frivestments subscribing to a 
prri’erence share issae in Fd»- 
mary. 

Earnings per share were 
9-7^ (91.42P losses). There is 
again no dividend. 


Restructured Mosaic returns 
to the black with £lm 




RESULTS IN BRIEF 1993 

£'000 

TIJRNOVER 32^56 

PROFIT BEFORE TAX 2,607 

EARNINGS PER SHARE (fuUy diluted) 9.6p 

ORDINARY DIVIDENDS 5.7p 


• The profit showed a modest improvement compared to 1992. The dividend is being 
maintained on the capital increased by the recent Rights Issue. 

• Our two newly built hotels in Cardiff and Loughborough have been well received 
and together with the acquisition of the 90 room Gimat Hotel in Manchester they 
sigoifi^tly expand our geographical coverage of the UK. In April the 154 room 
re>named Friendly Hotel in Taastnip, Greater Copenhagen was acquired. 

• The Group now operates 27 hotels with over 2,800 rooms and 18 serviced o£Gce 
locations. 

9 Having safely and successfiilly weathered the recessionary years, we are looking to 
tbe future with confidence. 

’It pays to stay Friendly’ 

For a copy of the latest Report and Accounts please apply to the Secreiarj^ 
Friendly Hotels PLC, Premier House, 10 Greycoat Pla^ London S971P i$B. 





22 


FINANCIAL riMKS THURSDAY JULY 21 |W4 


COMPANY NEWS: UK 


Eve static following 
interest income setback 


By Tim Burt 

Eve Group, the USM-quoted 
civil engineering group, 
Uamed slu^ish trading condi- 
tions in the construction indus- 
try for a flat performance in 
tite year to hfarcb 31. 

Pre'tas proflts fell slightly 
bom £4.i5m to £3^ despite a 
16 per cent increase in turn- 
over to £61.6m (£53m). 

BAr Peter Adatos. finance 
(Urector, said the decline was 
earacerbated by a sharp mil in 
interest earned on the group's 
deposit funds, which fell from 
SAgJJX/a to £181,000. 

Although operating proflts 
were virtually unchanged at 
£3.68m he claimed it 

was “a creditable performance 
^ven the battering the indus- 


try has taken during the reces- 
sion''. 

The shares, however, fell 2Sp 
to383p. 

Gross margins declined from 
per cent to 7.5 per cent and 
proflts in contracting - the 
largest of the company's three 
business sectors - fell from 
£3^in to £3.8510. 

Mr Graham Foster, manag- 
ing director, hinted that tte 
results would have been worse 
had it not been for increased 
orders in the transmission divi- 

sion, whudi designs and manu* 
fectures overiiead poww line 
systems and communication 
towers. It had won a number of 
contracts for the National Grid 
network and opportunities 
to win orders in France and 
Italy, he added. 


Mr Foster also bailed an 
improved contribution from 
Trakway. the portable road 
and waUmy divisitm, which 
increased profits from £l.21m 
to£1.34in. 

Losses in the proper^ devel- 
opment division, meanwhile, 
were cut from £576,000 to 
£390,000 although the company 
warned that a^vity remained 
subdued. 

Eamingg per share fefi from 
27.4p to 2S.4p. 

While expressing disappoiD^ 
ment at the p^ of recoveiy In 
the construction industry, Mr 
Foster said the company was 
confident enoi^ about fiibure 
prospects to recommend an 
massed final dividmid 
makiiig a total of Up (lOp) for 
the year. 


Colefax consolidates recovery 


By Ghahacn Deller 

Steadily improving conditions 
in the UK and the US helped 
Colefex St Fowler Group to con- 
solidate on the return to profit 
shown at the interim stage. 

During the 12 months to 
April 30, the wallpaper and fur- 
nishing fabrics manufacturer 
swung from losses of £396,000 
to pre-tax profits of £331,000, 
struck after an exceptional 
charge of £311,000 following the 
disposal of a freehold ware- 
house in New Jersey. The 
group had returned to the 
black at half way with a mod- 
est profit of £50,000 (losses of 
£192,000). 


Overall sales rose 22 per 
cent, from £28. sm to £35 An. 

Turnover in the product divi- 
sion rose by 10 ptf cent. Trade 
sales eocpanded by 15 per (»nt 
in the DE, by 25 per cent in 
Europe and by 48 per cent in 
the rest of the world, enludang 
the US. Retail sales, however, 
remained riiFRnnlt end di^gied 
by 10 per cent. 

Turnover in the US showed 
an 8 per cent increase in doDv 
terms - the first material 
grovUh since 1991, according to 
Mr David Green, chief execu- 
tive, reflecting a showroom 
[efurbUhment prc^tmnme and 
sli^itly impro^ market con- 
ditions. 


The group's decorating divi- 
sion had an "exceptional 
year”, Mr Green said, with 
turnover ahead 75 per cent; 
this, in turn, had a beneficial 
imp^ on antique sales which 
rose by 41 per cent 
Kingcome Sofes, the \^ol- 
stered furniture operation, 
lifted turnover by 9 per cent 
following increased factory 
^Bcdencies and improved trade 
demand, which is continuing 
into the current year, he said. 

Gearii^ at the year end was 
33 per cent (40 per cenQ. 

Earnings emeiged at 0.8p, 
a@wst losses of ijQSp; the final 
dividend is held at 0.5p for a 
maintained total of ip. 


Taking a leaf from the car industry’s book 

David Blackwell on Aerostructures Ramble’s new approach to making aircraft parts 

i; 


n the 1330s the slipway at 
Aerostructures Hamble 
was used to launch sea- 
plaites; in the 19905 it is being 
used to dispatch the cargo door 
oS a sin^e transport plane. 

Ihe door, built for the cargo 
aircraft us^ to ferry sections 
Of Airbus airliners to Toulouse 
for final assembly, measures 8 
metres by 8 metres by 8 metres 
and we^hs 2.5 toones. That is 
far too big to take down the 
lane through Hamble without 
removing power lines and 
other obstacles. 

The Hampshire-based air- 
craft components maker com- 
pleted the first of four doors 
last year, 18 months after 
the order. It was taken 
down Soutbmnpton Water by 
barge, across the (^hannd and 
floats up the Dordogne river. 

The people in 30 vUia^ en 
route to the final destination of 
Toulouse were not so lucky as 
the Hamble villagers. They bad 
to down Hwir Christmas 
decorations to let the load past 

WoriE on the next cargo door 
has started on the enormous 
and robust jigs built specially 
for the job. 

Mr Howard Wyman, 
operations director, believes 
the speed of exectitiou of the 
order and its delivery on time 
- "totally foreign to the air- 
craft industry” - reflects the 
company's fresh approach to 
managing an affci^ compo- 


nent manufacturer. 

it is working hard to intro- 
duce Japanese techniques 
devised by car manufacturers, 
and stress^ these new capabil- 
ities when it was floated on the 
stock market tn May. 

The company's history 
b^an, however, in 1936 and 


reflects the many changes 
undergone by the British aero- 
space industry. As Fdland it 
made the Mid^ and Gnat air- 
craft. Hawker Siddeley took it 
over in 1963; the aircraft manu- 
facture side was nationalised 
as part of the British Aircraft 
(foiparation, whidi was priva- 
tised in 19^. 

It became Aerostructures 
Hamble In 1989, wtmn British 
Aerospace ded^ to make it 
more accountable os a pn^t 
cenire. Mr Andy Barr, diieC 
executive, joined from Rover 
Group and ted a £46.7m man- 
agement buy-out in 1990. 

There are now lO senior 
managers, inriatding Mr Barr 
and Mr Wyman, who have 
come from Hover, wlmie J^- 
nese management techniques 
were the norm. 

"You have got to get it right 
first time, like the Japanese 
carmakers do,” said Mr 
Wyman. He believes that if the 
introduction of a product is 
correct, everything will run 
smoothly, whereas a false start 
will turn everything into an 
uphill battle. 

A tour of the fectoiies shows 
the group's continuiag invest- 
ment in new equipment, 
including riveting madiinery, 
a large press, madiinA tool^ 
mid a world class aluminium 

finighing p lant 

"We are upgrading onr 
equipment," said Mr &it in 
his office - a beautifully pro- 
portioned room with a high 
ceiling, decorated with bii^ 
and flowers, in a listed 1750s 
house guaranteed to impress 
potential customers. "But 
that’s not very relevant to 
what we are doi^.” 

The company is also concen- 


trating on statistical process 
control, known as SPG, which 
sets narrow parameters within 
which a component must foil 
Under old methods, a part 
would be made and thmi mea- 
sured to see if it fitted. But 
with SPG and computer tech- 
nology know it's going to 
come out right”, explahied Mr 
Wyman. 

In onlcr to get things rig^t 
first time, the group 
approaches each new project 
through a multitUsciplinary 
team with a manager who 
becomes the m-ifo contact with 
the customer. People are sec- 
onded from other parts of the 
1,500 workforce, which has 
been divided into 12 ’‘cells”. 

The manager stitfes witii the 
team right through tte project, 
from the initial bid to the fin- 
ished projecL 

While some of the team 
members might change, thm 
is a consistent thread mnnhug 
throat a prefect from Initial 
conception to final delivery. 
The wh(^ idea is to get a 
seamless i^eess,” said Ur 
Wyman, in contrast with the 
old metiiods of pa«i"g a proj- 
ect from one department to 
another. 

>he team's brief is to 
come up with a product 
which can be made 
repeatedly to tight quality and 
budgetary parameters. The 
process includes a presentation 
to the sh(9 floor and a prelimi- 
nary design review that can 
also involve tte customer. "We 
want the considerable wisdom 
of the company Involved in a 
project," said Ur \7yman. 

For a high technolo^ indus- 
try the method of showing 


Distributable income rediiced by R29 million 
transition levy 

Gold price received 
8% on previous quarter 
^23% upon June 19^ quarter 

Working costs per kiloffram increased by 
-5% on piwnous quarter 
- 1S%onJune 1993 quarter 



Final dhndends were declared as follows 
(cents per share or stock unit): 


Beatrix 

SO 

~Stf/A»fitefn 

7S 

Buffielsfdntein 

140 

^StHetena 

1SS 

Grootvhi 

2S 

-lAinef 

20 

Kinross 

180 

^VlSnkelhaak 

130 

Leslie 

30 




SUMMARY OF GOLD MINING COMPANIES' RESULTS FOR THE QUARTER ENDED 30 JUNE 1 994 



Oieiiti pani 


ItoQMtod 

tOoms 

ImtodaU 

Orrxlflm 

9LHetoie 

StMewton 

tMaatOolil 

Wlidwlhwfc 


lAiturnkwift 

QoUBWna 


lenmUd 

MnmLld 


Golda&im 

GoWnniiio 

CBlid 

■Aim lad 

MMsUd 


BufWrfowMn) 

CeUd 

IM 



lad 

OaHPii/ireWiidB"Piaabw 


esnSHM 

BMBBSMB 

nnwnff 

nottMOi 


earwroai 

aaoMQas 

Ttnaawds 

flSflMMV 

Issued 4harn 

Barob: Abios LMled 

iimgoooneprrr 

linSSttrnBmv 

MOnooSanStntv 

mnDoNMnmv 

tkfGeVMakSnes 

eeiSWcnfcafy 

aoDsaoRany 

aBonoaicidiiHy 

itmanontarr 


S 40 nm«ninary 

19 tee on 0111 ml 




Oniml 

a 835 03 S 'A' cun p«r 







liSeODaOaidairv 

3 8 S Q 3 S -B* cum mf 
Jraoce-Caimml 




1 Operating rastdt* | | 

Gold produced Jun94 

3224 

2852 

640 

2850 

681 

46 

1299 

363 

930 

2403 

ftg) Mar 94 

3220 

3080 

662 

3030 

678 

32 

1350 

271 

973 

2602 

Ftnancial year 

13220 

13098 

3845 

9 076 

2048 

316 

7 415 

1790 

2847 

7735 

Yieldig/t) Jun94 

62 

6L3 

S3 

$3 

6L7 

1,6 

7,6 

1.3 

5^7 

63 

Mar 94 

63 

6,4 

SJS 

63 

6.7 

2.3 

6,9 

1,0 

A1 

6.7 

Rnandalyear 

63 

6A 

S3 

63 

6L7 

1,7 

6.8 

1,1 

&0 

6.7 

Ore milled Jun94 

S20000 

486000 

120000 

440000 

101000 

29000 

172000 

272000 

163000 

358 000 

(tone) M8r94 

520000 

480000 

120000 

466 000 

101600 

13900 

195000 

282 000 

180000 

388000 

Financial year 

2101000 

2056000 

702000 

1382000 

306000 

187 000 

1080000 

1894000 

473 000 

1161000 

Gold price lecdvad Jun94 

4278D 

42746 

42783 

42861 

42580 

43790 

42665 

42785 

42 6n 

42600 

(RAg) Mar94 

39582 

39866 

3B442 

39655 

38 608 

40008 

39590 

39563 

39714 

39607 

Rnandalyear 

39 762 

38861 

37540 

40120 

40110 

36911 

37856 

37550 

40208 

38988 

Wbridno costs (RAn) Jun94 

24165 

38253 

36480 

27 125 

33633 

Working 

32889 

24198 

35470 

34664 

Mar 94 

24207 

35781 

34074 

28249 

29975 

costs are 

31799 

32232 

33076 

31636 

Finaneidyear 

23327 

33376 

33329 

25483 

30521 

capitalised 

31665 

30435 

33845 

32301 

1 Rnarrcial raeults |R*QOO) | | 

Worldng revenue Jun94 

138680 

122765 

27 734 

123628 

29321 


55 897 

15831 

39742 

1M627 

Mar 94 

127 456 

122 785 

26183 

120562 

27 053 


53447 

10722 

38642 

103768 

Rnaneialyear 

526 413 

518538 

146110 

366444 

82786 

- 

2B1609 

67ffi6 

114586 

312303 

Woridngeoste Jun94 

77908 

106 067 

23347 

77308 

22904 


42722 

6764 

32907 

83 296 

Mar 94 

77947 

110 145 

22557 

76605 

20323 


42928 

8735 

32183 

82316 

Rnancialyaar 

306392 

437156 

128149 

231345 

62507 

- 

234 794 

54479 

9698 

248 849 

Sundry ineome - net Jiai 94 

27S3 

3017 

1725 

2867 

541 

384 

2387 

683 

643 

3498 

Msr94 

2227 

2966 

1831 

3062 . 

576 

410 

2118 

1147 

667 

194 

Rnandalyear 

10247 

12930 

9413 

9277 

1631 

2480 

11378 

16347 

2081 

8003 

Tribute and royaUea Jun94 

20802 

920 

(3) 

(836) 

22 


6302) 


222 

818 

-payments/IrBcaiptsInW Mar94 

19119 

1386 

472 

284 

19 


6931) 

120 

196 


Rnandalyear 

76 962 

6173 

1686 

284 

SO 

- 

(35 255) 

516 

642 

lom 

Tax and lease Junto 

21956 

1173 

2282 

28606 

6208 


14242 

5364 

8190 

9813 

Marto 

11596 

(4887) 

1075 

20690 

3124 

- 

7692 


1291 

10220 

Rnandalyear 

65 252 

23153 

6642 

70365 

10281 

- 

47129 

5384 

4481 

33488 

capital axpendituis/ Jun to 

10293 

10587 

2562 

5366 

746 

74761 

622 

(1273) 

778 

6583 

Iracoupmarits) Marto 

7183 

10089 

1319 

5961 

(864) 

72433 


(2120) 

1776 


* Rnandaiyaar 

44967 

32 820 

7597 

18762 

2807 

451696 

4851 

6224) 

6526 

6916 

Dooibutabfe Junto 

10474 

4006 

1281 

16151 

964 


5980 

3439 

8206 

7003 

incotna Mar 94 

13837 

9008 

2561 

20 164 

4827 


10205 

5134 

3863 

12664 

Rnandalyew 

49087 

31954 

10450 

54966 

8772 

- 

41 468 

31859 

8660 

29992 

Ovidends Junto 

11500 

15400 

2880 

32400 

4800 

- 

14919 

9787 

5600 

■M^IIHII 

Marto 

13500 


* 








Rnandalyear 

45 000 

33 550 

9152 

48600 

7 200 

- 

36613 

23 513 

7000 


1 ForwanleMaa | | 


622 

38134 

736 

38134 

120 

38134 

578 

38134 

129 

38134 

- 

228 

38134 

91 

41000 

197 

38134 

529 

38134 

Outstanding Kiogiatns 

contracta PricalfVkg) 








224 

44302 



Expire on or before 






- 


Oct 1994 



Capital axpendKmc 




EstHnatedforthe 

iMxt dx rnondia (Rmil) 

235 

31,2 

63 

19,0 

2,7 

167J) 

3.6 

• 

4,3 

19A 

Estimated Bfb of niina protiuctioii 





Life of mine 

- tonnage (rrtinion metric tons) 


617 

63 


3,1 

Update 

6.2 



27,0 

-yield (g/fi 
-total gold: 1)00 kg 

hh 

7.1 

47 

S3 

36 


19 

pemllnq 
additional ram 

73 

46 

No 

economical 


6,2 

166 

:D0Oaa 


1513 

1 164 

■M 

604 

devdt^rnaiK 

1489 

reservas 

3288 

5336 


1. Piovision has been made for the 5% 
transition levv in the lax and lease figures for 
the quarter. 

2. The dividends declared are payable to 

members of the companies concerned 
registered at the close of business on 
5 August 1994. 

The tSvidenda are dedared in the currency of 
the flepubfic of South Africa. Payments from 
the United Kingdom office will be made in 
Sterling at the rate of exchange ruling on 
2 September 1994, or the flnt m thereaftsr 
on which a rate of erwhange iaavailabla 

Dividend warrants will be posted on 
16 September 1994. 

In the ease ef norweaident sharrinldars. the 
applicable taxation will be deducted. 


3. M financial figures ere unautfited. 

4. The companies ere incoiporated in the 
Republic of South Africa with financial year 
ends on 30 June. 

By onler of the respeethra bowds 

Geneor 8A Lbritod 
S e uet s r i M 
perTKSavage 
SantorOheWerafSeaeCiry 

Johttmaebutg. T9 July 1394 


The fUM coTKliiions of 
at or obtained from th» 


maybehispeaBd 
cffice. 


It c ^at wad ot B cc 
Gancial Mining Building 
a Hollard Street 
Johaimeabuig 3001 
iPOBoxaiasq 
MarehaKlown 2107) 
iTe) toil) 3769111) 


London dfflee 
Geneor <UX) Undud 
SOByPlaee 
London EC1N6UA 
ITfll(071|404H)S73) 



Bid W a f e m e fc i 

76 000 (Match 1994; 95 000) tons of surface material at e grade cS OS (March 1994: IXU grwiw per 
ton were treated dunng the quarter. 

ftjw 

Cumula^ expenditure capitalised to date amounts to Ri 925 minion. Inclusive of Interest of 
R347 million. Plaase refer to the separate announceme n t published d eo where in this newspaper 
dealing whh the future funding of the mine. 

StHahna 

^ ^ Consolidated Gold Mines (Operaliana} Ltd yielded a profit of 

RA6 million for the quarter, which is included under tribute and roysUes. 

f j i ft i ier etf gfc ef mwieprDdtictfan 

A price equivalent to R42 SOO per kilogram (R 1 322 per ounce) has been used in calculating the 
Dfe of itune production esumates. These eedmaies are based on date which is continually reviewed 
and could change signincantly with additional geological information. A summary of the 

assumptions used in the cakhiiaiions will be incorpocated in the annual laports for the Gnsnm veer 

ended 30 June 1994. ’ 




Mbdcni methods ensure that the eompooent wlD be a perfect fit 


prog ress with work in hand is 
very old - colour^ pins and 
charts on a large board. A 
mass blue pins eleariy illus- 
trates that things are going 

Daily quality control meet- 
ings, detailed analysis of 
rejected goods, and a sugges- 
tions sclieme In which 55 per 
cent of the staff have token 
part, have all been introduced 
in the past few years. The 
group is also worit^ towards 
scrapping its olumiTdum store, 
and relying on just in time 
delivery to specific parts of the 
factory. 

Perhaps more novel is the 
logical reorganisation of the 
stock room, so that parts 
needed fur a particular job ore 
kept side by side on the 
shelves. 

"Klttiug” has been, intro- 
duced. through which parts ore 
dispatched to a customer in a 
carefully laid out package. Any 
part missing is immediately 
visible - a simple innovation 
that has revolutionised the 
traceability of orders and 
saved hours of orgumenL 


The cooqxiny dMms notUng 
new in its management strat- 
egy. but it does claim its meth- 
are new in the aircraft 
components industry. Mr 
wyntan gives the cxoi^e of 
hourly r^orts - second nature 
to tiu) car industry - whirii 
were Introduced in the de^i 
machine shop aod doubied out 
put in two weeks. 

In the past Qiree years mar- 
gins have increased tram 8A 
per cent to 11.3 per cent. The 
company's relkmce on its Go^ 
mer owner. BAe, which 
accounted for 93 per cent of its 
business in 1990 and 78 per 
emit last year, is expected to 
fail further this year. 

It has been successful in get- 
ting new orders and now has 
on Impressive blue chip cus- 
tomer base, induding Boeing. 
McDonnell Douglas. Vought 
and Raytheon. 

"We’ve got the strategies in 
plaoe and we will get better. 
The techniques are well known 
- but you need pcrstetence,” 
said Mr ^rr. "We are gating 
leaner all the time - but it gets 
toufdier as you go on." 


Second-quarter drop for 
First Maryland Bancorp 


First Maryland Bancorp, the 
wholly oiwied US subsidiary of 
Allied Irish Banks, reported 
net income down 10 per cent 
from $31m to $28m (£l&4!x0 for 
the second quarter of 1994. For 
the half year, net income was 
8S4.1m, against $S9.5m. 

Net interest income in the 
three months was down by 
$2,3m because of a lower net 
interest margin while non-in- 


terest income declined by 
$9.4m, m^nly reflecting a 
lower level of realised securi- 
ties gains. However, there was 
a $S.7m reduction in proviskm 
for bad debts. 

Return on assets for the six 
months fell from 139 per cent 
to 1.13 per cent. At June 30 
non-performing loans of $83.to 
represented 1.59 per cent of 
total loans. 


PUBLIC WORKS LOAN BOARD RATES 

StodhreMf 10 


Quota loans* 


nm 

1 

m 

att 

5W 

BPt 

att 

SM 


ft 

8 

6K 

SM 

6H 

7 


AU 


7M 

SM 

614 

7M 


V3 


8 

7M 

7M 

SM 


.» Tk 


BM 

7M 

7M 

SM 


714 

7% 

8% 

7M 

7M 

8M 


7Ji 

8 

8Vi 

S 

SM 

SM 


n 

8Vk 

8Vfi 

SM 

SM 

SM 


nth 

8M 

SM 

SM 

SM 

8M 


. . SM 

8H 

SM 

SM 

SM 

8M 


nw 

SVa 

8M 

814 

8M 

8M 

Over 15 up le 25 — 
Over SS .. . . 



- BV& 

6M 

aiA 

6M 

att 

SM 

att 

8M 

att 

BM 

SM 

^len-quat* looni Am 1 pwcm Mghw M Pon-euoUi tam B 8 pw cm NpMr P sadi on Sv" 
quota lom. ttod lnd«*iie«» of prfnetid tT nqpwfwrs by reaym» msA arm 

haaiexv rrewwili ID kiewi pdKtPW mtf fenerMS - 1 wm rWfymV pwmM of taUMt arty. 


Notice 

to the holders of the outstanding 

U&SISOOOOJIOO 5X%Suboi«rwtedBondsdiMig94 
U.S.S300J)00J)00 Subordinated Floating Rale Netasdua19»4 
U.S.$150j)Oojooo Subordinated FtoaOna Rate Notosdi»1895 
ILSuSIOO/NXIJIOO SuboridlnatedRx«d/RealingRaieNotee<liM2002 
U&SloaoOOJIOO SuberdlrwledRoallr«RateNefesdue2003 
(logaltMr the ‘Securities*) 
o< 

Banesto Finance Ltd. 

(tlie*IS 3 uer) 

NOTICE IS HEREBY GIVEN to me holdere of Itie Secuilliea that sriih ellect 
Irom f4th July, 1994, the terms and oondWoti s of the Securities Dane been 
modilled by the deleiton ef the provisio ns hw the deferral of paynwnis ef 
inieresi on the Securities If the most recer^ putafhihad pram aid toss 
account oi Banco Esp^ ds CredHo, 8.A. (the ’Bank') lor a nnamtet teW 
doee not ghow a Profit (as delinei in the terms and condWons of the 
Securities). Accordingly, the Issuer is now ottiged le pay interest on the 

Securniee on the dtdes provided In the respeetne terms iuid corxMions, even 

It Die most raceniiy puwstwd preli) and loss account ot iho Bisik tor a 
financial year does not show a mSL 

Copies ot the Supple m ental Ihst Deeds effeollng such medHlcailons and 
cerlain consequenfiai moifificailons are avaBabie lor inepeoion at tM 
specified ofiiQss cl the Paying ^SRis tw the respaefive Securities. 


Mh July. 1994 


Banesto FinanoaUd- 




£200,000.000 

MFC Finance No. 1 PLC 

NOnCB OF HEDailPnOM 

Series 'A' to 'P **'f* *p**irT naefcad flo ati ng Rato Netoa 
Do* October 2023 

NotKO is hereby given, that In accordance vrith Conditiom 610 ot the 
Prospectus dated 13th October 1988, the Issuer Intends to redeem 
£2,400.000 in eggregote value of the Noios on Iho re jp ac t iv o Augu^ 
1894 Interest paynwnt dates. 

anBAMO 


P 

m 

INDEXIAHP/m^ 

1 


,1 Technical Analysis Software I 

■! Tel: (0‘5-32) 273015 • Fo 2763:-: | 



TinriM-ml f in n iii "“V**** 

tfoCure aad at ■cMum iSSllGiilaB Am eaS inias 3 SS 7 . 

^ w vyii m ivwdCi wi ST uiw4 »»to«1tlw** ... 
Sea w Iip-M Sea pnear iaSBa».<a Tdv* 














































arofii 

l>;ia 




financial TIMES THURSDAY nJLY 21 1994 


Rnance; the economy; the 
health service and the 
rush for new homes Pa9e M 




FINANCIAL TIMES SURVEY 


ALBANIA 


Adriatic’s unpolished jewel 
awaits tourism; freedom for 
farmers; investors Page III 


The secret country 
opens its doors 

After the collapse of Europe’s most repressive 
Stalinist regime, Anthony Robinson and Laura 
Silber examine Albania’s first steps in freedom 


Thursday Jul y 21 1^94 


After 50 ket years as one of the 
most isolated countries in the 
world. Albante has re-emerged 
over the last three years with a 
strong desire to rebuild its 
economy and shattered society. 

Like other post-communist 
states it also seeks to re-lnte- 
grate into Europe while 
playing a more active role in 
the volatile Raiifpw region 
where millions of ethnic Sba- 
nian live across the border in 
Kosovo, Macedonia and Monte- 
negro. 

Much progress has been 
made since 1990-91 when this 
small, mainly mountainous 
cxnmtry c£ 3 .^ people was on 
the vei^ of anarchy while the 
hated secret polioe of the Hying 
communist regime in!e t a Hf>fT hy 
Enver Hozha in 1945 sought 
vainly to forestall its collapse. 

Wild rumours swept the 
country as thousands of des- 
perate yoi^ people clambered 
on to andmit boats or ^pped 
across the frontiers by moun- 
tain tracks to seek a new life in 
a wider world known only by 
listening to forbidden foreign 
radio and TV pn^rammes. 

Italy, just across the Adri- 
atic, was most fearful of incipi- 
ent civil war and of destabilis- 
ing waves of immigrants and 
hastily put blether an emer- 
gency relief pn«ramme. For 13 
months the Italian army deliv- 
ered food and other aid 
throughout a country who^ 
invasi^ by Mussolini’s troops 
in 1909 marked one of the les^ 
^orious chapters in Italo-Alba- 
nian relations. 

It was a great success. The 
exodus was halted, but not 
before more than 300,000 peo- 
ple, maixily young work seek- 
ers. had found some form of 
refuge and employment 
abro^ 

Three years later these emi- 
grants have become the main- 
stay of an economy afloat 
by a cocktail of remittances 
and foreign aid. 

Emigrant remittances 
totalled $33(hn last year, com- 
pared with the $300m received 
in foreign aid. although 


iwontenJgro 

Podgedca ^ 



SERBIA 






kKndi 


„ KuMa« 



SKORfe 


Fenner Yueoeiev 
-RafxMeof 
MACEDONIA 


:s .1 -I- -• -.v ^ 


■ r*. •••:.■{.?:?? 



4* 


til. 




Markets have sprung up aS over Tirana, seBing impeited goods as well as meat and produce from the privatiaed farms Picture: AnthOTA' Robinson 





Ita flO 


Albania would have been in 
dire straits without the nearly 
3l.5bn in food aid, grants and 
low interest loans which gov- 
ernments and international 
institutions poured in over the 
last three years, and which 
they have pledged to conlimie 
at a rate of around $300m 
Ann ually until 1996. 

Stability started to return 
after the geneonl elections of 
March 1992. Western govern- 
ments. the Etr Phare pro- 
gramme, international finan- 
cial and other Institutions 
moved in with technical assis- 
tance and finanrrial soppCfft for 
President Sali Beiisha and the 


Democratic Party-led coalition 
government. The coalition 
emerged from elections with 
an atieohite nuyotity and a pro- 
gramme for completing free 
market reforms begun by the 
interim government under the 
aegis of economists Hr Gramoz 
Pashko and Ur Gene bo& 
of whom are now out of gov- 
ernment 

The army and secret pc^ce 
were purged but the mhezited 
administrative organs remain 
ill-equh)ped to provide the ser- 
vices demanded of a modern 
state. 

The democratic credentials 
of Albania, meanwhile, will not 


be fiiUy recognised until a new 
constitution and new civQ and 
legal codes are introduced to 
replace the amended versions 
of the old Hoxha-era docu- 
ments still in force. 

All three are expected to be 
finalised tkis year although the 
constitution requires a two 
thirds m^orlty in the parlia- 
ment which curreutly eludes 
the government led by prime 
minister Alexander MeksL 

Albania, which achieved 
independerree from Turkey 
after the third RaRfan War in 
1912, has no real democratic 
traditaon and the 50 year totali- 
tarian dictatorship established 
by Enver Hoxha desbn^ed the 
economic and social basis 
which would normally have 
given rise to a middle class. 
Under these circumstances, 
politics tend to be higddy per- 
sonalised while institution^ 
and legal guarantees are weak 
and often unenforceable. 

Stren^hening the social, 
economic and above all l^;al 
unde^innings of Albania’s 
fledgling democracy will take 
tiiTiP and Imposes a steep learn- 
ing curve on both the govern- 
ment parties and the opposi- 
tioiL The latter is headed by 
the socialist party successor to 
the communists whose most 
ca^le leader. Mr Fatos Nano, 
is in jail 

Albanians, fiom the presi 




Intervfew; PRESIDENT SALI BERISHA 

A navigator in the 
stormy Baikans 

For President Sali Berislia, the 
cardiologist who led his Democratic Party 
to a lan^Ude victory tn March 1992, the 
end of isolation coupled wftii price, foi^ 
eign exchange and trade liberalisation 
and the abolition of collective farms, has 
transformed Albania’s prospecte. 

"Isolating Albania was the greatest 
caime conunittpH by Enver WnTha, the foi^ 
mer dictator. At least the other conunn- 
nfet countries had more or less open bm- 
ders with each other and trade and 
diplomatic relations with the outside 
world. Albania had virtnally nothing. 

Oncha was the only Enropean leader who 
did not even sign the Helsinki Final Acts 
[the east-west European secnilty pact]," 
he says. 

But after decade under a brutal and 
obsenrantist r^me Aiiiania is now in the 
hands of 8 youngeT generation determined 
to integrate tiie conntry into the Euro- 
pean mainstream. "We are having to 
learu, apply new ideas and implement 
tiuan all at ttie same time." he says. 

The experience of the last two years has 
wiad» him an impassJoned supporter of 
the fast-track approach to economic 
reform. "Shock therapy is a bitter pill, 
but it is a brilliant invention. We have 
be« prepared to sacrifice popularity ^ 

{Bussing ahead with reforms. 'Hie hardest 
of all was ^ decishm in July last year to 
HberaW bread prices tiiree days bribre 
inryi elections. We lost votes, but since 
then we have not had to worry about the 
aniva] of grain shiinnents from abroad 
and the grmiaries are foil.” he says. 

"We are still the poorest country in 
Em^, bnt GDP grew by ov^ lO per teat 
lae* year, consumption has don- 

Wed, Inflatbu has dropped from 400 pw 
cart to around 30 i>er cent and savings 
have risen too,” he adds. ^ . 

His fignres may be a bit roi^ and 
ready. But the evidence eS weD stocked 
markets, busy fields, bustling streets and 
new cafes up the presideiit's cl aim 
of sharply rising Itving standards after 
dgwiHoic ^ hunger and poverty. 

The ^te of contemporary Alba^ tea 
for cry from the despoato days of imw 
when the feared Signrimi secret police are 
i-betbeved to have encouraged an ergs or 
rlbpt^ and destruction and thousands <n 
^wmild4ie refugees invaded mnbassies and 
"leieiiibeed on to ships leaving the coun- 
..Try. 

But critics of Mr Berisha and the^ gov- 
e niBum t he closely controls accuse him of 
Sethering too modi power in his oyro 

Anthony Robinson. Uura Silber 


Preskient SaE Berisha' have to laam* 

A gainut leaders of the former regfana Crit- 
ics cite the case of Ur Fatos Nano, the 
fo nwAT prime minister and probably the 
most corap^nt politician in the o^ioti- 
tioD wriait** party who te now serving a 
niwA year sentence on charges of mntefr 
zleuent of Italian aid hinds. 

Tbm is a greater consensus abont the 
trials of other former regime figures, lb* 
Ramra Alia, the handpicked successor to 
Mr Boxha, received a nine year ]ail sen- 
tence earlier this month after be and 
ei^ other former senim' politicians were 
judged gnOty cS violatii^ their own laws 
awl si m *™ g dead Albanian citizens try- 
ing to flee ^ conotiy- 
"I don't like trials bnt Fm certainly 
foDowing the Alia trial.” Berisha said two 
wedcs before the verdict was announced. 
"More than lOO people were shot and 
killed HinriHf the transition peri od alon e. 
I see these trkds as necessary to preyen t a 
wave of revage svreeping the country. 
"What has impressed me most te tiiat 

none of the old regime leaders on trim has 
ever nttmed a word of r^ret Even if you 
mcclude all their other crimes they were 
responsible for burying half of Aftama 
under thousands of concrete piu-boxra 
»hA>- (vm CTfnpH tile sweat and resonrees of 
Albanians,” the president added. 

Mr Berisha te a Moslmn from the moun- 
north east of a country, a region 
with a long htetey ti blood i^ids and 
toteuse personal rivalries. After tro 
as the first posbeommunist presfdfflt of 
Albaiiia, he rttaltts substantial pphtical 

A ‘•n. 


domestically and ou his formpi travels. 
Diplniiats coocmied with stability in the 
volatile Balkan region appreciate what 
they see as his growing understanding of 
the need for cautions diplomacy. 

Domestic political critics, however, 
including some who launched the opposi- 
tion movement with him but qilit from 
the Democratic Party shortly after the 
March 1992 eteetious, critidse what they 
see as autocratic tendencies and a desire 
to control all aspects (rf goverament For- 
eign investors, frustrated by delays and 
corruption in a still largely inherited 
admintetretiott, tend to seA an audience 
at tile presidential palace when they need 
to cut through boreaneratic knots. 

Bfr Berislia rejects charges that he runs 
an essentially aotiiorttariau system and is 
ftfTlrtnr to establish a {iresidential repnb- 
1k. "We iuri a one man system for 50 
years. We need time to promote and 
develop a parUamentary traditiou here,” 
he says, blaming oppi^on parties fin- 
delays in introducing a new consti tu tion 
witii co|iions dvU lights protection writ- 
ten into it. 

But navigating successfully through the 
treadierons shoals of Balkan foreign poli- 
tics is as impor ta nt for the new demo^ 
racy as dMn^g interrial tensions. With 
AiwMwt es many Ath«ig Albanians tiving 
in neiehbonitiig Kosovo, Macedonia and 
Montenegro as within the borders of 
Albania itself, many Albanians are tom 
between the desire to siqmort Uieir kith 
and kin and a growing awareness that 
benders cannot be changed without war. 
This reaBsatiim has been hdgiiteimd by 
tile war in Bosnia and the pro-consular 
advice of western embassies. 

The president dismisses accusations 
that Albania is seeking to create a 
"greater Albania” similar to the efforts of 
Sm^’s SltAodan Hflosevte to create a 
greater Serbia. "Albania’s concep t is very 
dear. All we are seeking te a dmnocratie 
gpace for AHumigtiK vvheirever they are. 
That means dmaocratic institatians and 
electioim. A soluthm cannot be achieved 
by ibrefbly changing borders. Bnt better 
trade and economic co-operation could be 
a big element in Iminoving relations,” 
says the prerident 

fie recently retnrned from a successful 
vitit to Mantdonia where he and president 
Eiro GUgorov discussed improved rail 
and road links to help Mar^onia ovm> 
come tiie embargo Imposed by Greece on 
its southern borders. 

After months of bad-tempered 
fmiiang ieg wltii Greece over a horde* ind- 
dmt in which two Albanian uldien were 
UUed in April, President Berisha is 
looldEig fbrvnod to doser rdatums with 
Europe and progress on the country’s 
desixM EU asso^tiou agreement now 
that Germany rather than Greece occu- 
pies the EU presidential chair. 

"Alb^ans are growing in self-oonfi- 
dence and a sense of reqwnspnlity. We 
know that our future lies in Euroiie, witii 
European sWIe laws and democracy and a 
dynamic maiket economy,” he concludes. 


dent down, constantly repeat 
tiiat "chaining the mentality 
of {leople is the hardest task" 
and seem aware that democ- 
racy and $tabuit>' will best'be 
guaranteed by sustained eco- 
nmnic growth and the avoid- 
ance of conflict over the status 
of ethnic Albanians in the 
neighbouring former Yugoslav 
states and tenskm with Greece 
over the status of ettu^c 
Greeks in the southern part of 
Albania. 

Westem embassies in iiartic- 
ular stress that Albania’s con- 
tinuing access to western cred- 
its and investment reflect its 
strategic importance and 
require Tfrana to {day a con- 
structive and cautious role in 
support of r^knal stability. 

The over-riding iffl{)erative of 
the US and EU governments is 
to prevent conflict between the 
two regional Nato states - 
Greece and Turk^. 

Albanian politicians can help 
by calling on the Alb^an 
dias|)ora to show patience and 
moderaticoi. espei^y in Kos- 
ovo and hfecedonia wbldi has 
ethnic Greek as well as Alba- 


nian and other minorities and 
where Bulgaria, Greece and 
Turke%’ all have competing his- 
torical claims. 

Diverting Albanian energies 
into economic reconstruction 
and the acquisition of modest 
wealth is seen by western 
embasties and institutions as a 
key to national and r^onal 
stabifity. 

pR^ress to date is encourag- 
ing. 'l^ first economic refonns 
were dictated by necessity. 
Most of the large, heavily pol- 
luting and loss makiTtg facto- 
ries built with obsolete tech- 
nology by Soviet and later 
Chinese technicians in the 
1960s and 19T0S have been 
closed and the hated ccdlective 
and state farms have been 
abolished. 

At first unemploi'meat 
soared in urban areas while in 
country districts, where 65 per 
cent of the {lopulation live, col- 
lective farm buildings were 
looted, madunery was broken 
and trees were cut down for 
fuel Unemployment is still 
officially around 30 {ler cent of 
the non-farm worltiorce and 


poverty-, although not hunger, 
remains widespread. 

But the abolition in May 1992 
of unempkiToent pay at so per 
cent of previous salary, intro- 
duced by the last communist 
regime to ease the pain of 
plant closures, forced the job- 
less to find new emplo^ent. 
Thanks mainly to emigrant 
xemittances and the abolition 
of all restrictions on foreign 
exchange dealing and foreign 
trade, thousands rapidly found 
employment in a fast growing 
private trading sector. 

Ihe service sector as a whole 
provided only 12 {>er cent of 
employment under the old 
regime with its heavy bias 
towards heavy industry and 
collectivised agriculture. It is 
now expanding fast as deregu- 
Utioo, privatisation and the 
abolition of subsidies have 
combined with emigrant remit- 
tances to create fast rising dis- 
posal incomes. 

The highly visible result is a 
frenetic demand for all sorts of 
consumer imports ~ from lux- 
ury foods to televisions, satel- 
lite dishes and second band 


cars. This dcmanii-lcd cconoiu' 
has created new jobs ui retail- 
ing. storage, transport and 
other services. 

.AC the same time de-coUect- 
irisstion created 400,000 new 
peasant fanners able to feed 
themselves and freed from the 
onerous restriatons which for 
decades had prevented pn^^te 
citizens from even raising 
chickens or other livestock. 
Last year food out{>ut rose by 
at least IS per cent and food 
imports plummeted 50 per 
cent. 

With inacnHHronomic stabi- 
lisation achie\’ed by 1993, {ml- 
icy makers are now moving 
ahead to tnckie the structural 
deficiencies which must be 
remm'od if the state os a wttole 
is to be modernised and 
Albania's resources fully used. 

These resources are substan- 
tial. Albaiii .1 iKKLsts Che third 
largest deposits of chromium 
ill the world idler South Africa 
.ind Kazakhstan, and related 
de{)osits of copper and other 
noorterrous metals. Most of the 
mines, operated for decades by 
prison labour, are currently 
moribund. 

Tiie country aLai has exten- 
.sive onshore und offshore oil 
and g.'is deposits, although the 
former have been badly 
exploited by ancient technol- 
ogy Cor over half a century- and 
the latter ore nut yet pro\'on in 
commercial quantities. Cana- 
dian Occidentil. .Agip of Itoly 
and Premier Oil of the Ll{ are 
among foreign oil companies 
currently scarclung fur viable 
deposits. 

Above nil. decades of 
enforced isolation have left 
Albania with more than 320 
kms of virgin caustline suitable 
for the development of high 
quality tourism, and a wealth 
of hardly visited Greek. Roman 
and Byzantine archeological 
sites and "museum cities" such 
as Qjin)ka.<:tro. 

Exploiting these resources in 
a profitable and ecologically 
satisfactory way will require 
beav 7 investment over man)' 
years, not just in specific pro- 
jects but above all in the asso- 
ciated infrastructure required 
to underpin the modern, mar- 
ket-oriented economy on which 
Albanians are setting their 
sights by the end of the cen- 
tury. 


E.R.A. 


ENTERPRISE RESTRUCTURING AGENCY 

ERA is a govemment a^ncy estabtished 
to assist 32 state owned enterprises to 
become privately owned businesses. ERA 
has ministerial powers and full authority 
to managd its portfolio of enterprises. 


E.R.A. OBJECTIVES 


ERA is there to help its enterprises by 
preparing enterprise sector surveys and 
strategic plans and recommending 
specific steps to be taken for 
privatisation and restnicturii^. 

In addition, ERA supports the 
implementation of privatisation by 
providii^ technical assistance. It is 
obvious that ERA differs fundamentally 
from the ministries and its role is 
to be a catalyst for and man^r of 
the process to transfonn to privately 
owned businesses. 

As slated above, ERA offers you 
collaboration and concrete business in: 
textile, dothipg and footwear, mining 
and metals, paper particle board and 
funiihire, feitilisersy chemicals, glass, 
ceramics and rubber, mechanical and 
construction mdustries. 


For more information you shoiiM contact: 
Mr.Adriatik Baiqa 
(BU PR0IECT DIRECTOR) 
AGJENSIA E RiSTRUKnJfflMrr TE 
NDERIHARRIEVE 

(ENTERPRISE RESTRUCTURING AGENCY) 
Rniga e DurresR, NOb 83, Tirana, Albania. 
Tel/Fax: (355) - 42-27878/25730 




SHARE THE SUCCESS 
INALBANIA 

* Managing funds on a profit sharing basis 

* Opening checking accounts 

* Supplying venture capital to start 
and develop business 

* Short term inventory financing (Morabaha) 

* Financing working capital 

* Investments in real estate 
* Agricultural pTojccts 

* Equipment leasing 

* Banking services 

(funds transfers, foreign exchange, Ucs, L/Gs...) 


Address: ARAB ALBANIAN ISLAMIC BANK 

S, D£j^QW£ KOMBIT 
TIRANA -ALBANIA 

TEL&F/^ +35542 28460 
_ +3S54228387 

TEUSKi 2259AA1BAB 



ARAB 

ALBANIAN 

ISLAMIC 

BANK 




24 


FINANCIAL TIMES THURSDAY JULY 2J I9»>4 


ALBANIA II 


A fter the collapse of the old regime 
the new democratically elected gov- 
ernment urgently needed to ^nd 
young Albanians capable of understanding 
end working with foreign governments 
and the internaHonal institutions willing 
to help to rebuild the state apparatus, 
banks and other bodies. 

A prime esample of this new techno- 
cratic ehte is Mr Kris Luniku, the 32 year 
old depu^ governor of the National Bank 
of Allonia with overall responsibility for 
monetary policy. (The bank itself eigoys 
formal independence modelled on that of 
the (lerman Bundesbank.) 

After graduating in economy and 
finance from Tirana University in 1986. Mr 
Lonlku joined the state bank three years 
later, starting with a stint in the moun- 
tainous north easL There followed several 
months Secondment to German banks 
where he received training in government 
securities and stock exchange practice 
before going to the IMF in 1991 for a crash 
course in financial programming and 
medium term adjustment processes. 

The courteous and sli^tly shy young 
banker recalls the first awesome days in 


BANKING AND FINANCE 


Youth takes the helm 


1992 when he and two colleagues took 
responsibility for introducing monetary 
policy to the bank. ^‘Nobody really knew 
what relationshm was between inter- 
est rates and inflation, what the instru- 
ments of monetary policy wm, or bow a 
central bank functioned.'’ he confesses. 

“We had to be eautzoim, define our goals 
and then monitor our prt^ress. We knew 
we just could not afford to make mis- 
takes.” After its modest start, however, 
the new team quickly eaqianded with the 
recruitment of young, multilingual people 
with an academic grasp of macroeconom- 
ics who were eager to leam more. 

Under the overall supervision of the gov- 
ernor, Mr Dylber Vrioni. a former engineer 
and erstwhile chairman ct the ruling Dem- 
ocratic Party, the young technocrats 
spread out to apply their skills In six new 


divisions of the hank dealing with the bud- 
get. monetary ^licy. balance of payments, 
macro-economic analysis, statistics and 
financial operations and instruments. 

I n July, the bank took responsibility for 
controUiog Uquldi^ through open mar* 
ket operations connected with the first 
issue of treasury bills. "We are trying to 
become more efficient by switching to 
indirect instrummits with credit ceiling 
for the pnvate and govcnmunt sectors 
and reserve and liquidity requirements for 
the banking system," Mr Luniku say's. 

Until now the central bank has financed 
the government deficit. But the treasury 
bill auctions in July will be open to indi- 
viduals and private companies. The aim is 
to spread the load and etmtnil the e.tcess 
reserves of the hanking system, int^est 


rates on deposits ate now positive after 
Che recent slide in inflation. 

Reform of the financial system really 
b^^ with liberalisation of the foreign 
exchange market, at a time when reserves 
were practically non-existent It proved a 
great success and the Lek appreciated 
against a basket of foreign currencies by 
around 2S per cent last year thanks to 
emigre remittances and foreign aid. 

Proof of the firee exchange mailcut can 
be seen in the hordes of licensed money 
changers with wads of notes in band who 
congregate perfMly legally in front of the 
central bank building oOcring a slight dis- 
count on officially announced rates. 

Development of an interbank money 
market is now the main element in the 
drive to make the banking system an cfTi- 
cien: conduit for investment 



Deputy govorrMT Kris Limllcu; CUM of the new 
toelmeerate Picture: Anthony Robinson 

The task of reform bew two j'oars ago 
when a two tier banking system was cre- 
ated by the new Central Bank Law. which 
established a Bundesbank-type indep^ 
dent central bank, and the Commercial 
Banking l^w of April 1992 which hived off 


three commercial hanks (Irom the fonnerly 
monolithic state bank. 

lltc balance sheets of the three state 
owned commercial banks, the National 
Commercial Bank of Albania (NCSA), the 
Savings Bank and the Rural Commenrial 
Bank, have been partially cleared of their 
nearly LekSbn bad debt after the govern- 
ment issued IiCk2.Tbn in interest bearing 
bonds, which are negotiable and tradeable. 

But the bonking system remoins weak 
and slow, Tho key to future development 
lies in creating new bankers. 'Rie World 
Bank and tho EBRO arc binding a 25 week 
course at Tirana university to train bank- 
ers In risk analysis and the like. Two joint 
venture banks with full bankiiig licmwes 
haw been set up in the capitaL . 

These ore tho Italian-Albanian bank, a 
joint venture dS the NCSA and Bancn di 
Roma, and the Arab Albanian Islamic 
bank whose shareholders are the NCBA 
and the Arab bbmlc Bank of Bidi^n, 
One fully foreignowned bank, the Dar- 
dania ba^ has been formed with ca^tal 
from Kosovo and Albanians abroad. 

Anthony Robinson 


A lbania's transformation 
finm a closed economy 
of the absurd to an open 
economy of frenetic consumer- 
ism within three years has 
taken everybody by surprise, 
writes ANTHONY ROBINSON. 

The international Monetary 
Fund, no stranger to economic 
turnarounds, eulogises an "eco- 
nomic miracle" which gave 
Albania an estimated 11 per 
cent GDP growth last year, the 
sort of dynamic usually seen 
only in Aria and Albania's old 
mentor. China. 

Mr Gramoz Fashko, one of 
Albania's most prominent aca- 
demic economists and deputy 
prime minister in charge of 
economic reform in the interim 
"stability government" of 1991, 
puts events in proportion with 
the observation t^t "even a 
clod of earth looks like a 
moimtain on a flat plain". 

His remark is not a denial of 
Albania's leap forward over 
the last two years but a 
reminder that between 1989 
and 1992 liberalisation of the 
economy and the shift to tight 
DiIF-momtored monetary and 
fiscal policies was preceded by 
an unprecedently drastic elimi- 
nation of big loss making 
enterprises and dramatic falls 
in industrial output. 

All the post-communist 
countries have undei^one 
some df^ee of "constructive 
destruction" following the col- 
lapse of Comecon trade and the 
shift to market prices. But 
none matched Albania’s purge 
of an Industrial economy 
which was obsolete even when 
it was being built with Soviet 
and then Chinese aid and tech- 
nology in the I960s and ISTQs. 


ECONOMIC GROWTH 


We have lift-off 


Most of the Roxha-era indus- 
trial and Tnining complexes 
wluch formerly employed tens 
of thousands of workers, like 
the Elbasan steel works or the 
Tirana tractor factory and 
spare parts engineering facili- 
ties, as well as many of the 
coal, chrome and nickel minea 
worked for decades with prison 
labour, have been closed down. 

Economic reform was b^un 
by the transitional government 
in the frai^t months before 
the March 1992 elections. But 
difflcult decisions were also 
taken by the Democratic Party- 
led coalition government 
which emerged from those 
elections. Perhaps the toughest 
was to end the 80 per cent 
unemployment pay given by 
the last communist govern- 
ment to workers sent home by 
factory closures. 

The closure of loss-making 
plants led to a cumulative 60 
per cent Hariinp in iodustrial 
output in the three years to the 
end of 1992, but eliminated a 
double drain on the gyrhi^wr 
and provided a sharp incentive 
for workers to seek other 
sources of income either in 
agriculture or self-employ- 
ment 

More than 300.000 Albanians, 
or 10 per cent of the popula- 
tion. took the opportunity pres- 
ented by the ctuu)tic opening of 
frontier to emigrate instead, 
mainly to Italy. Greece and 


Albanian Centre for Foreign Investment 
Promotion (ACFIP) was established in 
February 1 993 to promote a rapid inflow of 
foreign investments and render support to 
foreign investors into Albania. 

ACFIP is a reliable point for promotion, 
information, consulting and service 
concerning Investments. 

ACRP provides information on: 

- Investment opportunities and aii 
relevant facts related to successful 
investment in Albania. 

- legal framework and relevant 
procedures. 

- finding suitable partners in Albania. 

- facilitates negotiations with potential 

partners in Albania. 

The service is rendered free of charge. 

Companies and persons interested in any 
form of investment in Albania are invited to 
contact us in Tirana. 

ACFIP 

Albanian Centre for 
Foreign Investment Promotion 

But. Marsel Kashen 
TIRANA (ALBANIA) 

FAX: 00355.42.27865 
TEL: 00355. 42.28439 


s^.C.O. ^ 


any. 

and 


Tile Albanian Commercial Office UK is a private British comi 
that specialises in assisting western companies to develop tradi 
commerce in Albania. Our services include: 

* Consultancy sen'ictfs and trade visits 

* Mailiet Research and ulentification of development opportunities 

* Provisim of industry and mark^ data 

* Also available: Albania country profile software package and 
travellers 'Guide to Albarua' paperback 

Considered to be tho leading authority in the UK on Albanian 
trade and commerce, the A.C.O. UK has worked with major British 
companies in Albania during the past three ycais. Our record in 
ncgoiiaiJng projects nith both the Government and the private 
sector is second to none. 

Albanian Conuncrdal OfDce UK 

38 Biooke Road. Princes RUMMoagh, BackB. lfP27 911J ENGLAND 
Tdepbone; i44 (0) 844 274899 FacrimOe: •f44 (0) 844 274796 



Germany. Thia exodus eased 
the political costs of tranrition. 
although official unemploy- 
ment in 1993 still hovered 
around 30 per cent of the 
remaining non-agricultural 
labour force. 

Emigration, by trading to a 
rapid boost in remittances to 
relatives still at home, became 
^thin a few months a crucial 
element in undeipinning the 
domestic economic recovery. 
For the last two years remit- 
tances and foreign aid have 
been Albania's principal 
sources of income. 

F rom practically xero, 
remittances rose to 
glSOm in 1992 and dou- 
bled to $334m last year. This 
was 10 per cent higher than 
the total inflow of racial for- 
eign aid which dropped to 
$3Q3m last year from a peak of 
$374m in 1992 when the Italian- 
run emergency food aid pro- 
gramme, Operation Pellicano, 
was at its hei^t. 

Without the remittances 
Albania would not have been 
able to finance the large 
Imports of consumer goods and 
second hand vehicles which 
have ^ven the country an 
mqirecedented air of prosper- 
ity. Aid alone would have been 
insufficient to finance last 
year’s t609m trade deficit 
Remittances raised dispos- 
able inrornty^ and the dpmand 
for food and imported con- 
sumer goods, ihis in turn has 
stimulated a rapid rise in small 
scale trade and investment pro- 
jects, principally cafes, small 


food kiosks, informal markets 
and, increasingly, petrol sta- 
tions. The latter are busy servi- 
ring more than 40J)00 malnU - 
second hand cars and thou- 
sands of trucks and vans 
imported over the past year. 
M^y of the new v^cies are 
(g dubious pro^nance, out the 
thousands of hooting cars 
roaming the streets contrast 
sharply with the emptj* roads 
of the past. 

Meanwhile, the return of 
land to the peasants in a coun- 
try where 63 per cent of the 
population still lives oil the 
land or in villages has led to an 
extraordinary growth in food 
production and higher rural 
incomes as livestock, eggs, 
fruit and grain are trad^ in 
increasing amounts. 

Higher domestic food oufout 
has reduced the rued for b^ic 
food imports to cooking oil and 
sugar and provides the basis 
for the future growth of a 
domestic food processing 
industry and the export of 
early vegetables and fruit 

In this way. an artificial 
economy of inefficient indus- 
trial plants and collectivised 
agriculture has been replaced 
within three years by an econ- 
omy of small fanners, traders 
and busin^sznen. 

The era of constructive 
destruction propped up by 
emergency aid is Qow over. 
The dynamic growth of trade 
has permitted the rapid accu- 
mulation of capital and the 
economy is entering the nu- 
cial second phase of infrastruc- 
ture and industrial investment. 


banking modernisation and 
institution building. 

A largely aid-financed invest- 
ment programme is getting 
under way which requires 
additional foreign equity 
Investment to r^evelop the 
dilapidated but capital and 
technology intensive oil and 
mining sectors and help 
develop the tourism industry. 

The first foreign investments 
are starting to come on stream, 
such as the new (foca-Cfola bot- 
tling plant on the road from 
Tirana airport, partially 
financed by the EBRD which is 
also helping other foreip-fi- 
oanced construction and infra- 
structure projects. 

The most eye-catching is the 
S23m hotel and business centre 
complex now being built by 
Smelt, a Slovene building com- 
pany. for Rogner, the Austrian 
hotel and resort group. The 
new Hotel Dea. is rising from a 
prime site on Tirana's main 
boulevard between the prime 
minister's offlee and the exhi- 
bition centre originally built to 
hold the body of Enver Hoxha. 

There are early signs that an 
incipient boom in construction 
is leading to rising investment 
in local building materials. 
Meanwhile, lotv wages of 
around $6i)-S70 a month are 
starting to attract Italian and 
Greek shoe, textile and other 
companies seeking Asian level 
production costs combined 
with lower transport costs. 

To m ainta in the growth and 
further raise the level of eco- 
nomic development, the 
authorities know they must 
also eliminate the frustrations 
to would-be foreign equity 
investors caused by an inexpe- 
rienced and sometimes corrupt 
administration and clarify key 
legal Issues, including land 
ownership ripts. 


MEDICAL CARE 


On the mend, despite 
the hospital rats 


For decades the Albanian 
health service, starved of 
fhnds and equipment, coped as 
best it could frith the medical 
consequences of poverty, dirt, 
poUntion and ignorance. 

The situation has improved 
substantially over the last 
three years with the delivery 
of substantial medical aid and 
equipment. Over the next 
three years Lekl2.8ba, nearly 
18 per cent of total public 

investment, 

will be devoted 

to "human 

resource devel- discovefs 

opment" - shake 

including 

health, educa- 

tioo, building a social safety 

net and labour market ser 

vices, such as employment 

exchanges and re-skilling. 

The changes can best be 
seen at Tirana's University 
Hospital, the country's pre- 
mier teaching hospital, where 
doctors have received new 
equipment and have also 
noted a marked change in the 
pattern of disease over the last 
three years. 

"Malnutrition used to be a 
big problem. Bat since land 
was FedisCributed and people 
have been allowed to have 
their own cows, sheep and 
chickens again malnutrition is 
now rare." says Dr Mehdi Ali- 
mehmeti, the hospital's deputy 
director. Deterioration of the 


country's infrastructure, how- 
ever. has created new prob- 
lems, such as a serious out- 
break of hepatitis due to the 
coutamination of fresh water 
with sewage from pipes laid 
over SO years ago. 

But Dr Heta Hyseh, who 
heads the child surreal unit, 
has noted a decline in bitm- 
fhiai infections and abnormal- 
ities in the digestive tract 

At the same time, however. 


ANTHONY ROBINSON 
how fbrdgn aid and reform are helping to 
up the nation’s archaic health service 


Laura Silber meets a UK participant in the Tirana building boom 

Rush for ‘western’ homes 


Albania's riiiapiriatwri buUcUngs 
and nuKlown blocks of flats 
epitomise a housing shortage 
which is expected to get much 
worae as people flock from the 
countryside to the towns over 
the next few years. But the 
housing shortage spells a big 
business opportunity for build- 


ers and architects such as Ur 
Bfartin Stent, who left London 
to build western-style houses 
In Tirana. 

When he arrived at his new 
"office" there were no win- 
dows, doors, or phona "But we 
took it and agreed to redo it, 
after all I am an architect," be 


AORIA AIRWAYS 


THE AIRLINE OF SLOVENIA 

YOUR BEST CHOICE TO TIRANA 
FROM LJUBLJANA, LONDON. FRANKFURT, 
ZURICH. PARIS AND OTHER DESTHATIONS. 

ANNOUNCING A NEW SERVICE FROM 
TIRANA TO ISTANBUL 


LJUBLJANA: 
KuznSeeva? 
TeL(061) 1384336 
Fax(061)323-3SS 


FRANKRJRT: 

GresMEschenMn 

SL43 

ToLfOee) 290-274 
Fax.(0e9) 291-064 


LONDON: 

40 Conduit SLW1 9FB 
TeL(P71) 7344630, 
734-6227. 
Fai(.(071} 297-6476 


MAKE SURE YOU 
UNDERSTAND T HE CH ANGES 
AND OPPORTUMTIES IN 
EASTERN EUROPE 


Read the following publkaiions from the Fiiuiwial Times. 

East European Markets 

including ‘Moscow Bulletin' and The Changing Union' 

Finance East Europe 

East European Business Law 

• 

East European Insnrance Report 

• 

East European Energy Report 
For a Free sample copy 

Pkwsc coniaa: Simi BonsaJ. Financial Times Ncwsieitcn, 
Marketing Oepartment, Third Root. Number One Southwark Sridge, 
London SE I 9HL England. 

TeJ: 44 71 ) «73 3795 Hm; <+ 44 7J ? 873 3935. 

The inrodiuaun ytm pwhk •ill be hdd 07 us «n| be used by .ms 

ifidiiy for nullisg ■!.■ pi,pn,ev 


FT 


FINANCIAL TfMES 
Pewslettors 


sprieiUlRi^iMa ^dtmk u NuaberaiM.&sutiwliiklf<. 
RnivendKbi Wmt VAT lb|Maiign N« CB2W»7I 21 


adds in what is now a modem 
office overlookizig the site. 

Flfteea mouths later, be is a 
happy mau after a state com- 
mission awarded his company 
a licence to build 1,200 “tradi- 
tional" western-style houses In 
the southwest of Tirana, the 
capital city in which little has 
been built since the Italians 
left so years ago but which is 
now expected to double its 
240.000 population within a 
decade. 

Mr Stent admits a few mis- 
conceptions have been set 
right since he set up shop. 
Above aU. he underestimated 
the purchasing power and 
potential demand for western 
style bousing. 

"When 1 first came here, I 
thought we would be building 
flats at $10,000 a piece. It 
turned out to be 10 times that," 
he says, pointing to the pictur- 
esque building site nestling on 
the shores of a reservoir and 
framed by the slopes of Mount 
Dqiti which rise above the city. 
Cows and sheep meander 
through the pastures, unaware 
that Albania’s first joint ven- 
ture in private housing is 
about to l»ve them homeless. 

He also leamt that building 
houses in Albania maans that- 
MacRae International, his Lon- 
don-based development com- 
pany, will also have to put in 
the entire infrastructure, from 
sewerage to power lines, even 
though, under the current 
agreemeot. Mr Stent's com- 
pany does not own the land, 
instead it has received power 
of attorney to sell or lease it on 
behalf of the state at an agreed 
price. 

Mr Stent's team christened 
the housing complex Green 
Valleys. “But Albania is not 
Uke England where everyone 
likes to live somewhere named 
after a village." Albanians 
don’t want anything sounding 
too rural, be says, mainly 
because most urban dwellers 
are recent immigrants from 
the countryside and the two- 
thirds of Albania's population 
who remain in the countryside 
have no romantic ideas about 
doing so. 

Social habits in Albania, 
with its history of clans and 
extended families, are also dif- 
ferent from what he is used to. 
“Several families want to live 


in adjoining bouses or neigh- 
bouring flats - envisioning 
common rooms between them, 
not just now but for genera- 
tioDS to come." 

Meanwhile, changing times 
have created a booming mar- 
ket. "In the old system people 
were not free to choose where 
they lived. Now they will natu- 
rally gravitate to llrana. What 
is more "Albanians want a 
huge house for the whole fam- 
ily. Some shared bouses will 
have up to nine bedrooms," be 
says. 

Another characteristic of the 
current Albanian market is 
that potential buyers, after SO 
years of economic privation 
under the Hoxha dictatorship, 
are anxious to pay in advance, 
afraid that there will not be 
any houses left to buy a year 
from now. 

Mr Stent turns them away, 
until the building gets under- 
way. "Many Albanians were 
burned by foreign bandits at 
the beginning. Everyone paid 
cash and they lost all their 
money." he says. 

At present, the new rich 
speed, boms blaring, down 
Tirana’s wide boulevards in 
their shiny new Mercedes. But 
Mr Stent believes that their 
tastes will change quickly. 
"Once they have tasted pri- 
vacy, they will want more of 
It," he says, adding that many 
future buyers are currently liv- 
ii^ in one-room flats with their 
families. 

Local construction officials 
now realise that Mr Stent can 
offer them a badly needed 
product to cope with rising 
population and incomes. "But 
it did take a while to get them 
to understand that I was here 
to make money, not to do 
good.” he says of Tirana offi- 
cials whose mentality was 
shaped under the old commu- 
nist regime. 

Now, relieved that the proj- 
ect at last is officially under 
way, Mr Stent frets about what 
lies ahead. "There are 101 
things to do. They do not make 
plywood here and they do not 
know about different colours of 
bricks - they used to have no 
choice." But that is about to 
change, and MacRae Interna- 
tional will be part of the rea- 
son. 


the tranma department has 
seen a sharp rise in car acci- 
dent victims following the 
simultaneous appearance of 
thonsands of inexperienced 
drivers. The influic of western 
cigarettes has also done noth- 
ing to moderate the high inci- 
dence of lung and other smok- 
ing-related cancers. 

Dr Alimehmeti also notes 
subtle changes in the briiav- 
lour of patients and their fami- 
lies since the emergence of a 
more consnmmist society. 

Traditionally villagers from 
even the remotest parts of the 
monntainons north east and 
other obscure parts of this 
moontalnous country of poor 
roads and inadequate public 
transport brought their chil- 
dren or relations to the Uni- 
versity hospital for treatment 
Once inside they squatted 
down there nntU the patient 
recovered or died. This contin- 
ues. Compared with the situa- 
tion three years ago, however. 
Dr Alimehmeti notes that 
"people have become qnieter, 
more respectfril”. 

Meanwhile, the morale of 
hospital staff has improved 


with ttie delivery tf new beds 
and new ambolimces, mostly 
donated by foreign govern- 
ments and charities. New 
equipment includes a ^0(MKM 
l^r kidney-stone smashing 
machine friM Gormany, brain 
scanners and a cardiac scan- 
ner from Kuwait 
"Two years ago we had no 
sheets or blankets and only 
ancient beds. The lifts did not 
work and we ofttei ran out of 
— oxygen and 
otiier essential 
items for 
operations. At 
the same time, 
the hospital 
was sur- 


rounded by piles of garbage 
and it was Impossible to ke^ 
the hospital clean. Now the 
garbage has been cleared, the 
wards arc much cleaner and 
we intend to privatise the 
lanndry, catering and other 
services," he adds. 

Even 50, mnch remains to be 
done. Rats scurry in broad 
daylight over garb^ pikd up 
against a perimeter fence 
which abuts one of the dfy’s 
biggest markets. The oldest 
wards are still dank, alrtess 
rooms packed with 10 beds 
and Ut by a bare bulb shaded 
by an old newspaper. Sheets 
are hand washed and fanng oo 
hedges to dry. 

Standards in provincial hos- 
pitals reportedly remain low. 
But here at the UniversUy hos- 
pital, where six formerly son- 
rate hospitals are bring reor- 
ganised Into one coherent 
whole, the level of serriee and 
dedication seem higher. 

A new neurologic unit and 
a new "resource centre for 
health" partisdly financed by a 
$120,000 grant from file Si^ 
foundation, will fiirther 
upgrade the facilities. 



PIAZZA RESTAURANT 
TIRANA - ALBANIA 

Tel: (355) 43-42706 
great dining eyeperience! 
Owner; Donika Bardha 



Asoneri'AttMnia^ieadu^ Banks, the Rural Commeieial Beak Iiss33 

branches located in all major dinikts of Albaoia Thqr ate 

cooperate wi ch you in your new vcQtiire in ARnnia and help you rmd 

CaU US to be yow Business Partner anil we wttl^ 
you find out what reatty can be done in Albania. 


RURAL COMMERCIAL BANK 
*3ion O'Ark* Boulevard 
HRANA, ALBANIA 
«: 3SS 42 28477 
Foe 3SS 42 26331 



V 


♦ 


PETROLIMPE^ 

Rmga ''MinePe 2 a",’nraBa,Albvila 
TeVFax: +(355)42 27407 


PMntapcx, h a MUie uMiwj «Mi|uny active id OwinpmMdeqmtof 

peiiufeuDi by-pioihicti and bi itairdRtribuilML 
Tbc company hac ntoiiiSB opaciiiei in Tiram, Sblwdn aai Dmea Po"- h 
ociwnrfc irf Wfvicc MjHnns in the main cHius of Ihc cuwnfy Mil also suppU*s sBi|« 
Hi aUbniiMn ports with fiKfai nml lubikaiils. ' 

PctniUmpn has entered into so atpcemeiil with AIU BP UMIlliU fc * 

Aiiemn si Rmh <\iipail wilh Ind and hu entered into t join* wniunr . 

Milh Ibe Italian compsny Fteddi CertmiaiKl LutarificanilSpAfiirtheCOaUnKltM 
new rdling miiOAS In Abaniu eilbn. 


■'I 

■^<1, 





nNANCIAL TIMES THURSDAY JULY 21 1994 


25 


■i 




ALBANIA III 









T he five years fiboulc 
see Albasia emerge as i 
Significant factor it 

Bwopean tourism, imt not jusi 

yet At present Albania is a 
country for the hardy back 
packer, the weU-heeled busi 

ness visitor willing to hire both 

w and driver or, most attrac 
hve of all, the yacht-borne visi. 
tor now aWe at last to anchoi 
off Albania’s virtually prtsBnt 
coasts without being fired on 
or arrested. 


Five decades of total isola- 
tion from the outside world 
preserved Albania from the 
desbiictive impact of nia.fi; 
tourism, but not from environ- 
mental pollution or a country- 
side littered with htinriww^ .. 
thousands of concrete piU- 
boss, or from burning rubbish 
tips and rivers filthy with raw 
sewage - or oU epuis in the 
extensive oil r^ions of the 
centre and south. There are 
none of the picturesque seaside 
towns and villages which dot 


^e Croatian coast or the 
Greek islanrffg 

An autarkic economy with 
no private vehicles also left 
Albania with the sort of infra- 
structure wluch eslsted in the 
rest of southern Europe 50 
years ago. Ihe roads are pock- 
marked, narrow, and usually 
steep ^nd windisg. reOecting 
the mountainous terr ain much 
of it virtually inaccessible 
except on foot or donkey. 
Around 70 per cent of the coun- 
try comes into this categcay. 

There are very few hotels 
and restaurants and only now 
are service statioDs being put 
up by private investors along 
the main roads. Albania is not 
a place to be in a car which 
breaks down. 

Ilie ooa^ plains, now cov' 
ered by virtually medieval 
strip fums, are eagier to tra* 
verse, but even here the roads 
are now full of horse awci ox- 
drawn carts. What is more, 
where traflic was once limited 


Anthony Robinson studies the prospects for high class tourism 


Land of stunning beauty 


mainly to a hawrffttT of nffi<«<gi 
cars old Chinese trucks, an 
avalanche of second hand cars 
and trucks has appeared over 
the last two years. 

City streets and country 
vxiis alike are now infested by 
wild, klaxon-blowing novices 
unskilled in the finer arts of 
driving - like lane discipline, 
keeping to the correct ade of 
the toed or not overtakisg on 
blind curves or into 
tnSSc. It is full of traffic 
policemen with a blind eye for 
their pals and a keen eye 
fereigoers to 

All this, and inadequate 
ports and primitive airports, 
ensures that Albania should 
remain off the tourism 


ibr some mihp - some 
advisers suggest for ever. But 
the country is definitely now 
on the move, has a wealth of 
stunning scenery, virgin 
beaches and historic monu- 
ments and toe developmmit of 
tourism, under Mr Edmond 
Spaho. the miiuster fbr tour- 
ism, is seen by the govenunent 
and Ibrelgn advisers as a prior- 
ity, boto to create imw jtAs smd 
to bring In hard cuireney. 

At present, Tirana, the capi- 
tal. boasts only one business- 
class hotel, the Dajti, which 
was built by the Italia^, lite 
most of the city centre, about 
60 years ago. It is an oasis for 
tho» who hate modem hot^, 
prrfer hi^ odhsgs to air con- 


ditioning and do not mind 
indifferent food when it is 
served on a verandah overlook- 
ing a ^i^n with palms. But 
the D^ti will be closed for 
refurbishing as soon as two 
new first class hotels are com- 
pleted. 

T he most impressive will 
be the SS3m Dea hotel 
ai^ office complex com- 
plete with swimming pool and 
underground parking being 
built for the Rogner group of 
Austria 200 metres down the 
main boulevard from the fiajti. 
It is due to open by the 
autumn 1995. 

The I9e0s style skyscrapm- of 
the Tirana Hotel jiist off the 


central Skanderbeg Square is 
being refurlnshed b}' an Italo- 
Albanian venture and will be 
managed by THI of Turin when 
it opens. But wmrk las stopped 
at present so the December 
1994 opening date is uncertain. 

Other projects in TTrana 
include a 200 room hotel and 10 
residential villas being con- 
structed for A1 Kai^. a 
Kuwaiti company, while 
MacRae International, a LTK 
company, is building up to 
i;!00 western-style homes and 
working on plans for a tourist 
village at Lain Bay north ^ 
Durres. 

Italian companies are partic- 
ularly interested in building 
tourist villages and assoriated 


isfrasfructure along the coasL 
Babini is planning a small vil- 
lage in the Kavaia area while 
SICS, Torcelo and AX Holdings 
of hlalta are all planning to 
build tourist \'illages near Ksn- 
fflil in southern Albania, just 
across the straits from C^^u. 
The southern coastal strip 
between the port of \Tore and 
the Greek Dremtier, and includ- 
ing towns such as Sarande and 
Butrint with substantial 
Roman and Greek remains, is 
eaimarked for the first round 
of serious development 
because of proximity to Corfu 
and relative ease of access. 
This is the area where pine for- 
^ts slope down to a 100km 
stretch of hitherto inaccessible 
virgin beades. The aim Is to 
de\'elop this area with the min- 
imum of environmental 
destruction. The entire tourism 
infrastructure will have to be 
built from nothing. 

The EBRD is partially finan- 
cing a scheme to promote the 


growth of small restaurants 
and prD\1^ small scale finance 
for to rent out rooms 

and build small extensions. 
But development generally will 
require sizeable investments. 

With this in mind the Special 
Law on Investments in Priority 
Tourism Development Zones 
has ton drawn up aloi^ with 
a long term strategy* based 
largely on a report prepared by 
constants Touche Etoss and 
Euro Principals. 

Tourism investments are 
exempt from profits tax 
entirely over the first five 
yrats and enjoy a 50 per cent 
e.veniption over the next five 
years ^ operatioa. Losses over 
the first five years con also be 
offset against profits over the 
ne.V't five years. 

.As a further incentive oil 
machinery, spore parts and 
raw materials are exempt from 
customs duty for three years. 
Foreigners ran be employed 
and prvrfits freely repatriated. 



•<.s 

V'Hk 





M r Seiami Sbepa has an 
awesome task - to 
promote foreign 
investment in Alhawia on an 
annual budget of 932.000. 
From his office in what was 
once the Albania Today eaebi- 
brtion hall he frets that Us 
shoulders are not broad 
enon^ to bear the burden of 
brining Us c ountr y into toe 
future. ‘‘Albanians have a lot 
to lean after 50 years of isola- 
tion from the outside world, 
but step-by-step, their mental- 
ity will efaan^” he says, ft 
already has. Ihitil four years 
ago, foreign investment was a 
crime. 

Albania now has more than 
200 foreign investment pro- 
jects, ranging from Uosk cafes 
to oil exploration in the Adxi- 
atie Sea. The European Bank 
for Recon s truction and Devd- 
opment (EBRD) is financing 
nearly $100m worto of pro- 
jects, and playing an impor- 


Investors must expect some surprises, says Laura Silber 

Hard lessons in capitalism 


ft:oM BELievep -n? es im 

A NCWBEI^I> swtsy SAMfc ACCOUKTr 


tant role in providing “coui- 
fort” to would be investors. 

The most eoaspicuous and 
symbolically important is a 
new Coca-Cola bottling plant, 
just outside Tirana, triiich will 
start fall operations this 
month, ft ft a joint venture 
between Aziende Commerdali 
Industriali Estm-o; a wholly 
owned Italian subsidiary of 
Coca-Cola, and a statenowned 
Albanian investment com- 
pany, with a!RW.n Bfiawi-htg- 

The j^RD is also co-financ- 
ing construction of the Hotel 
Dee, by the Axstrian company 
Rogner and the Slovene firm 
Smelt, and the renovation of 
the Hotel Tirana. Together 


tome should cover tiie short- 
a^ of hotd rooms in the Alba- 
nian cqdtifi, as weB as mhan- 
cing telecommunications and 
other technical aid projects. 

While foreign equity capital 
has flowed in - $80m so far - 
it is hardly the deluge toat 
many Albanians were expect- 
ing when tit^ co mttry b^an 
to open up in 1992. "At 
Albanians believed toat inves- 
tors would run to th^ with 
their pockets lined with 
money," says Mr Xb^a. Over 
$200m of fbrdgn capital is 
oommitted to projects - Italian 
companies accounting for 53 
per cent followed by Greek 
investors with 20 per cent 


Ur Wri Ifing, tile Shanghai, 
bom IMP representative In 
Albania, believes that 
Albania’s main hope for rapid 
economie growth is to attract 
foreign investment But he 
cautions that “Albania is a 
small market and the govern- 
ment has to do more than the 
neighbouring countriM to 
atb^ investors". 

BSr Xhepa agrees. Be is only 
28 years old and does not 
bdfeve in ovemi^t mirades. 
“The most important thing is 
that foreign Divestments are 
guaranteed. Albania has 
signed agreements with some 
15 countries on tiie protection 
of foreign capital," he ad^ 


Peasants sweep away collectivised farming, writes Anthony Robinson 

The fever of liberation 


The eye is a better guide to the 
new r^ty of rural life in post- 
coUectivisation Albania than 
dry and inadequate statistics. 
But, for toe record, the IMP 
estimates that agrietdturai out 
put rose by 14 per cent last 
year and forecasts another 8 
.per cent gain this year. 

The ministry oi agricultare 
offers a 15 per cent overall 
increase, accor^i^ to its own 
statistics, or at least 30 per 
cent according to satellite pho- 
tographs. 

A sceptical attitude to the 
statistics is merited above all 
by the sheer scale of the 
changes which have taken 
place following the decrees 
abolishing collective farms 
three years ago and the redisr 
tribution of their lands to 
nearly half a miDion peasant 
fensm with an average bold- 
ing (tf around lA bexAsies. 

Deoollectlvisation was fol- 
low^ by an orgy of looting 
and destruction as from and 
tnarhiiiB tractm* Station build- 
li^. iii^tion systems, green- 
houses and other collective 


properties were tom down 
brick by brick and pane by 
pane in many areas. Cfrcbards 
and forests, and even tall road- 
side poplars were also cut 
down, as an angry and dis- 
trustful peasantry showed its 
bottled hatred for the regi- 
mented farming- of OkL 

But the destroctiem also had 
a more practical side as the 
new landowners scaveo^ for 
the materials with which to 
build primitive hen-coops, 
sties and storage space and 
where possible to acquire a 
tractor or combine harvester. 

"A neoghbonr tore down a 
piece of the irrigation system, 
broke it into pieces and laid a 
solid floor in place of the mud 
in his yard. The rest of us 
waited to see if he was pun- 
ished. He wasn\ so we all took 
what we coaid," a fanner 
explained beside a pcml of 
water from the broken irriga- 
tion eapal used as an al fre^ 
car wash by enterprising 
youngsters. 

The avidity (d the search for 
building materials coincided 


Til., ftwin p Ranfe nf Alhaiua wM founded OB 31 Jnly 1991,byibB^ofex- 
SMelindlideoftbeSavijigsBuikud losimuices, wbicC wv cteued n IMP. 
The S«vii^ provides a wide laage of services Ear in diem* in the natioiial 
aneacy Lek and in hard conucy, in the main offices in Tbina and in over 100 
offices ""»* a p pww e a th ioB g botrt Atbms. 

The ssviees provided by the Saving* Bank iodnde: 

Savii^ accowils. pving of credit, paymem of pension*, eonanncial aad noo- 

conunetcud payments, operatioo with cbeqnes fTiavelleiV cbeqna^ imter of 
ciedii, bank guaesmee. Bank tiarofen, oA aOnaas with Euroond and 
M n steic ai d, nuiketn^ services, eic. 

Today tbe Saving Bank has woridng lolations with more dian SO bmks and 

i— litMtMy ig ihtimgham the world, sudi as: 

■Unnn Boifc of Sn-ilzefland’, Zurich-Swiizeriand; •Chemkal Bank', NewYotfc- 

USA; ■GBoewfit'. Wkn Ansnia; ‘CbiniDeBfaank", Fiankfiirt-Geniiaiiy; * 

ktimto Bmiario SAN PAOLO di Torino', Torino-luly. "Ijnbyanska Banka'. 

I jiihlj^an - glw u fi i« a. 

Rif the pmpoae of milking nansactimis in hard canTHicy Airing 1993. the Row 
syaem was ipaaaed, and soon the SWOT system wOl be in opeca^J^ in 

1S93 an agreement whb Hmmas Cook’ and ’American Eapress’ ta-adlmg 

Tknwelkrf cheque* was made effeoive. ^ 

ummiaB 10 esiablWi a fruitfal paitneiridp with ocher hanks « serv» nir 

cSenm, the Saving Bank is here to *«ve you and your bar'-- " 

Address: Rr. '4 Shimti' NjS. TIRANA, ALBANIA 
1HnB:4d5542 2454iM3tf»5 

Tao. 21« SABANK. CAle SnvfaiBS Benk-Twnna 


MacRae 

International 

Limited 

CURRENTLY ACTIVE IN A VARIETY OF RE^ENTIAU 
COMMERCIAL, TOURISM AND AGRICULTURAL 

DEVELOPMENTS. ' _ . AnnoxTinM 

WE WOULD WELCOME COMMERCUi COLLABORATION 

WITH OTHER INTERESTED COMPANIES IN 
COMPLIMENTARY BUSINESS OPPORTUNTTES EMERGING 
IN ALBANIA. 

* development 

* PROFESSIONAL SERVICES 

* agencies 

WNDONOFflCE: 

.. BRlIfiAELBASANIT.PABCELA-l.'nRANA. 

TEL/FAX;010355 42 42995 


with relief at the end of an 
absurd agricultural system. 
The former regime drOTe an 
mftire nation to near starva- 
tion by banning private rear- 
ing of gnimalg any Mnri , 
from drau^ nnimak to the 
humble chickeiL 

Three years later rural 
Albania, where 85 per cent of 
the population still lives and 
works, is stDl poor relative to 
the rest of Euro^. especially 
la the mountainous areas 
which, cover two thirds of the 
countiy. But toe rural towns 
and vtil^es have taken on a 
new livBliness. 

On toe fertile coastal plains 
which stretch south for isQkms 
from toe capital T!raaa and toe 
coontry's main port of Dorr^, 
tte fields sut^vided into 
small strips are foQ of hard 
working women cropping 
wheat alfelfe with s^tthes. 
On tte reclaimed marshland 
closer to the sea many of the 
fields of the fonner state farms 
remain large and wheat is 
bring cut by Fortschritt model 
combine harvesters made in 
former East Germany and 
"appropriated" from the for- 
mer centralised pool of agricul- 
tural equipment 

Roads for so long virtually 
empty of traffic are now 
clogg^ by hay wagons pulled 
by donkeys or oxen while chil- 
drmi and old women lead cows 
along p>»d tracks or Ue with 
tham under nmke-shift straw 
sun shelters. 

Outside village hous», or 
glimpsed inside courtyard inte- 
riors, mounds of wheat are 
pfi^ np to dry in the son after 
wtonoiring, while children and 
old people tooo chickeDS, 
of geese and flocks of tur- 
l^s away from tbe inviting 
grains. 

Wito unseasonable rmn com- 
pensating for broken irrigation 
systems and bread prices at 
world market levels following 
the removal of subsidies last 
July, fennara ace getting ready 
to sen suipins grain to the 
state or private tradms. 

F^tically and economically, 
fulfilment of the never hon- 


oured Leninist slagan. "Umd to 
the peasants, bread to the 
work^" has been a determin- 
ing factor in the success of 
post-communist stabilisation 
policies. 

Allowing peasants to grow 
their own com, bake tbetr own 
br^id, raise livestock and grow 
crops for own consumption 
and sale has relieved tbe gov- 
enunent of its inherited obliga- 
tion to provide bread and basic 
foods. 

On the demand side, the 
elimination of food subsidies, 
compensated for by bigher 
vages, has drastically reduced 
the demand for bread which 
was often simply thrown away 
or, latterly, fed to animals 
.when S(dd at tbe old subsdised 
price. 

Now, hobbled live sheep and 
freshly skinned sheep car- 
casses are offered for sale by 
the roadside outside many vil- 
lages and the increased supply 
of meat and toe influx of a 
wide range of imported fbod- 
StnfES, bi^biiting - luxury ftawis , 
has farther reduced the 
demand for bread and added 
variety to a once monotonous 
and rationed diet 

The last three years have 
proved that a return to virtu- 
ally medieval strip farmfrig 
and free markets is more 
ductive than enforced collectiv- 
isation. But not an are enam- 
oured by what Marx once 
caOed "the idiocy of rural life". 

The government and aid 
^end^ esp^ a big eiodns 
from rural areas into towns 
and into new service industries 
ificB fnnrigm as the Albanian 
economy moves towards a 
mare conventtonal pattern. 
The future of agriculture lies 
in a ccaisolidatioii of strips into 
larger units once peasants are 
pennitted to bny and sdl then- 
land. Tins was denied for the 
first two years. 

Meanwhile, a $42m agricul- 
tural sector adjustment credit 
funded by a 82(bn loan from 
the World Bank, S20m from 
Jai»n and fr^ the Dutch 
government, is helping to 

finanrft piioiity pitQeCtS. 


.'■'4 












If you would like details on how to ofstaln your dally 
copy of the FT in Tirana, please call us in Frankfort 
on -H}9/6g/1S6850 

Alternatively, please write to Mr. Karl Capp, 
RnanciafTTmes (Europe) GmbH. Nlbelungenplatz 3. 
60318 Frenkfurt/Main, Germany or fax us on 
44a/e8/586448l 


Financial Timas, Eorope's Business Newspaper. 


Under new laws, profits can 
be repatriated freely and Alba- 
nians hope that their compara- 
tive advanfiuies will lore 
eign investors. "The cost of 
labour is two dollars per hour 
compared with four in 
Taiwan," Mr Stepa says. Sev- 
eral lar^ Italian shoe and gar^ 
ment companies have already 
transferred assembly 
operations to Albania fiwm the 
Far East, saving on both 
wages and transport costs. 

As rising competition 
lednces profits from hawking 
imported goods in the fast 
moshrooming sdes irineite g ii 
over the country be expects to 
sees a re-investmmit of trading 
profits into manofactnring 
and construction projects, 
including th^ linked to for- 
eign fhumced infrast ni ct n re 
developments. 

Mr Siepa, 28, is an a^stant 
professor of economies at 
Tirana Univer s ity and speaks 
Italian and sevml other for- 
eign languages. But a feirly 
wideqinrad knowledge of for- 
eign langoages among tbe 
yenmg po^ makers and bnsi- 
nessmen has not bndten down 
all the barriers thrown op by 
half a centary spent in a 
socialist cocoon which 
spawned suspicioa and fear. 
Xenophobia was iustitation- 
ally enforced under bft Hoxba 
and his successor, Mr Ramiz 
Alia, and unofficial contacts 
wito foreignms were illegaL 

Some of these suspicions 
were reinforoed by a flood of 
carpet baggers who hit town 
when the regime collapsed. 



many of them ethnic Alba- 
nians from ne^iiiboatuv Kos- 
ovo. Mr Bashkim Eopllku. 
deputy prime minister, says 
"many foreigners came here 
wito Qw begrn tiiat tiiey would 
find savages who knew noth- 
ing about finance or doing 
business”. 

Mr Eoplikn complains that a 
handful of companies still 
want triiat he calls “more »»«" 
their fair share of Qie profit”. 
But his critidsms of investors 
are matched by counter 
charges from investors who 
have fellmi foul cS officialdom 
and complain of an ignorant 
and sometimes corrupt 
bureaucracy and absence of 
dear laws and rales. 

Mr Jnlien Roche is a promi- 
nent French businessman, who 
first started trading witb 
Albania in 1982 and is now 
trying to recoup losses which 
he says were cansed by trying 


to work strictly to laws whm 
many of to competitors were 
operating clandestinely and 
dealing in contraband goods. 

The co-owner of a string of 
shtqs and an aviation com- 
pany. the businessman is 
viewed witii suspicion partiy 
becanse he began trading with 
the former r^me a decade 
ago. He is now fighting to 
secure the release of to Alba- 
nian partner from jail, months 
after a court rescinded his sen- 
trace on appeal. 


T; 


'he outcome of to to 
defend bis badness inter- 
ests and his partner by 
legal process Is being cl(»ely 
watched by diplomats and the 
foreign business commnnity. 

But snsplcioD of foreign 
busittess has been hei^itened 
by several bad experiences 
wHb foreign investors. The 
worst, almost legendary 


exploit happened two years 
ago when a Kosovar business- 
man collected tens of millions 
of dollars from citizens and 
Albanian workers abroad to 
build a “Sberaton-llke" hoteU 
which was ionted as the sew 
land-mark for Tirana's centre. 

With no warning he 
absconded to Switzerland with 
all the money, leaving a deep 
hole and notbing else. Another 
investor claimed to be a close 
relative of Baron de Roths- 
child even though he was Chi- 
nese. After these incidents 
many Albanians are wary 
abont investors pulling out of 
projects, creating uneertaint}' 
in an environment striving for 
stability. 

On the other hand Albanians 
sn^r from their lack of know- 
ledge alrnnt foreign markets 
and most bosincssmen are 
deeply aware of their lack of 
espilnience after decades under 
a paranoid regime when only 
hand-picked favourites could 
travel abroad. 

“Even now if they can afford 
to go abroad they often have 
to wait for months to get a 
visa." says Mr Xhepa, who 
picked up some of to expra- 
tise on a training course in 
Verona. Italy. 

Unfamiliarity with tbe out- 
side world sometimes causes 
hilarious misunderstanding. 
A resident European business- 
man recalls how a senior gov- 
ernment official told him that 
“Albania did not need to intro- 
duce the Diner’s Card because 
we already have the Rotary 
Qttb." In the future says Mr 
Xhepa. such sn^ and rnison- 
derstandings will be avoided 
because the rales of tbe games 
are now set Tbe emphasis has 
moved from Joint ventures 
with the state, which were 
open to abuse, to direct invest- 
ment or private partnerships. 


WKillMilliL 6^^ BANK 

ym 

v:y}]..EnAJUL: ■■ 

•s * s '•%•’•**•*•,*** d* * * 

-v^ 

. ; ■ ; - M eOeashm 

: f ■ yieiefsa^bniffl^R^ 

>. . liatU^savia^ fealatiffg: 

'.i0.lrafiiin0on^psyn^9nt8midaeGauntser¥lG9s 
. . -0 Qpsdit^^idanliuskwss 
T>i^uiy and AHisirgn excfia/^ fransaeffdns 
# Lenersotdret^trtmsacSons 
•• • . , 0.Ci0^ng ‘clieckB 


•^<iae panting garttbr In AtbanigL. 




' ■ ■:remBcs.3s^^t^33soa'- 


ROGNER 


AUSTRIA 


ftayg GndhtMi 

builds and operates the first modem 

TRADE CENTER 
in Tirana 

Hted. Offices. Apartmenia, Bid Deshznoret e Kombit 
Opening 19% 

Inquiries: Vienna, Austria, lek (43-1) 80 22 341 



- Property Rre insurance and supplementary risks 

- Burglary insurance of economic unit 

- CAR, and machinery insurance 

- Cash In transit Insurance 

- Agriculttural crops insurance 

- Livestock insurance 

- Third Party Liability insurance of vehicles 

- Casco insurance cl motor vehicles 
-Green Card 

- Marine insurance 

- Hull & Machinery insurance 

- Personal accident insurance 

- Traveller^ health insurance 

- Passengers' insurance 

- Credit Life insurance 

. Co-operahTtg vtith top re-insurance companies 


BANCA ITALO ALBANESi 
BANKA IT ALO - SHQIPUS 

"BJj\'', the first iotenuilional bank active hi 
Albaoia, at your disposal for all retail, 
invesuneut and meidiaiit baidung opeiaiioas. 

Tiiana Brandi; Rru^ e fiamkadave 4, Tirana 
ietex : 0604 2157 lABANK 
tel. : 00355 4233966 
fax. : 00355 42 33965 


26 


FINANCIAL TIMES THURSDAY JULY 21 1994 


COMMODITIES AND AGRICULTURE 


Copper climbs to 
two-year peak 


By Kenneth Gooding, 
Mfailng Correspondent 


ns investmeiit fund buying 
came out of the blue to propel 
copper’s price to a two-year 
peak on the London Hetal 
Exchange yesterday. 

There was no particular rea- 
son for the 'sudden renewed 
interest of the funds. Some 
dealeis suggested that, having 
’’played" in the pallediQin mar^ 
in recent days, the flmds 
decided to turn their attention 
to another metal likely to bene- 
fit fitun increased international 
economic activity. 

The wei^t of buying forced 
those who had sold short in 
the hope of being able to buy 
back later at a lower price to 
run for cover. Also "b^ 
nals were triggered on the 
computers used for tradix^ by 
some speculative hinds. 

Copper for delivery in three 
fflonto reached S2J5S7 a tonne, 
its hi^iest since Ju^ 1992, on 
the LME early yestmday after 
the funds first prompted a rise 
on the New York Commodity 
Exchange late on Tuesday. 
ProQt-te&ing later saw it ease 
back to close at $2,538.50 a 
tonne, up 165. 

Many analysts were expect- 
ing the copper market to con- 
solidate and for there to be 
some profit-taking during the 
mid-year months when 
demand slows. However, the 
London-based consultancy, 


Bloomsbury BGneral Econom- 
ics in its latest Copper Briefing 
Service, pointed out that, when 
the copper market rose 
strongly in 1987-88, prices 
increased steadily each mouth 
for mwe than one year, shrug- 
ging off the usu^ seasonal 
inflnmtvw ’It wlU be a crucial 
test of the strong of the pres- 
ent market to see whether or 
not copper prices amply cany 
on i^liig tbrousdi the northern 
hemisphere vacation shat- 
downs." it said. 

Nevertheless, the market 
a number of bearish fac- 
tor in the second half, accord- 
to BME. Eqxirts from the 
Cmzuaonwsalth of Independent 
States might tocrease from 
15,000 to 25,000 tonnes a month; 
some mines on standby could 
reopen, encouraged by recent 
high prices; and tte first of the 
new generation of big green 
mining projects in 
and Canada could come on 
stream. This mi^ cause the 
copper price to pause in its rise 
for some time but BME 
remained confident that an 
underlying supply deficit 
would cause prices to 
strengthen further in 1995. 

• Coton AGnMm, the Belgian 
metals group, It would 
spend BFr2.8bn (£S6ffl) on a 
new 200j)00tomies4-year cop- 
per anirfter at Qlen, northern 
Bel^isn, to replace an eristing 
refinery. Renter reports from 
Brussels. 


As Albania rejoins the international community after 70 years of isolation Anthony Robison and 
Robert Corzine assess the state of its oil sector, once thought more promising than Saudi Arabia’s 


Black gold draws investors to a Balkan backwater 



O il fields are usually a 
symbol of national 
wealth and presto. 
But in Albania, the Balkan 
state wliidi for SO years was 
one of the most isolated coun- 
trl^ in the woild, thdr shabby 
state symbolises decades of 
under-investment and near 
total disr^ard for the envinm- 
ment. 

Large tracts of central- 
coastal Albania above the main 
onshore oil reserves are cov- 
ered with spindly rigs and 
ever-so-slowly nodding don- 
keys sucking out thick bitomi- 
nous ofl. The crude then runs 
In resting and often exposed 
pipes or shallow trenches to 
leaking stoT!^ tanks. 

The foul stench ctf crude is 
all-pervasive. Black pools of oU 
Ue on the surfoce around the 
and the rivers run with 
tell-tale rainbow coloured oil 
slicks. 

Hundreds of weUs are 8iim>iy 
abandoned, with resting metal, 
broken pipes and chunks of 
machinery littering the ground 
around them. The cost of clear- 
ing up over 70 years of envi- 
ronmental damage to accept- 
able western standards will be 
enormous; and it is unlikely to 
be shouldered by any future 
western partner. 

On the other harui western 
oflmen believe that qiectacular 
productivity gains could be 
achievable from the introduc- 
tion of modern production 



Hundreds of weUs are abandoned, with rusting metal, broken 
pipes and dmnks of machlneiy Uttertng the ground aroimd tfa«n 


terimfoues. 

The Albanian oil industry 
may never live up to its Initial 
promise in the 1920a, when a 
director of the Anglo-Persian 
<K1 Company, the predecessor 
of British Petroleum, recom- 
mended that the company end 
its exploration eff<^ in Saudi 
Arabia in favour of Albania. 
But a successful rehabOltatioii 
and exploration programme 
over next fow years could 
make it a net oil expmier. 

Premier Consolidated Oil 
Fields, a UK-based Independent 


exploration and production 
company, has beai negotiating 
with the Tirana government 
tor more tiian a year to rehabil- 
itate Albania's largest oil field, 
Patos Mflrinn, near the town 
of Pier. 

About 1,500 wells, each 
topped with a rusting derrf^ 
have been drilled in an area of 
about I6km by SSkm. But out- 
put from the ftftiH , whii^ could 
nnntgfn gs as ibn banels 
cd oil. is only about 3J)00 bar- 
rels a day. 

Premier is dose to gigning a 


2&-year production sharing con- 
tract that could result in out- 
put being boosted to 20,000 b/d 
or more. But Mr Gerry Orb^ 
Remier’s h^ of explora&m, 
says negotiating tiie deal has 
been a complex and at times 
frustratt^ exercise. 

As In many other former 
communist countries, few min- 
isters or officials are accus- 
tomed to taking decisions. TUs 
meant that many of the issues 
raised during ni^otiations had 
to be settled by President Sail 
Boisha himself. 

Untomillarity with western 
concepts meant that even 
a^ seven monkhs of discus- 
sions, the Albanian-authored 
first draft of a production shar- 
ing contract was ‘Middled with 
so many ambiguities that it 
wouldn’t stand up in any inte^ 
nation^ court", accordii^ to 
UrOtbelL 

Premier brou^t in lawyers 
with eixpolence in Russia to 
redraft the contract Mr David 
Davies, Premier’s cmnmercial 
manager, gg^ h^«> Hnai version 
was more in line with western 
norms, but "it stfll had to go 
some way way towards their 
way of doing things". 

Albanian expectations that 
millions of pounds of invest- 
mftnt arouid matBriallge httme- 
dlately following an agreement 
had to be dispriled. 

Instead the field will be 
developed in stages. Altfaou^ 
Premier will pot up some cash 


to ’Idck-^tart” higher produo 
tion, tte company plans to use 
revenues ear^ from gradual 
increases in ontout to fiind 

afMiHnnal ATpfltlLgirtB. 

The first phase will include 
tests of the reservoir and eval- 
uation of steam inlection and 
other techniques to increase 
the flow of the field's heavy oil 

It wUl also indude an envl- 
ranmental audit to determine 
the extent of the pollution 
problem. 

Once they are confident 
about the production potential 
of the resmvoir. Premier and 
its Albanian partners will 
probably approach the Euro- 
pean Bank for Reconstruc&m 
and Development for hdp in 
funding the power and water 
projects that would be needed 
to bring tile field to its foil 
potential of 20.000 b/d. The 
EBRD has said that it wants to 
see the field wmktng properly 
befcHre it makes any significant 

Pimnier hopes to export its 
share of the field’s pnxiuction 
to ne^ibouiing countries. Bat 
the absence of an established 
market for Albanian crude 
means it might have to sell 
some to Albanian refineries for 
US dollars. 

Ihe refineries, however, are 
in an equally dilapidated state. 
The main worktog refinery, 
just outside the du^ town of 
Rgiigh, spews Oame from waste 
stacks and plumes of dark 


smoke over the surrounding 
hills. 

Some western oil executives 
believe that it would be 
cheaper and mree enviromneii- 
tally sound for Albania to 
export its crude to modem refi- 
neries in neighbouring coun- 
tries and import products. But 
the politlcally-ssnsitive 
employment Implications of 
refinery closures could keep 
the obstdete fodlitiee going fbr 
some rime. 

The only signs of relatively 
new invesbnrat In Albania's 
oil sector are fleets of second 
or third hand road tanken and 

private petrol stations. 

The l^ter are now qvinglxig 
tm like mushrooms aintigairip 
the main roads as private 
entrepreneurs seek a profitable 
outlet for the small fortuses 
made over tiie last three years 
following the liberalisation of 
trade foreign exchmige 
transactions. 

The road tanker fleets that 
have replaced lumbering old 
Chinese-built tracks are now 
privatised; but they still ply 
the narrow and tortuous tqmIs 
from collection p^ts to the 
refine and service stations 
with th^ former Italian or 
Greek owners names stencilled 
on their sides. 


jte war 
lafs 

aiiks 


To m orro w • Gooff Tonscy 
describes the tn uisf cffmation ^ 
Albanian ogriadtiat oowr cte 
past tone gears 


Monsanto seeks to allay European fears about its milk yield-boosting hormone 


... .ji 


By Alison MaiUand 


Monsanto, manufacturer of the 
milk-boosting dairy honnmie BST, yester 
day sou^t to cocmter tears about Its use, 
saying it had not cut mRlc consumption 
and was reaping dividends for formers. 

BBT, or bovine somatotrophin. is a man- 
ufactured version of a hormone that 
occurs naturally in cows. Monsanto, which 
is reported to have spent about ISOOm 
developing BBT, b^an selling it in the US 
in February after receiring sqipraval from 
the Food and 0^ Administration. 

European Union agriculture ministers 


are due to consider in Decemlw whether 
to lift a moratorium on its use in Europe. 
The European Commission, while aoc^- 
ing BOT is safe for humans, argues that 
artificially boosting milk supplies runs 
coonter to EU policy of cutting production. 

In Britain, the government's adviser on 
animal welfiue, the Faim Animal Welfare 
Council, last mek recommended that the 
hormone should not be Ikensed until data 
were available on a wide range of issues 
relating to the welfare dL cows. 

It said dairy cows treated with BST to 
induce a hl^ yield were more pnme to 
mastitis, althou^ It was not known 


triiether the cause was BST or the rnilk 
yield itself. 

Ms Watson, Monsanto's baaith anri 
consumer afiairs manager, said a study to 
be published In the IK Journal of Dairy 
Soence concludes that "BST doesn't aftect 
the relationship iw r w fvtn milk yield and 
the risk of mastitis.” 

During a vUrit to the UK to promote tlte 
hormone, she agreed there was a link 
between high mUk ^eM and mastitis but 
wiid other factors «iip.h as enk. weather and 
the sta^ of a cow’s lactation bad a "five 
to 10 Hmpji greater Impact on whether a 
cow gets mastitis." 


Ms Watson also pdnted to figures from 
the US Department of Agriculture showing 
consumption of liquid milk was 
unchanged tetween E^himry and April 
compared with the same period last year. 

was despite tite foct that 70 per 
cent of consumers were aware of BBT, up 
from around 28 per cent last November. 
However, only a tiny proportion of milk Is 
labelled as being without BST, 

so most consumers are unlikely to have a 
choice about whether to buy BST-pro- 
duced siilk. 

Conscious of milk quotas in Europe, 
Monsanto was anxious to agll the hormooe 


as "a management tool" to help formers 
meet their quotas despite output problems 
caused by weather or illness, rather than 
as a way of increasing milk supplies. 

Monsanto’s BST customers control 
about 20 per cent of milk production in the 
the company sas^. Contrary to tears 
that BffP coi^ serve large, efficient form- 
ers to the defriment of smaller oites, the 
company says more tl^ half its custom- 
ers are formers with 100 or fewer cows. 

Mr Jerry Steiner, marketing director, 
ssdd formers were getting a return of $2 for 
every $1 tifoy invested in BTT, althoug h 
some of that would be absorbed by 


increased feed costs. "We have a better 
than 90 per cent satisfoction and repu- 
chase rath^ from our cus to mers," he said. 

Monsanto expects cows injected with 
BST to isroduce 10-15 per cent more milk 
during their 300-day lactation, althoi^ 
the honnooe is used only when lactation 
is starting to decline. 

Tire USDA has forecast tiiat about 40 per 
emit of cows in the US would be treated 
wito BST by 2000. "US frurmers have a 
significant advantage in reducing the cost 
of producing milk," said Mr Steiner. 
"Fanners in the US should have the 
opportunity for that same advantage." 


.f;^ ■■ 


COMMODITIES PRICES 


CROSSWORD 


\ i 
X 


BASE METALS 


Precious Metals continued 


LONDON METAL EXCHANGE 

(Moaa frwn Amdsanitfad UaU TVodniS 
■ AUINNRJM, sa .7 PUIvrv gpwlonn^ 


Cadi 

Ore 1817.94.5 

Pravlaio 1502-3 

HgMow 

AM omeu 1511-19 

Kerb does 

Oaen InL prwwsn 

Tots 4dly hjmow 13,471 

■ AUJIoraUM Aunv S p« tarmt 

a imha 
isteU 
1595-7 
154671534 
1586.7 
15309 

Ooas 

1520-30 

164Ct60 

Aevtata 

1610-18 

leaoe 

HghAo** 


1646/1540 

AM Ollidd 

1620-6 

15406 

Kaib dre 


1542-7 

Open friL 

2610 


Told daly banmr 
■ LEAD (S per lonnd 

433 


Ore 

sei -2 

005-6 

PiavfrxB 

6955-68 

605-9 

MbMow 

891 

812M0t 

AM onebd 

591-18 

6056.5 

Kwb dre 


001-2 

Open kit 

42.492 


Tbtal dally twnower 

X736 


■ NICKEL (Spar tonne) 


(Xoee 

634(^6 

6435-40 

Pmvlaus 

6315-25 

6410.20 

HISfVtow 

63657B2 

6490/6400 

AM Onidal 

6362-5 

S4656 

Keibdoae 


6425-30 

Open InL 

6823 


Total dely henover 
■ TW (S per tonne) 

61.920 


CtoM 

S«tS-2S 

6490-600 

PmvhxB 

5435-45 

551020 

Hf^Wlow 


5640/5460 

AM OMdol 

5440-2 

5515-20 

Kerb doso 


S48O70 

Open friL 

16871 


Total ddly uimovor 

4810 


■ 2HK, epodol high grada (S pw ionn4 

Otoee 

9B3-4 

1006-7 

Revloua 

961-2 

1006-6 

Hl^Vtow 

967/96X6 

1014/1005 

AM Ondal 

9668-7.0 

10108-118 

KeA doee 


1006-7 

Open kiL 

101.961 


Total ddly lumowor 

20,738 


■ COPPER, 0rado A (3 per lonnd 


OOM 

2sa3-t 

2639-9 

Ravloia 

2373-4 

247080 

HgMow 

2554/2551 

2552/2531 

AM Onidai 

2 SS 34 

25602 


Kerb etaso 

Open M. 222P63 

Tobd daiy wnoMr 89.769 

■ UME AM OMete OS ntM 14430 
UNE CMig OS ntee 144 M 


3Saa-4 


Spab1S495 3nllKia«7S 6n8lBlS4W Smtsiaug 
■ HIGH GIUDG COPPER (pOMBQ 



CtaH 

itay'* 

Atagi 


taw 

ore 

tai 

M 

Jta 

II 48 S 

-agg 

11680 

114.40 

1,740 

351 

Aai 

114.70 

-185 

114.70 

I 14 JII 

362 

7 

sm 

11 X 15 

- 1 JK 

11685 

11 X 00 

34835 

6834 

ca 

turn 

•180 

• 

. 

423 

88 

MOV 

11435 

685 


■ 

246 

. 

Dk 

11385 

•085 11480 11385 HUM 

1,302 

IMta 





53,731 



PRECIOUS METALS 


■ LONDON BUUNM MARKET 
(Pltees awpM by N M RWiacMW 



SM 

Safa 


Ore 



Rlea 

C 0 M|i 

to 

ta* tat 

M 

Jta 

3 SS 2 

•U 

- 

- 

. 

Aag 

3 H 8 

•18 

38 X 3 

38 X 2 65.198 24,170 

tap 

307.1 

•18 

- 

- 

- 

Od 

38 X 7 

•18 

3918 

3868 8,708 

955 

Oie 

3918 

•18 

3548 

301.9 3 X 207 

1,175 

Rta 

30 X 3 

•18 

3578 

33 X 1 XOZt 

57 

Total 




lasjNI 20301 

■ PUCTMUM NYMEX {50 Trey ox; S/hey (Bj 

M 

41 X 0 

-28 

4200 

4300 176 

4 

OR 

4168 

•18 

mg 

4178 20901 

X 330 

JM 

4218 

•18 

4258 

4228 2807 

37 

Ap- 

4258 

-18 

45(8 

43 K 5 tJ 9 S 

24 

JW 

4298 

•18 

• 

1 

• 

Qel 

43 X 0 

-18 

. 

• t 

. 

im 




38,191 

0808 

■ RAUACNUM NYMEX (100 Tiey OK.: WbeyAj 

aw 

147.10 

•029 

14980 

14 X 75 4880 

216 

Oh 

14 X 36 

•050 

14780 

14 X 80 944 

01 

MW 

14 X 95 

•080 

14075 

I 46 JS 166 

3 

TeU 




68 B 

301 

■ Sa.VBICOfrCX( 1 QaT 1 eyoR.;C«re&DyoKj 

Jta 

5288 

•U 

S 3 U 

5318 177 

35 

Aw 

9298 

•38 

a 

• 

• 

aw 

5318 

•38 

9368 

5308 79852 

18.795 

OH 

53 X 9 

•38 

54 X 9 

SS 7.9 24,704 

1 J 71 

Jm 

9401 

-X 3 

• 

35 

• 

MW 

94 X 5 

-X 2 

94 X 0 

94 X 0 08 E 

105 

Total 




12 XM 5 00705 

ENERGY 





M CRUDE (ML NYMEX ( 42,000 US galx WbenaQ 


tatad 

are 


Ore 



pdw 

rere 

to 

Ire kd 

W 

Ata 

1 X 38 

6.05 

1 X 54 

1983 33834 37^0 

Sw 

1133 

«XI 0 

1988 

1 X 16107850 51853 

Od 

IXOt 

*087 

1 X 03 

1685 44879 

9885 

Hh 

IX 7 B 

*082 

1 X 78 

1 X 96 30147 

X 907 

Oh 

tie 

*002 

ixa 

1 X 50 41,105 

X 27 S 

JM 

1 X 36 

*083 

1 X 95 

1 X 92 a 897 

2809 

Total 




409894119828 

■ (mUDE (ML IPE (Dband) 




IMM 

DW'O 


ore 



Rtai 

ebawo 

to 

Lre W 

IM 

sw 

17.94 

*o 6 s 

1785 

17.45 70813 

16805 

Od 

17.40 

*002 

17,49 

17 J 6 19830 

X 713 

Now 

17.38 

*012 

1780 

1785 10,600 

X 362 

Oh 

1730 

. 

17.39 

17.16 14874 

1831 

re 

17.14 

*001 

17.15 

17.14 5805 

SI 

rm 

1785 

*002 

17.05 

17.05 2843 

10 

Total 




17855 31864 

M HEATING Ofl. NVICX (42800 U 6 WM: dUS OMU 


latM 

DtyV 


tot 



prtai 

cIhbqd 

to 

IM W 

VM 

Sag 

4 X 7 D 

*022 

4 X 90 

4 X 40 21 , 4 S 

5875 

Sw 

5045 

KLOO 

5058 

5005 25803 

0701 

Oei 

51.40 

*013 

5180 

91.20 11847 

3896 

Hch 

52.40 

*013 

5 X 49 

5 X 15 9802 

678 

Bae 

5380 

*013 

9 X 45 

5 X 10 20847 

1833 

re 

5440 

*013 

5480 

5 X 90 1 X 128 

1820 

TOM 




432800 20479 

■ QASOiLiFEiyiBiind 




SW 

ORTi 


Ore 



petae 

daaae 

to 

(re M 

IW 

Aag 

TS 386 

4075 

16480 

1 S 38 S 29851 

5868 

Sw 

15 X 25 

*180 

1 S 780 

19680 1 X 114 

34 S 

oa 

I 9 X 2 S 

*075 lOOSO IS 025 11,444 

1801 

NW 

18180 

4185 

10225 

16189 0174 

1810 

DM 

18385 

4180 

16480 

leXOO 14886 

471 

re 

16480 

t 18 S 

10589 16489 S 8 S 1 

2823 

ToM 




97888 16,112 

■ NATURAL GAS NVWX 00800 drAl: Sltneta) 


GRAINS AND aL SEEDS 

■ WHEAT LCeg per lonrwa 


See are Ore 

prta reege to Isa W W 

sw 104.15 *056 104,10 10180 383 31 

Nh 10X00 41.10 10X00 lOLSO 2855 107 

re lerjoa *t.i9 larep mss ijm m 

■W 10X05 *-1.10 10X00 10X00 943 10 

MW 11X40 4186 11X50 11X00 SK 44 

Jta 11X70 4186 • • 145 • 

TWO 88BI 338 

■ WltoTCm|XOOabun*Kcenis«miiueieO 

Jta 

32312 

4lW 

334/0 

321/4 

1.700 

2850 

aw 

329n 

•1/2 

3S2/D 

328/4 97870 2X811 

Om 

341N 

•1/2 

346/0 

341N 147815 45820 

•Mr 

son 


xao 

34e2 31855 

XN5 

MW 

341/0 

•OM 

344/4 

34IV4 

18K 

620 

jta 

303M 

4X0 

329/0 

3BIQ 

31259 

379 

IMS 




MByiW 75850 

■ MABE(mT(6JI00bun*ceMl9Anibudn5 

Jd 

sasa 

•10/2 

235G 

ms 

8845 16840 

3W 

21812 

•3M 

201/0 

2181025X729 8X330 

Ok 

220/2 

•1/2 

22M 

22X0506865 116848 

Nv 

229/2 

•1/0 

ZXM 

22M 

9X525 

1SA46 

to 

23M4 

•18 

STW 

259H 33895 

7800 

M 

239H 

•1A 

240/4 

230/4 34800 

5819 

TM 




1J8BH 22X790 

m EARLEY LCEV per iann4 



5W 

10185 

•>080 

10180 

10089 

195 

99 

Me 

10X25 

txao 

10X00 

IQXSS 

WB 

28 

re 

10485 

*079 

a 

• 

25 

• 

to 

10X75 

4XS0 

• 

• 

35 

a 

to 

10780 

• 

• 

• 

t 

• 

TWO 





7VI 

W 

■ SOVABEANS (BT KOOIItai n*c CHtaVOB tiMW 

JM 

99V4 

•7/4 

50UO 

892/4 

4,740 

X129 

to 

S8B2 

•13/Q 

S09I2 

5000)124800 07885 

5w 

570/2 

•7/4 

57912 

570/0 8X409 2X100 

■ev 

968N 

•OG 

995/4 

857/434X550197839 

re 

S86a 

•an 

S73N 

5668 4X00 

4810 

to 

9790 

•7/Q 

951/4 

STM 

17810 

X330 

Tea 




58X7U27X585 

■ SOVABEANOacsrmoocRKcerMt 

JM 

24.16 

JI9H 

2480 

24.19 

301 

836 

to 

2985 

■X47 

2480 

ZX87 

19830 

X«9 

5W 

2X85 

•083 

3489 

2X79 

I9A04 

2879 

OM 

ZU3 

•089 

nao 

9!l» 

128M 

1834 

Ok 

9109 

•028 

2X42 

2X82 3X712 

8871 

re 

2100 

•022 

046 

2280 

X940 

152 

TMM 




0X045 2X147 

■ aiTYAEEAN HEAL CGT (100 tons; WigrO 


JM 

1778 

-47 

1018 

1778 

273 

1802 

to 

17X2 

•X9 

17X7 

17X0 

23830 

XW3 

sw 

17X3 

-Xt 

177.8 

179.1 

17,293 

3807 

Ocl 

17X1 

-18 

1798 

17X1 

9850 

1.431 

Ok 

1728 

■1.1 

1748 

17X8 30812 

4877 

re 

17X9 

•08 

17X0 

1738 

X778 

314 

Total 




07819 22873 

■ PCTTATOGS LCE (E/toraie) 




to 

908 

. 

. 

. 

. 

. 


10X0 

• 

• 


• 

• 

to 

22X0 

•48 

231.0 

2218 

1,171 

133 

to 

2S08 

4100 


• 

. 

• 

re 

1078 

• 

• 


• 

• 

1MM 





Lm 

ia 

■ FRaGHT(BIFFE]qLCE(S1(UMexp0taq 


JM 

1480 

■9 

1435 

1435 

599 

48 

to 

1357 

•23 

1385 

1339 

76 

64 

Sw 

1380 

•20 

1400 

1390 

114 

30 

oa 

1401 

-21 

1430 

1423 

«4 

14 

re 

1410 

•20 

1419 

144B 

255 

7 

to 

14» 

-17 


• 

102 

• 

ToM 





xaw 

1S7 


CtaK 1 

hvf 





BH 

14B 

1422 






SOFTS 

« COCOA me ETbann^ 


MEAT AND UVESTOCK 

■ LIVE CAme CME (eaoogpa: oenolbat 


No.8,5Il Set by AJLAUN 


M qpM 

pifei cbMge teib IM H tM 
M 1094 *17 1105 1071 BO 149 

Sip 1104 *14 11W IOC Iran ijW4 

See >}» 47 Iia fOe 30022 1.7S2 

MV 1127 *7 1143 1110 29057 1^24 

Mn »ss 1145 1118 oao go 

M na 49 1130 1130 3SB0 38 

iM m san 

M OOCCM CSCE (10 te mm. SAonnaN 


set utf 


Loa M foi 

Me BSTB -01175 gun «a4» tajst 7,793 

M nSOD 40.100 71S75 71JBD ZZ.437 4302 

Sm Jojoao 4«x9 njos jvjts turn zoos 

m 70400 40:300 70990 TOLOOO 9.«S 813 

Apr nJ75 40^25 72.100 71J00 5^6 143 

Jin BASD 40900 oasn WASO 1,150 17 

IMS - 79^ lUM 

■ UVE HOGS CME HOaCOte gbiIs/M 


SB 

Dm 

Ibr 


9m 

im 


14B -2 1584 1478 39887 OIOO 

1529 -1 1592 1815 17,450 1,741 

1596 - 1500 1945 7800 250 

1575 - 1508 1698 £SM t 

1500 ■ 1978 1578 2^54 

1615 - - • fJB2 

Tspm ai«i 


M 

M 

Oh 


Aw 

W 


■ COCOA QCCO) (SOR'«Aorn| 


40775 -0480 401375 40750 683 313 

44.700 -0078 45JIDD 44500 10^00 1,768 

40800 -OAOO 4iaD0 40JS0 0858 830 

40.700 -0175 41000 4098 4,46 93 

4L100 -OAOO 40700 40100 1.16 107 

38800 -oin 9800 30800 040 51 

27849 0887 

BBABB cue {4ft0001»; cenai^ 


MIS 

0M»_ 


110188 


NvA dW 

msai 


M 


10 By nu MU 


.im 


im mr 


■ cores LCE (tooml 



35(S 

-IBS 

3(60 

3685 

628 

no 

Sm 

3513 

-180 

3650 

3500 

1X493 4JBB 

to 

3505 

-103 

3550 

3400 

X167 1816 

re 

3480 

•283 

3B« 

9470 

10.746 

058 

to 

3489 

•200 

3510 

3470 

X821 

378 

to 

3480 

•216 

3500 

3530 

880 

9 

toi 





4X404 7804 

■ cumj. V CSCE {3780afeK aentanw 


to 

2986 

-1X05 

2Z780 217.75 

a 

28 

Ok 

m w 

-1X4$ 

25080 

22125 

&861 

5848 

to 

23X00 

■xn 

2S1QD 93X80 

11,766 1855 

to 

23180 

■xoo 

23180 23180 

XI74 

640 

JM 

23X70 

■xoo 

23X70 

23X70 

1808 

62 

to 

B480 

■xoo 

. 

r 

327 

0 

ma 





41850 7,184 

■ COPPS OCOI (US cetttafrmmdl 



80 10 



toe 


pnx < 

to 


32500 -089 33800 32450 140 IS 

32IS -088 33860 3189 489 1847 

4X300 -009 44.000 4X17S 3815 619 

42650 -009 42875 42060 113 10 

jynn . 44800 > 40 3 

4489 -089 4489 4489 9 3 

7881 2815 


LONDON TRADED OPTIONS 

SbfH prfub a Imw — CiOu— -»PuM — 


■ AU8WWUM 


caret Mir 


isrevregu 


1685 


anger 

16388 


■ Ne7 re«aUM RAW OUOMt LCE (ewreire 


GeWinoyuJ 

S pnea 

£ eqdv. 

Cloae 

38Xe(K38720 


Cpcitatg 

36X35-98X76 


Morning In 

39680 

250.007 

Aftemoon Ibi 

38745 

290896 

Ooy'vHigh 

387.80-38X20 


Day's lAw 

38X00-38X40 


toMouB doss 

38440080.70 



|MMt BeVu OdH 

prim dma» MA im tat M 

Aie ia» -0834 1.975 lais H849 xtts 

Sm 209 -0822 209 189 1X435 4,I4S 

OGt 2DS0 -a014 2070 209 10,365 485 

NH 219 -089 219 219 989 59 

DM 229 -a09 2279 229 14.449 99 

Jm 229 489 229 2270 9.707 49 

Total 110254 1789 


Qel 

1X18 

•X13 



I.8B 


re 

1182 

• 


• 

• 


to 

1183 

•Q.1S 

• 

• 

90 


TM0 





1890 

- 

W WHITE SUO/U4 LCE (MatmM 



Od 

31X30 

•180 31X00 31X00 10J69 

759 

Or 

31X78 

-LIO 31X50 

31X00 

099 

30 

to 

91180 

■080 

3izm 

31180 

1786 

310 

to 

31080 

■080 

• 


381 


to 

810JC 

•XTO 

. 

• 

349 


Od 

20780 

■070 

. 

• 

in 


1M0 





1X5W 

958 

« SUGAR *11' (S(X (IIXOOOBh: eanMe) 


Od 

1188 

•ai4 

1188 

1187 07804 0898 

to 

1187 

•aio 

1124 

1189 29894 

1200 

to 

1189 

■an 

1184 

H88 

X30B 

101 

JM 

1180 

•(US 

1187 

11.49 

2890 

30 

Od 

1180 

-a(B 

1145 

1146 

1,132 

a 

to 

1186 

■a 08 

. 

• 

144 

a 

TelM 




10785011,140 

■ COTTON NYCE fSOMSm: evNaOW 


to 

aus 

■xso 

7180 

71.00 

5 

. 

DM 

7180 

■029 

7X00 

7180 

82»7 

742 

Om 

7X55 

. 

71.70 

7X50 

30.747 3851 

to 

7180 

-649 

TZSD 

7X40 

7217 

375 

to 

7X93 

•oe 

7320 

7X10 

X2n 

113 

Jd 

7XX 

•a4i 

. 

. 

xm 

a 

TdM 





SX8W xia 

M ORANGE JUICE NY(;E(is;8ans;edtoto 

to 

on Ml 

•025 

07.00 

5X50 

I48Q 

1250 

to 

N80 

-320 

0»4O 

0X50 

3808 

to 

Jm 

97.75 

'315 I01« 

0720 

3800 

514 

to 

10X50 

•380 

10X00 

10X18 

X390 

346 

to 

18X79 

-XOO 

10X90 

10X20 

705 

310 

JM 

10X75 

■inn 


- 

IM 

. 


I0B.77U LME 

Sep 

Dk 

Sep 

Dk 

1586 . 


as 

4S 

74 

1690- > -. 

45 

76 

se 

87 

1576 

35 

66 

73 

101 

■ coppa 





fCkada A) IME 

S«P 

Dk 

Sep 

Ok 

2500 - 

03 

117 

48 

105 

8560 — . — 

88 

95 

72 

131 

2900 

46 

75 

101 

161 

■ OOFSEELCS 

9ep 

Now 

Sep 

Now 

3BB0 - - 

320 

465 

407 

560 

3060 

302 

448 

439 

504 

3/UU — 

S40 

434 

472 

620 

■ COCOA LCE 

3«P 

Dk 

sk 

Me 

1000 — 

111 

147 

7 

39 

1060- - - 

72 

116 

19 

58 

1100 

42 

90 

39 

82 

■ nnOfT CRUDE IPE 

Sep 

Oct 

Sep 

Oct 

1700 . 

91 

97 

28 

64 

1750 

SO 

97 

52 

80 

1900 — 

3$ 

63 

79 

. 



■^ietuarica 


Sh:*fe 


LONDON SPOT MARKETS 

■ CRUDE CO. FOB OwbanreSep) w 


Loco Ufa Maan Geld Lmdng Ra*M (Vs US9 

4^9 

4J0 


1 month . 


.A97 


2 months ... 

3 ^SQMhS ... 
9tamr re 
Spot 

3 months 
6 m a i itiw 
1 yosr 
QoUCabn 
KnreniM 


..4.02 


dmonlhs 
12 1 


■ UNLEADED QASOLINE 
NTNeC (4209 US OOM-i W8^ 


LMM DH^ 


Nn* Seweai^, 


1.07 



Rtea 

etiMga 

MQO 

Ire 

p/boy 02. 

US OS eqdv. 

to 

5485 

4X30 

54.70 

5420 

345.10 

532.15 

to 

SX» 

4X20 

54.70 

5420 

04085 

53X15 

Od 

5X10 

*0.10 

5X30 

5380 

353.96 

644.75 

to 

51.45 

-085 

51.70 

5125 

36X45 

seoiM 

Ok 

SX60 

•XIO 

5X70 

SX40 

S price 
901-094 
39785-40085 
91-04 

eaquiw. 

252-266 

6»e2 

re 

1WM 

SX9S 





OpH 

W 


298 51 

5X76 2189 


COIlM 

Uverpool- spot aid MtpnwK Mtas imouMsd 
Ip go toms Cor On noak ended 15 July 
against 7S tonnes In the previous week, 
msirteted meradons Hwotveo few fresh deel- 
frigs. Only occasioral Interest cSspUyed In 
American stylas. 


3S8M X134 


VOLUaC DATA 

Open Hnest and Volume dsta Womi (or 
con lra c a tra ded g i COMEX. NYMEX. C8T. 
NVCE, CME, CSC6 and R Ctuto 01 re one 
day In snore. 


INDICES 

■ REIJTBg{BaBe:ia/a*51-10a 


M 20 Jut 18 month sso year age 
2158.1 215X5 2007.0 17D1.9 

■ CRB Futtres [Base: 4A056glOO|> 


Dubd 

$1624-622w 

*026 

aant Blend |dded) 

S1781-783 

*026 

Brant Bland (SeW 

$1781-7.83 

*02S 

W.TX (1pm eaO 

S1X17-X19W 

*026 

■ OH. PRODUCTS WMEcraTMdeSmry CD (tttwW 

PienBum GasoAne 

8166-187 

*1 

Ok 00 

$150-151 

■»08 

Heavy RM OS 

S86-100 

*0 

rWphtfe 

$166-158 

*08 

Jet hiM 

$184-166 

4X5 

PeMeiMi ArpM Ehomm 



■ (TTNER 



QeU tier froy oiig 

S387.00 

*045 

saver (per trey Di>a 

S328C 

*11 

Plattmen tny ozj 

$41X50 

*2.0 

PWedum (per Ir^ ecj 

$14X75 


Ceppar (US prod) 

12a0e 

*48 

Lead (US pmdj 

37.75e 


Rn (KiMo Lien^ 

1xa3m 

4X07 

Tin (New YalQ 

25180c 

-2.0 

One (US PilmaWJ 

Unq. 


Ceote (to wrijhiitC 

tir.42p 

40.4T* 

Sheep gve welghQTto 

9527p 

•188* 

Pigs gw waWiqe 

Tosep 

•285* 

Len. day wgw fraw) 

S30480 

-180 

Loil day auger (wte 

504680 

-1.70 

Tide 5 Lyle export 

£30980 

•1.1.00 

Barley (Eng. hed) 

£10X751 


Mato (US Na3 Yeimwl 

$1438 


Whad (US Oaih Nor04 

CI808 


Ridtor (AugR) 

aX60p 


Rubber (SeriV 

SXSOp 


Rubber KLRSS Net Aug 

aoasm 

*28 

Oocenut 00 (PtM)§ 

$68X02 


mmOi |Malw>i§ 

SSOXOq 

*1^ 

Copra <Pti>0§ 

$405 


Soj/abeiars (U^ 

EITXOq 

-18 

Colton Outlook 'A' hidax 

81.900 

-080 

WoQltepe {64e 9i«w) 

•iSIp 



ACROSS 

1 A subUnie summer, it contrib- 
utes to 

4 Sections of the prison to be 
renovated (8) 

9 Checks, reading aloud, rules 
(6) 

10 Subordinate position the 
jockey takes (4/0 

U Broke an egg bito the bread- 
crumbs (8) 

13 or everiithli^ you own, a 
quarter goes to the govern- 
ment (6) 

16 Broke the news when 
instructed to (4) 

16 The card piay^s definitioa of 
a double date? (4A4) 

19 jQSt light music (4,^ 

20 She Is in late, half cut (4) 

23 Disturbed to find it's dislo- 
cated 

25 Was wet through, it indicated, 
again (8) 

27 Carrying in wine - it’s for the 
musician (8) 

28 Rod lost the roond by a tiny 
margin: it’s not foir 

29 A little peat’s sprinkied round 
it in the garden (3) 

30 You are dancing ‘The (fonti- 
nental’’ (6) 

DOWN 

1 Act in which a boor does a 
turn with a circus performer 
(7) 

2 Possibly about to strike and 
not keeping good time (54) 

3 Found on the beach a left 
shoe (6) 

5 Holdi^ the last half of^ for 
the Sraodioavian (4) 




6 Does an'toritatim of a strip- 

pert (5,3) . 

7 Are back at work, pwidlng 

entertainment @) . 

8 Are they getti^ their hair ^ . 

ready for & dog show? (7) -■ ' 

11 The Spanish genueman at the 

inside Is a politicsan (7) 

14 Anything, to a doctor, that a > ^ 
patient will swallow (7) .... . 

17 Hake a quick vnltefoce and > , 

have a collection (4A ?- 

18 Would have you know it to 
an odd, oki-bshioned sound 
( 8 ) 

19 Portrays as bring in diaige in 
the departments (7) 

21 On no account will he trierate 
mistalms CO 

22 Double up, for instance, with 

pain (6) 

24 Find standiiut right beside 
(me @) 

26 Take this man on again (4) 


I. . ' I- . . 


1.: 


SolodOB 8,513 


□ 0} □ 
□□□□□ 
a a a 
□□□□□ 

D Q 

SaQHD 

a a a 
a s 

□QDD 
D □ Ei 
□□□□ID 
□ □ □ 
□□ono 


C pir ww uwtHi MtMw— 8 read p pm t rt ig . ^ cHtrta. 


Jul 10 
Z3480 


Jul 18 
25483 


age yaarago 

29489 917.33 


^mpgVI^ m IWyUn careen, i Oewire q tug. i 


Sap. • Sep . V London niyoire i GIF notmanv 
BulRon maricat elMa, 4 Shre (U*a walghc pricail. 
OimgaM "re pwaananp piteaaje Ptieaa wt tv pwrf- 

M 


JOTTER PAD 





•'Or 






nlry 






) s 






CROSSWORD 





Mi:! 




financial TIMES THURSDAY JULY 21 i<«W 



market RB»ORr 


'let Interest rate concerns return to unsettle shares 


FT-SE-A AU- 5 hare Index 


1,600 — - 


^ Teny Bytand, 

UK Stock Maricef Edifear 

An early challenge to the Fhotsfe 

3.100 mark ran into a 

Lwdra market yesterday toUowine 
afr^wa^on US interest rate 
npm Mr Alan Greenspan, chairman 
of Reserve. TTie stock 

maijet had already been unsatf ip d 
by the disclosure that the UK chan- 
cellor of the exdiequer and the Gov- 
ernor of the Bank of Englmd had 
agreed last month that domestic 
mteitet rates would be raised if 
inflation threatens. However, eariy 
losses had been recovered and thf> 
downturn was resumed only as 
reports of Mr Greenspan's testi- 
mony to Coi^ess appeared on the 
tradmg screens. 

opening minutes of official 
trading saw the Footsie touch 


3J)99.6 before turning h e ck as trad- 
ors reacted to publication of the 
minutes of the meeting in June 
between Mr Kenneth Clarke, chan* 
cellor of the exchequer, and njr 
Rddle George, Governor of the Rmk 

of Englanri 

But by the end of die the 
FT-SE 100 Index had fallen to a 
day's low of 3 , 077 . 2 , a net loss of 14.1 
points. Once again, the se^ck was 
spearheaded by falls in stodt i ndex 
futures. However, traders believed 
that an increase in tradmg volume 
in equities did not indicate 
mcreased selling pressure and the 
FT-SE Mid ^ in ifpr which is iwm 
affected by the totures markets, 
remained firm, closing 12A up at 
3,587. 

In the first half of the wpsB iop, the 
stock market made a fairly neutral 
response to the latest data on the 


domestic economy. A rise of 02 per 
cent in June retaD sales for an ann- 
ualised gain of 32 per cent and M4 
bank lending of £ 22 bii, while at the 
hi^ end of e^^tatlons, were ove^ 
shadowed by caution ahead of Mr 
Greenspan's speech. 

Confidence in London that the 
recent steadier trend in the dollar 
and bond markets mi^t bring a 
favourable review fttun Mr Green- 
span inspired a further move 
towards Footsie 3,100 in the eariy 
afternoon. 

The market, however, went speed- 
ily into leveise as the speech from 
the Fed ghalmtan was followed by 
tens in bond prices and in other 
European equity markets. The 
downturn was emphasised by a 
decline of 28 points on the Dow 
Avera^ in UK trading hours. 

Trading volume rose shaiply, but 


at the end of the session, the day's 
Seaq total of 679.7m sWes still 
compared with 691.4m in the previ- 
ous session. Retail business was 
worth £127bn on Tuesday, well up 
to the best daily averages of the 
past twelve months. 

Fund management buyers from 
continental Europe, who have been 
providing the driving force behind 
the recovery In the London stock 
market, backed away in the second 
half of the session when their own 
domestic markets reacted nega- 
tively to the latest developments. 

Several leadiiig securities houses 
said their trading books were fairiy 
evenly spread between buyers and 
sellers. The renewed uncertain^ 
over US rates puts increased 
emiriiasis on this morning's meeting 
of the Bundesbank policy council, 
and revives the ques^ of whether 


European markets and economies 
have decoupled from the US. 

The setl»ck took toll of share 
prices across the financial and 
retail sectors, which have been 
moving ahead confidently over the 
past week. Store shares, in particu- 
lar, proved themselves more fearful 
of higher interest rates th^ encour- 
aged by retail sales growth in June 
reported earlier in tte day. 

The blue chip doliar-earniDg 
stocks moved narrowly as these sec- 
tom waited to see bow the US cur- 
rency would settle down in 
response to the comments from 3iix 
Greenspan. But turnover in these 
market leaders was not hea\T- 

London market strat^ists said 
that much will depend on the reac- 
tion from bond markets across 
Europe, and on the actions and 
comments of the Busdesb^. 



Equity Share* Traded 

TumiMerryvoluneV>aiw4 Eickidna' 

bsia-fflatMi buoran and uaemr 

1,000 • 


■ Key IncUeatere 
IncBeee and ratios 

FT-SE 100 3077.2 - 14.1 

FT-SE Md 250 3587.0 4 - 12.6 

FT-SE-A 350 1550.3 -42 

FT-SE-A AS-Snaie 1537.38 - 3.57 

FT-SE-A All-Share yield 3.86 ( 3 . 85 ) 

Beet performing soctor a 

1 Building & Const 4 - 1.1 

2 Other Fmsnetal -i-l.l 

3 Health Care tO.S 

4 Lde Assurance ....-> 0.8 

5 Water -»0.7 



19»4 


n Ordlnaiy index 2391 .6 ‘^2.7 

FT-SE-A Non Flna p/e 19.39 

FT-SeiOOFul Sep 3076.0 -8^ 

lOyrGillyteld 8.35 |825) 

Long gitt/equity yM ratio: 2.19 

Wont portormlng sector* 

1 Banka - -1-5 

2 Insuiance -1-4 

3 Gas Distnbutian - “"^-I 

4 08 Explar^ian ~..- 1.0 

5 Telecon)murtc.itlons — -'i-d 


Rate war 
fears hit 
banks 

High street bank shares foil 
shmply in late triute as disap- 
pomtmeat over the latest hawk- 
lending figures was com- 
pounded by reports of a cus- 
tomer leading rate cut by 
Midland Bank which prompted 
fears of a price war in the 
sector. 

Bank and bulling society 
tending grew by E22ba in May, 
against forecasts of a £l.3bn 


Increase, but the bias was 
towards credit card and mort- 
gage loans, and corporate lend- 
11 % wsfi weak. Thim Midtend, 
the hteh street arm of HSBC, 
cut its personal lending rate by 
2 percentage points. 

Prices in the sector were 
immediately chemp^ back as 
speculation ran through the 
City that Credit Lyonnais 
Udng was poised to respe^ 
with a sfgnffiean t downgrading 
c£ banks. Laing, however, was 
phtematic, saying it had rec- 
ommended an underweight 
stance since the start of the 
year and was unlikely to 
change its views ahead of 
Uoyds Bank’s interim results 
on July 29. HSBC, buoyed by a 


EQUITY FUTURES AND OPTIONS TRADING 


Stock index futures closed at 
the lowest level of the day as 
renewed fears of higher US 
Interest rates to combat 
inflation caused fitters In the 


London market, writes Jo^ 
Kibaza 

Traders in the derivatives 
were unnerved during the 
afternoon by comments from 

» FT-SE 100 sa)EXHmJRe8{UPFgE2S par Ml IndW poke 


|AP1) 


Open Settpifca Cfiinse High Low SaL vel Open kiL 
Sep 31000 30780 -200 31100 SOSOO 14322 48291 

Dee 31204) 3096.0 -200 31200 31200 5 1803 

■ FT-Se MB a80eiOeX«miRBS(UHgg10 per fUlhc^ point 


Sep 


36800 3S87.0 i-IOD 3BBS.0 SSBin 


15 


4435 


■ FT-Se USD 250 IWDeXFimiBBBfDMDOeiO par M Index poltrt 
Aug 3,5854) 

Al open mteraH ligwee ae tbr praHoM di^ r Exwl whnw Mm. 


■ FT-Se 100 IWDBX OmON (UFFg C807q eio per fal ttiCte point 

2800 2890 3000 3050 SMO 3160 3200 3290 

CPCPCPCPGPCPCPCP 

me n3>3 12 uhs 20 nmz 33 71 sok 7* a I07i2i3hi44>2 6 I 2 in>z 

Sep 2M 27 165l23B130SZi2W>273 n9S 49^123)83312 IS7 1fl2t9»^ 

Oct aOk 40 1M S3 148 09 120)2 90 S3 113^72)2 142^52^ 174 30)2310)2 

NK Zli S2h 199 66 167 8412 138 105 111 tStt 88 1SB 68li ISTli Vh 223 

Oect MB 63 I 2 182 97 1ME 140 83 197 

Cab 5,114 Piee 4,974 

■ awo STYLE FT-SE 100 WOEX OPTION (Llffq CIO pec Ml IfidaK point 


2B7S 2926 2S76 

Jtag zah 8>2 159)2 Kh 116>2 25 


atwK 


3076 


3125 


Sire 


aw; 


39)2 a 60)2 33 88 I 2 18 123)2 SI 2 104)2 


Sap 

22|l2 22 1Sll2 31l2 144 

44 111^68^ 82 

81 S7i2lOGlz 30 

137 25 173 

Oct 

197 45 

132)i79*i 

8312 129 

48)2 192h 

Dec 

227b 8912 

164 10412 

113l2l51>2 

74 I 221 OI 2 

Mart 

20012 9212 

203 129 

ise 174>2 

111 2S0 


QA 398 net 988 * Uwlul)(eB hehc lelue. neakne euM an meed oo Mllimmt prtcei 
t Inn engd BfAy eoAtt. 

■ EURO STYLE FT-SE MB 250 emex OPTION pMUqeiO per M Index point 


3460 3600 3550 3000 3050 

M 105 ^ 47)4 7B1| 88 96 95 

M 0 M 0 SeObnenl piicaa nl teknei na takea a 430pn. 


SE Acluariei.Bhsj'e in.diocs" 


3700 


3750 


firm Hong Kong market lost 
only 3 at 735p. but Barelas 
slid B to 54^. Lloyds 14 to 55^ 
and Nation^ Westminster 18 
to458p. 

Kingfisher concern 

The jitters in the DIY sector 
- following news earlier t^ 
week that US giant Home 
Depot is poised to enter the UK 
market - con^ued unabated, 
with B&Q owner Kingfisher 
beating the brunt of investor 
concern. The company was 
yesterday smd to be talMng up 
its own trading strategy to 
institutional Investors and ana- 
lysts in advance of an immi- 
nent announcement over the 


Mr Greenspan suggesting that 
the recent sfide in the US 
doflar could raise inflation. 

The September contract on 
the FT-SE 100 had opened at 
3,100, just ahead of ca^, and 
trWied sideways for the next 
few hours, with the 
mfd-moming release of 
economic date on the UK 
mon^ supply and retail sales 
making no impact on trading. 

The contract drifted lower 
just ahead of lunchtime on the 
back of a weakening giHs 
sector, before Mr Greensgmn’s 
testimony brought about 
concerted sellb^ in the last 
hour, as dealers also reacted 
to a poor opening on WaO 
Street 

September closed at 3,076, 
down 22 from its previous 
finish and at a 7-p(^nt discount 
to Its fair value prerrrium to 
cash of about 6 points. Volume 
improved to 14,322 lots. 

There was better 
turnover in the traded options 
sechM'. Clo»ng volume was 
27,216 contracts, with 10^12 
dealt in the FT-SE 100 option. 
BT ted the league teile among 
the stock options, with a trade 
In the August 420 puts being 
the biggest contributor to the 
day’s total of 1,702. 


The UK Series. 


DhjA 

Jul 20 GhgaK Jul 19 J18 18 J18IS 


Year DIv. 
ago ylaldH 


Earn. 

yWdW 


>VE Xd ari. Total 
ratio ytd Raiun 


pr- 8 E 100 3077.2 

FT-eE KM 380 35874 ) 

pr-SE KM 280 ax 8 w Trutlt 3689.2 

FT- 8 E-A 3 S 0 15503 

PT-SE SmaaCip 180010 

PT- 8 E Oil— Cap ax hw ThMta 177015 

PT- 8 &A AtlpSHARE 1537.38 


-OS 30814 30624) 30744 
+0.4 3574^4 35603 35514 
+04 36701 3562.0 35534 
-03 15544 15405 1S4S4 
+04 1804.48 130041 179745 
+04 17744)5 177038 170741 
-04 154045 153011 1S32.SO 


2814.1 44M 

3195^4 3.44 

32084 348 

14094 3.91 

183041 3.11 

1631.07 349 

138075 346 


&& 

5.77 

024 

640 

449 

4.73 

043 


1745 7008 
4085 8037 
18.41 8340 
1740 3017 
3058 31.84 
3027 32.73 
1843 3444 


11 S 24 B 

132061 

132640 

118073 

138447 

137347 

118640 


■ FT-SE Aetearies All-Share 


Jul 20 


DWa 

ctotw 


Jul19 Jul 18 Ji4 15 


Yew nv. Eeni 
^oyUdH yWdN 


P/E Xdaef. Tote 
ratio ytd Retun 


10 MNERAL EXTRACnONtiq 268146 

12 BOiaetlve lnductnee(4) 38S 9 .59 

15 OB, biteoMedp) 264496 

16 08 F?‘p»T-aBon & ProdlH) 196017 


+ 012667.63265746288247 213540 348 445 2847 47.41 1088.46 

+04384447 380543 379844 312740 340 542 2440 5444 106346 

+04 263846280098280349 208240 3.46 4 A 7 2741 6054 107243 

- 1.0 197041 1961.16 194068 17 a 7 .W 2.48 145 00407 2044 1116.16 


20 QEN KIAIIUFAlCfURB iS g64) 189442 

21 Buiuro 6 Con 4 tiuetlen( 3 SI 118092 

22 BiMns MNta 6 Merctw(31) 2001.77 

23 Che 194*8(22) 242047 

24 0l««*0ed IndMWeleta 1886.50 

25 aecttorBc 6 Eleci EqutpP^ 188014 

28 &^)lneefc«(70) 188144 

27 a^ilneelno, VeNelaetia 232743 

28 Printing, Pep* A Pchg(2a 287244 

29 Tedlee 6 AnoaraieO) 188046 

90 OONSUMB OOCDSah 2657.54 

51 Brewerl o afIT) 2264.38 

52 Sphta, Wbwe & CUennO) 277094 

53 Food Maiw(ae&jies|23) 2212.73 

94 Houitfiakl GoodNia 243240 

38 Noem Carapi) 16106S 

37 W wi iiieceii6cat8(l21 285248 

38 Ttabaecon) 3586.33 


+0.1 1992.54 169094190746177080 3.81 445 2040 4442 

+■1.1 117348117344 117220102940 34$ 448 2840 2064 

-042011.66 201844 2006.72 162540 067 349 3148 46.09 

+022415.972419.102406.83211040 343 348 3218 5643 

+041970931962491907481864.60 448 4.71 2016 6000 

+0.1 187745 1889.77 191A17201340 3.99 649 1841 53.12 

188278 1874.71 1876.77 156040 342 448 2648 3018 

-012330132333.12235049183240 440 222 6146 4243 

+04 288247288062 284444 2239.10 243 541 23.49 4081 

-03 1885411684.14187249 177840 3.95 005 2046 3026 


-04 206746 265748 2647.96 2558.10 
-01 2te64S 224049 2222.94198640 
-or 279075 280042 277042 271040 
+04 220744 2211.09220082 213740 
-Ol 243540 243440 244007 2189.60 
+0L8 1603.73 150O(S 159047 167840 
-04 287S41 2BM46 282018 2884.70 
_ 0 ^g 8ggf^72 384006 ” 


4J8 

7.60 

1&38 

7107 

90802 

4.19 

7.87 

1S.96 8023 

1009.52 

&S9 

&94 

ia7i 

0&45 

93a41 

4.33 

&00 

14.50 

65.72 

925.72 

3.61 

7.SB 

1Sl73 

82.15 

888.93 

309 

a-13 

05.68 

32.89 

904.12 

4^7 

7.68 

ISM 

SOW 

882.76 

508 

900 

1209 12703 

79080 


40 

41 QtoMwlOR(31) 

42 LNaua 6 Hot*Bfi 4 ) 

43 Kledepa} 

44 RaeSea. FoodpT) 

45 HetWare, G«ienilf45) 

46 Support Saivlces(40) 

48 Tiwaportfia 

51 OOier Serteaa 6 Budncaeia, 


198346 -04 196740 196041 1964.57 175940 
270349 -04 2716.11 273044 2724.74 255540 
2127.76 -04 213543 2153.45 213044 182040 

290344 -052917482908482881.10231740 

168049 +041072.401868421642.17177080 

170145 -06 171140 1668.70 1099.49 1465.10 

166348 +04 1655461564461648.02 182540 

237349 +04 236542 2372.78 236147 204650 

118441 *04 1161A0 116542 115349 119840 


3.13 

ai4 

1903 

35.77 

96608 

300 

6.48 

1&13 saao 

93099 

3.48 

4.68 

2&12 

2703 

1006.98 

201 

S.14 

22.77 

49.18 

1003.19 

301 

907 

1201 

4006 

aN02 

306 

608 

1907 

3306 

90504 

209 

608 

1909 

24.79 

94606 

303 

4.84 

2304 

3903 

92408 

401 

203 

84.71 

1&16 

060.95 


60 unuriESisa 

62 BeeudtriiT) 

64 Gas OMiiuliQnp) 

66 TUecommunlcatipnBfl) 

88 WMrfia 


227198 -04 2278472266.76 2273.10212240 

2216166 +07 2202.132183.442175.51 1789.70 

1833.46 -1.1 1854.15 157348 188848 1921.00 

2015.15 - 1.0 2034482038482095.131960.90 

, 70 ,; +0,7 171343 1702.14 169452 164240, 


4.63 

627 

14.74 

8001 

88607 

4.13 

11.11 

IS 

d 

7204 

91703 

&S4 

t 

i 

6678 

83701 

4.10 

702 

1508 1003 

84207 

SM 

1658 

607 

65.77 

881.09 


80 HOW-FIHAMffIftllMBaa 

70 RNANCULSntM 

71 BeBona 
79 hauaneefIT) 

74 Ub Assinnote 
•75 Klechant BanicsEO 
77 Olhw RHnGia!t24) 

79 Prrwwtatftl 

60 INVEST* "*"’ ■n»ugT gt 12 a 
89 FT-SE-A ALL-SHA REPW^ 

■ Hotnrly mowemeiils 

open 9 u 00 


-aiiseois 188061 1857.74 150144 344 642, 1038 38.18 


216140 

276048 

133S4S 

2364.66 

281010 

188740 

iSBi.lO 


-04 217943 2188.13 21S6.33 205340 
-14 2801452793.34 277073 248140 
-1.4 1233.04 121947 120044 143340 
+0.6 334005 3385.49 3369.78 264440 
+0.1 2807.77 278087 STttbX S81.40 
+1.1 1875.88 185444 1827.75 157040 
+0.1 157078 1S89.B4 156045 143040 


2788.28 


+04 27603 *)”^™°™^ 235640 


409 

805 

1306 5671 

54600 

4 . 1 s 

800 

1678 

7300 

81707 

503 

11.70 

908 

3663 

83683 

601 

703 

1611 

5207 

00508 

306 

11.7S 

692 

8000 

84644 

660 

800 

1404 

4502 

100707 

3.ai_ 

306 

32.36 

3507 

90093 

617 

1.88 

5680 5605 

92618 


1S3748 


-a 2 154095 1636.11 1532.50 13907 S 348 8.43 1843 3444 119840 


FT-SE 100 
FT-SE KM 260 
FTSEASeO 


4040 1140 1240 1340 14 40 1540 IOIO tSghAfay tflwMsr 

«IM1 30871 30984 S0B0.6 3077.9 30008 30^4 

5099.6 3061.7 30m.1 gggt 3501 3 3591.4 3S604 35884 35924 35604 

^ 


1240 1840 1440 ISJO 101g_ 


Change 


hma « nSE MX) Hl*i BJOati Lew 4 JOpm 

■ FT-SE Actuaries 350 li 

1'3S4 ^ jisi SSS ^ ^ 

^4 ^7109 Si Sift SJo *^1 

Berea ZB 50.4 28503 2845.9 28 * 7.0 28564.86564 4Wi6.-» 

AdBansal inlaiiMKM «" *• FT- SE AQ‘ ^Sy,S*!w!?pj^^jSSMagiiwwi 5 a S««n. a**ii cowm n me* ‘ 

IMM. Qm SoUhMk BMOaJfnM OIJJL 

» to Bwo K«c» s artWn J«" ~ 

2* FT VBT iHi owi renoniedff^A 

on c^eead br ttM htonuKof^ S^ I 


«weMbrT>aRnBncMT 1 ^LiBteA^ 

JJ^B IntMkMon^ Sioek qt iMris w itb 
art VtaoMir aw lam 

hdw « ■xaedftir Tha W*4 CcnawiT- 1 94®* *' 



US group’s Euitipean eirpan- 
Sion plans. 

However, sector siieciallato 
said that Utey did not expect 
Home Depot's anoouneejnent 
to contain much detail above 
their perceived objectives. But 
underpinning analyste’ con- 
cerns over the alr^y over- 
crowded UK DIY market is 
Home D^tofs hiring of a for- 
mer B&Q executive and the 
possibility of further defec- 
tions. Kingfisher shares tum- 
bled 13 to 502p on 2.3m traded. 

There were also renewed 
suggestions of Darty share- 
holders exercising share 
options and mflldng ready to 
eadt Ktwgftnhftr in large num- 
bers. Elsewhere, Texas parent 


TRADING VOLUME 


■ Mai o r Steefc a Yester da y 

ML Ctoena 
ODOa nrti rtwtta 


ASMQmpt izooo seU 

AbbarNrtanalt TJOO » 

AtortFWMT 4900 4 S 

KSartliwrt 1900 504 

rtglMilMaiBr 1 X» 496 

AlON 444 545 

AlSVlCmtot MOD iSO 

AijaWaBjrtT MOD 

403 
302 
031 


MT 

aer 

BCC 

BOCt 


enirefii 

4 


Bm «f Soodnirtt' 

BnStwt 

surUt 

BMtaX 
Boettt 
BoMrtrt 
BriLMwapKat 
EhKUiMwaivf 
BriMiQMrt 
PiLiM 


mbn 

MMlStortt 
BikO 

rtiiiiiiji rMniiff 

Burton 

-...MU 

Crtbicy BdiMppMt 1400 
Odor GUM 
CawdDirt 
Orton CoRna-t 
Cortl^rtlrt 
Conon (Mint 
CosMm 
CauirtkMt 

aru 


364 
STS 

asi 

SAM 4SS 
tSJMD 10T<2 
43$ 405 

1.400 726 

12400 4(^ 
1400 341 

0,700 307 

0,700 200 

5400 965 

4400 107 

7400 640 

1,200 654 

4400 314 

1,700 439 

501 635>z 
095 442 

1400 404 

7400 434 

4,UC 278 
Sll 421 
tlOO 160)2 
343 109 


500 

1400 

4,400 


19* 

1400 


564, 

432 

444 

297 

313 

97 


■to . 

Owna 

CBram BffiBii 

ErtUklrtiaad. 

jcrew 


Eureonnil Unfet 
RO 


FBrtoi&ColLT, 

ChFWKl 
ol ii lU it 
- Ikrtt 



„ 200 

icrt 1400 

toencMt' 1.200 

JahnrtiUDrt 201 

Nngflrtiirt 2,700 

KrtSm 436 

Lrtrelwt 1400 

MtoOwWwt no 

LrtertB 181 

LagrtoeeMrtf 1400 

UovdaABrty 505 

Unrtenir 4400 

lAMO 9400 

iMSenCrt. 921 

LmthQ 


ICPCt 710 

MR 4400 

UMMb 527 

IMtoASpncwt 5400 


1450 
5« at 

1.7D0 
2400 397 

•400 615 

101 424 

285 Ma 
m 187 
1400 814 

646 007 

1400 389 

6.100 420 

051 204 

3400 17B 

3400 141 

1.100 ISBla 
ajoo 221 

470 500 

2.700 27Sli 

3,000 575 

9» 356 

465 827 

2400 415 

I4DD m 

505 102 

1.100 012 
1400 442 

5400 735 

405 351 

AJOO 2571a 

2.100 ITS 

1.100 2a3>2 

2.700 105 
314 
511 
442 
950 
502 
657 
107 


-0 

-1 

-2 

•1 

«0 

+4 

-)a 

-a 

-I 

-1 

*2 

+3 

-1 

-2 

+6 

‘7h 

-7 

-e 

-5 

-0 


-9 

-O'i 

•0 

+4 

l6 

■a)* 


-0 



«3 

+7 

-1 

-6 

-1 

+9 

la 

10 

-9 

+4 

♦'2 

•I 

-Sia 

•4 

-<2 

-4 

•2 

-a 

-0 

-6 

-2 

.+2 

'-a 

-a 

+i)t 

+6 

+i»a 


-7 

<2 

-13 

+20 

-1 

to 

+2 

+4 

-14 

-2 

tS 



TilinMOlMari 

Unmeet 057 1085 

nmUMt 4400 afit 

TnWgtoHBaoo ijno 

UMbss 1400 

UMamit 1400 

UnMBnerttot MOD 

431 

421 

VUMtonOt 319 

VliremHirea.t 3.700 

MieaCaiiOM 082 


BMrtano^igvaKiitnlBf aMUtOBnatirtlBT 

saeirtiM daw omen m 8 EAO qeom 
yrtHB^ Ml 44 ( 3 ml Tiadn ef ow meofl to 
mm « raiiided dowL t Mean m FT-SE 



Ladbroke slipped a penny to 
leTp, white Do It All owners 
Boots retreated 3'^ to S35'/sp 
and WA. Smith 5 to 48frp. 

Mirror falls 

Shares in Mirror Group 
Newspapers were bit as Smith 
New Court featured the tabloid 
newspaper group as its key sell 
in a hefty review of the sector’s 
potential in the harsh li^t of 
the newspaper price war. The 
shares fell a net 5^ to ISSi-^p 
with 4.1m traded. 

The media team reduced its 
1S95 profits forecast for Mirror 
by £13.5m to £77.5aL Analyst 
Mr David Forster commented: 
“Irrespective of whether there 
are fiirther cover price cuts, 
the outloc^ for the profits of 
the national newspapers has 
changed.” The house also cut 
forecasts for Telegraph by £Sm 
to £44m. Daily Mail&General 
Trust by £Sm to £92m and 
United Newspapers by £l3.5m 
to £i5lin. Tel^aph and Daily 
Mail were ste^ at 367p and 
1035p and United, which 
r atnains on Smith’s buy list, 
added 4 at 537p. 

Shell Transport was a 
healthy market, the shares 
boosted 6K to 722p on turnover 
of 3An by a recommendation 
from Nomura, the Japanese- 
owned investment house. The 
house oils team said: “The 
market is seriously underesti- 
mating the scale of recovery in 
profits which will take i^ce 
over the next five years.” 
Nomura has mcreased its 1995 
profits forecast by £325m to 
£4.61bn and its 1996 figure by 
£420m to £5.32biL 


NEW HIGHS AND 
LOWS FOR 1994 

NEWHICH 9 PR. 

ow eiMBWE B HI +rt ( 4 . euLDiwn « cmtiin 
iq Jm+r. BLDQ MAIU A HCHTS P| Oalton. 
CICMCMS re Eu0pean Coiom. tapuc. 
DMimneRs iq Polar, iiwiii iiiiii otfLS 
CD nmur CMango. ELECnqW A ELECT 
EQUP re to«sm AM. radpolf T+cmotogi'' 
ENOMEERma re Efvama M.. RfloohL 
ThiMi. on. VEMCLES tq AkJanota 
PmOMl. BCnUcmE MW n bwb 
PfeAnm, Wswn Aim. Houseiwta GOODS 

tq Oaiby. wvEsnmn-musTS n 

INVESTMENT COMPANIES (q JapNi QTC 
Wits- lEWUK A HOTELS ( 1 ) Wo wwn Ciw 
OWI, OIHER SERVE A BUSNS (q KlHta 
Unnpix Mport Bhl, PRTNO, RARER A 
MCKG ( 1 ) SrmM U). RETMLERS. POOD (II 
Lav (W), HETAAERS. CENBIAL P) HouSo oI 
TWacr. Nrt. spiRrra wmes A ensm ID 
Mw oe mM Mman A. J UI OAJ II BO IV A O) 
Monpaun. TEXIAES A APPARFl (q WatMJg 
TEANOPORT m TNT. AMERKANSre rtw. 
CvROlrt, OmoIM, SOUIH AflUCAHO ( 1 ) OaH 
PiertPrep. 

NEWLOW 9 I 01 I. 

OA.TSreGRPwnit 6 «mAaee(.EM«MGA 
CNSnW 14 Ew. Ram. To/ Honrt, Try, SUM 
MRIU A MCHTS re GcapM BMA HMOn. 
UrtM ope m , CHEMCreS re OecOai. 
CMon Lym WnA Sanips, DOTIMunMlS 
re Cmim Motor Arten. Lmo SwFtaa, 
OMERanED DUNS ( 1 ) UMm. ELEOTRNC A 
ELECT EQUP re Cofrt Tedmquao, Kudo Ml , 
MEMO. EH 6 HCERIN 0 n MU, APV. BOin UL 
Venn towor WMm ENG, VEWOfS re 5 W 
-Start, Hetof Wort. EXTRACnVE 9 GI 6 (q 
OnoR, POOD MANUF p) AM RWr, HEALTH 
CARE re ContcA TepMl DugnotOea, 
W 9 UIIAHCA ( 7 ) AreHKrt BndROCA, tMUm 
UoydA HmEi ICEL Uort DieraptaVL loMinM 
UnM, PWS, ■WESIWENT TRUCra n 
LBSURE A KOTEU (* HaOKM, Rm. 

HEMA re PModtafe. Srtfeis. OA. 
EXPLORAtNIN A PROO re Ann Poooieun. 
OGC, OcMPta^ OTHER SBM A BU 9 MB ( 1 ) 
Hodhw. PWIRIU»mCAL 8 re CMMOi. 
Gionmrt MOPERTY re HrttaQ Coiminiwdo, 
Sotatand, Sptdrtr Shop*. RETAILERS, 
GSCML re MMey OJ. BWtawrt OS. 
SUPPORT SERVE (Q WnaHy, TEXTILES A 
APRARa. re Hatatam ndort, Shtar, 

StMng. AMB 9 CAH 8 ( 1 ) Mrti M. 

Chemicals leader ICI firmed 
a penny to Slip as the impact 
of an upgrade and change of 
stance by one leading invest- 
ment bank filtered through 
into the market BZOT raised its 


1995 profits forecast by £S0m to 
£700m and put the stock back 
on its buy list. Coartaulds 
bounced 7 to 516p on enthusi- 
asm for the stock following 
Tuesday's annual meeting. 

Profit-taking ahead of Inures 
due today saw Wellcome tum- 
ble 16 to 61Sp. 

One of the food industry's 
oldest bid rumours was 
rehashed yesterday as United 
Biscuits raced forward under 
the seemingly watchful eye of 
Cadbury Schweppes. The latter 
was said to be considering 
dumping its 25 per cent stake 
in US group Dr Pepper, having 
been denied a board sent and 
facing a bitter poison pill 
shuuld it decide to opt for a full 
bid. and instead consider a UK 
altrenalive. UB shares pul on 
10 to 316p. while Cadbury 
slipped 2Vi to 444p. 

Optiousm thot J.Sunsbnry 
wilt enter the bidding for Wil- 
liam Low saw the latter’s 
shares move forward 5 to 26lp. 
Kwik Save was again in the 
frame in the guise of its largest 
shareholder Dairy Fhrm, and 
put on 30 to 5S7p. Sainsbury 
shares slid 2 to 39^ and Tesco 
a half-penny to 23Sp. Argyll’s 
, bullish trading statement on 
Tuesday saw the shares 
advance 8 to 2S9p. 

Industrial conglomerate BTB 
was busy as Tuesday’s cau- 
tious note from UBS continued 
to exact a toll. The shares shed 
2 to 36£^, with volume at 8.7m, 
once again heavy. 

Ship builder VSEL raced 34 
ahead to 901^, at the prospect 
(H* diminished competition with 
the near certain closure of 
rival Swan Hunter. One ana- 


lyst sai± “With Swan Hunter 
out of the picture, VSEL is left 
with a nav monopoly in the 
surface war ships market.” 
There was some talk in the 
nmrket that the company may 
.'mnounce defence orders at 
today’s amiual nweting. 

Defence electronics group 
GEC eased a penny to 273p, 
.*ifter it launched a ElOOm 8 per 
cent Nmd, maturing in 5 years. 
The is.s*ue is Uoiiig lead man- 
aged by Goldaian Sachs. 

Favourable comment on 
Tuesday's annuiiitivment from 
British Aerospace of Uie sale of 
its Sp.ice systems unit to Matra 
Marconi helped the sliarcs gain 
4 to 494p. Share.-; in engineer- 
ing group Bullough were in 
dcmimd ahead of next week's 
interim figures mid put on 3 
at 141p. 

paper and packiiging group 
David S. Smith lifted 22 to SSQp 
following a well received set of 
fjgura tliat saw full year prof- 
its rise £l5.lm to £42.2m and 
prompted a rash of upgrades. 

Vodafone advanced 9 to S53p 
with Hoare Govett positive fol- 
lowing the annual meeting. 

US debt agency Standoi^ & 
Poor's downgraded part of 
Forte’s debt portfolio. The 
shares lost 5 '/b to 22 lp. 

British Airways rose 5 to 
434p in strong trade of 7.6m 
following a positive trading 
statement from USAir, in 
which It holds a stake. 

MARKET REPORTERS: 

Christopher Price, 

Peter J^n, 

Joel Klbazo. 

■ outer sutlstics. Page 20 


LONDON EQUITIES 


LJFFE EQUITY OPTIONS 


RISES and falls YESTERDAY 


FoGa 


Same 


OpOM 


— M cafa ftEi-—“ 

Jri ON Jn Jul Oct J» 


Opdn 


. C4b - — — PUta — 

Ark Mm Ml MS Nr Fn 


British Finds . 


Other Fbced Intecest . 


AERHm 540 re eat - 


r5B4) 

*inii 

nsB) 

ASM 

r*) 


saa 8 H 20 • 

248 » a0 35H 
260 4M ITh 84 
SO 7H 9 11 
60 I 4 5 


1 7Ht - 
II 26M - 
I 8ti 12 

3 16 21h 
1 3H 4l» 

4 Bit 10 


BAMrreo 4201714 am re aisvissK 

r«4 ) 400 tn ITN SB 26tk 39 rea 

MfeMK 300 l738K38t| 4 IBH S 
r4Q2 ) 480 S fB^ 8SM am 341» 42 

Beoli SDO atW 93 0615 1 Biu 16 » 

|‘S3S ) 550 3 2ZH 3IH 1B)t 30 aeq 

BP 300 19H aSN 4e» 2 13 18 

r4Q8) 428 tw nSSniThOh 33 

SMOlSM 140 tTH 2ZN 2619 1 4 SH 

fisri too m loish sh iik is 

B9S8 550 lim S3N 42)6 7 22 37 

rSSS) 800 1 13 2tW4mS4)^7(M 


nSBDn 

240 19)9 24)» a 

2 TH 10 



r257) 

260 5)1 13 n 

8 IB 19)4 



mno 

134 7 15 - 

3 0)4 - 



(M») 

154 1 T - 

IB 22 - 



Luos iHta 

1 M ni) 18 21)4 

4 I3h 16 



nwi 

2n 2V4 8)4 13 

18 26)4 311 



P 5 0 

090 37 98 69ti; 

7 31 39 

Ottien — ._ 




cretswi 

43 

1314 

_ _ 

$K 

_ 

_ 

rrei 1 

450 

3 


314 

- 

- 

liHureiiMi 

son 

3 

41)4 314 

2 

16)4 

am 

r5i8i 

SSO 

IW 

16)4 26)4 

36)4 

45)4 

seM 

CrenlHn 

SSO 

10 

2814 42 

6 

24)4 

a 

rsao) 

600 

1 

Km 1914 

42)4 

58)4 

ODD 

10 

800 

10 

42 3 

5 

3414 

43 

1*812) 

850 

114 

2IH 3 

41 

3 

TIM 

IfeOHiiRr 

SOQ 

12 

31 44 

8 

zr 

04 

ran ) 

650 

1 

12 22)4 

3 

61)4 

66 

Land Seew 

360 

3 

41 90)4 

Ok 

IS 

a 

r«07) 

mo 

114 

I4)k3)4 

3514 

41)4 

00 

UekaiS 

43 

H 

336)4 

2H 

11)4 

1014 

r48i ) 

wo 

1 

10)4 18)4 

3>4 

34» 

40 

WHnt 

43 

40 

47 50)4 

1 

11 

14M 

r457) 

460 

7 

333)4 

II 

28H 

32H 

Sdntivy 

390 

12 

28)4 3714 

5 

IBM 

3 

ra87) 

43 

114 

18)4 3)4 

3)4 

M 

41)4 

Shainaaa 

TOO 

8814 

41 SIK 

2 

19 

3 

r722) 

73 

214 

18 27)4 

31 

48 I 

3)4 

SenhuuM 

30 

Trft241ik 3 

1 

SM 

9 

rais) 

23 

3 

12)4 17 

r» 

14)4 

10)4 

Ikfirepr 

3 

SH 

rt . 

IK 

« 


rasi 

3 

1)4 

rt rt 

7)4 

re 

rt 

IMBwtr 

103 

M 

64)4 78)4 

6 

3 

3 

noisi 

103 

3: 

28)4 re 

41 

S 1 

R)4 

Zeneca 

73 

4B)i 

a 75)4 

1 

16 : 

2814 

(•742 1 

73 

7)4 : 

Km 47 

14 : 

3)446)4 

OpIeB 


Ano 

Nav M 

Are 

Nov 

Fd) 

aadiM 

33 : 

31M 

48 82)4 

3 

10 

18)4 

raio) 

43 

11 ; 

28)4 3 

13)4 

3 32)4 

ladtodB 

13 

im: 

234 2841 

3)4 

U 

13 

n«) 

13 

2H 

11 1414 

18 : 

3M 

3 

MBbcree 

MO; 

20)); 

1614 36)4 

3)4 

14)4 

16 

raisi 

33 

S ' 

1514 22)4 

to 

31 

3 

Ogden 


Sep 

Dee Her 

Sep 1 

Dae 1 

itar 

Rnns 

140 

11 

15 17)4 

6)4 

14 1 

16)4 

n«) 

13 

4 

7H 18H 

3 

3 314 

optw 


•m 

)toe M 

are ' 

mi ' 

Fah 


r877 I 700 9 2916 re as » 68K 

FHiBion in IS 23 25)6 2)6 0 IIH 

ri91 ) 200 3)6 13 156> 12)6 13 22q 

nudOEW 300 12)6 22 28)6 0 IBH 2Qt6 

rSOS) 330 2ta 816 1516 27 35V6 37h 

RTZ 850 2816 53 ni» 17 43 504 

rS54 ) 900 6)T 31 re S2n)»78)t 

nrewN 900 30 re SEW svt 22V> 29 

rS 22 ) SM 5)6 21)6 3S 321) ST)6 SB 

Royullnsn34ai7)6 27 42i63)6l3«t IS 
r2S3 ) 260 6)6 1816 22)6 I2ly 24 25 

Tesco 220 2116 27)6 39 2 8 11 

r238 ) 240 8 18)6 2116 8 IBH 2016 

ItaWm 5S01816 «S«)6 14 3141)6 

rS53) 600 3 2ZI6 82))S0i« 61 70 

TRSHiq 3S4 n 27 - 4)6 I4tt - 

(-388 ) 38< 4 13 - a 314 - 

OpBoo JN Od Jd Od Jai 


Totals 


2 

54 

6 

3 

9 

a 

90 

38 

72 

las 

100 

309 

42 

34 

114 

113 

67 

324 

24 

8 

13 

140 

54 

175 

152 

26 

275 

74 

20 

42 

832 

420 

1296 


Ort UMd on uww ctanpentoe Mrt m tta Lorttn Shoa S«nm 


TRADmONAL OPTIONS 


Calx Aran eiergy, Dhridon Group. Sdos. Hawon Wta, Tadpolq Twhnolegy. 

LONDON RECBIfT ISSUES; EQUITIES 


8M 

mi ) 
itomstio 
r484 ) 
OpOon 


950 12 

ton 116 
460 m 
500 316 
Sep 


47 SB 
S1V35H 
4216 47 
20 2Sle 
Dec UN 


1116 32D 44 
SID 6216 n 
Ih lOH 13)6 
19 29q 39 
Sep DK Mar 


woey Nel 
r3M| 


rwh ) 

Beraree 

r547) 

Btae Cbde 

(W4) 

MMi 6 m 

P2)8) 

Otam 

nasi 


390 19 
420 8)6 
2S S)6 
30 3 

Sn 54)6 
SSO »)6 


2816 39H 
15)«2B)« 
SV6 71) 
4» 5K 
6816 74 
36 re 


I6H22H 31 
37 41 49K 
2 3 3)6 

44 5)6 64 
8 14 23 
274 354 404 


BlItAere 460 41)6 6816 77)6 44 25 35 
500 18 48 59 22 438 
UThdl 420 17 ne)6 12 24)6 28)6 

) 4BD 3 14 26 44M 90 55 

BIR 350 144 38 324 SI* 17)6 21 

nST) 3» 2)6 im 18H aa 35 38 
aATeGGon 360 2016 32)6 38)6 3 10416)6 

r387 } 310 SIM a 10 25)6 324 

ClAeqae 420 2n6aM48l6 3 13 16 
(M43) 460 4 18 28)622433)636 

BMBnaK 600 2416 60 » 104 3 37)6 
r912) on 5 91 38 42M55M M 

GreOBM 420 27K 9716 47 2M 14 16M 

r441 1 469 4H tr a 21H 3416 3M 

EC 280 1716 27 29)6 2 7M ll 

RTS) 280 S 19 18)6 II 17)6 20H 


300 S an 42 11)6 154 184 
330 94 an 27 an 32<6 35 
260 an 274 314 44 II 134 
280 12 16 a 134 21 24 

100 TTH 244 84 S 12lt 15 
2a 8 16 194 204 84 84 

ia 134174 a • 0 11 

n65 ) ISO 5 84 13 134 a 224 
lmrl» 120 13 17 84 54 84 12 

na } 130 74 124 154 104 134 17 

NrePOMI 420 284 8 474 14 21 a 
(MSI) 460 10 8884448 

scotPaMf am 8 a 45114154204 

rass I 390 154 24 a 284 304 84 
Sean m 74 II 134 54 94 104 

ntt ) 18 34 84 84 12 144 16 

IMb 28 14 18 84 11 164 19 

ran I 240 eiow is 84 29314 

ItomaB 180144 IB 8 94 15 174 
net ) 1BD 6 64 144 8 a 304 
Thoni EN 1050 40 8 834 47 62 784 
nOBT) 110 224 484 834 78 014 in 
TSB 2n 134 204 84 74 13 164 
RM ) 80 SH 11 1S4 21 8 8 

TMM 220 124 8 234 124 16 19 
R23 ) 260 S4 II IS 34 a 32 

NUCrtto 600 45 84 8 294 414 49 
rOfiO) 6» 8384924 8 604 76 

Opdon M Oct Jn JU ON Jan 


lam Amt 
price paid 
p ire 

MM. 
cap 
(Dnj 1 

1894 

HiDh Im sioek 

curt 

pnea 

P 

+/- 

11 

On. 

cov 

Os 

yu 

P/E 

net 

TOO 

FJ>. 

asA 

13 

3>2 Balta (Mid Shn C 

104b 

+1 



_ 


$40 

FA 

14.0 

45 

41 fOociin 

41 






105 

F.P. 

9.79 

114 

13 Btoontobuy Pb 

114 


WN2,94 

a.7 

3J 

11.6 

150 

FA 

17a 

13 

13 CPL Arenas 

13 


IMO 

9.4 

Z4 

111 

18 

P.P. 

5k74 

31 

21 CcRiai 

31 

+5 


. 



100 

F.P. 

ssa 

13 

3 Choateiton Ini 

13 


RN33 


3a 

114 

C20 

FA 

1098 

23 

220 EmdeUto 

224 

•4 

WNU 

a9 

4.7 

17.5 

176 

F.P. 

347.6 

203 

13 EhcoAA. 

cot 

+2 

La4 

2.2 

53 

IM 

« 

FA 

- 

35^1 

50)i R«B Aerairt Vfts 

32b 

*b 

* 




- 

FA ' 

' 53.1 

13 

161 J8A 

161 


LN2.4 

4.1 

1.9 

16.4 

- 

FA 

« 

77 

3 JF R Jerean Wrls 

70 

ft 





3 

FA 

1J3 

31t 

3 John KltaaiWd 

3b 




. 


13 

FA 

33^ 

13 

124 Noreor 

124 

-1 

W4.56 

2.S 

46 

10.6 

100 

FA 

68a 

M 

3 Old MuiuM MA 

3 






• 

FA 

6.16 

45 

43 Do WananiB 

44 




_ 


S 

FA 

106 

31 

3 Oibb 

29 






. 

FA 

17.7 

694 371 + CM Find 

694 

+4 



_ 


- 

FA 

lias 

3 

91 Schreder Japan Q 

3b 






- 

F.P. 

12J) 

48 

42 Do WAnanto 

48 







F.P. 

44.6 

3 

3b SeudderUXta 

3 




. 


- 

FA 

SOS 

44 

42 OoVHHs 

43 






IDO 

FA 

2U 

3 

3reilNaHYSn4iC 

3 




_ 


- 

FA 

106 

13 

It Sm Ceudiy Kms 

13 




_ 



FA 

3.52 

97 

97 m Euio Gih Fig 

97 




. 


- 

FA 

• 

14 

Ob TR Prop wrta 

11b 




_ 


272 

FP, l,T11fl 

295 

23 a 

294b 


N6,&4 

\A 

2.8 

340 

- 

FA 

Z72 

3 

a Tops Eas WHS 

34 






- 

FA 

22.4 

13 

3 IMveod Cemee 

13 

+8 

LN175 

f.g 

4.6 

14,2 

ISO 

FA 

53a 

ISO 

13VCI 

137 

+1 

WNS.5 

1.8 

5.0 



FA 

465 

49 

34 VidncLogle 

34 

-4 





140 

F.P. 

64a 

13 

148 Yalen Bras Wine 

13 


UO 

2.7 

2A 

»4 


RIGirTS OFFERS 

beus Amoitol Lotosi 
pneo paid Renun. 
p ire dOto 


1904 

Mgh Low 8Wck 


Closhig +«r- 
prtce 

p 


Btain, 

rs77) 

HCTSpre 
f734 ) 
Raum 
r4») 
OptM 


5U214 51614 
600 34 84 8 
700 414 8 8 
7S0 04 «4 71 
47S 104 384 - 

487 S4 84 - 
AOf HDV M 


A 304 38 
274 59 67 
6 364 S 
2 S 4 824 774 
94 254 - 

17 314 - 
Aug liw Fdl 


47 

le 

19/8 

Bom 

410 

Nl 

15/0 

54pin 

. 

Nl 

13/8 

12Spm 

40 

Nl 

25/8 

Spin 

120 

Nl 

V9 

25pfn 

13 

m 

zui 

1\pm 

24 

m 

2S/7 

23ipm 

TO 

n 

1BA 

13^ 

70 

NG 

19/8 

ITpm 

13 

M 

2f/7 

lOpm 

9 

M 


kpm 

15 

)e 

SS/7 

7^ 

13 

M 

14/7 

2^ 

73 

Nl 

S/B 

3pm 


3>2pni 

SOpm 

eipm 

3pm 

ISpm 

lit pm 
2|un 
2pr^ 
3>2Pm 
3pni 

Ibpm 

9pm 

i+pin 


jAfflbrtey 
Cute Alen 
Charta 
bttaMw 

nneflst 

Oreyon 

IKHeno 

{lAormonO) & BreMi 
London Ino. 

Oriel 

Pssaraum 

RtontB 

VMee Cil 7 d Lon 


fkHs-lkqce 

riM) 


100 164 84 274 
2n 44 13 18 


24 84 12 
114 194 84 


' Un d eri) tn g eeanty inee Ben— ni shewn mb 
tatart tn eiortg dler prtrt 
Mf 20 TgU uueiiw. 2BA87 Ci8s: 13£49 Pus: 
lAsia 


FT GOLD MINES INDEX 


FINANCIAL TIMES EQUITY INDICES 

July 20 JUy 19 Jiriy 18 Jiri7 IS Jny 14 YT ago 
2391.0 2404.3 240Sa 24000 2393.4 

4.19 4.18 4.18 4.19 4J0 

S.64 5.82 S.68 603 S.68 

l&OQ 1LM iaj6 18 j92 19^7 

19.65 19.73 ia71 19.67 19^3 


OnHnay Shan 
Old. tOv. yield 
Em yU. W he 
P/E reeo ner 
R/E latre nl 


Spm 

47pm 

121pm -1 
Spm 
2S|an 

fbpni +)+ 

spm 

^m 

Sbpm «ii2 
Bpm 
Lpm 
3Mpm 

9 im 

MPm 


Ifign tow 



JN 

19 

m dre 

M dal Yor 

18 15 aga 

|laM% 

SS wak 

MOk LOW 

GaHHfenitadeim 

19SU8 

+03 

194014 19057 194238 

2.10 

2357^015223 

■ lt(gBBeiBdk8S 






AMcaOM 

31034 

-3A 

301435 30233 272035 

439 

344060 190223 

reentodan 

258034 

+2.1 

253228 ED16B 2400^ 

EDO 

3013J9 1083.18 

NBAKiiMieatta) 

1S7U6 

+00 

15463 15SQ3 16403 

082 

203905 13633 


222ai 2713L8 2240.0 

4.15 4Jie a43 

4^ SM 3.62 

2SX7 OatOS 17JB 

3330 3080 laOl 

Vto 1994. CMiay 9m tadw aUiee eomplallan: Nre 27136 210094: taw 494 SAGUO 
FT Oneiwy Stan euta* base dare 1/7/35. 

Ordinary Share hmaly drengaa 

open 9J0 10J» 11.00 OM l ajo 144)0 1SJX) 10J)0 Mtfi Lom 


2407.2 2402J) 2394.0 23904 2403.1 240LS 240L3 23906 wtPtt 3407^ 2391.6 
■l«4y 20 Jiriy 10 Jl4y 18 July IS JiA> 14 y, 


CepreshL The Rnanclel iknee Urtnd 1994. 

Rem ta toadiett rtnw iwite e( lienrewtaL Beab US DUtam Bm VnbaK illOQJU si/iaOA 
PrwwriMUi GeM Mnae kiwe Ji4y 90; 9323! dayta dangs *a7 pone; Year aao: 71A1 
Lareat pilcn wm raouHe lor aes edHtaa 


SEAQ bargoina 
Eqrily UXnoMar toWT 
Equity bargalnsr 
Shares uaifad (qiqr 


29202 


26,689 

1S74.1 


819.2 


26,627 

32.877 

28,488 

25M0 

1129.6 

1533 

1514J 

1327.1 

27,67B 

38.839 

39.835 

31,458 

4107 

073.4 

581.9 

SOOS 






28 


FINANCIAL TIMES THURSDAY JULY 21 1994 

































































financial TIMES 


THUKSDAY JULY 


21 1994 


LONDON SHARE SERVICE 


hfAMacAnkB_N IBM 


3.185*74 84 
U 13M U 

- S17 14 

2.1 3008 1lS 
U 2*3.5 14 j 

w ni 1S.4 

-722-07 

u - . , 

||S05.7 £1 , 

- *1.7 2Sl7 
74 I1(U-12S 




7M 

181 

2^ 

12 * 

147^ TiS 


*98*1 
SBi 436 
too 7Tls 
178 148 

177 1*3 

777 T4S 
181 135 

3C 2SB 
*778 138 

38 20 

173 
83 



m 


ISO 

— Th 

ISB 328 

-1 402 300 

•A 80 7A 
*1 206 ia 

— 413 385 

tl *188 1173^ 

488 388 

*1 18*7 580 

+1 148 102 

178 143 

185 100 

+2 250 108 

— 38 3* 


U 
62 
52 
24 
42 
64 
32 
34 
42 

8SJ 42 
22H 32 

175 217 12 

248 nU 42 
132 222 84 

24 848 
1S4 1882 
95 ns 
794 8PU 
247 8e2 
538 1,181 
84 182 
n 414 
145 n.1 22 

M 22 
2M2 £7 

744 82 

8n.T 42 
158 7.18 S.I 

247 682 32 

!t^ 682 42 

tuC 3U 32 
48 124 92 

131 03 iA 
525 182 32 

60 825 8J 
245 4U 42 
348 8138 52 
44 







+a 

104 

m 

n» 


■m 

taw 

Capbi 

sou 

-3 

B83 

5*0 

607 

378 

.... 

40 

355 

1562 

IB 


M8 

m 

no 

4nB 


90 

375 

608 

40 

*2 

542 

40 

8210 

40 

*5 

40 

3S3 

S20L7 

m 


m 

137 

U6.T 

saoa 

•3 

50 

365 

7U 

568 



•aa 

5*4 

101 

IS 

•1 

ZB 

111 

162 

tn.*. 


UOi} 

Sir, 

708 

178 


190 

IB 

.SiB 

ERI 





«cr 

190 

ue 

ma 

. 

801 

taw 

fttntm 

l2Sd 


■10 

IB 

012 

670 

*5 

M 

SS3 

6302 

673 


sia 

478 

052 

0 


0 


106 

ices 

.. . 

MO 


1262 

10% 


10 

I0>.' 

12M 

10 

♦7 

10 

115 

367 

10 


305 

175 

472 

19 


w 

tsi 

4£A 

IW 


1% 

1 

647 



01 

»% 

3882 

178 


220 

10 

46* 

0 


18 

S 

80 

1830 


ia 

0 

02 

10 

4.1 

181 

9B 

SBI 

in 

♦ 1 

08 

158 

02 

140 


MO 

las 

ua 

1M 


116 

83 

388 

383a 


O 

388 

9067 

in 


10 

90 

168 

ina 

-4 

an 

UH 

872 

10 


173 

100 

S6B 

ina 


IB 

105 

aij 

Sff 


« 

41 

ai 

n 


0 

81 

aij 

71 


•n 

47 

an 

101 


ia 

103 

»2 

816 


276 

718 

102 

U2 

•3 

in 

n 

446 

78 

.w. 

n 

7; 

682 

122 


161 

119 

S£3 

ma 

. • 

mw 

10 

362 

M 


It* 

54 

17.7 

MOr 


■Mi 

40W 

140 

388% 

riK 

04 

01 

1,147 

86M 


in 

m 

W4J 

30 

.. 

0 

18 

123 

in 

-1 

na 

10 

7.16 

6 


IS 

0 

617 

BM 


mu 

ssu 

HM 

m 


•<M 

314 

1660 

i»a 

’.1 

IB 

69 

466 

on 


g— 

2SI 

140 

& 


0 

19 

324 

ns 

*1 *142W 

65 

162 

4% 


a 

4 

430 

20 


»4 

266 

1752 

4M 


0 

41 

1U 

m 

*( 

lie 

43 

668 

170 


in 

143 

160 

M4 


816 

10 

762 

80 

•1 

0* 

05 

W«B 

60 


7as 

560 

1872 

n4ii 

Hi 

B*U 

niA 

i2n 

MB 


130 

TBS 

1444 

ma 

- 

in 

10 

400 

441 

•1 

439 

2060 

3B 

--- 

SIS 

2S3 

372 

0 


0 

0 

fU 

3oa 


fi 

0 

920 

0 

01 

0 

» 

02 

73 


0 

a 

432 

nw 

*1% 

n 

a 

n3 

MB 


10 

90 

0.7 

178 


20 

175 

102 

tw 


115 

94 

433 

■w 

-- 

5>t 

3% 

121 

61 

.•w.a 

■18% 

60W 

500 

SM 



40 

388 

312 

310 


415 

00 

3ai 

n 

_--- 

41 

27 

623 

10 


146 

73 

645 

'38B 

.... 

MO 

IW 

01 

30 

»•*- 

65 

0 

7J1 

10 


10 

IDS 

2U 

a 

-1 

2» ie6>2 : 

2222 

4Mr 

•r2 

16* 

IM 

6*1 

00 


an 

395 

0.1 

BM 

97 

m 

S0 

1162 

lU 


30 

81*3 1 

636$ 

0 

42 

■6* 

77% 

34.7 


aw p 

n«i 

9 

282 

m 


40 

00 : 

3671 

m 

•H 

■30 

243 

1182 

111 


10 

75 

60 

M 

immm 

10 

WO 

071 

10 


IIS 

103 

111 

Ur 

— . 17W 

7W 

23* 

m . 


26* 

00 

*72 

SB 

+/> aiA 02.’. 4*12 

10 


20 

195 

HI 

0 . 

•waa 

45 

0 

4n 

Ill 

9f 

M6 

100 

215 

IM . 

— 

790 

303 

300 

W 


30 

10 

412 



0 

21% 

BM 

00 , 

30 

325 

715 

« . 

.a 

0 

« 

829 





« 

ao 72 

an 275 

TK 685 
28 84 

128 94 

73 57 

113 81 

118 127 

88 
■31 
348 
■81 
81 
87 
za 
73 


ec ^ 844% Mlli U 

418 ^ 448 *13 J® 

MW fW 848W l» 

488 +7 40 <15 6® 

tot ^ 1 M a 

I™ 

081, ^ l6B1i 82W 

820 1391 07341 

EM onw 514W 

eo *>i IA 

iB7ii *s)« wra OM 

483W +18*2 0®2 . 2? 

1 n MM* SKonn UfiM 
kblnOnSHnSwM 




HOTELS 

*or t3B*_ 

j: “a *S' 

<M.d «5 ■STOW *17 

1 

178 177 1» 

to _ 11 Ot 

tn ™ 131 K 

M sn 707 

S ::: ■» imw 

so ■381 231 

£ 08 M 

4 +W 7W 3W 
no — MO !» 

^ ZZ!; M4 w 

3S7 335 S*0 

173 118 IM 

» _ ^ 

saas -1 « 

li s If 

W -- IS 

SM 308 

^ +W < ^ 

4000 -7 «B *1 

A ... . B*J 8 


5 = 


3^ ->1 

“5 ^ 

7a*w +1 

« +1 

210 

3U 

70 -1 

78 +6 

40W -1 

% 

MW +W 

1% — 
§5 

O s 

44SW +10*0 

5oK "5 

70 

40 *1 

SB +2W 
MM -8 
84 +*S 

472 

138 -2 

SB — 
101 

TOW 


m -2 
8 +1 
7«» 

6W +% 

182 

UB — 
8BW -W 
128 — 
1382 -2 

415 -3 

^ 'Hi 

47 

51 — 

a +1 
i% *k 
ao>5 -1 


ISO* m 
iju taw caiEffl 
% sw Ui 
81 « 812 
34 34W 872 
n S 882 
£M% 01% 10287 
0 47 142 

76DW S66W 4fM 
43 22 1104 


2 — 
17 — 
78% +W 


47 142 
S66W 4fM 

22 1104 
10 m 
1 W 802 
0 612 

48 

38 1862 
83 666 
6 W 327 
14W 02 
15 112 

0W 6U 
4% 128 

1 W 862 
17 70 
8 DW 02 
9 42* 
378 2,118 
41619 Hu 
Zt 062 
4W 029 
112 020 

54 026 
n «2 
ash 

ie mo 
60W 

40 710 

“1 S 

B 4021 
4W 821 

a 147 
13 S 026 


6 128 
1U BU 
tM ttO 
21% 1448 
110 32B 
10 282 
325 4606 
?{ 4.0 

to az 
IB OU 
5 468 
14% 478 
10 328 


4W 036 
BW tU 
a IBM 
E3D 180 


PMcf 

145 

- 

% 

taw 

145 

381 


4*4 

30 

an 

+4 

01 

TK 

178 


2K 

145 

419 

*4 

•02 

«t: 

IS 


•m 

% 

442 

-6 

•ai 

m 

uaw 


■816 

IIP 

8M 


867 

MS 

443 


•MO 

*35 

m 


368 

211 

TI7 


176 

111 

1 B 8 a 


186% 

IMW 

m 


m 

116 

158 


178 

10 

E80% 

268% 


*^8I 


B 


as 

B 

m 

-1 

MS 

ins 

38M 

+1 

481 

nw 

OMM 

-0 

100 

875 

m 


04 

0 

186 

+1 

10 

10* 


-ii% 

15% 

666% 

12% 

433 

m 


10 

75 

an 


4S 

367 

m 


MS 

in 

am 


30 

775 

a 

-1 

n 

15 

1TM 

+6 

•an 

10 

168 

43 

830 

IM 

9REm 

+3 

■201% 

Ml 



ia 

ffl 

«5A 

416 



"a 

S5a 


M 

4.4 

ao 

43 

in 

383 

36 


34 

15 

MB 


lao 

103 

in 

-1 

BO 

1» 

683 

,, 

la 

03 

MH 


m 

136 

£11% 4 CME 
«%+i4%*t2n% 


341 

+3 

412 

377 

7S^+I9t 

70% 

■38% 

tt«% 

13 

00 


ifli 


878 

43 

■m 

70 

SB 

422 

s» 

3B 

388 

42 

366 

2m 

MIB 


119 

im 

oad 

34 

-% 


aw 

73 

41 


•a 

law 

218 

+2 

36* 

10 

fIM 


IS 

110 

<f9IM 


361 

320 

06 


60 

4in 

land 

— 

U8 

n 


+« 

1994 

Pin 

• 


taw 

10 


m 

80 

10 

pp 

— 

UT 

0 


898 

-i 

267 

393 

m 

+1 

144 

IB 

111 


121 

10 

a 


0% 

M 

86% 


M 

22 

67 


61 

SB 

MW 


41 

39% 

2BU 

•382% 

210 


YH 

Gn M 
40 13.1 
28 34.1 
27 402 
36 * 

36 152 
12 02 
36 166 
52 - 

12 162 
2S 160 
40 - 

62 0 
20 232 
31 ZiA 
- 122 
U 162 
84 166 
U 21 
42 154 
14 162 
22 806 
24 166 
46 161 
ai 142 
142 37 
U 172 
42 ISO 
65 > 

as 111 


L fiBieilAL 



+ « 

1884 

PM 

0 

“ 

X 

\am 

27 

2172 


80 

203 

316 

-1 

410 

320 

08a 


286 

10 

so 


188 

54% 

0M 


30 

300 

a 


an 

176 

148 


m 

IB 

118 

*1 

160 

110 

PI 

-8 

HO 

PI 

40 


0 

36 

a*o 

-f 

261 

214 

a6%a 

-3% 

60 

ffl* 

3% 


•I8W 

8% 

8BB 

+6 10% 

810 

66%a 

-% 

•MW 

0 

no 


ac 

IB 

336 

4-1 

304 

80 

no 

-1 

an 

isa 

435 

+18 

ea 

3B 

IB 

• 

10 

IB 

304% 

+% 

an 

IB 

31 


180 

30 

MO 

-1 

170 

10 

7« 

43 

903 

P0 

3M 


383 

20 

1870 

-1 

30 

170 



in 

•11% 


02 

+12 

7M 

10 

854 


an 

217 

an 

+1 

SI 

49* 

B 


n 

0 

B 

-1 

MB 

04 

IB 

44 

10 

TP4 

236 


•a* 

280 

68 


n 

0 

MU 


m 

8S 

60 


683 

50% 

IPO 


in 

16* 

S 


0 

21 

363 

+3 

aoi 

178 

70 


n 

68% 

508 

-13 

778 

<77 

IB 


811 

10 

40 


*BB 

SB 

asi 

-1 

SB 

m 

3B 

-1 

» 

203% 

UB 

-£% 

m 

10 

m 


123 

B 

40rf 

•4% 

4601 

3B1 

BM 


6B 

554 

33* 


30 

28 

364 

4l 

366 

814 

10 


164 

MS 

0 


78 

30 

719 


335 

755 

B 


38 

76 

« 


m 

« 

s% 


■0 

S% 

ITS 

-2 

3B 

173 

39 


B 

70 

n 


M 

B 

169 


am 

ISO 

in 

*2% 

10 

110 

31 

0 


0 

m 


*B 

-S 

50 

4fi0 

80 

-18 

00 

V8B 

nan 

+1 

80 

2B 

839 


2» 

287 

06 


IB 

10 

nu 

48 

173 

19* 

a 


■03% 

a 

409 

-1 

40 

364 

3B>7 


n 

a* 

0 


0 

M 

MB 

_ 

■in 

10 








a txi;' 




"ferf 


rrrrrvr 


rao: 




MiiSnn 


ns 

HYMDBMdm 
















































































30 


FINANCIAL TIMES THURSDAY JULY 21 1994 


FT MANAGED FUNDS SERVICE 
























































































































































































































































































































= ’' 1 ? 


financial times 


THURSDAYJULy 21 1994 ★ 


































































34 


FINANCIAL TIMES THURSDAY JULY 21 1994 


CURRENCIES AND MONEY 


markets REPORT 


POUND SPOT FORWARD AG-AJM5T THE PO'JbiD 


Greenspan scares dollar 


^wkish commentd about 
in fl attoa from tbe FM chair- 
man, Mr Alan Greenspan* yes- 
terday put the sMda imdflT (hg 
dollar^ recant revivaL v/rites 
PhSjp Gawhh. 

In the course of his Hum^ 
phrey Sawkins testimony to 
Congress, Mr Greenspan 
struck a more cautious note 
than antic^ted. 'lUs led to a 
sell-off in the DS bond market, 
and this spilled over into dollar 
weakness. 

After touching a high in 
Europe of DMl^l the US cu^ 
rency finished in London at 
DHL56G2. Against the ymi it 
slipped back from a high of 
Y99^ to close at Y98.76. This 
compared to lows last week 
around DMl^ and Y97. 

The Fed chair man ’s later 
comments, that a weak dollar 
was bad for the economy, 
prompted a recovery during US 
tradii^. 

In the UK steriing paid tittle 
attention to the cabinet reshuf- 
ne, or to retail sales and 
money supply figures. The 
steriing indes finiahad at 79.3 
from 79.5. 

The D-Mark showed little 
ffhang a ahead of today’s Buud- 
esh ank council meeting, the 
last before the four week sum- 
mer recess. The balance of 
opinion in the market is 
against a cut in the discount 
rate. Yesterday the Bank 
allowed the repo rate to fall by 
three basis points to 438 per 
cent 

The lira managed to firm 
above the LIJXK) level against 
the D-Mark, finishing- at L996.3 
from 1 j1,0QL 

■ The market was surprised 
by Mr Greenspan’s caution 
when he noted that it was an 
’’open question” whether the 
Fed had done enou^ to head 
off inflation. 

17118 was taken to maan the 
Fed might not yet have 
reached the end of the mone- 
tary tightening phase, and the 
doDar was initially boo^ on 
tiiis news. 

When bond prices started to 
EaU, however, the dollar soon 
followed suit, ending the day 
lower. 

The other feature of the Fed 
chairman’s testimony was his 
comment that the ‘’substan- 
tial" drop in the dollar was 
likely to fuel inflation, if not 


Pojbir- 

Agaihet the0^ktartc(DM-pwi.9 
'lAQ 4-r 


1A8 





1.64 


tA3 

...aiJun- ISM 
souwf^ontaNw 

■ miwri hi Nnv Tortc 


jisao — laat — -nw.ctase> 

eapot istar lj486 

1 mti 1S4S2 1S47B 

anai 1.5443 iS4a6 

lyr 1S407 IS422 . 

reversed. This is the closest Hr 
Greenspan has come in recent 
mnnUis to acknowledging that 
the weakness of the dollar 
might be a concern. He 
aimsnred to be sayii^ that the 
Fed would act to stop the cur^ 
rency fantng too low. 

Mr Chris Turner, currency 
strategist at BZV7, nmmented: 
This is not the right Hme to 
sell the dollar on anything 
more than a 1-2 month horizon. 
Mr Greenspan has identified 
the dollar as a major foctor in 
Fed thinking." 

He said the dollar was proba- 
bly now close to bottoming 
^inst the D-Mark, but was 
vulnerable to faUmg further 
a gainst the yen. If the month- 
end deadline for progress in 
trade talks with Ji^ian Is not 
met there is a possibility that 
the US might resort to sanc- 
tions. 

lliese Vieira were echoed by 
Mr Keith Rdmninris , chfof ana- 
lyst at IBJ International in 
London. He added that the pat- 
tern of the dollar following the 
bond market, though under- 
standable in the short term, 
would not necessarily persist 
The danger to the dollar from 
a Fed ti ghtening in terms of it 
uyetting the bond maiket is 
fairly smalL" 

The December eurodollar 
future traded at 9424, suggest- 
ing the market is pricing 
3-moath money at 5.76 per cent 
by the end of the year, com- 
piued to 4.68 per cent cur- 
rently. 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

JUI2D BFr OKr FFr DM 


n 


■ The D-Mark had a steady 
day sdiead the council meet- 
ing. The cut in tbe repo rate 
was in line with market expec- 
tations. Analysts are divided 
about what to expect today, 
though only three out of 20 
.sampled by Reuters predicted 
that the discount rate would be 
cut from its current level of AVi 
percent 

Ms AUson Cottrell, interna- 
tional economist at Midland 
Global Markets, described the 
Bundesbank’s dilemma: "At 
only a couple of basis points 
off the repo a week, the Bund- 
esbank will finish its recess 
(August 13) at a spread of 30 
basis points to the discount 
rate • very close to its 25 basis 
point "mar^ of tolerance”, 
and hence boxed into a corner 
by rate-cut speculation." 

"A pre-em^ve discount rate 
cut with no acceleration in ttie 
pace of repo rate cuts, would 
make money management a lot 
easier," said Ms CtMreD. 

Ilie pnfolem with this theory 
is that when faced with a dml- 
lar choice last Deoendier, the 
Bundesbank chose to flx the 
repo rate for a few months. 

■ Volumes in the short ster- 
ling market were quiet but the 
De^mber contract lost ground 
to finish at 93A2 from 93.97. 
^Uialysts said tbe market was 
in a profit-taking mode foDow- 
ii^ tte sharp rise last week. 

The market appeared to be 
sUgbtly unnerved by the larger 
than expected H4 money sup- 
ply ^w^ and later ^ the 
bearish implications of Hr 
Greenspan’s comments for 
interest rate policy. Euromarks 
were also weaker, with the 
December contract closh^ at 
96.12 from 95.17. 

The Bank of England 
announced that it will tod^ 
provide UK money markets 
with £2.4S4bn by way of repo 
and secured loan facilities. In 
its daily operations it provided 
the markrt with £639m assis- 
tance afisr declaring a £650m 
shortage. 

■ OrHBB CUHBBfS 

Mia t t 

\tBm i57zai - %'Stxt lotueo - ioqsto 

lai 273im - Z733XD 174Sm - ITSUK) 
KM 04605-0400 0:3987- 02975 

MM 348902 - 348804 2Z3fSJI - 2Z34SdO 
hMtt 313053 - 313093 2D2lill - 2031iD 
UAE 06793-55908 16715 - 15735 


SKr 


MZO 

Burap* 

Austria 

Bel|An< 

OeiiiiiHk 

raOond 

nance 

Gennany 

Gweeo 

belsnd 

uahr 

liBwrWQwg 

N o S wi lan da 

Nanay 

Portugal 

Spabi 

O mdon 

Switzerianri 

UK 

Ecu 

SDRr 


Claslne Changa SkMifla 
nM-poM on day 


Day’s Md 
low 


One oNNilh WaaaaMnttH Onayoar Banko( 
Rata »PA Rate 96RA Rais WPA Bng. Index 


(Sc»9 

172505 

-aoisB 

617-772 

17.1353 162767 

1726S7 

U 

172601 

02 

. 

- 

115.1 


482847 

^t&35 

424 - 209 

502110 492424 

492797 

Ol 

500247 

-02 

500247 

-2.1 

1162 

(DM) 

92262 

-0016 

226 -299 

02563 92206 

92332 

-09 

92483 

-09 

92932 

-07 

117.1 

(PM) 

8.0352 

-0.0113 

255 - 447 

aOTSD 82256 

■ 

- 

- 

- 

• 

- 

822 

(FFr) 

82101 

•00212 

057 - 135 

82542 82067 

82181 

-04 

82178 

-04 

82948 

02 

108.7 

(DM) 

24268 

•02028 

250 - 268 

24380 24239 

24254 

02 

24235 

04 

£4009 

12 

1252 

(Dri 

386209 

-0275 

554- 1B4 

367.798 366254 

. 

. 

■ 

- 

• 

• 

- 

00 

12126 

-a0033 

116 - IN 

1.0189 1.011S 

i2ia 

-02 

12137 

-04 

12179 

-0L6 

1042 

(U 

2416L4S 

-1428 

574 - 717 

243426 241074 

242228 

-32 

243621 

-32 

ftUWM 

•32 

762 

(LFr) 

492847 

_nn99A 

424 • 269 

502110 482424 

482797 

Ol 

500247 

-03 

500247 

-01 

1162 

n 

2.7215 

. 

203-226 

2.7022 2.7109 

2.7207 

09 

2.7189 

04 

2297 

09 

1202 

(NM) 

lasBia 

-nnvto 

878-957 

106458 102678 

105888 

02 

105983 

-02 

106853 

01 

68.8 

(Ea) 

240891 

-0.188 

480 - 902 

250533 249440 

251421 

-82 

254.601 

-7.9 

• 

• 

- 

pa) 

199270 

-0340 

847 - 092 

200729 199247 

200415 

-2.7 

201275 

-06 

204255 

-2.1 

862 

(SKi) 

122282 

e0226S 

19B-S67 

122560 112574 

122497 

-2.1 

12.1002 

-04 

122207 

SA 

732 

(SFi) 

22500 

402027 

486 • 520 

2.0589 22496 

2248 

1.1 

2.0454 

1.1 

22195 

12 

1203 

(9 

. 

. 

. 

■ 

. 

■ 

■ 

- 

- 

■ 

792 


12683 

-02025 

6SS - 701 

12743 12685 

12701 

-08 

12714 

-07 

12721 

-02 

- 


- 0837883 


Atgarrilna 

Brad OW 

Cnada (CS| 2.1400 

Mstdeo (NawPesoj &272S 

USA n 1^480 

PKWoMddlo EBOtf AMea 
Aujlinla {AQ 

HongKong (Mto 

Indta m 4B.5886 

Japan (V) 


I -474 


ia47D -00107 468 
14382 -00156 371 -383 
-00146 661 -406 
-00301 680 - 760 
-00108 488-483 


1.5482 18385 
1.4393 1.4382 
01406 01671 
62760 02461 
12515 12407 


01413 -07 01444 -06 01640 -lO 


606 


(N26} 

g>aa4 

(SR) 


New Zealand 
Ph a ppinae 
Saud Arabia 
SOigapon 
SAMeafCeng 
SAMcaPnJ P) 7.0013 

South Kama CWorf 1247.60 

Taiwan [79 412486 

ThaOand (06 


2.1035 -00229 026 • 050 
112B57 -00835 622 - 681 
-03443 718 
-1.465 676 
-0.0282 155 - 189 
-00284 764 
-04418 166 
-00408 076 
-00165 385 
-02286 973 
-00568 842 
-&74 764 
-02171 618 
-02866 531 - 015 


152275 

4.0172 

22741 

402150 

52091 

22388 


382773 


2.1072 22900 
112847 112027 
054 482670 462390 
071 154250 162278 

4.0246 32981 
2.5637 22627 
114 412115 404180 
106 S21B4 5.7784 

6.7106 62738 
72183 62842 
796 124828 124123 
353 412480 41.1616 
307560 382020 


- 757 


411 

022 

183 


12481 

07 

12469 

05 

12419 

06 

tan 

£1038 

02 

£1051 

-02 

£1332 

-02 

_ 

112618 

04 

112607 

02 

112678 

oo 

- 

1S£S96 

3.1 

1512 

9.1 

147.745 

94 

1902 

£570 

-12 

£5090 

-12 

£0001 

-12 

: 

■ 

■ 

• 

- 

• 

• 

- 


laORiawtcrM HL O idM W apwa4i*nhaPaw>d6potiMaaHowonaeiaiawOaaadMwdplaMa.ftr»widiiaBa»ncfacaifOaotidie»»ainatlwt 
but n kisAed By cwnnt Intwaat NHa. SMtoa Mm eWBUMOid by dw Bartt el SMnd. 8 m ■mgs lfM ■ 10Q2U. Onw and MdHSM In BoOi ddi wid 
dM Oolw SPM ttfeta dertved Imn THE MMILUIUIU CLO084Q SPOT IWIEO Sonw wkiw wa lewded by dw P.T. 




DOLLAR SPOT FORv^^ARD AGAh'vJST THE D.OLv^.R 


jiiao 


Mappa 


Ctosing Chengs BkUMdr 
ndd-point an day 


Day’S nrid 
tUgh taw 


One BMnfli IhrMaMnOH Onsyear J.P Morgan 
RMa HP!A Rais MPA FMa MPA 


Auabia 

(Soig 

112200 

40.0965 

175 - 225 

11.1035 11.0175 

112232 

-04 

11.0237 

-01 

102538 

02 

1042 

Bdghn 

(SR) 

3£27Q0 

4021 

500-900 


-■woo 

-07 

32236 

-02 

3229 

-04 

1007 

Denntoilc 

(DKi) 

6.1501 

400325 

491 • 511 

0L1929 

&1483 

£1851 

-12 

01671 

-1.1 

02041 

-09 

1054 

Fbdand 

P9 

S.167S 

402288 

825 - 925 

52279 

&1S2S 

01905 

-07 

0193 

-04 

0232 

-02 

709 

RWHS 

PO 

52050 

402237 

040 - 080 

54090 

52640 

03701 

-1.1 

0377 

-08 

035 

03 

1009 

GennaRy 

(Pt 

12062 

40.0093 

658 • 004 

12781 

12050 

12088 

-02 

12668 

-01 

12572 

03 

1008 

Graaca 

(Di) 

236250 

+12 

700 ■ 000 

ayaww 

2372 

-12 

23727 

-12 

24125 

-12 

692 

bdond 

(to 

12290 

-02057 

265 - 310 

1.5010 

12174 

122B8 

07 

12268 

02 

12199 

06 

- 

iMtr 

0) 

1500.00 

4121 

995-017 

157520 166926 

156521 

-42 

1674.71 

-32 

161429 

-32 

762 

Unwitoburg 

w 

3227tX> 

4021 

SOQ -900 

322200 322900 

aaoo 

-0.7 

32235 

-02 

3228 

-04 

1007 

NathatonUs 

(FD 

1.7570 

402122 

566 • 573 

1.7715 

1.7562 

1.7576 

-04 

1.7563 

01 

1.7482 

04 

1005 

Norway 

909) 

6.0380 

402249 

370 - 390 

62974 

62370 

05415 

-02 

6246 

-02 

08215 

02 

900 

Portugal 


101200 

+1 

100 • 900 

16£1S0 161.100 

10043 

-82 

16447 

-01 

1712 

-05 

942 

epoln 

■iPtaJ 

129.100 

40275 

050 - 150 

190200 129250 

129465 

-34 

130.12 

-32 

13249 

-22 

812 

Sweden 

(SN) 

7.7654 

400709 

616 - 591 

72169 

7.7219 

7.7824 

-22 

72108 

-£8 

7.9734 

-£7 

708 

SwRarfand 

(8ft) 

12240 

40011 

235 - 245 

12355 

12235 

12237 

03 

12223 

05 

12099 

1.1 

1003 

UK 

(Q 

12490 

-00108 

488 • 493 

12515 

12407 

12481 

07 

1.S469 

02 

12419 

06 

87.7 

Ecu 


12203 

-00082 

190 - 208 

12208 

12110 

12100 

14 

12107 

12 

12289 

-07 

- 


SORt 


- 126463 


ArgMta peai6 
and gq 

Canada (Cq 

Mexico (NewPese} 

USA A 

PacMdMIdda Eoal/AMea 


08988 .102001 967 - 968 
02285 -00036 280-290 
12816 402003 813 - 815 
32039 402044 024-054 


09989 09986 
0.9300 02280 

12830 12750 1.3832 -12 12883 -1.4 
32054 32000 04049 -02 32067 -02 


Ausbda 

HongKong 


(A« 


12583 -02052 578-587 
7.7250 400001 245 - 255 


1.3809 12557 
7.72SS 7.7245 


12686 -02 
7.7248 02 


12503 -03 
7.72S5 02 


(NZS) 

(Paaq 282500 


Jppan 
Malayaia 
New Zeeland 
PHqitdnas 
SaidiAiabia (Srq 

Skqapom [sq 

SAMcatCom) (F0 

SAfHca(Rrg (F0 

South Koraa 805.460 

Taiwan [iq 262300 

TheHand ^ 242700 


(Fiq 312688 -00026 650 - 725 61272S 312650 312638 -32 31.5988 -22 


-0285 200 • 000 992500 98.7200 
- 930 - 940 22060 22030 


(V) 96.7600 
22935 

1261B -00067 611 - 695 12659 1.6611 

-Ol 000 - 000 26.7000 26.1000 

3.7604 -02001 502 • 505 

12106 -02001 101 - 111 

32798 402073 790 - 80S 

-0205 100 -300 


96265 22 

22843 42 

12827 -a7 


98.13 

2273 


£6 

32 


12646 -a? 


12042 -1.6 
32141 -02 


12666 -06 
7.7405 -02 

96215 32 

2.6465 -2.0 
12599 -OS 


822 

982 


662 


1603 


42200 


3.7S05 3.7502 
12122 12101 
32890 06562 
42350 42100 


Orai7 -04 
12603 1.1 

3.69S3 -5.1 
4.5537 -9.0 
80046 -42 
2625 -09 

-O01 600 • 800 242800 242600 252425 -32 


• 400 - 500 805200 806.300 
40046 600 - 600 262800 252800 


3.7SS8 -06 3.7744 -OS 
12074 02 12008 07 

3.7238 -42 32003 -32 
42126 -82 

811J05 -32 83045 -3.1 

2628 -09 

25.17 -32 2085 -07 


tSOR naa lor Jid 10. BhMw ipiaeda tl dw Ootw Spec oUs dnv oMy da Bat Hm dKtnai ptacea. r on — d lOM era M (Pedy quoiod to da nafliat 
but WB iRViad by eurram Mmic laen. IK MM A ECU M quoMd In US entaney. 4P. Mergai nonWal todow Ji4 ia 8 m omaga laSD-lOO 


CS 


Belghan 


(BFr) 100 1926 1623 4.852 2.025 4834 5.444 21.10 499.4 4000 2425 4.102 2201 4282 3.099 305.9 2239 


EMS EUROPEAN CURRENCY UlffT RATES 

iM 20 Ecu cen. Rato Changa M 4A- (■’Om K opread Dk. 

iHtoa againstEcu on day cea rate v weakeai ind. 


Danmark 

(DKi) 

6247 

10 

0723 

£546 

1202 

2536 

2250 

11.12 

20£0 

2092 

1222 

£152 

1250 

2246 

1.620 

1002 

1232 

Nettorfamia 

£19672 

£15126 

+000276 

-227 

ftwnce 

IFFi) 

0014 

11.46 

10 

2210 

1210 

2907 

3274 

12.74 

9004 

2400 

14.45 

£467 

1203 

227S 

1264 

1042 

1227 

Boiglnm 

402123 

30S14S 

+00486 

-1.74 

Germany 

(DkQ 

2021 

3228 

3427 

1 

0417 

9902 

1.122 

4267 

1022 

8£43 

42S7 

0245 

0412 

0502 

0230 

6325 

0523 

Ouiuwqr 

124864 

121907 

+000254 

-123 

batwnd 

aq 

4929 

9413 

8211 

£396 

1 

2307 

£589 

1046 

2406 

1972 

1128 

£025 

0268 

£115 

1281 

181.1 

12S4 

Indand 

0800628 

0000875 

-0002244 

-096 

Kaly 

(L) 

2269 

0284 

0244 

0100 

0042 

100 

0113 

0438 

1033 

0274 

0496 

0066 

0041 

0080 

0084 

0329 

0253 

Ranee 

0S3883 

627489 

+000173 

026 

NallNitoids 

(FO 

1037 

3201 

3254 

0891 

0372 

887.9 

1 

32S2 

91.73 

7347 

4417 

0753 

0368 

0.786 

0269 

5019 

0466 

DenRuahk 

7.43079 

7230D9 

+000194 

126 

Norway 

mu 

4720 

0995 

7247 

2260 

0956 

2281 

22» 

10 

2307 

1082 

1125 

1236 

0944 

2221 

1.463 

1444 

1.196 

Pcrtogel 

192264 

197241 

• +0100 

£27 

Portugal 

m 

2002 

3217 

3229 

0972 

0405 

9672 

1.090 

4243 

100 

8009 

4210 

02£1 

0401 

0857 

0221 

0126 

0500 

epoki 

1542S0 

1S0131 

-0037 

222 

Spain 

(Pto 

2000 

4.765 

0157 

1213 

0206 

1209 

1.361 

0298 

1242 

100 

0013 

i.ceo 

0200 

1271 

aTra 

7049 

0635 





Sweden 

(SKr) 

4128 

7225 

0913 

£017 

0042 

2010 

£284 

0810 

207.7 

1603 

10 

1.705 

0832 

1.780 

1289 

1272 

1.058 

NON B1M MCMOCnB 




Surttoertond 

(SR) 

2420 

4247 

4254 

1.103 

0484 

1179 

1.327 

0166 

1212 

9721 

0803 

t 

0488 

1.044 

arao 

7429 

0619 

Oraeca 

264213 

289.873 

*0278 

928 

UK 

to 

4825 

9226 

8210 

£425 

1212 

2416 

£721 

1029 

2482 

1909 

1222 

£050 

1 

£140 

1249 

1509 

1209 

Ito9r 

179018 

191077 

-1£37 

084 

Cwwda 

(cq 

2320 

4.451 

3283 

1.133 

0473 

1129 

1271 

4248 

1106 

9341 

0017 

0858 

0467 

1 

0724 

7146 

0593 

UK 

0786749 

0780605 

-0001387 

028 


4.68 

423 

420 

050 

1.95 

125 

024 

OOO 


13 

e 

-6 

-9 

-IS 

-18 


US 


Ecu 

van pw 1200 ; 


(» 3227 
(Y) 3262 
3929 


6.150 

6220 

7207 


5265 

5426 

5248 


1268 

1526 

1211 


0653 

0619 

0797 


1560 

15801 

1904 


i.ra7 

1720 

2.144 


0637 

0926 

8245 


161.1 

1632 

195.7 


129.1 

1307 

1572 


DanWi Hew. Fnneh Pane. Nwaapin Ibmar, ato Oiadah Kienor per 1(k Sflglai Pane. Eaotoo, Ura and Poatia 


7.760 
7821 
9272 
pw loa 


1223 

13.41 

1215 


0246 

0640 

0788 


1282 

1420 

1.686 


1 

1013 

1221 


9071 

1000. 

1208 


0819 

8200 

1 


■ PteA im wnUltBS 8MM) DM 125200 per DM 


QMM) van 122 pto Yen 100 



Open 

Lteaet 

Change 

Hl^ 

Law 

EaL Ml 

Open taL 


Open 

Lataet 

Change 

Htgn 

Low 

Eat Ml 

Open taL 

Sap 

02378 

06366 

-02016 

08383 

02338 

60279 

97216 

Sap 

12122 

12128 

-00006 

12150 

12QB6 

36.182 

60285 

Dee 

02350 

02388 

-00037 

02368 

06350 

203 

3284 

Dac 

1.1070 

12186 

-00010 

1.0197 

1.0170 

581 

4,867 

Mar 

" 

06374 

" 

• 

06372 

52 

741 

Ma- 

’ 

12265 

- 


12260 

53 

720 

■ SWISS nUNC FUTUnS OMM) SR nsjoco per SR 



W SmUNQPVTUWBS OMM) £62200 PW-e 




Sep 

07633 

07534 

-00014 

07547 

07495 

28424 

43492 

Sop 

12482 

12444 

-0.0038 

1.6490 

12390 

17291 

40536 

Dec 

07S21 

07544 

-00028 

07S47 

0ra2i 

117 

1,053 

Dec 

12410 

12430 

-00064 

12430 

1.5400 

71 

707 

Mar 


07582 


■ 

■ 

2 

9 

Mar 

■ 

12410 

" 

" 

1.5400 

6 

151 


-046 
-424 
2.15 

Ecu cwWd lawa aW by M Bwapewi CuiiiiladuiL Cwiandaa we in dwe Wig latoli t abangdt 
P acatoeaalangB$awlw8cwapgdaiibdBngBdwwlwaaateaaiwwy.aiarewiea ri inwaiha 
lado bataaa n too apa adnda p wentega JItoww b aia M aw actad oartM a ndBai eawbat ntoa 
tat d onancy. and da Dvdiaan pwnPtad pweanwga davlaaon cf dw cunancy'a ntodwi laaa ftton Ka 
8ncatanl«Ma. 

(I7»f9a StoAng and Mbn UaMpondte Pom EIM. Aqasnwa edeuM by dw FkiondW Itowi. 
■ PMUDELPfBASacraOPnONS £31260 (canto par peioKt 


MONEY MARKET FUNDS 


Money Market 
Trust Funds 


Oaaraate 


M CM HP 

en-mwi 

-I 


eiiFi 


r«i 

OiuudbOiinci 


RtCttlU 
mw oni 
AM - 4-M 

ate -I 4te 

ate -I MS 


IStite adl toniaMM C WaB 

nwiHtiHHaaeit-l aon 

an Itel sm 
Itn umI u 

^MDAk 

;IB4n Ml 

iTte ban 

n5Ma*iiaar_,. 7te uai re 

fUtotmcitoiMStoluii an I n 



lime 

te 

te 

« 


on -tea ISIS 

-I 4nl»4Mi 


nii8 111 nirin nrrtdifflininwIwilT 
8iwinayi.iiirtiiiBiayBao on-~ 

..-late -I 


fUoltoll^MteAcaoM 

n wtoiw Ud Bto ntoAM ua mi aii My b i i. 

iteMaatcatods . 

g=]3S a'ji s 

fln-.l4an ansi 4 mI 5 


Money Market 
Bank Accounts 




wa 


SSRi 

nuNuoatea.. 


uo ate 
cte iw 
*M &n 
Ate 1.N 


teatetet MtowBcfi aw. en-ann 
IMMy MHM - hr Mlwilnil iMaa 
CSted-teAHC 

eatedwoNw. 



WhBWaitodB— m 
leaaawi iBia caadcai a 
iwRodiitoitoteMj an ajel 

iptotodgtoDwditei Ste aji 

iWMdMiixiaaAa ua aji 


teMydnb m ia aw iaiii M 

OMei-ciaAen luo lan 

aoatei ate, ■ . , . I aja smi 

RtobHdortBdnaplia 
IH Itod* tonani UMa ton a 
iu.cApatetN — late ua 


ISil s 




iucA.atea*)-.— late a.ial 




Me al btend ngi Htonat ewgoi Ate 
aa aaiateteana ta . omsiaa 

CHum* |uaa aiteluMl 

llBO IteBlZASal 


ata 

aJi tslssl 




am 

. U5 

IJl 

Alt 

4te 

U7 

4M 

SUN 

US 

Ste 

tte 

An 

Ste 

US 


ite 



atorim Prta AcGStoa aUJL 
waWAaiiawMtoi 

ciiOn-eMW— .1 CM 121 



awBwtdwuianioap 

MnSScSSl^tei™ 

lai bwaSBaSS I 


a.n ite 4«l 
4te ud ate 
ate xn 


RMSHkCf 
4»Mwwtel 

— g*"*- I ate 

wteD-teMte ate 


itthaoritoiAce 

cSiit .m-stoi 


cji ajo 

I ua ate 

vs . CM cn 

cte ite ite 

ite t,n 141 


I ntoeMabritaa, BB4^1 

citeo.4ntee. 
szoteo-eaitee. 
EsstefrteuBa. 

w nniMB. 

SMXtoWitee, 






























faaLOBteBjB 

nduet-tintet— 

mate»» 


MeaMs laik HaiAle Ssbriton Ak 

Tfmminnrnri Ttoiiiiiiir m. 

nouooo-ccAted |uo tn 

mew ewnaa | sjs zei 

CUKMKKWtetei— I ate Cte 


ri 


TOte 

Qb 


Dm OD-dparadia Bank 
poancanifi^aiiiiai.UM osa; 

Ives -I -tvaarii 

MtOEdW-MOMMCnMiltcM , 

MBatoM rite an I Mil MN 

tt-teOw 

oejioih- I Gte 

ttetehcaotea an 

cianKi-cbuw__| an 
EMDO-CBteB I an 

«i — 


X94 

an 

an 

CCS 


sn e-MBi 

445 a-ddi 
an o-MOi 
an a-Mn 


wteftonoiAbanfWi and zaalaJMl n 
DMwnaidwninie* ucs cm uni » 
iduiiindai vn canliatt ■» 
Mwiin«Kni*— _ can cm I aw m 
hniwn ww* 4Jn -Ia.4i7l Ob 

OMMOoniBtnTmitltf 

Natote.MMi,BHODy ' on^adaui 

toted Wtoa n wiAdind 

tliOato.— .1 ATS MS I 4iMl to 

Udfed Tndt Bask UU (toante AQ 
I cm CMantiwd n, iMhD WIN lA toim dB« 
eiomMadtoMOtt.l an snl ktt|a-i» 
euau-taSdwddhB.. 7te an rn Md 
c2Mas-itow— .1 7te an I -lawti 

X Haoy Setoadv 0 Cl IM 

i»an|igtti,UMia:»«K ennana 

sb)M«cc. .Ton aaal */<{.» 

CHUKUMaM^I ana aart ani m 

WisiHB Trast Mgli kiitowt Chaqaa Ace" 
toiMp>«icw.wnwiaiMWE enlwii 

cifinm _|4.n an 4 m[ to 

tsno-eiam Ian an I ate| • 

nna-cana— late cial aail ai 


faduoD*. 

waneapwtes 

tocutemma. 

sue-oum. 


cn cat I cnle-Mb 

CS sn I 3te ' ~ 

Cte Ite I Cte 

OuBa 

ate CIS I 4M S4te 

an Cte I ua s-m 

cn CM err s-mi 

Cte 1.73 1 an s-dp 



a>-4o*vadBiatedbiHeiMassai 


SHw 

Price 

Aug 

CAUS - 
Sap 

Oct 

Aug 

— PUTS — 
Sap 

Oct 

1475 

060 

096 

727 

. 

030 

024 

1200 

447 

423 

036 

016 

028 

120 

1225 

£51 

£18 

£73 

024 

143 

£04 

1260 

1.09 

128 

£49 

1.71 

226 

£18 

127S 

037 

121 

126 

£43 

4.17 

072 

1200 

007 

020 

091 

063 

008 

054 


HONEY RATES 


1 (UFFE* DMIm potato of 100N 


July 20 

Owv 

right 

One 

■nontti 

Tima 

irriha 

Sbi 

miha 

One 

year 

Lomb. 

intar. 

□to. 

Repo 

rale 

nrtnhn 

5 

SM 

Sto 

SH 

en 

7.40 

420 


week ago 

5 

SM 


sa 

6H 

7.40 

4.50 

.. 

Ranca 

5% 

sa 

5% 

SM 

53 

5.10 

_ 

a7$ 

week ago 

5% 

SA 

sa 

sa 

64 

010 

- 

6.75 

Oomwny 

425 

085 

4.85 

425 

4.95 

a.ro 

050 

4.91 

week ago 

422 

425 

090 

4.90 

SOS 

000 

4.50 

4.91 

baheKl 

5 

5A 

6% 

ea 

6H 

_ 

_ 

&25 

week ago 

5 

SA 

SH 

6A 

6H 

_ 


6.25 

RMy 

8% 

8A 

8a 

83 

24 


7.00 

ai6 

weak ego 

5W 

8A 

sa 

64 

94 

_ 

720 

6.00 

Natherlande 

4.85 

4.80 

082 

094 

5.T2 

_ 

526 


week ago 

065 

420 

422 

9.01 

5.19 

_ 

S2S 


j a 

SHfiixonano 

4 

4A 

4U 

44 

4)4 

0625 

£50 


week ago 

4 

*i 

4U 

4H 

44 

0625 

3.60 

.. 

US 

4A 

4^ 

43 

6H 

SA 

_ 

£50 

.. 

week ago 

4lk 

4M 

4H 

SA 

sa 

_ 

£50 


Japan 

2 

a 

2!4 

24 

SH 


1.75 

.. 

week ago 

2 

2i 

OH 

2H 

24 

- 

1.75 

- 

■ S UBOR FT London 








kwartMtric Ruing 

> 

4A 

4a 

5H 

54 

- 

- 

- 

weak ogo 

- 

4A 

4B 

5« 

SH 

- 

- 

- 

USDoRerCDe 

- 

423 

060 

420 

5.44 

_ 

_ 


week ago 

- 

033 

069 

001 

063 


_ 


SOR Ltakad Da 

- 

3to 

sa 

3H 

4 

_ 



week ago 

- 

3% 

3& 

3« 

4 

- 

- 

- 



Open 

Sett price 

Change 

Hgh 

Low 

Eat Ml 

Open tat 

Sep 

9522 

9018 

-023 

9623 

9018 

22399 

174222 

Dec 

9017 

9012 

-006 

9018 

9012 

26014 

150601 

Mar 

9002 

9424 

-008 

9004 

9424 

28584 

1S479S 

ihai 

9078 

9428 

-006 

94.78 

9068 

13347 

91638 

■ IIBS.I. MOmH ■UHOURAtoT.IMTe SOTUHeS (UFFR LlOOOm potato Ot t00% 


Open 

Settprioe 

Change 

Htfi 

Low 

EOL Ml 

Open tat 

Sep 

9125 

9125 

+002 

9127 

9127 

5165 

32277 

Dec 

9128 

91.06 

+021 

9129 

9027 

3541 

47405 

Mar 

9067 

9070 

+024 

9070 

9020 

577 

12117 

Jim 

9016 

9022 

+025 

9022 

9014 

388 

10386 

■ Timi MOUTH BURO SWISS niANC fUlURBS (UFFR SRIm potato Ol 100% 


Open 

Sell price 

Chwige 

Hgh 

Low 

EaL Ml 

Opon tat 

Sap 

95.94 

9070 

-027 

9524 

9074 

4756 

22793 

Deo 

9068 

9621 

-007 

9070 

9060 

1725 

10473 

Mar 

9047 

9041 

-007 

9047 

9040 

669 

10109 

eJlXI 

9523 

95.12 

-006 

9623 

9011 

136 

1928 

W TimiT HOKTH ECU HnURBS (UFFQ Eculm potato Ol 100H 



Open 

Settprioe 

Change 

Hgh 

Law 

EOL Ml 

Open tat 

Sep 

9009 

9007 

-022 

9012 

94.06 

1692 

10927 

Dee 

9320 

9320 

-024 

9324 

9086 

1471 

8648 

Mv 

9073 

9326 

-005 

9173 

9064 

581 

4372 

Jwi 

9039 

9325 

-006 

83.40 

9324 

158 

1089 


' un SAra badad on APT 


ECU Udiiad Da nid (awai 1 tnOi: SS; 4 ndw: S3; a mdw: 63; 1 yaw; SH. S UBOR bawborti Mng 
oM on eltond latoi te SiOm quoM to dw naaM by lew nd wen c o banfea at tiom aocta w w i il nB 
day. Dw bodia on: Bwlwn That, Bona ol Tokyo, Bweian md Naeond W oto wta M ar. 

Ud idoa ore diOMi hr Dw donwdh Maniy Rdes. US 3 CDs and 308 Unnad Oopom |M 

EURO CURRENCY IHTEReST RATES 

Jut 20 Short 7 days One TTfOd Sta 


■ TWHW MOUTH BUWOOOLLAII gUM) $1m petals of 100H 


torn 


nolloa 


month months merriha 


One 

year 



Open 

Leteal 

Change 

Htoi 

Low 

Eet Ml 

Open tat 

Sap 

9096 

9093 

-0.02 

9097 

9091 

110694 

435.131 

Dac 

9424 

9032 

-0.02 

9036 

9429 

181288 

43£065 

Mar 

9011 

9008 

-003 

9014 

9006 

111,957 

330757 


OeiSwi Fiane 

ai> 

•413 

5^4 

-4a 

Sb - 

5b 

Sb 

■5b 

5b- 

5b 

5b 

-6 

Dtoidt Kim 

5b 

-Sb 

Sb 

-5b 

su- 

SA 

6b 

•5 

6b- 

6b 

6U- 

6A 

D-Morii 

4b 

■4b 

4b 

-4b 

4b ■ 

4b 

412 

-4ti 

4b- 

4b 

5 - 

4b 

Dutch Guilder 

*H 

:-4 

4b 

•4b 

4b- 

4ii 

4|2 

• 4b 

451- 

4b 

5b 

-5 

Frwidi Rone 

SA 

•SA 

s& 

•5.1 

SA- 

5,1 

Sb 

-5b 

5b- 

Sb 

sa- 

sa 

PortuguBM Ete. 

wb 

.11b 

12 

• 11 

12b- 

«b 

12fl 

- 12,1 

12b 

- 12 

t2b- 

11b 

Spantob Peseta 

7A 

-7b 

7A 

•7b 

7ii- 

7b 

7b 

• 7tt 

8b- 

7U 

8|4 • 

8b 

Storing 

5- 

4b 

412 

•413 

s^ 

• 6 

5£ 

-5A 

5&- 

5U 

5b 

•6 

Swite Ranc 

4b 

-3b 

4b 

• 3b 

4b 

- 4 

*A 


0^ - 

*A 

4b • 

4b 

Cm. Dollar 

5b 

-Sb 

5b 

-Sb 

5b • 

6b 

6- 

5b 

8b ■ 

6b 

7,b- 

7A 

USDoRar 

4b 

-4b 

*& 

•4A 

4b- 

4b 

4b 

■4b 

5A- 

s,‘< 

Sb- 

5b 

Italiin Lira 

9 - 

7*2 

BA 

■8& 

0b- 

SA 

8A 

-6A 

8(2- 

8ii 

9A- 

9A 

yen 

2b 

-2/a 

2b 

•2A 

2b- 

2A 

2A 

-2A 

s&- 

2b 

2U- 

211 

AslmSStag 

3b 

-3b 

3b 

-3b 

4A' 

0'« 

4b 

•4b 

s,i- 

SA 

5(2- 

sa 


■ US TWBAsuiwf eax RmiHes dmm) 91m par ioom 


Sap 

9529 

9529 

-001 

9522 

9629 

1271 

23263 

Dae 

9428 

9426 

-acM 

9090 

9425 

688 

9,182 

Mar 

9062 

9422 

•003 

94.62 

9422 

104 

12*5 


Ml Opal bdem Ilea, wa tar peiiaua cbqr 

■ am oM A HKOPnoHSMTEOMlni potato of lOOM 


awrt tom nm am eal hr dw US Oolv and Ydi. ediWK two dm' ntoco. 

■ T ito MOWIHFISOHWyniHSSgiSA'nFlPaitotatartMdcalteted raw 


Stiin 

Price 

Aug 

Sep 

CAU2 

Oct 

9500 

019 

021 

021 

9B2S 

003 

006 

009 

9950 

0.01 

001 

0.03 


Dee 

026 

013 

005 


Aug 

021 

010 

023 


PUTS 


$sp Oct Dec 

003 029 013 

013 022 026 

023 041 044 



Opwi 

Sen price 

Oungs 

Hgh 

Lnw 

Eet vol 

Open tat 

Sep 

9040 

6038 

-002 

94.40 

9424 

14.943 

51244 

Dec 

8422 

9426 

-003 

9422 

8024 

12,189 

36273 

Mar 

9018 

9008 

-0.05 

9420 

8008 

0765 

31269 

Jtn 

9£97 

9069 

•0.06 

9X97 

9328 

£047 

23252 

W THRH MONTH BURDDOLLAROJFFE)' 

Slin potato of 100% 




Open 

Sett price 

Chmge 

Htfi 

Lew 

Eat Ml 

Open 00 

Sep 

9422 

9428 

■005 

94.92 

9092 

250 

2613 

Dec 

9420 

9424 

.004 

9420 

94 te) 

too 

2014 

Mar 


9099 

<04 



0 

1241 

Jun 


9326 

-0.04 



0 

314 


Sat wL Hia^ Cm aai RSb aoaa. nMm dqra opm ml. Cm aaaaaa 1644S7 
M imO SWBS fWAIIO OFnows (LIFFE) SFr 1m pants el lOQj t 

Sirlto CA1A2 PUTS 

FtacB Sep Dec Mar Sep Dec Mar 

95re 012 0.15 017 011 029 02T 

003 027 0.10 027 046 068 

0526 0 002 025 046 066 089 

tox. wd. Md. cm 0 Rn a novhm dqfe epw im, cm iai 5 Rid 1 123 


tomtate «Bl, cm 26 , 9 M Pud a .742 . Pro*, doy'a opon hu Cm eiOteS Pm 490,724 


UK (NTEREST RATES 


LONDON MONEY RATES 

•M 2D Over* 7 days 


One 


Ttdaa 


Sbe 


One 


tatorbank Stodtag 6k - 4 SA-5la Slf-S Sl4-5la5b-53b 84-6 

MtagCOs 5^-4}} 5A-5A 6^ - 5& ^ - S! 

Ueddoy BOs ^ - 4j{ 4fl • ^ 

Bankeb 4U-«5*4B5A-6& 

Loed authority daps. 4{3 - 4^ 4i2 ■ 5,^ - 4ii 5^ • 4ii 5^-5^ Sfl - ^ 

Otoeounl Marhat daps 6-5 6k - ^ 


UK c hari n g bmk baoa hnteng nto pw eam kom Fabiuwy 8, 19M 

Uptol 1<3 34 08 


9-12 


3k 


3b 


Cota of Ttoi dap. (£1002091 1b 4 ab 

Cwd or llBK dap. indw ClOOiMa W 1 kpe: Ihpom adlKfeaam Sr caoh kpc. 

Aw. dndw im el dMud oMTSpe. ECGO Ibwd MB Sdg. hwort Ftaoneo. Mdw up day Juw aa 
1994. Agread im tor pwtod Jd te, ISM to Aug te. 19S4, Sehanwa D 4 a 6L44pa ndawrwo Hto hr 
pwtodJwi 1, 1994 M Juw sa 1994, Sdwnwa W S V S.lS70pe. Rnwwa Housa Maa iWa Stope bom 
Jdyi. isa4 


■ Tin II IDCWTH 8IMOIWQ RnUHBO (pFFQ £500,000 potato el 100H 



Open 

Settprioe 

Changa 

Hgh 

Low 

&L Ml 

Open tat 

Sep 

8058 

9066 

-nng 

9429 

9424 

9278 

109023 

Dee 

9328 

9322 

-005 

94.00 

93.90 

22435 

130027 

MW 

9£42 

9328 

-0.07 

e£45 

8326 

8058 

67958 

Jtta 

93.91 

8£8S 

-008 

9092 

9221 

2903 

51412 


ItoM Ol APT. M Open ndraai Bga. are tw prariew day: 


■ SHOUT 8iaMQ ^nowa dtfFB £500200 potato ol 100% 


SHto 

nm 

9400 

9475 

9500 


Sm 

ai4 

023 

0 


CAU5 - 
Dee 

Mar 

Sep 

— PUTS - 
Dec 

Mar 

009 

007 

029 

066 

121 

004 

004 

023 

027 

IA3 

001 

002 

045 

129 

128 


EiL wL tol4 cm 1361 li3ra. nnku day's open hL. Cm 224423 Pud 212954 


BASE LENDING RA TES 

^ % 
Adam 80aya^...„ 62S tkranlania — 525 •FtebutoiaGitetodBa 

SSIT — IS s— B«,u— ,_6j, SSS£,?i53?no 

^ tongvajttnriaedas 

* ?*r —****" ■SraS&VWhdn 090^525 

S522ES IS H8»^AQaBlch.52B TS8„„ 825 

^ teWtodBionkiitol.- 625 

Ba to te taJa,.... HoiM&GentavBL525 UHkTnMBankni,-S2S 

6a toWSanMl. 525 WadanDuat- -825 

to^ank. 528 CLHeanaGB ..525 WHoaiwyltedtoy.— 525 

0. 1-— lSSX.s:~li SSST 

1toO><toMBertLS25 SmM ^ •taf^ 

0?“*Co..... _52S *MoirtftBd*ig V 

Oeteljhnnah 525 NaBMetentaato _a26 

CytoMPatotere 8 ri(.-S 26 dReaSratasn 525 


St Helena Gold Mines Limited 

Ragisiratlon number 05/20743106 

Oryx Gold Holdings Limited 

RegWraOen number 6WD1 000/D6 
(Both oompanlea taeogioraiad ta the nspubRe of SouO) AMc4 

Joint announcement to shareholders. 


On 30 Septem b er 1993 it was announced that inkial ro6( 
development values at the Oryx mine were Inadequate to 

stgjport meansngful gold produdion and hence the expected 

contrixilion towanls funcBng requipemerds finom Ws souce 
would rx)t materialise. As a resuR, up to R900 milBon of 
additional funds could be required to finance the mine to 
breek'SverL 

On 20 December 1993 it was announced that the teritnical. 
paiametors used to determine the continued vtabE^ liw 
project would be reviewed in-house and fndependenth' 
audited by external consultants. The reviews and aucBis of 
both the geoloQlcsU model and mining plans for Oryx 
confirmed that values towards the north-east would 
improve steadily and that with minor changes the mining 
plw would meet revised production targets. BothGengoU 
management and the external consuttanis condored that 

the fundteg shortteH frxduslve of R433 mSton finanoe costs 

would indeed approach R900 mBHon. 

Discussions with the m^r shareholdete end bankets d 
Oryx Gold Hofcings (OGf^ are at the poM where it would 

now be posrible to fkianee the mine to breakeveri. Howsvte’, 
devdqment is only begging to penetate those aiees to 

the north arxl east where better values are expected. Gt»en 

the imporlance of Ws increase in exploration intarmatkA 
which is expected during the next few months, ft is 

30>prDptiate to dday re-foiancing OGH until tits vsAiss m 9)8 

vicinity of boreholes 1781 to the north, and ST16 B the east. 

ate krKMvn. Gencor has undertaken to provide sh^ 
bridg in g funds of about R2S million per moitih for 0(^ D 
emmr wartdng costs at Oryx mine and interest paqfrnenfo 

Ihe R52S miffion of bank loens during this period. 

A further announcement will be made In due course. 


Johannesburg 
20 July 1994 


•lOMteto- 


BtSRROJ. LYNCH EQUrry/CONVERnBLB MRIBi 

SodMiTlnvertianeBlk Capital Ibriabk , 

fe, Raate D'Eack L2S59 Limiabnarx - 
RXL UiXKMBQllPr. B.TCm 
Mnmrr tot sHAwaiini nttast 



ss 


1 

i., 

'c'i. 




s../ 


I 

V-. 


b.. 


SiBNtoiMeH M tofwwM IM stow gTito Monfl bato 
BQUmr PORTFOLIO an bains antaed for sole dM 27ih Iwto 

avaibbto aOw te Mrid onbrios Ibrbd CM^ « ah My 1894 to tePtedW f 

AiwHl994MaedB9EribedtanupdMed|»i^nniMedJaaBim 

Aa hn ISih My 19M ■ ledcmpitoa of dw 3hm of the Ucnfli tea* 

ShoMS • LATIN AMERICA rORTPOLIO end of the MwilB 
p^ON PORTFOLIO wW au twg w be ulffea to 

Hm Board or Dincna. 


i 










1 5. i 


4 f ■ 


Market 
hmn-i ' 




®tnancial Times 


THURSDAY JULY 21 1994 


WORLD STOCK MARKETS 


^•.EUROPE 

AU£raU(M2Q/Sd4 


hS6. Ttt socr u 

HSSL ^ ^ asr BB1 2i> 

+1^«J0 377 11 

HC2 'H5S _ 

l-SS d ’JW ijn a.e 

Lapiw aw -so aw aw 17 

9l *13 ZBOSQdO _ 
SM -1 094 4110 11 
.s^ —— ^ 2^*170 2742D710OA 

4^3^14 ^ !*«*■» IJMO *1TJ01»9P87JO 5.1 

_ ’SS? «S1A«8 9!8 u 


IAS -2S2AOI7n99 

vw -loil^'-SSae 

,25 Sm 


IS SS?H — ABM -ZOllJBISLOn 3.7 _ JHirito 

9M..JS OBI ao ^ a« 12A0 4aDiiaaeatoi as _ 

AnSi-SuSS — BbIiBP sad *75SW1J>Z 2.0 _ 

.. _ TanusaSBOM .l.ieDSMCOiM 1.0 - 

3l.3g1ADa.e .. Tgtfr lasoo .*250 sun ISA? ID 

•”*iWaw 17 _ iMcni 1141Q *10 imioAo 1.1 — 


’"'V M.l!!,,:. 


UhHH 6M 

OMR* OK 

wan 0*0 
' MMI 4444 
snrt ?io 
ww ijoas 

VMMO 354 
MdfrA e«s 


t'SS ~ aSM aw* 14 
1375 *10 rm 1^1 5 

r? ^5?? 1.060 14 


- lcnBUlll8(M20/F)D 


in 

— 179 MIU 18 

. 

(MH 

ms 

7K 

— HI ^ U 



IMO 

185$ 

AS 1820 1800 £8 


Katoh 

£0 

1.144 

A1 1837 im 23 



030 

13S 

*1 ITS la _ 


KekM 

2M 





1740 

sm 

*SD&SM190O — 



su 

10 

A S0 les 13 


Kom 

7» 

1.(20 

*49 1.940 1801 


4a«a6 

m 


— B77 004 _ . SMB 

*wijao 1,130 _ aaA 

-S 320 2U _ _ StM 

-ai Ko 7A ^ anooi 

*4e&.460iJDa _ _ AW 

w2.7ao2.i6O _ SMO 


*1 w SM _ r SSl 21? ’<• -A wo 1W _ 

“I'Kl 2JS !•? — RS Si2 “2^ SiM4T 

... 1,K0 09S ai 30100 *A 9353B110 5S 

^ 4K 403 13 _ ^*y loo +520 » Ml Si 

-a 2ea 171 so niane 


-5 400 403 aJI '" wnw 

-3 a» in H - B»te^ 
*ii-2S »* - ~ SSEi 

-5 400 320 1.7 ^ gw» 


>17^ — MMIm SejD-IATlTD M SO .. SOSOr l&O 

niS §9SiJS V* “ 0130 -AllflAB020 19 _ S£» 744 

Sm ^ -.Sluaaeo _ _ 9^ i«^ 

3S^.’S H - 4e»N 902A*I.10 sain.nu _. — 

wtHS AXiM 30.10 -iA47AaeA 3.4 _ 

S S^ySM -• b«»*b *«a*i.io sanjsau «. ._i 

5S ^ 930 WS ID — — — — 

MS *39 liXIS 7SS — 


B« ..MiSI ^ 1-^ ^ M -J0 77Afl2A - - 

^ ^ S 2i'- ::^SlUiSig*s5o sSJ?^li “i:ft 


1S4J403.4I1 OS ^ SHG^ 13120 *1^19^11110 20 
nw sn _ 752 54s 1.4 

SBJC _77u +50 8*5 001 7.1 


^Tu 4fifl m 7 1 

*BJMU]nEIMUtt{Jiil20/Fr9j S[g*" 2^ -932002260 12 

^SP ,ffi *10 73* 570 32 
6Ui To670 -U 1.769 1.506 3.1 

iSSSI* t22 ■**»5.a0a.705 1J _ I2?a +14IU63B7.10 -. 

JSS? I-SSS +1B9.M07A0 32 Ml *11 600 472 54 

.2“' i-fS *10SA04Sot; Z §?*M 4S6« 010 418 17 

SL. li'M -*04.^32004.7 _ Syg ^SIS TOOXJiaaO 

WfltJl 11425 — lOfl MUMii ** ^ SUIR 1235 -1024701290 _ 

BaaPI 23200 - SOMM m W32 

finqm sure *490«mEBODa7 ~ fgW* &145 *102600 1J1Q 22 


^ PIMPR 1020 *.10 a 1320 42 .. WMB SM «S 7W « - 

_ Mmiflfl 71,70-22031406110 42 _ S2&. , IS :J.iK IS ^ - 

-* Qmn oan *AtauD«5A42 _ ***** i*SP '^^*2Si^H - 


itio *110 72701290 10 _ Kirfitin 
2240 *4022001200 24 ^ lUnM 

744 *11 IjOSS 710 12 _ Ibara 
6020 _ 227 140 12 _ mw 

600 *a OH ees _ _ Ki 
oe *ta 070 042 _ _ IT 

1230 -a 1250 1.460 22 _ C 
929 *101.100 0*5 12 _ 

409 *5 531 an 22 _ 

202 *3 259 177 aO _ 

630 *3 ft\6 SK _ 

661 *9 770 535 .... _ 

700 -4 6K 73S _ _ 


953 *0 OR 732 _ _ 9HM> 

774 -1 7A oS ^ _ snout 

930 *4 9*0 0*$ _ _ gi nWu 

7*5 -2 767 »l — - SmfOlft 

527 *1 M «$ 1.7 _ StmeW 

*H -3 523 319 _ _ 9M9ao 

1.160 -1012501.010 — _ SmM 
W -1 MS 400 — - 

2260 -10 22a0 22SO — 

7200 *70 7,820 5280 — — 

SOO -10 586 375 12 — 

no *0 80 7H .. _ 


1230 -1D12I012C0 

1S7D -10 2250 £400 
965 -S 1210 77S 
2.IA *1022201210 
B50 -10 1,040 040 

1,180 -10 12» 1,140 


_ Msor 

— MMg 

— MOM 
.. WMITr 


926 -A 008 110 3.1 MOO Oma 

747 *.11 82* 136 12 123500 CAE 


_ _ 9HM> 1^ *10 1.350 1.1» _ ._ «7Mti 

_ ... .MJI 532 -3 636 SOS 19 — 

554 *7 610 411 _ 

m _ 305 260 . HQMl 

ea *1 TOO too _ — 

— — SMOao SOO -10 6S3 491 _ _ 

— — sm02 1.380 *10 12» 1.110 _ — a 

3200 -4&S22D2.100 _ _ B tS a 


775 *A OA 7A 12 

£41 ZOS 227 3 e .~ 

aos *A SA ais 12 

459 -A 40 3.:? 1.7 . . 

3 US £74 £0 ^ 


-3 028 700 02 
*9oa4ua4u _ 
-1 052 CIS _ 
-1 747 425 _ 


■»1I250 9BS _ - SunOnfe 2210 *10 2200100 ..- 


— MnOa 
~ owc7 


CM am -60 6200500 19 r !t!gS5 F16^ *»j0-g14 153 52 Z 


mi 4140 
KPhDpfl 4120 
HM|0 0JO 


U40 *l01AO1j 


102 *3 as 184 71 “155* -62036*A»ia 18 

7,160 <40 000 1100 12 ~ H£ -snuoisuoiD 

1AB *4iSn<93! *, ~ UFBUe 304 *S 4M 300 IB 

sm -10 siw 72 ~ IkSS. E.B12 -0 060 4KlO M 

1305 -6 ~ UMFl 50M -SB 800 503 05 

a£46 -146£m£4a0 ■“ “ 2SS »«*S-10 307 221 3.1 

ai80 *»4A0 3AD42 iSSEa 


“ 8910 *2.10 307 221 3.1 

— We, 297 -20 335 M 32 

— MniBO 286 _ 3SB3I7A 32 


Sm iSo Z 1201:00 £7 Z 
^ Z e«A»U620/ORU 

^ Z.0 


KrdMi 6,00 4IO 01200 6b300 TJ SEmmi 'bKS 
a w *0 700100 12 _ MIW 1210 

Mawf im ..140100 42 _ aE* sin 


1710 -.0 10830 10 19 
SUfl *2 60 50 £2 
1210 *15 tA*6 1,10 1.1 

1502 -3 1811 * ssp OS 


_ GBrfIpq 4520 -0 510 44 JO 22 _ TS? 

— Hgmvr 135 *21570 123 . _ A"** 

— Hwan 21920 -1303142020550 12 _ 

— 018* 28* -SgUO 264 U - 

— HgnOlA ».» *JO 75410 10 _ 

770 *0 8330880 23 ... pArjnr 

370 -» 00.0 32 _ rftwnu 

M flG^ai 710 —0 0.70 73.10 02 ^ iA4MMik4 9n fVmnk 

~ kiMc 75.10 -091074.0 £8 _ iMMpuiZD/Ten) 

— n« 510 -050.000 18 _ 

— n»0 00 *.10 0010 18 . 

— mi 410 ... 0.70 470 _ 

— KPKDpfl 4120 -2 00 4320 32 - 

— HM|0 00 *0650510 42 - 

' ~BiC 910 — i003 72 28 _ 

510 -.08106175 _ - 
770 *0a90«S0£4 _ 

070 -0 670 0 02 _ 

— PIM|6r Tira *l«0 71 12 _ 

— fkbMO 1190 *0 131 113 32 - 

— nsttiKa 54.10 _ nSA U _ 

118 *0136011*20 22 .- 

_ — _L» _ 10040 00 11 _ 

RDuen 19S0*10S1&«165214J ._ 

SttMf 470 *0500400 1.7 . 

(MDp 1870 *2 238 1710 11 .. 

VMI 17190*10300801012110 ^ 

VnOGfA 900 -JO 00 4S2Q £0 _ 

— UKOIbA 115.10 -0133401010 12 _ 


0 532 810 £8 
*31,015 100 12 


M0«M* 1,470 *4 120100 16 _ 

WLl » lim _111||D16ini — _ 


*£1 SM 420 38 
*100 120 420 42 


50 - - - - 

1440 . „ 

- Sm *240520420 10 
02S0 *102062.136 5.1 

SOnAF V 2JM -022361105 42 
SAhi 14,10 *10117001110 42 
106 .-1278103 19 

t4m *01728613.750 42 
1020 -101120140 42 
31725 *9001032200 14 
2245 *0320140 47 

OBMMKUISO/Kl) 


'■Uk'''AriPA 670 *1240 70 565 22 

' Mom 239 0 201 215 11 

QHA 291 -1 30 267 12 

Coikn S,70 — . 720 520 02 

ggiM issm *180 aun iasd u 

Dim 1200 *51,10 879 02 

0«M> SU *6 4273090 14 

5*00 10 —36125 10 42 

SB7 +A 05 367 21 

- •'■ 2P2“ — *s “» *■’ 

tiSB 22388 *10 278 264 02 

jym » *4 4S 30 £2 

. US* <00 *10 120 1.10 13 

MCTAlS 30 — 30 292 10 

NvtftdB 00 *4 raoi 50 18 

0018 672 *12 737 80 02 

~:;g. SaBiaA Sra _ ns S0 17 

1= a«M 50 *3 875 473 0.7 

StVfli 449 *13 40 321 22 

ToOm 319 *433945 30 — 

1000 710 *101272 870 14 

UnttM 20 *0 2672070 42 


^*So^24 Z "OimaiuafKam 

-82 1.191 097 — _ 

r4S *i8S m H ~ AMI 0 -1 113 72 18 

S 18 ” 5e** <M **“ <?9 99 

180 4K ftnsi Ch«4 13 *A1U0 1IA _ 


— UMA Mm &in ASS TA — 7VXM IMM VAAM 1/3 19D OM 

- mSh 394A -180 w MlS Z SSSi ii» 

—— 30 *2040*03310 11 — <2 "“O 176 10 1.1 

*** *a7 *« Brarr 940 — 114 77 .. 

HO *14 oeo Sa rJ t»M *10 10 10 lo 

Sn 22 ^ 306 *« 08 30 12 


4n -a SIS 423 17 — !™!*j 

s^s *;s i? z ^ i 

Si5w3430 *20 IS 3040 32 _ §00< A 


I0M 2870 — 20 220 12 _ 00* 1 0 — 97 72 12 

DLW 4310 -0 00 423 IS — 9^ W7 .. 122 690 14 

DM* 7810 *70 OH 60 14 Z -1 <51 114 10 

4820 4300 50 4S14 _ WM4 44 *10140 91 _ 

20 *40102100 1 Z « *1 0 0 08 

7400 -10H700B0 22 — 

10 — 10 10 22 — 

40 — 807 01 19 — 6MM(JUia/PkJ 

*19 *4 916 20 12 _ 

30 -1 4160 348 38 _ 

SH *11 610 40 18 — AIM 1440 -10 080 9.10 22 

85 *0 30 20 18 _ MB* 1440* -10170 4220 42 

70 — 715 90 £A — m 2060 -1018992,70 88 

HMMfi 90 *1 S4S 10 28 — 00*1 220 -6 140 1415 11 

HMM 1.10 -61201.10 1.1 — KMB 480 -a420M7Sal 

~ MOmR 000*10 001 SH 1.7 — SPB* 1980 *017.701400 98 

*- mn 375 *0 40 295 17 — B9B6d 9jm -0 0821 4.40 98 

— iwal H7 -2 180 097 18 — OnOM 01 -14 IW 7037 

— HttB 3290 -09*802018111 — CHSA 110 *103801418 28 

I7M —106 60 18 _ C»i« 4216 -64876140 22 

20*10 293 20 17 — OM 10,10 *4O112«90B12 

20 -0 924 20 14 — D0in 220 -IS 1719 1270 42 

— MMl 2010*40 40 350 11 _ MbAo 180 -1018791849 1.0 

1«2 — 10 131 _ -. eiAn 220 —120200 3.1 

STM *0 M 518 13 — E«t0 100 -70110980 22 

05 *0 066 461 17 — F«M 


0 -21150 Dili 

9400 *60 20 20 14 

179 *1 20 10 02 

230 -e 30 211 12 

10 — IHS 10 14 

H0 — Of 74 24 

01 -I 91 72 14 

0 — 97 72 12 

107 .. 122 660 12 

129 -1 191 114 10 

44 *I0H0 at _ 

O *1 0 0 02 


STS -19 737 46$ — - 

1,120 *20 180 01 04 - 

180 *0 120 SIB — - 

1,10 *0180 5n _ 

1.70 -01001876 — _ 
001 -7 744 «0 12 -. 

120 -180 HO — - 

60 -6 094 40 12 _ 

4810 *110 0201400 — - 
110 _&M64270 10 - 

1810 —120 

im —100.. - 

m H att 90 18 - 

180 *10 100 1240 — — 

sn *9 00 410 08 — 
484 *1 913 30 1 0 — 

HO 0 on 90 — — 
648 .. 80 00 — — 

1220 *10 120 1 80 10 — 
7H -0 001 416 _ — 
1710 -016(0 £410 — — 

1270 -10 im on 17 — 
00 -20 TIO 40 — — 

180 *0 120120 — — 
140 — UOO £80 — 411 

180 -101.410120 12 — 

STB *2 611 318 — — 

40 _ 462 337 18 — 

HO *7 687 841 — — 

18|D — i,W 1240 IS — 

06 *4 m 671 12 — 

220 *10220220 — — 
1,10 —1301.10 — — 

220 — 170 £40 — — 

120 -0 120 1210 — — 
Dll *6 04 BM 02 — 


50 *3 028 40 — 

610 — 9H 207 — 

120 -10120120 

120 -SO 1.40 120 02 
120 -0 2201830 — 

1210 *0106140 — 

871 -13 1,00 00 — 

120 -0 180 00 — 
00 -6 810 01 — 
9S2 *2 50 41S — 


2250 — 2200 240 — — SodOm 540 *5 571 492 .. 

7S -£ 702 B3B — SumOllt S3S *1 545 AH _ 

1.10 *0 180 70 — — StRiGO Ijno -ID 1.10 937 

im —120 90 10 — Si#et 140 ...120180 — 

tS3 «S 60 Sl2 — — StlKIn 422 *3 475 90 — 

£10 4.IO£2Kt20 — — SOOtUM 40 *3 48S 30 — 

frU -0 90 43 — — SunM* SB - im BS1 02 

04 -10 00 70 18 — SiMMi 297 -3 m 3U 

40 *2 40 an — — SunMM 06 *7i.tno OM _ 

tjQO -022(014211.1 — SubM 70 -7 724 81( 18 

120 W12018DD .. — SumAr 1220 *101,10 015 - 

180 *10120120 — — SKAtn 180 -101220106 .. 

1.10 -iDim 60 1.1 — SI0WB 70 *1 SIS 674 — 

320 *4O320£m — — SAM Ijao *10120120 .. 

00 — 00 nt — — m 4850 -30 8250 3.70 _ 

60 *11 6lt 30 — — 14(0 882 -n 70 BID — 

004 0 002 00 — — TmRi 21010 *0 2,210 12» 12 

TH -12 732 957 — — mSb - ^ 

772 *7 762 SBC 02 — 11,00 


— filgjq JS40 *0 

— CUH 00 *0 

— ChUoff 70 _. 

— Owes 110 -oa 

— W S2S *3S2:8fl 1100 1.6 . 

— Dim 17 *1018101130 30 15.? 5M7?S QMtW 

“ Vann 1020 -A il£8 10 02 ™9SS K22? 

•“ GSogit 40 *10 8A 412 2 7 . -HS £“S* 

— Dm 34.10 - 70 000 16 _ ?7W »4B. 

— IOC 9028 .131 50 16 . ,.J53 SSf* 

13 -.15JI.B1IJ0 4437.0 (JH; 

0 -80050*7.75 38202 

— imc^ 100 *1513,0 10 33 27 

' ' MPBB 130 *20 90 LA 42 — 

~ HBBJa 39.10 -.1000320 54 _. 

mCBO 14A *152455 13S<?(.1 : 

"" wan 110 *015010017 ?7 

— AM 44.70 -.70 M 3779 281S5 “SSo SSS» 
“ HEM »« -0315OWA16 ... gS KST. 

WOjnd 1880 -8D31.»170aS . ..SSS fJSB' 
~ HOW 2180 -.I0U851940 U23b 

— mid 140 - 17 73 12 34 ... MW 12® 

U3 *23 1(10 50 52 . 

_ 34 * A 4290 S7 A 2 0 .. 

_ WM» 210 *.10 3385 1085 48 .. SJuV 

— AMI 5.0 -1110 70 07 .. 12nf2L* 

_ JOta 610 «0H04175n4 . . .g?g! 

_ JSM 00 -03B0240D4 _ Fataw 

— 04te 140 — 25 120 3 7 211 <2^* rfSSk 

— MMlr 1089 -05 120 90 08 ... StSin jSSui 


3 GfflStA 
tf 10 CAKiH 

*,cia *M aje *.ID — 13300 CdFcW 
40 -0 40 170 1.7 . . 47860 CMWI 
!fl» cvasi 
510 BHIWUI 
9SC0S6 QWlllW 

M<h49n’HC« 40230 CanOtt 

lOOS QMPK 
100 CVXH 

9 0 *.18 190 139 an 00 aansaio cnTiA 

a.0 -40 0A0 78 228 * '*“ 

110 *011701023 U . 

00 *40 S00 78 _ 

300 *0 57 $7 10 37? 

70 01 » £7 672 


74 * (« C24 .^4 000 SMP ■ 

7S -<( 8r>j ?■* rno SNC 
U 5 j Ui 43000 bfltn 
30 -10 389 30 35500 SniH 
TH S7^ 7*4 SnWO MwA 


WMlBMBiJidSD.'HJia 


atb CsMXA 
1700 CmUiH 
.718 CdM 
400 canl0 
350 cwiGm 
1450 Cam 

SOSO (MOm 


TH S7^ 7*4 snwo MwA 
IH »l|aa^ lill 359370 SenW 
14 51(1, 14 SKKJu uam 

34^ ->il74U i( 1911913 Saagrin 
0 -I; sx^ 3n^ 5306 SoraC 

:n iitLVi:rK, 15725 shoa 

01 •HI71‘|»S 6M7'J SwnG 

17>S -Vti:"«4<7'; 44780 SHLSy 

10% ii|Siii|ioie 58360 soumm 

33% -IbR^iSI' 3740 lOBto 

34 S74 34 oiKe Swim 


IDI, «ia5'<-SllMi .IW IITIIB 
193 -0 l‘ii 111 .'f«5Wi TaUE 


- 100 asi 02 - "S- « 

-3 m 2M — — ^ 

:?'« S!,3 - ^ 


740 *1 sis 674 - 

IjaO *10 12201250 
4850 -a> S2SO 3.70 _ 


IMC 1230 *3012461250 02 Tm 
000 — 063 40 — — TMa 


l.m —120 70 62 .- 
£20 -03210280 — — 

WCOW 120 *01201201 — — TUM) 

70 -1 724 S0 _ 

( 20 *10120 60 — _ 

aO *11 60 80 _ _ 

M -a 03 00 - - lAOlCO 015 -5 BO 070 - 

&16 *0543425— — tM T0 -6H7SaS — 

664 *Z SH 9H — 1HO_ 020 *10713017308 — 
90 *31210 70 — — 1«t0 £00 *201290100 — 

1.10 -10120 on — — 1009 120 *10 1201.110 - 

T17 *6 70407— — — — 

on *7 70 90 — — 


-e 722 570 _ - S"“ gJO 
•8 BE 679 08 _ t*!** 

-ID 1250 1270 — — Hb^ 
*101,3401.00 — — waan 
-6 12*0 070 — — WM» £10 

*5 SOS 480 - - JBIMI 

-3 836 BIB IS — 20ra 010 

-1 1,10 70 18 — Arw 00 

*9 091 90 10 — 04 80 140 


*0 l‘ii til .y«5Wi TaUE 
Bi'i JO'4 .V4in lea B 

-4i( 8I, A'4 Olgw laplB 


193 -0 l‘J 
30% -IbBI 


-3 995 J87 18 — MBMr 1089 -01ZM 90 08 

*7 73 GOB — — ROMM 3.1S -.1SC03A3S _ 

-5 BO 03 - .... mWt 353 *3 » 0 .. 0i 

-6 07 sas — — SHft 4R*CI *0 7T41W1SS7.* 


944 *0 _ _ _ __ 

413 -4 445 »• — — IWMM S4< *t 50 4£1 

06 -0 80 00 — — n«DS 1200 *10 1,7901,460 

120 —1201.10 — — llBv 120 *0£2m2iD 

1200 -10100120 — — IWMm, £20 —£201.870 

an -6 00 40 — — narw 100 -0324O323O 

667 *4 aot 672 — — TlSee 130 *0 308170 

30 -3 40 SOI — — — 

1.10 *0 1220 1.10 OO — 

an *7 60 70 68 — _ 

4a *£ 40 378 — — KfiM 

417 -tt 491 887 — — IwSr 

820 *3 80 sn — — RbOO 

60 0 60 70 IT HaUd 

40 -O 40 3M —710 Tbm 1820 

120 — 1.40 00 — — Horn 100 

1270 -101.110 70 — — IS1 778 

1220 -0 £20 1 J0 62 — 70 

60 -6 782 CM — _ TdtfC 1,1» 

1.10 -0 1210 00 — — TBMHB 8Se 

110 -40130120 04 — imm an 

90 -9 824 4K 02 — taM 377 


— — tdiMlf 120 *10 1201,10 0 8 — 5MH( 


.„ mMt 353 *3 » 0 ..01 

_ SHTi 4R*ci *20 7T41W 1957.4 

— 9Mfr 11.0 *.10160 II £547.5 

40 -27 115 3.75 30 111 

*0110 9 85 til 772 

40 * 10 30 bi, _ 

Ul *0 7« 3 59 8 4 

— Sawn 660 *1 71 U 10 706 

._ SmM 90 *22 110 8 34 162 

-. TdM 310 *0 3179 33 £6 

“«— • *.76 41260 2 1 - 

*.19 510 14 75 . 

— WegOn 1689 -.19160100 11 .. 

— VMBer 110 ..170107010 _ 


— 90040 
.. aeico 


l.m DB — lOim ~4 <» ^5 — — 

7S9 68 — 106 29SD -02,792200 ... — *««> >nn I bl HI 1 WHTTi 

on — — IWM 220 -0M0I2SD66 — MtAim 181 A ' BITWI 

887 — — IWSr 738 - 70 4» — 


£MO *0178O£80 — — 

<90 *20 400 320 — — (OibO* 


*4 60 6S7 .- 
-1 736 09 - 
- 1201 AO — 
-ID 100 1,10 — 

-£ na sn — 
•4 m (£0 — 
-101201250 — 
-0 70 433 — 
0 005 80 — 
-2 414 ns — 
1.70 *0 £20 120 - . 

50 .. 596 01 68 


— SMBS 

— GMB« 

“ now 

— MdOn, 

— ItaMn 

— ikfptn 


-MIAO 00 — — THAW. 120 -401010120 —07 


zses 


— Weod 32820 


*9 1610 >1110 — — DOlrf 


120 -1012761249 1.0 

220 —1203200 3.1 

180 -70110 920 16 

90 -1 1.10 00 

726 *2 8H 416124 


nKjuaigu20/Mso 


*£ 17610270 13 — HUCm 1780M -101101810 32 


IS *1 1M 1(190 12 
10 — 178 1TI 12 


BBS *8 90 60 12 — DbW 

OH *7 OM S 1.7 — NdH 

80 *7 300 00 18 — H0H 

376 +7 410 S 11 — 

- Udital 1B4A *033888 IH — - 


EttnA 86 — 10 0 — — L16H 1SS2D -^JO £16 156 12 

•" •.BMR 4220 -A«03Sl 8D12 Z WM mS A flO U 

.<Z1 *1 £33 IH £2 — MANFT 331 *0 367 299 £8 


1120 *0I7A 10 — 

OIU *0 0 A 11 

80 — 70 $12 12 

ia -I IS 10 68 

172 — 247 ia 12 

1M *3 2SO 19 1.7 

£18 — 2a 20 68 

2a *B 30 10 62 

40 -I 01 257 08 

020 *120 102 M — 

70 *1 IM 0 12 

0 *1 1ttH.iei2 

086 -.70 120 6480 12 

no -10 as 179 92 

to — 31 16 — 

19 *A20M 12 — 

0 *1 120 n _ 


10 — — IHbMD 44im 


426(M *5 420 100 £8 

287 -a 30 10 — 
840 — on 01 13 

— .— — now *17 ots 010 64 

30420 *70 2M17UB19 — Ti^ I1]«d *0a402j0O 
320 —3817 220 02 — Tddn 1,70 -0110imO 

01 — S £10 — — 7udar 1.10 *1B1A6 90 12 


*0 397 2H £8 — _ 
*7ms 097 1.1 — Snta 
-4 nt 1S9 — — 6 mb 


60 -7 1210 079 _ 

aS0 .. 7 AD 4.00 £2 
620 *0 720 <00 22 
4.70 *0 OAO 4m 11 

10200 -1012218 0^12 
120 *01101/00 — 
I26(M *542a320£8 

207 -a 30 10 — 
840 — on 01 13 

7t(H *17 019 010 64 


1.10 -101270 on — — 

120 —100 720 — — 

40 *1 07 

120 *aim 
00 *0 on — — . — 

— (HmO 120 *101420 01 — — 

— OMM 120 *161>1612n .-«82 

— DMM 140 — 1270 120 08 — 

— OM6M 42n —<0010068 — 

— Daigll 861 A 7H S4S 12 — 

— i—ioi 50 -a on 4» __ _ 

120 -10 100120 — — 

120 *10120120 — — 

1.10 —1,70 on — — 

<£>0 *042401080 — — 

00 -6 no 9a 68 — 

220 -32201220 — — 

sn *10 OB3 4« — — 

2270 .02m£iln -. — 

721 — sn 12 — 

40 — 812 »S — — .wci. 

g? *-?,.» Is z zssr 

im -101270 00 — — HflOH 

sSS *0100120 — - gwH 

120 - 140 on — — 

70 A m 814 — — 

09 -4 033 707 — — 


— 10)60 130 -0140 2200 - 

— 2^ *022»7-70 — 


120 'to 1.170 00 — — 

1A0 —7 A0 120 — — 

901 A 00 an — — 10)668 arMi 

20 -1 201 231 — — IWMH ' ~ 

026 A 044 ae _ — ibhui 

70 *10 70 ao 12 — TmiB 1,10 

737 *11 a4 4n — — IWMH 

4A -a 4M ais — — liBBi 

005 -73 on ni — — ihmi 

001 -261240 7*1 68 — UK 

928 *2 60 sn — — 

7420 —8207410 — — . _ _ __ 

18S0 -01201AO _ — IHHM 120 -012301.17*1.1 — Sf)m 

735 *7 OIS HO — IMMmC 120 -30 1AD 00 — ... CmT 

727 *13 7H 08 — — MHMI 863 ~~~ ~ ~ 

940 *17 00 4n 68 — <■■< » MS ** ijiio s»B IL, — 

894 *13 061 0» — — TMcn 12*0 *10 220120 — — UOB 

474 *4 820 «1S — — laWM 120 *01210120 — 

120 -0 1A0 120 67 — TMttf 1.10 *0 1,10 IDO — — 


<2* *24 60 38^ 22 
33 *1 3080 H 08 

130 -.10 17012 60 or 
15 *.10100 13 U 119 
UD *02 60 110 16 
30 *24 &8S 3M 0* 
300 *0 m 153 13 
60 *0 00 50 30 
160 *.0 24.10 190 DO 
13A ._001£8J . 


tuuiai/ss) 


.29 22111 « — — COS 1110 >0i:.>iii&0 16 

m Z Doiii i680a *0100 isoa 

— 120 on -. Z 0B*4 * 01 3« 235 38 

Z Z IM P ar 130 * 06 334 2 45 3 J 

_ _ Wmo 50 *10 00 40 51 

. — K)aOd HID —120 8 18 

— — 0C8C 14 *0 1170 II 14 

. OUB 935 *0 70 575 00 


... en 40 — 
A STS 346 
A 40 28Q — 
A 41B 272 _. 
— 100 035 — 


SOS • 10 BBS 40 51 
HID — 120 8 18 

14 *0 1170 II 14 
635 *0 70 575 00 
120 *014101040 18 
|S0 - 160 1310 18 

340 -0 30 3.14 DO 
30 *.1D 40 310 38 
40 -03 50 30 18 
100 *0110 OA £7 


120 — 1.10 SSS — — IMna 120 *10 120 1.110 ... — 

mno 820 -10700110 — — TMM £00 -0820127OO8 

MaOK 6296 -06.646400 — — TlHH 120 *01201,10 — 

IMhM 420 *2 4a 06 — ... 000 90 *14 SM 30 l.l 

wom £80 -101101270 — — iSn — ■ — 


HUHCEtJi£20/Fn) 


iMa 

*0 0704163 — — Wl 
*10 70 90 IS — WM. 


S — 2BS £10 — — TuM 
— 530 SM IS — UiFn 

760 A an on 03 — 

_ 40 *80 40 416 £2 — ___ 

RMS 4060 *1 600 an £8 — WHm £915 

flWER 0050 *1.70 4U aa 33 — ViKfn 110 

HhUnC 1275 -16 190 1210 12 — 

mW — 372 20 £2 — 

mZ -1 287 2H 39 - swanudsc 

Saw A 319 M9 £4 — ^ 

9M A EH9 OH 19 — 

30 A 4H 30 1.4 — ASAA 

091 A1360 OH 12 — AMO _ 

00 — BOB 010 12 — AmA OZI 

00 .. S 40 1.1 — MaB 

m *7 3002(10 £2 - 

303 A 30 30 03 — 


= ssr 1 ! 


A 738 STB 72 — 
190 *0£AO MIS 11.8 — 

1 AS -05 I.7I0 1,10 11 — 
£915 A110£20£9 — 

110 *0ia0£20 19 — 


{MSO/Kjonoi) 


010 A 03 
0 *£80 0878 


02 40 14 

307 817 £2 

415 ass £8 


town 320 «A 3.70 2.787 32 — ‘"■A 

BIO -16 767 01 22 _ tOUrCUa/Un] gonM 

1,173 -17lAOI2S7ai _ "* 8— IA 

881 -HM0 01 43 — 

CHHm 111 A2k5O1B0S9 — BCm <7« *aOAB42n42 — IMbB 


*1 m 15 12 
A IH 144 12 
— loss 7890 161 
-90105S 73161 

A 430 32 1.7 
*1 414 20 1.1 


110 0 11 

40 251 18 

60 4380 £3 

£53 A 311 £97 10 

30 *10 312 2H 28 

216 10 £8 


- tsss 


zlCSf 

- HB0CO 


OS *t m 428 60 — 

1,10 —120 030 — — 

SS A OM 440 — — 

722 *2 7U 002 12 — 

SM *5 640 577 — — 

S2S m — — 
_ . 7n HO — — 

120 -101.10 730 — — 

— T ggQ 3g^ 

S -* 00 

*101240 9K — — 
1410 -110 620 820 — — 

i z z 

120 *102240120 — .. 
1270 -01,10 M — — 

£270 — 320im — — 

120 -0120 00 — — 
7« A 


Z 


4a *2 4B 316 — 
£80 -10 110 120 — 
110 *0 £30 120 — 

1900 —1,110 07 — 

70 *15 002 70 12 
50 *3 00 40 ... 

120 *0110120 08 
770 A 00 00 — 
7A *10 70 4n -. 
12(0 AD 190 120 08 
70 -3 7M on — 

717 -1 no Bo — 

70 -12 70 4H — 
1.10 *0120120 68 


— 7« SH — .- 

HSmI 1210 -01.10 80 — — 

iwn 1,10 -101.10 021 — 

m A 753 443 — — 

710 *7 745 4H — — 


Z NORTH AMERICA 

950 0. 1 

ra oosai Brnam 

Z Z TORONTO 123 07 Can S) 
— — Opmdon 


*5'if7’«“ z 

120 -01901.070 67 — . 

sn *1 sis 441 — — 
S —190 HO — — 
190 —120120 — — 

:3'«8'«ZZ 

$ S ISz z 


171**^"^ iff 791(00 FtoraP 
16 *b **• 811% 10% 189400 PVM 

14 914 14 

33% Atmb H 312073 Pdtoi 
3S*i*H 033 32% OSn (MOn 
14 »% 014 14 asreoi Htow 

21% ♦% eis 21% * 

0 tt n 


two DnwiA 
isn ORUn 
.5316 DolKU 
02167 Dsmwi 

4000 Oofliw 
S69IM 0204 
.1039 DiMU 
300 Empn ■ 
7880 EcnoB 
H70 EncD 
3n775 EiiOln 
7000 m 
72179 Rmn 
170 HttlA 
svn Hm 

I939U Film 
138(M FtoW 

MO? reoiA 
D4J0 4SlHn 
HOBO OaniB 
26700 (illlM 
510 blMJ 
0 GncC 
SM (MM 
60633 Sean 
30(0 aea 
I01S57 bdC 
1900 114,94 
4S0 IHM81 I 
37648 HhOI 
4S5W HcoM 
I194R MM 

leass HnW 

UlO HMun 
rp4usi toSiir 


0770 MUM 
5M6* NipOi 
44310 km 
4no Hiiu 
1200 ktoa 
76000 iMto 
lom ntasM 

TDUU hM«i 
II2&8 huA 
ia»0 JkMK 
503 tolAO 
10 im* 
550 ItoflK 
16434 LiaW 

ae»44 uciui 
TWO IOmM 
IDMOa IdMO 
450 U»AW 
IU752n MtoaK 
49500 UmWK 
IHCn MKO 
1N0 Ktoedi 
I235QS MoemOl 
65445 toaiiaA 
107010 liiW*M 
-.rajgy 

.'£979 IMWal 

04GBD Mod 
I73ia HDieM 
01496 Il4ara 

13M9 nw 
MatHic 

i4au5 
2(HU Nmm 
3700 Mnid4F 
937354 ■— tmi' 
lieuo MacA 
1S2L36 Mhld 
lOTEttD Mm 
21S0 Mmk— 
330 tkanxS 
140 Ohm 

Tons OrlMiM 
49286 PurM 
791(00 to«P 
1894080 PVM 
500 PavnA 
1030 PaiS^ 
612D rOii ■ 
312073 Pdttn 


m A 20 10 :.*me leka 
9% 5% A49 ictni 

:?% *%£?!■ 21'. IUI4B Itona, 
0% 9*4 C9r>r9» TnlHni 

39S, -«»B's7'''i moaw I1T00P 
1U *2 140 10 iHIPil tllBi 
16% -%£H.SeiAii 519? Tnmac 
7% A, sri, 7% 1411877 ImM 


AU877 ImM 
12 I? Oil IIUO UAPA ) 

4JU -5 AID 425 2570 UCuiv 3 

21 ■* -I. Bii., 20'. ir4«D (Man 29* 

7% -% 7 'tUO UWS 9' 

7% -% S7I. 7% IIIIM VKen H 

17% «%(l'«17% 30 MKO 16’ 

Pj -% 0% 9% rii0 neeu 2r 

1!,a tl(« ibO IC60 toataC 3 

'{ft *^la^'ou lliWNTf«AL|Juin/C0$) 


10 J •%»8i 101* 

'3% a% 

«*4 

12JJ .%«^ « 

iff _j,gr%i7% 
1*U sii^ 14% 

^ -SS?21» 

15% 819% 

I0(! tt»i 

isiissa 5 

’VJ -("as m 
)A -I 4 0* \* 

31 <% fiiaM 

.'9% tKH »l) 


^•m ou niw<«inoih|i 


22% .ssrsr?*. 

13% -1j*l7j 13% 
24% 57l{ 24.-4 

71 <2l| 671 r4li« 
B>i -% 96% 06% 
r*. S?'i rs 
I7>9 -% SI, '‘a >r>i 
0% SRI. 9 

2M -9 261 3W 


TU'ao (Mm> 

*AI0 BUO*' 
4.’7!iU CABWie 

ann cvao§ 
1S0 UHSR 
100 CTCB 
I14W jCnm 
390 MWiai 
17010 NaO«C 
1770 OMtrA 
02W lliwq 
3960 IMMI 


« l770QB(ir4 lalf 

19 -% SIC, IJ. dTSo uiwg 9< 

ii^Ags^mfi: 3500 MM. ia% 

&H -■■ 55% 9% 

111 *>i rip 0'^ 

1(1 -Ij SIP IP 

{sS AFRICA 

scwmAnocAiJuiM.Raaa 

IM -% 3IP9 10 •/. awi 

26 5n.l1 tfTf. 

u>l 9tfU 0I| Alew mo t 2U !tw 


NH (to 

I'j -%si;'« >1$ 

-.1% 09% 9% 

H(a 68% 6% 

IDI* in* IO(t 
AN '%S04| 0% 
lai, si.i'! 18% 
9% 0-^ »% 

13% 812% 12% 


•35% -INSMb 'as ATCI 23 0 
4Uf -%^lt4l)*> Miod 118 

a7>* STS 37 Amen:* IW 

7 9,' 7 AriijAiii 2» 

9l« S9.B 09 Amnld *43 

33% 3!, V Aic>m W 

14% 514% 14M toMM Jl FS 

17% -Nt17%l7% BMia 22 79 
.*% -% $•'% 7% Hund 4S 79 
16 • »%SICi1f,l« RNAlid 428 
rj% C'l'i 231. MlCai IHB 7.', 

SU S?n?H(. uma 780 

14% 8149 14% Dndli l« 

20% *%SM%2tl% lim II 

13% d’:) 13% Etoslb 2ll 

IT* -% S1U 0% bin*. 3929 

10 tlP% Pv ll&tt 22 

21% S.'l(. 21 Fm4 V79 

H'b .UH'i BS Colon 11 M 

B% . S<l% p)« CI9A 12, '0 


.V 30 2B fPtol 
19 il*% 11% HmH 

u%-i%s»%»% iccon 

yi risyiiii; sr 
"‘-ptirSir^^ SS 

5 -%S5% 9 UtlM 

22% -%sr% 22 UdhP 

24% B4%24% IMM 

10 >3 lix, m F%U6I 

0% -% Hli 0% Hand,, 
»>SA%0%U% RlMto 
S% -JlSSN 9% WiHCp 


20 BW li.’D 48 
27 170 2S 
. f23<J3*J1 2 7 

10 119 :a 



.D8U 

;*a 1CSU 1 .' 

*43 

• 5 

440 $H Jl) 

lan 


1 u. loj J a 


•4 ?b 

3<u . 

a 75 

-tt 

71 rere 3u 


4.20 * 7u 40 395 I 7 
O 7.', . I 79 1 1*1 0280 a 7 

786 .21. It%29 C0 2.7 
h5 * 75 <»■ 79 AH 3 7 
II « 2"* 1 1 M 7 21, 4 9 
2ll • I *jU 31 22 S' 3 b 



r Ub 

Ml 

21 50 

J 1 

V7$ 

4 » 

An 

u:' 

b? 

■ 1 M 


l?J0 

7U4 

JO 

•VWI 

•1 U 

K'J 

87 tt 

1 7 

J* 'M 

- 4U 

rr 'jo 

nj*- 


?l 7S 

4 tt 

tt 

lU 79 

74 

7« 

-1 

-N 

If. 

1 $ 

* 


4<U 

iso 

1 s 

tr 7*. 

• 1 ;$ 

fir.'b 


1 4 

■uu 

4ltt 

im 

;u 

1 .1 

75 


Mtt 

Utt 

3] 


12«%$I2II> IMlfCn 1019 -1D7|I0 
24% -%C4e24% RuaPI 10 
19% •%Sn%15% SMHcfl 112 
42% *%IC^4l% iMiMCC I7W 


Ul • *-0 0 4l 1 I 

•J.'' 10 7* > 4 

IB . 22 1190 . . 

33 ;'9 - 29 34 0 28 I 7 

K5 PI 00 4 7 

Ad . 7 79 t WI.'S 

4M ...910370 81 

M JA 79 2$ I 4 


. . lOOid 7T 1 6 
■ 2 lib 87 2 I 
.. JOIIM 79 


811*11% SABre* M75 -HIWU n 


z z W 

z z8S 


111 *£802130100 — — WtoAu TM 

im -0:ilHl.711 II — Otani 110$ 

iSJO AJq 0BIS0 4J — BBtaBi IH 


1.40 -18 1J70 1.276 

07 *10 4S 3M 1| — ton 
07 29126 *11600963840 18 — CR 

OfdiF 1,01$ A12U 861 IS — (3BSf 

IXlO 479 *7.10 0t 4B2 3.1 — (toit 

oiAtf 41386 -101 4Hm0 — — cani 

(3ttd se9 A 737 47011$ — (3 tt 

OmtuR S.4S0 -0110 900 67 — Onto 

02 *7 10B 7B7 19 — rmrti 

no *n «3B Bio — — M 

47407 *70 476 361 U .. noft' 

00 *44 90 700 14 — mo 

$44 A 70 SIS U — FMto 

sn '0 00 909 12 — Odnii 

40520 *20 40 3H 48 — (Onto 

3*30 *180 3S> 309 ... — OM 

«IQ —1.127 1«A 17 — mPi 

0000 *1 180 810 — - n. 

ErOOt 7500 *S 00 70 — — 00 

719 A 60 035 18 — (na 

140 *301407170 £7 — ttto 

Dnr £00 *038001.799 38 — Oden 

bMCS 0270 -13 TOe 04 10 — MOH 

totW im *89110 129 17 ... UOMfe 

nru 147 *«8D 1l£ 119 08 — MBtoi 

* Fenclr 0100 *14 80 70 17 — HBIH 

Ritod IMP *10100040 18 — Uto 

BllCd 437200 *720 870 366 £ 0 — nto 

60W 100 4Si7S(ioioo 8 - nte 


— CR 
... OBBb 

— (tott 
.. (£0%! 


— 7HO 
_ FMIto 

— fldiK 


174 

174 _ 

340 *4 

110 - 
115 -1 

111 A 10 0 10 — MIR 

IS *1 IH ia — — SoSi 

10 *£ 10 10 £8 — Metal 

117 — 10010 18 — MM 

110 *3 10 10 18 — MTdl 

4080*10 73410 — — hlM 

m A1IUB001.7 — Him 

ie *1 2» 10 28 — jSc 

03 *10 47$ 01 U — Sc 

OH *10 40 30 li — OtttlM 

no A 144 e 18 — 

n — 110 n £2 — 

£0 -80 ia M £4 - 

106 *1 IS 70 U — JBtaH 

715 *0 77s 50 1.1 — 

717 *0 70 529 1.1 — 


— WtalAu TM *« 8805 1341 — — 

— 8 tana UK —140 1.778 14 — _ 

— OBtaBl IH *7 211 76 — — £AA 

— HBtt Mina *«H:w7ijn 18 — scab 

— ton lOKM —iisaiiia — sof a 

— IBK A3,iaai8M18 — ^0 

110 -103,200180 - — g«to* 

180 *ai3Him — 

180 *0 £070 line — — HBM 4080 *10 73 

£20 *0 28ca 1.005 3.7 — 

— Onto ii3n -main HUH — — ... 

ion *019HI8BB — — SkraA 
680 *10780 41171 \8 — 

4.10 *10 4801110 24 — 

980 -1S780387BS8 — 07^ _g s- '«« 

1110 *80i7jniim48 — gdtarC 50.0 -80 18 

1874 *s 1805 i,ae 18 — I'm 10 *i 10 

jSom *a0«2OO3723B 00 — 

<270 — 486S%0?5 — — 

— .... 8,70 *antCiiBiU8B 18 — 

— n. ITIOn *10880186 18 — __ 

10466 *2014001350 — — mmEHUUBLM20/Ri) 


216 10 £0 — MnC 

216 19 18 — IMTI 

30 17 11 — SS 


A 30 17 11 — 

— 19 14 18 — 

-1 16$ 10 18 — 

— 1K 10 38 — 

A 10 0 38 — 


*1 1H ia — 
*£ m IS £8 




ZSSSr 


1419 *101^ 130 — — 

10.70 *3012,10 0800 £2 — 

ISO *001(846 0852 08 .. Adtor 
S84S8I A6C440487I 10 — AUtt 
1180 *U1B800TV(n £8 — MdJiB 


A 20 101 — — 


1400 - 

l» *■& 

110 — 

479 — 

iin -SIR 
xxa A m 

915 -2 S 

?« *T ?S _ 

on *£ 910 70 14 — 

*^3 z z 

-S’-S’Sz Z 

im -0 1.7Z7 140 66 — 
m — 448 34 — _ 

7M *15 785 09 67 — 

S A an an — — 

A en no — — 

ion *101101,00 — — 
205 — 40 20 — — . 

sn -13 Hf B — — 

976 A W 421 — — 

1800 «018«O aa 65 — 

£410 ADUooionoo — 
!im AOonsBiom — — 

im AD147OI80OA — 
B Aim m — — 


— — 153090 AMb 17% 517% l7% 791(00 FferaP 

— » IHBSAgdM 16%*%tll%lB% 189(080 HM 

•», * — 86400 Sctt $% *% 08% 0% 

— > 2* m — — SS722 AOttE 21% -%e%2l% 

717 *1 no 000 MB* ^ 300 AUAO 14 S14 14 

lll.IS.Sil ni — MBnUUl(JUi20/AlHS IDSOinAtoAl S> 312073 Pdttn 

— 71479$ AHttR 3S%*% 53332% 6876 TMOn 

-S? r9-E7-XB.-^ — . 14200AIBBei 14 »% 014 14 07501 Htow »% 

156 — IK 10 68 ._ 39880 /tomr 21% *% ei% 21% 

OK *011.12 188 32 311 21200 BCSuA 0 88 n 

40 • 110 173 12 _ nn wid a% -% es\ m 

78Da -n.n tk itsa itisbb bce ^ZCti7%u3 

121 * 123 £0 £2 — 3297 BCE Mb SM *%!» 18% 

<25 - 172 in 4 7 .- 17£S B6RA 15% -ClttS 19% 

^ «A <81 10 15 _ 1273 Bnuto 10% 510% ID% 

- - m IftE 4 14 1 .mummu 

~ — ■ * 10 ift 38 63 2 13071 ttato ^ ^ 20 2M 11315 SgT' 

go A m m — — iBMi. ISO _ 40 ^ 51 - 0760 BnoM* 0% .521 M% 10100 

S A m m Z Z SSm 

1.10 *0 18» 180 68 — fS^ 

02 ^ S« ^ Z Z SSF^ IS Sf ■ Toim>*Ko«r8eiivBamcicseuMnB5dBy.Jiiy2D. 1W4 

Z Z Er IS :S’?2’ISI5 - 

S ^SSzz^ K 

481 -H ItO 40 48 Z S*Ml 5.9m 541 -1 Mll8 

a Aa ITS 40 i| - MiBjbWii Hvy S-Bm 796 -« MRs 

~ 00 10 5- — F. J rlnft.tii * 4 a con v—. 


a% 53% 231: SANMm 47.90 

8 tt 7% SOW IM 

IHs 515% 15% InOm 46 

0% •%»<• n rnHiil AO 

3$ A 38 34 Vtoslf 411 

9% 58% Hf WAtm 94 

» *2 tt 48 wdmo an 


an 30 30 WbMi 
42% <%|CI| 42 
»% -% »% 7(U| — 

12% 517% 12% WCMA 


r.bo nttU'Al l.l 
IM *1 164 102 2 1 

46 58 4350 IS 

40 . 5425 28 I..* 

All A 40 MO 3 3 

94 *109450 33 

an «b 2lS 151 £7 


towMtow 'etow 


ire 4.7 .- 17£S B6RA 

10 15 - 1273 Bnuto 

1.72 48 08 035672 BUM 
16 18 208 468001 BUOfi 


60 *0 IK OM - — SBOn Bb«W 
110 ~M tin 120 <3 3<7 1«a74«D tom 
00 - 1.10 DM 98 ... 44TI71 tooiA 

380 *.10 las £25 48 178 - *-mw* . ■ 


15% -%5I5% 15% 

10% 510% IDj 

23% -%e>% 23 75301 RdlEn 

34%-%5S%2«% SBOOD WUP 
242 *% 20 240 11315 IMd 

2D% -% 521 M% 10100 RUWb 

15% -(•515% 15% 67381 MpSnO 
21% am T^IOMvMCt 
19% 518% <0 0730 RBrOAk 


1310 Ponrlb 
670 ttwifii 
370 utor 
50 BBMO* 
10 MOimn 
3860 noQB 


5tti* oicf Mad K El Mb BM a h iM a £■ R 

STB re 

JSJS FTPREEAWIUM.nEK>RreSERACe 


*1 8H _ _ 

4H A m m — — 

T.1K -10-im fli — — 

90 -1 nr 401 — — 

m AiMo 019 _ — 

100 *10300180 68 — . 

% S Z Z SS2J** 

tm *ieimim — — 
im A0£mi.m68 — 

^ jS g i z z 

i S *'^im m — — 

Tre *1 W 531 — — 
on -10 HO STS — — 

n? — 1.110 m 18 — 

1.10 *10180 on — — 
ijn -imim — — mn 


M§ HS H - MiBjbWii Hvy 

*« 10 ore Is Z 

OAi - 00 00 <0 Z kSftsijbisfii Bee 

40 -.M OXe 486 12 238 Mltm Sum 

10 *84 10 180 11 — 

M -0 IK 00 — 18 — — — — — 
£0 -0 14$ 2K 18 — 

SS *.iD la 10 — 

1.11 An 187 on 58 - 

is*-s!Si^a’« I 


Ctooing Chonpo 

P i k«8 on (tty 

341 -1 

796 -« 

5BB *10 

709 -1 

B38 *33 


MnatoOlvOil ..... 

MRsuttsbi Kakc4( 

KawBSaki SteH ....... 

NtfionNosan 

SuiHlomo Chom 


Stacks CtMlng Change 

Traded PrOas on day 

3.7m 1190 -10 

3.Tm 1270 *60 

afim 402 *1 

asm 549 *17 

3Jm 535 *1 


1.» 1.12 28 £8 
*0 1J6 18( M - 
*0 IK £M 7.1 78 
*0 ^ 1.12 II — 
'0 £0 10 — ._ 


1 J0 —imim iim 10 *0 20 1.12 i'l — 

on A sn 40 — — mEm 10 -m zS 10 _ ._ 

<00 *S15104mD8 — CMS 118<U -.0110 8.7$ £4 4<0 
im *0 im 100 18 — Mwi 10 - <n 20 0L2 — 

TIM A 744 80 — — LMLO 1170 — IBM 1170 <6 318 

^122 s-Amzm 08 648 u5?m ’SS-.ii’aK iAsS - 

2fi 9S 25 .*7 ~ £0 *0 130 £0 18 778 

. 6g ~ OMdM 10 -KlOM 70 172<1 

£80 — 59tt 3K — <21 115 48 — 

S ~*sS 30 68 — NM 11.12 -.12 130 1082 <5 119 

50 CIO 440 18 — toon 6K *J>7 70 US ID — 


*^^33 z z W iS 

AD^raim ... IMtti £0 

*1 m A9 - - MHMt 


M1VH1I810 18 — MRb £470 -03001173 18 — 

A IMS 00 — — BreiSr 104 *S IMS 105 18 — 

K1IK109 — — BrfMlB 29 A 20 10 18 — 


1879 A 
£50 *0110109 — — BrfMlg 

IMO *nima 0 o — — 0 Br 

zm *S38H 1.870 — — am 


A no H8 18 — 501(11 im -OTmim — 

A B 507 18 — NW8n £ 80 AOlBlMO — 
£78 A 40 30 — 


— 100 030 08 — RAS 27800(5 *On3l8aaiOO 18 — OMIg 


rm $41 A7 60 SH ££ — nme 

Mwi 431M *.046UP 30 17 — SOIBi 

lima sn *17 60 4n 28 .. 0 

kmA 40 — no 4n 10 ... sw 

toiMd 70 *101,0re 02 08 .. ST2T 

77 — 119 72 19 — SdtaA 

40 A S70 430 12 — Odpem 


SMS *0t£Wlom£1 — B*Bt 

0870 *ni£1M7m28 — BM 

<40 *0110380 18 — nm 

*9im 40 — — RboBr 

&K0 AS6m405 18 — WOK 

sm -0 7800 <145 — — Him 


'Tis 're 19 Z SAftaA sm -0 7800 <i4s — _ M«ng 

S70 430 12 — Sdpem 300 *10 400 28^ — — Jdnur 


SSI A 747 SOI 11 
reg *71 070 723 £0 
tS *10 H2 710 £8 
397 A 428 331 — 
100 *10 200 im 17 
1876 -lO im <m 2.7 
2m *0 208 2800 17 
80 *13 sn 80 1.7 
370 *15 40 310 10 

090 — sn 702 18 


Z nS^ 

zIT" 

— SoBdiy 

— Kwtoi 

— KRin 


70 A 776 SIS as — SBRS 

0s A S70 m _ _ SSn 

£820 — 2JBrO20S — — ~ 

581 -17 006 m — — 

1,10 *101001.10 _ — 

477 — on m — SBheT 

8BI *1 412 an _ _ SMeF 

408 *1 431 30 — — Sm 

on *2 720 SOI — — fdCMu 

m *0 015 SIS — _ fiHto 

087 -10 STO SH 08 — 

1M0 *Kt.«ximas — (mbbv 


180 *10 im im — 

SH -1 7H 915 
200 —1001110 14 

100 — 110 100 — 
UK -IPlSTOliiO — 

mo Aim 0S — 

90 -1 HB 4M — 

00 -ttfioo sre — 
sm — Tmsm oi 
rm *70 om 700 — 
USO *4O4m30O — 
tm AO im 100 08 


£0 *0 £0 10 18 778 
50 -0 1004 70 17 2<1 
IK — <21 11$ 48 — 
11.12 -.12 130 1082 <5 119 
10 *87 70 125 £0 — 
10 *.11 160 50 03 18 
<20 -M 60 384 18 — 
20 -0 £70 10 18 — 
173 -m <.IS 30 38 898 
<52 -0 50 <13 48 — 
10 -81 £15 IK — — 
IM -.03 £K 10 — — 
IM -0 382 20 <8 117 

SK — 30 280 18 — 

10 — 00 10 68 — 

3K *0 40 £0 £0 — 

S0 « 10 40 <0 — 

10 -0 1.74 1.1$ 17 — 

40 -.10 52$ <28 65 — 

50 -K 7.13 501 78 52 

40 40 10 17 13 


7840 *10180 im — — sui t m 00 -0 7.10 $042 


180 *1D15Wim — 
im *10 1.10 80 — 
100 -10 180 im 18 
ns *1 912 am 1.1 
<80 -0 sm 7830 — 


— IMT 

- IMtti 


ID — 100 110 68 — 
£91 _ 30 20 — — 
181 * ire £0 78215 
£0 *0 20 10 — — 
170 — <0 382 <7 — 


INDICES 


INDICES 




hd 





JU 

a 

JU 

19 

JO 

18 

HP 

(M 

MttUtt 

(ttoH Ugri2/77) 

M 1805383 190010 3547080 166 

T7700 20/4 

JtatoHo 

MOUMnan/i0| 

#5 0mo(i/UBn 

207U 

1008 

2077.4 

10Z78 

20722 

10188 

234089 3R 
110« S2 

185780 2»8 
9DUD M 

AHkta 

MNdtaoBonanv 

DadMItoSinvi) 

41273 

im» 

41110 

T07S.79 

40SS 

10BO7S 

4aU5 2ft 

V2 

3810 298 
19I1K 8/6 

nKn/iisi) 

142151 

1424M 

14110 

1508S U2 

1300 13/7 

tod 

BHwotanae^ 

0 OSrSJO 404SU 0700 157 

38010 an 

MHbMMt(l979 
cotowtt* n»3> 
Faiwu9l4/uU 

M 

0 

384185 

0014 

1900 

388182 

416983 

19650 

387U9 18fl 
480980 2313 
2(8289 1/2 

3200 20/4 
31600 34fi 
188888 2M 

Btt 

P06m(3WMB 

W 

43548 

43703 

0080 4a 

3010 4M 

Dnadi 

OopatBQHSB/UU 

37380 

37088 

aSBJM 

41079 2/2 

nuBi 2M 

ntod 

leiEdBHgsnawi 

18178 

1B1T.1 

17B<7 

197280 4Q 

i 0 Ln sn 

fttto 

S0 20 01/1205 
CNC40OVI2n7) 

13SB86 

20072 

138071 

2OS20 

(3H87 

20013 

ii 

12850 4/7 
18980 4/7 

QmniiiAn/iassi 

QUBviaeTff 

50424 

0880 

713885 

000 

22700 

21079 

705K 

228250 

20019 

86U7 IM 
20UO 2/5 
sn.ii IM 

7S70 £7H 
2100 27A 
19800 2M 

MnSEpi/izW 

B31181 

8S4.33 

01.78 

INCH IM 

0887 2K 

ItaOBlttU 

lttpSno(S1/71M 

918882 

m4$jn 

91930 122089 4/1 

8000 4fi 

Wh 

BSESm(iS7M 

41 1U 

41148 

4001 

4000 2M 

8040 sn 

«0anMianBa 

0254 

46084 

400 

m£0 sn 

080 107 

h0M 

B90HH|4n«B 

I8ZU8 

180080 

17000 

20018 2VI 

MBCM 1/7 

Ml 

b0GbMH(t9n} 

>Bbmi(4n<M) 

7160 

11S78 

70483 

1100 

6BB8B 

11138 

817.17 IK 
131080 IK 

68U5 ion 
9M0 ton 


osiMmfMai^ 

cesMbBin 


0 22S6JD 227<a aan.i7 ae 

as AO 4178 45C0 3I/I 
M £08 2BAS HUS SW 


205<M 2087.71 20X46 3090 » 


00 moB'iA ii(U> lOHJB losss nare » 


lO>MCVI/aS) 25086 2S8B0 256081 SHUT VI 


27468 27SS.7 JTSfJB 3UU0 lOS 

S5<0 9400 ms 0010 VI 

rniuv 2008 215U ann vi 

535B8f 6508 62BU 02570 1S« 


HUB 3M 
2570 2U5 


8SAI-V8diD(V?3} 

Somikka 

jsEeneowTS 

jSMDBOTai 


17550 m 
SM50 un 


ittHDMesvuaor ma sssk s448 9K0 or 

asm 

IMMSOOnaA 3M80 30582 3040 SS5JI 3W 
StoBm 

m - m ibitoi (la/sn 14450 143540 14319 1900 £W 

am0M0/i25n iwn iwm vaa Mamsw 
aBCSdVdflMAT) M££1 50021 5020 15510 31/1 

Tyttop 

MHttftawsmr situo asaa ss3£46 sshk w 
158005 

BnMlBErDVVH) 13629 13480 13450 17SUS VI 

■ mm 

kUldOCMlV^ 2T91U 226«AaEUD IVI 


etor jBBto 

0 

0 

0 

1594 



» 

» 

15 

0P 

loe 

m 

low 


374181 

375040 

0081 

1 HM0 

3SIB0 

3000 

410 





(81/1) 

I4M} 

BI/lM 

07/39 

Npn BBto 

07.78 

00 

00 

! 100 

043 

1077 

540 





svn 

ns0 

(lanivo) 

(i/ivm) 

Tmuput 

I6D0H 

mi3 

1010 

1 teaut 

15460 

1100 

120 





m 

0V4j 

03M 

(87/38 

ums 

1017 

100 

16323 

2270 

iron 

050 

(00 





(>n» 

040 

MM 

(VV33 

Ol M. 0*7% Hpi 37r7K B77BK 1 lorn ST 

iiao P7Z9JW ) (neniiXdil 


s«r» tap) £7e£0B7mK>u>w 874181 tr 

13157 1 lAnudOl 




Ppera 







CcDHStt8 

4530 

455S 

454.15 

400 

4300 

Jtttt 

<40 





03 

flH 

paM 

(MM 


OB 07 

0044 

500 

6600 

5100 

1600 

10 





03 

010 

pim 

tn/sM 

AtoH 

440 

450 

00 

400 

<10 

400 

584 





(140 

<40 

ROfMO 

pnim 

ms cm 

2500 

SI.44 

2510 

28781 

8014 

07JI 

40 





03 

m 

0M4> 

esHM 

MtoHB w 

4330 

400 

4310 

400 

4057 

400 

081 





03 

UM 

03M 

anvn 

WSOH Ott 

71122 

7220 

1210 

010 

tore 

5690 

540 





(IM 

0M 

ao09« 

(31/1073 


Is this your imn 
copy of the 
Finanirial Times? 


Or do you rely on seeing someone el.ses? Evciy 
day the FT reports on the topics that mailer to people 
doing business every day. in and from Europe. 

We cover the latest European. U.S. and inter- 
national news, and analyse the implications from a 
European perspective. In fact you'll find far more than 
finance in Uie FT. 

No surprise then, that the Financial T(me.s i.s 
read by more top business executives in Europe than any 
other pubiication.* 

Make sure you're one of them by getting your 
own copy of the newspaper delivered daily lo your o/nce. 


*&*KT0R5 IW.I 


FT 


Ta CiDna HAa Firancal THim lEumfr) GmiiH, NHelungAplau .1. Nit IK Frankl'ua'Main, Ccniun). 
TtL * 40 A IS6 850. TU. 416143, t%x. * 44 tN Mb Abl. 

- — - — ".J»_ 




11570 IW 
5010 13/7 


M01> 

sschhuc/i/tv 62ir 


6308 «n0 V2 


anMA lOOCBniWIt fSSTH 130171 13011 IMIi 3VI 

BniM-meBma 1100 1100 11570 isnm » 

XH0V«PW2«q 0 311.75 31&11 3019 SH 
BKtaHBnei«47/lAa 1570 158.71 15988 mS 

, grocK wpsx HnuHSS (matif) 


mui 21M 

11420 205 

ansztfl 

MI0 2tM 


Oew Jome M Dta. YlaM 2.71 
M IS 

8 1 P M. Stt. ytatt 287 

S 1 P M. ME isOa 2Z.0 

HST/UWWP00FOOHSBOO15 

Opan Uttd CTttigB 

Sm 4540 45480 -OSS 

Dec * 4570 

Mb ' 460.0 

Opal tOdtoladto to tar r r Mib M^ 


TOHK ACnW ITOCICS 
Sfeba DOH Bm 


Ji8 B JU 1 Yarn age 
2.74 179 20 

M 9 Jut go VOtt ago 
Z8B 249 20 

2272 23,10 240 

CRmSKBSSOOttitojndan 
AgH LOW EsivoL OpenM. 
020 46150 40JSS 303X0 
473 12400 

30 £.796 


■ TIMDS80 ACmriTY 


SUBSCRIBE NOW AND GET THE FIRST 12 ISSUES FREE. 

Td: OilliAn Hak. Fioancial Times < Europe i CmbH. NibelunpenplAie ?. MO IK Fionkfurt/Maiii. Ccnnaii>. 
Tel. *49 59 10350 . TIl 4I6I9.V Fu. 1 49 04 .WbAAKI. 

YES, I woeU like loiahvnbe lo ifae FhiaiKial Times. And enjoy niy lirsi 12 isuds rrn. I will jlloi* up lu 21 itass 
telen-deliwyarmy rminigr.FletoeniermywbscTipiionfi* l2iDtmimuih7fnnua‘ini>raB*, 

AuOM OES50O I FratKC FFR2i)40 I NahertaixK DFL X7.4 I Snttkii SFK 1 >*n 


AuOM OES50O FratKC FFR2i)40 NahertaixK DFL K7.4 

Bdynto BFRISiOO GemAM DM70 Netway NOK 3.220 

DtoRMfc DKKSm lialy UTbOaOUD PDiUpJl ESCOOAXI 

Fnitand FMK 2.200 Lusanbowy LFR I.VSOO Spsin ('ISOI/tnO 

FcruibscnpcimnTBley.Cypnn.CieAix.MAlU.pkaseconua *32 2.41.1 at |fi 


S««drn 

S*iUerlMiil 


SEK 3J2U 
SFR7)0 


QucgemvAnietiQnBipito/PiBto Qiit^ 

Eiiieevd/VBA Acembi. 


ExpuyDde . 


MUZBOSSMgi 

*■03110(1/10183 

a«0taH1ia| 


807078 aOTTilB 207170 2Ig0 W 
ywOT 302i)6 3dU9 Brlin i9d 
16049 <6640 10B5Jn 171233 1» 
25310 SlflJB 2SIWI SB420«7 


173034 4/1 
3022 VI 
1400 4/1 
117323 4n 


Opin 

SeUPilOB Ounea 

HIGP 

lliw 

Bel rek Openhl 

20S7.D 

20473 -18.0 

207Si) 

203S0 

26.351 som 

gntoS 

20600 -103 

2002.0 

2041.0 

960 

20713 

20633 -laO 

200<Q 

z»4.0 

£060 8,818 


OpMi btoto ICttH Ototaua (ttl. 


COMM 
Om Mm 


Pnm Cb 

ATfrT 


***C"I«4(«9 10072 080 1MI6J5 12M* Sfl n,*— ,-i t contolto ’ CdcdM « 1SK Gin. • Enkitto Mm £ 


SMl DOH Bmp B Wuw 

biM pttt tt m 

<80500 33H .1% NW'IM! 

W®® aSH -ZH SSL 

3.D190D IM -411 ttOilL. 

203,10 T7H -M NVSE 

325M00 m — iBWHltodH 

30700 4M *H IttH 

325500 4M -0 R5k 

2,21480 2n .% ttiEianmd 

2810800 3M -Zta Ntt Ki£e 

31833D0 53% -H New liM* 


• ViftiwkiHPO 

JU 10 K 15 JU 15 


New IM a 01.40 mm 23 <m 

Am 14857 12803 11171 


'CiBWKw ndK ON <«■% vahdfir ihr ftmry m hbrA toj- are ^wd iiitucripdi>ii Prh n are tvrrtrx or ittir ,f 
foiag w prru. Prices are esclMsive cf V.4T Iff dll EC ioumtm ftr.vw Cemum jm/ Frame FlWTNa 
DEXJZX/o:. 

To siBoeribe Id the FT Ea htanh Ameris coHaa New York TH 7534500. 5 £a JHCJDT. Fv coBtaa TCkn 

Td 320171 I.Fb 30151713, 


□ flCAK Uek tor tal ttn uduniw ahw «, ad 2( n«di sabwn|«ai naes, tr net Iw 

A conn u heed NmiK. 


« ♦ tSSa; « 


1 Cunumnr ' CdalilMl « 1580 OUr. • Bnk^ htttti $ bUuttM, pto URn*. AmW att Ttaniffttaduii. 
i Hm 0 tadk MBA diBondBd Ka ttd toe to ra BFMOM U •« HpBBi a« iDMBi prioM imed toino to dqr by Mdi 
ndA totoOH *• attto dei% llpe and isw tadUtaa m TddsK NtoHH to Npnt wd towKtoto tot to udto iNB nSM 
dwtotodv (to HgnB P taiUM to pvHm ttlU f Sttiea 0 oHcW todeddtois 


I I AConryuhttdtieiMK. 

(remipndii — 


OTT —■ — s — - 

Mtos B idildi I BOiU ike nv (iiwnl TkiB defivoto 


tonw* 

Al* ieBrArr.p*rf ■!(%•«• srttowr 


Financial Times. Europe^s Business Newsuaper 


f 



36 


FINANCIAL TIMES THURSDAY JULY 21 1994 


^pmdoaeJufySO 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


Sk ei..%S 

Wta IM (Mi om 


47R 72 14^ 14 144 

31 66 13{ 13% 13^ 
24 1631 71% G9% 7D4 


m m 
Bi K 6 
648 6447P 

an ij 

1.6B 2^ 24 1831 71% Qli 7D% 
31 9966 64 60% 61'' 

12 321 3% 3% 

201 44 29 46D 46% 44% 

678 2.7 16 61E 28 2712 

UO 4JI 9 25 12% 12% 12 

as IS 167 36 19% 16 

24 47 13% 13 13 

644 1.7 4 STS 26% 24^ 

149161 


HU 

E* tMSHi 

17% 13% MR 
16% 13ALlS(A 

72%S^AW 

_S 3%MSC 

3^2S%!uM8.x 

23% 17%«BHMk 
13% 11%ilElian 
31 22%ACE1J1 

i2>2iAAaieKh 

10% 7%M31MI|V 680 65 

10% SAOUGMSp 656114 

12 ^ACMSNSb 1.ni14 

11% a%«M8M 1SI24 

6% 8MMinagd672 69 
1S% 8% tauo* 044 18 14 123 1 
9% S^AeneBNl *■ 5 35 

28% 23Aeai«a 040 13 13 18 28% 

0% S%Man 636 61 2 369 9 _ 

16% 11% Mm 89 Km 1Z% 11 

18% 1B%ManEHr 648 18 0 m 17% i7 

e4 46%MHcra 100 17 519 S a% 

100 112 10 6835 24% 24% 24 

0.16 61 8 227 S% 5% 6% 
616 68110 IS 17% 17% 17% 
195 64 12 38 54% SM 54% 

2JS 45 8 SO* 5^ 9% S 
646 14 14 1848 3^ 33% 34 

058 4.4 14 1712 20% 19% 19% 
1 11 2 22 
698 13 a 2079 44% 43% ^ 
030 1.1 16 9n 28% d27% 2^ 
47 648 a% 27 27 

15(114 12 14 16% 16% 16% 

7040 25% 34% 24% 
616 7.0 3 104 104 104 

620 15 91860 16% 15% 15% 
055 1.0 a 3S 19% 19 19% 

050 
(L28 

628 - - - . 

644 1.6 a 9S a% 27% 27% 
050 15 Bt2Ea 24% 24 24% 

IS 1.7Hn 593 50% 9 a 

an 17 4 220 2^ a 

610 65 34 1047 19% 18' 

69 24 18 119 20% V 


_ lAOMO 
6% SMmap 
a iSMniK 
$7% 40%Mam«R 
88% 49% MM. 

S25%ASK 
20% 16%Mlim 
4 1%AMlkE 

49% a%Mnc 
a%2MiMn9Ftl 
2^ i9%Akanine 
16% I4%«im 
2M 21%MTcli 
10^ 101AVM6I6 
18% 13%AHaillr 
21 % l7%MaqpM 
17% 13% ARml 
a% i9%Mica 
21% 17%M0ArA 

a% 2AA8MI 

25% 19%AlaM 
00% 4^AlaSl 
30% 2^AlBfiraM 
22% 14AMM 
34% 17ABI91M 

2^ 2D%A8aaP 
18% 18%MnCn 
a% aAMrgai 
4% 1%Annn 
27% I7%A5 ig(C 9 
10% OABna 
^ 2l%AWMsli 
40% 33%AldS% 
a% 24A8MQP 
6% 4%Aansb 
a 21% AhDu 
82% 84%Aleai 
20% 30%AlaCpA 
11% 6%An6DllW 
' 6%Aancdi 
6%ilnn6ri 
SAmaHkM 
44AiBdBHl 
.. 8%A*Al8R 
31 2I^AaiBMdi 

35% OMAndntf . 

a% 18%AfflOUPiO 050 4.1 12 
8 6%AffiCapkCx6R 92 



1.0 a a i94i 10 19^ 

15 5939 17% 17% 

15 15 47 2^ 21% 2^ 

14 14 la a 19% 19% 


1.64 75 11 3(n 21% ^ 


8% 

8 % 


94 

9% 


S% 

19 

30% 

21 

619 15 13 IB 16% 15% 15% 

04D 1.7 15 513 24% 23% 24 

7 10 2 2 2 

154 7.8 2T 273 21% a% 20% 

618 15 S 9% 9% 0% 

154 94 14 11 23% B 23% 

6a 15 7 3071 36% 35% 30% 

058 IS 18 845 ^ 25 2^ 

asoa n8% 6% 6% 

10 2377 27% a% a% -1% 
150 1018 7827 81% B * 
40112B a% 21% 

6BI15 2S 8% 08% 

62S 65 24 84 7% 7 

608 1.1 6 3e 

648 24 13 91 

680 15 21 1740 51 
634 17 135 

610 64 311035S 
250 62 914B a 

13 13% 18% 
a 7% 7 



2D%17%AaCMBO 154 67 a 237 17% 17% 

a% i9%Ain Gacvx IS u o 8 20% 26% 


155 61 54 2440 60 

140 61 T5 28a 28% 

050 63 11 8281 9 

1.16 4.0 a 3257 29% 

677115 Sa 8% 08% 

250 95 8 394 24 23% 

6B 35 10 12 17% 17% 17^ 
192 55 11 1579 Sn 5^ B% 
675360 8 4 2% 2% 2% 

048 05 15 aOB a% 93% 61% 
150117 631 8% a% 7% 

058 U 774 24% 24% 

640 15 7 sa 21% 21% 

644 55 5 a 8% 7% 

648 15 712a 25% 



50% 42%Al*i:^ 
a% 27%Amapi» 

33%25%Aneu 
29% W%AinG«l 
9% 8%AniGaNln 
a% 22%Aa(mF^ 

20% 16%AmKalBg 
85% S^AnMm 
2% 8%AnHalili 
98% B1%ta9a 
11% 8%Aa0p|llK 

a23%Alincni 

M tOAmnudi 

8% 7%AnRHlEi 
27% 31 AoBor 

a% 19AffllMrs% 155 62 2 

32%28%Ml5nil 158 66 12 SB 

a% 39% Aimi 1.a 66 M 4852 
43% 34%AiMRnkB IS 34 S 3 a% 
16%1t%MlBM 624 15IB TW 18% 

81% SI%AnHn 2S 66 1640Bi51% 

9% 9%AnpEtfllx 610 14 5 64 7% 

4% 3%Aimta6 613 64 SB 4 ' 

■ 140 4.6 1D15S 

to 401 
OS 66 69 923 
83271 
694 US 51 

144 19 8 2786 59% ...... 

167166 3 ^02S% 25% 

13 2BB 31% Oa 2 ' 

644 16 16 » 16 15% 1 

1.3 18 7 194 34 a% 3 . 

. OS 15 a 2222 27% 25% 25% 
10H 9%ABnilunF 672 74 72 9% 9% 8% 

19% 14% Am ai646u19% 19% 19% 

7% 4A(ialdMM I 201 5% 5% 5% 

22% IB^/MPWA 613 aoa Z1 21 21 21 

27%a%AnA0n 610 64 171703 24% 24% 24% 

51^ «3%AiDiauM 250 66 a ffi 45% 45% 45% 

9l%46%Anini46P 450 95 zlOO 47 47 47 

6% il^Amco 2 462 5% 

a a% Ana IIP 110 66 a 3% a 
a% 4S%AnaW IS 15 a 1322 61% 90% 

45%3]%AirmBk 14 456 35% 

3 255 7% 

an 35 13 13S 2^ S% 

640 14 69 907 a% 28% 

640 1.5 10 06 3% 27 27 

IS 18 12 888 35% 35% 35% 
657 16 74 17% 17% 17% 

OS 115 2 945 2% 2% 2% 


33%a%Awuift 
4% 2%AiiKan|> 
58% 42%ABtolD 
31%2MAMg 
2^24%AigHb 
B% 47%AAiil 
S% 2S%ANFiPptft 
Sai%AilIMni 
16% 14%A«nrli 
35 aAnCp 
s>« a%AwAaOtp 




7% 4%An6qi 
33% a%A«feiind 
20% 2l%Anm 
31% a%AMCM 

S S%AMB 

i«%w»pibf 

3% 1% AMtlir 



V aiAHNIGk 

012 

64 

21 

107 

31% 

31% 

57% 49% 4117 

IS 

IS 


53% 

SA 

S%23A48lkA2 

in 

1.1 


nn 

ai 

ai 

35%33%4maks 

in 

ao 

14 

7n 

34% 

34% 

A AdonuSn 

nw 

u 

6 

9 

5% 

.1% 

21% lANMfeEn 

IS 

11 

10 

59 

iA 

18% 

1l2%^4HUi 

10 4% AM 

ss 

sa 

9 

2782 


107% 



0 

3710 

A 

5% 

2A 17%Aaa8B« 

OS 

4a 

B 

n 

18% 

15% 

12% AAOKkADR 

034 

17 

10 

1132 

8% 

8% 

24% 17% (im 

016 

07 

27 

9*0 


S% 

12% MkUbFd 

610 

ia 


29 

A 

9% 

a% 47% MM 

OS 

1.1 

a 

199 

s% 

52 

2A lAkum 

644 

10 

11 

in 

1b% 

15 

18 7%MH 

aw 

u 

1 

89 

iJ* 

A 

4S3AAmi 

OS 

ia 

17 

.19 


32% 

9% 

61% 4AAWBR 

180 

12 

16 

99 

57% 

14% IAAtUiCUD 



10 

31 

10% 

10% 


5% AHA 


a% 31% BB 
9% 6% BET ADR 
S% SBUna 
17$ 16%BnivFn 
a% 17BUVH 
Z7%21%BMva 
ai2 24%BnBp 
15% 8$ BUM 
9% 6%8Mv 
25l2 S% BBB 

a% 

a3O%Bnc0ni 
S% 19%BHdAdl 
25% SABacaeav 
11% 9%eanaCBnn 
»% 27BBPH0M 
1% i%BmTen$ 
83% 49%Banag 
38%BntiMn 
B SSencBMI 
28% a%Bani 
49% 46%Bh8MnP 
a% SBanMYx 
SOij 47%BliMnA 
95 91 BnAAfflB 
84% 6i%ttkT« 

B% aBetn 
a% a%BndlCfqi 
r% a%BMMap 

48% aABMOk 

12% 8%BaWi 

53% 34%BnKll 
2711%Bnttr 
29% 23%B«rata 
a% l9%BdTT18a 
S% 16%BBarSmf 
50% 47%BBaSm 
37% 27%Bnfln9< 
28% ISBcdomnli 

43 34% BMW 


21 389 

-B- 

la 7.9227 197 34% 
051 31 27 2a 9% 
oa 67 9 99 5% 
la 14 IS 16% 
6a 12 a 4987 21% 

oa 15 a 56 24% 

660 13 a 9a 26% 
605 66 13 4B 9 
11 4a 7 
1.B 69 II 1919 aL 
OS 10 a 35 
IS 35 II esa 
10 a 
1.14 60 0 ia 

672 7.1 4 3 

104 35 7 297 

a BB 1 . 

an 1.3 18 IB 54% 
IS 64 BBin 47% 

soe 63 5 a% 

aa 65 11 lea s~ 

304 95 5 

1 10 67 5 (934 
3S 67 a 
6.n 7.3 7a. 

3S 65 sssa 96% 
IS 37101 293 a 
650 20 19 657 23% 
ta 40 a 79 a% 

1M 67 10 13a 44% 

aa 6S2a 2870 io% 

an 19 13 2(37 35% 
IS 68 37 3454 2^ 
la 60 14 44 34% 

1.72 64 2 a% 

aa 64 4 243 15% 
in &9 na a 
664 1.6 a 55 a 
oa 10 21 8» 2S% 
074 10 14 755 a% 


34 34% 

■gl 

16% 15% 

21% 21% 



iBwauGriiuir WORKS nm UR 




Dual 1 Bit 4 Tunes Oversampling 
Digital Filter 




bscsonhs 



hl M s 

BA % S HU MB 

os U 3 6 7 

178 45 16 2387 56% . 

040 15 M S 18% 1. - .. . 

in 40 S 3773 00% S% B -% 

600 1.4 a 2a 44 43% 44 

as4 13 s in 24% 23% a% -% 

4S 70 4100 s% 08% S% 

IS 19 12 690 a 30% 30% 

647 15 16 IS HA 80% 0^ n-a 

a04 454S_S % 

648 61 S ion IS% 18% 1S% -% 

a 4iii7mi7toai72n -so 

040 4.IIB a 0% 8% 9% - 
14 7412 2^ S% a% -1 . 
ISO 05 21 27% 27% 27% *% 

&00 03 5 64 54 54 

a« 10 8 6881 21% 21% 21% 

144 13 21 8S U 43% a% 

27 823 12% 12% 12% 
aio 08 19 418 12% 12% 12% 

040 10 54 2aa a 84% 24% 

040 25 17 oa 17% 

IS 07 11 a 19% 

7% 


tOM 

MU lAvBMl 

7% SBadPrs 
58% aBalM 

S43%BbIoA 

fwifsiaBAW 
10% OBniypa 
37% TSMBW 
S%26%MStl 
SS%51%B(MniPr 
24% 18%B(lha 
S3%a%BataL 

21 ^ iIbM 

10% 8%BkkldlM»ta73 02 B 

8% B%adBd9lci 078107 2SB 

10% 8%BMad(TBlx m 70 253 9 

48%37%BtoGk ISa5 221S«39% 

610 04 aiSHB 2^ 

612 1.7 n 6% 

10 s ^ . 

1.n U 12 4ea 48% 45% 45% 

OOO 14 S3a7 34% 34% 24% 

OS 66 a 113 10% 10% 10% 

100 10.1431 4053 917% 18% 17% 
6a 14 ll loa 12% 12% 12' 

. ... IS 63 6 7 a l9% 1 

2^a%BgMa- OS 15 I4 23aie7% 

31% i8%maiFnd 627 1.0 n? 3 b% . 

la 70 r 34 30% 30% 

IS IS 12 SOI 73% 71' 

a 8M 2 A n 

la u 13 B2a a% 51 . 

1.77 20 15 ai 67% 56% 

607 70 S 177 43% 42% 

IS 60 S 29a ^ 75 

:1.a 50 7 IS 23% 23% 23% 


17% 17 


^‘e%B»GMpx 

S% 19%mCM 



18 

21% ifl%eaBAN 
17% 0$bntaan 
19% 11% Boron 
S lB%BaaiM 
' aAtBoMW 
31% i8%maiFnd 
34% aBREPnp 
90% a%Bng8i 
33% 18%Brfe*iM 
a%S0%M%5q 
74% SS%BrAk- 
54% aMta 
79% ajtS 
27 i9%Wf>ntfKni 
34% 1BB8MI 
71% S3%Br 

8 SABniia 
30%S%BnAi« 
a% 24%BrFAr 
4% 3%BRr 
35% 17% n mm k 
18% 13%»uh1M 
41 a%BUByePI 
19% 14% Bum M 




6a 1J 34 12a 34% 34% S% 
601 SO IS 1279 90% BA B 
IS 54 14 179 25% 24% S 
IS 401M 281 35% 33% S 
6a 4J 4 II 5% A 
OS 34 4 3B 27% 27% 

BS 12 a 7712 31% 31% 

IS 71 94% 4% 

644 10 41 ISn 24% Ql 
OS 14 S 557 

la 70 10 a 
1.72114 0 ia 
IS 63 19 a 

IS 1U 21% 

IS 13 16 laa ai 

os 14 a sa 


Buiuuni Pc IS 02 a 2a 17- 



-C« 


35% 25%C8i 


% jataclU 
a isScHSAi 
83% OTCHAFn 
51% 44% CPC 
17% Mcncap 
71 CSC 
19% CIS Cup 
18%CaUMri 
82%CH9am 
.. . 48%CtlMlC 
23% 18%caa(056 
17% I0%(AUicM|pi 
a35%(MnM 
2% I%CURhIE 
15% l1%C0Bviain 
19% 15% Gangs 
15% 9%QIFW 
25% 17%CSMS 
a% 34%ciint6 
ii OcaqMRB 
18% 14%CuAc 
neo%C9iioi 

3A2B%Gl^ 

14% l2%CpHllSx IS 102 

a%a%osiRUio i.n 70 

S a%(ApniMoe aaiiB 
l5%Cnnartc 
30% CMOS 

22 % IBHC umM O 
li HcaolaPc 
13 OVOnintR 
aa%ckm 
68% KliqnBT 
2Al6%CalBi1M 
lA i3%CncitoH0x0S U 12 
21% 1 B%CbM» 
lA 7%CUiAncr 

mftiAcmirx 
15 10% on (2X9 
3A sAMvia- 
1A 9%(4nEnx 
45% 23 %ObiUx 

a% a%cmirHd»i 
a%2i%CnrLa9 
15 lACenrMMi 
a24%C4nirNM9 
a t4%CmVirM 
30% aO%CeMSW 

21%Onity11 
27% ia%G«tdh 
a acAnpHi 
12% B%ciaiaixl 
1A SAOtutHM 


045 10 a 3U a% 27 2 

2S 00 l53DlS3l1>i30(% B 
018417 0 a Ji % 7 

172 63 11 2a a% 21% 213 

a a 61% 61% 01^ 

IS 20 16 20a (A a% 497 
oa 62 19 ia 17% 17% 

IS 14 21 8n 74% 7A 
040 1,5 21 luarr — 

664 62 18 loa 20% 1 
a 1811 laia 



IS 10 a sa 

615 07213 317 21' 

SaSBBU 11 
10 314 

OS 167 2 ia 1' 

616 10 a 664 12^ 

18 aa 15% i( 

01116 12 1i: 

040 10 57 44 

1.12 60 1S12e 
13 207 

6a 11 a sa 

OS 02 21047 
6a 17 9 1798 a1 _ 
ia 12% 12% 

2 22 a 

6 112 24% 24 

i8 2ia a% 20% 2A 
072 12 17 4 a% a% 32% 

12 151 1A 

0 in » 

6a 12 8 8 9% 

1.7D 70 f1 «3t 2A 
240 4.0 14 17 80% 

aa 11 a 5510 t7% oib 

40 14 13% 

2681 21 — 
aa oo 10 74 a 
IS 1.1 iB2sain%i< 

a 31 14 13 

100 63 11 ao 31% 31 
OS ai 1 1825 10 

OS 68 ID 2459 25% 

IS 7J 9 04 26% 

1.40 6.3 12 71 23% .. 

aw 74 B 187 11% 1i> 
on 14 a a a% 3 
i.a u 9 a iA 

1.70 74 13 sa 31% 

aa 14 18 337 a 
BUS a 
os 65 18 17a 34% 
os 24 77 112 A 


-% 

+1 


3 

I 

I 

a 



27% a% 

47% 41% Omni 
sAa%Qi»iM 
19% 11%CMqft' 

A OCtadcFii 
n% aocR 
34% 24% man 

a% 44%axia' 

83% 70%ObMi 
74 570VB 

9% TCiBnHI 
a% 38%(3cBah 
18% lAOmBM 
27% TlOneOn 
a% lAOM 
3% 2%aMplB0 
3A 2S%Opsn 
a lAQroMCt 

40% a%(»a9» 

44% 35%GUa 

a% aQdcp6i2 

ae%CR|3>BM 
199% n%CkgPBW 
17% lAC&nUA 
19 iAQbiSB 
11% 7%iarMdni 

lA AM 
^ 9%CttKa 
S0%CHtl« 
a% ITOirionHn 
11% Aoemrus 651 55 
73aM»7.a 7S104 



14 639 7 

51% a%CABUiPiF an 01 2 sa 

a 30 %cihmm i.a 17 1933753 3A 

A AOxmmB 1 n 1% 

lA10%OlUf 103 241 17% 

13% ISCUmBC 670 5.7 0 357 12% 12% 

3A 30%aHiiiui iMSja asAsA 
a% 33%chnek IS 69 fliTsa 3A 37% 37% 
11% 7%QBnllM» OS 24 S 683 A 8 A 
X 672 17 61 337 27% 38% 27% 
IS 42 II 5299 4A 44% (A 
1.a 64 37 4A 4A 4A 

OS 14 S37 12% 1A 12% 

a 219 6% BA 
7 4a a% a 37% 
a s 33% a% 33% 
1.00 11 71D5U 4A 47% 47% 
IS 24 T9 067 77% 7A 70% 
604 42 a2729 73 72% 72% 

090 114 411 7% 

la 63 11 a 29% 

OS 4.7 16 239 17% 

1.72 74 75 511 a% 

OJO 14 IS I7Z2 a% 

4S95a 114% 

100 74 10 a 27V 

610 04 i7 2ea a4 
21 4775 a 


7% 7% 

2A sn 

1A IA 

a% s% 
a a 

A 4 
27 27 

a% ^ 

OS 14 loiosm 4A a% a% 
la 68 0 a 25% a 

an 7.3 a aM% a% 

7.n 7.4 2 a a a 

a 200 14% 13% 14 

IS 169 6 2B 14% 13% 14 

6M 64 a 350 10% 1A 19% 

an 14 ia A 7% A 

61S 14 103331 13% 11% 11% 
ana 64% 64 94% 

~ 541 19% 19% 1A 

a iA 1A iA 

3 75 74 74 


36% 35% 
75% 75)3 
47% a 
23% tA 

iA iA 
12% 13% 
17 17% 


4s%34%oMai i.a 63 8 lie a% 

a tsobiisb 7.a ao i 7s% 

55% 47aanB i.a 4.0 IS oa 48% 

25% aCUMed OS 14 10 9 3A 

13 10%(9Htaeam I.ai62 41 10% 

lAll%Caman 624 V9 7 64 13% 

iA tscoauM aa iJtsiia i7% 

33% a% Cond 6W 14 31 8157 3A S% a% 

44%a%QKac an 14249113 4A a% a% 
iA ucocsi on oaia sa 17% 17% 17% 

' l6%(3Mw0m 615 65 19 191 lA 17% 

34%3AGDI«nui a 390144% S' 

6A9l%CoVa( IS 61 1516a SA 51 

11% ACUmIwi oa 66 94 «% 0% 

A 7%CBIartUH an 74 83 7% 7% 

7% AColonAII 0TQ16S a 8% A 
A TCDkXUlM aa 7 6 332 7* 

a%2i%cgi6u IS 63 9 oa a' 

4Aa%Cn9ICA 612 93 47 5426 S 
34% 17%Gnni28a os 24 a 719 13 
a% 2ACanit>la i.B 44 lOssS 

a% ISCoame OB 14 21 47 

a ifCURBtfHuiaa 1.9 is 
A .3 C u i n i uax x 0 


28% a%GonaEai.43 IS £9 
25% 21CnHnEd14 1.80 84 

a acomcriin in 59 3 

a% 22% cenma 1.68 7.na (sa 
19 11%Guininny OS 18 21 IBS 1 
39% 24% Cunpai I4SII0» 

t% % ConixUans 0 415 U 

44% 27%CntlMB OS 05 19 6814 S% 

45%31%(k*6d a 667 44% 

A 6%Gnn99in 610 1.1 3 ia A 

Sa%CnnBB 
31% a%CnAua 
31% 0%C«xuoW 
a acuxMBi 
lt%CUiianr 



IS ai 

510 3% 03 3 

3 24 23% M 

15 22% S% 22% 

7 3A a% a% 


31% 31% -|3 

0% % -a 

37% 39% -4 

44% 44% 4 

. . - - 0% A •V 

an 11 13 1934 2S% S% 25% 

673 63 19 5087x31% a% 31% +* 

i.a 18 14 31 a% a% 25I3 -4 

ta &1 18 St 21% 21 21% 4 

I TWO 13 12 1A 4 


STCutfliSx 46 79 i S9 a<; 


S%S%GeREd 2S711Q1193 2A 

n GQmaPlx 5S 7 3 9 64% 63% 


a>2 

27% 


n% si%ctA 

47S%QbWGt 
a% 50% (MU 
SA II^GncSan 
a% a% OuBKo 

60 a%CPu416 
in acpw7a 
ia% 87CuiP7.a 
12% 7%(MIMs 
5A a%CDnfilin 

37% 3E%CU«AA 

3A 30%cuia( 

3842 14% cnaco 
10% 8%Cmws 
11% lACBnrHm 
7% 4%CBniaCaB 
1% jlCaquCU 


64 


s 9S 2A a a% •% 

1 94 5.0 19 512 3A S% 3A *% 

I s U a eta a% sA a -1% 
13 2903 12% 12 12% 

4 4542 a% a% 4A *z 
3 n% » 9(02 
3 n oa a -1% 

8 07 087 67 

21 ta A A 8% 

19 SA SA SA 
a 27% 27% 27% 

9 993 37% 37 S% 

6 424 la% ISij lA 
TO " 

Q 
I 161 
1 347 

IS 15 131285 37 


ISO 1.0 
616 52 
7.a sa 
7B sa 

ITS 7a 

ISS 12 

oa i« 

IS 65 
004 04 
1.16 109 


A AGMUqRi 
' lAOnttnlK 
s%DRacs 
ACRS89r 
%CrHaBr 
7% (ap5B 

AcsnuBi 
35% SGUCM 
17% 12% Conn 
7A aCHueas 
87% 40%CumaCn 
13% ll%Cunntki 
37 3A MONT 
11% SSM 
iA 7%G)an9i9 
iA i3%cmsn 
33% 25%CypllnB 

2A 12% 


m. nr SM 

Btr % 8 Ilk 

aa OS 6 119 

048 18 16 9e 
17 46e 
012 1.1 32 ia 
an 17.1 0 a 
on 04 70 

681 03 a 
a2833 
OS s.7ianu 
3S 12 18 

OS 1.1 019a, 
OS 7a 13 6 

IS 10 a nn 

IS 11.7 7 ia 
0 137 
a34n 
os 67 16 ZIM 
4 2034 





I 

I 


+1 


I 


1.18 


1*8 jjiiiaqui 

SA 34%CniU 

a%22%CmvT8R 024 la i9 is: 

IA acntad 004 13 10 a lA 


a 2ACRBt 

34% 37%0>>X<8 

1A 1l%CuiUTM 
19 l3%CouiMCr 
11% r%(Mx*yHr 
18 lACni^at 
12% lAcno 
a>2 34 % (Mk 
17 U%(3»0Dld 
3A lAi^nM 
a% ^otAi 
12 9% (MU 



IS 4.4 10 1823 ZTV 
OS 124a 2397 317 
013 ia 2 12' 
os 23 4 2897 14% 

054 ao a 418 8% 

OU U M 57 16% 

19 5 13% - . . 

on u 10 141 2A a% 36is 
aa 61 15 s 16% 16 16% 

01941 ei% 2A 3A -1% 
IS 64 13 238 47% 4A a% -% 
10% 10% lA *% 


OS 

IS 

6U 

064 

OS 

OS 

in 

IS 

OS 

(UO 

104 

7S 

7S 

IB 

OB 

oa 

OS 


21% ia%0R.(MdS 

a% 14%DnfSan 
30% 20% an 
46% SBOuMwOo 
13% lADuklW 

iA AoaA 

7% 3%IHUIIM 
A B%DM1i8W 
6A64$D«8«} 

2 %DDLS 
A AsouD 
a%a%DniFoa« 

41 31%0ni«D 
9% ADMiwei 
67% Dm 

UMMOni 

10%DUlR.X 
a%DbMr 
ADnWBM 
. %IMua 
asAMM 
101 84IMBI7a 
loeoADuEors 
3A 24%OaPEO 
25% sAoxncn 
ai7%DhofUOS 
33% lADMW 

aBADumMS 003 

iA BSDinCnp 

4A 340MbU oa 
3A ie%Dl8BE 
37% anu OS 

' AnmSrW 
SADUgqr oa 
2AIWMU oa 

'iOmOU 154 

;0MM9rtB OS 

aA aoapMdrai OS 
31%26%D(nalr oa 
a% SADOV 693 
~':5AOonpai IS 
4t%2ADai(M OS 

2T% i7%aoMMSSL aa 

IS 970n.7J75 7S 
3A2A1IQE IS 
29% a%(ltPap7llp 
13% 10 Dim an 
34% aoranr OS 
SA44%0n|hu 675 
lA AMbHSx qs 
11 ADitasifix on 
11% AtMusSiMx 673 
7A 68$DuPBXHa 4S 

aa%omp» 

37% sAiuunr 
wsAouBn 

S a%0i5M 

2A0U5.61 
27% aDomlTS IS 
a%2ADoguM4S IS 

aa%ouqL4a no 

S SDuqMJ4.1S IS 
IS 92 0u5.7a 7S 
44% SDnua 
lA BOMNDfiir 
16 laomnu 


IS 

i.a 

in 

i.n 

IS 


OS 


-D- 

sa 18 1986 2A 10^ 1A 

is oa lAoiA 14% 
19 10 79 9 ZA 20 

U a 283 4A A 4A 

1.7 a a 11 10% iA 

2 371 0% A A 
2 121 3% 3% 3% 

14 0 12 8% 8% 8% 

10 II 11a 83% C% E% 
2 a 1% 1% 1% 
2a 3 a A n% A 
22 77 2s a a% a 
ia 10 28a 3A 3A ^ 

7a 971 7% 7% 7% 

19 17 1987 72% 70% TA 

64 10 ia 1A IBC 16% 
M 0572? 49% a 48% 
63 15 la 12% 11% 13 

0 4 1% 1% 1% 

06 16 2M 2A a 2A 

66 2 87% 97% 87% 

66 MO a%de0% 8A 
61 7 419 25% 35% 2A 
66 17 a 2A 24% 34% 
ua 172iM3% 23% a% 

19 8 34a 20% I9% 20% 

10 a 340 37% 2A 35% 

IB 111 9 A 9 

20 27 545 44 4A 4A 

10 46B lA 1A 1A 

63 IS izn 3A 3A 3A 
01 17a 6% 8% A 

07 a 75a 41% 4A a% 
u 21 n 

7.1 11 1422 3Ai 

4a 9 a A 

1.1 11 lawA 
1.9 » 24a a% 2A 
ia 21 802 a sA 

18 a43a 6A 67% 

za 31 2777 a 31% 31% 

14 11 ia 2A iA lA 

72 z401B1%101%101% 

5.7 11 315 2A 2A 2A 
IS 9W 2A 

SJ 4 01 1A 

11 11 37B 3|1~ 
ia 15 411 49= 

7.1 ai A 

01 74 10 

7a in iA 

07 5 W% . 

52 12 oa 36>2 a% 3A 
07 a aa 27% 2A 27 
4a 24 2m SA 

19 73 79n 
7a 1 2Ad2A 2A 
72 Zin 2A 33% 2A 

0 ad2A 2A 
zin 2Aon% 36% 
zin a a a 
zin a% dB2 92 



10% 10% 
21% 21% 
«*■ «*• 

& 

- . A 

10% iA 

67% a% 


0 ^ Cl 

A 57% 00% 

01 a% 60% 


7a 
ra 
oa 

7.5 

13 9 2001 41% 4A 40% 

a 114 iA 9% 10 

IS iA IS 


OS 12 a 72 


-E- 


17% AECCM 

» lABoaox 

4A 3AE^ 

27% a^entuk 
27% a%EEMp 
51% SAEuOi 
9A40%EKOdU 
e% (AEskn 
3A 24%Ecl*i 
2A lAEbMK 
a%2A&k(nBra 
2A lACdmau 

A 0%BiEo0nx9i 

25% lABcorOup 
A i%BtdAia 
A 5%Ekr 
5 l%BuM 
a lABdCCnp 
A 7% Emog Bnxiir 
w% SABnufi 
A S%EnprD4wn 
20% lABnpUDfe 
16 AEn^Bn 
B% 4l%EntaiMH 

a% iAbncomco 

31% 2ABx7kl 
1A iSEnUBunx 
4a37B% Bran 165 
3A a%Brai 
34% lAEiraanx 
51 soBrahUE 
>01% a%axKii4UPE 
lEnmi 
iBnreCiEx 
iBuor 
ikkrnOs 
.lEOKkMl 
A AEOKtaOp 
3lAa%EudUi 
2% l%Eud0a 



lA 11%Bl9l 
14 10%BnpiFd 
1A Ak^ 
17% lABoM-X 

a% sabuxi 


A Amibw 

lA IS^FTOuM 

1 A 12% FUxKMd 
a%3ARittia 
a Ai 


OS laia 
OS 67 10 
IS 62 10 
IS 63 9 
1.40 61 21 

i.n 61 

IS 32 a 
IS 22 a 
676 U 18 
au 12 17 
IS 11 11 
69 62 0 
61 

622 68 13 
3 

ia 

ooe 64 a 
612 12 
IS 18 II 
647 11 
IS 7.7 14 
a 

is 14 IS 
IS 4J 12 
644 1.9ia 
69 O 11 
109 22 
075 22 M 

012 oa 12 

in 72 

7S 72 

oa 12 a 

OS 68105 
IS 7.1 9 
27 

1.10102 74 
7.10468 9 

OS 12 a 

020214 0 
1.14 32 IS 
2 

OS 14 14 
07S 02 

70 

i.n 62 

la 49 13 


334 

79 

7307 

395 

1819 

zin 

97 


iA 


n iA 1 

345 IA 1 
483 3A 
a 24% 

181 a% 
siaif9i% 

5409 4A 
772 53% 

3470 3A a% 
1384 3A a% 
2a 24% a% 
1873 17% 17% 

43 A A 

174 2A 34 

18 A 6 

i a 

1A 15 

60 rnS. 

“S. 

440 1A 1 
2U 4A 44% 
34 a% 21% 
74a M%(GB% 
a 13% lA 
xin 49 4S 
396 3A a 

73 21% 31% 

zin SA 9% 
2 OAdBA 
2887 1A 16 
a 7% 7% 
873 25% 25% 

231 a% 31% 

a 10% lA 
s A s% 
i5n 2A a 
aa 1% 1% 
3U 34% 3A 
a uA 9% 

399 11% 11% 
141 12% 12 

2 B% 9% 

3 lAd<5% 
6557 9A SA 



.1 
2A A 
IA A 
A A 
34 .% 


21% 1D%iMikB 
7% 6%FmDn« 
62%48%FsdltaUl 
S3%44%WB187S 
aFMRIV 
B% AFUBI 
50% SAkdEu 
37% 24% MU 

a% TAMm 

jFMPBd 
21% 17FtdilU9g 
2A 19M)epS 
21%PuiD(Mp 
iS%ndGn 
Anutt 
3A 2Af*4IMU 
4A 34%RstMlB 
929% kBM 
37% a%MBmd 
98 amCMCPB 
S1%4AMaMK 

101% a%FiKHaG|C 

9% 41%F«OM 
4a%4AMM 
37% 33% WM11 
lA 11% MM 
6A 51%MniH 
a62%M( 

17 12%F«UX 


- F - 

007 IS 41 10 2% 

1.12 72 24 IA 

012 oa a 492 14 

6B 07 10 37 

640 6a a II A 
791714 lA 
OS 19 14 sa 7% 
IS ia 14 1246 6A 
la 67 7 50% 

IS Of 44 4a 2A 

6U eiia 502 7% 

a 7n 71% 

on la a 401 30% 
140 19 11 3887 lA 
1.n 68 75 401 2A 
642 12 15 SM 1A 
16 6Bn a% 

654 13 12 3844 9% 

a 373 25% 
OS 15 a 15 iA 
610 65 15 9S zA 
1.9 4,8 9 1139 a 
l.ie 62 IS 3130 3A 
002 oa 13 aa 34% 

UO 7.1 7 84% 

69 7.0 17 9A 

6S 96 zin n 
5 4327 4A 
9 320 47% 

a 3A 
(70 15% 
54 


290 4.1 
IS 66 
115 61 
OS 63 
aio 02 a 288 


3S 40 11469 
CUD ia 59 631 


2A IATVTMF 
48IB%FUIMn 

679 

4a 

52 

1A 

19 

19 

m 

61 9 isa 



*4% 

53% 51%FUtUPt 

193 

7.4 

24 

S^t 

52% 

10% APUM 

a40 

U 7 

91 


9% 

A 

4A32%Rxltto 

IS 

13 10 

2n 

88% 

37% 

3A 

3A ZAFMvCo 
41% 31%nHF 

IS 

16 10 

39 


3A 

53I7 

m -oo 12 2931 

35% 

34% 

» 

ai8%nNdBi 

659 

22 171479 

a>7 

a% a% 

9 a%Flun0k 

IS 

4.1 a 

39 



?A 

44% 33%F1|0IXdlyx 

(MO 

1.1 18 f6« 

37% 

37% 


3A a%FWio 
20% tOAniin 
SA 4AHuar 
a% 4AnRCp 
A AMca 
a4i%Fixnc8B 
lA 11 %PmM6 

azAMo 
lA BMBbx 
4A a%Femii 
IA iAMbupv 
A 27% tfL 
1% AMnOm 
9 7%R3nUPr 
51 S%RsMiis 
43%34%FnM|M 
A 4%Pi(Udlk 
5% 4%FrHne 
21% lARMUl 
27% 21%RlleiMx 
»% 21%Fnnn 
n aFrUm 

tA amnei 


IS 70 12 1315 27% 

on 4a 16 m iA iA io% 

652 1.0 a 24n 9% M 54 
52 1681 IMA SA a% 
606 69 7 17 A 5% A 

IS 17 19 a a 4A 4A 

OS M 13 230 14% 

an 18 2218707 32 

OS 01 10 A 

674 ia » BS1 30% a 31 
OS ia 19 3ce 16 iA i5% 

1 88 U 13 294: 3A 30% 3D1 

604 64 718 11 1A II' 

an 7a 34 b 

OS oa 16 1631 3A 

15 431 3A 

605 1.1 8 A 

695 1.1 I 16 4> 

IS 70 a 4351 171 

aa iseia 1144 23^ 

679 11 7 245 2A 

10 6508 26>2 



4% 4% 
17% 17% 

a% s% 
a% a% 


69 ia 5 


iBij i3%Fuhnmr an os 


a n 

9S IA 


a% 20% 

70% 70% 
15% t0>2 


■% 

-% 

■% 

-1 

+3 

•% 

A 


I 

■rZ 

-i 


-G- 



1.16 107 13 49 


SA aGAniBTSi 
4A a%Qa7i 
sA 4S%GB(XI 
12% 7%6RCia 
3A a%eiE 
SA a% (HE 2075 
1A lASTEFISx 
lABxWIBi 
a%(7a«8v 
lAGumuR 
A 1%GMrHMn 
s^em 

4A37%e9pkr 

a% zAgcqs 

11% ll8mHll 
10% Gum 8 
1i%kax9 
IABMi* 

57% SOuiOrix 

a aGueu 

A 4%enNHt 
lA lAOanikM 
a% 48% GM 


69 7a 
IS 68 
1.U 10 



51% 51% 
4A 3A 
50 49% 
11 % 11 $ 
31% 31 

3AnB% 
1A 1A 
11% 11 
3A s% 

13 1A 
1 % 1 % 
SA sA 
4A a% 
a% a 

71$ 11% 
iA IA 

40 3A 
49% 48% 

A 5$ 
iA IA 
51% S0% 


1894 

BU IMSXXU 

e%4AGad» 

a27%gNK 

4A3i%MnH 

31% aotoiu 
1^101% OMM 
naAonno 

81% 41%GuwnM 
A 2%6eMn 
21% lAOedua 
7% 4%GBndUe 

3A3AGBXA 

38%21%6i^n 
77% SAGr^ 
iiAioi)%B94P7a 

104 8A 9^.72 

E%2AeHtn 
10% i3%Gaeir8Ei 
12% I0%9naqrn 
12% e%Gua 
10% i2%eattM 

14% AsaniGn 

IA 7%esate 
BA 57% au 
A i%amftp 
21% lS%6b» 

1A lAaBSUiCB 
7% AOkUKMi 
A 7%GkcMlncx 
4% AWBINM 
8% AaMW 
*6 37%(3VIMfti 
48% aGddCB 
51% 47%(teAc3a 
(A 34%Gey«(r 
12% 7%Ga8ldHlc 
46% ^GoedWt 

6A 9%Gn9W 
sa%fiii(i 

27%2l%GM^x 
17% lAksMBBl 
ea%aukBC 
4A aamfes 
aA lABBUFin 
31% ZAAUUP 
31% 2l%(9Mn1ku 
17% 12GlUliuB« 
1A I4%&MX 
1A AGreNVim 
40% IBOmMOR 
1A BGuuiUm 

2A aOudMU 


XU n I 
a « E Hk UM >(■ Mi 

OS 1.8 awn 01% SA si% 

0.40 ia a 3043 34% M M% 

OS 11 a 616 37% 37% 37% 
IS 7.1 0 16SI 2A a% a% 
IS ia 13127S1lA7^ir' 
OS IE a 383 a 3A 
99 614 48% 4A 

1 SB 3 2’’ 
a 199 1A u’ 

2 4a A s 
1.15 12 17 ia a% 3A 

9279 

IS isiasfn 84 

7S 7.8 IS in%di 





7.a 72 MO Si 
OS 7.8 a 1931 
032 loa 54 
OS 4.7 213 

10 216 
OS 05 17 a 
12 a 

630 69 S 179 
IS ia 34 259 a% 

Oizn 2 

091 5.1 I2 48n 1A . ■ 

640 68 34 ia 11% 11% 11% 

648 7a 283 0% A ' 
OS 61 315 8% 

aisn 4% 

644 60 1031 A 

on 68 9 363 4A 

IS 5D19 270 44 

ISO 7.1 19 49% 

OS 12 10 4851 36% 

75 18 10 

1.40 15 a 947 4A 3A aA 
OS la a an 6A 85% a% 
is 4.7 ia a at 

UO 68131 304 2T%M0l 
624 1J 301 1A 17' 

OS 67 14 339 57% S4l 
3S U 9 25 29 a> 

69 4a 9 2980 19 II 

112 u 11 74 3A a 

OS U 9 99 31% 3A 3A 

OS 12 14 n 12% 12% 12% 

OS 1.7 19 1549 lA 16 1A 

6TS 1.4 227 1A 10% 1A 

1264 2A M% 24% 
632 69 n 54 10% lA IA 
000 60 13 If 2A SO a 

-H- 




1A 13%WD>lem 

21% tOtKTiliUR 

lA labiKpnu 
A 2%IWHn 
3A 27%Hxlua 
A 2%HMHaxi 
10 6%iraM(Mi 
17% i4%>rGa«a 



os u 30 iA iA iA 

061 61 8 IBS 1A 19% 19% 

1.12 7a a 7 14% ' 

1 2 a A 

IS 19 24 499 34% 

2 9 3 

632 4a 27 19 7% 

15 U 19 22 lA 

lAlteaeMtn IS 61S 10 2A aA 3A 
14 lOKUMUn 644 43 10 IS lA 10% 1A 

lA isHudfiuni OS ia a OS 14% i4% i4% 

a<2 sAMu os ia lo in a% 2A 2 b% 

2A 1A HuxuM OS ia 18 ITS 24% 0% 24 

4% UkuonWi 309 2 1% 1% 

22% tSHranJUn 091 46 ISSBU 19% 1B% lA 

aAHutSx OS 1.7 -IT 538 36% 3A aA 
OS 46 13 448 21% 821% 21% 

024 05101 742 49% 4A 40% 

016 U 17 19 20% S% 26% 

64) 10 30 19 20% S% 20% 

1.12 18 14 870 43 42% 42% 

IS 66 12 217 SAdSA 38% 

112 4.9 » SO 4A S ^ 

OGOiua ia 6 A 5% 

IS 64 B lA lA 10% -% 
132 73 13 454 31% 31% 31% +% 

IS 65 14 ZIM lA 15% 15% 

IS U 17 IS 30 29% 2A 

OS 103 15 39 A 9% A 

OS 13 IS IS 5 5 5 

aoza 3A 31% 31% 

13 1901 a 49 2A 

OS U 20 28S 1A <0% 10% 

034 u a 99 2A a% a% 

IS 4a 14 1151 32% s% s% 

024 u 19 42 30% 3A S% 


2l%Hulaxl 

51 43%Hufe70ui 
33% a4%iianiufflad 
25% l8%H«nl|g 
SA 4l%Huili 
4A 39%Hncox 
SA 4AMrtSSa 
7% AHutiV 
I A 16 HUMS 
3A 3A lUiM-wn 
IA 14 mu 
3A a%HBUi>i:i 
9% gHoHiEgo 
A AMBibaas 
3A *1 1 rrrsnfi 
3A aMBuniei 

IS AHukH 
3A atHRMrx 
3A SAHHb 
3A a%llduuQr 
3A 2AH«nP 
l2i%9Aftads5 
sA 4i%m^ 
OA 7i%Hnnc 
4% 2%Hemcre 
6% 4%iraiKr 
A 7%lftn«4 
A s%Mnks 

7 eHghlncI 
0% 7%MVldWl 
A AMTidns 
1A 1l%i«KWSH 


-% 

3 

-% 

A 

3 


OSD ia a 177 a% 27% a% 

124 11 zi sa 107% in% lOA -i% 
IS 18 12109 4A 41% 42% A 
74% 74 7A -% 

A 3% 3% ' 

6 6 

§ s 

6% A 

8 A 


IS la 14 3238 
044 165 0 TO 
14 7 

610 13 14 446 
69102 810 

OS 101 29 

6S71ia « 
687 1U ai 
648 4.1 19 a 


6 

& 

iS iii 11% 


2A»kntnax 657 la 10 97 »% 3A 3A >% 


a% n%t«im 
74 49%Hnxdl 
tia% 73HIIBCM 
7\ AHUmnlnc 
4A a%nHO«i 
iA AttmShop 
a% 17% CtraOiM 


a% lAlkraHk 

2A lAHonnux 
1 A 12% Hentan 
13% AHsMxr 
A l%KMlnr 


8 680 lA 18 18% 

IS ia a 2900 OA 6% 

IS ia 54 ia 103% lOA IDA 

301 67 A 7% A 

0.10 64 42 489 43 42li 

a 873 12% \f 

. . OS ia 9 5056 1A 18' 

1% iHuiwixWii OS ea 0 18 i di 

37%2T%>txiMWRaS 07 81 19 3A 3A 

' 30%ttVMl 696 19 131440 S S’' 
a%HRibffCd aa i.i lO 4 2A 

a 97 a 21% . 

690 23 18 a a% a% a% 

69 64 a 139 14 1A 1A 

oa IS 27 492 11% 11 11% 

. , 6 19 3 3 3 

a37%HBUmM 69 13 18 770 3AiB7% a 
A A HUMP* 008167 1 993 A 3% A 
3Aa%H5UI IS 67 13 731 3A 34% 34% 

27%a%i(miDp la ao xin 21% 2A a% 

lAlAHaml 616 ia a 18 11 11 11 

2A l1%HndnFd» 612 U 17 204 1A 19% 11 

19% 15%HUk0upi 634 22 73 291 1S%dlA 1’ 
3A lAntfUiSw OS I.I 15 3614 18% dl7 i: 
ZAiAHbmm 14S 862 S13237 ' 

18% lAnnukC os Z2 i7 i7 i 
11% Annugdui oa 67 10 a 
1A 8%Hipm 69611.0 346 



a% a% vhB 
1A BOlRnni 
31% a%P7lu 
n% AfnPntt 

5 2KFKI 
30% 21%UUDMrx 
41% a%ikiCkxp 
a24%ViM.42 
4A 4i%nw7s 

a asms 
a2A6P>4a 
a% aapios 
^ sAnuis 
4A suuunii 
a4ARPu«n 
3AiAniP 
sA 44a 
4A a%iieMi8 
11% AkiuDd 
iA lOiWkivw 
^ 21%hn 
97% ahxBFTS 
30% lOMfiOl 
2A ia%MEnuw 
21% 1i%h)duiPuid 


85% BA 85% 

2% a% 22% 

lA iA lA 




. ,a%xiom 
azAudoi 
A 7%hgtrS|U 

a% lAloO^di 

4A 42%Mxgnni 
^ AMOd 
Atutagle 
.... ZIHukB 
20% 1A MRU 
i%kma 
91% CBM 
MHMB 
4A3AUF 
iA lAmu 
77% BAkdFdp 
sA 97%xiun 
11% 7%mQtiii 
3A a%Mavi 
A 4%xdnw 

34 17% (nOGuiuT 
1% I3RRECI 
A 2HTaciii 
5A 42%Ma 
24% lAknlGIE 
3Aa%»UxiH 
11% AhWikm 
12% 9%kl)rFnd 
a% a%uicnp 
iiH% n%iri 


3 1A 12’ 
D 11% II 


OS 67 16 3947 08 a% 2A 

10 337 9% A A 
IS 112 4 1» 2A a% 2A 
684 64 12 m 1A 10 10 

10 a 2% 2% 2% 
IS 7.8 T1 2a 24 a% 23% 
19 <78 3A a% 38% 

121 u 7 a a a 

6n U 5 a 43 43 

IM U 4 24 24 M 

110 U 2 23>2da% 23l2 
612 62 5 SO 49 SO 

004 67 1411423 a% d2A 30% 

3S 72 nn 41% 41% 41% 
in 74 nn 47 47 47 

05 69 a 3001 a% 2A 30% 

152 u 13 sn SA so SA 

IS 19 18 791 3A 37% a% 
650 65 3 4a 11 lA 11 
IS 70 5 lA 10% iA 

040 10302 5382 27% a% 27% 
7S 63 3 85% BA 551 

IS 69 113 — — — 

1.K 52 14 a 
605 64 

If 130 

670 U) a 79 3A 

69 10 46 339 sA 

OS 32 4 7% 

OS fO IS 12 a 

IS 64 B 117 <A 

13 ID A 

0 8 

664 60 3 2B 21 
IS 67 179 18% IB 19 

1 19 2% :% 2% 

fS 10 38015 9% 5A SA 

21 277 lA 1A 1A 

IS la B13S2 42% 41% 41% 

an 60 a is le 15% is% 

19 63 303170 72% 71% 71% 

OS 10 18 1093 31% 31% 31% 

612 1.5 4 SI 8 7% a 

in u 14 19 23% a% a% 

0 249 A A s% 

612 ae 1130145 21% 19% 19% 

a in iA iA lA 

a in A 2% 2% 

a 3n 4A 45 45% 

1.73 60 11 IS a% 11% 21% 

112 7.1 14 346 a 2A a% 

0(17 as 22 9 8% 8% 

007 67 102 1A IA 1A 

66 1591 U3A a% a 

IS 14 11 I7a 82% 81% 81% 



-I 

■T% 

-% 

A 

'X 

•% 

■ 1 % 


-1% 

+1% 


I 








- J- 


4A37%JllHrFx 3S 
aSAlMnl. 3S 
1% 7%JaUuMfi'x oa 
!$ iA<Md*Bia 

1% esonafr on 


AJapOfc 619 
a%JUIP 1.72 

in 97*^sx 7.a 

81%44%JnDi 144 

4A SJnnU 1.16 

lA 0% Jdittn oa 
aiAJonrsh oa 


-K- 

30>2 2l%iailRIMi OS 1.7 9 177 
ZAZAmenor 69 40 15 29 
H39l2fn04S 4S 74 dO 
28%2AKUBIPPI 1» 67 11 10 

A AKauDBx OS 61 6 

4% 2%KuHliS«x 0 Ifi 

SA lAXuCgP IS 72 13 773 
a 14KaC|S41b IS 62 U 
37KeraaxSh OS u I8SS 
lA 4imer 610 19 13 90 
- , a% KSM OS 1.1 n 954 
S5>2 13%KuAnnBBr QS ID IS 1391 
a%n%Kudsn 6« 10 08 

10 a%iqBn/ta 672 70 ID 

a (7%Kg|agg IS IS 10 4B 

a lAlMud aw 17 9 28 
11% 9%l(npNiAix0a7 90 9 

5AS%IUxpar 692 10 52 1295 
lA AKaupirllx IXni60 98 
A 7%KumlG»K6e4 BO 394 
lA IlMOUlMt 6B7 70 9 

lA 1I%KHIUVSI OS 67 51 

SA42%>Uiim 1.18 11606 482 
aiB%KarG1.7 IS U 14 
M 40lkitiB IS 10 a 549 
3An%K6lCp IS 4 0 5360 



2A a% 
23% a% 

A 9 
a ih 
20 % 20 % 
17 16 

4A a% 
A 0% 
a% ics 
iA lA 

a 54% 
a% 21% 
A 9% 
60% a% 

Si 

12 11% 

72% 12% 

a 54% 


n% 31% 


sh -% 

33% 4.% 

s% 

25% *% 
9 A 

4‘..1 

I 


a 

15 

72 

9% 

sA 

22 

A 

OA 

a 


20% 

80% 

32% 


1884 


IS TOKbiUiIMi 
SA ia%RmtaM 
si%si%iaBtQ 
2% AKkutaEh 
44%3AI04MI 
21% lAXuul 
B1 48%MWdi 
1A a%KiUBBGup 
A 7 %KbIboioui 
90% lAKunFd 
2S%19%NnBU 
2A 2An>Mo 
lA lAMdunOg 
1SS% 1D4l4gmCP 
lA IBttsuiMkix 


iA AiAGaar 

41 3AL60EB> 

2A lAifliR 
32%lAU<kdM3 
40 25%iaZ8Br 

A AUbUHs 
2A ZiljdWiS 
27% lAUav 
A 4%l iUiu MllS 
27% I7%iskkd 
lA lAlauuhi 
1A i4%L(mn)l 
9% 31%LHBdHP 
2A lALxnMn 

49%a%iwFi 

lA ^IMmui 
2A i7%iamviap 
4% Ausznr 
A i%ii«kki 
11% Aitwrw 

29% 23%UMr«Cp 
51% 47%U|r 
a% 16%UIIH 

a SALMdl 
lAUnnNH 
n srisgira 
TA a%ijin 
2A io%UBab 
5 4%LLBEA 
9% SAlMttd 
45% aioems 
>BZ% BA Urn 
31% aALBptaxi 
A AuatfkCp 
24% 1A1«9U 
3B% 31%USDr 
33% l6%LuiBiliWF 
4A a%iMi 
a aiukiux 
saAikM- 

SBALuMP 
37%2Al«Mix 
18% 14 LTV 

A AL7V9U 
3Aa%lJM 
aA ziHijsicik 
38% aAlMCSBC 

a% zAiuuoa 

3A2At8d4ilK 

asAUoMP 


w. n 

M H 8 

106 

674 40 IB 
1.n 32 >7 
008 1.7 8 
14 

oa 6017 

1.9 15 18 
610 OSS 
6QB (4 46 
OS 61575 
IB 

IS 64 12 
OOO 40 52 
OS 60 07 
aa 19 11 


cos 


10k 

V lA 1 

810 li.:, . 

1355 U% 0A 

a 1% 1% 
645 aA 3A 
0477 16% 16 

01B 6A S3 
39 al7 lA 
12 A 7% 
441 S 22% 
439 9^ ^ 

a lA 1A 
3 14A 1«% 
113 IB 1A 


!S la : 


18 -A 


iia 


-L- 

4 an A A 

in so is 9 9% 37% 

nun ss% 25 

610 (M 29 39 9 2A 

OS 15 14 a 29% 9% 
612 12 23 3513 lA 9% 
IS 04 7 14 22% a% 
OS 1.42101148 21% 21 

a 2s A A 
os 10 9 49 21 20 

6« 14SB1 39 11% 11% 
OS 12 10 ismA 17% 
OS so 18 a 3A 34 

640 11 6 184 19' 
on 10 19 623 9l| 
lOSBnII 

610 U 0 362 21% 

0 6B A 

0 a 1% 

IS wo 19 1A 
002 20 12 IS 27% 26% 
19 61 S10437 4A 4A 

OS 10 17 3373 1 A 75% 
IS 18 10 737 ^ 4A 
os 60 a lAoiA 
5S 13 MO OA OA 
9 2523 37 SA 

045 ID 14 169 2A 2A 
048 U a 19 4% 4% 
la 30 9 830 9 02% 

OOO 10 a 211 43% 43% 
IS 1.1 e 1048 8A BA 

aa 1.1 10 34 2A a 

1 1094 A A 

I.n 90 S12W 13% 1A 

1.12 30 14 240 14% 34% 

652 20 a 270 a% 2A 

OS 10 II 149 3A5n% 

11611,1 21 a% 38% 

IS 14 a OS 42% 42% 
09 10 14 349 aA 32 

ai8 u 19 sow a 3A 
9 20a 1A 17% 
19 A A 
OS zoa 09 35% 9% 
QS IS 17 4a 24% 2A 
IS 30 9 19 3A a% 
040 10 a 89iaA ^ 
a 817 391: 25% 
090 lB4ni49 2A 2A 

-n- 

A 4%iucnn 7 4n 8 7% 

6Aa%iawtc IS 10 9 aa a 67% 

40% aAWM 1.72 4.4 15 19 39% aA 

t\ SMOCMdiP OS 1.4 13 372 A A 

a% aAwuou los at 12 a? 3A b% : 

A Aifsoontx on BJ aw 9% 9 

A 5%U5a»Ux6S U 9 374 A A 

lAiAMaM 008 01 a 177 iA ' 

11 i4n 25% 

15 49 IA 

9 2807 017% 

10 la 14% 

002 01 a 2A 


3A 2AMGMftHKl 
a i3%ikrfi9 

17% 12%I4UMC 
16% iAMmPUUi 
29% 17%Mn|AP 
9^2A>Mr 



14% 14% 
21 % 21 % 


650 10 a 475 31% 31% »% 
IS 40 21 a 2A 24% 2A 


I 

il 


I 

+% 

A 

A 


s%. 

a% 

S% 4l9mi 
2A lAMukW 
a% 24% Hurt 
n%MddlcL 
2A 2Allai«B 

47% 40% MaiUBr 
3B%2AMa>Cx 
laUmoTidi 


28% ?1%MdSd 
laoAUkuHb 
28%2D%MUU 
45% SAlkiuPri 

5% 4%IUDtf 

4 A 37%llqoa 
a IBtlxytig 



a%2AMnkR IS 40 21 a 2A 

2A 2A Knrt OS U 21 19 8A 2A 

2AlAUMMr 610 64 64 74810% 9% 

A 3%liuiulai 640110 34 n A 3% 

iA tnmm 1S3U a tn A ~~ 

a%2AiUdkPr itdim 44 za 

IS 10 14 131 00% 

IS 40 15 63(3 21 

1.15342 5 4 A 

611 U 15 111 1A 

aa 1.1 a 775 2A 

ZS U 19 cn 57% 

6 981 21 

690 ID 1012M 4A 

OS 10 IB 2843 20% 

612 U 13 821 lA 1A 13% 

7%MBaiixitPi aa u 07 7% 7% 7% 

34% ZAMraixd 2S 80 9 3 31% 51% »% 

21 10 23% a% 2A 

I.1B 07115 aiaAtiAiTA -1% 
024 U a 24U 27% lA 27% A 
4stu a 
040 70 71011 
IS 17 13 STS 
650 10 40 349 I . . 

27% lAWHCvp 672 ID 17 4304 24% 

^21%McCWi!hy 633 10 24 ia ~ 

33% amcoumu la 70 2 

31% 30%Mc0iniil8 in 80 3 3 

16% i:%llGl)oalnr 69 13 B 42 1 

624 65 SUMS 


31% 27%Mc(kdd 
ia4%U2%UcDiOB 
73 9%llEGruH 
in% a%HpNHn 

4A SAikun 
aA l7%MmuH 
2A 18%MdClK%il 
35% 31% HUM 
c%aAMdrac 



IS 1012109Zm%11^1^ 
19 uan OK 7A bA 09% 
IS 1.79479101% IOA 101% 
IS 13 a 2401 4A 4A 9% 
644 14 a 02 IB 17% IS 
10 12a 2A 23^ 27% 
203 70 IB 49 34% 33% 9% 
. U2 10 a 1344 8A bA BA 

aAMHkuaOp 650 10 a 140 2B% 2A 2A 

20%lklDnBkH 160 64 61 9 9% 9% 


■1 

I 


• IMMk 


. lAiMin 
41% sAiknSi 
Ka%iiudi 

lA 14%MHairFki 

48% 3AIM0I 
4A sAMuin 
A AMuiyOdW 
A AHm 
A 2%MHHlini 
1A BHhWcIh 
a4AM*E3S 
a% lAlMfHX 
4A BAMRdnPd 
1A 7%IIH 
A 2%aMinr 
iA AHdiMnn 
1A B%WdM 
SA SAlHpr 
sA 4A5BOI 
SlAlftiaiRK 
22% lAMkMBan 
a% f7%WUlBB 
7% AMMCUV 

a sMRuk 
>% 72IUI 



iHuMMl 


12% 93 
lA 111 
■ 72i 

AMMGSa 
S%llnamPB 


124 U 12 23a 57% 

IS 40 12 550 38% 

OS 00 15 IA 10’. 

IS 30 14 tZn 3A 33% 

1.12 19 151022* BA 2A 
oa 1.7 32 79 10% 1A 
672 10 a 779 a 
OS 15 5799 aA 
DS 17 1 IS 
212B 
640110 19 134 
IS zin 
SS 04 2 

OS SO 11 1103 
031 I.I 8 V4 
10 24 

DS 1425D 51 
OS U a 348 
OS u a A A A 
090 10 461917 a% 51% a 
1.75 34 8SBa a sA 51% 

aasa iA iA lA 

049 13 a 227 

OS 20 a 

14 KBS 

OS uia nn 

340 40 10 3641 

0 49 11% t 

020 10 a 5 9% 

018 14 g 4 13 13 

2S 30 19 1134 TA 7A n% 
079 U 2 19 A 9% A 
IS 7.1 11 341 2A 22h a% 






A 

•% 

± 

A 

X 


20% 1B%lluknSlx IS 70 8 9 17% 17% 17% 
20%lAUxnCnp 0.W so a 94 17% 17% I7% 
7S945 91% 


72 niWuilP 172 4.4 
11% 9%Mniinftu 1.1BT20 

a rAtrgnjppt ss oo 
iA i2lfeigui5B4 oa 12 


9 4%MnHPfV « 

th augna 
1% aHBrrtti 
1% TAMM 
a4Awnii 
% %MB&IM 
8% AUMIP 
11% AMilfT 

lA lAunxSune OOO 70 
46 31%U|*yO IS u a 

1A g%illmL£ DS 10 17 
2A 1S%M|UIM 


81% 61% 

13 A A A 

24 77 7A 7A 

n 12% iA iA 

fi A A A 

ia 10 8 987 OA eA 90% 
an 40 141231 IBtflA IM 
IS 15 a i2n BA 9 9 

oa U I310E04 4A 4A 4A 

0 21 % A % 

39 A 8% 9% 

IS A A A 

73 9% DA 
121 11% 11 II 

19 S 43% 44 

a 11% 11% 11% 

619 67 a 2931 S 21% 22 


69 70 
673 1.4 
665 7.1 


49 SBWBBUKU 
6A SAMHOdip 
00% OANaGn 

29%IUcaCh 
.. , 34% twxu 
iA lAWMi 
57%4ANtt«k 
«%3AirMaMB0 
awAm 
a WMCRy 
a 15% RIOS 
7 % 4%WMbi 
[* Itttfgm 
38% 2Al9dRU 
1B% 1A HttlE 
18% 13% HUM 
ffSPlzIURBa 
M% lAMSual 
a% 24%MSu* 

M 7%iusand 

26% lANBlU 
54%4g%|MU-6 
ss%iaonx 
10% 14%IMMMUX 
lA 7%HMMEd 
2A lARMkPMl 

A 4%RU(miHi 

a31%REn!« 

lA ll%lln»6ViUD 

27% 2l%IIWJ)rR> 
24% 2(l%NwFUlH 
30%a%RVSE6x 
47 3A 

17% 1A 

50 37%IMHdG 
49 37%MxxudM 

51 47%NaMCup 
JOO n%NiMCkPf 

49% 40lkgMia 
iA lAtBagM 
B3%4ANM 
a2S%9nx>W 
11% AM.kKl 
9% S%IUMI 
0 ANumE 
40a%Nn>9l 
7% 4%IMRU 
7A SB%NutK 
a% anBUHia 
1A 7%tlutUtK 
10 13%NnFnk 
% AWFU 
%21%ICtM 


-N- 

1S IS 14 2n 47% 47% 

IS 1.6 IS 71 91 sA 

OS 10 42 09 5A ss 

OS 30 14 1781 sA 3A 

672 17 7 in 2A a 

633 17 39? 11% 11% 

104 14 11 Gsn 5A SA 

100 7.1 IS 4a 37 3A 

19 60 14 19 41% 41% 

ia 40 10 079 2A a% 

644 18 10 027 1A 10 

17 472 A 5 

3 9 A D01 

IS 11 14 212 31% 30% 

ia 189 10 17% 

OS 1914814Dn 1A IA 
IS 40 15 367 39% 98% 
111SB4 lAd15% 
IS 4.D 17 014 a% a% 

7 55 1A 13% 

1 3277 lA dT2% 

U0110 8 SA sA 

too IB 12 704 81% 31% 
oa 10 64 33 15% ind% 
a sn 10 A 
fs &D 11 16* 2A a 

00412.7 2 9 4% 04% 

200 69 11 09 3A 33% 
612 la 990 lA 13% 
IS M 12 IS ^ a% 
IS 02 a 340 21% 31% 
la 90 II 301 2A 34% 
OS u a 2ia s 4A 
040 17 42 151 lA 14% 

(UO 10 a 274 a% a 

OS 10 K 2140 4A 40% 
617 U 16 3300 5A 51% 
350 <0 2 84 82% 

3S U zin 41 41 

1.12 ao 0 2387 1A 16 
0.n 10 14 3234119% 9 

104 40 131350 2A a% 
oa 1.7 7 49 11% 11% 
616 65110 674 2A 2A ’ 
oa 40 387 5 A 

IS ao 19 3A 13% 
40 78 4% A 
IS 10 16 1BS7 8A M% I 
040 loaiiSuSA 3A 
610 ia 11 543 10 A 

oa 11 to 114 14% 14% 

8 513 A 8>z 
m 75 M 192 2A a 




IS 

IS 

674 

624 

615 


mb tfluSM 
43% sANapw 
1% %Nn»BHl 
4A M%Hnp 
eA akowPidi 
a% zAunu 
A ANmCnp 

I A lANonm 
2A WNoxoNB 
lAlANaSlfciiK IS 
lA 1ANBN7MX 1,13 
72 48%NuarlMo 618 
aAsAwcup IS 
iTlglAluvCHf IS 
1A ll%NmMCIx 677 
iA ii%NumHixos 
17 14%MpmKDx 7.12 
12 g%MuNMx 067 
10% lAHwmMPx 1.10 
IA 14%Mfi«nPPx1S 
lA lAkranPlx 1.i3 
sAiAliimagie an 
4t%3Al^ IS 


K B Hk BU 

63 13 209 42 
3 19 

U a 405 _ 

u 14 a 2A 

35 124031 35% 
30 a 481 a 

16I1ZB7 1 
U 5 13 

u a 

02 72 

03 n 197 
7.1 14 9 _ , 

60 a iA 
a iA 
9 IA 
7a iA 

13 11 

110 16% 
2n 15% 
39 lA 
2 lA 



03 

65 

70 

ai 

&0 

70 

70 

20 13 


00 nion 37% 

-O- 


&% &% 

IS iA 

12 12% 

4' li 

14% 10 

M 

37% 37% 


IS 


1A ia%OHH (28 

SlADKHk 

2A lAOMmuiuan 
aiAMW 7X0 
2A lAnuouct 
aAiojogun 

15 lAosduPni 
22%lA0Ma IS 
9SAIMDEB4.4 4n 
eA 9QIM0E4S 4S 
07 IOaadB20 724 
9% 81 OMoErS 7S 
37%2 A(Mi6SE 3S 
M 46 0MO za 

37% 20% ORnm 015 
S14A0nrta is 
t7l3%0iMMitll on 
aAiAowk 1.13 
2A 22%0PPU«ICU IS 
11% AOppudlMS 694 

§ 7% (BMP lid X an 

AORngaCD 

4|i| OAOangilfekxZS 
27%1B%0ngn9 69 

A 1%0iMkp 
C%29%OUlCU 672 
aiAaqsi (UO 
2A IBOUBM on 

2A 17%0«Wl QS 
17% 14% GHUM 618 
46aA0MaC 
34%»%ad>riM 672 



14 14 -187 1^ 


BO 12 in . _ 
U 12 n 2A 
2S1 1A 
a 7% 
9 8% 
4B 30% 

— . 9 34% 
22 6159 1A 

10 3 10BB . a 

11 40 110 1A 

10 192 IA 

13 3111 3i% 

14 15 a a% 


61 

M 

14 

u w 
u a 

5 

11 8 


4A snw 
31% 2APWftlX 
40% 34%PP6tl 
lA APSGnu 
aAiAPa 
1A 

3A 2i%nesem 
lA IBPlUpx 
3A 1B%PsSdx 
sa%puGE 
9 aPMo 
1A UNuW 
aA i3%Mx 
' lAMdxE 


a aA aA 

S 3A 2A 
3A IA 
iA 10% 
2A 22% 


.p.Q. 

ia 13 10 19 
IS 40 *149 
1.11 20 14 229 
660 SO 4 19 
IS SO 12 807 _ , 

IS 80 a 14% lA 14% 
612 65 18 43 2A 3A aA 

IS 50 12 1821 17% 17 17% 

19 63 9 39 9% 

IS 61 10 1116 2A 
11B 7.1 87 927 30% 

(Ul 30 3 9M 1S% 

007 64 a 11a 1A 
ILa4 40 16139 21% 




. a%PufcBlldX OS lOW 342 93% 


4%Puid)r 
WPMMRl 
1%Mldcn 
AMUkx 
1% ArauiCv 
^ aptuBi 
9S7%PUBdUa 
9 47%P«XMr 
0% lAPunR. 
30% 2AFUnM 

SA 4APt«oi 
a%2Ai%«iei 
9% 2 APuBd|M 

41%29%PU(ko 
anzan 
21% 14%PMttuM 

a 4PUinki9 

4%MtyDn|i 
aA lAPKhc 
3A 27%Mllk 
' 3AP«li 
sAns 
61% 4AnHipo 
1% MRdE4a 
IB S4meM 
kA BAMer.7S 
19% 17% RMSuMn 
81 47%PMAn- 
34% zApma 

K zinm 



aA 30% 

51% 51% 


117 277 

IS 13 a 7440 44% 

10 48 2 1^ 

OS 67 2a A 88% 

14 a 3% A 

IS 60 10 450 25% 2A 2A 

4S 70 '19 9 9 

IS 14 13 2Sn 4A 4A 48% 

IS 62 8 451 2A a% 2A 

la 72 19d3A ' ~ 

as 50 13 432 sv 

IS 7.1 10 340 
617 65 a 10(7 
672 14 1514218 
OS 24 9 49 
IS 64 12 S2 
619 40 9 9 
3 29 

OS 1.7 18 159 181: 

OS 17 43 51 

aa 65 a 29 a^ 

IS 11 aiisDi 01% 

IS 17 9 279 81% 

4S 50 SI 54 
400 61 
7S 80 



a% a% 
a*i 0A 
OA 9% 
SA n% 

d54 51 

2 54% 01% 6A 
1 B7d9% 87 


1.12 61 14 SI IA 10% 1A 
178 61 131449 64% 53% 54 -% 

1.12 30 9 4097 3A » 3A A 

. _ . aiS 67 14 2087 21% S1% >1% 

9% lAnuUMHG IS 40 14 178 21% 21% 21% 

1A 7%PI(r1tu aio 1.4 12 B34 7% A 74 


12% 

A 


Al«OlURB 

Anip*»P 

KPt(IK2> 

23 non US 

AnoMeiRi 
ISPlMbi 
368 aD3Pltou2.t2 

4A aAnnod 

31% 21%PltBl 


av 

a 

iA 



270 11% 11 11 

n 0% A A 

356 17% 17% 17^ 


IS 19 18 2291 9% 
oa 67 a 239 28% 


■ah tAMcvDm ea u <7911 » 
27%lAn*>xM 024 1059 70 9 
13 BPUearl f 9 8’ 

a% nlzPIUPOMk 1.72 U 13 419 


a«% lAnnPrao 
9 % 2AMiI 
39%2Ancylk 
44 37%m8aan 
9% lAkptBTM 
14% lAMHckB 

15% I1%PU9«MF - 

2A 2A PbBUSux 672 15 9 M12 28% 
KPIU ■■ ■ 

1APM8P 
lAhSr 



a 4S0 2A 

aeo 10 9 iw 34 3A 

U 317 SA 3A 
800 U 45 sa 43% (A 
an 43 0 49 iodf7% lA 
12 39 1A iA iA 

os 00 75 13 1A 13 

>% a% 


_ 2A +% 
IS 18 a 474 3A 9 3A +% 
IS 82 IB UK a>% a 23% 
oa 10 18 sin 21% 30% zi 


024 07 18 ia sA 9 3A 
69 10 71245 41% 40 40% 

OOO 10 19 19 a% ' 

21 49 11% 

2S18(5 1 n 
IS 10 704Sa .. .. . 

OS 65 10 2873 SA 3A 
oa 11 9 9 8% A 
9 5110 30% 9% 


. . aMdUxi 
4A ssapiMR 
a% i7%Pigun 
IS llRtaik 
1% >2PihHM0LP 
nS1%fRxd6x 

(A a7%nm'0D 

14% 7%niHrM 

SA ZAhnuu .... 

21% f7%ftDpi7kBx IS u a an IA 1 

'lIMpOl* 642110 za 3% 


noiu 

PrAK 

%nudisc 

n4An6uMS 
iS6An8err7S 
niARiOuKM 
103 9IR6UV70 

a aptMB 
A 11 nomsa 
1% APuHdur 
1% lAkigi9x 
a% 34% RHP 
' ' 21%RdU 

AnanMixan 70 
AkmMWVi an ra 
7%RmMe»x6aa 6i 
l1%P«xnlNkl69 72 
APtdramHnxan 70 
7%R9i il lkUxa59 U 
7%PuMiWx6n 64 
. 7%fUnRenx 672 64 
n9i%ikuio - - -- 
iA iAQHhsa 
a irouuw 
24% 21%aMMD 
13% IZOuHDfalP 
. 29%{IUM(r 
3A 9%(u«fni 


I.IS 17 II 

IS 19 11 

618911 0 
4S 02 
700 u Zin 
7.1s U 1 07’ 

7S 85 11 

116 01 10 1931 

9 215 Tl 

1 310 1 

IS 05 9 79 1 

OS 10 a 197 a 

024 1.1 8 19 9 



n 41% 
n 27% 
n 018 615 018 
za 60 so 9 


112 18 17 2752 7 
(UO 20 a 4a 1 
050 inn 70 
IS 55 18 

IS 07 118 1: _ 

1.14 15 IS aa 3A 

008 la 6 40 a 



a 5kMi» 
27% 20% lU Cup 
15 AROCmm 
4% 3%HFSIMe 
IM l3%IUBnp 

IM lARuJumF 

iSi 
aii 




"I 

4% 


• R- 

92879 
OS 17 94 76 
015 ia 119 
OS 75 9 447 

97 lA - .15,- . 
IS 30 10 SSI 3A 95% 3A A 
OS (LBITI 216 3A 3A 9 *% 
OS 13 5 45B 13%dt3% 13% -% 
IS 14 12 1202 BA 89% 9% ;1 

Ax 100 30 171182 42% 41% 41% ■? 

IK 178 0% A A 2 

IS 04 14 It 1A 1A ’*? z 

14 in A jS ^ 

os U 13 8831 34% 32% 9% 
OliRsgdfedI 12 2M 61S . % k . 

lTl numm (1S6251741 A SA*4 
a aRualADRxaS 10 171517-31% 31% ^ . 
SS% 45i%piliM7 IS 19 83S84A45%^ j 
aA lARoar 18 in 17% i6% 3 

11 aitamcp 4 748 p 91* n -3 

lAHxvnm OS ia 9 444 ^ 

. _ 4ARqBtt lOO la 10 229 OA ... 

21% lAmuPAS IS 7.1 3 t4|2 14% ^ 

1.12 12 n loss 3A 34% ^ 

060 20 14 1191 20% 2li% W 

0 81 A 10 2^ 

O ** Jl M 

f.n 7a 11 216 22% 9%. A 

001 aa 9 29 9% 9% '^ 

6nil4 S 673 A A .5? jf 
IS 11 I346D7 3A 3A ^ 7 

w s A 1% ^ 2 

IS 11 37 489 SA J?' Sf ” 

13 39 71% 10% • « . 

010 17 31 472 4% A 8% ♦% 

OS 11 19 19 24% OA ^ 

OS 1.1 16 19 18 77^. 

221 39 A Oj 0? 

201 167 a 20% M f 
sa 46 10279111% 110%^!, 

1.16 04 9 lA 12$ 1! 

045 

oa 


aAnniFRv 
i5%nMox 
zm-n 

. 2AW»lM 
2B%a%RoeME 
2A zAitouTdix 
A 5% 

44% 34% 

7% S 

stsAmbh 
11% 8%HUr 
6% 4RUnBW 
30% ZAKoku 
21% IAMkIH. 

A ARumi 

Z?% 2A RuOMCSl 
t12 90%80ldU 
iA io%A>mvd 
3A 23% Mm 
aiAMM 
1A lAibaUuik 
ZifkaUB) 
12%Rui 


21 % 21 % ^ 

11% iii -5 

A 4% 

IS iA 


g ft ^ 

tj 


31 


04 9 lA 12% ^ 

ii!;"SS|SSS 

13 SD7 lSd12!!l jI 


»$nidu& on 14 i? sa A w% ^ 

17%4M&P« 000 12 37 29 15% »% 9% 

-S- 

2A lAS.Mkttx OS U W tie 1^ (7% 1? 


ia%SGORUSCp QS 11 64 

I5%SP5T4 IS sa 3 


• - 1'!> a 

_ 11 9-2A^ 

lASNhemx 1.19 ia fl 63 13%^^ 

ISIBMKUO 69 12 14 270 lA^ ^ 
22%SBindGe 12 13 27% m 

sun 69 10 10 389 . £% 


9 309 a% 











FtNANClAL times 


THURSDA V JULY 


21 1994 


HYSE COMPOSITE PMCgS 


37 


NASDAQ NATIONAL MARKET 




iMtaSsS 

■ftwnpmloiKi 


m N 
* E 


i. 




t 


aS^ISSSf “ 

A W 4 W 

S?ftS!i!?L 1-fi y 


»*'• 


»c a „ 

xnSSS Hi 2-3 3aa*» ^ 


Si ^ fp* s>» 

S3 93 SiU W« 
sli 2S3| ^ 
40fa 4Bj9 4im 
.fS tf* 6Ja 

a 123^ ^ n 

■ 



■ 0 . 


sS 

qsSm^ s weir 

& 0-18 <M W ^ 

^ IStojw aw 07 13 » 

iSaL^SiS'"^' 

l,SS2S«K!i«,»jg,^S;. 

_ _ J2 J* ?* 1?^ 

SA E^Bi 
^aASBM» 

5^42lt4 


^^IMndW 
Jh Wtkiu 

WS IDliflwpf 
ScL'taM 
TMn 

^TmiiM aw M 
^jAltoewg tin 5.1 w 
33^8A1laiKI 
4 2{lMn 
$14^‘MtlB 
4^34^TBkapM 


CMt fm. 

iMfMfc 

ISVMJCb . 
9l«EUits 
. IS^UBU 

ijn Oo 3 . 11 ^ 11 U ^ t 7 % 

IS 45 19 303 n37^^< 

»%mwElr 


1SIUU TW 14^«S% 14 Jb 
^ wnr 1A 2793810 WU M «a 

am Vk 

048091886^ 8«lfl.li 





030 U 14914 38^ 34 :^ 

- ■ ■ s 

030 toaisa 3^ 9 
ana 

030 43 E. 543 17 1L. .. 

IS 4.1 B3S8S 41% 41$ 41 
IS SElinia 55$ -9^ 54 
IS 20 41 30 a 48$ 
017 07 ia 31$ a 


bOi 

30$ 

3$ 6%i«mBUi 030 33 130 

«,55i23«xOS 0.7 1W 
^5&255!f? t.oo»4it2w 


igg 


IS 93 

OS 18 asao 

as 3n _ _ 

'IS; s 1 
S iS 



^1 zesnaoB os ojasMi 
S®2lSS5 a«2t 4 13 
* 13 17 am 

*l3iss; sssss^ 

J'l^-gasssis 

sj!? 5?* osiji7ioaae$ 

5 ”j*!55L 0 018 t “ 

6 IjyOO”*"* 010 03 17 3Sn 

^I^SknFOcx 118 93 11 114 19$ 19 

_ • 1 a 7% 7$ 7% 

IS 27 lligw a 38$ iK 
30 28a 24$ 23$ 33$ 
IS 83 a 310 5$ ^ ^ 
aio 23 1 - 


2S 03 11 77 
aiM 
SS 13 f> 441 
OS lea 2W 
. W 901 

aa &i 142m 
as obi 31 
os osa ai 

IS 13 16MB 
040 21 a 3 
as 93 10 MS 
1.10333 1 m 3$ 
IS 27 12 331 03$ 
212 1 4$ 

OS 20 a ~ 

. os 03 192 

aiS MBQM, as 03 


4$-{mK 

04| B$TS9M 
12$ S$nien» 
60$a$7tam 
m\ siwMC 
29$1bniM 
OlUdoit 
^ 18$19asFte 
41$ a-Ma 
^ 2$1Mb* 
(A SDliltall 
4$ 4iMaqr 
21$ 14$1 MCb 

^31$1lMlftW 


a 22 $iiMgi oa 3 as 2 ^ _ 

gag 231 3321 20 08$ 61 

IboPMlM 040 23 a s 
« — auu s 8 S MW a 




ai9$iiM 
3A2i$'n^r 
^ MWNn 
^2B$1M0r 
37$31$TUM 
9 2$1M9 
13$ ii TiBin 

41M>SW 



w- N » ««% 

S % 9 Mb 1^ ImSS 

021 13 6 M 17% 17$ 1 
OS 03 0 91 9$ 9$ I 
OS 23497 as 17$ 17$ 1 
IS 20 9 180 3A 36$ _ 

Oa U 17 10 14% 14$ 14% 
iw 93 4 a a a 

IS S7 -19 04 29$ a$ 39$ 

.V. 



8S$4<$as 
WCWnC 


IS 23 13 too 50$ 49% tt$ 

OO 27 4W 19' 

OS 14M3 300 

^ r$1haltawMi 00124 245 

lA ASaBMx1S122 O 

1A 10$MMWZ 091 73 80 1 

Ih AMbdM 38 SB 

a$88$VtaWit 024 07 12 7119 

SASAIMr SM 

1A 13$l(tnw IQB 73 0 a 

e4$«BP9s &s 77 ns 

3($«8aK a 88 4% «$ 42 •$ 

aMilw 11 o 23$ 8A 23$ 4$ 

.ao$nnfec. a rs m$ a% 34$ *$ 

M$ raitaMB 18 liaao? as% w% 

13 a 9$ «$ 0$ -$ 
11 TS 17% 17$ 17$ 

U0&5 43 ia88$^a$ ^ 
IS 23 19 iw 49$ 49$ 40$ •$ 



T0$NIBM 


- IB- 

IS aa II 


•P-0. 



005 

1.4 

10 


02D 

4.1 

01 


17$ 0anb* 


iaS2DBI 

32% 2S%SttCM 

1.12 

u 

is 


aSi3%aaEtf) 

1.17 



M$W$enlta» 

on 

7.7 

1? 

2M 

aofefloBiBj 

44%34^8npaMr 

050 

in 

00 

2* 

10 

to 

a 

1216 



AWAtSOa OS 92WI 

SnMSHI OMIOO 


HI 

w% asow 
63$40$8ew 
»$ 11%3BIH4S 
4A SSasiCW 3S 91 
49$ aSoMCMK 280 7>l 
a i^otunw ij44 73 11 
siAsaWM 
317$9a8Nt 
aiAOMHOpx 
ai7%aBCB 
33% a$0BuMa 
3A 38$ aero 
a 2 «$smir 

10 $ IS 


a «$ 
. a r$ 
iA •$ 

M$ 94$ 

^ . a 30% sA 

024 13 8 100 ^ U$ 1 ^ 

83677 a$ 20% a -% 
is 33 11 1704 aJ ^ S' ^ 
047 0318 - 4f 90% 


19$ 1t%-Mgn 

W3HTM*n 

30$ao%TflnCtlip 

8 a$iiiKo 

9 


034 20 61 118 lA 12 $ 12$ 
a 40$ «$ 40$ 
0 8 a » 

121 1A 10$ 19$ 

08 24101 aa a$ a% a$ 
la 05 9 10 19$ 18 $ 11 $ 
os 33 I 7M 20% 20$ 20$ 
1.10 02 BITm 1A 19 19$ 
IS u 11 04 20$ as 


IS 63 8 349 
OM 01 05047 ah 

OS 43 a a 17% 
SBaNBwioa 13 10 ia 17 % 

.. ^.OauOWMr 23 U 10 18 2A 

lA Asaniiii o« si oi a 

9 8 4$ 

012 00 04 lA 

la 33 12 aa 24$ 

IS 23 0 7172 8 

040 23 21 ia 17$ 1 

040 27 3 aa 1A 1 


7$ AOPMdS 

lAl^SISnO 


0 MIkMI 
0 12$1kMMfl 
7% 111MM 
43 aita* 

10 l3%1Mimr 

g aiWHOs 
1S$-MR 
4$ aTiOaH 
4$21$TrimR 
7$ aTMOrx 
408$lnM 

aai$iHn 

2%1taniB 
4$1WKQp 
. A-UMki 
28$ 14$1MllCBI 
21$ W$1MiDhe 
S$ 4417C0L 
W ATmT 
A AhTVtr 


040 13 81401 
OS 07B 001 
08 13 61338 

IS 27 888 30$ 8 29$ 

IS U 71 28 33$ 32% 31$ 
9 a 5 4$ 5 

IS &g W 11$ 11$ .11$ 

17 M A A 4$ 

a 11 $ 10 % IA 

3 21$ 20 20$ 

13 8U 13$ r-' ^ 

044 07 w a 01 % « 

112 23 W m 30 8$ 

043 23 U 179 20 22$ ^ 

OS 13 13 12B 31% 21$ 31$ 

014 07 8 11 a$ a 21$ 

„ 84364 30 34$ 84$ 

naanHc IS 01 lo 8 33% 20 20 
2S 43 9 079 » 30$ 60$ 

08 0714 8 64$ 54$ 50 
090 33 11 1272 10 15$ 16 

_ S 8 10 M 14$ 
oa 21 10 9 12$ 10 10 

on 13 B 9164 8 a 2B% 

034 13 16 -M7 10 10 15% 
28 73 13 a 83 S 

10 » 10 10 10 

15 13 a IS 50 ■ ■ " 

079 33 m 20 
OS 20 19 1771 30 
on 13101 98 32% 20 
OW 08 8 473 8 30 8$ 

a an 3 8% 3 

os 43 a BW 0 0 0 
012 13 M 0 7 0 





0 7 . . 

OM 29 9 18 10 16 10 

070 96 19 3 10 10 10 

040 09 8968 4080 44 


10 

30^SM 
40^SpM 
18 10 8R 
10 WOHChm 
20 10MllQBr 
10 0 S 8 iMJ 
30 208IM 
30 90gMSc 
a a%siu«Di 
40 903am( 

8% 97$ 9MB 
s$a%smnB 
11 $ lOSUlIM 
2090911818 
0 09MgBap 

to 0aHw8H 
3S$a$9MB«l 
10 0 aowrto 
a3%20lM«M 
10 09aMCn 
27$ l099BaB9 

10 105m 

41$ 89918 
820 9Ma 
10 1S9MHB _ 
33%209BmMr UD 43 M 
0 AOmSB 08123 0 


OW 13 9 86 
79 ns 

-u- 




7 

0 


-$ 

I 


, _ a$ 77 I! 

20mifel«l IS OIW « ^ 20 

nMMBllK 8 18 19% 10' 

90$«ktaa IS U 11 WI9 30 a$ 31% 

12$«MMVt 08 2448 16 14% ^ ~ 

0WflBto 45 8 0 

30WM" 08 19 n som 30 

^30M8M 064 23 19 68 30 a? 
20a$WMt 017 07 3912201 85$ 

0 AWnviax OM 13 I 70 0 

0 SIMn 244 27 31 1048 ^ 

i0i4$iMewar is mm m w 

SANMCLe 28 57 14 S S 

__2B$WHMM ns 90 7 m 30^ 

2^$1WMn> 4S 13 a a 28 2M2M$ 

30 101HUD CUIi7S9n9D% 8 8^$ 

0 0OTnM on 43 0 M 1% W% 1% 
■l0MbCW OS U 8 233 ' ’ 

2S 33 a 245 
OM 73 12 18 
070 Z1 M 6 
OS lA U 38 
OM 098 oa 
4S 23 1934791 
034 13 10 4Sn IS 
OM 13 16 m 20 20 23$ 

08 94 11 28 10 10 10 At 
58 49$ ^ 40 0 
14 na 10 12 $ 10 0 
aosn 10 - 8 $ 10 A 
os 07 a in A 20 20 ^ 

OS 1118 3 a% 20 21% 4$ 

IS 7.1 10 147 20 S S ' 
OS 1.7 172947 10 11% 12 

05 63 0 2K 0 6 6~ 

8 117 10 10 II 

08 33 S 8 17% 10 174 
1.10 33 « SOI M ^ » 

IS 00 wail 40 a$ 4 i4 

OW OB 10 118 10 10 17 

IS 23 15128 54 50 B 

wan 11 $ 11 $ 11 $ 

OM 22 162MB 10 10 10 

16 5 IS 15 16 

IS S3 W a 20 20 8% 

OW 13 14 18 6$ 0 0$ 

Ml 27 14208 a; 

006 06 15 71 



M$l0«ibblDW 
40 36$ll*eMi 
n 0ii99in8i 

10 10 ... ... 
20 a$BHlSx 
10 l0IMai6 
40 301109 
10 0W9iMM 
20 0«1O% 
a0 20H9l9Ai 
i10WHbll8 




- - 

a010MHOK 

a20MMD 

Si$»Mrtv 

a$ iawhh 

70W$IM8 
14$ niMMMi 

17 10 want 





20$^UBrb 


U2 1514 OB 10 
012 14143 279 6% 

08 23 14 28 30 
08 21 W 8 a$ 

IS 11 19 28 8$ _ 

18 14 1923W 40$ 40 40 
IS 33 18 30 8$ 30 

OS 13 10 5 20%iB0% 20% 

OM 94 W W tflO 19 

on 23 7 11 a 20 20 20 
OS 10 6 13 6% 0 0 

08 0018 on no 0 0 
a IB a$ «$ n$ 
012 1.7 3 8 0 10 0 
08 13 S IB 82% 30 ^ 
071 4.1 32310 10 15% 10 
a VB 20 20 20 
OS 59 16 131 15$ 10 10 

nom a$ ^ 30 


lUB 


511 

18110 UN. 

10 0UOC19M 
' 10UBOap 
11% 0UIC9K 
a20uaiB 


50UdOw 
WAIMW 
. 42$U0np 


II 10 SB 04 
0 4iwai9 
7$ 0IBEVB 
A30teW 
40% aMB 

11 $ a 

0 1$SM1 
:4i$9U9t 


40 18 
OS 33 10 370 
St 
15 




l00BFadl 08 14 12 8 II 


110 Wl 7 W 10 
OS 44 0 m S 
08 S3 8 a 9 
040 03 l522Qta«5 
IS 2315-18 4} 
118134 8 3 

SW 1 

IS 27 13 1074 


. SSMfer 
40 8$9WM 
S 11%StaO(W9 
a% T89MBMI 
. 1087lB11« 


OU 05 » 10M 31$ 90 S% 0 
OM 13 11 1961 20 8 $ 29$ 0 
010 13 19 951 14 10 10 0 

08 04 79 20 20$ 20 ^ 

584129 20 20 20 -0 
OS 25 10 a 0 0 0 
045 25 W 28 17 16% 17 0 

1M 44 12 11 a 20 M 20 0 
08 13 81471 20 22$ 8 

-T- 

STCBYBMT os 35 8 na 0 0 0 
iTCPSaie 18 2712827 837$37$0 

.. jlCWODnrS OM 9.1 18 0 0 0 

40 3<$TDKCapA 047 13 8 15 «$ 48% 40 0 
2 $ 1$TI5ISl OS 114 1 3 1 $ 1 $ 1 % 

20 10$ IK 08 28 12 2756 10 10 10 0 


054 10 W 7M 20 20 27% 

a IS 0 5$ 5$ 

(BFtt4.lx4.10 07 7 47$ a 

no 62 ia 20 

IBT 1.12 33 w 78 20 
USCOmH 176 73 8 49$ 

an45651&% 120 
18264 2 a 0 61$ 

IS 07 a 8. 20$ 

0 143 0 
08 23 IS m M% 

010 as 13 0 10 

28 44 0 5 03 

431 43 15 88 IWI 
18 22 8 ia 40 

076 25 8498 27$ 

10 AtHmCnp waoo 0 

60 sueisx 18 7.6 aoo s 
a 8tinB48x 48 74 4 61 

SeVUfiB 28 73 11 a 80 
SAUAr IS 26 lozea Sf 
. 301J WTUJI OM 34 0 38 24$ 20 

j8i0mwmM i os 1.1 s oil 

0 $MdRi 0 177 

‘I8ip zawj 63940 

3$ 0IHtOH|l 24 SB 0 3 0 0 

4020UMM9i OS 2619 58 30 30 30 0 
10 ^IMBlMnirx D.78 96 00 a 10 10 10 
22% 101MInlM OS 11 10 45 18$ 10 10$ 
40$11%IMmEn OB 01 1712S02 40 48 .1$ 

jasSuhnaw 276 u 10 a 33 % 30 30 ' 

0 0\MbiW1 os 66 5 iw 0 5$ 5$ 

13% 10 MKkpapM 005 03 58 11$ 11 11 

$ BlMHSai 9 3 $P 1^ $ 

U8W 012 17 01SU 0 7 7 

usnex os I 6 wise 10 12 $ 10 

34 ID 18 10 10% 

2 a 10 17$ 17$ 

1M 14 a 110 8 30 30 
022 13 8 m S 19$ 10 
08 04 8228 8 22$ 

214 56 8 861 40 40 
IS 27 19 1565 ^ 06$ 
as 66 12 IDO 10 12$ r 



jBMriB 

0 

8 

r 
11 

i^WnMx 

I a$iwus» 
10 iSMnn 
820«fegCBqi 
30 22$ MKT 
2 t% 10 « 2 MM 
2012 % 1 IWMIl 
10109Md1Wl 
I 01Mnrp 
|401MW«IC 
.I01l|l9isar 
20 10«iyM992 


08 20 10 28 10 

IS 15 IS 137 44$ 

a a 0 
141 S3 w a 20 

15 63 11 102 20 
040 24192 a 10 
IW 13 8 StO 30% 
on 11 312788 a . 

016 07 13 219 20 

08 17 31018 10 
010 07 42 10 

17 245 
048 10 W 314 40 4 
08 13 U a 17$ T 


044 26 IS 

-X-Yi 



0 * 0 6 WDl B* Iw IM CM 

ESMfe oa 10 8 10 14 10 +A 
MCCop OB 01 SM W$ 10 10 0 
AeMnE 8*11115$ 1510 0 
ACfl«H|| S174520 820 
Mens S 132 8 22$ a0 

SMo a i utom 10 17$ 17& •U 

AOeWo S19tt 44 40% <2-1$ 

MSgtoi 19 413 10 10 10 0 

AdiaSNv 08 21 17 30 8% 35% 0 

SdI«%i OS249B8 30 20 20 0 
AOMiaC 9 324 0 0 0 0 
MrUgk 9 92 0 0 0 0 
MMim 6 2S 0 8 0 0 
MUMS E 4480 12$ 10 0 
MSB oa 194992 30 92$ E$ 0 
^IFM 9 S11 13$ 19$ 10 0 
AbmwS a M 10 12% 13& 
OritaEl 010133 3E 12 11% 12 

Q» U 442091% 90 20 0 
2Ma n 8% 67% E% 0 
41 1309 20 20 20 0 

oan 270 820 a 0 
10 41 9$ 0 0 0 

as IS 880 8 90 40 
5 87 0 0 0 
ISB a 10 10 10 
oa W 42 M 10 10 0 
OS 15 2 2% 2% 0 

tUB r 28 1$ 1A 1$ 

CB aMTOa 2400 20 0 
AnOMar 072 0 IM M 20 24 0 
mCVBi 15 12 15% U10 
AmMno a 514 82020 

AniMB 13 06 10 0 0 

OS 15 442 0 0 0 

AmAamt a 25i a$ a a 
AnMA OSW3OIB20 20 30 
ASS 1 3H 1 « 1 

Mm za 7 1M 50 40 40 - 1 $ 
ABMMCnr SIBBe 17$ 10 10 .1$ 
AHlWr 1168 10 1010 
AagnOe 101418 40 4140 
ASBhGO 005 10 906 W 10 10 
4 15 0 0 0 
18 19 10 10 10 
AMB8N 048 14 21 10 10 10 
MBMBXIIO 12 11 10 10 10 
AnAwfCp aWIO 4030 n 
AttnM 6 28 10 10 10 

aooqmBi on a 415 10 10 10 
AH> 8 Id 7 in 0 0 0 
AhMHN 38iasn 43$ 41$ 40 - 1 $ 
AOpM O16 23T0B8 27$ 2O%20 -1A 

WQ i B wi OM a sn 10 10 14 0 

Aioaror 021 47 30« 81 20 a$ 0 
Aitm oa 21 in a a$ 20 
AigNHt 111 a a 3T 30 30 0 

AlWAI OMa 9O«20 8 20 0 
AflHHk 040 W 258 10 tftO 10 
ASKWp 2 0110 10 10 4$ 

AnmOM 82217 21 20 20 -1$ 
Ab ucCI b ibi 28 567 202020 
ASrMi 92070 15 10 10 -A 

mam i? a 10 to i 0 0 
MSM onswn 80 zr a *h 

am 08 82074 &% 50 51$ -1$ 

11 ISO 0 0 0 4$ 
092 16 201 0 0 0 


BiltWB 


a* 9$ 2 WB BM lar IM aw 

(WOp 092111175 20 8 20 0 

DBSMoi ana 2000 
DBoBBi ana e 10 10 10 

OMBi 08 45 19 8 $ 30 30 0 
844 B 11 2SA azsd 4 
3Btna 20 20 20 0 
on 19 S3 10 12 15 
a aeo S4 99$ S 0 0 
UO 8 9N V$ Si »% 0 
020 3x100 7% 7% 7$ 

W » 20$ a 8 4$ 
020 9 119 17 10 17 0 
n 1739 12%ai1$ 12 0 
91105 12% 11% 11% 0 
nSOE 1 $ 1 A 1 % 0 

7 87 0 0 0 
IS » a 91 99 
02088 98 0 9 9% 


BM 2 WOi MW IW IMI CBt 


-K- 

: KSMi 099 12 ia 8 % 21 22 l 2 

IXMom^ 044 61005 0 0 9% 


N m 

BM C MB BA >*' IM 

9 962 9 8$ 6 

[OoMMog 9 8 10 0 

QMlnOBKma S 17$ 17$ 17$ 


om 
Ob nr 


DHIM 

OMB 

BWM 

Obioebi 

0S«Nl9 

OfeOBCp 

DM IS 


•% 

*% 

0 

♦$ 

>1 


WAfMt 2 322 0 0 0 

obme 020 a ew sz$ 21 $ 8 $ 

DshNbi on 14 I 12%dl2% 12$ 

t 2 0 0 0 

91706 9 0 0 -A 

Own 021 12 8 20 20 a% 
ORBtanonn m 0 0 0 0 

KlBetfinw 9130 20 20 -$ 
Men 042 19 K 17% 17 17% 0 
OsfB on M 980 30 30 
4nsa 7 98 a$ 20 209 -A 


4 170 0 0 3$ 

2 18 0 0 0 -A 

a 68 m 1A iA 

01182221 W$ T7% 19-1$ 
216 83 0 40 0 -$ 

1 zn 2A itt itt -A 

tiaoi 0 a 0 -$ 

0843 WO 40 40 40 
M9567 10 10 10 -$ 
a 224 7A 0 0 ti 

0 8 0 

14 14 M 

2 $ 0 0 

2 $ 0 0 0 

3S 0 0 -$ 

8 B B -$ 

0 0 0 
124I2A 13$ 0 
11168 14% 10 10 J>2 
7 S 0 B 9 
17 78 20 34 24$ -1$ 
010 a 102 U 10 17$ 

a 48 10 -U 10 0 



1 ttiwM 7 464 7% 0 7% 
iMr* 072 24 98 20 8 20 0 
on 12 a 17$ 7$ Jo 
OM 12 577 20 22l2 20 Jg 
I lielM 32 422«W$ 10 10 
I lOAWV n 3348 30 37% aWi -$ 
1 994 0 3$ 0 0 
I NBA 1 18 fi A il* 

iKmaoiB 1013681 »$ 10 8 

I mnss a 549 10 10 10 0 


- L « 

laanm ai2 4i aa 7$ 7 7 «$ 

ImM 82078 as>i 20 8-1$ 
iMCBMr OM a 308 40 46 40 4$ 

l«BM OS 19 18 T0 10 10 0 
laOttEtl 8114S 30 91$ n$ -1$ 
tanwlIB I 15 0 0 0 0 
IBWICPI niSTI 0 40 0 -1 

(MBS 14842 17$ 10 10 4{i 
Iwmin' 04817 81 20 20 20 0 
ISOS 2BC12B5 10 10 10 ■$ 

UMS 016 1 113 81 0 3% 

18 462 10 10 19 .$ 
14 7n 30 20 22$ 0 
on 14 41S a a 20 4$ 
oaw in 10 u 13 .$ 
a 38 4 «a% 0 

UiMk oa 11 an 13410 nix 
(MBr IO6199Ma6%120l20 
LkokiT 0816 447 10 15 10 
IMBBUr 13 13 a 20 30 
UBMIta 024 8198 40 40 44$ 
UouBb 040 17 12 3Blx 35 35 

iMMna osaasa 20 24 $ 34 $ 




IWMA 


lacOkn 

lagsm 

Unmbc 

lUblMi 


iDalfM 08 191145 24 S M *% 

931798 10 1* 14 0 
143SH nfi 40 10 -0 
IMS 9ia7S 40 40 8 


-R- 

12 18 10 10 10 •A 

4128 0 0 0 *A 
9 48 4$ 44 0 •$ 
a 41 10 10 10 
173779 20% 10% 10 4% 
IS 28 10 10 10 0 
119M 0 0 1 -% 

4 42 9$ 2U 3 

13 11 19 9 

234 152374 44lx 40 40 •% 

RmlB 1 941 9 0 0 

RMRO 0810 18 8$ 8 8-1$ 
iMwSx 18 8228 11% 90 90 -% 
01212 9 •$ 0 0 

iMCiMk 08 4 98 10 10 10 
015 3108 17% I8i 10 
[OBitt 081198 1014$ U 
a MO 10 11$ 13$ 

08 n 544 ED 10 10 
online, k OS 16 as i7n0 i 0 
MRb 08 13 132 20 8$ 8 
Mafar nim 0 40 0 


RwHIMlt 


-$ 

•$ 

'$ 


•$ 

-$ 

■1 

• 1 $ 


-S- 

1S 31470 96$ or E$ 
ISBOemn aa 14 SBat0 10 10 
SemOgM 08 10 08 20 8 >X 8 $ 


I lamBB a 194 0 0 0 
2530M4 3048$ 31$ 
11.88 21142 0 0 0 *A 

I LUM 079 4 B 31$ 31 »$ -$ 


0 

•$ 

■ 1 $ 


SOMBL 


tSOM 

|Sm8M 


■$ 

0 

0 

•$ 

-% 

•A 


SIMB 


EnpOnv 


Mew 

Mra 


-F- 

10 5 0 0 0 


RTM 

TWilM 

8*00 

7%l8A 


21$ a$ 


in$a 0 xm 


10 9 

10 11 

10 108 flfer 

a$ WIBtaw 
41$34%U5UC)i 

3011$U9aM 
^ 15%USEUg 
46$30OS5MX 
n BUVte 
10101WIIMH 
10 10 IHBM 
^ 2 B$IMiRnli 
17$ lAlMrmi 
$ AUMML 
10 AUUntBP 
20$ n$UhMDp 
30 24$(3iDeN 


^ 

IW 



3S 26 4388100100 101% 

54$ a3fimM.1S 4.13 76 3 60 60 50 

^ 40XMIGBV OS 16 21 B 40 40$ 40 

8$ Sp1MB$0t IS 6.1 U 24 20 20 20 

403S%«MM 016 04 195587 040 30 30 

0 lacM 014 07 ion 05$ 0 0 

^ 7ZkAB S 1352 0 0 0 

^202BBill4 IS 44 0 47 20 8% ^ 
0 AaMIBX 0621U n 0 7$ 0 
10 11$2 m 040 U W 06 10 10 10 

29$ 102knUKl OS 46 17 206 10 10 10 

l010aM42nnt«1S 06 MB t 2 $<n 0 10 

10 OZlATaOX OH 03 5D1 0 0 0 


/uammmmMmm 

^ taHw Hoe ma m wm mm m 

WKiriwtMdw BII^ ■ IS wnrt « bb IB Mn 

MBMBMtMlOW rf MM n IBM dMWBM Wil^ 
M Ml MB t l to . SBi W— W bbMM. 
ftMM Be MM IMBI n* « BOM flu BCk Btu. 

* gMM BA a4|M b 151 

iw nWBiMUL i MMd UMB as MM « BB MBri. 7M- 
M uM Hi ]HC, 000 dMlW,' « n IMB WM « WM mS 
MM B BWud MM4 a M Hi Uu. » irie u M i Bee iBi 

MBB b BMi BBT Bu h ■■ pm w 


IS 0311 a 17% n ^ 

J JS -P -.2* MBeg II mm, UMM an wb ■ uimm » 


BEia 0833 R 0 8 s 
BNMOB 0 15 10 10$ 10$ 0 
BbBHW 48 hA 0 A 
UbJx on 11 1M 10 10 19 0 
ShbuLB 024 3 2 10 14% 14% 

Mtm 15 473 a$ 20 20 0 
BBStun 044 12 993 10 10 10 0 
B Bii aie 8 tt .io 7 8 w$ 10 10 0 
BBtaoMi oa 13 10 23$ a a 0 
BMtoxOS 15 58 32$ »$ 30 
BMF 0815 8 20 20 8 0 
01IIW 0813 8 20 30 20 0 
BwtiBS 1601321*1 83 00 91 >2 

BMTFb IS 9 870 30 30 30 0 
EAm 21 191 0 9$ 9 

BemHCB oa a a 10 i 0 i 0 

BtnIJini 15 249 10 . IS 10 0 
BMmWt 044 IS 18 30t30 30 Ah 
«IA0X O-n-M 2H 10 0 0 
Bite 8 857 0 0 0 

Bio 9 01019 110 11$ 11$ 11$ 

BtaBqrW on 13 139 11$ 11$ 11$ 0 

Btoen 331370 31 8 31 0 

BtaM 171095 10 0 10 

BbBDq) IS 11 191 30 8 30 -1$ 

BUCSoRm 140627 40 43$ 40 
BaObevS IS 102035 30 30 0 ;, .A 
OabWeB 067 19 510 21$ »$ »$ 0 
BoMOB 14 10 28 20 2014$ 
Bnbnd 44194 10 0 10$ 0 

aoBnOk OCR 5 430 30 30 30 
BBteTc <2 m 0 0 0 

BBiywA oai9 2 eo 49 40 

Brnn 08 a 91 10 10 10 0 
BrnsS 02414 731 0 7 7 A 

BaBnep 079 9 .15 8 9 27$ 0 
rsttte 045 0 18 2% 0 0 


niBee* 

FWTBb 

nwHta 


664 12 11 5 0 5 

«M 56 877 30 30 8% 
15368 20 20 20 
IS » 512 80 8% 90 
6 88 0 4$ 4A 
024 0 664 0 0 0 
a 78 10 W 10 

n mi ta 12168 30 30 90 
MNn oM.Bios a3t$a$ 
RtteOte 1811 48 8 20 20 
on a 18 20 20 20 

IS 11 716 30 *0 a 
IS 10 9S6 40 44 44 

08 7 71 9 0 0 0 

08 7 276 20 20 20 
IS 9 9 104 8% 34 0 

41 110 0 7 7 

89403 10 1610 

17 962 0 0 0 
08163921 0 0 9 

08625368 0 0 0 
IS 10 a »$ 30 *1$ 

13 28 10 10 M$ 

a 2 n 0 0 0 A 

IS 12 48 30 20 30 
040 9 910 10 10 W 0 
IW 12 ana»$ 30 a$ 
0825 S77 30 8 30 0 
0812 251B0 a$ a 0 

OS a a 17% 10 17$ 
am 5 4A s 0 


FMM 

TMAx 

IteWBx 


0 

■$ 

0 


miB OB aiDK a% 20 20 +$ 
WCbt 17 112 20 20 20 ■$ 
aa 4 i a u i 0 i 0 0 
ISM Sr 830 8 
Mmatei II 912 20 30 20 *A 
tePBftp 079 12 on 10 10 10 4 $ 
miBH 10 89 7 B$ 0 -$ 

tenmn a 58 10 0 10 4$ 
MMMOr IS 137 0 0 0 0 
MbMCp 9 8 42 41$ B 

3 MS 1% 1$ 1$ 

19 91 0 0 0 0 
teBOiliA 41.11 11 8 108 10 10 -$ 

on 111110 a$ a 8 $ 0 

9 m 7% 7% 7% 

U 401717 8S0 8 0 

MMbrCp 0 M 0 4$ 0 

McaniRxDs 11 a is w is -A 
mecotb osi7itM sa$a% 0 
tfeitew 404307 60 60 00 -A 
MBBte 016 15 177 12 11$ 11% 0 

IMctafi 046 13 8 20 820 
WHte 024 91934 U7$ 0 7 0 

MbBrn OM# a 10 10 10 

MbbO OS a 281 11$ 10 11 .$ 
MnteB 0811 301 20 8 20 4 $ 
MbnyO 079 7 114 8 % 20 20 +$ 
18124910 a$ 30 a$ 0 
05007 0 57H 0 -A 
MBteiAiian W 78 10 10 W$ 0 
IISCu 81321 8 20 20 4-1 

MOMF 08 16108 11% 1111$ 0 

MBIU 8 2888108 75 S 70 -$ 


smbw 


SbvOifi 

Smtea 


SHL97MI 


StanbUF 

SBate 

Simibe 

SteM 

aoMOB 


afertte 


7 037 a a a 

121137 10 15% 15% 

1 SOI 0 0 0 
052 1 1770 10 11$ 11$ 

0 441 0 7$ 6 0 

160 44 S 30 30 30 

111170 8 % 8 $ 20 0 
own 18 10 17$ 11 $ 4$ 

oa 1 »7 8 A IQ 2 A 0 

1 . 12 15 101 8$ a a 

84737 12$ 11% 12 .A 

8 sa 4U 0 4A -A 

12 16 6 $ I 0 4$ 
a TO 4 3% 9% -$ 
16 19 17% 17% 17% ■$ 

OM1B 4tt 20 30 MA 4A 

2 18 0 SH M 4A 

8138 1010 17$ •$ 
W V 11 10 10 

13 310 10 16 W •$ 

2 101 3$ 0 3S 4.11 

08 I83DIS 8$ 8% 9BA -A 

1 144 7 0 0 0 

om a 111 10 10 10 4 $ 

8738 10 12$ 10 .$ 
08 a M 11 $ 10 10 
8 81 20 a 30 
89010 20 10 20A 
oiao 0 <3 0 
08 1S3S73 »% »$ 8$ 

on 10 021 8 8 $ 20 


0 

-$ 

•A 

0 

0 


Steir 

Otete 

awtte 

8HMn 

; 8 Hibgb 

OtellB 


fWbrA 

Mifk 

ntm 

MHbBl 

MbW 

FMxCto 

Runx 

fteiwum 


' MICtOnAt 

upikm 


, MIMII 


eiAlV 0 200 0 43$ 0 0 

GSKSan 007 a 2 14$ 14$ 14% 4$ 

MW 0 47 0 3 3 0 

MBlb ID a 0 0 3% 

OMOO OiaSD 8 0 6 9 

GnIBM 040 18 14 17$ 10 10 

fludib W 38 0 0 0 

6BaBF8 26306 0 47$ 0 


030 06 8 302 11$ 11 
08 40 11 8 a 
on 07 2310041 80 


.. .IWMCeqixOa 021183 40 
30208te4 148 4613238 30% 8 



BB In yBBpj 11 mm uMM ob wb ■ 
MBBBi M. wW MM MdwbMLbb _ 
MBMb V MW ihmBH udb be OUnww «. m 

M w M CBIWte iMBAteM. WhBb I 

iWiMbB 9 B4WU. ■hiiMUliBi . 

Ill iblWI ui wM b M. jemw »uM b to 


UMnite w 




BnrOnui 


Cite 

QMIM 


a 537 8% 20 20 
a 8 1614$ 14$ 

a 38 0 0 0 
8 9 3120 a 

7 a 8 20 8 


-C- 

18 a 22021% 21% 


AMEX COMPOSITE PRICES 


4pmeleaeJuit2B cten 


0 48 0 0 0 
CidSciMW U7 15 8 20 27$ 20 
OMteMOamOa 21 77 17% 10 17% 
CaieGp 


0 

-$ 

-1 

0 


Santel^ 460 82002 20 8% 

BBWte 
flHWmn 
■ ei 


n 

mim 4 0 4 

8 407 820 20 
040 9 271 M$ 10 10 


-A 

0 

t 


mtm 17 4 0 0 0 

77119 10 8$ 0 -A 

0 03 0 0 0 +$ 

14 767 9 0 0 -A 

2 661 0 0 0 -A 

143IS7D 8 40 40 -1% 
asnWB 40 41$ 41% -6$ 
04011248 30 3 20 0 
MUNMnOSa 5 8 30 8 0 

MbtH 052 8 28 320 3 

men 18 20 23$ 20 +$ 

MnBCA 17 O57in0 13 13 -$ 

MMBffll «2034 10 10 10 

tetamCe 020 8 112 7 0 0 0 

IMInBM aS311M 3 20 a +% 
bUR OS 118 30 8 8U 41 
WnlK 004 82672 «1$ 30 4Q$ .% 
MoBon OM 101207 0 0 0 
MDOtenPxOSa 42 30 30 30.1% 
N-OMte 19 119 15 10 10 
MTS%« OS 10 8 20 20 20 -1$ 
WiMd 13 43 820 a 0 
BteWB 41SD3 10 0 10 


team 
SnnbBe 
SdOmwP 
Senoen 
Sbibtt 

spboMAx aaai4R i7 ois i0 *.n 

SIAMBM 040 131577 »% 91$ 8$ -% 
08 91(W 20 10 20 0 

1 113 3A lit ah 

8353 20 20 20 A 
on 16208 30 a 30 
91S17 1010 14 

08 14 sn »$ a »$ 
on 19 117 17$ 10 ir$ 
aoMpusA aa«i98aii% ii$ ii% 0 
9wti 144 aa a$ 10 20 +$ 
Sttbteia 1.10 12 340 20 a 20 0 

SOUODy 162113 0 0 7$ 

S&Mir 08 86602 31$ 30 8 
MWA a 107 10 14$ 16$ 

SinMlbwe0827 C 20 8 20 
SuuBBc OM 1417S3 20 20 22$ 
SnbBM 
Mspm 
awic 
SMirna 
STtaaeta 
S^mwBc 
STBbir 
Mbon 
SyiBiBi 
tetec 
Sfopiia 


■% 

•0 

0 


0 

0 


a 149 a$ 27% a$ 

10 470 4& IB$ 4$ -1$ 
1112IMS a 20 21$ 0 
8 259 34-% 90 34$ 0 
462584 0530 8 % -0 

82Z74 10 11% ta 0 
08 19 402 16 10 TB% 0 

» w V, 3h 3A 
17943 4% 0 0 
. 8 8 10 14 14 0 
IStOCR 10 M$ 1^ -U 
SMUma 012 19 270 13$ 10 10 0 
Sjftenscn 27 65 10 10 10 
Sfilrnm 24 28 0 0 0 


n 9 

9telc Bin ElOOi Wtt ^Gteimw 

ABtepi 433 43 1. 

ADtate 3 15 
AtteM 3 ia 

AHibrn IS 13 2 40 

AMbtoA 06187 38 21 

08 24017 
2 716 
81391 

JOttan 0 J 2 5 8 
A teu b Ui 25 8 
AMI 4 48 

AlteCMB 0 a 
WOBrA S 97 

BOHOWnOS OxIM 0 0 2% 
ateOMlM 073 16 0 24% 20 20 0 

BteHlTA 004 a 77 4A 0 0 
Bbiym 10 38 a$ 10 10 0 

BITM oa 12 3M 7$ 0 7$ 

Owd 0 7 2 1H 2 

BBMMh 040141 13 10 10 10 0 
BbMA S3 70 10 10 18$ -$ 
BbnitA 088 8 41 8 41 

BiMrMw 1112 a 11$ 11$ IT 
Obmw a 31 9 A m 2 

Bum ox 10 161 20 a 

lA IS 14 51 13% 10 1 



M ai 2i§ 


Gtenp 2 

CBbrax OS 13 

cnabB oa a * liS ii$ ii$ 

tetetA om 4 100 2$ 2A 0 

CtenObB s 6 0 0 3$ 

(tebpta 82M34$3030 
CHB 281744 0 0 0 

(3nft ■ OS a 631 11$ 11$ 11$ 
CnMfW 001 093 6% 0 0 


n cb 

Itek 0 6 loan mb LanOBtano 
OenteD 08 21 13 10 10 

niwttic 0 7$' 

GmedfW 8 8 9 

OiwKrA OMS45 112 10 
(tenCA 0«« 9 

OewCB OS 14 

cam osBi 

14 


OMe 
DMNk 

DmnnMi 0 
DAte 08 9 



007375 3639 11 
08 0 9 

9 5 

151370 
82491 
10 3n 1 


77 30030 ^ , 

16 n 70 70 -1$ 


moe oa 12 12 10 10 10 
lU oan 2 a 8 oa$ 20 -$ 
lib a 579 40 8 40 +$ 


n on 7 11 20 
om OR 12 28 20 1! 

■rx on 33 68 10 T 
MO 2 101 
^HHR 35 25 

aitGdB osa on 4 
HmOr aims 8% 00 3% 



Hemch 


Min 


knomp 

tateenn 

bOCm 


JnBil 


Itakn 

mvBb 

Nnom 


K Sb 

DM E ion Bob Low 

oa 13 306 

5X100 

3 *13 
015 8 8 

11 193 

1 88 
012 24 5 

32Sa 

100 07B*1_- 
on 15 OM 10 1. 

4 28 5 0 '0 

21 6 10 10 14$ 

a 6 0 0 0 
a n? 10 10 17$ 
n 963010 10 10 $ 

7 15 1$ 1A 1A 
16 18 0 0 0 

5 124 1 iN 1 

18 8 10 10 10 

T X100 20 20 20 




a m 

am BM E WM wtt iMlCtaai Cbw 
POHiG 08 912768 10 M$ 10 0 

p«b ' on 8 63 11 $ 11 11 0 
IS 9 a 17$ 10 17$ 

OS 15 38 50 $0 57$ 
on 15 0 34$ 33% 30 

012 a oa 10 10 10 0 


MMm 

MMto 


0 

0 

•A 

0 


PM MOP 

PHU) 

PIOawA 

om 


awn 


Si? 

MteA 




002 17 502 10 10 10 0 

aiD 1 a 1 $ lA IA -A 

a 3 a 20 20 
3 10 0 5 % 5 % 


enwS 

Ctebn 


0 

0 


■H 

0 

0 

0 


oio 9 

15 


8 30 

a 10 



WM 

itePMi 02D«2in 
TMUb OSaiMS 
Dmmdei 00 m 1 ; 
a 9 

-MMA 08 19 an 11 
TIiMCntaT 93 157 
man 1 18 1 

Ttentex 7 67 
Iteem 007 00 110 1 
IbBM 

UmoBA 5 
tbffteBB 020100 

ibMWi a 

nOM 02 

12 m *0 80 

588 62$ SS _ 
a as ^ ^ 10 
rx on a *13 20 25% 20 
1.12 8- a 10 M 14 
on 13 37 ^ 20 20 


CBIGp 

emn 

(MISpr 


GtanSi 


CbwAl 


08875 

QtaGp 

ante* 

oMn 

ChnloB 

GBTM 




3 a 0 aA 0 


0 

0 



fiabi thb pHg p nwuryniir mmpiatHofs ly ha/lngthe Hnaoclal Times (terwered to youf home or office eimy wnriclng dy. 

Harici delivery senices are available fiar all subscribers who woiK or rnn In the business centre of Budapest 
Pleme cEI -h49 69 15 68 50 for rnore inforrnathNt 

financial Times. Europe's Business Newspaper. 


iwiia 00 7 

2a 54691 10 00 10 

21 oil 20 aa$ 

1108 1$ 1$ iA 

1 8 3 0 3 

5 297 m 1$ 1% 

Canine OOOia S3 80 80 00 
ten* 2 6 0 0 0 
Ca*B 012 a 144 40 40 40 
tebncnxom a a 20 a a 
on 21 11 20 21 % 22 $ 
on 17 487 10 11 $ 11 % 

5 oa 0 7% 0 
a S3< 10 10 10 
w 911 10 n% 10 0 

4 98 11$ 11 11$ 

ri212 68 30 31% 22$ 

a 6 io$m 0 10 

I 10 0 0 0 0 
090 9 144 21$ 21$ 21$ 

OniST74% 0 BA 0 -lA 
42 47 110 0 0 
17 2 -a 10 12 

1 2a $ 0 $ 

12 3 0 50 0 

712S4 4$ 4 0 0 

87097 30 50 50 -1% 

1*012 50 50 61% n% 0 

017 8 4 n a * 1 % a +i$ 

291158 803039$ 0 

112 78 2A 2$ 0 +A 

113918 20 10 20 +A , 

CtaBnqi tn 19 n 20 30 20 0 I RM 

CbBlbr 24 147 0 7 7 0 I nonn 

emor 41 a 12 12 12 0 I Pmi 

Ctubmiui 7 48 0 0 0 

IS 17 S 20 8% 20 0 

141208 0 7 7A -A I mma 
a 8 11 % 11 $ 11 % Mta 
a 979 10 10 10 +iA I * 1 ^"* 

$4 912 n 10 10 0 
IS 282 10 10 10 
08 R 973 16 16 16 0 I l*6rDw 
1X14 a 21$ 20$ 21% 
on 10 159 20 20 27$ 

OM 16 9M 94 20 20 
on 16481 10 10 10 

ommop on 87400 i 0 10 1 ^ 
cwMiiw iiQ ar 10 38 30 a so 

CbmQ 08 a 91 17% 10 17% 

an SE 12 11 $ 11 % 

8 21 12 11 11$ 

OmMteA '8 916 0 0 0 
U3 8 1328 47% 40 47$ 

6 2a 0 n 0 

144 785118911$ 10 11 
32 a 17 10 10 
13 8 0 0 0 
08 21 493 81010 -VlkmWiGp 
663667 0 67$ 0-1$ 

8348 40 40 40 0 i Uno* 

42 sa 16 10 10 


0 

_ 0 

6U*w6. 012 12 78 10 10 10 0 
eautA on 16 37 is 10 15 0 

GUiBhn 10 14 0 64% 0 0 
GD86Wi 151R2 10 12 12 -1$ 

C MB Pb p «m -W 391 21$ 20 »$ 0 
eeteMte a R 0 0 0 

ente oa a 354 a$ 2 D >2 a 0 

teHtf OS 10 0 101^010 

tendia 0 48 4A tt lA 

eoMWB 0 38 0 0 0 0 

Gtewir 657 68 12$6I1$ 11% Jg 
CHOdw 72687 11 10 10 -1 

ebNrSW 620710101010 0 


-H- 

MnoA a 392 0 0 0 

HbtawM OM 6 a a 8 30 0 

tepva on 13 im 14 10 10 0 
moocn awaaoo 20 27% a -i$ 
wan 20 20 20 0 
009 a 2 a 10 10 12 $ 

10 65 0 0 0 0 
MteteoM awaiDB 13 10 10 -A 
note 2 0 0 0 

NMHinqr 8 18 19 14$ W 
Hmr OR 13 1910 201010 0 
HdobM OUWIDR 0 60 0 0 
HMeSc 8 909 10 10 10 0 

Hneim on • 7 a$ 20 20 0 

HuBfite&Ra25l iei 320 
HmMi 044 19 237 20 20 8$ 0 
Hcntedc 172015 10 10 10 0 
HbwWb 04433 103 0 3 0 

IWtJB Oa 10 3M 10 19 10 0 

mom on ioi7a 20 20 a 0 

MrsCd on 0 8^02$ 
WMtUi 8108 20 3$ 20 
MnrOb 17 it 0 0 0 


men a» 11 sn 20 20 27 $ - 1 $ 

BBRte OR 11 206 10 10$ 10 0 

MMitebt oa a 7a 10 n% «$ 0 
hbsmi oa a 14 a i4 13 % 14 0 
teifoBr 10 a 10 610 10 
n 04118 15 91$ 91$ n$ 0 
War 17 SM 20 30 20 
IbbBCte a 2757 10 10 10 -1$ 
103 28 0 7 0 +A 

9 3 0 0 0 

027 8 405 20 10 8 0 

nbcbb ana ia i 0 i 0 10 0 
NMfeaoi 9 46 10 0 no 0 
BMmNM 900619 40 30 40 -1$ 
ItaptCp 09412 8 0 0 0 
MiteM a32R 7% 0 7A 

on a R 55 54 65 +1 
08 81300140 a41$.1$ 
i 13 111 10 10 10 0 

iNSMUn 4 an 0 0 0 0 
NeniMlM on 13 OM 30630 30 0 
MOAir iaani77iii7% i0 i0 +i 

Nom 0401038 10 10 mi .A 
NmW a 148 80 34$ 30 -1$ 
nCA W 00 60 0 

IBCGbtp 9 10 0 0 0 


-T- 

r-cma o a 0 is$ 0 

TiOMir OSWOSI 8 20 20 0 
neep 135392 10 0 0 0 
TUCteb 044 a 41 20 20 20 0 
IMlOte 93403 15% 15 10 0 

090 1* 8 40 8% 40 -0 
2 an 0 9% 0 
lUBSyi 9 la 13 10 10 0 
TtetenoA 29913651 «$ 20 20 -A 
lUMt 7 771 0 0 0 

Tam 24928 30 30 30 -1$ 
ItewCp 091 a 13M 10 10 10 -A 
TbiTb 77 44S 8$ 0 0 0 

TMteun oa a iR a 20 20 0 
line cm 591789 8$ 5i 5iH -iH 
nw (U 2 a 78 20 10 30 0 

TMwiW 2 13 0 3$ 3$ 0 
lUgfoMOSa 2l0e0n$0 
Temfimn n a 10 10 10 -A 
TtePlCDx 02933 12H 0 0 0 
lIRBBr 3 947 0 0 0 0 
19 8m 11 10 11 

inio 9 3r%a$a% 

7 41 0 0 2$ 

65 118 10 0 10 
ihBEeBtt 100 11 8 a% a a$ 

team 0312 457 0 0 0 


iTnw fcH 

Item 

iTteob 


0 
0 
0 
-A 

Ttma 00194716 24$ 20 20 0 


CUB Bar 
ODWten 
CdmbCp 

eUWM 
Cilwm 
6Bt0. 
COW Bp 


meMA 


temi 

Ca*W 
OMIMe 
C entt 

Otebb 

Cam Dp 
(W ptfA 

tedvB OUeElflOl 
OteConp aisa 

CteuBB 31000 

r^ite*. 3117* 


0 

0 

+1 

-1 

0 

0 

•A 

+1 

0 

0 

0 

0 


0 

0 

0 


0 

0 

0 

-A 

0 

0 

0 


MrlU 

Meifett 


kanck 

blDMqnA 

ttflB 

hOTM 


S 

1 

0 

.5 


a a 

% U 

64 0 
4% 0 


0 

0 

-A 


8 8 0 7 0 0 

313128 11 10 ION 0 

$185 5% 0 0 0 

a 212 6 0 0 0 

3 -MB 0 0 0 
04D 34 180 15 10 W 

OSm to 14 614 14 

17l0n 14i| 14 14$ 

221173 10 17% ISA 
on IS 134 11 $ 11 $ n$ 

81 7467 20 20 2^ 

a n ifl$ 0 10 

5 715 2 dt$ 1% 

OS 109S33T 50 50 50 

a «t 0 ia 0 +A 

088847 14% 14$ 14% 4$ 
21 38 0 0 0 
OS 15 600 -10 11$ 11% 

3 Ttt 10 0 0 

3 sa 0 n% 9 

4 8 10 10 10 
13318 -9 0 0 

14 an 17 10 17 
an 17 2 0 n$ 0 -$ 
213 ae 5 0 0 4 $ 
001 19 31 20 E% 30 0 
t 007 0 0 0 
U 172 10 10 10 -0 
1,17 41 11 2H 224 291 


-o- 

ooBim a ia u 10 10 jg 

OCHCm 151013 1010 10 

OHXM* 18 *14 12$610 10 4A 

flpbwN on 9 a 20 a a$ ■$ 
OHeCi 18 5 *m 20 20 a$ 0 
OHKM 1.19 10 375 90 30 30 0 

outedB onw an 30 da a 

OnteWB in 7 71 10 a 30 
OmPHb 11 915 U$ 614 W% 0 

OlteMR a ie * 2 $ 22 s 0 

ombs s4mBS 30 a 37$ . 1 $ 
omsow a SM 15 14$ 10 0 
oa a 101 9 $ 0 9 

0 41 13 10 10 0 

031 11 50 9 0 0 

OMop a SB 0 0 0 

OmSA 08 8189 10 U10 
on 10 R 10 10 10 
I ooMiw IR 1 * 4 ST a a 


-u- 

ItSIBte 005 iaB144 37$ 30 36$ -1$ 
Hi 2 om 0 0 0 0 

UBduGi m IS a 10 10 10 0 
U 61 M oni 2 ias$s 0 si 0 
IbMSl 08 0 216 0 0 0 .$ 
IbBO OS 21 6n20 a% a% 0 

UHHi 18 21 100 3gda$ 30 0 

vbbbm 0*510 mo 20 a 20 A +A 
tBSbw a a 5 0 5 

wroeip 1.12 0 M 10 10 im .A 
(blilM 13 W 0 0 10 

M-MH 11 381$ 8 80 41$ 

Ufet 14 8 0 64$ 0 4 $ 


0 IlMmm 
teoMCW 
0 IvMtee 
'vtar 
W c a p Hil 


0 

0 

4% 


. J. 


-D- 

DBGb 1531547 a a 80 

DMam 01319 3 70 670 70 

10 271 0 0 0 

a n 7$ 7$ 0 

teBcn p t . 13 2a 10 14$ 10 


JUSDKk 14 91 10 10 t0 0 
Jamte 0814 346 10 0 9% 

jLRkd attain 30 3430 4 
smw 55 71 20 80 80 0 
Jemu a 5 10 10 10 0 
JdbMIW aiOtt 251 0 0 0 0 
jH»nq> 1812 125 8980 25% 0 

JBte on 16 M 25% 20 a$ 0 

JuneUg 08 a 441 20% 10 w% 0 
JMb 016 81591 126(0 11 -i 


-P-Q- 

Neor 1813 437 90 40 40 0 
fteoimp on 12 im 10 10 10 0 
I PWm U 2 w a 8 »$ 20 -% 

iPteflOe 191115 91% 8 % 4T% .4 

E-4ma0 83$0% ^ 
0 fteteB ftS 8 940803030 0 
^ P$nAB 8 2 0 0 9 0 

050 8 14 0 0 gif 0 

iTtenTiljr 8 5 1010 13% 

Pmiviig in 2 xin 90 a$ 30% . 

MWx OR 17 18 30 30 30 

I 15 28 0 0 0 0 
L ORE n 2 21 $ 8 
PteplKH OS 12 709 10 10 10 
fmete 1.12 19 18 30 30 30 
Tbbmw a 209010 0 10 0 

TtebMfte a an 0 4 $ 0 4 A 

Plmdi 048 4 10 0 0 0 
tom 82349 10 13 10 0 
POMta 44 MOO 17$ 10 10 

Ptaaam ana sss a a a 4 % 

Pbnmw an 22 *i« 30 30 30 0 
an 16 103 27$ 20 80 0 

5 111 0 0 7i{ -A 
18 10 0 0 0 0 
on 3 M 0 0 6 % 0 
lana sraoixsaA +A 
FMtet simn 10 10 ISA -A 
PMPM n a 0 0 « -A 
' pnoob a 881(10 10 10 4 $ 

PteOMlOSa a 20 24$ 80 0 
Plrtno 012 7 sa 10 10 10 0 


VUHteb 

tetes 


- V- 

oa a 175 15 10 10 0 

Tiwa 20 3030 0 

1B10H 10 10 17 0 

a a» 20 21$ a$ -i 

9 in IS 10 15 
80574 16 15 10 4% 

a03B 10 10 10 .Ji 
OM 17 IE S0 a$ 90 0 


iPMBMSt 

IfoomM 


fWtUb 


WbBrBi OIDiaSOR 24$d20 20 0 

WlMBdl a 6E 4$ 4 0 4 A 
teMMtfBOn 72279 8 10 8 0 
WWML]A94 9 SB 21% « «$ 
**WMI OR D 300 H$ 20 20 
MtamPMOSlS 487 20 20 20 0 

MHO 240 15 77 41 40 40$ 0 

19 SR 0 0 0 
OR 11 148 20 a 20 

8 an io$ 6 i 0 10 

1 132 10 10 10 
10 SR 0 2$ 

onaaea 474048 % 

MteSMena 82307 S 30 a$ 

L oaw 4 IS IS 15 
0408 »2 810 10 
*1190109 008 84214 0 0 8$ 
wmoemiMa t 8 r 0 « « 


wok 

umorn 

MU) 


MS am 


0 

•$ 

0 

♦A 

0 

0 


0 

0 

0 


ata_ am »r%30 .$ 
teootep tail 0 60 aA -A 
tmm om aim i0 ^ 10 ^ 
tekftm IW 497 0*23 
amubh 112 9 071 30 a 30 ^ 






38 


WORLD STOCK MARKETS 


FTNANCIAL TEMES 


Thursday July 21 1994 


AMERICA 


EUROPE 


Dow turns lower in Bourses ease after Fed chieFs conunents 
response to Greenspan 


Wall Street 


US stocks suSered a setback 
yesterday morning when the 
chairman of the Federal 
Reserve said he could not rule 
out an early move to tighter 
money, writes Fnmk MeOuriy 
in New York. 

By 1pm, the Dow Jones 
Industrial Average was 13^ 
lower at 3,734.39, while the 
more broadly based Standard 
^Poor's 500 was down 1.91 at 
451,95. 

Volume on the New York SE 
was modest, with isOm shares 
eschanged by early afternoon. 
Declining Issues 1^ advances 
by 1.278 to 678. 

In the secondary markets, 
the American SE composite 
was oft a scant 0.87 at 433.03 
and the Nasdaq composite 
budded 5.86 to 713.46. 

For at least a week the mar^ 
ket had antidpated yesterday’s 
congressional testimony by Mr 
Alan Greenspan. t.ha Fed chief. 
When be finally delivered his 
twice-annual Humphrey*Hawk- 
ins briefing haW an hour after 
trading b^an, the tone and 
substance of his remarks were 
a surpn^ 

He said the central bank was 
still uncertain whether credit 
conditions were sufSciently 
ti^t to snirff out inflationary 
pressures in the economy. He 
added that a further lifting of 
Interest rates was still “an 
open question”. 

With the prospect of a fi«sh 
period of uncertainty over 
monetary policy, the bond mar- 
ket went into dedine. By mid- 
day the price of the bmichmark 
30-year government issue was 
down nearly a point, even 
thou^ the Commerce Depart- 
ment released data suggesting 
a coolingof the housing sector. 

Inlti^ly, share prices fol- 


lowed btmds to sharply tower 
levels, but managed to recover 
somewhat in the late morning. 
Cyclical issues led the retreat, 
with Caterpillar off $2 at $107K. 

The overall weakness was 
complicated by the flood of co^ 
porate results whidi continued 
to pour into Wall Street. In 
general, investors were unim* 
pressed by good perfbnnancee 
and unforgiving to under- 
achieveis. 

Sears Roebuck, for one, 
handily beat the consensus 
forecast by posting net income 
of $1.27 a share in the second 
quarter, but its share price, op 
$Vi at hardly bodged. 

Compaq Computer failed to 
please even thou^ its quar^ 
terly net inccone was a htQe 
better than forecast The stock 
shed $1% to $32 in heavy vol- 
ume d 4.4m shares con- 
eem over the company's high 
inventory levels. 

Similarly, McDonnell Doi^- 
las, tile defence cootiactor, dis- 
appointed investors even 
though it matched expecta- 
tions. Its share price was 
marked down SSVi to tiiffA. 

Bearishness claimed Pfizer 
as a victim, too. The pbanna- 
ceuticals bouse warned that its 
full-year results could fall 
short of early estimates. In 
response, the stock foil $2% to 
$59%. Schering-Plough was 
down $1 at $61. 

International Game Tbchnol- 
^ was a big loser after post- 
ing net income of 30 cento a 
share, an unpleasant surprise 
to most analysts. The issue 
gave back $1% to $20%. 

On the Nasdaq, a drop in 
technology shares triggered 
earlier in the week sbov^ no 
signs of abating. Shares in 
Lotus Development, which lost 
14.5 per cent of th^ value on 
Tuesday, receded a further 5 
per cent, or $1% to $31%. 


Canada 


Toronto was lower at noon on 
worries about the outlook for 
inflation, ajod the TSE 300 
index lost 26.00 at 4474.20 in 
volume of 23.1m shares. 

Declining issues outpaced 
advances by 107 to 57, with 82 
stocks unchanged. 

Of Toronto's 14 subgroigts, 
11 had lost ground at noon. 
Predons metals was the only 
group to post strong gains, up 
98.96 at 9^0744. FTanco-Nevada 
advanced C$1 to C$69% after 
reporting stronger first^quarter 
earnings. 

Among other indiow^. ffnanHni 
services shed 53.74 to 2,970.43, 
while communications and 
media sank 81.94 to 8,^.81 

In active stocks, Canadian 
Tire class ’’A” was up C$% at 
C$10% on 2m shar^ dealt and 
Telus gained C$% at C$15% on 
1 9m shares. Alcan Alumiiiium 
rose C$% to C$33%. 


Mexico 


Uedcan shares qponed weaker 
in slack trading as investors 
stayed out of the market on 
expectations of weak corporate 
earnings. 

'The IPC index of 37 top 
shares fen 9.21 to 2446.09. 

Traders said that investors 
had not been unduly upset by 
the rise in domestic interest 
rates at the weekly auction. 
The benchmark as^day Trea- 
sury bni rose 56 basis points to 
17.66 per cent 

Turnover was 1.9m shares 
valued at 15.7m pesos. 

Telmex accounted for 729400 
shares of the volume. Its “L” 
shares were down 0.64 per cent 
in the local market, while the 
”A” stock had not yet traded. 
Telmex ADRs in New York 
were off $% at $54%. 


Johannesburg finds late support in industrials 


South African shares found late support to lift 
indnstrials off their lows, but most investors 
remained wary about short term prospects, 
Reuter reports. 

The overall index added 81 at 5479 as it 
found support fit>m De Beers and Anglos. The 
indnstrial index finished 2 firmer at 6,359 
and the gold shares index retrieved 18 at 2,113 
foUowii^ Tuesday's 61-point faff. 


De Beers advanced Rl.75 to R109.75 and 
Anglos R6 to R239 amid steady demand. 
BGnorco slipped 50 cents to R106.50 and Riche- 
mont mana^ a R1 gain to R38. 

SAB climbed off a ^d-aftemoon low to close 
a net 25 cents down at R85.75 and Barlows 
firmed 25 emits to B31.75. Iscor continned to 
tread watm* at R4 after recent hefty pwwg. and 
Sasol Improved 25 cents to R27.50. 


EMERGIIiG MARKETS; IFC WEEKLY IHVESTABLE PRICE INDICES 


MarfceC 

No. of 
stocks 

Jiriy 16 
1994 

Dollar terms 
% Change 
over week 

% Change 
OR Dec *93 

Local ctsTBncy terns 

Mjf 16 % Change M Change 
1994 over week on Dec *93 

Latin America 

(209) 

611.70 

-ai 

-6.0 




Argentina 

(25) 

882.66 

+1.S 

-114 

541,744.17 

+14 

-114 

Br^l 

(57) 

28a51 

•hUB 

+204 

1,049,603440 

+04 

+9324 

Chile 

(25) 

65a48 

+2.0 

+19.3 

1.105.66 

+14 

+190 

Colombia' 

(11) 

960.14 

40.4 

+48.9 

1499.17 

+0,7 

+699 

Mexico 

(68) 

822.16 

-14 

-184 

1406.^1 

-1.1 

-104 

Penj* 

(i1) 

135.15 

+1.1 

+11.7 

181.40 

+14 

+14.1 

Venezuela* 

(12) 

522.90 

+2.8 

-11,7 

244343 

+24 

+498 

Asia 

(557) 

245.40 

+24 

-15.7 




CtWta* 

(18) 

90.84 

+9.0 

-39.1 

8842 

+99 

-39.5 

South Korea* 

(156) 

12849 

+04 

+9.1 

13641 

+04 

+98 

Philippines 

(IS) 

265.43 

+1.4 

-3Z.0 

332.11 

-1.0 

-2S4 

Taiwan, China* 

(90) 

145.71 

+44 

+74 

145.83 

+4.5 

+94 

India’ 

(76) 

133.03 

1.1 

+144 

147.11 

+1.1 

+144 

Indonesia' 

(37) 

9743 

+1.1 

-214 

114.88 

+1.0 

-194 

Malaysia 

(105) 

267.73 

+3.1 

-21.0 

25645 

+34 

-299 

PaMstan* 

(IS) 

391.93 

-0.3 

+1.0 

54341 

-94 

+2.8 

Sri Lanka" 

(5) 

162.54 

+1.0 

+34 

195.12 

+99 

+24 

ThaMand 


38345 

+44 

-194 

38047 

+5.6 

-214 

Euro/Mid EM 

(125) 

11549 

+54 

-31.9 




Greece 

(25) 

21544 

-24 

-54 

344.30 

-24 

•104 

Hungary" 

(5) 

187.16 

+14 

+124 

225.53 

+1.4 

+11.7 

Jordm 

(13) 

15945 

-1.0 

-3.8 

227.69 

-14 

-44 

Polancf 

(12) 

655.93 

+114 

-198 

92546 

+11.4 

-191 

Portugal 

(25) 

116.59 

+4.1 

+24 

12844 

+4.1 

-74 

Tivkeyn 

(40) 

iiaes 

+9.9 

464 

1,64146 

+94 

+124 

Zimbabwe" 

(5) 

23645 

-14 

+1T4 

280.74 

-1.0 

+31 A 

Composite 

(891) 

311.50 

+1.6 

-12.4 





Mm an e alattaaa at ait d iamk. and vnattf chtngaa an p mcan o g u meimFmnt tem dm pravwM SMt 0 Mk Ok TSSSaroo etdapt diem naed 
i*W mer t tgei; pjOae at iSKS AAo S rSMT MOk JT (SUM a 1992; pum 4 mi; (7)Nm 0 tSSe WSap SB t99Cl fiUBd ' >901; tlV 
Ok JI >002 ptJOee SI fS92 PSDK St I9RL- 4 10ft 2 tSOS. 

Greece remains a problem, in spite of a below average decline in dollar terms over the 
year to date. James Cc^l, commenting on the marl^ in its latest quarterly survey, 
notes that with modest economic growth projected for 1994 and 1995, and high rem 
interest rates, the prospects for corporate earnings, cxeinding Hie banking sector, *‘do 
not ai^w well**. 

The broker is forecasting earnings per share growth of 9.5 per cent for 1994, rising to 11 
per cent in the srear following, *'bat much will depend upon the govemment's ability to 
tackle basic economic issues which, quite ^iparently, it is not doi^ at the moment”. 
For these reasons they recommended a “generally undarwm^t pemhion” in Greece, 
while highlighting the construction sector as having the ability to go ^ninst the trend. 


The testimony given by Mr 
Alan Greenspan, >^hairrnan of 
the US Federal Reserve, had a 
negative imiMCt on the aftei^ 
noon peribrmance of continen- 
tal Emr tgiean m arkets. 

FRANKFURT was a case In 
point. After a modest rise in 
the Dax index of 9.82 to 
2,138.65, post-bourse trading 
brought the level down to 
2,12047. 

Attention was also being 
concentrated on tod^s meetr 
ing of the Bundesbank - tbe 
lart before a four-we^ sum- 
mer recess. James Capel 
thought that a cut was 
unlikdy, in spite tk tiie encour- 
aging M3 data which was 
released earlier in the week. 

This view was supported by 
UBS which, in a comment put 
out before the M3 data was 
available, remarked that while 
frirther headline cuts were 
TmfniT^PTl^, fids week was pnfo- 
ably too eai^, and suggested 
instead that it expected the dis- 
count rate to be down to 4 per 
cent by September. James 
Capel went one step further - 
the discount, it thnoght, would 
be down to 3.75 per cent by the 
first quarter of 1995. 

The ehamiraTg sectoT again 
made forward strides; BASF 
rose DH4.70 to DH306.50 and 


ASIA PACIFIC 


Bayer by DM240 to DM356. 

ZURICH was spurred ahead 
by NestlO’s better than expec- 
ted half-year sales, and the SMI 
index flnlshcH 40.7, or L6 per 
cent, higher at 2,562.8 afinr 
some late weakness in the dol« 
Uff had pnfled the marimt bad^ 
fimn its best levels. 

Nestid moved ahead SF141 to 
SFrl,l44 In response to news 
of its flat first-half .sales whidi 

Cpme af ter thft THartrAl 

on Tuesday: some analysts had 
bemi expecting a 1 to 2 per cent 
fan. 

Roche certificates, which 
weighed on the market last 
week, continued to r^ain 
ground, adding SFrllO at 
8^,410. Elsewhere in the sec- 
tor, Ciba bearers rose SFMl to 
and Sandoz bearers put 
on SF^ at S8M88. 

Ascom. the telecommunica- 
tions concern, appreciated 
SFiOO to SFrl,650, although 
traders co mment ed that the 
rise was exaggerated by rela- 
tivky tiiin volume. 

PARIS was sli^tly easier, 
aUhou^ it recovered fimn the 
lows of the session. The 
CAC40 index was 8.61 softer at 
2443.72 after toodiiiig 2,02726. 
Turnover was FFr44bn. 

A substantial rise, nearly 11 
per cent, was noted in Moo- 


|fT-SE Actuanes Sh^ 

ire indices 


1 

Jul20 
itoiik dwgss 

Open 

1030 

THE EUROPEAN SENES 
1150 1200 laOO 14JH) 1&00 OON 

FT-SEBnMilOO 

FT-aenMan 

13E&37 

1407JO 

mss* 

140732 

130052 137X47 137448 
141150 141457 141350 

137X04 

141359 

137054 13S75B 
140054 140757 



Jri 10 

Jd 18 Jd 16 

Jd 14 

Jd 13 

FT-SE BaaktGk 100 
FT-SE SiDladt 200 


I36IJI 

14451 

134611 134052 

139157 130255 

133753 

1374.18 

132S54 

138113 


liner the oemsumer dectzicals 
gro u p, following a number c£ 
brokks' recommenriatinns, and 
on hopes of an warnings recov- 
ery next year. 

In contrast, Thomson CSF 
dipped FFr6.10 to FFr16240 as 
it sufibred a downgrade from 
one US house. 

AMSTERDAM attained the 
400 levd for a brief moment 
before gi«Wng ba(& later, and 
tbe AEK index the ses- 

sion down 142 at 89740. 

Wlule tile overall tone was 
wraker, some good gains were 
evident Fhihps. for example, 
finned FI 1.00 to FI 76.70, with 
investors noting that a Tbiwan 
group in whidi it has a 40 pet 
cent stake bad announced that 
it wffi to Qoat stock. 

Among other good gainers, 
Unilever went F1240 ahead to 
FI 18740 and Royal Dutch 
n 140 up to FI 19540. 


MADRID daig«d bte in ttm 
day as profit-takers used Mr 
Greenspan’s comments to cash 
in on nine days of ridng prices 
in the market. The General 
indme slipped 142 to 30L40 in 
volume of about Pta 32bn. 

Astutiana del One fell Pta 20 
to Pta 1,310 after Banesto 
placed 248m shares, 947 per 
cent M the share ctqiital, at 
Pta 1450. 

Teldbnica slid Pta 55, m: 3 
per cent, to Pta 1,790. HerriU 
las reduced its profits 
estimates for this year and 1996 
in response to proposals for 
Bfoalancmg tani^ which are 
expected to be confirmed by 
partiament tomonow. 

MILAN contimied its recov- 
ery as the political douds 
dmired. and tite Comit index 
advanced 1147, or L7 per cent, 
to7164a 

Telecmumunications issues 


continued to draw attention. 
Sip rose L90 to L4,^ and Stet 
was UO hikier at 16,476. Rob- 
ert Fleming Securities, vidkifa 
maintains a positive view of 
the stocks, commented that 
both were 10 to is pm- cent 
undervalued and ad^ 
the forthcoming Telecom TtaU^ 
could look forward to rapid 
profits growth w a moderate 
growth in sales. 

Among industrids, Fiat rose 
L126 to L64IQ and Oltvetti was 
L42 hi^er at 14416. 

Bankbig stocks remained at 
the centre of attmitian in the 

wake of BCTs announcemant 
on Tuesday that it to 

launch a 14460bn cash call mi 
August 18, which prompted 
expectations that Crkftto Itah- 
ano would follow suit 

BGI rose 145 to 14,728 and 
Credito put on L47 at L%269. 

WARSAW tumbled 9.1 per 
cent, dring up all tiie sharp 
^tins of the previous two ses- 
sions, as profits were taken, 
although fresh, buying interest 
during the order matdiiDg ses- 
sion was seen to signal a 
prmnpt rebound. 

The Wig index dropped 
LOSae to 104D64. 

WMIm end acMd fajr Join Pttt 
and Mchaol Morgan 




,j)ort5 


J3' 


rter 


■t* 




Nikkei little changed despite yen’s decline 




Tokyo 


Selling by corporate investors 
eroded morning ga»T»s, and the 
Nikkei index closed almost flat 
in ^Ite of the yen's decline 
aga^t the dollar, unites 
&niko Terazono in Ttkq/o. 

The Niklffti 225 average was 
finally a slight 5.60 up at 
20,780.76 after settii^ a day's 
high of 2047247 in the mom- 
ing and a low of 20,73645 in the 
afternoon. 

Arbitrage buying led by 
strength in the futures market 
and purchases by public funds 
siqiported shares in early trad- 
ing, but most investors failed 
to participate and the index 
mo^ in a narrow rmige after 
receding on profit-taking. 

Volume was 310m shares, 
against 260nL Dtnnestic finan- 
cial institutioiis were buying in 
the morning for pobUc pension 
funds, while overseas investors 
were largely inactive. 

The Topix index of all first 
section stocks put on 1.19 at 
1,665.49 and the Nikkei 300 
gained 0.13 at 30242. Rising 
issues narrowly ontscored 
declines by 484 to 473, with 227 
stocks unchanged. In London 
tbe ISE/Nikkei 50 index ended 
2.12 finner at 145449. 

Some investors selected 
shares backed by indi- 
vidual news, or those seen as 
laggards. The second section 
climbed 12.17 to 2,531.55 in 
volume of 2lm shares, a three- 
week Ugh. Many brotee do 
not expect equity prices 
to move over the summer 
months. “There will not be any 
gi^ifieant earnfng s news UOW 
until Septmnber, or until 'foyo- 
ta’s resUts are announced in 
August,” r^ited James Capel 
in Tokyo. 

Nihon Nosan Eogyo, the 
i^ro-feed mbker. advanced Y17 
to Y549 on reports that the 
company had developed a prod- 
uct which could lower blood 
sugar leveils. 

Telecommunication linked 
stodss were fai^r on hopes 
of profits from the next- 
generation portable telephone. 
DDL the long distance telecom 
operator, rose Y110,000 to 
Y9.6m on the second section. 
The company was also sup- 
ported by hemes of increased 
buying following its lO-for-one 
stock split on August 2. 

Kyocera, DDI's leading 
shareholder, moved ahead Y70 


FT-ACTUARIES WORLD INDICES 


Jc0ntf|r eoRipBed by The Fbianetal Times tl±, Goldman. Sacha & Co. Md NalWsst SeewSea Ltd. bt cen|imcllan wth lha bwtbula of Actuaries md the Faciily of AOtuartee 
NATIONAL AND 


REGIOI4AL MARKETS 
Hguss fi parenriMses 

US 

Day's 

TU 

Pound 

B8DAV Jl 

JLY 19 If 

)9«~^ 

Local 

Local 

Grose 

US 

MONOA 

Pound 

YJULV1 

81994- 

Local 

— DO 

ULARMC 

lEX — 
Year 

sfiow tuTibar of Irtee 

Dollar 

Change 

SMbig 

Van 

DM 

Cunaney 

M dig 

DM. 

Dollar 

Slerfng 

Yen 

DM Cuiraney 59 week 53 weak 

ego 

cri stock 

Index 

H 

Max 

Index 

Index 

Indax 

on d8y 

YMd 

Index 

Index 

Index 

Indac 

Indox 

Hgh 

Law 

(gppnte 

AustraSa |SS| 

174.06 

X3 

165.46 

108.97 

14051 

157.85 

05 

3.48 

17353 

16445 

107.88 

13X19 

157.64 

180.15 

13658 

13X28 

Au8lna(17) 

189.67 

xo 

16057 

118.72 

1S3.S2 

15X41 

08 

1.04 

18X71 

179.78 

117.95 

15X16 

15X14 

19X41 

15X61 

16X61 

BdgluinUO- 

172.45 

ao 

16X91 

107.95 

13X59 

13655 

05 

4.05 

17X47 

16X45 

10753 

13X34 

13X30 

17X67 

14X62 

150.73 

Canada (106) 

-. 12751 

-05 

121.58 

8057 

10X53 

12754 

xo 

XB5 

12850 

12149 

7X70 

10X83 

12758 

14X31 

12054 

12442 

Dsnmarii (33) 

27154 

-05 

25751 

169.78 

21955 

22X69 

ae 

152 

271.01 

25758 

16055 

21X09 

22441 

27X79 

207.65 

21523 

FMiixl 1241..- . . 

19950 

04 

101.32 

9955 

12X86 

17256 

u 

059 

15X50 

15050 

9654 

127.13 

17X01 

15950 

9X42 

97.76 

France (97) _ 

176.95 

0.4 

166.19 

110.76 

14X53 

14X26 

15 

352 

17X30 

167.07 

10X61 

14140 

14X47 

18527 

15X92 

15X75 

Garmany (SB).- 

14S.13 

05 

13755 

90.85 

117.47 

117.47 

12 

1.70 

14457 

137.10 

88.95 

11X04 

11X04 

14757 

11X69 

11752 

Hons Kens (56)—.. 


-0.7 

35252 

232ja2 

a00jB3 

367.62 

-0.7 

353 

37352 

353.79 

23X10 

29044 

37055 

S0656 

Z7142 

27459 

inland (14) 

— soaoz 

M 

19X13 

13S51 

181.91 

18X56 

05 

352 

19X26 

16854 

12358 

1S9.63 

18159 

20X33 

15750 

16052 

Ratylbl) _ 

— . 06.63 

15 

8254 

5452 

7X12 

10054 

25 

150 

8558 

8051 

Sana 

6849 

9854 

97.76 

5759 

7057 

Japan (oOO) 

167.58 

-a? 

15959 

104.90 

13X65 

10450 

-X1 

XTS 

16X82 

1S659 

10456 

13X41 

10456 

170.10 

12454 

1SQ54 

Malaysia (te) 

.471.46 

-05 

44X12 

395.11 

381.61 

47051 

-xs 

1.73 

47353 

44X13 

28455 

38X14 

47347 

621.63 

33X73 

33X73 

MoricodS).-.— 

1934.78 

-0.4 

182X45 

12M.eO 

155752 

715451 

-05 

157 

1931.72 

133X63 

120053 

164X40 

718653 

264750 

151657 

1550.15 

Nethertond C7).— 

— 507.46 

05 

197.19 

129.86 

167.93 

16X21 

1.1 

3.44 

20X83 

19X01 

12859 

16X90 

163.44 

20746 

165.15 

167.17 

New Zealand |14) 

0750 

-05 

6454 

4250 

5459 

6X15 

-X4 

358 

6X02 

64.46 

4259 

54.56 

6X37 

77.58 

51.62 

51.62 


-... 204.41 

-1j4 

19459 

127.95 

16555 

189.03 

-xe 

1.75 

20755 

19X50 

12X91 

16X31 

19053 

207.35 

15X74 

15X47 

Slngaeare(44) 

—342.98 

-05 

32991 

214.63 

Zn54 

aa.n 

4>.1 

ITT 

34X48 

32XS0 

21355 

27X50 

23952 

37X92 

247.06 

247.08 

Soutti Africa 

.-.-586.71 

-9.0 

27X51 

179.46 

23X06 

28X56 

-XT 

X23 

28X64 

27753 

18154 

234.72 

28X60 

29254 

17X93 

207.49 

Spam (43) „ , 

.... 14X83 

-OA 

13X71 

9X03 

11X42 

13953 

05 

4.12 

14459 

13X33 

39.77 

11651 

13X62 

15X79 

11623 

12059 

Sw4de>(36).— 

51S5S 

0.1 

20556 

135.17 

174.60 

245.96 

05 

1.83 

215.80 

20441 

134.10 

17351 

24559 

2S155 

16X75 

17354 

Swlberland (47) 

1S653 

-05 

149.18 

9X53 

127.02 

127.74 

07 

150 

1S750 

14357 

97.73 

12X06 

12X62 

17X56 

124.46 

12X20 

Umari Kingdam (304) 

— . 196.40 

ao 

18X68 

122.94 

15X97 

16X68 

05 

404 

19X43 

15X15 

12X12 

1S755 

18X15 

21456 

17256 

17358 

USAfSlS).. 

105.19 

-03 

17X02 

11552 

14X89 

18X19 

-05 

2.90 

18X73 

17651 

11547 

14857 

18X73 

19X04 

17X96 

16X58 

BJFIOPE(7MI . 

17158 

05 

16X18 

107.46 

13X99 

15353 

05 

353 

17140 

16243 

10X56 

13747 

152.14 

17X58 

14X32 

144.85 

NoRSc(lie) 

21306 

QJQ 

20356 

13353 

173.16 

207.77 

04 

143 

21452 

20252 

13356 

17156 

206.66 

22X60 

160.69 

16456 

Rmflc Basin (748) 

174.75 

-ar 

16X10 

10959 

141.45 

114.51 

-XI 

154 

17X93 

16X72 

10920 

141.11 

114.62 

17X86 

134.79 

15Xm 

Eim-Paedm (I4flq.._ 

.—.17X33 

-05 

i6«.re 

10X50 

14059 

13X16 

05 

1.67 

17359 

164.79 

10X11 

13X48 

1S952 

17358 

14358 

14X99 

Norih Anwtn (639 

..—.16153 

-03 

17X64 

11359 

147.02 

18155 

-02 

259 

18X16 

17253 

11355 

14X11 

131.78 

19X73 



Europe Eih UK(5f6) 

15452 

0.3 

146.87 

96.72 

125.07 

13352 

1.1 

X44 

154.11 

14X04 

9X61 

12X60 

13150 

1S7.47 

12S59 


PactOc Ex. Japan (280).... 

-..-247.14 

-05 

284.91 

154 70 

20055 

22152 

-02 

X68 

24759 

234.92 

1S4.12 

19X63 

2S229 

29X21 



WUtd Ex. US (1652) 

174.15 

-05 

16552 

109.01 

14056 

13X40 

02 

1.00 

17X76 

15X62 

10X65 

14X17 

13359 

174.76 

14559 


warld Ex. UK (1067) 

— . 174.88 

-0.4 

16652 

10X47 

141.56 

14X92 

05 

25S 

17553 

16X34 

10X13 

14X79 

14X86 

17556 



WbridEx.Se.AI.12112)-. 

17X11 

-03 

16759 

11054 

14255 

14X63 

ai 

254 

17X66 

16742 

10X93 

141.70 

14X63 




Worid El- Jaoetx (1702) 

164.01 

-ai 

17450 

115.16 

MX94 

17522 

oi 

X92 

16459 

1745S 

11426 

14752 

17X04 

19X20 

16X51 

16758 

The wotu mdex (3171).... 

™. 178.79 

-0.3 

16X04 

110.68 

14X10 

14X63 

01 

254 

17726 

16X10 

11056 

14X27 

14955 

178.97 

16X66 

16021 


to Y7400. While Nippon Tele- 
graph and Telephone added 
Y4.000 at Y854400. 

Fuji Electric appredated YIO 
to Y598 on buying by foreign 
brokers, while Eum^ai Gui^ 
the contractor, finned a mar- 
ginal Yl to Y527. 

Large-capital issues were 
lower on profit-takix^, with 
Nippon SteeL the day's most 
active stock, easing Yl to Y341 
and MitsubisU Heavy Indus- 
tries dipph^ Y8 to Y796. 

In Osaka, the OSE average 
et^ed forward 147 to 2340541 
in volume of shares. 

Roundup 

Foreign dmnand helped some 
Pacific Rim markds ahead. 

HONG KONG finished mod- 
estly higher after pn£t-tak^ 
had pulled the market back 
from its best level of the day. 


The Hang Seng mdex gained a 
net 43.81 at 9,18842, having 
earlier touched 9,^72. 

Further foreign institutUmal 
demand was reported for blue 
cbips, but lo(^ funds and 
retail investors continued to 
tek» pnfits and unwind inng 
positi^. 

SYDNEY rebounded frvm 
lows to finish fractionally 
ahead as investors awaited Mr 
Alan Greenspan's testimony 
before the US Congress. 

Volatile futures and lacklus- 
tre performances in some other 
marisets dragged tbe All Ordi- 
naries index to an intraday low 
of 2460.7, but it later recovered 
to end 14 firmer at 2478.6 in 
c autiou s trade. 

WELLINGTON was spurred 
L3 per cent ahead in h^ vol- 
ume which indicated active 
investment from overseas. Tbe 
NZSE-40 Capital index climbed 


27.23 to 2,054.94 in NZ$7S.Sm 
turnover. 

SINGAPORE regained some 
momentum, after two slack 
days, on the back of renewed 
orders for blue cbips by institu- 
tional funds in Hong Kaag, the 
US and Britain. The St^ts 
Times Industrial index rose 
26.45 to 243147. 

KUALA LUMPUR saw for- 
eign demand for blue chips 
which took the composite 
index up 10.52 to 1,009.72. 
Gains were led by Gentii^, 
which firmed M$l to M$33 
ahead of the ex-date for its one- 
for-two bonus issue on July 28. 

BANGKOK rose in active 
trade, mat^ on expectations 
of h^thy first-half results 
but also on optimism over dol- 
lar stability and the possDde 
extension of trading hours 
firom November. The SET 
index pot on 1A65 at 146349 


in a ctive turnover of BtiiMU m 

TAIPEI ended lower on late, 
heavy profit-taking as hives- 
tors turned cautious ahead M a 
central bank board meeting 
today which raised worries 
about Obiter monetary poli^. 

The wMidited index lost 5249 
at 6,47440, off a 649047 day's 
hi^. Turnover declined to 
T$10545bn firom T$1194foiL 

MANILA finished easier 
after profittaking In blue chips 
ended a four-day rally. 
composite index shed 5.60 
points to 2463.46. off the d^s 
low of 2,647. Heavy foreign 
buyittg in SM Afrne Holdiugs 
broke the fall at midsession 
and the retail group jumped L7 
per cent to 6pesos. 

SEOUL dedined for the siztti 
session tn a row as a lack of 
institutional activity took its 
tolL The composite whIct lost 
248 at 90647. 


gal'joj' 






. 1987 


Uzbekneftegas 


and its offiUate 


Uzvneshneftegas 


have und&iaken initkd development of 


The Bukhara Refinery 


Morgan Guaranty Trust Compcuiy acted as financied advisor 
to Usbden^i^jos in assessir^ initial development 
proposals for the refinery project 


JPMorgan 


IMopember 1993 


ft?;.-' s- • .• 


SiKJ 

^hjV-.'5;s. , V 

*•"" •* 

•s V, . * 

' \ . 

s. 

***! •• 

. 

* X-