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FINANCIAL TIMES 


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Refugees begin 
return to Rwanda 
to escape cholera 

Huta refugees who fled Rwanda are heading hnmt» 
m their tens of thousands to put themselves at the 
mercy of their country's Tutsi-led government 
rather than face cholera and starvation in Zairean 
camps. Some were too weak to make the Journey 
and died only a few kilometres inside the Rwandan 
border. But relief workers said the return was not 
reducing the scale the humanitarian catastrophe in 
Zaire, where cholera is killing refugees by the thou- 
sand. Page 16 

Norsk Hydro reported first-half net profits of 
NKrl.93bn (J280m). Hie Norwegian energy, fertilis- 
ers and metals group said the result kept it on 
course for operating profits of NKrlObn in 1996. 

Page 17; Lex, Page 16 

IfeKl cow 1 restrictions hit UK exports: Most 
of Britain's beef exports to the rest of flip European 
Union will be halted this week with the enforce- 
ment of new restrictions aimed at stopping the 
spread of “mad cow disease", meat tinders warned 
Page 16 

Lucas Industries, the UK-based engineering 
group, denied it was under criminal investigation in 
the US for falsifying inspection of parts for commer- 
cial aircraft. A newspaper report caused Lucas's 
shares to fail from 198p to 183p when trading 
started in London, but they recovered to dose at 
193p after the de nial. Page 17 

Coffee prices lose some of their froth: 

Coffee prices fell back in 
Coffee New York and London as 

, ‘ speculators found few 

buyers and the market 
2ndPoattroo ( gpwJ^TO waited for the Brazilian 

4.000 — Jh government’s first esti- 

| \ mate of the frost rtamagp 

3£00 w J - T \~ to next year’s crop. In 

aJ • London, the second posi- 

s.ooQ t tion robusta contract 

I dropped $245 to $3,383 a 

2.5aa jrr tonne - about $300 

higher than it was just 

2.000 - - .T" 1 before the second Brazil- 

. ian frost two weeks ago 

souca- oat® hoam and 17 pa- cent below the 

$4,085 peak it hit the week after the frost hi New 
York, arabica was about 25 per cent from its peak of 
274 cents a pound on July 19. Commodities, Page 24 

Fatces ‘fund Ulster terror’; Northern Ireland 
terrorists may be making money out of counterfeit 
goods, the Royal Ulster Constabulary said. Thou- 
sands of fake goods had emerged from Ulster in 
recent months, and paramilitary organisations are 
thought to be involved in the racket. Paisley to 
urge Ulster assembly. Page 7 

AirTouch Communications, California-based 
cellular telephone company, and US West, the Baby 
Bell regional telecoms group, are to merge their 
domestic cellular telephone businesses in a joint 
venture that will create the US’s third largest pro- 
vider of cellular phone services. 

Page 17 

Yemenis to meet The Yemen government will 
meet defeated southern secessionists at UN-organ- 
ised reconciliation talks in Geneva on Thursday. 

Greek court demands accounts; An Athens 
court ordered that bank, accounts of former conser- 
vative premier Constantine Mitsotakis be opened in 
connection with a probe into claims that he took 
bribes while in office. Page 2 

Teargas used on demonstrators: Nigerian 
police fired teargas in Lagos and Ibadan to disperse 
rioting youths opposed to military week. 

Egypt meets targets: Egypt has met econom i c 
reform targets set by the World Bank and linked to 
a decision by western creditors to waive official 
debts of about $4bn_ 

Fighting In Bangladesh: About 50 people were 
injured in Chittagong. Bangladesh, when police 
clashed with activists opposed to Moslem funda- 
mentalism. Paramilitary troops were sent in to end 
the fighting. 

Zaire bank chief clashes with premier; 

Zaire's central bank governor Ndiang Kaboul defied 
his suspension on Friday by prime minis ter Kengo 
Wa Dondo and turned up for work as usuaL Ken- 
go's government has accused Ndiang of flooding 
Zaire's black market with millions of newly-printed 
zaire notes - a charge Kengo denies. Page 4 

Mouse market flourishes: A lively mouse 
market has been set up in Taiping County m Chi- 
na's Guangdong province. The market meetsfour 
times a month, with over 2,000 mice traded. The 
mice are sold to restaurants, which serve them as a 
delicacy. 


■ STOCK MARKET INDICES 


■ STERLING 


FT-SE 100: 

.3,106.1 

(-8.6) 

mu - 

492 


FT-SE Bwtrack 100 

.198493 

(-£47) 

FT-Sf-A M-Stare 

..1,55297 

(-0-2*1 

mu ____^297.6a 

(-165-23) 

New Yotfc tanriteae 



Doa Jones M Am ... 

.3,74191 

(♦6.47) 

S&P Composite 

.,454.16 

(+1.07) 


■ US LOWCHTWE RATES 

Federal Funds —.4,’,* 

3-rao Tress BOs: YH ...4468% 

long Bond -MU 

YteJd 7928% 

■ LONDON HOMEY 



Brenf lS-dVfSepO $I7-®5 

■ GOLD 


New Yotfc Cdme* Wug) — S384B 
London 8852 


S 19342 (1928) 

DM 24315 (24379) 

FFr 89107 (8.3403) 

SFr 29611 (2.0658) 

Y 151487 (150 839) 

two 79.1 (same) 

■ DOLLAH 

New fix* !untf*T» 

DM 198615 

FFr 54175 

SFr 1.3458 

Y 9695 

London; 

DM 19M9 (1.5955) 

FFr 54171 (5.4585) 

07.81} SFr 1905 JL352J 

Y 98.75 (98.72) 

- — S Index 613 P34) 

(385.0} 

(384.7) Tokyo dose Y 8847 


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Fininvest chief admits paying bribes to police 


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By Robert Graham ki Rome 

A senior manager of Fininvest, the 
media empire owned by Mr Silvio Ber- 
lusconi, the Italian prime minister, yes- 
terday admitted to paying three separate 
bribes to members of the Guardia da 
Finanza, the financial police. 

The admission was made by Mr Salva- 
tore Sciascia, head of Fininvest’s tax 
department, according to Mr Guido 
Viola, bis lawyer. Mr Sdasda handed 
himself in for interrogation to Milan 
magistrates. 

The payments were made at a time 
when Mr Berlusconi was still actively in 
charge of Fininvest, and are certain 


to embarrass the prime minister. 

Within the rightwing coalition, Mr 
Berlusconi was beginning to look iso- 
lated yesterday. Both the populist North- 
ern League and the the neo-fascist MSI/ 
National Alliance declined to condemn 
the action by the Milan magistrates, so 
soon after the magistrates had forced 
the government to withdraw a contro- 
versial decree on preventive detention. 

Mr Berlusconi has been strongly crit- 
icised by the opposition for failing to 
understand the conflict of interest 
between bis role as prime minister and 
that of owner of Fininvest. 

He was also under fire yesterday for 
ft nirtin g a crisis meeting at his Milan 


villa on Sunday with dose members of 
his government - all former Fininvest 
employees - as well as with lawyers of 
his younger brother Paolo and or Mr 
Sciascia. 

Mr Paolo Berlusconi is understood to 
be on a list of people under investigation 
by Milan magistrates in relation to the 
Guardia di Finanza affair. 

An arrest warrant on corruption 
charges was issued on Saturday for Mr 
Sciascia. for another member of Fin- 
invest's tax department and for 21 other 
businessmen and Guardia di Fin anza 
officials. This was part of a broad- 
ranging inquiry by Milan magistrates 
into a well organised procedure among 


members of the Guardia di Finanza, tak- 
ing bribes in return for “friendly” tax 
assessments and inspections of company 
balance sheets. 

According to Mr Viola, his client paid 
LlOOm ($61,100) in two tranches in 1989 
relating to the affairs of Videotime, a 
key Fininvest TV production company. 

A further LlOOm was paid relating to 
an inspection of Mediolanum, the 
group's life insurance company. 

Mr Sciascia also admitted a Li30m 
payment in 1992 relating to an inspec- 
tion of Fininvest’s Mondadori publish- 
ers. He bad not been previously charged 
over this payment. 

However, he denied a L25m payment 


relating to the affairs of Telepiu. the 
pay-TV channel. 

“The decision to pay was mine, other- 
wise I would not have been in charge of 
tax affairs." Mr Sciascia said later. 

He bos been with Fininvest since 1982 
and is on the board of at least 15 of the 
group's companies including Istifi, 
regarded as Die central element in Fin- 
invest's financial structure. 

His lawyer last night was seeking to 
avoid preventive detention on the 
grounds of Mr Scinscin's health. 
He has bad two heart by-pass 
operations. 

French corruption trail. Page 2 


White House summit formally ends 46-year state of war 

Israel and Jordan reach 
wide co-operation deal 


German bourse 
launches insider 
trading probe 


By Jidfan Ozanne in Washington 

Israel and Jordan formally pn d < vi 
a 46-year-old state of war at a 
White House summit yesterday 
and agreed an unexpectedly 
broad package of measures 
towards normal relations and the 
creation of a Middle East com- 
mon Tnarfcpt 

The Washington Declaration 
signed by Mr Yitzhak Rabin, 
Israeli prime minister, and gtng 
Hussein of Jordan falls short of 
an official peace treaty but marks 
a historic change in a region tom 
apart for almost half a century 
by war. hostility and mutual sus- 
picion. 

Sunshine hashed the ceremony, 
and King Hussein and Mr Rabin 
repeatedly shook hands enthusi- 
astically throughout the day. 
After the first handshake Mr 
Rabin said: Tour Majesty, the 
entire state of farad is aftaWng 
your hand.” 

A beaming King Hussein said 
the Rose Garden ceremony was 
“a day of hope and vision” and 
Mr Rabin said that “we have 
gone a long way towards a full 
treaty of peace." 

US president Bill Clinton said: 
“As this century draws to a dose, 
a new era of peace opens before 
us in ancient lands as brave men 
choose reconciliation over con- 
flict.” 

1 The five-page declaration called 
for an immediate series of confi- 
dence-building measures to inau- 
gurate a new era of trade, tour- 
ism and regional integration 
which will stimulate the econo- 
mies of both nations. 

Among the measures agreed 
are: direct telephone links; open- 
ing two new border crossings; 
granting free passage to third 
country tourists; Unking the two 
countries' electricity grids; speed- 
ing up negotiations on an inter- 
national air corridor and 
cooperation between the Jorda- 
nian and Israeli police forces. 

The declaration also pledged 
both sides to accelerate bilateral 
negotiations over border disputes 
and water issues. After much US 
and Israeli pressure. Jordan also 




















agreed to suspend its part of the 
Arab boycott of Israeli goods and 
companies. 

The document also preserved 
King Hussein’s role as guardian 
of the Islamic holy sites in Jeru- 
salem and accorded a high prior- 
ity to Jordan's historic role as 
guardian in final status bilks on 
the future of the Holy City. 

Mr Rabin said the package of 
measures was much wider than 
the two sides planned when they 
agreed to the summit 10 days ago 
and marked the fact that trade 
and economic relations would be 
the foundation of Middle East 
peace. 

The declaration, Mr Rabin said: 
“Bears witness to our ability in 
Israel and Jordan to accelerate 
our efforts toward peace, to over- 
come obstacles, to achieve a 


breakthrough and to put an anrt 
to 46 years of hostility." 

Mr Clinton described the eco- 
nomic measures as “the building 
blocks of a modem peace in 
ancient holy lands". 

Both sides pledged to meet con- 
tinuously until a peace treaty 
could be signed. 

Earlier Mr Warren Christopher, 
US secretary of state, said: *1 
think it is only a matter of 
months until there's a formal 
peace agreement” 

In Israel, children marked the 
festive days releasing balloons 
and kites across the Jordanian 
border carrying invitations to 
Jordanian children to join in a 
celebration of peace. 

Rare moment of snn 
for Christopher. Page 4 


President Bill Clinton 
applauds as Israeli prime 
monster Yitzhak Rabin (left) 
and Jordan’s King Hussein 
shake hands p«*»*ap 


By Christopher Parices 
In Frankfurt and 
Michael Undemann in Bonn 

The German stock exchange has 
launched an insider trading 
probe in the wake of criminal 
investigations into suspected tax 
evasion by a group of Frankfurt 
stockbrokers. 

The exchange inquiry was 
ordered yesterday following 
weekend press reports that a ring 
of around two dozen German bro- 
kers had allegedly conspired in a 
highly-profitable “front-running” 
operation through a Geneva- 
based investment firm. 

Front-running is stock market 
jargon for traders who profit by 
using prior knowledge of large 
“buy" orders from clients to pur- 
chase shares on their own 
account and sell them later as 
prices rise. 

The exchange investigation, 
which will examine whether a 
voluntary code of practice has 
been breached, is separate from 
the criminal investigation into 
tax evasion, which is being con- 
ducted by the Frankfurt public 
prosecutors' office. 

It is understood that data relat- 
ing to the Geneva firm’s account 
with the Frankfurt branch of 
investment bank Merck, Finck & 
Co were the target of a search by 
federal tax investigators at the 
bank on July 13. 

The trading account is believed 
to have been active for more than 
10 years and dealt almost exclu- 
sively in the top 30 German 
stocks comprising the Frankfort 


DAX index. 

According to Ms Hiidegard 
Becker-Toussaint. an official at 
the prosecutors' office. Merck, 
Finck, wholly owned by Britain’s 
Barclays Bank, was not impli- 
cated in the case. 

The criminal investigation was 
opened following the raid, and 
currently involves five indepen- 
dent brokers who are suspected 
of having evaded tax with the 
help of two Swiss companies. Ms 
Becker-Toussaint added. 

It is understood the tax author- 
ities’ suspicions were initially 
aroused after an employee at a 
large German commercial bank 
was arrested for alleged tax irreg- 
ularities, and offered to trade 
information with the prosecutors. 

Rumours of an insider trading 
ring started to circulate following 
the tax inspectors’ raid, which 
was made public on July IS, 
when Merck. Finck said it was 
the “scene of. but not the reason 
for" the search. 

Although the Frankfurt prose- 
cution service said its investiga- 
tion was focused solely on sus- 
pected tax evasion, a similar 
probe in 1991 into the tax affairs 
of some 200 banking and markets 
employees uncovered widespread 
abuse of insider knowledge. 

The stock exchange said yester- 
day its probe was to be under- 
taken on the basis of the uncon- 
firmed press reports and that it 
had not received any complaints 
or concrete accusations. How- 
ever. such a rapid response to 

Continued on Page 16 


American Barrick joins fight 
for Canadian mining group 


Uftt 


By Bernard Simon in Toronto 

American Barrick. the gold 
producer controlled by C a n a d ian 
entrepreneur Mr Peter Mnnk, 
yesterday joined the battle for 
Lac Minerals with a C$2.Ibn 
(US$192bn) bid for the Toronto- 
based mining group. 

Barrick’s offer is likely to And 
more favour with Lac directors 
and shareholders than the hostile 
bid made earlier this month by 
Royal Oak Mines of Vancouver. 

Mr James Pitblado, Lac’s new 
chairman, said yesterday that 
“it’s always gratifying to be 
wooed”. But he added that the 
Barrick offer was “still inade- 
quate and doesn't reflect the val- 
ues that are in this company 1 *. 

Barrick has offered Lac share- 
holders a choice between C$4 in 


Laader P*Bf - 

Lews 

fctare qemert - 
OBHW 

Tedinotogy — 
Business La*- 

Arts Gilds — - 


cash and 0.31 Barrick shares per 
Lac share, and an all-paper deal 
of 0.43 Barrick shares per Lac 
share. 

The offer is valued at about 
C$14 a share, which is fraction- 
ally higher than the Royal Oak 
bid. However, investors are likely 
to prefer Barrick paper to Royal 
pair, which fa a much ^rpallar 
company with higher cost mines. 

Mr Monk said the acquisition 
could give Barrick a springboard 
to repeat the rapid growth which 
it has enjoyed in recent years 
from the development of the 
Goldstrike mine in Nevada. 

Barrick’s “experience, capacity 
and ffrmnriai wherewithal” could 
be used to bring substantial 
reserves at Lac's two Chilean 
properties rapidly to production, 
Mr Munk said. Barrick would 


probably sell some of Lac’s six 
largest properties in Canada. 

Lac last week raised its esti- 
mates of reserves in the El Indio 
belt in northern Chile from 39m 
to 7.3m ounces, plus U.8m 
ounces in. "geological resources.” 

Mr Munk indicated that Bar- 
rick would be able to develop 
these properties largely from 
internal resources. There is also 
potential for “significant” 
savings in overheads when the 
two companies are combined. 

Existing anrt potential earnings 
would more than offset charges, 
estimated at a maximum of 
US$50m a year, for amortisation 
of goodwill. 

Barrick shares dipped 88 cents 
to C$3L50 in early trading on the 
Toronto stock exchange yester- 
day. Lac gained 62 cents to C$14. 


"I'm sorry sir, 
but who's going 
to buy designer 
clothes direct from 
a catalogue? 

-Next!!" 


CONTENTS 


farapganWewa 

Waro&rai Newi — 

2 

4 

American News 


Wot) Trade Mbws o 

UK News — 

_ 12 


16 

Lex — — 

— 18 


UK 

hLCapMta- 

MLCompantea. 


FT Actuates 25 

FT Woritf ACWMB 96 

Foreen Eh*otqk s 

GotaMateto 24 

Eqi4y0pfee 96 

klBondSavtoo 21 

Masged Finds 28-3? 

Money Matos.— ._J? 


Racart baues 36 

Shan HormaSon 2&2T 

TratflonefOgfane— —36 

London SE 2S 

m* Sneat 33-36 

Bouses 3X36 


times umovd iw 


LONDON - PARIS ■ FRANKFURT ■ NEW YORK. ■ TOKYO 






2 


FINANCIAL TIMES TUESDAY JULY 26 10*>4 


NEWS: EUROPE 


David Buchan and John Ridding on a rash of publicised probes 

France’s magistrates embark on the 
corruption trail with Italian gusto 

h v ranee's magistrates do minister in the Bal 


F rance's magistrates do 
not have a picture of 
President Mitterrand on 
the wall - they have one of 
Antonio Di Pietro. 

This remark by a prominent 
Paris lawyer reflects the view 
of some observers that the 
country’s magistrates are 
being influenced by the exam- 
ple of the high-profile anti-cor- 
ruption crusade of Milan's 
magistrates under the leader- 
ship of the popular Mr Di Pie- 
tro. 

Indeed, France’s recent rash 
of highly publicised corruption 
investigations has raised the 
question of whether the coun- 
try is becoming a second Italy, 
not necessarily in the level of 
corruption but in the vigour 
with which French magistrates 
are matching their Italian 
counterparts in cracking down 
on white-collar crime. 

In pursuing cases that 
involve some of the largest 
companies in the land and 
causing earlier this week that 
most unusual event in France, 
a ministerial resignation, many 
French magistrates are influ- 
enced by what is happening in 
Italy, say critics. 

In the process, legal safe- 
guards are being swept aside, 
complains Mr Pierre Suard, 
chairman of the Alcatel Als- 
thom engineering group. After 
being freed on FFrlm (£120,000) 
bail, after 12 hours of question- 
ing on allegations of misuse of 
corporate funds and underpay- 
ing Alcatel suppliers for work 
done to his residence, Mr 
Suard said: “I don’t know 
whether there is a campaign 
ag ains t big companies, but it 
seems French legal practices 
are being violated. In France, 
investigations should remain 
secret If it [the investigation 
concerning himself] had been, 
then there would not have 
been damage to the company 
and shareholders." 

Some go as far as to argue 
that a new generation of mag- 
istrates has at last escaped 
government control and have 


/^PUiS QtlAMb 

\ (jwwv rptiWHi 





“How long have yon been the big boss?” 


decided to take their revenge 
on an establishment that has 
long undervalued their work. 
And others ask who it is that is 
to blame for the widespread 
leaking of judicial and police 
information that is piercing 
the cloak of secrecy with 
which French investigations 
are supposed to be shrouded? 

At the heart of the contro- 
versy are France's 550 juges 
d' ins true lion. These investiga- 
ting magistrates are called In 
to investigate all felony 
charges (rape, murder) and any 
case that is complex (corrup- 
tion. white-collar crime). They 
are generally young and not 
well paid. 

According to Mr Valery Tur- 
cey, secretary general of the 
the largest union among 
France’s 6,000 magistrates, an 
investigating magistrate starts 
in his or her mid-to-late 20s on 
an ordinary secretary's salary 
of FFr13.000 a month, rising to 
FFr20.000 after 10 years. A few 
come to the job late with use- 
ful experience but it is not 
rewarded in pay terms. 

They have statutory indepen- 
dence as juges dSnstructitm, 
and the judiciary's general 
independence has been 
reinforced in the past year by a 


reform of the Conseil Super- 
ieur de la Magistrature which 
dilutes the power of the execu- 
tive in determining appoint- 
ments. Investigating magis- 
trates still know that, to attain 
the highest reaches of the judi- 
ciary, they wQl have to spend 
some subsequent stint in the 
government prosecution ser- 
vice. But many care less what 
the government thinks of 
them, if only, as Mr Turcey 
says, "there is now a genera- 
tion of juges d'instructioD who 
feel their career advancement 
is blocked by a sizeable num- 
ber of older magistrates”. 

But Mr Turcey insists that 
investigating magistrates can 
use their considerable powers 
to order police searches. Inter- 
rogate witnesses, detain defen- 
dants. only if and when 
"instructed" by state prosecu- 
tors and within limits laid 
down by prosecutors. Mr Pierre 
Mehaignerie, the justice minis- 
ter. has for instance been crit- 
icised in the press for leaving 
police to continue their inqui- 
ries into improper party fund- 
ing allegations concerning 
Compagnie Generate des Eaux, 
rather than calling in an inves- 
tigating magistrate. 

But the mam complaint of 


Panefo; lo Wx* 

people caught up in recent 
cases is the way, as Mr Gilies 
August of the Paris law firm of 
Sales Vincent Georges puts it. 
France's "inquisitorial system 
is being exploited by the 
media". Secrecy has been of 
the essence to this "inquisito- 
rial" system that places the 
quest for truth over the rights 
of the individual, compared 
with the Anglo-Saxon "adver- 
sarial” system which gives a 
higher priority to the rights of 
a defendant in a confrontation 
with the prosecution that is 
left to juries to decide. 

T hus, French police and 
magistrates can ques- 
tion a suspect for 20 
hours before the latter has the 
right to have his lawyer pres- 
ent Only after a suspect has 
been formally charged, or "put 
under examination" in French 
legal jargon, can his lawyer 
have access to the magistrate’s 
dossier. 

This sometimes leads people 
to demand to be "put under 
examination" so that they or 
their lawyer can see the evi- 
dence an investigating magis- 
trate has compiled against 
them. Mr Alain Carignon said 
he resigned as communications 


minister in the Balladur gov- 
ernment on July 17. precisely 
in order to contest charges, 
filed yesterday, concerning 
allegations that Lyonzvaise des 
Eaux, the other big French 
water company, bankrolled 
newspaper that campaigned for 
his re-election as mayor of 
Grenoble in return for getting 
the city's water contract 

Mr Turcey says “it is defen 
dants who started the business 
of ’media- rising' cases". Mr 
Maurice Arreckx. a senator 
from the Var region in the 
south, is for instance not yet a 
defendant, but has a judge on 
his heels who wants to make 
him one by bringing charges 
for corruption last Thursday 
Mr Arreckx used an interview 
in Le Figaro to proclaim his 
innocence. 

In general, Mr Turcey says 
investigating magistrates are 
far too bus) r , each dealing with 
an average 120 ongoing dos- 
siers at any one time, to want 
to bring down a lot of time-con- 
suming publicity on their 
heads by leaking material to 
the press. But be concedes that 
investigating magistrates, and 
the occasional prosecutor such 
as Mr Eric de Montgolfier, who 
has held press conferences dur- 
ing his investigation into possi- 
ble football bribery by Mr 
Bernard Tapie, sometimes use 
the press to forestall attempts 
by their superiors to smother 
their inquiries. 

Mr Jean-Pierre. he says, 
“would never have got any- 
where in his investigations 
into Socialist party funding if 
be had not used journalists". 

The justice ministry and the 
Senate are now be ginnin g to 
consider how to accommodate 
inexorable media pressure in 
high-profile cases with the 
need for some legal secrecy. 
One solution, suggests Mr Tur- 
cey. would be to try to pre- 
serve absolute secrecy up to 
the point at which a suspect is 
formally charged, and to aban- 
don it thereafter. 


Former minister faces inquiry 
over alleged misuse of funds 


Mr Alain Carignon, former 
communications minister, was 
yesterday formally placed under 
investigation for complicity in the 
misuse of corporate funds, a week after 
be resigned his portfolio to contest the 
charges, writes David Buchan. 

The allegations against Mr Carignon, 
an RPR Gaullfst mayor of Grenoble, 
concern a possible link between his 
decision in 1989 to privatise the city's 
water services and give them to 
Lyonnaise des Earn to run, and the 
latter’s subsequent move to take over 
and wipe out the FFr5.4m (£850.000) 
debt of a moribund newspaper that had 
supported his re-election campaign. Mr 
Carignon denies any connection. 


He is one of the very few ministers in 
recent French political history to stand 
down in the face of legal problems. He 
said it would be “unfair for the prime 
minister (Balladur], whose actions are 
beginning to bear fruit, to suffer from 
the media hype" of his case. 

In the recent rash of corruption 
investigations, Mr Carignon was the 
only ministerial target, though Mr 
Francois Leotard underwent a similar 
investigation before becoming defence 
minister and Mr Gdrard Longuet, the 
trade and industry minister, is still the 
subject of preliminary inquiries 
regarding a commission given to a 
member of his party. 

The prime minister is nominally 


keeping his job open for him, if he can 
clear his name, by giving the post 
temporarily to Mr Nicolas Sarkozy, the 
budget minister. But Mr Carignon 
seems unlikely to return to a 
government in which he had a series of 
territorial disputes with Mr Jacques 
Toubon, the culture minister. 

Mr Carignon was yesterday freed by 
the Lyons investigating magistrate 
without bail or condition. Senator 
Maurice Arreckx, from the Riviera 
department of the Var, may not escape 
so tightly. The government prosecutor 
in Aix-en-Provence is asking the Senate 
to allow him to detain Mr Arreckx 
while he Investigates corruption 
charges against him. 



Alain Carignon: quit to fight case 


Kok coalition would cut social spending 


By Ronald van de Krol 
In The Hague 

The Dutch caretaker finance 
minister. Mr Wim Kok. yester- 
day put forward a government 
coalition plan that emphasises 
"stiff” cuts in social spending 
and a determined focus on 
creating jobs. 

The proposals, which Mr Kok 
described as painful but neces- 
sary. are designed to break a 
political deadlock that has pre- 
vented the formation of a new 
government since general elec- 
tions in May. 

The government impasse is 
partly the result of the incon- 
clusive election, but the search 
[or a coalition has also been 
complicated by sharp differ- 
ences over social security 


reform between Labour and 
the right-wing Liberals. 

Mr Kok called on the coun- 
try's four main political parties 
to respond to his proposals by 
midnight tonight. He then 
hopes to be able to advise 
Queen Beatrix within a week 
on which parties should 
launch detailed negotiations on 
forming a government 

He declined to say which 
coalition he thought most 
likely. “This is not a betting 
shop," he said at a news con- 
ference. "I’m not going to 
make predictions." 

However, Mr Kok is likely to 
be the next prime minis ter pro- 
vided his own Labour party 
approves his programme and 
agrees to take part in the coali- 
tion. 


His 59-page document, writ- 
ten at the request of the queen, 
is the second serious effort to 
form a government A previous 
attempt to put together a coali- 
tion between Labour, the Lib- 
erals and the left-of-centre D66 
party failed in late June after a 
disagreement on the specifics 
of social spending policy. 

Mr Kok's new proposals call 
for nearly FI I8bn (£6.6bn) in 
total spending cuts, about the 
same volume as agreed loosely 
by Labour, Liberals and D66. 
However, his suggestions on 
social spending reductions are 
detailed, meeting an objection 
raised earlier by the Liberals. 
His proposals cover many 
types of “cradle to grave" 
expenditure that are bound to 
be controvereiaL 


Child benefit would fall in 
real terms, student grants 
would be lowered, early retire- 
ment for government officials 
would be curtailed, and funds 
for widows and orphans would 
be reserved for those in genu- 
ine need. 

Nevertheless. Mr Kok has 
remained loyal to his Labour 
roots by shying away from cut- 
ting the amount of money paid 
to social welfare recipients or 
shortening their period of eligi- 
bility for payments. 

He also proposed cuts in 
taxes and social security pre- 
miums totalling around FI 9bn. 
The goal of the next govern- 
ment should be to get as many 
people back to work as possi- 
ble, he said. According to his 
calculations, some 350,000 jobs 


could be created over the next 
four years, more than compen- 
sating for the expected entry of 
300.000 people on to the labour 
market in the same period. 

The country’s budget deficit 
would remain stable at around 
3.3 per cent of gross domestic 
product next year but would 
fall to at least 2.9 per cent by 
1998. 

It is not yet clear whether 
the outgoing Prime Minister 
Ruud Lubbers' Christian Dem- 
ocrats will become part of a 
new government If not this 
will mark the first time that 
the party has been relegated to 
the opposition benches in mod- 
ern Dutch politics. Mr Lubbers 
had said at the beginning of 
his current term that he would 
not seek re-election. 


Bosnian 
Serbs 
crank up 
pressure 
on UN 


By John Uoyd in Moscow and 
Bruce dark in London 

Bosnian Serb forces appeared 
yesterday to be ratcheting up 
their war of nerves with the 
United Nations, in an ominous 
hint of how much more trouble 
they could cause if they are 
punished tor rejecting a peace 
plan. 

UN officials said one civilian 
was killed and another 
wounded by Serb gunfire in 
the Moslem enclave of Gor- 
azde. a so-called total exclusion 
zone where heavy weapons are 
potentially subject to Nato air 
strikes. 

The UN also blamed the 
Serbs for the anti-aircraft fire 
at Sarajevo airport last week 
which has forced the suspen- 
sion of relief flights. The Serbs 
have denied that they were 
responsible. 

in a third challenge to the 
UN, the Serbs refused to allow 
the evacuation of 35 sick peo- 
ple from Gorazde unless all 
Serb prisoners held by the 
Moslem-led Bosnian govern- 
ment were released. 

Negotiators from the five- 
nation contact group which 
has devised a partition 
arrangement for Bosnia con- 
ferred in Moscow yesterday 
over how to respond to the 
Serbs' ambiguous reply to the 
proposal. 

A statement by the group 
said they discussed “additional 
measures aimed at removing 
the objections from all sides in 
the conflict". 

The group’s members - the 
US, Russia, Britain, France and 
Germany - were united in 
pressing for acceptance of the 
peace deal but they appear 
divided over how to cope with 
the plan’s apparent failure. No 
firm decisions are expected 
until the group’s foreign minis- 
ters meet in Geneva at the 
weekend. 

Mr Igor Ivanov, the Russian 
first deputy foreign minister 
who chaired the meeting, said 
before it began that the group 
would continue to strive for 
acceptance of the latest peace 
plan - accepted by the Croat- 
Moslem alliance but effectively 
rejected by leaders of the Bos- 
nian Serhs. 

“We believe we have a plan 
that is balanced and realistic 
and reflects the interests of all 
sides." Mr Ivanov said. "It 
would hardly be expedient to 
abandon it" 

General Pavel Grachev, the 
Russian defence minister, will 
arrive in former Yugoslavia 
today, where he is expected to 
meet Serbia’s President Slobo- 
dan Milosevic and possibly the 
Bosnian Serbs as well. 

Gen Grachev has often been 
in direct communication with 
General Ratko Mladic, head of 
the Bosnian Serb army, and 
the Russian minister may be 
one of the few people who can 
exercise any influence over the 
Serb commander. 

Diplomats believe the Rus- 
sians would welcome some 
show of flexibility from the 
Serb side, whose intransigence 
could threaten the broader 
relation between Russia and 
the west. But any unilateral 
moves against the Serbs could 
arouse an angry reaction in 
Moscow. 

Yesterday, Russia 
announced a wide-ranging 
defence co-operation agree- 
ment with Greece calling for 
joint exercises, possible co-pro- 
duction of weapons and the 
exchange of information on 
defence matters. 

Greece is the only European 
Union member which shares 
Russia's traditional sympathy 
for the Serbs. 

Mr Geras imos Arsenis, the 
Greek defence minister, said 
tbat the positions of Athens 
and Moscow about the situa- 
tion in Bosnia were close. 


THE FINANCIAL TIMES 
Pubtedwi by Tt* Financial Tims (Europe) 
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am Mam. Gernuny. Tdephone +-W0 W [56 
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Neu-lsenburg (owned bv HOrriyet 
Inicnuuoml) ISSN: ISSN 0174-7363 
RttjwnsiMe Editor Richard Lambert efo The 
Financial Times Limited. 
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i Europe) GmbH aim The Financial Fima 
iEonipcl Ltd. London and F.T. (German) 
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aboie mentioned no companies is: The 
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Company s mcutponied under dm lan of 
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FRANCE 

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DENMARK 

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pbone 33 13 -U J l, Faa 33 « si 


Treuhand’s final debt to total DM270bn 


By Judy Dempsey bi Berlin 

Germany's Treuhand 
privatisation agency will have 
accumulated debts of DM270bn 
f£110.6bn> when it ceases 
operations at the end of this 
year. Then, Its financial 
requirements will be met 
directly by the federal budget. 
Mr Heinrich Homef. the agen- 
cy's financial officer, said yes- 
terday. The debt. DUSbn lower 
than recently forecast, will be 
financed from next year by 
bank loans and government 
guaranteed medium-term 
notes. Mr Homef said it will 
take “another generation to 
pay off” the deficit. 

Total receipts from privatisa- 
tion sales since June 1990 
would exceed DM53 ^bn. It was 
believed originally that the 
sale of some 13.000 eastern Ger- 
man enterprises through the 


agency would raise more than 
DM600bn but these early esti- 
mates were rapidly hammered 
by the cost of German unifica- 
tion and collapsing eastern 
European markets. 

The Treuhand was provided 
with DM7bn start-up capital in 
June 1990 and this was supple- 
mented by DMlQbn the follow- 
ing year. Once the ruinous 
state of east German industry 
became dear, the ceiling for 
new borrowing in 1990 and 1991 
was raised to DM25bn. In 1992, 
the agency was granted a 
credit line of DM38bn annually. 
These have all been consumed. 

Until now. the deficit has 
been financed through three 
different channels: bank cred- 
its. bonds, and medium-term 
notes. The agency has already 
issued DM160bn In long-term 
debt, and expects to do the 
same with an additional 


DM5Gbn. The remaining 
DM60bn of tbe total deficit will 
be broken down, with DM23bn 
financed through debt resched- 
uling, DM25bn through the 
capital markets, and the 
remainder carried over to the 
federal budget next year. 

Since the Treuhand will no 
longer east after this year, its 
total debts, along with all 
other debts of the former east 
Germany, will be assumed by 
the Unwelcome Legacy Repay- 
ment Fund set up after Ger- 
man unification in 1990. 

The agency's financial 
requirements for 1995 onwards 
will total DM45bn. The govern- 
ment has made provisions in 
tbe federal budget for annual 
expenditure of about DM6bn. 
Treuhand contributions to 
next year’s budget are expec- 
ted to total DM5.4bn. rising to 
DM6.5bn in 1996. 


Nevertheless, the Treuhand 
has still to privatise some key 
elements of the east German 
economy, which may increase 
its debt and financial require- 
ments. These include: 

• Laubag, the region’s largest 
brown coal field. A consortium 
led by Rheinbraun, a subsid- 
iary or RWE, Germany's larg- 
est utility, is expected to make 
a down-payment of DM2.1 bn 
for Laubag, and a further com- 
mitment of DM6bn over the 
next 20 years. However, it is 
still unclear how much the 
Treuhand will have to pay in 
redundancy payments for res- 
toration of brown coal fields to 
be closed. 

• Veag, eastern Germany’s 
largest electricity utility, 
which will be sold to a consor- 
tium led by RWE, and includ- 
ing PreussenEIektra and Bay- 
emwerk. The consortium is 



expected to pay DM8bn for 
Veag and Invest DM40bn over 
tbe next two decades. 

• The sale of Buna, the chem- 
ical works in Saxony-Anhalt, 
and the modernisation and pri- 
vatisation of Leuna, the other 
chemical and oil refinery com- 
plex. 

• Bko Stahl, tbe loss-malting 
steel mill in Brandenburg 
which the agency had hoped to 
sell to Riva, the Italian private- 
ly-owned steel manufacturer, 
until Riva pulled out in May. 

According to a recent Bund- 
esbank report, tbe main part of 
tbe Treuhand financial legacy 
will impose a "pro rata burden 
of DM17bn per annum on the 
federal budget, which will arise 
from the Unwelcome Legacy 
Repayment Fund". It added 
tbat "the envisaged debt itself 
will only be redeemable in the 
course of a generation." 


EUROPEAN NEWS DIGEST 


Belgium avoids 
harsh measures 


Mr Jean-Luc Dehaene, Belgian prime minister, yesterday 
announced a relatively palatable budget for next year, which 
included no significant tax increases nor largo cuts tn public 
spending. Higher than expected growth this year, plus revenue 
from privatisations, meant that Mr Dehaene was able to pres- 
ent a package that he said would not take the budget deficit 
above 4.3 per cent of GDP. the target for next year. Lost year 
the budget deficit was 7.2 per cent of GDP and this year it 
should fell to 5.7 per cent The long-term aim Is to reduce the 
deficit to 3 per cent of GDP to meet the Maastricht treaty's 
criteria for monetary union by tbe end of 1996. The govern- 
ment considers that measures taken in its austerity Global 
Plan last November were sufficient to keep the budgk deficit 
under control. These reined in spending on social security and 
froze wages in real terms for three years. The plan prompted 
considerable social unrest Next year’s fairly soft budget how- 
ever. seems to have been framed with October's local elections 
in mind. The budget was drawn up on the basis of estimated 
GDP growth of 1.7 per cent this year rising to 2£ per cent in 
1995. Emma Tucker, Brussels 

Camdessus to hold Kiev talks 

Mr Michel Camdessus, managing director of the International 
Monetary Fund, is scheduled to make his first visit to Ukraine 
tomorrow to discuss financial aid in a signal that the new Kiev 
government is committed to painful economic reforms. Mr 
Camdessus’ trip echoes his role in Russia, where he negotiated 
a loans agreement in spring which bolstered Moscow in pur- 
suit of economic reforms. Meanwhile. Ukraine’s repeat parlia- 
mentary polls, held on Sunday. left 92 seats unfilled and 
elected only 20 new MPs of centrist and moderate orientations, 
according to preliminary results from the Central Election 
Commission. Low turnout disqualified 47 districts, which will 
conduct further repeat elections later this year. In another 45, 
no candidate won enough votes and the top two contenders 
will hold run-offs on August 7. Observers predicted that even 
this small infusion of moderates would help to minimise the 
domination of Co mm unists and leftist allies in the 450s eat 
parliament because factions are so small. There are nine 
factions in Ukraine’s parliament and three-quarters of MPs 
were elected last March and April. Jiff Barshay, Kiev 

Troops top Estonia agenda 

The first summit meeting between Russian President Boris 
Yeltsin and Estonian President Lennart Meri will take place 
today in Moscow. Top of tbe agenda will be discussion of the 
promised departure of Russian troops from tbe former Soviet 
republic by the agreed date of August 31. Russia's compliance 
is seen as a key indicator of its will to recognise fully tbe 
Baltic state's independence. Russian diplomats yesterday 
talked down expectations of a breakthrough on another con- 
tentious issue, the residence and pension rights for 10,000 
former Soviet military and security officers. But one, Mr 
Alexander Udaitsov, told the news agency Interfax that the 
meeting “may give an impetus to resolving many controver- 
sial issues". These include the dismantling of the nuclear 
submarine training base at Paldiski and Estonia's claim to two 
strips of territory recognised as Estonian by the 1920 Tartu 
treaty with Russia and now under Russian control.. John 
Lloyd . . Moscow 

French nuclear waste claim 

Cogema. the French nuclear fuels agency, yesterday rejected 
allegations by Greenpeace, the environmental organisation, 
that its proposal of more generous terms on nuclear fuel 
recycling and waste to a German customer, PreusseuEIektra 
(PE), had broken French law. Revealing a May 1994 letter from 
Cogema to PE. which belongs to Veba of Germany. Green- 
peace said Cogema was offering to “keep not only [PE's] 
plutonium but also the majority of the waste, in France", in 
defiance of France’s 1991 law banning the long-term storage of 
foreign nuclear waste in the country. A Cogema director 
denied that any such offer to PE had been made, saying that 
“we try to recycle what we can and to treat the rest as best as 
possible". He added that "Greenpeace has its opinion, we have 
ours and the customers will decide " David Buchan, Paris 

Court move on Mitsotakis 

The Athens appeals court council has called for c o n fi den t ial i t y 
rules to be lifted on bank accounts held by Mr Constantine 
Mitsotakis, tbe former Greek prime minister, as part of an 
investigation launched earlier this year into accusations that 
he took bribes while in office. Mr Mitsotakis is accused of 
accepting a $22L5m (£l4J5m) bribe in the 1992 sale of Heracles 
General Cement, the state-owned Greek cement producer, to 
Cal-Nat, a joint venture between Cakestruzzi, the construction 
arm of Italy’s Ferruzzi group, and National Bank of Greece. 
The Drl24bn (£337m) deal was the biggest privatisation carried 
out by Mr Mitsotakis' conservative government Once the 
investigation is complete, the Socialist-controlled parliament 
will vote on whether to lift bis immunity against prosecution. 
Mr Mitsotakis. now a backbencher, also faces charges of ille- 
gally tapping tbe telephones of political rivals while in office, 
in a case being pursued by deputies from the governing 
Panhellenic Socialist Movement Kerin Hope, Athens 

Plea for Craxi jail term 

A Milan public prosecutor asked a court yesterday to sentence 
Italy’s former prime minister Betiino Craxi to 11 years in jail 
for fraudulent bankruptcy in the collapse of Banco Ambros- 
iano, the Italian bank, court sources said-The prosecutor asked 
for 10 years' jail for Mr Claudio MarteUi, former justice minis- 
ter and once Mr Craxi’s deputy in the Socialist party, and 
seven years each for Mr Leonardo Di Donna, former vice-presi- 
dent of state energy group Bni, and Mr Licio Geffi, former 
grandmaster or the banned P2 Masonic lodge. Mr Craxi and Mr 
MarteUi are accused of having accepted several million dollars 
from Banco Ambrosiano before it collapsed in 1982. Mr Craxi, 
who faces two other trials in Milan and about 20 investigations 
in connection with alleged corruption, has been at his holiday 
home in Tunisia for months; his lawyers say he is too U1 to 
travel. Reuter. Milan. 

ECONOMIC WATCH 


Dutch sales picture mixed 


Netherlands 

Reteft safes volume, 
annual % change 

4 . _ — 


2 ... 


-2 



Dutch retail sates fell L5 per 
cent in real terms in May. the 
first decline since January. 
However, the central statisti- 
cal office blamed the down- 
turn on one fewer Saturday tn 
tbe month than May 1993. If 
corrected For that difference, 
the retail sales index actually 
rose by 1.7 per cent. The 
statistical office also reported 
yesterday that the- Nether- 
lands’ trade surplus widened 
to FI l.Thn f£630m) in March 
from Fi 1.5bn in February and 
FI ljsBbn in March 1993. The 
increased surplus extends tbe 
higher trend seen both In 1993 
as a whole and in the first 
two months of 1994. Ronald van de Krol Amsterdam. 

■ Italian industrial producer prices rose 3.2 per cent in the 
year to May. compared with a 3 per cent rise in April, the 
national statistical institute reported. Wholesale prices rose by 
3.5 per cent year-on-year to May 1994. 

■ Germany's balance of payments surplus on the capital 
account widened in May to DMSbn (£3.3bn) from DM2^bnm 
April and DM6.5bn in May 1993. according to data published 
by the Bundesbank yesterday. 


1993 
Sovw: Datas w a n 








FINANCIAL TIMES TUESDAY JULY 26 1994 


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By Jeremy Kahn 
in Wash&igton 

The US government began 
auctioning new radio bands 
yesterday, in an unprecedented 
move which could raise bil- 
lions of dollars for the Trea- 
sury. 

The Federal Communica- 
tions Commission, which has 
previously given away its 
licences through lotteries or 
hearings, was last year given 
congressional approval to auc- 
tion exclusive rights to a range 
of new freqoendes wMch can 
be used for the next generation 
in paging, telephone and voice 
and data communication 
systems. 

The Congressional Budget 
Office predicted the auction 
could raise giOhn. - 

The process began yesterday 
as 29 bidders competed for a 
group of 10 nationwide Wmwis»c 
for "narrow band" frequencies. 
These can be used for 
advanced paging systems, 
two-way pagers, and wireless 
mfvTprp s and fan* 

At the end of the first hour 
of bidding yesterday morning, 
two contenders alone had bid 
more than $L04m for an the 

frequencies. Bidders are identi- 
fied only by a numerical code 
until all rounds are concluded. 


Bec ause FCC rules allow a 
company to buy only three of 
the 10 bands, it is likely that 
the two companies will have to 
withdraw bids for some of the 
frequencies, which, might lower 
the amount the government 
receives. 

However, FCC nffirfai*? 
that the first round looked 
promising. “This totally 
e x ceeded the most rosy projec- 
tions,'* said Congressman 
Edward Markey. who was 
instrumental in t he FCC secur- 
ing permission to hold the auc- 
tion, announcing the first 
round results. 

The bids ranged from $625m 
to $20m, depending on the fre- 
quency and its capabahties. 

The bidding for the first 10 
bands is expected to continue 
until Thur sd a y, but may eud 
e artier if a few companies con- 
tinue to out-bid their competi- 
tors by huge amounts. 

The FCC will then begin to 
auction regional narrow-band 
service licences and licences 
for inter-active video and <ferta 
services. By the end of the 
year, the FCC expects to have 
sold 3,500 narrow-band per- 
mits, 1,400 inter-active firanr** 
and 2J000 permits for the next 
generation of mobile telephone 
services, collectively known as 
“broad-band” services. 


Business treads 


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Quebec divide 

Bernard Simon on concern that a 
likely separatist campaign after 
poll may be bad for economy 


T he head of a Canadian 
think-tank offered a 
word of advice at a 
recent rihmar party to the new 
public relations chief of a 
Toronto mining company: 
Make sure, he said. Hint your 
chairman keeps • his month 
shut an Quebec. ■ 

The election in the franco- 
phone province, edited by Pre- 
mier Daniel Johnson for Sep- 
tember 12 , • will have ' a 
profound impart an Canada’s 
business chmate. The question 
of what role business leaders 
should play in the campaign 
and in the period after the poQ 
has become a pressing issue in 
executive suites. 

The separatist Parti Qu£b6- 
cois is now well ahead of the 
rating Liberals in opinion 
polls. The PQ has promised if it 
wins it will hold a sovereignty 
referendum within a year. 

Polls show that a clear 
majority of Qnfibecois do not 
favour independence. Their 
support for the PQ appears to 



B rmndnhv Rich* rrf aViddrng 


be based mainly on the desire 
for a change in government 
after ntoe years of Liberal nile. 

Nevertheless, a PQ govern- 
ment can be expected to step 
up tiie pressure to wrest more 
powers from the federal gov- 
ernment in Ottawa a nd to cre- 
ate as many trappings of sover- 
eignty as possible. Mr Jacques 
Parizeau, the PQ leader, 
responded to the election call 
by pledging to end Quebec’s 
pai tinipKp n in efforts to over- 
haul. Canada's social security 
system and other federal initia- 
tives which require the prov- 
inces’ cooperation. 

The PQ*s interventionist eco- 
nomic plat form, which so 
fer received little attention on 
the hustings, has also raised 
concerns in business circles. 
Mr Parizeau has said that he 
{dans to -make fiscal discipline 
a lower priority than economic 
growth. Measures to contain 
the budget deficit are expected 
to centre on higher taxes 
rather than spending restraint 

Uncertainty over Quebec’s 
future has already had an 
ttnmjffteTraMe economic cost. 
Interest rates have risen more 
ahatpty in Canada than the US 
fida year. Investor nervousness 
Is repedaHy evident in the pro- 
ctorial bond market Medium- 
term Quebec bonds offer a 
yield 22 baste points (82/lOOths 
of 1 per emit) higher than 
equivalent government of Can- 
ada bonds. The spread on 


brads issued by neighbouring 
Ontario la only 45 points. 

Business leaders wony 
a PQ victory could cloud the 
investment climate for years to 
came as the independence 
debate rages on. 

Mr Beaudoin, chair- 

man of Bombardier^ the Mon- 
treal-based transport equip- 
ment maker, - told his 

Company’s MniHiail murtlng lad : 

month that the PQ's agenda 
“wEl bring with it Irish risks of 
skidding, of numerous set- 
backs (and) of confrontation 
within Quebec, and between 
Quebec and its partners”. 

Fears of political and eco- 
nomic paralysis in the run-up 
to an Independence referen- 
dum are likely to feature prom- 
inently in ttw liberals' cam- 
paign over the next seven 
weeks. 

Mr Beaudoin added that 
“those of us who believe that 
by choosing (sovereignty) Que- 
beckers are taking the wrong 
direction should now express 
their opinion publicly.” 

Few have heeded his call so 
fer. Indeed, corporate chiafo In 
Toronto and other parts of 

TCngHalnqiealcTug fianada think 

that following Mr Beaudoin’s 
advice may do their cause 
more harm than good. 

Mr Tom. D*Aqnino. president 
of the Business Council on 
National Issues, which repre- 
sents the chief executives of 
Canada’s 150 biggest compa- 
nies, says that “outside 
involvement in the debate an 
the election issues would not 
be terribly productive, and 
could be counterproductive”. 
While BCNI members “are 
doing our homework, we’re 
doing it quiefiy’’. 

Separatists have in the past 
skilfully turned warnings 
about the cost erf independence 
to their advantage by accusing 
big business of blackmailing I 

and frightening Quibecate. 

The most celebrated example i 
took place in 1992 at the height 
of a referendum cam p a ign on 
the Charlottetown Accord, a 
package of constitutional 
changes that were de s ig n e d to 
mend fences between Quebec 
and the other nine provinces. 
Royal Bank of Canada, the 
country’s biggest- f in a nc ia l 
institution, was vilified in Que- 
bec for releasing a study which 
concluded that “poli t ical dis- 
unity” could slash. Canada’s 
gross domestic product by 18 
par cent within right years and 
shrink incomes by an average 
of CS&000 (£L860) a person. 

Mr Beaudoin’s outspoken- 
ness is erven the exception in 
the clubby world of Quebec 
business and politics, where 
pressure in the francophone 
community to stand together 
against outsiders is strong: 
Tactics are likely to change 
however, if and w hen a PQ 
government sets a re f e r end u m 
campaign in motion. “The 
home-town team now, the 
national team later," says Mr 
IXAqttino. The risk is that once 
a separatist -government is 
fanned in Quebec City, the 
momentum towards a break- 
away will become more diffi- 
cult to stop. 


' 3 

- NEWS: THE AMERICAS “ ■ 



Argentine 
death toll 


Rights threat 
in Venezuela 


PRI ‘set 
to win’ in 
Mexico 

By Damian Fraser 
in Mexico City 

The rating party in Mexico is 
set for a comfortable victory in 
the presidential election nest 
month, according to a new 
opinion poll by the Indemerc/ 
Louis Harris organisation. 

It gave Mr Ernesto Zedillo, 
candidate of the ruling Institu- 
tional Revolutionary Party 

(PM), 50.3 per cent support, 
against 322 per cent for Mr 
Kego Fernandez de CevaUos of 
the centre-right opposit io n. Mr 
Cuauhtemoc C&rdenas, candi- 
date of the left, was shown as a 
; poor third on 13-4 per cent. 

Opinion palls are very con- 
troversial in Mexico. Same ana- 
lysts contend that respondents 
are unwilling to reveal opposi- 
tion to the governing party, 
winch has been in power for 65 
yean. Pollsters emphasise that 
preferences are unusually vola- 
tile thiff year and that the final 
result will probably he affected 
by the turnout on August 21, 
which is hard to predict 
However, the Indemerc/Louis 


Mr Zedillo’s big lead Is at 
odds with recent polls by Mori 
of Mexico, which show Mr 
TtviiUo and Mr FemSndez neck 


the ritiftg, Mr %edinn Had 4737 
per cent over Mr Ferofindez. 

Mr Fernandez has been 
affected by his low-key cam- 
paign since a television debate 
in May, which he was judged 
to have wan. The poll shows 
his support then at a peak of 41 
peer cent, several points ahead 
of Mr Zedillo. Since May, 
thongs his support has slipped 

and Mr ZadiTlo has gamftH 


put at 80 

Rescuers yesterday pulled 22 
rave bodies from the wreck- 
age of the bnfidmg which had 
housed the main Jewish centre 
in Argentina, bringing the 
confirmed toll from toe bomb- 
ing there last week to 80 dead, 
Renter reports from Buenos 
Aires. 

Jewish groups say 20 more 
people are stfll missing. 

General Meir Livne. who 
haa<te an Israeli army rescue 
team, said his group would 
finish its task late yesterday 
or early today. It had given up 
an hope of finding survivors. 

“The state of the bodies we 
have recovered means there is 
no hope,” Gen Uvne said. 

Rescue team members had 
raised hopes when they 
arrived last week, saying peo- 
ple had been kno w n to survive 
up to six days in earthquake 
ruins where they had worked. 

The Mast destroyed the Jew- 
ish centre on the morning of 
July 18. It was the secrad such 
attack against Jews in Buenos 
Aires in two years - 30 people 
were killed fry a car bomb at 
the Israeli embassy in 1992. 

Mr Uri Baram, Israeli tour- 
ism minister, was to meet 
Argentine President Carlos 
Menem yesterday to ask the 
tetter’s government to do its 
utmost to catch the bombas. 


By Joseph Mann In Caracas 

President Rafael Caldera of 
Venezuela raised the stakes in 
his battle with Congress at the 
weekend, saying the losing 
ride in a proposed referendum 
- the administration or the 
Congress - should resign. 

The confrontation erupted 
last Friday when a Joint ses- 
sion of Congress voted to 
restore five out of six constitu- 
tional rights which Mr Caldera 
had suspended 24 days earlier. 

Later on Friday, the execu- 
tive said it had suspended the 
same rights again. 

These grant protection 
against arbitrary arrest and 
police entry Into private 
homes, the right to free move- 
ment in and outside national 
territory, the right to own 
property, and protection 
against expropriation without 
doe process and indemnity. 

The administration asserted 
that conditions were not yet 
right for the restoration of 
these cons ti t uti onal liberties, 
which are ordinarily 
suspended only during civil or 
military upheaval. 

hi announcing the renewed 
suspension, Mr Caldera said he 
would be willing to call a 
national referendum on the 
suspension. After an opposi- 
tion politician had said the 


government should resign If a 
majority rejected the presi- 
dent’s line, Mr Caldera 
asserted that Congress should 
resign if the referendum sup- 
ported him. 

This has annoyed Congress, 
which is controlled by three 
.political parties (Democratic 
Action, Copei and Radical 
Cause) in opposition to Mr 
Caldera 

One Democratic Action 
member warned that his party 
might call for a vote of censure 
against several members of the 
president’s cabinet 

With the constitutional 
rights suspended, the admin- 
strafion has raided food stores 
in search of “profiteers” and 
“hoarders”, confiscated prop- 
erty alleged to be linked to 
bank fraud, seized merchan- 
dise over illegal price 
increases, and rounded up hun- 
dreds of suspected law-break- 
ers in the cities. 

If Mr Caldera manages to 
bold a national referendum on 
the constitutional rights issue, 
tt is not dear that either side 
would actually step down. 

If the government were to 
resign, the preskimt could sim- 
ply replace it The constitution 
specifies a succession proce- 
dure, but does not provide a 
procedure for replacing a Con- 
gress that resigns. 


Harris poll was based an 2^550 
interviews In 25 states, ™Hng 
it Trmrh more extensive foy™ 
most polls in Mexico. It was 
paid for by members of 
Mexico’s Chamber of Radio 
and Television. 


and neck. But the Mori poll is 
based on a sample of about 300 
from five main cities, giving it 
a larger margin of error. 

The Indemerc/Harris poll 
showed Mr ZedOlo leading by 
5&24 per cent in rural areas, by 
tradition strong PRI ground. In 


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4 


FINANCIAL TIMES TUESDAY JULY 26 IW4 


★ 

NEWS: INTERNATIONAL 


China sees 
50% jump 
in reserves 


Rare moment of sun for Christopher 


By Jurek Martin, US Editor, 

in Washington 

Mr Warren Christopher has not 
enjoyed many unquestioned hoars in 
the sun since he became secretary of 
state in the Clinton administration IS 
months ago. 

Bnt yesterday’s Israeli-Jordanian 
summit in Washington offered him 
such a moment for there is no foreign 
policy issue to which he has devoted 
such unremitting attention as the vari- 
ous Middle East peace processes. 

Be has conducted three shuttle mis- 
sions to the region already this year 
and plans a fourth in the second week 
of nest month. He has Israel and Syria 
engaged in indirect peace negotiations. 
Even when apparently, if temporarily, 
bypassed - it was the secret Norwegian 
channel which got Israel and the Pales* 
tine Liberation Organisation talking - 
he and Mr Dennis Ross, his able Middle 


East assistant, hare always been 
around to nudge the process farther. 

Middle East policies have long car- 
ried great weight for US secretaries of 
state, perhaps exceeded only by rela- 
tions with the former Soviet Onion. It 
was Mr James Baker in the Bush 
administration, who brought govern- 
ments from the region together in Mad- 
rid in 1991 after the Gulf War. The 
Camp David accords rank high in the 
achievements of President Jimmy 
Carter and Cyrus Vance. Henry Kis- 
singer’s shuttle diplomacy in the 1970s 
involved negotiations as arduous and 
complex as Mr Christopher’s. 

Pilloried though he has frequently 
been on any number of foreign policy 
issues, and with even his tenure the 
subject of endless speculation, nobody 
has ever questioned Mr Christopher’s 
dogged determination and patience, 
qualities that seem to pay particular 
dividends in the frequently incremen- 


tal progress made in the Middle East. 

Other volatile crises of the moment - 
Haiti, Bosnia, Somalia, Rwanda, even 
relations with Russia - have often 
evolved at such speed that Mr Christo- 
pher has sot always given tire impres- 
sion of being on top of them. 

The constant demand of his critics that 
be enunciate an over-arching vision of 
US foreign policy also does not exactly 
play to his strengths. The recent shift 
of Mr David Gergen. the spinmeister 
extraordinaire, from the White House 
to the State Department reflected rec- 
ognition of this deficiency. 

In a collegial - and sometimes reac- 
tive - administration like President 
Clinton’s, Mr Christopher and a State 
Department in which personnel 
changes at the upper levels have been 
constant, have not necessarily emerged 
as the dominant players in many of 
these exigencies. The ball on Haiti, for 
example, has been carried more by the 


National Security Council, the Penta 
gon and the Central Intelligence 
Agency than by the secretary of state. 

Bnt the Middle East has always been 
different, for both strategic and per- 
sonal reasons. In the long Iranian hos- 
tage crisis of 197R4I, it was Mr Chris- 
topher. then deputy secretary of state, 
who spent long weeks negotiating in 
Algeria and elsewhere. 

His familiarity with both the players 
and shifting policies of the region has 
never been doubted- But, leaving noth- 
ing to chance, it was he who persuaded 
Mr Ross last year to stay on in the new 
administration to provide continuity. 

Mr Clinton gave him his doe yester- 
day on the White House lawns, saying 
that nobody had done more than Mr 
Christopher to bring King Hussein and 
Mr Yitzhak Rabin together. The secre- 
tary of state, his eyes discreetly hidden 
by dark classes, allowed a small smile 
to lighten up fate well-lined face. 


m 



Jordan's opposition parties staged a rally in Amman yesterday, describing the US summit as a national catastrophe 


Amor 


cians. Mr Shimon Peres, the 
foreign minister who has done 


By Tony Walker in Beijing 

China's foreign exchange 
reserves at the end of June had 
jumped by 50 per cent over last 
year to S31.8bn (£20.5bn) 
because of increased exports 
and the effects of a currency 
devaluation. 

Mr Zhu Xiaohua, a deputy 
governor of the People’s Bank, 
China’s central bank, said the 
increased reserves indicated a 
“sound performance of the 
national economy”. 

Western bankers in Beijing 
attributed the healthier 
reserves to the government's 
tight money policies which had 
restrained imports in the first 
half of the year. 

The depreciation of the yuan 
against the Japanese yen and 
the D-Mark had boosted 
exports to two of China's big- 
ger markets. The Chinese cur- 
rency, which is not convertible 
internationally, tracks the US 
dollar. 

China's export performance 
improved markedly in the first 
four months of the year follow- 
ing a deficit last year of 
$12.2bn. Export growth 
rebounded by 22 per cent to 
April compared with a sluggish 
8 per cent in 1993. 

Import growth slowed to 20 
per cent in the January-April 
period compared with growth 
last year of 30 per cent. 
Economists are forecasting a 
smaller trade deficit this 
year. 

The unification of China’s 


Russia to 
sell seven 
rockets 
to India 

By John Lloyd in Moscow 

Russia has agreed to sell seven 
cryogenic rocket engines to 
India, in spite of US objec- 
tions, an Indian government 
minister said yesterday. 

Mr Raghonandan Lai, the 
minister of state for external 
affairs, told parliament in New 
Delhi that the rockets would 
not be accompanied by & trans- 
fer of technical data enabling 
India to make the rockets. 

Mr Lai’s assurances contrast 
with the claims by Indian sci- 
entists last year that drawings 
and other technical specifica- 
tions had been acquired from 
Russia. 

The US had protested that 
the deal, worth about 5250m, 
violated the Missile Technol- 
ogy Control Regime. The 
MTCR seeks to halt the spread 
of rocket technology, particu- 
larly to the developing world. 
Russia, initially adamant that 
it wo old go ahead, suspended 
the deal. 

Mr Lai said the deal stipu- 
lated the delivery of four rock- 
ets now and three more later. 
Cryogenic rockets are powered 
by low-temperature fuels such 
as liquid hydrogen and oxy- 
gen. 

India, a key non-communist 
ally of tbe former Soviet 
Union, is widely believed to be 
a nuclear threshold power, 
engaged in producting its own 
unclear delivery system. 


multi-tiered currency at the 
be gging of the year and the 
establishment of an interbank 
money market had also 
bolstered the country's 
reserves. 

But western experts warned 
that China's foreign exchange 
reserves remain a murky issue. 
Beijing is now providing what 
it says are figures for reserves 
held solely by the central 

Hank. 

Previously it had combined 
tbe reserves of both the Peo- 
ple's Rank and Bank of China. 
China's specialised foreign cur- 
rency bank. 

China’s debt service ratio 
(interest payments as a per- 
centage of exports and net pri- 
vate transfers) was expected to 
be in the range of 8-10 per cent 
this year, according to a Mor- 
gan Guaranty survey. 

• Some $lL7bn and HK$5.4bn 
(£454m) was traded in Shang- 
hai’s new foreign exchange 
market between April l and 
the end of June, the official 
China Daily newspaper 
reported yesterday. 

The establishment of the 
Shanghai market was part of 
far reaching reforms of China's 
foreign arahangp system 
at achieving full convertibility 
for the Chinese yuan within 
about 5 years. 

Chinese officials will not be 
drawn on the timing of such a 
step, but make no secret of the 
fact that turning the yuan into 
a “hard currency” is one of 
their priorities. 


Australian 
transport 
groups end 
price case 

By Nikki Tait in Sydney 

TNT, tbe large Australian 
transport group, and Ansett 
Transport Industries, a related 
company, have withdrawn 
their defence against a case of 
alleged price-fixing brought by 
the Australian Trade Practices 
Commission, deciding that it 
would be preferable to face a 
substantial penalty rather than 
continue tbe legal fight 

The TPC is Australia’s main 
competition watchdog, and the 
case, which was filed in 1992. 
centred on an alleged cartel in 
the express freight business 
during the 1980s. 

Tbe case had been brought 
against TNT, Ansett Transport 
Industries, Mayne Nickless, 
another big Australian trans- 
port company, plus a number 
of individuals, under section 45 
(2) of the TPC Act This prohib- 
its m a rket-sharing agreements 
between companies or curbs on 
the supply of goods to decrease 
competition. 

Yesterday, Mayne declined 
to comment on TNTs decision, 
or to say whether would follow 
its fellow defendants' example. 

In a statement. TNT and 
Ansett Transport Industries 
said tbe move to withdraw a 
defence had been taken “for 
purely commercial reasons”. 

The case had not been expec- 
ted to reach a hearing until 
next year, and this would have 
lasted several months. 


Israeli 
warriors 
to fore 
at summit 

By Julian Qzanne 
in Washington 

Veteran soldiers of wars 
against Jordan, relatives of the 
war dead, and the few Israelis 
with any links to Jordan 
largely made up the delegation 
Mr Yitzhak Rabin. Israeli 
prime minister, brought to 
Washington for yesterday's 
historic summit- 

At a time of peace, the 
emphasis on battlefield losses 
may seem strange. Yet it is a 
peculiar tradition of Mr 
Rabin's to emphasise through- 
out the Middle East peace pro- 
cess the memory of Israel’s 
sons who sacrificed their fives 
to defend the existence of the 
Jewish state in the face of 
Arab aggression. 

Mr Rabin, as chief of army 
staff; was responsible for the 
Israeli victory in the 1967 Six 
Day War and the occupation of 
Arab lands. The warrior turned 
peacemaker never completely 
shed bis professional soldier 
personality, and feels much 
more comfortable surrounded 
by military men. 

Among the delegation are 
reserve Maj Gen Dani Matt 
who was a commander in the 
1948 Arab- Israeli war and was 


taken prisoner by Jordan in 
the bloody battles at Gush 
Etzion and paraded through 
the streets of Jericho on his 
way to Amm an; Dr Sharon 
Regev, the eldest son of Colo- 
nel Arik Regev, who was killed 
in 1968 during operations in 
the Jordan Valley against Pal- 
estinian guerrillas infiltrating 


Israel from Jordan; and Shi- 
mon Kahaner, one of the para- 
troopers who fought success- 
fully in 1967 to capture the old 
city of Jerusalem from Jordan. 

Mr Rabin also invited the 
few Israelis who were involved 
in early political talks with 
Jordan including Mr Avraham 
Deskel, the 89-year-old director 


of a power station. Mr Deskel 
knew King Abdallah, the 
grandfather of King Hussein 
who was assassinated in Jeru- 
salem in 1952 by extremists 
opposed to his peace overtures 
towards Israel. 

Mr Rabin's preference for 
soldiers and relatives comes at 
the expense of Israeli politi- 


so much to mate* the Middle 
East peace process a success, 
was only invited by Mr Rabin 
to attend the summit at the 
last minute, reflecting a 
decades old personality and 
power conflict between the two 
men. 


Oil strike 
threat to 
foreign 
workers 

Foreigners working for 
multinational oil groups in 
Nigeria said yesterday they 
were taking seriously threats 
by striking oil unions and pro- 
democracy groups against 
expatriate strikebreakers. 
Renter reports from Lagos. 

An oil industry official said 
the threats had forced compa- 
nies to tighten security at ter- 
minals. 

Both striking oil unions, 
Nupeng and Pengassan, hare 
warned oil companies that 
action would be taken if expa- 
triate staff did not stop work 
and back the strike to force an 
end to military rule in Nigeria 
and gain betts- management of 
the oil industry. 

The unions blame the use of 
expatriate staff and some 
senior Nigerian management 
staff for the failure of the 
strike, now in its fourth week, 
to cause serious disruption to 
crude oil production and 
exports. 

BCCI hearings 
adjourned 

The Abu Dhabi appeals court 
yesterday adjourned until Sep. 
tember 7 hearings called by 
defence and prosecution fol- 
lowing the conviction last June 
for fraud, embezzlement, theft 
and mismanagement of ll out 
of 12 former officers of Bank of 
Credit and Commerce Interna- 
tional, Robin Allen reports 
from Abu Dhabi. 

The twelfth man, acquitted 
on June 14. is being held pend- 
ing appeal. 

Three of the 12 were missing 
from the latest hearing on Sun- 
day. 

They were BCCI's founder 
and former president, Mr Agha 
Hassan Abedi, who was sen- 
tenced to eight years in absen- 
tia and is an invalid in Kara- 
chi; Mr Mohammed Swaleh 
Naqvi. who was sentenced to 
14 years in absentia and had 
already been extradited to tbe 
US to stand trial on BBCI- 
related charges following an 
agreement between Abu Dhabi 
and the US justice department; 
and Mr Ziauddin Ali Akbar, 
who is in jail in London. 

Mr Mohammed al-Dhahiri. 
United Arab Emirates attorney 
general, is appealing against 
the acquittal last June of Mr 
Iqbal Ahmed Radhwi. 

Gambian pledge 
on democracy 

Gambia's new leaders pledged 
yesterday to name a demo- 
cratic government as soon as 
possible following their week- 
end coup and partially lifted a 
dusk-to-dawn curfew, Reuter 
reports from BanjnL 
“We will never introduce dic- 
tatorship in this country 
because the average Gambian 
is being nurtured with democ- 
racy,” Lieutenant Edward 
Singhatey, 25, a member of tbe 
five-man ruling military coun- 
cil, said. 

Ousted president Sir Dawda 
J a wars arrived in Senegal on 
Sunday evening with about 40 
relatives and officials and was 
granted political asylum on 
humanitarian grounds. 

In Banjul, diplomats said 
people were going to work nor- 
mally on Monday hut the air- 
port and land borders were 
still closed. Officials said tbe 
curfew had been relaxed to 
midnight to 6 am. instead of 7 
pm. to 7 am. 


Asia-Pacific forum 
opens in harmony 


By Victor Maflet in Bangkok 

Asia-Pacific nations celebrated the end 
of the cold war yesterday by launching 
the Asean Regional Forum (ABF), a 
multilateral security group that 
includes China, Russia, the US and 15 
other members. 

Foreign ministers pat forward 
numerous proposals for Improving 
security, including measures to prevent 
weapons proliferation, and the estab- 
lishment of a regional peacekeeping 
centre. ARF members are expected to 
decide which ideas to implement at 
their next ministerial meeting in Bru- 
nei In 1995. 

For alphabetical reasons Vietnam, 
represented by Mr Nguyen Manh Cam. 
the foreign minister, and the US, in the 
form of Mr Strobe Talbott, deputy sec- 
retary of state, found themselves in 
adjacent armchairs at the meeting in a 
Bangkok hoteL 

Several participants remarked on 
how the end of the cold war had pat a 
stop to old confrontations but created 


new uncertainties. “Many interlocutors 
said that five or 10 years ago it 
wouldn't have been possible to have 
these ministers discuss things - and it 
was in a harmonious way,” said a 
Canadian official. “This was a historic 
first meeting and got off to a good 
start," said another. 

Territorial claims in the South China 
Sea, the North Korean nuclear crisis 
and the problems of Burma and Cam- 
bodia were among tbe issues raised. 

Mr Qian Qicben, Chian’s foreign min- 
ister, sought to allay Asian fears of 
Chinese expansionism by reiterating 
that “China does not engage in aggres- 
sion or expansion, or seek hegemony". 

Mr Roberto Romaic, foreign minister 
of the Philippines - which, like China 
and four other countries, lays claim to 
islands in the South China Sea - 
suggested that tbe various military 
garrisons on the atolls of the Spratly 
archipelago should communicate 
through a common radio frequency and 
play volleyball with each other to 
reduce tensions. 


Zaire bank governor 
defies suspension 


Zaire's central bank governor Ndiang 
Kaboul ignored his suspension and 
turned up for work as usual yesterday 
in defiance of prime minister Kengo Wa 
Dondo, Renter reports from Kinshasa. 

Colleagues applauded Mr Ndiang. 
who was suspended on Friday pending 
an audit of recent hank transactions, as 
he arrived at his office in the Bank of 
Zaire. 

But a board meeting to discuss the 
crisis at the bank was chaired by the 
man appointed as his temporary 
replacement, deputy governor Matom- 
ina Klala, hank officials said. 

Mr Kengo's government has accused 
Mr Ndiang, in the job since February, of 
flooding Zaire’s black market with mil- 
lions of newly printed zaire notes, send- 
ing the national currency into a disas- 
trous downward spiral and triggering 
hyper-inflation. 

They say the governor, appointed by 
President Mobutu Sese Seko, ordered 
notes to be printed for friends, influen- 
tial politicians and army generals. 

In an interview with an opposition 


newspaper, Mr Ndiang angrily denied 
the charges. He challenged the legality 
of his suspension and said he had asked 
President Mobutu to rule in the matter. 

“A governor of the central hank, 
appointed by presidential command, 
who enjoys a certain autonomy and 
prestige thanks to the Importance of 
the institution, cannot be suspended or 
fired any old way " he told the newspa- 
per Le PotentieL 

“I am ready to show all the accounts 
and outgoings for the bank from the 
start of my mandate until the present 
day. I demand that justice be done," he 

He said he was launching legal pro- 
ceedings against finance minister pay 
Pay Wa Syakassigbe. who compiled a 
damning report on the Bank of Zaire's 
activities, for abuse of position, denigra- 
tion of character and drawing up a false 
report 

The currency, the zaire, a reliable 
barometer of public sentiment finned 
to 1,050 to the US dollar from 1,400 
before the governor’s suspension. 


Politicians catching up with Japan’s military 

Post-cold war adjustment has preceded its new legal right, reports William Dawkins 


V ice admiral Kazuya Natsu- 
kawa, commandant of Sasebo 
naval district, covering the 
vital sea lanes off southern Japan, has 
just been given the legal right to do 
his job. 

It was granted by his commander- 
in-chief, the new socialist prime min- 
ister Tomiichi Murayama, who last 
week clarified nearly 50 years oF mud- 
dled debate on Japan’s pacifist consti- 
tution by declaring that bis party had 
dropped its belief that Japan had no 
right to maintain armed forces. 

Mr Murayama's about-turn, sup- 
ported by just more than 60 per cent 
of his party members, makes little 
practical difference to the role of vice 
admiral Natsukawa’s ships. Tbe vice 
admiral confesses In any case to 
polite scepticism over the prime min- 
ister's pronouncement 
Nor does it affect tbe big changes 
among Japan’s pragmatic defence 
planners, as they start to adjust irre- 
spective of Japan's political turmoils, 
to the regional instability that has 
followed tbe end of the cold war. 

That much was clear when vice 
a dmir al Natsukawa led his ships on 
manoeuvres off the southern port of 
Kagoshima recently, honing their 
ability to respond to whatever threat 
an unstable north-east Asia might 
throw at them. He admitted, with a 
frankness that might startle Ids politi- 


cal masters, that his forces are techni- 
cally ready to support a US naval 
blockade of North Korea, should there 
be call for one. 

“We would rather call it a sea inter- 
vention than a blockade.” he adds, in 
a nod to political delicacy. 

For the first time, a national self 
defence agency white paper published 
this year singles out North Korea - “a 


spending on defence electronics, such 
as anti- miss ile systems and the possi- 
ble acquisition of Japan’s first spy 
satellite, say officials. 

The panel will also encourage tbe 
government to follow other world 
powers in cutting the overall defence 
budget Pacifist Japan has become in 
recent years the world’s second-larg- 
est defence spender after tbe US. with 


to defence than do Germany or Italy. 
The total tonnage of its 160 navy 
ships makes the Japanese navy 
smaller than that of Britain or 
France. Its 150,000 troops, already well 
below the authorised ceiling of 
180.000. makes the Japanese army 
slightly larger than Britain’s. 

The government has already started 
to trim military spending and both 


Japan’s pragmatic defence planners are making changes 
irrespective of the country’s political turmoils 


serious destabilising factor” - rather 
than Russia as the main threat to 
regional security. 

What this means for the practical 
organisation of Japan’s military 
should become clearer early next 
month when a government panel, 
appointed by Former prime minister 
Morihiro Hosokawa in February, is 
due to publish the first overhaul of 
defence policy for 18 years. 

One message, according to an early 
draft of the report. Is that Japan must 
be less reliant on the US - which 
keeps 24JW0 troops on the archipela- 
go - for its protection, because the 
end of the cold war has reduced 
japan’s strategic value to Washing- 
ton’s security. That implies more 


a defence budget this year of Y4J579bn 
t£30.6bn). This is, however, purely a 
reflection of the yen’s strength and 
the self defence force's high wage and 
pensions bill. 

The forces actually in use are in 
line with Japan's low military profile, 
even if hard to reconcile with the 
strict wording of the constitution's 
pacifist article 9. that “war potential 
will never be maintained”. Less than 
a quarter of Japan’s defence budget 
goes on equipment, about 80 per cent 
of which is made by Japanese compa- 
nies. often under licence from the US. 

At just less than l per cent of gross 
domestic product, conveniently below 
the mark considered a political flash- 
point. Japan devotes less of its wealth 


the dominant Liberal Democratic 
party and its Social Democratic party 
allies are keen to continue this pro- 
cess. This year’s defence budget 
marks a 0.8 per cent nominal rise over 
1993, the smallest increase in 34 years, 
and a fall of about 1 per cent in real 
terms. 

Despite Mr Murayama's conversion 
to reality, a more self-reliant defence 
force could pose political problems 
among constitutional die-hards. 

“Devoting thought to building an 
appropriate defence capability, much 
less putting it to actual use. has been 
a public taboo and a high political 
risk domestically.” explains a recent 
paper by Major Atsumasa Yamamoto, 
a member of the defence agency’s 


intelligence division. 

Defence agency planners interpret 
article 9 to mean a ban on the pur- 
chase of instruments of overt aggres- 
sion such as aircraft carriers and bal- 
listic missiles. This is much harder to 
interpret in battle. The dividing line 
between what vice admiral Natsu- 
kawa and his colleagues may or may 
not do to defend their ships is almost 
impossible to define. They may shoot 
at incoming missiles; but do they 
have to ask parliament's permission 
to shoot at the ships, aircraft or 
launchers that fired them? 

Article 9 has also been taken, by a 
1960$ cabinet resolution, to rule out 
participation in "collective security" 
arrangements beyond its own fron- 
tiers. This is supposed to limit the 
ground forces to defending the Japa- 
nese islands in case of invasion, and 
to restrict the navy to policing sea 
lanes up to 1,000 nautical miles from 
Japan. 

The rule against collective defence 
could complicate any attempt to take 
part in one of America's theatre mis- 
sile defence programmes, ideally 
suited to counter the North Korean 
threat, as suggested in the panel's 
draft report. But the 1.000-mile rule 
does mean North Korean waters are 
legally in the navy’s reach - espe- 
cially now that the self defence forces 
themselves are constitutional. 


Record first-half 
fall in Japanese 
vehicle output 


By Miehtyo Nakamoto In Tokyo 

Japanese vehicle production in 
the first six months of this 
year was down 10.8 per cent, a 
record first-half fall and tbe 
first time the industry has seen 
a fourth consecutive fall, 
according to the Japan Auto- 
mobile Manufacturers' Associa- 
tion. 

Vehicle production between 
January and June totalled 5-2ra 
units compared with 5.9m 
units in the same period last 
year. The previous record fall 
was 9.4 per cent in 1974, JAMA 
said. In June alone, vehicle 
production fell 3.2 per cent to 
956,662 unite. 

The fall came in spite of a 
more moderate fall in domestic 
demand of 3 per cent to 33m 
units. JAMA attributed the 
decline to falling exports 
caused by the yen’s rapid 
appreciation and to a growing 
trend towards overseas produc- 
tion, JAMA estimates that 
exports in the period fell 20 per 
cent. 

Mitsubishi Motors said yes- 


terday it would start manufac- 
turing an upgraded version of 
its pop ular Galant car in the 
US next spring in an attempt 
to avoid the worst effects of 
the high yen. 

Although Mitsubishi plans to 
export engines for the car from 
Japan, the company has 
already agreed to buy trans- 
missions for the car from 
Chrysler, the US carmaker, to 
reduce costs. 

Honda is to invest $3i0m 
(£200m) to boost its north 
American operations. Honda 
said it would increase car and 
engine manufacturing capacity 
and strengthen R&D and sales 
in noth America, and increase 
exports from there. 

Such moves have been a sig- 
nificant factor behind falling 
domestic production levels, 
JAMA said. 

Car production fell 1L9 per 
cent in the first half and 5.4 
per cent in June, the 15th con- 
secutive monthly falL Produc- 
tion of trades fell 7J> per cent 
and that of buses fefl 12.4 per 
cent. 



5 



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FINANCIAL TIMES TUESDAY JULY 26 1994 ★ 




6 


FINANCIAL TIMES TUESDAY JULY 26 1994 


* 


NEWS: WORLD TRADE 


Brussels 
delay on 
export 
credits 

By Guy tie Jonquieres, 

Business Editor 

The European Commission is 
to delay until autumn a deci- 
sion on roles for short-term 
export credits. In an attempt 
to meet British objections that 
its draft regulations would 
unfairly jeopardise the US sys- 
tem. 

The Commission had been 
expected to publish the roles 
this month. However, Mr 
Karel Van Miert, the European 
competition commissioner, 
agreed to the delay alter a 
meeting last week with Mr 
Richard Needham, Britain's 
trade minister. 

But though Mr Van Miert Is 
to reconsider the commission's 
approach, observers are 
unsure if it will be technically 
or politically possible to find a 
compromise which satisfies all 
sides. 

The proposed rules, which 
the Commission has the 
authority to impose, are 
intended to prevent unfair 
competition by clamping down 
on government subsidies. 

The rales would apply to 
‘'marketable" risks, defined by 
Brussels to include all com- 
mercial risks within countries 
belonging to the Organisation 
for Economic Co-operation and 
Development except Turkey. 

Britain objects that a pro- 
posed ban on state reinsurance 
of “marketable" risks could 
threaten its government's pol- 
icy Of financin g, through the 

Export Credit Guarantee 
Department, a small portion, of 
the country’s short-term credit 
reinsurance exposure. 

UK credit insurers, such as 
the Dutch-owned NCM group, 
say the policy brings valuable 
stability by cushioning the 
risk of sudden shortages in 
reinsurance capacity. 

However, the UK complains 
that because the system does 
not distinguish between com- 
mercial and political risks, the 
Brussels proposals would cre- 
ate unnecessary confusion and 
could lead to complete with- 
drawal of government support 
Britain also denies that the 
government financing consti- 
tutes a subsidy. 

The UK is particularly 
incensed because, it says, it 
has already moved Ear to meet 
the commission's overall 
objectives by privatising 
ECGD’s short-term export 
credits business three years 
ago. 

Brussels has sought a com- 
promise which would enable 
the UK arrangements to con- 
tinue temporarily. But Britain 
has rejected the offer, insisting 
the proposed rales most recog- 
nise its system as permanent 

That demand, however, is 
opposed by France, Belgium 
and Spain. They argue that 
anything less than a total ban 
on state reinsurance would 
leave open a loophole for 
unfair subsidies. 


Heatwave increases sales - but foreigners are benefiting, writes Emiko Terazono 


Imported beers 
boost market 


share in 


Demand for beer in Japan has surged 
in recent weeks thanks to a prolonged 
heatwave. However, officials at the 
country's leading beer companies are 
not so sunny, as an increasing num- 
ber of Japanese consumers are 
quenching their thirst with imported 
beer rather than domestic brands. 

Cheap imported beers are challeng- 
ing the leading domestic manufactur- 
ers which have long dominated the 
Japanese market The yen's strength 
and bulk purchasing power are help- 
ing big retail chains offer customers 
foreign beers at half the price of the 
domestic brews. 

Cutting out the tnirifflf»nran through 
direct imports from manufacturers 
has also allowed retailers to lower 
prices. 

Foreign beer imports increased five- 
fold during the first four months of 
year, and some analysts expect 
sales of foreign beers, now 2 per cent 
of the market, to rise to 4 per cent by 
the end of this year. 


Japan 

Even Daiei. the nation's largest 
supermarket operator, which trig- 
gered the recent boom in imported 
beer by offering cheap Belgian beer, 
has been surprised by the popularity. 
The retailer began selling 330ml cans 
at Y128 ($L29) a can alongside domes- 
tic beer at Y220 late last year. 

It initially expected to sell around 
70.000 cases of imported beer this 
year, but achieved that target in the 
first month. It now expects to sell 2m 
cases, thanks to the heatwave, and 
sees import brands accounting for 
over half its total bear sales this year. 
Other discount liquor stores and 
retail chains have followed suit, and 
are also experiencing high d emand 

The widespread discounting of beer 
comes four years after anti-trust regu- 
lations concerning beer pricing were 
put into place. 

In 1990, the Fair Trade Commission 
pushed leading beer companies to 
advertise in mainstream dailies that 
retailers and wholesalers were 



Summer in the city. Over 40.000 people bathed in a Tokyo swimming pool in last Sunday’s heat «*** 


allowed to set their own prices. 

Some beer company officials, how- 
ever, regard the recent froth in import 
beer sales as likely to subside. "People 
are attracted to the prices but it 
doesn't mean that they will continue 
to store their cupboards with cheap 
imports," said Asahi Breweries. 


Domestic brewers still regard the 
taste of their own brands as superior 
to that of imports and so for. while 
prices of foreign brands have been 
reduced, domestic beer prices have 
not been discounted aggressively. 

But analysts point out that this will 
change soon. “It's a crack that will 


le ad to the dam’s downfall." says Mr 
Paul Heaton, retail analyst at brokers 
Baring Securities in Tokyo. He 
expects the domestic beer companies 
will need to start rationalising their 
complicated distribution system to 
reduce costs and maintain their mar- 
ket share. 


Taiwan to open 
building sector to 
foreign companies 


Kuwaiti deal for South Korea 

can compensate for the 


By Laura Tyson In Taipet 

Taiwan will open its 
construction industry to for- 
eign companies as part of its 
efforts to further its applica- 
tion to join the General Agree- 
ment on Tariffs and Trade. 

In recent meetings, the US, 
Japan and other countries 
have made support for Tai- 
wan's Gatt entry conditional 
on improved market access in 
government procurement and 
big infrastructure contracts, 
among other measures. 

The announcement on the 
contracting sector follows 
reports that US negotiators 
were largely satisfied with 
Taiwan’s plans to liberalise 
services and government pro- 
curement as outlined during 
trade talks in Washington last 
week. More talks on Taiwan’s 
Gatt membership terms are 
scheduled for next month. 

Taipei representatives of for- 
eign construction companies 
were cautiously optimistic 
about the measures, which are 
to take effect by the end of this 
year subject to cabinet 
approval. 

“It’s a good step forward,” 
said an official at a European 
company involved in building 
Taipei’s mass transit system. 
“This means that foreign com- 
panies will be able to establish 
themselves properly here. But 
we will be watching closely to 


see whether the legislation is 
implemented in a transparent 
manner." 

Under the draff, foreign con- 
struction companies with at 
least NT$400m (US$1 5m) in 
capital and NT$4bn in total 
revenues over the last five 
years will qualify to set up an 
office in order to bid for big 
projects. 

The capital requirement for 
foreign companies is four times 
that for local ones. “Opening 
the industry to foreigners 
already will give local compa- 
nies a hard fitnp The aim is to 
slightly protect local compa- 
nies,” said an official with the 
construction and planning 
administration. 

In 1990. Taiwan announced 
an ambitious long-range infra- 
structure development plan 
with projected spending of 
US$300bn. Last year the plan 
was scaled back to US$200bn. 
but most projects are well 
behind schedule and many are 
likely to be quietly jettisoned. 

Nonetheless. Taiwan has a 
substantial number of large- 
scale projects in the pipeline 
and foreign companies are 
vying for contracts. Especially 
keen are Japanese and Korean 
companies, which Taiwan has 
excluded from many govern- 
ment contracts in an effort to 
curry diplomatic favour with 
European and North. American 
governments. 


By Robin Allen in Dubai 

South Korea's Hyundai 
Engineering & Construction 
Company has won the civil 
works contract to build a 
2.4QQMW power station at Subi- 
yah, in a remote area near 
Bubiyan Island on the north- 
ern side of Kuwait Bay. for 
Kuwait's Ministry of Commu- 
nications. Electricity and 
Water. 

Hyundai's hid of KD125m 
($422m) was about S45m less 
than the second lowest, sub- 
mitted by the UK’s Wimpey in 
a joint venture with the Greek- 
headquartered but locally reg- 
istered Consolidated Contrac- 
tors CCCC). Japan’s Mitsubishi 
Heavy Industries is supplying 
and constructing the tur bines 
and boilers under a S1.3bn con- 
tract awarded last March. 
Poland’s Palymex is to supply 


By Michiyo Nakamato in Tokyo 

Kobe Steel, the Japanese steel 
and construction equipment 
maker, has agreed with 
Chengdu Engineering Machin- 
ery Group of China to set up a 
joint venture company to man- 
ufacture and market construc- 
tion machin ery in China. 

The agreement, to be signed 
today, marks the first joint 
venture involving a Japanese 
company making construction 
machinery in C hina 

The joint venture, to be 


the oil and water tanks 

Local Kuwaiti companies are 
to benefit from other subsid- 
iary work, an important factor 
in an economy where state 
contracts outside the petro- 
leum sector are scarce. CCC 
has a contract worth SlOOm to 
supply the fuel tines from 
Doha power station to Subiyah, 
and Kuwait’s Gulf Dredging 
Company is to build the off- 
shore water intake cooling sys- 
tem. Consultant at Subiyah is 
the UK's Mere & McLellan. 

Subiyah is due to be com- 
pleted in 2000. although the 
first two units, providing 
600 MW. will come on stream in 
1997. This additional generat- 
ing capacity will be more than 
sufficient to satisfy Kuwait’s 
power needs over the next four 
years. Total generating capac- 
ity is estimated to be almost 
7,000 MW. with water desalina- 


called Kobelco Chengdu 
Machinery, will initially be 
capitalised at Sim. with Kobe 
Steel and Chengdu Engineer- 
ing Machinery each taking a 45 
per cent equity stake. Shinso 
Corporation, a trading com- 
pany affiliated with Kobe Steel 
and Itochu, the Japanese trad- 
ing company, will also own 5 
per cent each. 

Kobelco Chengdu Machinery 
will initially make , market and 
service 50 units of hydraulic 
excavators and other types of 
Kobe Steel’s construction 


tion capacity of more than 
200m gallons a day. compared 
with peak summer consump- 
tion levels of some 4,000 MW 
and 160m gallons a day. 

Plans to build a power sta- 
tion - and indeed an entire 
city - at Subiyah predate the 
Iraqi invasion of Kuwait on 
August 2 1990. Since the aid of 
the war, the population of 
Kuwait has fallen by nearly 30 
per cent, raising questions 
about the need to develop 
areas in the north, especially 
at a time of chronic budget def- 
icits, cuts in government 
spending and plans to intro- 
duce personal income taxes. 

Diplomatic and industry 
sources suggest there are two 
reasons why the government is 
willing to spend $2bn on Subi- 
yah. Subiyah will be linked 
with the rest of the national 
grid, so its additional capacity 


machinery. The rapidly grow- 
ing south-western and north- 
western regions, which the 
joint venture will serve, are 
together expected to account 
for 30 per cent of Chinese 
demand for hydraulic excava- 
tors, Kobe said. 

Full-scale production is 
expected to begin after June 
1996. when the partners will 
consider expansion of produc- 
tion facilities and equipment to 
make 1,000 units and target 
annual sales of YlObn ($101m). 

The Chinese market for con- 


demands that will come with 
building the proposed petro- 
chemical complex at Shuaiba, 
south of Kuwait city. This $2bn 
plant is to be a joint venture 
between Kuwait's Petrochemi- 
cal Industries Company and 
the US’s Union Carbide. 

Also, the government’s 
development of the northern 
part of Kuwait, including Subi- 
yah and neighbouring Bubiyan 
island, would be a clear state- 
ment of intent to Iraq that the 
Kuwaiti government is consoli- 
dating its presence in the 
north by proceeding with its 
pre-war development plans. 
With the fourth anniversary of 
Iraq’s invasion a week away, 
such a statement from Kuwait 
is symbolic, as Iraq has refused 
to recognise either Kuwait or 
the new United Nations bound- 
ary between the two countries. 


struction machinery is expec- 
ted to double from the current 

10.000 units a year to about 

20.000 units by 2000, according 
to the Chinese authorities. Hie 
country aims to produce all of 
its construction machinery 
domestically by that time. 

The joint venture is likely to 
be the only one in the con- 
struction machinery sector in 
these rapidly growing regions 
for some time, as China's Min- 
istry of Machinery Industry 
has no other plans to authorise 
similar tie-ups, Kobe Steel said. 


Kobe Steel plans Chinese venture 


NEWS IN BRIEF 

Ford’s 
exports 
from US 
rise 75% 

Ford said It shipped 57,213 
cars and trucks from North 
America to overseas markets 
in the first six months of 1994, 
up 75 per cent firms a year 
earlier, Reuter reports from 
Dearborn. 

it shipped 8,470 cars and 
tracks to Mexico, up from 698 
a year ago. Exports to Europe 
and the Asia-Pacific region 

each were up about 85 per 
cent, the Middle East was up 
37 per cent, and Caribbean and 
Latin America shipments rose 
28 per cent, Ford said. 

China tightens 
venture rules 

China is tightening rales on 
setting up foreign joint ves- 
tures with the aim of protect- 
ing state assets, guaranteeing 
payment of capital and crack- 
ing down on sham companies, 
Reuter reports from Beijing. 

The China Securities news- 
paper said tiie Industrial ami 
Commercial Bureau bad taken 
measures to tighten up proce- 
dures and state companies 
seeking ventures with foreign 
companies must report their 
assets to the state-owned 
Assets Management Bureau. 

Japan in talks 
with Brussels 

The European Commission 
and Japan open two days of 
annual trade talks today with 
an initiative to study deregu- 
lation of the Japanese econ- 
omy high on the agrada, Ren- 
ter reports from Brussels. 

The Commission said the 
meeting would focus on access 
to the Japanese market and 
would also review Japanese 
and EU relations with the US. 

Caribbean trade 
group set up 

Twenty five countries in the 
Caribbean Basin have signed 
an agreement to create the 
Association of Caribbean 
States (ACS) trade grouping, 
writes Canute James in King- 
ston. 

The ACS has a market of 
200m people and Indudes Col- 
ombia, Mexico and Venezuela, 
the countries of Central Amer- 
ica, Cuba, the Dominican 
Republic, Haiti and Suriname 
and the 13 members of the 
Caribbean Co tom mrity. 

Renault parts 
pact with Iveco 

Flat subsidiary Iveco and toe 
French car producer Renault 
yesterday announced that they 
would develop and produce 
industrial vehicle components 
for each other’s use, agencies 
report from Turin. 


CONTRACTS & TENDERS 


HENRY DUNANT BENEVOLENT INSTITUTION 
TENDER ANNOUNCEMENT SUMMARY 
FOR HOSPITAL CONSTRUCTION 

GR/Athens: Development of 8-acre plot and 
Erection of hospital building by use of the Part-trade method 


Awarding Authority: Henry Dunam Benevolent 
Instiiution. 23 Lyrabi-lia strs^ Athens 1 06 72. Gr. 
Tel: 30 1 3644 456 Facsimile: 30 1 3613 564. 

»> Award Procedure: Public invitation for offers 
bl Contract Type: Part-trade method. This 
means that the Developer will finance the 
construction of the Hospital building and will 
recover costs by obtaining the development 
rights (approx 36.000 sq m of effective 
building area) over the rest of the site which is 
situated in a central part of Athcas. 

a) Site: Mcsogion Ave_ Ampclairipi. Athens. 

b) Works: Design, construct, finance the complete 
site development comprising the approx. 40/100 
sq m hospital building, which shall remain the 
property of the Owner and one or two more 
commercial development buildings, totalling 
some 33.000 sq m that will become the property 
of the Developer. The hospital design shall 
follow existing preliminary design. The 
construction shall indude the demolition of the 
top 7 floors of the existing 16- storey concrete 
frame, which will then be incorporated in the 
hospital building, The Developer shall also be 
responsible for obtaining all necessary building 
licences and permits, as well os for all phases of 
construction and will deliver the hospital 
complete and functioning, except for the 
medical and catering equipment which will be 
provided by the Owner. 

a; Completion Deadline: Design: mid 1995. 

Construction: end 1997. 
a) Documents bum: As in 1. 
bl Fee: Tender Documents Drac. 20.000 and for 
Preliminary Designs (optional). 

Drac. 100,000 
Payment method: Cheque 
Payee: As in 1. 

For more information sec the full text of the 
invitation, which is distributed to Tenderers 
cos* bee. Apply » the Owner (sec 1 above), 
a) tywtline tor Receipt of Tenders 12-9.94 (noon) 


bl Address: As ini. 

cl Languages: For lender: Greek or/and 
English Agreement; Greek. Design. Greek 
and English. 

d) Form of Tender: In two separate envelopes: 
Genera Information and Financial Proposals. 

7. Opening of Tenders: Tenders acceptance 
procedure (prcquali Oration) will start the day 
following submission deadline. The financial 
proposals of qualifying tenderers shall then be 
opened. Those of disqualified tenderers shall be 
re tamed unopened. 

8. Deposits and Guarantees: See tender docunocnis. 

9. Financing and Payment: Contracts finance with 
the method oF pan-trade (see tender documents). 

10. Legal form in case of group Tenderer*: 
Consortium with joint and several liability and 
designated leading Etna. 

11. Qualifications: Tenderers financial and 
economic resources shall be assessed on the basis 
of their published balance sheets for the past three 
years. Designers and Building Contractors shall 
submit comprehensive prequalifkation dossiers 
containing such information, as required in the 
Tender Documents, on nationality, registration in 
(heir country of origin, work and other assets, 
prc-relcvant experience, past and present projects, 
equipment and personnel, completed 
questionnaire forms and other criteria. 

12. Tenders may lapse after: 15th January 1995. 

13. Award criteria (other than price): Tenderers 
reliability, financial strength, experience and 
reputation, os well as the value of pan-trade 
property offered to Owner (see Form of Tender 
and Instructions lo Tenderers). 

14. Variants: Yes if relevant, provided original 
tender form and other conditions are also met. 

15. Other information: As in 1. 

Athens, 2iat July 1994 
For Board of Directors 
The Chairman 
ANDREAS K. MARTINIS 


• • • 






••• 




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INTERNATIONAL ECONOMIC INDICATORS: BALANCE OF PAYMENTS 

Trade ficuss are given in MSons or Ewopaan currency writs (Ecu). The Ecu exeftarge rate snows the number of national currency units per Ecu. The nominal effective exchange rate 
Is Wi Mu with 1985=100. 


■ UNITED STATES 


■ JAPAN 



Beam 

bSuL 

COotb* 

•ma 

Mm 

ten 

enacts* 

1985 

2795 

-1745 

-182.5 

0.7823 

100.0 

1988 

230-9 

-140-6 

-152.7 

05838 

805 

1987 

2205 

-131.8 

-145.0 

1.1541 

703 

1988 

277.5 

-1005 

-1075 

1.1833 

66.0 

1088 

3305 

-99-3 

-825 

1.1017 

69.4 

1990 

309-0 

-795 

-72.1 

1574S 

85.1 

1891 

340.5 

-535 

-6.7 

15381 

84.5 

1992 

345.9 

-655 

-51.4 

15957 

62-9 

1933 

3975 

-96.7 

-88.8 

1.1705 

65.6 

2nd qtr.1983 

96.0 

-24.7 

-215 

15089 

645 

3rd qtr.1993 

99.8 

-275 

-243 

1.1443 

65.4 

4tti qtr.1983 

106.9 

-25.0 

-283 

1.1388 

66.4 

1st fljtr.1994 

106.9 

-28-9 

-28.4 

1.1244 

66.8 

June 1993 

32.1 

-9.6 

njL 

1.1833 

645 

July 

32.8 

-95 

rua. 

1.1349 

85.9 

August 

33.9 

-85 

n-s. 

1.1251 

65.7 

September 

97 . g 

-9.0 

rua 

1.1728 

64.7 

October 

34-5 

-9.3 

na 

1.1607 

665 

November 

35-5 

-6.8 

n& 

1.1282 

08.6 

December 

36.9 

-65 

IUL 

1.1287 

675 

January 1994 

355 

-9.7 

OS. 

1.1139 

675 

February 

34.1 

-10.8 

rua. 

1.1184 

60.7 

March 

37.5 

-6.4 

na. 

1.1410 

66.1 

Apr! 

35.1 

-me 

na. 

1.1385 

68.0 

May 

355 

-10.9 

rra. 

1.1822 

855 








IMria 

0*M 

Eca 

BUn 



trade 

wuri 


MS* 


E^Mts 

babnes 

Met nr 

Mi 

rate 

1985 

133.4 

-3.6 

-65 

6.7942 

100.0 

1988 

127.1 

0.0 

3.0 

6.7946 

102.8 

1987 

128.3 

-4.6 

-3.7 

8.9265 

1035 

1088 

1415 

-3.9 

-3.4 

7JQ354 

1005 

1389 

162-9 

-65 

-3.6 

7.0169 

995 

1990 

170.1 

-72 

-72 

6.9202 

1048 

1991 

175.4 

-A3 

-45 

6.9643 

102.7 

1992 

182.5 

4.6 

2.9 

65420 

106.0 

1993 

1773 

135 

85 

6.6281 

1085 

2nd qtr.19S3 

44.5 

3.1 

1.4 

aeii8 

109.7 

3rd qtr.1993 

45.0 

35 

3.5 

6.6508 

106.4 

4th qtr.1993 

455 

45 

35 

6.6431 

107.3 

1st qtr.1994 

48.1 

2.4 

2.3 

6.5681 

mo 

June 1993 

14.7 

0.73 

-0.42 

6.5842 

1085 

July 

15.1 

156 

157 

8.6289 

107.0 

August 

14.6 

0.73 

157 

85761 

1055 

September 

15.3 

1.57 

1.00 

6.6485 

1075 

October 

14.9 

158 

1.17 

65631 

106.9 

November 


152 

052 

8.6637 

1065 

December 

15.8 

2.02 

258 

6.6025 

Nl'i-fcl 

January 1994 

15.1 

030 

2.44 

65956 

1075 

February 

15.0 

0.78 

-0.64 

B5905 

107.6 

March 

15-8 

156 

0.51 

65782 

1085 

April 

15.7 

1.16 

0.07 

6.6240 

107.1 

May 

165 

1.15 


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Mem 

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230.8 

76.0 

645 

18050 

1005 

211.0 

965 

87.0 

185.11 

1245 

1975 

86.1 

755 

16858 

1335 

2195 

80.7 

66.7 

15151 

1475 

2455 

706 

525 

15157 

141.9 

220.0 

501 

235 

183.94 

1285 

247.4 

83.1 

625 

16044 

1375 

2545 

101.7 

900 

184.05 

1425 

300.0 

1205 

1115 

13031 

1735 

735 

28.7 

25.9 

132.78 

172.4 

79.1 

325 

285 

12089 

183.7 

755 

305 

26.9 

12350 

1805 

81.1 

32.8 

301 

12056 

1825 

255 

9.1 

75 

128-97 

1785 

26.7 

115 

07 

12254 

181.1 

26.5 

105 

9.1 

116.79 

1885 

255 

107 

9.4 

123.83 

1615 

24.8 

95 

85 

12453 

180.4 

25.1 

95 

85 

121.66 

181.8 

25.7 

10.6 

95 

123.92 

1785 

27.1 

115 

115 

124.03 

177.0 

265 

115 

10.1 

msusm 

1855 

27 3 

105 

85 

12004 

185.3 

27.0 

11.3 

109 

117.79 

188.8 

26.1 

9.0 

8.6 

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99.4 

-25 

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1461.6 

101.4 

100.7 

-7.5 

-2.1 

14945 

1015 

106.3 

-8.9 

-85 

1538.8 

975 

127.8 

-115 

-17.0 

15095 

985 

133.6 

-95 

-18.0 

15235 

100.6 

137X1 

-105 

-17.7 

15315 

985 

1375 

-6.0 

-205 

1591.5 

95.7 

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175 

65 

1836.7 

79.8 

36.6 

3.9 

1.7 

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815 

345 

6.1 

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1813,0 

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40.9 

7.1 

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18795 

77.0 




1892.8 

785 

12.5 

15 

05 

1778.0 

82.5 

14.7 

4.4 

2.8 

17865 

808 

7.6 

0.8 

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18045 

79.7 

12.0 

0.9 

0.1 

18385 

785 

\32 

2.3 

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1854.9 

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12.4 

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1.8 

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3.1 

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0.1 

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18925 

785 

12.8 

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1883.0 

76.4 


1901.3 

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■ GERMANY 


242.7 

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2543 

272 .4 
3103 

324.4 

327-4 

330.6 

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75.1 

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° ! ^ IRISH PEACE PROCESS 

A A _ • i 


NEWS: UK 




N • 


Paisley presses for 
new Ulster assembly 


By David Owen. William Lewis 
and John McManus 

Rev Ian Paisley will today urge 
Mr John Major to press ahead 
quickly with plans for a 
devolved Ulster assembly as 
part of a drive to secure a 
durable political settlement in 
Northern Ireland. 

In a move likely to underline 
the delicacy of the task the 
government faces in forging a 
deal between Ulster's constitu- 
tional parties, Mr Paisley will 
present the prime minister 
with a document setting out 
the hardline Democratic 
Unionist party’s proposed solu- 
tion to the conflict 

Speaking within 48 hours of 
Sinn F6in's dismissal of the 
Downing Street declaration as 
inadequate, the DUP leader 
will call for the government to 
adopt additional security mea- 
sures in the province. 

He will argue strongly that 
London should not offer Dub- 
lin anything in return for 


removing its constitutional 
claim to Ulster. 

News of Mr Paisley’s plans 
emerged as Mr Gerry Adams, 
the Sinn F61n president, 
insisted that the Irish peace 
process would continue, 
despite his party's refusal to 
recommend an IRA cease Are. 

“The peace process is not 
dead, it Is very much alive," 
Mr Adams said. “1 remain opti- 
mistic that we can move on.” 
he added. “We need a process 
of demilitarisation and I am 
optimistic we can move 
towards that." 

In London, Sir Patrick May- 
hew, the Northern Ireland sec- 
retary. said the IRA's political 
wing was now isolated. “Sinn 
Fein and the IRA, for whom 
they speak, are now seen to be 
cxmtimdng to use torture, mur- 
der, terror indiscriminate 
violence for political purposes 
in circumstances where both 
governments say that the 
future of Ireland lies in democ- 
racy," he said. 


Eyebrows raised by price 
of military decorations 

D istinguished officers in n ~ 

Her Majesty's forces Bruce Clark on the furore over 

require little encour- -* n ,, . ,, , , 

homes for the service top brass 


D istinguished officers in 
Her Majesty's forces 
require little encour- 
agement to bold forth about 
such matters as peacekeeping 
doctrine or the future of sub- 
marine warfare. 

Bat there is another subject 
which can arouse equally 
strong passions, but is not so 
willingly discussed in hunt of 
outsiders: their own housing 
and privileges. 

This month’s disclosure of a 
£387,000 refurbishment for the 
home of an air chief marshal 
has reminded the public of one 
of the things that distinguish 
service life - the glamour of 
life at the top. 

Many of the homes are listed 
historic houses. Among the fin- 
est is Admiralty House, a Geor- 
gian mansion overlooking 
Plymouth Sound. Others are 
simply expanded versions of 
the red-brick “married quar- 
ters" on glorified military 
housing estates. 

The commander of British 
forces in Hong Kong enjoys a 
lifestyle in the colony’s most 
fashionable district which 
would be the envy of many a 
civilian millionaire. Until 
recently UK forces in Germany 
occupied some splendid man- 
sions commandeered in IMS. 

There is no precise correla- 
tion between high living and 
responsibility. A decade ago 
the senior general in Northern 
Ireland was obliged by security 
factors to move from a 
mansion outside Belfast to 
more modest quarters inside a 
barracks. 

Officers' residences, of 


course, go with particular jobs, 
and the service couples who 
inhabit them are only too 
aware that in a year or two 
they will be washing their own 
dishes in plainer surroundings. 

Senior officers will have to 
fight a skilful rearguard action 
to hold on to their privileges 
when defence costs are being 
trimmed and numbers reduced. 

There are 67 official resi- 
dences for senior officers in the 
UK. 26 for the navy, 23 for the 
army and 18 for the Royal Air 
Force. Another 10 residences 
are located abroad. However, 
14 residences have been sold in 
the past year. 

These establishments will 
hardly make or break the 
defence budget. Over the past 
two years the upkeep of senior 
officers' homes has cost the 
taxpayer about £5m, covering 
everything from new roofs to 
routine maintenance. 

Some of the most exotic 
homes to which an officer can 
aspire - as head of the garri- 
son in Brunei or military 
adviser in Oman - cost 
the UK taxpayer nothing 
because they are paid for by 
local sultans. Indeed, when set 
against total annual defence 
spending of £23bn. the sums 
spent on officers' homes seepi 
peltry enough. 

But looked at from another 
angle, the figures can be 
embarrassing. The average 
staff costs for each senior offi- 


cer come to about £65.000 a 
year, while the average value 
of each official residence is 
about £500,000. 

There are some practical 
arguments in favour of the cur- 
rent arrangements. Senior ser- 
vice jobs include a public rela- 
tions function comparable to 
that of ambassadors. 

Their homes have to double 
as conference centres, restau- 
rants and hotels for a stream of 
dignitaries ranging from par- 
liamentary delegations to Mid- 
dle Eastern potentates shop- 
ping for weapons. 

Jobs with responsibility for 
conflict zones such as North- 
ern Ireland or Bosnia keep the 
holder on duty for 24 hoars a 
day. 

Given that these positions are 
rotated' every year or two, it 
Tnafrps better sense to keep per- 
manent official residences than 
to provide officers with hous- 
ing allowances and expect 
them to waste fime searching 
for accommodation. 

But these bread-and-butter 
arguments axe not the ones 
most officers would use in 
defence of their homes. 

In the end, they would say, a 
hint of mystique and glamour 
is one of the intangibles that 
draws talented people to ser- 
vice careers. 

Like so many aspects of ser- 
vice life, from drill to military 
tattoos, this cannot easily be 
explained to accountants. 







Britain in brief 


m 





mm'?* 


In Dublin, the Irish govern- 
ment took pains to play down 
the appearances of a split 
between Mr Albert Reynolds, 
the prime minis ter, and Mr 
Dick Spring, the foreign affairs 
minister. In his initial reaction 
on Sunday night Mr Reynolds 
said be saw positive signals in 
Sinn Fain's response. But Mr 
Spring was much less positive 
saying that many people would 
be disappointed. 

The DUP document is under- 
stood to draw on many points 
from an earlier submission 
drawn up by the party, entitled 
Breaking the Logjam. 

This called for the election of 
an assembly that would be 
given the task of agreeing a 
form of government for Ulster 
within the UK. 

Only once agreement had 
been reached and approved by 
voters in Ulster, and after Dub- 
lin had removed its territorial 
claim, would the assembly 
start negotiations on north- 
south relations. 


Insurance 
ruling boost 
for Names 

The prospects of Lloyd's 
Names winning further com- 
pensation for losses suffered in 
the insurance market In the 
late 1980s were yesterday 

enhanced after the House of 
Lords ruled that claims under 
the law of tort can be brought. 

The ruling clears the way 
for Names to bring more 
actions seeking compensation 
since under tort law claims 
can be made up to 12 years 
from the date when the alleged 
damage was discovered. 
Claims for breach of contract 
have to be started within six. 

Following the judgment, the 
Gooda Walker Action Group 
will now start proceedings 
against Littlejohn Fraser, the 
former Gooda Walker audi- 
tors, Mr Michael Deeny, the 
action group chairman said. 
The action will centre on the 
use of “time and distance” pol- 
icies by Gooda Walker’s syndi- 
cate 290, he said. 


Rollercoaster 
stays closed 

Investigators from the official 
watchdog on safety said they 
had found “deficiencies” in the 
world's tallest roller coaster 
after a crash that injured 26 
people. 

The 2S5ft-high ride called the 
‘Pepsi Max Big One' was offi- 
cially opened a week before the 
accident earlier this month. It 
will remain closed under a 
Health and Safety Executive 




IP 







Architect Sir Norman Foster and Dr Robert Anderson, director or the British Museum, on the roof of the Round Reading Room at the 
launch of a £11 Om appeal to add 40 per cent more space for exhibits for the 7m visitors to what is the UK's most prestigious and 
popular museum. The project should be completed by 2003, the 250th anniversary of the founding of the museum. 


prohibition notice issued last 
Friday while investigations 
continue. 

The HSE said the notice, 
which forbids the carrying of 
passengers until the faults 
have been remedied, had been 
served on Pleasure Beach, the 
operator. Arrow Dynamics, the 
US makers of the ride, are still 
examining the computer 
systems that should have made 
it impossible for two trains to 
collide. 


Kindersley 
share reward 

Mr Peter Kindersley, founder 
and chairman of Dorling 
Kindersley, is digging deep 
into his pockets to reward 
executives with share options 


worth almost £2.6m from his 
own bolding in the illustrated 
books publisher. 

Mr Kindersley yesterday 
announced be would make 
950,000 shares - or 1,5 per cent 
of the company - available to 
executives in a private share 
option incentive scheme. 

If all the options are taken 
up, Mr Kindersley will receive 
a total payment of £152,000 for 
the shares. He will still have a 
40.1 per cent stake, worth 
£72m. In the company. 

Mr Kindersley, at 53 a firm 
believer in employee share 
ownership, attacked the limi- 
tations imposed on option 
schemes by UK institutional 
shareholders. “In the US insti- 
tutions realise the importance 
of motivating staff. Here, the 
reaction is that it is some sort 
of dilution,” he said. 


Three day 
rail disruption 

Britain's railway network feces 
widespread disruption from 
noon today until after noon on 
Thursday with the escalation 
of the signalling dispute over 
pay. It is estimated that a quar- 
ter of the actual services will 
be running. Services will be 
r unning for the first time from 
London Victoria to Gatwick. 

Rover sales 
jump 16% 

Rover Group said that it may 
need to review its car-making 
capacity next year if the com- 
pany's current worldwide 


sales upturn is sustained this 
year, then strengthened - as 
expected - by significant new 
models to be introduced from 
early 1995. 

Rover, which was bought 
early this year by BMW for 
£800m plus debt assumptions, 
yesterday reported a 16 per 
cent jump in worldwide sales 
in the first half of this year. 
The increase, to 234.600 from 
202,100 in the same period of 
1993, took sales to their high- 
est level for four years. 

Production rose even more 
sharply, to 251.900 from 
206,500 - a five-year high. 
Within these totals the biggest 
increases were accounted for 
by the Land Rover subsidiary. 
Its Discovery model has 
proved one of Rover's biggest 
successes and it has just 
announced a £68m investment. 


' •' \V. • • '-T- ' ■ • 


I ■ *&&&&&& 





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• •• • ' A 



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8 


FINANCIAL. TIMES TUESDAY JULY 26 1994 


NEWS: UK 


Every business 
decision should 
be well 
considered. 


It goes without saying that in business much 
depends on having the right information avail- 
able to you when you make decisions. 

Information on your market sector, for exam- 
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Business Research Centre has provided exactly 
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THE MILFORD HAVEN BLAZE 


Texaco probes refinery fire 


By David Lascdles, 

Resources Editor 

Investigators will today move 
into the stricken Texaco refi- 
nery at Milford Haven, on the 
Welsh cost, to ascertain the 
cause and extent of the 36-hour 
blaze which forced closure of 
the plant 

The main fire was extin- 
guished last night, and two 
smaller fixes were being 
allowed to bom themselves 
out 

But investigators had to wait 
for temperatures to cool before 
they could approach. There 
were no major injuries from 
die fire, though the explosion 
which caused it on Sunday 
damaged nearby buildings, and 
caused some minor injuries to 
Texaco staff. 

The fire was centred oo the 
catalytic cracker, a key part of 
the process for making petrol 
at the refinery, which is situ- 


ated on Milford Haven, an estu- 
ary on the for south-west coast 
of Wales close to Pembroke. 

Texaco said last night that it 
hoped to have a preliminary 
indication of the extent of the 
damage done to the plant by 
late this afternoon. The fire is 
thought to have been caused 
by a li ghtning strike. 

The US oil company said 
that the liamag n would have 
no immediate effect on its abil- 
ity to supply its network of ser- 
vice stations in the tJK or its 
contracted commercial custom- 
ers. It also said that it would 
be able to maintain product 
quality. 

News of the blaze caused a 
small rise in the price of petrol 
in the wholesale market yester- 
day morning. 

According to Platts, the 
information service which 
monitors trade in petroleum 
products, petrol rose about $5 a 
tonne to S190. But generally. 


petrol companies doubted that 
the closure of the refinery, 
which accounts for about 10 
per cent of UK refining capac- 
ity. would have major reper- 
cussions. even though the 
blaze has struck at die height 
of the summer motoring sea- 
son. 

There is a 5-10 per cent 
capacity surplus in the UK. 
and all the major petrol compa- 
nies have product exchange 
arrangements to deal with 
shortages. The UK is also a 
large petrol exporter, and sup- 
plies could be diverted back on 
to the domestic market If need 
be. Alternatively, imports 
could be brought in from the 
Continent where stocks are 
plentiful. 

“We don't expect there to be 
any significant effects on sup- 
plies," said a spokesman for 
Shell, the largest UK petrol 
retailer. 

Texaco is a major supplier to 


supermarkets who have 
recently begun to attack the 
petrol market. 

However, Tesco said last 
night that Texaco was only one 
of many suppliers. “We don’t 
anticipate any problems in sup- 
ply, and we still aim to be the 
cheapest in any given area," 
said a spokeswoman. 

• The first shipment of oil 
from the UK’s new fields west 
of Shetland, the island to the 
for north-east of the northern 
coast of mainland Scotland, 
will be loaded newt week, open- 
ing a fresh era in UK offshore 
oil. 

British Petroleum will be 
loading a test cargo of oil from 
its recently discovered Fofria- 
von field which lies in 1.600 
feet of Atlantic water. The first 
large-scale shipment win occur 
in September. 

Fionavon, and an adjacent 
field are estimated to contain 
up to lbn barrels of off 


So take 
a short cut. 


.1 


FINANCIAL TIMES 
BUSINESS RESEARCH 
CENTRE 

Number One. S-nUhwart Bridge. ianuksi St l VIII 
Td. Nil. !I7I-X7^ -1KC fax No rT7|.ST? VkH. 


FT1-7/84 


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The FT reaches more badness 
E ur opean dacMawalaw cm 
For a fa* adttortal s yn op s is — d 


people sWi property rosponsUKty In ttw UK tbaa any 
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dotafl* of mnt *b+ ■ rtrert l si si i t p nsM oi 


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■ 5am BtfflC HA ORS K93 

FT Surveys 


Radical 
tax plans 
threaten 
PAYE 

By Andrew Jack 

The UK’s pay-as-yon-eam tax 
system could be subject to the 
first significant restructuring 
since its creation 50 years ago, 
under radical plans being con- 
sidered by the Inland Revenue. 

Taxpayers may face the 
prospect of speedier and more 
accurate calculation of their 
liabflities but with the focus 
shifting to adjustments of any 
errors at the end of each tax 
year rather than during the 
year when their tax is 
deducted from payroll. 

The changes would follow 
sweeping reforms currently 
being implemented to the two 
other most important elements 
in the tax system: the shift to 
“pay and file” Tor companies, 
and to “self-assessment” for 
self-employed taxpayers and 
those with complex tax affairs. 

These initiatives are 
designed to speed up the gap 
between receipt of income and 
the payment of tax, and to 
place the onns for the first 
time on individuals and com- 
panies to calculate for them- 
selves how much tax they owe 
rather than relying on Reve- 
nue inspectors to do the work. 

Senior Revenue officials are 
considering changes to PATE 
as part of efforts to fulfil the 
department's commitment to 
get tax assessments “right 
first time”. Any changes are 
likely to take place only over a 
number of years. 

The most radical reforms 
would involve simplification 
of the tax system, which 
would require a commitment 
by ministers. But officials 
believe they could also achieve 
considerable improvements 
through internal wiwiagpmpii t 
change. These could include 
greater use of computer sup- 
port, more accurate collection 
of staff information, and con- 
rentrating efforts on accuracy 
in tax coding. 


Carmakers count cost 
of waiting for the plate 

John Griffiths reviews the 
arguments for and against 
abolishing the annual prefix 
letter system for the registration 
of new vehicles within the UK 


T he “M" licence plate for 
new cars registered 
from August l may 
mark the beginning of the end 
of the annual prefix letter sys- 
tem. 

The annual registration let- 
ter change, for years pro- 
claimed by the motor industry 
as a useful boost to sales, is 
now regarded by much of the 
industry as having grown into 
a market-distorting monster. 

As a result, the Society of 
Motor Manufacturers and 
Traders is investigating a num- 
ber of alternative systems 
which it hopes to present to 
the government before the end 
of this year. 

That would be too late to. 
prevent the "N" plate going 
ahead on August 1 next year. 
But if tiie society has its way, 
the “P" plate due in 1996 will 
never appear. 

It might seem strange that 
much of the motor industry, 
still recovering from its worst 
recession since the second 
world war, now wants to aban- 
don a system which the society 
itself expects will lead to about 
500.000 new cars being regis- 
tered next month. 

But even the big UK manu- 
facturers consider that the ben- 
efits of the larger market pre- 
sumed to be created by the 
system are outweighed by the 
disruption it causes to both 
trade and industry for several 
months either side of August. 

Uneven cashflow, increased 
marketing and stocking costs 
and coping with the flood of 
unwanted trade-ins left on 
dealers’ forecourts in Septem- 
ber are just some of the prob- 
lems which the August “bulge" 
has created. 

This year new-car registra- 
tions in August could exceed 
one-quarter of the entire year's 
total for the first time, said 
Professor Garel Rhys. SMMT 
professor of motor industry 
economics at Cardiff Business 
School In contrast, July has 
become a virtual sales desert 
for dealers, accounting for 
about 2 per cent of registra- 
tions. 


Many dealers say that the 
effect of motorists deciding to 
“wait for the plate" are felt as 
early as May. 

Left unchecked, said Prof 
Rhys, the bulge could continue 
to expand until it reached 42-43 
per cent of the market 
But carmakers, having 
adopted “lean" manufacturing 
systems, are also introducing 
lean distribution - requiring as 
little as two weeks between 
placing of order and delivery. 

S ewells International the 
marketing monitoring 
group, said that replacing 
the existing system with one 
spreading sales more evenly 
through the year could save 
the industry almost £1.5bn in 
stocking and related costs. 

The industry is not 
approaching the government 
in a wholly united manner, 
however. The Retail Motor 
Industry Federation, the main 
trade association for dealers, 
maintains that the extra sales 
it still believes are g enerated 
by the prefix system are worth 
having, although, the month of 
the new letter’s introduction 
might beneficially be moved, 
perhaps to October. 

Yet this is a stance from 
which some of the UK’s biggest 
dealers distance themselves. 
Cowie Group, which has an 
£800m turnover and sells one 
in every 40 new cars in the UK, 
described the August prefix as 
a “massive nnanrial and logis- 
tical he adac he for the indus- 
try". It results in UK motorists 
paying more than necessary 
for new cars, said Mr Iain Jane, 
managing director of Cowie ’s 
motor division. 

He added: “In the run-up to 
August, dealers sustain sub- 
stantial overheads out of all 


proportion to the rest of the 
year. They have to stock and 
safeguard around three times 
their normal numbers of new 
cars, absorb the associated 
costs, deal with staffing prob- 
lems during the UK’s peak hol- 
iday period and at the same 
tune they have to ensure that 
every customer gets sufficient 
care and attention.” 

Industry analysts believe 
that even if August registra- 
tions do match the 1968 record, 
they will be achieved, at best, 
at only marginal profit 

The 1989 record was set dur- 
ing a booming economy with 
consumer confidence at an 
all-time high. In contrast a 
boom in registrations next 
month would be against a 
background of continuing eco- 
nomic uncertainty, a faltering 
housing market and other 
signs of consumer misgivings. 

Prof Rhys said it could only 
mean a heavily forced market, 
with marketing incentives 
offered at a huge cost to the 
industry and many cars pre- 
registered by dealers for which 
there may be no actual buyers. 

Alternatives so for suggested 
include number plates based 
on regions; a prefix introduced 
at short notice at variable 
times during the yean and ran- 
dom use of the remaining pre- 
fix letters. 

An attempt to revise the sys- 
tem in the late 1980s failed 
largely because the industry 
could not reach consensus on 
an alternative. 

However, the police also 
opposed abandoning the 
annual prefix because, the 
Home Office said, it helped 
people remember number 
plates and thus catch 


A 




■'X 


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FINANCIAL TIMES TUESDAY JULY 261994 


9 


TECHNOLOGY 


Technically Speaking 

When anomalies 
become the norm 

By Raymond Peto 



CC Let me set the 

■■ scene. Yon are a 

senior executive 
in a business 
where your sue-, 
cess is largely due 

to good scientific 

research done in a textbook man* 
ner. Ideas and projects are 
assessed by means of adriev&Ml- 
ity, funding is allocated either 
internally or by grants, and the 
whole is guided by the opinions 
and boundaries dictated by 
experts and learned magazines. 

So far so good. Now let me raise 
a question. Someone in your 
org anisat ion notices an anomaly. 
This, by definition, is “an irregu- 
larity or departure from the com- 
mon rule”. 

At fids point; the usual thing is 
that the anomaly is ignored. An 
anomaly is an embarrassment. It 
may mean the validity of the 
work so far is in question. This 
person may check with magazines 
and databases and will find no 
refergue to fats problem. 

He may discuss it “off the 
record” with his peers, it will 
affect present and future fending 
and credibility if he follows it up. 
Quite often, an anomaly questions 
tried and tested scientific laws 
that have worked well for years. 
This researcher is dazing to sug- 
gest that they are wrong or at 
least need modifying. 

The pressures on this person 
win probably stop him r e p o rtin g 
his finding* to you. There Is an 
automatic human reaction when 
exposed to an anomaly and that is 
disbelief. This is healthy. 

The next reaction is the belief 
that by not recognising the anom- 
aly and not researching it, it will 
cease to exist This is fear aid 
akn faulty thinking. 

No one is to blame hoe. It is 
the system that has grown up 
over toe years to ensure that pro- 
jects are w o rthwhile for funding, 
that the funding is well spent an 
“do-able” ideas and that profes- 
sional journals and databases 
screen out fruity I nfo rma ti on. 

The suhitfan is to ™im anom- 
aly research a legitimate subject 

The snag at toe mmnmt is Hurt 

toe s etentifle com muni ty, though 
aware to some degree or other of 
toe problem, is powerless to do 


anything about it (If scientists 
talk about it, they risk their fund- 
ing-) 

This is where you, as chief exec- 
utive, come in. You have nothing 
to lose and much to gaSh by allow- 
ing anomalies to become a subject 
for dis c ussi o n and by positively 
promoting anomaly research 
within your business. It could 
tom be discussed and researched, 
fending would become available 
and information could be pub- 
lished about it 

Worldwide, there are probably 
a few thousand researchers work- 
ing on anomaly researchrelated 
projects. They are mostly self- 
fended or funded by their own 
businesses, but increasingly they 
are being fended by enlightened 
companies, with the most signifi- 
cant funding erwrtwg from Jap an 
and toe US. 

There are dozens of formal and 
informal societies set up to pro- 
mote knowledge between toe 
research workers. The advent of 
person-to-person n e t workin g via 
the telephone system allows 
global communication between 
individuals. 

This an bypasses fte traditional 
research mari mw i Mn* that- are not 
geared up for anomaly research. 
The following mwipia from my 
particular area of research, 
energy generation by non-conven- 
tional techniques, flfrutrates what 
I mean. This quote is from The 
Denver Report issued by Pace (the 
Planetary Association for Clean 
Energy) about a recent sympo- 
sium attended by 850 leading 
experts in new energy. 

“There are now eight variations 
of experimental .findings world- 
wide related to cold fusion. 
Despite popular beUeC fids tech- 
nology is not ‘dead* and is gener- 
ally low profile in very competi- 
tive patent development 
stages... replication and further 
research is being done in over 30 
countries.” 

TMs may be of no relevance to 
you, but wha tev e r your area of 
interest, I can assure yon that 
there are anomalies that peo- 
ple are working on them some- 
where. 

The author is an independent elec- 
tronics engineer . 


S ame isBan west of Tokyo in 
Japan's coastal Tokai region 
is what may be the world's 
most dense array of geo- 
physical instruments. More than 150 
meters and gauges track seismic 
. activity, rock strain, crustal tilt, 
Hi foi movements pod ground water 
levels. 

The data are telemetered to 
Tokyo where they are monitored 
around the clock in the hope that 
six experts, to be summoned at a 
moment’s notice, will recognise 
un usual phmnmpna that may indi- 
cate an ftrmrinpnt atfluplB Tf t he 
committee so advises, Japan's 
prime minister will issue an earth- 
quake warning for the Toted area. 

Trains win be stopped, traffic 
routed out of the area, stores closed 
and pupils let out of schools Areas 
prone to landslides and tidal waves 
will be evacuated. Hospitals, fire- 
fighters and rescue crews wHL go on 
alert And then everyone win wait 
for an wwrfhqiwtrA mamaTring right 

on the Richter scale. 

Long after the rest of the world 
has abandoned hope of predicting 
earthquakes, Japan continues to 
spend fSLSm (£L6m) a year monitor- 
mg the Tokai region and close to 
8100m more on general earthquake 
prediction research. Far jawfiction 
believers, it is a small price to pay, 
as Japan Is one of the world's most 
earthquake-prone iV Hjniitey, 

But for increasingly vocal scep- 
tics in Japan, ft is at best a mis- 
guided effort that wastes money 
and is dangerously mteteaiting the 
public. Despite toe protests, how- 
ever, Japan’s earthquake prediction, 
p r ogr am me rolls along on inertia, 
insularity and rmrpativt i e public 

<»Tf«rfa>Hnng 

Japan made earthquake predic- 
tion a national project in 1965 when 
scientists throughout the world 
were optimistic about prediction. 
Research was n ^ gn hafag tatrwn seri- 
ously in thy US, Russia and Hiring 
In Japan, prediction took on 
urgency when seismologists con- 
cluded that the Tokai area was 
overdue for a significant quake. 

The Suruga Trough, a deep sub- 
marine trench running just off- 
shore, forms tlie boundary between 
two of toe earth’s tectonic plates. 
The Phili ppine Sea Rate is di vi ng 
beneafli the Eurasian Plate. Fric- 
tion between these plates causes the 
area’s «w*lupn>lrpg 
The Tokai section last ruptnrod in 
1854. If the entire section raptures 
again, the resulting quake could 
reach eight on the Richter scale, 
endangering the lives erf mm resi- 
dents in the area. That prospect led 
to the 1978 Large-Scale Ear thquake 
Countermeasures Act, which estab- 
lished the wanting procedure and 
launched hazard mitigation and 
emergency response programmes. 

Since tom, o ptimi sm about pre- 
diction has faded- Even prediction 
Supporters admit there is no saen- 



Msh rtalc Japan fa one of the world's most 


prone co u ntrie s 


Waiting for 
the big one 

There is growing scepticism about 
Japan’s earthquake prediction 
programme, writes Dennis Normile 


tific theory an which to base a fore- 
cast Prediction hinges on spotting 
anomalous phenomena, or precur- 
sors. Unfortunately, it im« proved 
impossible to conclude consistently 
and de finitive ly whether the signs- 
predictors look for - swarms of 
small earthquakes, unusual bulges 
and creeps in the earth's crust, sud- 
den fhangaa in g eomagnetism or 
electrical resistivity - are precur- 
sors or simply background geologic 
noise. - 

Precursors are often only recog- 
nised as such afte r a large earth- 
quake. And many earthquakes 
occur without any identifiable pre- 
cursor. even in retrospect 


There are also questions as to 
whether Japan’s mn n itoring efforts 
are focused in the right place. 
Recent studies by «famningi«*g at 
the Ministry of Construction have 
indicated the possibility of a signifi- 
cant quake occurring in the Izu 
area between Tokai and Tokyo. The 
city is overdue for a big quake, 
according to several theories. Japan 
ha* had numerous Miiw quakes 
outside the Tokai monitoring net- 
wort, including a 7.8 earthquake off 
the coast of Hokkaido last year that 
chriwipd more than 200 lives. 

Xiyoo Mogi, ch airma n of the six- 
member panel that win make the 

call on the Tokai aarthqnalm and 


Sumer head of the University of 
Tokyo's Earthquake Research Insti- 
tute, says several factors nuke the 
Tokai region more suited than oth- 
ers for what he calls “a national 
experiment”. 

The region’s geology is straight- 
forward, so they can narrow down 
the likely location of the anticipated 
earthquake. Historically, strain 
along the Suraga Trough has been 
released in infrequent large earth- 
quakes. rather than numerous 
sman anas. The evidence is that sig- 
nificant strain has accumulated 
along the fault since the region's 
last big earthquake. 

Recognising precursors wDl still 
be difficult Mogi says they now 
believe that precursor patterns may 
be particular to each section of a 
fault He says if they knew what 
precursory phenomena occurred the 
last tone that section of the fault 
slipped, in 1854, they would be able 
to predict the next earthquake. 
Instead, the six experts are watch- 
ing for the rapid uplift of the crust 
on the westward ride erf the trough 
that preceded quakes along adja- 
cent sections erf toe fault in 1944 and 
1946. This all makes a successful 
prediction a long shot 

Aside from the Tokai effort, scien- 
tists outside the programme are dis- 
turbed that it is so generously 
funded and has so little to show. 

Prediction research elsewhere 
withered as scientists who could 
not convince review committees of 
the scientific merit of their research 
lost their fending. Japan's predic- 
tion research activities, primarily 
overseen by the Ministry erf Educa- 
tion, Science and Culture, are sub- 
ject to no such review. 

A sub-committee of one of the 
ministry’s innumerable advisory 
bodies draws up five-year plans. 
But, in effect, the budget is divided 
among researchers and institutions 
in the same proportions each year. 

The public, and even public offi- 
cials, remain largely unaware that 
Japan's scientists are debating 
whether prediction is impossible or 
merely difficult. Most citizens do 
not realise that Tokai is the only 
region in which the government 
even intends to attempt a 
short-term warning: 

High public expectations ere com- 
ing back to hannt the six-member 
panel of experts, which must con- 
clude that the gatowraH data indi- 
cate either "a cause for concern” or 
“no cause for concern”. Mogi would 

like to add a third category between 

the two that would indicate “some 
level of concern”. 

Many scientists agree a “maybe" 
is not unreasonable, given the state 
of the art Public officials, however, 
are insisting the ex p e rts make an 
“it’s coming” or “it’s not” decision. 
Mi«m w hite, ton co n troversy might 
he settled if the experts get their 
call from the technicians monitor- 
ing the Tokai data. 


Promise 
of calls 
to come 


L ife would seem much 

easier sometimes if we had 
a way of proving 
previously made promises. 

Prices quoted on the telephone 
could be verified and hotel 
rese rv ations douhle-c hecked 
US and British telecoms 
companies are negotiating to 
purchase a new technology 
which provides such a service. A 
New York social worker, JoAnn 
Zucker, has obtained a patent for 
“certified” telephone calls, fezes 
and electronic mail and will 
grant licences to telephone 
groups in August 
The new technology is also 
being considered by the US 
federal court system for approval 
as a legal document The 
certified messages would have a 
number of applications, says 
Alan Zucker, a former economics 
publisher who is promoting the 
product 

US hospitals are Interested in 
certified telephone calls to help 
them document 
communications. If a patient is 
not able to make a medical 
decision, for instance, the next of 
kin must be contacted. 

Currently, this means a witness 
listening to the conversation 
between the physician and the 
relative. Certified telephone calls 
would make the witness 
unnecessary. They could also be 
used to verify over- the- telephone 
orders ami requests. Courts 
could serve a summons via fax. 

The sender calls, faxes, or 
E-mails a telephone company 
providing the service. If the 
sender does not want to talk to 
toe recipient, the telephone 
company records the message, 
then sends it on, taking note of 
when the message was sent and 
received. The message can be 
programmed to be sent at 
two-hour intervals, until it has 
been heard. In the case of E-mail 
or fez, a photo of the message is 
preserved. If the sender wishes 
to talk to the recipient, the 
massage is recorded 
simultaneously with its delivery. 

In 1993, 238m certified letters 
were handled by the US Postal 
Service, and toe Zuckers believe 
the new product could replace 
modi of thin business. 

Victoria Griffith 


\ 


V 


A 


BANK 

GESELLSCHAFT 
BERLIN AG 


Dividend UMBt— i ««h mu q m wmI 
concernin g payment on the profit p U d pH ao bands 


Wolfgang Sttinriedc « the company’s AGM: 
Speaker of the Board of Management 


“Our Focus is on Shareholder Value” 


The annul general meeting or Bank- 
geseDschail Berlin AC held on the 22 July 
1994 has resolved to utfUse the net prom 
for die year ending St December IMS of 
DM 86,556,969.- to pay a dividend or 
DM 990 per share, the nominal value of 8 
share being DM 50.- on share capital oT 
DM 480372^50.-. The dividend wW be paid 
on presentation of the coupon No. 10 with a 
tax deduction of 25% a* of 25 July 1W*. 
Pqyfug a gents are the following banks and 
their branches: 

• Bankgesellschan Berlin AktiengeaeU- 
schafi or brandies of the Berliner Bank 
AktlengeseUschaft or or the Laudeshank 
Berlin - Giroxenbule - 

- Deutsche Bank AktlengeseUschaft 

• Baden-WBrttembcrgische Bank 
AkdengeseUachalt 

• Bayeriscbe Hypotheken- und Wechsel- 
Bank AktiengeseUscbait 

• Bayertache Vereinabank 
Akdeogeseliscbaft 


• Berliner Handels- und frankfurter Baak 

» f^ i wiiiiM f nil auk niiw y — Hf 

• Ddbrilck A Co- 

• DG BANK Deutsche Geoosaawetoafiibank 

• Dresdner Bank aa*i — y qyto wO 

• Norddeutecfae Uamtesbank Gtagentrale 

• SaL Oppenbeim ir. ft Cte. 
KommandligeseUschaft auf Aktien 

• Triniaos ft Burkardr 
KommandUgeaeUadiah anf Aktien 

• Vereins- und Wesibank. 
Aktiengesefisdiaft 

• BIG Bank Akttengeadbdiaft. 

• M. M. Warburg ft CO 

• BIG Bank AG 

• Merck, Finch ft Co. 


Bolden of the profit participation bonds will 
receive the following pay meet* for the year 
ending 31 De cemb e r 199Se 

a) Bearer of the profit participation bonds 
toned in I960 wflf receive DM &00 per 

Boafaui vatae DM 100 on presentation of 

the coepon Npu ft 

b) Bearer of the profit participation bonds 
issued in 1988 wffl receive DM 7.00 pa* 
nominal value DM 100 on presentation of 
the coupon No. ft 

c) Bearer of tbe profit participation bonds 
issued In 1969 wffl receive DM 840 per 
nominal value DM 100 an presentation of 
the coupon No. & 

Payment on the profit participation capital 
win be effected from the above mentioned 
banks as of the 25 July IBM with a 25% tax 
deduction for capital income. 

Berlin, luty 1994 

The Board of Management 


W«OM- «. OMMI- AMM- MWf HHW«- 


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10 


FINANCIAL TIMES TUESDAY JULY 26 1994 


MANAGEMENT: THE GROWING BUSINESS 


A campaign designed to promote 
self-employment is about to be 
launched, writes Richard Gourlay 

Going it 
alone 



Missing 
link on 
training 

D oes training for 

owner-managers of small 
companies make their 
businesses more successful at 
I creating jobs or increasing 
profits? The answer is that ft 
might, but it might not 
According to research Into the 
benefits of t rainin g, collated by 
Warwick University's Professor 
David Storey*, there is no ' 
evidence to suggest that more 
training leads to better business 
performance. 

The lack of a clearly 
demonstrable link between 
training and firm performance is 
one of the reasons why many 
firms are reluctant to invest in 
human resources." say 
Newcastle University 
researchers. 

The findings have startled the 
Confederation of British 
Industry. Until now the CBI has 
tended to trot out Department of 
Trade and Industry figures that 
training can reduce failures in 
businesses from a rate of one in 
three to one in 10. Storey says he 

has failnd to find the ul tima ta 

source of this DTI claim. 

Following Storey's research, 
the CBI has convened a working 
group to look at the effectiveness 
of tr aining . And it is circulating 
a questionnaire to its members 
with the intention of developing 
a policy on management 
development in smaller 
companies ahead of the CBI 
conference in November. 

There is a feeling that 
training is ‘a good thing *," says 
Ian Peters, CBI deputy director 
for smaller companies policy. 
There has never been an 
attempt to measure training 
against specified objectives." 

The CBI agrees with Storey 
and other academics that the 
government has tended to j 
measure inputs - how many 
training courses are provided- 
rather than whether the courses I 
do any good. “Particularly with i 
the development of Business j 
Links there is a need to be more 
focused on the sorts of support ! 
the government is providing,” 
says Peters. | 

rg! 

* Understanding the Small 
Business Sector - David Storey - 
Routledge £16.99. 


W hen Miguel Forde lost 
his job as a furniture 
restorer he received 
some second-rate sug- 
gestions about what he should do 
next. In particular, the govern- 
ment's Restart Scheme, which tries 
to help the long-term unemployed, 
kept trying to persuade him to take 
a job packing supermarket shelves. 

Fortunately, the 23-year-old 
Forde, who was trained but lacked 
many formal qualifications, had a 
higher opinion of his abilities. 
There is no point in you, for exam- 
ple, being trained as a journalist 
and going to do shelf packing." says 
Forde. 

With two friends Michael Barrett 
and Henroy McPherson, who lost 
their jobs about the same time, they 
tried to start their own restoration 
company. Alter taking a business 
course run by Urban and Economic 
Development fUrbed), which aims 
to regenerate run-down areas, they 
heard of the Prince's Youth Busi- 
ness Trust, whose president and 
enthusiastic patron is the Prince of 
Wales. 

With the help of £3,000 in PYBT 
loans and grants they were able to 
set up Michenuels of London in 
Deptford, south London, which is 
just completing its first year. 

The PYBT, says Forde, took a cru- 
cial step that should be considered 
by many more people in his posi- 
tion, Led by Jeremy White, the new 
chief executive, the PYBT is about 
to launch a national campaign to 
demonstrate that self-employment 
is a real alternative to unemploy- 
ment. 

About 22,000 people have already 
got the message in the PYBT's first 
10 years. Aimed at people who are 
disadvantaged by their educational, 


T o borrow money for small 
business expansion yon 
must prove that yon 
already have rt 
This fact was discovered by 
Denise Lane Quality Garments, a 
bridal gown manufacturer and 
industrial seamstress service in 
North Kesteven, Lincolnshire, 
when it approached an investment 
trust company for a business loan 
to expand to new premises. It was 
turned down because its turnover 
was below £500,000. 

“Unfortunately, we are looking at 
£130,000 annual turnover now bnt 
if we get the second site we will 
Increase to £500,000,” says 
co-owner 29-year-old Marie Faria. 
“So we can’t have the money to 
expand until we expand and get the 
money.” 

Faria and his partner, Denise 
Lane, have since been awarded a 
low-cost £5.000 loan from a local 
scheme sponsored by the North 
Kesteven District Council, the 
Lincoln Enterprise Agency, the 


grounds or by physical disability, 
the charity has disbursed £40 m. 
Four thousand people receive loans 
and grants a year and two-thirds of 
their businesses survive into their 
third year. 

White is fond of saying the PYBT 
is one of the largest consultancy 
services in the UK Its 5,000 advisers 
give three-quarters of a million 
hoars of free advice a year, a factor 
Forde and his colleagues found 
exceptionally helpful in their first 
year. 

The PYBT's achievements have 
been widely recognised; in March 
the government, with cross-party 
support, committed itself to giving 
the PYBT £10m over three years if 
the PYBT could raise the same 
amount from industry. 

While the government and those 
captains of industry who have been 
touched for a contribution may he 
well aware of PYBT, there is a prob- 
lem. In spite of marketing itself 
through Tecs, Job Centres and 
banks, the PYBT's message may not 


South Lincolnshire Enterprise 
Agency and Midland Bank. They 
are using this money to buy 
industrial sewing machines but 
they still need £38,000 to complete 
their expansion plans. 

For many small businesses run 
by young owners and with 
turnovers under £500,000, 
financing the growth of the 
business can be as difficult as 
finding the money to start it 
Banks and other corporate lenders 
are often reluctant to issue 
commercial loans to small 
businesses run by young people, 
even with viable proposals for 
future growth, because they are 
unable to provide sufficient capital 
or have few assets to offer as 
security. 


be getting through to where it mat- 
ters - the street 

Forde, for example, did not imme- 
diately think of the PYBT when he 
was looking for backing. “I thought 
you had to be some rich kid before 
they thought you were worthy of 
them," Forde says. Bence the mar- 
keting drive. 

White is also trying to recruit 
more advisers. The success rate of 
PYBT-backed businesses is much 
higher than that achieved by hynbe 
that back small start-ups. White 
believes the secret is the hand-bold- 
ing they receive from advisers. But 
while there are plenty of volunteers 
in Surrey, they are much harder to 
find in south London. 

Longer term. White is considering 
trying to raise money through a 
government-guaranteed eurobond 
issue. Such guarantees might he 
classified as part of the govern- 
ment's public sector borrowing 
requirement, a problem that has yet 
to be resolved. 

White recognises that any future 


Youthful business owners are 
turning increasingly to alternative 
sources of funding. A number of 
soft loan schemes like the one 
which aided DL Quality Garments 
have sprang up around the 
country. 

Many of these schemes - lending 
organisations which offer finance 
to small businesses at either no 
interest or below market rate levels 
of interest - also lend money on no 
security or with generous 
repayment holidays. 

These lending organisations will 
look seriously at business plans 
rejected by the banks. “We look at 
businesses that do not have enough 
security or a track record to 
interest a bank," says John 
Petherbridge, director of the 


government funding will depend on 
the PYBT’s ability to demonstrate it 
is good value for money. “The onus 
is on us to understand our target 
market more and to show that 
self-employment provides a viable 
alternative to unemployment" 

White is also aiming to change 
the PYBT's focus. He wants even 
more of its funds to be disbursed as 
loans rather than grants - because 
of the discipline this instills. More 
fundamentally, he wants to shift 
away from a welfare role. He 
defines the PYBT as an “enterprise 
charity” that supports people who 
want to start sustainable businesses 
but who could not do it alone. 

“We see a lot of people who are 


London Business Growth Fond, a 
loan scheme of Greater London 
Enterprise, a regional 
small er-bosiness development 
agency, for small companies that 
have been trading at least one year. 

The schemes do not want people 
to think they are just giving the 
money away to anyone with a 
half-baked Idea. 

“We see ourselves as hard on the 
business and soft on the terms of 
the loan,” says David Irwin, 
director of Project Northeast in 
Newcastle. “We would take the 
same view as to whether a business 
is likely to succeed as a bank 
would.” 

Sponsors of soft loan funds are 
drawn from the public and private 
sectors, including the high-street 


very needy," says White. "There are 
other channels that are better 
equipped to give more welfare help. 
We are more interested in giving 
people the chance to go into enter- 
prise." 

Already the PYBT has backed 
some ventures that have grown into 
sizeable businesses. Its biggest suc- 
cess, measured in turnover terms, is 
a mobile milk-testing company that 
has a turnover of over £6m. Others 
that are growing and starting to 
provide employment include a busi- 
ness "wMng animated film titles, a 
geological surveyor, an agency 
recruitment for charities and a hos- 
pital entertainment group. 

What the PYBT backs is people 


banks. Many of the soft loan 
schemes now have enough cachet 
to help young business borrowers 
obtain traditional commercial 
finance in addition to soft loan 
funding. 

The Prince's Youth Business 
Trust, for example, which gives 
expansion loans of up to £5,000, has 
negotiated links with three 
high-street banks. It is developing 
a commercial loan scheme for 'its 
entrepreneurs with Barclays, 
Lloyds, Midland, National 
Westminster and TSB. 

Midland has also agreed to make 
expansion capital available to 
PYBT-sponsored proprietors 
through soft loan schemes which 
the bank supports. 

Many of the schemes provide 


a* few 


with bright ideas and enthusiasm. 
White says. “But they do not have 
the other dimensions that bankers 
could look at. No qualifications, lim- 
ited literacy and numeracy no capi- 
tal or family funds. But bring artic- 
ulate is only one factor; very often 
resourceful determination is more 
important" 

The determination of Forde and 
his partners has carried Michenuels 
through its first year. Forde, who is 
no longer drawing state benefit, 
says he Is earning less than when 
he was last employed. “But I am 
happy. It is still early stages,” he 
says. “The last three months have 
been good. If it keeps up we can pay 
ourselves more." 


training and advice to the business 
owners, and the kind of one-to-one 
advice that counsellors at these 
organisations offer is one of the 
reasons why banks have agreed to 
go Into partnership with enterprise 
agencies and local councils to 
sponsor soft loan schemes. 

“If a loan is approved the local 
enterprise agency can provide 
on-going help to the owner and 
reduce the chances of that business 
falling," says Neil Harle, manager 
of business sector marketing for 
Midland Bank, which co-sponsors 
30 soft loan schemes around the 
country. 

Advice is perhaps most erurial 
when the company is pursuing 
finance. A business plan has to be 
pitched correctly if a fledgling 
company is to solicit a loan 
successfully. It most also have a 
financial perspective, one that the 
H anks will understand. Knowing 
the language of finance Is one of 
the keys to a successful funding 
proposal. 


economic or ethnic minority back- 


The softly, softly approach 

Motoko Rich looks at alternative funding for fledgling companies 


BUSINESS OPPORTUNITIES 

READERS ABE RECOMMENDED TO SS( APPROBATE PROFESSIONAL ADVICE BEFORE ENTERING WTO COMNTlIBfTS 


BUSINESS SERVICES 


CONTRACTS & TENDERS 


Mexican Silversmiths, of the finest quality 
seek Commercial Representative 

British Nationality. 

Experience in selling high quality items. 

Well connected with art galleries, 
fine giftshops and jewellers. 

Bank and commercial references. 

Please call the "Mexican Trade Commission 
for an interview 

Tel: 071-839 6586 


Fully furnished offices 
Trafalgar Square 


. A 

'job 

A 



■ Secretarial services 


Conference facilities 
Flexible Lean Terns 


• Photocopier. Fax, W.P. • Flexible Leone Terms 

■ Personal Telephone Answering ■ Immediately Available 

Tel: 071 872 5500 

Your Partner In over 80 Intmudmul Btulncn Locations 


UK software company with excellent facilities wishes to 
acquire another software company T/O £1 to 2 Million, at or 
□ear break even, where merged operation would bring 
profitability. Preferred area data and communications 
networking bnt others considered. Operational management to 
be retained. Thames valley location. 

Write Box B32V7, Financial Times, One Southwark Bridge. London SE1 9HL. 


CAPITAL MARKETS DATABASE 
MANAGEMENT SYSTEM FOR TRADERS 

Rapidly identifies potential customers for financial products; manages 
account officer, customer, conlact, business information. Mail merger. 
Secure and access protected. Moose and keyboard driven. On-line help. You 
supply your owe data.. Rims on SunSPAR C/Solaris. £680+ VAT per user. 
Acefox Ltd, 'phone and fax (+44) (0) 71 388 8189 From 7 a.m. 
Email: l00020.fri6@Hanipiiscive.com 


m a ssmuBEMAatm 

FRANCHISE BIGHTS TELA 
PROFITABLE ANPJRAHDLY 
GROWING BUSINESS 

* Tltcbe' market sector 

' Only 2Pe market penetration 

* No Direct Competition 

* Experienced + fully established 
franchisee network 

* Profits doubling every Zyura 

* Projected profit c. £lm in 1996W 

PfflCtiO-flmHM 

For Prospectus. Contact lain Martin it 
Franc his e Development Services Ltd, 
Castle House, Castle Meadow. 
Notwith NR2 JPJ 

Tel: (06031 h2U 301 Rue (0603) 630 174 


Sleeping Beauty 
Needs Merchant 
Prince. 

£265,000 REQUIRED. 

Projected worth to the investor in 

thirty six nroaiba £7503)00. 3 Sells 
Court. Cambridge, CB3 QAH or 
Td: 0223-35 1765. Investment in 
unlisted businesses carries high risks 
bs well as titc possibility of 
high rewards. 

PataaUl mitnton arc oMtti t> takt 
pr vfc s s Kmal addee before atvathtg. 


British Pet Food 
Manufacturer 

seeks Earopcan Agents. Raramcrarioc is 
by commission with excellent rates and 
fiiB company back-up. Unlimited scope 
for motivated and experienced perrons. 

Write to Box 83306. Financial Times. One 
Southwark Bridge, London SEI 9HL 


CONTRACT HIRE 

! Southern based fleer management 
company and contract hire safes agent, 
established 3 yean 1G00 ear fleet, with 
experienced team seeks opportunity/ 
partnership to improve mutual 
profitability. 

This /«w we "rill place 500 units to our 

i luge and expawiing customer base. 

Replies in Jin: instance to Box A 3296, 
Financial Two, One SoaOswcrt 
Bridge. Lauda* SEI 9W. 


WELL FUNDED 
FOOD AND 
COMMODITY 
COMPANY 

based in USA/Canada seeks well 
established agents with food add 
commodities experience to work on 
commission basis in northern 
Europe. Middle East, Cyprus and 
Hong Kong. Fax style and details 
to: 

Cartingm Saks Company 
Fax:519-944-8289 


CONFIRMABLE DRAFTS 
BACKED BV CASH 


• landed in Your Name 

■ Confirmed by Major Inti Banks 
to Prove AvaBabVty of Hmds 

■ Backed by Private Investors 

MB CAPITOL SUPPORT 
SW CORPORATION 

US. (734)7574070 • Fat 7571270 


PUBLISHING 

OPPORTUNITY 

Experienced team seeks 1200,000 
to complete Aindlng for one 
of 1994's biggest magazine launches. 
Equity offered. 

Excellent return expected. 
Principals only to European 
Consumer Publications. 2nd Floor, 
18-24 Westbourne Grove, 
London W2 5KH. 


R ETIRE D CHAIRMAN/ 
CHIEF EXECUTIVE 

of listed PLC, mature energetic 
stable, seeks challenging part 

lime position of responsibility. 

Equity stake considered. 

Writ* Bui F97U5. Fauockl Tama. 
One Southwark Bridge, 

London SEI 9HL 


The Former 
Soviet Union 


Specialists in F.S.U. 
business offer their services 
lo help establish 
your goods or services. 

Registered companies formed, 
trading partners locate d . 
TEL* 0717171222 
FAX: 0717171225 


COMMERCIAL 

FINANCE 

Venture Capital available from 
£250,000 upwards. Sensible 
Rates. Sensible Fees. Broker 
enquiries welcome. 

Anglo American Ventures Ltd. 

TBt (C924) 2013SS, Rk (0924) 201377 


DMJWV ban Mai and aqoitj capital? 

sRfcfa Badness Anj^b lave risk capita! 



From US S250 

Various Jurisdictions 
Information, 'immediate service: 


INTERNATIONAL COMPANY 


SERVICES (OK) LIMITED 

Standbraok House. 2 - 5 Old Bond 
Street. LONDON. W1X 3TB 

Tel: 071 493 42 M 
Fax: 071 491 0605 


CHANNEL 

ISLANDS 

Offshore Company Formation 
and Administration. 

Also Liberia. 

Panama & BVI etc 
Total offshore facilities 
and services. 

For details tad appointment artie 
Cray Trust Ltd.. Befanoot House. 

2-6 Beiimmi Rd. Si Heller, Jenny, CL 
Tel: 0334 18774, F*x (034 35401 
Tb 4] 92227 COFORM C 


FUNDS AVAILABLE 
TO PURCHASE 


• Letters of Credit 

• Bank Guarantees 

• Other Acceptable Collateral 

• Backed By Private Investors 
THRU MAJOR I NTT. BANKS 

CAPITOL SUPPORT CORP. 
US. (714} 757-1070 • Fax 757-1270 


MBOs 

Do you want to perform 
a management buy-out 
of at least £lm and need 
expert advice? 
Principals only. 

Please write in stride* confidence lo 
Bor B3304, Financial Times. 

One Southwark Bridge, London SEI 9HL. 


FOR SALE 

Top quality interior/ 
exterior emulsion paints - 
OSS rubbish - off white and pale 
colours. £3,500 per container - 
72 x 200 litre drums. 

Tel: 051 5486756 
Fax: 051 549 1572 

t*> Unto wasters (tam. Prwfosts wt». 


^gyadigprnir IP tavtxLTN 0291 5J9M 


ABOVE AVERAGE 
RETURNS. 

Possible for short-term 
secured advances. 
Principals only. 

Call Amo Rudolf, FCCA, 
on 081-902 8998 for details. 


A BUSINESS BASE IN EUROPE: 
GERMANY 

THE BEST OF BOTH WORLDS 


West Since the start of the EU internal market, an Operarkxv 
the .European Economic Area s becoming increasingly importai 
And the RJ is set to expand .. . 


artonal base within 

ML 

East: The new regions "m the east of Germany already have well-established 
inks with Centra and Eastern Europe, and the European republics of the 
former Soviet Union. 

Germany: The growth centre of Europe with expertise and experience. 

We. are an experienced consultancy specialising in strategic and financial 
project management for rampart es wishing to .realise long-term obfect/ves 
n Europe from a base in Germany. Our offices in Munch and Leipzig offer 
fun. all-round support, from the initial planning and analysis stages, 
through to choice or location and operational start-up. 

Contact our head office m Munich for more information about how we can 
help you achieve your strategic and financial objectives in the new Europe: 

Fahrenkamp GmbH & Go. KG 
Strategic and Financial Project Management 

Lindwurmstrasse 134 
D-30337 Munich 
Germany 

Tef.: +49/897721 30 25 
Fax: +49/897725 02 07 


Save on 
International 
Phone Calls! 


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Australia 40p per min 
No VAT 

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Fax USA 206-282-6666 


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YOUR BUSINESS CONTACT In Germany 
Fax. *498173 640405 


ENGLISH FURNITURE A INTERIORS 
compete dealyi am procurem e nt awvteaa. 
Excellent references tnaflaMa. Corporate 
ana private lWTi in conHencecal Ffegor 
D Spencer 0788 560 7B2 

TRAFALGAR SQUARE - Your buefciesc 
edefress and tfodlcatad telephone fine in 
Lmdon. Peris. Borin. FranMut. Madrid and 
SO other top locations worldwide. Call 
Ragus on 071 872 S50Q. 


Anglia and Oxford 
Regional Health Authority 

Extemalisatiozi of the Oxford Consortium 

The Authority wishes to seek expressions of interest front suitably 
qualified organisations to acquire the business of the Oxford 
Consortium with effect from 1 April 1995. 

The Consortium's three business divisions are: 

• computing, including bureau services, facilities management, 
systems and application support, application development and 
network services; 

• financial services, including payroll, pensions administration, 
financial accounting, management accounting, financial 
consultancy, lease car administration, relocation 
administration and employee services; 

■ consultancy, including management consultancy, training and 
development, information management and technology 
consultancy and public relations consultancy. 

As at 30 June 1994 the Consortium employed 264 staff and in the 
financial year 1993/94 its turnover (shown by the draft unaudited 
accounts) was £12_6m. Its main customers include NH5 Trusts, 
District Health Authorities, Family Health Services Authorities, 
and Anglia and Oxford RHA. 

The Authority intends to invite expressions of interest from 
interested parties and, based on the initial information supplied, 
will then invite selected organisations to submit tenders for ail or 
part of the business of the 'Consortium. The Authority has 
advertised this opportunity in the Official Journal of the European 
Communities and proposes to award the contract in accordance 
with the negotiated procedure of the Public Services Contracts 
Regulations 1993 (SI 3228/1993). 

Further information on this opportunity can be obtained from the 
Authority at Old Road, Headington, Oxford. 0X3 7LF or telephone 
0865 742277 (ask for David Hands or Brenda Marlow). 

The closing date for the receipt of expressions of interest is 15 
August 1994. 


BUSINESSES WANTED 


LEGAL 

NOTICES 


HOUSE BUILDING COMPANIES 

Our client, t wbiiioliil UK residential housebuilder ii »rkiag acquisition 
opportunities of bouse building companies or sizeable residential land banks. We 
would be particularly interested to bear Cram companies meeting 'fie following criteria; 

* Located west of tin Mil and M23 in the Home Counties and Outer 
London or in (be West Midlands. 

* Pnrehajc consideration of between £1 -£20 million. 

Interested parties should contact Wsyland Want-Smith, in confidence, at 


SPG Corporate Finance Limited 
M Graven or Street. London WJX flDF 
Tel: 071 493 2550 Fax; 07 1 629 W44 

The Independent Corporate Fuuace Company 
Acquisitions V Disposals V Management Buy-Outs 
A member of Funbn 



PROPERTY COMPANY 

required £1-3 million, London and SW, 
secondary commercial or residential. 

John Hollingsworth, 

40 Vanston Place, London SW6 1AX 
Fax 071-720 S9S5 


BUSINESS WANTED 

£1 -£2 million precistarn engineering 
company required hy Group. 
Ideally tacatoi Midlands <* South. 
Customer base preferably in 
aerospace, electronics, petro-chenucn] 
or security industries. 

Apply in absolute cuofidcocc. 
quoting reference TG07 to: 
WHM * Par tner s Limited, 
Cathedral House, Beacon Street, 
licit Add. Starts WSL3 7AA 


■ net MATTE! V 

XOM1T TRADING COMPANY UMtttD 

in chkuoit uawnort 

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ftafctlSSOy to alLa n dwtClVMJwi i i a tOM I** . 
Wto' iiifefeeBqiwWtewtoiMllA'” * 1 • 
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Coon-glMuoattoao, IJMJvI 




BUYER WISHES 
TO PURCHASE 
CAFITVE INSURANCE 
COMPANIES IN 
FINANCIAL 

DIFFICULTIES OR WITH 
BAD CLAIMS RUN OFF. 

PLaate respond to Box No: 83295 
Financial Times, One Southwark Bridge. 
London SEI 9HL 

PROPERTY INVESTMENTS COMPANY 
nqutoxl up to thn tAn rt SSOODM. Toh 
081440 9911 F®c 061 4493313 


HtookB Me u MewtttM jtMtw 

M6» Mdi 4Aa m pram 
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IMOMartNHOOOMIMiltgfeimi 


MLMOUTH DEVILOmiNTS UMITD 
pmwujnnwE itmtiMfl 
Nona * Htranr am mom m «««?*! 

JJtefcewywr Ifet, fc. , dtotmt oripri* "* 

^kmw<aim«IBitt4ll SWtot*** 

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W rtfeJ M h m n 

to j i te fe fr m— M ti wnln Kep w^Rt 4i i 4 * *» f^— * 

8H ta* U torn -tick bereta 

wrtiawalibMt 
QMdftbio*4iraiMM»i 
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*** l *« 11%^ 





FINANCIAL TIMES TUESDAY JULY 26 1994 





FiU. -Vr-- . 


* TENDERS 


i hlr-t 

• • Vuf:*r 


FOR SALE 

Dynamic and profitable. East ; 
growing company in wholesale 
and distribution of computer and 
electrical components. Well 1 
established with subs tantial 
profits and freehold premises 
located adjacent to tbe 
Motorway system in semi-rural 
location small, loyal and 
efficient staff. 

Replies (Principals only) lo Box 03299, 
Financial Times, One Southwark 
Bridge, London SEI MIL 


Vehicle Security 
Business 

Sole concessionaire for 
European manufacturer own 
franchised client base 
plus National Distributor 
Network BA5750 accredited 
T/0 circa £lm 
Sal c/Merger considered 

Principals only please write to 
Boa B3307, Financial Times, One 
Southwark Bridge, London SEI 9HL 




DShaw 
Developments Ud 

.Wtt Administrative Receivership) . 

The Joint Administrative Receivers offer 
for sale the business and assets of 
D Shaw Developments Limited. The 
Company specialises in medium to heavy 

fabrications principally for the mining and 
railway industries, 
m Accredited to DS5750 

m Established customer base 

• Turnover of approximately £l2m per 
annum 

m Substantial freehold premises 
" Brake press capacity up to SOO tons. 

For further information contact Mr C Ord of 
Ernst A 'bung, PO Box No 1. 3 Colmore Row, 
Birmingham B3 3DB. 

Telephone: (031) 6 26 6262 Facsimile: (021) 626 6305. 

=U Ernst & Young 

Ataborlseotynm tartrate otQmmntia rximmimm (a 
*ut HMn ro carry on Anettanr fetsfecM. 


BUSINESSES FOB SALE 

K. BRIGHT LTD 
GEE & HOLMES LTD 

The Joint Administrative Receivers offer for 
sale the business and assets of the above 
companies which trade in the manufacture of 
high quality cutlery and silverware. 

Principal features include: 

■ long leasehold promises of 10,000 sq feet 
I at Boston Street, Sheffield 

1 ■ Long established names with extensive UK 
and overseas customer base 


I Combined annual turnover In excess of 
£1 million 


Por further information contact tbe 
Joint Administrative Receivers 

BS Crcbcr and J Russell 





pn HIM. I T < ) N I 5 P I [•: RY H 

’ — — ■ 


93 Queen Street, Sheffield SI IWF 
'Ibl 0742 755033 Pax 0742 768556 


BUSINESS 

OPPORTUNITY 

The Joint Adminisnaow Receivers; Geoff Hilton and Rod Widiinshaw, offcf 
for sak McQuillan Engineering Co. LhL, a family-owned precision and 
fabrication engineering business established in 1941. Offers are invited from 
interested parries in the business as a going concern as a whole; or in part. 

■ Gureat order book of£l/2m blue chip client contracts. 

■ A nnu al turnover in excess of £2.0m_ 

■ Skilled workforce of 40. 

■ Leasehold sice in Warrington of 30.000sqA 

For further details c ont act: Michael Hall or Lindsey Cooper, Kidsons Impry. 
Devonshire House, 36 George Sam. Manchester. Ml 4 HA. 

Tel: 061 236 7733 Fas 061 236 7020 

A maalig of HLB In mr i ■t oad 


p s t ttm 




ESTABLISHED ana well respected 
fcWalon Mould making Company slhiadod 
m Home Counfies iho Company auppSos 
looSng to a waded and oce&ant cunomer 
base. Annual turnover apprMcNng lire 
Apply to Ba> B3000, Rnavdol Thnae, Ono 
Southwark Bnsge. tendon SE I SHL 


CIVIL AND CRIMINAL COURT OF BRESCIA 
BANKRUPTCIES: 

O.M.A.P. - Officine Meccaniche Alta Precisione S.p.A. 
O.M.A.P. FUEL INJECTION S.r.l. 

BRESCIA (ITALY) 

INVITATION TO PRESENT OFFERS FOR THE PURCHASE OF 
THE ENTIRE PERSONAL COMPENDIUM CONSTITUTING 
THE BUSINESS OF THE TWO COMPANIES. 

The two companies have been operating since 1947 in the market of injection pumps for diesel 
motors and they produce pumping elements, nozzles, injection valves and nozzle holders. 

The production is carried out in an integrated cycle and is directed towards the first and second 
plants. 

The companies are holders of some patents and are approved for the production of pumps and 
injection valves for leading companies in the German and English car and motor sector. 

The technical structure is formed of 5 production lines (for sale also separately) furnished totally with 
over 950 specific machine tools, located at their plants sited in Brescia (Lombardy, Italy) and 
Montichiari (Province of Brescia) and the leased plants located at Rovereto (Province of Trento, 
Trentino Alto Adige, Italy). 

The personnel as atthe date of the bankruptcy (21/12/93) was composed of a total of 310 workers, of 
whom today 212 are in Cassa Integrazione (redundancy fund) with future mobility. 

The purchase of the assets does not include the obligation to re-employ the workers, even if this 
would mean contributive concessions of particular interest 

The value of both the company units (including designs, logos, patents, machines, equipment and 
goods) total USD 5,200,000 excluding the property assets in Brescia and Montichiari, for which a 
separate offer can be made. 

The receivership is willing to concede the above mentioned property to the purchasers with a free 
loan (maximum 6 months) or lease (maximum 1 year) with the aim of facilitating the removal of the 
assets. 

For further information write to: 

Fallimento O.M.A.P. S.p.A. - CANCELLERIA TRIBUNALE Dl BRESCIA - I - 25100 BRESCIA 


BUSINESS OPPORTUNITY LOG 
UK* bkm compete and up nutate detail on: 
• laMhmhbAJialNlMi 
•CmpoalalaTraafafc 
•AucttoM 
•UamFirS* 

Produced by experienced piuCuaioaali nil 
minis baanen people fe mind 
I bndmda of Coe. ami coaocK M each imoc. 
Tet 0273 W IOTP to 0273 »0M0 

FOR SALE 

Computer Mamtenence and 
Software Support Contracts 
for Sale. 

Cnrreat Gross aural income 
circa £3004)00, 

Mostly within M25 
new reply to Ban B330Q. Randal Tinea. 
One SottbwiTfc Bridge. Loodoa SEI 9HL 

SMALL LEISURE 
DIRECTORY FOR SALE. 

REVENUES FROM 
ADVERTISING AND COPY 
SALES. 

Apply in aku roeOdcnoe lo Bae B32S8. 
FluocalTbwa. One Saulinraik Bridge. 
Loader SEI MIL. 

Very Profitable Publishing 
company in niche UK. 
Travel Guide market. 

High margins and great 
potential fer future developmenL 
Writs to Box No: B 3292 
Fbwtica] Tones. One Southwark 
Bridge, London SEI 9HL 

FOR SALE 

Commodity Trading Co 
Tax loss £145,000 
No liabilities and trading. 
Price £15,000 

Write ex Bax 03278, Financial Times. 
0« Soubwatk Bridge. London SEI 9HL 


MOULDED PLASTIC 
PRODUCT COMPANY 
SPAIN 

MannExtiiics sod sells pins, keyrings, 
buttons, car gadgets sad other articles, 
all can be personalised with company 
logos, religions symbols sod other 
motifs. 

Turnover ESP 35 million. Net profit; 
ESP 12 million no debt- Owners will be 
at Frankfurt Fair UUi - 18th September. 

Fix: 1343)417-70-88. Write; 

P.O. Box 54 L5, Barcelona 08080 Spain 

FENCING SUPPLIES 

Established South Wales Fencing 
Suppliers, inchxfiag Timber 
Treatment and Contracting 
activities. T/O £l-2m, 

25 acre freehold site. 

Fax No: B7*Z 474112 
PPM Ltd 
Alexandra House 
Swansea SAJ 5ED 

100+ LIVE 

Businesses for 
sale and 

sales of assets fortnightly 

071 2621164 
Fax; 071 7063464 

DB9GN-USD 

FASHION ACCESSORIES COMPANY 
Last 3 years' NPBT1 - Mk, f 38k. 

1 22k. Priced 525k. Owner can stay 
1 year, designer longer. Priori pal* 
only, no broker* please. 

Fleam wn* m BricM confidence W Box 
01302. Ftaancol Tunc*, One Sowkwarit 
Bridge. London SEI 9Hl_ 


OFFICE EQUIPMENT 


We have - direct from the manufacturer - new high quality 
executive and system ranges - conference and receptions. 
Large choice of veneers, melamine and/or laminate finishes 


London Showroom for viewing: 

Ariel House, 76 Charlotte Street. London W1 

Tel: 0374 741439 

Full camcad and planning services. 


Moota Country Hotel 
Nr Cockermouth, 
Cumbria 

Hilly licensed hotel ud function 
business. Superb A rood site, 33 en 
suite bedrooms, ballroom for 280, 
bora ud restmrenL 3. 1/2 sere site. 
Profitable. Freehold. Fbr sale as it is 
a non cm buriaem. Often invited 

Robert Barry & Co 
Harrogate (0423) 566362 


CENTRAL LONDON 

An opportunity to acquire a 
I well managed privately 
I owned computer company. 
High profile bnsaess, 
extensive client Dst, strong 
technical base. Established in 
1981. T/O £700,000 

Please write in strictest confidence to 
Biw B3301. Financial Times. Oflfi 
Soutfawart Bddge, Lonfoa SEI 9HL 

Retirement Sale 
of Aircraft 

I interiors Manufacturers, CAA. 

approved to A2 category 
Based in S.E. England in 10,000 sq 
ft factory. T/O currently £Vs*n but 
considerable scope for expansion. 
Write lo Beer 03305, Financial Tlroe*. 
One SoOhwari; Bridge, 

Loodoa SB19HL 

FOR SALE 

Licensed Waste Transfer 
Station 

Excellent Position 
Incineration Licence Available 
EEC Grants Available 
TEL: 051 494 3521 


RETIREMENT SALE 

Small mjinitjrt mwf itiOiihiiinf urirYi 

patented product sold UK & Export. 

Established 1947. 

30 years with retiring sole owner. 
Freehold site 1/3 acre in Hants. 
Manager + 5 staff. 

Loyal customer base. 

Sales climbing out of recession, 
offering real recovery potcnllaL 
Write bo Box N« B3277 
Financial Times, One Southwark Bridge 
London SEI 9UL 



Owner wishes lo dispose of 
this well established, 
expanding and highly 
profitable business. 

OFFERS IN REGION OF£L25M_ 
Please respond to Box No: B3293 
Financial Times. One Sombwmk Bridge, 
London SCI 9HL 

COMMUNICATIONS 
SOFTWARE GROUP 

UK based with international 
subsidiaries and agency network. 
Market Leader T/O £2m PBT 10*. 
Contact GMA, Pilgrim House, 
Canute Road, Southampton S0143FJ. 
ty 0703 334634 Fax 0703 335044 

IT ACQUISTION SPECIALISTS j 

BUSINESS CENTRE 

Sunderland 

8,000 gqJL plus, earning 
£80,000 pa aetL 7096 
Let & development potemiaL 
Fully equipped to high spec. 
Good location. Best offer buys. 
Tel: (0732) 700566 



wmm 


Appear in (he Financial Times on Tuesdays, Fridays and Saturdays- 
For further information of to advertise in this section please contact 
Karl Loynton on 071 $73 47S0 or Lesley Sumner on 071 873 3308 


j FINANCIAL TIMES 

5 iuK>ii i uv«u m*iwn 


MANAGEMENT COURSES 


KAPLAN CAN HELP YOU GET A 

HIGHER GMAT SCORE 

The GMAT is changing 
The October GMAT will have 2 scored essays 

FIND OUT MORE IN OUR FREE SEMINARS 

Kaplan is a corporate member of The Association of MBAs 
For more information, please call 071 7344116 Fax: 071 734 4106 

KAPLAN 

World leader In rant preparation 

AH Advertisement bookings arc accepted subject to our current 
Terms and C niMtifonR . copies of which are available by writing to 
The Advertisement Production Director, 

Hie Financial Times, One Southwark Bridge, London SEI 9HL 
TcL 071 873 3000 Fax: 071 873 3064 


RETIRING OWNER 

of internationally well known and 
long established pharmaceutical 
chemical company, London 
offices, seeks buyer. 

Serious principals only contact 

Box B 1661. Financial Times, One Southwark Bridge, London SEI 9HL 


SUCCESSFUL BUILDING CONTRACTORS 
IN KENT FOR SALE 

Profitable family company dealing with local authorities, 
housing associations and church authorities. 

Directors looking to retire over period of time. 

Information package provided on request. 

Write to Bar B3294, Financial Times, One Southwark Bridge, London SEI 9HL 


fKT Redruth Brewery 
worldwide Limited 

The Joint Administrative Receivers offer for sale the 
assets and business of the above long established 
brewery based in Cornwall. 

Principal features of the business are as follows:- 

■ 1 993/94 turnover approximately £24m 

■ Range of high volume brands 

■ Extensive range of modemplant, including Steincker 
brewhouse fermenters, 2 high speed canning lines 
and glass bottling equipment 

■ Leasehold premises in a special development area 
with grant potential 

■ Skilled and dedicated workforce 

For fiirther information please contact the 
Joint Administrative Receivers 
Keith Morgan or Ian Walker at the company s premises 


Redruth Brewery Limited 
The Brewery 
Redrath 

Cornwall TR15 1RB 
Tel: (0209)212244 
Fax: (0209)313793 


PANNELL 

KERR 

FORSTER 

i MAIII6«m .VCOUNlANI-; 


For Sale 

FAST GROWING DISTRIBUTOR & RETAILER 
OF LEISURE SOFTWARE 

For outright purchase, fast growing profitable distributor and retailer of 
Iconic software and hardware based in the North West of England. 
Turnover is approaching £2m pa with plans to expand distribution to 
£l0m within 3 years. 

For more details please fax for information pack on 

(Fax) 0204 365572 


Faroe!! tnr Footer is icpmcd IS cany ea rods "Offc nd aodnriifd Is cany on 
hntmmaa Mssss by tbe Mur of Gurnard Arcnroanu in E*lnd rod WUo- 


FOR SALE 

li.SA. - HOUSTON /DALLAS /FT. WORTH 

20 yMi Md canpuiy. ownef not n gaM hulfl jnd n9 iwnn 39* shu 10 r*s careuny 
WELL ESTABLISHED ■ EXCELLENT CRE0IT - EXCELLENT REFUTATION 
AppranmauSv 1000 «niHy mm paaiang jumanK. pkis b mssar m ot Pwue 
D wctemv* land. aSaiWi luoi efcnsHy uaten hi |«n 

PLUS: a Propony Mmagomd Cmtunv 
Wii it* Alter lcJi a tort 'Jock (US S75 OOOOQOi 
BROWnS/AGBirS cm KIM wtti j 10% DUimsaai 
■SEWQUS COtnXNrKL IfUIWi ONCr HU 


GREEK EXPORTS S.A. 

(E.T.B.A. - FINANCE) 

DENATIONALISATION 

INVITATION FOR EXPRESSIONS OF INTEREST IN PURCHASING 
THE ASSETS OF THE THREE COMPANIES UNDER LIQUIDATION 
DESCRIBED BELOW AND BELONGING TO THE PIRA1KI-PATRAIKI GROUP 

GREEK EXPORTS SA, based In Athens at 17 Panepistimiou Street, as special liquidator of the PIRAJKI-PATRAIK1 group 
companies which have been placed under special liquidation (within the framework of article 14 of Law 2000/91 concerning 
denationalisation) and by decisions No.78 15/1992 and 1083/1992 of the Athens and Patras Courts of Appeal respectively, and 
following instructions from the l.R.O. (which, according to article 22 of law 2198/1994, is the essential Creditor of all ot the ' 
PIRAJKJ-PATRAFKl group's companies and takes the relative decisions) and in accordance with paragraph 1 la of article 46a of 
Law 1 892/1990 as supplemented by article 53 of Law 2224/94. 

INVITES 

interested parties to express their Interest in purchasing the assets of the three PIRAJKI-PATRA1KI group companies under 
liquidation and described below, by submitting within twenty (20) days from today a written, non-binding expressions of interest 
Interested parties can express their interest in purchasing elements of the assets of one. or two, or all three of the PIRAIK1- 
PATRAJKI group companies under liquidation as follows: 

a) PIRAIW-PATRAIW COTTON MANUFACTURING COMPANY SA (HOLDING) 

b) PIRAJKI-PATRAIK1 CHALKIDA WEAVING MILL SA 

C) PIRAIKI-PATRAIW PATRAS SPINNING & WEAVING MILLS S A 

The expressions of interest to be submitted must not concern and will not be accepted with regard to the claims of the companies 
under liquidation against the other companies of the PIRAIK1-PATRA1KI group because these claims are not transferable. 
Expressions of interest must be submitted separately for the assets of each company and will concern their separate operational 
and business unities and any elements of their assets which do not serve their business operations for the transfer of which there 
is no possibility of making separate offers. 

SUMMARY INFORMATION ON EACH OF THE COMPANIES UNDER LIQUIDATION 

1) PIRAIW-PATRAIW COTTON MANUFACTURING COMPANY SA is based in Athens and Is engaged mainly in trading the 
products of the group's other companies. The assets of this company are: 

a) A modem building complex tor storing and distributing the group's products, built in the Varibob! area of Attica. 

b) Stock in warehouses in the Attica area and in the group's warehouses in Patras. 

c) Immovables in the areas of Patras. Attica, Thessaloniki, etc. 

d) Claims against customers, furniture, eta 

e) The PIRAIKJ-PATRAJKF trade mark and other trade marks of the group's products are exempted from the company's assets in 
accordance with para. 20 of the above-mentioned article 46a, as supplemented by article 53 of Law 2224/94 since they will be 
transferred to the group’s companies which have been using them tor many years. 

2) PIRA1 KI-PATRAIW CHAUODA WEAVING MILL SA maintains a weaving mill with 260 looms in the Municipality of Chalkida 
(on a (tot of land 43 stremmas in area which, however. Is not operating at present) 

3) PIRAIKJ-PATRAIKI PATRAS SPINNING AND WEAVING MILLS SA maintains in the Patras area (on a seaside plot of land 
208 stremmas in area) a vertical industrial spinning and weaving complex which includes a) two spinning mills, b) two weaving 
mtts, c) a dyeing installation, d) a finishing installation, eta 

OFFERING MEMORANDUM 

The Liquidator has drafted an Offering Memorandum fix each of the above companies which includes a toll description of the 
enterprises and their activities, as well as allthe elements to be transferred which constitute the assets which will go to the 
purchaser who is pronounced the highest bidder. 

It also contains the terms of the sale and aN useful information of a general nature for the prospective buyer. 

The total assets of toe companies tor sale shall be listed in detail in the Offering Memorandums with their separate operational 
and business unities as well as any elements of toe assets which do not serve business operations, for toe transfer of which 
separate offers can be submitted as defined in paragraph i la of article 48a of Law 1892/90 as supplemented by article 53 of Law 
2224/94. 

Copies of the Offering Memorandum will be available to Interested buyers at toe offices of toe Liquidator as soon as they have 
been drafted. 

Interested buyers win also be able to have access (following a written undertaking of confidentiality) to any other information 
they may ask for and may visit the company offices. 

We note, finally that the announcement of a public auction for toe highest bid shall be published within the time limits 
prescribed by law and In the same newspapers. 

For adcfifonal information, interested investors may apply to: 

GREEK EXPORTS SA 

17 Paneptetimiou Street, Athens 105 64, Tel. +30-1-324.31 11-6 
Fax: +30-1-323.9185 and to toe 

INDUSTRIAL RECONSTRUCTION ORGANISATION (LR.O.) 

234 Syngrou Ave. Athens 1 76 72, Tel. +30-1 -952.5540, 

Fax: +30-1-956.8768 - 956.3285 








12 


FINANCIAL TIMES TUESDAY JULY 26 1994 


BUSINESS AND THE LAW 


Restrictions on 
imports lawful 



EUROPEAN 

COURT 


National measures 
which restrict the 
sale of foodstuffs, 
including im- 
ported foodstuffs, 
to those products 
which state on 
their labels the 
types of preserva- 
tives used were held to be lawful 
by the European Court of Justice. 
But national restrictions on the 
amount of salt that could be used 
in bread were unlawful in that 
they were in breach of the EC 
treaty provisions on the free 
movement of goods. 

This preliminary ruling was 
given in the context of criminal 
proceedings against a Belgian 
baker who had sold imported 
bread from the Netherlands and 
thereby infringed Belgian law 
twice: first, because the bread con- 
tained a higher percentage of salt 
than was permitted under the 
national rules; and, secondly, 
because the labels on the bread 
indicated neither the exact specifi- 
cation nor the EC number of the 
preservatives used, but simply 
stated that the products contained 
food preservatives. 

The Court was first asked to 
rule on whether the Belgian rales 
on the level of salt that could be 
used in bread sold in Belgium 
were contrary to EC treaty provi- 
sions on the free movement of 
goods. The Court first found that 
there were no relevant EC rules 
on the amount of salt that could 
be used in bread and, therefore, 
national provisions applied. The 
Belgian law set the limit at 2 per 


cent, whereas under Dutch law 
salt levels of up to 2j5 per cent 
were permitted. The Court found 
that, although there were no EC 
harmonising measures, the Bel- 
gian rules did restrict imports of 
Dutch bread (which was lawfully 
sold in Holland) and, as such, 
these rules were contrary to the 
EC treaty provisions on the free 
movement of goods. The Court 
then had to determine whether 
such restrictions could be justified 
on public health grounds, as 
alarm pri by Belgian authorities. 

On this question, the Court 
referred to its decision in the Ger- 
man beer case, in which the Court 
had held that any alleged risk to 
human health could be deter- 
mined only on the basis of rele- 
vant scientific research. The Bel- 
gian authorities, however, did not 
supply such evidence. They 


merely said they considered the 
higher level of salt allowed in the 
Netherlands "too high”. Moreover, 
Belgium could have chosen other 
means of protecting consumers 
than the recourse to an outright 
ban: appropriate labelling would 
have been less of an impediment 
to free movement and could have 
ensured sufficient protection of 
public health. Consequently, the 
Court held the Belgian rules could 
not be justified under the EC 
treaty. 

With regard to the description of 
preservatives on labels, the Court 
found that EC rules provided that 
member states could require 
labels to contain a full description 
of the preservatives used, but that 
this was not compulsory. In the 
present case, the Belgian legisla- 
tion required a frill description of 
preservatives used, whereas the 
Dutch legislation did not. The 
Court was asked whether in such 
circumstances, the Belgian 
authorities could lawfully stop 
bread, which was correctly 
labelled according to Dutch law, 
from being imported into Belgium. 

The Court held first that the 
Belgian labelling requirements 
were contrary to the EC treaty 
provisions on the free movement 
of goods as they made it more 
difficult to import the same goods 
from other member states which 
did not have the same labelling 
requirements. The ECJ then went 
on to say that, since the relevant 
EC labelling rules did not provide 
for complete harmonisation, mem- 
ber states were still allowed to 
invoke the EC treaty provisions or 
the case law of the Court to seek 
to try to justify the measures in 
question. The Court found that for 
consumers to be properly pro- 
tected, they had to be in a position 
to know from a label what a given 
product contained. Therefore, 
such labelling requirements as 
provided for in the Belgian rules 
served the purpose of consumer 
protection, which had already 
been accepted by the Court to be a 
mandatory requirement justifying 
restrictions on the free movement 
of goods. The Court also found the 
Belgian rules were proportionate 
hi that they interfered much less 
with the free movement of goods 
than other measures. 

Case 017193: JJJVan der Veldt 
ECJ 5CH. July 141994 

BRICK COURT CHAMBERS, 
BRUSSELS 


D ifficulties encountered in 
large, multi-party medi- 
cal and pharmaceutical 
litigation highlight the 
problems inherent in the present 
system in the UK of providing legal 
aid to allow such cases to come to 
court. 

The collapse earlier this year of 
the largest publicly funded personal 
injury in the country illus- 
trates the disadvantages of the cur- 
rent system. The action, brought by 
5,000 claimants against Xtocbe and 
Wyeth, the manufacturers of the 
benzodiazepine (tranquilliser) drugs 
Valium and Ativan, collapsed after 
six years, at an estimated cost to 
taxpayers of £35m. The action foil 
apart when the Legal Aid Board of 
England and Wales withdrew fund- 
ing. saying the claims did not 
satisfy the requirements for 
legal aid. 

Legal aid. according to the board, 
is a system of government funding 
for those who cannot afford to pay 
for legal advice, assistance and rep- 
resentation. Civil legal aid is avail- 
able to those able to demonstrate 
they have “reasonable grounds” for 
bringing a claim and who satisfy 
the stringent financial eligibility 
criteria. Middle-income people, 
therefore, are effectively denied 
access to justice, however good 
thefr nlaim 

Even those claimants who do 
qualify for legal aid frequently 
receive no compensation, because of 
the low success rate in court. Law- 
yers are too often the only benefi- 
ciaries of medical and pharmaceuti- 
cal litigation. 

Is legal aid, then, merely a state- 
funded and self-serving industry 
which suits lawyers as justice-mon- 
gers and purveyors of compensa- 
tion? 

In the benzodiazepine case, the 
main beneficiaries were certainly 
the lawyers and experts: not a 
penny has been obtained for any 
rlflhnant The irrecoverable expense 
to the manufacturers was also 
passed on to the public. 

Other multi-party actions involve 
infant drinks, smoking, diagnostic 
agents, surgical devices, various 
drugs and the power industry. 
These are invariably legally aided, 
widely advertised and are 
conducted with much media 
hype. 

The Legal Aid Board recently 
published a report on multi-party 
actions, following the benzodiaz- 
epine case. It makes disturbing 
reading, and raises questions over 
both the cost and the quality of 
such cases. 

The board admits that it has 
“doubts over the extent to which 
legal aid lawyers can have regard to 
the costs of litigation”. And it con- 
cedes that “there is no incentive on 
the solicitor to act as a responsible 
filter for dubious cases, as there is 
no effective sanction available for 


A case for 


treatment 

Anthony Barton on the use of legal 
aid for multi-party medical litigation 



SS5S5* 


shoddy work or bad cases being 
taken". 

The report implies that fraud by 
solicitors on the legal aid fund is 
“widespread”, because it is not pos- 
sible for the board to exercise 
detailed control over all publicly 
funded litigation. It has to rely upon 
the assisted persons’ legal advisers 
to act responsibly and competently. 

The board recognises that many 
funded actions are “weak” or “hope- 
less”. It describes a “bandwagon 
effect” with “legal advisers getting 
carried away by everything sur- 
rounding the action and losing 
sight of the viability or individual 
cases". The board acknowledges 
that applicants may often feel that 
they have nothing to lose by giving 
it a go - the lawyers, however, are 
paid whatever the outcome. 

Contrary to popular belief, legally 
aided claimants against institu- 
tional or corporate defendants enjoy 
a strong position. 

First, they are not liable for the 
defendant’s costs, even if they are 
unsuccessful The defendant most 
pay his own costs, even if success- 
ful Thus the plaintiff is in a no-lose 
position and the defendant is in a 
no-win position. 

The courts have expressed con- 
cern that this rule could give rise to 
abuse and injustice. Lord Denning 
referred to the “inequality of bar- 
gaining power" in favour of legally 


aided parties. Lord Donaldson 
observed that “legal aid helps those 
who lose cases, not those who win 
them". Most recently, the Court of 
Appeal has remarked: “It is no 
answer that there are public author- 
ities or insurance associations that 
are footing the bOL The National 
Health Service has better things to 
spend its money on than lawyers' 
fees." 

Second, the board relies on the 
advice of plaintiff lawyers in decid- 
ing whether or not to fund a claim. 
Such advice by definition cannot be 
independent, since the plaintiff's 
advisers have a financial interest in 
the adv ancemen t of the claim. 

M edical and pharmaceu- 
tical claims are com- 
plex. expensive and 
have a low success 
rate. The legal and scientific issues 
are not readily separable. The legal 
process imposes a separation of 
medical and legal professional roles. 
Further, the legal aid area commit- 
tees consist only of lawyers, and do 
not contain scientists and clini- 
cians. It is difficult to see. therefore, 
how these committees are able to 
evaluate complex scientific issues. 
The board, however, asserts that 
these committees are “well posi- 
tioned to form a dear and objective 
opinion of the prospects of success” 
Despite using phrases such as 


“shoddy work", “weak cases", 
“dubious cases'*, "hopeless cases" 
and “lawyers getting carried away", 
the board insists: “It is wrong to 
assume that the opinions based on 
behalf of the applicants would give 
a misleading or over-optimistic 
assessment of a case." 

The facts, however, speak for 
themselves. According to an inde- 
pendent survey, the success rate of 
legally aided pharmaceutical 
actions is zero. 

In the benzodiazepine action, 
there were 3,000 Ativan claims. 
According to the plaintiffs' advisers, 
four barristers had assessed 1,200 
cases as “strong in law” and had 
“very good high prospects of suc- 
cess". The Court of Appeal by con- 
trast referred to the “considerable 
problems on causation . . . distin- 
guishing between the effects of the 
drug and the underlying condition 
for which it was prescribed". The 
court observed that “these consider- 
ations may present real problems in 
many, if not all of the cases” More- 
over, if only 1,200 cases were 
“strong" , why were proceedings 
started in 3,000? 

Decisions involving the expendi- 
ture of millions of pounds of taxpay- 
ers’ money ought to be based on 
independent, objective and expert 
advice. There must be Independent 
claims assessment if public confi- 
dence in legal aid is to be restored. 

The present system Is unaccept- 
able to plaintiffs, defendants and 
the taxpayer. What is required is a 
judicial process which is investiga- 
tive, independent, expert and inte- 
grated so as to straddle law and 
medicine. 

The board acknowledges that 
courts may not be appropriate for 
these cases, and proposes a tribunal 

Consisting of a legal nhalrpian and 
appropriate medical experts. The 
idea is to change the process, not 
the basis, of compensation. 

A contingency “no win, no fee" 
system, for paying solicitors accord- 
ing to results in certain cases, is 
due to come into effect later this 
year- It will widen access to justice. 
Far from leafing to a US-style liti- 
gation “free for all", the risk of legal 
costs (which does not generally 
apply in America) will impose a 
commercial discipline, so that 
claims are only advanced when , 
properly Investigated and assessed, i 
The pursuit of hopeless claims will 
remain the privilege of the rich, the 
foolish and the legally aided. 

Change seems inevitable. What- 
ever solution is adopted, there is 
one certainty: any proposal to 
remove from lawyers the indiscrimi- 
nate largesse of the state, and 
impose any effective form of 
accountability, will be met with 
howls of protest. 

The author is a medically qualified 
solicitor who specialises tn medical 
and pharmaceutical litigation 


LEGAL BRIEFS 


I 


Firms spend less 
on high-tech 
than expected 

U K law firms which, on 

average, last year planned 
to invest £7%000 on new 
Information technology systems 
spent only £48,000, according to a 
survey by accountants Robson 
Rhodes. 

There has been a modest increase 
in tite number of firms providing a 
workstation for each partner (up 
from 11 per cent to 14.7 per cent) 
and for each fee earner (up from 7 
per cent to 10 per cent). 

Cost cutter 

ondon law firm McKenna & 
Co has launched its specialist 
solicitor advocacy services for 
planning inquiries and disputes. 
Under this service, a solicitor, 
rather than a barrister, appears as 
advocate. The firm claims this 
results In savings of 30 per cent of 
the cost of instructing both a 
solicitor and barrister. The move, 
according to the firm, is in 
response to client demand. 

Bon Chance 

M r David Goldberg, former 
deputy general counsel of 
the World Bank, has 
joined Clifford Chance, the UK law 
firm, as a consultant 
He will advise on a range of 
international work, particularly on 
infrastructure projects such os 
transport, energy and 
telecommunications. Mr Goldberg, 
who spent more than 20 years at 
the World Bank, win remain 
Washington based. 

SRT moves 

S inclair Roche & Temperley, 
the marine and business law 
firm, has appointed Mr Stuart 
Mannering and Mr Campbell 
Steedman as partners at its London 
offices. Mr Jonathan Rnstron 
becomes a partner at SRT Hong 
Kong and Mr Neale Gregson a 
partner of SRT Singapore, 







On Wednesday, July 27 the Financial Times will publish a special survey to 
mark the 300th birthday of the Bank of England. 

It examines the history of the bank, its role in determining monetary policy 
and its responsibility as a regulator. 

There will also be an assessment of changes at the Bank under the new 
regime of Eddie George and Rupert Pennant-Rea and articles on similar institutions 
in other countries. 

So if you want a reliable source of information on the Old Lady of Threadneedle 
Street, you can bank on the FT. 

Fnandal Times. Europe's Business Newspaper. 


PEOPLE 


Fresh partners for new 
strategic consultancy 


Some small but significant 
ripples in the world of London- 
based management consultan- 
cies. 

The Strategic Partnership, in 
operation only since the begin- 
ning of this year, under Peter 
Smith, 56, as its chief execu- 
tive. has appointed two big 
guns to Its advisory board. 

They are Thomas Frost, 61, 
former group chief executive of 
National Westminster bank, 
now chairman of The London 
Clearing House, and John Stop- 
ford, 54, who holds the chair of 
international business at the 
London Business School 

Besides a love of orchids. 
Frost carries with him a 
wealth of banking experience, 
having first joined Westmin- 
ster bank fas it then was) in 
1950. Among his many busi- 
ness activities, Frost was also a 
member of the advisory board 
of the British- American cham- 
ber of commerce, between 
1987-1993. 

A trained engineer, Stopfbrd 
first started on an academic 


career tn 1968, with posts at 
the Manchester and then Har- 
vard business schools. 

He was a non-executive 
director of Shell (UK) between 
1973-77, but before that had 
gained early hands-on business 
experience by managing a 
Booker-McConnell subsidiary 
in Guyana. He has also worked 
for the United Nations, and 
still works as a government 
adviser in developing countries 
such as Mongolia and Thai- 
land. 

Before establishing his new 
consultancy. Smith was a com- 
munications consultant with 
Burson-MarsteUer*s City and 
Corporate Communications 
branch. 

Meanwhile, Paul Thornton 
has left PA Consulting group 
and Chris French departed 
Proudfoot, to found a new 
management consultancy, the 
French Thornton Partnership. 
They intend focusing on com- 
panies attempting to make 
greater use of information 
technology. 


■ Cam Bradford has been 
appointed executive director of 
TlXwORLD MARINE & GEN- 
ERAL INSURANCE. 

■ Eddie Dove, below, formerly 
general manager, has been 
appointed md of UIA (Iusur- 


■ Paul Haines has been 
appointed investment director 
of SEDGWICK NOBLE 
LOWNDES. 

■ David Young, a senior assis- 
tant director with Morgan 
Grenfell has been appointed 
finance director of BRAD- 
STOCK GROUP. 

■ Sandy Mackintosh, formerly 
head of sales and marketing 
for London Life, has been 
appointed sales and marketing 


director of LIBERTY LIFE. 

■ Hugh Norland has been 
appointed chief executive of 
BOWRING MARSH & MCLEN- 
NAN; he is succeeded as chief 
executive of Bowring Financial 
and Professional Insurance 
Brokers by Mark Hardin ge. 

■ Matt Coffey, formerly 
administration director of 
Aetna UK. has been appointed 
general manager, and Mark 
Davies, formerly a consultant, 
technical director, of J ROTHS- 
CHILD INTERNATIONAL 
ASSURANCE GROUP. 

■ Alan Jackson has been 
appointed chairman of WREN 
HOLDINGS', he replaces Nicho- 
las Haydon, who will become 
non-executive chairman of 
Wren Underwriting Agencies 
from the end of the year. 

■ Jerry Morgan has been 
appointed sales and marketing 
director of WINDSOR LIFE: he 
moves from the parent New 
York Life and replaces Jerry 
Roberts, returning to the US to 
run the San Diego office. 

If Denby group, the household 
pottery manufacturer, has 
appointed Pieter Hazenberg, 
42. as group finance director 
with effect from August 22. He 
was formerly financial director 
of Linread until its recent 
acquisition by McKechnie 
group. 


New sales force head at 
National Westminster 


David Poulton, 48. has been 
appointed head of regulated 
safes for National Westminster 
bank’s UK branch business, 
with responsibility for direct- 
ing the bank’s 2,700 strong 
sales force, engaged in selling 
life insurance, mortgages, pen- 
sions and other investments. 

Poulton started his working 
life at British European Air- 
ways in 1963, staying with the 
airline five years before joining 
Rothmans UK, where he was 
initially a salesman, rising to 
become director of the compa- 
ny’s sales force. All told he 
spent 20 years at Rothmans. 

Then in 1988 he joined 
Lloyds Abbey Life Assurance, 
moving in 1989 to join Black 
Horse Financial Services as 
safes director. 

The business of selling finan- 
cial services has come under 
close scrutiny in the UK 


recently. NatWest says it has 
decided to restructure its sales 
operations in the light of regu- 
latory and competitive 
changes, in order to ensure 
proper emphasis on compli- 
ance and training is carried 
out Poulton will have the task 
of monitoring those sensitive 
ch an ges. 

■ NatWest Investment Man- 
agement has appointed Colin 
Harfce, 37, as a director in the 
active fixed income area, with 
responsibility for managing 
fixed income portfolios for pen- 
sion funds. 

He joins from Worifinvest, 
where he was director and 
head of fixed income, responsi- 
ble for managing $3,5bn of 
assets, primarily for US pen- 
sion funds. He has also worked 
for Citibank, Hill Samuel Mor- 
gan Stanley and Guardian 
Royal Exchange. 


Non-executive appointments 

■ Yve Newbold, company sec- 
retary of Hanson, and David 
Went, chief execut ive of Contis 
& Co Group, at COUTTS & Co. 

■ Chris Appleton, a partner 
with Smith and Williamson: 
Brian Eyre, deputy chairman 
Of the UKAEA, as chairman; 

Rex Galsford, director of 
Amerada Hess; Clive Pickford, 
chairman of Jones Lang Woot- 
ton; and Timothy Walker, head 
of atomic energy division at 
the DTL at UKAEA Govern- 
ment Division, responsible for 
decommissioning nuclear facil- 
ities and managing radioactive 
wastes. 

■ Nigel Graham Maw, former 
senior partner of Rowe & May, 
at STORM GROUP. 

■ Iain Bryce, former senior 
partner of Ernst & Young’s 
Hull offi ce, at PROSPECT 

industries. 

■ Anthony Forbes, formerly 
joint senior partner at Caze- 
nove, at The MERCHANTS 
TRUST. 

■ Ben du Br ow at DEVELOP- 
MENT SECURITIES. 

■ John White, retired chief 
executive of BBA Group, at 
PARTCO; Guy Davison has 
resigned. 

Obris Hampson, a retired Id 
director, at YORKSHIRE 
ELECTRICITY; David Clark is 
retiring. 

Jack Mawdsley, former chief 
executive of Tarmac's quarry 
products division, at VIBRO- 
PLANT. 


■ Alan Tritton as chairman at 
PLANTATION & GENERAL 
INVESTMENTS. 

■ Michael Haines, retired part- 
ner with KPMG Peat Marwick, 
at ANDREWS SYKES. 

■ Peter Aitchison, chairman 
of Cotesworth Holdings, and 
Lord Selsdon of Croydon, for- 
mer director of Samuel Mont- 
agu, at J J. GUEESON. 

■ Robert Shepherd, c h a i r m an 
of Intercare and retired Pen- 
tiand director, at PENTLAND 
GROUP. 

■ Roy Copus, a director of 
Thompson Investments (Lon- 
don), at USBORNE; Peter Har- 
rison has retired. 

■ Eddie Tie Lim Sung of John 
Holdings Berhad at WILLIAM 
JACKS. 

■ Ernest Fenton, director gen- 
eral of the Association of 
Investment Trust Companies, 
at COTESWORTH & Co. 

■ Anthony Bushell at GER- 
MAN SMALLER COMPANIES 
INVESTMENT TRUST. 

■ Simon May at WHATMAN. 

■ Tony Slipper, former mem- 
ber of the executive comm ittee 
of the UK Food & Drink Feder- 
ation at UNIMERCHANTS. 

■ Paul Byrne has retired from 
LLOYDS CHEMISTS. 

■ Roger Holland, formerly 
with McKinsey & Go, ana 
Brian Watkins, formerly 
finance director at John Mow- 
lem. at JOHNSTON GROUP. 

■ Michael Garner at SOUND- 

TRACS. . 

■ Bob Hnddie has resigned 


Arts 


GlifD 












FINANCIAL TIMES TUESDAY JULY 26 1994 


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'White Nights' in St Petersburg 

The city is witnessing both the death and renaissance of classicism, reports Alastair Macaulay 


S t Petersburg, built as Russia's 
window ced the west, is history 
city. It is not as old as Moscow, 
or as Russian; but its whole 
essence - layout, architecture, 
statuary, ornamentation - is r.wtr*^ 
Every foreign visitor is bound to notice 
this, and every Petersburger is steeped in 
it But what is it like to live a modem life 
ina classical diy? 

The immense irony of living there 
struck me on my first visit, ten years ago, 
for the White Nights festival. Along the 
canals and the embankments of the River 
Neva, in fron t of t he palaces whose col- 
ours become strangely luminous in the 
midnight light of late June, numbers of old 
men stood, for long hours, fiwhtnp to sup- 
plement their limited groceries. 

The contrast of old and new appeared so 
great, in the Leningrad of 1984, that I 
wondered why the Russian communists 
had not adopted a Maoist attitude to his- 
tory and destroyed the TnnnTnwpnfv that so 
reproached their daily lives. And yet the 
government was stQI spendtog fortunes on 
gradually repairing the damage done to 
thB city by the German siege in the second 
world war, and old women queued for 
hours - with none of the quick-admission 
privileges granted to foreign tourists - to 
enter the city's most richly adorned interi- 
ors. 

On revisiting the city for the White 
Nights of 1994, now that it has regained its 
original name of St Petersburg, I found a 
new set of Ironies. Cindy Crawford’s pho- 
tograph hangs large in Nevsky Prospect 
(the city's main street); the city’s trams 
bear Rothman’s adverts (m English); the . 
great Palace Square on one side of the 
Hermitage was occupied, for one long 
weekend, by an Adidas softball promot- 
ional display. Russians no longer have to 
queue for hours, either to enter the Her- 
mitage or to buy groceries. Whether they 
can afford to buy groceries any more is 
ann Hot matter. There are far fewer fisher- 
men, but many more beggars. And the efty 
is dirtier, dustier. 

Everyone today seems happy that the 
city has been re-named St Petersburg. 
Nonetheless, though Lenin's is no 
longer ubiquitous, his statues still stand in 
many plains around the city. He too is 
part of history, and accepted as such. The 
guides refer to the more grim aspects of 
the communist re gime in the same fames 
that they discuss the darker episodes of 
life under the Tsars. 

The truth is that life In so classical a 
city was always ironic as reading Dostoy- 
evsky should remind one. From my hotel 
to the city centre, I would walk each day 
routes that had been taken by the leading 
characters of The Mot during their most 
distraught episodes. 

We tend to think of classicism as some- 
thing measured, formal, Apollonian; and 
this side of Petersburg is obvious enough. 
But classicism, in Petersburg as in 
Ancient Greece, is large enough also to 
co ntain wildness, morbidity, despair. 


I t was a good idea to include snippets 
of Prams' history in the programmes 
for the 100th season this year. With- 
out consulting the "Seasons past" 
page bn Sunday, who would have guessed 
that it took until 1968 for a piece of music 
as central as Bach's St Matthew Passion to 
receive its first performance In the Prome- 
nade Concerts? 

In the early years Henry Wood was a 
keen advocate of Bach’s music, hut that 
only led to excerpts from the score. One of 
the tenor aria was sung in 1907 and the 
celebrated alto aria “Erbarme dich" came 
round mice a decade, but a complete St 
Matthew Passion was evidently out of the 
question. It is a sign of how public appreci- 
ation of music has been raised that the St 
Matthew Passion, sung in German, has 
became commonplace in the Britain of the 
1990s. 

The audience on Sunday may not have 
been as large as the Proms hoped, but a 
two-thirds-full Royal Albert Hall at H a m 
on one of the hottest days of the year is 
not a bad turnout The audience to per 
former ratio was also balanced in the 
accountants’ favour, as this was very far 
from being the grand Victorian choral pag- 



The Kirov (or Maryinsky) Ballet, how- 
ever, is no longer a classical company - if 
we are to use the word "classical" in any 
serious sense. There comes a point, alas, 
when the true claadctom of same ballet 
companies declines faito hollow academi- 
cism. This happened, decades ago, in Paris 
to the Paris Opera Ballet; and it is now 
happening, I believe, in New York to New 
York City Ballet. In terms of academic 
distinction, these three companies are 
probably the foremost in the world; and 
they are fed by first-rate schools (though it 
is possible that Kirov Ballet’s me in 
style has been occurring at school level 
also). Most Kirov dancers have numerous 
stylistic niceties in their dancing that are 
not to be found in, say, the 'Bolshoi of 
Moscow; and possibly the dancers find 
mspiratkai for some of those niceties freon . 
living amid the architecture of St Peters- 
burg. And yet the firm core of Kirov style 


is being gradually drained away (whereas 
the cruder Moscow style still retains a 
certain classically vital simplicity). 

Just take two of the key features of 
classical style in ballet musicahty, and 
stance. In terms of musical timing and 
phrasing, the Kirov has been musically 
decadent fin; decades, especially in dictat- 
ing convenient decelerations of tempo 
then ignoring the beat end phr ase 
they themselves have dictated. The decline 
of stance is more recent When first I saw 
the company in 1982, I would have paid 
Just to see the dancers «fa»nrt , walk, and 
take curtain, calls', they made these simple 
matters radiate with ribwarfcal p u rity. By 
1992, the dancers were standing, film gym- 
nasts,' with' an anfi-dassicai arch of the 
pelvis and. lower spine. As a result, an 
exaggerated dichotomy of upper red lower 
body has developed, and an element of 
strain has distorted all Kirov deportment 


The death of r-imaririgiri - or its Chfihng 
translation into the mere of aca- 

demicism - is a depressing spectacle. It 
has happened in other arts and other 
cities, but to see it happen to St Peters- 
burg’s great ballet company is one irony I 
could do without when visiting that city 
today. Same observers attribute the Kirov 
Ballet’s tx> ftnanrial and political 

causes, and no doubt the company’s eco- 
nomic situation is serious. It is obliged to 
tour extensively to support itself. But the 
same is true for St Petersburg's Maly 
Drama Theatre, which has also been tour 
mg extensively for years now, and which, 
on its seven-week tour of Bri tain this year 
showed theatrical standards of the highest 
calibre. ' 

And during the very period that the 
ballet of the Kirov/Maiyinsky Opera 
House has declined, the same theatre's 
opera has been enjoying an e xtra o rdi nary 


Promenade concert/Bichard Fairman 

Bach's St Matthew 
Passion 


F ar its last concert on Sunday, the 
Almeida Festival chose to give us 
something quite open-ended, not 
conclusive at all: a sampling of the 
music of Thomas Adds, with himself as 
pianist, four other performers and other 
music of his own choice. 

Young Adds is a recent Cambridge prod- 
uct - a double-starred First in muse, in 
feet (we shall not mention fiat again); 
much feted in Cambridge, and therefore 
more widely. A general conviction that 
there is a rare talent here, though still 
finding its feet, is supported by his 
extreme finesse at the keyboard. 

Like several other critics I was greatly 
taken by his Park Lane Group recital last 
year, which included his Stitt Sorrowing: a 
most delicately calculated and imaginative 
piece for “prepared” piano, with ambitions 
well beyond a clever exercise. Sunday's 
Almeida concert, however, left us tantal- 
ised. 

Of the ncm-Adte music, John Wodrich’s 
light and S ock songs cm Yugoslav folk 
poems were astringent and effective, with 
roots alike in Britten and in Berio's Folk 
Songs. Two Coni on Nancarrow canons, 
delivered by Ades with uncanny precision, 


eant that would automatically have been 
offered ZOO years ago. 

The American conductor Joshua Rifkin 
was the first to argue that Bach’s choral 
music was originally intended to have one 
solo singer to a part, not a full chair. 
Although the subject is still even to dis- 
pute, we have had enough experience of 
small-scale Bach performances over the 
last decade to come to a conclusion on the 
essential difference: the great choral 
works become less public celebrations, 
more a private avowal of faith. 

Having a minimal St Matthew Passion 
in a venue as vast as tie Royal Albert Hall 
might seem a bizarre experiment, but it 
seemed to work well enough on Sunday. 
One of the pleasures of hearing eight solo 
ringers in the choral movements is the 


marvellous clarity and bland that experi- 
enced early music singers can attain. 

Rifkin led a flexible and nnexaggerated 
performance, less fhssy with rhythm than 
Leonhardt, less concentrated than Gar- 
diner. The balance was also wefi-judged, 
despite the ringers being outnumbered by 
the combined forces of The Bach Ensem- 
ble (from the US) and St James's Baroque 
Players. John Elwes showed sterling sta- 
mina in tankiiTig 1 both the Evangelist's 
m nric and some of the solo tenor arias, 
though be was strained at the top; Stephen 
Varcoe was a light, eloquent Christos. 
Among the other soloists, I enjoyed Nancy 
Argenta’s soprano and Mark Padmore’s 
assertive tenor. Steven Rickards’s pure 
counter-tenor projected well, but he 
pecked at Bach's long, flowing phrases. 


Almeida Festival 

Thomas 
Ades: a 
special 
talent 


were as deeply unsettling as Nancarrow’s 
studies always are. (Until you’ve beard 
some Nancarrow, you don’t know how rad- 
ically your ears can be twisted.) The 
reduced suite from Stravinsky's Soldier’s 
Tale, with a terrific violinist in Anthony 
Marwood, fairly crackled. Only Per Nor- 
gaard's ten stood somewhat apart in thus 
programme of lean music; its sober, neo- 
romantic expansiveness needed different 
ears from the rest 

But Adds himself? Well: be exhibited 
three quite disparate works. Ftps Eliot 


not at the Kirov at all. but at the city’s 
second opera house, the Maly. New, how- 
ever, the festival is, musically, world class. 
I never ban the time this year to go to the 
Maly, because Gergiev & Co. were produc- 
ing so rich a supply of great performances 
at the Maryinsky (or at the Philharmonic 
Halls). 

St Petersburg was conceived not just as 
a classical city but also as Russia's win- 
dow on the west Ever since Pete- the 
Great, the city’s founder, the debate 
between Europhiles and Europhobes has 
been a central issue in Russian culture. 
Before Diaghilev brought Russian ballet 
and opera to the west, he had spent years 
audaciously bringing western art to Rus- 
sia; he also worked hard to re-introduce 
Russia to overlooked aspects of Russian 
art The centre of his activities In those 
days was St Petersburg, which was then 
the country’s capital. When Moscow 
became the capital city again under the 
communist regime, the xenophobe strain 
of Russian culture became uppermost 
again. 


T oday, however, the beauty of 
Gergiev's work at the Maryin- 
sky is that he is working along 
Diaghilev lines. As the White 
Nights festival showed, the 
Maryinsky today honours Russian music - 
not just Glinka, Rlmsky-Korsakov, and 
Tchaikovsky, but also Prokofiev (who 
returned from the west to communist Rus- 
sia), Shostakovich (who suffered under the 
communist regime), and Stravinsky (who 
chose to remain In western exile from his 
native land). It also gave performances of 
western repertory, from Haydn. And the 
performances I heard Gergiev give of Ber- 
lioz’s Damnation of Faust and Verdi’s 
Faroe of Destiny were simply the best I 
have ever heard. Suddenly the window on 
the west is again open wide. 

The history of Russian culture in this 
century is extremely curious. Russian art 
was a galvanising force upon artistic mod- 
ernism throughout the world; and the Rus- 
sian revolution was as key an event for 
the culture of the observing world as the 
French Revolution has been for the 
Romantic movement Yet when the doc- 
trine of Leninism-Marxism descended 
upon Russia, its effects upon artistic fife 
was stultifying; even crucifying. 

Today the doctrines have lifted with 
remarkable speed; but it will take for lon- 
ger for their effects to disappear. St Peters- 
burg is the moat city in the 

world, but classicism is a virtually extinct 
strain in world culture. Is it to become a 
museum dtp? or something more? One 
watches the fell of the Kirov Ballet with 
dismay, the rise of the Maly Drama Thea- 
tre and the Kirov Opera with exhilaration. 
For a westerner, the most exciting fact is 
simply that one can watch. Russia, which 
did so much to shape our century, is grad- 
ually reentering it; and St Petersburg - 
History City - is open again to the west 


Canal in St Petersburg: the Kirov ballet may be in decline but opera and drama are flourishing in Russia's ‘window on the west* i^bmurMw 


renaissance. Truly ex traord ina ry: for the 
city has not really been a serious home for 
opera since the time of the Tsars. In 1984, 
the Kirov Opera was not merely back- 
wards in terms of stage production. It was 
also a mess in musical terms, with only 
Sergei Ldferkus an exception, casting his 
bartttmal pearls among the surrounding 
swine. 

Today, the company is a nonpareil 
model of ensemble, and it possesses solo 
voices and instrumentalists of world class. 
Several of these ringers - Galina Gorchak- 
ova, Olga Borodina, Gegam Grigorian, Lei- 
ferkus, V l adim ir Chernov, and others — 
are already internationally acclaimed. Yet 
they keep returning to St Petersburg, and 
principally because of one man - the artis- 
tic director of the Kirov Opera, Valery 
Gergiev. Ten years ago, the White Nights 
festival was mainly of interest to balleto- 
manes; the best musical evenings occurred 


Landscapes was one, for very high soprano 
- soprano in altisstino: the Canadian Val- 
dine Anderson floated and sculpted her 
Straussian lines exquisitely, over intricate, 
multi-fingered whispers from the Ades 
piano. She reappeared to ring “Love Me", 
a delectable 1930s pastiche which will 
wind through an Ad&s opera due next year 
at the Almeida. Finally we had Catch, a 
one-off tour de force in which the official 
scenario - a clarinet teased, rejected, and 
then welcomed and absorbed by the other 
instruments - was realised in musical 
terms that went well beyond the simple 
joke. 

AH these pieces were musical mouse- 
traps: intricate mechanisms, eccentric but 
very carefully determined, which in due 
course sprang the traps that were their 
paint Very clever exercises, and original; 
the finespun detail answers perfectly to 
bis guiding intentions. We shall have to 
wait for more and larger Adds music, 
nonetheless, to discover how much more 
he has to say. So far, his is evidently a 
special talent 




■ AMSTERDAM 

Concartgebouw Tonight piano 
recital by Lori Kaufman, Mark Finlay 
and Jung Hwa Lee. Tomorrow; Josef 
Suk directs Suk Chamber Orchestra 
in a Czech programme. Thure: Yuri 
Bashmet viola redt&L Fri: Lfoby Yu. 
piano recital Sat Alexander 
Vakoulsky conducts Netherlands 
Youth Orchestra In works by Dvorak. 
Rakhmaninov and Tchaikovsky, with 

piano soloist Wibi Soerjacfi. Sure 
Georgian Chamber Orchestra plays 
Mozart, Shostakovich and 
Mendelssohn (24-hour information 
service Q20-675 4411, ticket . 
reservations 020-671 8346) 


■ ATHENS 
ATHENS FESTIVAL 
Greek National Opera Ballet 
presents Rudi van Dantzlg’s 
production of Prokofiev’s Romeo 
and Juliet tomorrow and Thura at 
the Odeon of Herodes Atticus. 
HBdogard Behrens, Dmitri Sgouros 

and Mstislav Rostropovich are 
aoloteta in a Sakharov memorial 
concert on Sat The Noh-Kyogen 


Theatre of Japan Is guest ensemble 
next Mon and Tues, followed by the 
Peter Hall Company’s production of 
Hamlet on Aug 5 and B. Visitors later 
in the festival include Yevgeny 
Ktesin, the Vienna Philharmonic aid 
Sarto Kin an Orchestras, and the 
Lyon and Kirov Ballets (01-322 
1450/01-322 3111) 

EPIDAURUS FESTIVAL 
The annual festival of andent drama 
in the 1,400-seat amphitheatre at 
Epidauru® hosts performances of 
Greek classical drama on most 
weekends throughout the summer. 
Peter Stein presents his marathon 
Moscow version erf Aeschylus’ The 
Orest eia on Sat and Sun. Tickets are 
avafable daily at the Athens Festival 
box office or the theatre of 
Epidaurus on Fri, Sat and Sun 
(0753-22006) 

■ CHICAGO 

RAV1N1A FESTIVAL 
Tonight Tony Bennett Tomorrow: 
Peter Paul and Mary. Thus Ralf 
Gothoni piano recital. Fit Hugh 
Wolff conducts Chicago Symphony 
Orchestra in works by Falla, Berlioz, 

Gounod and others, with soprano 
Kathleen Battle. Sat Itzhak Perlman 
plays Khatehaturian’s Violin 
Concerto. Sun: John Williams 
conducts Chicago Symphony 

Orchestra In film scores. Next Mon: 
David Owen Norris piano re dtaL A ug 
4: Marilyn Home- Aug 8: Hermann 
Prey. Aug 11: Midori. The festival 
runs tiB Aug 28. Ravbiia is situated 
In Highland Park, within easy reach 
of downtown Chicago by train, bus 
or car. To order tickets by phone, 
can 312-ravfnia. Outside the 
metropolitan Chicago area, call 


1-800-433-8819. Tickets can be 
ordered by fox 24 hours a day: ' 
708-433 4582. 

THEATRE 

• A Little Night Music: Michael 
Maggie directs this Sondheim 
classic, hailed as the perfect 
romantic musical comedy. T3I Aug 7 
(Goodman 312-443 3800) 

• Jeffrey: as- part of their Pride 
Performance series of gay and 
lesbian theatre. Bailiwick Repertory 
presents foe Chicago premiere of 
Paul Rudnlck’s hit comedy about 
love and dating in the age of Aids 
(Bailiwick 312-327 5252) 

• Talking Heads: Stappenwotf 
ahmnus and famed character actor ■ 
John Mahoney directs foe American 
premiere of Alan Bennett’s 
tragicomic series of monologues 
(Steppenwoff 312-335 1650) 

■ COPENHAGEN 

TIvdH Tonight: Akio Ceccato 
conducts Trvofi Symphony Orchestra 
in works tiff Tchaikovsky and 

Muaorgsky/Ravet, with piano soloist 
CXeg Malsenberg. Tomorrow: Noel 
Lee plays piano music by Faur6, 
DutiOeux and Debussy. Thurs: Papa 
Bues Viking Jazz Band. Frn French 
song racitaL Sab Tuomas OUBa 
conducts TTvofi Symphony Orchestra 
In works by Lindbergh, Paganini and 
Shostakovich, with violin soloist 
Sergey Azizjan. The summer concert 
season runs til Sep 18 (3315 1012) 

■ LONDON 

THEATRE 

• The Seagull- Judi Dench heads 
a splendid cast in Pam Gems’s new 
version of Chekhov's play (National 
071-928 2252) 


• King Lear Robert Stephens 
gives a towering performance in the 
title role of Adrian Noble's RSC 
production, successfully transferred 
from Stratford. In repertory with The 
Merchant of Venice with David 
Colder as Shyiock, and The Tempest 
with Alec McCowen as Prospers 
(Barbican 071-8368891) 

• The Miracle Worker: Jenny 
Saagrove Is foe beautiful heroine in 
Wffliam Gibson's weiMatfored 
tear-jerker about a teacher’s 
relationship with a deaf, dumb and 
blind girl (Comedy 071-369 1731) 

• Lady Windermere’s Fan: PhiUp 
Prowse directs and designs Oscar 
Wilde’s 1892 comedy. Just opened 
(Afbery 071 -369 1730) 

• Lb Cid: Jonathan K8nt tfirects a 
new production of Corneille's 
masterpiece, a story of romantic 
love In a world where duty is held 
above passion. Now previewing, 
opens on Thurs In the Cottesioe 
(National 071-928 2252) 

• The Country Wtfec Max 
Stafford-Clark cflrects this RSC 
production of Wilfiam Wycherley’s 
Restoration comedy. In repertory 
with T.S. Eliot's Mutter in tile. 
Cathedral and Ibsen’s Ghosts (The 

Pit 071 -836 8891) 

• She Loves Me: a delightful West 
End transfer of Scott Bits’ Broadway 
revival of the charming 1963 
MasterofF, Bock and Hamick musical 
{Savoy 071-836 8888) 

DANCE 

Covent Garden The Royal Baflet 
returns tomorrow for two weeks of 
performances, following Ks recent 
North American tour. Thfe week is 
devoted to Anthony Dowell's staging 
of Don Quixote (071 -240 1066) 
Cofiseum English National Ballet 
presents a mixed bffl tonight and 


Ronald HyncTs new production of 
Sleeping Beauty from tomorrow till 
Sat (071-836 3161) 

MUSIC 

Royal Albert HaS This week's 
Proms feature the BBC Scottish 
Symphony Orchestra under Jerzy 
Maksymiuk tonight and Martyn 
Brabbins tomorrow, foe CBSO under 
Sbnon Rattle on Thurs, the BBCSO 
under Arturo Tamayo on Fri, the 
Bournemouth SO under Andrew 
Litton on Sat, a concert performance 
of Ethel Smyth's opera The 
Wreckers on Sun, and the RLPO 
and Chorus under Lfoor Pesek next 
Mon (071-589 8212) 

Royal Festival HaB Ralph Stanley 
and the Cliff Mountain Boys present 
tonight’s programme of American 
song and dance. Brazilian 
ringer-songwriter MUton Nasdmento 
and band appear in concert 
tomorrow (071-928 8800} 

Barbican Ann Mackay is soprano 
soloist in a Johann Strauss evening 
on Fri (071-638 8891) 


■ STOCKHOLM 
Drottidngfiolm Tomorrow: Reinhard 
Goebel conducts Benny 
Frederikeson's production of 
Heavenly Handel, a fan tasia on 
Handel's opera world, starring Anne 
Sofie von Otter and Barbara Bomey 
(repealed Aug 5, 7). Fri: Nicholas 
McGagan conducts orchestral 
concert (08-660 8225) 


■ STRATFORD 

The Royal Shakespeare Company 
unveils three new productions over 
tiie coming fortnight Adrian Noble 
directs A Midsummer Nights Dream 
In the Royal Shakespeare Theatre 


(previews from Thurs, Press night 
next Wed). This wffl run In repertory 
with Twelfth Night and Henry V until 
early October. In the Swan Theatre, 
Max Stafford-CIarfc directs The 
Wives' Excuse, a comedy of 
manners by 17th century dramatist 
Thomas Southerns (previews from 
tomorrow, Press night next Tues, . 
continuing in repertory with Peer 
Gynt and Corioianus). In The Other 
Place, Katie Mitchell directs Henry 
VI, with Jonathan Firth in the title 
role. Previews stwt tonight opens 
Aug 10 (tel 0789-295823 fox 
0789-261974) 


■ WASHINGTON 

• John Denver can be heard in 
concert tonight and tomorrow at 
Wolf Trap. The National Symphony 
Orchestra gives popular concerts on 
Thurs; Fri and Sat with soloists 
Including foe. Karamazov Brothers 
and violinist GP Shaham. Sun and 
Mon: Bonnie RaitL Next Tues and 
Wed: Crosby, Stills and Nash 
(703-255 I860) 

• David ZJnrnan conducts the 
Baltimore Symphony Orchestra in 
all-Mozart programmes at Oregon 
Ridge on Thurs and Sat with 
soloists Christian Zacharias and 
Joshua BdL David LocJdngton 
conducts a Gershwin programme on 
Sun (410-783 8000) 

• A Small Family Business, a 
farce by Alan Ayckbourn, runs till 
Aug 7 at Okwy Theater (301-924 
3400) 

• The main summer show at the 
Kennedy Center is Miss Saigon, the 
musical love story set during the 
Vietnam war. Dally except Mon 
(202-467 4600) 


ARTS GUIDE 

Monday: Performing arts 

guide city by city. 

Tuesday: Performing arts 
gride city by dty. 
Wednesday: Festivals guide. 
Thursday: Festivals guide. 
Friday: Exhibitions Gride. 

European Cable and 
Satellite Business TV 
(Centra! European Tima) 
MONDAY TO FRIDAY 
NBG/Super Chanmfc FT Busi- 
ness Today 1330; FT Business 
Tonight 1730. 2230 

MONDAY 

NBC/Supar Channel: FT 
Reports 1230. 

TUESDAY 

Euronews: FT Reports 0745. 
1315, 1545, 1815. 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 

Reports 1230 -> 

Sky News; FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 





14 


FINANCIAL TIMES TUESDAY JU LY 26 1994 


I s something wrong with 
the City of London? After 
successful modernisation 
at the end of the 1980s. 
which put it firmly among the 
world's three leading financial 
centres, along with New York 
and Tokyo, London has faced 
several serious problems in the 
past few years. Thanks to its 
strengths, the City does not 
seem to have been undermined 
by these difficulties. But vari- 
ous dangers, mostly linked to 
the role of the UK in Europe, 
lie ahead. 

For a French financial jour- 
nalist being assigned to Lon- 
don in 1990. there was no doubt 
that here was a remarkable 
success story: a truly interna- 
tional financial centre with a 
significant share of the market 
in cross-border dealings and a 
record number of foreign 
banks. London was the obvious 
model for continental centres 
such as Paris, wishing to mod- 
ernise themselves. Technical 
difficulties, lack of profession- 
alism or even dishonest prac- 
tices were not thought to be a 
problem in the financial capital 
of Europe. 

And yet, in the past four 
years, important City institu- 
tions have been hit by set- 
backs. Lloyd's, the insurance 
market, has seen huge losses; 
the Stock Exchange's Taurus 
settlement project collapsed; 
the pound was forced out of 
Europe's exchange rate mecha- 
nism; the Bank of England was 
slow to close down BCCI. 
Financial scandals involving 
Robert Maxwell or Polly Peck 
tarnished some banks, auditors 
and regulators. In addition, the 
City had to contend with an 
IRA security problem. 

After such blows, its reputa- 
tion is no longer at its highest. 
London has shown it is as acci- 
dent prone as everybody else 
and has suffered to some 
extent from its own success. 
Financial scandals happen 
everywhere but are all the 
more shocking in a market 
supposed to be an example for 
the rest of the world. At its 
darkest hour, in 1992, it looked 
as if the future was bleak 
indeed But two years later, the 
role of London as a leading 
financial centre has not been 
substantially weakened. 

A striking factor for the for- 
eign observer is the way the 
City reacted. Lloyd’s is under- 
going radical reform, as in a 
less conspicuous mann er is the 
Bank of England The Maxwell 
scandal led to an overhaul of 
the pensions system and the 
Square Mile is now ring-fenced 
against terrorism. According to 
Robert Amzallag, managing 
director of Banque Nationale 
de Paris in London and chair- 


Bulls, 

bombs, 

Brussels 


Patrick de 
Jacquelot gives 
an outsider’s 
view on the 
City of London 


man of the Foreign Bank Asso- 
ciation in Britain, those who 
lead the City “are watching 
very closely for any emerging 
problem. They have no 
long-term plan, but they react 
quickly when necessary". 

How does the City view 
itself? Its assets, of course, are 
still here. The English lan- 
guage makes London the natu- 
ral home in Europe for Ameri- 
can and Japanese institutions. 
“London has the labour sup- 
ply. markets already estab- 
lished with excellent liquidity, 
and supporting services like 
law and accounting,” says Pro- 
fessor Richard Brealey, who is 


The City might 
still see its role 
endangered by a 
mar ginalis ation of 
the UK in the EU 


leading the City Research Proj- 
ect, a study of London as a 
financial centre by the London 
Business School for the Corpo- 
ration of London. Foreign 
banks share this view. Accord- 
ing to Peter Letley, deputy 
chairman of HSBC Investment 
Banking Group which recently 
moved to London, “the level of 
expertise available here is 
wider and greater than in any 
other European market”. 

At the end of the day, says 
Rupert Pennant-Rea. deputy- 
governor of the Bank of 
England, it is the capacity of 
London to “accommodate inno- 
vation" that was and will be 
the main factor in its success. 

While the City is convinced 
it has overcome the hurdles of 
the early 1990s, some concerns 
are acknowledged. "London 
only needs a major regulatory 
mistake for business to move 
elsewhere,” warns Sir Peter 
Middleton, chairman of BZW, 
the investment banking arms 
of Barclays bank. 


Many in the City feel that 
the biggest danger comes from 
Brussels. “The drive of the 
European Commission to har- 
monise is a danger to us 
because our dealings are much 
more complex than on the con- 
tinent,” says Stanislas Yassuk- 
ovich, chairman of the invest- 
ment firm Cragnotti and 
Partners, who chairs the City 
research project 

A European problem the City 
does not take seriously is the 
threat to its eminence from 
Frankfurt or Paris. Michael 
Lawrence, chief executive of 
the Stock Exchange, is clear 
that these two markets have 
an important role to play at 
the “regional” level, but Lon- 
don will remain the only inter- 
national centre. 

With such self-confidence in 
the City, the foreign observer 
is occasionally irritated by a 
whiff of complacency. The 
Lord Mayor of London, Sir 
Paul Newall, recently spoke 
disdainfull y of “the political 
decision to locate 300 bureau- 
crats and regulators" in Frank- 
furt, referring to the creation 
of the European Monetary 
Institute, the precursor of a 
European central bank. His 
stance sits uneasily with the 
efforts deployed by the corpo- 
ration and the UK. government 
to bring the EMI to London. 

The main development 
which could jeopardise the I 
City would be the creation of a 
single European currency with- 
out the UE. The choice of 
Frankfurt for the EMI “is a 
threat. There are foreign banks 
here because we are part of 
Europe,” says Sir Brian Pearse, 
former chief executive of Mid- 
land Bank. “If Britain is mar- 
ginalised in Europe, things can 
change. The American and 
Japanese h anks could not 
afford not to be in Frankfurt" 

Were a single European cur- 
rency to exclude the UK. there 
would not be an instant exodus 
from the City, but the main 
firms would have to reconsider 
their position. 

Whatever efforts were 
deployed to address the prob- 
lems the City might still see its 
role as Europe's financial capi- 
tal endangered by a marginal- 
isation of the UK in the Euro- 
pean Union. Sooner or later, 
Britain will have to decide 
whether it goes along with the 
building of an “ever closer 
union”. Unless it can. the 
unique achievement of the City 
in becoming a truly interna- 
tional financial centre could 
stm be the victim of politics. 


L ater this year, Hong 
Kong’s Peninsula Hotel 
mil open its extension, 
a 30-fioor tower with 
two helicopter pads for guests 
to make flying visits to facto- 
ries in southern China. 

Rooms In the Peninsula's 
HKS1.6bn tower will have bed- 
side reading lamps designed by 
Boeing, which focus light so 
precisely that insomniac 
guests can read without dis- 
turbing their bed mates. 
Sanyo, the Japanese electronic 
company, has designed facsim- 
ile machines for the bedrooms 
which are completely silent A 
small bedside light indicates 
that a fax has arrived. 

Rival Hong Kong hoteliers 
are amused by the grandiosity 
of some of the Peninsula’s new 
features. Like the Peninsula, 
-however, they believe they 
stand to benefit from the 
growth in visitors to Hong 
Kong - both leisure tourists 
and business travellers using 
the territory as a base to do 
business in China’s booming 
markets. 

Tourism has overtaken elec- 
tronics to become Hong Kong’s 
second biggest export earner 
after textiles. Last year, &9m 
people visited the territory, 
spending HK$60m (£5bn). 

Mr Stephen Wong, a spokes- 
man far the Hong Kang Tour- 
ist Association, predicts that 
tourism will eventually be the 
territory’s biggest foreign 
exchange earner, as textile 
manufacturers move their fac- 
tories to China. 

Some in the hotel and tourist 
industry admit that they do 
not know what will happen 
after 1997, when Hong Kong 
reverts to Chinese controL 
Most, however, say they are 
confident the territory’s tourist 
boom will continue The tour- 
ist association expects 15m 
people to visit Hong Kong 
annually by the turn of the 
century. 

While the territory has been, 
and will continue to be, a base 
for business travellers visiting 
C hina there has also been a 
large increase in Chinese tour- 
ists to Hong Kong. Until 1992, 
the tourist association did not 
include Chinese visitors in its 
statistics; most Chinese visi- 
tors had their trips paid for by 
Hang Kong relatives and were 
not seen as contributing to the 
local economy. 

Now. however, Chinese visi- 
tors are increasingly funding 
their own trips. Last year 1.7m 
Chinese residents visited the 
territory, an increase of 51 per 
cent on 1992. China now pro- 
vides Hong Kong with more 
tourists than any country 
apart from Taiwan. 

The health of the tourist 


The author, UK correspondent 
of the French financial newspa- 
per Les Echos since 1990. is 
returning to Paris this summer 


Open Punned Offices 









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It's not just input vs output anymore. It's quality 
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That’s why they swept out all the pcs. 

They already knew what Sun technology could do. 
They were using Sun workstations and our own 
Snapshot ' software to create all their manuals. 

Then they heard about Applixware . They realised 
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of the business. And asked us to get on the case. 

Good move. Now they’ve got integrated word 
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and accounts, and they've even linked in the fax system. 

We've helped them use Sun servers and Applixware"' 
to run the whole business." 



When you're wotting 
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software will integrate 
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eavitonnven l . 


Happy hoteliers - 
do not disturb 


Visitors to Hong Kong are filling more rooms, but 
can the good times last, asks Michael Skapinker 




if you're looking 
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future, coll Sun on 
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Sun Authorised Reseller 


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THENFITORKBTHECUHPmER ^ 





industry resulted in hotel occu- 
pancy in Hong Kong last year 
averaging 87 per cent, com- 
pared with 74 per cent in Lon* 
don. the most buoyant Euro- 
pean tourist city. 

Business has not always 
been as easy for Hong Kong's 
hoteliers. In the late 1980s and 
early 1990s, the territory wit- 
nessed a hotel building boom. 
In 1988. the tourist association 
had €5 member hotels. By 1992, 
there were 86. 

The building boom coin- 
cided, however, with a sharp 
slowdown in the growth of 
Hong Kong tourism. Like 
hotels elsewhere in the world. 
Hong Kong establishments 
were hit by the Gulf war and 
the onset of recession in the 
US and western Europe. 

But unlike their competitors 
in other regions, Hong Kong's 
hoteliers had to contend with 
another setback: the Tianan- 
men Square massacre of 1989, 
which severely shook confi- 
dence in the territory. 

Since 1989, however, visitor 
numbers have risen by 67 per 
cent Last year, tourist arrivals 
increased by 11.6 per cent In 
the first three months of this 
year, they were up 8.2 per cent 
over the same period in 1993. 

This poses a problem for the 
territory's tourist officials: 
where to accommodate them 
aQ. Mr Wong believes tourism 
is set to grow more quickly 
than the supply of hotel rooms. 
By 1997, the tourist association 
expects Hong Kong to have 
35,000 hotel rooms, only 1.500 
more than it has today. 

While hotels such as the Pen- 
insula are adding new rooms, 
other hotels have been pulled 
down to make way for office 
blocks. In a territory where 
land is in such short supply, 
offices provide an even better 
rate of return than hotels. 

In January, Ladbroke, the 
UK leisure group which owns 
the Hilton International chain, 
agreed to give up the manage- 
ment of its hotel in the terri- 
tory in return for a payment of 
5125m from Hutchison Wham - 
poa, the Hong Kong conglomer- 
ate which owns the building. 
Hoteliers expect the Hilton to 
be pulled down to make way 


Hong Kong: high-time for hotels 




Visitors to Hong Kong (m) 
9.0 


manager of the Mandarin Ori- 
ental, says there is stiff compe- 
tition for staff from other ser- 
vice industries, such as 
retailing and banking. Hotel 
employees frequently leave to 
set up their own service busi- 
nesses - driving taxis or 
cleaning carpets. 

Mr Jttrgen Woiter. manager 
of the Hyatt Regency, who has 
worked in Hong Kong for 25 
years, says: "In 1969, if a posi- 
tion as a waiter or a cook 
became vacant, you would 
have 20 people waiting outside. 
Today, if you have a) positions 
vacant you would be lucky to 
have one person applying." 

One answer would be to 
employ staff from elsewhere, 
but restrictions on immigrants 
from China and elsewhere in 
Asia are tight and are expected 
to remain SO after 1997. 


(I'll 

il^' 



H igh staff turnover 
means hotels have 
to spend more time 
training new 
employees than they do in 
other countries. Mr McManus 
says the Mandarin Oriental 
employs seven full-time train- 
ers. In other parts of the 
world, he says, hotels might 
employ one or two, or pay 
an outside company to tritin 
staff. 

Another problem confronting 
hoteliers is what they see as 
the declining standard of 
English in the territory. As 
1997 approaches, Hong Kong 
school pupils are spending 
more time on Mandarin and 
less on English. While this 
might be understandable from 
a political point cl view, Hoag 
Kong's hoteliers say it makes it 
much more difficult for them 
to serve their guests. Even 
after Hong Kong reverts to 
Chinese control, they say, the 
language of international busi- 
ness will continue to be 
En glish 

Mr Wong, whose wife 
teaches English at a Hong 
Kong secondary school, says 
that, while he agrees there has 
been a decline in standards of 
English, the deterioration is 
small. 

Mr McManus says, however, 
that the situation is so serious 
that hotels might have to thmk 
about installing staff language 
laboratories to improve 
employees* English. 

Deteriorating language 
skills, however, are unlikely to 
deter visitors, particularly 
when general service stan- 
dards are so high. Continued 
political stability in the terri- 
tory will be of far greater 
importance to the continued 
growth of Hong Kang’s tourist 
Industry. Local hoteliers are 
praying it will continue. 


1963 84 as H 87 88 


90 81 02 1993 


Increase of visits over the past 12, months 

50% ; 




2096 




- Japan UK 

Nunbtn 1-28H1 034m 

Soucc (tong KonqTout* MionMIn 


Taiwan US ' China 

1.78m 0.75m 1.73m 


for an office complex, although 
this could include a new hotel 
as well 

The slow growth in room 
numbers is good news for 
existing hotels, which should 
be able to raise rates as visitor 
numbers grow. It is a less wel- 
come development for Hong 
Kong, which needs accommo- 
dation for its tourists. 

The construction of a new 
airport, currently the subject 
of negotiations between the UK 
and China, could provide a 
solution. Tourist officials see 
the airport as the centre of 
new hotel developments, simi- 
lar to those that surround Lon- 
don's Heathrow and Gatwick 
airports. 

Despite their high occupancy 
levels, hotels in central Hong 
Kong do have problems, partic- 
ularly with staffing. The diffi- 


culty is not the quality of staff: 
hoteliers with experience 
around the world say Hong 
Kong staff are more committed 
and harder-working than 
employees they have managed 
anywhere else. 

The difficulty is recruiting 
them and persuading them to 
stay. Until a decade ago, Hong 
Kong employees stayed with 
the same hotel for years. Mr 
Michael Hoffmann, the Penin- 
sula’s ' manager, says the 
hotel's oldest employee started 
at the hotel as a 13-year-old 
page boy when it opened in 
1928. He now works in the ban- 
queting department. 

Today, however, young peo- 
ple in Hong Kong are increas- 
ingly mobile. Hong Kong 
hotels report annual staff turn- 
over of 30 or 40 per cent Mr 
Seamus McManus, general 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be clearly typed and not hand written. Please set lax for finest resolution 


Foreign investment in UK not all positive text s 


From Dr Jim HanrUL 

Sir, Andrew Baxter presents 
an accurate account of the 
recent annual report of the 
Invest in Britain Bureau (“For- 
eign groups create record total 
of jobs", July 22). Unfortu- 
nately, the IBB report itself 
presents a totally misleading 
picture of the employment 
effects of inward direct invest- 
ment in the UK. The employ- 
ment data quoted to the report 
cover jobs promised by inward 
investors rather than jobs actu- 
ally created and take no 
account of the jobs lost as a 
consequence of foreign invest- 
ments from the UK. 

Furthermore, to argue that 


30,000 jobs were saved as a con- 
sequence of BMW’s acquisition 
of Rover is surely difficult to 
substantiate as it assumes that 
all of these jobs would, have 
been lost if the acquisition had 
not taken place and that there 
win be no job losses post-acqui- 
sition. 

I would agree with industry 
secretary, Michael Heseltine, 
that 'thousands of people are 
at work today because of our 
success at attracting Inward 
investment". However, I would 
also point out that t h ous a n d s 
of people are out of work today 
because of foreign divestments 
from the UK, and numerous 
examples could be quoted. I 


would also point out that the 
job security of thousands of 
people is being threatened as a 
consequence of the recent 
wave of foreign acquisitions in 
the UK. 

Since 1985, there has been a 
total of 1,278 foreign acquisi- 
tions in the UK, valued at 
£31bn. Many of the UK's larg- 
est industrial and commercial 
enterprises have passed into 
foreign ownership as a conse- 
quence of being externally 
acquired - Rover, Midland , 
Bank. Beecham, Rowntree, 
Jaguar, Pearl Group, Yorkshire 
Bank etc. Preliminary results | 
of research being conducted by I 
SIBU suggest that the employ- i 


□rent effects of inward invest 
ment in the form of acquisi- 
tions may be negative. 

The British government is 
unique in viewing such foreign 
takeovers as a sign of confi- 
dence in British competitive- 
ness and, given the scale of 
acquisition activity, there is an 
urgent need for detailed study 
of the lon g-term effects on the 
British economy of external 
takeovers. 

Jim Ham ill. 


Strathclyde International 
Business Unit, 
Department of Marketing, 
University of Strathclyde, 
Glasgow G4 ORQ 


Potential of I Voting against the means, not the end 


hydro-power 


I From Dr TL Shaw. 

Sir. Roland Adburgham's 
review (“MPs back wind farms 
for Wales”, July 21) of the 
Welsh affairs committee's 
report on wind farms to Wales 
picks up issues which prompt 
me to point out that local inter- 
est in hydro-power schemes 
differs sharply from that in 
wind. For example, modem 
hydro schemes are essentially 
below ground and so do not 
visually intrude on the land- 
scape; their economics are 
Improving to the point where 
state subsidies are not needed; 
and investment is becoming 
increasingly indigenous. 

Furthermore, there is poten- 
tial for many schemes of a size 
sufficient to meet nearby 
demands. Renewable energy 
sources are as variable in their 
implications as those regarded 
as conventional 
T L Shaw, 

Shawater. 

The Old Vicarage, 

Ston Easton. Bath BA34DN 


From Tom Spencer MEP. 

Sir, The European Parlia- 
ment's rejection of the draft 
legislation to liberalise voice 
I telephony was no “Euro folly" 
(Editorial, July 22) at alL My 
colleagues and 1 were not vot- 
ing against the opening up of 
this market, but against the 
way the Council had sent us a 
text which left subsequent 
amending legislation in the 
bands of technical committees 
meeting in secret. The Com- 
mission can now bring forward 
a virtually identical proposal 
which will meet this point of 
principle, and can be dealt 
with at speed without compro- 
mising the liberalisation time- 
table. Governments cannot run 
away from the logic of the 
Maastricht treaty. This, as the 
FT has explained on a number 
of occasions, changed the bal- 
ance of power between the 
Council and parliament 
Tom Spencer, 

chairman. Conservatives in the 
European parliament, 
Strasbourg 


From Mr Mel Read MEP. 

Sir, Your leader “Euro Follies” 
gives a less than adequate 
analysis of the complex issues 
surrounding the European par- 
liament's rejection of the Coun- 
cil's position on voice tele- 
phony liberalisation. 

The Parliament has made it 
absolutely clear that on the 
substance of voice telephony 
liberalisation there is broad 
agreement between Council, 
Commission and Parliament 
On points of disagreement, 
considerable progress was 
made towards acceptable com- 
promises during the concilia- 
tion. procedure. 

On the dreaded question of 
comitology (the process by 
which European legislation is 
Implemented and reviewed - 
the rough equivalent of statu- 
tory instruments In the UK), 
there was no compromise. Par- 
liament is demanding equiva- 
lence of treatment: where 
Council has a second bite at 
legislation, so should the Euro- 
pean Parliament. What the 


Co uncil wants is exclusive con- 
trol over implementing mea- 
sures stemming from the direc- 
tive. This principle is relevant 
to dozens of legislative propos- 
als, and an urgent intra-instltu- 
tional agreement is needed to 
settle the matter. 

As the rapporteur on voice 
telephony, I proposed an ad 
hoc solution on comitology and 
voice telephony, but Council 
would not budge. 

Your leader says: "With 
luck, the telecommunications 
package can be reassembled 
soon” I made it clear in the 
European Parliament that we 
will do all in our power to facil- 
itate this. It is not the Euro- 
pean Parliament setting its 
face against economic prog- 
ress, as you allege, but the 
Council of Minis ters' refusal to 
accept the democratic princi- 
ples of the Maastricht treaty 
signed by the same Council. 
Mel Read (Labour. Nottingham 
<£ Leics NWX 
SI Great Central St. 

Leicester LEI iND 


Happy contrast - but objective? I Comments rather disturbing 


From Mr Rodney Leach. 

Sir, According to Ian David- 
son (“Too late to kiss it better", 
July 30), the government is in 
“craven submission" to the 
Eurosceptics, whose attitude is 
of “ill-tempered obstruction- 
ism" reliant on the "atavistic 
rhetoric" of "xenophobic 
nationalism". This has led to 
the "incomprehensible" squan- 
dering of our credit by “single- 
handedly precipitating a gratu- 
itous and futile crisis” over the 


presidency of the Commission. 

By happy contrast, there is 
the “gathering momentum" of 
the "logic” of a “new phase" of 
building Europe, “irresistibly 
led" by Germany and 
embraced by Mr Tony Blair 
with “rational serenity”. 

Could it be possible that Mr 
Davidson has mislaid his objec- 
tivity somewhere? 

Rodney Leach, 

15 Clarendon Road, 

London Wll -MB 


From Ms Judith Benson. 

Sir, I was rather disturbed to 
read in the People column 
(July 21) the comments on Ish- 
bel Macpherson's appointment 
at Hoare Govett to shake up its 
smaller company corporate 
finance activities. 

Your writer seemed to feel 
that women make a habit or 
“s wanning off on maternity 
leave at the drop of a hat”, and 
that views on children 
expressed four years ago were 


worthy of comment, given her 
new role. 

I found these comments, 
however humorously meant, 
very offensive, particularly to 
a newspaper such as the finan- 
cial Times. They encapsulate 
an attitude . which women 
encounter all too frequently m 
their working lives. 

Judith Benson, 

13 Btaford Road, 

Horsham, 

West Sussex RH13 5SP 




FINANCIAL TIMES TUESDAY JULY 26 1994 


13 


FINANCIAL LIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel* 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Tuesday July 26 1994 


Mandate to 
change 


Many have tried, lew have come 
closer. Unlike Ms predecessors. 
President BOl Clinton still has a 
chance of reforming America's 
health system. Congress might, 
Just might. Bend him an American 
Health Security Act by the end of 
the year; During the next few 
weeks, Mr Clinton must fight to 
keep it worthy of the name- 

Unvefling bis health reform 
package In February, Mr CHnton 
vowed to veto any bill which did 
not secure health coverage fin: the 
16 par cent af Americans currently 
■uninsured. Six months of Congres- 
sional bargaining later, the detail 
of the plan is dead. But various 
incarnations have survived, clear- 
ing the way for votes in both 
Houses by the middle of August 
The administration has a few 
weeks to reconcile them, not 
merely with one another, but with 
the president’s earlier promise. 

The reasons to reform the US 
health system are as compelling 
now as they were when Mr Clin- 
ton was elected. Though 37m peo- 
ple — one-third of them children - 
are uninsured, healthcare con- 
sumes a fast-growing 14.4 per cent 
of the country's GDP, far more 
than in other rich nations. Thanks 
to an Inequitable mix of g overn-; 
merit benefit programmes g nd tav 
exemptions, the federal budget 
deficit takes much of the strain. 

Untangling thin mess wirawg 
finding a way to contain costs, 
extend coverage, and reverse the 
effect on the deficit At bottom, 
that means greater government 
oversight, less opulent health 
insurance packages, and higher 
taxes. AH of these measures would 
he unpopular. Were Mr Clinton 
starting afresh, for example, a sys- 
tem nf-gnv wmnpnfc pm rhwMtf uni- 
versal health insurance, funded by 
a new value-added-tax, would be 
the best dunce. But he is not 


chase or Insurance and, second, 
providing subsidies to thnpp who 
cannot currently afford it on their 
own. Mr Clinton's way of 
approaching this was a mandate 
forcing companies to insure all of 
their employees, with the 
employer meeting the bulk of the 
Another, more promising, 
approach was to place the man- 
date on individuals. 

Mid-term election 

Both proposals are all but dead 
in Congressional terms, at least as 
for as the first wave of reform is 
concerned. With a mid- 

term election in prospect. Con- 
gress looks set to defier the tricky 
revenue-raising which efitiHiw pro- 
posal implies until the turn of the 
century. If a milder batch of 
reforms and subsidies has not 
brought “universal” coverage by 
then. Congress may or may not 
be forced to take more radical 


Much breath has been wasted 
on what “universal" should mean. 
Outside a British or Canadian- 


Fewer savings 

Instead, Mr Clinton backed a 
form of market-friendly regulation 
to slow down costa. Though his 
own version has been much 
diluted, “managed competition" of 
some tom may surviv e, though it 
wili. deliver fewer, cost savings 
than initially hoped. By itself, it 
will also deliver less in the way of 
wider insurance coverage. 

“Universal'', or close to univer- 
sal, coverage will not he achieved 
without, first, requiring the pur- 

Next steps 
in Ulster 


style system, comage will never 
be absolute. Mr Clinton indicated 
last week that 95 per cent of the 
population might be considered 
adequate, but then seemed to 
backtrack. Clearly, a compromise 
is in order. But the ad mMs fa aU op 

will lessen fts riianrgg rt a maww if 

it continues to look so confused. 

None of America’s most lasting 
social reforms has been passed by 
a narrow, scrambled vote in Con- 
gress. The president rightly fears 
that Ms bid for posterity will be 
shaky if he does not win a safe 
margin of support for the final 
b3L Nevertheless, there are two 
reasons why he should hold out 
for a bill with a firm timetable for 
achieving close to universal cover- 
age, even if the timetable ends up 
longer than planned 

One is political: a messy fudge 
of his earlier promise would only 
add to the view that he lacks 
determination in the face of oppo- 
sition. The second is more sub- 
stantial. Not all Americans may 
be convinced that the crisis is as 
deep as he thinks. But most accept 
the need for change. If the con- 
cerns of the uninsured are not 
allied with this broader momen- 
tum, history suggests that their 
situation will receive even less 
generous attention in years 
to come. 


The news from Shm F6m is, as 
ever, dire. The political wing of 
the Irish Republican Army 
announced, after lengthy delibera- 
tions on Sunday, that sections of 
the joint Irish-British peace decla- 
ration of December 1993 were 
“negative and contradictory". It 
could not, it said, accept what it 
the “Unionist veto’* on a 
united Ireland. It declined to 
promise that IRA terrorism would 
cease, so that points erf difference 
could be debated at the conference 
table, dearly the JRAjSinn F6in Is 
fixated an the idea that, since it 
cannot persuade a majority of the 
people of Ulster to accept the gov- 
ernance of thB Republic of Ireland, 
it must persist in its attempts to 
bomb them submission. This 
strategy of the “armed struggle” 
has failed for 25 years. It will fail 
even if it continues for another 
quarter of a century. 

There wfll not be peace until the 
IRA understands this- Sinn Ffein 
leaders are adept propagandists. 
They **nr misleadingly of a “new 
phase in the peace process" while 
they simultaneously decline to 
call an end to violence. They are 
mot, however, shrewd judges of 
the British character. The public 
is horrified at the long nut of 
atrocities perp etrate d by the IRA 
and, in recent years, the loyalist" 
paramilitaries'*. TTiis does not 
mean that a policy of cot and run 
would be tolerated. The contrary 
is true. Any British government, 
of whatever colour, that left the 

people of Ulster in a state of chaos 
and dvfl war would be held in 
deep contempt. Its survival in 
office would be in doubt 

Democratic basis 
The search for a political solu- 
tion must therefore continue. The 
Joint declaration provides a demo- 
cratic basis to such a solution. Its 
cardinal principle is self-detenni- 
nation. Any party that wants a 
united Ireland must persuade a 
majorityof the people of Ulster, as 
of the republic, to accept it It is 
this principle that sticks in Shm 
Fan's threat So be it The British 
and Irish governments should 
move quickly towards a new con- 
stitutional settlement 
The other participants in this 
process are Northern Ireland par- 
ties to** have renounced violence 
and are willing to attend talks. In 
snr a tote oyrhy to fr the Unionist 
ty led by the Reverend Ian 


Paisley as well as Sinn Ffem. Prog- 
ress towards a “framework agree- 
ment” has . been delayed for too 
long while waiting for the. IRA to 
renounce violence and the 
Paisley! tes to join the negotia- 
tions. Mr John Major could make 
this dear to Mr Paisley today. 

What is required now is a will- 
ingness on the part of all those 
who are in the talks to take risks. 
Each party to the process knows 
the leap of faith that is required; 
none has yet demonstrated a will- 
ingness to make the jump. The 
Ulster Unionists led by Mr Janies 
Molyneaux would assist if they 
entertained proposals for cross- 
border co-operation. Mr John 
Hume's mainly Catholic Social 
Democratic and Labour party 
should abandon the illusion that it 
can influence Sinn Ffeinu The 
details of Mr Hume's agreement 
with Mr Gerry Adams, president 
of Sinn FQn, should be published. 
It might expose the emptiness of 
the latter’s protestations. 

Clear statement 

The British government could 
assist by presenting a draft 
amendment of the Government of 
Ireland Act That would have to 
indude a clear statement of intent 
to transfer sovereignty over Ulster 
t forw iifi its people wish it Such a 
statement would constitute a 
guarantee that Britain means 
what it says about self-determina- 
tion. In return, the Irish govern- 
ment would be asked to bring for- 
ward counterpart amendments to 
articles 2 and 3 of the republic's 
constitution, so that the aspiration 
for a united Ireland contained in 
them would be tempered by 
phraseology, to the effect that 
Ulster is recognised to be part of 
the United Kingdom unless its 
people decide otherwise. 

This last leap forward may be 
the most difficult for any of the 
parties concerned. All Irish polity 
cal parties save Sinn F6in accept 
the Irish-British joint declaration. 
So does an overwhelming majority 
of the Irish people. Singling out 
the proposition that Ulster can 
decide on its own is, however, 
risky. Putting it to a referendum 
might backfire. People in the 
republic are uneasy when accused 
of leaving their northern cousins 
in the lurch. Yet if the peace pro- 
cess is to be accelerated, someone 
lino to upafcfr the first move. If not 
the taofaeach, who? 


"The Separate economic blocs and all 
the friction and loss of friendship 
they must bring with them Ore expe- 
dients to which one mas fe driven in 
a hostile World, where trade has 
ceased over wide areas to be cooper- 
ative and peaceful and when are 
forgotten the healthy rules of mutual 
advantage and eoual treatment But 
it is surely eras# to prefer that" 


BftETTON 

WOODS 


With these words, 
uttered shortly 
before his death, 
Lord Keynes com- 
mended the Bretton 
Woods agreement 
to the House of 
Lords. It was a 
noble legacy of 
the Anglo-American 
co-operation during the second 
world war. 

A month after the landings in 
Normandy, a new world economic 
regime had been designed at the 
celebrated conference in Bretton 
Woods, New Hampshire. That the 
victory was not wasted was largely 
due to the rebirth, at least in the 
industrial countries, of the ideas 
Baynes extolled. It has not been the 
details of the Bretton Woods agree- 
ment that Many have ^ to 
be abandoned. What has mattered 
most is the commitment to a coop- 
eratively managed and increasingly 
liberal global economy. That is the 
legacy to chprteh 
Anniversaries are valuable if used 
for taking stock of what is left from 
the past and for devoting thought to 
the needs of tomorrow. Largely by 
chance, now is an appropriate time 
in which bo ask what the needs of 
tomorrow might be. 

The collapse of the only serious 
rival to the liberal model is five 
years old, long enough not only to 
become used to that event, but to 
appreciate the scale of the debris 
communism leaves hrihfna Yet the 
greatest economic nhaiiwnp * for the 
western world is the need to adjust 
to the rise of east Asia. A world 
economy in which only about a 
sixth of the population enjoyed 
prosperity will be transformed by 
the arrival of perhaps another 3bn. 
Near will the challenga be merely 
economic. This wBl be more than a 
mere shift fn power Hwwnp «rimnnr 
countries: five centuries of domi- 
nance by Europe and its American 
progeny are coming to an end. 

Fortunately, at President Clin- 
ton's prompting, western leaders 
have shown a belated awareness of 
the issue in raffing, at the recent 
summit of the Group of Seven 
industrial countries in Naples, for a 
review of institutional requirements 
in the global economy. So what 
might a comprehensive report to 
the G7 leaders cover? 

The starting point is the success 
of the postwar economic system, a 
success measured by almost five 
decades of trade-led growth (see 
chart). Even though increased real 
incomes have been enjoyed in most 
parts of the world, they have not 
been enjoyed, every where. One fifth 
of the world population produces - 
and enjoys - 85 per cent erf the 
world’s income. The degree of 
global inequality has also been 
increasing. Worst of all, even 
though most indicators - such as 
infant mortality, life expectancy 
and school enrolment - show 
improvements since the 1950s 
almost everywhere, more than a bil- 
lion people, mostly in Sub-Saharan 
Africa and South Asia, subsist on 
less than a dollar a day. 

Economies have done well and 
their residents prospered to the 
extant that they have been able, or 
willing; to exploit the opportunities 
offered by an increasingly global 
market economy. North America, 
Europe and Japan have been able to 
do this. So too have many develop- 
ing countries. The paper, Learning 
from the Past, Embracing the 
Future , released by the World Bank 
last week, shows that mram» per 
head in east Asia had risen by some 
350 per cent since 1960, while that of 
America Is significant ly lower 
than it was In 1975. Worst of all, 
Sub-Saharan Africa's income per 
bead is back where it was in I960. 

Such failures are, above all, those 
of nation states. One part of tine 
problem has been the determination 


Martin Wolf offers the Group of Seven 
leaders a recipe for reforming 
the world's economic institutions 

If you go down to 
the woods today 


World trade has led 
Mnrfdeotpat,iMit - 
growth two slowed 
PMH973 ... 


... the di s t ributio n 
of world income Is 
hfghty unequal ... 


Share* of ec« 

.. : ifrxpt-. ■ '•.;*** 

1200 *■ " . • 


CD ftoaf 


Shore* of ec on omic actSvfty «■ - •„ 



. . . and Inequality 
has increased 
' since 1969 


Ratio of income 
' Afahau 20ft: perns 
OTKotworWpoputaHon 

T— BO. 


unnchMt 




r_5Q 


I- 40 


i— 30 


U 20 


l- 10 

w 


1960-92 1960-73 IflTMZ 
■ .Sm^jKOATI, UN Hlunuri P—KyBt Baport ' 

of many developing countries to 
turn away from the global market, 
by seeking the bankrupt path of 
“self-reliance". This lwfafaiira wm be 
rectified. But the difficulty is deeper 
fhaw that. Many states are imaWa 
or unwilling to provide such basic 
economic services as reasonably 
impartial property rights enforce- 
ment, efficient or honest adminis- 
tration, basic education and health, 
or minimal infrastructure. Not 
infrequently, governments have 
been murderous and exploitative. 
Worst of all, states have occasion- 
ally dissolved altogether. 

This Is an extreme illustration of 
a fundamental Issue: the relation 
between the market, which is 
increasingly global, and states, 
which are focal, often blinkered and 
sometimes demonic. Four points 
need to be remembered throughout 
any G7 discussions. 

First, the most important purpose 
of international economic regimes 
is to render national policies glob- 
ally compatible. Sometimes this is 
done through day-today co-opera- 
tion. It is done more effectively, 
however, by embodying interna- 
tional agreements within domestic 
laws and policies. That is what the 
General Agreement on Tariffs and 
Trade has achieved, if partially. 

Second, at least half of the spend- 
ing of modem states is concerned 
with income redistribution, with 
iniwnii? income transfers as much 
as 50 timmE larger than interna- 
tional ones. In consequence, citizens 
of states that are both impoverished 
and incompetent (or worse) are 
excluded from the benefits and 
opportunities afforded by the global 
economy, except through migration. 

Third, because the politics of 
wealthy countries focus on internal 
income distribution, developments 
t ha t undermine customary patterns 
are immediately subject to attack 
by protectionist antibodies. One of 
the great challenges for the Indus- 
trial countries in future wifi be to 
sustain economic openness under 
such pressures. 


ISM 


Finally, the customary complaint 
that the tntemationalisatton of the 
world economy jeopardises sover- 
eignty is correct, but only in the 
sense that it curbs redistributive 
politics by limiting a government's 
ability to tax mobile factors erf pro- 
duction. It is wrong in the mistakun 
proposition that countries cannot 
affect their economic fates. Whether 
or not a government encourages its 
people to exploit global opportuni- 
ties has, in fad, proved decisive. 
Compare east with west Germany; 
south with ninth Korea; Chile with 
Peru; or Taiwan with mainland 
China. Policy matters. That is why 
governments matter too. 

The principal purpose of interna- 
tional economic institutions is to 
reconcile the politics of nation 

The first purpose of 
International 
economic regimes Is 
to render national 
policies globally 
compatible 

states with their international inter- 
ests and obligations. With this In 
mind, the international economic 
regime of the fixture should ideally 
cover five areas: 

9 monetary and finanefai stability; 
9 economic development; 

9 trade and investment; 

9 the environment; and 
9 migration. 

In each rase, the aim should be to 
try to minimise government and 
maximise the play of the market 
This is not just a question of ideol- 
ogy. It is a practical matter. The 
capacity to cooperate is limited. It 
should be hoarded, just like any 
other globally scarce resource. 

Monetary and financial stability. 
The. Bretton Woods monetary 
regime was a brilliant failure: bril- 
liant, because of the exceptional 
economic progress that occurred 


1980 


1991 


during its heyday, and failure, 
because it collapsed In the early 
1970s. The lessen, underlined by the 
breakdown of the hard ERM during 
the summer of 1993, is that adjust- 
able-peg exchange rate regimes are 
inherently unstable without exten- 
sive exchange controls. 

Yet floating exchange rates have 
been far from an unalloyed success. 
Real exchange rate variability has 
been far greater than many had 
hoped. For this reason, the attrac- 
tions of ft™! exchang e rates and 
target-zone regimes are substantial 
But this Is a point at which the 
objectives of states dash with inter- 
national economic aspirations. 
Maybe a decade or two of sustained 
low inflation and fiscal discipline in 
important economies (neither of 
which Is to he taken for granted) 
will allow formation of a common 
monetary policy in the leading 
economies. At present, this is a fan- 
tasy. So too is the hope for an agree- 
ment an equilibrium real exchange 
rates and a willingness to back 
them up with policy changes. 

Floating exchange rates may not 
be ideal, but they have proved 
workable. They will also remain In 
operation for the foreseeable future. 
If correct, this leaves the IMF with 
no more than a marginal role in 
international monetary affairs. 

As financial markets become 
more global, domestic supervision 
becomes increasingly difficult A 
global supervisor is one possibility. 
A more plausible alternative, how- 
ever, is greater supervision by the 
market The right policy would be a 
determined assault on the sources 
of moral hazard, such as deposit 
insurance, combined with provision 
of both more and more timely infor- 
mation to the marketplace. 

Economic development There is 
no great mystery about what makes 
for successful economic develop- 
ment The recipe consist of well-mo- 
tivated people, operating within the 
global mark et , under the aegis of a 
supportive and fiscally sell-disci- 
plined government Unfortunately. 


such states are rare. In their pres- 
ence, international assistance is 
helpful, but marginal. Developing 
countries that meet such criteria 
now have little difficulty obtaining 
resources from the private markets. 
In their absence, assistance is 
almost doomed to failure. 

It is this grim reality that critics 
of the World Bank and IMF fail to 
confront The legitimate criticism of 
those institutions is not that they 
have been too tough, but that they 
have far too weak in supporting 
member governments that have nei- 
ther the capacity nor the intention 
to do as they have promised. States 
become bankrupt finan cially 
because they are already bankrupt 
id eologically and politically. One erf 
the greatest challenges facing the 
world community consists in deal- 
ing with such situations. 

Professor Jeffrey Sachs of Har- 
vard University has argued persua- 
sively for an International bank- 
ruptcy procedure. On the eco no mic 
side, that could be placed under the 
management of a reformed IMF. 
But there will often need to be a 
security arrangement as wall One 
possibility would be to reinstate the 
idea of a UN protectorate. 

Meanwhile, an uncomfortable 
overlap between the functions of 
the World Bank and the IMF 
remains, with both increasingly 
concentrated upon a number of rel- 
atively unsuccessful states. They 
must at the least be forced to 
co-operate still more closely. 

International Trade and Invest- 
ment The World Trade Organisa- 
tion, whose power rests upon agree- 
ments embodied In the domestic 
law of its members, should take 
pride of place in trade. It would also 
make sense to nest international 
agreements on Investment within 
the WTO. Otherwise, the agenda is 
clear wne ngh- to nhpreiiq* further 
on the course already set, which 
may well require another trade 
round later this decade. 

Environment A rase can be made 
for an international environmental 
regime, housed within a global envi- 
ronmental organisation. One aim 
would be to bring together all the 
existing environmental treaties. 
Another would be to protect world 
trade from the intrusion of environ- 
mental considerations. The most 
important aim, however, would be 
to ensure that international envi- 
ronmental overspills are handled by 
a consistent set of global rules that 
carry over into domestic policy. 

The starting point should be the 
"polluter pay" principle. Its main 
value would be to reveal that indus- 
trial countries are the main pollut- 
ers. The US, for example, generates 
a quarter of global output of carbon 
dioxide from fossil fuels and cement 
manufacture. Correspondingly, 
industrial counties must pay most 
for their disproportionate exploita- 
tion of the global commons. 

Migration. At present, there is no 
policy on the treatment of interna- 
tional flows of people, though there 
fa such a policy for flows of both 
goods and services. This is an obvi- 
ous anomaly. A host of questions - 
such as taxation of the brain drain 
or treatment of guest workers - 
should be covered. 

This then fa the agenda for the 
G7. But it cannot exdude the G7 
itself, fa there to be any overarching 
body charged with global economic 
co-ordination and cooperation and, 
if so, should it be the informal G7 or 
something broader or more formal? 

There is, in fact, a strong case for 
keeping the G7, while using any rel- 
evant international organisation to 
support it One consequence of a 
world of unequal sovereign states fa 
that it fa also an undemocratic one. 
What is needed fa responsible lead- 
ership. Leadership can only be pro- 
vided by those with the resources 
and the influence to exercise it At 
present, that fa principally the G7, 
though in tiwiw its membership will 
have to change, as the world econ- 
omy does. The challenge, however, 
fa also to act responsibly. It was 
difficult enough in the past Now 
that the cold war is over and huge 
upheavals lie ahead, it may prove 
still more difficult in future. G7 
leaders, be warned. 

Previous arfj'cfes in the series 
appeare d on June 21 and 28 and 
July & 15 and 20 


Observer 


Santer’s old 
boys 

■ Seeming the presidency of the 
European Commission was the least 
of Jacques Santer’s problems. Far 
from being able to craft a fresh 
team, he looks set to inherit a lot of 
fiminfew fftrra - quite apart from 
the ticklish rnatter of adjudicating 
between member stales with same 
firm ideas regarding the remaining 
slots to be filled. 

As many as eight Commissioners 
could be staying on, some pressing 
for bigger and better jobs. These 
would include Manuel Marin, the 
Spaniard in charge erf development 
policy, and Henning 
ChiistoEhersen, who handles 
economic and monetary policy. 
Having been in situ since 1985 and 
1986 respectively, they seem to be 
becoming more-or-less permanent 
fixtures, alongside German industry 
commis sioner Martin Bangamann. 

Others fikely to remain in town 
for the new five-year term include 
Karel Van Bfiert, to charge of 
competition policy, Joao Dens de 
Pinfaeiro, the laid-back Portuguese 
commissioner in charge of 
audio visual and information policy 

and Marcelino Oreja, the Spaniard 
who has just arrived to take over 
energy and transport. 

Then of coarse there Is the plum 
job of chief EU trade negotiator, 
curre ntly inhabited by Sir Leon 
Bri tte n He must fight the French, 
who want him out But, if ho hangs 


an successfully, FTOnce would 
demand the competition or industry 
portfolios as recompense. 

EU enlargement com plicates the 

new man’s job still farther. If all 
goes to plan, the Santer 
Commission would inrrp^ y* from 17 
to 21 members, but Norway and 
Sweden only hold their referendums 
In November, while Santer fa - 
supposed to present hfa team to 
partupnfint for vetting In October. If 
he misses this date, he will hand 
the newly-emboldened MEPs just 
the opportunity they need to wade 
in with their own opinions. 


Code breaker 

■ Phantom withdrawals are one 
thing, but au to mated teller 
machines can spread alarm in other 
ways too. 

One Friday recently, the 

customer of a Lisbon bank was 

attempting to extract cash from her 
local hole-in-the-waH She reckoned 
her account was a few thousand 
escudos in the black, and was 
consequently a trifle taken aback 
when the mariihw lighted up *Hp 
happy news that she was 
overdrawn - to the tune of Es88m 

(£352,000). 

Had her handbag not been stolen 
some days before, she ndght have 
seen the amusing side. 

As it was, the fact that She had 
cancelled her stolen cheques and 
bonk cards was scant comfort as 
she waited to quiz a real live teller 
the following Monday. "An 



Tm sorry, sir, yonr train season 
ticket does not entitle you to drive 
in tiie bus lane’ 

eighty-eigfrt million overdraft?” he 
enquired nonchantly. “Oh, that's 
just oar code to Indicate your 
cheques have been cancelled.” 


Portillo's petard 

■ Does Observer detect a more 
than usual degree of smugness at 
the Treasury? Before he left for 
pastures new, Michael Portillo drew 
up a detailed assessment of the 
scope fen: cost savings around 
Whitehall Wasteful and inefficient 
use of resources at the Department 
of Employment was one of the 
former chief secretary’s gripes, and 


he highlighted the ministry's £X5bn 
annual budget as a prime canrHrtafa 
for the scythe during the antumn 
spending round Now that the 
ultra-dry Portillo fa getting a squint 
at that supposed profligacy from the 
boss's seat, hfa first decision will be 
to drop hfa predecessor’s demand 
for extra funding and Instead to 
oblige with substantial cuts. Or, if 
not, hfa erstwhile colleagues will 
want to know why. 


Pen pal 

■ Yukto Sato, president of 
Yamaichi Batik in Switzerland, fa 
laudably unsentimental about the 


lacquerware lining hfa shelves. 

In fact, he would like to call a 
halt to the collection now, and with 
it the age-old bond market ritual 
whereby investment bank and 
borrower exchange lavish gifts at 
the signing ceremony after the 
completion of an issue. 

Last month, he secured the 
co-operation of Pigeon Corp, a 
Japanese baby-care products group, 
to waive the gifts and to join 
Yamachi In a donation to the Swiss 
Red Cross Instead Last week. 

Gold win, a Japanese sportswear 
maker, followed suit 

Sato says he can still see a 
purpose in bestowing prezzies on a 
first-time client, but from now on 
will try to push repeat Issuers down 
the charitable route. Only snag is, 
with heart-warming ideas like 
these, has Yamaichi kissed 


good-bye to the notion of winning a 
mandate from Vendfitne, makers erf 
those posh Mont Blanc pens? 


Victimless 

■ The casualty list after last week's 
musical chairs in John Major's 
government may be a bit shorter 
than first appeared. Far from being 
a victim, Tbn Saiosbury tells 
Observer be asked to go. 

He fa now 62 and has spent 11 
unbroken years in government, so 
Sainsbury decided that four years 
at the department of trade and 
industry was enough. 

Intriguingly, he says he also 
yearned for some freedom to speak 
out against Sunday trading laws - 
which might maV» for stone 
Interesting chats with the rest of 
the Sainsbury family. 


Blindman’s buff 

■ To the back of the class. The 
government struggling to secure a 
chief executive for the new Teacher 
Training Agency, has had to 
readrortfae the job, increasing the 
pay by a third on the way. 

Soff you are an excellent, 
co mmu nica to r, have experience of 


£80,000 a year for running a quango. 

And ignorance of the subjerffa" 
really no handicap, knowledge of 


merely “desirable", the ad sngests. 




16 


SHEERFRAME' 

Specified 
Worldwide 

limned 

Tel: 0773 862311 


FINANCIAL TIMES 

Tuesday July 26 1994 


l A FINANCIAL TIME 
f for change 


| Newport | 



■ i ■ " " 

Attempt to escape disease and starvation UK meat 
A-fn/YAAn rr/rl /\ \r traders 


Refugees struggle back 
to Rwandan capital 


By LesBe Crawford 
in Gisenyi, Rwanda 

Tens of thousands of Hutu 
refugees, in a thin ribbon stretch- 
ing along the 160km from Gis- 
enyi, in Rwanda, to Kigali, the 
capital, have returned home to 
throw themselves on the mercy 
of the country’s new Tutsi-led 
government 

The refugees, who fled Rwanda 
in panic, are returning rather 
face death from cholera and 
starvation in Zaire’s overcrowded 
refugee camps. 

The exodus began after Zairean 
troops reopened the border cross- 
ing between Gama, in Zaire, and 
Gisenyi on Sunday. 

The returnees are barefoot, car- 
rying their meagre belongings on 
their heads. After surviving the 
horror of Goma, many are too 
weak to make the return journey 
and several have died only a few 
kilometres outside Gisenyi 

There are no relief agencies to 
help them along the way and tit- 
tle food. The Hutu exodus swept 
the mountainous north-west of 
Rwanda tike a plague of locusts. 
Banana groves have been 
stripped of fruit. The bean har- 
vest has rotted. Hills have been 
denuded as swathes of trees were 
chopped down for firewood. 


US military officials have 
arrived in Kigali in recent days 
to begin the planning of their 
humanitarian relief operation. 

Us Alison Campbell, a spokes- 
woman for the relief agency 
Care, said: “If the refugees under- 
stand they are receiving aid from 
Kigali, and news spreads that the 
Rwandan Patriotic Front is co- 
operating with the international 
relief effort, this could have an 
important psychological impact 
in helping build trust between 
the refugees and the new govern- 
ment” 

Relief workers in Gama, how- 
ever, said the return of refugees 
bad not begun to dent the magni- 
tude of the humanitarian catas- 
trophe in Zaire. Cholera is killing 
refugees in their thousands. The 
28 trucks assigned to collecting 
the dead have been overwhelmed 
by the number of corpses. 

Ur Peter Hansen, a special 
envoy of the UN secretary- 
general. Mr Boutros Boutros 
Ghafi, yesterday told reporters 
that the UN’s emergency Amds 
were exhausted and that it had 
no money to continue the relief 
operation. He said the UN would 
launch a new appeal for $440m 
(£284m) to deal with the crisis, 
but he was not optimistic about 
receiving the funds swiftly. 


“The situation is out of con- 
trol,'’ he said. But relief agencies 
are not yet advising refugees to 
return to Rwanda. A formal repa- 
triation programme would 
require the agreement of the gov- 
ernments of Rwanda and Zaire 
and foe UN High Commissioner 
for Refugees. 

“It is not the role of non- 
government organisations to 
begin the repatriation pro- 
gramme,” Ms Campbell said. “We 
are more concerned that people 
are fit enough to return home. 
We need to feed, shelter and 
rehydrate them here in Goma." 

Yesterday. Mr Pasteur Bizi- 
mungu, Rwanda's new president, 
flew to Mauritius for a meeting 
with President Mobutu Sese Seko 
of Zaire. His main concern is to 
obtain the voluntary return of 
Rwanda's population in exile. 

Mr H inmimg n said he would 
also ask President Mobutu to dis- 
arm the soldiers and militia of 
the defeated Hutu army who are 
currently swarming around 
Goma. 

He also said he would also 
request the Zairean authorities to 
arrest all those suspected of hav- 
ing taken part of the genocide of 
the Tutsi population and the 
massacre of the Hutu opponents 
of Rwanda’s former regime. 


Congress opens Whitewater 
probe with Cutler testimony 


By Jurek Martin, US Etftar, 
bi Washington 

The US Congress today opens its 
inquiries into the Whitewater 
affair, with Mr Lloyd Cutler, toe 
White House legal counsel, lead- 
ing a parade of administration 
officials testifying to the House of 
Representatives banking 
committee. 

The remit of the congressional 
bearings - the counterpart cam- 
mitte in the Senate Is due to 
begin its work later this week - 
is limited but could embarrass 
the administration and might 
further damage some prominent 
careers. The sessions will be 
televised. 

By agreement with Mr Robert 
Fiske, the special counsel on 
Whitewater, toe committees are 
to confine themselves to the 


Bourse probe 


Continued from Page I 

media reports and rumour 
reflects sensitivity to events 
which might damage Frankfurt 
as a financial centre. The start of 
the latest investigations coin- 
cides with the introduction in 
Germany - two years later than 
the European Union's proposed 
deadline - of new Laws making 
insider trading an offence. 


“Washington end” of the complex 
tale of land and financial deal- 
ings Of Pr esident Bill Clinton and 
his wife in Arkansas in the late 
1970s and the 1980s. 

In a preliminary report last 
month, Mr Fiske cleared White 
House and Treasury officials of 
any criminal wrongdoing. Bat 
witnesses will be questioned on 
their knowledge of contacts 
between the Clinton White House 
and regulatory agencies with, 
responsibility for investigating 
the Whitewater affair. 

In a weekend TV interview, Mr 
Cutler said there had been “some 
regrettable errors of judgment" 
by some officials and that con- 
tacts should have been limited to 
White House and Treasury legal 
counsels. But, he said, his own 
internal review had found “no 
violation of any ethical legal 
standard”. 

Mr Roger Altman, deputy Trea- 
sury secretary and former acting 
head of the Resolution Trust Cor- 
poration, the agency set up to 
clear up the savings and loan 
debacle of the 1980s, appears to 
be under most pressure. 

Mr Altman is suspected of con- 
cealing to Congress, in testimony 
last February, his fall knowledge 
of contacts with the White House 
about criminal investigations of 
Madison Guaranty, a now 
defunct Arkansas savings and 
loan body, which is at the 
heart of the Whitewater affair. 


Yesterday, the New York 
Times reported that toe diaries of 
Mr Joshua Steiner, chief of staff 
to Mr Lloyd Bentsen, Treasury 
secretary, included notes that Mr 
Clinton himself was irate when 
Mr Altman decided to excuse 
himself from the Madison 
probe in February. Mr Clinton 
has denied any such interven- 
tion. 

Mr Bentsen also faces 
questions about his knowledge of 
inter-agency contacts. Ms Jean 
Hanson, Treasury legal counsel, 
is reported to have told 
Senate investigators that she 
had attended a meeting in Febru- 
ary, with Mr Bentsen and Mr Alt- 
man. about Madison, which pre- 
ceded a briefing by Ms Hanson 
and Mr Altman of White House 
officials. 

The Treasury secretary issued 
a statement on March 3 to say he 
was never informed of any such 
meetings. Over the weekend, Mr 
Altman's lawyer said his client 
had “no recollection*' of the meet- 
ing described by Ms Hanson. 

The conduct of the House com- 
mittee hearings will depend in 
good measure on the cbainnan- 
ship of Mr Henry Gonzales, a 
Democrat He was long opposed 
to the hearings and has been por- 
trayed by Republicans as a 
staunch defender of the presi- 
dent But his record for rooting 
out presumed malfeasance is 
long and impressive. 


traders 
warn over 
EU rules 
on beef 

By Alison Maitland in London 

The balk of Britain’s beef 
exports to the European Union 
will dry up this week when new 
restrictions to stop the spread of 
“mad cow disease” come into 
force, meat traders said yester- 
day. 

“We’ve been sold down the 
river by the government” said 
one beef exporter, who did not 
want to be named. “They’ve 
agreed to a system which means 
we’U virtually stop exporting 
British beef to the EU.” 

Hie sew roles agreed by EU 
agriculture ministers last week 
were hailed as a victory by Mrs 
G illian Shephard, then UK agri- 
culture minister, because they 
led Germany to drop its threat of 
a unilateral import ban on Brit- 
ish beef. 

The roles say Britain may not 
export beef carcases containing 
bone nwless the animat is certi- 
fied as coming from a herd that 
has been free of the disease, 
bovine spongiform encephalo- 
pathy, for six years, instead of 
two years as at present 

Agriculture ministry officials 
are advising meat exporters to 
develop a market for deboned 
beef instead. 

According to figures from the 
Meat and Livestock Commission, 
an estimated 107,800 tonnes of 
“bone-in", or carcase, beef were 
exported to the EU last year, 
some 84 per cent of total UK beef 
exports to the EU. 

The purpose of deboning is to 
remove nervous and lymphatic 
tissues which might cany the 
disease. The new rules are 
designed to prevent diseased tis- 
sue finding its way into animal 
feed in continental markets. 

A large beef exporter, who also 
did not want to be identified, 
said he would be forced to lay off 
about 150 people. He feared a 
knock-on effect on toe British 
beef market 

He believed BSE was so wide- 
spread that no more than 18 per 
cent of animals could be certified 
safe for export, assuming their 
health history could be traced. 
The Ministry of Agriculture says 
there have been 131.757 cases of 
BSE and more than half the 
country's dairy herds have had 
at least one case. 

The bulk of carcase beef 
exports are dairy cows that have 
passed their useful productive 
life and have been slaughtered, 
mainly fra - processing into meat 
pies and sausages. 

Tracking the health history of 
these older animals, which may 
have lived on four or five differ- 
ent farms, will be extremely dif- 
ficult, say traders and farmers’ 
leaders. “Three, four or nve 
years ago that gnim^i may have 
come from another farm and the 
seller won’t know if there was 
BSE there or if that farm had 
BSE subsequently,” said Mr Ian 
Gardiner, policy director of the 
National Farmers’ Union. 


FT WEATHER GUIDE 


Europe today 

HSgh pressure extending from the Baltic 
states to southern France will govern almost 
aU of Europe. The heat wave will continue in 
Poland, northern Germany, the Alps, and 
many other areas. Any showers wiH be 
confined to the Alps and particularly to 
Switzerland. Sea breezes will slightly coo) the 
Mediterranean coast Near record 
temperatures of around 31C will persist hi 
southern Sweden. A fingering front over the 
British isles will cause rain and outbreaks of 
thunder from the Irish Sea through Wales 
and into Scotland. Central England wfil have 
showers and the RepubKc of Ireland wifi be 
quite cool with a lot of cloud. 

Five-day forecast 

Cooler air will make slow progress over 
England during Wednesday but the continent 
wiH stay hot Rain and thunder wifi develop in 
France and Belgium on Thursday but 

t em peratures wfll continue between 30C-36C 
into the weekend in Germany, Austria, and 
most other central European countries. 
Norway win become cooler and unsettled 
with some showers, but the rest of 
Scandinavia wffl oontinua unarm and rather 
sunny. 

TODAY'S TQIPCHATURES 



Situation ai 12 GMT. Temperatures maxknjm tor day. Forecasts by M&eo Consult o) Natt&rtands 



Maximum 


fair 

31 

Caacea 

shower 

26 


CeMus 

Belfast 

cloudy 

18 

Cardiff 

rain 

20 

ADu Dhabi 

lair 

38 

Belgrade 

sun 

31 

Casablanca 

tai- 

26 

Accra 

cloudy 

27 

Berlin 

Buid 

34 

Chicago 

lor 

27 

Algiers 

sun 

33 

Bermuda 

talr 

32 

Cologne 

sun 

33 

Amsterdam 

sun 

29 

Bogota 

fair 

21 


shower 

29 

Athens 

sun 

32 

Bombay 

rain 

28 

Dallas 

tab- 

38 

Mama 

thund 

34 

Brussels 

fair 

31 

DeM 

rain 

31 

B. Aires 

fair 

13 

Budapest 

8U1 

34 

Dubai 

Sim 

38 

ELham 

rain 

24 

Glogen 

Ur 

28 

Dubfin 

cloudy 

19 

Bangkok 

thund 

33 

Cairo 

sun 

36 

Dubrovnik 

sun 

30 

Barcelona 

sun 

ZS 

Capo Town 

fair 

15 

Ecfnburgh 

rata 

21 


No other airline flies to more cities in 
Eastern Europe. 


Lufthansa 


Faro 

Sui 

28 

Mtattd 

sun 

37 

Rangoon 

shower 

32 

Frankfut 

SIX) 

33 

Majorca 

far 

32 

Raykjavft 

rata 

15 

Genova 

lax 

31 

Malta 

Mr 

31 

Rk> 

fair 

25 

Gbsftar 

90 

28 

Manchester 

rain 

22 

Rome 

fair 

31 

Glasgow 

rain 

19 

Mania 

shower 

30 

S.Fraeo 

fair 

21 

Hamburg 

fair 

30 

Melbourne 

fair 

14 

Seoti 

fax 

35 

Helsinki 

afuwer 

28 

Mexico City 

shower 

20 

Singapore 

shower 

32 

Hong Kang 

sixnrar 

31 

Miami 

thund 

32 

Stockholm 

sun 

28 

Honokdu 

shown- 

31 

Mian 

sun 

32 

Strasbourg 

Sin 

34 

IstanbM 

far 

29 

Montreal 

drawer 

26 

Sydney 

sun 

17 

Jakarta 

fair 

32 

Moscow 

fair 

23 

Tangier 

3UX 

28 

Jersey 

fair 

21 

Munich 

sun 

30 

Tsl Aviv 

SIX) 

33 

Karachi 

Mr 

32 

Nairobi 

fair 

23 

Tokyo 

shower 

31 

Kuwait 

sin 

45 

Naples 

sun 

31 

Toronto 

fax 

22 

L Angeles 

OX) 

26 

Nassau 

tab 

31 

Vancouver 

fair 

23 

Las PaJrra3 

Sun 

27 

New York 

thund 

31 

Venice 

fair 

31 

Lima 

ctoudy 

18 

Nice 

sun 

29 

Vienna 

thund 

33 

Lisbon 

ctaody 

27 

Nicosia 

ft* 

38 

Warsaw 

thixwS 

32 

London 

cloudy 

29 

Oslo 

sun 

28 

Washington 

thund 

33 

Luxboug 

sun 

31 

Paris 

fair 

33 

Wrfingtan 

shower 

9 

Lyon 

sun 

33 

Perth 

fair 

20 

Winnipeg 

sun 

25 

Madeira 

sun 

25 

Prague 

fair 

32 

Zurich 

thund 

30 


THE LEX COLUMN 

Life gets tougher 


The summer season of new business 
figures has shown just why the life 
insurance sector has underperformed 
the stock market by 2D per cent in the 
last year. The 30 per cent fell in sales 
of life and pensions policies reported 
yesterday by Refuge - which 
prompted a 5 per cent fell in the 
shares - was especially poor. In addi- 
tion to public distrust of toe Industry 
as a whole, the company had to 
retrain its sales force to keep toe regu- 
lator happy. But bending over back- 
wards to please the regulator is 
becoming a way of life. With fun dis- 
closure Of gfllfts fnmrnigsinns aTOUnd 
the comer, pleasing customers is not 
going to get easier. 

Increased sales of unit trusts are 
scant consolation. Margins earned by 
r^nmpanipg on this type of investment 
busi ness are unlikely to match with- 
profits or pensions policies. The flow 
of unit trust business could also dry 
up, or even, reverse, if the stock mar- 
ket enters a bear phase. In the long 
run, life companies could become 
more geared to the investment cycle 
and less solidly defensive than hith- 
erto. 

Changes in bumness mix and lower 
overall sales will take time to filter to 
the bottom line. Profits and dividend 
growth wifi be supported for some 
time by maturing life policies sold in 
the 1980s or before. On a yield pre- 
mium of 30 per cent to the stock mar- 
ket average, and with dividend growth 
effectively underwritten, the sector 
will find support But it cannot live off 
its fat forever. A sustained rally in the 
shares looks unlikely indeed until the 
new business prospects are clear. 

Norsk Hydro 

Norsk Hydro’s collection of commod- 
ity-based businesses was always likely 
to enjoy the first half of the year. With 
interests ranging from aluminium to 
ammonia to PVC and crude oil the 
group looks tailor-made to benefit 
from the early stages of a turn in the 
commodities cycle. Having asked 
shareholders for NkrATbn equity ear- 
lier in the summer, management may 
also have felt obliged to squeeze every 
last krona out of the business. 

Even so, yesterday's second-quarter 
figures exceeded even the stock mar, 
bet's high expectations. While com- 
modity price rises are public know- 
ledge. the extent of operational 
gearing came as something of a sur- 
prise. This was especially true in fer- 
tilisers, the subject of a massive 
restructuring charge two years ago. 


FT-SE Index; 3106.1 (-8*6) 


EumOisn^ 

Share price (pence) 
BOO 



Firmer fertiliser prices, decent 
demand outside Europe and lower 
exports from eastern Europe all helped 
improve the position over last year. 
But cost-cutting was the foundation of 
the five-fold rise in divisional operat- 
ing profits in the second quarter. 

European companies with less 
well-appointed spreads of business - 
or which have been less vigorous in 
pursuit of efficiency - can not be 
expected to deliver such a spectacular 
rebound. Neither can Norak Hydro 
count on further sharp rises in all its 
main commodities at once. But compa- 
nies which have been shaving costs 
through recession and are now achiev- 
ing modest price increases may also 
surprise with the speed of recovery. 

Radio 

Investors in the UK television sector 
know how incoherent regulatory 
regimes can produce stock market 
mayhem. The radio sector may be 
about to experience a similar specula- 
tive frenzy. A judicial review of the 
Radio Authority's approval of EMAP*s 
bid for Trans World Communications 
starts tomorrow. If the authority's 
decision is upheld, it could lead to a 
further rash of corporate activity, if 
not, it calls into question whether 
radio’s regulator is deemed capable of 
minding its own back yard. 

The review concerns EMAP's 
attempt to skirt ownership rules by 
proposing to sell two licences to a sep- 
arate venture jointly owned with its 
merchant bank. This arrangement 
makes a mockery of toe spirit, if not 
the letter, of the Broadcasting Act, 
although the Radio Authority seems 
powerless to object Other companies 


have devised similarly ingenious 
nwans of splitting ownership and con- 
trol. Duly Mail and General Trust has 
increased its stake in Chiltern Radio 
above the permitted 30 per cent by 
buying more shares through a joint 
venture company. 

Radio is already one of the hottest 
stock market sectors because of its 
high operational gearing and potential 
to grab a bigger shoe of the advertis- 
ing cake. For example. Capital Radio 
now trades on 36 times historic earn- 
ings. But with big media groups, such 
as Reuters, keen to muscle in on radio, 
the excitement may rise further. That 
makes It all the more imperative for 
the government to speed up its review 
of media ownership rales and finally 
Introduce a coherent set of Industry- 
wide regulations. 

Euro Disney 

There are two possible ggplanuHnw} 
for the 4 per cent foil in Euro Disney's 
shares in heavy volume yesterday. 
One is renewed short selling at the 
start of the new account on the Peris 
bourse. The other is that small inves- 
tors took advantage of the first day’s 
trading in the newly issued shares to 
sell thom down to the rights issue 
price. What seems unlikely is that the 
underwriting banks have begun to 
anticipate a small take-up of the rights 
issue and are positioning themselves 
accordingly. Not only is the Saudi 
Prince al-Waleed standing by to 
relieve them of up to two-thirds of 
their exposure. The banks still daim 
no more than a faint faVKng of how 
the issue has gone. 

That said, it is regrettable that the 
French system requires a foil month 
for subscriptions to be added op. A 
large uncertainty hangs over the 
shares meanwhile, and there are 
plenty of grounds for scepticism. On 
its own forecasts Euro Disney does not 
expect to make a profit before 1996; it 
will still be 250 per cent geared even 
alter the rights issue. 

Above all the Saudi prince's inter- 
vention holds otd no promises to out- 
side shareholders. So for his presence 
has been more of a comfort to Walt 
Disney and the underwriters of the 
rights issue. 

Perhaps bis conference centre will 
fill up Euro Disney's underused 
hotels, but financing the second phase 
of the theme park would remain 
tricky. Just because the prince made a 
handsome profit out of bis investmast 
in Citicorp does not mean the same 
must be true of Euro Disney toa 


This announcement appears as a matter of record only. 


PACIFIC 


B(g)ANDS 


FOOD 


GROUP 


ADM90NOF 
PAC*1C DUNLOP 
IAATH) 


has acquired a 50% interest in the operations of 



Meadow Gold investment Co. Ltd. 


a leading manufacturer of ice cream in China 


Pacific Brands Food Group was advised by 


FLEMINGS 

INTERNATIONAL INVESTMENT BANKING 



Jardine Fleming Orp Minnett 

CAPITAL PTY LIMITED 


LONDON. NEW YORK. HONG KONG. TOKYO. PARIS. FRANKFURT. MADRID ZURICH 
geneva . Milan. Sydney. Bangkok .Taipei. Manila - Jakarta , seoul 

BOMBAY . KUALA LUMPUR . SING A PORE . LAHORE . COLOMBO . JOHANNESBURG . BAHRAIN 


May 1994 


v £ 




# * J ’ V - 




iii? - '>•••• 




V-:c.- .. 






t 





: 








A wftRLO Of 

/Difference 


toiidl, . 

t-'iCr 


Hk 


Adam & Harvey 
AirTouch Comms 
American Barrick 
American Brands 
BK Bata 
BM 

Bafl Cabiamedia 
Bel Canada 
BuSough 
CP Software 
Cable and Wireless 
Capita Group 
Capital CMea/ABC 
Castle Energy 
CoaJ A AflJed 
Coilexip 
Cotep 

Digital Equipment 
BMP Man 
ESDCU. 

Euromoney 

Exxon 

Rrfnvast 

Fare! 

France Tgtfcom 
Goodyear 


HonaywaU 

Hyundai Engineering 

IMl 

Inco 

lusncol 

Iveoo 

Janes krteroa b te 


22 Kobe Steel 

17 UG 

1 Lac Minerals 

19 Lazard Bros 

20 Lbx Service 

23 Lucas Industries 
22 MarSog Industries 

22 Matra 

23 Menydown 

23 MetaBgesellsc h aft 
22 MoM 

22 NatWest Smaller Cos 

19 National Westminster 
IB Norsk Hydro 

20 Nortel 

18 OBvas Property 

18 Pechiney 

17 PBlar Property 

19 Racal 

18 Renault 

22 Royal Oak Mines 

17 Ryiand Group 
1 SGS Thomson 

6 Seafresh Industry 

20 Sherwood Computer 

19 Siemens 

22 Smaller Companies 

23 Sprint 

6 Stan Offshore 
23 Taiwan Cement 
19 Texaco 
19 Trafalgar House 

18 US West 
22 WEW 


•^Annual reports service 28-27 

Benchmark Govt bands 21 

Bond futures and options 21 
Band prices end yields 21 
Ctmnwftties prime 24 

DMdenta amounced, UK 22 
EMS currenc y rates 32 

Eurobond prims 2t 

Rued Interest Indices 21 

FFA World tndkxs Back Pape 
FT Gold kBnes knta BacfcPase 
FT/tSUA Ml band svc 21 

FT-SE Actuaries Entices 25 


Foreign estrange 32 

GHs prices 21 

title equity options BackPaga 
London tfare service 25-27 
London trad options BackPaga 
Managed hards service 28-32 
Money markets 32 

New Ml bond issues 21 

RBcsnt Issues. UK 25 

Short-term krt rates 32 

US interest rtees 21 

World Stock Markets 33 


Chief price changes yesterday 


RUHOWT 

PM* 


PMUSCFF* 




RIM 



Mm 

2619 


7.7 

DLW 

450 + 

5S 

BNP 

■f 

DaMcrBnt 

788 + 

14 

CCF 

234 


7.7 

FaBa 



Cm) Lion 

484 

♦ 

19 

bM 

482 - 

A5 

tenon* 

821 

+ 

18 

no 

132 - 

17J 

GeaMNqw 

546 

♦ 

36 

LrfHama 

108 - 

S3 

FwBm 



1 J 

ElnvJw 

TO - 

17 

1— M 

10 


MEW YORK (3} 


TOKYO (Tm) 




Mm 

as 

311 + 

2* 

Tdrium 

77B 

* 

IS 

Cap CM 

78* ♦ 

1 

Mb 

1140 


50 

PaOa 



(m* Co 

— 


49 - 

ft 

cnuraORra 

G84 


33 

Item* 

110% - 

415 

Gai BCM 

543 

“ 

28 

MW 

B3X - 

1 

Mssn Motor 

750 

— 

S7 

Toneo 

62*4 - 

W 

TqiaKanatw 

657 

” 

23 

Now York pries* at 1230pm. 





LONDON (Pansa) 


UTM 

71 



Rm 




5 

Adam 3 Haney 

*28 «. 

25 

MOlM 

73 

+ 

3 


154 + 

9 

Mutate Moora 

75 

+ 

4 

dump 

293 + 

9 


134 


IS 

Oudt 

460 * 

17 

WHBW 

T 

a* Bod 

72 * 

11 

Ms 




Re** 
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4 


FINANCIAL TIMES 


COMPANIES & MARKETS 



Bryant 


Invek in Quality 


©the FINANCIAL TIMES LIMITED I9M 


Tuesday July 26 1994 


HOMES' PROPERTIES-CONSTOUCTION 

021 711 1212 


BRIEF 


Sprint in Mexican 
joint venture 

- Sprint, the US : telephone group, and Grupo Iusacell, 
a leading Mexican cellular telecommunications 
co mp any, are joining up to provide a long-distance 
service in Mexico, page 19 

France T£tecom may seek industrial links 

A report due this week from Marcel Roulet, chair- 
man of France TH&om. is likely to recommend that 
the state-owned telecoms group should open its 
. share capital to industrial partners. The proposed 
legal change would enable the French government 
to reduce its holding and allow the operator to 
cement its industrial alliance with Deutsche Tele- 
kom. Page 20 

MG Cotp to end Castle refarthmshfp 

Metallgesellschaft, the German industrial group 
crippled last year by its energy faaimg s in the US, 
yesterday revealed it was planning to its loss- 

making relationship with Castle Energy, a US 
refiner. Long-term oil contracts between Castle, of 
which the German group owns 40 per cent, and MG 
Corp. its principal US subsidiary, have continued to 
sap the group’s profits in the months since it organ- 
ised a financial rescue, 
page is 

UK cable group raises $479m In US 

BeQ Cablemedia, the US’s third largest combined 
cable television and telephone operator, has raised 
8479m in equity and debt on the New York stock 
exchange. This was the second and largest cash- 
raising exercise for UK cable an the New York 
exchange. Page 22 

BuOough leaps to £7m after reshape 

Tight cost controls and restructuring have pro- 
duced a sharp Increase in interim pre-tax profits, 
from £50,000 to £7.13m (811.05m), at Buflough, the 
diversified engineering and office products group. 
Page 23 

Foreign orders fuel Siemens 

Siemens yesterday reported increased orders in 
spite of a 6 per cent slip in net profits. The German 
electrical and electronics group said that growth 
continued to be fuelled by foreign dmrmnd bat that 
domestic orders were also improving. 

Page 19 

Cable side boosts Capital CHIes/ABC 

Second-quarter profits at Capital Cities/ABC have 
increased by 25 per cent benefiting from a strong 
performance by the US entertainment group’s net- 
work. cable and International television businesses. 
Page 19 

Goodyear advances 18% 

Goodyear, the US tyre group, has posted an 18 per 
cent increase in second-quarter net earnings. 

Page 19 

SGS-Thomson fights back 

In 1986, Thomson Semiconductor of France and SGS 
Microelectronics of Italy were losing market share 
and struggling to survive. Eight years on, the 
merged group, SGS-Thomson, has achieved an 
impressive turnround and is within striking dis- 
tance of the world’s 10 biggest semiconductor com- 
panies. 

Page 18 

Companies In this Issue 


Oil price rise hits refining margins 


i By Richard Waters in New York 

J Three big US energy groups 
produced disappointing second- 
quarter results yesterday, 
reflecting lower profit marg ins 
from refined products due to the 
rebound in oil prices in recent 
weeks. 

The higher ofl price repaired 
some of the damage which had 
been done late in 1993 and early 
this year to exploration and pro- 
duction pr o fits at Exxon, Mobil 
and Texaco. 

However, this was more than 
countered by the higher costs 
faced by their downstream, or 
refining and marketing, oper- 


ations, which were unable to put 
up prices sufficiently to offset the 
rebound in the price of the com- 
modity. 

Two of the three, Mobil and 
Texaco, were also held back by 
restructuring costs announced 
t>n~g month. 

Exxon, which reported its low- 
est quarterly after-tax profits 
since the last quarter of 1969, saw 
exploration and production earn- 
ings fall li per cent to 8603m. The 
company blamed the drop an the 
fact that oil prices were on aver- 
age $2 a barrel lower than the 
second quarter of 1993, despite 
the recent run-up. 

Before one-off charges, Mobil’s 


upstream earnings slipped 15 per 
cent and Texaco's fell 37 per 
cent, to $335m and 8155m respec- 
tively. 

Downstream earnings, m ean , 
while, showed a reverse of the 
first three months of the year. At 
that time, profit margins bad 
swollen as the companies bene- 
fited from lower input costs. 

In the second quarter, Exxon's 
refining and marketing profits 
-slid 50 per cent, to 8301m; Tex- 
aco's fen 41 per cent, to 8106m; 
and Mobil's slipped 8 per cent, to 
8224m (an figures before one-off 
items.) 

Echoing comments from the 
other companies, Mr Alfred 


DeCrane, chairman and chief 
executive of Texaco, blamed the 
poor downstream results on ris- 
ing costs. 

“Market conditions precluded 
recovery of these added costs to 
the refining and marketing 
units,” he said. 

One bright spot for the big US 
oil companies has been the 
rebound in profitability at their 
chemicals businesses in recent 
quarters. In the latest period. 
Exxon said profits had jumped to 
8110m. from S50m a year before. 

Both sales and profit margins 
in the chemicals business 
improved during the latest quar- 
ter, and profits have now risen in 


four consecutive periods, said Mr 
Lee Raymond, Exxon chairman. 

Mobil recorded earnings of 
S39m from chemicals, almost as 
much as the S44m it made in the 
whole of last year. Texaco 
reached agreement recently to 
cpIT its chemical* operations, and 
accounted for these operations as 
a discontinued business. 

Capital spending at each of the 
companies fell during the first 
half of the year, as they put some 
exploration projects on hold 
pending a recovery In the oil 
market At Exxon, total capital 
spending fell 10 per cent, to 
S3.5hn. 

Chart, Page 22 


Alan Cane reports on how the US computer maker intends to halt a string of losses 


Fingers crossed as 
Digital gets to grips 


T hey used to call it the 
“Digital handshake”: arms 
folded, index fingers 
extended in either direction, 
indicating that responsibility lay 
anywhere other than with the 
individual concemed. 

Today the fingers are pointing 
at the Settlor Tnar>ap»mpnt of Dig. 
ital Equipment, the struggling 
US computer manufac turer, as it 
prepares to announce its fourth 
consecutive set of annual losses, 
including roughly $1.6bn of 
charges to cover 20,000 job losses, 
cutting 10m sq ft of manufactur- 
ing and office space, and asset 
write-offs. 

The Maasarhiigitfc compan y tS 
also preparing to abandon matrix 
management in favour of a sim- 
pler system conferring greater 
accountability for Hadginns 
How serious are Digital's prob- 
lems? Mr Enrico Pesatori, head of 
the newly constituted computer 
systems division, underlines the 
urgency: “The company must 
return to profitability In the next 
two quarters. We are not running 
out of money - we have a strong 
balance sheet - but if we fail, the 
confidence of our employees, our 
sbareholders and our customers 
will sink to a point that will be 
very serious for us.” The fear is 
that co ntinuing losses and a fail- 
lire of c onfidence would pitch the 
company into a financial death 
spiral 

Key to the resuscitation of the 
group is the performance of Mr 
Pesatori’s division, essentially 
the heart of Digital’s traditional 
business. Medium and large com- 
puter systems are losing money 
because the cost of supporting 
large engineering, manufacturing 
and sales operations remains out 


of line with anticipated revenues. 

Mr Pesatori, 53, joined Digital 
last year from Groupe Bull of 
France, to revitalise the PC 
operations. Following the sur- 
prise resignation in April this 
year of Mr Edward Lucente, head 
of worldwide sales and market- 
ing, Mr Pesatori was promoted to 
his present position, essentially 
number two to chief executive Mr 
Robert Palmer and carrying most 
of the responsibility for Digital's 
recovery strategy. 

Digital's traditional computer 
business, a source of strength in 
the 1980s. is now its biggest head- 
ache. Since May, Mr Pesatori and 
other senior executives have put 
together a five-point plan to 
pnahlp the division to break even 
by the end of this financial year. 
If it works, he argues, the com- 
pany will be comfortably in profit 
through its other activities. His 
analysis reads like a catalogue of 
the mistakes Di gital has made 
over the past years: 

• First, he says, the division has 
to focus on key markets: “We 
have been all over the place in 
engineering and in the industries 
we served. We have not focused 
on our strengths.” 

• Second, there has to be an 
new emphasis on low-cost, high 
volume products, the bread and 
butter of the new computer 
industry. “Our engineering capa- 
bilities have become isolated 
from the market. We excelled in 
niche markets, but n fchp players 
employ 5,000 people, not 90,000.” 

• Third, Digital has to restore a 
credible distribution policy based 
on a reliable network of dealers, 
systems integrators and value 
added resellers (VARs). 

The company had an excellent 


Norsk Hydro shows strong 
recovery in second quarter 


By Christopher Brown-Kumes 
bi Stockholm 

The strength of the recovery at 
Norsk Hydro was highlighted 
yesterday when the Norwegian 
energy, fertilisers and metals 
group unveiled a NKrl.93bn 
($280m) net profit for the first 
half following a strong second 
quarter. 

Higher sales volumes, better 
prices and increased oil and gas 
production all contributed. 

In the first half of 1993, net 
profits amounted to NKr2.63bn, 
but the figure was inflated by a 
NKrl.8bn gain on selling a 3&3 
per cent stake in Freia Marabou, 
the chocolate maker. 

Hydro, which has just raised 
NKr4-7bn through a rights issue, 
said the result kept it on course 
for operating profits of NKrlObn 
in 1996. First-half operating 
income rose to NKr&52bn from 


NKrik39bn, as revenues climbed 
to NKrS5.2bn from NKi32Jflm. In 
the second quarter, operating 
income more than doubled to 
NKrl33bn from NKi936m as rev- 
enues rose to NKrl7.9bn from 
NKrl5Jbn. 

The group's shares gained 
NKr8 yesterday before settling to 
dose NErl higher at NKr25L 

AH four divisions - oil and gas, 
tight metals, agriculture and pet- 
rochemicals - achieved better 
results in the second quarter. 
The biggest improvement came 
from the agriculture division 
where rising fertiliser prices, bet- 
ter productivity and higher vol- 
umes helped lift operating 
income to NKr544m from 
NKr99m. Poor weather at the 
start of the year pushed demand 
into the second quarter. 

Ofl and gas oper a ting income 
rose to NKr900m from NKr732m 
as output expanded to 2.9m 


tonnes of oil equivalent from 
2.2m- Average oil prices at 
slightly under 816 per barrel were 
$2 lower than a year ago, but the 
impact was partially cushioned 
by a higher average dollar 
ex c hange rate. 

Firmer aluminium prices 
strengthened the light metals 
division, poshing up operating 
income to NKr305m from 
NKr85m. The petrochemicals 
division saw higher sales and bet- 
ter prices, lifting operating prof- 
its to NKrl72ra from NKr82m. 

Mr Alan Marshall, analyst at 
Swiss Bank Corporation in Lon- 
don, said he expected full-year 
net income of NKr3.7bn, com- 
pared with NKi3bn last year. 
“With oil, aluminium and PVC 
prices continuing to go up, the 
second half will be fairly strong,” 
he said. 

Lex, Page 16; World Stock 
Markets, Back Page 


Lucas dismisses inquiry claims 


By Andrew Bolger in London 

Lucas Industries, the UK-based 
engineering group, yesterday 
dismissed claims that it was 
under criminal inves tigati o n in 
the US for falsifying inspection 
of parts for commercial aircraft 

A report in yesterday's Wall 
Street Journal caused Lucas’s 
shares to fall from 198p to 183p 
when trading started in famdon. 
They recovered to close at 19 3p. 

The Journal said US industry 
and law enforcement officials 
bad told it Lucas was being 
investigated over serious quality 
control lapses involving devices 
that help move the flaps on Boe- 
ing's 767 twin-engine jets. 

Lucas said yesterday that 
through its own investigations, 
it had discovered a small number 


of in-process visual inspections 
had not been conducted on the 
trallingedge flap actuators sup- 
plied to Boeing. “However, final 
inspection and functional tests 
on computerised test-rigs, which 
determined the integrity of the 
products, were fully and success- 
fully completed. After this dis- 
covery, Lncas voluntarily 
informed Boeing and, in accor- 
dance with Lucas compliance 
practice, the US government” 
The UK group said it had 
taken disciplinary action against 
three employees. It added: 
“Lucas performed analysis to 
tamfin i i flight safety of the actu- 
ators- These indicated that the 
parts met all quality require- 
ments and Boeing concurs. There 
were and are no quality prob- 
lems on these products-” 


Boeing said: “Ibis appears to 
ns as a process problem, and not 
a quality problem, that Lncas 
caught and fixed. We concur 
with Lncas that these parts meet 
all quality requirements and 
believe the product is absolutely 
safe.” 

Lncas said it had notified the 
US Justice Department of the 
problems at its Lncas Western 
plant at Park Qty. Utah, but was 
not aware of any active investi- 
gation by the departme n t . 

In May Lucas confirmed it was 
under investigation by the Pen- 
tagon for allegedly supplying 
gearboxes from the Utah plant 
that fell below specified stan- 
dards for the US Navy’s F/A-18 
fighter aircraft Lncas said yes- 
terday it had made progress with 
its corrective action. 


Digital: a long period of decline 


*Ifwe£afl, 


network in the 1980s, but threw it 
away because of fears about loss 
of account control and smaflar 
shares of the gross profits. Now 
the plan is that only the largest 
1,000 customers worldwide will 
be serviced directly. The remain- 
ing 7,000 will be handled by 
VARs and dealers. 

• Fourth, accountability. The 
new management structure 
should ensure that executives are 
responsible for their decisions. 
Mr Pesatori notes: “We have to 
open up a complex, layered struc- 
ture. We have to penetrate robust 
layers of management that are 
resistant to change.” 

• Fifth, profitability. Mr Pesa- 
tori believes there is no magic in 
the bumness model for the mod- 
em computer industry: “Yon 
have to have a 40 per cent gross 
profit margin; general adminis- 
trative expenses should not be 
above 22 per cent and resea rc h 
and development nhrmlrf not cost 
more than 12 per cent of reve- 
nues.” It is generally acknowl- 
edged that its overheads and 
engineering costs are twice as 
high as some rivals. 

The dilemma for Digital is the 
decline of revenues from its tradi- 
tional, proprietary systems while 
customers ponder moving to 
newer, lower cost industry stan- 
dard systems. The company was 
slow to embrace standard 
systems, then shot itself in the 
foot with a panicky campaign to 
persuade customers to move 
quickly to the newer technology. 
Mr Pesatori hopes to stabilise the 
migration, creating a more pre- 
dictable and manageable loss of 
revenues from Digital's propri- 
etary hardware. 

Nobody discounts the difficulty 


Stare Price® 

•130 — : 


tbe'i&tifideQce of our ■] 
ees, and .* 

easterners iwiank to a 
pout that wffi b^firy serious' 


Enrico Psaafort vice-president 




1989 90 91 92 93 94 

Net Income (Sbn) 

■•LS »■■■', — 


■■■?•■ : •• • 

-°-s . r - 


- It— 

t : ouxiths I 


•-L6 **——*•♦ — -• — 

_ t; -i , . *. . .!■• 

-2JJ 

• ' *:■! ™v : V, 

-j>6 ■ ' : - J. .:*.**.. J • 

1989 90 91 92 93 


SatwO retwm 

of the task Digital's management 
is attempting: “Between here and 
there is a tremendous implemen- 
tation problem,” admits Mr Pesa- 
tori, “but we have contingency 
plans and our strategy is based 
on very pessimistic estimates of 


Fbwidal ysor ante Jaw 30 


our revenues.” 

Digital has been its own worst 
enemy since its troubles became 
apparent four years ago; this lat- 
est offensive may be its last 
chance to avoid a spiral of 
decline. 


US phone 
groups in 
cellular 
venture 


By Patrick Harverson 

In New York and Andrew Adonis 

In London 

AIrTouch Communications, the 

California-based cellular tele- 
phone company, and US West, 
the Baby Bell regional telecom- 
munications group, are to merge 
their domestic cellnlar telephone 
businesses in a joint venture. 

The venture will create the 
third largest provider of cellnlar 
phone services In the US. It will 
have cellnlar licences in 16 of the 
top 30 markets and serve more 
than 1.7m customers. 

The deal, which requires the 
approval of federal regulators, is 
the latest in a series of alliances 
within the fast-growing mobile 
communications business. Ana- 
lysts see this as part of a 
restructuring of the US telecoms 
industry in the face of regulatory 
upheaval, technological change 
and the erosion of boundaries 
between local, long-distance and 
mobile services. 

AIrTouch is the former cellnlar 
arm of Pacific Tclesis. while US 
West is a Denver-based operator 
covering 14 mid-western states. 
While neither companies' inter- 
national operations will be 
Included in the joint venture, the 
two groups will work together to 
develop non-US bnsiness. 

In Enrope, AirTonch has a 
stake in Mannesmann Mobil- 
funk, the second cellnlar net- 
work in Germany, and in the 
consortium behind Italy’s second 
network. 

US West's overseas interests 
include a half-share in Mercury 
One-2-One, the third-largest UK 
cellular operator. 

Under the terms of the deal, 
AirTonch win own 70 per cent of 
the joint venture and US West 30 
per cent, with US West allowed 
to convert its stake into direct 
ownership or AirTouch stock 
subject to certain conditions. For 
regulatory reasons the two 
operations will initially be kept 
separate, with a single entity 
providing management apri sup- 
port services. 

The announcement of the joint 
venture came on the day the US 
government began auctioning 
licences for “narrowband” per- 
sonal communications services 
(PCS) such as paging and voice 
messaging. 

AirTonch and US West said 
yesterday they were also creat- 
ing a joint venture to pursue 
opportunities in the PCS busi- 
ness. Time Warner, the US enter- 
tainment group eager to move 
into the telecoms business, is 
considering participating. 


: Jl 


Management 


u Buy-Out 


Congratulations to 


DOLLAR 


on its recent flotation 

The Management Buy-Out was led by 
Prudential Venture Managers Limited 
in 1993 


Member oT DOtO 
My ISM :11a m 


P/ 

PRUDENTIAL 

Venture Managers 

, Uatad Ante* Hone Bp Pise* Undo, BCW 65N Td on^JI 7747 
■ vnaiMDorimnlaglj 





18 


FINANCIAL TIMES TUESDAY JULY 26 1994 


INTERNATIONAL COMPANIES AND FINANCE 


German group 
to cut links with 


Castle Energy 


By Richard Waters 
hi New York 


MetallgeseUschaft, the German 
industrial group crippled last 
year by its energy dealings in 
the US. yesterday revealed it 
was planning to end its loss- 
making relationship with Cas- 
tle Energy, a US refiner. 

Long-term oil contracts 
between Castle, of which the 
German group owns 40 per 
cent, and MG Corp, its princi- 
pal US subsidiary, have contin- 
ued to sap the group’s profits 
in the months since it organ- 
ised a financial rescue. 

MG Corp is committed to 
buying Castle’s output under 
contracts stretching into the 
next century, at prices above 
normal market levels. The 
company is believed to have 
been trying to negotiate 
changes to the contracts for 
some months, with no success. 

In a filing with the Securities 
and Exchange Commission yes- 
terday, MG disclosed it was 
seeking to “te rmin ate and/or 
modify” its relationship with 
Castle. 

If it is unable to agree a set- 


tlement with Castle, then it is 
likely to remove financial sup- 
port from the company, virtu- 
ally all of whose debt is owed 
to MG. The German group 
warned it did not intend to 
extend debt which fells due 
from Castle on September 30. 

Yesterday’s news represents 
an attempt by MG to increase 
the pressure on Castle in the 
renegotiations of its contracts 
with the German group. If 
these Call MG could face sub- 
stantial costs, including the 
writeoff of its Investment in 
the company and the loss of 
much of the debt it is owed. 

The contracts between MG 
and Castle have been the sub- 
ject of intense investigation 
this year. "Castle Energy is a 
money-making machine, and 
MG Corp is a money-destroy- 
ing machine,” Mr Kajo Neu- 
kixcben, Metallgesellschaft's 
chairman, was reported as say- 
ing recently. 

“Whoever is responsible for 
the 76 individual contracts 
between MG Corp and Castle 
Energy must have certainly 
had an ulterior motive,” he 
added. 


Fund to buy 
Portuguese 
groups in 
Es24bn deal 


By Peter Wise in Lisbon 


Renault and Iveco extend 
co-operation over parts 


By John Bidding in Paris 


Renault. the French 
state-owned vehicles group and 
Iveco, the commercial vehicles 
subsidiary of Fiat of Italy, yes- 
terday announced that they 
would co-operate in the manu- 
facture of cabins for light com- 
mercial vehicles. 

The agreement reflects the 
strategy of both companies of 
seeking partnerships in spe- 
cific product lines and technol- 
ogies to reduce the cost of 
vehicle development. 

Under the terms of the 
accord, Renault and Iveco will 
jointly develop cabs and cab 
components, with an expected 
annual production volume of 
120,000 units. Renault will 
receive part of Iveco's stamped 
welded output in return for 
technology from the French 
group. 


According to a joint state- 
ment, the cabs will be fitted on 
future Iveco Daily vehicles and 
on a new Renault tight com- 
mercial vehicle range. The 
cabs will be assembled in 
Iveco's Italian plants in Brescia 
and Suzzara, and at its Valla- 
dolid plant in Spain, while 
Renault will assemble the cabs 
at its Batilly site in France. 

The co-operation in cabs fol- 
lows agreements between Ren- 
ault and Iveco in vehicle com- 
ponents. Iveco currently 
supplies an annual total of 
about 40,000 2.S litre diesel 
engines, manufactured in Fog- 
gia, to power the Renault Saf- 
rane, Trafic and Master 
Vehicles. 

Renault has played down 
speculation of a broader alli- 
ance with Fiat, following the 
collapse of its merger plans 
with Volvo of Sweden. 


Espirito Santo Development 
Capital Investors (ESDCIL), a 
fond dominated by Mr George 
Soros, the international finan- 
cier, is to purchase Portugal's 
leading packaging company 
and two Portuguese and 
French car battery producers 
in deals worth more than 
Es24bn (SI47m). 

The fund has reached an 
agreement to buy 100 per cent 
of Colep, a metal and plastic 
packaging group with annual 
sales of Esl4bn, for Es2Qbn- 
Es25bn. Colep leads the Portu- 
guese market for aerosol and 
other cans and is also a con- 
tract filler and distributor of 
packaged goods. 

Colep is majority owned by 
Mr Ilidio de Pinho, a Portu- 
guese entrepreneur. A US 
institutional investor holds 
about 25 per cent ESDCIL said 
Mr de Pinho was selling to 
ensure management continu- 
ity after his only son died in a 
car accident. 

About 25 per cent of the cost 
of the purchase is to be met 
directly from the Esl6.34bn 
closed-end fund. Investors in 
the fund will pay the remain- 
der separately. Companies con- 
trolled by Mr Soros account 
for 50 per cent of the ESDCIL 
fund. The other main investors 
are Espirito Santo, the Portu- 
guese financial group, and 
European, Middle Eastern and 
US institutions. 

In a separate deal, ESDCIL 
is to acquire 48 per cent of 
A atari], a Portuguese family- 
owned car battery maker, by 
injecting about Es4bn in fresh 
capital. Autosil will use the 
funds to purchase 100 per cent 
of Steco, France's second auto- 
motive battery producer and 
third in sales, for FFrlOOm- 
FFrl20m. 

Autosil registered sales of 
Es3-3bn in 1993, accounting 
for 30 per cent of the Portu- 
guese market Sales are fore- 
cast to rise to Esflbn in 1995 as 
a result of a contract to supply 
a new Ford-Volkswagen car 
plant in Portugal. Steco's 1993 
sales were about FFr5 QOm. 

ESDCIL said Autosil and 
Colep were both likely to be 
floated on the Lisbon stock 
market over the medium term. 


Speedy transformation at SGS-Thomson 

John Ridding reports on the tumround at the Franco-Italian semiconductor maker 


W hen SGS Microelec- 
tronics of Italy and 
Thomson Semicon- 
ductor of France started dis- 
cussing a merger in 1986. the 
two companies had a lot in 
common. Both of the state- 
owned enterprises were losing 
market share, both were in 
financial difficulties and both 
were struggling to survive in 
an increasingly competitive 
industry, with entrenched US 
and Japanese market leaders 
and aggressive pretenders 
emerging in east Asia. 

Eight years on, the transfor- 
mation has been impressive. 
The Franco-Italian group has 
moved into the black, expan- 
ded market share, and has 
moved to within striking dis- 
tance of the world's 10 biggest 
semiconductor companies. It is 
at the head of the field in tech- 
nologies such as automotive 
semiconductors, and Eproms. 
devices which store data with- 
out a power supply, and is pre- 
paring to take on Intel, the 
industry giant, in the strategi- 
cally-important microprocessor 
market. 

The transformation has fed 
through to the bottom fine. Mr 
Pasquale Pistorio, the Italian 
chairman of SGS-Thomson 
who has guided the company 
back from the brink, predicts a 


strong improvement in profits 
this year. In the first quarter, 
the group chalked up a net 
profit of $80m, baif of the 
result for all of 1992. The sec- 
ond quarter was still better, 
according to the chairman. 

“It is quite a tumround." 
says Mr Pistorio. “Many people 
felt that we were doomed to 
failure and that Europe could 
not compete at the top of the 
world semiconductor Indus- 
try.” 

Given the problems of ach- 
ieving a transnational merger 
and the struggle faced by 
many European companies in 
high technology sectors, the 
revival appears all the more 
st riking , it raises two related 
questions; bow has the turn- 
round been achieved and will 
the restructuring prove a dura- 
ble basis for continued expan- 
sion at SGS-Thomson. 

The backing of state share- 
holders, concerned to maintain 
a presence in a strategic indus- 
try, has certainly helped. Last 
year. SGS-Thomson received 
two capital injections of $25Qm 
each, which have helped bring 
its debt-equity ratio to below 30 
per cent and ease the burden of 
financial charges. 

But the recovery has mainly 
been based on a fundamental 
reorganisation of the compa- 


ny's operations and a strong 
effort in R&D. “When we 
started we had sales of $44,000 
per head,” says Mr Pistorio, 
well below the industry aver- 
age, and about a third of the 
present level The result was 
the closure of five plants in the 
first year of the merger, three 
in France, one in Malaysia and 
one in Singapore. 

The common factor behind 
these first actions was speed. 
“There were some within the 
company who thought we 
should look at a time scale of 
two years to integrate the com- 
panies." says Mr Pistorio. “But 
1 concluded it was best to move 
as quickly as possible. If you 
go fast then it is difficult for 
people to hesitate, and it pre- 
vents a long period of confu- 
sion for customers.” 


B ut in spite of the rapid 
pace of change, two 
important factors 
remained constant - commit- 
ment to a global manufactur- 
ing and sales presence and the 
emphasis on R&D and innova- 
tion. 

“We have never cut one per- 
son in R&D and we have 
increased research spending as 
a proportion of sales to about 
18 per cent,” says Mr Pistorio. 
Efforts were focused on closing 


the gap with market leaders in. 
CMOS and VLSI technologies, 
used in a series of applications 
from microcontrollers to the 
compression of electronic sig- 
nals. SGS-Thomson has also 
maintained its International 
operations. 

Last year. SGS-Thomson 
opened a state of the art plant 
in Crolles in south-eastern 
France. Another plant in Phoe- 
nix, Arizona, is in the installa- 
tion phase, while one in Cata- 
nia, Sicily, is under 
construction. 

This new capacity will help 
push up volumes in the com- 
pany's more advanced product 
lines. But. as Mr Pistorio 
admits, there is still a long way 
to go. He says the technology 
and capital requirements of the 
sector mean that the industry 
will divide into two broad cate- 
gories; general, broad range, 
semiconductor suppliers and 
small specialist producers. The 
dividing criteria, he reckons, 
will be market share, and the 
crucial level will be about 5 per 
cent, a few points higher than 
his company's present share. 

To lilt the company out of 
what he describes as "the grey 
zone”, Mr Pistorio is banking 
partly on sales growth above 
the market average and on a 
further shift towards higher 


value-added products. April's 
decision to enter the micropro- 
cessor market, with devices to 
be sold under its own name, 
also reflect the move towards 
higher margin products. 


I n other areas, however, the 
company's strategy is to 
develop partnerships. At 
the Crolles plant, for example, 
researchers from Philips work 
alongside counterparts from 
SGS-Thomson on the develop- 
ment of VLSI products. "It is 
the only example of European 
semiconductor companies put- 
ting their leading edge 
research together,” says Mr 
Pistorio. 

As for new capital, the chair- 
man finds it hard to disguise 
his enthusiasm Cor privatisa- 
tion. “Our shareholders have 
been very business-minded." 
he says. There is no question, 
he concludes, that privatisa- 
tion would make sense, but the 
“if, when and how” is up to the 
shareholders. 

With both the French and 
Italian governments already 
embarked on ambitious privati- 
sation programmes, and with 
the prospect of further 
Increases in profits, the priva- 
tisation of the company now 
appears more a question of 
when and how, than if. 


Privatisation 
in 1996 for 
Pechiney 

By John Ridding 


Mr Jean-Pierre Rodier, who is 
due to take over as chair man 
of Pechiney later this week, 
believes that the French state- 
owned al uminium and packag- 
ing company will probably be 
privatised in 1996. 

He also believes that the pri- 
ority for the company was to 
return to profit. In 1993, Pech- 
iney suffered a net loss of 
FFi980m (5180m). 

Mr Rodier said that, 
although. 1996 might seem dis- 
tant, It does not leave much 
time for the company to pre- 
pare itself for sale. In addition 
to reversing its losses, the com- 
pany is also at the centre of a 
proposed, but complex, alliance 
with Compagnie Nationale du 
Rhone, the hydro-electricity 
producer. 


Trafalgar House in shake-up 


By Simon Davies in London 


Trafalgar House, the UK 
construction, property and 
shipping group, yesterday 
announced further restructur- 
ing costs for its troubled engi- 
neering division, only seven 
months after it revealed 
£397.3m ($607. lm) of excep- 
tional charges which analysts 
had described as a “kitchen 
sink exerdse”. 

The company said the latest 
costs, which will amount to “at 
least £15m”, are being made to 


ensure that the engineering 
division can operate profitably 
at reduced levels of business. 

Trafalgar shares fell 4p to 
73p yesterday, their low point 
for the year, as analysts 
marked down earnings fore- 
casts by close to one third. 

Forecasts for the engineer- 
ing, shipping and property 
group were also cut back sub- 
stantially after disappointing 
interim results on May 26. 

Brokers' forecasts are now 
suggesting pre-tax profits of 
around £35m for the year to 


September, this compares with 
a consensus forecast of around 
£80m at the start of the year. 

A large portion of the 
restructuring costs are likely 
to come in the form of more 
job cuts for the engineering 
division's 22.000 workers, and a 
Trafalgar official indicated that 
the latest redundancies were 
likely to be in the “hundreds". 

In addition, the company is 
planning to merge some of its 
operations in continental 
Europe and the UK. reflecting 
the weak performance there. 


US ENERGY COMPANIES - SECOND QUARTER NET INCOME ($mj 


Earnings 


HALF-YEAR 



>94 

Total 

■93 

■94 

ESP* 

■93 

Downstream 
*94 '93 

per share 
■94 "93 

TOTAL 

■94 

*93 

Exxon 

885 

1,235 

603 

761 

201 

446 

arc 

0.98 

2.045 

2.420 

Mobil 

198 

579 

150 

465 

189 

105 

0.48 

1.41 

733 

1,089 

Texaco 

28 

309 

115 

245 

44 

179 

035 

1.11 

317 

593 


'EiEbttniMindjtfer. Oudrtnrfy fgvras iKktdB th* to&Mitng afar -tax c tuv gm. net of aramffpa*ii: UobB. UJSnt f[OOm at T99JI fisaco. tl2fn> puna 
m 199% Brno, nona <SSiOn 0 am to 1699 


French group 
proposes merger 
with Stena arm 


By David LascoBes, Resources 
Editor, in London 


Coflexip, the French 
manufacturer of flexible pipe 
for the offshore oil industry, 
has proposed a merger with 
Stena Offshore, the sub-sea 
contracting arm of Stena of 
Sweden. The 8230m transaction 
will create a sub-sea oilfield 
products and services group 
with sales of $650m. 

Coflexip, whose biggest 
shareholders Include Elf Aqui- 
taine, will finance the deal 
through a combination of secu- 
rities and $30m in cash. 

Mr Christian Marbach, 
Coflexip 's chairman, said San- 
a's strengths in offshore con- 
tracting made the merger a 
good match. Coflexip's skill, 
meanwhile, was in manufac- 
turing and technology. 




E v i 


;.s 






if r<^; 




? >5 


This announcement appears as a matter of record only. 


I C A • ■ T 
nnim mmti 


Istanbul, Turkey 


US$34,000,000 

Financing for the construction of an integrated 
meat and dairy plant at <Jerke§, Province of Qankiri 


US$6,700,000 

Common Equity 

Provided by 

International Finance Corporation 
ifu-Industrialiseringsfonden For Udviklingslandene 


US$18,000,000 

Senior Term Loan 

Provided by 

International Finance Corporation 


and through participations 
in the IFC l>oun hv 


FMO - Nederfandse Financierings 
Maatschappij voor Ontwikkelings Landen n.v. 


RABOBANK Nederland 
Agri-Project Finance Team 


DM 15,000,000 

Senior Term Loan 

Provided by 

DEG - Deutsche Tnyestitions-und Entwicklungsgesellschaft mbH 


June 19R4 


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The Indian Seamless Group famed In India for its rapid and durable 
growth excels in management of advanced technologies. 

Recent strategic moves to expand, diversify and integrate signify the 
Group’s continued dynamism in India’s rapidly deregulating economy. 

• THE INDIAN SEAMLESS METAL TUBES LTD. 

India's most versatile seamless tube Company, it has the ISO 9002 
certification and meets the requirements of some of the most illustrious Indian 
corporations. It also exports to USA, Europe, Japan, South Korea and other 
developed economies. 

• INDIAN SEAMLESS STEELS AND ALLOYS LTD. 

A state-of-the-art project for manufacture of high grade carbon and alloy 
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Engaged in Financial Services, Merchant Banking, 0TC exchange, trading 
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• TANEJA AEROSPACE & AVIATION LTD. 

India's first aircraft manufacturing project in the private sector, it is all set 
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THE INDIAN SEAMLESS GROUP 

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Western Areas Gold Mining 
Company Limited 


South Deep Exploration 
Company limited 


Reg. No. Wtmw/Ob 

Ilnofflrporaled in [be Republic of Sgulh Africal 

rwattrn Areas") 


Reg. No. KfoaVBIAXi 

J Incorporated in (he Republic ot South Africa} 

{'South Deep*) 


JOINT CAUTIONARY ANNOUNCEMENT RELATING TO WESTERN AREAS AND SOUTH DEEP 


Shareholders are advised that discussions are raking place wiih a view to combining the mining interests of South Deep and Western Areas 
so as to create an enlarged mine that could benefit from synergies of joint operation. This would enable shaft sinking and mining of the South 
Deep orcbody to commence earlier than previously anticipated. 

It is envisaged that the assets of South Deep, excluding mineral rights and freehold property, will be acquired by Western Areas upon terms 
and conditions still to be finalised. The successful conclusion of the negotiations would result in Western Areas undertaking lire mining 
operation on behalf of South Deep in exchange for a share of the profits generated by the South Deep orebody. 

South Deep would provide the necessary funding to enable Western Areas to mine the orebody and receive the profits (exclusive of the 
Western Areas' share thereof) associated with the exploitation of this orebody. 

Shareholders will be advised in due course of the outcome of discussions and in the event of a merger proceeding, the details of the 
agreement and the date of the special general meetings. In the meanwhile shareholders of both companies arc advised to exercise caution In 
dealing in their shares. 








irs-- .rr~r. 




Johannesburg 
26 July 1994. 


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fr r 


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l0 '4 


FINANCIAL TIMES TUESDAY JULY 26 1994 


INTERNATIONAL COMPANIES AND FINANCE 


^ ' li, vh 3 

■ l!r "K: 


Sprint joins Iusacell in venture 


By Damian Fraser 
In Mexico City 

Sprint, the US telephone 
group, is joining up with. 
Grupo Iusacell a leading Mexi- 
can cellular telecommunica- 
tions company, to provide a 
long-distance service in Mexico 
from January 1997. 

Iusacell wfll own at least 51 
per cent of the new company, 
and Sprint at least 33 per cent 
Bell Atlantic, the US Baby Bell 
last year agreed to take a 42 
per cent in Iusacell for $L04bn, 
and will indirectly own a stake 
in the new venture. 

The Iusacefl-Sprint joint ven- 
ture win first apply for regula- 
tory approval to provide 
long-distance services. The 
Mexican government has 
agreed to open up the 


longdistance telephone market 
to competition from 1997, but 
has not yet issued licences, nor 
established the requirements 
potential carriers will have to 
meet 

However, Iusacell and Sprint 
expect to be given approval 
soon. 

Last month the ministry of 
communications and transport 
agreed in principle not to limi t 
the number of long-distance 
carriers as part of the first step 
in opening up the telecommu- 
nications sector. 

Sprint's venture in Mexico 
follows a similar move by MCI 
the second largest US 
long-distance carrier, which 
earlier this year formed a $ibn 
alliance with Grupo Finandero 
Banamex to provide 
long-distance services from 


1997. MCI will invest about 
$4S0m in the new company, 
taking a 45 per cent stake in it. 

Sprint and MCI will be com- 
peting against Telfefonos de 
M&dco, the current monopoly 
provider, in which Southwes- 
tern Bell has a minority stake. 

Telmex earned about $4 bn 
from long-distance revenues 
last year. $2-5bn from domestic 
long-distance and S1.5bn from 
international Mr John Cahill, 
vice-president of Sprint, said 
Mexico’s long-distance market 
could be worth £20bn by the 
end of the decade. 

Sprint said the new Mexican 
company will advance its strat- 
egy of creating “a seamless 
North American network to 
handle the anticipated demand 
stemming from the North 
American Free Trade Agree- 


ment”. Sprint already offers 
long-distance services in Can- 
ada, in partnership with Call- 
Net, Canada’s largest alterna- 
tive communications carrier. 

Iusacell, which sold 9 per 
cent of Its capital for $ 2 S 0 m in 
an initial public offering last 
month, is the non-Telmex cel- 
lular company in central 
Mexico, with more than 150,000 
subscribers. 

The company is planning to 
offer a wireless local telephone 
service in Mexico next year- A 
spokesman said Iusacell expec- 
ted to be granted the necessary 
regulatory approval in the nest 
few weeks, and would begin 
test trials later this year. 

The local service would 
enable Iusacell to offer inte- 
grated local and long-distance 
telephone services from 1997. 


Second term UK sales lift American Brands 
earnings up 

° r By Richard Waters The company recently reached quarter were slightly ahead < 

ctrnnnlv Qf m New York agreement to sell its American the Industry average, results 

2H-1 Uilgl \ dl Tobacco subsidiary to BAT in an increase in market shan 

¥ A sharp rise in ci garette sales Industries for glbn. the company said. 

I t flftfl VPSfef* in the UK supported earnings The increase in volumes in The volume growth was le 

^ vtll at American Brands, the US the UK of 44 per cent was due by low-price brands, whic 


By Frank McGurty in New York 

Goodyear, the US tyre group, 
lifted net earnings in the sec- 
ond quarter by more thm 18 
per cent to $163 . 2 m, or $1.08 a 
share. 

The result represents a solid 
improvement on the corre- 
sponding period of 1993, when 
the company posted a profit of 
$137 .6m, or % cents a share, 
excluding a charge of $14. 6m 
for the early retirement of 
debt. 

The company sustained its 
earnings momentum despite 
the continued sluggishness of 
the world economy, as 
reflected in its nearly static top 
line. In the second three 
months of the year, revenues 
inched ahead to $3.05bn, up 
from $3bn in the year-earlier 
quarter. Unit sales of tyres 
climbed 3 per cent, compared 
with a 12 per cent growth rate 
in the first quarter of 1994. 

Sales to unaffQiated custom- 
ers in Europe, the company's 
second biggest market outside 
the US, declined almost 4 per 
cent to $561.5m. Conditions in 
Turkey were cited as particu- 
larly difficult. The downturn 
was partly offset by modest 
gains in North America, Latin 
America and Asia. 

Revenues in the US. up L6 
per cent, grew at a more mod- 
erate rate than In the first 
quarter, when North American 
motor vehicle output had 
expanded at an exceptionally 
rapid pace. In Asia, sales 
surged 15.8 per cent as new 
production capacity came on 
stream in Thailand. 

Yesterday. Goodyear's stock 
was trading at $36%, down $% 
on the session. 

For the six months to June 
30, net income reached $279 2m 
or $1.85 a share, on revenues of l 
$5.96bn. The figures compare 
with profits of $I38.4m, or 96 
cents, on revenues of $5J8lbn j 
in the first half of 1993. I 


A sharp rise in cigarette sales 
in the UK supported earn mg s 
at American Brands, the US 
consumer products group, in 
the second quarter of the year. 

The rise was largely due to 
timing factors, as the compa- 
ny's Gallagher subsidiary 
mainfannpH its claimed market 
share in the UK at 40 per 
cent 

Meanwhile, earnings from 
US cigarette sales, though con- 
tinuing a partial recovery from 
the effects of the price war 
begun last summer, were 28 
per cent lower than a year ago- 


The company recently reached 
agreement to sell its American 
Tobacco subsidiary to BAT 
Industries for $lbn. 

The innypap- in volumes in 
the UK of 44 per cent was due 
to “'distortions caused by a 
change last year in the timing 
of the UK government's bud- 
get” said Mr W illiam Alley, 
chairman and chief executive. 

Operating income from 
non-US tobacco sales more 
than doubled, to $94m, on sales 
up 49 per cent to $L2bn. 

American Tobacco, mean- 
while, saw operating income 
slide to $70m, on sales of $406m 
($£19m a year ago.) Its volume 
gains of 15 per cent in the 


quarter were slightly ahead of 
the Industry average, resulting 
in an increase in market share, 
the company said. 

The volume growth was led 
by low-price brands, which 
rose 20 per cent, while pre- 
mium brands rose only 8 per 
cent. 

With the benefit of a lower 
tax rate, down to 3L3 per cent 
from 36 per cent a year ago, 
American Brands reported 
overall net income of $164m, or 
81 cents a share, up from 
$I5Im, or 75 cents, a year ago. 
Half-year net income fell to 
$3 13m from $398m (before 
accounting changes) in the 
first six months of 1993. 


Nortel strengthens Matra ties 


By B ern a rd Simon In Toronto 
and David Buchan bi Paris 

Northern Telecom, the 
Canadian te lecommunicat ions 
equipment maker, is cement- 
ing a two-year alliance with 
France’s Matra Communica- 
tions by raising its stake in the 
group, from 20 to 50 per cent 

During the next year or so, 
Northern will invest about 
US$l40m in Matra, and convert 
an existing US$150m exchange- 
able debenture into equity. 

These commitments will 
raise Northern's total invest- 


ment to about US$430m. 
France’s Lagardere media and 
industrial group, formerly Mat- 
ra -Hachette, owns the remain- 
ing shares in Matra. 

The focal point of Northern's 
interest is Matra ’s cellular 
business, which Is based on the 
European GSM standard. Nor- 
tel-Matra Cellular, a joint ven- 
ture, recently won a USJlOOm 
contract in Taiwan, in what is 
believed to be one of the larg- 
est deals so far for GSM equip- 
ment Part of Northern Tele- 
com's capital injection will 
reinforce the capital of the two 


groups in this venture. 

The venture has recently 
won contracts in T unisi a and 
from Mercury in the UK, and 
plans to use the new cash to 
recruit an extra 150 engineers 
for its French-based research, 
centre. 

Matra also has a 20 per cent 
share of the French private 
branch exchange (PBX) mar- 
ket and has given Northern a 
window to several other parts 
of the European telecoms busi- 
ness. “We're now seeing some 
fruits of the alliance,” a North- 
ern official said. 


ED&F Man to buy out fund group 


By Antonia Sharpe 

ED&F Man , the international 
commodity trading and finan- 
cial services group winch plans 
a UK stock market flotation in 
September, intends to buy the 
outstanding shares in A HU. a 
specialist fund manager which 
uses quantitative techniques to 
trade futures and currencies. 

Mr Stanley Fink, Man’s 
finance director, said yesterday 
the value or the outstanding 
shares in AHL would be deter- 
mined by Man's forthcoming 
flotation, since it was propos- 


ing a share-for-share exchange. 
The flotation is expected to 
value Man at about £450m 
($ 897m). 

“The exchange of the minor- 
ity interest in AHL for shares 
in Man will enable Michael 
Adam, David Harding and Mar- 
tin Lueck. who currently own 
shares in AHL, to participate 
in the flotation,” said Mr Fink. 

Although AHL’s price/ earn- 
ings ratio is likely to be lower 
than Man's, Mr Fink said Man 
would be paying dose to 20 
times more than it paid for its 
original stake in AHL, to 


reflect the growth in the busi- 
ness. 

When Man bought a 51 per 
cent stake in the trading 
adviser in 1989, AHL only had 
about $30m under manage- 
ment Man has since built up 
its holding in AHL, which now 
has around $30Qm under man- 
agement to around two thirds. 

AHL is one of the leading 
fund managers in its sector, 
and claims that its mathemati- 
cally-based trading strategies 
have produced annual returns 
over the last 10 years of 20 per 
cent after costs. 


Inco loss 
widens as 
deliveries 
decline 

By Bernard Simon in Toronto 

loco, the western world's 
biggest nickel producer, has 
I suffered deeper second-quarter 
' losses. It blamed a dip in 
prices and lower deliveries of 
nickel and platinum-group 
metals. 

The loss widened to 
US$7. 6m, or 7 cents a share, 
from US$2 -2m. or 3 cents, a 
year earlier. First-half losses 
grew to U5$67.6m, or 60 cents 
a share, from US$24 .6m, or 25 
cents, largely reflecting one- 
time restructuring charges. 

Second-quarter net sales 
dipped to US$590m from 
US$604m. Operating earnings 
halved to US$22m. 

The average nickel price 
realised In the second quarter 
was US$2J12 per pound, down 
from US$2.93 a year earlier, 
but above the US$2.77 realised 
in the first three months of 
1994. 

taco’s performance has been 
hit this year by lower deliv- 
eries of company-produced 
nickel and platinum-group 
metals. The fall was blamed on 
production shutdowns and the 
accumulation of nickel inven- 
tory ahead of summer holiday 
shutdowns in Canada. 

Deliveries of purchased 
nickel on which little or no 
profit is realised, have, as a 
consequence, been higher than 
normal. 

These adverse factors were 
partly offset by higher cobalt 
and copper prices, and a slight 
improvement in operating 
results from the alloys 
and engineered prodncts 
business. 

Finished nickel inventories 
totalled 75m lbs on June 30, 
up from 51m lbs on March 31 
and 72m lbs last December. 


Siemens slips to DM1. 2bn 
despite improved demand 


By Christopher Parkes 
in Frankfurt 

Foreign demand is continuing 
to fuel growth at Siemens, and 
there are signs that domestic 
orders are also improving, the 
German electrical and electron- 
ics group said yesterday. 

Total order intake in the 
nine months to the end of June 
increased 6 per cent to DMffiba 
(S41.6bnl. Turnover rose 3 per 
cent to DM57.7bn, but net prof- 
its fell 6 per cent to DMlUSbn. 
according to an interim report. 

The deterioration in earn- 
ings, following an unchanged 
result after six months, was 
foreshadowed recently by Mr 
Heinrich von Pierer, group 
chairman, who said prices in 
some sectors bad fallen 10 per 
cent or more. Investment 
income is also suffering in tur- 
bulent capital market*. 

The export order book was 
up 18 per cent at DM39.4bn, 
while domestic demand fell 5 
per cent to DM25 -3bn. after 


being 6 per cent down at the 
halfway mark, the report said. 

Siemens-Nbcdorf (SNI), the 
troubled computer subsidiary, 
also benefited from a strong 
order flow in the third quarter. 
After a 6 per emit fall in the 
first six months of the current 
year. SNl's order book was 
down only 2 per cent at the 
end of the quarter. Sales were 
4 per cent lower at DMfflffi. 

The semiconductors division, 
recently reported to be in 
profit for tire first time in a 
decade, lifted sales and order 
bookings by 47 per cent and 37 
per cent respectively in the 
review period. 

However, public telecommu- 
nications orders were 4 per 
cent lower, and turnover was 
down 9 per cent. Traditionally 
the group's biggest source of 
turnover, the sector is still 
showing the affects of reduced 
German public sector spend- 
ing. 

Power plant, the second-most 
important division, received a 


boost in the third quarter from 
orders from Taiwan and the 
UK. At the end of the review 
period, orders were 2S per cent 
higher than a year earlier, 
although turnover was 3 per 
cent lower. 

Yesterday's report gave no 
full-year forecasts, although 
group executives recently 
repeated earlier predictions of 
a 10-15 per cent drop in operat- 
ing earnings for the foil year, 
attributable to a weaker result 
from financial operations. 

Net income, bolstered by the 
sale of Siemens' pacemaker 
operations to a US concern, is 
expected to fall slightly short 
of last year's DM1.9Sbn_ 

This year's planned payroll 
reduction of 20,000 jobs is pro- 
ceeding according to plan. 
After adjustments for the first- 
time consolidation of the Syl- 
vania lighting business in the 
US. numbers employed fell 

6.000 in the third quarter. Some 

4.000 of these job cuts were in 
Germany. 


Solid growth at Capital Cities 


By Patrick Harvsrson 
in New York 

Capital Cities/ABC, the US 
entertainment group, yester- 
day reported a 25 per cent 
increase in second-quarter 
profits and record earnings per 
share. It was boosted by 
another strong performance 
from its network, cable and 
international television busi- 
nesses. 

In the quarter, Capital Cities 
earned S189.5m on net reve- 
nues of S1.54bn, up from 
$151.9m on revenues of $1.44bn 
a year earlier. 

Earning s per share of SL23. 
up from 92 cents a share, repre- 


sented a record for the com- 
pany. However, it was 
achieved in the wake of stock 
repurchases by Capital Cities 
which reduced the number of 
shares outstanding by almost 
llm to 154m. 

The strong second quarter 
took the company's first-half 
profits to $305. 6m, compared 
with $222.4m in 1993 (which 
excludes a $ 12 . lm charge to 
cover early debt redemption). 

The company's flagship ABC 
television network had another 
good quarter. It benefited from 
increased advertiser demand 
and improved cost compari- 
sons. which offset the absence 
of earnings from the lucrative 


Academy Awards show, which 
this year was broadcast in the 
first quarter. In the 1993 fiscal 
year, it went on air in the sec- 
ond quarter. 

The company reported signif- 
icant growth in its radio busi- 
ness and cable and interna- 
tional group operations, which 
include its rapidly-growing 
ESPN all-sports cable channel. 

Earnings from publishing 
interests were also higher, 
attributable to gains in news- 
papers and specialised publica- 
tions. 

The second-quarter results 
pleased investors, who bid the 
stock up Sl'-i to $79\ on the 
New York Stock Exchange. 


AU of these securities having been ioU. this announcement appears as a miner of record only. 


Pharmacia 

Pharmacia Aktiebolag 

(a Homed liabdtsy company incorporated under the laws of Sweden) 

SEK 9,065,000,000 

Global Offering 
of 

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JPY 15,000,000,000 

BRITISH AIRPORTS 
FINANCE B.V. 

Floating Rate 
Guaranteed Notes 

due 1996 

Interest Rate Z359b p. a 

Interest Period -My 25, 1994 

January 25, 1995 

Interest Amount due on 

January 25, 1995 per 

YEN 10,000,000 YEN 121111 

jpS Banque GBnBrale 
jgg duLuxbmboubg 

Agent Bank 


Coftipkny, London AsrwBeak 


SOUTH 

AUSTRALIAN 

GOVERNMENT 

FINANCING 

AUTHORITY 

US$500,000,000 
Guaranteed Floating 
Rate Notes 1996 

Notice 'a hereby given chat the 
rale of interest fat the period 
22nd July 1994 to 24th October 
1994 has been fixed at 4.6875 per 
cent Interest tvfll amount to US 
£122.40 per US S10.000 Note. 
US 51,223, 96 per US 5100.000 
Note and US SI24M-SS p« US 
S1.000.0C0 Note, and will be 
payable on 24th October 1994 
against Coupon No: 2- 
Hambros Bank Limited 
V Agent Hanh > 


International Offering 

32,000,000 A Shares 

lilt the term of A Shares or American Depositary Shares) 


Continental Europe and Rest of the World 

Goldman Sachs International S.G. War burg Securities 


Dresdner Bank 

<ltlfc.iH.rlhrh.ll 

Nomura International 
Swiss Bank Corporation 
Credit Lyonnais Securities 
CS First Boston 
Robert Fleming & Co. Limited 
Nikko Europe Pic R] 


Enskilda Corporate 

SwdllwUa EnUUa Butn 

Paribas Capital Markets 
Wood Gundy Inc. 
Credito Italiano 
Deutsche Bank 

All«lttnilh;bte 

ed Lehman Brothers 

RBC Dominion Securities Inc. 


Alfred Berg 
Swedbank 
DnB Foods AS 

July 1994 


UBS Limited 


Nordic Region 


SUAnHtMItiMa 

Goldman Sachs International 
S.G.Warburg Securities 
Mandatnm St Co Ltd Unibank 


United Kingdom 


S.G.Warbnrg Securities 


Enskilda 


Goldman Sachs International 


Barclays de Zoete Wedd Limited 
Klein wort Benson Securities 


James Cape! & Co. 


Lehman Brothers 


Nat West Securities Limited 


Goldman, Sachs & Co. 


Morgan Stanley & Co. 

Smith Barney Inc. 

S.G.Mhrburg & Co. Inc. 


CS First Boston 
Lehman Brothers 
Paine Webber Incorporated 


Donaldson, Lufkin & Jenretle 

Stc u riliaCtcp«n» » M 

Merrill Lynch St Co. 
Salomon Brothers Inc 




20 


FINANCIAL TIMES TUESDAY JULY 26 1994 


France T&lecom 
expected to seek 
industrial links 


INTERNATIONAL COMPANIES AND FINANCE 


Thais shell out for shrimp venture 

Steven Chia hopes to supply chitin products, writes Victor Mallet 

M r Steven Chia is T c 1=a E s The most likeiy obstade 

euphoric about his Ttial Trozen SIWTOip exports the Thai shriin p industrj 

latest shrimp ven- »»» continued expansion is the c 


By John Ridding 
*n Paris 

A report by France T&lScom, 
the French state-owned tele- 
coms operator, is expected to 
recommend the company’s 
legal status be reformed to 
enable the opening of its share 
capital to industrial partners. 

The report, by Mr Marcel 
Roulet, France Telecom's 
chairyngT), is due to be pres- 
ented to Mr Gerard Longue t, 
the industry, telecommunica- 
tions and foreign trade minis- 
ter, by the end of the week. 

France Telecom declined to 
comment on details of the 
report, but it is thought to sup- 
port a government proposal to 
transform the operator into a 
joint stock company, with its 
own capital, from its existing 
status as an “autono- 
mous operator under public 
law". 

The change would allow 
France Tfel&com to exchange 
equity stakes with industrial 
partners and enable the French 
government to reduce its hold- 
ing in the operator. 

The state, however, would be 
expected to retain majority 
control. 

Mr Longuet proposed last 
year that France Tfilfecom's 
legal status be reformed, partly 


to allow it to forgo strategic 
alliances with other telecoms 
companies and to prepare for 
the liberalisation of the Euro- 
pean telecoms market, which 
is due in 1998. 

Resistance to the moves by 
employees at France Telecom 
- who feared the reform would 
lead to privatisation, job cuts 
and the end of their aani-civil 
servant status - prompted the 
postponement of the reform. 

Mr Roulet has since con- 
ducted company-wide discus- 
sions to reassure the operator’s 
154,000 staff. 

Opening France Telecom’s 
capital would allow the opera- 
tor to cement its Industrial 
alliance with Deutsche Tele- 
kom. The alliance, which 
focuses on services for large 
multinational business clients, 
was earlier this year 

through a separate link with 
Sprint of the US. . 

The report also discusses the 
group's financial strategy. 
France Telecom is pursuing a 
policy of debt reduction in an 
attempt to ease financial 
charges and to free resources 
for expansion. 

At the end of last year, total 
group borrowings were 
reduced to FFrl05.6bn 
($l9.4bn), compared with 
FFrlll.Sbn at the end of 1992. 


Lazard joins B K Birla 
for Indian trust fund 


By Shiraz Srdhva 
in Bombay 

Lazard Brothers has signed an 
agreement with the B.K. Birla 
group, a leading industrial 
business house, and Creditcapi- 
tal Finance Corporation, Laz- 
ard’s Indian partners, to estab- 
lish an overseas investment 
trust fund. 

The Lazard Birla India F und 
will raise money overseas for 
investments to be made In 
Indian equities. “The alliance 
between our group and Lazard 
Brothers brings together for 
the first time, a large In dian 
industrial house and an inter- 
national investment banking 
group," said Mr B.K- Birla, 


head of Birla International. 

“The strategic association 
between the B.K Birla group 
and lazard in the area of asset 
management in Indian equities 
brings together the skills of the 
Birla group and the Lazard- 
Creditcapital group in fund 
management," said Mr Udayan 
Bose, chairman of the Credit- 
capital Investment Banking 
Group and a director of Lazard. 

Creditcapital Finance. India's 
first international merchant 
bank, was set up by Mr Bose in 
1935, in a joint venture with 
Lazard. The Lazard houses 
own 40 per cent of Creditcapi- 
tal Finance, the flagship of the 
Creditcapital Investment Bank- 
ing Group. 


M r Steven Chia is 
euphoric about his 
latest shrimp ven- 
ture. “Chitin," he said at his 
office in Bangkok, “looks like a 
miracle product”. 

Extracted from the shells of 
shrimps and crabs, chitin is a 
cellulose-tike substance with 
diverse applications; its deriva- 
tives can be made into surgical 
stitching thread that dissolves 
harmlessly in the flesh, or used 
to separate heavy metals in 
water treatment plants, or 
sprayed on to fruit to prevent 
moisture loss. 

The potential worldwide 
demand for chitin products is 
estimated at more than Slhn a 
year, but supply has been lim- 
ited by difficulties in extract- 
ing materials of the right qual- 
ity and in sufficient quantities. 

Mr Chia, managing director 
of Seafresb Industry (Thai- 
land). one of the main Thai 
shrimp exporters listed on the 
Thai stock exchange, sees this 
unsatisfied demand as a 
chance to make money. 

Se afresh, with plenty of 
shrimp shells at its disposal, 
has established a Sim joint 
venture with Kitosan Laborato- 
ries of Malaysia to produce 
about 100 tonnes of chitin a 
year; a typical price is $50 per 
kg (although some grades com- 
mand much higher premiums) 
and in the first year alone Mr 
Chia is counting on net profits 
of $2m from tiie venture. 

Whether it turns out to be 
miraculous or not, the Seafresh 
chitin investment underlines 
the determination of Thai 
shrimp processing companies 
to add value to their output as 
exports continue to grow. 

This year Thai frozen shrimp 
exports are expected to rise by 
10 per cent to some 160,000 
tonnes, valued at about $2fan. 
Shrimp is one of Thailand’s 


Thousand tonne 

200 — 

■ Volume 
o Value 


Bt bn 
- 50 



1981 83 85 87 

SfltiraWlCan- 

biggest exports after textiles 
and computer parts. Japan and 
the US are the main buyers. 

Thailand, the world's biggest 
shrimp exporter, has seen dol- 
lar prices boosted by the 
strength of the yen and by a 
fall in Chinese production after 
outbreaks of disease in Chinese 
shrimp farms. 

Thai seafood companies and 
their shareholders are reaping 
the rewards. “Foreign institu- 
tional investors tend to be a bit 
dubious about agribusiness 
stocks because they are prone 
to cycles and earnings in the 
past have been disappointing.” 
said one Bangkok-based stock- 
broker. “It’s only since late last 
year that we've seen a pick-up 
in sales and that’s now feeding 
through into margins.” 

But the volatility of shrimp 
prices still preoccupies Thai 
exporters, especially when 
they face possible competition 
from new aquaculture ven- 
tures in countries such as 
India and Vietnam. 

Hence the urge to process 
the shrimp in Thailand: the 
prices of downstream products 
for the retail market are not 


89 91 93 94* 

only higher but more stable 
than those of basic frozen 
shrimp, and Thailand believes 
its skilled labour for processing 
gives it a competitive advan- 
tage over new entrants to the 
market 

Methods of adding value 
range from boiling the shrimp 
to producing frozen sushi far 
Japan. Seafresh, for example, 
adds value to more than half 
its output producing breaded 
shrimp for tempura and mak- 
ing spring rolls; recently it 
began selling shrimp fried rice 
to South Korea. 

Charoen Pokphand FeedmiU, 
part of the multinational CP 
group, makes most of its 
money from shrimpfeed, but 
also has a subsidiary exporting 
fried shrimps in batter and 
skewered shrimps in barbecue 
sauce. 

Surapon Seafoods, another 
seafood exporter, is switching 
some of its production from 
unprocessed frozen shrimp to 
pre-cooked meals - including 
meat and vegetables - for Jap- 
anese convenience stores. 
Other companies are following 
the same road. 


The most likely obstacle to 
the Thai shrimp industry's 
continued expansion is the car- 
rying capacity of the country's 
environment. Shrimp farms 
are notoriously destructive - 
they usually replace the man- 
grove swamps where fish breed 
- and prose to disease. They 
tend to be poisoned by their 
own effluent and fail after a 
few years, as happened in 
Taiwan. 

“A cynic would say it’s get- 
ting near the end of the road 
for Thailand as far as the 
shrimp industry goes.” said a 
stockbroker, who asked not to 
be named. “They need new ter- 
ritory. long coastlines, clean 
water and preferably places 
that are poor where they don't 
have very strong environmen- 
tal rules.” 

The CP group has already 
announced plans to invest an 
additional SiOOra in the shrimp 
and shrimpfeed business in 
India, and is also looking at the 
possibility of investing in other 
countries such as Bangladesh 
an<i Vietnam. 

F or the time being, how- 
ever, the industry in 
T hailand is manag in g to 
stave off disease and devise 
ever more sophisticated ways 
of packaging and marketing its 
shrimp products. 

Seafresh’s project to make 
chitin and chitosan - chitin's 
main derivative - is just the 
latest example of how Thai 
companies are making the 
most of their shrimp. 

Mr Chia says the new plant, 
to be operational in six 
months, will be able to produce 
a range or grades demanded by 
buyers for everything from cos- 
metics to loud speaker dia- 
phragms (another application). 
“We can tailor-make the prod- 
uct the buyers need," he says. 


NEWS DIGEST 

Profits at Taiwan 
Cement fall by 29% 

Taiwan Cement saw first-half pre-tax profits drop 29 par cent to 
NT$l.77bn (US$66m) compared with a year ago, due to a 
continued slump in the construction Industry and a Sharp fall In 
non-operating income, writes Laura Tyson in Taipei- Sates in the 
year to June 30 were down 5.8 per cent to NT$9.17bn from the 
same period in 1993. 

Analysts attributed the decline to Increased cement imports 
and slack demand, partly due to delays in public infrastructure 
construction projects. A supply glut in the domestic market has 
pushed unit prices down. 

After the shutdown next month of a large Kaohsiung plant for 
environmental reasons, Taiwan Cement will fall to second place 
behind Asia Cement in terms of production capacity, analysts 
said. 

Geneor plans announcement 

Gencor, the South African mining house which is bidding for 
parts of the metal and mining business of Royal Dutch/SheU's 
Billiton group, said it would make an announcement today on 
future prospects, Reuter reports from Johannesburg. Confirma- 
tion that it would release the outcome of the bid could not be 
obtained, but analysts said the subject of the announcement to 
take the form of a presentation, would likely be Billiton. 

Analysts expect a deal, central to Gencor's foreign expansion 
ambitions, to cost it at least $lhn. The presentation is scheduled 
for this afternoon. 

Kalamazoo chief to sell shares 

Kalamazoo Holdings' chairman and biggest shareholder, Mr Fred 
Street, said he planned to sell his 402 per cent stake in the 
Australian office supplies group to Avatar Industries, a Berth- 
based investment group, which has bid A$2.05 a share for the 
company, Reuter reports from Sydney. 

Although Kalamazoo directors described Avatar's A$103m 
(U5$79m) bid as neither fair nor reasonable, Mr Street said he 
intended to accept the offer in the interests of his family and 
related parties. 

On the Australian stock exchange yesterday, Kalamazoo shares 
closed at A32.10, down 10 cents, and Avatar's were unchanged at 
A$L14. 

Kalamazoo, which said its adviser. Coopers & Lybrand (Securi- 
ties}, valued its shares at between A$2.43 and Ag2£6 each, was 
advising shareholders not to accept the offer. 

Mitsui expands into Indonesia 

Mitsui OSK Lines, a leading Japanese shipping company, Is to 
create a subsidiary in Jakarta, Indonesia, to conduct marine 
transportation business, AP-DJ reports from Tokyo. The new 
company, PT OSK lines Indonesia, will be 60 per cent owned by 
Mitsui OSK. with Mitsui's existing agent Gesuri Lloyd FT owning 
the remainder. 


Coal & Allied feels effects of lower prices Concrete venture for Venniculite 


By Nikfd Tail In Sydney 

Coal & Allied Industries, which 
is majority-owned by CRA, the 
Australian mining group, yes- 
terday reported an 86 per cent 
fall in after-tax profits to 
A$5.9m (54.4m) In the six 
months to end-June. This com- 
pared with A$40.7m in the 
same period a year previously. 


Operating profit after tax. 
but before abnonnals, stood at 
A$14.3m, compared with 
A$37.3m, while abnonnals 
amounted to a A$8.4m loss, 
resulting from the restructur- 
ing of the open-cut mines. In 
the previous year, there was an 
abnormal gain of A£3.4m. 

The company said total pro- 
duction in the six-month 


PARTNERSHIP 
AND COOPERATIONS 



period was 5.1m tonnes, down 
from 5.7m tonnes a year ear- 
lier, although part of the reduc- 
tion was due to the sale of cer- 
tain operations. Reduced coal 
contract prices and the stron- 
ger Australian dollar meant 
that sales for the half-year fell 
from AS334.5m to A$283.4m. 

Coal & Allied said the still- 
lower coal prices negotiated 


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with leading Japanese buyers 
earlier this year and the stron- 
ger currency would mean that 
profits remained under pres- 
sure in the short-term. How- 
ever, “increased demand cou- 
pled with low stockpiles is 
expected to increase prices in 
the next 12 months”, it said. 

The dividend was cut to 25 
cents a share from 44 cents. 


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(Incorporated in England and 
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£100,000,000 Class AJl 

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NOTICE IS HEREBY GIVEN 
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Ssangyong Cement said its wholly-owned subsidiary, VermieulHe 
Industries, had signed a joint venture to manufacture and market 
lightweight concrete products, AP-DJ reports from Singapore. 
The joint-venture company, Aeracon Technologies, will be 70 per 
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joint- venture company. 

VIS's investment will be financed using internal cash 
resources, the cement maker said. 


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European Coal and Steel 
Community 

¥11,200,000,000 

Floating rate notes 2001 

Notice iatervby given that hr 
ihe mleresi period 26 July 1994 rp 
26 JanuaiyS95ihe notes mill 
carry on interesi rate of 
109688% per annum frueresl 
payaMeoa2EJanaaorlS95aiB 
amounrto YI,5S2,S50per 
rWO.OQO.OOOmte. 

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TVust Company 

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Traded Options Software 


INDEXIA 


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FINANCIAL TIMES TUESDAY JULY 26 1994 ★ 

INTERNATIONAL CAPITAL. MARKETS 


Longer-dated US Treasuries gain ground 


CBoT may form 
link with Sydney 


By Frank McGurty fn New York 
and Conner Middeimann 
In London 

Longer-dated US Treasury 
bonds gained ground in -thin, 
trading yesterday morning, 
although most traders were 
staying on the sidelines ahead 
of this week's supply auctions. 

By midday, the benchmark 
30-year government bond was 
U better at S4£, with the yield 
slipping to 7.534 per cent. At 
the short end. the two-year 
note was unchanged at 99g, to 
yield &101 per cent 

The lack of movement on 
prices for shorter-dated paper 
reflected the approach of the 
Treasury's sale of SL7.25bn in 
two-year notes this afternoon, 
followed by $11 bn in five-year 
securities tomorrow. 


By Graham Bowtey and 
Antonia Sharpe 

BNG, the Dutch municipal 
finance bank, yesterday 
pushed on with its strategy of 
establishing benchmark inminw 
in non-guflder currencies with 
the launch of a DM750m oner- 
big of five-year eurobonds. 

Last week, the b ank 
launched a $lhn five-year euro- 
bond offering, its first bench- 


INTERNATIONAL 

BONDS 


mark since it was awarded tri- 
ple-A debt ratings one mnnth 
ago. Joint lead manag er Gold- 
man S achs said this policy was 
the best way of appealing to a 
wide variety of investors. 

However, syndicate manag- 
ers said that in spite of the 
attractive spread of 27 basis 
points over five-year German 
government bonds and the 
bank’s strong following with 


The auctions come at a time 
of renewed uncer tain ty over 
the timing of the Federal 
Reserve’s next move to lift 
short-term interest rates. 

Yesterday’s economic news 
was not compelling enough to 
dispel the listless mood. The 
National Association of Real- 
tors said sales of sting sin- 
gle-family homes fell 3.6 per 
cent last month, a weaker 
reading than economists had 
forecast. The data added to 
recent evidence that the hous- 
ing sector had begun to cooL 

■ European bands ended a 
trendless session firmer, sup- 
ported partly by the stronger 
tone in US Treasuries. But vol- 
ume continued to de cline and 
investor activity dried to a 
trickle. 


European retail investors, the 
deal was too large given cur- 
rent demand. They added that 
institutional investors were 
unwilling to buy D-Mark bonds 
ahead of tomorrow's auction of 
five-year bonds by Treuhand, 
the German privatisation 
agency. 

Sears, Roebuck, the US 
retailing and insurance group, 
is planning to launch a global, 
asset-backed issue of around 
$lbn in the next month. The 
securitised offering will be 
backed by the company’s 
credit card receivables, worth 
$20.4bn. 

CS First Boston has been 
mandated to lead-manage the 
triple-A rated issue, which 
could be the first in a series. 
The company is planning to 
file a shelf with the Securities 
and Exchange Commission 
(SEC) which could cover sev- 
eral years of issuance. 

Fixed-rate binding currently 
accounts for 86 per cent of the 
company’s borrowing. “In the 


■ UK gilts ended the day 
slightly firmer and are expec- 
ted to track neighbouring mar- 
kets until tomorrow’s auction 
of &25 per cent gilts due 2010. 

Mr Andrew Roberts, gilts 
analyst at UBS, expects the 
auction to go well for several 


GOVERNMENT 

BONDS 


reasons. For one, he cites core 
demand for long-dated paper 
by UK investors. Moreover, 
although the Bank of England 
wfil auction a nominal £2bn of 
gilts, he points out that only 
£L6bn in market terms is being 
issued as the paper trades at a 
deep discount to its nominal 
value; in late trading, the 
bonds were quoted at 82 j§. 


next year or so this wfil be 
closer to 75 per cent," said Ms 
Alice Peterson, company trea- 
surer. This would be a comfort- 
able mix given the current cap- 
ital market environment 
Bayerische Landes bank 
launched a Y30bn three-year 
bond issue yesterday amid 


Furthermore, Mr Roberts 
argues, “the new paper will be 
perfectly placed to become a 
new 15-year benchmark," Since 
the 8 per cent gilt due 2009 will 
drop out of the over 15-year 
bond index in September, the 
new bond will be left as the 
shortest bond in the index. 

■ French bonds put on a 
strong performance, rising by 
nearly a point in largely tech- 
nical, futures-led trading. 

Traders said a large buy 
order of the September 
notional bond future on Matif, 
executed by a leading futures 
broker in Paris, and US buying 
pushed prices through key 
technical resistance. 

The contract rose by 0.86 
points on the day to 117.62. The 
10 -year yield spread over bunds 


rumours that the European 
Investment Wank way tap the 
euroyen market soon. 

Syndicate managers expect a 
Y50bn to YlOObn three-year 
issue from the EIB, to come 
either today or after this 
week's auction of 10-year Japa- 
nese government bonds. 


narrowed by about 7 basis 
points to 41 basis points. 

■ Buoyant French bonds sup- 
ported German bunds, which 
ended the day about half a 
point higher. Trading was tech- 
nical and the market largely 
shrugged off regional inflatio n 
data and news that the Treu- 
handanstalt privatisation 
agency plans to issue more 
bonds this year than forecast 

The September bund future 
on Liffe rose 0.47 point to 94J33. 

■ Italian market sentiment 
was shaken by renewed politi- 
cal concerns, but prices were 
pulled higher by neighbouring 
markets and late short-cover- 
ing in the fu tures markets. The 
Italian BTP future on Lifle rose 
by around 0.51 points to 104.03. 


• Moody’s has downgraded 
the long and short-term ratings 
of Crddit Lyonnais, the trou- 
bled French hank , to A2 and P2 
respectively from Al and PL 
Both ratings have been on 
review for possible downgrade 
since February. Around $13bn 
of long-term debt is affected. 


US metals 
group in 
silver-linked 
share issue 

By Conner Mtddeimann 

Freeport-MCMoRan has raised 
1100m through a silver- linked 
depositary share offering total- 
ling 4.75m units. 

The shares were priced last 
Friday at $21.01, roughly four 
times the London fixing price 
for one ounce of silver. That 
day, the London price was 
S5JS525 per ounce. Dividends 
on the silver-denominated pre- 
ferred shares, payable quar- 
terly, have been set at 4.125 
per cent per depositary share. 

The shares, which have a 12- 
year maturity, are listed on 
the New York Stock Exchange. 

Freeport, a US-based metals 
and diversified company, has 
previously issued two gold- 
linked depositary shares, but 
this was the first silver-linked 

deal ever launched. 

According to a syndicate 
official at lead manager Leh- 
man Brothers, the issue was 
oversubscribed, boosted by 
expectations of rising silver 
prices. 

“The deal was driven pri- 
marily by dedicated natural 
resources and commodity 
funds, but also met with good 
interest from retail investors,” 
said Mr Hank Elbe, syndicate 
manager at Lehman Brothers, 
adding that some 75 per cent 
of the deal was bought by US- 
based investors. 

“The s tru c ture combines the 
attractiveness of silver with 
the liquidity of a New York 
Stock Exchange listing,” said 
Mr Erbe. “In addition, the 
shares cany a very competi- 
tive dividend yield.” 

Although tiw price of silver 
has recently been in decline, 
commodities analysts expect it 
to rebound towards $6 per 
ounce in coming m onths. At 
its height in the 1980s it 
traded at around $50. 


By Laurie Morse In Chicago 

The Chicago Board of Trade 
and the Sydney Futures 
Exchange are studying the 
technical feasibility of joining 
their after-hours trading 
systems. The move could be 
the first step towards a new 
global futures alliance. 

The announcement comes a 
week alter the CBoT and the 
London International Financial 
Futures and Options Exchange 
agreed to a similar study to 
find an alternative to Globes, 
the electronic trading system 
developed by Reuters. 

By linking with the Austra- 
lian exchange, the CBOT would 
gain a clear foothold for its 
after hours system - known as 
Project A - in the Asian time 
zone. Any link would be at 
least a 12 months in develop- 
ment, the exchanges said. 

The after-hours trading 
strength of the Sydney Futures 
Exchange lies in its govern- 
ment bond futures and options 
contract. Globes, which cur- 
rently consists of an alliance 
between the Chicago Mercan- 


By Antonia Sharpe 

Austria Mikro Systeme 
International (AMS), a speci- 
alised computer chip manufac- 
turer, has become the first 
company in Austria to be com- 
pletely privatised following the 
sale of the state's remaining 26 
per cent holding. 

According to Klein wort Ben- 
son, which acted as interna- 
tional agent, Austria raised 
$25.2m through the private 
placement of 450,000 AMS 
shares at SchSOS each to 
domestic and international 
institutional investors. It also 
sold 75.000 shares to employees 


tile Exchange (CME). the Matif 
of France and the DTB of Ger- 
many, specialises chiefly in 
short-term interest rate and 
foreign currency contracts. 

The CME has a mutual offset 
link with Singapore Interna- 
tional Monetary Exchange, but 
Globes itself lacks an exchange 
partner in the Asian region. 

The Sydney-Chicago explor- 
atory study is widely seen as 
another indication that the 
concept of linking existing pro- 
prietary trading systems is 
more appealing than the co- 
management of a single sys- 
tem. which is the way Globes 
is structured. 

Under the broad outlines of 
the CBoT-Lifle plan, the CBoT 
would retain its existing trad- 
ing technology as well as con- 
trol of trading and clearing 
functions for its own contracts. 

The growing number of stra- 
tegic alliances between futures 
exchanges has raised the 
stakes for futures exchanges 
around the world. However, 
both LifTe and the CBoT have a 
number of foiled trading agree- 
ments behind them. 


and 125,000 shares to a private, 
foreign investor for an undis- 
closed sum. 

.Kleinwort Benson said the 
institutional tranche was over 
three times subscribed and the 
bulk went to international 
investors. A portion of the 
shares was placed in the US 
under Rule 144a. Yesterday 
AMS shares closed at ScfrfMO in 
Vienna, up SchlO from Friday. 

The initial public offering for 
AMS was completed one year 
ago when 74 per cent of its 
equity was sold to interna- 
tional and domestic investors. 
It was the first sale of a major- 
ity shareholding by Austria. 


Dutch bank launches 
benchmark DM deal 


NEW INTERNATIONAL BOND ISSUES 


Amount 

Coupon 

Price 

Uetetlfrr 

Feaa 


Book runner 

Dotroiaer 

m. 

54 



% 



US DOLLARS 

BNU London Brand^att 

200 

(al) 

S8.72R 

Aug.1999 

0.1 OR 


Swiss Sank Gorp. 

OCttT 

100 

Obi) 

100.00R 

Au&2001 

□J2SH 

- 

Sarnra fcHamrilonri 

YEN 

Bayerische Landmbanlc* 

30bn 

• 830 

100.12SR 

Aug.1897 

0HB7SR 


Derive Euopo 

KawraaU Heavy IndMttS 

20bn 

(»-*)# 

7 Da oo 

Sep.1998 

Z50 

- 

Nomura frdemaional 

SAFA4d) 

IBbn 

3.15 

100.15R 

Feb.1997 

815R 

- 

Nomra bitamedonal 

D-MARKS 








BNG 

750 

860 

96L57SR 

Aug.1999 

0L25R 

«27(B545449| SBC Frankfurt 

CANADIAN DOLLARS 








Qmxfiai QUai Fundng Carp, 150 

10.00 

90 JOT 

AUO2004 

OJ775R 

*70 (B1&94-04) Hampros Bade 

ITALIAN URE 

San Paolo, Nassau Bnsnch(a) 

ICJOtra 

10^10 

07.50 

Jun.2004 

infad 


San Paolo, Tialn 

AUSTRALIAN DOLLARS 
ABN Arm AustraSa 

78 

850 

truss 

Sep.1999 

80 0 

. 

ABN Amro Bank 

SWISS francs' 

Toyota Motor Credl Corp.*-* 

100 

5.125 

101.90 

Aug. 1900 

. 


Menll Lynch CapLMda. 

SBC Finance Cayman Ittffl 

100 

8375 

102.75 

jiiigee 

- 

- 

Svriae Bank Corp. 

Rnri tarns and non-critabta unless staled. The yield spread (over rtfavont government band) at launch Is auppfled by Via lead 
manager. **Privoio ptacamam. AUnBsted. SConventrie. tFtoating rate note. fSerri-snnuel coupon. Ft fixed re-otter price; lees are 
ataian at the ne-aflar laveL a) CaBabte an coupon dries from Aug. 97 at par. all 3-raft Ubor -rSOfapL b) CeSabto and puttatale In AugS9 
at par. blf 3-mth Ubor ♦*%. $ Hxtng: 2W94. Indtealad com prem; 21454. Catabto from 1/4796 eubact to 13094 trie. 4 Short 1st 

coupon, ej Fungible wflh LBOOba Plus 42 days accrued. Issuer may convert on 30M3/99 Into FRN paying 8-mth Ubor ♦50bp. Q RMbto 

vritti SFrlOOm. Plus 47 days accnted 








Austria sells remaining 
26 % stake in chip maker 


WORLD BOND PRICES 


BENCtWARK GOVERNMENT BONDS 

Rad Day's 

Cow™ Me Price change 

YMd 

Week 

ago 

Month 

ago 

Auotrafti 

a 000 

0904 

982100 

-8310 

959 

933 

896 

Belgium 

7250 

04AM 

988400 

-18020 

7Jft 

7J91 

737 

Canada* 

8500 

08AM 

82.7000 

-8300 

921 

9jOO 

850 

Denmark 

7.000 

12AM 

33.7200 

+0420 

7^0 

812 

821 

France BTAN 

8000 

05IS8 

10LB250 

_ 

857 

856 

871 

OAT 

5300 

IMAM 

884600 

♦8620 

7.18 

735 

737 

Ganrany Bund 

8750 

05AM 

1080000 

♦8640 

874 

884 

T.12 

Italy 

8500 

01AM 

800000 

+1.000 1835t 

1050 

1057 

Japan No 119 

4.800 

06/SS 

104.742 0 

48040 

868 

863 

867 


4.100 

12AJ3 

984630 

48080 

4-33 

4.40 

424 

Netherlands 

5.750 

01AM 

B25000 

48240 

flK 

878 

7.10 

Spam 

8000 

OSAM 

_ 

_ 

_ 

1037 

1089 

UK Gits 

8000 

08AM 

92-03 

-2/32 

7,94 

7.70 

018 


8750 

11/04 

89-25 

+1002 

823 

813 

842 


9.000 

1QAW 

105-13 

+13/32 

834 

826 

047 

US Treasury ' 

7.250 

OSAM 

99-30 

+5/32 

728 

722 

735 


8250 

05/23 

84-30 

+11/32 

733 

7-53 

754 

ECU (FrindiGoa) 

8000 

04AM 

881100 

+1 .020 

782 

7.73 

758 


Italy 

■ NOTIONAL ITALIAN GOVT. BOND (BTP) FUTURES 
HJPFBT Lba 200m KXNhs of 10C% 


FT-ACTUAMES FIXED INTEREST INDICES 

Price Indoes Mon Day's Ri Accrued xd ad}. 

UK OKs Jul 25 change % Jii 22 Maras I ytd 


— Low ooupan yMd Modkon coupon ytokJ Mob coupon yield — 

JU 2S JU 22 Yr. ago Jul 26 Jul 22 Yr. ago Jul 2S Jul 22 Vr. ago 


Sep 

Dec 


Open 

KEL80 

102.80 


SeHpdce Change 
10X88 +0.46 
10288 40X6 


104.05 

10280 


Low 

10270 

10280 


Eat vol Open M. 
32512 75541 

28 118 


N DALIAN QOVT- BOND (BTP) FUTURES OPTIONS flJFFE) Ura200m IQOtta of 100% 


1 

Up to 6 yearn (24) 

12153 

-08B 

12254 

151 

040 

5 yre 

801 

758 

881 

852 

8.19 

7.00 

828 

85S 

750 

2 

5-15 years (22) 

142-09 

+811 . 

14154 

159 

756 

15 yis 

826 

857 

7.78 

838 

838 

756 

869 

867 

8.12 

3 

Over 15 years (B) 

15820 

+815 

15756 

153 

on 

20 yre 

828 

824 

759 

858 

838 

755 

860 

853 

814 

4 

frrad—Mss (6) 

18843 

-158 

182.73 

250 

758 

braOt 

859 

857 

802 







5 

Al stocks (81) 

13022 

+804 

1381B 

151 

750 



















■— 

— WtaBon5% — 

— 

— 

Inflation 10% - 

— 



Strike 

Pries 

Sep 

CALLS 

Dec 

Sep 

PUTS 

Deo 

10350 

• • 158 

2.78 

158 

858 

10400 

1J5B 

254 

1.60 

358 

10450 

1-33 

833 

155 

3-95 


MHMBd 


Jul 25 Ai 22 Yr. ego 


Jul 25 Jul 22 Yr. ago 


London CbatiBi lie* Vta* mtt-dra 
t Gram pouting aoUMdUg Ok b> 12J5 par 
Prow US, UK kiSSndB. (Shore In daefenri 

US INTEREST RATES 


YMfc Lock raertaet ranted, 
cent peyaDto Mr nonredriami 

Source: MIIS MHMfanaf 


Bn. vol M CoM 712 Puts 1001. Prmkaa day's open tat. CaM 37DB3 Pun 32138 


Spain 

■ NOTIONAL SPAM8H BOND FUTURES flMGFF) Jul 22 


8 Up lo 5 yen p) 

7 Owr 5 -yeas (11) 

B Al stocks (13) 

Debentures and Lmna 


187.25 

17223 

17290 


-802 

18759 

1-58 

253 

Up to 5 yrs 

356 864 

258 

.258 

+808 

172.13 

0-51 

35S 

Over 5 yrs 

356 858 

345 

3.66 

+805 

17282 

081 

818 

S year yMd — 

_ 

-IS year yMd' 


256 

3.67 


2.06 

326 


— — 25 year yield — — — 
25 Jut 22 Yr. ago JU 25 Jti 72 Yr. ago Jul 2S JU 22 Yr. ago 


9 Dobs & Loans (78) 13080 

ftmaga groan rwtonpdon yWte ae 


-0.15 131-03 282 587 089 

above. Coupon Brads Lora 0K-7WK: Medtarc BK-10HK; High; 11% and i 


927 8.48 926 924 

*er. t Rat ytott ytd Yam » data. 


821 


920 


Lunchtime 


Bn*ur torn ntio . 
FedJtnb. 


Onai 
Tanaondi. 


Traanay Bib end Bond VMds 
425 Ttoya*. 


FUftHdtdHnventau 


Tlne nrnth- 

4£ Sbcnofi 

- One year — 


.429 Three year. 
4 /g F*ejesr_ 
487 lower 
55B 30-yaar 


6.12 

948 

EJC 

727 

755 


Sep 

Dec 


UK 


Open Sett price Change Ugh Low Est voL Open int 
9082 00.75 4001 91.05 9085 19/400 103,164 

80.00 - - - 211 594 


GILT EDGED ACTIVITY INDICES 

July 22 July 21 «My 20 


Jtiy 19 July 18 


■ NOTIONAL UK QBLT FUTURES [LIFFEJ- E5O.000 32nda of 100% 


BOND FUTURES AND OPTIONS 

France 

■ NOTIONAL FRENCH BOND FUTURES (MATT) 


Sep 

Dec 


Open 

102-18 


Srat price Change 
105-10 40-13 

102-15 40-12 


HH* 

103-20 


102-08 


Eat vol Open W. 
42182 113005 

0 1408 


FT FIXED INTEREST INDICES 

July 25 July 22 Jdy 21 Jidy 20 Jiiy 19 Yr ago High- Low 

Oovt Secs. (UK) 83.17 93.43 93,45 83.71 9329 9B.1B 10704 90-99 GB E dg e d bergataw 00-9 1142 132.1 1282 125-5 

Rand interest 11184 111.78 111.75 11287 11221 11720 13387 10723 5-day average 1182 127.8 125.4 1272 1212 

• tar 1984 OOMmmant Snattoa Ngh etace eomptiiUOR 127-40 pn/aSJ. lew «0.18 (3n/75L Rrad Marat Ugh etara comptodan: 13327 fH/U04) , low 50.53 pfl/79 . Bara 100: Gmomment Securities 1571 O' 
28 end Rad Mm 1829 SE actMxy hdtora rabasad 1874 


FT/ ISM A INTERNATIONAL BOND SERVICE 


open Sen price Change High Low EM. rat Optra M. 
Sep 116.52 11722 *026 117.78 11824 138,482 117,945 

Dec 115b 68 116.78 4086 11014 11528 737 14,116 

Mar 11428 11008 +086 11428 11424 52 2283 

■ LONG TERM FRENCH BOND OPTIONS (MATIF) 


■ LONG QB-T FUTURES OPTIONS (UFFE1 CSOOOO B4tha Of 10094 


9Ht» 

Price 

103 

104 
IDS 


Ear. rat MMt CcM Z30a Pub BB21. Plwtaui day's opan ML. Call tma Put* 52966 


Ustad ae #» lataat Mtradtanal bonds tonrtfch tan total adaqura eacondny market Latest prfeae at 7H0 pm on Jt4y2S 
Offar Chy. Ytafct taauad BU Odor Chp. 


Strike 

Price 

Aug 

— CALLS - 
Sep 

Dec 

Aug 

— PUTS — 

Sep 

Dec 

115 

« 

_ 

- 

0.03 

0l53 

- 

118 

153 

257 

- 

804 

077 

- 

117 

058 

154 

150 

819 

1.04 

250 

118 

828 

1.07 

- 

- 

1.44 

- 

1W 

0LO4 

058 

082 

- 

2.00 

- 


Ecu 

ECU BOND RmWEl (MATT) 


BL Hi. BM, Cara 23295 Put# 33238 . Plwtaua day* open tt, Cab 377,048 pub 38%3NL 

Germany 

■ NOTIONAL GERMAN BUND FUTURES (UTE)~ 0M25QJ100 IQOtha of 10096 

□pen Settprtaa Change Low EM. vri Open tat 

Sap 93.54 93.84 4028 94.05 9320 110319 164774 

Dec 92.86 93J0 *0.41 9320 92.88 523 13651 

N BUND HJTTJHEB OPTIONS (UPFg DM250200 pointaof 100% 


Open 

84j48 


Sen price Change 
8520 4020 

85.08 4020 


S«P 

Dec 

US 


■ US TREASURY BOND FUTURES (CBT) $100200 32nda of 10036 


Strike 

Price 

Sep 

Oct 

CALLS - 
Nov 

Dec 

Sep 

.Oct 

Nov 

9360 

1.12 

1.10 

158 

1j49 

0L68 

150 

158 

9400 

082 

086 

1.18 

155 

088 

1.58 

156 

9460 

0.58 

064 

054 

1.03 

1.14 

154 

2.14 



Open 

Latest 

Sep 

102-21 

102-28 

Dec 

101-22 

102-00 

Mar 

- 

101-06 


Dec 

1.09 

125 

223 


Est «ri. tatat Cab 7830 Put# 6005. Rrauioui days opan Int. Cola 257877 Piris 2S8073 

■ NOTIONAL MEDIUM TERM GERMAN GOVT. BOND 

(BOBt»JFFEy DM250,000 IQQtfta of 10QW 


Open 


Setiprice Change 
98-58 0.08 


HON 


Low 


Est ral Open WL 
0 78 


UK GILTS PRICES 


nun M Bed Price 1 4 or - 


„ 1084 — 


atatta"8JniraNRMT8BN ^ 

1W2 4M100W 

Thai Ope 19H±± 390 U3 101% 

12 pc TO95 1122 &1« 103A 

End be Gas BO-85. 105 S.I9 ». 

I (Hi |ic 1995 9 lB 3 5J2 104ft 

rm?4ipeiSB5ti— lira mo ' m; A 

14R1BBG 1298 <L00 110's 

15^ncTBB6» 1X38 &B9 TI4 

EB»13i#pc1B9Uf 11.95 BJO 110% 

Qmnln Iflpe 199B 943 707 

ThraQaTpciwm — 7J>1 7J» M)M 

liras Ulipe iBSm i»® '■£ 

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22 


FINANCIAL TIMES TUESDAY JULY 26 1994 


★ 


COMPANY NEWS: UK 


New York flotation 
raises $479m for 
Bell Cablemedia 


Caledonia 
Invs raises 
Ivory & 
Sime stake 

By David Wfgfton 


By Andrew Adonis 

Bell Cablemedia, the UK’S 
third largest combined cable 
television and telephone opera- 
tor, has raised |479m (£309m) 
in equity and debt on the New 
York Stock Exchange. 

The public offering of 13.1m 
American Depositary Shares 
raised 8204m, and an issue of 
senior notes - 10-year debt - 
another 8275m, in the second 
and largest cash-raising exer- 
cise for UK cable on the New 
York exchange. 

Bell Cablemedia groups the 
UK cable interests of Bell Can- 
ada In terna tio nal, the interna- 
tional arm of Canada's largest 
telecommunications operator. 
Cable and Wireless, the UK 
telecoms group whose subsid- 
iaries include Mercury, the 
main long- distance competitor 
to British Telecommunica- 
tions, and Jones Intercable, 
one of the largest US cable tele- 
vision operators, with systems 
in 24 states. 

Following the ADS offering 
BCI owns 4 22 per cent of Bell 


Cablemedia, C&W 12.8 per 
cent, and Jones Intercable and 
affiliates 14.1 per cent 

Bell Cablemedia has outright 
ownership of 18 UK cable fran- 
chises, and in addition a one- 
third stake in Video tron’s UK 
cable interests. Its largest fran- 
chises cover Leeds (282,000 
homes) and greater London 
east (229.000 homes). 

Allowing for the equity share 
in Videotron, its franchises 
cover 2m homes, which pots it 
behind Telewest and Nynex, 
both US groups, in size. 

Bell Cablemedia is. however, 
the largest UK cable company 
yet to have floated. Telewest 
and Comcast pulled f lntot fou s 
planned earlier this year in the 
face of market weakness. 

The only flotation to date 
was of International Cabletel 
last Sommer, which raised 
about $450m in debt and equity 
in New York to finance new 
UK cable ventures. Last 
anhimn it established a £200m 
joint venture with South Wales 
Electricity to build a cable TV 
and telephone network cover- 


ing most of urban south Wales. 

When the Bell Cablemedia 
grouping took shape earlier 
this year, in advance of the flo- 
tation, it said it was likely to 
float in both London and New 
York. The company yesterday 
blamed logistical difficulties 
and market conditions for the 
decision not to float in London, 
but said it hoped to attempt a 
London flotation within 12 to 
18 months. 

At least four other cable 
groups are also hoping for flo- 
tations in th p 18 months, 
but are waiting for a market 
revival before committing 
themselves. 

Some UK investors are cau- 
tious about cable prospects in 
the face of BTs strenuous cam- 
paign to end the govern m ent 
ban on its providing entertain- 
ment services, imposed in 1991 
as an encouragement to cable 
investment 

A House of Commons select 
committee will report on 
Wednesday in favour of an eas- 
ing of the ban, in a move likely 
to unsettle investor confidence. 


Ramsden’s 
helped by 
new outlets 


New contracts help 
Capita rise 33% 


Caledonia Investments, the 
holding company controlled by 
the Cayzer family, has 
increased its stake in Ivory & 
Shoe, the Scottish fund man- 
agement g rou p, from 15 per 
cent to 2A9 per cent 
Caledonia bought 2.9m 
shares in Ivory & Sime on Fri- 
day at about the market price 
of 224p. 

Most of the shares, which 
were bought in the market, 
came from Ah trust, the fund 
manager that acquired part of 
Ensign Trust’s 16.7 per cent 
holding last year. 

Earlier last week Caledonia 
increased its stake by 13 per 
cent after sales by Abtrust and 
Scottish Value Trust 
Sir David Kinloch, deputy 
chief executive of Caledonia, 
would not been drawn on 
whether the company intended 
to increase its holding to 29.9 
per cent 

“Obviously we have taken 
the holding as a long-term 
Investment as we normally do. 
We hope that by stabilising 
their shareholder structure we 
will help them develop.” 
Caledonia has a long and 
lucrative record of taking 
large minority stakes in finan- 
cial companies. 

Caledonia owns investment 
trust manager Clan Asset 
Management with funds of 
about £24 Dm. 


The end of an independent life 

David Wighton on the £16m sale of Dale Electric to the TT Group 


Dale Electrical International 

Share price ntatto to ihe FT-S&A Afi-Snare index 

300 — 



have done even worse. Allow- 


M r Iain Dale did not 
try to hide his sad- 

On Friday he and his fellow 
directors at Dale Electric rec- 
ommended that shareholders 
accept an offer that would end 
the independent life of the 
company his father founded in 
1935. 

“Of course I am sad, but 
there is no place for sentiment 
in these things." 

There will be no place for Mr 
Dale is TT Group, the acquisi- 
tive conglomerate which is 
offering £16m for the North 
Yorkshire-based generator 
manufacturer. 

But he believes the best 
way forward for the company 
is as part of a large: group, 
partly because of increasing 
competition in international 
markets. 

“The world we face after the 
recession will be even more 
competitive than in the past, 
and I think we wiD see other 
smaller companies faring the 
realities of the future and 
d»rtding they do not have the 
critical mass." 

For a company with 
only 600 employees and sales of 
£4Sm Dale is very widely 
spread. Based in Filey it 
sells into more than 100 coun- 
tries. 

Exports account for more 
than half its turnover and go 
to operations as far afield as 
Thailand, Mexico and Nigeria. 

“We are right in the fore- 
front of world competition and 
everything we do has to be the 
best," says Mr Dale. 


“We hare to have the lowest 
production costs and highest 
quality and though we have 
done very, very well as a group 
there is a limit to our financial 
flexibility. That limits the 
speed with which we can intro- 
duce new products and develop 
new markets." 

Dale has been an export-led 
company almost from the 
start 

Mr Dale's late father. 
Leonard, a milkman turned 
electrician who set up in busi- 
ness with 11/Sd in 1935. started 
making generators after the 
war. 

When an early advertise- 
ment in Farmers’ Weekly 
brought an inquiry from an ex- 
pat in Kenya the export bum- 
ness was born. 

After steady growth in the 
1960s Dale went public in 1972 
and was soon enjoying a boom 
in. exports to the oil-rich Mid- 
dle East 

Back home, sales of its 
stand-by generators were 
boosted by power strikes and 
its share price surged as profits 
topped £3m in 1978. 

But in the early 19805 the 
combination of the UK reces- 
sion, the strong pound and 
problems in some of its key 
export markets dealt it a heavy 
blow from which it has never 
frilly recovered. 

Swiss Bank Corporation’s Mr 
Peter Corley, who brought 
Dale and TT together, argues 
that Dale spread itself too 
thinly. 

“ft has a good range of prod- 
ucts but has not had the finan- 


SourcK D0WW1) 

rial muscle to get foe best from 
them. It did not have the 
resources to develop markets 
quickly enough." 

In view of its patchy record 
over the last ten years Mr Dale 
admits: “Maybe with hindsight 
it would have been better to 
sell out ten years ago." 

T here was an opportunity 
in 1987 when Dale 
fought off a bid worth 
13Gp a share from foe much 

smaller S imTwgh The shar es 

reached a high of 147p in 1989 
compared with yesterday’s 
close of 72p. 

Longer term shareholders 


tag for a tme-for-one scrip issue 
in 1977 the shares were floated 
at 56p which after 22 years of 
inflation would he worth more 
than £4. 

But Dale is held in great 
affection by many In foe finan- 
cial community. Mr Rodney 
Lambert, a long-time follower 
at Roy James, the Birmingham 
stockbrokers, agrees that it 
might have been better if it 
had sold before. 

But, like many, he finds it 
hard to criticise. “The TT deal 
is a good one given current 
conditions but I am sorry to 
see it go.” 


)i»$i 

•3^ 

ih 


ii * f 


By Caroline Southey 

Mr Jack Chariton, manager of 
the Irish Republic’s national 
football team, will be on hand 
some time before Christmas to 
officiate at the opening of 
Harry Ramsden’s in Dublin, 
the West Yorkshire-based fish 
and chip restaurant operator's 
13th outlet 

New restaurants helped 
boost the USM-quoted compa- 
ny’s pre-tax profits by 16 per 
cent from £87.673 to E10L824 
in the six months to April 3 on 
turnover 12 per cent ahead at 
£1.4m (£1.2m). 

Mr John Barnes, chairman, 
said the company would con- 
tinue its push into southern 
England. A Bristol outlet, 
opened at Easter, had achieved 
“the highest sales of any new 
opening”. 

Restaurants in Bi rmingham 

Harry Ramsden’s 

Share price (pence) 

300 - — 



O J m iM imi i B i m ii B lii i B UnMlmmn ii iln ii m 

1990 91 92 S3 94 

Source: Daustrmni 

and Edinburgh were also 
opened daring the period, 
bringing total outlets to 10. 
Since tben Liverpool and Not- 
tingham outlets have come on 
stream. 

Harry Ramsdeu's in Hong 
Kong showed continued 
growth. Mr Richard Taylor, 
finance director, said the expe- 
rience gained there would be 
applied to openings in Singa- 
pore by the end of the year. 

He anticipated that the first 
Harry Ramsden's in Mel- 
bourne, due to open next year, 
would “not be the last in Aus- 
tralia". A franchise opening in 
Jeddah is due later in 1995. 

The interim dividend is 
unchanged at lp on earnings 
of 0.8p (0.7p) per share. In May 
the company made a placing of 
213,960 shares at 265p apiece. 


By Andrew Bolger 

Capita Group, which provides 
services to the public sector, 
increased pre-tax profits by 33 
per cent to £2.71m in the six 
mnp th ff to June 30 and Raid 
prospects were encouraging. 

Group turnover rose by 38 
per cent to £30.5m t thanks 
mainly to new contracts in the 
outsourcing division, which 
provides revenue-collection 
and computer services to local 
government 

Outsourcing revenues 
increased by 77 per cent to 
£21.1m and operating profits 
almost doubled £L5lm. Capita 
said the division's five-year 
projected revenue stood at 
£ll8m at the half-year, up from 
£109m last time. 

Mr Rod Aldridge, chairman, 
said the group had taken a 
strategic decision to 
strengthen its sales activities 
in the central government and 
utilities markets to comple- 
ment its core local authority 
work. 

He said: “This should pro- 
vide a balance of revenue. 
Inevitably, there is a tempo- 
rary reduction in activity in 
the local government market 
as local authorities implement 
the local government review." 

Operating profits from the 


Adam & Harvey, the 
distribution and steel stock- 
holding group, increased pre- 
tax profits by 16 per cent from 
£4.9m to £5.7m in the 12 
months to end-March. 

Turnover rose from £40.4m 
to £42, lm, and earnings per 
share improved from 5A2p to 
77.6p. 

The board is recommending 
a final dividend of lip, which 
will be payable as a foreign 
income dividend. The interim 
dividend, paid in January, was 
6p. and the total distribution 
for the previous year was 12p. 

Mr Gerald Stuart-Lee, chair- 
man, said trading conditions 
had been “unusually varied", 
but the company had had a 
promising start to the year. 

“The UK subsidiaries and 
export trading companies will 
benefit from the strengthening 
UK economy and increasing 
world trade," he said. However, 


advisory division rose by 43 
per cent to £600,000, even 
though sales fell 5 per cent to 
£4. 4m. Capita said foe drop in 
turnover was mainly because 
of increasing competition in 
the provision of short-term 
managers to the public sector. 

Profits from the property 
services division fell by 
14 per cent to £600,000, 
although sales were 8 per cent 
higher at fSm. 

Capita said that to provide 
additional support to its reve- 
nue management operations it 
paid £L05m in April for John 
Crifley & Son, one of the coun- 
try’s leading collection or bail- 
iff agencies. 

Since the half-year, the 
group had acquired Sims Hold- 
ings. a supplier of computer 
systems and support services 
to the education market, for an 
initial £6m. Mr Paul Pindar, 
managing director, said S ims 
provided Capita with an impor- 
tant position in the growing 
education sector, a market 
which accounted for 9 per cent 
of gross public expenditure. 

Earnings per share increased 
33 per cent to 3£p (2-86p). The 
interim dividend rose by 29 per 
cent to l.lp (0.85p), and the 
group said it expected to pay a 
total dividend for the year of 
3Jp, a 29 per cent increase. 


although changes in South 
Africa, Malawi and Kenya, and 
progress towards a free market 
in Zimbabwe, “should lead to 
substantial advantages for the 
steel division . . . current mar- 
ket instability and pressures 
on margins could limit results 
in the short term”. 

In the UK, the hardwood and 
agricultural machinery compa- 
nies increased profits substan- 
tially. Recession held back 
household goods and medical 
equipment in Germany, 
although agricultural, con- 
struction and food processing 
machinery pr o spered. 

The board said it would 
review annually the balance 
between ordinary and foreign 
income dividends, and it is 
probable the current balance 
would alter as unrelieved, car- 
ried forward ACT, now stand- 
ing at about £400,000, is 
absorbed. 


Scantronic 
chief resigns 
as debt rises 

By Tbn Burt 

Scantronic Holdings, the 
security components manufac- 
turer and distributor which 
last month delayed publication 
of its full-year results, yester- 
day said Mr Ray Dias, its 
finance director, was resigning 
and it would be unable to pay 
a final dividend. 

The company said Mr Dias 
bad failed to alert the board to 
the twin impact of increased 
borrowing and difficult trad- 
ing conditions. Net indebted- 
ness rose from £3 .5m to £7.6m 
in tiie year to March 31, and 
stood at £lL2m by the end of 
last month. 

Borrowing increased follow- 
ing two acquisitions: Alarm ex- 
press, the UK security equip- 
ment distributor, and Arias, 
the US distributor. 

The group said it expected to 
report pre-tax profits in the 
next two weeks of not less 
than £2.75m for the year to 
March 31, against £1.6m. 

The announcement was 
made after foe market closed 
and the shares were 
unchanged at 48p. 

£227,000 loss 
for Clinical 
Computing 

The costs of moving to new 
premises in the UK, setting up 
an office in the US and invest- 
ing in product development, 
together with delays in cus- 
tomers placing orders, pushed 
Clinical Computing, the medi- 
cal software company, into a 
£227,000 loss for the six 
months to June 30. 

The share price fell lOp to 
90p on the news, against a flo- 
tation price of 124p and a high 
of 173p on the first day of trad- 
ing when the company came to 
market in a £3.lxn flotation in 
February. 

Turnover was down From 
£ 1.18m to £735,000 and the 
first-half loss compares with a 
pre-tax profit of £448,000 for 
the same period last year. 
Losses per share came oat at 
i-4p against earnings of 3.7p. 


UK side boosts 
Adam & Harvey 


Greggs advances 27% to £3.66m 



Mike Barrington (left) and Malcolm Simpson, finance director: 
Baker’s Oven, the new acquisition is the coming year’s priority 


By Chris Tighe 

Greggs, the manufacturer and 
retailer of bread, confectionery 
and savoury products, yester- 
day reported pre-tax profits up 
27 per cent from £2.89m to 
£3-66m for the 24 weeks to June 
is. 

A 7.5 per cent rise in turn- 
over to £&L9m, against £4&3m, 
included an increase of 1.5 per 
cent in core volume. 

Earnings per share were up 
by 26 per cent from I7p to 
2i.4p and the interim dividend 
is increased by 17 per cent to 
7p per share, compared with 

6p. 

The interim results cover the 
period immediately before 
Greggs* acquisition of the Bak- 
er's Oven business from Asso- 
ciated British Foods on June 
19. This boosted total outlets 
from 505 to 929, making Greggs 
Britain's largest retail baker. 


trading from Pitlochry to 
Southampton 

Mr Mike Darrington, manag- 
ing director, said the priorities 
now were implanting Greggs’ 
decentralised structure into 
Baker's Oven, improving the 
acquisition's quality and effi- 
ciency and addressing its con- 
tinuing core volume decline. 

He said several years’ hard 
work lay ahead to realise the 
full benefits but It would cover 
its financing costs from the 
outset. Some benefits were 
already being felt, including 
better buying for the enlarged 
business. 

At the period end Greggs had 
net cash of £i2.6m. Year-end 
borrowings are expected to be 
less than £5m despite the £12m 
net acquisition cost of 
Baker’s Oven, and a record 
£16m capital expenditure pro- 
gramme. 

Mr Darrington said he expec- 


ted a satisfactory result for the 
whole year, but predicted 
slower profit growth in the sec- 
ond half, partly due to the 
start-up costs of new bakeries 


in London and Bir mingham 
Recent hot weather was also a 
factor, denting sales of past- 
ries, cream cakes and sweet 
cake lines. 


Marling ends year £0.7m in the black 


By Care One Southey 

Marling Industries yesterday reported it 
had ended the year in the black and said it 
was jo ining the small n umb er of UK com- 
panies to make a distribution to sharehold- 
ers in the form or a foreign income divi- 
dend. 

The industrial textiles company is tak- 
ing advantage of the new regulations 
aimed at alleviating foe tax burden on 
businesses which have a strong bias 
towards overseas profits. 

Mr William Rollason, finance director, 
said the saving of £200,000 in advance cor- 
poration tax on conventional dividends 
would be passed on to shareholders in the 
form of a higher dividend. 

A final pay-out of a net 0Jj7p has been 
recommended, making a total of Q.77p 
(0.65p), on a capital base increased 10 per 
cent by a rights issue last July. The 
increased dividend will compensate non- 
tax paying institutional shareholders 
which would have clawed back the ACT 


on conventional dividends. 

Under the FID scheme, companies pay 
dividends out of foreign income. They 
were devised to aid companies which suf- 
fer under the UK tax regime when their 
mainstream corporation tax liability was 
insufficient to offset their ACT liability on 
dividends. 

Announced in last year’s budget, FIDs 
have been used by BAT Industries, the 
tobacco and financial services group, and 
Courts, the home furnishings retailer. 

Marling*s overseas operations, which 
account for 90 per cent of profits, helped it 
return to the black with pre-tax profits of 
£743,000 in the year to March 31 against 
losses of £9.6m last time. 

Exceptional costs were £1.4m, compared 
with £8.7m which included losses on dis- 
posal of discontinued operations. 

Pressure on prices pushed turnover on 
continuing operations down from £54.7m 
to £48.6m. Total turnover was down 25 per 
cent from £79m to £59m, including £6.5m 
from acquisitions and £3 .96m (£24.3m) 


from discontinued operations. Overseas 
operations contributed 75 per cent of sales. 

Mar ling's strongest performance came 
from its automotive seat belt webbing divi- 
sions in the Netherlands and Australia. 

Exports from Webco, its Australian off- 
shoot. continued to grow, particularly to 
India, Japan, New Zealand and China. Mr 
David Smith, chief executive, said these 
markets offered longer term joint venture 
possibilities. 

Mr Smith said high organic growth was . 
anticipated from Mflller, a German manu- { u ? 1 « > ‘ 
factnrer of elasticated bandages, sports 1 il% * 
bandages and Incontinence products .. 
acquired in July last year. ''Ill ' 

Overcapacity and pressure on prices - 

contributed to an erosion of margins in , 

foe company's UK and German industrial V .. 
webbing divisions. 4 --^ 

Gearing had risen from 84 per cent last 
time to 95 per cent Mr Rollason said foe 
target was to reduce this to 75 per cent by : • 
foe end of the next financial year. 

Losses per share fen from 7.6Sp to Q.13p. . 


Pillar Property 
makes £4.35m buy 


MTM makes £10.5m 
agrochemicals sale 


By Simon Dawes 

Pillar Property, due to 
announce the pricing of its flo- 
tation on Thursday, has 
announced the £A35m acquisi- 
tion of a development site on 
the southern edge of Glasgow’s 
central district 
This is the second large deal 
by Pillar since it announced its 
flotation, marking' the return 
of Mr Raymond Mould and Mr 
Patrick Vaughan, founders of 
Arlington Securities, to take 


up running the property group. 

The latest site is phase two 
of a development project in the 
Broomielaw district of Glas- 
gow. undertaken by a joint 
venture together with Kuma- 
gai Gumi UK. The site 
acquired by Pillar carries out- 
line planning consent for a fur- 
ther 900,000 sq ft of mainly 
office space. The rite will be 
developed over several years. It 
is expected that it will be 
undertaken “in association” 
with the Phase 1 developers. 


MTM, the chemicals group, has 
agreed to sell its agrochemicals 
subsidiary to United Phospho- 
rus, an Indian group, for about 
£105m in cash. 

The disposal will leave MTM 
with net cash of £16.2m which 
it plans to use for the acquisi- 
tion of businesses with good 
profit growth potential. 

In the year to last December 
the agrochemicals business 
contributed turnover of £21 .4m 
and operating profits of 
£300,000 to group turnover of 


£53.6m and operating profits of v ' 
£L2m. . 

The division’s net assets bad - . . 
a book value of £&Sm at foe 
year end. 

MTM, whose shares closed . 
up 5p at 7lp yesterday, said the 
division had insufficient ... " 

growth potential to justify • 
retaining it as a core business. 

The consideration includes a ? ' 
goodwill payment of £572,580 . ,a - 
over net asset value. The final j , . 
consideration is dependent on 
the net assets at completion. 1 


LIG’s cash 
call 88% 
taken up 

London International Group, 
the condom maker, saw its 
£U5m rescue rights issue 
taken up by 8513 per cent of its 
shareholders. 

The good result was helped 
by a strong last minute surge 
in the share price which has 
risen by Up to 85p over the 
past week compared with the 
rights price of TOp. 

Mr James Tyrrell, finance 
director, said: “We are very 
pleased with foe result and 
now have to get on and run the 
company efficiently and realise 
shareholder value,” 

Market sources said the 
share price had been buoyed 
by significant buying interest, 
particularly from the US, and 
from improved sentiment in 
the stock market as a whole. 

The rump of foe rights issues 
shares were placed at 85p. 
yielding a premium of I3.8p 
after expenses. 

Euromoney 

Euromoney Publications, the 
publisher and training and 
conference organiser, yester- 
day announced it was to 
acquire a 67 per cent stake in 
Raven Fox, a fellow publishing 
company which specialises in 
the business to business inter- 
national travel retail market 

Euromoney will make an ini- 
tial payment of £3j5m followed 
by a deferred payment of op to 
£l-5m, dependent upon Raven's 
profits in the year to end-De- 
I cember 1994. 


NEWS DIGEST 


Euromoney will acquire the 
balance of the equity in 1996, 
for which a further perfor- 
mance-related payment is pay- 
able dependent upon Raven’s 
profits in the 1995 year. 

The total consideration will 
not exceed £8. 14m, although 
the directors of Euromooey 
estimate that it wifi probably 
fall in the region of £7m. 

In the year to December 31 
1993 Raven Fox made a pre-tax 
profit of £654,000. Net assets at 
that date amounted to £884,000. 

Euromoney, whose ultimate 
holding company is Rother- 
mere Investments, in May this 
year raised some £20m via a 
placing to fund its aggressive 
acquisition policy. 

Lex Service 

Lex Service, Britain’s largest 
car distribution and leasing 
group, is expected to report a 
sharp increase in interim pre- 
tax profits this week. The rise 
follows exceptional gains on 
foe sale of foe last tranche of 
shares in Arrow Electronics, 
which It received in part pay- 
ment for foe disposal of its 
North American electronic 
components distribution busi- 
nesses to Arrow in September 
1991. 

Analysts predict profits will 
climb to £31m (£2l.2m) under 
FRS 3 when the group 
announces its results tomor- 
row. Yesterday's Financial 
Times incorrectly reported that 
foe results were due today. 


Storm 

Storm Group, which is 
involved with intellectual prop- 
erty rights relating to toys and 
cartoon characters, has 
announced the result of its pla- 


cing and open offer to raise 

Of the 16,97m shares offered 
at I5p each, some 5.83m (34.4 
per cent of the issue) were 
placed firm with institutional 
investors. Valid acceptances 
from shareholders were 
received for 3.92m (23.1 per 
cent) and foe remaining 7.2.1m 
(425 per cent) will be taken up 
in accordance with the placing 
agreement 

Storm’s shares trade on the 
USM. 

Smaller Companies 

Net asset value at the Smaller 
Companies Investment Trust 
rose from I24.65p to 138.87p 
over the year to June 30. How- 
ever it was lower than foe 
14S.4lp achieved at foe Decem- 
ber 31 year end. 

Net revenue for the six 
months end-June was £718,000 
(£204,000) for earnings per 
share of l.46p (15lp). However, 
the inte rim dividend is hoing 
held at lJ2p. 

Sherwood Computer 

Sherwood Computer Services, 
has sold Sherwood Consort 
Data, its subsidiary providing 
software and services to the 


stockbroking market, to its 
management for a maximum of . 
£450.000. 

The directors said foe dis- . 
posal is in line with declared . 
strategy of concentrating on 
core activities and, in particu- , 
lar, to reduce conflict with City 
Deal Services, the company's 
own execution-only stockbrok- 
ing arm. 

In 1993 Consort had a turn- 
over of £835,000 and a net loss 
of £1,000. It had a net deficit on 
reserves of £33,000. 

Sherwood Computer received 
£250,000 on completion and will 
receive a further consideration 
up to a maximum £200,000 pay- 
able as a royalty on licence 
sales. Proceeds will reduce the 
company’s overdraft 



X 






WEW 

WEW Group, the. discount 
retailer, has warned it will 
have to make foil-year provi- 
sions for excess stock, particu- 
larly clothing from lost winter 
and autumn and Sega com- 
puter games equipment 

The company added that fol- 
lowing foe poor spring trading 
the last six weeks had been 
ova: budget 

The shares lost U4p to close 
at 34'Ap. 



1 DIVIDENDS ANNOUNCED 1 





Corns - 

Total 

Total 



Current 

Data of 

ponding 

tor 

last 



payment 

payment 

dividend 

year 

year 

Adam X Harvey On 

11f§§ 

Sept 14 

7 

17 

12 

BufiOugh 

Int 

1.75 

Sept 15 

1.75 

- 

8.05 

Capita Group __ 

—■■■int 

1.11- 

Oct 6 

0.85 

- 

2.55 

Gregg* 

Int 

7 

Oct 14 

6 

- 

18 

Marling (nd* 

fin 

057T? 

Oct 7 

0.65 

0-77 

0.65 

Marredown 

—fin 

1.5 

Oct 5 

6 

2.5 

7 

Ramsden’s pq§ Int 

1 

Sept 30 

1 




Dividends shown pence per share net except where otherwise stated. jO” 
increased capital. §USM stock. ? Foreign Income dwfctend. §§Qro® 9 . 


'Hi, 




FINANCIAL TIMES TUESDAY JULY 26 1994 




Restructuring 
helps Bullough 
recover to £7m 


r*' 


Ji 






N. 


\ 




■ 0 . 


ill 



If M 


itl;t 




£!» 


Uft'v' 


,!■!' .'i.' 




By Tim Burt 

Bullough, the diversified 
engineering and office prod- 
ucts group, yesterday forecast 
a return to the “blue sky" of 
high margin profits as the ben- 
efits of tight cost controls and 
restructuring produced a sharp 
increase in the interim pre-tax 
figure. 

The group saw first half prof- 
its leap from £50,000 to £7. 13m 
for the six months to April 30, 
even though turnover declined 
from £1 33.4m to £l32m. 

Although the comparable 
year's figures were under- 
mined by a £4.67m restructur- 
ing charge, operating profits 
before provisions rose by 35.5 
per cent from £5.64m to £7.64m. 

Mr Gordon Bond, who took 
over as chief executive in Jan- 
uary, said: "Every division has 
shown growth and we can now 
pursue our aim of getting prof- 
itability back to 1990 levels." In 
that year pre-tax profits 
reached 128.7m. 

His optimism was fuelled 
mainly by improved results 
from the beating and refrigera- 
tion divisions, which saw oper- 
ating profits increase to £2J>5m 
(£l_8m) and £L66m (IX 56m). 

Turnover declined in both 
the engineering and office 
products sectors, but they 
defied tight margins with prof- 
its of £2.49m (£2. 19m) and 
£943.000 (£83,000) respectively. 

The group said it had 
appointed an internal auditor 
to oversee financial controls 
after a £1.4m mis-statement 
last year at the south west 
branch of its General Refriger- 
ation subsidiary. 

The branch has since been 
merged with its Midlands oper- 
ation and the accountant 
responsible has been dismissed 
and faces civil proceedings to 
recover more than £30,000 of 
missing cash. 


Bullough 

Share pries (pence) 
200 — 



The shares rose 9p to I54p 
yesterday after the group 
announced earnings per share 
of 3.85p (O.Q2p). The final divi- 
dend is held at 1.75p. 

• COMMENT 

Mr Bond has shaken not 
stirred Bullough. The work- 
force In the group’s office prod- 
ucts companies has been cut in 
half and managers have been 
instructed to pursue quality at 
low cost. He was lucky to 
arrive after the group had been 
through the worst part of its 
“pain first, gain later" restruct- 
uring. But he deserves credit 
for refocusing it into four key 
areas and cutting gearing from 
1 £5 per cent to 3.1 per cent, 
leaving plenty of room to buy 
market share through acquisi- 
tions. Steady long-term growth 
in each division is a real pros- 
pect and analysts have 
upgraded their forecasts for 
full year pre-tax profits to 
abont £l7.5m. On a forward 
multiple of IS, the shares seem 
an expensive but secure 
long-term bet 


BM nets 
$22m from 
US sale 


BM Group, the loss-making 
engineering company, yester- 
day announced the latest in a 
series of disposals with the 
sale of a US construction and 
mining equipment distributor 
to Marubeni of Japan for a net 
consideration of $22.2m 
(£l4JSm). 

The sale of Mitchell 
Distributing, which had been 
expected before the June 30 
year-end, will bring current 
debt down by £ 13.3m to £52m. 

Debt has been reduced sub- 
stantially from the £98m 
reported at the interim stage 
by previous disposals. Because 
of the slight delay in complet- 
ing the sale agreement, how- 
ever, the group will show bor- 
rowings of £65m when it 
reports annual figures in Octo- 
ber. 

BM said the disposal pro- 
gramme, agreed with bankers, 
was on track. The group plans 
to get rid of businesses in Can- 
ada - for which it took a £6m 
charge at the interim stage - 
and operations in Belgium and 
South Africa. 

BM will now have to focus 
on renegotiating banking facil- 
ities to replace the short-term 
support which expires in 
December. 


IMI sells 
computer 
offshoot 


IMI has sold Redwood 
International, its lossmaking 
computing software subsidiary, 
to CP Software Group, a Calif- 
ornia-based software manage- 
ment and marketing specialist. 

IMI will receive £5m, satis- 
fied by the issue of a secured 
promissory note with a maxi- 
mum maturity of five years. 

It will also receive convert- 
ible preferred stock and 19.9 
per cent of the common stock 
of a new US company formed 
by CP to hold its interest in 
Redwood. 

IMI is making available up to 
£6m of interest bearing loans 
to support the repositioning 
and restructuring of Redwood 
which CP has planned. 

Redwood incurred operating 
losses of £4m in 1993, entirely 
in the second halt and the loss 
for the first half of 1994 is 
expected to rise to about £8m. 

The directors said the com- 
puter software market was 
becoming more competitive 
and the uptake of Redwood's 
new product range was slower 
than, expected. 

IMl's second half results will 
reflect an exceptional charge of 
about £l6m, which will include 
a write-down in net assets and 
the loans referred to. 


X 


Mass Transit Railway Corporation 

M cotporalkM established by dm Mats Transa 
Railway Oorponlioa Ordinance of Hong Kong) 

HK$3 ,000,000 ,000 

for tw rqutvpUru ammuo in US. doUam) 

Medium Term Note Programme 

HK$1 60,000,000.00 Collared Floating Rate Notes 

do* 1996 

Notice is hereby given that the HIBOR applicable to the 
subject notes for the period from July 25. 1994 to 
October 2 4. 1994 is 500 po- Coupon amount pa*Mo 
October 24. 1994 per HKS500.000 note is HK56232B8. 

Morgan Guaranty Trust Company of New York 
Hong Kong 

As HK Reference Agent 

JPMorgan 


f BRITANNIA \ 
BUILD ING SO CIETY 

Issue of up to 
£50,000.000 
Floating Rate Notes 
Due 2005 

In accordance with ihc terms and 
awdhion> of the Notes, noire* m 
hereby given that U* the three 
month mtcrc-4 [wrind from (and 
mclndingj :5th July *>’ 

(batcuhaJiiifil 25lh October IW 
(he Notes nill cam a role o! 
interest o! 5 5X5-12 per cent per 
annum. The relevant interest 
payment date »iH be 25th October 
WM. The coupon amount per 

ti.oun.oni. A) Now will be 

£N.£M Jg pai.ihlr jpau&t surren- 
der nf Coupon No: W. 

Hamhros Bank Limilrd j 
w Agent Bank S 


THE BUSINESS 
SECTION 


appeals Every Tuesday A Saturday. 
Please contact 

Melanie Miles on 071 -873 3308 or 
Karl LoynkBi on 07 ]-S 734780 
or unite io than at 
The Financial Times. 

One Southwark Bridge. 
London SEt 9 HL 


rivureuLTuiis 


23 


COMPANY NEWS: UK 


BA places £15m Satcom order 


By Andrew Adorus 

Racal, the data communic- 
ations group, and Honeywell, 
the US electronic control 
systems company, have won a 
£15m order from British 
Airways for their “Satcom" 
satellite communications sys- 
tem. 

The contract is the largest 
Satcom order to date, and 
establishes Racal/HoneyweH as 
a strong leader in the rapidly 


growing market for airborne 
digital communications. 

British Airways said the new 
system would “revolutionise 
the quality of communication 
from the flight deck", with 
higher quality voice communi- 
cations and automatic monitor- 
ing for engineering purposes. 

Satcom also has the potential 
to provide a telephone at every 
seat in the aeroplane and 
enhanced passenger entertain- 
ment and interactive facilities. 


British Airways sees the new 
system as as an important 
competitive asset. 

Most big airlines have exper- 
imented with satellite tele- 
phones, but previous analogue 
systems have been at best a 
partial success because of the 
variability of sound quality 
and the cost of the equipment 
and satellite time. 

British Airways will test the 
first multi-channel systems 
this year, and intends to install 


them in 90 long-haul aircraft 
from next year. 

These will include Boeing 
747s, long-range 767s and 
McDonnell Dougins DC IQs. The 
Concorde fleet may also be 
equipped. 

The Racal Honeywell team 
has won orders for more than 
500 satellite-based airborne 
systems from 30 air transport 
customers, and claims to have 
certification on 10 aircraft 
types. 


Exceptional costs 
hit Merrydown 


By Clare Gascoigne 

Stock write downs and 
reorganisation costs pushed 
Merrydown, the cider and 
drinks group, into a pre-tax 
loss for the year to the end of 
March, despite a 33 per cent 
rise in turnover to £25.6m. 

The dividend is cut from 7p 
to 2£p. with a proposed final of 
Up, and the shares closed 2p 
lower at 130p yesterday. 

Mr Richard Purdey, chair- 
man, said the year had been 
'one of the most difficult in 
the company's 48-year history", 
with Christmas sales of cider 
“particularly disappointing". 

Exceptional costs of £2. 99m 
wiped out a small operating 


profit of £891,000 and turned 
last year's £1.71m profit into a 
loss of £2. 79m. 

However, Mr Purdey said the 
reorganisation would mean 
savings of £l-5m in the current 
year. “The group is now wholly 
focused on drinks," be said. 

The decision had been made 
to sell Martlet Natural Foods, 
and an agreement with Toota- 
eys, the Sydney-based brewing 
subsidiary of Lion N athan, will 
mean the launch of Merrydown 
Premium cider in Australia. 

Earnings per share before 
exceptional items and discon- 
tinued activities were 2.07p 
(10.7p), but after exceptionals 
there were losses per share of 
22.76p (13.03p earnings). 


NatWest Smaller 
shows improvement 


The net asset value per 
ordinary share of the NatWest 
Smaller Companies Investment 
Trust stood at 114.77p at the 
June 30 year end, against 
lGO.t&p a year ago. Net asset 
value of the new C shares was 
llSJ9Tp at the same date. 

The 29.5m C shares were 
Issued in connection with the 
trust's £35m fund-raising exer- 
cise in March this year. They 
will convert into ordinary 
shares on July 28 at a ratio of 
1.04530801 with one new war- 
rant for every five shares 
issued, raising the ordinary 
shares in issue to 47.2m, 
against 16.4m. 

Some 6.16m new warrants 
will be issued, which can be 


exercised at lOOp on October 31 
each year until 1998. The 
record date for conversion is 
July 22 1994- 

Prior to the placing the trust 
was known as County Smaller 
Companies Investment Trust. 

Net revenue for the year 
amounted to £949.000 
(£556,900). Earnings emerged at 
432p (3.4p) per ordinary and 
0j32p per C share. 

A special interim dividend in 
respect of the year is declared, 
comprising a principal divi- 
dend of l.S75p in lieu of a final, 
thereby maintaining the total 
at 3p, and an exceptional divi- 
dend of 0.425p which is attrib- 
utable to the issue and conver- 
sion of the C shares. 


Ryland worth up 
to £30m in float 


By Tim Burt 

Ryland Group, the family- 
owned vehicle distribution 
group, yesterday announced 
plans for a stock market flota- 
tion valuing the company at 
between £25m and £30m. 

The move follows a rapid 

expansion of the Midlands- 
based group, which has spent 
£l.5m on new dealerships this 
year, giving it a network of 
25 showrooms across the coun- 
try. 

Mr Peter Whale, chairman 
and chief executive, hinted 
that funds raised by the flota- 
tion, by way of a placing spon- 
sored by Albert E Sharp, would 
be used to accelerate 
the group’s expansion prog- 
ramme. 

“We expect to raise between 
£10m and £12m and that will 
give us greater flexibility in 
financing acquisitions," said 
Mr Whale, a grandson of Mr 


Harry Whale, who started the 
business in 1951 by selling 
trucks in Birmingham. 

Since then it has established 
distribution agreements with 
manufacturers including BMW, 
Mercedes. Nissan. Vauxhali. 
Toyota. Honda. Renault and 
Ford. 

The timing of the flotation 
has also been influenced by 
resurgent demand for new 
and used cars in the past 
year. 

Buoyant sales helped Ryland 
increase pre-tax profits from 
£773,000 to £2m in the year to 
April 3a 

Operating profits moved 
ahead from £2.4m to £3m on 
increased turnover of £190m 
against £157m. 

Following the placing, the 
Whale family’s holding in the 
company is expected to dec- 
line Tram 65 per cent to 
between 30 per cent and 40 per 
cent. 


Olives Property makes £0.9m buy 


Olives Property, the paper 
making and property develop- 
ment group, has acquired Zinc- 
shire, a privately owned prop- 
erty investment company, for 
£335,000. 

The consideration will be 
satisfied by £100.000 in cash 
and the balance by the issue of 


!.7m new ordinary shares and 
£200,000 nominal convertible 
secured stock. 

Zincshire, which owns two 
freehold properties in Swindon 
and west London, made pre-tax 
profits of EI09.&I0 for the year 
to March 24 1994, at which date 
net assets wen? £285,339. 


CONTEMPORARY CLASSICS 
FROM THE FINANCIAL TIMES 


If you believe that the veiy best business accessories 
should be functional, affordable and noticeable, the 
FT range of leather executive gifts is sore to be of 
interest to yon. 

A Quality Proposition 

Every item is the FT range of business accessories is crafted 
from superb quality black leather, each with distinctive edge 
stitchingand gilt corners. All are fully lined in bard wearing FT 
monogrammed pink moire silk and as you would expect every 
item in the FT ranggof business accessories is fully guaranteed. 

You can personalise any of the business accessories by having 
names or initials gold blocked onto the front cover. It is that extra 
touch of elegance that turns a special business accessory into a 
uniquely personal one. 

The FT Disc Wallets 

If you carry computer discs around or just want a smart and 
practical way of storing discs, you will find either of these two 
disc wallets invaluable. 

Choose from either the 6 disc or 10 disc wallet Both are made 
from black leather with protective gilt comer guards. 

Inside, each disc is held in individual tough 
translucent plastic pockets. 


The FT Billfold Wallet 



This very practical wallet is made from supple 
soil black leather and fits easily into a jacket 
or hip pocket. Inside, there are two full 
length pockets to hold bank notes and a 
secure pocket for loose change or keys. 

It is also the perfect size for business 
cards. There are spaces for 5 
credit cards and a see-through 
pocket for an ID photo card. 



Size: 110mm x 93mm x 11mm. 


ooceBFW 



Size: 1 15mm x 1 10mm x 30mm core DWS (6disc) 

Size: 220mm x 130mm x 23mm coce DWL (1 Odisc) 

The FT Jotter 
Calculato r Wallet 

This is such a handy 
little item you will 
wonder why you have 
not used one before. 

A small black leather 
wallet which contains 
a detachable solar 
powered calculator on 
one side and an FT pink 
jotter pad on the otber. Included is a matching 
black and gilt ballpoint pen. Now you can note and jot down 
calculations wherever you are. Includes two inside pockets for 
your notes. 

Size: Emm x 110mm x 5mm. oxtJC 

The FT Conference Folder 




The FT Travel Organiser 

An efficient, effort saving companion that finally solves those 
irritating problems we ail experience from time to time. When 
passport and boarding card have separated and sterling is mixed 
with deutchmarks. When that important receipt is 
nowhere to be found and all your coins 
from all your travels have decided to 
meet together, what do you do? 

The FT Travel 
Organiser is the 
solution. It keeps all 
your travel documents 
safely and efficiently 
close to hand. 

Hade from rich 
black leather it has 
pockets for your 
passport and boarding 
card and a detachable 
section for your 

traveller's cheques. There are pockets for your currency and even 
detachable zipped pockets for your loose change plus further 
pockets for receipts and notes. (No gilt corner guards on this 
item.) 

Size: 232mm x 127mm x 19mm. ccc-i T0L 

The FT Document Case 

Slim, lightweight, very elegant and practical, this document case 
is easier to take around on your travels than a briefcase. It has 

gusseted sides and holds A4 
size documents. It is lockable 
and is supplied with a key. If 
you travel with an over- 
loaded briefcase this is a 
great way of keeping things 
in order - simply separate 
the items you need for your 
next meeting, put them in 
the document case and 
you are ready to go! 




Crafted from one piece 
of leather and lined with FT 
pink moire silk, the FT lockable 
conference folder contains a brass 
ring binder for holdingyour papers 
securely, A4 note pad and a small jotter pad. 

There are loops for pens and different sized pockets for papers 
and business cards so everything is kept neatly together. 

Supplied with a key. Refills for the A4 note pad and jotter are 
readily available. 

Size: 320mm x 254mm x 32mm. 033 CrL 

REGISTERED OFFICE. NUMBER ONE SOUTHWARK BRIDGE. LONDON SEI 9J1L. REGISTERED IN ENGLAND NUMBER 980896 


Size: 335mm x 240mm x 5mm. 


The FT Business Card 
Holder 

This is a super black leather 
desk accessoiy that you can 
leave back at the office when 
you are travelling but one you 
will want to use the moment you 
return. An executive's business 
card holder with a capacity to 
hold up to sixty cards, in 
see-through plastic pockets. 

Size: 135mm x 213mm x 10mm. 


coo t DCL 



codlBCH 


The FT Jotter Wallet 

An exceptionally slim black leather wallet which 
holds a loose-leaf jotter pad. U slips easily into a 
pocket and is ideal for jotting down notes when 
you are out and about. 

Behind the jotter pad is a full-length pocket 
which is just the right size for banknotes, 
tickets and receipts. Refills for the FT-pink 
jotter pad are readily available. 

Size: 173mm x 93mm. ox* J 

Do You Buy Business Gifts 
For Clients and Colleagues? 

If you or your Company give business gills why not choose from 
the FT Collection. Valuable discounts are available when you 
order 25 items or more. Please contact Uni Bale on 04*3 576144 

The FT Collection Range 

What we've shown here is a small sample of the FT Collection 
range. So why not send for a full colour catalogue by completing 
the coupon below or telephoning Kate Thompson on 6483 576144 


Code: aoins ORDER FORM 

PLEASE COMPLETE AND SEND WITH PAYMENT TO. 

The FT Collection, P.O. Box 6, Camborne, 
Cornwall TR14 9EQ 

□ Please send me tha FT CoHeoioii Catalogue. 

□ I am interested in using the FT Coflection 3S business grfts. 
please send me details 

NamelWMrVXtoMs) 



COUKCTION 


Poston 


Compaq (it applicable) 


Address 


Postcode 


Country 


Telephone totter 


PRODUCT 

CODE 

UA A 

OVERSEAS 
(ncpSoiVAT 
ran ascot) 

EU 

(« VATJoipJ 

QIY 

REOD 

SOB 

TOTAL 

6 Dsc Watt) 

MK 

E2199 

C2605 



10 Dec nab* 

DWL 

C31W 

C33 53 



JofterrCALtiU ttaM 

JC 

£2032 

BO S3 



ftntotreeFou* 

Cfl 


PS 47 



RUdWafti 

BFW 

<20.15 

£21.21 



Tram Organs* 

TQL 

E97JT 

£9945 



DoamemCasfl 

ax 

ESDI? 

EJ66 



Bares Cart Udder 

BCH 

□ 134 

£33 :7 



JOlter Waist 

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C12A1 

£12.67 



PERSONAUSATBN 






weals tWax fl 

1 

□a 

□ 59 



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N 

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PERSONAUSATION 

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Tom Onto value £ 


I you an oraemg Iran an RJ tarty otter Km to UK ana ate repswtd lor vAT. please que you 
VAT numter snd pay tv net pree 

HO* TO DROOL “ 


By Fax. I paying tv craft caid you cat aso FAX this order lorn in. 0209 612830 
By Mai. Rstim Bisonte: tom mth yaw payment to theabwe address. Payment mua 
axanpant you onto and ctayies met be tirwn in Pounds Sfrtng on a UK. Bank account, 
made payable to FT Busness Wotmafion. 

Tttiw*wfd Daymen □ Cheque □ UnwyORter 

□ AaMKAfasacad 22 □ Vsa Bffl □ Aik. 


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24 


FINANCIAL TIMES TUESDAY JULY 26 1994 


COMMODITIES AND AGRICULTURE 


Speculators lose taste for coffee 


By Alison Maitland 


Coffee futures yesterday 
suffered a sharp setback in 
New York and London as sell' 
mg by disillusioned specula- 
tors ran into a lack of buying 
interest on the eve of the first 
Brazilian government esti- 
mates of the frost damage to 
next year's crop. 

In London, the second posi- 
tion robusta contract dropped 
8346 to $3,383 a tonne, leaving 
it about $300 above its level 
just before the second Brasil- 
ian frost two weeks ago and 17 
per cent below its 8'A-year peak 
of $4,085 in the week following 
that frost 

The New York market, 

which is more driven by specu- 


lative interest and trades In 
arabica, Brazil's primary coffee 
variety, has seen an even 
larger retracement of about 25 
per cent from its peak of 274 
cents a pound on July 13. In 
afternoon trading yesterday, 
the September contract was off 
13.20 cents at 206.20 cents a 
pound. 

The belief is growing that 
the crop damage will be less 
than initially thought from the 
two severe frosts which struck 
in late June and early July. 
“With the benefit of hindsight, 
a lot of the ideas put around 
before are now seen as having 
been too much too soon,” said 
Mr Robert MacArthur, head of 
the tropical trader group at 
Merrill Lynch in London. 


He said estimates of damage 
of between 6m and 9m bags to 
a crop that could have been 
25m-30m bags were now widely 
believed and had been dis- 
counted tn prices. "If Brazil 
only confirms that, it won't be 
enough to do much to the mar- 
ket If it's significantly higher, 
people might be disbelieving.’' 
He added that more physical 
supplies had come on to the 
market and coffee roasters and 
traders bad better cover than 
during the scramble that fol- 
lowed the second frost 
E.D. &F. Man, the London 
commodity trader, said yester- 
day that a loss of 6m to 8m 
bags could mean a crop only a 
little smaller than this year’s 
harvest of around 24m. 


GNI, the London brokers, 
took a similar line. “We believe 
that the final crop figure will 
come in close to 20m bags," it 
said in its daily market report. 

Yesterday's falls, in fairly 
thin volume, were fuelled by 
warmer weather during the 
weekend. Both previous frosts 
took place at the weekend, and 
the potential frost season con- 
tinues until the end of next 
month. 

One London trader com- 
mented: “The real problem is 
that no one is sure where the 
market should be." 

• Zimbabwe has lost up to 20 
per cent of its expected coffee 
output of 7,800 tonnes this sea- 
son because of frost reports 
Renters from Harare. 


Indian growers get better bargain 

Newly-authorised private auctions are flourishing, writes Kunal Bose 


Russian 
aluminium 
exports 
higher than 
thought 


T he Tndian government is 
progressively reducing 
the marketing role of 
the Coffee Board, which until a 
couple of years ago used to 
pool the country's entire pro- 
duction for auctioning. As part 
of a general economic liberalis- 
ation plan the Coffee Act of 
1942 has been changed to allow 
growers to market half their 
production independent of the 
Board in either the domestic or 
foreign market 
There is a consensus among 
all concerned that liberalisa- 
tion - to start with, the grow- 
ers were allowed to sell 30 per 
cent of their produce in the 
domestic market only - has 
done a world of good to the 
plantation industry. Even 
though the buyers of coffee for 
the domestic market are com- 
plaining loudly about “run- 
away” inflation in coffee prices 
at the auction since January, 
they admit that the planters 
have started taking a lot more 
care about the quality of the 
crop. 

When the board was pooling 
the crop “the estates did not 
have an; individual identity”, 
says an official of the Karna- 
taka Planters Association. 
"Moreover, the return from cof- 
fee was so low prior, . . that 
the growers had neither the 


money nor the incentive to 
care for quality.” 

But with the Tndian Coffee 
Trade Association holding fort- 
nightly auction at Bangalore, 
where returns depend on qual- 
ity, the estate owners are giv- 
ing a lot more attention to irri- 
gation, use of nutrients and 
plucking and curing of berries. 

The success of the IOTA auc- 
tion has encouraged producers 
and traders to organise 
monthly auction at Coarg in 
Karnataka and Coimbatore in 
Tamil Nadu. 

While the - a big incentive 
to producers being the prompt 
payment they receive - the 
board, which holds a weekly 
auction at Bangalore, is not 
getting enough coffee, 
although growers are required 
to surrender half their produc- 
tion to it The Board takes an 
inordinately long time to pay 
for the pooled coffee and the 
premium for good quality is 

rnsiiffirionf- 

According to the Board, 
India's 1993-94 (October to Sep- 
tember) coffee crop will be 
208.000 tonnes, comprising 
119,500 tonnes of robusta and 
88,600 tonnes of the milder 
arabica. The board should, 
therefore, be getting 104,000 
tonnes of coffee from the grow- 
ers. But the amount received 


so far is less than 50,000 
tonnes. 

The growers think that India 
will finish the season with a 
crop of 180,000 tonnes, up from 
169,395 tonnes in 1992-93. 

It Is mainly the small grow- 
ers with holdings of up to ten 
hectares - they own nearly 64 
per cent of the 270,821 hectares 
under coffee - who are not sur- 
rendering the required quan- 
tity. And the board lacks the 
means of enforcing discipline. 
Mr Ashok Kuriyan, himself a 
big planter and president of 
ICTA, suggests that instead of 
"encouraging corrupt prac- 
tices, the government should 
exempt the small growers from 
pooling coffee with the board”. 

The plantation owners argue 
that as the private auctions are 
doing well with enthusiastic 
participation by the growers, 
traders and exporters, the gov- 
ernment should now allow 
them to market the entire crop. 
But the authorities will have to 
take into account the growing 
discontent among the Indian 
consumers over the rising cof- 
fee prices and the demand for a 
separate coffee auction for the 
domestic market before it 
thinks of farther liberalising 
the trade. 

The small growers’ action 
committee does not believe 


that separate auction sales for 
the domestic market will give 
any relief to consumers “since 
as long as the world coffee 
prices remain higher than the 
domestic prices, coffee will 
somehow be cornered by the 
exporters. The return to the 
dual auction system will only 
breed corruption". 

The growers, irrespective of 
size, point out that for the first 
time in many years they are 
getting a good return from cof- 
fee. They say that the sur- 
pluses are befog used to pay 
back loans, create irrigation 
facilities and start the process 
of replanting bushes, many of 
which are 50 to 60 years old. 
They realise that their present 
prosperity is a reflection of the 
world coffee situation. If the 
government wants to give 
relief to vulnerable sections of 
society, they argue, it should 
take some coffee from the 
board for distribution through 
ration shops. The elimination 
of middlemen would make 
such coffee cheaper by at least 
20 per cent, they claim. 

With Indian coffee inviting 
strong export enquiries, the 
growers think that exports in 
this financial year (April to 
March) will be much higher 
than the 125,172 tonnes shipped 
in 1993-94. 


Russian aluminium exports 
outside the Commonwealth of 
Independent States rose to 
l.H6m tonnes in the first half 
of this year from 673,600 
tonnes in the corresponding 
period a year earlier, accord- 
ing to the Foreign Economic 
Relations Ministry, reports 
Reuters from Moscow. 

Aluminium exports in Janu- 
ary-May were 978,200 tonnes, 
np from 495,800 tonnes in the 
year-ago period, a ministry 
official said. 

The official, who declined to 
be named, said an initial Janu- 
ary -June estimate of 1.25m 
tonnes bad been revised. The 
latter figure was published by 
the State Statistics Office in its 
latest report on the economy. 

An official of Alnmmiy the 
country's aluminium produc- 
ers’ group declined to com- 
ment on the figures. 

Russia and other major 
world aluminium producers 
agreed earlier this year to cut 
output in a bid to prop up the 
market The agreement was in 
response to a sharp fall in alu- 
minium prices caused by a 
surge in Russian exports fol- 
lowing the breaking up of the 
Soviet Union. Prices have 
since risen strongly. 

Data released at a meeting 
of the producers in Australia 
this month showed that Rus- 
sian output fell to 220,800 
tonnes in June from 236,100 in 
November 1993. That data also 
indicated, however, that 
exports in the first five 
months of this year amounted 
to about 800,000 tonnes, 
roughly in line with the 1993 
total of l-9m tonnes. 


UK scientists in search for ; 
‘greener’ dairying system 


By Deborah Hargreaves 


British researchers are 
investigating whether dairy 
farming can be both profitable 
and environment-friendly. 

The government's farm advi- 
sory service, Adas, is examin- 
ing ways of reducing the waste 
products and emissions from 
dairy farms, such as nitrogen 
run-off and manure or slurry. 
Project managers have set up 
three dairy systems at Alias's 
Bridgets research centre in 
Hampshire to compare the 
results of different types of 
manag w qe nt- 

Disposing of slurry in a way 
that is not harmful to the envi- 
ronment is a controversial 
issue in the European Union 
where it is tackled by different 
countries in different ways. In 
Denmark, farmers must own 


enough land to dispose of their 
own sluxiy or must be able to 
secure contracts from their 
neighbours to get rid of it on 
their land 

The British government is 
looking at the possibility of 
introducing legislation that 
would force tenners to store 
the slurry for a period and dis- 
pose of it when it was least 
likely to be harmful to the 
environment. This would raise 
costs for termers, but it would 
also bring some benefits as the 
land gets more nutrients from 
manure If It is spread done in 
the winter. 

The experimental dairy units 
range from a conventional sys- 
tem with a stocking rate of 2.1 
cows a hectare to a term with 
the same amount of land and 
number of animate but which 
has incorporated measures for 


reducing nitrate losses. 

The third unit includes more 
land with the same number of 
cows so that nitrate leaching 
losses can be cut to below the 
European Union limit of 50 mil- 
ligrammes a litre. 

Mr Steven Peel who runs the 
project, which has received a 
£700,000 grant from the govern- 
ment, says the profitability of 
the different systems will be 
studied for three years to see if 
environmental management 
can be improved without 
affecting profits. 

At the same time, the 
researchers are looking at the 
use of forage maize for cows' 
diets as a replacement for 
silage, which will help to 
reduce the amount of nitrogen 
they excrete. Feed ran be for- 
mulated in a way that elimi- 
nates excess nitrogen. 



Wool industry ‘emerging from crisis’ 


By Deborah H argr e a ve s 


Australia’s wool industry is 
just pulling out of a crisis that 
lasted for the past three years, 
according to Mr Barry Jackson, 
managing director of the Aus- 
tralian Wool Research and Pro- 
motion Organisation. A col- 
lapse in price led the country’s 
70,000 growers to run up debts 
of A$2.Sbn. 

In 1991, following the with- 
drawal of a reserve price 
scheme by the Australian gov- 
ernment, prices dropped to 348 
cents a kilogram but have 
since climbed back to 600 
cents. Production declined 
because of the downturn in 
price, bringing the market 
closer to equilibrium. 

In a talk to the Australian 
Business in Europe forum, Mr 


Jackson said that last year was 
the fourth in which sales had 
exceeded output which meant 
that the government's stock- 
pile of 4.5m bales of wool was 
being eroded. He said the 
stockpile and producers' debts 
which now stood at A$1.2bn 
should be eliminated in three 
to four years. 

“We’ve gone from, being a 
very conservative, producer- 
orientated Industry to being 
much more market and con- 
sumer- related," Mr Jackson 
said. 

Australia’s wool organisation 
co-ordinates research and 
development work for growers. 
It has also recently taken over 
the direction of the Interna- 
tional Wool Secretariat which 
is based in Dkley in Yorkshire 
but for which Australia pro- 


vides 85 per cent of the funds. 

The secretariat will be 
moved to Melbourne, where Mr 
Jackson plans to rebuild 
reserves and start advertising 
wool to consumers again. 
"Competition is against cotton 
and synthetics, not wool from 
other countries." he said. 

Wool accounts for between 7 
and 10 per cent of Australia's 
exports at a value of AS3 to 
A£4bn a year. 

Mr Jackson is keen to pitch 
wool as a quality product and 
not just a commodity. Wool 
accounts for just 4 per cent of 
world fibre output which is 
dominated by cotton and syn- 
thetic fibres and although 
world demand is growing, pro- 
duction is constrained by limi- 
tation of space for keeping 
sheep. 


MARKET REPORT 


Copper leads cautious base metals rally at LME 


Most base metal markets 
finished higher on the London 
Metal Exchange yesterday. 
COPPER tended to stutter 


higher, with periods of upward 
movement and option-related 
buying followed by spells of 
torpor. 


ALUMINIUM was helped by 
late commission house buying, 
which ensured a close at the 
day's highs, although it too 


was subdued once early Far 
Eastern buying below $1,500 
had run its course. 

Compiled from Renter 


COMMODITIES PRICES 


BASE METALS 


CROSSWORD 


LONDON METAL EXCHANGE 

(Pnces from Amalgamated Moral Tracing) 

■ ALUMBUUM, 917 PUflfTY (S per tome} 


Precious Metals continued 

GOLD COMEX pOD Troy oz.; S/troyoz.) 


GRAINS AND OIL SEEDS 

WHEAT LCE (£ per tonne} 


SOFTS 

COCOA LCE (Ertonmfl 


MEAT AND LIVESTOCK 


No.8,515 Set by CINEPHTLE 



Cash 

amnia 

Close 

1480-82 

1507-8 

Piwtous 

1482-84 

1509-11 

Wgh/tow 

1478 

151571482 

AM Official 

14TM5 

1 £005-7.0 

Karb done 


1515-6 

Often tot 

280.000 


Total dafly tunovw 

45.100 


■ AUUMNtUU ALLOY (S par lonno) 

Close 

1482-97 

1512-15 

Prevtous 

1490-600 

1515-17 

mgrwTOw 


1615/1614 

AM Official 

1490-95 

1514-15 

Kerb ckwa 


1512-5 

Open int 

2,562 


Total dafly bonovor 

730 


■ LEAD per tome) 



Ctose 

583-04 

699.5-000 

Pmtoua 

5755-65 

532-3 

rtgh/tow 


580.5/568 

AM Official 

577-7.5 

583-4 

KMb dose 


599-600 

Open ire. 

41,439 


Total daBy turnover 

11,803 


■ NfCKB- (t per tonne) 


Close 

6190-200 

6285-90 

Previous 

6155-60 

6245-50 

Hgh/kw 


6330/6170 

AM Official 

6100-85 

6250-55 

Kaib dose 


6325-30 

Open ire. 

56,871 


Total daBy tumowr 

10.760 


■ TW fS per Lome) 



Ctom 

5275-85 

5350-60 

Previous 

6230-40 

5305-15 

ngMow 


530015310 

AM Official 

5230*40 

6315-20 

Kart) etasa 


5350*80 

Open Int 

18/454 


Total dafly turnover 

4/948 


■ ZMC, special high erode ($ per lonra) 

Close 

371.5-2.5 

996-87 

Previous 

986.5-7.5 

991-2 

Hgh/tow 


998/902-5 

AM Official 

968-60 

9925-93 

Kerb dose 


997-8 

Open Int 

102^96 


Total dafly turnover 

16.178 


■ COPPER, (ratio A (S per tonne) 


Ctosa 

2520-22 

2526-28 

Previous 

250&6-7J5 

2514*5 

H>gh/tow 

2516 

2530/2802 

AM Official 

251SA-17jO 

2522.6-230 

Kerb dose 


2525-0 

Open fnL 

227.164 


TMoJ aafly turnover 

31,951 


■ LME AM OraoM E/5 rater 1.9828 

LME Closing E/S raw 1J910 


Spot! £327 imtel.5312 8nHtKl-53M 9mthanjZ98 

■ HIGH GRADE COPPER [COMBO 


OlfS 


OPM 

CM dnofla 

UlgSi low 

tot Wei 

Joi 114.70 +075 115J5 11425 

888 417 

JIM 11470 +075 114*3 114.70 

734 134 

Sep 11435 +070 moo 11480 32788 4,412 

Oct 11475 +0.70 

114J0 114.10 

420 4 

MM 11435 +0.70 

- 

MS 

Doc 11195 +0.70 

114,60 11X00 10,414 329 

Tutu 


51,238 SJ21 



Sett 

Oft 


OPM 



Salt 

Oar* 



Open 


' 

Sett 

Nt 


Opoi 

~ 

Sett (tor's 

4QpHI 



ptea 

eta* 


Mar tat 

VOL 


pries 

etnnga 

MB* 

Low 

•W 

vw 


price i 

etunga 

Ugb 

taw tat vat 


price etnnga Wgb Low 

tat 

M 

Jd 

3848 

-ai 

- 

* 3 

- 

**P 

105-40 

+0.75 

105.40 

10500 

396 

8 

JOl 

1045 

-35 

1065 

1045 358 68 

AOfl 

08^50 *1.025 60000 68.050 22833 

2828 

AW 

3849 

■ai 

3855 

8847 54,435 16078 

Ao* 

108.45 


10600 

105 JO 

2J52 

184 

Sep 

1058 

-34 

1087 

1056 16.761 2276 

Oct 

71975 -0825 71.550 71800 24,573 

3574 

Hap 

386.4 

■ai 

- 

- 

« 

Jan 

10805 

+0.75 

10805 

10600 

1.459 

84 

oec 

1070 

-34 

1090 

1068 30JU8 1JK3 

Dec 

70500 41600 70.775 71200 

10583 

1840 

Oct 

3888 

■0.1 

3880 

3870 7,133 

670 

tor 

11025 

+075 

11025 

11000 

671 

19 

u* 

1091 

-33 

1106 

1089 29,189 789 

Feb 

69.650 -0525 70.100 6P525 

9982 

985 

Doc 

391.1 

-0.1 

381.7 

3900 43042 

5,460 

•W 

moo 

+085 moo 

11080 

682 

70 

mar 

1100 

-33 

1105 

1100 10,123 33 

Apr 

70.775 -0S50 71^00 70.700 

M24 

332 

f* 

SMS 

-ai 

385.1 

3950 10,408 

871 

M 

11086 

• 

- 

- 

1*7 

- 

Jd 

1106 

-32 

- 

- 3365 75 

Jan 

67.750 -0.475 60200 87.750 

1J02 

49 

TbM 




154038 34067 

ram 





8,707 

365 

TOM 




10A478 4,792 

Total 


70258 

9813 

■ PLATINUM NYMEX (50 Tray oz.; S/tray oz.) 

• WHEAT CRT (5, DOOM mh% cents/OOb bushel) 

■ COCOA CSCE (ID tonnes; SOonnes^ 

■ LIVE NOGS CME (40,000tt»; cants/lbs) 


Jd 

418.1 

*22 

- 

64 

41 

** 

327/4 

+4® 

328/2 

322/4 81010 20385 

fop 

1417 

•57 

1445 

1411 39J19 3.714 

Aog 

46.100 +0300 40200 45.100 

0512 

2890 

Del 

421.1 

*22 

4220 

4190 21025 

1075 

Dec 

341/4 

+5/2 

342/4 

3380155/75 50075 

Dec 

1463 

-51 

1489 

1457 18,393 1.359 

Oct 

42-050 +0375 42J00 41-200 

10/157 

1823 

Jm 

4245 

*22 

4249 

4230 2013 

10 

Har 

347/0 

+S« 

347/6 

341® 34JS45 

3,605 

War 

1497 

■48 

1517 

1490 7.822 121 

DM 

41.450 *0075 41025 40800 

4,418 

530 

Apr 

4200 

*22 

4290 

4270 1,791 

1 

t*r 

341/D 

+5® 

342/4 

338» 

U35 

420 

Hoy 

1517 

-48 

- 

- 2354 5 

tel 

41.125 +0125 41-350 40550 

1J93 

326 

M 

4320 

*22 

- 

- 1 

- 

Jd 

324/D 

+1« 

32BD 

322® 

3,075 

1.125 

Jd 

1537 

-48 

- 

- 2^44 

Apr 

40.100 -0200 40300 40000 

884 

100 

Oct 

43SO 

*22 

- 

1 

- 

He 

334/0 

+1/4 

- 

- 

10 

- 

fop 

1557 

-48 

- 

- 1.032 

3m 

44825 -0200 44.900 44550 

. 

. 

Total 




23,m 

1027 

TIM 




287,880 78020 

Total 




77,704 5£44 

Total 


28^80 

4800 

■ PALLADIUM NYMEX (100 Troy at; Srtray ate.) 

■ MAIZE C8T (5,000 bu rain; cwte/SGto bushel} 

■ COCOA flCGO} {SDR's/torew! 

■ PORK BQJJES CM£ <4Q.QOOK»; c«nta/tos) 


14800 

+105 

16000 

14025 4698 

187 

an 

217® 

+1® 

217/4 

215/2Z460S5 43,870 

JUI 22 



Price 

Risk, (by 

Aog 

30925 -1.700 31.900 30800 

0823 

1844 

Dec 

14080 

+1.40 14050 147.75 B48 

7 

DM 

21 aw 

+1/G 

220fl> 

217*980085 81,840 

DaBy — 



110529 

1106.75 

M 

44J75 -1575 48JW0 44200 

3.522 

746 


14830 +1.40 


- 700 1 

ToW 1380 185 

■ 8H.VB1 COMEX pOO Thy oz.; Canteflroy qz.) 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Prion suppled by N M RotirachUd) 


SoW (Troy ot) 

awe 

Sparing 
Morning the 
utemoanlbt 
Day's High 
Jay's Low 
>revtau9 dose 
joGoUnMoen 

l montfi 

• months 


£ oquhr. 


M6.0M8MO 
38500-38S.W 

384 aS 2S0.M2 

m00 250345 

385 30-365.70 
3Wj«K»5.00 
384J0-384U0 

Gotd Lendtag Rato* (Vi USX) 

4.02 B mentfra 4,52 

—4.10 12 nwths 4^0 


war nt 


months 

months 

laid COM* 
niganand 
rapi* Lori 
lew Sovereign 


.4,17 

prtroy ox US eta oquhr. 
343.00 E20JXJ 

347-30 532-05 

351.80 538.73 

362-70 554.26 

Spite* £ eqviv. 

300-383 254-257 

395.7*388*5 
00-93 


M 

529.0 

+38 

5215 

5258 118 

58 

fop 

531-0 

+38 

5338 

5278 78844 10,725 

DM 

5303 

♦10 

6400 

S348 24,482 

474 

Jaa 

6398 

+38 

• 

35 

- 

Her 

S4*L4 

+3J0 

547 JO 

5468 1639 

16 

tan 

5518 

+3.0 

- 

- 3818 

1 

Total 




121829 11874 

ENERGY 




■ CRUDE 00. NYMEX (42.000 US gala. S/tranaQ 


UMA 

Bar* 


Opra 



Pdce 

ctenge 

MB* 

Low to) 

VW 

foP 

1980 

■0.11 

1175 

1988110855 41J648 

Oct 

19.19 

-005 

1BL27 

19-05 41341 

15858 

NO* 

1885 

■008 

1883 

1190 33889 

2349 

nec 

1881 

-086 

1882 

1175 46837 

3^38 

Jaa 

1173 

084 

1173 

1163 22J82 

2827 

M 

1170 

- 

- 

- 11-269 

307 

Total 




403L283 

881308 

■ CRUDE CM. tPE (Srtrenel) 




Lata* 

Dwrta 


Op» 



price 

dniipt 

Mgh 

Low tot 

VW 

fop 

17.67 

0.17 

1787 

1783 87825 20840 

Od 

1780 

015 

I7J9 

1787 23.363 

«8»5 

mm 

1786 

-aoe 

1788 

1784 10879 

1411 

DM 

1782 

-003 

1788 

17.47 15860 

18® 

JM 

17.43 

086 

1745 

17.43 5,758 

585 

FM 

1787 

005 

1787 

1787 2841 

ZOO 

Total 




134885 39804 

■ HEATING OIL KYVEX (4ZJ30Q US Qall; C/US QdbL] 


LWoat 

Os^s 


Opan 



price 


W 

In tat 

vw 

Aog 

9085 

+028 

5180 

5130 18837 

law 

sre 

51-25 

+018 

51.4S 

60-83 Z7838 

8375 

Oct 

37.15 

+014 

52.15 

5183 11711 

237B 

Md* 

53.10 

+014 

53.10 

■j?an 9,920 

447 

Dm 

5480 

+014 

64.00 

5380 21814 

1,732 

Jan 

5485 

+009 

5480 

5480 10354 

540 

Total 




mW2 2VW8 

■ CMS OHL WB (Sflaona) 





Sett 



UP* 



prtaa 

dongs 

HOD 

Low tat 

vw 

Am 

15280 

-1.76 

153.75 

15285 24823 

1889 

foP 

15175 

-185 19985 15175 16.708 

3309 

Oct 

18100 

-180 18180 1 G0-00 12,906 

1,188 

Mnt 

182-25 

-180 16175 16225 1835 

856 

Doc 

10480 

•180 18880 18480 15,066 

5B0 

JM 

10175 

■1JS 

16175 

18585 7318 

520 

Total 




9B831 13,146 

■ NATURAL GAS NVHEX PHOTO mnB&u UnflBtu.} 


UM 

Oaf* 


ton 



price drange 

HflD 

in w 

VW 

fop 

1870 

0850 

1815 

1865 22824 1Q368 

Ost 

1850 

0842 

1 SB 

135Q 10,635 

2816 

Mm 

2-085 

0.025 

aiofr 

2350 9851 

13S6 

Doe 

2810 

0825 

2830 

2810 14840 

1,531 

■tap 

gJ35 

0818 

2230 

2225 10811 

7D4 

Wt 

ZISS 

0801 

2.1B5 

1155 1028 

290 

TMfl 




108803 48880 

■ UNLEADED GASOLINE 



WMEX (42800 US flMtai c/US gattj 



latest 

ow* 


Oprn 



prfea 

donga 

»0D 

Uw tat 

VW 


MV 22BW +1/8 229/0 228/6111045 12.680 

Kay 235/0 +1A 235/4 3330. 40865 3£15 

JOl 2380 +1/6 238/2 237/2 39,815 4.400 

fofl 241/2 +I/B 241/S 2308 2.785 285 

Total 1 jOESM14SLCB5 

■ BARLEY LCE (E per tome) 


id day wage 


m 


m 


43.750 -0.750 44250 43700 118 


May 44800 +0-300 45.100 44200 44 


■ COFFEE LCE (S/!onne) 


SIP 

10190 

+115 

_ 

- 102 


tow 

104A0 

-0,10 

104.75 104.40 403 

0 

JM 

10130 

- 

- 

33 

- 

Mar 

107.65 

- 

- 

38 

- 

Mar 

10985 

- 

- 

1 

- 

TWW 




657 

8 

■ SOYABEANS CUT (SJXNtai n&c cantWBnb tanhoQ 

Am 

590* 

+0* 

593/4 

585/4112775 54880 

fop 

574/4 

+5/0 

6710 

570* 82.455 23845 

tow 

563/2 

+4/2 

305/D 

558/4339815111820 

Job 

570/0 

+4/2 

572/4 

5B5/4 53885 

7830 

Mar 

5794) 

+4/0 

5tm 

574/4 11225 

3320 

Ntafl 

585/0 


588/0 

582/0 11020 

U4B 


JW 

3370 

-260 

3500 

3400 

423 

Z7 

s«p 

3383 

-245 

3505 

3362 

1B.7T7 2v«6 

Nov 

3370 

-2W 

3500 

33S5 

1420 1278 

JM 

3302 

-249 

3495 

3340 

11496 

397 

(tar 

3355 

-254 

3431 

3335 

3,695 

480 

» for 

3363 

-245 

3435 

3420 

874 

14 

Total 





43^8 1898 

■ corrm ‘c* csce p/.soofaj; cents/ib* 


fop 

20120 

1020 21150 205.00 21,394 5,144 

Dae 

21250 

1145 21125 

20100 

T1J554 

1,800 

Mar 

21780 

-9X0 21150 21780 

1216 

291 

Hot 

21980 

-100 

21150 

21150 

1314 

72 

JW 

271.00 

-980 

221.10 221.10 

333 

. 

top 

72229 

-480 

- 

- 

38 

- 

Total 





40J87 7^08 


tag 

TaMI 


45250 -0.750 45250 45250 
41800 


28 


7,908 2358 


LONDON TRADED OPTIONS 

Strike price S tonne — Cette Puts — 

■ ALUMNI UM 


Total 


641440211,735 


■ COFFEE (ICO) (US conts/pound) 


■ SOYABEAN OH. CBT (BO.OOdbs; centsAti) 

JW 22 

Damp, dafly 


Price 
. 19118 

Pra*. day 
19174 
191.77 

Aofl 

24.42 

+125 

24.55 

2425 15,551 

2/375 

15 (fay swops 


. 10X50 

fop 

Oct 

24 J1 
2177 

+020 

+021 

24A6 

2190 

2123 20A02 
2X70 1X952 

2.948 

1,179 

■ No7 PREMIUM RAW SUGAR LCE {centers) 

Ok 

2X39 

+116 

2X54 

2X30 37,389 

4-52/ 

Del 1110 

-0JJ1 

12.11 1107 

80 1370 

JM 

23.39 

+Q.I4 

2X55 

2X33 3,657 

38T 

J* 11 iC 

- 

- 

- 

Iter 

TotW 

2349 

+100 

2X5S 

2X33 4,282 518 

98*583 12JJ71 

Mar 1 1.34 

Total 

+101 

' 

- 90 

80 1,460 


■ SOYABEAN MEAL CBT (100 lone; S/tortf 


■ WHITE SUGAR LCE fSAonno) 


AOfl 

1710 

*12 

I77J5 

1711 

11371 

3J93 » 

Oct 

315.70 

-160 

31150 

315-00 

11,099 

251 

fop 

1700 

+1.1 

1719 

17 AS 

11789 

22B3 

Dec 

31X60 

■140 31190 

312.60 

986 

20 

Oct 

174J 

+1.2 

1715 

1721 

10.052 

1.17 1 

Har 

311.40 

•1+0 311.90 

311 JO 

4.074 

91 

Dm 

174J0 

*U 

17X8 

172.7 21685 

4092 

•taw 

31050 

-110 

- 


30& 

- 

JM 

17X5 

+1i 

1763 

17X5 

X20S 

a» 

Ata 

31110 

-130 


- 

346 

. 

MW 

1719 

+1.1 

1710 

1740 

4.138 

1.130 

Oct 

207.50 

■140 

297 JO 

207 JO 

171 

3 

TWW 





81710 112S4 

TWW 





17,023 

389 

M POTATOES LCE (EAoreie) 




■ SUGAR til- CSCE [11 2.000 Bm; cents/fes) 


tow 

910 

_ 

. 


_ 


Oct 

11.70 

-floa 

11 -S3 

11.74 65,429 3A67 

Me 

1010 

- 

- 

- 

- 

_ 

MW 

11.68 

- 

11-88 

11.59 

31417 

839 

Apr 

731.3 

+5l0 

231.5 

224.1 

1,171 

125 

*nr 

71.56 

- 

11-61 

11-53 

6,407 

232 

Hoy 

240.0 

- 

- 

- 

e 


JW 

1 1-50 

- 

11-52 

11.43 

2.002 

SO 

-ton 

107.5 

- 

- 

- 

- 

. 

Oct 

If. 41 

- 

11.38 

11.38 

1,113 

52 

TWW 





1,171 

125 

Mw 

11-29 

■101 

11-29 

11.20 

159 

30 


P9. 7%) LME 

Sep 

Dec 

Sop 

Dec 

1500. ^ ... 

47 

07 

41 

65 

1525 

36 

78 

65 

78 

1550 .. __ . 

27 

04 

TO 

91 

■ COPPER 





(Grade A) LME 

Sep 

□ec 

Sop 

Dec 

2600. 

88 

118 

51 

105 


00 

93 

75 

132 

2800 . - — . 

41 

74 

ids 

162 

■ COFFEE LCE 

Sep 

N0V 

Sop 

Nov 

36QQ 

120 

357 

383 

587 

WKfl 

132 

342 

399 

022 

3700 . 

95 

329 

430 

658 

■ COCOA LCE 

Sop 

Dec 

Sap 

Doc 

1000 . 

71 

119 

13 

49 

1050 _ . _ 

39 

91 

31 

71 

1100 

19 

f» 

61 

99 

■ BRENT CRUDE B*E 

Sop 

Od 

Sep 

Od 

1 700 

87 

- 

16 

43 

1750 - 

37 

70 

37 

- 

1800. 

29 

54 

50 

- 



, x 


LONDON SPOT MARKETS 

■ CRUDE OH- FOB (per barret/Sep) +or 


M MBUHT (BtffDQ LCE (310/lnrian point) 


Total 


1087*2 4£» 


Aqg 


Oct 


Apr 

Tot* 


1443 

1307 






■ COTTON NYCE fSOfiOOOM cnmsrtbW 


+10 

1395 

1378 

ss 

65 

AH* 

72.70 

+1.40 

7200 

71.50 g 

. 

1393 

+9 

1395 

1390 

193 

62 

Oct 

74.15 

+1-55 

74flJ 

7100 1044 

079 

1423 

+10 

1425 

1420 

502 

15 

Dec 

7X30 

+1.55 

74.2S 

72.40 31 731 

4,337 

1430 

+11 

1430 

1425 

2B3 


Mra 

75UB 

+1-53 

75.47 

7X75 7,180 

147 

1443 

■s 



102 


Mam 

7175 

+1.53 

7122 

74J0 4.210 

35 

DCM 

Re* 



2^M 

148 

JW 

TdtW 

7180 

+1S 

77 JB 

7125 2,459 04 

53413 132S 


1437 1438 


■ ORANGE JUICE NYCE |15.000U»: oanWIba) 
Sep 


Oct 

Nov 

nee 


Tow 


5145 +0.71 5620 9570 22020 tSJSfiQ 

5820 +0.41 5675 5575 347*1 4844 

5490 +021 5420 54.43 12.119 1278 

5220 +021 5220 32.70 3,109 404 

57E) +401 37.90 57 JO 5247 231 

58.70 -004 6080 5820 2,047 00 

82*00 29,178 


To# 


There was good demand tor bright Africans 
which, aftw a hesitant start. dosed at My nmt 
towels reports the Tea Broker's Assocnam 
Meoums met lass enquiry end tea 3-S pence, 
with plainer sorts irregular end sometimes 
k*ww. Brighter Ceyiona lost some ground but 
there was Improved competition far poorer 
type# which often gained several pence, 
□emend improved ter brighter Ceytans which 
were dearer, whle Africans niad tefly firm. 
Price todwattono for the wetac best avdlabta 
atifc/hg. mm. good I56p/kg. good medum 
138pAg, irradum l20pAcg, km medium 80p/ 
jj. The highest price raafisad this week was 
21 Sp for a rwanda pd. 


95.40 +260 95.40 9180 14246 308 

9220 +2J0 9&fi0 98.75 3J11 137 

Jan 101.30 +205 101.75 9940 4420 29 

Mr 10450 +225 105JM 11X150 2J87 12 

mr 107JS5 +230 - - 718 3 

Jut 10950 +225 1DU0 108.40 184 

Total 2SJI71 491 


VOLU ME DAT A 

Open meres* end Volume dosa shown ter 
contracts traded on COMEX. NYMEX, CRT, 
NYCE. CME, CSCE end IPE Crude 08 ore one 
day In arrears. 


INDICES 

M NEUTERS (Base: 18/9/31=100) 


•Mas Jut 22 month ego year ago 
2146.4 2156.4 1993.7 17092 

■ CRB Futures (Base: 443/56=100) 


Dubai 

Sl0.42-a.47W 

■0.115 

Brent Blend (daud) 

*17. 47-7 J2 

■8.115 

Brant Blend (Sep) 

$17.65-7.70 

-1136 

W.TJ. flpm esl) 

S19J7-QJ9W 

-0.160 

■ OIL PROOUCTS NWEprampl dafivray OF (tonne} 

Preintont Gasoflne 

SI 92- 104 

+4 

Qaa OH 

sisi-isa 

-1 

Heavy Fuel OO 

Si 00-102 

+2 

Naphtha 

SI 66- 170 

•1 

Jet luel 

$164-100 

-1 

flatretearr Argus £cMu 



■ OTHER 



Odd (per tray o4* 

S38S20 

+150 

Snvw (per trey o44 

529.50c 

+3.00 

Platinum (per guy ozj 

5418.76 

+125 

RaSadum (par troy k.) 

S147J0 

+2.TQ 

Capper (US pro!) 

1190c 


Load (US prod.) 

37.75c 


Tin Qtaia lumpo} 

13.70m 

+111 

Tin (New Y<ykJ 

24150C 


Zinc (US Prime W.| 

UtYL 


Canto (he wOghyr© 

1l6.4Qp 

-2.77* 

Sheep dvo wogtHftteD 

91.86p 

-0j81* 

Pigs (live walghtj© 

70.07p 

-138* 

Um. day sugar (raw) 

safli.9 

-1.1 

Lotl day sugar (wie) 

$344.0 

■20 

Tate A Lyle export 

C309J) 

■3b 

Barley (Eng. toad) 

El 07. St 


Maize (US No3 Yaflaw) 

$1415 


Wheat (US Dark North) 

£160/1 


Rubber guiglf 

98.0Qp 

+150 

fti»or(Sart¥ 

90jQOp 

+050 

Rubber KLRSSNol Aug 

3415m 

+0.0 

Coconut Ol (Phffl§ 

$577 -fit 

-2.6 

PWm Oi (Malay )§ 

$525-0c| 

+5.0 

Copra (PtifltS 

$403 


Soyateans (US) 

snmor 


Cotton Outlook *A* Index 

82.70c 

+1^0 

W&onops (64g Super) 

425p 



ACROSS 

1 See-through food for April - 
recipe needed (46) 

6 Breast stroke's beginning 
inside barrier (5) 

9 TeU police about drug? (5) 

10 Beast about to work at breast 
feeding requirement (9) 

11 Think over on purpose (10) 

13 If s fit for water (4) 

14 Change Trades Union Con- 
gressman's private room. CO 

15 Preliminary study of what the 
gauge says? (T) 

17 Means of access to hotel do, 
possibly (7) 

19 Clam, for example, to second 
“Vive la revolution 1 ” (7) 

20 Branches that ean take them- 
selves up? (4) 

22 Get on horse to show sign of 
recovery (5,5) 

25 Bury prospect off seeing about 
a job (9) 

26 “Feet first" has some ambigu- 
ity (5) 

27 Ring where bull’s is put for 
restraint (5) 

28 Like a honeycomb supplying 
galaxy with hooey, endlessly 
0) 


DOWN 

1 Fraudulently manipulate 
identity of stiff? (5) 

2 Sentry’s objection to measure 
put up in turn (9) 

3 Switch - try and sell worth- 
less object (4,6) 

4 Palmer, a rising speaker, 
looking determined (7) 

5 Costly promotion of retired 
seismologist (7) 

6 Nail with awl for c r i ck etin g 
man (4) 

7 Nall in Goon's ear (5) 

8 Pout, keeping no record of 
long speech (9) 

13 Autumn exercise - circula- 

tion expert cut abort by scam 
Ufl> , „ 

14 Comedy's place in the land- 
scape? (9) 

16 Douglas's place in a film with 
one’s offspring (4£3) 

18 Religious dancer’ll call for 
silence after Verdi's work (7) 

19 Competitive gatherings get 
bigger, which is good for 
models (7) 

21 Came across or toned up 
underground (5) 

23 Poetically it te going to be fab- 
ric (5) 

24 Leaves producer in shoe? (4) 


Solution to Saturday's prize puzzle on Saturday August 6. 
Solution to yesterday's prize puzzle on Monday Angus! 8. 


M2S Jut 21 monflj ago war ago 
233.08 23227 229.88 218.99 


r por law othp nria a jam p penc e fflB- c cantwra. 
t nngglt/re to MalayMii ewte/Wj, l Oct/Doc. q Aug. z Aug/ 
fop .»&».? Union PtiyteraL fi C* fioBwteiL* 
Buflton maiiHK etna. 8 stmp (Uw might fxtvos). - 
Charon on w*. nmWonel price^O Pnce» ora far pm- 
ouj oar. 





‘‘V 




■se 


Mu 


-»rl« 







financial times Tuesday july 26 1994 


25 


1 l r- 


11 UR] 


cri, 


>> ill l.V' 


SSWQRD 



LONDON STOCK EXCHANGE 


MARKET REPORT 


FT-SE-A All-Share Index 


Shares drift nervously in thin trading volume 


Equity Shares Traded 

Tunovw Dy fmlBooL £*dudntf 

tnira-marfcst business and overseas aimcw 

1,000 : - - 


By Terry Byland, 

UK Stock Market Ecfitor 

Tbe prospect of the August holiday 
beaches, or perhaps of the extended 
rail strike which starts in the UK 
this afternoon, appeared to take the 
heart out of the London stock mar- 
ket yesterday. Trading volume was 
down by nearly one third from Fri- 
day and shares could do little more 
than drift against a background of 
weak bond markets. 

In early trade, the FT-SE info* 
lost the 3400 mark regained so pain- 
folly last week and for roost of the 
day the market traded just above 
this benchmark level. A firmer 
trend in the US dollar helped the 
stock market rally towards the 
dose, and the final reading put the 
FT-SE Index at 3,106.1 for a net loss 
on the day of 8.6. The picture was 


little different across the broader 
range of shares, the FT-SE Mid 280 
index shedding 6.9 to 3,624 

Many of the big securities houses 
were rearranging their trading port- 
folios ahead of tomorrow's auction 
of £2bn UK government bonds, and 
this doubtless inhibited their activi- 
ties in the equity market. Bond 
markets were also digesting the 
reminder from the chairman of the 
Federal Reserve chairman that fur- 
ther rises in US interest rates could 
yet be needed to curb inflationary 
pressures. 

But the most accurate picture of 
UK equity trading came from the 
total of Seaq-reported shares which 
at only 431.4m was around 30 per 
cent down on the total for the 
previous session. Friday's retail 
business in equities was worth 
£L21bn. 


The market opened cautiously, 
keeping a close eye on the US dollar 
and also influenced by the latest 
survey of business opinion from the 
Confederation of British Industry; 
this indicated that British compa- 
nies are not convinced that domes- 
tic inflation will be kept within the 
targets set by the UK government. 

But. in keeping with the poor 
trading volume, the market largely 
failed to develop a convincing trend 
during early dealings, when it was 
left to special situation stocks to 
provide the highlights. 

This week is light on economic 
news, with the latest US gross 
domestic product statistics, due on 
Friday, likely to provide the sole 
focus of attention. The Bundesbank, 
now into its s umm er recess, has 
effectively put its interest rate pol- 
icy on hold for three weeks. 


The initial fall in the Footsie, 
which took it down by 15.7 to 3.099, 
reflected a downward lead from 
stock index futures. Later in the 
session, the futures contract settled 
comfortably above the 3,100 mark, 
thus underwriting the market at 
that level, for the time being at 
least 

The general absence of enthusi- 
asm opened the way tor profit-tak- 
ing in those sectors which have per- 
formed well in recent weeks. Media 
stocks, in particular, gave ground in 
relatively narrow markets. 

Among the blue chips, dollar 
stocks found little to encourage 
them unto the very end of the ses- 
sion. Oil shares made little response 
to the continued firmness in crude 
oil prices as the Nigerian supply 
stoppage showed no signs of solu- 
tion. 


Although Wellcome continued to 
respond favourably to last week’s 
trading statement, other pharma- 
ceutical stocks remained nervous, 
as investors assessed the signs of 
tight ening competition in the drugs 
industry. 

Bank stocks, although generally 
expected to benefit from the 
improved trading results confi- 
dently expected this week, slipped 
lower yesterday as investors took 
their lead from the German stock 
market where financial issues suf- 
fered further losses. A lead for the 
market is likely to come from the 
interim statement due from IC1 on 
Thursday. The market expects a 
good increase in profits from I CL 
which is still. In spite of the sale of 
the pharmaceuticals divisions, 
regarded as an important leader of 
industrial Britain. 



May 

Source: FT Graohte 


■ Key Indicators 
Indices end rattles 

FT-SE 100 3106.1 -6.6 

FT-SE Mid 250 3624.0 -8.9 

FT-SE-A 350 1565.2 

FT-SE-A Al-Share 1552.07 -3.48 

FT-SE-A AS -Share yield 3.82 (3-81) 

Best perform i ng sectors 

1 Tobacco *1.B 

2 Merchant Banks +0-5 

3 Extractive Inds - +0-4 

4 Budding & Constr +0.3 

5 Household Goods ....... +0.3 


FT Ordinary index 2409-9 -13.1 

FT-SE-A Non Fins p/e 19 57 (19.62) 

FT-SE 100 Fut Sep 3127.0 0.0 

10 yr GHt yield 8.33 (8.3S) 

Long gilt/equity yld ratio: 2-25 (2.24) 

Worst performing sectors 

1 Telecommunications -1.8 

2 Water -1.1 

3 Uliinies -0.9 

4 Leisure & Hotels -0.9 

5 Food Manufacturers -0.8 


Switch 

benefits 

Wellcome 

Pharmaceutical group 
Wellcome rose 10 to 644p as it 
responded to firm US buying 
with investors said to be 
switching out of UK sector 
leader Glaxo. The move was 
seen as a response to the posi- 
tive underlying tone of the 
most recent interim trading 
report from Wellcome and the 
legal problems which bedevil 
Glaxo. 


Wellcome last week reported 
sales of its best-selling drug, 
the anti-herpes treatment Zovi- 
rax, ahead 15 par cent in the 10 
months to the end of June. 
However, there bad been con- 
fusion over the figures as the 
company had changed its 
accounting period to a calen- 
dar year end and the shares 
had been initially marked 
down. 

Subsequent press comment 
suggested that, if Wellcome 
failed to exploit the over-the- 
counter market for Zovirax, 
other cash-rich groups might 
see it as a plausible takeover 
target Glaxo faces the threat 
of generic competition to its 
Zantac ulcer drug. The shares 


fell 6 to 568p in the wake of 
Friday's legal claims and 
counter c laims over the plan 
by Novopharm of Canada to 
sell generic Zantac pills based 
on Form 1 of the medicine. 

Lucas rallies 

Automotive and aerospace 
components group Lucas 
Industries rallied from an 
early fall to close 5 down at 
193p, after it denied a US press 
report claiming it was under 
criminal investigation regard- 
ing inspection of parts for com- 
mercial aircraft 

At the day’s worst the shares 
were down 15 at 183p. How- 
ever, comments from City ana- 


EQUITY FUTURES AND OPTIONS TRADING 


Dealers in derivatives reported 
a dun and uneventful session 
which resulted in directionless 
trading and poor turnover, 
writes Joel Kibazo. 


Traders pointed to the 
begining of school holidays 
and the start of today's rail 
strikes among reasons for toe 
poor day In the market 


■ FT-SE 100 INDEX FUTURES (UFHg) C2S par TuB Index point 


(APT) 


Open Sett price Change Hgh Low Eat ved Open bit 
31100 3127 J) - 3133J1 3105.0 7478 50042 

3127 X 3137.5 +05 3134.0 3127.0 101 1915 

■ FT-SE Ml 290 INDEX FUTURES QJFTq £10 per firi Index potal 


Sep 

Dec 


Sep 


3635-0 


5.0 


4425 


■ FT-SE HP 250 INDEX FUTURES (OMLXj E10 per lul Index p dm 

Sep 3,835.0 636 

Al open Horan figures am lor proton day. T Exact wfexna mown. 

■ FT-SE 100 INDEX OPTION (UFFE) (*3103) CIO par frit Index poire 

2960 3000 3060 3100 3190 3200 3250 3300 

CPCPCPCPCPCPCPCP 
tad 179 >2 gia 13712 16*2 9B 28*2 65 43 39 6912 2th 1Mft> 10 146% 4 196*2 

Sep 201*2 24 Wfe 33 124 46 92 85*2 B9 44 119 28^ 155 IB^ lg&fe 

Oct M7 38 181 SI 14S 67 118 68*2 901* 112*2 TO w 51 174*2 37*2 211*? 

Hew 235 50 19912 64 1681* 82 13812 103 110 127 90 156 60% 185% S3% 221 >2 

Dect 20812 7512 149*2 115 192168*2 64 230 

Cri* 3078 Pitt 3,100 

■ EURO STYLE FT-SE 100 INDEX OPTION (LIFTE) E10 par tXhidax potat 

2925 2975 3025 3078 3125 3175 3225 3276 

Aug 200*2 7 155 10 % 115 20*2 78*2 33*2 48% 54*2 28k 83*2 18 120*2 8*2 160*2 
Sep 228 1912178*228*2 142 107*2 56 78 76 54*2 102 36 133*2 22 169 

Oct 232*2 33 162 61 105*2103*2 64 160*2 

Dec 262 54 193*2 83*2 138*2*24*2 92 177*2 

Hat 297 77 232*2108*3 176*2140*2 13! 20D*z 

CUN in Pun £090 - iMertpBB kata’ nlua Pwrime moan an (and on m ta a aw pitas, 
t Una (fatal apEty months. 

■ EURO STYLE FT-SE BMP 250 WDEXOPTIOW(OMUq EIQper M hate* potat 


3460 3500 3580 3800 3850 3700 3780 

Jut 129% 37*« 98*2 55% 72% 7B SI 107% 

Mb 0 Puts 0 Sefflement prices and nohaaes m fatal ri 4.30mn. 


3800 


Having started trading at 
3,116. toe September futures 
contract on the FT-SE 100 
drifted lower over toe next few 
hours on toe back of UK Gilts 
that were trading easier ahead 
of tomorrow's auction. The 
underlying cash market 
followed September lower 
though dealing activity 
remained very thin indeed. 

The recovery In gilts together 
with a squeeze In the last hour 
of trading brought a 
turnaround in September. 
Moving strongly ahead, it 
touched a peak of 3,128 Just 
ahead of the dose, before 
finishing at 3.127, in line with 
Friday’s dose and at a 24 
point premium to cash. Volume 
at 7,478 was very poor. 

Activity In the traded options 
was equally poor and turnover 
at the dose was a mere 
18,943 lots, against Friday's 
total of 41 ,178 contracts. 

The contribution from toe 
Index options was 5,183 lots 
dealt in the FT-SE 100 option 
and 2,421 In the Euro FT-SE 
option. J Sainsbury was the 
most active stock option with 
Kleinwort Benson said to have 
carried out a “roll-over" trade 
in the stock. Its dosing volume 
was 1,717. 


lysts and a company statement 
in the second half of the ses- 
sion - saying that “there were 
and are no quality problems" - 
helped steady nerves. 

Sentiment was further 
'enhanced by a recommenda- 
tion from Henderson Cros- 
thwalte. a long-term bull for 
the shares. Leaving its current 
year profits estimate at a top of 
the range £60m, the broker 
raised its estimate for the fol- 
lowing year by £2m to £140m. 

In a note on the components 
sector, Mr Robert Speed at 
Henderson said: “Lucas 

remains a recovery situation 
and the adverse share price 
reaction to the reports from 
the US provide a cheap buying 


TRADING VOLUME 


■ Major Stocks Yesterday 

vol Cta** Day's 


ASDA Groupf 
Abtay Nationrit 
Atom note 
Mad-Lyawt 
(taetai VMttr 
Argos 


. Food*) 

. Brit. Ports 

BAAf 

BAT tads, t 

BET 

HOC 

BOCt 

BFf 

BPS fads. 

art 

BT (PfRakg 
BTTTt 

EtarA of Scotiand? 
BkwCkdaf 


1JOO 

5M 

-4. 

G60 

400 

fl 

4.000 

44 

-i 

346 



247 

506 


40 

362 

+1 

3.800 

303 

+1 

1.100 

282 

-8 

450 

683 

-1 

40 

263 


741 

084 

-a 

3,400 

432 

*7 

2J300 

112 

-a«z 

1^00 

402 

-B 

345 

740 


4jteo 

413 

+b 

T.B 00 

332 

-11 

a^oo 

382 

+1 

2.600 

203 

+h 

1000 

378b 


2J00 

188 

-1 

0300 

S42 

-j 


Barest 
Baamrt 
BrtL faroapacet 
Brttati Airvwyat 
BriUan Ga»f 
BnttSi Land 
BtahStterf 
BiauJ 

Bviruh Castnjtf 
Breton 

CattaS Wkaf 


Ston'comma.t 

srss, 

Caokaon 

CoretauWaf 

MU 

□Mam 
Easton Soct 
East Mtttnd Sect 
BngCMttCtae 
Enterprioa 0*t 
EunnuaieiUMta 
FM 

faebi 4 OolLT. 
Forint 

Gan. Accident 
oral Betti 


opportunity.” 

Tobacco giant BAT Indus- 
tries rose 7 to 432p after a 
batch of broker buy notes 
ahead of tomorrow's interim 
figures. S.G. Warburg, James 
Capel and Nomura were all 
supporting the shares as the 
market anticipated profits of 
between £880m and £920m. 
Last year the group reported a 
profit of £902m but that 
included a £123m exceptional 
profit and analysts have been 
taking heart from recent 
figures released by US rival 
Philip Morris which pointed 
to a general Increase In 
sales. 

High street bank Barclays 
was weaker than its rivals in 
the sector as it was announced 
that a German subsidiary 
Merck, Finck & Co had been 
named in an investigation by 
the Frankfurt public prosecu- 
tor into press allegations of 
insider trading. The shares 
closed 3 tighter at 542p. 

Improving optimism over the 
domestic drinks market 
worked its way into a n umb er 
of second tine brewing and pub 
stocks. 

Cider-maker Merry down 
plunged into losses and the 
final dividend was slashed 
from 7.0p to 2L5p. Profits were 
hit by a big restructuring 
char ge. The shares slid 5 to 
379p, ex-d. 

In a quiet food manufactur- 
ing sector, attention was again 
focused on one of the sector's 
favourite bid candidates, 
United Biscuits. However, 
turnover of Just one million 
was enough to send the share 
price up 6 at 322p. Cadbury 


NEW HIGHS AND 
LOWS FOR 1994 


BREWERIES (11 Hoi PL BLDG MAILS A 
MCHIB (1) Gratagn, CHEMICALS PI Erespun 
Cofare, DBnWKSTORS (1» FMt*. ELECTRMC 
> ELECT COUP PI Merida Pii. BMMNEERINO 
p) Ihraun, ENG. VEHICLES (1| UPF. 
INVESTMENT TRUSTS (B) EFM Mpon, Ftaong 
tndan, Gmtvnora Atom Seen Zero Pit. MfMk 
Score bunt. Thegmoi Duri Tsu LEISURE A 
HOTHi (2J Boon, & HmUl Carets Convro. 
MEDIA PI Mem Raffle, DO. INTEGRATED B 
Burmin Costa, Non* Hydro. OTHER ESWS A 
BU8N3 (1) Gl Souhren. RETAURB, FOOD C5 
Oreges, Law (Wm.), RETAILERS. GENERAL (SJ 
tKacKs Lobura. Non, TEXTUS A APPAREL (2) 
Fwmn sta. Wcrt ri ngl c n. TRANSPORT CO 
D ogear 'A*. Naronre Express. 

NEW LOWS m. 

GILTS p| Treasury 9pc Ln. IBM. BREWERIES 
(TJ me Brewenaa. BULGING & CHSTRN PI 
Lota PfJJ. BLDG MATLS A MCHTB p) 
Sycamore. CHEMICALS (2} Camwaone. 
EngAnL DISTRIBUTORS PI HoKJora Teen. 
HVERSIITED MOLS PI TraMgre House. 
ELBCTRNC a ELECT EOUP p) Atari. 
EMOMESSNa ffa ABA BGren PJ. Protean. 
FOOD MANUF (!) Abret Ftafw. Kays Food. 
HEALTH CARE B) B upA Drew Sctamlfc. 
HOUSEHOLD GOODS CO Jeyea. Mayttun, 
BKUHANCE p) Angentam, INVESTMENT 
TRUSTS m M & G Ire: 2mo Dw Pit, Own Cv. 
LEBtAE t HOTELS p) Bmi Davmy. MEDIA (fa 
I tata A Da &dpe pi. Ham rifli rei HMk. 
OTHER FINANCIAL |f) London FortnflitQ. 
PHARMACEUTICALS PI LAy (EH. PRTNO, 
PAPER A PACKS pj Bnt ThomUn. PROPERTY 
a M Woes. Savfla. RETAILERS, QENERAL 
(11 B WMwaa SUPPORT SERVS HI CHal 
GompiM0. Baa. Dm Preee. Macro *. OuMr 
Scrinwra Puxb. TEXTILES A APPAREL (2) 
Haggas |fa. PreUnL TRANSPORT PI 
Dra re nnerem. WATER (fa Dm Graap A, Qa 

a 


Schweppes, a wistfully 
rumoured predator, retreated 9 
to 425p. 

Adverse press comment hurt 
HKlsdown, off 3 at 161p. North- 
ern Foods slipped 4 to 202p as 
NatWest Securities warned of 
the uncertainties surrounding 
the shake-up in the UK dairy 
industry. Unigate lost 2 to 
360p. 

Weekend press speculation 


over a hostile bid for William 
Low, the Scottish supermarket 
group under a friendly offer 
from Tesco, sect the former's 
shares shooting forward. 
J Sainsbury remains the mar- 
ket's favourite, being Tesco’s 
biggest rival, under-repre- 
sented in Scotland and having 
requested information from 
Low's regarding Tesco 's offer 
last week. Low shares ended 13 
ahead on 27 8p with turnover a 
heft)' 2.6m. Tesco fell 4 to 237p, 
while Sainsbury added a penny 
to 406p. 

Shares in engineering group 
GKN and components com- 
pany T&N also benefited from 
the review by Henderson Cros- 
thwaite. The former closed 3 
ahead at 627p, after the broker 
raised its 1995 forecast by £25m 
to 245m. and the latter put on 7 
to 249p, as Henderson 
increased its estimate for the 
following year bv £15m to 
£135m. 

Motor distributors were firm 
in anticipation of good new car 
registrations for the month of 
August Lex Service put on 10 
to 474p, ahead of today s 
interim figures, and Cowie 
finned 3 to 285p. 

Worries over leasing at Brit- 
ish Aerospace left the shares 
trailing 9Vk to 512'4p. 

Blenheim, the exhibitions 
organiser, was one of the big 
casualties in the market as the 
shares responded to a Sunday 
newspaper article which took a 
hard hitting approach to the 
company's performance over 
the past decade. The shares fell 
43 to 25T7p. 

London International Group, 
the condoms and surgical 


gloves company, held steady at 
S5p un relief that the rump of 
its recent El 15.2m rights issue 
had been successfully placed 
with institutional investors. 
S.G. Warburg, the underwriter, 
placed the remaining at 84p a 
share 11.7 per cent, a healthy 
premium to the issue price of 
70p a share. 

Last week's improved UK 
construction statistics contin- 
ued to feed through to selected 
stocks in the construction and 
building materials sectors. 
Among the former, Barratt 
Developments was helped by » 
share tip in the weekend press. 
The shares added 3 to 200p. 
Amec and Beazer managed 
rises of 2 to ll?p and 163p 
respectively. Westbury put on 
6 to 174p. 

Among materials groups, 
RMC advanced 3 to 950p as it 
announced plans to spend 
£15m over the next five years 
upgrading its lime production 
operations. Elsewhere. Cara- 
don rose 3 to 309p, and Mar- 
shalls 3 to 148p. 

Recent strength among 
water and electricity utilities 
was checked by the dull mar- 
ket as regulatory issues, the 
subject of some optimism last 
week, were now perceived as 
more bearish. 

South West was the biggest 
casualty among water stocks, 
the shares dropping 14 to 520p. 

MARKET REPORTERS: 

Peter John, 

Joel Kibazo, 

Christopher Price. 

■ Other statistics. Page 21 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


Option 


RISES AND FALLS YESTERDAY 


1 FT - SE Actuaries Share indices 



"r.s UK Se-ses 1 


Jul 25 

Day's Year 

chge% Jul 22 Jtd 21 Jul 20 ago 

Dtv. 

yieknt 

Earn. 

yMd% 

P/E 

redo 

Xd 04. 
yld 

Total 

Return 

FT-SE 100 

3106.1 

-03 3114.7 3095.1 30772 23442 

432 

6.78 

1734 

7015 

1166.48 

FT-SE MM 280 

3624.0 

-02 3630.9 3600-9 3587.0 32102 

341 

5.71 

21.06 

81.01 

1342.76 

FT-SE Md 2SO ex Inv Trusts 

3626.1 

-0-2 3634.6 3804.7 35802 3227X1 

335 

6.18 

19.61 

8432 

134044 

FT-SE-A 350 

156^2 

-03 15692 1558.6 1550J 1423.0 

338 

054 

18-16 

37.60 

1202.02 

FT-SE SmoBCap 

1825-24 

+02 1821.46 1813^48 1809.10 1633.46 

3.06 

438 

3035 

32-98 

1407.74 

FT-SE SmaBCap ax Inv Tnsts 

1794.43 

+02 1790^3 1783-26 1778.15 183228 

336 

4.73 

9R.» 

3331 

138735 

FT-SE-A ALL-SHARE 

1552.07 

-02 1555.53 1545.30 1537.36 140955 

332 

637 

16.70 

3068 

1212.47 

■ FT-SE Actuaries All-Share 

Jul 25 

Day^ Year 

chge% M 22 JtA 21 Jul 20 ago 

Dfv. 

yieidW 

Earn 

ylek«t 

P/E 

redo 

Xd ad. 
yid 

Total 

Return 

10 MNERAL EXTRACTKXqiB) 

274031 

+01 2746.07 2726.30 2891^6 2175.00 

331 

436 

29.48 

47.41 

1092.15 

12 Extractive Industrie'**) 

3909-39 

+04 3804.73 3883.06 3659^0 3096.80 

336 

5.15 

2431 

5434 

108085 

15 01. WegraledP) 

270741 

+01 2705-07 267064 284356 2105.20 

3-40 

437 

28.48 

5064 

1098.68 

16 Oil Exploration & Prudni) 

1972.19 

-OJi 1984^5 1084.88 195017 179130 

2.45 

134 

BOOOt 

2034 

113078 

20 GEN MANUFACTURERS(284) 

2020.71 

-02 2024.37 200556 199432 1784.70 

3.76 

439 

28,78 

4839 

102229 

21 Bufltfing & Consuucilon(32) 

1193.57 

+0-3 1189.47 1185.00 118082 103080 

333 

4.45 

29.06 

2064 

927.18 

22 Building Malta & MerchsOI) 

199350 

-05 2003.43 199010 2001.77 1644.30 

3.68 

4.00 

31.47 

45.71 

933.43 


2466-97 

2469.73 2433.85 242037 21 29. BO 

3.75 

331 

3233 5833 

106028 

24 Dhwsffled IndustririsflB) 

2016.14 

-02 202012 2008.44 1985.50 1859.90 

431 

4.63 

2056 

54.88 

1021.98 


1939.78 

+03 1034.80 190057 188014 205430 

337 

6.48 

TB38 

53. BO 

94087 


1909.53 

-03 1916.72 1996.77 1881 34 157920 

237 

438 

2534 

36.44 

1088.05 

27 Enginoonns. vahictes(l21 

240735 

+02 240339 236334 2377.83 182S30 

435 

2.16 

63.40 

42-03 

115218 


2888.65 

-OB 288047 286733 2872.04 2287.60 

2.B3 

532 

23.46 

4061 

112032 

29 Taxfflss 6 AppareKZW 

1680-64 

+Q.1 187034 1885.75 168048 1775.80 

336 

8.06 

2038 

3&25 

94528 



Option 


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nib 

Ori 

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8 

_ 

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11 27b 

- 

ArpyU 

260 

11 2SH29H 

1 

12 17ft 

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tag Nov Foil Add Hot ft# 


British Funds 
Other Fixed Interest . 


Hansons CreaBata 
Hoy* 

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Johnson Maatoy 
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Ladbmtat 
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Lmdon Bect 

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Lucas 

MEPCt 

MF1 

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Marks ASponcert 


30 CONSUMER GOODS(B7) 2BK.BO 

31 Brwvwtasfin 224323 

32 Spirits. Wines & CWerstlW 27B3.19 

33 Food Manufacture«C31 C1B8.M 

34 Household GoocteflS) 2436J8 

36 Health Care$l) 164031 

37 Phamracauticatef121 2875.96 

38 TobaccoOl 3824.09.. 


-0.1 266935 2667.78 285734 260130 

434 

738 

15.44 

7133 

B0SA2 

-05 225434 224438 225438 1968.70 

431 

7.72 

15.85 

8033 

1004 53 

-03 278737 278531 277094 267530 

338 

632 

1075 

8939 

932. TO 

-0.8 2214.16 221630 2212.73 217030 

436 

838 

14.40 

66.72 

91087 

+03 2428.71 242015 2432.00 2177.80 

3.61 

7.56 

15.77 

52.15 

868.66 

+03 184630 162934 161065 167SJM 

238 

337 

6639 

32.B0 

95134 

-03 2885.16 2882.38 285239 2804.40 

434 

7.80 

15.16 50.01 

89935 

+13 3581.17 3677.95 358633 3886.00 

532 

9.40 

12.14 12733 

B0731 


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r525 J 550 1 17 2BH 27 36 45H 

BP 390 25% 3714 44 1 10 15M 

T412 ) 420 Z» IBM Z7H 10 23H 29 

HU3MI 140 201* 24 28 13** 8 

ri50 ) 180 2** 101* T8ta 3 94 12 

Baas SOD 52 am 711* 1 6 17 

f-S4fl ) 550 33038H 6 23ft 39 

Ctaelta 425 7J4 - - 4 - - 

T42B I 450 1 - - 25ft - - 

CourtUdS 500 29H 47 561* 1 12ft 21ft 

rS26 ) 550 t 19 38ft 28ft 37ft 46ft 

CHMUftn 500 47 51 V* Eft 1 10ft 16 

C-W4 ) 550 3 18ft Eft 1D*t 32ft 38ft 

O 800 41V* SBft 76 1 22 31 

[*H33 ) 850 ZW 31 4BH 15ft 47 56 

HntfWta 500 6ft 30 43 5ft 28ft 33ft 

fS01 ) 550 1 12 22 52 Blft 85 

land Scar 650 JSft 43ft Eft 1 13 21 

(TO) TOO 1 15ft 28ft 31 36 47 

Maria & 6 420 13ft 28ft 36ft 1 ft 12 IB 

r*31 ) 460 1 9ft 18 30 34ft 39 

nWBSt 480 8V* 2EH 3Bft 4 24H 28ft 
F463 ] 500 1 11 21 38 51» 53 

Statu; 390 18 35 42 2 15ft 22 

F405 ) 420 1 ft 19 2Bft 17ft 31 38ft 

SHlItattL 7D0 45H 58 88 1 12 171* 

1*742) 750 2ft 2m 38 10ft 34ft 40ft 

StoEbousB 200 20 28ft 31ft 1 4ft Bft 

(TIB) 220 2ft 14 IB 4H 13 17 


risnsan 260 8 14ft 18 5b 14ft IB 

("260 ) 280 1ft 7 10ft 22 271*3054 

Lasnio 134 11 17ft - 1ft Bft - 

(142 ) 154 1 Bft - 14 IBft - 

luas tufa 180 18ft 23ft ZSft 2 ffft 12ft 

r*92) 200 4 13 IB 11 21 24 

P80 650 48ft B3 78 3ft 25ft 33 

f680 1 700 10 34 48ft 22 51b 59 

NUngtoa 180 11 20 24 2ft B 12 

r*89 ) 200 Zft 11 14ft 13ft 19 23 

PlUdenBal 300 22 29ft 35ft 2 lift 14ft 
f318) 330 4 13W 21 16 27 30 

BIZ BSD 28 58 7m 12 38ft 47ft 

1*882 ) 900 5ft 31ft 51 45 66ft 74 

Hedbnd 500 31ft 47 57ft 4 21 28 

("525 ) 550 4ft 22 33ft 29ft 50 56 

Ram* tnsca 260 Bft 2Dft 2B 7ft 30ft 22 

r»> ) 28D 31* « 17ft 22ft 32ft 33ft 

Tesco 220 20ft 27 E 1*4 7ft 11 

("237 ) 240 5ft 15ft 21 7ft 16ft 20ft 

Wdrtm IE Bft 17ft 21 3ft 9 13 

<*187} 200 2 B 13 15 19 22 

Mta 354 W 28 - 3*4 13ft - 

(*368 ) 384 3ft 13 - IBft 30 - 

OpOon M Pet Jan Jul Qd jan 

BAA 950 3714 68 81 1 22 31ft 

(-883 ) 1000 3 38 51 21ft ® 53 

ItanesWtr *60 28 41 48ft t 10ft 18 ft 

[•40* > 500 Ift 18 25 19 29ft 38 

Option Sep Dec Her Sep Dae Mv 


Mineral ExUacUnn 
General Manufacturers . 

Consumer Goods 

Services 


mimes 

Fi na nci al s 
Invwamenl Trusts . 
Others 


Totals 


34 

37 

10 

0 

2 

13 

37 

72 

91 

137 

102 

411 

JS 

42 

103 

105 

70 

329 

4 

26 

IS 

67 

100 

202 

116 

34 

316 

19 

69 

41 

554 

554 

1531 


Data tnsM on Uiom eonwxmkm Bread on me London Shore Senna* 


TRADmONAL OPTIONS 


Cota; Amtniw, Cons MurcWaon, DMston Grp, Flagstone, Glaxo, LBMS, TuSow 08. 
Puts: Aminex. 


LONDON RECENT ISSUES: EQUITIES 


40 SSWKeSt220) 

41 CXstrtoutors(31) 

42 Leisure & HateteCM) 

43 Mecsa(38) 

44 Ratatars. Food(17> 

45 FWaBws, Grewr^45) 

48 Support ServicesfU) 

49 Transport(16) 

51 Other Senncas & BuainessCT 


1973.78 
2740.15 
2126.56 
2884.61 
1 70722 
17D0.61 
168220 

2419.78 
1177^0 


-02 1977^42 1965.14 
+0.1 2738.75 Z72&2S 
-0J 2144.93 2129.44 
-0.7 2906^2 289^21 
-02 1710.15 1697.97 
+02 1697 20 1685.13 
-0J2 1585.42 1574.93 
+03 2412.02 2392.81 
+0-3 1174.761185.13 


1983.95 
2703.38 
2127 78 
290304 
168039 
170105 
1583^8 
2370.99 
116401 


1780.00 

257100 

181200 

2341.10 
1818^0 
151CX9G 
1528^0 
2008.80 

1183.10 


3.12 

013 

19.67 

37.89 

964.18 


1^00 

403 


1*78) 

re 

2 - - 

7ft - 


338 

042 

1832 

56.97 

943.88 

nadtaxft 

71S 

636 

-1 

[Mew 

1000 

IS 50b BBft 

4 26ft 37ft 

3.45 

4.65 

25.11 

4301 

1044.14 

Rood WLt 

602 

7W 

J® 

no®) 

1050 

1 251*321* 

46 54ft 

64 

233 

5.17 

22-63 49.18 

99072 


0700 



Zeneca 

700 

47 DOb 72ft 

1 15 

34 

3.75 

9.42 

13.11 

4095 

1015.89 




(*743 | 

750 

m 28ft 43ft 10H 37ft 

47 

337 

040 

1936 

3326 

904.06 


648 

390 


Option 


Abb ttar Feb Aug Kdv 

M 






Stairs 




Grand IM 

380 SSft a 5B 

2 10ft 

17 






ScTnXlort 

■14 

1230 


(“418 ) 

Lari&rofaj 





4.16 

2. BO 

6044 

1016 

1004.20 

SOOBWI a Naw.+ 

630 

S29 

-a 

160 IBft 2m z 

1ft B 

9ft 


60 Ut1LmES(38} 

62 BectridtyOT! 

64 Gas Dtambutioncn 
66 Teteccmmunications(4) 

230087 
229044 
1862.13 
2004 57 
1762-57 

-OH 2322.77 2304-57 2271^8 2137 JO 
-0.1 2293.16 2253.48 2216.86 1807^0 

1862.13 1858.43 1833.46 193030 

-141204093 2038.78 2015.1 6 T99&90 
-1.1 1782.42 1757^1 172605 164020 

4.58 

4-00 

6.43 

4.12 

6.51 

B.17 

1078 

X 

7.8S 

13.28 

14J3 69 29 
11.12 7224 
* 66.79 
15£0 50.1 B 
824 85.77 

884.73 

940.07 

851.01 

85421 

67041 

68 NKm-FBUNCtALSi639 

1879.04 

-03 1683-57 1673.18 16G2.B8 1519-55 

3-81 

6.17 

19^7 

3924 

1178.78 


Scottish ftwuart 
Sarevt 

SevamTianrt 


70 FMANCIALS{104) 

71 BanksflQ 

73 tasroncenT) 

74 Lite Assurnnce(S} 

75 Merchant BantatS) 
77 Other FhunefaK24| 
79 PropertyHl) 


217903 -a 1 2181.09 2162.77 2181.09 204300 
2774.01 -0.1 2776.96 2753.15 276a4B 249700 

125009 +02 1247.93 124022 1235.05 142730 

2442.93 -0.7 2450.63 242333 2384.66 24 18 BO 

2883.27 +0 6 2848.68 2800^3 2810-10 2598J0 

1903.81 +0.1 1902.68 188TL29 1897 JSJ 158030 

isaa.41 +0.1 1502.57 WM 1581 JO 1447.30,. 


80 WVESTMBMT TBUSTStiai 2794^7 +0J3 279067 2768.69 27 662? gMgjO. 


FT-SE-A ALL-SHARE(863) 


1552.07 -04* 15554*3 1545.30 153708 1409.55 


426 

8^48 

1327 

58.80 

85529 

4-13 

was 

1224 

73-88 

82127 

&16 

11^5 

004 

3063 

848.61 

5.09 

7.44 

. 1060 

82.97 

927.40 

320 

11J53 

10.11 

69.60 

859.40 

3.64 

827 

1429 

4522 

1011.48 

378 

323 

32.00. 

3014 

90820 

2.15 

128 

54.32 39.70 

935.43 

3.82 

627 

1070 

3086 

121247 


IOOO 

1900 

443 

ECO 

1.200 

2.D00 




522 

lWt 1 

It 138 

'South WMBB Bsct 89 

SonhwereWHer 114 

Souffi wool BacL i» 

SauthmtWr 182 

Standard Chand-t 1300 


2^00 


FT-SE im 
FT-SE Md 250 
FT-SE-A 350 


Open 

9 lO 0 

IOuOO 

11.00 

1220 

1300 

14-00 

1000 

16.10 

Hlgh/day LoWday 

31107 

3828-5 

1567.4 

3105 a) 
3624.7 
1565.0 

31001 

3820.9 

15626 

3103.9 

3821.1 

15642 

31002 

3824.4 

15852 

31003 

3625.1 

15804 

3105.0 

36206 

15600 

31007 

3604.7 

15806 

3103.4 

36026 

1564.0 

31112 

36206 

15672 

3099.0 

K19.8 

15620 


Tnw ot FT-SE 100 Hgh 840am Low 1l>J2ar> 


Op«_ 

Btdg 4 Cnsnoi 1144.5 

Phormacwiticts 2854." 

Water 1775.1 

Banks 2806.1 

tacanonai idomiai«i> 0" iho FT-SE AduMis ShoreWtoob j 
Umsac. One SouOWtttt Bidoo. London 5£ 1 3HL IrwFT- St ' 
nAanno n thaui hxScos. O otaWile from FWS1AT aines*^ _ __ prj 

FT -600 - ivb Boot, rammed FT-SE-A Hon^ynare. c 

«n»tal (r, The F+uncrW Tme* Leiued. « o3" |uncno n 
Olhetaomauetul Sloe* 

TT-ST and -Fotttio- am K« irado n»ta andw^ W W 0t ™ 

b*Ma ore rutted hy Tha WM Compren' t S»c*or p ( E rams jjreaire than BO are nor st> 


aim 

1020 

11X0 

1200 

13X0 

14X0 

15.00 

16.10 

Ctoac 

previaua Change 

1144.7 

2840.1 

1764.1 
28052 

11432 

2638.7 

1751.0 

28053 

1147.6 

28507 

1749.1 

28009 

11482 

28403 

1751-7 

2006.5 

1149.4 
28405 
17521 

2807.4 

1149.6 

2845.7 

1758.8 
2807.0 

11503 

2843.7 

1 757.0 

2811.1 

11492 

2847X 

17501 

2808.1 

11492 

2861.1 

17612 

2800.6 

11404 

28805 

1781.3 

28118 

+2X 

-9.4 

-201 

-3.0 



118 

168 

380 

523 

7*2 

006 

252 

47B 

147 

414 

376 

485 

635 

681 

WO 

628 

525 

254 

91B 

333 

248 


200 

ICS 

413 

146 

237 

498 


*8 

- 1 % 


-8 

-7 

-14 

-5 

-7 


(*174 ) 


180 4 13ft 19ft 8 IBft 20ft 


UUBkata 300 25 34 39ft 2 lift 14 


C320 J 
OpOon 


330 Bft T7» 24ft 14 Z7 29H 
Sep Dec Mar Sep Dec Mer 


+2l« 


i am avdetala tarn The Bnnnorei fimas 
i e ranpe ui atocWrt4 anrf patser-haied proriress 


: iu 9cn FT-SE ARiariM 350 and the FT-SE Aeuartes tatanv 
Mttte ot Mand and me FT-SE taruawe A8-Shrea tndw b 
nSd dw Fxt#1 m Actuariea under a standard «*«« fftamdreta. 
1 1894. 0 The Rrancta Tbiee LawWd 1994. AM t0tt & iwanrad. 
l^^ltaTnmfal T"** Itatad-Tha FT-SE Asruarrea Mae 
an J Vhta* ate negtthe. 


1J0D 
1200 
257 
195 
3JC0 
IE 

880 KM1 

1.100 229 

&200 78 

HOI 360 -2 

«S& 1010 -7 

14X» 322 +8 

1^00 643 

8400 188 -4lj 

409 739 40 

1A» 6*4 

ti7 ecn -a 

276 61B -7 

401 541 -2 

1000 369 +4 

1.400 142 +3 

MS ISO -1 

773 818 -S 

1300 633 -4 

290 518 -e 

729 744 -6 


Ran 140 18 15 17 B 14 16K 

(*140 ) in 3ft 7 10ft 23 28 29ft 

OpBre tag Wav Fab tag Hat Feb 

Brit fare 4G0 4ZK B3 7Bft 2ft 21 30 

r*W ) 500 tSft Cl 95U IB 3B 48ft 

BAItafa 420 29ft 32ft 44ft 8ft 22 25ft 

(*432 ) 480 4 15ft 2B 48M 48H 49H 

BTR 360 21 30 37H 2M 13» 18ft 

fBTB l 390 3ft 15 24ft 17 29 32ft 

BATekcem 380 28 STft 41 2 7ft 14 

r382 I 380 Bft IBM am 12 IBft 28K 

Carboy Seh 420 lift 2Eft 38 7 201*231* 

(“434 ) 46D 1 10M IS 38ft 47 48ft 

Eastan Bae 650 IBft 48 59 14ft 32ft 44 

f-852 I 700 3 25ft 37ft 51ft 62ft 72ft 

Gutman 420 24 34ft 44ft 2ft 13 IBft 

r«9 ) 480 Zft 15 am 23 3SM 37 

EEC 201 T1 22ft 2Bft 3 11 14ft 

f2B8 } 300 2ft 12ft 17 10 71ft 25 


Abbey NM 

r«B> 

Amatrad 

c *n 

Barclays 
FS41 ) 
Blue Orris 
1*315) 
Brittti Gas 

rare) 

Otans 

r*83> 

Htatan 

Lrtato 
<128 > 
manner 

f444 ) 

Sctf Power 
(-386) 
Stars 
(I*? > 
Forte 
(-226 ) 
Tgrnac 
P34 | 
Thom Bfl 

1*1030) 

T5B 

(-3M ) 
Tomkins 
C2Z7 I 


390 am 37ft 48W 9ft 15 24 
420 13 22 31 25ft 30ft TO 
30 3ft 5ft Bft 3 4ft 5ft 
35 2 3ft 4ft Bft 8 9 

500 48ft 60 B9ft 9 15ft 24ft 
550 17ft 32 42ft 30b 38b 49ft 
306 25 33ft 42 10b 15 18 
330 Bft 19 27 27ft 32 34 ft 
260 Z7 30 XI 4 9 12 

2B0 13ft T7ft 2211ft 19 22 
180 15 22 2B 10ft 14 17 

200 B 14 17ft 22 2Sft 28ft 

160 Bft im 18 8 11 13 

180 3ft 6ft 10 2ZH 25ft 26 

120 15 Mft 23 4 7 10ft 

130 9 14 17ft 7M 12 15ft 

420 37 47 5m 10 16ft 21 

460 irn Zft 33ft 2Sft 3B 40ft 

20 a 30 

40ft 44 48 

3 5 Eft 

7 9b lift 

B 13ft 18 

18b 25 27ft 

4 8 11 

13 18ft 21ft 

22 36 51 

44 59ft 74 

9 13ft 17 

23 28 29 


380 19ft 29ft 34ft 
420 81* 18 22 

110 10 12 14ft 
120 B Bft lift 
220 17 22 27 
240 8 12ft 17ft 

140 2BU 22ft 27ft 
160 Bft 12ft 16ft 
1000 70ft B7 111 
1050 41 ft 68ft B4 
200 13ft 10 23ft 
220 5 lift Mb 


Issue 

pnoe 

P 

Am 

paid 

up 

MkL 

cap 

ffm) 

1904 

high Lew Stock 

dose 

price 

P 

+/- 

Net 

drv 

On. Grs 
com. yld 

P/E 

net 

IDO 

F.P. 

338 lOtfj 

99 ‘j Bafflta Gflrd Shn C 

106>2 

tl 

_ 

_ 

_ 

§40 

KP. 

12.4 

45 

33 ■JBIkmb 

34 

♦1 

- 

- - 

- 

150 

KP. 

178 

160 

156 CPL Aromas 

182 

+1 

LN3JJ 

2-4 25 

155 

18 

F.P. 

5.00 

31 

21 Carnal 

27 

-1 

- 

- - 

- 

220 

F.P. 

1108 

226 

y?n Euoddar 

226 

+1 

WN85 

09 4.7 

17.7 

175 

F.P. 

247.6 

203 

190 Exco A/U 

201 


LB-4 

22 5J 

109 

- 

FJ». 

- 

35% 

30% Five Arrows Wta 

32‘j 


- 

re ~ 

- 

“ 

F.P. 

090 

71 

60 Freeport 

70 


- 

- 

. 

“ 

fj>. 

54J 

258 

238 Weal Hardware 

258 

+6 

NR4 

1.8 4.1 

172 

- 

KP. 

- 

77 

63 JF FI Japan Wtts 

70 


- 

- 

_ 

3 

F.P. 

1.73 

3% 

3 John Mansfield 

3% 


- 

- 

_ 

100 

KP. 

006 

9B 

94 CM Mutual SA 

96 


- 

- - 

. 

- 

F JP. 

016 

45 

43 Do Warrants 

44 


- 

- 

_ 

23 

FJ 3 . 

106 

31 

29 Ortta 

29 


- 

- 

_ 

- 

FJ>. 

1175 

95 

91 Schroder Japan G 

94 


- 

_ 

_ 

- 

F.P. 

\ZA 

48' 7 

42 Do Warrants 

•falj 

*h 

_ 

_ 

- 


F.P. 

446 

92 

881; Scudder Latm 

89 


- 


_ 

- 

KP. 

6X2 

44 

42 Do Wrts 

43 



_ 

_ 

100 

F JP. 

246 

90 

96 SWres HY Sn* C 

99 


_ 

_ 


- 

F fi. 

1.13 

14 

11 Sth Country Hms 

14 


- 

- 

_ 

100 

FP. 

352 

B7 

97 TR Euro Gth Pip 

97 


- 

- 

- 

- 

FP. 

- 

14 

t 1 ! TR Prop Wrts 

11*2 


_ 

- 

_ 

272 

FP. 1^07.4 

295 

280 31 

292 

♦i 

NOS4 

1.1 2.8 

33.7 

- 

FP. 

ZT2 

35 

20 Tope Eels Wits 

34 


- 

- 

_ 

- 

FP. 

226 

104 

B6 Ltiwereol Ceramic 

104 


LN3.7S 

1.9 45 

145 

- 

FP. 

54.7 

49 

34 UdeoLoge 

40 

-i 


- 


140 

FP. 

64 A 

160 

148 Yales Bros Wins 

166 

♦i 

L30 

2.7 2-3 

205 

RIGHTS OFFERS 







Issue 

Amount Latest 





Ctoaryj ■ 


price 

paid Rerun. 

1994 




price 


P 

fa* 

date 

High Low Stock 




P 



roo ) 

oirian 


220 18 2m 28ft 7 11 15 
240 9 19 IBft 18 2Zft ZSft 

EDO 60ft BOH B3ft 15 28 38 
650 31ft 52ft BBft 37 51 EO 
Jri Oct Jn Jd Oct Jap 


asm SSD Zft 43 54 2ft 34 43 

(-567 ) 600 1 IBft 32 36 65 72ft 

H5BC75psn 700 46 7B 98 1ft 34ft 48* 

(*742 ) 750 7ft 51ft 74 15ft 5Bft 74 

Harters <62 Bft Z - 7ft 24ft - 

(*464 1 <75 4 a - 15 30ft - 

Op— tag Nov Dae Aug Nnir Dec 

RoOHtofW 1» 10 20ft 25 Zft 9ft 14 
(158 1 200 2ft lift IB 14 211124ft 

* Undariybg aacuty price, ftimun* atowm ore 
Baaed on ctoOno offer pneea. 

JUT 26 Total unmn ie*Ts Cota r*e Pure: 
11,315 


47 

Nl 

19/8 

Gpm 

3>apm 

jiArnbertey 

5pm 


15 

NB 

2/9 

5pm 

4pm 

Bottori 

5pm 


410 

Nl 

isre 

54pm 

39pm 

Cater Atari 

44 pm 


- 

ra 

13/S 

125pm 

61pm 

Chartar 

121pm 


40 

Ni 

25/8 

5pm 

2pm 

Escahbur 

2pm 


120 

Nl 

1/9 

26pm 

18pm 

FViriiet 

24pm 

-1 

13 

Nl 

re 

22/B 

6pm 

1%pm 

4pm 

1%pm 

Freeport 

&eycoai 

5pm 

1%pm 

-% 

24 

M 

26/7 

3pm 

Spin 

Helene 

2 l ipm 


70 

w 

1B/B 

13pm 

2pm 

^jearmamh 8 Brchtt 

7 pm 

♦5 

9 

Nl 

3/8 

%pm. 

%pm 

Paramount 

%pm 

15 

Nil 

25/7 

7pm 

1*jpm 

OuUBorti 

3pm 


IX 

NU 

14 n 

26pm 

gpm 

Ricardo 

9pm 


73 

NB 

5/0 

3pm 

'4pm 

Wales City of Lon 

%pm 



FT GOLD MINES INDEX 


WhMmarft 
Witavia rtdpa-t 
WMa Connon 

mnper 
WoWftt 
Y reason Bea. 

Yortartra Wrier 

Zgremt 

Bure! cn trading volume lor e atactwi of mfaor 
sacrenbo daah (hnwgh Ihe SEAO wreren 
reOVday unri 4JQpm. Hades atone mtton or 
ram era raundod dorerc t nmaree an FT-SE 
100 Indai cmanuant 



Jri ft trig 
22 ob day 

Jri Jri Yew 

21 Z ago 

Bros* dta 
im % 

Mgh taw 

Grid Htan tarkx qq 

1939X9 -OB 

1354X5 197551 1879X0 

2.16 

2367X0 1G22XB 

■ Rsoknri trifleas 

AMa(1Q 

<939X1 -22 

2905X4 294137 254056 

4X5 

3440X0 190223 

Adnknfa(Q) 

2570.72 +0.1 

256106 250954 2280JD 

2X3 

3013X8 1693.18 

Nortii Arataca (12) 

1562.11 -0.1 

1584-09 158196 163050 

0X1 

2039X5 138300 


FINANCIAL TIMES EQUITY INDICES 

Mjf 25 July 22 July gl July 30 July 19 Yr ago -High ig, 

Onflnary Share 240aa 24J3 0 2402J5 2391.6 2404.3 22542 271X6 2240.6 
Ord. dhr. yield 4.17 4.15 4.18 4.16 4.18 4.09 448 3.43 

Earn. ykL 9b hd S.61 5.56 SjBS 5.64 5.82 4.87 8 lS 5 ,1 no 

P/E ratio net 10.00 19.11 1896 18^0 18S8 2628 3143 ly.ag 

P/E redo n> 19.75 1907 1B.7T 10.65 19.73 2428 (ffl.90 ia6i 

"For 1884. Ondnuy Snare man once compMJarr Mgh 27138 2/02/94; Im 494 MrtV40 
FT Orihrey Snore tata> base Otao 1/7/35. 

Oidniry Share hourly ch an g ea 

Open 0JO IPOD 11,00 12JQ 13J0 144*0 1SOO 1600 L ow 

24112 2409.6 24002 24102 24115 24t22 2412.0 2410.7 2410.1 3416.5 2405.6 

■ Jury a Jury?? Ju?y 21 Juygp jriy ig vr m 

SEAQ bargara 26^18 26.755 23218 aa® ~ 


CqpptgM, The Flrendai Umaa LMwd 1984. 

Hguea n bndtaa new nunear el eornpanta. Bata US Datam. Saw vaiuas: IDIXLOO 31/12/92. 
Predacag ao r San Mnee bdorc July 26:228.1: daifa riBruv. -08 powta; Year age; 214J 
Lritai rakte mre vwalablo ka Ms Mtaon. 


Equity turnover (Emft - 121D.0 1366.0 1578,7 

Equity bamrinst - 29J51 25^06 30.169 

Snares muted (irt)t - 407.0 4S&4 sbm 

1 Erriuding ntra+nahal buataM and meisen turooox. 


1574.1 

31344 

6192 


2BJEC3 

9002 

29.063 

37X4 




26 


FINANCIAL TIMES TUESDAY JULY 26 1994 































































FINANCIAL TIMES TUESDAY JULY 26 1994 


LONDON SHARE SERVICE 


znwft 

Rb&Hsr Geared n 

MIC* 1MB 



U Sl.t 0-3 
07 3604 -40 


- 944 -48 

- 846 2.7 


2J 2139 164 
00 1245 108 


t&7 - - 

- 727 J 144 

- 8&a 128 

2 4 137.7 63 

17 817 48 

1X1 - - 

B0145&Z 270 
48 1441 -43 

18 1742 42 

1J - - 

41 1841 11 

84 1212 -28 
52 - - 

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m 






m 


a 


038 


w. 


233 


m 


EE 


E3E 


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Bl 

PC 

89 

130 

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15$ 

20 

261 

29 

219 

40 

— 

04 

_ 

30 

115 

40 

- 

35 

* 

20 

214 

33 

182 

1.7 

226 

2.0 

200 

40 

- 

29 

139 

*4 

17.1 

19 

184 

10 

183 

39 

107 

40 

- 

00 

49 

2o5 

20 

Z1J 

4.4 

YD 

20 

207 

99 

85 

63 

140 

60 

89 

55 

240 

39 

— 

67 

— 

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32 


FINANCIAL TIMES TUESDAY JULY 26 1 994 


CURRENCIES AND MONEY 


markets report 


POUND SPOT FORWARD AGAINST THE POUND 


Markets watch Quebec 


The announcement that the 
C anadia n province of Quebec 
goes to the polls on September 
12 yesterday provided a dis- 
traction from the market's 
recent pre-occupation with the 
dollar, writes Philip Gaxoith. 

Apart from focusing atten- 
tion on Canadian economic 
fundamentals, it has also 
forced investors to consider the 
implications of a victor; by the 
separatist Parti Quebecois, 
which is Savoured to win. 

The Canadian dollar initially 
opened weaker on the news, 
but later recovered to finish in 
London at C9L3786 against the 
US dollar, from C$L3782 an Fri- 
day. 

The US dollar traded in a 
fairly narrow range, with mar- 
kets waiting for the release on 
Friday of the second quarter 
GDP estimate. Against the 
D-Mark, it closed at DML5849 
from DM1.576. A gains t the yen. 
it closed at Y98.75 from 
Y9&6850. 

Trading on the foreign 
exchanges was, in general, 
very quiet with an absence of 
data or events to help the mar- 
ket rise above mid-summer tor- 
por. In Europe, the D-Mark 
turned in a mixed perfor- 
mance. It finished slightly 
lower against the French franc 
at FFr3.417 from FFr3.421. 

Amid a market holiday in 
Spain and thin trade, the Por- 
tuguese escudo was fixed at 
midday at EslQ2^72, its high- 
est fixing since April 22. 

Sterling also had a quiet day 
with no news to trade off and 
no fresh lead from the dollar 
which has set the scene for the 
pound in recent weeks. It 
closed at DM2.4315 against the 
D-Mark from DM2.4231. 
Against the dollar, it finished 
at 5L5342 from $15375. 

The CBTs industrial trends 
survey today will be closely 
watched for information about 
price expectations and capacity 
utilisation which could influ- 
ence the monthly monetary 
meeting later this week. 

■ The Parti Quebecois in Can- 
ada is committed to hold a ref- 
erendum on secession within 
10 months if it wins the elec- 
tion. Although opinion polls 
suggest that the people of Que- 
bec are not yet ready to secede, 
there are rumblings that richer 
states like Alberta and British 


Canadian doBar 

Against (he USS (C$ pgr USSJ 
150 



1.40' 


Jan . 1994 

Sounac Dataatnwn ... 


■ pound In Mow York 


JU 


UK 
£*M 
i mb 

3 mffl 

lyr 


-late* — -Prw. dtwe- 

1.5365 1.5275 

1,5356 1.5267 

1.5349 1.5259 

1.531 a 15225 


Columbia might break away. 

While these scenarios remain 
highly speculative in the 
short-term, they are likely to 
unsettle the currency during 
the election campaign. Already 
na-patitiait interest rates incl ude 
a substantial risk' premium and 
the Canadian dollar has 
remained the weakest of the 
G7 currencies. 

Allied to political uncer- 
tainty have been fears about 
the size of the budget deficit 
Chase Manhattan bank esti- 
mates that the central govern- 
ment budget deficit to be 63 
per cent of GDP in 1994. 
Against this, however, must be 
set a commendable inflation 
record which has actually seen 
recent frills in year-on- year 
consumer prices, and benefits 
to be had from rising commod- 
ity prices. 

Despite these, analysts do 
not rule out a re-testing of the 
all-time low of C$1.445/US$ 
ahead of the election, with a 
possible recovery to C$L30 in 
the following twelve months. 
The Canadian currency was 
trading at C$L32 at the begin- 
ning of the year. 

■ Two factors which bore on 
sentiment towards the dollar 
were fears that the German 
interest rate cycle might have 
bottomed, and the resurgence 
of the USJapan trade dispute. 

Professor Herbert Rax, one 
of the German government’s 
most senior economic advisers, 
said over the weekend that fur- 


ther cuts in German interest 
rates were unnecessary. 

With the Sunday deadline for 
progress in US-Japan trade 
procurement talks, markets 
have again started to worry 
about the dollar becoming a 
casualty of lack of progress in 
these discussions. 

Mr Peter Luxton, economist 
at Barclays in London, said the 
dollar was likely to trade in a 
narrow range ahead of Friday’s 
GDP data. The data is seen as 
a key indicator for Fed policy, 
but the wide range ol estimates 
has left the market uncertain 
about the dollar's next move. 

In the absence of other 
thing s to think about, the start 
.today of Whitewater hearings 
before the House banking com- 
mittee could cause the dollar 
to weaken. Whitewater refers 
to a set of real estate transac- 
tions in Arkansas where Presi- 
dent Clinton and his wife have 
been linked to alleged impro- 
prieties. 

The dollar received a fillip 
from comments from US com- 
merce secretary Mr Ron Brown 
that the US wanted to see reso- 
lution in all areas of trade with 
Japan. 

■ German call money 
remained firm at 4£5/<t95 per 
cent as banks started to con- 
sider the implications of an 
impending fixed rate repo ten- 
der, with the rate set at <L85 
per cent for the next four ten- 
ders. There are fears that 
banks' cash requirements will 
only be partially met. 

The Bank of England pro- 
vided £309m assistance to UK 
money markets after forecast- 
ing a £700m shortage. Over- 
night money traded between 
4 y* and G‘A per cent 
Trade in the futures markets 
was very quiet The December 
eurosterling contract closed at 
93.88 from 93.91. while the 
December euromark contract 
finished unchanged at 95.01. 
The December eurodollar con- 
tract retreated slightly from 
94.15 on Friday to finish at 
94.09. 

■ OTHER CWMBNCIB8 


All 25 


Closing 

Chengs 

Od/oSer 

Day's Md 


nririrpolnt 

on oay 

Spread 

wah 

tow 

Europe 







Austria 

Sett 

17.1050 

-00748 

984 - 116 

172212 17.0853 

Mglun 

(BFt) 

500440 

-0.1339 

281 - 598 

50.3290 <9.3330 

Darnaft 

pKt> 

9J548Q 

-CL0174 

429 - 490 

95910 

95307 

FHand 

(FM) 

60*22 

-0.0137 

332 » 512 

6.073Q 

£0330 

ftelGC 

IFFr) 

83107 

-4UQ96 

037 - 126 

83441 

8.3050 

Germany 

(DM) 

2.4315 

-00054 

306 - 323 

£4411 

£4272 

Greece 

W 

367JH8 

-1.496 

7S6 • 33S 

369-518 366.750 

inland 

«5 

1j0l2D 

-a 0023 

110 - 129 

1.0159 

1.0104 

Italy 

(U 

241928 

-068 

819 - 0S2 

242900 241631 

Luxembourg 

(IB) 

500440 

-0.1339 

281 - 598 

503290 499830 

Mtoltorlan rl- 

ivnnonariQs 

(FT) 

2.7245 

-aoin 

233-257 

£7414 

£7210 

Norway 

(NKr) 

105973 

-O.C281 

940 - 006 

10.6355 105792 

Portugal 


248.763 

-1 31 

645 - 880 

250717 248.542 

Spain 

IPtz« 

200692 

-OM1 

944 - 239 

201.822 199940 

Sweden 

ISKjJ 

119709 

-03091 

632 - 786 

123715 11.9603 

Switzerland 

(EFri 

3.0611 

-0X047 

600 - 632 

£0677 

£0599 

UK 

ff) 

- 

- 

- 

- 

■ 

Ecu 

_ 

12699 

-0.0046 

694-703 

12768 

12694 

SORT 

- 

0345767. 

- 

- 

- 

- 

Americas 

Argentina 

(Pbk4 

1^327 

+0.0069 

324 - 330 

13350 

1.5292 

Brad 

(RQ 

1.4362 

+0.0035 

343 - 362 

1.4363 

1.4340 

Canada 

ICS) 

21149 

*0.0094 

142 - 156 

£1230 

£1079 

Mexico (Now Peso) 

52244 

*0.023 

2CS- 283 

52375 

52135 

USA 

ra 

1^342 

+0.0062 

339 - 344 

13365 

1.5306 

Padflo'MkfeSe EaatMfricw 





Awarsfla 

IAS) 

20839 

+O.QC26 

628 - 649 

2.0682 

£0596 

Hong Kong 

(HKS) 

112618 

+OJM7 

491-545 

113668 

11.8253 

Write 

(Pa) 

48.1244 

+02231 

108 - 380 

48.1960 48-0150 

Japan 

PO 

151.498 

+0656 

396 - 599 

151.660 150.740 

Malaysia 

(MS) 

23750 

+00165 

729 - 773 

33806 

32643 

Now Zealand 

(N2S) 

25385 

+00144 

370 - 400 

£3416 

£5327 

muppinn 

(Paso) 

40L4249 

+0.1633 

348 - ISO 

403150 393735 

SaucS Arabia 

(SR) 

5.7936 

+OQ234 

523 - 549 

5.7620 

5.7405 

Singapore 

(SS) 

23154 

+00056 

143 - IBS 

23168 

£3106 

S Africa tpom.1 
S Africa (tin) 

(H) 

56710 

+00187 

878 - 742 

53781 

56574 

IRJ 

7.0111 

+0.0131 

946 - 276 

7.0281 

59943 

South Korea 

Wool 

123159 

+058 

126 - 313 

123035 1228.70 

Taiwan 

(IS) 

40.S084 

+0066 

250 + 918 

403974 407238 

HialBid 

(Ett) 

384384 

+0.1243 

168 - 600 

383820 382760 


0no momti Three month* On# poor Bank of 
AaM WA Rate %PA Rata KPA Eng. Max 


03 17:0888 0.4 

0.1 50.084 -on 50.084 -0.1 


£553 

-aa 

05661 

-09 

9.6131 

-0,7 

82141 

-05 

62166 

-0.4 

6.3009 

Ol 

£4311 

02 

£4302 

02 

£4094 

as 

1JH24 

-06 

1.0133 

-05 

12168 

-02 

242006 

-32 

243021 

-3.1 

2461.46 

-32 

50.039 

ai 

50084 

-02 

50084 

-0.1 

£7241 

02 

£7226 

02 

2.702 

02 

105943 

02 

106048 

-02 

102906 

0.1 

250493 

-82 

253.673 

-7.9 

. 

- 

200537 

-£? 

201297 

-2,6 

204377 

-2.1 

11.9924 

-22 

12.0429 

-£4 

122634 

-2.4 

£0586 

02 

£0564 

09 

£0323 . 


12708 

-09 

12721 

-07 

12734 

-03 

£1163 

-00 

£12 

-1.0 

£1471 

-12 

1.5333 

0.7 

12326 

02 

1.5292 

03 

£0638 

OO 

£0652 

-03 

£0834 

-09 

11A479 

04 

112468 

02 

112538 

ao 

151.116 

3.0 

150.353 

32 

140258 

3.4 

£5424 

-1.8 

£5502 

-12 

22724 

-1J 


1143 
11 S3 
116.8 

89.1 

109.6 
1252 

1042 
* 7S2 
110J 
1203 
883 

86.1 

733 

119.7 
78.1 


802 

63.3 

191.8 


TSOR ate for M 22. BidMfer wm in Jha Pound Stott trite mcwcnly 9 m tat 8m* (Mutual 
but are mpfiad by current «ta raa cam. Swtnfl moat criotoaod by 3a Bask of Engtand. Baas 
M Dow ^pot tibaa cartmti ton THE VIUItiEUlEPS CLOSING SPOT R4JES. Sera* vMjet 


iteoee. Romani nw are not dmcMy qMM w 9w rnariat 
_ T5 a ioolbuL Ofkr u hm-wbo k> bon Mt and 
maided b t 0w P.T. 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


•M 25 


dosing Change BtiSatter 
mid-point an day 


Day's mU 
high law 


Ona month One mo n ths 
Raw KPA Rato KPA 


Ona year J.P Morgan 
Rato KPA Max 


Europe 

Austria 

Belgium 

Denmark 

Finland 

France 

Germany 

Greece 

Inland 

hat* 

Luxembourg 

Netherlands 

Norway 

Portugal 

Spain 

Sweden 

Sadtaeriand 

UK 

Ecu 

SDflf 


ISdU 

efti 

(DKr) 

(FM1 

(FFrl 

(PI 

m 

m 

« 

(LPO 

n 

(NKr) 

(Es) 

(Pta) 

(SKr) 

(SHI 


(Peso! 


11.1495 -0.094 470 - 520 

323200 -0225 150 - 250 

63223 -00387 213 - 233 
52421 -0.0302 371 - 471 

5.4171 -00414 187 - 17S 

1.5649 -00106 646 • 852 
230250 -1.95 100 - 400 

1.5160 *00096 148 - 172 
1577.00 -OSS 650 - 750 
32-6200 -032 150 - 250 

1.7759 -00145 754 - 764 
0.9076 -0.0464 066 - 088 
162.150 -1.45 100 - 200 

130425 -1.145 350 - 50 0 

7.B030 -00376 992 - 067 
12435 -00085 430 - 440 
1.5342 400062 339 - 344 
1 2082 *00093 079-084 
1.44811 


09991 *0.0005 990-991 
09355 -0.0015 3S0 - 360 
15788 *00006 783 - 788 
3.4054 *00012 034 - 074 


Argentina 

Brazf <pfi 

Canada (CS) 

Mexico (NewP eso) 

USA IS) 

Pacflc/MhUla Eest/AMca 
Austiafta (AS) 15453 -00038 448 - 457 

Hang Kang 


11.1930 11.1410 
325400 325750 
&245I 62165 
52709 52364 
04440 5.4097 
1.5920 1 .5825 
240500 239.100 
1.5179 12083 
158420 157453 
322400 3£5750 
1.786S 1.7745 
62369 6.9010 
163.130 162.100 
131250 130350 
72739 7.7982 
1.3482 12420 
1.5365 1.5308 
12091 1.1895 


03360 0.9350 
12837 12780 


Indte 
Japan 
Metayrie 


(HKS) 7.7253 -00006 248-258 


ja 25 

tom 

100 

KtmaG 

Rtaf 

Russia 

UAE 


£ S 

158.138 ■ 158340 101.790 - 101.890 
288100 - 268500 174&00 - 175000 
0.4583 - 64577 0375 - 02S83 

347425 - 348309 228560 - 227000 
3145.10 - 315125 205000 - 205480 
55208 - 66320 16715 - 15735 


12483 12441 
7.7263 7.7242 
*0J)188 650 - 72S 31.3725 31.3660 
(Y) 98.7500 +003 000 - 000 98.8200 98.4100 

(MSI 23910 *00003 900 - 920 35920 25883 

New Zealand (NZS) 1.6547 *00027 540 - 554 1.0562 15540 

Ptiffipplnes (Peso) 203500 - 000 - 000 26 6000 26.1000 

Sauri Arabia (5H) 3.7504 + 0.0001 501 - 506 3.7506 3.7501 

Stogapore (SS) 1.5092 -0.0025 087 - 097 1.5105 1.5080 

S Africa (ComJ (R) XB965 -00028 950-980 3.6985 16688 

S Africa (Ra) (R) 45700 -0.01 600 - 800 - 4.5850 4.5600 

South Korea (Won) 803850 +0-4 700-000 803000 802500 

Taiwan {T$} 26.6000 -410648 500 - 500 26£500 205490 26.62 -03 26.68 -0,9 - 

Thailand (Bt) 24.0900 -0.02 800-000 25.0000 24.90)0 2S.0G2S -AS 25.19 -32 25.67 -2.7 

1SOO me let Jui SB. Bkktoflor Bared* ki Ow Mar Spot title ritew only On lose one cMtenol pteoaa. ForaM raaa aa not tewdy quoted btonaM 
but are ImpBed by cum ktoresl rates. UK. Mred 4 B3U we qMM « US curacy. J.P. Mb^bi nomtu Men JU 22. Bose erenge T9KWIQ0 


11.1522 

-02 

11.1458 

ai 

11.0678 

07 

1018 

3£64 

-0.7 

32.6775 

-0.7 

32.7* 

-04 

105.4 

62283 

-12 

02393 

-1.1 

62783 

-09 

105.0 

52451 

-0.7 

52476 

-04 

52886 

-02 

762 

5.4218 

-1.1 

5.4278 

-02 

SA056 

02 

1CB2 

12656 

-02 

12856 

-02 

12756 

02 

1062 

2392 

-12 

24027 

-12 

24075 

-1.9 

692 

12148 

02 

12126 

02 

12037 

02 

_ 

1582.05 

-32 

1SB0JS5 

-32 

1629 

-03 

78.7 

32.64 

-0.7 

30685 

-08 

3074 

-04 

105.4 

1.7764 

-0.4 

1.7753 

0.1 

1.7882 

04 

105.1 

6l9111 

-02 

09156 

-05 

82911 

02 

904 

16328 

-9.1 

165.42 

-ai 

17225 

-04 

942 

130.79 

-3.4 

131.445 

-11 

130 BIS 

-2.8 

809 

722 

-£2 

7.6565 

-2.7 

8211 

-2.7 

705 

12432 

03 

1241B 

05 

12283 

1.1 

105.4 

1.5333 

07 

12326 

04 

12292 

03 

872 

12007 

1.4 

12046 

12 

12185 

-07 


12802 

-1.4 

12834 

-M 

1.4044 

-1.9 

82.8 

3.4064 

-0.4 

04082 

-02 

14156 

-03 

- 

- 

- 

' 

- 

- 

- 

972 

12456 

-O 2 

12463 

-02 

12538 

-06 

872 

7.7251 

02 

7.7256 

0.0 

7.7408 

-02 

- 

31.4538 

-03 

312988 

-£9 

- 

. 

_ 

98245 

22 

98.1 

£6 

95.095 

11 

1522 

22818 

42 

22705 

32 

£644 

-£0 

- 

12556 

-07 

12575 

-07 

12628 

-05 

- 

8.7517 

-02 

07558 

-06 

07744 

-02 

_ 

12079 

1.1 

1206 

09 

1.4992 

07 

- 

3.712 

-52 

3,7403 

-4.7 

1817 

-32 

- 

4.6037 

-82 

4.8625 

-8.1 

- 

. 

- 

80525 

-42 

60925 

-02 

82725 

-01 

- 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

M2S BFr DKr HV DM 


E 


H 


NKr 


Pta 


8Kr 


SFr 


cs 


Ecu 


Belgium 

De nn t at fc 

Franc® 

Qemeqr 

Ireland 

Ktoy 

Netherlands 

Norway 

Portugal 

Stain 


(BFr) 100 19D8 1081 4J80 2022 4834 5.446 21.18 497.2 3990 2302 4.119 1098 4227 3068 3028 2538 


EARS EUROPEAN CURRENCY UNIT RATES 

Jui 25 Ecu con Rato Change % +/- from K spread tXv. 

on day 


rates 


against Ecu 


can. ratal » weNwat bid. 


Switzerland 

UK 


52-42 

10 

0706 

2248 

1.060 

2534 

2255 

11.10 

2802 

2092 

1224 

£159 

1248 

£216 

1.607 

158.7 

1230 

MeUrai lands 

£19672 

£15393 

-020105 

-125 

428 

6021 

11.49 

10 

£926 

1218 

2911 

3279 

1£7S 

299.4 

2402 

1440 

£480 

1203 

£545 

1246 

1822 

1228 

Balgkan 

402123 

392446 

-02021 

-1.66 

42S 

2058 

3225 

1417 

1 

0416 

9947 

1.120 

4259 

1022 

8228 

4922 

0247 

0411 

0670 

0231 

6229 

0222 

Germany 

124964 

122046 

-000075 

-120 

4.18 

4046 

9.433 

8212 

£403 

1 

2390 

£693 

1047 

2452 

197.7 

1123 

£037 

0968 

£080 

1218 

149.7 

1255 

Ireland 

0308628 

0788589 

+0200475 

-124 

321 

£068 

0395 

0244 

0.101 

0242 

100. 

0113 

0438 

1029 

8272 

0495 

0285 

0041 

0087 

0283 

6263 

0053 

Runes 

623883 

626781 

-020014 

044 

£17 

1838 

3203 

3250 

0292 

0271 

887.7 

1 

3280 

9120 

7143 

4293 

0756 

0267 

0776 

0563 

5520 

0466 

Oanmarii 

7.43679 

723671 

+000795 

127 

123 

4721 

9206 

7.841 

£294 

gjw*i 

2282 

2271 

10 

234.7 

1882 

1129 

1244 

0943 

1295 

1.447 

1422 

1.198 

Portugal 

192254 

196.769 

-0263 

£03 

028 

20.11 

0637 

3240 

0977 

0407 

9722 

1295 

4280 

100. 

8043 

4211 

0228 

0402 

0850 

0617 

6029 

0210 

Spate 

154250 

156267 

+0228 

222 

020 

2001 

4.771 

4.153 

1215 

0.506 

1209 

1282 

5297 

1242 

100. 

5282 

1230 

0500 

1267 

0787 

75.71 

0635 







4120 

7275 

0943 

£032 

0845 

2021 

£277 

am 

2072 

1872 

ID 

1.722 

0836 

1.767 

1262 

1206 

1281 

NON SIM MEMBERS 





2428 

4232 

4233 

1.180 

0401 

1174 

1222 

5.143 

120.7 

8729 

5208 

1 

0405 

1228 

0744 

7321 

0216 

Greece 

284213 

290291 

-0117 

8.75 

-620 

50.04 

9246 

6211 

£432 

1212 

2419 

£725 

1020 

248 2 

• 2001 

1127 

£061 

1 

£116 

1234 

1512 

1270 

IWy 

179119 

191081 

+524 

628 

-170 

2066 

4213 

0930 

1.150 

0478 

1144 

1288 

5212 

1172 

94.61 

6260 

0274 

0473 

1 

0.725 

7123 

0600 

UK 

0788749 

0788148 

-0000534 

018 

£44 


US 


M 3202 
(V) 3303 
39.40 


6223 

63.01 

7017 


5.41 B 
5406 
6044 


1085 

1606 

1015 


0660 1577 

6080 15867 

0.797 1905 


1.776 

1709 

2148 


8010 

6907 

6248 


1622 1304 
1642 1321 
1960 1572 


7203 

79.01 

9X25 


Ecu 

Y«n per low. Oantrh Krona. Fimh Ree, Nonmtfen Kronor. and SmtUi Kroor par ttfc Briatan Bwtc, Esculo. Uw and Pewta par 10ft, 
■ D-MARK FUTURES (JM4) DM 125j000 per DM 


1244 

1320 

1223 


0282 

6201 

0.787 


1279 

1306 

1266 


.1 

1013 

1206 


98.76 

1000 

1192 


0828 

8283 

1 


QMM) Yen 122 per Yen 100 



Open 

Latest 

Change 

Htfl 

Low 

Eat vof 

Opon tot 


Open 

Latest 

Change 

High 

Low 

Eat ml 

Open InL 

Sep 

0.6276 

06301 

+02048 

OB314 

06275 

48,106 

82211 

Sap 

12160 

12167 

+02016 

12200 

12161 

20848 

68,784 

Doc 

06292 

06307 

+0.0049 

08319 

06292 

418 

3253 

Dec 

1.0243 

1.0240 

+02014 

12258 

12240 

466 

6241 

Mar 

* 

06273 

-0.0033 

" 

" 

18 

1261 

Mto 

- 

1.0330 

- 

12330 

- 

224 

1.005 

■ SWISS RttffC FUTURES (IMM) SFr 125200 per SFr 



■ STemJHQ FUTUiS!!! (MM) £62200 por£ 




Sop 

07416 

0.7440 

+00060 

07453 

07404 

29.162 

3724T 

Sep 

12292 

12330 

+00072 

1-5356 

12292 

14287 

30.060 

Dec 

07434 

07457 

+00071 

07468 

07434 

253 

1294 

Dec 

12300 

12340 

+00088 

12350 

12300 

116 

813 

Mar 


07488 

" 

07466 

" 

3 

12 

Mar 

12360 

12350 

+0.0100 

12360 

12360 

3 

152 


12 


-14 

-16 


EcncentmlraMeatbygMEtoepeflnOomntaa t on. CunmcMa are n d aecen j ig letohw enength. 
pn mMu aEtwigaanBter Enc apnaiilw>tfMngadanc«eaenadkt!iMieney. OhwganeeihCMMBM 
ratio u i m t uu too i qw e da 1 itM pncan m ga tlll nqii u e botwan Um acBM meri ie i end Ecu canted de 
taretxnancy. and die marfhun pomxaed penantege dnMion ot the cwrancy’a mntar rota (tom Ra 
EoimMiPx 

(17/a/BS9 3 mMd and Baton Ur* MapenCM Mm BRM. drSotownt cataAnod try •* Rnencid Thnee. 
■ PMLADBOHU SE C/S OPTRMS C31 250 (cents per pound) 


MONEY MARKET FUNDS 


Money Market 
Trust Funds 


- COl* 

Mmmimzxj Bias? 
MiMDtntFnl. cm - usl 

DmdaOm »■«*■ I ua -1 u> 

Oman tar Banna I 4.98 -I &mI 


CM 8&«r Ro of Ohnh of Bigtattt 

SRmSM^UanaSStSM) on-flflBIBli 
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comma fio 

tothMUnHnMSRDBI 
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tanaodCawilanfiaECfU 

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EMOoi-cawn — I ia in 

Boo-mom — |ui 
MttAaut.^1 zn 208 

DmmMrb Tot Ho-Oo«nbon 500 tee 

aajnnisi.iMwaa.wmiu OH-biam 

eHUBtafMM f 725 I Xje 

CtftHCCU Iter. (mo mb mam 

□ntMMNinl un ton) 


l toteem Uft NtoMMIhM, 
TMMtt to lMOaai 

n-a» ... 050 0315 1 OJB 

ut »a i3 

M» UO I 408 
430 sanl *jb 
*70 veal tin 


Money Market 
Bank Accounts 



ts&tOQaaadM ui mi <n 

RVM*ttMai — ua * 13 1 sail fi 

naiaoon ssr.wo — us jua) ls| £ 

tSfloat iaMPO — .. 45Q Ml l 4»( 5 

OAOMM 2mT^!T !5" 3lM I 4301 Ota 

tZUODtaCWU — CM MS I CM « 

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(unokCftwe___ «s in I os I £ 


UJ 

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ug 

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25 Dngan M. Wdn . BM (BIT 
rew* szjMi*j — 

1 KEMW.«£On«t 

TOMU<euBi*i 

0 MM(£o 01 4 

tacs mjm *i 

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n«nnrns» 


10 


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■or doca CanWpl SOX 


las caa 
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533 19B 

COD 300 

Con Ufl 

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MO 

407 

4 SO 
403 


& 
4 Of 

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•£> SMfeReaen 
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wlw 4t»J &Qt 

... KC SJ5 431 I UR 

mummI in 44i I in 


Banes Book Ltd 

CBainnWHHUBMI 

■wOHH 


sa-rawMe.MABriwvmM tossnaon 
eunn> —lus xmI ml » 

Leopold Joooph 8 Sons UnAod 
a rmaria an uweietcav re* on-masss 
tony im i W O toa H ne at 
Oftaai-noiuni — t cso un usl « 
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KWoMMt Boom I* 

IHiaWHgMUUnkalKigr ,Sn-Z*7tfiH 
MlCAiCLSKM Im ini ual My 


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4.75 

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an naransiua 


Bank tfUetadWoh Monad CanqooAfic 
sa POpiLtoBtai ib. 0753 siesta 

naooo ♦ isoo ftoaiuali w 

a.ooo-mffw I uo ten I zjbm I aa 

Bank at Scotland 

m itrinuitai nr. rnr ~nt on-aiuag 

WOMeaStoCUB- 1 1» 261 3M MB 

cziooa-ezaajn — jjs sail uz h» 

ezsaooo* 1 soo ini ski hp 


_ MUO 

1 hwi Peri. MBS nr gn-3BMM 

MtCAICSjOtM 1429 ml 433 1 {My 

tAoto 

s eonvosn 

. 1 BI us 

most 518 340 I MSI Me 

ttSKO* 4.K \T1 I Ut 5^ 

r — I c/s 3301 cnlSty 

MMand Bank pfc 

MBoiz.antoM onnaotoB 

BdtomrAxmao* 179 231 USllMy 

noaota «4o ur I cso I tim 

tsjm* 500 in loafiS 

OOKSOB*- uo cut U8 ton 

I6SA 329 -1 525 1 IMS 



DodnNn 
raBMKlHaVN 

nAoczds I 230 150 [ soel to 

C3JOO-C9L099 — 229 150 I 2T7 to 

EtlUHO-t3CM)9 I 2J5 200 1 ZTBf to 

BlOOta I US 291 I 130 1 to 

BraueSteiMyKCaLM 

FonMn DouL Lnnworr Uattin ECI 071-0000031 

MB8 [ ITS 34129 1 381 1 

: llTS 24125 1 34)1 


IWaWHM 

(Spnh 130 413 i 530 1 

OUfrOUR 840 378) 500 

LZD.onO-C9.99a.. — .. 430 ut 430 1 

naflOHtlMU 190 283 I 330 

cjoHMm 23ft ml usl 


R«o Bmtten UndMLBMlna 

want urn. um* aaw n* ucana 

ffissis akifr 

c«t. I 42s ml cnl to 


to cun 


CaMantoa Bank Pta 

a St MBiw Spate. &**>—, , 

Mt« I 479 33BM I 


Royal Bank of Scottand Nc Creadon Acc 
42fiMM»ewSeEimaiiiiBbnE an-ozi 


QCW . 0315^8K35 



Cater Man ltd 
20 tortotUM. Lean* EC3V90J 

tan I is) 2 aa 

FhM fSOLOOO*-. -1441 

OMergBtCMLMOo I 442 

Chartortw u to B a a fc IM B M 

TOH STI-Ji 

375 241 140 

440 100 448 

42$ 3.19 441 

430 431 457 

229 140 227 

279 240 279 

UO 225 31)4 

329 284 130 

toftortaetoaiatok -teewetoM 
totdiw 

Onksdota Book HndMaSoMlaa tee 

3daUnco«Rac<LDunaaCI 5H. Ml- 248 7970 

CTft00ft-C2O42O-. [3.70 Z2S I 179) to 

CaQjDOO-CBftflBB— — 1 375 £51 I 340 to 

EMMum-eiMjUS 1 940 283 I 3491 to 


C90L00O* 

£22000- C49JOO— 

Eiojno-cMjno — 

tSuoao-BMto 

CLOOO-C4J9M 


178 

231 

ua 

UO 

23J 

t!6 

375 

zoa 

17B 

UD 

I3D 

SJB 

130 

Its 

131 


Saw 8 PraeaarAobort Fteatag 

18-22 toewelW. Mated OMI SUL 

M I 4. 


oaoo aem 
241 I 332 1 ftto 
- I* 


C40»^1949B-H 

CTOKW494H 

£50J»MS94B9 
nOOJWM-^^ 


fiJDMtUH 

nuamn 

srauwo-ewMw — 

SZOftOOMto^^H 


era lymM Bank pie 

m Zft-xjmncsnwteta 


ir—nnsn nimwii 

MWCOOOO'- - 

MMCIOOmte— - 
1VBW1BS4 


3JOO 2425 1M 
1825 zm 3479 
3730 - SOU 3403 
3479 2900 1502 

4479 - 4447, 


united DooMoni That Ud 

m Boa R. tom BM nor 
ceMitetote la t teM 

njJOO* —I 475 

fated Trail Bank l* (bmorty BUS 
i final cumhumflumm m« ra oJt-awaBM 
ciaooo-MingrMdH.lftTS ftaol BJb[34an 

Ct8408-ia«n«dka-| 740 SM \ 744le4to 

125400- 1 War ^_-l 729 5*4 1 -IM« 


Iha Ctaoporaln Bank 
N>Rn soft smmatote In 

ISS*_ 1 329 

c “~ra*“a. i ami «• 


0345253100 
-I -I iMy 


AKuySearodor WawB CaUd 

120 OOTpato. IMte ECVBOS 


B71-3KOOOO 
340.1 Mil Mb 
320 f 344 1 Ito 


401 

.. 

C90400* 323 34* I SSZlft-*to 

CSjnHt4ft9O0 450 348 [ 45S|0-M0l 

rrn.ooo-C4.»« too 34ft] 44* e-Mi 

Bffl mw 340 2291 anzlo-toi 

Tngllar-h iti ai Irrwhn 

02000* 3.75 281 I 279 B-Ntt . 

329 24* 179 |6-*to 

229 1401 22BI9-4to 


toactetee.^. 

ClUMaitM. 

WaskmlluaWgfckiteiMtaeriBtAcc 

n» te a WUB i fTwuoab n.1 IS 0792 224141 

£15400* 479 IS* I 4M| to 

£9bMXMf4flgO_ u |4to 3381 09 to 
£140D-C42to .(429 ml 4321 0* 


EtlU)00-£^99j 

a im -ra m 

lutea«| 

rjaooo-cTOjwsJ 
*s«-eR9aa_:M 

■■Maiida 


429 310 00 6-4*8 

340 229 I 102 9-4* 

275 200 277 8-M* 

231 1.73 1 £32lft-*a» 

■toUaldW-JZSSSS 


to e to t to r Mr or ttoto Mk mt 
I gnaua s «n M«9m d bn m* tan to. 
Mwaagbartiito net Mwtea to o—» d 
pate «t» ban ta. tbaaa CMt^to 
04* mot <t o a n pi ai to t «* j 


dte«MkaiOMeiBNM 


WORLD INTEREST RATES 


MONEY RATES 

•My 25 Over One TTrae 

nlgH month ndhs 


■ imB MONTH EURQMARK nmjRES ftJFF^* QMInt painte at TOOK 


Strta 

Price 

Aug 

- CALLS - 
Sap 

OCt 

Aug 

— PUTS — 
Sap 

Oct 

1A50 

8.14 

6.16 

827 

- 

an 

035 

1.475 

5.73 

528 

625 

0.10 

026 

0.7S 

1200 

3.43 

424 

422 

081 

024 

1-40 

1225 

1.61 

£48 

321 

223 

1.72 

£38 

1260 


123 

123 

424 

107 

168 

1275 

aio 

084 

1.15 

6JB2 

425 

624 



: H: 


Margined Foreign Exchange 
Trading 

Fast Competitive Qixkes 24 Honrs 


cttnuar 


■ftt 071-815 0400 or Fax 071-329 3919 


Six 

imho 


yem 


Belgium 
week ago 


week ago 
Germany 
week ago 


week ago 
week ago 


week ago 


weak ago 
US 

weak ago 
Japan 
week ago 


5 

*Q 

5H 

5% 

*36 

ftS5 

5 

5 

BH 

8=3* 

4.85 

4.85 
419 

4 

*i 

44 

2 

2 


51* 

51* 

51* 

SVi 

*82 

4.92 

54 

54 

Bfl 

84 

*M 

4.89 

44 

44 

44 

44 

24 

24 


54* 

6 *. 

6| 

5i 

*3Z 

4.85 

5H 

5K 

8K 

84 

451 

447 

48* 

4» 

4fl 

4fi 

2K 

24 


5K 

84 

5K 

5g 

4.92 

450 

64 

84 
8fi 

85 
5.02 
4J99 

44 

41* 

6ft 

6V. 

2V, 

2V* 


6 
64 
53 
64 
6.03 
4£5 
61* 

61* 
aj 
m 

SJtl 

5.18 

4K 8.625 
4ft 6.825 
5K 
51* 

2» 

2K 


Lento. 

Oft 

Rape 


Open 

Sett price 

Change 

HOT 

LOW 

Ear. ml 

Open InL 

War. 

rate 

rata 

Sep 

B62B 

96.10 

-021 

95.11 

9626 

16764 

173362 

7.40 

420 

_ 

Dec 

9429 

9521 

- 

9523 

9427 

29182 

187550 

7.40 

420 

_ 

Mai 

94,78 

9421 

-021 

9422 

94.74 

22817 

156373 

5.10 


6.75 

Jun 

9421 

9426 

-021 

8427 

9428 

12316 

94228 

5.10 

- 

8.7S 

■ TWEE MONTH BIIROURA HT41ATC FUTURES (UFF^ LIOOQm polnto ol 100% 

6.00 

6.00 

420 

420 

425 

421 


Open 

Sett price 

Change 

«tto 

Low 

Eat ml 

Open InL 



635 

Sop 

9124 

0124 

- 

9126 

9127 

2933 

31404 


„ 

635 

Dec 

91.00 

9126 

-023 

9127 

9120 

1009 

47770 

_ 

7.00 

8.05 

Mar 

9062 

9087 

-0.01 

9089 

9023 

616 

12977 

- 

720 

8.15 

Jui 

9018 

9020 

-026 

9020 

8017 

256 

10592 


535 
636 
3-50 
3-50 
3. SO 
3-50 

1.75 

1.76 


■ IMB MOKTH EURO SWISS VRMNC PVTUnES |UPf6l SFrlm pokrta ol 900% 


" 


Open 

Salt price 

Change 

High 

Law 

Est ml 

Open inL 


Sep 

95.64 

9626 

+022 

95.66 

9561 

2728 

23410 


Dec 

86.44 

9529 

+023 

9548 

9549 

1099 

9614 


Mar 

9524 

9S£B 

+022 

9529 

9523 

368 

9928 

_ 

Jut 

9426 

0428 

+026 

94.90 

9426 

13 

2351 


■ S LIBOR FT London 

(ntaabank Ftadryp - 41* 4fl &V1 5* 

week ago - 41* 4K 5d 5fl 

US Ooftar CDs - 4JT7 4.63 5.00 5^6 

week ago - U7 4,fil 4J0 &45 

SDR Linked D» 31* 34 3* 4 

week ago - 316 3J 3X 4 

ECU Uafeod Da cM otOK 1 mite SJ; 3 mffK $3; Q ntSts « . 1 year. QVL S UBQR MedMak fateg 
rate* m ollarad rohn lor 51 Om qumd to Aa mariftrt by feu nderance bar*! at 11am eteh waridng 
day. The bonks err. Bantam That, Bank of Tokyo. Borctaya and w a tad WaamenaUr. 
iMMBtMriwnlB Ore doRBGC Money Ratoft US S COa and 80B Urfced Deposes fte}. 

EURO CURRENCY INTEREST RATES 


■ THRBB MONTH ECU WIURB8 {IJFF^ Eculm polnte ol 100% 


- 

_ 

_ 

Sep 

Open 

9329 

Sea price 
0328 

Charge 

-0.02 

High 

9420 

Low 

9326 

— 

_ 

- 

Dec 

8X73 

9X70 

-003 

9177 

9173 

- 

- 

- 

Mar 

8151 

93JS 

-004 

8324 

93.48 

- 

- 

- 

Jun 

9122 

8334 

-024 

93L24 

93.20 

- 

- 

- 

•URFEMina 

bated «n APT 





EoL will Open InL 
876 11066 

696 ‘ 8703 

132 4487 

85 1101 


■ THME MOMTH MROPOiUyB (1MM) Sim points ol 1QQK 


4*4 25 

Siort 

7 days 

One 

Three 

Sx 

One 


term 

noHoa 

roorth 

months 

months 

year 

Bdgfaai franc 

5ft - 4Q 

6ft -4U 

6*4 - 5*9 

5*2-5% 

Si-S\ 

6*a-6 

Danish Krone 


5^.5Sa 

58 -5ft 

6*4-6 

6%-lft 

63 -6ft 

D-Mafk 

5-4% 

5-4% 

S-4% 

5-4% 

5-4% 

5ft -Sft 

Dutch Guida 

«b-«b 

4JJ-4U 

4^-4?, 

4% -4*» 

S-4% 

5*a -5ft 

French Franc 

5,i - 5ft 

5,i ■ Sft 

5*2-6% 

5ft -5,1 

Sft - 5ft 

6-5% 

Portugwaa Esc. Kh - 11 % ii*i - ii 1 * ia»a - 134 Mh • Kh - iz 1 * 

12*4 - 1«t 

Spanish PWte 7% - 7,i 

7% - 7ft 

7H-7fl 

7E-7% 

6ft - 8 

8*2 - Sft 

Storing 

W.-SH 

5ft St* 

5&-S4 


5*Z-6ft 

6*4-6** 

Swiss Franc 

4^»-4 

4«* - 4 

^ - 4% 

4ft - 4ft 

4ft -4ft 

4ft -4ft 

Can. Ddar 

St4-5 

55, -5^8 

sa-5ft 

eft -sa 

f*-BS* 

Th -7*2 

US DoBar 

4^i -4ig 

4ft' 4ft 

4% - 4% 

4% -43* 

5*4 -5*8 

5H-5H 

Kalian Lit 

9- 7h 

8*4 - 8»a 

8ft -3ft 

8ft -8ft 

8H-8ft 

9ft -9ft 

Yen 

2la«2 

3*8-5 

2% -2 

ik-sh 

2*4 -2*« 

2h -2^1 

Aden $Stng 

Sh 

3% -3ft 

4ft -4,1 

4*-4h 

6ft -Sft 

Sft-Sft 

Short um Mte neraB lor Dn US Doiar and 

Vbn, abtat ih) days' rtafey. 


■ nun MONTH PSOR FUTURES IMATIF) Parte Interbank ettered rati 



Open Sob price Chongs Ugh 

Low 

EsL val 

Open ku. 

Sep 

9424 94,36 +0.01 

9426 

0429 

11240 

49208 

Dee 

9L23 9421 -0.03 

9423 

94.16 

6v470 

35336 

Mar 

9426 34.03 -023 

1 9426 

9327 

£937 

31,457 

Jun 

93.75 0182 -022 

S3 22 

9173 

1200 

23278 

■ YNOX MONTH ttWOPOt UB OJFFQ- Sim points ol 100K 




Open 

Latest 

Change 

«9h 

Low 

Est- vd 

open InL 

sep 

94.78 

94.78 

- 

94.79 

94.79 

67/488 

430930 

Dec 

9427 

9429 

- 

84.10 

9427 

131,671 

•430253 

Mar 

9322 

9325 

♦0.01 

9325 

9182 

81A27 

328232 


■ US tMABWy BILL WmiHEB ffLOri) Sim per TOOK 


Dec 

War 


3522 

94.85 


9523 

94J36 

9«9 


- 0.01 


9523 

9466 


6621 

94JB4 


1.441 21.429 

527 9,637 

34 1,021 


40 opan (manat Ogs. an ter prerieui day 
BjBVMUnK OPTIOIIS fUFFE) DMIm polnra of 100% 


Strike 

Pnce 

auq 

sap 

CALLS “ 
Oct 

Dec 

Aug 

Sap 

PUTS 

Oct 

9600 

0.11 

0.14 

014 

019 

021 

004 

013 

sses 

0.01 

009 

004 

028 

018 

018 

028 

9550 

a 

021 

022 

024 

040 

041 

051 

Eat voL ML CM* 0063 Plte.ZOta. Rwteui day*i O 0 W 1 InL, Cote 

233990 

PltelSTOM 


Ooc 

0.18 

033 

n*q 


■ WIBO WWBB FBHC OPTIOII3 (LIFFE) SR 1 1m pointa ot 1DQK 


Strike 

Price 


9673 

9600 


Sep 

021 

nrya 

0X13 


CALLS 

Dec 

021 

aio 

0l05 


Mar 

028 

ai9 

012 


Sap 

006 

017 

037 


Ert. wL !oaL Cats 0 PUB a Rmoaue d|r/» span ht. Celt 1206 Ftea 137! 


PUTS — 

Dec Mar 

022 050 

036 0.66 

056 084 



Open 

Sett price 

Change 

Hgh 

Low 

EsL vd 

Open tot. 

Sep 

. 

94.70 

-021 

- 

- 

0 

2958 

oec 

9427 

0429 

-002 

8427 

9427 

100 

1673 

MW 

9922 

03 80 

•022 

9162 

0X82 

200 

1334 

Jui 

- 

9054 

-093 

- 

- 

0 

350 


Rwklto toy's VOL Gate 085,132 PUB 932.111. Pnnr. steyk open ML, Cato 7ftS11 Put* 7ft0fiZ 


UK INTEREST RATES 


LONDON MONEY RATES 

JJ 23 Over- 7 days 

nigM (tetice 


One 


Heee 


Sbt 


On 

year 


■meibar* Sterfing - A\ SV - 5 5£ - 6}t S& • 6& 6& - 5,1, 9U - 6>c 

SkrtigCOs - - 51* -aA 5A-5k SQ-S& 8i - 6 

Treasury BOa - 5 - 4JJ 5i - 4Ja 

Bank BBS - . 5& - 4fi S/« - 5 S& - 5>* 

Local authority daps. 4JJ - 4)3 49-4)2 5^-43 5>a - 

Ostnunt Marital depe 5ft - sA 5£ - Si 

UK dearing (sank base landng rate 5U per cam (ram FMmaiy 8 1994 

Up to 1 1-3 3-6 6-9 0-12 


s 5,1 - sa sa -sa 


SB» 


Oh 


Certs of Tn dap. onoOjOOO) 1*a 4 34, 

Carta of T« dap. undar Cioo.ooo B l 1 2 pa Dapaks ■kfleanan tor earn 4 km. 

Aw. bandar race or decant ftsaaapc. BOQDB*edtoa 8te Etamt Fkmo. Mwta «a> day June aa. 
IBS*. Agreed raw tar parted Jrf 2ft 1B9« to Aug 23. 1904, Schamea 0 a II ft44pc. Mstwice cate to 
parted Jun 1. 1S0*B June 3ft 1B94. Sctisnas IV A V 5.1S7fec. Hnanai Houm Bsw Raw S*apc ban 
Ji4y i. ISO* 


■ THHSS MONTH SIMM PUTUBBS (UFFE) C500.000 pokds Of TOOK 



Open 

Sett price 

Change 

Ugh 

Low 

Est vd 

Open Im. 

Sep 

9428 

9427 

+021 

9428 

9465 

6720 

107168 

Dec 

8X88 

8188 

-003 

9320 

932^ 

9309 

138431 

Mar 

oft w 

8X27 

-004 

8X29 

9X23 

5907 

66780 

Jui 

92-71 

9£71 

•006 

92.73 

9228 

2172 

51237 


Traded on APT AM Open Martel Bg*. are Mr pnwteu* day. 


■ gMOBT STBBJWO OprTIOItS HUFFS gSOO.OOO polnto ot TOOK 


Strike 

Price 

9480 

9475 

0500 


Sep 

014 

003 

0 


rAIIC - - narm 

Dec 

Mar 

Sap 

— miB — 

Doc 

Mar 

006 

0.06 

007 

068 

1-29 

am 

003 

IL21 

090 

121 

ooi 

002 

043 

1.13 

1.75 


E3L wl tan* Cato 200Q Pm# 1<50. pievtaua da/a opon by, Cato 228097 Pub 210036 


BASE UNDING RATES 

% ~ % “ 

Adam 4 Company — S25 Durcan UMrie —636 - a.-i.-n ^. r-, 

jSSSSa-T SSSESTj 1 ” 

e«ojn 0 vae^a_b 2 BQuimwMarion 525 «Gm0h8VWnsnSaa.&s 

^ HMBJ Bonk AQZwtt. 525 TSB 825 

** BHartsofiBonlt -625 aUntanakofKbMtf ~ 525 

J^ 1<94 , G * ,kwBlL:i2S ^^SapkPta-sas 

Bateota cotend .am teg Samu flL -525 Western Trust -525 

C.Hoare40o S 2 S vmtaa*aytakfcBr_& 2 S 

^sss.“iiig sssisrs “ 

Wteta, -*. SST' 

S» *h2nrtara»w 

< £*** &Co — S25 * i IAuitBanMEn 8 

CradS Lyomals 525 NafflfeBnteKtar S2S 

Cyprus PWiriw Bra* _52S •ftaaBraoi*s._ 525 


[INVESTORS - TRADERS - CORPORATE 'CREASUREBS 
SATQUOTE™ - Your single service for real time quotes. 
Futures * Options* Stocks* Forex* News ♦ Via Satellite 

LONDON +71 329 3377 

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TEL: 071 B89 1133 FAX 071 49S 0022 

3 


FOR TRADERS ON THE MOVE 

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LalldebadJaBDBrwbe|eflftiH0al>7MO13S> erwrae 
jj^lfc,»n aBn« e riaM a riM inWBL 


F ^ ! J er !^R n ?y. ‘ the Global Strategy Newsletter 


Dei.' a 


-c' JC-C‘ -CrQu5.Z:: ir, n‘ C hc.rt An'-iv 

Tc.(. ler-asn /'--iiCii 


FOREXIA FAX $ fi Dm V 

A f YEAH PUBLIC BECOAP OF ACCWTt SHORTTEf* RWOON EXCNANOE RMSCASHMC 

DAILY FOREIGN EXCHANGE COMMENTARIES, 
CHARTS, FORECAS TS AND R ECOMMENDATIONS ' 
TeL+44 81 948 8316 Fax: +44 8t 840 8468 

FOfiSOAW-by using handsel on your (ax machAw dbl +44 81 332 74« 


One Chart Equafs One Hundred Stories 


t c'-i. f.-.'o 
'- ■ '-■‘5-'‘r3.TCri G~C I'i'PGrrcnC C 


r-y, Icr.dor; 71 


,4 "** 



°*+OSAl*' 


Zi HOUR 

FOREIGN EXCHANGE 

London 
Dealing Desk 


CURRBCTMAMUSMENT 

OORKUUTWNPLC 

iiouAMcr 
London 8C3KSD(7 
TW071KSOW 

Fur 071 97209TV 


^ 'FOREX ‘METALS 'BONDS 'SOFTS 

' fi A Objective dnalysis for professional investors 

0962 879764 

T K 2 N [) ?.‘enne> Hctse, 32 SCVthUato Stnef. W.rtEsstsr. • 

I.-I. r I. H 2 n:sSC 233 EH Fa* 042 i 77 iC 57 = 






FINANCIAL TIMES TUESDAY JULY 26 1994 ★ 


33 


I 


WORLD STOCK MARKETS 


»i- i— ym m 


EUROPE 

MSTWtU25/SUl) 


ABUT 

Bkftat 

CrtSl 

EAGCfl 

EW* 

S 3 . 

CfcMV 

PWB» 

ss»o 

WTk 


VtMr 

Mgnbg 


1.B70 

1X15 

864 

3.412 

1376 

1JCT5 

635 

BBS 

333 

438a> 

314 

1.007 

346 

623 

490 

MW 


_ £200 1.750 2J 
_ TJ270 985 OX 
-2 834 638 1.4 
+12 4X80 3525 0.4 
_ 1,713 1.1BD 1.4 
+o i JB7 uaa 0.4 
-7 744 698 
-71W 845 1.7 

- 1.050 883 2.1 
-2 <88 403 23 

ti a mu 

+12 1X09 B74 __ 
-2 408 3» 1.7 
-10 791 Mfl u 
+5 800 430 tJB 
-30 4^40 3,411 03 


■BfinUIBDM0RG(U25/Frs.) 


Adam 

Atari 

/Wed 

B8L 

NanLK 

BGiiLP! 

BnqHtB 

Brero 

0*rl 

CBROffl 

CMB 


CCUT 

Cufeyt 

wu 

Bncn 

BMC 

Rods 

GEL 

G8LMM 

BBQl 

GtnBnq 

enai 

BuM 

kimod 

IUM 

KttiMF 

McnMP 


PAur 

prtm 

Pwrnn 

IUU 

SooBnB 

SGnAFV 

Sorts 

SMC 

UC8 


4J3» 

7X60 

4,710 

4.120 

ifljao 

HJOT 

40.000 

2JUO 

27.100 

12.175 

ZAS0 

SOSO 

198 

7.310 

1.270 

6.830 

3330 

£X7D 

4.170 

4.150 

1.354 

8.110 

0.600 

4.900 

r.aoo 

BJJ30 

0,750 

EL300 

1.480 

19X00 

10X50 

3.120 
506 

5X00 

5X70 

2.315 

£3ZD 

13X00 

1X10 

14X75 

10X00 

24X75 

2XB0 


_ 4XS0 3.705 1.7 
4408X907X10 3X 
+10 5X004X00 ~ 
-40 4X70 3X90 4.7 
*5 twn 14X50 x» 

4100 28X5022748 2.7 

*1X00429539X00 5X 
+10 2X30 2,105 _ 
+45028X0020^0 IX 
+75 13X75 11.825 10 
+202.7002.100 as 
—40 6X00 5X20 3.0 
-1 202 154 6X 
*10 8X00 B. 100 IX 
+« 1X5D 1X20 2.1 
+£D 5X20 SASO 7X 
-70 3,781 1134 4X 
-70 2X70 2.480 _ 
*20 4X80 3X20 4.7 
*50 4X7D 3X50 4X 
-8 1.880 1X20 2.7 
*10 0.180 7X00 GlG 
*8810X008X00 IX 
*60 5X50 4.180 13 
-10 3.885 2.005 SX 
*180 8X00 6X00 IX 
+40 7X50 6,370 1.7 
— 6.400 6.000 42 
*101X30 1.450 &4 
18100 16X00 _ 
+75 10775 9X86 27 
-60 3X60 2.705 4X 
_ 688 «0 3 .6 

+100 6700 4X*0 3X 
-20 5X80 4X00 36 
+10 2X38 2.125 4X 
+85 2X38 2.106 4X 
-300 15.700 11150 4X 
_ 1X76 1.462 &9 
+275 17X50 13.7GB 4.7 
*220 11X90 9.400 4X 
+100 2B.100 22X06 2.4 
*10 2X30 2X40 4 7 


hint 624 
UNH B50 
Lacon 44ixo 
Up™ 135-30 
Lores 1733 
legma cm 
... 5*9* 320X0 

LfEflUt 532 
~ WM 256 

IT “2*“ 1MX0 

MMXt 970 

- £2? 

Orean ?i7_rg 
~ Parte 3 bo 

- «« 

__ Ps6rtl» IBB JO 
2"R* 340X0 
Peogi aso 
“ jjWY BIB 
franco 

“ ta«ai 442 

— RionPA 132X0 
“ Me M 565 

auc 750 
Saoon 2X10 
aCobn 684 
50-rtJ 1J6S5 
Sank «0g 
“ 512 

— SeQmg 4 28a] 

~ Sfenco 634 
"" 1-040 

“ &JcGan 6B3 

— SoramcA 2.155 

— Sgto« 38S 

— SObzO 284X0 

“ Eyj*l 19BX0 
“ is?" 2-429a1 

— ThmCSF 1Q3 

— TMSB 300X0 

— UAP i mS 

— inue mo 

— Linton 527 

— jtarff t 516 

— VBtao 287X0 

— Mrtfec 283 

— WRmCI 383 


+ 7+ 188 Im w n 


+14 700 BOO 6JS 
*19 B87 B61 £0 
+1X0481X0 377 3.1 
-2X0 16770 10838 __ 
_ IJSS 1.060 OX 
+160 8.700 5X80 0.7 
+5X0 3249071 ftW _ 
*7 674 <90. ID 3 1 
+4 774 207.10 OX 
-X0 138X0 87X0 55 
+20 1X48 628 62 
+2 180X0 130 5X 
-.10 200 190 _ 
+2 535 33620 4X 
+5 535 36010 5X 
+2X0 234 141 3X 
+100 371 78250 M 

-1 OH 752 IX 
♦IB 1X05 785 _ 
+41.150 805 IX 
+ 1 BOC 35210 _ 
-2X0 157.40 119X0 2.7 
♦2 752 542 IX 
_ 945 m 72 
+1 3X90 2X80 1.9 
~2 734 S78 12 
+0 1.7881X08 32 
+2 4080337.10 _ 
+10 an 472 24 
*1170 610 41230 6.7 
+16 70047120 SX 

__ 2.470 1.790 _ 
+3 792 550 3.8 
—45 2X00 1.710 23 
+16 528 332 _ 
+4X0 377 244 <J 

+1 .80 237X0 183X0 - 
-121 3.120 2X61 IX 
+4X0 214 153 5X 

+X0 384X8 283.10 18 
+210 2243d 13536 28 
-3 484 380 3.8 

-6 650 423.10 4 3 

+1 800 503 aa 
+4X0 307 221 21 
-7 339 £40 3X 
-20 355 X7X0 4X 


>/- W frlB BE 


>7- MOT law TM F/E 


♦ «- MM In «U WE 


+ 7- MM 8» W M 


>/- IBM tear MB Wt 


♦ /- I 


+ /- 


— SPa* 9XTO -190113809X00 IX 

— SM 11100 +1 ID 13X00 1201 4X 

— SntaSP 2539 -25 2730 1XBZ 20 

— TaaAsZBXOM -1.1 SO 36X0825X00 IX 

— Toaffr 18X80 — 2UBZ 1BX37 28 

_ Itatn 11X60 -2301178810X0 1.1 


~ KfflBSJU0S(JU25/RsJ 


ABMAnr 58X0 
AEGON 88X0 
AhoM 46X0 
4KZDN 211X0 
BobWj 38X0 
BoMDR 38X0 
CSM 88X0 
0SM 141X0 
DbcMM 1B6.60 
Brtew 162X0 
FWOpfl 16X0 
FAsMJR 73X0 
Gamma 95X0 
KrOpfi 40 
•to*"** 139.90 

NttMoi 225.40 
OA 2S< 

75X0 

76.70 

39 

MGOdR 77X0 
Mto 78 
KU4 92X0 
KM>0T 48.10 
mi 43.70 
KPkODfl 50.40 
•MBH K7 
WfTenC 81X0 
NWWl BE X0 
OceUfr 7720 
PMta 5110 

78.70 
Bofcoca 115X0 
Ftedneo SSXO 
Rnfttt 179 


- seomungua/Dou 


AEG 181X0 
AflMV assa 
4M*nRfl 1X70 
AftB 2,472 


-2 19 


B artv 
BW Bk 
BUBO 
cooov 
CoKflP 


oaonuK (iui 2S / Kt] 


WPA 

675 



730 

565 £2 

Bkunn 

Wt 

__ 

=B1 

215 2.1 

CariA 

2B7 

•+2 

333 

£67 in 

Coran 

BJOO 


7 JOG 5200 OX 

DS12A12SX00 

.mm 

UUB1SL9D 54 

Dntaco 

1J10 


1.140 

878 OJ 

DmDte 

3S4 

-5 

427 309-SO j. 

EAUOt 

18625 -3.7520325 

1B2 4X 

RXB 

060 

-10 

616 

397 2.1 

GWotrt 

SSTCTS +5.75 

«3 

445 2.1 

G5B 

238X0 

-1X0 

Z76 

204 OX 

Jretefl 

3S5 


42S 

330 £3 

Lions 

TJ7D 

. 

1X501,1*0 OJ 

HKT/VS 

318 

-2 

386 

20= 3.1 

NUMB 

668 

-2 70301 

5« OX 

FtMAaB 

580 

-7 

737 

530 ax 

SrateA 

600X0 

-1.50 

616 

538 0.7 

SrtOteB 

604 

___ 

676 

*73 0.7 

Scot 

<47 

-4 

«5 

321 22 

TuKan 

321 

+ 1 336.46 

300 _ 

TopOan 

IfeteiA 

71820 

2*1 

-1X0 1 J7= 670 1.4 
-3 287 207 S* 4.1 


s n 


F00XM0 (Jul 25 /Uca) 


Amor A 

B*1A_ 


DOonpA 

PW4A 

MiX 


SJdcma 

Tmpo* 

Inb 

IMnl 


122 

135 

88 

4120 

168 

11.40 
5270 

545 

122 

170 

IBS 

22T 

223 

497 

91 

88 

65X0 

95.70 

195 

18.40 
14X0 
93.10 


— 194102X0 IX 
+2 178 121 IX 
„ IDS 80 _ 
— -GO 48X0 3SX0 IX 
-2 233 104 22 
-X0 17X0 10 _ 

-.10 56 <5 21 

-S 705 512 IX 
-3 132 100 OX 
_ 247 152 IX 
-4 250 152 1.7 
-2 268 200 OX 
+1 280 l* OX 
-3 504 ZS7 OX 
-1.10 102 60 _. 

-1 104 SB 1.4 

-1X0 102 54.10 IX 

-JO 120 94X0 IX 

_ 22S 175 11 
-.10 31 16 _ 

-JO 2DX0 12 _ 
-.40 129 re _. 


153 OX 
836 530 22 
_. 1X461.120 1.1 

-43 2811 2X50 OX 
506 —5 670 575 21 

1X06 +5 1.1*1 887 _ 

33? -5 IX2S 707 OX 

B ASF 300.70 -1X0 343X0 278 26 
Btenh 401 _. 510 436 IX 

396 -5 465 348 2-3 

Bayer 359.30 -220404X3331X0 21 
{ffledl *33 -6 531X0 397 3J 

»«» 883 -9 920 639 IX 

467 —4X0 575 423 2X 

991 +1 594X0 815 IX 

+X034850 238 1J 

402 -4 52B 384 3-6 

MM +1 951 750 1.0 

-10 1X30 1.140 OX 

_ ■ — — -41X30 825 1J 

Cnsnzbfc 337X0 -« 39629X60 IB 

Canon 285 +X0 299 223 IX 

DLW 450 +5X0 BOO 423 04 

780 +14 904 668 IX 

491 -9 568 448 IX 

247X0 _ 286X0 21050 _ 

Ducheh 72850 -4 887 X0 099X0 2-3 

OKMrk IBS -2 188 132 24 

DMJ£s 487 +1 607 480 20 

ttywK 330 -7 337 200 IX 

387 -2*08X0 346 3X 

381 +« 618 *85 12 

200 +3 307 263 IX 

730 +10 730 500 1 J 

200 _ 245 190 12 

HtfeCm 1.182 +2 1X001.180 1.1 

MUMP 595 +4 081 564 1.7 

Hrttz 370 -150 440 355 2.7 

KocfTtt 950 _lXflfl B57 IX 

H-CM 334 _ M70O 28420 2.1 

872 +2 1X99 830 IX 

_ 253 200 2.7 

+1 824 268 3-4 

37M -2 433 353 11 

KM8£ 140 — 169 131 _ 

Krara 56450M -4X0 640 516 2X 

•Ctoal 492 -430 558 451 17 

KHO 132-17X0161X0 11510 __ 

JOicMar 151X0 -2 179 10270 SJ 

Lahmyr 084X0 +X0 BOO 830 IX 

‘ 700 +23 8S0 680 1.7 

SIS -fl 960 330 IX 

370 -1 410 329 22 

196 -5X0220X0 183 _ 

196 -1 218 IBB 1 J 

430 -8 470 378 2X 

337 -1 387 295 2X 

440*1 -5 48850 387 1.1 

781 -2 822 755 _ 

HM 108X0 -3X0 286 175X0 4.0 

Wanlg 2X80 -301517 2X80 14 

PWA 234X0 +2J0 202 210 _ 

PMttanm 505 -X0 S30 504 3JJ 

765 -17 6B0 S9B 03 

447 -2X0 498 418 12 

433 -852980 386 2X 

PI S57XO ^1X0 424 S 14 

_ 1^40 -18 1X20 1,240 10 

323 —4 372 286 22 

231 +1 287 204 15 

HanW 256a _ 313 2« 13 

String 973 -4 V.H9 898 IX 

SctiLub SID -2 438 350 IX 

-S70BXD B33 IX 

+8 60S BIO IX 


route 188 40 
SMH 47X0 
UMOp 188.70 
VNJ 186X0 
VWJOpfl 50X0 
VMOpfl 116 


♦XO 7170 56 4S 

- JO 1 >0X0 9020 19 

— 5140 4180 _ 
+120 SB 197X6 11 

—JO 47 JO H20 13 
+J0 3237X0 2X 

77X0 62X0 _ 

-140 I4B18SX0 1.1 
-JO 20817378 2X 
-IJOIftTO 145 IX 
+.10 25 13X0 45 

-JO BB.40 60.10 4.4 
+JOKXXO 05 4J 
-.10 81X0 44.40 17 
-.10137X0 123 — 
+4X02(4X03)9X8 IX 

330X0 284 13 

+1-20 78 41X0 SX 

-JO 03X0 88 JO 13 

— 45 34.70 31 

— 94 JO 7110 02 
+1 JO 80.80 74.70 18 

-.10 58.7040X0 IX 
+.10 52 42.10 OX 

-.1050.70 47X0 _. 

+1 57 JD 4130 ID 
+ JO BS 30 58X0 4X 
_ 10020 72 15 

+J0 80X0 86.75 — 
-JO 89X0 65X0 2X 

57X0 40 OX 

—.70 B4J0 71 IX 

-£0 i3l 112 ax 
+ JO 88 53 JO 58 
-JO 1SS401U80 2-7 
+.10 10DJ0 84X0 11 
-.40 21X4018520 4J 
-.10 50-30 4020 1.7 

— 238 178.40 11 
+220080 WXO IX 

+20S&XO4XJO 10 
-X0 133X0 181 JO 1J 



PACJHC 

JArax (JlX 25/ Yen) 


earMH BIS +1 S7T boa _ _ 

Mrtn 1,190 -10 1 JSC 1,130 ... - 

Kotos 2BB -a 320 SO — _ 

KottoM 821 _ BSD 749 — 

Koteo 2.180 -50 1480 1.700 — — 

Kdoiyo 2X80 +2017502.160 _ — 

Klim 933 -8 967 732 _ — 

Kortea 603 -4 149 605 _ ... 

UTroS 620 +6 940 B4G _. ._ 

IteoH 729 -4 7S7 til - - 

KnGiM 508 -1 5*2 425 IX 

HuatD 451 -13 523 318 _. _ 

kina 1,150 —IJSOIJIO — — 

MflWB 605 646 408 _ _ 

KwM I960 +30 1980 2J20 „„ „ 

rcoa 7.140 -110 7X20 5X80 _ 

K'MSB 490 -8 SS5 37S IX — 

mail 815 +8 B68 789 _• — 

987 +7 1X50 905 — 

2-55C -2DZJ8D14» _ ... 

700 -fl 782 638 _ - 

LfllmCr 1.150 - 1J30 788 ... -. 

i£aida 1X80 -10 1J4? esc aB — 

W8M 820 +2 BSD 512 _ 

KM 2X80 -102J201J80 ... _ 

ureal 524 -a sea *28 ... _ 

U1MF 874 *14 BOO 780 1.7 — 

tents 428 -8 480 321 — — 

Wane 1X80 -50 2X10 1^20 1J — 

MSMd 1X00 -10 1X50 1.700 — — 

1X60 -501.9201X00 - — 


(.120 

3,120 

804 


■0RMAY(JuJ25/ Knm) 


AkadVf 

BreaM 

COMM 

Oyndn 

BonFr 

HelNAX 

KKnrf 

UHH 

M4M 

JUSkoW 

ana 

rtwa 


~ SPAM (Jul S/PtS.) 



’ffl 

3X60 

1X70 

8*5 

1.730 

1360 

1,180 


2X20 

1.130 

2X10 

1X00 


Odd 1.700 
□art* iJ70 
DMKB 1.750 
DcM» 1XS0 


__ 1X20 1X00 __ _ 
-3 737 * 68 - 

♦20 UOQ 981 04 — 

-70 IJGO 978 — 

-50 1,220 881 — — 
-10 1X00 1 J70 _ — 

-28 744 083 IX _ 

-10 1,700 940 — — 

-7 634 402 IX — 
— IOBXDO140O _ _ 
-00 SX*0 4J70 08 _ 

-101JS01XM _ _. 

♦ 20 1 JSC 1X70 _ _ 

-a arcs sso ij _ 
-1D1J001X40 _. .. 
-fl 629 410 OX _ 

— 513 380 IX _ 
-S 679 SCO _ _ 
-9 996 855 _ _ 
_ 1X00 1 JBO 0L9 _ 
-fl Ml 415 _ — 

-6O3X401410 _ _ 
-10 1J20 842 17 _ 
-7 71* 436 ._ _ 
-30 1X20 1X30 .. _ 
-40 3X90 2X00 _43X 
-60 1X10 1X20 1.1 ._ 

-12 011 315 _ _ 

+1 482 337 12 _ 
_ 697 841 _ _ 

+101440 1,040 OX _ 
-33 788 671 IX _ 
+10 2X70 2X00 _ _ 

-30 14301.730 — _ 
-10 2.71*1 2.400 _ _ 

— 1X60 1.210 _. — 
-7 M WU _ 

-7 W 756 

+1 625 418 — 

-4 008 387 — 

-00 1X70 1,420 - 
-10 1.400 1X50 OX 
+10 2.0® IjS _ 

-30 7X101.400 __ 
-181X20 BEO ... 


ssr 


-20 1220 990 1.1 
-00 3X40 1720 — 
-1 *0 711 — 

576 -14 040 387 

789 -2 882 685 — 

678 -fl 732 557 — 
750 +9 732 5® 07 

1X80 30 1,840 1X00 OX 

045 -io aa 40o — 
511 -10 583 388 

1X60 -20 IJSO 790 0.7 

2X00 — 3X10 2X70 ._ 

1.210 — 1J60 1X20 — 

877 -22 724 520 — 

1 JDO -10 1X00 805 — 

510 -3 S33 33S _ 

788 -16 833 603 _ 

511 -1 642 423 — 

550 -4 584 394 _. 

931 -141X10 788 — 

1.130 -20 1J3o 842 _ 

710 —7 732 487 ._ 

884 -12 738 588 _ 


= ISB. 


BOSH 

B&otr 

reaper 


CMU 

on 

Drgdos 

BxaAg 

BVta 


5 <20 

tm 

3xoaa 

2X95 

4.400 

15X00 

5X60 

1X00 

3.190 

4X85 

9X20 

2.035 

1420 


— Enter 5X20 


730 

HdCM 3.730M 


Linda 

UnoH 

Loren 

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two# 


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5X20 
MtaM 4X05 
Ponv 10.100 
Piyc* 1.1" 


an 

SWrtn 532 
SavB 714M 


1X50 

1.110 


Tl 

Tu 

Un Fan 
MM 1J35 
MB 1485 
VaAtm 2X80 
Vtocfn 3,160 


— 8X80 S150 12 
-10 6,700 4X20 4X 
+40 3X35 2J80 5X 
♦10 3400 2415 SI 

+5 4410 3X75 4.1 
+00 17.700 14.000 5J 
+60 6J?1 4.400 54 

— 1.435 TOO 205 
+40 3480 2410 3.1 

— 4X70 3.400 2X 
+20 11X90 9.400 22 
+1017161X70 4 A 
+201.775 1X45 IX 

— 3J60 2420 3.1 
+106,100 5486 14 

+1 1,100 BS5 _ 
+20 924 410 124 

— 6.140 3X10 17 
♦101X10 075 — 

— 7X90 4X00 2J 
-20 7X30 *XOO 2X 
-30 BAOO 4J5D 11 

— 12X00 0J10 IX 

— 1105 1X00 — 
+25 4X00 3X06 18 

+3 3S5 102 — 
+11 090 351 9.4 

-1 816 810 5J 

+15 4*450 2X05 3.4 

— 1186 1X95 3 A 
-10 1*435 9S0 IX 
+10 739 578 7X 
+95 1400 1480 11 J 
+50 1.710 1,150 SX 
♦75 3.120 2400 IX 

— 3XB01250 OX 


(Jd2S/XioneO 


FRANCE (Jul 25 ! Fre.) 


Ttiyan 

Vana 


4B0 

Actor 675 

Akliq BIB 


Ara 

BK 1480*1 
BNP 283X0 
BncM 515 
Bonvn 3435 

cSp*“ 1^ 

0x0+ 921 

CaGem 175X0 
CnMUB 100 
Crtatr 2.030 
Wno 158 80 
Qw^b 1.400 
CUiQMd 403 
CCT 234 

QfonF 1.042 
Olya 484 
OLOCF 408.10 
Own 528 
5.650 

821 

DodajF 673 
DltU3 455 
EBF 838 

Launin 540 
&to 675 
413X0 
356.40 

Bf5an 
BBSay 802*1 
EfflGtz 788*1 
EssCr 736 
Oe* 3,450 
Ewafc 1050 
EuKSCG 634*1 
EurtXs 10 
FOwn 146X0 
Fondy 779*1 
Fmed 5.120 
GTMErt 4J7 
r+ilnf 2,150 
Gaum* 89fl 
Gptiyi 546 
tew 45160*1 
ImoW SW 
I n en f r <79 
Ornteq 774 
OnPlmi 7810 


BIAou 

BUQ 


-4 670 41930 — 

— 788 589 3X 
+8 886 771 18 
+2 913 541 31 

+6XQ 330 217(18 
-15 M35 1.140 13 
+7.70 aaJO 227 1.7 
.._ BB3 46120 2X 
+120 3.750 2,787 10 
+15 7B7 581 2X 
+30 1.400 1X57 4X 
+81.155 B01 4.1 
..-*28X015660 BO 
+2X02112015650 — 
♦as 1195 1.711 61 
+8X0 20513280 4J 
+241X701J7B 30 
-2 455 346 12 
+7.703008829*88 U 
+291.365 861 5.4 
+19 056 452 61 

+5.60 43835120 — 

+8 737 470 11X 
+30 6,160 5,000 0.7 
+18 1X02 782 18 
*22 830 610 — 
-5 476 381 IJ 
-6 960 760 2.< 
+7 740 SIS 3.1 

+19 898 509 12 
+.40 <35 364 4.7 
+2X0 392 305 — 
-7 1.127 764 3.7 
+191X88 810 _ 
+9 865 733 — 
+11 830 635 18 

— 1487 2.750 2J 
+20 2X69 1,756 3X 

-1 7D2 584 15 

-1.7D 13X0 6X5 EX 
+5 182 115 63 
-40 939 762 2X 

+200X20 4 J40 IX 
+8 578 365 16 
+12S 1754 2X10 0.8 
+34 1X20 639 OX 
+36 845 510 12 
+1JOM3XO 396 17 
+4 680 495 2X 

— H8 471 S.0 
+4 1X78 652 73 
+3 119 72 IB 

+4 570 430 8X 


- TOW 


a? 

VWPI 


_ 2WMP 


*97 -4 308 

300 -1 380 

526.10 -X0 552 
338 -6 397 

382 — 415 

477 — 511JD 

49110 —420 564 
300 — 443 

1X00 -11 

236 +13 


K5D 10 
288 33 
458 16 
317 12 
355 15 
436 IX 

418 0.4 
338 OX 
780 13 
21030 1.7 


AGAA 
AGAB 
Aim A 
AaaB 


Bte 

Effete 

EteoA 


ITALY (JlA 25 / LOB) 


BCOmn 4X35 
BNuAg 2X60 
Bltorna 1155 

BctDd 1GG 

Bream 24JE0 
Brega 9,195*- 
CB 1750 
Ctesp 1270 
CmnOr 1J2S 
CMFh 1X30 
ere* 1280 
□recti it 200 
Fflrffe. IDS 
FM 7X10 
F«Pr 4200 

FMb 5X00 
Fante 13,150 
ream 1X45 
GenAra <3X00* 
GJdW 4.350 

npr 29X50 

RL 8X50JP 
M 10X60 
M 1380 
Bate 10.7G0 
ttaecm 13X00 
Mm 5X00*1 

uSur 13X00 
MeMnc 15X70 
MnM 1X12 
OOMl 2X40 
PM 5J80 
PfeSps 2.785 
RA3 27.150*1 
Mnaa 10.100 
SASBs 8390 
SS> 4X30 
3*0 975 

STET 5,485 
Sana* 5.950 
SMpem 4 335 


-70 6.405 4380 4.1 
-80 3.085 1341 _ 
-15 1450 1.778 13 
-2X0 211 78 _ 

-750 29J3) 71X50 IX 
-6512X50 8,110 — 
+10 3.100 IJ64 IX 
+50 33001X80 — 
-75 2.305 1 JDS _ 
-301010 1,090 — 
+30 2X20 1X85 3.7 
— 13X00 10200 _ 
-45 158* 1368 _ 
-20 7.330 <071 IX 
-10 4.820 1119 14 
-60 7X50 3X79 11 
—285 17X00 1 1 200 43 
-38 1X85 1X36 IX 
-350 46200 37220 OX 
-50 4X05 2X75 — 
+250 30JQ0 15200 IJ 
-ffi BX80 5^6 ix 
—120 14JO0 1IUB0 — 
-201430 1340 — 
-310 11100 BJOO 23 
-28015X48 8362 0.7 
-100 K440 4X71 10 
-100 lino 13.100 2X 
-280 16700 13.410 13 
-IB 1X*8 670 — 
-30 3,140 1X15 — 
-100 6.100 3X10 — 
-25 1385 1X70 — 
-750S4XM2iH» 13 
-5011150 0238 10 
-BO 10,1 S4 7250 14 
-(5 5.195 3J63 1.9 
+17 14M8 480 _ 
-115 8350 4,065 IX 
-100 7X00 4.145 — 
+10 4X101875 _ 


70 
68X0 
814 
814 
168 
167 

90 
09X0 

374 
401 
107 
107 

91 
404 

48X0 
250 
249 
180 
1B0 
340 
118 
118 
120 
120 
140 
145 
120 
119 

— SEBnfc 48X0 
~ “ 121 
162 
413 
417 
112 
BS 
91 
105 
743 
745 


H3I4B 

HMM 


hate 

MA 


_ Marta B 


SCAA 

SCAB 

SKFA 

SXFB 


SvHenfl 

SyrSafl 

SyiSoC 

Trere 

VtfewA 


+2 93 58 U3 

+3 6X75 57 MX 

-3 080 540 IJ 
-a E8S 4S8 IX 
+1 197 16 ID 

— 194 144 IX 

-1 106.50 79X0 109 
-210050 79101 

-5 439 282 1.7 
-0 414 200 1.1 
+1 134 B8 ZX 

+1 134 100 16 

— 110 03 S.0 

+7 <30 251 IX 

-1X0 BS 43X0 2.4 
-8 311 237 18 

-7 312 23* 18 
+1 TIB 155 19 
+1 215 152 19 

-6 360 17 11 

— 156 14 19 

— 155 100 IX 

+5 165 102 18 
+< 156 98 18 

+2 154 126 — 

♦2 IBB 129 19 

— 143 98X0 IX 

— 142 830 IX 
-JO 73 41X0 _ 

-1 UBJO 97X0 1.7 
+1 233 130 10 

♦8 475 351 IX 

+7 *00 350 IX 

-1 144 92 IX 

-1 110 08 32 

-1 122 84 33 

-3 126 78 62 

+9 775 530 IX 
+10 780 62S IX 


HEsan 

H-fcuBk 

HW 


— SWnZB&JUB (Jli 25 / Fro) 


NuLBr 

AUBg 

BUT 


&e«**a 

CSBr 


— dtteg 


WbkB 

35S 


248 

892 

882 

1480 

1226 

229 

568 

003 

798 

944 

1X06 

1X16 

1740 

935 

385 

879 


+1 292 

♦fl 860 
+12 808 
-30 3X68 
+7 1J40 
_ 250 
-6 747 
+23 970 
+17 942 
+2 422 
-151000 
+40 1X00 
+40 1832 
+2 993 
-30 450 
-8 971 


191 _ 
568 IX 
567 IX 
1173 IX 
1JHG IX 
190 IX 
SOI 32 
723 19 

na i9 

331 — 
1X00 3.7 
1X00 10 
1400 18 
859 IX 
310 3X 
782 IX 


-7 910 551 — 
-6 570 (IS _ 

— 1270 903 _ 

+102X00 1X60 _ 

-15 527 345 _ 
—10 1X80 079 _ 

-7 006 887 OX 
-101.120 851 _ 

-301.710 1.450 __l 
-DO 1X70 1230 OX 
-80 4X60 3X50 OX 
-20 705 545 IX 

— 836 468 _ 

-30 1X10 1250 _ 

1X60 1,690 _ 
-10 1.180 993 ... 
-120 4X40 3X00 __ 
-14 70B 521 OX 
-.1450 1X20 .... 
-10 603 445 _ 
-10 1660 2X00 __ 
-20 725 585 IX 
-20 313 275 _ 

-7 365 360 _ 
-10 1X40 TIB 
♦10 1270 890 — 

-10 2X001X80 _ 
-20 1.180 Ml _ 
-1 788 514 _ 

_ 903 7B7 _ 

-10 1290 1.120 ._ 
-0 700 426 OX 
-2D 1250 938 
-28 839 <40 _ 

_ 734 602 IX 
-2 040 677 _ 

t !S ^ = 

— 1,130 795 .. 
-5 560 397 1.7 
-7 B60 679 — 

-101X« 6 20 — 
-60 6330 5.700 — 
-7 07B 568 _. 
-fl 1.120 812 — 
-11 946 712 _ 
-30 10401X80 

-S2l2ro1.no Z 

:8 S z 

-s 599 497 ._ 
- 

+11 790 B81 _. 

-101550 1500 — 
-401X60 1X20 — 
-fl 850 50B ._ 
-20 13-S0 1X60 09 
-101280 1.550 — 
-5 520 393 ._ 
-2D 1270 525 OX 
-7 997 723 — 
♦101.140 872 _ 
-40 3370 1790 — 
-15 5=5 251 _ 
-10 22101370 — 

■JSSz 

—758522— 
-2 910 792 13 
—70 B.1 50 5X40 - 
-6 744 420 — 
-20 1X801.730 — 
-40 984 528 - 
♦10 1,727 1,490 OX 
-8 4*8 284 — 
♦fl 755 605 0.7 
-4 SOI 3SS — 
-fl 886 479 — 
-8011201X10 _ 

-12 846 MO Z 
-8 ns 431 — 

— 1340 822 DX 
-10 1500 2X50 OX 

-500 13.4C0 idxoo — 

-10 1,470 ijio ax 

— 1X80 825 — 
-20 1X801380 - 
*10 1402 1X18 — 

-4 4 20 330 — 
-3 779 516 IX 
-17 57X5 <30 — 
-2013702380 — 


— 13101,160 _ _ 

-0 500 338 — — 

-1 412 271 — — 

-6 431 303 — — 

— 720 001 — 

+ 9 615 515 — — 

-23 970 B20 08 _ 

-30 1X36 1X83 OX _ 




414 — 445 318 _ 

575 +4 685 385 — — 

1X70 -601X80 1.140 — — 

1X40 —1X10 1,450 ._ ... 

600 -7 690 4SS — — 

853 -8 881 672 — — 

361 -2 400 301 _ — 

1.170 1.420 1,100 03 — 

010 +9 S30 755 OX 

423 -4 409 378 .. .. 

399 -0 <53 337 _ — 

825 -2 080 578 — .. 

058 -1 MO 770 07 - 

407 -I 449 310 — 76.6 

1.130 -20 1^00 845 — 

1X30 +10 1,110 790 — — 

1X30 -2D2330 1X10 03 — 

-1 782 810 — _ 

♦30 I J10 059 — — 
1140 +901349 1X83 0.4 

MteOM 584 -6 824 495 OX — 

tens 1480 .1700 1000 ._ 

ureteci 4X00 -10 4 £40 3X20 — 

NEC 1,170 -30 1.310 B89 — 

NGKh 1J40 +10 1.170 965 _ 

HEX So 1.350 -20 1X801X20 — 

WtCSp SS5 -10 830 39S — 

MK 264 -1 291 231 — 

— 844 565 — 

-I 788 528 IX 

-23 774 493 — 

-5 494 315 — 

787 -20 910 ni — 

_ iX4o TBi ax 

*1 588 500 — 

. -10 2X00 1,670 — ._ 

1X80 +20 1X60 1X30 — — 

♦3 815 690 — — 

+1 788 628 — 

-7 516 400 as — 

-30 051 579 — — 

te 482 -fl 520 412 ... — 
1260 -T01.4401X60 0.7 — 

-ID 1.140 BS5 — — 

-70 7X00 0,150 — _ 
8X20 -00 6X40 4X80 — — 

419 +4 482 316 — — 

2X50 -2D 1130 1X10 — — 

1110 -20 1300 IJ3D — — 

ixio —1.H0 are — _ 

752 -3 6£C 702 IX — 

mftu 574 +5 E20 450 _ ... 

NCttodO 1X30 -40 llSO 1X30 0.7 _ 

MDKKu 760 +3 850 620 — — 

igiUMl 730 — 7B0 478 _ — 

KXfcW 1.480 -10 1X60 1X70 OX .... 

Np Of 740 -13 794 653 — — 

-8 780 508 ^.- 

-4 788 4«4 — — 

' -20 1 390 1X80 1.0 — 

-fl 017 450 — — 

— 1J00 1X70 17 — 

+2 616 441 _ _ 

-31,110 900 — 

-20 1X401X20 — — 

— 1J10 1J40 _. — 

-3 6M 335 — — 

-6 381 302 — — 

— +9 530 3*5 — — 

MjTVMv 2SJ00 —400 Z7JTE 18J00 OX — 
*TT 829X00 -UXBliuB 741** — 

•epiMn 561 +1 ei2 36* — _ 

tern 640 -fl 887 521 — — 

Spann 530 -14 619 365 — — 

5S55 1.150 +1 Q 1X701X50 09 — 


-57 934 777 _ .... 

— 1X70 1 J40 ._ — 

-10 13201X70 — — 

+ 2 SOT 808 — — 

-fl 47S 325 — — 
+101J70 MS — — 

♦3 569 401 _ — 

-301X40 BIO 

-10 3X00 1570 &• — 
-40 1,710 766 — — 
+4 ST? 28* „ — 
-ID 1X60 1J30 _ — 
-00 1570 UEQ (L7 — 
-2 853 858— — 

-7 m IS Z Z 

— 1.100 B87—._ 

-15 833 533 — 

-27 950 675 — — 

-161.110 B55 IJ — 

— 1340 999 _.. — 
-30 1X901.480 — — 

-fl 073 490 - - 

-30 5X10 4X60 03 — 

= 

-80 4320 1000 OX 833 
+1 536 444 — — 
-10 779 604 13 — 
-150 3J40 1410 _. — 

— 5BT 390 IX 

-19 010 - 

-13 1.020 
-40 4 650 1 

♦loijroixeo — — 

+fl «5fl 447 _ _ 
— IX40 1J30 _ 

♦1 704 515 — _. 

-30 10801110 14 — 
-501150 1X10 — — 




ToroSk 

ToyoTB 

;gr 


-30 1.910 1,500 
-20 LUO 1460 
-( 1X10 775 
-. 1320 1X10 
-1 1.040 810 
-10 USD 1.140 
+18 1.380 1X20 
—5 636 50S 
-13 fllQ 411 
—7 385 256 
♦2 700 500 

— 623 <81 

— 1X90 1,110 

— 2X20 2.180 
-5 828 700 

-180 6.480 5X80 
... SST 81B 
-14 747 435 
-10 2390 1X00 
-ID 573 *33 
-ID 548 40* 
+5 1.100 637 
-20 1X80 1X80 
+3 475 380 
-17 485 208 
•9 1.030 851 
. JOB 252 
-10 1.010 864 
-14 734 811 
-10 1.120 815 
-10 1X20 1X90 
-7 815 574 
-10 1X20 1,050 
-180 5X50 3.780 
-6 748 610 

-» 1210 1,370 
-15 7=2 STD 
-4 862 679 

— 1X50 1X70 
-10 1340 1X90 

-4 1.KO 570 
-5 5S5 400 

+15 026 618 
-4 1.100 70S 
-fl 851 568 

-3 555 367 
+1 720 602 

-2 863 670 
*1 907 533 

—400 219* 17,200 
-10 3.730 1600 
—40 1.420 1.110 
-11 536 326 

-10 5S7 <15 
-29 U90 1.190 
-6 W 421 
-10 1.7=0 1 450 
-2D 2X20 1J1 D 
-10 1200 1X70 
-30 3.040 1070 
-60 3,460 =.7<0 

_ 570 <72 

-1 706 620 

-30 1720 2X00 
-50 2140 1X70 
-9 780 450 

.5 B2B 057 
-6 730 505 

+10 1,850 1X80 
-20 1300 1.190 
-4 788 575 
-9 STB 670 
+20 1360 1X50 
+1 745 433 

-13 005 BOO 

-2 414 =85 
-20 1000 1X90 
-14 596 421 

-10 1010 1.430 
-15 754 515 
-23 733 524 
_ 3X60 2X60 
-20 2X50 1.760 
-1 527 330 

-30 1350 965 
505 330 

-5 680 432 
-24 575 345 
-4 <20 =95 

_ 418 273 
-301X00 B35 
-1X30 1.170 
-40 1X30 930 
+5 90S B20 

-16 1X10 502 

-101230 1X40 
♦ 10 1X10 1JU) 
-20 1.160 800 
-10 1X50 1.11D 

-10 1290 IJ TO 

-10 1X50 1.180 
-10 564 350 
-12 869 727 
+51X30 734 

-20 1.130 780 
+4 889 SSO 
_ 745 SB 

-101.100 580 
-30 1.180 021 
-S 763 442 
-10 745 406 


WSfeire 

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BID _ fi.BS 6.10 3J 
SfKnB 7 45 + ID 85* 838 13 
WsOtd 7.75 _ 9JS 7X0 15 

nni 2x2 - w 185 t =7 11 

UOSnc *12 -DC 556 415 IJ 

morel 4 72 +03 4X6 3 70 1.7 

WTfertl TflS -03 332 174 Tl 


HONE KONG (Ad 25 H.K51 


AmnPr 

BEAM 

a»*p 

Qteng 

014* 

Crake 

OnEd 

Ottf 

OHaro 

DFann 

GCagle 

fa ffM 

«BC 

KjivD 

ifieneB 

KafDtn 

tennv 

HmLra 

IM>C 

retSnm 

HK At 

Oc 

MvLad 

WfcA 

Wirt 

Mtc ««B 

HuteW 

Hyma 


Jura 

JSODI 

KMBie 

MmrtOr 

NmkUfld 

FCttJyA 

Sffc Pr 

sum 

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sareB 

TeteBr 


9 65 
31 40 
1115 
3563 
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16 85 
10 75 
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39.75 
1335 
5175 
1050 
650 

3350 
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19 70 
2190 
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6 65 
34.60 
21 40 
930 
6350 
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11.75 

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333 
6025 
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-30 50=880 

+X5 15.70 10.40 
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-.10 57 37 

_ 61 58 

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+ 45 77X0 1080 
+.10 U'-lO 1630 

- 05 1620 10 

-03 8 05 4 IT 
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+25 131 80 

-0ST1 90 1120 
-25 0090 47.75 

_ 13X0 10 

+ X9 980 5X5 
._ 6090 3160 

• 10 J425 13 

- 10 15-00 1050 

- ID 54 37 75 
« 05 35-50 20 30 
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_ 3025 19.40 
- 17 70 1= 

-10 10X0 5.90 
•20 <190 2790 
-20 3325 1925 
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+ 40 3a 50 =4 90 
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-OS 1250 920 
+.15 4293 2020 
._ 39 30 

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-03 6 15 3.75 
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+ X5 5 45 3X0 
-02 760 3 St 

+ 50 71 SO 

._ 11 JO 0 
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B.++1 1 1K — 

Gening 34 +1 
IUM 12 80 -. 
litere 1520 +. 
Marta 3X8 - 
M#u* 378 - 
PBS 3X4 - 
SaneO 650 + 
Trtam 1BS0 
tenaes 13 JO « 


(4 6XD 
50 38 50 
20 1790 
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10 630 
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DBS 

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mcncp 

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11.10 

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240 
322 
566 
10 70 
13 60 
630 
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340 
392 
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12.70 
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+ 06 530 
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352 =J 
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5X0 31 
1680 DX 
1* BO . 


1050 IX 
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£35 35 
2 45 7 4 
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11 15 
5.75 10 
ID. 40 1.7 
13.10 1 9 
3.14 OX 
3.16 3 7 
388 IX 
845 £8 


NORTH AMERICA 

CAHAOA 

TORONTO UU 25 /C=nS 
4 pm dose 


61 RIB AMfc 
15300 AthEao 
111000 ‘ - - 



AUSTRALIA (Jul 2S / Aost^ 


— wreia 


»0* 


: au i« — 

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- SWfi 


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-11X03 BTO _ _ 
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-100 9940 7X10 _ _ 
-50 4X50 3370 _ _ 
-10 TJ80 1980 as — 
_ 1 290 1X80 _ .. 

— 1310 1260 — - 

— 1.180 988 — — 

— 1390 1250 13 — 
♦1 512 361 12 — 

-20 8X80 7330 — _ 


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-X5 5.95 3X0 
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- 5.7= 3.75 

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+X4 19X0 16 

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+X1 4X2 322 
— X5 1 36 0.64 
— J? 16X6 1260 
-X2 1.18 0X4 
+X8 5X3 335 
+X4 5 l48 4 40 
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+X7 3X2 £X5 

335 £60 
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_ 676 420 
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_ 132 D.7B 
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— 1.40 0X8 
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— 1.47 0X8 
-25 7 in 233 
-27 3.60 227 
-X2 1.78 1.12 
+21 1.78 134 
+24 Z85 224 
-.08 £02 1.12 
-.02 222 155 

— 1130 9.75 
-25 4X8 m 

istris 

s 

— 431 3L15 
+22 13281042 
+23 7X0 5-25 
-.1410X0 60S 
+2Z 6-28 3X4 
♦21 £79 1X0 
-2* <15 3.D6 

— M2 4.13 
♦23 2.15 136 
-24 £43 193 

— 142 £60 
+23 3X0 £40 
-25 02S 5X0 
-27 430 2X3 
-28 6X6 4X0 
-22 1.74 1.15 
-25 625 428 

♦ 7.13 5.01 
-28 452 3GB 

— 7.10 525 
-.08 1022 8.10 
-23 390 £66 
-28 370 £35 
♦25 288 121 

— 460 338 


OX - 

3.4 33.8 
12 _ 
37 302 
£6 -. 
4X — 
39 

<7 6.1 
12 282 
39 0.1 
52 — 

4X330 
95 _ 
<6 176 
52 20.1 
27 _ 

ax — 

£7 — 
21 - 
42 — 
12 _ 
52 - 
£0 — 
42 _ 

52 2X2 

3.1 .... 

— 12 
IX — 

59 Z 

8.7 121 

ao — 

ZX 22 
72 _. 

7.5 73 
3.3 . 

£4 <31 
62 - 
4X312 

53 

1.7 74X 
32 23.4 
<1 _ 
42 12-0 
20 .— 
DJ 82 
23 — 
ZX — 
3X242 

4.7 


42 127 

1 0 .... 

OX _ 
32 — 
42 _ 
ex _ 
ox _ 
7X ai 

71 KB 
<3 — 
XI ._ 

72 2TX 


6300 AOM6 
193778 AteAl 
671 <10 
1700 
89700 . 


12005 BCTe 
291410 BCE 
27602 BCE Mb 
£400 BGH A 
=8831 Bnswk 


*/- 
17 

16' . 

^- J > 

3ie« -It* S3f 31 
S14 


ae 

1 517 
>»*» 
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1 StI 

03 


404307 BhNoeS 
15014 BswErt 
40840 BmteB* 
371047 BOuAM 
1077=50 Brnttoa 
30000 BrecnA 


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Sf'* 7^ 

S24 234) 

547 46*. 

. OU T(p4 

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232 
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1SS 
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5864 Bmcre 
G32830 CAE 
7 BOM bfift 
5900 CjjsOo 
14670 Cntf an 
310750 Cmtare 
4050 CnmOSn 
15=50 Correa, 
325323 Catno 
11740 CmOtt 
<3*793 CanPnc 

337 Carls 
1&3SMG CanlrAe 

=500 CanUIA 
TOO canoe 
17418 canter 
19750 Caning 
1190 Lw£cn 
400 Dean 
5 DllGap 
08875 CsmCW 
107m Ccmncrt 
650 Cmpta 
«57= CreciS 
=30U Cason 
132715 COO 
45548 DownX 
lfXOO DcronA 
3000 Oman 
9708b DMsea 

15000 DonuiT 
5851= DQmtM 
6700 OiMA 
2140 DureSA 

14800 Empe+t 

34560 Erin B 
5000 Ernes 
22485 EwNev 
8400 FPI 
715400 Fmrtn 
1900 FcMA 
111* Frew 
13407 hNcw 
26730 FahnV 
30131 FerenA 
6400 4&EMn 
21300 Qama 
15052 Dngte 

4870 GNHJI 

2169 trace 
14550 (MM 
31B40 Grub* 
R0700 Gkee 
263464 G>41C 
0700 HrtlSZA 
=00 HrtWkEd 
12490 Haesn 
25350 HPB rtoG 
7 1MK1 Wnai 
74853 teH 
237 5 H una wi 
57733 UR* 
3525 IPl 
2=2Cu I RtBai 
76050 tmtCM 
T47774 hco 
1000 nKa 
<00 UScrj 
708500 tmna 
4420 mtestt, 
T1450 NetG 
9600 IvacoA 
4025 -knock 
5G0 MnAd 
2ih lirnr 
500 UreBk 
20885 unan 

2954390 LtdUn 
MD LdfcreA * 
1BD530 LdLmfl< 
900 IDOSMI 
23470 Moan? 
131m MreUM 
BUQ MBS B 
7600 Mscsdi 
471(70 MaonBI 
C4875 MaonaA 
1500 MoOFll 
0921 IlMlql 
47266 Matos 
G0J05 MKIHU 
253771 M4d 
10750 MU91A 
22360 Move 
5540 Ntngie 
BB9G7 Notfec 
67100 Usoftdg 
1732 Num A 
600+7 Nmdtf 

nai4 MndnM 
17705 MsrrE 
<7200 NATH 
351078 tn 
007 Monaco 
4100 NusdcE 
420 Drew 
1310 0*iawA 
11485 PfcmUI 
66200 PocoP 
103561? PVKA 
97450 PaamA 
5600 PmOrnP 
<7200 Pomui 
53706 PMCan 
37500 PWSn 
317196 Pi Dome 
29550 PDaoCp 
28945 PMtn 
goo Rmrev 
50400 BefcnS 
1100 Rrehnin 

381D0 RngOS 

338 HrtCdSI 
23113 Ren En 

132700 Hepap 
82475 Mod 
83500 Mono 
21802B RogCnB 
128775 HoyBhCe 
473755 ftoyO* 


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435 435 
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290 


3500 

335 

4500 

5450 

4011 
14905 
100 
80535 
137 
215 
208100 
1(6574 
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490130 
1100 
218071 
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4601 
T5B310 
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1T4347 
T44420 
17G9DT 
71849 
1400 
20M7+I 
18000 
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31446 
1800 
I BOOT 
3UP0 
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AFRICA 

SOUTH AflRCA Uli 25 / Ram? 


A8SA 9 45 
AbQ 23 £0 

AIM 110 

Amcosrt 105 

AngAfn 2K.J0 

AmaaU 4» 

AngriM <31 

Bono* 32 

Dean 22 

BOTM <5 

CNAGal 4.25 

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+SC4ST4* 
Sil* IS* 
-S5C* 41* 
+1,1111 IIS 
-S S24 23* 
50 t 
SIS* 15* 
-* 820 IBS 
+S DBS 36S 
-* 80S DS 
ST 49S 
-5 390 30U 
-* SC*? 42* 
-* 519 0161 
+SS11* it* 

+ *^2.5 

-* $16 15* 
-l*$U*d141, 
877 7G 
SB* 8* 
«-*S7iH 26* 
— S C?t =9*2 
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+SSMS =3* 
+* (=6^ 19* 
-* $771 271? 
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son 

sr 

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sow 

1155 

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28 50 
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67 
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— 9 K 

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+ JO 240 
+3 440 

.1 135 

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• 25 11.50 

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• 5U 29 
— 05 4 03 

+ 1 97=5 
... 100 
... 84.50 


93 


Palate 87 60 
PianGp 595id 
Ranren 40 Gate 
MnbtGa 20 
RnbGn 17.76 
Main 98 
XaBten 13 
5mmCG 17 
SABmw 06 75 
MIMn 47.50 
sum 13= 
rigore 46 

Inreu 40 75 
VRaels DOT 
W Area 5£.X0 
WDrtcp 1ST 

mreai 51.50 


-t 


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25 100 

• 25 2= 

. 34 50 

91 

— 775 

• 75 53 50 

. 3875 
-2 2050 
-1 SOU*. 50 

• 1.70 13X0 
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« 75 10450 

. 52.50 
-I 104 
5b 

• 25 5425 

-3 <90 
+ 1 5X50 
.. 215 


670 4B 
17 50 £5 
93X0 2 = 
IIS £? 
1BZ.W 1 7 
344 3.1 
107 OX 
=<50 
=a=5 3.0 
42 GB 
1X5 1 7 
07 50 O 7 
6 60 23 

40 3X 
725 45 

= 50 35 
-JU 4 4 
2150 33 
53=5 5.7 
794 3.9 
07 50 1 7 
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1975 7.4 
lu I 0 
220 IX 
55 1 4 
70 IJ 
03 JO 3 9 

41 £1 
75 1 4 

15X0 .- 
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500 17C 
37.80 Li.D 


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15X0 01 
79 IX 
20 50 M 

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43 JO 1 5 
28 1.7 

359 3 4 
33 - 
151 £9 

44 50 10 


HwgrtUtr leteai 


NOTES - Pitas an m mm ■» «a «M an ne 
InMsurt reauiga M re* anay na bate 
mreiWslaiimlB 19M. mm (arate & 
ItMU toren a Dates, wreenMA id Et 

h rag ua n Ex i«ti re Ex IS 


FT FREE ANNUAL REPORTS SERVKe 
iMreddiNanaiaadmartarartn 
aaaamdtteA fteg OBI 770 OTtO a Ga 091 170 
JE£*M0n taa Na*s am iaOlH (Ate 
•44 61 nUCIIataiUP naiSBateD 
Waul tta Mote ndl» ware 


■ TOKYO -KOST ACTIVE STOCKS: Monday. Jiiy 25, 1994 


Nippon Steal 

Stock* 

Traded 

5.0m 

Closing 

Prices 

333 

Change 
on day 

-6 

Toshiba Carp 

Stocks 

Tradod 

2.7m 

Ckwkig 

Prices 

754 

Change 
on dqy 
-9 

Mitsubishi Hvy 

4.7m 

768 

-18 

Mitsubishi Bee 

2.6m 

677 

-22 

Nissan Motor 

3.4m 

750 

-57 

Kawasaki Steel 

2.4m 

392 

-6 

Mitsubishi 09 

3.0m 

1,130 

-20 

Fi#tsu Ud 

2.4m 

1,030 

-20 

Hitachi .. 

2.7m 

992 

-B 

Nomixa Secs . 

2.3m 

2.240 

-SO 


INDICES 


US INDICES 


JU JU 

25 22 


-1994 


W 


taw* (29/12/771 

M 

18909X6 

16851X7 2547040 16/2 

Au drrib 

8i 0n*wKs(1/V50) 

Nlterag(1A.m 

204113 

1D14X 

10158 

20492 

10153 

2340X0 3/2 
H 36.10 3/2 

AusMa 

Crete *8wWi2«4J 
Traded hdnC/iftl) 

41231 

1076X6 

412X9 

1077.15 

41240 

107355 

460X6 2/2 
122225 1/2 

KLMrr/itfii 

14(5X0 

1433X6 

« 

1542X5 VZ 

Brad 

anora cah=B3i 

M 

398660 

40185X40799X0 1V7 

CmA 

Hette Ukte4d975) 

Cornpodte4 (197^ 

Pw»uttt§§ (V1.B3) 

M 

M 

M 

3636X3 

417620 

105219 

3840L48 

4172X0 

194627 

3879X9 18/3 
4609X0 23/3 
2I82XB 1/2 

(Mb 

PGA Gan (31/12*0) 

W 

4349X 

43012 

4867X0 4/2 

Dterarit 

CopBtaoetSF&VS* 

OT76 

377.79 

374X0 

41529 2/2 

FMaod 

HEX CenoCa/129Q 

ia=ix 

1834.0 

191 BX 

1972X0 4/2 

Rama 

SBF250pt/iaax 

CSC 4001/12/871 

1389 M 

2059X4 

135834 

2041.41 

1362X5 

=053.78 

iracm 272 
230X3 272 

WJMnpi/iaSBI 

Onraoctartti/iz/sa 

DAxpari2fB^ 

B09JB 

23028 

213622 

80823 

=3000 

215026 

900X6 

2278.4 

211330 

85X27 186 
2456X0 2ft 
2Z71.11 166 

ten 

MasSEP1/12«B 

629X7 

829:71 

82664 

119458 18/1 

ite^Kdap 

Hny Song(31.7ftq 

9174X2 

9152.99 

9117X812201X9 VI 

krefi 

B5E50SJ19/S! 

41066 

41033 

4104.4 

433290 206 

Mamte 

JteXO C0HH1ORS3 

45512 

45907 

461.14 

812X9 5 n 

Mud 

GEO Qwnflt4/!/G8) 

1825 49 

18=6X8 

182132 

2082.19 20/1 

m 

BlO Coran U (1973 
MB GamaMviiW) 

7=6X9 

11710 

730.45 

11800 

7=0.11 

11610 

>17.17 106 
T3M4S 106 


17758X0 2W4 


1857X0 27/5 
tom 56 


w225(iawa 

na 300 rtn 0X3 =3378 29BX3 29R5S J11£l 13® 

kHflJBQ 182179 163786 1651-98 1712J3 130 

I ScOkh |4.1<Eq 2457.74 =480.10 =5 0 95 7 25GG5 6/7 

996J6 1JK4B an 


72K 

1011J8 se 

1333X6 197 

3800X0 an 

32990B 2 OH 

395BX0 2*e 

105117 ao n 

3901 JO 4/4 

3SMD 22S 

1001.10 3/1 

tfffiJB 4/7 
1880.18 4/7 

757X1 zm 
zmojd are 
19SBJ2 2QC 

B0BX7 25e 

8JB3A4 4ft 

3S4D0 an 

44EL72 12/7 


i 10/1 
94400 ion 

T73BB.74 VI 
VI 

144HX7 VI 
107133 VI 

S»33 «4 


PC flter 19710 


CES AS Sr (End 83) 


Q*.40ft/7«J 


OttoSEgndien/Ba 


BTA (1977) 


XI 

JU 

JU 

25 

22 

21 

» 

awnra 

2232X1 

4292 

42S1 

4256 

2724 

2724 

2701 

202139 


30B 71) 

1119J1 

111X74 

1114X2 

2771X1 

270015 

2B4854 

272X9 

2732X 

27369 

554X2 

551.43 

55155 

2050XV 

2047X 

2094X 

54200? 

8374X 

8384X 


-1094 


Mpi 


Soeffi Afrte 


KmoOmfi^vieEr »aai 2 bsub ssaas 

State 

MBM SE aonvesk W 307X5 304X4 


454X0 31/1 

Jin 


Z43SX4 yi 

1211-10 ZB/2 

3308X7 VI 

3228X0 IBS 

84LX1 VI 

2331X0 VI 
G3S7X0 15ft 


1 21 « 

257 JO 21ft 
1945X1 11/7 
90091 21ft 
2S07J3 90 
2012X0 3» 
V* 


T7CL00 14/2 

ion 


Dot Jim 

JU 

22 

JU 

21 

JU 

20 

1994 

■* LOT 

Sta8(IIH*Ul)l 

Ste l«>» 

kteteiw 

373504 

3732.45 

3727X7 

STUB 

(31/1) 

gMl.AA 

W4I 

397UB 

(31/16^ 

41X2 

07/33 

Home Bonds 

97X1 

97X5 

97X1 

165X1 

Pt/1) 

9043 

(13ft» 

10177 

n8hW85 

5499 

(1/10/81) 

Traracort 

1606.58 

1507X4 

1595X1 

1882X9 

03 

1546X2 

ow) 

189229 

mm 

1£3+ 

(8/7/33 

IXflbe 

18110 

18218 

182X4 

227JS 

(3h) 

179.71 

P4ft) 

25049 

(31»B3 

10X0 

0*05 

DJ M. Dby’ 5 h0i 3705.15 (37B3JO ) l am 0707.19 (0804.00 ) (Ttooreocaifi 
Day's Npl 37«A8 (3744.10 ) Low 3724X6 (371404 ) (AOuM^ 

Standard and Poors 


GrapOTtot 

45111 

4EX1 

451X0 

4S2X0 

03 

438X2 

|V4> 

482X0 

02^ 

4.40 

(W33 

MBteUrtf 

528.4S 

5=7X1 

5=843 

680X1 

03 

510X5 

(21/4) 

59DX9 

mm 

382 

cift«3 

RraneM 

44X0 

44X0 

4451 

46X4 

(14/9 

41X9 

(4/4) 

49X9 

0W93 

064 

(1/10/74) 


KTOOMBI (1/2®1 14SUI 14657 1*4520 

soSmum pinasst 1211 . 7 * 1211 x 1 iiomi 

SBC GaraN (1/407) 9Z4X0 92444 01720 


■n*tUSKSSX&5T 66850 S4E56D HS77J0 

SUfsETOW^S « 134506 1342X1 
W 21451X21332X9 
IS CapfeU H (1/1/7HS BTT-T EZ3B S59 


TtekBjr 

WbNxI OBflLtei i960 


VI 
31/1 
180300 31/1 


31/1 

31/1 


297 
T753J3 VI 
28883X0 13/1 
G«i» 1/2 


2/4 
231X1 6/7 
0/7 


EteBKk lOOCfinOSO 1 384X3 1307.40 1371X4 «4a« 3W 
Euo Tcfl-100 PBftftH 1210.41 1211X1 1201X5 1311X1 272 

JCraeOfFS pi/l2ft8} M 31202 WJ1 »» 5/1 

B»mBH|U7AftQ 15579 15725 157X3 1S2-7Z W 


1137X7 10/7 
88510 13/7 

SI 9463 19/3 

1198X8 4/4 

T29802D 243 

571X0 4/4 

130140 2IA 
1M30B 21ft 
29528 21/3 
145X5 21/4 


NfXEConp. 

250X4 

25DJS 249X0 

297.71 

243.14 

267X1 

4.46 




mi 

m 

mm 

(35/4/43 

Ams UU Vtt 

43145 

433X4 43100 

487X9 

422X7 

897X9 

28X1 




mi 

w 

anm 

(9h2na 

RA50A0 CTO 

718X8 

71503 712.77 

903X3 

HITS 

89183 

54X7 




(18/S 

(2449 

(ta/3 m 

(31/10/72) 

■ RATIOS 









J\1 22 

JU IS 

JU 9 Year ago 

Dow Jones bid. Dtv. YMd 

2.74 

2.71 

2.74 

£93 



JU 20 

JU 13 

JU 6 Year ago 

S & P tnd. Drv. yield 

2.46 

£47 

2.49 

236 

S & P Ind. P/E ratio 

23.07 

22X3 

22.72 

24X9 

■ STANDARD AW POORS BOO NBEX 

! FUTURES 9500 times index 

C*)er 

Latest 

Change 

H* 

Low 

EsL voL 

Open fed. 

Sep 453X0 

453-45 

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34 


FINANCIAL TIMES TU ESDAY JULY 26 m 


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aaftiMd on next page 



FINANCIAL TIMES TUESDAY JULY 2(5 1994 


35 


4pmdas»JB/yzs 


NYSE COMPOSITE PRICES 


NA SDAQ NATIONAL MARKET 4fiaicb»Jt&25 


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CNm Cp 54 5380 57% 55% 56% -2% 
On Rn 12B 12 47B 52% 51% 52% +% 
CMmCp 017 X 882 X% 31% 31% -% 
OneUjc 27T4SDO 20% 25 25% -% 

QSTeeti 112 4K 2* 2* 2% -* 
CteoSto 1018833 20% 19% 20% -% 

QzBancp 108 18 248 29% 28% 29 +% 

CtonMx 24 24 7 7 7 

call Dr 43 81 12% 11% 12% +% 

CWnestm 7 237 4% 4* 4% +% 
CocaCohB 1J» 17 32 28% 27% 28 -% 

CotoBiV 1321011 7 8% 8% -% 

CedBMrai 28 27 11% 11 11 -% 

CapHO 9 433 19% 18% 18% -% 
Owns 102 93 11% 11% 11% +i 
Coherent 16 SBB 13% 12% 13% +% 
□team 040 73 277 19 17% 10% •% 
CoM (he ire 13 X 21% 20% 20% -% 
CoM top 060 9 IT 2B% 25% 25% 
Canto 024 18 » 23% 23% 23% -% 
CmcMA 000183871 18% 18 18% -% 

thKMASp OOB X7B51 16% 16% 16% 
CteuBtaMOM 11 109 X% 30% 30% 
enuna ore as .101 is ib ia% +% 
CanudJM 393 151 12 11% 11HI -* 

Cmatan 53 10 11% 11 11% +% 

CdtntoxM 49 881 4* 4* 4* ■»% 
DBfftp ire 31 1145 47 48% 46% -% 
Gaaatom - b 208 8 5% 8% -% 

(tote 144 195028011% 10% 11 

CntortOH X 4 17% 18% 1B% -% 

GmrtDen 1014Z7 7 6% 5% -% 

CmA 05022 83320% 20 20%+% 

Cnpyitto B5 771 9% 8% 9% +% 
Conks Cp 18 5824 46% 43% 43% -1% 
OopOfA 43 112 15H 15% 15% +% 
Cocker B UC 27 34X 23% 8% 23% -% 
Cno-Ccmp 8 888 11 n % +A 

CmMltae 27 19 4% 4% 4% -% 
Own 31557 5% 5% 5% -% 


- D- 

DSCQn 1812684 24% 23% 23% -% 
Dot tow 013 19 2 70% 70% 7D% 

MaSMcti 10 214 2% 8% 2% 

Oteta X 241 7% 6% 6% -% 

DteCSpd 14 IX 14% 14% 14% -% 


Pf Ml 

■task Ik I flh op b* WCM 
DamrioDp 082 12 80 2S% 25% 26 ^ 
DtoSkOpcxOa 20 3 0% 8% 6% -.19 
DehdbEn 032 24 37 15% 15% 15% +% 
DtoPGa 080 48 14 30% 30% X% +% 
DHctaop, ore 12 37 23% 23 23% 

Del Con*) 27*401 28% 3% 28% +% 
Ptoa OS ka 0.1818 53 15% 13 19 
DOW 29 1173 »% 32% 33% +% 
DepGV UJO 8 607 u32 3l 31% -% 

DMOR 020 4 7 8% 7% 8% 

OH Tech 18 6 20 20 X 

DtotoS 080 8 51 18 17 17 

DU 910 11 418 12% 11% 12 -% 

Dig MOO 73584 15% M 14 -1 
Dig Spued 42 201 lU lij ijj 

DI|I»tf 7 107 4% 3H 3S +* 

DkxieCp 18 21 33% X 33% *% 

DfideYtn 020912 84 9% 9 9%-% 

DNAMI 2 738 3% 3* 3}J +% 

Dtoer 8a 020 21 1628 21% 21% 21% 
DadlHh on 14 2 12%012% 12% -% 

DnraEnos 8 9 fl 8% «% -% 

Draeten 93102 8% ob% a% •% 

Clay GO 024 IS 394 23 22% 22% *% 

Orag&npo 088 51 258 5% 4% 5% 

DSBwccr in 18 190 29% 29 29 -% 

Durfraa an is 1&1 17 % ib% 17% +% 

Durr HI 0X24 9033% S% 32% 

Dyteedi 7 688 21% 20% 21 -% 


EhPaH 

- E - 

4 42 3% 3 3% 


EmiCp 

2 93 3% 3% 3% 

-% 

EaHEamM 

3 12 1* 1* 1* 


EQTH 

018X1361 18% 17% 18 


EBBhaad 

X6 4*5 6% 08% 8* 

•A 

B Paine 

1 381 2* 1ft 1ft 

-% 

BKfeSH 

92002 9% 06V 9 

-% 

tan 

06948 10 47% 47% 47% 


BMNta 

177895 15% 14% 15 

+% 

EbkmAn 

19 132 8% 08% 8% 

-% 

Bnlorfe 

Z71442 6% 08 8% 


Eoaytaa 

49 40 14 14 14 


BnflSM 

79 273 2% 2% 2% 

-% 

Barm he 

2 433 2% 2% 2% 

+A 

EtndW 

010 M 13 3% 3% 3% 

-% 

ErtcaoB 

0481424372 51% 50% 51% 

-% 

BIW 

112 5 5 5 

-% 

Em 

55 85 12%012% 12* 

-A 

END|N 

182121 14% 014 14% 

-% 

Enter 

7 X 6% B% 6% 


EHctaBK 

17 4 24% X% 23% 

-% 

Btpedll 

OlO 21 879 17% 17% 17% 

♦A 

Etoapte 

24 311 14% 14 14% 

+% 

FeflGrp 

-F- 

11 202 4% 4% 4% 


Fir Cp 

02* 12 64 5 4% 4% 


FamoH 

004 54 8*6 X 33% 34% 

+% 

FHPhM 

15 1273 25% 24% M% 

-ft 

RtlTTto 

ire 15 in 52% 51% 51% 

i 7 . 

Rrtyon 

6 2D1 4% 4% 4% 

+% 


HgghA OH 0 X W 9% 10 +% 
ROM 27 813 19% 18% 19% +% 

HOpi m 121852 35% 33% 35% 
Rum ore 0 577 32 X1% x+% 
FhBcONd in 11 n 25% 24*2 24% -% 

FHQick an 21 ire » 23% re 

FttGeety 1JH 11 437 30% 29% X% +% 
RdTaafl 188 10 140 44% 44 +4% 
(UWini on 7 10 8% 8% 8% 
FtatMc 052 7 IX 24% 24% 24% 
FMM ID* 8 154034% 34 34% -% 
Rntmto 43 IX 7% 7% 7% +% 

Fhmr 2B 7K 21% 20% 21 +% 

Row fe( 18 IX 8% B% 8% 

FoodLAX OOB 182728 6 5% S 

FoodLBx 0098122010 5% 5% 9% +% 
Rmmadt in 10 111 31% 31% 31% +% 

Fdnctner 12 419 13 12% 12% -% 

FoaerA X S3 3ft 3% 3% 

nth Fin ire 12 125 29% 29 29% 

RdFtaJ 040 B 151 19 15% 15% -% 

FUHtei 1.18 12 489101% X X -% 
MtarHB an » 18 38% 38% 38% 
RdhaRi OH 12 1Bl02% 32 Zt +% 
Furnmx 02*22 9 18 17% 17% +% 

RdteWM 28 45 4% 4% 4% 


- a - 

GOAff B 10 3% 03% 3% 

BSKSerr 007 21 208 U 13% 14 +% 

GsntDS 0 5 2% 2% 2% -% 

(taint Re 1011X 3g 3% 3% ■% 
GeMOs 015162 268 8% 6 8%+% 

tad Bind 0*018 51 17% 17 17% +% 

tadyte 17 134 4% 4% 4% 

Baton 2 678 6% 7% 7% *% 

Baton Cp 400 371008 22% 21% 22 -% 
Buns he 122 <36 3% 3% 3ft +* 

taqn 81 333 27 2B% 28% -% 

GMOlB 040 81031 14% 13% 14% 
GhttpL 012 125238 16% 16% 18% +% 
OtatA OX 16 18 14% 14% 14% 

GMlBkm 10 4 5 0*% 4% 

GoodGuyi 15 740 12 11% 12 +% 

GotodePtaP Q801810I7 21% 20% 20% -1 

badoosys » 27 2% 2% 2% 

Gratis 020 71 77 21% 21 21% +1% 

BranAP ore 10 15 T7»2 17% 17% 

Gm*da Ph 0 7W Ji * * *A 

toOHnato D 286 2% 2% 2% -% 

GmdWr 575 71 11%011% 11% -% 

GT Cap 8 75 11% 10% 11% +% 

tatirSto 6 1378 U1 0% 10% 10% +% 


- H - 

tatagA 50 213 6 S% 5% 

HuPyvl OJM 8 698 20% 20 20% 

Hhjwap 020 12 31 14 13% 14 +% 
WO&CB 018 241925 S% Z7% 28% -% 
IWflEar 18 2578 20% 18% 20>4 -% 
HNhm 006 20 78 12% 12% 12% 
HHMH 10 424 6% 8% 8% -% 
HedtogerA 016X9892 12% 11% 12 +M 

Hettai noo 9% 9% 0% -% 

thfcoTray 8 104 14% 14% 14% +% 
hertdfx 072 13 209 20% 19% 20% +% 
HogmSto 015 33 281 7% 7% 7fi +j> 
Hologlc 48 131 11 10% 10% -% 

rtmeBwd OX B 2 21% 21% 21% +1% 

Hone «Cd 072 25 251 U21 X 20% 

Hanbde 0+4 19 70 Z7% 27% Z7% +% 

Hondte 151974 14% 14% 14% -% 
Hamms 044382 X 3% 3% 3% 

Hunt JB OX IB 209 18% 18 18% <% 
Ketopn 080 101009 25% 34% 25% +% 
HaaoCs OOB 0 27 2% 2% 2% 
HoMiTucfr 181 220 27% 28% 27% +% 
HycorBto 18 4X 4% 4% 4% 


- I - 

FHSys 48 23 7% 7 7%+% 

DSOonme 30112M 10% 10% 10% -% 

Ete 23942 3% 02% 3* -* 

tROODcar 32 223 0 5% 3*2 -% 

knramOHi 3 197 4% 3% 3% ■% 

Impart Be 040 X 488 17% 16% 17% 

Ml h, 0241 BB 4 14 014 14 -* 

kdRes IS 3855 14 13 13 -}] 

kdonoh 248382 20% 19% 20* +* 
tagleMM 088 18 494 11% 11% 11% +% 
htapDer 225483 19% 16% 18% -% 
hpJSje 25 212 11 9% 10% 

UgkMM 5 284 1% 01% 1% +% 

tad are mini n% s? 57ft -* 

Ite 7 403 2% 1ft 2 +% 

hdgwS are re IBM 14% 1414* -A 
kdsrTH 21 57 9% B% 9% +% 

HerfceA are 15 101 11% 11% 11% +% 

Ita 31406 10 9% 10 +% 

HUM 41188 3% 3 3% 

Manta 4 in 10% 10% 10% +% 

Mimic 14 510 8% 6 8%*% 

hfflafcjOA 13 97 1B% 16% 16% 

hi Ree 008 19 X 2% 02% 2% 

MTOtH 237 254 4% 4% 4% +% 

teem OOI 16 400 28% 27% 28% 

tangs Cp 1 75 2% 2% 2% 

banmb 15 2X 17% 15% 17 +% 

Jkffiotato 1.17 X 5 210% 210% 210% -2% 


- J - 

J&J Stock 14 n 12% 12% 12% -% 

Jean Inc 028 15 7 10% 9% ltf+ 

JLfitol OlO X 302 35% 33% 34% +% 

JehuenW 582100 23% 25% 23% -% 

JodoM 11 55 14% 14% 14% -% 

Jam Mad aio 114880 9 06% 7% -1% 

JMftnCP 1>3012 203 25% 25% 25% 
ream on « ibb 20 % zb% 29 % -% 
JmoLtg are 19 402 20% 19% 19% -% 
total aw 8 452 11%tf10% 10ft +* 


n Be 

Itok Dh. E ION HP Lte Uto CM, 

-K- 

KSwrn on 11 10 22% 21% 21% 
KHMnCp 044 5 477 9% 9 9%+% 

KtoeyOl 7 775 7% 7% 7% -% 

Xtoy3* OT2 24 IS 28% 28% ZBls ■* 
Knacky Oil 14 100 8% 7% 8% 
KMM W 12 09 23 X% X% 
Katote a 221910% 10% 10% +% 

KLAMto 513257 39 37% 38% +% 

Knotege 22741 «% 3% 3% -% 

to* A 1 50 AAA 

Komaghc 200X09 22 20% 22 +% 
IMkMS 8 482 13% 12% 12% -% 


-L- 

laddFun 012 45 210 8 7% 7% 

Lanital 293748 27% 25% 2B -1 
Unctotar 048 T619»a39>+ 37% 37% ■% 
Lmd be 09619 3*5 19% 18% 10% +% 

IteWtfph 41 484 33 31% 31% -% 

Lnxdlce 9 14 6% 8% 6% +% 

Laeacp* 40 254 3% 3% 3% +% 

LtokwS 15 3078 18*i 17% 17% >% 
tancaft 045 18 £59 23% 22% 22% -% 
uns 271 4117 19% 18% 19 

UNCp 016 1 2 3% 3% 3% 

tattn 16 S3 13% 12% 13 +% 

LegadCp 13 186 23% 23% 22% -% 

UHytWe 078 14 210 X 29% X 

Ufa Tech OX 15 31 17% 17 17% 

UWW 22 588 4* 03% 4* +* 

LlyhdA ore 11 55 13012% 12% 

UiBr 100 XI 12Bire%125% +% 

IhceHT 052 14 888 14%013% l+,i -* 
UK0MW 13 K 30% X X% 

LtoarTae 02* 38 1958 44% 44 44% 4, 

Upn» 040 17 5 34% 34% 34% 

lumnOp CUB 28 41B 24% 24% re% +% 
Uw Star XI1X 6% 8% 8% ■% 
lauaO 2S110B5 X 31 31% +% 

LIZ CP 21895 3% 2% 3% +% 

LWM OX 4 2 31% 30% 30% +% 


- M - 

■men 005 2119725 24% 23% 24* +% 
MS Cafe 18 1733 21 20% 21 +1 
tor MB OX 43 42 14% 13ft 13ft +* 
IteHhBE in 14 31 X 32% 32% 
Magma taw 13 83 29% 28% 29% 
Magna Grp OX 13 051 20% 10% 20% +% 
Mai B* 10 111 7 6% 6% 

Manual* 26 580 «% 9% 9% -% 
Marta to 14 091 5% 5% 5* -* 
MirM Op 10 14 42% 41% 42% +% 
Mnamt 3 x ift i% 1% 
Mantoda 19 8 8% 8% 8% ■* 

Matotintoaore 11 2 10% 10% 10% 

Manhto OBO 11 2247 21% 21% 21% 
tote a na a 7% r% -% 

totonkd 40 296 52% 51% 52% •% 
UMofCp 0 982 5% 4% 5 +% 

Mctodh R *044 11 60 15 15 13 

McCOPdC 04 18 798 22% 21% 72 

McCMC 504R3B 53% 53% 53% +% 
tMKhe 01614 7 12 11% 11% -% 

UodUneS 048 13 85 22% 22% 22% -% 
IMoaha OM 8 14 7% 6% 8% ■% 
Mentor Cp 01B45 X 14% 13% 13% 
HwttO 034X4X1 11 10% 10% •% 

MnrtB 088 11 223 20% 20% 20% -% 
MatnayG 070 8 468 X 27% 28% +% 
UMM 136 12 864 31% 30% 31% +% 
MerW 77B02 8% 07% 7% -% 

MaHwbA 012 17 72 17% 16% 16% -% 
HFSCn 67 rex 30% 29% 30% +^2 
HtaadF 0X17 587012% 11% 12* -ft 
IttdlNMB 200338 88 74% 74% 7+lj 
MfentW 16 34 3% 3% 3% 
Mange 7 5632 10% 9% 10* +* 
Mtaacan 5 335 6% 6% 8% ■% 
Mkrgnb 14 40 3% 5% 5% ■% 
Mkapdfe 13362 5% 5% 5% +% 
MU 1532051 51% 50% 51* +% 

Mid AM M 3511143 41% 39% 40% -% 
Mktadic 052 IT 8» 29% 29% 29* 
HMrta an X 22 35% 35% 35% -% 
MtaarH OS 21 259 29% 28% 29% +% 
Men 50 23% 23% 23% -% 

MnMaeh 17 52 1S>4 12% 13% +-% 
HeMeTal 492407 19% 19% 19% +* 
Modem Co ore is 4 6% 8% 8% -% 
Uodnelfl 052 20 M 28% 28 28 -% 

MofB ore 884 X 37 37% +% 
Motet IDC 004X1229 41 40 40% -% 

Macon 004 10 477 6 5% 6 +* 

Mo-tee Px 036 22 2 X X X +% 

MrCkdta 10 40 15 14% 15 +% 

miss** on io 13 reft 2s% 25ft +* 
MkMf 13 211 X% 29% 29% -% 
toragm 4 380 10 9% 10 +% 


-N- 

NACfto 016 12 681 28% Z7% 27% +% 
NatoFtai 07211 3 16% 16% 16% -% 

Itat Onto on 79 IX 12% 12% 12% 
MnSun 0X20 2 13% 13% 13% -% 

NMpabr 11 2 17 17 17 +% 

NEC 0*1102 33 58% 00% 59% -1% 
Malax 17 112 27 26% 27 

IMtoOH X 3780 15% 14% 14% +% 

KeMtS 801O3B 7% 6% 6% -A 

Neuagen 25 3 7% 7% 7% 

Nbgna OZ7 X 2K 20% 19% 19% 

NnEBoi OX X 281 18 17% 17% +% 

New tame 81829 10% 9% 10% +1 

MadpetM X8884 41% 3Bl 2 40% -1 

NmqatCp 004 12 8 5% 5% 5% ■% 

NoHaOrl 32 in 7% 7% 7% -% 

Norteon 05B 25 S 55 B4 56 +1 

Ndstrai 040 244403 43 42% 42% -% 

Noatml 13 05 17% 17% 17% +% 

N toarlh 4 50 UO 5% 5% 

NHtfhW an 12 710 38%rt37% X ->4 

RMNr 1821333 U18 17% 17% 

Na«l B31 6720 16% 10% 16% +% 

Noxtaa 31 840 36% 34% 84% .1% 

NPCA 231 06% 05 6*2 +% 

NSC Dap 7 5 2% 2% 2% -% 


W He 

te Dh. E wo* te to* « aw 
pyramid 41960 8 5% 5% +% 

OtodMog 9 19 6 5% 8% ■% 

OotataOntoOZ 89 28 17% 17% 17% -% 

OtoFoedaOre 17 28 23% 22% 23% +9S 

QUHttn 6713715 15% 1«% 1<U % 

Ouster IS 774 10% 10% 10% -A 
metac X 7307 45% 44% 43% +% 


- R - 

RaMm 12 130* 13% 11% 13% +1% 
mays 418*3 4% 44% 

Ruurape 3 874 4% 04 4% 

Raymond 26 X4 UX 19% 19% +1 

RkoHM 18 385 18 17% 17% -% 

MJWA 13 51 14% 14% 14% 
nepRgw 1 976 3 02% 3 

Rap mm 4 9 S 3 3 ■% 

R w HM nd 14 31 8% 7% 8% +% 

Raton 024 15 736 43 42% 42% 

FtaniK 0 162 5% «% *% -% 
Rtarftt 060 10 3 35% 34% 35% ♦% 

RiwMSr 140 201428 Blh 80% 61% +% 
RfaHpta 012 12 2X 6% 6 6 -% 

IMMk 058 4 775 TO 10% 19% •% 

ftoandt 015 3 890 17 16% 16% •% 

RDHSk 0X11 1X15% 15 15 -% 

Maditod 23 S3 10% 18% 19% 4% 
feme 088 62 45 u20 19% X 
RPMhc.4 082 10 3512 16%d1B% 16% 

RSFii On 13 174 X% 22% X% +% 
Ryan Frty 11 5440 8% d5% 8 -% 


- s- 

smco ire b 2583 a% x% st% - 1% 

Stem (LX 14 47 19% tfl 19% -% 

SddtagrAtoX 19 254 28% »% X ■% 

S3 Mad L 8 573 201, X 29% % 

Sasyetm 12 287 15% 15% 16% -% 

SUM a 306 8% 8% a*, -% 

Scto< CP 052 8 382 16% 17% 16% +* 

Setae M I BBS 7% 7% 7% +% 
Seatod IX 44 4 X% X% 36% 

S ton 1114204 a% 25% 25% -* 

SB CP 016 a 34 1817% 18 +% 

SthehB OX 1 IX d2* 2 2%+% 

SehctaH 1.12 14 302 25% 24% 24% -% 

Sequent 86 BOOK 14% 13% 13% +H 

Sequoia 353814 5% 5% 5% -% 
Sen Tech 11 4 8% 7% 7% -1, 

SenFrad » X 3% 3% 3% 

torn 17 noo 19% 19% 19% +1% 

SOMM DM 18 552 24% 24% 24% +% 

SJ*. Store 22055 B* 5% 5ft 
Sbontmod X 1876 18% 17% 18% +% 
StaMhtzP B21X 11 ao re, -1% 
Surra On 14 184 17% 18% 1? +% 

SteraTuc 2 41 3% 3% 3% •% 

SgmN 033 140374 33031% 31% -ft 

SPOON 1 477 8% 06% 6% ♦% 

StocMh an 53 noo 10% 10% 10% +% 

Start* 342806 12% 11% 11% ■% 
Stamaon 058 24 43 IB 18% 19 

SUBiM « 588 X% X% X% +1 
SnapphBv 827380 M% 16% 20% +% 
StatamP 1 382 4 3% 4 4% 

Sonoco OU1B2453 32 21% 21% +% 

sutet on 101634 a% x% 21% +% 

SptogNAX OX 34 3X 18% 15% 16% -% 
St JndeMd 040 13 1823 31% 31 31% 
StPauBcx 030 9 880 X% 20% X% +.08 
Befit 1 367 1ft 1ft 1% 

state a 7537 X% 24% 25% +% 
State Str 080 183573 37% 37% 37% -% 
StdlBoa 101BB2 15% 14% 15% +% 
SUM* 098 14 223 21 20% X% -% 

Steel Tec OX 19 18 17% 16% 18% -% 
StaMfUSA 0X41 80S 11% 11% 11% -% 

stani 144 noo x% 20% 20% 

SfeBHlifl 1.W 13 242 21% 21% 21% -% 
StmcdDy 18 833 7% 7% 7% +* 
SDJW 0X251518 31% 30% 31% +% 
SitoenD X 167 15% 14% 15% +% 
SUnKnMB an 27 10 X% 23% 23% 
SumtoBc 0B4 14 410 2% 22% X% -% 
SunmATe » 7X 29% X% 28% -% 
Sun Spat 10 140 4% 4% 4% +* 
SUBHC 12 9322 X% 21% 21% -% 
SwKTn X IX 25 34% 34% +% 
SKtelnc 4429808 39038% 37% -1 

Syraerm: 33 2398 12% 12% 12% 

SyrnBay 040 19 M X 19% 19% 
^wream 72 5 3% 3% 3% +% 

Synapn 1 2820 4% 4% 4% 
Syneac 58 n 14% 13% 14 -% 
Syaapdct 133995 14% 14% 14% +% 
SyttmGaR 012 U 872 13 12% 12% -% 

SywnSco X 383 16% 15% 15% -% 
Sytexta 24 183 8 5% 5% -* 


-T- 

T-CeflSc 6 IX 3% 03% 3% -% 
TrawePr 052 161524 X% X% X% +% 
TBCCp 131506 10 9% 9% -* 
TEA Odd# 0*4 27 62 23 2% X+% 

ltdflta 9 375S 15% 14% 15 -ft 

Teetotal 080 13 X 90 48 50 +« 
TnkntoC 2 55 8 7% 7% J, 

TeteoSy* 9 616 12% 12% 12% -% 
TekCHonA 3283025* X 22% X +ft 
TeMM 7 360 4% 4% 4% +% 

Ttote X 3108 35% 33% 34% +% 

TMxon Cp 001 81 BBS 15 14% 14% -% 
THra Tec X 173 uB% 9% 9% 
TanPMDR OX 30 9619 28% 28% 29% +2% 
Three Com 54 7508 51% «% 49% -1% 
TJM OX X 1082 19 18% 18% +% 
Tote Med 2 631 3% 3% 3% 

Tokyo tor 034 37 2 92% 62% 82% -1% 

ton BRUM 80 201 15% 15% 15% 
tote Cox 028325 500 6% 8% 9% +% 
TO Enter 4 BBS 7% 7% 7% -* 

Tranwdd ID 10 10%di0% 10% -% 
Tiemrt* in 10 X 37% 37% 37% -% 
Item 7 3 2.40 2.40 2.40 

TrimUa 56 207 10% 10% 10ft -* 
TmtcaSkC IjOO 12 X X 22% X 
TnofllM 0X 12 889 7% G% 7% +% 

itoFM an » 459 » x% 23% 


- o - 

OChwhys X 71 19 17% 17% ■% 

Octal CM 15 248 19% 19% 19% +% 

UUnU 13 988 12%d12% 12ft +* 

Ogtabw* OM 9 2(08% ZT% 27% -% 

OhtoCS m G 321 30% 28% 29% +% 

OH KM 1.16 10 200 33% 33% 33% +% 

OldHaUB 092 IB IX 38% 038 38 -% 

Otencnp in 63348 28% d2B Z7 -1 


One Pith 

11 

184 15 14% 14% 

-% 

Optical R 

X 

97 22% X 

X 


OnctaS 

5321 982 38% 38% 38% 

■% 

Orb Sow 

37 

B31 15% 14% 14% 

-% 

(Martadi 

anx 

X 8 7% 

8 

■% 

OrchdEim 

9 

74 13 12% 

13 

+% 

OragertM 031 11 

145 5% 5% 

5% 

+% 

(Map 

7 

142 2% 2% 

2 % 


QehkBA 

041 45 

858 14% 14 

14 

■% 

DehkoHiT 

on ii 

30 11 10 % 

11 

+% 

QttarTal 

1.7213 

34 31 » 

31 



-1 

P-Q- 




Paccar in 14 982 52% 50% 51% +1% 

Factttoap 038 13 107 18% 13% 13% +-% 

PTefcm 132 17 111 26% 26% 26% +% 

PwdRCra 21 672 53% 51% 81% -% 

Pxrame tiC 295401 24% 24 24% +% 

Payctwx 02*41 3087 34 33% 33% -% 

RwaAn 33 X 9% 8% 0% +% 

Paaden 050 44 16 10% io>* 10% 

PanoTiiy 8 Z100 13% 13% 13% 

taamtag in 72 413 32 30% 31 +% 

PKiarx 072 16 IX 37% 38% 36% -1% 

FMachl 15 419 5% 6% 5% +% 

PteastL OX 24 119 21% 21% 21% 

PBOpiMH 024 12 1197 12% 12% 12% +% 
Petals 1.12 17 X 33% 32% 32% 

Pham** X W1 10% 9% 9% -% 

PtawatTefl x 446 4% 4% 4ft -* 

PIccarti 048 4 10 9% 6% 9% 

Pttintl X 375 13% 12% 13% +% 

PMuratoo <2 IX 16% 18% 16% +* 

mnearfiB MO 27 989 30% 38% 39% 

Plomertfi 0* 23 2*2 33% 33% 33% 

PtawoSt 012 14 190 27 »% 26% 

Ponca Fed 5 X 8% 8% 8% 

ROMS 17 290 8% 9% B% +% 

Pres We 009 3 155 7 6% B% -% 

Prantak 1461112u39% 37 39%+l% 
Prfflan 23T«« 15 % M% 15% +% 
PlkbPot 43 337 5% S% 5% 
PrWnm X 247 14 12% 12% -1 

AB0Opl*a»22 E0 25% 24%. 24% 
Ftrtmfl 012 7 1» 13% 17% 18 +% 


- U - 

[fitter an 1228019 37% 35% 35% -1% 
Utah 21750 8 5% 5% 

UattosG* in 13 12 16% 15% 15% -% 

US tot 200 11 48 51 80% 50* -* 

IMbdSt 040 8 17 9% 9% 9% +% 

Unfeg are 21 3*2 27% 27% 27% -% 

Unttrtn MO 21 537 36% 38% 38% 

USBancp 0X 101155 25% X X% +% 

US Energy 32 SB +% 4% 4% +% 

USTCop 1.12 9 168 12% 12% 1%; +* 

Utah Mad 13 471 8 7% B 

U0THW 11 56 51 50 51 -1 

Uto 125622 4* 03ft 4% •% 


- V - 

Vahnort OX X 287 18% 16 19 -% 

VhgrdGHI X 238 36% 35% 38+% 

Verflone 161108 16 17% 17% -% 

Wcor 321349 21 X 20% -% 

VleorpM B in 15% 14% 14% +% 

VtovdaglB 21 744 17 18% 16% -% 

VLSI Tech 31 14S2 14% 13% 14% 
VttwB 084 17 41 95% 95% 95% +1% 


- w- 

mnwEfl OlO 16 1321 24% 23% 24 +% 

mmtah 75 213 4% 4% 4% +* 
Hta)MU5BHL72 7 341 20% 19% 20% 

mehFedSL ore 9 in 21% 21% 21% -% 

WsttHndA 022 9 IBB 23% 22% X% -% 
WaacauPM 024 15 H 24% 24 1 , 24% +% 
IND-40 2A0 IS 196 40% 40 40% .% 

Mate 5 818 8% 03% 3% J, 

WariOw 07212X32 30% 29% 30% +V 
WMPut) B 1587 10% 18% 10% +% 
tataSIA 1 1071 15% 16% 15% 
mtSaeiA 9 140 2% 2* 2* ♦> 
wtum an X 1877 48% 47% <8% +\ 
WnaSaxm 71 579 32% 31% 3f% -i 
WahtonL OX 14 45 18% 1S% 16% +% 
HfltllOt 040 » 9*2 1B% 19 19% J% 
M>PGmq> 0UD3X668B 3% 3* 3* +* 
Wymwt-GdrO.40 1 417 6% 5% g +% 


X- Y-Z - 

X»« 22 2796 34% 32% 34% +2% 

XanaCop 1 926 2% 02% Z% +% 
veto. OM X 801 19% 19% 19% +% 
Tafcftai IX 309 4 3 % g% jJ 
ZlowUWI 1.12 9 12 39% 38 39% +1 





36 


WORLD STOCK MARKETS 


FINANCIAL TIMES 


Tuesday July 26 1994 



AMERICA 


US oil groups 
Q2 disappoint 
the market 


Wall Street 


US share prices were mixed 
yesterday morning in a lack- 
lustre session highlighted by 
the second-quarter results of 
the leading US energy groups. 
writes Frank McGurty in New 
York. 

By l pm, the Dow Jones 
Industrial Average was 2.94 
better at 3,739.98, while the 
more broadly based Standard 
& Poor's 500 was up 0.63 at 
453-74. 

Volume on the Big Board 
was a light 125m shares by 
early afternoon. 

In the secondary markets, 
the American SE composite 
was off 0.14 at 433.31. and the 
Nasdaq composite slipped 1-49 
to 715.19. 

The restrained tone which 
bad dominated trading last 
week carried over to yester- 
day's opening. Prices began 
firmer but tailed to make much 
headway, with the market held 
in check by renewed uncer- 
tainty over the timing of the 
Federal Reserve's next move to 
tighter money. 

With Mr Alan Greenspan’s 
recent warning on Interest 
rates still ringing in the ears of 
equity investors, the market 
looked tor guidance elsewhere 
and came up empty. Activity 
in the bond market was as non- 
committal as in stocks, and 
there was but a shred of sec- 
ond-tier economic guidance on 
offer. 

The National Association of 
Realtors announced that sales 
of existing homes last month 
had dropped 3.6 per cent The 
news, while nominally support- 
ive of a scenario which sees 
the Fed delaying its next strike 
on rates, was merely shrugged 
off. 

Instead Wall Street concen- 


Canada 


Toronto was weak at midday 
as the battle for Lac Minerals 
and second quarter results 
drew the market's attention. 

Losses led by golds, finanria) 
services, and conglomerates 
outpaced gains in metals and 
minerals, and forestry prod- 
ucts. 

The TSE 300 index was down 
9.67 to 4,166.49 in midday vol- 
ume of 23.11m shares. 


MARKETS IN PERSPECTIVE 







Kehwiga 

% Otatga 


* dwoBB la load cwrancy f 


rat*** 

kiUBSf 


IM 

4 Weala 

Uw 

sun N 

Sana! 

Stand 





DM 

ttW 

1984 

Austria . — - 

+OS3 

+1-82 

+9.78 

-7.91 

-3.30 

-0.14 

Belgium 

+2.08 

+2.18 

+6.42 

-5.12 

+1.15 

+4.45 

Denmark 

+5.00 

+5.57 

+2128 

+1.19 

+637 

+9.85 

Finland 

+4.24 

+10.54 

+47.23 

+16.96 

+24.41 

+28.47 

France — .. 

+3.30 

+6.60 

+638 

-926 

-ASS 

-124 

Germany — . 

+2.05 

+5.76 

+14.61 

-6.60 

-1.57 

+1.65 

Ireland 

+2-24 

+9.08 

+16.05 

+020 

+3.73 

+7.12 

Italy 

+2.91 

+621 

+28.49 

+19.79 

+2536 

+29.45 

Netherlands . — „ 

+3.16 

+4.61 

+1558 

-4.59 

+023 

+3.50 

Norway 

+3.24 

+10.94 

+23.63 

+5.75 

+10.75 

+14.37 

Spain ..... — 

+1.72 

+3-58 

+14.79 

-6.76 

-1-93 

+128 

Sweden 

+3.76 

+8.99 

+24.92 

+3.93 

+6.99 

+10.49 

Switzsriand 

+3.35 

+048 

+12.03 

-1053 

-4.84 

-1.72 

UK 

+1.35 

+8.10 

+10.59 

-8.40 

-8.40 

-5.41 

EUROPE .. .. 

+228 

+6.09 

+1340 

-5-97 

-227 

+021 

Australia 

-0.52 

+1.60 

+1420 

-4-68 

+0.80 

+4.10 

Hong Kong 

+0.20 

+2.67 

+36.49 

-2328 

-28.37 

-23.96 

Japan 

-1 -99 

-2.52 

+0.40 

+1229 

+2223 

+26.94 

Malaysia 

-0.71 

-1.02 

+38.66 

-23.18 

-22.64 

-20.12 

New Zealand — 

+0.92 

+0.18 

+18.43 

-850 

-2.01 

+1.18 

Singapore 

-027 

+0-35 

+25.74 

-12.66 

-9.9 9 

-7.04 

Canada 

-0.02 

+5.18 

+11.98 

-2.07 

-8.89 

-5.91 

USA 

-025 

+2.43 

+1.63 

-2.62 

-5.70 

-2-62 

Mexico 

-1.90 

+0.55 

+35.18 

-13.05 

-23.18 

-20.67 

South Africa ....... 

-0.59 

-0.79 

+41.87 

+13.19 

+2.66 

+6.02 

WORLD INDEX 

-0.15 

+1.70 

+566 

-044 

+1-59 

+422 


t Basod on My ZM fflM. Copplpm. The Rnancfttf Tfam IMM Oattoan. Seda S Qxwid 


Local investors in the Nordic markets, who traditionally 
take summer holidays earlier than their southern Euro- 
pean counterparts, are retaining to work to find that the 
bourses have been putting in strong performances, albeit 
in low turnover. The Nordic countries were among the 
best performers over the last week, and month, as they 
continued to pick up after their uncertain performances 
earlier in the year. In addition, Denmark saw a strong 
performance by banks, helped by a rising bond market, 
while foreign analysts have also proved enthusiastic 
about the outlook for TeleDanmark and DDL. the Danish 
part of SAS. Sweden witnessed foreign demand for Volvo, 
while Outokupu and Nokia were the driving force behind 
Finland's improvement Norway had high expectations, 
in the event justified, of yesterday’s results from Norsk 
Hydro. Mr Richard Lilley of Unibank commented that the 
figures were likely to confirm that positive tone as inves- 
tors turned their attention to next month’s raft of half- 
yearly corporate figures. 


FT-ACTUARIES WORLD INDICES 


EUROPE 


Continent is becalmed in summer doldrums 


trated on further news on how 
the corporate sector had fared 
during the second quarter. The 
overall impression was not par- 
ticularly favourable, but few 
stocks were hit hard. 

More notably, Wall Street 
was disappointed with the big 
oil groups, which reported 
their downstream profit mar- 
gins bad come under pressure 
as crude prices climbed during 
the second quarter. Among the 
companies reporting, Mobil 
dropped $1 to $83%. Texaco 
dipped S'/< to $62% and Exxon 
was off $‘A to $49. 

By contrast. Black & Decker 
surprised analysts by posting 
better -than-expec ted earnings 
of 24 cents, up from 20 cents in 
the year-earlier period. The 
tool maker’s stock was marked 
up $1% to $18%. 

Capital Cities/ABC appreci- 
ated $1 to $79% on its 
announcement of net income 
of $1.23 a share, up from 92 
cents a year ago. CBS added 
$2% to $311 after the media 
group began a programme to 
purchase 3.5m shares at $325 
each. 

McDonnell Douglas dropped 
$4%, or 3.6 per cent, to $110%. 
The downturn was a negative 
reaction to the company's deci- 
sion to explore the develop- 
ment of a new 100-seat com- 
mercial aircraft. 


The high-summer doldrums 
begun to take their toll yester- 
day. Madrid was closed for a 
public holiday. 

MILAN, however, was once 
again unsettled by news of the 
arrests for alleged corruption 
and the raid on the offices of 
Mr Silvio Berlusconi's Fin- 
invest group. 

The Comit index gave up *L36 
to 726.09 in light trade as prof- 
its were taken after last week's 
rally. 

JP Morgan, enthusiastic 
about the outlook for the Ital- 
ian market before the general 
election, has reduced its target 
for file market for this year 
and next, and has cut its 
weighting from overweight to 
neutral 

Mr Gary Dugan and Mr Hark 
HowcQe said that the lack of 
explicit commitment to any 
meaningful structural change 
in last week's budget, and the 
increasing squabbles within 
the coalition government, had 
led them to reduce their BCI-30 
targets from 190 to 175 at the 
end of this year and from 210 
to 200 by the end of 1995. The 
index stood at 169.74 yesterday. 

Mr Dugan added that fric- 
tions within the coalition 
might at the very least delay 
the progress of necessary 
reform. He would have expec- 
ted Mr Silvio Berlusconi to 


FT-SE Actuaries Share Indices 


Jd 25 

Hourly C lH Bfl H 


Qcert HUE :iJ30 12.CC 


THE EUROPEAN SERIES 
OK 14 00 15 00 dose 


FT-SE Brandi 100 138196 1W139 1333.52 133*33 13S*3? 1381M 138*10 136*93 

FT-SE 6raatfc 200 143093 1*19 74 1*22*9 1422*5 142207 H2UJ7 1421 23 1421 28 


■Id 22 


Jut 21 


Jd 29 


M 19 


IS 


FT-SE fates# 100 1237 40 127194 :3S7j6 lSfil.7] 12*6-1 J 

FT-SE eunara* 3» 142*29 1*0725 !«?S7 M0S5* 138 1-6? 

Base icon 1 * 1099 . <00 - aa • ice to 13 * 07 : 10 c - 131.0 3B0 - i*il£n 


push the pace, but for now, the 
prime minister had lost some 
political power following bis 
clixobdown on the penal law- 
decree last week, while the 
political developments over the 
weekend had served to com- 
pound the problems. 

Industrial stocks consoli- 
dated last week's gains with 
Fiat easing L20 to L7,010 and 
OHvetti L30 easier at L2.540. 

Telecommunications issues 
were harder hit with Sip giving 
up L7D to L4.517 and Stet losing 
Hil or 2 per cent to L3.497. 

PARIS was lifted by a rally 
in the bond market, but with 
turnover down to just FFr2bn 
there was tittle excitement 
about. 

The CAC-40 index rose 1S.43 
to 2,069.84, on the first day of 
the new account, as futures 
broke through a resistance 
level 

Analysts noted that the last 
account period bad been the 


first positive one since January 
- over the calendar month the 
CAC rose 7 per cent and 6 per 
cent on the trading month. 

Mr Michael Woodcock of 
Nikko Europe noted that the 
main factor affecting senti- 
ment was the dollar. 

EuroDisney fell to FFr10, 
down FFrl.70. in volume of 
some 8m shares, as arbitrage 
between rights and shares 
intensified.^ 

FRANKFURT fell during offi- 
cial hours as some profit-tak- 
ing emerged following the 
gains of last week. The Dax 
index ended off 14.04 at 
2.136.22. 

In the Ibis there was a mod- 
est gain to 2.144.41. 

Turnover was DM6bn. 

In an analysis of the market 
written before last Thursday's 
Buba meeting Robert Fleming 
Securities said that the bank- 
ing sector would continue to be 
held back by capital market 


losses "and by the hangover of 
growing the loan book strongly 
during Che recession. Both con- 
sumer and construction sectors 
Eace an uphill struggle in the 
medium term, and we would 
remain cautious." 

Among the day’s activity 
Daimler rose against the trend, 
up DM14 at DM786, helped, bro- 
kers said, by the positive state- 
ment from its Mercedes unit on 
Friday. 

Among groups due to report 
results tomorrow Deutsche 
Bank fell DM4 to DM728.50. 
Commerzbank DM4 to 
DM337.50 and Allianz DM43 to 
DM2,472. 

ZURICH was mixed in quiet 
trade, and the SMI index fin- 
ished 2.0 higher at 2£01J2. sup- 
ported by strength in pharma- 
ceuticals and cyclicals. 

Ciba registered shares, seen 
as cheap compared with others 
in the sector, put on SFrl7 to 
SFr7S8 while Roche certificates 
overcame some early weakness 
to finish SFr25 higher at 
SFrS^iS. 

Among cyclicals, Alusuisse 
rose SFrl2 to SFr682. 

BRUSSELS, encouraged by 
news that the government had 
reached agreement over the 
1995 budget, saw the Bel-20 
index lift 12.74 to 1,445.80. 

Turnover was BFrL2bn. 

Soxne analysts remarked that 


Norsk Hydro 


Share pnce (NKr) 
260- - 



Sources Dotastrwm 


overall strength was helped by 
the dollar, a rise in the bond 
market and optimism over the 
success of budget talks. 

Solvay and Beknert featured, 
the former gaining BFr275 to 
BFrl4,475 and the latter BFM50 
to BFr27,100. 

STOCKHOLM was tittle 
changed although there was 
some selling in Ericsson 
shares. 

The AffarsvSrlden general 
index sliped 0.7 to 1,465.0. 

Ericsson's B share dropped 
SKrS to SKrtOl in active trad- 
ing. Profit-taking in the stock 
was seen, together with nega- 
tive domestic comment. 

Turnover dropped to 


SKrLSRm from SKtLSHhl 

Volvo rose SKrtO to SKr745 
on speculation that it found a 
buyer for all or parts of its 
subsidiary Branded Consumer 
Products. 

Forest sector shares contin- 
ued to outperform, bolstered 
by the weak currency, earn- 
ings expectations and expecta- 
tions of product price 
increases. The sector index 
rose 1.4 per cent with Store up 
SKr7 to SKr4i7 and. SC A up 
SKr4 to SKrlSO. 

OSLO finished marginally 
weaker as profit-taking eroded 
early gains inspired by the 
results from Norsk Hydro. The 
All Share index dipped LSI to 
641.95 in turnover of NKr487m. 

Norsk finished NKrZ higher 
at NKr251, after an early 
NKr257.50, in response to Its 
better than expected second 
quarter results. 

COPENHAGEN was 
grounded by the summer lull, 
the Top 20 KFX index slipping 
0.37 to 107.96 in low turnover 
dominated by the banks. Den 
Danske Bank slipped DKr5 to 
SKr354 and UmDanmark eased 
DKr4 to SDi241. TOeDanmarfc 
was the most heavily traded 
issue, giving up DKr4 to 
DKr3I8. 


joe 


jf?s 


i 1 sn 






Written and edited by John Pftt 
aid Michael Morgan 




ASIA PACIFIC 


Nikkei falls to 2-month low on arbitrage selling 




1CV - \\.x 


Tokyo 


Share prices fell on arbitrage 
selling prompted by lower 
futures prices and profit-taking 
by overseas investors, and the 
Nikkei average closed at a two- 
month low. unites Emiko Tera- 
zono in Tokyo. 

The Nikkei 225 issue index 
closed down 165.23 at 20,297.66 
after a high of 20,42759 and a 
low of 20,224.04. The Topix 
index of all first section stocks 
declined 16.(77 to 1,621.79 while 
the Nikkei 300 lost 2.77 to 
293.76. Declines led advances 
by 839 to 167. with 170 issues 
remaining unchanged. 

In London, the lS£/Nikkei 50 
index was down 1.65 at 1,307.88. 

The dollar's fall against the 
yen following last week's brief 
recovery, discouraged dealers. 
Overseas investors also placed 
sell orders to lock in profits 
from the high yen. 

Volume was low at 226m 
shares against 278m. Fears that 
the dollar will remain under 
the YlOO level against the Japa- 
nese currency bought about 
prospects of felling profits at 
the leading exporters. "Worries 
over the yen are weighing on 
the thin market," said a Japa- 
nese broker. 

High-technology blue chips 
were hit by selling. NEC fell 
Y30 to Y1.170 and Mitsubishi 
Electric lost Y22 to Y677. Con- 
sumer electronics companies 
were also weaker with Sony 
down Y160 to Y5.790 and Pio- 
neer Electronic declining Y150 
to Y2.760. 

Brokers were down on profit 
concerns due to the recent 
decline in stock market activ- 
ity. Nomura Securities fell YS0 
to Y2.240 while smaller bro- 
kers. which are more vulnera- 


ble to falls in stock trading 
commissions, declined. Mara- 
san Securities sank Y80 to 
Yi.140 and New Japan 
Securities retreated Y55 to 
Y840. 

Nissan Motor fell Y57 to 
Y750. Aside from the higher 
yen, investors were also dis- 
couraged by reports that the 
company will need to recheck 
700,000 vehicles following a 
government guidance to curb 
suspected carbon monoxide 
leakages. 

Meanwhile, some individual 
investors dabbled in specula- 
tive favourites. Sugar refiners 
rose in the morning session on 
a cancer drug developed by 
Ensuiko Sugar Refining on the 
second section. However, later 
profit-taking eroded the gains 
and the stock closed down 
Y110 at Y1.900 while Mitsui 
Sugar dropped Y17 to Y595. 

Some retailers were higher 
on the rebound in consump- 
tion. Mi ts uk os hi rose Y10 to 
Yi.030 and Tokyu Department 
Store gained Y16 to Y806. 

In Osaka, the OSE average 
fell 233.14 to 22,688.74 in vol- 
ume of 56m shares. 


by its poorer-tban-expected 
interim profits, eased 30 cents, 
or 1 per cent, to HKS31.40. 

profits. 

Sincere fell 17 cents to 
HKS2.01 after reporting an 89 
per cent drop in annual profits. 

SINGAPORE was stronger 
on bargain-hunting, with a late 
round of buying support for 
blue-chip issues from overseas 
investors. The Straits Times 
Industrial index put on 13.04 to 
2J212SS, slightly off the session 
high of 2.214.5. Brokers said 
that sentiment was assisted by 
renewed buying interest from 
overseas investors. 

Cycle and Carriage rose 20 
cents to SSI 1.20 dlrs. Fraser 
and Neave put on 20 cents to 
SS16.S0 dlrs and City Develop- 
ment 10 cents to S$&65. SEOUL 
dropped on widespread selling 
of blue chips. The composite 


index dipped 11.46 to 939J2. 

Among the risers Kukje con- 
tinued to perform in anticipa- 
tion of better performances as 
a result of diversification. It 
went limit up. gaining WonSlO 
to Won9,6lQ in volume of L3m 
shares. 

TAIPEI closed higher as low- 
er-priced stocks that had 
lagged recent rallies began to 
surge. The weighted index 
increased 13L77 or 2 per cent 
to 6.688.00, its highest level 
since on June 6. 1990. Turnover 
was T$107.7bn. 

Buying appeared in lower- 
priced electronics stocks while, 
among financials , ICBC gained 
the daily seven per cent limit, 
rising T$6 to T$98. 

MANILA rose sharply on 
expectations of good second 
quarter results due out soon. 

The composite index dosed 


63.36 up at 2,771.51 

Brokers said that they expec- 
ted some profit-taking to creep 
in today, but expected the 
upward trend to continue for 
some time. 

Turnover was 1.45bn pesos 
after Friday’s l.4bn. 

KUALA LUMPUR improved 
slightly, the composite index 
adding 352 to 1,004.38. Turn- 
over eased to M$515m from Fri- 
day's M$598m. Malaysian Mr- 
line System slipped 5 cents to 
M$6.50 as Malaysian Interna- 
tiona] Shipping added 10 cents 
to M$&80. 

SYDNEY ended lower with 
sentiment affected by fears of a 
possible rise in interest rates. 
The All Ordinaries index 
slipped 4JZ to 2.04&3 in turn- 
over of A$262m. 

One brokers noted that the 
Reserve Rank of Australia was 


meeting today and CPI data 
was expected on Wednesday. 

Mining stocks were mostly 
firm-. CRA up LQ cents at 
AS18.80 and WMC adding 10 
cents to AS7.45, 

In banks, NAB added 6 cents 
to A$ll.QQ, ANZ lost L cent to 
A$4.ll while Westpac and 
Commonwealth Bank shed 2 
cents apiece two to A$4.73 and 
A$&02 respectively, hi contrast 
Advance Bank surged 26 cents, 
or 2.7 per cent, to A$3.76. 

KARACHI eased on profit- 
taking and a lack of institu- 
tional support on settlement 
day but financials remained 
firm on prospects of good 
results. 

The KSE 100-share index fell 
2559 or 1.16 per cent to 2^2364 
points. Losers led gainers 194 ecu. 
to 99. 





ijsii Jur» 


Roundup 


Market activity was mixed yes- 
terday. 

HONG KONG rose slightly 
after moving within a narrow 
range ahead of today’s govern- 
ment land auction. 

The Hang Seng index added 
21.63 to 9,174.62 in turnover of 
HK$2.6bn against Friday’s 
HK$2.7bzL 

HSBC Holdings topped the 
active list, rising 25 cents to 
HK$89.75 against the day’s 
high of HKS90.75. Hang Seng 
Bank fell 25 cents to HK$53.75. 

Bank of East Asia, depressed 


Johannesburg strengthens 


South African shares were 
supported in slow trade, but 
dealers said sentiment 
remained mixed amid concern 
abont world equity market 
direction. 

The overall index put on 19 
to 5,568, industrials 46 to 6,420 
and gold 3 to 2,050. 

De Beers added 50 cents to 
R 108. 75 and SAB 75 cents to 


75 


R86.75. 

Richemont picked np 
cents to close at R38.25. 

Brief ontein fell 50 cents to 
R63.00, while Freegold gained 
Rl.50 to R5&50. GencoT lost 5 
cents to SI 1.55 ahead of 
today’s announcement of the 
details of its deal to purchase 
base metals mrmng group Bil- 
liton from Royal Dutch Shell. 


Jointly compiled by The Financial Times LtcL. Goldman. Sachs A Co. and NatWOst Secutttss Ltd. tn conjunction with the Institute at Actuaries and the Faculty of Actuaries 
NATIONAL AND 


REGIONAL MARKETS 
Figures In pa eni tage s 
show nurtber at Enes 
at stock 


Australia (88) 

Austria 117) 

Belgium (37) 

Canada (1061 

Cfenmsfc (33) 

finfcmd (24) 

France (97) 

Germany |S© 

Hong Kong (58) 

Ireland (14). 

Italy (61J-... 

Japan (469) „„ 

Malaysia 0«.— - 

Mexico (IS) - 

Nettwrtmd GTH 

New Zeeland (14) 

Norway 123) 

Singapore (**)— 

South AMO 69} 

Spain (42) 

Sweden (36) ..... 

Switzerland (47)^ — _ 


EUROPE (720)— 

Nonfc (116)— .. 

Pactfc Baaln (7*9) 

Euro-Pednc (1469)- 
Noflh America (B2S) 
Bwope Be UK (616) 
Pacific Ex. Japan (280) .. 
WWW Ex US (1052) 

W 01 W Ex UK (1967) 

World Bl So AT. (21 
World Ex Japan (1703-, 


US 

Day 'a 

FP 

Pound 

hDAt JUJ 

LY 22 191 

*4 

Local 

Local 

Grv39 

US 

THURSO. 

Pound 

HY Jl/LY 

21 1994 

local 

DCS 

-LAH INC 

«X 

Year 

Dcflar 

Cfungo 

Sterflng 

Yen 

DM 

Curoncy % chg 

Ov. 

Doflar 

Stertng 

Yen 

DM Currency 52 week 52 weak 

ago 

Index 

% 

intern 

Index 

Index 

Index 

on day 

Yield 

Index 

Index 

Index 

Index 

Index 

High 

Low 

appro*) 

173.71 

1.0 

16059 

10040 

144.00 

1S5JJ6 

02 

X54 

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aw / re * Mown TMwc - A - ( Cams ). Latest pren me jnavaraw fer eua stftkn 


Eurohedge. 


LIFFE’s Three Month 
ECU Futures Contract. 


The greater your ECU interest rate exposure, the more you 
should know about this important risk management tool. 



UFFE has now introduced two additional delivery months in 
response to member and market demand, bringing the total 
number of delivery months to six. This has been made 
possible by the renewal of the designated market maker 
scheme. 


The following major institutions will continue to ensure 
liquidity, upon request, in ail delivery months of the three 
month ECU futures contract 


HSBC Futures, a division of Midland Bank pic 


IstHuto Bancario San Paolo di Torino S.pA 
Knedietbank N.V. 


NatWest Futures Limited 

(acting on behalf of National Westminster Bank Pic} 


UBS Futures & Options Limited 

(acting on behalf of Union Bank of Switzerland) 


For further information, please contact Angelo Pronl or 
Jonathan Seymour at UFFE on +44 71 379 2467/2425. 


Cannon Bridge, 
London EC4R3XX. 
Tel: *44 71 623 0444 
Fax; +44 71 248 5864 



The London International Brands! 
Futures and Options Exchange 


W-«i* 


'-TSXZx-j' 


UK 


Irjff pg»;. 

r. 

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