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France looks izt 
pension r^rm 

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TanaHiwiaw fitflwre 

Howayisidn 

uimedsofolfy 



TronbledwatCTS 

Fish farms and 
the environment 



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Today*s surveys 

Tunisia 
Bank of England 

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- £.. 


FINANCIAL TIMES 


£ 






■.£urope:s'‘Sus 1 ness' ev/spaper .■• 


Boeing profits 
hit by sharp 
fali in deliveries 

Boeingi Seattle-based aerospace group, suffered a 
near 50 per emt &U in second-quarter net paming g 
to mainly because of a sharp downturn in 
aircraft deliveiies. Boeing's chaiimm chief 
esecutive, Frank Shrontz, confirmed forecasts of 280 
deliveries for the full year, with production showing 
a 20 per cent decline in the second half from the 
first Page 13 

Loans for Tanzmila aHa ek ada World Wanir 
loans exceeding Sibn to Tanzania in the 1960s and 
1970s helped sustain a "pooriy thou^t-out Soriatiat- 
experiment”, according to a nnnfiripntiai in te rnal 
report drawn up by the agency. Page 12 

Deutsche Bank managed a 1 per cent rise in 
first-half operating profit to DM2.66bn <^69bn;, 
despite a sharp fall in earnings from own accoiiot 
trading. Page 13; Lex, 12 

Russian companies ts cam their lancfc 

Russian pnmpnwiaB have finally been given the 
ri^it to own the land on irtiich th^ stand, in spite 
of many concessions to conservatives in a new pri- 
vatisation decree. Page 12 

Turo-race suspension for Schumacher 

Formula One champion 
ship leader 1993 
champinn Michael Schu- 
macher Qeft) was 
suspended for two races 
and docked six points for 
infractions during the 
British Grand Prix ear- 
lier Ilrig mninth. SchU- 
macher was punlsdied for 
overtakhig eventual win- 
ner Damon Hill of 
Bcitain during the 
warm-up lap and later ignoring a ‘'black flag” warn- 
ing to ocone into the pits. Clerk of the course Pierre 
Aumonier was suspended for a year. 

^Mrodpn Donmark Ifaiks Tenders wiU go out in 
September for the first fixed 1^ between Sweden 
and Denmaik following Sweden’s go-ahead fbr one 
of Europe's biggest infrastructure projects. Page 4 

Arftw* ban to go to European Court; Two 

Court jne^ referred the DK government ban 
on Gerry Adams, president of Sinn Fiin, the politi- 
cal wing of the IRA, visiting mainland Britain to 
the European Court of Justice. Page 6 

Ocnoor, the South African mining house, is to pay 
$1.14bn tm most of the metals and minerals 
operations of the Royal Dutch/Shell groiqi, which 
trade under the Billiton banner. Page 13: Lex, 

Page 12 

Japanero cautiom 1116 recovery of the Japanese 
economy is continuing, but could be knocked off 
coarse, says a report by the govermnent's Economic 
Pl anning Agency. Page 3 

Digital Equipment reported fourth-quarter 
losses of $1.75bn and a heavy loss for the fourth 
consecutive year. Page 13 

Steady UK recovery Further evidence that UK 
manufacturers are seeing steady economic recovery 
emei^ after a business survey reported the fostest 
rise in manufacturing order books for almost six 
years. Paged 

UN staff pirfled out: 'Rie United Nations 
operation in Somalia evacuated its civilian expatri- 
ate staff from the central Somali town of Belet 
Huen after g unmen looted its compound. 

Mexican candidate hurta Mexico’s main leftist 
pppoation party, the Party of Democratic Revolu- 
tion (FRD), has demanded an investigation into a 
road accident thpt left Amando Avendafio, candi- 
date for governor in the southern state of Chiapas, 
seriously injured, and three colleagues dead. Page 4 

US consumer confidence edged lower this 
month but remains close to a four-year hi^. the 
New York Conference Board, a business informa- 
tion group, said. Pa^ 4 

DiiliiJpr nnni plans to invest DM250m (£102.5m) 
in commercial projects in Vietnam over the next 
five years. Page 4 

Kmeakh blast irM* five: A natural gas explosion 
in a SvestoreY apartment block in the town ci Len- 
inich pflflf the Kazakhstan cosmodrome at Baikonur 
kiDed five people, seriously iniured another four 
flTi d buried a further 27 beneath rubble. 

ChMagong clashofr* Four peopie were killed 
and nearly 150 injured in Chittagong. Bangladesh, 
in HafihftB between supporters of the United Stu- 
dents Forum, which opposed plans by the militant 
Jamaat-e-lsUuni party to hold a rally in the port 
dty. 


WEDNESDAY JULY 27^994 




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UAE DhISm 


Rabin warns of 
wave of terrorism 
after bomb blast 


■ STERUNG 

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■ 1 


By Jimmy Bums and Stewart 
Dalby in London, and Julian 
Ozamw in WiBshb^ton 

Israel’s prime minister Mr 
Yitzhak Rabin warned yesterday 
the world was feeing a new wave 
of radical Taiamir terrorism after 
a powerful bomb blasted the 
country’s embassy in London, a 
day after Israel signed a historic 
co-operation agreement with 
Jordan. 

The car bomb attack iniured 13 
people, extensively damaged 
embassy in West London and 
rocked nearby bnOdings in the 
c^tal’s “embassy row”, indud- 
ing Kensington Palace, where 
four members of the British 
Royal femily were iTriharmcrf 

Yesterday's blast followed a car 
bomb attack on a Jewish centre 
hi Buenos Aiies on July 18 which 
killed at least 96 people, and 
prompted Mr Rabin to suggest 
that European and American 
countries were at risk from “a 
wave” of attacks by metremists. 

“They continue a struggle of 
terror to kill Israelis, to fig^it 
against moderate Arab r^hnes 
and to do wwary thTTig to Under- 
mine any possibiltty ... to bring 
about a comprehensive peace 
between Israel and its nei^iboar- 
ing Arab countries and the Pales- 
tinians," he said. 

The blast at around I2.l0pm 
Oocal time) occurred without 
warning, afthmigh one embassy 
official said a vehicle driven by a 
woman bad been diverted by 
security staff from the main 
entrance minutes before the 


13 people injured in attack 
on Israel’s London embassy 


Moslem radicals try to shatter 
peace process 3 

explosion outside the embassy. 

Commander David Tucker, 
heml of Scotland Yard’s anti-ter- 
rorist squad in London, said last 
ni^t the police were seek^ a 
woman of SS to 60 years, believed 
to tove been driving the car. 
wbi^ was thought to contain 20 
to 30 pounds of commercial 
explosives. 

Asked whether there was a 
connection with the bomb in 
Buenos Aires, Commander 
Tucker said: “T^ was a much 
smaller bomb and the wwingntipn 
is obviously that the taiget is the 
Israelis.” 

Us Rachel Gordan, a member 
of the embassy press office said: 
“It was a huge, huge esploskm. 
Parts of the building just col- 
lapsed.” Another witness, builder 
Mr Michael Hassit who was 
wortjng nearby, said he saw a 
“big plume of smoke and debris 
go^ up to 200 feet up in the 
air”. 

Acording to Israeli officials, the 
London embassy together vrith 
other Jewish buildings around 
the world, have been on hei^t- 
ened seco^ alert since the Bue- 
nos Aires attack. However, the 
attackers clearly managed to 


exploit vulnerable security points 
around the embassy buildiDg in 
an operation which some secu- 
rity experts believe would have 
taken several weeks to plan. 

Mr Douglas Hogg, foreign office 
minister, described the latest 
attack as a “shocking offence” 
and promised that security in the 
UK would be stepped up. He 
added, however, that there could 
not be full security guarantees in 
an “open city like London”. 

Mr Rabin spoke shortly before 
be addressed a joint session of 
the US Congress with King Hus- 
sein of Jordan. The king told con- 
gress he had come to Washington 
to “secure a peace for all the chil- 
dren of Abraham”. He also cgilad 
for inte^aHrmal aid tO the 
peace struck between leaders 
“real to the men. women and 
children of the Middle Blast”. 

However, Mr Rainn said that 
unless the world mike iq> to a 
new threat Israel moderate Arab 
regimes and even European. 
American and Latin American 
countries would be at risk from 
Iranian-backed terrorism that he 
dabbed “Ehomeinism without 
Ehomeini”, referring to the fir- 
mer Iranian leader. 

Jordanian offirialp also said 
yesterday the Clintem administra- 
tion was semporting changes to 
shew Jordan -to receive excess 
Amerj.En military equipment 




. r* 



'•St:, '‘"‘■'r 



Congress hearings open 
into Whitewater affair 


White House counsel Lloyd 
Cutter (above) swears in before 
the House banking committee 
which is holding hearings on the 
Whitewater affair. Mr Cotier 
said President Bill Clinton’s 
close aides had breached no ettii- 


cal standards in discnssioiis with 
govemment r^nlatory officials 
in connection with the savings 
and loan institntton at the heart 
ofWhit^ater Report Page 12 


Banks warned on linking bonuses to profit 


By John Gapper, 

Barddng EdHor, In London 

The world’s banks have been 
warned not to tie the bonuses 
paid to financial derivatives deal- 
ers too closely to the profits of 
the products they sell, as this 
could create excessive risks. 

The Basle Committee of inter- 
national supervisors gave the 
warning in its guidelines for 
bank siqiervisors, published yes- 
terday, on how banks should 
man&ge derivatives such as 
swaps and options. 

Similar guiddines were issued 
yestmday to r^ulators of securi- 
ties firms by the International 
Orgmiisation of Securities Com- 
missions (Iosco). 

The guidelines come amid 
debate over the derivative trad- 


ing activities of banks and securi- 
ties firms and follow proposals 
from the Basle Committee earlier 
this month ttiat banks should 
have to hold more cafiital to 
cover derivative risks. 

Ttm Basle committee supests 
that banks could be at risk if 
their dealers - some of whom 
attract multimillion dollar 
bemuses - are paid m the profit- 
ability of the trades without the 
risks being consutered. 

Their guidelines place strong 
pwiphacig on scsiior directors of 
banks being told in plain lan- 
guage about Che risks they may 
be running. They say that the 
risks be translated into 

simple tenns in internal reports. 

Supervisors in individual 
Group of Ten countries covered 
by tite Basle committee are also 


told to ensure that hanks do not 
allow their traders to start selling 
new derivatives products before 
managers unders^d them. 

Mr Tommasso Padoa-Schioi^ 
the Basle committee chairman, 
said that the gnideli^ would be 
used to help banks improve risk 
management systems. “Our phi- 
loso{^ is that this is the re^Nia- 
sibility of banks, not supervi- 
sors,” he said. 

Bfr Padoa-Schioppa said that 
there was a danger that the pace 
of innovation was so fast that 
mani^ers could not keep up. 
“Managers must be absolutely 
sure they know as much as trad- 
ers about the risks to the com- 
pany,” he said. 

He said banks and securities 
regulators had worited jointly on 
guidelines despite the feet that 


they issued separate' documents. 
There has been a history of divi- 
sion between the two industries* 
supervisors. 

There was a significant split 
between the Basle Committee 
and Iosco last year, when efforts 
to devise joint rules on capital 
charges for trading activities 
broke down. 

Tbe Iosco guidelines warn that 
the potential profits from deriva- 


tives may lead firms to “ignore or 
underestimate” risks. 

Tbe Basle guidelines warn 
banks about the “liquidity risks" 
of being unable to unwind loss- 
making positions in volatile mar- 
kets. They also warn that banks 
should monitor the credit quality 
of companies with which they 
deal carefully. 

Good risk guides, Page 18 




Rwandan 
leader 
says UN 
role may 
ease crisis 

By Leslie Crawford in KIgaH 

Gen Paul Kagame, the 
commander nf the rebel Rwandan 
Patriotic Front, which took con- 
trol of the councrj* last nvek, said 
yesterday he would accept the 
presence of UN human rights 
monitors to guarantee the safety 
of returning refugees. 

The .rtrungmnn of the new gov- 
ernment. who bus taken the 
posts of vice-president and 
defence minister, said he wanted 
to persuade the millions of Hutus 
who fied ill fear of his Tutsi-led 
guerrilhis to come home. 

“The}’ have to give Kagame a 
chance to prove he is not what he 
has been portrayed to be,” he 
said. 

The propaganda of the ousted 
Hutu government, which Gen 
Kag.-unc fought for 3S years, 
depicted him ns an oEpv. Yeste^ 
day, in his well-cut cirilian suit 
and gold-rimmed glasses, Gen 
Kag^e looked more like a uni- 
versity professor than a profes- 
sional soldier. He appears much 
older t>4an his 37 years, having 
spent more than a third of his life 
as a guerrilla in the African 
bush. 

Perhaps because of a life si^nt 
in exile. Gen Kagame insists 
Rwanda needs a new political 
ideology that might break the 
cycle of ethnic hatred which has 
plagued bis small nation for 
decades. 

“Not all Hutus took part in the 
genocide of tbe Tutsi commu- 
nity.” he said. “Not all Tutsis 
were feudal cn-erlords in the past 
We need to create a country that 
belongs to all Rwandans. We 
need to educate t^ople on how to 
live together again. " 

He defended the dominance of 
the RPF in the new government, 
which includes four other politi- 
cal parties and Hutus in promi- 
nent posts. 

“The RPF will bav*e a strong 
voice in tbe new govenunent if 
necessary." said Gen Kagame, 
who prefers to speak English, 
instead of French, Rwanda’s offi- 
cial language. “This country 
needs to move. Someone must 
give it direction and a pro- 
gramme.” 


Continned on Page 12 
High price of dallying. P^ 10 


Brussels ready to approve 
subsidy for Greek airline 


By Kerin Hope in Athene and 
Emma Tucker in Brussels 

Greece is expected to win 
European Cmnmissjon approval 
today to giant Olymidc Ainrays, 
the lossmaking state carrier, a 


The Commissum is also eqiec- 


The Olympic Airways rescue 


w — 

Airline officials said Olympic 


had agr^ to waive its option on 
extendii^ its monopoly on 
domestic routes for five years 
after 1998, and would shut loss- 
making routes to Tokyo and C3ii- 
cago by the end of this year. 

In retuRL the Commission bag 
drop^ a demand that Olympic 
immftrtiateiy ops& up gToond han- 
dling operations at Greek air- 
ports to other carriers. Airline 
offirials say that retaining a 
monopoly on ground handling, 
whi^ brings in more than 
Dr35bn a year, equivalent to 15 
per cent of operating inoome, is 
crudal to retur nin g the carrier to 
profit. 

However, the Commission has 
already said that it piang to use 
special powers to break up 
ground handling monopolies at 
larger European airports, a move 
that would affect Athens airport 

The Greek government has 
also agr^ to stop interfering in 
Olympic's day-today operations 
and to accept dose monitoring of 
restructuring by an outside audi- 
tor, airline officials said. This 


will me^ among other things, 
that calrinet' ministers, civil 8e^ 
vants and Greek Orthodox 
cleigymen will no longer be 
allowed special discounts on 
tickets. 

Under the rescue plan, the afr- 
line’s management is to be over- 
hauled witti the help of outside 
consultants. Five out of 36 air- 
craft in its fleet will be scfld or 
returned to lessors, with no 
replacements before 1997. 

Hie plan also calls for a two- 
year wage freeze and mandatory 
retirement of 1,950 employees 
over file next three years. 

The rescue plan forecasts that 
Olympic’s Drl35bn loss in 199S 
would be transformed into a 
Drl4bn janfit next year, rising to 
DiftObn in 1997. 

Olympic Airways and Air 
France are the last of three ato 
line aid eases to come before the 
Commission this year. Earlier 
this month, it allowed Portugal 
to prop up the state-owned TAF- 
Air Portugal in return for a com- 
mitment to restructure. 


CONTENTS 


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U 



FINANCIAL TIMES WEDNESDAY JULY i? li)04 


NEWS: EUROPE 


Access is dividing regions - and the troubled Socialists - writes Tom Burns 


Water gets political 
in a very dry Spain 


W ater will begin tUck- 
lii^ today via a net- 
work of canals and 
aqueducts, from the nearly 
empty reservoirs fed by the 
Tsjo river in central Spain to 
the almost dry ones served by 
the Segura river more than 
aookms south east 
After one of the longest low 
rainfall decades on record, the 
transfer of water from the 
baked steppes of the Spanish 
plain to (he parched orchards 
on the Mediterranean has 
sparked a bitter debate, 
nowhere more so tiian inside 
the ruling Socialist party, 
which controls the two regions 
fitting for the water. 

The row centres on the irri- 
gation potential, or lack of it, 
of the Tajo-Segura imsvase a 
series of canals and tunnels 
that links the l.082km-long 
Tajo, which enters the Atlan- 
tic. as the Tagus, at Lisbon, 
with the 325km-long Segura, 
which flows into the Mediterra- 
nean south of Alicante. 

T^e issue is how water 
yhnuid be managed in a inainly 
dry country. As consumption 
has risen with expanding 
urban populations and 
enlarged agricultural areas 
under irrigation, water has 
become increasingly scarce - 
and poUticaL 

People in the Segura basin, 
one of Spain's richest fruit 
growing regions, are so low on 
water they have warned they 
might have to uproot their 
parched trees. The only way to 
get water to them is from the 
Talo, where pepple say they do 
not have enough to drink. 

Mr Jose Borrell, the public 
works minister who at the 


weekend ordered the sluice 
gates cm the Taio's Buendia- 
Entrepenas reservoir open to 
start filling the canal network, 
says he had to make the sort of 
dttirion.that vrould have “baf- 
King ^lomon'’. 

In the event he persuaded 
the government to agree to the 
transfer of S3J1Q0 cu m of water 
from Buendia-Entrepeflas 
draining this once huge inland 
sea among the valleys of the 
Montes Univetsales sierra near 
Madrid, from an already criti- 
cal 14 per cent capacity to just 


The issue is 
how water 
should be 
managed in a 
dry country 


7 per cent The fruit farmers to 
the south had wanted an emer- 
gency supply of at least 
60,000 cum to save their c as h 
crops. 

The released water Cow, 
which has taken more than 
three d^ to reach toe Segura 
reservoirs, will only be avail- 
able for irrigating the main 
orriiards in toe Alicante n^iaa. 
on August 6. Some 7JX)Qcum 
of toe Tajo's inflow have 
been lost by that time through 
evaporation and. when at last 
it reaches the table grape prod- 
ucing ^es and the alrnond , 
orange, lemon and pomme- 
graimte trees in toe area, will 
provide only about two weeks' 
worth of irrigation. 

This limited water iujection 


will save some of the crops, 
spread over 50,000ha, that over 
the years bad bunt up strong 
export markets in the EU. 
About half the area has 
received no irrigation at all 
this 7^, some I2m-15m trees 
will beu DO fruit and losses 
are estimated to be PtaSSbn 
(£12Sm). 

None of toat moved Mr Jos& 
Bono, premier of the Cas- 
tille-Id Afancha r^on which 
includes the Tajo and the 
depleted Buendia reservior. 

**Not a drop must leave the 
Tajo.” be insisted and, 9S one 
of the closest of prime minister 
Felipe Gonzalez’s Socialist 
pa^ allies, managed to delay 
the opening of the Buendia 
sluice gates for weeks. 

Mr Bono claims there are 
some 100 villages in the vicin- 
ity of the reservoir suBering 
water shortages and toat more 
than TO.OOOha theoretically ear- 
marked for irrigation by the 
Tajo in CastlUa-La M^cha 
have never produced a crop 
because the Buendia-Entre- 
pedas has never held enough 
to permit the area’s cultiva- 
tion. 

But toe pressure from Mr 
Joan Lerma, prenuer o! the 
Valencia region, which 
includes the Alicante orchards, 
proved more powerful and bent 
the govemmeut's ear. He says 
whatever Castille-La Mancha 
might produce by way of 
future crops, the existing culti- 
vation in bis F^ion is threat- 
ened and that billions of pese- 
tas and thousands of jobs are 
at stake. 

The two regional socialist 
leaders have openly attacked 
eato other is the media and 



Resovoir 


Capacity Aeiual 
leu hactomatreri (July 

Btwndla-'EMepenaa 2,474 40S 

Aiqidito e« $.BIaa 22 9 

BonagMer 228 S8 

LoriguHta 71 6 

Atafcen 1,t12 9Q 

Contrafas 674 79 

Cortes n 118 99 

T^awe 33 13 

Fuenionfai 206 3 

Cenoio 438 21 

Sentoroen 36 1 

Argos 11 8 

IfaldskiSwno 13 O 

Puentes 14 0 

FTWNCe 


PORTUGAL^ ?WDR®. 





ATuwne ■■ ■■•f 
OCEAN 


their outbursts have succeeded 
in further embarrassing a gov- 
ernment already at pains to 
soothe over differences 
between toe party's left wing 
and its moderates. Last week 
Mr Lerma encouraged Alicante 
fruit formers to demonstrate in 
Madrid and this week Mr Bono 
is eitoocted to support a similar 
march on. the capital by thirsty 
villagers from the Tajo's river 
banks. 

The row has at least had the 
virtue of focusing minds on a 
National Hydrology Plan, deal- 
ing with water resource man- 
agement and with a provi- 
sional budget - spread over 20 
years, of Pta3,o00bn - that is 
now in its final blueprint stage 
before Mr Borrell presents it to 


parliament later this year. 

The plan includes toe con- 
struction of as many as 200 
dams which will serve to bring 
water south from Spain's 
northern wetlands, and chiefly 
from the Douro and Ebro river 
basins, to the Taio’s reservoirs 
and on to areas such as AU- 
rante's orchards. 

Accordii^ to Mr Juan fiilao- 
uel Ruiz Garcia, a member of 
the National Water Council 
which has been consulted over 
the plan, the project north- 
south transfer of irrigation 
resources could repeat the mis- 
takes made vritb toe Tajo-Se- 
gura tiasvase. 

Planned during the I93(te and 
built during the Franco years, 
the trasvase. with its accompa- 


nying dams and reservoirs, 
was intended to provide 
self-sufficiency in fbod, water 
supplies for the rapidly grow- 
ing big cities and the build-up 
of hydro-electric power. 


But toe hogs irrigation pro- 
jects it prompted now produce 
surplus EU crops, the cities 
have stopped growing and 
cheaper power is available 
through natural gas. 


Worst of aU. the all-impor- 
tant Buendfo-Entrepeflas reser- 
voir never filled up; with a 
capacity for 2.4bn cu m it held 
just 40Sm cu m earlier this >’ear 
and the trasvase, which was 
projected to carry 800m cu m 
annually, has never carried 
more tow that. 


Russia agrees 
troops pullout 
from Estonia 


By John Uoyd in Moscow 


The presidents of Russia and 
Estonia yesterday si^ed an 
agreement under which the 
remaining 2,000 Russian troops 
in Estonia will leave by August 
31 - marking the last and fin- 
est won of such agreements 
between Russia and toe three 
former Soviet republics in toe 
Baltics. 

If adhered to, it win mean 
that by the end of the summer 
all Russian divisions will have 
been pulled back from the 
three countries which they 
have occupied, In Soviet or 
Russian form, for 50 years. 
Ihey have already left Utoua- 
nia and are leaving Latvia - 
though the Baltfax news 
agency reported yesterday that 
Mr Sogey Zotov, the Russian 
negotiator, had expressed 
"serious concern” that tte Lat- 
vian parliament had not rati- 
fied toe pullout agreemenL 

The negotiation process - 
especially in toe case of 
Estonia, the smallest of the 
three republics - has been 
protracted, bad-tempered and 
mutually recriminatory, with 
the main western states all 
putting pressure on Russia to 
observe the August 31 date. 
Moscow had put this in doubt 
because of fears toat toe rights 
of the Russian speaters in the 
Baltic states were being vio- 
lated. 

A brief statement to the offi- 
cial news agency Tass said 
that "the presidents of Russia 
and Estonia signed an agree- 
ment today that the rights of 
toe Russian miiitaiy pension- 
ers would be respected equa^ 
to toe rights of Estonian citi- 
zens. They also signed an 
agr^ment in accorda^ with 
which Russian troops are with- 


drawn from Estonia before 
August 31". Russia's president 
Boris Ybltsin, emerging after 
six hours of talks with his 
counterpart. President Lennart 
Meri -with whom he has never 
found any rapport - com- 
mented that toe m^tiations 
were Tretty hart". 

The formula appears to mean 
that the Estonian side pay 
p^^sfons and <^er the rights of 
citizenship to those among 
10,000 Russian officers who 
have reached retirement age - 
but not to those among them 
jn their thirties and forties 
whom toe Estonians believe 
are present or former secret 
policemen who have been 
actively engaged tn espionage 
and other anti-state activities. 

The agreement puts to one 
side two other Estonian 
demands - for a return of two 
slices of Russian territory 
which had been part of toe pre- 
war Estonian Republic, and for 
a statement of regret on the 
Russian side for the Soviet 
occupation of ^tonla and the 
repression of the population 
after the war. Neither of these 

- especially, as Estonian offi- 
cials admit privately, the first 

- are likely to be conceded and 
may be shelved quietly if rela- 
tions settle down. 

Some 500,000 Russian speak- 
ers still live in Estonia; 40,000 
have applied to leave, 60,000 
have applied for Estonian dti- 
zenship and the maiority are 
undecided. Estonia's economy 
is in by far the healthiest 
shape of any of the 15 former 
Soviet states and this is likely 
to persuade many of the Rus- 
sian spc^ikers to leant enough 
Estonian to pass the language 
test necessary to apply to 
transfer their allegiance from 
Russia to Estonia. 


Germany tries to force 
the pace over VAT 


More than any other group of 
industrialists In the European 
Union, the German business 
community dislikes intensely 
tite current arrangements for 
collecting value added tax 
across the single market 

The system, introduced a 
year and a half ago when fron- 
tier controls between the 12 
member states were dropped, 
requires companies to do the 
paperwork once carried out by 
customs, filing trade returns to 
domestic tax authorities so 
that they can keep track of 
VAT payments. As for -as Ger- 
many is concerned, it is a bim 
den on industry that should be 
ehanggd at toe earliest possible 
opportunity. 

For this reason, Germany 
has thrust VAT arrangements 
to the forefront of its presi- 
dency in an efibrt to ensure 
toat the EU remains on sdied- 
ule for a switch to the so-called 
"definitive r^hne" (£ VAT on 
January 1, 1997. Undm* this sys- 
tem VAT will be levied at toe 
rate applicable in the country 
tern wfficb the goods originate 
rather than at the rate applica- 
ble in the country where they 
are sold. 

The big advantage for busi- 
ness is that traders will no lon- 
ger need to differentiate 
between domestic and intra- 
Unioa sales. 

Germany’s ea^mess has to 
be reckoned with. But when 
economics and finance minis- 
ters meet in Brussels today for 
a meeting devoted entirely to 
tax, Mr Theo Wafoel, Gennan 
financp minister , is unhkely to 
find his enthusiasm matched 
by his counterparts. 

Brussels has yet to produce 
its propos^ on introduring 
the de^tive regime. German 
nosing has persu^ed it to 
bring forward the publication 
date to October, but mean- 
while. the QDoe reviled transi- 
tional arrangements are set- 
tling down. There is also a 
growing feeling among busi- 


ness leaders and tax officials 
that It would be unwise to 
impose an entirely new syst^ 
before the faults the earlier 
one have been properly identi- 
fied. 

As Unice, the European con- 
federation of industry put it: 
"flue caution should be exer- 
cised before moving to another 
system as the wrong choice 
would involve European busi- 


Bonn has bit 
between its 
teeth, writes 

Emma Tucker 


ness in a substantial opportu- 
nity cost" 

Mrs Christiane Scrivener, 
commissioner in charge of indi- 
rect taxation, fears that by 
pressing ministers to discuss 
the subject before any definite 
proposals are on the table, the 
Germans mUdit create confinn- 
tation and problems. 

She favours a more consulta- 
tive approach - putting all the 
pieces of the puzrie on the 
table, as she puts it before sit- 
ting down to put it together. 

Formulating proposals 
acceptable to all member states 
win be difficult. The country of 
origin system throws up two 
conundrums. First, such a 
regime needs to be accompan- 
ied by a clearing house system 
to re^stribute revenue around 
the Union. Without one. coun- 
tries exporting a lot of goods 
would benefit enormously, 
while high-import nations 
would lose. The clearing house 
system is thus viewed with 
cozisiderable mistrust by states 
which they would not be 
justly recompensed. 

Second, the origin-based sys- 
tem requires a far greater 
degree of harmonisation of 
VAT rates. But countries like 


Britain do not want to sacrifice 
zero-rating on categories sudi 
as children's clothes and 
oppose uniform rates strongly. 
&Iarket forces be allow^ 
to play their part In harmonis- 
ing rates, but some of the 
poorer countries argue that 
this would be unfair until 
there is a greater degree of eco 
nomic conv'ergence. 

Not content with keeping 
this complex and unpopular 
subject in the ILmeli^t, the 
Germans today will also be 
raising the subject of a uni- 
form withholding tax. They 
want a common. European tox 
on savings, putting an end to 
the huge flight of D-Marks 
from Germany, where there is 
a high tax on savings, to Lux- 
embourg. where there is none. 
Luxembourg and Britain vehe- 
mently oppose such a move, 
arguing that it would lead to 
damaging capital outflows 
from the EU to other tax 
havens such as Swifoerland. 

Mrs Scrivener is dfolomatie: 
‘‘Germany is hoping to 
advance thou^t on the mat- 
ter," she says. “They want us 
to talk about it because they 
think perhaps this could lead 
to new ideas." 

Perhaps the only area where 
the Germans can hope to niaka 
progress is on energy taxes. It 
is si^gesting that a straightfor- 
ward energy tax should be 
abandoned in favour of 
increased excise duties on min- 
eral oils. 

Some member states have 
already indicated that this 
approach is more likely to lead 
to a consensus on how to 
meet commitments to stabilise 
carbon dioxide emissions by 
the end of the century. Quite 
how many countries are in 
favour will emerge at today’s 
meeting. Here at least the Ger- 
mans, working in tandem with 
the French (who occupy the 
presidency of the Union after 
the Germans) might see some 
advance. 


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IMF acts fast to woo Kuchma 


By Jin Barshay In (Oav md 

Ctwystia fai London 


The enconnter between Mr Michel 
Camdessus, managing director of the 
International Monetary Fund, and Mr 
Leonid Kuchma, the new Ukrainian presi- 
dent, in Kiev today will be remarkable in 
two respects. 

The visit two weeks after Mr Kuchma's 
election rictory, suggests the IMP - bely< 
ing its careful image - is prepared to 
move quickly where Ukraine is concerned. 

Mr Koduna's decision to make an IMF 
meeting one of his first acts in office is 
also a sfonal toe^ Ukraine, whito over toe 
past three years has gained a reputation 
as one of toe most economically backward 
republics, may have begun to appreciate 
toe imiwrtance of economic reforms and 
links with western financial institutions. 

IMF representatives cantion that no 
agreements are sctiedoied to be signed but 
senior Ukrainian officials hope !t could be 
a tnrnliig point 

If Kiev undertakes three fundamental 


rMorms ' UberalUation of its <w«»h5^ng» 
rate, an austere budget and contiuu^ 
monetary disapline - IMF offidals say 
that within the next few m withy Cfev 
conld receive a 5700m (£452m) systemic 
transformatiou loan. Tliat agreement 
could pave the way for Ukiuine to receive 
the S4bn in financial assistance offerrt at 
the Group of Seven meeting in Naples. 

"The opportunity to reach an agreement 
with the IMF is greater now than ever 
before in Ukrainian history.” said Mr Vol- 
odymyr Kuznetsov, one of the president’s 
senior economic advisers. 

"We have a consensus im the necessity 
to conduct market reforms. Our new pres- 
ident has the political will which [mL-prea- 
ideat Leonid] Kravchuk lacked. The only 
question is speed.” 

Mr Oleh Havrylyshyn, the Ukrainian 
associate director at toe IMF who was an 
outspoken critic of the economic policies 
of toe Kravchuk government sa^ "toe 
IMF has been diunssed more often in 
Ukrainian government circles over the 
past two weeks than it had been over the 


past two years.” "There’s a sense torongh- 
oQt the country that there is a new opimt- 
timity for reform.” he said. 

"Ukraine now has the chance Poland, 
the Gzeto Republic and Hungary seized 
three years ago although, because of the 
economic deterioration over the past 
three years. Ukraine now faces a much 
more difficult task.” 

However, Mr Viktor Fynzenyk. a fonner 
cabinet minister and one of Ukraine's 
most zealous advocates of market 
reforms, warns toat Mr Kuchma’s eco 
nomic programme will be largely shaprt 
by appointees io his administration. He 
said Ur Kuchma could also face fierce 
opposition from the conservative parUa- 
meot 

"From the standpoint of the fond. 
Ukraine is a priority,” an IMF offidal 
said. *Tbere is no delay mid we are inter- 
ested.” Western diphi^ts in fflev safo 
the IMF has been under political pressure 
to reach an a^eement with Ukraine, 
whose stability is seen as a keystone to 
recovery in the region. 


Brother of 
Berlusconi 
accused of 
corruption 


By Robert Graham in Rome 


Ur Paolo Berlusconi, the 
younger brother the Italian 
prime minister, provided 
money to pay bribes to the 
Guardia di Finanza, the finan- 
cial police, on behalf of Fin- 
invest. the Berlusconi fomily’s 
media empire, according to 
lawyers acting for a senior Fin- 
invKt executive. 

This new twist to toe prob- 
lems ol ftoinvest and Its pro- 
prietor, Mr Silvio Berlusconi 
came after Mr Salvatore Scias- 
cia, head of the group's tax 
depertment, had been interro 
gated by Sfiian magistrates on 
charges of corruption. 

Id comments reported yesteN 
day by Ansa, toe national news 
agency, Mr Guido Viola, Ur 
Scfoscia’8 lawyer, said bribes 
pmd by his cU^ to toe Guar- 
dia di Finanza haH been pro- 
vided and approved by Mr 
Paolo Berlnsconi 
Bdr Sciascia was one of two 
people handling Fininvest’s tax 
affairs who were issued with 
arrest warrants last Saturday. 
On Monday Ur Sedasda admit- 
ted paying a total of L830m 
(£137,000) to members of the 
financial police to cover inqiro 
dons of three Fininvest sut^- 
iaries between 1969 and 1992. It 
was not clear whether the 
money paid out had been 
accounted for in Fininvest's 
balance sheets. 

Mr Paolo Berlusconi, whose 
lawyers last night made a sur- 
prise visit to the Milan mag- 
istrates, was a board membv 
of ftoinvest, while his brother 
Silvio, the founder of the 
group, was chairman - a post 
be surrendered when be 
entered politics in January. 

Yesterday, police searched 
Mr SclKcia's offices and also 
issued an arrest warrant for a 
third member of Fininvest's 
tax department. So for only Mr 
Sciascia has handed himself In. 

Among the aspects of Fin- 
invest Milan magistrates are 
now reportedly invest^ting is 
the ownership structure of 
Telepui, the pay-TV chmanei. 
Mr Beriusconi was only per^ 
mitted a minority stake in 
Telepui because of anti-trust 
laws. 

The dam^ to toe govern- 
ment's credibility by the inves- 
tigations into Fininvest caused 
shares ou the B^an bourse to 
fall by almost 3 per cent yester- 
day and the lira remained 
weak. 

The prime minister himself 
yesterday struggled to recoup 
some ofhis lost authority with 
a defiant spee^ to a congress 
of the Christian Democratic 
Centre, minor partners in ^ 
ri^t-wing coalitioa He critic- 
ised the judjciaiy for exceeding 
their powers in a clear 
reference to the Mlkm magis- 
trates. chailenged those who 
sought to take political posi- 
tions to seek a popular man- 
date at the polls. 


EUROPEAN NEWS DIGEST 


Bosnian Serbs 


to tighten grip 
on Sarajevo 


The Bosnian Seths, in a clear warning to the west not to 
impose punitive measures for their refusal to sign a peace 
agreement, have said they will reimpose their bloclmde on 
civilian fraffic in and out Sarajevo frmn today. Mr Radovan 
Karadzic. Uie Bosnian Serb leader, told the United Natiteis in 
Sarajevo that its oonvoj-s would be the only traffic olfowrt in 
and out of the Bosnian capital. Ifre Serb threat could mean 
the virtual reimperttion of the siege of the capital which muted 
with a truce in February*, it is also a pointed reminder to the 
west of how rai^ly the situation in Bosnia ,*is a whole could 
deteriorate if the Serbs reverse the concessions they 
earlier this year. 

A *n*4»HTig ' in Geneva this weekend of the five foreign 
ministers Involved in draigning a ponce plan for Bosi^ Is 
mtpected to bear colls, particul^' frmn the US, for 
action a^inst the Serbs. 'Hie latter have described tiie p^M:e 
proposals as incomplete, a stance which has been wfal^ 
condemned as tantamount to reicctum. However, in another 
serious challenge to western policy in Bosnia, Genmul ^vel 
Grachev, toe Russian defence minister, said in Belgrade that 
he did not want to see Nato playing a greater role in former 
Yugoslavia. Staff, London 


Stakes raised over Chernobyl 


Ukraine’s prime minister axul toe chairman of parliament have 
said th^' favour keeping the Chernobyl noctear pemef station 
open unless the international community pifovides more 
money to help close it and supply new sources of electricity 
Offers of $60(ta from the European Union and $200m from the 
Group of Seven earlier this month were not enou^ they said, 
to shut Chernobyl down and replace it with a safer nod ear 
plant. The EU has estimated the cost at $l.6ba Ukrainian 
oudear officials have claimed that undue pressure is bring 
put on Ukraine with respect to safety, cou^ored to other east 
European countries. “If there is not enouifo money," said Mr 
Serbiy Parashin, director of the Chernobyl station, "we freeze 
toe process of improving safety. ” Jitl Borshay. Kieo. 


Poles suspend steel strike 


Workers at Poland's Huta Warszava-Lucchini steelworks, 
vriiich is 51 per cent owned by Italy’s Luotoini group, have 
suspended a sevmi-week sit-in strike after man^ement agr^ 
to pay talks. A strike leader said: "We decided that it anoiild be 
unwise to keep striking during talks and the workers accepted 
this point of view." Lucchini’s decision to drop the issue of the 
strike's legality had opened a way to agreementn he said. The 
strikers are demanding a 30 per cent paj' rise and rapid 
modernisation of the mill claindmt delays in investment 
prevented productivity increasing and eroded earnings. 
Reuter. Worrom. 


Ulcer drug ruling welcomed 


Astra, the Swedish pharmaceuticals group, yesterday wel- 
comed an SU committee verdict endocsiog the safety of its 
top-selling anti-ulcer drug. Losec. The committee was respood- 
i]^ to Goman health authority concerns that injected ver 
sions of Losec could cause blindness. The committee for pro- 
prietary medicinal products concluded there was no causal 
link between the intravenous use of Losec and the reported 
side«fiects experienced by some critically 111 users. Tliere was 
no case for recommendii^ restrictions on the drug’s use. it 
added. Astra has agreed to revise its information to doctors 
accordin^ylATsec is one of the world's fastest growing medi- 
cines, (rito 1993 total sales worth SKrl2.7bn (£1.06bn). fotrave- 
nous vendoDS of the drug account for just 3 per cent of sales 
as it is usually taken orally. The group’s A shares, which have 
been overriiadowed by the German claims in recent numths, 
rose SKi3 to SKrlTO. ChrtstopAer Brotm-Humies, StoekhtUm. 


Greece to alter tendering rules 


Greece’s public works minister, Mr Costas Geitonas, yesterday 
presented to parliament new iegislatioa reforming tender jwo- 
cedures for road and port construction. The proposed law aims 
at defusing a dispute with tbe European Commission that 
could delay disbursement of more than Dr250bn (SLlbn) in 
European Union aid to Greece for infrastructure improve- 
ments, due to be transferred later this year. Hie. public works 
ndnis^ has already postponrt tenders worth more than 
DrlOQbn because of toe Conmnsrion's otyectioos to the way 
bidd^ is carried out. Several Greek contractors recently 
offered discounts of im to 80 per cent on EU-backed motorway 
and harbour projects, with the aim of recouping costs later by 
ren^tiating the contract terms. The new law calls for tighter 
concliti^ on tendering, including examinations of companies' 
reernat fip a ngj a i results, and stiff fines for contractors who fail 
to meet project deadUues. Kerin Hope, Athens 


New blow struck in ‘tuna war’ 


More than 300 Spanish trawlers yesterday sealed eS entry to 
tiie main domestic northmu ports and also to the harbour of 
the French border town of Hendaye in pratmit against EO 
regulations over the use of drift nets. The blockade, which 
affected both the important industrial port of Bilbao and the 
port of Santander, a main entry point for tourist-laden femes 
from Britain and France, marked an escalation in a running 
tuna war" between Spanish and Fremdi fishermeai. Last week 
the Spanish trawler fleet boarded a French vessel at sea and 
towed it back to its home port where the local authorities 
establitoed that it had beui usU« Skm-loog drift nets, twice 
the length permitted by EU regulations. In retaliation, tbe 
French navy impounded a Spanish trawler which was subse- 
quently fined for taking undersize fish. Spain's trawler fleet 
said it would continue its protest until the EU took firin action 
agmnst the use a/t oversize nets. 7bm Bums. Mtutrid. 


ECONOMIC WATCH 


Greek current account boost 


Greece's current account deficit fell sharply in toe first four 
months mainly thanicg to increased transfers from the Euro- 
pean Union structural funds. Tbe Jamiary-April deficit 
totalled $9lm (£60m). against $6Mm for the same period last 
year, according to central bank figures. However, the underiy- 
ing trade deficit worsened as exports fell by 12 per emt to 
$l.56bn. maintaining last year's steady downward trend, wtafie 
importe rose by 2.3 per cent to S5.88bn. The 32 per cent rise in 
EU transfers, totalling S2.4bn. was due to much-iscreased 
fund^ for infrastructure improvements, which is due to 
continue over the next four years. At the same time, income 
from shliqiing and remittances from Greeks woridsg abroad 
declined by 6.5 and 1.3 per cent respectively, while earmn^ 
from tourism rose by just 2.3 per cent for the first four mouths 
tote year. Serin Hope, Athens. 

Consumer prices in the west German state of Ifesse rose 0-3 
per cent in the month to mid-July for a year-oo-year increase 
of 3 per cent, the state statistics office said. ^en-Warttem- 
berg reported that consumer prices were fiat in July compared 
with June and up 3 per cent from a year eariier. North 
Rhine-Westphalia reported month-on-montfa Inflatkm at 0.1 per 
cent with the year-on-year figure up 2.7 per emit. 
regional Ogui^ support forecasts thm annual inflation to 
western Gennany will drop below 3 per cent to. July for toe 
first time since April 1991. 

■ Ukraine’s indu^al output was down 36 per cent to the 
first six months compared to tbe same period yeai, tot'toe 
downward trmni has slowed since May, the stoti^ics ministry 
said. The decline was largest in oil refi^g, (toemicate, 
machinery, metal manufecturlng and construction materials. 






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nNANClAL TIMES WEDNESDA Y JULY 27 1994 


INTERNATIONAL 


erb. 


‘iiajevn' 






' ‘ ‘itrii 



,'■■ '‘''-'i ■'Irike 


'‘ikOraej 


Moslem radicals try to shatter peace process 

The London bombing is the third such attack this month ^ 


By JtflM Oome In Washington and 
D«ld Horavftz 1ft Jan ma ie m 

I t is no fhat yestST- 

da^s bomb attack the 

Isreall embassy In. ijond^ n 
hoars after Israel and Jordan had 
slgied an historic peace accord in 
WssJriDgtoaL 

Ibe handshakes and near eupho- 
ria of Israeli and Jordaman leaders 
in Washhigtoa should not 
the £sct that the Mld^e East 
xemains a tinderboK. 

Far from aubdning Mamin fimda- 
mentatism, the peace process has 
Bfwrppfifld the awareness of Moslem 
radicals that they risk being margin, 
alteed they, redouble 

flffiirts to sabotage peace This meatM 
striking not ooly at Isr^ but also at 
the moderate Arab regimes and lead- 
en in Egypt. Jcoctkoi and Ihe Pales- 
tine TJhm Ufwi Organisation . 

Ihe peace process thus mnains 
fra^ and laigdy dependent on the 
oontihued poBBeal survnal of m«m 
like Tassir Arafkt, ESngHussrinand 
Fresldeiit Etosni Uabaiak of Egypt 
Isiaeli officials believe the T/mrfnn 
bnmiifaig is linked to a in Bue- 
nos Airee last week that ripped ^»art 
a Jewish cuUiiral centre and left 96 
people dead and an explosion <Aoard 
asmsD plane in Fans^ on July 19 
that bzIM 2L. most of them Jewish 
businessmen. They say the new 

hnmMng campaig n marks S COn- 


• . .. . .JtIc* • r K J.ji,. .. 

4cLJl9.tt(r. ^ — - * * ' - — ^ - > .• 







certed, well, planned attempt by. Iran 
and the Tai'amw groops it si ^ wrts 
not to be isolated by an emeisfrig 
western anianea in frvour ctf Ifiddle 


Israel has long wished for the 
dendopment of a new alliance in tiie 
Ifiddle East based on oppodtion to 
fran and its export ot ftmeamantai. 
ism. Part of Israel’s peace drive in 
the past two years has been fuelled 
by tire belief tiiat if the Jewl^ state 
waited it would soon he by 
hianrift r^mes less wiffing to eom- 
pnanise. 

Yhshak Rabin. Israeli pcime 
minister, yesterday warned the 
world was facing '’a wave of estrone 

falanric ratiical terrorh ^ t tnamafnairta * 

with infrastructure tfcwmgiwwtt; tha 


world which followed tlu radleal 
taafthlwg cl AyatoUab QiometDl, the 
late Iranian religious leader. Ur 
Rabin described the threat as 

^ Trhnrmarntam ^eithOUt ^Qioinsisi” 
and said moderate Arab govem- 
matts, Israd and westers states 
were ^ at risk. 

' Nobody hss a pietore of 

how the extremist groops operate 
but Israeli seeurtty nrerfaia beUeve 
they draw on a eortsiteable network 
of w m tar ta anH ahrOSd anti on 

training bases in Iran, Pakistan and 
the south of Lebanrai. vbinally con- 
trolled by the Iranian Hlriiol- 
lah Party of God. A letoanese group 
ftaiiaH Ansar Allah, the Fbllowers of 
God.' eiflimad responrifallity for the 
Aigenttnlan blast. 


The officials also believe that, 
wtnle many of the groups operate 
independently, they are bound 
togeto by a religious pMLoso^ 
which opposes Western decadence 
and seeks to establish Islamic repub- 
lics throu^ioat the Modem wcnrld. 
The groupe are opposed to the Mid- 
dle East peace process and tiie mod- 
erate secnlar And) leaders and want 
to see the state of ferad de stroyed. 
They can attract young pe^de with 
tile pnamse of iB a rtp ntom fi>r carry- 
ing out attadca. 

The Wamaa lalaiw<<> Wfartatanra 

Movement is <me such group operat- 
ing in the Palestinian s^-raled 
areas and the Tw aaH i> yiipiad West 

I^tiV 

Isaeli ftffiriata atari hlamft Syria 

for continuing to allow to 

operate tram Damascus, rharp^ng 
that President waft** Assad e p uy t do 
much more to halt wumUah and 
otiier Islamic groups if hs eo wlriied. 
Israel says Mr Assad te stfll pnisutog 
a two-track policy using violence to 
force fmrtiier conceestaDS in peace 
tsDca. 

Israeli. aaM tha intetna- 

tlottal homWiig campaign coincided 
with a renewed wave of antt-teraeti 
activity by HzsboUah gunmen In 
south TAanqin Qq tfonitay, in what 
were described by the tenidl army 
as some of the worst rfaahaa (pr 
months, WH^nnah mwinliwi 
of ***«*^V» on T ararf i pwaattona hMrftte 



BaaMe Alxes: one of a series of bomUngs of Jewish targets recently 


Israeli sSlf-declared security sane in 
sotttoTeJwion.kilUnganlaa^par- 
alioop ofBcer and seriously injuring 
anntiier. ‘VS an part of one eonneo- 
tion in the stniggle against Israiri 
compounded I7 the desire to stop 
the peace process," said Reserve 
Geneial Shlomo Gent, former army 

hntallipwni^ f^n^t 

Ten Palestinian groups opposed to 
the Israeli-PLO peace process are 


based in Damascus. Including Mr 
Ahmed Jibril’s foetfon which have 
threatcmed to assassinato bfr ArafaL 
Several of the groups issued state- 
ments coodemmning the 

foraeU-Jordanian accord as a crime 
and "black day of mourning". 

As bfiddie East peace is jigsaw 
foils into place the r^ battle 
against extremism is likely 

to intenrify. 


HK backs 
away 

from bank 
reforms 


forSinKMi Hotbenon 
li Hong Kong 

The fiong Kong government 
has drawn back from cooqne- 
hflDslve reform of Oe colony's 
banking system and has 
pamed to its successor govem- 
BMSt in 1997 the issue onnter^ 
eit rate deregnlatiML 

In Febmah^ Hoiw Kong's 
Consumer Coimdl called for 
the phased deregulation of 
intenst rates govenringsmaO 
dqnstts, and for for greatar 
dselosure of the true uahire of 
bank profltahllity. The 
said the banks resped monqp- 
oly profits from an Interest 
rate cartel, and that tMBk 
secrecy so longer served any 
purpose. 

In the government’s reply 
yesteiday. however. Mr Mldi- 
ael Cartland. secretary for 
flnawcifll services, said file 
adDrinistretion had to strike a 
bslance between competition 
In banking services and the 
to wmiwfarin stability in 
the colony's monetary and 
1 mwV*"C systems. He said he 
also donhted tf small deposi- 
tors would benefit from 
deregnlated intaest rates. 

The governmental ca u tio us 
response to Uberalisatlon 
undertined its omioeni about 
tiie possibility of financial 
instabtiity In the run up to 
Hnig Stmg's change in sovw- 
rigBty ht 1997. It was a large, 
if expected, victory for the 
banks which had argued vigor- 
ously- against any diange to 
tile Status quo. 

In a co m c c ss i <m to tiie con- 
mnerlo^, however, lb* Car- 
tiand sadd that restrictions on 
the rates of interest govenUng 
time dqMSits conld be lifted in 
1995. These Interest rates 
cover about 4 per cent of the ' 
Hong Eb^ ddiar deposits. 


Three ex-premiers back plan 
to set up new party in Japan 


By WBam DewfteM In Toltyo 

Three farmer Japanese prime 
ministers have agreed hi prin- 
dfde to tary to foim a large cen- 
tre-il^ party, a step towards 
the Tegrmpbxg of Jean's frag- 
mented 

Ifr Toshild Kaifu, a ^onser 
reCoEm who left the 
rnlizty Liberal Democratic 
party trimtfti; Mr Tsutoimn 
Hata, leader of the Japan 
Renewal party, the ifarfipfo of 
the last coaBtUm g o ve n u nart; 
and MrMorihiro HosQkawa, 
head of the J^an New party, 
met this week for fhrir first 

dlTmqnnti of johit pnllriaa 

Thdr tnfirhtiiiip marting , at 
a Tokyo hotel, is the fruit of 
four weeks of behind-the- 
scenes preparati<m by party 
1^ by tiie JRP*s lb 
khizo Orawa, the fonner coali- 
tiou govetnmeiifs backroom 
stzateidat Sndi sadar figures 

w niiltl rwly Tfiflwt tf nfllpfaila hflil 

already come to an outline 
agreement to Join forces. 
Speakzng in Washington, Bb 
Qsawa raid he aimed to floim 
the new party, to be larger 
than the LDP, by Septonber. 

The partners agreed to Mr 
Krittt's proposals that the new 
party shoodd susport Japan’s 



Cautious line 
on Japanese 
recovery hopes 



Ex-proidcrs get (from the Irit) IbrOiiro Hosokxwa, 


patii^atian in the prevention 
of international disputes, 
imhold the Japan-US secn^ 
treaty as the staple of Agian 
Upglmml steblttty, anH that tt 
ahwiM prompte DN cantrols on 
tbe arniB trade. On dmnestic 
pcdicy, Mr Saifn called for 
doegidation anH rednctiims in 
•bpeoi's high consumer goods 
and land prices. 

Broadly, the trio advocates a 
higher prafile for Japan in 
tntermflooal aftabs and more 
rarHcal econonric der^nlatian 
tiumthe currait one-manthrold 


conservativo admlnlstratloiL 
Mr Kaifu appears to have 
become the trio's tnfhrmiii fig. 
urdtead. He was rtia previous 
ooelition government's candi- 
date ibr prime minister, in a 
parliamentary vote won late 
last month by the camhined 
forces of the LDP and Social 
Democratic party. Mr Kaifu 
was LOP prime minister frtr 
just over two years until 1991, 
vrimn he lost office becanse ctf 
Ids inrty's reservations about 
his eagerness to reform the 
u o mi pt political system. In tbe 


event, ti» first non-lUP ipnr- 
mmnent for 88 years, under Mr 
Hosokawa, achieved parlia- 
mentary o gTtwiwpnf nm i nCnrii> 
plana ahwfl^ to Mr Kaifu’S. 

If the blueprint for the new 
party does tom into reality, it 
win confirm a ttend seen by 
many political observers for 
the present web of political 
aTlianraft tO rimpHty into tWD 

or three groups. Thi^ would 
indude the LDP and tiie new 
centrs-ri^ party, atnilar to 
Hia DS RsfraUficans a^H Demo- 
crats, phis a IMt-wing fringe. 


Mnrayama under fire over prices 


By Bniko Tsrasono kiTolqro 

Mr Tomilchi Mnrayaxna, the 
Japanese prime minister, fned 
mounting public criticism yes- 
terday over his government's 
dedsion to end a price fieese 
on public sector services at tbe 
be^dPtong of next year. 

The move ovwtuzns a ded- 
?i«n in May by tiie previous 
government of Mr Tsutomu 
Hata to delay increases to pub- 


lic charges, rantfhig from- tele- 
phone to motaway toQs, 
for tear tf banning eoonondc 
recovery. The Liberal Demo- 
cratic party, then in opposi- 
tion, strong TCsiated suA a 
move. 

Apart bom an adverse 
impact on ^ economy, the 
price rises have been con- 
demned as supportiity multi- 
layered bureaucracy. Foblic 
service operators, includhv 


the Japan Hicfoway Pabhc C(xv 
ptfution, have been accused of 
creating numerous affili atiT^ 
gruups to accozoznodate rtfir- 
tog bureauerats. 

Mr Talmshi Nagano, preel- 
deitt tf tim Nikkeben employ- 
ers' federetion, criticised yes- 
terday's dedsion as a step beck 
to Japan's move to reform its 
polities and industry. 

To reduce the mounting pub- 
lic Ire, cabinet members 


attached conditions to the 
price rises, mdudhig zattonal- 
isatioQ and cost redaction pro- 
grammes ^ companies and 
public service organisatiODS. 

Meanwhile, workers' union 
groups, long supportara tf the 
Social Democratic party, 
revealed yesterday that they 
were ready to drop their 
endorsement if the SDP goes 
into the next electim togetoer 
with tbe U>P. 


By Ganrd Baker bi Tolvo 

The recov er y of the Japanese 
economy is eontuinlng, but 
conld be knocked off course, 
according to a report presented 
to tbe cabtoet ymterday Ity the 
government's Economic Plan^ 
nlng Agency CEPA). 

In a wideHRUigtog review tf 
tim connlry's Icngest recessfon 
since the second world war, 
^ EPA's economic sur v ey of 
Japan argoes that strnctural 
reforms are needed to lift 
long-term e roiHu nic prospects . 

The T^KUt is hirtdy drcum- 
spect about immedia te pros- 
pects. While it points to recent 
increases to cmsumer spend- 
fog awH fan* in tugftlQ as 
encouraging agi^ it foils to 
endorse the optimism of the 
Bank of Japan, whirii stated 
last we^ that the economy 
was headed for recovery. 

"We htf)e tixKt bright spots 
wUl spread ibrou^ various 
sectors tf tbe economy and we 
think that is po^ble,* was as 
for as one official was prepared 
to go. 

This time last year tba EPA 
aigned tiiat tbe economy bad 
almost hit bottom, only to see 
its forecast derailed by the 
sharp rise tf the yen to the 
seco^ half of the year. Anx- 
ious not to T^nat the error, 
tiie repeat this time sa^ the 
yen’s further appreciation in 
the last few months again 
tiireatens the recovery. 

However, agency officials 
pointed to sevei^ factors 
likely to ilwd* the Harmy * 

Ijy oie hirti yan. The yen’s rise 

hae hfipfi KiHalliq- than Taa t year 

and has been principally 
against tiie dollar. The wcvld 
economy is also much stronger 
tiiis year. 


But the EPA is optimis- 
tic atot tiireat to the 

recovery; Qie weak rtate of cor- 
porate sheets. Debt- 

burdened companies are reluc- 
tant to nndw^lra big tovest- 
ment projects, and those that 
have done so have found banks 

>fnwnHiwoaari«» aboUt lanHiwy , 

given tiiedr own assrt quality 
problems. 

The EPA also says "disinfla- 
tion" - lipfinad as a low or 

n wgwHwi* nte tf faft»Hnn - haa 

gone beyond the extent no^ 
maDy seen in a recession, as 
weak demand was com- 
pounded by a strong currmiy 
awH tbe growth of Htamimting - 
Though feilisg prices were 
good news for consumers, they 
threatened profit inarg hia anH 

led to a fiirthar deteiioration of 
corporate halance sheets. 

The report says the 
protracted recession has 
exposed a number of structural 
weaknesses to tbe economy 
that bad been ma^ed by the 
rapid expansion during the 
WHalled bubble years, (tompe- 
uies need to review shibboiRtbs 
such as lifetime employment 
and senfority4esed pay if they 
were to grow, tiie zepi^ says. 

Tbe EPA also announced 
yester da y that a kty eccaiomic 
activity index stayed above the 
"boom or bust" line for the 
Qiird successi v e montii in Hay. 
The mmriHent IwHpt 

stood at a preUmtoary figure tf 
60 per cent, uncha^ed from 
April’s figure. 

The index comprises a bas- 
ket tf figures such as todns- 
trial production and consumer 
HpirnmH , 

However, agency officials 
warned that early indications 
for the June figure saggested it 
would slip bel^ 50 per cent 


Storm of 

protest 

over 

Jerusalem 

clauses 


^ Julian Ozanne 
fci W e sWng ton 

Israiri’s latest manoeuvres tm 
Jerusalem, the most sensitive 
issue in Arab-lsraell peace 
talks, has igrdted a storm tf 
Palestinian and Arab protest 
against the historic ls^iell•Jo^ 
danlan peace declaration 
signed to Washington. 

Palestinians attacked the 
agreemcDt’s recognition of 
Kbcig Hussein’s special role 
over Jerusalem, whirit they see 
as their future capital, 
reflecting a decades-long 
rivaliy bet w ee n King Kussrin 
and Mr Yasslr iUafat, the 
fthairnuin of the Fstestine Lib- 
eration Organisation. King 
FaU of Saudi Arabia, who also 
lays to special Jurisdic- 
tional rights over the holy rity 
is also likely to have been 
angered by the accord. 

The declaration says Israel 
respects Jordan’s "prreent spe- 
cial role” in administering 
Hoelem holy shrines in Jerusa- 
lem including the 1,300 yeai^ 
old Dome of the Rock and the 
A1 Ac^ mosque on the Tn^te 
Mount. Islam’s third holiest 
site after Mecca and Medina in 
Saudi Arabia. The agreement 
also grants King Hussein, a 
direct descendant of tbe 
prophet Mohammed, a "^h 
priority” In foture n^otiations 
over the permanent status of 
tbe Hi^puted city, expected to 
begin in 1996 or 1996. 

Angry Palestinians said 
Isra^ was attempting to de-pol- 
ttiri se the issue of Jerusalem 
by tuning it into a religious 
matter and had no rtyht as an 
occupying power to cede any 
Palestinian rights to Jordan. 
Tbe Palestinians want Israeli- 
occimied Arab East Jerusalem, 
including the old city, to 
become their capital. Israel 
however sees all Jerusalem as 
its "eternal and non-divisible 
capital”. 

The PLO said yesterday the 
agremnent "predetermines the 
of Jerusalem and it 
only to a role in the TsiamiR 
holy places and ignores Jerusa- 
lem as a political, Palestiman. 
Arab, Christian and Islamic 
issue and ignores the foct tiiat 
it is an occupied dty.'* 

Snee Israel captured the old 
city and the We^ Rank from 
Jordan In the 1967 A^lsraeli 
War Eug Hussein has contin- 
ued to act as aistodian of Jeru- 
salem's anH bag 

paid for their upkeep. Last 
year the King paid $Sm for the 
restoration of the golden 
cupola tf the octagonal Dome 
of tbe Rock. 

The King’s strategy has been 
to safeguard his family's role 
and block any competii^ 
claims frmn the Arab worid. 
Israel is much happto with tbe 
King having a religious role 
over Jerusalem than with the 
FLO'S political rialTng anH hua 
consistently denied PLO offi- 
cials the right to visit Jerusa- 
lem or establish any institu- 
tions in the dty. 

Last week Mr Arafat 
attaded Israel's invitation of 
King Hussein, who has often 
been at Ic^gertieads with the 
PLO dmirman. to pray at the 
A1 Aqsa mosque. 

isli^c fundamentalists in 
Gaza in a rare display tf unity 
with the FLO also attacked the 
agreement. 





; • *•: V • r •' 


World Bank laments its Tanzania role 

Hans Georgeson and Michael Holman on an internal study that admits to uncritical support for Nyerere 


..V 




nA-*c ■ B 




00 










rTO-T*’'-'—': 


W V 


I f oounbies were as s es s ed 
as dd projects, Tanzania 
™gb* be regard as one 
tf -Africa's tdgg^ ^rinte ele- 
phants. 

Thirty years after indepen- 
dence, and soane |l5bn worth 
tf aid latw, a uuuulry iriiich 
once aspired to self reliance 
has become aid dependent, 
with nearly 50 per cent tf Its 
recurrent and development 
budget funded by donors. 

And a country once in the 
vanguard of African socialism 
has become a salutary example 
of the foilure of state con- 
trolled econoo^ 

Today Tanzania, Rfce most of 
Africa, 1»M abandonsd umeaL 
istic as^rations and a discred- 
ited economic system, and 
embarked on a -protracted, 
patnfrii path, of reform, based 
(m the rr nv^pifts of stractuxal 
b^kpH and moid- 
toted by tbe Wtfld Bank and 
the fnternational Monetary 
Fund. 

But a Idtiierto unpobBshed 
UflwV evatoatiioa of Tanzania’s 
formative years, produced to 
1990, contains at least 
one' reason to be cantiom 
about today's ortho- 

dotty. 

The r^ort makes dear that 
in tbe late 1960s and until tiie 

early 1960s, the Bank pursued 


wtth equal conviction policies 
which -as tt later privately 
acknowledged - contiflmted to 
the economic crisis which 
gripped Tanzania, and fi^ 
which it is still battling to 

Two todtvlituals-both pow- 
erfiil, charismatic personall- 
ties-pennrete the d p emnent , 
althcurti the one is never 
immed and the other makes 
rare appearances: Robert 
IfoNamara, former US secre- 
tary tf state who as president 
tf the Bank between 1968 and 
1961 did more any 
before or since to shape the 
wotU’s largest developmezit 
agency; and former PresIdPot. 
Julias Nyerere, Africa’s elo- 
quent Intellectual who 
attenqited one tf Africa’s most 
airthlHwig pfocSS Of SOClal Sllgi- 


out to be an ylit arian foOy. 

CommsDis from the r^ort, 
as outspoken a setf-appreisal 
as any ttiat has seen tiie light 
tf day, ttiTOWs fosetnating B^ 
not simply on Ur Nymere’s 
fidlnres, but on the Bank’s 
cmnplicUy in a multi-billion 
aid project that went sadly 
wrong. 

When Julias Nyerere, Edto- 
hurgh XTniversity graduate, 
persuasive and eloquent. 


expectancy in tiie post-indqien- 
Janne era secmed to validate 
Bfr ttyerere’s approadi. 

But by the mid-1970s several 
things were becoming clear: 
Thnzaoia was Bi^ htyond its 
means; aid projects wwe sel- 
dom self s ustain ing, and 
donors were having to main- 
tahi as wdl as ftmd projects, 
such as roods; the state-domi- 
nated industrial sector was 
iwp.i^a«iTig »i y ineflScieut; »wH 


nomic planning and manage- 
ment system, policy, frame- 
work, and tustitutional 
arrangements.” 

It also highlights a problem 
stiE common anwmg devdop- 
ment agencies - government, 
multilateral and vohmfoiy - in 
Africa today: a rehictanee to 
speak bluntly and firankly 
about recipient government 
ahottoomings. 

"No attempt was made to 


After $16bn worth of aid a country which once 
aspired to self-reliance has become aid dependent 


The tough American both 
encouraged, and sometime 
^wHnigaH, jadgSsg by the Bank 
report. Mr Nyerere in s 
frall-meaning but ultimately 
disastrous programme, funded 
by the Bank and bilateral 
donors led by the Scaadana- 
vian countries. 

None of these donois chal- 
len^ the conventional wis- 
dom. thou^ tty the mid 1970e 
it was apparent that Mr 
Nyerere’s vision was turning 


uztvmled his socialist bluqrtnt 
in 1967 in what was called tbe 
Cljamaa Hetfifiratiim, one tf his 
first tf^ectives was to regtoity 
the comitry's scattered peasant 

fawtfflas Into villages. 

It is a measure of Mr 
Nyermg’s persuasive powers 
ti^ be was aide to cany out 
one tf Africa's largest eompOl- 
sory resettlement schemes 
with not a sin^ leading 
donor’s demurring, at least in 
public. By 1977, 14m peasants 
and families had bemi forcibly 
telocsated to Djamaa Tillages jn 
an eStot to make water, he^ 
gnH mOre OCCeSSlble. 

Initial gains to Btecacy, pn- 
mary school eiirolnient and life 


agricultural production was 
foiling. The production of 
cashew nuts, fw foil 

Ity 88 per cent hi the five years 
jErom 1975 as a result of "'riDs^ 
isation”. 

As a key passim in the 
repmt points out; Tanzania’s 
"wpTPt^ftwteH access to cod- 
ce^onary flows of external 
cai^ has allowed it. ..to 
mstotato a hi^ rate tf lar^ 
Dlconceived imd uneconomied 
industrial Investment The 
enshiontog effoet of this access 
to fiuids, at least outS the late 
1970s, reduced the govern- 
ment's receptivity to extenial 
advice for badly needed 
reforms to the country’s eoo- 


communicate to the political 
leadership at tbe levtf 

privacy the tiue Hlmenalnna 
of the rituation-at least not 
until the late 1970s,* says the 
report . 

It goes om "Tba Bank’s con- 
tinuous exhortation of tbe 
donor community to provide 
assistance . . . has sustained a 
constant toflow of ntfiHat aid 
that hdped maintain Irrational 

HnmpeHR pOliCieS".. 

The decBne to the country's 
todusbtial sector was largely as 
a result of nationalisation, but 
the exercise was aided and 
abetted by what the report 
calls "the Bank's approach 
toward and uncooditional sup- 


port tf Tanzania’s industriail- 
sation effort [which] did little, 
if anything, to forest the sec- 
tor’s present morass”. 

By the mid-19808 Tanzania’s 
honeymoon with the donors 
was ending and overall aid lev- 
eh have been foning over five 
years, rtflecti^ a combination 
tf recession in the developed 
economies, aid fotigue and dis- 
satisfoetion with Tanzania’s 
perion na nce. 

'Today, with Tanzanians' par 
capita incomes more th^n 
halved since I960, the govesm- 
ment of President Ali 
Mwinyi is trying to redress the 
legaty with mixed r^ults. 

Xocreastosjy institutionalised 
corruption, permeating the 
very top echelons of govern- 
meat, is threataolng to under- 
mine fragile macro-e cnnmtiiff 
stability. 

Evaluations of the effective- 
ness of aid to Tanzania are 
being undmta^ by Sweden 
and the Netherlands. Denmaik 

and Ftoland are plazmiog dmi- 

lar exerdses. 

Many donors are still cau- 
tious to thtir public gaiwman^ 
thouiji a Scandanavian foreign 
mtoistiy oCBeiai acknowledges 
that its aid programme "sup- 
ported Tanzania through a 
period when, to retrospect we 
probably shouldn't have”. 












4 


FINANCIAL TIMES WEDNESDAY JULY 27 !994 


★ 


NEWS: THE AMERICAS 


Washington fights to save crime bill 


By Jeremy Katm 
hi Washington 

^Hie White House and Congress are 
working feverishly to salvage the criDe 
bm, which is stalled bitter dis- 
pute over race, the death penal^ and a 
proposed ban on assault weapons. 

The proposed, multi-faceted law 
I»ssed ^ Senate and House in Tarying 
fonm last sitting bat has bemi held 
for weeks in a Joint Rouse-Seosta con- 
ference Qommittee. After a week's post 
ponemmit the committee was due to 
meet ye^rday tor what could be final 
negotiations. 

H the nnminittee does Dot tfais week 
release a bill whidi both cbaznbers of 


Congress can pass, it is imlikdy to be 
enacted tbiB year, dealing a blow to 
the Clinton adinliiistratiotL 

PresJdent BUI Clinton met leaders of 
tile wiflnantiaT ooiigressional Black Cau- 
cus yesterday to try to work out a com- 
imnnise on a providon in the House 
version that would allow defendante to 
use statistics to challenge the death 
penalty as racially biased. 

Backers of the proTisioa say the 
de^ penalty is applied disproportion- 
ately to black pe(9le. 

Senate version of the bill does 
not contain this provisioa, and Senate 
RepiAlicans have threatened a Shus- 
ter to kffl any crime bill that indndes 
“racial Justice" provisitms. 


The White House inUtelly favoured 
the so-called Rad^ Justice Act but has 
since retreated in the face of fierce Sen- 
ate opposition, outraging the Black 
Caucus, whose votes may be essential 
to passing the crime bill in the House: 

The administration last week offered 
a compromise: Mr ClintoQ would tign 
an executive order Twafwtating feder^ 
prosecubtts to consider race in death 
penalty cases and ai^ointii^ a commis- 
sion to study the problem. 

But the Bteck Caucus baulked at the 
deal, vowing to fight on. It was not 
clear whether the meeting yesterday 
vdth Mr Clinton had chan^d their 

wiiwAi. 

Also causing trouble for the bOlis a 


proposed ban on 19 kinds of assault 
weapons. The ban passed both the 
House and Senate, but is adamantly 
opposed by the &lr Jack Brooks, House 
diainnan of the conference committee, 
who has attempted to weaken the ban. 

ikiany gun control advocates in both 
Congres^mal bousK think tiie ban has 
the vmes to pass in tiie final version 
the bin. Ihey feel the conference conir 
mittee should not attempt to compro- 
mise with Mr Brooks, but the latter 
could furtfafi’ stall the crime bin in the 
committee, irwregsing the chances time 
win run out for it this year. 

The White House is eager to get a bm 
onto the fioor of Congress tins weeHs. to 
dear the decks for health care reform. 


Grandees on parade 

Jurek Martin at the Whitewater hearings, day one 



Henry Gonzalez: A ferocious investigator of malfeasance nawAP 


US consumer 
confidence 
remams high 


By Mehaef Prowae 
InWastAtgtoR 

US consumer ccmfidence et^ed 
lower this month but remains 
dose to a tour-year high, the 
New York Contorenee Board, 
the business information 
group, said ye^erday. 

S^arate figure on empkiy- 
ment costs in^ted UtUe evi- 
dence of upward presstue on 
wage inflation despite the 
robust economic recovery. 

The board said its index of 
consumer confidence fell to 
91.6 against 92.5 in June. Tim 
decline was entirely accounted 
tor by slightly less optimistic 
eqwctatians for future growth 
and jobs; consumers’ assess- 
ment of current economic con- 
diticou improved d^tiy. 

The sorvey is Imsed on a 
sample of 5,000 households. 

Mr Fabian Linden, for the 
board, said the rise in the 
eaqiec^ons component of the 
inAn "sugge^ a coitiinuation 
of steady, moderate economic 


growth in tte second half of 
the year". He noted mmourag- 
ing shifts in buying intentions: 
plans to pond:^ ems te^ 

tered a soUd gain afte dediam 
in May and June; plans to buy 

homes were also up, alBmu gh 
not to levels of earlier this 
year. Consumers, however, 
said they wme lek to 
buy household appHances. 

The employmwt cost index 
- a broad measure labour 
costs that includes bene- 
fits as wen as wages sod sala- 
ries - rase 0.9 per. cent in the 
three months eliding in June, 
against 0.7 per cent in the pre- 
vious quarter. The nwniia^ 
increase for private Industry 
workers was 3.4 per cent in 
June against 3 l 3 pw cent in 
March. 

Wage and salary . inflation 
has edged up sliiditiy sinoe ttw 
end of 1992 but the impact on 
overall employmoit costs has 
been more than ofl^ by a 
diarp ton In inflation of b^ 
fits. 


Ford joins ^hybrid’ 
electric car project 


I f the first morning of the 
Whitewater hearings In 
Congress produced few 
firewori^ it offered even so an 
absorbing public contrast 
between three men ' Bfr Henry 
Gonzales. Ur Leach and 
Mr Lloyd Cutler, all in their 
respective ways Washington 
institutions. 

Mr Gonsalez. 78-year-old, 
baltfing. D«&ocratic chairman 
of the House baniting commit- 
tee, is a cantankerous Texan, 
one of Washington’s great 
manglers of the lan- 

guage. but a ferocious inv^- 
gator of maifeafianra in finan- 
cial institutions. Usually 
rumpled, yesterday he was 
dressed in an immaculate 
white summer suit 
Mr Leach, 52, is a previously 
mild-mannered, moderate 
Republican from Iowa who has 
Whitewater bis passion. 
He, too, was dressed ftw the 
occasion in smart dark suit 
and tie; the old sweater and 
jacket that used to be the 
trademark of this anglophile 
former Rhodes Scholar bad 
been IcA in the closet 
Mr Cutler, the vtiiite-bair^ 
76year-old White House l^al 
counsel, U the epitome of 
Washington superlawyers, an 
adviser to presidents beyond 
number, opera buff and bon 
vivant 

He was dressed as usual, as 
if he were in court exuding 
authority and calm. 

It was Mr Gonzalez, with the 
power of the gaveL who struck 
first 

He bluntly ruled out of order 


any questioning of witnesses 
on circumstances relating 
to the suicide last summer of 
Mr Vincent Foster, then White 
House deqputy l^al couna^ A 
Ri^iubilcw demarced hut the 

p>iafirTnfln rammprt thiYUigh hig 

edict by voice vote - all 31 
Demoo^ concurring and all 
19 Republicans oppo^ig. 

He tiiea laid dom tile rest (tf 
the rules, as qied&d by the 
custom of his committee, the 
diktat of both the Kmse and 
the bipartisan leadership of 
Congress and by agreement 
with Mr Robert Ftske, the inde- 
pendent Whitewater counseL 

T hese were five minutes 
per committee member 
for questions, though 
time could be yielded by mie 
congressman to another; no 
straying from the conuntiWs 
brief to confine itself only to 
the "Wa^bingtim mid" of the 
aftoir, and any witness toch% a 
question outside the remit 
would be told he was under no 
obligation to reply. 

"As 1 have said r^ieatedly, 
ad nauseam, we're not here to 
prosecute anybody," be pro- 
noum^L 

And jimt in case some poor 
soul h^ not received tbe mes- 
on tbe other side of tbe 
aisle, he castigated Republi- 
cans for daring to leak to the 
press material from Mr Fiske's 
investigations. 

Mr Leach sat quietly through 
this, but his tom came. He 
spoke at length - and it was 
hut a fraction of a longer state- 
ment, with documentaty mate- 


rials attached, submitted for 
the record. Ito is a man who 
recently has tended to blow 
hot and cold cm Whitewater, 
hot on moral outrage but much 
cooler to some of the wilder 
conspiracy charges bandied 
around by right-wing Republi- 
cans. 

Whitewater might not be 
Watergate, Mr Leach said, but, 
in partisan tones matching 
tiiose tiie chrirman, it was 
tbe product of "one-party gov- 
ernment". 

It was also "about the arro- 
gance of power” by a goyem- 
ment "run by a new ptditical 
piagft which takes short cuts to 
power with end rmm round the 
tow." 

He complained bttierly about 
what had been proscribed from 
the committee’s hearings, yet 
agreed that they shoifld not 
come to lesmnble a trial Yet 
there wme unanswmed ques- 
tioim abmit contacts and crimir 
nal referrals that could not be 
ignored. 

Public ethics were not an 
"incidental" matter but at the 
core of a functioning democ- 
racy. "In terms of ^^nbolism. 
both (£ the disjunction of pri- 
vate and public ethics and as a 
case stu^ on how not to han- 
dle a scandal, Whitewater 
takes on more signifi- 
cance. . . accountability is in 
order but a constitutional cri- 
ris is not" 

Mr Cutler would be very 
good if there were a such a 
crisis (he has over tbe years 
made a number of proposals 
for inqiraving the constitution) 


but on tids occadon bis brief 
was calmly to present the tods 
as he had ascertained them 
during the course of his 
review. 

He offered the Whitewater 
hounds some already well 
(toewed bones, speaking of 
"meetings that not have 
happened. . . subjects that 
shoidd not have been <tis- 
cussed,” but no raw meat. 
Whatever liad been said by 
whom, to whom, when and 


where not result in any 
action by a regulatory agency 
connected even remotely with 
V^tewater that could poshly 
be interpreted as helpfiil to the 
president or anybody else. 

With that. Chairman Gonz- 
alez metaphorically banged the 
gavel again and ordered aH the 
committee off to hear ^ng 
Hussein of Jordan and Prime 
Minister Rabin of Israel 
address a Joint session of Con- 
gress. 


Mexican 
candidate 
injured 
in crash 

By Damian Fraser 
In Mexico City 

The main leftist opposition 
party in Mexico has demanded 
a n^cnloos investigation ot a 
road aeddent that toft its can- 
didate for governor In the 
southern Mate of Chiapas seri- 
ously injured, and three of Us 
eoltegoes dead. 

Hr Amando Avendafio, of 
the Party of Democratic Revo- 
lution (PSDl was rqwrted to 
be in a serious conditiim after 
his car had collided with a 
lorry on Monday muming. Eto 
has a punctured lung, broken 
ribs and toctol and nedc injn- 
ries, but was rq>orted to be 
consdons. 

Hr Avendafio’s wife said 
that she believed tiie crash 
had been planned and was 
part of a campa^ against tiie 
fflOTmnent tor peace in Chia- 
pas. Mr Avmda^ an editor of 
a local newspape r in tiie town 
of San Cristobal de las Casas, 
has been attacked by local 
randurs and ottwr landlords 
for fads good retotimm with the 
Zapatista rebels who began an 
insarrection in Chiapas on 
Jannary l. 

The PRD candidate was on 
his way to tiie state capital fm 
a breakfast with candidates 
from otiite' parties, the lorry 
that hit his car was driven on 
the wrong side of the road and 
had no number plate. Its 
driver fled soon afterwards, 
apparently unharmed. 

The state attorney-gmieral, 
believing that the aerident 
VI9B caused by tiie lorry being 
driven too tost around a cor- 
ner, insisted that there was no 
indication of tiie crash having 
been planned. However, he 
promised an "honest, clear 
and transparent" investiga- 
tion. The lorry driver has been 
identiflied. 

the crash has raised fears of 
farther instability in the state 
of Chiapa^ befime the Mexican 
presidential election and tbe 
state election on Angust SI. 
Zapatista rebels control a 
small part of the state and are 
plaiming to hoM a "conven- 
tion for danociacy" early next 
month. The PRD has agreed to , 
said observets. i 


By John Griffiths 

Ford is joining seven USbased 
advanced technology compa- 
nies in a five-year, $l32m pro- 
gramate to develop jnoto^qie 
"hybrid" electxic v^dcles. 

Such vehicles are seen as 
possibly the best available 
compromise between the need 
to reduce exhaust emissions, 
best achieved by electrically 
powered vehicles, and the 
severely restricted range 
offered by battery cars using 
current technology . 

Half the funds to the project 
are to be provided by the US 
energy department 

"Hybrids” contain two power 
units; one, typically a small 
petred en^e, runs at a con- 
stant speed to geoGarate electri- 
cal energy which is eitiier 
stored in battery packs for 
electijc-only operation in cities 
or converted by the second 


motor directly into mechanical 
energy for use on h^faways. 

Ford said last night the proj- 
ect aimed to investlgi^ meUi- 
ods of uring alternative tu^ 
as well as increasing fuel econ- 
omy and reduting mnissimis. 

Ehrd’s partners in the 
include GE’s research and 
development centre, which will 
explore en^y stot^ in tiie 
vehicles; and Minneapolis- 
based Onan Corporation, one 
of tbe woikl*s Imgest produc- 
ers of mobOe power g^aendjoa 
systems. 

Tfie project comes against a 
baefaground of increasiiig hos- 
tility by tbe North American 
motor industry towards strin- 
gent anti-p<dluticm standards 
being introduced in Califonua. 

These require canoakezs to 
have at least 2 per cent of their 
sales made up of "sero- 
emission" (battery-^wered) 
cars from 1996. 


NEWS: WORLD TRADE 


Taiwan Gatt move 


Daimler-Benz plans Vietnam investments 


puts Beijing on spot 


By Frances WMianis in Geneva 

Taiwan yester^y said It was 
prepared to join tbe General 
Agreement on Tariffs and 
Trade with the status of a 
developed country in a move 
that trill increase pressure on 
China to bow to tough entry 
teims for (3att membership. 

Tbe announcement, to tbe 
Gatt working party negotiating 
Taipei's membership, comes 
three days before a meeting of 
the worlting par^ for nhina to 
discuss tbe basic dements of 
China's accession pnttocoL 

Beijing, which has been 
negotiating Gatt membership 
since 1997. has angrily rejected 
Washington's insistence that 
as a leading exporter it should 
take on the obligations of a 
developed country. 

The Chinese government is 
anxious to rqjoin Gatt, which it 


left in 1950 after the commu- 
nist takeover in China, by the 
end (tf the year to qualify as a 
founder m^ber of the World 
Tinkle (^amsation, Gatf s soc- 
cessm. However, <^Bdals have 
said Beijing will not push for 
membership "at any cost”. 
Chinfl Is seeking developing 
coun^ statns, entitiing it to a 
lengthy transition period to 
phsee.in market-opening coat- 
mitmeots. 

Beijing says it is prepatizig a 
"final" trade liberalisation 
oCto to put to Gatt members. 
Intensive negotiations are 
expected in September - the 
aaadHnc for a^eement on 
entry terms if China is to join 
before 1996. 

Following pressure from Bei- 
jing, there is an understanding 
between Gatt members that 
Taiwan will not be allowed to 
ioin the world trade body 


before China does. Known in 
Gatt as Chinese Tafoei, Taiwan 
began accesson talks in 1992. 
These have made steady if not 
^)eetoular progress, while the 
Chinese talks have been 
repeatedly delayed by rows 
with the US over trade and 

hirmari rights fosUeS. 

Trading partners reacted 
coolly yraterday to Taiwan's 
plea for exceptions to the 
developed countey rule, but 
agreed there had been signifi- 
cant recent improvements in 
its offers to rednee barriers to 
foreign goods and services. 

Taiwan said yesterday it 
would scrap all geographical 
import restrictions and was 
ready to join Gate’s govern- 
ment proenrement code. How- 
ever, Taipei is astd^ for spe- 
caM treatnient to fisih, rto and 
port taxes. 

Editorial commoit, Page 11 


^ John Griflittia 

DahnkX'Hmiz jdans to invest DH250m 
(9169.2m) in commercial projects in 
^ffetnam. Including vebide prodnetion, 
ova* tiie next five years. 

The German vehicles to aerospace 
indiistria] group eqiects to condnde ^ 
as esriy as next month an agremnent 
on the biggest single project - a 
DMTttm joint ventnie to profit 10,000 
commercial vehicles and cars a year. 

Tbe company said yesterday it was in 
detailed nidations with several 
potential partners in the vehicles proj- 
ect, which would be based at a plam 
near Ho Gbi Wfah Cify in sooth Vlet- 
natn- Tte plans provide to the plant to 
go on stream at the end of next year, 
prodneing mainly light tracks and 
minibuses but iweinHing annual output 
of around 1,000 cars. 

Other projects disclosed so far within 


tiie DllZSOm investment are between 
DMlOm and DUlSm in eoeigy (fistxilni- 
timi systems by the group’s AEG sid>- 
sadiary and DHZSm to an ertdWtioa 
centre in Hanoi by PaimlerHmg Into- 
Serriees iis indnstrial servloeB arm. 

Ihe Daimler-Benz venture is the lat- 
est several Vkfaamese inujecis put 
in train by western vehirie makers 
keen to take part in Vietnam’s ascHer- 
ating economic growth. 

Bmianlt has stened a letter of intent 
to b^in car assembly with kits sup- 
plied by Renault from France through 
Vietnam Motors, a Joint venture 
between Columbian Motors of tbe Phi- 
lippines, which holds a 55 per cant 
stake, Nichiinen of Japan with a 18 per 
cent stake and a Vietnamese state com- 
pany. 

Vietnam Motors already nssemblf^ 
some Mazda models and is to start 
assemUy of BMW’s ndd-sized 5 Series 


cars at its plant near Hamd In Scqitem- 
her. 

In BCay MitsnbisU Motors became 
the first Japanese carmaker to enter a 
Joint venture in Vietnam uiien it 
leceived approval fttto Bb^ to tom a 
joint vddde manufaetming and sales 
venture with Proton, the Malaysian 
carmaker in wtakh it holds a minority 
st^t^ and Vietransdittex, a Vietnam- 
ese natitmal company. 

The venture, Vina Star Motors, In 
which Mitsubishi Motors, BOtsnbishi 
Corporation and Proton win each hold 
stakes of 25 per cent, is to agflcmMe the 
Mltsnbishi DeUca nfrnibas. Prodnetion 
is sdiednled to start next IfordL 
• France te seeU^ to inmease its 
trade with Asia to about 7 per cent eg 
the regional market, Mr Edmond 
Alphanddry, the economy minister, 
said yester^, John Mdding adds from 
Paris. 


Mr Alphandtey, who was qieaUng in 
Sngapore after visits to Vietnam and 
Cambodia, said ^anee must "more 
than doable" its market share in Ada. 
He described French industry's trade 
with tto region as "for too si^” and 
said ft must be brouiJEt in Bne witii 
Fiance's ahare of intmnaticnal trade, 
whidi stands at seven per cent 

In Vietnam Hr Alptaandtoy signed a 
financial agreement which provides 
FFr425m (9ra.3m) of preferential loans. 
The credit wifi be used to finance wmk 
in water treatment, tHecommnnlea- 
tions, energy and health. He also 
signed an agreement cancelling 
FFrl.2bn of debt and rescheduling 
aimHiar FFtUbtt. 

In Cainbodia, he he agreed on 
ential credits worth about FFrCto. He 
said CandKidia’s dAts to Frimee would 
be ffisenssed at tiie Paris dub of crefi- 
tor nations. 


All systems go for Oresund fixed link 

Hugh Carnegy on tender preparations for the project joining Sweden and Denmark 



By Robin ABen in Abu DhaU 

The incomplete t^eover of 
Fetromin, tbe Saudia Arabian 
government’s former domestic 
crude refining and maikeQi^ 
agency, is ad^ng to difficuittes 
over the sui^y and pricing of 
reduced crude and beavy fuel 
oil feedstock from Saudi Aram- 
go's Yanbu refinery. 

It is also aggravating delays 
behind the formal award to 
Cbiyoda Petn^ar of a $248m 
(£l62m) turnkey contract to 
build the fcm^m’s seetmd - 
and much-needed - Lube refi- 
nery. 

Chiyoda Petrostar is the 
Saudi affilia te of Japan’s (fol- 
yoda Corporation. 

Industry sources say that 
Saudi Aram CO has not 
completed details of its take- 
over of all Petromiu’s refining 
operatic. Petromin, which 
was absorbed into the Saudi 
Arabian Maiketlng aiyi Refin- 
ing Company (Samaree), was 
itself taken over by Saudi 
Aramco in 1993. 

"These problems are aggra- 
vating the already sensitive 
talks on the price of feedstock 


and xetum strums, the ^ 
meats of unused base ofl which 
would be returaed by LubetW 
to Saudi Aramco.” industry 
sources said. 

The dient, Petromin Lubri- 
cating OU Refinery Company 

(Luberri), a 70/30 joint venture 

between Petromin and Mobil 
Corporation, bad been e^ieo- 
ted to award tite amtract last 
Aprfl. 

Luberef already owns and 
operates one refinery pro^ 
1% L8m barrels a yev of base 
oil, which bloMl^, indudi^ 
Petrolube, another &u£-MobU 
joint venture, br^ down to 
pn^uce engine oils, anti- 
freete, and transmission and 
hj^ulic fluids. 

Domestic consumption of 
lubricants is now some 2,^ 
barrels a year, and the kmg- 
dom. the world’s largest 
exporier of crude <dl, is now 
having to import b^ oifo. 
Dome^ demand is risii% at a 
rate of between 3 and 4 per 
cent a year. 

The new 2m barrel-a-year 
Lube refinery would cover 
growing domestic CQosumptiog 
as wen as enable Saudi i^bia 


15 years. 

Luberefs general manager, 
Mr Wolf Ziedler, said that 
there were still arrai^eiiients 
to be finalised before the pref- 
ect could go ahead, inchidii^ 
priciiig and supply of feed- 
stock. dealings witii. coutrao- 
tors and with government 
authorities. 

The value of D^assed gas 
feedstock is caico feted accord- 
ing to formulas of market 
prices for crude phis processed 
oil by barrel and by tonne. 
Residual probtems from 
Petromin tmerations add to the 
pricing diffimlflfm 

Without fiiture cashflow gur- 
antees and a pricing fomniia 
showing eride^ cf these sa^ 
isfoctory to the cli^ conuxier 
eial banks would be reluctant 
to ftnanrp fiiB pJanfs constroo- 
timk 

Saadi AnAte's Public Rivest- 
meat Fund and/or the 
Industrie Development Fund 
could provide a portion of the 
ftmdhig. Equity finaneft from 
the vtttore partnms, plus 
commercial bank inani; , would 
make up the bHance. 


W ork is accelerating 
on tbe tenders for 
the first fixed link 
between Sweden and Denmark 
now that the Swedish govern- 
ment has at last given the 
go-ahead to one of Europe’s 
b^grot infrastructure prefects. 

The Oresund Consortium, 
the joint Swedish-Dasish group 
wbicb is running the project, 
has published a list of 14 pre- 
cpialiBed construction consor- 
tia. involving some so Scandi- 
narian, Enropean. US and 
Turitish companies. Thi^ were 
picked from a list of 23 to qual- 
ify for bidding for the four 
pai^ of the ifikm cmn- 
bined brid^tunnel, road-rail 
link across the Oresund chan- 
nel dividing tbe cities 
Copenhagen and Malmd. 

After a delay of about a year, 
caused by a tortuous row 
within Siren's right-centre 
coahtum over the enviromnen- 
tal effects tbe link, the first 
tenders will go out in Septem- 
ber, with tbe first constiuctioa 
work due to b^n next sum- 
mer. If all goes according to 
the revised plan, the link 
should open to traffic in the 
year 2000. a year later than 
intefoded when in 1991 the two 
governments signed their 
treaty to build the link. 

Taken in tandem with tbe 
DEiSObn f£2.lbn) Storebaelt 
bridge-tunnel link between the 
Danish Islands of Zeeland and 
Funen. due to be completed 


within the next three years, 
the Oresund link will to tim 
first time provide an unb ro k ^ 
land conoectiou not just 
between Sweden and Denmark, 
but also betw^ Sweden and 
its main export markets in 
Germany and the rest of 
Europe, The commercial bene- 
fits, espetially for the Copen- 
ha^Jdalmb r^on. with its 
3J2m inhabitants, are ^tected 
to be cQQSiderable. 

But Stringent environmental 
specifleations placed on the 
project, principally by the 
Swedish authorities, have 


already forced the Oresund 
consortium to make aig niB gpq t 
changes in the construction 
plans to eusure tiie link will 
be, in tbe words ef Ur Carl 
Bildt, the Swedish prime minis- 
ter. "the greenest bridge in the 
world". 

Ihis will add DKiSOOm to the 
estimated DErl2.2bn the ooast- 
to-coast tunnel and bridges are 
pn^ected to cost in 1990 prices. 
Assochdod land works on both 
the Swedish aiiri nanfeh 
will add DKi5bn. 

The Oresi^ link is essen- 
tially a public sector project. 


although it will receive no 
direct state funding. It is to fa« 
financed by borrowing on 
intemation^ markets, tack^ 
by govenuneut guarantees. 
Payback is scheduled to take 
24 years from opening, based 
on annual revenues (in 1990 
prices) of DKrSOOm jointly 
from the Danish and Swedish 
state railway companies and 
annual tariffs from a prqjeded 
3m veUde crossings. 

The chief environmental 
demand made by tbe Swediah 
side was that the bridge sec- 
tion of the pr^e^ and the arti- 
ficial islands it inv^ves. would 
have nonet effect on ^ 
salt-water flows tlurou^ the 
Oresund In and out of the Bal- 
tic Sea. Thte so-called "zero 
solution" is aimed at ensurii^ 
no change in tbe oxygen con- 
tent of the already badly pol- 
luted Baltic waters. Second, 
the amstructors must ensure 
that qdllap from the exten- 
sive dreeing works does not 
^ceed 5 per cent of the exca- 
vated smteitel 

These conditions are 
"very tOl^" sa^ Mr Ingmar 
Bjdrnsson, project director 
at the Oresund Consortium. 
"But we have shown tiut it 
is passible through a combina- 
tion (tf m^iods. Tbe restric- 
tions will be monitored to 
make sura we work within 
the limits set - and these 
conditions will be among 
tbe evaluation criteria wb^ 


we select the contractors." 
The environmental eondi- 

ttolS MfttaU frmr rrwrtn ^hniigag 

first, extensive dredgjng will 
be the Danish to 

compensate for the hindrance 
to water flows caused by the 
islands and bridge pjito. 
Second, a pbmnad artifidM 

feland ^ alm long w3l SOW be 

split Into two islands with a 
900m bridge between them. 
Third, the tunnel - an 
inuoer^ concrete^ection tun- 
nel sunk in a sea-bed traicb 
linkiiig the ffem'sh side to the 
artificial islands - rriU be 
lengtimsed by 40Qm to RTOfea 

La^ a ihan-tnade pmUDSOhl OD 

the Danish aidA will be nar- 
rowed by 200m. 

The ffirst tender dates-fef 
the dred^ii^/^iaDd butiding 
work and the tunnel - will be 
set for December and next Jan- 
uary, with contracts to be 
aign^ in M^. The tender 
dates for the 1.09km cable- 
stayed tievatod bridge and tiie 

6.^3n of bridges teaffing to tiK 

bifdi brid^ are set to Mai^ 
□ext ymw. 

After all the delays, Mr 
Bjorassott and his wJeag^ 
are anxious to get m with tiie 
wwk. Not least b^use they 
are fed up with the hourJniF 
journey ttey must now make 
nimngt daily via flary betvre^ 
Malm5 and Copestitegen dfy 
centres. Once tbe OtssishI 
is up and ronning, the trip wSi 
take 2S mlniiteg. 


Saudi refinery contracts 
run up against delays 

to w port oils for the next 







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221 177 














6 


FIN.^NCIAL TIMES WEDNESDAY JULY 27 1994 


NEWS: UK 


Caller ID 
plan agreed 
by Oftel 

By Andnnv Adonis 

British T elenn itimnnipatinne 
Will make it possible from 
November fyr people to iden- 
tliy the number of callers 
befbre answeiing the phone, 
and for phon^ to store the 
nnsibeTs of imansweTed pan^ . 

Under an ^reement with 
Oftel, the telecoms watcfadc^, 
callers wiD be able to prevent 
the display of their nomb^ by 
dialUng **141** before the num- 
ber. 

A blocking facility will also 
be available, and BT is exam- 
ining tbe posslbilt^ of offer- 
ing a service wbicb automati- 
cally fleets calls where tbe 
eaUtf has blodied tiie ^splay 
of his or her aamber. 

BT win offer two separate 
services, each priced at 
betw^ £4 and £7 a quarter. 
Oftel said it was concerned 
that BT provide fodUties for 
competing phone operators to 
offer the same services if 
requested. 

Negotiations are taking place 
between BT and competitors 
about an interconnection 
arrangement In pOots of the 
service in Scotiand and Bristol 
the number-barring facility 
was little n^ and most nsms 
said they could see no reason 
for anyone to withhold th^ 
number information. 


Export data signals steady recovery 

But Gillian Tett reports on signs of inflationary pressures ahead 


Further evidence that UK 
manufacturers are witnessing 
steady economic recovery 
emer^ yesterd^ after a busi- 
ness survey reported that 
improvtog sports contributed 
to the latest rise in manufac- 
taring order books for almost 
Six years. 

But a sharp rise in the num- 
ber of businesses expecting to 
raise prices and indications of 
capacity constraints in some 
manufacturing sectors pro- 
vided one of the first hhits that 
this faster growth might fuel 
inflationary pressures later 
this year. 

With Mr Eddie George, gov- 
ernor of the Bank of 
due to bold his monthly mone- 
tary meeting with Mr Kenneth 
Clarke, the chancellor of the 


exchequer, tomorrow these 
Bndi^ are likely to add to 
City speculation that interest 
rates may be raised in the com- 
ing months. 

The Confederation of British 
Industr>'*s guarteriy industrial 
trends survey yesterday 
showed that one In five manu- 
facturers expects to raise 
prices in the next four months, 
while only 8 per cent ej^ected 
to reduce them. 

This marks a rise in price 
expectations &x>m the previous 
survey, conducted in April, 
when slightly more mamtfac- 
turers were expecting to 
reduce prices than raise toem. 

Sir David Lees, chairman of 


the CBI’s economic affairs com- 
mittee. yesterday admitted 
toat this rise in e.'cpectations 
was “woTrying”. But he called 
on tbe government to hold 
interest rates steady until at 
least the autumn. 

He said: “Is our judgment, 
the infiatios pressures are not 
suffidentiy serious to suggest 
that monetary policy should be 
tightened immediately.** 

The price rises, be pointed 
out, were oocuring from a rela- 
tively low base, and the contin- 
ued intense domestic (x^mpetl- 
tion nmant that manufacturers 
had generally not been able to 
make price rises stkk in recent 
months, even where they had 


been expecting increases. 

The Treasurv' yesterday wel- 
comed the figures as evidence 
that the recovery was “becom- 
ing broader and stronger.'* 
With the government hoping 
that tbe recov’ery will become 
more export-driven later this 
year a steady rise In tbe 
reported level of export perfi^- 
mance in the survey was 
“encouraging**, officials sauL 
Meanwhile employment 
expectations rose in the last 
quarter, the survey showed, 
suggesting that manufaecuing 
emi^oyment may pick up later 
this year. 

N'evertheless. concerns about 
the rise in price expectations 


were yesterday fuelled In the 
City by fahits that bottlenecks 
were developing in some man- 
ofretariog sectors. The mun- 
her of finns working below 
capacity fell back to 54 per 
cent in the last quarter, com- 
pared to 59 per cent in April, 
the survey said. 

Meanwhile, the survey gave 
little tign that UK companies 
were yet seriously addressing 
potent capacity constraints. 
Investment intentions grew at 
a relatively weak rate last 
quarter, with only slightly 
more firms expecting to 
injcroase their investment on 
plant and equipment than 
eiqtected to reduce it 


Watchdog urged to ignore report on fees 


By Norma Cohen, 

Investments Correspondent 

The Office of Fair Trading is under 
growing pressure from leading City 
firms sjid fund managers not to publish 
a controversial academic report which 
concludes that seemities underwriting 
fees are too high. 

The securities firms and fund manag- 
ers, who share In a standard underwrit- 
ing commission of 2 per cent of all 
capital raised In a rights offering, fear 
tbe report will tarnish the reputation of 
tbe City of London. The London Invest- 
ment BankiDg Association and the 


Institutional Fund Managers Associa- 
tion are amang the organisations wbicb 
have sought meetings with the OFT to 
express their views. 

The OFT commissioned tbe research 
18 months ago after it began an inqinry 
into why all companies bad to pay the 
same underwriting fee to sell new 
shares, despite the fact that issuing 
companies present widely varying 
degrees of ri^ to under^ters. 

“How frequently does the OFT 
engage in acad^nic debate?** said one 
Cl^ official who said be bad met with 
the OFT about the report “The Han ^ r 
is if they publish it it will soond as 


thou^ they endorse its views." “It 
could appear that this is another City 
scam,** said another official, arguing 
that lli-informed press commentators 
are likely to interpret it that way. 

The offidal argued that the report is 
Sawed, partly bmuse ii does not take 
account of the cost of the capital which 
securities firms must provide to partici- 
pate in underwriting. Moreover, he gain 
that although underwriting conunis- 
sioQS are standard, varying degrees of 
risk are reflected in the sixe of the dis- 
count at which new shar» are sold. 

Those familiar nith the research said 
it draws no conclusions about whether 


tbe standard fee is the result of anti- 
competitive activity and it is believed 
the OFT has found no evidence of a 
cartel. However. In private conversa- 
tions, OFT ftffw-tflif were said to have 
expressed concerns about a “complex 
monopoly** irtiiGb may be (iterating. If 
there were evidence of a ear^ it could 
refer the matter to the Monopolies and 
Mergers Commission for review. 

It is expected that the OFT will pub- 
lish the report within tbe next two 
memths. sai^ it wishes to encourage 
public debate. However, it is expected 
to simultaneously publish a summary 
of City criticisms of the research. 


Britain in brief 



when it 

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IBM, 
Compaq 
and Acer 
stand out. 





We’re not as big as BBA/F or Compsuf— 
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Throughout our 15 worldwide manufacturing and assembh^ plants. That’s how Acer has become the 
PC market sliare leader in eight countries aaoss the globe (not to mention one of 
the top three leaders in many other countries). It should therefore be no surprise 

computer companies to delivet ^sterns based on 
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next time you think of leading computer companies, you'll think of Acer. 




Belgiim 

l«le|)hOM- ^3-2305032 
Facamfe: 32-3-2SIXJ2S 


AceR 14 


United Kingdom 

Telephone; 44-753-523024 • Facsimile; 44-7S3-M3739 



Cl 

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Fttsimile; 4 


TiM NBibwitnifi 

Telqitnm-. 3l -ao^lSiOO 
RKSHMIe' 31-20^ 4636 


iSflUlfV 

' 49-41Q?-4a8^ 
49-4102-188-107 


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Tdephcrui 33-l-4ns-2K9 
P«S«Wl9-.33-l-4U8-MQ0 

,Wl^mg»ll .fl lB , W 

Malta iai«iai Ci*«ilc« Kmom 


Teleolione 43-)-Sl4188]0 
Facsimile- 43-1 


43-1-914186110 


Tefetihonc 39-Z-2692-3563 
FseSHmte: 3&-2-2e9G-ltK?1 


OtSBRaA 

Telephone 45-46.82lOOa 
fAcsimite: 45-46-82107? 

r-— »-i r n ri ^ *~i n — 


HwiBirv 

wiK^i-a 


retephODK 36-1-209S0S6 
Facslinne: 36-1-203S0S6 


Sinn Fein 
ban to go to 
Luxembourg 

Two High Court judges 
yesterday referred the 
government ban on the 
presideot of Sian F18111, the 
political whig of tbe IRA, 
Tiriting Britain to 

the Earopean Court of Justice. 

The European judges will be 
asked to lay down le^^l 
guidelines on the competing 
interests of Ur Geny Adams’ 
ri^t to move freely Tritiiln ttie 
territory of member states, 
Ipclodiag the UK, and the UK 
govemmat’s right nnder 
Coropean law to take action 
against farm in the intmests of 
nation^ seenri^. 

A key Issoe Is whether the 
exclosion order made last 
October and S' the Prevention 
of Terrori s m CTmuporary 
Provisions) Act 1989 was 
“disproportionate” when Mr 
Ada^ only wanted to pay a 
brief visit to parliament to 
discuss the political sitnation 
in Nortitem Ireland with MFs. 

Jnd^ mled there were 
‘'serioQsly arguable” questions 
of European law whirii shonid 
be considered by the European 
Conit 

OFT declines 
bread inquiry 

*The Office of Fair Trading has 
rebuffed pressure from MPs to 
lanncb a formal investigation 
into the price of bread in 
Northern Ireland. 

Sir Biyan Carsbei^, director 
general of fair tradi^ told the 
N Ireland committee that he 
had “not yet been given a 
reason to believe" that the 
price dlSereBtial between the 
province and the rest of tbe UK 
was “likely to be attributable 
to an abuse of a monopoly 
position or to some paiticnlar 
anti-competltive pradice.” 

But in a letter to Sir James 
Kilfedder. tbe committee 
chairman Sir Bryan said be 
had asked to “make 

further inqinries bearing in 
mind my functions under 
competition legislation.” He 
said he had taken note during 
a visit to Belfast in Hay of 
large share of the maricet for 
baking and bread retailing held 
by one group.* 


Insurers alter 
Aids criteria 

UK life insurers are to stop 
asking potential clients 
whether they have been tested 
for tbe HIV vims which causes 
Aids, in an admission that the 
iadnalry's initial fears on tite 
commercial risk from tbe 
condititKi have proved 
anfonnded. 

Insnrers in fatnre will ask 
only whietiim’ a test result was 
positive or treatment has been 
received. 

Under emrent practice, an 
applicant who arfmitg having 
hemi tested is often reftased a 
policy or offered one only at a 
higher premiam, even if tbe 
test result was negative. The 
reflects the indns^s 
assumption that oidy people 
who ctmsidered “hi^risk” 
sot^t such tests. 

Bat tbe Association of 
British Insnrers said yesterday 
that testing for HIV had 
become much more common 
over toe last few years, boto 
for screening porposes and 
personal reassurance. 

Trident base 
to cost £1.9bn 

The constnmtion of a base for 
Britain's new Trident nuclear 
submarines has cost £l.9bn, or 
72 per cent more in real terms 
than origiaally antidpateil 
according to a report published 
by the National Audit Office 
today. 

The cost overrun on the 
10-year programme of works at 
Faslane and Coulport in 
Scotiand reflects changes in 
nuclear safety standards, and a 
f^ure by the defence ministry 
to define precise requirements 
in the early stages, the NAO 
says. 


diversity of the British wurf te 
It is ixBportast that it develops 
and remrins," said Hr 
Hargreaves yesterday. 

Mr Hargreaves has received 
a conunitmeni from tbe bo^ 
of Newspaper Pnhilshfag that 
no menber of the bwM can 
Interfere editorially. The 
eonunitnient dea:^ inrindes 
Mr Whittam Sadtb, who will 
remain chainnau, bu t on a 
part-time basis. 

Mr Hargreaves sajfs he has 
also received assurances from 
aH of the main Indepeodeat 
shareholders of tiirir ' 
kmg-term commitment to the 
paper. 

Over the past two weeks he 
has met renrpMmtntivM nf au 


FT deputy goes 
to Independent 

Mr Ian Hargreaves has been 
appointed the second editor of 
The Independent newspaper in 
succession to its principal 
founder Mr Andi^ V^itiam 
Smith. 

Mr Hmgreaves, 43 first 
Joined Financial Times in 
1976. Be was most recently the 
paper’s deputy editor. He has 
also held tiie post of head of 
news and current affairs at tiie 
BBC. 

“The Independent is an 
Important voice in tbe 


Ian Hargreaves 


French, plea 
over shipyard 

The defence secretary r^ected 
a call for the govenunmitto 
provide a guaranteed two y^. 
£S0m woiUoad for Tyneside 
shipbuilder Svran Hunter to 
save it firmn closure. 

Hr Malcolm Bffkind told 
executives from Constructions 
Mecaniques de Normandie, the 
French-based compeny which 
is the sole prospective Indder 
for Swan Hunter as a goiz^ 
concern, that work cannot be 
directed to the yard and tiiat 
all fliture cootracts must be 
won by competitive tendo*. 

Howevo*. Mr Rifkind and 
defence procuremmit mimster 
Mr Roger FFeeman, also at tbe 

London meeting; said they 
would look at a CMN proposal 
desigr^ to ke^ Swan Hunter 
in business while it competes 
for more work. 

The CMN 1^ would reqnim 

tbe MoD to place the fiBm, 
three montii refit ot the Royal 
Fleet Auxiliary tenirer Olwwi 
with Swans while still In 
receivoship. Until now. the 
MoD has s^d receivership do^ 
not constitute the "firm 
financial footing” it requires. 


f 



rt- 


the sole s ur vivor of tbe trio 
who founded the paper in 
1988. Mr Hargreaves uid 
yestttday he intended to 
continne tbe paper’s tradition 
of political iwmaligiiiiiMrt ami 
ke^ the title firmly itibetop 
end of the market 
• Mr Andrew Gowns, at 
present FT Foreign editor 
succeeds Mr Hargreaves as 
depsty editor and Jfr DavU 
Walker, now managing editor, 
has been anxtinted to tiie new 
post of executive editor. 

Skills shortage 
seen in surveys 

Widespread criticism of 
wwk-related education and 
emerging sMiig shortages that 
may hamper economic 
recovery in aD regions of the 
UK are contained in two 
surveys published today. 

A surv^ SB^ and 
medium-sized engine«ing 
companies with less than soo 
employe^ publirited by the 
Engineering Council ^wed a 
shortage of en^neEss. 

A second survey, the latest 
quarterly national economic 
survey conducted by the UK 
200 group of practising 
chartered accountants, showed 
three out of four of Qielr 
clients foresaw a sUUs 
shorty. They urged the 
government to establish 
further forms of both 
vocational anrf siniTg training. 

Fire to hit 
bulk contracts 

Texaco has told some of its 
bu^ customers that it will be 
onahle to meet oertun sop^ 
contracts because (ff the fire at 
its rriSnoy at Bfilford Haven 
in Wales. 

Contracts affected are those 
for delivery in Fmateokesbire, 
site of the i^nmy. Texaco 
also said that it wonld be 
imable to meet swap 
arrangements irixere payment 
was doe in Pembrokeshire. 

Oil companies raotinriy 
swap refined products to avoid 
having to «htp them to 
locations. These swaps will 
eimble Texaco to meet its 
commitments In ottio' parts of 
the conntiy. The US oil 
company stressed last ni^rt 
that driiveries to Texaco 
petrol stations wQl not be 
affected by the prodnet 
shortages. 




f 



FINANCIAL TIMES WEDNESDAY JULY 27 1994 


MANAGEMENT 



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"■I'ilK sh(ij 
'“ii in Nil-, 


John Willman on a scheme that 
puts top civil servants on the board 
and executives to work in Whitehall 

Trading 

places 



TnMor Himptnas 

Chi servant Nfefcy Oppenheimar Qef^ and Kevin McCoy, TSB’s dkaelor of training 


Advisers 
feel the 
pinch 

R eceasioa faas blunted the 
growth in western 
Enrope’s £S.74bn 

immftgMnent- ennsnl fafiry 

martet, which has MqwnJpri by 
jnst 7 per cent over the past two 
years, according to a report* by 
Alpha PnbttcatioQs, an 
independent research company. 

ft predicts ttiat ttie pace of 
growth win increase ^ an 
araage of 11 per cent a year 
ovs* the next six years, 
althon gfa this is well below the 
expectations of a few years ago. 

it attributes the lower growth 
prcjeetians to recessim, a 
dowdown in the growth in IF 
serviees and social legislation 
imposed by tlie Enn^tean Union. 

However, some trends are 
likely to expand the market, 
gnch as privatisation, growth in 
intenoatioaal consnlting 
projects stmnming from 
fnereased cross-border 
competition amt new feghiQiwy 
sodi as bnsiness process 
reengineering, cnstomer loyalty 
pFOgrammes and delayering. 

^ slowdown in Eorope's 
economies has steered 
emsiiltants away from long 
stra te gy projects towards 
otteii^ advice that gives a 
quick payback by catting costs 
or improving performance. 

The recession has enconraged 
the restructuring of 
manafactnring companies, 
making them cnrrently the 
largest users of management 
consultancy, accounting for 38 
percent of the total market, 
followed by private-sector 
smrices snch as iwwirttig anH 
communications at 26 per cent 
The 30 largest consultants 
account for aboot 60 per emit of 
the total znaiket, down from two 
years ago when they accounted 
for 63 per cent The chief reason 
for diang fe is the in 

the number of small new 
consulting operations, famed 
by exEcntives made redundant 
fo tiie recessicaL 

Vanessa Houlder 

*Tfie JUarketfar Mttnagement 
Cansuitanqi Serviees in Western 
Europe. Price £2.000. Afyha 
PuMaitkms, Daunt Bouse, 66 
S^eysItoad,Beac(nisf^d, 

BtKks. HP9 ITB. 


C ould your business benefit 
from the presence of a 
senior civU servant at 
board level as a noo'exec- 
utive director? 

The idea might seem bizarre 
given the popular nnag p of White- 
hall as a hoiw for pen-pushers and 
faceless bureaucrats. Ent companl^ 
taking on top mandarins ffnrt they 
make a valuable input says Claire 
Arnold, managing director of the 
Whitdiall and Industry Gropp*, a 
charity set up 10 years ago to 
improve understanding between 
business and the civil service. 

'‘They have well-honed minds, 
used to **haiipn8lng ministers,” she 
says. «in often brii^ inrightg 
from their experience of govern- 
ment that contribute to strategic 
thinkiiig." 

WIG Is a government-backed 
group, supported by 64 large compa- 
nies, including Midianti Bank, Cad- 
bury Schweppes. Shell UK Oil and 
British Each 

3^ear, a dozen member wtmpaniea 
find places for top TrmTwiariwg rai 
their managempitf nmnwilttpes OT on 
the boards of subsidiaries. FOr the 
civil servants involved, the appoint- 
ments offer useful insi^ into the 
world outside WhitehalL 
Coats Viyella recently appointed 
Norman Glass, aonnntmiirt ^ gn 
the env i ronment department, to the 
board of CV Apparel, a M nWiighain - 
s hire-based subsidiary supplying 
clothing to retailers such as Kforirs 
and Spencer. 

Bill Shardlow, group personnel 
director, says he is always keen to 
encourage diverstty on tiie boards 
of subsidiary companies. “Regula- 
tion is so impiprtant to business 
these days, and a civil servant 
brings insists into the views and 
thought-processes of WhitehidL" he 
says. ”The feedback is that Norman 
is a lively and useful board mem- 
ber." 

Glass is finding the ^ipointment 
equally rewarding. It is a fesdnat- 
ii^ expariance," he says. “The way 
the company is driven by precise 
fiwflTiffial and other quantitative tar- 
gets is so different from the civil 
service. Civil servants set them- 
selves targets, but are always can- 
sdous of ^ need to respond to the 
immediate needs of our political 
masters.” 

Glass has already helped the 
board find out what is gtdi^ on 
concerning new European Union 
restrictions on sQk inyiorts. he 
has been able to provide u^fiil 
understanding of the advantages to 
the company r£ joining Investors in 
People, a government-backed 
scheme for improving in-company 
training. 

”I also And I have thing s to say as 
an economist, both about the econ- 
omy as a whole and on particular 
aspects of business strata,” Glass 
says. “The contact witii a business 
close to retailing is us^zl to me in 


getting a feel for afeat is gang on in 
the real economy.” 

In adititinn to placing top manda- 
rins as noi-ezecutive directors, WIG 
arranges shorter business attach- 
ments for around 50 smiior civil ser- 
vants year. In most cases, they 
spend two or three weeks ezamin- 
a particular function of the com- 
pany relevant to their civil service 
re^nsibilities. 

Nicky Oppenhefaner. now prind- 

pel *>g tahHRhTnftnti8 and fiTBmffP nfW- 

car at the Lad Chancellor’s depart- 


ment. spent her atiadunent in the 
personnel department of the TSB, 
the retail bank. The TSB was 
restructuring at the time, putting a 
lot of effort into communicating 
with staff and handThig redundan- 
cies sensitivdy. 

”1 learnt lessons that have proved 
helpful in the restructuring we are 
now involved with In setting up the 
Courts Service agency,” she says. 

“1 found much in common 
between the department and the 
TSB,” she adds.-, “Both. have a 


Trainers on the 
interactive 
battlefield 

Tim Dickson looks at forays into 
viewer participation by two 
video-based training companies 


regional structure which creates dif- 
ficulties in communicating between 
regions and the centre.” 

Oppenheimer also looked at the 
TSB’s approach to staff appraisal, 
gaii^g insights for a subsequent 
review of the department’s 
appraisal system. And she was 
impressed ^ the TSB’s training 
programme: “Their purpose-built 
training centres with the most mod- 
em audio-visual tecluUques were an 
eye-opener," she says. 

For Kevin McCoy. TSB’s tr aining- 
director, Oppenheimer offered “a 
fresh pair of eyes" when looking at 
the restructuring process. ".At tte 
time, we were also devrioping our 
policies on equal opportunities, and 
she was able to bring relevant ci\il 
service experience,” he adds. 

WIG offers member companies 
the opportunity to learn more about 
how the civil service worics at first 
hand by arranging short attach- 
ments in Whitehall for senior man- 
agers. Hus year it hopes to place 
around 30 top executives in civil 
service departments and agencies. 

Chris Bond, ^nei^ manag er of 
the ettoort division of HP Bulmer, 
the cider company, spent four 
weeks in late 1992 with the Depart- 
ment of Trade and Industry examin- 
ing licensing arrangements for 
industry. The prqjeet, a pilot for the 
department's deregulation efforts, 
identified the licensing problems 
encountered by small and new busi- 
nesses. And it suggested ways of 
simpliiyi^ procedures, including 
the possibility of issuing licences 
through the new "one-sto) shops” 
offering small businesses access to 
DTT support services. 

Bond found the job interesting, 
rewarding and a useful introduction 
to the processes of govemment He 
also found the placement raised his 
self-confidence by throwing him in 
at the deep end in an area where he 
had no previous experience. ”lt is a 
different way of working," he says. 

“Ministos tend to be much more 
remote from the detail than even 
the most senior managers in buri- 
ness. TTie political aspects are also 
very important considerations 
which you need to understand and 
bring out Politics are part of the 
game in industry, but nothin like 
so overtly or as sudi a iniority.” 

The bmefits of this two-way traf- 
fic between Whitehall and business 
has led to a “sea-change" in mem- 
ber companies’ attitudes to WIG, 
says Arnold. 

“At first they became involved in 
the programme because they 
belief It would be in the interests 
of the country to help improve ra- 
tions between Whitehall and busi- 
ness. IncreasinGiy they see the loan 
of a t(H) civil servant as an attrac- 
tive option in its own ri ght ** 

*Whi^haU and Industry Group, 
Room C253, 47 Baker Street, London 
WlA IDN. 


Y ou’ve read the book mid 
seen the video; now try the 
CD-i. That is the current 
pitch from both Melrose Film 
Productions and Video Arts, two 
of the best-known video-bas^ 
training compames in the UR. 

Both have re-issued 10 of their 
existing training film titles in the 
more flexible and enhanced CD-i 
format. 

The move represents a new 
opportunity for corporate, 
educational and public-sector 
training managers, as well as 
marking the training industry's 
first main sldnzush on the 
multimedia battlefield. 

Enthusiasts say that CD-i 
(which stands for compact disc 
interactive) offers the same sort of 
advantages over ordinary VHS 
videotape that audio compact 
discs (CDs) have enjoyed over 
traditional audio tape. 

CD-i players deliver a better 
i picture than a conventional video 
recorder, while users of training 
f ilms are able to "hop" from 
episode to episode or participate in 
a series of interactive exercises 
added to the original scripts. 

CD-i technology was pioneered 
by Philips three years ago but 
imtil recently its main application 
has been in computer games. The 
breakthrough for Melrose and 
Video Arts only came earlier this 
year with the development of a 
cartridge that could, for the first 
time, deliver foil-screen, 
full-motion video pictures at a 
reasonahle price. 

CD-i is distinct from 
interactive video technok^, 
which was marketed in the 1980s. 
IV not on^ suffered from poor 
picture quality but required users 
to invest up to £5.000 in a separate 
workstation. 

In an effort to kick-start the new 
CD-i management training 
market. Melrose has offered a free 
player, which attaches to a TV set, 
to customers who buy either of 
the first two programs bei^ 
reissued in CD-i form (Motivating 
The Team and Keeping Customers 
Cool) before the end of July. 


The £995 price tag compares 
with £ST0 for the Melrose videos in 
their original linear form. The 
offer is identical to Video .Arts’: its 
new (^D-i range includes 
established hits such as Meetings, 
Bloody Meetings and The Dreaded 
Appraisal. 

According to Richard Roxburgh. 
Melrose cliief executive: "In a year 
or two we think it [CD-i] will be as 
familiar in the workplace as the 
MJS video player is now. It is like 
having your own personal trainer 
on disc, and it wiU be 
enormously attractive as the 
move to open learning gathers 
pace." 

The Melrose products are 
designed to be used either os 
self-study tools (with questions, a 
choice of aiLswers and feedback), 
or by trainers who w:mt to 
.stimulate discussion in a group. 

The Video Arts titles, by 
contrast - also cnhanctHi to drive 
home key learning points and to 
encourage users to apply the 
issues to their own 
orgiuiisation - aix' suitabie only 
for groups. 

“We see CD-i as an excellent 
means of just-in-time training," 
says Video Arts’ Tina Tictjen. “An 
iraportont port of the re-design is 
that the instructions are on the 
screen and yon don't have to be a 
very expert trainer to follow them. 
In these days of delayering, many 
training managers have gone and 
the emphasis is on line managers 
themselves to make their teams 
more effertii'e." 

The big question mark is 
whether CD-i will triumph over 
CD-Rom technolog}’, which can 
now deliver the pictures and 
sound through a personal 
computer. 

At the moment this is a more 
costly option but while the price is 
certain to fall. Melrose's Roxburgh 
points out that the PC “is only a 
one-to-one exper^ce”. He also 
believes that while the PC can be 
commonly found in the home, the 
chances are that CD-i will soon be 
built into new compact disc 
players. 



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8 


FINANCIAL TIMES WEDNESDAY JULY 27 1994 


BUSINESS AND THE ENVIRONMENT 


Common sense 
policy-niaking 

Jeremy Kahn on an overhaul of 
US environmental regulation 


C arol Browner, head of the 
US fovironmental 
Protection Agenc>', thinVg 
I she has discovered what has hero 
i missing from US enTironmental 
, policy - it's called common sense. 

Years of £PA anti-pollution 
efiort have left “a complex and 
unvdeldy system of laws and 
r^olations. and increasing 
conflict and gridlodc,” says 
Browner, who has proposed a hlg 
shake-up in the way the agency is 
organised and looks at pollution. 

The Common Sense Initiative, 
announced by Browner la^ w^k, 
advocates looking at pollution on 
an industry-sector ba^ rather 
than tasgetii^ spedSc pollutants. 

The EPA has had some 
successes. It has eShctively 
banned the chemical DDT and 
succe^fully fought against 
asbestos. But the ^ncy too often 
gets entangled in its own 
conflicting poUcies. such as 
supporting snuAestack scrubbers 
that cleaned up factory air 
emissions but added to water 
contamination. Such conflict 
would lead to internal clashes as 
the water and air divisions 
worked at cross-purpc^. 

Under Browner's initiative, the 
EPA may e^'eiUually be 
reorgani^ along i^ustry lines 
with divisions representing say. 
ofl and gas refining or 
automobiles. The chose six 
sectors lor tite p^t programme of 
Common Sei^ iron and steeU 
electronics and computers, metal 
plating and finiahing j 
automobiles, minting and oil 
refining. These make up 15 per 
cent of US gross domestic product 
and coIlecti\’ely release 345m lbs 
of toxic waste per year. Ihat is 
12.5 ptf cent of all toxic waste 
emissions reported to the EPA 
The new strategy ahna to 
encourage closer, more amicable 
contact between business groups, 
environmentalists and the EPA. 

Browner wants to make US 
environmental poli^ more 
proactive, with regulation based 
on long-term planning rather than 
coming in response to crises, such 
as the mucb-critieised SuperfUnd, 
which provides federal funds to 
clean up hazardous waste. 

Common Sense has some strong 
supporters, both among 
cooservatlomsts and the business 


community. 

Tim Printing Industries of 
America, a national lobby group 
which developed its own j(^t 
anti-poUutioa effort with the 
Environmental Defence Fund, 
strong endorses the SPA 
reforms. Mary Marra. director of 
the enriroDznmital quality divltion 
of the National WihUifb 
Federation, said the EPA changes 
“are probably a goi^ idea”. 

But some, including 
environmental grcmps, are 
scepticaL The National Andubon 
Society - the environmental 
group which led the to ban 
DOT in the late 1970s - crtticases 
the EPA for abandoning an 
approach that seemed to be 
achieving success and for limiting 
the flexibility and range of future 
options. 

Maureen Hinkle, Audubon's 
direct of agtioiltural policy, 
says; “Some of the other 
approaches are being thrown in 
the waste basket and I don’t *h»iit 
they should be so summarily 
discarded.” She also fears that 
environmental groops would be at 
a disadvant!^ in tite 
time-consimui^ negotiations 
advocated under the initiative, as 
they lack industry groups' 
resovirces. 

Others, such as Greenpeace, like ' 
the sound of the new approach but 
worry that Browner may be 
puUi^ a public relatioDs stunt 
Tfs way too early to Judge It. but 
I think Common Sense hu grrat 
potezdial” Rick fflnd. Illative 
director for ^eenpeace's toxics 
campaign, s^. Howeva, 
Greenpeace is “dubious about the 
concern about minimising 
environmental industry 
conflict.” anil he adds that the 
best way to minimiaa cOD^Ct Is tO 
have a good pollution preveotion 
programme. 

Browner’s supporters point to 
her record in reform^ the 
Stq[ierftmd Illation. When talks 
on Supetfund reauthoiisation 
collapsed, she stepped in to get 
them started again to forge new 
compromises between the 
govUTuneut, business ax^ 
enviranmental groups. 

It is now ufi to Browner to 
convince others -■ inpinrifrig io her 
own agency - that Common Sense 
makes sense. 


Victoria Griffith examines growing 
concerns about the ecological 
impact of fish fanning 

Troubled 

waters 



MtaytaMocd 

Caught h the net Ibhtwinwssy they are w s pondkig to wwiroBmen la ieoncwia 


T he depletion of fish stocks 
arotD^ the world is trigger- 
ing a boom in the fish 
farming industry, which 
pulls in $800m (£533m) a year in the 
US. By S02S. fish production will 
have to surge by TO per cent to 
satisfy expected demand, according 
to estimates by the US Department 
of Coonmefce. Most of that increase 
win be met by fish cultivation or 
aquaculture. 

But oQQcerns about the ecology 
impact of fish fenaing are ^wing 
in step with the industry. Originally 
embraced by enrironmentalists as a 
way to take pr^ure ofl natural 
Ssh stocks, fish fanning is coming 
under attack as potentially harmful 
to the environment 
One of the criticisms leaned at the 
industry is that activated species, 
particularly in the US, are not spe- 
cies normally harvested io the wild. 
”l%ere is a lot of agaacnlture for 
fish like catfish and trout whose 
stocks are not gmierally harvested 
in the wild, and therefore are not 
under that much pressure from 
over-fishing,” says David Harvey, 
aquaculture speciaiist with the US 
Department of Agriculture. “Fish 
that are in real trouble, like cod, 
halibut and tuna, we’re not yet very 
good at produdiig.” 

Many threatened species, such as 
tuna, are difficult to cultivate 
because they need a lot of room to 
move ar mni/t Iq other fi<h 
farmers lack information about 
what the fish like to eat. particu- 
larly in the larval stage. “Fch- fish 
forming, you need hitter survival 
rates thaw m the wild to iwako at 
commercially viable,” says John 
Ifickum, an ecolc^ist with the Fish 
and ^dUfe Service in Washington. 
“To do that, you need more infor- 
mation about the fish than we gen- 
erally have available.” 

Ecologists have additional con- 


cerns. Many fish forms use cages in 
natuxal ponds, lakes and the ocean 
and ther^ore interact with the nat- 
ural environment. "With fich fann- 
ing. 5UU ^ways get some genetic 
alteration, even if it’s just selection 
for docility, traits like that” says 
Robert Sachs bacon, coastal ecolo- 
gist with the Massachusetts Audu- 
bon Sodety. “Since there is alerays 
some escape c£ larvae from cages, 
there is a concern they would 
disturb the ecological balance.” 

Those concerns multiply when 
the fish are ccn-Dative spedes. 

"You hear people say that certain 
exotic species are not a threat 
because they could not survive by 
themselves in the wild." says 
Euchsbaizm. “But there is a limit to 
how weD you can control geimtics. 
One operation in the north-west [of 
the USl says the exotic mussels 
they cultivate can grow, but not 
bre^ in the cold weather. But 
what happens if tte mussels adapt, 
and an of a sudden they can breed 
in ti}e edd?" 

Ecologists are also concerned 
about the surge in ts!g\tprt to 


formers to wh birds on 

their stocks. “For the drd. it just 
looks like a free lunch,” says Ran- 
dall Snodgrass, director of wfidlifo 
policy for the National Audubon 
Society. “But a lot of titem ^ shot 
instead. Some of those birds may be 
threatened or endangered species.” 

Fish excrement and cast-off food 
can also cause prtAdems. “High-den- 
st^ fish wsfite, the kind you get 
with salmon, can have a negative 
environmental impact.” says James 
McVey, director o£ aquaculture at 
the National Sea Grant College Pro- 
gramme. ”Any time you’ve got all 
those extra nutrients going into the 
water environment ~ excrement, 
food bits that sink to the bottom - 
you can cause a shift in the ecology 
of the area." 

Fish farmers say they are 
responding to environmental con- 
cerns. Sea Pride Industries, a com- 
pany operating in the Gulf of 
Mexico, says it minimiepg its envi- 
ronmental impact by cultivating 
only native species such as red 
bass. ”As lo^ as the fish are indige- 
nous. there is not that much dan^ 


of environmental harm,” says John 
Ericsson, the group’s president 

Aquaculture advocates also str^ 
that cultivation of endangered and 
threatened species is increasing. 
“With more research, we are 
starting to have some success in 
cultivating shrimp, lobster and 
other species that are under pres- 
sure in the wild,” says Hank Par- 
ker, aquaculture co-ordinator for 
^ Department of Agriculture. 
“This also stakes good business 
sense, since prices for these species 
rise as the natural stocks get 
depleted.” 

Some fish foistets are moring to 
enclosed indoor tanks to prevent 
contact with the natural ecological 


system. “Envircmniental concerns 
are one of the biggest constraints 
on industry growth ri^t now," 
says Joshua Gobfanan, president 
Aquafuture. a fish forming concern 
that cultivates striped 

in an enclosed indoor tank. 
“Throu^ the tanks, we prevent 
any po^le threat to the natui^ 
environmenL" 

Despite the drawbacks, many 
ecologists see fish forming as a 
promisli^ solution to ove^fishing. 
“There is cfearly a positive side to 
aquaculture.- in that it can discour- 
age depteticm of fisih stocks,” says 
Bucbsbaum. ”We just want to make 
sure it is carried out in a sensible 
way.” 


Labour’s green economic yardstick 


I f Britain's Labour Party wins 
tiie next election, eq}ect it to 
^ve a green tinge to the conn- 
try’s watinwal aiwmnt^s. 

In an enrironmental policy docu- 
ment pnbUsbed last week, the 
oppoation party attactted Britain's 
enrreot method of measoring eco- 
nomic ^wtfa through the gross 
domestic prodoeb this failed to 
take account of the qualitative 
a^ects of ^wth. If there is a 
disaster, this actnally increases 
GDP beause the money spent to 
rauedy it is coimted as production, 
while in reality the country ]woba- 
bly ends op the poorer. 

Labour’s policy document, 
launched by Chris Smith, its 
spokesman on environmental 
chairs, promises a numbeT of steps 
whidi it believes woold make the 


economy more responsive to the 
qnaliQr of the esvfrotunent 
First, a Labour government 
woold latmcfa a nationwide cmisoI- 
tation exercise with the aim of 
reforming national aeeonnting 
methods ^ 2000. Ofileial statistics 
woold be placed under the control 
of an independent body to avoid 
political manipnlation. 

Second. Labour will develop a 
reformed measure of national 
income winch would be published 
alongside the ericting measnres of 
gross domestic product 
Third, It will develop a new 
range of indicators of National Eco- 
nomic Welfare (conveniently called 
New) wideh will measnre resource 
depletion, poQntion and a nmnber 
rd social indicators. 

And fonrth, at a local level. 


Labonr will encourage councils to 
consolt Rsldeiits to see what they 
most want public poli^ to achieve 
m the envmmmentaJ area. 

The reformation of national 
income measnres to incorporate 
green foctors Is not a new idea. The 
present government is alre^y com- 
mitted to prepai^g ”enviioafflen- 
tally adjusted national accounts" 
under the Enropaa Union’s fifth 
environmental action programme. 
Bnt Labonr aims to promote these 
beyond the status of a parallel set 
of accounts to become the main 
ii^cator of OK growth. 

"The reason why GDP In its cur- 
rent flawed form is such a prob- 
lem,” Smith’s paper, Is that It 
is so widely accepted and used by 
economists and politicians as a 
totem pole around wliicb all debate 


must dance- An alternative system 
needs to gain the same high level of 
credibility if it Is to be nsefnl”. 

Setting itself a completion target 
of 2090 could be ambitions. The 
earliest a Labour government is 
likely to be in powm- is 1996-97, 
which would leave it only a few 
years to complete a mammoth task. 

Just as difflenlt could be the New 
indicators. Some of these could be 
accurately measured, like the vol- 
nme of oil extracted from the North 
Sea or the amount of solphnr emit- 
ted to the atmosphere by power sta- 
tions. But others woold ^ve to be 
more subjective, sncb as the state 
of the country's forests or the 
extent of tnodivenaty In Britain. 

The local indicators need not be 
all that sophisticated. The docu- 
ment dies the example of Seattle 


where residents were asked how 
they measured environmental qual- 
ity. They answered: how many 
salmon there were In the local riv^ 
eis. and how often the mountains 
were not obscured by poQntion. 

In the area of business, Labour 
would require larger companies to 
report on tfaeir envlronmuntal pe^ 
formance and strategy as part of a 
drive for greater accoontafatUty. 

ConspicDonsly lacking from 
Labour’s programme, however. Is 
any suggestion of a carbon tax, 
wi^ it views as regressive. It is 
also guarded on the fashionable 
subject switching taxation from 
labour to resources, so as to 
encourage bettm* resonrce use and 
boost jobs. 

David Lascelles 


CONTRACTS A TENDERS 



vtt tw fiiw*, flG ■ aig« I 


AZJENDA 

SERVIZI 

MUNICIPAUZZATI 

BRESCIA 


• Me - M newam m osaosmw 


ABSTRACT OF 
CALL FOR BIDS 

The “Aztenda Servizi Munlcipalizzati of 
Brescia - A.S.M.” (ItalyJ intends to give out 
by contract, with negotiated proceedings 
tender (Dir.93/38 EEC), the implementation 
of an “ADVANCED AND DETAILED SYS- 
TEM FOR THE MANAGEMENT OF THE 
WATER SUPPLY NETWORK OF BRESCIA” 
(about 200, (X)0 inhabitants and 650 km of 
piping ^stem) through the construction and 
calibration of advanced simulation models. 

The system should aim at the monitoring 
and reduction In water leakage level as well 
as reduction In energy costo, anticipatory 
evaluation of water quality, optimization and 
operation of water distribution network. The 
system is meant to be integrated with the 
utility data processing systems (carto- 
graphic system, telemetric system and 
users syst^). 

The integral call foe tenders has been serd 
for publication in the Official Gazette of Eu- 
ropean Communities on 07/07/1994 and 
can be requested from the A.S.M. Purchas- 
ing Department - (fax: +39-30-349697). 

The application for participation, duly pro- 
vided with the documentation certifying the 
requirements for entrance as indicated in 
the call for tenders, shall reach the A.S.M. of 
Brescia by 19/08/1994. 







• ••• . •• , s , j.’ .* 


Tba sarvey wOt raport on the Impartmt aontrfhution made to ttM 
«coMny Iqr stlinle mhi oritif huitamiw in tba UbK« 4 Mnedon. ItwW 
axanriBe how tMr totura p wa pa c M wfll ba aftaetod by campitttion at 
bona and trow ahroad. and hew thay ara i w pa ndh i g to the cbaHang* W 
aconomie revtval In the UK. 

mora Infonnatlon on edKoiW contant and dotaOa of adwarllilng 
oppoitatttlos T f w tfa Mn In tMa awwy, p Hw ia contaefa 

ANTHONY fl HAYES 

t«; 031464 0322 F«:aB.4SS08e9 


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PEOPLE 


Rathbone Brothers: the 
heritage continues 


Family tradztiaas in tbe City 
die hsurd, and none more so 
than at Rathbone Brothers, the 
private client banking and 
asset ma nagement group, 
whOT WSham Rathbone, 58 - 
the ten th of that name and a 
direct descendant of the com- 
pany's foonder - has just 
jovaeA the board as a non-exec- 
iitive director. 

Rathbone, right, is currently 
director and cUef executive of 
the Royal United Kingdom 
B enefi cent Association 
(ROKBA), a UK charity work- 
ing on behalf of the elderly. 

But his main business asso 
cation was with Tbe Ocean 
Group, the marine fimght ser- 
vices company, which be 
joined in 1959 and stayed with 
for 29 years, working in Uver- 
pool. West Africa and London. 
His numerons activities with 
the group included developing 
a tanker and bulk divlsfon. 

He joined RUKBA in 1988. 
The charity has an annual 
turnover of £8m. with 300 
full-time employees and 750 
volunteers. 

ft has been 96 yeais since the 
last William Rathbone was 
involved in tbe managament of 
tbe eponymous company, 
founded by William Rathbone 


n in 1742, when it was origi- 
nally a merchant and ship- 
buU^. based in Liverpool 
William Gair Rathbone VH - 
great-grandfather of the new 
appointee - retired as a part- 
ner in the firm in 1898, when 





Ratfabooe’s London office 
closed, not to re-open until 
1988, when Comprehensive 
Financial Services merged 
with Rathbone. 

Tbe company’s newest direc- 
tor has two ^ildrms - includ- 
ing William Rathbone XL 


Salomon adds weight 
for European equities 


I PTlailnniEairr|ittMi«Lld.RcfiNei»donkr;NBinberaiM.Souihw«(iiB/td|K.M^H , 
I Laa4«iSEI%HUII«8lsl«WdtiiEa)|li|idNaWi>9^ 


Salomon Brothers has hired 
American Albert Richards, as 
part of its push into tbe Euro- 
pean equities business. 

Richj^, 33. joins from CS 
First Boston where be was 
director of European sector 
research and European chemi- 
cals analyst. 

He is due to start at Salomon 
in September as vice president 
and manager of European 
equity research, and will be 
based in London. 

Given his impressive list of 
academic achievements, which 
include a doctorate in chemical 
engineering and a master's 
degree in management from 
MIT by tbe age of 25, Richards 
clearly relishes the chance of 
putt^ all his hard-earned the- 
oretical experience into opera- 
tion at Salomon's. 

“Tbe niche which Invest- 
ment banks ra»n fill best in 
Europe is to provide fundamen- 
tal, long-term indiut^-orimited 
research," says Ricbaids. 

His appointment comes just 


one month after news that 
Salomon Brothers was senrilng 
Rodney Berens, a member of 
the firm's 12-strong executive 
committee, to London as part 
of its drive to raise Salomon's 
profile in European equity 
markets. 

Salomon lost around half of 
its analysts in the wake of the 
US Tre^uiy scandal in 1991, 
but since then it has been 
steadily re-building its team 

It now has five sector ana- 
lysts and six country strate- 
gists, though it is looking for 
analysts to cover telecoms, 
media, oipital goods and autos. 

Berens is confident that Salo- 
mon’s return to the European 
equities business will be even 
more successful than its rehs- 
blUtatioa in tbe bond market, 
where it is once again regarded 
as a powerhouse. 

“In the long term 1 would 
like tbe equities side to be even 
more profitable than bonds, 
but I will settle for a tie,” he 
says. 


Minchin takes over as 
SFA deputy chairman 


Peter Minclun, 62, has been 
appointed deputy chairman of 
the Securities and Futures 
Authority (SFA), taking over 
from Andrew Winckler, 45. 

Minchin is also chairman of 
tbe SFA’s enforcement com- 
mittee, and a board mmnber of 
Uoyds Bank Stockbrokers. 

He has been a board member 
of the SFA, azm its predeces- 
sor, the Securities Associattoo, 
since 1968. Until recently he 
was also a board member of 
the London Stock Exchange, 
having first joined its council 
in 1976. 

Min/thin started his working 
life as a high-flier - by joining 
the Fleet Air Ann. part of ttm 
Royal Navy. 

^ spent e^t years in the 
navy. Including a period as 
naval attachb in Paris, but an 
eye injury put paid to bis fly- 
ing career, «tiri g^vanised bis 
entzy into stockbroking. 

Be commenced his new life 
with Eitcat and Aitken, iu 
1958. He joined another sttwk 


exchange firm. PiSgeon de 
Smitt, leaving tltere in 198S to 
help set up market makii^ in 
the Kuwait stock exchange, 
where he was appointed 
adviser on securities regula- 
tion to the Kuwaiti govem- 
mest 

He joined Uoyds Merchant 
Bank in 1986, directing its 
newly crated broking sulsid- 
lary. of which he ultimately 
was nhfliimfln. fje is s^lsn rfiair . 

man of the German Smaller 
Companies investment Trust, 
and governor of Sir John 
Cass's Foundation, the educa- 
tional charity. 

The SFA regulates members 
of all the organised C^ty tnvret- 
ment markets, with more than 
1,300 member firms which in 
turn emsdoy some 88,000 staff. 

Winckler earlier this year 
left the SFA to become head of 
supervision at the Securities 
and Investment Board, the 
body responsible to the Trea- 
sury tor regulatioa of the UK's 
finaur -tel services industry. 


NON-EXECUTIVE 

APPOINTMENTS 

■ Austin Amissab, recently 
leader of tiie Commonwealth 
observer mission to South 
Africa, Hon James Ogilvy, 
chief executive of Foreign & 
Colonial Management, and 
Fred Packard, chairman of 
Foreign & Colonial Emergizig 
Markets, at FOREIGN & 
COLONIAL EMERGING MAR- 
KETS INVESTMENT TRUST. 

■ Paddy Linaker. deputy 
chairman of M&G Group, and 
Lord Younger of Prestwick, 
chairman of tbe Royal Bank of 
Scotland, at FLEMING MER- 
CANTILE INVESTMENT 
IRU^. Sir bm Denholm has 
retired. 

■ David Linnell has resigned 
from BOSTROM. 

■ Tony Prenitergast and Heieo 
Robinson are retiring from 
LONDON ELECTRICITY. 

■ Stephen Williams, general 
counsel and joint secretary of 
Unilever, at BUNZL. 

■ Maurice Dixson. ctdef execu- 
tive of Simon Engineering, at 
HIGGS AND HILL. 

■ bficbael Potts at HANOVER 
ACCEPTANCES. 

■ Michael Garner, retired 
finance director of ’ll Group, at 
CLYDE PBTOOLEUM. 

■ Nigel Tumbnll. finance 
director of The Rank Organisa- 
tion, at GARTMORE SHARED 
EQUITY TRUST. 


Shaw steps 
down at 
Premier 

Only two months ago, Boland 
Shaw, chairman of Prender 
Consolidated Oilfields, wrote 
to tbe FT pointing oat that at 
72 he was a mere stripHng, 
compared to Annand SfoinmeT 
who ran Ocddmatol until he 
was over 90. fint yesterday the 
DS-boni Shaw aanonneed be 
was stepping down on August 
3. 

Expansive In every sense. 
Shaw has been a large figure 
in the UE independait oil sec- 
tor for over two decades, har- 
ing nursed Premier through 
go^ times and bad. His tower- 
ing presence was said to hs 
one reason why Premier never 
got gobbled up like other 
North Sea minnows. 

Shaw had already relin* 
quished his mseernttve role at 
the company 18 ntontiri ago* 
He hands over his remaioiDg 
role to Richard Cox-Johusoa, a 
non-executive director, nntii a 
permanent replacement m 
fonnd. But this will not man 
Shaw's iitoal departnre from 
the oil patefo He will conti^ 
to give time to Bmtfoge OB 
and Gas. where be is riiafr- 
man. and to ot^ ofl interests- 





FlNANClAi. TIMES WEDNESDAY 


JULY 27 1994 


9 


ARTS 


I t seens unfair on that admirably. 
nn country that the state of Den* 
mark should be associated hi an 
Engdish idiom with rottenness. 
There are other states where the rot 
U palpable and the Jndividnal David 
sepures np to the Goliath of the establish' 
mad in vain. A sKn? is not mnch good (to 
mix metmAors) if the faceless men 
moving goalposts. 

Last week's viewing provided an nneasy 
thread of Eafkaesqne bnreaacracy closing 
lanb against the seeker after tnzth. In 
(Aaimel 4’s Prondine Qqeenle Fletcher, 
mother of the WPG murdered outside the 
Ubyan emba^ in 1984, tried to act on 
her dmple belitf that someone somewhere 
most kiuw who shot her daughter. 
tnrbing puzzles emerged: the trade' 
emban^o ignored, official indifference, 
and a final meeting with Colonel naHrfaw 
timt took OB the unreality of a nightmare, 
Unexpectedly sent for by the Libyan 
leader, <iueenle foond herself on the plat- 
Ibnn at a rally, mged to make a spee5i to 
a cheering crowd. She retamed to her 
suburban home ghai»n the layein of 
obfiiscatlon attending the tragedy, not 
least on the part of Britisb cAdaldom. 
The gnaided smoothness of hatchet-fa^ 
Donbas Hogg snmmed it np. 

K showed np Michael Moonls TVltatim 
as the televisual equivalent of jnnk fbod. 
The cutesy idea of tnaiHwg a gnomic /otiz- 
naffia a baseball cap aA penetratingfy 
simple questions about snch agonising 


Television/Martm Hoyle 

Sanctimonious attitudes 


proble^ as the Bosnlaii war soon grated. 
Yon nu^tt as well mwnt Nonnan ^sdom 
to interview Saddam Hussein. Sfoore him* 
self Is an annecessary American import; 
the British are quite cBpaWe of providtti^ 
psendo-profoimd whimsy (especially on 
radio where Ray Goslt^s IngoMons 
drone or John Walters* witl^ bellow 
trigger a Pavlovian lunge to the off- 
switch). The best item, ffum Moore’s 
glamorous female sideUek. concerned 
brokers uAo bny life insorsmce pedicles 
fn)m those wltii Aids and cash in: a rich 
Dickensian gafiery with nervons gigglaa 
and hairstyles that resembled one of tito 
late Qaea Mary’s ttMtnes, thev were a 
jolly lot. As one cheerfully prognosti- 
cate ’’the next growth area of ttw mar^ 
ket is cancer”. 

One wonders how Ear the tiresomely 
droJ] Moore would have got with the 
Kennedy dan. Inside Stoiy Spadat Chap- 
paquiddidc (BBC 1) revealed that pressure 
was exerted on her paper to sack reporter 
Liz T>otta for asking a wkwar d qo^ons 
of the senator for Massaclmsetts. It was 
’’raw power reaching out... just naked.” 
said ^ splendidly unscathed Tkutta in 


John Edgington’s 2$th anniversary 
reminder of the drowning of Mary Jo 
Sopechne. Teddy behaved as remarkably 
as the dog in die Sherlock Bolmes story. 
The dog. you remember, did nothing. 
O^y die coovolnttons cd American poU- 
tics-cum-morali^ could sustain the latest 
theory: that i^nnedy was not even in the 
ear when it plnnged into the water bnt 
claimed to have been the driver to avoid a 
possibly worse scandal - a degree of judg- 
ment that amkes one thankful he never 
hitoamti president 

B ut what of the individual 
opposing not cormptioo or 
vested Interests, btrt the law 
Itself? BBC I’s Heart of the 
SAitter, tneked away on Sun- 
day night, poses meaty problems week 
aftm* week and sboald not be taken for 
granted. Last week's survey at gentle law- 
breakers - anii-rtMd activists, the man 
who assaulted youths who were terroris- 
ing his mother - and the rather less gen- 
tle animal li^te campaigners was memo- 
rable for the appearance of rai another 
Hogg; Qninfia, Lord Hailsham, who ehill- 


ingiy detected the seeds of civil war in the 
honcnrable traditUm of civil disobedience, 
equating it with world-wide strife - Cath* 
otic/ Protestant, Isi^ic/Jewis^ and what 
he disdainfully dismiss^ as '’hootei and 
tootsi”. 

This sensitively compassionate 
approach would doubtless have no truck 
with political correctness. One expected 
an equally lebarbative attitude in /Hduinl 
LUtl^ohn - Live and Uncut (TTV). In foct 
the sconige of liberalism is more complex 
than given credit for, as anyone who 
knows his QalUng castigation of the pres- 
ent government's brazen venlali^ will 
testify. Uttlqjohn is in the English tradi- 
tion ^ fundamentalist poritan small-town 
morality. He would have Joined Crom- 
weQ's New Model Army in that l^tch- 
ente manifestation before its time, the 
Great Rebellton, with its City money, 
mocaotile class support and grim dogma- 
tism. 

In FrMay*s disenssion on PC, Llttleiohn 
managed to onite a lefty MP with the 
chairman of the Heteopolitan Police Fed- 
eration against him, not to mention the 
exquisitely enunciating Brian Sewell. 


Nobody behaved like a stereotype. Black 
Labonr MP Diane Abbot was bubbly, 
fiinny, articnlate and nn-rancorons. 
Archer was - would yon believe bnbbly, 
ftinny, articnlate and un.rancorons? No 
statutory being present it foil to the 
director of the Howard League tor Penal 
Reform to ooze sanctimoniousness. 

Which brings ns naturally to Sir David 
Frost **Mone}' doesn’t grow on trees bat it 
may be growing on your family tree,” he 
bnriiled at the beginning of Good FPrlunel 
on “Christmas Day in July” - or Sunday, 
in the slot associated with That’s Life. 
Esther Rantzen may have irritated but 
she was never as embarrassiog to watch 
as this clammy, dowdy fumble at populist 
TV, pitched at a level as low as ITV at its 
most cynical and then some. 

Outside broadcast units ambushed punt- 
ers with nnexpeeted inberltances. A 
woman in the audience was presented 
with a cximpetitlon prize she was nnaware 
of having won, having moved to the Outer 
Hebrides as if in presentiment. A book on 
the Royal Family at £17.99 presented by a 
Qneen lookalifce made one wonder if It 
was worth it. Another auUeDce member, 


due to go on holiday, was told by Frost 
that a forgDlten premium bond had come 
up and she had two million - the studio 
screeched and whMped as he desperately 
added "Turiclsh lira” - the eqalvalent of 
£50. 

Elements of Surprise! Surprise! and This 
Is Your Life reduc^ even reconciliations 
between families long separated (wh}*? 
one ignobly asked) to a Roman spectacle 
with screaming crowds. “You haven't 
done nothing,” laughed Sir D reassnringly 
to (or at) a nen'Oiis courier inveigled into 
a crowded studio to receive marvellous 
news for himself and “your glorioas fom- 
ily”. ”Not bad, is it?” Frost kept asking 
a^ously as the programme foundered on 
fneptitnde after Ineptitude. ”I've been 
adopted by a load of ducks hcret” chortled 
reporter Adrian from location. The cam- 
era moved back to reveal a totally duck- 
Itee stretch of water. Adrian was also 
shut np in mid-interview, as were several 
of file punters who were obviously meant 
to stay lachrymose, grateful and silent. 
”Who do 1 thank for this?” asked Phyllis, 
rather grim-faced at meetlog her son 
again after 20 years. Frost replied In a 
supremely cynical moment of truth: 
“John BIrt” And so say all of us. TTie 
BBC was once known as the greatest 
broadcasting organisation In the worid. 
There Is certainly a whiff of rot around, 
bnt flrom much closer to home than tbe 
Sk^rrak. 

Christopher Dunkley is on hididay. 


Ballet/Clement Crisp 

Fascinating look at 
academic dance 


A bandoning fond thnnghta 
of an i^oo, we went to the 
Coliseum on Monday ni^t 
to be U^Uy broiled, to 
watch the start of English National 
Ballet's summer season. Dancers 
like and need heat their muscles 
responding gratefully to tempera- 
tures that make the rest of us 
steam. (The sweat spins off the men 
in pirouettes as from a shower- 
bead.) The programme was the all- 
dance triple bill on which I reported 
from Edinburg’s Festival Theatre 
last wedc. 1 think it a good choice, 
for it shows the company as stron- 
ger than for several years. The two 
opening items - Hie Kingdom td 
Shades scene from La Baydire and 
XNTricilies, that recent Italian 
acquirition - provide a fascinating 
display of what has happened to 

The English National 
Ballet company is 
stronger now than it 
has been for years 


academic dancing from Imperial 
Petersburg in 1877. to London In 
1994. 

The fourth act of Petipa's great 
Indian spectacular was the ballet 
blanc expected by his audience. 
Moonlight (ENB's lighting wrong on 
this count: too glaring) and a cohort 
of women as ghosts, with the haOe- 
rina as focus and spiritual heart of 
event. Long chains of move- 
ment, technical display at its subli- 
mest, and a Crissoo of emotion to 
trouble this nocturnal set-piece. 
ENB's corps looked very good as 
Shades, moving with the proper 
inevitability and sense of e:^tant 
spirituality. 

I was less happy about the three 
sdoUts - their variations are jewels 
of the rarest quality, and they seem 
to think them paste, and dance 
according - and Margaret illman 
cannot find that transcendent grace 
and spirituality which lie at the 
heart of everything Niklya, the 
Mostly heroine, does. Her role is a 
statement about enduring love and 
about the need for Solor, her 
beloved, to be true to her. Miss Di- 
man is an able dancer, but tbe rale 
is not about that 

The chief joy of tbe staging is 
that it shows Thomas Edur yet 
again as the finest classical danseur 
we have. Every canon of academic 


art is in his performance. 

Os style is pure, the da my set out 
with utter integrity, with no conces- 
siotts to applanse-eatChing. The role 
lives, and Edur finds its poetry, its 
charimter. in the movement - there 
is a lift, an grace to each 

step, an Inborn dignity to the least 
gesti^ We understand (who 
is the conventional hero of euch bal- 
lets) we the 

and hard-won glories of Mayriwii 
tedmlque, in the grand curve of a 
leaji, the lift and grra of a pose. 
Here is noble dawring - in the 
greatest traAtions of ballet - and it 
is worth travelliiig a lo^ way to 
see. 

Mauro Bigcmzetti's picture of aca- 
demic dflnrfwg in XNiyieUies (and 
my admiratian oS the pieoe sh^ 
short at this stiqrid title) is frenetic, 
sexually blatant oad altogether of 
its Hme, ae was Pete’s moonUt 
drama. Its nte rtte ate Bigunzetti's 
sense of choreographic progress, bis 
abflity to use a Hanking dectronic 
score and not be driven mad by it tn 
front of our eyee, nnd the g pi*»niKd 
performances he has inspired from 
his cast The spectral bayaderes of 
half an hour before become preda- 
tory, strutting women who pose and 
kick »nd twist aa they fam men no 
less eager for the tattle of tbe sexes. 
It is Bke Petipa's Asplay in provid- 
ing fantagy wnag tig , and likn Petipa, 
B^fonzetti 'knows how to shape 
movement. I would admire the idece 
even more were it ten minutes 
shorter, but it is wimpaningty well 
danced -* the cast enlarged since it 
was first seen earlier this year - 
and admirably UL 

Tbe evening ended wifii Etudes. 
that “Forty-minute Louvre” rush 
round the dancer’s daily labours, ft 
wiU always delict audiences, who 
love its sure-fire combination of pfr- 
ouettes and triumphant smflea, hut 
both production and perfonnaiicea 
need a sharper edge and greater 
authority than was manifest on 
Monday. But with ENB on its pres- 
ent q»ward path to ^ory - and long 
may that continue - tb^ qualittes 
wiU come. 1 would like to see tiie 
comimny’s account of Etudes in a 
year’s time. 


Rn giish National BaDef s snnmim' 
season is sponsored by Noinnra. 
Hie Sleeping Beauty is at the Coli- 
ontil Saturday July 80. ENB 
continues at tbe Festival Hall from 
August 2 to August 13 With Beauty 
and O^ndtia, 



The ftill Joan Collins treatment: Francesca Annis as Wis Erlynne 


Theatre /David Murray 

A crooked Lady 
Windermere's Fan 


F or many years now it has 
been impossible to play 
Lodp Windermere's Pan 
straight, unless to an 
Improbably innocent audience. (Pei> 
haps SO years ago in England; in the 
rest of the world, at least 80.) It was 
Oscar Wilde’s first professional 
play, and it is hopelessly split. 

If we relish Oscar's wit in the 
marginal chat, we cannot take Lord 
and Lady Windermere's lofty pro- 
testations about marriage very seri- 
ously; but if we cannot do that, the 
very hinges of the plot become 
quaint and ludicrous. At tbe Albery 
Theabre, Philip Prowse’s production 
- imported from the Birmingham 
Rep - plays it crooked. 

On one hand the fringe char^ 
aeters, who get most of the famUiar, 
subverszvely witty Unte. are encour- 
aged toward ■thamelpas camp , whidl 
makas the Windermere baU in Act 2 
a deeide^y louche a^sir, wildly 
unlikely in its period (or at l^t 
unieportable). CA the other, both 
Windermeres are treated at foce 
value, as fana tic idealists who pass 
absolute moral judgments upon oth- 
ers. They are only half-confounded 
at the ei^ the lak thing we see is 
Lord Windermere in a brown study, 
deeply baffled because he has mis- 
understood everything. 

Well he "light, however, for there 
is an “on the third hand” too; Fran- 
cesca Annis's Mrs Erlynne. She 
gives her the full Joan CoUins treat- 
ment in public - scandalous, surely, 
at a respectable Mayfair gatbering? 
- but manag pg some nl”* rppling iix 
her anguidied private confessions. 
G have to deny you tbe fUU facts, 
since some of you won’t know the 
play; it wiU be enough to say that 
tbe adventuress Mra Erlynne is 
more than she seems.) As Wilde 
wrote her she is an eminently pre- 
sentable, savvy woman-of-tbe-world, 
whereas Miss Annis makes her a 
larger-than-Ufe siren. 

Thou^ Miss Annis just about 
recoDcUes her flaniboyant perama 
with disoeet moments of real emo- 
tion, it is a near thing. Prowse’s 
handling of the subsidfary person- 
nel is too gross; we have no reason 
to believe in strangulated Victorian 
mores when bar^y anybody on 
stage seems to belike in them. By 
Act 3 in tbe Prowse veraion. the 
first-night audience was greetii^ 
every lofty Victorian declaration 
with raucous lautfater. 

As young, well-heeled Winder- 
mere, with only two years of mai^ 


riage behind him. Rupert Frazer is 
peculiarly stiff and curdled. 
Amanda Elwcs is worse: she cannot 
talk Wilde’s rareDed lingo with any 
semblance of naturalness, so she 
aims at unspoken character instead. 
By Act 3 that makes itself felt a 
little (we remember her attractive 
performances on TV); but both the 
earlier acts - In this version - 
be^ with a lot of ber, and she 
delivered her lines like a robotic 
alien. The initial banter with her 
vain swain Lord Darlington (Simon 
Dutton) was hopel^ly leaden, her 
melodramatic Act 2 scena devoid of 
the least conviction. 

That was not altogether her fault 
(though one felt that Central School 
might have prepared her better). 
The real trouble is that as Wilde 
wrote 1^ - his original title for the 
play was A Good Woman - she now 
seems at best a prig and a ninny, at 
worst a raving hysteric; and bliss 
Blwes, grave and humourless, plays 
her for real What Wilde intend^ 
for the Windermeres, which was 
idealised rapture founded upon 
inexperience, turns into puritanical 
craziness. We do not believe a word 
of It and so they, not the mockers, 
become tbe out-of-joint outsiders. 

P erhaps that is what Prowse 
intended. If so. it carries 
less eoDvictlon than his 
own sumptuously OTT 
sets: a huge boudoir for Acts 1 and 
3, artfuUy off-centre and festooned 
to deeply unJUkely hues for Victo- 
rian times, and between them - for 
Lord Darlington's rooms in his club 
■" a dramatic crescent of grand dh'- 
BOfsene. That was warmly 
ap^udedL 

There are a lot of enterprisii^ 
actors in short-breathed roles. 
Jennifor Hilary makes a ripe Duch- 
ess of Berwick - if too m(^m and 
knowing, to the generous room this 
production gives her - but almost 
vanishes afti^ tbe first act. as 
Mariann e Morley's crisp Lady Jed- 
bur^ (Wilde's para^ of fictitious 
titi^ characters, both onstage and 
off, seems absurd now: why should 
they be titled? what does it matter?) 
Frank Middlemass's Lord Augustus, 
broad and lovable, and Leonard 
Eavanagh's discreet butler remiiid 
U5 pleasantly of how such roles 
used to be ptoyed - simply, straigiit- 
forwardly and eleariy. 


At the Albery Theatre (071-887 
1115). 


INTERNATWIUL 

Arts 

Guide 


FESTIVALS 

■BAYREUTH 

The 1994 festwaTs new production 
is Oer Ring des Nibelungen. which 
opened last night with Das 
Rheingold, to be followed this _ 
afternoon by Die Waikure. It brings 
together the stage director Alfred 
Killer, the deslgrter Rosalie and 
the conductor James Levine. The 
cast Is headed by John Tomlinson, 
Deborah Polaakl. Wolfgamg Schmidt, 
Tina Klberg. Poul Bming. Ekkehard 
WlaschHia and Eric Halfvarson. 
Gkiseppe SInopoii is the new 
ParsKal conductw, with a cast 
headed by Bming. Hans Sotin, 

Bemd Weiki and Uta Priew. Last 
year's production of Tristm und 
Isolde, conducted by Daniel 
Barenboim and staged by Heiner 
MQUer. is revived virilh the sarnebw 
tingers in the name-parts - Siegfried 
Jerusalem and vlfaffraud Meter. The 
other revival is Dieter Dorn's 1990 
production of Der fliegende 
HoHSnder. conducted by Peter 
Schneidef, with Bemd Welkl and 
Sabine Kass. The only way to pM 
hold of tickets now is on the Wack 


market. The festivri runs tIU Aug 28 
(0921-20221) 


■ BREGENZ 
The opera festival at the Austrian 
comer of Lake Constance has ^ 
an enviable reputation for artistic 
boldness, while preserving its appeal 
for tourist audiences. David 
Pourrtnay's spectacular 1993 
production of Nabuoco is revived on 
the lakeside floating stage - 
counterbalariced at the r>earby 
indoor theatre by a rare steging of 
ZandonaTs Francesca da Rimini. 

The festival runs tiH Aug 26 
(05574-4920 224) 


■ KYBURGIADE 

Now In Its third year, this chamber 
music festival owes Its unique 
atmosphere to the open-air settirtg 
of Kyburg Castle near the Swiss 
town of Winterthur, and to the 
pai^pBtion of one Of Europe’s 
leading young string quartets, the 
Carmina Quartet This year's 
programmes focus on Bach, Mozart 
and VIvaldL The opening concert on 
Aug 4 is given by I Musici di Roma. 

Other visiting artists include London 

Baroque, the Hagen Quartet and 
pianist Aaul (3ukto. The festival runs 
tai Aug 10 (01-251 4044) 


■ LA ROQUE 
D’ANTHERON 

The castie grouids of La Roque 
d'Antheron, equidistant from 
Marseille and Avignon, provide a 
serene Provengal setting for a piano 


festival of Increaring intemationaJ 
renown. JoaquIm Aehucarro is 
soloist in the opening conceit by 
Novosibrfsk Phflh am xmic O n ^ie s t ra 
on Saturday. Other (^ists at foe 
festival bTdude Rafael Orozco, 

Michel Dalberto. Michel Beroff. 
Frangefls-Rene Duchable, Akio 
CiccoBnI. Nelson Freire. BIso 
Nflrsaiad^ Jean-Bemard Pommier, 
Bisabeth Lsonska|a, Stephen Hough 
and DeszO RanM, who gives the final 
radtM on Aug 21 (4250 51 1^ 


■ MONTPELLIER 
The festival at MontpeUier, west of 
Marseille, is orgartised by Radio 
Franca The remaiting attractions 
this year are the Novosibirsk 
Philharmonic Orchestra from Siberia 
tomorrow, Maria Joao f^ree and 
Augustin Durra^ in recital on 
Saturday, the Orchestra de Paris on 
MoTKi^ and a concert perfoonance 
of Montemezzi's opera L'amore del 
tre re on Aug 4 (6702 0201) 


■ OSLO 

RHjnded by Norwegian vioflnlst Arve 
Tellefaen in 1989, the Oslo Chamber 
Music Festival has quickly won a 
reputation for eonvnrialfty and ■ 
musical quality. Concerts take place 
in churches, castles and concert 
halls around Oslo, writh each year's 
programme focusing on a different 
country. This year (^ 5-i3) is 
Brftain's turn, with music raiging 
from Byrd and Bridge to David 
Matthews and Oiv^ Knuss^i. The 
Nash and Hilliard Ensembles era 
taking part, while Truls Mork plays 
Elgar's Celto Concerto and Yuri 


Bashmet gives a vioia recital (2255 
2553} 


■ RHEINSBERG 

The chamber opera festival founded 
by German composer Siegfried 
Matthus to the Idyllic surroundings of 
Rhelnsberg Castle, 90km north of 
Berlin, is now to its fourth year. The 
formula Is sirrTpfe; bring t ogether an 
international group of promising 
young stogsrs for a month of 
rehearsals and workshops witft 
experienced performers, against a 
backdrop of castie, lake and park; 
then show the resufts in two opera 
productions. This y^s programme 
cortstets of Cart H^rich Gfraun's 
Montezuma, staged by John Dew 
(Jt^y 29, 30, Aug 2, i, 5, and a 

doubie-biU pairing Schoeck’s Vom 
Rseher im syner Fnj with Ibert’s 
Angelique (Aug 12. 13, 17. 18, 19 
and 20). rtekete can bs bought at 
Rhelnsberg or from Theetershop 
Tidcst System in Berlin ^130-463 
1046} 


■ SALZBURG 

• This year's flagship opera 
produotkm is Don Giovanni, staged 
by Patrice Chdreau and conducted 
by Dartiei Barsnbottn, with a cast 
heeded by FermcciQ Furianetto, 

Bryn Terfel, Catherine Maifltano and 
C^lla BartoH (first night tomorrow 
to the Grosses Festspieihsus). There 
are also two Mozart productions by 
Karf-Emst and Lfrsel Herrmann - 
Ombra Felice {a cdectlon of arias, 
scerras and ertsembles conducted 
by Heinz Hoiligeri arxi La demenza 
di TTto with Chris Menftt and Ann 


Murray. The opera programme 
otherwise has a Rusaan emphasis, 
with three Stravinsky stagings and a 
revival of the Claudio Abbadc^ 
Herbert Wernicke production of 
Boris Godunov, with Samuel Ramey 
In the title role. 

• In the concert hail, Nikolaus 
Harnoncourt conducts the Chamber 
Orchestra of Europe in two cycles of 
Beethoven symphemtes at the 
Mozarteum. The Yienna 
Philharmonic's concerts at the 
Grosses Festspielhaus are 
conducted by MutI, Haittok, Solti, 
Jansons and Boulez. There are 
guest orchestras from Berlin. 
Cleveland, London arto Pittsburgh. 
The recital programme includes 
Jessye Norman (Aug 1), Thomas 
Hampson (Aug 5). Yevgeny Kissin 
(Aug Daniel Barenboim (Aug 13), 
Alfr^ Brendel (Aug 16), Arme 
Sophie Mutter (Aug 21), Bryn Terfel 
(Aug 22) and Maur^ Pollini (Aug 
23). 

• The drarrra programme 
continues to gather strength, with 
Shakespeare’s Antony and 
Cleopatra directed by Peter Stein 
and nranddlo's The Mountain 
Giants directed by Luca Ronconi. 
There are also revivals of Botho 
Strauss’ Equilibrium and Deborah 
Warner's production of 
Shakespeare's Coriolanus (tel 
0662-S44501 fax 0662-846682) 


■ SCHLESWIG 
HOLSTEIN 

Like a musical mosac, the festival 
spreads out from Hamburg, LObeck 
and Kiel to some of the most 
attractive towns In north Gennany. 


in venues with a more local 
atmosphere than most International 
festivals. This year's programme 
places a special smphasfe on 
Jewish music. There are visits from 
the Israel Philhamionic and 
Jerusalem Symphony Ordiestras, 
phis young musicians from Israel. 
Jewish composers well 
represented - Including 
Mendelssohn, Mahler and those 
banned during the Nazi era, sudi as 
Ullmanrt, Haas and Klein. Thm is 
also a retrospective of Doo t ho w o n. 
Among the highlights over the 
coming week are a sortg recital by 
Thomas Hampson tomorrow in 
Wotersen, a violin recital by Pinches 
Zukerman on Fri in Stade, a 
performance of Mahler's Ninth 
Symphony on Sun in Kiel conducted 
by Giuseppe Sinopoli, and concerts 
tv ti>s rarov Orch osti ' a under Valery 
Gergiev in Fleneburg on Mon and 
Lubwk on Tues. Yevgeny K^n 
gives a Chopin recital next Wed in 
Mel. The festival runs tiU Aug 21 
(0431-567080) 


■ VADSTEJNA 

Vadstejna’s annual opera festival 
takes place in the historic buildings 
of this charming medieval town 
250km south-west of Stockholm. 

The second and final production this 
year is The Various Adventures of 
Mrs Bjdrk, a tragicomedy by 
Swedish composer Staffan 

Mossenmark based on a novel tv 

Jonas Ctedell. This opens tomorrow 
and runs till Aug 12. There virill also 
be an opera gala in the Vadstejna 
Castle courtyard on Aug 7 (tidtets 
0143-10094 infonnation 0143-12229) 


ARTS GUIDE 

Mofidsic Performing arte 
guide city by dty. 

Tuesday: Performing arts 
guide cHy by dty. 
wednasday: Festivals gdds. 
Thursday: Festivals gidde. 
Rrfdoy; &ehfbitions GuUe. 

Earopean Cable and 
Satdlite Business TV 
(Cenliai European Tim^ 
MONDAY TO FRIDAY 

NBC/Super Channel: FT Busi- 
ness Today 1330; FT Budnsss 
Tonight 1730, 2230 

MONDAY 

NBC/Super Channel: ft 
Reports 123a 

TUESDAY 
Ewonews; FT Reports 0745 
1315, 154S. ISIST^ ’ 

WEDNESDAY 

NB^uirer Channel: FT 
Ro ports 1230 ' 

HtlOAY 

NBC/Super Chaimak 
Reports 1230 

SUNDAY 

NBC/Super Chanrtefr 
Reports 2230 

FT Report. ^ 



10 


FINANCIAL TIMES WEDNESDAY JULY 37 1994 


Edward Mortimer 



David Lascelles examines the costs of making 
defunct nuclear power stations safe 

Cool reaction to 
hot problem 


t nro'ng ques- 
tion,” says an 
tuuiamed aid 
official in Lon- 
don, quoted in 
this week's 
Sunday Tele- 
graph. ”It is not *what went 
wnH^' {in Rwanda] bat ^grilat 
can we do dowT.” 

Actually, it is vital to ask 
both questions. Many things 
can and must be done now, but 
for hundreds thnusanris of 
people the effort comes too 
late. Even restming the smid* 
vors to their honaes. health a^ 
happiness is a task beyond the 
powers of the so-called interna- 
tional coznzntmiQr. It is vital to 
ask whether, and how, this 
tragedy could have been 
averted if we are to have any 
hope of averting any others 
like it 

And there are further ques- 
tions which most be asked. 
What are the obstacles that 
prevent us from responding 
adequately to the current cri- 
sis? And what must we do to 
ensure that, next time, we can 
do better? In each great disas- 
ter a terrible price is paid 
because the response has to be 
improvised. The siqrplies and 
equipment needed are always 
somewhere, but precious 
we^ are wb&e they are 
located and transported to the 
place where they are needed. 

On the hoxnanitarian side, 
tbfng g have improved in thi« 
respect. The Department of 

Hiimflnitariaw Affair a (DHA) at 
the UN in New Yorit has, for 
the first time, been able to play 
its assigned role of co-ordinator 
amoi^ the diflerent bits of the 
UN system and the voluntary 
relief agencies, and it has 
drawn on the emergency 
“rolling fund'’ set up to enable 
the system to go sbai^t Into 
action. But this fund Is only 
g^m - not adequate for a 
disaster on the Rwandan scale, 
fbr which the UN last week 
requested $435m in donations 
finzn member countries. 

The main shortcomings of 
tile UN system, however, are 
(dearly in the pcditioo-miUt^ 
area. Wntnanifairian action is 
impotent in conditions of rag- 
ing war, saA as prevaOed in 
Rwanda finm April to June 
this y^. The DHA opened its 
office in Eigali on S3, but 
the staff were pinned dowu in 
shelters, iTnahlo to move. 

Since then, the exodus of the 
Hutu popolation has created 
problems on the Rwanda-Zaire 
frontier which cannot and 


High 
price of 
dallying 

The world 
should not have 
to improvise a 
response to 
each crisis 

should not be tackled by 
humanitarian weans alone. It 
seems appallingly callous to 
say so, but the epidemic of 
cholera now sweeping through 
the refugees has its positive 
side, since it is persuading 
many of them that the risk of 
returning home may be less 
than the risk of staying where 
they are. But such ghastly 
maang (tf “persuasiou” should 
not be necessary. The task of 
repatriating the population is. 
above alL a questhm of secu- 
rity and confidence - in other 


It is futile to 
blame the UN far 
not acting quickly 
enough in crises 
such as Rwanda 


words, a political task with a 
military component. 

All accounts agree that a key 
role in urging the Hutus to 
flee, as previously in ^ging 
them on. to genodde against 
the Tutsls, was played by the 
nominally indep^ent Radlo- 
Television Libre des MUle Col- 
lines. It was nrgmg the popula- 
tion to flee for th^ fives, and 
promising that tile Rwandan 
armed forces would launch a 
war of “reconquest” once they 
had a chance to regroup on 
Zairean territory - until last 
we^ when it went off the air, 
possibly closed down by the 
French. 

These broadcasts should 
have been jammed long ago. 
and the UN should have 
in a position to put out count- 
er-broadcasts, giving the popu- 
lation a clear acsooant cd' what 
was actoaDy happening It did 
this with great success in Cam- 
bodia. Member states should 
endow it with the capadty to 
set up an objective public 


fnfamiflt ion scrvice 3S the first 
priori^ in any conflict or 
potenti^ conflict in whidi it 
gets involved. The existing 
^ess and information d^iart- 
ment in New York, which 
spends its money inviting jour- 
nalists from wen-heeled west- 
ern newspapers on **tect-find- 
log” tours of the Middle East 
and elsewhere, should be 
closed down. 

It is fiitile fbr member states 
to blame the UN ibr not acting 
quickly or Actively enough 
is Rwanda-type crises when 
they do not give it the 
resources to do so. Once again 
tte UN is very close to bank- 
ruptcy, with ^.3bn outstand- 
ing in m emb pTs* oontrifautioos. 
But it is not only a question of 
money. Back In May the Secu- 
rity Council decided to send a 
force of S,5(K) troops to 
Rwanda. At most half that 
number will be in place by 
mid-August, and even then 
tii^ vriD baro no proper equip- 
ment tmJess the French can 
persuaded to leave theirs 
behind 

Rich white countries are less 
lass iriDing to put their 
forces under UN ce minand . At 
most they will undertake quick 
in-and-out operations, ‘'author- 
ised*' by the Security OmmdL 
within their own sphere of 
influence - France in Rwanda, 
Russia in Geor^ the US In 
Haiti. For the long haul, poorer 
countries are expected to pro- 
vide the manpower. But they 
have no eqotement - r is 
no good fobbing titem off with 
unserviceable armoured per- 
sonnel carriers left lying 
arotmd in Europe the wnH 
of the cold war. 

Tb£ UN needs a reserve of 
ready-to-nse military equip- 
ment, just as it needs a 
emergency fUnd to pay for 
himuiTiUiiriiiw sypppes Ideafiy, 
it should also have a reserve of 
volunteer manpower, perhaps 
a S,00&strcmg brigade, trained 
and ready to fly to any criste 
point to which the Security 
Council decides to send it, to 
bold the line until member 
states assemble the force 
needed fbr a longer-term com- 
mitmenL 

Members of the Security 
Coondl are to be angry 
with the secretary general fbr 
proposing this week that the 
UN force in Bosnia should be 
withdrawn. They should, 
instead, be gratefUl to bim for 
drawing attention to the gap 
between the task they keep 
assigning to the UN and the 
resources tiiey are wflUng to 
give it 


I bet it will read nought 
wtmn we come o\h agam," 
said Peter Webster, pick- 
ing up a gmaii radiation 
meter. And throu^ the gates 
we went. 

Before us stood two gntted 
buildings, the remains of 
Berkeley, the UK’s fim com- 
nmrdal noelear power genera- 
tor, on the banks of the Severn 
estuary. Shut dowu in 1989. the 
station is being deeommis- 
sioned in the first ezerdse of 
Us kind in the UZ, and one of 
the few in the world. 

We dasU)aed over rusting 
pipework, peered into cooling 
aTvrt \]p Standing 

on top of one of the station’s 
two nuclear reactors. 

A team (f men was washing 
it down vrith solvent. They 
were not clad in thick protec- 
tive just OVerSLQs anri 

gloves. And they chatted as 
they worfad. All rather ordi- 
nary, coirsidering that beneath 
their feet stood a graphite core 
which had once contained 
highly radioactive fuel rocls. 
‘Tiadioaciivity is like powder,” 
said Webster, the station man- 
ager. ‘Tf it Is on the surface, 
you can usually wipe Vt oS.” 
Later, when we left the rite, 
the 4id tnrfoart read 

nought. ‘Tt's a fairly mundane 
activity, decommissioning.” 
said Webster. Tt's just con- 
traction in reverse.” 

His offhand remarks were 
meant to sound eooL The 
nucl^ industry is keen to pid 
across the message that 
defUnct nuclear power stations 
can be made safe. But whether 
it can do it efficiently and 
within budget is one of the 
important tests of the nuclear 
review which the govenunmit 
is now amducting. 

According to the National 
Audit Office, ffie UBTs nuclear 
(dean-up Mil amounts to some 
£18bn f(H- decommissioning 
power stations and 17 other 
radiottdive rites, such as Brit- 
ish Nuclear Fuels at Sellafield. 
But It does not include the 
£4bn-£5bn recently added to 


the Atomic Soergy Autiuri^, 
whose ori^sal budget was 
understated “because of 
julstic assumptions *^><1 rigmfl- 
eant omissions” - a miscalcu- 
lation which underlined the 
oncertaittty that clouds the 

cost d (deau-up faUa 
mostly cm the riectrioty con- 
sumer, who pays a lO per cent 
levy in Un gtamt anrf Wales 
an artificially hi^ price for 
electridty In Scotlmid. But 
thaaft amngenxmiis are 
phased out, and the nuclear 
industry is supposed to be self- 
financing by 1998. 

In Berkeley's case, the 
clean-up Is one of the more dif- 
ficult that teces Nudear Elec- 
tric, its owner. As the first of 
its generation, the station was 
clumsiiy migineered. two 
reactors Ronteined 85.000 Aiel 
rods, and were connected to 
tall heat exchangers by hun- 
dreds (tf yards d lacgeniiainfr 
ter piping. The beat ezdiang- 
ers were smothered in gmaner 
pipes and coated in asbestos. 
All this metalwork was con- 
taminated Internally by radio- 
active water. 

The deconunissioning of 
Bmkdey be^ in 1989. and is 
proceeding in three stages. In 
the first, the fuel rods were 
individDally removed, stripped 
of ih^ riadriing and shipped 
to Stila&Id. Ov^ nearly three 
years, that disposed of more 
than 99 per cent of the 
hi^Ieve! radioactive waste. 

The work is now in the sec- 
ond stage. This will get Berke- 


ley into a condition where it 
can be left for many decades 
while the remaining radioactiv- 
ity decays. For tid^ toe large 
p^ewoik has been chequed up 
and sealed off. The heat 
ttrrh a rtgaH t aio beug Cleaned 
and Imd on tiieir sides, and the 
tanlcfings weatoer-pitcEed. 

Intemediate-level waste, 
which inclgdes the fuel rod 
cladding, is also being 
lemovad. This wiB be stored in 
concrete vaults on the Berke- 
ley site, because the govern- 
ment cannot agree on plans for 
a national stare - which is 
anotoer Issue for tiie review. 

T he second stage of 
Berkeley’s deconunis- 
einwtng is due to fin- 
ish at the end of next 
year. What happens after that 
is a matter of some debate. 

Government policy requires 
Nuclear Electric to remove the 
most dangerous waste and 
leave the station in a safe con- 
dition f(»‘ 100 years, at which 
P(»nt it can be taken to bits. 
But Nudear Electric is trying 
to promote a more extended 
timetable. At fixture stations, it 
wants to postpme the comple- 
tion of st^ two (that is dis- 
mantling an but the most con- 
taminated imrts) for 100 years. 
After that , it would digmanHp 
the lemdnr and mtber irium 
thp site to greenfield mnditiffn, 
or mound the imnams over. 

This longm' timetable would 
benefit Ntadear Electiic in two 
ways: It would reduce costs, 
because much cf the radioac- 


tivity would have decayed by 
toe titno the compaxiy came to 
deal with the most contami- 
nate sections. It would also 
eoabfe Nudear Eledric’s finan- 
cial provi^ns to accumulate 
interest over a longer perio^ 
enj tobpg the company to dis- 
count thwn mudi mrae deejdy 
and set less money aride in the 
first place. The company esti- 
mates the total discount^ cost 
of decommissuming all its sites 
would be £l.9ba under tiie lon- 
ger timetable, compared with 
£L7bn at present 

The modified policy would 
raise the commercial ^peal of 
the nnclear power industry 
and make it more suitable for 
privatisation. 

An<xther argument in sup- 
port of a long timetable is tbm 
nuclear waste technol<^ is 
likely to improve over time, 
whi(to could further simplify 
deconunissioning. As it is. 
Nuclear Electric claims that 
the experience gained at Beike- 
ley suggests cost estimates are 
too high. The first stage - the 
removal of the fuel roto - cost 
£Mm compared irith an esti- 
mate of CTOm. The secemd stage 
looks like beating its £I2Qm 
budget The third stage, which 
would include looking after 
Berkeley for a century and 
returningit to a greenfield site, 
is at r ^lWin- 

But the extended timetable 
has been attacked ftom a num- 
ber of quarters. In a repeat, 
published w pri n g , the Sci- 
enre Policy Research Unit of 
Brighton Univmsity, a leading 


academic centre for energy 
studies, says that long-term 
decxmmlBSloning runs serious 

Giteodal risks. If a statiteLhad 
to be shut down early, .there 
would not be suffideut provi- 
sions to finance a cl^-up. 
Also, small errors in forecast- 
ing intmest could to 
la^ shortfelte fo ptovisfeas. 

The SHIU study also argues 
that, while dgrran^igg^ini, 
technology might improve, 
environmental standards 
would probably be rafoed, so 
the cost hurdle might not fell 

The main focus d envhtui- 
mental cemeem Is the risk of 
leaving a radioactive site for 
this long, even in a oocooo. 
Green groups point out that 
other countries, sodi as France 
and the US, have much riiorter 
timetables for decommiBSion- 
ing. But thrir stations are 
based on pressurised water 
technology, which is simpler 
than the UK gasbased system. 

In Wales, environnientalists 
plan to proposals to 
decommission the next plant 
on Nuclear Electric’s list: 
Trawsfynydd in Snowdonia. 
Their opposition is based 
largjriy on daoger oi moth- 
baling a radioactive rite in an 
earth^iake aone, but they 
argue that every generation 
should clean up its own mess. 

The SPRU report supports 
this view; “Even if future gen- 
eraticois will have to do the 
work and bear the health risk, 
they should not be left a Goan- 
cial burden as wriL* 

One option the government 
will have to consider is 
whether the state should 
underwrite the cost M cleaning 
(to existing nudear power sta- 
tions. Tliis would lllrte Nudear 
Electric from a heavy finand ai 
burden. But it would merely 
shift the cost of provisions 
from the electzkaty consumer 
to the taxpayer. And anything 
that reduced the cost to the 
nuclear industry would 
strengthen the case for grttfog 
decommissioning over as 
quu^ as possible. 



The most 
valuable sight 
in London 

offices in The Royal Exchange 
look out onto the Bank of England 


Qiaily olllce aptce 

from 910 aq ft • 1 1,230 aq ft 

LatBng wwiann 

HUtar nHkM* -hM 71 000 eeoo 


€ Guardian 




ECj, 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London 5E1 9HL 

Fax 071 873 5938. Letteis transmitted should be dearly typed and not hand written. Please set fex for finest resolution 


Air France: a revenue problem 


FrvmiSr A f Lacking. 

Sir, WfaSe I agree with much 
of your editDrial, Tlight plan 
for Air France” (Ju^ I 
bdieve some fectars n^ more 
emphasis. The wise men’s 
report indicated that costs and 
staff productivl^ at Air Etonce 
were stnxOar to Qioee at British 
Airways, althou^ some sus- 
pect that the latter's costs are 

a1«n >iig^py than they sbOUld 

be. An earlier report to the 
Commission showed Air 
France’s air crew as 12 per cent 
more prod active, and its lecoY- 
ery plan a reduction 

of 1,300 Qying staff. 

Figures for 1992, published 
by the Assodation of Enrcgiean 
Airlines, show that, if Air 
France had secured the same 
revenue rate on its domestic 
network as did British Aii^ 
ways, it would have earned 


$828m more. Many of the 
French domestic routes are 
unprofitable, irftea because the 
traffic is very low, Where gov- 
ernment considers they are 
vital to toe regional ecimomies, 
they should be subridised sepa- 
rate, after toe lowest bvsAsr 
has been selected. Good domes- 
tic air links are a vital fector in 
seemfog foreign Investment in 
toe regmns, a point oveiiooked 
in tile UK as air ifafc* 

to Heathrow are run down. 

On the London-Paris route 
between 1990 and 1993, the 
sterling on-demand fare rose 
32.5 per cent, whereas the 
franc Cue rose 13 per cent 
British Airways' highly sc^diis- 
ticated yield control computers 
also enabled it to secure a 
mu(di larger share of tiie pas- 
sengers paying the hi^er 
feres. The Air France recovery 


plan xnchufes ”a pexformance 
yield management system”, 
and this is the vital tool to 
extort the maximmn possible 
amount from toe on-demand 
passengers in partumlar. 

Genmally, I suspect, the 
problems are as mu^ on the 
revenue as the cost ride. And 
in making profitabilfty compar- 
isons, one should not overtook 
the advantage cantered by toe 
tow rents paid BA for the 
nearly 8m sq ft of premises at 
Heathrow, which were set out 
in the Jamiaxy 1987 prospectus. 
For examp le, until 2005, the 
annual rent to the 639,500 sq ft 
cargo centre fe £239,710, that is 
3^ pm* sq ft. Net of services, 
similar nearby buildings are 
priced at about £15 per sq ft. 

A J Lucking, 

S(kl7 Broad Oourt, 

London WCSB 5QAT 


Structural change answer to US deficit 


From Professor Charles 
Kennedy and Professor A P 
ThsriwtdL 

Sir, ^nfessor Maynard’s let- 
ter (m DS foreign indebtedness 
{July 22) is admirably short, 
consisting of just two sen- 
tences. Unfortnnatriy, the first 
sentence, although true, is triv^ 
ial; and the second does not 
follow from toe first He states 
that ”the US’s trade problem (if 
there is one) lies in toe coun- 
try's low pn^eusity to sev^ 
sot in an ovenraloed exrinaug g 
rtte". 

Every first year student of 
economics knows that from the 
national eccounts toe balance 
of payments d^edt on current 
account is necessarily an d 
idezUiceUy equal to the excess 
of domestic investment over 


saving, but by tbeir second 
year tiiey ougU to know that it 
is a logi^ fallacy to infer cau- 
sation from an acconntix^ 
identity. 

If Professor Maynard wishes 
the trade balance to be tackled 
by raising saving (and/or 
rearing investment) has he 
thoo^t what that might do to 
output and employment 
domestically? He does not 
seem to envisage toe possibil- 
ity that the simuUaneoos use 
of two types of measure mi^t 
be required. 

As the late Professor Tinhpr- 
gen taught ns many years ago, 
if there are two objectives - 
internal as well as external 
balance - then two policy 
instnunsots are requfred from 
tiwlr achievement. 


There is a case for dollar 
depreciation, as Professor 
Wynne Godl^ and Mr WiBlam 
MBberg originally argued (Per- 
sonal View, July 6). On the 
other hand, one should not 
expect too much. 

fo our view, the US defidt, 
like the UK deflrit, has de^ 
structural roots which will 
only be rectified in the long 
rtm by steuctural rhang p gad 
stron^r non-price competition 
against toe more ag^nssive 
trading nations of souto-east 
Asia, particularly, of course, 
J^ian. 

Ciharles Kennedy, 

A PTliirlwall 

Jhnuerdty of Kent at 
Qatierintry, 

Qm^rimry, 

Kent CT2 7NP 


Prediction 
likely to be 
bad bet 

From Mr ifiduidL Byrne, 

Sir, Surely Idure Ihoapson 
CKeep betting in toe d^", 
2S) is stfil living in the 
days of prohibition by suggest* 
ing that government deregu- 
lation is bad for the bating 
industry. 

She should perhaps rrileet 
on. the benefits to the con- 
sumer within the brewing and 
drink retailing industries in 
toe provirida of improved lo- 
sure fecaltties. The standards ri 
comfort and catering .have 
never better. 

Her prediction that ”the 
bright new betting shops win 
lose mcaw custoDtois toan they 
attract” will eartehdy prove to 
be one of her worst bets. 
Ifichael L Bynie, 

1 Beritage . 

&S Castle Street, 

Ouster CBl 2DS 


A load of hot 
horse air? 

Freon iir Richard Stead. 

Sir, Concerning C0| emis- 
sions from tian^ort CTrens- 
port to top pcdlution league”. 
July 25), we have two homes 
which consume an esti- 
mated four tonnes of caitobT* 
drate a year compared with 
two tonnes of him for our 
vriiiries. Whfoh the 
CO, and how mudi extra 00s 
is emitted by eca to gi st s with 

the hot air they pot out on the 

subject? 

Bicbard Stead, 

Sietm Siuma, 

Adterade, 

Argyll 4LR 


Communication made easy 


From Mr James R Adams. 

Sir, Getting Use most fTOm 
informattoQ technology (Mr 
Jobn Dodd, Letters, July 23, 
commenting on previous 
articles) could be given a con- 
siderable boost at quite a sitjai] 
expense. 

The diffetence between bring 
iterate (being able to rea^ and 
being computer literate (bring 
able to operate some pn^rom) 
is enormous but unnecessary. 
Today, Pj somsums toe *Tielp” 
raoaxa In mai^ programs. ’To 
save, prtot, create a gr^h. or 
whatever rise one may wish to 


do, involves different gets of 
key sbtfee in different coders, 
according to the program in 
use. 

If hardware manufacturers 
can agree protocols to allow 
Computers (and fex machines) 
to communicate. It must be 
pcttrible for scAirere writers to 
do the »me. The saving for 
companies (even nations) 
would be enormous. 

James R Adams. 

James R Adams & Associates. 
X Sing Street, 

London. 

WC2BSJS 


Mindless sort of irritation 


From Air Harold Cottam. 

Sir, I would like to wig)"* the 
loudest possible plea for a 
return to some old-tohitmed 
and sensible telephone answer- 
ing skills in the many service 
and other organisations that 
one has to deal with as a mat- 
ter of daily necessity. 

1 surely am not alone in 
wishixig to hang and phtme 
some other organiWitian when 
the person on toe other end of 
toe line says: "Hello, thank 
you for calling the Mucky 
Slui^ Company. This Is 
Eevin/Debbie speaking. How 


may 1 help you?" (How 1 vrish 
to ten Afttf 3K8t have 
been transferred through a 
c(»xple more of these over-p^ 
grammed people, yoa are d^ 
nitely left wondri^ abc^ 
real service intentions wgfe”’ 
ties of the ft o yn p nn y you have 
telephoned. , 

The person who invented 
thiR form d "»fa*»uoBa reQon^ 
needs medical treatment 
uxgentiy, 

Harold Cottam. 

Penhayn, 

Dorstme, 

Benfitrd BBS SAD 







FlNANClAl. TUVIES WEDNESDAY JULY 27 1994 


n t( 
ni 


FINANCIAL TIMES 

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

Wednesday July 27 1994 

Old Lady at 
three hundred 


L '' 

■ 




[ At 800 years of age the old lady of 
' Threadneedle Street has a new 
*: vitality. Mr Eddie George, the gov- 
tfoor, enjoys a public influence 
over British monetary policy 
uneQnalled at least gwitw the days 
of Montagu Norman. The 
must show it deserves the position 
history has given it 

Over the half century since its 
nationalisatioti, the Ranic hug been 
a silent accomplice to a fraud. 
That can be the only just descrip- 
tion for a 30-fold reduction in the 
value of its liabilities. It is little 
wonder that governments have 
lost so much of their credibility. 
Not only have they perpetrated 
theft on a scale unmatched by any 
private fraudster, but full employ- 
ment. for which tbe value of the 
pound was sacrificed, has been 
further from achievement in 
recent years than in any previous 
period, with the arguable excep- 
tion of the 1930s. 

Fortunately, recognition that 
this has been a mistake is now 
widespread. Chastened by a series 
of disasters that ended with ster- 
ling’s summary expulsion from 
the ERM in S^tember 1992. tbe 
government has handed an excep- 
tional degree of influence over 
monetary policy to the 
Anned with the 1-4 per emit infla- 
tion target, the Bank’s inflation 
report and, most important, with 
the publication of minutes of 
m ijwthigs between himgflif and the 
chancellor of the exchequer, the 
governor has. if not the power to 
decide, at least the power to 
destroy Mr Clarke's credibility. 

Mr George must now prove he 
has both the courage to use that 
power and the wisdom to use it 
wisely. He does have the right 
instincts. In Mr Rupert Pennant 
Rea, a controversial appointment 
as d^ty goyemor. he also seems 
to have the a^^g^le^ant- Unlike 
his bo^. ^ deputy is interested 
in management. By faguang the 
b^'s structure on tbe tnnn tflgfcs 
of mcmetaiy and flnawHai stabil- 
ity. Mr Pennant Rea has helped 
provide the appropriate frame- 


woric for a re-invigorated Wanir 

For all that, the Old Lady is 
assured of no comfortable future. 
Hie quality of its judgment of 
monetary poli^ is on test as it 
has not bem since the early 1930s. 
Under tbe cover of secrecy, it has 
avoided blame for the disasters of 
recent decades. That is a luxury it 
no longer euioys. 

Even tbe Ba^’s role in supervi- 
sion is on trial This is not only a 
question of recovering its reputa- 
tion after the harsh report by Lord 
Justice RiTighafn OQ itS handllTig 


of the BCCl closure. It is also one 
of whether hands-on hanirtrig 
supervisioa is desirable at afl. 

As Mr Donald Brash, governor 
of the Reserve bank of New Zea- 
land. has noted in a recent ardcle 
in the FT, “depositors might well 
argoe that, since the public sector 
established the rules within which 
banks must operate, and had 
access to vastly more detailed 
information on bank flnaneial 
strength than was available to the 
public, the public sector has a 
very strong moral obligation to 
protect depositors in the event of a 
bank failure.” It is partly for this 
reason that his country has moved 
to market-based haniring stmervi- 
mon. The Bank of England argues 
that New Zealand is a free-rider on 
the supervisory activities of o&- 
ers. llie question remains, how- 
ever. whether supervision 
improves the safety of banks, 
wi&Qot also tfnrw>a«ltig the 
of depositors upon the supervisor. 

The Bank may even its^ 
swallowed up within what it 
seems bound to regard as a prema- 
ture move to economic mone- 
tary union within the European 
Union. That judgement would 
almost certainly be right, but it 
would still be a mistake to assume 
such a move cannot occur this 
decade. Would the UE have the 
nerve to stay outside? If not, the 
Bank of FngianH mi^t have 
gsMTiaH only an inHiaw summer of 
visible influence over monetary 
policy. Be it short or not, let it 
ensure this is a biig^ one. 


Labour’s report 


Ull 


In one sense, it is unfair to assess 
Mr Tony Blair's leadersl^ ctf the 
labour party on the ba^ of yes- 
terday’s policy paper on educa- 
tioa He has. after all, been leader 
for less than a weelc As for the 
paper, its contents were deter- 
mined by tbe party's labyrinthine 
policy-maklDg committees long 
before be took up the reins. Yet 
the proniinence Mr Blair accorded 
education in his leadership cam- 
paign means that some sort of 
assessment is inescapable. 

On general sentimeots, the 
paper cannot be faulted. The 
importance of skills and know- 
ledge in the modera economy is 
undeniable. The f^ure of the UK 
education system - in particular, 
Rng iish schools - to deliver either 
in sufBcient quantities is widely 
accepted. Few will disagree with 
the proposition that the quality of 
education must be raised. 

On detailed policies, there is 
also much to welcome. Broaden- 
ing the scope of A-levels and a 
professional structure for the 
toarhing profossiou are necessary 
steps. .An expansion of nursery 
education is also desirable. In 
launching the paper. Mr Blair 
rightly emphasised the impor- 
tance of standards and discipline 
in schools. He also made much of 
the need to build on the Conserva- 
tive reform that gave schools con- 
trol over budgets, in order 


to increase their autonomy. 

But Mr nlfliV a well-crafted pre- 
sentation could not diHWse the 
continuing impact on labour’s 
education policy of the teachers' 
uuinns The paper attacks QEsted. 
the new inspection service set up 
to Inspect schools more fre- 
quently. as insuffidently indepen- 
dent of tbe education secretary. It 
rejects the use of tests to monitor 
schools and teachers. And it 
describes school league tables as 
simplistic and flawed, and “not 
acceptable" as maii£«einent tools. 
Parents and tajqiayers need sim- 
ple and objective measures of 
school performance, including the 
examination results which are so 
important for children's life- 
chances. Instead, Labour promises 
a deluge of infonnation that will 
let underperforming schools off 
the hook. 

Tbe verdict - in the words of 
school reports over tbe years - is 
“must try harder". If Mr Blair is 
serious about putti^ educatioa at 
the centre of his agenda for 
national renet^ he must ensure 
that Labour’s policy papers match 
his rhetoric. A clearer focus on the 
ends of ^ucatlon is n ee d e d, with 
less influence for the producers. A 
first step would be to find a new 
shadow education secretary. Mrs 
Ann Taylor, tbe existing incum- 
bent. appears out of step with his 
priorities. 


China trade 


Taiwan’s statement yesterda>' that 
it Is ready to meet the full obliga- 
tions of a developed country on 
joinfaig tbe General Agreement on 
Tariffs and Trade looks shrewdlj' 
calculated. In seeking thus to 
force the pace of its membership 
negotiatkms, Taiwan tm-<8 thrown 
down a challenge to Beijing and to 
Gatt members’ acceptance of Chi- 
na’s ttonfliiiift that it be admitted 
first 

The move comes at a delicate 
stage in China's Gatt accession 
talks. Beijing hopes to conclude 
them in time to b^me a founder 
member of the World Trade 
, Organisation, due to succeed the 
Gatt early next year. However, 
though the political atmosphere 
has bem improved by the US deci- 
sion to renew China’s Most 
Favoured Nation treatment, deci- 
sive breakthroughs bav'e yet to be 
made. Recent talk in Beijing of 
presenting Gatt with an accession 
paKieaga in September on n 'take 
H Or leave it" basis does not bode 
well for rapid agreement. 

China’s size and economic 
potential make it desirable that it 
be admitted to Gatt as soon as 
possible. However, clear condi- 
tions must be set for its entri' if 

is not to risk destabilising the 

organisation. Above all. Beijing 
must introduce far more tnwspar- 
ency into the workmgs of its econ- 
omy which, for all its recent 


reforms, is still patterned on the 
state trading model. It should also 
ffimmir itself to a fixed timetable 
for conforming fully with Gatt 
rules, and to r^ular internationa] 
monitoring of its pn^r^. 

That aigues for granting Beijing 
a post-entry transition period, a 
concession which the US. alone 
anrt unreasonably, opposes. How- 
ever. CThina must also be prepared 
to negotiate constructively. Any 
refusal to do so should not become 
a pretext for the Gatt tt soft-pedal 
negotiations with Taiwan, ot to 
delay its admission, once satisfac- 
tory terms are ^®reed. To exclude 
the world's eleventh largest 
exporter in deference to the 
demands of a large country, which 
is not even a member, would 
betray Gatt's central principles. 

Furthermore, there is no l^al 
basis for requiring that Beiji^ te 
admitted first. The new WTO 
charter neatly sidest^ the con- 
tentious issue of CSiinKe sover- 
eignty by defining members as 
states and customs territories, not 
as governments. The Gatt should 
overcome its fears of antagonising 
China and break the artiiicial link 
between the two sets of actession 
negotiations. To do so would not 
only be fair the prospect of a 
between Beijing and Taipei to 
complete accession talks would 
concentrate minds in both capi- 
tals. 


★ 


Grey on top, 
thinning below 

Reform of the French pensions system 
could have far-reaching effects on industry 
and the economy, says John Ridding 



M r Philippe Bechet 
says be could 
always do with a 
bit more money, 
but he does not 
grumble about his pension. Like 
most of France’s senior citizens, 
who are entitled to a fofi pension 
after 3TA years of contributions, the 
former sales manager receives more 
than half of his previous salary 
from the state pensions system. 

His children, however, and Ute 
rest of their generation cannot 
regard retirement with such calm 
Demographic trends, which will 
increase tbe impor^n of over-dOs 
in the population from about 20 per 
cent today to about 27 per cent In 
2020 and a third in 2050, are putting 
state pensions under unbearable 
strain. Last year, the “pay as you 
go” system, in which pensions are 
paid from contributions from tbe 
current workforce, incurred a defi- 
cit of some FFrttttm (£4ilbD). 

The realisation of a gathming cri- 
sis is pushing Prance towards a 
far-reaching reform of its pemions 
system, with unpUcatlons which 
extend far beyond the purses of the 
over*60s. 'The chan^ under consid- 
eration could establish powerful pri- 
vate pension funds, provide a si|^- 
icant stimulus to the Paris stock 
market and. in the long run, 
reshape the structure of Fren^ cap- 
italism. 

Some important steps are already 
under way. By early next wtrtwth, a 
law is due to take effect which will 
provide tax incentives for artisans 
and Indep^dent workers who 
invest in private pension 
The law, called toe Madeim Law 
after its architect, Mr Alain Made- 
lin, minister for enterprises and eco- 
nomic development will affect an 
estimated 1.7m workers. One of its 
aims is to encourage the expansion 
of private pension schemes so as to 
provide a complementary retire- 
ment tneome to the state system. 

Mrs Simone Veil, minister for 
social affairs, has also moved to 
ease the burden on the state pen- 
sions system. Last year she 
reformed existing l^slatlon to 
extend fittm 3714 years to 40 years 
tbe period which people need to 
work to qualify for a full pension. 
She also announced that the full 
pension would be calculated, from 
this year, on the bggis of a peraon's 
25 besbi^ years, rather than an 
average of the lO best-paid years, 
which will result in lower boiefits. 

These changes, combined wito 
toe allocation of revenues from 
increased taxes on tobacco and 
higher social security contributions, 
will reduce the pensions pay-as- 
you-go fiifa year. But they 

are not enough to remedy France's 
underlying structural pensions 
problems. As a result, the govern- 
ment has faced increased pressure 
for the creation of a broader system 
of ca^talised private penstons, as 
exist in most indostriklised econo- 
mies, in which enqdoyees invest in 
pension funds to finance their 
lutirement. 

The creation of such p^sion 
funds is “urgent and indlspens- 
^de“. says Mr Ernest-Antotne Sefl- 
liere, vice-president of the Patronat, 
the French employeis’ association. 
“Reforms should be adopted as 
quickly as possible," he says. 

fri principle, the government 
agrees. In January. Mr Edmond 
Alphandfey, the economy miniver, 
said be “greatly hoped" to introduce 
a bill on pension reform to the 
National Assembly during the 
spring. Since then, however, the 
timetable has riipp^ Mr Alphan- 
d6ry is now aim^ to introduce a 
bill during the autumn parliamen- 
tary session. 

The delay is the result of two 
CactoTs. Reform of toe state pen- 
sions system is politically seos^e 
and has provoked opposition from 
some trade union grouie, which 
participate in the management of 
toe present systan. They pereeiro 
pension reform as an attack bn 
their influence and claim that it 
will act against the interests of toe 
lowest-pai^ since it is toe wealthy 
who win be more able to contribute 
to private penaons systems. 

"Mvate poirions are theft." says 
Mr Marc Blondel, general secrataiy 
of Force Ouvridre, toe union oigani- 
sation. 


At the same time, the government 
is anxious not to nip France’s 
emerging economic recoveiy in the 
bud. “A reform of the pensions sys- 
tem would encourage more 
long-term savings and could 
dampen consumption,” says Mr 
Jean-Francots Merrier, economist at 
Salomon Brothers, ^ securities 
house. Employees would effectively 
be paying into an additionaL pri- 
vate penaiou scheme, on top of the 
ggjgting two4ier state system and 
pay-as-you-go system. 

Despite official foot-dragging, 
however, most observers belike the 
creation of capitalised private pen- 
sions is now a question of when, 
rather than If. *T am convinced that 
wi thin one year or 18 months we 
will have private pension funds,” 
says Mr Jacques Friedmann, chair- 
man of Unipn des Assurances de 
Paris (UAP), France's largest insur- 
ance group, and a confidante of Mr 
Edouard Balladur, the prime minis- 
ter. He describes the Itfodefin Law 
as a significant step to thia end. 

Mr Friedmann is not alone. Politi- 
cians, business groups and industry 
assodations, aware that reform is 
on tbe way, have been busily pre- 
paring their own plans for pensions 
systems in an attempt to sway toe 
bureancrats at tbe economics minis- 
try who are working on Mr Alphan- 
d^ys proposals. 

Among the most influential sug- 
gestions are those from Mr Jacques 
Barrot, chairman of the National 
Assembly’s finanna Committee, and 
from the Patronat Mr Barrot calls 
for the creation of capitalised pen- 
sion funds, which would comple- 
ment rather than compete agahist 
the existing state system, and 
which would provide tax incentives 
for companies and employees to 
invest to pension funds. These 
Ain^ would be set up by indiyidual 
companies themselves, banks, 
insurance groups and other finan- 
cial institutions. 

Mr Barrot recommends that at 
least half of pensions eontributiens 


should be invested in equities, and 
that a proportion of employee con- 
tributions should be invested in 
employees' own companies. The 
fiinds would, however, be managed 
outside the company. This, he 
believes, would create a balance 
between the UR pensions system, in 
which pension funds are mana^ 
indepe^ently of companies, and 
the German system, where pension 
contributions are incorporated in 
fwnpany haiawr^ sheets. As ui Ger- 
many. ttiig mi^t require an insur- 
ance scheme to protect poisoners 
against corporate bankruptcies. 

The Patronat, by contrast, argues 
that companies themselves should 
decide whether pension funds 
should be managed internally or 


Changes could lead to 
powerful private 
pension funds, boost 
the bourse, and 
reshape the structure 
of French capitalism 


externally, and that they should be 
allowed to manage all of the funds 
themselves and add them to their 
balance sheets. The employers’ 
oiganisatiOD also wants employees 
to have toe choice of taking tbeir 
penrioDS in a lump sum or throng 
annuities. Mr Barrot is opposed to 
payment in a lump sum. 

llie debate, which has also drawn 
proposals from toe Association of 
Frracb Banks and the French Asso- 
ciation of Private Enterprises, cen- 
tres on these questions of internal 
versus external man^ment, rules 
governing the division of invest- 
ment between stocks and bonds, 
and tbe form of payment 
For some involved in tbe debate, 
Britain's experience of tbe Maxwell 
scandaL in which Mr Robert Max- 
well, tbe late publisher, plundered 
toe company’s pension scheme, has 


raised concerns about internal man- 
agement of pension funds. While 
French companies favour the use of 
pension funds to bolster their bal* 
ance sheets, others question the 
extent to which companies should 
reinvest the pension contributions 
from employers. 

“Employees already have their 
jobs tied up with the company. It 
may not be desirable for them to 
have their pensions tied up there 
too." says Mr Jan Twardowski. pres- 
ident of Frank Russell Securities of 
the US. 

TTie method of payment of pen- 
sions has also drawn a sharp divide 
between France's banks, which 
fovour tbe availability a lump 
sum pay-out, and insurance compa- 
nies, which support annuities. 
"Everyone is pushing the system 
which favours their own expertise." 
says Mr Alain Led^. deputy presi- 
dent of asset management at 
Banque Paribas, the Fr^ch invest- 
ment bank. He sees It as an unnec- 
essary battle, which has hindered 
toe process of reform. 

The battle, however, highlights 
the importance of tbe stakes 
involved. "It will be a huge market 
in toe future for us." says Mr Fried- 
mann of UAP. "Just for the Madelto 
Law there will be perhaps FFrlObn 
to FPrlSbu to premiums; for a 
broader private pensions sy^m tbe 
market will be hundreds of billions 
of francs.’’ 

Tbe competition to manage these 
funds will be tough, with insurance 
companies, mutual savings groups 
and banks all vying for a slice of 
tbe new business. 

"Hie creation of a capitalised sys- 
tem of pension funds will not hap- 
pen overnight," says one insurance 
industry executive. "But most of 
tbe potential competitors are 
already developing products to cash 
in on tbe markeL” 

One of toe most important effects 
will be the creation of powerful 
institutional investors, a consider- 
ation which looms lar^ in toe gov- 


Observer 


The spunk of 
Munk 

■ Royal Oak Sfines of Vancouver, 
which bid for Toronto-based mining 
group Lac Minerals earlier this 
month, was presomably 
(UsainKtlnted when the big guns of 
American Barrick rafled in with a 
rival offer at the batoning of the 
week. But perhaps Royal C^s 
executives should extract a glimmer 
of ctnnfort from Barrick chairman 
Peter Monk’s rather fonnidable 
schedule in coming days. 

Ou Monday, the 

Hiin garianUTflnaitian entrepreneur 
went straight from briefing analysts 
and jouiudists on his Lac 
intentions to his Bret lunch and 
board meeting as chainimzi of 
Trizec, North America's biggest 
publicly-traded property devdegwr. 
Horsham, another Munk-oontroHed 
enterprise, has become Trlzec's 
main shai^older after investing 
ovm* $500m to keep the developer 
afloat 

Today sees in St Louis for toe 

h(^id meeting of another Horsham 
subsidiary whiito is edging towards 
the purchase of a Texas oil refinery. 
All this follows a specif American 
Barrick directors meeting 10 days 
ago at which Munk and his 
colleagues decided to press ahead 
with a feasibility study for a JlTOm 
gold mine to Peru. 

July normally sees Munk cooling 
his heels on bis private island in a 
bay off Lake Huron. But it is 


perhaps no coinddence that this 
burri of activity comes at the height 
of summer. One visitor to tiie island 
retreat was taken aback to find a 
relatively modest cottage - lacking a 
dishwasher. Putting together 
blockbuster business deals surely 
beats drying dishes. 


Rwandan welcome 

■ Kigali's Hotel Bleridien is 
offering special discounts for toe 
adventurous. If you don’t mind 
bomb-shattered windows, no bar, 
waning water or electricity, you 
can stay for free. 

Its manageress, Tbdrese, kept tbe 
hotel r unnin g during the recent 
fierce battles between the fonner 
Hutu government army and Tutsi 
guerrillas. 

Current distinguiabed guests 
include about of the cabinet 
ministers of Rwanda's new 
government who arrived from 
European exile once tbe rebel 
Rwandan Patriotic Front declared 
itself victorious last week. 

The menu is looking rather sad. 
dating' as it does from March 3L but 
Ftoa, a feisty Zairean, will whip up 
a gounnet zneal in short order. For 
S20. tt can be washed down with a 
bottle of vintage claret, formerly c/o 
the French ambassador's residence. 


A split in time 

■ ft is surely another rign that 
things are returning to normal after 



*We’re trytog to keep ahead of any 
propo^ changes* 


last year’s upheavals at Barclays 
when toe chairman Andrew Buxton 
is spotted Gut-and-about on 
non-bank business. Buxton is 
fairing over from Sir David Lees as 
ffhairman of the CBPs economic 
affair s committee, and was 
yesterday on show at Lees’ last 
presentation of the Quarterly 
’Trends survey. Buxton agreed that 
it would have been harder to find 
the time for such public duties had 
he not split the role of chairman 
and chief executive. Yes. he 
confided, be had indeed been 
reluctant to split the job so quickly 
after taking toe tiller at toe bank, 
but he bad eventually succumbed to 
pressure from institutional 


investors. Now, with toe arrival of 
Martin Taylor to toe chief 
executive’s seat, he professed 
himself a total convert "Pm a 
walking advertisement for splitting 
toe roles." was his comment. 


Patten patter 

■ As a cure for post-cabinet blues. 
John Patten flew to toe pages of 
Hie Dally Telegraph yesteitiay to 
an altog^er admirable effort to 
shift the Conservative party off its 
collective hind quarters. Observer 
was pretty impressed by tbe Patten 
prose too. How elegant^’ was the 
“pc^ at tbe end of tbe perpetual 
political rainbow" juxtapo^ with 
tbe “seachange" that “will take 30 
years or more to see through". How 
forcibly did the author convey the 
desirability of “encouraging tbe 
little battalions to be our social 
warp and welt”. Should hia words 
be doled out to GCSE English 
lan^ge students to study and 
reflect upon? Tbe former ^ucation 
secretary mentions in passing how 
in 1979 be "swapped life in Uk 
intellectual theme park for life to 
the political one”. One can but hope 
his journey fifteen years later into 
toe theme park of scribblers will be 
equally smooth. 


Blushing bride 

■ Hie May wedding of Soda! 
Democratic prime minister Poul 
Nynv Rasmussen and Lone 




0 ... 


1 1 


emmem's thinking. 

“The government sees the oppor- 
tunity to kill two birds nito one 
stone." says Mr Lecbir at Paribas. 
In addition to easing pressure on 
the state pensions s%*steai. the cr^ 
ation of pension funds will 
strengthen the cuuntry's financial 
markets, be says. 

For the French povernmeni, this 
is an important incentive. The Parts 
bourse has grown steadily in recent 
years - but. With a capitalisation of 
FFri!,500bn at the end of .June, it 
reiuniits .<;mal]er tlian some intenia- 
Lional rivals such as London, which 
had a market cnpitali<atiOQ of 
£T57bn for domestic equities at tbe 
same date. The creation of powerful 
tostitutinnai investors, such os pen- 
sion funds, would help the govern- 
ment develop tbe role of Paris as a 
financial centre. 

"If you take a long-term view, 
then the liesi returns on investment 
are in equitie.<;." SiU’s one economist 
at a French merclumt bank, point- 
ing to statistics which show an 
average rate of return for an invest- 
ment in French equities of more 
than double the return lor an 
investment in bonds over the past 
10 ye.irs. "So the creation of pension 
funds should shift funds to the 
bouree and give it a strong iiuttitu- 
tional base." 

O ne import.'int advan- 
tage of this would be 
to support the French 
government's ambi- 
tious privatisation 
programme. Uiunched in autumn 
last year, with Uie &tle of B.mnue 
Natiouale de Paris, the pit^mme 
includes the sale of 21 public sector 
groups, expected to raise more than 
FPr250bn. .As Mr .Alphunder>' puts 
it: “.As long as important priv.ttisa- 
tions aiv in the pipeline, our coun- 
try' must have fimds which have the 
large part of their holdings in 
sliares." 

But the implications fur the cor- 
porate sector spread for beyond 
public .sector comp.tnies sLnted for 
sale. Pension funds could also help 
remedy what Mr Eiie Cohen, a pro- 
fessor at Paris miiversit.v. refers to 
as "capitalisni niibout capital". 

Because of the lack of big mstitu- 
tional investors and the stable 
loog-term shareholders they repre- 
sent. French industry ha.s been 
forced to seek alternatives. One 
such has been a relatively high reli- 
ance on bank loans and direct 
equity investment by banks. 
Another has been the creation of 
complex systems of cross-sharehold- 
ings. in which companies form 
so-called noyaitx durs - groups of 
core long-term shareholders. The 
recent privatisations illustrate the 
trend. For example. Elf Aqiiitatoe. 
the oil ^oup, and Banque Nationals 
de Paris, one of France's largest 
banks, took stakes in each other as 
they left tbe public sector. 

Both recourses, howei'er. have 
their drawh^ks. The experience of 
Credit Lyonnais has also shown the 
limitations of the bank-industry 
relationship. The state-owned bank, 
which lost FPr6.9bn in 1R93. has 
outlined a plan to dispose of 
PFr20bn of assets over the next two 
years as part of its restructuring 
efforts. Many of the assets to be 
sold are equity stakes in French 
companies, heralding a reversal of 
tbe industrial banking strategy of 
Mr Jean-Yves Haberer, the former 
chairman. 

The pattern of cross-sharehold- 
ings is also open to criticism. 'The 
system can reduce the rigour of 
shareholder discipline,” says one 
industry observer to Paris. 

"There is a risk of cosy corporate 
relationships based on self-protec- 
tiou rather than tbe ma.xiinistog of 
returns. There is also the question 
of whether it is the best use of cor- 
porate funds to have them tied up 
to shares in another Industrial 
group, rather than investing them 
in the company's owm core busi- 
nesses." 

Such considerations are far from 
the thoughts of the retired sales 
manager. Mr Bechet. But the 
changes unleashed bj' the need to 
provide for his offspring could also 
resolve a long-stant^g weakness to 
the financing of French industry 
and transform the nature of the 
economy from which they retire. 


Dybkjaer, a member of Denmark's 
Radical Liberal party', was a 
discreet affair. Hie couple had been 
living leather for two years, and 
they were anxious to avoid m.-»iring 
any undue public fuss as Dybkjaer 
was to mid-cam paig n for the 
European pariiament. 

Safely installed in Strasbourg, 
however, she and her husband 
gathered the press together to June 
to announce toe glad tidings. 

So the Danish official who 
recently compiled the new MEP's 
biography can hardly have 
reckoned with its subject's incensed 
demands that mention of her 
marriage to the prime minister be 
deleted. 

Tt is completely' unacceptable 
that private details of this kimi 
should be mentioned to an official 
biography,” she asserted. 


Beef free 

■ Beleaguered British beef 
exporters, fearfol that new 
European regulations on “mad cow 
disease” could ruin tbelr 
livelihoods, can hardly have been 
cheered by the disarming frankness 
of their new minister for 
agriculture. 

Not only did William Waldegrave 
readily admit that his new cha^gi0s 
were to for “quite an uncomfortable 
transition period", but he also let 
slip that his ideal summer supper 
menu comprised chilled v^etable 
soup, a compote of fresh berries 
and. er. poached salmon. 







M- 


SratAME 

Specified 

Worldwide 


Umned 

Tab 0773 8S231-1 


FINANCIAL TIMES 

Wednesday July 27 1994 


SELL AND LEASE BA^ 

"contract purchase 


NORTH 09 1 510 0494 
CRNIliAI. 034S 589840 
SCOTLAND 0738 29041 


World Bank attacked 
for backing Nyerere 


By Hans Georgeson in Dares 
Saiaam and Mtehael Holman 
bi London 

World Bank Ioai8 esceeding Slba 
to Tanzania in the 1960s and 
1970s helped sostain a ‘poorly 
thought out socialist experi- 
ment”, according to a confiden- 
tial internal report drawn up by 
the agency. 

The two-voloffle analysis of 
relations between the World 
Bank and T anzania between 1961 
and 1987 is highly critical of the 
support for former President 
Julius Myerere's socialist pro- 
gramme launched in 1867. 

The report, obtained by the 
Financial Times, is still confiden- 
tial, according to World Bank 
offidais yesterday, thou^ they 
ssdd ttiis may be reviewed in tiie 
tiie bank’s new disclosure 
of inEormation policy. 

Mr Nyerere nationalised the 
country's industries, and some 
14m peasants anri their famiTias 
were compulsorily regrouped in 
I'ujamaa”, or collective, vilteges 
in an eStet to make water, health 
and education more accessible. 
But the badly planned mcercise 


By Jurek Martin In Washington 

Mr Lloyd Cutler, the White 
House legal counseL told Con- 
gress yesterday that President 
Bill Clinton’s close aides had 
breached no ethical standards in 
discussions with government reg- 
ulatory officials In connection 
witii the savings and loan institn- 
tion at the heart of the V^te- 
water afteir. 

Hie also asserted, in testimony 
to the House bazUdng committee, 
that there was no evidence that 
any regulatory agency had 
altered its approach as a result of 
representations by White House 
officials. ’’Nothing happened." he 
said bluntly. 

Mr Cutler reiterated that 
"there were too many people 
involved in those discussions sad 
some of those discussions should 
not have occurred". 

It would have been better if 
ezcbangBS had been confined to 
legal counsel at the White Bouse 
and Treasury and procedures 


Conthmed from Page 1 


!t was Gen Shame’s idiilosopby 
of a united Rwanda that pre- 
vented the RPF wreaking mas- 
sive revenge upon the Hutu pop- 
ulation for the massacre of the 
Tutsi population that b^an in 
i^niL Timt was sparked by fiie 
death of Gen Juvenal HabyarL 
mana, the country’s formm' presi- 
dent, in an air clash. 

Gen Kagame sa;^ those who 
did not take part in the massa- 


World Bmk laments its 
Tanzania role 3 


disrupted agricultural produc* 
tion. 

Since independence in 1961, the 
bank and otiier donors have pro- 
dded neariy gl6bn in aid. Ilie 
largest single contributor has 
been the bank, while Sweden, 
Denmark and Norway have 
tc^ether provided $3bn. Scandi- 
navian countries have been 
among the largest bilateral 
doncffs. 

'The hitherto unpublished 
report, although compiled in 
1990, five years after Ur Nyerere 
retired, throws new light on 
about the donors’ share of 
r^onsibOity for Tanzania’s eco- 
nomic decline. 

Many of the issues raised. 
Including problems of aid coordi- 
nation. eSective utilisation of 
assistance, and donor reluctance 
to disclose policy tenures, con- 
tinue to characterise current 
efforts to txkte Afiica’s dev^ip- 
ment crisis. 'Ifie document sug- 
gests that what it sees as Mr 


were now in place to ensure thia. 

But such was the media inter- 
^ in Whitewater over tiie win- 
ter that it was not unreascmable 
for those responsible for press 
relations at the White House to 
try and find oat exactly what was 
going on in the regulatory agen- 
cies. be added. 

Mr Cutler's detailed testimony, 
interrupted by the jcont address 
to Congress by King Hussein 
Jordan and Mr Yitzhak Rahin, 
Israeli prime minister, was given, 
to the first congressiDnal hear- 
ings on the Whitewater affair, 
involving Mr and Mrs Clinton’s 
financial and land dealii^ in 
Arkansas in the 1970s and 1980s. 

He declined to criticise any 
individuid, with the possible 
exception - and then only by 
Implication - of Mr Roger Alb 
man, deputy secretary of the 
Treasury, for having told a New 
York Times e^tor, before infoim- 
ing tile White House, that he 
would excuse himsdf from his 
^vings and loan regulatory 


cres have noQiing to fear from 
the new government. Bnt he 
pledged to bring all those sus- 
pected of killing to triaL At pres- 
ent, however, the says the RPF is 
only holding "a few dozen" pris- 
oners of war. To avoid revenge 
masquerading as justice, he says 
he would welcome an interna- 
tional war crimes tribunaL 
Although Gen Kagame 
declared victory last Monday 
after the fonnm- Rutu-soprema- 
clst government had fled into 


Nyerere’s well meaning but 
impractical socialist vistoD was 
indulged by senter bank oEBdals. 
Mr Robert McNamara, the former 
US secretary of state, was bank 
ptWidait from 1968 to 1981. most 
of the period covered by the 
report. 

The report criticises what it 
calls a “stance of uncritical sup- 
port for government policies" 
adding "Even where ri^ were 
noted, the board eonsisteatly reit- 
erated that it was the bank's role 
to be at the forefront of social 
innovation and change, support- 
ing new approatte^ to dewlop- 
meot even at the risk of fefinre. 

“The bank’s practice of 
choosing to accept and not to 
inflnence the development path 
led to considerable difficulty 
when the bank then sou^t to 
restablish some inSuence in the 
eighties" 

The report adds: 

“The tenk atf^ted Tanzania’s 
road to socialism enunciated in 
1967 as a feit accomplL" Since 
1967 and at least ontil 1980 the 
bank had vievined Tanzania “as 
oomh% close to being a model 
developxi^ com^ry." 


duties. Mr Altman was then act- 
ing head of the Resolution Trust 
Cmporation, the agency formed 
to clear up the savings and loan 
mess of the 1980s. 

Congrespian Henry Gonzalez, 
the banking committee chair- 
man, laid dovm tough rules for 
the bearings which limited ques- 
tioiung only to the “Washington 
end” of Whitewater. 

Bifr Cutler addressed the ques- 
tion of Mr Clinton’s own involve- 
ment in the invest^atioas into 
ttedison Guaranty, the deftanct 
Arkansas savings and loan insti- 
tution at the heart of White- 
water. The president had 
approached Mr Eugene Ludwig, 
comptroller of the corrency, 
while both were at a holiday 
retreat over the last new year 
and suggested a further talk. 

Word got back to Mr Joel 
Klein, deputy White House 
counsel and present at the same 
retreat, who promptly told the 
president it vra^ be better to 
seek advice from someone else. 


Zaire, his soldiers have not yet 
entei^ the south-west of the 
oount^, whme a Frendi int^- 
vention. force has set up a “safe- 
haven” to hundreds of thou- 
sands of Rwandans displaced by 
the civil war, in part to avoid 
anot^ massive exodus of refu- 
gees hrnnflrritariflTt 

catastrophe. Bnt Gen Kagame 

haa rtamantlad (he Hiaamiflmpnf 

of Hutu Tiiilttias and soldiers of 
the defeated army who have 
taken refuge behind French li^. 


Russian 
decree 
willaUow 
companies 
to own land 

By Leyla Boulton in Moscow 

Russian compand have finally 
been given the right to own the 
land on which they stand, is 
spite of many concessions to con- 
servatives In a new decree 
allowing privatisation to con- 
tinue. 

Mr Dmitry VasOiev, deputj- pri- 
vatisation minister, said y^er- 
day ttds would enable companies 
to sen surpl(8 land, or use it to 
raise cash to restructure and 
modernise. “This will limit racke- 
teering by bureaucrats,” he said, 
claiming that local authorities 
often used their ownership rights 
over tend to exert “pressure” on 
managers. 

The decree, a substitute for leg- 
islation blocked by parliament, 
drops original provisions for 
much broader land privatisation, 
'lliis is to be covered by separate 
legistetion if ai^roved by tuu-Ua- 
ment 

It also gives local autborities 
the ri^t to set the price, above a 
government-established mlni- 
I mum threshold, at which shares 
I in privatised companies can be 
I sold to the public. 

It prolongs existing employee 
beaefits, enabling them to buy 
shares at a discount, and 
switches from the privatisation 
ministiy to President Boris Yelt- 
sin's office the final decision on 
the sale of the bigg^ com- 
panies. 

Such companies are defined as 
having assets over Rbs20Qbn or 
more than 50,000 workers. In 
practice, this means that local 
authorities will be able to negoti- 
ate tbeir fate directly with presi- 
dential offirials - behind closed 
doors. 

According to a senior official. 
103,000 out of 14QJXK) stateowned 
companies were sold in the first 
stage of privatisation for vouch- 
ers given free of charge to citi- 
zens. But he could not say how 
many more would be sold since a 
significant number in sen- 
sitive sectors such as nuclear 
energy are to remain in state 
hands. 

Under a second stage of “post- 
voucher" privatisation, set out by 
the decree, all companies will be 
sold for casta, vrith 51 per cent of 
the proceeds to be plou^ed tack I 
into the companies themselves. 
The rest will be shared between 
federal and local authorities. Any 
company less than 25 per cent 
own^ by the state also now has 
the automatic right to launch 
secondary share issues. 

Mr VasUiev expected demand 
for privatised companies to fell 
sharply among domestic inves- 
tors. However foreign investors, 
who had expressed increasing 
interest, would continue to 
receive equal treatment to 
domestic investors except in 
areas, such as defence and dL 
previonsly defined as requiring 
special penziission. 


IMF acts to woo Knchma. Page 2 


Clinton aides ‘breached no 
standards’ over Whitewater 


UN role could help Rwandan refugees 






Europe today 

Most of the corTtinent will be sunny with 
lemperatures above 30C. Poland and 
east Germany win be esperially hot vnth 
readings around 35C in many plaoee. 
Ram and thunder showers will be 
scattered areund the Balkans and 
eastern Austria Strong northerly breezes 
between Greece and Turkey win keep 
ttsnperatures below 30C. A cooler air 
mass will move into Englartd, wtdeti w3l 
be cloudy with the possibility of rain. 
Ireland and Scotland will have some sua 

Fhre-day forecast 

Ur rooason abiy hi^ temperatures wfll 

prevail, apart from the North Sea ard 
Atiantic coasts. CentraJ Europe, Spain 
and southern Fiance will rsgulariy see 
temperatur^ Of 35C. Thunder showers 
m'H form mainly in Ranee, tee Low 
Countries and Svriteerland. A south- 
westeriy eUr flow over the British isles wW 
provide a mixtore of sunny periods, cloud 
and scattered showers. 



TODAV9 TEMPBIIATURES 


S^uat/an f2 OUT. riarWWStUBSTOAiiuin/trcAqr./^measisOyAtotoeCOria/ffo/tfwMetfie^^ 


Madmum BeBng 
Cebius Belfast 


Aecia 

sun 

doudy 

AO 

27 

Bdgr^ 

Beiiin 


Gun 

32 

Bermuda 

Amsterdarn 

iaIr 

26 

Bogota 

Athens 

sun 

as 

Bornbay 

Allanu 

ttuind 

33 

Brussels 

B. Aim 

doudy 

11 

Budapaat 

Bjiam 

cloudy 

21 

c.hs^ 

Bangkoh 

cloudy 

33 

Cairo 

Bwedona 

curt 

29 

CepeTtum 


idr 

35 

Caracas 

Idr 

23 

doudy 

19 

Cadirr 


19 

frfr 

30 

Casidtoica 

lati 

26 

SUI 

34 

CHcago 

feir 

23 

tar 

32 

Cologne 

sun 

33 

tar 

17 

Ddar 

fat 

30 

rain 

29 

oala 

fair 

33 

Wr 

30 

Ddhl 

lain 

32 

lak 

33 

Dubai 

aun 

40 

sun 

28 

OiMn 

bk 

19 

sun 

as 

Dutoovnik 

sun 

30 

lain 

13 

Bdnbuigh 

lah 

21 


Paro 

aun 

30 

Madrid 

Rankhirt 

SUI 

34 

Majorca 

Oenwa 

Idr 

31 

Mata 

GIMtar 

SUI 

27 

Manchastar 

Glasgow 

doudy 

20 

Manila 

Hanfturg 

aui 

32 

Mdboums 

Helsinki 

aun 

26 

Mexico CKy 

Hong Kong 

rain 

27 

MlanI 

HonaMu 

fair 

31 

Mian 

MariM 

SUI 

28 

Monfreal 

Jakarta 

far 

31 

Moscow 

Jaiaay 

log 

18 

Munid) 

KsacH 

aun 

33 

Ndrobl 

Kuwait 

sun 

45 

f^es 

LAngelea 

Laswnaa 

aun 

sun 

31 

27 

Nassau 
New York 

Uma 

cloudy 

18 

Nice 

Uabcn 

sun 

28 

Mcoaia 

tendon 

drzd 

S 


UflcboUQ 

sun 

31 

PSffe 

IjTcn 

sun 

38 

Penn 

Madeira 

sun 

25 

nragua 


No other airline flies to more cities in 
Eastern Europe. 


Lufthansa 


sun 
sun 
sun 
douOy 
thund 
Idk 
doudy 
diund 
sun 
fair 
teir 
' sui 
fdr 
sun 
Mr 
• sttomr 
aim 
sun 
ieir 
sun 
s h oiw o r 
(air 


37 

ftingoon 

32 

ReyMavIk 

31 

FBo 

ao 

Home 

31 

S. Fraee 

14 

Saod 

21 

SiRgapote 

34 

Stockholm 

33 

Sbasbourg 

26 

SyWiey 

22 

Tangier 

30 

TdAvIv 

24 

Tokyo 

31 

Toronto 

33 

Vancouver 

30 

Venica 

29 

VlanriB 

35 

Warsaw 

26 

WaehinBitn 

31 

WdUngton 

19 

WnWpeg 

31 

&n<Gh 


ram 

shower 

liair 

Stfl 

sun 

doudy 

tair 

sun 

sun 

iair 

fair 

Blfl 

fair 

fair 

shower 

sun 

thund 

sun 

fair 

srwwer 

fair 

Isgr 


29 

12 

29 

31 

23 
34 

32 
31 

33 
-IS 
31 

31 

32 

24 

24 

31 

32 

34 
31 
11 
SO 

30 


THE LEX COLUMN 


Margins for error 


It is ironic that the strongest CBl 
quarterly trends survey since before 
the recession should also contain 
seeds of worry about the future. One 
is the temiliar concern about the 
appointmg level of investment spend- 
ing. The octar te the first signs of 
intotionar^* pressure: companies 
report that unit costs rose slightly 
over the past four months and are 
expected to continue on this track 
over the next four. The main problem 
seems to be inkier raw material costs. 
Steel prices, for example, have begun 
to rise, afoeit finm a low base, and 
companies must be acutely aware of 
other input price increases in train or 
in the pipeiine. 

The temptation will be to pass on 
these extra costs rather than ^jsorb 
thpm in their margins. To do so could 
prompt the Bank of En^and to start 
raising interest rates again the 
CBI is probably ri^t to suggest ttat it 
is too early for the Bank to take pre- 
emptive aetkm. It will need to see 
ter price increases stick first, and that 
is a matter of some doubt 

Besides there are grounta for suspi- 
cion that respondents to the survey 
are over-stati^ the upvrard pressure 
on unit costs. Companies tend to look 
only at costs at Otis sta^ in a recov- 
ery and underplay the operational 
gearing effect that comes with 
increased volumes. That is another 
reason for them to make sure margins 
really are squeezed before they push 
too hard on prices. Otherwise they 
risk unnecessarily irritating their cus- 
tomers as well as highw borrowing 
ctai^;es. 

Deutsche Bank 

At one level yesterday’s first-half 
results from Deutsche Bank are an 
extraordinary measure of the orpni- 
sation's inherent strength. Despite a 
DM473m hit from the Schneider afiEair, 
the bank managed a small increase in 
operating profits after provisions. The 
release of sovereign debt provisions 
and the extraordin^* gain from the 
sale of stakes in Daimler-Benz and the 
Karstadt store group certainly helped. 
Presumably, too. the bank has drawn 
on Its hidden reserves - in this regard 
German bank accounts remain 
opaque. But the fact thaL after Schnei- 
der, it was still able to report a tell in 
net bad debt provisions closely in line 
with the drop in its trading income is 
an indication of its abQity to overcome 
formidable operational setbacks. 

Less satisfactory is what the results 
say about the underlyii^ business 


FT-SE Index; 31 1 7,2 1 1 , 1 ) 


Deutsche Baidc 

Sliara price retaVQ to the OAX index 



developmeoL The loan book is stag- 
nating and the interest margin is com- 
ing under pressure, a trend that 
stauid continue with the Introduction 
of money market fUnds. Trading 
ittOMDe Is likely to remain d^iressed. 
Also doubtful is whether coaunission 
income will continue to grow at the 
same pace in the second half. 

In short, Deutsche looks like 
another case of a bank fedng growth 
constraints. Having already cut its bad 
debt provisions by 46 per cent, there is 
less room for an earnings boost fium 
improving bad debts as the economic 
recovery continues. The results may 
have been somewhat better than the 
market eiqpected hut there is no longer 
term reason for the shares to out-per- 
form. 

Gencor/Shell 

Gencor has been trying to buy Royal 
Dutch/Staell's minii^ interests for over 
a year, so it is a rdlM that a deal has 
fi^ly been struck. Untangling the 
web of preemptum rights surrounding 
assets held in joint vetaures has been 
the main stick^ point. Shell has also 
had to supply $300m of low-cost 
finance to get the deal away. It is a 
measure of the forces driving both 
sides that these problems have been 
overcome. Gmicor badly -wanted a cteal 
which would propel it into the top tier 
of intemational mini];^ companies. 
SheD has realised what BF acknowl- 
e<teod back in 19S9: that oil companies 
bring notbijog to mining. 

The question is whetoer yesterday’s 
deal will do for Gencor what the acqui- 
sition of BP Minerals did for RTZ. 
Much turns on commodity prices. 
While RTZ took a gamble m the cop- 


per price and won. Gencor is placing a 
■Similar bet Qti a himtoimn Sf&ce it is 
buying near the bottom of the com- 
mi^ties cycle, file odds appear to be 
heavily stacked in Ge&cor's favour. 
While there are risks of a prfee cmrec- 
tU»u the recovery trend is clw. 
rating its new otining assets with alu- 
minium smelting and stainless steel 
manufecture in South Africa should 
also bring benefits. 

it is not dear that Gencor*s Ug st^ 
on to the international scene wUl be 
enon^ to entice foreiro fii^ manag- 
ers. Complex cross-holdings, poor 
liquidity and the cumbersone mates- 
nisra of the financial rand are all rea- 
sons for intemational funds to steer 
clear. If these barriers come down, 
tbmigh. Gencor smy bam just 
itself towards the t<^ of the shopt^ 
list 

Forte/Savoy 

Savoy’s stock mcebange statement 
contained many mysteries; not least, 
why it made it at aU. tta flnwomrfyv . 
ment added little to market knowledge 
and was chiefly remarkable for what it 
left unsaid. Doubtless, Forte thinicg it 
worthwhile talkhig to the sbardmld- 
Ing trusts about cooperidton heriPm 
the two hotel groups. It may weU have 
much to offer in tmms of jdnt mmrtet- 
ing agreements, reservatum system 
and staff training. But the real unspo- 
ken point at issue is that of cmitroL 
The loug-nmnii^ war for Savoy is h^ 
ting up a gain 

Forte already speaks for 42 per cent 
of the voting shsu%s but Us standi 
agreement not to bw more shai^ 
complicates mattere. Forte Is elmuiy 
glowing restless and appears to have 
blocked the proposed appointment 
Sir Roger Gitte as ^voy dtairman. fo 
talking to tiie femily trusts. Forte is 
opening up another frmit and be 
hoping to win msdority control wi^ 
out resorting to a bid. Tim trusts may 
well be more amenable given the 
Savoy’s dismal tradiiig record and the 
halving of its dividend last year, 'die 
company’s weighty non-executive 
directors now have a critical role to 
play in encour^ing any constnmtive 
proposals from Forte while defending 
the interests of aU shareholders. 

Forte badly needs a success. The 
compaiv was embarrassingly wnmg- 
footed in its attempts to buy the Ciga 
hotels and It now appears as though 
the Meridien chain mi^t evade its 
grasp. Some forward momentum Is 
required if Forte’s shares are to sus- 
tain their lofty rating. 


0=' 


;L- 






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TyPEWETTERS 
WORD PROCESSORS 
PRINTERS 
COMPUTERS 
FAX 


Nabisco rises 35% 
despite US decline 


USAlr pHots make offer 

Pilots at USAir,fhe sixth-largest cazrier in &e tXS, 
have oSered to make pa;yroQ coocessiODS of $75Qni 
during fire years in exchange for an equity po^tiim 
in the airime. The proposal Is a reaponae to inSAir’a 
$lbn cost cotting call Page 16 


Foodland aanuft owar 

Coles Myer, oob of Australia's largest retails, and 
Rank ttw KeW 7.«>g1gwH.hgpi4 rt n m p gtiy 

owned by Mr Graeme Hart, yesterday withdrew 

ftiwri thfth* fairgfl iypif ggggiitf p m p «vwlLmd 

the Western Australian grocery bosiness. Page 16 


Pnefwpoo sales up 28 

Daewoo, South Eoiea's fbartfa-lmgest congkimerate. 
reported a 28 per cent increase in sales for the first 
of 19M, according to Effdminaiy resnlts. Ihe 
groupiseonfidmtftl^itcahachieveitssalestar- 
for the year. Page 16 

Dafspak Foods proftt a fafl 

Pfl jqpftir ttmlrpir nf fr rwwn ami fftiUlaH 

products, recorded a drop in pre-tax j»ofits from 
£2.2lm to £514,000 in the year to April ao. Turnover 
declined from £42.2m to £36.9nL Page 20 

UK Dfs ia s ia ai i e e Jslded 

Ihe UK life insoiaace indnstry u dnrkled info 
enfimalasts Buro^eepdcs over file immediate 
importance of the Enropean market One of the 
most pro m inent EamecepUc Is Prodential Oorpora- 
tum. the OK’s laigert hfoliisinsr. Page 20 ' 

UK wf ti sat wot op to scr a t ch 

UK wheat farmeis lidc lodng market diare to 
French and .Goman livrds if fiiey fafl to grow 
pnong h qndity bread grain to meet millen’ needs, 
acoarding to Ranks Hiovis Ifdlougall, the floor m^ 
ing and baking group. Page 22 

Companlas In KiIb famua 


AECI 

16 XI 

16 

Ada 

14 KabelNeC 

14 

AgedTadDe 

20 UnglHeni^ 

2D 

ArrataM 

14 Lucas IndusMea 

23 

American Express 

16 MSG Duel Tiuat 

20 

BCP 

14 Marfcie MMtand 

20 

SPA 

14 Marks and Spencer 

20 

BarK» Santvider 

14 Mays 

21 

BaarSIsems 

16 Munay Smallar 

20 

Binon 

13 NatWast Martaeto 

21 

Boeing 

13 NevomComme 

20 

a 

20 Wortham Tctacom 

16 

Cantab 

20 NovoNonSak 

14 

CaqMtright 

20 PID 

20 

Chemn 

16 psrr 

20 

Cttizena Rnanrial . 

20 Placer Padfle 

16 

Cotes Myer 

16 Piemiar OMekta 

8 

Contjnental Assets 

20 RJRNabisoo 

14 

Cranswick 

20 Rethbone Brothacs 

6 

Daevwo 

16 Rautere Hokfeiga 

23 

Daimler-Benz 

4 Hghta end Issues 

20 

DafeBectric 

20 R^Dutch^SheO 

16 13 

Dalopah Poods 

20 SRD 

21 

Oautache BanK 

13 Sakxncn Brotheis 

8 

Oevanha 

21 SamyGroup 

as 

Digital Gqutament 

13 Sdvodeie 

21 

EBRO 

14 Shandwiric 

20 

Eastman Kodak 

16 Shel 11*081X111 

23 

Emaraen Elactric 

21 Stagecoari) 

21 

Euppaan Assets Tat 

20 Stancraft Trust 

21 

BvertonPC 

20 TT 

20 

Rotax 

20 Temple Bar hw fat 

20 

Forte 

23 fannaeo 

16 

Geoed Income hw 

20 USAir 

16 

Gencor 

1ft 18 Unftad InL Hokllnge 

14 

ICI 

23 VME 

14 

bKhcape 

14 Wheesoe 

21 

JSeinsbiay 

23 WBamLow 

28 


fMiuS npoo nnia 
Bsctnofe fittvt bonk 
Bond fntum «id opUons 
Bead prlcn SMi jfIM 
OsmwnwpiliM 
DMdanihBnonncMl,UK 
EMScurranqiiaM 
Embond prim 
Red inSRS hdfcn 
FT-AWoiUMgm Ba 
FTBjIdiaiRMB SB 
FhEMAMbondwe 
FPSE ASurto Mete 


Fonign cnMooa w 

GaspricN ia 

UltoequilyoplioK BMliPasa 
Undon dare aania 
ijMdan uadi opHoffi Baefcngi 
Itan^ad lindi nnlDB 2S-38 
HOMir RariMB 30 

NM tad bond baas 18 

RacBBt baas, UK S 

ShoMHin tat latw 30 

UStatareSiSM 18 

Worid Stack IMota * * 81 


Chief price changes yesterday 


Staas 




zna * 

45 

OlOea 

SOiS + 

1XS 

IWlaa 

720 * 

20 


2D1J + 

39 

tagagw 

602 * 

U 

zeiimFeani m - 

MowTomcm 

■bh 

7 . 

fedciOider 

20 ■* 

IM 

amvaM 

17M + 

IM 


flumaoi SOD « 44 

Upwd 66SD ■» 270 

RMtada 4S4 + 22 

yiggonc 304 + Z1 

Mto 

ABF ISIS - 17. 

TOKYO (Von) 

MM* 

smCM 1150 < 1 . so 


te^Uta 812 + n 
mwan 2H 10 

W4 ♦ 2 
gfOboTVA » t 0 
!*.fe_ . tK • * a 

*WailW) • 122 « 11 
•Matriyodd »7 * 14 
Macua .20 4. 0 

fe*** 290 + 15 

5* S + ** 

oo . IS 


Waiose .44« * 
MMtarMitag 63 + 

nurtnim Inriir 2 « - 

GUOlGDaO' 77 - 
«MS 2$0 - 

lOTfmO 266 - 

9umm 28 - 
miaaGktar 173 - 

WWKBI 108 - 


FINANCIAL TIMES 


COMPANIES & MARKETS 


Overseas Moving 
eyMichaelGerson 

081-4461300 


©THE FINANCIAL TIMES UMlTED 1994 


Wednesday July 27 1994 


RJR Nabisco, the DS tobacco and foods group, 
shrugged off an 11 per cart dMline in domestie ciga- 
rette sales to post a 35 per cent Increase in second- 
(piarter profits to $l92m. 

Rmlnding ettraonfinaiy items, RJB's first-half 
profits rose to $386ni. up from a compaiahte fasgni a 
year earlier. The company said imyo^ 
tobacco margins, rising witarnaHnwal 

sa!^ aiid a strong performance fitim its worldwide 
food businesses were behind the advance draing the 
quarter. Page 14 

Wsys s di fsncsa 23% 

the acqoi^ve nnmputing services group, 
F^nrted a 23 per cent increase in aimnal ifo]^ 
hdped by xvgulatoiy changes in the fosurance 

inAialTyfaTOmliigm<JBBgedeQmpHte rigfl«nn 

Page 21 

Ban ew S w i lwml ta r a e ciirea pol* pouHlon 

Santander, the Spanish h*»iWwg gcoop mhirh 
last Ajail paid jiik over $2bn to acquire Banco 
Eq»fioldeCr4dito(BanestoXpostedsbmigflrst- 
haff results yesterday to secure ztaelf as Spam’s 
leading bank. Pege 14 




U Operating profit up 1% at DM2.66bn M Improvement in bad debt provisions QeilCOr 

Deutsche Bank inches 

mineral 

ahead at hall year operatii 



By CfvfatopfMT Parfces 
In Rankhat 

Deutsche i^wnir Timnapki a 1 per 
cent rise in firsthalf operating 
profit to DM2.66bn (^.69bn>. 
deapfte a Shaip fell in aaiTwng a 
from own account trading. 

The restttte were bolstered by a 
46 per cetti reduction in new pro- 
visions for bad and doubtfol 
debts to DM88Sm from the 
DML64bn set aside in the «TnA 
period of 1998. 

Mr TBImar Eopper, 

aaiii at a pr e s s <wiferat| gg yaster- 
day that foil-year operating earn- 
ings would be above average. 

year’s DU&27bn bad b4^ n 
an exceptional reentt. 

Altbou^i he made no divideDd 
predictions, he poinfeH oat 
tba hawif ima already Hio 

DMTSOm needed to cover an 

mvihawgpH payouL 

Oentedie. the first of the main 
German banks to report half-year 
figures, manfe jnst timmohi m ita 
own flwynTnt fradzng, down from 
DM998m. According to Mr dip- 


per, profits fitmi own acconnt 
trading in eqaities and securities 
expectations but the 

bftfwia h ugfepaa fen ebm -t 

Provisions for bad debts were 
reduced rOw** DMSQQm of 
c oimtry risk provisions had been 
wiittan back because of debt 
lesebeduJings. 

Mr Eopper said the ecapamie 
recovery tn Germany and 
Improved prospects for Deut- 
sc&'s erne customers in Tw«timn 
and OTnaii-*eaie businesses had 
gi«n proviMons. 

nie improved ontlook for 
Aane^ iteks waa refledad in a 
provisions feu at German 
pazent, Deitecfae Bank AG, from. 
DBdL6fan last to DM512nL 

Ihe amount set aside to cover 
potential losses from the collapee 
of Ifr Ahgen Sdinadar’s prop- 
erty boainass has been set at 
DM473m - lea than the DkBOten 
amwrtfWAoa asrtler. 

The gronp’s net commiaion 
income rose almost 6 per cent to 
DMSbn, with positive contriba- 
tions film most aarvice 


divisiODa. 

Equity were the main fBiz> 
tor bdiind rising lecefote in the 
securities ■ operation, while 
rnmmik from sales ot investment 
Mtd syndicated busi- 
ness “roughly matched the good 
result of last year”. 

Net interest aaiminga of 
DM5.8bn were virtually 

vm/4i«ng pH tiaqrito ft COntXaCtiOn 

of o 111 pmuantage pointe in 
overall interest margin to 2.09 
per cent 

Althou^ net earmngs per 
share fell frean DM46 to DM40, Mr 
Eopper said fids woold dunge at 
tbs yearend. Opmting profits 
per share had risen DMI to 
DMUSl 

German banks compare 
inte r i m results with fbe rtiennt 
fraction of the previous year's 
final outcome; in fids six- 
twelfths of the 1993 figmes. 

Testerday's report also pro- 
vided farther evidence ofratioa- 
slisaiaon, wzfik about 2,000 domes- 
tic Jobs cot. 

Lex, Page 12 




Full-year operating earnings would be 
above average, Hilmar Kopper said, 
but he made no dividend predictions 


Boeing profits halved 
on deUvery downturn 


Digital loses $1.75bn 
in fourth quarter 


By Rmdc McGiHy In New York 

Boeing, the Seattle-based aerospace 
group, suffered a near SO per cent fen in 
second-qnarter net aaTwinpt, primarily 
because of a shaip d ow n tu rn In alitaraft 
d^vnies. 

fri Mr Frank seh mufe^ Boeing’s 

rfHii r num and tdifef cxEc nti ve, gffh niga 
earUar foracaate of 260 diAveries for fim 
full year, wifb production Showing a 30 
per cent daritiiA fai fiw secend half, from 
the first Bevonnea for the year are esti- 
mated at fsiti , about tiiw —inw levid aa 
the prevloas year. 

fii the three "tmtUiK to the end of June, 
the world's largest aircraft manufacturer 
turned in a net profit of 8222m, or 6S 
cento a share, cm laveutus of ^.4m. The 
results compare with earntngs of 8426m, 
or sum, and mIm at S8bn in the seecnd 
qouter of last year. 

Alfimigh the dedme was seveR, Boe- 
ing's perfoimance was better fimn WaD 
Street had eqiected. Net earnings were 
wdl ahead of a consensns forecast, Tritidi 
had piqiected 86 emte a share. 

Anal^ said Boeing limited the dam- 
age to the bottmn Une by lowering its 
effective federal tax rate to 18 per cent, 
from 31.7 par cent hi 1993. Its burden was 
eased by a tax cre£t for res e arc h and 
developiiiait costs and taz-axempt income 
benefits associated with export sales. 


Boring's atodc slipped to 84S% in 
early tndbig on Wan Street Tt wu a 
noa-opcntkma] gain, and the ntnket noh 
ally doesn't give yon much eredit for 
fimt," Hr Jack Modxelewskl, an ana- 
lyst at PahwWebber, the New Tnk: secori- 
tias hoas& 

Mr Wrifigang Qemisefa, of BT Securities 
in New Tork. exp e cted that riarnt lo cents 
would be adided to fall-year fotccaste in 
view st the reduced tax rate. Cntranfiy 
Wan Sheet predictiens far 1994 earafogs 
are Bxoand $2 a share, down fira 18.66 
last year. 

From an operating standpoint, the 
resnlte were tn Une wttfa wr*jvaHrwiK_ a 
two-year slump in commercial aircraft 
prodnetion showed no sign of abating, 
Trith 67 deUvwtes l eyrted hi the second 
quarte r, compared with 1D9 a year ago. 
Lower corporate la ve stui eat in comp and 
trighw- in tw w t charges alitn had g nega- 
tive 1»wra«V (HI profits. 

Research and development costs are 
e !x pe ct e d to 1993 expenditure of 

ILTbn. Ibis partly reflects extensive test- 
ing and syshans integration of the new 
777 commerctel airliner, which is sched- 
uled to bemn passenger service nesst May. 

Far the first half, the compauy posted 
net proflte of ISlfoi, or 11.51 a share, 
agri^ |7Slm, or gL21 a share, in the 
1993 period. Sales deettned to 811>71m 
fiomtlAAm- 


By I mine Wehna in flan r i mi r l af n 

Digital Equipment yesterday reported 
fourtlHinarter losses of 8L75bn and a 
heavy loss for the fourth ermseentive year. 

The ns computer maker incurred 
restnicturing riinges of $LSm, wxiteoffe 

of intaflaglW* aaaatit awim'mthig - tO 8?8fe" 
and a fSlTn phat^ far aw-mmHwg phtmg txi 

Losses from operations were glGQm, or 
gL22 pa: mnniMin share, thaw W»TI 

s tr ee t psidectiona of abotd fUXkn. 

Fnr the ftxD. year T^gWai 2 net 

iftw of |22bn, or (15A0 a share, mmpnn>d 
with a loes of 8251m, or p-gft , the year 
before. Revenues fen by 6 per cent to 
$l3.45bn. Ibe net loss on operations was 
8519m, or 83.86. 

Fourth-quarter revenues were flat at 
flQghn a gamst |aQ1hn, and the loSS per 
share reached 812.64. In the fourth quarter 
(ff 199293, Digital mada a na* p mflt of 
8113.2m, or 85 cents a share. 

Despite the heavy losses. Distal's 
Bhans rallied to trade at 819% in midsas- 
si(m, up from 819K. Analy^ were encour- 
aged I 7 higher than expected revenues 
and an increase in esders booked during 
thn quarter. 

“Thfi ftmdamentals of our business are 
showing some positive and encouraging 
signa,” said Mr Robert Fahner, presidBit 
and chiaf executive. ”We experienced 
order rate growth year^wm^year for the 


second quarter in a row - the first time in 
almost five yaais.” 

However, Digital's product gross margin 
in the fourth (joartar teH sharply to 25 po: 
cent of sales, from 38.7 par cent This 
reflected a shift towaids lower margin pe^ 
sonal ctafouters. PC sales almost doubled 
in the quarter to represent 39 per cent of 
coanputer revenues. 

Profit margins ware also eroded by iHice 
ledjutians, a eUft towards indirect sales 
vte- indqMwdgnt nsdlers «n>d plamt 
sure costs. 

fiiiiPH of Distal's “Alpha systems”, based 

im Hip m mp iiTiy 'K new Wgb pprfm mwnpp 

miGSoprocessQr tedinology, were up 54 per 
npnt from the third quarter and ig 4 per 
cent yearon-yBar. Alpha systems now rep- 
resent 31 per cent of computer revenues. 

Two wedts ago. Digital announced it 
would restructme management, cart 20jno 
Jobs over the "wt J2 mnnthQ and elhni- 
nate about 10m sq ft of work space. 
Annnal costs are eopected to be reduced 
by gLBStm. Daring the fourth quarter Digi- 
tal riiminated 9,200 Jobs. 

It also plans to divest "noii-strategic 
assets”. Last week it agreed to sell a por- 
tion of Its data storage business to Quan- 
tum for 8400m. 

Mr VhiceDt HuDadny, (diief finanriai 
officer, said: "We ended the year with 
8L18bn in cash and genorated cash frmn 
operations in file (piarter.” 


buys Shell 

minerals 

operations 

By Mark Suzman 
in Johanneabuyg 

Gencor, the South African 
mining house, is to pay 8l<l4bn 
for most of the metals and min- 
erals operations of the Royal 
Onteh/Sbell group, whiifo trade 
undw the Billiton banner. The 
purchase will satisfy Gencor's 
ambition of beconiiiig one of the 
world's biggest moat diversi- 
fied resources groups. 

Tbe deal includes assets in 15 
countries, Inclnding bauxite, aln- 
mininm, nickel, and lead 
intovste as well as a portfolio of 
oploratl(Hi rights and a idohal 
metals marketing and trading 
network. It also incloda BUUton 
International, which takes in 
Gencorte Sao Bento gold ™in* in 
Brazil and its SO per cent share 
of Richards Bay Minerals, the 
South African mineral sands pro- 
ducer. 

Billiton draws most of its reve- 
nue from bauxite and •iniwin*, 
raw materials for aluminium. 
ComUned wiUi Genew's Sonfii 
African aluminium interests at 
the Alusaf refinery, undergoing 
a 82bn expauion, it will turn 
Gencor into the world's fifth Ug- 
gest alnminiam producer. Us 
portfolio will also inelu^ coal, 

I gold, platinum, and manganese, 
j Hr Brian Gilbertson, Gencor's 
chairman, rejected concerns that 
Gaicor was now overexposed to 
alnminiam, saying that after 
reemit improvemente tn fiie aln- 
mfninm price the combined 
group was poised to benefit from 
the economic uptuxiL 

The price agreed for the assets 
was 8l.22bn, but an expected 
a^Jnstment downwards of 89fen 
to reflect changes in net caidtal 
employed since December 1992 
and a 815m g«gh injection to 
liton's Snriname operations by 
Gencor brings tbe value of the 
deal to $1.14bn. 

Because of exchange control 
restrictions, Gencor has been 
unable to finance the deal ftmn 
South Africa. Instead it will con- 
tribute 8335m in cash, raised 
from the dfqiosal of its interests 
in TransAtlantic Boldings apii 
some North Sea oO assets, and is 
borrowing 8430m of sevea-year 
debt Shril will retain a stake in 
the bnriness by snhsoihing for 
8300m of exchangeable bonds. 
BOBton win take out an addi- 
tional facility of 8170m to meet 
working capital needs. 

Shell said the deal would 
resott in an aftertax charge of 
8170m but this would at least be 
oCbet I 9 file divesfi t nre of its 
remaining metals assets. 

Lex. Page 12; Bold steps. Page 16 


Barry Ruey 


Why the birthday bond 
is a party-pooper 


TUr anitowteemenX appear* as a matur of record only. 


As the Bank of 
England cele- 
brates its first 300 
years (yes, today 
is at last file Old 
Lady's real birth- 
day), it is rehsh- 
Ing the TinmuMl 
prestige of central 
bawMTig and Ite twTitelising talk 
(tf “indepen^ce”. 

Bat in Threadneedle Street 
there is one tiresome par^- 
pooptog probloxL - the level 
of Interest rates winch tbe 
RanV r^aids as some kind cf 
market anomaly related to the 
toalnlity of the obstinate markets 
to accept that fenatinn has per- 
manentiy fallen to a very low 
levri. 

Also today the Bank happens 
to be heddW 009 its eiU«dged 
auctions, the first for a long 
wlule to offer a reasonably long- 
dated bemd (with a 18-year matn- 
lily, in facQ. If inflation is to stay 
around 2 per cent the real ipter^ 
est rate on this birthday bond 
will be more tban 6 per ant, a 
rate at which the Bank is very 
reluctant to fund for lengthy 
terms. 

To Its hesttatioai the 

Bank has chosen an issue with a 
SA per coupon, ewai thou^ 
means the sale wiU be at a 
Ing cBscount (of about 17% par 
cent) so the yield to redemption 
will be at the market rate of 
about 8% per cent 

The B ank is kidding nobody 
here - and even when the long 
^t yield ddi fan fleriingly below 
6% per cent at the end of lart 
year it failed to exploit the tach- 
cal opportoniiy to launch a long 
bond iesne. , ^ ^ . , 

However, tbe Bank of Bnglanu 
can count itself lucky tobefac- 

ing OR^ a 6 per cent real yi^ m 


Canada file 10-yeu bend yi^ is 
92 per celt and in Austndia 9£ 
per c^ whfle inflation in those 
two nations is zero and 1.4 per 
cent, respectively. 

f^r governments that have 
beoame used to defraudzng invee- 
ton through Inflation fiisse hi^ 
real rates appear fongidable. The 
average annnal real return on. 
UK gflte between 1946 and 1993 
was mtats (U per cent, very sat- 
irisetory for the puhhc purse. 

Kiwever, In the procen mnrii 
of the natural domestic investor 
base for ^nrernmnt bonds was 
out, and it will only be 
rebuilt dowly and painfully. 

In any case, peridfls of very 
hi^ real returns on goveimneot 


Periods of very 
high real returns 
on goyernmoit 
bonds are regular 
phenomoia 


bonds are i^ular historical phe- 
iwwiana. During tlm 1920s and 
1930s, for fegtangp, xeu2 gilt-edged 
returns avoraged 7 or 8 per cent 
This came about, bowever, 
because retail prices wenfaIJinff, 
and yields were not as 

high as now. 

jf inflflHnn is to remain posi- 
tive, as seems likely in most 
countries othea: than Japan, hi^ 
real rates in the 19908 can only be 
achieved throu^ oonrinal inter- 
est rates of a level that central 
banks win find alarnfrg. 

Such historical periods of hi^ 
rates have reflected necessary 
financial adjustments after 


unsnstataiaUe credit expanslone. 
Although fh1« Hme g nOT t rnnumta 
in file DS. Japan, Sweden and 
elsewhere have prevented col- 
lapses of their hanMng systems 
th^ have ofiec done so by 
boiTowing vasQy co fiieir own 
accounts. In Sweden the price 
has now corresponding gone np 
toUpercenL 

As for Inflation, it may be qui- 
esceait but a study In file Bank of 
Bn^and's last Quarter^ Bulletin 
bIm h u hiI nearly aU infla- 
tion In the Bank’s 300-year 1ns- 
tory has happened since 1945 
(and the rest was mostly caused 
by the Napdecoiic wars or tbe 
First World War). Sneh peace- 
time inflation has been a tri- 
umph, you might say, for the 
Bratton Woods agraemioit, whidi 
this month celebrates a mere 
50th birthday. 

According to the HEW 
OiU Study a 6 to 8 par cent real 
return is the kind of return 
expected from eepoties. The danr 
^ for tbe cemtx^ bankets fund- 
ing profligate govemmente is 
that they now dqpend on qjiecula- 
ttve bemd investors who trade 
actively iqi and down tbe yield 
carve and from country to cxwm- 
try and look for capital gains 
rather than yield. Instead of 
sleepy tru s te es and doddery gran- 
nies they must nowadays look 
he^ fond managers In the 
whitre cf file eyes. 

There is hope. British pensloia 
funds are reported to have raised 
their DE fivftd interest 
from as to 4.2 per cant In the 
second quarter. 

The news is that UK retail 
I»ices have rismi 57-fold since tbe 
TbmTt of En^and was establisbed 
In 1694. The good, if doubtfully 
relevant, news is that is only L4 
per cent a year. 



Finance Limited 

CBamteedby 

British Sky Broadcastmg Group Limited 


£500,000,000 

Revolvmg Credit Facility 


Arranger* 

Hie Toronto-Doininion Wawig Citibank Ihtexiiational pic 


Underwriter* 

The Bank of Nova Scotia 

Tmp«iF,»l Ranir of CommarCS 
I’SfeiKniiV TntawipHfUftnl p]c 

The Tbruxto-DominioB Bonk 


Barclays Bank PLC 
CbemicalBank 
Lloyds Bank Pic 


Bank of America NT&SA 
The Fiqi Bank, limited 
Sodfte (Mndrale 


ABN AMRO Bank N.V. 
Bank of Scotland 
NationsBank 


LeadManagere 

The Dai-Idu Kangyo Bank, Umited 
The Royal Bank of Scotland pie 
The Sumitomo Bank, limited 
Union Bank of Switzerland 


M a n ag e r s 


Bank of Boston 
Banque Paribas 
N M Rothsebild ft Sons 


Agent 

TTie Tbreoto-Domini on Bazik 


July. 1984 










14 


FINANCIAL. TIMES WEDNESDAY JULY 27 1994 


★ 

INTERNATIONAL COMPANIES AND FINANCE 


Strong first half at Banco Santander 


Restructure lifts Amdahl 
out of red for quarter 


^Tom Bums In Madrid 

^eo Santander, the Spanish 
banki^ ^up which last April 
paid jnst over $2bn to acqnire 
Banco Espaflol de Credito 
^anesto). posted strong first- 
"alf results yesterday to 
secure it as Spin's leading 
banL 

Santander raised its consoli- 
dated set profits by 8.2 per 
c^t to PtaSlbn ($3S9m) in 
spUe of vrtiat Mr Botin, 
the chainnan, termed "a diffi- 
cult economic environment 
characterised by HmUad credit 
demand, a lu^ level oC compe- 
tition and the negative 
impact of the sharp drop in the 


By Peter Wise in Lisbon 

Banco Comercial Fortuguds 
yesterday announced a 
Ssl32bn 9781m) public offer 
for a controDiogstake of 40 per 
cent of Banco Portuguds do 
Atldntico. The purchase would 
push BCP to first position, 
from fbinth, in tte ranking of 
POrhi^’s commercial banks. 

BOP's offer, the biggest take- 
over bid in Poztugai, is the 
first of triiat is expected to be a 
number of hn pn^nt- acquisi- 
tion and merger attempts as 
the five bluest banks, several 
of them recently privatised, 
jostle for market share. 

BOP's bid, at EsSJXXl a share. 


By Andrew Bolger bt London 

Inchcape, the international 
motors, mariteting and services 
groiQ). is to invest more than 
£25m (838.75m) in Ooca-Oola 
bottling franchises in the Rus- 
sian F^eration. 

Although Coca-Cola claims 
to be the dominant western 
producer of soft drinks in the 
former Soviet Union and in 
eastern Europe as a whole. H 
lags rival Pef^Co in Russia. 

However, Coca-Cola has 
invested $^m in a bottling 
plant in Moscow, already in 
operation, and will soon see 
production start from its plant 
In St Petersbu^, on wh^ a 
further $35m has been spent 


stock and bond mariGets*. 

The first-half results, which 
are likely to form the high- 
water mark for the Spanish 
banks at the half-year stage, 
compared with a 14 per cent 
consolidated net profit fen by 
Banco Bilbao Vfecaya, BBV, 
vrtiich rivals Santander in siae, 
and a net increase of 

just L2 per cent by the smaller 
Banco Popular group which 
has the reputation of being the 
most profitable domestic bank- 
ing group. 

In common with the rest of 
the sector, Santander 

was hit by decreased revenue 
from Treasury and capitsd mar- 
kets activities where' profits 


values BPA. Portugal's largest 
commmcial bank, at EsSQObn. 
The offer is almost 50 per omit 
higher than BPA's market 
price and about 16 times fore- 
cast 1995 earnings. 

BPA shares closed at Es24)l0 
yesterday, down from Es2,022 
on Mon^. Dealers said the 
offer was annonnced too late to 
make a large impact on ibices. 
BCP shares clos^ at Es2,231. 
down from Es2,235 the previ- 
ous day. 

Usbon stock market analysts 
considered the oBhr high. B^ 
officials acknowled^d the 
bank was prepared to pay a 
premium for winning control 
of BPA and to improve the 


Together wffii the investment 
planned by Inchcape, (foca- 
Cola said it was confident it 
would soon achieve a domi- 
nant market position. 

Both Coca-Cola and Inchcape 
said Russia represented a sub- 
stantial growth opportunity. 
AlOwngfa Coca-Cola has dou- 
bled its sales in the past two 
years, western brands account 
for only about 25 per cent of 
the soft drinks sold. 

The Inchcape franchises are 
in. ^ of the 12 lar^t cities in 
the Federation, coverii^ an 
area souUi and east of Moscow 
with a population a(q>roachmg 
50m. Iliey Include Russia's 
third largest city of Mziutiy 
Novgorod (fonneriy GorkyX 


fell 80.2 per cent to Pta7.2bn. 

was offset by a 74.7 per 
cent reduction in net provi- 
sions to E^.5bn. 

Santander took the lower 
provisioning in its stride 
b^use it believes growtii 
of fts non-performing loans has 
been curbed and its coverage 
of doubtful and bad (febts, 
thanks to the traditional con- 
servatism of its loan policy, 
remains at a high 100.5 per 
cent and at 137 per cent if real 
estate collaterals held 
CfftfliM Inang are t^lron in to 
account. 

'The group showed the 
strength of its core banking 
business with an 8 per cent 


group’s market position. 

Bar Joi^ Jardim Gmicalves, 
BCP ffb ^ii-man, sai^ the Offer 
was made to expand BOP's 
market share and increase its 
potential for cross-selling 
financial products, because 
growth ba^ on the bank's 
existing resources was proving 
foo slow. 

He said control of BPA 
would increase BCP's maiket 
share to 22 per cent, from 
about 10 per cent, after the dis- 
posal of some companies 
within the BPA group that 
would be superfluous to the 
new group. He said BPA's 
brand name and marketing 
strategy would not be altered. 


By Ian ftodger 
in ikirieh 

Adia, the Swiss temporary 
employment agency group con- 
trolled by Mr Klaus Jacobs, 
returned to profit in the first 
Imlf following two years of 
losses. 

It raised the forecast net 
income for the fUU year to 
SFi2om (814.3m). 

Mr John Bowmer, chief exec- 
utive, said net income in the 
first half reached SFiKSm com- 
pared with a loss of SPr31-6m 
in the same period last year. 
Total revenues rose LO per cent 
to SFrlBStm, reflecting a simi- 
lar rise in hours sold. 

Improving demand for tern- 


rise to Ptal25.5bn in net inter- 
est income and a 31 per cent 
increase in income from fees 
and commission that raised the 
operating margin by 13 per 
cent to Ptal76bn. 

The groin’s operating profit 
(the operating nrar^Ti less pro- 
cessing costs) grew 13.4 per 
cent to Ptaftlj^n. 

Mr Botin said a one-for-ttaree 
PtaSSbn ri^ts issue to help 
finance the Banesto acquisition 
had been successfully con- 
cluded. 

He forecast an improvement, 
in the donustic butiness envi- 
ronment that would further 
strengthen Santander’s bal- 
ance ^eet 


BCP, based on results for 
1933, is Portu^'s fourth larg- 
est commercial bank by net 
assets but it ranks first in 
tenns of own capital. An ear- 
lier attempt to expand was 
frustrated last year when the 
government turned down 
BCP's offer to purchase state- 
owned Banco Pinto & Sotto 
Mayor, Fortum’s sixth racked 
commercial bank. 

BCP’s offer has to be 
approved by the stock 
exchange commission, the 

finanflft minis try anri the cen- 
tral hawlt- 

If approved, the operaticm is 
not expected to be completed 
before November. 


porary help in continental 
Europe was a sign of the be^ 
nlng an economic recovery. 
Revenues and profits coatin- 
ued to grow in the US, Austra- 
lia and the UK. he said. 

Hr Bowmer forecast in April 
that 1994 net income would 
reach SPrSm after losses of 
SFrl27m in 1993 and SFi219m 
in 1992. 

Meanwhile. Adia said it had 
suspended negotiations on 
acquiring the 19 per cent of 
Services, its quoted US 
subsidiary, which It does not 
already own. 

It had been unable to reach 
agreement with a special com- 
mittee of the US subsldiaiy's 
board on terms. 


Nabisco 
rises 35% 
despite fall 
in US sales 

By Patriefc Harverson 
fat New York 

BJR Nabisco, the US tobacco 
I and foods group, sfazugged off 
I an 11 per cent decline in 
domestic cigarette sales to 
post a 35 per cent increase in 
second-quarter profits to 
8192m, before extraordinary 
Items. 

I After accounting for a 8148m 
oneKtff diarge related to the 
repurchase and retuement of 
debt, RJB's net income in the 
quarter totalled 846m. In the 
same quarter a year ago, after 
a $65m charge for drttt repur- 
chase and retirement, the 
group earned net income of 
$77m. 

Excluding extraordinary 
items, RJR's first4iaif profits 
rose to 8386m, up from a oom- 
parable 8352m a year eaitier. 

The company said improved 
domestic tobam margins, ris- 
ing international cigarette 
sales, and a strong perfor- 
mance from Its worldwide food 
businesses were behind the 
advance during the quarter. 

It was the first reporting 
period not affected by last 
year’s so-called Mailboro Fri- 
day, when Philip Morris 
prompted a price war among 
cigarette makers by cntting 
the price of its premium 
brands. 

Oper a ting income during tiie 
three months was $67Sm on 
sales of 83.7Shn, up from 
$S82m a year earlier on sales 
of 83.72bn. Amid continued 
aggressive expamtion overseas, 
most notably in fonner Soviet 
bloc countries, RJE's intana- 
tional tidiaceo basiuess again 
performed strons^y. However, 
foreign exchange losses - said 
by analysts to total $28m - 
took their tolL 

The group’s Nabisco foods 
bnsiiiess reported a 20 per cent 
increase in opmting earnings, 
with domestic biscuit sales 
again posting impressive 
growth. 

RJR's results were in line 
with analysts’ forecasts, but 
their frulure to matrti tiie bet- 
ter-tiian-expected setxHid-qaar- : 
ter earnings of rivals Philip 
Morris and American Brands 
dis^pointed some investors, 
who bid the group's stock 
down 8K to $6 in New Yoifc. 


By Loidao Kahoo 
in San Francisco 

Amdahl, the fflainfeame 
cmnputer company, ye^rday 
Kported strong secm^uarter 
results following a reconstruc- 
tion of the group last 
year. 

Net income for the secoud 
quarter was 8115m. or IL cents 
a share, compared with a net 
toss of ^Tm. or 2l cents, in 
the same p^od last year. Rev- 
enues defined IS per cent to 
$397m from 8463m. 

For the half year, Amdahl 
earned 819-8m, or 17 cents 
a share, on revenues of 
8775.7m. 

This contrasts with a net 
loss of 8263.4m. or ^.32. and 


By Vbieent Boland bi Prague 

The European Bank for 
Reconstruction and Develop- 
ment is to pay $4m for a s^e 
in Eabel Net, a new 6sech 
cable television venture, and 
will provide 820m in loan guar- 
antees to help finance the proj- 
ect, the bank said yesterday. 

Kabel Net is due to launch 
on September 22 with an. initial 

10.000 subscribers in ttie capi- 
tal, Prague. It expects to rea& 

100.000 homes the end of 
next year. 

The main shareholder in 


By Andrew Baxter fai London 

VMS Group, one of Europe’s 
largest producers of construc- 
tion equipment, continued its 
recovery In the first half of the 
year fifting net pnfits to 
858.4m from 88m a year earlier. 

The 1993 figure included a 
812 g^in from an account- 
ing r hang p. Net income in the 
second quarter of 1994 yiaapsA 
from 83.7m a year ago' to 

$31,610. 

Brussels-based VME. which 
is Jointly-owned by Clark 
Equipment the US and Swe- 
den's Volvo, said first-half 


revenues of $843.3m ia the first 
half of 1993, when the company 
took restructuring diaigee of 
$177 Am after tax. 

"The restructuring efforts 
tost year have brou^t our 
espeoaes into Une with current 
market conditions, enabling us 
to generate profits on lower 
volumes of busmess." said Mr 
Joseph Zemke, president and 
chief executive. 

In the latest quarter, (grat- 
ing expenses dedined about 24 
per cent from the same period 
last year, and gross margins 
rose to 35 per caxt from 30 per 
cent a year ago. 

“DeSOand for our ninlnfrnm^ 
computers and storage prod- 
ucts remained good, and our 
lower inventories, reductions 


Kabel Net is United foterna- 
tional Holdings, a US cable 
televisioa company, which has 
invested 89-lm (br a 66.7 per 
pg pt stake. The RRun is taWng 
a 14A per cent stake and the 
New Europe East Investment 
Fund, a London investor, will 
hold Qie balance. 

Total investment in the proj- 
ect is 862m. with loan finance 
ETOvid^ by a group ol interna- 
tional banks, including Oedi- 
tanstalt, ING Bank ai^ Nat- 
ionale Investering. 

Kabel Net wHl provide up to 
16 channels using MMDS tkdi- 


sales rose from 8609.6m to 
$733,610, with the second-quar- 
ter MQtribution rfeing from 
8327.1m to 8406m. 

It said demand continued to 
be strong in North America 
and tile UK, and had started to 
improve in the Nordic coun- 
tries, France. Spain and Aus- 
tralia. Its tolnl wcsrldwide order 
intake in the first six months 
was up more so per cent 
on the first half of 1993. 

VME makes earttamoiting, 
construction and mining - equip- 
ment under the brandnames 
Volvo BM, Bfich^an, Euclid, 
Akerman and Zettelmeyer. 


in plank capacity, and 
improved cost structure have 
allowed us to be more selective 
and majgin-conscious when 
evaluating sales opportuni- 
ties," Ur &mke said. 

"Our objective continues to 
be the streugthmdng ol totab- 
Ushed businesses and the 
expansion of newer open 
systems, software and ccmsult- 
ing endeavours,” he said. 

In May, Amd^l introduced a 
new Uek oS massively parallel 
daiqb"” servers developed 
its alliance partners Oracle. 
nCube and Information 
Builders. 

During the quarter, the com- 
pany began sbip^ng data stor- 
age products purclmsed from 
Data General. 


oology. &(r bEario Diecknuum, 
managing dii^or. said. They 
will have ordinal Czech-bn- 
guage programming as well as 
rebroadcasts of internatioiml 
programmes in English. Ger- 
man and French. 

Four other companies are 
either offering or attempting to 
o^ cable services to Prague's 

450,000 homes. Competition b 
expect to increase when the 
CzMh government chooses a 
strategic international investor 
for SPT Telecom, the state tele- 
phone monopoly, later this 
year. 


Novo Nordisk 
in Japan move 

By Hilary Barnes 
bi Copenhagen 

Novo Nordisk. the Danish 
pharmaceuticab and industrial 
enxymes group, pbns to invest 
847m in Uie construction of a 
plant for packaging, quality 
control and warehousii^ of 
pharmaceutical products at 
Koriyama, 230km north-east of 
Tokjfo, 

Japan is the brgest sin^ 
market for Novo Nordisk's 
pharmaceutical products 
which include insulin and 
Insulin IxUvction systems for 
diabetics care, growth hor- 
nume and other products, the 
group said. 


BCP launches largest Portuguese bid 


Inchcape in Russian 
deal with Coca-Cola 


Adia returns to black 
and raises forecast 


EBRD joins Czech TV venture 


Recovery continues 
with surge at VME 






iillOlT* fiOr.D .WIX'IVG ro>II»A.Vll s 

<11 i-i.'iior<<.: <|iiartcr k-iitlcil <10 .liiiic IW4 


Randflonieia 'testates 

Thi RanJfaniMi M bi m GbM Mlnino OGwipwy Wliwaiw w nJ iWil 
DunAar OtOOesiM 


i^-4. /Ul figures are unaudted. Ouailerly reports have been 
mailed to the shareholders of each company. Ccgiies of 
the reports may be obtained from Johannesburg 
Consolidated Investment Company (London), Limited, 
6 St James's Place, London SWIA INP. 
Johannesburg 
27 July 1994 


Quarter 

ended 

3fU)6.94 31.03.94 
Ore mined > tons (000) 1826 1 998 

yield- grams per ton 4,14 4,20 

working cost 

-per Ion mined R124,72 Rl 15.50 

- per kBt^em produced R30116 R27500 
HOOO ROOD 

Net profit before tax 125 574 123699 
Net ptoTA after tax 76944 73464 

Otvidend 110044 — 

Cai^ expendhure 24454 21 103 

Year 

ended 

3006.94 

7917 

4.06 

R115,42 
R28 32S 
FU)00 

439 936 
270 682 
171 180 
88474 

UTestem Areas 


Waaem ai«m QM Mining Company iMtod 


Raglanlan nuMbto SaiOSaoaiM 



Quarter 

Year 


ended 

ended 


30X16.94 

31.03.94 

30.06.94 

Ore milled - tors (000) 

574 

505 

2265 

Vield - grams per ton 

7J» 

6.74 

7J» 

working cost 




-per ton mined 

R222,19 

R245.64 

R219^ 

- per kiogram produced R31 351 

R38431 

R3130S 


ROM 

ROOO 

ROOO 

Net profit before tax 

43063 

23370 

161 040 

Net profit ^ler tax 

43166 

22483 

157567 

Dividend 

60614 

— 

124952 

Ca|Aa( expenditure 

14 577 

8202 

39 523 

H. 

tioel 


H. J. Jm 0«M lUog Conqnny UmMO 


Ragleaton funbsr 8SOI999D6 



Quaitor 

Year 


enrM 

ended 


30.06:94 31.03.94 

30.06.94 

Ore mlBed - tons (000) 

154 

152 

622 

Yield -qram$ per ton 

5,51 

5.45 

5,73 

Working cost 




-per ton milled 

R222.52 

R222.36 

R214.46 

- per kilogRam produced R40363 

R40820 

R37395 


ROOO 

ROOO 

ROOO 

Profiy(loss)fTCmgM 

1030 

(847) 

5891 

Capital expenditure 

11926 

12152 

38 423 


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1006 

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1100 

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91.11 

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1800 

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1200 

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uaofioofioo 

CbacAi Notes 
Mor^i^ Backed Floatii^ Rate Notes due 202J 

In xcDrcbiKV with the imn-biom ciT ihc Nun. notice b« hvdij 
duL lor the three cnonth perird 20th {uly 1994 ti> iLit CXtobcr 1994, 
liu Class Al Notes anti Clan A2 Nntet tsiJI varnr an interest rate of 
9.40% aihi S.47S% per aimutn rcspcctiwiy, I'hc inti-rcst pavaUe per 
llOO.OOO Noctf will be 11.S21.84 fur the Qw Nam and £l,S4S.OO 
for the Cbn A2 Notes. 




wwaiiiiKentsswaiwssaistsaszjBt 


MB Bank of Mo ntrea l 
US$2SO.OOO.OOO 
Floating rate debentures, 
series 10. due 1998 

rJbBanttalW B depoOB onrf Mho- 


haenst tale hr the period 
27/afy 1394 to 27 January I99S 
has teen /beedar5J625X 
peraniwn The tunounr 
payidtle on 27Janaaiy f995 wilt 
be tSS274.08 against canton 
No.17. 

225,000 Floor 
Certificates due 1998 
TTw diflfarendol I'nttresI rate 
hr the abooe payment period 
has been heed at 0.68^% per 
annum. Merest pq/ribte on 
srjaauaty /995perUSS/.OO0 
noteuUtamoanrtoUSS3.Sl. 

^ent Morgan Guaranty 
TVust Company 

JPMorgan 


INDOSt/EZ HIGH 
YIELD BOND FUND 
Tnriflf iflnmtlmrmint i 
VariafaJe 

BegiMBSd OOte 39, AIK* Sefadfai 
L.2520 LasemboBCB 
RCLiixalmtrRB:43.NZ 


nantxTOTBESBAmmjtPes 
Tbis ■■ w ■■fona ifee SkaietoMen of ibe 

iNDOsuBZ men yield bond fund 

iOewrttaMbe Ssstd sf Dacasn heU « Jsly 
32, IWlMilcBirWiBpBMJMJMle/llSD 
4 psr Am to Se bohkn of DboAuMo S^o, 
nb *81 Spfri to rtiwUMw of reenrd July 
Z6. l9M,|ii7Mc Aaatol9^19M.*nKtoaie* 
«HI as M-divyeBd ga Mr 27, 1994 

Tbc BtonisTDIiocua 


-aims 


The Republic 
of Panama 
0,5. $50,000,000 

Floating Rate Serial 
Notes due 1991 
For the six months 
27th JixJy, 1994 to 
27th Jeumary, 1995 
In aeoontanos with the 
pxovisionB of the Notes, 
ootlee Is hereby given tbst 
the late of interest has been 
fixed at 7 per cent, per 
anmun, ud that t^ 
interest soenisd on the 
OUbetADdlDQ 

principal to 27th January, 
1995 wffl be U.S. 8178.89 

The BulusMal Beak of 
Undtsd 

. AgeotBank > 


USD 100,000,000 

KANSALLIS - 
OSAKE - PANKKl 

Subordinated Floating 
Rate Notes due July 
1997 

Interest Rate 5.0625% pa. 

Interest Period July 26.1991 

OoDberZe, 1994 

Interest Amount due on 
Ora>ber% 1994 per 

USD laOOO USD 13928 

usD2saooa usd 3.230s 

e BANQpEG£N8RALE 

_ DU Luxembourg 

AqemBenk 


Currency or Bond Fax - FREE 2 v/eek trial 
also daily gold and silver faxes AnneV/hitby 

■ ■" ■ ■■■ ■' ■■ ' r->i 071-73.: 7\7i 

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h.n;i. .-r - ,T ;o ycj:s ,j 



Management 

Buy-Out 


Congratulations to 



on its recent flotation 

The Mcmagement Buy-Out was led by 

Prudential Venture Managers Limited 

in 1993 


PRUDBsmAL 

Venture Managers 


mfedOil V«me Mwaee Ueiiad AadR, How B, Statt sc I n T«t on 77n 

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II, lu *m. aaT«lMa)klm»Mr 


RepubEc of Austria 
U.S.$Jt»XKM,000 

FleaUnR Rate Nows duo 2Q0J 
In accoidoncL* with tlw provisioiu of 

the Notes, nudcti b hereby 
ihai ibe Rate of Intereu fbr the su 
numh eerlod January. 

109$ has been fixed at 5% 
annum, rtie (merest aonutss « 
such sU mondi period will be u-S. 

525.55 per U.S. «jn] Beorw 
Note, and U.S. 1255.55 per U.S. 
$in.Ulin Bearer Note and U-S- 

52.555.55 per U.S. SU»JX)0 Btu^ 

Note on 2Uh Januaiy. IWS i^nsi 
prcsemaiion of Coupon No. ^ 
Union Bank oTitirftniiaad 
London Branch Agent Bank 
22nd July. 1994 












INANCIAL TIMES WEDNESDAY JULY 27 1994 


15 



Acquisition of certain Biiiiton Assets 
from Royai Dutch/Sheii Group 
of companies (“Sheii”) 


GENGOR 

Gencor Limited 

(IncofporatBd In South AMca. n e oMiadu n numbar0ll012Sa06) 

(taencoO 


INTRODUCTION 

Gencor is pleased io announce that a Ramawork Agreefnent has been signed by 
Shdl and Gencor for the acquisition by Gencor a certain assets from ShelTs 
metals division. The agreement sets out the sequence of events for execution of 
ttie transaction and the conditions to be satisfied or voived prior to its oewnpleU^ 
wtneh is expected to take place around theerxlofthe third quarter of 1994. 

THE TRANSACTION 

Svd^ect to satte f a ction of the outstanding coiKfitions, Gencor wU acquire from 
Shell, with effect from 1 July 1994, a substantiaf part of Sheila metals divtoion 
(the "BOliton Assets^. The assets are prlndpidly engaged In the nrining, 
processing arrd maifcsBng of bauxite, alumina, aluminium, nickel, gold, zinc and 
lead. 

The consideiafion for the BflRton Assets has been agreed at US$1,219 million, 
sitoject to ^ustment.prinelpafty to reflect the change in net capital employed 
betwveen 31 December, 1992 and 30 June, 1994 (see below - Funding of tte 
Aequiidtion). AH Intercompaity accounts between Shell and the BBIIton Assets 
wifi be settiad either in the oixfinary course of business or at compielton. 

Other flian in respect of Bogosu in Ghana, to the extant that any net debt, either 
with third parties or with Shell, is assumed with the acquisition of the SiBiton 
Assets, the price wffl be reduced acoordInglyL Existing prt^ect finance loans ol 
approximatsly US$46 milOon w9l be assume by, and ring<fericed wfthin, Bogosu, 
with no recourse against the other BiSHon tntsmalional assets. 

The BilKton Assets together wftfi the Gencor group's ordinary share interests in 
Richards Bay Mnecals (*R8M”) and the Sao Bento gold mine fSao Bento*), w9 
be contributed into a ma|or new bitomational natural resources group. The 
holding company of this group win be called BflRton Inlemationai (BVI) Umiled 
CBiR^ intemafionaT), and will iniliafly be whoBy^wned by Qeneoc. 

The approval of the South African Reserve Bank has been obtained to proceed 
witti the transaeflon. 

RATIONALE FOR THE TRANSACTION 

The transaction secures for Gencor a rra^ international porlfoSo of hig^ quality 
operations, and consoGdatss its position as a world class natural resources 
group. It also provides Gencor with a substantial inlemalional base ibr ftibire 
growth. 

The maiority of the operations that oonstHute the Bimton Assets are well 
estabGshed. have proven local management, comply wKh high operational 
standards, &:e relative low cost producers and are cash generative. Where 
ass^ are owned through joint venture a greements, Ihe mahor joint venture 
partners aie mostly companies of recognised intsmaflonal stature. 

The auquisiiion was negotiatod during a period when oommixfiiy prices, and in 
particular akitninlum prloss, ware depressed, and Gencor believes the price paid 
to be reasonable in reiatkm tothe underlying economic value. The Bffliton Assets, 
to^er with Genoor'S existing portfofio. should provide strong earnings grawih 
upon an improvamenl in world commodity rmrkeis. 


• Framework Agr eeme nt signed between Gencor and Sheli^ 
whereby Gencor is to acquire the Billiton Aseets for 
US$1,219 million (subject to adjustment. Completion 
subject to satisfaction of certain eondttlons. 

• TlwtransacUonwillsecureforGefieoramaiorinfiernational 
portfolio of assets and consoltdatss Gencor*s position as 
a world class natural resources group. 

e Gencor will contribute Its ordirary shares in Richards 
Bay Minerals and the Sao Bento gold mine which, together 
adth the Billiton Assets, will form BIIIHon International, a 
major new natural resources group controlled by Gencor. 

• Debt fonding, without recourse to Gencor, from a syndicatB 
of International banks and from bonds exchangeable into 
the equity of Billiton Intemationai. Gencor will also 
contribute US$335 million in cash. 

• Benefits for Gencor include: 

- intemationalisation and diversification; 

I — enhanced exploration eapabtiity; 

- assuredsoureIngofbauxitoandaluminaforAlusafand 
ferro-niekel tor Columbus; and 

- new international mariceting outlets. 


Certain of the joint venture assets are subject to agreements in which 
preemption r^hb, which would normally arise on a change of cantrol, are vested 
in joint vsrtbjre partneia. Other than in respect of Aughinish, the relevant joint 
venture partners have indicated their i^Teement in principle for the purdtase ty 
Gencor. Discussion with these partners are continuing and are expedsd by Shall 
to resutt In a satrsfacto ry outcome. 

The acqulsjiion of the Bokd mine, which supplies bauxite to Aughinish, is linked 
to the acxniisition of Aughinish. In the event that Aughfnish and BoM are not 
(Mmatety included in the BUIton Assets, the price peyaUe of U^1.219 million 
wHI be reduced accordingty 


(4) Finandfig costs 

An impoitant objective during the funding negotiations - when the market price of 
aluminium was below US$1,200 per tonne - was that the aggregate financing 
costs shoifld not prove excessive during the first two or three years, when the risk 
of acontinuing low aluminium price was perceived to be material: the expectation 
of a hig^ aluminium price thereafter seemed reasonable. The Board of Gertoor 
beHewes that the combined package of debt and exchangeable bonds reasonably 
achieves this objective. For the purposes of Gencor's internal projections, and 
should the current 3 month US$ UBOR-rate ol 4'^ts per cent, persisi, BilBton’s 
efiective fimdng cost on the combined debt arxl exdiangeable bond package would, 
to the abseme of bond conversion arxl dividend payments, be approximately 
5.2 per cent per annum. 


CONOmONS PRECEDENT 

Completion of the transaction win be subject, tofera/le, to the following conditions 
precedent: 

- the finaiisalion of the funding arrangements; 

- receipt of outstandngpre-emfXion waivers and consents: 

- receipt of certain other consents, induding that of the European Union 
Merger Commission: arxf 

- Gmcor shareholders' approval. 

It is currently anticipated thet the trarrsaction will be completed around the end of 
the thirri quarter of 1994. Should the conditions not be satisfied by 31 December, 
1994 the tr ansa ction may rtot proceed. Gencor shareholders are advised to 
exerdse caution In deadli^ in their Gencor shares untH the completion of the 
transaction is confirmed. 


RKANCIAL PERFORMANCE, E FFE C TS AND PROSPECTS 
The Billiton Assets r^resent a combination of compares, operations, assets 
and jotot ventures which have not been reported on as a sin^ entity In the past 
An aggregated financial history for the Billiton Assets based on the financial 
resuRa of the indhridual operations is set out in an Accountant's Report by KPMG 
to be published to a circular to be sent to Gencor shareholders shortty. The table 
below sets out certain key financial intormation drawn from that report: 


Vbar ended 31st December 

1989 

1990 

1991 

1992 

1993 

Profitf(to88) before interest 
andtax(USSin) (Notal) 

345.7 

154.0 

19.7 

(17.2) 

(3.2) 

Capita sxpandHure (U^m) 

171.6 

353.4 

65S 

81.0 

34.6 

Depieciation (US$m) 

81.9 

79.0 

107.9 

135.1 

133.6 

Average aluminium price 
(SAonne)(Note2) 

1,955 

1,640 

1,303 

1,255 

1,139 


Notes: 


In due course Gencor expects to derive addrtiorBi benefits: 

• the individual expkxafion programmes of the BiBfton Assets and Gencor wIR 
be co-ordinated to apHmise file ikaltociod of success; 

- bauxite and alumina produefion constitute the essentU upstream raw 
materiad chain fbr the marxxtectuie of aluminiurrL Some 400,000 tonnes per 
annum of BiUiton international's akvnina production wlH be suppHed to Alusaf. 
a major aluminium smelting fadity in which Gencor has a 41% htaresL and 
which is presently exparKflng Its ahvninfuni production capeblity to 646JXXI 
tonnes per annum. R is file^ that further quantHes of alumina wU in due 
course be suppfied by Billilon Intamalional to Alusaf, since South Afltoa has 
no bauxite reserves economic significvice; 

- ihe femwiidal output of Ceno Matoeo is weR suited to the Columbus 
stainless steel plant to which the Gencor 90 up has a 33 per cent kilaresL 
South Africa's rfickel produefion, a significant proportion of wtiidi is produced 
by the Gencor group, is at pres^ suffio'errl in quanUty to meet the 
requirements of Columbus but Is of a quafity (Clasa 1) that significantly 
exceeds the input spedfleattons tor stainless steel maldng. and could 
potenfialiy earn tngher revenues if exported; and 

- The BHBton Marketing and Itedlng organisafion, headquartered el 
Leidsdiendam to The Netheriarxls, with offices in key kxtefiors around the 
world. wW provide market in g outlets tor file wide range of metais and mtoerals 
produced ^ the Gencor group. 

After completion of the transaction. Gencor wil be one of the moel dveisifM 

interrtational natural resources groups, with its Inoome derhred prindpMly fiom 

seven wortd dass commodity budnesses; gold, plsfoum metals, coal, 

ferroalloys, fitanium minerals sands, alumina and Nurninkim, and nickd. 

THE BILLITON ASSETS 

The BillRon Assets are located in 1 S countries and indude: 

- participations in Joint ventures imolved in alumina rdlnlng to Brad, AustreBa 
arxi Suriname and in ahiminium smelling operafions in Brad; 

- mirxrrg aefivtfies in ntoe countries mdniy related to baude, rtokel, gdd, dne 
and lead; 


DUEOILIGENCE 

Gertoor arto the bemks which are to provkSe the acquisition fedities have 
carxlucted an extensive (toe dfligence e xe r dse. Techrficai and environmental 
Issues were evaluated prindpoRy by Hatch Assodalas Of fianarfa, and finandal 
and accourfiing Issues by KPMG. Unktatera & PBinas co-ordinated ihe evaluatton 
of fegal issues and engaged local firms of lawyers in countries where they were 
not represented. The programme was supervised by a team of specialist (terKtor 
managers drawn from relevant dlsdplnes, arto by representaiives of the banking 
c onsortium having technical, mining arid financial experfise. 

Partiedar etterdon was paid to envirorvnental issues aixl, where uncertainty 
existed, second optoiora were sought from Steffen. Robertson & Kirsten. 
Gernor's totamai finarroal assessment has taken account of identified 
environmenta] letoiities. 

MANAGEMENT 

Gencor and Shefi w91 be jototfy Invdved in the management of Ihe BUiton group 
until completion of the transaction, whereafter Gencor wfll assume sofe 
rasponstolfily. An important asset being acquired and retained by Gencor as part 
of the overaB transaction is the BABton managsmenl team. This win ensure 
continuity over the period of change in ownership, arxf also constitutes a nucleus 
of IntemdiormBy experfartoed axscutivas for the pursuit of future opportunities. A 
small number of appointmants to Bilfiton Inter na tional wM be made from wRhIn 
Gencor. In partiofar, Mr. David Munro, brmeily in charge of Gencort s 
manganese toterests, has been appo i n te d Mariaging Director desigiiate of 
StSton IntemationaL 

FUNDING OF THE ACQUtSmON 

Based on an antierpeted reduction In net capital empfoyed of US$90 million, the 
price of US$1,219 mSlion is expected to te ad^reted to US$1,129 milBon. In 
addition, Ganoor has committed to making a capital tojeclion of US$15 ntilBon 
into 6MS in Surirame foDowfng completion of the transaction. Accordn^ the 
total required resources are expected to be US$1,144 miHion whieh wB be 
funded as foitows; 


1. After depredation and minority interests but before the effect of material Rems 
that are not regarded to be of a sudain^jle nature, principally certain foreign 
exchange gairw and losses, provisions for redundancy costs, and gains and 
losses on disposals of tovestinents. 

2. London Metals Exchange (TME'O cash price for 99.7% purity aluminium 
(source: Datastream). 


Fd lowing the acitoisition. Gencor wfli apportion the total purchase price to the 
assets and Sabiitias acquired in accordance with genaraBy accepted accounting 
principles and wfll determine appropriate econoniic lives to ap(^ in calculating 
future deprecution (fiipges. Ce^n other changes in accounting poBdes may 
also be reqiired to bring BilEton international^ accounting poGdes to line with 
those of the Gencor group. 


Pro forma aftrfoutable income for 1993 for the enlarged (3encor group, induding 
the Billton Assets. Is sat out betow This is based on Gencorls pro tonna results 
for the 12 months ended 31 August, 1993 and on aggregated acQusted financial 
information for the Bilflton Assets in respect of the 12 months to 31 December, 
1993, translated at the average Coirvnerdal Rand rate for the period of U^1 = 
R3.27. Gencor'b pro forma results assume that the disblbulion in 1993 of certain 
assets to its sherehoideis had been completed at the commencement of that 
finandal year. Adjustments made to the results reflect estimates of revised asset 
lives and values tor the BiBiton Assets and estimates of file funefing costs and 
arrangements, and taxation charges that would have been applicable had the 
assets been grouped in the propo^ acquisition structure. 


Pro formal 993 atbtoutable Income 
Rmilion 
Cents per share 


Proforma 
Proforma eifiaiged 
Gencor Gencor Change 

612 556 (9.2%) 

44.S 40.4 (9.2%) 


Cash 

Drawdown under debt fadfltles 
Ew2iange^e bonds 


Notes USSmBlon 

(1) 335 

(2) 509 

(3) 300 


The above pro forma attributable income for the erriarged Gencor group assumes 
conversion of the sMchangeable bonds and, accordingly, a 70.5% shareholding 
in Billton International throughout the period. 


- a portfolio of exploration rights: 

- a global metals marketing and tracRng network; and 

- a services company providing commercial and technica) support to (he group. 
A summary table of the prlndpai Billiton Assets by commodity is set out befow 

Interest Tbtel 1993 


Asset name 

Location 

Description 

(%) 

production (pa) 

Bauxite, alumina and ^mMum 



Worsley 

Australia 

Bauxite mine arxl 

30 

SnfllEontonnee 


alumina refinery 


1.6 miUon tonnes 

MRN 

BrazB 

Bauxite mine 

14.8 

8.0 million tonnes 

Ahimar 

BrazH 

Alumina refinery 

36 

1 mfltton tonnes 



AhiminHim smettar 

46.35 

350,000 tonnes 

Valesul 

BrazB 

Ahiminium smeHar 

415 

85500 tonnes 

BMS 

Suriname 

Bauxite mine 

76 

2.0 mfliion tormes 

Alumina refinery 

45 

15 mfliion tormes 

BokC 

Guinea 

Bauxite mine' 

ao6 

11.5 million tonnes 

Aughinish 

Mieftef 

Eire 

Alumina refinery 

35.0 

1.1 million tonnes 

Cerro 

Matoso 

Colombia 

Nickel mine 

5251 

44.5 miRion pounds 

Precious Metals 




Bogosu 

Ghma 

Goid mme 

8153 

90,000 troy ounces 

Prima 

Indonesia 

Gold mine 

90 

47,000 troy ounces 

□rang 


(also stiver 
and barite) 



Other 

SeBraie 

Canada 

Coppte'and 

zinc mine 

100 

33.000 tonnes’ 

54.000 tonnes’ 

30.000 tonnes' 

5.000 tonnes’ 

Pering® 

South Africa 

Zinc and 
lead mine 

100 

Marketing 

Prindpally 

Martettngand 

100 

N/A 

and 

Nethertands, trading 



Trading 

UK. France, 





Germany and 
Japan 



N/A 

Commercial 

Netherlands 

Commercial and 

100 

and 


techniceti 




Technfoai 

Sen/ioss 

nobs: 

' in concentrate. 

^ To be held direetiy by Gencor. 


1,144 


(1) Cash 

Gencor wili provide epproximatefy US$335 mfliion in cash, most from the sale of 
certain non-core offshore assets, inciuding the shareholding in TiansAOantic 
HtMings PLC and Gencor'a North Sea foterests. 

(2) Acqulafttandebtfadlittes 

A group of Inte m ationai banks is to the process of ananging seven year 
acquiMBon debt faciltles amounting to US$430 mfliion for the new BiBiton 
IntemMlonaJ group, together wRh a US$170 rrdfion rewhring fariBty to refinance 
er4 as necessary, to supplement wortdng eapitte. 

The facflitieB wB be structured so that the banking syrKficate wifi not have 
racourae to Gencor or to Bilflton's in te rest in RBM. The loans will, however, be 
seoaed on Ihe other principal assets of the BUTiton ^oup, and on dividends paid 
byRBMtomttoa 

The terms of this funding package reflect the comptexRy arxl unusual features of 
the overal transaction and the fact that the Bolton Assets had not previously 
been structured in a single integiated group with its own consofidated financial 
history The margina are higher than those at which corporate debt would 
nom^ be avalise to an estabSshed aniarprise engaged In similar activities to 
those c/f Bflttton totemationaL Accortfln^ provision has been made in the 
relevant agreements for pre-payment of the banking finarree without premium or 
penaity, aid it is a priority for Gencor that the debt be refinanced on conwsntfonal 
terms wen b^bra final ledemptfoa 

(3) BxchangsaMabontfa 

BIIBton Group (BVI) Lkrited, a whoVy-oumed subskfiary of BBBon Intemationai, 
wU Issue excharmaUe bonds with a nomlnat value of US$300 mBfon, for which 
a member the Shel group wfll stfoserfoe. Bondhokters w9 have no recourse to 
(Sencor. They msy at any time elect to exchange their bonds tor orctinary shares 
in BISton international In aocordanee with the table befow, Mling which, the 
bonds wB be redeemed bi 2004. The bond s wfll not bear bitorest until l July, 
1997, but wfll be entitled to a p erce n t a ge of any BiWton International dividend 
poymertte to accordance with the table bekw: 


Before 30.6.95 

30.6.96 

80.6.97 
After 1.7^ 


ApproxknaiB 
ettohange 
% of equity 

29.5 

27.0 

24.5 

22.0 


Apprradmate 

%of 

dividertds 

27.5 
25.0 

22.5 
20 . 0 * 


*Subject to a minimum coupon rate Of Spereertt. from 1 July 1997. 


TTie results of the BiBiton Assets incorporated in (he pro forma attributable Income 
ooveied a period of relativeiy depressed prtoes for aluminium and alumina, sales 
of which represented appRXdmately 60 per cent of the total turnover of the Billiton 
Assets in 1993. The alumina production is largely sold on a contractual basis at 
prices linked to the LME aJumirtium cash price. Gteicor has estimated that, had 
the aweiage aluminium price achieved by the Bilflton Assets during 1993 been 
appraKknately US$1 SO per tonne higher than that actually achieved, there would, 
on a fully diluted basis, have been no reduction in the enlarged Gencor's pro 
forma attributable inoome for the period. 

In keeping wHh group practice, Gencor wili equity account for Rs interest in Billiton 
Intemationai and, accordingly will include tiiat interest in Ha balance sheet at cost 
plus Gencor^ share of retained earnings. Even assuming a 29.5% dilution in its 
holding In BIIBton Internationa as a result of the exchangeable bondsT equity 
converaion rights, the transaction will have no material initial impact on Gencor's 
net asset value. 


The aifouisition of the Billiton Assets wfll increase Gencor's exposure to the 
^minium industiy which has recently shown signs of recovery from its earlier 
dep roooo d state. Should this trend continue so that the akanlnitim price were 
eventually to rise to the levels of tour of five years ago, aluminium could 
oonceiMbly contribute Ihe majonty of Gencor^ earnings. In that favourable event 
and in the absence of material changes In Hs other assets, Gencor ir^t seek to 
bring about a greater equaEty between the earnings form its various busirtesses, 
posSbly by BBtiion Intemationai or a proportion of the combined Gencor/ 
BilBton aluminium interesL 


OPINIONS 

The Gencor directors are of the opinion that the transaction as a whole is in the 
best interest of Gencor. The comnrNMSties to which Gerxxx is inereasir^ Hs 
exposure through the acquisition of the BBIiton Assets have shown si^ of 
recovery in 1994, arxJ given a continuation of the trend, the Elilliton Assets should 
make a posifive contribution to Gencor's earnings in the first full year after the 
acquisition. 


SHAREHOLDER APPROVAL 

Shareholders will receive a circular setting out furttier details of ttie transaction, 
including the notice of a general meeting trf Gmcor shareholders to consider the 
proposed acquisition. The circular will be posted as soon as practicable. H wfil 
include a letter from S.G.Werburg & Ca Ltd. who, toge^r wRh Warrior 
Intemationai, have provided financial advice to Gencor In this transaction. This 
letter will contain an opinion, subject to the satisfactory conclusion of final 
documentation, tital the transaction is fair to Gmcor. 

Gencor's two major sharehokltfs, Sartitorp Limited (31.9 per cent) and 

Rembrandt Group Lmiited (13.8 per cent), have Indicaied that th^lntmdtovote 
in favour of ttie proposed acquisitfon. 

Johannesburg 27 July 1994 



16 


FINANCIAL TIMES WEDNESDAY JULY 27 1994 


★ 

INTERNATIOilAL COMPANIES AND FINANCE 


Kodak profit fall 
blamed on costs 
and soft demand 


By Richard Waters 
in New York 

Eastman Kodak, the US 
photographic products group, 
continued to suffer from 
strongly rising costs and weak 
revenue growth in the second 
quarter, resulting in profits 
below those ezpet^ by most 
analysts. 

The company, in the middle 
of a shake*up aimed at focus- 
ing resources on its imaging 
business, was also held back 
by the weak dollar and one-off 
costs, including a write-down 
of some inventory. 

“We have said before that 
1994 would be a c halle nging 
year,” said Mr George Fisher, 
the company's recently 
appointed chairman and chief 
executive. 

The latest quarter’s figures 
had also been harmed by "a 

cnririTnie d gnflnesg in dnmanri 

in our office imaging busi- 
ness.” he added. 

Since Mr Fisher took charge 
Kodak has gnnnunceri plans to 
sell its non-imaging businesses, 
including Sterling Winthrop, 
the drugs company. Selling t^ 
health businesses is not expec- 
ted to lead the company to 


report a book loss, Mr Fisher 
said. 

Costs during the latest three 
mouths rose by 6 per cent, to 
SSbn, while revenues edged up 
only 2 per cent, to $3.Shn. 
Kodak also announced after- 
tax charges of $30m for write- 
downs of some inventory and 
servicing agreements. It 
refU^ to give further details 
of the chaiies. 

After-tax earnings for the 
period, at $264m, or 79 cents a 
share, were down from $371m, 
or $1.13, a year ago. 

The decline also reflects Oie 
falling US dollar. Currency dif- 
ferences accounted for a $g7m 
decrease in net ftarningp com- 
pared with the year before, and 
$l07m In the first half as a 
whole. 

The company said this was 
partly the result of the onHing 
of b^fidal currency hedges 
which had boosted profits last 
year. It dariinwi to give details 
of its hedging strategy, or the 
other factors that contrfeuted 
to the negative emreiicy efihcL 

For the first half of the year, 
net income fell to $346m, from 
$520m (before accounting 
changes) in the first six 
months of 1993. 


Jump at Case helps 
Tenneco climb 67% 


By Richard Waters 

Tenneco. the diversified US 
industrial group, recorded a 67 
per cent rise in net income in 
the second quarter. The 
improvement fellows stronger 
operating earning s from most 
of its businesses, especially the 
Case form machinery business. 

Mr Dana Mead, chaimmn 
and chitf executive, predict^ 
“stronger operating results 
overall” in tte seooM half of 
the year. The strength of the 
US economy and a recovery in 
Europe, as well as Tenneco's 
own quality-improvement pro- 
gramme supported this out- 
look. he said. 

Case. 29 per cent of whose 
shares were floated recently, 
reconled a jump in operating 
income to $Ulm, from $54m 
the year before, on revenues 
up 4 per cent to $l.lba. 

The company attributed this 
advance largely to demand 
from dealers j^ldemshing their 
inventories, especially in North 


America, where production 
was 20 per cent 

Among other divisions, the 
hugest profit increases came 
in psrka^ng, up 47 per cent to 
$4^: natural gas, which 
recorded a rise of 17 per cent to 
and automotive paits, up 
11 per cent to |82m (before a 
one-off charge of |Sm). 

The company's packaging 
operations were fael^ by the 
industry-wide increases in con- 
tainerboard pricing. In addi- 
tion, Tenneco said it was oper- 
ating at full capacity in 
plastiocontainer products, and 
was installing new equipment 
to expand its production by 10 
pex cent by the end of the year 
in ^hia area. 

The natural gas business 
benefited from a new rate 
structure, which tbe company 
said would even out hi^ and 
lows throo^iout tbe year. Ihe 
automotive business, mean- 
whfle, advanced on high new 
car lenductioii in North Amer- 
ica. 


Placer Pacific figures 
improve before tax 


By Nikki Taft 

Placer Pacific, the 
Sydney-based mining group 
which is controlled by Cana- 
da's Placer Dome but q;uoted 
separately on the Australian 
stock exchange, yesterday 
reported after-tax profits of 
A$U^ (US$30.8m} in the six 
months to end-June, down 
from A$50.4m a year ago. 

The company said, however, 
that the 1993 figures had been 
boosted by tax adjustments, 
totalling A$33.7hi. 

At pre-tax level, and before 
outside equity interests in 
earnings, Placer Pacific's oper- 
ating pr^its rose to A$72.9]n. 
coDipared with A$37.4m in the 
previous year. 

The company said higher 
gold production and sales, and 
lower operating costs and 
depreciation chai^ explained 
the ^provemenL 


The average price received 
per ounce of gold was A$S44 In 
the wmonth period. A$38 
highflr than in the first SIX 

months of 1993-94. 

Placer, opeiator of the large 
Forgera ^Id mine in Papua 
New Guinea, also revealed 
that estimated reserves thme 
have been increased to 9.4m 
ounces of gold, from 8.5m pre- 
viously. 

it said the upgrading of the 
reserves was due “mainly to 
the increase in the resource 
reported in the Hay 1993 
u^ate and additional under- 
ground reserves in the West 
Zone stopes”. 

Placer Pacific holds a 2S 
per cent stake in the mine, 
with Highlands Gold (vrtiich is 
controlled by Queensland's 
MIM). Renison Goldfields 
and the PNG government hav- 
ing similar one-quarter in- 
terests. 




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Earnings 
dive 74% 
at Bear 
Stearns 

^ Patrick Harveison 
in New York 

Bear Steams followed other 
b^ Wan Street finos yester- 
day with a large drop in qoar- 
terly earnings, blamed on 
sharply lower trading and 
investment banking revenues. 

The securities firm said net 
income ia its fiscal fourth 
qnarter, which ended on Jane 
30, fen to $32.4m from $124An 
a year ago, a drop of 74 per 
cent Revenues, net of interest 
expense, fell 37 per ceitt over 
tile 12 months, to $429.9m. 

The weak final quarto, how- 
ever, was not enoagfo to stop 
the firm posthig record profits 
$387m, against $362 ,4m, for 
Ms fiscal year, and a reeond 
pre-tax return on equity of 
88.7 per cent 

The record results were 
achieved because earnings 
were so strong in the first two 
quaiters. 

The problems encountered 
by Bear Sbeeius in the latest 
quarter have afflicted the 
e nti re US securities industry. 
Demand from companies for 
nnderwiiting services, and 
frtmi investors for broking ser^ 
vices, fell precipitously this 
year in the wake of sharply 
hitler m interest rates. 

the rise in rates has also 
created a tnrbulent environ- 
ment for trading in finandal 
markets, and many firms' 
trading profits have as a 
result. Bear Steams, like 
many others, has been eqw- 
dally hard-hit by turmoil in 
tiie mortgage-backed securities 
markets. 

Its biiyfest decUne in the lat- 
est quarto was in its principal 
timunctions business - wfam 
the firm trades its own mcmey 
- which recorded a 66 per cmt 
drop in revenues to $127.7m. 

Investment hanking reve- 
nues fell 31 per cent to $S4m, 
but revmmes from commis- 
sions, boosted by increased 
ffitMTanna, futores gwii iostitn- 
tlonal activity, climbed 
sUifotiy to $i24.3m. 


Rank, Coles 
wifiidraw bid 
for Foodland 

By NUdd Tait in Sydn e y 

Coles Ofyer, one Australla’a 
largest retailers, and Bank 
Commercial, the New Zealand- 
based conqwny owned by Hr 
Gfaeme Hart, yesterday wtth- 
drew f rom their A$501m 
(US$872m) takeover assault on 
Foodland Associated, the 
Western Australian grocery 
business. 

Had the offer, to be made by 
a subsidiary of Rank and 
firnded by borrowed, money, 
gone ahe^ Bank planned to 
sen on Foodfend’s Australian 
assets to Coles for around 
A$260uL Foodland's New Zea- 
land interests would have beoi 
sdU on to WhKoonlls, a statio- 
nery and book retailer. 

Tbe dedtion to ditch the bid 
came after tiie Australian Fed- 
eral Court yestoday fismissed 
the two companies’ appeal 
ag^nst a temporary iiUunc- 
tion which prevented Coles/ 
Bank froui panning the ofibr 
until mid-^tember at the 
wy earliest 

TUs had been successfully 
obtained by the Trade Prac- 
tices Commission, AustraUa's 
competition watchdog, after it 
expressed concerns at the 
potential hold which Coles 
could obtain over the Western 
Australian grocery market, 
and at the lessening compe- 
tition generally In the food 
and Uquoc retaUii^ sectors. 

Hie FUdmel Court dedsfon 
was warmly welcomed by Pro- 
fessor Allan Fels, chain^ of 
tiie TPC. Be declared It to be 
“a win to niiiMini pr a and com- 
petitiou pdley in the g rocery 
industry”. 

"The Australian grocery 
industry is extremely volatile 
at the moment.” he added. 
"The Commission expects it 
wai continue to be involved to 
ensure that competition Is 
maintained and the crtiwmiiftr 
protected.” 

The Bank/Coles withdrawal 
leaves Rank holding a 14,9 per 
cent in Foodhind. 


Gencor steps boldly into global arena 

The Shell package puts the S African group in the top league, writes Kennetii Gooding 


W ith one big, $l.ibn 
step, Gencor is to 
make up for the 
many years when its develo> 
manf ££ intenirtiOQal min- 
ing group was held back by 
South Area's political isola- 
tion. Wlule its ri^^ expani^ 
— particularly via the mining 
booms in Australia and the 
Pacific Itim countries - Gencor 
hari to ennfino its traditional 
mining skills to its native 
co un try. 

Now, after its 6es^ to buy 
most of the Royal Dutch/SheU 
mining and i^erais assets 
operating under the Billiton 
banner. Gencor will, if all goes 
well by tbe end of this century’ 
control the western world’s 
bi^^ ferro-nickel business; 
the second-laigest platinum 
anH mineral eands companies; 
and be among the top three 
gi^ producers and tbe top five 
aluminium groups. It will also 
rank among tbe top 10 in stain- 
less steel and coal and nickel 
production. 

Itowever, getting to this posi- 
tion has involved a transaction 
of immense complexity, and 
one that has taken well over a 
year to put blether. 

The Struve was worth- 
while, ^cording to Mr Brian 
Gilbertson, Ge^or chairman, 
who said ytoerday: “If we are 
to rejoin the first league of 
mining we Simply have to ope^ 
ate gInhaUy ” 

Once the deal with Shell Is 
completed, Gencor adll be one 
ai the most divarsiSed interna- 
tional resource groups, with 
income derired mainly from 
seven world-class commo^t; 
busin^es: gold (Gengold); 
platinum (Im^la); coal (Trans- 
natal); feirodloys (Samancor); 
titanium miner^ ganris Gtich- 
ar^ Bay Minerals): alumina 
anH aInmiwfiTm and nickel 
The Billiton operations, 
locato in IS countries, fit well 
with tiiose of Gencor, particu- 


BDHton mseta 

Asset name 

Lecsilen 

Paacdptlon 

kitaraat 

1%) 

Producaoo 

(1895) 

Bauxite skimins snd sbantnun 

Worsley 

AustraOa 

Bauxite irdrM and 

30JM 

6m tonnes 



alumina rafinery 


14m tonnsa 

MRN 

Brasil 

BauxiM mlna 

14,80 

Sm tonnes 

Alumar 

SraaS 

Alumina rsllnery 

36.00 

lm tonnes 



AkimMum smaller 

46.35 

350,000 tomwe 

Vaiesii 

BrazB 

Alumlnkim smsBer 

41,50 

SSjlOQ tonnaB 

BMS 

Surinam 

Bauxhe mine 

TBnO 

2m tonnes 



Alumina rsRnery 

ASM 

1.^ tonnes 

BakS 

Giinaa 

Batodte mine 

3M 

11.5m tonnss 

Aughlntsh 

Rsp of ketand 

Akimbia reftwiy 


1.1m tonnss 




Cetre Uatoso 

Colombie 

Meicsl mine 

52.31 

44.5m pounds 

Prsetous Itotels 

Beposu 

Ghara 

Gold mine 

81.23 

90JIQ0 Hoy ounces 

Prtra Lsartg 

Indonesis 

Gold nSne 

eojn 

47JIQ0 troy oiiwes 



(also sBvar, barila) 


Other 

Seibate 

Canada 

Copper mine 

lOQhO 

334)00 icnnss (1) 



Zinc nrSne 


54JIOO tonnes (1) 

Pertng (2) 

SAMca 

Zkic mine 

iooho 

304)00 tonnss (1) 



Lead mhte 


54)00 tonnes(i) 

Marketing 

Mndprty Nathwlands 

Maiheling. tradng 

looho 

N/A 

and 

UK. Ranee. 




Trading 

Gannwiy, Japan 




Cemmereal & 

Nathartanda 


loom 

N/A 

Technical Secvteas 

. 






SooKKOmar 


Tarty irinea the South African 
group has “unbundling” 
its assets to concentrate on 
mining bustnesses. 

Billiton's bauxite and alu- 
mina operations in Australia 
amt Braal «»« provide essen- 
tial TEW materials to Alusal 
tha South African aluminium 
producer in which Gencor has 
a 41 per cent interest, and 
which is completing a $2bn 

expansiOS to »»aiaa.aa annual 

capacity to 646,000 tonnes. 
South Africa has no bauxite 
reserves, and Alusaf has 
already agreed to take 400,000 
frmnPK of BQlltOU’S annual alu- 
mina output -- and maybe 
more later. 

Billiton's Cerro Afetoso mine 
in Columbia p^uces ferro- 
nickel well-suited to the 


Columbus stainless steel plant 
in South Africa, in whidi Gen- 
cor has a 33 per cent interesL 
This will anaMa the gTOUp tO 
export the hij^mr-value 
it mines in Soutii Africa, wfahdi 
is really of too high a quality 
to go into etoinieag production. 

T hese - bauxite and alur 
mina in Australia and 
BrmA and Cerro Bfottoso 
- were the “core* assets Gen- 
cor simply had to have to the 
deal to be worthwhile. The 
atbee core asset was Billiton's 

intarnuHnnai iwarlrAting and 

trading organisation, which' 
can provide outlets for the 
wide range d and min. 
erals Gencor produces. 

Fashioning a dual to acquire 
them was complex and 


time-consuming, partly 
because Billiton dH not exist 
as a separate corporate entity 
with its own consolidated 
fiwawriai histOTy. Hie assets 
had to be disenten^ed from 
Shell operations around the 
world - to be placed In a new 
holding company, Billiton 
T ptentatiftnai - in a way that 
would gtve tax advantages to 
both Shell and Genaw. 

This absence of a Billiton 
corporation also affected the 
finam»ing , because there was 
no “dean” package to offer tim 
banks. Neither could Gencor 
move cadi out of South Africa 
berause cf exchange controls. 
Nevertheless. Gencor has pe^ 
iwiwrirm tO its 50 per 

cent share of Ridtards Bay 
Minwraiw as part of tts coutri* 


bution to Qie deal The $335m 
in cash Gencor is contributi^ 
wili come from the sale of ite 
North Sea oil assets and its 

shatvihoiMing jq TVausAtloUXtic 

HbUings. 

COD^uenUy, althouedi Gen- 
cor has been able to ^ nour 
recourse finance, it is paying 
well above the usual rate for 
ffilUton's borrowings. It aims 
to refinance this part of its 
debt on more conventional 
terms as soon as possible. Billi- 
ton'S eSective ftinding cost Is a 
modest average 5A per cent, 
fhanica to Shdl's Contribution 
to the WnawfJiig Shell is hiiring 
0300 ni of bonds tMwHangaaWp 
Into Billiton equity. The bonds, 
which are intoert^ree to the 
first free years, can be con- 
verted into 28A per cent of BU- 
liton’s equity in the first year, 
and a reduced percentage 
Cheteafier. 

Some 61 per cent of Billiton's 
revenues emne from the baux- 
ite and al umina interests. 
Indeed, when the aluminium 
market fidly recovers fitim tbe 
worst receadon in its history, 
aluminium could conceivably 
contribute most of Gencor's 
earnings. If that time comes, 
Genom attempt to bal- 
ance earnings by fl qa^ng Billi- 
ton Off part of tbe arnminium 
assets. Mr Gilbertson pointed 
out that a oonUnatkm of Ala- 
saf and tbe Billiton upstream 
operations would produce the 
fiftti-laigest alumin- 
ium ^ the world. 

He added: “At low (dumin- 
ium] idces, the deal to little 
appeal. At high prices, the 
returns are hi:^ If our esti- 
mate of the medhnn-term price 
trmids are ai^irtieTe near co^ 
rect, tiieu this parcel d assets 
will prove to be very valuable, 
and the price we have paid 
[$420m in assets plus $£Q5m 
to at least 70.5 per cent of 
a group with assets worth 
$L2bnl to have been cheap.” 


Northern Telecom shows improvement 


By Bernard Sknon 
tn Torarrto 

Northern Telecom's share 
price jumped yesferday after 
the Canattian telecommgnica- 
tions equiioneiit maker's sec- 
ond-quarter earhiTigs raised 
hopes its problems of the 
past few years midit be reced- 
ing. 

Net earnings were DS$37m, 
or IS cents a share, compared 
with a $L03bn loss, eqi^ to 
$4.13 a share a year eariier. 

Last year's re^ts included 
one-time restructuring and 


other charges of S940m. Reve- 
nues rose by 14 per cent to 
$2.12bn. 

Northern's shares gaiwwi 88 
cents to $31.38 on the New 
York stock exchange in early 
tiading yesterday. ■ - 

Hr Lee. an analyst at 
Gordon Capital in New Yodc, 
ripqyibqd Northern as staging 
a tumround. “Slowly but 
surely, they're coming back,” 
he ggid 

The Toroato-hased company 
has been bedevilled in recent 
years ^ a varied of setbacks, 
including fierce competition. 


delays in new product devNi^ 
ment and management 
upheavals. 

Mr Jean Ifon^, rfiirf execu- 
tive, expressed satisfection 
with the results in “tins year of 
transition”. He said NKfbem’s 

ftoanrlwl fynyiitipo had been 

improved by cost-cutting and 
the sale of several bunnesses. 

The trend towards Imteoved 
year-ODryear earnings will con- 
tinue in the second halt Mr 
Monty predicted. 

The recent improvemeit is 
due largely to stronger demand 
for central office switches, 


especially in the US, partially 
offset by a sharp fell in orders 
from OanaiUaw phone compa- 
nies. 

Revenues also pecked up in 
the Far East and Latin Amer- 
ica, while mnMmgrfia commu- 
nications systems enjoyed a 
donbledigit sales increase. 

Northern has put a hi^ pro- 
portion of recent investments 
into intenuitional marketing 
and new products. The latter 
include a portfolio of wireless 
phone eqmpment, in which 
Northern had lasied bebind its 
rivals. 


JCI posts unexpected rise in gold revenues 


By M«k Swman 
in Jatiamesburg 

Johannesburg Consolidated 
luvestmeuts, the South African 
pifaing bouse due to be spun 
off to black investors, has 
reported an unexpectedly good 
increase of 4A per cent In its 
gold revenue for the June 
quarter to R539.1m ($146m) 
from RSia9m in the previous 
three moUhs. 

AlttuHteh overall production 
dedmed 3A per cent to Z.55m 
tonnes from 2.87m tonnes, due 
to extra electlonrelated publfe 


holidays, a higher gold price 
receiv^ and an Inyiroved aver- 
age yidd to 4A8 grazmoes per 
tonne from 4.76 grammee per 
tonne helped booet results. 

At the group's Western 
Areas mine, the steel drum 
shaft feUure g ro ** i* *«^ the 
previoos quarter's production 
was repaired at a cost of 
RlLSm and Drt profit after tax 
improved to R43.16m from 
R2348m. H. J. Joel also showed 
a significant improvement, 
convttting an operating loss of 
ROAm in tiie Uexch qnarter to 
a Rim operating profit doe to 


higher gold production at 
848^ tqi from avafcy . 

Improved cost containment 
at Randfotttein estates, how- 
ever, was unable to offset 
lower throughput on tbe mine 
as gold produdfon dzonfed 9$ 
per cent to 7A62kg from 
8,392kg. Operating profit 
decreased 3.6 per cent to 
RU4.7m from Rllfen. 

Oevdopment at JCTs Soutii 
Deep pr^ect also progrEssed, 
and exploration expenditure 
to tbe first six months of the 
year amounted to R29.5m, 19 
from RlVgm lacf year. 


JCI said plans were well 
advanced to omublne the min- 
ing interests at Western Areas 
with its South Deep mine, 
creating a giant new ndne with 
large gold reserves. 

Undo' tbe plan, Soutii Deqp 
would provide fimding to allow 
Western Areas to mine the ore 
and return to profit. Tto 
would allow South Deep to 
make use of Western Areas' 
skills and eqmpment while 
ffflpifaii expemfitnre at the fbiv 
mer oould be used to wr ite off 
some of the other's profit. 
Improving its tax positioiL 


Disposals and mergers 
boost AECl at halfway 


By Mark Suzrnan 

AECl, the South African 
chemicals producer, shrugged 
off politically-related labour 
dianiptiou to recoid a rise in 
attributable profit, to RlOTm 
($28Am), for the six months to 
June. This compares with 
R7Sm to the same period last 
year. 

Although turnover dropped 
to R24ffim from B278bzi net 
profit before abnormal Items 
itse to R82m from R61m. How- 
ever, the yearon-year figures 
are not directly comparable 
because of transaetlOEis during 
the reporting period which 
flhflng wi the stnicture of the 
company. 

These indoded the disposal 
of 51 per cent (rf the group's 
6xpi(»ives business to ICl and 
the purchase of 50 per cent of 


Afex Holdings. In addition, 
AECl merged Us chlor-alkaU, 
plastics and other downstream 
operations with tbe ethylene, 
propylene and polypropylene 
operations d fellow South Afri- 
can chemical p roducer SasoL 
AECl retains a 40 per cent 
stake in the new venture, 
called PoUfin. 

The transactions reduced 
turnover. However, investment 
income surged to R32m from a 
loss of RrTm last time, largely 
because tbe Afex acquisition 
was equity-accounted. A 
R3Z4m surplus on tbe Id deal 
was included as an abntHmal 
item. Tax paid dropped to 
R27m from R38m, but a R4m 
charge to the S per cent one- 
off transitional levy imposed 
on an South Afriran companies 
in the June budget was also 
included as an abnormal item. 


Cheyron disappoints as 
margins slip in quarter 


By Rfehard Wfeters 
in Now Yortc 

Chevron, the San Fran- 
elseo-based enei^ group, 
turned in worse-than-eqiected 
results to tbe second quarter 
as prcAt maegms at its refining 
and marketing operations 
slii^ed further than those of 
other big US energy compa- 
nies. 

Uke otiiers, Chevron's down- 
stream were hit by 

tbe rising oil price, which 
pushed up the cost of supplies. 

BSr Sen Derr, chair irtati and 

chief executive, said US 
profit maigdns in particular 
had suffered, with a rise in 
the oil price of around $3 a 
barrel from a year before and 
an increase in prices of re- 
fined products of only $1 a 
barrel 


US downstream operationa 
recorded a loss of $42m, 
against a {utfit of $67^1 (before 
restructuring chaiges), while 
the noDrUS refining and ma^ 
ketmg business saw profits fell 
to $ 2 ^ from $107m. 

Up s t ream aaming H of glR9m 
were higher than the first 
three mnntim d the year but 
foiled to match the year-ago 
quarter’s $207m. 

Overall, afte^taz pnAts in 
the period were $257ln fefto a 
$Sm charge,) against S50m 
(ator specdal ctaaqies of $51^ 

the year before. 

Eunings po* share were 39 
cents, up from 8 cents a year 
ago (or 87 cents before 
charges). For the first six 
months, net income was $645m 
(after diargea of $41m), com- 
pared with $551m (after 
diaiges of SSlTUi). 


Daewoo sales 
surge 28 % in 
first half 

By John Burton 
fciSaoid 

Daewoo. Soutk-.- Korea’s 
fourth-larg^ oraglomerate. 
reported a 28 per cent increase 
in sales to Wonl6,400bn 
ffB0.4m) for the first half of 
aoconUng to preliminmy 
results. Tbe group pressed 
confidence that it could 
achieve its sales target of 
Won35,500lm to 1994. 

Nrt profits were Won29S5lxi 
- tiie first time that Daewoo 
to revealed first-half eandugs 
to the entire group. Net prof- 
its for all of 1993 were 
Won46foiL 

Daewoo Corporation, the 
groiqi's trading and ctmstrnc- 
tion unit, reported a 25 per 
cent rise in net profits to 
WonSObn as sales grew by 19 
per cent to WonS^OOtm. Dae- 
woo Heavy Industries, a 
machinery producer, had a 
sharp rise in profits to 
WtoObn from Wouabn in the 
first half (d 1998 as sales rose 
by 35 per omt to WonSOObn, 
reflecting growing eqiorts of 
eroavators and tools. 

Daewoo Bloto repteted a 56 
per cent increase in sales to 
Wonl^SObn, tiie biggest rise in 
turnover among the group’s 
main companies. The car com- 
pany broke even after snSeting 
a WonSSbn loea in 1993. 

The improved performance 
of the car division was due to 
tiie introduetioa of two models, 
the Arcadia awH the CSdo^ and 
lows' produetlaa costs. 

Daewoo ShipbuUding. which 
will merge with Daewoo Heavy 
Ihdnstries In October, had the 
largest group . profits at 
WonlSObn, au inexease of 40 
per cent Sales grew by 45 per 
cent to Wml JOttm. 'Ihe rise in 
profits reflected the increased 
producthm of hi^ vahie-added 
ships and absence of labour 
dispiites. 

Daewoo Electronics had a 
28.5 per cent growth in profits 
to WoQlSbn as sales rose 33 pv 
cent to Woni^Sr^bn. Dome^ 
sales rase by 34 per cent and 
exports increased by 33 per 
cent, with Daewoo Iwcoming 
South Kwea's teadto exporter 
of colour tdevlsioiis. 

Daewoo 'raeeom profits dou> 
bled to Won4bn, altboiqdi sales 
fell 6 per cent to Won220bn. 


American Express down 14% 


Pilots offer USAir $750m deal 

ways has a 22 per cent stake. 


By Rfchard Vfeters 

Net profits at American 
Eiqiress feQ 14 per cent in the 
second quarter of 1994. It 
blamed lower profits at Leh- 
man Brothers, the investment 
bank spun off during the 

parinri. K»»Tiiriing TjihmaTi, tbe 
Bnanrial seTViceS gTOUp'S eeHl- 

ings would have risen 19 per 
cent to $358m. on tbe back of 
higher spending on charge 
cards and other products. 

Lehman, which lart week 
revealed its second-quarter 


results to suffered from poor 
tradii^ comiitions in flnanffifli 
markete, was accounted for as 
a discontinued item. 

American Express reported 
net income of $357m, or 69 
cenb a share, on revenues of 
$3.Sbn. compeued with $416m. 
or 83 cents, on revenues of 
|3.3bn a year before. 

The growth in earnings from 
continuing operations was 
driven by a 12 per cent rise in 
spending billed to the compa- 
nds cards to $34.6bn. The total 
number of cai^ was 5 per cent 


higher than a year before. 

Card fees fell sli^tly to 
$43lm, reflecting comp^tion 
between issuers, but revenues 
from fees charged to mer- 
chants, which have been under 
pressure In recent periods, rose 
9 per cent to $S83m. 

American Express also 
reported continued profit 
growth at Us IDS’ Financial 
Services subsidiafy, up 21 per 
cent to S109 ul 

For toe first six mmth-e , niet 
income was $7l0m against 
$^9m the year before. 


By Prank McGiirty 
in New York 

Pilots at USAir, the sixth- 
laigest earlier in the US, have 
offteed to make $75(kn in pay- 
roll concessioiis over five years 
in gTfthanga for an equity poa- 
tion in the airline. 

The proposal submitted by 
the Air Lines Pilots Associa- 
tion, was a response to USAir's 
call for $lbn In overall cost 
reductions by 1997. 

The initial reaction by 
USAir, in which British Alr- 


was positive. The auiine said it 
was “pleased” the pilots 
“reeogidsed the need to move 
forward and was bK&to fo^ 
ward to discusshms” over the 
union's ideas. 

Further talks betareen the 
two sdes to not been sched- 
uled. however. 

The devetigiiDent comes just 
two weeks after sbarebobfers 
of UAL, parent of Uid^ ildr- 
lines, approved a plan giving 
its empl^ees a 55 per cent 
stake in the carrier in 


exchange for pay cuts and 
changes in work rules. 

The offte by USAir's pito 
envisages a 'Yestnicturlng” of 
the carrier's financial oUiga- 
tions, and a “substantial” 
influx of fin^ capitsL 

In return to average a n nual 
pay redurtions of $lS0m, ^ 
pifote are seekto “substantial 
investment returns througb 
equity, pr^r^ stock a^ 
pmfft sharing*. The unkHi said 
it would complete tbe details d 
Its proposal this week, and 
present tbem “shortly”. 







Depth 


‘'When voLir roots 
iire deej) in local 
niarkcls. voii’re in 
the niitldle ol eveiy 
imporlant flow. \ou 
see o{)})orlnnities 
otlieis inav miss. 
Thafs why im estors 
call ns — we trade 
ideas, not jiisl bonds.” 




J.R Morgan Securities 
offers investors what few 
other firms can: An active 
presence in 12 major 
centers around the world. 
Market-making leadership 
in virtually every U.S. and 
international fixed income 
asset class. And a world- 
wide team of nearly 1,000 
analysts, marketers, and 
traders who combine local 
intelligence and globai 
performance to give clients 
solutions of unusual depth. 












v’.ifc- '.VO. . 






■i. 







‘K 






Fbnd hKonw tiwfiiv IkHNv IBaa 


JP Morgan 





18 


FINANCIAL TIMES WEDNESDAY JULY 27 1994 


★ 

INTERNATIONAL CAPITAL MARKETS 


Short-dated Treasuries steady ahead of auction 


Regulators given 
guidance on risk 


By Frank MeGurty in New York 
and Conner Middehnann 
n London 

Shortdated US Treasury bcaids 
held steady in very lifjit trad- 
ing yesterday morning as trad- 
ers awaited the r^ults of an 
afternoon simply auction. The 
long end gave most of the 
previous session’s gains. 

By midday, the benchmariL 
3&-year government bond was 
|[ lower at witb the yield 
rising to 7.546 per cent. At the 
Short end. the tworyear note 
was unchanged at 9^. to yield 
6.101 per cent 

Tile uncertainty surrounding 
the Treaktry’s sale of S17.25bn 
in new two-year notes kept 
activity across the board to a 
mfnirniim. The prospects for a 
smooth sale were complicated 
by the threat of an iwiminfln^ 


Kleinwort to 
double size of 
China fund 

By Antonia Sharpe 

Eleinwort Benson is seeking to 
double the size of its C hina 
investment and development 
fund to gl2(kn throu^ a p1^ 
ing of new shares and war- 
rants. 

The subscription period for 
the new shares, hlmly to be 
priced at a small premium to 
the $10.50 issue price of the old 
shai^. will close in early Octo- 
ber. The fund plans to pay Its 
maiden dividend next year. 

Existing shareholders will 
not have pre-emptive ri^ts in 
respect of the placing, but they 
will be rewarded with one 
warrant for every five shares 
they hold. By contrast, new 
sutecribers will have to pay for 
the warrants. 

The fund, which was 
launched two years ago, h^ 
now invested $54.6m in 10 
unlisted Chinese companies. 


move by Che Federal Reserve 
to boost short-tenn rates. Some 
traders said tte issue would 
not prove attractive unless it 
was awarded a 6.25 per cent 
yield, well above current lev- 
els. 


GOVERNMENT 

BONDS 


Most of the action was con- 
centrated on the lot% end of 
the maturity range, where 
traders unwound curvnflatten 
ing positions set on Monday. A 
flurry of trading was expected 
at the short end once the nuu^ 
ket had an idea of the level of 
rtcmaiid that would suiface in 
the auctioiL 

The day’s economic news 
had no discernible impact, 
although it provided further 


By Antonia Sharpe 

The European Community had 
the eurobond market to Itself 
yesterday for the launch of its 
widely-expected Ecu-denomi- 
nated offering of seven-year 
bonds, although the amount 
raised, Ecu220m, was below 
mmectations of EcuSOOm. 


INTERNATIONAL 

BONDS 


Proceeds are expected to be 
on-lent to countries in eastern 
Europe and northern Africa. It 
is believed that the issue’s 
smaller than expected size 
resulted fix>m the failure of one 
of the loan beneficiaries to 
complete the paperwork in 
time. However, syndicate man- 
agers expect the issue to be 
increased to EcuSOOm later. 

An EC official sa^ competi- 
tion to arran^ tte deal had 
been fierce, with 10 houses bid- 
ding for the mandate. How- 


support for a scenario triiich 
sees the Fed delaying its nest 
move to ti^iter credit. 

The Coifference Board, an 
industry group, said Its July 
index of consumer confidence 
was 9lA a decline on June’s 
92,5. However, analysts had 
pr^icted a redaction. 

After the two-year auctim, 
the market was £acii% the sale 
of $llbn in five-year notes this 
afternoon. 

B European government bonds 
ended yesterday’s session 
slightly weaker, ^ghed down 
by the prospect of new supply 
in several markets and fay the 
sof^ tone in the US. 

Once again, most of the 
activity took place in the 
futures pits, vnth many play- 
ers away on their summer holi- 
day, futures volume has 


ever, since the EC wanted to 
tafcp advantage of strong retail 
demand, which has been 
faring by high redemptions of 
Ecu bonds this year and the 
Ecu's good performance 
recently, it decid^ not to pick 
the most aggressive bid. 

The <^ial said oteer factors 
had been taken into conside^ 
ation, such as the lead manag- 
ers’ laige retail networks in 
continental Europe and their 
commitment to the secondary 
market in Ecu bonds. It was 
not the time to experiment 
with new people,” he said. 

As the bonds were 

priced to yield well below the 
the French government’s Ecu 
bonds, at 11 basis points 
throi^ the interpolated yield 
curve. The pridx^ dolled the 
bonds’ app^ to institutions 
but the current coupon of 7!4 
per cent and the short payment 
date were clearly desig]^ to 
attract retail investors. 

According to joint lead man- 
ager SBC, Ecu9.Sbn worth of 


shrank significantly, which 
maang that even fairly small 
transactions can sometimes 
move prices substantially. 

B Italian bonds posted the 
sharpest losses of the day, 
plagued by worries that the 
judicial investigation into 
Prime Muiister Silvio Berlus- 
coni's holding company Fin- 
invest could tri^r another 
political crisis. 

Political jitters triggered a 
sharp slide in the futures mar- 
ket towards the dose. In afts - 
hours trading on Lifie. the Sep- 
tember BTP future was down 
about 1.38 points at 102.60. 

Further weighing on the 
market's mood is the prospect 
of L7,000bn of new supply late 
this week and next Monday. 

“The total amount sounds 
relatively small, but there are 


bonds have been redeemed so 
far this year but there has only 
been E(m4bn of new issuance. 
A farther Ecu5tm te experted 
to be redeemed by the end of 
the year. 

In addition, the Ecu has been 
performing well agaiost other 
Bmopean currendes, Tdlecting 
a resurgence in belief among 
investors that the core Euro- 


no bonds maturing,” so the 
authorities need to raise new 
money, said Mr Jouni Kokko, 
international economist at SG 
Warburg Securities. 

a UK gilts shed nearly half a 
point, welded down by the lat- 
est CBl report ^showing manu- 
facturing output growing rap- 
idly), selling ahead of today’s 
gilt auction and weaker conti- 
nental European nmrkets. 

The Bank of England today 
is due to issue £2bn of 6.2S per 
cent gilts due 2010 - the first 
time since January that it is 
issuing a long-dated conven- 
tional stock. 

While there was not much 
evidence of strong retail inter- 
est, some traders said they 
expected demand from UK 
funds with long-dated liabili- 
ties and some overseas inves- 


pean states will not give up on 
monetary union and the single 
currency. In the past week 
alone, tlm yield between 
five-year French government 
Ecu notes and five-year TTeu- 
hand D-Mark notes has nar- 
rowed from 118 basis points to 
102 basis points. 

Elsevdiere, favourable swap 
opportunities prompted a 


tors seeking exposure to ster 
ling assets as tlte currency has 
stabilised at a lower level. 

■ German bunds ended 
slightly weaker on thin volume 
as traders awaited tKslay*s auc- 
tion of 6.25 per cent five-year 
notes for the TVeuhandanstalt, 
Germany’s privatisation 
agency. 

Traders reported scant retail 
demand for the deal, vdiich is 
expected to total around 
DM4bn-5bn. The September 
bund future on Uffe sfipi^ by 
0.25 points to 93.69. 

B French bonds again slightly 
outoeriOrmed Germany as for- 
eign bnyi!^ continue espe- 
cU^ in the futures pits. The 
September notional govern- 
ment oontzact on Matif rose by 
0.16 points to 117.78. 


flurry of Swiss franc issues, 
with BNG raisli^ SFr250m 
throi^ an offering of four- 
year bonds and Sweden 
launchiig a SFrlSOm five-year 
issue. 

• Portugal has signed a $2bn 
global multi-currency medium- 
term note programme. Lehman 
Brothers acted as global 
arranger. 


The Basle committee 
guidelines on managing risk in 
derivatives - issued yesterday 
to banking supervisors - 
umphnsififl that deolets should 
be guided by written policy 
dements laying out how 
mudi risk banks’ directors will 
tolerate. 

They say that bank boards 
should be infonned regularly 
of the risk exposure of their 
institution, aM re-evaluate 
their risk management policies 
consistently. They say boards 
must also ensure clear Unas of 
managenmt responsibility. 

Those dealing foreign 
exchange, derivatives and 
other traded instruments 
should be able to their 
positions to market prices at 
least ddiy, while aune bigger 
ins^tions shwld be able to 
do so in real-time. 

The Basle guidelines say 
banks should emphasise 
strmidy assessments of eiedit 
risk to companies to which 
th^ are sdUng complex and 
over-the-counter derivative 
products sudi as swaps, whidi 
may carry exposures for sev- 
eral years. 

They s^ the heavy use of 
computerised systems in the 
ttaffing of derivatives means 
banks must maJee contingency 
plans for Interruptiras to nor- 
mal processing. Regular 
reviews of tedmical equi^nent 
may tarip reduce risks. 

The Basle guidelines say that 
banks should review the le^ 
structure of the countries in 
which they are operating 
before entering derivatives 
transactions, to make sure 
their customers' obligations 
can be l^ally enforced. 

Guidelines issued simulta- 
neously by the technical com- 
mittee of the International 
Organisation of Securities 
Commissions say evolving 
tedmolcgy pereoits ’’tiie engi- 
neering of inwiftflaln gT y com- 
plex ffnanriai instruments”. 


Iosco says this also allows 
market participants to unbun- 
dle different forms of risk. The 
products "have risk profiles 
that are more difficult to ana- 
lyse than simpler, one-dimen- 
sional financial products”. 

Iosco’s guidelines say there 
are some differences in per- 
spective with the Basle giiUte- 
lines because of traditum^ di^ 
ferenoes of supervisory style, 
but both banks and seeurittes 
regulators believe in strong 
management controls. 

The Iosco guidelines say: 

• The framework of risk man- 
agement polides ov e rs e en by 
boards directors should spe- 
cifically cover derivatives 
activity, estaMish responsibR- 
ity for its implexnentatiOR and 
provide for accurate and timely 
manageaient reporting. 

• The speed of evolution and 
complexity of derivatives prod- 
ucts means firms should 
devote “adequate resources” to 
all aspects of risk management 
eontr^ including back office 
systems, aceounti^ and supe^ 
vision. 

• Firms should use risk reduc- 
tion techniques, such as mas- 
ter agreanents, netting expo- 
sures, collateralising 
transaetiOQs and tturd ps^ 
credit enhancement including 
letters of credit and guaran- 
tees. 

• Finns should - both on an 
mitity and group basis - be 
able to make accurate risk val- 
uations daily and to identity 
coneentiations of risks. Eiqio- 
sures may be netted providing 
netting arrangements are 
enforceable. 

• Management controls 
should provide for independent 
credit maxugement at the 
firm. This would set measure- 
ment standards and credit lim- 
its, and review leverage, con- 
centration and risk reduction 
measures. 

John Capper 


European Community limits issue to £cu220] 


NEW INTERNATIONAL BOND ISSUES 


Ametml 

Goupea 

Prtee 

Mebatty 

taae 

Spread . 

Book rvonsr 

Doiiuwei 

YEN 

RL 

% 



% 

fep 


New South Walea Tie 3 S.CaGL (4 iQOh 

& 1 S 

70020 

Feb .1997 

015 


NemuR hitomeHenal 

ecus 

Gwopaan Community 

2 » 

705 

99 . 31 R 

AugSOOl 

O 30 R 

•11 W 

Swfaa Bank Oetp. 

AUSTRALIAN DOUARS 
OiwandWifl Tieeswy Ccap.* 

too 

4.509 

90658 

Aiig .1997 

1 J 7 S 

* 

Nomira IntomaflOnal 

SWISS FRANCS 
BNG 

250 

5.00 

102.00 

Sep .1996 

1 . 7 S 


CndRSUsae 

IGfigdom of Sweden 

150 

8125 

10825 

Sdp -1999 

- 


Owtos Bonk Cap. 

LUXBOOURQ HIANCS 
ING Bank 

24 bn 

800 

102.40 

SdpOQM 

240 

• 

BGL 

HnM tamw and non-canahiB unleaa ataiea. The yield spread (over relevart gouanmani beneQ at kaaieh to aiciplad by the Md 
manager. MMatad. tSwni-annuai eoupoa ft 5 xed ra-oOer pitoa; toes an Mtown at toe iMDar laveL a Short 1 st c« 8 Mn. M Spread 

iMotea to Werpolated yield on French ( 3 ovt Ecu benda- 







1 WORLD BOND PmCES 1 

BENCHMARK GOVERNMENT BONDS 

Rad Day’s Week Mordh 

CoupMi Dau Prtee (donga Yiekt ago ago 

Italy 

■ ND1KMAL ITAUAN GOVT. BOND fBTP) FUTUIES 
OJPF^ Um 200m 1000B of 10095 

FT^CTUARIES FIXED INTEREST BIDICES 

Price Indicas 1116 Day’s MOn Acetued 

UK(»ta Jd26 change K Jd 25 biteteal 

xd a4 
ytd 

—'Low coupon ytaU— -Merttom coupon yloM •> •» Mgti coupon ytoH[~ 
Jul26 JUI2S Yr.ago Jui26 Jid25 Yr. ago .lul26 M2S Yr. ago 


Australia 

9400 

09(04 

985200 

■HLaiO 

944 

943 

876 

Bel^um 

74S0 

04(04 

980500 

4OJ210 

7.84 

7.79 

740 

Canada * 

8500 

OBIOS 

82.4000 

-0400 

948 

846 

947 

Dwimaric 

7400 

12/04 

94.0000 

+0480 

746 

749 

822 

Fiance BTAN 

8000 

05/08 

1044000 

-0.130 

842 

646 

648 

OAT 

5400 

04A)4 

883000 

-0.160 

7.S1 

740 

748 

Qewnany Bund 

8750 

05A)4 

99.7300 

-0470 

6.78 

872 

896 

Maly 

8600 

01(04 

880000 

-1.000 10i64t 

18Z7 

1023 

Japan No 119 

4.800 

06^ 

1044530 

-0480 

348 

347 

347 


8100 


980700 

-0490 

449 

440 

424 

Netherlands 

8750 

01(04 

924600 

-8140 

887 

876 

7.04 

Spato 


05(04 

887000 

-8050 

1038 

1826 

1850 

UK Gib 

6400 

oa«9 

92-00 

-4/32 

746 

7.78 

836 


8750 

11(04 

98-13 

-12/32 

823 

813 

8S0 


9.00C 

1(V08 

105-01 

-12/32 

848 

827 

856 

USTraasiay* 

7J250 

0504 

99-28 

-2/32 

747 

7.15 

726 


8250 

OBffia 

64-24 

-802 

745 

7.48 

744 

ecu (French Govt) 

8000 

04A34 

887300 

-8380 

7.68 

7.65 

7.87 


unSaidaana*NwY«kiii«<dqr VWdK Lose mMM iiMdnt 

t QoN fndudns wIMMUm tm ai p« go< pa yahl> ngnvAfcma) 

Mme U 8 . UK In 3 Mi. ottMS h daetnri 4 owDn;MMSMMM 0 bntf 

US INTCIIEST RATES 


Undtioia 



TMasuy Bis and Bond VIeUs 








Mnsbli 

4& 

IWeweali 

454 

Tlawiew 

8A2 

Fadiksda 

FeUkadS 0 Mlamadhm. 

Shmonli 

Oaaiear 

Sun 

&S3 

ilHav 

SOfav 

727 

725 


Open Settprica Change Kigh Low EsL W3l Open inL 
Sep 103.75 102.68 >1.30 10306 10235 37088 77238 

Dec - 10138 -1.20 - - 0 146 


■ ITACMW eOVT. BOND fgn»} RJTUBE3 OPnOMS (UFFg UraapOm lOQBieof 100% 


Strtto 

Price 

Sre> 

• CMXS 

Dec 

Sep 

- PUTS 

Dec 

10250 

149 

249 

141 

3L41 

10300 

1.45 

248 

1.77 

870 

10350 

120 

818 

242 

440 


Eit voL talel, Cdb 992 Ma 1198 Rn>teu dair^ open Ml, (Mb 36 QBS 32099 


Spain 

a WOTIOWAtSPAieSHBOWORITURESIMffF) 

Open Senprica Change Hgh Low Eat voL Open int 
Sep 9077 9076 40.0« 909$ 9059 29^93 102,571 

Oae 9000 - - - - 610 


UK 

■ WOnONAi. UK qa.TFUWJHB8afFBr 00.000 mnOa of 100% 


1 

Up to 5 yeara ( 2 ^ 

18 U 7 

•HUM 

101.93 

1:42 

641 

6 ym 

801 

841 

885 

822 

022 

742 

829 

828 

722 

2 

5-15 yearn ( 22 ) 

141.95 

-810 

14249 

1.93 

746 

15 yre 

826 

826 

7.79 

838 

846 

741 

866 

889 

816 

3 

Over 15 yews (9 

1 S 802 

-811 

15820 

128 

811 

20 yn 

826 

826 

7 .S 1 

838 

836 

747 

864 

860 

818 

4 

Inedeepabies (Q 

16143 

•*866 

180.43 

224 

748 

imcLt 

833 

848 

803 







5 

AH stocks ( 61 ) 

13846 

-805 

13922 

146 

7.48 


- 

— bdlaW 

Ml 6 K— • 

•Am 

M, 

-britaSo 

n «m 

WH 8 M* 



IndMUWwd 38 Jm 2S W. apo Jul 36 Jul 25 VIr. ago 


6 

up to 5 years (9 

18723 

-0L01 

18725 

149 

243 

UptaSym 

347 

346 

888 

240 

248 

807 

7 

a 

Over 5 years (11) 
AH stocksOS) 

172.14 

17242 

-045 

-045 

17823 

17240 

893 

043 

325 

816 

OverSyra 

888 

346 

344 

347 

346 

826 


--^SyHryMd--— — • 18 year yWd — - 25 yoor ylald — — 

Dabentuws Md toana JJ26 Jrf2 SYr. agoJ(926 JiiasYIr. agoJulM JuiaSYT. sgo 

9 0eba&<joana(7q 131.15 4027 13000 2.91 5.87 947 949 6.58 944 9J8 &80 940 9.33 099 

dnewaa own mdampoan ybUl an elwwi above. Coitpan BHndK Low OM-TWIk Modwic 8%-iOH%: Ndc 11H and OMC. t F%t iM. ytd Vbw w doe. 


FT FIXED INTEREST INDICES QILT EDQED ACTWriY INDICES 



Jidy26July25Jidy22Jidy21Jidy20Yi-ago 

Mrfi* 

Low* 


Jidy2S 

July 22 

Jdy2i 

JUvBO 

July 19 

GevL Sacs. (Uq 
Aad tntoieat 

9322 93.17 9343 9345 93.71 9744 

11147 11144 111.73 111.75 11807 11744 

10744 

13347 

9049 

10743 

GR Edged bwgMns 
S<da)r aearage 

894 

111.1 

904 

1183 

1144 

127.6 

1381 

1294 

1284 

1274 


-taria9(.Go««nnMntSaaaiifNMgiPMecanpMlM 187.40 yiaq. lew 4818 CVi/ra. WWM^a*wa e anp f plai i. 18857 gl/UB9 . low 9053 pfWTU . 6adb KXfc O ova m iwnt B iaw il lei iVltf 
89 nwd Inlwaai 1098 SE wiHiib ktdea rebaaad 1074 


BOND FUTURES AND OPTIONS 


Open Sattprice Change High Low EaL vol Open int 
Sep 10345 10240 -0-12 103-17 102-28 48666 117061 

Dec 102-04 -0-12 - 0 1408 


FT/ISMA fWERMATlONAL BOND SERVICE 


France 


laiBd aa t» Waal Mamaiand bonda kr wMeti tan ia nadeqiflli aaconWy RWtat LaM prieaa ainn pm on J4 p 56 


■ HOTOWALFUENCHBOIIOHJTUHESNA'TIF) 



0P«n 

Settprica 

(Change 

Mgh 

Ipw 

EG. VoL 

Open Int 

S«p 

117.72 

117.78 

•lOLie 

117.82 

117.16 

151415 

124411 

Dee 

11840 

11890 

•*812 

11890 

11646 

3492 

14475 

Mar 

11820 

11640 

•*812 

11620 

11648 

660 

8863 


m LOHQTamRREHCH BOND OWIQIilS (MATIF) 


Strtia 

mee 

Aug 

— CALLS - 
S«P 

Dec 

Aug 

■“ PUTS — 
Sep 

Dae 

115 

. 

. 

. 

. 

843 

. 

118 


. 

240 

804 

888 

145 

117 

. 

1.61 

810 

022 

885 

■ 

118 

044 

140 

147 

880 

148 

- 

119 

046 

048 

- 

- 

1.92 

■ 


&L veL HML » 88909 Pub 43,803 . Awtoua opwi kt, CaBa 373.496 Pwa 308081 . 


fl enn an y 

■ HOWOHAL OERMAW eUI« RflUHBS HUFFg* DM8SQ.000 lOOtha 0< 100% 

Open Saitpriea Change High Law Em. vol Open ta. 
Sap 93.94 8867 -027 94.01 9346 93965 166718 

Dee 9822 9803 -027 9322 9810 419 14140 

■ euwD RiTupes options (uff^ DM250400 p*w q< lOon 


SMca — — CMXS ■ PUTS 


Rrice 

Sap 

Oct 

Nov 

Dec 

Sep 

Oct 

Nov 

Dee 

9860 

891 

890 

1.18 

120 

874 

147 

145 

1.73 

9400 

044 

0.70 

047 

143 

047 

147 

144 

800 

9460 

0.43 

042 

879 

ntto 

126 

149 

226 

829 


at vol toU. CMi 8143 Ma ftwlaua da/a cpwi bt, GMa SOOiao Ma 800807 

■ NOTIONAL MHNUM 1BNN GERMAN GOVT. BO» 

(BQeUOJFFEr DM250400 lOOths of 100% 

Open Settprtea Change Hl^ Low Gat vol Open biL 
Sdp 9841 -a07 - • 0 76 


■ LONG OLT nmJHBS OPTWIIS (UFF 9 250,000 e 4 tt» o« 100 % 


Strike 

race 

Sep 

, CALLS 

Dec 

Sep 

• PUTS 

Dec 

108 

1-61 

3^n 

1-01 

2-57 

108 

1-24 

2-35 

1*28 

3-27 

104 

0-60 

2 -oe 

240 

4-01 


Eat vOL taU, Coia lOtll PUa 990i. FMaua dwb apwi Mh CMa 67987 Piaa 99999 


Ecu 

■ ecu BOND RmwesoMAnq 

Op«n SettprtM Chaige High Low EaL vol. Open InL 
Sep 6540 8848 -042 8540 8800 929 7438 

Dec 85.04 -042 .... 


US 

■ US TREASURV BOND H/TURBS pen $100400 52ndi of 100% 



Open 

Latest 

Chaigs 

High 

UM 

EaL voL 

Opwi toL 

Sep 

103-03 

102-S 

-0-12 

103-04 

102-20 

179u428 

339234 

Dec 

102-06 

101-29 

-0-12 

102-06 

101-28 

537 

60499 

Mar 

101-13 

101-06 

-80S 

101-13 

101-08 

2 

4266 


Japan 

a NOTIONAL LONG TERM JAMICSE GOVT. BOND RITUReS 

tUFFg Yioom lOOlhe of 1Q0% 

Open Cloea Chwiga High bow BO. vgl Open bit 
Sep 1032S - 10848 10824 1887 0 

Dee 10335 - 10350 10335 156 0 

’ LPFE coneecia haded « APT. Al Opan Mweai 9gi. ana <er piavtoM ^ 


1 UK GILTS. PRICES | 

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FINANCIAL TIMES WEDNESDAY JULY 37 t994 


19 



FINANCIAL IZVESTIA 

TALKS BUSINESS TO 300,000 INFLUENTIAL 

RUSSIANS EVERY THURSDAY. 

Financial Izvestia is an 8-page weekly business newspaper 
produced by the Financial Times in partnership with Izvestia, Russia’s 
leading independent daily. 

Printed on the FT’s distinctive pink paper, it accompanies 
Izvestia every Thursday. 

Drawing on the huge editorial network of both newspapers, 
it brings up to the minute, accurate, national and international news to 
300,000 decision makers in Russia. News from around the world that 
impacts upon the Russian market, making Financial Izvestia an 
essential and unique business tool for those shaping the new Russia. 

To find out more about advertising to these influential people 
call Ruth Swanston at the Financial Times in London on 44 71 873 4263 
(fax 44 71 873 3428), Stephen Dunbar-Johnson in New York 
on 1 212 752 4500, Dominic Good in Paris on 33 1 42 97 06 21, 

Sarah Pakenham- Walsh in Hong Kong on 852 868 2863. 

FINANCIAL TIMES 

LONDON ' PAMS FAANKFUKT - HVH YOKK • TOKTO 



20 


FINANCIAJL TIMES WEDNESDAY JULY 27 1994 


COMPANY NEWS: UK 


Property disposals help 
Allied Textile rise 28% 


By Tim Burt 

Allied Textile Companies, one 
of Britain's leading fidnlc and 
fibre rnaoufiacturers. yesterday 
higbB^ted improving sales 
and profits on property di^KS- 
als as the main factors huhind 
a 28 per cent increase in half- 
year profits. 

TI)e Yorkshire-based group 
defi» tou^ trading conditions 
in tbs six months to March 31 
by increasing pre-tax profits 
£i^ £5.3m to £6.8m on turn- 
over of £69.lm (£6LSm). 

The improvement was under- 
pinned by profits from finan- 
cial activities, which more 
than doubled to f23m (El.lml 
following the disposal of a for- 
mer min at Huddersfield. 

Operating profits in the core 
textile businesses rose by a 
more modest 7 per cent to 
£4.Sni (£4.2m), but Mr Peter 
Honeysett, chairman, said it 
represented "very satis&ctm? 
pix^ p e ss in the face of fitful 
tra^ng conditions*'. 


That progress was domi- 
nated by steady profits in the 
where there was a first- 
time contribution from Coat- 
ings Applications, tbe Lanca- 
shire-based fabric treatment 
business acquired last October 
for £8.5m. 

In continental Europe, how- 
ever, an improved performance 
at Allied Te^e Kance SARL 
- the group's French subsid- 
iary - was undermined by 
niojie than £2.5m in start up 
costs and depiedatian charges 
on a new n^dle punch carpet 
line at TapibeU the Belgian car- 
pet manufacturer. 

Allied’s recent acquisitions 
in North America, where it 
established a Fnntho ld earher 
this year with the £29.3m pu^ 
chase of Cleyn & Tinker and 
Carleton, did not impact on the 
half-year figures. 

"They have both made a 
good stmt and are operating in 
line with our best expecta- 
tions," said Mr Honeysett 

Raming g p0T Share OUt 


Shandwick ahead 
by 42% to £2.47m 


^ Clare Gascoigne 

Pre-tax profits at Shandwick. 
the public rdaiions company, 
rose by 42 per cent from £1.73m 
to £2A7m in tbe six months to 
the end of Ainil, despite a 2 per 
cent fall in turnover to £78.7m, 
against £80.2m. 

Blr Peter Cummer, cbair- 
msn, said: "The slow start in 
North America initially held 
back both operating income 
and profits, but towards the 
end ^ the half year there was 
a significant upturn in trading 
in the region." 

North America accounts far 
more than half of Shandwick*s 
worldwide business, and mar- 
gins fan fiom 19.2 per cent ‘to 
13.9 per cent because of new 
business e^ienses. 

"Ground lost in the early 
tnnnfhs iu Noith America has 
been recovered and subsequent 


trading results are well ahead 
of the conmarable period last 
year.” said Mr Cummer. 

New business levels were 
"eocouragd^'. he added. 

Shandwick. which raised 
£18Jm with a ri^its issue in 
March, said £l6.9m of this 
would be used to reduce hanir 
boiTowings. 

Net debt stood at £6B.2m at 
April 30. up £L9m on the previ- 
ous year. 

Earn-out payments, a ba^- 
over from a string of acquisi- 
tions in the late 1980s, are esti- 
mated at £llm for the year to 
end-October. of which £1.7m 
has been paid. Eam^ pay- 
ments far the next two years 
are estimated at £-SiS tii all 
earn-outs end in 1996. 

Earnings per share were 
maintained at 1.7p, and an 
interim dividend of 0.4% (nil) 
is declared. 


Approval for £9.8m 
Everton rescue plan 


By Peter John 

Shareholders of Everton 
football club sresterday gave 
tbedr approval to a £9.79m res- 
cue package by businessman 
Mr Peter Johnson. 

The extraordinary meeting 
held at the club’s Goodison 
Paris ground started at the tra- 
ditional football kick-off time - 
SJMpnL 

But it took less than tiie cus- 
tomary 90 minutes to vote in 
favour of the 1-for-l rights 
issue that is expected to give 
Mr Johnson, rhairman of Pali 
Food, the Christmas hamper 
conqiany, the 
delivery group, control of the 
Iterseykde club. 

In anticipation, the Everton 
directors met after the EGM 
and elected sir Johnson as 
their new chairman. 

Shareholders, many of whom 
had inherited one or two of the 
2.500 shares first issued in 1392 
and kept them more out of loy- 
alty to the cliU) than personal 
investment, voted Mr Jifanson 
on to tbe board. 

The former chairman of 
Tranmere Rovers, a rival Mer- 
seyside club, needed 75 per 


cent support for the ti^ts 
issue motion and received 
about 1,660 of the 1,680 votes 
cast Mr Owen Jones, a fanner 
director of BICC, the cables 
group, who has a share in the 
dub — n^flr e has been a 

terrible dullness about Everton 
over tbe past few years." 

The ca^ can has been priced 
at £4,000 a share - signifi^tly 
higher than the underlying 
price of about f2.750, Althou^ 
existing holders have three 
weeks to take up the ri^ts it 
is expected that none wQl do so 
and Mr Johnson win get 50 per 
cent of the equity. 


at I5.37p (12.S7P) and an 
increased interim dividend of 
4.% (4u6p) is declared. 

• COMHEKT 

Vfith textile demand is Britain 
showing little sign of rapid 
recove^. the timing of Allied's 
eqiansioQ into North America 
is looking increasing shrewd. 
Carleton and Clesm & Tinker 
are expected to make useful 
second-half contributions, 
which could offset any further 
downturn at home, (grating 
pr ofits may also be enhanced 
by improved productivity at 
l^pibel, which supplies the 
lucrative German market 
However, there are tmllkely to 
be farther gains on property 
anrf analysts have 
left their forecasts far fall-year 
pre-tax profits unchanged at 
£17.Sm. The shares, which 
closed down 2p at 5^ look 
stilly over-priced on a fete- 
ward multiple of 14A. the 
uncertainties over domestic 
growth. 

Expansion at 
Filofax with 
£5.3m purchase 
of Henry Ling 

By Tim Burt 

Filofax Groiqi, tbe USH-^noted 
personal organiser concern, 
yesterday announced an 
expansion into the greetings 
ca^ business irith the £5.3m 
acqnisitioii of Henry Ling, the 
privately-owned stationery 
company. 

Filofax. which has embarked 
on an aggressive acqnisitloa 
strata In the past 12 moatbs. 
Is fandJng tbe transaction by 
rai^g £3.8m from a vaidor 
placing of 2m new ordinary 
shares at 19%. 

It has also agreed to issue 
764,185 shares to Ling’s direo- 
tors, who wUl remain in place, 
and has set aside a forti^ 
£100,000 to cover share 
%tions hdd by its employ ees . 

The move follows two 
months of talks with the Kent- 
based group, which has speci- 
alised In fine art greeting 
cards since tbe early 1970s. 

Hr Bobtn Field, FBofaz chief 
executive, said tbe two conqn- 
nies served common customers 
and could establish a strong 
presence among retailers such 
as WH Smith and Syman. 

“Greeting cards are tbe larg- 
est and still one of tbe fastest 
growing cat^ories in tbe per- 
sonal stationery market, and 
Lings is tme (rf the most active 
competitors with a brand 
name that is very widely 
recognised and well 
respected,” he said. 

In tbe year to March 81, 
Lings made profits bdbre tax 
and interest of £750,000 on 
turnover of £5.8m. 

FQofax shares dosed iqi 4p 
at 198p. Dealings in the 
silarged group are expected to 
begin on July 29. 


Looking at life in Europe: for and against 

Alison Smith and Richard Lapper on a policy split in the UK insurance industry 

I t is not just Britain's Con- raimmum rates fai srasiums 
servative party that is %lit or orntrol the wordmg of poli- f 
on Europe. The UK life des. I 


Cantab signs Stanford deal 


By Daniel Green 

Cantab Pharmaceuticals, the 
biotechnology company, has 
signed an agreement with Cal- 
ifornia’s Stanford University 
that gives it an option to 
acquire exclusive ri^ts to a 
family of patent applications 
covering inventions by Stan- 
ford's researchers. 

The two anil also collaborate 


on research into antniwmiTnp 
and Innammatory diseases 
such as rbeumatoid arthritis 
and uteecative colitis. 

The deal sign^ Cantab’s 
entry into autoimmune and 
inflammatory areas. 

The woih is still at the 
research stage. Any product it 
isolated would bave to go 
through years of riinit-a] t Tials 
before reaching the market. 



FINANCLAX TIMES I 

^OHPO.1 • -wwia • FRwwKfuwr . .i,i» tctw, ■ tokvo B 

IWANAGEMENT REPORTS 


AUTHORITATIVE 

MARKET 

REPORTS 

AccoimlaiK'N • Aulonioli' c 
• ILinkitJ” A l iiKincf * l-ner”> 

- En\ ironment * Insurance * Media - 
I'harniaceulicaE • Properu • 
releciinimunica t i(Ui> and 1 el 


FOR FXJ RTKUER 

-1-44 <0)TX 814 9770 

OR Fj%X 

+44 (0> 71 814 ^778 



I t is not just Britain's Con- 
servative party that is %lit 
on Europe. The UK Ufa 
insurance industry is similarly 
divided into Euit^tbrisiasts 
and Euro-sceptics over the 
immediate importance of the 
Eur%am market 
Pe^ps the most prominent 
Enro-sceptic - the Lady 
Thatcher figure of the busi- 
ness, so to speak - is Pruden- 
tial Corporation, the UK's larg- 
est life inscref. 

When announcing its new 
business figures for the first 
half of the yter, Prr^ntial put 
great emphasis on ite raphCy 
gnnring presence m the Asia 
Pacific markets. maria only 
a cursory mention of a decline 
in annual premium contracts 
in Italy. 

Mr Mick Newmarcb, chief 
executive, believes there wiU 
not be a pan-European medium 
anri long-term savings market 
unto after 2000. He e.Tprpssps 
far greater enthusiasiD about 
opportimities tn east Asia, and 
in FThina fa particular. 

However, a few UK life insur- 
tts, such as Scottish Amicable 
and Equitable life, have 

airpariy details of hoW 

they to rake advanta^ 
of ^ new freedoms they have 
been given by the third life 
directive, and others have ini- 
tiatives planned for the 
autumn. 

The third life directive, 
iriiich came into effect at the 
start of this month, frees the 
crossborder activities of Euro- 
pean life onnpanies by allow- 
them to market products 
directly rather than relying on 
cushnners «)ming to them. It 
reins fa the powers of local reg- 
ulators who will no longer set 


Dalepak 
declines to 
£ 514,000 

Dalepak Foods, tbe maker of 
Croxen and el^ed prodiurts, 
recorded a drop in pre-tax prof- 
its from to £514,000 fa 

tbe year to April 30. Turnover 
declined &xnn £42.2m to £369m. 

The dividead is cut from 6p 
to LSp, with a final M Ip. 

The result, which was fore- 
shadowed fa profits wamings, 
stemmed from a fall in the 
main froxen foods division. 
However, directors said that 
measures implemented fallow- 
mg a review of that business 
ensured that the divisian 
returned to pref^ in tbe second 

half 

Earnings per share dropped 
to 3.71p (1%). 

j XT increases stake 
I in Dale to 9^% 

, TT Group, tbe expanding 
conglomerate, yesterday 
announced the purchase of 
SB2.2S3 shares In its latest take- 
over target. Dale Electric, the 
generator manufacturer. 

The shares, bought at TO'Ap 
apiece, lift TTs stake in Dale 
to lJ26m shares, or 5.51 per 

Continental 
Assets beats 
benchmark 

Continental Assets Trust, 
managed by Ivory 6t Stme to 
seek capital growth through a 
portfolio of small Eoropeu 
stocks, reported a mode^ rise 
fa net value during tbe 
six months to Jane 30. 

The undiluted value of 233.4p 
per share represented a gain of 
lA per cent on December's fig- 
ure of 2S9wfa. Diluted fm out- 
standiz^ warrants tbe rise was 
2.1 per cent, from 208.3p to 


mimmum rates fal StfesdlUDS 
or control the wordfag of poli- 
des. 

Rales governing where 
policyholders* funds are 
invested will also be less 
restrictive. 

Unit-linked polides - whidi 
iinif policyholder returns 
directly to investment pnibr- 
mance - will become more 
commozL Prices ghmiM begin 
to level out, fdviiig consumers 
a better deal 

)Mr John Stone, rfminnan c£ 
T.wmhnr ri Tnl^fnaHrmal, a LUX- 

embourg-based European life 
insurance company, sees sig- 
nificant advantages for UK 
companies which have more 
sophisticated products and 
more advanced information 
techziology. 

There are, be believes, par- 
ticular opportunities in mar- 
kets which have traditionally 
offered the narrowest range 
and poorest value products, 
sudi as Germany. 

Lombard is targeting 
affinanf individuals. 

Last year, tiie group, which 
benefits from Luxemboi^s 
highly favourable tax regime, 
earned about 40 per cent of its 
cw>m of pxmnium from 

Germany. Other sales came 
from Belgium, Prance, the UK 
and Swedmi. 

J Rothschild Assurance is 
another on the Eturo-enthusiast 
wing of the UK Ufa fadnstxy. 

fa sfaich. it set up J Roths- 
child International Assurance, 
ighiffh is setidng to eatablish 
links with German regional 
banks. 

Scottish Amicable has also 
announced a new operation, 
approaching the European 
lazidscape in two ways. Its 


cent of the eqniQr capital 

Tak^ in parte deemed to 
be acting in concert and irrevo- 
cable undertakings from dnec- 
tors, TT now controls 944 per 
cent of Dale. 

Third quarter rise at 
Citizens Financial 

Citizens Ffaancial Group, the 
US subsidiary of Royal Bank of 
Scotland, reported net iTimwM* 
eff si 2 Jm (£7Rm) for the third 
quariff to June 30. Compaq 
to $7.2in fin* the cofrespondfag 
period of 1933. 

Three acquisitions in the last 
12 months brou^ total assets 
to SRlbn at the end of the third 
quarter, against $S.3bn. 

Net intnest income fbr the 
quarter was $7Z8m ($43Jhh)be- 
fore provision far credit los^. 
The provisions amounted to 
85.lin, down 5 per cent on the 
comparable £5.40. 

Non-interest inrome for the 
quarter was S3S.2m ($l7Jbn). 
and non-interest expense was 
£70.301 (S44.2ni>. 

Year starts well 
at Carpetright 

Sir Philip Harris. f»-ha^rn>an 
and chief executive of Carpe- 
trigfat, told shaitiiolders at the 
armnai meeting that sales in 
the first 12 we^ of the enr- 



«MyMMNOd 


BCek Newmarcb: enthusiastic about oppo rt uniti es in east Asia 


DubU&based sobsadiaxy is to 
seek business in Europe, ini- 
tially flirraigh capitali^ng on 
its parent’s reputation among 

hnriapanriwifr Bnnitrial adviseiS. 

In a piece of lateral thinking, 
it will also use the different tax 
regimes in the UK and the rest 
of Europe as an opportunity 
to sdl from Dublin fato the 
UK. 

The tax difibrences enable it 
to produce policies at lower 
prices than if it were based fa 
the UK. 

Tbe UK system taxes income 
to policyholders as it builds up 
fa the frmds. 

Most of the rest of Europe 
taxes income when it is wi&- 
drawn from the fund and 
reaches the Individual 


NEWS DIGEST 


rent year were up by about 30 
percent. 

This improvement Sir Philip 
aririflri^ was considered satisfac- 
tory by the board, given the 
weak market for cazpets in the 
UK and the adverse effect of 
the enntiniiiTig hot Weather. 

Seven new sto re s had opened 
in the current year, of 
which were trading success- 
fully. The new openings 
brought the total number of 
niitiinh^ to isg, a further X 
new openings were planned far 
the year. Sir Philip said. 

PSrr buys industrial 
estate for £123m 

PSIT, tbe property company, 
has acquired Hoondmills 
mdustilal estate. Basingstoke, 
Hampshire; from WritiKh Rail 
PensdoD Ftind fbr gig am. 

Tbe she comprises a substan- 
tial office and industrial estate 
of about 420JXX) sq ft let to 13 
different tenants on leases 
with unexpired terms of 
between five and 20 years. 

Cl Group factory 
sale to reduce debt 

CI Groito, tiie Wolveriiaugptoin- 
based engineer, has sold a fac- 
tory and offices fbr £900,000 
and win be relocating its bead 
ofiSce to premises nearby. Pro- 


Des^te Scottish Amieabte’s 
move, many UK lifa wwnpatiiag 
are conscious of the different 
tax regimes as a factor blunt- 
ing tim imme^te impact (ff 
file directive. 

But tik»e is a feeling that 
even if the tax question is 
resolved qufal^, as the Associ- 
ation of Briti^ Insurers has 
been urging, cultnral differ- 
ences win taic^ looser to over- 
come. 

Many Europeans who are 
used to a market of highly r^- 
ulated products may, for exam- 
ple. shy away frnm policies 
which offer th^ greats risks 
as weft as greater returns. 

Mr Detlef Klaus, partner 
with Finanzplan, a Wiesbadmi- 
based network of inter- 


ceeds will be used to repay 
part of the group’s medium- 
term borrowings. 

CI reported increased losses 
to £L53m QSS3SJXO) In the year 
to endJanuaiy, ate selling its 
French subsidiary. Society 
Metellurgiqne de BreriUy. and 
cutting tbe woikfaree by 11 per 
cent to less than 1,000. 

Second quarter rise 
for Marine Midland 

Marim* MWlanri Rank, the US 
subsidiary of HSBC Holdings, 
increased net income by 28 per 
cent firom $45.8m to 357.1m 
tf38fan) in the second quarter 
of 1984. 

Tbe increase meant a 38 per 
cent rise in the first half of the 
year from 379.3m to 31®.7hL 
The bank said the increase 
reflected strong net interest 
income and otiier revenues, 
while operating eiqieDses were 
cut by 8 per cent 

Marks and Spencer 
to expand in Spain 

Ifaiks and Spencer is to invest 
Pta4.34bn (£2l.7m) in tbe 

grpanrinfi of Rg grirffay i?hafrt 

of Spefadi department stores. 

Some PtaSibn will be used 
for a new store fa Valencia and 
Pta840m fbr tbe expansion of 
one of its stores in Madrid. 


INVESTMENT TRUST DIGEST 


212.6p. The benchmark PT-A 
World Index far Europe (exchi- 
ding UK) declined 4.6 per 
CRit during the same period. 

Year-on-year advances were 
23 per cent basic and 21 per 
emit diluted. 

Available reveoue for tiie ax 
months fall from £695.000 to 
£542,000 for eaminga of 2A9p 
<3.2pl per share. 

Rights and Issues 

The split capital Rights and 
Issues Investment TYust saw 
net asset value per capital 
share dip 4A per cent, fr'om 
545.7P to 52L9p, during the six 
Donfas to June 30. 

Directors str e ss e d, however, 


1 DIVIDENDS ANNOUNCED | 



Gprras - 

Total 

Total 

CuTcnl 

Date o( 

panting 

for 

law 

payment 

payment 

cSvidend 

yew 

year 


IMspak Foods _ 
Eurepewi Assets 
Ossred Income - 

M&G Dual 

Mbys 

MuneySmaier _ 
n^da A Issues _ 

ShancMch 

StaQBL-uadt 
Tsmpie Bar Inv _ 


Oet 3 
Sflpt 9 
Auo31 
Aup23 
Gets 

Sept 21 
Sept 30 
Sept 16 
Oct7 
Sept 30 


12.9 

1A 6 

0.16 
8J175 
7094 
6.06 7.01 

437 4,2 

8.7 
nil 
4.1 

1&5S 


dividends shown penes pw share net except where othembe stated. tOn 

PUBLIC WORKS LOAN BOARD RATES 
BTfeetivv Mr as 



that the trust bad outper- 
formed its benchmark - tbe 
FT-SE-A All-Share Index - 
wlndi dropped 13 per cent dur- 
ing the same period. 

They added that the main 
unquoted favestnent - Fbosyn 
- had performed well with 
record pre-tax profits in 
1998 and an intended revalua- 
tion of the trust’s 25 per 
cent stake "may lead to a 
material Increase in asset 
values”. 

Net revenue for the six 
months to end-June edged 
ahead to £139.476 (£136.535). 
The interim dividend per 
income share goes ap to 
2.5p (2.4p): directors exp^ to 
pay a final of not less than 
6.5p. 

M&G Dual 

M&G Dual Trust, a spUt-level 
investment trust, announced 
an increase in asset value of 
capital shares Enm £2,668 to 
£2R14 at the end of the period 
to Jane 30 1994. Rarning <t per 
income share were unchanged 
at 30.58P iriiidi translates into 

Chragf nrpwiliiy Bwdpte 

mNBm EUcntoNic coaroBATiON 

Tbe AgM cTCMMicm 

OepHitarj OpwpMjr N.V. tantjmat ihH 
iboaM Sketabe OapMiin bi dedsed a 
' IZiOiaralwc (IM At, tke ' 

Saaaekl yeai 1993) tiUA «0t be payrik at 
frow Aogaal 4ih, 1994 al (be ofSec at 
Me atfki t i M N.V. lUi dbbMaa, wfckh ha 
baaa eantarlnl iata US dalhn pmaml to 
feerioB 4 «{ ibe Pepoali ApcowcM wtfl be 
waMk to bol^B CDRa apia« Noeider 
of aqflOBJD Itot wiObaMiv 

ax. to (be aOeO Hw pa CDBa 

I (hpariwyShmSlJIUdJlTfii 

3 Dqnailto7 StoiH S5S6S ^JS) 

Tba atouBto fUkd hxnan bneka NHoeal 
Iba dIvIdcBd kai 13% JaMoeaa as. *rien 
dltidradi will be pad ootg Sf|aeabui 2iid, 
1994 bai ooly M cmAIisi M dK CD^aw to 
b« aoncadareil will be -~i*T— IH bv m 
*A£B dHii* fobuttoble wbb ibe wdotoatoX), 
cvi4eMia| ifaN ihB bcaelldal boWaa afibe 
CORaaK rbMcmi of aoGaatrj which baa 
eoadaded a Tax Tceaiy wlifa Japaa. Id iha 
Nrtbftl i ii Ji S ii lt B ih wOlbBiMiiltoietohna 
la itoich caiBcy M %e aie af aKbave 

.■gbaotoawta totoMtod. 
A0DKntaa.tolylHb.l9H 


an mterim dividend of the 
same amount. Net revenue 
from ordinary activities was 
£L76m (samel 

European Assets 

Net asset value at European 
Assets Trust, which invests fa 
gmflU and niadtinw^iari com- 
panies in continental Europe, 
fieO 6 per cent in steriing terms' 
from 35L2p to 3299p per share 
dnrmg the six months to June 
30. 

In guilder tenns it fen 10 per 
cent, from FI 10.07 to FI 9.07. 

Net inemne fbr the rose 
Cram F1288m to FI a im ')te 
interim dividend is maTntainpH 
at FI 008. 

Mmray Smaller 

Over the year to end-May 1994 
net asset value pe* Share of the 
Murray Smaller Markets Trust 
rose 39 per cent from 344.8p to 
478.9P. 

Available revesuie Cor the 12 
months of tiiis Mcoray John- 
stone-managed trust fell 
slightly to £2.S2m, against 


WOOLWICH 
BUILDING SOCIETY 

£150,000,000 
Floating Rale Notes 
Due 1995 

la acBordaoce wiih the term aod 
OBUhiuitt of the Notes, neace a 
itoreby gj«eii ihil lor the three 
BKwth ini6Ra petiod fcooi (eoJ 
indudfaig) 36ih Joljr 1994 to (hut 
cxdudSag) 3Mi OcMber 1994 the 
Notex wil cany a rale of ioteica 
of S.4I2S pet Gem per aamiB. The 
rdevam nueteH pajimeBi date win 
be 2bch Oenber 1994. The «oopon 
anoam pc« £5.DW wdl he nasi 
•bd per noonoo win be U J64J3 
payaM epinat inmiidar of 
GoiipaoNaia. 

Hsmfaros Bank Limited 

ApeniSank > 


mediaries, wbitii sells products 
for Lombard. Friends Provi- 
dent and a number of atiur 
companies, says that for “most 
customeis, business will s^ 
as it is far the next five years. 
Many pe^le wiD buy from tbe 
mtesmediaries they know, and 
they will nqt take out hi|^ 
sophisticated plans.* 

Tou have to have distribu- 
tion and deal in the language 
and culture your customer,’* 
says Mr Richard Giles, head of 
Sim AUianoe’s overseas lifa 
business, whi^ has operations 
in five continental European 
countries, "and the third life 
tferective doesn't alter find*. 

So Rm’ the time being, the 
focus for many of the laigv 
insurers is els^hece. 

Legal & Gmieral for exam- 
ple, has indicated that it 
intends to concentrate fa tbe 
short term on developing its 
UK operation. 

Mr NewmudL is esitiratias- 
tic about opportunities in east 
Asia. the cultural 

regulatory barriers are higte 
than in Eunqie. they are oot- 
wei^fed by the sheer scale of 

the potential marferir awri fae 

speed at which it could 
grow. 

BAT Industries, whidi owns 
Allied Dmfaar and Fagi«» 
life, also regards (fafaa, Hong 
Kong, Slngapme and Taiwan - 
where te groim recently 
obtained a provfeimial frading 
licence - as a biller priority. 

Fj>^« Star Life has a frf?wMr 
prcocnco fa Spain and trelaod 
but is far less optimistic eftout 
expansion elsewhne on the 
(fantinent. Accordix^ to Mr 
George Greener, ehaiman of 
the two subsidiaries: "Europe 
is very difficult'’ 


C&W offeboot lifts 
PLD stake to 33% 

Navona CommunicatlonSv a 
wholly owned subsidiary of 
Cable and Wireless, has 
increased Its interest fa Peters- 
turg Long Distance to 33.2 per 
cent 

Navona. a private company 
incorporated in Bermuda, bas 
acquired L65m common shares 
fa PLD issued from treasury at 
39.09 (£5.86) and a convertible 
drfienture of $994,000 convert- 
ible into 109,000 fMtmmon PLD 

sharftB 

PLD is listed In New Ymk 
and Toronto. Navona was 
acquired by C&W on Mazdi 29, 
when it b^ 25i per cent of 
PLD. 

Navona now bas tbe rigift to 
acquire a furtiier L54m com- 
mon shares in PLD. 

Cranswick boys 
sausage basing 

Cranswick, the sifaplier of 
grain, feed, livertoA ^ meat 
products is paying to £l45m 
fbr a saus^ maWng business 
and factory. 

The vente is 'nyton Foods, 
a division of WBfram Jadson 
& Son, and Tryton has mitered 
a tiune-year Sl^lply agreement 
with Cranswick fbr its sausage 
needs. 


£2.54m, giving a per share 
value of 4.S2P (4£Sp). The divi- 
dend total howem, is Iffied to 
4.37p (4.1to) with a final of 
28Sp. 

Temple Bar 

Net asset value of Temirie Bar 
Investment Trust fell from 
3S4.17P to 33L97P over the siz 
Tnnnth* to end June 30. 

Attributable profits for the 
first half fell fitnn £3.9Bii to 
£3.69m and otominga per share 
were down at &40^ (&8SSp). 

The interim dlvifiend is 
raised to 4.7p (4.6p). 

Geared Income 

Geared Income Investment 
Trust reported a net asset 
value of 99.2SP per share as at 
June 30, ifa from 86Jp at tbe 
same sfage of 1993. 

Net revenue for the three 
month period amounted to 
£273,357 (£358,732), equivalent 
to earnings of l,21p (1.63P) 
per share. The first interim 
dividend is maintained at 
L5p. 


BRITANNU 
BUILDING SOdETY 


noaftogRataNsiB 

DneUM 

iB MGcwdittee irifti AO lenai Md 
corMoib <rf the Note*. BodoB b 
inebjp that lor Ae three 
nuuiii ntoot period hon tad 
hirtiirliin) 3 ta BM W 
(but ™tm«ii||) 2 wi October 
M 94 the NfluttoiBcMiyinBcr 

imefest of 5 . 4 C 5 pcT per 
■ di uit tt. Hk fele v it idMicit 
payment dete «3 te 26 ih Ott^ 
ber 19 M. Tbe coupcB luwimt 
per flonOO Note toiB be 413642 

payable asBin# leWM dar iS 
CMpAiiNe: 32 . 
Ua mht w Bsnk l i nilfrd 

ApeatBaaL . > 





FINANCIAL TlMes WEDN ESDA Y J ULY 27 1 994 


21 


COMPANY NEWS: UK 


E Acq uisitions bolster outcome E £33m spent on new vehicles 

Stagecoach shows 46% advance 


By Charles Batchetor, 
Transport Correspondent 

Stagecoach Holdings, the 
acquisitive Perth-based bus 
operator, achieved a 46 per 
cent increase in pre-tax profits 
from £12itai to £18.9m in the 12 
months ended April 30, its first 
year as a listed company. 

Turnover rose by 24 per cent 
to £i9im, helped in part by 
contributions from the three 
bus companies acquired in the 
coarse of the year - East Kent, 
Grimsby-Cleethorpes and West- 
ern TraveL 

Stagecoach also spent caftm 
mainly to renew its vehicle 
fleet. More than 650 new buses 
have been bought in the past 
three years and a further 680 
are on order. 

The improvement in Stage- 
coach’s figures resulted from 
spending on new vehicles, 
which reduced maintoTianp.a 

costs; an increase in the num- 
ber passengers carried; and 
the introduction of new ser- 
vices such as limited-stop 
inter'Urban routes. 

Stagecoach also managwH to 
integrate its new acquisitions 
more rapidly than anticipated, 
largely because they already 
operated efiicient networks of 
routes, Mr Brian Sooter, execu- 
tive chairman, said. 

When two other argni^ntions 


Slasecoach Holdiiigs 

Share price 6wnc^' 



completed after the year end - 
of Western Scottish WnidingB 
and Busways - and the pro- 
posed purctmse of a 20 per cent 
stake in Mainline Paiinetshm 
are tairon infn account. Stage- 
coach has an annualised tuni- 
over of £275m. 

Stagecoach made bids fbr all 
10 of the London Bus compa- 
nies whidti are tqi toe sale and 
has been short-listed Cor etiht. 
thftii gh the rules governing the 
sale would allow it to buy only 
two or three. 

Mr Souter said he did not 


think tha London companies 
would attain the same laige 
goodwill premiums as some of 
the provincial bus anmpaniaa 
which have been sold he<a Mse 
the London bus market has not 
been deregulated. 

Stagecoach has picked up 
smne business as a result of 
the train dilute, but at the 
same time has ki^ passengers 
on routes which connect with 
British Pan 

llie company has ‘’not lost 
interest" in the idea of bidding 
for BR franchises when the 


train operating fwnpanT(« are 
sold off. Mr Souter said. 

Earnings per share rose from 
8.^ to 10^ and the company 
proposes a final dividend of 
16p compared with the 2.5p 
forecast at the interim stage. 
The total distribution for the 
year is 4.lpL 

• COmiElfT 

Stage^eh has been mov^ so 
fast since It obtained a listing 
15 months ago that it has been 
difficult to keep up with its 
progress. Followers of the com- 
pany wfl] be relieved therefore 
to hear that the businesses 
which were on board before 
the float have also shown 
strong growth. Their operating 
proCta rose by while new 
acquisithms contributed a net 
£2.5ffl after redundancy costs 
of £900,000. Stagecoach has 
been :d)ie to buck the industry- 
wide trend of ri»i*iming passen- 
ger numbers with the help of 
new hi^-quallty inter-urban 
senriees and an active market- 
ing campaign. Ihe rail strikes, 
meanwhile, can only act as a 
ftirther boost to bus and coach 
travel Mr Souter now plans to 

wrpflwH twM T/iwHftw Hb bftppg 
the London Bus companies will 
not demand the giddy buyers’ 
premiums which have berame 
the mum in the provinces. He 
may be disappointed. 


Stancroft takes 33% stake in Devanha 


By Raymond Snoddy 

Mr Nicholas Berry's Stanotrft Trust has 
taken a sizeable stake in Devanha, the last 
of the modem broadband cable televisioa 
companies owned entirely by OK interests. 

Stancroft, which is the laigest investor 
in three public companies - Coal Invest- 
mantfi , Kunwick and Barlow, atiri Mrrit’ffl , 
the mnciitnor research organisatioa — 


tflkon a 33 per «>nt stake in Devanha. 

The ^up baa onqileted the construc- 
tion of its cable franchises tu both Abe^ 
riwAn atnH Coventry. In Aberdeen the oom- 
pany has 16,000 subscribers out of the 
93,000 homes that are passed by the cahle 
network and therefore could subscribe, hi 
Coventry there are some 10,000 subscribme 
out of tile 117,000 homes passed. 

No price was given for the transaction 


last ni ght, bat Mr Graham Duncan, Devan- 
ha’s chairman, welcomed Stancroft as an 
investor. 

*The nririitinwai investment will allow us 
to develop the group in a way which we 
would not othmwise have bm able to 
do," gniri Mr Duncan 

Apart from Aberdeen and Coventry, 
Devanha owns several smaller licensed 
cable ^sterns in Rngiand 


US buyer for Switched Reluctance Drives 


By Andrew Baxter 

Switched Reluctance Drives, 
the Yorkshire-based developer 
of an innovative type of eteo- 
trie motor, has been bought by 
St Louis-based Emerson E3ec- 
trie, the world’s largest pro- 
ducer of electric motors, far an 
undisclosed gim 


SRD claims worid leadership 
in the technology of switched 
reluctance drives, which can 
outiiteifonn standard induction 
motors. 

The purchase by Emerson is 
viewed by both oompazues as 
an important step for the 
development and commercial 
OT pinitaKo fi of the tecbnology. 


SRD h«wl an uphill 
ooDvlncuig the Industry of the 
advantages cf its motors. But 
Professor Peter Lawrenson, the 

f rernriPT anri rhaftman^ befieves 

they could now take a substan- 
tial share in the world electric 
motor market, worth £20bn to 
£2Sbn a yew in totaL 
SRD, vriikh employs 30 peo- 


ple ftd]4ame, had pre-tax prof- 
its of £282,000 in the year to 
end-Septembw, on turnover of 
£L6m. 

It will rsnain at Leeds, as a 
subsldiaiy of Emerson, with 
Pntf Lawrensoii as non-execu- 
tive eharirman , and Mr W ilKam 
Schnyder joining from Emer- 
son as chief executive. 


NatWest 
Markets 
chief leaves 
to run fund 


By PMRp Gawith 

Hr Mike Comford, head of 
global foreign exchange at 
NatWest Markets, has left his 
post after less than three 
months in the job. 

Mr Comford, who was 
poached from Swiss Bank in 
order to bolster NatWesfs for- 
eign exchange operation, has 
been invited to run a hedge 
ftmd by a gronp of Investors. 

Mr Stephan Harris, manag- 
ing director of global treasnry 
at NatWest BIbtikets, said Ur 
Comford had left at his own 
initiative. “There is no lU4eel- 
fng or cause for him to leave. 
It is jnst nnfortnnate that this 
opportnnity came along when 
it did." 

Hr Conifbrd is the latest in 
a nomber M leading City fig- 
ares who have left banking 
Jobs to Join hedge funds - 
highly leveraged pools of qiec- 
nlelzve capital, where manage- 
ment fees commonly ran to as 
much as 25 per cent of profits. 

FMWest are not planning to 
replace Mr Cornford immedi- 
ately. Instead the day to day 
management of the foreign 
exchange operation will be 
hawritii by Mr Paol Wmcbcs- 
ter. Mr Prank Wong and Mr 
Hans Goehtx, the regional 
managen. BIr Harris win join 
these managers on a policy 
committee to snpervise Nat- 
West’s foreign exchange 
operations 

Hr C omf ord was not avail- 
able for comment and the 
identic of his badters Is not 
yet known. It is nnderstood, 
however, that the offer he has 
accepted had previonsly been 
on the table and was then 
l e viv e d once he bad arrived at 
NatWest 

Ur Hhiiis said NatWest was 
“very sorry to see him go". He 
said Mr Comford’s view was 
that it wonU be less disrnp- 
tive if be left now rather than 
when he was more —tahiuhaa 


Correction 

Bell Cablemedia 

Bell Cablemedia has secured a 
listing on the Nasdaq stock 
exchange, not the New York 
Stock Exchange as reported in 
yestezdAy’s FT. 


Regulatory changes 
move Misys ahead 23% 


By Alan Cane 

Regulatory changes in the 
insurance industry favouring 
increased computerisation and 
continuing growth in open 
systems helped Misys, the 
acquisitive computing services 
group, report a 23 per 
cent increase in annual 
profits. 

Profits before tax for the 12 
months to May 31 rose to 
£18.6m, gainst £lS.lm last 
time. Turnover rose 5 per cent 
to £93.-lm (£8S.8m), although 
this took in £7.san from acqui- 
sitions; sales from continuing 
operations Cell to £85.8m, 
reflecting the continued 
decline in lower-maigin hard- 
ware sales. 

Mr Kevin Lomax, chairman, 
said the results represented 
record levels of sales, pttrfits 
and earning per share and 
that acquisitions had contrib- 
uted only modestly to the final 
outcome. 

The main acquisition during 
the year was Kaiuti. a software 
house specialising in financial 
services, bought for Qftm. Kap- 
iti is ba^ in the UK but much 
of Us revenue is derived from 
overseas, increasing the 
gronp’s international sales 
from 3 per cent to 25 per 
cent 

Kapiti now constitutes 
Misys’ banking services divi- 
sion. Mr Lomax said new busi- 
ness bad been won in Moscow, 
Hong Kong and Dubai 

Hi^’ largest operating divi- 
sion is financial services, 
which serves the insurance 
industry. It contributed £10.9m 
(£9.4ffl) to pre-tax profits. Mr 
Lomax said that a develt^ment 



TwMtflWvtm* 

Kevin Lomax: new products will be launched next year 


programme aimed at producing 
new products based on client/ 
server architectures and open 
systems technology was draw- 
ing to a close. 'iSc products 
would be launched over 
the next year and would be 
aimed initially at larger 
accounts where the company 
bas traditionally been less 
active. 

He said there were few signs 
of an increase in capital invest- 
ment in the company’s main 
markets: changes in the insur- 
ance sector suggested the 
rinancial services division 
would continue to nuke go^ 
progrers. 

Earnings per share were 
ahead 19 per cent at 31.9p 
(26J^): a final dividend of S.06p 
is recommended, making 8.0^ 
(7.0lp) for the year. 


• COHUfENT 

Continuing competitive and 
regulatory changes in the 
insurance industry, which 
have encouraged intermedi- 
aries to improve their effi- 
ciency through computerisa- 
tion. are a significant factor in 
Misys' prontability despite the 
effect of recession on its other 
main markets. It is likely th:it 
the company can continue to 
mine the Insurance sc:un for 
some time ahead, even if 
spending has to be pushed up 
to ensure leading ed^ technol- 
ogy. Kapiti should prove a 
sound foundation for growth in 
international banking. With 
pre-tax growth approaching 15 
per cent expected this year, 
giving a prospective p.'e of 
about 13. shares are underval- 
ued. 


Whessoe shares shed 26p 
on full-year loss warning 


By Tim Burt 

Shares in Whessoe fell 2^ to 
I08p yesterday after the instni- 
mentation, control and piping 
systems group warned it was 
likely to report lasses this year 
foUowiog a sha^ deterioration 

in trading mnriiKnne 

The shares have faiipn from 
21^ in when the group 
TOirt that inbwHIm pre-tax prof- 
its had halved from £4JJ2m to 


The problems have been 
blamed on the piping systems 
division, which has suffered 
from a lack of orders, an 
unsuitable product mix and 
delays in existing customer 
contracts. 

Although “comprehensive 
action" had been taken to 
reverse the riiwitng^ the com- 
pany said U would be inappro- 
priate to pay a final dividend. 
However, it hoped to resume 
payments next year. 


Chinese move 
for Schroders 

Schroders, the UK merchant 
bank, has received permission 
to set up an office in mainland 
China, to be located in Shang- 
hai, writes Norma Cohen. 

Schroders thus joins the 
growing list of UK securities 
firms and merebant and com- 
mercial banks which are seek- 
ing a toehold in the rapidly 
growing bnsiness of financing 
China’s industrial expansion. 

Barii^, Smith New Coart 
and NM Rothschild are also 
establishing offices in China. 





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Partidpating Banks 
Bank of Montreal 

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London Braoeb 

Den Dansl^ Bank 
Morg^ Guaranty Trust Company of New\brk 
N M Rothschild & Sons Limited 
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Union Bank of Switzerland 

Agent 

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Barclays Bank PLC 
The Dai-Ichi Kangyo Bank, Limited 
Landesbank Hessen-Thiiringen Girozentrale 

London Branch 

Nat\^^t Markets 
Royal Bank of Canada 
The Toronto-Dominion Bank 
TX4»tdcutschc Landesbank Girozentrale 

London Branch 


July 1994 




22 


FINANCIAL TIMES WEDNESDAY JULY 27 1994 


★ 


COMMODITIES AND AGRICULTURE 


Platinum price at 
a 3V2-year high 


UK bread-wheat faces continental challenge 

Imports have soared as the domestic crop has stagnated, writes John Buckley 


By Kenneth GoocBng, 

MiNng Cone^xindent 

Platinum prices were given a 
tNjost yesterday when specula* 
tors seized on bullish com- 
ments by Mr Michael Steel, 
market research director of 
Johnson Matthey, the world's 
biggest platinum market 
group. 

He suggested in an interview 
with a Reuter correspondent in 
Tokyo that Japan might 
import record quantities of 
platinum and palladium this 
year and that the world's plati- 
num supp^ surplus dis- 
appear in 1995. Both metals are 
used in car anti-poilution cata- 
lysts. 

Some US funds took as a 
“buy" signal and in London 
platinum's price raced up to its 
highest level in three and a 
half years before closing at 
US$421.75 a troy ounce, up $5 
an ounce. Palladium's price 
was “fixed" in Ex)ndon at $151 
an ounce, its highest since 


Sh^ falls in COPPER prices 
weired on the other base met- 
als contracts at the London 
Metal Exchange yesterday 
afternoon. 

Copper's three months dellv- 
ery price plunged throu^di sev- 
ei^ important chart support 
points, notably at $2,510 and 
$2,495 a tonne, as fund selling, 
stop-loss sales and liquidation 
brushed aside any buying, 
dealers said. 

The ALUMDflUH market 
suffered from heavy liquida- 
tion, which emerged when the 
tb^ months price backed 
through the $l,49S-$l,S00-a- 
tonne area, ignoring news of a 
further fall in LME warehouse 

At Urn Lond on C ommodity 
Exchange COFFEE futures 
recovered some of Monday's 


Mr Steel said that platinum 
should be helped by a pick-up 
in world economic activity and 
a steady increase in demand 
for platinum jewellery. 
Pemand in Japan, the world's 
largest consumer of both plati- 
num and palladium, was high 
because of jewellery and 
investment demand even 
though use by Japan's motor 
industry would fall this year, 
he added. 

Some analysts suggested 
that platinum prices would 
continue to be supported by 
worries about labour unrest in 
South Africa, the biggest pro- 
ducer, and also growing doubts 
about production at Norilsk in 
Russia, the second-largest 

However, Ur George hQUing> 
Stanley, analyst at Lehman 
Brothers, said it was not a 
good sign that jewellery and 
investment demand - rather 
than the industrial sector - 
was helping prices up In 
Japan. He sa^ “This may well 
be a flash in the pan for the 
platinum group metals". 


big falls as traders waited for 
Brazil to give a revised official 
estimate for the 199&96 crop 
followup the recent frosts. 
They said rumours that Brazil 
ml^it cancel the auction of an 
extra 5m bags of stocks gave 
further encouragement to spec- 
ulative buyers. 

COCOA prices moved higher 
with coffee and were also aided 
by concern about dry weather 
in the Ivory Coast. 


Compiled from Renters 


UK WAfoMMSE aroom 

(As at Monday's dacs) 

Bmoo 

AkjinfeAm 

-8675 

tozstajm 

Mimmmoii ofeoy 

-80 

to 27680 

CoppM 

■ -729 

■0 338675 

Lead 

4-1 6d0 

taSSMOO 

Mdiol 

»444 

to 132280 

2lne 

*550 

B9 1212.129 

Tta 

■»3S 

ntaUSQ 


Indonesia to 
cut timber 
production 
by 28 % 

ByManuela Sanagosn 

in Jakarta 

The Indonesian government 
has annonnced plans to redoce 
its timber ontput by over 28 
per cent over the next five 
years becanse excessive felling 
is believed to hare eansed 
floods followed by severe 
droughts on the conntry’s 
most densely populated island 
of Java. 

Mr bjamaloedin Soeryohadi- 
koesoemo. the minister of for- 
estry. said that the coontiT’s 
timber production would be 
cat to 22.5m cable metres by 
the turn of the century from 
its present level of jnst over 
30m cam. 

This month a severe dron^t 
in central Java damaged ahoot 
hectares of rice fields 
and is expected to lead to 3 per 
cent f^l in Indonesia's rice 
ontpnt. Excessive lomrog is 
destroying the forest’s crucial 
function of waters^ lavtec- 
tion. 

Plans to redoce timber oat- 
put are linked to increasing 
concern about the extent of 
illQ^ i<%^ng in the eonntry. 
The government estimates 
between 4m and 6m cu m a 
year are cat down illegally 
each year but eaviroamental 
lobbyists say the figure is 
much higher. 

In recent months, the Minis- 
try of Forestry has attempted 
to crack down on illegal log- 
$dng. Bfr Soeiyohadikoesoemo 
said that 248 forest concession- 
aires had violated lo^ng reg- 
olations and were being fined 
a total of $2im. Some conces- 
sionaires had already had 
their logging licences revoked. 

Plans are also under way to 
Implement an eco-labelling 
scheme, whi^ wonld provide 
consnmers with information 
about the origin of wood prod- 
ucts manufactured in Indon- 
esia. 

Wood and paper products 
accounted for OMrly a tUrd of 
the total value of Indonesia’a 
noDrOil exports last year. 


U K wheat farmers risk 
lodsg market share to 
French and German 
rivals if they fail to grow 
enough quality broad-grain to 
meet millers' needs, according 
to leading flour milling and 
baking group Rank Kovis Mac- 
Doug^ 

With the advent the single 
market and ever closer Euro- 
pean Union intra-trade, the UK 
flour industry will ahnost cer- 
tainly be challenged by conti- 
nental competitors seeing out- 
lets for their excess mill 
capacity in the years ahead. At 
a time when the EU is under 
notice to cut wheat exports 
under the General Agreement 
on TarlQs and IVade flour Is an 
assured outlet that formers can 
ifl afford to lose. 

RHM*s idea to fanners Is a 
perennial one, but this year it 
Ims taken ona sharper edge. In 
the past 12 months. UK bread- 
wheat imports soared 50 per 
cent to an estimated l.5m 
tonnes - double the level of 
1991-92 - after the domestic 
crop failed to supply the nor- 
mal 80 per cent of millers' 
needs. 

Millers’ costs rose as quality- 
wheat also ran short in nanatia 
and tiie US, whose hard wheats 
are used to raise flour quality. 
It was a big disappoinonent for 
consumers who liad been led to 
believe that wheat pri(»s 
would drop 29 per cent with 
reform of the EU's common 
agricultural policy. 


By Canute Jamee in Kingston 

Jamaica is leaving the bauxite 
producers* organisation, which 
it helped to create 20 years ago. 
suggesting that It is no longer 
relevant to its members. 

It will tell otiaer members 

of the International Bauxite 
Association that the body 
should be dissolved. If the oth- 
ers disagree then Jamaica will 
secede, Mr Itebert I^ckera- 
giU, the i^and’s tnmwg minis- 
ter. 

The government’s decision 


Ihe milleis acknowledge UK 
fanners face a dllenuna. Bread- 
wheat needs plen^' of sunshine 
when crops are ripening to cre- 
ate protein and other qualities 
essential to make bread rise 
when baked So the crop car- 
ries a risk of failure from fickle 
weather. 

Sufficient price premiums 


are needed to encourage plan- 
ning of bread-wheat instep of 
lower-priced but much hi^er- 
yielding (and easier to grow) 
feed-w^L 

Plant breeders have been 
working for years to come up 
with an optimom mix of quai- 
ls and yield to mflirimiicfr form- 
ers' profits; but such compro- 
mises do not suit millers' 
needs. Bread-flour requires a 
consistent and finely-balanced 
qu^ty of wheat. 

“We need to know exactly 
what we’re getting - varietal 
integrity, for example, is all 
important," points out Mr 
Peter Baker, managi^ director 
of Rank Kovis’s miWwg divi- 
sion. 

Fanners aiming to grow for 
the 3.2m-3.4m- tonne UK bread- 
whffit market have to rely on 
guidance from their seed sup- 
pliers and on the signal from 
the previous season's bread- 


has come after several months 
of uncertainty over the future 
of the IBA. which has its hMd- 
quarters in Kingston, following 
reports that many members 
were delinquent in meeting 
their financial obligations. 

The association, which baux- 
ite (aluminium ore) and alu- 
mina (aluminium oxi^> con- 
sumers bad feared would 
become a cartel, has been act- 
ing as a data bank for its mem- 
bers, allowing them to 
exchange information and 
ideas on the state of the Indus- 


wheat premiums. Some 
guesswork is inevitable. 

Yet getting the ri^t balance 
between supply and demand is 
vital - too big a bread-wheat 
crop can depress the price pre- 
mium and put formers off in 
the following year. One sugges- 
tion is for more farmers to 
grow bread-wheat under fixed 


contracts with buyers - a sys- 
tem expected to p^uee sev- 
eral hundred thousand tonnes 
next year. But contracts can 
have drawbacks. A miller 
could find himself locked into 
fixed costs white his competi- 
tors benefitted from a foil in 
the market value of bread- 
wheat. Contracts would not 
prevent farmers growing too 
much bread-wheat, happened 
four years ago, causing the pre- 
mium to collapse. Neither 
would contracts ensure pr^uc- 
tion as foe crop could foil on 
weather factors. “None the 
less, contracts may be a partial 
answer," concedes Rank Hovis 
Wheat director, Ur Peter 
Jones. 

RHM. like other UK milters, 
sources its bread-wheats from 
many origms to build up qual- 
ity of the 200 grades of flour it 
produces. In recent years, 
thanks to quantum leaps in 


try. ft received a setback two 
years ago when Australia, its 
most important member, puJ- 
led out, questioning the IBA's 
relevance. 

This deprived the IBA of 
about 40 p^ cent of its budget 
and the situation was wors- 
ened by a hi^ level of delin- 
quency among the remaining 
members. The association lists 
its members as Ghana, Guinea, 
Guyana. India, Indonesia, 
Jamaica, Sierra Leone and 
Surinam. Before Australia pul- 
led out the IBA lost two of its 


crop quality and flour milting 
technology, British flour has 
been made from up to 88 per 
cent home-grown grain. In the 
past year that dropped to only 
71 per cent, partly because 
farmers sowed instifficient 
quantities of the right (Class I) 
varieties, partly because the 
weather affected quality and 
partly because of missed oppor- 
tunities. Hundreds of tonnes 
were drawn in from the Conti- 
nent where supplies were often 
more readily available at com- 
petitive prices. 

This year’s UK wheat plant- 
ir^ are estimated to have 
risen by about 1.5 per cent, 
suggesting, with average 
yields, a crop close to last 
y^’s 12.9m tonnes. A fort- 
night ago Mr Jones was hoping 
that the fine weather would 
yield enough bread-wheat to 
reduce imports to as tittle as 
im tones. But weeks of scorch- 
ing, dry conditions have 
thrMten^ crop stress and con- 
cern for quality is already 
reflected in slow former selling 
and premiums of up to £24 a 
tonne for bread-wheat over 
feed-wheat. A clear national 
quality picture will not 
emerge, however, before the 
second week of August when 
harv'esting will be in full 
swing. 

The bread-wheat premiums 
must also be added to higher- 
than-expected base prices - 
oonfoundbng forecasts that con- 
sumers' grain costs would be 


founding members - the 
Dominican Republic and Haiti 
-because their industries were 
shut down. It also lost anotiier 
founding member with the 
break-up of Yugoslavia. 

“When the was estab- 
lished in 1974 its members 
accounted for about 75 per cent 
of the world’s bauxite produc- 
tion, but this has fallen to 
about 25 per cent today," Mr 
Pickeisgill says. “We have said 
to the other members that we 
do not think that we are prog- 
resung, and that we want an 


cut by CAP roftHm. AUhou^ 
eu support prices have been 
reduced in European currency 
unit terms sterling prices have 
been boosted by two “green" 
pound devaluations this month 
^one. Not that the open mar- 
ked need take much notice of 
suimort - it is already tiaduig 
well above that level, and 
above that of this time last 
year, thanks to empty inter- 
vention stores, a year of heavi- 
er-tban-expected exports, and 
strong demand from the mii- 
null feed sector. Having started 
the new season with a muifo 
smaller carry-over, the UK has 
already sold forward a signifi- 
cant chunk of the coming crop 
for export With EU interven- 
tion sto(^ also sbaiply down 
and concern being expressed 
over French and German 
wheat quality many consumers 
are bracing themselves for 
higfo grain costs over the com- 
ing year. 

“What we need above all is 
orderly marketing." soys Mr 
Jones. “Wc want to use more 
British wheat and we could 
have used more last year if 
prices had been competitive 
when quality fears first 
emerged. There Is always a 
tendency in this market to 
respond to short-term price sig- 
nals; f^iportunities to sell at a 
reasonable price can be lost. 
However, It Is vital for fmToess 
in the long term to keep os 
much of this prooessii^ bmi- 
ness as they can in the UK." 


end to the 1BA.“ 

The (BA was unsuccessfiil in 
expanding its membership, and 
fofled to attract producers such 
as Brazil despite repeated 
attempts. It also failed to bro- 
ker a commodity pact between 
bauxite producers and consum- 
ers under the aegis of the UN 
Committee on Trade and 
Develt^ment. because of a lack 
of support from either side, 
and because bauxite trade 
could sot be or^mised in pacts 
similar to those for other com- 
modities. 


July. 1988. 


MARKET REPORT 


Plunge in copper prices 
undermines other metals 


Jamaica calls time on international bauxite pact 


British flour has been made from up to 88 
per cent home-grown grain. In the past 
year that dropped to only 71 per cent. 


4 




31 


CGMMOOmES PRICES 


BASE METALS 


LONDON METAL EXCHANGE 

(Pno9$ ham Amalspnated Meial Trading 
■ MJJMiaUM. 99.7 PUfVTV (S p« taring 



Oarii 

3 iTitNs 

Ckne 

14705-712 

1498^ 

Previous 

1J8CL82 

1507-8 

Hsivow 

14852 

161671486 

AM Oniciri 

1485-862 

15122-13 

Kerb dose 


1487-6 

Open inL 

279226 


Total da8y tvnaver 

40,606 


■ ALUtflNMM/UlOrtSoerlonnN 


Ooee 

1475-80 

1486-909 

Previous 

1482-97 

1512-15 

HIgb/tow 


1S07/1SOS 

AM OffleUI 

1486-60 

1506-7 

Kerb dose 


1495-8 

Open felt 

2281 


Total <My turnover 

656 


■ lEAD (5 per tonn< 



I'Srw 

576.5-772 

593-94 

PmloiB 

S30-84 

sas.s-600 



801/591 

AM Oflieial 

582-3 

S08.S-882 

Kerb dose 


590-1 

Open M. 

41262 


Total OMf lumouer 

11.163 


■ NICKEL (8 per tonne) 


Ctoea 

6155-60 

6245-50 

Prevloue 

6190-200 

6285-90 

HlgMow 

6225(6220 

6380/8230 

AM onctri 

8210-20 

531S-20 

Kerb dose 


6230-40 

Open HiL 

56,675 


Total daily twnover 

6283 


M TIN (S per tomm 



Close 

5245-50 

5315-26 

pievleus 

5275-65 

5350-60 

Hlfitaaow 

5270 

5405/5300 

AM OffiCHl 

5270-75 

S348-9 

Kerb dose 


5295-305 

Open ML 

18.370 


Total daily turnover 

2233 


■ SNC, spedd hign grade ($ per torme) 

Ctose 

9832-642 

988-89 

Previous 

971.6-22 

998-97 

tdghriow 

968.5 

997/985 

AM Offidol 

969.5-702 

994-94.5 

Itarb dose 


985-6 

Opon bit 

102.523 


Total daly turnover 

15,634 


B CQPFBt, wade A $ per tonnel 


Ctaee 

2478-80 

2494-95 

Piwrious 

2620-22 

2526-28 

HK/Mow 

2509 

253W2481 

AM OMcW 

2506-9 

2617-18 

Kerb dose 


2490-1 

Open felt 

224240 


Tbtal daOy turnover 

82,197 



■ UMg AM OfllcW as raM 1.6854 
UHE Ctochig as ratm 1.6940 


Spot152S0 3iidM:M933 6lWKl.5S9a 9mihs1.52l7 
■ MOH GRADE COPPER (COMEX} 



Oafa 
OoH chaegi 

Mgk 

taw 

ten 

tat 


Jnl 

11120 

-3.70 

11425 

11020 

ns 

183 


11089 

-an 

iiaTD iia79 

716 

4 

8ep 

11135 

-3.75 

114.75 

110.80 32.719 

5A60 

Oet 

11120 

-325 

11110 

11140 

422 

4 

EM 

11120 

-325 

- 


235 

10 

Dec 

110 as 

■aio 

11160 

iiaio 

10.438 

565 

Tow 





51,527 

8281 


PRECIOUS METALS 

■ LONDON BULUON MAIOCEr 

(Prices a up pl o d by N M Rotfischid) 


Gold (Troyn) 
ClaM 
Opening 
Momng fti 
A BeiTWOrt 
Oa/6High 
Day's Low 
Previous dow 


S prioo 
38& (0.368.50 
385.40465.80 
385.85 
38020 

38&6IL3B7.00 

385.50-38500 

385.00-385.40 


£ecMv. 


253.166 

£53.(96 


Loco Ufei BAaan Gold Lsnetog Ratos (Vs USS) 


Precious Metals continued 

■ OOUICOMEX (100 Tray ce.;atmycK.| 



San 

Oafa 


ten 



prita 

li—M 

Wpk 

law fed 

m 

M 

3874 

422 

. 

. 

. 

<ef 

387.1 

422 

387.1 

3820 49A74 14228 

tea 

3917 

423 

- 

S 

- 

M 

380J 

■>Z3 

3804 

3821 7204 

311 

Dec 

333.4 


381S 

3912 47259 

2898 

Rta 

39U 

423 

3872 

3820 10,408 

58 

Total 




1S23D 21267 

■ PIAHNUM NYMEX (50 Tray ol; s/buy coj 

M 

4285 

■»A4 

4281$ 

«10 88 

4 

oet 

4386 

■t«A 

4320 

423$ 21267 

1283 

Ja 

4317 

*82 

4317 

4228 2213 

9 

Apr 

437.2 

492 

4372 

4320 1,780 

IS 

M 

4412 

■•82 

- 

1 

- 

Oct 

4412 

*82 

- 

1 

- 

Tew 




98286 

12» 

■ P/UIADWM NYMEX (100 Tray ou 3/tray ozj 

3cp 

15196 

44.15 

19429 

1SI2S 4.749 

410 

Oae 

1S178 

4090 

19100 19050 1.054 

ITS 

Mm 

1SZ20 

4190 

- 

- ITI 

- 

TeU 




5274 

$89 

■ 3U.VBI COMEX (100 Tray oi;Genta/tray02j 

M 

$317 

41.7 

53U> 

5220 149 

94 

Are 

S3U 

412 

- 

• 77290 

5242 

Sqr 

532.5 

412 

saao 

926.0 34299 

688 

Bee 

938S 

4lS 

543$ 

$339 39 

■ 

Jen 

541.4 

4(2 


• 

22 

Mar 

5479 

4(2 

9920 

9402 1818 

- 

ratal 




18A719 

8247 


ENERGY 

■ CRUDE OE. NYMEX (42.000 US 


Os 


OCB 


low 


UM SW* 

pnCB CSBhQB 
195B 4L05 1846 

19iM .083 18(0 
T8J7 *aOI 1890 
18.77 -001 W1 

1862 -002 106 
1060 4011 


Opoi 

M 


IBP 
t9a$iQ6,ie« 
1001 48.280 
I08S 34.161 
1070 45500 
1082 22092 
- 11,572 
402.m 


38.724 

14.326 

4480 

3.734 

1.361 

735 

803N 


■ CRUDE OH. IPE (SA»r« 


SW 

Oct 


D« 

.In 

Tom 


UtM Oar* OpM 

ptfei ebage Ls« M 1 M 

17j6I *004 17.74 1758 6UI22 21.790 

17 SC 4L01 17.83 1750 24.242 9.624 

17.47 - 17.S 17/H 11.088 2538 

17,40 - 17.44 1756 1OS60 8CB 

1754 .001 I7JB 17.31 9.778 ISO 

134,183 39233 


OpPi 

kd 


■ HEATIWQ OU- WYtEX 14250 0 US gitu CAB gMlI 

UM DlTl 
price daipi lOgb 

9025 4(US 50.35 
9075 *004 SOSO 
51.75 *ai2 51.65 
son +ai7 6075 
5169 -»ai2 5080 
S4J0 40.17 54.30 


Sra 

ON 


Ora 


Tow 

■ QAS on. IPE (SdonnS 


UN 

sods 18,457 
9060 vuaa 
51,70 12.941 
S2JD 10185 
93m 2I.2E6 
5425 IOS26 
I2SJ0B2 


VN 

10,735 

91.578 

3.169 

888 

2.581 

837 

28,732 


too 


Sea Daf^ QpM 

priea EiBiG8 ago Iot M M 
ISOSO - IS3.7S 192J9 24^1 7,894 

1SOOO -075 157.25 1S9JI0 17,(185 3,405 

15925 -075 16050 15029 13.454 1,722 

161.75 es> 16250 15158 10.188 747 

18175 -0.75 164.50 163.50 15,179 1J»7 

(65.00 -aTS 105.79 lOSilO 8034 8S0 

8B,097 15,824 
m NATURAL GAS mWX (10000 mnEbL; StamBkU 


OEI 

hbv 

■Me 

Jib 

AM 


latest Days QpM 

prtet etaiig* Mgh Low tat VM 

1545 - 1.87D 1.830 25,322 15.181 

1.920 • (.935 1.9(0 11,910 SA39 

£006 ■ Zm 2.0B3 9.4Q4 2.0M 

2.195 40005 2J05 1190 14313 3,255 

2.215 40005 229 2210 9,817 2.785 

2.145 40805 &156 2.149 &7d 1.552 

110417 3A8B7 


S8P 
Od 

tkit 

Dec 
Jan 
M 
Total 

■ UNLEADED GASOUNE 
rmec (42800 US gaftta 0US G*sj 


1 rnonO) 

-4,02 6 months . 

.-—ASP 


Utaal 




tees 


2 months 

..4.10 T2monih3 

420 


wtaa 

GbMOQ 

Huh 

Law 

fed 

vei 

3 months 

-4.17 


Are 

5675 

*4UB 

S190 

S23S 

22.123 

19256 

SIvar Rx 

p/boy oz. US da equiv. 

Sep 

3230 

*205 

56.80 

5210 

3215$ 

17.491 

Spot 

34829 

53220 

Od 

S4.4S 

* 2 in 

5420 

94.40 

11242 

4,110 

3 monte 

383.1S 

S3T20 

Not 


-202 

sieo 

SU6 

8.297 

85! 

8 morate 

357.99 

645.09 

Dee 

5720 

-022 

5720 

5720 

5274 

384 

1 year 

38920 

68020 

Jae 

5820 

-217 

S2$0 

S245 

2J61 

<63 

GetdCQlM 

S priM 


Totd 





884M4 

42,988 

Kruganend 

390-393 

265-SS8 








Maple Leaf 

39200-39929 









New Sto>eteiwi 

90-03 

69.62 









GRAINS AND OIL SEEDS 

■ WHEAT UCE (C PM lennN 


SOFTS 

■ COCOA LCE(GAonne) 


See 


Sip 


10035 

10&4S 


Am 


m 

M 

AM 


Bafa QpM 

ctaaSP Irior fed 

■005 10O3S 185JS 387 

- 108.7V 10000 Z35S 
mSD -096 10050 108.00 1AOO 

11015 -O10 nOJD 10075 671 

111J6 ■40(E 1I1J5 111.78 728 

11085 • 113.85 11086 147 

5,798 


IM 

26 

W 

26 

a 

48 

21 

382 


sm owv 

dmgi MBfe Urn 


Open 

fed 


«W 


JMI 

Sep 

D8B 


1048 


■43 1048 1049 229 


1054 46 1089 1053 18681 1SX 

1077 1060 1064 SljQSB 1,029 


m 

M 

AM 


1089 48 1102 1085 29349 784 

1108 46 1108 1895 10.123 <88 


1118 410 1118 ni4 3385 5 

1DOBM 3309 


■ WHEAT CBT;9.0a0buinbvceniMaabOuBh^ ■ COCOA CSCE (10 Vonws-, SAoRnn) 


Sw 

(Mb 


S3M 
349M 
Mm 3B2« 

aiW 347M 

M SBIO 

OW 3350 

TOM 


33«Q 32M 913(5 14349 
44(0 347M 3400140825 26,749 
■490 3Sam 34M 35,799 3300 

4«M 347/4 34Q« (M5 129 

42m 327m 324m 4J20 4S0 

■42m • • 10 • 

2BUS W.7V5 


■ MAIZE CBT (9D00 Pm nWi: CMdimOto bwhaQ 


Sap 2 IM 

Dm 22im 

Mm 23om 

Wri 23BH 

JU 24QM 

Sw 242/4 

7«E 

■ BARUV UCE (C par tamrn 


4M 2I7/224IJ05 27.786 

4-1/8 221/4 2IEQ981.SIS 91jm 
230/4 22M119A65 9(835 

■4lM 237m 234/4 41E10 205 

■41A 240fl 23Sm 40A40 2JB79 

4l/2 24S/4 241/2 2A6D 

1488M 108,346 


6(9 

I034Q 

*290 

. 

. 

102 

. 

Mar 

10425 

■*225 

1042S 

10(20 

486 

33 

JM 

103 76 

*245 

1027S 

103 IQ 

33 

« 

ate 

107.86 

- 

- 

- 

38 

. 

May 

18225 

• 

• 


1 

. 

late 





C6B 

31 

■ GOVABEAN8 97 (92O0tai ate eammota ttafeaq 


Are 

98K 

-IM 

990(4 

S7WD181.3B 31,109 

sap 

S7S/4 

•*V0 

9700 

SOM 

63,130 

11S79 

Eav 

96814 

*V2 

S67AI 

S6SQ331S20 99,8U 

Jm 

974/2 

•*V4 

574(4 

S83M 

42145 

4.450 

Hr 

991/4 

tW4 

seta 

37347 

I7$« 

1145 

Hre 

98am 

■*3Q 

m/4 

S7«(0 

17,956 

I$40 

Tdtal 




e2$BBis5jn 

■ SOYABEAN 02 CBT WO.OOGbr eenteU 

Are 

2448 

■*206 

S4$2 

94$8 

(4$S4 

4$43 

Sap 

2M2 

■*211 

S4.44 

2197 A63I 

1369 

Od 

2528 

■*008 

3380 

2142 

lua 

1$3S 

Oac 

2148 

•*210 


22$7 37$44 

2537 

Jm 

2140 

■*208 

2149 

2186 

1733 

200 

Hw 

ZL48 

*IU» 

3140 

22.33 

1833 

388 

Total 





97$2I 

12734 

■ SOYABEAN MEAL CBT (100 Iona; WtorQ 


Are 

1788 

■*01 

1772 

175$ 

18$S3 

2103 

$M 

1732 

*22 

1723 

174$ 

129Z1 

1013 

Od 

1712 

*28 

1714 

(710 

10$1S 

1$93 

Oae 

1733 

+27 

179$ 

173$ 

32369 

2580 

Jm 

1720 

*29 

1722 

174$ 

1401 

848 

■te 

177.3 

*24 

177$ 

ITU 

1673 

404 

Total 





aS.754 T7,Hi 

■ POTATOES LCEtolonwl 




NBV 

920 

, 

. 


. 

. 

ter 

IQSXl 



- 

■ 

- 

Apr 

ai$ 

*22 

339$ 

23f*5 

I.18B 

211 

May 

2420 

- 

- 

- 

• 


Jm 

1073 

. 


• 

■ 

- 

Tdri 





1,108 


■ FREKKTIBIFFeqiCCaiaAndM pdrdl 


Jd 

1442 

-1 

I44S 

1440 

537 

27 

Are 

1380 

-7 

1391 

1380 

814 

150 

$ap 

1388 

-8 

1383 

1399 

349 

65 

Od 

1412 

4 

1423 

1412 

910 

34 

Ju 

1424 

2 

1423 

14» 

280 

3 

Apr 

1438 

-9 

- 

- 

KB 

- 

TWE 

Ctasa 

Rav 



2$48 

m 

BR 

T440 

tm 






MhwrMaMs 

Euraptan Mo rR 0 ri«, irorn Mfetai BuOetln, 9 
per lb n warNuuse, urfwt otTwratae staled 
(last week's fei bcaeh^ where chang^ Am^ 
mony: 99.846, $ per loraie. 4.800-8^50 (4.6SO- 
4,90^ Oli BiMh ; irtn, 98.3036. tom Iota 3.80- 
4.20 (3.5(M.T6). Cadrehim: min. 98.596. 
95-105 (05-7Q oenla a pound. Coboft; MB free 
market 99.096. 22.80-23.80; 99.3%, 18.30- 
laoo (laoo-iasQ- Menuy; nan. 89.3996, S 
per 76 lb (lask. 105-125. MehMenwn: 
drammed molybdie oclde. 3.45-3.55. 5e<*- 
nkitt 11*1 99.596, 3,S0-t45. Turtgm era: 
UMdoid mfeL 6599. S per lame icet (iQiia 
WO„ df, 37-47. VarawTG nSn. 98H, a1, 
1.40.1.50 UrwiuK fehtoXCD enchange value, 
7.ia 


Sra 

(Mb 


1414 -3 

1499 -« 

Mm 14W •$ 

•tar isie -7 

M 1530-2 

sw ISO -7 

Tow 


1433 1410 35,566 8,283 

UTS 1459 18,791 -1083 

1505 1492 7A37 227 

15(0 (SOB 2855 10 

- 2,344 

- 13)92 
78,33714,189 


■ COCOA 0C«9 (SDR-vtonrat 


Jri 25 
OMr - 


Rtae Rfav. wp 
1088.71 1105.29 


10 8871 


.m 


WK 


■ COFFEE US laiennet 


Jd 

3471 

*m 

yOB 

3430 

331 5 

Sep 

3473 

*90 

3405 

3410 1210 220 

Nav 

340 

*0 

3475 

3410 

2821 1838 

Jm 

3490 

*0 

340 

340 

I01S3 103 

Mv 

3430 

*75 

340 

3383 

1437 292 

m 

3423 

■*08 

3430 

3425 

876 13 

TPM 





42845 201 

■ CGFFS V CSCE O7.600tae: csitaOtaO 

See 

20210 

-I.f0 217.75 2Bim RUI6 7.702 

oae 

211.1$ 

-l$5 

221.0 

20600 

11.728 2308 

am 

21180 

-UO 22Z$D 

21000 

110 270 

MW 

217.10 

■2M 

221 $0 

2120 

1.70 87 

jd 

21270 

•130 21250 21250 

371 4 

Sep 

79H 9fl 

•7$» 

- 

- 

» 

TdM 





0,8181230 

M CUFF& QCQ QJS oanta/pourfeA 


Jds 



Price 


Prev. My 

Canta. (taW 


. 1013 


1018 

19 My Jiriiaa 


. I84$0 


I93$0 


■ No7 PHfclEU M HAW SUGAR LCEfeentoribM 


OH 

120 

- 4 L 05 


- 

1,40 


Jm 

110 

. 


- 

- 

> 

ter 

110 

■« 4 UK 

. 

- 

0 


TaM 





108 

- 

■ WWTE SUGAR LCE (Mtarvta) 



OH 

3110 

-a 10 

3160 

314.0 

I 07 T 6 

878 

Dm 

3140 

*20 

3140 

3120 

105 

31 

MH 

3110 

■*120 

3110 3100 

40 W 

20 

te$ 

3120 

*20 

3120 

31040 

375 

22 

Are 

3110 

*10 

3120 

311.70 

349 

TO 

OH 

980 

*10 

20.0 2970 

174 

2 

Total 





1280 

107 

■ SUGAR *ir CSCE l 1 l 2 $OOtae;centaribH 


Od 

IIJ? 

-Oioe 

fl.ft 1 

110 B 5 J )13 2117 

fete 

110 

- 0 $? 

110 

110 31 $W 2910 

■w 

110 

- 

110 

110 

600 

270 

Jd 

1151 

*201 

110 

I 1 j 47 

208 

Q 

Od 

( 1.43 

* 0$1 

n. 4 i 

110 

M 0 

0 

ate 

11.0 

*00 

110 

110 

10 

3 

nte 




10290 2497 

■ COTTON NYCE (SO.OOOtae; centa/lbs) 


Are 

720 

• 0.70 



5 

5 

Od 

73.45 

-170 

74.45 

7 X 40 

290 110 

Dm 

730 

•ON 

740 

71(2 280911679 

Ite 

7 *« 

■OSO 

7 S 0 

740 

7.10 

SOS 

May 

7119 

• 0$0 

7155 

7119 

4 . 21 $ 

216 

Jd 

750 

•00 

780 

7150 

2464 

171 


Tata) 51 , 72717,887 

■ ORANGE JUICE NYCE (tsnoite; camaflbs/ 


Seo 


•00 

00 

94.10 

14.124 

7£3 

ter 

0.40 

*00 

0 $O 

570 

1223 

352 

30 

1010 

*«35 

10 U» 

M 71.0 

3542 

494 

ter 

107 $ 

*225 

tQ 4$9 

10.75 

2,40 

10 

MW 

107 7 S 

*20 1040 

1040 

719 

. 

Jd 

TataJ 

1075 

*00 

• 


184 

3401 

106 


VOUME MTA 

Open iniMesi and Vekme dote shown lor 
GOhlracts traded en COMEX. NTMEX. CBT. 
NYCC, CME. CSCE and IPE Grade OV mb one 
day in anesra, 


INDICES 

■ nSnERSCBaw.- 18/9/31-100) 


Wwl 09 Ji8 25 month ape ye ar opo 
2139.0 2148.4 2027.4 1699.3 

' CB8 Firtwea{BJ3»4<W56gl0q 


Jiri 8S 
23S.79 


jm 22 
233.08 


momh 300 year ego 
227.78 218.50 


MEAT AND UVESTOCK 

■ UVE CATTLE CME (40000038; centalb* 


600 

Oct 

Bis 

ftb 

4pr 

Jn 

Tetri 


aw nwa opra 

price ebrage MbP Imt fed 

88.175 -am BBJSn 67A2S ZU05 
7IJ2S0 *0275 7lJim 78780 24,757 
7OS0D rikSOO 78BS0 IA300 124B3 
09.075 «0l325 70000 60580 9,817 
71.150 -tOOTS n.lSD 70700 828* 
87JOO taiso 67SS0 87.750 1^18 


78,477 13.4K 


■ UVEHOGBCMEt40,00afececerta/bN 


M 

Bee 

U 

Apr 

An 

Tita 


48375 ■m27S 48480 4&7SD 8,400 3. 786 

42229 44.175 4229 4120D VUSB 4.187 

41.450 - 4I2ES 41.125 4A16 815 

40675 -0250 41298 40429 1698 310 

40679 -0028 4020 40000 088 71 

44600 4625 44200 44600 

88607 8200 
■ PORK Beams CME WOOOM; certaob^ 

31600 «4675 31200 30600 
43.190 -1.125 44L59D 42975 
43200 -0950 44.150 <2300 
4UOO -1200 44200 83200 
44600 47.060 44200 44.600 
43600 


M 


3288 I2» 

3686 905 

183 31 

U 5 

a 2 


7655 26H 


LONDON *mADED OPTIONS 

O h Me price $ Iqraie — CaBe — — Puts — 
■ AUMNn/M 


(99.7%) LME 

9ep 

Dec 

sap 

Dee 

1500- 

33 

72 

84 

75 

ISM. 

24 

St 

70 

89 

1560. . . 

17 

82 

67 

104 

■ (TOPFB1 





(Qnde A) LME 

Sap 

Dee 

Sep 

Dec 

2900. 

82 

101 

68 

117 

2550 ... . 

41 

80 

99 

146 

2800 

28 

S3 

134 

178 

■ COFTOELCE 

Sep 

NOV 

Sep 

NOV 

3600.. 

177 

307 

3M 

$29 

3650. 

ISO 

381 

337 

663 

3700 

14S 

386 

372 

$06 

■ COCOA LCE 

Sep 

Dec 

Sap 

Dee 

1000 . 

7S 

123 

11 

48 

1050 - . ... 

42 

95 

28 

68 

1100 .. . .. 

20 

72 

98 

95 

■ BRBfT CRUDE IPE 

Sap 

Od 

Sep 

Od 

1700 

. 

. 

17 

46 

1750 

46 

74 

39 


1800 ..... 

2$ 

47 

. 

. 


LONDON SPOT MARKETS 

■ CRUDE OB. FOB (per banel«e|4 rar 


DiMal 

S16Jl-ft30w 

•aolo 

Brer* BMnd (dale4 

S17.41-7.42 

-0.080 

Brent Btanj (SOf^ 

$17,56-7.59 

-ao90 

W.T.I. (Ipm eeO 

S1&17-9.19W 

-0$00 

■ OIL PRODUCTS NWEpremptddtefy OF (taiM 

Prtniwn Ctaadfcie 

$193-195 

*1 

GM Oi 

SI51-1S2 


Heavy Rid Qt 

$96-100 

•2 

Naphthe 

$18$-18S 

■IS 

JH hid 

$164-186 


Ptardmni Atgua SutneHs 



■ OTHER 



(Sold (per trey oU$ 

$38S;)0 

+U0 

Saver (per tray oz)f 

532.90c 

*3D0 

Platinum (per (ray olI 

$421.75 

*SD0 

PaRadum (per iroy o:.) 

S151JI0 

•tDSO 

Copper (LJd prod.} 

1110c 


Lead (fjs prod.1 

ar.TSc 


Tin (Kiiria Lumpur) 

l3.6Qm 

-0.10 

Tin (New York} 

244.S0C 

-2.00 

ZtK (US PrfeiH W.) 

Unq. 


Cattle (ive wdgniHU 

I17.O0P 

■2.74* 

Sheep One wdl^^e 

S7.71p 

■9.14* 

Pigs (Ive waidioe 

7iaip 

•1.78- 

Lon. day wgar Qaw| 

$300.1 


Lon. day sugw (wte) 

$343.0 

•1.0 

Tate & Lyle anfioit 

E309D 


Barley (Eng. feed) 

C107.51 


MalM (US ftoS YcNcm) 

SI43.S 


Whoat (1^ OaikNorttO 

ciaoo 


Rtobor ^dp)V 

97.00P 

*1.00 

Rubber tOcOF 

95D0p 


Rubber KLRSSNOI /tog 

3S6.Sm 

*13.0 

Coconu CM (ren}§ 

ssao.oz 

*2.5 

Pafen 03 (Ma)ay.» 

e4S.0q 

*00J) 

Cepra (Phil)$ 

$40$ 


Soyabem (US] 

ei 78.0c 

*3D 

Cotton Outbwk 'A' bidea 

63 90c 

*iro 

WOoliape (64BSuped 

426p 



C pg »qme unhM etfiira U e mud. p penonlift ecentira. 


ffintieekg HifeWay ianca rafliB i OvVOm q c 4u^ 


9ep “ $tp . V LMUon RntHcdL 0 Of 
Bul«n clo««, 4 gnirp |Uva iMmni pne^ * 

Qonqe an we«. piwinul pcica^ n«es Me wr preri- 
M day. 


CROSSWORD 


Mo.8,5I6 Set by QUARK 


M 

8242 

3272 

^609 

1275 

485 

37 



ACROSS 

1 Pub mostly associated orifo a 
student after univeisity peri- 
od's end 

5 ft results from work oa the 
locia fo) 

9 One with a burtimg passion 
(8) 

10 In opposition to some rivers. 
ITsk, say? (6) 

11 Engineer’s tin cover collapses 
18) 

12 Oiaoga route riding initially 
In car 16) 

14 Mode d travel for the sorcer- 
ess (10) 

18 Instniment’s excellent set of 
pipes (S-5) 

22 Feel lU Id the sea when 
posted (6) 

23 Form opinion about tea-time’s 
break (8) 

24 FOol, about 49, is only par- 
tially bright 

25 To begin wifo. holder of the 
Ashes gives top perfonnance 
(4.4) 

26 Bacon's fellow in short to con- 
fuse the discussion 

27 The magnificeuce (tf the piano 
going to Eoglish city 


4 Declare emphatically a fool’s 
always consumed (1(9 

6 Hole knocked in a custom in 
the pub (8) 

7 Check the holiday watm* (9) 

8 The batsman could be out 

( 2 . 6 ) 

13 He’s the type to be corrected 
( 10 ) 

15 Comes out with nervous 
twitch. Applied to face? (8) 

16 Setting off in the car? (8) 

17 The girl's around in charge 
producing decoration for 
sweets (8) 

t9 Channel Island market place 
for fruit (6) 

20 Description of certain student 
as graduate? True, possibly 
(6) 

21 Note foe milk oudter is prod- 
ucing turn (6) 

Solution 8»515 


DOWN 

1 (Writer about in hypnotic 
state (5) 

2 Feel aggrieved at gift given 
without introduction (ff) 

3 Fail to notice part of sign or 
emblem (8) 


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U<!ll 


‘■toaisoft 







financial TIMES WEDNESDAY 


JULY 27 1994 



LONDON STOCK EXCHANGE 


market REPORT 

CBI report well received in more active trade 


By Tenry Byiand, 

UK Stock Market Editor 


me confident trend amons 
manufacturers in the latest Confed- 
era^oE British Industry report 
to UK stock market al^d 
J^rday, although shares came ofl 
the top a$ British government 
•Jonds shied away from the report's 
warning about upward pressures on 
{mces. Trading volume was better 
Ulan on Monday but still below the 
level generally considered satis&c- 
tory by the London-based securities 
houses. 


Early trading saw the FT-SE lOO 
Index gain nearly 27 points to 
3,132.8. encouraged by a strong 
opening in stock index futures. But 
this proved to be the best of the day 
and shares retreated as the bond 
market began to react negatively to 


the CBI report of potenttal price 
tnflation. 

At to close, the liT-SE gain had 
been trimmed to ILl for a reading 
of 3.117.2. The market was also 
restrained by a dull start on Wall 
Street, whore the Dow Industrial 
Average shed 10 points in UK hours 
as the US dollar gave ground. 

Some dollar stocks ended to ses- 
sion lower, among them Shell 
Transport, a prominent Footsie 
stock, as Investors took profits fbl- 
lowing confirmation ^ the sale of 
the Billiton lotv^ to Geocor of 
South Africa. Traders maiptainflri 
that the fall in Shell shares would 
prove to be short-lived and that 
there was nothing in the wuiifawt 
deal to unsettle investors. 

The FT-SE Mid 250 Index held a 
gain of 17.1 points to 3341.1 and the 
overall tone of the market remained 


very firm. Traders said that to CBI 
report had been very well received, 
with its disclosure that manufactur- 
ing orders were growing at the 
highest rate for nearly six years 
serving to confinn the sto& market 
perception tot economic recovery 
is showii^ through strongly In 
terms of higher earnings and pro- 
spective £vidend payments at Brit- 
ish companies. 

Seaq volume of 5Si.7m shares 
compared with 431.4m on Mon^y 
when retail business returned a 
total worth of £i.Q2bn. World mar- 
kets are sdll relative quiet, while 
awaiting the week’s sole highll e^t 
in the form of the Latest US gross 
domestic product numbers, due on 
Friday. 

Confidence ahead of the flow of 
results from to UK financial and 
banking sector, adiieh opens today 


with figures from Lloyds Abbey 
Life, was encouraged by the favour- 
able reception from the German 
stock market for first bolt figum 
from Deutsche Bank. 

There were gains In a number of 
other blue chip shares which are on 
the point of disclosing trading 
results. Reuters and ICl, both with 
iAterim results due this week, 
closed firmly, and the confident 
tone of the banking sector over- 
flowed into the insuntnee stocks. 

Miarmaceuticals also brutod off 
dollar weakness as several of the 
sector leaders continued to stabilise 
after somne recent uncertainty. 
Wellcome lemained firm, under the 
ittiluence of last week's trading 
statement 

Hopes that the recovery in manu- 
facturing industry will soon spill 
over into consumer spending 


brought some buyers In for the 
store and retail issues, which have 
been marking time as matot atten- 
tion has focused on the engineering 
and industrial sectors. 

But trading volume in these tradi- 
tionally active retail issues was 
fairly modest and analysts doubted 
whether investment views towards 
the sectors had changed signift- 
caoUy. 

Futures markets provided most of 
the lead for equities and at one time 
a prexniuffl of more than 20 pmnts 
against cash was reached on the 
September FT-SE Futures contract 
This premium b^an to u'eakea a 
little in later trading. 

This morning will feature to auc- 
tion of £2bn in British government 
securities atrd this could restrain 
share prices at the opening of 
today’s session in London. 


FT-SE-A AU-Share index EqiiHy Shares Traded 


1,600 



Tumwur b)‘ »dlun» (pdenv E.v: 1 uc&nr 
kara-niMi.t burJiwsv and ovewu (utuvw 
1.000 



1994 


■ Key InAcators 
Indtees and ratios 


FT-SE 100 3117.2 

FT-SE Mid 250 3641.1 

FT-SE-A:^ 1571.2 

FT-SE-A Al-Share 1557.85 


FT-SE-A AB-Stare yield 3.81 


+11.1 

FT Ordinaiy mdes 

3-U.*a6 

+iar 

+17.1 

FT-SE-A Nm Feis p/e 

19.83 

(19.57) 

+6.0 

Fr-S£100Fui Sop 

3134.0 

+7.0 

+5.78 

10 yr Gilt vuHd 

8.37 

(8.33) 

(3.82) 

Long gilL'equity yM rniio: 

•» .-4 

(2.35) 


Best p ef to nu ing sectors 

1 Totxwco .... - 4-2.4 

2 M«dH .|■1.2 

3 eanks 1-1.2 

4 Water 

5 Bejiding Maicdols +1.C 


Worst performing sectors 


1 Exirjctrvo Inds -1 0 

2 Od Expldi.illoii A Prod -0.9 

3 Mineral Exiradion *0.9 

4 Oil, InttifiraiPd -0.8 

5 TolocoinmurMcanorK -0.3 


inniil 



Billiton 
sale news 
hits Shell 

News that Shell Transport was 
poised to conclude the sale of 
its Billiton metals business 
provided a motive to mark 
down the share price when it 
was announced 1^ yesterday. 

The announcement that Gen- 
cor of South Africa agreed 
to buy the most of Shell’s Billi- 
ton upstream assets for $l.l4bn 
after charges contained no sur- 


However, the shares had 
driven up by almost lo per cent 
since the start of the month 
and one oil specialist pointed 
out that while they normaDy 
traded at a significant yield 
premium to the market the ris- 
ing share price had pushed the 
yield towards par. 

Also, the US oil majors 
began their reporting season 
this week and the figures have 
tended to match the gloomy 
forecasts. The picture was com- 
pounded by disappointing fig- 
ures from CSievron yester^. 

Shell Transport shares ended 
the day 10 lower at 733p, 
althooifo the day’s final turn- 
over d 2.Sm shares su^ested 
that the bears were merely 


shadow boxing. 

Food retailers firm 

Pood retail stocks were a 
generally bright picture as a 
combination of broker 
UE^rades and continuing take- 
over talk underpinned the sec- 
tor. But Wililem Low was one 
weak ^lot as investors swayed 
over whether there would te a 
counter bid to the £154m 
agreed offer from Tesco. Low 
Shares slid 10 to 268p, with 
turnover leaching 3.5m. Te^ 
was 1% lighter at 236Vip. 
J Sainsbnry, which is cur- 
rently considering whether to 
enter the fray for Low’s, added 
S to 4Up. At the same time, the 


l»ises. 


EQUITY FUTURES AND OPTIONS TRADING 


market’s attention turned 
towards anoUier northern- 
based supennaricet chton, Mor- 
rison Supermarkets^ as a 
potential alternative. The 
shares ended 3 ahead at I31p. 

Elsewhere in the sector, both 
Hoare Govett and SG Warburg 
were making positive notsas on 
selected food stocks. The latter 
shifted to a buy on Ar^ll 
Group, the shares responding 
with a rise of 3^ to 272',4p. 
Profits forecast for the current 
year wete by £16m to 

£400m, while the 1995-6 esti- 
mate was lifted the same 
amount to £440m. 

Hie U-year battle for control 
of the Savoy Group appeared 
to heat up as to luxury hotel 


TRADING VOLUME 




The near month Footsie futures 
contTBct broke through two 
resistance levels after a 
squeeze sent it sharply ahead 
in thin trading, writes Joef 


tObaao. 

The September contract on 
the FT-SE 100 opened at 
3,125 and the first hour was 
marl^ by 'inaofivity. 


However, a buying order 
from a US dealer that was 
given to three UK houses for 
execub'an enlivened an 
(dherwise dull market and 
brought a mtd-moming 
squeeze That shvp upward 
movement saw the contract 
break through ttie 3,033 and 
3,046 resistanee levels to 
reach the day’s hi^ of 3,055. 

September relln^ished 
some of the eartier gains in the 
aft erno o n as dealers turned 
their attention to the weakness 
in ^fts and the poor opening 
on Wall Street The contract 
held on to a strong premium to 
cash for most of the sesaon 
which encouraged arbitrage 
trading 

it dosed a. 3,145, at a 26 
point premium to cadL Volunie 
at 10,155 lots remaned low. 

in traded options, an 
equipment breakdown left 
many dealers untile to update 
prices for several hours in the 
first part of the sessioa 
Turnover was 19,226 contract, 
only afightly above the 
previous total, wifti 6,502 lots 
dean in the FT-SE 100 option 
and 2.0B9 in the Euro FT-SE 
option. Today sees the expiry 
of the July series stock 
options. 


■ FT-Sei0QIWDeXHjnweS(lJFrgE2SparftJHdwpehH (APT) 

open Settprtce Change Mgh Low EaL vd Open M. 
Sep 312SC 3134.0 70 31660 3121.0 10166 60299 

Dec 3144.S 7.0 - 0 2016 

■ Fr-SeMPSSOWPBCFUnifleSlLJFFgCIOpwftaindeKpoW 

Sep 3SB1.0 26.0 0 4426 


■ FT-SE i» 2S0 woex fimiRES (OMUQ CIO py All Indat port 

Sep 3.6S10 636 

M epvi Mhw> IpeM am tar ftkjua d%. t eoci aokaiie VMn. 


■ FT-SeiOOWDBX<ynOW4fFQr31191 CIO p« MlndeK paw 


2950 3000 3050 3100 31S0 3200 32SD 3300 

CPCPCPCPCPCPCPCP 
Aig IS 8>2 Ma la 163 23 I 3 6 V >2 384 40 82>2 flPi 10b 1334 34 1824 

Sep 207 224 1S5 30 C04 42 954 « 074 S3 484 113 30 148 f74 1074 

Od 2204 36 1814484 147 6241184 84 904 107 7D I3849B41604 37 20S 

M« 2W4 46 2004 50 Ifll 75 1374 96 105 119 05414840741774614 212 

Deef 2134 734 1S2411I4 1834 102 654 22S 

cat a,7w Mi 

■ BWQ STYLE FT-86 100 BlEXOPflOWaJPFgeiO per MfcKtwpglm 


3875 3025 307S 7126 3176 32X5 3275 33S 

Mo 161 10412041748243045044740477416411412 7 1S44 3 2004 
Sep 18S>2 26 1fi4 37 110 51 4 60 71 954 964 37 127 2241624124 203 


Od 

iSUj 

58 

107)210012 

e 197 

36 22B1| 

Ok 

196 

79 

138>2l1S>2 

tl 17|)2 

59 23S<2 

Mart 

ZS>2 

in 

160 14612 

134 1«5h 

6V2 29B 


cm 1 ,no Ms 2J8B * IMerM IWr «■!«. Mtnkm PM M ted w Kte wd pte 

t toq (tel optf Intel 


■ aWOSTYia FT-SE MP 290 IMDEKOPTIomOMUq CTO per tie Index port 


3«5D 3500 365D 3600 3850 3700 3750 3000 

M 16Sa0 113Sa9B6S609« 

QCiO M 0 Sid*—* prtM — —I « tel a tJQpit 


FT .SE Actuaries Share' InriiGcS 




Dsy^ Yeer 

Oh. 

Gea 

WE 

xd ed. 

Tom 


Jul 28 

chgeM Od 25 Jul 22 Jd 21 ago 

yWdW 

yWdW 

ratio 

yM 

Reten 

FT-SE 100 

311TX 

+0.4 81QB.1 S114.7 3068.1 28704 

450 

876 

1750 

78.15 

116882 

FT-SE iOd 350 

3841.1 

+05 3624.0 9630.9 98006 32307 

038 

866 

21.16 

8151 

134806 

FT-SE Sid 3SD ea hw Thte 

364X9 

+05 3628.1 36345 3604.7 32507 

054 

815 

19.70 

8452 

134862 

FT-SE-A 350 

1671.2 

+04 15002 15685 19585 1436.0 

3.86 

851 

1823 

37.60 

120861 

FT-SE SmelCap 

1829.77 

+02 I82S54 162156 181358 163557 

3.07 

457 

3868 

3098 

141153 

FT-SE SmrtCep es Inv Tnte 

1797.84 

+02 1794.43 176053 178356 163254 

355 

4.71 

2833 

3351 

138058 

FT-SE-A AU.-SHARE 

1557.39 

+04 155207 196553 1545.30 1C454 

061 

656 

1876 

3866 

121896 

■ FT-SE Aetuarios All-Sfiare 









(ley's Year 

Dtv. 

Earn 

P/E 

Xd ad. 

Tte 


Jd 26 

chg^ Ai 25 Jd 22 Jd 51 ago 

yMdW 

yWdW 

ntie 

ytd 

Halum 

10 MMBIM. EXTig«TVNtt16) 

272620 

-08 2748.81 274657 272650 2203.00 

355 

450 

2853 47/41 

108097 

12 ExtisKtIve lnduelrles(4) 

387a62 

-15 990656 9864.73 9683 06 9127.60 

559 

820 

24,07 

5454 

105657 

15 06. Me«ela(l|3) 

2685.76 

-08 2707.41 210007 267954 213450 

043 

451 

an 94 

5054 

108951 

16 01 Bmloraifan a PriidMI) 

1953.77 

-08 1672.16 196455 188488 180420 

047 

15S 

aaoot 

2034 

112052 

20 Oan MAHUFACTURenO<2S4) 

302683 

+03 2020.71 202457 200556 180410 

3.74 

457 

2888 

4659 

102558 

21 SUUfing & CansliUB3orG3) 

1196.46 

+04 1193.57 118847 116000 104050 

352 

4.48 

2818 

2054 

933.99 

22 euMru Malls a Mefctn(31) 

301877 

+15 199950200353 199010 168000 

084 

096 

3154 

4871 

81458 


2482.50 

+05 246857 2406.73 243355 214090 

073 

AM 

3001 

5823 

109253 

24 DhtoisMed tnawtnals(ie) 

3030.44 

+05 201014 202012 200644 1887.10 

450 

4.82 

2861 

5468 

102413 


1937.70 

-Ol 1939.78 199459 190057 207010 

080 

848 

1856 

4-1 an 

946.85 

26 DigneefinBtrO) 

1904.04 

-03 190953 1616.72 189077 159220 

256 

450 

2567 

3844 

108253 

27 Engbiaerino. \Mifclre|t2) 

241&2S 

+05 240755 340350 235354 183060 

4.34 

014 

6066 

42.03 

115558 


288199 

+05 286855 286047 2807.92 290000 

092 

800 

23.57 4061 

112554 


167862 

-0.1 166054 167854 168075 1781.60 

085 

807 

2094 

3826 

94431 

30 CONSU4ER 00008(971 

2680.63 

+06 2665.60 266956 2667.78 2S3350 

4.32 

754 

15.53 

71.53 

91451 

31 OrewsrteadT) 

224036 

-Ol 224353 225434 224456 186050 

452 

7.73 

1553 

6053 

100354 


2787.77 

+05 2783.19 2787.67 2785.21 271750 

097 

881 

1878 

6959 

934.32 

33 Food Menubctinra(23) 

2205.90 

+04 219656 221416 221050 218400 

454 

852 

14/48 

65.72 

82256 

34 Hounhold Qoods(19 

2452.50 

+0.8 243068 2428.71 2428.15 217250 

058 

751 

1557 

52.15 

87424 

36 Health CeretSI) 

1666.36 

+1.1 164651 1646.90 162654 169040 

094 

804 

67.63 

3069 

961.65 


288026 

+05 267556 2885.16 288258 2858.10 

45? 

756 

1653 

5801 

90411 

38 TdxKcom 

3712.17 

+9536B4Q8 3881.17 3577.85386050 

S5B 

816 

12A4 177B3 

82656 

40 SERVICeS(23a| 

1086.40 

+06 1973.78 1977.42 1985.14 1793.90 

O10 

809 

1950 

97.89 

97056 


274054 

+05 274015 279076 272025 2609.00 

025 

840 

1858 

66.97 

947.11 

42 Leism a HaMs|24) 

2141.37 

+07 212059 214453 2129.44 1621.80 

049 

4.62 

2559 4351 

1061.40 


29SQ.B4 

+15 2684.61 290022 266251 236010 

250 

811 

2251 

49.19 

100817 

44 RstaMen. Food(17) 

171754 

+0J6 170752 171015 169757 182850 

om 

956 

1018 

4055 

102253 


170034 

+OS 170061 169750 168013 162050 

006 

837 

184$ 

3020 

90876 


1SS6.13 

+05 1582.20 158042 1574.83 1541.20 

2.66 

5.99 

1869 

2478 



343250 

+05 2419.78 241252 236251 2122.40 

046 

454 

2056 

41.46 


51 Ote Steran A aintelM 

I17S.67 

-051177501174781186.13 118020 

4.17 

061 

a&fi 

16.16 


60 ununestto 

2303.11 

+01 23005? 2322.77 230457 2158.70 

457 

816 

1454 

6959 


62 Becti1dly()7) 

2SI658 

+09 229044 2293.16 2253.46 1823.10 

089 

1872 

11.15 

7024 

95861 


1862.13 

1862.13 1862.13 185043 197150 

&43 

t 

t 

6878 

OOlAfl 


193004 

-03 200457 204083 203078 2014.70 

4.14 

7.88 

1045 

6816 


68 VlWerna 

1783.47 

+1.2 1762.57 1782.42 17S751 184050 

&46 

1012 

034 

RL// 

Btf JilW 

6S NON-mAHre*>«ete 

1663.77 

*03 1679J04 1R83.S7 1673.18 153062 

080 

816 

1863 

3B-24- 

1182.10 


2197.36 

+082179.83 2181562162.77 208750 

452 

851 

1069 

66180 

56257 


2807.14 

+15 277451 277066 27S3.1S 252650 

4.06 

875 


7088 



1298.91 

+0.4 12S099 1247.83 124052 144040 

5.14 

1159 

869 

36.63 



2435.07 

-03 2442.93 246853 242033 244350 

810 

7/47 

1849 

8097 



2888.16 

+09 286357 2848.66 280053 262060 

047 

11/43 



000.9^ 


191258 

+05 1903.61 190256 189459 156850 

353 

659 


49,22 



160154 

+05 1583.41 imPJW 158S.68 147030 

.077 

951 

32.76 

3814 


60 swEsniaiT TRusisnau 

P81051 

A 27IU.87 379067 27B069 239000 

2.14 

159 

5452 

3870 

94866 


09 FT-«E-A ALL-SHARQOBQ 


1SS7.B5 +0.4 iaX.07 155503 1645J0 1424.54 aOl 035 


100 

M0 2H 
■A 350 


Open 

800 

1800 

1150 

1800 

13L00 

1400 

1600 

1810 

Hgh/day Low/te 

3111.6 
3G275 

1567.7 

31135 

3633.0 

1569.0 

31305 

36405 

1576/4 

31283 

3S41.5 

1S755 

31284 

3S440 

1575.8 

31280 

36483 

15735 

3122.9 

3643.8 

1S73.7 

312&S 

36443 

1S747 

31183 

38486 

1S725 

31325 

3644.8 

15775 

3111.4 

3627.8 

1567.7 


1— ol FT.SE 100 HVi aUan Law aSSam 

■ PT-SE AetUMles 350 Indiistay baskets 



Open 

SlOO 

1050 

1150 

1250 

1350 

1450 

1550 

1810 

Ctoee 

ProvieiM Chengw 

BtigACnstroi 

Plunnanudets 

Wale- 

Berta 

11505 

SB65.9 

17636 

2815.7 

1151.0 

2865.0 
17619 
23255 

11586 

28835 

17875 

28481 

11520 

2B79.1 

17865 

28485 

11615 

2877.1 

17895 

2843.0 

11615 

2872.1 

1780.7 

28375 

11525 

2672.1 

1781.4 

28375 

11S25 

2871.0 

17884 

28482 

11S15 

2866.1 

1780.0 

2842.9 

iisao 

2864.4 

1782.4 
28425 

11482 

2851.1 

17615 

28086 

+8.8 

+133 

+215 

*33.7 


_ . ^ — . — .. ^ I Hiwnli nr^ irffililr *rrn 

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gicup announced that It had 
“become aware of talks 
between hotels group Porte 
and certain trusts, which have 
a significant shareholding in 
The Savoy.” The statement 
added that the discussions 
could allCct the eventual man- 
agement of the group. The 
news boosted Forte shares 
which closed 5 ahead at 231'Ap 
on a hefty 7.7m traded. Savoy 
’A’ shares slipped 3 to 970p. 

Analysts interpreted the 
terse statement as the manage- 
ment's response to Forte's 
quiet but gathering wimpaign 
to wrest control of the Savoy, a 
situation which has simmeied 
since Forte's failed bid in IfitiL 
The two camps have a stand- 
off arrangement whereby Forte 
will give IS months notice of a 
hostile bid. Porte holds just 
over 42 per cent of voting 
rights in Savoy, while Mr 
Rocco Porte, Forte's chief exec- 
utive, sits on the Savoy boanL 

However. Forte's grand plan 
of creating a luxury hotel 
chain centred on the Savoy 
group has been an open secret 
in leisure cirdea and lobbying 
of Savoy shareholders has been 
taking place - a move con- 
firmed by yesterday’s state- 
ment. 

ICI, to UK's leading chemi- 
cals company edged a penny 
higher to 84Qp, notchi^ up a 
gaTn of 8.5 per cent over the 
past fortnight ahead of second 
quarter figures tomorrow . 

The shares have outper- 
formed a rising FT-A All Share 
Index by five percentage points 
over the same period and many 
dealers were beginning to sug- 
gest that to company would 


NEW HIGHS AND 
LOWS FOR 1994 

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have to pull something extra 
out of to hat if it was to hold 
on to recent gains. 

“The range is EllOm to 
£14Qm with most of to City 
around £l30m but the company 
historically di^ppoints and 
tore could well be some profit 
taking with to figures,” com- 
mented one seasoned chemi- 


cals analyst 

Support for BAT InduslriK. 
the tobacco and insurance con- 
giomorate, moved ahead in 
front of interims today. Tlic 
shares improved 11 to 443p. 

Blsewhere among iiitornn- 
tionally traded stocks, Reuters 
Holdings, which is also expw- 
ted to announce interim fig- 
ures today, bounced is lo 4S0p 
os .1 heavy selling order crurieii 
out by one lending US house 
was said to have been com- 
pleted. Also, NatWest Securi- 
ties relterat^ its buy recom- 
mendation. Forecasts for the 
half year profits range from 
£235mto£2Mm. 

Bardays recovered from pre- 
vious weakness us the shares 
took some heart from a piece 
of research published by Smith 
New Court ahead of to sec- 
tor’s results season which 
begins with Lloyds on Friday. 

Smiths argue that: ”ln n 
mature market with uoiumodi- 
tised products banks are show- 
ing signs of going ex-growth”. 
However it believes Barclays 
will head the cost cutting 
required and provide a seed 
bed for growing operating prof- 
its. Barclays bounced 9 to S5lp 
while Uoyds came oft the top 
to dose 7 better at 567p after 
5762p earlier. 

Automotive and aerospace 
group Lucas Industries 
shrugged off Monday's weak- 
ness to close ahead at 
19fi'Ap. with Williams de Broe 
recommendi^ the shares. A 
slide early in the week was 
halted after to company dis- 
missed a press report tot it 
was under investi^tion in to 
US for folsifying inspection of 


parts fur comiiiervial aircraft. 

Wiiiiams de Uroc urgL*d 
investurs to buy the .stock :md 
cited the “recovery pottMUial in 
the autouiutii’e business" for 
the recoiiiinenilation 
RuUs-Royce full 6 to lS3p. m 
trade of ^.:im with .S.G. War 
bmy ^'iid to liave h.iri the day's 
main seller of the stock. 

Engineering nroup Whcssoc 
tumbled 2t> to lusp, otter the 
cumpniiy warned it W'oiild 
make a ia«: for the year and 
would piuss the final dividend. 

.\ sqnoe^v wiLs reportL*d in 
butli Hall knginceriag .and 
McKcebnie. The former 
juiuped ‘JU to IBTtp, while the 
latter put on 12 to 4S2p. 

News th-at service.-; group 
Inchcape has teamed up with 
Cocii-roki to invest in six bnt- 
tiing franchises in Russia 
clieered the market. The 
shares appreciated S to -I6lp. 

Finn platinum prices 
boosted Lonrbo and the .shore.*: 
gained 3 to 132'. ip. 

Strong demand for ai^rts 
group Bi\A ahead of Friday’s 
first quarter figures saw the 
shares sulvonce lu to 994p. 

stock uveiiiang was said to 
have undermined Taunton 
Cider, off 7 at I'gip. The strong 
Confederation of British indus- 
try export figures helped 
selected spirits compante.s. 
BSatthew Clailc advanced 9 to 
5S8p and Highland Distilleries 
was ahead 8 at -132p. 

MARKET REPORTERS: 
Peter John, 

Christopher Price, 

Joel Kfosco. 

■ Other statistics. Page 30 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 






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650 

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baa«a en cUng eSe priew. 

Jie ». Total taextt. 2S.IIV Cte 1SS31 

B.M- MrUK 


FT GOLD MINES INDEX 



Jd %n§ 
a n«r 

Jd M rear 

S SI 369 

Gmodt 

|fdd% 

SZwdi 
Hto toe 

fleUltanUnm 

isoatt 06 

193069 1954651696X5 

116 

2367X0 U22XB 

• to^ndMno 

Abtaiiq 

2647X3 +03 

2630X1 2WSX4 aeaio 

4X4 

3440X0 19D2X3 

MoMMIon 

aSSJO -6.7 

2570.72 256910 2B1X1 

2X5 

301U6 1BB3.I8 

NadiJnedcohS) 

1591X0 -ai 

1562.11 1S64J8 1620X2 

0X1 

2039X5 1363X0 


CapinpA, TIW RMte tVlNA UnM 1404. 

FWra ti taoUatn Sm ruiAw e eorapim. Bha US DeSm. Bon VSinc ICOOM 31/12/82. 
MstacMarOcRi Unea hdoc 96: 294.1: dote panta: YMv agw 22SS 

LWiWpwa arara uvteUt lar Ma atea 


RBES AND FALLS YESTERDAY 




RiSM 

Fafei 

Same 

driBeh feoKb 



37 
4 

36 

65 

19 

76 

10 

4? 

10 

38 

SO 

9 

61 

J03 

114 

308 

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— 

2 

83 

18Z 

sr 

120 

33 

136 

199 

54 











161 

357 

•>9 



Othara 



ToidB 


870 

327 

1444 


tte baad on Ona* ectete HM en BwLandaa Shau S««ica 


TRADmONAL OPTIONS 


CSb: napitorra, aeenial iS i Res, HTV. Puts KTV. Puis & Catta: Marks a Sp«necr. 
TuBbwOS. 


LONDON RECENT ISSUES: EQUmES 


Issue 

pfiee 

P 

HI* 

odd 

M 

MO. 

CM 

(Dn) 

IBM 

Htft IJMP Stodi 

ClOH) 

pnee 

P 

♦/- 

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div. 

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coir 

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yw 

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33X 

107 

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107 


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re 

re 

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45 

a jEUKura 

34 


_ 

re 

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150 

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17.9 

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165 

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LN3.0 

2.4 


15.8 

IB 

FP. 

6X0 

a 

21 Cvndl 

37 


_ 

re 

re 

re 

230 

FP. 

1106 

227 

230 Eioeddlar 

326 


WN8.S 

Oil 

47 

17.7 

T7S 

FP. 

245.7 

203 

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. 

■1*2 

L8.*4 

2.3 

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10.8 

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FP. 

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360 

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- 

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70 


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6BX 

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1^1 

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44.6 

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1.13 

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3X3 

97 

97 TR EUD Oin Pig 

97 


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11*3 


re 

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372 

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1X97X 

295 

380 31 

393 


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1.1 

2.8 

33.7 

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2.72 

a 

29 Tops Esio Wits 

34 


re 

re 



ra 

FP. 

22.3 

104 

M IMwaiGal Cerantie 

104 


LN3.7S 

1.4 

4,5 

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BOX 

49 

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44 I 9 + 4 I; 

re 

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140 

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64X 

169 

148 Yates Bros wine 

IBS 

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204 


RIGHTS OFFERS 


Issue 

prfee 

P 

Amoud 

pdd 

te 

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doi6 

1004 

Hioh Low 

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puce 

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16(8 

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RNANCIAL ‘HMES EQUITY INDICES 

^ Jul)r26July2SJiily22July21Jiiy30Yr«qo tsw 

Ord te y Site 24206 2409.3 2423.0 2408.5 2391.6 gg773 gwas 

Ofd.dv.yl6M 4,16 4.17 4.15 4.1B 4.19 4ns 4,43 3.49 

Esm. yU. 4b «ul aS9 5.61 5.58 5.62 S.64 4.62 535 3.92 

RC ratio iwt iao8 19.00 tan laoc ia.9o 26.B4 3x43 17M 

PC ratio rI 19.84 lars 19.87 19.71 19.65 24.52 3000 1061 

'Fer ISM. Onsnofy 8hM Mar cmoo e«itell«n. lu^ 27 \ 34 ao2/B4; tow 40 4 aUMi 
FT Mitory Shew bate baas dara 1/7/M, 

Ordtey Share hOHriy ehsngee 

Open aOO 1000 11J» 1250 134» 1400 16,00 16.00 HInh - 
24143 24T4J5 g424a a<2Lg S4g7jS 24£5.1 g4g4J 2426.1 7423.S ^1\7~ 

July 26 Jdy2S Jdy22 JUygl Ji^gp vrwn,. 

dEAO begafeH 25S37 29.316 26,795 23.518 

Eqdty ttmover (brif 1023.9 1210.0 l2Sao 

Eqdiy baroainst - 33.480 39.891 25.3Qe 

Shares iratM (mllT 406.9 497.0 455.4 

r Etetag asnHiwhai busMaae and ovsi^*Aa tmoMi 


23.283 31.167 

1578,7 IStoo 
30.168 32.872 

seas 617.6 





































































fisssfifiis. . ces&sisc^BeSg tsKK . eseinstiSKe . esssc , . etig . g^se . bssb 











































































































































































































































































FlNAaNCIAL TIMES WEDNESDAY JULY 27 1994 














































































































financial times WEDNESDAY 


JULY 27 J994 


















































































30 


FINANCIAL TIMES WEDNESDAY JULY 27 1994 


CURRENCIES AND MONEY 


markets HEPORT 


POUND SPOT FORWARD AOh’iNSTTHE POUND 


Pound slips against yen 


The breach of a key teehniftai 
level of sterling against yen 
saw tbe UK c nr rency slip on 
the foreign exchanges yester- 
day, writes Philip Gwmth. 

ignored some good 
news in the CBI quarterly 
indostrial trends survey and 
fell below Y 150 , a level that 
had held on previoos occa* 

’ skins. It closed in London at 
Y 149.533 from Monday's 
ym. 728 . 

In thin trading conditions, 
the (kdlar slipped to close at 
Y 98 from Y 98 . 685 , bat was 
Qmier a gainst the 
finished at DM 1.5865 from 
DML 576 . The market paid little- 
attention to Uie Conference 
board's July consumer confi- 
dence IndeK which slipped to 
9 L 6 , from 92.5 in June. 

leaders wma keeping a dose 
eye on the start of the White- 
water hearings before the 
House banking committee. 

In Europe, tbe D-MaiiE lost 
ground against most curren- 
cies. The Portugnese escudo 
responded positively to a rate 
cut whii^ was semi as a ^gn of 
economic strengtiL The central 
bank cut 0 .S of a percentage 
point off its rates for draining 
funds and nyecting emergency 
overnight fnnds, to 10.5 per 
cent and 13 per cent respec- 
tively. The escudo closed 
mir^nged at ES 102.3 a^folSt 
the D-Mark, its highest level 
since late ApriL 

In Israel, the central bank 
said it was raising short term 
interest rates by 0 j 5 of a per- 
centage point to a TnTnimmn gf 

11.8 per cant. The move is 
aimari at Combatting faflaHnn 
trtiich is expected to rise ;i^ve 
the QfBdal 8 per cent ta^et for 
tbe year. 

■ A feature of steriing’s weak- 
ness has bemi ihe breakdown 
(ff its d(Be tektionship with 
the dollar. Untfl recently, sta- 
tistical studies suggested that 
as much as 99 per cent of |/£ 
moves over the past six 
months could be attributed to 
moves in ihe l/DMark rate. 

When the dollar made a 
sharp (ecovery last week, how- 
ever, sterling foiled to ^ow. 
Mr Robert Thomas, currmocy 
strat^st at Natwest Marked 
commented: There was a pre- 
sumption that the glue that 
had held sterling to the dollar 
as the US cnrrency fdl woiM 


AQdnst Itie Ten (V per Q 
170 



14 S 


Jrni .• 

Souec PT GniiMlB 

m PMHStallMVwfi 


jft a 

[ nrd 

-Her. dose- 

Eftol 

12735 

12310 

10 ft 

12 S 5 

12301 

3 ntti 

12 B 7 

12394 

lir 

12175 

12366 


work the other way too, but it 
seems to have weakened.” 

Analysts were at a loss to 
come 19 with any fundamental 
foctors which might account 
for the pound’s wMkness. Hie 
Sterling imia fieQ to 78 . 6 . from 
79 . 1 , despite the positive news 
in the CBI survey of manufac- 
turing orders reaching a six 
year high. 

One possibility suggested 
was the resurgence of talk 
recently ttiat Tory backbench- 
ers, eoncezned about the gov- 
ernment's popularity, mi^it 
push for tax cuts ‘this year. 
This would put pressure on 
steriing as the UK’s fiscal posi- 
tion cmrently is not jod^ to 
be strong enou^ to accommo- 
date tax cuts. 

Another possible factor oon- 
tributing to sterling weakness 
was a newspaper report timt 
the Enropean Union might 
seek to fbroe the UK to comply 
with the social c^ter ^ tte 
Maastricht treaty. If Mr BAajor 
distances himself from Eut(^, 
this could lead to sell^ of 
sterling in the short term. 

■ Part of the explanation for 
the fairly listless perfiumaime 
of the doDar is that there is 
little new information to chew 
on. Tram the matkefs point 
of view the problem is that we 
are not bk^ to see a policy 
change from tbe US or Ger- 
many for a number of we^s,” 
said Mr Tony Noifield, trea- 
sury economist at ABM-AMRO. 

Tbe Bundesbank has froaen 


its repo rate at 4.85 per cent for 
the next four weeks, while the 
Federal Resmve is not expec- 
ted to shift rates before the 
mid-August FOMC meeting. 

This did not st^ Mr Wayne 
Ai^U, economist at Bear 
Steuns and former Fed gover- 
nor, criticising the 425 per 
cent Fed ftmds rate as too 
accommodative. He suggested 
that as many as seven Fed 
hanks might asfc a discount 
rate hike prior to the August 
FOMC meeting. 

There was also good news for 
the dollar in ttie form of sup- 
portive interest rate commwits 
emei^ng from Germany. Mr 
FRImar Hopper, chief executive 
of Deutsche Bank, told the 
bank's interim press confer- 
ence that he eztoected the 
decline in short tom interest 
rates to continue. 

His comments followed ove^ 
ni^t observations from Mr 
Otmar Tesing , a Bundesbank 
board member, who stressed 
that the "aiminer break does 
not mean that we have rolled 
down the blinds and closed 
down policy. Rather, we have 
made dear that vbat we want 
is stability in money mar* 
tets and to calm down interest 
rate expectations,” he said. 

■ German can money finned 
to 4 SS/S .05 per cent ahead (tf 
today’s repo whme the rate has 
been fixed at 485 per cent Ms 
Alison Cottrell, International 
economist at IGdland Global 
M ar k ets, predicts that only a 
low portion of bids are likely to 
be filled. 

’nmth call money at 5 per 
cent and rising, and the repo 
rate a fixed - 4.85 per cent, 
banks will bid for more funds 
tiian normal,'' said Ms CottrelL 
There is no downside risk of 
paying more, and in the e^ec- 
tation that others will do like- 
wise, bmiks are likely to inflate 
thdr bids to ensure they get 
their share of funds. 

The Bank of England pro- 
vided UK money mmkets with 
£ 4 SCm assistance afto forecast- 
ing a £ 550 m shortage. 

■ OT HBB cm mei i cm s 


MS 6 


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7^673 .00749 SSI ■ 764 dOSOO 70580 

02638 -00471 S 98 > 674 03182 02494 

2.4206 • 0.0107 1 S 4 - 2?1 2,4360 24148 

160899 - 1.147 662 • 135 367382 38&199 

1 XH 26 403006 118 > 133 1.0188 13090 

CL) 241244 -SLK 212 - 475 243206 24 Q &47 

(LA) 49.8496 - 0.1944 078 - 915 501210 407160 

27158 -03089 145 - 186 27314 27110 

(NKr) 103450 -OL 0522 411 . 489 103337 103226 
146 -U 17 ‘436 - B 5 S 249374 246.759 

971 - 1.121 S <8 - 093 200.449 198318 

C 5 M) 113168 •OL 1 S 41 065 - 271 113847 11.7936 

20 SS 1 -0305 548 - 573 23690 20525 


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1.4237 -00115 218 • 255 
2.1053 -03096 044 • 062 
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132 S 8 -00083 255 - 262 


13721 13630 


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Japan fO 149334 

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13320 13210 
1.4362 1.4214 
21135 20988 
02150 01835 
13322 13212 

20522 -00117 510 - 533 20594 20475 

mCS) 11.7874 -03644 839-908 113366 11.7528 
473640 -02604 473-807 400640 47.7330 
-1364 423-844 1 S 13 S 0 149.110 
-0018 553 - 567 


33 S 7 Q 

23340 -OOV 46 223 - 296 


33712 33446 
23335 25178 


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06 »S -00505 169 - 240 

09350 -00781 181 - 918 

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(TW 406090 -01994 920 ■ 259 40.7315 404928 

(BQ 300652 -02532 612 - 092 383770 373920 


07463 5.7054 
23129 22982 
53899 53029 
09673 &9179 


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172307 

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114.7 

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408896 

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12202 

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11.78K 

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149l154 

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148289 

3.1 

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3.4 

133.4 

22279 

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22367 

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> tsmdad b/ aw F.T. 


DOLU«^ SPOT FORWARD AGAiK'ST Tvc DOLLAR 


1 


.M 25 

fknuay 

Mr 

NPHI 

Mm) 

Andi 

UAE. 


1553)1 - 150749 
ZeBinO - 2 BB 3 JIO 
04541 -04555 
34 S 9 )J - 347 U 4 
3122 X 10 - 31343 ) 

00104 -OiniB 


IIBiim- I 02 XI 5 D 
174000 - mm 
02977 -02995 
227159-227450 
2040 X 10 - 2 D 54 O 0 
5 S 715‘ 06736 


jirias 

Ckising 

nSd-peint 

Change 
on day 

BtdAsRto 

ftxead 

Dm^nM 
high Riar 

One nwnOv 
Rate MPA 

Three laoiwha 
Rate KPA 

Omyear OP Morgan 
Rata KPA Index 

Buape 

Auatrfa 

iSeb) 

11.169 

■roxne 

830 - 680 

112290 11.1570 

11.1682 

-03 

11.1618 

OI 

11X1838 

or 

1032 

Be^kaa 

iBFi) 

32270D 

■tam 

500 - 900 

322200 322170 

32.69 

-07 

32.7275 

-07 

3079 

-04 

105.4 

Domiork 

IDKr) 

62357 

fOX)134 

347 - 367 

02596 62267 

03417 

-12 

62527 

-1.1 

62897 

-09 

105.1 

Hnland 

Fte 

52215 

-oxBoe 

167 -263 

52767 52167 

02245 

-0.7 

5227 

-0.4 

5266 

-09 

76.7 

Bftiee 

m 

54158 

-0X1013 

14S 170 

5.4471 &4145 

5.4206 

-1.1 

52265 

-02 

54043 

02 

10S.8 

Germany 

53) 

15866 

«OJQ015 

880 - 870 

12878 12860 

12872 

-02 

12672 

•OS 

12772 

05 

1052 

Greece 

IDr) 

239200 

«055 

700 900 

24a^ 230200 

24015 

-1.8 

24092 

-12 

2442 

-1.9 

601 

irelKd 

m 

15070 

-0009 

0S2 - 077 

12131 1.4895 

12058 

12 

12035 

09 

14947 

08 

- 

M/ 

» 

1581.70 

•t4.7 

120 220 

1S88XX) 157&2S 

158075 

-32 

150525 

-3LS 

1633.7 

-32 

762 

Lueniboiag 

w 

322700 

40X15 

500 900 

322200 322170 

3069 

-07 

32.736 

-02 

3079 

-04 

1054 

Nethertanda 

p) 

1.7797 

■*00038 

794 - 800 

1.7892 1.7785 

1.7802 

•04 

1.7791 

OI 

1.772 

04 

105.1 

Norway 

54Kt) 

62109 

*00033 

093 119 

09456 09077 

62144 

•02 

09189 

-02 

6.8944 

02 

962 

Ponugel 

IBs) 

162200 

«015 

200 400 

160200 161270 

16923 

-9.1 

16527 

-6.1 

1707 

-04 

94.3 

Spobi 


130400 

-0025 

350 4S0 

131.150 130250 

130.785 

-3.4 

131.4S 

-3.1 

133.79 

-2A 

812 

flwaddn 

(SKI) 

7J444 

-OX1S86 

304 494 

7.8287 7.7394 

7.7614 

-22 

7.7979 

-08 

7.9524 

-07 

78.5 

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(SR) 

t3t7S 

-*0004 

470 - 450 

125SS 12470 

1.3472 

02 

12458 

OS 

1.3333 

1.1 

105.6 

UK 

(Q 

12259 

-00083 

255 - 262 

12323 12212 

1226 

07 

12241 

05 

12202 

04 

872 

5cu 

ft 

120BS 

-00017 

052 057 

12067 12004 

1205 

12 

120» 

12 

12148 

-07 

ft 

SORT 

_ 

145050 

. 


. 

. 

. 

. 

. 

. 

. 

_ 

Ataerfeai 

Argentina 

(PWO) 

02995 

•*00004 

560-000 

09999 09999 






, 


andi 


02330 

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09940 02320 

. 

- 

. 

. 

. 

- 

. 

Caneda 

(ce 

12798 

■*00012 

795 800 

12818 12770 

12814 

-1.4 

12846 

-1.4 

1.40S6 

-12 

807 

Mtadoe (NewPeaid 

3.4054 

. 

034 - 074 

3A074 04034 

3.4064 

-0.4 

32082 

-03 

34156 

-03 

ft 

USA 


. 

. 

- 

- 

. 

- 

. 

- 

- 

. 

972 

PtacBlenaddto EmtOkWea 
Aiariiaia (AS) 12449 

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12475 12434 

12451 

-02 

12458 

-03 

12832 

•02 

B8.1 

Hong Kong 

(HKS) 

7.7251 

-00002 

246 ' 256 

7.7256 7.7246 

7.7248 

OO 

7.7258 

OO 

7.7406 

-02 

_ 

)ncSa 

Pal 

312888 


G50.7S5 

312725 312660 

31.4538 

-02 

31X5988 

-22 

. 

- 

ft 

JOptol 

to 

9010000 

‘C.TS 500 ■ SCO 

98JOOO 972000 

97.795 

22 

9725 

07 

94245 

3.1 

181.7 

Matoytoa 

IMS) 

22933 

foooes 

928 - 938 

22938 2.S9Q0 

22841 

42 

02728 

32 

22463 

•02 


NdwZatdand 

(NZ5) 

1.6541 

-02006 534- 548 

1X9548 1.6S28 

1255 

-0.7 

12569 

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1.6822 

-02 

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pmppRwo 

Pw* 

252500 

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000-000 

28.5000 26.1000 

. 

. 

- 

. 

. 

. 


Seuft Arabia 

(SH) 

3.7504 

. 

501 -506 

07506 0^ 

3.7517 

-04 

3.7658 

-06 

07744 

-06 

_ 

Sbigapore 

|SS| 

12102 

•*oxxn 

038 -105 

12114 12090 

12088 

1.1 

12006 

02 

12002 

0.7 


SAMcafCaarL 

ffO 

32835 

-oxns 

820 - 850 

3J1S5 06820 

3.699 

-62 

3.7273 

-42 

3204 

-03 

• 

SAMcafFIn) 

n 

45450 

-0025 

350 - 550 

42600 42450 

42767 

-82 

42375 

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- 

. 

• 

South Korea 

(WDr4 

802450 

•04 

400 - 500 

600700 800400 

805.45 

-42 

8082S 

-02 

827.45 

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ft 

Tetann 

(rei 

26.6140 

40014 090 - 190 

282190 282770 

26234 

-02 

26.674 

-02 

- 

- 

• 

ThaBand 

(Bt) 

242600 

-023 

500-700 

25.0000 242500 

2SXB25 

-as 

2216 

-02 

2524 

-07 

~ 


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CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

JW 26 BFr DKr FFr DM 


K 


NKr 


Ea 


Pto 


SKr 


SFr 


cs 


Ecu 


O clgiutii 


pR) 100 1009 1638 4357 2 X 132 4841 5.446 21.16 496.7 3993 2171 4.124 2006 49 m 3 jOSS 2993 2588 


EMS EUROPEAN CURRENCY UNn* RATES 

Jid SB East caaL Rato • Chtaied Wi 4 >^ fmn H tEnad Otv, 

tales aualrnt Ecu on day ( 3 m nto v toWlc M t M. 


Demnark 

(DKi) 

6039 

10 

ajBBS 

0544 

1 X »5 

2836 

2263 

1129 

2802 

2092 

1242 

0161 

1251 

0212 

1203 

157.1 

1229 

NaOtoriande 

£19672 

£15300 

-000084 

-120 

444 

. 

Pranua 

(Fft) 

an 3 ? 

1121 

10 

2230 

1226 

2920 

3285 

1077 

2992 

2407 

1420 

0488 

1210 

2247 

1 JS 45 

1800 

1231 

Belgiiiin 

402123 

392060 

-02386 

- 1.78 

420 

13 

Qenuany 

vm 

2050 

0930 

3413 

1 

0418 

9907 

1.121 

4256 

1003 

8018 

4282 

0849 

0413 

0869 

0230 

61 . 7 S 

0223 

Genoangy 

124964 

121834 

-000112 

-125 

328 

. 

haland 

oa 

4921 

9293 

8 . 1 SB 

0390 

1 

2382 

0680 

1041 

2444 

1962 

1127 

0030 

0287 

0078 

1205 

1472 

1249 

Ireland 

0808628 

080(036 

■*0003467 

-024 

324 

6 


(y 

2.066 

0394 

0242 

0100 

0 X )42 

10 O 

0113 

0437 

1026 

8243 

0490 

0085 

0 XM 1 

0087 

0063 

6.196 

0082 

Ranee 

6.53883 

055967 

-000794 

032 

2.04 

-a 

Nethertanda 

(B» 

1826 

3205 

3 XM 4 

OBBS 

0373 

8882 

1 

3286 

9120 

7326 

4254 

0757 

0368 

077 S 

0582 

5526 

0466 

OenBtorfc 

743679 

7 X 53758 

- 0 X)Q 113 

126 


-9 

Naranv 

(NK 4 

472 S 

0019 

7233 

2285 

0960 

2207 

2273 

10 

234.7 

1882 

1120 

1249 

0248 

1265 

1445 

141.7 

1.190 

Portaigft 

192254 

196.138 

-0231 

1.70 

065 

■^1 

Portugal 

(E 4 

2013 

3243 

3 L 338 

0278 

0409 

0742 

1207 

4281 

10 O 

8023 

4.774 

0830 

0404 

08 SD 

0216 

6020 

0211 

Spain 

154250 

157203 

-0264 

227 

OOO 

-17 

apsb) 

(PIN 

35 X 16 

4.784 

4.155 

1217 

0608 

1013 

1286 

5204 

1242 

10 O 

5243 

1 XS 4 

0203 

1258 

0767 

mi 6 

0236 








OwaJtoi 

(SKi) 

42.17 

8 .QSQ 

6292 

0048 

0857 

2041 

0297 

8226 

2005 

1682 

10 

1.739 

0846 

1.781 

1290 

1282 

1 X 170 

NON MB 4 BB 4 S 






OwftiirttoH) 

(SF 9 

2425 

4228 

4219 

1.178 

0493 

1174 

1221 

0131 

1204 

9074 

5.749 

1 

0488 

1224 

0742 

72.71 

0615 

aaeee 

284213 

290051 

-024 

925 

-624 

.. 

UK 

(0 

4926 

9215 

8264 

0421 

1213 

2413 

0715 

1055 

2472 

1982 

1122 

0056 

1 

0105 

1226 

1405 

1265 

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1783.19 

191443 

•*222 

076 

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Ctoada 

tCA 

23.68 

4220 

3226 

1.150 

0481 

1146 

1290 

5212 

1172 

9449 

5215 

0977 

0475 

t 

0724 

71 XB 

0601 

UK 

0786748 

0791 7 K 

10203847 

084 

1.72 

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MONEY MARKET FUNDS 


Money Market 
Trust Funds 


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5.419 

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69,788 

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06290 

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400066 

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12230 

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12240 

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113 

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- 

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07453 

1 

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12210 

12200 

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Eeuctotodtota. 

|i 7 /MM 5 Starbig and ftlM Ua toapmdm taatn E 7 M. AaOtoOnm cMBaam tor dw FManeW Itona 
■ W A nHP I 8 A 3 *«S 0 l » 110 l l 8 aiX 5 Q|can» per pound) 


Sbtaa 

Price 

Aug 

- CAU 2 - 
Sap 

Oct 

Aug 

— PUTS — 
Sep 

Oct 

1260 

524 

TX» 

7M 

- 

016 

041 

1275 

422 

4.85 

043 

023 

029 

027 

1200 

o<a 9 

325 

3.71 

o» 

125 

122 

12 B 5 

026 

1.70 

£38 

122 

£11 

£05 

1280 

020 

022 

1 j 43 

3.10 

325 

4.19 

1278 

- 

026 

079 

529 

529 

623 


WORLD INTEREST RATES 


MONEY RATES 

JUtaSS Oftr 

nkihi 

One 

Three 

mlha 

Sta 

intfv 

Om 

■y^ 

Land). 

biur. 

Die. 

rale 

Repo 

laia 

ntoobwi 

4% 

6 W 

5 H 

SH 

B 

720 

420 

_ 

week ago 

s 

SH 

516 

58 

64 

720 

420 


Fyftwe 

SHk 

54 

54 

su 

SB 

5.10 

- 

6.75 

week ago 

SH 

54 

5 H 

5 H 

SB 

5.10 


ora 

Getimny 

420 

422 

422 

420 

528 

OOO 

420 

4 .x 

«wek age 

4,85 

4,92 

425 

420 

425 

620 

420 

421 

Ireland 

58 

54 

5 H 

94 

6 H 

- 

_ 

625 

week ago 

5 

Si 

SH 

84 

6 H 

— 

_ 

nag 

My 

8 H 

8 H 

0 H 

58 

9 H 

- 

7 .x 

725 

week ago 

8 « 

5 H 

84 

8 B 

81 

- 

7 .x 

8 . 1 S 

WaOierlawda 

425 

420 

4.81 

5 X 12 

522 

_ 

525 

_ 

week ago 

425 

420 

425 

4.97 

&15 


S 2 S 

_ 

awitaertend 

4 H 

44 

4 H 

44 

4 H 

0025 

320 

_ 

«wek ago 

4 

44 

4 M 

44 

4 V 0 

tttas 

320 

- 

US 

44 

44 

4 H 

54 

SB 

- 

320 

- 

week ago 

48 

44 

48 

SN 

54 

- 

3 .x 

— 

Japan 

2 

24 

24 

2 N 

2 H 

- 

^.7S 

- 

waNi ago 

2 

24 

2 H 

24 

OH 

- 

1.75 

- 

■ SUBOR FT London 








bittobonk Hxbig 

ft 

4 H 

48 

SH 

5 H 

- 

ft 

ft 

week ago 

- 

4)4 

4 H 

54 

5 N 

- 

- 

- 

USOoltarCDo 

_ 

423 

429 

428 

523 

ft 

_ 

.ft 

week ago 

ft 

423 

4.60 

429 

523 

ft 

ft 

ft 

son Unhad Da 

ft 

S» 

24 

3 H 

4 

ft 

ft 

ft 

week ago 

- 

3 )& 

34 

3 H 

4 

- 

- 

- 


■ ‘nuBiiioimiaiiioM 


78 in— ■ QJffg* PtaHtn poam of 100 W 



Open 

Salt price 

Chenge 

« 8 h 

Uw 

Eat vel 

Open M. 

Sap 

95 X )9 

86.11 

■fOOl 

95.13 

9529 

14477 

172082 

Dee 

8620 

96 X 13 

■aOX 

9525 

9429 

16457 

182 SX 

Mw 

8420 

9423 

.tOX 

9425 

94.77 

140 X 

1668 X 

Jm 

9425 

94.57 

■lOXtl 

9429 

9421 

7223 

94403 

■ IM 

K MOOnH BUROURN SnUISm OVniMS aXFFQ LlOOUn potota or 100 M 


Open 

Sattpiiea 

Change 

tflgh 

Low 

es. vol 

Open M. 

Sop 

81 X 

9120 

-014 

SIX 

91.17 

8 )X 

31617 

Dec 

91.01 

9021 

-014 

91 X» 

9021 

2336 

48222 

Mar 

9067 

9024 

•013 

9087 

9057 

an 

13039 

Jm 

X 19 

B0J3T 

2.13 

8020 

9007 

340 

106 X 

■ IHOWE woanil sum S 8 R 9 S PRAMC nnuns (UFPW SFalm 0 CM» Ql 1 X« 


Open 

Salt price 

Chaqe 

TMt 

Low 

Set wl 

Open M. 

Sep 

SS.SB 

9525 

2 X 71 

95 .x 

95 .x 

1357 

23466 

Oac 

9 Sj 48 

9047 

-OXB 

9526 

9045 

7 X 

9243 

Mar 

3527 

9527 

221 

9529 

9525 

3 K 

10094 

Jm 

9428 

9427 

2 X )1 

9428 

9427 

7 S 

23 S 

■ TmMMoiiiiieeuRnimB 8 (LffFE)EcuimpeMBariaoH 



Opwi 

Sett price 

Ctitoige 

MX 

Lew 

Eflt, vol 

Open M. 

Sep 

9328 

0327 

-OOI 

8329 

63 .x 

844 

iiin 

Dee 

93.75 

83.75 

■021 

93.77 

9075 

337 

8492 

ktar 

9321 

9322 

. 

9323 

9320 

684 

44 X 

Jun 

awoa 

9322 

-oxs 

9324 

9320 

137 

1110 


add tataw I taot MK 3 anOw: Sto; 6 mdw; S 4 : i ymm; 0 |. $ UM Intottaank Itatog 

lOtBs am oOmd tatao Hr SHtoi (owM to dw mnrkto by Itadr nd ew nca badaa at nan HCil waciMto 

(M. Dw baria one Borfota Ihik Boaft o 71 bl 4 a. 0 a ih y » atw NbOomI Wtajmiiidna. 

liUd (MB M towiai tar Bw dDHitode MoMy Rotoa, US $ COi 9 iM Son UMd Ofto 9 lto (PO 

EURO CURRENCY INTEREST RATES 

Jriae Wtatl 7 d 6 ya Om Dro Sfac 


- L 8 FE fitaHM badad tot APT 


■ TWHBE ■■OKIH gUBOPOUjyi QMM) tim points df 100 H 


man 


tnontfi Riordhs mordhs 


Om 

yaar 


Dae 

Mar 


Open 

94 A 2 

94.13 

9087 


laiast Chopga 

94.79 -O 01 

94.09 -002 

9164 -002 


V 4 ^ 

94 A 2 

94.13 

93 X 7 


LOW 

94.78 

360 B 

9057 


EaL vDi Open bit 
45.415 430376 

S 5 JM 429.116 
26 A 38 391,809 


BeisiBn ftaie 
UfttobKiom 
Mia* 

Dutch GuUer 
Franch Fraic 
Ponugueea Esc. 
epantah Poaeta 


5*199 Raw 
Can. Dolto 
USOofar 
ManUa 
YMl 

MnSSaiS 

Sneti Btm aanai 


5 - 4 % 

5 ^- 5 >s 

sai- 4 S 

4 g- 4 » 

sA-sA 

12 tft - 11 % 
7 %- 7 A 
SH- 5 % 
4% -4 
S> 4 -S 
4 A> 4 ,% 
9 - 7 I 3 

3 %- 3 % 
lacaD tar dw 


5 % 

S»- 

5 A- 

4%. 

$> 2 - 


S- 4 % 
5 %- 5 li 
5 d- 5 & 
^- 4 g 
sA-si 
11 % - 11 % 12 % 
7 %- 7 fi 7 S 
5 %- 5 % 

4% -4 
5 %- 5 % 

4 A- 4 A 
6 I 5-8 

2 %- 2 A 

3 %- 3 % 


sh-s^, 

6%-6 

5 - 4 % 

4 %- 4 V 

SA-A’i 


6 %- 5 % 

6 %- 6 % 

sy)t- 4 ii 

5 - 4 % 

SH- 6 A 


12 % 12 % - 12 % 12 % - 12 % 


5 A 

4 %' 

5 ft. 

4 % 

6 % 

2 % 

4 A 


78 - 7 % 

5 %-S 4 

8^-58 
48 - 4 ft 
6 %-S *4 


U 8 Deb- told Ybn, 


7 ft 
S% 

4 % 

SA 
4 % 

• 8 
2 A 

- 4 & 

odian mo dan* twdea. 


8 A -8 

4A-4A 
6 % - 6 % 
S%- 5 % 
6ft-8A 


2 £- 2 A 2 %- 2 A 

*%- 4 % 5 A- 5 & 


8 - 5 ^ 

5%-9 

5 %- 5 A 

6 - 51 ^ 
12 % - 11 % 
8h-8A 
6 %- 6 % 
4A-4A 
7 %- 7 % 
6 %- 5 % 
9 %- 9 % 
2 % - 
SH- 5 ft 


■ la-ngftgMW ■it Wfn»C 96 M>i 5 ttiT>pdr 10016 


Sop 

Oac 

Mar 


8024 

9168 


9523 

94.67 

9641 


•ogi 

-om 

40.02 


0524 

9668 


96 X 3 

94 A 7 

9441 


1,082 20 X 32 
IBS 9 X 83 
257 2 X 75 


no Opwi eaa«at S 99 . watgrataatouadar 
■ OnOMAIIK dVTIOHS (UFFE DMIAi poOlto of 10096 


SMfiS 

Pitoe 

Aug 

Sep 

CALLS - 
Oct 

Dae 

Aws 

Sep 

PUTS - 
Del 

95 X 

012 

015 

0.16 

O 10 

OOI 

004 

012 

8 sas 

OlOI 

003 

005 

OX 

016 

017 

027 

9 X 0 

0 

OOI 

OXS 

OX 

029 

ax 

0 A 8 


Dae 

0.16 

090 

050 


■ n ull I I ■iimiiPinnnnrrnnnriiiinTinriiiiiiiiiiiiiiiiii iiiriniiiiniii 


Sop 

D #6 

Mar 

Jini 


Ba wL totto, C*i 4438 Pift M 47 . Pliidout dayto aprn K, Cdli 897749 Pm 150538 


Sop 

Deo 

Met 

An 


Open 

Sett price 

Ctionge 


LOW 

EaLvN 

Open bit 

Strtto 


- CALLS - 



- pure - 


9429 

94^40 

a 0 j 04 

9420 

9425 

1£925 

40580 

Price 

sop 

Dog 

Mar 

Sap 

Dec 

M» 

9424 

9427 

■rOX 

9427 

9421 

62 S 7 


95 X 

020 

019 

025 

005 

022 

051 

9426 

9427 

■fOM 

9427 

94.02 

£ 1 X 


9575 

027 

0 .x 

018 

0.17 

027 

OX 

9326 

9327 

*025 

X 27 

9322 

1 A 38 

20623 

9 BX 

002 

OXM 

Oil 

037 

027 

024 

OOMTH SURODOUJIII BJFF^ Sim poM* at lOOW 



Ba. wL BOL Csd> 0 pm a Ptawam 4af% epre bL. cm laos Pm 

1 S 7 S 


Open 

Sett price 

Chtaige 

(«g|h 

Law 

EoL vol 

Open M. 








9420 

94,79 

OOI 

34.80 

9420 

M 

29 X 








94.11 

94.10 

0 X 11 

94.11 

94.11 

7 

1918 








. 

9325 

- 

- 

- 

0 

1437 








. 

9324 

- 

- 

- 

0 

SX 









Paaataw 'tdU Ode ftOtSa# Pm SaaMK nar. dtolto opwi tot, c*i 0 W 7 Pm S 33 S 


UK INTEREST RATES 


LONDON MONET RATES 

Jtd 36 Owr^ 7 daya 

rrigM notice 


One 

(noadh 


Three 8 bc 
rnortia mordha 


Om 

year 


baartm* Stortoig S%- 4 % 6 d- 4 ft 5 d- 6 & 6 ft- 5 d SA-S^ 6 %- 6 % 
SiH&igCOs SA-Si 5 d' 5 % Sfi- 5 il 8%-6 

TreaiuyBlls SA-oJ) 5 ^- 4 ft 

BaftBla 6 A- 4 li 5 A -6 5 % - 5 ft 

UKto adhernjMtaps. 5 % • 5 5 d - 5 % Sft - %>« 5 % - 5 % 5 % - S% 6 ,><- 5 ft 

naeount Marfm daps S% - 4 % 5 d - 5 ^« 

UK d e ta WB mik besa lendin g lato 5 % par oeait frotn Fat w y 8, 1994 

ID tai 1 1 -a 3-6 6.6 9-12 

anotdhi mortow 


Carta of Tac dep. (£ 100000 ) 1 % 4 3 % 3 % 3 % 

(tortaoMtoidft. inWtoCiOOXnow iTjpe: Dr p e tou wI taito wiltoCMh \fK. 

Ana. Hndto am to ciueua AfttOpc. eOOD dtod cm Sato' tatotol TtoaM. Utow ito dft Jutto 90 . 
1904 . d iMi Ito pMtod Jto 80 . law w Oue S 3 . 19 W. SAtoita 1 5 ■ « 4 «pe. natowwi im Hr 
paMJftl. l 9 O«toJim 3 O.l 9 a<,StoNiai«iV 6 V 6 lO 7 ape.itoMweHauMeMltotoSl| 0 e«wR 

JiAri. too* 


■ TTOg MOWni STBOJWG RmiBBB OiF)^ gSOOOOO pcblS o) 100 % 



Open 

Sen price 

Chmga 


LOW 

Est vol 

Open tat 

Sep 

94.57 

94 .x 

■0.02 

9427 

9428 

10343 

10 X 19 

Dec 

X .57 

XX 

-ox» 

8328 

9323 

13 X 1 

138 X 7 

Mar 

9326 

9323 

•004 

9327 

9320 

4642 

87117 

Jm 

8070 

9228 

•025 

9£71 

9 £X 

3372 

51388 


Traded on APT. Al Opwi totarato 9 gn. ua tto imiIiiiii ctay. 


(UFF^ esOOA» points 07 10096 


SHft 

Pries 

9060 

9475 

3500 


Sep 

0.12 

002 

0 


CALL 5 

Dee 

006 

ojoa 

0.01 


Mv 

004 

002 

om 


007 

022 

045 


PUTS ■ 

Dee Mai 

0.71 iai 

083 1.54 

t.l 6 1.78 


691 . vgL ttWL GaOi 3290 Ads 4056 Pieiwiw daTa Cp«n Cft 329033 fwi* siOCoe 


BASE LENDING RATES 


% 

Adan&Cornpan/..„ & 2 S 
A 9 edTn*Bta*...._ 62 S 

AIBBtaA - 525 

eHeray Anteher 525 

Bankoiearada.-.— 525 
Banco BBtoo Wsaya. 6 .S 

SadtiriOlifniB... 525 

Bsftodbdtand ,525 

BtaftaTbida 526 

BartadSocoand .525 

BirtbvseBrft S 2 S 

MBKONM&al-. am 
eOfttoi Wtodey 3 Oo Ud 525 
CLtoitNadeiland... S 25 

CibHtaNA 525 

CtodasdatoBvik .53 

•nto Oiq p toftw)g ert(.S 2 S 

Causa&co _&S 

Craau^ iraia S 25 

C)pn« Popito ttfft _S 25 


Ouiean LomIb 525 
Bator 8 a* lMed._ 625 
RnandalAGenSsdi- 0 
ewbat nenaig a Oo _ 525 

Gbohaft.-. — 525 

eoftnao Mohan 525 

HdbbBankAGZtolch.sa 

e i ltonh uaDa ta 525 

MtoHe a Gen kw Bk. 525 

•MSanueL... _ 52 S 

CHmaaco -.525 

HdrtglBnoaShont^ 525 
JidUi Hodge Btadc...- 525 
•teapak) Josoph a Sons 529 

UdydoBarti 525 

MoglaqlBtadtUd 625 

UdaneBtoik..— .. 625 

•MDUdBoridnp-. 6 

Na W eort M B b a S 2 S 

a n e oD ia8ia (o - S2S 


‘natAurghaGuataitee 
Cftpadon LMtatf to no 


RoytaSkorSeeflOnd - 525 
•Mh&VflhenSees.US 
188 525 

*Uiloda(a(Kiiiiftl_ 5 £ 
UMy Truto Bank Re — 52 S 

W o eO D m Thtot &as 

WMem»LaUftv...,. 52 S 
YbriMaBank 525 

ft Monabora of t nrwtrM, 
invaauiMni BboIwio 


• biatanlniabaBtoi 



Maigmed Fc»e^ Exchan^ 

Fast Conq)etitive Quotes 24 Hours 
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LONDON +71 329 3377 

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FullerMoney ' the Global Strategy" 
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ECuqIs One Hundred Sfori 


*■- - _ 


ft MAa. 





2-1 MOCK 

fORCIGNEXCHANOt 

Lon'rtou 
Dealing Dc-^k 


CamBW MhMMJBilRT 

oorrmutionm; 

llOIdJbny . 
LmdeaBCSRSDO 
lUonNSOno 
Bfttonottono 


‘FOREX -METfllS ‘BONDS ‘SOFTS 

Objattive analysis for prafejsional invesfors 

0962 S79764 

T K K N D Fi 5^^!5 


Hjr.tsSai’SEH FaiGuaa 77::'^;7 












financial TIMES WEDNESDAY JULV 27 1994 


WORLD STOCK MARKETS 


EUROPE 

MBIHA(JUZ6/Sdi) 


*SB2£oa- 

-8 

•11 BU 

*12 1.713 ' 
*C0 1J87 i 
744 
*5 1.IM1 

•31A50 
*1 <se 
■H 2SB 
*23 

*7 406 
-7 7W 
*7 eOD 
*1 <J4o: 


BaaiauioaiBoiiRB (jui 26 / Frej 

-4.M0a.705 1.7 

so B.68D 7.510 U 
•lOSJOOO.OOD _ 
4.160 *40 4 J7D ion 4.7 
BMa 16.330 —18.9901^ U 

aaiPt 23M0 +1002535027(6 ZJ 
MOS 40300 *900 42375 35JOO sii 
tan &»0 4iaZS3oCl« J_ 
Bem Z732S *2252030920350 13 
ORCm 12.125 -601S37S11jeS &0 

2.400 -2DS.7DD2.in 33 

looaooosso 33 
^ 202 154 63 
30 8300 6.100 1.6 
. +013S01J20Z1 

S340 +10 6320 S.4S0 72 

BIllAC 3310 -20 3.701 3.134 43 

Z670 2.400 _ 

4390 3320 4.7 
-S 4.470 3380 43 
. •.*>» +013UI320 23 

Gnftq *130 am 7300 53 

Omni aSTO *70 kudo 0300 13 
Ohfbd 4350 *50 5350 aiOO 23 
Imaol 2070 +S 3305 2305 53 
KnM 8jaa +100 0300 6300 13 
am -*<> 73» b3to 17 
nann a4006300 43 
1350 63 


+2510775 a396 27 
*20 3300 2705 43 
*4 585 420 S3 
— a200 4340 33 
*130 6380 4300 27 
2,035 ai25 43 


^ 1340 

Samar 410 
OCbSA 513 
gtaig 429 

SEFS 

MR i.on 
s««en soo 
SemiaA am 
^3g 

195 
23S0BI 
nancsp 155 
TbOlB 3!3 
U£ 150 
UFBLsc 3B1 
I Wta 510 
IMm S16 
VUeO 284.70 
304 

WmsCI 28030 


*0 m 600 63 
*10 088 6SI 23 
-13049130 377 ai 

-3Dl67ni0630 
^1»1300 03 
6.]Sg a48D 03 
+430 32521050 _ 

+4 0244010 31 

*1 274 20710 09 
*13013050 5730 S.1 
+171340 928 61 
-1.10 WOO 130 S3 
■ 1 ^ 2 U in _ 
+3 &2SS362D43 
_ S353U10S3 
-1.70 234 141 2ja 
*4 371 20250 63 

— 836 752 1 3 
+31 1JU5 785 _ 

*4 1.150 5D6 13 
*22 604«21D _ 
-30157.(011330 27 
~. 752 642 1 3 
*3 MS 691 7J 
+00 3J90 23EO 13 
*« 734 STB ai 
-3 1.760 I.SDB 33 
*146580 31710 — 
•1 8U 472 2.4 
*1 010 41230 08 
+10U 700 47320 8.1 
+50 2.470 1.780 — 
+6 732 S50 3 0 
+36 23001,710 23 
*4 S29 332 — 
-1.10 377 244 43 
-1302373015355 
*21 3.120 2361 13 
*2 214 183 53 

*33O»502Saia 33 
+1.102245013630 23 
+1 494 3n 33 
-17 650 42810 01 

— 000 603 04 
-230 307 221 33 

+21 335 240 ai 
+030 355 24750 33 


5.1400 

SocaiB 2315 
56MfV 2306 
Soltaa 14.150 
SOtnc 1360 
Sotav 14300 
TiKU 10300 
UC8 233S0 
UnKn 2370 


lUniaiSD 43 
*401375 1362 6.7 
+025 1T3SD lajSS 43 
— 11500 0400 43 
-2252010022311 23 
-10 2330 2340 4.7 


DBaumUui2B/Ki) 


AaPA 700 
Booon 238 
COiW 294 
COdm 6300 
078128185300 
Mmo 1,000 
DnMi 345 


*25 730 SB6 21 
-3 201 215 21 

-a 333 287 13 
-7300 6300 08 
,_1Sn011135 04 
-10 1.140 876 03 
-a 42730650 33 


E(M 101 -535 26325 IS S3 

R3B SaO _ 615 397 21 

OBInnl 576.70 -435 643 446 21 


B68 

235 

-m 



"" 

JMeH 

350 

-6 

40 

30 29 


lioe 

105 

-45 1960 1.140 09 



ma 


385 

9A9 *1 







MbB 

580 


737 

sn 89 


taaUHA 

80660 


AIR 



Sopnafi 

DOS 

-2 

R7R 

473 a? 


SwKla 

450 

+3 

4H 

321 29 



318 

-2D8A6 

SOD 


TopDin 

7» +190 1972 

B7D 19 


UnbbiA 

238 

-2 

2672070 49 

... 


FWlJUBtM2B/MM 


+1 194ID250 1 3 

_ 175 121 19 

_ m n - 

+30 4630 3530 15 


*5 233 
+.10 17.40 

*130 at 


233 164 21 
7.40 10 — 
at 45 23 

706 S12 13 


+1 IS 100 03 — 

... 347 IS 13 — 

... 260 IS 13 .. 

+4 256 200 09 — 

+2 200 in 03 — 

+1 910 257 09 — 


OOdlipA 

9290 +10 

10 

H — — 


M 


104 

0 19 

AAM 

+.70 

10 54.10 19 


fia 

+0 

10M0 19 


m 


7?R 

in 11 


16 

-90 

31 

19 

DHIBd 

140 

+.10 00 

12 

MM 

97 +10 

m 

98 ^ 


nMBEgul26/Fia) 


- rrnnuuiTm26/Dm.) 


18M*2Uin30 m 09 
AGMV SOSnI -10 635 630 21 
MMnRo 1960 -10 1A« 1,120 1.1 

2.401 *0 23112250 03 

SO *4 670 579 21 

13n -8 1,191 687 — 

860 *20 1326 707 OB 

311 *2»MJ0 275 23 

BdMik 481 — 610 436 13 

tafles 400 *4 405 348 22 

36130 +220 40(50 B13D 33 

“ 4S73D+430S3m 397 33 

S4 -11 829 630 13 

474 *7 576 423 27 

Bloaf sn -165450 ns 13 

BirtCr 2B63Q -I340a 236 1 3 

n£6h 481 -1 528 364 33 

BMBO B40tf +4 861 750 1.6 

CCWlB 125(M +30 1330 1,140 03 

CMKnP 828)d +3 1390 625 1.3 

Ondh 343 +830 3n 28650 33 
Conn 27130 +530 290 220 13 
491 *1 800 483 04 

796 _ 904 666 19 

50430 +1U8 666 443 14 

— So 24830 +I2H50 21050 .. 

DacMk 73630 +7H7.S06S65D 22 

DUHtk 172 +6 m IS 23 

~ ' 467 — 607 4U 29 

SO -10 337 260 1 3 

301 +4 4665D 346 33 

*4 610 466 12 

+2 307 253 1 3 

_ 730 sn 19 

2(0 — 246 m 22 

HMdZm 1300 +18 13ni,1ED 1.1 

UilP 6Ce +7 m 564 1.7 

37260 +230 440 3S 27 
946 -5 19» 857 1.4 

340 +52075025490 21 

567 -6 I960 an 1.6 

226 *3 2S 806 27 

KB 294 -130 324 268 34 

MWk 378 -1 433 3S 21 

m -1 169 131 — 

55401 -30 640 516 23 

-6 5S 451 23 

-419I3011&10 — 
HacMV 15330 +2 17816270 33 

Ijnnyr 655 -830 soo oso I9 
IjM 720 *20 050 660 13 

Unoi 913 -2 930 590 13 

UncH 30030 -130 410 329 22 
UAn 89190 *3908030 IS — 
Com 10030 *250 216 IS 13 
KAN 435 *5 470 378 20 

MAKPf 336 -1 367 296 23 

Mnm4S30 -304650 307 1.1 
791 022 7S5 _ 

203 +330 286 17050 39 
9L02S +453317 2030 04 

236 *30 262 210 — 
ROtanm 509 _ SO SD4 39 

785 *» 880 696 03 
463 +5 4» 416 23 

nns 450 -SSSS 109 27 
nulEPf 36730 -30 424 320 24 
M£ 1350 *101,520 1330 13 

MnnlB 310 -4 372 285 22 

— 2U -1 267 204 33 

IM *4 313 249 23 

osniv 384 *11 UNii 500 1 4 

|din 37130 +13D_430 360 13 

ssn 


-17S 91841030 .» 
*13 760 989 33 
819 *1 180 721 23 

628 _ 819 641 33 

27730.-790 -930- 217124. 
13Mri *4 14351.140 23 
261S -210»5D 227 1.7 
sa *7 nsnm 29 
2210 -25 279 2787 29 

B15 -6 767 561 27 

I,a0 *28 1.4BD I3S7 39 
321 — 1.1SS 0D1 4.1 

I 16240 *690 2229015590 99 

in —n&SOlOM - 
2070 «40£1S1jni 39 
15090 -30 90aisj0 4.7 
1JB6 ^13701376 39 
4103) *730 4M MO 23 
236.10 *210aue2PUD 13 
1968 +171306 001 63 

40&n +IIS BSO 4S 39 

417.3) *aio 4ns)30 - 

S20 *1 737 470114 

2720 +70 am ago 0.7 

833 +14 19B 702 93 
W7 +14 030 BIO — 
4U -5 478 361 13 
666 *17 HD 780 24 

5S *19 7M SIS 20 
677 +2 BH SB8 23 

41630 +490 430 IM 4.7 
364 -140 H2 900 — 
STD *31.127 704 17 

nsat *i3iin no - 

783d -6 BOB 733 ._ 

7B *16 OH au 1.7 
2450 _ 2467 2750 23 

2045 -2 23601.755 33 

06M *16 702 504 25 
10 .... 1330 035 69 

14650 — m 116 63 

704d *15 HO 7H 26 

5350 *19005S4340 1.0 
4H *22 370 366 29 

am — 27M amo o9 

712 *131920 638 09 

SO *44 640 510 29 
5790d +530(03.00 3H 20 
500 -0 000 4« 27 

46220 +430 710 471 59 
700 -14 1978 eas 79 

78 -.10 118 72 33 


677 

Bum 41830 

oM» 364 

STD 
nsat 
783d 
7B 
2450 

2045 

EMSCC 06M 
EdDk 10 
7M 14690 
AsnsU 7«4d 
ftnOm 6350 
anM 4S 

am 

QwbM 712 

(Torn soo 
IMm 45790d 
imw 500 
kdiiFr 46220 
■ — — 700 

78 
450 




BCtnwn 2780 
BnzM 2980 
OEtaDB aon 


-55 6405 4360 43 
-70 3963 2341 — 
-re 24S0 1.770 13 
_ 211 70 - 

-550299SD219id 19 
-«6 12450 2110 — 
-TOO 2100 1964 19 
-2022001350 — 
-54 23061305 — 
•5e29101306 — 
39 


-85 2920 

-miMOD 


tNDfCES 


*C 570 430 20 _ 


OtoAn 42000d 
BUM 43» 


WMOnc 12263 

Mmd 1473 
OIM 2450 
PM am 
pwan am 
Ve 2590011 

rkmb aooo 

5300 

44» 


2280 
BMH 

tapMI 4.1B0 


-502964 l.a*B _ 
-180 7310 4971 13 
-140 4920 2118 25 
-225 7350 3979 33 
-6001790011300 4.7 
-5519651310 13 
-13004i^373» 09 
_ 4 ^ 2B7S _ 
-i^aos^ij&e 13 
-110 0360 3365 19 
-440 14jn lOiH — 
-352430 2340 _ 
-3003,100 8300 24 
-320 1SM0 8952 09 
-m 2440 4971 21 
-4001190012100 29 
-2e5iianis4ia i3 
-H1949 STD _ 
m 2140 1316 — 

-130 am 2610 _ 

-45 3305 1370 _ 
-1,iaM9922100 19 
-300121N03M 29 
-60 12194 7350 24 
-m&lH33S3 19 
-1519H 400 — 
-2D5 6350 4965 19 
-100 7900 4,145 — 
-55 4910 2975 — 


..a 










ApMtu 

GkMCSIZ/TT) 

641882901680802541810 16/2 

177SUB 21W 

AiatnBi 

AI (MtaMied1/iS0| 
M Mnngri/isoi 

2041J 

10811 

28189 

10149 

30SZ5 

10153 

2S4U0 3/2 
11010 3/2 

1070 27S 
8040 S6 

AMbta 

Da« AMImUVIZU) 
InH taH«n/9ll 

41457 

1tS70 

41231 

18760 

41Z9 

1077.16 

4800 2/2 
13220 1/2 

36B37 3fi 
10110 BIS 

sl^/isi) 

14510 

14450 

14330 

1BIU6 a/2 

1300 13/7 

8M 

Boim> CRiafsa 

«4 

Mflon 

30610 403880 15/7 

3BBO0 sn 

CmM 

IMiNH(fnB79 
CURMtaj (I87N 
AatMiStnSS 

H 

H 

W 

36015 

4100 

18657? 

3600 

417128 

15S2.IS 

III 

Md.gd 20M 
38BB0 24S 
166BJ7 20/7 

Oil 

FGAfinptflZm 

H 

42H.7 

42463 

46870 V2 

38810 4M 

IMmtak 

Cnpwln|FigtBfl/88) 

3770 

37178 

3770 

41539 2/2 

3650 22fS 

ICX BtnaMNViaBIB 

1B4ZA 

18219 

18348 

19120 4/2 

1BOL0 3/1 

Rnci 

S8F20pt/I2DQ 
GAC 48131/12(87) 

13014 

07664 

13019 

0S934 

135134 

204191 

18850 2a 
216B0 2/2 

Mwn 4/7 
1800 «7 

ncN«^/i2eN 

CmiiW(Zln641/18S3) 

ompariSBTit 

B130 
91 &4 
21510 

8090 

23023 

213122 

6050 

23000 

3ISD0 

68U7 IBS 

8400 as 

S7i.n 16 S 

1S70 27/6 
2MUB Z7fi 
1060 20« 

RMC6 

AnreSEe$vi2SQ 

99090 

82997 

6071 

1100 iBn 

60U7 25fi 

MbIIbs 

HH«$Hei31/7I64) 

919496 

91740 

9ISZ0 122810 4F1 

838194 4/5 

ta* 

BSESSK197N 

4101 

41063 

41039 

*M»an 20S 

3«40 VI 

jvn GBnuiossa 

(MJ6 

4012 

45987 

8180 VI 

44132 127 

8aM 

SDOnREVUSq 

16210 

18250 

18210 

anz .16 am 

10414 17 

■w 

estt Ovsn U (1973 
mewniwisR 

709.47 

11410 

7260 

11718 

73895 

11800 

07.17 loe 
13180 106 

8BU5 ion 

0140 IVI 

J6g0 

(SMSSdBfiW) 
MMSOOd/lllfQ 
'MWuai 
U SdcBdo (VIA 

034557 202970 28(002156891 IM 

pyiqfi 293.76 29&S3 37171 1H 

I6S2R 16n.79 16370 171273 IBS 

24B191 3457.74 24010 35CU5 6/7 

1786BLM 4fl 
3Bia 4/1 
144597 An 
0730 4H 

nsECinvi4Mas 

100891 

1DH0 

100098 

131498 S/I 



— SPtitQ 9970 -20011,7naoOQ 27 

— Sftl.. 12900 >«l) 139H 22111 43 
_ SnaBP 24H -70 2730 1392 29 
_ TonSSO.TDOfll -400 35,310 aao 19 

— Tosfr 18400 -192490212467 29 
_ iHeM 114D0 -aooianoiaM 1.1 

— NEIHUIUUD6(Jul2B/FIS.) 


*30 7270 56 4.9 

*14011090 nn 39 
-40 5340 4290 
-230 289 10790 39 
*30 4730 8630 33 
*30 52 3790 29 

30 7700 ^90 _ 
30 140W560 1 I 
-230 20017370 25 
-3D105JD 145 1.6 
-.10 :s 1330 49 
*90 0840 6210 4.1 
*30 loss 06 43 
30 5630 44.40 27 
-.1015730 IS _ 
*430 ^20290 19 
-lauo 364 33 
*30 78 4250 69 

-1900390 6890 23 
-.10 45 34.70 1.1 

+40 B< 70 73.10 09 
*2 0090 74.70 28 
*1.10 5270 4an 19 
•'® — S&10 09 
_6070 47S _ 
30 at3D 49 JO 3 0 
90^M40 49 
30 inn 73 24 
90625065.76 - 
*.7Dn90U9D 39 
*20 5790 40 09 

*90 8490 71 li) 

*30 131 113 SO 

-3D U sn 26 
*301354011460 27 
.1010050 6490 21 
-3 31210 l imn a.4 
*30 SD30 4030 13 
*30 33617240 21 
-130305016490 1.9 
*140 5690 4530 1.B 
+3013U010I30 13 


174 17614UD 19 

BOD ... 08) 756 1 9 

1940 *30 1920 1400 14 

1,175 *10143719nai 

140 *4 ITS ia — 

1930 .. 1,738 1.4S 44 

39H -WS948lL0m ._ 
200 *2 S3 m 69 

1,145 *30 1940 1901 — 

11900 -1251204011910 24 
2480 -66737D53S0 09 

2966 -1S23H19B0 23 

741 -0 1956 710 13 


in 


327 

140 19 

7H 

+3 

Km 

666 . 



670 

6C *_ 

1,720 

+10 13U196D 24 

sm 

*17 I.m 

846 19 

(OA 

*3 

RH 

352 39 

208 

+1 

7W 

177 49 

630 

*1R 

K16 

STS - 

571 

+6 

7/n 

S.*!i 

741 

~4 

ABB 

735 .. 


*7 1903 1.DU 27 

ms 

♦2 


010 29 

194b 

-2 I 9 I 6 1920 19 


PACIRC 

9VM|Jl526/YeiB 


mum 18640 
SMWl dL3n 
UMOp 16240 
VMJ IBS 

MiODpR as 

WMDpR 11530 


mnrAY(Ji528/Krar)aO 


_ 113 
I _ 173 

I -.15 1890 
I *150 m 
+1 114 

ft 140 
*3 398 
-1 11550 
.. 260 
*4 206 
*2 306 
16450 

-1 n 
-1 81 
-3 ST 
+ 1 IS 
-1 151 

-90 6490 


72 39 
110 26 
1190 _ 
115 1.1 
77 ... 
too 34 
2n 1.7 

n 33 

300 1.4 
140 06 
711 19 
135 39 
74 24 
72 24 
72 69 
85S 1.4 
114 20 
31 _ 
U 65 


Z. SPMN|Jl526/PW 


-40 6wam 22 

*110a7n4,SO 4 4 
-5 3935 2700 59 
-IS 3400 2415 21 
+10 4410 3975 4.1 
-4017.70014900 22 
+170 2321 4400 25 
+30 1435 7001U 
-60 39»a41D 12 
*215 4900 3400 24 
*21011900 2406 23 
*40 27151970 43 
*301375 1345 19 
_ 33M 2320 3.1 
*40 2100 5380 24 
*8 1.100 055 _ 
*« 024 416121 
*nai40 2610 39 
*25 1310 S5 
— ?,«80 4JP0 22 
+130 7990 4900 29 
+4564804950 21 
*3m 1290 ana 19 
*30 2105 1900 _ 
*104900 2005 20 
*15 355 102 _ 
-0 OH 351 20 
+« 815 no S3 
*210 4950 29U 22 
*SD21H 19K 33 
■ ' — 050 1 9 
-- 578 69 

-5 24O013H119 
-451, no 1,150 53 
+4S2120 28H 19 
*100 3960 2250 09 


MkiM 1300 
«cHr 640 
NMM 1.120 
AtaB 1300 


MoCn B 80 
AwBu 19(0 
AM 4n 
Anna 43H 

aSoT am 


3.SH 
19H 
648 

cmn 1.730 
CtnonS I3H 

' * i.m 


2920 

OioPnin 1,140 
* 29X 

'■22 
007 
835 
672 
514 
i,7n 
I9H 
1.760 
1450 
Men 017 
OMqo 19 s 
D^nn BSi 
OM* 572 
DoMOn 1.170 
Mm 1970 
ON^ 446 
DUmP 1930 
DToim 784 
DUMB 1950 
DdiaiM I4H 
owns 1970 


_ 1420 13n 
-7 737 4H 

_ 13U ni 
*1019n 076 
1,230 801 
-2019n 1370 
*9 744 5S 

-10 1.7U 040 
-S S34 403 
_aSD0 3480 
_ 5940 4970 
*201350 1900 
13 a 1970 
*5 803 SOD 
_13H19«0 
-a 68 410 
-7 SIS sn 
+30 678 6SB 
*19 8H OH 
*10 19ni360 
+7 801 415 
-.2640 2410 
*101330 643 
710 436 
_ 1920 19H 
-.3300 2690 
-20 1,410 I3ED 
-30 611 315 
-7 467 337 

+9 907 047 
+30144019*0 
+5 786 sn 

— aoToasn 

*10 1330 1,130 
+20 27H 2400 

+10 i.en 1310 

+3 964 604 
•5 BH 766 
*12 625 410 
*0 sn 397 
_ 1970 1430 
-101,4ni950 
*30 2060 1 , 7 a 
_ 1910 1400 
-261920 on 
+30 1320 600 
_ 910 HI 
*4 570 415 
*201370 993 
...202DI9n 
*« S27 345 
1300 970 
-9 686 H7 
*101,120 891 
*10 1,710 14H 
-3019701330 
-40 4960 3950 
+10 705 545 
*5 638 468 
*10 1910 13n 
*ai9ni960 
-301,180 OH 
*10 49*0 3900 
-II 7H 571 
.-24601920 
-< 603 445 

-20 26002900 
+2 725 5H 
-0 513 2» 
*15 SH 3H 

-4 1 JMD ns 
-10 1370 890 

+2D290019n 
+101J00 041 
*5 m 514 
+10 933 767 
-20 I3H 1,110 
-14 700 4HI 
+50 1350 B3B 
+7 OS 440 
-1 734 OS 

*0 640 577 


_ SNBiaitU26/Kiim) 


urmi 30250 *aa snaonao .. 

VHB hi *1 300 mb 3J _ 

vma 92^ -130 SB 4S 26 _ 

fSS *3 -4 H7 n? 22 _ 

^ WM«M 3H -a 415 3S 25 — 

Mn 47240 +240 S119B 4H 19 _ 

Vir 502 +090 H4 418 04 _ 

vivn 3H90 +390 443.. 98.09. _ 

1902 +219H 7» 19 _ 

325 -7 27021860 19 — 


66 -I n n 149 

OB -290 9276 67 152 

612 -2 680 540 19 

ni -3 OH 438 19 

17D +2 187 IS 09 

m +2 IM 144 09 

’osa +250 10690 72S0 27 
S +290 10650 70 09 

373 -1 4» 2S 1.7 

JOB -2 414 200 1.1 

107 _ 134 H 26 

106 -1 134 m 20 

9250 +190 110 63 59 

SH -4 430 251 19 

4790 +1 S 4390 23 


333 -7 360 


116 

_ 

1S5 

14 19 

na 


156 

1H 19 

121 

•1 

IBS 

102 £9 

121 

•1 

156 

90 29 

140 


164 

m .- 

146 

+1 

168 

10 u 

11 a 

-8 

143 9990 19 

117 

-9 

142 

6.0 19 


4«jn -30 73 < 

121 -. 19650 1 

1S — 233 
420 *7 475 

422 *B 480 
112 — 144 

M -1 110 

0250 +190 122 
104 -1 IS 

756 +13 775 
7H +11 7n 


« SHin2EHLIHO(Jl526/R2) 


+9 292 101 _ 
+3 HO 5M 19 
+6 an 567 19 
-10 3900 ai73 1.4 
+1 19491915 19 
-4 250 in 1.8 
*5 747 601 21 
-6 07D 728 19 
-6 SM2 710 19 
-1 422 331 — 
+10 aooo 19 a 3J 

+60 1,500 7960 26 
-40 29322400 27 
+10 on OH 19 
-10 450 310 21 
-0 on 7S 19 


+5 760 
_ I.m 7H - 
+0 560 »7 1,7 — 
+13 960 079 — — 
-10 1940 628 — 

-70 69» SJDO — 

-2 670 — 

-17 1,120 

*9 940 

+10204019H .+, 

-10 1,m 620 _ — 

-4022001910 -. 

-a 1340 830.-.-. 
+7 760 508 - — 

-^ 5N 407 . — 

..+iaS8 

-4oiMii3ao *. 
+7 an on _ _ 

+102340 19H 09 _ 
-a23M1,H0 - 

*11 » sn __ 

*30 ssae ^ 
-0 987 m _ 

-» 1.140 OR - 
-60 33R 2720 ... — 

*5 KO “■ 

*i» 2 lio 

S 460 

-10 SH 

-a 7S0 
*4 8)0 

— B3M 
+3 144 
-2D 1900 
+4 964 _ . . 

1,727 1,4n 0L6 — 

S 7H IS 27 3 

i “ * ■ - 
— 21 
*5 4H 
-8 m 

-2 ns 431 — — 

+10 1940 022 25 _ 
—.29002950 09 — 

-mis^iw 

1X7D 1310 09 — 
-e I9X 026 — — 
+60196013N — 
-2024621910 — — 
_ 420 3H _ _ 

+3 779 510 09 - 

*0 STD 430 _ — . 

+H297oam 

*10 1.^1,190 Z Z 
-. soo sn .. . 

-1 412 2 n—.. 

-12 431 sn _ -. 

-2 720 001 — 

_ ms 51 s _ — 

*11 870 020 09 — 

-1019H196ia9 -. 


614 -I 677 604 - 

1.100 _ 1350 1.130 _ — 

SH +2 320 sn — - 

017 -4 9H 740 -. - 

2170 -10 2<4G0 1,700 ._ — 

2600 -8D27U2IS0 — .- 

9(0 +7 997 732 — — 

604 +1 740 005 — -. 

910 -4 040 648 — 

7» +10 767 SSI 

koAid m +12 542 426 1.7 ... 

-- 447 -4 S23 318 ... _ 

1,150 —1350 1910 — ... 

SH -10 645 406 ... _ 

HUM 2020 -40 35(0223 ... ... 

icm 7980 -H792059n - 

- 4H -21 6S J7S 1 I .. 

BID -5 on 7H 

— KynuH 977 +10 1960 9U .. 

_ RVBPH 25m +»2360a40D ... ... 

UmH 008 -2 782 Sa — 

lOToO 1,140 -101.230 788 — ... 

1900 +10 1340 OH 09 ... 

801 -10 an 512 — ... 

mbmb 2970 -ioasni9H - - 

625 *1 soo 428 _ - 

OM +10 BOO 7N 1.7 .... 

425 -1 450 321 - 

I960 _ 2010 1.490 13 . 

HSM >9i0 *ioi,oni,7n -. ... 

Htatn 1960 -ioi,«eoi3oo ... 

Biima 1,140 +201920 on 1.1 

IWaKO 2100 so 3940 1790 . ... 

an -6 on ni — . 

sn -16 648 307 .. ... 

.. MUM 7n *1 B8S 6H - — 

— 096 *10 732 667 - — 

— uSi 75B *9 792 662 27 

_ MUnce 1930 -10 19401930 09 .. 

(Mu 060 *6 963 4n ... — 

MnctB 615 *4 SH 3H 

.... MUuMI 1930 -2D13H 7n 07 .. 

HHuOi 2500 +10 3910 2550 _ ... 

_ MMoq) 1340 +301360 1920 -. — 

“++-■ 673 -4 794 520 — 

1300 —I.on on ... — 
BIB +S 533 336 -. 

7B0 +1 833 003 — — 

516 +4 542 (S — 

544 -6 964 3M - 

944 -71910 7H — 

1.140 +10 1330 542 -. — 

ns *3 192 467 ... — 

» +12 738 560 - 

oas *7 seo 407 .. ._ 

413 -1 446 316 - - 

SOO +16 6H 3H - 

1970 ..19n 1,140 — — 

(MMU 1940 - 1910 1,450 -. — 

509 -11 500 4H — 

64* .9 661 671 — — 

349 -2 400 301 — — 

1300 *30 19301.100 0 0 -. 

010 — an 756 29 ... 

+?4 +T 40 378 _ 

309 ... 463 337 — — 

621 -4 an 576 — - 

an *1 040 77D 27 

4« -1 440 310 -.765 

I.m +HI900 645 — — 

I960 *30 1,110 700 .. 

_ (MmB I960 +H23MI9I0 03 .. 

HI -O 762 610 — — 

1.140 -10 1310 09 — 

— — 2979 -70 2340 1983 24 

— — MnooM sn -( 6M 406 20 — 

69 — ims 2900 -80 am 2900 ... ... 

— MwtMl 4X1D -60 4940 3920 — — 

1.160 -101310 an — — 
1960 *101.170 on — — 
13H — 1.4H I9H — _ 

573 *16 OH 3H - — 

865 *1 191 ai .. 

611 -7 844 sn — — 

753 -IS 7U 516 1.1 — 

680 -ao 774 403 — . 

439 *4 404 315 _ ... 

767 .- 910 ni _ — 

870 *8 1940 761 09 ... 

620 -3 sn SOO — .... 

— H BU 1950 -2D29HI9S0 - - 

1990 +IOI95019H — 

721 *7 615 en — — 

727 *9 788 018 .. — 

5M *1 556 400 05 - 

7M -6 651 579 — ... 

462 — seo 412 _ .... 

1360 -10 1.«40 I960 07 — 

tjOSO -30 U40 665 — ... 

— 8,?» -n 7,600 2160 — ... 

— lOlCm 2240 *0 2640 4900 _ — 

... MbiM 434 *15 462 316 — .- 

2950 —am 1910 „„ 

am +10 2 J 0013 H — •- 

1940 +301,110 937 - 

736 -17 602 702 19 ... 

BH -0 6H 491 , . — 

1960 +»2,mi9U09 .... 

770 *10 650 626 — — 

746 +16 760 478 -. -. 

1.470 -10 I960 1.470 19 ... 

755 -5 794 653 ~ 

669 +1 7H BOO - 

721 +4 7H 404 -. ... 

1970 -2013001970 19 

seo *8 m? 450 — ... 

1320 *1013001970 27 — 

645 *1 ms 441 ... 

ns +10 1,110 000 ... .. 

19» *1019401920 ... — 

1300 — 1910 1340 — -. 

443 +« SH H6 ... -. 

3H — VI 30S — 

479 -4 sn 345 

24.7H -smirjniiBm 24 — 
8359m *2006 mn7«rfi — 
554 +3 mi 3M ... — 

6H -I 667 ~ 

5» mo - 

1,140 -10 1370 I960 29 — 

622 +12 634 340 ... ._ 

745 -6 H4 7H ... — 

— Mmu 1960 +101^1340 .... — 

_ iBSil I.m +ioi3ni9» — — 

M -8 M BU _ _ 

. 41B -4 478 329 _ _ 

mm 1.110 -fi0 1370 -916 «.• . 

BH +10 SBB 401 _ ... 

OR *21940 mo — — 


1.7H 
amcr a8H 
9UIW ou 
ensQi ai2o 


50 
S2 

SIMUW B17 
snosan 6S0 
ShwSH 1.410 
ayM a2H 
SmtOrM Ri 
smr 27U 


*lr wn (— 716 HI 

-401.910133) — - 


TataAw 0(0 
TodaCH ns 
TW 787 

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34 


FINANCIAL TIMES 


Wednesday July 27 1994 


WORLD STOCK MARKETS 


AMERICA 

US stocks 
affected by 
poor results 


Wall Street 


Blue chip stocks gave ground 
yesterday monung after Chev- 
ron and Eastman Kodak 
released disappointing second- 
quarter results, lorites Frank 
McGurty in York. 

By 1 pm, the Dow Jones 
bidustrial Average was 6.16 
lower at 3,735.68. while the 
more broadly based Standard 
& Poor’s 500 was off 0.76 at 
4S349. 

Volume on the Big Board 
was light with 136m shares 
traded by early afternoon. 

In the secondary markets, 
the American SE composite 
inched 0.57 ahead to 434B3, hut 
the Masdaq compo^te was L43 
easier at 71545. 

Stocks failed to break out of 
their directlon'less drift amid 
continued uncertainty over 
monetary policy. For ^ most 
part, share prices meandered 
as investors waited for the Fed- 
eral Reserve to make good on 
its chairman's veQed threat to 

Eastman Kodak 

Share price (Q 



Jan 1994 M 

SoufOK PT GrapMte 


lift interest rates ^ain In the 
near fliture. 

Some of the day's economic 
news was supportive of the 
view that the ^ could delay 
its next credit tighteia^. The 
Conference Board, an industry 
trade group, said its July index 
of consumer confideaice dipped 
from the previous month’s 
reading, suggesting the poten- 
rial for slower ret^ sales. 

But the data, in line with 
expe^tions, had no impact on 
sentiment, with economists 
1ooUx« ahead to Friday’s pre- 
liminary estimate of second- 
quarter giowth, a r^)ort which 
could prove crucial in the 
Fed's decision-makiDg. 

Bond prices were slightly 
lower, with the uncertainty 
over short-term rates complica- 
ting the outlook for an after- 
noon supp^ auctimL 

MeanwhUe. news hrom the 
corporate sector was generally 
lacklustre. Among the Dow 
industrial components, East- 
man Kodak revealed a 27 per 
cent decline in net earnings 
from continuing operations 
and its slmre price was marked 
down to $47%. 

Chevron held up a little bet- 
ter. even though its second- 
quarter profits of 40 cents a 


share compared poorly with a 
yearearher result of 87 c^ts. 
The stock was trading down 
at S43. 

Boeing sUpp^ $1^ to 845^. 
The decline in its earnings was 
not as severe as anahwts bad 
forecast, but investors were 
iinimprKsed. 

American Express appreci- 
ated $Vi to $26Vi. The im^ct of 
ite re^te, which were slightly 
better than expected, was mar- 
gtoaL 

Gerber, the baby-food com- 
pany, was unchanged at $52% 
even though it posted net 
Income of 39 cents a share, 
well below the consensus fore- 
cast of 42 cents. 

A sharp downturn in profits 
and revenues at Lincoln 
National, an Indiana-based 
insurance company, sent its 
share price reriing. 

The issue dropped nearly ii 
per cent, or to $38% in 
unusually heavy volume of 
Llm 

On the Nasdaq, Powersoft, a 
software concern, was ham- 
mered amid concern over its 
^nss margins. The issue tum- 
bled $5% to $45% even toough 
it posted results which 
matched expectafions. 

Elsewhere in the technology 
sector, Cyrix dropped $1% to 
$33% and MiCF0s<^ receded $§ 
to $52%. 


Canada 


Toronto eased in shq^h mid- 
day trade as the unfolding 
Quebec election took a back 
seat to corporate earnings. 
Losses in conglomerates, fin^- 
dal services, energy and trans- 
portation outpai^ gains in 
gold and real estate. 

The TSE 300 composite index 
was down 10.10 to 4,187.70 in 
volume of 13J28m shares. 

Lac Minerals, target of hos- 
tile takeovers by American 
Barridc and Roy^ Oak &fines. 
was the most active gold stock, 
easing CS% to C$14 in volume 
of 628.221. American Banick 
was unchanged at C$31%, 
while Royal Oak was steady at 
C$5%. 

Among corporate earnings 
reported during the day, Nor^ 
em Telecom jumped C$l% to 
C$43% after the company 
pos^ a second quarter profit 
in line with analy^' forecasts. 


Mexico 


Mexican stocks edged upwards 
on optimism that many first 
half company earnings Faults 
may not be as poor as origi- 
nally expected. 

The IPC index eras im 10.41 
at 2,324.35 in early trade. 

Turnover was light at 35Bm 
pesos. 

Traders said that the mariret 
also seemed to derive confi- 
dence from a recent presiden- 
tial electioD poll showing that 
Bfr Ernesto Zedillo was the 
leading contender for the elec- 
tions later next month. 


Firm gold supports S Africa 


Johannesbnigr posted steady 
gains as the market found sup- 
port in a firmer gold price anid 
overaame fears of an escala- 
tion in nation-wide strike 
action. 

The overall index finished 4i 
better at 5,609, industrials 
added 2? to 6,447 and golds 
rose 35 to 2,084. 

Western Areas added a 
R4.50 to R60 on news that 
talks were under way on cozn- 
bioing its mining interests 
with that of adjacent South 


Deep Exploration. 

Gracor added 36 cents to 
Ril.90 os news it had bought 
some of the metal and mining 
business of Royal Dutch/ 
Shell's Billiton group. 

De Beers rose Ri.75 to 
RllOAO and Anglo Amar jc a n 
put on Rlto R236,50 rand. Bar- 
lows added 50 cents to B3230. 

SAB collected R2 to R8S.75 
while Iscor made 5 cents to 
398 cents, Sappi added RlJSO 
to R54 and Ab^ rose 15 emits 
to R9.60. 


EUROPE 


SmaU is 


Deutsche Bank helps to lift sentiment beautiful 


The bourses were livelier 
yesterday. 

FRANKFURT was encour- 
aged by the slightly better 
than expected results from 
Deutsche Bank, which was 
enou^ to lift the Daz index by 
15.74 to 2,151.96, but off an 
intradtyr hi^ of 2,158,41. 

There were fiirlher gains in 
the Ibis, the index ttolng to 
2.163.32 

Turnover was Dfiir7.2)n. 

Deutsche Bank put on DM7 
to DM735.50 ahead of the 
results which came after the 
official sesition had ended. TTie 
bank r^iorted that durii« the 
Sr^ half (Operating profit had 
risen by I per cent; most ana- 
lysts had been forecasting a 
toss. 

The hank also said that it 
experied full year results to be 
satisfactory. In Ibis trade the 
shares rose to DM743. 

Among other banking stocks. 
Commerabank closed the offi- 
cial session at OM343, then 
rose to DM345A0, up DMT.50. 

The vehicle sector was 
strong, Volkswagen for 
instance up DM3.80 at 
DM5Q2.30. 


ASIA PACIFIC 


UBiAN succumbed to a fresh 
wave of uncertainty as the lat- 
est chapter in the long running 
corruption scandal unfolded, 
and investors worried about 
whether the prime minister, 
hir Silvio Berlusconi would 
become embroiled in the inves- 
tigations into his Fininvest 
lokia empire. 

The Comit index regist^ed a 
16.62 or 2.3 per cent fall to 
709.47 as investors, lulled by 
last week’s finn performance 
into expecting a traditional 
August rally, sought to listen 
their portfolios. 

The falls were broadly based 
msuxees were among 
the haniest hit stoics. Generali 
fell LL263 or 2.9 per cent to 
42,034. Aleanza lost L638 or 3.7 
per cent to L16.736 and Has 
was L1.147 or 4.2 per cent lower 
atUROOO. 

Telecommunications issues 
also tumbled. ^ lost LZ19 to 
L4,^ and Stet was lAlO lower 
at L5,296. 

Anunig other blue chips, flat 
gave up L196 or 2B per coat to 
1A813 axid OUvetti was LS9 or 
3A per cent lowm at L2.45L 

One of the most resistant 


FT-SE Actuaries Share Indices 


Heuk dosges 


Qpca KUO 


T>iE SJROPEAN SERieS 
11.00 IZQO 1300 14.00 ISOO OOM 


tT-SESnSKlsiaO rs3tt3 iseom I390« 1398.15 1319.79 l39t.;V 13S1.79 

R-5E&R»»«0O I4S8AS I407Q3 M25.A I42T.S4 (42834 >424.n 142890 I434J9 


;d2$ 


JH22 






19 


FT4E faaaaril too MS499 7337.40 I37I.54 1067.56 1361.71 

FT-S Bnsacfc 200 U2138 1QA29 1407SS 14Q767 1404.S4 

Bm ISC • nsuc 200 - Haei«i« 9 - 109 • i»u>* » ■ ton 


stocks was the Fininvest 
retailer Stands. The shares 
were unchanged at L3T.QQ0, 
although volumes were 
exhemdy thin. 

PARIS retreated Srom eariier 
hififis to close the CAC-40 index 
at 2J176S4, a day’s gain of 17.00. 

Turnover was Ffl4.^n. 

Dealers reported that activ- 
was mainly driven by tech- 
nical factors. 

Borotunnel moved tm more 
tbm 5 per cent, the shares put- 
tu« on FFrl.3 to FFi26.43 on 
speculation that it might be 
brou ght int o the CAC-40 index. 

AadSTEROAM rose on mte^ 
est in cycUcals and the Aex 
index finirfie d up 1.44 at 404.96. 

Among the most iznpresrive 
perfonners, Helneken, helped 


by seasonal fectors, put on 
Fl4i0 to fl 229.60. AkZO FI 2.30 
to FI 213.50 and KLM FI 1.10 to 
FI 53.60. 

Ro3ral Dutch went the Other 
way. off FI 2.00 at F1196 j 40. as 
it announced that It had sold 
its Billiton metal assets to Gen- 
co r of South Africa. 

ZURICH foiled to find (Erec- 
tion and the SMI index gave up 
early gains to finish 3.2 hi^r 
at 2,604.4. 

Banks were firm, UBS 
ad(hz% SFt 7 to SFri,204, amM 
indications that investors were 
switdiing from rfiemi<«aig and 
pharmaceuticals. 

Roche cvttficates lost SFi55 
to SFrSASO. Adia, the tmnpo- 
rary employment group, picked 
up SFrS to SFI225 following 


better than expected half year 
figures. 

BRUSSELS continued to reap 
the tenefits of the bu^t 
agreement and the Bel-20 in^ 
added 6.13 to l,451,ffi in turn- 
over of BFrl.2bQ. 

Solvay gained BF1:82S oc 2J2 
per cent to BFrl4,800 helped by 
a broker’s buy recommenda- 
tion and specidation over 
half results due out today. 
Finan cial s tocks were firm. 

STOCKHOKM was supported 
by gains in Astra and Volvo. 
The Afforsvdrlden general 
index rose 5.5 to 1.470A. 

Brokers commented that 
Astra, up SKr2 to SKrl® in Che 
B% baiefited fimn reports that 
a EU advisory panel had 
decided not to support a Ge^ 
man request to ban the injecta- 
ble version of the group's anti- 
ulcer drug Loeec. 

Turnover was SRrl.7bn. 

Volvo, ^ most active share, 
ad^ SEStll to SKr’^. Defers 
said that the vehicle group was 
in heavy demand 1^ inCenaa- 
tlooal investors. 

Written and edited by John Pttt 
and Wchoel Morgan 


Taipei rallies to close at four-year high 


Tokyo 


Demand from corporations and 
arbitrageurs absorbed small-lot 
profit-taking by overseas inves- 
tots, and prices dosed margin- 
ally h^her in tight volume, 
writes Bmiko Ttraoino in 
Tokj/o. 

The Nikkei 225 index rose 
47.72 to 20,345.37, reverring a 
23 per cent dectine over the 
pre^us three sessions. The 
index rose to a high of 2039038 
in the early a^moon, bat 
dipped to a low of 2034L75 in 
the last half hour o£ trading. 

The martec focus^ on wor- 
ries over profit-takiiig by for- 
eign investors, looking to take 
advantage of the yen's 
strength. Volume totalled 253m 
shares against 22^ Dealers 
were sidelined on the last day 
of trading for their July books. 

Some analysts, however, do 
not expect a mass exodus from 
Japanese stocks by overseas 
investors. "Some fond manag- 
er have decided that Japan 
will be quiet for a few months 
while European and south-east 
Asian markets have foUen low 
enough. But many people are 
stiH substantial^ underwei^t 
in Japan,” said Mr Jason 
James, strategist at James 
CapeL 

The Topix index of all first 
section stocks edged up 039 to 
L682.78, while the Nikkei 300 
rose 020 to 29336. Advances 
led declines by 514 to 472. with 
192 issues remaining 
unchained. In London, the 
ISE/N!ktei 50 index was down 
136 at 1308.41. 

Hi^-technoloey stocks were 
lower. Toshiba, the meet active 
issue of the day, lost Y19 to 
Y735 and Hitachi declined Y17 
to ¥975. But Fujitsu gained ¥10 
to ¥1,040 and Ofcl Electric 
Industry rose ¥4 to ¥740. 

Automobile makers contin- 
ued to foce selliug by o vo ea oa s 
investors. Nlman Motor fell ¥5 
to ¥745 and Toyota Motor 
declined ¥50 to ¥2.10a 

Arbitrage buying lifted bank 
stories. Dai-Zchi Kangyo Bank 
gained ¥30 to ¥1,780 and hfit- 
subishi Bank rose ¥10 to 
¥2,590. But brokers declined, 
with Nomura Securities down 
¥10 to ¥2,230 and Nikko 
Securities losing Yio to 
¥1350. 

Nippon Housing Loan, the 
homSng loan compaxqr feeing 
bad debts, dedlned 
YU to ¥230 on reports that it 
was pulling out ^ ffie mort- 
gage securities business. 


In Osaka, file 08E average 
fell 3938 in volume of 563m 
shares. The index declined for 
the fourth consecutive day on 
position squaring. Nintendo, 
the video game maker, fell ¥60 
to ¥6,700. 

Roundup 

Local stories predominated 
yesterday. 

Nomura has reduced its 
wei^ting in Japan from 36 per 
cent to 28 per cent, and. within 
the region, has moved 2 per 
cent to Korea, and 1 per cent 
each to Hong Kong. Aialayria. 
Australia and Taloran. 

TAIPEI finished at a four- 
year high led by a rally in 
financials, chemicals and 
foods, while the plastics sector 
rebound^ after lagging behind 
last week. 

The weighted Index added 
3932 or 0.6 per cent to 6.72732. 
its highest level since June 6, 
1990. Turnover was firm at 
T$10734bn. 

Among financial.s Cathay 
Life Insurance surged T81400 
to TSZ18.Q0 to gain the daily 
seven per cent limit before 
going ex-divldend. 

HONG KONG recovered from 
momh^ losses to close firmer 
on iflte buy cndeis triggered by 
better-than-expected govern- 
ing fond auction results. 

The Hang Seng index rose 
19.74 to fitrish at 9,19436 after 
felting to a low of 9J.1732 in 
early trade. 

Property issues jumped 
sharply after the afternoon 
auction but came off their 
higto by the close as investors 
concluded that the sale of the 
relatively small sites was not 
enough to determine whether 
£be govenunent's recent cam- 
paign to cool the real estate 
mariset was effective. 

Cheung Kong ended 30 cents 
hiidter at H^K30, Henderson 
Land gained 40 cents to 
HS83830 and Sun. Hung Kai 
Properties added 40 cents 
HE$473a 

MANILA fell 13 per cent on 
profit-taking after gaining 
about 120 points in two days, 
and brokers said that prices 
were likely to consolidate fur- 
ther. 

The composite index fell 
42.98 to 2,72833 in volume of 
708.9m shares worth l.2lbn 
pesos. 

Davao Union Cement, which 
was iwafcing its debut on the 
exriiange, was activ^ traded 
well above Us offer mice of S.60 
pesos. Its B shares ended at 


6.90 pesos while the A shares 
closed at 6.00 pesos. 

SYDNEY weak&ied as senti- 
ment was undermined by 
prospects of tisfetm* monetary 
polic)’, with a central bank 
board ometing in progress yes- 
terday. 

The All Onfinaries index fell 
7.0 to 23413, jnst off its low of 
2,0393. Turnover was only 
modest at AS233m. 

Banks and usurers were 
weaker, with only Isolated 
gains. 

Elsewhere BHF rose 6 cents 
to A$1838^ and in the nuniug 
sector. CRA fell 24 cents to 
A$1836, with WMC down 15 
cents at AS7.30 and MIM 
addhig 1 cent to A$239. Retail- 
ers were soft, with Coles Myer 
down 3 cents at AS432. 

SEOUL was lower after 
broad-based selling but some 
tightly weighted shares contin- 
ue to attract investor interest 
The composite stock Index 
gave up 332 to 93530, with the 
August 12 deadline to invest- 
ment trust companies to r^iay 


an as yet undecided amouift of 
borrowings to the central bank 
continuing to overshadow tiie 
market 

Reports that gunfire had 
been heard on the northern 
side of the inter-Korean border 
on hfonday also depressed sen- 
timent, although the defence 
ministiy said there had been 
no unusual military activity 
that would indicate provoca- 
tion by North Korea. 

KUALA LUHPOR was led 
hi^er by speculative buyir^ 
of secood-lme stocks althou^ 
a lack of foteign buying contin- 
ued to ke^ a lid on the mar- 
ket The composite index rose 
333 to 1,00831. 

Golden Plus was among big 
gainers, rising 55 cents to 
MS8.40 on rumour of a business 
venture In China. 

SINGAPORE was mixed 
after a quiet tradi^ day. The 
Straits Times Industrials index 
ended 632 lower at 2306.04, 
with the decline largely attri- 
buted to losses in Sembawang 
and FTaser&Neave . 


Sembawang dixqTped 30 cents 
to SSlO.20 amid speculation 
that the performance of its 
eu^neering divimoa was likely 
to drag down the results of the 
group. 

BANGKOK ended slightly 
lower in quiet tradhig as inves- 
tors awaited today's n&confi- 
dence debate in partiament. 

The SET index closed 1.S6 
lower at 134^ after fluctuat- 
ing between 1,339.71 and 
1,^339. Turnover was a mod- 
erate BtSiKhn. 

Newly listed Rockworth was 
most active issue, closing at 
Btll9 on turnover of Bt4223m. 
It opened at BtlQ2 against a 
subscriber price of Bt85, before 
pealoi^ at Btl24. 

BOMBAY ed^ ahead in a 
trading session curtailed to 
one-hour because of a dtoup- 
tlon In the subuihan railways. 
The Sfrshare BSE Index rose 
16.13 to 4.12178. 

Some buying was reported in 
A group shares by the local 
Investors in an otherwise dull 
trading session 


in Spain 

By Christine Buckley 

The recent turbulence in 
European markets has brought 
some benent to at least one 
Investment seetor - Spanish 
smaller stocks. They have 
achieved maikedly be^ per- 
formanees than shares of 
larger capitalised companies 
and euIoyM a boost In inves- 
tor interest in a trend that 
some analysts forecast will 
continue. 

The James Capel Smaller 
Spanish inde.v has tended to 
ODtperform tiie Madrid stock 
exriiange index by 20 per cent 
while some stocks have shown 
performances of over 30 per 
cent above the index over 
past few months. 

As the economy b^ns to 
stir there has also been a sig- 
nificant nun^ment into secMd 
line construction and buOding 
materials stocks. 

Tbc shine has gone off the 
larger sectors for reasons 
apart from general market 
nncmtabity with utilities, one 
of Cte major sectors in Madrid, 
having feUmi off desidte many 
anal]^ remaining positive on 
its fundamentals. 

SimUariy the popuUirity of 
banks has sUig)^ laigely in 
the wake of the Banesto affair. 

Ms Alexandra Perricone, a 
Spanish analyst with James 
C^pel In London, that the 
fortunes of smaller capitalised 
stocks woe likely to continue, 
fitelied by genmd factors as 
well as tiieir own potoitiaL 

The lack of liqi^ity 8ene^ 
ally associated with small 
sto^ has also been an lmpor< 
taift influence In squemdng up 
prices In Spain. 

Ms Nicola Mann at Sstith 
New Court points to quite a 
strong degree of antic^thm 
sorrounctog the pertomance 
of second line stocks. 

•TTiere was a great ejqiec- 
tency that the smaller stocks 
wmtld outperform the larger 
ones and I think that wUl con- 
tinne on the grounds of earn- 
ings growth as the reporting 
season In Septendwr moves 
closer,** she says. 

Along with low Uquidity, Ms 
Mann also cites a lack of vlsl- 
bllity as a factor in the swift 
movement of smaller 

stocks. 


iip 






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S'1 




'-y- 





'/p;' .'.4 ' f'.f-- 

'-X >' 


FT-ACTUARIES WORLD lWbrCES 


Jelno^ compfad by 7hs Rnandai Tfem Ltd.. OMAmn. SiKta s CO. aid NUWMt SectfWas Ltd tn conjunGSon with #» insiitiite of AeWateo and the racutty a Actuaries 


NATIONAL AND 


REfitONAL BMRXBTS 
Rgwss In pamMfWMB 
show number of Ibns 
ol stack 

U8 

Dollar 

Indax 

MONDAY JULY 28 1894'— — 

Day’s Potfid Local 

Chenge Slaiinq Yen DM Cunenoy 

W Index indea Mn Max 

Local 

on day 

Groes 

ON. 

YMd 

US 

Delar 

Index 

< mnMn 
Pond 
SlerBng 
Index 

rjULYas 

Yen 

Mn 

81894 - — — DOLLARtS 

Loeei 

DM Cunway 52 WBOX S2 weok 
Index index High low 

ex — 

YW 

too 

(rewwO 

AusMte(B8| 

173.93 

ai 

188.08 

105.57 

14302 

185.62 

-0.1 

344 

173.71 

16846 

108.40 

14499 

1S&3B 

188L1S 

138.56 

1»42 

ALOfriaCfft.... 

tSOM 

0.7 

iTQea 

116.07 

1S301 

1te08 

-0£ 

144 

164.73 

17845 

11547 

15343 

1S347 

1SS.41 

15548 

1S7A4 


17T.SZ 

13 

168,13 

10741 

i4T.m 

13030 

0.5 

4.00 

130.80 

16446 

10002 

140l92 

137.59 

17097 

14342 

14746 

OoitaA 

M.12r,6t 

-at 

12032 

79.66 

tos.is 

12709 

-0.1 

248 

127.77 

123.98 

79.79 

10549 

127.50 

14&31 

12054 

1S2M 

Dsnmaifc {3^,.. — 

272.87 

OJ 

28S.7B 

17049 

224.92 

231.01 

-01 

149 

271.SS 

26340 

16046 

22546 

231.17 

276.79 

20748 

20011 

Finland (24) ...... ...... 

J57.a? 

-as 

15050 

98.51 

13003 

17061 

-09 

041 

15028 

1S348 

9077 

131.29 

175.13 

16020 

95.42 

9S.42 


iTafio 

1.7 

16069 

109.61 

14409 

14021 

09 

Z96 

172J2 

187.80 

107.78 

14347 

147.89 

1B547 

152.03 

1SL2S 


.. . 143.12 

0.4 

13091 

99.34 

11703 

11703 

-0.3 

1.75 

14246 

13844 

8846 

11845 

11848 

14797 

11249 

11549 

Hons Kong 

372S1 

02 

99037 

232.78 

307.28 

35846 

02 

341 

37245 

36144 

232.18 

30083 

36005 

50846 

27142 

271.42 

Ireland (14) 

,..,.-.19802 

06 

18242 

124.42 

16404 

155.25 

-02 

029 

198.40 

192JK 

123.50 

18447 

18645 

20943 

157.90 

157.90 

uayiei) .. 

88.64 

-03 

B&S6 

5507 

7206 

10427 

-07 

145 

88.78 

9016 

5041 

73.65 

10594 

87.78 

57.88 

68.18 


18337 

-1.0 

1S606 

103.10 

134.76 

102.10 

-1.0 

07S 

165.19 

15040 

10398 

137.03 

10398 

17010 

12444 

14048 



ox 

4S748 

296.51 

39aoe 

47041 

02 

1.73 

47244 

45644 

39448 

391.97 

471.49 

62143 

345.09 

346.11 

Mwleo (18) _ .... 

— 1SS3.76 

3.1 

1888.00 

12185S 

1609.83 

727408 

39 

144 

1884.17 

1836.01 

118290 

1871.17 

7090.06 

204798 

1S1647 

1518.67 


.-m-207.B4 

aa 

20066 

129.61 

171.09 

168.30 

-0.1 

3.35 

23646 

19997 

12840 

17a94 

im.40 

207.64 

165.S2 

14542 

NtwZe^aidp4) 

08.49 

-03 

S8.16 

42.7S 

88.44 

6017 

-as 

3.97 

8071 

08.58 

4248 

5790 

8047 

77.S9 

SZ24 

8244 


- 200.82 

0.8 

19947 

iaa.97 

17085 

19S.7S 

-ai 

1.71 

20046 

16947 

120S1 

17043 

190.93 

20745 

15074 

156.74 


.. .344.71 

0.9 

933.12 

216.18 

284.04 

239.74 

or 

1.78 

34146 

33142 

21029 

28040 

23001 

37842 

3S0(B 

20424 

SauthAueafSSf 

.284.89 

0.S 

2703D 

177.83 

294.74 

38056 

0.4 

Z18 

28342 

27442 

17074 

33443 

28052 

29244 

175.93 

20444 

Soettl4St..^ . 

142J7 

09 

13748 

8087 

11701 

14068 

0.0 

4.01 

141.14 

13645 

8897 

117,07 

14Q48 

155.79 

116.K 

11843 


.- aiao8 

06 

210.73 

138.12 

17088 

26109 

oo 

148 

21 646 

21043 

13549 

179.97 

25143 

23145 

18943 

150.49 

Swtbeiteia (47) 

158.34 

oa 

1B3C1 

98.84 

13046 

13108 

oo 

1.84 

16748 

152.72 

9023 

130.55 

13142 

176.56 

12540 

12000 

UNM Khifidom (204)__ 

- 194.26 

oo 

187.73 

121.26 

16007 

187.73 

-04 

4.03 

183.09 

18841 

121.04 

18049 

18841 

214.96 

172J2S 

17245 

U8AI819 

18S.49 

03 

17905 

115.7B 

162.64 

18048 

0.3 

240 

184.64 

17046 

11041 

183.40 

184.94 

198.04 

17B.95 

182.97 

amopg f72a 

17031 

05 

18006 

106162 

14074 

1SS.11 

-Ol 

ZO0 

16093 

16449 

10004 

14005 

1S&21 

17848 

143.32 

14302 

NORDeinfl.. . 

04 

20002 

13407 

177^7 

212^1 

-0.1 

1.40 

214.43 

20897 

133.81 

17748 

21292 

22040 

16049 

18009 

Paaee Beski p49» 

17107 

-08 

16051 

106.91 

141.12 

11149 

-04 

147 

172,86 

16744 

107.74 

14342 

112.78 

17548 

134.79 

15003 

Euro-PacMe (14a)_... 

.-»m.170.9S 

-0.2 

165.19 

106.71 

14086 

12004 

•04 

1.88 

171.38 

16840 

10004 

142.15 

12947 

17349 

14348 

14844 

Nottti Amoiea P2SI 

_1B1.90 

03 

175.78 

U3S4 

14055 

18140 

04 

248 

181.39 

178.01 

113.19 

1S046 

180.90 

199.73 

17547 

17904 

Sumpe Ex. UK (618) — 

184J27 

07 

14SOO 

96.30 

127.11 

13643 

Ol 

249 

183.18 

14841 

95.57 

12793 

13947 

157.47 

1SS49 

12549 

RaefflefiLtfapenCTSa).. 

— ._Z484)5 

02 

238.71 

154.84 

20409 

32143 

Ol 

£48 

247.46 

340.12 

184.42 

20547 

22193 

29641 

15040 

1B&4Q 

World Ex. US (1893) 

171.88 

-OS 

16010 

107.29 

14102 

13033 

-04 

1.90 

17S42 

187.11 

10747 

142.65 

13299 

174.78 

14548 


wofWEx.iM(iwn — 

— i7a54 

oo 

167.70 

106.S 

14086 

14&08 

-09 

2.08 

173.62 

15047 

10844 

14491 

14S92 

17038 

155.66 


WorU BL 8a. Al. 0112) 

1T4.70 

OQ 

168.82 

109.06 

143.96 

14741 

-OS 

246 

174.78 

159165 

10005 

14496 

148.19 




Worid Sl Japan (iTOh . 

iS3Jse 

0.4 

177.88 

114.77 

16140 

17014 

04 

290 

183.13 

177.70 

11448 

15190 

i7&m 

19540 

168.94 

186.94 

Dte WotKl mdP( (2171) . 

17&38 

oo 

169i46 

10047 

>4441 

14093 

-04 

245 

17043 

17042 

10047 

145.51 

149.19 

178.97 

1S84S 

180.89 


gyi'V* Otf amw. aaaw «« C«. and MHIMM 8aaa«M9 iMwd 1967 


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