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FINANCIAL TIMES 


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Tighter security 
urged after 
London bombings 

Israel yesterday urged governments around the 
world to step op security after two bomb attacks in 
London heightened its concerns about a global ter- 
rorist campaign against Jewish targets. Britain 
introduced around-the-clock armed police surveil- 
lance on more than 100 prominent Jewish sites. 
Page 12 

British Telecommunications should be 
allowed to offer video-on-demand and home shop- 
ping on a UK "electronic superhighway" before the 
end of the decade, a parliamentary committee 
urged. Lex, Page 12; BT results. Page 20 

BAT Industries, UK-based tobacco and financial 
services group, announced a 5 per cent rise in half- 
year pre-tax profits to £348m (,$L47bn>. It said the 
tobacco industry had been subjected to “unprece- 
dented propaganda" in the US. Page 13; Lex. 

Page 12 

Cool reception for UK gilts auction 

UK government bonds 




Prime minister’s brother to answer corruption charges B Lira and equities fall 

Arrest warrant hits Italian markets 


Long gilt future 

UFFE September contact 
104 a 


July 1994 
Source: FT Graphite 


fell sharply after a luke- 
warm. reception for the 
Rank of En gland 's latest 
gilt auction and amid 
rumours that UK interest 
rates would start rising 
soon. The Bank's sale of 
£2hn ($3bn) of the 655 
per cent gilt due 2020 - 
the first long-dated, con- 
ventional gilt to be auc- 
tioned since January - 
was seen as a test of mar- 
ket sentiment, and some 
traders were disap- 


pointed to see that the auction was covered just L29 
times by investor applications. Late selling of 
futures pushed prices sharply lower. Details. Page 
17; Lex. Page 12 

Euro Disney, troubled leisure group, announced 
a net loss of FFr546m ($L02m) for the third quarter 
ending June, but said operating losses had been cut 
sharply during the period from FFr38 lm to 
FFrl94m. Page 13; Walt Disney, Page 16 

Thai raB prefect delayed: The Thai 
government postponed construction of a $15bn ele- 
vated railway system, planned to be the first in 
Bangkok The contract had been awarded to a joint 
venture between Siemens of Germany and Italian- 
Thai Development, leading Thai construction com- 
pany. Page 12 

N Korea N-warheads claim: North Korea has 
developed five nuclear bombs and plans to build 
more, according to the son-in-law of the country’s 
prime minister. Page 4 

US-Canada trade tensions rise: A farm trade 
battle between the US and Canada came closer as 
trade ministers from both countries again failed to 
settle their dispute over Canadian wheat sales in 
the US. Page 4 

Packaging levy urged: A £100m ($155m) levy on 
packaging - to be paid by manufacturers but 
passed on to consumers - was proposed to fund a 
UK scheme to recycle packaging waste. 

Coffee crop damage: Coffee futures prices rose 
in London and New York after Brazil’s industry and 
commerce ministry estimated that recent frosts in 
the country had destroyed more than 40 per cent of 
next year's coffee crop. Page 22 

Boost for Wales: A Japanese-German joint 
venture to make television components, involving 
Nippon Electric Glass and Schott Glaswerke, and 
with a planned investment of nearly £20Qm (5304m), 
is to be set up at Cardiff Bay. Wales. Page 6 

Turkish minister quits: Turkish foreign 
minister Hikmet Cetin, upset over newspaper 
reports that he was to be dismissed, resigned, clear- 
ing the way for a cabinet reshuffle. 

Bosnia convoy hffc Two British soldiers 
belonging to a UN convoy and a Bos nian civilian 
were wounded when it came under fire near Sara- 
jevo. Bosnian Serbs are thought to have launched 
the attack. 

British women lose extradition battles 

Susan Hagan. 47, and Sally Croft, 44, were flown 
from Britain to the United States alter losing a 
lengthy battle to avoid extradition. They face trial 
on. charges of conspiring to kill Oregon state attor- 
ney Charles Turner in 1985 when they belonged to 
the Bhagwan Shree Rajneesh r el i gio us cult 

Gunmen kfll eight: Eight people, including a 
couple and five of their children, were killed by 
gunmen In two attacks in the KwaZulu-Natal prov- 
ince of South Africa. 


■ STOCK MARKET INDICES 


FT-SE100: 3,8823 (-34.9) 

YleM 436 

FT-SE Euratart 100 ..1,37006 F-Z1.62) 

FT-SE-A AFShare 1,54436 -0.8% 

Wdujl 20,13723 (-208.14) 

Ifew Yak bedtime 

Dow Jones (nd AM —3,723.71 (-11-37) 

Stf fanposfe .45128 (-1.38) 

■ US LUNCHTIME RATES 


Fated Funds; 4^% 

3-mo Treas BSs: YU ...4263% 

Long Bond 84& 

ran 7202% 

■ LONDON MONEY 


3-mo WaUanfc 5%% (5U%) 

Ufte long git future: ...Sep 101 (Sep 1 02$) 

* NORTH SEA OIL (Aram) 


Brant 15-Hay ^epQ $1722 (17585) 

U GOLD 


Nm Tort Comer (Aug) -.2387.7 (387.1) 
London $3804 (3863) 


last 

BUK 


1 Kew Ydrk teictittiv. 

S 

1J3225 


1 London: 


3 

1.5309 

(15259) 

DU 

2A126 

(24208) 

m 

82448 

(8.2636) 

SFr 

20468 

(20561) 

y 

150038 

(149533) 

£ Index 

706 

(same) 

[■ DOLLAR 


[ New Ynfc lunchtime: 

DM 

157475 


Fft 

52845 


SFr 

153425 


V 

90375 


London: 


DU 

1578 

(1.5885) 

FFr 

55858 

(5.4158) 

SFr 

1537 

(15475) 

Y 

9001 

(98.0) 

S Index 

63.1 

(635) 

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By Robert Graham tn Rome 

The issuing of an arrest warrant 
on corruption charges against Mr 
Paolo Berlusconi, the younger 
brother of Italy’s prime minis ter, 
provoked extreme nervousness 
on financial markets yesterday 
about the future of the Berlus- 
coni government 

The country was swept by 
rumours that Mr Silvio Berlus- 
coni. the prime minister, was 
ready to resign. Although the 
prime minister's spokesman 
denied the rumours, the lira fell 
below its psychological floor of 
Ll.OOfl ag ains t the D-Mark to 
L 1,005 in late trading. 

The Milan bourse fell 2 per 


Brussels 
agrees aid 
for French 
and Greek 
air carriers 


By Emma Tucker in Brussels 
and John Ridcfing in Paris 

The European Commission 
yesterday formally cleared the 
way for the French and Greek 
governments to rescue their 
beleaguered state airlines from 
collapse through big capital injec- 
tions, prompting dismay among 
Europe’s private airlines. 

British Airways, the private 
UK carrier, said it was consider- 
ing challenging a decision to 
allow a FFrtObn ($3.7bn) payment 
to Air Trance In the European 
Court of Justice. Dr Brian 
Mawhinney. the UK transport 
mins ter, said the decision would 
“distort competition in European 
aviation and work against the 
interests of all European consum- 
ers™. 

The Commission also approved 
a rescue plan for Greece’s Olym- 
pic Airways, involving a capital 
injection of Dr54bn (5228m) of 
state funds. The derision, seen as 
a test case in Europe’s efforts to 
liberalise air transport, comes in 
spite of a commitment by EU 
governments to create a fair and 
open single market 

The French government 
expressed satisfaction with the 
decision. It follows a humiliating 
climbdown by Paris last year 
after a strike at the state-owned 
airline. Approval of the capital 
increase was a central element in 
winning staff support for the 
restructuring package drawn up 
by Mr Christian Blanc, the chair- 
man. 

Mr Bernard Bosson. the French 
transport minister, said Commis- 
sion conditions attached to the 
decision, were balanced. “They 
do not impose any unjustified 
constraints on the national car- 
rier,'’ he said. 

However, Sir Michael Bishop. 
rftairman of British Midland, said 
he found it “quite extraordinary 
that the Commission can allow 
Air France to receive a sum 
almost equal to the total losses 
made by all of the world’s air- 
lines in 1993™. 

Sir Colin Marshall, the chair- 
man of British Airways, said 
there was “no justification for a 
subsidy of this size and the condi- 
tions imposed are wholly inade- 
quate. Air France is once again 
being protected from the forces of 
competition.™ 

Mr Marcelino Oreja, the trans- 
port commissioner in Brussels, 
said the aid, together with condi- 
tions, would ensure that the com- 
pany was viable and fit for priva- 
tisation by the end of the 
three-year restructuring. 

But Air France said the capital 
injection approved by Brussels 
was a necessary but not suffi- 
cient condition for recovery. “We 
have to push ahead with our 
restructuring plan quickly.” said 
a spokesman. 

The plan aims to raise produc- 
tivity by 30 per cent by 1997, cut 

Continued on Page 12 


cent, almost the same amount as 
the previous day, and dealers 
marked down prices of govern- 
ment bonds as foreign investors 
continued to reduce their expo- 
sure. 

In parliament, opposition and 
some government members 
called for an emergency debate 
on the growing confrontation 
between the right-wing coalition 
and the judiciary, beaded by the 
anti-corruption magistrates in 
Milan. The prime minister's Fin- 
invest media empire is at the cen- 
tre of their investigations. 

Mr Massimo D’Alema, the 
newly elected leader of the for- 
mer communist Party of the 
Democratic Left (PDS), the main 


opposition grouping, claimed the 
government was at a turning 
point. He warned there would be 
crisis unless Mr Berlusconi was 
able to separate clearly his role 
as prime minister from that as 
owner of FimnvesL 

After a day of uncertainty over 
his whereabouts, lawyers for Mr 
Paolo Berlusooni last night said 
he would hand himself over to 
answer charges of paying L330m 
($208,000) in bribes to officials of 
the Guardia di Finanza. the 
financial police, who have been 
inspecting the Fininvest com- 
pany books. 

Mr Salvatore Sciasria, the head 
of Fininvest's tax department, 
admitted on Monday to handling 


such payments but claimed the 
money and authority to pay the 
bribes had come from Mr Paolo 
Berlusconi. 

Milan magistrates in signing 
the arrest warrant said he should 
be held in detention because 
there was a risk of tampering 
with evidence. They cited as sig- 
nificant the meeting held on Sun- 
day by Mr Silvio Berlusconi at 
his villa near Milan attended by 
his close government aides who 
were all formerly Linked to fin- 
invest. 

It also emerged yesterday that 
Mr Paoio Berlusconi was at this 
meeting, which has provoked a 
row over the conflicting roles of 
Mr Silvio Berlusconi as prime 


minister and his continued own- 
ership of Fininvest. 

Mr Berlusconi sought to put a 
brave lace on his difficulties. At 
one stage he told correspondents 
who asked him about his brother 
"I don't want to concern myself 
with these things ... But 1 can 
tell you that if all the companies 
were run like Fininvest, there 
wouldn't be any problems of pub- 
lic morality in Italy." 

An opinion poll published yes- 
terday commissioned by the state 
broadcasting organisation’s main 
radio station, revealed that 70 per 
cent of those who voted in March 
for Mr Berlusconi and his Forzn 
Italia movement would still vote 
the same way today. The one 


third who had lost confidence in 
him spread their preferences 
fairly evenly, with most seeking 
to retain their vole within the 
right-wing coalition partners. 

Mr D'Alema, the PUS leader, 
said yesterday: "We see a very 
confused situation with substan- 
tial divisions among the coalition 
partners, and an indecisive gov- 
ernment. We also see the ques- 
tion of conflict ol interest which 
was reportedly put to one side, 
coming to the fore every day as 
an impediment to the govern- 
ment's ability to conduct normal 
business.” 

Berlusconi besieged. Page - 

Editorial Comment. Page 1 1 



AZT cuts risk 
of HIV babies, 
studies show 


A Moscow policeman tries to calm worried shareholders outside the offices of the pyramid-selling share 
company MMM yesterday. Panic set in among the 10 million shareholders after the company stopped 
buying back its shares, raising fears it might collapse Russians riot as share pyramid totters. Page 2 


By Paul Abrahams In London 

Transmission from mother to 
child of HIV, the virus which 
causes Aids, can be significantly 
reduced by giving them AZT. 
Welcome's controversial drug, 
according to the results of two 
independent trials to be pres- 
ented today to US regulators. 

The studies, showing AZT can 
cut transmission rates by up to 
67.5 per cent will be put before 
the anti-viral drugs advisory 
committee of the US Food and 
Drug Administration. The com- 
mittee must decide whether to 
recommend the drug for use on 
infants. 

Hie trials' results are a boost 
for the reputation of AZT. This 
was tarnished following last 
year’s Anglo-French Concorde 
trial which questioned the effec- 
tiveness of the drug in HIV- 
positive people who did not have 
Aids symptoms. 

The huger trial, conducted in 
the US and France, involved 477 
HIV-positive women, of whom 364 
finished the study. About half 
were given AZT at between 14 
and 38 weeks of pregnancy. The 
drug was also administered intra- 
venously to the mothers during 
delivery and to the infants for six 


weeks after birth. Of the 180 
women given AZT. only i.l of 
their children were HIV-positive. 
That compared with 40 children 
from the 184 mothers who were 
not given the drug. 

Although AZT has a reputation 
for being toxic, the trial 
indicated that there were no sta- 
tistically significant foetal mal- 
formations or non-reversible side- 
effects. 

The study's authors said they 
were continuing to monitor the 
children for adverse effects. Simi- 
lar results were shown in a study 
of 63 women in Los Angeles. 

The trials’ conclusions will 
raise significant public health 
issues. The Center for Disease 
Control, the Atlanta-based US 
government organisation, is 
expected to use next month's 
Yokohama International Aids 
conference to recommend univer- 
sal, though not mandatory, 
screening fur HIV among preg- 
nant women. 

Organisers of the conference 
expect the trials to be the most 
important and controversial 
studies presented there. Health 
authorities will have to decide 
what should be done when 

Continued on Page 12 


Ford profits surge 
as US sales grow 


^0 


By Kevin Done, Motor Industry 
Correspondent, m London 

Ford of the US. the world's 
second largest vehicle maker, 
exceeded market forecasts and 
more than doubled its net profit 
in the second quarter to a record 
$L7lbn from 5775m in the same 
period a year ago. 

The profits of the big three US 
carmakers are rising sharply, 
helped by the strength of the US 
market and the start of recovery 
in Europe. Chrysler recently 
announced record quarterly earn- 
ings and General Motors Is expec- 
ted to report a big jump in profits 
today. 

Ford's group net profit in the 
first six months virtually doubled 
to $2.62bn from $l-35bn. in the 
same period a year ago, while 
turnover increased 14-2 per cent 
from $565bn to $64J2bn. The net 
profits of its worldwide automo- 
tive operations quadrupled in the 
first six months from $571 m to 
$2-14bn. 

In the second quarter Ford's 
automotive operations tripled net 
profits to $L18bn from $395m a 
year ago. The after-tax return on 
automotive sales jumped to 422 
per cent from 1.7 per cent a year 
ago. 

Net income from Ford’s US 
automotive operations rose in the 
quarter to S907m from $3 67m. 
Automotive earnings outside the 
US increased to $276m from only 


..CONTENTS 


S28m a year earlier, helped by a 
return to profit in Europe. 

Ford’s financial services group, 
one of the most profitable finan- 
cial services companies in the 
world, earned a record $52Sm in 
the second quarter, against 
5380m last year. 

Group turnover worldwide in 
the second quarter rose 15 per 
cent from 529 .4bn to $33.8bn, 
while Ford vehicle sales rose 8.1 
per cent to 1.81m. 

Mr Alex Trotman, Ford chair- 
man and chief executive, said: 
“We feel good about these 
improvements, but we are by no 
means satisfied.” 

The group, which has launched 
a reorganisation programme 
aimed at merging its North 
American and European automo- 
tive operations into a single unit 
by the end of the year, had to 
remain focused on improving its 
return on sales, he said. 

The sharp rise in profits at 
Ford, which suffered big losses in 
1991 and 1992, is being supported 
by growing demand for new 
vehicles in the US, where overall 
sales of cars and light trucks 
jumped 11 per cent in the first 
half of the year to 7.756m. 

Ford forecast yesterday that 
total US car and truck sales in 
1994 would rise about 9 per cent 
to 158m from 1422m last year. 

Ford Europe tumround. Page 13 
BMW advances, Page 14 


A Faster 
Bus for 

the City. 


eg 


T HE average speed of a London bus is 
10.2roph. The new Sun SPARCstation 20*s 
M Bus is about 66,000,000 times quicker. 

The MBus is the route data takes to and from 
Sun's SuperSPARC processors. With a top 
speed of 400 million bytes per second, the 
MBus can handle up to four processors work- 
ing away simultaneously. 

Not surprisingly then, the City's biggest motley 
movers choose Sun, 

Flag down the SPARCstation 20 at one of 
Morse Computers' Banking Technology Days. 
For a free ticket, phone Robert Osborn. 


Euapoan News . 


Amman New-, —4 

Wortd Trade News — — 4 

UK News 6 

People 18 

WONT « 


PB0«- 

Idi era 

Maraumwil- 
Otsover — - 
Tfterefafflf — 
Aits 


.12 fins tatte 9 FTAcfcsrts. .. - , 23 Recent teases 30 

Crosswafl -22 FT Wort) Actuates 30 ^ 

.11 Forafln EMtanps 28 

.10 UK 18-20 Odd Uarteb 22 TiadTcral Operas 30 

_7 HLCapWas 17 EqWyOpbM 30 uwtaiSE .23 

.11 ml Companies 14-16 W-BondSenta 17 

MvMe Uanageti Futb 2B-28 **■ 8 "* 

_0 Ccrnnkfifee 22 Moray Mwtwte 28 31J30 


&Sun 



© THE FINANCIAL TIMES LIMITED 1994 No 32,430 Week No 30 LONDON « PARIS ■ FRANKFURT » MEW YORK ; TOKYO 


Morse Computers. 081-676 










NEWS: EUROPE 


FINANCIAL TIMES THURSDAY JULY 28 1994 


★ 


Brussels 
paves way 
for wider 
Europe 

By Lionel Barber in Brussels 

The European Commission 
yesterday agreed on further 
measures to accelerate the 
integration of central and east- 
ern Europe into the European 
Union, including changes in 
the Common Agricultural Pol- 
icy and a possible softening of 
anti-dumping measures against 
cheap imports. 

The proposals are intended 
to give an unamM gous signal 
that the EU is serious about 
building a “wider Europe''. The 
goal is to submit a substantial 
package of measures to the 
European summit in Essen in 
December. 

Sir Leon Brittan, chief EU 
trade negotiator, said the Com- 
mission paper offered faster 
liberalisation of East-West 
trade, greater financial aid, as 
well as practical steps to allow 
the central and east Europeans 
to adopt progressively the 
Union’s economic and legal 
system. 

“What we seek to do is to 
strengthen political links and 
create the economic conditions 
which will bring closer the day 
when these countries can 
become full members of the 
European Union.” he said. 

The paper is the result of a 
wide-ranging review of trade, 
aid, competition policy and the 
operation of the CAP toward 
the six “associate” EU member 
states: Poland, the Czech 
Republic, Hungary. Slovakia, 
Bulgaria and Ro mania. 

Among the main proposals 
are: 

• A timetable for harmonising 
legislation and technical rules 
to achieve common European 
standards covering each EU 
aspirant 

• A single authority in each 
associate country to monitor 
and control state aid, and to 
prepare an inventory of state 
aid with the Commission. “The 
Union could [then] decide to 
reduce progressively the use of 
commercial defence instru- 
ments for industrial products," 
says the Commission. 

• A pledge to inform any asso- 
ciate member before launching 
anti-dumping or safeguard 
clauses against cheap imports. 
The Commission favours “a 
clear preference to price under- 
takings rather than anti- 
dumping duties” at the end of 
its investigation. 

• Though carefully worded, a 
pledge to review the ElTs farm 
exports to eastern Europe to 
“to address any serious imbal- 
ance in East-West trade”. The 
paper notes that eastern farm 
exports, particularly livestock, 
slumped from a surplus of 
Ecu960m in 1990 to a deficit of 
Ecu433m ($520m) in the first 11 
months of 1993. 

• An overhaul of the Phare 
aid progranunee which has 
pumped more than Eculbn of 
technical aid into eastern 
Europe over the past four 
years. Officials want multi-an- 
nual programmes, and an end 
to the condition that no more 
than 15 per cent or the Phare 
budget can be devoted to fund 
trans-European networks, the 
huge road and rail pro- 
grammes linking east and 
west. 

The Commission also 
believes the funding for the 
EU’s programme to aid eastern 
Europe should be guaranteed 
over the next five years. Com- 
mission sources said an unpub- 
lished annexe to the report 
estimated that the five-year 
budget should be for Ecu7bn 
compared with about Ecu5.5bn 
over the last five years. 

• Speeding up trade conces- 
sions to Bulgaria and Romania 
to bring them into line with 
the other east European coun- 
tries. Sofia and Bucharest 
would be granted free trade in 
industrial goods by 1995, in 
steel by 1996 and in textiles by 
1997 - in each case about one 
year earlier than originally 
foreseen. 


THE FINANCIAL TIMES 
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DENMARK: Financial Times (Scindin- 
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13 44 41. Fax 33 9 J 53 35 . 


Robert Graham watches the Italian prime minister lurch from crisis to crisis 

Berlusconi besieged on all fronts 



Brothers In trouble: Paolo Berlusconi and prime minister Silvio 
(behind). Paolo has faced corruption charges before. 


F or Silvio Berlusconi 
even a day is beginning 
to look like a long time 
in Italian politics. 

The media magnate turned 
prime minister is stumbling 
from crisis to crisis at bewil- 
dering speed. A week ago his 
credibility as a political leader 
was in question. Now the fete 
of bis 10-week-old government 
is at stake. 

Besieged on all fronts. Mr 
Berlusconi is hanging on to 
power only because the opposi- 
tion is weak and no one inside 
or outside his right-wing coali- 
tion government has come up 
with an alternative. 

The judiciary may yet force 
his hand as it digs deeper into 
his Fininvest media empire. 
The arrest warrant issued yes- 
terday for his younger brother. 
Paolo, on charges of paying 
bribes to the Guardia di Fin- 
anza, the financial police, to 
settle tax inspections in key 
companies belonging to the 
Fininvest group has brought 
the law perilously close to the 
prime minister. 

Mr Paolo Berlusconi is 
alleged to have approved pay- 
ments of L330m ($208^40) to be 
handed over to members of the 
Guardia di Finanza between 
1989 and 1992 to ensure 
friendly inspections. 

Mr Berlusconi’s 42-year-old 
brother has faced corruption 
charges before. In February he 
was arrested and admitted to 
paying some LI bn in bribes on 
property sold to the pension 
fund of Cariplo. the Milan 
savings bank. He has already 
been sent for trial on another 
charge related to bribes paid 
on waste treatment contracts. 

The previous charges related 
to construction business 
operations which Mr Paolo 
Berlusconi has handled since 
the early 19806 and which were 
formally hived off to him two 
years ago. The new charges 
concern core Fininvest compa- 
nies in publishing, television 
programme-making and life 
assurance. Although Mr Silvio 
Berlusconi began to withdraw 
from daily management of Fin- 
invest last autumn he did not 
step down as chair man until 
January, when be announced 
his entry into politics. 

In the public eye Mr Paolo 
Berlusconi has always been 


seen as the faithful servant of 
his high-profile eider brother. 
Even after Mr Silvio Berlus- 
coni transferred his newspaper 
publishing interests to him for 
anti-trust reasons, he still 
called the shots. In the present 
circumstances, the problems of 
his brother will inevitably 
reflect upon him. 

Mr Berlusconi has sought to 
portray the investigation into 
F inin vest as a vendetta con- 
ducted by Milan magistrates 
who have exceeded the bounds 
of their authority. The anti-cor- 
ruption magistrates have 
undoubtedly behaved politi- 
cally - most notably when 
they threatened to resign on 
July 14 over the government’s 
introduction of a controversial 
decree restricting their powers 
of preventive detention. They 
have also abused these powers 
of preventive detention to 
extract confessions. 

But their inquiry into the 
activities of the Guardia di Fin- 
arizfl in Lombardy cannot be 
seen as aimed solely at Fin- 
invest It is a huge investiga- 
tion designed to demonstrate 
that in a system where compa- 
nies paid out (willingly or 
unwillingly) large s ums to 
secure contracts and to keep 
the politicians happy, these 
moneys had to be accounted 
for in company balance sheets. 

So far more than 50 promi- 
nent businessmen, accountants 
and tax experts have been 
arrested as well as more than 
20 members of the Guardia di 
Finanza. Three members of the 
corps have committed suicide 
in the past month. 


Mr Berlusconi has found 
cross-party support in his wor- 
ries about a confrontation 
between the executive and the 
legislature on the one hand 
and the judiciary on the other. 
The opposition ex-communist 
Party of the Democratic Left 
(PDS) was even critical of the 
Milan magistrates’ threat to 
resign over the preventive 
detention decree. 

But his position has been 
seriously undermined by the 
patent conflict of interest The 


prime minis ter cann ot attack 
the Milan magistrates and 
appear disinterested. Matters 
have been made worse by the 
ill conceived meeting be held 
at his Arcore Lilia near Milan 
on Sunday. 

Present as “friends” were Mr 
n ianni Letta, former deputy 
c hairman of F ininv est and cur- 
rently his chief of staff; Mr 
Ceseare Previtti. his former 
Fininvest lawyer and now 
defence minister; Mr Fidele 
Confalonieri, the rhairman of 


Fininvest: his brother Paolo 
and. at least for part of the 
time, the latter’s lawyers along 
with the lawyer of the head of 
Fioinvest’s tax department 
against whose client an arrest 
warrant was outstanding. 

Conflict of interest lies at the 
heart of the present crisis as it 
limits the credibility of almost 
every action by Mr Berlusconi 
Is he seeking to help Italy or 
protect himself when he seeks 
to reform the RAI, the state 
broadcasting corporation? Is he 
trying to guarantee individual 
rights or insulate his friends 
and family when he introduces 
a decree on preventive deten- 
tion? Was the meeting at 
Arcore a harmless Sunday 
gathering of old cronies or a 
council of war involving key 
ministers directed against the. 
Milan magistrates? 

It is argueably too late to 
undo the damage and achieve 
a satisfactory separation of his 
ownership of Fininvest from 
his role as prime minister. His 
TV interests are too inter- 
woven with those of RAI to 
permit any sale without a con- 
current reform of the entire 
system of Italian TV. 

In the short terra he can sur- 
vive as early elections suit 
nobody. The opposition is weak 
and unripriifeH The PDS has 
just acquired a new leader, Mr 
Massimo D’Alema, who has yet 
to establish Mmawlf within his 
own party. The PDS is divided 
between those who want to see 
Mr Berlusconi even more thor- 
oughly discredited (and so 
politically finished) and those 
who want to cut a deal with 
the populist Northern League 
of Mr Umberto Bossi 

A PDS-League alliance 
backed by former Christian 
Democrat deputies in the cen- 
tre could form a government 
But the PDS is wary of the 
League as an ally. The League 
meanwhile is pretending to be 
loyal to Mr Berlusconi, anxious 
to avoid being seen as catalyst 
for bringing down the govern- 
ment. 

This suggests the govern- 
ment will try to limp through 
until the s umm er break and 
then hope for a change of a 
fortune in the autumn: a bleak 
scenario at best and pro- 
foundly unsettling for the 
financial markets. 


Quick comeback for former chief of Iri 


Mr Michele Tedeschi, former chief executive of 
In, the state bolding, was brought back yester- 
day in a surprise move to head the huge group 
that has debts of over L70,000bn (544.4bn). 
writes Robert Graham in Rome. 

The appointment came after intense political 
wrangling among the main partners in' the 
right-wing coalition government that has 
delayed a choice for almost two months. It 
represents a technocratic compromise which 
will give an important signal of the Berlusconi 
government's commitment to privatise as 
much of Iri's diversified activities as 
possible: 

The 44-year-old Mr Tedeschi returns to Iri 
after only 14 months absence to replace Prof 
Romano Prodi, who resigned in May when the 


Berlusconi government took office. Mr Tedeschi 
was appointed to act as chief executive in 1992 
when Iri was converted Into a public company 
with the Treasury as single shareholder. 

Mr Tedeschi returns as chairman, heading a 
six-man board that includes Mr Mario DraghL 
director-general of the Treasury, who has 
played a key role over the past 18 months while 
the holding has begun to sell off bank 
interests. 

He comes from being managing director of 
Stet, the national telecoms utility. His choice 
should help rationalise the management of the 
fast-changing Italian telecommunications busi- 
ness. Only yesterday the complex merger was 
signed bringing together five elements in Iri's 
telecom interests to form Telecom Italia. 


Russians riot as share 


French PM casts 


pyramid begins to totter 

John Lloyd assesses the impact of the MMM crisis 


more watchful 
eye on EU laws 


T he threatened collapse 
of a pyramid selling 
share company in 
Moscow is pitting the newly 
awakened forces of consumer- 
ism against the widely dis- 
trusted Russian authorities, 
calling into question the 
self-image of post-Soviet man 
and causing riots in Moscow 
and St Petersburg. 

MMM, a company which, 
since the beginning of this 
year has promised, and to 
many delivered, wealth 
through the simple purchase of 
shares - whose face value has 
risen from RbsSOQ to over this 
past weekend Rbsl 15,000 - as 
Car as is known owns nothing 
and invests in nothing. The 
“shares" are quoted on no 
exchange, and rise by fiat of 
MMM and its director, Mr Ser- 
gei Mavrodi. It is a financial 
pyramid and it appears to have 
reached its apex. 

The shares were promoted in 
television cam p ai g ns. Created 
by Mr Bakhyt Kilibayev, a Kaz- 
akh film director, they feature 
the working class Golubkov 
family which enriches itself 
through MMM. From modest 
beginnings, the Golubkovs rise 
to the possibility of a Parisian 
holiday - “after all, why not?" 
says Lenya (Leonid) G to his 
wife Marina Sergeyevna, in a 
phrase which has become a slo- 
gan of tbe times. 

The “high ups” began to 
rumble disapproval Mr Yeltsin 
said recently “Lenya is getting 
on my nerves" - a reaction 
which the daily Izvestiya said 
insulted the millions of Lenyas 
who wanted a little of the 
good life that the president 


had secured for himself. 

Last Friday - a black one for 
MMM - a triple salvo was fired 
from the finance ministry, the 
anti-monopoly ministry and 
the tax inspectorate, alleging 
widespread abuses by MMM 
both centrally and in two Rus- 
sian cities, and non-payment of 
nearly RbsSObn in taxes. 

MMM’s reaction was instant 
and incandescent. Mr Sergei 
Brish, an MMM spokesman, 
said the company was not lia- 
ble for farces - and that docu- 
ments called for by the govern- 
ment had been prepared and 
despatched in a van to the tax 
department but were unfortu- 
nately stolen en route. 

In outraged letters published 
in the press, Mr Mavrodi took 
up the loftiest of ground. Tbe 
“high-ups”, he said, did not 
like popular enrichment. If the 
“high-ups” were against them, 
then they would rise against 
the authorities to start a revo- 
lution of shareholders. 

Tbe shareholders are begin- 
ning to revolt, but not yet 
against the government They 
want their money. Immediately 
after the flurry of government 
warnings, the black market 
price for MMM shares - selling 
at the end of last week for 
Rbsl05,000 - dipped to 

Rbs40,000. 

MMM closed most of its GO 
Moscow and 76 regional buying 
and selling points - but took 
advertising space to daim the 
difficulties were temporary and 
the share price would be hiked 
up to Rbsll5,000 - and on Mon- 
day opened up again and 
appeared to calm the 
gathering panic, as the black 


market price soared once more. 

But on Thursday, it dipped 
again and the selling points 
closed. Crowds began gather- 
ing at No.26 Varshavskoe 
Chaussee in southern Moscow 
- the only point where shares 
could be sold - and round the 
MMM branch office in St 
Petersburg. By yesterday even- 
ing. some 10.000-X5.000 people 
were gathered round the Var- 
shavskoe office, and MMM had 
called for riot police. 

The crowd was indeed 
aroused: at the front, there was 
poshing against the police 
lines and evident anger. Said 
one shareholder. Mr Vassily 
Karpov - a pensioner - “I 
bought 20 shares three months 
ago when they cost Rbs28.000 
and I was going to take a holi- 
day in Sochi [on the Black 
Sea]. It’s all I have." However, 
another, Ms Elena Truvin, 
said: "I think most of us still 
support MMM because they 
haven’t let us down. The gov- 
ernment did all this by their 
stupidity." 

Of Mr Mavrodi nothing is 
known. MMM released a state- 
ment yesterday saying that its 
points would re-open as soon 
as the police could guarantee 
the safety of the money deliv- 
ered to them. 

In the weekly Soversheno 
Sekretno an anonymous psy- 
chologist opined that Lenya 
Golubkov had changed the 
image of the average R ussian 
from that of an obedient 
worker to an Oblomov - the 
hero of Goncharov’s 19th cen- 
tury novel, who spends all day 
on a couch d reaming of wealth 
but incapable of earning it. 


By David Buchan in Paris 

Prime Minister Edouard 
BaHadur has told his ministers 
and diplomats that France 
should try to delay decisions 
on any European Union legisla- 
tion until its national parlia- 
ment has pronounced on it. 

Mr Balladur’s initiative has 
come in the form of a recent 
circular to all French civil ser- 
vants. 

It is a farther sign of his 
determination to step up the 
defence of French interests in 
the EU - following gains by 
anti-Maastricht parties in last 
month's European parliament 
elections. 

According to French parlia- 
mentary officials, French min- 
isters and diplomats in future 
will behave more like their UK 
counterparts in Brussels, 
rather than the Danes. 

UK representatives fre- 
quently “reserve" their posi- 
tion in debates in the Council 
of Ministers pending “scru- 
tiny” of issues by tbe House or 
Commons. Danish ministers, 
however, are formally bound 
by their parliament, in deci- 
sions on EU legislation. 

Nevertheless. Mr Bahadur’s 
circular of July 18 could delay 
decisions by the Council of 
Ministers. This would reverse 
the traditional French priority 
for speed and efficiency over 
democracy in EU law- making 

The chtmlar says ministers 
and officials must check 
whether the French parliament 
intends to pass a resolution on 
a draft EU law due for debate 
at EU Council meetings, and if 
so, France will try to get the 


item bounced off the Council 
agenda. 

Last month the French 
employment minster was crit- 
icised by French MPs for 
approving the EU directive on 
works councils before parlia- 
ment had time to have its say. 

The French National Assem- 
bly Is handicapped, as it is a 
part-time legislature, sitting 
only half the year, while the 
only month EU Council meet- 
ings are not held is August 
But the Assembly has a 36- 
member EU affairs committee 
that sits more regularly. 

Mr Ballad ur has also decided 
to become the first French 
prime minister to chair the 
government’s inter-ministerial 
committee on European issues. 

In addition. Mr Alain Lamas - 
soore, his EU affair s minister, 
has instituted regular monthly 
meetings with France's 87 
MEPs. 

They are now scattered 
among seven different groups 
at Strasbourg. Oblivious to the 
fact that three groups are cre- 
ated precisely to reflect MEPs* 
differing ideologies rather than 
nationalities, the government 
worries that fragmention of the 
country's Euro-representatives 
means "France’s voice" will 
not be properly heard at Stras- 
bourg. 

In line, too, with his rever- 
sion to the old Gaullist dictum 
that European Commissioners 
are essentially technocrats to 
be kept under ministers’ politi- 
cal control Mr Balladur is con- 
templating nominating a 
senior official, Mr Yves- 
Thibault de Silguy, to tbe 
Brussels executive. 


Brussels treads water on labour policy 


By David Goodhart, 

Labour Editor 

The European Commission 
drew back from recommending 
any new EU-wide labour laws 
in a white paper on social pol- 
icy it published yesterday. 

The paper, introduced by 
social affairs commissioner Mr 
Padraig Flynn, contained no 
specific legislative proposals, 
but it will shape the EU social 
and employment policy debate 
until the year 2000. 

In attempting to negotiate a 
path between the enthusiasts 
for European-level social policy 


and the sceptics, led by the UK 
government, the white paper 
will disappoint many on both 
left and right 

Ms Pauline Green, leader of 
the dominant Socialist group 
in the European parliament, 
said she welcomed the “firm 
commitment to ongoing social 
policy at European level but 
we are disappointed that there 
will be no new Initiatives to 
safeguard and support working 
people". 

The UK government said the 
white paper did not place suffi- 
cient emphasis on labour mar- 
ket flexibility. 


The white paper noted the 
strong desire of all member 
states to proceed as 12 wher- 
ever possible and it hopes that 
Union social policy action will 
once again “be founded on a 
single legal framework”. Mr 
Flynn added yesterday that the 
European Union's intergovern- 
mental conference planned for 
1996 should consider ending 
the UK “opt-out". 

There Is, however, much that 
will appeal to the UK and other 
governments with reservations 
about social regulations. There 
is a stress on leaving more 
decisions in this field to 


national governments, on 
switching from passive to 
active labour market assis- 
tance, and about balanc- 
ing decent working condit- 
ions with sufficient labour 
market flexibility to create 
jobs. 

The paper says that greater 
emphasis must be placed on 
improving job mobility within 
the EU and on implementing 
social directives. Italy has 
implemented only 57 per cent 
of the relevant legislation, 
compared with 92 per cent in 
Britain and Portugal (see 
table). 


Above all, the paper stresses 
that "given the solid base of 
European social legislation 
that has already been 
achieved, the Commission con- 
siders that there is not a need 
for a wide ran g in g programme 
of new legislative proposals in 
the coming period”. 

But the paper is not without 
hope for the many strong sup- 
porters of expanding social leg- 
islation wi thin the EU. “The 
pursuit of high social stan- 
dards should not be seen only 
as a cost but also as a key 
element in the competitive for- 
mula”. it says. 


EUROPEAN NEWS DIGEST 


IMF and Kiev 
in reform li nk 


Mr Michel Camdessus, managing director of the International 
Monetary Fund, yesterday announced plans for unprecedented 
cooperation between the new Ukrainian administration and 
the IMF in drawing up on economic reform programme for 
Ukraine. Alter meeting the recently elected President Leonid 
Kuchma in Kiev, Mr Camdessus said the IMF and the new 
Ukrainian administration would "put all of our energies" imp 
the joint writing of the programme in the next two months. 
Close cooperation with the IMF could secure the swift issue of 
the first tranche of a STOOm (£45l.6m) IMF loan, opening the 
door to tbe $4bn package promised to Ukraine at the Naples 
summit earlier this month. 

Although an agreement is not guaranteed, IMF and Ukroi 
man affinals are expected to develop a programme to keep 
monthly inflate down to single digits, reduce the budget 
deficit (estimated to run at 30 per cent of GDP this year), end 
excessive monetary emissions and liberalise prices, “We’re 


talking of a far-reaching programme," Mr Camdessus said. He 
cautioned, however, that this kind of programme would 
require “ambition." an attempt to encourage Mr Kuchma In 
what observers expect will be a bitter struggle with Ukraine’s 
conservative parliament. Jill Borshoy. Kiev 

‘PVC cartel’ fines reimposed 

The European Commission yesterday reimposed fines on 12 
chemicals companies for an alleged plastics pricefixing cartel 
during the early 1980s. The move followed a decision last June 
by the European Court of Justice in Luxembourg to overturn 
fines previously imposed to punish a cartel in polyvinyl chlo- 
ride (PVC). The court threw out the fines because of transla- 
tion differences between the German, English and French 
texts of the Commission's decision on the cartel. The textual 
differences invalidated the entire legal process, the court said. 
The Commission has reimposed fines worth a total of 
Ecu23£m (£18£m) against BASF, Hoechst, Wacker Ch em ie. 
and Huls of Germany; Imperial Chemical Industries and Shell 
International Chemical of the UK; DSM of the Netherlands; 
Limburgse Vinyl Maatschappij of Belgium; Enichem and 
Montedison of Italy; and Elf Atochem and Sod6tG Artesteone 
de Vinyl of France. The fines on Solvay of Belgium and Norsk 
Hydro were not affected by the court's derision. IC2 said 
yesterday it would be appealing The Commission alleges a 
cartel was started at the end of 1980. Delegates from the 
companies met on a monthly basis, normally in Zurich, when 
they discussed quotas, monthly sales in each country, and 
pan-European prices. Paul Abrahams 

Klockner investment cleared 

The European Commission yesterday derided not to block aid 
from the city-state erf Bremen to KISckner Werke’s steel mill It 
argued that Bremen's investment in the rescue plan was 
“identical" to that of a private investor. The Commission also 
ruled that capacity cuts to have been made at Kl&ckner could 
be abandoned in exchange for the closure of a subsidiary of 
Arbed, the Luxembourg steel maker. Arbed’s is one of a group 
of companies, which together with the city-state of Bremen, 
fanned a consortium to rescue the bankrupt Klockner steel 
mill. The two derisions are likely to be viewed suspiciously by 
non-subsidised producers who have argued that the Bremen 
plan amounted to state aid. Emma Tucker. Brussels 

Turkish foreign minister quits 

Mr ffikmet Cetin, Turkish foreign minister, resigned yesterday 
after he had learned from newspapers of plans to dismiss him. 
Mr Cetin submitted his resignation to Prime Minister Tansu 
Ciller and Deputy Prime Minister Murat Karayaldn, who is 
also the leader of the Social Democrat Populist party (SHP), 
the junior partner in Turkey's coalition government. Mr 
Karayaldn was expected to name Mr Mumtaz Soysal as for- 
eign minister in a reshuffle of all 11 SHP-held ministries. Mr 
Soysal believes Turkey should adopt a more independent for- 
eign policy from Nato on issues such as Cyprus and Iraq, and 
opposes extending the mandate allowing western forces to 
patrol Kurdish-held northern Iraq from Turkish bases. He has 
said Ankara should not complete a planned customs union 
with the EU next year unless the union extends substantial 
financial aid to Turkey, currently blocked by Greece, and 
opposes Mrs Ciller’s privatisation plans. Reuter. Ankara 

Athens to sell off shipyard 

Greece's socialist government has agreed to sell Neorion Ship- 
yards, a state-owned ship repair facility, to Amber Maritime, a 
consortium of Greek shipowners, in the first privatisation deal 
reached since the Panhellenic Socialist Movement returned to 
power last year. Amber Maritime will pay DriLlbn (£5 .5m) for 
the yard, which closed last year following three unsuccessful 
attempts by the former conservative government to dispose of 
it. Amber has undertaken to operate the yard, on the Aegean 
island of Syros. for six years, invest DrftOQm in modernisation 
and hand over a 5 per cent equity stake to the 600-strong 
workforce. Kerin Hope. Athens 

Swiss rethink tunnel plan 

One of the two rail tunnels Switzerland has proposed drilling 
through the Alps looks likely to be postponed indefinitely 
because of cost and increased competition. Swiss parliamen- 
tarians, worried that the SFrZftm (£l3bn) project would strain 
government spending later in the decade, have ordered the 
federal Transport Ministry to make a fresh study of Its viabil- 
ity. The project, known as Neat (New Alpine Transversal 
Tunnel), was approved by Swiss voters in a referendum two 
years ago and calls for two high-speed rail tunnels to be bunt 
under tbe Alps to boost north-south goods transport capacity. 
Ian Rodger, Zurich 

ECONOMIC WATCH 


W German inflation declines 


West Germany 

CP) (Annual % change) 
45 


•40 - - — 



3.5 V 


3.0 — — 


94 


West German inflation 
resumed its slow decline dur- 
ing July, dropping to 29 per 
cent from 3 per cent in June, 
according to preliminary fig- 
ures Issued yesterday. The 
fell, which came later than 
expected because of unusu- 
ally sharp fluctuations in 
summer food prices, is now 
forecast to continue in Sep- 
tember after a standstill in 
August Economists predict a 
2.5 per cent rate by the end of 
the year. Fresh data from the 
engineering sector yesterday 
showed a real 26 per cent 
increase in demand for Ger- 
man machinery and plant 
during June. Foreign orders surged 44 per cent above year-ear- 
lier levels, while bookings from domestic customers rose 11 
per cent, the VDMA industry association said. While the 
month's figures indicate continuing economic recovery in the 
industry’s main export markets in the European Union - 
where demand was up 34 per cent - they may have been 
distorted by bookings of unusually large contracts. However, 
orders in tire first six months of this year were 10 per emit 
higher than in the same period of 1993, the association said. 
Export demand was up 19 per cent while German orders rose 
only l per cent Christopher Parkes. Frankfurt 
French household spending on manufactured goods rose 0J1 
per cent in June alter felling a revised Ll per cent in May. the 
national statistics institute, Insee, said. 

Italian total bank lending in lira fell by 3.4 per cent year-on- 
year in June compared with a revised 3.1 per cent fell hi May. 
the Bank of Italy said. 


2JS 1 

1993 

Source FT Graphite 



k\t t«l 






Ml 


FINANCIAL TIMJES THURSDAY JULY 28 1994 


nd v- 


NEWS: INTERNATIONAL 


H rof ^ H The son-in-law of Pyongyang premier speaks out after defecting to South Korea 

- n - in N Korea ‘has made 




five nuclear bombs’ , 


By John Burton fai Seoul 

North Korea has already 
developed five nuclear bombs 
and plans to build more, a 
senior North Korean defector 
claimed yesterday. 

Mr Kang Myong-do, a 
son-in-law of the North Korean 
prime minister, said the 
nuclear weapons programme 
was meant to protect the North 
against the US and South 
Korea. 

“By possessing nuclear 
weapons. North Korea thinks it 
can be relieved from security 
worries and will be able to 
divert resources from the arms 
industry to agriculture and 
light industry," which could 
help rescue Its shrinking econ- 
omy. 

Mr Kang appeared at a news 
conference yesterday with Mr 
Cho Myong-chol, the son of a 
former construction minis ter 
who defected last week. They 
are the two most senior North 
Korean officials to have fled to 
South Korea. 

South Korea's decision to 
hold a press conference 
appears to be part of a renewed 

Australian 
inflation 
puts rates 
rise on hold 

By NHdd Tatt In Sydney 

Prospects for an immediate 
increase in Austr alian interest 
rates faded yesterday after 
publication of the latest con- 
sumer price index figures 
showed that inflation was run- 
ning at 0.7 per cent in the June 
quarter, or an annualised rate 
of 1.7 per cent 

The rise in the CPI in the 
latest quarter was at the lower 
end of analysts’ forecasts, and 
the Treasury calculated that 
the increase in the “underlying 
rate” was smaller still.- at 
about 04 per cent In the quar- 
ter. During the April- June 
period the CPI was held back 
by deflation in the food sector, 
and only modest rises in cloth- 
ing and household equipment 
prices. 

The data came as a relief to 
the Australian government 
which has been anxious to 
delay raising interest rates 
until there are clearer signs 
that business investment is 
picking up. Although the econ- 
omy is growing at an annual- 
ised rate of 4.5-5 per cent, this 
has been largely due to a surge 
in domestic consumer demand. 

There had been fears that, if 
the CPI data showed that 
strong domestic demand was 
pushing up prices, the govern- 
ment would have been forced 
to raise rates - thus choking 
off the slow improvement in 
investment levels. 

Yesterday, Mr Ralph WilKs, 
Australian treasurer, said that 
“excluding fuel, tobacco and 
alcohol and mortgage interest 
charges, inflation for the quar- 
ter was around 0.3 per cent - 
further evidence of the absence 
of inflationary pressures in the 
economy". 

Mr Willis, who talked to 
Reserve Bank of Australia offi- 
cials after returning from a 
trip to Washington and New 
York yesterday, added: “I don’t 
see a rise in interest rates as a 
result of these figures”. He 
expected “a good inflation out- 
come” in the September quar- 
ter. Bond yields and the Aus- 
tralian dollar both foil on the 
news. 

Nevertheless, most analysts 
still predict there will be some 
tightening of monetary policy 
before the end of the year. 


propaganda war between Seoul 
and Pyongyang following Pres- 
ident Kim's death. 

Their appearance was almost 
certainly meant to embarrass 
North Korea as it celebrated 
Victory Day, which marks the 
end of the Korean, war in 1953. 

President Kim 
Jong-il is now in 
‘firm control’ 


North Korea, which rou- 
tinely claims that defectors 
have been kidnapped by Seoul, 
is likely to react strongly. The 
increased tensions between the 
two Koreas are reducing 
chances of a summit between 
their two leaders after it was 
postponed due to Mr Kim li- 
sting's death. 

Analysts are also interested 
in what effect Mr Kang's defec- 
tion will have on the future of 
Prime Minister Kang Song-sau, 
the third-ranking official in 
North Korea. 

Mr Kang, whose arrival in 
Seoul from China in May was 


disclosed only yesterday, 
c laim ed the North’s nuclear 
policy was to make about 10 
nuclear bombs before revealing 
their existence. 

Some analysts were sceptical 
about Mr Kang’s allegations. 
They expressed doubts about 
the North's technical capabil- 
ity to assemble nuclear devices 
and the number of bombs 
claimed by Mr Kang 

Mr Kim Jong-il, the new 
North Korean leader, “is trying 
his utmost to postpone nuclear 
inspections until the North 
manufactures as many nuclear 
warheads as needed. By then. 
the US could not attack the 
North because of the North’s 
possession of nuclear bombs 
and could use them as a card 
in negotiations with the US to 
win diplomatic recognition and 
economic aid,” he claimed. 

The US Central Intelligence 
Agency has estimated that 
North Korea has reprocessed 
enough plutonium to make one 
or two nuclear devices. 

Mr Kang's claim that the 
North has acquired five 
nuclear bombs was based on a 
discussion he had with a senior 



Two senior North Korean defectors in Seoul yesterday: Kang Myong-do (left) and Bang Song-san 


security official at tbe Yong- 

Mr Kang, whose arrival in nuclear bombs was based on a The two defectors expressed President Kim Il-sung. administrative powers since military was divided in its loy 

Seoul from China in May was discussion he had with a senior opposition to Mr Kim Jong-il's But they said Mr Kim was in 1985. However, food shortages alty to him. 

IMF urges New Delhi to speed up reform pace 

By Shiraz Saliva 1983-94, despite a good monsoon. progress in “articulating a broad goods imports with appropriate tor- end. senior officials said yesterday 

There was a “considerable widening framework for structural reform" in iffs. The directors urged the govern- Reuter reports from Barpeta, India 

The International Monetary Fund has of the budget deficit in 1993-94, a per- core areas like trade, financial sector ment to return “quickly and deci- Tbe Indian government sent the arm] 


recent assumption of power fol- 
lowing the death of his father. 
President Kim Il-sung. 

But they said Mr Kim was in 


firm control of North Korea, 
having exercised extensive 
administrative powers since 
1985. However, food shortages 


and other economic problems 
threatened his rule, while the 
military was divided in its loy- 
alty to him. 


The International Monetary Fund has 
recommended an accelerated pace of 
reform in India and “a more vigorous 
approach to removing structural 
weaknesses". 

The IMF annual report presented 
by its executive board in Washington 
yesterday expressed concern about 
a “worrisome” rise in prices and 
“considerable fiscal slippage in 


1983-94. despite a good monsoon. 

There was a “considerable widening 
of the budget deficit in 1993-94, a per- 
sistence of high domestic interest 
rates, and a sluggish industrial recov- 
ery. as well as the related surge in 
capital inflows that had complicated 
monetary management and added to 
inflationary pressures.” The Fund 
said “external viability was not yet 
assured". 

The Indian government bad marto 


progress in “articulating a broad 
framework for structural reform" in 
core areas like trade, financial sector 
liberalisation and tax reform, but 
“progress had been slower in restruct- 
uring public enterprises and in 
increasing the flexibility of markets 
for labour and land." 

Commending India for further 
reductions in import tariffs, the Fund 
advocated early action to replace 
quantitative restrictions on consumer 


goods imports with appropriate tar- 
iffs. The directors urged the govern- 
ment to return “quickly and deci- 
sively to the path or fiscal reforms,” 
with a “less distortionary and more 
revenue-elastic tax system” and lower 
interest rates to encourage private 
investment 

• More than 54,000 people have fled 
their villages in the north-east Indian 
state of Assam since tribal militants 
killed some 50 Moslems at the week- 


end. senior officials said yesterday . 
Reuter reports from Barpeta, India. 
The Indian government sent the army 
into Baipeta and adjoining districts 
following the raid by Bodo militants 
fighting for their own state within 
India. 

There have been several outbreaks 
of such violence in recent years, usu- 
ally with the militants attacking Mos- 
lems recently arrived from Bangla- 
desh. 


Opposition cries foul over Bombay scandal 


By Shiraz Skfwa in New DeM 

Opposition leaders yesterday accused 
the Indian government of letting off 
several cabinet ministers and bureau- 
crats criticised in a report on the 
Bombay stock market scandal of 1992. 

MPs stalled proceedings in both 
houses of parliament, rejecting what 
the government called its “Action 
Taken" report, which it said “over- 
turned” the findin gs of a joint parlia- 
mentary committee into the scandal 
which reported in December last year. 

Its clause-by-clause response to the 
committee's report was tabled In par- 
liament on Tuesday. 

The government rejected tbe com- 
mittee’s findings that it was, through 
inaction by the finance ministry and 
the Reserve Bank, India’s central 
bank, responsible for “a systems fail- 
ure" that allowed the scandal to 
erupt 

Staunchly defending Mr Manmohan 
Singh, the finance minister, the gov- 
ernment conceded that the scandal 
occurred because of a “failure to 
check irregularities", but insisted that 
“this failure was not due to inaction" 
on its part The scandal, it said, high- 
lighted “weaknesses in the system” 
which it was “in the process of cor- 
recting”. 



Rao (right) taking no action against Singh 


MPs who wrote the parliamentary 
committee report into the Rs40bn 
(£830m) scandal criticised failings 
throughout the financial system and 
held Mr Singh responsible for the 
shortcomings of officials entrusted 
with financial supervision. 

The committee spent more than a 
year investigating the affair, which 
erupted in April 1992 when evidence 
emerged that money was being ille- 
gally siphoned out of banks and into 
the stock market 

Opposition members have 


demanded a withdrawal of the gov- 
ernment’s report, terming it an “eye- 
wash” and an "assault on parliamen- 
tary dignity”. 

Mr Atal Behari Vajpayee, leader of 
the opposition from the Bharatiya 
Janata party, said the entire nation 
expected that the government would 
accept the parliamentary committee's 
report and take action against minis- 
ters, arrest guilty officials and initiate 
proceedings against others. 

“But no such action has been initi- 
ated." 


Mr Lai Krishen Advani, the Hindu 
party's president, yesterday accused 
Mr PV Narasimha Rao. the prime 
minister, of “ shielding corruption”. 

On Monday the Reserve (central) 
Bank of India announced that it 
would impose penalties on several for- 
eign and domestic h anks indicted by 
the committee's report and its own 
investigations. 

The Reserve Bank has penalised 35 
Indian and foreign banks by with- 
drawing the exemption granted to 78 
commercial banks in April 1992 from 
maintaining a cash reserve ratio of 10 
per cent The Reserve Bank, which 
already holds deposits worth Rs300bn 
from these banks, will by its derision, 
impound a further Rs30bn, 10 per cent 
of the incremental growth of these 
deposits, by virtue of the waiver. 

Further, 20 of the 35 banks involved 
in the scandal have been served 
notices by the central hank for alleg- 
edly violating regulations. They have 
four weeks to contest the Reserve 
Bank's claims, foiling which they will 
have to pay penalties totalling 
Rsl. 47biL 

Worst hit among the domestic 
banks is India’s largest nationalised 
bank, the State Bank of India, which 
will have to pay a penalty of Rsll2m. 
Among the foreign banks, Citibank 


may have to pay Rs500m in fines. 

Other foreign banks affected 
include ANZ Grindlays. Standard 
Chartered. American Express Bank, 
Hongkong and Shanghai Bank, Deut- 
sche Bank, Credit Lyonnais, Barclays 
Bank of Nova Scotia, and the Abu 
Dhabi Commercial Rank. 

Representatives of foreign banks, 
who say it is too early to tell whether 
they will contest the Reserve Bank’s 
claims, are more concerned about 
what one Bombay-based banker 
termed “continuing harassment". 

“The government has clearly said 
in its report on Tuesday that the 
Reserve Bank is finalising further 
action against the foreign banks 
involved in the scandal,” he said. “We 
have done everything in our power to 
stop the irregularities, if any, and the 
government would be giving us the 
wrong signal if they continue to slap 
on penalties.” 

A senior Reserve Bank official said 
yesterday that “the bank as an organ- 
isation would end tbe matter here 
provided tbe banks don't contest our 
claims and pay the penalties due". 

The official said the central bank 
would grant the 20 banks involved 
private hearings if any mistakes were 
detected in calculations or the banks 
felt the penalties were too harsh. 


Asean to 
train 

Cambodia 

military 

By Victor Mallet in Bangkok 

South-east Asian countries and 
their main trading partners 
from the industrialised world 
yesterday said they wanted to 
provide military training to 
help the fragile Cambodian 
government m the fight 
against Khmer Rouge guerril- 
las and would eventually con- 
sider sending weapons. 

At the end of the week-long 
scries of meetings among for- 
eign ministers hosted by the 
Association of South East 
Asian Nations t Asean). dele- 
gates said they were concerned 
by tile weakness or the Cambo- 
dian coalition. It was elected 
Inst year at the culmination of 
the S2bn (Cl.itbnt UN peace 
plan for the country. 

Khmer Rouge guerrillas 
based on the Thai border 
recently routed government 
troops who attempted to seize 
their strongholds in northern 
and western Camhodia. 

“France and other countries 
have provided aid for the army 
and the police and this could 
eventually uidude deliveries of 
arms." Mr Alain LanLissouro. 
the French European affairs 
minister, told a news confer- 
ence. France bos some 40 mili- 
tary advisers in Cambodia. 

Paris and other governments 
are putting the emphasis on 
training rather than material 
at present because the Cambo- 
dian army is undisciplined and 
soldiers seii weapons to the 
guerrillas. 

Indonesia and Malaysia yes- 
terday said they were willing 
to help train the army. The US 
says it is considering Cam- 
bodia's request for military aid. 
Lost week Australian military 
advisers visited Cambodia to 
assess the situation. 

Thailand was implicitly crit- 
icised by several foreign minis- 
ters and officials at the Bang- 
kok meetings for railing to 
prevent supplies reaching the 
Khmer Rouge. Thai leaders say 
they support tbe government 
in Phnom Penh, but Khmer 
Rouge guerrillas sell gems and 
timber to Thai traders on the 
frontier and use the money to 
buy arms. 

A senior US official said the 
US wanted a reaffirmation of 
support not only for Phnom 
Penh but "for the objective of 
sealing off the bonier in terms 
of anything that could be con- 
strued as assistance to the 
Khmer Rouge”. 

Asean and western govern- 
ments said they had moved 
closer together on policy 
towards Burma's military 
junta. Asean members - Bru- 
nei. Indonesia, Malaysia, tbe 
Philippines, Singapore and 
Thailand - welcomed Mr Qhn 
Gyaw, the Burmese foreign 
minister, to Bangkok as a 
guest but tbey also raised the 
issue of human rights. 

The European Union, Aus- 
tralia and others remained crit- 
ical of the junta's human 
rights abuses but accepted that 
their attempts to isolate the 
regime had not produced 
results and that Asean's policy 
of "constructive engagement” 
could have some merit 


Indonesia media blow |£1.25bn UK package for Pretoria 


By Manueta Saragosa 
in Jakarta 

Attempts to maintain political 
openness in Indonesia have 
suffered a further blow follow- 
ing a Department of Informa- 
tion threat to close leading 
newspapers and magazines. 

Officials at the Kompas and 
Sinar Pagi daily newspapers, 
Sinar magazine, the English- 
lang uage daily The Jakarta 
Post, and Indonesia Business 
Weekly, an English-language 
business magazine, said they 
had received oral warnings 


from the department over the 
past week. Sinar magazine is 
owned by Mr Sudwikatmono, a 
relative of President Suharto. 

The newspapers and maga- 
zines said they were taking the 
warnings seriously. In June 
the government forced the clo- 
sure of two weekly magazines 
and one tabloid newspaper fol- 
lowing their critical reporting 
of the government’s acquisi- 
tion of a fleet of former East 
German warships. 

This time the publications 
are being tackled over their 
reporting on recent demonstra- 


tions in East Timor, which 
turned bloody after military 
interference. They were also 
warned about their reporting 
of last month’s press ban. 

The media bans last month 
appeared to mark the end of a 
short-lived era of fledgling 
political openness. 

“FOr the time being we have 
to lie low,” said an editor of 
one of the threatened publica- 
tions. “I suspect the govern- 
ment is giving a blanket warn- 
ing to everyone with these 
latest warnings, regardless of 
the nature of the stories." 


By Paula Hawkins 

Britain's trade and industry 
secretary, Mr Michael 
Heseltine, yesterday ann- 
ounced a £IJSbn “trade sup- 
port and assistance package” 
to South Africa, which he 
described as the largest such 
focility offered by any country 
since the South African elec- 
tions. 

The bulk of the package had 
been available before Mr 
Heseltine’s visit to South 
Africa earlier this month, in 
the form of Export Credit 


Guarantee Department cover, 
ECGD officials said. 

The package also included 
$60m of bilateral aid and £30m 
channelled through the Euro- 
pean Union. A further £i0m 
will be made available through 
the Commonwealth Develop- 
ment Corporation. 

Mr Heseltine also announced 
the launch of a training 
scheme for entrepreneurs from 
Johannesburg’s Soweto town- 
ship. Under the scheme, to be 
known as the Soweto Initia- 
tive. the entrepreneurs will 
join British companies for peri- 


ods of several months and be 
trained in management and 
other skills. 

Participating companies 
include Rolls-Royce, Samuel 
Montagu and Wimpey. 

The scheme will be funded 
partly by the Common wealth 
Development Corporation and 
partly by private organisation. 

Mr Heseltine, who returned 
recently from a six-day visit to 
South Africa, said: “Having 
witnessed at first hand the 
ideas bubbling up within tbe 
So we tan business community, 
the drive, selling capabilities 


and sheer enthusiasm or Sowe- 
tan entrepreneurs, we on the 
mission decided that we could 
and should do something to 
help." 

“These are the business lead- 
ers of tomorrow - now is the 
time to forge friendships and 
partnerships with them.” 

Mr Heseltine was accompan- 
ied by 57 British businessmen 
on his trip. Up to $50Om of 
business could come to British 
companies from South Africa 
as a result of the trade mis- 
sion, said DTI officials. 

See Observer 


Strike by Nigerian oil workers 
forces Shell to default on supplies 


• - xmu ■ »amrnn •» 


■ hj iMn iuir.<>iiluiuj* rtlWi i ■ fttMir ■ ovnav %■!■«. u.t 


The more you travel , the more you feel Meridien. 


% Paul Adams in Abuja 

The Anglo-Dutch’ Shell 
company, Nigeria’s largest oil 
producer, yesterday declared 
force majeure on deliveries of 
crude oil, enabling it to default 
cm supplies of about lm barrels 
of oil per day, half of Nigeria's 
crude oil output 

The decision, which means 
the company does not expect 
to meet original loading dates, 
led to a rise in ofl prices. Lon- 
don September futures for the 
world benchmark Brent B lend 
rose to 817.94 per barrel up 
almost 30 cents from Tuesday. 

There was also an uncon- 
firmed report of a gas blast in 
the Nige rian Forcados field. 

Shell took the decision after 
reviewing the effects on the 


industry of the three-week ofl 
workers' strike against mili- 
tary rule. The company was 
already three days behind 
schedule on loadings but says 
the main effect will be on 
August deliveries. 

Until yesterday Shell and the 
other oil companies operating 
in Nigeria had managed to 
keep output at normal l evels 
by deploying non-union staff, 
mainly senior managers or 
expatriates, on essential tasks. 

Recent threats of reprisals by 
the anions against strike- 
breakers persuaded Shell to 
withdraw staff according to oil 
experts in Nigeria, halting tbe 
flow of oil to its te rmina ls 
Bonny and Forcados in the 
Niger delta. 

Chevron and Mobil have not 


yet declared any lapse in load- 
ings but most companies say 
that this is a matter of time. 

Oil accounts for more than 
90 per cent of Nigeria's exports 
and tbe cut in production deep- 
ens the country's financial cri- 
sis. Arrears on the 828bn 
(ElSbn) of external debt have 
reached Jfflm. The budget defi- 
cit for the first half of the year 
was about 81.5bn. according to 
the finance ministry, and non- 
oil revenue flows have almost 
dried up since foreign 
exchange regulations were 
imposed in January. 

The oil strike is the most 
serious threat so for to the 
regime of General Sani Aba- 
cha. Nigeria is expecting a del- 
egation from US President Bill 
Clinton, to be led by the Rev 


Jesse Jackson, to mediate in 
the political crisis. 

Nigeria is also host to a sum- 
mit of West African beads of 
state, postponed this week 
until August 5. 

The government is under 
pressure from the oil workers 
and other unions in south-west 
Nigeria to release from jail Mr 
Moshood Abiola. the banned 
winner of last year's annulled 
presidential election, who is 
due to face trial today in Abuja 
for treason after declaring him- 
self president 

The union demands include 
the replacement of military 
rule by a government formed 
by Mr Abiola and the repay- 
ment of an estimated $800m 
owed by the government to the 
oil companies. 










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FINANCIAL. TIMES THURSDAY JULY 28 1994 


NEWS: WORLD TRADE 


Seoul, Beijing in air accord 


124 : „ 

f 125 “ 


I CHINA „ 5~ 


By John Burton in Seoul 

An aviation agreement signed 
yesterday between Sonth 
Korea ami China removes an 
air transport bottleneck in the 
fast- growing north-east Asian 
region. 

The provisional pact, 
reached after almost two years 
of talks, opens direct sched- 
uled flights between Seoul and 
the northern Chinese cities of 
Beijing, Shenyang, Qingdao, 
Tianjin and Dalian. 

The accord will end cumber- 
some routes between the two 
countries and almost halve 
flight times between Seoul and 
Beijing. It could also eventu- 


ally allow Sonth Korean carri- 
ers overflight rights through 
Chinese airspace, reducing 
flight times to Europe by two 
hoars and helping to trans- 
form Seoul Into a regional avi- 
ation hub. The establishment 
of beyond-point rights will be 
subject to future talks. 

Scheduled flight services, 
which will replace charter 
flights between the two coun- 
tries. are likely to begin in 
three months after technical 
arrangements have been com- 
pleted and a treaty is signed. 

Bnt disputes remain over 
flights between Seoul and 
cities in southern China, 
including Shanghai. The main 


stumbling block to a Stno- 
South Korean aviation pact 
has been disagreement over 
the location of the flight con- 
trol transfer point, which is 
linked to territorial rights 
over sea boundaries and air- 
space. 

China has agreed to estab- 
lish the flight control point in 
the northern region at 124 
degrees longitude, In accor- 
dance with South Korea's 
demands and a 1963 ruling by 
the International Civil Avia- 
tion Organisation. 

But Beijing still insists the 
control point in the southern 
region should be established at 
125 degrees longitude, which 


Seoul regards as an invasion 
of its boundaries. Until the 
issue is resolved, flights to 
Shanghai win rely on charter 
services using the air corridor 
between Japan and China. 

It is forecast that the open- 
ing of regular services will 
boost air passenger traffic on 
the Sino-Korean routes to 
300,000-400,000 a year, from 
150,000 last year, 75 per cent 
of whom were South Koreans. 

Airlines from both countries 
will share services equally. 
These will include 18 weekly 
flights between Seoul and Bei- 
jing. 

South Korea is expected to 
open talks soon with Taiwan 


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OCEAN 


on the resumption of direct 
scheduled flights, which were 
suspended following the sever- 
ing of diplomatic ties in 
August 1992 after Seoul recog- 
nised Bejjjing. 


Political static on HK-Taiwan route 


The 1997 factor is getting in the way of 
inter-company negotiations over air rights, 
report Simon Holberton and Laura Tyson 


N egotiations over air 
rights between Hong 
Kong and Taiwan 
- one of the most profitable air 
routes in east Asia - is becom- 
ing another field of battle 
between Beijing and Taipei. 

At stake is the renewal of an 
inter-company air service 
agreement that allows Cathay 
Pacific, the Hong Kong based 
airline, and China Airlines 
(CAL) of Taiwan to fly between 
the British colony and Taipei 
more than 200 times a week. 

“We hope we can negotiate 
another five-year deal." said 
one Cathay official. “But there 
are a number of complications 
which won’t make this a sim- 
ple agreement'' 

Both companies have been 
put in the unusual position of 
having to negotiate an agree- 
ment -which would normally 
fall to governments - because 
there are no direct political 
relations between Britain and 
Taiwan. Given the current 
state of relations across the 
Taiwan Straits, however. 
Taipei and Beijing appear to be 
using the negotiations over the 
agreement - which expires 
next April - to further other 
aims. 

Beijing wants direct air links 
between the mainland’s princi- 
pal regional capitals and Taipei 
and Kaohsiung, the island 


republic's second city, located 
on the south-western tip of the 
island. It remains unclear how 
hard Beijing will push to 
secure these concessions, but it 
does have power to frustrate 
the talks given the change in 
Hong Kong’s sovereignty in 
mid-1997. 

C hina ’s interference appears 
to be behind the delay in other 
air services talks, including 
those between Taiwan and 
Japan. The two sides last met 
in February and no subsequent 
meeting has been scheduled. 
Links to Macao, the Portu- 
guese colony which reverts to 
Chinese control in 1999, have 
also been held up because 
Macao plans to establish its 
own airline in which mainland 

Chinese interests are to hold a 
40 per cent stake. 

For its part, Taipei would 
like to see flights between 
Taiwan and C hina limited to 
the existing arrangement 
under which the semi-official 
CAL flies to Hong Kong. At the 
same time, however, Eva Air- 
ways, Taiwan's second airline, 
founded by the Evergreen 
Group in 1991. is seeking 
access to the route. 

Taiwanese aviation officials 
said that talks between Cathay 
and CAL held in Taipei in late 
May broke down over whether 
the lucrative route should be 


opened to other carriers. N d 
date for a future meeting has 
been set. According to the offi- 
cials Cathay, citing Chinese 
government opposition, 
opposed changing the route's 
designation from single to mul- 
tiple carrier. 

Cathay admits to keeping 
Beijing informed - in particu- 
lar the Civil Aviation Author- 
ity of China and the Hong 
Kong and Macao Affairs Office 
- but denies it Is arguing Bei- 
jing’s brief at negotiations with 
CAL. 

“We do not want to force 
through an agreement only to 
have it torn up after the 
change in sovereignty in 1997.” 
a Cathay official said. 

Cathay also denies that it is 
trying to exclude Eva or other 
carriers from gaining access to 
the route, ft points out, how- 
ever, that Eva has no standing 
in the talks between Cathay 
and CAL, which are renegotiat- 
ing an agreement between 
themselves. A Cathay official 
said that if Taipei wants Eva to 
have access to the Hong Kong- 
Taipei route, CAL should give 
up a portion of its right on the 
route to Eva. 

The case is. in any event, a 
harbinger of the increasing dif- 
ficulty Taipei will face in main- 
taining its official pretence of 
no direct political or economic 





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contacts with Beijing, espe- 
cially once Hong Kong reverts 
to Chinese sovereignty. 

Air links with Hong Kong 
are critical to Taipei, whose 
fast growing trade and invest- 
ment ties with China are 
mostly routed through the col- 
ony because of Taiwan’s 
long-standing ban on direct 
cross-strait links. Moreover, 
the one-hour Hong Kong-T&ipei 
flight is a cash-cow for Cathay 
and CAL and is believed to be 
one of CAL's few profitable 
routes. Granting access to 
other airlines could dilute prof- 
its, depending on scheduling 
and service. 

Another sticking point is 


that China will undoubtedly 
refuse to permit CAL's jets to 
fly to Hong Kong bearing the 
national flag of the Republic of 
China on Taiwan after Hong 
Kong reverts to Chinese sover- 
eignty. It Is likely CAL will be 
forced to fly to the colony via 
its affiliate. Mandarin Airlines, 
which it is reluctant to do. 

Because of the political sen- 
sitivities surrounding these 
negotiations, their progress 
has been shrouded in secrecy. 
Both governments deny direct 
involvement in the talks. That 
may be true for the time being 
but. when it happens, the 
renewal of the Cathay-CAL air 
agreement will be political. 


US durable goods 
orders rise 1.3% 


By Michael Prowse 
in Washington 

New orders for US durable 
goods increased 1.3 per cent 
last month and 13.3 in the year 
to June, indicating that pros- 
pects for US manufacturers 
remain bright, the Commerce 
Department reported yester- 
day. 

The figures surprised Wall 
Street analysts who had proj- 
ected a less robust monthly 
increase of about 0.5 per cent 

Mr Ron Brown, commerce 
secretary, said the gain was 
“entirely accounted for by 
increases in non-defence, non- 
aviation capital goods, which 
rose 6.4 per cent to a new 
all-time high”. The high level 
of business investment was 
likely to support “balanced and 
sustainable growth”, he said. 

The June figures showed 
gains in most industrial sec- 
tors. Orders for transport 
equipment industrial machin- 
ery and electronic equipment 
were up 2.3. 2J2 and l.i per cent 


Durable goods orders ($bn) 
155 



1992 93 94 

Source: Daiastream 

respectively from May. Orders 
for primary metals fell 3.1 per 
cent but this followed a strong 
gain in May. 

The figures follow a series of 
reports - including a decelera- 
tion in growth of retail sales 
and industrial production - 
that appeared to indicate eco- 
nomic growth was easing 
somewhat lessening the imme- 
diate pressure on the Federal 


Reserve to curb the expansion 
by raising short-term interest 
rates again. 

In congressional testimony 
Last week Mr Alan Greenspan, 
the Fed chairman, said he saw 
the economy "settling into 
more moderate rates of growth 
over the next six quarters and 
inflation remaining relatively 
subdued". But he said there 
were conflicting signals and 
warned that he might need to 
raise short-term rates further 
to keep inflation under control. 

Analysts are now keenly 
awaiting figures on gross 
domestic product for the sec- 
ond quarter, due on Friday. 
The consensus view is that the 
economy expanded at an 
annua) rate of about 3.5 per 
cent, roughly in line with 
growth of 3.4 per cent in the 
first three months, and sharply 
lower than the annualised 7 
per cent registered in the 
fourth quarter of last year. 

But some forecasters are 
projecting annualised growth 
of as much as 5 per cent 


NEWS: THE AMERICAS 


Brazil presidential 
candidate drops 
his running-mate 


By Patrick McCvrry 
in S5o Paulo 

Mr Luiz Inacio Lula da Silva, 
the leading left-wing candidate 
for Brazil's presidency, has 
replaced his running mate just 
over two months ahead of the 
poll, following corruption alle- 
gations. 

Mr da Silva's campaign has 
been virtually paralysed for 
the last three weeks because of 
media allegations against Sena- 
tor JosS Paulo Bisol of the Bra- 
zilian Socialist party. 

Ironically, Mr Bisol was one 
of the leading inquisitors dur- 
ing a congressional corruption 
investigation held earlier this 
year. 

Mr Bisol will be replaced as 
vice presidential candidate by 
Mr Aloizio Mercadante, a lead- 
ing congressman from Mr da 
Silva's Workers' party and a 
possible finance minister in a 
da Silva government Mr Mer- 
cadante represents the centre 
ground of the Workers' party 


and is considered a skilful 
media debater. 

A meeting of Mr da Silva’s 
coalition partners on Tuesday 
evening agreed to the change, 
which they hope will refire his 
campaign for the October 3 
election. 

Mr da Silva's main opponent, 
former finance minister Mr 
Fernando Henrique Cardoso, 
has virtually drawn level in 
the polls this month after 
being 20 points behind. This 
recovery has largely been due 
to a sharp fall in inflation fol- 
lowing the introduction of a 
new currency on July l, which 
Mr Cardoso negotiated through 
Congress. 

Mr Bisol's position was 
undermined by allegations that 
he submitted amendments to 
the federal budget for over- 
priced public works projects 
benefiting property he owned. 
Mr Bisol denied the allegations 
but said be had acted naively 
and would withdraw the 
amendments. 


Bechtel in 
Chinese 
port 
venture 

By Tony Walker in Beijing 

Bechtel of the US and China 
International Trust and Invest- 
ment Company yesterday set 
up a joint venture to expedite 
the multi-billion dollar devel-. 
opment of port facilities and 
services at Daxie island south 
of Shanghai 

Citic, China's largest Invest- 
ment conglomerate, last year 
secured the right to develop, 
the 31 sq km island as a gate- 
way to China's central prov- 
inces. It plans to spend about 
5500m on Daxie's basic infra- 
structure, with expected 
investment from the private 
sector of $3bn-$6bn over the 
next 15 years. 

Daxie will offer 40 berths for 
container and petroleum cargo 
vessels in excess of 200.000 1 
tonnes. Annual capacity will 
be 5m containers and an over- 
all 100m tonnes of cargo. 

Investment opportunities 
will include petroleum and 
chemical processing; storage 
and trans-shipment facilities; 
industrial and high-technology 
manufacturing; commercial 
and residential site develop- 
ment; and privatised infra-, 
structure. 

The Bechtel-Citic joint ven- 
ture - Xinde Joint Develop- 
ment Company - will serve as 
a marketing, operating mid ser- 
vices organisation for Daxie, 
which is situated 140km south 
of Shanghai and lies 600 metres 
offshore. 

A railway and highway will 
connect the island with the 
mainland and the provinces of 
Jiangxi, Hunan, Guizhou and 
Y unnan , which have been dis- 
advantaged by poor transport 
links with the outside world. 

International companies are 
reported to have shown a keen 
interest and are expected to 
conclude agreements for "first 
phase” projects by early next 
year. 

Mr Riley Bechtel, president 
of the Bechtel Group, said 
Bechtel was involved in other 
large projects, including Jubail 
in Saudi Arabia. It was also a 
consultant for the new Hong. 
Kong airport at Cbek Lap Kok 

Bechtel and Citic established 
a joint engineering consul- 
tancy in the early 1980s. 




Lula: 30 per cent support 

The allegations, although 
dismissed by the da Silva cam- 
paign as a media smear, were 
regarded as particularly dam- 
aging to Mr da Silva, who is 
supported by many Brazilians 
because of his commitment to 
clean government 

Both Mr da Silva and Mr 
Cardoso have the support of 
about 30 per cent of voters, 
with other candidates an less 
than 10 per cent according to a 
recent Gallup poll. After Octo- 
ber’s election the two are 
expected to meet in a run-off 
ballot on November 15. 


NEWS IN BRIEF 

Hochtief wins 
DM640m Beirut 
airport contract 

Hochtief, one of Germany's biggest construction companies, has 
won a DM640m (S4G8m) contract to rebuild and extend the badly 
damaged Beirut airport writes Michael TJmWiann hi Bonn. 

The Essen-b&sed company said work was due to start in the 
autumn and would probably continue until 1998. It will work with 
Consolidated Contractors SAL, a Lebanese company, and will use 
a variety of subcontractors mainly to supply the workforce. 

Years of fighting around the Lebanese capital have left the 
airport in ruins, without proper runways and facilities. The 
Lebanese government bad earmarked the project as a priority in 
an attempt to attract foreign investors. 

The 3.4km runway is to be extended 1.9km into the sea and the 
contract also includes the construction of a passenger terminal, a 
transit centre, a control tower and a hotel. Hochtief has been 
involved in a variety of construction projects in the Middle East 
including the airport in Jeddah, which handles visitors an pil- 
grimage to Mecca. 

Germans order rolling stock 

Germany's federal railway has placed big orders for new rolling 
stock with Siemens, the AEG unit of Daimler-Benz, Deutsche 
Waggonbau and Fiat of Italy, Reuter reports from Frankfurt. 

The railway, Deutsche Balm, said it had placed an order for 50 
high-speed ICE trains with a consortium led by Siemens and 
including AEG and Deutsche Waggonbau. A previous order for 60 
ICE trains placed with the three companies last August bad a 
value of DM2.2bn. 

Japanese to sue over ITC ruling 

Nippon Steel and Kawasaki Steel plan to file suit against a ruling 
issued in May by the US International Trade Commission (ITC) 
that the two companies were selling electrical steel at unfairly 
low prices in the US, Reuter reports from Tokyo. 

They plan to take the suit to the Court of International Trade 
and the filing would be in early August, Kawasaki said. Uphold- 
ing charges by some US steelmakers, the FTC has imposed a 
punitive tariff of 31.08 per cent on Japanese exports of grain-ori- 
ented electrical steeL 

Software claim will go to court 

A new intellectual property court has agreed to hear complaints 
by three US companies that their software was pirated fry Chi- 
nese retailers, Reuter reports from Beijing. 

The official China Daily said the Intellectual Property Rights 
Chamber of the Beijing People's Intermediate Court had accepted 
lawsuits by US software producers Microsoft, Lotus Development 
Corporation and Autodesk and begun a formal investigation.. 

The plaintiffs allege that five Chinese companies in the capi- 
tal's Zhongguancun computer district illegally copied, displayed 
and sold their copyrighted software. 

Toyota UK engines for Turkey 

Toyota said its British unit Toyota Motor Manufacturing (UK) 
had begun exporting TMUK-made engines to Turkey, Reuter 
reports from Tokyo. 

TMUK will export 2,000 1.6-litre engines this year to Toyota’s 
Turkish venture Toyotasa in Adapazari for use in Corolla cars. 
The number will rise to 10,000 engines in 1995. 

Toyotasa will assemble 2,000 Corollas in 1994 and 10,000 1.6-litre 
Corollas and 10,000 1.3-litre Corollas in 1965. 

Toyotasa is owned 50 per cent by Sabanri Group, 40 per cent by 
Toyota and 10 per cent by Mitsui 


US-Canada farm 
trade war looms 


By Nancy Dunne 
In Washington 

A farm trade battle between 
the US and Canada came closer 
yesterday as trade ministers 
from both countries again 
failed to settle their dispute 
aver Canadian -.wheat sales in 
the US. 

Mr Roy MacLaren, the Cana- ■ 
dian trade minister, spoke only 
briefly after meeting his US 
counterpart, Mr Mickey Kan- 
tor. The two sides had dis- 
cussed many other Issues, he 
said. They now understood 
M(»h other on grain and “will 
be in touch” in the immediate 
future, he said. 

However, the Clinton admin- 
istration is under strong pres- 
sure from a few influential sen- 
ators to act quickly under a US 
law which allows the president 
to limit imported commodities 
found to interfere with the US 
price support programme. That 
statute is likely to be abolished 
with the launch of the World 
Trade Organisation, which 
could happen in January. 

The Canadians have threat- 


ened to retaliate against any 
US sanctions. Their scope for 
action is wide. Canada is a key 
market for many US grain 
products. 

AH six members -of the US 
International Trade Commis- 
sion this month found that 
Canada's wheat sales had 
interfered with the price sup- 
port scheme. However, in 
recommendations sent to the 
White House lest Friday, three 
concluded that there were sev- 
eral reasons for “the small 
adverse impact” on wheat 
prices, including last year’s US 
floods and unfavourable 
weather in both countries. 

The three also said Canadian 
grain had been given competi- 
tive advantages through its 
rail subsidies and the Cana- 
dian wheat board. 

The three commissioners rec- 
ommended io per cent tariffs 
on quantities of non-durum 
wheat which exceed lm tonnes 
and 10 per cent tariffs on 
imports of durum when that 
exceed 500,000 tonnes. The 
other three commissioners rec- 
ommended staffer penalties. 


CIA looks for a role as the cold war becomes history 


T he Central Intelligence 
Agency is not alone 
these days in down- 
sizing to meet changed Interna- 
tional circumstances. But for 
the CLA. adapting to tighter 
budgets and rapidly changing 
intelligence needs is proving 
particularly painful 
The organisation finds itself 
under fire from all sides, facing 
a hostile press, an expansionist 
Federal Bureau of Investiga- 
tion. and even a threatened 
media onslaught from Mr Aid- 
rich Ames, the CIA operative 
who admitted spying for 
Moscow for nearly 10 years and 
was sentenced to life imprison- 
ment in April 

In Congress there are those 
such as Senator Daniel Patrick 
Moynlhan who believe the 
demise of the Soviet Union, the 
focus of CIA activity For most 
of its 50 years, means the 
agency bos outlived its useful- 
ness altogether. 

More than any other single 
problem, the agency is operat- 
ing under the shadow of the 
Ames debacle. In an outspoken 


Ken Warn sees the intelligence organisation under fire from all sides 


attack last week, Mr James 
Woolsey, CIA director, called 
Ames “a malignan t betrayer of 
his country - who killed a 
number of people who helped 
the US and and the west win 
the cold war. He killed them 
just as surely as if he pulled 
the trigger of a revolver put to 
their heads in the basement of 
the Lubyanka prison.” 

Mr Ames is believed to be 
negotiating from his prison cell 
with the US media to launch 
an attack on his old employers. 
At his sentencing Mr Ames 
referred to US espionage as 
undertaken by the CIA and 
other agencies as "a self-serv- 
ing sham carried out by career- 
ist bureaucrats”. 

Under the barrage of criti- 
cism, Mr Woolsey last week 
unveiled "a comprehensive 
overhaul” of the way the CIA 
does business. That will 
include tightening personnel 
security in an effort to avoid 
another Ames case, along with 


a review of operations, analy- 
sis, science and technology. 
and administration. 

Mr Woolsey said he also 
wanted to change the CIA's 
culture, making managers 
more accountable for their mis- 
takes and making the agency 
less of a closed, white male fra- 
ternity. 

Congress is preparing to 
investigate claims of discrimi- 
nation by over 100 female 
agents and belated moves are 
under way to place women In 
more senior positions. 

T he House o The CIA is 
also making sharp cuts 
in staffing, both at its 
Langley, Virginia, headquar- 
ters and abroad, as f undin g 
dwindles. The closure of 15 sta- 
tions in Africa was announced 
last mnn»i 

f Representatives voted last 
week week to keep the CIA 
budget secret for at least 
another year, but it is is esti- 


mated at about $3bn out of the 
SSSbn (XlSbn) devoted to the 
US intelligence community. 
Much of the other $25bn goes 
to fund costly satellite and 
electronic espionage. Spending 
has been declining steeply in 
real terms since 1990. 

In his 18 months as CIA 
director. Mr Woolsey has 
already sought to shift the 
emphasis of CIA operations In 
the wake of the collapse of its 
principal foe. 

In a world of multiple 
threats of nuclear prolifera- 
tion, terrorism, drug cartels, 
and doubts over the stability of 
Russia and China, he argues, 
the CIA is far from being a 
relic of the cold war. 

However, this new focus 
inevitably brings turf battles 
with other bodies such as the 
FBI and the Drug Enforcement 
Administration. 

In addition. Mr Woolsey has 
sought to make the CIA more 
responsive to US economic 


needs, attuning it to the Clin- 
ton administration's agenda. 
While denying absolutely that 
the agency conducts industrial 
espionage on behalf of US busi- 
ness. Mr Woolsey said the CIA 
would follow macro-economic 
developments more closely, 
particularly in Russia and 
China, and continue to monitor 
sales of dual-use technology. 

T racking and objecting to 
foreign companies’ 
efforts to “bribe their 
way to contracts" in US export 
markets - which US compa- 
nies are forbidden to do under 
the Foreign Corrupt Practices 
Act - saved US business “sev- 
eral billion dollars a year" at a 
“conservative" estimate, he 
said. 

Under its director Mr Louis 
Freeh, the FBI appears to have 
been one of the main beneficia- 
ries of the CIA's difficulties. 
This month Mr Freeh opened 
an FBI office in Moscow while 


on an energetic swing through 
eastern Europe. The growing 
internationalisation of the 
FBI’s crime-fighting efforts, 
looking at issues such as pre- 
venting the theft of former 
Soviet nuclear materials and 
weapons, strays directly into 
CIA territory. 

Following a review of count- 
er-intelligence co-ordination 
ordered by President Bill Clin- 
ton after the Ames case, a 
senior FBI member was 
appointed to head a new count- 
er-intelligence centre based at 
the CIA, in a blow to the agen- 
cy’s pride. 

Mr Woolsey’s speech was his 
toughest response yet to his 
proliferating troubles. But it is 
not clear if any internal 
review, however thorough, will 
head off demands for an exter- 
nal root and branch investiga- 
tion of US intelligence. 

In a defiant message to 
“those who wish America ill”, 
Mr Woolsey said: “Let me be 



l- . 






quite clear, we are chang in g decrease in vigilance. Do not 
but we are not going away. Do confuse a re-assessment of our 
not equate a decline in mission with a retreat from 
resources and size with a our responsibilities.” 


uni 

ify 



Wi. I \t 


\ m 

»chti ci - m 
p " n «•»>; 


FINANCIAL TIMES THURSDAY JULY 28 1994 






S-c anadafai 
atk uarlooi 



■ ^ I 1 i 


histit 


And increase safety. 




And improve its environmental performance, 


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

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

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

We extended the life of the heating 
elements they use. 

In some cases, by up to 50 times. 

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

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

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

At AEA Technology, we have the re- 
sources to understand the whole problem 
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And to consider these four inter-related 
areas: 

Plant, Process, Safety, Environment 

That is why our solutions are more 
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And it is why the commercial gains are 
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(Nuclear Electric had a safety-related 
problem which reduced their revenue. 
Our solution allowed them to gain up to 
.£200,000 a day in revenue.) 

As we have shown, our integrated app- 
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as big ones. 

And with small problems as well as 
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Of course, we do start with certain 
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Nearly half our staff are science and 
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And for 40 years we have developed 
leading-edge technologies for the UK nuclear 
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(Although today, through technology 
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We wouldn’t want to claim all the credit 
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We work in partnership with the com- 
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AEA Technology. Science and engineering 
at your service. 

ia AEA 

AEA Technology 









FOR FURTHER INFORMATION PLEASE 


■ CONTACT JONATHAN PEA RON AT AEA TEC H NOLOG Y, 329 HARWELL. DIDCOT. OXFORDSHIRE OXI1 0RA.TEL:U235 432994. FAX: 0235 436660. 












6 


FINANCIAL TIMES THURSDAY JULY 28 1994 


★ 


NEWS: UK 


MPs seek to 
clear way for 
superhighway 


By Andrew Adonis 

A House of Commons 
committee yesterday called for 
radical changes to the regula- 
tory regime for telecommunica- 
tions and broadcasting to 
ensure the rapid construction 
of a UK "electronic superhigh- 
way." 

The key recommendation of 
the report on optical-fibre net- 
works by the trade and indus- 
try select committee is fbr a 
progressive lifting of the ban 
on British Telecommunications 
using its network to carry 
entertainment services. 

Existing government policy, 
designed to encourage invest- 
ment in local cable systems by 
cable operators competing with 
BT, is for the ban to stay in 
place until at least 2001, with a 
review after 1998. 

Yesterday’s report advocates 
a lifting of the ban over an 
eight year period. BT would be 
allowed to compete on an 
equal footing with cable com- 
panies over most of Britain by 
the late 1990s, with a complete 
lifting of the ban in 2002. 

Mr Richard Cabora, chair- 
man of the Co mm ons commit- 
tee, claimed that without a 
clear date fbr ending the ban 
Bri tain could lag be hind the 
US and Japan in the develop- 
ment of interactive "superhigh- 
way” services. 

It appeared yesterday that 
Mr Michael Heseltine, trade 
and industry secretary, will 


refuse to make any immediate 
p-hange in government policy. 
The DTI said it would respond 
to the report in the autumn, 
but that the curbs on BT 
remained "integral to govern- 
ment policy." 

However, the cable industry 
gave a cautious welcome to the 
report, raising the prospect of 
a broad consensus which could 
make it easier for Mr Heseltine 
to set a firm date for its aboli- 
tion. The report's recommenda- 
tions are broadly in line with 
Labour party policy. 

Mr Richard Wooflam, direc- 
tor-general of the Cable Televi- 
sion Association, which repre- 
sents the - mostly US-owned - 
cable companies, said: “I don’t 
think anyone in the cable 
industry really expected the 
ban to go on beyond 2001." 

BT, which campaigned bard 
for the committee to support 
an early lifting of the ban, wel- 
comed the report, noting that 
the proposal to restrict to 7 
years the period of protection 
from BT competition in enter- 
tainment services for individ- 
ual cable franchises would free 
BT to compete over most of the 
country by 1998. 

Dr Alan Rudge, BTs director 
of development and procure- 
ment. said it brought a 
national fibre-optic superhigh- 
way "within the UK’s grasp," 
and committed BT to investing 
the £15bn necessary to extend 
fibre-optics into local networks 
should the ban be lifted 


Cardiff Bay wins 
£200m overseas 
joint venture 


By Roland Adburgham, Wales 
and West Correspondent 

A Japanese and German joint 
venture to make television 
components, with a planned 
investment of nearly £200m, is 
to be set up at Cardiff Bay in 
south Wales. Up to 750 jobs are 
expected to be created in what 
is potentially one of the biggest 
inward investments yet in the 
principality. 

The venture, between Nip- 
pon Electric Glass and Schott 
Glaswerke, will make glass for 
cathode ray tubes. The first 
customer will be the Sony tele- 
vision plant at Bridgend in 
south Wales, which at present 
imports these components. 

NEG, headquartered in 
Shiga, Japan, and employing 
8,000 people worldwide, will be 
the lead partner in the joint 
venture. NEG and Schott Gla- 
swerke, part of the Schott 
Group based in Mainz which 
employs 17.000 people, consid- 
ered other sites in Wales and 
Europe, including east Ger- 
many. Negotiations with Car- 
diff Bay development corpora- 
tion began six weeks ago. 

The factory is the most 
important manufacturing 


investment yet won by the cor- 
poration. which is responsible 
fbr regenerating 2,700 acres of 
old docklands. Site preparation 
for the factory will begin next 
month and production is due 
to start next year. 

Initially, £30m will be 
invested and 70 people 
employed in grinding and pol- 
ishing panels. But the joint 
venture intends to develop a 
fully integrated manufacturing 
facility for cathode ray glass 
over five years. Depending on 
the market, the companies 
forecast an investment of 
£193m and a workforce of up to 
750 people over that period. 

Mr John Redwood, Welsh 
secretary, described it as "an 
immense vote of confidence in 
Wales by two world leaders in 
their Geld. For them to choose 
south Wales over competing 
sites throughout Europe is fur- 
ther proof of our attraction to 
international companies." 

NEG and Schott will receive 
an undisclosed amount of 
regional selective assistance 
from the Welsh Office. The cor- 
poration will provide financial 
help, which is still being nego- 
tiated, in the construction 
costs of the factory. 



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A guard at a London Jewish cemetery on patrol following two 
attacks on Jewish targets within 24 hours. Police said that 100 
key boildings would be given round-the-clock armed protection. 


Delors to 
speak at 
congress 

By Robert Taylor 
and Lionel Barber 

Mr Jacques Delors, the 
outgoing European Commis- 
sion president, has agreed to 
address this autumn’s Trades 
Union Congress in Blackpool, 
in a move that will be seen as 

provocative by the British gov- 
ernment and Conservative 
Euro-sceptics. 

He is expected to give a vig- 
orous defence of the welfare 
state and full employment and 
spell out his continuing enthu- 
siasm for a social dimension in 
the EU and the development of 
workers' rights. 

Mr John Monks, the TOC’s 
general secretary welcomed 
Mr Delors* decision to come to 
the Congress. 

It was in 1988 that the EU 
president first spoke to the 
TUC in a speech that pleased 
British union leaders with its 
passionate commitment to a 
social dimension for the EU 
and European-wide worker 
rights. 

The address stimulated an 
angry Margaret Thatcher to 
launch a furious attack on the 
very idea of a social Europe in 
her Bruges speech and hard- 
ened British resistance to the 
EU social affairs agenda, end- 
ing up with the UK opt-out 
from the social chapter of the 
Maastricht treaty in 1991. 

His visit to the TUC in Sep- 
tember wifi be Mr Delors’ first 
journey to Britain for nearly 
two years. In 1993 he pulled 
out of speaking to the Confed- 
eration of British Industry’s 
—mi conference. The official 
reason fbr his cancellation was 
a boot of sciatica but Brussels 
officials said Mr Delors’ illness 
was diplomatic. 

Mr Monks said that the EU 
president’s 1988 speech had 
made an "electrifying effect on 
the British labour movement 
It has strongly influenced our 
own work over the past six 
years”, he added. 

Yesterday Britain’s newly 
appointed employment secre- 
tary Mr Michael Portillo said 
the British government would 
not tolerate what he called 
"unwarranted interference" in 
people’s lives by the Brussels 
bureaucracy. He was respond- 
ing to the ECTs policy paper on 
European social policy pub- 
lished yesterday. 


Britain in brief 



Resorts 

damage 

tourism 

Outdated resorts are damaging 
the reputation of more attrac- 
tive English tourist attrac- 
tions, making it difficult to 
persuade UK residents to take 
their holidays at home, the 
English Tourist Board said. 

Ms Adele Biss, the board’s 
chairman, said that over the 
past decade the UK's tourism 
balance of payments bad 
fallen from break even to a 
deficit of £3.1bn. 

The deficit had grown 
despite the increase in foreign 
visitors to the UK. Foreign vis- 
itor numbers are expected to 
reach a record 20m this year. 
This had been matched, how- 
ever, by a large rise in the 
number of British residents 
taking holidays abroad. 

“A weak domestic market 
depletes our ability to survive 
internationally. Without 
strength in both we are vul- 
nerable in both," he said. 


Bricks signal 
UK recovery 

Brick sales by manufacturers 
were the highest for five years 
during the second quarter of 
this year according to figures 
published by the Environment 
Department 

Viscount Ullswater, 
appointed construction minis- 
ter in last week's reshuffle, 


said the surge in sales pro- 
vided a further encouraging 
sign of economic recovery. 

"Construction new orders 
and output, including housing 
starts, show similar recent 
upward trends." said the new 
construction minister. 


Tighter code 
for ventures 

Joint ventures and associate 
companies will be subject to 
tighter reporting require- 
ments, under proposals pub- 
lished by the Accounting Stan- 
dards Board. 

All associates and joint ven- 
tures are to be defined as 
"strategic alliances” and 
treated by the equity account- 
ing method, the proposals rec- 
ommend. 

The details come in a discus- 
sion document issued by the 
board which could be turned 
into a more detailed draft 
standard by the middle of next 
year. 

The proposals go beyond the 
existing requirements of com- 
panies legislation and SSAPl, 
the accounting standards on 
associated companies. 

Joint ventures are currently 
subject to varying forms of 
accounting by companies. 


Inheritance 
tax attacked 

Inheritance tax imposes a 
higher real burden today than 
when it was introduced by a 
Labour government 20 years 
ago, according to the Country 
Landowners Association. 

In a budget brief to Mr Ken- 
neth Clarke, the chancellor of 
the exchequer, the CLA said it 
was "a scandal" that a govern- 
ment committed to low taxa- 
tion and cascading wealth 
through generations should 


have increased the burden of 
inheritance tax on middle 
range estates. 

Mr Hugh Duberly, CLA pres- 
ident. said: "Inheritance tax is 
a clear disincentive to wealth 
creation and saving, and an 
incentive to spend. The govern- 
ment must consider not only 
the grounds for retaining 
inheritance tax, but also how 
to alleviate the burden on 
those who aspire to modest 
wealth." 


Eggar seeks 
sector views 

Mr Tim Eggar, the new minis- 
ter for Industry and energy, is 
to launch an initiative to find 
out what key industrial sec- 
tors want from the govern- 
ment to help them improve 
their competitiveness. 

In his first briefing with 
journalists since last week’s 
reshuffle - in which he took 
on the Industry portfolio in 
addition to his energy respon- 
sibilities - Mr Eggar said the 
“biggest Issue” for industry 
was competitiveness. 

Mr Eggar said he had asked 
officials to find out from 
industrial sectors and sub-sec- 
tors the top three or four 
issues where government 
action could help them. 


Repossessions 
fall 6.5% 

The number of homes repos- 
sessed by mortgage lenders in 
the first six months of this 
year fell to 25,020 - a drop of 
6.5 per cent on the number 
repossessed in the second half 
of 1993 - according to figures 
published yesterday. 

Statistics from the Council of 
Mortgage Lenders also showed 
a decline in the numbers of 
mortgages in arrears. 


Boost for 
boat builders 

The Ministry of Defence plans 
to invite tenders for an ocean 
survey vessel next month and 
to place the order by the cod 
of the year, defence procure- 


ment minister Mr Roger Free- 
man said. The news is a small 
boost to attempts by French 
patrol boat builder Construc- 
tions Mecaniques de Norman- 
die, the only prospective bid- 
der for shipbuilder Swan 
Hunter, to generate a two year 
£50m workload for tin* threat- 
ened Tyneside company. 


Major moves to counter Blair on 


By PhBp Stephens, 

Political Editor 

Mr John Major last night promised 
fresh limi ts on the role of the state and 
an expansion of individual ownership 
as he moved to counter the threat to 
the Conservatives posed Mr Tony 
Blair’s election as Labour leader. 

Marking out the “clear water” 
between the Conservative and Labour 
parties, Mr Major said the government 
would use the second half of the pres- 
ent parliament to break down barriers 


between public and private sectors. 

Among a range of individual initia- 
tives, he pledged a significant expan- 
sion of the government’s private 
finance initiative and a drive to reduce 
the number of bureaucrats in the 
National Health Service. 

Whitehall departments would be 
required to demonstrate in the annual 
public spending round they had 
explored the option of private sector 
participation in particular projects. 

In a wide-ranging speech, Mr Major 
signalled also that the government 


intended to make its commitment to 
constitutional stability a key part of the 
political battleground in the approach 
to the next general election. 

Without mentioning explicitly 
Labour’s plans for devolved govern- 
ment. Mr Major said he opposed 
changes in the constitutional settle- 
ment holding together England, Scot- 
land, Wales and Northern Ireland. 

His comments, in an address to the 
European Policy Forum, represented 
the first detailed response to Mr Blair’s 
promise to take Labour much further 


policies 

into the political middle ground. 

Mr Major declared last night: "I want 
people to have ownership of more of 
their lives, not just have things allo- 
cated as the state sees fit”. 

Mr Major reaffirmed the Conservatives' 
commitment to reduction in income 
taxes, pledging an extension of the 20p 
band as soon as finances allowed. Hint- 
ing that the first priority was to help 
improve incentives at the lower end of 
the income scale he said: "Our ambi- 
tions to limit taxes on the least welt off 
are far from satisfied”. 


Moslem parliament introduces 
code to protect Halal meat trade 

Alison Maitland sees the start of a struggle with the slaughterhouses 



Zahid Qureshi, who supports the regulation system, at his shop in south-west London 


M r Zahid Qureshi runs 
his halal meat shop 
in south-west Lou- 
don with religious passion. He 
is disgusted at what he regards 
as widespread abuse of the 
Islamic system of ritual slaugh- 
ter. Td rather have less meat 
to sell, and fewer customers, 
but at least be selling genuine 
halal," be declared. 

Mr Qureshi is at the cutting 
edge of a new system to regu- 
late the halal meat trade intro- 
duced last week by the 
self-styled Moslem Parliament 
of Great Britain. He said the 
Asian community in Tooting 
Bee, where he works, was fed 
up with non-halai meat being 
routinely sold as halaL 
He joined the certification 
system, even though it has 
pushed up the price of his 
meat, to avoid being “tarred 
with the same brush”. 

“The response has been 
unbelievable,” he said. “Many 
customers from other shops 
have been coming to my shop 
and saying this is a fantastic 
system. They’re saying they 
prefer to pay extra to know the 
meat is halaL” 

In halal slaughter, a Moslem 
must slit the animal’s throat 
with one stroke of a very sharp 
knife while the name of Allah 
is recited. The animal is then 
completely bled. No other ani- 
mal most be allowed to witness 
the slaughter. 

The Halal Food Authority, 
which runs the system, has not 
met universal approval from 
Britain's estimated 2.5m-strong 
Moslem community. 

Some see its intervention as 
divisive because it is acting 
without the blessing of all 
Moslem groups. Others in the 
meat business accuse the 
Moslem Parliament, led by 
the pro-Iranian Mr Kalixn Sld- 
diqui, of trying to raise money 
by cornering the market. 

Yet Mr 'Ahmed Verst editor 
of the monthly Moslem News, 
said: "Some people might not 
like the Moslem Parliament, 
but at least they've done some- 
thing for the community. Why 
has the rest of the Moslem 
leadership done nothing about 
this problem?" 

Mr Muhammad Ghayasud- 
din, chairman of the authority, 
said it was set up this spring 
because more than 80 per cent 
of the meat being sold as halal 
was in fact “haram”. or forbid- 
den meat. Much comes from 


poor quality carcasses picked 
up by traders for "knockdown 
prices". 

“What’s happening as a 
result or this plentiful supply 
is that the genuine halal trade 
is slowly contracting and is 
about to disappear.” he said. 

Mr Chayasuddin said the 
authority’s inspectors would 
supervise slaughter in abat- 
toirs that join the scheme and 
would check warehouses, 
trucks and shops at least once 
a day. The Inspection scheme 
would be similar to that of the 
Jewish kosher trade. 

To pay for the inspectors, the 
authority is levying 8p a pound 
on red meat and L5P per 
chicken sold by approved 
retailers. 


Mr Ghayasuddin admitted 
the halal trade was resisting 
the scheme and the bigger 
slaughterhouses had refused to 
join. “A prolonged struggle 
between the bulk of the trade 
that prefers its unregulated 
state and the HFA is certain," 
he said. 

One halal abattoir manager, 
who did not want to be named, 
said the levies were unneces- 
sary and the trade was already 
regulated by local authorities. 
While accepting that "a certain 
amount of meat sold is not 
halal”, he argued there were 
enough Moslem-owned abat- 
toirs in Britain to supply the 
community’s needs. 

The authority’s insistence on 
traditional ritual slaughter 


also worries vets who super- 
vise abattoirs. The Jewish and 
Moslem communities are 
exempt from legislation requir- 
ing animals to be stunned 
before slaughter. But Mr Mar- 
tin Cooke, vice-president of the 
. food hygiene division of the 
British Veterinary Association, 
said most Moslem abattoirs 
have nevertheless been pre- 
pared to accept pre-stunning. 

Since the creation of the 
Halal Food Authority, however 
he said he knew of one abattoir 
that had been told by local 
Moslem leaders to stop stun- 
ning animals or risk losing its 
business. The abattoir manage- 
ment agreed, he said, because 
“they were being put in an 
impossible situation”. 


FT CONFERENCES 

WORLD AEROSPACE AND ABl TRANSPORT 
1 & 2 September 1994, London 

This conference, which has the support of the Society of British 
Aerospace Companies, is the latest In the Financial Times’ International 
aeries of high level aerospace meetings. It wifl focus on the challenges 
fadng the industry in the next century, how it is restructuring for the future 
to achieve growth, together with toe impact of government policy. 
Speakers include: Professor Herman De Croo. Comitt des Sages; Mr 
Robert L Dryden. Boeing Commercial Airplane Group; Mr Robert Aytmg, 
British Airways; Mr Haris Mkka, American Airlines; Mr Michael T Smith 
GM Hughes Elect ro nic s ; Mr Jan Slenberg, SAS, and Mr Eugene Bucldey, 
Sikorsky Aircraft 

TOE NUCLEAR INDUSTRY - INTO THE 21ST CENTURY? 

14 & 15 September 1994, London 

This Ngh-tevel meeting will examine the outlook far nudeer power in North 
America and western Europe, considering the impact ot current 
government moratoria and toe role of nudeer bi the fuel mix, and review 
growth potential in the Asia-Pacific region. The chaBenges of Improving 
efficiency and safety at nuclear plants in eastern Europe and Issues 
related to managing the fuel cycle will also be addressed. Speakers w* 
include: R6my Carle. EdF; The Honorable John Rekf, Canadian Nuclear 
Association; Dr Thomas B Cochran, Natural Resources Defense Council. 
USA; Dr YHi-Yun Hsu. Atomic Energy Council, Taiwan: Michael Fdger. 
United Kingdom Nirex Limited; Professor Jurgis Vtiemas, Lithuanian 
Energy Institute; Thierry Baudon; EBRD; John Guinness CB; British 
Nuclear Fuels; Mr Jean-Pierre Rougeau, COGEMA and Dr Rachel 
Western, Friends of the Earth. 

RETAILING TOWARDS 2000 - COMBINING VISION AND EFFICIENCY 
London, 21 & 22 September 1994 

This year's meeting wfl focus on the need for the retail industry to exploit 
fufly the opportunities that new markets and new technologies offer while, 
at toe same time, dealing with the fundamental business challenges - 
maximising profitability; controlling costs; managing the property portfolio 
and crime busting 1 . Winning retail formats will be those that successfully 
combine vision with efficiency. Speakers at the conference, arranged 
jointly with Coopers & Lybrand, include: Teh Ban Uan, Emporium 
Hoktings (Singapore) Ud; George Beaton. Edgars Stores Limited: Jack 
Walker, Megafoods Stores Inc; Mark Lilly, The Disney Store Limited; 
Robert Miller. Galleria 21 (UK) Ltd and James May, British Retail 
Consortium. 

INTERNATIONAL BANKING 
Madrid, 29 & 30 September 1994 

This major forum, knmedatefy prior to the annual meetings of the IMF and 
the World Bank, wfll debate the outlook for banking in the mid-1990s and 
address a wide range of Issues of current concern to the international 
financial comnrurtty. Speakers taking part Include: Emilio Botin Rios, 
Banco Santander Dr H Ortne Rutting. Citicorp: Richard J Boyle. Chase 
Manhattan Bank NA; Dr Josef Ackermann, Credit Suisse; Egidio 
Giuseppe Bruno, Credito Itallano and Dr Horst Kohler, Deutsche 
Sparkassen-und Giroverband. 

WORLD MOBILE COMMUNICATIONS 
London, 17 & 18 October 1994 

The Financial Tunes "94 conference wifl focus on the growth of mobile 
communications, the various technologies being adopted and new 
operator strategies. Speakers indude Dr Herbert lingerer from the 
European Commission, Mr Charles Wlgodar, Managing Director of The 
Peoples Phone Company. Dr Joachim Dreyer, Chairman of Oebitel 
Kortununffcationstechnik, Mr Barry A Kaplan. Vice President of Goldman 
Sachs & Co, Mr Tomas Juiin. Managing Director of Unisource Mobile, and 
Mr Jan Neels, President & Chief Executive Officer of AirTouch 
International 

INTERNATIONAL INFRASTRUCTURE FINANCX-8UHJD-0PERATE- 
TRANSFERfBOT] 

London.4 & S October 1994 

This major FT conference will focus on build-operate-tranaferJSOT] 
opportunities in key growth markets, to indude Eastern Europe. South 
Africa and too Middle East The challenge of financing and managing SOT 
coitfi-acts wifl be highlighted in recant case studies of major protects to the 
power, telecommunications and environmental Infrastructure sectors. 
Speakers Induda: Sir Afetair Morton. Euroturmd. Thierry Baudon, EBRO. 
Dr Jacques Rogozinsld, Banobras, inder Sud, The World Bank, John 
Hofihan 111. Morgan Stanley & Co Limited. Mchael Heath, Nynex Network 
Systems Company, George Kappaz. KMR Power Corporation, Mr 
Christopher Nash, Northwest Water international Ltd, Mr Malcolm 
Stephens CB. The Berne Union. 


AB enquiries should be addressed to: Financial Times Conferences, 
P O Box 3051 . London SW12 8PH. UK. Telephone: 081 -673 9000, 
Fax:081-673 1335. 


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FINANCIAL TIMES THURSDAY JULY 28 1994 * 


MANAGEMENT: MARKETING AND ADVERTISING 


Diane Summers on three European 
advertising markets’ strong growth 

Spending revival 
under way 


T he OK, Sweden and Greece 
are likely to see 
particularly strong growth 
in advertising expenditure in 
1995, according to the latest 
forecasts from the OK's 
Advertising Association «nH the 
European Advertising Tripartite* 
After three consecutive years of 
Calling expenditure in the OK. 
growth is forecast to accelerate to 
6.2 per cent this year and 5^ per 
cent In 1995. Says the forecast: 
“The OK has not seen this rate of 
advertising expenditure growth 
since the boom years of 1986-88." 

Strongest real growth rates for 
1994 are forecast for newspapers 
(&3 per cent); radio (1U par 
cent); and cinema (7 per cent). 
Even strnyyiiiy trade ma gnrim ^ 
are reported to be picking up, and 
the overall picture is likely to be 
similar in 1995. 

In Sweden, recovery is expected 
tins year as the economy 
i mp ro ves: the forecast is for real 
growth of 5 per cent In 1994 and 
6J> per cent in 1995. The 
television sector is experiencing 
strong growth, mostly at the 
expense of newspapers and 
magazines, while the 
recently-deregulated radio sector 
will also increase its share of 
advertising. 

In spite of the Greek economy 
being stagnant last year, total 
advertising expenditure grew by 
more than 8 per cent in real 
terms. The growth forecast for 
tins year is 7.5 per cent and 6 per 
cent in 1995. The fastest growing 


sectors this year are likely to be 
television, newspapers and 
outdoor, while magazines should 
see some real growth in 1995. 

In a separate Advertising 
Association publication**, as 
analysis of UK advertising 
spending to the first quarter of 

1994 shows gro wth in all main 
media sectors. 

Radio did particularly well, 
with revalue rising in real terms 
by more than 24 per cent, 
compared with the first quarter of 
last year. Outdoor advertising 
also did well, with an increase of 
almost 17 per cent 

The quarterly survey shows 
that national newspapers, 
“fattened by the now sharply 
rising tide of classified job 
recruitment advertising, 
experienced a 12 per cent real 
increase over the period". 

Six product sectors showed 
double-digit g rowth in 
advertising expenditure during 
tiie 12 months to the end of the 
first quarter pharmaceutical 
(36.5 per cent); office equipment 
(26.6 per cent); financial (242 per 
cent); retail and mail order (182 
per emit); household equipment 
(15.7 per cent); and motors (142 
per cent). 

* European Advertising and Media 
Forecast Subscription inquiries to 
NTC Publications. Tel (UK) 0491 
S74671 

** Quarterly Survey of Advertising 
Expenditure , Vo 1 11, No 2. NTC 
Publications, as above. 


Metfla shares and spending forecast -1996 
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C astral is hoping that its 
name will soon mean 
"lubricant" in the Viet- 
namese lan g ua g e, ju$t 3S 
“Honda" is the popular Vietnamese 
word for motorcycle. 

The UK-based lubricants multina- 
tional has already gone a long way 
towards that target in the past 
three years, and Castrol Is a byword 
for successful brand name promo- 
tion among foreign investors in 
Vietnam’s undeveloped but fast- 
growing market 

The green and red Castrol logo is 
prominently displayed not only in 
tiie streets of Ho Chi Minh City - 
the southern commercial centre 
that inrinrifls Saigon - but through- 
out the provinces of Vietnam, on 
advertisement hoardings, car stick- 
ers and, above all, on some 4,000 
signboards at Vietnam's ubiquitous 
roadside garages and motorcycle 

fflminmg shops. 

Castrol says its own researchers 
have found that the company's 
rhythmic local slogan “Dan nhot tot 
□hat" (“Best quality lubricants") is 
recognised by a remarkable 99 per 
cent of people in Ho Chi Minh City. 
Airport check-in attendants even 
recite the slogan when they see a 
customer in a Castrol shirt, accord- 
ing to George Webster, the South 
African-bom general director of 
Castrol Vietnam. 

He says Castrol owes its market- 
ing success in Vietnam to tts early 
entry into the market, its choice of 
a good local partner and a bit of 
old-fashioned determination. 

Castrol h ad been gening marine 
lubricants to Vietnam since 1981, 
and was one of the first wave of 
foreign companies to invest in pro- 
duction fariijt ies when the commu- 
nist government launched the pol- 
icy of “doi moi" (“renovation", the 
Vietnamese version of perestroika) 
in the late 1980s. 

The S3 9m (£2Jjm) joint venture 
company licensed in 1991 is owned 
60 par cent by Castrol and 40 per 
cent by Saigon Petro, a fuel import 
and distribution company control- 
led by the Ho Chi Minh City peo- 
ple’s committee, the communist 
local government The joint venture 
opened its 25, 000- tonnes -a-year 
Mending plant near Ho Chi Minh 
City two years ago and employs 125 
people. 

At first Castrol Vietnam intended 
to concentrate cm the market in and 
around Saigon, bnt it soon found tts 
products travelling north and south 
through informal networks. 

So the company established its 
own network of distribution agents 
in all but five of the country's 52 
provinces, and operated its own 
delivery fleet The peculiarities of 
the Vietnamese market mean that 
most provincial agents are state 
companies, while most urban ones 
are private; and in some provinces 
Castrol has two distributors, one for 



The Castrol logo is displayed on some 4flQ0 signboards at roadside garages and mo t or cycle cleaning shops fa) Vietnam 

Climbing the 
slippery slope 

Victor Mallet looks at how Castrol made 
a name for itself in Vietnam 


state and one for private customers. 

The distribution drive was backed 
by television advertising and by the 

painted nlgnhnarHg Rnr-Vi of Cast- 

rol’s three sales teams is supported 
by a marketing services group. 
Working with the distributors, the 
salesmen identify a suitable shop; 
the marketing finds a contrac- 
tor to paint a sign for the owner 
and ensures the quality of the logo. 

The first foreign investors in Viet- 
nam were pioneers. Activities nor- 
mally farmed out to specialised ser- 
vice companies, such as buying 
television airtime for advertise- 
ments, were handled by Castrol 
itself because such companies did 
not exist “There’s not a lot of exter- 
nal infrastructure." says Webster. 

Despite its success in becoming 
Vietnam's brand leader in lubri- 
cants and in setting up a national 
distribution network. Castrol has 
found it hard to persuade the Viet- 
namese to switch from cheap, low- 
quality lubricants in drums to its 
more expensive packaged products. 

The packaged product at 15,000 to 
17,000 dong (about $120) a litre, is 
three times the price of the cheaper 
oil in drums, which used to come 
from the Soviet Union but is now 
imported from such countries as 


Taiwan and Thailand. “We are 
appealing to people who want to 
take care of their new motorcycles," 
says Webster. “It’s a slow process. 
Our main thrust is to es tablish the 
Castrol brand in the consumer mar- 
ket and, with the high awareness, 
we get quite a good run-off in the 
industrial market." 

The rival British company BP - 
in partnership with Petrolimes. the 
state fuel importer and distributor 
- is investing in a blending plant 
with a capacity of 50.000 tonnes a 
year and is marketing packaged and 
bulk products to consumers. 

The two companies see eye to eye, 
however, when they need to protect 
their Vietnamese investments from 
cheap imports. One of the biggest 
headaches for the two - which 
between them have invested in 
enough capacity to serve the entire 
Vietnamese annual lub ricant war 
ket of an estimated 75200 tonnes - 
has been to ehsure that government 
taxes and customs tariffs favour 
local producers over importers. 

While Castrol was building its 
plant, tariffs on lubricants were 
unexpectedly lowered from 10 per 
cent to 1 per cent - which meant 
that Castrol would have been better 
off importing packaged lubricants 


from Singapore - although they 
have now been raised again to 
between 18 and 20 per cent 

But cheating remains common. 
No sooner had the watchful Castrol 
executives and their allies stemmed 
the flow of imported motor oil mas- 
querading as “hydraulic brake 
fluid" (which enjoys a l per cent 
tariff) than the) 1 noticed a surge in 
imports of “rubber process oil". 

Other foreign investors envy 
Castrol's marketing prowess in 
Vietnam, but they question whether 
it is possible to make profits in such 
difficult conditions. Webster says 
the profits may be small for the 
time being, but he insists Castrol 
Vietnam has made money from its 
first month and was quicker to get 
off the ground than Castrol subsid- 
iaries started elsewhere in Asia in 
tbe last five years. 

An early investment and effective 
marketing of products to Vietnam's 
70m consumers were vital to Cast- 
rol's success, as Ian Pringle. Castrol 
International’s director for Asia, 
made clear during a recent visit to 
the region. “We were fortunate 
enough to be faster than our com- 
petitors." he said. “We actually 
introduced consumer advertising to 
Vietnam." 


When it 
pays to 
complain 

A dissatisfied customer who 
complains is just as likely 
to r emain loyal as a 
completely satisfied customer. 
This surprising state of affairs 
has been observed by British 
Airways, which has turned the 
handlin g of complaints into 
something of a science. 

Charles Weiser, BA's head of 
customer relations, calculates 
that about 13 per cent of 
customers who are completely 
satisfied with BA's service may 
not fly with the airline again. 
"Perhaps they changed jobs, 
found a frequent flyer 
programme which better suited 
their needs, or maybe they felt tt 
was time for a change of airline," 
be says, writing in the July issue 
of Consumer Policy Review, the 
journal published by the UK's 
Consumers' Association, 

Half of all customers who 
experience problems but do not 
complain, do not intend to use 
the airline again. This contrasts 
with the customers who are 
dissatisfied but do complain - 
just 13 per cent of this group will 
defect, the identical rate of 
defection as the “satisfied" 
group, says Weiser. 

Clearly, it pays to encourage 
customers to complain, and to 
encourage complaints 
departments to turn themselves 
from “blame" to "customer 
retention" departments, he says. 
Weiser's guide to satisfying 
complaints includes tbe 
following points: 

• Apologise and "own" the 
problem. Customers do not care 
whose fault it was - they want 
someone to say sorry and 
champion their cause. 

• Do it quickly - customer 
satisfaction with the handling of 
a complaint dips after five days. 
• Assure customers the 
problem is being fixed. 
Complaints departments need to 
know their company inside out 
and work with front-line 
departments. 

• Do it by phone. Many 
departments are frightened of 
the emotion customers often 
show when things go wrong, but 
customers appreciate a personal 
apology and assurance tire 
problem will be solved. 

Diane Summers 


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FINANCIAL TIMES THURSDAY JULY 28 1994 


TECHNOLOGY 


S alespeople are hard-work- 
ing. self-motivated, gregari- 
ous and creative ratter than 
disciplined, according to the 
stereotype. It follows that the typi- 
cal salesperson dislikes the idea of a 
computerised Big Brother sales and 
marketing system, and would hate 
to record in detail every call and 
action. Nor would he enjoy the dis- 
cipline of working from home. 

Not so, according to Sun Alliance 
International, which now has two 
years' experience of its sales and 
marketing system, known as Adam 
- Agency Development and Man- 
agement In the past weeks, Adam 
has been rolled out to the entire 
170-strong salesforce, having started 
with 26 home workers, known as 
OTRs - On The Road sales staff. 

Although the idea of a PC-based 
sales system had germinated in SAI 
in the late 1980s, the prompt to 
develop Adam was an economy 
drive that closed 20 regional offices, 
and left 26 salespeople “rootless". 

According to Peter Burrows, man- 
ager of the marketing and sales 
department at SAI, there was a 
strong drive to cut expenses in 1991. 
“We had a working party to exam- 
ine the way we did business. What 
we found was a cumbersome organi- 
sational structure that had to be 
adjusted." 

Sun Allian ce International is a 
commercial insurance company, 
responsible for professional indem- 
nity, shipping, or any insurance 
required by a company. Its parent 
Sun Alliance was founded in Lon- 
don in 1710, and now comprises four 
operating companies focused on 
overseas, life, UK, and international 
business. 

Much of SATs business comes to 
the UK from international custom- 
ers. More than 80 per cent of its 
business comes from a network of 
agents, supported by a salesforce of 


Computers changed the way Sun Alliance International 
staff use information, writes Claire Gooding 


Salesforce put 


on the record 


VLVT' ' Vii ^ 

- V f * * 


AT WORK 


140 across the UK. Their job is a 
long-term one of building relation- 
ships with the brokers and other 
intermediaries (agencies). 

An analysis of the business writ- 
ten in various small offices, such as 
Carlisle and Lincoln, showed that 
SAI could not justify the overheads. 
SAI kept its 10 regional centres in 
cities such as Glasgow, Leeds and 
Manchester but closed the smaller 
offices, and palled out of premises 
shared with other Sun Alliance 
operations. 

The office closures gave. SAI a 
timely opportunity to introduce 
computerised support for its sales 
staff. Paper-based systems were 
sketchy. “The sales executive's nat- 
ural instinct is not to complete 
records. Too often the paperwork 


would be incomplete, or didn't tell 
the whole 51017." says Burrows. 

The m ainfra me will always be 
needed at SAI to store policy 
records but a PC-based system was 
more appropriate to people whose 
job means they are often on the 
road. For the 26 staff who suddenly 
had no office, the system had to 
it easy to communicate and 
share information, and also had to 
be easy to monitor. 

Other requirements included 
managing large volumes of data, 
connecting easily with the main- 
frame and allowing easy updates. 

John Gimson, a marketing and 
sales manager responsible for the 
Adam development and implemen- 
tation, looked at dozens of demon- 
strations. He found that few met the 
technical specification, and madp a 
daring choice. 

Adam is an in-house adaptation of 
a sales system called Oxygen, devel- 
oped by Integrated Sales Systems of 
London. At the time, ISS was new 
and had no comparable customers. 
SAI turned this to its advantage, 
working closely with ISS to evolve 
Oxygen into Adam within the sev- 
en-month deadline. Three years 
later, the contract has been worth 
£450,000 to ISS for software and con- 
sultancy. 

Oxygen differed from other sales 
packages in that it was developed 
from the view of field-based sales 
staff who need to share data with 
office-based colleagues. Although 
based on the Sybase database, 
widely used as a core system for 
building applications, ISS had built 
its own distributed database facili- 
ties which enable it to be adapted to 
large organisations with complex 
data distribution. Customer infor- 
mation is accessible by anyone: all 
view the same record, synchronised 
in an overnight update. 

According to Burrows: “The 
beauty of a distributed database is 
that you can share the information 
across a wide range of people. Gone 
are the days of relying on a dusty 
set of papers in someone's car 100m 
away. Adam forces a discipline on 
people using the system: plan, 
action, monitor ” 

A series of workshops, training 
and planning meetings meant that 


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Tony At6mi 

Getting to know Adam: Stow Ginn welcomes the new opportunities tar analysis 


the project evolved as needs became 
apparent. “It was a constant learn- 
ing process.” says Gimson. “The sad 
thing is that, because they are 
nomadic, the sales person is the one 
most remote from changes in office 
technology such as the fax or the 
photocopier." 

A large database of 4.000 agencies 
and 140 salespeople brought some 
technical problems. New methods, 
such as doing mass updates by 
modem, bad to be tried out “We 
worked it through.” says Gimson. 
“We believed in the system enough 
to resolve them en route. It was a 
three-way partnership - us, ISS, the 
IT department If you don't get IT 


and users working together you will 
never get a working system.” 

Steve Ginn, the sales develop- 
ment manag er based in East An g lia , 
is one of the users whose working 
pattern has changed. He has been 
using his Toshiba T1900 laptop 
since December "It has been a pro- 
cess of trial and error, exploring the 
‘safe play area' of replicated data. 
The system is functionally very 
rich.” 

His menu shows a task organiser, 
in-tray, electronic mail and stan- 
dard user reports and inquiries. “I 
had no idea about computers, none 
at home. Any approach to the com- 
puter’ was made through others. 


We could all see the quality this 
offered straight away.” 

When Ginn trained, the emphasis 
was on sales techniques, not man- 
agement, “In 17 years with SAL 1 
have had various paper systems 
such as the Agency Record Book, 
but it was difficult to analyse the 
information. This has given me a 
far more structured approach, with 
full analysis and summaries - you 
couldn't do that with a card index.” 

He can analyse work on current 
campaigns and see instantly how 
long it is since he contacted clients. 
Currently seconded elsewhere for 
three months, Gina has used Adam 
to append notes to the agency 
records for his account “care- 
takers”. 

SATs three-year budget for the 
project of £200,000 a year has been 
financed from the savings made by 
closing offices. Every user now has 
a PC containing the Adam database. 
Some were implemented on existing 
PCs. but SAI had to spend around 
£250,000 on 100 laptops, 80 modems 
and the central server. 

There have already been two 
hardward upgrades: one to an IBM 
RS/6000, another to 486-based lap- 
tops with faster commun icati ons. 
The initial software cost £270,000, 
but has been upgraded twice with 
£50,000 worth of extensions to store 
farther marketing information, 
including industry coding for mar- 
ket sectors. 

“One of the fundamentals of sell- 
ing is an understanding of the cus- 
tomers' needs “ says Ginn. “Once 
we know the customer sectors, we 
can start working more closely in 
partnership with brokers: the cus- 
tomer sees a for more professional 
approach.'’ 

Because of the office closures, SAI 
was not in a position to pick and 
choose the subjects of its first pilot 
scheme in April 1992. Now, two 
years later, and a few weeks after 
rolling out its system to the rest of 
its 170 staff, Gimson and Burrows 
see it as an advantage that it could 
not hand pick its guinea pigs. 

The challenge of winning round 
disaffected staff was invaluable in 
preparing them for the wider chal- 
lenge to come. They trained total 
novices on the keyboard, and 
worked to put at rest the fears of 
those who felt they were “expelled” 
from the cosy support of their 
office. The system has had its suc- 
cess stories: one user whose perfor- 
mance once gave cause for concern 
has become a home-worker and an 
enthusiastic and effective Adam 
user. 

"You've got to open people’s eyes 
to what the technology can do for 
then, and you can't do that over- 
night,” says Burrows. “The vast 
majority, now they have seen it in 
action, see myriad advantages. 
Adam converts task response into 
customer care, and that is what the 
technology can help us do.” 


Cowpeas playing 
part in Aids fight 


Deborah Hargreaves on a novel 
approach to genetic engineering 


B athed in artificial fight in a 
sealed room at the 
headquarters of Axis 
Genetics near Cambridge in the 
UK, several humble cowpea 
plants are making their 
contribution to the search for an 
Aids vaccine. 

The plants are infected with a 
common cowpea virus, but to that 
virus scientists have attached 
proteins containing parts of HIV, 
the virus believed to cause Aids. 

This virus-protein combination 
will later be injected into mice to 
see if they produce antibodies to 
the virus. If this Is successfUL 
clinical trials of the resulting 
vaccine coukl begin on humans as 
early as next year. 

Axis Genetics is the hi-tech arm 
of Agricultural Genetics, a 
biotechnology company which 
hopes to come to the UK stock 
market next year. “In some ways, 
this is really whacky science - 
there are so many different 
applications,” says lain Cubitt, 
Axis's managing director, of the 
plant viruses. 

Other vaccines Axis is 
“growing” in tins way Include a 
medicine for foot and mouth 
disease and one for mastitis in 
cattle. The foot and mouth disease 
treatment is currently being 
tested on guinea pigs with cat- 
tle trials due to start next 


year. 

“We've chosen applications 
where a huge amount is known 
about the viruses already and 
where we can grow different 
proteins on the plant” Cuhitt 
says. The benefit of producing 
vaccines in this way is that the 
resulting treatments are very 
stable and do not need to be 
refrigerated. 

This gives them a long shelf-life 
making it easier to transport 
them to remote places. Since one 
leaf can produce hundreds of 
doses, large amounts of vaccines 
can be grown in quite a small, 
enclosed area. 

One of the biggest problems 
feeing the company is the lack of 
public sympathy for genetic 
engineering. Cuhitt stresses that 
public fears about a “rogue'* virus 
escaping from field trials are 
misplaced. 

“This whole room could 
produce Ibn doses of HIV 


vaccine," be says of the small 
laboratory where the cowpea 
plants are growing: "There will 
never be any need to grow them 
In the field.” 

In addition, the production 
process is simple*, the leaves are 
ground up in a solution which is 
then placed in a centrifuge at a 
very high speed to separate the 
particles. 

Axis, the pioneering part of the 
company’s business, is also 
working with another arm of the 
company, Cambridge Plant 
Breeders, to manipulate the genes 
in crops so that they become 
resistant to certain pests. This 
eliminates the need to use 
expensive pesticides. 

Fanners are under increasing 
pressure to restrict their use of 
rhomii’flls and improve their 
environmental practices. This is 
likely to lead to Increasing 
demand for bio-pesticides which 
the company also produces. 

The agrochemicals Industry 
currently totals around $26hn a 
year worldwide while organic 
pesticides account for less than 1 
per cent of that Analysts suggest 
that the bio-pesticides market 
could grow into sales of at lost 
$2bn in the next 10 years. 

That would be a huge leap for 
many of the small biotechnology 
companies involved in developing 
these products. But they will 
probably move into alliances with 
the big chemicals groups such as 
Ciba, Bayer and Norsk Hydro to 
distribute the products. 

MicroBlo, another arm of the 
company, has developed a way of 
rearing tiny worms called 
nematodes, which prey an slugs - 
a product which has huge 
applications in the gardening and 
agricultural markets. The prodnet 
sold out when it was released to 
the home and garden market 
earlier this year. 

One reason for the planned 
stock market launch is to raise 
funds for expansion. Agricultural 
Genetics' production of organic 
pesticides, along with its 
programme of manipulating 
genes in crops to makethe ptaxrt 
resistant to certain insects, are 
projects which have craateda lot. 
of interest as farmers tryfaettfc ^ 
back on their use of V 

agrochemicals. •’ I 



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FINANCIAL TIMES THURSDAY JULY 28 1994 


ARTS 


Cinema/ Stephen Amidon 

Eyes on the 
teen market 


NORTH ( PG ) 

Rob Reiner 


THE SANDLOT KIDS ( PG) 

David Mickey Evans 


PARIS, FRANCE (18) 

Gerard Ciccoritti 


BOILING POINT (18) 

Takeshi Kitano 


NECRONOMICON (18) 
Brian Yuzna, Christophe 
Gans, Shn Kaneko 


WOODSTOCK (18) 

Midiael Wadleigh 


T he concept behind North 
Is one of tbs more prom- 
ising to inform a screen 
comedy this year. In it, a 
13-year-old boy with the 
unlikely first name of North decides 
that his parents do not love him 
enough, especially since he regularly 
cleans his room and always gets per- 
fect grades at school. So he does 
what any red blooded American 
would do - he hires a lawyer, who 
starts divorce proceedings against 
the folks. North wins the case and is 
given three months to find a new 
family who will love him for his true 
worth. If he foils, he must go back 
home or, worse, to an orphanage. 

It is not hard to imagine what 
Prank Capra would have done with 
this material, a notion enhanced by 
the presence of a Frank Capra m as 
the first assistant director. But the 
direction of the usually reliable Bob 
Bpjwer foils to take advantage of the 
film’s satirical possibilities, playing 
instead for the broadest possible 
lau ghs and most sugary emotions. 
North’s parental suitors are little 
more than daft caricatures of mega- 
rich Texans, tourism-crazed Bawai- 
lana and creepily holistic Eskimos. 


As North, Elijah Wood is resolutely 
bland, while usually hilarious per- 
formers like Jason Alexander and 
Jon Lovitz labour beneath a script 
that never takes its eyes off the teen 
market. Bruce Willis's lugubrious 
presence as North’s mentor only 
shows that the film's makers had 
more money than sense. 

The Sandlot Kiris is another wil- 
lowy hymn to American boyhood. In 
it, Tom Guiry plays a 12-year-old 
who passes the summer of 1962 
playing baseball with his friends. 
Their idyll Is manarad only by the 
e x istenc e of the world’s baridest dog 
beyond the sandlofs fence. When a 
prized ball foils into the ho und 's 
clutches, Guiry and company are 
forced to try to get it hack , making 
for one of the more bizarre rites of 
passage movies to come along in 
quite a while. 

David Mickey Evans's film is a 
largely amiable affair, coming 
unglued only at the mid with a pro- 
longed chase sequence. There is a 
genuinely funny moment where the 
boys try chewing tobacco for the 
first time, thou gh the movie lose s its 
claim to be an accurate slice of 
Americana when it has an ageing 
blade baseballer (James Earl Jones) 
reminiscing about his days playing 
with Babe Ruth. The viciously racist 
colour line that kept blacks out of 
the big leagues was not broken until 
several years after Ruth's death. 

Fores. France bills itself as eroti- 
cally charged, though nowhere is 
there any mention of the fact that its 
abundant energy is all negative. Its 
central character, Lucy (Leslie 
Hope), Is a Canadian fiction Writer 
who suffers a serious block as she 
tries to write about an affair she had 
in Paris with a now-dead poet Her 
creative occlusion is finally purged 
when her publisher husban d intro- 
duces her to Sloan (Peter Outer- 
bridge), a hunky boxer-turned- 
writer. They immediately embark on 
a torrid that mHiirfeg sodomy, 
Straight razors, leather rhapa and 
worst of all. tots of bad prose. The 
film aids with Lucy, her husband 
and Sloan together in bed, all three 



being chastised over the phone by 
Sloan’s gay lover. 

If this strenuous bedsmanship 
were cast as a black comedy it might 
have worked, but wit and laughter is 
rare In a film which takes itself as 
seriously as a heart attack. Director 
Gerard Ciccoritti seems to have 
intended a sort of "Last Tango in 
Toronto" in which tortured sex mir- 
rors tortured souls. Unfortunately, 
the film is unable to transform the 
lustful into the lyrical, making for a 
nasty and jarringly pretentious 
affair. Despite the lurid couplings 
and ribald language, there is a 
strange puritanism lurking at the 
film's heart, a sense that sex can be 
either nasty or liberating - but 
never a joy in itself. 

Despite being the most popular 
ffhnmakar in Japan, “Beat" Takeshi 


Kitano has yet to make a big im pact 
in the English speaking market. 
With his latest effort, BoHmg Point, 
it is easy to see why. To put it 
mildly, his sensibility takes consid- 
erable getting used to. This story of 
a wimp-tumed-avenging angel is a 
curious blend of surrealism, black 
comedy and sudden violence. The 
best thing about it is Takeshi’s abil- 
ity to keep the audience off balance, 
though many viewers will find his 
uneven pacing and unresolved 
misogyny as hard to swallow as 
week-old sushi 

Another film that has cult written 
all over it is Necronomicon. Based on 
three short stories by the horror 
writer FLP. Lovecraft, it bypasses the 
normal conventions of plot and char- 
acter to go comprehensively over the 
top at every possible occasion. 


Slime-spewing orifices, flesh-chomp- 
ing zombies and globules of dripping 
flesh litter the film, punctuated by 
dialogue of the “I have a strong feel- 
ing we won’t be seeing him any- 
more" variety. Fans of Re-Animator 
and The Boil Dead might find some- 
thing of value here, though the 
squeamish would be advised to steer 
well clear. 

H ippy-bashing has long 
been a popular sport, 
though watching the 
expanded cut of Mich- 
ael Wadleigh’s semi- 
nal Woodstock makes you wonder if 
the flower children might not have 
been on to something, after all. Sure, 
the Aquarian speeches of the likes of 
John Sebastian and Joan Fa*? sound 
like self-parody to modern ears. The 


public address announcements, 
meanwhile, are inadvertently hilari- 
ous. particularly the continuous 
updates on the quality of the LSD 
circulating through the audience. 

But there is no denying the spirit 
of peaceful adventure at the heart of 
the whole mad undertaking; n lack 
of malevolence, angst and Irony that 
seems positively Edenic a quarter 
century on. The music, remixed and 
cleaned up. sounds great, particu- 
larly the rousing festival opener by 
Richie Havens, the crooning melo- 
dies of Crosby. Stills and Nash, and 
the lyrical acid rock of Jimi Hendrix. 
Viewers should be warned that the 
expanded director's cut is now 
nearly four hours long, but those 
ready to take the plunge should 
thoroughly enjoy this grandaddy of 
rock documentaries. 



Young and beautiful: the 
Bulgarian soprano Elena 
Filipova as Francesca 


Where opera goes from strength to strength 

— Andrew Clark reviews ‘Francesca da Rimini’ at the increasingly popular Bregenz festival 


A glance across Europe’s 
burgeoning festival land- 
scape suggests that few 
have a more consistent 
record of success in recent years 
than Bregenz. While other festivals 
struggle to create or maintain their 
market niche, Bregenz has quietly 
gone from strength to strength. 

It has made an asset of its geo- 
graphical setting, drawing audiences 
from three countries around the 
Austrian comer of Lake Cons tanc e, 
and using the lake as a natural back- 
drop for performances on the float- 
ing stage. More than 200,000 people 
have bought tickets this summer, 
and for many it win be their first 
experience of opera. 

Bregenz also proves that open-air 
spectacle does not exdude artistic 
seriousness: that much is guaran- 
teed by tiie David Pountney-Stefanos 
Lazaridis production* of Nabucco, 
which has returned for a second 
year with casts including Sergei Lei- 
ferkus and Rosalind Plowright 
To balance the popular fare out- 
side, Bregenz chooses a rarity for 
performance indoors in the comfort- 
able 1700-seat Festspielhaus. Cata- 
lani's La WaBy and Tchaikovsky's 
Mazeppa have been staged in recent 
years (and praised on this page). 
This year’s choice was Zandonai's 


Francesca da Rimini. Next year 
Harry Kupfer will direct a Russian 
cast in Rzmsky-Korsakov's Legend of 
the Invisible City of Kitezh, while 
Ponntney and i aaridli return for 
Fidelia on t he floating stage. 

Bregenz owes its international rep- 
utation to a shrewd balancing of 
commercial and artistic priorities - 
largely the achievement of the cur- 
rent director, Alfred Wopmann. 
When he took over ten years ago, 
the festival attracted less than a 
third of the patrons it has today. 
Founded in 1946, It had survived on 
a diet of operetta fed to a predomi- 
nantly local audience. Wopmann put 
the festival on a more independent 
financial footing, improved technical 
and rehearsal facilities, and 
upgraded the quality of perfor- 
mance. As a former violinist in the 
Vienna Philharmonic, who later 
built a successful career as a stage 
director, be knew exactly what he 
was doing. 

Jdrtane Savary’s production of Die 
ZauberflOte in 1985 was the turning 
point Box office jumped 25 per cent 
and has continued to rise. State sub- 
sidy has also grown, but its propor- 
tion of the budget has dropped from 
68 per cent to 33 per cent Thanks to 
tiie festival, money is pouring into 
the region and the local authorities 


are investing Sch220m (£14m) in a 
new multi-purpose hall on the festi- 
val site, a useful insurance against 
inclement weather during rehearsals 
and an additional year-round per- 
forming space. 

Wopmann. 57, has never courted 
controversy as a way of generating 
publicity. He avoids prima do nnas . 
With 6,000 seats to fill each night on 
the floating stage, he says he cannot 
afford to be highbrow. *Tm not inter- 
ested in a production with footnotes 
- the kind where the director needs 
to explain his intentions in the pro- 
gramme book. I’m a believer in 
Kimstfur alle - art for alL That does 
not mean we only deal in superficial 
entertainment. You have all the nat- 
uralism you need in the background 
setting here. On stage we want art- 
ists and public to draw the link with 
their inner nature." 

H e says be tries to choose 
directors for their ability 
to define the nucleus of a 
work, and to bring out its 
relevance for today. "Opera needs a 
lot of head, but ultimately it makes 
its impact through the emotions. 
When all the different components 
come together in the right way, 
when the artists give their all, the 
work shines alone and the audience 


identifies with the characters on 
stage. These are the moments when 
you can say art changes the world.” 

The Bregenz production of Fran- 
cesca da Rimini may not have 
changed the world this summer, but 
it has certainly altered perceptions 
about a work which has tradition- 
ally been viewed with a degree of 
condescension. Based on D’Annun- 
zio’s cruel fin-de-sigcle love story and 
premiered in Turin in 1914, Fran- 
cesca is verismo distilled through a 
spectrum of late Romantic influ- 
ences. That it emerged as a seamless 
whole in Bregenz is a tribute to the 
unified approach of the production 
team. Hie young Italian conductor 
Fabio Luisi drew all the rich Medi- 
terranean atmosphere from Zandon- 
ai's instrumental palette, making it 
sound refined and dear-cut rather 
than mushy. Climaxes never 
descended into crude orchestral 
rhetoric, and there was a strong 
sense of forward momentum. 

The sultry warmth of the instru- 
mental colouring was reflected in 
Antony McDonald’s decor and cos- 
tumes - a seductively beautiful 
match of sight and sound, preserv- 
ing the medieval setting in dean 
lines, haimting shades of pink and 
turquoise, and a of evening 
sun. Despite Wolfgang Gobbel’s 


superb lighting, the Act 2 battle was 
a disappointment the chorus hung 
around like supemumeries, and the 
scene ended with a risible attempt at 
“contemporary relevance" - a mod- 
em high-rise block going up in 
flames. Robert Fortune’s stage direc- 
tion was otherwise a model of dis- 
cretion. 

Francesca was sung by the Bulgar- 
ian soprano Elena Filipova. Her 
voice is not big. but the timbre is 
rich and dear, and she never forces. 
Young and beautiful, she looked the 
part She was partnered by Frederic 
Salt an American whose physical 
stature and lustrous tenor made him 
an ideal Paolo. Philippe Rouillon 
captured both the ugliness and the 
humanity of Francesca's lame hus- 
band Giancotto, while Kenneth Rie- 
gel was in excellent form as the one- 
eyed ogre Malatestino. AD Frances- 
ca’s ladies-in-waiting deserved their 
solo bows, especially Lorena Espina, 
the sensuous slave girt 

A footnote for visitors: Bregenz 
itself is not very prepossessing. 
Instead of staying in an expensive 
lakeside hotel, try one of the charm- 
ing villages in the surrounding 
region (I stayed at Hbrbranz), where 
the inns are quiet and welcoming, 
and Bregenz is still only a few min- 
utes away by car. 


BBC Proms 

Back to 
new 
music 

T he BBC has a proud 
tradition of encourag- 
ing new music in 
Britain. However 
noble, this is work for which it 

is difficult to get recognition 
and the opportunity afforded 

by the lOOtb season of the 
Promenade Concerts is pre- 
dictably one that the BBC has 
seized with alacrity. 

Under the general theme of 
looking back, this year's pro- 
gramme Incorporates a selec- 
tion of past BBC Proms' com- 
missions. There is no point in 
being sentimental about this. 
Many - possibly most - are 
heard once and never again. 
Even a Maecenas as bountiful 
and well-informed as the BBC 
only strikes lucky occasionally 

in the difficult world of con- 
temporary classical music. 

Ostensibly, the Proms' direc- 
tor has selected the half dozen 
or so works being revived this 
year, but in reality the sifting 
process has already taken 
place over the years. On Mon- 
day and Tuesday we heard 
again two of those which have 
found life for themselves 
beyond their first perfor- 
mances - each surviving 
through some popular appeal, 
though of different kinds. 

Monday's choice was Nicho- 
las Maw's Scenes and Anas 
Written in 1962. revised four 
years later, it now has five 
Proms’ outings to its credit. 
Its attraction is a sultry, sun- 
soaked romanticism, which 
involves orchestral textures so 
dense as almost to engulf the 
three female singers (here the 
splendid trio of Elizabeth 
Woollett. Susan Bickley and 
Jean Rigby). Although one can 
trace a descendcncy from Mah- 
ler to Tippett, Maw established 
a voice of his own in this 
score. All it lacks is variety: 
one gets sated by so much 
generalised richness before the 
half-hour is up. 

On Tuesday, James MacMill- 
an's The Confession of Isabel 
Gottdie (first performed in 
1990) lasted the same length of 
time, but feit much shorter. 
The canny Scottish composer 
dramatises his material 
strongly and provides unmiss- 
able markers so that the audi- 
ence knows where it is within 
the piece. Stravinsky is the 
main influence here, especially 
The Rite of Spring, but there is 
a drive in the music which 
cannot come just from emula- 
tion. As a single, near 30-min- 
ute movement, it is an impres- 
sive achievement and the BBC 
Scottish Symphony Orchestra 
under Jerzy Maksim ink made 
an exciting job of 1L 
Each of the concerts also 
included a piano concerto. 
Monday's Prom bad Mark 
Elder and the BBC Symphony 
Orchestra providing a spruce 
accompaniment for Mitsuko 
Uchida in Beethoven’s Fourth 
Piano Concerto, but their tidi- 
ness remained prosaic, where 
hers became elfin-light preci- 
sion. The next night Kathryn 
Stott was the soloist io a 
demure performance of Rakh- 
maninov's Third Piano Con- 
certo, which made up io detail 
and musicianship what it 
lacked in animal red-blooded- 
ness. One point to her credit: 
she played the big cadenza in 
the first movement with more 
right notes than I have heard 
before. 

Richard Fairman 



1 1 Interna tiona l\ | 



Arj 

ITS 

Gun 

DE 


FESTIVALS 
■ EDINBURGH 

• This year's festival (Aug 14 -Sep 
3) is one of the most ambitious of 
recent years, spurred by the opening 
of a major new venue, the Edinburgh 
Festival Theatre. 

• The drama llno-up is headed by 
Peter Stein and Robot Lepage. 

Stein presents a Russian cast in a 
seven-hour production of Aeschylus’ 
Oresteia trilogy (Aug 25-28), while 
Lepage premieres Ns new work The 
Seven Streams of the River Ota, the 
river which runs beneath Hiroshima 
(Aug 14-21). Among the other 
theatrical works on offer are 
Goethe's Torquato Tasso in an 
English translation (Aug 15-20); J.M. 
Synge’s The Wei! of the Saints from 
Dublin’s Abbey Theatre (Aug 24-29); 
two Shakespeae plays - the Berliner 
Ensemble’s German-language 
production of Antony and Cleopatra 
(Aug 16-18) and a French-language 
production from Orleans of The 
Winter’s Tale (Aug 23-25): and the 
UK efi rectorial debut of Luc Bondy in 
a wordless play by Peter Handke 
Involving 30 actors playing 400 


characters (Aug 31 -Sep 3). 

• The dance programme is 
headed by an Edinburgh favourite, 
the Mark Morris Dance Group (Aug 
20-22), followed by the Lucinda 
Childs Dance Company (Aug 23-25) 
and Meroe Cunningham Dance 
Company (Aug 27-28). 

• Beethoven is the main festival 
composer this year. Scottish Opera 
presents the opening production of 
Rdefio. All nine symphonies wifi be 
played by orch es tras from 
Cleveland, Stavanger and Hamburg, 
plus the Orchestra of the Age of 
Enlightenment, as well as the five 
piano concertos and many of the 
string quartets. Among the 
musicians involved are Alfred 
Brands!, Andras Schiff. Richard 
Goode, the Borodin Quartet, Frans 
BrQggen. Christoph von Dohnany! 
and Gflnter Wand. Chabrier Is the 
other featured composer, with 
performances of three of his stage 
works. Roderick Brydon makes a 
welcome return, conducting the 
Australian Opera’s production of 
Britten's A Midsummer Night's 
Dream (Aug 25-27). Donald 
Rimnictes conducts the opening 
performance of Mahler’s Eighth 
Symphony on Aug 14, and Charles 
Mackerras the closing performance 
of Elgar's The Dream of Gerontius 

on Sep 3. _ 

• Official Festival: 031-225 5756. 
Military Tattoo: 031-225 1188. 
Fringe: 031-226 5257 


■ GLYNDEBOURNE 

Trevor Nunn’s 1992 production of 
Peter Grimes is revived on Sun with 
a cast headed by Anthony Rolfe 


Johnson and Vivian Tierney 
(repeated Aug 3, 6, 9, 12, 15, 17, 

20, 23, 25). The remainder of the 
season consists of Gfyndeboume’s 
classic production of The Rake’s 
Progress in David Hockney’s sets 
(July 30, August 2, 5, 8. 11, 14) and 
the controversial new Simon Rattle/ 
Deborah Warner production of Don 
Giovanni, with a cast ted by GiDes 
Cachemaffle (July 29, August 1, 4, 7, 
10, 13, 16, 19, 21, 24). The vwdfct 
so far on Giyndeboume’s new 
theatre has been extremely positive 
(0273-541111) 


■ HELSINKI 

The theme of this year's festival 
(August 21 -September 11) Is Great 
Britain. The festival opens with 
Handel’s Messiah conducted by 
Miguel Gomez-Martinez. Graeme 
Jenkins mil conduct the Finnish 
Radio Symphony Orchestra in works 
by Elgar, Berkeley and Wafton, and 
there is to be a new ballet inspired 
by the images of Francis Bacon. 
Guest ensembles include the 
Michael Nyman Band, the London 

Sinfonletta and Los Angeles 
Philharmonic (Lippupatvdu Ticket 
Agency: tel 664466 fax 628007) 


■ LUCERNE 

Under Matthias Bamert, 
Switzerland's premier music festival 
has taken on an adventurous slant 
Focal points this year (Aug 17-Sep 
10) are a 70th birthday tribute to 
Swiss composer Klaus Huber 
(whose new piano concerto w0l be 


premiered by Andras Schiff) and a 
wide-ranging exploration of the way 
music is Interpreted. Four different 
performances wffl be bust around 
Schubert's Winterreise, including a 
new opera. There wlH also be a 
series of offbeat events breaking aU 
the rules of traditional concert form. 
The conventional side to the festival 
is as strong as ever, with leading 
orchestras from Berlin, Vienna, 
Amsterdam, Cleveland and Dresden 
(041-235272) 


■ MACERATA 

This year's operas are Carmen, La 
boheme and L'efrstr d’amore. The 
Bizet conducted by Alain Guingal 
and staged by Gilbert Defto, has 
changing casts including Denyce 
Graves/Lucia Valentinl Terrani in the 
title role and Neil Shicoff/Fablo 
Armifiato as Don JosO. Glusy Devinu 
sings Mimi In toe Puccini, and the 
Donizetti cast is headed by Valeria 
Esposito, Pietro Balk) and Enzo 
Dara. The festival runs tifl Aug 13 
(0733-230735) 


■ MONTREUX 

Monfreux offers a sultry setting on 
the shores of Lake Geneva and a 
haphazard collection of orchestras 
and soloists from the summer 
festival circuit This yeafa 
programme runs from August 21 to 
September 23. Visiting artists 
include Maurizio PoDini, Martha 
Argerich, Anne Sophie Mutter, the 
Royal Concertgebouw Orchestra, 
Ton Koopman and the Amsterdam 
Baroque Ensemble, and toe 


Orchestra of La Scala MBan with 
Carlo Marla Giulini (021-963 5450) 


■ PESARO 

This exquisite walled town on toe 
Adriatic was Rossini's birthplace. 
Each year it brings together genteel 
lovers of the Italian maestro's music, 
who come to explore some of his 
lesser-known operas, alongside _ 
bucket-and-spade beach-goers. This 
year's programme (August 11-29) 
indudes a new production of toe 
one-act dramma giocoso L’inganno 
felice, staged by Graham Vick and 
conducted by Carlo Rizzi; a revival 
of the 1992 production of 
Semframide, with Roger Nom'ngton 
making his Pesaro conducting 
debut; and L’itaiiana in Algeri 
staring Jennifer Larmore 
(0721-33184) 


■ SANTA FE 

The most eye-catching feature over 
the coming week is toe American 
premiere of Judith Weir’s Blond 
Eckbert on Saturday. Francesca 
ZambeHo produces this and II 
barbiere di Shrfglia (continuing in 
repertory till Aug 26). This year’s 
other new productions are Tosca, 
rfirected by John Copley with Mary 
Jane Johnson in the title role (til! 

Aug 27), and EntfQhrung directed by 
Graham Vick (till /tog 24). A revival 
of Goran Jarvefelfs 1984 production 
of Intermezzo completes the bill, 
with Sheri Greenawald and Dale 
Duesing as the Storchs (505-9 B8 
5900) 


■ TANGLEWOOD 


For more than 50 years, the Boston 
Symphony Orchestra’s summer 
home has provided a relaxed setting 
for concerts in the heart of the 
Massachusetts countryside. Lite 
Lemper presents a cabaret evening 
tonight This weekend's orchestral 
concerts are conducted by Christian 
Thielemann and Seiji Ozawa, with a 
line-up of soloists including 
Hermann Prey, Anna Sophie Mutter 
and Maria Tipo. Saturday’s concert 
is all-Beethoven, and Ozawa 
conducts Henze’s Eighth Symphony 
on Sunday afternoon. Next week’s 
concerts include performances of 
Schubert's Winterreise by Prey and 
John Harbison’s new cello concerto 
by Yo Yo Ma. The festival runs tin 
Sep 4 

(ficketmaster Boston 617-931 2000 
Western Massachusetts 413-733 
2500 New York City2 12-307 7171 
other areas 1-800 347 0808) 


■ TORROELLA DE 
MONTGRI 

Torroella de Montgri Is a small 
Catalan town six km from the sea 
on the Costa Brava, but it is not 
primarily a tourist resort The town Is 
architecturally typical of the 
Emporcfa, and is set in beautifully 
natural surroundings. The summer 
music festival, which runs till August 
26, mixes Spanish artists of the 
calibre of Giacomo Aragall and Jordi 
SavaH with international guests such 
as toe Franz Uszt Chamber 
Orchestra and the Choir and 
Orchestra of toe St Petersbtag 
CapeJta (072-761098) 


ARTS GUIDE 

Monday: Performing arts 
guide city by dty, 

Tuesday: Performing arts 
guide dty by dty. 

Wednesday: Festivals guide. 
Thursday: Festivals guide. 
Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 

(Central European Time) 
MONDAY TO FRIDAY 
NBC/Super Channel: FT Busi- 
ness Today 1330; FT Business 
Tonight 1730, 2230 

MONDAY 

NBC/Super Channel: FT 
Reports t230. 

TUESDAY 

Euronews: FT Reports 0745. 
1315. 1545. 1815, 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230. 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 






10 


FINANCIAL TIMES TI IURSDAY J U L Y 2S 1 994 


Elegant exorcism of 
central bogeymen 



BOOK 

Review 


On a bleak 
border post 
in Tajikistan, 
a clutch 
of Russian 
-peacekeep- 
ers'*. caught up 
in a civil war, 

was recently 
shot dead. The deaths went 
almost unnoticed in the west 
where most governments still 
look on Central Asia much as 
Marco Polo did centuries ear- 
lier: exotic, dusty, far away 
and prone to blood-letting. 

But as the five ex-Soviet Cen- 
tral Asian states grapple with 
their new independence, vio- 
lent events are starting to 
alarm outsiders. Russia has 
stepped up its demands for 
western approval for its role as 
“peacekeeper” in the area. So 
where is this turbulent region 
heading? The answer to that 
question has consequences not 
only for Russia and for Central 
Asia’s neighbours, such as 
Iran, but also for the west 

The diagnosis in Ahmed 
Rashid's book, which provides 
the general reader with the 
first readable, thorough 
account of the region, is not 
entirely encouraging. 

The collapse of the Soviet 
Union has tipped Central Asia 
into economic decline. But in 
contrast to other regions, the 
Central Asians have only a 
minimal sense of national iden- 
tity. None of the five states of 
Turkmenistan, Tajikistan, Kaz- 
akhstan, Kyrgyzstan or Uzbeki- 
stan demanded independence, 
but they were tipped into it by 
the Soviet collapse. With pow- 
erful neighbours vying for 
influence in the region, the 
states’ new-found freedom has 
left some of their governments 
looking distinctly dazed. 

Faced with this uncertainty, 
the focus of the west has been 
on two bogeymen. One is 
Islamic fiinriamantaUOTn . which 
alarmists mutter could radical- 
ise these Moslem republics as 
they shrug off their communist 
past The second is national- 
ism. which, it is feared, could 
lead to inter-ethnic conflicts in 
an area of rising populations 
and scarce land and water. 

The strength of Rashid’s 
book is that it challenges both 
of these familiar bogeymen. 
Nationalism, he points out. is 
not a good way to understand 
a- region that has historically 
been dominated by a shifting 


THE RESURGENCE OF 
CENTRAL ASIA 
- (stam or Nationalism? 
By Ahmed Rashid 

Zed Books, London. New Jersey. 

and Oxford University Press, 
Karachi. £37.95 1559.95) hardback. 
£14.95 {$25) paperback. 276 pages 


patchwork of tribes and king- 
doms. Central Asia’s leaders 
are trying to create states 
based on boundaries arbi- 
trarily carved out by Stalin, so 
national identities remain 
unstable. 

This point is worth stressing. 
As nationalism replaces com- 
munism as the west’s favourite 
demon, it is often forgotten 
that nationalism does not oper- 
ate the same way in all the 
east European and ex-Soviet 
"nations”. Many Central 
Asians still see their first loy- 
alty as being towards a clan or 
particular region - and only 
second towards a nation. Con- 
sequently, there is as much 
conflict and rivalry within 
these nations as between them. 

The advantage of this is that 
none of the simmering rival- 
ries in the region has yet cre- 
ated a full-blown conflict 
between republics. Its draw- 
back, however, is that it leaves 
Central Asians facing a post- 
colonial identity crisis. And in 
an area where most of the pop- 
ulation adheres to Islam, the 
question is: could fundamental- 
ism emerge to fill the 
void? 

Rashid's approach towards 
this second bogeyman is 
insightful, partly as a result of 
his background as a Pakistani 
journalist who has worked for 
western newspapers. He com- 
bines the political perspective 
of an outsider with sensitivity 
towards Moslem culture. 

Islam, Rashid acknowledges, 
has enjoyed a renaissance in 
Central Asia since indepen- 
dence. But this does not mean 
that the region is uniting 
around a single revolutionary 
flag. "Radical’' Islamic move- 
ments have emerged in some 
of the rural valleys of Tajiki- 
stan and Uzbekistan. But the 
more mystical - and tolerant - 
strand of “sufi” Islam is also 
playing a key role in the 
revival. Meanwhile, Central 
Asia’s governments remain 
secular in their outlook. 

Fundamentalism could, 


Rashid acknowledges, gain 
more supporters if the econ- 
omy deteriorates. Republics 
have come to independence 
with little industry and few 
transport links. Most of the 
regimes remain authoritarian. 
And though Kyrgyzstan and 
Kazakhstan have made some 
steps towards the market econ- 
omy, reform has barely begun 
In Uzbekistan, Tajikistan and 
Turkmenistan. 

Meanwhile, outside aid has 
been minimal. Though foreign 
companies vie for Kazakh- 
stan’s oil reserves, Turkmen- 
istan's gas and Uzbekistan's 
tobacco and cotton, most west- 
ern investors remain nervous. 

But if Central Asian govern- 
ments begin to embrace politi- 
cal and economic change, 
decline might be reversed, par- 
ticularly in the resource-rich 
republics Of Kazakhstan and 
Turkmenistan, Rashid con- 
cludes. The region is blessed 
with a literate population, a 
culture which is not averse to 
the market, and reserves of oil, 
gas, gold and cotton. 

But if Central Asian govern- 
ments cannot - or will not - 
act, then a cocktail of social 
pressures and worsening eco- 
nomic conditions could create 
grinding instability, particu- 
larly in the poorer rural areas 
of Uzbekistan and Tajikistan. 

This second scenario would, 
as Rashid points out, be a trag- 
edy for Central Asia. What per- 
haps he fails to stress suffi- 
ciently, is that it would also be 
of concern to its neighbours. 
Large Russian populations live 
in Central Asia, and Russia 
retains tens of thousands of 
troops in the region, ostensibly 
to promote "stability”. 

So far the soldiers have suc- 
ceeded in bringing a full in 
Tajikistan’s civil war. by effec- 
tively propping up the authori- 
tarian government But Russia 
has little inclination to become 
involved in a second Afghan- 
style conflict, irrespective of 
whether the west would toler- 
ate such an engagement And 
though the "Afghanistan” sce- 
nario is remote, the possibility 
that an unstable Russia could 
be faced with farther turmoil 
on its southern flank is reason 
for the west to keep watching 
Central Asia - and to welcome 
Rashid’s well-written account 

Gillian Tett 


T he Bratton Woods sys- 
tem, which was estab- 
lished 50 years ago 
this summer, and 
which broke down after Presi- 
dent Nixon floated the dollar 
in the early 1970s, has often 
been described as a fixed 
exchange rate system. 

The description is a carica- 
ture of the intentions of the 
founding fathers. The latter 
were, above all, determined to 
avert the disruptive forces 
which destroyed an open world 
economy between the ware. On 
the monetary side they saw 
these as being competitive 
devaluations and countries 
being forced to adopt exces- 
sively deflationary domestic 
policies by the need to defend 
fixed exchange rates. 

For this reason they devised 
a system of “par values” which 
were meant to be fixed but 
adjustable. The following 
devices were meant to guard 
against both competitive deval- 
uations and deflationary pres- 
sures: 

• An ample supply of credit 
for countries in halanre of pay- 
ments difficulties. 

• The ability, and indeed the 
requirement, to adjust parities 
in the face of a fundamental 
disequilibrium. 

m Equal obligation on surplus 
countries to adjust A "scarce 
currency” clause allowed mem- 
bers to discriminate against a 
surplus country which refused 
to conform. 

• (Often forgotten) Capital 
controls were accepted as an 
integral part of the system. 

• Member countries had to 
keep their currencies within a 
narrow range against the dol- 
lar. But the US itself was 
obliged to convert dollars into 
gold at the unrealistic prewar 
price of $35 per ounce to legiti- 
mate monetary authorities. 

All these elements broke 
down. IMF credit was not as 
large as Keynes intended, and 
his hoped-for international 
unit, "bancor”, was never 
established. But for most of the 
postwar decades the problem 
proved to be inflation rather 
than deflation; and the much- 
discussed shortage of interna- 
tional liquidity (which meant 
roughly official reserves plus 
borrowing ability) proved a 
myth. Capital controls leaked 
well before free market fash- 
ions led to their abolition. 

“Fixed but adjustable" 
exchange rates proved a chi- 
mera, because, if any govern- 
ment professed other than an 
undying attachment to its par- 
ity. its currency was over- 
whelmed by speculative flows. 
With the freeing of capital 
movements, the current 
account was no longer the only 


V 

r: 


.-1). -I •• 





a shifting Fundamentalism could, vrllllBll 1 0LI I account was no longer the c 

.... f .... 

k 'r’il:' v* /*.»#■ 4sK'. '■ . ! - ' ■•i,™ ’’ —w'- ~ • ■ 


..i 


-it 



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ECONOMIC VIEWPOINT 

No going back to 
Bretton Woods 


By Samuel Brittan 


influence on a currency's inter- 
national value. 

In its last few years. Bretton 
SVoods became frozen into a 
system of “reluctant adjust- 
ment". Countries held their 
parities against the US dollar 
as long as possible, a leading 
example being Harold Wilson’s 
stubborn defence of the ster- 
ling parity between 1964 and 
1967. The end of Bretton Woods 
was triggered by the inflation- 
ary financing of the Vietnam 
war, which made countries 
increasingly reluctant to hold 
their reserves in dollars. 

Since then the main interna- 
tional currencies have been 
floating against each other. 
How well has floating worked? 
Enthusiasts on both sides have 
been discomfited. We forget 
how many establishment fig- 
ures solemnly told us that 
floating rates could not work. 
On the other hand all those 
economic theorists who expec- 
ted easy and gradual adjust- 
ments have proved equally 
mistaken. Nor have countries 
gained freedom to run domes- 
tic monetary policies exactly 
as they liked. Governments 
have indeed had the option of 
running inflationary monetary 
policies and sinking exchange 
rates; but holders of their cur- 
rencies have eventually 
demanded an interest rate pre- 
mium for doing so. Countries 
have been able to have lower 
real interest rates than their 
trading partners only in tempo- 
rary and exceptional circum- 
stances. 

The material assembled by 
the independent Bretton 
Woods commission, chaired by 
Paul Volcker, has shown float- 
ing to have been anything but 
a smooth ride. The volatility of 
the 0-Mark-dollar exchange 
rate, judged by the monthly 
percentage change, has quite 
often been near 10 per cent and 
has rarely been very low. 

Business can probably learn 
to live with short-term volatil- 
ity. More worrying have been 
the medium-term swings 
shown in the chart on this 
page. In the mid-1980s there 
was a sharp boom in the dollar 


Major currency fluctuations 

Heal effective exchange rate 



Somac Wwon Worn Gonvrtafen 

which took its value to 50 per 
cent above anything that could 
be justified by inflation differ- 
entials. The yen has since not 
only drifted upwards but 
shown large medium-term 
swings and is now even more 
ridiculously overvalued than 
the dollar was in 1985. 

Have these fluctuations held 
back real activity? The Bretton 
Woods Commission has yet 
another chart showing how 
average growth rates in the 
Group of Seven main indus- 
trial countries declined from 
nearly 5 per cent a year before 
1973 to 2V* per cent in the fol- 
lowing decades. It also shows a 
jump in fiscal deficits and a 


decline in total savings and 
investment. But it would be a 
brave soul who could confi- 
dently attribute these changes 
to floating exchange rates. 

The first decade and a half of 
floating was also associated 
with near double-digit inflation 
in the main industrial coun- 
tries. In the past few years, 
however, inflation has sub- 
sided to the levels of the early 
1960s. What has become dear, 
however, is that convergence 
on low inflation rates is insuffi- 
cient to produce stable 
exchange rates. 

The biggest intellectual 
change since the old battles 
between fixed and floating 


rates has been a of belief 
in the ability of Inflationary 
policies to stimulate an econ- 
omy. Depredation, if long con- 
tinued. is only a way of accom- 
modating higher inflation than 
partner countries and is ulti- 
mately self-defeating. There 
has also been a loosening of 
the perceived link between 
exchange rates and current 
balance of payments surpluses 
or deficits. If they ore a prob- 
lem - which they may not be - 
these imbalances refled gaps 
between domestic savings and 
investment which can be tack- 
led. if at all, only through fis- 
cal policy. 

Why not then abandon the 
attempt to seize fleeting advan- 
tages from temporary deprecia- 
tion or appreciation for the 
benefit of predictable locked- in 
exchange rates or even a world 
currency? This, after all, hap. 
pens inside the US, where in 
exchange for the benefits of a 
common dollar, states such as 
Texas or California have to 
accept a Federal Reserve mone- 
tary policy relating to average 
US conditions. 

C entral bankers blame 
fiscal deficits both for 
exchange rate volatil- 
ity under floating 
rates and for the difficulty of 
making an early start on a new 
fixed system such as European 
economic and monetary union 
(Emu). Mainstream economists 
also say that there are no tax 
and transfer mechanisms 
among the G7 or even the 
European Union on a scale cor- 
responding to the US tax and 
social security system. But 
there was no such transfer 
mechanism even under the 
pre-1914 gold standard. 

Recent attempts to establish 
target exchange rate zones in 
the 1980s or narrow bands in 
the exchange rate mechanism 
(ERM) have basically failed 
because of the absence of a 
linked monetary policy. Can 
there be such a policy in the 
absence of a single govern- 
ment? The experience of the 
gold standard suggests that 
there can be. 

The proposed European cen- 
tral bank, if and when it gets 
off the ground, should he an 
instructive pilot project Mean- 
while, the accident of the earth 
having turned round the sun 
50 times since Bretton Woods 
will not bring a systemic 
change any nearer. For the 
time being the comment of 
Ernest Stem, managing direc- 
tor of the World Bank, about 
what is likely to follow the 
50th anniversary Bretton 
Woods is the wisest available 
guide. He simply said; "Well, 
the 5lst anniversary." 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

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


Nothing gifted about SDRs 


From Professor K Alec ChrystaL 

Sir, Peter Norman (Econom- 
ics Notebook, July 25 ) stated 
that . . a general SDR 
increase would benefit wealthy 
industrialised countries more 
than the disadvantaged". If 
this were true, the wealthy 
countries would surely have 
been more positively inclined 
towards Issues of special draw- 
ing rights. In reality, tt is false, 
notwithstanding the fact that 
allocations In proportion to 
quota allocate more SDRs to 
the wealthier nations. 

The mistake lies in a misun- 
derstanding of what SDRs are. 
A newly allocated SDR is not a 
gift of money, rather it is the 


gift of a right to borrow 
money . The rate charged on 
such borrowings is a weighted 
average of money market rates 
in the five currencies that com- 
pose the SDR. The largest 
OECD governments can 
already borrow on the finest 
terms, so giving them extra 
rights to do so gives them 
nothing. 

Poorer countries cannot bor- 
row on the finest terms, so it Is 
the margin between what they 
would be charged and the SDR 
interest rate (times their SDR 
allocation) which is the size of 
their gain. In effect, the extra 
risk is spread throughout the 
international community. 


though there may be a net wel- 
fare gain from risk pooling. 

The error has been commit- 
ted, since the invention of 
SDRs, to include SDR alloca- 
tions in official reserves. We do 
not count unused credit lines 
in the money stock. Reserves 
should indude only holdings of 
the SDR in excess of allocation. 
In short, the issue of SDR allo- 
cations should be seen as the 
allocation of a borrowing line 
at prime rates, rather than as a 
gift of new money. 

K Alec Chrystal, 

City University Business 
School, 

Barbican Centre, 

London BC2Y8SB 


Not to be cast 
out this time 

From Mr Ben Temkm. 

Sir, 1 note Mr Sol Kerzner, 
the South African hotel tycoon, 
has proposed building a 5450m 
Holy Land “Sun City” in 
Israel's Timna Valley, provided 
he is granted a casino conces- 
sion (World Trade News. July 
22). A reconstruction of King 
Solomon’s temple, perhaps? 
WUI the money-changers have 
secure tenure this time? 

Ben Temkm, 

Hoofdweg 689, 

2131BC Hoofddorp, 

The Netherlands 


Better slow - and authoritative 


From Mr Mike HoUingworth. 

Sir, the Monopolies and 
Mergers Commission report 
into the supply of new cars 
was indeed slow (“Monopoly 
panel rapped as toothless”, 
July 26), but it was very thor- 
ough. It cost the UK motor 
industry millions of pounds to 
supply the MMC with the infor- 
mation it sought The evidence 
enabled the MMC to conclude, 
with authority, that the motor 
industry was not abusing its 
market power or operating 
against the public interest 

Surely a large, highly com- 
plex industry employing three- 


quarters of a million people 
requires thorough consider- 
ation by an independent panel 
of experts if massive damage to 
Britain’s industrial structure is 
to be avoided. This must be 
better than precipitate action 
by other bodies, like the Con- 
sumers' Association, which 
appear to have already made 
up their minds before they 
start an investigation. 

Mike HoUingworth, 
head of policy. 

Society of Motor Manufacturers 
& Traders, 

Forbes House, 

Halkin Street, London SW1 


Tragic waste 
of skills 

From Mr Roy SwansUm. 

Sir, The inflationary rises in 
construction pay you reported 
on July 22 ("Shortages push 
construction pay ’above 1980s 
level’ ”) are an alarming but 
predictable result of the short- 
termism that has bedevilled 
the industry for many years. 

The RICS quarterly construc- 
tion survey to be released this 
weak will show that more than 
50 per cent of respondents 
expect to encounter skills 
shortages in the next three 
months. 

We do not advocate a return 
to the total planning that suffo- 
cates initiative- But it must be 
clear that only long-term com- 
mitment by government and 
the institutions will allow con- 
tractors and processional firms 
to build teams and nurture 
essential skills. To have to 
shed staff just as they are 
about to realise their potential 
is soul-destroying at a human 
level and a tragic waste of 
investment in any industry. 

In a sector as important as 
construction, it threatens the 
price stability which has been 
so hard won. 

Roy Swanston, 

president. Royal Institution of 
Chartered Surveyors. 

12 Great George Street, 
Parliament Square. 

London SW1P 3AD 


Analysis sets back understanding of growth in unemployment 


From Professor E S Phelps. 

Sir, I have carefully argued 
that the steep rise in the “tax 
wedge” between the employ- 
er’s labour cost per worker and 
the employee's after-tax wage 
is a major source or the climb 
in the natural rate of unem- 
ployment in western econo- 
mies over the 1970s and 1980s, 
especially in continental 
Europe where this rise was 
generally steepest. Alas, the 
acute analysis by Samuel Brit- 
tan (“‘Wedge’ versus ‘social 
wage’", July 21) will be seen 
by many readers as refuting 
that contention, and thus set- 
ting back markedly our under- 
standing of the secular eleva- 
tion of unemployment. 

He is right that popular 
expositions fail to clarify why 
the bated payroll tax is damag- 
ing for the natural rate, and 
likewise personal income tax, 
while the admired VAT is not. 
Right, too. about the necessity 


to leave room for other factors. 
But wrong to reason that, since 
the popular treatments are 
inadequate, there can be noth- 
ing in the idea. 

The whole difficulty stems 
from the unfortunate premise 
in popular treatments - a 
crude version of real wage 
rigidity; nothing will induce 
workers to accept a reduced 
real wage at a given unemploy- 
ment rate. (Only an increase of 
unemployment can wring a cut 
in the real wage.) 

“If workers have the market 
power to make employers 
recoup in higher pay the bur- 
den of payroll taxes, they also 
have the power to recoup other 
taxes levied directly on their 
incomes or expenditures”, says 
Samuel Brittan. On this prem- 
ise. it is true that a shift from 
payroll taxes to VAT would not 
lower the natural rate. The 
workers would require the 
same net wage from compa- 


nies. and the government the 
same tax. so the unemploy- 
ment rate would not be 
affected. 

The contrasting premise of 
my Structural Slumps (Har- 
vard, February 1994) is that the 
real wage required at a given 
unemployment rate to mollify 
the workers - to keep at 
cost-effective levels their pro- 
pensities to quit, shirk and 
strike - is a function of the 
non-wage resources the work- 
ers can fall back on: the real 
Income from their private 
wealth and from their socalled 
social capital consisting of wel- 
fare entitlements and ties to 
family and friends. 

On this improved premise, 
the theory implies tbat val- 
ue-added taxation, unaccompa- 
nied by exemptions, is theoreti- 
cally neutral for the natural 
rate. It lowers the real value of 
workers' non-wage incomes as 
much as it lowers the real 


value of the wage their 
employer can afford to pay 
them. As a result, the real 
wage required for cost-effective 
worker performance falls, and 
by enough to accommodate the 
reduced real wage that employ- 
ers can afford. 

The trouble with the payroll 
tax is that, since it does not 
reduce workers' real non-wage 
resources, it does nothing to 
reduce the real wage required 
for cost-effective worker perfor- 
mance. Thus the reduction 
caused in the wage that compa- 
nies can afford to pay is not 
accommodated by a real-wage 
cut An increase In the natural 
unemployment rate is the 
result 

All of this Is supported by 
the econometric findings. 
Edmund S Phelps. - f 
McVickar professor of political 
economy, 

Columbia University ; 

New York NY tom OS 


FINANCIAL TIMES THURSDAY JULY 28 1994 


FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax; 071-407 5700 

Thursday My 28 1994 


The task for 
Mr Berlusconi 


If it is true that revolutions 

devour their children, thwn Italy 
could be preparing for a rather 
indigestible feast In elections four 
months ago, Mr Silvio Berlusconi 
gained the prime ministership at 
the helm of his Forza Italia move- 
ment with a mandate that could 
sot ignore cleaning up corruption. 
Following signs this week that Mr 
Berlusconi's Fminvest company 
may have been involved in mal- 
practice, doubts are increasing 
whether he has the ability or will 
to achieve this mnnHafa 

With same justification, Mr Ber- 
lusconi has been seeking to accel- 
erate the wearisome judicial pro- 
cess affecting politicians, 
functionaries and business execu- 
tives implicated in corruption 
inquiries. Some people detained 
on suspicion of bribery during the 
last two years have undoubtedly 
suffered from miscarriages of jus- 
tice. Earlier this month. Mr Ber- 
lusconi introduced a decree limit- 
ing magistrates' powers of arrest 
in corruption cases, but quickly 
withdrew it after a public outcry. 

Accelerating the judicial process 
- and limiting abuses of judicial 
power - may wall be desirable. 
The problem is that Mr Berlusconi 
cannot be regarded as impartial. 
In bis two months in office, for 
example, he has shown insuffi- 
cient readiness to resolve the 
basic conflict of interest caused by 
Fininvest's dominant media posi- 
tion. The admission this week by 
lawyers acting for a Fminvest 
executive that the company paid 
bribes to the country's ffaaiiffiai 
police has further damaged Mr 
Berlusconi’s credibility. More 


urgently than ever. Mr Berlusconi 
must now separate his interests as 
a businessman fr o m his duties 
responsibilities as Italy's prime 
minister. Ideally, he would main* a 
clear-cut public statement detail- 
ing any past Fininvest impropri- 
ety, combined with a firm commit- 
ment to divest his holding. 

Without such action, any gov- 
ernment attempts to influence the 
bribery investigations, for 
instance by brin g in g in milder 
treatment, for less severe misde- 
meanours, would increase suspi- 
cion that the prime minister is 
simply protecting his business 
interests. Further, the fall-out of 
the corruption dispute risks 
undermining the broader pro- 
gramme for Italian renewal. Sharp 
divisions in Mr Berlusconi’s coali- 
tion are lowering the chances o£ 
implementing the rigorous budget 
the country needs. Additionally, 
political uncertainty has damped 
prospects far further privatisation, 
a pivotal part of economic reform. 

If Forza Italia's popularity starts 
seriously to wane, the Northern 
League, Mr Berlusconi’s main 
coalition partner, could grow 
bolder in underlining its own anti- 
corruption credentials, perhaps to 
the extant of bringing down the 
government. Early elections 
would do little to increase the 
chances of stability, and might 
bring fresh political fragmenta- 
tion. Mr Berlusconi was elected 
ostensibly to remove the condi- 
tions under which corruption and 
malpractice flourished in the past 
Unless he puts hrmsalf above sus- 
picion, his chance to perform that 
task will soon slip away. 


Major’s soliloquy 


The prime minis ter stood like 
Hamlet last ni gh t and proclaimed, 
in effect, “T B or not T B: that is 
the question”. Tony Blair or not 
Tony Blair is the topic of today’s 
British political discourse. The 
new Labour leader has pilfered 
some of the Conservatives* best 
thoughts, such as respect for the 
famil y, toughness on crime, and a 
willingness to embrace a dynamic 
market economy. He has added 
others, notably the notion that 
individuals benefit from strength- 
ening the community. Although 
not stated to be such, last night’s 
lecture to the European Policy 
Forum constituted Mr Major’s con- 
sidered response to Mr Blair. 

It was pedestrian. Mr Major 
recounted his government’s record 
and listed its policies. The theme 
was that Conservatives favour 
limited government. He did not 
mention Mr Blair, who seeks to 
persuade us that more govern- 
ment would be beneficial. Causer 
vatives, Mr Major intimated, 
regarded economic growth as an 
opportunity to reduce taxation. 

"Others" (aka Blair) talked of 
using growth to pay for their 
pledges. This meant "expropriat- 
ing the benefits of growth from 
those who created it”. Mr Major 
will expand the 20 per cent income 
tax band one day. A better way of 
helping low earners would be to 
raise tax thresholds. 

Hamlet differs in another impor- 
tant respect from the Prince of 
Denmark. Mr Major rejects consti- 
tutional reform. Mr Blair promises 
an assembly for Scotland, and the 
ejection of hereditary peers from 

Social Europe 


the Lords. The Labour leader 
would abolish the quango state, 
returning powers to elected 
authorities; Mr Major would 
expand the network of appointed 
boards that has sprung up since 
1379. There is a genuine difference 
between those who regard the pro- 
liferation of health service trusts, 
grant-maintained schools and the 
like as decentralisation and those 
who regard the making of all 
these appointments by the central 

gnv wnmp'nt as an wihanflement Of 

undemocratic central controL 
Since the finance is centralised, 
the Blair argument ban strength. 

Somewhat petulantly, Mr Major 
reminded us that in the 1992 elec- 
tion campaign he repeatedly spoke 
of a welfare state that gave a 
“hand up" rather than a “hand 
out”. That is precisely Mr Blair’s 
policy today; maddeningly for the 
prime minister, the leader of the 
opposition is the more famous for 
it The same might be said of the 
aspiration to expand nursery edu- 
cation, when resources permit. 
This iB a bipartisan slice of pie in 
the sky. 

Mr Major recalled Conservative 
successes, such as privatisation, 
sales of council houses, the citi- 
zen's charter, deregulation, and 
tiie drive to bring private -finance 
into public projects. All were origi- 
nally opposed by Labour; it is 
questionable whether any will be 
when the party is modernised by 
Mr Blair. In troth there are dis- 
tinct differences between the two 
principal actors on the UK’s politi- 
cal stage, but the audience may be 
forgiven for miring them up. 


The white paper on European 
social policy marks an important 
watershed in the complex, and 
often rancorous, debate about the 
European social rtimeasion. Five 
years after the launch of the social 
charter and 18 months after the 
arrival of the single market, the 
European Commission is at last 
sig nallin g a highly desirable 
period of c o nsolidation. 

The white paper will not con- 
vince the Euro-sceptics in the UK 
government of the case for 
Europe-wide minimum standards. 
And some rather complacent rhet- 
oric about the superiority of the 
European model will, no doubt, 
cause them great irritation. But 
that is not the point 

The European social dimension 
will not - and should not - disap- 
pear. But it badly needs more 
restraint and more rigour. It is 
hard for a document written by 
committee to provide such rigour, 
and this document has its fair 
share of confusion. 

Nonetheless, the underlying 
agenda erf the white paper is a 
welcome departure from the bom- 
bast of the past few years. It 
places a welcome emphasis on 
subsidiarity. It openly acknowl- 
edges the dispute over labour mar- 
ket regulation, and s tnes piy s taking 
stock rather than plunging on 
with more legislation. 

When it does call for action It is 
generally in sensible areas. It 
wants for more work done to 
ensure that the directives which 
have been passed are actually 
Implemented. The UK can he 
proud of its record here. It also, 


like the UK government, wants to 
make sure that the rules govern- 
ing labour mobility work better 
and, indeed, wants to extend then 
to cover thing s such as occupa- 
tional p ens i ons . 

This more cautious agenda is 
partly a reflection of the fact that 
there is now a substantial body of 
legislation in place, mainly in the 
relatively uncontroversial areas of 
mobility, health and safety, and 
equality between men and women. 
It also reflects the fact that sev- 
eral member states, notably Ger- 
many, do not want to allow a big 
regulatory gap to open up between 
the UK - with its Maastricht 
treaty “opt-out” from some legisla- 
tion - and the other 11 states. 
This must be regarded, at least by 
the UK government, as a success 
for the opt-out policy. 

It is true that the white paper 
does talk about possible future 
fields for legislation. The mention 
of individual dismissals may well 
cause particular anxiety to 
employers. But overall there is 
scarcely a single new hard com- 
mitment to new legislation to this 
document The new image for 
Directorate-General Five, the 
social affairs directorate, appears 
to be that of a think-tank rather 
than of Europe's labour ministry. 
Indeed, the white paper explicitly 
talks about the Commission acting 
as a clearing house for good ideas 
from different countries or as a 
broker, able to "pick and mix" 
best practice from around the EU. 
Among other things, it might ask 
itself whether all aspects of past 
regulation are sacrosanct 


Gerard Baker and Emiko Terazono ask if Japanese 
banks can shake off their bad debt problems 

Survival at 
the margins 

. Japan’s banks: the nightmare continues 


Loon loss provisions as % of pre-tax, pro-provision prof it Return on equity 

% % 



T his morning, in one of 
the stark concrete blocks 
that scar Tokyo’s finan- 
cial district, the denizens 
of Japan's banking com- 
munity gather for their annual con- 
vention. They will be addressed by 
a glittering array of speakers, 

inehiding P rime Mteriator Tnmtirhf 

Murayama, central bank governor 
Mr Yasustd MLeno, and most mem- 
bers of the fin an Hal aristocracy. 

The message they will bear is 
that the long night of Japan's bank- 
ing crisis is over. Fortified by the 
drink and the canapes, some of 
them may believe it 
Swire they published their annij al 
results In May, the country's 21 
main banks have been anxious to 
claim that the worst of the bad 
debt nightmare ttmt has HaimtuH 
them for the past four years 
is over. 

The reality is different. It is 
doubtful whether the bad debt prob- 
lem itself has reached the end of the 
beginning. But more troublesome 
for the banks is that their ability to 
(foal with the problem is Increas- 
ingly constrained because profits - 
out of which banks wiake provisions 
for bad debts - are stagnating. 

The banks' reversal of fortune has 
been rapid. Enriched by the count- 
try's vast current account and 
savings surpluses of the 1960s, they 
were respected and feared in board- 
rooms across the world. Now, 
though still the largest - occupying 
11 of the top 20 slots in the world 
league, measured by assets - the 
past four years have revealed that 
size is no substitute for strategy. 

The opacity of Japanese account- 
ing practices means it is not easy to 
gauge the true scale of the banks' 
problems. But even the most cre- 
ative of accountants could not dis- 
guise for long the consequences of 
the collapse of the fbubble econ- 
omy”, the period of spiralling asset 
prices in the late 2980s. Banks, 
heavily exposed to an overgrown 
property sector, watched helplessly 
as the collapse came. In the past 
three years the value of non-per- 
forming loans has nearly doublet 
This year the hanks have seen *Ha 
first signs of hope. Total disclosed 
non-performing loans fell by 1.3 per 
cent from last September to 
Y13,600bn (£90bn) at the end of 
March - the first fell over a six- 
month period since the crisis began. 

There has also been a greater 
sense of realism by the backs. Ini- 
tially, their response to the rising 
level of bad debt was to wait for a 
return to economic growth to ease 
their difficulties. In part, this was 
because they were labouring under 
a regulatory regime run by the Min- 
istry of Finance which, with an eye 
on tax revenues, frowned upon bad 
debt provisions, since they are off- 
set against tax. 

But last year, as the ministry 
loosened the reins, hanks began to 


make sensible provisions. This year, 
write-offs and provisions at the 21 
leading banks totalled Y3,855bn. 
Provisions as a proportion of dis- 
closed problem loans rose from 289 
per cent to March 1993 to 339 per 
cent a year later. 

Sumitomo Rank is one bank that 
has become much more bullish 
about its prospects. “Our aim is to 
complete the strategy of dealing 
with problem loans in the current 
financial year. Current levels of pro- 
visioning mean we are on course to 
achieve that,” says Mr Kensuke 
U chid a. a awiiw manager. 

But this view is almost certainly 
too optimistic, because the level of 
problem loans disclosed by the 
banks under-represents the real 
total. The banks’ figures do not 
include restructured loans, on 
which interest rates have been cut 
to keep borrowers solvent. They 
also exclude' loans made ta the 
banks’ housing affiliates, whose 
own prodigality in property-related 
lending makes the hanks look pru- 
dent. Industry estimates suggest 
that some of these companies have 


problem loans equal to more than 
80 per cent of their loan book. 

These factors lead observers to 
estimate that banks’ real problem 
loans are closer to Y30.000bn than 
the Y 13,6001m officially disclosed. 
Some banks are much better placed 
than others: problem loans at Mit- 
subishi Bank are estimated at 3.6 
per cent of total loans, while the 
figure for Hokkaido Takushoku 
Bank is 7.4 per cent But for the 
sector as a whole, estimated bad 
loans represent nearly 6 per cent of 
the loan book, a figure that sug- 
gests that, even without further 

aVmr.ks such as annthw shar p fall in 
the property market, the backlog 
may take five years to dear. 

The problem of poor lending 
would not be so great if the profit- 
ability of Japanese banks were not 
among the lowest in the world. 
Moody's, the US credit rating 
agency, es timates that banks’ prof 
its before provisions for bad debts 
are less than 0.4 per cent of total 
assets, compared with 2.4 per cent 
for US banks and L7 per cent for 
banks in the UK 


Worse still, contrary to the pre- 
vailing wisdom, the banks' low mar- 
gins are not the product of big over- 
heads or overmanning. Operating 
expenses as a percentage of risk 
assets are much lower for Japanese 
banks than for their American 
counterparts. 

The fundamental difficulty is 
weak revenue. Japanese loan 
spreads, the difference between 
lending and borrowing rates, are 
razor-thin. Core earnings (before 
taxes, credit expenses and securities 
gains ), as a proportion of average 
assets, range from zero to 0.8 per 
cent for Japanese banks, against 29 
per cent for US banks. As Moody's 
says: "If Japanese banks had the 
same level of core earnings as US 
banks, the asset quality problem 
would be quite manageable, there 
would be no crisis, and Japanese 
banks as a whole would be much 
more creditworthy." 

What is more alarming is that the 
slim marg ins are getting thinner. 
Interest rates are now at or near the 
bottom of the business cycle, 
depriving b anks of the benefit of a 


Him lag between cute in lending 
rates and cuts in deposit rates that 
ha s kept their margins from nar- 
rowing even further. 

In any case, the fragile economy 
is cutting demand for bank lending 
and banks are being forced to pare 
loan rates. 

F inan cial deregulation is begin- 
ning to hit banks' profits, too. As 
limits on interest rates are gradu- 
ally removed, banks ore having to 
compete harder for funds in the 
retail market. And deregulation of 
the bond market is helping compa- 
nies that are borrowing to dispense 
with banks altogether in their 
search for finance. 

Yet banks seem unable to break 
out of the stranglehold of low profit- 
ability. Despite the squeeze on mar- 
gins. lending remains the core 
activity for banks, which have little 
knowhow in developing new fee- 
earning business. Seventy per cent 
of Japanese banks' profits derive 
from lending - far higher than to 
US or European banks. 

F or now. banks will 
attempt to offset their 
falling profitability with 
gains on sales of their 
large equity portfolios. 
But this is not a long-term solution. 
Shareholding by banks counts as a 
part of their capital base and selling 
equities diminishes their capital 
ratios which, under rules laid down 
by the Bank for International Settle- 
ments. have to be kept above agreed 
levels. Japanese banks are already 
close to the minimum. 

More importantly, such emer- 
gency measures will not confront 
the heart of the problem. With 21 
main banks and more than 5.000 
regional and other banks. Japan has 
chronic financial overrapacity. As 
deregulation gathers pace, the com- 
petition for depositors and loans 
will heat up, and banks and regula- 
tors will face a choice between two 
unpalatable solutions. 

Some banks could be allowed to 
fail, but this is unlikely given the 
authorities’ adherence to the stabil- 
ity of the banking system, and the 
fragile state of confidence in it. Or 
there will have to be mergers, a 
development said to be favoured by 
the regulators but fraught with dif- 
ficulties. as the relatively profitable 
h anks will find the charms of the 
weaker banks distinctly resistible. 

But as long as regulators oppose 
failures and banka say no to merg- 
ers, the much-needed rationalisa- 
tion of the financial system will be 
shelved indefinitely. The status quo 
can only mean further decline for 
all Japan's banks. As a senior exec- 
utive at one of the larger institu- 
tions put it “The problem with Jap- 
anese banks is that not many of 
them realise that they weren’t 
really competitive from the start. 
Now they have to face it: banking 
here is a dwindling business." 


Which institutions and practices could quietly be disposed of? Andrew Jack suggests one 


Bln those reports 


T hey take years to complete, 
cost millions of pounds to 
research and rarely lead to 
any significant action. Crit- 
ics are increasingly questioning 
whether the UK Department of 
Trade and Industry inspectors’ 
gmnmatinns of corporate failur es 
are worth the trouble. 

The latest example came last 
week when the DTI released its 
repent Into the collapse of Atlantic 
Computers, the leasing company 
taken over by the conglomerate 
British & Commonwealth to 198ft 
Further DTI reports - including on 
Guinness’s 1986 takeover of Distill- 
ers - are in the pipeline. Though 
they may m a ka interesting reading, 
the minimal response to their sug- 
gestions is unfikely to justify the 
efforts involved to their production. 

Mr Hugh Willmott, of the Univer- 
sity of Manchester Institute of Sci- 
ence and Technology, who has stud- 
ied DTI reports over the past 20 
years, says they have done little 
more than hi g hli g ht the limitati ons 
of company regulation in the 
UK. "They offer apparent reassur- 
ance but delay closer scrutiny,” 
he says. 

What little comfort the reports 
offer the public comes at a high 


price. The 380-page Atlantic report 
cost £69m to produce in fees and 
expenses paid to a barrister, an 
accountant and their assistants, 
making it the most expensive ever 
commissioned. 

Such expense might be worth- 
while if the finding s were definitive. 
But they are not The accountancy 
profession's own regulatory com- 
mittees stress that they need to 
carry out independent investiga- 
tions for the sake of “natural jus- 
tice" before taking any disciplinary 
action against accountants critic- 
ised In DTI reports. 

Nor are the reports of much use 
to commercial litigation. British & 
Commonwealth’s administrators 
have launched legal action against 
auditors and advisers to Atlantic. 
But their action is based an a sepa- 
rate examination of the foots, to 
fact, the administrators began their 
legal moves before the report , was 
published. 

The DTI itself may act an the 
recommendations of its Inspectors 
and seek the disqualification of 
directors censored in its reports - 



Things which never 
would be missed 


as seems likely in the case of Atlan- 
tic and British & Commonwealth. 
But the level of detail in the reports 
is greater than usually required by 
the DTI when it seeks to the courts 
the disqualification of directors. 

The only other sanction the 
reports offer is the public embar- 
rassment of those mentioned. This 
is not always effective. For exam- 
ple, the late Mr Robert Maxwell was 


subject to scathing criticism in 
reports on his companies in the 
early 1970s, but it did stop him from 
rebuilding his business empire. 

Another problem with most 
inspectors’ reports is that they take 
too long to produce. By the time the 
conclusions are reached, recommen- 
dations for reform may be overdue 
or irrelevant For instance, the two 
Atlantic inspectors took more than 
four years to publish - a not untypi- 
cal gap. So long after the events in 
question, individuals and compa- 
nies concerned may not be active or 
even alive. 

There is also inconsistency in the 
launching of investigations. Under 
company and insolvency laws, the 
DTI can appoint inspectors to exam- 
ine the circumstances surrounding 
a collapse or instance of fraud and 
then compile a report - some of 
which are made public. Such deci- 
sions appear arbitrary. No inspec- 
tors have been appointed to exam- 
ine three recent high-profile 
collapses: Polly Peck IntematumaL 
the conglomerate built up by fugi- 
tive businessman Mr Asil Nadir, the 


Bank of Credit and Commerce Inter- 
national; or the Maxwell companies. 

A large number of other inspec- 
tors' reports have been commis- 
sioned but never made public. Tbe 
DTI says it typically receives 1,000 
requests for investigations each 
year and pursues a quarter of these. 
Most remain confidential - offi- 
cially on grounds of public interest 
but adding to the impression that 
reports are commissioned and 
released. according to ministers' 
whims. A handful is published each 
year. 

Moreover, tbe impartiality of the 
reports can be questioned. Accoun- 
tants and lawyers are those who 
normally carry out the inquiries, 
yet they represent two professions 
often criticised to the reports, and 
are even sometimes drawn from 
firms that have themselves been 
criticised previously. 

All this suggests that inspectors’ 
reports are an expensive indul- 
gence. Though they are useful for 
academics and researchers, their 
price makes them inaccessible to 
many students: the Atlantic report 
costs £35. It may be time that the 
DTI reconsidered what purpose its 
reports serve and how it could meet 
these needs more effectively. 


Observer 


Moan to 
Woan 

■ An exerting February stock 
market debut for Clinical 
Computing’s shares will have been 
scant comfort to its investors this 
week. On Tuesday, the medical 
software company had a minor 
emergency of its own - a £227,000 
loss for the first half of the year. 

At least one shareholder was, 
however, considerably placated 
yesterday when he received a letter 
from Jeremy Woan, the chief 
executive. Acknowledging that 
private investors might “feel 
isolated” at results reporting time 
when senior management is rolled 
out to talk to the institutional 
investors, the letter proposes a 
rather simple home-spun 
alternative. Woan and his 

fina making themselves 
available by phone at certain hours 
today and Monday. 

Let's hope the company will soon 
be of a size where it becomes 
impractical for the boss to bend his 
ear to g frarphniiter concerns in such 
a direct fashion. 


Trading up 

■ Are Michael Heseltine's 
spto-doctars being a bit econo mic a l 
with tbe truth? Let's for a moment 
accept that his recent visit to South 
Africa "ended in triumph", as a DTI 
hand-out would have us believe. Let 


us also concede that it is possible 
that Britain's trade minister 
returned “a richer human bang for 
the privilege of sharing this dawn of 
a new historic era”, as the same 
document enthuses. But he really 
cannot get away with yesterday's 
press release which talks of a trade 
support and assistance package for 
South Africa worth £L25 bn, “the 
largest offered by any country since 
the South African elections". All 
fhw and dandy except that an 
ECGD facility just happened to 
have been available before he set 
off; so deduct at least Elba. As that 
old marhn goes, there are lies, 
damn lies and tod statistics. 


Not cricket 

■ French culture minister Jacques 
Ta town's wild attempts to strangle 
frangkxis must be almroing all 
serious etymologists, if a glossary of 
frunglais business applications 
provided by L’Expantoon magazine 
is anything to go by. Far from being 
a nti gnisHr ahftmbifltion, it appears 
instead to be an entirely new 
language in the making - and 
certainly one to need of translation, 
most of all to the Brits. 

EUlpticafly, if your opposite 
number in France lets on that he is 
expecting a visit from "des gens 
d'Arthur” [people from Arthur], it 
means that accountants Arthur 
Andersen are on their way. 

Yet more cryptically, ffyonr 
Parisian subsidiary suggests going 
into “le food”, far from betraying 



‘You can’t beat good old 
family values’ 


culinary ambitions, it is falling you 
it intends to adopt mass-marketing 
techniques. 

Last but not least is the “earing”, 
as in the sent of thing the US 
congress Is currently bolding over 
Whitewater. 

And no, the cover date of the 
magazine is not April 1. 


Lifer 

■ Some people are never satisfied. 
Apparently not fully stretched in 
his role scrutinising the glamorous 
world of building societies, Robert 
Vflhers, analyst at UBS, has 
released a dance CD single and 


video. Mr V, as he bills himself, can 
obviously put this sort of thing 
together with the facility of a 
teenage scribbler accustomed to 
deadlines. “I knocked it off in an 
afternoon” he tells Observer 
unassumingly. 

Still, outings for his oeuvre on 
Radio 1 and Kiss FM have not gone 
to his head, and he will admit to no 
immediate plans for chucking in the 
day job. The title of the single, 

“Give me life", is impressively 
ambiguous however. 

Does it betray a secret wish to 
escape from his current position or 
should it be read as a plea for an 
extended sentence? 


Hard cheese 

■ No such thing as ageism at the 
top of Swiss companies. Fritz 
Gerber, chair man of both pharma 
group Roche and Zurich Insurance, 
and who is 65, has just reiterated to 
Weltwoche ma gntona that he has no 
intention of retiring. “I will go on 
working as long as I feel I am able 
to fulfil my task” he announced 
cheerfully. 

Tbe heads of Switzerland's other 
big pharmaceutical groups are 
almost equally good, if not better, 
advertisements for their drugs. Alex 
Krauer. boss of Ciba, is a mere 63, 
but Marc Moret continues to 
dominate Saztdoz at 70. 

And financiers and industrialists 
are clearly pretty good customers of 
the above. Nestle boss Helmut 
Maucber is nudging 67, Credit 


Suisse chairman Rainer Gut is 
nearly 62 and Peter Spalti, head of 
Winterthur Insurance, is a sprightly 
63. 

‘T hope I will be able to recognise 
when it is time to step down." 
Gerber said gracefully in his 
interview. Providing he does, who 
would complain? 


Fete accompli 

■ That end of term feeling is 
obviously getting to the boys in 
Brussels. More tables had to be 
procured yesterday morning outside 
the press room to accommodate all 
those extra releases spewing forth 
from an unusually decisive 
European Commission meeting for 
the last time before the summer 
break. 

Hiding among (he pile were a few 
paragraphs to the effect that the EC 
had struck a deal with Arbed, the 
Luxembourg steel-maker that is 
buying into Germany's Klockner 
Stahl whereby Arbed would close a 
steel mill as part of a debt write-off 
already agreed with Klflckner. Only 
problem was, the decision bad not 
been taken. The statement should 
be considered void, officials were 
falling over themselves to point out. 


Speaks for itself 

■ Bin-board spotted in the wilds of 

Wyoming, enjoining disgruntled 
American taxpayers to call, ton 
free, 1-800 HADENUF. 


12 


TKAMiGAR HOUSE 
cognucnoi - 


WORLDWIDE EXPERTISE AND RESOURCES 


FINANCIAL TIMES 

Thursday July 28 1994 


brother. 


TYPEWRITERS • WORD PROCESSORS 
PRINTERS • COMPUTERS * FAX 


Israel calls for terrorist 
alert after London bombs 


By Jimmy Bums and Stewart 
Dalby in London and David 
Norovttz in Jerusalem 


Around-the-clock guard put 
on prominent UK Jewish sites 


Israel yesterday urged 
governments around the world to 
step up security after two bomb 
attacks in London heightened its 
concerns about a global terrorist 
campaign a gains t Jewish targets. 

Britain introduced an around- 
the-clock armed police guard on 
more than 100 prominent Jewish 
sites and rigidly enforced parking 
restrictions. Extra security 
precautions were also being 
taken in several cities including 
Paris and New York. 

The UK measures were aimed 
at preventing a repetition of an 
attack on Tuesday against the 
Israeli embassy and another 
early yesterday at the headquar- 
ters of a Jewish charity. 

The London bombs, which 
caused injuries and property 
damage but no deaths, followed 
the signing in Was hing ton of a 
co-operation agreement between 
Israel and Jordan. Israeli officials 
say extremist groups are attempt- 
ing to disrupt the Middle East 
peace process. 

Mr Yehuda Milo, deputy direc- 


tor-general of the Israeli Foreign 
Ministry, accused the UK of hav- 
ing ignored requests for addi- 
tional security measures after the 
July 18 bomb attack on the 
central Jewish community build- 
ing in Buenos Aires which killed 
at least 96 people. 

Mr Azriel Nevo, the Israeli mili- 
tary attache in London, described 
the second London bomb as a 
“true blunder by local security 
forces”. The bombed b uilding , 
headquarters of the Joint Israel 
Appeal, was temporarily without 
police protection. 

In Beirut yesterday, Lebanon's 
pro-Iranian FOzbollah denied any 
involvement in the Buenos Aires 
and London attacks. Similar 
denials were issued by Hamas, 
the Islamic resistance movement, 
in Damascus. 

The Foreign Office last night 
said investigations into the 
attacks were “at an early stage”. 
“We do not have clear evidence 
as to who is responsible”, an 
official said. 


Sir Paul Condon, commissioner 
of the Metropolitan Police, 
warned of an unprecedented 
threat from radical Islamic ter- 
rorism. He said: The new dimen- 
sion for us is the power and 
ferocity of the devices being put 
down and the total disregard of 
the terrorists involved for their 
own or anybody else’s lives.” 

Mr Fernando Petrella, Argen- 
tina deputy foreign minister, said 
yesterday that his country was 
“seriously reconsidering our dip- 
lomatic relations” with Iran in 
the aftermath of the bomb attack 
in Buenos Aires. 

Intelligence officials in Buenos 
Aires said an Argentine investi- 
gative magistrate baa taken evi- 
dence in Caracas from a dissident 
Iranian diplomat which suggests 
that Tehran and possibly Syria 
offered logistical support to the 
terrorist attack. 

Additional reporting by Therese 

Stiastny 


Beijing 
angry over 
‘excessive’ 
US role in 
Gatt talks 


By Tony Walker In Beijing 


Picture, Page 6 


AZT boost 


Continued from Page 1 


HIV-positive women refuse to 
take AZT, thereby possibly 
endangering their unborn chil- 
dren. 

Dr Catherine Peckham, profes- 
sor of paediatric epidemiology at 
the Institute of Child Health in 
London, said: “This will add pres- 
sure for mandatory screening in 
the US. These trials are hugely 
exciting and an important break- 
through, but it would be wrong 
to rush through unconsidered 
polity changes. Further trials are 
required to look at the long-term 
effects of the drug." 

In the US, about 100,000 women 
of child-bearing age are HTV-posi- 
tlve and 7,000 HIV-positive 
infants are bora every year. In 
inner London, one in 390 preg- 
nant mothers is HIV-positive. 
About 15 per cent of those with 
the virus will infect their chil- 
dren. 


Thailand orders 
delay on $1.5bn 
urban rail project 


By Victor Mallet In Bangkok 


Airline aid 


Continued from Page l 


5,000 jobs from the airline's work- 
force of 40,000 and freeze salaries 
and promotions. 

Air France was also ordered to 
repay an earlier government loan 
of FFrl^bn, considered incompat- 
ible with EU rules. The govern- 
ment said it would appeaL 

Under the conditions, the aid 
must not be used to acquire new 
stakes in other airlines, nor to 
increase the size of the Air 
France fleet above 146 during 
restructuring. Nor can the com- 
pany increase the seats it has on 
offer within the European Eco- 
nomic Area beyond the level 
reached last year. 


The Thai government yesterday 
postponed the construction of a 
$L5bn elevated railway in Bang- 
kok, reviving doubts about plans 
to build mass transit networks to 
alleviate the capital’s traffic con- 
gestion. 

The delay to what would 
become the capital's first transit 
system is also likely to increase 
the reluctance of foreign inves- 
tors to take part in politically 
controversial infrastructure pro- 
jects in Thailand. 

It follows difficulties with other 
projects in Bangkok, including 
the Skytrain elevated rail link 
and the Kumagai Gumi elevated 
motorway, which was in effect 
nationalised earlier this year. 

Bangkok Transit System Corp 
(BTSO, a subsidiary of the Tana- 
yong property group, had been 
due to begin preliminary work on 
the 24km of elevated railway 
lines yesterday but the cabinet 
ordered a halt pending a resolu- 
tion of p lamming disputes. 

Earlier this month, BTSC 
awarded a turnkey construction 
contract tor the $lJSbn project, 
including financing, to a joint 
venture between. Siemens of Ger- 
many and Italian-Thai Develop- 
ment, the leading Thai construc- 
tion company. 

The government of Mr Chuan 
Leekpai had already delayed the 
BTSC railway project by dem- 
anding that it go underground 
before changing its min d and 


accepting the elevated system. 

Yesterday, the government 
said it had ordered the Juridical 
Council, an arbitration body, to 
consider whether a 4km exten- 
sion to the original 1991 conces- 
sion could legally go ahead in 
light of environment and privati- 
sation laws. 

The cabinet also complained 
that plans to manage road traffic 
during construction had not been 
sent to the authorities in time. 

But some political commenta- 
tors believe the government is 
nervous about no-confidence 
motions in parliament this week. 
Opposition MPs say they have 
evidence of illegal actions com- 
mitted by the government in con- 
nection with the project 

Thailand is seeking to farm out 
some big infrastructure projects 
to the private sector in “ build-op- 
era te-transfer" concessions such 
as the one granted to BTSC, but a 
series of hitches have affected 
investor confidence. 

Kumagai Gumi, the Japanese 
construction company, spent five 
years pl anning and building a 
glbn elevated toll-motorway in 
Bangkok, but has since accused 
the Thais of breaching the reve- 
nue-sharing contract and nation- 
alising the road. Kumagai’s 65 
per cent share in the project was 
bought by Thai investors. 

Thailand also cancelled the 
$2.6bn Skytrain project, which 
was to have been built by SNC- i 
Lavalin of Canada, in 1992 after I 
17 years of negotiations. 


China yesterday threatened to 
back away from commitments to 
liberalise its tr ading regime in an 
angry response to what it 
perceives as US attempts to 
impose tough conditions on its 
re-entry to the General Agree- 
ment on Tariffs and Trade. 

Chinese officials have made no 
secret of their displeasure at the 
US role in complex negotiations 
over the resumption of China's 
Gatt status. 

Mr Miao Fuchun, spokesman 
tor the ministry of foreign trade 
and economic co-operation, said 
Beijing’s patience was wearing 
thin and it was unclear whether 
compromise was possible under 
present circumstances. 

“The negotiations have reached 
a critical moment. Dur applica- 
tion is supported by a majority' of 
the contracting parties, including 
Japan and the European Union. 
But the US has made excessive 
demands we cannot accept” 

“It is not treating us as a devel- 
oping country, which we obvi- 
ously are. We will not rejoin Gatt 
just for the sake of it If China is 
unable to resume its Gatt status, 
it will not be bound by Gatt and 
all the commitments made over 
the past eight years will be 
nullified,” he said. 

Mr Miao repeated similar 
threats issued by other senior 
trade officials including Mrs Wu 
Yi. the foreign trade minister, 
but his remarks were sharper 
and underline growing Chinese 
frustration over what Beijing 
sees as the slow progress of 
negotiations. 

Talks on C hina ’s application to 
rejoin Gatt, which it left in 1949, 
are due to resume in Geneva this 
week. But though Beijing is keen 
to conclude them .in time to 
become a founding member of 
the World Trade Organisation 
early next year, observers say 
that will require rapid progress. 

Gatt members hope to agree 
soon on the basis tor a draft pro- 
tocol for China's accession but 
the US and the EU insist that 
much will depend on Beijing 
presenting a package of accept- 
able concessions in September. 

The EU is prepared to grant 
Beijing's request for a transition 
period to adjust to Gatt obliga- 
tions after it joins but the US 
argues China should enter on 
terms similar to those required 
for a developed country. 

Chinese officials insist C hina 
be accorded special consideration 
as a developing country with a 
transitional period to become 
Gatt consistent on such issues as 
removal of non-tariff barriers and 
access for agricultural products. 

In addition, US and European 
officials insist China make firmer 
commitments to phase out non- 
tariff barriers and to deal with 
the vexed issue of intellectual 
property infringements and lack 
of access to its services sector for 
banks and insurance companies. 


FT WEATHER GUIDE 


Europe today 


High pressure over the Baltic and the North 
Sea wfll block the movement of a front 
generating doud and rain and thunder 
showers from western France through 
Belgium and the Netherlands. West of this 
front, the south-east of England will be 
cloudy with showers but other parts of 
England will have some sun and seasonal 
temperatures. The continent will stay sunny 
and hot Scattered thunder showers will form 
in the Alps, Croatia and the Balkans. 
Temperatures wDI be near 35C in Hungary, 
the Czech Republic, eastern Germany, 
southern France and Spain. Norway will be 
cooler but afternoon temperatures dose to 
30C win continue in southern Sweden and 
Finland. 


/ 

.1000 / 9 




“'[HIGH 

1020 




HIGH V/ . 


44 


<£iol ■ 


3 ivV ® 




Five-day forecast 

Rain and thunder showers will become more 
widespread in France by Saturday. Ireland 
will have rain throughout the weekend. An 
oceanic low pressure area will stall offshore 
and needy an western Europe will continue 
hot and sunny. Searing heat will persist over 
central Europe, the Alps, sections of Italy 
and southern France, with only scattered 
showers. 


,0 if/' : ' :: Wry' - 32 ^ 


. JjSE* 38 


f ■ 




Wojttj front AA. Cold front •*- Whit I speed hi Km 


TODAY'S TBMPfiRJVninES 


Situation at 12 GMT. Tenvoroturw maomtmt far day. Femcasts by Meieo Const# td the N#harian& 



Maximum 

Basing 

shower 

30 

Caracas 

doudy 

27 

Fato 


Cetaua 

Belfast 

rain 

19 

Cardiff 

fair 

21 

Frankfurt 

Abu Dhobi 


4,1 


fair 

30 

Casablanca 

(air 

25 

Geneva 




Bertfri 

sui 

35 

Chicago 

sw 

24 

Gibraltar 

Algtare 

Mr 


Bermuda 

shower 

32 

Cologne 

sun 

32 

Glasgow 


tat 

27 

Bogota 

fab 

19 

Dakar 

SUI 

30 

KmTOug 

Athens 

sun 

31 

Bombay 

rail 

30 

Dallas 

SUI 

32 

Helsinki 

Atlanta 

thund 

29 

Brussels 

thund 

29 

Delhi 

thund 

34 

Hong Kong 


doudy 

16 

Budapest 

SUI 

34 

Dubai 

SUI 

39 

HonoUdu 

EUtam 

loir 

24 

CJtagen 

tab 

27 

Dublin 

fab 

20 

Istanbul 

Bangkok 

doudy 

34 

Cabo 

sun 

36 

Dubrovnik 

sun 

30 

Jalorta 

Barest ona 

sun 

29 

Cape Town 

fair 

1b 

Edinburgh 

tab 

21 

Jersay 


No other airline flies to more cities in 
Eastern Europe. 


Lufthansa 


Kuwait 

L Anodes 

Lbs Palmas 

Lima 

Lisbon 

London 

Uatboung 


sun 

30 

Madrid 

sun 

37 

Rangoon 

rain 

30 

fair 

34 

Majorca 

sun 

32 

Reyklovlk 

doudy 

12 

thund 

31 

Malta 

sun 

31 

fllo 

tan 

28 

sun 

27 

Manchester 

fab 

22 

Rome 

sun 

31 

cloudy 

19 

Manta 

thund 

30 

S. Frseo 

fair 

26 

sun 

31 

Melbourne 

shower 

15 

Seoul 

far 

37 

Sun 

30 

Mexico City 

doudy 

24 

Singapore 

doudy 

32 

thund 

30 

Miami 

thund 

32 

Stockholm 

sui 

3l 

thund 

32 

Mian 

hazy 

33 

Strasbourg 

fab 

33 

windy 

28 

Montreal 

shower 

23 

Sydney 

lair 

18 

fab 

31 

Moscow 

fab 

21 

Tangier 

sun 

32 

doudy 

21 

Munich 

sun 

31 

Td Aviv 

aui 

32 

doudy 

32 

Nairobi 

lab 

24 

Tokyo 

doudy 

32 

sun 

45 

Naples 

sun 

31 

Toronto 

shower 

23 

fair 

22 

Nassau 

lab 

32 

Vancouver 

shower 

22 

sun 

27 

New York 

shower 

26 

Venice 

sun 

31 

doudy 

18 

Nice 

sun 

29 

Vienna 

sun 

32 

sun 

29 

Nicosia 

sun 

36 

Warsaw 

sun 

33 

doudy 

26 

Oslo 

tar 

28 

Washbtgton 

thmd 

29 

thund 

31 

Paris 

fab 

33 

Wefllngton 

3hower 

12 

hazy 

33 

Perth 

doudy 

20 

Winnipeg 

sin 

28 

sui 

2S 

Prague 

sun 

34 

Zurich 

sun 

30 



THE LEX COLUMN 


Flash news from Reuters 


Reuters has not done badly in the 10 
years since Dotation. Its earnings per 
share have increased 8.32 times over 
that period, its share price more than 
nine times. No-one pretends Reuters 
can match that record in the next 
decade. Nevertheless, the company is 
one of the few FT-SE 100 stocks that 
promises organic revenue growth of 
more than 10 per cent a year for the 
foreseeable future. Reuters may 
achieve even more if it can success- 
fully leverage its financial markets 
expertise into new fields, such as 
me dical information- Add a splash of 
multimedia appeal as Reuters diversi- 
fies into television and radio and it 
adds up to a compelling investment 
story. 

still, the market was not in such 
stargazing mood yesterday. Instead it 
knocked 5 per cent off Reuters' shares, 
chiefly on worries about the slight 
shrinkage of operating margins. That, 
though, owes more to recent acquisi- 
tions. such as Quotron, which have 
inflated the revenue line but have - as 
yet - contributed no extra income. 
The continuing doubts about Globes 
also cast a shadow out of proportion to 
its financial significance. Moreover, 
the success of Instinct and Dealing 
2000 2 should more than compensate. 

The real issue therefore is not 
whether to buy Reuters but what pre- 
mium to pay for it The market may 
have pushed the rating tor enough for 
the time being especially as Reuters' 
new orders have softened this sum- 
mer. But as the charms of cyclical 
recovery stocks fade when the UK 
interest rate cycle turns, Reuters 
should come back into its own. 


FT-SE Index: 3082.3 (-34,9} 


BAT Industries 


Share price relative to the 
FT-SE -A Ml -Share Index 
145 - 

135 J V 

130 • Jr--u 

100 W— 

95 L -l — * 1 

1992 

Soiree: FT Gcapttte 


coping well enough with the regula- 
tory squeeze In life insurance, in 
tobacco, cigarette volumes rose by 4 
per cent after a period of stagnation. 
The US market appears to have 
returned to equilibrium following 
Philip Morris’s decision last year to 
chase market share. 

Of course there could be shocks in 
tobacco to come. While the imposed 
US excise tax now looks likely to be 
tor less onerous than the $1 per pack 
suggested last year, the hawkish Food 
& Drug Administration is hovering. 
On balance, though, a slow tightening 
of the regulatory grip looks more 
likely than a sudden blow. In the 
meantime cash flow from tobacco 
makes BATs promise of real dividend 
growth look more credible than most 


BAT Industries 


Another generous dividend increase 
from BAT Industries makes the cur- 
rent valuation of the shares difficult to 
fathom. Even after the recovery of the 
last few weeks, BAT stands close to its 
highest yield relative to the stock mar- 
ket since the early 1980s. The shares 
also command a substantial yield pre- 
mium to the composite insurance sec- 
tor. as they have done since early in 
1993. That only makes sense if BATs 
insurance operations are expected to 
tore much worse than the competition, 
or if the tobacco side of the business 
will be a brake on dividend growth. 

Yesterday's half-year figures suggest 
that neither is the case. Eagle Star is 
still suffering from the legacy of 
mortgage indemnity, but is perform- 
ing in line with its peers in other 
respects. Allied Dunbar seems to be 


UK gilts 

If yesterday’s £2bn auction of con- 
ventional gilts was supposed to set the 
seal on the market's recovery, it has 
been a signal failure. Those of a tech- 
nical bent may draw comfort from the 
thought that a low cover ratio does 
not necessarily matter when all the 
bids are clustered together. It may 
simply mean that the market found 
the auction easy to price. But the fact 
remains that total bids of only £2.58bn 
were received tor a relatively rare sale 
of longer-dated paper. Though liquid, 
domestic institutions are dearly still 
cautious about committing cash to the 
market. Many apparently used the 
auction to switch out of existing hold- 
ings rather than increase their invest- 
ment. 

Part of the concern lies in the inter- 
national environment There is not 
much retail demand in other Euro- 


Italy 

As the political tensions in Italy 
mount the contrarian investor might 
be tempted to buy. The battered lira 
appears substantially undervalued 
against the D-Mark, sharpening Italy’s 
international competitiveness. Corpo- 
rate earnings are likely to rebound 
even more strongly as a result Italian 
bond yields reflect tor more than any 
realistic expectations about inflation, 
which stands at a 25-year low. 

The real Tear for investors, though, 
concerns Italy’s budget deficit. Ou 
some calculations, the government 
needs to run a primary surplus of 3 
per cent of GDP a year to cope with 
the strain. Belgium has shown that is 
possible. But it will take real political 
muscle to tackle health and pension 
spending in Italy. That seems uncer- 
tain when the political situation 
remains so volatile. The contrarian 
investor will have to be bolder than 


Yorkshire Water 


The directors of Yorkshire Water 
are perfectly entitled to voice their 
objections should patently unsuitable 
candidates put themselves forward for 
election to the board. But their 
heavy-handed efforts to prevent the 
election of Mrs Diana Scott look 
misplaced. While Mrs Scott is short on 
industrial experience, she has worked 
within the regulatory regime and is 
familiar with Its consumerist con- 
cerns. That alone makes her. at least, 
worthy of unbiased consideration by 
shareholders. Even monopolies cannot 
afford to ignore their customers. 


This announcement appears only as a matter of record 


m 




Management Buy-out of 
Netlon Limited 


lire 


NETLON 


T. irn 


Led, structured and arranged by 

3i pic 


ELECTRA 


Equity underwritten and provided by: 

3i Group pic 

Electra Private Equity Partners 


Mezzanine Debt arranged and led by: 

Intermediate Capital Group PLC 


Senior Debt arranged and provided by: 

Bank of Scotland 


Lead advisers to the transaction: 

Coopers & Lybrand 
Dibb Lupton Broomhead 


Legal advisers to the equity providers: 

Simmons & Simmons 


Legal advisers to the lenders: 

Hammond Suddards 


Due Diligence: 


Coopers & Lybrand 


3i Group pic and ,1i pic arc regulated in the cunduct of inveunietii hvinro by SIB 


Pont tw 


pean bond markets as the lacklustre 
response to yesterday’s German auc- 
tion shows. Strong durable goods 
orders left the markets feeling nervous 
about tomorrow’s US growth figures. 
International markets remain vulnera- 
ble to threats of higher US interest 
rates. 

This week’s CBI survey is a further 
reminder that the interest rate turn 
looms in the UK, too. It is impossible 
to tell whether there is anything 
behind yesterday afternoon’s rumours 
that the chancellor and the governor 
of the Bank of England will use thpir 
meeting today to agree a pre-emptive 
rise in base rates. There is no pressing 
need as yet. but the violent reaction of 
equities as well as gilts suggests wor- 
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19 Martin Mariana 

18 

ASanz 

13 Merwter-Swaln 

20 

Affled-Stgnal 

15 Mercedes Benz 

14 

Anheuser-Busch 

18 Mfflgate 

20 

BAT 

13,19 Mitte 

20 

BMW 

14 13 Murray Spilt 

20 

BPC 

14 Notanda 

15 

BT 

18 Panther 

20 

Bark Austria 

14 Hamrick 

19 

Bechtel 

4 Reuters Holdings 

18 

Card dear 

20 Rubicon 

20 

Castle Comma 

19 S2C 

14 

Christiania Bank 

14 Seat 

14 

Crt*Ht Lyonnais 

14 Shell 

1 

DuPont 

16 Shield 

20 

Enterprise OH 

18 Slam Makro 

15 

Bonbrook 

2D Siemens 

14, 12 

Ewo Disney 

13 Sipiet 

18 

Fairline Boats 

19 Snecma 

19 

Fleming Emerging 

20 Sotvay 

14 

Fletcher Challenge 

16 Somat 

14 

Ford 

13, 1 Sparge Consulting 

20 

Freeport -McMaHan 

16 Spedaleyes 

20 

GM Hughes Electronic 

15 Standard Platforms 

20 

Harmony Property 

20 Statoa 

14 

IMClnds 

19 Sun Lite 

18 

Imaaco 

15 n 

19 

intercare 

20 Taiyo Sanso 

15 

Jaguar 

13 Telekom Malaysia 

15 

Jelcz 

14 Toyo Sanso 

15 

John Fairfax 

15 UAP 

14 

Kangre 

19 Valeo 

16 

Lax Service 

19 Verson inti 

20 

Lloyds Abbey Ufa 

18 Volkswagen 

14 13 

Loral 

16 Walt Disney 

16 

MacMillan Bioedei 

15 Win Betz 

14 

Marion Metres Dow 

16 YorfcaWre Water 

18 


Market Statistics 

♦Annual reports retries 24-25 Foreign exchnge 


Benchmark Govt bonds 
Bond (mures and options 
Bond prices and ytotis 
ConvmBtiBs prices 
OMdonds announced. UK 
EMS curacy rates 
Eurobond prices 
Rued rarest bxfiees 


17 GBts prices 
17 LUTb equfiy options E 
*7 London stare service 
22 London bed options I 
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FT-SE Actuaries indices 




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20 

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774 


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512 

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Darta Business 

330 

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13 

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338 + 
237 + 

10 

13 

laStrtftt 

447 

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30 

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71 

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32 


3 

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267 + 

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nmii Qocp 

Z73 

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10 

BOO Sup 

64 * 

5 

Raaere 

469 

- 

21 



FINANCIAL TIMES 


COMPANIES & MARKETS 


©THE FINANCIAL TIMES LIMITED 1994 


Thursday July 28 1994 


Krareomaica^^ 


CONTRACT HIRE 
SELL AND LEASE BACK 
CONTRACT PURCHASE 


NORTH 091 5 10 0-*9Hi 
CENT RAJ. 03-45 5S5S-iO 
SCOTLAND 0738 25031 


IN BRIEF 


Du Pont benefits 
from high volume 

Da Pont, the US chemicals group, achieved a 53 per 
cent jump in earnings driven by volume growth in 
the second quarter. The advance, comfortably 
ahead of market forecasts, came despite lower 
prices than a year ago. The company expected earn- 
ings to continue to outperform 1993 for the rest of 
the year, said Mr Edgar Woolard, chairman 
Page 16 

Non-defence side lifts US high tech groups 

Two US high-technology groups lifted their second- 
quarter earnings yesterday. GM Hughes Electronics 
and Allied Signal were helped by growing automo- 
tive and commercial aerospace revenues which off- 
set a decline in sales of defence-related products. 
Profits advanced by 15 per cent at GMHE, a subsid- 
iary of General Motors, and by 17 per cent at Allied 
Signal. Page 15 

Beer s ales boost Anheuser-Busdi 

Anheuser-Busch, the largest US brewer, has 
achieved record sales and earning s in the second 
quarter after a 3.3 per cent gain in beer sales. At the 
end of June, the group's Budwedser family of beers 
commanded 43.7 per cent of the browing industry's 
total US sales. Page 16 

Bethlehem Steel shares ffafl 8% 

Shares in Bethlehem Steel fell about 8 per cent yes- 
terday as the company's second-quarter results 
foiled to match expectations. The company was one 
of the best-performing big company stocks in the 
US earlier this year. Page 16 

Norwegian groups advance 

Net profits at Statofi, the Norwegian state oQ com- 
pany, rose 42 per cent to NKr2.7hn ($380m) in the 
first half Meanwhile, a sharp drop in loan losses 
underpinned the continuing recovery of Christiania 
Bank, Norway's second biggest bank. It more than 
doubled its net profits to NKiTSOm in spite of bond 
market turbulence. Page 14 

BT buoyed by mobile and ceHnlar services 

British Telecommunications lifted its pre-tax profit 
fry 35 per cent to £78Lm {ja.l9hn) in the quarter to 
June 30, relying on a sharp increase in income from 
mobile services and from CeUnet, its cellular joint 
venture with Securicor. Page 18 

Lloyds Abbey Life overcom e s sales falls 

Lloyds Abbey Life overc a me sharp falls in sales by 
its two core life insurance subsidiaries to report a 
13 per cent rise in pre-tax profits for the first half of 
1993 to £17L8m ($262m). Page 18 

Lex Service plays down 64% decline 

Lex Service, Britain’s largest car distribution and 
leasing group, yesterday played down a 64 per cent 
decline in half-year pretax profits. It claimed the 
results were distorted by exceptional Items. Page 19 

Enter pr ise investors review chief’s role 

Enterprise Oil's two largest institutional sharehold- 
ers want Mr G raham Heame, chairman and chief 
executive, to surrender his role as chairman follow- 
ing the UK company’s failed £L6bn ($2.4bn) bid for 
Lamso. Norwich Union and the Prudential Corpora- 
tion jointly own 10 per cent of Enterprise. Page 19 

Companies fat this issue 


Allianz recovers with 25% surge ^S m ‘ er 


By Christopher Parties 
in Frankfurt 

Allianz, Europe's biggest 
insurance group, staged a stron- 
ger-than-expected recovery last 
year with a 25 per cent surge 
in pre-tax profits to DMZbn 
(SL2bn). 

Underwriting losses shran k to 
DMU2bn from DM1. 7bn, while a 
one-off tax credit related to cor- 
porate taxation changes helped 
hoist net earnings to DML46bn 
from DMBSOm, the group reported 

yesterday. 

According to Mr He nnin g 
Schulte-NoeDe, chairman , Allianz 


BAT’s 
US arm 
defies 
tobacco 
lobby 

By Neil Buckley in London 


BAT Industries, the UK-based 
tobacco and financial services 
group, defied what it called 
“unprecedented propaganda” 
against the tobacco industry in 
the US to announce a 5 per cent 
Increase in half-year profits to 
£948m ($1.45bn) before tax. 

The figures - towards the top 
end of expectations - were 
boosted by a strong performance 
bum BAT’ S PS tobacco company 
Brown & Williamson. It recov- 
ered market share lost in last 
year’s price war sparked by rival 
Philip Morris and lifted trading 
profits 76 per cent to £217m. 

Sir Patrick Sheehy, chairman, 
said the US figures “largely 
speak for themselves” and 
showed BAT was weathering the 
political backlash against 
cigarette-smoking. 

“We have been subjected to a 
period of unprecedented propa- 
ganda in the US,” he said. “The 
board, however, remains confi- 
dent of the tobacco industry’s 
ability to continue to defend 

BAT ha l udriet . 

Sot price (pence} , 

.800.- 



400 — 


SotwaFTOwpW*. ; 

itself successfully, not only in 
court but wherever a more bal- 
anced view is taken.” 

He said BAT was pressing 
ahead with its proposed Slbn 
acquisition of American Tobacco, 
the fifth largest US cigarette 
company, although completion 
was unlikely before the end of 
the year. 

The strong performance from 
Brown & Williamson resulted 
from a more stable US market, 
increased domestic sales and 
exports, and improved margins 
on its GPC brand. 

Operating profits last year of 
£80m in BATs Brazilian busi- 
ness were wiped out this time by 
difficult economic conditions. 
But a strong performance from 
the international British- Ameri- 
can Tobacco business helped the 
tobacco division lift operating 
profits to £576m - an increase of 
8 per cent, stripping out an 
exceptional gain of £135m last 
year on a brands swap with US 
fnmpany American Brands. 

On the financial services side, 
operating profits increased 10 
per cent to £439m. with a £193m 
contribution from life and 
investment business, and £246m 
from general business. 

Total profit from continuing 
operations at Eagle Star in the 
UK rose from £45m to £69m, 
with the UK personal lines busi- 
ness performing well. 

In the US, Farmers recorded 
flat profits of £2S2m, reflecting a 
lower contribution from the life 
business. BAT said claims from 
last year’s Los Angeles earth- 
quake were now expected to be 
$l.lbn gross. 

Group turnover from continu- 
ing operations for the six months 
to June 30 increased from 
£11.9bn to £12.0bn. but BAT’S 
shares fell 9p to 434p in spite of 
the profits increase, as investors 

took profits after a strong recent 
performance. 

The interim dividend increased i 
8 per cent to 8J5p, although earn- ; 
ings per share increased only I , 
par cent from 19Jp to 19.4P- i 
Lex, Page 12; Details, Page 19 I 


hoped to bring the underwriting 
deficit below DMlbn this year, 
while premium income growth 
would be less than 10 per cent 
Premium income last year rose 
20 per cent to DM66bn. including 
Deutschen Krankenversicherung 
for the first time. 

The chairman also appeared 
concerned at the continuing 
weakness of the dollar. Every fall 
of one p fenning in the value of 
the US currency from its firing of 
DML7263 on December 31 would 
reduce group sales by around 
DMIOOm, he told a press confer- 
ence. 

While the group remained open 


to further acquisitions. Mr 
Schulte-Noelle said it would con- 
sider only “strategically sensible” 
purchases. Negotiations with 
France’s Credit Lyonnais were 
related only to possible coopera- 
tion, he added. These were no 
plans to take it over or acquire a 
stake. 

Allianz wanted to strengthen 
its distribution to France, Italy, 
the UK and Austria through col- 
laboration with banks. 

The group had already 
informed the Austrian govern- 
ment that it wanted to link up 
with the state-owned Creditan- 
stalt Bankverein, although nego- 


tiations were still at an early 
stage, Mr Schulte-NoeDe said. 

In this instance it might be 
Interested in a minority stake, 
possibly with other partners, if 
the government were prepared to 
surrender some of its bolding. 

Allianz last month extended its 
reach in Switzerland when it 
took a 30 per cent stake in Berner 
Holding, the insurer. 

International business last year 
accounted for 47.5 per cent of 
sales compared with 463 per cent 
tn 1992. with the north and south 
American markets contributing 
almost half of all non-German 
business. 


Foreign premium income 
increased from DM26bn to 
DM31bn. while domestic sales 

rose from DM29bn to DM34bn. 
American premium income 
jumped 44 per cent to DM15bn 
thanks largely to a 74 per cent 
rise in US life business. 

Sales at Firemen’s Fund, the 
biggest US subsidiary, rose 7 per 
cent to DM5.7bn, while net earn- 
ings rose to DM336m from 
DM214m last time. 

The group also reported pre- 
mium income Increases of 12 per 
cent in Italy. 5.5 per cent in 
France and 10.4 per cent in 
Britain. 


Share price (S) 


B $3 10m tumround in second quarter M Jaguar remains in red 

Ford’s European rrT 0 ™^ — * 
unit bounces I L 
back to $244m 


If” 


By Kevm Dorn, 

Motor Industry Correspondent 

Ford’s European automotive 
operations (excluding Jaguar) 
achieved a $3l0m tumround in 
the second quarter with a net 
profit of $244m compared with a 
net loss of 366m in the same 
period a year ago. 

The financial improvement in 
Europe, following three succes- 
sive years of losses, reflects 
the gradual recovery in the 
west European new car market 
as well as a far-reaching restruct- 
uring. 

Jaguar, Ford's UK luxury car 
subsidiary, r emained in the red 
in the second quarter with an 
unchanged operating loss of 
$62m, but Ford said that Jaguar 
was expected to return to profit 
in 1995, ending six successive 
years of losses. 

Ford's European automotive 
operations have suffered a total 
loss in the 1991-03 period of 
$3.3bn, including Jaguar, and 
SLSbn excluding Jaguar. 

The return to profit in Europe 
follows two years of retrench- 
ment in which the Ford of 
Swope workforce (excluding Jag- 
uar) has been cut by 15.4 per cent 
from 98,100 in November 1992 to 
83,000 by the end of last year. 

Ford said yesterday that the 
recovery reflected higher sales 
volumes, with demand picking 
up in most European markets 
from the depth of last year's 
recession, as well as cost-cutting 
primarily in manufacturing and 
purchasing. 


BMW, the German car group, 
saw first-half net profits advance 
14 per cent to DM290m (6181m), 
while orders outstripped produc- 
tion capacity. At Volkswagen, 
worldwide deliveries of cars and 
vans rose by nearly 8 per cent in 
the first half. However, in west- 
ern Enrope, demand for the 
group's brands, increased only 2 
per cent Details, Page 14 

In the first half of the year 
Ford of Europe (excluding Jag- 
uar) achieved a net profit of 
$353m compared with a loss of 
547m. 

Ford's European automotive 
operations, including Jaguar, 
operating losses and acquisition 
costs, improved to a net profit of 
$160m in the first six months 
from a loss of $257m last time. 

hi the second quarter. Ford of 
Europe has increased its market 
share and raised production In 
order to build up dealer stocks in 
expectation of strong demand in 
the third quarter. 

Jaguar's operating loss in the 
first six months was reduced to 
5102m (5118m). 

Ford said that there had been 
an underlying improvement in 
Jaguar's operating results follow- 
ing substantial progress in lower- 
ing costs and raising product 
quality. 

Jaguar increased its worldwide 
retail sales by 14 per cent In the 
first half of the year to 14,800, 
from 13,000, with increases of 25 
per cent in the US and 16 per 


20 1 


1S Ull 


1986 as 90 91 92 93 94 

Net income ($bn) 

Ford Motor Company 
6 





Aim Ttotman 
dhafcman and ehial axacuttve 


Ford European Automotive’ 
1-5-^sr 




- 1.0 


_ .us 


1868 88 90 91 92 83 94 
Induing $&88bn chmgm to cow 
accounting costs 


cent in the UK partially offset 
by a 37 per cent decline in Ger- 
raany. 

Ford has increased its share of 
the west European new car mar- 
ket in the first six months to 11.7 
per cent from 115 per cent a year 
ago helped by strongly rising 


1888 89 90 81 82 83 94 
TndutSng Jaguar Iran 1890 
Sourtw Cocnpvny, DnCruiiwun 

sales of the Mondeo. These have 
offset a loss of market share suf- 
fered by the Escort and Fiesta 
ranges. 

Ford has gained market share 
in the UK Germany and Spain 
but has lost ground in France 
and Italy. 


operating 
loss despite 
revenue fall 

By John Ridding in Paris 

Euro Disney, the troubled leisure 
group, announced a net loss of 
FFr546m (SI 02m) for the third 
quarter to the end of Jane, bnt 
said that operating losses bad 
been reduced sharply from 
FFY381 m to FFrl94m. 

The increase in losses at the 
net level was the result of a one- 
off charge of FFr352m relating to 
a financial restructuring at the 
company, which is Implementing 
a rescue package after suffering 
losses of FFr5.3bn last year. 

The redaction in operating 
losses was achieved despite a Tall 
in revenues at the ttacme park 
and its hotels from FFrl.47bn in 
the third quarter of 1993 to 
FFrl.lGbn this year. Euro Disney 
blamed a more aggressive pric- 
ing strategy and lower atten- 
dances after last year's uncer- 
tainty about tbe future of the 
theme park. 

“Some people outside of the 
company were talking of the pos- 
sibility that we might have to 
close." it said. “This was never 
justified, but had an unsettling 
effect on clients and potential 
customers." 

The reduction in operating 
losses was attributed to efforts 
to improve operating margins, a 
cut In general and administra- 
tive expenses and. most impor- 
tantly, to the initial effects of the 
company's financial restructur- 
ing package which was con- 
cluded earlier this year. 

Property lease expenses, for 
example, were reduced by about 
50 per cent because of interest 
waivers, while no royalties were 
paid in the third quarter to 
Walt Disney, the US entertain- 
ment group which bolds 49 
per cent of Euro Disney's 
shares. 

Euro Disney said that Its 
FFtiL95bn rights issue would be 
completed by mid-August. The 
proceeds will be used to reduce 
the company's debts, which 
stand at about FFrl6bn, exclu- 
ding convertible bonds. 

The seven-for-two rights issue 
has been priced at FFr10 per new 
share. Yesterday. Euro Disney's 
shares remained stable at FFr10. 

Walt Disney has pledged to 
take up Us frill entitlement to 
the rights issue, which is also 
being underwritten by Euro Dis- 
ney’s banking syndicate. 

Prince al-Waleed bin Talal, the 
Saudi investor, is also set to take 
a stake of up to 24 per cent in 
the leisure group as part of its 
financial restructuring. 

Walt Disney. Page 16 


New York and 
London tune into 
Reuters results 


By Andrew Bolgor in London 
and Richard Waters In New York 

Reuters Holdings, the financial 
information and news group, 
underlined its international cre- 
dentials yesterday by crossing 
the Atlantic to report a 14 per 
cent increase in interim profits. 

The UK-based group presented 
its results for the six months to 
June 30 in New York, where 
about a third of its equity is 
listed as American Depositary 
Receipts. Analysts and journal- 
ists in London participated by 
satellite in the presentation. Mr 
Peter Job, chief executive, said 
this use of technology provided a 
“truly level playing field” - infor- 
mation was released in London 
and New York at the same time. 

Pre-tax profits rose to £245ra 
(5380m) on revenue which 
increased 22 per cent to SL09bn. 
The revenue figure contained 
£55m from acquisitions, including 
Quotron, the US-based equity 
trading service, and Teknekron, a 
Californian company which sup- 
plies di gital trading s y stems to 
banks. Excluding acquisitions, 
revenue rose 16 per cent 


Reuters said it paid net cash of 
£IQ2m for the acquisitions, but 
confirmed it could receive up to 
5100m to cover Quotron's con- 
tinuing losses up until 1996 from 
its vendor, the US bank Citicorp. 

Instinet, the US-based equity 
brokerage service, and Thames- 
way, the institutional broker 
bought in November, more than 
doubled profits to £26m. 

Europe and the Americas gen- 
erated strong growth with Asia 
held back by a lacklustre Japan. 
Emerging markets continued to 
flourish. 

Mr Job played down Globes, 
the loss-making venture into 
electronic futures trading, which 
has been rejected by London and 
one of the Chicago exchanges. He 
accepted the group could have 
spent about flOOm to date on the 
project, but said the financial 
impact would be much less - 
even if it was dosed. 

Net cash fell from £450m to 
£428m. Earnings per share grew 
21 per cent to 10.4p (&Gp), boosted 
by last year’s £351m buy-back of 
shares. The interim dividend rose 
23 per coat to 1.9p (l-55p). 

Lex, Page 12 



Screen test Peter Job appears on satellite link from New York 







: ; «.i 


FINANCIAL TIMES THURSDAY JULY 2S 1094 


INTERNATIONAL COMPANIES AND FINANCE 


Statoil profits advance to 
NKr2.7bn in first half 


By Christopher Brown-Humes 
in Stockholm 


Statoil the Norwegian state oil 
company, saw net profits rise 
to NKr2.7bn (S380m) from 

NKrl.9bn in the first half, 

driven by higher net financial 
revenues and a modest rise in 

operating profits. 

Oil prices were lower than a 
year ago. averaging NKrllO per 
barrel compared with NKrl26. 
and refinery margins were 
down sharply. 

But the group’s North Sea oil 
production reached a record 

441.000 barrels a day - up from 

412.000 - and gas volumes and 


prices were both higher. 

Statoil said it needed to con- 
tinue cutting costs to further 
improve results. “Although oil 
prices have risen recently, 
uncertainty persists about 
future price developments and 
the exchange rate for the US 
dollar.'' U stated. It expects to 
maintain high oil production 
levels during the second 
half. 

Operating revenues climbed 
to NKr41.4bn from NKr40^bn, 
with operating profits 
NKrSOOm higher at NKr7bn. 
Operating profits within explo- 
ration and production fell 
NKrl.lbn to NKr3.9bn. par- 


tially offset by a NKr€70m 
increase to NKriL3bn in natu- 
ral gas. 

Oil trading and shipping 
profits rose to NKi€49m from 
NKr3Q8m. 

Net financial revenues rose 
to NKrLSbn from NKi26m, due 
mainly to unrealised currency 
gains. 

The group's cost-cutting 
programme is on schedule. 
It is looking to trim 
exploration and production 
division costs by NKr2bn by 
the end of 1995 and save 
NKr375m a year through effi- 
ciency measures at its Mongs- 
tad refinery. 


Credit 
Lyonnais 
sells further 
UAP stake 


By David Buchan in Paris 


Christiania Bank recovery grows 


By Christopher Brown-Humes 


A sharp redaction in loan 
losses underpinned the con- 
tinuing recovery of Christiania 
Bank, Norway’s second biggest 

hank, in the first half , pnahling 

it to notch up net profits of 
NKr780m (SllOm) in spite of 
bond market turbulence. 

The result is more than dou- 
ble last year’s NKr324m profit 
and reflects a healthier Norwe- 
gian economy and the bank’s 
loan loss recovery drive. 

For the first time in many 
years, amounts written back 
on previous loan losses 


exceeded new loan losses dur- 
ing the second quarter. This 
brought first-half loan loss pro- 
visions down to NKrfnm com- 
pared with NKr913m in the 
same period in 1993. 

The b ank benefited from 
higher lending volumes and 
maintained net interest 
income. But it has not escaped 
the international interest 
rate upheaval taking NKr220m 
in losses on its bond portfolio 
in the first half compared with 
NKr265m in profits a year ago. 
A drive to reduce interest 
rate exposure is bearing 
fruit 


Christiania was a casualty of 
Norway’s banking sector crisis, 
suffering four years of losses 
between 1989 and 1992 and a 
collapse into state ownership. 
Following a NKrUbn interna- 
tional share issue last aut umn, 
the state holds 69 per cent of 
the b ank. 

Christiania has been able to 
write back amounts on previ- 
ous loan losses due to gains 
from repossessed property 
sales, higher collateral values, 
and the rise in shares acquired 
through debt-to-equity conver- 
sions. It still has some loan 
book problems. 


Bank Austria posts a 20% slide 


By lan Rodger in Zurich 


B ank Austria, the country’s 
largest bank, has reported a 20 
per cent slide in pre-tax profit 
in the first half to Sch2.1bn 
f$189m) due to a slump in trad- 
ing income. 

But the bank expects an 
unchanged pre-tax result in the 
full year, as higher lending 


marg ins in the second half off- 
set lower profits from trading. 
It also said provisions for bad 
loans would be about 10 per 
cent lower than last year's 
Sch3.8bn. 

Net Interest income in the 
first half was flat at Sch6.06bn 
as loan demand remained 
slack. Partial operating profit 
(pre-tax profit excluding own 


account trading) was up 5.5 per 
cent to Schl.Sbn, mainly due to 
lower transaction taxes. But 
trading income fell 66.6 per 
cent to Sch291m. causing the 
sharp decline in pre-tax profit. 

Comparative figures were 
adjusted to remove the extraor- 
dinary charges last year for 
reforming the employee pen- 
sion fund. 


BCP setback sours offer for bank 


By Peter Wise m Lisbon 


Banco Portugufes Comercial 
yesterday reported a 9 per cent 
slide in net income for the first 
half of 1994, compared with the 
same period last year, to 


Es8.68bn ($59m). Pre-tax 
income rose 2 per cent to 
Esl2.41bn. 

The results came a day after 
BCP announced a Esl32bn 
offer for 40 per cent of Banco 
Portugues do Atlantic©, Portu- 


gal's largest commercial bank. 
Lisbon stock market analysts 
said yesterday they expected 
BPA to contest the bid. 

The bank recorded total 
assets of EsL987bn at the close 
of the first half, up 16 per cent 


This announcement Is under no circumstances to be considered as an offer to sell or as a solicitation of an otter to buy any of these securities. 

The oHerimj is made only by the Prospectus. 

June 1994 


23,678,706 New Shares 



Norsk Hydro a.s 

(A Norwegian Company) 


Rights Offering 


Subscription Price NOK 200 Per New Ordinary Share 
($28,167 Per New ADR) 


12,076,709 Shares 

Subscribed by the Kingdom of Norway 


3,480,599 Shares 

The above shares were underwritten by the following group vl US. Underwriters 


Merrill Lynch & Co. 


Goldman, Sachs & Co. 


Morgan Stanley & Co. 


Alex. Browu & Sons 

loeerpunltd 


Dean Witter Reynolds Inc. 


Lehman Brothers 


Smith Barney Inc. 


Kidder, Peabody & Co. 

uunrpondw 

Werthelm Schroder & Co. 


Arnhold and S. Bleichroeder, Inc. 


Kemper Securities. Inc. 


8,121,398 Shares 

The above shares were underwritten by the (allowing group ol International Underwriters. 


Merrill Lynch International Limited 
DnB Fonds AS 


NatWest Securities Limited 


Paribas Capital Markets 

Swiss Bank Corporation 


ABN AMRO N.V. 


Christiania Fonds AS 


Dalwa Europe Limited 


Deutsche Bank 


Enskllda Corporate 


Alfred Berg BNP Capital Markets Limited Barclay 

Commerzbank Aktiengesellschafl Credit Lyonnais Securities CS First Boston 


Barclays de Zoete Wedd Limited 


Den Danske Bank 


Dresdner Bank 
Pareto Fonds AS 


Eicon Securities AS 


FIBA Nordic Securities 


fdeinwort Benson Securities 


RBC Dominion Securities Inc. 


J. Henry Schroder Wagg & Co. Limited 


Sun dal Collier & Co. ojs 


UBS Limited 


S. G. Warburg Securities 


Global Coordinator 

Merrill Lynch & Co. 





BMW orders outstrip production 


By Christopher Parkes 
In Frankfurt 


Credit Lyonnais, the troubled 
state-owned bank, yesterday 
announced the sale of a 16 per 
cent Stake in its subsidiary 
Union des Assurances Fed£r- 
aies. This brings total assets 
sold off since March by the 
bank's new management to 
FFrd.6bn (Slbn). 

Credit Lyonnais said its pri- 
vate placement of the stake 
with French and foreign inves- 
tors would bring in FFrl.XSbn. 
This would realise a FFr65 0m 
capital gain for the bank 
which is striving to rebuild its 
funds in the face of record 
losses and bad debts. The 
bank’s remit sale of its stake 
in FNAC, the record and book 
chain, to the Pinanlt group 
gave it FFr4 ^ bn. 

Credit Lyonnais now holds 
51 per cent of UAF having sold 
a 33 per cent stake in January 
for FFr2bn. It said yesterday it 
intended to keep UAF as its 
main life insurance operation 
and future vehicle for manag- 
ing private pension funds. If 
and when these were intro- 
duced in France. 

By contrast. Credit Lyonnais 
said it was still looking for a 
partner in non-life insurance 
whose products could be mar- 
keted in its banking network. 
Allianz of Germany confirmed 
yesterday it was disenssing 
just such a partnership with 
the French bank. 

Credit Lyonnais had earlier 
approached Assurances Gener- 
ales de France (AGF) on such a 
deal, but the latter decided to 
turn instead to Society Gener- 
ate as it banking partner. 
Soctete Gdugrale has said it 
wanted to increase its stake in 
AGF to 6 per cent from 2 per 
cent on the latter’s privatisa- 
tion. 

Credit Lyonnais this week 
refused to comment on reports 
that it wanted to sell its 3 per 
cent stake in Total, the oil 
company. The French Trea- 
sury is reported to want AGF 
to buy these shares, under an 
agreement that state-owned 
shareholders in Total would 
give each other first option on 
any of their share sales. But 
AGF said it had received no 
request to buy the Credit 
Lyonnais stake in Total. 


Orders for BMW cars 
outstripped production capac- 
ity in the first half of this year, 
when net profits jumped 14 per 
cent to DM2S0m (SlSlm). the 
automotive group said yester- 
day. 

Output of BMW models, 
hampered by retooling for new 
models, rose 3 per cent to 
2S5.0Q0 units, while deliveries 
to customers increased 5 per 
cent to 291.500. Turnover 
climbed 7.4 per cent to 
DM15Bbn. 

The newly-acquired Rover 
group also worked at the limits 
of its capacity to deliver 234.600 
vehicles - a 16 per cent 
improvement on the first half 
Of 1993, BMW said. No financial 
details for Rover were included 
in the report 

Although the company pro- 
vided no clear forecasts for the 
full year, apart from predicting 
higher deliveries and produc- 
tion. it suggested the early 


Worldwide deliveries of 
Volkswagen group cars and 
vans rose 7.8 per cent in the 
first half of this year, writes 
Christopher Parkes. 

The Seat and VW marques 
were most successful, record- 
ing increases of 23 per cent 
and 9 per cent respectively, 
the company said yesterday. 

However, in western Europe, 
where overall car sales rose 
about 7 per cent, demand for 
the group's brands, which 


include Skoda and Audi, 
increased 2 per cent 

German deliveries fell 3.9 
per cent to 508.400 units, 
while sales elsewhere in the 
region gained 7.5 per cent to 
600.600 vehicles. 

US sales more than doubled 
to 57.000. while the Japanese 
business gained almost 50 per 
cent. VW group turnover and 
earnings figures are expected 
in an interim report next 
month. 


demand for quality cars. 
Although the Japanese market 
had stopped declining, an 
increase in overall registra- 
tions was not to be expected 
before 1995, BMW said. 


pace would slow. In the US. 
where first-half sales of BMWs 
rose 13 per cent to 41.700. it 
expected overall demand for 
passenger cars to continue 
increasing but at a lower rate 
than the 8 per cent recorded in 
the period to the end of June. 

The company was concerned 
at the strength of the D-Mark, 
which "could bring into ques- 
tion the expected economic 
recovery’*, it said. 

Lower growth rates were 
likely in western Europe. 


where price cuts, cheap special 
models and government-funded 
measures to encourage people 
to buy new cars, had lifted 
overall registrations 7 per cent 
to 6.5m units in the first 
half. 

BMW sales in the region rose 
2 per cent to 201.200 cars. Reg- 
istrations in Germany 
increased only slightly to 
116.000. 

In Japan, the marque's sales 
rose 15 per cent to 14,700 units , 
in spite of a clear fall in overall 


In an enthusiastic review of 
the Rover purchase, the report 
said sales in mainland Euro- 
pean countries had "almost 
without exception” grown by 
more than 10 per cent. The 
introduction of the Land Rover 
Discovery to the US in April 
had helped double sates of 
Land Rover vehicles there to 
4,500. 

The company's motorcycle 
business reported a 35 per cent 
rise in deliveries during the 
review period to 29 .300. 

Production of two-wheelers, 
including assembly in Italy of 
the new F650 single-cylinder 
model, increased 11.5 per cent 
to 24.240. 

The BMW marque's share of 
the world market rose to 5 per 
cent, compared with 3.5 per 
cent in the first half of 1993. 


Mercedes in Polish truck move 


By Christopher Bobhtsld in 
Warsaw and Anthony 
Robinson In London 


Mercedes-Benz has indirectly 
stepped up its presence in the 
moribund Polish truck and bus 
industry following the signing 
of an initial agreement for the 
sale of Jelcz. the state-owned 
truck manufacturer to Sobies- 
law Zasada Centrum ( SZC l the 
local Mercedes-Benz dealer. 

The SZC offer to purchase 51 
per cent of Poland’s former big- 
gest truck producer, which 
assembled only 820 vehicles at 
a loss of 135bn zlotys (S6m) last 
year, was accepted by the gov- 


ernment after two years of des- 
ultory talks with Volvo’s truck 
division. 

SZC agreed to invest LOOObn 
zlotys in modernising the plant 
over the next six years, with 
funding from bank loans guar-" 
anteed by Daimler-Benz. 

SZC said: “We want to put 
together a holding company 
controlling plants which are 
able to produce parts and pos- 
sibly assemble a Mercedes- 
vehicle in Poland when the 
German company is ready for 
such a decision.’’ 

The SZC move follows a Pol- 
ish government decision last 
week to ban imports of used 


trucks aged over three years. 
This will make local producers 
such as SZC more competitive. 

Last year. SZC reported a 
204bn zlotys net profit. It is 
p lanning a Warsaw stock mar- 
ket flotation combined with a 
new share issue to fund further 
investments in Poland's engi- 
neering sector. 

The new issue will give Mer- 
cedes. which kept a low profile 
during the Jelcz talks, a 
chance to take an equity stake 
in SZC. 

SZC already assemble medi- 
cal vehicles and delivery vans 
at Glowno. a former vehicle 
refitting works near Lodz. 


German group 
in Bulgarian 
transport deal 


By Theodor Troev in Sofia 


First-half turnround at Solvay 


By Paul Abrahams in London 


Solvay, Belgium's largest 
chemicals group, yesterday 
reported consolidated profits 
for the first half to June 30 of 
BFr2.91bn (S86.6m). compared 
with losses of BFrS.7bn. 

The results were flattered by 
exceptional sales of non-strate- 
gic businesses worth BFrlbn. 
These included the wood pro- 
tection and special tile adhe- 
sives businesses. The loss last 


year included a BFr3bn excep- 
tional charge for restructuring. 

Hie group predicted profits 
would continue to improve as 
long as the European economy 
continued to pick up. 

Turnover increased 4.5 per 
cent to BFrl27.5bn from 
BFrl22bn in spite of plant clo- 
sures. Sales in Europe rose 2 
per cent, while those in the US 
improved 8 per cent and sales ■ 
in the Asia Pacific gained 74 
per cent. However, sales 


in Brazil fell 20 per cent 
The company said all busi- 
nesses, with the exception of 
peroxygens. increased operat- 
ing profits. No figures were 
provided. The plastics business 
had returned from severe 
losses last year back into 
profit. It had benefited from 
higher volumes, as well as 
prices. PVC prices had 
increased 35 per cent since Sep- 
tember last year, and were set 
to rise further. 


Willi Betz, the German 
transport company, is buying 
55 per cent of Somat, Bulgar- 
ia’s long-distance trucking 
company in the biggest foreign 
investment in the country's 
privatisation programme. 

The German group is paying 
$55 m for its majority stake and 
will invest a further $48m over 
the next seven years. The state 
will retain 25 per cent and the 
remaining 20 per cent will be 
offered to employees. 

Alpha Transport of France, 
the competitor for the deal, 
complained it was not treated 
on equal terms with its rivals. 
Both foreign companies have 
been working with Somat since 
the 1970s. 

Somat used to have a com- 
manding position on the route 
from the Gulf to Western 
Europe but war and sanctions 
in the Gulf and former Yugo- 
slavia disrupted the routes. 

However, the company still 
controls half the European 
road haulage market to the 
Middle East, according to esti- 
mates. Somat is recovering its 
markets in Russia and the CIS. 


Spelling out a record of success 
in Sovereign issues. 


JUNE 1994 


MARCH 1994 


JANUARY 1994 


Her Majesty in 
Right of Canada 


Kingdom 
of Sweden 


US $2 billion 
Eurodollar bonds, 
due 1997 


US $2 billjon FRN, 
due 2001 


Her Majesty 
The Queen in 
Right of 
New Zealand 


US $1 billion FRN. 
due 1999 


JUNE 1994 


JULY 1994 


Republic 
of Portugal 


Republic 
of Italy 


King 
of Dei 


Global gr 

DM 13 billion FRN. «p 
due 1999 &••• 


Global 

US J4 billion FRN, 
due 1999 


FEBRUARY IW 


JUNE 1994 


Kingdom 
of Sweden 


Kingdom 
of Belgium 


JANUARY 1994 


£200 million 
Eurostcrling bonds, 
due 1999 


Her Majesty in 
Right of Canada 


US 5500 million 
Eurodollar bonds, 
due 1999 


US $2 billion FRN, 
due 1999 


It needs more than a strong capital base to achieve this kind of record in Sovereign 
financings. It takes a combination of exceptional distribution and a powerful trading 
capacity as well as an enviable track record in the execution of jumbo euro and global 
transactions. Our record spells out a clear message: with unquestioned financial strength 
and highly effective global co-ordination, UBS is the leading force in sovereign debt issuance. 




:KVO Nidi* 


,is. mount 




NOR 


1.43, 


N« t’Rii 






UBS Limited 


i ; DANx of 

’•MMr 






UBS Limited is j member of ihc SFA. UBS Limited. 100 Liverpool Street, London EG2M 2RH. 






FINANCIAL TIMES THURSDAY JULY 28 1 994 


15 


hV't.M 1 1 Mi .-s 


•P Produ 


£■?? Skt-v,^ r ,. . 

'***.& . 
s Mrf in ; , 

teiw- vijx p. . . 4 

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★ 


INTERNATIONAL COMPANIES AND CAPITAL MARKETS 


High-tech groups report gains 

$579 ,8m. against $421 An in 
1993. 


Exchange-traded currency 
products fi face slowdown’ 


By Patrick Harverson 

In New York 

CM Hughes Electronics and 
Allied-Signal, two US high- 
technology groups, posted 
higher second-quarter earnings 
yesterday as growing automo- 
tive and commercial aerospace 
revenues offset a decline in 
sales of defence-related prod- 
ucts. 

GMHE. a subsidiary of Gen- 
eral Motors, reported a 15 per 
cent gain in second-quarter 
profits to $267^m, or $67 cents 
a share, on revenues of $3.5bn, 
up from $3.3bn a year earlier. 
First-half profits totalled 


Tobacco side 
boosts income 
at Imasco 

By Robert CHbbens In Montreal 

Imasco, the diversified 
Canadian group controlled by 
the UK's BAT Industries, 
boosted second-quarter earn- 
ings by 35 per cent to C$128m 
fUS$S3.4m). or C$1.05 a share, 
from C$95m, or 74 cents, a year 
earlier. Net revenues rose by 4 
per cent to C$2.1 bn. 

Strong results from its 
tobacco and financial services 
businesses accounted for the 
gains. Imperial Tobacco lifted 
operating profit to C$148m, up 
49 per cent, while Canada 
Trust, the country's biggest 
trust company, contributed 
C$88m, a jump of 83 per cant 

Hardee’s, the US fast food 
unit, improved 13 per cent to 
C$47m while drugstore retail- 
ing was unchanged at C$22m. 
The property unit improved 
significantly but general retail- 
ing losses were heavier. 

First-half net profit was 
C$203m, or C$1.65 a share, up 
26 per cent from C$161m, or 
C$L24- Net revenues rose 1 per 
cent to C$3 -9bn. 

Imperial Tobacco’s share of 
the domestic cigarette market 
reached 645 per cent at June 
30. But profit growth will be 
slower in the second half. 

• Bio Algom’s first-half net 
profit was C$24m, or 48 cents a 
share, up from Cgll.lm. or 23 
cents, a year earlier on reve- 
nues of C$536m, against 
C$474m. Second-quarter profit 
equalled 33 cents a share, com- 
pared with 8 cents. The Cent) 
Colarado copper mine in Chile 
began to contribute. 


It said productivity improve- 
ments and continued growth in 
its non-defence businesses 
were behind the gains 

Revenues from GMHE’s 
automotive electronics division 
rose 24J per cent to $L43bn 
thanks to increased production 
of GM vehicles, which GMHE 
supplies with electronic prod- 
ucts. and stronger interna- 
tional and non-GM sales. 

The company's telecommuni- 
cations and space operations 
saw revenues climb 24.6 per 
cent to $54EL9m. mainly due to 
work on government-related 


By Bernard Simon in Toronto 

Noranda, the Canadian 
resources group, has reported 

sharply higher second-quarter 
ear ni ngs, thanks to rising com- 
modity prices, favourable cur- 
rency movements and a 
reduced stake in Falconbridge, 
the nickel producer. 

Net earnings jumped to 
C$81m (US$59m), or 35 cents a 
share, from CJlm, equal to a 
loss of 7 cents per common 
share, a year earlier. Revalues 
climbed to C$1.57bn from 
C$1 J bn. 

The latest figures include 


By Robert Gtibbens 

MacMillan Bloedel, the 
Canadian forest products 
group, lifted profits in the sec- 
ond quarter. The group said a 
strengthening market for 
paper and wood products 
would enable it to absorb 
higher stumpage and royalty 
costs in the second hall 

Second-quarter profit was 
C$4&3m (US$35m), or 37 cents 
a share, up from c$22L5m, or 19 
cents, a year earlier on sales of 
CSlhn, against C$899m. 

First-half net profit was 
C$63.2m, or 47 cents, compared 
with C$68 .8m, or 57 cents, on 
sales of C$Z.9bn. against 
C$L7bn. 

• Canada’s two biggest pub- 
lishing groups continue to 
recover from the recession. 


satellite manufacturing pro- 
grammes and a contract to 
supply communications equip- 
ment to BellSouth Cellular. 

GMHE’s defence electronics 
division reported a 10.5 per 
cent decline in revenues to 
$L38bn, while its commercial 
technologies unit also saw rev- 
enues fall, from Sl68m a year 
ago to SI 63.1m. 

Allied-Signal reported sec- 
ond-quarter profits of $196m. or 
69 cents a share, up from 
$167m, or 59 cents, a year ago 
and a record for the New Jer- 
sey-based company. The strong 
second quarter took first- 
half earnings to a record 


sales, notably as a result of a 
reduction in Noranda’s stake 
in Falconbridge from 50 per 
cent to 47.5 per cent 

Falconbridge recently com- 
pleted a public share offering, 
and Noranda began fully con- 
solidating the nickel produc- 
er’s results from June 30. 

Mr David Kerr, chief execu- 
tive, predicted a further 
improvement in the second 
half based on continued 
buoyancy In demand and 
prices for most of Noranda’s 
products. 


South am’s second-quarter net 
profit was C$Um, or 14 emits, 
up from C$3 -2m, or 4 cents, on 
revenues of C$292m, against 
C$288m. Half-year profit was 
C$13 .2m, or 17 cents, against a 
loss of C$4m, or 6 cents, on 
revenues which edged ahead to 
C$565m from C$561m. 

Torstar’s first-half profit was 
C$21Jm, or 55 emits a share, 
against C$8. lm, or 20 cents, on 
sales of C$489m against 
C$459 hl 

• Stelco, one of Canada’s two 
biggest steelmakers, posted 
second-quarter profits of 
C$26m. or 21 cents, against a 
loss of C$13m, or 21 cents, an 
sales of C$730m. up 15 per cent 
First-half profit was C$13m, or 
6 cents, against a loss of 
C$5lm, or 72 cents, on sales of 
C$1 .4hn, up 16 per cent. 


$365m, up from $313m in 1993. 

During the quarter, its sales 
rose 4 per cent to $32bn. The 
company's engineered materi- 
als division led the way, report- 
ing sales of $88m, up from 
$73m a year ago. The perfor- 
mance of its automotive divi- 
sion was also impressive, it 
reported a 32 per cent increase 
in net income to $62m on 
record sales of $l.25ba. 

Allied-Signal's aerospace 
division posted higher net 
income, with profits from the 
unit rising 17 per cent to $61xn 
as productivity gains helped 
offset lower military spending, 
which kept sales flat 


uted second-quarter earnings 
of C$5 lm, up from CS22m a 
year earlier. The increase was 
due to higher nickel, copper 
and gold output, and rising 
precious metal, potash and alu- 
minium prices. 

Noranda Forest’s earnings 
climbed to C$S3m from C$8m, 
reflecting buoyant lumber, 
panelboard and pulp markets. 
Oil and gas earnings rose to 
C$18m from C$4m. More than 
half the increase came from 
the sale of assets. Higher natu- 
ral gas prices and oil produc- 
tion were partly offset by lower 
oil prices. 


Donaldson to 
step down at 
NYSE in May 

By Patrick Harverson 

Mr William Donaldson is to 
Step down as rhairman of the 
New York Stock Exchange 
when his first term ends next 
May. His decision, which was 
expected, revived speculation 
over the identity of his succes- 
sor. 

The most likely candidat e to 
take over is its current presi- 
dent and rfiiaf operating offi- 
cer, Mr Richard Grasso. 

During his 27 years at the 
NYSE, the 48-year-old Mr 
Grasso' has built up a wealth of 
knowledge of the exchange's 
inney.worirings. He is also pop- 
ular with the exchange's floor 
traders and. specialists, and 
industry sources say It is 
unlikely the NYSE’s board will 
choose an outsider. 


Telekom 
Malaysia 
climbs 23% 
at halfway 

By Christkie HU 
In Kuata Lumpur 

Telekom Malaysia increased 
net profits 23.7 per cent to 
MS60&&U (USS233.6m) for the 
six months to June 30 com- 
pared with the previous six 
months. Earnings per share 
were 30.5 emits. 

The market greeted the 
results, which were within 
expectations, with enthusiasm. 
Mr James Hay, of Arab-Malay- 
sian Securities, said: “It's such 
a relief that they have come in 
wen." Most forecasts for the 
foil year range from 71 emits 
to 75 cents. 

Turnover rose 15-3 per cent 
to M$2.l3bn, while pre-tax 
profits were np 12.1 per cent 
to M$788.8m. Net profits 
were helped by a fan in tax 
rates from 30-3 per cent in the 
first half of 1993 to 23.3 per 
cent in the first half of 
1994. 

Over the past year, Tele- 
kom’s installed line capacity 
has grown from 12 customers 
per 100 population to 14 per 
100. Analysts expect penetra- 
tion to reach 15 per hundred 
by the year-end. 

Analysts see Telekom as a 
stronger utility in the 
market than Tenaga, the 
national 'power company. 
Both industries have 
recently been opened to 
competition. 

Telekom is trading at a p/e 
ratio of 27 times for 1994, a 15 
per cent premium to the mar- 
ket, according to K.C. Tan. 
telecommunications analyst 
for GJL Gob Securities. 

Telekom shares closed yes- 
terday at MS 19 .30, up 40 emits. 


NEWS DIGEST 

Siam Makro’s 
profit up 224% 

Siam Makro, the operator of 
Makro cash-and-carry whole- 
sale stores in Thailand, has 
announced a 224 per cent rise 
in net profits to Btl66.1m 
($6-65m) in the first half of 1994 
from Bt5l.2m In the same 
period of 1993, writes Victor 
Mallet in Bangkok. 

The company, a joint ven- 


“ There is little potential for 
success of new exchange- 
traded currency futures, 
options on futures, or direct 
options on currencies, particu- 
larly on exchanges other than 
the Chicago Mercantile 
Exchange, the world's domi- 
nant currency futures 
exchange.” 

This is the conclusion of a 
recent study by Professor S. 
Craig Pirrang of the University 


DERIVATIVES 


of Michigan School of Business 
Administration. The study. 
“Prerequisites for success or 
currency derivatives", was 
commissioned and distributed 
by the Catalyst Institute, a 
midwestem think-tank that is 
backed by contributions from, 
among others, the CME. 

Despite its Chicago-centric 
bias. Prof Pirrong's study use- 
fully points out that two 
decades of explosive growth of 
exchange- traded currency 
derivatives has now slowed 
appreciably, and that the intro- 
duction of new currency con- 
tracts on the world’s futures 
and options exchanges fre- 
quently faiL 

Meanwhile, volume in under 
lying cash markets (worldwide 
foreign exchange turnover is 
estimated at Sl.OOObn daily) 
continues to grow, and the use 
of off-exebange derivatives, 
like swaps and over-the- 
counter options by Forex trad- 
ers is flourishing. 

A successful new exchange- 
listed contract, the study con- 
cludes, must have acceptable 
liquidity levels and low trans- 
action costs. 

The best contracts, he says, 
are “natural monopolies" that 


ture between SHV group of the 
Netherlands and the multina- 
tional CP group of Thailand, 
was floated on the Thai stock 
exchange this year. 

First-half earnings have 
already exceeded those for the 
whole of 1993. 

Fairfax stake 

County NatWest Australia, the 
investment bank, disclosed 
that it has raised its stake in 
John Fairfax, the publishing 
group which owns three of the 


focus trading and liquidity in 
one market. 

The study is interesting 
because two exchanges are 
engaged in a cross-Atlantic 
struggle for market share in 
the same currency options 
products. Matif. France's 
futures exchange, launched US 
dollar/French franc and US dol- 
lar/D-Mark options in May, and 
after two months of dealing, 
have kept the contracts viable. 

Its primary 1 competition is 
the Philadelphia Stock 
Exchange, which prior to the 
MatiTs challenge, was the only 
exchange in the world that did 
a flourishing business in 
options on foreign currencies. 
Much of the PHLX's business 
comes from France and other 
parts of Europe, making the 
exchange much better known 
abroad than it is at home. 

The CME trades options on 
currency futures rather the 
currencies themselves, and 
unlike the PHLX, its currency 
options and futures volumes 
have been eroding this year. 

To remain competitive the 
PHLX keeps its markets open 
late into the night and e;irly in 
the morning to serve custom- 
ers in the European time zone. 
The PHLX established its cur- 
rency options business long 
before the Matif became a 
strong financial centre, and 
managed to defend its market 
share against a challenge from 
London's Liffe In the 1980s. 
Liffe has since delisted its cur- 
rency options contracts. 

In launching their own chal- 
lenge, Matif officials reasoned 
it was time to bring some of 
the currency dealings done by 
French banks in Philadelphia 
back to Paris. So far. 
they have attracted a respect- 
able amount of trading, while 


country's leading newspapers, 
from 639 per cent to 7.566 per 
cent, writes Nikki Tait in Syd- 
ney. 

Gas makers merge 

Toyo Sanso and Taiyo Sanso, 
two Japanese oxygen and 
industrial gas manufacturers 
belonging to the Mitsubishi 
group, are to merge next April, 
writes Emlko Terazono in 
Tbkyo. 

The one-for-one merger, 
which wdl create a company 


doing little damage to the 
much larger PHLX market. 

During June, the first lull 
month of trading. Matif cur- 
rency options traded more 
than 70,000 contracts, with 
open interest, which reficcis 
positions held longer than or.e 
day. rising steadily to more 
than 23.000 contracts Activity 
in D-Mark options outpaced 
French franc turnover by 
about five to one. 

Volume continued to grow 
during July, with D-Mark 
options turnover at 7S.iX.Yi con- 
tracts by the 14tli trading day 
of the month, and franc 
options turnover at 6.564. 
PHLX. in contrast, traded more 
than 1.6m options contracts in 
10 different currencies and 
crosses during June. Tk^l 
included a tm French franc 
options that were mostly 
traded in the List week of the 
month The PHLX regularly 
trades more than 300.000 
D-Mark options per month. 

And if Matif business grew 
in July, the PHLX’s flourished 
On July 12 . when global For- 
eign exchange markets hie- 
cuped. the Philadelphia 
exchange had a record «ingl»- 
day turnover of U74.764. 

Mr Randy Kelsey, ait assis- 
tant vice-president at Cardiff 
investors Services, a brokerage 
house that is a member .«» 
both the Matif and PHLX savs 
that the new Matif options 
have done remarkably well 
given the stiff competition 
from PHLX and the scepticism 
that greeted the Paris con- 
tracts. 

"To date I don’t see a loser m 
this. Its a big plus if the Mat:!' 
can sustain the business” says 
Mr Kelsey. 


will allow the companies tu 
streamline their operations 
while enabling new investment 
into research and development. 

The merger follows that of 
two Mitsubishi group chemical 
companies. Mitsubishi Kasei 
and Mitsubishi Petrochemical 
last October. 

• Mitsukoshi and Daimaru, 
two leading Japanese depar- 
ment stores, announced a 
tie-up of their goods delivery 
operations in an attempt to cut 
costs. 


Noranda soars after asset sales 

C$21m in net gai ns from asset 


Mining and metals contrfb- 

MacMillan Bloedel lifts 
second-term earnings 


Laurie Morse 


with sales of Y77bn iS7Sf»m». 


This announ c emen t appaus as a namer of record only. 


NB 


NORDLANDSBANKEN AS 

Uncarporaied wab fanned UabUUy in the Kingdom qf Norway) 


Rights Issue 
of 

1,432,526 New Ordinary Shares 
of par value NOK 50 each 
Issue Price: NOK 85 per Share 


Arranged by 
Joint Lead Managers 


OSLO SECURITIES AS 


Nomura International 


May 1994 




Ha Nha> kr tahf 


teoji m tutu* 



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off electricity 

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021 423 3018 

Powerline 


BANK OF CHINA 

US. Dollar Floating Rate Notes dUB July 1996 
- WKN478543 - 

to aecirrianca wih the CondKom 01 to Note* now* Is hereby ghwn vm hr 
torefBBportqojjiyao. 188* to January 25. ifl« Included fW days) «w Mow 
Bear merest at dm ms of 5J312S3. par annum. Tha coupon amount pat U.S-S 
100500 Note wfi be U.&S271.SS and par U.&S100.000 Nore U.SJB.71S2B. The 
Mores Paymam Dare «■ be January 26. 1885. 


In JJy i8$4 


Deutsche Bank 
Akfiengeseueehan 


THE WORLD S TOP lOOO BANKS 



I riwNCi.u u«i* 1 

■ M » O « » I ■ » » I 


JULY ISSUE OUT NOW £5-00 


These securities haw not bean registered under the Securities Act of 1933 and may nof bo ollared or sold in the Untied Sumps except 
tn accordance ivftfr the resale restrictions applicabto thereto. These securities having been pramusly 
sold this announcement appears as a matter ot record only. 


CORTEFIEL 


Initial Public Offering 
of 

4,911,534 Shares 


Joint Global Coordinators 

Goldman Sachs International Banco Central Hispano 


Paribas Capital Markets 
Banco Central Hispano 


International Offering 

1,964,614 Shares 

Goldman Sachs International 

UBS Limited S.G.Warburg Securities 

Carnegie Istituto Mobiliare Italiano S.p.A. 


N M Rothschild and Smith New Court 


Santander Investment 


Banco Central Hispano 


Spanish Institutional Offering 

1,409,397 Shares 

F G Inversiones Bursdtiles S.V.B., S.A. 
BBV Interactlvos, S.V.B., S.A. 

Spanish Retail Offering 

1^37,523 Shares 

Banco Central Hispano 

BBV Interactivos, S.V.B., S.A. 


July 1994 








16 


FINANCIAL TIMES THURSDAY JULY 28 1994 


* n 


INTERNATIONAL COMPANIES AND FINANCE 


Animated films edge Disney ahead 


By Patrick Harverson 
hi New York 


The continued runaway 
success of Walt Disney's new 
classic animated films 
helped the US entert ainm ent 
group shrug off lower theme 
park attendances to post a 
slight improvement in third- 
quarter profits, to $267.5m, or 
49 cents a share. 

In the same period a year 
ago. the group earned S259.un, 
or 48 cents. 

The results, which came in 
above Wall Street analysts’ 
forecasts, were welcome news 
for the company, whose for- 
tunes have suffered recently 
from the death in April of Mr 
Frank Wells, president, and the 
sudden incapacitation of Mr 
Michael Eisner, the chairman , 
who underwent quadruple 
heart bypass surgery 10 days 
ago. 

These events raised a ques- 
tion over the depth of manage- 
ment at Disney, and revealed 


differences within the group 
over who should succeed Mr 
Eisn er when he retires. 

Yesterday's announcement 
of third-quarter results, how- 
ever, helped reassure share- 
holders that in spite of Dis- 
ney’s travails, its earnings 
continue to grow. 

Revenues in the period 
climbed 22 per cent to $2^5bn, 
thanks to record revenues horn 
the film and consumer prod- 
ucts divisions, both of which 
were buoyed by the success of 
Disney’s animated films. 

Film revenues jumped 53 per 
cent to Slbn, powered by the 
box-office hit The Lion King. 
an animation feature which 
was released in June and sold 
S186m in tickets during its first 
six weeks. Heavy demand in 
the US home video market for 
The Return of Jafar. a sequel to 
the top-selling Aladdin 
animated film, also con- 
tributed greatly to revenue 
growth. 

The popularity of Disney’s 



Michael Eisner: illness raises 
concern over future leadership 


new animated films, and 
classics such as Jungle Book 
and Bambi helped boost earn- 
ings at the group’s consumer 
products division, where reve- 
nues rose 38 per cent in the 
quarter to $407. 6 m_ Sales of 
The Lion King merchandise 


and records were especially 
strong. 

The one disappointment in 
the quarter was the perfor- 
mance of Disney's theme parks 
and resorts division, which 
reported a 4 per cent decline in 
revenues to S942JZm. 

The group blamed the 
decline in park attendance on a 
fall in the number of foreign 
tourists, and on the continued 
impact on its California attrac- 
tions of January's Los Angeles 
earthquake. 

The other negative influence 
on Disney's quarterly earnings 
was EuroDisneyLand, the 
struggling French theme park 
49 per cent-owned by the US 
group. Disney said it took a 
charge of $52£m in the third 
quarter to cover the cost of its 
contribution to an emergency 
finan rial restructuring of the 
Euro Disney group. 

* Disney's shares were 
unchanged on the New York 
Stock Exchange yesterday 
morning at $41%. 


US defence 
groups aided 
by purchases 


By Richard Waters 


Martin Marietta and Loral, 
two US defence companies, 
reported markedly different 
results for the three months to 
June, a period in which 
both were buoyed by con- 
tributions from recent acquisi- 
tions. 

Martin Marietta failed to 
meet market expectations with 
a 31 per cent advance in net 
income, to 5162m. 

Earnings per share of 8L29, 
fully diluted, were ahead of 
last year's 99 cents but well 
short of some market expecta- 
tions. 

Meanwhile, Loral's warning s 
of 65 cents a share were ahead 
of last year's 48 cents and 
above what the market had 
been looking for. 

Martin Marietta's figures in 
the second quarter were the 
first to include contributions 
from the space systems divi- 
sion of General Dynamics, 
acquired in May. Despite this, 
sales fell 5 per cent to $2_5bn. 

Loral, meanwhile, reported 
net income of $55m on sales of 
$1.3 bn, compared with $4Qm on 
sales of $850m a year ago. 


Components groups study link 


By John Ridding in Paris 


Valeo, the French automobile 
components company, and Sie- 
mens, the German electrical 
engineering group, yesterday 
announced they were studying 
a merger of their automotive 
air-conditioning operations and 
small motors activities. 

Total annual sales of the 
combined activities would be 
about FFr6.6bn ($l-2m). The 
venture would he one of the 
most significant moves in the 
restructuring of the European 
automotive components sector, 
creating an alliance between 
two of file industry's leaders. 

They plan to create two sepa- 
rate companies - one in auto- 
motive heating and air-condi- 


tioning systems which would 
have annual sales of about 
FFr4bn, the other in electric 
motors, with annual sales of an 
estimated FFr2.6bn. 

According to Valeo, the plan 
would allow the companies to 
take advantage of their respec- 
tive strengths' in the two mar- 
ket segments. 

Valeo, which would contrib- 
ute about FFr3bn of the sales 
in the automotive heating and 
air-conditioning business, 
would hold a majority share in 
this company. 

Siemens, by contrast would 
hold a majority stake in the 
small motors business and con- 
tribute about FFr2. 4bn of the 
combined annual sales. 

The motors would be used in 


automotive applications, such 
as air-conditioning and wind- 
screen wipers and in domestic 
appliances. 

A spokesman for Valeo said 
the merged activities would 
complement each other in geo- 
graphical and technological 
terms. He added that the 
European market for climate 
control and air-condition- 
ing had strong growth pros- 
pects. 

About 15 per cent of Euro- 
pean cars have air-conditioning 
systems, he said, compared 
with about 90 per cent in North 
America. 

The companies hope to con- 
clude the merger study by the 
end of the year. Legal details 
would then be negotiated. 


Higher prices help lift Freeport 


By Kenneth Gooding, 
Min tog Correspondent 


Higher metals and phosphate 
fertiliser prices helped 
Freeport-McMoRan, the New 
Orleans-based natural 
resources group, report second- 
quarter net income of 54.63m, 
or 3 cents a share, compared 
with a net loss of 577.4m, or 54 
cents, a year ago. 


For the six months to June 
30, the company recorded net 
income of 517m, or 12 cents, 
against a net loss of 3132.7m, or 
93 cents. 

Second-quarter revenues 
benefited from Increased sales 
volumes. Freeport's metals 
affiliate, Freeport-McMoRan 
Copper & Gold, sold 168.6m lbs 
of copper and 185,400 troy 
ounces of gold, up from 140m 


lbs and 127,200 ounces in the 
same quarter of 1993. 

A price-protection hedging 
programme also lifted the aver- 
age realised price of copper to 
$1.02 a lb, against 90 cents, 
while gold sale prices averaged 
3353.82 an ounce, compared 
with $338.60. 

However, copper production 
costs were abnormally high in 
the quarter. 


Anheuser 
posts record 
sales and 
earnings 


By Frank McGurty 
in New York 


Surging beer sales helped 
Anheuser-Busch, the largest 
US brewer, achieve record 
sales and earnings in the sec- 
ond quarter and first half of 
the year. 

The St Louis-based group 
yesterday said beer sales to 
wholesalers jumped 3.3 per 
cent, to 23.4m barrels, in sec- 
ond three months of 1994, By 
the end of June, the Bodweiser 
family of beers commanded 
43.7 per cent of the brewing 
industry’s total US sales, np 
L2 percentage points from last 
year's level. 

The volume gains translated 
into a 6 per cent increase in 
second-quarter revenues, to 
$3.5bn, against S3.42bn in the 
corresponding period of 1993. 

Operating income jumped 
7.5 per cent to $576. 6m, pri- 
marily as a result of the per- 
formance of the CS brewing 
business. Profits at Campbell 
Taggart the company's baiting 
division, declined as higher 
commodity .prices put pressure 
on margins. 

Net income reached an 
all-time high of S322Jm, 45 
per cent higher than the year- 
earlier figure of $308.6m. 
Earnings per share, on a fully- 
diluted basis, were 51.20, 
against SLll last time.. 

For the first six months of 
the year, Anheuser Busch 
posted net income of 5527m. or 
Si -96 a share, on revenues of 
56.62bn. The results compare 
with earnings of S502.7m, or 
Si -80, on $6.3bn in sales in the 
1993 half. 


Improved volumes spark 
53% surge at DuPont 


By Richard Waters 
hi New York 


Volume growth drove a 53 per 
cent jump in earnings at 
DuPont, the US chemicals 
group, in the second quarter, 
comfortably ahead of market 
forecasts. 

The advance was achieved 
despite lower prices than a. 
year ago. Mr Edgar Woo lard, 
chairman, said the company 
expected earnings to continue 
to outperform 1993 for the rest 
of the year. 

The quarterly sales of 
Si0.2bn were 6 per cent up on a 
year before, even though prices 
in most areas of business were 


3 per cent or more lower. 

All of DuPont’s business seg- 
ments recorded improvements 
over a year before: 

• The chemicals segment saw 
net income of 5101m, up ll per 
cent on the year, despite a 5 
per cent fall in selling prices. 

• A 61 per cent improvement 
in earnings from the fibres 
business, to $177m, was due 
largely to the acquisition of 
ICI’s nylon business, which 
pushed up sales by 13 per cent 
Without this, sales were up 3 
per cent 

• The polymers business 
reported a 71 per cent earnings 
advance, to 5183m, due to the 
divestment of some businesses 


Sales fall hits US drugs group 


By Richard Waters 


Fletcher profit 
grows by 70% 


Fletcher Challenge Canada, 
the integrated forest products 
group, posted a fourth-quarter 
net profit of CS10.4m 
(US$7.6m), or 8 cents a share, 
up 70 per .cent from a year 
earlier, on sales of C$4 62m, a 
rise of 5.5 per cent; writes Rob- 
ert Gibbens in MontreaL 
Full-year profit was 
C$26.4m, or 21 cents, including 
a special C$62m gain, against 
a loss of C$2 4. 6m. or 26 cents. 


Marion Merrell Dow, the US 
drugs group majority-owned by 
Dow Chemical, suffered a 23 
per cent decline In earnings 
per share during the second 
quarter. It blamed falling 
for a number of its biggest 
products. 

Lost sales from prescription 
drugs were replaced by sales 
of lower-margin products at 
Rugby Group, a generics drug 
manufacturer acquired during 
the last year, which 
contributed sales of $83m 
in the latest period. 

After-tax profits for the quar- 
ter were 5116m, or 43 cents a 


share, down 23 per cent from a 
year ago (before a one-off 
charge taken in the 1993 
period.) For the half year, 
net income was 5304m, 12 per 
cent lower than the year 
before. 

The company’s performance 
stands in marked contrast to 
other US drugs groups, most of 
which beat market expecta- 
tions during the second three 
months of the year, on solid 
sales growth in their home 
market 

Their figures suggest the 
pessimism over the effect of 
managed care on drug pricing 
may have been overdone, at 
least in the short term. 


Bethlehem Steel shares dive 8% 


By Richard Waters 


Shares in Bethlehem Steel, one 
of the best-performing big com- 
pany stocks in the US earlier 
this year, fell about 8 per cent 
to $20% by midday yesterday, 
as the company's second- 
quarter results failed to match 
expectations. ' 

After-tax income of $2&n, or 
14 cents a share, marked the 
fourth consecutive quarter in 
which the big steelmaker has 
been in profit, and compared 
with a loss of 514m, or 27 cents 
a share, a year ago. 

However, most analysts had 
predicted that stronger 
demand for steel from automo- 


tive manufacturers and the 
construction industry, together 
with a series of price increases 
in the past year, would push 
earnings per share in the 
quarter up to around 30 
cents. 

The year-on-year improve- 
ment stemmed from “higher 
realised steel prices and 
increa s e d shipments,” the com- 
pany said. Sales were 10 per 
cent higher than a year before, 
at $U23bn. 

However, profit growth was 
held back by higher operating 
costs. The company blamed 
this in part on the need to buy 
in supplies of steel to feed its 
mills, and of coke to keep its 



MALAYSIA 


TELEKOM MALAYSIA BERHAD 
(Incorporated in Malaysia) 


PRELIMINARY ANNOUNCEMENT OF UNAUDITED FINANCIAL 
RESULTS FOR THE HALF YEAR ENDED 30 JUNE 1994 


TTw Boart of Directors of Telekom Malaysia Betoad Is pleased to announce 
the Mowing results d ttia Group for six months ended 30 Juris 1894. 
These figures have not been audited 


1. Operating Revenue 


Profit before Taxation 
Taxation 

Profit after Taxation 
Minority Interests 
Profit attributable to Shareholders 
Extraordinary tarns 
Profit after Extraord teai y Hams 
attributable to Shareholders 
NOTE 

Profit before Taxation is stated after 
chaining:- 

(i) Net Interest Payable 
(U) Depredation of Fixed Assets 


(b) 

w 

(d) 

(«> 

(D 

<fl) 


3. Profit after Taxation as a percentage of 
Operating Revenue 

4. Profit star Taxation as a percentage of 
Issued Capital and Reserves 

5. Earnings per Ordinary Share 

6. Return on Total Assets 

7. Net Tangible Asset Becking per 
Orrfiriary Share 


iaW«M 

i«Hteia93 

DHamna 

HMOrion 

RMHrion 

% 

2129^ 

1847.0 

15.3 

788-8 

703.8 

12.1 

(183.4) 

1213.51 


506.4 

400.3 

23 JS 

(0-4) 

QA 


605.8 

489 ^ 

23.7 

: 

1QJ2 


6QSJB 

500.1 

21.1 

19.6 

23.0 


482.8 

402.4 


28.4% 

26.5% 


6.9% 

63% 


30.5-m 

24.7*an 


45% 

4.5% 


452 on 

394 m 



a There wore no pre-acquisition profits. 

9. The taxation charge for the Group does not include deferred tax. 
to. There was rx> sate of long terra investments and properties. 

11. There was no Interim efividend declared for the Brat halt year. 

12. In the opinion of the Directors, the result of the operations of the Group 
during the first half of the financial year have not been substantially 
affected by any item, transaction or event of a material and unusual 
nature. 

Conversion of Currency: USS 1 => RM 2.6, RM 1 = 100 son 
HALF YEAR FINANCIAL PERFORMANCE 

The Group profit before tax fbr the half year increased by 12.1% over the 
corresponding period to RM7B&8 mfflon. This was achieved on the back of a 
turnover of RM2.120JS million, an increase at 15.3% over the corresponding 
period. The net earnings per share increased by 24% to 31 sot (1993: a sen). 


CURRENT YEAR PROSPECTS 

The Board expects the years ahead to be tough and challenging with the 
increased competition In ttte market However, the Board believes toe Group b 
wed positioned to tap the growth potential of the tetecommurticaitanB Industry 
with Kb continued commitment towards quality service and strategic 
investments. The Board is confident tom the present profit growth will be 
maintained In the second half yaar. 


26 July. 1994 


2nd Floor, 

Ibupejabat Telekom Malaysia 
Jalan Pantai Bahaiu 
59200 Kuala Lumpur 


Further M&n&lon: 
Investor Relations Unit 
18th Floor, Wtoma Telekom 
Jalan Pantai Bahani 
59200 Kuala Lumpur 


Rr. (603) 2063754, FaK (603) 7582982 


Signal 


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U.S. $125,000,000 
Floating Rate Notes due 1995 


Fiduciary issue by Bankers Trust Luxembourg S-A. 
to fond a loan to be made to 



Istituto per to Svtiuppo Economko 
DelTItalia Meridionale 

(a lunuorv brxh of die Republic nf lub munn»irai<J unJer 
' LwNo. 299af 1 1 th April. I95M 


Norice is hereby given that for the Interest Period 27th July, 1994 ro 
27th January, 1995 die Notes will bear a Rate of tncercsc of 5.65 per 
cent, per annum. The Coupon Amount will be U.S. $288.78 per 
U.S. $10,000 Note and U.S. $2,887-78 per U.S. $100,000 Note 
payable on 27th January, 1995. 


Bankers Trust 


I Company, London 


Agent Bank 


BRISTOL & WEST 

MUILDINO SOCIETY 


S 150,000,000 
Floating rate notes 
due 1996 


Notice is hereby given that 
the nates will bear interest 
at 5.5625% per annum from 
26 July 1994 to 26 October 
1994. Interest payable on 
26 October 1994 will amount 
to S140.2I per 510.000 note 
and Sl.402.05persi00.000 
note. 

Agent: Morgan Guaranty 
Trust Company 


JPMorgan 


NOTICE OF REDEMPTION 
ALLCO INTERNATIONAL UMTTH) 

C u MiW d Rowing ftW HotM W98 

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IMaiMlMaHloiKMMd inuand eaueana 
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-ebaussumm 


CREDIT LYONNAIS 

CANADA ^ 

USD 18,000,000.- 

Subordinated FRN 
Guaranteed Debentures 
due 2001 


Noteholders are hereby 

informed that the rate 


The coupon N° 8 will be 
payable at the price of 
*T/SD 2,824.- on 
January 25th, 1995, 
representing 184 days of 
interest, covering the period 
as from July 25ui, 1994 to 
(January 24th, 1995 inclusive. 


The Reference Agent and 
Principal Paying Agent 


CREDIT LYONNAIS 


TOE ROYAL BANK OF CANADA 
US. $360000000 Roaring Rob 
D abantun* duo 3006 
In a ooord a noa wUi tha Items and 
CondWont of ths Dabanture* tha 
bnraat rata for the period 29h 
July, W94 to Slat Augwt, 1884 haa 
bean fixed at 4Mt par mun. 
On 3bt August, 1984 interest nf US. 
SU82291 par US. SUMO nominal 
amounteftoaOtewrturaawIbaduator 
payment. 7ha nta of tarat fbr tha 
period commencing 3W August t9S4 
wfl be data mined on 20fc Auguat. 


Agent Bank and 
Principal Paying Agent 
ROYAL BANK OF CANAtt* 
EUROPE LIMITED 


Weekly Petroleum Argus 


Petroleum Argus 



9-0 


ecu 


: UTURE3 i OPTIONS BROKER: 


Batgrpvfa 

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PUBLIC NOTICES 


PUBLIC ANNOUNCEMENT 
NR 570.9.413^4 


INTERNATIONAL BID FOR CHARTERING & 
OPERATION OF VESSELS FOR CARAVELA 
HELD, SANTOS BASIN, SOUTH BRAZIL 


PETROBRAS - PETROLEO BRAS I LEI RO S.A. is 
postponing the proposals delivery date from 07.28.94 to 
08.1 JL94. Further information is available from: 


PETROLEO BRASILEJRO S A. 

Rua General Canabarro, 500 - 9* andar 
Maracana - Rio de Janeiro - RJ 
CEP 20271.201 

Tel: 55 21 5665411 Fax: 55 21 5665125 


THE ESTABLISHMENT TRUST, SICAV 
Re g is te red Office: Ln x a nb oa n g 
L3. me Goodie 
R-C Luxembourg B2L743 


DIVIDEND NOTICE 


At the meeting of sherehoUcra hdd an 21 July IW it was icsalved to pay ■ dividend of 
USSOJS per stare ro .steurbokJcrs on record an 21 July 1994 end ra haldett of barer riiarci 
upon pmcnuiioD of coupon No. 9 payable on or liter 29 July 1994 with duties being 
quoted ex -dividend as from 22 July 1994. 


Paying Agent 

Bank of Berm nib (Luxembourg) S-A- 
13, me Goethe 
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Bor the EaubUBfameni Trust, SICAV 
Beak of Bermuda (’Luxembourg) SLA. 


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Jilts sfl 


, « .i-^U 


over the year. Excluding the 
effect of these, sales wen up 13 
per cent yeor-on-yeor. 

• After a further 547m charge 
to settle claims relating to the 
fungicide Benlate, earnings In 
the diversified businesses seg- 
ment rose 72 per cent to $208m. 

• Underlying earnings In the 
petroleum operations rase only 
marginally, to ClOm, This still 
marked a better experience 
than most other big oil groups 
during the period. 

Net income for the quarter of 
5792m, or 51.16 a share, com- 
pared with 5516m, or 76 cents 
the year before. First-half net 
income of S1.4bn was up from 
Slbn- 


1-J2- 

- .xJ 


^memt 
;*ps 




Leaving aside the effect of 
acquisitions, sales at Marion 
Merrell Dow in the three 
months were 15 per cent lower 
than the 5750m of a year ago. 

Int-luriing ^rgiiigitinn^ though, 

sales rose to 5764m. 

The fall-off in prescription 
drug sales Included a 34 per 
cent drop in sales of Seldane, 
an anti-allergy product, to 
5201m; a 10 par cent drop in the 
Cardizem fondly of cardiovas- 
cular pharmaceuticals, to 
$188m; and a 16 per cent 
decline in revenues from Cara- 
fote, an ulcer drug, to 538m. 

Seldane’s patent expired in 
April, while Cardizem has been 
off patent for some time. 


\|j-' pt'iialiSCS 

JiTiJfU'r 

fr.iwh 


■ Vr 


furnaces running. The latter 
was needed because the coke 
oven in its Burns Harbour 
plant is being rebuilt 

The company has also faced 
higher capital spending, which 
rose by more than three- 
quarters to $223m in the first 
half of the year and is proj- 
ected to reach 5450m for the 
year as a whole, up from S327in 
in 1993. 

Mr Curtis Barnette, chair- 
man and chief executive, fore- 
cast continuing strong demand 
tor steel “through 1995”. 

For the first six months of 
the year, net income was 539m. 
compared with a loss of $54m a 
year before. 


• ’ • . . j 


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of Professional Investors in Europe reguf a riy read 
the Financial Times and 75% consider the FT to be 
most I m por tant or nseftd to their work.* 

19% of all Senior European businessmen read tha 
Financial Times: more than any other International 
publication.** 




Mi 

ii 


For editorial synopsis and Information on advertising 
op p o rt u nities please contact: 

John RoHey or Sbitona EjgH 
In Geneva 

Teh +4A 22 731 1604 Fax: +41 22 731 9481 
or 

Ernst Jenny to Schwanden 
Tel: +41 58 813 070 Fax: +41 58 813 076 
or 

Lindsay Sheppard In Loudon 
Tel: +44 7X873 3225 Fax: +44 714733428 


t 

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Iboari) MrthHdaSawrlMM* 


i :• ^ 

• •-■•H 


■ taunripanof no 


FT Surveys 


■ * 

*■1-1 «, 


trtt 


' •« 











FI NAJNCIAL TIMES THURSDAY JULY 28 1994 


17 





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'4. 1 


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*J!s 


^[litres di 


% 












li^ ti i 


INTERNATIONAL CAPITAL MARKETS 


Gilts sharply lower after auction fails to meet expectations 


By Conner Mkktehnann In 
London and Frank McGurty 
in New York 

European government bonds 
ended a volatile session lower, 
with the UK and Italian mar- 
kets posting the sharpest 
losses. Weak US Treasuries fol- 
lowing stronger -than-expected 

GOVERNMENT 

BONDS 

durable-goods orders data put 
a further dampener on Euro- 
pean markets. 

■ UK government bonds 
ended the day sharply lower 
following a disappointing gilts 
auction and late selling in the 
futures pits. 


The initial reaction to the 
auction results was muted, 
with dealers disappointed to 
see that the £2tm of S .25 per 
cent gilts due 2010 had a bid-to- 
cover ratio of just 1.29 times. 

“The gilt auction result was 
worse than expected," said Mr 
Edmond Warner, head of strat- 
egy at Kleinwort Benson. “We 
needed a cover of around 2 
times - so many expectations 
had been built into this,” he 
added. 

Yesterday's auction - the 
first for a conventional, long- 
dated gilt since January - had 
been regarded as a key test of 
market sentiment, and the low 
investor demand indicated that 
it remains fragile, traders said. 

After this auction, “the Rank 
will be extremely reluctant to 
test the market in August - 


there'll probably be no more 
supply until the autumn," said 
Mr Chris Anthony, gilts ana- 
lyst at ABN Amro Hoare 
Govett 

Some dealers reported inves- 
tor switching into the new 
stock out of other gilts but said 
there was little outright Inves- 
tor buying of the new bonds. 
“This left dealers stuck with a 
lot of the bonds investors 
switched out of - the net result 
was that many of ns were 
short the new stock and long 
other bonds," said a gilts mar- 
ket maker. 

Seeing other European and 
US bonds falling, traders 
decided to hedge their long 
positions by selling futures 
against them, causing a sharp 
fall in the gflt futures pice in 
late trading, he explains. The 


September long gilt contract 
on Liffe fell by ig to I0l£ on 
the day. 

Prices were further pres- 
sured by rumours that Bank of 
England Governor Eddie 
George and Chancellor Ken- 
neth Clarke may raise UK 
interest rates when they meet 
today. 

■ Italian markets tpok 
another tumble as rising politi- 
cal tensions weighed on bonds 
and the currency. 

Reports that an arrest war- 
rant fo{ Prime Minister Silvio 
Berlusconi's brother had been 
issued in connection with the 
probe of his media company 
Fininvest, and late rumours - 
denied by a government 
spokesman - that Mr Berlus- 
coni would h unself resign, sent 


bond yields soaring towards 
their year's highs. 

The Italian 10-year yield 
spread over bunds rose to -ill 
basis points, from 390 on Tues- 
day. The September BTP 
future on the Italian futures 
exchange fell by 1J2 point to 
101.31. 

■ German bonds also weak- 
ened on the day, hit by weak- 
ness in the US market but 
remaining largely range- 
bound. 

The Trenhandanstalt’s five- 
year note was absorbed with- 
out difficulty but saw little 
retail demand, dealers saicL 
Thls was reflected In the mod- 
est size of the issue: the Bund- 
esbank sold DM2.49bn of the 
6.25 per cent paper to the 
market and retained DMl^Zbn 


for market-tending purposes. 

■ US Treasury bonds 
retreated yesterday morning 
ami d fresh evidence of an. 
accelerating economy. 

By midday, the benchmark 
30-year government bond was 
V. lower at 84 ,V with the yield 
climbing to 7.608 per cent. At 
the short end. the two-year, 
note was down & at KKa, to 
yield 6.21 per cent. 

The catalyst for the down- 
turn was the Commerce 
Department's announcement of 
a L3 per. cent gain in orders for 
durable goods last month. 

Economists said the big 
jump demonstrated that the 
manufacturing sector had not 
slowed as a result of this year's 
cycle of interest rate increases. 
The news reinforced the expec- 


tation that the Federal Reserve 
was poised to lift rates even 
higher in the coming weeks. 
The robust level of orders 
raised the likelihood of a move 
to put up the pivotal Federal 
Funds rate by 50 basis points 
to 4.75 per cent, rather than u 
more modest 25-point increase. 

Looking ahead, the (lata fur- 
ther raised new fears over Fri- 
day's preliminary estimate of 
second-quarter economic 
growth. 

The bearish fundamentals 
were also having an impact on 
the market’s technical posi- 
tion. with an afternoon auction 
of Slibn in new five-year notes 
looming. 

Dealers sought to push 
prices lower in an effort to 
extract concessions when the 
Treasury awards the issue. 


CME penalises 
trader after 
alleged frauds 

By Laurie Morse 

The Chicago Mercantile 
Exchange has disciplined a for- 
mer employee of a member 
firm for alleged fraudulent 
trading on its Globes after- 
hours trading system. The case 
is believed to be the first 
involving US computerised 
futures fraud. 

A CME judicial committee 
found Mr Steven Trapper, a 
New York-based foreign 
exchange trader. had 
defrauded LIT America, a CME 
member firm, of about $11,000 
between March and June of 
1993. 

The exchange barred Mr 
Tropper from Globex. and ban- 
ned him from working for any 
CME member or member firm 
for three years. He has paid 
$11,000 in restitution to LIT 
America, and was fined an 
additional $14,000. 

Mr Tropper agreed to the 
sanctions without admitting or 
denying the charges. 


WORLD BOND PRICES 


EIB eurobond offering takes centre stage 


By Graham Bowtey 
and Antonia Sharpe 

The European Investment 
Bank's expected Y50bn offering 
of three-year eurobonds was 
the main focus of attention in 
the eurobond market yester- 
day. 

INTERNATIONAL 

BONDS 


Lead manager Mitsubishi 
Finance reported firm demand 
for the offering. The issue 
passed mainly to Japanese 
institutions although there was 
also some interest from Euro- 
pean investors- The EIB said 
the proceeds of the offering 
would refinance a yen-denomi- 
nated bond it called recently. 

However, other syndicate 
managers expressed disap- 
pointment at the pricing, 
which they said was expensive. 
The bonds were issued with a 
coupon of 3^ per cent to yield 
3.134 per cent. Syndicate man- 
agers had been looking for a 


yield which was 10 to 15 basis 
points higher. 

They said given such aggres- 
sive pricing, much of the issue 
was likely to be sold back to 
the lead manager over the the 
next few days. According to 
one trader, once the' bonds 
were freed to trade the spread 
widened from six basis points 
below the yield on the Japa- 
nese government’s No 102 
three-year bond to one basis 
point above the JGB. However, 
the iftad manager said that the 
spread was unchanged at the 
dose. 

The other deal of interest 
yesterday was a $265m offering 
of seven-year amortising notes 
from MC Cuernavaca Trust 
the Mexican state-owned toll 
road which links Mexico City 
with Cuernavaca. The securit- 
ised offering will be backed by 
receipts from the toll road. 

The bonds, which will have 
an average life of 3.38 years, 
are due to priced today at 
about 350 basis points over US 
Treasuries to produce a semi- 
annual yield of 10% per cent 


NEW INTERNATIONAL BOND ISSUES 


Amount 

Catpan 

Price 

Maturity 

Fom 

Spread 

Book turner 

QOlTOlWf 

US DOLLARS 

m. 

% 



% 

bP 


FCALMT Sorted 1994-1 (a# 

Tbn 

Cat» 

100. 00ft 

Jii.2001 

a 40ft 

- 

Mens Lynch International 

MC Cuernavaca TrusHb.a) 

2S5 

92S 

(bilH 

JU-2001 

1.125R 

. 

Lehman Brothers Inti. 

LTC8 o* Japan{c)t 

120 

(CD 

101.50 

Aug.2004 

2.00 

- 

LTC8 mtemaflonai 

YHI 

Europson tmmoonera Bank 

SObfi 

3-20 

10ai6R 

Aug. 1907 

Q.1875R 


Mltsubtohi Finance fattL 

MerrB Lynch 6 CoJei*t 

]0bn 

(4 

100.00 

Nov. 1998 

0275 

- 

Memo Lynch tea. 

AUSTRALIAN DOLLARS 

Rsbo AustnBa 

100 

8.60 

101.057 

Sep. 1997 

1*0 

. 

Swiss Bank Carp. 

SWEDISH KRONOR 








Comnarabank O’saaa Finance 

500 

10.75 

99.96ft 

Sep. 1999 

0.25R 

*68 (11*- 99) Swiss Bank Carp. 

Rnaf lerma and raxvcaeatna unisss stated. 

The y raw spread (bvar relevant govamtneru bond? at lawich 19 euppired by the lead 

manager, tf+oating rate rota wUnOstad. R: fixed re-offer price: toes are shown at the re-offer level, cl Ford Credh Auto Loon Master 
Trust Expected maturity: 15/7/99. el) 3-mth Libor +I7bp. b) Tragetted ontorttoing date: 25/1/DO and average Ms 10/12/97. Ouanartey 
coupons. Calabie on coupon dates after 3 yrs. bl) Priced today to yld approx lOltKsa to averege Ufa cl CdaiPie on 18/8/97 at par. 
cl) S+irih Libor +50bp to 1EU8/97 and 1DK fxd anrxrat thereafter. cD 2.4% to 16/11/95 and 6-mth Libor *25bp tharashw. e) Short in 

coupon. 









Lead manager Lehman 
Brothers said the single- A rat- 
ing on the offering, the first of 
its kind from a Mexican toll 
road, resulted in a broad 
spread of demand from both 
sides of the Atlantic. 

Elsewhere, news that Stan- 
dard & Poor's had lowered 
Venezuela’s eurobond ratings 
to single-B plus from double-B 
minus had little impact on 


spreads on Venezuelan bonds 
since they had already widened 
out substantially last week in 
response to the deteriorating 
situation in the country. 
Indeed, some bankers are not 
ruling out an early military 
coup, in view of the govern- 
ment’s recent limitations on 
civil liberties. 

The outlook on the ratings Is 
negative. 


• S&P has raised its senior 
long-term debt rating of 
Aegon, the Dutch insurer, to 
double-A from double-A minus 
and subordinated debt rating 
to double-A minus from A plus. 
S&P said the ratings reflect 
Aegon’s strong market posi- 
tion, favourable operating per- 
formance and conservative 
capitalisation. The outlook on; 
the rating is stable. 


EFC approves 
investment in 
Peruvian fund 

By Antonia Sharpe 

The International Finance 
Corporation (IFC), the private 
sector arm of the World Bank, 
has approved! an equity invest- 
ment in a new fund which will 
enable international banks to 
exchange their holdings of 
Peruvian government debt for 
shares in state-owned compa- 
nies. 

The IFC’s investment will be 
for the cash equivalent of up to 
12 per cent of the total debt 
and cash commitments to the 
fund, which has a target size of 
S250m or face value of Peruvian 
debt (around SllOm at current 
market value). 

Debt is expected to make up 
around 70 per cent of the 
fund. 

Over the past two years 20 
Peruvian companies have been 
privatised, raising around 
$&5bn. By the end of its term 
in 1995, the government hopes 
to have sold off 60 state-owned 
companies. 


Group plans 
clearing 
house for 
forex trades 

By Laurie Morse in Chicago 

A consortium of eight large 
North American banks and the 
world's largest derivatives 
clearing house have applied 
for regulatory approval to 

launch a clearing house for 
foreign exchange transactions. 

If they succeed, the resulting 
Multlnet International Bank 
would be the world's first mul- 
tilateral clearing organisation 
for over-the-counter currency 
transactions. 

Despite the sheer size of the 
foreign exchange markets, for- 
eign currency trades tradition- 
ally are cleared on a hank-to- 
bank basis. 

Multinet, which has been 
operating since 1992 as a bilat- 
eral clearing mechanism, will 
be owned by First National 
Bank of Chicago, Chase Man- 
hattan Bank, and six leading 
Cana dian banks, including the 
Bank of Montreal. the Royal 
Bunk of Canada and Toronto- 
Do mini on Bank. 

It will be operated by Inter- 
national Clearing Systems, a 
subsidiary of the Options 
Clearing Corporation. 

The system will initially 
clear spot and forward trans- 
actions in Canadian and US 
dollars, but eventually will 
clear other leading currencies. 

Its supporters claim the 
clearing house will reduce the 
counterparty credit risks and 
costs of banks' foreign 
exchange dealings. 

“We’re building a safety net 
under today's $l.000bn daily 
currency market,” said Mr 
Garrett Glass, senior vice-pres- 
ident at First National Bank of 
Chicago. 

Multtnet's operation must be 
approved by the Federal 
Reserve Board and the State of 
New York Banking Depart- 
ment 




BENCHMARK GOVERNMENT BONDS 


Red 

Coupon Data 


Price 


Day's Week Month 

change Yield ago ago 


Italy 

■ NOTIONAL ITALIAN QOVT. BOND PIP) FUTURES 
(UFFE)* Lira 200m lOOths of 100% 


FT- ACTUARIES FIXED INTEREST INDICES 

wad Day’s Tue Accrued xd at& 
Jui 27 change % JU 28 mtarea yld 


Price Indices 

uk ants 


AubbbBb 

9.000 

00/04 

97.4000 

+O.B80 

9/40 

IL42 

B.B5 

Baiglum 

7^50 

04/04 

958500 

-0.600 

783 

789 

785 

Canada* 

6*00 

08/04 

81.7000 

-0.700 

820 

9.07 

9.22 

Denmaric 

7.000 

12/04 

B3.6S00 

-0250 

7.91 

622 

8.17 

France BTAN 

6000 

05/98 

1042250 

+0.130 

628 

687 

8.84 

OAT 

5.500 

04/04 

87.7300 

-0270 

720 

728 

722 

Germany Bund 

8.750 

05/04 

992700 

-0460 

885 

B.77 

B2B 

Italy 

8-500 

01/04 

868000 

-1200 10-7®t 

1028 

10.14 

Japan No 119 

4800 

06/99 

104.7380 

+0280 

a 66 

383 

329 

4100 

12/03 

S8JT710 

_ 

429 

422 

429 

Netherlands 

5.750 

01/04 

918800 

-0.400 

B.B3 

6.88 

7.03 

Spain 

8000 

0GAH 

85.1500 

-0250 

10.48 

1026 

10.47 

UK Gets 

6.000 

08/99 

90-27 

-37/32 

828 

786 

8.15 


6.750 

11/04 

87-30 

-47/32 

A M 

824 

828 


9.000 

10/06 

103-05 

-80/32 

8.81 

825 

888 

US Treasury * 

7250 

05/04 

99-14 

-14/32 

723 

725 

723 


6250 

08/23 

84-07 

-17/32 

780 

725 

720 

ECU (French Govl) 

6-000 

04/04 

882400 

-0.400 

7.76 

7.72 

784 


Sep 

□nc 


Open 

102.40 

101.35 


Settprtce Change 
101.26 -143 

100.15 -1.53 


Hfih 

102-48 

101.35 


Low 

101.18 

100.75 


Eel voi Open’teL 
53507 78127 

45 146 


— Low coupon yield Medium coupon yield - — High cordon yWd — - 

JH 27 At 28 Yr. ago Jut 27 Jui 26 Yr. ago JU 27 Jui 26 Vr. ago 


■ ITALIAN QOVT- BOW3 (BTP) FUTURES OPTIONS (LffTQ LingPftn IQOlha of 1 0Q% 


1 

Up lo 5 yaare (24) 

12087 

-048 

121.47 

1.48 

6.91 

5 yre 

826 

881 

6.75 

646 

622 

692 

65= 

8.29 

7.12 

2 

5-15 years (22) 

140. OS 

-1.31 

14185 

1.98 

726 

15 yrs 

8.47 

828 

772 

659 

8.38 

7.83 

8.87 

8.56 

809 

3 

Over 15 years fl) 

15520 

-1.78 

158.02 

120 

8.11 

20 yrs 

8^13 

828 

7.85 

659 

B.38 

1.91 

872 

854 

8.11 

4 

irredeemables (B) 

178.07 

-1.96 

18183 

228 

728 

IrracLt 

821 

823 

600 







5 

AO stocks (61) 

13727 

-1.14 

13886 

1.69 

7M 



















Inflation 6* — 

— 

— 

— britartion 10* - 

— 



Strike 

Price 

Sep 

• CALLS 

Dec 

Sep 

- PUTS — 

Dec 

MrfaoMMead 

6 Up to 5 years (2) 

187.02 

-0.11 

18723 

10100 

1.80 

228 

125 

641 

7 Over 5 yeara(ll) 

171.13 

-020 

172.14 

10180 

123 

225 

1.78 

670 

8 All stocks (13) 

17129 

-024 

172.82 

10200 

129 

2.15 

284 

4.00 





Jui 27 Jui 26 Yr. 


Jui 27 JU 26 Yr. ago 


1.81 

0.54 

0.64 


2.53 Up to 5 yrs 
3=5 Over 5 yrs 
3.18 


3.73 

3.81 


367 

3.86 


2.84 

3,43 


2.66 

3.72 


2.80 

3.67 


Eat voL DU CMs 2190 Pu» 2216. Previous day* open tot. Cels 30304 Pits 32184 


Debenima and Loans 


5 year yield IS year yield — — 

JU 27 JK 26 Yr. ago JJ 27 JU 26 Yr. ago 


2.06 

3.24 

-25 year yield 

27 JU 36 Yr. ago 


9 Debs & Loans (75) 12853 -2.00 131.15 2J95 5.87 9.64 9=7 650 9.58 9.34 6.78 

Amape vow itofempuon ytaids are Man abora. Ompon Bands: Umr □%-?*%: M ed ium : b%-i(Fu%; Mglt 11% ana over. T Hu jM 1 ytd Year lo dan. 


9.54 9 JO 


8.92 


London ctoatoy. -New 'lark lUd-dsy 
T Ones flnctertng etotooMng tax a 1Z5 per 
Prices: US. UK to Xtodi. mhos n derimaj 

US INTEREST RATES 


YWdE Locei manat ao nd f d. 
cere payed* by ngt re dde rt ^ 

SoRt MWS ktBmnUaml 


Spain 

■ NOTIONAL 8PAIA8H BOND FUTURES frQSFF) 


Lunchtbm 


Ue Ban mto_ 

Fedtunto 

Fad-tato* WorerttoL. 


raonto _ 
7ft Two modi) _ 
5% TtoSe Biortlu 
4ft Sit north — 
4ft One year — 


Treasury BHs and Bond Ytaids 

— 4-21 Ten year 

LSI Tine year. 

457 Ftwytar 

506 KHnar 

5-5B 30-yoer 


623 

650 

686 

733 

781 


Sap 

Dec 


UK 


Open 
90 £5 


Sett price Change 
90.15 -0.58 

90 JO 


wgh 

90.66 


Low 

90.14 


Est voi. Open M. 
37,029 102,383 

810 


GILT EDGED ACTIVITY INDICES 

JUy 26 July 25 JUy 22 


July 21 July 20 


FT FIXED INTEREST INDICES 

JUy 27 July 26 July 25 July 22 JUy 21 Vr ago Kt*r LoW 

Oort Sees. (UK) 92=8 9322 93.17 83.43 93.45 98.47 107.04 90.99 QM Edged bargafart 7X2 89.5 90.9 114.5 132.1 

Fixed Interest ' 111.51 111.57 111.54 111.73 111.75 117.81 133J7 1Q7J3 5-day average 100.0 111.1 11 BJ 127.8 125.4 

• tor 1884. Oownrenent SccuWte high atone Cum p te don: 127.40 0V1/35L low 49.19 ESn/TEL Rod Interest high xtoca compOation: 133-97 (21/1/94) . tow 5053 1371/751 . Bom 10ft Govemmeni Socunsu 15/10/ 
28 and Ftaed tonrast 1928. SE octMty Hkxg muased 1074 


■ NOTIONAL UK GB.T FUTURES (LEFFE)* £50,000 32nda of 100% 


BOND FUTURES AND OPTIONS 
France 

■ NOTIONAL FRENCH BOM) FUTURES (MATF) 


Sep 

Dec 


Open 

102-i23 


Sea price Change 
101-04 -1-28 

100-10 -1-26 


High 

102-28 


Low 

101-00 


Eat voi Open ire. 
82432 115068 

0 1408 


■ LONQ GILT FUTURES OPTIONS £50,000 64ths of 10096 


FTftSMA INTERNATIONAL BOND SERVICE 


I are the taut fcfemeungl bonds fcr which Btara is an adoquNe saconday mortal Latest ptfeea at TOO pm on JUy Z7 

Issued BU Oder Chg. YMU lasuad BU OBnr Chg. YMd 


Issued BU Oder Chg. YtaU 


Open Sen price Change High 
Sep 117.50 117.18 -0.60 117.58 

Dec 116.60 116.34 -056 116-62 

Mar 115.90 115.84 -0.56 175190 

■ LONQ TERM FRB4CH BOND OPTIONS (MAT1F) 


Low Est- voi. Open tat. 
117.06 114,133 123=03 

11EL28 1,375 14,583 

11B.7B 2 2A7\ 


Strike 

Price 

Sep 

. CALLS 

Dec 

Sep 

■ PUTS 

Dec 

1DI 

1-33 

3-35 

1-25 

3-15 

102 

1-03 

2-08 

1-59 

3-52 

103 

0-43 

1-48 

2-35 

4-28 


Ebl voL total. Ctfs 2762 Puts 4073. Proxtau* day-i open bn, CM* 71513 Pus 5*336 


Sato 

Price 

116 

116 

117 

118 
11B 


Germany 

M NOTIONAL GERMAN BUND FUTURES tUFFE)* DM250000 IQOtha of 100% 

hflgh Low Eat. voi Open W. 

83.78 9324 114227 185855 

9310 9384 818 14218 


Aug 

CAULS 

Sep 

Dec 

Aug 

— PUTS — 
Sep 

Dec 

. 

. 

. 

. 

662 

• 

- 

1.95 

222 

603 

670 

2.05 

022 

120 

180 

021 

1.07 

226 

OLIO 

678 

121 

686 

120 

- 

083 

641 

- 

- 

- 

- 

15823 

Pull 16250 . 

Previous day* open nL, CMs 381874 Pins 392203. 


ULB. DOLLAR 8TRNGHT8 

Abbey Nto Traesuy 8% 09 1000 

Aborts Rome 7ft K 1000 

AuabbBft® 400 

Bo* or Tokyo Biggs. 

Bagun^ffl 

BFCE7%B7 


.1000 


BttriiQraOZI, 
Canada 9 96 


. 150 
1500 


Ecu 

■ ECU BOND KTTUHE3 (MATTF) 


Sep 

Dec 


Open Son price Change 
93.B1 8328 -039 

92.96 92.63 -0.40 


Sep 

Dec 


US 


Open 

6338 


Sen price Change 
8448 -082 

84.42 -082 


85-38 


Low 

84.72 


Esc voL Open M. 
562 7840 


Chong Kong fin 5h 96 

China 6*2 04 

CnndEuopeBBB _ 

QedtftretorBhffl 

Denmarii bit 08 . 


.500 


1000 


■ US TREASURY BOND FUTURES (CST) $100,000 32nds of 100% 


■ BUND FUTURES OPTIONS (UFFE) DM250800 pUrta of 100* 


Strike 

Price 

Sep 

Oct 

CALLS — 
Nov 

Dec 

Sep 

Oct 

PUTS 

Nov 

Doc 

0300 

696 

694 

1.19 

124 

668 

121 

1.56 

1.71 

BS50 

668 

0.71 

698 

1.10 

690 

128 

183 

187 

9400 

645 

a53 

675 

690 

1.17 

180 

2.12 

227 


Sep 

Dec 

Mar 


Open 

102-28 

102-04 

100-28 


Latest 

102-13 

101-20 

100-29 


Change 

-0-15 

-0-15 

-0-16 


H W» 

102-29 

102-04 

100-29 


Low 

102-09 

101-17 

100-28 


Est eel Open M. 
243868 374838 
1886 60,478 

28 4867 


East JK» FW*W 04. 

ECSC8L 96 

SC8h SB 

EB7VBG 

BB 9*4 97 

Bee cto Fores B 08 

Eutj6na9^S6 


,1000 

-600 


100 


Est. wl tozeL CMs B34B Puts 13124. Previous rtoyH open tot, CMs 261373 Pus 201721 

■ NOTIONAL MEDIUM TERM GERMAN QOVT. BOND 

pOBLKUFrej- DM250,000 IQOtTa oi 100% 


Open 


Settprtce Change 
98-29 -a 22 


Hfln 


Est voi Open tot 
0 78 


Japan 

■ NOTIONAL LONQ TERM JAPANESE QOVT. BOND FUTURES 

(Utrg YIQOm lOOlha of ICON. 

Open Close Change rtgh Low Eat voi Open tm. 
Sep 10988 - • 109.40 10986 1323 0 

Deo 108-48 . • 108.46 106.40 51 -0 

* LUTE txxnreU s treded on APT. AS Open koemre kgs. are Iw predous day. 


Ea-tn Bar* 8 02 _ 
Eqxit Dw COrp 9>2 9B _ 

Fedard Ma» Mon 740 (M . 

FUnlSVW 

Ftortdi apart 9»i* 

ftrt Motor Ow* 6t, BB. 
GenBscCapH9h96 — 
GMAC9>s96 


.1500 


1500 


W Ot 8pm B> 7% 97. 
War Anar Dev 7*| BB _ 
My 8% 23, 


JKMiDMBkftDI _ 
KnU Sec Par « BG 
Koras Bee RwHr 0 
LTCSFta B 57 


. 3600 


1 ok gilts prices ... , 1 

_YWd— 1994 — 

Hates w Rod Prices +or- Mob Lae 

— VM— — 1894 _ 

Nates H Red Pita £+ or- Htfi Lee 

_<nrai_ — i9B4 _ 

fetos (1) O Price E +or- lae 


ttsitr (UHi OP to Tbs YMrN 

Ea* 12*8* 199* 12.42 

TraasepclBMK &90 

12SC 1B95 1183 

ExcS 3pc 90-B5 385 

1 Pipe 1095. 1 984 

Tiara IZLpcl BBS# — . 1181 

14pc 1S66 — 1288 

lEtioc I908tt 13.42 

Deh 13'«<C 1996B 1188 

Cmwwn lape 1966 948 

Ti«iCmr7pclB87tL— 788 

ItaM i3Vpe 1W7J* 11-73 

Etth ICPzoc 1097 883 

lnraMu*1B97« 653 

Eat) 15pe 1987 1252 

B\weiflB8 988 

ire* 7*, pel age# 7.«8 

liras 64 pci 995-geH: _ 784 

14pe’9B-1 1185 

Tress ISi^c-aet* 1383 

Esdl 10 k 1998 1059 

I«aj9Jjprl999tt AM) 


481 100SN 
527 101* 
558 103,*, 
550 06^4 
582 104* 
652 108 

881 I10H 
885 lift 
686 110* 
753 I05H 
740 se^d 
7.40 112U 
78T10QSd 
78610CHN 
787 11«l 
113 105* 
809 97% 

613 95U 

637 HB>* 
618 1255 

638 I13ft 
8J4 10*0 


— 1WB 
ri. 1035 
-h 107* 

-A 


-J* 

-ft lira 
-h 11?* 
-fl 10« 
12111 
-B "4* 
-A no, 1 ; 
s 131U 
-*s 1145 
-H 10BA 
-5, 102 

-tt 131A 
-H 140A 
-ft 125J* 
-ji iifA 


1IHB 

100ft Fnrdno 3*2pc IB-4 

Wl* cenvailan IFzpc 20M — 
-f That Oft pe200*tt 

i 

,0 fra Usee 12*al* 2003-5 — 

~ iu% 

113ft 


117* 
121 il 


0pc2002-8tt~ 


HratoRnwraTsara 

EeS lift pc 1999 

itaasioftpciaog 

Tiera Apt 1999 tt 

CnrasM I0ftpc1999_ 

liras Rig itatt IB 

9» 2000tT 

liras 2000 

like 2001 

Tpevitt 

TteVlA 

flue 2002 

Jpeamtt 

US* am 


10.70 

on 

6JB 

655 

681 

1064 

638 

781 

782 
920 
630 
926 


647 11415 
645 T0B1* 
625 91 *ai 
653 107* 

- m 

649 102* 
885 119ft 
671106JW 
881 OlU 
684 91 H 

674 105Qd 
6G1 BfiU 
671 108 


-1 128* 
-1ft mft 
-1 10TH 

-1ft 121H 
— Iffl* 
-1* 118A 
-ift 1381? 
-1ft 122ft 
-1ft 106,'. 
-1ft 101* 
-Ifi 123* 
-1ft 113B 
-IB 127ft 


, S Treaill ftps 3008-7 . — - 
toaj Tien Oftpe 2007 ft — 
88,‘e WftpelXHi 

112ft Treasflpc 30004* 

106H 

10111 

iioB 

104* 

Si? OnrRBBMTem 

jTJi; Tree* a* 2000 

134« Tiw81«pe2010 

112* 0*w Ope in 2011*4 

103* Trees 9pe 2012# 

Treasbftpe 2008-12*4- 

RHaBpc201344 

7fttc 2012-154* 

Trees flftpc 201 7tt 

113ft Brtl&elS-ir 

106ft 

KB 

105ft 

HQ 
101ft - 

{J5J Cmed»4pe 

^3 CB»3ftpE'6m.. 

lrara3pc'BBAft..„. — - 

94* Buafcrftpc 

t05H Rmiftpc — 


1053 

4.74 

600 

787 

696 

11128 

627 

6» 

10.12 

657 

10A9 

671 


600 11211 
758 73ft 
887 105ft 
681 08* 
664 105}} 
680 121ft 
661 93B 

672 85ft 
980 116* 
882 SBft 
699 128& 
680 103ft 


824 

am 

85+1 

7.75 

848 

80ft 

MT 

827 

10312 

865 

828104*81 

724 

8=8 

74H 

B.41 

asz 

95ft 

829 

848 

9311 

821 

8.47107UB1 

9.19 

8.71 

130* 


680 

880 

807 

635 

644 

648 


- 4ftM 

- 41ft 

- 57ft 

- 38H 

- »ft 

- z»JJ 


-ft 88* 
-1ft 125* 
-m 105ft 
-Ifl 125ft 
-1ft 143ft 
-1ft 112J1 
-ft 111ft 
-111 130* 
-is 110* 

-1H 151ft 
-IB 124fJ 


-a ns* 

-1ft 88* 
-a lass 

-2* 127ft 

-h m 

-IB n70 
-1* 114ft 
-3ft 128* 
-2* 158ft 


-1ft 58ft 
-1* S4JJ 
-il 71 
+A «ft 
— 38ft 
37ft 


71* 

103 


2oe ■98 fJIS* 

4ftpewtt_(i»« 

SftpcW O&S 

z ftps'® pan 

4ftpC044* (1354 

3gctB (B9-5) 


103ft 

lift* 

9lft gftpe-OB OBJ) 

2ftc 11 <74.q 

118ft 2ftpeU ffl&S) 

9612 2ftpe 10 18181 

126ft 2ftpc 20_ BOO) 

101 SftpcWtt W7.7] 



12BJJ IKft 

mi rev 1 urenwm rere hi iHMuil oi {1} 1055 

and (2) 5%. <b) Figures in paen t hsen s show RP1 base ter 
todnfeig 0e 8 months prior to issuel end hrare been twisted to 
resect rebasinp of RPI to 100 in Jerarary 1997. Canveraion tartar 
384S. RPI far November 1983: 141.0 end lor June 1684: 144.7. 

Other Fixed Interest 


78* 

101 * 

101* 

92* 

Attan On lift 2810 
BOB MraDralOfteeSODE 
127ft BXn11ftpc2D12_ 
NMCapeftKlO- 

^reCapiSflft 

13PCW-2 

mo- ■ 


Wes 


_RM_ 

H M PriceE+or- 


1884 .. 

Mgb Lrw 


— 142* il® 
138ft 109JJ 

— 142 US 


ua 
a bb 

55ft 

31ft 

28* 

27H 


iMbUftpeHE 

UMPMlSftpcknL — 

uxspe-aiAft 

Utopinta < l1ftpc2007- 

ma.wr.speX 

KvMAniyb3ftpc20Zi. 
4ftpcL2024. 


i» uar saas isftpc ana 120* 


9=8 

175 

lies — 142* 

an 

924 

8.70 

909 

1$ : 

_ 138H 
1« 

842 

- 

101 „ 

— 116ft 

82! 

- 

102 _ 

_ 103ft 

11J1 

— 

111 - 

_ 115ft 

1041 

923 

MPe — 1B9H 

10.40 

- 

129ft - 

_ 149ft 

833 

- 

37ft - 

_ 44ft 

899 

- 

33 - 

_ 40ft 

885 

927 

116ft _ 

— 186ft 

429 

780 

70 — 78 


449 

138ft - 

— 150ft 

- 

4.48 

127ft - 

— 14Sft 

1UH 

- 

137 — 180ft 



100 

108ft 

aft 

112 

8»ft 

129ft 

123% 

136 


LKB BKfen-Wuatt S>2 00 . 
Norway 6ft 96 

Ontario 6ft 04 

Sprat 7ft 03 

SaradenfiV 






Unfed Kingdom 7ft 97 

5500 

102% 

KEft 


615 

Sift 

91ft 

-ft 

701 

lAriomgan tod Hn 7 03 1000 

5»ft 

«J* 

-ft 

7=3 

Wl ft 

101ft 

-ft 

7=9 

Wold Bar* 0 15 

— 2000 

21ft 

22 

-1ft 

7.42 

104ft 

105ft 

-ft 

7J7 

World Bark 5% 03 

_ 3000 

82% 

32% 

-ft 

783 

102ft 

103 


6.79 

WM BarftS% 00 

_ 1250 

111% 

112ft 


B=4 

Wft 

85 

-ft 

707 







ire 

102ft 

-ft 

ase 

SWISS FRANC STRAIGHTS 






10ft 

10ft 

-ft 

862 

Asian Da/ Bank 6 10 

_100 

102ft 

103 

♦ft 

5.78 

103ft 

104ft 


631 

Arabia 4ft 00 

- 1000 

9Bft 

98% 


439 

90ft 

BOft 


839 

Condi Europe 4% 08 

250 

1® 

100ft 


4.74 

Wft 

87% 


M3 

Dararerk 4ft 99 

_ 1000 

S7ft 

07ft 

-ft 

486 

102ft 

1Q3ft 

♦ft 

657 

EB6% 06 

SOD 

107ft 

1® 

-ft 

675 

IfBft 

106% 


7=9 

Bsc defiance 7ft ffl 

_ 700 

!®ft 

110ft 

-ft 

637 

B6ft 

86ft 


687 

Firtand 7ft 99 

300 

107% 

100% 


5.49 

91ft 

Blft 

-ft 

705 

Hyuida Motor Fin 8*2 07 

_ 103 

1® 

107 


631 

unft 

103ft 


674 

Iceland 7% 00 

_ 100 

106>4 

106% 


585 

■HU 

103ft 


650 

Kobe 6% 01 

_ 240 

105 

1® 


580 

102ft 

102ft 


64B 

Orem 8ft 03. 

_ «W 

103 

103ft 


5.79 

W6ft 

107 

-ft 

801 

Quebec Hydro 5 06 

— 100 

BO 

91 


610 

105ft 

106 

-ft 

7=0 

SNCF7 04 

450 

110% 

111ft 


558 

104ft 

T04ft 


645 

WortdBokSOS 

— ISO 

BB 

99ft 


514 

101ft 

1(Bft 

-ft 

768 

VWd&akTOI 

_ GOO 

108% 

109ft 

♦ft 

538 

107ft 

108 


7=2 







wft 

98ft 

-ft 

7.74 

YENsnunms 






99ft 

58% 

-ft 

708 

8e^en59S 

. 75000 

103ft 

103% 

+% 

4=3 

waft 

103ft 

-ft 

632 

BB 6% 00 

100000 

111ft 

111% 


4=5 

97 

8 7ft 


704 

FtobndSft 96 

_ snnoo 

108 

106ft 

♦ft 

£98 

104ft 

105ft 

-ft 

683 

tottr finer Dev 7ft DO 

_ 30000 

114% 

114% 


4=4 

103ft 

103ft 


880 

Uy3ft0i 

300000 

93 

93ft 


4J5 

HWft 

102ft 


7=3 

Jbpn Dsv Bk 5 89 

lOCOOO 

Wft 

104% 

+% 

4,10 

102 

102ft 


657 

Japan Dev Or Oft 01 

120000 

«T% 

112 


452 

81ft 

82 

-ft 

619 

Ntopan Td Tef 5ft 96 

. 50000 

105% 

106 


338 

104 

104ft 

-ft 

756 

Noway 5ft 97 

1SOOOO 

101% 

104% 


=39 

105ft 

105ft 


654 

SNCF6%0a 

. men 

111ft 

111% 


4=8 

86ft 

86ft 

♦ft 

674 

Span 5ft 02 . 

125000 

106% 

107ft 


488 

101ft 

102ft 


7=3 

Swollen 4ft® 

150000 

102% 

102ft 


388 

96ft 

97ft 

-ft 

703 

World Bar* 5ft 02 


104ft 

104% 

-ft 

480 

101ft 

101ft 

-ft 

67B 







07 

87ft 

-ft 

£02 

miifrfflfi fit 






104ft 

105ft 

-ft 

755 

Gednonce Luc 9ft 99 LA 

_ 1000 

106% 

107% 

-ft 

7=8 

101 

101ft 


&£2 

KB Dout todustk Bft 03 LFT . 

_ 3000 

102% 

103ft 


All 

auft- 

86ft 

-ft 

805 

WtaH Borkfl 98 LFr 

_ ion 

101 

102 

+1 

7=3 

107ft 

107ft 

-ft 

704 


_ 1000 

100ft 

101 


783 

104ft 

105ft 


754 

Ehagie Behrar 8% BBR 

_ 500 





wft 

Wft 

-ft 

893 

AtanataNnce t0ft96CS — 

— 500 

102*8 

103 

-ft 

ELfifl 

Wft 

107ft 


B25 

BrtCenadalOftBBCS 

_ ISO 

103ft 

103% 

-% 

980 

HJ7ft 

106ft 

-ft 

7=3 

Bdtoh CcMnUe ID 96 CS __ 

_ 500 

102 

102% 


575 

96ft 

•Wft 

-ft 

706 

BB 10ft 98 CS 

_ 130 

Wft 

105ft 

-ft 

671 

103 

103ft 


678 

tac defiance 9% 99 CS — 

275 

101ft 

102 

-ft 

9=9 

99ft 

Wft 


617 

Go> Bee CapU 10 96 CS — 

_ 300 

we 

102ft 

♦ft 

677 

102ft 

unft 


650 


_ 400 

101ft 

101% 

-ft 

674 

88ft 

89% 

-ft 

781 

Nppan Td Tel 10ft 99 CS 200 

102% 

103% 

-ft 

654 

103ft 

103ft 


670 

Oman 8 (DCS — -- 

- 1600 

so 

90% 

-ft 

697 

96 

96ft 


689 

Onario Hwto lOft 68 CS 500 

104% 

105ft 

-ft 

884 

Wft 

97ft 

-ft 

783 

Ottm KsktBwk 10ft 99 CS 

— ISO 

103 

103% 

-ft 

947 

105ft 

105% 

-ft 

7=7 

QUBbKPlW 10ft sees 

_200 

102ft 

103ft 

-ft 

673 

105ft 

Ittft 

-ft 

667 

Bdram 9ft 98 Ecu 

-1250 

103ft 

103% 

-ft 

780 





Oared firrape 9 01 Ecu 1100 

105% 

106% 

-ft 

782 





CrodlL4onneb9 9BEcu 

135 

102ft 

103ft 


7=5 

88ft 

86ft 

-ft 

789 

9 10 97 Ecu 

-1125 

109ft 

108ft 

-ft 

7=4 

WO 

100ft 

-ft 

701 

Feno dd Stal 10ft 96 Ecu 

— 500 

107 

107ft 


7J70 

®ft 

99% 

-ft 

023 

Wy 10% 00 Ecu 

- 1000 

112ft 

112ft 

-ft 

am 

B5*| 

95ft 

-ft 

7.11 

Eban9 98Ecu 

_ 1000 

103ft 

103% 

-ft 

708 

101ft 

102ft 


7=5 

Ltoeed Ktogdcni 9ft 01 Ecu 2750 

107 

107ft 

-ft 

7.71 

89ft 

S9ft 

♦ft 

£80 

AeCJOBAS 

_ J® 

1OT% 

103% 

♦ft 

HU 

87ft 

98ft 


670 

EP America 12ft 96 AS 

_ ICO 

106ft 

106 

♦ft 

5=7 

102ft 

103 

♦ft 

684 

Ccrm Bk Auanla 13% 99 AS 

_ 1® 

1»% 

117ft 

+% 

947 

102ft 

102ft 


650 

EB7% 99 AS 

350 

97ft 

97ft 

♦ft 

885 

82ft 

92ft 

-ft 

7A1 

NSW HWMy 2&0 9 20 A$ „ 

_ 1000 

8% 

9ft 

♦ft 

6m 

100 

100 

♦ft 

812 

RAIMTftOSAS 

— 125 

87% 

88 

4ft 

non 

93 

83 

-ft 

7=9 

SoeaiNSWBtttf 

— SB 

99 

88% 

+% 

672 

100ft 

100ft 

♦ft 

7.18 

SmAuetGMFta902AS 

_ 150 

95ft 

95ft 

4% 

699 

104ft 

105ft 


6=7 

LNtewrAuErfBl2fl8AS_ 

_ 1® 

108% 

ICBft 

♦ft 

611 


Kribx 10ft 07 C _ 
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IS 


FINANCIAL TIMES THURSDAY JULY 28 1994 


COMPANY NEWS: UK 


Mobile side 
supports BT 


By Andrew Adonis 

British Telecommunications 
reported a pre-tax profit of 
£78 Lm in the three months to 
June 30, a 3-2 per cent increase 
on last time's £757m_ Before 
redundancy charges profits 
advanced 2.1 per cent. 

Turnover increased 1.4 per 
cent to £3.38bn (£34J4bn)_ How- 
ever, the company had to rely 
largely on a sharp increase in 
income from mobile services 
and Cellnet, its cellular Joint 
venture with Securicor, to off- 
set a 2.6 per cent EaU in turn- 
over in its core national and 
international traffic. 

Allowing for discontinued 
activities turnover was up by 
2£ per cent. 

Although BT faced increased 
competition in the ope nin g 
quarter from Mercury and 
cable operators building local 
networks, it blamed the fell in 
traffic income on large price 
reductions made under an 
agreement with Oftel, the tele- 
coms regulator, which obliges 
it to reduce call charges by 7.5 
per cent a year after allowing 
for inflation. 

BT es timated that net price 
reductions cost it £120m in the 
quarter. It will have to make 
further price cuts in the 
autumn. Sir Iain Vallance, 
chairman, warned that the 
next round of price cuts and 
additional redundancy costs 
“win be moderating influences 
on our lull-year results". 


Part of the impact of the 
price cuts was offset by a 7 per 
cent increase in inland traffic 
since last year and a 5 per cent 
rise in international traffic. It 
pointed to the sharp increase 
in inland traffic, which com- 
pared with a 3 per cent 
increase between the same 
quarters in 1992 and 1993, as 
evidence of the success of its 
current campaign to encourage 
greater phone usage. 

Exchange line rental iprump 
grew by 4J2 per cent to £620m, 
reflecting continuing line 
growth and an increase in line 
rental prices. 

A 12 per cent increase in rev- 
enue from other sales and ser- 
vices to £79 lm was mainly due 
to increased activity at Cellnet 
and BTs mobile division. The 
number of Cellnet cellular con- 
nections rose by 128,000 to 
1.15m. 

BTs redundancy programme 
reduced the number employed 
by 1,700 to 154^00. Redundancy 
costs were £54m. Total redun- 
dancy costs for the current 
year are projected at £75Qm. 

E limina ting redundancy 
charges, staff costs were 33 per 
cent lower. 

Mr Laurence Heyworth, tele- 
coms analyst at Robert Flem- 
ing, said BTs underlying posi- 
tion was robust, with line 
growth of 100.000 a month, 
aggregating the cellular and 
fixed-line sectors. 

Earnings per share rose by 
23 per cent to 8.1p (7-9p). 


Water board nomination 
raises accountability debate 


By Peggy Hoflihger 

A leading pension fund consul- 
tancy is considering backing 
the no mina tion of a former 
water industry regulator to the 
board of Yorkshire Water. The 
nomination of Mrs Diana Scott, 
former chairman of the York- 
shire Water Services Commit- 
tee, has been opposed by York- 
shire’s directors. 

Pensions and Investment 
Research Consultants, which 
advises 16 local authority pen- 
sion funds with £18bn in 
assets, said the nomination 
raised several important issues 
about privatised utilities. 


“Our clients have become 
increasingly concerned about 
their lack of accountability in 
areas such as disconnections, 
directors’ pay and environmen- 
tal performance." said Mr 
Stuart Bell, research director. 

Mrs Scott was nominated by 
a shareholders’ resolution 
which requires the backing of 
more than 100 investors hold- 
ing more than £10.000 in share 
capital. Mr Bell said such pro- 
posals were highly unusual, 
although increasing. There 
have been two other such reso- 
lutions this year, at Norweb 
and British Aerospace. 

See Lex 


Institutions 
call for 
change at 
Enterprise 

By Robert Peston 

Norwich Union and the 
Prudential Corporation want 
Mr Graham Hearae, chairman 
and chief executive of 
Enterprise Oil, to surrender 
his role as chairman. 

The two institutions, which 
jointly own 10 per cent of 
Enterprise's shares, have 
together had a meeting with 
Mr Hearne and are waiting to 
hear how he plans to respond 
to their concerns. They are the 
biggest holders of Enterprise 
shares among investment 
institutions. 

There had been widespread 
speculation that Mr Hearne 
would be forced by Investors, 
unhappy with his managem ent 
of Enterprise's failed £1.6bn 
bid for Lasmo, to give np his 
rote as chief executive. 

However, Prudential and 
Norwich believe it is in 
shareholders' interest for Mr 
Hearne to remain as chief 
executive, a position he has 
held since 1984, and for a new 
elmirman to be found. 

The two institutions appear 
to be on a collision course 
with Enterprise and its board. 
It Is the board’s policy that 
over the coming two years the 
company should find a new 
chief executive to succeed Mr 
Hearne, who is 56. 

A friend of Mr Hearne said: 
“It could all get very nasty. 
Graham is in no mood to stand 
down as chair man". 

Mr William Bell. 

Enterprise’s senior 
non-executive director who 
until 1991 was chairman of the 
ofl company, is in the process 
of offering to meet Norwich 
and the Prudential to discuss 
their concerns. 

He will tell them that the 
company already bad a 
strategy to establish a 
counterweight to Mr Hearne 
by the recent appointment of 
Mr Miriiapi P ink as chief 
operating officer. 

The anxieties of the two 
institutions would not be 
allayed if Mr Bell were to offer 
a compromise solution of 
speeding up the search for a 
new chief executive, which 
could be Mr Pink, though he is 
only a year younger than Mr 
Hearne. 


Lloyds Abbey Life shows 13% advance 


Lloyds Abbey Life, the life assurance 
group, yesterday reported a rise in pre- 
tax profits for the first half of 1993 to 
£171 3m - 13 per cent higher than the 
same period last year - despite sharp 
falls in sales by its two core life 
insurance subsidiaries, writes Alison 
Smith. 

Sir Simon Hornby, group rhainpan, 
said that the life assurance companies 
were trading in a market where sales 
were unlikely to grow in the short-term, 
but that both were responding to mar- 
ket conditions by in tens ifyin g training 
making substantial changes to the 
sales process. 

He highlighted the impact of recent 
unfavourable publicity about the 
life industry as a whole, which has 


focused on the possible mis- selling of 
personal pensions to people transfer- 
ring out of occupational schemes and 
on general levels of training and of 
compliance with regulators’ require- 
ments. 

The steepest Cali in performance was 
in Black Horse Financial Services, a 
“bancassurance" company selling prod- 
ucts only to customers of Lloyds Bank. 

It recorded a drop in sales of 40 per 

cent. 

Abbey Life, the group’s other UK life 
assurance division, suffered a drop in 
sales of 8 per cent. Mr Stephen Maran, 
group chief executive, said Abbey Life's 
performance was broadly in line with 
the market. 

He attributed about half the drop in 


BHFS's sales to the extensive amount 
of time devoted to training rather 
than selling during the six-month 
period. 

A further factor in the fell in business 
is that the group has not yet reentered 
the pensions transfer market. 

Within the £l7l3m total pre-tax prof- 
its, BHFS fell 27 per cent to £44.1m 
(£60m). while Abbey Life slipped back 
to £66. 9m (£69m). 

The increase in group profits was 
largely due to the recovery in Lloyds 
Bowmaker. the finance company, both 
in terms of income and a sharp feU in 
the charge for bad debts. 

Its pre-tax profits almost trebled, ris- 
ing to £33.5m from £H3m. 

Earnings per share for the group rose 


14 per cent to I6.3p <14.3p\ and the 
interim dividend is increased 8 per cent 
to 63p (63p). 

• The impact of regulation on the 
life Industry was also reflected 
in comments from Sun Life, despite 
its 13 per cent increase in new busi- 
ness for the first half of the year 
at £l$2.6m (£161.1m) reported yes- 
terday. 

Mr John Reeve, managing director, 
said although the group had unproved 
on earlier results against the industry 
trend, he expected regulatory pressures, 
keener competition and a contracting 
market “will make It unlikely that the 
current rate of year-on-year Increase 
will be sustained for the full 
year". 


Waiting for life to take a turn for the better 

Alison Smith considers the prospects for a depressed sector of the insurance market 

tho hart Vin<r Hfp has nnt imnmvwi ” and mnrtf-ntrp-rplatpd orod 


T he good and the bad 
news for the life assur- 
ance industry was 
encapsulated yesterday at the 
announcement of the first half 
results for Lloyds Abbey Life, 
the life assurance group. 

The good news was set out 
by Mr Stephen Maran, chief 
executive, who said that in the 
longer term, demographics and 
consumer perception of the 
extent of state provision in the 
future meant that there would 
be a revival in the pensions 
market. A low-inflation envi- 
ronment would also contribute 
to an active investment mar- 
ket 

The more immediate bad 
news was underlined by Sir 
Simon Hornby, chairman, who 
said that sales were unlikely to 
grow in the short term because 
consumers were reluctant to 
make a commitment to 
long-term life assurance and 
recent publicity bad under- 
mined public confidence in the 
industry. 

The question for the whole 
life industry is how to get from 
where they are now to the 
brighter prospects some way 
away. 

Current difficulties were 
seen yesterday by the restruct- 
uring and reduction of the 
direct life and pensions sales 
force of Norwich Union. 

At the same time, the 40 per 
cent drop in new business at 
Black Horse Financial Ser- 
vices. the Lloyds Abbey Life 
“bancassurer" which sells only 
to Lloyds Bank customers, 
offered a vivid illustration of 



Results for first quarter ended 30 June, 1994 


First Quarter 
Results 



3 months ended 

30 June, 1994 
(unaudited) 

£m 

3 mouths ended 

30 June. 1993 
(unaudited] 

£m 

Turnover 

3,382 

3,335 

Redundancy charges 

54 

53 

Operating profit 

841 

810 

Profit before tax 

781 

757 

Profit after tax 

511 

496 

Earnings per share 

8.1 p 

7.9 p 




Highlights excluding the impact of redund^^K *■ 
charges and non-recurring factors 




Turnover up by 2.5% 


v_«w/ 


J v... 

Profit before tax up by 

. *} Sif " £■'**. 'V-Y 

if- . _ » — — _ * f. 1 


■ 5*7. 




m Earnings per share 


•/fesR-V- 


forfhe first quarter are encqji^^^^arowth 
^of^sSadSx: our products and services^r^^%; in part 
becfctf&Jtif the stronger UK has also 

beefr stimulated by our recent reductions, 

together with other marte^sg^^fiS^which encour- 

"•T " '»-«v - •< ^ 'itv-J. -- 




price cuts during 


further substantial 

■: ■: * v ’ — will be moderating influences 




■; * 
■■A':’, 



’ *>\r 
•• " •> 


’■r" .v 


••• • , V'^ ■ " 


* ■/ , p V. 


. * ■ *i" 


Sir Iain Vallance 
Chairman 
27 July, 1994 




Ay ’’ ■ ■’/ 


- »V/* « -vwww V.' 

- ® have any queries as a shareholder please call 0345 010505. For daily 

,’ 3 recorded information on the BT share price and matters of interest to 

/ -H'jjVf shareholders generally, please call 0345 010707. You may telephone these 

V ^ numbers from anywhere in the UK for the price of a local call. 

British Telecommunications pic, 81 Newgate Street, London EC1A 7AJ. 


. . ' ,7 

■n,K. 




how life has not improved 
since the poor figures for the 
industry as a whole in the first 
quarter were published by the 
Association of British Insurers 
in May. 

The AB1 figures showed a 
sharp fell in the "sale of single 
premium personal pensions 
and a 9 per cent drop in new 
annual premium income from 
life assurance and annuities to 
£37Sm, against £4 17m in the 
1993 first quarter. 

Last week. Prudential Corpo- 
ration. the UK's largest life 
insurer, reported that UK sales 
of single and annual p remium 
life and pensions policies fell 
by almost one fifth in the first 
six months of this year com- 
pared with the same period in 
1993. 

Refuge has reported a 30 per 
cent fell in sales of life and 
pensions; Legal & General has 
reported a fell of just over 16 
per cent in UK sales of life and 
pensions new premium busi- 
ness to the and of June; Britan- 
nic Assurance has recorded a 
smaller drop. 

Insurers such as Sun Life, 
which yesterday reported a 13 
per cent increase in new busi- 
ness, are rare. 

The relationship between the 
life industry and its regulators 
has depressed business in two 
ways. 

First, there is the impact on 
the company itself. Pro- 
grammes for re-assessing and 
re-training the sales force - 
whether voluntarily or compul- 
sorily - means time not spent 
selling, even if the better- 



Tony l 


Stephen Maran: compliance costs have surged in recent years 


trained -gates agents are even- 
tually more productive. 

Similarly, the decision by 
some companies not to return 
yet to the sale of personal pen- 
sions to people transferring out 
of occupational schemes 
restricts the range of products 
they offer. 

There is also the more gen- 
eral question of the cost of 
meeting regulators’ require- • 
meats. Mr Maran said yester- 
day that compliance costs were 
now seven or eight times the 
costs of compliance four or five 
years ago. 

Second, there is the impact 
on public confidence of the 


apparently endless run of pub- 
licity for life insurers which 
have failed to comply with reg- 
ulators’ requirements. 

The widespread concern 
about the possible mis -selling 
of pension transfers which 
erupted last December will cast 
a shadow over the industry for 
many months to come. 

There is some scope for 
blunting the effect of this by 
increasing sales of other prod- 
ucts, but there are limits to 
this. 

For example, sales of single 
premium investment products 
this year have been affected by 
the volatility of the markets, 


PEOPLE 


European representation expands 
on board of media group Aegis 


Aegis group, the pan-European 
media planning and buying 
specialist, has appointed Kai 
Hiemstra, 55. right, as an exec- 
utive director on the group's 
main board.- 

The move has a special fla- 
vour to it “We could count on 
the fingers of one hand the 
numbers of German nationals 
who are non-executives on the 
board of British companies. To 
appoint a full executive direc- 
tor like this is quite unusual,” 
says the German-British chain- 
ber of commerce in London. 

An experienced advertising 
figure, Hiemstra is founder and 
chair man of FMS Media Ser- 
vice, based in Wiesbaden, Ger- 
many. HMS bas grown into 
Germany’s largest media buy- 
ing and planning specialist, 
with a 12 per cent market 
share. 

While there is a sprinkling of 
Germans on various boards in 
the City, the ranks thin some- 
what outside the financial 
world. 

Among the better-known are 
Gertrud Holder, founder of an 
eponymous firm of manage- 
ment consultants in Germany, 


who has been a Grand Metro- 
politan non-executive director 
since 1992. 

The year before, Ellen 
Schneider-Lenne, of Deutsche 



bank, joined ICL m the same 
role. John von Spreckelsen, 
chief executive of Budgens 
since May 1991, is German- 
bom. Martin Rohlhaussen was 
a non-executive at Tipbook 
until March this year, and the 


former Volkswagen boss, Carl 
Hahn, is a nonexecutive with 
BP. Most famous perhaps is 
Dieter Bock, joint chief execu- 
tive at Lonrho. 

Efiemstra’s elevation bolsters 
the group’s European outlook; 
the board now has represents 
lives from the US, France, 
Switzerland, the UK and now 
Germany. "It's a genuinely 
European board,” says Aegis, 
“where all group business Is 
conducted in English." 

Aegis acquired 50 per cent of 
HMS in 1988. the remaining 
half in 1993, when the billings 
of HMS represented 30 per cent 
of the total for the Aegis group. 

■ John Wilson has been 
appointed managing director of 
BULLERS, the giftware, fine 
art and decorative products 
group. He was formerly execu- 
tive chairman of Peter Cox. 
Martin Duffy has been made a 
non-executive director of the 
company. 

■ Gerald Bowthorpe has 
been appointed managing 
director of OCS GROUP, the 
fourth generation of the Good- 
iiffe family at the group. 


Gonszor leaves PhilDrew: 
Wade moves on at Barclays 


Charles Gonszor has left 
PhilDrew Ventures to set up 
on his own. Gonszor joined 
PhilDrew Ventures in 1988, 
three years after the venture 
capital house was established 
by a team that left Prudential 
Ventures. 

Robert Jenkins, one of the 
six remaining partners at Phil- 
Drew Ventures, said Gonszor 
left at the start of the month 
after a series of differences of 
opinion about the way the 
partnership should be run. 

Jenkins said none of the dif- 
ferences were about significant 
matters and there had been no 
differences of opinion with 
either Phillips and Drew Fund 
Management or UBS, the par- 
ent group. 

PhilDrew Ventures has been 
one of the more successful ven- 
ture capital groups. It has 
raised over £250m and says its 
return on Investments is more 
than 40 per cent 

■ Elizabeth Wade. 36, has been 
appointed head of investor 
relations at Barclays. Wade 


was previously a director at 
the strategic planning depart- 
ment of BZW, the bank's 
Investment banking arm. 

Wade spent three years at 
Chase Manhattan and also 
worked for Fleming Invest- 
ment Management, where she 
began her career as an analyst 
She then joined BZW in 1988 as 
an analyst in the oil and gas 
sectors. There she set up BZW 
Equities' continental European 
oil and gas research, and 
became diBirman of the Lon- 
don Oil Analysts’ group in 
1993. 

■ Christopher Ham. formerly 
head of sales for NatWest's 
insurance services, has been 
appointed md of Norwich and 
Peterborough Financial Plan- 
ning, part of NORWICH AND 
PE TERB OROUGH BUILDING 
SOCIETY. 

■ James Henderson, director 
of the investment management 
division of Henderson Finan- 
cial Management, is appointed 
to the board of LOWLAND 
INVESTMENT COMPANY. 


NON-EXECUTIVE 

APPOINTMENTS 

■ Karl Daniels, retired chair- 
man and chief executive of 
Noble Lowndes, at PROUD- 
FOOT. 

■ Barbara Thomas, formerly 
an executive director, at NEWS 
INTERNATIONAL 

■ Sir Neville Bowman-Shaw 
as chairman at FOREXIA (UK), 
a Richard Johnson, former 
senior partner of Burges 
Salmon, and Charles Skinner, 
editor of Management Today, 
at BRANDON HIRE. 

a James Snmmarlln has 
retired from PLYSU, but 
becomes honorary life presi- 
dent. 

B Tony Davies, former chair- 
man and chief executive of 
Membrain and ITL, at CLAY- 
HTTHE. 

B David Bolton, a partner 
with Herbert Smith, at COS- 
ALT. 

B Bob Ellis at BROWN & 
JACKSON, having stepped 
down as finance director, 
a Michael Halsey, a former 
partner with Astaire & Co, as 
chairman at ANDAMAN 
RESOURCES; Hugh McCul- 
lough has resigned. 

B Raymond French at IFG 
GROUP. 


Wyatt gets 
bullish on 
sales 


e: 


and mortgage-related products 
have been tot by the fragility 
of the bousing market recov- 
ery. 

More fundamentally, pension 
sales is an essential area of 
business. Mr Tom King , mar , 
kefcing general manager of 
Standard Life, says that pen- 
sion business now accounts for 
40 per emit of Standard Life’s 
total business. “It's a core busi- 
ness these days," he says. 

Beyond pensions has been 
the more generalised damage 
done by the publicity attracted 
for high street financial Insti- 
tutions such as Norwich 
Union, Nationwide and Bar- 
clays Life, which have token 
remedial action after a visit 
from the regulators. 

Mr Peter Nowell, group chief 
actuary at Prudential, is not 
expecting a significant 
improvement In business until 
next year. Some in the indus- 
try would be more cautious 
than that, since nootne knows 
how the new regime for disclo- 
sing information about the 
product, including charges and 
costs, to the customer, will 
affect business. 

Mr Roman Cizdyn, insurance 
analyst at Smith New Court, 
believes it will be a long time - 
probably 1996 - before new 
business figures show an 
upturn, but that does not stop 
him being reasonably confi- 
dent about the quoted compa- 
nies. 

"In a horrid market, they are 
relatively well-placed. There 
are life offices a lot worse than 
they are," he said. 


Ill p 

J.V 


ri 

inet 

> Dm 


At weekends, Carol Wyatt 
helps her husband rebuild 
their house near Slough. 

But for the next two years or 
so, Groupe Bull's newly 
appointed director of Bales will 
spend her weekdays in Paris, 
building the group’s interna- 
ttonal open systems and soft- 
ware sales team. 

No technologist - Tm per- 
sonal computer literate - 
just," she says - Wyatt has 
deployed hear management and 
organisational skills to good 
effect since joining Bull, then 
Honeywell Bull, In 1983. ' 

Her sales triumphs indude 
leading teams responsible for 
winning major central govern- 
ment orders for computer 
systems for the prison service . 
and the Inland Revenue. 

What does it take for success 
in these bids? Wyatt says: 

The secret Is to pidc the right 
people with the right skills for 
the sales team - especially 
when there is little difference . 
between manufa ctu r er s’ hard- 
ware". ■— j 

Most recently Wyatt has 
been director of customer care 
and communications at Boll 
UK. 

Xn ber new job she wflZ be 
responsible for managing the V-v. .. 
resources to drive sales of 
open - or Industry standard - -2 ^ • 
systems in all die 100. or so - 
countries where Bull is repre- > .- v( , 
smted. >• 

She will ensure the appropri- £* 
ate drills from whatever part 
of Bull's worldwide operations 
will be available to support 
sales bids - especially those 
aimed at medium stead pro- 
jects. 

It Is a critically important 
task at Bull, still taring money 
heavily and seeking a new rote - 
In the world data processing * 

business. "Tense” is how she 
describes the mood Inside the 
company. 

Her Paris location, however, 
will enable her to dust off and 
exploit an earlier skill. After 
leaving college, she worked as 
a bilingual secretary, with spe- 
cial fluency in French. 

■ Duncan Calms, 44, has been 
appointed chief executive of 
Haring Baker Harris group, 
the chartered surveyor and ; • 

property adviser. Calms baa v 
previously been managing 
director of the Bristol office of 






FINANCIAL TIMES TH URSDAY J ULY 28 1994 


19 


*i Mls 


3% adv 


at >c. 


11 for Uiek 



TV, , 


\\ \ " 


COMPANY NEWS: UK 


Lex Service blames 
exceptionals for drop 


By Tim Burt 

Lex Service. Britain's largest 
car distribution and leasing 
grain), yesterday played down 
a SI per cent decline in half- 
year pre-tax profits by claim- 
ing the results were distorted 
by hefty exceptional items last 
year and did not fairly reflect 
growing vehicle sales. 

Pre-tax profits fell from 
£SL6m to £29.7m under FRS3. 
although total trading profits 
in the six months to June 26 
rose from £25. lm to on 

increased group turnover of 
£696^m (£48 4m). 

The company blamed the dis- 
crepancy on reduced profits 
from the disposal of shares in 
Arrow Electronics, which it 
received in September 1991 as 
part payment for its North 
American electronic compo- 
nents distribution businesses. 
Shares sold in January gener- 
ated profits of £7.7m, compared 
with £60.lm last time. After 
stripping out the exceptionals, 
pre-tax profits rose 18 per cent 
to £22m (£18. 6m). 

Operating profits, which 


exclude contributions from 
associated undertakings, 
increased to £lO.Sm (£6.4m). 

Although Sir Trevor Chinn, 
chairman and chief executive, 
said the underlying perfor- 
mance was encouraging, the 
Shares fell 30p to 447p after he 
warned that retail ifamund had 
weakened in the second quar- 
ter and the group had lost 
£800.000 on its Hyundai Car 
imports business. 

“We should have done a bit 
better in the retail group and 
not lost money on Hyundai," 
he said. “Our margins were hit 
by slowing demand and the 
drive by manufacturers for 
increased volume." 

He blamed the second-quar- 
ter downturn on reticence 
among fleet purchasers and 
private customers ahead of the 
August new car registration, 
which last year accounted for 
245 per cent of annual sales. 

The deficit at Hyundai was 
caused by high marketing and 
promotion costs. Nevertheless, 
trading profits in the group’s 
core car and truck retailing 
division rose from £8. 3m to 


Improved volumes for 
BAT’s tobacco side 


By Ned Buckley 

BAT Industries strongly 
defended prospects for its 
tobacco business yesterday, 
and reported improved vol- 
umes and profits in the US in 
spile of the political backlash 
against smoking. 

BAT said Brown & William- 
son, the third largest cigarette 
mmpany in the US, increased 
market share in the first half 
erf 1994 from 10.3 per cent to 
U_3 per cent, largely recover- 
ing the share it lost last year 
when Philip Morris cut the 
price of Marlboro cigarettes. 

B&W increased domestic vol- 
umes by 20 per cent following 
a shake-up of its sales force, 
and export volumes by more 
than 10 per cent Operating 
profits increased 76 per cent to 
£217m. benefiting from price 
increases in value-for-money 
brands which account for 60 
per cent of its US business. 

BATs performance outside 
the US was also strong. Brit- 
ish-American Tobacco lifted 
trading profits 9 per cent, in 


spite of difficult conditions in 
some markets. Sales and prof- 
its in all operating divisions 
were up, with particularly 
strong performances in Chile, 
Argentina, Singapore, Indon- 
esia and Australia. 

However, trading profits 
were down at BAT Cigaretten- 
fabriken, the German business, 
because of a provision for relo- 
cation. of a research facility. 
German sales improved, 
although total exports fell in 
spite of a big increase in 
exports to eastern Europe. 

A problem area was the 
Sm™ Cruz business in Brazil, 
where £8Qm profits last year 
were wiped out by weak eco- 
nomic conditions which led to 
downtrading and increased 
cross-border imports. BAT said 
action by the Brazilian govern- 
ment to Stabilise the erannmy 
was likely to lead to improve- 
ment next year. 

Imperial Tobacco in Canada 
increased volumes and profits, 
hpngflUng from the eliminat ion 
of border trade after domestic 
tax reductions. 


TI to get more from 
Snecma joint venture 


By Tim Burt 

TI Group, the specialist 
engineer, yesterday said it 
would retain a greater share of 
profits than previously antici- 
pated from Messier-Dowty, its 
newly-formed landing gear 
joint venture with Snecma, the 
French state-owned aero-en- 
gine manufa cturer. 

Negotiators extracted 
improved terms from Sn e c m a 
after revised profit forecasts 
for the joint venture company 
suggested there would be a 
lower than expected contribu- 
tion from Messier’s spare parts 
business. 

Under the original deal the 
two companies agreed TI 
would receive an additional 
£llm of any profits generated 
by Messier-Dowty in its first 
three years. 

The agreement was drawn 
up to reflect a £30m differential 
between the value of Dowty 
Landing Gear, which TI 


acquired two years ago, and 
Messier-Bagatti Landing 
Gear. 

However, the lower contribu- 
tion expected from Messier 
meant the differential has wid- 
ened since the deal was first 
announced last summer. 

A completion agreement 
signed yesterday by the two 
sides showed that the £llm 
limit on TTs additional share 
of the profits had been lifted, 
and the group would instead 
receive 90 per cent of the joint 
venture's profits in 1996. 80 per 
cent in 1996 and 625 pm- cent 
in 1997. 

Thereafter, profits will be 
shar ed on a 50-60 basis. 

“TI should receive a some- 
what hig her return from the 
joint venture during the first 
three years than It would have 
received from Dowty Landing 
Gear as a stand alone busi- 
ness." said Mr Tony Edwards, 
chief executive of Dowty Aero- 
space. 


DIVIDENDS ANNOUNCED 


Current 

payment 

BAT bids - bit 8.5 

Dyson (J&J) fin 2 

Lex Sendee bit 5.6 

Lloyds Abbey - — bit 6.8 

Memder-Swaln § (in 2.9 

MOgste fnt 0.5 

MUe fin 2 5 


Cones - Total Total 

Date of ponding for last 

payment diddend year year 


Murray SpBt 

Reuters 

Rubicon 


-lnt 2.65? 
Jnt 1.9 
-fin ZB 


Spargo Consult lnt 1.6 


Jan 3 
Oct 3 
Sept 9 
Oct 7 
Oct 3 
Sept 2 
Oct 1 
Oct 3 
Sept 12 
Nov 3 
Sept 16 


7.9 - 20.1 

3 35 5 

4.7 - 125 

as - 18 

256 T 4.2 3.67* 

2 45 3.5 

2.65 - 10.6 

155 - 65 

25 4.6 4 


Dividends shown pence per share net *Eq»iralent after allowing for scrip 
bsua. 5USM stock. tThird quarter — 


TfW COOPERATIVE BANK 


£75,000,000 

Subordinated Floating Rate Notes 2000 

Holders of Floating Rate Notes of the above Issue 
are hereby notified that for the interest period from 
26th July. 1994 to 26th October, 1994 the following 

information will apply. 

1. Rate of Interest 5.50% per annum 

2. Interest Amount payable on Interest 

Payment Date: £69.32 

Per £5,000 nominal or 
£693.15 

Per £50.000 nominal 


3. Interest Payment 
Date: 


26th October. 1994 


The Co-operative Bank pic 

(hKXxporaM m England wider tfw Campania* An UMSto 1W0J 
Agent Etank 

Bank of America International Limited 


£12. lm; while profits on its 
associated vehicle contract 
hire business increased 70 per 
cent to £12. Lm (£7.1m). 

Sir Trevor said the down- 
ward trend in trading margins 
on cars had been partly offset 
by improved truck sales, w hile 
the fork lift truck and servic- 
ing businesses were making 
“good progress". 

Pre-exceptional earnings per 
share came out at 155p (125p). 
although they fell from ?45p to 
20-8p under FRS3. 

An interim dividend of 5, Bp 
(4-7p) is declared, but the group 
warned there was unlikely to 
be a similar increase at the 
year end. 

• COMMENT 

At the pre-tax level, Lex 
appears to have been involved 
in a serious pile-up. But the 
distorting effect of exceptionals 
disguises generally favourable 
market conditions. Demand 
may have slowed but the trend 
remains firmly upward, and 
the group should benefit signif- 
icantly from the August car 
rush. However, Sir Trevor’s 
caution persuaded analysts to 
leave full-year pre-tax profit 
forecasts unchanged at about 
£55m. With plenty of room for 
volume growth, the shares - 
on a forward multiple of 1L7 - 
remain a cheap option. 


Fairline 
boarded by 
South 
Africans 

By Carolina Southey 

The Newington family has 
relinquished majority control 
of Fairline Boats, the Peterbor- 
ough-based luxury powerboat 
maker which has enjoyed a 
resurgence in demand and 
profits over the last 12 

month? 

It has sold a 29.9 per cent 
stake to Beowick Group, a 
Devon-based maker of yachts 
and motor cruisers owned by 
Kangra Holdings, a South 
African group. 

Ben wick paid 350p a share 
for lm shares against an 
unchanged dosing price of 
400p. 

The Newington Family will 
retain a 24.74 per cent stake. 

Mr Sam Newington, chair- 
man, said the intention of the 
sale was to "free up the family 
bolding:" Fairline would "con- 
tinue to operate independently 
under its existing manage- 
ment" and Ren wick had not 
sought representation on the 
board, he said. 

The agreement states that 
no Newington family member 
can sell shares for 6 months. 

Mr Newington said there 
were no rationalisation plans 
and the dividend policy 
remains mrrhung ari. 


Red faces as Wall Street Journal 
foreshadows £24.5m bid for Castle 


By David Wight on 

Castle Communications, the USM-quoted 
record and video publisher, yesterday 
announced an agreed £245m bid from Alli- 
ance Entertainment of the l)S horns after 
the details appeared in the European edi- 
tion of the Wall Street Journal. 

The 360p a share cash offer has been 
accepted fry directors and other investors 
accounting for 525 per cent of Castle's 
share capital. To the embarrassment of 
both companies, an interview with Mr 
Joseph Bianco, Alliance's chairman . giv- 
ing the price of the offer appeared in the 
European Wall Street Journal. 

"We didn’t know the Wall Street Journal 
was going to put ft in the European edi- 


tion. which came out before we could 
make the formal announcement," said Mr 
Bianco. 

Castle and its advisers discussed the 
problem with the Stock Exchange before 
the market opened and requested that 
trading in the shares be suspended until 
the full announcement was posted. 

After consulting the Takeover Panel, the 
Stock Exchange decided against a suspen- 
sion and asked Alliance to put out a brief 
holding statement which did not include 
the price. This appeared on the screens at 
9.40am, at which point the shares were 
still unchanged at 340p. They had risen to 
355p by the time the full announcement 
was made at 2.28pm. 

Alliance, which is the largest indepen- 


dent distributor of recorded music in the 
US. has been looking to buy music copy- 
rights and was attracted by Castle's cata- 
logue of rights to 1960s and 1970s groups 
such as the Kinks. 

“Castle als o h a* a bunch of the best 
people in the business of exploiting those 
copyrights." said Mr Bianco. 

Mr Terry' Shand, Castle chairman, said: 
“This is a unique opportunity for Castle to 
further develop its internatiou.il business, 
to continue to expand its catalogue of 
rights and to take advantage of Alliance's 
considerable distribution network." 

Castle shares jumped 58p to "JSp two 
weeks ago when it announced it was in 
folks that might lead to an offer. The com- 
pany was floated at 20Op in 1987. 


EMC diversifies into food I Signet pressed for EGM 


By David Wlghton 

£MC Industries, the soft drinks 
and video tapes group, is trans- 
forming itself into a food man- 
ufacturer with the £U.5m 
acquisition of Red Mill Snack 
Foods. Following the deal, 
which will involve a trebling of 
IMC’s share capital, it is pro- 
posing to fh»wg n> Its nany? \o 
Continental Foods. 

With operations in Wedues- 
bury. near Birmingham and 
Waspik in the Netherlands, 
Red Mill makes a range of 
maim and potato-based snacks. 
In the year to March 1994 it 


made an operating profit 
before non-recurring items of 
£15m on turnover of £22m. 

Portfolio Foods. Red Mill's ! 
parent, wifi receive £2.25m in i 
cash and 462.5m new LMC 
shares, of which 372m have 
been placed with institutions 
and other investors subject to 
a lO-for-7 open offer at 2p. 
Trading in die shares has been 
suspended at 2!ip. 

IMC also announced its fig- 
ures for the year to April 
which showed slightly lower i 
pre-tax profits of £364,000 ' 
(£377,000) on turnover of £6. 2m 
(£6.1m). 


By Tim Burt 

A group of disaffected 
shareholders at Signet, the 
jewellery group known for- 
merly as Ratners, yesterday 
said they would press ahead 
with plans to force the com- 
pany into a capital reconstruc- 
tion. 

The Delta Dividend Group, 
based in San Francisco, said 
it was intending to requisi- 
tion an extraordinary 
meeting to consider a wide- 
ranging overhaul of the share 
capitaL 

Mr David Gale, president of 


the group, said the US Inves- 
tors - bolding variable term 
preference shares worth an 
estimated $29 m (£lS.7m) - 
would stop their action only if 
the company issued a state- 
ment setting out proposals for 
restructuring and repaying 
dividend arrears. 

Preference dividends have 
not been paid since early 1992, 
and arrears in the 12 months 
to January 29 this year stood 
at £5Sm (£305m). 

Signet said it was preparing 
on imminent response to the 
issues raised by the US share- 
holders. 



AT INDUSTRIES 


Interim dividend up 8% 


First half unaudited results 
to 30 June 1994 


PRE-TAX PROFIT 
EARNINGS PER SHARE 


DIVIDEND PER SHARE 


£948m 


19.4p 

8.5p 


+5% 


+ 1 % 


+ 8 % 


Financial services trading profit from continuing operations rose 10 per cent to 
a record £439 million, with £1 93 million from the life and investment business 
and £246 million from the general business. 

Tobacco trading profit of £576 million improved 8 per cent, excluding last year’s 
gain on the exchange of brands, with strong growth in Group exports and a 
particularly good performance in the US. 

“We have been subjected to a period of unprecedented propaganda in the US. 
The Board, lipwever, Remains confident of the tobacco industry's ability to 
continued defend itself successfully, not only in court but wherever a more 


. ■ “The-Boardhas dedared an interim dividend of 8.5p, an increase of 8 per cent 

- which is, as usual, weliin ■ excess of the irate of inflation and, as previously 
... .1 :• * announced, will be paid on 3 January 1 995." 

■ ,• - v • ~ - ; , . ••• - - Sir Patrick Sheehy, Chairman 


-file fuH imerin report is being posted lo shareholders aid copies are available from the Company Secretary, BAT industries pJ.c., Windsor House, 50 Victoria Street. London SW1H ONL. 


* 


n 






20 


FINANCIAL TIMES THURSDAY JULY 28 1994 


★ 


COMPANY NEWS: UK 


All-round growth lifts 
Menvier-Swain 23% 


Mitie ahead 40% 
despite ‘fierce 
environment’ 


By Andrew Botger 

Growing recovery in the UK 
helped Menvier-Swain Group, 
the emergency lighting and 
alarms manufacturer, increase 
pre-tax profits by 23 per cent 
from £7. 62m to £9.36m during 
the year to April 30. Sales rose 
24 per cent to £70.3m. 

The Oxfordshire-based 
group, which came to the USM 
in 1986. said it would move to a 
full listing as soon as possible. 
The shares closed 13p higher at 
237p. 

Mr Roy McDowell, chairman, 
said: “This has been a year of 
steady progress in all areas in 
which the group operates. The 
improvement in the UK market 
has continued with sales levels 
moving ahead strongly." 

Having made five acquisi- 
tions in the previous year, the 
group had deliberately concen- 
trated on the integration of 
previous purchases and inter- 
nal Investment The board and 


senior management had also 
been strengthened. 

Mr Roger Fletcher, chief 
executive, said capital expendi- 
ture of £6m was unusually 
hi g h , which would be reflected 
in future profits and sales. 

The group spent more than 
£2m on a new lighting factory 
in France, to be occupied next 
month, and £500,000 on produc- 
tion equipment fbr a new emer- 
gency lighting product Britel- 
ite, which would be sold 
throughout Europe. 

More than half of sales are 
overseas, and the strong per- 
formance in the UK was partly 
offset by problems in continen- 
tal Europe. A recent German 
acquisition received faulty 
products from a third party 
and the French lighting mar- 
ket continued to suffer from 
margin pressure. However, 
businesses in the Netherlands 
and Denmark continued to 
improve. 

Mr Fletcher said: “Acquisi- 


tions are now on the cards 
again - particularly in security 
and Ore alarms." 

Mr McDowell will step down 
as non-executive c hairman in 
September. He will be replaced 
by Mr Tony McCann, chief 
executive of Bricom, the air- 
port servicing and parcel deliv- 
ery company, who Joined the 
board in January as a non-ex- 
ecutive director along with Mr 
Peter Pollock, former chief 
executive of ML Holdings. 

Mr McDowell said: “The 
financial year has started well 
with sales and profits in the 
first two months significantly 
ahead of last year. Improving 
market conditions, manage- 
ment changes and investment 
in new products and plant are 
all expected to contribute to 
another year of solid growth.” 

Earning s pm 1 share in creased 
by 14 per cent to I2.94p 
(ll.37p). A recommended final 
dividend of 2.9p makes a total 
of 4Jtp (3.67P). 


By Reg Vaughan 

Mitie Group, the Greenock- 
based building maintenance 
company, lifted pre-tax profits 
by 40 per cent from £2.4m to 
£3.36m in the year ended 
March 31 on the back of a 39 
per cent jump in turnover to 
£10L7m- 

The shares closed lOp higher 
at 338p. 

Mr David Telling, chairman , 
said that the outcome was 
achieved against a background 
of a “fiercely competitive envi- 
ronment”. 

However, Mr Telling saw an 
improvement in the market 
place and so far, results for the 
current year were ahead of last 
Mrrye- 

Share holders receive a 29 per 
cent expansion in dividends, 
via a recommended final of 
2.5p which raises the total 
from 3.5p to 4.5p, matching 
an increase in earnings 
per share from I3.3p to 
17.1p. 

The dividend is covered 3.6 
tiwps by earnings. 

A 2-for-l subdivision of 
shares is also proposed. 

Mr Telling said yesterday 
that indigenous sales growth 
represented some £24m, of 30 
per cent of the total 

He said he looked forward to 
an increase in mar gins fuelled 
by the bottom pressure of a 
shortage of skilled labour 
which would lead to increased 
prices. 


Mitie Group 


Share pries (pence} 



Margins were 40 to 50 per 
cent below, what they were 5 
years ago, but despite a sub- 
stantial increase in turnover 
and acquisitions the company 
remained ungeared. 

The company also 
announced the acquisition, by 
its Mitie Engineering Services 
subsidiary, of the shares not 
already owned in Mitie Engi- 
neering Services (South East) 
for £L69m. 

Pre-tax profits of the offshoot 
were £599,151 during the 
1993-94 year. 

On completion of the deal 
Mitie will be able to consoli- 
date an additional 45 per cent 
of the profits. 


Restructured Rubicon up 84% 


Rubicon Group, which in a series of 
acquisitions and sales has been transformed 
from a shop equipment business into a preci- 
sion engineering group, yesterday reported an 
84 per cent advance in pre-tax profits for the 
year to May 31. 

The Increase, from £1.22m to £2^5m, was 
achieved on turnover almost trebled from 
£18.1m to £50m. Earnings per share came out at 
9.lp (7.5p) and a recommended final dividend of 
2JJp makes a total for (he year of 4.6p (4p). 

The improvement was principally the result 


of a string contribution from High Speed Pro- 
duction, a manufacturer of precision compo- 
nents and assemblies fbr the electronics indus- 
try, acquired for £9m in July last year. 

At the year end the shop equipment busi- 
nesses were sold. These operations had been 
suffering from weak demand, directors said, 
and bad incurred an operating loss of £166,000 
(£1.17m profit) on turnover of £20.4m (£l8.1m). 

At the same time the company bad acquired 
Beeley Wood, a manufacturer of precision 
metal components and assemblies, for £4.8m. 


NOTICE OF REDEMPTION 

LSI Logic Corporation 

Has called for Redemption of all of its 
6%% Convertible Subordinated Debentures due April 14, 2002 


Conversion Rights Expire 
August 10, 1994 


1. All outstanding &A% Convertible Subordinated Debentures, due 
April 14, 2002, are called tor redemption on August 10, 1994. 

2. Debentures are convertible into Common Stock of LSI Logic 
Corporation until the conversion rights expire at 5:00 p.rru, local time in 
Brussels, Belgium, on August 10, 1994 at a conversion price of $20.00 
per share, or 50 shares per $1,000 principal amount of Debentures. No 
payment or adjustment will be made on conversion for interest accrued 
on the Debentures surrendered for conversion or for dividends on 
Common Stock delivered. 

3. The last reported price of the Common Stock on the New York 
Stock Exchange on July 5, 1994 was $25.50 per share. As long as the 
price of the Common Stock is at least $20.78 per share, holders of the 
Debentures would receive on conversion, shares of Common Stock of 
the Company having a market value greater than the amount of cash 
that would be received on redemption of the Debentures. 

4. The conversion rights for the Debentures expire at 5,*00 p-xru, 
local time in Brussels, Belgium, on August 10, 1994. FhDure to convert 
the Debentures on or before such date could result in a monetary loss 
by virture of the above-described facts. 

5. Debentures surrendered for conversion must be delivered by 
hand or by mail to (and received by) the Conversion Agent with a 
properly completed Notice of Conversion. The Conversion Agent is the 
Brussels, Belgium office of Morgan Guaranty Trust Company of New 
York at the following address: Avenue Des Arts 35, 1040 Brussels, 
Belgium. The Notice of Conversion may be obtained by facsimile or by 
mail from the Conversion Agent 

6. Debentures not converted at the dose of business in Brussels, 
Belgium on August 10. 1994 will be redeemed at the Redemption Price 
of $1,018.75 plus $20.21 accrued interest for a total of $1,038.96 per 
$1,000 principal of Debentures. Interest on all Debentures will cease to 
accrue on and after August 10, 1994. 


The conversion rights expire on August 10, 1994. 

Debentures remaining unconverted will be redeemed at the Redemption 
Price (including accrued interest) of $1,038.96 per $1,000 Debenture. 


This advertisement is not and under no circuiii&tances is Lobe 
construed as an offer to sell or as a solicitation of an qffer to buy any of 
the securities of LSI Logic Corporation. 


Notice of Redemption 
of 

LSI Logic Corporation 
6%% Convertible Subordinated Debentures 
due April 14, 2002 

The conversion privilege expires at 5K)0 EM. 

(local time in Brussels, Belgium) 
on August 10, 1994 

Node* la hanfay (tea that puranst to lb« pra*iaaoni of the Internal dated aa of Aj*U 14. IM7RIM 
"ladaMN'l betwewi LSI Logic CarpanUoa (the “Gmmmtft Uo&td Stole* Turn Ccapaoj 

Yofc aa Tralee, retain* to the Company Camxtfth tenedfataad Ochaam Ok April 14, 001 Mm 

-Mlunft the Campmy baanlcd far teonqntai nd riB mtap an Anpta I3W (fa 
Oaia^al «*iUiadqs Dabenora. 

REDEMPTION PRICE 

The RtitenpdanPriaa dan baSUn&TS per runOpriadpai meant <*Dcb<nhm,tcgrtfaer«tliia<xn>ed and 
unpaid Inlarear than Aptf 14, 1994 la tbe BpdanpCton DM of RU I par *1,000 principal most of 
Dabaatana, for a local redemption pcieo of *1^3838 par *U»0 principal ma n at of Debeatma (tfca 

ri to tha reojy of raqriirti fandatfftta Paying Agent, paying* of th, Ihalan i pMwi 

ptiM Dm open la ta tut i Hmi and mania of ftteami at the 
lOrBBMMPnON.” 

Oaths Bedmpttaa t too Hi iWmprtw Pries nffl baton* daetad pqwMt an cadi Drbmtan and toe* 

wfl earn to a 
1I| 1904, that 
lbs Rcdenpttsn Prim. 

CONVERSION RIGHTS 

Up anti fctt pim. lacri dm k Bra-efe, Bafetaa. <m tha RcdemOai Data. Aorta Uh WH taohSan al too 



Altar fcOO pan, bml Urn la Broaria, Baighaa. an tfca fetetatoa Dm Augoal 
ng ha wtittad to ns ri g h w a s n sti hsM rr a cor* the right to nadm nff aese* of 


, to fas aids to ante lb* caomndco righto mder the Indnxnre. Set -MANNER 
OF CONVERSION* betar. 

ALTERNATIVES AVAILABLE TO HOLDERS OP DEBENTURES 
KflUanaftha Osbaotores bm too Mowing ahanritm ridehabooU be canMff otaddamh 
1. Cbnwrra into Guram S&x* Urtfl UD pjn. local time, on tha Redemption Date. Angm 

Itt 104, at tin cflfaa of the Cowmton Aft** tha Bromris oCBea of Btegm Cowart* Tnnt Company of Nor 
Terit, where tha Psbaatorsa mtoba ■ Hi a mh r uJ fcr ci mrimi. tha D c he u tnaam ronmtfcts at tbs ^atai 
of the hridar. Tha coaranhai price h WMO par share, tan SO ahme of the Cmapaa/k comm atoefc. JOOl par 
nine (the -Conan* Stock*) Mr each HJJOO principal amonat of Ortantm*. On the bote rf tha tat reported 
His mfao of tta Canaan Stock at nqtfrted on tha Nor Yorit Stock Entanpi aa Mr 5. (*M rfffUDk U 
afaaieaofibe (tefftoffta Common Stack bta a vote epdvoleBt to SL2J&00. No payment ar*<(laanBenlwffl be 



8. R ad mptim qf PdHH awAapMt ICL IMA Any Mtantom (tat tone ml been cornual fate Cannon 
Stock on or prim- In SAD pm* local Ono fa Braaaats, Bdgfcn, an dagot 10, I9M, wS bo redeemed «i toe 
R ida mp l tnai Itea. Upon raS-pbon. a ladder wtB nanw 81J8&38 pa - SUMO jataapal great of Dcbtafatea 
(martins of a redoapatai price at SUH&15 pa- SUOOO prindpal amount pfaa ironed aad mpaid latereat 
tbocoa from Aprf M, lSM to ibe Radanpttai Oau of 181211. Oa tha Badoapltai Data, internal -ffl cm to 
accane and bridan of Debeutarea wfi not hare any rfebta m aaft bolder, other than tbe rigti to neorie 
ftAKUS par UJMO prtedpal aa nta of tMaariors. wtltaol farther iatacni. upon aurrandar at their 

F— atnrfimti fljraf 
and if 

Mo Canoa Stock iat 
>994, no bolder af 
tobawaabapactaaibe 
with tbalr own btnkm 




HoUmof 
if aaal orttaa, tkair 


CNewYcrii 
Mainaer Undatnuar 48 

8M0 FrmtafljrtAurV 

MAIN 

WertCermaiiy 

Uampac Generaie 
Da Luxembourg &A 
14 Rue Aktrijigea 
2961 Lasaslaiag 
*~~rwliiwi( 


Dcbsanraa Mould be aaU. 


MANNER OF REDEMPTION 

To rccrim the R edt mjttai Price ^eclfltd far any Dctentarm betog rata oed. tha boria 1 thereof a 
■ad,DabanCBn^a^etInrw*ktbg ffa i tc ii ipria iWatlaaakfchBaaibeabcalBBfAnmlbrO » B« a a Mi i lfc »nt(rttbe 
addranaet for* brioarmdar'WANN ER OF cONVERSIOfOcr CD ooeaf the faaiwbgPBytag Agents 
Morgan Curat; TVnai 
CoopHff of Nek Yorit 
PA B« 181 
Kogan Hoar 
lAredCsHi 
LcadaECZSTAE 
Cmt Britain 
PMatftOo 
29 BooiSTani Gaorgca 
FMaCH-mi 
ten 
Stabariaad 

MANNER OF CONVERSION 

To eoprerl DriKotuna bta C«nou RuA, the bakkr tbeieof ntuet curmder sndi Ddsesora prior ts 8d)0 
taal thae ta Bnaodo, Befefam. od Angns. ia 1394 to fttontm Gtaauip Tnnt Goopmr ef Nw York (iba 
•Caatenian Affscl at Ike lUtaafag adteaa: Am, Des Ana 3i 1IM Branch. Belgium, la aAfitn. te 
botdv not gi*a wriUen notice luring the Caoaanaoa Note which may be obtained ten tbe Goomtai 
Agent) to the Gxmwtai Agm that the bolder electa ta eoenat aieb Dabantun. «■ any portion thereof that 
sratktua an taugn! aukipla of $1 JUL Su± aociea mast Hale the nmn? or naan ■) nbicb tte crnHola or 
aHtUhatea tor afaarea of Canaan Slock Uot tell be iaraUe on andi rawndn ahaS be Isaued. together wth 
lhaad*^ar niMnHMj aftkepgaHcrpwHi— ed Aa praapdy aa practicabla after tha ni rTMricraf 
nrii Oterturaa. aa |m.n l u»ialy tatterd, tha Coopnff wB taanand drinor at ctiaofDee of the Cmvmdoo 
Agent ta aril brider, nr m neh hcUa'b wrtaai aedar. a eerUikBleor esdOoMs tar the number of taD ahsaa 
of Cteaaan Sack kaaable iffa the mvmion ef«di Debeoturaa. HoUsn are alao entitled ta onaert. fewer 
tkaa aB DebeMuMa tbay bald, praddad tet aiff cmirnnkna are br prindpal vaanau af Debenture, hi 
integral iwktplea oHl.000 la aeeortanca wtth Iha torn, of the lademarn. In tho cua of any Debontnre 
taawnad bi put, a naw Deboanra, ilanmabuilrtl la taegtal autUipiea of SldUO aqnol to On uncuorertcd 
puritan at the principal amoat, «S hi hauait to the balder. So payment or adJuxunanL wfll be mads on 
MBamakiu Br taieiaH neemad an Iha Debenture mmn te nd Cor eoarantat or far dntdenda on Gonaaoe 
Stack dcBmacd. 

The Dcfcentara am be cammed Into Coaaaaa Stock onff dolwijr of Dabnriuraa, legalhtr with the notice 
itanTtnd sh am, to the CoPTmionAgcat prior to BJWimb. local one in Bnawda. Bdgfam. in A^oat 1994. 
Ska it b the lime of neripl. not Ihe Ikoe af malRng. that drienahea wtieifaa- Drbenttnra Ian bm 
propHfr a nn ca de w g hr cao a ea a tm i, iff l rimt time ahouM be Slowed far Dcbcntnrca ana by amfl to be 
moated tg te fiawmbwi AeoapHar tofcao^au locad lime in BnnarU B c lgtea . an Augmt ». aat. 
Aag D ihu i ti a i a ttet Imm mA b— fiU a lUil td ttt Panwn i na Agrdt far teantapnrta 

5d)0 pamac-lUam In Hna aai Mt * H l Hm , an Augad 10,1PM win U rt d wn a t i call ywdMaMdaa art hrtk 


INCOME TAX CONSIDERATION 

Hrid— rftta Poheamaa are urged ta canautt their tan wMaam fam tha paitlnte tar asMa fftam alethte 
•V tha emamrien, mb «r mdHipriM of (ka DatwdM, tatedbg the MPttabBff of any United Stataa (atata. 
bad or federal (atari or the m* bM cfaatrJobdMon other ten tha LfadrtSlmn. 


Jnff 11.1394 


LSI LOCIC CORPORATION 


Verson plans US float 
to reduce borrowings 


By Paul Cheeserfght, 

Midlands Correspondent 

Verson International, the' 
capital equipment manufac- 
turer, plans to float its US 
operations on Nasdaq in order 
to reduce its gearing of 440 per 
cent. 

The company made the 
announcement as it disclosed 
its fourth successive annual 
pre-tax loss and promised 
markedly higher sales in the 
year to end-January 1996. 

The deficit for the year to 
January 31 1994 was £8.19m, 
down from ElO.lm last time, on 
turnover ahead to £99.3m 
(£SL4m). 

There was a £3-2Sm operat- 
ing loss against a profit of 
£lJ9m. Losses per share were 
55p (7.l2p). 


Borrowing, in spite of a for- 
mal debt reduction programme 
started in 1932, has beat con- 
stant for the last two years at 
about £54m. Shareholders' 
funds at the end of the last 
financial year were £12.2m. 

“We were enjoying the sup- 
port of our bankers before we 
started talking to them about 
this approach [the flotation!,” 
said Mr Tim KeUeher, chair- 
man. 

“They didn't pressure us but 
they were pleased when we 
came forward with the plan,” 
he a d ded 

Verson expects to place 50 
per cent of the enlarged equity 
of its US holding company 
sometime in the next 12 to 24 
months, depending on the state 
of the market and its own 
order book. 


Mr Philip Shepheard, an ana- 
lyst at James Capel Verson’s 
broker, calculated the value of 
the US operations at $90m 
(£5S.Sm). Looking at Ukely 
future movements in share- 
holders' funds, he estimated 
that gearing could come down 
to about 70 per cent after the 
flotation. 

Financial difficulties hit Ver- 
son when demand dropped 
sharply after the Gulf war in 
1990. However, it said that, at 
£58.8m. the size of its order 
book now is 95 per cent Larger 
than this time last year, all 
group subsidiaries would 
improve profitability this year 
and there should be a marked 
increase in shipments during 
the 1995-96 year. 

The shares responded with a 
rise of 2V&p to 20p, 


Risk management problems 
increase Shield losses 


By Nigel Clark 

Problems with its risk management business 
and a short-lived diversification into computer 
hardware left Shield Group with increased pre- 
tax losses of £l-24m for the year to end-March, 
against £425,000. 

Mr Norman Mazure. c hairman, said that con- 
flicting market si gnals had adversely affected 
the risk management business of Stickley Kent, 
its auctioneer and property insolvency offshoot. 

In addition, the personal computer market, 
which it entered in December last year through 
the purchase of Kamco Computers, experienced 
considerable commercial pressures. As a result 
“margins were heavily reduced and sales fell," 
he said. 


The hardware activity is to sold and foil pro- 
visions have been made in the accounts Art the 
year. 

A software operation, set up at the time of the 
Kamco purchase, also incurred losses. Spending 
on this has been curbed and the future of the 
business was under review. 

On prospects, Mr Mazure said that tbe com- 
pany had returned to property dealing and 
development and these had realised small prof- 
its since the end of the year. 

Group turnover rose from £2.Q?m to £3.44m; 
operating losses widened from £425,000 to 
£988.000. 

There were £250,000 of provisions this time. 
Losses per share came out much higher at 18£p 
against 3.7p. 


Revamped Harmony Property 
cuts deficit to £455,000 


Harmony Property cut pretax 
losses from £2.l3m to £455,000 
in the 52 weeks to March 27. 

Turnover rose 66 per cent 
from £5.69m to £9.47m, of 
which £5J&n was from acqui- 
sitions. 

During the year, the 
USM-quoted property and hotel 
group bought a portfolio of 
properties from British Land 
for £5 .35m, financed by the 
issue of 66m shares. This, 
added to purchases made the 
previous year, gives the com- 
pany a £7 .5m asset base gener- 

Specialeyes 
cuts loss to 
£187,000 

Specialeyes, the USM-traded. 
optical retailer, reported a 
reduced first half deficit as 
sales were maintained despite 
a highly competitive market 

Pre-tax losses emerged at 
£187,000 in the 24 weeks to May 
14, down from £333,000 last* 
time. Sales totalled £9-5m. 

Mr Jim Power, chairman, 
attributed the unproved gross 
margin to “better buying” 
while pressure on costs was 
maintained. Trading in the 
early weeks of the second half, 
however, remained “difficult 
and uncertain". 

Sales of contact tens solu- 
tions had come under pressure 
following the Monopolies and 
Mergers Commission’s decision 
to widen thq availability of 
such products. Mr Power said 
tbe group was attempting to 
counter the problem by promo- 
ting a new scheme to build 
customer loyalty and repeat 
business. 

Losses per share were LJ22p 

(2.18p). 

Mitigate declines 
to £303,000 

Millgate announced a fall in* 
pretax profits from £455,000 to 
£303,000 on turnover down 22 
per cent for the six months to 
the end of May. 

The company, which distrib- 
utes anti-theft devices for cars, 
saw sales cut from £2.97m to 
£2J3m after supplies from Italy 
were disrupted. Mr Paul Lay- 
zeLl, chairman, said he did not 
anticipate further difficulties 
now the Italian group had com- 
pleted its factory move and 
new product launch. 

Ramingg per share dropped 
from l.59p to 1.08p. 

An interim dividend of 0.5p 
(nil) is declared. 

Intercare warns of 
second half decline 

Intercare Group, the 
USM-quoted healthcare com- 
pany. warned yesterday that 
pretax profits for the second 
half of the year to October 31 
were likely to be marginally 
less than the £l-34m reported 
in first six months, in turn 
down 20 per cent on the com- 
parable period. 


a ting rental income of £750JXX) 
a year. 

In January, Harmony sold 
six public houses for £300,000 
to Leisuretime Inns, satisfied 
by the issue of 3m shares and 
resulting in an 15 per cent 
stake in the unquoted pubs 
group. Harmony plans to sell 
the remaining six freehold and 
one leasehold pubs. 

“I think we can look back 
with satisfaction on the prog- 
ress made during the year," 
said Mr John Main, chairman. 

Since the year-end, Har- 


NEWS DIGEST 


The company said that trad- 
ing conditions in the Nether- 
lands continued to be difficult 

It flridpri that start up ven- 
tures in the medical products 
division continued to trade 
behind budget and were expec- 
ted to incur development costs 
erf about £200,000 this year. 

The shares fell 2p to 53p. 

Net asset value falls 
3% at Murray Split 

Net asset value at Murray Split 
Capital Trust fell 3 per cent 
from £24. lm to £23 .4m in the 9 
months to May 31. 

Net revenue rose from 
£615,000 to £655,000, equal to 
earnings per share of 8.19p 
(7.69p). 

An lirwhangpri third-quarter 
dividend of 2.65p is declared , 
and the trust said it intended 
to maintain the total at 10.6p. 

Card Clear seeks 
£800,000 

Card Clear, a fraud protection 
company, is to raise about 
£800,000 through a placing and 
l-for-5 open offer at 36p a 
share. The company's shares 
are dealt on a matched bargain 
basis. Any shares not sub- 
scribed will be placed by Ellis 
and Partners. 

Fleming Emerging 
lifts net assets 27% 

Despite difficult conditions in 
its second half, Fleming 
Emerging Markets Investment 
Trust lifted net asset value by 
27 per cent, from 137.6p to 
175.4p per share, during the 
year to June 30. 

Fully diluted, tbe rise was 24 
per cent, from 131^p to 162£p 
per share. 

In spite of sharply increased 
gross revenue, higher manage- 
ment charges and Interest pay- 
able led to a net deficit of 
£562,000 (profit or £216.000). 
Losses per share were 0.58p 
(earnings of 0.34p). 

Spargo Consulting 
beats float forecast 

Spargo Consulting, the com- 
puter services company, 
reported pretax profits ahead 
from £272,000 to £606,000 in the 
six months to June 30. This 
compares with the £600.000 
forecast at the time of the list- 
ing in June. 

Turnover increased From 


mony, which has applied to 
join the main market, has 
bought a portfolio of properties 
for about £7m from Mr Bruce 
Owen, who became an execu- 
tive director in May. ft has also 
a conditional agreement to buy 
a further portfolio from Mr 
Owen for £2.45m, which will be 
financed though a mixture of 
cash and shares. 

A planned capital reorganisa- 
tion would allow dividends to 
be paid in future. 

Losses per share were Q.46p 
(5417p). 


££31m to £2£5m. Earnings per 
share came out at 3.2p (L52p) 
and as forecast at the time of 
the flotation an interim divi- 
dend of l.6p is being paid. 

Panther agrees offer 
for Etonbrook 

Panther, the investment and 
property dealer, has agreed the 
terms of an offer to acquire the 
shares of Etonbrook it does not 
already own. 

Panther currently owns 5104 
per cent of Etonbrook, a prop- | 
erty developer and dealer. The 
offer will involve the issue at 
l.76m Panther shares and 
352JJ74 offer warrants. 

The offer of five Panther 
shares and one offer warrant 
for every five Etonbrook 
shares, has been made to elimi- 
nate any conflict of interest for 
Etonbrook directors Mr 
Andrew Perloff, Mr Malcolm 
Bloch and Mr Peter Rowson, 
who are all executive directors 
of Panther. 

Panther's net assets stood at 
£13.9m at December 31, and 
Etonbrook’s at £4.49m. 

Standard Platforms 
turns in reduced loss 

Standard Platforms Holdings, 
the USM-quoted supplier of 
hardware and software to the 
document image processing 
and archival storage market 
reported a reduced pretax loss 
of £35,640 for the six months to 
end-March, against £382,895. 

The outcome was struck on 
turnover down from £865,617 to 
£749,995, although last year's 
figure included £76.475 from 
discontinued operations. 
Losses per share emerged at 
0.9p (9.6p). 

Standard suffered from the 
effects of Its ill-starred expan- 
sion in the US and was able to 
continue trading only with the 
support of its bankers. 

It had hoped to sell to US 
hospitals and clinics an off-the- 
shelf version of Its optical, doc- 
ument retrieval system. How- 
ever, the expected sales never 
materialised, losses mounted, 
and the subsidiary was sold. 

Its shares were suspended 
last March at 36p pending pub- 
lication of Its accounts. Tiny 
resumed trading at I8p in May 
when the company announced 
a £450,000 rights issue, loan 
stock conversion, a capital 
reduction, a share option 
scheme and board changes. 

The shares closed unchanged 
yesterday at Vtp. 





FINANCIAL IZVESTIA 

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RUSSIANS EVERY THURSDAY. 

Financial Izvestia is an 8-page weekly business newspaper 
produced by the Financial Times in partnership with Izvestia, Russia’s 
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FINANCIAL TIMES 

LONDON FAJUS FRANKFURT ■ WW TORE TOKYO 










22 


FINANCIAL TIMES THURSDAY JULY 28 1994 


★ 



COMMODITIES AND AGRICULTURE 


Coffee frost damage put at 40% 


| CIS copper heads 


By Richard Mooney 

Coffee futures continued 
Tuesday's rally in I -nnrii m and 
New- York yesterday after Bra- 
zil issued a frost damagp esti- 
mate that was higher than 
most analysts were expecting’. 

The London Commodity 
Exchange September delivery 
position jumped $177 to open 
trading at $3,650 a tonne in 
response to the overnight 
release of the Brazilian indus- 
try and commerce ministry's 
estimate of 15.7m bags (60kg 
each) for the country’s 1995-96 
coffee crop. That was about 
11m bags down on the 26.5m 
bags tentatively forecast before 
frosts struck on June 27 and 
July ll, driving the September 
position to an 8%-year high 


M exico, the world's 
fourth largest coffee 
producer, is unlikely 
to benefit from the recent price 
surge because of falling pro- 
duction and the government’s 
decision not to join the Latin 
America-wide export retention 
programme instituted last 
year. 

Instead, the small farmers 
who make up the bulk of the 
country's producers are 
lamenting the price rise, say- 
ing the survival strategy they 
patched together after the gov- 
ernment abandoned the sector 
five years ago has suddenly 
been undermined. 

Meanwhile, coffee proces- 
sors, now forced by dec lining 
production to consider import- 
ing raw beans, have also seen 
balance sheets thrown into dis- 
array by the price mayhem. 
“No one here is interested in 
these prices,” says Mr Luis 
Hernandez, a consultant to the 
National Co-ordinating Com- 
mittee of Coffee Producers 
Organisations (CNOC). “There 
will be no bonanza. For the 
moment, it Is going to make 
our lives more difficult" 
Growers will be unable to 
take immediate advantage of 
the high prices because they 
sold their entire crop by the 


of $4,085 a tonne. 

Yesterday’s opening surge 
was quickly trimmed back, but 
the price stQl ended the day 
with a net $67 addition to Mon- 
day’s $90 rise. At New York’s 
Coffee, Sugar and Cocoa 
Exchange, meanwhile, the 
December future's price 
reached a peak of 220.5 cents a 
pound before easing to dose at 
214 cents, up 2.85. 

Tuesday night's announce- 
ment in Brasilia by trade pol- 
icy secretary Mr Frederico 
Robalinho had been anxiously 
awaited by traders who were 
beginning to have second 
thoughts about the wisdom of 
the 81 per cent post-frost price 
surge. Early ideas that the 
1995-96 crop, which was in the 
flowering stage when the frosts 


end of March, two months 
before prices started their lat- 
est climb. Stored reserves have 
been completely depleted dur- 
ing five straight years of 
declining production. Since 
1989 Mexican coffee output has 
fallen by 35 per cent to 5.3m 
bags (60kg each) this year. The 
price collapse that began after 
the International Coffee Organ- 
isation abandoned price sup- 
port efforts in 1989 means that 
growers incomes have fallen 
by 65 per cent over the same 
period, according to the CNOC. 

The decline in production 
cannot be completely explained 
by the dramatic foil in earn- 
ings. Compounding the prob- 
lem was the government’s 1989 
decision - as part of its sweep- 
ing reduction in participation 
in the economy - to abolish 
Imecafe, which served the tri- 
ple role of credit provider, 
buyer and wholesale marketer. 

The same free market logic 
led agriculture officials to 
refuse to join the retention pro- 
gramme set up last year, which 
is reaping big dividends for 
those countries which did par- 
ticipate and so have extra cof- 
fee to sell at today's dramatic- 
ally unproved prices. 

The armed uprising in the 
southern state of Chiapas, the 


Struck and therefore vulnera- 
ble to damage, might now turn 
out below 15m bags had gener- 
ally been abandoned. And as 
most analysts damage fore- 
casts settled into a 6m- to 9m- 
bag range the September price 
at the LCE sagged to $3,6 62 a 
tonne at one stage on Monday. 
The market was particularly 
vulnerable to selling as the 
record-breaking, $800-plus 
opening jump on July ll had 
left a yawning gap in the price 
charts within which little tech- 
nically-motivated support 
could be expected. 

Mr Robalinho’s statement, 
while not inspiring any great 
volume of buying, relieved bro- 
kers fears that they might 
have to repeat the hectic 
scramble of two weeks ago, but 


country's largest coffee produc- 
ing state, forced the govern- 
ment to offer a one-off handout 
of US$210 a hectare to coffee 
growers throughout the coun- 
try. But that Is unlikely to 
stimulate much new produc- 
tion. “I’m going to use this 
money to buy corn for my fam- 
ily, not fertiliser for my 
orchard. I've got no other 
choice, life is hard,” confessed 
Mr Neojito Morales, a grower 
in the central state of San Luis 
Potosi. upon learning that a 
government check was coming 
his way. 

T he abrupt disappearance 
of Imecafe also forced 
growers to explore new 
marketing avenues for their 
harvests. A variety of new 
associations sprang up that 
eliminated some of the middle- 
men who preyed on the indus- 
try. But according to Mr Her- 
nandez, these associations will 
have a tough job surviving the 
price rise because more credit 
will be needed next year to col- 
lect harvested coffee in vol- 
umes sufficiently large enough 
to be commercially viable. 

“Credit is scarce and expen- 
sive, so we are going to see a 
resurgence of the middle-man, 
who of course will not offer the 


this time as sellers instead of 
buyers. 

“We are looking at optimisti- 
cally 16m bags," the Reuters 
news agency quoted the minis- 
ter as saying, “but I would say 
that based on technician 
reports it would be 15m 
bags. . . The situation is really 
dramatic. We had a loss of 
approximately Urn bags.” 

Mr Rnhalinhn marip his esti- 
mate following a meeting of 
representatives from the agri- 
culture ministry, the economy 
ministry, agricultural experts 
from nine states, climatologists 
and government coffee experts 
to weigh the effects of the two 
frosts. “These numbers are pre- 
liminary,” he said, 
“but . . they will only change 
a little” 


full market price, but will be 
able to give growers more cash 
up front” Mr Hernandez says. 

In addition, some Mexican 
growers have been successful 
in selling their crops in the 
organic and gourmet niche 
markets; but the price differen- 
tial between those niches and 
the standard coffee is rapidly 
being wiped out by the general 
price increase. 

Lack of reserves and the dis- 
appearance of traditional sour- 
cing options is forcing proces- 
sors to consider importing raw 
coffee for the first time in liv- 
ing memory, according to the 
National Association of Coffee 
Industry. Association members 
are under tremendous pressure 
to compete with instant coffee 
imports, volumes of which 
have increased dramatically 
since the North American Free 
Trade Agreement came into 
effect 

Yet what seemed like a via- 
ble option a couple of months 
ago has suddenly become very 
expensive. Passing the price 
increase on to consumers is a 
possibility, but a dangerous 
one, given Mexico’s weak level 
of coffee consumption, less 
than ikg a year per h ead , the 
lowest among the world's 
major producing nations. 


Ecuador on 
course for 
banana 
sales record 

8y Raymond Coffit in Quito 

As Latin American banana 
producers are making renewed 
efforts to forge a united front 
in the face of European Union 
import quotas, Ecuador, the 
world's leading exporter, is 
heading for record sales this 
year. 

The latest figures come only 
a week after the region's 
banana producers met in San 
Jose, Costa Rica, to consider a 
possible cut in production to 
revive depressed prices. 

First half exports reached 
1.6m tonnes, up 20 per cent 
from the same period last year, 
and state officials expect this 
year’s total to surpass the 1991 
record of 24Jm tonnes. 

Despite a drop in banana 
prices on the world markets 
because of oversupply, total 
revenues are also running 
ahead of last year’s, reaching 
USSSSOm in the first half. 

Ecuador’s higher foreign 
sales, which supply 26 per cent 
of the world market, are not 
due to increased production. 
The government has been pur- 
suing a policy aimed at cutting 
output. Since the beginning of 
the year 11,000 hectares of inef- 
ficient plantations have been 
destroyed, most of them 
infected with the costly Black 
Sigatoka disease. 

Leading banana exporters 
say that a further 20,000 to 
25,000 hectares of inefficient 
plantations need to be elimi- 
nated to boost the country's 
low productivity level. Ecuador 
produces only half as many 
bananas a hectare as its Cen- 
tral American competitors, hut 
can compete because of lower 
overall costs. 

Industry analysts say that 
Ecuador's export bonanza 
results largely from aggressive 
marketing. While other Latin 
American exporters have lost 
ground, it has opened new 
markets in the Far East, east- 
ern Europe and the former 
Soviet Union and has main- 
tained its sales to the EC. 


By Kenneth Gooding, 

Mining Correspondent 

About 60.000 tonnes of copper 
has built up in stocks in the 
Commonwealth of Independent 
States and is now available for 
export to the west, analysts 
suggest 

However, they say the mar- 
ket should absorb the extra 
copper relatively easily. Also, 
os western merchants have 
been competitively bidding for 
the metal for some weeks, the 
present price is probably tak- 
ing account of the CIS stock 
overhang. 

“Remember the western cop- 
per market was in deficit by 
200.000 to 250,000 tonnes in the 
first half of this year. So we 
should not get too carried 
away with the bearishness of 
this issue,” says Mr Peter Hol- 
lands of the London-based 
Bloomsbury. Minerals Econom- 
ics consultancy organisation. 

A late spring, transport diffi- 


By Kunaf Bose in Calcutta 

India, the world’s biggest 
producer of tea, which har- 
vested a record tea crop of 
758.1m kg in 1993, is set for 
another bumper crop this year. 

In the five months to May 
the country’s production was 
up 12ifcn kg to 194.6m. How- 
ever, the gain in production 
was entirety on account of the 
gardens in south India, where 
output of S3.6m kg was up 
16.8m on the corresponding 
period of last year. North 
Indian production fell by 4m 
kg to 111m. 

"The quality of Indian tea 
has remained steady, except 
for what was produced in 
north India in the month of 
April. The quality suffered in 
April as the production rose to 
an all-time high of 60m kg," 
said Mr RM. Parekh, chairman 
of J. Thomas, the world's big- 
gest tea broking firm. 

In spite of the early lead in 
production, industry officials 
think that the Indian tea out- 
put in the current year will be 
around last year’s level. They 
say that the tea estates are 


culties, and bureaucratic 
delays in export licensing all 
contributed to the CIS stock 
build-up. Mr Hollands suggests 
that 10.000 to 25.000 tonnes 
from CIS stock will arrive in 
the west in August and the 
monthly total will then settle 
at about 25,000 to 30.000 tonnes 
for the rest of 1994. This com- 
pares with 15.000 tonnes a 
month in the first half. 

Mr Hollands says that the 
impact on the copper price will 
depend on how sales of the CIS 
metal are handled. n I think 
that it will be done carefully 
and will simply slow the rate 
at which prices rise, or cause 
them to stabilise for some 
months. But if too much cop- 
per comes too quickly, it could 
have a severe Impact for a 
month or two.” 

Mr Nick Moore, analyst at 
Ord Murnett, points out that 
falls in London Metal 
Exchange copper stocks have 
slowed markedly and “if they 


"not going to repeat the mis- 
take” of producing large quan- 
tities in November and Decem- 
ber, as they did in 1993. 

The extra production of 16m 
kg - much of it of Inferior 
grades - in the last two 
months of 1993 was largely 
responsible for the sharp foil in 
tea prices. In the six months to 
June, the north Indian CTC 
(cut. tear and curl) leaf tea 
fetched an average auction 
price of Rs44.04 a kilogram, 
compared with Ks51.76 in the 
corresponding period of last 
year. 

“This is a crisis year for the 
south Tmtinn gardens, which in 
the first half could realise for 
orthodox leaf only Rs33 a kg, 
against Rs48, and for CTC leaf 
RS29.13, against RS44.55,” said 
Mr Parekh. “At these prices 
the gardens are not able to pro- 
vide adequate funds for fertil- 
iser and pesticide." 

In spite of Kenyan output 
falling 2lm kg to 75.4m kg in 
the first five months the world 
crop, aided by a strong Indone- 
sian recovery and higher out- 
put in India and Sri Lanka, 
was nearly 9m kg up on the 


High prices bring no joy in Mexico 

Ted Bardacke on problems faced by the fourth largest producer 


Indian set for bumper 


for West 


yO*!' 

rest 


start to rise again [because of 
the CIS shipments] the hot 
money backing copper will 
start to look for another 
home." 

He suggests: “People are 
begining to recognise that cop- 
per's dunned days are nearing 
their end." The market will 
have to cope with a steady and 
substantial rise in supply until 
the year 2,000. Demand would 
have to grow by 5 per cent a 
year to balance the market 
whereas a 2-5 per cent growth 
was more realistic. Mr Moore is 
forecasting that copper’s price 
will average 95 cents a pound 
(S2.09-1 a tonne) this year and 
92 cents ($2,028) in 1995. That 
price would not not be low 
enough to deter planned 
increases in capacity. 

Selling by US funds drove 
copper for delivery in three 
months on the LME down 
another $86 a tonne yesterday 
to $2,40830 ($1.09 a pound) by 
the close. 


tea crop 

same period last year. 

Tea has been fetching lower 
prices at all auction centres. 
“However, south Indian teas 
suffered the sharpest erosion 
in value," said Mr Parekh. 

Industry officials point out 
that, defying the general trend 
in prices at the auctions, Dar- 
jeeling tea (orthodox leaf) 
fetched a higher average price 
of Rs 127.49 a kg in the first half 
of the current year, compared 
with Rsi 16.63 in the same 
period of 1993. 

Similarly, "the really good 
liquoring CTC teas with col- 
oury, full cups have been able 
to hold their ground. These, 
however, constitute less than 
20 per cent of production in 
Assam.” said Mr Parekh. 

The setback in prices of 
orthodox tea has much to do 
with the lower enquiries from 
the former Soviet Union and 
Iran. As for CTC tea. for which 
the principal market Is within 
the country, consumers "are 
ready to pay a premium for 
quality. The medium and plai- 
ner CTCs are, however, meet- 
ing with weak domestic 
enquiries," said Mr Parekh. 




„i/e *>n 
m Low 
waited 


AMO < 


•■v 






COMMODITIES PRICES 


BASE METALS 


Precious Metals continued 


GRAINS AND OIL SEEDS 


SOFTS 


MEAT AND LIVESTOCK 


LONDON METAL EXCHANGE 

(Prices from Amalgamated Mata Tracing] 


■ ALUMINIUM. 907 PUBfTY (5 par tonne] 



Cash 

3 mths 

Ctow 

14133-14.5 

1442-43 

Previous 

14705-71 J 

1498-99 

Hghflow 


147771424 

AM Official 

1411-12 

1440-405 

Kerb does 


1452-525 

Open InL 

279.604 


Total da fy turnover 

S&218 


■ ALUMINIUM ALLOY (S per tonne] 

Oose 

1430-35 

1450-66 

PravfcXM 

1475-80 

1496-500 

High/tow 


148071436 

AM Official 

1435-40 

1458-60 

Kerb dose 


1455-60 

Open InL 

2,810 


Total da8y turnover 

903 


M LEAD ($ per toons) 



□ooe 

568-69 

585-68 

Previous 

578.5-77.5 

593-94 

Hlghtow 

569 

696/5QO 

AM Official 

5645-69.0 

564-85 

Kerb dose 


696-6 

Open W. 

41.436 


Total daffy turnover 

4,380 


■ NICKEL ($ per tonne) 


Close 

6100-10 

6190-200 

Previous 

6155-60 

6246-60 

HgMow 

6085 

624016130 

AM Official 

6095-100 

6190-96 

Kerb dose 


6230-40 

Open M. 

85592 


Total daffy turnover 

14538 


■ TIN (5 per tonne) 



Close 

5160-90 

5255-00 

Pluvious 

5245-50 

6315-25 

Wgtviow 


5320/5240 

AM Official 

5195-205 

5270-80 

Kerb dose 


5260-70 

Open *«. 

16,264 


Total daffy turnover 

3390 


■ ZINC, special high grade (S per tonne) 


926.5-275 

950-51 


963.5-045 

388-89 

Mgfjriow 

94&5 

982/948 

AM Official 

949-49.5 

973.5-74.0 

Kerb dose 


854-6 

Open InL 

101,228 


Total dally turnover 

19,610 


■ COPPER, grade A (S per tonne) 


Oose 

3392-93 

2408-0 


2479-80 

2494-85 

HfeMow 


2460/2389 

AM Official 

2402-4 

2418-20 

Kerb dose 


2427-6 

Open mt. 

230,732 


Total dally turnover 

99.719 


■ LME AM Official E/5 nta 1-5297 

LME Cto*ig £/$ rate: UBB7 


Spot 15308 3l1ffhXlS289 8 mBKl J285 0(BOts1S27O 

■ HIGH GRADE COPPER (COMEX) 


Oajn 


Opm 

dose Cfcasge 

ngh km 

tat Yoi 

M llllto -020 

fiaso 108.40 

629 443 

Aag 110.70 -025 

U0L70 108.40 

722 24 

Eaa 111.15 -020 112.00 10&30 24977 &S57 

0B 111.00 -020 

11160 108.70 

418 13 

Mv 11080 -020 

- 

235 10 

OK 110SS -0 20 

111.40 moo 

10.713 1,3 85 

TMtf 


45937 IXI38 


PRECIOUS METALS 


■ LONDON BULLION MARKET 

(Prices auppflad by N M RoBweWd) 


Gold (Troy az.) 

Don 

Operfng 

Morning fix 
Afternoon fix 

Day’s High 
Day’s Low 
Previous doss 


* price £e«Jiv. 
383^0-386.60 
387-20-387.60 

387.00 

388.55 

38020-389.50 

386.40-387.40 

386.10-38650 


Logo um Mean Odd Landtag Rate* (W US$) 

1 month 4.02 fl months — ... 4£0 

2 months 4.06 12 months — - — *AB 

3 months — _._.—4.16 


sw nx 
S pot 

3 months 
6 months 
1 year 


p/tray oz. 
347.65 
352.85 
356.80 
366.75 


US cts equh. 
•09.9$ 
63*25 
546 JO 
882.10 


GoW Coins 

Krugerrand 

Maple Leaf 
Naw Sovereign 


S price E«Mv. 

392-395 267-260 

3S8.10-4Q1.60 

91-94 60*63 


■ COLD COMEX (100 Troy eg.; SAmyacJ 



' Sod 

Day* 


Opm 



price 


M* 

km tat 

VoL 

M 

387.6 

+08 

- 

- 

- 

Aog 

387.7 

+08 

3895 

3885 36,788 35,720 

Sep 

389J 

+08 

- 

- 

20 

Od 

3909 

+08 

3828 

3905 7,441 

1520 

Dec 

394.1 

+07 

3903 

383.1 56522 19522 

Fab 

3975 

+07 

398.8 

3S&8 10800 

320 

TOW 




149,108 60078 

■ PLATINUM NYMEX (50 Thiy oz.; S/troy ozj 

Od 

430.3 

-02 

4345 

4272 22757 

4563 

Jan 

4335 

-02 

4355 

431.0 2380 

201 


4375 

•02 

4300 

4365 1500 

1 

M 

4415 

-02 

- 

■ 1 


Oct 

4455 

-02 

- 

1 

- 

Tofcff 




20960 

<55 6 

■ PALLADIUM NYMEX (100 Troy oz_; S/tray OzJ 

Sap 

15195 

. 

15550 

16225 4811 

670 

Dec 

152.70 

- 

15350 

15200 1507 

328 

Mar 

152.70 

- 

15270 

15250 171 

- 

Told 




0189 

998 

■ SILVER COMEX (100 Troy oz.; Cents/troy at) 

Jd 

6365 

+45 

6375 

5355 68 

82 

Ang 

5355 

+4J 

- 



S* 

5375 

+47 

5445 

S33.0 78,113 

11590 

Deo 

5445 

>47 

5515 

5415 24,197 

1,421 

Jan 

546.1 

+4J 

- 

33 

2 

Bw 

5525 

+47 

5575 

5535 9568 

29 

Total 




110638 13JB3 


ENERGY 

■ CBUPE 08. NYMEX (42.000 US palb- S/baroQ 


Latest Days Open 

prior cbmge Hp Im U W 

S«p 19.47 ML26 19.85 19.19 10Z.043 49,147 
Oct 19-16 +0.22 1323 1197 34253 21,251 

No* 16.99 +020 1003 1194 30064 17556 

Die 1387 +018 IMS 10.71 4*103 B, 141 

Jm 18.78 +0.17 18.78 18.78 21033 3.420 

Ml ia72 +0.17 H72 18.72 It .655 5B8 

Total 381^26104^71 


■ CftUOE OH. IPE (t/borroQ 


Latest Day's Open 

price change Mgk lew tat Vol 

Sep 17.83 +018 1754 1750 68551 22.463 

Od 1758 +012 17.79 1751 27583 10009 

Dm 17.64 +0.17 1755 17.42 11591 1553 

Dec 1756 +006 1752 17.40 15567 642 

Jm 17.40 +008 17.48 17.40 5538 105 

Ml 1756 +058 17.40 1758 2781 

Total 138/878 34,120 

■ HEAWNG Off. NTMEX (42000 US gals; CARS gab) 


latad 

tor* 



Opm 



price 

eftanga 

m 

Low 

tat 

Yd 

Aag 

50.45 

+0.46 

5030 

50.14 

14,125 

9407 

Sep 

5080 

+032 

5150 

SOS> 29.506 

8475 

Od 

5155 

+0.45 

5235 

5150 

12404 

1.913 

Nov 

5265 

+057 

5125 

5255 

10478 

985 

Dw 

535S 

+052 

5425 

6350 21.483 

1475 

Jon 

54.45 

+057 

54.80 

54.10 12.629 

754 

TOW 




125^28 23^46 

■ GAS OIL K (Stone) 





Sfftt 

Oafs 



Open 



price 

daega 

Mtfl 

LffMt 

M 

Yd 

Am 

15455 

+1.75 155.78 153.00 A297 

4484 

Sep 

15750 

♦150 

158 73 15850 1BJS84 

2445 

Od 

16150 

+1.75 

16200 

159.75 

14X84 

979 

Nov 

163J5 

+150 

16450 18200 14274 

630 

Dec 

18555 

+150 

18550 

154.00 

15,178 

563 

Jm 

16650 

+150 

186.75 

18525 

8475 

588 

Total 




1IXL9E2 ltu>22 

■ NATURAL GAS MYWEX (10500 mOn VnunBuj 


Latad 

Oqta 



Opm 



prim 

chans* 

M* 

tew 

tat 

Yd 

Sop 

1.863 

-0505 

1670 

1446 

25.956 

7.418 

Od 

1533 

-0.001 

1540 

1.910 

12489 

3,322 

Nov 

2065 

■0501 

2 OK 

2056 

<1525 

918 

Dec 

2203 

■0501 

2210 

2163 

>4.736 

2477 

Jm 

own 

-0.002 

2230 

2210 

9.908 

1,435 

Mi 

2.150 +0003 

2.150 

2140 

5475 

1490 

Tow 




11X234 23/098 

■ UNLEADED GASOLINE 




OTMEX (42000 US {Wl; COB BBOs) 




Latest 

Oafs 



Open 



prim 

change 

1*» 

tew 

tat 

M 

Ang 

5750 

+054 

5820 

5700 

17.560 15.905 

Sw 

57.10 

♦058 

5750 

5850 

38J81 

14.795 

Od 

54 JO 

+053 

55.40 

5*20 

11483 

64(3 

Nov 

527D 

+058 

5230 

5270 

9223 

909 

Doc 

5750 

+0.48 

5am 

57.10 

5407 

978 

-tan 

5650 

+056 


58. GO 

2376 

S3 

TOW 




85442 3*684 


■ WHEAT LCE (E par terete) ■ COCOA LCE (E/tonne) 



Salt 

prim 

itajta 

Mgh Low 

Opm 

M 

1M 


SeO 
prim 1 

Day* 

change 

MOh 

Sep 

10840 

+1.15 

10840 10640 

371 

85 

Jd 

1062 

+34 

1078 

Nov 

107.45 

+140 

10740 107.00 

2345 

272 

Sep 

1002 

+28 

1093 

Jm 

10940 

+140 

100.75 109.10 

1,467 

181 

Dec 

1105 

+28 

1105 

Har 

111.15 

+140 

111.40 111.18 

Bag 

70 

Har 

1124 

+® 

1124 

Itay 

11340 

♦145 

113.10 11200 

744 

113 


1133 

+25 

1133 

M 

Total 

11540 

+148 

• • 

147 

8,743 

701 

Jd 

Total 

1141 

+a 

1141 


■ LIVE CATTLE CME (4000091* canta/tos) 


Open 



Sett Day’s 

Opm 


tew let 

vol 


prim cbmge Ugh lam 

U 

Yd 

1068 195 

49 

Ang 

68.425 +0250 68400 67450 22425 

5481 

1062 17.125 4.462 

Od 

71.525 +0275 71475 70450 25,030 

3258 

1074 31356 2288 

Dae 

71.000 *0200 71450 70350 12894 

1,123 

1092 29,597 

525 

Ftt 

70.100 +0.128 70200 60650 

9409 

829 

1117 10458 

296 

Apr 

71250 +0.100 71.400 70.800 

5287 

214 

1138 2990 

83 

Jon 

87425 +0.025 86000 67400 

1233 

39 

108J3C 7413 

Total 


78299 11,«2 


■ WgAT COT p JOObu imx canta/BOb btaheQ 


■ COCOA CSCE (10 totmas: S/tonnaS) 


■ UVE HOGS CME (40,000fc* centelfce) 


Sep 

33210 

■1/0 

338/0 

329/4 9142S 22.270 

Dec 

345/8 

+0/2 

349/4 

343/4158435 41440 

mt 

351/4 

-UZ 

354/6 

349/4 37.500 3420 

Nay 

345/0 

-2/4 

348/0 

343/0 1490 50 

Jd 

328/4 

+2/4 

331/0 

328(0 4,430 410 

Om 

Total 

338/4 

+2« 

“ 

- 10 

soa^wn aa.ugg 


■ MAIZE car (5.000 bu mta centaffiafe buahaQ 


Sep 

1458 

+44 

I486 

1436 35,115 4451 

Ana 

48.100 

-0275 46.175 45.775 

7444 

2.068 

Dec 

1500 

+45 

1508 

1478 18439 2491 

Od 

41.625 

■0400 42.100 41.460 

11,715 

2453 

Mar 

1537 

+45 

1540 

1513 7377 497 

Dec 

41400 

-0250 41250 40900 

*681 

505 

MW 

1555 

+45 

1555 

1555 2453 4 

Fab 

40400 

-0275 40400 40550 

1425 

185 

Jd 

1575 

+45 


- 2444 

AW 

39400 

•0275 40050 30590 

917 

107 

Sap 

Total 

1306 

+45 

* 

- 1432 

74,112 7433 

Job 

Tdd 

4*425 

-0475 *4450 4*425 

Z740 

4483 


■ OOCQA (ICCO) (SOR'aftonne) ■ PORK BBJJE8 CME HjMjOjgg agM 


Sap 217/2 -1/8 220/4 

Dec 21B/2 -2/0 222/2 

Mar 22U2 -1/8 231/0 

■ay 234/8 -1/8 237/4 

Jd 238/8 -l/B 241/2 

Sep 241/4 -iff] 243/0 

Tetri 

■ BARLEY LCE {£ per tome! 

217/0231840 49,035 
219/0602200 88230 
228«1T9jnO 8470 
234/4 43205 1)95 
23816 42285 5220 
241/4 2490 145 

1473M 193405 

SeP 

10*45 

+145 

10445 

10440 

102 

29 

taw 

10545 

+120 

10645 

10540 

483 

39 

Jm 

10740 

♦0.75 

107.60 

10740 

33 

9 

Kw 

10048 

+140 

111.40 10846 

38 

- 

May 

11025 

+140 

11340 

11025 

1 

- 

Total 





867 

77 

■ SOYABEANS CST (S,OOObu mta; centafiOta teste# 

Aag 

585/0 

-4/2 

3B2/B 

582/4 89.756 49495 

to 

S7Q/B 

-MB 

578/2 

668/4 

64,750 

15430 

Nov 

560/4 


588/0 

559/4337.490138480 

Jm 

588/4 

•« 

575/2 

588/4 49285 

4470 

Mar 

577/0 

-4/4 

584/0 

575/4 

18,475 

4400 

May 

SB2/0 

-fi/2 

590/0 

581/4 

18290 

1,710 

Total 




917480218400 

■ SOYABEAN ON. CST ffiO.OOOtoa: certsAb) 

Aug 

2343 

-045 

2440 

2340 

13485 

4438 

Sep 

2346 

-048 

2445 

2179 21.208 

5435 

Od 

23.47 

-029 

2182 

2135 

11709 

1474 

dec 

2112 

■027 

2158 

2228 37473 

7.395 

Jm 

23.09 

4J29 

2342 

2195 

3.960 

MS 

Mar 

23-10 

-046 

2340 

2340 

4420 

982 

Total 





98281 

3248* 

■ SOYABEAN MEAL CST (100 ton* S/tan) 


Aag 

1784 

■0.1 

177.7 

178.4 

17278 

5467 

to 

1784 

-02 

177.1 

1754 

18430 

3446 

Od 

1744 

-02 

17&3 

174.6 10255 

2213 

Dec 

1752 

■0.1 

178.7 

1744 28255 

4440 

Jm 

1719 

-OlI 

1772 

175.7 

3,794 

652 

Mar 

1774 

+05 

1784 

1772 

3439 

298 

Tdd 





04492 18232 

■ POTATOES LCE (E/tome) 




NOV 

160.0 

+804 

. 

. 


. 

Star 

1054 


- 

. 

- 

. 

AW 

2384 

+5.0 

mo 

mo 

1,214 

95 

■ay 

2400 

- 

- 


- 

. 

Jm 

1074 



. 

- 

. 

Total 





121* 

OS 

■ FREIGHT ffSFFEX) LCE (SlCVndsx point] 


Jd 

1442 

. 


. 

512 


Ang 

1390 

+10 

1390 

1385 

836 

49 

S'? 

(390 

+5 

1395 

1390 

286 

39 

Od 

1415 

+3 

1418 

1415 

531 

53 

Jaa 

1425 

+1 

1425 

142S 

261 

9 

A|» 

1440 

+11 

• 

- 

102 

- 

Total 





2/818 

150 


darn 

Piav 





SR 

74*9 

MffO 






Cotton 

Liverpool- Spat tmd s N pmeni sales amounted 
to 75 tonnes tor theweek ended 22 July, 
against SO tonnes in me previous weak. Stfs- 
dwd offtake (Sd not bring many operations. 
Supper! was torttcomlng in certain spedaSat 
styles notably h the American tango. 


MS Prica Free day 

My 1071.75 108871 


■ COFFEE LCE (8/tonne) 


Jd 

3803 

+32 

3638 

3480 

311 39 

Sep 

3536 

+63 

3850 

3455 

19.195 3241 

Hot 

3523 

+56 

3825 

3445 

B233 2.196 

Jm 

3500 

+49 

3615 

3470 

1409 520 

Mar 

3499 

+69 

3590 

3450 

3438 3S2 

May 

3*88 

+75 

3570 

3498 

888 30 

Tdd 





41/58* 8458 

H COFFEE •€? CSCE p7400»>ta eentt/lbs) 

sm 

21045 

+245 

21940 

20525 

11790 7479 

Dec 

214.45 

+130 22126 

zoaoo 

11433 2410 

Mar 

21740 

+240 22440 

21100 

1178 487 

Hay 

21940 

+120 

22100 

21940 

1,75* 175 

Jd 

221.00 

+240 227.70 

221.75 

331 1 

Sep 

222.75 

♦245 

22100 

224 DC 

39 

Total 





392*310457 

■ Cttf+EE (ICO) (US centa/pound) 


Jd 2B 



Mm 

Pres, ftey 






15 doy Bvwam — 


. 19544 

19440 


■ No7 PRgMUM RAW SUGAR LCE (cents/to) 


Od 

1246 

+001 

. 


1400 

_ 

Jen 

11.82 

- 

- 



- 

Mar 

1142 

■OD4 

- 


90 

. 

Total 





1480 

- 

■ WHITE SUGAR LCE (S/tonne) 



Od 

31820 

-0.40 

31740 

315.00 

11794 

640 

Dec 

31180 

-040 31540 

31340 

1,038 

2B 

Mar 

31240 

-1.00 31440 3(240 

4,134 

95 

■ar 

31140 

-140 

- 

- 

385 


Aag 

311.50 

-0.40 31240 31140 

350 

9 

Od 

29170 

-0.10 300.00 

298.70 

178 

3 

Tdd 





16JI8S 

773 

■ SUGAR *11’ CSCE (1 12JXXXbs; cenesribs) 


Od 

11.72 

. 

1148 

11.71 

8623411.423 

tor 

1145 

- 

11.78 

11.84 31.792 3273 

Mm 

1149 

. 

1121 

1148 

8459 

286 

Jd 

1145 

+044 

1144 

1154 

2,731 

79 

Od 

11.42 

. 

11.47 

11.42 

1.172 

16 

Mar 

11.35 

- 

1145 

1125 

166 

3 

Total 




mjBssisjirs 

■ COTTON NYCE pO.OOOBw: oents/lbej 


tog 

72D0 

. 



6402 

1100 

Od 

7103 

-0.42 

7420 

7300 2940911879 

Dm 

7172 

-0.48 

73.70 

7155 

7,106 

506 

itar 

TUB 

•0.45 

7449 

7195 

4£15 

216 

Key 

74.75 

-0140 

7540 

7440 

2.484 

171 

Jd 

7524 

-OS6 

7625 

7840 

382 

10 


Total 51,72717,847 

■ OHANCE JUICE NVCE H 5.000ms; cente/Tbs) 


top 

94.75 

-040 

96.40 

9180 

14.078 

456 

Nov 

9110 

-040 

9160 

97.10 

3268 

159 

Jm 

10140 

♦003 

10240 

101.10 

3404 

158 

liar 

104.70 

-005 

10500 

10440 

2.405 

19 

May 

107.70 

-005 

10725 

10725 

723 

S 

M 

10070 

-005 



184 

- 

Total 





24482 

ns 

VOLUME DATA 
Open Merest and 

Volume 

itau 

shown 

tor 


contracts traded on COMEX, NYMEX. CST, 
NYCE. CME. CSCE old PE Crude Ol » one 
day In arrears, 


INDICES 

■ REUTERS (Base: 18/9/31=100) 


•M 27 Jiff 28 month ago year ago 

21232 2135.0 2041.3 16386 

■ CRB Futures {Base: 479^56-100] 

28 Jd 26 month ago year ago 

232.52 232.76 230-40 216.76 


Aag 

29475 

-1425 31350 29400 

3jB4B 

1.478 

Fab 

42.475 

-0675 42400 42.150 

4244 

1.277 

Mar 

42450 

-0550 42450 42450 

227 

183 

Mq 

43400 

-0900 43400 43400 

40 

2 

Jd 

43400 

-0700 41900 43250 

28 

2 

Aag 

Tdd 

42.400 

-1.400 42.400 41400 

1158 

1984 


LONDON TRADED OPTIONS 

Strike price 8 tonne -—Caffe — — Puts — 


■ ALUMINUM 


(98.795) LME 

Sep 

Dec 

Sap 

Dec 

1500 ..._ . „ 

20 

54 

74 

90 

1526 

12 

54 

33 

105 

1550 

a 

37 

101 

122 

m copper 





(Grade A) LME 

Sap 

Dec 

8ap 

Dec 

2500 

36 

n 

104 

153 

2550 — 

22 

55 

140 

186 

2600 

13 

43 

181 

186 

■ COFFEE LCE 

Sap 

Nov 

Sap 

NOV 

3800 

198 

404 

262 

481 

3650 

179 

387 

2B3 

614 

3700 — - 

162 

371 

326 

548 

■ COCOA LCE 

S«P 

Dec 

Sap 

Dec 

1000 

88 

143 

e 

38 

1050 _ __ ... . 

59 

112 

17 

57 

1100 _ 

31 

86 

39 

01 

■ BRENT CRUDE IPE 

Sep 

Oct 

Sap 

Od 

1700 „ 

97 

- 

8 

35 

1750 _ 

67 

78 

24 

56 

1800 

31 

53 

46 

- 


LONDON SPOT MARKETS 

■ CRUDE OIL FOB {per banel/Sepf +or- 


Dubof 

S110S-6L72W 

+0340 

Brent Blend [dated) 

$17.74-7.76 

+0335 

Brent Stand (Sep) 

$17.91-7,93 

+0,3® 

W.TJ, (1pm eat) 

S19.564.58w 

+0^0 

■ OIL PRODUCTS NWE prompt daOuwy OF (tame) 

Premium Gasotne 

£196-198 

+3 

Gas 09 

$152-153 

♦2 

Heavy Fuel OH 

S96-T00 


Naphtha 

$185-168 


Jd Ilia 

$166-188 

+2 

ftariawn Apua adnata 



■ OTHER 



Gold bar troy or>* 

$38140 

+2.10 

Sffver (per troy 0 

53840c 

+4 DO 

Platinum (par boy «.) 

$427.50 

+S.75 

PaJadum (per troy oz.) 

$15220 

+120 

Copper (US prod.) 

1140c 

-10 

Lead (US prod.) 

37.75c 


Tin (Kuala Lumpur) 

13.59m 

-001 

Tin (New Yorhj 

244.50c 


Cattle Pve nfdghtJt© 

H5.64p 

-4J2T 

Sheep (tare wdght)T*0 

8349p 

-9SV 

Pigs Slvo weigh go 

69.45p 

-1.94* 

Lot day sugar (raw) 

$2918 

-1.3 

Lon. day sugar fwte) 

$3443 

+1.5 

Tata & Lyle aapart 

£308.0 

-ID 

Barley (Enp. few# 

Unp, 


Maize (US No3 Yetow) 

$1415 


wheat (US Date North) 

£180.0 


Rd*er (Sepl¥ 

96JX)p 

-1.00 

Rubber (Oct)f 

95.00p 


Rubber KLRSSNOI Aug 

380.5m 

+4J> 

Coconut Off (Phifi 

$5615z 

-17.5 

Palm Oil (Maley.V§ 

S64a0q 

-6.0 

Copra (PTS}§ 

$405 


Soyabocns (US) 

£179.02 


Cotton Outlook W mo« 

83.®c 

-025 

Wodtopa (84a Stper) 

425p 



C par tern irtma iDumu tamed. p poneeta. c cmbAl 
> rVWlAs m Ittaysun cramp, r CcUDec. q ten. x Aunt 
Sap. w Sop . V London PhyafcaL § Ca= AomdaRV* 
Button iiuitg* eWi 4 Steep (l», ** 4,1 price*). + 
cnanga on we*. O Prtoaa va tar pawu d ay. 


CROSSWORD 


■■■»-• ■*» 




No.8,517 Set by DOGBERRY 





-i4 t i t 

■ , -JNr 
W« 1 


t! !- 

t- V- - 


• - -■ JujT* 


».« Mta 

* . -i!+ ft ' 

' » -r i 




.&.L 




Oea 

'V 


-■ ^ 


‘•c >. 


® Actuj 


Ail-Shtr* 


•/Sv 


ACROSS 

1 Source or concertos and of 
ballets called round, burned 
out (11) 

7 Brit with ‘60s hairdo looking 
back — 0) 

9 . . . . looking back at means of 
propulsion, keeping it in pro- 
portion (fi) 

10 Fruit man in blue to provide 
the van (9) 

11 Game for minstrels, including 
unhealthy one (9) 

12 Bloom’s almost behind (5) 

13 Abandoned coal mine in the 
temple (7) 

15 And the rest come back dead 

(4) 

18 Get the measure of dead ani- 
mal (4) 

20 Military vehicle causing dis- 
turbance after tea (7) 

23 Emphasise not opening lock 

(5) 

24 Bring out of retirement to 
control country (9) 

26 Conditioned Mol arrangement 
In slow dance (9) 

27 Reverberant note back inside 

15) 

28 Put on foreign title (3) 

29 Compiler's in flower, in 
arrangement with doing 
harm (ll) 


4 Orifice reveals nothing about 
East German river CO 

5 Listen out on Underground 
for something useful (7) 

6 Literary giant right to pierce 
senile aunt, perhaps (9) 

7 Fairly fair (8) 

8 Contemporary German river 
In middle of alphabet (6) 

14 Keep hitting former boundary 
(9) 

18 Last word during lift-off 
shows fibre (8) 

17 insubstantial present in over- 
due return (8) 

19 6 in public transport raised by 


20 


political thinker (7) 

Wine and song engulfing one 


on island (7) 

21 It's not clever to be constant 
in grip of rampant male (6) 

22 Knight admitting vile distor- 
tion or scale (6) 

25 Island's turned over to fur (5) 
Solution 8,516 


DOWN 

1 Graduate climbing pole to 22 
like a daring rider (8) 

2 Animal bound to stake (8) 

3 Skimpy garb of red-hot island- 
ers (5) 










***** m„. 




FINANCIAL TIMES THURSDAY JULY 28 1994 


LONDON STOCK EXCHANGE 


MARKET REPORT 


FT-SE-A All-Share index Equity Share* Traded 


Interest rate nerves return to jolt share prices 


By Terry Byland, 

UK stock Market Editor 

Interest rate confidence was jolted 
In the London stock market yester- 
day as City analysts took a closer 
look at the survey of Industrial 
trends by the Confederation of Brit- 
ish Industry and then at the sharp 
rise in US durable goods orders 
reported for last month. The FT-SE 
3,100 mark was abandoned in late 
afternoon, in both the stock market 
and derivatives sector. 

Slight disappointment over 
demand at the £2bn government 
bond auction checked attempts by 
shares to edge forward in early 
trading. The market turned off 
heavily when the dollar, Wall Street 
and the US bond market fell sharply 
towards the London close. 

The FT-SE Index closed at the low 


of the day, with a loss of 243 points 
bringing it to 3,062.3. Volume, 
helped by trading statements from a 
number of leading UK companies, 
rallied from the subdued levels seen 
this week but was still modest by 
comparison with trading sessions of 
the past few months. 

At yesterday morning's meetings 
at the leading securities houses, 
strategists focused on disclosure in 
the CBI report that business opti- 
mism had fallen in July, while 
capacity utilisation rates - already 
above long-term averages - had 
risen further. “Inflation pressures 
in the manufacturing sector have 
picked up over the quarter," com- 
mented UBS. 

Nervousness that interest rate 
pressures could be increasing led to 
concern that the feared rise in 
domestic base rates might come 


sooner than markets have bar- 
gained for. The pessimists pointed 
out that the Governor of the Bank 

of En gland and the rhanrftllnr of 

the exchequer will meet today for 
policy discussions. 

However, shares held up steadily 
for a while as satisfactory trading 
results ffom BAT Industries and BT 
bore out views that further rises in 
corporate earnings and dividends 
will protect the stock market from 
interest rate concerns, for some 
time at least 

Confidence was challenged, how- 
ever, by early weakness in sterling 
against the D-Mark, in the sterling 
trade-weighted Index which fell to 
its lowest level for 18 months, and 
later by weakness in the gilt-edged 
market and the short sterling rate. 
But the Footsie 3,100 mark was held 
until developments in the US sent 


British government bonds down 
sharply and upset investors across 
the range of TJK securities. 

Selling hit the stock index sector, 
where the September contract on 
the FT-SE Index saw its premium 
against cash wiped out. A rally 
from the initial foil in the -Dow 
Average, which cut its loss to 18 
points in UK trading hours, was no 
help to the London market 

The FT-SE Mid 230 Index, less 
closely linked to futures trading, 
lost only &2 to 3,632.9, but appeared 
to be vulnerable should further sell- 
ing develop in the market today. 

Seaq volume of 599m shares com- 
pared with - 551.7m on Tuesday, 
when retail business was worth 
only £979.7m, one of the few times 
this year that dally retail, or genu- 
ine customer, business has fallen 
below the £lbn mark. 


The London market was caught 
between two fires. Retail and con- 
sumer stocks, closely tied to pros- 
pects for domestic interest rates, 
fell back, with Marks and Spencer, 
Great Universal Stores and Sears all 
weaker, similar factors upset bank 
stocks. But at the same time. US 
and dollar concerns hit the blue 
chip internationals, bringing set- 
backs for Glaxo, Shell, RTZ and 
many others. 

Some investors fell hack on the 
utility sectors as defensive areas in 
a nervous stock market. While the 
bearish school of analysts, headed 
by Mr Nick Knight of Nomura, 
returned to the market limelight, 
some others suggested that the 
weakness in equities might have 
been overdone in view of the gener- 
ally favourable outlook for company 
profits. 


t.goc 



Cwco. FT QnpfiM 1994 


Turnover Dy voiwne BXSuOCKT 

InftHTHfliaf BUUM and oversew iwnwar 
1,000 



1994 


■ Key Indicators 
IikScm and ratios 

FT-SE 100 
FT-SE Mid 250 

FT-SE- A 350 
FT-SE-A All-Share 


Water .......... 

Retailers, Food .... 

Health Cara 

Butting & Conan- 
FT-SE SmaHCap .. 


3082.3 

-34.9 

FT Ordlrujry Index 

2396.0 

-24.6 

3632.9 

-S 2 

FT-SE-A Non Fh9 p fe 

19.48 

(19.63) 

1556.9 

-14^3 

FT-SE 100 Put Sap 

3087.0 

-47.0 

1544.66 

-1^19 

10 yr Gift yield 

(LSI 

(8.37) 

Id 3. 84 

(3.81) 

Long grtt/equtty ytd rado: 

2.27 

p^4) 

nctori 


Worst porforming —otora 

-Z0 





-1.7 


... -*02 



-1.7 





-US 


.... -0.0 

5 Ufa Assurance 



-1.5 




Move on 
Wm Low 
awaited 

Bid fever was mounting in the 
food retail sector yesterday 
with strong hints that J Salis- 
bury. Britain's biggest super- 
market group, would launch 
its much-vaunted bid for Scot- 
tish retailer William Low 
shortly, perhaps this morning. 
Low, which is already subject 
to a £154m agreed offer from 
Tesco, saw its shares surge as 


the speculation grew, ending 
the session 12 ahead at 280p on 
turnover of 3.1m. 

The market was divided over 
Sainsbury's potential tactics, 
some specialists predicting a 
blockbusting 300p-a-share offer 
to knock Tesco out of the 
frame. Others were suggesting 
a “no-lose" scenario for Sains- 
bury, whereby the group would 
make a spoiling bid above Tes- 
co's 225p-a-share which would 
either force Tesco into a 
counter bid at a higher price, 
or deliver Low's at a reason- 
able one. 

Sources close to Tesco said 
that the company would 
respond robustly to any Salns- 
bury offer and that a bidding 


war appeared inevitable. 
"Tesco do not like losing," said 
one well-placed source. The 
prize of William Low would 
give the winner critical mass 
in Scotland, where both are 
under-represented. Sainsbury 
shares traded erratically on the 
rumours, ending the day a 
penny down at 41 Op. Tesco 
added 3Vi to 240p. 

Waters wanted 

Water stocks were a strong 
feature as investor confidence 
grew ahead of tow’s impor- 
tant regulatory review by 
Ofwat. Sector specialists said 
that the value to be placed on 
the TC factor - the amount the 


water companies can increase 
their prices above inflation 
after 1995 - was expected to be 
around 1.3. The variance above 
or below this will determine 
how the market reacts - and 
whether the companies accept 
or reject the Ofwat recommen- 
dation. Rejection would mean 
an MMC inquiry. Ofwat will 
also recommend the capital 
expenditure for the next five 
years, with the market fore- 
casting a figure of £16bn. 

All the leading shares made 
strong ground as rumours 
abounded over the report, 
which landed on the compa- 
nies' desks two days ago. Mar- 
ketmakers were watching 
closely the tactics of those 


EQUITY FUTURES AND OPTIONS TRADING 


TRADING VOLUME 


Renewed worries on inflation 
and disappointment at the 
outcome of the UK gilts 
auction sent stock index 
futures falling through 3,100. a 


recent support level, writes 
Joel Kibazo. 

The first trade in the 
September FT-SE 100 futures 
contract was struck at 3,121. It 


■ FT-ee 100 BitOEX FUTURES [LIFFEJ £25 par Ml Indmc point 


(APT) 


Open Sett price Change High Low EsL vol Open lid. 
Sap 3121.0 30BT.D -47 JO 313&0 3062.0 1S723 51408 

Dec 3136.0 3007.0 -47.6 3130.0 3107.5 1650 201 S 

■ FT-SE MU) 260 INDEX FUTURES (UFFEJ £10 par fid Max point 


Sep 


38554 3635.0 


-2&0 3650.0 3627.0 


120 


4425 


■ FT-SE MD2S0 INDEX FUTUBEBpMUQ CIO per tul Index point 

Sep 3834.0 636 

Al open ram figum are tar previous day. r Bract volume shown. 


■ FT-SE 100 INDEX OPTION • [UFFQ (-3119) E10 per tul liMax point Mr 26 

2050 3000 3050 8100 3160 3200 3230 3300 

CPCPCPCPCPCPCPCP 
Aug IBS V2 143 13 103 23*j 86*2 38*2 <0 62*2 20*2 85*2 10h 133*2 3>2 182*i 

Sep 207 22< 2 1G5 30 128*2 42 95*2 BO 87*2 83 48 1 * 113 30 148 17^ 1B7h 

Oct 220*2 36 1831] 48*2 147 62*2 118% 84 90% 107 70 138>2 Ofe 16S<2 37 205 

No* 238>2 45 200h 99 166 7S ISriz 98 188 119 IWh 14ah 87% 177^2 51% 213 

Deri- 213>l73h 1521211112 103b 182 BS^ 225 

Cans 1704 PUB 4,879 

■ EURO STYLE FT-SE 100 INDEX OPTION > (UFFE) £10 par m Indie point July 26 

2876 3025 3075 8125 3176 3225 3Z75 8326 

Aug 161 1012 IS 1 } 17*2 B2>z 30*2 50*2 47*2 29*2 Tth IS^ 114*2 7 T54*a 3 200*2 

Sw 183*2 26 14612 37 110 51*2 W 71 55*2 96*2 37 1Z7 ZZb 162*2 13»a 203 
Oct 18412 58 10?l2 100*2 65 157 » 226*2 

Dec 198 79 138Ua11B** M 171*2 59 235*2 

Start 436*2 106 180 148*2 134 190*2 96*2 256 

Ota UBO Pm Z3U * iMerimn MB rakia. nwnum rinan era bawd on mUMm* prices, 
t Long WM en*i mMha. • Letnt flgrats unaMaMa Nr Me «feoa tae to mum at netes 

■ euro STYLE FT-SE MP2S0 INDEX OPTION (OMLX) E10 per fu« Index point 


64 30 3500 3550 3600 6860 3700 6750 

M 1321. 32i 2 100*4 484* 73 72*2 5I>* 100*2 

Ota 0 ftta 0 SenkMni prfces and rakanes are taken U UOotn. 


3800 


moved ahead as a leading UK 
house executed a 'roll over* 
trade from September into the 
December contract. 

However, the contract’s 
advance was cut short 
• mid-morning by the market's 
disappointment at the out 
come of the UK gilts auction. 
September drifted lower there 
after for the next few hours, 
only steadying around the 
lunch time period. 

The release of US durable 
goods figures brought another 
bout of active selling as 
dealers reflected on the 
possibility of an Increase in 
Interest rates. With the retreat 
on Wall Street increasing the 
downward pressure, 

September fell to the day's low 
of 3,082. 

Having briefly dipped to a 
discount during the afternoon 
slide, the contract finished at 
3.087, at a 3 point premium to 
cash, with volume improving to 
15,723 lots. 

The expiry of the July stock 
options was the main feature 
In the traded options sector. 
Total volume at the close was 
30,948, with 11,883 dealt In 
the FT-SE 100 option British 
Steel was the busiest stock 
option at 1,349 lots. 


1 FT - SE Actuaries Shace : Indices : : : 

The UK Series | 

Day's 

Jul 87 chgeM Jul 26 JU 25 Jul 22 

Year Db. ton. P/E Xd at*. Total 
ago ytaidM yWd% ratio yld Return 


FT-SE 100 306X3 

FT-SE MM 250 3832.9 

FT-SE MW 250 ax [nv Trusts 3635.1 

FT-SE-A 350 1556.9 

FT-SE SmeflCap 1829.59 

FT-SE SmalCap ax Imr Trusts 179734 

FT-SE-A ALL-SHARE 1544.66 

■ FT-SE Actuaries All-Share 


-1.1 3117.2 3106.1 3114.7 
-02 3641.1 3624.0 3630.9 
-0.2 364X9 3626.1 3634.8 
-a9 1671.2 1566.2 15882 

1829.77 162524 1621.45 

1797.64 1794A3 179053 

-08 155736 1562.07 1 666.53 


Day's 

JU 27 chga% Jul 26 Jul 25 JU 22 


28843 

32443 

3257.1 

1441.5 

163042 

163234 

142638 

Y«r 

400 


4.06 833 

330 539 

3.65 6.16 

330 837 

3.07 427 

335 4.72 

334 6A0 

Dtv. Earn 
yteMW yjafcflt 


1732 78.15 
21.11 81.01 
19.66 8452 
1606 3730 
3036 3238 
2631 3691 
1833 3668 


115835 

134005 

1343.76 

1195.62 

141139 

138676 

120668 


WE Xd adj. Total 
ratio ytd Return 


10 MMERAL EXTRACTKJNfia) 270666 

12 Extractive Industries^) 383137 

15 08, IntegratedP) 2870.69 

18 011 Bgjgstton 8 ProcXI D 195604 


20 OBI MANUFACTURERS^ 

21 BuMng 8 Construct! on(32) 

32 BUWng Mods S Mrwfwtfl) 

23 QwilcriB(22) 

24 Dtversffled Industnafelfil 

25 Bectronlc 4 Beet EqUrf35) 

26 Englne8rtng(70) 

27 Engineering. VeNdes(i:n 
26 Printing, Paper 8 Pdcg(20) 

29 Textiles 6 AppaieiCCT 


-ae 2726.20 274831 274637 220930 335 433 29.06 47.41 107*51 

-1.0 387032 380938 380473 312730 332 535 2683 5434 104531 

-03 2885.78 2707.41 2705.07 2142.30 645 443 2610 5054 106678 

195677 1972.18 198435 1B1 530 2.47 13S BaOOt 2034 11JQ80 


2010.70 

-0.8 202633 203071 2084.37 1804.30 

677 

431 

2664 

4629 

101732 

1198.67 

119046 1183.57 1100.47 1036.70 

622 

4^42 

29.18 

2064 

931.06 

300020 

-04 2018.77 1903(592003.43 1689.10 

665 

6S7 

3138 

4671 

94076 

247334 

-03 2482.50 246637 2489.73 2137.10 

675 

690 

3239 

58-23 

1088.42 

1988.15 

-13 202044 201614 202012 1862.70 

4.67 

4.70 

2619 

54.88 

1007.79 

192130 

-03 1937.70 1939.76 1934.89 208430 

691 

634 

1641 

5680 

93734 

1882.74 

-03 1904.04 190933 1915.72 159680 

600 

4.62 

25.72 

3644 

107830 

239634 

-07 241526 240735 240339 1844.10 

4.37 

2.16 

m r> 

42.03 

1147.77 

286636 

-03 268139 288666 288047 2304.90 

693 

532 

23.44 

4661 

111939 

167025 

-05 1678.82 168054 187934 1792.70 

337 

610 

2023 

3835 

939.49 


30 CONSUMER OOODSJ97) 2B5730 

31 Brewertesfl 7) 223035 

32 Spirits. Wraes 6 CHersflO) 275678 

33 Food Manutactuen(231 2203.75 

34 Household GoocM13) 241606 

36 Heath Care(21) 166935 

37 PharmaceutJcaB<121 285637 

38 Totwccod) 364935 

40 SBMCEStttO) 196669 

41 Omributorspl) 272833 

42 Leisure & HoWa(24) 213638 

43 MedtapBJ 2862.82 

44 Retains, Food{l7} 1724.45 

45 Reuters. Ganeral(45) 169600 

46 Support Sarvices(40> 157830 

49 TranaportflO) 240139 

51 Other Sarvicea & Businessfg 117642 


-09 2680.83 2885.60 2889.55 2845.80 
-64 224035 224333 225434 1C8530 
-1.0 2787.77 2783.19 2787.67 271 7.70 
-01 2205.90 219538 2214.18 218690 
-1.4 245830 243688 242671 217730 
+03 186638 1B4831 164530 1707.70 
-1.1 288936 2875.96 2886.16 290090 
-1.7 371617 362439 3581.17 386690 


437 

7.60 

15.40 

7133 

90679 

433 

7.76 

1676 

8023 

98835 

431 

696 

1630 

8939 

92438 

435 

603 

14-46 

6672 

92136 

663 

732 

1664 

52.15 

B81.96 

234 

603 

67.77 

3239 

96337 

437 

735 

1538 

5931 

89337 

536 

933 

1233 12733 

61662 


-08 196640 197678 1977.42 179670 

613 

012 

1938 

3739 

862.19 

-06 274954 274015 2738.75 2613.30 

628 

045 

1835 

6097 

93EL9B 

-03 2141,37 212659 2144.93 1819.70 

644 

452 

2535 

4351 

104834 

-60 2920.64 2884.61 290632 236650 

257 

531 

22.46 

4018 

988.19 

+04 171754 170732 171015 182690 

671 

933 

1625 

4095 

1026.14 

-03 170854 1700.61 1607.30 151930 

608 

042 

1937 

3336 

900.60 

-05 158013 1582-20 156542 154O10 

257 

002 

1958 

24.79 

966 JOS 

-1.3 243239 2419.76 241232 2129.40 

650 

530 

2U8 

41.46 

995.68 

-OP 117S37 1177.90 1174.76 117060 

4.1B 


06-20 

16.18 

100048 


eo imurespe} 

62 HectridJi<17) 

84 Gas DteWbuilonGJ 
66 Telecommunlcotions(4) 
68 Wtderfl31 


a jjOjWjjMajaBg 


2282.13 -0.9 230611 230087 2322.77 2184.40 

2276.94 -0.9 229638 229044 229610 1826.00 

1837.53 -131862.131866131862.13 201030 

196730 -13 1936.04 2004,57 204OS3 2009.10 

itrano? >13 17B3.47 1762.57 1782.42 164070 
lH7a06 -03 168677 167934 1B8337 1538.54 


70 W4ANCIAL8f104) 

71 BanfesflOl 

73 Insurance^?) 

74 Life Aeourraice(B) 

76 Marehant Bantaft) 

77 Other FlnanciaK24t 
79 Fmoertytfl) 


217195 

277004 

1235.05 

239739 

2858.96 

1905.61 

156072 


-13 2107.36 217063 2181.09 208730 
-1.1 2807.14 2774.01 277096 252030 
-1.7 125051 125039 1247.B3 144730 

-13 2435.07 244233 245933 2432.10 

-1.0 2888.16 286337 264066 866040 
-0.4 1912.58 190681 1802.66 1603.00 
-09 16D134 159641 159657 1477.10_ 


80 INVESTMENT TRUSTS 1231 280434 

89 FT-SE-A ALL-SHARE(B6a 154436 

■ Hourly movements 

Open MO 


-03 2610.51 2784.67 279067 240230 
-03 1557.B5 155607 155533 1426.88 


4.61 

833 

1431 

«n an 

87752 

4.02 

1032 

1135 

7234 

942.48 

652 

t 

t 

6679 

83677 

430 

600 

1532 

5016 

63930 

558 

12.95 

645 

6S.77 

901.66 

333 

630 

1948 

3834_ 

117248 

437 

051 

1353 

5680 

85230 

4.13 

686 

1236 

7688 

822.17 

533 

1139 

953 

3063 

835.83 

5.18 

758 

1619 

8237 

910.19 

650 

1155 

1009 

60.60 

86&11 

664 

836 

1441 

4622 

1012.44 

660 

665 

3248 

36.14 

00438 

2.15 

136 

5450 

3670 

93830 

664 

6j40 

1663 3666 

120068 


1030 1130 1230 


1330 1430 1530 16.10 Hlflh/dgy Low/day 


1= 31104 3108.8 31,7.7 31162 31165 jmj ^ SS SSS 5 SI SS 

.r^° ss ss ss as ^ ,s7ij iss&a 


■ Mafor Stocks Ysttorday 

VoL CSMtag 
POOS prion chsnos 


ASttt Group t B.7OT 

Ataray fifeakraort 1300 

Wan FWMr 00 

ABM-4, yunst 1300 

Anplsn WMar 1300 

Aigra _ 207 

ArayiOnupf 2300 

ahovwmt 1,000 

Axaoc. Em. FOodit «» 

A— oo. Bill. Fora 
BAAt 
BAT tad*, t 
BET 

ncc 

SP- 

BPBMb. 

BTt 

BT(pmrao 
BTRt 

Bank at SaxtancfT 

iST* 

BUieCMat 

Bookur 

Booat 
Bonart 
BrtL Aarepeoet 
tattShAhrayet 
mwiOrat 
BrSMi Land 
BAMitaeNt 

Bunzl 

Bunrah Csmroft 
Bratm 

CoDtaCWlret 
Cedbray SdnMppMt 2300 
CslarCRw “ 

Comrtant 

CaiMan CoramT 
Omra VMer 

Comm. CWcnt 
Cookson 
CnwlaiMsf 

scu 

Dan 
EraMn Boot. 
EutlflSiiKlSttt 
Eng Q*ib Oram 
EnferprlBS OSf 
Eunxiivial IMs 
RQ 
Heme 

Ftmlai & COL LT. 


OtfVMMt 
H88C (7Ep BM«t 
Hrarmroon 
Hanoont 

Hamaora CresflW 

mStown 

IMI 

ICft 

, bichcapart 
Jotoon htamwy 


SFI 

MsnmD 

Mutes & Spanrart 
MBduxtoBacL 
Uonloon (Wm) 
NFCt 

NsfiVeet Bartct 
Nrakmal Ponrt 
Next 

ttordi Vltast WaHrt 

NonMmQoct. 

Nnoram RxxtoT 

NrniMb 

Rasncnt 

P&Ot 

plktngmn 

h e—c O ent 

PnxVraUart 

RMCf 

RTZt 


tt^iolmant 



583 

525 

338 

272 

2BB 

572 

2G2 


ih 

-0 


-e 

-ii 


273 

577 960 

n_3no 43S 

1.0B8 113 

234 3BS 

351 745 

9.700 41llj -h 

507 3M 

10300 376 -7 

0300 266*2 -0*z 

3J00 372 -4 

1J00 162 -4 

5j000 544 

702 550 

1.700 315 

<47 415 

1,500 525 

1,700 442 

BOS 406 

t.ooa 426 

3500 278 

099 438 

5500 156k 

2B1 150 

BOO 005 

14500 60 

3.100 42B 
435 
280 

1.100 310 

740 BOO 

515 215 

579 541 

1500 201 

205 523 

278 43B 


-14 

-8 

♦>2 

-6 


-7 


-2 

-5 

-3 

-4 

-2 

-3*» 


-12 


Tronrt 


SMraf 1500 

StoutfiEras 468 

Eaittn (WJ4) A 407 

Smhti & Nepheut 3500 

SmtO BMchanrt 2500 

SmW Bsodiom Ubit 1200 

enaielnds. 1500 

Southran Beat 850 

Soun IUmBki. 135 

8authWara:Wrau 253 

South WML Baa. 363 

EoutNxri VMsr 138 

SMtad cranrtt 2J»o 

Stonrauw . 4.700 

Sun ABmest 1,700 

TtN 388 

T1 Groupf 348 

TSfit IflOO 

TSmiac 2400 

TUB & Lyto 638 

Tntor Woodrow 477 

Tomcat BJOO 

Thame Wahxt 2.400 

ThomEMn 498 


• of FT-SE 100 Hign 10.000m Low 

FT-SE Actuaries 350 Industry baskets 

Open 9.00 1 


1000 11-00 1600 1600 1*i» 


1&00 16.10 ciaae pnewloua Orange 


11561 1152.7 1155.0 1154-3 11^-3 JJ®'® 

!862.9 2857X 2581-5 28776 28786 287L8 

1796.9 17962 1814.1 1817.5 17904 17B6.1 

>852.0 2847.5 2BS9.1 2856.4 2864.7 Z852- 


ImW-awSautfraark 

SflF- 


i on me FT-SE Actuarial . 


Bndge, London B£1 DHL The FT-SE A cararira S hani u 

££ £rr-G&A Nort&jZ** 
t WO weraomxm S8txa> £** ">*9? 

—W MV ,™ nnd Timra UmlwL Krih h 

e Hi. taraUrad Saw Exmeae of tot M 8 
TT SE- aid “foeaw- a« pm* **ta m ewww m»w 

®e audited bv lira WM ConrMUfi. T Sector PflE reuae gro* 1 * bp we rax 


1153.0 11560 11563 11B3J 11610 

2863.0 2848.1 2836.4 2831. 9 2864^ -&£ 

1800.4 1800.9 1807J 1806^1 17B64 +Z3J3 

2&B72 2839.5 2811.7 281 OJ 2842.5 -31S 

immmbiimb ereeveBdale hor* 1 The niLii iUM Timee 
whtcfi Qoven b range of electronic end pspra'-txraed prothicta 

:p yM «0 FT-BEAceeraeiSSO end Be FT-SE Actajwelridwy 

RBOuUtao*he*»dfi n ii t n afT '^ l * iC 4 Br *! , ! ft yr? ^?5N!SJ!L< l .j«« 

ZrzZ M n( KtuaWB undir ■ raendirt rat of gmundnies. 

IBM. O flw RnancM Tima* LW*»d 1*W M 
go m The FhraKW Tines UnMcLTha FT-SE Aauarra* Shwe 
(i TVWuce nepsdw 


1500 182*2 

417 739 


Baled en wdlm volume fcx e aata oten n tirejor 
oecrataes oeaB mrough 8m SEAO ayiaan 
yesmuay und 450pm. Tradro of one mBen nr 
nwe re rounded oawn. t ln*aMB «i FTse 

lODUKtaxeeraHuani 


houses with water company 
brokerages amid reports of 
selected heavy buying. North- 
umbrian was in particular 
demand, the Qhnrff s surging 21 
to 597p. Yorkshire was also 
wanted, adding IS to 54lp, 
Southern gamed 20 to 555p and 
Anglian 11 to 525p. 

Reuters slides 

Reuters Holdings fell 
sharply in afternoon trading as 
US investors took a dim view 
of the news and electronic 
Information group's half-year 
results. 

The £245m profit was in line 
with analysts' forecasts but 
there was some concern over 
the operating margin. The 
company said investment in 
new acquisitions and new busi- 
ness investment programmes 
accounted for the slight mar- 
gin decline and added that 
sales growth had slowed in 
May and June. 

It appeared that Mr Peter 
Job, the traditionally downbeat 
chief executive, disappointed 
US analysts and after the com- 
pany conference the shares 
traded In the form of American 
Depositary Receipts fell 
sharply. They were down more 
than 5 per cent by the close of 
London trading and prompted 
the UK shares to fell 21 to 459p 
with very heavy turnover of 
14m shares. 

Pharmaceuticals stocks were 
affected by comment in one US 
newspaper questioning their 
ability to maintain high divi- 
dend payments. The article 
cited Martian Merrell Dow and 
Glaxo, which fell 13 to 5S9p. 


NEW HIGHS AND 
LOWS FOR 1994 


NEW MOHS (3Q. 

BUWJ3 WO a emm n) srann. au» wru 
A IfCHTS G3 Craft sn. Sum. «. CHCMCAU 
HI BOG. DSTABMfTORS p] Fit** Prat. 
ELECTHiC A ELECT EQUP P3 Nctaa Coro Prt . 
Racal Beete. BKHNEEHUia (8) Booat mfl*. 
Enuirw HT Renoll 5t> Hunred an 
Tliynen. DCTRAjCTTVE WOS m An tfo Ain Coal. 
CMdtaroan. Gancor, Impala PSE. Joel (H J I OotCL. 
VVerare Ann MVESTMEXT TRUSTS H 
BeaHig M hbgn Zero Div Pif . HTR Jeptraae 
&roeQ«. M A Q Recovav Cerea Un I FBBIR B 
S HOTELS B> r oan* i 5 H e l rae. Carale 
Comma, uexxa m Mean Redo, on, 
MTEOM1ED M| occtdmrai Perinv RETAILERS, 
FOOD n unggs. Low (Wmj. SUPPORT 8ERVS 
(1) AdnunL THANSPORT R AS futon Amroy*. 
Bngmn "A 1 . Ka» SOUTH AFfOCANS 

(1) 3ASOL 
MEW LOWS 1 * 7 ). 

OILTS (7) BREKVEMES HI Ascot BLDG MATES 
B. UCHTB n» Syrenre. CHEMCALS Ml 

ooe«K, namnuroRS [i| umo sopvn. 

OMERSHB) INDLSd) TiaWgv Hast. 
ELECTTWC 5 ELECT EQUP B) hd Ccntrel 
Soon. MBgaa. Tatanran., CNQMEERMO |3) 

ES. Somme*. IMSngtan. EXTRACTIVE WM 
p) Rrckwoori. FOOD MAHUF (2) Canaaen 
Pare. Keys Fooa. HEALTH CARE « InMcero. 
KynaCn. Tepral Dagnoxtca. HOUSEHOLD 
GOODS a Jeyee. Tonvuraora, INSURANCE {2) 
Indeptndail Inace. PWS. INVESTMENT 
TRUSTS n Geranoro Stred Equity Zero Oh Pf. 
JupQc* Ere Wilts. LIFE ASSURANCE PI Titan 
B Hoc Cv PI, MEDIA G9 Chsne Craara. Sftrm 
m. Til Wimtx MERCHANT BAWLS P) 

WMnnt OTHER FMAMCIAL M3 taveatmanl Co., 
pnopwm (4) Etroesey Property. H re b ro 
CoumynwaB, Snedalriy Stapi. Tomi Came, 
SUPPORT 8ERVS {Q CtMcN ContpuUng. 
drain ScAvnm Prods, TEXTILES A APPAREL 
M AKed Tetfie. AtMns. Hogga U). PitfUM. 
TRANSPORT P) QATX. AMERICANS ft) MNvy 
Tech. 

Wellcome dropped 6 to 62ip, 
although there was some sup- 
port from a study which 
showed that its anti- AIDS, 
treatment AZT or Retro vr 
could cut transmission of HIV ' 
from mothers to babies signifi- 
cantly. 

SmithKline Beecbam held 
steady with a gain of 1 % to 
4l9Vap in anticipation that the- 
US Food and Drug administra- 


tion would give approval for 
over-the-counter selling of 
Tagamet, the company's anti- 
ulcer treatment. 

Oil major BP, the lending 
Alaskan oil producer, held firm 
at 2iiVip on reports that the 
Clinton administration was 
making significant progress in 
drafting legislation to lift a 21 - 
year-old ban, on exports of 
Alaskan North* Slope crude oil. 

Shell Transport was affected 
by reports that production at a 
Nigerian gas lifting plant had 
been cut by a third following 
an explosion. The company, 
which produces half of 
Nigeria's oil, denied an explo- 
sion bad taken place but the 
shares ended the day 6 lower 
at 726p. 

Burmah Castrol slid 23 to 
865p after agency broker James 
Capel moved its recommenda- 
tion to hold from buy because 
of higher oil prices and the 
shares' recent strong perfor- 
mance. Capel has increased its 
forecast for the average 1994 oil 
price to $16.50 a barrel from 
$15. 

Tobacco and Insurance con- 
glomerate BAT fell 9 to 434p as 
good news on the tobacco side 
was countered by disappoint- 
ing figures from Eagle Star. 

Motor dealer Lex Service 
tumbled 30 to 447p after report- 
ing interim figures below mar- 
ket expectations followed by a 
gloomy results meeting with 
analysts. 

Engineering group IMI hard- 
ened a penny to 328p alter Nat- 
West Securities upgraded 1995 
profit expectations. Leaving its 
current year forecast at £84m, 
it raised the following year’s 


estimate by £6m to £1 07.5m. 

Airports operator BAA, a 
strong performer In recant ses- 
sions. ran into profit-taking 
leaving the shares trailing 14 
to 9S0p. British Airways eased 
3 to 426p after it said it may 
challenge yesterday's decision 
by the EC to allow its rival Air 
France to receive FFr20bn in 
state aid. 

Food and drink manufac- 
turer Cadbury Scweppes 
climbed 9 to 435p as market- 
makers covered positions in 
what was described as a classic 
bear squeeze. 

A surge In auction sales 
helped Sotheby's rise 13 to 

828p. 

Reports of takeover activity 
in the hotels sector ruffled 
some feathers but failed to 
make much Impact on share 
prices. Forte, which Is said to 
be attempting to persuade 
shareholders in the Savoy 
Group to support its ambitions 
for a combined luxury hotel 
group, moved ahead in early 
trading before sliding bade to 
close a halfpenny ahead at 
23ilip. Savoy 'A' shares fin- 
ished 2 adrift at 968p. 

600 Group rose 5 to 64p after 
an upbeat AGM message from 
the chairman. The company 
said sales and orders were 
ahead of last year's comparable 
figure and the company's new 
products were being well 
received in the market. 

MARKET REPORTERS: 

Poter John, 

Christopher Price, 

Joel Kibazo. 

■ Other statistics, Pag* 17 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


Option 




— 

Can 

__ 

__ 

Pus 

__ 

Opto 


M 

to 

JU 

jra 

to 

Jon 

MHHjm 

540 

48b 

81 

_ 

i 

7b 

_ 

rare) 

580 

1b 

28 

- 

10 

26 

- 

Affflti 

260 

tz 

26 

Jib 

( 

10 

16 

m2) 

2B0 

1 

13: 

21b 

10 

2Dh 

26 

ASM 

50 

8 

9 

11M 

1 

3 

4 

mi 

80 

1 

3 

5 

3b 

/b 

9 

BritAftnys 

420 

7b 

29b: 

38b 

1b 

19 

Z7 

T«fi) 

480 

1 

12 

21b 

36b 

43b 

50b 

SkMUaA 

420 

4 

24W 

33b 

Zb 

23b 

30b 

rci ) 

460 

1 

Bb 

17 

41 

50 

55b 

Boris 

500 

28 

«4» 

52b 

1 

12 

19 

ms > 

550 

1 

16b: 

28b 

Z7 

36 

45b 

BP 

390 

22 

38b 

42 

1 

10b 

16 

1*411 ) 

420 

1 

17 

2B 

11 

2S 

30 

eflWiSKH 

140 

17 

21 : 

2Sb 

1 

4 

Bb 

P58) 

180 

1 

8b 

14 

Sb 

n 

15 

Ban 

550 

2 

39b 

39 

2 

22b 

38 

rsso) 

800 

1 

11 

IB 

52 

S6 

72 

QtaCMa 

425 

4K 

re 

_ 

3 

_ 


(*42B) 

450 

1 

- 

- 

27b 

- 

- 

OoutauUa 

500 

ZBb 

44 

53 

1 

13 

22 

PS3) 

550 

1 

17 

29 

29b 

38b 

48 

team IMn 

500 

45b 

50b 

81 

1 

10b 

18 

(*S42| 

550 

1b 

W : 

31b 

lib 

33b 

37 

U 

800 

38b 

89 

73 

1 

23 

32b 

C633 ] 

850 

1 

29 

47 

10b 

40b 

58b 

mpUer 

500 

isb 

3Sb 

4Gb 

1 

23b 

28b 

ran 

550 

i 

15 i 

26b 

40 

53 ' 

57b 

Land Seair 

850 

18 

38b 

48 

1 

15H 

23 

CBB4 | 

700 

1 

13 

23 

38b 

43 

50b 

Maria & S 

420 

11 

2Bb: 

34b 

1 

iib 

17b 

C-429 ) 

460 

1 

9 

IBb 

33 

35b 

41 

llfliMW 

460 

2 

23b : 

34b 

2b 

26b 

30b 

T480 ) 

500 

1 

B 

18 

42b 

54b 

56b 

tosairr 

3 m 

22b 

38 

44 

1 

11b 

19b 

r410) 

420 

1 : 

2ib: 

28b 

12b 

27b 

34 

SheB Tram. 

700 

26b i 

42b 

S3 

1 

16b 

23 

P») 

m 

1 

IB 

28 : 

26b 

45 

50b 

Stenhouee 

220 

5b 

icb: 

22b 

ib 

10b 

15 

C2Z3) 

240 

1 

7b 

13b 

19 

23. 

26b 

TraMgar 

70 

7 

10b 

12b 

1 

3 

4b 

P6) 

79 

1 

- 

— 

B 

*• 

- 

UH«er 

1000 

9 

47 

82 

2b 

Z7H. 

37b 

P007) 

1050 

1 : 

22H ; 

17b. 

47b 

58 

65 

Zanaca 

700 

48b 1 

Sib 

74 

1 

14b 

24 

P46 ) 

750 

2b 

29 ‘ 

14b 

8b 

38 

45b 

Opto 


Aug 

Km 

Feb 

Aug 

No* 

to 

Grand MM 

380 

22 : 

37b 45b 

3b 

14 

22 

f408 ) 

420 

5 : 

21b 29b 

18 

28 : 

37b 

LESBBto 

180 

14 

n 

27 

2 

Ob 

11 

P71 ) 

100 

2b 

iib ■ 

17b 

iib 

ZOb 

22 

m Bkcrau 

300 

27 ; 

38b 

42 

1b 

1UM 

13 

C334/ 

330 

8 

If 23b 

Jib 

24b; 

27» 

Opto 


to 

Dee i 

Mar 

to 

tee 

lifer 

Psora 

130 

16b' 

19b 

22 

4 

9 

11b 

P39 » 

140 

9 

14 18b 

Bb 

14b ' 

16b 

Opto 


Am 

Hev 

Feb 

Aufl 

HO* 

to 


Brit Are 480 40 90 74 3 21 H 30» 

(*«5 ) 500 12 38H 63 IBM 39 49M 

SAT has 420 19 31 » 42V. 7W 10 ZB 

(-434 | 460 2H 14ft 24 39K 45ft 49 

BIS 300 1BW 2314 34V. 3 15 HD 

{*372 ] 390 Zh 13 20M 21 32 35 

BA TUscan 380 20 33 38 2h 9 IBMi 

(*378 ) 390 3 IB 20 17 24K 3Z» 

CsttUTSdl 420 2D 31b 42* 3fe !5M18» 

1*435 ) 460 1H 14 34 28 36b 41H 

Eton Bn 660 18 47 80b 128 33 43 

CS54 ] TOO 2b 2B36K 49 «M 71 

(Unless 420 29 38» 47 2 12b 15b 

r«0 ) 460 3Vt 18b 2BH 23 33K 37 

EEC 260 714 19 23b £» 12b 15 

{*2 82 ) 300 TH 9H 14 20 24b 28 


Cam Pub 

Aug Hot Mi Aug Nov Feb 


Hmoo 
(*255 J 
Lam 
(*140) 
Leas bids 
P«) 

P 50 
(-875 | 
PWbftpnn 
P93) 
PiudunM 

mi ) 

RTZ 

1*844) 

Raritand 
TS33 ) 
Bopd feu* 
(*2W ) 
Twcn 
P09) 
VodaJone 
P83 I 


240 17b 23 26k US TO 10» 
350 3 II 16 8 17 20 

IIS Z7 2BH ~ 1 3 - 

12517% 21 - 1 5 - 

180 18 25% 27% 1b 8H 11b 
200 4b 14 17 8b 19 22b 
650 32b 52b 6BV> 6 31 39 
700 8 27 42b 31h 60 87b 

1H) 14 22b 27 1b 7 10M 
200 3b U 18 9b 18H 21 
300 18b 25b 32 3 13 16b 

330 2b 11 It 20b 30b 33b 


C368 ) 
Option 


800 S3 
B5Q 18 
500 38b 
550 8 
240 18 
260 5b 
220 21 
240 B 
183 5 

200 1 
3S4 18 
384 3b 


75b S2b 3 23b 30b 
46b 85 18 44 53b 
52b BZb 2» 17b 24b 
25b 37 22b 44b 51 

27 32b 2b 12b 14b 
16b 22b 11 23 24b 
28b 84 1h 7 ID 

17 22H 8 15b IB 

14b 18 5 111 15 

7 11 19 22b 25 

28 - 3 13b - 

13 -IBh 30 - 


ju Del Jm U Da Jar 


BAA 
(*979 1 
Tirana WV 

r«« 7 

Option 


960 34b 85 78b 
1000 1 35b 51b 

460 Bb 48 51 
500 m 22 28 

Sap Dec Mai 


1 23 32H 
23b 48b 55b 
1 10b 18b 
11b 35 35 
Sep Dec Mu 


Abbey fed 
(-408 ) 
Amlrad 
(*») 


C544 J 
£k» Orde 

ms I 

Brtkft to 
C275 ) 
Otans 
1*185 ) 

WaOm 
PBS ) 
Lonrtn 
P31 ) 
fel Pants 
<*«8 ) 
Scot tower 
(*381 ) 
Sean 
(*11B) 
Forte 

(*231 ) 

Tarmac 
P52 l 
Than a* 
PQ41) 

TS8 

(*208 ) 

Tonridns 

PB2 I 

MMfcame 

PS34 i 

(W»n 


390 27b 36b 48 
420 12 21b 30b 
25 Bb 7b 8 
30 3b 4b 5b 
500 50 61b 71 
550 18 32b 43b 


9b 15b 24b 
as 3i 40b 
lb 2b 3 
3H 4b 5b 
B 14b 24 
29 37 48 


300 25 32 41b JDb 15 IB 
330 9 19 27 27b 32 34b 

260 23b 25 30b 4b 11 13b 
280 11 14b 19b 13 22 24 
ISO 16 23 27 9 13 16 

200 7 14b 18b 20b 24 27H 

160 12b 17 21 5b 8 11 
1W 4b S 12b 18 22 23 
130 0b 15 17b 6b 9b 12b 
140 5 10 13 12b 15b 18 

420 40b 48 58 Sb 15 19b 
460 1Gb 27 38 25 33 37b 


380 37b 
390 11b 
110 10b 
120 9 

220 20b 
240 9b 
140 18 
160 7b 
1000 71 
1060 41b 
200 14b 
220 5 


38 41 
22b ZBb 
13 15 
Tb 8 
24b 30 
14b 19b 
Zlb 25 
11b 15 
88 111 
68b 84 
2Db24b 
12 15 


12 16b 22 
28 32b 37b 
3b 5b 7 
8 11 12b 
6b lib 14 
ISh 22 24b 
4b 8b lib 
14b 20b 22b 
20b 34b 49 
42 58 72 

8 12 16b 

21b 24b 28 


220 14 21 25b 9 13 18b 
240 8 12 18 22 25 28b 
600 52b 71b 85b 16 30b 39 
SO as 49 59b 43b 55b Mb 
JU Oct Jen Jri Od Jn 


ODD 550 11b 38b 48b 2 36b 48 

(*556 ) 600 1 15b 28 44 71 77b 

HSBC 75p K 750 7» 58 81 3 51b 88 

(*754 1 BOO 1 36 59b «b Bl 96b 

tauten 482 7 30b - 2 23b - 

(*457 ) 475 1 24b ■ 9 29 ~ 

Opto Aug liny Feb Aug Mas Fat 

Aofeftsice 180 7 16 20b 4b 13 17 

Clin I 200 1 8 13 a 26 28b 

■ Underlying eeeirty p tfcra P raram shown m 
: 30721 Cdfic 12.776 PUW 


FT GOLD MINES INDEX 



Jra 

28 

% dig 
onday 

JU Jul Vw 

25 22 ago 

1S5f 

Barak 

M* Law 

Beta ferae brin (28) 

1BBBL11 

♦1.1 

193BRZ 1B3B89 10658 

2.14 

2387.40 1S22JX 

M fegtaral Wcat 

MteSflG) 

291361 

+u 

384703 2839.61 2641.24 

4J5 

344080 190223 

ARkraataA 

254X54 

-04 

2553-70 257172 227173 

106 

301X89 188118 

Mono AoufSa (12) 

159150 

+08 

1581 2D 1582.11 1885.00 

081 

20ML65 136X00 


Copyright. Hie RneneM Troae Unwed IBM. 

Hgraes In txadiets show number at coro p ertas. Beds US (taflre. Best VraMft IMLOO 3U12/B2. 
netoaeeor QQU Mtara maex: My 27: 2«& fey 1 * change: poMw Veer ego: 22B8 
Itaett Rncee w«e umhUA Mr me «8eoiL 


RISES AND FALLS YESTERDAY 





Rtaos 

tote 

Seme 







Other FTxfld (ntnrmt 



0 

0 

15 

Mtnorol Extraction 




54 

67 

79 

General Manufacturers ._ 



110 

145 

395 





47 


















132 


Inveatmera Tiuett 



88 

96 

301 






38 






Totale 



411 

753 

1477 


Date toed on wee* comperiee Wed on the London Shre Sendee. 


TRADITIONAL OPTIONS 


Calls: Fteortom, MBgate, Proteus, Shoprita, Tadpole Tech, Wtcfcse. Puts 8 CoBk 
MB gefte. 


LONDON RECENT ISSUES: EQUITIES 

Issue Amt MkL Ckto 


price 

P 

paid 

up 

cap 

(Emj 

IBM 

High Low Stack 

price 

P 

■W- 

Not 

dtv. 

CXv. 

COV. 

On 

1W 

WE 

net 

100 

FP. 

3X0 

107 

99*2 Belle Gftrd Sira C 

108*2 

■h 

- 

- 

. 

ra 

§40 

FP. 

1X4 

45 

33 iKSacura 

34 


- 

ra 

- 

- 

ISO 

FP. 

104 

17B 

156 CPL Aromas 

178 

+13 

LN3.0 

2A 

2.1 

17-0 

18 

F.P. 

5.00 

31 

21 Camel 

27 


- 

- 

- 


220 

F.P. 

nas 

227 

220 Buradcter 

228 


WNfl-S 

0-9 

4.7 

17.7 

175 

FP. 

8463 

203 

198 Exco A/L 

200 

+Ja 

1&4 

12 

13 

109 

- 

F.P. 

- 

353* 

30Ht Five Airaws Wta 

32'« 


- 

- 

_ 

. 

- 

FP. 

6.90 

71 

88 Freeport 

70 


- 

- 

- 

- 

- 

F.P. 

54P 

260 

238 Idaal Hardware 

260 


N8j4 


4D 

173 

- 

F.P. 

- 

77 

03 JF FI Japan Wits 

70 


- 

- 

- 


3 

F.P. 

1.73 

3^ 

3 John MensMd 

3\t 


ra 

ra 

. 


100 

FP. 

606 

98 

94 Old Mutual SA 

98 


- 

- 

- 

. 

- 

F.P. 

&16 

45 

43 Do warrants 

44 


- 

- 

_ 

ra 

23 

FP. 

IOjB 

31 

29 Orris 

29 


- 

• 

_ 

_ 

fieo 

F.P. 

147 

95 

83 Rarrifiar 

95 


N 2.78 

- 

17 

ra 

- 

FP. 

042 

12 

5*2 Do. Warrants 

12 


- 

- 

- 

ra 

- 

FP. 

1175 

96 

91 Scnrader Japan G 

94 


- 

- 

. 

_ 

- 

F.P. 

1X0 

4tf2 

42 Do Warrants 

48 

■h 

- 

- 

_ 

ra 


FP. 

44.8 

92 

88*2 Scudder Latin 

09 


- 

- 


_ 

• 

FP. 

652 

44 

42 Do wm 

43 


ra 

- 

_ 

_ 

100 

FP. 

245 

98 

96 Shires HY Brntr C 

99 


- 

ra 


_ 

- 

FP. 

1.09 

14 

11 Slh Country Hma 

13*2 

J 2 

ra 

- 

. 

re 

100 

FP. 

352 

97 

97 TR Eure Gth Ptg 

97 


- 

- 

_ 

ra 

<- 

F.P. 

- 

14 

8*2 TR Prop Wrta 

1H, 

-^4 

- 

- 

. 

ra 

272 

F.P. 

15815 

265 

zw a 

261 

-I 

N&54 

t-t 

zm 

316 

- 

F.P. 

2.72 

' 35 

29 Tope Ests Wrta 

34 


- 

- 



- 

F.P. 

2X1 

105 

86 Umvarsal Craarric 

106 

♦1 

LN3.75 

1.9 


14 j 6 

- 

F.P. 

565 

49 

34 VUMLoglc 

4313 

-1 

- 

- 



140 

F.P. 

845 

169 

MS Yeua Bros Wine 

165 


13-0 

2 ml 

2J 

204 


RIGHTS OFFERS 


losus 

Amount 

Latest 




Closing 

price 

paid 

Rerun. 

1994 


price 

P 

«> 

d£ffO 

Hgh 

Low 

took 

P 

47 

ra 

1919 

8pm 

3*2pm 

$AmMriey 

5pm 

15 

ra 

m 

5pm 

4pm 

Botton 

4pm 

- 

w 

13/S 

125pm 

61pm 

Charter 

121pm 

40 

M 

2S/8 

5pm 

2pm 

EjichUmt 


120 

ra 

1/9 

26pm 

18pm 

Fmetet 

24pm 

13 

w 

w 

7215 

8pm 

l4tpm 

4pm 

iNpm 

Freeport 

Greycoat 

5pm 

24 

w 

25/7 

3pm 

2pm 

Hdera 


B 

w 

3/0 

4ipm 

Jrpm 

Paramoma 


130 

Ml 

14/7 

28pm 

9pm 

FBcanJo 


73 

ra 

5/8 - 

3pm 

ram 

s 

a 

5 

*4 pm 


FINANCIAL TIMES EQUITY INDICES 

Jliy 27 Jtiy 26 July 25 JiJy 22 July 21 Yr ago *HBh i nra. 

Ordrmy Shan 23900 24206 2409a 2423J) 2402.5 2277.7 271 3J1 22XT1B 

Ord. tfv. yield 4^0 4.15 4.17 4.16 4.18 4.05 4w46 

ton. yU. % fufl 5.64 S59 5.01 5JS8 5.62 4J2 BlSS 

Pfe ratio rw 18.89 19X18 19.00 19-11 1&S6 2&54 3043 

P/E ratio ra 19B4 19.84 19.70 19JJ7 19.71 24^2 ra> m 

1=01 IBM. CVdhery Shre kndw ttneo earopSeUon: Mgn 2713.B SAJZ/94: km 49.4 2MM0 
FT OnOneiy Sum M*k base due 1/7/35. 

Ordnvy Share hourly ri wo fl* * 

Open &00 1000 11JIO iota 13JX 1-LOO 16.00 10JD0 Htah 

2418.7 34114 2421 £ 2417.D 24185 241 B a 24114 2405a 2402A 24ffi7aag a ^'' 


July zt Mp 26 Aiy 25 July 22 July 21 y r an» 


SEAQ btutnine 

23^45 25537 

25518 

26,765 

22L518 

3X331 

1447.fi 

8X273 

SHJ 3 

Equity turnover (EmJt 

979.7 

1023.9 

12100 

1258.0 

Equity bargainst- 

- 26.471 

33.480 

29,861 

20308 

Shares traded (rrf)t 
t Enduring femrarahra bua 

409.8 

4009 

VET. 

487.0 

465.4 


I! 




I 



ai * 












































































































































































































































































































































































































































































































30 


FINANCIAL TIMES THURSDAY JULY 2S 1994 


★ 

CURRENCIES AND MONEY 


MARKETS REPORT 

Lira touches new low 


The political woes of Mr Silvio 
Berlusconi, the Italian prime 
minis ter, yesterday drove the 
lira to a new low for the year, 
writes Philip Gawilh. 

News that an arrest warrant 
had been Issued for Mr Berlus- 
coni’s brother intensified spec- 
ulation about whether the gov- 
ernment would survive. 

Political uncertainty 
prompted selling of Italian 
assets by foreigners, and this 
drove the lira to a low of Ll.007 
against the D-Mark. It closed in 
London off the low at LI, 006 
from L996.7 on Tuesday. 

UK dealers reported that the 
Bank of Italy had intervened to 
support the lira around L1.0Q5. 

Trading conditions in the 
foreign exchange markets 
remained thin. Analysts said 
the market continued to be 
dominated by interbank day 
traders, with medium and long 
term investors mostly absent 

Eurosterling contracts fell 
sharply as the mixed reception 
given yesterday’s gilts auction, 
the weak US Treasury market 
and fears about UK interest 
rates rising, all preyed on sen- 
timent 

The sterling index remained 
unchanged at 78.6, the lowest 
level since March 1993. 

■ Analysts were pessimistic 
about the outlook for the lira, 
with most predicting that it 
will retest the low of L.1,010 
against the D-Mark, reached 
last December. 

The catalyst for lira weak- 
ness was the story about Mr 
Berlusconi’s brother. This fol- 
lows the recent controversy 
about a government decree 
which sought to curb magis- 
trates’ powers of detention, 
and renewed criticism about 
the unresolved conflict of inter- 
est between Mr Berlusconi’s 
business interests and the 
office of prime minister. 

Although the origin of lira 
weakness may be politics, it 
has also focused the market's 
attention on Italy’s economic 
problems. Mr James Cornish, 
European strategist at Nat- 
West Markets, commented: 
"The market is worried that 
we are either plunged into 
early elections or, if Mr Berlus- 
coni stays on, that he won't he 
able to get decisions on the 
1995 budget” 

Mr Neil MacKinnon, chief 


Lira 

Against the D-Mark per WJ 
960 — 



■ P ou nd in NnrYark 


Espot 15315 15240 

1 15305 15230 

3 15296 15222 

1 yr I52S2 15182 


economist at Citibank in Lon- 
don said “International inves- 
tors are taking the view that 
the shelf-life of Mr Berlusconi's 
government Is limited.” 

In the past when the lira has 
fallen below L1.000. it has 
tended to attract buying inter- 
est and recover. According to 
Mr MacKinnon, buying Interest 
has this time been absent *Tt 
now increasingly looks as if 
the lira is comfortable above 
the L2.000 level” 

The Citibank analyst pre- 
dicted that the risk premium 
that attached to Italian assets 
meant there was a risk of a 
considerable further downside 
for the lira. This view was 
endorsed by Mr Stephen Yorke, 
chief European analyst at 
Chase Manhattan in London. 
He said that the market's fear 
was not so much that the Ber- 
lusconi government would foil 
but that it would stay in office 
and “drift", without getting 
public spending under control. 

■ The poor sen timent in the 
gilt market contributed to 
some of the sharpest price 
movements seen in short ster- 
ling for a number of weeks. 
The December contract traded 
over 30,000 lots to settle lfi 
basis points lower at 93.67. 

Mr Richard Phillips, analyst 
at brokers GNL, commented: 
“The problem is that every- 
body is long. There is no room 
left to buy the stock." Selling 
pressure was not aggressive, 
but buyers were absent. 


A number of factors weighed 
on the market These included: 
press reports suggesting that 
UK Interest rates would rise 
further this year, the low cov- 
erage in the morning gilt auc- 
tion, and the weakness in the 
US bond market 

■ The dollar moved down to 
test the technical trend line of 
DM1.5740 - in place since July 
12 when the US currency 
started to recover from a low 
of DML52 - hut bounced off it 
to finish at DM1.576 from 
DML.5865 on Tuesday. 

Currency weakness was a 
spillover from the foil in US 
bond prices after the release of 
the June durable goods figures. 
Orders rose by 1.3 per cent 
compared to market expecta- 
tions of a 0.6 per cent increase, 
raising fears that a monetary 
policy tightening might 
become necessary. 

The June increase in durable 
goods orders, without trans- 
port was the thirteenth con- 
secutive rise, the longest 
sequence on record. 

Mr MacKinnon said he 
remained sceptical about the 
durability of the dollar’s recov- 
ery and expected the bear 
trend to resume. The US cur- 
rency finished at Y98.01 
against the yen from Y98. 

Any recovery is being 
impeded by fears that the Sun- 
day deadline for progress in 
US/Japan trade talks may be 
broken, raising the prospect of 
US sanctums. 

■ The Bank of England pro- 
vided UK money markets with 
£650m liquidity after forecast- 
ing a similar shortage. Over- 
night money traded between 
4 V* and 5% per cent 

In Germany, call money 
firmed to 5/5.10 per cent from 
4SQ/5.05 per cent with money 
in short supply after a fairly 
tight liquidity fojectioa at the 
fixed rate repo tender. Traders 
said rates would probably rise 
towards the Lombard rate of 6 
per cent today as pension pay- 
ments are made. 

■OTwntcu wwc a s 

M 27 C S 

Huogsy 155529 - 155.754 101520 - 101.720 
Iran 296450 - 268100 174650 • 175050 
KUWt 0.4552 - 0.4566 02974 - 02982 

PsUnd 346425 - 34678.5 226355- 226400 
M 314254.314006 205350 - 20575B 
UAE. 55114 - 55228 35715 - 16735 


POUND SPOT FORWARD AGAINST THE POUND 


Jut 27 Closing Chongs &~/oifer Day's Mid Ons month Thm* months Ons yes r Bank of 

rod-pom on day spread Ugh low Rate 96PA Rais 96PA Ran %PA Eng, mdsx 


Europe 

Austria 

(Sch) 

155 764 

-00605 

667 - 841 

17.0316 16 9514 

129721 

05 

165602 

0.4 

. 

. 

115.1 

Betgum 

(BFr} 

49.6761 

-01735 

341 - 181 

49 . 76*0 * 9.5600 

49.6711 

0.1 

427161 

-03 

49.7161 

- 0.1 

1165 

Denmark 

PKrJ 

9.4825 

- 0.0323 

788 - 662 

9.4990 9 *619 

9 . 489 S 

-09 

9.5046 

-49 

95485 

- 0.7 

116.8 

FfnlaoC 

m 

7.9327 

-00346 

232 - 422 

7.8730 7.9230 

- 

- 

- 

- 

- 

■ 

82.7 

France 

IFF r) 

aa-ua 

-00188 

402 - 493 

02577 02237 

82*62 

-05 

2252 ? 

- 0.4 

2235 

ai 

110.1 

Germany 

m 

2A126 

-0X032 

113 • 138 

2 . 4 5 S 3 zveo 

24122 

22 

24113 

03 

2,3905 

as 

125.7 

Otmca 

lO) 

364 955 

- 0.944 

565 - 344 

385-579 283.946 

- 

- 

- 

• 

• 

- 

- 

koiand 

TO 

1.0119 

* 0.0007 

111 * 126 

1.0146 1.0061 

1.0123 

-05 

1.0132 

- 0.5 

1.0187 

-as 

104.1 

Hofy 

ru 

2427.78 

+ 14.34 

56 * - 971 

2 * 27.41 3 * 14.48 

2434 48 

-33 

244653 

- 3.1 

249958 

- 3.0 

75.4 

Luxembourg 

(LFd 

49-6761 

- 0.1735 

341 - 181 

49.7840 495600 

49.6711 

0.1 

* 9.7161 

-03 

49.7161 

- 0.1 

116.5 

NemarLkxM 

PJ 

2.7080 

- 0.0076 

07 Q ■ 090 

2.7131 2.7027 

27076 

02 

27061 

05 

2.5655 

0-8 

120.4 

Nonnay 

fNKrl 

1 Q .5164 

-00286 

124 - 203 

105606 ia 4%1 

10513 * 

05 

105239 

-05 

10.5099 

0.1 

86-6 

Portugal 

(631 

24&850 

- 0.796 

564 - 136 

247.708 246.193 

24858 

- 8.4 

25176 

-80 

- 

- 

“ 

Spam 

(Plaj 

138 £28 

-0343 

506 - 750 

199245 1952 S 6 

199.073 

-27 

199.333 

-26 

202.913 

-22 

88 J 3 

Sweden 

(SKr) 

11.8229 

* 0.0061 

144 - 313 

11.6749 11.7974 

11 . 8 * 4 * 

-23 

11 . 89*9 

-24 

121154 

-25 

74.0 

Switzerland 

(SFr) 

2.0468 

-00093 

455 - 480 

2JS2S 2.0429 

20453 

05 

20421 

05 

20179 

1.4 

119.9 

UK 

n 

. 



- 

- 

- 

- 

- 

- 

- 

63.1 

Ecu 


1 JB 37 

-moon 

631 - 642 

12682 12804 

1 - 28*6 

-09 

15659 

- 0.7 

1.2572 

-02 

- 

SORT 

- 

0.951483 

- 


- 

- 

- 

- 

- 

- 

- 

- 

America* 

Argentina 

(Pmaal 

1^287 

+00029 

292 - 291 

1 .S 3 T 0 15233 

. 

. 





. 

Brazil 

M) 

1.4314 

♦00077 

295 - 332 

1.4362 1.4214 

- 

- 

- 

- 

- 

* 

- 

Canada 

(Cfi 

2.1112 

♦00059 

103 - 120 

2,1191 2 . 10*7 

2.1127 

- 0.8 

2.1164 

-19 

21434 

-15 

820 

Modes (New Peso) 

52119 

*00157 

0 ® - 168 

52166 5.1924 

- 

. 

- 

- 

- 

- 

- 

USA 

(S 3 

1.5309 

♦ 0.005 

305 - 312 

15325 1 5247 

15299 

05 

1.5289 

05 

1.5248 

0.4 

63.1 

PacMc/Mkhte East/AMca 
Australia (AS 241711 

♦00189 

998 - 723 

20732 20528 

20711 

OO 

20724 

-05 

20905 

- 0.9 

_ 

Hong Kong 

(HK« 

1 1.8258 

♦ 0.0384 

223 - 233 

11.8373 11.7798 

11.8219 

a* 

11.8208 

02 

11.8278 

aa 

- 

India 

(H*l 

48.0190 

♦0155 

□03 - 376 

* 8.0630 475370 

- 

- 

- 

• 

- 

n 

- 

Japan 

00 

150.039 

♦0505 

943 - 134 

150310 149380 

7 * 9.659 

20 

148394 

21 

144599 

24 

1 S 3.0 

Malaysia 

(MSJ 

39695 

+00125 

678 - 712 

29720 29525 

• 

- 

- 

• 

- 


- 

New Zealand 

tKZS) 

2-5406 

+00228 

449 - *82 

25*84 

25505 

- 1.8 

25583 

-15 

25806 

-15 

- 

PWfipphKH 

CPaso| 

403380 

♦01317 

*81 • 299 

*06150 398125 

- 

- 

- 

- 

- 

» 

- 

Saucfl Arabia 

6 H 5 

5.7412 

+00187 

395 - 429 

5.7470 5.7185 

- 

- 

- 

- 

- 

- 

- 

Singapore 

( 5 S 

2 J 3114 

♦ 0.0071 

10 * - 123 

23133 23026 

- 

- 

- 

- 

- 

fe 

- 

S Africa (Conti [HI 

5^175 

-0003 

139 - 210 

56297 56 C 3 S 

- 

• 

- 

- 

- 

fe 

- 

S Africa £Fln.) 

(H> 

09730 

+0038 

561 -899 

69999 £3455 

■ 

- 

- 

- 

- 

- 

- 

South Korea 

(Won) 

122043 

* 4.01 

607 - 879 

122958 122257 

- 

- 

- 

- 

- 

fe 

- 

Taman 

(T 5 ) 

40.7187 

♦01097 

CS 9 - 31 S 

40.7531 *05570 

- 

- 

- 

- 

- 

- 

- 

Thaiamj 

CBt) 

38.1948 

+01096 

707 - isa 

383210 3836*0 

- 

- 

- 

- 

- 

• 

- 


TS» rate lor Jd 28. Bd/ofter spreads n to Po«tf Sect att» tow ctfy as as trass aecmal places. Fenced rotes on not dreary quoteo to da market 
tw an meted by curant kbm aim. Suing index c aku a Mri by Bar* of Esotand. Ban onraga 1989 - 10CLBW. Offer and Wfl* In boA We aw 
to Defer Spot lotto danved Kora THE SVU/H8UTERS CU3SNO SPOT RATES. Scon «e*w n rounded by to F.T. 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


Jul 27 

Ctoaing 

rrotS-Doan 

Change 

on day 

Bid/Of fer 
spread 

Day's mid 
high low 

One month Throe montha 
Rate %PA Rate %pa 

One year JP Morgan 
Ran %PA tndax 

Europe 














Austria 

IScti) 

11.0835 

-0076 

870 - 920 

11.1380 11.0750 

11.0322 

-05 

11.0858 

Ol 

11.0078 

07 

104.0 

Belgium 

(BFr) 

324500 

-022 

300 - 700 

326000 32*000 

32*7 

-07 

325075 

-0.7 

3257 

-04 

105.5 

Denmark 

(DKr) 

21943 

-00414 

333 -953 

6.222* 

81870 

82003 

-15 

&2T13 

-1.1 

05483 

-09 

105.0 

Rntmd 

(FM) 

21819 

-0.0336 

769 - BES 

52233 

517*4 

5.18*9 

-0.7 

5.1874 

-04 

5528* 

-0.9 

77.0 

France 

(FFr ) 

23858 

-0JJ3 

840 - 875 

5.4090 

53745 

53906 

-1.1 

53965 

-05 

53743 

05 

108.1 

Germany 

(D) 

1-5760 

-0.0105 

755 • 764 

1-58*7 

157*0 

1.5767 

-05 

15768 

-05 

1 5667 

0.6 

1065 

Greece 

(Ol 

238.400 

-1.4 

200 - 600 

239.120 228200 

23875 

-15 

239.52 

-1.9 

2*2.9 

-1.9 

89.1 

Ireland 

oq 

1.5130 

♦0006 

122 - 137 

18162 

1.5078 

15118 

to 

1.5095 

0.9 

1.5007 

0.8 

- 

Italy 

W 

158590 

♦* 2 

500 • eao 

158800 1582.33 

1590.95 

-28 

1M9.75 

-35 

18375 

-33 

783 

Luxembourg 

(U=r) 

324500 

-022. 

300 - 700 

326000 32.4000 

32*7 

-0.7 

32515 

-05 

3257 

-0.4 

105 S 

Netherlands 

(FT) 

1.7690 

-0.0107 

687 - 532 

1.7775 

1.7687 

1.7696 

-0.4 

1.7683 

0.1 

1.7812 

a* 

1052 

Norway 

(NKO 

6.8696 

-0.0413 

686 - 706 

89019 

6-B631 

8.8731 

-0.6 

08778 

-05 

6.8531 

05 

96.4 

PortUQsJ 

(&» 

161250 

-105 

1G0 - 400 

182400 160.950 

162.48 

-95 

16452 

-8.1 

171.65 

-6.4 

9*6 

Spam 

(Pta) 

129.750 

-0.65 

700 - 800 

130.400 129.600 

130.1 15 

-3.4 

13077 

-3.1 

13214 

-28 

SI 5 

Sweden 

(SKr) 

7.7231 

-00213 

193 - 268 

7.7715 

7.7193 

7.7401 

-26 

7.7766 

-28 

7.9311 

-27 

795 

Switzerland 

(SFr) 

13370 

-00105 

265 - 375 

13455 

15348 

1.3367 

0.3 

15353 

0.5 

15228 

1.1 

1052 

UK 


1.5309 

+0005 

305 - 312 

1.5325 

15247 

15299 

08 

15289 

05 

1.5248 

0.4 

809 

Ecu 


12115 

+0005 

112 - 117 

12133 

15057 

1.21 

T.4 

15079 

12 

15198 

-0.7 

- 

SORT 

- 

1.44987 

- 

- 

- 

- 

- 

- 

- 

• 

- 

- 

- 

Americas 














Argertcna 

(Peso) 

0.9986 

-00009 

985 - 386 

0.9988 

05983 

- 

• 

- 

- 

- 

- 

- 

Brazri 

(W) 

05350 

+0.002 

3*0 - 360 

0.9360 

05340 

- 

- 

- 

- 

- 

• 

- 

Canada 

(cs) 

1J791 

-00007 

738 - 793 

1 3837 

1.3788 

1-3807 

-1.4 

1.3839 

-1.4 

1.4049 

-15 

826 

Mexico (Now Peso) 

3-4045 

-0.0009 

020 - 070 

3.4020 

5*070 

3.4055 

-0.4 

24073 

-03 

24147 

-05 

- 

USA 

<3? 

. 

- 

. 

• 

- 

- 

- 

- 

> 

- 

• 

97.1 

Padflc/MkMta Ent/Afrfca 












Auetrafee 

(AS) 

1JJ529 

♦0.008 

524 - 534 

1.3539 

15*63 

1-3531 

-02 

1.3538 

-05 

15812 

-06 

87.9 

Hong Kong 

(HKS) 

7.7250 

-0,0001 

245 - 255 

7.7255 

7.7232 

7.7248 

0.0 

7.7255 

OO 

7.7405 

-02 

- 

Inda 

(Bs) 

31.3675 

-00013 

625 - 725 

31.3750 

31.3625 

31.4S2S 

-23 

31.5975 

-25 

- 

- 

- 

Japan 

00 

98.0100 

+0D1 

700 - £00 

98.2300 97.7500 

97.605 

25 

97.36 

2.7 

94555 

21 

1520 

Malaysia 

(MS) 

25930 

-00003 

925 - 935 

25935 

25905 


A3 

25725 

35 

2848 

-20 

- 

New Zealand 

(NZS) 

1.6635 

+0009* 

628 - 642 

1.86*2 

1.6556 

1.68*4 

-0.7 

1.6663 

-07 

1.6718 

-0.5 

- 

PltSppinas 

(Peso) 

26.3500 

. 

000 - 000 

286000 281000 

- 

- 

• 

- 

- 

• 

- 

Sautfi Arabia 


37504 

. 

501 • 506 

3.7508 

3.7501 

3.7517 

-04 

3.7558 

-aa 

27744 

-OB 

- 

Singapore 

(SS) 

15099 

-00003 

096 - 101 

1.5103 

15098 

1.SC8S 

1.1 

1.5086 

09 

1.4999 

07 

- 

S Africa (Com J 

<B) 

26^ 

-0.014 

630 - 710 

3.6885 

56870 

2685 

-5.1 

3.7133 

-45 

279 

-35 

- 

S Africa (Fin.) 

(B) 

4^550 

+001 

450 - 650 

4.5800 

456CO 

4.5887 

-85 

4.6475 

-8.1 

- 

• 

- 

South Korea 

(Won) 

602450 

• 

400 - 500 

602500 802400 

805.45 

-45 

808.95 

-22 

827.45 

-21 

- 

Taiwan 

(75) 

225988 

-0.0152 

965 - 010 

286020 285965 

26.6188 

-09 

28 8588 

-05 

- 

• 

- 

ThaSand 

(St) 

24.9500 

-021 

400 - 600 

24 9700 24.9*00 

25 0225 

-35 

25.15 

-02 

25.63 

-27 

- 


TSOR rata for Jut 20. BkVofln spreads *i On OoBar Spot tatfe dm enfy Bn Ian srraa dactmtl places. Forward earn an not rtoWy qwtad si itn now 
but an onpied by currert intara ram. UK. Mw>d 0 ECU are quoad is US curacy. XP. Morgen nominal mfcee 54 20 Base enrage IBSQ+IQO 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 


MM 27 


BFr 

DKr 

FFr 

DM 

K 

L 

R 

MCr 

E* 

Pta 

SKr 

Sfr 

£ 

CS 

S 

r 

Ecu 

Baigiuin 

(BFr) 

100 

19.09 

1650 

4557 

2037 

4887 

5.451 

21.18 

4965 

3995 

23.79 

4.120 

2013 

4249 

3.062 

301.9 

2544 

Denmark 

(DKO 

5239 

10 

8695 

2.545 

1567 

2560 

2856 

1159 

2605 

209.4 

1246 

2159 

1555 

2226 

1514 

1582 

1533 

France 

(FFr) 

8025 

1150 

10 

2827 

1227 

2945 

3284 

1278 

2905 

2405 

1454 

2*83 

1213 

2560 

1.657 

1815 

1533 

Germany 

(DM) 

2059 

2830 

2417 

1 

0419 

1006 

1.122 

4560 

1023 

8230 

4598 

0548 

0414 

0575 

0634 

821B 

0524 

Ireland 

m 

4959 

9571 

2147 

2384 

1 

2399 

2078 

1040 

2435 

1962 

11.88 

2023 

0988 

*2068 

1513 

1482 

1249 

Italy 

H 

2046 

0391 

0540 

0099 

0042 

100. 

0112 

0433 

10.16 

8.180 

0.487 

0584 

0.041 

0.087 

0063 

6.178 

0052 

Netherionda 

m 

1235 

3502 

20*5 

0691 

0374 

8965 

1 

3565 

91.14 

7354 

4585 

0756 

0569 

0.780 

0565 

5553 

0.467 

Norway 

(NKr) 

4722 

9.014 

7537 

2294 

0562 

2308 

2574 

10 

234.6 

1885 

1124 

1546 

0.951 

2007 

1.455 

142.8 

1202 

Portugal 

(Ea) 

2013 

2842 

3541 

0578 

0410 

9835 

1.097 

4263 

100 

8047 

4.789 

0829 

0405 

0555 

0620 

80.78 

0512 

Spain 

(Pta) 

25.02 

4.775 

4152 

1215 

0.510 

1223 

1584 

5297 

1245 

100 

5.962 

1.031 

0504 

1563 

0771 

7553 

0636 

Sweden 

(SKr) 

4203 

8523 

0975 

2041 

0556 

2054 

2291 

8.900 

2085 

1885 

10 

1.732 

0546 

1.788 

1295 

1209 

1569 

Switzerland 

(SB) 

2427 

4533 

4.028 

1.179 

0494 

1186 

1523 

5.139 

1208 

9752 

6.774 

1 

0488 

1.031 

0746 

7328 

0817 

UK 

(Q 

49.68 

9.483 

8245 

2413 

1512 

2428 

2708 

1052 

2465 

1985 

1152 

2047 

1 

2111 

1531 

1500 

1264 

Canada 

(CS) 

2353 

4^482 

3.906 

1.143 

0479 

1150 

1283 

4563 

1165 

9458 

5599 

0970 

0474 

1 

0.725 

7156 

0599 

US 

(S) 

3245 

6.194 

5585 

1578 

0861 

1666 

1.789 

8571 

1612 

129.7 

7.720 

1537 

0853 

1579 

1 

9758 

0826 

Japan 

W 

3312 

6322 

5457 

1859 

8.747 

18167 

1855 

7013 

1645 

1324 

7850 

1355 

8567 

14.07 

1021 

1000 

6427 

Ecu 39.30 7502 6523 1.909 0801 192 1 2142 

Yen per 1.000; oanUi Kroner, French Pane, Nonragm Kroner, end 0— rtrti Knew par 1R Bai0m 

8523 1955 157.1 9561 

Rmc, Escudo, Urn end Panel per 100. 

1519 

0791 

1.070 

1211 

118.7 

1 


■ D-MARK FUTURES (IMM) DM 12S200 per DM 



Open 

Latest 

Change 

Mflh 

Low 

Eat voi 

Open int 

Sep 

0.6308 

06342 

+0.0041 

05346 

05303 

32.073 

82543 

Dec 

06338 

0.6344 

+00038 

0.6353 

06336 

370 

3,967 

Mar 

- 

06319 

+00016 

- 

- 

27 

1579 


■ SWISS FRANC RTTUHBS QMM) SFr 125500 par SFr 


Sep 

0.7*41 

0.7481 

+05051 

07482 

07435 

14,776 

37248 

Ox 

07505 

0.7496 

+05048 

07506 

07487 

192 

1,171 

Mar 

- 

0.7517 

- 

07517 

0.7453 

1 

11 


■ JAM 

JBSK YVi RmjRSS OMM) Yan 125 per Yen 100 




Open 

1 afid 

Change 

Htf* 

LOW 

Eat vd 

Open InL 

Sop 

1.0230 

1.0251 

♦00023 

1.0260 

15210 

24.434 

68535 

Dec 

1.0320 

1.0328 

+00016 

1.0330 

15309 

1.462 

6566 

Mar 

* 

1.0389 

♦0.0057 


■ 

10 

1518 

■ SmtUNQ FUTURBa gMM) E825Q0 per £ 




Sep 

15242 

152B6 

+05084 

15306 

15238 

10748 

31204 

Doc 

15270 

15298 

+05070 

15300 

15260 

60 

865 

Mar 

■ 

15300 

- 

15300 

- 

1 

152 


EMS EUROPEAN CURRENCY UNIT RATES 


Jul 27 

Ecu cen. 
rates 

Fata 

against Ecu 

Change 
cn day 

K+/-fran 
can. rata 

% spread 
v weaken 

Ov. 

bid. 

Netherlands 

2.19872 

2.15T71 

-000138 

-255 

4^46 

• 

Belgium 

402123 

39.4456 

-00604 

-151 

451 

14 

Germany 

15*964 

1.91761 

-050173 

-1.64 

453 

- 

Ireland 

0808628 

0803195 

+0.002159 

-007 

351 

5 

Franca 

6.53883 

6.56169 

-0.00806 

020 

2.12 

-2 

Danmark 

7.43673 

753500 

-0.00253 

152 

099 

-9 

Portugal 

192.854 

195592 

-0248 

158 

073 

-11 

Spain 

154250 

157531 

-0072 

Z32 

050 

-18 

NON ERM MEMBERS 






Greece 

264513 

299508 

-0143 

9.60 

-8.64 

- 

Italy 

1793.19 

192455 

+1042 

754 

-458 

- 

UK 

07887*9 

079*112 

+0002917 

094 

157 

- 


Ecu canal twee em by to Saopeen ComrtaSon. Cwrandes ere a rtn e r en iWm nfert u i awngh. 

Percentage changes are for Ecn a posWve eftanga denotes a week currency. Otvwganae tease to 

redo bataraan two spreads tna p ceqnage Wference batman fee netuai market red May canto nfaa 
lor a currency, and lha rradnun pamtted p er ce nt a g e d an W i n n of to demy's martar rata tarn Bs 
Ecu on. 

(17/8/02) Scoring aid Kalian Lira auyianded tram SIM. ArfruetmwtJ crioAded by to Financial Times. 
■ PMI15PBlPWJie«e/«OFnCHt« £31^50 (carta per pound) 


Sfrflce CALLS PUIS 


Price 

Aug 

Sep 

Oct 

Aua 

Sep 

Oct 

1 AGO 

757 

757 

857 

. 

010 

054 

1/478 

5.46 

5.09 

058 

- 

055 

0.74 

1500 

3.14 

3.76 

424 

0.17 

086 

1.41 

152S 

155 

221 

2.70 

052 

L77 

2.41 

1580 

057 

1.15 

1.73 

254 

3.17 

3.75 

1575 

004 

055 

059 

4.45 

652 

5.49 


Pramoue dayH <roU Cats 4037S Puta 4.14T . Prav. daqrs open M. Cto sn^M pua S»596 


WORLD INTEREST RATES 


MONEY RATES 


July 27 

Over 

night 

One 

month 

Three 

mtha 

St* 

mtha 

One 

ywr 

Lome. 

Inter. 

Ola. 

rata 

Ftapc 

rate 

Belgium 

4% 

5V% 

51* 

SI* 

6 

740 

450 

_ 

week ago 

5 

5% 

Stt 

5!* 

61b 

7.40 

450 

- 

France 

51* 

54 

54 

51* 

5ft 

6.10 

_ 

6.75 

week ago 

51* 

64 

5% 

5* 

5ft 

6.10 

_ 

8.75 

Germany 

5.03 

4.97 

453 

4.93 

5.08 

850 

450 

465 

week ago 

455 

4.97 

4.85 

485 

495 

650 

450 

451 

Ireland 

S3 

54 

Mfc 

Oft 

ev* 

- 

- 

055 

week ago 

5 

54 

5% 

Si 

61b 

- 

- 

625 

Italy 

e* 

81* 

8hr 

aa 

94 

- 

7.00 

7.95 

week ago 

BH 

81* 

84 

aa 

64 

- 

7.00 

8.16 

Nethertanda 

4.85 

4.91 

4.93 

5.02 

521 

— 

525 

- 

week ego 

456 

4.91 

4.82 

454 

5.12 

- 

1* 

- 

Switzerland 

4K 

<4 

4* 

4ft 

4b* 

6.825 

350 

- 

week ago 

4 

44 

4V, 

4ft 

41b 

6.625 

350 

- 

US 

4i 

44 

41* 

64 

6fl 

- 

350 

- 

week ago 

44 

44 

43 

5W 

6ft 

- 

350 

- 

Japan 

2 

24 

24 

214 

21b 

- 

1.75 

- 

week ago 

2 

24 

21b 

aa 

2% 

- 

1.76 

- 

■ S LIBOR FT London 
Interbank Fbdng 

4V4 

48 

51* 

$W 

. 


. 

week ago 

- 

4» 


5V» 

54 

- 

- 

- 

US DoBarCDa 

- 

423 

459 

5.01 

558 

- 

_ 

- 

week ago 

- 

423 

4.60 

490 

5.44 

- 

- 

- 

SDR Linked Da 

- 

3V4 

3S 

31* 

4 

- 

- 

- 

week ago 

- 

3 Mi 

3ft 

31* 

4 

- 

- 

- 


ecu Linked Dm mid rafeec l irate ML 3 mbs She 6 rrahs 81 : 1 yean 81 . S U 80 R tntarboj* txfcig 
rm an offered rates tor 51 0 m quoted so to mwwr by (our re fe wnoe bada at nan sab woridng 
day. The tanka are: Baton Trust, Bank of Tokyo. Bacfeya act National We atiWiaf: 

Hd races ana shewn tor to domes* Money Rowe, US 3 CD* aid SDR Linked Dqnts P4- 


EURO CURRENCY INTEREST RATES 


Jut 27 

Swrt 

term 

7 days 
notice 

One 

month 

Three 

montha 

Stx 

months 

One 

year 

Belgian Franc 

5-4% 

5-44 

54*5 

64-64 

54-54 

6-5% 

OenWi Kune 

5%-SIb 

64-64 

5S-SA 

64-8 

64-64 

8ft -6ft 

CW4crt 

5A - 4,’f 

5,i-5A 

5ii-4fJ 

5-4% 

5, 4 - 412 

54-5 

Dutch Odder 

4ft -4J2 

4ft - 4ft 

4ii-4fi 

4ft - -ft 

Sft - 4ft 

54-54 

French Franc 

5,;-sa 

SA-5A 

S4-54 

6ft - 5ft 

sft-sft 

8-5% 

Portuguese Esc. 

i2»a - - ii* izH - 124 124 - 124 

124 - 124 

124 - 114 

Spanish Peseta 

74 - 7,i 

74 -7i 

7ft ■ 7ft 

7ft -74 

8ft -8 

84 -8A 

Staling 

64-44 

SA-4H 

5i-sa 

54-64 

Sfi - 5ft 

64-64 

Swiss Franc 

*4 -4 

44-4 

44-44 

4ft -4ft 

a-Afi 

4ft - 4ft 

Can. Ddlar 

6£-5A 

64-54 

54-54 

sa-sa 

eft - aft 

74-74 

US OoBar 

4,*. - 4A 


44-44 

4ft -4|J 

54-54 

54-64 

ItzBan bra 

9-74 

84-8 

84-8 

84-84 

■ft - BA 

94-94 

vai 

2A-2A 

24 - 2 & 

24-24 

2ft -2ft 

24 -2ft 

24 - 2ft 

Aden SStag 

34-34 

34-34 

4* - 4ft 

44-44 

5ft -6ft 

5H-5ft 


am term ms era cal for to U 9 Dote end Van, othn tea days' nodes. 


■ II— MOUTH ilHOKIK HITIIM ffJFFE)* DMIm poirte qt 10096 



Cfeon 

Sod price 

Change 

H^> 

Low 

Eat vet 

Opan frit 

Sep 

95.09 

85.09 

-002 

85.11 

95.07 

19519 

170139 

Dec 

96.02 

95J10 

-053 

95.04 

9458 

18501 

182684 

Mar 

9452 

94.79 

-004 

94.84 

94.77 

20104 

156894 

Jun 

94. 56 

9451 

-008 

9458 

9*51 

6461 

9*290 

■ THUS MONTH KOMIJRA DVTJtATB FUTURKS (LIFFE) LI 000m pointa of 1009* 


Opan 

8*0 price 

Change 

HWl 

LOW 

EsL vd 

Open InL 

Sep 

91.15 

3102 

-018 

91.16 

91.02 

8681 

30417 

Dec 

90.82 

9069 

■022 

90.66 

9069 

3560 

49024 

Mar 

0043 

9034 

020 

90.52 

9052 

1259 

13041 

Jun 

89L85 

88.87 

020 

9003 

8857 

1128 

loeee 

■ mm mouth buro sum 

S FRANC 

FUTUHm (LIFFE) SFrlm pointa ot 100% 


Open 

Sea price 

Change 

Mgh 

Low 

Eat voi 

Open InL 

Sep 

95.63 

9553 

002 

9555 

95.60 

1630 


Deo 

90*2 

95*6 

- 0.01 

95.47 

96.42 

844 

9121 

Mar 

9022 

955* 

003 

9556 

9622 

388 

10061 

Jun 

9455 

9*58 

OOi 

94.95 

04.35 

50 

2377 


■ Twm iwimi ecu wnuwi(LiH=gEajim ports oiioos 



Open 

Sett price 

Change 

Wrfi 

Low 

ESL voi 

Open tat 

Sep 

83JHJ 

9391 

-098 

9396 

9390 

886 

11172 

Dee 

83.74 

93.70 

•095 

83.74 

9398 

568 

8369 

Mar 

8050 

93J47 

-095 

9050 

93.45 

550 

4644 

Jui 

83.18 

93.18 

-004 

8320 

83.17 

35 

1173 


’ UFFE house traded an APT 


■ THBSK MONTH UBOOOPUUI QMM) Sim potres at 10096 



Open 

Latest 

Change 

Hgfi 

Low 

ESL VOI 

Open int 

Sep 

84.79 

94.78 

-004 

9450 

94.75 

51,477 

436.105 

Dec 

94.11 

94.05 

-008 

94.11 

94.03 

64422 

428.929 

Mar 

3398 

9390 

-007 

93.86 

93.77 

35209 

334,149 

■ US TREASURY BU. FUTURES (IMM] $lm per 1004* 



Sep 

9594 

9022 

-003 

9024 

9522 

456 

20210 

Dec 

34.57 

94. S 

-004 

94^7 

94.64 

228 

9.507 

Mer 

- 

0499 

- 

- 

9429 

288 

1.921 


Ai Open Merest Ago. *s fer mwia day 
■ RUROMABK OPTIONS (UFFE) DMIm pomfci of 100% 


Strike CALLS PUTS 


Plica 

Aug 

Sep 

Oct 

Dec 

Aug 

Sep 

Oct 

Dec 

9600 

0.10 

014 

012 

016 

0.01 

005 

012 

0.16 

wwn 

OOI 

033 

004 

008 

017 

019 

029 

033 

8050 

0 

001 

OOI 

0.03 

0.41 

042 

051 

053 


■ THREE MOUTH PBOft mTUW« (MATlf) Parts ttnataank ottered raw 



Open 

Sett price 

Change 

High 

Urn 

ESL voi 

Open int 

Sep 

94.40 

9427 

-0.03 

94v«1 

9425 

7,553 

49260 

Dec 

9426 

9423 

-OO* 

9426 

9420 

5272 

36289 

Mar 

94.06 

94,02 

-005 

84.05 

94.00 

2.945 

31242 

Jui 

was 

9322 

-0.05 

9325 

9320 

1278 

23204 

m 7HRCB MONTH EURODOLLAR (LBTQ* Sim points ot 10046 




Open 

Sea price 

Change 

Ugh 

Low 

Eat wl 

Open InL 

Sep 

- 

94.78 

-003 

- 

- 

0 

3030 

Dec 

. 

94.04 

-008 

- 

- 

a 

1918 

Mar 

. 

93.90 

-005 

- 

- 

0 

1437 

Jurt 

- 

93.49 

-0.05 

- 

' 

0 

350 


Eat to toss, Cafe «514 Puts 2139 . Various day's opai int. Cafe 237428 Puts 198820 
■ EURO SWISS FRAHC QPT10WS (LlffE) SFr 1m pointa of 1009* 


Strike CALLS PUTS 


Price 

Sep 

Dec 

Mar 

Sep 

Dec 

Mer 

8980 

0.19 

0.19 

024 

006 

023 

050 

9878 

007 

009 

015 

019 

028 

068 

9600 

003 

004 

0.06 

0.40 

OSS 

064 


vcL toad. CoSe 0 Pufe A Previous day 1 * open tt, Cafe 1905 Pies 1375 


UK INTEREST RATES 


LONDON MONEY RATES 

Jul Z7 Over- 7 cteys One Three Sfc On* 

right notice month months nksdha year 


Interbank Stafing 5^ - A\ 5ft - 4ft 5ft - 5ft S3» - 5*4 Sft • 5^ 6% - 6>4 
StsrfcgCCs - - 6ft -5i SA-S^a 5B-5H 61* - 8 

Treasury Bits - - 5ft - 4*1 Si - 4ji 

BankBSs - 5A-4U 5* - 5 S^-BA 

Local apriority daps. 5V - 5 5* - 5,*, 6ft - 5ft - S»a 54 • 5\ BA - 5ft 

Discount Merit* dope 54 - 4«* 5* - 5* 

UK clearing bark base lendng rats 54 par cant from February A 1994 


Up to 1 1-3 


3-6 


64 


9-12 


34 


34 


Carts of Tax dap. (£100, 000) 14 4 34 

Cats of Tai dap. infer Cl 00500 Is 1«jpe. DtpoWa ntMan Mr east! 4po. 

Ana. tender rate id dtsemM 45646pc. ECQD hoed ras Sdg. Btort Bnancs. Mska up day June 9CL 
1S9L Agreed rale ter period to 96, 19MB>Aug93, 1804, Schemes fl A Jf &44pc. Reference rate ftr 
mW6VB.I870pC.r _ _ - - 


period Jiai 1, 1904 to Jone 30 . 1984 , Schanes 
Jury 1. 1884 


r Rate 64pc tram 


■ TWM MOtfTH STERLOW PUTUWBS (UPQ ES00J0Q pointa of 10095 



Open 

Sett price 

Change 

High 

Low 

EsL vd 

Open InL 

sep 

9424 

94.41 

-014 

94.54 

04.39 

19034 

105653 

Dec 

9323 

93.57 

-018 

9323 

93.87 

30498 

139*64 

Mar 

9320 

93.01 

-022 

9320 

9229 

14425 

87653 

Jun 

9220 

9041 

-025 

92.61 

92.41 

4528 

52214 


Traded on APT, Al Open Harsat Pgs. ara tar piatioua day- 


■ WCflT STCTJWq OPTWHS [LTFg CSOtLQOO porrta Of 100H 


SH® CALLS PUTS 


Price 

Sep 

Dec 

Mar 

Sep 

Dec 

Mar 

9425 

022 

0.07 

005 

026 

065 

129 

9460 

006 

003 

0.03 

015 

086 

122 

9475 

OQ2 

OOI 

021 

0.38 

129 

1.75 


EsL VCL KfflU cws 14640 Puts 177W. Prmttus day's ejaan ht, Cafe 229885 Puts 210494 


BASE LENDING RATES 


% 

Adam S Company 525 

AM That Bark _&2S 

AS Bark. S£5 

•Herxy Ansbecher B2S 

Bartcof Batoda i25 

8an»SSaoMzeaya_5JS 

Bar* of Cyprus., 525 

BankorbdBnd.. .525 

Sark of Ma 525 

Bank of Scotland -523 

Bartteysto*.., 525 

Bit BkolMd East..., 525 
ttow Shptoy S Ob Ud A25 
CL Sark Nederland ... 52S 

CHbonkNA JSSS 

Ctydocdala Bark 523 

■nwCoopaaBwaSer*. 525 

Couas SCO 625 

CmdlLyamla S2S 

Cyprus Popular Bark _62S 


% 

Bran Laurie — 525 

Enter Bank liiM-. 525 
RnoncW 5 Gen Bar* - 6 

•notwt Honk^ 8 Co _ 525 

Gfrotak -525 

•Guhnass Mahan 525 

Hatft Bank ABAatti. 525 

W t a r trua Bank .625 

Hocus « Qan to Bk. 525 

•WSamueL 525 

C.H0OIV&C0 525 

Hongkong & Shanghai. 525 
JiAan Hodgo Bark . — 525 
•Uapold Josedi A Sons 626 

Uoyda Bak __525 

Meikral Bank Lid... — 525 

MUM Bark 525 

• Mom Barton B 

NgWfw a n a w r >.525 

■RaaBmdtM.. .525 


% 

‘RcntxxGkoGuararieo 
Comoraion Linked la no 
longw aultnriaed 83 
a banking hOMon. 8 
HOytf Bit o( Scotland.. 525 
•Smih 8 Wftmn Sees . 525 

TSB 626 

•Unted Bk of Mmst.- 325 
Unty Trust Ba* Pic _ 525 

Wooten nua _S25 

Wt ka a w y Laklaw..., 525 
YarioHreBork _&25 


• Members of London 
Investment Banking 
nmrlwwi 

- katknHifeafan 


MONEY MARKET FUNDS 


Money Market 
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HPOD-C^U - [200 19 

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C3.000*-— — — 1333 2.SI 

Brawn SNptoy & Ce Ltd 
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MCA .1 400 3«o *081 Ok 

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■ & 4rtr*w Soar* banton* □<??*? . Ml 330 3733 
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ajm-WMI I IJB I.U Ml 8k 


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Margined Foreign Exchange 
Trading 

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m 071-815 0400 or Fax 071-329 3919 1 


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1 m ;i ;t a * *4 m kj ^iu j • « ^ 1 1 

38 DOVER OTBEET, LONDON WIX 8SB 
m.- 071 K9 1133 FAS 071 480 0023 

3 


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a> ua 1C fade* He.»n Crow nor Gwl 



Fulfe, "Money - the Global Strategy Newsletter 

Csv.L-_r.cj berdi. sSsc'ts. currenc.ot 6 ccr-rr.o-|it.cv iGii'.- r: ..vh, .... 


'• v/r;“on by Ssvici fuilor 

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DAILY FOREIGN EXCHANGE COMMENTARIES, 
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FOREXIA FAX -by using handset on your fax machine <84+44 81 332 7*» 









FINANCIAL TIMES 


THURSDAY JULY 28 1994 


31 




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WORLD STOCK MARKETS 


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*4 600 430 1* 

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BaeRBMinaBOam gui 27 / Fnj 

Mam 4.100 -» 43» 3.705 1.7 
amm* 7^60 -*a ib«i 7.510 3 2 
AIM 4060 —60 5,300 4,000 ._. 

BBL 4,150 -10 45701890 4.7 

adnLX 10,450 +120 njBO 1UB0 2.7 
BGrtaFl 21510 -90 awa 22.748 17 

B ««<B 40073 -2» <197535800 5A 
BxOD 1350 +3015301105 _ 

B4W1 27.100 -22SSiaCSMS0 13 
CBHCM lira — 11075118a 3L0 
OB 1400 _ 17001190 33 

Ccttfta 1B7D _ 1200 5320 13 
FddP 180 -1 £02 154 63 

Coni 7320 -20 0,600 6.100 13 

DM 1074 -2 1350 1.220 2.1 

Boob 6340 __ 6320 5.450 7 2 

BKK 12B0 -20 1781 3.134 4.1 

Forts 1570 —1870 1480 — 

BBL 4.150 -20 4390 3320 4J 

fflLih 4JBB SO 4.470 3350 43 
OBGp 13EB +8 1,680 1320 17 
BoCnq 8300 *SJ 8.180 7300 E3 
(Mart 6310 -60 10500 6300 13 

CM* 4.930 -20 6350 4.160 13 

MB 9370 -3385 3305 50 

Knttta 6300 +30 6300 8300 1.7 

NMkAF 6300 +190 7350 8J7D 13 
Honor 6300 — 6300 0300 43 

Mesm 1.474 -6 1330 1350 &4 

PanLtar 18300 -10019.10016300 _ 
PlSna 10325 -50 11775 9008 17 

PHtftl 3,145 +5 3380 1705 43 

Rdld 514 -4 588 470 34 

RyBaB 5300 -40 6300 4340 33 

RtfUFV 5380 -20 5380 4300 33 

SooGoB 2315 .-.23351126 43 

SOvW 2300 -51536 1105 43 

Softs 14.150 1570013.150 45 

Scfcac 1380 +30 1375 1. 482 63 

SDMT 14373 +75 T705D 11750 43 

TrcttA 10.150 -50113001400 43 

IKS Z3.77S -75 26.100 0200 14 

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Bamr assw -270404 Jo 3H5B 11 

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WT 498.70 -3J0 554 418 04 
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VMQaP 1818 +16 1820 750 18 

Znftoap 22950 +180 27021980 1.7 


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AKZOM 21200 
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BNazAQ 2850 
B Roma 2070 
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CHSp 2195 
cmrik 1090 
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Dntri 11,050 
FnrHn 2020 
FW 8080 
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FkJa 5000 
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BanJoa 1070 
GwAso 41000m 
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IHPr 28050 

HI B,£H)I!l 
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nakn 12050 
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Uentad 1.440 
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P9*4 5,040 

PfcSpa 2715 
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STET 5.145 

SBfM 5080 
Salpom 4.180 


+25 25641088 — 
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—80 S.1B5 3063 20 
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-30 5040 4770 00 __ Mrfta 

+201080 1730 — — KteGaOi 
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-5 SX) 380 10 _ mum 

-101000 1740 — _ MUCK 

-11 629 410 00 — PtaDfcta 
-2 513 380 1.1 _ MDO* 

-7 670 550 - _ Itataasr 

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-6 «82 337 10 — lanrir 
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Stone 790 
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Sumwti 752 
Suital 1040 
TDK 4700 
TBCta 650 
TaftoPn 2030 
TakBe 5*5 
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Tnaya 1070 
TtawS 172D 
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Ton 562 
Tcib. 76G 
Tekkan B87 
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TU4BU 1790 
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Hitachi 

Stocks 

Traded 

7.3m 

Ctoskis 

rv,t r 

rnCuS 

958 

Changa 
on day 

-16 

Mitsubishi Hi^' 

Stocks 

Traded 

3.6m 

Chasing 

Prices 

76G 

Change 
on day 

-3 

TosNba - .. 

60m 

722 

-13 

Fujitsu 

3.4m 

1020 

-10 

hfippon Staol 

5.0m 

330 

-3 

Misawo Resort 

32m 

1630 

+150 

Mitsubishi 04 

4 . 7 m 

1150 

♦ TO 

MHsui Sugar 

3.1m 

638 

+ 14 

Kawasaki Stee* 

4.1m 

383 

+3 

SumHomo MU 

31m 

2S9 

-3 


INDICES 


US INDICES 



ji 

26 


M 

25 


-1664 


LON 


JI JI J6 

Z7 26 25 


-1994 


W> 


In* 


1994 

mfi u * 


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2041 J 29410 7048.3 ZS40BO 3/2 
10126 1009.1 10140 TU6.Y0 3C 


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106105 106779 1076B6 t22225 V2 

145053 145102 14«J0 1SC05 0/2 

M 407720 399300 4079800 1577 

M 3831.41 3663.15 387056 W 

M 414900 4168.40 480X90 2313 

ID 195062 1955.7? 218289 1/2 

M 42B80 4271.7 4867® 4T> 

37X37 37704 37X76 415J9 2/1 

18506 18424 1BZ10 1972® 4Q 

137032 1380.14 1369.19 198X30 20. 
Ttwim 207X84 205604 7 35503 20 

81172 613® 80938 05677 IK 
23070 231X4 23029 MBS50 05 
214044 2151® 213X22 2271.11 166 

84630 63292 82907 119L5B 18 tl 

940216 9194® 917408 12201® 4/1 

41012 410X1 410X6 4332® 3W 

Jtawb CtntMIMOZ) 45307 45406 45S1? 612® VI 

rata®4n«| 180X27 1821® 182X40 200210 3V1 

Ml 

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HB 6tnaal (4/1/94) 11220 114X0 117X0 1318® HV5 


1776X90 2QW 

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236340 

231304 

2681.17 8 71 

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111X71 

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66X91 21A 

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2784® 

272X53 

277101 

330X37 4/1 

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20700 

2055.0 

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207X0 

20540 

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Aug 

20780 

20630 

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Dote Jones Ind. Dtv. Yield 

S & P bid. Otv. yrid 
S & P Ind. P/E ratio 


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Jl4 6 

2v46 

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£40 

2307 

2203 

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■ STANDARD A10 POORS BOO 0BEX PUTURBS S500 tones Index 


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Dec 45X66 455.66 

Mar - 459.10 

C^ten troeraai Deuea are Per preufeu day. 


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32 


FINANCIAL TIMES THURSDAY JULY 28 1994 


•tpmtiesaJuifZ? 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


I ffqf VM 

io»sm i fa % 

17*|l 13*8 AAR o.« 1* 

1ft 13 AL LAs A 0.18 1J 
n 57% W I£fl £3 
72% 52%A»i 
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31% 25*3 AMfflL. 0.76 17 

134 IftAtattaH 050 40 

33% 17% ABMhd H5Z 16 

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31 22%ACELU 044 18 
12% 10% ACM GW h 1 Jig 10.7 


. W » SS Oats Prat 

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0.43 14470 54 14% 14 14% 

618 1 J 31 43 13% 13% 13% -% 

1X8 £3 25 5783 72 71 71% +% 

101 2920 58% 57% 57% -1% 
12 54 3% 3% 3% ft 
2.00 42 31 1366 47% 46% 47% t% 

0.76 17 16 9654 lift 2ft 26 +% 

050 4.0 9 37 12% (2% IZ% 

0.5Z 26 15 20% 20% 20% ♦% 

24 19 13% 13% 13% ft 
044 18 3 119 23% 23% 23% 


_ 437 I0*z 10% 10% 

10% 7% ACUGiQpp QXO as 57 8% 8% B% ft 

10*8 8 ACM Gut So 0.96112 729 8% 07% 7% -% 

12 9% ACM GW Se 1.09122 808 9% 09 9 ft 

11% 8% ACM Mai 1.08122 282 8% 08*8 8% ft 

9% 8 MM Uanqjd 0 72 89 2b 3% B% 6% 

15*2 8% AciESQu 0.44 4.0 13 19 11% 11% 11% ft 

9% ftflcnaBea 6 77 8% 8% 8% ft 

2B% 23 Amnia 0.9 13 13 23 28% 26 ZB -% 

9% 5% Ac&H 026 4.1 2 36 B 7 a B% 8% ft 

15*8 11%*usan S3 S30 12% 12 12% ft 

18% 16*2 Adams tor 048 25 0 112 17 18% 17 

54 46% M Mam 30Q 55 4 £4% 54% 54% +% 

31% 16% AJrtflc IK! 11.7 II 2646 28 25>2 25% 


64 46% AW MKtn 3Jffl 55 4 54% 54% 54=3 

31% 16%AM9G 3.0011.7 1 1 2646 28 25>2 25% 

6% 5 Ames Grp 018 3i 8 35 5% 5% 5% 

20 1 5 Mm Iik 110 08111 3 16% 16% 16% 


20 15 Aon he HO 08111 
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68% 4S%Aamr 278 4.9 a 
35 25% Mac 0.46 1 J M 
20% 16% Almnsn osa 4.4 14 
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49% 38% AbPiC 199 21 25 
39% 26% Attne Ft! 0 30 1.1 16 
28% 19% Amps he 47 

16% 14% Airtsass 1 .« 113 12 
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105% TOI AttfteSffi 0.16 7£ 
18% 13% Alaska Air 120 12 24 
21% 17 Atony bn 035 2.1 29 

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21% 17% AlCutn A 028 16 14 

30% 25% Afflen 144 IX 21 

25% 19% AlciAl 130 1.3 64 

61 49% AtoSl 1.00 i-EiE 


110 05111 9 16% 16% 16% ft 

295 53 12 7 55% 54% 55% +% 

278 4.9 8 578 56% 55% »% ft 

0.46 1 J U 1935 34% 33% 34% +% 

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30% 23% AtoBrown t 170 27 4 103 


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198 21 25 1258 46 45% 45% -% 

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134 112 12 21 16% 16% <6% 

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116 78 3 MW 104 «J4 

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144 IX 21 7835 27% 26% 27 ft 

130 1.3 84 3335 24% 23% 23% ->2 

1.00 1£1Q2834u6T% 60% 61 ft 


22% 14 AlexAl 

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18% 13% Man Con 0.16 19 14 364 17% 16% 16% 

25*2 ZOABagan 0.44 1.7 16 934 25% 24% 25% 

4% 1% Arm 6 107 2 1% 1% 

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40% 33% AUSg 0X7 1.8 S 3281 37% 36% 37% 

29% 24 ABM Grp 188 3.4 18 1500 26% 25% 26 

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82% 64% Aba x Ijffl 2.1121 6171 80% 77% 77% 
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11% 7%Amto«ra 196 110 208 8 7% fl 

8% 6% An Frees 125 15 24 9 7% 7% 7% 


HO 15 2£ 124 igl. 


26 26 -% 
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108 1.1 5 2022 7% 7% 7% -% 


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55% 47%AnBsdl 1.44 Z.B 23 3358 51% 51% 51% 4% 

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35 SOAoiCp < 138 18 7 1120 33% 33% 33% +1 A 

29% 22% Apache On 028 1.1 35 2433 25 24% 74% *% 

10% 9%Aee*MuiP 072 7 A 232 9% 9% 0% 

19% 14% APH 32 237 18% 18% 18% 4% 

7% 4 Apple Mag 1 27 54% 5 

22% 16%AH1PWA 012 08 34 54 21% 21% 21% 

27% 22%AnM)n 0.10 04 17 3861 24% 24% 24% -% 

50% 43% Aim (210111 250 5920 82 45% 45% 45% +% 

51% 46*3 Armco49P 450 96 3 47 47 47 

6% 4% Annco 31417 8% 5% 6% 

29 £3% Arnica 2 IP 110 19 4 23% 23% 23% -% 

57% 43% AmSW 1X8 16 37 371 50% 49% 48% -% 

45% 33% Anuw Bee 1 4 701 36 35% 35% -% 

7% 4% ArtmGip 3 20 7% 6% 6% -% 

33% 23% Anhtnd 076 11 13 455 24% 24% 24^ 

31% 21% Asnca 040 1 3 95 1910 31 30% 30% -% 

31% 22% AsKdCoJl 040 1 4 11 46 28% Z7% 28 ♦% 

44% 33% AMI 1X0 18 12 1029 35% 34% 35% +% 

25%1tt|A«PacF 027 1.5 136 17% 17% 17% ♦% 


44% 33% AMI 1X0 18 12 
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57% 49*2 AT&T 
263% 226% A8 Hen 2 
38% 33% ABnlaOBS 
9% 5%A0maSos 
21% 16% AflnCEgy 
112% 92% AWcti 
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5.50 5Z 64 1233 1 07% 108% 106% Jj 

0 80 5% 5% 5% -% 


20% 17% AdnosEngy OB8 49 8 102 17% 
12% 8% Attmt ADR 034 17 10 37 8% 

24% 17%Auga1 018 07 26 156 22% 


17'JMAPI 

12% a%AjmaFd 
55% 47% AuDaia 
20% 13% Amnco 
19 7% AWal 
45 30% Annul 
61% 48%Anri>r 
14% 10% A«h Cnrp 
7% 5% Aaar 


36% 31% BCE 
9% 8% BET AM 
5>i 3 Baknco 

17% 16% BaharFam 
22% 17BalvH 
27% 21% BaidorBc 
30% 24% BaKp 
15% 8%BadMd 
9% 6%BaSy 
25% 20% MAGE 
20% 13% Balt Bunco 
38 30% BncOne 
29% 19% BaneHnto 
25% 20% BndBIV 
11% 9%BanmC*aH 
34% 27 Bcrpttwai 

1% l%BancTa«as 
63% 49% Bsmtag 
50% 38% BankAm 
96 BS Bar* tod 
28% 22% BkBsai 
48% 46% Bh Bean P 
32% SBankHY. 
90% 47% BaakAm A 
95 81 BankAmB 

84% 63% BnkTst 
38% 30Bctays 
30% 22% Ban! tC R> « 
37% 29% femes Qp 
48% 39%Bar«t 
12% 8% BaOMi 1 
53% 34%Bauscn 
27% 21% Baxter 
28% 23% Bay St Gas 
22% 19% 98 171838 

23% iCBaarSom 
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37>- 27% Benhgs 
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32% 32% 

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11% 11% 11% 
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4% 4% 4% 

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21% 20% 20% 
24% 23% 23% 
28% 26% 26% 
8% 8% 8% 
6 % 6 % 6 % 
22% 22% 22% 
u2D% 31 20 

32% 32% 32% 
29% 29% 29% 
23% 23 23 

S% 9% 9% 
33% 33% 33% 
1% m% 1% 

55% 55% 55% 
47% 46% 47% 
86% 86% 86% 
25% 25% 25% 
48% 46% 46% 
36% 30% 30% 
48% 48% 48% 
82% 82 82% 
65% 65% 66% 
33% 33% 33% 
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34% 34% 34% 
44% 44% 44% 
10 % 10 % 10 % 
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28% 25% 25% 
24% 24% 24% 
21 20% 21 
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31% 31% 31% 
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JeAeLotel 

/la woluwe 


When you vuv with us in 
BRUSSELS 
rfa> in touch - wiih 
your cnniplinienury copy 
of the 


Hgb Loa Stock 
7% SBaOPr 
59% 49BrtA8 
19% 14*2 Basin 
63% 53 BeEBi 

55 43% Beta A 
3% 20% Be>»5 
63 57% Bend O’ 
<6% 34/jSnf 
38% 2e%BmetkmA 
1% ,‘2 BengudB 
19% 14% BwgtJr 
1875615100 BaMt 
10% BBwyPdr 
37% 19 Bed But 

28% 26%BdtiST2 
55% 51%0oBinmPf 
24% 16% BemSl 
53% 4£%BeCLi 
16% IZBcvEm 
21% 11% BBtratt 
33% 24ttrahgni S 
22% 16% Bftock 
22% ISBhckHPL 
10% 8% EWaWAfflr 
8% 6% BkMMnc 
10% 8S BWretnj 

48% 37% Block 
31% 23% aocWi 
8% 6%AkCMo 
28% 18% BMChd 
50% 42% Boeing 
27% 19 BofaaC 

21% 10% BdtB&H 
17% S%BmhChmx 
18% 11% Borden 
22 18% Bostn Cen 

27% 20% Bnxnv 
31% 1Sl« Smz* Pod 
34% 30 BHE Flop 

90% 66% BnoSt 
33% 19% BrHtohl 
59% 50% BiMfSq 
74% 55% Br AS 
54% 39 Bid feB 

76% S% BP 
27 19% BPPnxtXKX 
24? a 18 BSZssI 

71% 53% 6T 
28% 22% BHjrtJ 


38 7 s 32% Brunty 
8 5% BnrneCn 
30% 2fi% BraftnE 
22% 24% BrUm 
4% 3% BRT 
£5% 17% SmsNfc 
16*3 l3%Bmsh«M 
41 36% BuEkeye PI 
16% 14% BuxurHa 
17 15% Burge Kl 
£8% 18*8 Bui Cool 
66% 51% BUM 
49% 39 Bum Base 
19% 16% Bunhamft 


m. W Sh 
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0.40 14 15 490 
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0.70 11 507 

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0.12 IX 68 
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0 60 2.4 5 997 
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1X5 6X B 13 
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2.40 78 7 49 

184 16 12 72 

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1.77 17 15 149 
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2X5 10 25 6909 
188 68 7 126 
0X2 1.4 24 3432 
101 5.1 15 497 
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160 46191 203 
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0X5 14 4 153 
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15 10 

0.44 18 41 1756 
0X0 IX 38 218 
180 76 10 23 
1.7211.4 0 193 
1.56 9X 19 27 

15 882 
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1.40 OX 21 43 


6% 6% 6 ^ 
55% 54% 55 

16% 15% 16% 
61% 61% 61% 
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24% 23% 24% 
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38% 38 38 

30 29% 30 

li % % 

14% 014% 14% 
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22% 32% 22% 
27% 27% 27% 
54% 54% 54% 
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43% 43% 43% 
12% dll% 11% 
12% 12 12% 
25% 34% 25 

20% 20% 20% 
20% 20 20% 
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7% 7 7 

8% (B% 8% 

38% 37% 38*2 
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6 7 a 6% 6% 

28% 28% 28% 
45% 44% 45% 
24% 24% 24% 

10% mo io% 
16% 18% 16% 
12011% 11% 
20% 33 20% 

27 26% 26% 
27% 26% 27% 

31 3H% 30% 
71% 70% 71% 
£ 2 % 22 22 
52% 51% 51% 

65 64% 64% 
42% <2% <2% 
75% 75% 75*4 
23% 23% 23% 

24 23% 23% 
60% 59% 59% 

25 24% 24% 

■aura 

27% 27% 27% 
31% 30% 30% 

24*5 23*2 2*§ 

15% 15% 15% 
37% 37% 37% 
15% 15 15% 

16% 16% 16% 
23 21% 21% 
52% 51% 51% 
39% 838% 38% 
16% 016% 16% 


35% 3*3 CB) 

23% 253% CBS 
% CP he (As 
25 19% QIISEn 
82% 61 CMAFn 

51% 44% CPC 
18% 14 CPI Cup 

92% 71 CSX 

Z7% 19% CISOup 
24% 18% teOMWIre 

132*2 82% Catrtatran 
56% 48% CWxitC 
23% 18% Cabot 08C 
17% 10% Cadnod)sgn 

59 35% Caeara N1 
2% 1% Cal Real E 
15% 11% Ugon Cbn 
19*2 15% CaEngr 
15*4 B% Cal Fed 
25% 17% Cataui Co 
42% 34% OnpMS 

i: JSCanpMRs 
18% 14% caito 

60 eo% CapOt 
38% 28%CapHM 
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22% 15% areanik 
35% 30% CariCa 
22% 16% CaraftoCI 

ij ACanfcoPc 
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30 22% CaiPSL 
66% 56% CpnkT 
£6% 15% CanerUM 
18% 13% CaacdaNG 
21% 18% Cased 
10% 7% Cadi Amur 
121% 88% Cmptr 1 

is 10% ax Com 
36% 30% cedar Fat 
13% 9% CunEn x 
45% 23% term 
30% 25% Co* Hdsi 
25*2 21*4 Caw Lad* 
15 10% Cent lUn 
30 24% CantrHwsp 
22 14% CodilAnitJi 
30% 30% camsw 
27% 21% CoduyU 
27% 18% Orth 
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15% 5% ClMrt Use 
51% 49% CtanM HF 
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18% 10% CthkSy 
12% izChemHtC 
3B% Chamad 
42% 33% OwnBk 
11% 7% Chun Hbdta 1 
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47% 41% Chaim 
55% 40% MaRmd 
19% 11% CMqBt 
8*2 5% ChockR* 
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63% 44%OVT8t 
83% 70% Out* 

74 57 Qua 

9% 7 Cigna HI 

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18% 15% CtiiBel 
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25 % ib% anw 


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054 13 IB 441 20 19% 19% 

£5 865 103% 100 100 

1.04 20 25 347 53% SC 52 
0.16 OB1B7 6B 20 19% 19% 
681 6660 13% 13% 13% 

10 838 40% 39% 40% 

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016 1.4 24 246 11%d1l% 11% 

16 252 18% 16% 16% 
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040 10 55 176 20% 19% 20% 
1.12 10 15 1623 37% 36% 37 

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0X0 03 2 1287 78 76% 77% 

060 17 9 1790 29% 29% 29% 
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1.80 7.3 6 21% 21% 21% 

3X2116 6 100 24% 24% 24% 
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0 112 % ft % 

0X0 2X B B2 9% 9% 6% 
1.70 6.5 12 2513 20 25% 26 

140 19 15 39 83% 62 62 

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0X5 06 18 327 7% 7% 7% 
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0X0 OO 1 I486 10 0% 10 

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1.46 ex 12 21 23 22% 33 

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1.70 7.7 13 1216 22% 21% 22% 
0X2 1.3 18 183 25% 25% 25% 
90 3198 25% 24% 25% 
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020 14 77 5 8% 8% 8% 

14 750 7% 6% 7% 

105 6 1 2 50% 50% 50% 

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36% 36% 31 
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1X2 4 1 6 9670 37 % 37% 37% 

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1.84 15 18 2076 73% 73% 73% 
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28 528 67% 66% 87 

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7.56102 2 74% 74% 74% 

1.20 3.1 8 638 38% 37% 38*2 
7.40 100 ZSO 74 74 74 

1.SZ 19 15 741 49*2 48% 49% 
030 IX 11 26 23% 23% 23% 

1.98102 73 10% 10% 10% 

0X4 1.8 7 54 13% 13 13% 

040 13 18 3564 17% 17% 17% 
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078 1.8 25 6959 43% 42% 43% 
0X5 03127 112 15% 16% 16% 
0.15 08 20 1181 18% 18 18% 

25 815 33% 32% 33% 
1X4 11 15 4514 52% 32 52% 

0X5 6.7 83 9% d9% 9% 

060 7.7 133 7% d7% 7% 

070103 30 6% B% 8% 

OXE 8X BO 7% H7 7 
232 8X 9 798 28% 27% 28 

012 OX 47 3232 39% 38% 39% 
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1X8 44 10 1772 29% 29 29% 

0 £8 14 21 86 028% 73 28% 

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0 510 3% U3 3 
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1x0 8.6 4 a a a 

100 8.7 2 0 23 a 23 

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0.10 10 4 155010% 10 10% 

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1.48 59 13 13 25% 25 25% 

1.30 6.1 15 17 21% 21% 21% 

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200 7.1 10 3639 28% 27% 73 

5 00 8.0 a 63 62 % 62% 

25 708 a% 22% 22% 

1.94 5.1 18 1445 38% 37% 38% 

1X0 19 19 1664 53% 52% 52% 

131284 12% 12 12 

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4.16 BX 2 50% 50 SD% 

745 a: zlOO 86 06 88 

7X8 8.9 3 86*7 d6B% 88*7 

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100 6X 6 3GT1 15% 15*4 15% 

004 04 372 9% 9% 9% 

1 16107 182 10% 10% 18% 

1 915 5% 5% 5% 

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1.32 3 6 13 1122 38% 38% 38% 

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1X0 4 4 10 2010 27 % 26% 27 

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050 3.1 IS a 16% 16 16% 

81613 21% £0% 20% 

1.60 3 4 13 373 47% 46% 47% 

1.16107 13 20S II 10% 10% 


25% 1B%CtnMr 
4% 2% QnsplexO 
31% 25% Opsco 
23 16%CKtl9Cl 

40% 20% eraser 

44% 36*4 Cfflcpx 
26% 2508cp9.12x 

96 87% CtcpPCAd 
100% 33% QcpPtSAd 
17% 13% cram a 

18 13% CtUl IBB 

11% 7% Dry has 
12% 7%CKE 
23% 9%0*isa 
69% 5a%Cb»Ea 
26% 17 Clayton Hm 

11% 0% Clemente G 

09 73 Ckm7.5e 

45*2 34% CtotCt 
86 73 Onto 0 

K% 47O0RBX 

28% actAMKl 
T3 10% CMAhcoma 
18% 11% Coachmen 
18% 13 Coast Sav 

33% 26% team) 

44% 38% Coca C 
19% 14 CocaEn 

3% 16% Coev (Mi 
34% 25% Cvtenun 
85% 49% QSgPB > 
11*a 9%Q*mhy 
8% 7% Coto*UH> 
7% 6% Cdmbllx 
B% 7 CntoSal U 4 
30% 21%ColGai 
45% 36%CtM!Ax 
24% 17% Qomdso 
39% 25% Qnotoa 
28% 18 COBhDto 

a 21 CBisnSMM 
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28% 22% CUvCm 42 
25% 21 Conuifitl.9 

28 aComrrfiHflO 
28% a% CosunEd 

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39% 24% Compaq 

1% % GontRflens 

44% £7%C*pAss 
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30 20% Comal 
32% 25%CnAgra 
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25 ZOCmwctEh 
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71% 57 0oraE4 65 

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75 62 Cue Ed Pi 
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69*4 50%CnR* 

10% 11 % Cue Sim 
68*4 43% Conseco 
80 49% CPJP4.18 
100 85 0>r 745 
100% 88% Con Pi .88 
12% 7% Corn Medic 
50% 49% Canfli Pf 
27% ZflTj CmOdW 
38% 35%ContBk 
28% 14% ConKp 
10% 8% CmvHds 
11% 10% ConvHPli 
7% 4%CuN«Com 
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29% 22% Coops TSA 
15% 10 Cora M 

29 24% Crna 
34% 27% Drang 
16% 11% Conor rm 

19 i2%GcumrD 
11% 7%CounyMr 
18 15%CotEteaPr 
12% 1 1% Craig 
29% 34% Crone 
17 14% Cnkatond 
33% 19% CrayRe 
40% 39% Crsffnx 
12 9% DM 


74 74 74 

4B% 48% 49% 
23% a% o% 
10% 10% 10% 


18% 1B% 
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32% 33% 
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YU. H Of 
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101 £4 Dmr£d7.45 745 

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Contbiaadon imtp*S e 


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*1. TIMls 


' i i l }, 


FINANCIAL TIMES THURSDAY JULY 28 1994 * 

4pmdo$aMy27 MYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


jp- Mae My- 


ra* «. Pi Sb 

Hgk IMSKt ■» % E IBB. Hgh 

Continued from previous page 
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34% 26 Soar ICB 33 10 3063 33% 

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19% i>% Setodhys 034 19 61 415 12% 
46% 40 Source Cep 160 ifl 6 40% 

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22 18% SfiUtelCp 080 19 9 56 2D% 

22 17% SBsCO < 1.18 63 6 2952 18% 

31% 26% SouOtoGE 155 61 II 31 27% 
36% 29% 9£T* 17E 53 66 296 33 

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19% 155aanWGto 0 02 4.7 ® 68 17% 

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12% 8% Spain Fond 0« 51 140 9 

7% «% Spasn Cp 9 33 5% 

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38% 28% Spring 1 JO 16 13 317 34% 
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18 13% SPX B4Q 23 22 IDS 17% 


7% 4 % spots cp 

18% 14% SphereD 
38% 28 % Spring 
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18 13% SPX 


19% 13% SU Comm a40 30 3 22 13% 
26% 14% SB Motor 032 1.B 13 108 18% 
12% 7% St&ndPecUi 0.12 14139 177 8% 
38% 26% SBM 068 23 14 38 29% 


B% 26% Stfld 088 23 14 38 29% 

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37 31% SBanane 1.00 3.1 19 844 32% 

44% 36% SBWk 138 13 19 2141 40% 

38%37%SOBnc 1.40 16 189 38% 

25^2 2»2 Stored B68 13 IS 19 20% 

11% 10 Shoe tod 084 8.4 61 10 

9% 24%SBtFedBk B64 2.5 7 431 26 

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10 3% StotflCtan OJB 181 IB 426 9% 


10 3% StolgOwn QJJ6 1B11B 426 9% 

14% 8% 6MB 39 »% 

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33% Z7% SUsBWMl 080 1.9 27 124 32% 
16 % 9% Stene OK 0.71 44 3 5501 16% 
27% 19% Slop Stop 2Z 100 25% 

16% i3%SMqu 1B4 5B 18 106 15% 
41% 25 SHe* II 3365 36% 

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16% 14Tt!BCO> 
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17% 10% Transtech 
43 31 7ra>® 

10 13% Tredegar 
37% 33TICOT15 
26% 15T;TtOC 
64% 52Tnxse 
24% 21% TflCon 
47% X%TtWBy 
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37 14% TtSon 
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Todd Sip 17 52 

9% Totten Co 056 SDiiC JO 

STotodBl 2X1110 26 

Ted Bros 12 710 

TmBWRI 044 17 18 107 

Tcnrnth 1.12 29 11 826 

Tom top 048 21 16 210 

Tram 060 20 12 1153 

TataSyH 114 06 34 7 

TreSUe 22 4Z5 

Trausrarei 13Z li 10 i3 

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Trararatoi 036 0.7 14 5 

Trrami OGO 19 11 987 

Tnrtscre H 5 2 

Transtech 128 23 9 2 

Imt OSD IX 8 4127 

Tredegar 024 if is 80 

TdCerCX 250 76 3 

Tnarc 9 SB 

Treune 1.04 20 20 295 

Tritoi 0.75 14 260 

Tnrdj 0X8 22 18 1386 

Tnsre 068 1 8103 3S3 

Triton 010 02)33 1247 

Tbcaon B 275526 


7% 4%7utt>Qp 120 4 ( 30 T3B 
14% 6% IkSdehta 012 16 23 


28% 14% TtrtnCere 
21% 18% Tran {Use 
55% 43% Ijm L 
10 6% Tyco T 
8% 4% Tyler 


084 19 3 168 
070 35 18Z1X 
040 19 25 1641 
010 12 3 M2 
71 71 


14% 14% 14% 
72% 70% 70% 
30% 30% 30% 
6% 6 8% 
11 % 11 % 11 % 
38% 37% 37% 
13% 13% 13% 
3B 35% 35T, 
9% 9% 9% 

19% 19% 19% 
31% 30% 31% 
3% 3% 3% 
16% 18% lB 7 i 
43% 42% C‘a 
60% S8% 60 

£0% 49% SOX, 

24% 24% 2*% 

7 5% 7 

8% 06% 6% 
46% 46 <6% 

3% 7?>* 77% 
25% 24* 25 

6% 6% 6% 
7 6% 6% 
10% 9% 10% 

62% 62 62% 
SO% 50% 50% 
3ft 35% 35% 
76% 74*8 75 

20 19% 20 

32 31% 3! 

& & rS 

17^ 173? 173» 
30% 29% 30 

39% 39% 39% 
25% 2S% 2S% 

81% S2 0,4 

14% 14% 14% 
38% 3ft 36% 

23% 2ft 2ft 

36% 35% 35% 
37% 37% 37% 
30% 29% 30% 
3ft 33% 3ft 
ft ft 4% 
11% 11% 11* 
ft 4% 4% 

aaa 
12(01% 11% 
63% 62% 63% 

38% 3ft 385 


63% 62% 63% 
38% 3ft 385 
3 22 %, 2 25 
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21% 21% 21% 
34% 34 J4» 4 

23% 23X 2 23% 
50 Wlj *9% 

14% 14% 14% 
11 % 11 % 11 % 
33% J?% 33* 
15% 15% 15% 
33 d33 33 

15% 1ft 15% 
53 52% S3 
22% 22% 22* 
31% 30% 31* 
38* 37% 38% 
34% 33% 33% 
3% aft 3 
4% ft 4% 
7% 7% 7% 
ift 15% 16% 
19% 1ft 19% 
435 043 43% 

8 7% 8 

S Oft 5 


KM 1X» S) toe* 

MM IreSM D* % E to Ip IM Cteta 1 

20% 15% USUCO 0^4 1.4 6 78 17% 17% 17% 

1ft 9USLFF« 180 19 0 36 9% BB 9 

IftlftWXM 168 39*34 1235 17% 17% 17% 


45% 30% USX IB 
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1X0 27 9 2437 37% 36% 38% >1* 

120 1.5 IS Z73 13% 13% 13% •% 

1.7B fifi 4 27 27 77 

1.68 5.8 K 2» 2 BX 4 29 Zft ■% 


53% 4C%WCP 158 2.S 13 406 

24% 15% MOTE IS: 2.7 306 

7 4% MB* K 0 08 1.4143 X 

5% 7% Vn&npM 19114 178 

10% 9% tantempMer 1 JO 12X 120 

1ft ffl% toltecpMsM OXX 7X 7S9 


7% fttoRoM 30 626 

39* 28% reran x 034 17 12 2170 
50%33%vsr ty 28 1672 

15% iftveas* ixa si 0 13 

78% E4VK&K00 500 7X I 
43% 31% vtnarM 30 1ST 


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26% 3D%Wnlc 
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37% 3i%vrea» 
51% 44 VUcnM 


11 154 
20 157 

B44 18 B ?778 

12 44 
17 213 

100 55 43 13 

132 IS 19 89 


50% 50% 
19% 19 

5% ft 
7% 87* 
B% 9% 
11% ?J 

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35% 35 i 4 
38% 35% 
131, flu 

64% DM 
41% 41% 
23% 23% 
24% 23% 
28* 28 
7% 7% 
17 16% 
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6% 4 Sis Ob Bx 024 43 5 141 5% 
7% ftSut&MW 12B 5.1 55 itt 5% 


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S7% 43%Sb«H 128 17 13 1425 48% 

14% lft Store Food 036 3X 12 17 11 

4ft 10 Superior 018 0X 21 509 32 

40% 27% SbDuM 094 13 11 2254 29 

20 11% Stag Cm 016 1.1 17 431 14% 

23% t8SW*He* 008 04 93 2ft 

29* IftSpiMTec 51 1182 26% 

10% 7% SjmsCarp 020 21 10 20 ft 

19* IftSpwnsFn 045 2X 15 55 17% 

23% 12% SyiTIB* 104 44 121071 23% 

28* 21%Sysmi 0X6 1 6 19 4640 22% 


19* IftSpiwra 
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30 304 -% 
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31% 31% -% 
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20% m* 

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17% 17% ft 
23% 23% ft 
21% 22* ft 


6% 5 TESY Enter OJO 16 22 55 5% 5% 5% -% 

38%28%TCFftas 1X0 17 12 534 37% 37% 37% -% 

9% 8%TCWGnwS 084 93 477 B* 9 9 ft 

49% 34* TDK Com * 047 1.1 44 15 43% 43* 43* -1* 

2* 1*TISM*B 0X107 1 » 2 1% 1% 

29h TftTJE OSS 26 12 V30 3>% 19% X* 


29* 23%UJBFto I 
8 4% IBS 

51% 4&1 2 USF&C41 . 

X 17* USG 
25% 23% USX 
51% 4a%USXtonPI : 
IX 85% UN. 

1(^2 4* UJCftoa 
24% 19% UQ top 
11% 5%lMCtoC 
27 2D%UM1lnc I 

17% 11% UMtot I 

74* 56% Unto* 

120% 100% UnttNV 

50% 42* Ultonp 
28% 21%ltoCM I 

13* 8% Unto, top 
54% 45 IteB 350 1 ; 

87 58 UnB 4X0 r 1 

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48% 11* Unfitohna ( 
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32% 15% USSug 1 
48* 3B*USWtelX 
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17% I3%ltalin)de 
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30% 24% lineal ( 
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084 30 19 


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5 273 2* 
1 16 1963 28% 
I 2 49% 
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1 3 48 4% 

r 2 72 20% 
8 935 5% 

> IS 248 24% 

I 13 134 12% 
18 8 62 

I 15 815 108% 
t 65 2315 47% 
’ 27 7348 28% 

15 S 10 
I 2100 47 

I Z100 61 

12 357 33% 
1 17 3450 9% 
I 9 77 25% 

I 52 3941 18% 
0 368 li 
’ 5 1092 8% 
23 IX 3 
’ 19 445 X 
68 187 13% 
I 17 10 19% 
17 6792 44% 
I 10 388 33% 
i 5 68 ft 
i 66 II* 
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X 159 19% 
2 131 17% 
I 8 n 37* 

’ 55 883 19* 

I 6 5042 2% 
! X 3316 41 

I 17 4576 63* 
I 13 X 14 
X IX 16 
I 14 35 32% 

I 12 43U17% 
0 50 A 
’34 8 11% 

’11 IX 20% 
’ 22 4062 2S% 
I 11 1998 46% 

> 13 1387 JD% 


X 2 
5% 5% 
47% 47% 
21 % 21 % 
28% 28* 
49% 49% 
98 99 

4% 4% 

« 

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61% 62 
105* 106% 
«* 47* 
27* Z7% 
10 10 
47 47 

61 61 
33% 3JX 2 
58% 58% 
25% 25% 
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s «fi 

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13% 13% 
19 1B% 
43% 44% 
33* 33% 

ft ft 

11 11 

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37 37* 
19 18* 
21 % 21 % 

61 % S1% 
13* 13% 
15* 15* 
32% 32% 

sSsiS 

28* 29% 
<5% 46 

X X% 


2B% lft WUSInd 
32% 2ft WPLHoUnt 1.92 
20* ,3 iuh toe 

3ft 30% ltonre IX 
15% 12* Wmertu IX 
5% 3% Ubtoom 
«2% 33* teWgn 088 
364, X% «ataceO 064 
2B* 22V*a»M 017 

5* z* Yienw n 004 
72% SOUtoUm 2.44 
18% 14% MtoCraiOT 180 
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25* 20% Piasters 188 
284221% WanFBX 4X0 
35% 19% WtefcJn 0.46 
3* 1% wom M ora 
18* HWetnOM) 020 
40% 36% Watogenm 2X8 
11 6* WetoonS 064 
X 24* We Bib 076 
10% 7% Wears OX 
28* 17% Wetarai 0X4 
lift 127% WeOtF » 480 

1ft 15Wtndys 024 
25* 21* West Cb< 044 
1B% 14% Weens E 0B8 
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24% 78* Was* tore 023 
34% 28% Mtti Rea IX 

is* 10% reugB ax 

5% 4* WonCMi OX 
20% lftMAtaMa* 

20% 15* Utotpac 056 
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51* 39% Wymrx IX 
21* 18 Wheetonn am 

73% 50% Wtobi IX 
14% 10% HHteMI 
17 14* MBMrai 0X4 
17% 13% wunte* 

32% 25% Wlsorhc 1.60 
8% S%Mcrafi£ 010 
32 22* MRna 084 
7% E%Mnf*ex 088 
11% 6* ttatowa 020 
58% 42% MOTH 1.X 
13% B* Mnrego 
27% 23% WkcEn 1.41 
33%27%MfecPU)Se 182 
16% IbWesrO 140 
X2ftWfedtop 100 
3ft 22%MBT 080 
24* 18% Mart* 116 
26* 12% Wotted e 160 
18% 14% Note Wide 010 
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53% 43* WrtJteV 146 
X* 16* WyteLeoor (LX 
22* IB* Wynn* w 044 


15 219 17% 17* 
70 12 T9 Z7% 27 

38 433 17 fd% 

17 11 119 X* 32* 

24500 41 15 14* 

45 230 4% 4% 

1.9 17 910 36% 35% 
21 15 77 31% 31% 

0 7 2416682 25* 24% 

18 6 HOO 2% 2% 

38 X 109 e 84% 
68 X 284 15% 15% 
5.7 14 50 3ft 3B% 

5.1 B 33 21% 21 

18 17 146 29* 234 

1 B 18 IS 27% 26% 
41 0 S 1% Bl* 
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61 Z7 174 X 37% 
76 12 147 8% 8% 
11 14 54 24* 24% 

13 13 1090 9* 9% 
08 24 566BuX% 3% 

26 19 1480 154 151* 

1 6 19 1002 lft lft 

1.9 16 X 23 X* 
58 11 409 16 15% 

1523 49 % 48% 
14 23d 13* 12 % 
54 4387 13% 1ft 
18 X 286 28 25* 

1.1132 23 71% 51% 

7.1 10 843 28% 37% 

17 17 5537 15% 11% 

84 0 226 5* 4% 

X 590 X* 19% 
34 5 13 17% 17% 

3X 43 275 34% X* 
28 15 33V 41% 40% 
06 19 2825 1ft 015% 
24 15 16X 51 dSft 

11 3 11 Hi 0% 

21 16 585 16% 18% 
18 X lft 1ft 
SJ 18 34 29% 29% 

18 14 1117 8% ft 

27 14 1459 31* 30% 

06 15 X ul% 7 

20 18 796 10% 10 

34 14 161 45* 4ft 

X 681 9% 8% 

56 13 285 25% 24% 
U II 50 X 28% 
24151 40 16% lft 

15 62 284 26% 2B% 

21 312X57 X X% 

17 13 IX 2% 22 

40 3 9631 1ft 15 

07 11 lft 1ft 

U X 4% 4% 

1 1 28 6375 48* 43% 
15 19 IX 18% 18% 
20 13 11 22% 21% 


50% 

19% 

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64% .% 
41* .% 
23% 

23% -% 
28% -% 
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36% 

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17* -% 

27* -% 
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38% ft 

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25% 20 Yates Ear 

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1ft 11% Zao 
29* 18% 2Wn M 
13% 12% Zerelg Fred 
10* 92 m«TiM 


IX 29 43 
4.12 75 
086 12 71 
IX 54 13 
018 14 19 
114 2J 

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140 11 15 
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1.08 89 
184 95 


290 102% 100% 1E% 
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184 47% 47 47* 

40 27% 22% a* 
442 38% 38 38% 

183 5% 5 S 

337 9% 9* ft 
91 23% X 23* 
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70 13% 12% 12% 
244 19% 18* II* 
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278 9% <19 9 


AMEX COMPOSITE PRICES 


IfmdosaMyZT 


AnEql 

AraMmA 

ASRhire 


PI 8b 
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412 35 

2 X 

3 399 

104 12 6 

164W1 58 

105 S 1686 

3 337 

1 52 Z79 

0.72 5 245 

24 31 

4 317 

D 30 


Mp Uwr 

12 % 12 * 

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8 % 88 * 


12 % -% 

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Stock Dto. E 1001 1BMI Lew Oran dreg 

Canhco 130 21 141 15% 1ft 15% ft 

CDmwtrac 0 7 ? «■ J® 

Cored RlA 5 18 8% ft 8% 

CrasaATA 064529 66 18 15% 15% ft 

CtorenCA a<0 40 2 17% 17% 77% 

Crown CB 140 14 164 16% 16% lft ft 

CUMc 083 82 11 18% irf 1B% , 

CuBtomedb 13 14 2,5 2,'. 2,; -it 


0 to E 100c Ugh UreeCtoM Ctoig 
OX 13 3619 29% 29% 29* ft 

5 10 3% 3% 3% 

3 313 U3A 3% 3* 

0.15 42 33 9% 9% 9% 

10 41 3% ff7% 0% 

1 B45 5* 5% 5* 


InesonCp 112 25 208 10 


Oftrete 16 12 lA (% 1% *it 

OnBTK 27 8 16% 16% 16% 

Duearaivn 9 44 4iX 4j« *% -% 

Dopin 046 9 57 9 8% 9 

EastnCo 146 14 4 15% 15% 15% 

Etotoraup 1.72075 42 20% 2ft X* , 

Echo Bay 1074W 6353 12% 11% ’?% *% 

Ecd En A 130 9 11 11 10% 10% 

EOttlfb 6 41 7% 7* 7% +% 

I Qsn 151376 34% 33% 33% -% 

EngySere 502491 %£ 3ii 4* , 

Epttpa 10 S27 16% 16% 16* ft 

FXhdS 06* 11 2100 32% 32% a% 

BnaA 3X 16 7 75% 75 * 75% 

HtQtyBnc «1X 12 10 10* 10* 1ft -% 

Fh**U)« 056 71 7 28* 26% X% ft 

Ftm LA 25 761 43* 42* <3 

Frequency 4 a 4% 4% 4% 

Gann 090 7 64 23 22% 23 ft 

Gtod F« 172 13 151 2D* X 20* -% 

Gtuotr IX » 262 15% 15 15% ft 

addWd 1 42 % ft % 

Crewman X 98 7% 6% 7 

GtoCda 134 X 350 3% 3% 3% 


BtHOcaai 155 0 
Badgemr 173 18 
BetdMiT A 094 27 


eWQUoi 140140 
BkMtaiiA 52 
BtartA 150 44 
BowYhtay lt& 
Boots* X 

Banana 0J0 11 
Breaar Ax 104 14 


8 2? t 
2 23% 
52 4% 

219 2ft 
314 7* 
HOO 2 
9 21 

27 1ft 
60 40% 

5 11* 

21 3 

112 23 

6 13* 


2?t 2A 
23% 23% +* 
4* 4* -% 

19* 19% 

7l * , 
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X* 21 
18* 18% , 
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11 * 11 * -% 
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22% S3 *■* 
13% 13% 


Criprop 2 2*** 

Cnton QX 12 21 21% 21 21 % 


to) Mot 120 X 
Conors A 001 5 
CnentOT S 
Ontom so 
Hh 262 
QrcPh OEM 27 
CnMFdA 111 


120 X 18 M% 11* 11% . 

am 5 85 2% 2,’e 2,5 ft 
S 13 2% 2% 2% -% 
M 488 34% 33 34* t1% 

262 209 5* 5* 5* +% 
094 271545 10* 10* 10% ft 
991 540 5% 5* 5% ft 


10% ID 10 -% 

InL Coras 3 546 3,* 2§ 3* ft 

htoreago 118 H2i X* 21* 23* *1% 

hat 0X6 15 22B3 15% 15% 15% ft 

Jan Bel * 328 5* 5% 5% -% 

Kawne 21 15 14* 14% 14* ft 

KhVkQi 22 3 rt ffi « , 

KJrtiytrp 18 698 16d1ft IB ft 

[ KngrEq 82 376 10 9% B% 

I Laharge 9 102 1, T . lA 1% *A 

1 Laser tod 18 101 ft 6* 5% -% 

' Lee PWhi 5 27 lit 1 1 . 

Urns ik 183 26 11% 11 11 ft 

| Lynch Cp 7 <100 25 25 25 -% 

Konni 2 78 37% 37% 37% -% 

UadtaA 144 X 39 X* 28 X% ft 

Mem Co 020 6 14 4% 4 4 

M8NU 31 6% 6% ft , 

I MoagA 14 171 8* 6% 8% -% 

MSRftjK 75 56 * S * ft 

Hal Pm 7 680 3% za 3% ft 

, HTTmA 058335 986 23* 23% 2ft 

HtncenOI 020 to 12 7% 7% 7% 

AtonecE 117 40 5% 5* 5% 

HVR 12 10 B* B* 8* 

OddtfeteA 34 136 to* dB* 9* 

QMBP 024163 457 34% 33% 34% ft 


I S 15% ft 

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3% 3% 


25 1085 4% ft ft ft 


W 9* 

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PegaasG 140 78 3655 1*% 14 14% ft 

Peril 090 47 51 11% 11* 11% 

PltW 1.84 9 7 17% 17% 17% ft 

PtMLD 124 16 614 58% 58% 58* ft 

PttoayA ISO 19 140 35* 34% 35* *1 

Ply Got 112 24 2907 19* 18* 18* -1 

PMC 032 17 101 15* 15 15% -* 

PresMoA 110 1 67 1% 1% 1% ft 


SJW Cap t MO 9 4 

ShnUwn 16 24 


IBM 

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TctHM) 

Tlwnmdcs 

Thanton 

ToffbA 

TwmcnDy 

Trim, 

Tubas Met 

XumrBrA 

Turmae 


21 67 
OX 47 50 
136 59 403 
59 89 
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72 155 
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0X7188 396 


X% 28% 28% 
5% ft 5% 

ssskss 
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«* 39% 38% 
13% 13 13 

2fi% Z8% 2ft 
11% 11% 11% 
2% tEA 2A 


TtrnftA 0X7 68 V 16* 18% 1ft ft 

TumM 1071 R 396 18* 18% 18% ft 

laffoKSA 5 7 2 2 2 

UtdFooiSfi 0X103 2 2* 2* 2* -it 

UnrePWx » 54 7* 7% 7* ft 

(SCedil 215 IK X* Z7% 28 ft 

VtornmA 13 Z71 38% M% 38% 

Vtowto 2183 33% 33% 33* 

Wuatherld 31 734 13% 12% 12% 

Weetutmr ft 60 24 313 2S* 28% 28% 

W1RET 1.12 X 241 14* 14 14* ft 

merman iffl 13 10a X 29% 28% 

Xjtortt 3 24 3% 3>5 


ii» 


Gain toa «ga ovar yoar campetitora Dy having the financial Tlmaa deliver^ to you ^honteor office wohting day. 

Hand delivery sentas are available for subscribers m all major ottos throughout Germany. 

Please call 01 30 53 51 (Toll Free) for more information. 

Financial Times. Europe's Business Newspaper. 


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Stock to E uu 
ASS toes 0X19 26 
ACC Cap H2 SB 75 


AfaServ 116 X <30 
AOtneSjR 0X 24 4338 


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Affymaji 

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6 124 
5 <75 
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OX 16 312 
9 178 
22 1007 


AgntoEa aicnr 1179 
AffExpr 024 IB 121 
Akto ADR 224 21 XI 
Aldus Cp <2 1468 
AhBd (LBS 17 641 
Alegh 8W 17 87 

Mon Otg 052 16 7100 
Alai Pt) 5 727 

AiacajH 1X0 12 147 
AM Cap 080 12 289 
AkxrttoC 132 18 2 

AhaSoM 006 8 236 
Alters Co 22 4237 

Am Bate 172 9 31 
AfflQyBU 14 X 
Amuerag 23 IX 
Am Med El 11 225 
AroSothJB 032 15 300 
AmRwyt 36 21 

ArnQrtA 156 16 1783 
AmtraP 12732 

AmMto za I « 
AmPerrCatv 301(006 
AmTratr 111539 

Amgen Me 1821013 
AHBChCp tUB 163354 
Amvfm 4 119 

AOT09C 15 33 
Aftoyss t 148 12 10 

AnangetAm 1X0 n 42 
AremrCp 23 1090 
Andres Aa 8 171 
Apogee Ea OX x 432 
APP BO 9 213 

ApptdMat Ifl 6726 
AotdeC 1« 2711572 
Apptebees 094 37 1209 
Altar Or 024 46 1 09 
Anted 028 21 1550 
Nyman i.ib 8 ui 
Armor « 164 22 37 

Arnold to 040 15 IIP 
ASK Grp 3 30 

AspeaTeJ 27 378 
AssocCanm 2771335 
AST ROTO 93881 
Agnsan 15 3 

Ad Ote 032 224353 
Ausbk 048 21 1107 
AutOnto 10 5 

Avgntbte 092 16 131 


Ugh Lear 

14* 14% 
14 13% 

15% lft 

26% 25* 

a* a 
16% 16* 
45% 44 

14* K* 
33* 3?% 
30% 29% 
9% 9% 
4 3* 
3% H3% 

14 13* 

33* r* 
i:% 12* 
13% 13 

12* 12* 
24* 23% 
60% 60% 
23% X 
25* 25% 

87, B% 
U41 41 

ft 8* 
14% 13* 
U 13% 
2* 2* 
%c 1% 
24d22% 
24% 23% 

15 14* 
25% 24* 

7% 7* 
4* to* 
21 * 21 * 
28* X* 

\h au 

52 51* 
16* 15% 
14% 1312 
49% 47% 
11 * 010 % 
9% 9* 

16 15% 
1ft 14* 

14 13* 
40* 39% 

16 15% 
14% 14 

6 5% 
43* 41* 
31% 30% 

15 14* 

20 % 30 

28* 29% 
X X 
22* 22 
i8* ms 
13* 13 

30 21% 
25% 25 

15% 14% 
10 10 
31* X* 
54* 53* 
3 3 

0 % 7 * 


Preo (ho tepAart Ay Titem 

tab MM md 1 m to WISE iWtoa toe pterrf toitellW 
Mae idle rax* man! raaOTog « & prams c« fere hm mm 
pad. m wan regne* raye rad a rittet d era raewt for ta nr«« sta* erty. 
Udhw DdWtoOB natal, otoe at Mem at md ife lM— * tend aa 
fa rae Mcwon. saw Rani ■* taOtehA 
mmm Mb mm branre m d teda* ara rata toteod 
creacstoB ten ctemdna W WOT lea. ataMatd decM ■ pad 
n mated 12 «to ftetdaw to Caatea Ins. teWO to ’» 
metadata st itewrad dwM tar OT-ta a rata (Mend EOT- 
dad rate *h yrar. anted. oMarad. m ao mm Man a teas dMtwna 
nracng. bteurad teJ a a l a p*i B* jot, at Matedtaa tea «r» 
dMdmda to ran ihwd tea to Da pan 52 mas. The Mfr- to ratge 
wgia an m ran atteteg am re tarn M pmwWgi m 
r teMaa mm a pad m pmdng i: nte ptae rata team 
hM a*. Otnanra totot ate dte of ate ranm hmh OT * 
data io pracetef 12 note, iskaad cent ate on ra-teteaa ■ 
Dtehte ate iHiea yrady Mb innteg hJtea. ++■ tatanpey a 
iinu m uW p a bafg lajitewrt aria » BadrapBy ML o» aonrHos 
maxed by s ta t w pa to ad-i l ul mn MOTa tead awata ear 
ate s-ratetand a uhVo ateart witaan a Mritad aaiatt 
yw WWla t d era rata to led. OTiWd etew a Ml 


BenUeny 

DOTkalllO 

WSlWjnn 

BHA6px 

Bt Ik 

BloB 

BMayW 

Byg,) 

Battel , 

BtochDrg 

BMCSoflw 

DoMmaiS 

BchEwrs 

BttoelB 

Bartapd 

Boston Bk 

Boston Tc 

BradyWA 

Branco 

BrunS 

BSBBncp 

BTShkwg 

Bttfleb 

BtotteraT 

Bun Brwt 

BusteasR 

BdkrWg 


- B - 

0X8 83 7100 
9 5 10 

3 

QX6 11 705 Ifl 
024 3 2 14 

14 406 20 
044 12 674 X 
140 7 145 14 
060 13 ID 23 
0X2 16 721 34 
060 16 91 
060 13 258 M 
1X 14 660 I 
1X8 9 345 30 

21 33 

028 32 78 

15 67 15 

044 14 3S 38 
012 14 4 9 

80 321 4 
118 16 294 11 
0X8 13 382 
48M3372 45 
17 984 9 
1X4 11 47 30 

14 3738 44 
1X4 11 *788 34 
027 19 797 21 
14 54 I 
4 4951 11 
176 5 87 34 
401082 9 
068 19 24 in 
120 27 201 12 
OX 15 313 7 
076 8 96 
148 6 50 2' 
2431286 16 
23 113 13 
30 10 8 

57 156 31 
7 871 25 


S 45 
10* 10* 
i di 
18% 18% 
14* 14* 
20 * 20 * 
Cft 19% 
14% 14 

23* 23 

34% 33% 
29 X* 
14% 24% 
62 81 
30% 30 
9 8* 
IS 14% 
15% 15 

X* 37* 
9* 9* 
4* 4 

11 % 11 * 
12 11 % 
45i 38 
9% 9% 
30% 29* 
44* 43* 
34% 34% 
21% 21% 
28 25% 
11% 11% 
34* 33% 

ft 8% 

u4S 40* 
12 % 11 * 
7% 7% 
28 27 
2* 2* 
16*015% 
13* 13% 
8% 8% 
31* 30* 
29% 28 


14* 

13% ft 
1ft ■% 
=6% ft 

23% ft 
16% ■% 
<4* -% 
14* ft 
33i5e -ii 

30 -* 
9% 

3% -* 
3% 

13% ft 
33 ft 

12* ft 
13 -% 
i:% ft 
73% •* 
60% ft 
29* 

25% J* 
0% ft 

41 -2 

8* •% 
13% ft 

13% ■* 

2* 

Hi 

22* -1* 
2< 

14% •% 
:«% % 
7% 

4% 

21* -% 
28* ft 
li ft 
SI* ■% 
tft ft 

14% ft 
<9% +1Ii 
11% 

9% '% 
15% ft 
14* 

13* -% 
40* -* 

15% ■* 
14% ft 
6 ft 
42% -1% 
31* ft 
14% ft 
20% -% 
28* 

29* -% 
2* •% 
IS -% 
13* ft 
29% ft 

a -% 

15 ft 
ID -% 

29SJ ft 

54 

3 

0% 


5 

10* 

i, 

18% -% 
14* 

20* -% 
20 ft 

14% 

23 

33% •* 
28% -% 
24% -% 


44**15* 
9* ft 
30% ft 
44% ft 
34% ft 
M* ft 
X ft 
11% ft 

34* +1* 
9 ft 
48* ft 

11% ft 
7% 

27* ■* 

2* ft 

16* -3* 
13% ft 

8% ft 
30% ft 

29% ft 


- c - 

C Tec 154 125 22(121* 

Caber Med 6 163 5% 5% 
CadSdatrps 13? 15 610 X* 26% 
Cadnus&mOZO 21 81 17% 17 

CPOTCp 337 590 7% 6*. 
Cteoene 225 54077 ft dB% 
CM Micro 21 213 23% 22% 
Cantata U(»5 1% 1% 
CandeM. i 16 2% 2* 

Cndes 3 74 l% !% 

Canon he 0X0121 120 88 87% 

Canonte 2 34 4* 4 

Canted 112 25 144 46% 4b* 

CaritedOd *0X1 23 0 27* 27% 

Cascade 0X0 21 64 22% 21* 

CaraySx DIB 181115 12* 1Z 
Catgene 5 1 95 7% 7 ft 

Qatar 0 334 19* 19% 

caop 17 198 11% 10* 

Cantata 4i3?si 11% 9|} 

Ml Fid 1.12 12 2® 32* 32 

MrtSp 20 15 10*di0* 

Confer 0 TO 4% Vx 

Chattel *0X0 7 6«5 21* 21 

CbrmSh 0X9 12 1734 9% ft 


CnemfBpi 

Chemfab 

Oaenftr 

Odw re »w ° r 

Ctopa&Te 

Cldron Cp 

Ctat fin 


42 47 Uft 8A 
15 20 10% 10% 
1 290 * 0% 

13 105 3,’« 3% 
71535 4* 3% 
5137092 54* 51* 
IX 12 233 52% 51* 


21% ft 

5% -* 
26% ♦% 
17% ft 

6* ft 

ft +.I5 

22% ft 
1A 
2% 

1JJ ft 

87% •* 
4* ft 
46*4 

27% ft 

22% ft 

12* 

7* ft 
19% 

11% ft 
1ft *1.4 

32* 


3ft 

4 

52% -5% 


2B% ft 

2ft 


Ortas Ct) 117 30 213 31% 31 
Clnalgc 306406 28% 28 

CIS Tech 115 65G 2 A 2ft 
QscoSys 102*442 20 19% 

CC Bancp IX 16 250 29* »% 

CtaoKDr 24 103 7* 6% 

Oils Or 42 261 12% 12 

CUhestm 7 29 4% 4* 

CccaOPta B IX 17 3 28 28 

CoddEngy 130 457 6% 6% 

CodeAtam 28 232 10% 1ft 

CognaOi 23 2012 16% 17% 

Copta 105 65 H% 11% 

Coharata i5 113 13% 13* 

Cetagen (MO 70 257 16 17* 

Cdrttbs 1X 13 54 21% X* 

Cotal Grp 0X0 10 204 25 25% 

cantor 024 16 759 3% 23 

Cmatt are 182124 J«% 16 

OaCelAEp 0X8 395712 16* 16* 

CaanBkmOXS n 27 30* 30*4 
Conn'd 170 98 140 18* 18 

GemprLaba XB2IS8 71% 10% 
CoBtoare 47 29 10% 10% 

Cowandfl 44 702 ft 4 

ConPap IX 32 2K7 47* 46% 

Cunsfem 6 100 5% 5* 

Conrid 1.44 18 5026 U1I% 10% 

CateCd X 668 18* 17* 

CntrCksa 10 961 6% 6% 

CtoraA 050 21 37B 20* 18% 

Ccoyteae 83 351 9% B% 

CortfeCfc 19 763 43* 42% 

Cap Of A 42 5l5 15% 15 

C»ter8 102 271710 X* 22% 

(Mr Cdnw 02499 8 Si 

(XMdfes X 86 4% 4% 

CWran 3 134 5 4* 


-D- 

DSCDn 151S2S0 24% 24% 24, r . -% 
□rad Mu 113 20 8 73% 73% 73% +2% 

DSMSWh 11 212 2A 2* 2% ft 

Data* Si X 197 7* 6% 7* ft 

QaOECOtt 15 872 15* 14ft 15% ft 


13% ft 

17% 

X* -* 
27% +2% 
23% 

18* 

16% ■»* 
30* ft 
18* ft 
10* -J% 

1ft -% 

4 * 

47% ft 

5* 

11 

18* ft 

6* ft 


Skta Oto. e 

Deuprun&B 192 II 
OeoSxosxix 23 
DstaiEn 032 73 
DeUfOGe 0X045 
EWanros 044 12 
DtoCoip 23 

DMdOSBn 0.16 15 
OnWr 23 

DepGiy 1X0 S 
DMtat OX 4 
DHieat 16 

DsbreaS 0X0 6 


Dtnemr 02 SO? 
DHA Punt 1 

DcCatGn OI 
Derm HIT 0X8 1< 
fl roa fa p B 

EkessSom 9 
Dm GO 02* X 
DrusEdCO CUB 50 
DSSXKa 1 09 75 
Durron DO 13 
OwrFffl 050 24 
Dynauta 7 


tea 

taw tv Lm 

5* X* S% 
15 5% 6 V : 
96 15* 15 

3 30 4 31* . 
25 23* 3* 
76S ?■% XT, 
53 15* 15 

011 33* 31* 
139 uT* X 
5 3% 7* 

: X* X* . 
127 17% 16% 
14E II *(T1* 
732 !< 13* 

13:9 :7 S :fi 

13 t 3* 
5i 23* 33 

73 ft 5 
1M :}i 3* 

1460 22 21% 
ID 13 13 
3 5? 

1 555 ft S5 ! 4 
tcup ;<* zr* . 
24j ft 5 
353 25* X 
K7 18 17* 
8u33% 32* 
10? r.U 20* 


H E Hb Ito to IM CMf 


K Sracs 108 11 
AXIUCIl* C.44 5 


htnuaty 011 14 
lunaaa 09* 12 


Eagle Ft) 

Ease) Cp 

EaaEnemt 

ED 7d 

Egghead 

BPxaEl 

Bectto 

ftfltH 

BectArix 

EmanAss 

Emtio Cp 

EfiffAWis 

EntrttSus 

Scan Inc 

EouityOd 

Ercsic 

End 

Edam Sot 

Exabyte 

Excabtw 

Enkflcc 

Exoetmi 

Exoltaw 


2 551 

3 32 
0.18 23 939 

21? -ufi 

2 563 

3 347 
068 48 600 

16 27S3 

18 SO 
=7 1*42 
49 513 
75 <: 

2 332 

01C 15 7? 

048K3 2945 
10 

53 12 
13 1278 
7 75 

17 W 

aw 20 x 

24 294 


3* 3* 3* 
3% Oit 3,’. 

iji I A Hi 
177, 17 % 17 * 
6 % 6 * 6 % 
:A r 2 % 

9 05% 87, 
<9 <3% 40% 
lft 14 14* 

ft fi* 6 

6* 05 6* 

1* A 13* 13* 
2* 2* 2* 
2% 2% 2% 
3* 03% 3* 
51 7; 51% 51% 
5 5 5 

i2*dM* fi* 
14% 014 14% 
5% 6 6 

23* 23* X* 
13 17* 17% 
14* U% 14* 


FHPim 

FiroiThrd 

RftyDfl 

FfltoA 

Rend 

FflAtoama 

FkstAm 

FetBcOtoD 

FaCoBk 

Fst Seay 

Fdlenn 

Fawesto 

- — ^ »■ 

rSJCwrac 

Firebar 

FoStmcs 

Flsanr 

Row W 

FoodLA 4 

FoodLBk 

foreram 

Fwaflna 

Foster A 

FriJiRn 

FftFW 

FdHBwa 

Fitatfix 

FMUtAi 

Fare 

FuMMdADR 


- F - 

10 90 4% 
1X4 12 26 5 

0M 50 839 3*J ’ 
151833 24 

124 15 72 52* 
5 284 4* 
0X4 o 147 10% 
262046 20 

IX 12 1652 35% 
OBi 8 656 33% 
100 II 31 X* 
060 21 133 2<* 
104 12 463 30* 
1 68 10 96* 45* 

OX 7 31 9% 
152 7 36B 2ft 
104 3 56 34* 

45 55 7* 
271289 22 

18 191 6% 
009 IS 1521 6 

0095871035 6% 
IX ID 18 31* 
10 301 12 

37 696 ft 
104 12 271 29* 
0« 8 299 16 

1.18 II 97 30 

058 73 438 38* 
068 12 .1001)22% 
124 22 140 18 

31 27 5 


4% <% 
4* 47, 
35% 35% 
23* 3* 
5i* 52 

37, 3% 

ft 10% 

13 13* 
35* 35* 
32% 33i. 

24% X* 

23* 24* 
30* 30* 
44% 45* 
8* 8* 
24% 24* 
34 34* 
7% 7* 
71* 22 

6* ft 


31* 31* 
11 * 11 * 
3% 3* 
29 29* 
15% 1ft 
X* X* 
38% 36* 
X* X* 
17% 17% 
4% 5 


GUApp 

GBKServ 

Cantos 

Gama lb 

banco 

Gent Bred 

Gentyto 

GeitoaPh 

Genoa Cp 

Geras toe 

Semyrne 

GUsonGl 

GkktagsL 

Often A 

fish San 

Good Guys 

GoMsPmp 

fiadcoSys 

Granta 

Green AP 

Grrrach Hi 

fiusenuus 

&ndHto 

GTICtxp 

GdHrStg 


- G - 

6 351 3% d3* 
0X7 20 169 13* 13 

0 175 3* 7% 

10 IX 31} 3ji 

116159 225 6% 6* 
140 16 9 17% 17% 

17 12 4% 4% 

21385 7* U7* 
400 X 423 22* 21* 
1X2153 37 fi 3% 
65 3521 X 27* 
040 8 539 14% 14* 
ai2 12 4276 16% 16* 
080 17 43 15% 14* 

11 M2 5* 04* 

141451 12 11% 

080 18 G9 X* 18* 
« « 2*4 ft 
ax 70 115 21* Z1 
034 10 35 17% 17 
0 939 ii i 
0 640 2% 2* 
800 415 T?tfii% 
8 326 11% 10* 
6 2442 1)11% 10% 


HstenTroy 
Hertffl « 
Hogan Sye 
Hobgc 
Hone Bert 
HoaeOtCB 
Hon teds 


54 31 

064 8 38 

OX 12 43 
018 23 584 
IB 1488 
008 21 298 
ID 246 
016X8237 
300 
0 62 
072 13 1025 
015 a 777 
51 3S7 
080 8 2 
072 X XI 
0« 19 185 
153893 
044362 2 

OX IB 1155 
060 10 <91 
006 0 4 

148 101 
18 10 


6 5% 6 

20% X 20* 
13* 13* 13* 
X* X* X* 
X* 20% 20% 
12 * 12 % 12 % 
67, 6% 6% 
12% 1ft 12% 
10* 10 10* 
14% 14* 14* 
20* X X% 
8% 7% 7* 
11* 10* 11* 
X% X% X% 
u2l X 20* 
27* 27 27* 

1*% 13% 1*% 
3* 3% ft 
18% IB 18 
25* 24* 25% 
2 * 2 * 2 * 
26* X 28* 

4* 4* 4* 


FRSys 
DB Cantos 
is ana 
liurnucar 
m a nia org an 
arpeflBc 
too tos 
H Res 
Mamb 
inglesMU 
HtoDtr 
WgaSys 
htgiOWsl 


45 82 7* d6% 7* 

3010545 10% 10 10* 

21747 ft ?* 3 

32 X 6 ft ft 
3 223 4* 3 * 3* 
040 32 198 17% 16* 17 

024205 15 74* cfM >4* 
15 862 13% 13 13 

23 5009 19* 18% 19* 
066 15 288 11% 11* 11* 
2019804 Jftd16* 15% 
X 8811(12% 11 12 

5 960 ft d1% 1% 
024 102992 57% 58* 56|2 
7 319 2 18 18 

132 X 1890 14* 14% 14, », 
21 138 9* 9% 9% 
124 16 633 12* 12% 12, * 

3 712 10 9* 9}? 

3 *328 3% «&% 2* 

4 442 11% 10* 11 

15 688 8% 8% B* 
13 122 17* 16* 16* 

008 17 10 2% <C% 2% 

231 223 4* 4% 4% 
101 18 14 28 27* 27% 

1 100 2% 2% 2% 

16 2 17% 17% 17% 
1.17 X 108213% 21221ft • 


JU&H* 

Jssnlnc 

ISM 

JftsonW 

Juc&Slnt 

Jots Mad 

jtfynCp 

jSSRn 

Jonug 

JMta 


126 13 6816 
110 X 845 
59 38 
11 273 
110 11 516 
1X12 X 
080 16 315 
aa 19 791 

116 8 714 


12 % 12 % 
10 06% 
35% 34 

24* Zft 
14* 14% 
7% 6* 
25% 2ft 
26% 25% 
19% 19 

11*010% 


LatU Furo 
Lam Rsdt 
Lancaster 
lance x»r » 

LanflmKph 

Lsuptc. 

Lasncpc 

Lance S 

LaraanPi 

UJJJS 

L3ICP 

Ucmm 

Legcwfs 
IttyKffir 
Ue lech 
Ldehne 
LPylnaA 
Lr b 
Lincsto 1 
Dnashyur 
bneariec 

| I OTtpftrte 

I LMWHiGp 
LovSQr 
| iTirf? 

ITaCp 

IVW 


’.I 2 

H5 ft 
765 7* 
46 ZR * 
W B% 
&1 72* 
126 LlO* 
6669 36% 
ISOS 4% 
n ii 

1616 X* 
m uft 


- L ■ 

1112 41 498 7% 7 7 

30ir.tT2b% ’6 26% 
040 15 «.» 36* 3&J? X 
0E6 19 179 Id 10% 10 

314ST13 32* 22% 2* 

9 2 6* ۥ* 0* 

X : Jfi 1% 3* 3* 

15 942 18 lft 18 

U4E 16 25 23% 22* 22* 

2G7 557S 19* 17* 10* 
016 I 91 4* 3 ? e J * 

16 259 13% 12* 1ft 

14 3049 23 22* 7ft 

0 79 14 173 XJJ 29* 29% 
OX IS IS IT* IT 17* 
22 92 4* 4% 4* 
OX II 1036 12* 012 12* 
IOC 7M 12ftl2i%l»* 
as: 14 Ml is 14% 14* 
13 32 30* 30* 30% 
124 J14OT 4Sd3b% X% 
040 17 8 38 34% 34% 

006 X 433 24% 24* 24% 
9 5IS 6% rib '>* 
24 7436 31% 30% X* 
3 1889 3% :•* 3.* 
(176 4 7 U32 31% 31% 


MD Cm DOS X21707 23* 
MS La s 19 302 22* 
UxMjD 160 42 50 13% 

ttnsoiGE 196 14 17? 32* 
MapnaPw 13 489 70* 
MaatcGro 076 13 1689 uX% 


MM Bo. 

MarumCd 

UanneDt 

httatoCp 

Ms Quel 

Monnsa 


10 236 7 

27 12 10 

13 14SC 5* 
9 IX 42* 
1 5 1* 

19 14 9 


3% .* 
«3% -% 

3ii 4* 


28% -ft 


5 <■* 
11% ■* 
20*4 +* 

7.1 

21% 

17% *% 

A 

2 % 

12 -ft 


MarenQ)kAa44 11 5 11 

UhrutaS 060 11 2535 71* 
Mere-: P 177 7% 

Uteum lm 37 6853 M 
Pinto- Cp 0 446 5 

sfeCromB a<4 11 fl IS 
McCamt; 048 16 X57 22% 
McCjhC 1727:«i S3* 

Medeilnr Q’6 IS 66 1?* 
itabctnc5 0*8 13 IX 23* 
Mctamnc 0?4 10 949 ufi 
Mentor Cp 016 45 X 14* 
MOVG 124 19 4147 10 % 
Mercartffi 068 11 XEK 70% 
Mercury G 0.70 B 56 X% 
Mendtai IX 12 3213 32* 
Merest 7 1640 7% 

Me mode A 01? 17 CO 17* 
WSCm 53 IBM X* 

MPOaolF 020 18 3062013* 
Mam tuts >200339 242 74* 
ftBooHNi ta rite j% 

Wctoage 7 2995 ID 

Mcrocom 5 182 6% 
Hcrgrtai 14 4B> 5% 
Mapdb 1 626 5% 

Wcsfi 1418174 50% 

MUAPM 35 7292 <2% 
MOantiO 052 11 2086 X* 
Hdwfiaai ISO X 3 3b* 
Miter H 152 21 425 29% 
iMcm 106 24% 

MfrtKtl >7 142 13* 

htodeTet 5312406 21% 

MottemCo OX 16 13 6% 
MotfineMi OS 20 249 X* 
Mate 004 84 37 

Mate Inc (UM X 42 40 

Mascam 104 11 886 6% 
kJctstoee P x 136 22 X X 
MTCOflee 18 578 lft 
MISSVS 056 10 2 X 

Mimed 13 610 X* 

Myctmen 4 272 11 


73* 23* 
21 % 22 * 
13 4913 48 
31* 31* 
26* ?J* 
19% X* 
ft 6* 
9% 9% 

6 ft 

41* 42* 

1% ft 

9 9 

10* 11 
21% 21* 
7% 7% 
47 4ft 
4* 4»2 
16 15 

20% 70% 
53% 53,* 
12 12* 
22% rft 

7 0 

13* 13* 

9* 8)1 
X 20h 
29 X 
31% 32% 
d?% 7% 
1ft f«P 4 
27% X% 

12% 13 

74* 74* 
3% ft 


HACRe 

NasnFndi 

NatCarapt 

Mre Sun 

NivISPW 

HEC 

Helen 

NEtwKGen 

NMwtS 

Ntuogai 

Wren* 

HteEBiB 

Ntetouge 


- N- 

116 11 271 27% 
172 11 4 16* 

136 77 476 12* 
IX 21 X 14 
11 4 17% 

041 IX 4 SB 
17 325 27* 
23 3075 lft 
95 2151 6% 
25 3 7% 

027 X 62 X* 
180 20 221? 18 
8 440 10* 
3110603 41% 
004 13 94 u6% 

22 8771 7% 
0.56 25 23 55 

0-40 22 73X 41* 
13 172 17% 
5 411 tfi% 
088 12X09 X 
184313 17% 
793 8761 1ft 
X2237 34% 
X uft 
7 5 3% 


49% 49% 
X* 40% 
2ft 28* 
X* 35* 
28% 29 

23% 24% 
12* 13 

X* 21% 

6% ft 

27* 57% 
3ft 37 
39% 39% 

ft 61; 

X X 
15 15* 
X X 
29% 29* 
10 1ft 


26% 57% 

16* 16* ft 
12 12% ft 

13* 14 ft 

17% 17% ft 
58 SB -1 
26* 27 -* 

15 7 b 16% -% 
ft Bii 
7% 7% 

19* 19* 

17* 18 ft 

1ft 1ft -% 

40% 41* +% 
6% 6% 

7% 7* ft 
55 55 
X* X -2% 
17* 17% ft 
6% 6* ft 
37% 37,1 A 
17 17% *% 
15% 15% -* 
33* 33% -% 
ft 6% 
ft ft 


OOterieja 
Octet Can 
OnshreLg 
Ogta&wH 
Otiofe 

Ota Kara 

om/utB 

Ortuncarp 

One nice 

Opted R 

OocfeS 

QroScnca 

Ortotech 

OreMStgp 

OretcmlM 

Ostap 

OSMBA 

CtohtasftT 

Otelal 


X 57 
161797 
13 144 
080 9 46 
1.45 6 1008 
1.16 10 388 
082 IS 9 
100 6 2702 
11 60 
X 182 
S222CSC 
42 3806 
096 22 40 

9 66 
031 9 116 
8 4 

0«1 46 SB 
050 11 67 

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1 


34 


FINANCIAL TIMES 


Thursday July 28 1994 


★ 

WORLD STOCK MARKETS 


AMERICA 

Interest rate fears 



Weakness in the dollar takes its toll 


depress US stocks 


Wall Street 

US stocks suffered a setback 
yesterday as strong economic 
data pushed bond prices down 
and raised the likelihood of an 
early increase in interest rates, 
writes Frank McGurty in New 
York. 

By 1pm. the Dow Jones 
Industrial Average was 12.62 
lower at 3.723.06, while the 
more broadly based Standard 
& Poor's 500 was down L40 at 
45156. Volume on the NYSE 
was moderate, with 149m 
shares changing hands by 
early afternoon. In the second- 
ary markets, the American SE 
composite dipped 055 to 43355. 
and the Nasdaq composite 
slipped 259 at 712.67. 

The commerce department 
triggered an early decline In 
share prices with its announce- 
ment that orders of durable 
goods had jumped 15 per cent 
last month. The reading was 
much stronger than analysts 
had expected and reinforced 
the prevailing wisdom that the 
Federal Reserve was prepared 
to tighten monetary policy for 
the fifth time since February. 

Further evidence of a robust 
economy, in spite of the four 
previous rate increases, sent a 
shiver through the bond mar- 
ket, where the price of the 
inflation-sensitive 30-year gov- 
ernment issue retreated by 
about % of a point by midday. 

Stocks mostly followed the 
lead of the Treasury market, 
but the session was compli- 
cated by the release of a fresh 
batch of corporate results. 
With a tentative mood still pre- 
vailing. some good perfor- 
mances went unrewarded 
while the share prices of 
under-achievers were often 
marked down sharply. 


Among the Dow industrial 
components, Disney fell into 
the first category. Its stock 
added S% to 842%, a modest 
gain in view of second-quarter 
earnings of 49 cents a share, 
about 3 cents above expecta- 
tions. 

Ford, which handily beat 
Wall Street's projections, fared 
even worse, as its stock 
receded 3% to 830% amid fears 
that the car industry’s recov- 
ery had passed its peak. 

Bethlehem Steel came under 
the heading of under-achiever. 
Its share price dropped $1% to 
$20% after the company posted 
a profit of 14 cents a share, 
about half of what analysts 
had forecast 

The uncertainty over inter- 
est rates took its toll on several 
other stocks sensitive to broad 
economic trends. Alcoa lost 
$1% to 878% and International 
Paper was down 81% at $71%. 

A notable exception to the 
trend was 3M. The issue added 
81% to $71% as investors 
responded enthusiastically to 
details of the company’s strong 
second-quarter performance. 

In a development unrelated 
to earnings news. Signet Bank- 
ing climbed $2%. or 7 per cent 
to $39% after revealing plans to 
spin off its credit card 
operations as part of a broad 
restructuring. 

The brightest star of the ses- 
sion was Biogen, the biotech- 
nology concern whose shares 
are traded on the Nasdaq. The 
stock was swept 44 per cent 
higher to $43, a gain of $13%, 
as some 10m shares were 
traded by early afternoon. The 
surge followed the company's 
announcement that clinical 
tests of a drug to treat multiple 
sclerosis had produced promis- 
ing results. 

Meanwhile, a rival biotech 


concern, Chiron, was having a 
bad day, with its share price 
slumping $5 to $52%. Wertheim 
Schroder downgraded the 
issue, citing the potential for 
new competition for a multiple 
sclerosis treatment marketed 
by the company. 

Canada 


Toronto stocks were easier at 
midday as bond markets 
remained under pressure from 
the unexpectedly high US 
durable goods data. Sharp 
losses in most sectors over- 
whelmed gains in gold and pre- 
cious metals and real estate. 

The TSE 300 composite index 
was down 30.00 at 4,119.90 in 
midday volume of 15 .2m 
shares. 

Lac Minerals, the target of 
takeover bids by American 
Barrick Resources and Royal 
Oak Mines, remained near the 
top of the TSE’s most active 
list. Lac edged up C$l% to 
C$14%. 


Mexico 


Stocks rose in early trade, 
helped by a fall in domestic 
interest rates and gains by 
Mexican ADRs traded in New 
York. The ZPC index gained 
26.04. or 1.1 per cent, to 
2.419.44. 

Traders said that Mexican 
ADRs on Wall Street appeared 
to be rising because of positive 
expectations on first-half earn- 
ings due by July 31. 

On Wall Street. Telmex 
ADRs were up $1% at $59% 
while in Mexico its L shares, 
which may be owned by for- 
eigners. gained 1.19 per cent. 

ICA. the construction com- 
pany, rose 4.1 per cent after 
reporting a 12 per cent increase 
in first-half net earnings. 


Gencor makes gains on Billiton purchase 


Gold shares, platinum and 
mining financials were the fea- 
ture’s of the day as the price of 
bullion continued to strength. 
Industrials edged firmer on 
the generally improved senti- 
ment. 

The overall index added 51 
to 5,659, the industrial index 
10 to 6,457 and the gold 62 or 3 


per cent to 2,146. 

Among the most actives 
Gencor ended 35 cents higher 
at R12.25 in heavy volume, 
having seen a day's high of 
R 12.40 in the first half hour of 
the day as investors reacted 
favourably to its planned pur- 
chase of the Billiton assets 
from Royal Dntch/SheB. 


Platinum strength boosted 
Rusplats by R7 to R107 and 
Impala added R4 to R102. 

Engen gained 15 cents to 
R35.25 following news that it 
would buy Gencor’s stake in 
the Alba oil field. 

Elsewhere De Beers put on 
R1 to R1I1.50 and Anglos 
R250 to R239. 


EMERGING MARKETS: 1FC WEEKLY IMVESTABLE PfUCE INDICES 

Dollar terms Local currency terms 


Markat 

No. of 
stocks 

July 22 
1994 

% Change 
over week 

% Change 
on Dec *93 

Juty 22 
1994 

% Change 
ever week 

% Change 
on Dec *93 

Latin America 

1 209 1 

60&68 

-06 

-iao 




Argentina 

(25) 

868.16 

-1.7 

-12.7 

531.76367 

-1.8 

-126 

Brazil 

(57) 

27&21 

-15 

+18.7 

1,033,528690 

-1.5 

+917.0 

Chflo 

(25) 

634.53 

-3.6 

+15.0 

1,07067 

-3.1 

+126 

Cokxubra' 

(11) 

961.42 

+0.1 

+49.1 

1692-00 

-0.5 

+50.2 

Mexico 

(68) 

827.82 

+0.7 

-17.7 

1615-96 

+0.8 

-96 

Peru* 

(ID 

139.10 

+2.9 

+15.0 

186.71 

+26 

+17.4 

Venezuela 3 

n?) 

46058 

-12.0 

-22.2 

1,798.79 

-12.0 

+26.6 

Asia 

(557) 

245.02 

-OJ2 

-15.8 


* 


China* 

(18) 

90.51 

-0.4 

-39.4 

98.78 

-0.4 

-396 

South Korea 1 

(156) 

12650 

-1.6 

+7.3 

134.18 

-16 

+6-9 

Philippines 

(18) 

276.98 

+4.4 

-107 

35017 

+5-4 

-216 

Taiwan. China* 

OP) 

147.77 

+1.4 

+96 

147.45 

+1.1 

+106 

India 7 

(76) 

131.56 

-1.1 

♦12.9 

145.48 

-1.1 

+12.9 

Indonesia' 

(37) 

97.50 

-0.0 

-216 

114.63 

-06 

-196 

Malaysia 

(IDS) 

268.26 

-0.5 

-21.5 

25467 

-0.7 

-24.5 

Pakistan’ 

(15) 

392.91 

+0.3 

+1.3 

54468 

+0.3 

+3.1 

Sri Lanka" 

(5 ) 

181.80 

-0.4 

+2.6 

19463 

-03 

+1.9 

Thailand 

(55) 

383.33 

-0.1 

-19.7 

38006 

-0.1 

-216 

Eura/MId East 

(125) 

110.95 

-36 

-34.5 




Greece 

(25) 

210.15 

-2.4 

-7.7 

343.70 

-06 

-106 

Hungary" 

(5) 

185.11 

-1.1 

+11.1 

226.87 

+0.6 

+12.4 

Jordan 

(13) 

166^52 

+4.6 

+0.6 

238.69 

+4.0 

-1.1 

Poland" 

(12) 

68758 

+4.8 

-16.0 

984.10 

+66 

-109 

Portugal 

(25) 

114.98 

-1.4 

+1.0 

129.61 

+1.1 

-86 

Turkey" 

(40) 

104.94 

-7.6 

-50.6 

1.554.74 

-56 

+8.9 

Zmbabwe u 

(5) 

239.84 

+1.5 

+18.7 

284.76 

+1.4 

+336 

Composite 

(891) 

30956 

-0.6 

-13.0 





are cafcuUr ad at a mw * ana weawy efrenoM <** parcanatpn m ow mw tm atm previous fraaa?. Bast c War Dec 196ft. too recapt ffwso nototf 
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Dac 31 1930; fMJOBC 31 7992 P30nc 37 1982 fH? Aug 4 7989: fKJJUy 2 7991 

In its recent change of asset allocation among the Asian markets. Nomura Research has 
increased its weighting in Korea to 2 per cent. This is no surprise. Other brokers have 
also gone for the country, notably Barings, which also rates north-east Asia in 
preference to south-east Asia, based mainly on liquidity grounds. However, Barings 
favours Latin America above all. pointing to its strength in natural resources. For- 
eign & Colonial is another favourite of Korea, emphasising that over the past month or 
so earnings estimates for Korean companies for 1994 have been significantly increased. 
Companies haver benefited from rising exports and stronger domestic sales, they add, 
while interest rates have fallen. 


Profit-taking was evident 
throughout much of the conti- 
nent yesterday. The announce- 
ment of a sharp increase in 
June durable goods orders in 
the US. which added to pres- 
sure on the Fed to tighten pol- 
icy, was a further disincentive 
late in the day. 

MILAN suffered another 
sharp downturn as news of the 
arrest warrant issued for the 
brother of Mr Silvio Berlusconi 
further damaged the prime 
minister’s bruised image and 
added to the market’s uncer- 
tainties. 

The Comit index, which fell 
25 per cent on Tuesday, gave 
up another 14.44 or 2 per cent 
to 695.03. 

The falls were again broadly 
based. Among the telecommu- 
nications issues, Stet fell L160 
or 3 per cent to L5.136 and Sip 
lost L74 to L4524. 

Olivetti lost L113. or 4.6 per 
cent, to L2.337, Montedison 
gave up 150 to LI ,443 and Gen- 
erali was L 1.015, or 2.4 per 
cent, lower at L41.D19. 

Pirelli eased L35 to L2.715 
after announcing that a 
recently completed convertible 


bond issue was almost fully 
subscribed, bringing in fresh 
funds of about L993bn. 

Fiat fell L135 to L6.67S after 
the company reduced the num- 
ber of workers it planned to 
lay off this year, as a result of 
belter*than*ex?ected sales of 
its Delta, Uno and Tipo models 
throughout the European mar- 
ket. 

Lmi fell L29S. or 25 per cent, 
to LlO.112 as the state con- 
trolled finance group said that 
net profits at its main operat- 
ing unit rose 25 per cent to 
L207.ibn in the first half of 
1994. 

FRANKFURT was weaker in 
official hours as investors 
turned to sellers again after 
the market's recent improve- 
ment. The Dax index slipped 
1152 at 2,140.44. 

Turnover was DM75bn. 

In the Ibis the index fell fur- 
ther to 2.13553. 

Corporate news came to the 
fore. Allianz dipped DM14 to 
DM2.467 on technical trading 
in spite of. reporting a rise in 
1993 earnings. 

Meanwhile. BMW was 
another stock to suffer at the 


i FT-SE: Actuaries Share Indices 


M 27 THE EUROPEAN SERES 


Hcurtf crunQes 

Open 

1030 

n oo 12.00 taoo 

uoo 

1500 COM 

FT-SE Eanfra* 100 
fTSEEtsaUckmo 

137BB7 

1417.23 

imw 

141742 

137982 1379.17 1375.69 
141 9. DO 141760 141491 

1372.96 

1412.93 

1378 71 137000 
140UQ 1406.06 



Jal 26 

Jul 2S M 22 

Jd 21 

Jd 20 

FT-5E &«0BXk 100 
FT-SE Eiootoch 200 


1391.70 

142429 

138493 >387.40 

142168 142429 

137154 

1407 95 

1307 58 

1407 57 


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hands of technical traders, the 
shares losing DM4 to DMS70 as 
it reported a 14 per cent gain in 
first half group profit, which 
was at the top end of expecta- 
tions. 

There were some good 
points, however: Hochtief, for 
instance, rose DM10 to DM955 
after announcing a contract 
worth some $400m for building 
work in the Lebanon. 

ZURICH saw profit-taking by 
London based investors for 
much of the day, but the pres- 
sure intensified as Wall Street 
opened lower and US bonds 
were marked down. The SMI 
index gave up 595 or 25 per 
cent to 25449. with the weaker 
dollar hitting blue chips. 

In the chemical and pharma- 


ceutical sector. Roche certifi- 
cates gave up SFrl90 to 
SFIS500 and Ciba was SFr25 
lower at SFr733 in response to 

the currency considerations. 

Banks, awaiting next months 
first half figures, saw UBS lose 
SFr24 to SFrl.180 and CS Hold- 
ing was SFrl4 lower at SFr5S9. 

Nestle dropped SFr26 to 
SFrl.149 and Brown Boveri fell 
SFrlT to SFrl510 francs. 

Georg Fisher fell SFr65 to 
S FT 1,470 after a local newspa- 
per report said the company's 
bearer share no longer looked 
attractive from a technical 
point of view. 

Ascom bucked the market's 
downward trend, climbing 
SFr20 to SFrl.700 on specula- 
tive buying: 


PARIS suffered a bout of 
profit-taking in the absence of 
major corporate news. The 
CAC-40 index lost 21.15 or 1 per 
cent to 2,055,89 in low turnover 
of some FF&abn. 

Euro Disney again featured, 
this time with an announce- 
ment that it hod cut its operat- 
ing loss in the third quarter. 
Thge shares ended unchanged 
at FFr10. 

MADRID slipped lower after 
Wall Street's weak opening. 
The general index gave up 057 
to 31L18 in heavy volume of 
Pta447bn with a number or 
block trades seen as retafarc- 
iTC the market’s stability. 

Telefonica dropped Pta30 or 
15 per cent to Ptal.870 with 
12.7m shares traded, most in 
one block trade. 

OSLO was little changed 
overall, the All Share index 
adding 054 to 641.13, although 
Christiana A free shares rose 
NKr0.65 or 5.1 per cent to 
NKri3.40 in reply to the bank’s 
better than expected first bait 
results. 


Written and edited by John PM 
and M cha al Morgan 


ASIA PACIFIC 


•.■-IV-iaWn 


profits 6 

Ooronnei 

limited 1 



m 




Nikkei dips 1% as Hong Kong rallies 


Tokyo 


Arbitrage unwinding and prof- 
it-taking by overseas investors 
depressed share prices, and the 
Nikkei closed down 1 per cent 
after posting a small gain in 
the morning session, urircs 
Emiko Temzono in Tokyo. 

The Nikkei 225 index fell 
208.14 to 20,13753 after a high 
of 20.333.27 and a low of 
20,10352. 

Traders were discouraged 
that the index broke a June 
low of 20.168. a support level. 

The Topix index of all first 
section stocks fell 6.96 to 
1,613.82 while the Nikkei 300 
lost declined 1.15 to 292.81. 

Losers led gainers by 748 to 
261. with 158 issues remaining 
unchanged. 

In London, the ISE/Nikkei 50 
index lost 0.47 to 1502.57. 

Volume totalled 280m shares 
against 251m. Foreign inves- 
tors continued to take profits 
but traders said the selling was 
in small lots, and the low vol- 
ume exaggerated the index’s 
decline. Baying by public 
funds supported share prices at 
lower levels. 

High-technology blue chips 
continued to be sold as inves- 
tors reduced their exposure to 
high-export oriented sectors 
which are seeing their profit 
margins squeezed by the yen’s 
strength. Hitachi, the most 
active issue of the day, fell Y16 
to Y959 while Toshiba lost Y13 
to Y722. Nissan Motor, which 
declined earlier in the week on 
selling by overseas investors, 
rebounded Y8 to Y753, but 
Honda Motor lost Y1Q to 
Y1.680. 

Brokers, which are expected 
to be hit by the recent slump 
in share prices and stock mar- 
ket volumes, lost ground. 
Nomura Securities declined 
Y10 to Y2520 and NIkko Secu- 
rities fell Y40 to Y1510. 

Tuesday's merger announce- 
ment between Toyo Sanso and 
Taiyo Sanso, two industrial gas 
and oxygen makers, depressed 
Toyo. which ended with an 
offered price of Y580, down Y80 
from its previous close. 

Chiyoda Shigyo, an indus- 
trial paper maker which will 
be absorbed by San-Mic Trad- 
ing. an unlisted paper com- 
pany. also foiled to trade, and 
ended at an offered price of 
Y406, down by a maximum 
daily fall of Y100. 

Speculative buying sup- 
ported Misawa Resort, which 
gained Y150 to Y638. 


In Osaka, the OSE average 

fell 15L46 to 22.495.40 in vol- 
ume of 27.5m shares. Aovama 
Trading, the men’s suit 
retailer, fell Y250 to Y4090 on 
profit-taking. 


Roundup 


The Pacific Rim had an active 
day with markets moving in 
opposite directions. 

HONG KONG rose strongly 
on buying related to index 
futures and options and the 
Hang Seng index jumped 20752 
or 25 per cent to 9,402.13 in 
turnover that improved to 
HKS456bn from HKSL46bn on 
Tuesday. 

The positive government 
land sale results, which foiled 
to inspire investors on Tues- 
day. boosted the market as 
both institutional and local 
investors became active buy- 
ers. 

Brokers attributed a strong 
performance in the banking 
sector to the 385 per cent jump 


on interim income reported by 
HSBC Holdings’ Marine Mid- 
land subsidiary. HSBC put on 
HK82.00 to HKS91.75 and Hang 
Seng Bank rose HKS1.00 to 
HK $54.75. 

The properties sector was 
the biggest gainer with the sub 
index rising about 3.4 per cent 

SHANGHAI’S A share index 
plunged 5 per cent as investors 
cashed in shares when it 
became clear that the rally of 
the previous two days was not 
sustainable. 

The index lost 1950 to 370.13 
in heavy turnover of Yn849m. 

In Shenzhen. A shares were 
hit even harder with the index 
plummeting 65 or 55 per cent, 
to 10057. 

The Shanghai A index had 
gained about 7 per cent since 
Monday, recovering much of 
the ground lost last week. But 
selling set in as soon as the 
market opened yesterday. 

TAIPEI was dragged back 
from Tuesday’s four year high 
by waves of profit-taking, and 


brokers forecast that the con- 
solidation was likely to con- 
tinue in the near term. The 
weighted index lost 6558 or 1 
per cent to 6.6654 in turnover 
that fell to T$9054bn. 

Some buying was in selected 
industrials, with the most 
active issue. China Petrochemi- 
cal. up 50 cents to TS37.4, but 
sentiment was cautious as the 
market had been overbought in 
previous days, brokers said. 

MANILA rase 2 per cent on 
the back of heavy foreign buy- 
ing of blue chips and selected 
second-liners which are expec- 
ted to post good second quarter 
profits. 

The composite index soared 
5657 to 2,78460 in volume that 
picked up to 989.93m shares. 

KUALA LUMPUR was pulled 
1.2 per cent higher for the 
fourth consecutive day by 
institutional demand for blue 
chips, although late profit-tak- 
ing flattened out earlier gains 
for the broader market 

The composite index ended 


up 1158 at 1,020.19. 

BANGKOK was higher in 
active trade fuelled by institu- 
tional buying of the communi- 
cations, finance and banking 
sectors. The SET index rallied 
21.14 or 15 per cent to 1567.64. 
slightly off the day's high of 
156850. Turnover was a heavy 
Btl0.76bn. 

Krung Thai Bank gained Bt2 
to Bt66 and Prime Finance put 
on B66 to Btl73. 

SEOUL edged lower In quiet 
conditions with the news that 
the central bank would require 
investment trust companies to 
repay their 850bn won of out- 
standing loans by August 12 
dampening sentiment towards 
the dose, brokers said. 

The composite index closed 
0.98 lower at 93422. 

SYDNEY took the release of 
low inflation data in its stride, 
dosing slightly firmer after lin- 
gering in a tight six-point trad- 
ing range. The All Ordinaries 
index finished 0.4 ahead at 
2.041.7. 




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BARCLAYS 


Barclays de Zoete Wedd 
was lead manager to the 
issue by Dresdner Finance 
B.V. of £200 million ■’ 

6 per cent bearer bonds 
of 1994/1999. 


Barclays de Zoete Wedd • \ 
was lead manager to : 

• Barclays Banjc PjLC in die ■ » 
issue pf £500 million > % v J' 
6 r /2 'per notes . ‘ \ 

due 2004.. ;•••’ 


March 1994 


February 


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FT-ACTUARIES WORLD INDICES 


Jdrufy compfled by The Financial Trees Ltd. Goldman, Sachs & Ca and NMWest Seartlw Ltd. In conjunction with the Institute at Actuaries and the Facuty of Actuaries 
NATIONAL AND 

Hgircs In parentheses 
show lumber of Bnes 
of stock 

US 

Dollar 

Index 

Day's 

Change 

% 

Pound Local 

Sterling Yen DM Currency 

**4ex Index Index Index 

Local 
% chg 
on day 

Gross 

ON. 

Yield 

US 

DaSar 

Index 

Pouxf 

Staring 

Mot 

Yen 

Index 

Locd 

DM Currency 52 week 52 week 
Index Index High Low 

Year 

ago 

kwproxj 

Australia {88) 

173.48 

-0.3 

168.55 

107.45 

143.07 

135.15 

-05 

355 

17353 

18858 

10057 

14352 

15552 

189.15 

13056 

13056 

Austria (17). 

18669 

06 

181.60 

115.78 

154.15 

154.09 

0-7 

1.04 

18554 

17958 

11007 

16321 

153.08 

19041 

155.68 

15952 

Belgium 07) - 

172.41 

0.3 

167.53 

10650 

14250 

138.91 

0 A 

3.98 

17182 

166.13 

107.31 

141.65 

13030 

176.67 

143.62 

14723 

Canada 005)- 

127 JJ0 

-05 

123.40 

7857 

104.75 

12058 

-0.4 

2.67 

127.61 

123.32 

79.66 

10015 

127.39 

14551 

12054 

124.16 

Denmark {33)-.—*— ...... 

27069 

-09 

262.74 

18750 

22352 

229.32 

-0.7 

159 

27287 

263.78 

17039 

224.92 

231.01 

275.73 

20758 

20656 

Finland (3q 

.ieo.« 

1.4 

16565 

99.17 

13253 

175.42 

15 

050 

15781 

15250 

98.51 

130.03 

17351 

160.06 

9552 

9552 

France (37) 

177.06 

08 

172.05 

109.69 

14654 

15052 

05 

252 

17550 

159.69 

109.61 

144.69 

14921 

16537 

16253 

152.62 

Germany p8)~ — ■ 

143.68 

0.4 

13959 

8859 

118.49 

118.49 

05 

1.75 

143.12 

13851 

8954 

117.93 

117.93 

147 07 

112.69 

11G.M 

Hong Kong (56) 

373.90 

0.3 

303.31 

23 <52 

306.40 

37083 

05 

326 

372.91 

36037 

232.78 

30728 

309.86 

50056 

275.99 

275.99 

Inland (14) 

19761 

-09 

19002 

122.41 

16259 

184.77 

-05 

350 

19952 

192.62 

12442 

16424 

16525 

20ft33 

157.93 

157.93 

Italy (61)- 

66.12 

-2.7 

83.68 

5355 

71.03 

101.73 

-2.4 

1j49 

8854 

8556 

5527 

72.95 

10427 

97.78 

57.B8 

6791 

Japan I46S) .. 

16461 

0.8 

16024 

102.18 

13852 

102.16 

0.1 

0.75 

16357 

15006 

102.10 

134.78 

102.10 

170.10 

12454 

150 39 

Maleydasa 

475.61 

0.5 

402.15 

294.63 

39229 

47552 

05 

1.72 

473/41 

457.40 

29551 

39058 

472.41 

621.63 

345.09 

345® 

Mwkwlim 1968.75 

08 

191900 

1219.58 

182352 

7330.2? 

05 

182 

1B63.75 

1B80OO 

121955 

1609.83 

727458 

2647.08 

1573.95 

1573.95 

Netheriand (27) 

207.16 

-02 

20159 

12853 

170.87 

16857 

O.o 

3.36 

207.64 

200.66 

129.61 

17159 

16850 

20754 

16051 

166.51 

New Zealand (14) 

- 68.48 

0.0 

8854 

42.42 

66.48 

80.14 

-0.1 

3.98 

66.49 

6019 

42.75 

5044 

6a <7 

7759 

52.45 

5245 

Norway (33) 

. — 208.45 

-0.1 

200.80 

127.88 

17028 

193.65 

OO 

1.71 ' 

' 20662 

199.67 

12097 

17025 

193.72 

20755 

157.21 

157.65 

Singapore (44). 

345.31 

06 

336.54 

21391 

28452 

24052 

05 

1.75 

344.71 

333.12 

nai8 

28454 

239.74 

37852 

250.05 

25252 


-288.90 

1.4 

280.72 

178.96 

23058 

288.99 

0.8 

2.16 

26459 

275.30 

177.83 

234.74 

28456 

29254 

175.93 

204.06 

Spam (42). 

145.13 

1.8 

141.02 

89.00 

119.70 

14357 

1.9 

452 

14287 

137.58 

8857 

117.31 

140 68 

155.79 

116.33 

118.07 

Sweden pG) 

22066 

1.1 

21451 

138.62 

181.91 

252 35 

04 

15B 

21006 

210.73 

13012 

179.68 

25159 

23155 

170 18 

172.41 


16806 

-02 

15358 

9751 

13058 

13254 

ai 

1.84 

15884 

15351 

9354 

130.46 

13158 

17056 

12066 

12658 

United Kingdom (204)— 

, — 194.00 

-0.1 

10850 

120.18 

160.01 

16050 

04 

4.01 

19488 

187.73 

12128 

160.07 

187.73 

214.96 

17351 

17351 

USA (519).. _ 

185.11 

-OS 

17087 

114.67 

152.68 

185.11 

-02 

2.90 

185.49 

17925 

115.78 

152.84 

185.49 

196.04 

17855 

183.62 

EUROPE (720)— 

17066 

oo 

106.02 

10554 

140.43 

15055 

03 

259 

170.81 

16S56 

10652 

140.74 

155.11 

178.58 

14459 

14429 

NonSc (1T9 

-—.21863 

0.6 

21040 

134.13 

178.59 

21 258 

02 

1JO 

21526 

206Q2 

134 37 

177.37 

21221 

220.60 

161.64 

162.40 

PBCiao Bearn (748) 

Euro- Paotfc (1469) 

17260 

171.68 

07 

0.4 

187.62 

16652 

10656 

10655 

14228 

141.60 

111.97 

13956 

ai 

02 

1.07 

157 

17127 

1708S 

18061 

16019 

10091 

10071 

141.12 

140.86 

111.89 

129.04 

17088 

17359 

134.79 

143.88 

183.74 

149.75 

North ArneHea (B24J 

161.S0 

-02 

17038 

11Z.44 

149.70 

181.11 

-05 

259 

181 50 

175.78 

11354 

14958 

18150 

192.73 

175.67 

180.13 

BMP* Ex. UK (MS, _ 

...... 154.47 

Ol 

150.09 

95.89 

127.40 

135.62 

02 

258 

15427 

14006 

9030 

127.11 

13553 

1S7.47 

125.65 


PadflcE*. Japan C80) _ 

24868 

Ol 

24155 

15356 

20487 

221.68 

0.1 

281 

24805 

239.71 

154.84 

204.39 

22156 

29021 

187.16 


us (1051) 

17262 

04 

167.73 

10653 

14258 

13255 

02 

1.90 

17158 

16880 

10729 

14152 

13253 

174.76 

145.58 


Wert* Be Jaum (1701) . 

17367 

as 

lean* 

107.77 

143.49 

1 45.09 

oo 

2.06 

17354 

167.70 

108.33 

14259 

146.09 

17550 

15096 

15055 

173.04 

os 

170.09 

108.43 

144.38 

14756 

05 

2-24 

174.70 

16882 

10955 

14355 

147.91 

17856 

15854 


183.75 

-Ol 

17856 

113.83 

15156 

176.19 

ao 

2. BO 

183.88 

17758 

114.77 

15150 

17014 

19520 

18755 

16758 

1>w Worfd tndejc pi 70) . 

175.75 

02 

170.77 

108.87 

14456 

14099 

0.0 

224 

175.38 

169.46 

109.47 

144.51 

148.93 

178.97 

15855 

16055 


Fhlai * M Tma LMta4 OdUmm. Sachs nd Co. aid NsWoat Seantm Landed IM7 
unau. w 



STATE 

BANK 



Barclays de Zoete Wedd 

* 

was lead manager to 
State Bank of South 
Australia in the issue of 
A$100 million 6 per cent 
Eurobonds due 1998. 


■^Mo tional 

Barclays de Zoete Wedd ■ 

* 

was lead manager, to 
National Australia Bank 
Limited in' die issue of 
A$100 million 6 per cent 
Eurobonds due 1997, , 




Minury 1994 Jjiuur) 1994 


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