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Lambsdorf? 


Why German boardrooms 
mimberefbrmed 



Opera a* Bayre uth 

Half a cheer for 
half a Ring 

Arts, togas' 



Heartbeat of America 

At last, good news 
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Pag* 13 



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Journey to the 
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Profits growth at 
Commerzbank 
limited to 1 1 % 

Commerahank's full 

operating profits rose 11 
per cent to DM438m 
(S276m) in thesis 
months to the end of 
June, after being more 
than 30 per cent ahead in 
the first five months 
after the Ge rman bank 
suffered a 68 per cent 
drop in earning s from 
trading activities on its 
awn account. Chairman 
Martin Kohlhaussen (above) had fore cas t good 
results from own-account business, but June losses 
are thought to have been substantial. Page 13 

Asian anger over import rale change: Asian 
textiles and clothing exporters and US retailers and 
garment producers are protesting at a proposed 
change in US rules of origin for textiles imports 
which, they say, could seriously disrupt interna- 
tional trade and investment. Page 12 

EU cautious on aid to South Africa: The 

European Union is poised to approve a package of 
trade benefits to South Africa which falls short of 
pledges to offer generous support to the new post- 
apartheid regime. Page 5 

Japanese output rise holds steady: 

Japanese industrial production rose in the three 
months to June for the second consecutive quarter, 
the first time it has done so since the downturn hit 
nearly three years ago. Page 4 

Dow Chemical of the US reported secondquarter 
operating earnings of $602m, 17 per cent higher 
tium in file same period last year and its best result 
for three years. Page 13 

Imperial Chemical Industries, the UK's 
largest chemicals company, posted interim profits 
up 40 per cent to £353m ($547m) as a result of 
self-help and a surprising rise in demand. Page 14; 
Lex, Page 12; Details, Page 20 

Russia reviews s ha re trading rules: 

The Russian government said it would devise rules 
to regulate share trading as the country’s best- 
known company, the MMM finance house, tottered 
on the verge of collapse. Page 2 

Inte rnational Business Machines is expected 
to consolidate its personal computer operations in 
the US with the loss of about 2,000 jobs, or 20 per 
cent of the division's workforce. Page 16 

Interim profits down at BCEf: Spanish 
h anking group Banco Central Hispano reported a 
19.5 per cent first-half foil in its net consolidated 
profits, to Pta29.3bn (S225Sm), but said it was 
strengthening its halanne sheet and improving the 
core banking business. Page 14 

Russian bus hijacked: Four armed hijackers in 
Pyatigorsk, southern Russia, took 40 bus passengers 
hostage and demanded a getaway helicopter and a 
$I5m ransom- It is the fourth such attack since 
December. 

Budwerser boosts Kirin's profits: Kirin 
Brewery, Japan’s largest beer and beverage com- 
pany, said brisk demand for Budweiser beer, sold 
under licence from Anheuser-Busch of the US, 
helped push interim profits up 4 per cent to Y35-9hn 
($366m). Page 15 

Asahf Glass, Japan’s biggest glassmaker. 
reported a 43.9 per cent slide in interim pre-tax 
profits to Yll25bn ($llSm) because of stagnant 
tfemanri from the construction and automotive 
industries. Page 15 

Rethink on Malaysia foam The controversial 
loan from the UK for the Malaysian Pergau Dam 
project is being renegotiated mid the £234m 
(5362.7m) cost of an interest rate subsidy over 14 
years may be reduced. Page 4 

Sc holes agrees Hanson bkfc Scholes Group, 

UK maker of electrical installation equipment, 
agreed to a £96- lm (5149m) bid from Hanson, more 
than 20 years after it first held merger talks with 
the conglomerate's Crabtree subsidiary. 

Page 14 

Mock trade market system for Paris: 

The Paris bourse is to operate a block-trade market 
system from October in an attempt to recoup some 
of the domestic business which has migrated to the 
innrinn Stock Exchange's Seaq international trad- 
ing system. Page 13 

Office costs soar in China: Rents for city 
offices in China and Vietnam have risen sharply 
this year to become some of the most e x p ensive to 
the world as international companies seek footholds 
in rapidly emerging markets. Page 12 


■ STOCK MARKET MOKES 


FT-SE tOO: 2,8953 HUB) 

YkU AM 

FT-SE Eurtracfc 100 _1.372.12 (*2.04} 

FT-SE-AAfl-Siare 1,5503 

Mttaf _282«72S (*11062} 

Km Yortc tacMne 
Dow Jones bid Ave .._ 3 . 737.63 (+ 17 . 16 ) 

S8P Composite 45433 (* 2 . 06 ) 

■ US LUNCHTIME RATES 


Federal Paste 4,**% 

3-rao Treas YW -4311% 

long Bond 

Yield 7537% 

■ LONDON MONEY 


3«o tauter* 5,’*% PVH 

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■ NORTH SEA OO. (Argus) 


Brest 15-day (SepO __.518.11 (17.92} 

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Union $3873 (388.4) 


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(150j039) 

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Unb DRUSOD 
Tutey 130000 
tM£ CtilZOO 


Smell of decay lingers in Kigali, city of the dead 


By Leslie Crawford, recently in Kigali 

There is an emptiness about Kigali 
which is more sinister than the mere 
lack of people. 

It is the city where the genocide of 
Rwanda’s minority Tutsi community 
began in April, and a taint, cloying smell 
of decaying flesh alerts newcomers to 
the fact that in Kigali, the living are 
outnumbered by the dead. 

After the massacres, the majority 
Hutu population took flight as the rebel 
Rwandan Patriotic Front, led by Tutsi 
exiles, captured the capiiaL It is a city of 
abandoned cars and abandoned villas. 
The three-month-long battle for Kigali, 
which ended earlier this month, also left 


its scars. The parliament building, 
which stood upon one of the city’s seven 
hills, was bombed beyond repair, so that 
the ceremony which installed Rwanda's 
new RPF-led government bad to be held 
outdoors. 

There was no officialdom present at 
the ceremony. Most civil servants were 
recruited from the ruling Hutu party, 
now in self-imposed exile. The new gov- 
ernment has no bureaucracy to execute 
its orders and no people to govern. 

The foyer of the Meridien hotel, where 
half the new cabinet has taken up resi- 
dence, is barricaded with sandbags. Few 
of its windows withstood the constant 
shelling which marked the fight for that 
sector of the city. There is no electricity 


to lighten the gloomy interior andlike 
the rest of the capital, the hotel has no 
running water. 

Therese, a Hutu employee left in 
charge of the Meridien after the evacua- 
tion of its European management, has 
only ventured outside the hotel once 
since the RPF took control of Kigali- 

“I went to see if my house was still 
standing," she says. "A Tutsi fondly has 
taken it over." 

She does not plan to register a com- 
plaint. She fears the new government 
and the boy soldiers who guard the 
numerous RPF roadblocks in the city. 
Inside the hotel, however, she feels pro- 
tected by the presence of UN troops who 
are billeted there. The RPF victory has 


sounded the clarion call for the Tutsi 
diaspora to return home. 

Driven into exile by a succession of 
Hutu governments, the returnees are 
breathing new life into the capital. They 
are easy to spot in their overloaded cars 
with Burundese or Ugandan number 
plates. 

Mr Protais Nkeshxmana. a taxi-driver 
bom in neighbouring Burundi, set font 
in the land of his parents for the first 
time this week. After driving around 
Kigali, he chose an empty' mansion in 
one of the capital’s smartest districts to 
begin a new lire. "If the owner comes 
back, we will vacate the house." he says, 
without much conviction. In the new 
Rwanda, there are as yet no courts or 


police to evict him. Outside the offices of 
Transintra. an international shipping 
company, Emile Twuhinva has come 
back to Inspect the damage wrought by 
the widespread looting which accompan- 
ied the massacres in Kigali. 

Twahirwa. a Tutsi, was separated 
from his wife and daughter when the 
killings began. He was saved by an offi- 
cer of the former Hutu army, who gave 
him a Hutu identity card and helped 
him escape from the capital. His family 
was murdered. 

“Every exile 1 know plans to return.” 
he says. “We must rebuild the country, 
but this time without the ethnic 

Continued on Page 12 


GM doubles profit 
to record $1.9bn 
in second quarter 


By Kevin Done, Motor Industry 
Correspondent, in London 

General Motors of the US, the 
world's biggest vehicle maker, 
more than doubled its net profits 
to a record $L9bn in the second 
quarter from $889m in the same 
period a year ago. 

The big three US vehicle mak- 
ers - GM. Ford and Chrysler - 
all achieved record profits in the 
second quarter, as they continue 
to recover strongly from the 
heavy losses of the early 1990s. 

Their profits are rising sharply 
helped by the continuing 
strength of the North American 
market and the start of recovery 
in western Europe, where GM is 
currently the most profitable vol- 
ume cannaker. 

GM remains the highest cost 
producer in North America with 
profit margins for below Ford 
and Chrysler, but it is starting to 
reap the benefits of the drastic 
restructuring of its North Ameri- 
can automotive operations, 
which have suffered losses for 
the last four years in succession. 

In the second quarter, GM’s 
domestic automotive operations 
achieved a net profit of $723m 
compared with a loss of 233m in 
the corresponding period a year 
ago, and the recovery was the 
key factor behind the overall 
group’s record profits. 

Gif's international automotive 


operations also increased net 
profits by 77 per cent in the sec- 
ond quarter to $543m from pnfan 
a year ago reflecting continuing 
high earnings in Latin America 
and “significantly improved prof- 
itability" in Europe. 

GM Hughes Electronics, the 
group's defence and automotive 
electronics subsidiary, increased 
its net profit in the second quar- 
ter from $232m to S267m. Its Elec- 
tronic Data Systems subsidiary 
raised its earnings to a record 
2197m from 2178m. but GMAC-, its 
financial services operation, suf- 
fered a foil in earnings to 2216m 
from 2285m a year ago. 

GMAC is continuing to be hit 
by the weakness of GM’s balance 
sheet, which has been battered 
by the heavy losses of recent 
years, which have undermined 
its credit ratings. 

In the US. GM*s share of the 
car and light truck market in the 
first half fell to 33.7 per cent from 
34.4 per cent in 1993. GM said the 
decline, in particular in the sec- 
ond quarter, reflected the 
start-up of production of new 
models and the group's inability 
to meet higher than expected 
demand for some other key 
vehicle lines. 

In North America it had still 
achieved its best six-month sales 
performance since 1990. 

GM. which includes Opel/Vaux- 
hall and Saab, increased its share 


of the west European new car 
market to UL9 per cent. 

Mr Jack Smith, chief executive, 
said that GM recognised that it 
could not become ‘'complacent" 
after its second quarter results. 
“We still have a lot of work 
ahead to Improve our earnings 
power and achieve target earning 
margins." 

In the second quarter it 
achieved a net margin of 2.7 per 
cent on its North American auto- 
motive operations against a loss 
of 0.1 per cent a year earlier, but 
its international automotive 
operations increased their net 
margin to 7.5 from 4.6 per cent 
"The dramatic improvement in 
margins is -an encouraging sign 
that we’re on track. We’re still 
considerably short, however, of 
our 5 per cent annual net margin 
target," Mr Smith said. 

In the first halt GM virtually 
doubled its group net income to 
22.78bn from 2L4bn a year ago on 
a turnover, which rose from 
270.8bn to 277.9bn. Before 
changes in accounting principles 
net income rose to 233.5bn. 

The North American automo- 
tive operations achieved a net 
income in the first half of 2526m 
compared with a loss of 2203m a 
year ago, while international 
automotive operations doubled 
earnings to 2969m from 2446m. 

Best yet to come. Page 13 


Lawyers 

resist 

Berlusconi 

detention 

By Robert Graham In Rome 

Lawyers were yesterday involved 
in a tug-of-war with Milan magis- 
trates to block the imprisonment 
of Mr Paolo Berlusconi, younger 
brother of the Italian prime min- 
ister, on corruption charges. 

Milan magistrates issued an 
arrest warrant for Mr Paolo Ber- 
lusconi on Tuesday, alleging his 
involvement in paying bribes 
totalling L330m (2211.500) to the 
Guardia di Finanza. the financial 
police, over tax inspections of the 
‘ininvest group. 

The arrest warrant for the 


Anti-corruption magistrates in 


on the grounds he 


Continued on Page 12 
Bank of Italy problem, Page 2 


Tagamet fails to win 
US backing for sale 
without prescription 


By PaU Abrahams In London 

Tagamet, SmithKline Beecham’s 
top-selling ulcer drug, should not 
be cleared for uon-prescription 
sales in the US, two advisory 
committees of the Food and Drug 
Adminis tration unanimously rec- 
ommended yesterday. 

The decision is a blow for the 
Anglo-American healthcare 
group, which had been hoping to 
use over-the-counter sales to 
counter the expected rapid 
decline in Tagamet revenues in 
the US after the expiry of its 
patents in May. 

Goldman Sachs, the US invest- 
ment bank, bad been predicting 
worldwide non-prescription sales 
for Tagamet of 0.00m (2150m) by 
1997. Tagamet is already avail- 
able without a prescription in the 
UK. SmithKlme's shares yester- 
day fell ll'/ip to 408p. 

Another FDA advisory commit- 
tee refused to recommend 
Regains. Upjohn’s baldness treat- 
ment, for sale without a prescrip- 
tion. The two rejections reinforce 
industry concerns that the 
chances of extending drugs’ reve- 
nues after patent expiries 
through non-prescription sales 
are being jeopardised by the 
FDA's increasing conservatism. 

“This is a substantia] setback 
for SmithKline Beech am. It’s 


really important to be first to the 
market with these new genera- 
tion drugs. The first could gener- 
ate annual US sales or 2500m by 
1995. the second 2200m, and the 
third 2100m," said Mr Viren 
Mehtha. of drugs analysts 
Mentha & Isalay. 

This is the second time FDA 
advisory committees have 
refused to recommend Tagamet 

The committees will today con- 
sider whether to recommend Pep- 
cid for sale without prescription. 
The drug, marketed by Merck 
and Johnson & Johnson of the 
US, is one of Tagamet’s main 
rivals. Another rival, Zantac, 
Glaxo Holdings’ topselling prod- 
uct is also being developed for 
non-prescription use. 

The committees were con- 
cerned about possible interac- 
tions of Tagamet with two widely 
prescribed medicines - Upjohn’s 
sleeping pill Haldon, and theo- 
pylline, an asthma treatment. 
However, they said their con- 
cerns about the effectiveness of 
Tagamet for heartburn had been 
met 

SmithKline Beecham said it 
would conduct additional clinical 
trials to meet the committees’ 
concerns. The committees voted 
the drug could be licensed with- 
out further intervention by them 
if their concerns were met. 


CONTENTS 


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Removal men start loading valuables belonging to businessman-politician Bernard Tapie from his Paris 
mansion to sell as part payment of EFrUbn Credit Lyonnais claims be owes the bank Report, Page 2 *p 


Moscow pledge on share trading 


By John Uoyd In Moscow 

The Russian government 
yesterday said it would devise 
regulations on share trading as 
the MMM finance house tottered 
on the verge of a collapse which 
would destroy the dreams of 
large numbers of its share- 
holders. 

The investors are unlikely to 
be compensated, certainly not in 
fufi, if the pyramid investment 


organisation collapses - though 
Mr Sergei Dubinin, the acting 
finance minister, has been put in 
charge of a committee which will 
see what can be done. 

The cabinet meeting called to 
consider the crisis at MMM - 
which now has an estimated 
20.000 people waiting around its 
Moscow headquarters to trade in 
their shares - heard an astonish- 
ing litany of government 
insouciance in the face ofthe 


unorthodox activities of MMM. 

It had not paid Rbs495bn of tax 
and bad not maintained or shown 
to the authorities proper records, 
according to Mr Vladimir Gusev, 
head of the taxation service. It 
continued to sell shares through 
a company named Russia House 
Selengha, despite a ban on such 
trading by the Supreme Arbitra- 
tion court. It has also, according 

Continued on Page 12 


© THE FINANCIAL TIMES LIMITED 1994 No 32,431 Week No 30 LON POH ■ PARIS - FRAHKFURTj HEW YORK ■ TOKYO 


Th» announcement appears as a nunrr of rcrord only. 


NORDLANDSBANKEN AS 

(Incorporated with limited liability in the Kingdom of Norway > 


Rights Issue 
of 



1,432,526 New Ordinary Shares 
of par value NOK 50 each 
Issue Price: NOK 85 per Share 


OSLO SECURITIES AS 


E 




FINANCIAL TIMES FRIDAY JULY 29 1994 


•> 


Berlusconi 
troubles 
rebound 
on Bank 
of Italy 

By Robert Graham fn Rome 

The Berlusconi government 
has failed to resolve the deli- 
cate issue of nominating a new 
director-general for the Bank 
of Italy, letting the matter slip 
until September. 

The bank’s Higher Council, 
responsible for making the for- 
mal nomination, had been 
expected to agree yesterday on 
a replacement for Mr Lamberto 
Dini, who left to become trea- 
sury minis ter after general 
elections in spring. 

But Mr Antonio Fazio, the 
bank's governor, failed to sig- 
nal that the council would be 
called in extraordinary session; 
only such a meeting can deter- 
mine who will hold the num- 
ber two job at the bank. 

The postponement is a fur- 
ther sign of difficulties encoun- 
tered by Mr Silvio Berlusconi, 
the prime minis ter, as he tries 
to till top jobs. It was only this 
week, after two month's wran- 
gling among the partners in 
the right-wing coalition, that 
the government agreed on the 
compromise choice of Mr Mich- 
ele Tedeschi to head Iri, the 
principal state holding. 

Attempts to find an accept- 
able successor to Mr Dini have 
come up against competing 
interests in the Bank of Italy 
and the government 

Although the 13-man Higher 
Council choses the replace- 
ment their choice must be con- 
firmed by the head of state in 
conjunction with the prime 
minister and treasury minister. 
In the wake of the Council’s 
previous abortive meeting at 
the start of the month, the gov- 
ernment issued a strongly 
worded statement asserting its 
right to makp nominations to 
senior posts at the bank. This 
right was not to be conftised 
with the bank's autonomy, the 
statement insisted. 

However, the Bank of Italy 
continues to press for someone 
from within the Institution, 
preserving both tradition and a 
sense of autonomy. The logical 
successor, in hierarchical 
terms, would be Mr Tommaso 
Padoa Schioppa, the most 
senior of the two deputy direc- 
tor-generals. But the govern- 
ment regards him as too close 
to Mr Carlo Azeglio Ciampi, 
who resigned as bank governor 
to become prime minister in 
1993 and who promoted Mr 
Fazio above Mr Dini 

The Berlusconi government 
wants to introduce new blood 
to the bank. Its favoured candi- 
date has been Mr Rainer Mas- 
era, a former head of the 
bank's research department, 
liberal economist and cur- 
rently in charge of Imi, the 
state controlled financial 
group. 

A compromise which would 
give the vacant job to Mr Vin- 
cenzo Desario, the junior dep- 
uty governor who is close to 
Mr Fazio, has yet to find sup- 
port. But the weaker the Ber- 
lusconi government becomes, 
the more Mr Fazio is likely to 
get his own way. 

The debate over the choice of 
a replacement does not reflect 
on the quality of the respective 
candidates but rather whom 
each person is seen to repre- 
sent. Whatever the outcome, 
relations between the govern- 
ment and the bank risk being 
damaged. 

Bank officials said yesterday 
that, by allowing more time for 
reflection, it was hoped an 
acceptable solution could be 
reached that would avoid 
harming such a sensitive rela- 
tionship. 

Good »nks between the two 
have become all the more 
important as the economy 
begins to recover from reces- 
sion and as the government 
crisis produces speculative 
pressure on the lira that could 
force up interest rates. 


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★ 


NEWS: EUROPE 


Emma Tucker on the problem at the heart of airline competition in Europe 


Flying the flag crowds airways 


T o understand why air 
transport is one of the 
last industries to face 
the rigours of competition in 
Europe, a good starting point 
is terminal 2, at London’s 
Heathrow airport 
From the spectators’ gallery 
overlooking the European huh. 
the picture is clear. Spain’s 
Iberia sits alongside Air 
France. Germany’s Lufthansa 
follows the Dutch KLM carrier 
on to the runway. The blue 
insig nia on the tail of Bel- 
gium’s Sabena pokes out from 
behind Italy’s Alitalia. 

“The biggest barrier to air 
transport liberalisation in 
Europe is this crazy idea that 
every member state has to 
have its own airline,” said a 
European Commission officiaL 
The result is that a relatively 
small land - mas s is supporting 
too many airlines. 

Europe's state-owned airlines 
occupy the same place as flags, 
languages and national 
anthems in the hearts of 
Europe’s citizens. “People still 
assume there is something 
glamorous about Hying," said 
the officiaL “But. . . ai rlines are 
just glorified bus companies.’* 
National pride more than 
anything explains why, six 


months after a Brussels com- 
mittee urged Europe to speed 
up liberalisation of its airways, 
the Co mmiss ion was yesterday 
unable to veto the last or three 
cases of state-aid to airlines to 
come before it this year - Air 
France, Greece’s Olympic and 

TAT of Portugal 

“It wasn't really a question 
of what Brussels believed, it 
was a question of what it could 
get away with,” said an indus- 
try official yesterday. 

To the horror of private air- 
lines without state subsidies, 
such as British Airways, and 
state-owned airlines that have 
restructured before privatisa- 
tion, such as Lufthansa, the 
Commission allowed the 
French government to pump 
FFr20bn (£2.4bn) into the bank- 
rupt Air France and the Greek 
government to inject Dr54bn 
(£147m) into Olympic. Earlier 
this month, the Portuguese 
Airline TAP was allowed to 
benefit from EslSObn (£723m) 
of government money. 

According to industry ana- 
lysts, the decision to allow the 
French government and others 
to have their way is merely 
prolonging the agony for air- 
lines that before long will have 
to face full-blown competition. 


“FFr20bn is enough money 
to create a new airline from 
scratch." said Mr Kevin Mur- 
phy. airline analyst at Morgan 
Stanley in New York. "That 
kind of subsidy will only per- 
petuate the inefficiencies that 
already exist at Air France." 

Yesterday the US administra- 
tion made clear its dismay at 
the Brussels decision. 

“In the late 1980s and early 


State carriers are 
like flags, 
languages and 
national anthems 


1990s. when PanAm and East- 
ern Airlines went under,” said 
a US diplomat in Brussels, “the 
US government resisted enor- 
mous pressure to intervene. In 
the long run, US carriers and 
consumers are better for it. 
The European Commission 
should have stood up to these 
subsidies in the same way.” 

The diplomat also noted that 
the Commission’s conditions 
on state aid to Air France left 
the door open for further aid 
and were not tough enough to 


offset the “negative and distor- 
tive effects" on competition. 

The decision, and the other 
state-aid approvals, formed 
part of Brussels’ careful 
approach to liberalising this 
most sensitive of industries. Its 
conclusions - in what looked 
like an attempt to steer a 
course between the ElTs liber- 
alisers and more intervention- 
ist members - argued that 
although privatisation was the 
implicit answer to the indus- 
try’s woes, a restructuring 
period was necessary first 

The most recent hand-outs 
were thus the so-called “one 
time-last time” payments, 
which would allow carriers to 
get back an to a normal com- 
mercial footing before privati- 
sation. 

The question now is how 
long the airlines can delay pri- 
vatisation. The one condition 
that Air France’s rivals would 
have liked to have seen 
imposed by the Commission 
would have been a definite 
date for privatisation. But 
none was set. Mr Bernard Bos- 
son, the French transport min- 
ister gave a vague reassurance 
that privatisation would follow 
the three-year restructuring. 

"What is happening now, is 


that everybody knows that the 
contraction of the airline 
industry is inevitable in 
Europe,” said the Commission 
officiaL "Governments are try- 
ing to make sure that when the 
fight finally comes, their 
national carriers wifi be the 
ones that survive." 

Until then -so far British 
Airways and British Midland 
remain the only EU "flag-carri- 
ers” to operate entirely private- 
ly - consumers will remain the 
overall losers. 

According to the report on 
which the Commission’s deci- 
sion was based, European air- 
lines' operating costs are about 
48 per cent higher than those 
of their US counterparts and 
total labour costs nearly 37 per 
cent higher. 

In addition, global competi- 
tion is hotting up. "In the US. 
cost structures are coming 
down even further, and that 
will affect European carriers’ 
competitive capability,” said 
Mr Murphy. 

"It is obvious that not all the 
national camera will survive.” 
Mr Peter Hobei of Lufthansa 
said yesterday. "Some will just 
end up servicing regional traf- 
fic” 


Political motives help keep Greek airline airborne 


By Kerin Hope in Athens 

The Greek government has strong 
political motives for ensuring the sur- 
vival of Olympic Airways, the debt- 
burdened state carrier. 

For a start, more than 4m diaspora 
Greeks, living mostly in the US. Can- 
ada and Australia, travel home fre- 
quently. They are courted by Athens as 
an important source of investment in 
Greece and influence abroad. 

Olympic lost Dr8.7bn (£23.6m) last 
year on long-banl routes to the US and 
Australia, equivalent to 66 per emit of 
overall operating losses. 

But, in arguing for approval of its 


subsidies to Olympic, the Greek gov- 
ernment persuaded the European Com- 
mission that New York and Sydney 
flights should be retained under the 
airline’s restr u c tu ring plan, approved 
earlier this week, because they help 
maintain cultural links and boost 
trade. 

Greek migrants’ remittances 
and shipping income, the Greek 
negotiators pointed out, together bring 
in more than $4bn a year, equal to 
almost two-thirds of Greek export earn- 
ings. 

US carriers are willing to operate 
direct flights to Greece only in the 
summer tourist season. 


Seasonality is one of Olympic’s prob- 
lems. Traffic is concentrated between 
Jane and September, when passenger 
loads are close to the maximom in the 
winter, months, domestic flights to the 
Greek islands may be two-thirds 
empty. 

Nevertheless. Olympic is obliged to 
serve island routes year-round, unlike 
foreign charter operators who fly 
between April and October and switch 
destinations from year to year accord- 
ing to tourist demand. 

The government argues that a regu- 
lar air service is important to keep 
Greek island communities alive. 

Population of the Aegean islands has 


stabilised over the past decade, after 20 
years of decline. More than 20 island 
airports are now able to handle medi- 
um-sized passenger jets. 

In addition, Greece's dispnte with 
Turkey over control of Aegean airspace 
means that maintaining flights to the 
eastern Aegean islands, close to the 
Turkish coast, is seen as vital to the 
national interest 

Aside from politics. Greek passen- 
gers on Internationa] flights show a 
surprising degree of loyalty to their 
national cam a-, considering its record 
on punctuality and customer service is 
considered the poorest among Euro- 
pean Union airlines. 



French troops clear mines on the road near Sarajevo on which a UK soldier was shot on Wednesday 

Russia and US split over 
Serb reply to peace plan 


By PhlQp Stephens and 
Chrystia Freeland In London 
and John Uoyd in Moscow 

General Pavel Grachev, the 
Russian defence minister , said 
yesterday after a meeting with 
Bosnian Serb leaders that he 
was certain they would accept 
the latest peace plan following 
their refusal to do so last week. 

Gen Grachev's optimism was 
not shared by all officials from 
other contact group nations. 
Mr Warren Christopher, the US 
secretary of state, yesterday 
characterised the initial care- 
fully qualified Serbian 
response to the peace plan as 
"tantamount to a rejection". 

A new Bosnian Serb 
response to the plan is expec- 
ted to be discussed at a meet- 
ing tomorrow in Geneva of the 
foreign ministers of the five-na- 
tion contact group. This group 
put forward the initial peace 
proposal, which set out a parti- 
tion of the territory. 


With the Americans and 
Russians at odds over how to 
pressure the Serbs into com- 
plying with the peace plan, and 
European government nervous 
for the troops they have sta- 
tioned in Bosnia, diplomats 
fear splits in the group could 
ul timatel y lead to an escala- 
tion of fighting in Bosnia. 

Gen Grachev, whose govern- 
ment is constrained by a pow- 
erful pro-Serbian domestic 
lobby but also has the most 
leverage over the Bosnian 
Serbs, offered Bosnian Serb 
leaders three unspecified pro- 
posals from Russian President 
Boris Yeltsin meant to make 
the peace plan more palatable. 
Gen Grachev said that the Bos- 
nian Serbs had not agreed to 
the initiative in full but indi- 
cated their willingness to 
accept the peace plan if cer- 
tain, unspecified, changes were 

made in the course of future 
discussions. 

In Britain, officials fear that 


the US administration might 
take a harder fine than other 
members of the contact group, 
urging an extension of Nato’s 
military role in Bosnia and the 
subsequent lifting of the arms 
embargo. British officials are 
concerned that Moscow might 
pull out of the Geneva meet- 
ing. forcing its postponement 

Mr Douglas Hurd, the UK 
foreign secretary, warned min- 
isterial colleagues in London 
yesterday that if Washington 
did not accept a more gradu- 
ated approach to increasing 
pressure on the Serbs, Britain 
could be forced into a rapid 
withdrawal of its troops. 

But in testimony before the 
House foreign affairs commit- 
tee in Washington, Mr Christo- 
pher took a gentler stance. 

Mr Christopher said pressure 
to lift the arms embargo would 
become “Irresistible" only after 
failure of tightened sanctions 
and stricter enforcement of 
existing safe havens. 


Germans fear 
weak $ will 
hit recovery 

Industry looks to Bundesbank for 
cut, writes Christopher Parkes 


G ermany’s industrial 
leadership has been 
showing signs this 
week of increasing restiveness 
about the strength of the eco- 
nomic recovery and the effects 
of exchange rate distortions on 
business prospects. 

Mr Henning Schulte-Noelle, 
chairman of the Allianz insur- 
ance group, warned in Munich 
that con tinuing dollar weak- 
ness could “draw a line 
through our calculations" for 
1994. 

Every one pfennig drop in 
the value of the US currency 
below the official fixing of 
DM1.7263 on December 31 last 
year implied a drop in the com- 
pany’s sales of DMlOOm 
(363.6m), he claimed. 

An interim profits report 
from BMW, the quality car- 
maker, also warned of "consid- 
erable risks” for economic 
developments in the renewed 
strength of the German 
currency. 

“A continued rise in the 
external value of the D-Mark 
could bring the expected eco- 
nomic recovery back into ques- 
tion,” it said. 

Meanwhile. Gesamtmetall, 
the engineering industry 
employers’ association, warned 
there would be no “sweeping 
improvement” in the sector's 
earnings this year after 
aggregate losses of DM7bn in 
1993. 

Even though new data has 
shown orders for machinery 
and plant continuing to rise - 
they were up a real 10 per cent 
in the first half of the year - 
Gesamtmetall said the need for 
rationalisation was still 


as strong as last year. 

The association's gloom 
stemmed from a survey in May 
by the respected Ifo economics 
institute of more than 1,000 
engineering and electrical com- 
panies, in which only 38 per 
cent said they expected better 
results this year. 

Since two-thirds of these 
more optimistic forecasts came 
from companies which made 
losses in 1993, the association 
suggested that most of them 
expected no more than reduced 
deficits this year. 

Although the association’s 
warning that “a lot remains to 
be done, above all on the 
wages front” smacked of poli- 
ticking in advance of the 1995 
wages round, due to start in 
the autumn, it echoed worries 
voiced by individual 
companies. 

According to Siemens, Ger- 
many’s biggest electrical engi- 
neering group, price competi- 
tion and currency factors had 
depressed prices of some prod- 
ucts by up to 10 per cent. 

Simultaneous warnings from 
two of Germany's leading com- 
panies also suggested real con- 
cern tbat the Bundesbank's 
tight hold on interest rates - 
one reason for the D-Mark’s 
strength - could damage pros- 
pects for many industrial 
sectors. 

Although most economists 
expect at least one more cut in 
the intemationally-sensitive 
4.5 per cent discount rate 
before the end of the year, this 
week's statements suggest 
pressure is mounting for a 
move as soon after the summer 
break as possible. 


Too much water and wine don’t mix 

Thunderstorms have wrecked some of the best French vineyards, writes John Ridding 


F or some French wine producers 
it never rains, but it pours. The 
violent thunder and hailstorms 
that have rolled across France over the 
past few weeks have struck at random, 
causing serious damage to some vine- 
yards, while leaving others untouched. 

Take the case of the Puligny-Mon- 
trachet vineyards in the Burgundy 
region of eastern France. Heavy ball on 
the night of July 17 could reduce this 
year’s production by up to 20 per cent 
Some vineyards are particularly 
affected. Chartron and Trebuchet, a 
company which owns and manages 
vineyards on the region's Montrachet 
hill, says that its grands crus and pre- 
miers crus have suffered severely. 

"As far as the Domains Jean Char- 


tron is concerned, the parcels Clos des 
Chevaliers, Clos du Cailleret, Clos de la 
Pucelie and Les Folatieres have unfor- 
tunately been devastated by more than 
50 per cent” says Mr Louis Trdbuchet. 

A colleague points out the element of 
chance involved. “In Burgundy we have 
to live with hail. But it is very pinpoint 
A few hundred metres away there will 
be no damage,” she says. 

There may be a silver lining to the 
hailstorm clouds. The scarcity of this 
year’s vintage could raise prices of the 
Domaine Jean Chartron wines, for 
which the grands crus already cost 
more than FFr300 (£36) a bottle. But 
wine experts say that any increase in 
prices will be determined by the quality 
Of this year’s wine and the production 


in rival high-quality vineyards. 

Other regions have also been affected 
by the recent storms. "Last weekend 
there was some damage,” says a spokes- 
man for the association of Bordeaux 
wine producers. “But it appears very 
isolated and I don’t think there will be 
a widespread affect on production. For 
those which have been affected, how- 
ever, the effects can be very damaging." 

Until the harvests are gathered over 
the next few months, it is unclear 
whether 1994 will mark another year of 
declining production. Total production 
Tell in 1993 by 19 per cent, to 53m hecto- 
litres. according to Insee, the national 
statistics office. 

Last year, too, the weather was to 
blame. “The harvest was greatly 


affected by rain.” says Insee, citing 
Aquitaine in southwestern France as 
one of the worst-hit regions. 

In generaL however, the report con- 
cludes that the quality of the harvest 
was not greatly affected and ”1993 
should count among the good years”. 
There were other encouraging signs. 
Consumption rose by 7 per cent in vol- 
ume terms, after several years of 
decline, although prices continued their 

downward trend. 

The sole exception, according to 
Insee, has been for Burgundy wines, 
where the average price rose by 6 per 
cent last year. As they survey their 
ravaged vineyards, however, tbat may 
prove tittle consolation for the produc- 
ers of Puligny-MontracheL 


EUROPEAN NEWS DIGEST 

Brussels clears 
BT-MCI link 

The European Commission has cleared an alliance between. 
British Telecom and MCI, the US operator, to provide global 
telecom services to multinational companies. The ruling, 
which remains in effect until the year 2000. removes the last 
serious regulatory hurdle to the deal which US authori ties 
approved earlier this month. The ruling yesterday is the first 
In -depth examination by Brussels of global alliances in the fast 
growing telecom market 

The ruling covers the plan by BT to take a 20 per cent stake 
valued at S43bn (£2.<7bn) in MCI and the proposed joint 
venture known as Concert to provide services such as data 
transmission, videoconferencing and global calling cards. The 
Commission said the BT stake in MCI was not a threat to 
competition as BT had no possibility of controlling or influenc- 
ing MCL On the other hand, it would restrict competition as 
the two companies were at least "potential competitors” in the 
market for value added services and general telecommunica- 
tions. It also found that the appointment of BT as exclusive 
distributor of Concert within the European Economic Area 
(EEA) - which covers the EU as well as Austria, F in lan d . 
Iceland. Norway and Sweden - was anti-competitive. It has 
obtained an assurance that any user in the EEA will be able to 
obtain Concert's services through MCL In addition, a provision 
intended to dissuade MCI from mitering the EEA market will 
last for five years Lionel Border. Brussels 

Bank seizes Tapie’s furniture 

Credit Lyonnais yesterday seized most of Mr Bernard Taple's 
valuable 18th century furniture and pictures from his Paris 
mansion in order to sell them as part repayment of the 
FFrl.2bn (£i44m) which the businessman-politician owes the 
bank. Mr Tapie denounced the seizure as "illegal and politi- 
cally motivated”. In March Credit Lyonnais agreed to spread 
repayment of Mr Tapie's debts over four years, but it claims 
Mr Tapie has since failed to honour provisions relating to his 
mortgaged furniture. Mr Tapie Haims the bank breached the 
March debt accord, an argument which his lawyers will put to 
a court h earing in late October, at which Credit Lyonnais is 
separately seeking to recover FFl237m of its loans. Mr Tapie 
claimed yesterday that he had enough assets to cover his 
debts. David Buchan. Boris 

OECD delays picking chief 

Ambassadors to the Organisation for Economic Cooperation 
and Development removed the question of who should became 
the new head of tire institution from the agenda of a council 
meeting yesterday, delaying a decision until September. The 
OECD’s 25 members have been divided for months over which 
of four candidates should become secretary -general when the 
second five-year man date of Mr Jean-Claude Paye expires in 
September. Mr Donald Johnston - former head of Canada's 
Liberal party who has the backing of the US, Japan and, 
according to his supporters, at least 10 other countries - is 
believed to be the leading candidate. Mr Paye. who is seeking 
a third term, is said to be the second favourite, with Mr Nigel 
Lawson, former British chancellor of the exchequer, behind 
him. Diplomats said the fourth candidate, Germany’s top trade 
negotiator Mr Lorenz Schomerus, appears to be oat of the 
running. Reuier. Paris 

France trims key interest rate 

The Bank of France yesterday trimmed its key short-term 
interest rate by one-tenth of a percentage point, to 5 per cent, 
in a further easing of monetary policy. The cut in the interven- 
tion rate, the floor for money market rates, was consistent 
with the central bank's strategy of tracking the German repo 
rate lower while maintaining a gap of 15-25 basis points. 
Yesterday’s move leaves France’s Intervention rate 15 basis 
points above the repo rate. Economists in Paris said another 
cut appeared unlikely in the next month as the Bundesbank 
had frozen the repo rate until at least the last week of August 
John Bidding. Paris 

Reynolds faces beef report 

A report on alleged irregularities in the Irish beef trade is due 
to be presented to the Irish government today, with poten- 
tially embarrassing repercussions for Mr Albert Reynolds, the 
prime* minister, who was agriculture minister during some of j 
the period under investigation. The report is expected to ! 
answer questions raised during the inquiry regarding Mr 
Reynolds’ prudence in providing unprecedented levels of ; 
export credit insurance for beef exports to Iraq. Mr Dick 
Spring, foreign minister, who leads the Labour half of a 
coalition government with Mr Reynolds’ Fianna Fail party, is 
understood to have made allegations about Mr Reynolds in , 
evidence given to the inquiry, which sat between June 1991 
and July 1993. The Irish government will discuss the findings 
of the inquiry, which is understood to have cost I£25 m 
(£24.7m). at a special meeting next week. John McManus, 
Dublin 


EU voters support vetting 

A large majority of voters throughout the European Union 
support the European parliament’s new powers to vet mem- 
bers of the European Commission, according to an EU-wide 
opinion poll published yesterday. According to the survey, 
carried out by the European Co mmissi on as part of its regular 
Eurobarometer series, 73 per cent of EU voters say the presi- 
dent and members of the Commission should hold office only 
if they are supported by a majority in the Strasbourg parlia- 
ment. Only 9 per cent oppose this view, the survey indicates. 
Following its narrow vote in favour of Mr Jacques Santer, 
designated to take the Commission presidency in January, the 
parliament Is due to hold nomination hearings with proposed 
commissioners in autumn. David Marsh, London 

ECONOMIC WATCH 


Dutch GDP outstrips forecast 


Netherlands 



Dutch gross domestic product 
rose per cent in the first 
quarter of 1994 against the 
year-earlier period, outstrip- 
ping a preliminary estimate 
of IB per cent made in early 
June. The central statistical 
office said the upward revi- 
sion was largely due to avail- 
ability of more accurate for- 
eign trade figures, which 
showed a 7.1 per cent jump in 
the volume of goods and ser- 
vices sold abroad in the first 
three months of the year. The 
LB per cent increase - the 


i99o si 92 83 94 highest quarterly gain since a 

saureAt Dat&stnom 3.3 per cent rise In the open- 

ing period of 1992 - was also 
helped by a 2J> per cent increase In cons umer spending. 
Purchases erf new cars were particularly buoyant, rising by 
about 25 per cent against the weak first quarter of 1993. 
Ronald van de Krol Amsterdam 


m Spain’s jobless total fell by nearly 30,000 in April-June. the 
first seasonally adjusted quarterly growth in employment 
since the opening period of 19 91. The jobless total now stands 
at 3.7m, or 245 per cent of the working population. 

■ Denmark's unemployment rate in June dropped to 113 per 
cent of the workforce, from 12.4 per cent in May. anwmting to 
figures released yesterday. 

■ Poland’s industrial output rose 9.9 per cent In the first six 
months of this year compared with last year’s period. Average 
inflation over tire six months fell to 31.3 per cent from 35.3 per 
cent in the opening half of 1993. 



FINANCIAL TIMES FRIDAY JULY 29 1994 



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NEWS: THE AMERICAS 


Negotiators agree tough measures 

Compromise deal 
on US crime bill 


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By Jeremy Kahn 
in Washington 

House and Senate negotiators 
reached a compromise yester- 
day on tough anti-crime legis- 
lation that will put thousands 
more police on US streets, ban 
several types of assault guns 
and impose harsher sentences 
on criminal.*. 

The huge crime bill, which 
will cost $30bn (£l9.3bn) to 
implement, is a top priority of 
the administration. It passed 
both congressional chambers 
earlier this year in differing 
forms, but a House-Senate con- 
ference committee, responsible 
for reconciling the two ver- 
sions, was deadlocked for 
weeks over several controver- 
sial provisions. 

The negotiators worked 
unsuccessfully through 
Wednesday night, unable to 
teach a compromise until mid- 
morning yesterday. 

In the end, they kept the ban 


on 19 brands of assault 
weapon, passed by both House 
and Senate, but adamantly 
opposed by Mr Jack Brooks, 
House chairman of the confer- 
ence committee. The negotia- 
tors dropped the so-called 
racial justice provision that 
would have allowed minority 
defendants to challenge the 
death penalty by using statisti- 
cal evidence that capital p un - 
ishment is Imposed more often 
on blacks and minorities. 

The influential Congressio- 
nal Black Caucus strongly sup- 
ported the racial justice mea- 
sure. but Senate Republicans 
throated to use a filibuster to 
kill a bill that included it. The 
Black Caucus now says it will 
oppose a procedural vote 
needed to bring the crimp bill 
to the House floor, but nor the 
bill itself. 

The legislation also helps 
local communities hire 100.000 
more police officers, gives 
states grants to build more 


prisons, sets up special courts 
to deal with first-time drug 
offenders, and increases from 
two to about 60 the number of 
federal crimes for which the 
death penalty can be imposed. 

It also mandates life sen- 
tences Tor third-time offenders 
whose last conviction was for a 
violent or drug-related crime, 
allows federal prosecutors to 
treat offenders as young as 13 
as adults in particularly brutal 
cases, and makes gender-based 
violence against women a civil 
rights violation. Gender-based 
crimes include spouse beating 
and stalking. 

With the Clinton administra- 
tion pushing hard for the bill, 
and members of Congress - 
many of whom are up for re- 
election in November - eager 
to prove to their constituents 
that they are tough on crime, 
the bill is expected to sail 
through both chambers in the 
next week. A vote in the House 
could come as early as today. 


Nussbaum pressed on 
Whitewater discussions 


dl!t| By Juretc Martin in Washington 

Former White House legal 
counsel Mr Bernard Nussbaum 
denied yesterday that he had 
‘ - tried to persuade Mr Roger Alt- 
’ ' man. the deputy Treasury sec- 

retary, not to disqualify him - 
self from jurisdiction over the 
Arkansas savings and loan 
institution at the heart of the 
.? Whitewater affair. 

But Mr Nussbaum said he 
had reminded Mr Altman in 
February that the Treasury's 
own lawyers had already deter- 
mined that there was no ''legal 
or ethical reason” why Mr Alt- 
man should step aside, his 
’ p longstanding friendship with 

‘ ‘ u President Bill Clinton notwith- 

standing. “I left it to him to 
make his own decision,” Mr 
Nussbaum added. 

Mr Nussbaum explained that 
he was particularly concerned 
about the “bad precedent” of 
government officials prema- 
turely excusing themselves 
from their responsibilities at 
even the hint of conflict of 
interest. 

At precisely the same time, 
he went on. Ms Ricki Tigert. 
" nominated to run the Federal 
Deposit Insurance Corporation, 
was being pressed by Congress 
to excuse herself from any- 
thing even remotely connected 
with Mr Clinton, whom she 
bad known for years. She has 
still not been confirmed. 

The exact nature of the dis- 
cussions between the White 
House and Treasury between 
last September and this Febru- 
ary emerged as the focus of 
Republican questioning during 
the second day of the House 
banking committee’s hearings 
on the “Washington end" of 
Whitewater, which involves 
the first family's land and 
financial dealings in Arkansas. 

. ; This attention was hardly 

surprising given a front page 
article in the New York limes 
predicting a shake-up in the 
Treasury high command as a 
result of internal tensions gen- 
erated by apparently conflict- 
ing recollections of who said 
what, when and to whom. 





Bernard Nussbaum Is sworn in at yesterday's hearing 


Mr Altman appears the most 
vulnerable, though the White 
House this week expressed 
confidence in him. 

But Mr Bentsen. previously 
above the Whitewater fray, 
was reported to be displeased 
with Mr Altman’s conduct, 
while Ms Jean Hansen, the 
Treasury legal counsel, was 
portrayed as being increas- 
ingly isolated as both Mr Bent- 
sen and Mr Altman disputed 
her version of contacts 
between the White House and 
Treasury. All three are due to 
testify next week. 

Mr Nussbaum gave nothing 
away and repeatedly denied 
even the suspicions of impro- 
priety. 

While Democrats on the 
banking committee, chaired 
with an iron hand by Congress- 
man Henry Gonzalez, remained 
supportive. Republicans 
refined their attacks by the 
process of having several mem- 
bers yield their allotted five 
minutes of questioning to Con- 
gressman Bill McCollum of Flo- 
rida. long a leading White- 
water critic. 

Mr Nussbaum testily denied 
assertions by Mr McCollum 


and Congressman Jim Leach of 
Iowa that he had acted more as 
the president's personal lawyer 
than as legal adviser to the 
office of the presidency. 

But it would have been a der- 
eliction of the latter duty, he 
argued, if the White House 
were not kept abreast of issues 
which might involve the presi- 
dent. putting it in a better posi- 
tion to respond to inquiries 
from the media. 

Thus, last September, it was 
his duty to know that the 
affairs of Madison Guaranty, 
the Arkansas savings and loan, 
had been referred for possible 
criminal prosecution to the 
Justice Department, with at 
least the chance that Mr Clin- 
ton, though not the subject of 
the referral, could be called as 
a witness. 

“What this involved to me 
was some possible illegal or 
improper campaign contribu- 
tions." he said. “Politicians, 
presidents, congressmen get 
thousands of contributions. 
Somebody may have made 
improper contributions. This is 
the president and I recognise 
we may get press inquiries, but 
this was not , . a big deal.” 


Guatemala 
rights 
agreement 
fails to 
take root 


By Edward Oriebar 
in Guatemala City 

Only fonr months after the 
Guatemalan government and 
left-wing guerrillas signed a 
human rights agreement, vio- 
lations have increased. The 
United Nations has also yet to 
Install a monitoring mission 
as stipulated in the accord. 

Political «fHwg *, disappear- 
ances and kidnappings have 
doubled In the first six months 
of this year compared to the 
equivalent period in 1993, 
according to the Roman Catho- 
lic Church's human rights 
office. 

Sightings of tortured bodies 
on the streets of Guatemala 
City are becoming more fre- 
quent, and the army has con- 
tinned to recruit youths forci- 
bly in rural areas, violating 
last March's agreement 

Bureaucratic delays at the 
UN have stalled the deploy- 
ment of a mission to verily the 
application of the agreement, 
say officials, despite a 
reported commitment by the 
UN to set up a mission by the 
end of June. 

The guerrillas of the Guate- 
malan National Revolutionary 
Unity thought they had won a 
small victory by insisting on 
immediate UN verification in 
the face of long-standing oppo- 
sition from the powerful Gua- 
temalan army. 

They have now threatened 
to suspend talks. “If the mini- 
mum conditions established in 
the Global Agreement on 
Human Rights are not met, it 
is not possible to continue in a 
process of negotiation,” they 
said m a statement in national 
newspapers last week. 

The delay has led to com- 
plaints by local human rights 
groups that the international 
community appears more con- 
cerned about keeping to a 
tight agenda to end the con- 
flict than in fostering the con- 
ditions for lasting peace whore 
basic rights are respected. 

“They are only interested in 
a ceasefire, not in seeing a res- 
olution of the substantive 
issues which are considered to 
have originated and fuelled 
the armed conflict,” says Mon- 
signor Rodolfo Qnesada, a for- 
mer peace mediator. 

The two sides who have been 
negotiating an end to the 33- 
year civil war for three years 
agreed in Janaary on a time- 
table to sign a final peace 
agreement In December. Since 
then they have made strong 
advances, most recently in 
Oslo last month when they 
agreed on the establishment of 
a “tr o th commission” to docu- 
ment human rights violations. 

But the commission has 
been criticised as merely sym- 
bolic by human rights activ- 
ists, including the Nobel Peace 
Prize-winner Ms Rigoberta 
Menchu, because it will fall 
short of naming individuals 
responsible for abuses, and 
will not provide a moral sanc- 
tion. Its role will merely be to 
document events. 

About 150,000 people bave 
died in Guatemala’s internal 
conflict, mostly killed by the 
security forces, according to 
human rights groups. 

Sources close to the talks 
say the guerrillas were 
extremely reluctant to agree to 
a commission wtth such small 
teeth, bat were overwhelmed 
by pressure from the UN and 
the international community. 


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Cardenas fails to inspire, but is 
still a threat on poll legitimacy 

Trailing third, the left’s man talks of civil protest 
if there is electoral fraud, writes Damian Fraser 



MEXICAN 


He campaigns 
tirelessly 
\ \ a r o u n d 

\ »yl Mexico’s coun- 
tryside and 
cities, going to 
as many as 10 
rallies in a 14- 
hour day. He 
almost never 
smiles, his face 
deadly earnest 
as he relent- 
lessly criticises 
ELECTIONS the governing 

party and what 

he sees as the country's deter- 
iorating economic and social 
conditions. 

Mr Cuauhtemoc Cardenas, 
presidential candidate of 
Mexico's leftist Democratic 
Revolutionary party, was for a 
long time considered the most 
serious threat to Mexico's Insti- 
tutional Revolutionary party 
(PRI) in the election next 
month. He came close to win- 
ning the presidency in 1988. is 
the son of Mexico’s most 
revered president, and offers 
the clearest alternative to the 
PRL 

But with less than a month 
to go before the election on 
August 21, Mr CArdenas is now 
trailing a distant third in the 
opinion polls, and victory looks 
beyond his reach. Unlike in 
1988, his campaign has gener- 
ated little excitement, and his 
calls for social justice and dem- 
ocratic transition have largely 
fallen on deaf ears. 

His solemnity and lifeless 
style contrast sharply with the 
fiery Diego Femdndez de Cev- 
allos, the presidential candi- 
date of the centre-right opposi- 
tion and at present the main, if 
distant threat to Mr Ernesto 
Zedillo or the ruling party. 
Even some aides to Mr C&r- 
denas admit their disappoint- 
ment with his campaign, and 
despite the recent moderation 
of his economic polices, his 
inability to appeal to younger, 
middle-class voters. 

“The government has con- 
vinced the upper and middle 
classes that Cdrdenas would 
be disastrous for them." says 
Mr Adolfo Aguilar, Mr Cfirden* 
as’s spokesman. “We have 
failed to come up with a 


strategy to counter this." 

Mr Cdrdenas’s popularity, 
which had steadily fallen since 
the 19S8 election, plunged after 
the first ever television debate 
held between the country's 
main presidential candidates 
more than two months ago. He 
failed to respond to harsh 
attacks on his record as gover- 
nor of the state of Michoacan, 
and was widely perceived as 
weak and inarticulate. 

But even in third place, Mr 
Cardenas represents a threat to 
the rating party's hopes of tak- 
ing power in a peaceful envi- 
ronment While the other oppo- 
sition leaders appear ready to 
accept a PRI victory. Mr Car- 
denas has been adamant in his 
refusal to legitimise an elec- 
toral system he believes is 
biased in favour of the govern- 
ing party. 

'If he can mobilise 
5 per cent of his 
support then there 
couid be trouble’ 


Last week Mr Cdrdenns 
refused to sign a p re-electoral 
pact of civility with the PRI, 
saying he would await the out- 
come before agreeing to sign 
any accord. Recently he has 
attacked Mr Jorge Carpizo, the 
interior minister, for being too 
partisan to the PRL and was 
alone in rejecting the govern- 
ment's appointment of a new 
special prosecutor for electoral 
affairs. 

He says that if there is fraud 
in the election, he will mount a 
campaign of civil protests - as 
he did in 1988. Although he 
denies that a threat is 
intended, he has agreed to 
send observers to attend a con- 
vention on democracy next 
month hosted by rebel Zapatis- 
tas in the state of Chiapas, 
raising fears of possible 
co-operation between his party 
and the Mayan insurgents. 

“He could get up to 7m 
votes,” says one official from 
the PRL % he can mobilise 5 
per cent of that after the elec- 
tion then (here could be trou- 
ble.” 


Since the debate Mr Car- 
denas has focused his cam- 
paign on poorer agricultural 

parts of the country. His hope 
is (hat the steady fall of 
incomes and impoverishment 
of most agricultural workers 
over recent years will loosen 
the ruling party’s hold on the 
rural vote. 

On the stump. Mr Cardenas 
attacks the government's poli- 
cies of reducing agricultural 
subsidies and allowing commu- 
nal farmers to sell their plots 
to private landowners. He said 
tn a recent interview' that sub- 
sidies and land reform enabled 
agriculture to prosper for so 
long and could do so again. 

Mr Cardenas's electoral 
strategy is risky because the 
PRI traditionally has domi- 
nated the rural areas, winning 
more than 65 per cent of the 
vote in more than 80 of the 110 
rural districts in the country in 
1988. Mr Cardenas, perhaps 
because fraud was more preva- 
lent in the countryside, wan 
the overwhelming majority of 
his votes in the cities in 1988. 

But with Mr Zedillo and Mr 
Femdndez clearly ahead in the 
cities, Mr Cardenas bas 
decided to gamble on a change 
in traditional voting patterns. 
“We are hoping for a high pro- 
portion of the votes of fanners 
who have been hurt by the cur- 
rent administration,” he said. 
“I expect that we will have a 
better chance of defending the 
vote this time in the country- 
side." 

If Mr Cardenas has his eyes 
on circumstances after the 
election, he may be calculating 
that disgruntled peasant sym- 
pathisers will be ready to dem- 
onstrate in his favour. Some 
Cardenas aides reckon the 
peasant revolt in Chiapas at 
the beginning of the year may 
inspire poor farmers to join Mr 
Cardenas tn protests against 
electoral fraud. 

Mr Cardenas is adamant that 
he will not endorse violence. 
But there seems little doubt 
that If he believes fraud has 
robbed him of votes, he will 
protest the result and chal- 
lenge the legitimacy of the vic- 
tor. What is uncertain is how 
much support he will have. 



Cdrdcnast: little excitement 



Zedillo: front-runner 


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NEWS: INTERNATIONAL 


Japanese rise 
in output 
holds steady 


By WQiam Dawkins in Tokyo 

Japanese industrial production 
rose in the three months to 
June for th° second consecu- 
tive quarter, the first time it 
has done this since the down- 
turn hit nearly three years 
ago. 

Increased sales helped out- 
put in the second period to rise 
by 0.8 per cent against the 
opening three months of the 
year, when production 
increased by 1.5 per cent, 
according to the Ministry of 
International Trade and Indus- 
try. However, it warned that 
output might weaken in the 
third quarter, due to price 
advantages given to imports by 
the yen's strength. 

Output in June rose 2 per 
cent horn the previous month, 
having fallen in April and May. 
On an unadjusted basis it was 
stagnant in the year to June, 
breaking a record 32 consecu- 


tive months of decline. 

Manufacturing sales rose 4.1 
per cent from May to June, 
contributing to a decline in 
stocks of unsold goods. Miti's 
index of inventories to annual 
sales fell by 4.1 per cent to 
1115 in June, not far above the 
110 at which the ministry 
believes stocks will he suffi- 
ciently reduced in line with 
demand. Officials said stock 
reduction was in the final 
phase and posing less of a drag 
on production. 

Japanese business planned 
to reduce investment in plant 
and equipment by 3.2 per cent 
in the final quarter of the year, 
after a 2.8 per cent fall in the 
third quarter and a 4.4 per cent 
decline in the second period. 
This confirms that corporate 
investment has yet to bottom 
out, and that the fragile signs 
of recovery are being sup- 
ported mainly by personal 
spending. 


Anti-personnel 
min e curb by UK 


By Bruce Clark, 

Defence Correspondent 

The UK government, faced 
with mounting evidence of the 
tragedy caused by anti-person- 
nel mines, has announced a 
ban on the export of all such 
weapons, except higit technol- 
ogy models which are primed 
to self-destruct 

The "self-destructing" vari- 
ety of mine is supposed to 
avoid the risk of civilians 
being accidentally killed after 
hostilities have ceased. 

More t h a n loom mines have 
been scattered around the bat- 
tlefields of the world, and the 
United Nations estimates that 
at least 800 people die every 
month as a result of stepping 
on them. Worst affected coun- 
tries include Afghanistan, 
Angola, Cambodia and Iraq. 

Britain has not in practice 
sold any mines since 1985. 
However, this week's 
announcement is apparently 
intended to bolster the UK's 
authority in international 
negotiations over the trade. It 
amounts to an undertaking 
that sales of the cruder variety 
of mine will not be resumed 


for an indefinite period. 

It does, however, leave open 
the possibility of developing 
and exporting the self-destruct- 
ing model. The Mines Advisory 
Group, a British charity which 
helps clear minefields, 
described the decision as "cyni- 
cal and misleading”. It said the 
failure rate of self-desthictmg 
mines was unacceptably high. 

More than lm supposedly 
self-destructing mines had 
remained live after the Gulf 
war. and similar weapons 
dropped on Laos by US aircraft 
25 years age were still claiming 
lives. The Foreign Office said it 
would be encouraging other 
countries to follow its example 
and abide by an agreed code of 
conduct on mine exports. Italy, 
the world's third largest 
exporter of anti-personnel 
mines, recently promised a 
blanket ban on their produc- 
tion and export 

US and UK policy has 
focused more on a “technical 
solution” to the question of 
mines, arguing that it is possi- 
ble to calibrate the weapons in 
such a way as to make them 
harmless after their military 
purpose has been served. 


NEWS IN BRIEF 


UK dam loan to 
be renegotiated 

The controversial subsidised loan provided by the UK 
government for the Malaysian Pergau dam project is being rene- 
gotiated, report Robert Peston and James Blitz. Bankers said 
yesterday the £234m cash cost to the UK government of providing 
the interest rate subsidy over 14 years may be reduced. However, 
a banker stressed the initiative had come from Malaysia. British 
officials regard it as a commercial request which does not signifi- 
cantly alter the basis of the subsidy agreement that was struck in 
February 1991. 

Last year, a UK National Audit Office report criticised the 
method of providing the subsidy cbosen by the Overseas Develop- 
ment Administration, saying the cost to the UK taxpayer would 
be £56m more than if a more economical option had been chosen. 
The original Pergau loan of more than £300m was provided by 
commercial banks headed by Schraders, the UK merchant bank. 
It was made to Tenaga National, the Malaysian electricity author- 
ity. for the construction of a hydro-electric dam at Pergau, though 
the loan was guaranteed by the Malaysian government Tenaga 
pays a minimal interest rate, but the commercial banks receive a 
market rate, thanks to the UK government subsidy. 

Asean may act against sect 

South-east Asian governments will meet in Malay sia next week to 
co-ordinate action against an Islamic sect whose growing influ- 
ence has alarmed the authorities in the Moslem countries of the 
region. Victor Mallet reports from Bangkok. 

The A2-Arqam movement, named after an early companion of 
the prophet Mohammed in Mecca, is a mystical sect that believes 
in the imminent arrival of an Islamic messiah. Called “technologi- 
cal sufism" by some supporters, Al-Arqam preaches basic Islamic 
values but also has extensive business interests • including res- 
taurants, software companies and advertising agencies. 

Malaysian police have detained 41 suspected Al-Arqam support- 
ers in the past week, accusing them of distributing pamphlets 
illegally. Indonesia is also considering a ban. and the small 
Sultanate of Brunei has already outlawed the group. 

Beijing attacked on rights 

Human Rights groups have accused Beijing of "tightening the 
noose" on dissidents following the US decision in May to renew 
China's most favoured nation trading status and to de-link trade 
and human rights, Tony Walker reports from Beijing. 

Human Rights Watch/Asia said in a 27-page report issued today 
that the authorities had begun holding dissidents in "prolonged 
incommunicado detention” without informing their families of 
their whereabouts or, in some cases, acknowledging their arrest. 
China also promulgated new security laws in June just days after 
the MFN decision aimed at ‘‘further restricting the ability of 
activists to meet speak and organise” 

Nuclear bomb claim rejected 

Officials in South Korea yesterday expressed strong doubts about 
a claim by a senior North Korean defector that his country 
possesses five nuclear bombs, John Burton reports from Seoul. 

It said there was no evidence to support the claim by Mr Kang 
Myong-do. the son-in-law of the North Korean prime minister. 
Seoul says North Korea hag the plutonium but has been unable to 
i- »» tQ , b° mbs - Similiar a ssessment s were offered by 
SnlSr Washington and Tokyo, although they did not totally 
dismiss Mr Kang's information. 


Nostalgia is part of it, but so is business, writes Victor Mallet 

France rediscovers Indochina 



President Mitterrand with Nguyen Manb Cam, Vietnam’s foreign minister 


Perhaps that's what youth is, to believe 
that the world is made of inseparable 
things: men and women, mountains and 
plains, humans and gods, Indochina and 
Prance 

S o said Eliane Devries, the French 
plantation owner in Vietnam 
played by Catherine Deneuve in 
the film Indochme. 

Such films set in the colonial era 
-another is L’Amant, in which a 
French schoolgirl has a passionate 
affair with a wealthy businessman from 
Saigon - have encouraged thousands of 
sentimental tourists to visit France's 
former colonies in Vietnam. Cambodia 
and Laos. 

But the attachment to Indochina goes 
beyond mere nostalgia. Like the rest of 
Europe, France has yielded to Japan 
the greater share of trade and invest- 
ment in Asia's other emerging econo- 
mies; it hopes that in Indochina it can 
recover lost ground and use its cultural, 
linguistic arid historical ties to build a 
solid base for French companies in the 
heart of Asia. 

Little effort has been spared in this 
quest, especially in Vietnam, the most 
important and populous of the three 
countries. France’s President Francois 
Mitterrand last year became the first 
western head of state to visit a united 
Vietnam, and several French ministers 
have followed. 

Mr Mitterrand openly criticised the 
(JS economic embargo of Vietnam 
(which has since been lifted) and his 
government helped Hanoi with a bridg- 
ing loan to pay its arrears to the Inter- 
national Monetary Fund. Both gestures 
were much appreciated by Vietnam's 
communist rulers, who began economic 
reforms in the late 1980s and are now- 
presiding over a fast developing but 
still poor nation of 70m 
people. 

The French embassy in Hanoi 
- which is being enlarged to cope with 
its increased responsibilities - says 
France’s aid to Vietnam doubled in 
each of the last five years to reach 
nearly FFr500m (£60m) in 1993. France 
has spent freely on promoting French 
language and culture. 

Evidence of France's extensive com- 
mercial involvement in Vietnam is also 


easy to find, from the oil exploration 
industry to the banking sector, from the 
aircraft and crew leased to Vietnam 
Airlines by Air France to the restored 
Sofitel-Metropole, the first luxury hotel 
in Hanoi. 

France, with S436m worth of projects 
approved by Vietnam, is the biggest 
European investor in the country -al- 
beit behind Taiwan, Hong Kong, Japan 
and other Asian investors - and its 
products account for a tenth of Viet- 
nam's imports. About 50 French compa- 
nies have established offices in Viet- 
nam. 

"All things being equal if you put 
two companies side by side, the Viet- 
namese would choose the French over 
the other, because they know the 
French." says Mr Joel Claude Grillot of 
Credit Lyonnais in Hanoi. 

Few Vietnamese are nostalgic about 
the French colonial era which ended 
with the communist victory at Dien 
Bien Pirn in 1954, but the cultural ties 
between the two countries are not 
merely a product of the French imagi- 
nation. 

Apart from berets and baguettes, the 
Vietnamese inherited a love of classical 


music from the French, and most resi- 
dents of Hanoi are as appreciative as 
the tourists of the city’s broad boule- 
vards and 19th century French architec- 
ture. The Vietnamese language has 
absorbed numerous French words; ga 
(gare) is the station, and xi mang 
(ament) is cement 

"The French bathed us in blood and 
fire, they pillaged our country," says Mr 
Hoang Xuan Dien, a 70-year-old war vet- 
eran who speaks fluent French and has 
relatives in France. "But the true 
France brought us a very humanist cul- 
ture and we respect the true French 
- like Pasteur, for example." 

The Vietnamese government not only 
welcomes France's commercial involve- 
ment and the dollars spent by French 
tourists, but also regards Paris as an 
important international ally. 

Facing an unfriendly China (an old 
enemy which invaded northern Viet- 
nam briefly in 1979) and a still-suspi- 
cious US (defeated in the mid-1970s), 
Vietnam is anxious to make friends in 
Europe and around the world. 

France, say Vietnamese diplomats, 
can provide the link not only to Europe 
but also to the community of French- 


speaking nations - La Froncophonie, 
Vietnam Is now bidding to host the 1997 
francophone summit. 

France's "return to the Indochina 
stage" - the phrase used by Mr Mitter- 
rand's spokesman - has moved faster in 
Vietnam than in Laos or Cambodia. In 
Laos. Australian and Thai investors are 
particularly active, in Cambodia, 
France overreached itself by insisting 
that medical and other students 
financed by French old should be 
taught in the French language, prompt- 
ing demonstrations by students 
ftem.miting to be taught in English, the 
lingua franca of business in southeast 
Asia. 

Cambodian officials, some of them 
brought up in France, also accused 
France of making empty promises of 
substantial military aid for the fight 
against Khmer Rouge guerrillas and 
then delivering oniy military advisers. 

In both Cambodia and Vietnam, 
France has now softened its stand on 
the language issue. French diplomats 
and aid officials in Hanoi and Phnom 
Penh readily accept that English Is the 
second language of choice after the 
load language, while French can be a 
useful and enjoyable bonus. 

Young Vietnamese will team French 
if someone else is subsidising their les- 
sons and if they see a chance of a job in 
Europe or with a European company, 
but the reality Is that most French 
speakers in Vietnam learned the lan- 
guage before 1954; about 700 students 
study French at the Alliance Francaise 
in Hanoi, but most of Its 6,000 members 
are elderly. 

Even the supposed commercial bene- 
fits for France of Its historical ties to 
Indochina are a matter of debate. “I 
don't think we're necessarily treated 
favourably." says Ms Fabienne Gouty of 
the French embassy In Hanoi "The 
Vietnamese are very pragmatic." 

That view is repeated at the Vietnam- 
ese foreign ministry by Mr Trinh Due 
Du. head of the western and northern 
Europe department. “Business is busi- 
ness," he says. 

In Indochim, Eliane's adopted Viet- 
namese daughter Camille, a communist 
leader by the end of the film, puts it 
much more brutally: “Your Indochina,” 
she tells EUane. “no longer exists.” 


Devaluation fears shake Egyptian pound 


Allies 
accused 
by US of 
appeasing 
Iran 

By Our Foreign Staff 

The US yesterday accused its 
allies of “appeasing” Iran, in 
the wake of recent terrorist 
bombings attributed to pro- 
Iranian Islamic groups. 

Although not named, Ger- 
many and Japan, both of 
which have maintained com- 
mercial relations with Tehran, 
were dearly among the targets 
of criticism from Mr Warren 
Christopher, the secretary of 
state, who railed Iran an “out- 
law nation”. The US has also 
complained in the recent past 
about German intelligence 
contacts with Iran. 

Yesterday, Mr Christopher 
told the House of Representa- 
tives foreign affairs committee 
that the bombings in Latin 
America and London were “a 
tragic reminder that the ene- 
mies of peace remain formida- 
ble”. 

He named Hizbollah, a Leb- 
anese SMa group, as one of a 
number that “wreak havoc 
and bloodshed” and most be 
defeated, adding that “Hizbol- 
lah’s patron, Iran, most be 
contained”. 

Iran, he said, “is an interna- 
tional outlaw, yet some 
nations still conduct preferen- 
tial commercial relations with 
Iran and some take steps to 
appease that outlaw nation. 
They must understand that by 
doing so, they make it easier 
for Iran to use its resources to 
sponsor terrorism thorughont 
the world”. 

He described himself as 
“absolutely mystified why 
these countries are unwilling 
to put their commercial inter- 
ests aside and recognise that 
this kind of terrorism most be 
dealt with and dealt with very 
harshly”. 

In London, Mr John Major, 
the British premier, accused 
the Iranian government of 
presenting “a serious chal- 
lenge to the international com- 
munity," amid a growing con- 
viction in Whitehall that an 
Iranian-sponsored terrorist 
group was responsible for the 
London bombings 

Mr Major said that Britain 
would prefer a normal rela- 
tionship with Iran, but that 
many aspects of her behaviour 
were “simply unacceptable.” 

The prime minister also 
went out of his way to con- 
demn the Iranian government 
of behaviour that was “threat- 
ening” to the international 
community. 

He said the British authori- 
ties could not yet be certain 
was lay behind the terrorist 
acts but they had been perpe- 
trated by people “who refuse 
to abide by the rale of law and 
by the principles of a civilised 
society.” 

His warning came ami d indi- 
cations that British officials 
have gathered evidence from 
intelligence sources which 
suggests the group which car- 
ried out the was also responsi- 
ble for the suicide car bomb 
attack on a Jewish centre in 
Buenos Aires, in which 96 peo- 
ple were killed earlier this 
month. 

British officials said there 
was not yet unequivocal proof 
of the Involvement of Tehran, 
but that all the circumstantial 
evidence pointed In that direc- 
tion. If that judgment was con- 
firmed it could lead to a 
renewed break in Britain’s 
relations with Iran. 

Mr Christopher declined to 
name the countries appeasing 
Iran. The US, wonld share 
intelligence about Iran with 
them “to see if we can’t draw 
them back from this conduct 
which I think unnecessarily 
encourages Iran and is very 
destructive of the interna- 
tional coordination that we 
sho uld h ave.” 

• THE UN Security Council 
is today expected to issue a 
statement strongly condemn- 
ing terrorism and emphaising 
the need for strengthened 
International cooperation in 
fighting it in the aftermath of 
the bomb attacks on Jewish 
targets to London and Buenos 
Aires, Jimmy Burns adds. 


By Marie Nicholson hi Cairo 

The Egyptian pound yesterday 
rallied from a bout of panic 
selling sparked by heightened 
fears of an imminent devalua- 
tion against the dollar, brokers 
and bankers said. 

The speculative rash jolted 
the currency to a low of 
EE3.425 against the dollar at 
one point on Wednesday, with 
the central bank entering the 
market to buy pounds for dol- 
lars for the first time in several 


By Tony Hawkins n Harare 

Zimbabwe was presented 
yesterday with a pro-invest- 
ment. pro-growth and pro-voter 
budget that cuts taxes, intro- 
duces incentives and narrows 
the deficit but proposes no sig- 
nificant revenue measures. 

The budget deficit in the fis- 
cal year to the end of last 
month was cut to 7.9 per cent 
of gross domestic product from 
11 per cent the previous year. 

Mr Emmerson Mnangagwa, 
standing in for Dr Bernard 
Chidzero, finance minister, 
who is ill, predicted a further 
reduction to 5 per cent in the 
current year. This has been 
achieved largely by leaving 
some Z£L5bn (£2Q9m) of accu- 
mulated paras tatal losses off 
the balance sheet, including 
ZSlbn needed to finance the 
country’s strategic grain 
reserve. If these losses are 
included, the 1993-94 budget 
deficit rises to some Z$5J>bn or 
14 per cent of gross domestic 
product. 

The government expects rev- 
enue to increase by 21 per cent 
in the current year to June 
1995 and spending by 13 per 
cent, or less than the likely 
inflation rate. 

Despite money supply 
growth of 40 per cent in the 
first five months of 1994, the 
minister was confident that 


years. Bankers said they esti- 
mated the central hank to have 
sold anywhere between “tens 
of millions” and S20Gm dollars 
to support the pound. The cen- 
tral bank declined to comment. 

The bank, which has 
amassed foreign currency 
reserves of Sl6bn during the 
past three years of economic 
reforms guided by the Interna- 
tional Monetary Fund and the 
World Bank, has previously 
intervened only to buy dollars 
and limit the rise in the pound. 


Zimbabwe 


Budget deficit as a % ot GDP 
12 - - - 



-80 -68 -90 - 82-44 

Source: Mntatry of Hrmnoe ^forecast 


infla tion will fall from 23 j 3 per 
cent last month to 15 per cent 
by the end of the year and 10 
per cent by mid- 1995. He pre- 
dicted economic growth of 4.4 
per cent this year, against 2.1 
per cent (revised) in 1993 and 5 
per cent next year. 

Tax changes include a reduc- 
tion in company tax to 37.5 per 
cent from 40 per cent (with 
effect from next April), aboli- 
tion of import duties on all cap- 
ital goods imports, a cut in the 
import surcharge on all items 
from 15 per cent to 10 per cent, 
and the first significant 
attempt to adjust personal tax 
rates for inflation. 

The oniy fax increases are 
higher duties on opaque (tradi- 


which has been bolstered by 
high real interest rates. 

However, brokers said the 
local market had been alarmed 
this week by a report in al- 
Wafd, a Liberal opposition 
newspaper, that the govern- 
ment and the IMF had agreed 
in talks last week to devalue 
the pound to a rate of E£4 by 
the years' end. “Basically the 
town ran dry of foreign cur- 
rency," said one banker. 

Dealers said the currency 
stabilised at E£3397 yesterday 


tional) beer and soft drinks, 
although Mr Mnangagwa said 
he would widen the 10 per cent 
sales tax to cover all services 
other than exempt activities to 
be announced later. 

Business will welcome cre- 
ation of a cabinet committee 
on privatisation charged with 
moving swiftly to privatise or 
commercialise parastatals, and 
the announcement that the 
government expects to earn 
extra revenue this year from 
the sale of unspecified assets. 

Less encouraging is the fail- 
ure to cut defence spending, 
despite promises by President 
Robert Mugabe. It will rise by 
nearly 11 per cent this year, 
but its share of the total bud- 
get falls slightly to 9.5 per cent 
from 9.7 per cent. 

Education takes the lion's 
share of the budget with more 
than 20 per cent, while interest 
charges will absorb 18 per cent 

For the first time, too, a Zim- 
babwe finance minister 
acknowledged the country's 
debt trap problem. Mr Mnan- 
gagwa said the country was 
now in the “paradoxical" situa- 
tion of having to borrow to 
meet interest payments. 

While there is much in the 
budget that is positive, the fis- 
cal situation remains 
unhealthy with national debt 
rising 28 per cent in the last 
year alone to S3.5bn. 


after a series of senior Egyp- 
tian officials denied there were 
any plans to devalue the cur- 
rency. Dr Abdel Shakur Sha- 
laan, Egypt's representative on 
the IMF board, was quoted in 
local newspapers as saying 
reports of an imminent devalu- 
ation were “baseless". 

Egyptian officials claimed 
last month they were resisting 
strong pressure from the Fund 
to devalue. Officials argued 
that whatever benefits such a 
devaluation might have for 


grows in 

By Paul Adams in Abuja 

Strikes and violent protests 
against the detention by 
Nigeria's military regime of Mr 
Moshood AbioLa spread across 
the country yesterday, while 
in Abuja's high court Mr Abi- 
ola's trial for treason 
stalled over technicalities and 
was adjourned until next Tues- 
day. 

Mr Abiola. widely regarded 
as winner of last year's 
annulled presidential election, 
was arrested by General Sani 
Abacha's regime last month for 
declaring himself president 

Yesterday the prosecution at 
the high court hearing 
changed one of its charges, the 
defence asked for them all to 
be struck out and both rides 
argued over legal procedures 
until the adjournment 

Half the seats in the tiny 
court were taken up by the two 
teams of lawyers, one of whom 
told the judge “democracy is 
on trial". 

Outside the court protesters 
set fire to a barricade of tyres 
and clashed with hundreds of 
armed police who had cor- 
doned-off the streets. Many 
came from the Yomba-speak- 
ing south-west, Mr Ablola's 
stronghold. 

Mr Jesse Jackson, the US 
envoy despatched to convey 
President Bill Clinton's con- 


Egypt's export competitiveness 
would be outweighed by the 
damage to hard-won confi- 
dence In the currency. 

The IMF is understood to 
have said that the -pound was 
being held Inflexibly at a rate 
it calculated to be as much as 
40 per cent overvalued relative 
to Egypt's main trading part- 
ners. It is also believed to have 
sought accelerated cuts in 
interest rates. The benchmark 
three-month treasury bill rate 
is 12.2 per cent 


cem over the military’s refusal 
to hand power to a civilian 
government, met Gen Abacha 
and Mr Abiola, diplomats said. 
Details of his discussions were 
not known. 

In the commercial capital, 
Lagos, protests were marred by 
violence and looting. Lagos has 
been almost at a standstill 
since a three-week-long oil 
workers’ strike halted fuel dis- 
tribution. The protest has been 
backed by other unions, clos- 
ing factories and offices. 

Many banks are shut and the 
number remaining in the clear- 
ing system is falling. Bankers 
predict cash shortages in the 
near future. 

Shell Nigeria yesterday con- 
finned that its oil production, 
which accounts for half of 
Nigeria’s 2m barrels a day, had 
been cut by roughly 300,000 b/d 
as a result of the fat workers' 
Strike. 

This has prompted a declara- 
tion of farce majeure on load- 
ings of crude oil by ShelL The 
company stressed its adher- 
ence to “business principles”, a 
reference to its unwillingness 
to maintain operations If a mil- 
itary guard were needed. 

Yesterday, air traffic control- 
lers went on strike. All interna- 
tional flights were cancelled os 
the military failed to replace 
civilians in the control tower 
at Lagos airport 


Zimbabwe’s new budget 


Wave of violence 


aims to appeal to voters 


Nigeria 


National party battles to redefine S African role 


Speculation mounts that it might withdraw from the cabinet as it attempts to find a political identity 


By Marie Suzman 
In J ohan ne s burg 

Having served nearly three 
months as junior partner in 
South Africa’s coalition gov- 
ernment, deputy president 
F.W. de Klerk's National party 
is struggling to find an inde- 
pendent political role for itself 
in the new regime. 

Amid widespread reports 
that several backbenchers and 
some senior members are advo- 
cating that the party withdraw 
from the cabinet and take up a 


more traditional opposition 
role, the NP is trying to 
develop a new policy frame- 
work ahead of next week's 
opening Of parliament 
Speculation about the NP’s 
future has been so intense that 
it has affected the stock mar- 
ket On Wednesday the party 
was forced to publish an offi- 
cial statement denying any 
plans to leave the cabinet, and 
defending its "important and 
constructive" role in the gov- 
ernment of national unity 
mandated by the new South 


African constitution. Under 
that constitution all parties 
which won more than 5 per 
cent of the vote in April's elec- 
tions are entitled to proportion- 
ate cabinet representation. 

The National party has six 
cabinet members, but with the 
recent resignation of Mr Derek 
Keys as finance minister and 
his impending replacement by 
Mr Chris Liebenberg, who is 
not a member of any political 
party, its representation will 
be reduced to five. 

Mr Keys* resignation also 


leaves the NP without any cab- 
inet members in senior posi- 
tions as it had earlier lost a 
struggle to retain one of the 
security portfolios. With the 
party's scope for independent 
manoeuvre limited by the need 
for cabinet consensus, local 
analysts have begun to ques- 
tion whether it will be able to 
survive as an independent 
political force. 

The problem has been exac- 
erbated by t be low profile Mr 
de Klerk has kept since the 
elections. Before the poll he 


and President Nelson Mandela 
were seen as something of a 
double act Mr de Klerk now 
lacks an effective executive 
position in government and 
has been largely relegated to 
the political background 
This has been, to part, a 
deliberate decision by the NP 
to give the new government 
time to find its feet but, pri- 
vately. NP ministers have com- 
plained about Insufficient ANC 
consultation In government 
policy-making and younger 
party members are eager to 


break free of the artificial polit- 
ical coalition and begin to criti- 
cise ANC policies more openly. 

With a huge amount of con- 
troversial legislation due to be 
debated in the new parliamen- 
tary session, the party has real- 
ised it must stake cwt an Inde- 
pendent political position for 
Itself. To this end the NP is 
due to draw up a new policy 
framework at a party confer- 
ence today and Mr de Klerk Is 
set to make a statement on 
Monday in which he is expec- 
ted to lay out a plan of action. 


FINANCIAL TIMES FRIDAY JULY 29 1994 


5 


I1M( , 






WORLD TRADE 



*■ 


e hi:i Japan to soften on 
1 opening markets 

. • ; But not as much as Washington wants. 

Gordon Cramb sees the US deadline draw near 


}»> ptian pot 


Japan is putting to the US new 
proposals aimed at opening its 
markets further to foreign 
companies, but officials in 
Tokyo indicated yesterday that 
these would fall short of the 
Clinton administration’s 
demands that it agree stan- 
dards by which improvements 
could be measured. 

The US has set Sunday ni ght 
as the deadline for agreement 
on changes in Japan's procure- 
ment regime governing tele- 
communications and medical 
equipment 

If no agreement is reached, 
the US will then cite Japan as 
having a closed market and 
start the clock running for 60 
days of talks and consultations 
during which Japan would 
have to make suitable conces- 
sions or foce sanctions. 

That period would end on 
September 30, the same day 
the US must announce the 
world’s mast unfair trading 
practices under the revised 
Super 301 law which allows US 
action against countries dis- 
criminating against US 
exports. 

Mr Sadayuki Hayashi, 
Japan's deputy foreign minis- 
ter, was due to arrive in Wash- 
ington last night for talfcs with 
Ms Charlene Barshefsky, the 
deputy US trade representa- 
tive. These talks follow the fail- 
ure of last weekend’s negotia- 
ting session on liberalising any 
of the three key sectors in 
which the US says Japan must 
show progress; insurance, gov- 
ernment procurement of tele- 


communications and medical 
equipment, and vehicles. 

Moves on the latter two 
founts were being suggested in 
Tokyo yesterday. The Japan 
Brim bank said it was consider- 
ing overtures from the big 
three Detroit car makers for 
concessional loans which they 
would use to boost production 
of right-hand drive vehicles for 
the Japanese market. 

Japan’s Ministry of Interna- 
tional Trade and Industry said 
a “viable compromise" could 
be reached on procurement 
policies for government depart- 
ments and other big state pur- 
chasing authorities which 
would benefit foreign tetowms 
and medical p gnt pmpn* suppli- 
ers. 

Under an piling agreement 
to come into force next April, 
each contract worth more than 
SDR300.0Q0 ($Llm) win be put 
out to international tender. 
Miti officials suggested that 
lowering this threshold pro- 
gressively was the “only rea- 
sonable solution" to US com- 
plaints that its companies 
would still he shut out of lucra- 
tive deals. 

They said potential foreign 
bidders would be canvassed for 
their views on technical speci- 
fications and price. But they 
made clear that the current 
plan would increase tenfold the 
workload in ministerial pro- 
curement departments where 
Japan’s economic downturn 
had squeezed funding. Mr Hay- 
ashi is said to be unlikely to 
countenance a reduction to 


anywhere below SDA400.000, 
and will probably hold out for 
a higher trigger point and 
another two years or more 
before that would take effect. 

But Miti acknowledges that 
these are points of detail in 
meeting the wider OS demand 
for measurable criteria which 
would commit the Japanese 
government to delivering prog- 
ress in the private sector as 
weO as on its own behal£ 

The Liberal Democratic 
party, which under Mr WHcb< 
Miyazawa reached the frame- 
work agreement with Presi- 
dent Bill HHntpH last July, may 
be bade in office after a year’s 
absence during which Mr Mori- 
biro Hosokawa, his reformist 
successor, refused to submit to 
US strictures during trade 
talks in February. No Japanese 
party appears prepared, how- 
ever, to stomach an accord 
echoing the 1991 semiconduc- 
tor pact which committed 
Japan to allowing foreign pro- 
ducers a 20 per cent share of 
its domestic market. 

Even if they are not 
expressed in cold numerical 
terms, Japan sees such targets 

as handing W ashing ton a stick 
with which it could be given a 
beating at any politically con- 
venient moment But as on e 
US official in Tokyo put it yes- 
terday, “How then do we 
declare success? Even if it’s 
backward-looking, how are we 
to know what’s good or bad 
unless we can decide in 
advance" what the goals 
should be? 


Matsushita Electric eyes India 


By EmOco Terazooo in Tokyo 

Matsushita Electric Industrial, the world’s 
largest consumer electronics group, will estab- 
lish a marketing subsidiary in India by the end 
of this year, following approval foam the New 
Delhi government 

Japanese consumer electronics makers have 
been showing increasing interest in the Indian 
market due to its size and growth potential. 
Sony, another leading electronics maker. 


recently applied for government approval to 
launch its first television production plant 
there. 

Matsushita said it would start producing this 
autumn 150,000 colour television sets and 350,000 
audio visual products a year through Salora 
International, a consumer electronics maker 
based in New Delhi with which the Japanese 
company has a technical cooperation agree- 
ment The new Indian subsidiary will provide 
after-sales services and handTo publicity. 


Cyprus 
investment 
bank for 
Russia 

The Cyprus Development Bank 
is setting up an investment 
bank tn the Krasnodar region 
of Russia, with backing from 
Greek and Rcssiaa banks and 
the European Bank for Recon- 
struction and Development, 
writes Kerin Hope in Athens. 

The new bank, to be called 
Investment ftanir of Kuban, is 
due to start operating in Kras- 
nodar early next year. It aims 
at channelling funds from pri- 
vate investors and interna- 
tional agencies into tourism 
and industry under a plan 
launched last year by the 
Cyprus and Russian govern- 
ments to develop the region. 

The state-controlled CDB, 
together with Commercial 
Bank of Greece, wfQ control 
and manage the new bank, 
which will have a capital base 
of S7m. In addition to the 
EBRD, two local banks, Ku bin- 
bank and Bank of Kuban, will 
also take equity stakes in the 
bank. A CDB official said the 
hank planned to participate in 
joint ventures in food-process- 
ing, timber and cement pro- 
duction. and tourism, identi- 
fied in a recent UN-backed 
study of the region as promis- 
ing sectors for investment 

Pacific Dunlop in 
Chinese venture 

Pacific Dunlop, the Austra- 
lian industrial conglomerate, 
has formed a joint venture 
with Guangdong Post and 
Telecommunications Adminis- 
trative Bureau, to make large 
sealed lead-arid industrial bat- 
teries in China, writes Nikki 
Tait in Sydney. 

Manufacture of the batteries 
will centre on the Nansha 
development zone, and the 
product will initially be tar- 
geted at the Chinese domestic 
market The batteries are used 
primarily tn the telecommuni- 
cations, utility and r ail indus- 
tries, and as a power supply 
backup for computer installa- 
tions. 

The joint venture company 
will be 60 per cent-owned by 
Pacific Dunlop's GNB Indus- 
trial Battery divirion, and 40 
per cent by Guangdong Post 
tmd Telecommunications. 


EU cautious on S Africa aid 


By Lionel Barber in Brussels 

The European Union is on the 
brink of approving a package 
of trade benefits to South 
Africa which falls short of 
promises to offer generous sup- 
port to the new post-apartheid 
regime headed by President 
Nelson Mandela. 

The niggardly offer stems 
from French-led efforts to pro- 
tect the European market 
against potentially competitive 
South African products, partic- 
ularly in the paper and agricul- 
tural sectors, according to Brit- 
ish and German officials. A 
second factor appears to be 
concern that South African 
penetration of European mar- 
kets may be at the cost of fran- 
cophone Africa, as well as for- 
mer Portuguese colonies in 
Mozambique and Angola. 

The EU-South Africa negotia- 
tions are seen as a test case 
because the new regime in Pre- 
toria sees itself as the proto- 
type of a new developing coun- 
try eager to use trade rather 
than aid to reduce income dis- 
parities and compete in the 
world economy. 

Britain and Germany have 
successfully pressed France to 


South Africa 

Trade vntti EU (Sfcnj 

8 



1963 84 
Sauce: IMF. DOT 

be more forthcoming during 
negotiations on the trade pack- 
age. which was promised 
before the first free elections in 
South Africa last May. 

French hesitation aroused 
resentment in Brussels 
because President Francois 
Mitterrand insisted on being 
the first European leader to 
visit Mr Mandela alter his 
inauguration. 

Negotiations involve the EU 
giving South Africa access to 
its generalised system of pref- 


erences which grants tariff 
advantages to developing coun- 
tries to help them export to the 
EU market. The first European 
Commission proposal on GSP 
was estimated to be worth 
Ecu260m (,5317m). 

The GSP debate this week 
has been conducted at EU 
ambassadorial level in Brus- 
sels, with the central questions 
turning on which manufac- 
tured products should be 
included on a list eligible for 
GSP. Processed fruit, where 


South Africa has a distinct 
competitive advantage, is not 
on the list because of Mediter- 
ranean objections. 

Under a compromise, the EU 
is considering removing some 
sensitive products from the 
GSP list and subjecting them 
to a "tariff free quota" as well 
as surveillance mechanisms. 
Among these are wood and fur 
niture (Italy), metal furniture 
( Portugal >, manganese oxide 
(Belgium) and paper i France i. 
EU diplomats hope for a deal 
in the next week which could 
go into effect under a fast-track 
written procedure, without 
ministerial approval. But this 
requires unanimity. 

The present trade package is 
due to lost until the new year, 
when member states on? due to 
approve a revised GSP system 
which will encourage develop- 
ing countries to improve 
labour and environmental 
standards. 

The next step will be to con- 
clude a deal between South 
Africa and the EU which may 
include offering the Pretoria 
regime something like the 
Lome Convention, the privi- 
leged status accorded to former 
European colonies in Africa. 


Beijing protests at ‘unacceptable’ 
US demands for its entry to Gatt 


By Frances WftBams In Geneva 

China said yesterday it was 
prepared to continue negotia- 
tions on terms of entry to the 
General Agreement on Tariffs 
and Trade but made dear that 
certain demands, especially by 
the US, were "unacceptable". 

Speaking to an informal ses- 
sion of the Gatt working party 
on Chinese membership. Mr 
Long Yongtu, Beijing’s chief 
Gatt negotiator, said progress 
since the ia*u nutting a month 
ago had Iran “disappointing". 
Nevertheless, China would 
continue to participate in nego- 
tiations on its accession proto- 
col “with a flexible and con- 
structive attitude". 

Perhaps significantly. Mr 
Long did not mention China’s 
aspiration to become a Gatt 
member by the end of the year 
so as to join its successor, the 
World Trade Organisation, as a 


founding member. This time- 
table is looking increasingly 
ambitious but not yet impossi- 
ble. 

Mr Long’s remarks represent 
a considerable softening of 
tone from the angry blasts out 
of Beijing in recent days. Chi- 
nese officials have accused the 
US of blocking its membership 
bid and have threatened to call 
off the eight-year talks if Wash- 
ington does not back down 
from demanding China join 
Gatt as a developed country. 

China this week circulated a 
paper outlining what it consid- 
ered should he in the accession 
protocol, a move which west- 
ern trade diplomats took as a 
clear sign of Beijing's contin- 
ued readiness to negotiate. 
However, they said there was a 
very wide gap between China's 
“minimalist" version and the 
“maximalist" terms included 
in a paper compiled by Mr 


Pierre-Louls Girard, the Swiss 
chairman of the working party, 
on the basis of consultations 
with Gatt members. 

Talks on the draft protocol, 
and bilateral negotiations on 
opening China’s markets for 
goods and services, are expec- 
ted to continue through 
August and intensify in Sep- 
tember, 

Mr Long said yesterday that 
the revised version of Mr Gir- 
ard’s paper, under discussion 
yesterday and today, remained 
"unbalanced and unaccept- 
able", and unduly reflected the 
demands of “one major con- 
tracting party", a reference to 
the US. 

In the most detailed state- 
ment of Beijing’s position so 
far. Mr Long said China was 
prepared to take on its full 
obligations as a member of 
Gatt and the WTO. It was not 
seeking special privileges but 


insisted on its entitiemem to 
full membership rights, inch til- 
ing those accorded to develop 
lng country 1 members. 

Presenting a 10-point list of 
“non- negotiable" demands in 
the Girard pa]>er, Mr Long said 
Gatt members were trving to 
prevent China baring recourse 
to Gatt’s balance of payments 
provisions and dispute settle- 
ment procedures. And he 
warned that denial of develop- 
ing country status in agricul- 
ture could trigger "social 
unrest" among China's SOOm 
farmers. 

Beijing also opposed tough 
requirements for phasing in 
□ew rules on intellectual prop- 
erty' and foreign investment, 
and accused trading partners 
of demanding commitments 
from China which go further 
than the Gatt or WTO agree- 
ments. such as the abolition of 
all price controls. 


\ ;m i of violen 
t ows in \igeri 


!Vic;i Iir( 


SIGMA SECURITIES S.A. 

MEMBER OF THE ATHENS STOCK EXCHANGE 

SENIOR ANALYST/ 
ACCOUNT EXECUTIVE 


SIGMA SECURITIES, member of the Athens Slock Exchange, at a time 
of strategic growth and activity expansion is seeking to recruit an 
experienced professional to add to the strength of its equity sales/research 
team. 

The position offers an exciting opportunity for career progression and a 
competitive remuneration package. 

QUALIFICATIONS » Graduate degree in Ec on o mic s/Knanct 

• Fluency in English 

• Good working knowledge of com puter s 

• A minimum of 2 years of woririug 
experience to the field of Emerging Markets 
and preferably In Greek Equities 

Beyond the above qualifications, a high degree of self motivation and a 
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Additionally, the ideal candidate should have a good sense of teamwork 
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Interested r*nrt Mates should submit a foil curriculum vitae along with a 
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All applications will be treated in stria confidence. 


SIGMA SKCURirrKS SJV 
10 SUdiou Sir. 

I OS 64 Athens 
Td JO-1-331 1456(5 lines) 
fte* 30- J -325224) 


APPOINTMENTS 

ADVERTISING 

Appears in the UK edition every Wednesday & 
Thursday and in the International edition every 
Friday. For information on advertising in 
this section please call: 

Philip Wrigley on 071 873 3351 
& Gareth Jones on 071 873 3779 


TRADE FINANCE 
DIRECTOR 

FOR A FINANCIAL INSTITUTION 

ABU DHABI 

UNITED ARAB EMIRATES 

A major specialised financial institution in 
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P O BOK 25777 
Abu Dhabi 

United. Arab Emirates 

The closing date for receipt of applications is 
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FINANCIAL TIMES FRIDAY JULY 29 1994 


NEWS: UK 


Ford S6tS I Price rises for next decade held down to one per cent per year above inflation 


up first 
‘used car 


Water regulator acts to curb prices 


factory’ 


By David LasceBes, 
Peggy HoObiger 
and James BCtz 


Pricing at the watershed 


Ford yesterday opened what it 
ttlatma to be the world’s first 
“used car factory”, employing 
more than 200 on a 15-acre 
facility at Tilbury, Essex, John 
Griffiths writes. 

The “Ford Direct” plant, a 
joint venture between Ford, 
logistics group Silcock Express 
and the Royal Automobile 
Clnb, has capacity to recondi- 
tion and prepare up to L500 
used cars a week for resale by 
Fold’s franchised dealer net- 
work: 

The venture is believed to be 
the first used-car retailing 
scheme in which the manufac- 
turer itself is taking direct 
responsibility for preparing 
vehicles for sale and providing 
warranties for them. 

The decision to go ahead 
with the project was taken in 
response to research carried 
out by Ford over a nearly two- 
year period which, the com- 
pany admits, showed motorists 
to be “deeply cynical” about 
the integrity of the retail 
motor trade. 

More than 13,000 Ford cars 
up to a year old and with a 
total showroom value of 
£105m have already been 
refurbished and sold since the 
F ord Direct scheme, selling 
used cars with essentially 
new-car warranties and with a 
30-day exchange option, began 
earlier this year. 

Until the coming on stream 
of the purpose-built Tilbury 
facility, however, the cars had 
been prepared at four small 
regional centres. 

Ford claims it has been 
already sufficiently impressed 
with the success of the scheme 
for it to be starting a pilot 
project in Scotland under 
which cars up to three years 
old will be brought within the 
scheme. 

Some £5m has been spent on 
the Tilbnry plant, which is 
being operated by Silcock 
Express on Ford’s behalf, 
using Ford-trained personnel. 

Cars less than a year old are 
collected from Ford and its 
major fleet customers and 
taken to one of five Silcock 
regional distribution centres 
for shipment to Tilbury. 


A new price regime designed to 
curb recent sharp increases in 
Britain's household water bills 
was unveiled yesterday by Mr 
Ian Byatt, the director-general 
of Ofwat, the water industry 
regulator. 

The controls, known as K 
factors, will hold future price 
increases to 1 per cent a year 
above inflation Tor the next ten 
years for the average house- 
holder. 

The 31 water companies in 
England and Wales, each of 
which enjoys a local monopoly, 
will also be expected to finance 
more of their investments 
themselves through greater 
efficiency. 

Although the new K factors 
were at the tougher end of 
industry expectations, they 
were generally welcomed as 
fair in the industry and the 
City. 

Most water company shares 
gained on the day. Only one 
company. South West Water, 
said it would exercise its right 
to appeal to the Monopolies 
and Mergers Commission. 

The new K factors are 
weighted to give companies 
more rapid price increases in 
the first five years, when 
investments are heaviest. 
Average prices can rise by 1.4 
per cent over inflation up to 
2000. After that, the average 
increment over inflatio n falla 
to 0.4 per cent 

But there are wide varia- 
tions. Southern Water, which 
has heavy clean-up costs on 
south coast beaches, is allowed 
4 per cent falling to 3 per cent 
while four companies will not 
be allowed any real increases 
at all in the last five years. 

These include South West 
Water, which had one of the 
highest Ks last time and is now 
to be reined in. 

Yesterday’s review marks 
the first reshaping of price con- 
trols for the water industry 
since it was launched into the 
private sector in 1989. 

As Mr Byatt made dear, his 
review was not just about 
defusing the row over soaring 
household water bills. He also 
had to ensure that the water 
companies have enough money 
to finance the huge dean-up 





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$ igg* 


Annual pries incraase Emits 
(96 above inflation) 

AngSan 

Northumbrian 

North 

West 

Severn 

Trent 

Southern 

West 

"Thames 

VMsh 

Wessex 

Yorkshire 

1935-88 

1 JS 

2JS 

25 

05 

4.0 

15 

05 

05 

15 

25 

1996-97 tol999-0Q 

1.5 

2 JS 

25 

05 

45 

15 

05 

05 

15 

25 

2000-01 to 2004-05 

1.5 

2.0 

O 

0 

3.0 

0 

05 

05 

05 

0 . 

Average over 10 years 

1.5 

Z2 

1J2 

02 

05 

05 

05 

05 

15 

15 

Lastpm-tax profits 

192J2 

57 JJ 

269.0 

281.0 

1275 

935 

3175 

1445 

1033 

1435 

test annual investment (£n$ 

3724) 

8&2 

4235 

4455 

1755 

2035 

3675 

1805 

1155 

2208 

Average cemaunerfaBI now (£} 

264 

187 

183 

179 

201 

304 

162 

256 

233 

196 


required by EU directives, and 
pay adequate dividends to 
their shareholders. 

His new K factors are sup- 
posed to strike a three-way bal- 
ance between these consider- 
ations. Judging by the mixed 
reaction yesterday, it was a 
partial success. 

Consumers were disap- 
pointed that prices will still go 
up, and environmentalists said 
there will not be enough 
money to dean up beaches and 
rivers. 

The main outcome of the 
review - a prediction that 
water prices will rise by just 
under 1 per cent a year in real 
terms over the next ten years - 
is certainly a big improvement 
on recent increases which have 
averaged 5 per cent and caused 
storms of protest But it falls 
short of Mr Byatt's statement 
last year that consumers did 
not see why water bills should 
rise faster than inflatio n. 

The National Consumer 
Council, which only a fortnight 
ago published a scathing 
attack on the returns reaped 
by water company sharehold- 
ers at consumers' expense, 
said: “The fact that prices will 
go up less than otherwise is 


obviously good news, but they 
will continue to rise faster 

than inflati on " 

However there is a limit to 
how far Mr Byatt can go in 
limiting price rises. Although 
he can shift more investment 
costs off consumers and onto 
the water companies them- 
selves, his first statutory duty 
is to ensure that the water 
industry can finan ce its envi- 
ronmental obligations. 

But this did not satisfy the 
political opposition parties who 
accused Mr Byatt of being soft 
on the water companies, - and 
on generous chairmen's sala- 
ries which have also been in 
the headlines. 

Mr Chris Smith. Labour's 
spokesman on environmental 
protection, said the review had 
failed to stop water companies 
loading most of the costs of 
long-term investment onto cur- 
rent consumers. 

“Mr Byatt has said that the 
water companies could borrow 
much more - at preferential 
rates - to finance essential 
long term improvements,” he 
said. “But here he has com- 
pletely ducked the issue.” 

The reaction in the water 
industry itself ranged from 


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cautious to grudging, though 
this disguised a sense of relief 
that the new limits were not as 
tough as many had feared. The 
fact that only one company - 
South West Water, which feces 
especially large investment 
/tomanrifg - rtU challen ge its 
new price limits is probably 
the most palpable evidence 
that Mr Byatt has presented 
the industry' with a price 
regime it can live with - and 
certainly an easier one than he 
proposed in his opening discus- 
sions last May. 

“1 think he struck a hard 
bargain with everybody, but 
got a little soft at the end,” 
said Mr Mike Taylor, finance 
director of Northumbrian 
Water, “it may have tipped 
those who might have gone to 
the MMC away from doing so.” 

This was also the view in the 
City, where analysts believed 
that the new K factors would 
not seriously inhibit the indus- 
try's financial position, or its 
ability to pay sizeable real 
increases in annual dividends. 

Much of the pressure of 
tighter controls will have to be 
absorbed by greater efficiency 
within the water industry. So 
the challenge now will be on 


Kimberly-Clark 
picks UK for 
European HQ 


By Andrew Taylor, 
Construction Correspondent 


Kimberly-Clark, the large US 
consumer products group, is to 
locate its new European 
headquarters in the UK after 
investigating sites in Holland, 
France and Belgium. 

The company, which 
manufactures Huggies 
disposable nappies, Kleenex 
tissues and and Kotex ffemminp. 
products is to consolidate its 
existing European offices in 
Paris, The Hague and 
Tonbridge. Kent in a new, 
single complex. 

One of the attractions of the 
UK is thought to have been its 
labour costs which are 
estimated to have been a third 
of those at other continental 
locations considered by the 
group. 

Kimberly-Clark has 
appointed UK property 
consultants Grimley J R Eve to 
find premises, capable of 
accommodating more than 500 
staff, to the south and west of 
London in an arc between the 
M23 and A3 motorways. 

The company will consider 
building a headquarters on a 
greenfield site if a suitable 


Britain in brief 


a* 

>: w.. 


Heathrow 
rail deal won 
by Siemens 


management to meet its invest- 
ment obligations, and still 
have enough to spare to keep 
shareholders contented. Mr 
Byatt thinks the industry can 
manag p this, and analysts cal- 
culate that there is enough fat 
there to keep interest and divi- 
dend cover at healthy levels. 

Even so, Mr Byatt expects 
that the rate of return on 
assets will more than halve 
from last year's 13 per cent to 
around six per cent over the 
ten year's covered by the new 
price regime. 

Even though Mr Byatt 
expects investment costs and 
other factors to add £47 to the 
typical household bill by 2005, 
he expects tighter returns and 
operating expenditure to 
reduce that by £24. bringing 
the increase down to £23. 

But though Mr Byatt 
stressed that “profits will be 
lower” he declined to go into 
any detail. The level of profit 
companies earned and the divi- 
dends they paid were a matter 
for minpany boards and man- 
agement Nor was he willing to 
speculate on whether K factors 
would help rein in chairmen's 
salaries. That too, was no con- 
cern of the regulator. 


A £40m contract to build 
rolling stock for the Heathrow 
Express fast rail link has been 
won by Siemens 
Transportation Systems, part 
of the German electrical 
engineering group. 

Siemens will build 14 
air-conditioned electric trains 
designed to cover the 17-mile 
route between London 
Paddington station and the 
airport in 16 minutes. Delivery 
will take place between 
January and June 1997 for the 
service to begin the following 
December. 

Thirty-two companies 
originally tendered for the 
contract with GEC of the UK 
and ABB, the Swiss-Swedish 
group, together with Semens, 
making it to the shortlist. 

One-third of the 
components, including 
air-conditioning, will be made 
in the UK with the rest from 
Germany and Spain . 

This represents Siemens’ 
first order for main line 
rolling stock in the UK though 
it did supply light rail vehicles 
for the Sheffield supertram. 

Heathrow Express expects to 
operate six-car trains to and 
from Heathrow providing 344 
seats and luggage space. Air 
travellers will be able to check 
in at Paddington. 

BAA, the airports operator, 
is a 70 per cent shareholder in 
the £300m Heathrow Express 
project while British Rail has 
30 per cent 


Unit trusts’ 
best ever June 


existing building cannot be 
found. 

It said the UK was a more 
attractive location for foreign 
executives working for 
Kimberly Clark in Britain 
because of availability of 
International schools and 
access to international airports 
at Gatwick and Heathrow. 

Worldwide sales of the 
company last year was just 
below STtm, (£45bn) producing 
pre-tax profits of 8800m. It has 
flight factories in the UK, two 
in France, two in Germany and 
one in Holland. European sales 
last year were $900m. 

Kimberly Clark said 
yesterday: “The company has 
made a considerable 
investment in its European 
business in the last few years, 
including new research and 
manufacturing facilities and 
the acquisition of a number of 
prestigious consumer brands. 

“To continue our expansion 
we need to centralise our 
European management 
operations. The ideal site must 
be able to accommodate our 
growth plans and be in a 
location that offers easy access 
to major air routes and 
international schooling.” 


Unit trusts had their best ever 
June, with net sales or £Llbn - 
50 per cent up on £726m in 
May. The June figure was 
almost 80 per cent higher than 
June 1993, when net sales 
totalled £ 61 0m. 

Just under half the net sales 
last month were to the retail 
sector - the lowest proportion 
so far this year - with the rest 
bought by Institutions, 
according to the Association of 
Unit Trusts and Investment 
Funds. 

The best-selling sectors 
among retail investors were 
UK Growth, followed by UK 
Equity Income and 
International Growth. 
Institutional sales were 
dominated by UK General, 
followed by UK Equity Income 
and UK Smaller Companies. 
Both types of investors were 
net sellers of European funds. 


Top directors 
get 23% rises 


Executive directors employed 
by those FT-SE top one 
hundred companies in the 
financial sector have secured 
total median earnings 
increases worth 23.1 per cent 
this year mainly due to 
substantial profit-related 
bonuses. 

This is one of the main 
findings in the latest study of 
hoard earning s published 
today by Monks Partnership, 
the independent remuneration 
advisers. 

It reflects a substantial 
improvement in the fortunes 
of many fltianoiai companies 
with the recovery of the 
British economy. 


‘Hybrid 5 bus 
trials begin 


A major commercial bus 
operator started trials of 
electric “hybrid” buses which 
emit much less exhaust 


pollution then conventional 
buses • but which are also 
costing their operator. Transit 
Holdings, two-and-a-half times 
as mud to buy. 

Exeter-baaed Transit has 
paid £100,000 each for the two 
“Electrobus” l&seat buses 
taking to the streets of 
Torquay, in the process 
making Iveco Ford the first 
manufacturer to supply such 
buses for regular operation In 
the UK. 

The buses are powered 
primarily by a one-litre Fiat 
Uno car petrol engine which is 
completely encapsulated and 
preset to run at a quiet and 
fuel efficient speed. This 
engine, which is fitted with a 
catalytic converter, drives an 

electrical generator which 
provides current to an electric 
motor driving the wheels. The 
generator also charges storage 
batteries so the electric motor 
can be fed extra power when 
climbing a MIL 


Export scheme 
to expand 


The Department of Trade and 
Industry is considering 
expandin g the "export 
promoters” initiative which 
recruits private sector 
exec u ti v es into the DTI to help 
UK companies win business in 
world markets. 


‘No action’ 
against Archer 


Mr Michael Heseltine, the UK 
trade and industry secr&aiy, 
yesterday concluded that his 
department “should take no 
further action against any 
parties concerned” as a result 
of the investigation into 
accusations of insider dealing 
in relation to Anglia TV. 

One of those under 
investigation. Lord Archer, the 
former deputy chairman of the 
Conservative party, said: “I am 
grateful to have been 
exonerated and would like to 
thank so many friends, 
colleagues and well-wishers for 
their vigorous support 
following disclosure of the 
investigation." 


Jobs to go 
in NHS reform 


Thousands of jobs in c l udi n g 
senior Civil Service posts will 
disappear under proposals to 
streamline the central 
management of the National 
Health Service announced 
yesterday. 

Strict upper limits on the 
number of staff employed in 
regional administration will 
lead to the abolition of more 
than half the current posts in 
regional health authorities. 


Job losses 
at Nestle 


Hundreds of redundancies 
among arfmfninfr nt-fw whiff 

were announced yesterday by 
Nestfe OK, part of Nestlg, the 
world's largest foods and 
minerals waters group. 

The company declined to 
comment specifically but 
employees affected by the job 
losses daimed that up to 450 
Jobs were being lost - mainly 
at headquarters. 

Nestle said: “Details of the 
results of the first stage, 
which looked at ways of 
simplifying working practices 
at Nestle UK’s headquarters in 
Croydon and at parts of the 
York and Hadfietd sites, are 
currently being given to 
employees and we are unable 
to comment farther.” 


Tax system ‘best for healthcare’ 


B ritain’s tax-based sys- 
tem of finan cing h aalth - 

care places less burden 
on the economy and industry 
than alternative funding 
arrangements, a study of 
health and the economy con- 
cludes today. 

In contrast to insurance 
based schemes found in coun- 
tries such as tiie US, Germany, 
or France, says the report, 
fending from general taxation 
did not represent a tax on 
employment This was a partic- 
ularly important consideration 
given the government's con- 
cern to improve industrial 
competitiveness. 

The study, by the Institute 
for Health Policy Studies at 
Southampton University, was 
commissioned b; the National 
Association of Health Authori- 
ties and Trusts. It was 
designed to test a claim by Mrs 
Virginia Bottomley, health sec- 
retary, that the tax-based 
method of f unding the 


Alan Pike on a report which finds that the US or 
German insurance system is a tax on employment 


National Health Service 
imposed a lower burden on 
industry than other systems. 

The NHS consumes about 6 
per cent of gdp - a low propor- 
tion compared with other coun- 
tries. Britain's health spending 
is joint 19th among the 24 
OECD nations with only Spain, 
Portugal, Greece and Turkey 
devoting a lower proportion of 
gdp to healthcare. But says the 
report, indicators like life 
expectancy and infant mortal- 
ity showed that Britain’s per- 
formance was “not markedly 
worse” than most higher 
spending countries. 

In this sense, says the report 
international data supported 
the view that the NH$ - S3 per 
cent of which is financed 
through general taxation and a 
further 13 per cent from 


national insurance contribu- 
tions - provided good value for 
money. Britain’s centrally 
financed, cash limited NHS 
had been more successful than 
any other system In containing 
growth in spending on health. 

Hie main disadvantage of a 
tax based system was the lim- 
ited choice it offered people. 
Users of the NHS often faced 
hidden costs resulting from 
long waiting times and treat- 
ment in poor quality buildings 
that were not reflected in 
expenditure figures. 

Health, says the report, 
Impacted on the economy in 
many wider ways than the cost 
of providing healthcare. Some 
of the report's main concerns 
about healthcare in Britain 
relate to such wider links . 

The total cost of work 


related illnesses and accidents, 
it says , was estimated to be 
between £llbn and £l6bn a 
year - the equivalent of M per 
cent of gdp. ft was widely 
accepted that unemployment 
had an adverse effect on 
health, while “those on lows' 
incomes are much more likely 
to report poorer h ealth than 
those on high incomes.” A man 
in professional social class 1 
could expect to live more than 
five years longer than one at 
unskilled class 5. 

The report concludes that, 
although the NHS had an 
important rote to play i n far; 
geting poor and disadvantaged 
groups “all the evidence sug- 
gests that these efforts must be 
accompanied by broader 
socio-economic policies if any 
real impact is to be matte.” 


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Fujitsu expands 
at AyclifFe 


The County Durham microchip 
plant owned by Japanese 
electronics group Fujitsu is on 
target for a fatfherJESOOwi pins 
investment, oeatfng hundreds 
more jobs, according to Mr 
Uew Avfes, personnel director. 


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MANAGEMENT 


book review 

Innovation along 
simple lines 

By Christopher Lorenz 



T here are two ways in which 
a company can create more 
valne for its shareholders, 
apart from the defeatist rente of 
(effing out. In the short term, it 
can p nt itself on a slimming 
course by removing management 
layers, “do wn siring - its organisa- 
tion and reconfiguring from 
scratch - or “re-engineering” - 
the main processes by which it 
operates. 

But unless tt wants to die of 
eventual corporate anorexia, ft 
must also do some bodybuilding. 
That means growing its existing 
busi ne s ses, acquiring new ones or 
creating them from w w^j n. 

Alter five years or more of pain- 
ful s iimm m g and 25 years of trou- 
ble wi th gro wth-by -acquisition, it 
is not surprising that many com- 
panies are turning their attention 
to internal business development. 
For the first time to a decade, a 
renewed wave of in t erest in cre- 
ativity and innovation is in the 

making - 

So a book which sets out to dem- 
onstrate “how leadership and 
drive create commercial innova- 
tions that sweep the world" is 
both timely and welcome, espe- 
cially when it does so through a 
collection of 14 case studies of a 
warts-and-aD nature. Creativity 
and innovation are untidy pro- 
cesses, yet they are usually pres- 
ented as sanitised hero stories 
from which all the annul messi- 
ness has been removed. 

Breakthroughs!*, written by P. 
Ranganath Nayak and John U. 
Ketterfngham from Arthur D. Lit- 
tle, the US technology-based con- 
sultancy, makes a virtue of that 
untidiness. As the au th ors say, its 
stories reveal “die creativity and 
cursedness, the politics and persis- 
tence, the determination and the 
dumb luck” involved in such radi- 
cal innova tions as JVC’s video cas- 
sette recorder, Sony’s Walkman, 
Raytheon's microwave oven, Mke 
shoes, Nantflns fitness machines, 
Club Med holiday centres, and 
PhBips/Sony compact discs. 

The last two examples have 
been added, along with some use- 
ful general analysis, since the 
book was first published in 1986, 
when the ground was less fertile 


for its message. 

Unlike 3M’s peel-off Post-it 
notes, Fred Smith’s Federal 
Express courier empire, and Toyo- 
ta’s “supermarket for cars" fits 
famous just-in-time production 
system), not all the stories in the 
book have happy ending s 

EMI was unable, through a 
string of bad luck and strategic 
mifijudgments, to turn Its body 
scanner into a thriving worldwide 
business; its larger rivals did so 
fagfawd. 

Raytheon's pioneering “black 
magic" microwave oven develop- 
ment in the 1950s was overtaken 
by more Innovative and market- 
ing-aware Japanese companies 
(although the US group Had the 
sense to buy into one of than). 

But, lumpy ar otherwise, the 14 
case studies share several common 
threads, according to Arthur D. 
Little. Some are obvious, sucb as 
the importance of teamwork. The 
initial spark for a new concept is 
usually created by a technical or 
commercial inventor using what 
Arthur Koestler called “bisocia- 
tive thinking" (reassembling 
known elements in new patterns). 
But he or she is only the first link 
in the organisational dmiii- 

Some of Arthur D. Little’s other 
conclusions are more controver- 
sial: 

• That many breakthrough inno- 
vations - as many as half - come 
from large companies rather than 


small ones. 

• That successful breakthroughs 
are often technology-poshed, not 
market-led. This is a deeply 
unfashionable view, albeit natural 
for a high-tech consultancy. 

• That commercial break- 
throughs do not require a special 
company climate - though ft 
helps. This conclusion is both 
inconsistent with some of the 
book’s data ' and perverse: Arthur 
D. Little may be right that break- 
throughs “can eme r ge from any 
environment", hostile or friendly. 
The question is which type of 
organisation produces more of 
them. 

The book is also at fault in its 
dogmatic and misleading distinc- 
tion between breakthroughs and 
innovation. Breakthroughs are 
indeed “conceptual shifts that 
make history", but innovation is 
not necessarily just “the art of 
doing the same thing, better”. In 
conventional terminology, that is 
“incremental" innovation, while 
Arthur D. little's breakthroughs 
con stitut e “radical" Innovation. 

At a time when the stakes 
involved in different types of inno- 
vation are at last beginning to be 
understood by governments and 
institutional investors, the book 
takes an unhelpfully narrow view 
of H. 

*Published by Mercury Business 
Books, £12.95. 


O tto Lamhsdorff has every 
reason to feel dejected. 
For 20 years he has cam- 
paigned to shake up the 
boardrooms of leading German com- 
panies and to disentangle the com- 
plicated web of cross-shareholdings 
dominate and - critics argue - 
HcafWi the German economy. 

On the face of it, Lambsdorfi, eco- 
nomics spokesman for the Free 
Democratic Party and chair man of 

DSW, Germany's largest small 
shareholder association, has had lit- 
tle success. Large-scale cross-share 
holdings remain the norm in Ger- 
man industry, preventing hostile 
takeovers and stunting the growth 
of the stock market which is 
playing an increasingly important 
role in other leading economies 
worldwide. 

The 67-year-old. who was econom- 
ics minister from 1974 to 1984, 
remains undaunted. His campaign- 
in g has earned him a reputation as 
one of the most eloquent speakers 
on the workings of the German 
economy and he is convinced that 
he Is making inroads. He points out, 
for instance, that a new law will 
oblige banks and companies to 
declare any shareholdings above 5 
per cent that they hold in other 
companies. 

But Lambsdorfi wants to go fur- 
ther. Cross-ownership of the sort 
that exists in Germany is forbidden 
in many countries and, while ach- 
ieving a similar ban may be impos- 
sible, more must be done to reduce 
the web. 

“If you look at what the big Ger- 
man banks, taken together, control 
— the shareholdings themselves, the 
supervisory board seats, the proxy 
voting rights - then it amounts to a 
concentration of economic power 
and influence which is largely 
beyond the reach of any outside 
control and which can lead to dan- 
gerous developments and abuse of 
power,” Lambsdorfi says. 

His favourite bugbear is 
Westdeutsche Landes bank, the 
state-owned DQsseldorf-based hank, 
which Lambsdorfi says calls the 
tune in the state of North 
Rhine-Westphalia. 

He singles it out as a particularly 
offensive example of a state-owned 
institution where there is an all too 
'cosy relationship between the 
state's Social Democratic 
government, the Federation of 
German Unions and local industry. 
“They buy shareholdings in 
industry the way other people 
collect pictures or stamps,” he says. 

The recent near collapse of 
Metallgesellschaft, the metals, 
mining and industrial group, is a 
good example of how the banks, 
with their large stakes in the 
company and their positions on the 
group's supervisory board, were 
unable to prevent a debacle, he 
says. 

The Frankfurt-based group lost 



Insider on the 
outside 


Otto Lambsdorff explains his zeal for reform of German 
boardrooms to Michael Lindemann and David Waller 


DMISbn (£780m) to end-September 
1993 and warned it will lose a 
similar amount for the 1994 
financial year, the losses triggered 
by speculative trading in the US oil 
fiitures markets, and is currently in 
the throes of a drastic restructuring 
which involves cutting the 
workforce to one-third of the 60,000 
people employed IS months ago. 
The reorganised group will have 
turnover of DMnbn. little more 
than half last year's levels. 

Lambsdorff is dismissive of the 
big German banks' claims that they 
have provided a heroic service to 
the German economy by rescuing 
Metallgesellschaft (they were the 
biggest contributors to the DM3. 4 bn 
rescue package agreed in January). 

“The mistake was not in the way 
that the group was rescued - but 
rather that oae allowed the 
situation to arise. First you drive 
the car against the wall and then 
you hope to rescue your reputation 
by going to a good garage." 

Other recent cases, including the 
Jurgen Schneider bankruptcy and 
alleged fraud at Balsam, a German 
sports-floorings manufacturer, and 
Procedo, the biggest factoring 


company In Germany and biggest 
creditor to Balsam, reflect bad 
management at the banks, 
Lambsdorfi says. “A series of large 
bankruptcies like this damages the 
reputation of the German banks on 
the international capital markets." 
he warns. 

The second Finanz- 
marktfSrderungsgesetz, or financial 
markets promotion law. which is 
set to come into force next week, 
may do something to redress the 
imbalance by making the corporate 
landscape more transparent, 
Lambsdorff argues. For example, 
companies will be forced to declare 
any shareholdings in other 
companies once they exceed 5 per 
cent, an improvement on the 
previous 25 per cent threshold. 

Supervisory boards - the non- 
executive bodies made up of 
shareholders and workers' 
representatives - also need reform 
if they are to play a useful role, he 
says. In 1965 a law limited the 
number of supervisory boards an 
individual could sit on. Now, 
Lambsdorfi argues, it is necessary 
to limi t the size of the supervisory 
boards. 


Some of Germany's largest 
company boards - such as 
Volkswagen, where Lambsdorfi is a 
supervisory board member - have 
20 members, making them 
unwieldy. Critics allege that 
membership is often based less on 
professional competence than on 
political favouritism, while the 
annual fees paid to supervisory 
board members (average DM8,000) 
are too low to provide incentive for 
full involvement. 

Supervisory' board members need 
more direct contact with company 
accountants and the accountants 
should have extensive powers to sit 
in at important company meetings, 
be argues. Current arrangements 
mean that contact between the two 
parties is channelled through the 
company management - the people 
the supervisory board is there to 
oversee. 

Some argue that Lambsdorff may 
not be an ideal campaigner for the 
reform of supervisory boards. He 
sits on eight belonging to larger, 
listed companies and on a host of 
other smaller ones. He replies: H ftn 
an insider critic. “That makes me 
even more difficult for them." 


jii P(i 

MlSt! 




■ v 


CONTRACTS & TENDERS 


DOMINICAN REPUBLIC 
FOSSIL-FIRED POWER STATION 
INVITATION TO PRBQUAT-TFY 

Having been authorised by the Cornejo National para la Esergia 
(ONE), the Corporatitin Dominkana de Htectriddad (CDS) intends to 
select a private-sector firm to finance, build own and operate a 250- 
MW foasil-Sred power station consisting of two stages of 126 MW net 
each and all support facilities (the project) at a location in the 
Dominican Republic to be decided on the bane of enviro nm ent a l and 
planning studies being carried oat. The power station will s«U 
capacity and energy to CDE or its succaasors. CDE reserves the right 
to limit the project to 125 MW. The successful firm, selected by 
tender, will undertake to develop the project on a build-own -operate 
basis. 

The GD£ has requested funding from the World Bank and the Inter- 
American Development Bank |U>B) to be on-lent to the private entity 
selected to develop the prqject It is expected that the government 
funding could cover a portion of the financing requirements of the 
prqject. The balance of tire financing would be mobilised by the 
selected developer from both equity and debt sources. Full private 
financing of the project is encouraged. Use of funding from 
multinational agencies wiD be subject to fulfilling the procurement 
e nd environmental requirements of these agencies. The World Bank 
and the IDB finance goods and services only from their respective 
member countries, plus, for the World Bank, Taiwan, China. 

The CDE now invites tenderers who have previous experience in 
miwilnr projects to preqaalify for participation in the t en d eri ng far 
this prqject. This prequalification notice is intended for the selection 
of firms to develop the prqject and to perform all operations necessary 
and required to fabricate, deliver, erect, test, commission, 

operate and maintain the complete 2x125 MW fossil -fired power 
station. It is expected th at tenders will be invited by October 1994. 
The evaluation will bo based on the firm's experience in project 
development and management, financial st a ndi n g and ability to 
arrange prqject finawrinp The evaluation criteria will be given in the 
preq uafflration document, which may be immediately obtained at no 
cost, by written request from the address below. Qualification 
statements wiD be received until 17:00 hours Santo Domingo time on 
16 September 1994 in sealed envelopes, which must be either 
delivered by h«nd or by registered moil, to: 

COBPOBACION DOWNICANA DE BLECTKICIDAD 
Oficina Principal. Centro de los Heroes, 

Santo Domingo, RepubHca Dominkana 

TVL- (809) 633-1892 Fax: (809) 536-7472, 586-0876 

The ITT 346-0081 RCA 326-4 196 

The envelopes must be clearly mark ed " APPL ICATION 
TO PBEQUAUFT FOR THE FOSSIL FIRED POWER STATION 
WITH APPROXIMATELY 1 2x1*5 MW OF CAPACITY -ATTN: ING. 
MASCO A. SUBERQ, ADMINISTRATOR GENERAL." 

Applicants will be advised, in due course, of the results of their 
applications. Only Sum and Joint Ventures preqnalified under these 
procedures will be invited to bid. 

This publication modifies the closing date for receipt of 
completed Qualification Statements made on the 
Development Bnsjneas on May 31, 2994. 


BUSINESSES FOR SALfe 


Appear in the Financial Times 
on Tuesdays, Fridays and Saturdays. 

For further information or to advertise 
in this section please contact 

Karl Loynton on 071 873 4780 or 
Lesley Sumner on 071 873 3308 

^ weeewe-o-eeee x e********* 

FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSWIR 



BUSINESSES FOR SALE 


Speciality Foods 
Distributor 

Southern based. £1.6m 
HO. 23%. OP. Established 
17 years. Excellent range of 
quality products. 
Offers Invited. 

Td: B L Spicer 0420 23135 


FOR SALE 

Licensed Waste Transfer 
Station 

Excellent Position 
Incineration Licence Available 
EEC Grants Available 

TEL: 051 494 3521 


CONTRACTS & TENDERS 


GOVERNO DO ESTADO DO CEARA 

SECRETAR1A DO DESENVOLVUUIENTO URBANO E MEIO 
AMBIENTE 

CENTRAL COMMISSION FOR TENDERS 
CALL FOR TENDERS 

INTERNATIONAL CALL FOR TENDERS N«S 043/94 

The Central Commission for Tenders, on behalf of the Secretaria 
do Desen votvimento Urbano e Meio Ambiente of the state of CearS, 
is Inviting Brazilian and foreign construction companies that ara 
nationals of the member countries of the Interamerican 
Development Bank-JDB to participate in the International Call for 
Tenders 043/94, destined to contract works and services for the 
construction of Sewerage Pre-conditioning with sewage capacity of 
4JB mVs, maximum work execution period of 420 days in a row undBr 
the Basic Infrastructure and Sewerage Program of Fortaleza. 

Funding for execution of the project above will come from tbe 
Bask: Infrastructure and Sewerage Program of Fortaleza. Partial 
financing was negotiated by the Government of Caard with the 
Interamerican Development Bank-iDB. The contract of the works 
must be submitted to the disposition of the Financing Contracts n* 
695/OC-8R and 892/SF-SH signed with (he IDB in Dec. 9, 1992. 

Qualification and price offer documents must be presented in 
Nov. 4,1994 at 4 pm at Rua Silva Pautat, n* 324, Aldeota - Fortaleza - 
Cearti - Brazil, addressed in two different envelopes as follows: 
EnvalopefA" - Documanlo de Hablfftaqao ou Prd-Qualificagao 
(Qualification or Pre-Qualification documents) and Envelope "B"- 
Proposta de Pregos (Price Offer). 

A complete set of rules governing the call for tenders can be 
obtained at the Secretaria do Desanvofvimento Urbano a Meio 
Ambiente located at the Centro Administrative Govemador Virgdio 
TSvora - Cambeba - Fortaleza - Caar& - Brazil, during the period of 
July 31 and Nov. 4,1994, at the cost of R$ 1 50.00 (a hundred and fifty 
reals). 

Fortaleza, Ceard, July 31 ,1994 
The Central Com mission for Tenders 


O PETROBRAS 

■mnannuntAi 

HTERNAHONAL COMPETITIVE BQHMtfG NOTICE 
BIDDING NOTICE N* 874-81 -0025/94 

PatrAleo Brasil elm SA - PETROBRAS has received a loan hi various 
currencies equivalent to USS 260 million from the WORLD BANK and 
Intends to apply a portion ol the proceeds ol this loan lo the purchase 
ot material and equip man I for the erection ot one Hydro! real meet 
Process Unit at Proaktenia Bernardos Refinery. In CubaiSuo - SP • 
Brazil. 

This Bidding will be made under the rules ol the WORLD BANK and 
Its purpose Is the purchase ot Uie tallowing control valves: 

Item 1-144 control valves, globe type; 

Item 2 - 31 control valves, butterfly type; 

Hem 3-71 control valves, trail type: 

Item 4-19 control valves, so 11 -opera! ad; 

Item 5-04 control valves, three-way type; 

Item 6 - 04 control valves, hand-operated. 

BIDDERS may opt by the supply of one or more ol the above Items. 
Bids will be received until three (3) pun. of september/Z9/i994. 
Interested BIDDERS. Irom aligfcte countries, members ot the WORLD 
BANK end Taiwan, China who have supplied to petroleum or chemical 
industries, the same quantity of above described Items at least, lor 
which they Intend to bid, may obtain this bidding through the 
presentation ot a bank deposit slip In the non-refundable amount of 
USS 300 (three hundred American dollars) to be made at Banco do 
Brasil S.A. Ag8ncla PETROBRAS ■ Rio da Janeiro (code. 3180-1) 
current account n B 377.100-8 In the name of PETROBRAS/ADM. 
CENTRAL, or contact us at no a xpensa at the following address. 

Pel r Also Brasfielro S A. - PETROBRAS 

Servlfo de Malarial - SER MAT 

Av. Repttbllca do Chile n" 65. & andar - sala n* 8fl2 

Cap: 20035-900 - R to de Janeiro - RJ - BrasH 

Phone; (021) 534-1731 or 534-1745 

Fax: (021) 534-3537 or 534-3838 

Ref.; EDITAL N» 874-81-0025/84 

Aft.; Ccordenadorda ComfeaSo da LIcHapao 


Wembley Olympic 




Bowl Limitei 

(In Receivership) 

24 lane bowling 
complex in 
North West London 

■ Adjacent to Wembley Stadium 

■ Bar and catering facilities 

■ Turnover £900,000 per year 

■ 25,000 sq hr leasehold premises 

■ Latest computerised equipment 

■ Extensive car parking 

For further details contact the Joint 
Administrative Receiver 
Peter Flesher, Grant Thornton, 
Grant Thornton House, 

Melton Street, Euston Square, 
London NWI 2EP. 

Teh 071 383 5100. Fax: 071 383 4077. 

Grant Thornton* 


P 


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Uw 

r (A 

y? 

& 

kr 

° O 

r n j 

£ ^ 


Tbt.U.K. 


film o( Grant Tbumtoc ImetmooiuL 

. liwinHir of Charter ed Aomintiou in 

lad Wales to carry on investment business. 


Abattoir Boning and 


Processing Plant 


L3f 
K M 

t ^ 

6 t 


v 

( 


d 


3 


Pontardawe, Swansea 

WH Maybery Ltd. (In Receivership) 
established since 1%S have a recently 
built boning and processing plant, with 
full European Licence attached to a 
derogated abattoir. 

■ Located close to junction 45 of M4 

■ 33,100 sq ft boning plant (E.C. 
approved) and refrigerated rooms, 
2 storey office block and abattoir 

■ Total area 1.7 acres (Freehold) 

■ High Street multiple retail 
customers 

■ Annual turnover c£14 million 

For further details contact the 
Joint Administrative Receiver 
David Thomas, Grant Thornton, 

II -13 Penhill Road, Cardiff, CF19 UP. 

Tel: 0222 235591. Fax: 02 22 383S03. 

Grant Thornton • 

The U.K. member firm.ol GrtnjThomion ImcnuinMuL 
Authorised br ihelnsuanrol Chartered Aveoununu m 
England and Wales in carry on ins esunent business. 


m 

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LrH 

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CONTRACTS & TENDERS 


LEGAL NOTICES 


GOVERNO DO ESTADO DO CEARA 
SECRETARIA DO DESENVOLVIMBIITO URBANO E MEIO AMBIENTE 
Central Commission for Tenders 
CALL FOR TENDERS 

INTERNATIONAL CALL FOR TENDERS N» 046/94 

The Central Commission for Tenders, on behalf of Secretaria do Desenvolvimento Urbano e Meio 
Ambiente. is hereby inviting Brazilian and foreign construction companies that are nationals of the 
member countries of the Interamerican Development Bank - IDB to participate in the International Call 
for Tenders n° 046/94 destined to contract works and services for the Infrastructure and Sewerage and 
Water Supply Program of Fortaleza. 

The works and services required are listed below: 


WORKS LIST 


1 Southern Metropolitan Landfill 
Project of Maracanau 


2 Recycling System and Transference 
Station of Jangurussu 


EXECUTION 

TIME (DAYS IN A ROW) 


210 days 


210 days 


Funding for the execution of these works wifi come from the Infrastructure and Sewerage and Water 
Supply Program of Fortaleza. Partial financing was negotiated by the Government of Ceard with the 
Interamerican Development Bank. 

The contract of works must be submitted to the dispositions of the Financing Contracts n 9 695/OC-BR 
and n° 892/SF-BR signed with the IDB in December 9.1992. 

Qualification documents and p rice offe rs m ust be p resented in Nov. 7. 1994 at 4 pm at Rua Silva Pauiet 
n° 324, Aldeota - Fortaleza - CearS - Brazil, adresse d in two different envelopes as follows: Envelope 
"A” Documento de Habilitagao ou Pr6-Qualifica£ao (Qualification or Pre-qualification documents); and 
Envelope "B" - Qferta de Pre?os. (Price offers). 

Acomplete set of rules governing the call for tenders can be obtained at the Secretaria do Desenvolvi- 
memo Urbano e Meio Ambiente, located at Centro Administrative Govemador Virgilio Tevora - Cam- 
beba - Fortaleza - Ceara - Brazil, from July 31 to Nov. 4,1994, at the cost of R$ 100.00 (a hundred reels). 

Fortaleza-CE. July 31, 1994 
Central Commission for Tenders 


WEBER INSOLVENCY 

CAPRI No. <t7*W> on 2<Wi September 
1 444 at 13.00 am. ibe Law Court of 
Naples ulls complex called Weber 
IkxcL 118 Manna Picwla St, Capri, in 
front of Judge Pcipenu. Tbe ««nf4rfr 
ii on S9ID sq. m. of grounds and 
buildings. Ii consists of S3 rooms and 
one suite of 60 sq. m. provided nidi all 
accessories in working order. 
A swimming pool - already . 

migbi also be realised. A]| » 
heller described and specified in 
■hi- technical consultancy report 
deposited at the chancery. Opening 
price Lit f 7.04< UKXL00U deposit 65% 
lnfoimaiiwn Chancery or Otfical 
Receiver Lawyer Massimo Di Laura 

TeL +39/81,1)61 VS) - 7611977 
Fas: +34X1/7612026 


INTOEmCHCOLUToin^l^^ 11 ^ 

BSSBmF 

IN THE MATTER OF 
FORTUNE Ou, FLC 

IN THE MATTER OF 
THE COMPANIES ACT IMS 

NOTICE K HEREBY OVEN An Hk nm™ -f 

asasri wsaapRfiS 

Ac coital of Ac dneaq 3 <wXI 
(SiiSOOMB lo ffiiOO.DOO tediEiJilEE 


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AlAd» uiiitara bMlMpa«e«ccqaeduny«touga»ittnTtaroand O«i i ftiriii .«ptt»rfu*>AwgwMeBbyMilagM 
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US Sbad, LONDON. WC2R VAZ 
Erf: PS 

Sulfc i t Bw fur Ac ifatwc n»«, d 1 - -^ ,, ^ 


s 


FINANCIAL TIMES FRIDAY JULY 29 1994 


. j \ S J 


Worth Watching ■ Vanessa Houlder 



the pictures, develop the film and 
locate the co-ordinates of the 
abnormal tissue method takes 
about 15-20 minutes. The digital 
imag in g device is quicker, gives a 
higher-quality image and exposes 
patients to half the radiation of 
the conventional X-ray method. 

Nasa: US, 202 3580000. 


Putting the brakes 
on skidding 


In search of the 
hotspots 


A system to help prevent cars 
Grom skidding has been developed 
fay Bosch, the German electronic 
and vehicle parts manufacturer. 

Its Vehicle Dynamics Control 
system depends on sensors which 
measure the rate at which the car 
is turning Its vertical axis, 
together with the car’s lateral 
acceleration, steering angle, 
wheel speeds and braking 
pressure. 

These sensors feed information 
to an electronic control unit 
which is able to compare the 
requested steering angle with the 
actual course of the vehicle. The 
system then corrects any error in 
the car’s course by braking the 
appropriate wheel. 

The system is designed to be 
used in conjunction with anti-lock 
braking systems, which intervene 
when a wheel is about to lock 
daring braking and traction 
control, which prevents the 
wheels from slipping during 
acceleration. 

Bosch: UK. 0895 834466. 


Detecting sources of heat is an 
important aspect of fire fighting 
and prevention. Product 
Innovation has designed a 
hand-held device which emits 
visual and audible signals to 
detect heat sources as a relatively 
low-cost addition to the available 
equipment. 

The Hotspotter sensor detects 
infra-red waves, which are 
converted into sounds and lights 
by a microprocessor. Hie 
intensity of the heat is indicated 
by the frequency of the sound and 
the colour of the light. 

The uses of the Hotspotter 
include locating the source of a 
Ore through dense smoke and 
spotting a potential fire risk. The 
device costs £120. 

Product Innovation Holdings 
0920 444277. 


apt rHfl Ask almost any 
H) ■ w ig p doctor what drug 
fat# .- treatments there are 

fp-jt '? for strokes and they 
* * will probably say 

“none". The reason 
SsaL-v lies in the nature of 
gtj|£gr=^J the condition. A 
stroke occurs when 
the brain is damaged due to poor 
blood circulation. It can happen 
quickly, even without warning. The 
brain is damaged within minutes or 
hours, and all a doctor can do is try 
to help the patient recover. 

Stroke victims lose brain func- 
tions such as memory, speech or 
limb co-ordination. As well as their 
distress and that of their families 
the cost to society is vast About 


TECHNOLOGY 

any Drugs researchers are seeking a stroke treatment that 
^ could transform current therapy, writes Daniel Green 


Brains on their 


minds 


Stroke treatments in research 


Matchmaking trap 
for woodworms 


Breast cancer under 
the needle 


Women with suspected breast 
cancer usually undergo surgical 
biopsies, which can leave 
scarring. A technique based on 
technology developed for Nasa’s 
Hubble space telescope allows the 
biopsy to be performed with a 
needle rather than a scapeL, 
leaving a small puncture wound 
rather than a scar. 

The technique allows the 
abnormality to be located by an 
X-ray imaging device which takes 
digital images of the suspected 
mass from two different angles. A 
computer calculates the 
co-ordinates of the abnormality, 
after which the sample is 
extracted with a needle. 

X-rays have been used before to 
locate suspected abnormalities. 
However, the time needed to take 


Buying a house can be a risky 
business and many purchasers err 
on the side of caution and spray 
for woodworm whether or not an 
infestation exists, writes Daniel 
Green. But from next year, it 
should be earner to discover if 
there is a true problem. 

A UK company, Oxford 
Asymmetry, has developed a way 
to mass-produce woodworm 
pheromones, the sex hormone 
that brings male and female 
woodworms together. 

Scientists at Oxford University 
divided the structure of the 
hormone and Oxford Asymmetry 
built a synthetic chemical 
“scaffold" around winch identical 
molecules would form In its 
laboratories. 

The company has now signed 
an agreement with Cardiff-based 
Agrisense which wfll market a 
woodworm trap: the idea is that 
new homeowners first test for the 
presence of woodworm before 
committing themselves to the dirt 
and expense of pest control. 

Oxford Asymmetry, 57 Milton 
Park. Abingdon, Oxfordshire 0X14 
4RX 0235 861561. 


500,000 people a year suffer from 
strokes in the US. Only about a 

Company 

Country 

Qnxj 

Launch date 

third of victims recover sufficient 
independence to return to previous 

Upjohn 

US 

Freedox 

1994- 

levels of activity. The rest require 
years of rehabilitation and nursing. 

C8» 

SwrtzecteRd 

Setfotel 

1997- 

Some are permanently hospitalised. 
The prospect of earning an envi- 

Alkarmos 

US 

CaSpahi inhibitor 

7 

able reputation and a great deal of 
money has attracted many pharma- 

Cambridge NuroSctence US 

Cerestat 

20007 

ceutical and biotechnology compa- 
nies to the area. Success would 

Cephalon 

US 

Caipstn inhibitor 

? 

transform stroke therapy. Today's 
preventative therapies would be 

Coconsys 

US 

Aces 1021 

? 

supplemented for the first time with 
patient treatment. 

Fisons 

UK 

Remacendde 

? 

But the condition is complicated. 
About 85 per cent of strokes are 

Oaraia 

US 

Adenosine regulator 

? 

caused by blockages in blood ves- 
sels and are called ischaemic 

GuOfbrd 

US 

PARS MtiHtor 

7 

strokes. Without oxygen carried by 
blood, cells die. 

WeScome 

UK 

619C88 

2000? 

The remaining Id per cent of 
strokes are caused by leakages of 

Sandoz 

Switzerland 

SOZEEA484 

? 

blood into the brain - cerebral hae- 
morrhages. The brain is squashed 

Synthetebo 

Franca 

51 prodS 

2000? 

by the extra volume of blood and 
cells die. 

This fist Is nor co«rprefters*e 






kj 


Doctors try to identify people who 
are at a high risk of either kind of 
stroke and give appropriate preven- 
tative drugs. People with a history 
of artery disease, for example, may 
be given mild blood-thinning agents 
such as aspirin to ward off clots. 
People with high blood pressure 
have an increased chance of a hae- 
morrhage and can be treated with 
drugs for high blood pressure. 

After an ischaemic stroke, victims 
may be given stronger clot-busting 
drugs such as streptokinase to try 
to clear the blockage quickly. In 
cerebral haemorrhages, blood thin- 
nets and clot busters are precisely 
what must not be administered as 
they would increase the blood flow 
to the brain. After the stroke, only 
risky brain surgery can help. 

Modern research on drugs that 
might effectively treat stroke vic- 
tims begins by analysing the bio- 
chemistry of the condition: what 
chemical events take place between 
blood Cow disruption and cell 
death? 

Unfortunately, biochemists can- 
not yet provide a complete answer. 
What is understood so far is that 


when blood is cut off from brain 
cells, chemicals called excitatory 
amino adds are released. 

These bind to receptors on brain 
cells and open c hann els into the 
cell. Through the open channels 
flow large amounts of calcium and 
sodium which can kfiJ the ceil sim- 
ply by bursting it The calcium and 
sodium are also involved in reac- 
tions inside the ceil which release 
poisons such as nitric oxide, highly 
reactive substances called free radi- 
cals and even protein-eating 
enzymes that can digest the ceil 
from the inside. 

As if that were not enough, the 
inflow of calcium is a trigger for the 
release of more excitatory amino 
acids and the whole lethal sequence 
spreads out from the original core 
of damage. 

“There is almost an active pro- 
gression of damage going on for 
minutes, even hours, after the 
stroke." says John Reid of Glasgow 
University’s department of medi- 
cine and therapeutics. Within a few 
hours, the dead core is surrounded 
by a larger area of dying cells, he 


says. 

So a candidate drug treatment is 
one that blocks either the release or 
the action of the excitatory amino 
acids. The principle is to freeze the 
process that leads to the death of 
the cells until normal blood circula- 
tion is restored through the action 
of clot-busting drugs. 

But the lack of complete biochem- 
ical understanding means the prac- 
tice is more difficult There is more 
than one excitatory amino add, sev- 
eral ways of obstructing each and 
yet further ways of dealing with 
their effects. On top of that, inter- 
fering with the functioning of brain 
cells can cause unpleasant side 
effects such as hallucination. 

The first drug likely to reach the 
market is expected to be launched 
in the next few months. Called Free- 
dom, it was developed by Upjohn of 
the US. It tackles some of the last 
stages in the sequence of cell death 
- for example, by inhibiting the free 
radicals. 

Initially it will be licensed for use 
in haemorrhages only. Further clin- 
ical trials are under way In patients 


with ischaemia and with victims of 
head and spine injuries that can 
trigger a similar sequence leading 
to cell death. 

At the other end of the biochemi- 
cal sequence. Wellcome, the UK 
company, is researching a drug 
called 619CS9 which is designed to 
prevent the release of the most 
important of the excitatory amino 
adds, glutamate. The drug is about 
to enter further clinical trials and is 
unlikely to be on the market before 
the end of the decade. 

Ciba, the Swiss drugs company, is 
a Uttle further advanced with its 
Selfotel drug, which blocks the 
action of glutamate rather than its 
production. 

Selfotel is entering the last and 
biggest series of trials that must be 
undertaken for any drug is 
approved. If all goes well a product 
could be on the market in three or 
four years, says Beatrix Maurice- 
Schubiger, head of Ciba's central 
nervous system product manage- 
ment 

Unfortunately. Selfotel- has side- 
effects Including hallucination. 


paranoia and confusion. In May, 
Ciba signed a collaborative deal 
with California btotechnokgy com- 
pany Coccnsys to research a second 
stroke drug. Acea 1021 works by * 
quite different mechanism, blocking 
another of the receptors for excita- 
tory amino adds. Maurice-SChubl- 
ger says that Area 2021 is “about 
two years behind SetfoteT in. the 
development process. 

Improving on Selfotel is also a 
target for Massachusetts biotechnol- 
ogy company Cambridge Neuro- 
Science. It has a drug called Cm 
estat which blocks a different recep- 
tor for excitatory amlmr adds. - 
Elkan Gamzu, the company's presi- 
dent. claims that Gerestat b as good 
as Selfotel but avoids On side-ef- 
fects. 

But Cerestat has only fast com- 
pleted initial trials, so even if aB 
goes well a product Is unhkely to 
reach the market until the next 
decade. - 

Other companies researching the 
area include the UK’s Wellcome and 
Fisons, Switzerland's Sandoz, 
France's Synthelabo and US bio- 
technology companies Aikermes, 
Guilford, Gens la. Pharmos and 
Cephalon. 

In spite of the large amount of 
research activity, some scientists 
fear that no one solution will work 
well There are at least 22 separate 
steps in the biochemistry of cell 
death and it is not known which, if 
any, could stall the whole process. 

Drag developers have recently 
witnessed an unpleasant precedent 
in the treatment of septic shock. 
Both stroke and septic shock 
involve complicated cascades of bio- 
chemical events. In septic shock, 
each of the drugs developed seemed 
to be effective in blocking part of 
the cascade, but each so fer has 
foiled to prevent the disease prog- 
ressing. 

Behind the optimistic words, the 
industry is aware of this potential 
problem. Merck of the US, the 
world's biggest drug company, 
abandoned work on its candidate 
stroke drug MK 801. Executives at 
Upjohn concede that they do not 
know exactly how Freedox works. 
Gamzu admits that Cerestat acts on 
only one of several receptors 
involved in stroke. 

Ralph White, central nervous sys- 
tem project manager at Wellcome, 
sums up the view of many when he 
says: “We won’t know if a drug 
really works until we’ve finished 
the last clinical trial.” 


! ■ Articles over the list ate month* J 

i have looked at 

pharmaceutical I 

1 advances in the foQowtog areas: j 



Blood products 

Mirftiple sclerosis 

- 27 May 
_ 29 April 

31 March 

Prostate 

25 February 

Wound hoofing ....... 

Jammy 


PROPERTY 


PEOPLE 


“By private finance, we don't 
mean paying an inflated price 
far blue-chip guaranteed loans. 
We mean putting the private 
sector in the driving seat, bear- 
ing and managing the large 
risks which capital projects 
entail Too much of government 
has traditionally been the patsy 
customer m public projects. ’’ 


Double 


act 


Kenneth Clarke, UK chancel- 
lor, speaking of the Private 
Finance Initiative, a govern- 
ment scheme to attract private 
investment to public sector 
projects, launched in 1992. 


Andrew Russell on a bid to tap 
private funds for public projects 


M r Clarke’s words 
were fine. But the 
Private Finance 
Initiative has 
foiled to enthuse the private 
sector. As a result, the Depart- 
ment of Environment and the 
Royal Institution of Chartered 
Surveyors have appointed 
Chesterton Consulting, survey- 
ors, to assess how PFI could be 
revived, especially to aid s m all 
projects valued at £5m-£60m. 

More than half the 78 pro- 
jects listed in 1992 as examples 
of potential PFI ventures 
remain on the drawing board. 
Many of the rest pre-da ted the 
PFI launch in any case. One 
flagship project, CrossRail - a 
£2bn line linking east and west 
London - was struck a blow in 
May when MPs blocked a pri- 
vate bill authorising construc- 
tion. Although the government 
has revived the venture 
through a complex parliamen- 
tary procedure, it says the proj- 
ect will take at least 10 years 
to complete. 

However, the critics* main 
contention - that PFI has 
foiled to provoke interest such 


as on CrossRail - may be mis- 
placed. 

One reason is that as in any 
big civil engineering venture, 
the lead-time for projects can 
typically be two years or more. 
Many of the original projects 
associated with PFI such as 
CrossRail and Heathrow 
Express, are large, with a long 
gestation period which critics 
have misinterpreted as evi- 
dence of lack of activity. 

in addition, in spite of the 
government's more enlight- 
ened vision about the role of 
the private sector, public 
resources remain as tightly 
controlled as previously (espe- 
cially when placed alongside 
private-sector resources in a 
joint venture). 

The government can borrow 
money more cheaply than the 
private sector and therefore in 
absolute terms It is rarely pos- 
sible to prove that a partner- 
ship with the private sector 
provides better value. 

PFI modifies this strict 
“value for money" test in sub- 
tle ways. The extra cost of pri- 
vate money is now seen by 
government as being justified 
where its use brings associated 
advantages, such as the trans- 


fer of risk away from the pub- 
lic sector and access to better 
management. 

It is possible, though, to con- 
ceive of other benefits from the 
use of private finance, ranging 
from the foci that without it, a 
project could not proceed, to 
intangible spin-offs such as an 
unproved environment 

The most obvious area of 
application for PFI principles is 
in the provision of transport 
infrastructure. However, few 
groups are capable of financing 
such schemes, and many 
observers believe that the real 
challenge for public and pri- 
vate sectors is to make PFI 
work with “smaller" projects, 
valued at between £5m (for a 
school) and £60m (a prison). 

One reason for caution may 
be that the DoE - one of the 
UK’s biggest sponsors of con- 
struction - is uncertain 
whether PFI changes anything 
at alL 

The ground-rules implicit in 
Mr Clarke's quotation is that 
government contribution to 
any partnership must have a 
ceiling. Once that concept is 
introduced, the public invest- 
ment assumes the nature of a 
grant Many a recent public- 


sector grant could easily have 
been re-sprayed in PFI colours. 

However, DoE-sponsored pro- 
jects differ in one important 
respect from those backed by 
other departments. A high pro- 
portion involve helping pri- 
vate-sector investments get off 
the ground, creating jobs and 
other benefits. In contrast, pro- 
jects sponsored by other 
departments involve facilities 
for which the government is 
the only customer, such as 
prisons, higher education etc. 
ft is in this area of public ser- 
vices that PFI is likely to enjoy 
most success. 

Where PFI is likely to meet 
with least success is in encour- 
aging the private sector to 
come up with its own ideas. In 
spite of the government's 
expressed willingness to nego- 
tiate with a single private-sec- 
tor promoter, PFI is caught in 
public procurement rules and, 
in particular, by EC require- 
ments that contracts should be 
tendered. Private companies 
have better things to do than 
invest their time and money in 
new ideas If they then have to 
compete for the privilege of 
carrying them out 

The government seems to be 
heading once again for the role 
of patsy customer. Although 
the private sector assumes 
risk, the perception remains 
that as the government guar- 
antees the income-stream, it is 
therefore gilt-edged. On the 
other hand, the mechanism 
undoubtedly gives rise to a 
greater range of investments 
than could ever be financed 
through taxation. 


Wilkinson is to be new managing 
director at Laird Group 


Geoffrey Wilkinson. 48, has 
been appointed managing 
director of the Laird group, the 
vehicle components manufac- 
turer, with effect from October, 
after having joined the com- 
pany in June 1993 as finance 
director. 

His replacement as finance 
director will be Jonathan Sil- 
ver. 35, currently corporate 
development manager. 

The moves follow on the 
announcement in April that 
the Current chairman and chief 
executive, John Gardiner, 
would become chairman solely, 
and that the current managing 
director, Ian Arnott, 51 would 
be stepping into the role of 
chief executive. 

Gardiner will retire from the 
chief executive role on October 
I, when the other changes take 


effect 

Laird is by no means an 
unfamiliar company to Wilkin- 
son - he first became 
acquainted with the group 
when he worked for the Indus- 
trial Re-organisation Corpora- 
tion more than 20 years ago. 

Wilkinson has been (succes- 
sively) a former chief econo- 
mist, financial controller, and 
ultimately head of corporate 
mergers, investments and 
divestments at British SteeL 

He left British Steel in 1987 
and spent several years with 
US investment bank Dillon 
Read, hi October 1991 he and 
David Prior established a part- 
nership, for a time working for 
Garry Klescfa, who put up the 
equity for a series of steel ser- 
vice sector buy-ins. 

Silver, a chartered accoun- 


tant, first worked for Thornton 
Baker before joining Fisons, 
then moving on to Laird in 
1986 as group management 
accountant 

More than 80 per cent of 
Laird's profits derive from 
overseas markets. Its last 
annual results showed pre-tax 
profits of £38.2m. 


Fragrant 
changes at 
Body Shop 


■ Wendy Leighton becomes 
deputy chief executive at Stir- 
ling group, the rfnthipg manu- 
facturers, where for the past 
four years she has been direc- 
tor in charge of marketing and 
design, primarily responsible 
for developing the company's 
relationship with Marks and 
Spencer. 

She began her career at 
Marks and Spencer, as a 
trainee. 


ELECTRONIC SWITCHES 


■ Paul Gibson has been pro- 
moted to sales director of OKI 
SYSTEMS (UK). 

■ George Bates has been 
appointed to the board of CML 
MICROSYSTEMS. 

■ Steve McCall, former UK md 
of Tulip, has been appointed 
sales director, and Jamie Win- 
otto, former UK md or Tandon, 
marketing director, at ELO- 
NEX, .. 


The author is national director 
of Chesterton Consulting 


IPD monthly Index for dime 

Total return 


12 

Index trf monthly returns 

June 

Changeover 


based or Doc 86 = 100 

1884 

last month 


All Property 

216.33 

2.02 


• Rotate 

207.00 

2.76 

8 

. » Offices 

196.44 

0.53 


Industrials 

303-38 

139 



June 1992 


1904 June 


T otal returns from com- 
mercial property 
investments continued 
to slide In June as investors 
remained nervous about the 
direction of interest rates and 
the lads of any serious recov- 
ery in rents, according to 
Independent Property Data- 
bank, a research group. 

The IPD index of monthly 
total returns fell in June to 
0.9 per cent, the lowest level 
for 12 months and the third 
consecutive monthly fall. 

Retail provided the only 
encouraging news with total 
returns rising to 1.4 per cent 
from 1-2 per cent in May. 
Total returns from offices fell 
from 1 per cent to 0.3 per cent 
and industrial property 
returns fell from 1.4 per cent 
to 1 per cent 

The declines reflect the con- 


cerns of a jittery market with 
funds unlikely to increase 
investment until rents start 
to catch up with previous 
sharp rises in capital values 
of buildings. 

The increase In total 
returns from retail Invest- 
ments was prompted by a 0.2 
per cent rise in shop rents 
last month, the first increase 
recorded by IPD since Decem- 
ber 1991. 

Rents for office and indus- 
trial properties continued to 
fall hut at a much slower 
rate, indicating that rental 
decline may be coming to an 
end. Overall rents failed to 
move last mouth. 

Capital values are continu- 
ing to stagnate: for offices 
they declined by 0.4 per cent 
in June, the first monthly fall 
since May last year. 




■ Marwan Rifka. above, for- 
merly md of EDS's UK public 
sector division, has been 
appointed European chief exec- 
utive and corporate vice-presi- 
dent Of ANT ARES ALLIANCE 
GROUP, the joint venture 
between Amdahl and EDS. 

■ Kelvin Harrison has been 
promoted to md of VEGA 
GROUP; Angus Johnson, for- 
merly technical director, 
becomes non-executive. 


■ Mike Powell, formerly direc- 
tor of consultancy at Oracle, 
has been appointed director of 
DIGITAL Consulting for UK 
and Ireland. 

■ Kevin Lynch has been pro- 
moted to md of McKEOWN 
SOFTWARE Group. 

■ Terence Cooke has been 
appointed md of TULIP COM- 
PUTERS UK 

■ David Jones has been pro- 
moted to director of sales for 
ITT CANNON in the UK. 

■ Neal Turner, formerly sales 
director of Macro Group, has 
been appointed sales and mar- 
keting director of FARNELL 
ELECTRONIC COMPONENTS. 

■ Nigel Croisdale has been 
promoted to vice-president of 
ICL Client-Server Systems 
Trading. 

■ Mark Riley, formerly direc- 
tor of products and services at 
Cellhet. has been appointed 
group sales director, Europe, at 
TELSIS. 

■ Stuart Harwood has been 
appointed general manager, 
retail and distribution, at BT. 

■ Brian Cunningham, for- 
merly brand image director for 
IBM's general business in 
Europe, is appointed head of 
IBM's UK AS/400 business. 

■ Michael Gordon, md of I .ink 
Training, is appointed to the 
CRT Group board. 

■ Ian Taylor, former md of 

Datasolve, becomes UK chair- 
man of CMG; acting UK chair- 
man Chris Banks reverts to | 
group finance director. j 

■ John Backhouse has been I 

promoted to md of ! 
AMPHENOL Corp's UK subsid- | 
lary. | 


NORTHERN FOODS, the dairy 
and food manufacturing com- 
pany, has appointed four direc- 
tors to its board, two execu- 
tives and two non-executives. 

Neil Davidson, 43, is to be 
executive director responsible 
for ail the group’s dairy 
operations, having been with 
the company since 1977. His 
brief covers milk procurement, 
processing and distribution 
through Northern Daires, Eden 
Vale Food Ingredients and Dale 
Farm Dairies. Jo Stewart. 44, is 
created executive director 
responsible for all the group's 
prepared food operations, cov- 
ering convenience foods, meat 
products and groceries. He has 
been with the company since 
1988. 

The two nonexecutives are 
Helen Alexander, 37, currently 
mana g i n g director of the Econ- 
omist Intelligence Unit; she 
has been with the Economist 
group since 1988- The other is 
Michael Metcalf, 42, who since 
1991 has been chief executive 
of Thorn group, the rental 
business of Thom EMI. 

Another appointment is that 
of David Baines, 53, who has 
been made managing director 
of Eden Vale, acquired by 
Northern Foods two years ago. 

Baines joins the group after 
having been managing director 
of Sara Lee Bakery (UK) for 
the past eight years. 

His background includes 17 
years marketing and manage- 
rial experience with RHM and 
Cadbury. He replaces Jo Stew- 
art. acting manag in g director 
at Eden Vale since March this ; 
year. 


1 Rii 


\inlre\ 


Anita Roddick, one of the ... 
founders of The Body Shop, . 
which has proved such a suc- 
cess producing and marketing 
wittily-titled personal care * 
products, has decided it is time 
she changed her own title. 

Yesterday the company said 
that in future she would hold 
the post of chief executive and 
relinquish that of group mao- . . 
aging director. Her husband, 

Gordon, remains chairm an 

A range of other bodies are . 
also swapping seats at the com- 
pany, including three newly 
created executive directors, 
making a total of nine on the . 
main board. 

Jane Reid, head of the legal 
department since October 1988, 
is made a director, in charge of 
legal matters. Jeremy Kett, 
chief financial officer, who - 
joined in March 1990, becomes 
director responsible for 
finance. Terry Hartin becomes 
director in charge of operations . 
and distribution. sSjjjw* 

Stepping into the managing 
director's shoes is Stuart Rose, ; • - \ 
formerly director responsible . 
for corporate development - \ r % 

Two other directors assume i J? 

different responsibilities in the ( VI \ 
shuffle. Michael Ross, once infs, 
charge of International retail, J r 
is now looking after strategic l I j 
retail projects, while Jilly Ebr* Va- 
ster moves from looking after, 
communications to strategic 
marketing. The company says 
It is looking to recruit a new 
person in charge of communMi\ v , . 
cations. . ,t: 

The change in Anita Rod- 
dick’s title Is "a reflection of> 
the business getting bigger,* 1 ^ 
says a spokesman. “She spends - ?ll *■•*!■■ 
a lot of her time travelling and v |-:s 
this will relieve her of the-.-.’j-’- ■- 
day-to-day r unning of the busi-’- . , 1 v 
ness, in order to concentrate 
more on its direction and 1 .. 
style." •..‘/'j: : 


^TS 

4J i QE 




•••"tnriiittw 
• 1!< M to tot 


i% * * ; 4«»Ur4f.^ 




■ Charles Bryant, 45, has been. •!•«, r , 
appointed to the new post at,„‘ 

NATIONAL WESTMINSTER of'...; r w' n ' ,n \f< .<.^^5 
director of UK trade sendees-,,' 1 J:: -i 
for the bank's UK branch busi- -.,' ‘ • Un-i 

ness sector. 1?, i,' 7 -. n ' ” e • 

His responsibilities extend to. K ^ Dr : „, ^ i* tt** 

drawing together the - ;,; ‘ lho 

operations, sales and market-. v * : wvm u 

ing units oi the sector's intor^R,, Vif 
national trade and banking ser-, 

vices division. '*to* hlfWkl 

A former- manngiiW'dlrector i;H , ’i.. n -' * 

of Midland Montagu, Bryant. 

will be joining Not West in Sep* ' f ' - v % 

tember. . 







FINANCIAL TIMES FRIDAY JULY 29 1994 


9 



ARTS 



A Ring with colour-coded leitmotifs 


Andrew Clark reports from Bayreuth on Alfred Kirchner's new production 



H alf a cheer for the new Ring 
at Bayreuth. It is abstract 
colourful and apolitical - a 
bigger contrast with its pre- 
decessor, the 1988 Kupfer 
production, is hard to imagine. The stage 
direction is minimal, the costumes are a 
riot James Levine has inspired the festi- 
val orchestra to play with a tonal ripeness 
and clarity unsurpassed in a generation, 
but his tempi - although marvellously 
consistent - have been rather stately. 
These are early days. Das Rheingold and 
Die WalkOre have just been unveiled in 
conditions of sweltering heat, but with no 
apparent hiccups. Siegfried follows this 
afternoon and G6ttertUtmmentng on Sun- 
day. 

The producer, Alfred Kirchner, and his 
designer, known only as Rosalie, came 
with a reputation for radical ideas, but 
their approach has been surprisingly ano- 
dyne. Kirchner, an experienced theatre 
director in Berlin and V ienna, made his 
breakthrough in opera more than a decade 
ago during the Gielen years at Frankfurt 
In interviews before the first night he 
rejected the idea of tying Wagner's 
tetralogy to a particular time or philoso- 
phy. His aim, he said, was simply to find 
new mythical pictures for a many-sided 
epic; to use the colours and materials of 
nature without implying naturalism; and 
by unfolding tbe story without ideological 
baggage, to let tbe audience draw its own 
conclusions. Admirable thoughts - and 
doubtless the reason why Kirchner and 
Rosalie have been let off so lightly at their 
curtain calls. 


With decor reduced to a convex circular 
platform (the top of the globe), augmented 
by a variety of geometrically arranged 
lights and panels, the production focuses 
directly on words and music - providing 
you are not distracted by the costumes. 
And there's the rub. A random collage of 
styles and associations, they pretend to 
illustrate or comment on each character’s 
function in the drama, through colourcod- 
ing and other symbols. Freia skitters 
about in a green-and-gold hooped outfit, 
apparently denoting youth and fruitful- 
ness. Frlcka follows her straw dress in 
Rheingold with a bizarre Cleopatra gown 
for WalkOre - domesticity and regality. 
Sieglinde has an iron collar, a symbol of 
bondage which she discards after doping 
Hunrffng Alberich sports shorts and a rep- 
tilian back-pack, like a friendly little por- 
cupine: 

Others are harder to fathom. The Valky- 
ries, for example, are lumbered with out- 
size red-and-black pannier dresses. With 
rare exceptions notably the inhabitants 
of Nlbelhkm, a mass of wriggling wonn- 
hke robots - the costumes are a phoney 
fashion-designer's caprice, reducing Wag- 
ner's characters to figures of lira. 

Take away the costumes, however, and 
yon have no production. It must be a long 
time since Bayreuth saw such poverty of 
theatrical imagination, such an abdication 
of the stage director's role. Apart from a 
splendid whirl of light-cylinders in the 
Ride of the Valkyries, Kirchner simply 
dumps his cast centre-stage and, give or 
take a bit of posturing, leaves them to get 
on with it Even accounting for the diffi- 


culties of staging all four parts of The Ring 
in one go, the dialogue is unbelievably 
limp, especially in the crucial encounters 
of Die WalkOre. The worst instance is the 
start of Act ± stranded on separate levels, 
Wotan and Brunnhilde barely begin to 
address each other, the father-daughter 
relationship, with all its affectionate play- 
fulness, has to be taken as read. Of greed, 
lust and ambition, of sex and violence, 
deceit and betrayal, this production offers 
barely a trace. We are in a Wagnerian 
kindergarten, a world in which the Wood- 
entops would feel at home. 

J ust what Levine thinks of all this is 
the subject of much speculation. 
Judging by the way he embraced 
Kirchner at their WalkOre curtain 
call, he would have us believe he 
endorses the approach. But given 
Levine’s conservative reputation, there 
must have been huge compromises. The 
stage curtain, for example, remains closed 
throughout the prelude to each act - 
unheard of in Germany today - and comes 
down again before the final orchestral 
flourish, making for a strange anticlimax 
to the WalkOre love scene. 

Levine’s experience of conducting The 
Ring in New York pays notable dividends. 
He brings out the natural character of the 
score, flawlessly unfolding the structure 
and paragraphing, with the manifold 
cross-currents and counterpoints coher- 
ently integrated. Das Rheingold was a rev- 
elation - so much detail to enjoy, and the 
orchestra playing like angels. With Levine 
in charge, the singers can do nothing but 


sing lyrically, enough to turn even minor 
episodes like Froh’s “Wie liebliche Luff 
into a hymn of joy. The corollary, of 
course, is that the music lacks theatrical 
intensity - particularly in Die WalkOre. It 
is a symphonic reading, without the dra- 
matic extremes which made the Baren- 
boim-Kupfer production so thrilling. 

The biggest loser in the new Ring is 
John Tomlinson’s Wotan. He is neutered 
by a blue rubber skirt, and his Norman 
helmet shuts out facial expression. There 
is little scope for him to show dignity or 
ruthlessness, and the character fails to 
develop between Rheingold and WalkOre. 
Even his handling of the text has been 
smoothed over. With such a superficial 
dramatic framework, the spotlight fails on 
his voice, which he hoists up heroically 
but with some strain. He was unfairly 
booed. 

Several others are inherited from previ- 
ous casts - among them Siegfried Jerusa- 
lem's harmless Loge, Manfred Jung's 
squawky Mime, Ekkehard Wlaschiba's 
rich-toned Alberich and Hans Sotin’s 
anonymous H unding. Deborah Polaski 
returns as Brwmhilde, her top as con- 
stricted as ever. Paul Elming's Siegmund 
was in splendid voice, partnered now by 
his Danish compatriot Tina Kiberg - who 
lends the production a welcome ray of 
femininity, even if she lacks a Wagnerian 
voice. And there are two outstanding con- 
tributions; Hanna Schwarz's majestic, met- 
tlesome Frlcka and Ren6 Pape’s Fasolt, the 
only singer to rise above his surroundings 
and provide the humanity sadly lacking in 
this production so for. 


T he death, at the age of 84. of Lord 
(Bernard) DeLfont, marks the 
passing of one of the two Grand 
Old Men of the British entertain- 
ment industry - the other is his 
brother Lord (Lew) Grade, still going 
strong at 87. 

Between them these two Russian bom 
sons of the formidable Olga, and Isaac, 
Winogradsky, established, with brother 
Leslie, a SO year dominance over every 
aspect of the nation's leisure activities, 
from the music balls through to television, 
where their influence lives on in Leslie's 
son, Michael Grade, the controller of 
Channel 4. 

Bemie Delfont. a tali, handsome man 
well Into bis eighties, with a mane or sil- 
very hair, never stopped working. He was 
well into his seventies when he acquired 


Obituary 

Bernard Delfont 


First Leisure, with its interests in discos, 
bowling and much of Blackpool, and he 
was an active president of the company at 
his death. 

Like brother Lew, Lord Delfont began as 
a professional Charleston dancer but soon 
found being an agent a more profitable 
business. From there it was a short step 
into owning theatres and cinemas and his 
long reign as King of British show 
business. 

It was Bernard Delfont who produced 
the Royal Variety Show for 25 years. He 
managed home grown stars, like More- 


cambe and Wise, and brought over big 
foreign names like Maurice Chevalier and 
Lena Home. He became a force in 
the movie and record businesses when 
the Grade Organisation was sold to 
EMI and then became its chief 
executive. 

Every time Lord Delfont was ejected by 
young Turks he bounced back, and it was 
bis experience that guided first Leisure 
to success. Despite the inevitable cigars, 
he was never a great showman. He was 
not a discoverer of new talent or 
an inspired creator, or even a Mend of 


the avant-garde: he was the businessman, 
with his finger on the pulse of public 
taste, whose main Interest in the 
theatre was that night's take at tbe box 
office. 

Sometimes his judgment wavered - he 
turned down tbe chance to manage the 
Beatles - and he rejected an investment in 
Monty Python's life of Brian because he 
thought it blasphemous - but he was 
known as a considerate employer, a gener- 
ous supporter of good causes, and a 
throughly old fashioned gentleman. Even 
his “rice" was excusable - he was a keen 
racing man who once owned a string of 
horses. His only hobby was watching the 
racing on television spiced by a few 
bets. 

Antony Thomcroft 


Theatre/David Murray 

The Lady from 
the Sea 


A t the Lyric Hammersmith we 
have one of the least manageable 
later Ibsen plays, The Lady from 
the Sea. Brave and interesting, 
this co-production with West Yorkshire 
Playhouse scores only a qualified success. 
If you saw the Royal Exchange version 
with Vanessa Redgrave 15 years ago, in 
Manchester or at the Roundhouse in Lon- 
don. you may stay home in good con- 
science, 1 if not. tbe Lyric staging has its 
rewards for Ibsen devotees (until August 
27). 

This 18SS play came between Rosmer- 
shohn and Hedda Gabler. Like them, it has 
an anguished heroine at its centre - but 
where those other heroines ore anchored 
(or trapped) in concrete situations, the 
“lady from the sea" floats free of anything 
concrete; her obsessions are private and 
deeply ley. 

Ibsen lays on the symbolism hard. EUlida 
grew up In a lighthouse on the open sea 
(now she lives at the dull end of a fjord, 
wedded to an older widower); her disor- 
dered thoughts return constantly to the 
wild waves, and to her fateful encounter 
with a foreign sailor, she has almost with- 
drawn from real life, and from her two 
stepdaughters who supply the echoing 
sub-plots. The play works up slowly to its 
climactic event, the reappearance of the 
romantic sailor to claim his mystical bride 
and Ellida’s dramatic reassessment of her 
situation. 

Lindsay Posner's production has apt, 
intimately impassioned music by Paddy 
Cuneen. or the Cheek by Jowl company, 
and a bold set by Tim Hatley: n looming 
assemblage of sea-smoothed rocks over- 
head. and beneath it nothing but a steeply 
raked floor, upon which items of furniture 
turn up as needed for the domestic scenes. 
At the final liberation, the stones lift away 
<as for as the Lyric's flytower will permit). 
We lose, however, any visible sense of the 
practical, provincial reality which is 
Ellida's lot. 

Ibsen insisted that we must never 
glimpse the “open sea", but Hatley's 
designs look open as could be - we 
had not expected, after all, to see 
painted waves on the backcloth. It is 
left to the actors to mime the confinement 
of their frustrating lives amid this 
un confined space, which they do with 
varying degrees of conviction. The 
stepdaughters manage nicely. Though 
Emily Watson piays the younger Hilde 
insufferably peri, she remembers just in 


time to register deep feeling at Ellida's 
return. 

Matilda Ziegler brings a curious whining 
drawl to Bolette, the cider, hut also exact 
representations of Bolette’s moods - 
resigned, suddenly hopeful, delighted, 
bereft. But the moods succeed one another 
with disconcerting speed; and for that, I 
think, the director is to blame - (or he has 
done the same with Rllida herself, and 
with her patient husband Dr tV’angel (Pip 
Donaghy). 

In Wangul’s case, he blows hot. cold and 
judiciously concerned Irura moment to 
moment, and Jusette Simon's Ellida veers 
still less predictably. Miss Simon is not 
only black but strikingly close-cropped, 
which makes her an exotic figure iu 19th- 
century Norway; ami why not? Her special 
virtues, however, are meaningful stillness 
and fraught grace - whereas Ibsen puts 
his heroine through mood-switches which 
may seem quite crazy, as too often they do 
here, if not underpinned by a palpably 
consistent character. 

S till, Miss Simon has some noble 
moments. And among the second- 
ary leads, the swains of t respec- 
tively) Hilde and Bolette are engag- 
ingly natural: Paul Higgins' would-be 
artist Lyngstrand dreams of a Southern 
career, enhanced by Hilde's constant 
prayers from a safe distance, and Sean 
Baker’s dry. disappointed Amliolm - Rol- 
ette's ex-tutor - faces up to a late, uncer- 
tain marriage. 

Here the director's heavy hand intrudes. 
It is quite clear to him, though it should 
not be to us, that her choice ;unounts to a 
sacrifice. Ibsen's claim is that because it is 
chosen freely it is no sacrifice, just like 
EUlda's final resolve. Much stress is laid 
upon Bole Lie's disheartened fate, when 
Ibsen intended nothing so unambiguous. 
Contrariwise, Ellida's sailor - the Stranger 
- is described as Finnish, and always 
referred to as “the American", but arrives 
in the umnistakeably Irish person of Liam 
de State. 

From Peter Kelly there is n pleasant 
sketch of a typical Ibsen oddity, the artist, 
hom-player/hairdresser Bullested. llis 
theatrical troupe collapsed in this little 
town, and he has lived there ever since. 
But we never really learn where "there" 
was: a pity, because Ibsen's most visionary 
flights always start from tough, pragmatic 
bases. 




AUiLnr Muir 

Josette Simon as Ellida with Pip Donaghy as her husband Dr Wangel 


, INTERNATIONAL 

Arts 

Guide 


Renaissance Prints 

The fVjksmuseum to Amsterdam 
wfll hoist an exhibition over the 
next three months devoted to the 
print in the Renaissance. The 
show provides an overview of 
masters from Afferent countries, 
including Mantegna, Durer and 
Lucas van Leyden. 

As its central theme, the 
exhfottfcw traces the development 
of ptfcitmafcing from its 
craftsmanlike beginnings around 
1470 to tee mature and 
professional medium it had 
become by 1500. The organisers 
have tried to emphasise the 
tfiversfty of printmaking, the 
various techniques used and the 
functions prints had. There are 
devotional prints, landscapes 
assembled in albums, fflustrated 
books, earty colour prints and 
immense ensembles, such as 
Jacopo da Barbaras View of 
Venice. 

Several unique tote 15th 
centuy prints open tee show, 
followed by some masterly 
examples by Martin Schongauer. 


Durer is represented by a number 
of his best works, whBe 
Mantegna's prints Include a rare 
impression on parchment and Ws 
Battle of the Sea Gods, printed to 
colour. The tentative beginnings 
of tee technique of etching are 
shown, as web as the way the 
great masters influenced others. 

The selection Is based on the 
Rtjksmuseum's own collection, 
together with important loans 
from the British Museum and 
other public collections. Various 
private collectors have also lent 
their treasures, some of which 
have never been exhibited before. 
The show opens on August 6 and 
continues till October 30. 


■ EXHIBITIONS GUIDE 


AMSTERDAM 

Van Gogh Museum Van Gogh’s 
Self-Portraits: 20 paintings and two 
drawings dating from his stay In 
Paris 1886-7. Ends Oct 9. Daily 

ANTWERP 

Hessenhuis- Museum Music and 
Painting in the Golden Age; 50 
paintings by 17th century 
Netherlandish masters, illustrating 
the importance of music and 
musicians in the art of the period - 
in mintary. allegorical and genre 
settings. Ends Oct 30. Closed Mon 
BERUN 

Attes Museum The Last Days of 
Humanity: 600 photos, posters, 
paintings and drawings Illustrating 
artists’ responses to the first world 
war, and including work by 
Beckmann. Kokoschka, Dlx, 
Picasso, Chagall and Wyndham 
Lewis. Ends Aug 28. Closed Mon 
Haus der Kutturen der Welt 


Tanzania - Mast emeries of African 
Sculpture: 400 works from the 19th 
and 20th centuries. Ends Aug 7. 
Closed Mon 

EDINBURGH 

Royal Scottish Academy The 
Romantic Spirit in German Art 
1790-1990. Ends Sep 7. Daily 
FLORENCE 

Palazzo Pitti Royal Treasures from 
Denmark: silver furniture, royal 
costumes and ivories from the era 
of Frederik IV of Denmark, who 
visited the court of Cos! mo III in 
Florence In 1709. Ends Sep 11 
FRANKFURT 

Schim Kunsthafle Goethe and Art 
300 paintings, drawings and 
sculptures ranging from antiquity till 
Goethe's death to 1832, and 
including work by David, Schinkai, 
Caspar David Friedrich, Claude 
Lorain, Constable and Turner. Ends 
Aug 7. Dally 

Deutsches Architfikturrnuseum 
European Architecture of the 
Present Day: an exhibition mounted 
to cooperation with the Fundado 
Mies van der Rohe In Barcelona. 
Ends Oct 10. Closed Mon 
GENEVA 

Mus6e Barfotor-Muefler Royal Art 
of Cameroon: 40 pieces of 
ethnographic art from the high 
plateau of western Cameroon. Ends 
Aug 30 
LONDON 

Hayward Gallery Bonnard at Lfi 
Bosquet Ends Aug 29. Daily 
(advance booking 071-928 6800) 
Tate GaHery R.B. Kitaj 
retrospective. Ends Sep 4. Turner’s 
Holland: an exhibition exploring 
Turner's tours through the 
Netherlands and the influence they 
had on his life and art Ends Oct 9. 
William Blake - Art and Revolution: 


an exhibition focusing on the 
English artist’s output to the 1790s. 
Ends Oct 16. Daily 
Marlborough Fine Art R.B. Kitaj: 
recant pictures and graphics. Ends 
Aug 20. Closed Sun 
Victoria and Albert Museum Pugin 
- A Gothic Passion: retrospective of 
the 19th century British designer. 
Ends Sep 11. Daily 
National Gallery From Caspar 
David Friedrich to Ferdinand 
Hodler, A Romantic Tradition - 
Paintings and Drawings from the 
Oskar Reinhart Foundation. Ends 
Sep 4. Daily 

Royal Academy of Arts The 
Belgian Avant-Garde 1880-1900. 
Ends Oct 2. Daily (advance booking 
071-240 7200J 

British Museum Greek Gold: 
Jewellery of the Classical World. 
Ends Oct 23. German Printmaking 
In the Age of Goethe, Ends Sep 1 1. 
Indian Paintings and Drawings from 
the Collection of Howard Hodgkin. 
Ends Aug 21. Daily 
Queen’s GaHery Gainsborough and 
Reynolds - Contrasts In Royal 
Patronage: the latest selection from 
the Royal collections focuses on 
the two pro-eminent English artists 
of the 18th centuy. Ends Dec 22 
(Buckingham Palace) 

MADRID 

Centro de Arte Reina Sofia 
Gerhard Richter 100 works by erne 
of the key figures in contemporary 
German art Ends Aug 22. Closed 
Tues 

MART1GNY 

Fondation Pierre Gtanadda From 
Matisse to Picasso. Masterworks 
from the Getman Collection. Ends 
Nov 1. Dafly 
METZ 

Arsenal Gold of the Gods: more 


than 600 exhibits, comprising 
pre-Colombian jewels, ritual knives 
and masques. Ends Oct 2 (Id 4410 
7303) 

NEW YORK 

Metropolitan Museum of Art 
Picasso and the Weeping Women: 
80 paintings and works on paper 
from the 1930s and 1940s. Ends 
Sep 4. The Annenberg Collection of 
Impressionist and 
Post-Impressionist Masterpieces: 

53 paintings, drawings and 
watercolours. Ends Nov 27. Dali - 
The Early Years. Ends Sep 18. 
Closed Mon 

Museum of Modern Art From 
Manet to Picasso - Masterpieces 
from die David and Peggy 
Rockefeller Collection. Ends Sep 6. 
British Drawings 1890-1990; the 
exhibition highlights the work of 
early modernists like Vanessa Bed 
and Jacob Epstein, and examines 
the influence of Surrealism on such 
artists as Henry Moore and Edward 
Burra during the 1930s and 1940s. 
The postwar section includes work 
by Lucian Freud and David 
Hockney. Ends Sep 13. Closed 
Wed 

Whitney Museum of American Art 
Edward Hopper (1882-1967) and 
Jack Pierson (bl962): the latter has 
selected 20 works by the former, 
and placed them alongside his own 
work. Ends Sep 11. Joseph Stella 
(1877-1946): more than 200 works 
by the American modernist Ends 
Oct 9. Closed Mon 
PARIS 

Grand Palais The Origins of 
Impressionism 1859-69. Ends Aug 
a Closed Tues 

Mus£e Picasso The world’s largest 
collection of Picasso’s work is 
completed by his own collection of 


paintings by friends such as Braque 
and Matisse, and artists he 
admired, including Renoir and 
C&zarme. Closed Tues (4271 2521) 
Musta Rodin This delightful 18th 
century town house contains the 
life work of the sculptor Auguste 
Rodin. Closed Mon (tel 4418 6110) 
Mus6e Marmottan This museum 
houses an important collection of 
paintings by Monet. fncfucSng 
Impression- So toil levant, from which 
the Impressionist movement took 
Its name. Closed Mon (tel 4496 
5033) 

• Cartes musses available at all 
metro stations and museums, to 
avoid queuing at 60 museums 
including the Louvre, Mus£e 
d'Orsay and Versailles. 

STUTTGART 

Staatsgalerie Italian Drawings 
1500-1800: a representative 
selection of the large, high-quality 
Stuttgart collection, built up over 
the past two centuries and 
including work by Giambattista and 
Tiepolo. Ends Sep 4. Picasso: a 
rare showing of 400 prints from a 
private collection. Ends Aug 14, 
Closed Mon 

Linden-Museum Art of the 
Aborigines; 90 wood paintings and 
40 sculptures. Ends Sep 25. Closed 
Mon 

VENICE 

Antichi granai defla repubbllca 
China to 220 BG - The Warriors of 
Xi’an: ten of the 7,000 lifeslze 
terracotta soldiers who guarded the 
tomb of Emperor Qin Shihuangdl in 
central China, along with copies of 
war chariots and weapons 
discovered in one of this century’s 
most dramatic digs. Ends Sep 11. 
DaDy (t he old granary on the tip of 
the Gludecca) 


Palazzo Grass! Renaissance 
Architecture from Brunelleschi to 
Michelangelo: 250 works from 
European and American public 
collections. Ends Nov 6. Daily 
WASHINGTON 

National GaDeiy of Art Willem de 
Kooning's Paintings: 75 works by 
America’s Influential abstract 
expressionist. Ends Sep 5. From 
Minimal to Conceptual Art - Works 
from the Vogel Collection: 90 
drawings, photographs, paintings 
and sculpture by contemporary 
artists, including LeWitt, Christo, 
Ryman, Beuys and Flavin. Ends 
Nov 27. Recent Prints and 
Sculpture from Gemini G.E.L: a 
selection of work from the 
acclaimed contemporary art 
workshop in Los Angeles. Ends Oct 
2. Daily 

National Museum of American Art 
Thomas Cole: 70 works by the 
father of the Hudson River school 
of painting. Ends Aug 7. Mary Vaux 
Walcott 50 watercolours by the 
earty 20th century naturalist, 
explorer and artist. Ends Aug 29. 
Daily 

Fheer Gallery of Art Masterpieces 

of Chinese Calligraphy, more than 
30 calligraphers are represented 
from the first century BC to the 
20th century. Ends next Feb. Dally 
Phillips Collection The Drawings of 
Stuart Davis (1894-1964): 90 
watercolours, gouaches and 
drawings of radiant colour by the 
American modernist. Bids Aug 28. 
Dafly 



10 


FINANCIAL TIMES FRIDAY JULY » 19*4 


THE FT INTERVIEW: Eugene Ludwig 



On the face of 
it, Mr Eugene 
ra Ludwig does 
not have too 
much, to worry 
about. As a 
leading US 
bank supervisor - be oversees 
the health of 3.700 banks with 
60 per cent of total US banking 
assets as Comptroller of the 
Currency - Mr Ludwig has to 
protect an industry in remark- 
ably fine fettle. 

After recovering from reck- 
less lending and over-expan- 
sion in the 1980s, the country's 
13,000 banks have more capital 
than in decades. This gives 
them a cushion in case they 
should repeat such mistakes. 
But it has not stopped Mr Lud- 
wig warning of the new array 
of dangers they face. 

Mr Ludwig was among the 
first to talk of risks facing 
banks such as J.P. Morgan and 
Bankers Trust that dominate 
trading in derivatives - com- 
plex instruments whose value 
is based in part on that of an 
underlying financial market It 
h as brought Him an unusually 
high profile for a Comptroller 
of the Currency, an influential 
but traditionally low-profile 
and little-understood job. 

He was appointed by the 
president in April last year 
partly because of his experi- 
ence as a lawyer dealing in 
bank regulatory issues, and 
partly for a more obvious rea- 
son: having met Bill Clinton as 
a Rhodes Scholar at Oxford in 
the late 1960s. he took a law 
degree at Yale with both Bill 
and Hillary Clinton. 

Mr Ludwig's Office of the 
Comptroller of the Currency 
has to fight for recognition 
partly because there are three 
other bodies involved in US 
bank supervision - the Federal 
Reserve Board, the Office of 
Thrift Supervision, and the 
Federal Deposit Insurance Cor- 
poration. 

Hie Treasury wants to 
replace this supervisory web 
with a single Federal Banking 
Commission. It has run into 
opposition from Mr Alan 
Greenspan, chairman of the 
Federal Reserve Board, who 
wants to preserve separate 
powers for the Fed. 

The US debate is unfolding 
as the future of banking super- 
vision is being called into ques- 
tion. As banks switch towards 
securities trading and under- 
writing rather than lending, 
some question whether super- 
visors can keep up. 

Mr Greenspan has talfcpri of 
banks having to self-regulate 
trading activities because of 


Old title, 
modern job 


the growing complexity of 
fjnqnc ip l markets. This issue 
has particular force in -the us. 
Teams of examiners from the 
Office of the Comptroller work 
fuii.time jn the largest banks, 
and their approach has been 
criticised as bureaucratic and 
over-prescriptive. 

Mr Ludwig disagrees. “In the 
early iS80s, we saw the view 
that off-site and minimalist 
supervision was the best way 
to ensure growth, and the pen- 
dulum swung in that direction. 

I would not say it caused the 
problems of H anking in the late 
1980s, but it certainly exacer- 
bated them," he says. 

Nonetheless, his office has 
been trying to devise separate 
approaches for small commu- 
nity banks, and the large 
banks that operate sophisti- 
cated trading operations. The 
examiners will remain on-site 
at the latter, but will examine 
management controls and tech- 
nology, not individual loans. 

He supports the idea mooted 
by the Basle Committee of 
hanking supervisors from the 
Group of Ten leading indus- 
trial nations, that banks 
should use their computer 
models to allocate capital to 
cover the risks of trading secu- 
rities and foreign exchange. 
“We are recognising the mod- 
em world, and taking advan- 
tage of a pri- 



vate sector 
capability.” 

But he is sen- 
sitive to the 
criticism that 
supervisors 
may be letting 
banks off 
lightly: “This 

can be misunderstood, as if 
banks are inventing their own 
capital regime.” Instead, he 
says that banking supervisors 
worldwide will be “serious'’ 
about the criteria for approv- 
ing the computer models. 

As for US banks. Mr Ludwig 
is not entirely sanguine despite 
their strong capital and the 
likelihood that they will record 
large earnings this year. One 
reason is the danger that 
banks will - as he puts it - 
“take bigger and bigger risks” 
to maintain their returns an 
ever-increasing levels of capi- 
tal. 


*We have the 
supervisory 
talent to 

understand what 
banks are doing’ 


Eugene Ludwig: US Comp- 
troller of the Currency 

A second concern is the 
long-term de cline in the bank- 
ing industry - in terms of 
financial assets - as companies 
have turned to bond and 
equity markets for capital 
rather than h ank lnang , while 
individuals have saved 
through mutual funds. 
Between 1980 and 1990. banks’ 
share of financial assets 
dropped from 37 to 32 per cent. 

Mr Ludwig 

says it is not 
his job to 
worry about 
the banks' fall- 
ing share of 
assets. "We are 
not cheerlead- 
ers for the 
industry. We 
are responsible for maintaining 
its soundness,” he says. But he 
argues that - provided they do 
not take excessive risks - 
banks should be allowed to 
diversify into selling other 
financial products. 

Further, Mr Ludwig says the 
fall in assets presents a false 
picture, because banks have 
concentrated on activities such 
as trading securities, which do 
not expand balance sheets. 
“Banks have very successfully 
generated fees. The jury is out 
on whether banking is really in 
decline.” he says. 

A more pressing question is 


the supervision of derivatives, 
an activity which has expan- 
ded to the point where it forms 
a substantial part of the busi- 
ness of some large OCC-super- 
vised banks. This growth in 
itself is a warning signal, 
according to Mr Ludwig. 

“Like any financial activity 
in its infancy, or childhood, or 
maybe young adolescence, it 
must be subject to a large 
degree of serious supervision,” 
he says. But in practice, he 
says he has been “rather 
impressed by the risk manage- 
ment systems” of the large 
dealers of derivatives. 

Nor is he worried that his 
staff will be baffled by the com- 
plexity of pricing derivatives 
portfolios. The OCC has 
recruited a number of deriva- 
tives specialists from banks - 
Mr Douglas Harris, the senior 
deputy comptroDer for capital 
markets, is a former employee 
of J.P. Morgan. 

“We have the supervisory 
talent to understand what 
banks are doing.” he says. The 
talent could be stretched if the 
dozen banks and securities 
firms which dominate deriva- 
tives lost market share to other 
banks. In the short term, he 
believes the high costs of entry 
are likely to prevent this. 

A second pressing question 
for the OCC - founded by 
Abraham Lincoln to accom- 
pany the formation of nation- 
ally chartered banks - is 
whether it will continue to 
exist. Mr Ludwig is a firm 
believer that the time for 
a single banking supervisor - 
such as a Federal Banking 
Commission - is long over- 
due. 

“Britain gets along quite 
well with one bank supervisor, 
so what is the reason to have 
four?” he asks. 

Mr Ludwig argues that the 
system creates uncertainty and 
excessive costs for the banks. 
“Banks deal in real time, but it 
can take them years to get 
answers from supervisors.” he 
says. In one case, a compro- 
mise deal between supervisors 
led to the doubling of reporting 
requirements on banks. 

If Mr Ludwig has his way in 
reforming the structure of US 
bank regulation, the anti- 
quated title or Comptroller of 
the Currency may soon be con- 
signed to history. It will hap- 
pen in an era of immense 
change for banking supervi- 
sion, not only within the US, 
but across global financial 
markets. 


John Gapper 



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L enin wanted to abolish 
it. John Major says 
that he will shrink it. 
So US president can 
get elected without promising 
to get it off people’s backs. 

"It" is the state. And on 
Wednesday. Mr Major told the 
European Policy Forum in 
London that his ambition was 
to limit its role. 

Despite his good intentions, 
the UK prime minister is 
unlikely to be any more suc- 
cessful than other western 
leaders in cuttLng government 
down to size. Using public 
expenditure as a measure, the 
state is bigger now in almost 
every country in the Organisa- 
tion for Economic Cooperation 
and Development than it was 
10 years ago. 

Even where bits of the UK 
state have been sold off. most 
remain umbilically tied to the 
public sector. Privatised utili- 
ties such as electricity and 
water are largely controlled by 
government-appointed regula- 
tors. British Raff, which is in 
the process of being privatised, 
will depend on public subsidy 
for the foreseeable future. 

Far from shrinking, the state 
is becoming more dominant in 
the economy. Businesses from 
pharmaceuticals to broadcast- 
ing operate in a world where 
( the regulator giveth and the 
regulator taketh away. 

The defence Industry has 
long wallowed in the warm 
bath of government contracts. 
Now the financial services 
industry is being co-opted into 
providing pensions, while the 
City finances public infrastruc- 
ture and social housing. 

There are no signs that the 
state's appetite will diminish, 
or that voters' demands for it 
to provide ever-better public 
services will abate. Rather 
than promising downsizing, Mr 
Major would have been better 
advised to concentrate on the 
sort of state he wanted to pro- 
vide. There is a gulf between 
the Conservatives and the 
Labour party on that issue, 
and some achievements for the 
government to brag about 
The public services that the 
Conservatives inherited in 1979 
offered a standard product on 
a take-it-or-leave-it basis. 
the model-T Ford, you could 
choose any colour so long as it 
was black. 

That was fine in the early 
days of the welfare state, when 
people were grateful for free 
education, a National Health 
Service and modern council 
homes to replace slums. But. 
like car- buyers, their aspira- 
tions have been raised. 

Now they want to be able to 
choose between different 
options in public services, just 





You pay the money 
and take your choice 


as they can in their private 
consumption. The Conserva- 
tives have recognised this in 
many of their public service 
reforms, breaking up mono- 
lithic institutions like the 
health service and local educa- 
tion authorities. Instead, com- 
peting hospitals, schools, col- 
leges and housing associations 
offer a variety of choices. 

There is not a completely 
free choice, of course. There 
never is. If you want to buy a 
washing marhtnp they are all 
pretty much the same apart 
from colour and size. And 
while most families have a car 
with four wheels and an 
engine, not everyone can 
choose a Rolls-Royce. 

But people using public ser- 
vices have some element of 
choice where there was none 
before. Public service manag- 
ers have been given greater 
freedom to respond to what the 
customer wants and incentives 
to encourage them to do so. 

Labour still seems ambiva- 
lent about this. It worries 
about some people losing out 
by making the wrong choices, 
and that inequalities will 
result It opposes the internal 
market in the health service, 
saying that competition there 
is inappropriate. It says that 
the GP-fundholding scheme, 
which allows family doctors to 
shop around for the best treat- 
ment on behalf of their 
patients, is creating a two-tier 
service. It promises to bring all 
state schools back under local 
authority control. Local 
authorities would again begin 
building homes for rent. 

It is true that some people 
will make bad decisions, and 
the middle classes will find 


John Willman 

argues for 
more variety, 
not cuts, in UK 
public services 

ways of getting more titan a 
fair share. The organisations 
providing the services may be 
tempted to cream off the best 
customers, leaving the most 
vulnerable in sink schools or 
with the worst doctors. 

But these things happen 
already. High-quality, free 
state education is available to 
those who can afford to move 
into the right school catch- 
ment areas. Articulate folk 
have always known how to 
argue their way to the head of 
any queue. They already bene- 
fit disproportionately from the 
welfare state. 

H owever, it is not 
beyond the wit of 
policymakers to 
devise systems that 
stop some people hogging the 
resources. Giving extra pay- 
ments to public services which 
provide for those who need 
them most would counteract 
cream-skimming. More infor- 
mation and advice may be 
needed if people are not to 
make foolish choices. 

And there are opportunities 
for a left-of-centre party to 
build on the Conservative 
reforms in order to advance its 
egalitarian agenda. Parties like 
Labour were created to give 
ordinary people access to 
opportunities reserved for the 
privileged. Further extending 


choice in public services would 
contribute to that end. 

For example, why should tin- 
best services in health and 
education be reserved for those 
who can pay for them? This, 
more than public service 
reforms, creates a two-tier soci- 
ety. The existence of private 
markets in health and educa- 
tion creates an “opt-out" soci- 
ety in which a few can buy the 
standard of service that many 
more desire. 

Those private markets can- 
not be abolished in a free soci- 
ety. But they could be inte- 
grated into the public sector if 
the state bought in their ser- 
vices so that everyone had 
access to them. Giving people 
vouchers to buy their own 
health and education would 
further enhance choice, and 
force schools and health organ- 
isations to meet users' needs. 

Some of Labour's policy 
advisers have been pressing 
the party’s strategists to 
develop the Conservative 
reforms, not reverse them. 
Having studied the reforms in 
the health service and educa- 
tion, they have seen gains in 
efficiency and responsiveness. 

Luckily for Mr Major. Labour 
shows no signs of listening to 
such voices. So this allows him 
to present the Conservatives at 
the next election as the party 
that believes in real choice in 
public services, and Labour as 
a part)' that appears not to. 

If he wants to put clear 
water between the government 
and the opposition. Mr Major 
should say Jess about the 
doomed objective of reducing 
the state, and more about mak- 
ing it provide the sort of ser- 
vices that voters aspire to. 


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 

Quality v quantity in investment decisions 

doubt that the quality of 
investment decisions would be 
significantly enhanced by the 
adoption of a more rigorous 
approach to the identification 
and analysis of risk, which 
would enable lower hurdle 
rates to be employed. 

Chris Waites, 
managing partner, 

Bacon & Woodrow. 

St Olaf House. 

London Bridge City, 

London SE1 2PE 


From Mr Chris Waites. 

Sir, Your reports on the Con- 
federation of British Industry 
survey into companies' invest- 
ment appraisal methods focus 
on the widespread use of high- 
hurdle rates and/or rapid pay- 
back periods ("CBI survey 
fuels ' short- termism’ debate”. 
July 25). Bank of England gov- 
ernor Eddie George and others 
have suggested that these 
methods are preventing worth- 
while investment opportunities 


from being pursued and con- 
straining economic recovery. 
As highlighted at a recent con- 
ference sponsored jointly by 
the Institute and Faculty of 
Actuaries, the real issue may 
be more about the quality of 
the investment decision-mak- 
ing process rather than the 
quantum of the output 
Where hurdle rates are set at 
levels wen above the cost of 
capital the rationale is gener- 
ally to provide an arbitrary 


margin for risk. This approach 
may or may not be limiting the 
quantity of investment that is 
taking place. Some secure, but 
unspectacular, projects mil be 
rejected in favour of much 
more speculative ventures that 
offer the uncertain prospect of 
a rapid pay-back. 

It must be better to allow for 
risk in a calculated manner 
than to seek crude protection 
through artificially high dis- 
count rates. There is little 


Time to stop shooting the 
investment regulator 


From Mr Paul Martin. 

Sir. Alison Smith (“Life with 
a frisky watchdog", July 23/24) 
provides a useful summary of 
the current debate about the 
regulated product environment 
and the new, and now official. 
Personal Investment Author- 
ity. 

However, gripes about 
today's practice of regulation 
and doubts about the future 
effectiveness of the PIA miss 
the fundamental point, tha t 
the primary objective - stron- 
ger investor protection - is 
now being achieved in the UK 
for two clear reasons. 

First, the balance of risk 
(and the need for protection 
implies the presence of risk) is 
moving away from the buying 
public. Once upon a time they 
were overly exposed, being 
expected to comprehend com- 
plex financial products and 
cope with the super salesforces 
trying to push them. Now, as 
the pendulum swings towards 
the supply side, businesses 
have realised that core income 
streams are at risk if laws are 
broken. Under the new equilib- 


rium, corporate finance will 
suffer, rather than personal 
finance. 

Second, the subject of com- 
pliance risk management is 
now firmly on the agenda in 
many boardrooms. That will 
lead to better governance and 
therefore better "balanced” 
performance of investment 
business in the future, restor- 
ing confidence in a vital sector 
of the economy. 

The PIA still has work to do 
to come to terms with the spec- 
trum of risk which it now over- 
sees for private investors. But 
for from firing shots at the new 
regulator as it takes to the air 
(even if it isn't the most aero- 
dynamic vessel and has only 
mere humans at the controls), 
surely the time has come to 
wish all concerned a safe and 
pleasant flight. 

Paul M Martin, 
group planning, control 
and compliance officer. 

Leeds Permanent Building 
Society, 

Permanent House, 
l Lovell Park Hoad. 

Leeds LSI INS 


I’d opt for Schwarzenegger 


No place for philanthropy 
in provision of share 
options for executives 


From Mr David Coleman. 

Sir, Helen Chadwick is 
“witty", says your correspon- 
dent, Antony Thorncroft (Arts: 
“In praise of a joyful return to 
the basics”. July 23/24). A 
woman who urinates in the 
snow and calls it art ... is 
“witty"? 

Call me old-fashioned, call 
me blinkered, repressed, or 
unimaginative, but I don’t 
regard urinating in snow as 
witty, nor is it art. It is most 
probably a public health risk, 
or the act of someone with lim- 


ited bladder controL If you dis- 
agree with me then please 
attempt your own witticism at 
the desk of your local constab- 
ulary and let me know of the 
resulting critical ar-Haim 
Sorry, Mr Thorncroft, but to 
borrow from the Financial 
Times' cartoonist, Banx, if this 
is your idea of culture then 
“excuse me while I reach for 
my Arnold Schwarzenegger 
videos”. 

David Coleman, 

13 Greyhound Road 
London W6 8NH 


From Mr Geoff Undey. 

Sir. The subject of executive 
compensation in general and 
share option schemes in partic- 
ular is characterised by an 
excess of emotion and a dearth 
of logic. Sadly, some of the 
comments quoted in your 
article about Dorling Kinder- 
sley's unusual share option 
scheme are very muddled 
(“Publisher shares his wealth 
at the office". July 26). What 
Peter Kindersley has chosen to 
do is to tnakp a gift to a num- 
ber of senior executives of the 
company of which he is by for 
the largest shareholder. 

There could be only two pos- 
sible explanations for his 
behaviour either philanthropy 
or the belief that this action 
will enhance the loyalty and 
motivation of these executives. 
Whichever reason applies, Mr 
Kindersley has chosen to bear 
all the dilution himself and he 
is, of course, perfectly entitled 
to make this decision. Mr 
Klndersley’s suggestion that 
institutions wrongly believe 
that share option schemes are 
“some sort of dilution" is odd. 
Share options very definitely 
involve a form of dilution and. 
before permitting their hold- 
ings to be diluted, institutional 
investors have a legal obliga- 
tion, no less, to think very seri- 
ously about the issues 
involved. 

Trustees of pension schemes 
have a fiduciary duty to their 
beneficiaries and their invest- 
ment managers, as their 
agents, have the same duty. 
Thus philanthropic gestures by 
institutional investors towards 
key executives simply cannot 
be contemplated. 

The only grounds upon 


which institutional investors 
can contemplate the dilution of 
their shareholding is if they 
believe that this action will 
produce behaviour which is 
likely at the very least to com- 
pensate for that dilution. 

That is precisely why the 
NAPF, in conjunction with the 
Association of British Insurers, 
issued its share scheme guid- 
ance which requires perfor- 
mance criteria in share option 
schemes which will engender a 
coincidence of interest between 
investors and management 

Furthermore, by being non- 
prescriptive the guidance 
deliberately empowers remu- 
neration committees to iden- 
tify the performance criteria 
which they believe are appro- 
priate and, 1 earnestly hope, to 
articulate to investors 
why these criteria are appro- 
priate. 

There is one area where I 
personally feel useful dialogue 
between industry and inves- 
tors could be opened. If execu- 
tives could be encouraged 
through liberalisation of the 
amount, phasing and timing of 
options to retain their shares 
rather than selling them Imme- 
diately after the exercise of 
their options they would be 
welcome converts to the spirit 
of long- term ism which most 
institutions practise. It seems 
to me that such liberalisation 
might well be to the advantage 
of both shareholders and man- 
agement. 

G M Lindey, 
chairman, 

investment committee. 

National Association of Pension ■ 

Funds, 

12-18 Grosncnor Gardens. 

London SW1W 0DH 




1 



•! 1 


FINANCIAL TIMES FRIDAY JULY 29 1994 




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FINANCIAL TIMES 

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

Friday July 29 1994 


Watered- down 
regulation 


In the run-up to yesterday’s 
review or water pricing, the indus- 
try regulator, Ofwat, raised expec- 
tations that it WOUid be ryMng 
and combative. But its conclu- 
sions are disappointing. 

Ofwat’ s review, the Bret gtn«> 
the industry’s 1988 privatisation, 
comes at a crucial tfow for the 
water companies and their regula- 
tory regime. Since privatisation, 
water and sewerage bills have 
risen annually by more than 5 per 
cent, on top of inflation. The rises 
have been driven by the sp ending 
needed to modernise miles of 
crumbling sewers and water 
mains, and by the companies* 
legal obligations to comply with 
European environmental rules. 
But they have provoked anger 
among customers, not least 
because of the large hikes in water 
chairmen’s salaries. 

Mr Ian Byatt, Ofwat ’s director- 
general, has done a good, tough, 
job in tackling one of the two 
main tastes of the review: sotting - 
the size of the capital spending 
programme which can be passed 
on to customers over the next 
decade. He has allowed only 
£24bn, several billion pounds less 
than the industry had demanded. 
He has also performed a valuable 
service in taking a closer look at 
the likely cost of European rules 
than any politician cared to do 
before giving Britain's backing to 
the directives. His conclusion - 
that the industry has overstated 
the potential costs by billions of 
pounds - is surely right He has 
concluded, too, that companies 
can cut operating costs by some 14 
per cent in real terms by 2006. 

However Mr Byatt has been 
unnecessarily generous in the 
review’s second task of setting the 
annual price rises. He rightly paid 


no heed to the industry’s plea that 
it needed a real rate of return on 
capita] of 9.5 per cent to finance 
new investment However in set- 
tling on a figure of 5-6 per cent he 
has left the companies’ ability to 
service their debt in a comfortable 
state, as a relieved stock market 
indicated yesterday. Return on 
total capital, now running at 13 
per cent, is likely to fall to about 7 
per cent over 10 years. Moreover, 
analysts are still expecting divi- 
dends to rise by same 4 per egnt 
annually in real terms. Unsurpris- 
ingly. only one company. South 
West Water, had indicated by last 
night that it would ask the Monop- 
olies and Mergers Commission to 
examine Ofwafs ruling. 

Mr Byatt is vulnerable to the 
charge that shareholders have 
been treated too generously, as 
they were in 1SS9. He rightly 
insisted that he is a public ser- 
vant, not a politician. 71m ques- 
tion, however, is whether the for- 
mulae are as tough as they could 
have been. Yet the review does 
highlight questions, beyond 
Ofwat's remit, which must be 
tackled if the burden is to be dis- 
tributed more fairly. One is the 
extent of regional disparities: 
areas with long coastlines, such as 
the south west, are forced to pay a 
disproportionate amount. A sec- 
ond is whether polluting indus- 
tries should not loot more o£ the 
clean-up NIL 

Those questions need to be 
addressed by ministers. Their 

si p MMUni Shneea is 1 nnlfir s ttnulaMa 

since water is political poison. The 
review has not changed that 
households still face a highly 
regressive, rising tax. The govern- 
ment cannot, however, devolve to 
the regulator the entire question 
of who should pay for clean water. 


Indian reform 


India’s capacity to respond to 
economic crisis is remarkable. 
What is more questionable is the 
country’s willingness to persist 
with tough reforms once a crisis 
has been overcome. There is an 
inclination towards complacency, 
if not sloth, instead. As the Inter- 
national Monetary Fund warns in 
this year’s annual report, that is 
the risk India is running now. 

Much has been achieved since 
the country found itself on the 
verge of a default on its foreign 
debt in June 1991. The exchange 
rate has been floated; trade and 
industrial policy regimes liberal- 
ised: financial sector and tax 
systems reformed; inflow of for- 
eign capital encouraged; and the 
budget deficit reduced. By last 
financial year 1993-94. the current 


account deficit had disappeared. 
as export performance improved 
(and the economy entered a period 
of slow growth). Simultaneously, 
an unexpectedly large inflow of 
private foreign capital led to a 
rapid increase in foreign exchange 
reserves, to some seven months of 
imports by the end of last finan- 
cial year. The crisis had indeed 
been overcome. 

For all that, further reform is 
vitaL Among the biggest remain- 
ing problems is the inefficiency of 
public enterprise. Of the central 
government's 237 active industrial 
enterprises, 104 lost a total of 
Rs39.5bn (£l.9bn) in the year to 
March 1993. The profits of most of 


the rest were the total 

return on capital being a mere 2.4 
per cent. Yet public enterprises 
employ 46 per cent of the capital 
stock and dominate essential 
industries, such as transport, tele- 
communications, banking, oil and 
electric power. 

Probably the main reason for 
the failure to privatise public 
enterprise - and, indeed, to 
deregulate the labour market 
itself - is fear of or ganised labour. 
Yet the proportion of the labour 
force working in the public sector 
is a mere 6 per cent. The privi- 
leges of this tiny minority are 
being supported at the expense of 
the population as a whole. 

Equally bad. there has been a 
deterioration on the macroeco- 
nomic front Last financial year 
the fiscal deficit was over 7 per 
cent of gross domestic product, 
not 4.7 per cent, as had been 
planned. There is growing concern 
that the deficit will not fall fast 
enough, while inflation has reared 
its head once more. 

It is not that Indian reform is to 
be written off, still less that 
another crisis is round the comer. 
The danger, instead, is that 
enough may only have been done 
to bring Indian economic growth 
over the rest of the decade to some 
6-6 per cent, at best This is not 
good enough for the future of 
India's impoverished multitudes. 
What is needed is more ambition 
and less toleration of mediocrity. 


UK Telecoms 


It lacked the razzmatazz of the 
Clinton administration's -super- 
highways” rhetoric, but the vision 
for the fixture of inter-active tele- 
communications services set out 
this week by the House of Com- 
mons trade and industry commit- 
tee was just as arresting. 

The committee raised the spec- 
tre of Britain being left behind by 
the US and Japan if it foils to 
invest in taking fibre-optics into 
local telecoms networks. It placed 
the anus for building such a net- 
work squarely, and rightly, on the 
private sector, which is well able 
to finance telecoms investments. 

it would be a mistake to believe 
that the UK is in fact languishing. 
On the contrary, it is up with the 
leaders. BT's long-distance net- 
work is entirely fibre-optic, as is a 
high proportion of its local busi- 
ness connections. Cable operators 
are building local fibre and coaxial 
networks with inter-active capac- 
ity across most of Britain. Within 
two years, as much as S5 per cent 
Of foe mainland pop ulati on will be 

covered by cable franchises. 

The competition which cable 
operators are bringing to UK tele- 
coms is good for customers, good 
ror innovation and good for Brit- 
ish Telecommunications, which 
remains overwhelmingly domi- 
nant a decade after privatisation, 
h was to encourage such competi- 
tion that in 1991 the government 
gave an undertaking not to allow 
BT to carry broadcast entertain- 
meat to domestic subscribers until 
“me time after 2001. 

BT claims tbit the ban is delay- 
ing investment it would otherwise 


make in local fibre-optic systems, 
and parades itself as the only 
operator able to build an inte- 
grated UK superhighway. Seeking 
to balance BT's claims with the 
needs of the cable industry for 
start-up protection, the trade and 
industry committee has proposed 
a timetable for ending the BT 
entertainment ban which would 
leave the company free to compete 
across the board by 2003. 

BT's claims need to be taken 
with a pinch of salt It is already 
investing heavily in local fibre 
networks, and would be foolish 
not to do so given the range of 
business and domestic inter-active 
services not covered by the ban. It 
would be a serious loss to the UK 
if steps were taken which under- 
mined the capacity of cable opera- 
tors to fund their business plans . 

It is nonetheless in the interests 
of all parties, and the country at 
large, that a clear timetable be 
established for allowing open com- 
petition in domestic entertain- 
ment. The detail of the commit- 
tee’s recommendation is 
problematic, but its broad thrust 
in favour of ending the ban by 
2003, and earlier in places where 
cable companies are well-estab- 
lished. is eminently reasonable. It 
would give the UK the benefit of 
state-of-the-art networks and a 
competitive regime likely to make 
best use of them. 

The onus is now on the govern- 
ment to adopt that course. It can- 
not hide behind Oftel. the tele- 
coms regulator. This is a matter of 
public policy requiring a govern- 
ment statement. 



■k 


11 


T he ambition of Mr Vac- 
lav Klaus, the Czech 
prime minister, to trans- 
form the former commu- 
nist state into “a norma], 
standard country” was taken a step 
forward with the recent upgrading 
of the Czech Republic's credit rating 
by the US agency Standard and 
Pom. But the move is, ironically, 
likely to encourage foreign capital 
infloras to a central bank already 
suffering an embarros de richesse. 

Few would have predicted this 18 
months ago when the Czech Repub- 
lic, formed after the divorce from 
Slovakia in January 1993, was fac- 
ing an outflow of funds and hastily 
raising Japanese yen and US dollar 
loans to bolster reserves. 

Since then the Republic has found 
markets in the west to compensate 
for a sharp decline to exports to 
Slovakia and has returned to eco- 
nomic growth after four years of 
declining gross domestic product 
The republic Is now perceived as 
politically and economically the 
most stable of the post-communist 
states. As a result Mr Josef ToSov- 
sky, governor of the Czech National 
Rant ha« faced an uphill struggle 
over the past nine mouths to neu- 
tralise the inflationary potential of 
increasing foreign inflows. 

"Without our open market 
operations [issuing treasury bills] to 
mop up these funds, money supply 
would have broken through the 
n ominal 14 per cent animal M2 
growth target consistent with 2 per 
cent real GDP growth and 10 per 
cent inflation," says Mr ToSovsky. 
“The central bank has taken to 
$L8bn since the start of the year 
and we expect this to rise to $3 bn 
before the year is out," he says. 

Tbe central bank now behaves its 
forecast of 2 per cent GDP growth 
this year probably understates pri- 
vate sector growth. But indepen- 
dent foreign forecasters, such as 
Deutsche Bank research, are stick- 
ing to a modest l per cent growth, 
against 3.5 per cent for Poland. 

The capital inflow, which has 
seen net official reserves rise from 
$&87bn in late 1993 to SS.IBbn in 
mid-July, has sparked off a sharp 
policy debate over the role of for- 
eign investment and the timetable 
for making the Czech currency, the 
koruna, toDy convertible for both 
investment and trade purposes. 

Faced with potentially destabilis- 
ing inflows of foreign capital the 
central hank is arguing for a tighter 
fiscal policy which would result in a 
budget surplus rather than the cur- 
rent balanced budget It is also 
pressing for full convertibility of 
the Czech koruna by 1985, although 
this would increase the attraction of 
the republic for foreign investors. 

Mr R1fliig | who dominates govern- 
ment economic policy malting , is 
more cautious. He titoa full con- 
vertibility to jumping out of an air- 
craft without a parachute. He wants 


Too much of a 


good thing 

The Czech Republic is experiencing the problems of 


post-communist success, says Anthony Robinson 

Czech Republic: embarrassment of riches 

Sfan 



QDPgrowth Inflation Unemployment 



controls over capital movements 
until the domestic banking system 
is better able to compete with for- 
eign banks and newly privatised 
enterprises have been revitalised by 
their new owners and managers. 

What worries Mr Klaus is that 
much of the current inflow of for- 
eign capital takes the form of for- 
eign h ank loans to Czech compa- 
nies. He argues companies should 
take on foreign loans only when, 
fully privatised and to the hands of 
managers experienced enough to 
taka on s uch debt and take sophisti- 
cated investment decisions. 

The self-confident and outspoken 
Mr Klaus hag faitcm an increasingly 
tough hne an foreign investment. 
He is a critic of foreign advisers as 
“purveyors of soft advice for hard 
currency” and castigates would-be 
foreign investors who seek favoura- 
ble treatment from tbe government 
which would put them at an advan- 
tage over domestic competitors. 
Earlier this year he showed his 


anger over Volkswagen's failure to 
consult his government, still major- 
ity shareholder in the Skoda/Volks- 
wagen joint venture, before down- 
grading its investment plans and 
cancelling a large foreign loan. 

Mr Klaus’ outspoken views, cou- 
pled with delays and confusion over 
tbe future role of foreign ofl compa- 
nies. have given an impression that 
the newly confident Czechs are 
becoming more ambivalent, if not 
hostile, to foreign investment. 

It is an impression Mr Klaus 
sought to dispel at a meeting with 
senior executives from Siemens, the 
German electrical engineering 
group, to Prague this month. He 
assured them he was in favour of 
foreign investment, but drew a dis- 
tinction between foreign equity 
investment by western companies 
and financial Inflows into Czech 
companies that may have been pri- 
vatised but not yet restructured. 

Policy makers at the central hank 
are keenly aware of tbe irony of 


their situation. They are gratified 
that sound money policies, low for- 
eign debt and political stability are 
attracting equity investment and 
reducing dependence on interna- 
tional financial institutions. Earlier 
this year the central bank even 
repaid in advance a $430m Interna- 
tional Monetary Fund loan facility 
not due until 1995. But faced with 
rising foreign capital inflows they 
worry that tbe economy is not yet 
ready to absorb it 

It is dearly better to be at the 
receiving end of foreign capital 
inflows than suffer an uncontrolla- 
ble capital flight such as Russia, 
Ukraine and other former commu- 
nist economies. 

Like other former communist 
states the Czech Republic has a 
huge backlog of much-needed infra- 
structure development to transport 
and telecommunications, housing 
and the like. Thousands of new or 
newly privatised companies also 
need fresh capital which the domes- 


tic commercial banks remain reluc- 
tant to loan until the companies 
establish a reliable track record. 
The debate Is about how to make 
the economy better able to absorb 
the newly available foreign capital. 

Until now the emphasis of Czech 
pqrfflpn’iic policy has been on mone- 
tary stabilisation, fiscal reform and 
privatisation. Tbe question is how 
far policy priorities can shift 
towards faster growth without re-ig- 
niting inflation. Price rises dropped 
to 9.4 per cent on an annual basis in 
May against 22 per cent in 1993 
when inflation jumped following 
the introduction of value-added tax 
at a basic rate on most goods of 23 
per cent at the start of the year. 

One option under review is to 
speed up the rate of bankruptcies 
among loss-making enterprises and 
live with higher unemployment. 
Until now industrial wage rates 
have been kept artificially low, 
under 10 per cent of German labour 
costs, by an ostensibly free-market 
government which imposes penal 
taxation on companies raising 
wages above inflation. 

This policy has helped ensure 
that a large-scale transfer of labour 
to the booming private sector has 
occurred without the high and 
potentially destabilising transi- 
tional unemployment accompany- 
ing market reforms to Poland and 
Hungary, and looming to Russia. 

B ut unemployment 
remains below 4 per 
cent for two reasons. 
First, low wages have 
reduced the pressure to 
close loss-making enterprises, 
ensuring that thousands of under- 
employed workers still remain offi- 
cially employed. Second, hundreds 
of thousands of Jobs have been cre- 
ated in tourism, banking, retailing 
and services of all kinds. 

The sceptics argue that artifi- 
cially low wages and the govern- 
ment's reluctance to implement a 
tough bankruptcy law merely per- 
petuate hidden unemployment 
inside loss-making factories which 
have also survived by piling up 
unpaid inter-enterprise debts. 

A tougher approach to bankrupt- 
cies would expose the full extent of 
the problem. So would tighter sur- 
veillance of bank lending;. 

As foreign funds flow in and the 
private sector in an increasingly 
service-orientated economy 
expands, the Czech authorities are 
under pressure to enforce fully the 
plethora of banking, securities and 
other new laws. 

Foreign fund managers like Mr 
Nigel Williams of Creditanstalt, the 
Austrian-based bank, in Prague, say 
that giving substance to laws and 
teeth to the new regulatory bodies 
is essential, if the foreign capital 
inflow is to be sustained and used 
to build the “standard” economy 
sought by Mr Klaus. 


What the IMF should advise Ukraine 



Western 
governments and 
institutions are 
finally getting their 
act together over 
Ukraine. The Group 
, of Seven industrial 

PE Vrr nations wisely 

rib. w announced at their 

recent summit that Ukraine could 
expect more than $4 bn once it 
adopts meaningful economic 
reforms. When Ukraine's voters 
ditched do-nothing President Leonid 
Kravchuk and elected Leonid 
Kuchma, the G7 anno unc e men t sud- 
denly opened the way to concrete 
actions. 

While International Monetary 
Fund managing director, Michel 
Camdessus, has rightly opted to 
press the western case by making 
an early call In Kiev on the new 
president, one big problem remains: 
the IMF advice itself, in particular 
its monetary policy. 

The most urgent question facing 
the IMF - whether in Ukraine, Rus- 
sia, Kazakhstan or elsewhere - is 
how to help a bankrupt government 
trying to end high inflation. The 
IMF’s approach is straightforward - 


sharp cuts in the budget deficit, a 
low target growth of the money sup- 
ply, high real Interest rates, and a 
floating exchange rate. But while 
these policies will end high infla- 
tion in the long run, they almost 
Invariably lead to an unnecessarily 
deep recession; indeed, often to a 
reversal of the policies themselves, 
as recent history in Ukraine and 
other former Soviet Union countries 
confirms. The IMF has always 
blamed the governments for not fol- 
lowing through, not recognising 
that its advice has played a signifi- 
cant role in these failures. 

There is a better way. Stabilisa- 
tions in Israel to 1985. Bolivia to 
1986, Mexico in 1987. Poland in 1990, 
Argentina to 1991 and Estonia to 
1992 have been based on a different 
principle. These governments recog- 
nised that low money growth was 
not enough. It was also necessary to 
bolster expectations to low inflation 
and to raise confidence in the 
money, in order to raise money 
holdings and to reverse capital 
flight. This was accomplished by a 
strong government commitment to 
a stable e xchan ge rate, at least for 
several months, together with other 


fisral , monetary and privatisation, 
measures along normal IMF lines. 

Exchange rate stabilisation serves 
several key functions in ending 
high inflation. It directly limits 
price increases to tradeable goods, 
thereby providing a “nominal 
anchor” to the price leveL It ties the 
government to a highly visible tar- 
get. It co-ordinates future price 
expectations around a common 

Countries committed 
to a pegged exchange 
rate have done better 
than those allowing 
their rate to float 


standard. It raises confidence in the 
currency, especially when the 
pegged rate is backed by interna- 
tional resources or gold, as in the 
case to most of the highly success- 
ful programmes. 

Countries making a clear commit- 
ment to a pegged exchange rate 
have done much better than coun- 
tries simply allowing their 
exchange rate to float. Most 


recently, in the Baltics, the pegger, 
Estonia, outperformed the floaters, 
Latvia and Lith uania, until the lat- 
ter countries relented and adopted 
Estonia’s approach earlier this year. 

The notable stabilisation pro- 
grammes of the past decade - 
Israel, Bolivia, Poland. Argentina - 
were usually carried out despite the 
IMF. not because of it Estonia's 
currency board system was 
launched over the heated initial 
objections of the IMF staff, though 
finally with IMF support when 
Estonia went ahead undeterred. 

The IMF's poor monetary advice 
continues on seeming auto-pilot. 
Last week, it approved a bizarre 
programme for Kyrgyzstan. The 
Kyrgyz budget deficit is a respect- 
able 4 per cent of gross domestic 
product but inflation is above 100 
per cent, because to a lack to confi- 
dence in, and a continuing flight 
from, the new national currency. 
Remarkably, the Kyrgyz money 
supply is 3 per cent to gross domes- 
tic product, so slight is tbe confi- 
dence to the money! The situation 
cries out for a defence of the cur- 
rency, backed by an international 
stabilisation fund. Instead, the IMF 


plan rente for more budget cuts, and 
a further decline in the ratio of 
money to GDP. Even the IMF's own 
research department concluded last 
December that tbe “exchange rate 
anchor” can “enhance the credibil- 
ity of stabilisation initiatives”. 

There are still chances, though. 
Ukraine. Russia. Kazakhstan, Kyrg- 
yzstan and elsewhere are all led by 
presidents prepared to push strong 
reforms, and to wrestle with parlia- 
mentary resistance. The G7 and Mr 
Camdessus have taken important 
steps to make the western support 
more active and timely. Now the 
goodwill must be backed up with 
good ideas - currency stabilisation 
supported by IMF and international 
resources. Renewed confidence in 
the national currencies in these 
countries would be a crucial step to 
a renewed confidence to economic 
reforms and to a democratic future. 

Jeffrey D Sachs 


The author is Galen T Stone profes- 
sor of international trade. Harvard 
University 


Observer 


Barking for 
bread 

With 50 re^ripanifts in line for 
flotation, the seven members to 
Greece's capital markets co m mit tee, 
watchdog for the Athens bourse, 
are not hpadiwg to the beach. But 
their diligence goes unrewarded. 

They started work last December, 
following the passage of a new law 
giving- them significantly sharper 
teeth, but the long-suffering 
regulators have yet to see a 
drachma in remuneration. To add 
insult to injury, the committee is 
still stuck in dingy, cramped offices 
in the economics ministry, even 
though it was given full 
independence and, theoretically, its 
own premises. 

Far from bang a socialist ruse to 
block measures inspired by the 
previous conservative regime, the 
delay seems to be down to good 
old-fashioned bureaucracy. The 
decree defining the salary scale 
awaits the president's signature. So 
the ex-bankers, lawyers and 
university professors will be living 
off their savings for a while yet 
Nothing gets signed in August 


Mirabile dictu 

■ When fund managers Jupiter 
Tyndall Merlin put former 
nhanrplinr Norman Lamont on the 
board of two to their Far Eastern 
investment busts, the spiel was 


that he would lend prestige in a 
part of the world where any old 
ex-chancellor prompts much bowing 
and scraping. 

Now Eurosceptic Lamont, he of 
the ERM crisis, has popped up on 
the board of the same outfit's 
European trust Fund manager 
Richard Pease had to admit the 
chancellor would not he 
accompanying htm when he goes 
a visiting his continental 
investments. 

But his presence will lend a 
certain symmetry to the board. Of 
tbe six directors, half are now old 
Rothschild contemporaries. 

Not only is John Craig, ex 
banking head at RothscfaflcL the 
trust's chairman. But James Roe, 
who worked in investments with 
Lamont before tbe latter came to 
Westminster, is also a director. 


Slow coaches 

■ The six Khssbobrers who hold 
stakes to the century-old family bus 
maker have little to celebrate over 
Mia company’s im pending sale to 
Mercedes. 

They missed a fat chance in 1988 
when Canada's Bombardier offered. 
DMiOOm for 25 per cent of the 
enterprise and an option on the 
rest 

Since the business was having 
one of its better years, they refused 
tbe bait despite mgtogs from the 
chairman Heinz Ahrens. 

Rich to tradition, KSssbohrer has 
long been racked tor family feuds 



*We need to know the size of your 
garden to be able to calculate your 
rain bill’ 


and general interference. Now it 
has finally come to a sale, tbe 
family members must await their 
turn behind 30 odd banks owed a 
tidy DM700m. 

The reimpany ran up agains t, the 

crash barrier at the beginning of 
this year, as executives returned to 
the lenders, yet another begging 
bowl to hand. 

After years of trying to shift tbe 
family’s implacable opposition to 
takeover, Ahrens had been stung by 
seeing his own job advertised last 
November and was already making 
for the emergency exit 

At the same time, a works 
assembly in Uhn treated the family 


to a public roasting, and made clear 
they wanted the family out and a 
rescuer in. And so, it emerged, did 
the banks. 

Lai by Bayerische Hypo, they 
agreed to new credits to help the 
company over the hump, an 
condition the family ceded control. 
Trustees held their stakes while the 
manoeuvring got under way. 

Now Mercedes is meeting the 
banks, leaving the family hovering 
in the station waiting room. 


Cheers 

■ The UK beer industry, struggling 
to stem the flow to duty-free 
continental European imports, 
should raise a glass to John Major's 
choice to David Heathcoat-Amoiy 
as paymaster general. 

The former foreign office 
minister’s uncle Derick was, after 
all, one of the very few British 
chancellors - Sir Stafford Cripps 
being another - to have cut tax on 
beer excises. In April 1959, he lifted 
a whole tuppence off per pint 

Good to hear one minister has 
duty-cutting to the genes. 


Iri comes again 

■ No one was more surprised than 
Michele Tedeschi himself when he 
was chosen to chair Iri, Italy’s gian t 
state holding company. He hadn’t 
been gone long. 

It was only last year that the 
54-year-old lawyer was pushed 


sideways from the chief executive 
slot at Iri and sent to manage Stet, 
the telecoms utility. At that time, 
the Ciampi government had hauled 
back Prof Romano Prodi, the 
Bologna economist, to act as 
chairman of Iri and accelerate 
privatisation. 

There is a bit of a pattern here, 
because Prodi was also a repeat 
performance, having been to charge 
of Iri between 1982 and 1989. First 
time around he felt his political 
masters had obstructed plans for 
proper reform. 

At his next shot, he only had 12 
months before the Berlusconi 
government took office, whereupon 
he left, expressing his fears that the 
new rightwtog coalition would 
allow him insufficient rein. 

In being recalled, this time as 
overall boss, Tedeschi sees himself 
as a technocrat who has spent more 
than 25 years working in-house at 
Iri. 

But his is also a political 
appointment and his fate is likely to 
be tied to that of the government 


Verbal strain 

■ British Rail officials taking a 
break from running trains seem to 
be developing a way with words. 
The gate to platform 12 at London’s 
Waterloo has been recast as the 
"check-in” for “Britatoshrinkers” 
Any suggestions as to why 
clever-sticks Orwellian allusions 
should placate long-suffering 
passengers (sorry, customers)’ 


l 



12 


Brossette _B77 

SanHaire- Chauffage ■ Canalisation 



FINANCIAL TIMES 

Friday July 29 1994 



Manufacturer of 
Genera ring sets, 
aerospace ground 
power equipment & 
battery based systems 

Dale Power Systems pic 

racctnctiv Bukfanga Filey Norm Yorkshire Y014 9pj 
Tol 1)723 514141 Tdcx 52163 Fax 0723 515723 



M j;eh !«(*«- 



Office rents in emerging east 
outstrip west’s financial centres 


By Andrew Taylor m London 

Rents for city offices in nhtna 
and Vietnam have risen sharply 
this year to become some of the 
most expensive in the world as 
international companies seek 
footholds in rapidly emerging 
mark ets. 

Accommodation is in such 
short supply that some compa- 
nies are working from hotels and 
town houses. 

Rents in Shanghai, Beijing, 
Hanoi and Ho Chi Minh City 
have outstripped leading finan- 
cial centres such London. Paris, 
New York and Frankfurt, accord- 
ing to a study by international 
property consultants Richard 


Ellis. Only Tokyo and Hong Kong 
have higher rents. 

Ellis is currently operating out 
of rooms in the Beijing Toronto 
hotel in China's capital It says 
the pace of new development has 
been insufficient to satisfy grow- 
ing demand from international 
companies. 

Rents in Shanghai and Beijing 
have rocketed by 30 per cent in 
the past six months alone. The 
shortage of space has left “a 
number of foreign businesses 
operating from hotel rooms," 
says the agent 

Hotel rooms also have been 
converted into office space in 
Guangzhou, where rents have 
risen by 9 per cent in the past six 


months. In Hanoi and Ho Chi 
Minh City in Vietnam companies 
have been forced to rent town 
houses, villas and hotels. 

A total of 1,500 foreign compa- 
nies are housed in just 10 dedi- 
cated office buildings in Shang- 
hai, China's main financial 
centre, where some of the coun- 
try's biggest property develop- 
ments are under way. 

Cities in East Asia account for 
eight out of the 11 most expen- 
sive office locations according to 
the agent, which compared 
accommodation costs in 45 busi- 
ness centres. 

Most expensive was the inner 
central district of Tokyo where 
rents of £98.32 a sq ft increased to 


E11L67 after service charges and 
property taxes. Total costs in 
Hong Kong were £971)5 a sq ft 

London remains the third most 
expensive city with total occupa- 
tion costs of £68.71 a sq ft in the 
West End and £61.88 in the City - 
but this does not include rent- 
free periods and other induce- 
ments offered to tenants in a 
market which until recently 
re main ed very depressed. Also, 
property taxes are expected to 
fall sharply in London next year. 

Paris was the eighth most 
expensive location and midtown 
New York was the 1 3th in the 
rankings with total property 
costs of £47.72 and £3865 a sq ft, 
respectively. 


US plan for textile imports attacked 


By Guy de Jonquferes, 

Business Editor, in London 

Asian textiles and clothing 
exporters and US retailers and 
garment producers are protesting 
at a proposed change in US roles 
of origin for textiles imports 
which, they say. could seriously 
disrupt international trade and 
investment 

The proposal, which has 
received backing in Congress, 
would rewrite US customs rules 
by defining products' origin 
according to the co untry where 
they are “assembled'’, instead of 
where they are cut 

Hong Kong, one of the export- 
ers most at risk, said yesterday 
that the change conflicted with 


US commitments under the Uru- 
guay Round trade deal It also 
challenged the recent agreement 
to phase out the 
Multi-Fibre Arrangement, which 
restricts world textiles trade. 

The Hong Kong government 
has joined the governments of 
Australia and of members of the 
Association of South East Asian 
Nations in writing to US adminis- 
tration officials and congressio- 
nal leaders to express their con- 
cern. 

They are lobbying closely with 
the US Association of Importers 
of Textiles and Apparel, whose 
members include jeans manufac- 
turer Levi-Strauss, fashion house 
Liz Claiborne and The Limited, a 
leading retail chain 


The proposal, strongly sup- 
ported by US textiles and cloth- 
ing makers, has been approved in 
principle by the House of Repre- 
sentatives' powerful ways and 
means committee as part of its 
draft Uruguay Round implement- 
ing legislation. The Senate 
finance committee is considering 
a similar amendment. 

Officially, the US administra- 
tion has adopted a neutral stance 
towards these moves, which 
could upset existing arrange- 
ments under which textiles pro- 
duced in one country are shipped 
to another to be made into cloth- 
ing and then exported as a prod- 
uct of the first country. 

Opponents fear that would 
require exporters to switch out- 


put abruptly between national 
quotas imposed under the MFA 
and could lead to higher tariffs 
on some US imports. 

Ms Laura Jones, of the US 
importers' association, said the 
proposal would particularly 
affect Hong Kong, which sends 
large amounts of textiles to be 
processed in China, whose US 
textiles quota is already filled. 

The proposal would move US 
rules of origin closer to those 
used by the EU. Unlike the EU. 
the US at present uses different 
rules of origin for different types 
of products. The US Treasury is 
considering plans to standardise 
Us rules, though it Is unclear 
how this move would fit in with 
the proposals in Congress. 


Moscow pledge on share deals 


Continued from Page 1 

to Mr Gusev, not registered itself 
with the finance ministry, in 
spite of a law which obliges all 
companies which issue more 
than Rbslbn erf shares to do so 
and in spite of government esti- 
mates that it sold Rbs4bn of 
shares each day, according to Mr 
Andrei Vavilov, the first deputy 

finance minister . 

Nor has it responded to 
requests from the antitrust com- 
mittee for interviews, according 
to Mr Leonid Bochin, head of 
that committee. Meanwhile, Mr 


Oleg Soskovets, first deputy 
prime minister, criticised officials 
for splitting up control of the 
securities market 
The huge crowd of people 
round its headquarters swelled 
overnight - though most 
appeared relatively peaceful In 
the warm Moscow sun. Touts 
were passing through the crowd 
offering around Rbs80,000- 
Rbs90,000 for MMM shares as the 
black market price rose from 
around Rbs40,00&-Rbs50,000 after 
company spokesmen promised 
that outlets would reopen today 
with Rbsl25,000 to be offered for 


the shares - up from RbsllS.OOO, 
last week's price. 

However, the possibility that 
the crowd might turn violent was 
clearly present in ministers' 
minds. A representative of the 
Consumers’ Federation advised 
ministers to prop up MMM since 
its collapse would mean that 
“total responsibility for it would 
fall on the government". 

Mr Sergei Mivrodi, the elusive 
MMM chairman, has threatened 
to mobilise his claimed 10m 
shareholders to force a referen- 
dum on the future of the govern- 
ment. 


Smell of death lingers in Kigali 


Continued from Page 1 

distinctions that divided us in 
the past” 

The less affluent return on 
foot A constant trickle of peas- 
ants arrive in the capital each 
day in search of food and shelter. 
They head for the markets, 
where there is a brisk trade in 
looted goods: ampicillin, radios 
and vintage claret are on sale 
alongside small mounds of toma- 
toes, chilli peppers and sweet 
potatoes. The centre of town is 


quiet, save for the sound of 
brooms sweeping away the debris 
of war. A few shops have 
reopened, but they have little to 
selL 

Orphanages have multiplied 
since April, as the Red Cross and 
other relief agencies rescued chil- 
dren from houses In which an the 
adults had been killed. The con- 
vent of the Sisters of Mercy, 
founded by Mother Teresa of Cal- 
cutta, looks after more than 200 

chilrirpn 

Those who are old enough help 


the nuns carry small jerry cans 
of water which are fined each 
day from a Red Cross water 
truck. 

The nuns will not speak about 
the children who were dragged 
away from the convent by Hutu 
militia, or the bombs that fell on 
their house. 

When asked whether they 
believe Hutu and Tutsi can live 
together again, they shrug and 
look away. 

What has happened in Rwanda 
has been a test of their faith. 


Berlusconi’s 

brother 

Continued from Page 1 

weeks ago the coalition intro- 
duced a decree which limited the 
judiciary's powers to use preven- 
tive detention. 

The Milan magistrates, who 
were then investigating the 
prime minister's Fininvest media 
empire, threatened to resign - a 
threat largely responsible for for- 
cing the government to withdraw 
the decree five days later. 

Mr Paolo Berlusconi is one of 
four people linked with Fininvest 
against whom arrest warrants 
have been issued since Friday. 
Only one of them, Mr Salvatore 
Sdascia, the head of the group's 
tax and accounting department, 
has handed himself in. 

It was largely on the basis of 
Mr Sciascia's confessions that Mr 
Paolo Berlusconi was implicated 
for allegedly approving the pay- 
ment of money to members of the 
Guardia di Finanza between 1989 
and 1992. 

Milan magistrates were yester- 
day seeking to establish the pre- 
cise managerial role played by 
Mr Silvio Berlusconi while he 
was head of Fininvest and before 
he entered politics in January 
this year. They are also investiga- 
ting his ownership of cable televi- 
sion channel Teleptu. 


FT WEATHER GUIDE 


Europe today 

A near stationary cold front surrounded by 
clouds will stretch from north-west Spain 
through the North Sea towards Denmark. 
Scattered rain and thundery showers ahead of 
the front wiH bring the likelihood of a heavy 
downpour over Denmark. Further north, near 
record temperatures of 31C will persist in 
Sweden and Finland. 

ft wifl bo cooler in coastal areas and over the 
British Isles. Temperatures will reach no more 
than 25C in the London area. 

It wffl be rainy over Northern Ireland and the 
west of Ireland. 

Stiffing heat will continue in central Europe, the 
interior of Spain and southern France, where 

calm winds will combine with afternoon 
temperatures of nearly 35C. 

Five-day forecast 

Showery conditions are expected over the 
British Isles. Weston Europe overall wfll be 
cooler by Sunday but it will become hotter In 
central Europe, with strong thunderstorms In 
the Alps. A heavy downpour is likely in France 
and the Low Countries on Sunday or Monday. 
Northern Europe and the Battle states will 
remain exceptionally warm. 


TODAY'S TEMPERATURES 



Situation at 12 GMT. ftmpormnm maximum for dfy. Forecasts by Memo Const# of the Nathertands 



Maximum 

BeVng 

be 

33 

Caracas 

doudy 

25 

Fm 

sun 

28 

Madrid 

sun 

35 


Gebkn 

Belfast 

shower 

19 

Canfff 

fak 

22 

Frankfurt 

sun 

35 

Majorca 

sun 

32 

Abu Dhabi 

sun 

38 

Belgrade 

am 

31 

Casablanca 

fair 

25 

Geneva 

thund 

30 

Malta 

fair 

32 

Accra 

cloudy 

28 

Benin 

sun 

36 

Chicago 

Ur 

27 

Gibraltar 

sun 

29 

Manchesiw 

far 

22 

Aiglets 

sun 

34 

Bermuda 

cloudy 

29 

Cologne 

thund 

34 

Glasgow 

far 

21 

Manila 

ran 

28 

Amsterdam 

thund 

27 

Bogota 

cloudy 

18 

Dakar 

far 

29 

Hamtxag 

sun 

32 

Melbourne 

rain 

17 

Athens 

sun 

32 

Bombay 

rain 

29 

Dates 


34 

Helsinki 

fair 

30 

Mexico City 

fas 

24 

Atlanta 

doudy 

32 

Brussels 

thund 

30 

Delhi 

thund 

28 

1 long Kong 

ttuid 

31 

Miami 

third 

33 

B. Aires 

cloudy 

18 

Budapest 

8IS1 

34 

Dubai 

sun 

40 

Honolulu 

far 

28 

Milan 

far 

33 

B.ham 

tar 

24 

C -Hagen 

thund 

27 

Drtfci 

fair 

20 

Istanbul 

thim 

30 

Montreal 

cloudy 

27 

Bangkok 

rain 

33 

Cairo 

sun 

35 

Dubrovnik 

sun 

30 

Jakarta 

doudy 

32 

Moscow 

doudy 

20 

Barcelona 

sun 

29 

Cape Town 

fak 

19 

Edktourgh 

doudy 

21 

Jersey 

L* 

21 

Munich 

sun 

32 


No other .airline flies to more cities in 
Eastern Europe. 


Lufthansa 


Karachi 

Kuwait 
LAngata 
Las Pafares 

Lima 

Lisbon 

London 

LuxJxwg 

Lyon 

Madeira 


cloudy 

sun 

sun 

BUI 

cloudy 

sun 

sun 

sm 

thund 

sun 


31 Nairobi 
44 Naples 

25 Nassau 

26 New York 
18 Woe 

25 Nicosia 
28 Oslo 

32 Paris 
32 Perth 
24 Prague 


fair 

BUI 

W r 
shower 
sun 
sun 
thund 

thund 

shower 

sun 


24 Tokyo 

31 Toronto 

32 Vancouver 
» Venice 

25 Vienna 

34 Warsaw 
28 W a shin gto n 
32 WeBngton 
16 Winnipeg 

35 Zurich 


rain 

fair 

sun 

sun 

fair 

thund 

fair 

lair 

thund 

far 

sun 

eui 

far 

cloudy 

lair 

sun 

sun 

sun 

thund 

shower 

sun 

sun 


26 

14 

39 

31 
23 
35 

32 
31 
34 
19 
28 
31 
31 
25 
21 
31 

33 

34 

29 
14 
33 

30 


THE LEX COLUMN 


Byatt leaves the tap on 


Mr Ian Byatt. the water industry 
regulator, will take more flak from 
environmental groups than from the 
City after yesterday's price review, 
Most of the 10 privatised water and 
sewerage companies should be able to 
deliver real dividend growth of per- 
haps 3-4 per cent through the second 
half of the decade. That should satisfy 
even the institutions which had urged 
the industry to stand its ground. Cash 
flows should support capital spending 
without pushing gearing to on comfort- 
able levels or prompting rights issues. 
Yesterday’s rally in the sector is more 
than justified. 

Yet not all the companies have bene- 
fited equally. Mr Byatt's trick of 
pleasing investors while keeping 
water bills relatively low has been 
achieved by paring capital expenditure 
to the bone and setting demanding 
efficiency targets. Companies that 
anticipated this by trying to keep capi- 
tal spending low (in the case of Welsh) 
or being rigorous in pursuit of effi- 
ciency (especially North West) have 
been rewarded. South West, which 
asked the regulator to sanction large 
increases in household bills to fund an 
ambitious capital programme, has 
come off worst. 

Even if it misjudged the regulatory 
game, though. South West has reason 
to feel hard done by. Its appeal to the 
Monopolies and Mergers Commission 
will be on the basis that spending 
allowed by the regulator - barely 40 
per cent of what the company asked 
for - is insufficient to meet legal obli- 
gations. But the real fight will be over 
Mr Byatt's methodology. 

His approach in assessing the capi- 
tal value of the companies at flotation 
- market capitalisation less cash - is 
particularly cruel to South West, 
which was endowed with cash to 
cover its particularly large environ- 
mental spending needs. It gives an ini- 
tial value of around £150m ($232 -5m), 
which looks unrealistically low and 
therefore exaggerates its actual return 
on capital. The MMC must decide 
whether to overturn a methodology 
which produced roughly the right 
answer in nine out of 10 cases. 

SamsburyAVm Low 

J. Sainsbury's £210m bid for Wm 
Low is cleverly pitched. Having 
crunched the numbers, Sainsbury 
dearly calculated that a price of 305 p 
a share would give it a serious chance 
of winning without threatening earn- 
ings dilution. Had the offer been any 
lower. Tesco would have had no hesi- 


FT-SE index: 3095.9 (+13.6) 


UK Water 

Sector relative to toe AH -Share 
(FT-SE-A Indices) 



tation in rushing in again. Had it been 
any higher, the market would have 
worried that Sainsbury had dropped 
its trolley. It is curious that Sainsbury 
did not seek Low's approval. Then 
again, unless Tesco responds. Low has 
no option but to accept given that 
Salisbury's bid is all cadi and some 36 
per cent above the original offer. 

The market assumes Tesco will raise 
the stakes again. Low's shares closed 
19p above Salisbury's offer price. But 
Tesco would have to work hard to 
justify re-entering the fray at that 
leveL Arguably Low is worth more to 
Sainsbury because of the latter's 
smaller presence in Scotland and lack 
of distribution facilities. Sainsbury 
may also he able to recoup more 
money from selling on some of Low’s 
smaller stores while Tesco appears 
committed to trading from all of them. 

What follows will be an test of the 
industry's claims to maturity. In 
recent years, similar, if more private, 
auctions were conducted around the 
country as grocery chains bid up 
superstore sites to ridiculous prices. 
The sums involved for Low are small 
and the penalty for overpaying would 
not be great If bidding goes higher, 
the market may nevertheless attach 
more credit to the company that walks 
away than the one that wins. 

Sterling 

Sterling’s periodic bouts of weak- 
ness in the past couple of days, which 
took it down to DM2.4050 at one stage 
yesterday, suggest it is becoming 
caught up in UK interest rate fever. 
On the surface this looks odd. A com- 
petitive exchange rate and economic 
recovery in the UK's leading export 


markets should not add up to balance 
of payments problems. The economy is 
growing nicely and though there are 
some signs of future inflation, they are 
as yet a matter of nuance. There is 
tittle tangible evidence that price rises 
are already accelerating. 

Yet the exchange market would 
have grounds for concern if the 
authorities botch the turn in interest 
rates. Poor demand from domestic 
institutions for this week’s gilts auc- 
tion is a stark reminder that the gov- 
ernment needs foreign capital to cover 
its deficit. That means maintaining 
sterling’s attraction, and by somo 
yardsticks short-term rates are unnat- 
urally low. 

Three-month interest rates on 
D-Marks and sterling are roughly 
level, but on average over the past 20 
years sterling rates have been some 4 
percentage points higher. The UK's 
progress in curbing inflation may be 
commendable but it is surely not 
enough to eliminate this premium 
altogether. The Bank of England's 
inflation report next Tuesday will pro- 
vide another insight into inflationary 
expectations. If it paints a gloomy pic- 
ture, the exchange market may 
demand interest rate action sooner 
rather than later. 

ICI 

Yesterday's half-year figures from 
ICI were better than the modest rise in 
the shares suggests. The company has 
outperformed the stock market by 7 
per cent since the end of March, so it 
Is quite a feat to live up to its star 
billing. The 9 per cent growth in chem- 
ical volumes in the second quarter is 
especially encouraging. With prices of 
most basic chemicals clearly on a ris- 
ing trend, there is plenty for share- 
holders to look forward to. 

it could be hard for ICI to sustain 
the current momentum. While Euro 
pean recovery should lend support, 
stock building ahead of price increases 
may have helped to boost volumes. 
The rate of volume growth may there- 
fore be less impressive through the 
second half of the year. Even so, 
recent results from US and continental 
European chemicals companies sug- 
gest volumes are growing foster than 
seemed possible at the start of the 
year. With capacity utilisation rising - 
and in Id's case cost-cutting still flow- 
ing through to the bottom fine - the 
operational gearing could be impres- 
sive. A multiple of around 25 times 
this year’s forecast earnings begins to 
look realistic after all 


The leading edge in Asia Pacific 


Him MiwnmoanMnl appear* m a nutter of reconi only. 




Kinpo Electronics, Inc. 

(incwpm&aJirUli flmrtnJftfMifi/m Tiwiun. the RrjxMicof Chuu) 

US$44,000,000 
3 per cent. Bonds due 2001 

Issue Price: 100 per cent. 


Jardine Fleming 


I ndosuez Capital China Development Corporation 

J. Henry Schroder Wagg&Co- Limited Swiss Bank Corporation 


Capital Securities Hong Kong Limited 

Nikbo Europe Pic 


Dresdner Bank 

AMwHMM'tfcrhin 


Nomura International 
Morgan Stanley S’ Co. 


financial Advisor to the Company in the ROC 
China Development Corporation 


Julv. h»H 



Jardine Fleming 

Hi. l wE. ng .dfle t. n< 


Colin Heimon, Director 
Jardine Fleming Securities Ltd. 
Tel: (852) 843-8888 
Fax.- (852) 810-6558 


FLEMINGS 

INTERN ATUINAI. INVESNUliNT BANKING 

James Bruce, Director 
Robert Fleming & Co. Limited 
Tel: (44-71)6385858 
Fax: (44-71 J 382 8414 


fsaucJ lot Rotai flamM/ifi Co. Unwed, a monberofVtc London Stock exdunccatid ThcScctuVto&taui Futwiz Auiltonhj Lunaal 


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UK Tel; 071 416 0306. UK Fax: 071 418 0305. 


FINANCIAL TIMES 

COMPANIES & MARKETS 


l^Brvant 
Spp Group 

Impest in Quality 


(©THE FINANCIAL TIMES LIMITED 19*4 


Friday July 29 1994 


HOMES- PROPERTIES -CONST RUCTION 
021 71 1 1212 


IN BRIEF 


Mixed fortunes at 
US financial groups 

American International Group, the US-based 
insurance group, notched up a 14 per r»r>t advance 
in net income in the second quarter, despite little 
cha n ge in US property /casualty insurance rates. 
Page 16 

Spanish bank falls 19-5% 

Banco Central Hispano (BCHl. the Spanish banking 
group, posted a 19.5 per cent first-half fall in its net 
consolidated profits, to Pta293bn ($225Jm). Page 14 

Mercedes may take on buses 

Mercedes-Benz has announced its expected bid for a 
debt-laden German bus business from its family 
owners. Page 14 

Japanese brewer sees brisk demand 

Kirin Brewery, Japan's largest beer and beverage 
company, said brisk demand for Bndweiser beer, 
sold under licence from Anheuser-Busch of the US, 
helped first-half sales and profits. Page 15 

Sum i t o mo delays on dividend 

Sumitomo Chemical of Japan substantially cut its 
first-half losses after cost savings, cheaper raw 
materials and a lower interest bill but has not yet 
decided whether to reinstate its dividend. Page 15 

Mitsubishi Bank may rescue Nippon Trust 

Mitsubishi Bank, one of Japan’s largest commercial 
banks, is considering measures to rescue Nippon 
Trust Bank, according to industry sources. Page 15 

IBM to cut 2,000 |obs 

International Business Ma chines is expected to 
announce about 2JXJ0 job cuts from its personal 
computer operations. Page 16 

Air France studies Injection 

Air France, the ailing airline, is uncertain whether 
the FFr20bn ($3.7bn) capital injection from Us state 
shareholder is a rescue or merely a temporary 
reprieve. Page 16 

Patent riding a ga in st Medeva 

Medeva. the UK pharmaceuticals company, suffered 
a setback to its drug development programme after 
the European Patent Office upheld claims that it 
had infringed patents held by Biogen, its US rivaL 
Page 18; Biogeu shares op, Page 15 

Unitech shares jump on 88% profit rise 

Shares in Unitech rose 20p to 348p as the interna- 
tional electronic components and controls group 
reported an 88 per cent rise in profits. Page 18 

National Express makes inroads hi Poland 

National Express Group, the UK's largest Intercity 
coach company, is to start an passenger service in 
Poland next month. Page 18 

Return to tiie black for Johnson Fry 

Johnson Fry, the UK financial services and invest- 
ment group, returned to profit in the six months to 
June 30, after last year's restructuring and name 
change from LIT Holdings. Page 20 


Companies Kn this Issue 


AIG 

16 

AXA Equity & Law 

18 

Admiral 

18 

Air France 

16 

Arorrtsscan 

18 

Asahi Glass 

IS 

Australis MecBa 

15 

Ayrshire Metal 

20 

BCH 

14 

BCP 

14 

BF Goodrich 

16 

BNP 

16 

BPA 

14 

Banks (Sidney C) 

20 

Blogen 

15 

Caparo 

18 

Chieftain 

20 

Chrysler 

13 

Clark ICSJ) 

20 

Commerzbank 

13 

Contra-CycUcal 

20 

Qanka 

20 

Darby Tnet 

20 

Dominion Mining 

15 

Dow Chemical 

13 

Dyno Industrier 

14 

Dyson U&J) 

20 

Ql Aquitaine 

16 

Emerg Mkts Country 

16 

Equitable Ute 

18 

Ford 

13 

General Azucacera 

14 

General Motors 

13 

Glaxo 

16 

Gleeson (MJ) 

20 

Hanson 

14 

IBM 

16 

ICI 

20. 14 

Independent Publish 

16 

Inti Comm Bank China 

15 

J Sarrebury 

13 


Market Statistics 


AAnmol reports mto 32-33 
Benchmark Gait bonds 17 

Bead Mores and options 17 

Bond prices and yields 17 

GommodWes prices 30 

Dhrtdends announced. UK 18 

EMS currency rates 38 

Eurobond prtea 17 

Rred mans mrSces 17 

FT-A world Indices Back Pago 

FT SoW M«w into Sack Pago 

FTflSMA ha bond ac 17 

F7-SE Acaanes WKes 31 


Jacobs (John 1) 

20 

Jermyn Inv 

18 

Johnson Fry 

20 

KSasbohrer 

14 

Kirin Brewery 

16 

Laird group 

8 

MGN 

18 

Magnum Power 

18 

Medeva 

18 

Mercedes-Benz 

14 

Mitsubishi Bank 

15 

Motor Worid 

18 

National Express 

18 

National Westminster 

8 

Newcrast Afining 

15 

Nippon Trust BanK 

15 

Northern Foods 

8 

Pex 

18 

PHar Property 

20 

Placer Dome 

16 

Portman Bid Society 

20 

Premier Health 

20 

Prior 

18 

Rhfine-Poufftnc Rorer 

14 

San Miguel 

16 

Sobering 

IS 

Scholes Group 

14 

Sequana 

16 

Sphere Inv Trust 

20 

Stirling Group 

8 

Sumitomo Chemical 

15 

Telecom Einaann 

18 

The Body Shop 

8 

Trartsamerica 

16 

(JOB 

14 

Umtech 

18 

Vard 

14 

Wharf HokSngs 

15 

Wheetock 

15 

WffliamsCos 

16 

Witan Inv 

20 


Foreign ecdunofl 38 

Sits pnces 17 

LfflB aqttty options Back Page 

London share service 32-33 

London trad options Back Page 

Managed tunds service 34-38 

Money markets 38 

New Ml bond issues 17 

Secern issues, UK 31 

Short-term M rates 38 

US Merest rates 17 

Worid Stock Markets 39 


Chief price changes yesterday 


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Commerzbank limited to 11% rise 


Earnings are hit by poor results from trading on own 
account but partly cushioned by reduction in bad debts 


By Christopher Partes ki Frankfurt 

Commerzbank’s full operating profits 
rose just li per cent to DM438m 1 8276m) 
in the six months to the end of June 
after being more than 30 per cent ahead 
in the first five months - it suffered a 68 
per cent drop in earnings from trading 
activities on its own account. 

According to an interim report, pub- 
lished yesterday, partial operating prof- 
its - which exclude earnings from own- 
account trading - were up 17 per cent at 
DM968m. 

Earnings at this level, which were 
about 13 per cent higher after five 


months according to recent statements 
from Mr Martin Kahlhaussen, the chair- 
man, were bolstered by a 7.6 per cent 
rise in interest income to DM2.4bn. Com- 
mission earnings, up 5.6 per after 
five months, rose U per cent to DM966m. 

The w>aip influence on the full operat- 
ing profit was the slump from DM273m 
to DM87m in earnings from trading 
activities on the bank's own account 
This was partly cushioned by a 14.6 per 


cent fall in provisions for bad and doubt- 
ful debts to DM71 Om. 

Own-account securities trading 
recorded Losses in June after suffering 
from “very difficult” market conditions 
for much of the first half and higher 
writedowns were necessary on the trad- 
ing portfolio, the bank said. 

Although no details of the June losses 
were given, they appear to have been 
substantial in the light of Mr Kahlhaus- 


sen’s informal review of the first five 
months, in which be said own -account 
business was showing a “good three-dig- 
it-million result”. 

Commerzbank, the second of Ger- 
many's biggest banks to report this 
week, said It was satisfied with develop- 
ments. Deutsche Bank group, which ear- 
lier this week reported a 1 per cent rise 
In full operating profits, also suffered a 
sharp fall in own-account trading 


because of adverse market conditions 
and a sharp increase in long-term inter- 
est rates. 

However, Deutsche’s earnings perfor- 
mance was computed on the basis of & 
comparison with six-twelfths of profits 
for the full year. On this basis, Com- 
merzbank's full operating income fell 2.4 
per cent while partial earnings tumbled 
23 per cent 

Compared to the first six months of 
1993, Commerzbank's pre-tax profits rose 
72 per cent to DM728m, thanks in part to 
profits from the merger with Commerz- 
Credit-Bank Europartner and the sale of 
a 15 per cent stake in Karstadt 


Price slide 


Kevin Done finds the US carmakers still optimistic about the scope for recovery 


Detroit hums 
that the best 


fails to 
dent Dow 
Chemical 
results 

By Richard Waters in Hew York 

Dow Chemical turned in its best 
results for three years hi the sec- 
ond quarter, despite a 3 per cent 
slide on average in the prices of 
its products. 

Mr Enrique Falla, executive 
vice-presMent of the US chemi- 
cals company, predicted that 
prices would rise for many of the 
company's basic and speciality 
chemicals and plastics, due to 
supply constraints in the indus- 
try. This, and improvements in 
pro d uctiv i ty, would lead to fur- 
ther earnings growth this year, 
he said. 

Operating earnings of 8602m 
were 17 per cent higher than a 
year before (excluding one-off 
items in the year-ago period). 
This was achieved on the back of 
sales of $4.9bn, up 2 per cent 
from the second quarter of 1933 
despite the lower prices. 

Most of the earnings gain came 
In the company’s plastics 
operations, which saw a 6 per 
cent increase in sales to 81.8bzi. 

Dow pointed to volume growth 
around the world, as well as 
higher plastics prices in North 
America and poly sty r e ne prices 
in Europe. Operating income 
from plastics more than doubled, 
to 8247m. 

The chemicals segment, on the 
other hand, suffered from lower 
caustic soda prices, which 
pushed operating income down 
12 per cent to $97m on sales of 
$lbn. Dow expects “significant 
improvements* in caustic soda 
prices by early next year. 

Underlying operating earnings 
also fell in the consumer special- 
ities businesses, as the majority- 
owned drugs company Marion 
MerreD Dow saw a shift in sales 
to lower-margin products. Exclu- 
ding a 8180m charge in the sec- 
ond quarter of last year, operat- 
ing income was down 16 per cent 
at 8288m on unchanged sales of 
81.6bu. 

Net income for the period of 
S602m, or 91 cents a share, com- 
pared with 8388m, or 54 cents a 
share, the year before (75 cents a 
share in the year-ago period 
before one-off items). 

For the half-year as a whole, 
net income of 8421m compared 
with S548m in the first six 
months of 1993. although tbe 
earlier period was buoyed by 
pre-tax gains on asset sales of 
S502m. 

The volume growth at Dow, 
against the background of gener- 
ally weaker prices, echoes 
results unveiled by Du Pont the 
day before. Du Pont's sales, 
which are roughly twice those of 
Dow Chemical, grew by 6 per 
cent dnring the same period, 
thanks in part to the acquisition 
of the nylon business of Imperial 
Chemical Industries. 


is yet to 

T he big three US carmakers 
have all achieved record 
earnings in the second 
quarter, but General Motors, 
Ford and Chrysler believe that 
the best is still to come. 

The absolute figures may not 
be matched later this year - the 
second quarter is traditionally 
the most profitable - but US car- 
makers dismiss some analysts' 
fears that the recovery is already 
approaching its peak. 

“We think the cycle still has 
several years to go,” says Mr 
David McCammon, Ford 
vice-president and treasurer. “We 
are early in the cycle in the US - 
still in the first half of it, in my 
view. And In Europe we're just at 
the beginning." 

The view from Detroit is much 
rosier than from Tokyo, Nagoya, 
Turin or Wolfsburg. While rivals 
such as Nissan, Mazda, Fiat and 
Volkswagen are still battling to 
staunch the red ink, the big three 
US carmakers have put firmly 
behind them the record losses 
and upheavals of the early 1990s. 

Ford's second quarter results - 
net profits more than doubled to 
a record $1.71bn - marked the 
■girth straight quarterly earnings 
improvement. General Motors’ 
net profit of $1.9bn compares 
with $889m a year ago, and a 
paltry 846m in the second quarter 
of 1992. In 1991 all of the Wg three 
were heavily in loss. GM, the 
stumbling giant of the worid auto 
industry, suffered losses for three 
years in succession. 

The pace of tbe US carmakers’ 
financial turnround pays elo- 
quent testimony to the volume 
sensitivities of the world’s lead- 
ing carmakers. New car sales 


By Nell Buckley in London 

The .price war between the UK’s 
biggest food retailers yesterday 
became a bidding war as J Sains- 
bury launched a rival bid to Tes- 
co’s agreed offer for the Scottish 
supermarket chain William Low. 

Sainsbury’s bid of 305p per 
share valued the target’s shares 
at £2i0m - 36 per cent more than 
Tesco’s offer of 225p a share, 
worth £154m. 

Tesco said yesterday it was 
considering its response and 
urged Wm Low shareholders to 
take no action. Retailing analysts 
believe it is likely to raise its 
offer to 325p per share. 

Wm Low's share price leapt 44p 
to 324p - almost doable the 169p 
the shares stood at the day before 


come 

globally are expected to rise by 
more than 5 per cent this year, 
ending three years of falling 
demand, but the recovery has 
been uneven. In tbe US, car and 
truck sales are In their third year 
of recovery - Ford is forecasting 
US sales of around 15.5m this 
year, up from 142m last year and 
VLSm in 1991- 

In western Europe new car 
sales have started to pick up in 
the first six months with an 
increase year-on-year of 7 per 
cent, but the Industry is still 
struggling to overcome the ghnrk 
of last year's precipitous 15 per 
cent decline, the. steepest tell of 
the post-war period. 

Japanese carmakers are still 
desperately waiting for some 
reassurance that the recession 
hag finally bottomed out, as they 
suffer an unprecedented fourth 
successive year of falling domes- 
tic sales and production. 

While Japanese vehicle makers 
and some of their competitors in 
Europe are still grappling with 
domestic plants working at low 
capacity, in the US the assembly 
line s are humming with many 
plant s working overtime and sev- 
eral running three shifts round 
the dock. 

Ford was working at 116 per 
cent of its so-called “available 
straight-time capacity” in the sec- 
ond quarter compared with an 
average level of 103 per cent In 
1993 and a low of 80 per cent in 
1991. 

It has been increasing assem- 
bly capacity in North America 
steadily from 337m in the 1985 
model year to 5.02m in 1993, and 
capacity is set to increase further 
to 5.6m in 1997/98. Chrysler is 


Tesco’s bid two weeks ago. 

Wm Low’s directors said they 
would consider tbe Sainsbury 
offer in detail and were in talks 
with both bidders. 

A successful bid would raise 
Sainsbury’s market share in Scot- 
land from 3 per cent to 10 per 
cent, and give it 45 stores in Scot- 
land and 12 in northern England, 
as well as a Scottish distribution 
depot 

Mr David Sainsbury, chairman 
of Britain’s largest food retailer, 
insisted the bid was effectively 
not “hostile". The Scottish super- 
market chain, be added, had 
"already endorsed an offer for its 
purchase. The only question now 
is who the purchaser will be and 
what the price will be." 

Lex. Page 12 


Sainsbury joins 
battle for Scotland 


Paris woos trade with system 
to speed up large share deals 


By Norma Cohen, 

Investments Correspondent 

The Paris Bonrse yesterday 
announced the creation of a sys- 
tem to allow big blocks of shares 
to be sold quickly. 

This is calculated to recoup 
some of the domestic business 
which has migrated to tbe Lon- 
don Stock Exchange’s Seaq Inter- 
national trading system. 

Tbe block-trade market sys- 
tem. to begin operating in Octo- 
ber, will initially cover 50 
stocks, including all component 
stocks of the CAC 40 Index and 
o the r stacks with similar market 
capitalisation. 

However, in a climbdown, the 
Paris Bourse said that unlike 
current practice, other investors 
would not be immediately aware 
of these deals. In contrast to the 


competing Seaq system, trades 
win be reported to the central 
market after a two-honr delay, 
or, for the largest trades, the 
morning of the following day 
and will thns still be more trans- 
parent. 

“The creation of a block- trade 
market enhances the competitive 
position of the CAC central-mar- 
ket system. In particular, it 
ensures that investors are better 
Informed of transactions that 
were previously executed in Lon- 
don with no transparency what- 
soever," the Paris Bonrse said. 

Separately, the UK Treasury 
yesterday announced the Paris 
Bourse will become the first 
European stock exchange to 
operate in London. Securities 
firms with the Bourse’s CAC 
trading screens will be able to 
transact business without having 


to establish a Paris office. From 
1996, EU legislation will allow 
exchanges in all member states 
to operate that way. 

SEAQ International “has been 
quite an incentive for the mod- 
ernisation of the Paris market", 
said Mr Jean-Francois Theodore, 
chairman and chief executive of 
the Paris Bourse. But he said the 
new block trading system was 
designed to improve services for 
institutional investors in Paris. 

The new system would cover 
deals at least live times the “nor- 
mal market size" in each stock. 
It would calculate a “weighted 
average spread” of outstanding 
offers to trade those shares, 
creating a wider than nsnal 
“spread" between the best buy 
and sell offer, the Bonrse said. 
But the cost to investors would 
still fall. 


The Big Three Bn a benign phase 


Net income ($bn) 

Cftrysfer Fan* Motor Company General Motors 



Share prices rebased (i/i/84alQ0) 



US car and truck sales (million) 
20 


* Including heavy charges for accounting changes. Before charges Chrysler earned S2-4bn In 1893 
SMc»Ainaton»Artonnl<»i<OT4Ba»««raA i» o tma» i. Pm «» m Ca«ipwv«porta 



also adding capacity. 

All three US carmakers have 
been able to reduce marketing 
costs. The discounts and rebates 
needed to “move the m etal " in 
the bad times are being scaled 
down - at Ford retail incentives 
were down to $550 a vehicle in 
the second quarter from $75 5 a 
year ago and $1,150 in tbe final 
quarter of 1992. 

At the amp time the share of 
low-profit sales to big fleets, in 
particular to the daily rental 
companies, is telling as tbe man- 
ufacturers sell more output 
through retail channels. 

Profitability is also being 
helped by the windfall of a 
sharply appreciating yen. As Jap- 
anese rivals have been forced to 
increase prices significantly, the 
big three have made much more 
modest increments, enhancing 


their competitiveness. 

The climb to record earnings 
by the US carmakers is not only 
a result of rising sales volumes 
and high plant utilisation, how- 
ever. All three have undergone 
painful restructuring and 
emerged in much better shape to 
do battle in the global arena. 

Chrysler, smallest of the three, 
has taken the laurels to date. 
Only four years ago it was 
regarded as a hopeless case, a 
company unlikely to survive to 
the end of the 1990s as an inde- 
pendent force. Today, following 
radical reforms in desig n , devel- 
opment and engineering, manu- 
facturing and purchasing, it has 
set new standards in the world 
industry. It is the lowest cost pro- 
ducer among the big three, and 
Japanese carmakers now arrive 
at its door to carry out bench- 


marking exercises on world com- 
petitiveness. 

A recent study by Harbour 
Associates, the US automotive 
analysts, showed that Chrysler 
was the most profitable US car- 
maker, but Ford and belatedly 
GM are closing the gap. 

During the second quarter, 
Ford’s return on automotive 
sales rose to 4.2 per cent from 1.7 
per cent a year ago. but is still 
below its 5 per cent target for an 
average sales year. 

In tbe second quarter Ford 
earned an after-tax profit of $945 
a vehicle, well below Chrysler’s 
$1,360. “We had a good second 
quarter, but it isn't good 
enough,” said Mr McCammon, 
who expects the group's radical 
reorganisation to eat into product 
development and purchasing 
costs. 


Thin announcement appears o* j matter nl' rciurd rmh 


EXCO 


Placing and Public Offer 
of 53,117,726 ordinary shares 
at i7>p per share 



N M Rothschild & Sons Limited 
sponsored the flotation and acted as 
financial adviser to the company 

July 199+ 


A 


II 





14 FINANCIAL TIMES FRIDAY JULY 29 1494 

~ INTERNATIONAL COMPANIES AND FINANCE 


Banco Central Hispano 
drops 19.5% at halfway 

Mr Jose Marla Amusdtegui, chairman of Banco Central Hispano, 
has received “clear offers" from the UK's Tate & Lyle and from 
Generate Sncriere, the sugar group controlled by Saint-Louis of 
France, to buy into General Azncacera, Spain's second-biggest 
sugar company, writes Tom Burns. 

The French and UK producers indirectly share a 21.3 per cent 
stake in Azncacera. and are seeking to acquire 10 per cent each 
of BCE's stake. BCE has a 47 per cent stake. 

Mr Amusdtegnl Is interested in such a disposal. However, he 
warned that the government was concerned at the prospect of 
the company, which has a 22.5 per cent share of the domestic 
sugar market, falling into foreign hands. 

“It is a very political issue because of the ElTs sugar quota 
regulations," said the BCH chairman, “and it is all the more 
sensitive because of the large numbers of sugar beet farmers 
involved who supply Azncacera." 

**I think [the disposal] will go through after the summer," he 
said. The bank's stake in the sugar producer is capitalised at 
about Pta20.5bn ($l57.5m). 


ICI up 40% on worldwide revival 


By Tom Bums in Madrid 

Banco Central Hispano (BCH). 
the Spanish banking group, 
posted a 19.5 per cent first- half 
fall in its net consolidated prof- 
its. to Pta29.3bn fS225.8m). 
However, it claimed it was 
strengthening its balance sheet 
and improving the core bank- 
ing business. 

In contrast Argentaria, the 
partially-piivatised state- 
controlled banking gronp 
which rivals BCH in terms of 
assets, raised its net income by 
10.1 per cent, to Pta47.4bn, 
against the first half of 1993. It 
attributed the rise to lowered 
provisions and a 25.9 per cent 
increase, to Fta30.5bn, in reve- 
nue from fees and commis- 
sions. 

In common with other 
banks, both suffered from the 
impact of the sharp drop in 
interest rates and a resulting 
squeeze on margins. Argen- 
taria raised its net interest 
income by 1.6 per cent, to 
PtaH5-9bu, while BCfTs inter- 
est income remained flat at 
Ptal53.1bn. 

BCH, which has the largest 
domestic branch network, still 
has to develop the cross-selling 
techniques which have allowed 
Argentaria and other banks to 
raise operating profits. Income 
from fees and commissions at 
BCH fell 2.8 per cent to 


Scholes Group 
accepts £96. lm 
Hanson takeover 

By David Wighton in London 

Scholes Group, the UK maker 
of electrical installation equip- 
ment, yesterday agreed to a 
£96 -lm ($148m) bid from Han- 
son, more than 20 years after it 
first held merger talks with the 
conglomerate's Crabtree sub- 
sidiary. 

The takeover combines two 
leading domestic suppliers in a 
market where continental 
European manufacturers are 
making inroads. 

Hanson is offering 250p cash 
per Scholes share, equivalent 
to 32% times earnin gs in the 
year to June 1993. Scholes' 
shares dosed down 57p at 250p 
on the London Stock 
Exchange. 


Pta40.6bn, although increased 
income from its equity portfo- 
lio, and tight cost controls, 
helped raise the operating 
profit by 3.3 per cent to 
Pta63.Sbn. 

Argentaria 's operating profit 
was up by 14.1 per cent to 
Pta65.4bn. The net profit total 
gained further from a 4.9 per 
cent fell to Pta44.7bn, in provi- 
sioning allocations. 

BCH, which has had its asset 
quality questioned by rating 
agencies since the begining of 
this year, was, however, forced 
to put aside Pta81.7bn in provi- 
sions, 42k per cent more than 
in the first half of last year. 
These allocations raised the 


Rh6ne-Poulenc Rorer said it 
expects to return to growth in 
the second half of the year 
after reporting a net loss for 
the second quarter. Renter 
reports. 

“Sales and earnings were 
below expectations, particu- 
larly in the US," the company 
said “However, we anticipate 
returning to growth in the sec- 
ond half of the year.” 

RPR is m aintaining tight 
control of operating expenses, 
while continuing to invest In 
new products and technologies 
that will drive its *future 
growth. 

The company said it will 
start to see the beneficial 
results of its restructuring plan 
by the end of this year. 


group's coverage for bad and 
doubtful debts from 58 per cent 
to 62 per cent 

The provisions came in spite 
of the feet it realised Pta27.5bn 
through the recovery of non- 
performing loans. This indi- 
cates the incipient domestic 
recovery is raising the quality 
of its assets. 

Argentaria's results could 
prompt the government, which 
sold 50 per cent of the equity 
last year, to reduce its stake 
farther. The bank’s continuing 
strength is also likely to fuel 
speculation that it will acquire 
a medium-sized domestic bank 
to bolster its comparatively 
small branch network. 


The company said second- 
quarter sales dipped 3.5 per 
cent to $973m compared with 
the year-ago quarter, but were 
about equal after the negative 
effects of currency fluctuations 
and product divestitures are 
excluded. 

Sales in the US prescription, 
business declined because 
ex-factory sales, particularly 
of key respiratory products, 
are not yet matching the 
audited prescription 
growth. 

Sales in the North American 
over-the-counter business were 
below last year. 

Sales in Europe, excluding 
currency fluctuations and 
divestitures, were level 
with the previous year. 


Mercedes 
launches bid 
for family 
bus group 

By Christopher Parkes 
in Frankfurt 

Mercedes-Benz yesterday 
announced its expected take- 
over bid for the debt-laden 
Kdssbohrer bus business from 
its family owners. 

Talks opened on Wednesday 
with banks owed between 
DM600m (S250m) and DM800m 
by the Ulm-based company, 
and with advisers Goldman 
Sachs after preliminary talks 
with the K£ssbohrer manage- 
ment which started in April. 

No details of the proposed 
terms were released. 

Sweden’s Volvo group has 
also registered interest, but 
since the management and 
workforce favour Mercedes 
ownership, it appears likely 
that it will win. This is pro- 
vided the cartel authorities 
agree to a deal that will give 
the German bidder a 57 per 
cent share of the domestic bus 
market. 

There have been no public 
objections by local competitors 
MAN, which has a 24 per cent 
market share, or Neoplan with 
13.5 per cent 

Analysts have welcomed the 
move as essential for the 
rationalisation of the bns 
industry, and reacted encour- 
agingly to Mercedes' recently- 
announced plan to hive off its 
own European bus business 
into a separate company. 

Mr Georg Stflrzer of Bayer- 
ische Vereinsbank said this 
week that a takeover of KUss- 
bohrer’s Setra marque would 
generate unit cost advantages. 

Although Mercedes would 
have to spend millions on 
restructuring, he said it would 
gain improved stakes in the 
French, Danish, Dutch and 
Austrian mar kets. 

The negotiations mark the 
closing stages in the 100-year 
life of one of Germany's few 
remaining family automotive 
concerns. The six waning 
Kdssbohrer family members 
surrendered their stakes to the 
care of trustees earlier this 
year. 

The break-up of the com- 
pany, which lost around 
DM70m on sales of DMl.Tbn in 
1992, started that year with 
the sale of its trailers division 
to Kfigel Fahrzeuge. 


By Paul Abrahams in London 

A combination of self-help and 
a surprising rise in demand 
assisted Imperial Chemical 
Industries to a 40 per cent nse 
in pre-tax profits during the 
first half. 

The UK's largest chemicals 
company lifted profits from 
£240m to £553m ($547m). Mr 
Ronnie Hampel, chief execu- 
tive and chairman designate, 
said the increase showed “the 
first tangible signs of a wide- 
spread recovery in our world- 
wide markets. This is an 
increasingly robust perfor- 
mance from all our businesses. 

“About half of the improve- 
ment came from self-help and 


By Peter Wise in Lisbon 

Leading shareholders in Banco 
Portugues do Atlantico are pre- 
paring to defend Portugal’s 
largest commercial bank 
against a hostile takeover bid 
by Banco Comercial Portugues. 
a smaller rival. 

A group of Portuguese busi- 
nessmen who control 27 per 
cent of BPA said they would 
seek to expand the core share- 
holding to 40 per cent. Earlier 
this week. BCP made a public 
offer of Esi32bn (SSi9m) for 40 
per cent of BPA. 

An official of Sonae. Portu- 
gal’s largest private conglomer- 
ate and leader of BPA’s core 
shareholders, said the group 
would not make a counter-bid 


Vard returns to 
black after sale 
of ferry division 

By Christopher Brown -Humes 

Vard, the Norwegian shipping 
group, returned to the black in 
the first half helped by gains 
from the sale of its ferry 
operations and a luxury cruise 
vessel. 

The group’s pre-tax result 
swung to a NKx519.4m <$73m) 
profit from a NKi2l2.2m loss in 
the same 1993 period. 

The main impact was a 
NKr549-2m extraordinary gain 
on the sale of the group's ferry 
division and a NKr253.5m gain 
on the sale of the Royal Viking 
Sun, a luxury cruise ship. 


half from better demand. 
Prices were the same level as 
last year." 

Turnover increased 3 per 
cent from £4.l5bn to £4-4tibn. 
Sales volumes were up 6 per 
cent during the six months, 
but had risen 9 per cent in the 
second quarter from the same 
period last year. Currency 
movements reduced sales by 
about I per cent. 

Trading profits rose 52 per 
cent to £273m. Mr Hampel said 
the results had benefited by 
more than £210m from self-help 
actions since 1990. The target 
of savings of £490m next year 
was within reach, he said. 

He said ICI would continue 
to invest in its core assets. It 


but hoped to increase its own 
holdings and persuade other 
shareholders to join the group. 

BPA's core shareholders are 
bound by an agreement not to 
sell outside the group. The 
Sonae official said that if the 
core were extended to 40 per 
cent. BCP's bid would fail 
because the state owned 25 per 
cent of BPA and would remain 
neutral in the bid battle. 

But Lisbon analysts said 
BCP’s offer would be a severe 
test of the cohesion of BPA’s 
core shareholders. “When the 
crunch comes and the money’s 
on the table, the group may 
not hold together.” said a Lis- 
bon dealer. 

BCP's bid of Es3,000 a share 
values BPA at Es330bn. BPA 


By Christopher Brown-Humes 
in Stockholm 

Dyno Industries the 
Norwegian chemicals, explo- 
sives and plastics group, more 
than doubled first-half pre-tax 
profits to NKr3l0m (545m) from 
NKrl44m. 

Mr Arild Ingierd, chief execu- 
tive. said the group bad bene- 
fited from strong growth in 
demand in most of its main 
markets, “especially in deliv- 
eries to the European automo- 
tive industry and in supplies 
of methanol to European mar- 
kets". 

He said the second half. 


would invest $l00m to build 
one of the world’s largest PET 
resin plants in North Carolina. 
PET is a material used to make 
plastic bottles, Mr Alan Spall, 
finance director, added that the 
group was looking at the possi- 
bility of building a new US 
plant to make PTA. a raw 
material of PET. 

The growth in volume had 
been driven by a number of 
factors, said Mr Hampel. New 
plants manufacturing Klea 
134a. the CFC-substitute. and 
PTA had come on stream. 
European sales were lifted by 
an increase in market share as 
US manufacturers attempted 
to cope with an upturn in 
demand there. 


fight bid 

shares reached a high of 
Es2,S00 yesterday before clos- 
ing at Es2,615. They had been 
suspended since Tuesday, 
when they closed at Es2.0l0. 
More than 135,000 shares were 
traded yesterday. 

BCP's offer has to be 
approved by the government, 
central bank and stock 
exchange commission. BCP 
control of BPA would create 
Portugal’s largest private-sec- 
tor hanking group, with com- 
bined assets of about 
Es5.360brL 

The new group would be 
close in size to state-owned 
Caixa Geral de Depositos. the 
country's largest bank, which 
focuses on mortgage lending 
and savings deposits. 


which is traditionally weaker 
than the first, should be stron- 
ger than last year, but warned 
the group was being squeezed 
by higher raw material prices. 

Gross operating income was 
NKr4-79bn, up' 20 per cent on 
last year, while operating prof- 
its climbed SO per cent to 
NKr379m. 

Explosives saw operating 
profits more than double to 
NKrl23m from NKrS2m on a 9 
per cent increase in turn- 
over to NKr2.08bn, while 
chemicals raised profits to 
NKr228m from NKrl52m as 
turnover rose 28 per cent to 
NKrl.47bn. 


Mr Hampel noted a clear 
upturn in Ute market, but not 
as strung as might have been 
deduced from Id’s second- 
quarter figures. The rate of 
sales growth was clearly 
unsustainable. 

Second-quarter growth in the 
UK was 13 per cent while the 
European continent saw 10 per 
cent growth after being flat for 
the first three months. Euro- 
pean sales were boosted by a 
sharp rise in methanol prices, 
and the UK fertiliser business 
was now breaking even. 

Earnings per shore rose 34 
per cent from I2.7p to I7p. The 
interim dividend was main- 
tained at I0.5p. 

Lex, Page 12: Details, Page 20 


UCB boosts 
profits 21% 
at mid-term 

UCB, the Belgian chemicals 
and pharmaceuticals company, 
boosted pre-tax profits 21 per 
cent to BFrI28bn ($38m) in the 
first sue months of the year, 
aided by improved economic 
conditions in Europe, writes 
Emma Tucker in Brussels. 

Post-tax profits of BFr2^3bn 
were lower than in the first 
half of 1993 when they were 
BFrl.74bn. The group’s sales 
rose to BFr25.2bn from 
BFr23.43bn in the same period 
a year earlier. 

Exceptional profits were 
below those of the previous 
year, which had been boosted 
by the sale of VeL the 
group's Belgian chemicals 
subsidiary 

UCB said its pharmaceuti- 
cals sales had benefited from 
buoyant demand for Zyrtec. 
the company's successful anti- 
allergy drug, which normally 
sells well during the spring. 


Correction 

Banpais 

The FT last week in the 
international edition reported 
that Banpais, the Mexican 
bank, took out a loan to pay 
back debt arising from the 
acquisition of Asemex, an 
insurance company, after an 
equity offering had not raised 
the amount planned. That loan 
was in fact taken out before 
the equity offering, and was 
not directly related to the Ase- 
I mex purchase. 


Rhone-Poulenc Rorer 
sees return to growth 


BPA shareholders 


Dyno Industrier doubles 
results on good demand 





. ■ » 



iiiitomo 

finical 

; Io-si-S 





- t : 


I 








r. 



VI. 

ii 


s. m - 




n 

DANONE 


A RISE IN FIRST-HALF CONSOLIDATED SA1ES 

Consolidatod soles of Danone Group amounted to FF37 bn in the firs* half of 
1 994, 6% more than 4 m FF34.9 bn recorded in iho some period of last year. 

figures by division were as follows : 


fin Ff mSam] 

l-»93 

1994 

Europe 

Dairy products 

10,900 

11,187 

Grocery products and Pasta 

6,552 

6,488 

Biscuits 

6,205 

6.305 

Beer 

3,696 

3354 

Minercf water 

2,757 

3,618 

Containers 

3,620 

3304 

Interna Honed 

2,151 

3,704 

Intragroup transaction i 

1948) 

|940) 

GROUP TOTAL 

34,933 

37,020 


Business under ihe « Interna frond* hooding represents sales of consolidated 
companies based outside Europe. 

Comparucm baween figures (or 1904 end 1993 nsn) tala inM amount Mied 
•Jvngoi in 0 m scope cl consolidation 

■ Newt? canscltdatad rampma indude miraral -wafer campana Volvic in France and 
Agua* do Lanjorwi m Spam, ai <ml as several companies m the AskHtaafic area, 
vAoie tain are recorded under lie ■Jntemationn 1 * heodng. 

■ Ccanpcmes no longer amaMafed include Uerrerin da McnnMrei, a mrrrrber of the 
contoinon dtetion, accounted far wider die equuy mediod as ai 1 994 

Assuming constant business structure, scope of consolidation and exchange 
redes, variations in sales by division were as shown below : 


Europe 


Dairy products 

♦ 5 1* 

Grocery products & Pasta 

-0.9% 

Biscuits 

+ 2.1% 

Beer 

-9.4% 

Mineral water 

*5.2% 

Containers 

♦ 2.0% 

International 

t 118% 

GROUP TOTAL 

+ 2.4% 


In die first hall of 1993, beer sales rase sharply as buyers mowed in ahead 
of increases in French endva In contrail, sabs in the first hdf of this year 
only started la bench' t from warm weather in mid- June. However, 
temperatures have remained high throughout July, whidi should malce up 
for mudi of (he bg la the end of Jwie. 

deluding breweries, sales in the first half of 1994 would show a 3.7% rile. 

ess i ## 1 ® 

au CROUP ttCUtmES wai now appem w siockmamok 
USTHG5 UNDSt THE mOAHOM [tX BSNf NMOL 



FiffureSource- Now available.... Mew FX service! 


INDEXTA 


IIIIIIIIIIIIIIIIIIIIIIIHIIIIIIIIIIIIIIIIIIIIIIIIIIIII 

Residential Property 
Securities No. 1 PLC 

£200,000,000 

Mortgage Backed Floating Rate Notes 2018 
Notice of Partial Redemption 

S.G.Warburg & Co. Led. announce char Notes foe the nominal 
at of£2,8 


31st August, 1994, in accordance with Clause 5(b) 
and Conditions of the Notes. 


mption on 
of the 


Terms 


The disti n ct i ve numbers of the Notes drawn, arc as follows- 
28 57 89 118 152 182 214 1379 1408 1440 

1470 1J0J 1534 15 66 1597 1626 1656 1691 1721 1752 

1783 1813 1842 1875 1906 1937 1967 1997 

On 31st August, 1994 there will become due and payable upon 
presentation of each Note drawn for redemption, the principal amount 
thereof, together with accrued interest to said date, or the office ofc- 

S.G. Warburg & Co. Ltd. 

2 Finsbury Avenue, London EC2M 2 PA 
or one of the other paying agents named on the Notes. 

Interest will cease to accrue on the Notes called for redemption on and 
after 31st August, 1994 and Notes so presented for payment should 
have attached all Coupons maturing after that date. 
£80,000,000 no minal amount of Notes will remain outstandi n g 
after 31st August, 1994. 

29A July, 1994 

llllllll Hllllllllllllllllllllllllllllllllllll 


CITICORP O 


U.&$350,000,000 


Notice 

5% in rasped of the Original Notes ond 5.0875% in rasped 
Enhancement Notes, ana that the interest payable on the relevant 
Intere s t Payment Data August 31, 199 A against Coupon No. 105 in 
respect of US$1 0,000 nammd of me Notes wS be US$45.83 in respect of 
the Origind Nates ond US$46.64 in rasped of he Enhancement Notes. 


U^$500, 000,000 

Subordinated Floating Rate Notes Due October 2S, 2005 
Notice is hereby given that the Rate of Interest has been fixed at 
5% and that the interest payable on the relevant Interest 
Payment Date August 31. 1994 against Coupon No. 106 in respect of 
US$10,000 nominal of the Notes will be US$45.83. 


U.S.$500,000,000 

Subordinated Floating Bate Notes Due January 30. 1998 
Notice is hereby given that the Rate of Interest has been fixed at 
5% and that the interest payable on the relevant Interest 
31, 1994 against 

Notes will ' 


st Caiman No. 1 03 in resped of 
be US$45.83. 


r July 29, 1994, London 

[ByGftxank.NAIbsuer Services), Agent Bank 


CmBAN«S> 


Union Bank of Norway 
U.S. $ 27 , 000,000 

Subordinated Floating Rate Notes due 2002 

In accordance with the provisions of the Noras. notice is hereby 
given that the Rule of Interest for the three month period ending 
31st October. 1994 has been fixed at 6.6125% per annum. The 
interest accruing for such three month period will be LLS- $8,632.99 
per U.S. $500,000 Note against presentation of Coupon Number 9. 

Union Bank of Switzerland 
London Branch Agent Bank 

27th July, 1994 



THE WORLDS TOP lOOO BANKS 



JULY ISSUE OUT NOW £5.00 


AUDITED FINANCIAL STATEMENTS 1993 


FINANCIAL POSITION 31 DECEMBER 


{In Million of US$) 





Cash and bank 

149 

98 

Marketable Securities 

485 

440 

Loans 

539 

538 

Equity Particpations 

66 

63 

Fixed and others 

27 

32 

Total 

1,266 

1,171 


Shareholders' funds 



— Paid up Capital 

400 

400 

- Reserves 

159 

152 

Deposit from banks 

615 

542 

Provisions and others 

72 

57 

Dividends payable 

20 

20 

Total 

1,266 

1,171 


1993 

1992 

37 

31 

( 10 ) 

( 15 ) 

27 

16 


FINANCIAL RESULTS 31 DECEMBER 


Net operating income 
Less: Risk provisions 
Net PROFIT FOR THE YEAR 


AHCORP Is an Arab leteidoeii company established m 1975 by on 
■nfomorionol ogroemonl Mg nod ond ratified by die member Maks oi 
■be Organisation at Arab Petroleum Exporting Countries fOAPEC], 
la establish and finance petroleum and petrochemical projects and 
industries in &e Arab lAfarid are! beyond. 



ARAB 

PETROLEUM 

INVESTMENTS 

CORPORATION 

P0 BOX-waUMAWWN AIRPORT 31833 
SAUOI ARABIA TELEPHONE 1031 B84 7400 
TELEX 8 70088 APC8J FAX E331SS4 S07B 


GPA tavdStm 

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«idt- 


FINANCIAL TIMES FRIDAY JULY 29 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Mitsubishi may rescue trust bank 


it bid 


Imibiis 

Viliams 


By Gerard Baker 
in Tokyo 

Mitsubishi Bank, one of 
Japan's largest commercial 
banks, is considering measures 
to rescue Nippon Trust Bank, 
according to industry sources. 
The proposals under consider- 
ation are thought to include a 
takeover of the troubled trust 
bank. 

Mitsubishi currently owns 5 
per cent of Nippon Trust, the 
piavimiim permitted by law, 
but in the last few years it has 
strengthened its links and last 
year installed one of its senior 
managing directors. Mr 
Tomoaki ffirano, as Nippon 
Trust's president. 

Nippon Trust is the smallest 
and weakest of the country's 
seven trust banks. The collapse 
of the Japanese property mar- 
ket in recent years has left it 
with a bad debt mountain. In 
the year to March its disclosed 

Sumitomo 
Chemical 
cuts losses 

By Gordon Cramb 

Sumitomo Chemical of Japan 
has substantially reduced its 
first-half losses as a result of 
cost savings, cheaper raw 
materials and a lower interest 
bill, but has not yet decided 
whether to reinstate its divi- 
dend. 

The pre-tax loss for the six 
months to June was down to 
7402m ($4.1m) from YZBSbn, is 
spite of a 42 per cent dip in 
sales to Y273 .84 bn. ft said yes- 
terday that sales erf basic chem- 
icals were down 1.7 per cent 
and fine chemicals 2.7 per cent, 
with a sharper fall of 8 per emit 
in petrochemicals and plastics. 
Agrichemicals showed the 
smallest decline, of 0.5 per 
cent, amid demand for feed 
additives. 

Exports grew 1.6 per cent 
overall, to Y3&81bn. The com- 
pany has also been expending 
its overseas interests, with pro- 
jects in Singapore and the US. 

Net losses were down to 
YlIHbn from Y5.44bn, and it 
expects to reach break-even for 
the hill year, on sales down 1 
per cent to Y540bn. It is paying 
no interim dividend and indi- 
cated that the 1994 payout 
could be anything between nil 
and Y3 a share. 


non-performing loans rose by 
79 per cent, to Ytflbn ($1.3bn), 
the largest increase among all 
Japan's leading hanfre 
However, this figure does not 
include restructured loans, on 
which interest has been cut 
sharply to keep borrowers 
afloat. Analysts estimate the 
actual total of non -performing 
loans could be closer to 
YliXftm. more than 10 per cent 
of Nippon Trust's loan bock. 
These non-performing, assets 
represent 90 per cent of the 
trust bank's tier one capital 
Worse still, unlike most Jap- 
anese banks it is unable to 
cover its potential loan losses 
by sales of equity holdings. Mr 
David Threadgold. banking 
analyst at BZW in Tokyo, esti- 
mates that the bank may have 
as little as Y30bn in such hid- 
den equity gains, well short of 
its bad debt total. “Without 
outside intervention, Nippon 
Trust has no obvious way to 


free itself from its overwhelm- 
ing problem loans,” said Mr 
Threodgold. 

By contrast Mitsubishi Bank 
is one of the strongest of the 
country's 11 “city” (commer- 
cial) banks. It has estimated 
problem loans of just 3.6 per 
cent of total loans. 

Officials at Mitsubishi Bank 
and Nippon Trust yesterday 
denied that takeover plans bad 
been agreed. However, indus- 
try sources said that Nippon 
Trust needed at least YlOOtm 
in financial support 

A takeover by Mitsubishi 
Bank would present a conun- 
drum for the regulators, since 
it could breach ministry of 
finance (MoF) rules on the 
ownership of trust banks. Last 
year the MoF for the first time 
allowed city banks to establish 
trust bank subsidiaries. But 
the new rules prevent city 
banks from operating same af 
the most profitable elements of 


trust banking business, such 
as pension funds and loan 
trusts. The rules are designed 
to protect trust banks' key 
activities from incursions by 
the larger banks. 

If the MoF reflised to allow 
Mitsubishi Bank to run the full 
range of trust banking activi- 
ties. the merger would lose its 
appeal for the city bank, which 
might also then be reluctant to 
keep the bank afloat with 
loans. However, If the MoF 
allowed a full merger, other 
trust banks could be expected 
to object. 

The MoF would not comment 
yesterday, but if it is presented 
with a merger plan, analysts 
were agreed that it would prob- 
ably approve it. “Faced with 
the unat tra c tiv e alternative of 
allowing a bank to fail,” said 
Mr Mark Faulkner, banking 
analyst at S.G. Warburg, “the 
MoF will almost certainly pre- 
fer to allow a merger”. 


Asahi Glass profit slides 44% 


8y Gordon Cramb 
m Tokyo 

Asahi Glass, Japan’s biggest 
gtassmaker. showed a 433 per 
cent slide In pre-tax profits to 
Y11.25bn (5ll5n» for the first 
half to June, as stagnant 
demand from the construction 
and automotive industries pul- 
led sales 93 per cent lower to 
Y440bn. 

Rationalisation measures 
introduced during the period, 
devolving some centralised res- 
ponsibilities to its operating 


divisions, yielded a 7.7 per cent 
drop in operating costs to 
Y436.6bn. The company ex- 
pects a profits recovery for the 
full year. 

Sales of glass and construc- 
tion materials, which represent 
almost half of all turnover, 
were down 7.7 per cent and 
those of chemicals, the second 
largest division, emerged 12.7 
per cent lower. 

Growth was achieved only in 
electronics, where turnover 
was up 23 per cent to Y36.9bn 
as a result of demand for 


integrated circuits, glass 
substrates and optical 
fibre. 

In spite of the high value of 
the yen, Asahi Glass m?inagpd 
to expand exports by U.7 per 
cent, reducing its exposure to 
the dull domestic economy. 
Exports account for 14.7 per 
cent of all sales, up from 12.0 
per cent 

A maintained interim 
dividend of Y4.5Q per 
share is being paid from net 
earnings of Y6.44, down from 
Y9.90. 


Biogen shares up 50% on drug test 


By Daniel Green 
and Paid Abrahams 

Shares in German drug 
company Sctaering fell 5 per 
cent yesterday following a 50 
per cent rise in those of US 
biotechnology company Biogen 
as thp likelihood of competi- 
tion in the fast-growing multi- 
ple sclerosis drug market 
increased. 

Swiss company Ares Serono, 
which is developing a drug 
similar to Biogen's, saw its 
share price rise by 17 per cent 
yesterday. 

Biogen this week reported 
preliminary results of final 
phase trials of its beta inter- 


feron drug which, it claimed, 
cuts the frequency and scale of 
multiple sclerosis attacks over 
a six-month period. 

The company was suffi- 
ciently confident to increase 
production in the US and mar- 
keting in Europe. Fun data on 
the clinical trials would be 
presented in October, it said. 

Sobering sells its own beta 
interferon product called 
Betaseron, the only such prod- 
uct approved by medical regu- 
lators for patients. This month, 
the company said 1994 sales of 
Betaseron would reach 
DM3Q0m ($19Qm). 

Analysts at Lehman 
Brothers estimate the market 


for beta interferon at 5500m- 
51 bn a year by the end of the 
decade. 

The share price rise took 
Biogen's market capitalisation 
to about $1.5bn, the fourth 
biggest in the biotech 
sector. 

This week, Teva Pharmaceu- 
tical Industries, the Israeli- 
based group which has another 
multiple sclerosis drug in 
development, said it was set- 
ting up production rariitfips in 
Israel after viewing prelimi- 
nary data of final stage trials 
of its treatment Copaxone. 

It expects to file its multiple 
sclerosis drug for US approval 
this year or early 1995. 


Kirin finds 
cheer in 
demand for 
Budweiser 

By Emflco Terazono 
in Tokyo 

Kirin Brewery, Japan's largest 
beer and beverage company, 
said brisk demand for Bud- 
weiser beer, sold under licence 
from Anheuser-Busch of the 
US, helped sales and profits 
for the first half to June. 

The company said effects of 
price discounting of beer by 
leading supermarket chains 
and increased competition 
from cheap imported brands 
had yet to show up in Its 
interim profit figures. Pre-tax 
profits for the six months to 
June rose 4 per cent to 
Y85.9tra (5366m), on a 13 per 
cent Increase in sales to 
Y628.4bn. 

After-tax profits climbed 19 
per cent to Yl73bn on a fall in 
special losses from property 
sales. 

For the full year to Decem- 
ber. Kirin expects a 13.1 per 
cent rise in pre-tax profits to 
Y87bn on a 6.2 per cent 
increase in sales to Yi,430bn. 

San Miguel soars 
40% in first half 

San Miguel, the Philippines’ 
largest manufacturing enter- 
prise, has announced a 40 per 
cent rise in first-half net prof- 
its to 233bo pesos (555m), cm 
consolidated net sales 13 per 
cent higher at 32.9bn pesos, 
writes Jose Galaug in Manila. 

Earnings per share advanced 
to 136 pesos from 1.12 pesos 
previously. 

The company said higher 
sales volume, which reflected 
tbe accelerated economic 
growth during the period, 
accounted for the robust finan- 
cial results. 

San Miguel's brisk profit 
increase in the first half did 
not include any ex tra or di nary 
income. The company in April 
sold the present site of its 
Hong Kong brewery, and the 
windfall gain from the sale 
will be booked in September, 
when full payment for the 
property will be made. 

The sale is estimated to 
result in a non-recurring 
income of HK$2.S3hn 
(US$3 79m) for San Miguel 
Brewery Hong Kong. 


Wheelock posts 50% gain 
after big exceptional sales 


By Louise Lucas 
in Hong Kong 

Wheelock, the Hong Kong 
holding company for the late 
Sir Y.EL Pao's listed corporate 
empire, yesterday announced a 
50 per cent rise in profits, total- 
ling HKS2 ?bn (US$286m) after 
tax and minority interests, for 
the year to March 31. Until last 
November it was known as 
World International. 

Profits, which grew from 
HK51.47bn, were boosted by 
two exceptional items totalling 
HK5271.6m. The bulk of this 
accrued from the sale of two 
properties, while HK5113.4m 
worth came from tbe sale of 
long-term investments. 

Wharf Holdings. Wbeelock’s 
44 per cent owned associate 
whose interests span property, 
infrastructure and hotels, 
remained the driving force. 


accounting for around 70 per 
cent of profits. Wheelock hopes 
to reduce this domination as 
earnings from Wheelock Prop- 
erty and its joint ventures 
come on stream. 

In the past eight months 
Wheelock Pacific, the vehicle 
for the new businesses, has 
concluded joint ventures with 
Climax International, a Hong 
Kong paper company, Virgin 
Megastores, Maison Mode, Nat- 
West financial services and 
Foster's, the Australian brew- 
ery group. 

The group is to pay a final 
dividend of 26.5 cents(HK), 
compared with 21 cents in the 
previous year. Earnings per 
share came in at 10&3 cents, up 
51 per cent from 71.6 cents. 

Tbe consolidated net asset 
value of the company stood at 
HKS20.03 per share at the fiscal 
year end. an increase of 70 per 


cent over the 1993 figure of 
HKSU.76. 

Mr Peter Woo, Wheelock 
chairman, said the company 
was looking at investment 
opportunities of HKlQbn- 
KK$20bn a year, which could 
be financed by debt issues and 
bank nwanirinc The company 
has a modest debt-to-share- 
holders' funds ratio of around 4 
per cent 

Retailing contributions were 
strong, with net profits 
from the 70 per cent-owned lux- 
ury store operator Lane Craw- 
ford increasing 133 per cent to 
HK$362.1m, compared with 
HKS155.lm in the previous 
year. 

Howpver. Realty Develop- 
ment Corporation, Wheelock’s 
72.4 per cent owned property 
company, saw earnings slump 
42 per cent, to HKS634Jim from 
HKSl.ltm. 


Newcrest Mining ahead midway 


By NfWti Tail fn Sydney 

Newcrest Mining, the group 
formed when the gold-mining 
subsidiaries of Broken Hill Pro- 
prietary and Newmont Mining 
merged their Australian 
operations, has reported after- 
tax profits of A §23. 8m 
(US$l7.6m) for the six months 
to June, a 25.3 per cent 
increase over the same period 
a year earlier. Sales were 
A$212.2m, compared with 
A5227m in the first half last 
year. 

Newcrest said that gold sales 


NEWS DIGEST 

Australis Media 
in sport venture 

Australis Media, tbe fledgling 
pay-TV company in which TCI. 
the US cable giant, and associ- 
ated companies have a 26.5 per 
cent interest, yesterday 
announced that it was forming 
a 50-50 joint venture with lib- 
erty Sports/Prime Interna- 
tional to broadcast a 24-hours- 
a-day sports channel, writes 
Nikki Tail liberty is the pro- 
gramming arm ofTCL 
The programming deal is the 
latest in a series of rapid devel- 
opments at Australis, as it 


totalled 183.241 ounces, up 
from 171.838 ounces lost time, 
at an average realised price of 
A$605 per ounce. 

The cost of sales was AS374 
per ounce, compared with 
A 5364 previously. Group equity 
production was 173,419 ounces. 
up from 167,229 ounces. 

The company said that pro- 
duction costs in the second 
quarter to end-June had been 
adversely affected by a write- 
off of deferred costs associated 
with its Pernatty pit at the 
New Celebration gold project 
in Western Australia. 


attempts to bring pay-TV into 
Australian homes before the 
end of 1994. There is still some 
scepticism about Australis' 
long-term chances of success, 
given the small size of the Aus- 
tralian market for pay-TV and 
the presence of some big 
entrenched media interests, 
including those of Mr Rupert 
Murdoch and Mr Kerry Packer. 

Dominion in talks 

Dominion Mining, the West 
Australian mining group 
which recently escaped an 
unwanted bid from the smaller 
Gold Mines of Australia, said 
yesterday that it was 
negotiating with the Kazakh- 


All costs related to New- 
crest’s unsuccessful legal 
action over the sale of stake 
held by one of its joint venture 
partners in the Boddington 
gold mine were also accounted 
for during this quarter. 

9 Pasmlnco, the Australian 
lead and zinc producer, is to 
spend A$45m at its Rosebery 
mine in Tasmania in an effort 
to develop ore bodies below the 
current mine working levels. 

The company said the four- 
year project would aim at the 
development of an additional 
10m tonnes of ore reserves. 


stan government and the state- 
owned precious metal mining 
company there. Altynalamas, 
over a possible concession to 
develop and operate the 
Vasilkovskoye gold deposit 
alongside Alty nalamas , writes 
Nikki TaiL 

Taiwan bank rises 

State-run International Com- 
mercial Bank of China, one of 
Taiwan’s leading commercial 
banks, posted provisional pre- 
tax profits of NT5l-81bn 
(USS68m) for the year to June 
30, up 5.8 per cent on the previ- 
ous 12 months, writes Laura 
Tyson in Taipei. Revenues rase 
22.8 per cent to NT$ll Jbn. 


***-.•*»—«. : — — — iwJSSE 


.•**s*» 'V' «»-*-■* ■ - -- 

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4 * <=: nr "** 

- -*• - 


GPA Investments B.V. 

US$20,000,000 

Guaranteed Roaring Rate Notes due 1995 

Guaranteed by 

GRA Group pic 

tn aecoirtonce wnh the Terms md ConCiwns ol ihe Notes, nouce 
is hereby given that (or the Interest Period from July 27, 1994 to 
January 27. 1995 the Notes wifi cany an Interest Rare of 5.7 % 
per annum 

The Interest Amount payable on the relevant Interest Payment 
Date. January 27. 1995 wdl be 

USS 2,913 33 per US$100,000 n *' A 9 enrBaflk 

denommatiem. tf^Tu KrofBetbank 

UAjllJ iiWBtnboup 


NOTICE TO HOLDERS OF EUROPEAN DEPOSTTARY RECHPTS IN 
SHARP CORPORATION 

FDR noun an? interned & j <M9ond to hakims v> neons daft* Mom 31. 1994 Ttx» 
cash Addend oovabto is Yon 5 5 por common auk «* Van SO 00 par EDR noktors 

nw» now pnnem Coupon No 27 Ky payment to la mfennanuofma »gM*s 
Promn) Owuem nth a 15% wwmoi** B»*i» cutpct lo race** via wMaMcM 

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raOucedoAhtaMhxiraie. FofciQ roc**s ot a «*d rttotartt Japanoeo tea. vft ha deducted 
HI Iha mar {rfnr.cr the gnaa dwdond »ye«ei TH» M into d 20% «49 USD be Jftotod 
to any tMOond cLttnod 


Otionrk. NA . 
J36 Strand. 
London WCW l 


id Myoma Tbo !u* miec420% »w*J*50 b*ap 
31. 19»*. 

Divejend PayaWe OMoend Payable 

Ices iSVOaram-sa teas 2tn Jasvtrmso 
wntmakuw tax mtnocMralaa 

S48tS S45J? 

Agent Owxtnk 

(LuaemOoiffH) SA. 
tBAvenuoMano Thera 


NOTICE TO HOUSERS OP EUROPEAN DEPOSrTAHY 'RECEIPTS III 
MPPONFIRE « MARINE INSURANCE Ctt I LTD. 

EDR holders ora mfcxmod e* a dnndond to hoktars o( racM dMe Uarqt 3 VJ994. The 
esah dividend poyoHo « Y«i 7 per conrnwn stock o! Yon 5000 pa r snare. EORhUdcra 
mey nan inesenr Coutron No iJ torpepnenl iplhomsNmienoonoo apama. _ _ „ . . 
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toonvdwto^oc Pwldend Payat*. 

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flnasporawd m As Sw c# Ctobnwsrf 

UnconAtomay gwrarttod on a tubonSnotod bowl by 

CmCORPG 

LSt2SO.OCO.0OO GUAKANIEED FLOATING RATE SUBCfiONAIEDCAHTAl NOTES 
EUC iANUAHY IW7 , , , 

Note* X heraby ^en ihoi Com ai bwts Kn» been brad [at 5.tSt and mol the 
•ntored uu y o bfa on fw re t ei q n t Ira n r u n Raymanl (Xsto October 3t. 1994 ogam) LAipan 

Nt.yni«pmd(<SlKI.(>Wiwwid«(*tW*> 1 '^wK»UT 08 


*+39. tandem 

By Gtbonfc. N A (Uwcr Somml. Apw* Boni 


CfTlBANtO 


NOTICE TO HOLDERS OF EUROPEAN DEPOSITARY RECEIPTS « 

NOMURA SECURITIES CO. LTD. 

EDR Moors am rtormad or a ttwoora to hektom '°ccrd cfalo Mac" 3 T. T99J. Th e 

Cob owtdand poyaOto a Yon 10 pc* common .Kx* ol Yon 50 por Sftaro EDR hordora 
"UN now prosen Coiawn No 21 tar pownent to too undommotwned agents _____ 
Payment g| the dMcfeno wvi a 15% wtfhtiotomg u« * suOyct to o' a 
otMMtonoa macourdy haw>o nto» tnsniy or apoemeni «nm Japan owra banontfino 
Mducad wanltoidnfl rat* «aHro recall oTo <.«*d taiattv* ’ *2“ £*£22 

M me aua gl 30% at mo guts* Stiraonq povKW Tho 5* rate o* 20^. «n* n*» do «pp*«l 

to miy ClMdoAddatmoaanar Octoow 31. „ ^ __ 

ana tv.--., (VnOOrtl PuyoMn Detoond Pa yotSO 

- rSSL tots IS*. Japanosn tea s JO*. Japn noae 

vssssss suouSo 


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3M Strand. (U»*"toO»ra' a A_ 

London MCfR im 8 it Avancm Mono Thomsa 

JWV.V fOM LinwmBawg 


NOTICE TO HOLDERS OF EUROPEAN DEPOSITARY RECEIPTS M 

MAXITA CORPORATION 

BJR Man m rtormoe ol A onMtond tj M3»rs 0< rWH 4nlo (Aucfi 31 19tt4 7ho 
tap* Ovtoena payable) a Von 9 per common Mock ol Y» 50 00 par otum EORnoktora 

toey no*. nmeanjCocmon No 3fk» payment to ton w«lnnn»m*c»d agent . 

Payment .or fftadtaoana nan a 1 st. wcW e unnu si* aaatirgftBircCTytNevasealltoawt 
Nrasctonm In a couttov having a Ew booty tar aareeracm wen Japan qnnna tteietol ol too 
maacoa Moetoldno ram f pm rocetet c4 a vobd «uim Jtpunma u> «l w idodawl 
at SB baa ol 201. ot too cm Omtoaa peyaetto TTte IU» rate Ol J®*> ntso b* optBUd 
to any candend c^eanea Msi Ostctvw 3*. IM 

EDR DMOond PayoM. tJwMcnd Payonto 

Denoto^iaxt rv^L lS-.J^sinmo io« 20*. Japanese 

CtoWNA. JtoP-ni Cita .ii* 

XK stund. lluuntotMiml S *_ 

16 AMHXaP NUhe T1 


U.S. Sf 00,000, 000 

Allied Irish Banks Pic 

pap MMMMh— I* 

MW MtoftM iMcd sat) MM) 
Subordinated Primary Capital 
Porpeluai Ptosting Rate NoIbs 
1 (n aocotdaitce with the proMaom of 
the Nates, nodes Is hereby gtvan. that 
i lor the three months Ifdersst Penal 
from July 29, 1994 to Octohei 31, 
i 1994 the Notes w« cany on bnaroM 
Rata ol 5 G 12 S% per annum. Tho 
, mtsrest payable on the relevant 
kiwrest payment data October 3t. ! 
, 1994 e&nsi Coupon No . 37 wO be 
1 U.S. Sr 38.72 and U.S. S3. 48788 re- 
, specbvsly tor Notes in dunum lna i i ona 
1 ol U.S. STOMO Ana U.S. S2SO.OOO. 

I The sum ol U S. ST38.72 win be 
i payable per U.S. Si 0,000 principal 
amount of Ragtstered Nates. 

BrTw n iM ■■ wi n SMi . m. _ 
UtakwAgsdRat Q 

’ JJyX. 1894 CHASE 


ECU 300JM)Q,000 

Kingdom of Belgium 

Floating Rale Notes due 2000 

For the period from July 29, J9W to 
Oct tier 31, 1994 the Notes will tarry 
an intwesx rate of 6W* per annum 
with an interest amount of ECU 
LiW4.tR per ECU 100,000 Note, 

The relevant interact payroenl date 
will be October 31, 19W. 

AgewBonk: 

ft 

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BRADFORD 
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In accordance with the terms and 
conrfitions af the Notes, the interest 
rate tor the period 28th July, 1994 
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Agent Bank 
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hichail ** |wean»gRfo«osdp»WU»ntoVjtac. I PROPERTY 

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Tet 071 4937050 dcvdopincnte upwercb o(£ltii. IIK Commensal 

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LottntK.'H 1NH 


ECU Tarmtmssr PLC 
29 Cheanam Rlass 
BtofFtorto 
LotlOan SWlX SHL 
TaC *rt 245 008 B 
Fa)C -71 OS 6599 


•W>! 

»•• •• »»ji 

TO SAVE ALL . 
THESE TREES WE m 
•• HELP CHOP | W 
• DOWN THIS ONE. • 


•*•••*•••• 

Ml I l|t' 

Tropica] brdwood trea ire more 
nbifck toktgpatiutiadxxttceintfie 


pries 6r hanJwwxb oson tbat 
bggen b* no fobs Amt destroying 
otkr tress tkat sand ■ Arir way. 

So aWWF ptqjea in Cota Rka is 
ra m d a ng wrfs d'feftog a aw widyw 
hngeig Join srrnaJ others maah a 
Aid bos m rtaww it sithtwt KtBdonn| 


If the raiiifcresB are nsed sisd)Mfaey 
cm be used 6 k«l Hdp WWFproit 
cfcs io uatfertSB notatd tbe wodd, by 
•tiring to ibrMaabcdiip Officer at the 
address Mow. 


WWF 

VWorid Wide Fund For Nature 

tfamti V2£fc Fad 
femmrJ SmM HhtWSMOW 


TIiL notiuu b u»ticU in cuaiptuiiu- nth the rvipiirernenl-N of Thu InrunuiKMuI Srocfc Exofuuipc of ifte L'nitctl KiruVLm and the 
HepuWUi <4 tielimd Umiicrl I'lhe I^Hklon Stuck fcxchanfr" ■ ami apndix i* a matter of rcvonl only It doe* nnl uonMuute an utter 
nr mtlailoo to anv pervn to iuto*Til v tor or punchnv mvwUIc* of Mnfrinm IHmvr PLI1 Affiliation ha* bnsi road*' fur tin; jjrant 


of pcrnUwvm tu trade on the Unlkaed Sevunitos Market on tin- l/mlun .Stoch Ettehan/y.- m the toMicd « hifantur *luuc c.ipildl of 
MaCnum tVmvr 114^. It » eniphtoiswil dial mi applieatMni ha* Iwti Irak- tor ibeae AecnrtUesiu be admitted to tbanvt It i* cicpccfvd 
lh.1t aJiniMion to trading end heculM.- etkeiivt and dial dealings wilt eroitnicnce on 4 AiuywC. iW. 


MAGNUM POWER PLC 

t/murjx-neuf uml n-iunrral la Tteekrtof imfcr iIh- t Auni.wk* .tor I9SS - .Vn. M7 AJOl 

PLACING 

of 12,857,142 ordinary shares of lOp each at 
35p per share payable in full on acceptance 

Kpomoml hr 

HENRY COOKE CORPORATE FINANCE LTD 


.tnlhnniul 

S wither .\i « mint 

Ii0.000.000 £6.000,000 


Share capital immcdiaicly follow ing the Placiuj* 


ordinury shares of 10p each 


/xMietf ntnl fully pun I 
Smnhcr .Tinuuni 

4I.S48.811 £4,184,881,10 


XJ.i^num Power PLC hus design eJ an iinlniernifniblc power supply unit, the Bi-ups. which can be huilt Into 
certain electronic equipment to protect agnlnst low or malfunction of the utility .\C power supply. 

Copies of the USM particulars zvhtlnjl lo Msifiaum Power PLC may be obt.-iinej during normal business hours 
on any weekday {Saturdays and public holidays excluded) up to and including 1 August. 1W irom the 
Company ,\nnouneei7>ems Office. Tbe London Sioek Eseliange, London Stock Esehau^e Tower, Capd Court 
Entrance, ihl Bartholomew Lane. London EC2N II IP tbv collection only) and up to and including 12 August, 
1W4 from the registered office of the Company. Lewi 2. Saltire Conn. 2u Casiie Terrace, Edinburgh Elll SET 
and (mot; 

Henry’ Cooke Corporate Flnaiux- Ltd 
No. I King Street 
Manchester 
M2 OAW 

29 July, IW 


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t October 13. 


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*■ A. ■ ’ * • • 


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The survey will report on the Important contribution made to the 
economy by ethnic minority businesses fn the United Kingdom. It 
will examine how their future prospects will be affected by 
competition at home and from abroad, and how they are responding 
to the challenge of economic revival in the UK. 

For more information on editorial content and details of 
advertising opportunities available bi this survey, please contact: 

ANTHONY G HAYES 

Tel: 021 454 0922 Fax: 023. 455 0869 


FT Surveys 







1 J 'l J 


Strong results in 
all sectors lift 
AIG net income 


By Richard Waters 
in New York 


American International Group, 
the US-based insurance group, 
notched up a further 14 per 
cent advance in net income in 
the second quarter, despite lit- 
tle change in US property/casn- 
alty insurance rates during the 
period. 

The improvement came on 
the hack of a 9J3 per cent 
growth in premiums compared 
with a year before, and the 
absence of catastrophes in 
the US, which led to a fall 
in the group's combined loss 
ratio from 99.6 a year before to 
98.66. 

AIG reported net income of 
S550m on revenues of S5.6bn, 
against $482m on revenues of 
S5bn the year before. Earnings 


Transamerica drops 


After-tax profits at 
Transamerica, the San Francis- 
co-based financial services 
group, fell 10 per cent from a 
record high the year before, a 
period when the earnings had 
been lifted by investment 
gains, writes Richard Waters. 

Excluding these one-off 
items, net income on continu- 
ing operations, of SI03m, was 
up from $99m the year before 
on stronger results from leas- 
ing and consumer and com- 
mercial lending. Mr Frank Her- 
ringer, president and chief 
executive, said the company 
was “encouraged by signs of 
recovery in the Californian 
economy’' and expected 1994 as 
a whole to be a good year. 

Daring the latest period, 


Bristol-Myers joins Cadus 


Bristol-Myers Squibb, US drug 
company, has signed its big- 
gest collaborative deal with a 
biotechnology company, writes 
Daniel Green. 

Its partner in the deal, worth 
up to $45m, is New York's 
Cadus Pharmaceutical, a spe- 
cialist in rapid screening of 
large numbers of potential 
drugs. BMS will take a 15 per 


cent stake in Cadus. 

It has also committed itself 
to additional equity invest- 
ments. on the achievement of 
certain scientific milestones, 
and to further Cadus fund rais- 
ing, including flotation. 

Cadus receives up to five 
years of research funding for 
work into the way hormones or 
drugs work in the body. 


U.S. $300,000,000 

Canadian Imperial Bank 
of Commerce 

(A Canadian Chartered Bank) 

Floating Rate Debenture Notes due 2084 
Notice is hereby given that tor the six months interest period from 
July 29. 1994 to January 30, 1995 the Debenture Notes will carry an 
interest rate of 5.50% per annum. The interest payable on the 
relevant interest payment date, January 30, 1995 against Coupon No. 
19 will be U.S. $282.64 and U.S. $7,066.00 respectively tor Debenture 
Notes in denominations of U.S. $10,000 and U.S. $250,000. 

By: The Chase Manhattan Bank, NJV. C HAS E 

London, Agent Bank M to 

July 29, 1994 


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‘ The Financial Timed 
ptane to publish a Survey on - 


FINANCI AE TIMES FR1 DA Y J V LY 20 1 904 


INTERNATIONAL COMPANIES AND FINANCE 


IBM plans 
2,000 job 
cuts in PC 
overhaul 


| Time ticks away for Air France reprieve 

| The French carrier must bite the reform bullet by 1996, writes John Ridding in Paris 

A rescue, or a temporary stare aid win ease the airline's 
reprieve? Tbat is tbe immediate financial pressures, 
question confronting Tbe cos: of financing :ts debts 




asur 




per share were S1.74, up from 
SI .52. 

Mr Maurice Greenberg, 
chairman, attributed the 
advance to strong results in all 
of tbe group’s businesses. 

He said the property/casu- 
alty business in the US was 
helped by the absence of catas- 
trophes, while premium rates 
were little changed from the 
previous quarter. 

On the general Insurance 
side, pre-tax income rose 14 per 
cent to S379m on a 9 per cent 
rise in premiums, to $2.9bn. 
Life insurance premiums, 
meanwhile, grew by 16 per 
cent to $1.7bn, fuelling a 19 per 
cent advance in pre-tax Income 
to S213m_ 

For the first half, net income 
of Si.ibn was S per cent higher 
thaw the year before. 


By Louise Kehoe 
in San Francisco 


income from real estate tax 
planning services dropped to 
S16m from $20m the year 
before, as the wave of mort- 
gage refinancings by US home- 
owners diminis hed with higher 
interest rates. 

This decline was more than 
offset by a rise in income from 

co mm ercial lending to $14m, 

from 39m the year before, 
thanks to lower credit losses 
and better lending margins. 
Leasing income was up at 
S16m and consumer lending 
rose Sim to $24m. 

Reported net income was 
S106m, or SI .34 a share, down 
from 3124m, or $1.49, the year 
before. First-half net income of 
S209m was down from $215m 
last time. 


91% of Professional Investors In Europe regularly read 
the Financial Times and 75% consider the FT to be 
most Important or useful In their work.* 

19% of all Senior European businessmen read toe 
Financial Times: more than any other International 
publication.** 


For editorial synopsis and Information on advertising 
opportunities please contact: 


John RoOey or Simone EgR 
hi Geneva 

Teh +41 22 7311604 Fax: +41 22 731 94&L 


Ernst Jenny in Schwanden 
Tel: +41 58 813 070 Fax: +41 58 813 076 


Lindsay Sheppard in London 
Tet +44 71-873 3225 Fax: +44 71*73 3428 


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FT Surveys 



International Business 
Machines is expected to 
announce plans to consolidate 
its personal computer 
operations with tbe loss of 
about 2,000 jobs, or 20 per cent 
of the division's workforce. 

Many of the remaining 
workers will be asked to move 
from sites in Florida and New 
York state to North Carolina. 
Tbe US group will also begin 
to simplify its PC product line, 
which includes about 500 mod- 
els which differ only slightly. 
Management changes are also 
expected. 

The reorganisation is 
designed to cut costs and boost 
IBM's flagging performance in 
the highly competitive PC 
market. During the past nine 
months the company has lost 
its leadership in PC sales, 
according to analysts. 

While Compaq Computer's 
revenues Jumped 53 per cent 
in the latest quarter, IBM’s PC 
sales were up only about 5 per 
cent and the company said its 
US sales had declined slightly. 

The 2,000 job losses are part 
of IBM's plans to reduce its 
total workforce from about 
235,000 to 215,000 by the end 
of the year. It also said it 
would close one of its main- 
frame computer production 
plants, in Kingston, New York, 
next year and relocate 1,500 
workers to a similar plant. 

The closure reflects the 
phasing out of IBM's water- 
cooled mainframe technology 
which is being replaced with 
less expensive air-cooled mod- 
els based on complementary 
metal oxide semiconductor 
technology. 


A rescue, or a temporary 
reprieve? That is the 
question confronting 
Air France after Wednesday's 
approval of a controversial 
FFr2Qbn (S3.6bnj capital injec- 
tion for the ailing airline from 
its state shareholder. 

The conditions attached to 
approval of state aid were 
numerous, but were largely 
anticipated and scarcely 
aggressive, prompting strong 
condemnation from several of 
the French carrier's rivals. 

For Air France it is unclear 
whether the additional finance 
will underpin recovery or 
whether it will represent just 
the latest, and by far the big- 
gest sacrifice of funds in the 
airline's history of decline. 

The answer will depend on 
whether the French national 
carrier finally bites the bullet 
of reform and addresses the 
strategic and management 
weaknesses behind losses that 
reached FFrS.4Sbn last year. 

This is half the deficit of the 
world's leading airlines. 

"They have to restructure, 
and quickly," says Mr Guy 
Kekwick. analyst at Lehman 
Brothers in London. “They are 
in a serious finan cial situation, 
and without the kind of 
reforms that other airlines 
have undertaken, they will 
struggle to survive the next 
downturn in the market” 

The first FFrlObn tranche of 


stare aid will ease the airline's 
immediate financial pressures. 
The cos: of financing its debts 
of more than FFrSobn resulted 
in financial charges of 
FFr3.5!bn last year, while neg- 
ative cashflow has forced the 
company co borrow to fund 
such basic requirements as 
fuel 

However, under toe terms of 
the Commission's approval for 
the capital increase, the next 
two tranches nf funds, due in 
1995 and 1956. will only be per- 
mitted if Air France delivers 
on a three-year cosi-cutting 
and restructuring plan, drawn 
up by Mr Christian Blanc, the 
chairman. In addition it must 
maintain its pledge to reduce 
its fleet and dispose of assets, 
such as the Meridien hotels 

chain . 

Previous restructuring at Air 
France has failed miserably, 
often due to the resistance of 
toe airline's 14 trade unions. 
Last October, strikes forced a 
humiliating ciimbdown by the 
French government and the 
scrapping of a recovery plan 
drawn up by Mr Bernard 
Attali. who resigned as chair- 
man in protest. 

So far. Mr Blanc has made 
progress in implementing his 
reforms. An audacious referen- 
dum of the airline's staff in 
April won him approval for a 
framework restructuring pack- 
age. allowing him to introduce 



Christian Blanc: progress in 
implementing his reforms 


a wage freeze and to start cut- 
ting toe workforce through vol- 
untary redundancies. Air 
France says toe target of 2.100 
job cuts this year, from a total 
workforce of 39,600 at the 
beginning of January, should 
be achieved. 

There is a long way to go to 
Mr Blanc's objective of a 30 per 
cent productivity increase over 
toe next two years. Moreover, 
most industry analysts believe 
toe plan, scarcely more ambi- 
tious than that drawn up by 
Mr Attali, is at best toe mini - 
mum required for Air France's 
survival. 

Mr Blanc is negotiating with 
unions concerning toe reorgan- 
isation of working practices. 


Changes in working hours, 
rotas and management struc- 
tures are vital if the productiv- 
ity improvements demanded 
by Brussels are to be obtained 
by the end of 1996, But some 
unions, including the pilots' 
union, are opposed to toe pro- 
posed productivity measures. 

On the revenue side, Air 
France is benefiting from a 
rebound in passenger traffic 
and an increased load factor, 
which averaged 72.5 per cent in 
the first five months, against 
about 64 per cent in the same 
period last year. 

However, the airline's wings 
are being clipped by toe Com- 
mission's demand that it 
restrict traffic growth to 2.7 per 
cent per year. 

This will be a constraint,” 
says one airline analyst. "But 
the priority for the airline is to 
increase the revenues per pas- 
senger rather than the number 
of passengers.” 

Air France has outlined 
plans to reduce its fleet from 
166 aircraft to 149 within five 
years and to cut some non- 
profi table routes. 

A thorny problem could be a 
transformation of Air France's 
relations with Air Inter, Its 
domestic subsidiary. The Euro- 
pean Commission has 
demanded the capital increase 
should go only to Air France. 
As a result, the French govern- 
ment is proposing the separa- 


tion of the two airlines and the 
creation of an umbrella hold- 
ing company. 

The legal separation of the 
domestic airline may .bring 
complications - in particular, 
through an assertion of inde- 
pendence by toe domestic air 
line, which feeds many of Air 
France's international routes 
through Orly and Charles de 
Gaulle airports in Paris and 
which is seeking greater access 
to European routes. 


T he sensitivity of Air 
later's unions, anxious 
for a more equal rela- 
tionship with Air France, was 
demonstrated yesterday. Sum? 
union leaders refused to attend 
a meeting with Mr Blanc to 
discuss the group's new struc- 
ture. expressing concerns that 
Air Inter would be left to the 
mercy of increased liberalisa- 
tion of the internal French air- 
line market while Air France 
receives all of the state aid. 

The establishment of a new 
relationship with Air Inter is a 
complex task which will be dif- 
ficult to resolve quickly. Unfor- 
tunately for Air France, time is 
firmly against it. 

After the controversy of tlie 
latest capital injection, and 
with Brussels adamant, this 
must be the last recourse to 
state fluids. Air France must 
now, or never, learn to fly on 
its own. 


ie>en-vc 


Placer Dome helped 
by higher gold prices 


Bid speculation 
hoists Williams 


Elf in FFrlbn assets 
deal for BNP shares 


By Bernard Simon in Toronto 


Goodrich buys 
textile operation 


BF Goodrich, the US chemicals 
group, will acquire the textile 
coatings business of France's 
Rhone-Poulenc for an undis- 
closed price, AP-DJ reports. 
The coatings business employs 
110 people with sales of S48m 
in 1993. Goodrich's specialty 
chemicals business recorded 
sales of $83Qm in 1993. 


Higher gold prices helped 
Placer Dome, the Vancouver- 
based mining group, to post a 
slight rise in second-quarter 
earnings, in spite of a drop in 
output. 

Earnings climbed to USS24m. 
or nine cents a share, from 
S2lm, or eight cents, a year 
earlier. Sales rose to S242m 
from 5234m. 

Placer's share of gold produc- 
tion from its 14 mines in the 
US, Canada. Chile. Australia 
and Papua New Guinea fell to 
449,000 ounces from 453.000 
ounces. But the average price 
advanced to 8387 per ounce, 
from 5357. First-half output 
was down to 891,000 ounces 


from 903,000 ounces. Higher 
production at five mines was 
offset by the disposal of the 
Dona Lake mine and closure of 
the Equity Silver mine, and by 
lower production at the Detour 
Lake, Kidston. La Coipa and 
Golden Sunlight properties. 

Placer said its share of pro- 
duction would total 1.8m 
ounces this year. Output from 
Australasia was expected to 
dip by 7 per cent, mainly due 
to lower grades at the Kidston 
and Porgera mines. 

Production from Canada 
would fall by 3 per cent, but 
the US would grow by 5 per 
cent, mainly with improved 
grades and mill throughput at 
toe Cortez mine and new pro- 
duction at Bald Mountain. 


By Patrick Harverson 
In New York 


By John Rkkfing 


Shares in Williams Companies, 
the diversified US energy 
group, rose yesterday amid 
speculation that LDDS Com- 
munications had increased its 
offer for WilTel. Williams' tele- 
communications unit, to S2.5bn 
from $2bn. 

WilTel. with revenues last 
year of just under Slbn, oper- 
ates the fourth largest US 
adavneed national fibre optic 
long-distance telecommunica- 
tions network. Williams 
rejected the original, unsoli- 
cited. offer from LDDS, the 
Mississippi-based telecommuni- 
cations group, in May. 

Williams shares were up Si's 
at 532/t in early trade. 


Elf Aquitaine, the French oil 
company privatised earlier this 
year, yesterday said it would 
sell FFrl.lbn tS198m) worth of 
industrial investments to 
Banque Nationale de Paris, its 
principal bank. 

Elf will be paid in BNP 
shares, which will make the oil 
group the second largest inves- 
tor in the bank with more than 
4 per cent of its capital. Elf 
holds 1.86 per cent of BNP's 
shares - taken at BNP's priva- 
tisation last autumn. 

A joint statement said the 
deal reflected ElTs strategy of 
disposing of non-core assets 
and BNP’s desire to strengthen 
its position in venture capital. 


where it holds investments 
worth about FFriShn. The two 
companies are port of each oth- 
er’s noyau dur of long-term sta- 
ble investors. 

Elf will sell the industrial 
assets held by Financidre 
Gamma, a subsidiary of CPUL 
which in turn is a joint subsid- 
iary of Elf and Elf Gabon, 
which groups the oil compa- 
ny's Gabon interests. The oper- 
ation is expected to involve the 
issue of between 4m and 4.4m 
BNP shares. 

The assets involved are non- 
listed and most are venture 
capita] investments. They 
include Marie Brizard, the 
liqueur company and France 
Elevage, the genetics and agri- 
cultural concern. 




CT — - - .■v"7’rr*"W«ri 


HHM4.1K aOVCRMM 


.r„ j- 


Notice of Tender Offer 


p-oi» *cr •■KO’cdv a w r wa r» 

•wsoig i d w txw, jnd 


i Bt jU XU ICin 

TZ Pnj W c nt f *j 


BRISTOL & WEST 


BUILDING SOCIETY 


£150,000,000 

Floating Rate Notes Due 1996 

I the "No wO 

Bristol & West Build ing Society gives notice to holder? of the Notes of its offer 
by way of tender (the "Offer') to purchase Note* at a price of TDOJST'o of their 
principal amount, plus an amount equal lo accrued interest Purchases are to 
be effected for settlement on Monday. 8th August IW4. 


be effected for settlement on Monday. 8th August W4. 

Capitalised terms not otherwise defined herein shall have the meanings 
ascribed to them in the Terms and Conditions of the Notes. 


Notes tendered will be purchased up to a maximum aggregate principal 
amount of £50,000.000 If Notes in an aggregate principal amount in excess of 


basis as may be determined by Bristol & West Building Society in its sole 
discretion. 


Holders who wish to tender their Notes for purchase pursuant to the Offer 
should contact Klein wort Benson Limited directly (Douglas Rouse on 


should contact Klein wort Benson Limited directly (Douglas Rouse on 
071-623-9140) quoting the Eurodear or Cede I Securities Account Number if 
any, and stating the aggregate principal amount of Notes to be repurchased. 
Immediately after contacting Klein wort Benson Limited those holders who 
hold through Euroclcar or Cede! should contact Eurodear or Cede! directly to 
confirm that their tender has been accepted and to give instructions to etfoct 
settlement. 

Kicinwort Benson Uml ted » coordinating the terms of this Offer on behalf of 
Bristol & West Building Society. 

The Otter will remalnupen until dose of business on 3nl August IW. 

2Wli July VK 4 PRINCIPAL PAYING AG ENT 

Morgan Guaranty Trust Company of New York 
Mi Victoria Embankment. London EC4Y01P 
PAYING AGENTS 

Banque Paribas Luxembourg Morgan Guaranty Trust Company 
KIA boulevard Royal of New York 

L-SW Luxembourg Avenue dcs Arts. 35. B-1U40 Brussels 




PM 

PM 

i a tow 

Ewtm 

BWWIB4 

MCng 



aw 

aw 

■«*a 

evv.K 

urm 

SUM 

0030 

10JO 

2139 

2387 

01C0 

9 61 

1852 

1839 

0130 

980 

1632 

1839 

0»0 

9J50 

1652 

1939 

0230 

9.60 

1632 

1839 

0300 

960 

1852 

1831 

0330 

980 

1052 

1839 

<XOO 

9J0 

1052 

1839 

0430 

960 

1852 

1839 

0900 

9.60 

1052 

1839 

0530 

0.61 

1870 

1858 

0600 

9j61 

1670 

1858 

0630 

9.61 

1870 

1858 

0700 

11.29 

22-45 

2*52 

0730 

1871 

2338 

2555 

oeoa 

1904 

£533 

2731 

0830 

17.75 

2333 

2531 

0900 

19^8 

25.13 

27.03 

0930 

19J2 

0085 

3255 

1000 

33.11 

3055 

3256 

1030 

33.11 

2751 

29.72 

1100 

1933 

3058 

3259 

1130 

1933 

35.1* 

37.06 

1300 

2436 

3812 

4004 

1230 

2436 

9839 

4800 

TJ00 

1932 

3054 

3253 

1330 

1932 . 

27.74 

29.82 

1400 

1831 

2458 

2875 

1430 

1834 

24 87 

2875 

1500 

17.75 

2350 

2538 

1530 

17^0 

2338 

2535 

1600 

1735 

2358 

2559 

1630 

1735 

2338 

2S35 

1700 

2633 

3439 

3887 

1730 

26.63 

3*39 

3880 

1800 

2663 

£3.98 

2555 

1930 

17.40 

2898 

2555 

1900 

17.40 

2352 

25.70 

1900 

17.11 

2358 

2840 

2000 

17.11 

2358 

2346 

2030 

1833 

2342 

£550 

2100 

1633 

2342 

2830 

2130 

23.79 

2861 

30. as 

2200 

3338 

3648 

4035 

2230 

2679 

3848 

4036 

2300 

1033 

3848 

4035 

2330 

1833 

3848 

4035 

2400 

1140 

2342 

2530 





Republic of Italy 


The Kingdom of Belgium 



ECUI.000,000,000 
Floating rate notes due 
2005 


US$400,000,000 
Floating rate notes due 
1996 


European Investment 
Bank 


interest RATK9 


Notice is hereby given that the 
notes u>iU bear interest at 
5.86625 % per annum from 
29 July 1994 to 31 October 
1994. interest payable on 31 
October 1994 mill amount to 
ECU76.59 per ECU5.000 note 
and ECU765.87 per ECU50.000 
note and ECU 1.531. 74 per 
ECU 100.000 note. 


In accordance with the 
provisions of the notes, notice 
is hereby given that for the 
interest period bom 29 July 
1994 to 31 January 1995 the 
rate of interesr on the notes will 
be 5. 125% per annum. The 
interest payable on the relevant 
payment date, 31 January 1995 
wW be USS6.619.79 per 
US$250,000 note. 


US$250,000,000 
Floating rate notes due 
January 2003 


TrtT 

: ..J* 

* 


Notice is hereby given that the 
notes mill bear interest or 5% 
per annum bom 29 July 1993 
to 30 January 1995. Interest 
payable on 30 January 1995 
wilt amount to US$128.47 per 
US$5,000 note and 
US$2,569.44 per USS 100.000 
note. 


3,0 futures and op 


UlCQ 

Fj; ( F 


Agent Morgan Guaranty 
Trust Company 


Agent Morgan Guaranty 
Trust Company 


Agent Morgan Guaranty 
Trust Company 


! “n::j liy 

■ >0 r -v 

' i : vt .j « 

. cn M FKChUM RiMurx mnn 


JP Morgan 


JP Morgan 


JP Morgan 


KChCH IhJW c-rirto 

CA1LTI 


U.S. $70,000,000 
Autopista 
Vasco- Ara go nesa, 
Concesioiiaria 
Espanola, S.A. 


National Australia Bank 

Limited 

US$ 100,000,000 

Floating rate notes due 

1997 


Wells Fargo & Company 


US$200, 000,000 
Floating rate subordinated 
notes due 2000 


,s I s. 


r °* ,i ‘ L iiuno runjHtg 


Approx ed tor tfie purpowol Swttan 57 III i)v Fiiunctj) Servis* At I l»Sb bj 
KtLHiw.xrT Brhui Limned, a rruxntvTL^ theSecurilKS Jnd Futon.-. Aulhentv.' 


Guaranteed Floating Rata 
Notes due 1995 


y = £jn&nci<)£ m 

EXTEL CHECKS OUT AGAIN 


pom Mould Do wj w u on> plan* to wm Ml ma 
ri&a&MWi Dooms T«Wo AM*, tor too 

joconBkxotftm oc port pncoi to nali to tm Poctog 
and St l feiw H A^i o— n o»< o etodi gownm Hit 
flpon toi of ino 40octndtv pool in Fngfwrt ana tWn 
ibo *0* Pvmto Pnei to m of too nm of 
p iy rtoo ratio bf W a n m oqxd d dwtneto 
tredoa TTwough ao pool. Tftp LduMim i o* poof pncoa 
■ ■ niflhff c ampi rn p at— mo product of -vtftan to 
tuDfect to m n ai Of tonttcn fend — i ton w enter 
flftoMUtoW i*» M pool ptora ora a tian w ind 
to 0 B «lna toif !■ ■ <! <<w dare offer Aa da r of 


Unconditionally Guaranteed by 

The Kingdom of Spain 


One day ahead of the official announcement 
Ext el told its subscribers about the impending Sainsbury 
counter offer for William Low with its headline at lunchtime 
on Wednesday July 27: 


STS™** S/mS 

IW w MM O W tf km Ui. Haci 3^ g Mo 

Hwar M .iw . WU. wn-towwLmm 


Notioa Is hereby given that for me aix 
months Interest period from July 29. 
1994 to January 30. 1995 the Notes 
wttl carry an Interest rale of 5.375% 
per annum. The Intaresi payable on 
the relevant interest payment date. 
January 30, 1995 agamat Coupon 
No. iBwilbe U.S. S27&22 and U.S. 
S8.905.38 respectively tor Notes in 
denominations of U.S. S10.000 and 
U.S. S2SO.OOO. 


Notice is hereby given that the 
rate of interest relating to the 
above Issue has been fixed at 
5.50 per cent for the period 29 
July 1994 to 31 January 1995. 
Interest payable on 31 January 
1995 per USS10.000 note will 
be US$284.17. 

Agent: Morgan Guaranty 
Trust Company 


The notes will bear interest at 
5.25% per annum for the 
interest period 29 July 1994 
to 31 August 1994. Interest 
payable on 31 August 1994 will 
amount to US$48.13 per 
US$10,000 and US$240.65 per 
US$50,000 note. 


-r-c. 


V* 0 ' i , . 


Agent: Morgan Guaranty 
Trust Company 


JPMorgan 


JP Morgan 


. . 1 f’lUM fTTTM (irttMA' 

■' •• I'Wn .H 


ByrTlw Chau Mratettaa Bak.lt. A. 

Lnftn.AgetiBat Q 

JUfyZ9.1B94 CHASE 




^n^Bank 




— Dealers expect 310 pence Sainsbury bid 
for Wm Low Tomorrow 


On Thursday morning Sainsbury announced its offer. 

If you want to hear what the market is saying, please contact 
James Barratt on 071-825 8233 


NEWS THAT MOVES MARKETS 



Daiwa Infernal tonal Finance 
(Cayman) Limited 
U.S. £200,000,000 
Subordinated Floating 
Rale Notes due 2001 
Giuranuvd on a 
xubordinaicd basis by 
The Daiwu Bank. Limited 


Australia and New Zealand 
Ranking Group Limited 

.Aiucruiiun Cumhmy Number 005 357 5J- 


AtuCTuimn Cirmpimy Number 005 357 5J- 
{ faiurpmiital iri ch limiud (titfafii) in the Stiiti- ■ Vnicnii. Auiduihi) 


w \eii 

lU Wv- . 


Number uf ilay-t 
InicmlRjlc 
Coupon Annum 
ulndi Note 


2'HhJuly. I*»U 

InllMOrtohct.lW 

•Wdajx 

.VI I JS ^ per jniioai 


£200,000,000 

Floating Rate Notes due 1997 

Nonce is hereby javen chat for rhe intcror Period 26th July, 
to Jtith October, Wm, rhe Notes will carry :i R'JtV of interne uf 
5.4375 per vcnr. per .innuni. The Amount of Interest per £10.1X30 
Note will be £137.05 and per £100,000 Nun: will It £1,370.35. 
p-.iy.ible on 26th October, 1494. 

Littni on rhe Luxembourg Srocl Esc 1 mn^e 


The Daiwa Bank. Limited 
Lundoa Branch 
■is Agon Bank 


Q BankersTrust 

Company, London 


« *■ l V«v. 

■ J .V 

■ i M 

«it 
5'.M :p! 

l! SU w;: 4 
* ■ I 1 * ■*•» 

• : tit . i.u. 

1 -■ . 4* m- ■ 

•’ 1 ’o irSv 

■ ' * a -s.-js 

tm 


Agent Bank 


Sakura Finance Asia Limited 

(iwemeil tn theCiymm bdjnhi 

Mitsui Finance Asia Limited 
LLSJS15 0,000,000 

Guaranteed Floating Rate Notes 1997 

In accordance with the provisions of the Notes, notice is hereby given that for 
the three month period 29th July, 1994 to but excluding 31si October. 1994 
the Notes will wiry an Interest Rate of 5.0625% per annum. Coupon will be 
U.S.S1 32.19 on the Notes of LL5-S 10,000 

Jk SAKURA TRUST INTERNATIONAL LIMITED 

Arch! Bjnfc 2Wl , u , y , w 


Republic New York 
Corporation 
U.S.S 150.000.000 

Putable Capital Notes 
For the six month period July 29, 
1994 to Jonuory 31. 1995 the 
Notes will canyon interest rate of 
5.5% per annum with on interest 
amount si U.S 5284. 17 per 
i U.5.S10 b00 Note payable on 
January 31, 1995. 


BANQUE NATIONALE 
DE PARIS 


USD 250.000.0W, 
Floating Rate due 1997 


July 29 1994 
By. Gtioanlt, NA. 


(Issuer Services) Agent Bank 


Applicable interest period Tram 
26/7/94 Dp tu 26/10/94 as 
determined by the reference 
agent is 5,0625 per ccm per 
annum namely USD 1293,75 
per bond of USD 1Q0JQ00.- 


US$100,000,000 

Credit duNord 

Flnaling Kate Nouns due 1997 
Fur iho puriod from July 2J, HEM tu 
October SH. 1994 the Nates will carry 
0 " interest rote nf StW per annum 
with an intercut amount of US SkfcLTl 
per US$10 jOuu Nuu-. 


CARIPLO 


»»• t xu 

■ s •) 

'•'*< » -I 


YioumaMtuNo 
FVatio* Rm* DepeaUvy 
RecripUDiHi 1995 


• . 

, v .*■' 


Thu relevant interert payment date 
will be October 1994. 


Intorext rale - 4.009* 

Taieren period from • 15.7. 1994 
■u • 35.1. 1993 
Interest AiDounl per tiltXLUUtLOOO 
nominal due 25.!. I*J - WfllMIH 




Aftent Bantu 

n 

Banque Paribas 


AgcM BjUlk 

Th» LaaR-Terei Credit Bash 

Brj^n.LMUd 

T«*>n 


Vri t'a.A 

1 f I.VTi 

" a-u* 

1 :<■ 

’**: > -• >■«, 

»* 

'*• f* diti 

*'• *v «„ 

?** « '• 

' ■-» S dS 

».-t ht i.fii 


*"»• -W 


1 







FINANCIAL. TIMES FRIDAY JULY 29 1994 


17 



35*- >•. 











If in I 

mil }(>;■ 


5*f ■’»' • •• 




★ 


INTERNATIONAL CAPITAL MARKETS 


Treasuries make progress despite 


news on jobs 


Vietnam Frontier 
Fund raises $50m 


By Frank McGurty in New York 
and Conner Mkktebnann 
In London 

US Treasury bonds made 
progress yesterday morning 
despite a stronger than expec- 
ted reading on conditions in 
the labour market. 

By midday, the ben chmar k 
30-year government bond was 
Vi higher at 84JJ, noth the yield 
slipping to 7.556 per cent At 
the short end, the two-year 
note was np i at 99ft, to yield 
&21 per cent 

Bonds across the spectrum 
came under early pressure 
when the Labor Department 
reported that initial claims for 
unemployment benefit last 
week had fallen by 59,000 to 
331,000, the lowest level since 
March 26. 

Analysts, however, attri- 
buted the steep decline to tech- 


By Graham Bowtey 
and Antonia Sharpe 

The European Investment 
Bank (EIB) followed up 
Wednesday's Y50bn three-year 
offering yesterday with a 
£200m issue of seven-year euro- 
bonds. The bonds were priced 
to yield 5 basis points over the 
7 per cent UK government 
bond due 2001. 

Syndicate managers ques- 
tioned the timing of the Issue, 
In view of Wednesday's sharp 
fall in the gilts market Some 
reported subdued demand for 
the bonds and predicted that 
they wo old struggle in second- 
ary market trading: 

However, the EHB and lead 
mnnag w B2W said the recent 
fan in the gilt market had little 
impact on the issue. Indeed, 
the Rib said its bonds bad ben- 
efited from the better tone in 
gilts yesterday. 

BZW said most of the 
demand came from continental 
European retail and institu- 


nical factors and discounted 
the raw data as an accurate 
reading of the condition of the 
economy. 

This interpretation allowed 
Treasuries to climb back into 
positive territory, though the 
approach of today's prelimi- 
nary estimate of second-quar- 
ter gross domestic product held 
bonds in check, especially at 
the short end of the maturity 
range. 

Today's GDP report should 
provide a clue to the timing of 
the Federal Reserve's next 
move to lift short-term interest 
rates. Economists were predict- 
ing second-quarter growth 
would come in at 3.9 per cent, 
up from 3.4 per cent in the first 
three months of the year. 

As traders sought to square 
their positions ahead of the 
data, dealers were trying to 
distribute this week's ifesh 


tional investors, attracted by 
the current coupon of ah per 
cent and the significant dis- 
count to par. 

The EIB had also taken 
advantage of the lack of supply 
in the seven-year area. 
"Because of the low level of 
swap spreads in the eurosterl- 


INTERNATIONAL 

BONDS 


ing market, there have not 
been any Issues with a' seven- 
year maturity this year," BZW 
said. 

The EIB said the funds 
raised from the Issue will be 
on-lent to projects in the UK. 
About 90 per cent of the EIB's 
sterling borrowings this year 
have gone back into the UK. 

Ontario Hydro tapped the 
short pnd of the fiawaitiaw dol- 
lar curve, raising C$35Qm 
through an offering of two-year 
eurobonds. The pricing of the 
bonds, to yield 20 basis points 


supply of two-year and five- 
year notes into the market 
The influx of new paper 
heightened the potential for a 
sharp downturn in prices 
should the GDP estimate 
exceed the consensus forecast 

■ In the absence of significant 
fundamental news. European 
government bonds spent 


GOVERNMENT 

BONDS 


another day drifting sideways 
on low volume. However, vola- 
tility remained high doe to 
thin market conditions. 

■ Gilts had another roller- 
coaster session: falling at the 
opening in the aftermath of 
Wednesday's sell-off, recover- 
ing on investor buying and eas- 


over two-year Canadian gov- 
ernment bonds, was seen to be 
fair, although some syndicate 
managers thought the issue 
was too large given its orienta- 
tion towards retail investors. 

Joint lead manager Nomura 
said the wide differential 
between yields on Japanese 
and Canadian government 
bonds and the view that the 
yen was close to its peak made 
these bonds attractive to Japa- 
nese investors. 

Two-year Canadian govern- 
ment bonds currently yield 
around 8% per cent, compared 
with around 2j60 per cent on 
Japanese government bonds 
with the same maturity. 

Nomura reported a strong 
take-up from its regional 
offices while ScotiaMcLeod, the 
other joint lead, expected the 
balance to be placed in Europe 
over time. Soon after the bonds 
were freed to trade, the spread 
widened out to around 23 basis 
points. 

Elsewhere, Morocco is 


ing bade in late trade on wor- 
ries about a rise in UK interest 
rates. The September long gilt 
futures contract closed at 101 &, 
up & on the day. 

Continuing worries about 
the possibility of an imminent 
rate Increase, which pushed 
three-month rates to their 
year’s high yesterday, contin- 
ued to weigh on the market. 
"Most people have been expect- 
ing rates to rise eventually, but 
now there's increasing talk 
that we'll see a pre-emptive 
rate hike sooner than expec- 
ted," said a senior gOt trader. 

Nervousness ahead of 
today's second-quarter US GDP 
data also overhung the market 
"Going into the data, people 
aren't willing to take any size- 
able positions either way,” said 
Mr Ifty [slam, international 
bond strategist at Merrill 
Lynch. 


believed to have asked several 
investment banks, including 
Paribas, Salomon Brothers and 
two other US houses, for 
advice about a possible return 
to the international bond mar- 
kets following the rescheduling 
of its foreign debt last year. 

The country is thought to be 
interested in raising between 
$100m and $200m through a 


Still, traders reported some 
Investor buying of wwriiiiwi and 
long-dated stock, which helped 
gilts recoup their losses during 
the day. Switching into gilts 
from neighbouring markets 
was also reported, helping 
gilts’ 10-year yield spread over 
bunds to narrow to around 183 
basis points from Wednesday's 
high of 195 basis points. 

■ Trading in the German bond 
market was technical and 
futures-driven, with retail 
investors said to be sidelined. 
The late breach of key support 
levels on the September bund 
future gave scope for further 
falls in the contract and, 
according to Mr Peter Kei-ger, 
head of ftitures and options at 
NatWest Markets in Frankfurt 
it could test 92L20 in the com- 
ing days. However, he said he 
does not expect it to revisit its 


eurobond or a Yankee bond 
issue, or falling that by means 
of a private placement The 
marirmim maturity would be 
five years, although three 
years was more likely to 
appeal to investors. 

Bankers said Morocco's debt 
had traded well since the 
restructuring and Investors 

With holding s of emer gin g mnr - 


recent low of Just below 90.00. 
The contract ended at 9162 on 
Germany's DTB, down 0.48 
points on the day. 

■ French bonds fell in line 
with bunds, ignoring the Bank 
of France's widely expected 10 
basis point cut in its interven- 
tion rate to 5 per cent. The 
September notional bond con- 
tract on Matif ended the day at 
11644, down 044 points on the 
day. 

■ I talian bonds took a breather 
after the recent sell-off, closing 
only slightly weaker. However, 
sentiment remains weak given 
the fragile political back- 
ground, and the market is 
expected to remain volatile as 
the corruption probe continues 
into Prime Minister Silvio Ber- 
lusconi's holding company Fin- 
invest 


ket debt were keen to diversify 
away from Latin American 
paper, but the difficult condi- 
tions in the international bond 
markets ^ the volatile situa- 
tion In Algeria could hamper 
Morocco’s return. A further 
disadvantage was that Morocco 
did not have a credit rating, 
although it might well seek 
one in the near future. 


By Victor Mallet in Bangkok 

Vietnam Frontier Fund, the 
latest investment fund aimed 
at the test-growing economies 
of Indochina, has received com- 
mitments for $S0m. The fund's 
managers bad initial ly hoped 
to raise as much as SlOOm. 

There are four investment 
funds operating in Vietnam, 
and all are listed in Dublin, 
mostly for tax reasons. The 
other three funds have raised 
some 6170m. 

Finding viable investments 
in Vietnam has proved difficult 
and slow for all four funds. 
Only $25m of the S50m in com- 
mitments to the Vietnam Fron- 
tier Fund has actually been 
paid in, with the remainder on 
call from the investors. 

The new fund plans to take a 
particularly active role in 
creating and managing the 
companies and projects in 
which it buys a stake, and 
would be able to provide them 
with credit 

"Because issues such as 
training and control are criti- 
cal to successful investment in 


Peregrine Investments 
Holdings, the Hong Kong based 
merchant banking and securi- 
ties house, has joined forces 
with Union of Myanmar Eco- 
nomic Holdings of Yangon, a 
privately-owned company 
which handles investments for 
pension funds, to form a joint 
venture investment company 
in Myanmar, Burma. 

The fund is to focus on direct 
investments in new projects, as 
well as existing companies. 

The Hong Kong group says it 


Vietnam today, the managers 
of the fond will second staff os 
required to ensure that its 
investments are property nur- 
tured," the fund said. 

By providing stand-by letters 
of credit for new projects, the 
fund said it “hopes to be able 
to provide one of the missing 
elements to the current Viet- 
namese investment environ- 
ment". 

The fund said it would open 
offices in the capital Hanoi and 
in Ho Chi Minh City, the 
southern commercial centre 
that includes Saigon, and 
would look at investments In 
real estate development, natu- 
ral resources, banking and 
financial services, tourism, 
infrastructure and industry. 

Finansa Thai, a Bangkok- 
based merchant bank group, 
owns 70 per cent of the fund's 
management company. Stock- 
broker HG Asia has 20 per cent 
and N. X. Oanh Associates of 
Vietnam 10 per cent 

Mr Eugene Davis, fund presi- 
dent, said: "We plan to commit 
our first investment for the 
fund within the next month." 


is optimistic about the coun- 
try's economic outlook as it 
continues to open up to foreign 
investors. 

Peregrine operates in Burma 
through its 80 per cent owned 
subsidiary Peregrine Capital 
Myanmar in Yangon. 

This company has directly 
invested in shrimp processing 
joint ventures with the Depart- 
ment of Fisheries in Burma, 
and is engaged in agency, 
direct investment and financial 
advisory work for foreign com- 
panies looking to invest in the 
country- 


Seven-year sterling issue for European Investment Bank 


NEW INTERNATIONAL BOND ISSUES 

Pongwrer 

US DOLLARS 

MBNA MCCT U. Trancha A(a1» 
MBNA k«xrr 0 Tranche B(a2jt 

Amount 

ra. 

487.2 

Coupon 

% 

W 

w 

Price 

10000 

100.00 

Maturity 

Jati-20C2 

Jaa2O02 

Fees 

% 

Spread 

bp 

Boob, runner 

CS Fast Boston 

CS Hro Boston 

YEN 

KAN Intonwttonol Finance** 

30bn 

IpA 

iooloor 

Aug.1998 

0-226R 

_ 

Dahwa/ NortnchUdn Intt, 

STBIUNQ 

European Investment BretK(d) 

200 

0SO 

9&218R 

NcnJKIOI 

0JMR 

+5 (7%-01) 

Barclays de Zoete Wadd 

CANADIAN DOLLARS 

Ontario Hydra 

350 

8-50 

885SW 

Aug. 1906 

0.TZ5R 

+ao (7449fagQ Nomura/ ScotlaMcLeod 

SWISS FRANCS 

Bwedbsh Export Cnedt** 

100 

6.00 

101 £6 

Aug. 1997 

1 J25 

. 

UBS 

Rna( terms and ncn-cafoble uriaes statod. no y tad spread (over relevant govenwiwri band) at bunch is supptted by the lead 
manager. * » Wvjto piacemenL AUnHsied. tnoatfeig rate note. 1% faced re-oner price: Idas are Uvwn at Via re-oner leveL ef MCCT: 
Master CMfe Cad Trust At) Principal payment: iS/a/B 9. a2) Principal payment 15/199. b) Priori Uon 1 -nrih u tor * approx 18bp. 4 
2-3% txxj annual tor let 2% yra and ft-mth Ubor +8Qbp. 4 Short 1st coupon. 


Peregrine Investments 
forms Burmese venture 

By Louisa Lucas fti Hong Kong 






r* 



WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Rad Days Weak Month 

Coupon Pale Price change Yield ago ago 

Australia 
Mgfem 
Canada * 

Denmark 

Franc* BTAN 

OAT 

Gama? Bind 
Italy 

japan Notts 

Nathretands 
Spain 
uk am 


US Treasury " 

ECU (French Gcrvt) 

Luncfcn ctafag, f*w ' 

T Grooo gwSKHig 
Priam: US, UK to Xtnm. emm fa dnefcnd 

US INTEREST RATES 


Ha*y 

■ NOTIONAL ITALIAN GOVT. BOND (BTP) FUTURES 
gjffEr tire zoom IQOtfq at TOOK 


FT-ACnjAMES FIXED INTEREST INDICES 

Pricebvfloea Thor Da/« Wad Accrued xri ad 

UK Gita Jut 28 chanae % Jut 2 T Interest ytd 


— Low coupon yield — — Median coupon yWd High coupon yWd — 

JU 28 Jut 27 Yfe. ago Jtf 28 Juf 27 Yt. ago JU 28 JU 27 Yr. apo 


8JD00 

0BWJ4 

68.0200 

-1260 

SLB2 

6X2 

064 

7.250 

04AM 

94X500 

-0.800 

00ft 

7X9 

7X4 

0500 

08AM 

812500 

+0250 

a 34 

9.15 

927 

7.000 

12AM 

922000 

-0750 

003 

7.91 

037 

8X00 

0&W 

1045000 

-0130 

058 

8X3 

079 

5-600 

04AM 

872800 

-aiso 

722 

726 

7XO 

a 750 

05AM 

882100 

-0460 

620 

6X0 

7X6 

8X00 

01/04 

86.0000 

-0200 10207 

1044 

1046 

4800 

08/99 

1047350 

_ 

088 

087 

3XS 

4.100 

12/03 

962710 

_ 

420 

424 

•420 

0750 

01/04 

912400 

-0200 

668 

0X2 

7.10 

8.000 

05/04 

642000 

-0350 

1055 

1036 

10X7 

8X00 

DODO 

60-25 

-2/32 

828 

7X7 

826 

0750 

11AM 

87-23 

-7/30 

056 

624 

064 

aooo 

1008 

103-00 

-5W2 

8X3 

8.35 

8X0 

7250 

05/04 

89-21 

+7/32 

720 

724 

723 

8250 

08/23 

84-20 

+1302 

7X8 

7X5 

7X1 

aooo 

(MAM 

87.7800 

-0480 

7X4 

7.70 

7X9 

mid-day 




yiaUc Local nariiM etand 

tog tax at 128 per cent payable 

by nomwfclreiiri) 




Open Sett price Change Hgh Low Eat. vd Open ML 
101.10 101 -00 -0.25 101.78 100.68 49885 82305 

100X0 00.75 -040 100.00 100-00 IS 101 


Sep 

Doc 


■ ITALIAN GOVT. BOND fBTPl FUTURES OPTIONS (UFFE) Ura200m KWhs of 10014 


1 Up to 5 years (24} 

2 5-15 yaare (22J 

3 Over 15 soars (8) 

4 feradaemahlss (8) 

5 AM stocks (81) 


120X6 

-024 

120X7 

1.49 

6X1 

5 yre 

(IM 

026 

070 

8X1 

046 

ft ns 

060 

052 

7X6 

13826 

-022 

140.00 

1X1 

7X6 

15 yre 

051 

047 

7.86 

8X4 

axe 

7X0 

088 

087 

005 

154X9 

-013 

15520 

123 

8.11 

20 jrs 

&47 

8X3 

7X3 

8X4 

8X9 

7.88 

074 

072 

008 

177.64 

-025 

17007 

222 

728 

hred.T 

8X3 

051 

7X9 







136X3 

-028 

13727 

1X4 

7X7 

















— 

— Irritation 646 — 

— 

- — 

'Inflation 10% ~ 

— 



Strflu 





_ forfeit talced 






Price 

Sep 

DOC 

Sap 

Oac 

6 Up to 5 yoarefl 

188.49 

■028 

187X2 

1X2 

2X3 

19100 

1.61 

223 

1X1 

3X6 

7 Over 6 years (11) 

17035 

-046 

171.13 

0X6 

325 

10180 

128 

2.13 

1X6 

3X8 

8 AM stocks (13} 

tn.14 

-a44 

171X9 

OXS 

3.16 

10200 

1.14 

1X4 

2.14 

4.18 








Jul 28 JU 27 Yir. ago 


JU 28 Jul 27 Yr. ago 


3-80 

3-04 


3.73 

091 


2.79 

3.41 


2.79 

3.75 


2.66 

3.72 


200 

323 


EM- vU. toot, CUB 9140 Put* 1528. Amtoua day** open fat, Gad 37148 Puts 33506 


Souok MOMS Mermtloml 


LuncMtmo 


Votar tan into - 


7% r««m. 
5% ArucantiL, 
4 1 * Six north — 


Treasury oils aid Bond Yields 
426 foojta. 


Low Est vet Open fnt 
8055 55.705 105,473 

610 


founts NHeraeriaa.. 4ft Oaejoar. 

BOND FUTURES AND OPTIONS 
France 

■ NOTIONAL FRENCH BOND FUTURES (MATIF) 


448 Thnciear. 
456 Rwysar — 

IS ££ 


523 

650 

MB 

729 

728 


Spain 

■ NOTIONAL SP AMISH BOtffl FUTURES (MEFF) 
Open Sett price Change Mgh 
Sep 00-00 89.85 -030 9015 

Dec 00.00 


UK 

■ NOTIONAL UK GILT H/TUBE8 (UFFE?* £80,000 32nris of TOON 

Open Sett price Change Hflh Low Est. veJ Open int 
Sep 100-28 101-01 -003 101-38 10008 88812 115261 

Dec 1 00-24 K»- If ♦0-01 100-24 100-24 263 1408 

■ LONG CULT FUTURES OPTIONS LIFTS £50,000 MB* ol 10096 


Open Sett price Change Hgh 
Sap 118.84 118.84 -a 34 117.04 

Dec 118.02 116.00 -0.34 118.04 

Mar 11032 11530 -034 115.32 

■ LONG TERM FRENCH BONO OPTIONS (MATIF} 


Low EsL voi Open art. 
11040 171.467 119,506 

11556 984 14,220 

115.00 494 2.486 


Strike 

Price 

Sep 

CALLS 

Dec 

Sep 

PUTS 

Dec 

101 

1-30 

2-38 

1-34 

3-14 

ICC 

1-06 

2-09 

2-04 

3-51 

103 

0-48 

1-49 

2-44 

4-27 


CALLS - 
Sep 

Dec 

Aug 

— PUTS — 
Sep 

DSC 

- 

2X0 

- 

0X6 

1X3 

1.67 

220 

- 

am 

yjg 

1.13 

1.75 

016 

121 

2X5 

0X2 

120 

. 

1.75 

- 

028 

076 

- 

- 

- 


Strike 

Price Aug 

lift 

lift 0.84 

117 

118 
110 

EsL «*. MM. Core 17.223 Pub 43637 . Prataui rtw 1 * open ML. CnBe 385839 Puts 382*35. 

Germany 

■ NOTIONAL GERMAN BUND FUTURES (UFFS* OM2SOJOO 100PW of 100% 

Open San price Chongo Won Low Em. vd Open bn. 
Sep 9028 92.84 -0.44 03L33 92.82 132176 163034 

Dec 9235 92.10 -0.44 92.66 92.19 1122 14584 

■ BLMO FUTURES OPTIONS (UFFEJ PMZ50OOO points of 700% 


ESL «eL total. Ota BB70 putt 6200. PrtMcuS daft open fnu Care 7288* PUS 54620 


Ecu 

■ ECU BOND FUTURES (MATIF) 


Open Sett price Change Hgh Low Est voL Open ML 
84.68 84.48 -0-38 84.68 84.02 1.102 7,440 

6434 -036 .... 


Sap 
Dec 

US 

■ US TREASURY BOND FUTURES (OBI) *100000 Sands of 10CW 


SWta 

Price 

Sep 

OCt 

CALLS — 
Nov 

Dec 

Sep 

Oct 

PUTS 

NOV 

Dec 

OfflSJ 

t.Ct 

0L97 

120 

1X8 

067 

126 

1X1 

1X9 

9300 

0.71 

074 

0X7 

1.14 

087 

1X5 

1.76 

1X6 

8880 

0.48 

ass 

0.76 

0.93 

1.14 

1.88 

2X7 

224 



Qpan 

Lutes! 

Change 

High 

LOW 

Est vd. 

Open Int 

Sap 

102-08 

102-06 

-0-05 

102-12 

101-29 

320485 

372X96 

Oac 

101-15 

101-13 

■005 

T01-17 

101-04 

4,884 

60082 

Mar 

10028 

100-20 

- 

100-26 

100-20 

32 

4291 


Ear. ML tot* Core 10437 Pure 23105 Prwtotn taya open n. Ota aeiBSl Pure 204152 

■ NOTIONAL MEDIUM TERM GERMAN GOVT. BOND 

(B08UCUFFEV DM250,000 lOOfhs ot 10048 


Open 


Sep 


San price Change 
98.01 4X28 


High 


Low 


EsL vd Open M. 
0 76 


Japan 

■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

(UFFQ YIQOrn IQOtris at 100% 

Open dorse Change Wgh Low Eat voi Open W. 
Sep 109-16 - - 10938 109.15 2192 0 

Doc 108.48 - - 108X8 10833 190 0 

* LFFE attracts nefad an APT. Al Open taxerew Up*, re* Hr prawn *». 


UK GILTS PRICES 


a.. 

M Red Price!:. w- Ugh lire 


Nona 


_11rid_ _1994 — 

k* Red Price E .or- Mgb Low 


_ Hefei — _ 1994 

(1) (2)Pncs£ .or- tfoi Low 


Stan" PJMS up to foe Were) 

Eock U> 2 PC tRH.. 12.42 

rente ta94# _ — 890 

12*1985 - 1164 

fefttete»-9S 1.35 

M%K1995 9B6 

ItaglitoMKBtt — 11.33 

Mpcnae 1272 

15L8C 108# 13.48 


BtaUUpclBBe# 1202 

Cmqta lflpc 1996 — 950 

fora Ow /pc 19*7# — 7.10 

JwnaUnciWT# — 1177 

EcftlWioetOT UM 

fore 6Upe 1997# 555 

Eta Ita 1997 1254 

Hoc 1986 931 

fore TUpe 1998#. — 745 

foreftUpe 1995-98#-. 766 

1 te ■86-1 1136 

foreUtew# — 1237 
Brt12pc19M 1664 

foreeijpeiaes#. — an 


foe re ROare Tern 

Eta lIUpc 1896. 

fore Wa« 1993 

fore 8pc 1899# 

fowta»HJU®ei90_ 

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IS 


FINANCIAL TIMES FRIDAY JULY 29 1994 


COMPANY NEWS: UK 


Fall should pave way for signing of agreement with MGN 

Independent to cut cover price 


By Raymond Snoddy 

The Independent newspaper 
has decided to cut its cover 
price and the reduction is 
expected as early as Monday. 

The response to the national 
newspaper price war is one of 
a number of editorial and busi- 
ness decisions that should pave 
the way to the signing of a 
formal agreement between Mir- 
ror Group Newspapers and the 
consortium that owns The 
Independent group. 

The agreement under which 
MGN, a minority shareholder 
in Newspaper Publishing, own- 
ers of The Independent and 
The Independent on Sunday, 
will run all aspects of the busi- 
ness apart from editorial Has 


yet to be signed. The plan was 
first announced In March but it 
has been considered impossible 
to complete the deal until a 
new editor was appointed and 
a number of editorial decisions 
had been taken. 

Mr Ian Hargreaves, deputy 
editor of The financial Times, 
this week accepted the editor- 
ship. Mr Andreas Whittam 
Smith, the main founder of the 
paper, will give up the editor- 
ship this week when he goes 
on holiday. Mr lan Jack, editor 
of The Independent on Sunday, 
will be acting editor until Mr 
Hargreaves arrives In the mid- 
dle of next month. 

MGN was believed to be 
wary about signing the agree- 
ment before an editor was in 


place because there are finan- 
cial penalties if the company 
fails to reach agreed targets. 
Apart from the issue of cover 
price - The Times is now sell- 
ing at 20p and the Daily Tele- 
graph at 30p during the week - 
the issues include the number 
of newspaper sections on offer 
and their format 

Having taken the decision on 
Wednesday to cut the price of 
the paper, shareholders will 
decide on Sunday how much 
the cover price wUl be reduced 
from its current 50p. The paper 
will remain a premium product 
aimed at the top end of the 
market but the price will come 
down at least to 45p, to match 
The Guardian, or possibly 40p. 

The formal agreement 


between MGN and the other 
main shareholders - El Pais of 
Spain, La Repubblica of Italy 
and Mr Tony O’Reilly's Irish 
Independent group - may be 
signed within a matter of 
weeks. 

Planning is going ahead as if 
the agreement is already in 
place and the editorial staff of 
The Independent and its Sun- 
day sister title are expected to 
move to their new offices 
alongside MGN in Canary 
Wharf in London's Docklands 
in November. 

Meanwhile Mr Sergio Cellini, 
who became an executive 
director of The Independent 
earlier this year, has been 
appointed managing director of 
Newspaper Publishing. 


Wet winter holds Motor World back 


By Andrew Bolger 

An exceptionally wet winter with minimal 
frost held back progress by Motor World, 
the car parts and accessories retailer 
which came to the market in February last 
year. 

Pre-tax profits advanced by 20 per cent 
to £l.76m in the six months to May 1, but 
the figures were flattered by lower interest 
payments. The underlying increase was 5 
per cent. 

Turnover rose 13 per cent to £21. 5m, 
with growth reflecting new additions to 
the chain, which increased from 203 to 217 
outlets during the period. A further 25 


branches have been opened since the 
be ginning of May, brin g in g the total to 
242. 

Mr Darrell Kershaw, managing director, 
said motorists were less likely to work on 
their cars in wet weather, and the virtual 
absence of frost removed the usual sea- 
sonal boost to sales of batteries and anti- 
freeze. 

However, demand across the group had 
been improving since Easter and he expec- 
ted to see second half results benefit from 
the recent wave of openings. 

The Bradford-based group is mainly rep- 
resented in the north of England, Wales 
and the Midlands. However, it has recently 


moved into the south-west and has just 
opened a branch in Welwyn Garden City, 
north of London. 

it has also bought an eight-branch nhain 
in the Irish Republic, where it is expected 
that an MOT test will shortly be intro- 
duced. 

The manufacturing, packaping and dis- 
tribution division, which accounts for 
about 30 per cent of sales, had performed 
well on the back of an expanding customer 
base and increased sales to continental 
Europe. 

Earnings per share rose to 8.7p against a 
pre-forma S.lp. The interim dividend is 
lifted to 2J5p (2J3p). 


Mystery 
surrounds 
Caparo ‘US 
purchase’ 

By Andrew Baxter 

Mystery last night surrounded 
an announcement by Mr Swraj 
Paul, the Anglo-Indian busi- 
nessman, that his privately- 
held Caparo steel and engi- 
neering group had made its 
biggest acquisition ever by 
acquiring "a $400m US steel 
firm". 

Mr Paul told Renter in New 
Delhi that a deal to acquire 
the on-named Pittsburgh- 
based company was signed 
early yesterday. 

Officials at Caparo's London 
headquarters were trying to 
contact Mr Paul yesterday for 
further clarification, after he 
had faxed them a message say- 
ing a letter of intent had been 
signed to buy “a major Ameri- 
can steel plant". 

The announcement caused 
confusion among steel Indus- 
try observers. Caparo is 
known to be interested in bay- 
ing Sharon Steel, an inte- 
grated producer which is in 
Chapter 11 bankruptcy pro- 
ceedings. 

But that company is based 
in Sharon, Pennsylvania 
rather than Pittsburgh. And 
the plant which Caparo said it 
has bought makes I -2m tonnes 
of hot-rolled coils, 60.000 
tonnes of cold-rolled coils and 
90,000 tonnes of galvanised 
sheets, which one analyst said 
did not sound like Sharon. 

It is assumed that the $400m 
(£258m) in Mr Paul's 
announcement refers to the 
revenues of the company 
rather than the transaction 
price. 

Caparo has already expan- 
ded in the US. Its North Amer- 
ican sales were £lllm last 
year out of a total of £360m 
following the acquisitions of 
Bull Moose Tube in 1988 and 
Bock Industries in 1990. 

Caparo is thought to be the 
front-runner in the bidding for 
Sharon, although a Dutch- 
backed group is also said to 
have made a cash bid. 


Japanese venture behind 
88% advance at Unitech 


By Tim Burt 

Shares in Unitech rose 2Gp to 
34$) yesterday after the inter- 
national electronic components 
and controls group announced 
an 88 per cent increase in full- 
year profits. 

Pre-tax profits climbed to 
£19.8m (£10.5m) after increased 
demand, particularly in east 
Asia, pushed sales ahead 20 per 
cent to £302 An (£253m) in the 
year to May 31. 

Although favourable 
exchange rates flattered the 
results by adding £29.4m to 
group turnover and £2 .3m to 
profits, operating profits rose 
from £13.7m to £24.4m. 

The improved performance 
was underpinned by sharply 
increased profits at Nemic- 
Lambda, the group’s 50.6 per 
cent-owned Japanese subsid- 
iary, which contributed £lZ3m 
(£3.6m) to the power supplies 
division. 

Buoyant demand for power 
conversion equipment helped 
the division. Unitech's largest, 
more than double its profits to 
£20m (£9.94m) on increased 
sales of £205.4m (£16k9mV 

Mr Peter Curry, chairman, 
said: "This success has been 
driven by Japan. The challenge 
now is to repeat that with our 
other divisions.” 

The group has embarked on 
a strategy to increase interna- 
tional sales by its two smaller 
businesses: connectors, which 
manufactures electronic test- 
ing equipment; and control 
products, the heating and ven- 
tilating component company. 

Mr Curry said such moves. 



! Mixed 
j fortunes 
I for market 
hopefuls 

By David Wighton 

Magnum Power, the Scottish 
electronics company, yester- 
day announced a successful 
placing of £4.5m of shares, 
valuing it at £14. 6m ahead of 
its flotation on the CSM. 

Bat, Aromascan, the other 
start-up business currently on 
its way to the stock market, 
has been forced to put bade its 
plans by a week. 

One of the company’s advis- 
ers blamed the rail strike, 
which had prevented it seeing 
some key institutions. NM 
Rothschild, which is sponsor- 
ing the £L2m placing, has put 
back the Impact day until next 
Tuesday. 

Magnum, which was formed 
in 1990, has designed a built-in 
uninterruptible power supply 
for personal computers, which 
is claimed to be half the price 
of pasting external products. 

It piaims that no other unin- 
terruptible power supply can 
currently be built Into stan- 
dard personal computers while 
meeting the technical stan- 
dards demanded by most origi- 
nal equipment manufacturers. 

It lost £ 1.23 m on turnover of 
only £59,000 in the year to 
May, but In the prospectus the 
directors state that they 
believe the company will reach 
the break-even point of 6,000 
units a month by December 
1995. 

None of the existing share- 
holders have sold stock, and 
have undertaken not to sell 
their existing holdings for at 
least two years after flotation. 
The placing is sponsored by 
Henry Cooke. 

Start-up businesses can 
apply for a quotation on the 
USM if they can demonstrate 
that they will generate signifi- 
cant revenues with 12 months 
of admission. 

Aromascan, which has 
developed a new technology 
for detecting odours. Is 
looking to raise £i2m from a 
placing which would value the 
group at between £35m and 
£40m. 

The money will be used for 
further development and the 
building of a manufacturing 
plant The pathfinder prospec- 
tus projects first profits of £4m 
in 1997. 


Peter Curry: farther moves in Japan and China planned 


Tony AmMm 


Medeva loses patent 
case in European court 


By Tim Burt 

Medeva. the rapidly expanding 
pharmaceuticals company, yes- 
terday suffered a setback in its 
development programme after 
the European Patent Office 
upheld claims that it had 
infringed patents owned by 
Biogen, its US rival 

The UK group said it was 
dismayed by the ruling, made 
at an appeal hearing, which 
could prevent it developing a 
Hepatitis B vaccine. 

The vaccine, which has been 
at the centre of a legal battle 
between the companies for two 
years, was regarded as one of 
Medeva’s best prospects for 
growth in the late 1990s. 

Industry analysts estimated 
1995 sales for the vaccine at 
£30m with the worldwide mar- 
ket worth more than £200m. 

Biogen said it was extremely 
pleased by the ruling. But Mr 
Bill Bogie. Medeva’s chief exec- 
utive, described it as "a sur- 
prise and disappointment". 


News of the appeal, however, 
came after the market closed 
and Medeva's shares were 
unchanged yesterday at 134p. 

It overturned a previous rul- 
ing in favour of Medeva, and 
means the company will have 
persuade courts in any country 
where it wants to sell the vac- 
cine to revoke the Blogen-held 
patents. 

The company is already 
seeking such a ruling in Lon- 
don. where the Appeal Court is 
re-examining the High Court’s 
decision last year that Mede- 
va's activities had infringed 
the US group’s patents. 

That ruling, expected In Sep- 
tember. is likely to determine 
whether Medeva will take simi- 
lar action in countries such os 
France and Germany. Mr Bogie 
said the company would still 
develop the vaccine for use In 
east Asia and in European 
countries where the Biogen 
patents do not apply. 

"This is a setback. But the 
Hepatitis B project is one ele- 


ment in our broader business 
portfolio. Although it has great 
potential It is not critical to 
our future success.” 

Emphasising the group's 
determination to develop the 
vaccine, he predicted that it 
would continue to represent a 
large part of Medeva's research 
and development budget 

Further development of the 
drug may be hampered by 
threatened legal action by the 
two Swiss companies that sold 
Medeva the part-developed 
vaccine for £9.3ra two years 
ago. 

Epitec and GA Investments 
received a £3 86m down pay- 
ment, with the balance due 
when development was com- 
pleted and the product regis- 
tered in European countries. 

Earlier this year Medeva was 
warned of possible legal action 
after the completion date for 
development of the vaccine 
was put back to 1995 - delay- 
ing payments to the Swiss 
groups. 


Improved trading 
behind 46% advance 
to £3.2m at Admiral 


By Alan Cane 

Improved trading conditions 
and continued emphasis on 
careful management helped 
Admiral, the Surrey-based 
computing services company, 
lift pre-tax profits by 46 per 
cent from £2.19m to £38m in 
the six months to June 30. 

Shares rose 30p to a new 
high of 610p. Turnover was 39 
per cent higher at £24.6m 
f£17.7m). Earnings per share 
improved by the same percent- 
age to 18.5p (13. 3p) and the 
interim dividend goes up 25 per 
cent to 28p. 

The group, which specialises 
in consultancy, training and 
software, has consistently 
improved sales and profits 
through the recession and con- 
tinues to recruit steadily. Staff 
numbers total 854, 30 per cent 
higher than last year. 

Cash amounted to £3.9m. 
down from £5.5m 12 months 
earlier because of acquisitions, 
including The Training Centre. 


purchased in February to 
strengthen computer training 
operations, and Sumlock Legal 
and products from Hay Logic, 
which together formed a new 
company, Admiral Legal 
Systems. Stripping out the con- 
tribution from purchases, turn- 
over jumped 30 per cent and 
operating profits 40 per cent 

Mr Clay Brandish, co-founder 
and chairman, attributed the 
performance to a strong and 
continuing relationship with 
existing customers. The Singa- 
pore and Australian subsid- 
iaries were on their way to 
achieving critical mass and the 
company was seeking to 
expand through acquisition in 
mainland Europe. 

He added: "The second half 
has started well for all our 
operating companies. The 
signs are that the economy will 
continue to strengthen". 

Admiral tends to perform 
uniformly across the year, sug- 
gesting full year pre-tax profits 
could approach £68 m. 


including joint ventures in 
Japan and China, would offset 
fiat trading conditions in conti- 
nental Europe, where profits 
fell from £2.6m to £927,000. 

The main victim was the 
connectors business - based in 
France - which reported a 
£539.000 loss compared with a 
£L02m profit last time. 

Cost cuts, however, had led 
to improved efficiency in 
recent months, and Mr Curry 
said the business was now 
trading profitably. 

The control products divi- 
sion, meanwhile, benefited 
from steady growth in the UK 
and saw profits increase from 
sa.95m to £48m on turnover of 
£51 .9m (£38 8m). 

Earnings per share rose from 
78p to 12.9p, and a final divi- 
dend of 482p (4p) makes a total 


for the year of 686p (6.1p). 

• COMMENT 

This set of results had analysts 
searching for superlatives. Ver- 
dicts ranged from “extraordi- 
nary" to "excellent” after the 
figures exceeded most forecasts 
for the current year. With no 
sign of the yen weakening or a 
reversal in east Asian demand, 
this year’s profit forecasts have 
been increased on average by a 
third to about £28m. The chal- 
lenge for Unitech is to unlock 
shareholder value from Its 
stake in Nemic-Lambda, which 
is valued at £424m. If it 
achieves that and also man- 
ages to exploit signs of an 
upturn in Europe, the shares 
could prove an attractive pros- 
pect, despite their premium on 
a forward multiple of 18.4. 


International competition cuts 
Telecom Eireann to I£173m 


By John McManus in Dublin 

Operating profits at Telecom Eireann. the Irish 
state-owned telecommunications company, fell 
12 per cent to I£173m (£17lm) in the year ended 
March. 

The company blamed the fall on tighter mar- 
gins after the introduction of more competitive 
charges last autumn, following the opening up 
of its international monopoly to competitors, 
including British Telecommunications. 

The board said yesterday it would report to 
the government in October on its strategic 
objectives and the possibility of an alliance with 
an international telecommunications company. 

Mr Ron Bolger, chairman, refused to confirm 
whether Cable and Wireless, which is reported 
to have bid £460m for a 40 per cent share of 
Telecom Eireann’s main operations, would 
make the short list 

He said the board would draw up the list of 


possible partners over the next month, but 
declined to give details of the type of link-ups 
that were being proposed. There is strong oppo- 
sition even to partial privatisation from Tele- 
com Eireann unions mid parts of the Labour 
element of Ireland’s coalition government 
Total turnover was up 7 per cent to l£871m, 
due mostly to increased contributions from sub- 
sidiaries and joint ventures. But telephone reve- 
nues were static at I£500m, despite the new 
tariff structure which has cut costs for business 
users at the expense of domestic customers. 

Pre-tax profits were I£81m (I£5Qm). The previ- 
ous year Telecom Eireann had to write off I£44m 
to reflect the impact of the devaluation of the 
punt on its almost I£lbn of debt 
"Debt reduction Is of paramount importance 
to the company’s future,” said Mr Bolger. He 
said debt would be an issue in any possible 
alliance and that some may have to be trans- 
ferred directly to the government's books. 


Emerging Markets trust 
ends first day at premium 


By Bettian Hutton 

Trading started yesterday in 
shares of Emerging Markets 
Country Investment Trust, 
which was created through the 
conversion of units in the 
emerging markets unit trust 


I 

I 


KB IFKMA N.V. 

KB Internationale Rnanderingsmaatschaprij N.V 

USS 150.000,000 

Guaranteed Rooting Rate Notes due 2011 

In accordance with the Desolation of the Notes, notice is here- 
by given that for the Interest Period from July 29. 1994 to 
October 31. 1994 the Notes wil carry an Interest Rate of 5% 
per annum. 

The Interest Amount payable on the relevant Interest Payment 
Dale, October 31. 1994 against coipon N" 34 win be USS 130.56 
per USS 10.000 principal amount 
of Note and USS 3,263.89 per 

USS 250.CW0 principal HTXTn Krodietbank 

amount of Note. SlAjLL_8 Luxembourg 



FT/LES ECHOS 

The FT can help you reach additional 
business readers in France. Our link with the 
French business newspaper, Les Echos, gives 
you a unique recruitment advertising 
opportunity to capitalise on the FTs European 
readership and to further target the French 
business world.For information on rates and 
further details please telephone: 

Philip Wrigiey on 071 873 3351 


run by City of London invest- 
ment management 

The shares ended the day at 
58p, a premium of 6.7 per cent 
to undiluted net asset value. 
The warrants closed at 34p. 

Unit holders elected to con- 
vert more than 50m units into 
new packages of ordinary 
shares and warrants in the 
investment trust, at a subscrip- 
tion price of 53 p per ordinary 
share, with one warrant 
attached to every five shares. 

The shares have an undi- 
luted net asset value of 54.36p. 
and the new trust has a net 
asset value of 07,3m. 

Olliff & Partners, sponsor of 
the trust, is planning to raise 
up to £24m through a placing 
in September. 

The existing unit trust will 
continue to operate in parallel 
with the investment trust. 


Two life companies 
buck UK sector trend 


By Alison Smith 

Two life companies have 
announced increases in UK 
new business for the first half 
of this year, in contrast to 
the trend for the sector as a 
whole. 

Equitable Life said that 
its total new premium Income 
for the six months to end- 
June was £746.9m - an 
increase of 12 per cent on 
the same period last year. 
There was only a slight 
increase in new annual premi- 
ums, from £ 186.4m to £186.7m, 
but new single premiums rose 
more sharply, to £560.2m 
(£478.3m). 

Within new annual premium 
business, the greatest percent- 
age increase in annual pre- 
mium income was in individ- 


ual pensions for directors and 
executives which rose to 
£25 .9m (£22 Am). 

New single premium busi- 
ness saw a steep increase in 
individual pensions, from 
£116. lm in the first half of 1993 
to £164. lm. 

AXA Equity & Law said yes- 
terday that its UK new busi- 
ness increased by 5 per cent to 
£295m for the first half of 1994, 
while total new business 
amounted to £421m - an 
increase of 10 per cent on 
tbe first six months or last 
year. 

Overseas business rose by 24 
per cent to £126 m. 

The UK new business 
increase comes in spite of a 24 
per cent drop in single pre- 
mium pensions business, 
which fell to £55ml 


Restructuring sets 
Prior on recovery path 


By Peter Frankfin 

Benefits of the restructuring 
over the past two years have 
begun to show through at 
Prior, the property group and 
architectural ironmonger. 

The company yesterday 
reported an advance in pre-tax 
profits from £347,000 to £lA5m 
for the year to March 31, bol- 
stered by a credit of £2.05m 
after costs in respect of the 
release of bank Indebtedness. 

Mr James Prior, chairman, 
said the year under review had 
been one of transformation for 
the company. 

This, he said, was not only 
the result of the successful 
completion of negotiations 
with the company’s hanks in 
1993, but also of two share 
issues within the past year 


which had raised a total of 
£6A9m. 

The funds raised had enabled 
Prior to eliminate debt and 
release it from any remaining 
liability in respect of the four 
subsidiaries in administrative 
receivership. In addition, they 
provided partial funding for 
the purchase of Bouverie 
House and a portfolio Of prop- 
erties from Hanson. 

Following the purchases, net 
assets amounted to £9 .3m, Mr 
Prior said. The group now had 
£3m on deposit to fund further 
acquisitions, an annual rent 
roll In excess of £2m, and 
potential tax losses to offset 
against future profits, he 
added. 

Turnover fell from £l-21m to 
£l_2m and earning s bum out 
at 1.23p (0.610) per share. 


National 
Express to 
run service 
in Poland 


By Christopher Bobinak) 
in Warsaw 

National Express Group, the 
UK’s largest inter-city coach 
company, is to start an 
inter-city passenger sendee in 
Poland next month, becoming 
the first foreign carrier to 
do so. 

The initial investment, of 
£2^m, is comprised of 21 
second-hand coaches brought 
from the Netherlands. Six 
routes are to be served in the 
initial phase with Warsaw 
acting as a hub. 

National Ex press already 
runs an international service 
to Poland through its 
Enrolines subsidiary and 
recently the UK company 
purchased Fregata, a Polish 
emigre-owned. London-based . 
tourist operator with more 
than 30 years of experience in 
the Polish market. 

Polskl Express, National’s 
wholly owned local subsidiary, 
will be woiklng with PKS, the 
Polish state-owned bus 
company which will be 
providing drivers and 
maintenance facilities as well 
as selling tickets. 

PKS remains Poland’s 
largest inter-city coach carrier 
with small private companies 
operating urban and 
short-range routes. The 
market is shrinking, though, 
as car ownership grows and 
ticket prices rise. Last year, 
1.4tra passengers travelled on 
inter-city coaches compared 
with 2.1bn in 1990. 


Glaxo makes 
a further 
biotechnology 
link-up in US 

By Daniel Green 

Glaxo, the drugs group, 
yesterday announced its 13th 
collaborative deal with a bio- 
technology company. 

Its latest partner is Sequana 
Therapeutics of La Jolla, Calif- 
ornia. 

The two companies will 
work in tire genetics of diabe- 
tes field; it is unlikely to lead 
to any products until the next 
decade. 

The deal comes only five 
weeks after Glaxo signed its 
last biotechnology collabora- 
tion, also genetics, with 
Spectra Biomedical, the north- 
ern California migraine spe- 
cialist. 

Under the latest deal, Glaxo 
gains exclusive rights to 
develop and market drugs, 
while Sequana keeps the 
rights to any diagnostics prod- 
ucts that might emerge. 

Glaxo will pay an up-front 
fee to Sequana and further 
cash payments as research 
progresses. 

It will also offer research 
support 


Jermyn Inv raises 
£13m for expansion 


Jermyn Investment, the 
property investor, is raising 
£ 12.8m net in a placing and 
open offer and acquiring three 
freehold properties for a total 
of £2.05m cash. 

It is also proposing to change 
the rights of preference share- 
holders to encourage them to 
convert their holdings into 
ordinary shares or to redeem 
them early. 

Jermyn is placing 8.3m 
shares at I60p with a Wor-2 
clawback. The shares were 


unchanged at 175p. 

The company Is proposing 
that the preference conversion 
rights he Improved from their 
present l-for-l basis to 1-for 
1.32, exercisable at any time. 

On converting their hold- 
ings, shareholders will receive 
payment of arrears of prefer- 
ence dividend to the date of 
conversion. 

Following the changes Jer- 
myn will have net cash of 
£42m and pro forma net assets 
of about £l8m. 


Provision lifts Pex 
losses to £2. 17m 


By Heather Davidson 

Pex, the hosiery manufacturer 
and distributor, announced a 
pre-tax loss of £2.17m for the 
year to January 31 after a pro- 
vision of £900,000 for stock 
and ongoing costs of former 
retail properties. 

In tbe previous year there 
was a profit of £393,000 after a 
surplus on restructuring of 
£1.3m. 

The company also 
announced tbe appointment of 


Mr John Carr as deputy chair- 
man and chief executive. 

Turnover was down 14 per 
cent to £12.4m (£14.5m) follow- 
ing the company’s reposition- 
ing at the upper mid of the 
market and loss of sales at the 
lower end. 

Mr Peter Bailey, chairman, 
said that after many years of 
struggle “we can see a way 
back to profitability". 

Losses per share for the year 
were u.35p. compared with 
earnings of 3.13p, 


DIVIDENDS ANNOUNCED 


Current 

payment 


Cones - 
Data of ponding 
payment dividend 


Total 

tor 

year 


Total 

tost 

year 


Jnt 


Admiral 

Ayrshire Metal , 

Banks {SMnoy CJ fin 

Chieftain § tot 

Contra-CyeUcal -i_.Jnt 

Derby Trust tot 

Homing Hedge tot 

Qovott Emerging ,__fin 

Green Property Jnt 

■Ci 4 m 


Jacobs (John Q 

Jersey Phoenix fln 

Ktofewort High fin 

Motor World tot 


Ransom (Wm). 
Unitech 


Jto 


-fin 


Whan investment tot 


2.5 

Oct 7 

2 

- 

1-25 

Oct 3 

nB 

-• 

625 

Oct 7 

9 

9.75 

1.5 

Oct 3 

1.5 

- • 

025 

Aug 31 

2.25 

- 

7.102 

Aug 31 

02883 

- 

1 

Sept 23 

1 

- 

023 

Oct 3 

- 

025 

1-2*T 

Sept 30 

12 

- 

105 

Oct 3 

105 

- 

0.25t 

Oct 27 

05 

- 

1-6* 

Oct 12 

1.5 

5.25 

1.875 

Oct 3 

1.875 

7.6 

05 

Sept 9 

2.3 

- . • 

1.22 

Oct 1 

1.378 

.1.988 

4J32 

Oct 3 

4 

056 

8.7 

Sept 18 

2.7 

- 


03 

1.5 
9 

OS 

9.5 
17.95 

3 

4 

87.5 

. 3-3 
&2S 
7 JS 
7 

1.903 

01 


Dividends shown pence per share net except where oflierwtae stated. 
ftGross. tOn Increased capital §USM stock. *5teh pence- 




FINANCIAL TIMES FRIDAY JULY 29 1994 


19 





Koninklijke PTT Nederland NV 

(Incorporated with limited liability in The Netherlands with its corporate seat in Groningen) 

Offer of 138,150,000 Ordinary Shares 
by the State of The Netherlands 
Offer Price NLG 49.75 per Share 

Global Coordinator 

ABN AMRO Bank N.V. 


Managed domestically in The Netherlands by the following 

ABN AMRO Rank N.V Internationale Nederlanden Bank N.V. 

NIBStratmg F inancial Markets Kempen & Co N.V. 

Bank Labouchere N.V KB W Effectenbank N V F. van Lanschot Bankiers N V 

Managed in the United Kingdom and the Republic of Ireland by the following 

S.G.Warburg Securities 

Hoare Govett Corporate Finance Limited 

Barclays de Zoete Wedd Limited Cazenove & Co. 


Rabobank Nederland 

MeesPierson N V 
SNS bank Nederland N V 


NatWest Securities Limited 
Kleinwort Benson Securities 


Managed outside The Netherlands, United Kingdom, Republic of Ireland, United States and Canada by the following 

CS First Boston 


ABN AMRO Bank N V 

Credit Lyonnais Securities 

DresdnerBank 

Aktiengesellschofi 

Kredietbank Securities N .V. 

Nomura International 

Swiss Bank Corporation 

Bank Brussel Lambert NV 

Daiwa Europe Limited 

Deutsche Bank 

Akiimgcscllsrhuft 

Jardine Fleming 

Paribas Capital Markets 

LIBS Limited 

Argentaria Bolsa 

Banca Cominerciale Italiana 

Creditanstalt-Bankverein 

DG BANK Deutsche Genossenschaftsbank 

Enskilda Corporate 

Skandinaviska Knskilfln Ban ken * 

Generate Bank 

Indosuez Capital 

Internationale Nederlanden Bank N V 

Istituto Mobiliare Italiano Sp A 

Managed in the United States and Canada by the following 



Morgan Stanley & Co. 

° Incorporated 


Lelunan Brothers 


RBC Dominion Securities Inc. 

ABN AMRO Bank NV 


Merrill Lynch & Co. 

J.P. Morgan Securities Inc. 

EaineWebber Incorporated 

Salomon Brothers Inc 

Smith Barney Inc. 

Financial Advisers 

Wood Gundy Corp. 

To the State of The Netherlands 


7o the Company 

NM Rothschild & Sons Limited 

Goldman Sachs International 

June . 199+ 




20 


FINANCIAL TIMKS FRIDAY JULY 29 1994 


COMPANY NEWS: UK 


Offer price represents 5.5% discount to net asset value 

Pillar to float with £170m tag 


By Andrew Bolger 


Pillar Property Investments is 
coming to the market at 150p 
Per share, an offer price which 
values the company at £169.7m 
“ a 5.5 per cent discount to net 
asset value. 

Two of the better-known 
developers of the 1980s, Mr 
Raymond Mould and Mr Pat- 
rick Vaughan, are respectively 
chairman ard chief executive 
of the group. 

The 60m shares on offer have 
been placed with institutions, 
with 15m subject to clawback 
for the public offer. Applica- 
tions must be in by August 5 


and dealings will begin on 
August 15. 

The offer, fully underwritten 
by BZW, will raise £87m for the 
company. Of this, £4Qm will be 
used to pay off loans, with the 
rest used to repay short-term 
borrowings and fund future 
acquisitions. 

Pillar was set up as a vulture 
fund to prey on institutional 
quality properties in the col- 
lapsing market of 1991. !t has 
built up a £352m investment 
portfolio, comprising 26 com- 
mercial properties. 

At present, 64 per cent or Pil- 
lar’s properties are let to either 
FT-SE ioo companies or gov- 


ernment bodies, and there is 
an average unexpired lease 
length of 22 years. 

The company estimates that 
85 per cent of its leases are 
now at! or below, current mar- 
ket prices. 

Debt will fall to £l65.9m. 
with gearing reduced from 168 
per cent to 92 per cent, improv- 
ing Interest cover from its 
£25.4m rent roll 


• COMMENT 

“Full but fair" was the consen- 
sus verdict on the pricing of 
Pillar, which has amassed a 
quality portfolio of properties. 
The initial yield of the invest- 


ment portfolio is currently 7 
per cent, but that should go up 
sharply as rents rise - Pillar 
has a 41 per cent exposure to 
the retail sector, where rests 
are forecast to increase rapidly 
over the next few years. The 
shores offer a notional divi- 
dend yield of 3.1 per cent - 
below the sector average of 
per cent - but Pillar will be 
better able to increase its divi- 
dend than other competitors 
with less attractive properties. 
The pricing means the shares 
may not go to much of an ini- 
tial premium, despite having 
attracted solid institutional 
support 


Harrods ex-chief may join Clark 


By William Lewis 


Mr Peter Bolliger, former managing 
director of Harrods. the Knlghtsbridge 
department store, is in talks with C&J 
Clark about joining the family-owned shoe 
company. 

“We are looking at a possible new roLe 
in the company for him, with executive 
responsibility,” Mr Kevin Crumplin, a 
main board director of Clark, said yester- 
day. 

Mr Bolliger's departure from Harrods in 
April provoked a bitter war of words with 
Mr Mohamed al-Fayed, the store's co- 


owner. At the time Mr Bolliger said of Mr 
al-Fayed: “He likes bo feel he is running 
the store. He will even go behind a counter 
and cut salami.” 

Mr Bolliger said he had resigned but 
Harrods said he had been ousted for unsa- 
tisfactory performance, in particular his 
running of the Kurt Geiger shoe chain. 

Mr Crumplin, personnel 'director at 
Clark, said that one stumbling block for 
Swiss-born Mr Bolliger was that his work 
permit “is running to the end now”. 

“There is no certainty that he is joining 
us because Peter is a foreign national,” Mr 
Crumplin said. “It’s up to the Department 


NEWS DIGEST 


Sidney 
C Banks 
at £3.4m 


Sidney C Banks, the grain and 
agricultural specialist, 
announced pre-tax profits 
ahead from £2.87m to £3.42m 
for the year to April 30, despite 
a fall in turnover bom £280.6m 
to £231m. 

Mr Alistair Mitchell-lnnes, 
chairman, said reforms to agri- 
cultural policy had resulted in 
a smaller volume of grain 
being sold which, coupled with 
lower prices, led to a reduction 
in cereal turnover. Other agri- 
cultural sectors performed 
well. While non-agricultural 
business also made a good con- 
tribution, competition in the 
food business adversely 
affected margins. • 

Earnings were 25.7p (22.5p). 
The final dividend is 6.25p, 
making 9.75p (9p). 


(£63,000). An interim dividend 
of 1.25p (nil) is declared, pay- 
able from earnings of 5p (3.8p) 
per share. 

Directors said the outcome 
for the six months reflected the 
gradual improvement in the 
company's markets and all 
parts of the group were now 
profitable. 


Contra-Cyclical 

The split capital Contra-Cycli- 
cal Investment Trust reported 
a net asset value of 48 ip per 
capital share as at June 30, a 
modest increase on the value 
of 47.8p a year earlier. * 

Net revenue for the three 
months to endJune amounted 
to £125,000 (£248,000) for earn- 
ings of L56p (3.1p) per income 
share. The first interim divi- 
dend is held at 2.25p. 


The board said it was still 
looking to extend the life of the 
trust, managed by Marathon 
Asset Management, beyond its 
wind-up date in October 1995. 

Net revenue fell from £2R3m 
to £2. 12m, while earnings per 
income and residual capital 
share moved from 2.31p to 
1.73p. As already announced, 
the second interim dividend is 
held at 0.75p, making an 
imrhang prf L 5 p to date. 


Earnings per share were 3.5p 
(2.8p). 


Wftan Investment 


Chieftain 


John I Jacobs 


Derby Trust 

Net assets per capital share at 
Derby Trust rose 4 per cent to 
437p as at June 30, compared 
with 42ip last time. 

Net revenue for the six- 
month period increased from 
£742,648 to £838,745, for earn- 
ings per income share of 7.102p 
(6-29p). All earnings will be dis- 
tributed as dividend. 


Ayrshire Metal 

Pre-tax profits of Ayrshire 
Metal Products showed a 38 
per cent improvement, from 
£572,000 to £792,000, in the six 
months to end-June. 

The advance was achieved 
on turnover up from £l6-5m to 
£17.7ra and was boosted by a 
lower interest bill of £16,000 


John I Jacobs, the transporta- 
tion group, announced a 17 per 
cent decline in pre-tax profits 
from £46,000 to £38.000 for the 
six months to June 30. 

Turnover was up some 9 per 
cent to £1.57m <£1.45m). largely 
the result of a 40 cent increase 
in the shipbroking division. Mr 
Michael Kingshott, appointed 
managfri g director In a board- 
room shake-up earlier this 
year, said this was a “modest 
increase not anticipated" at 
the time of the circular to 
shareholders in June. 

Earnings per share fell to 
O.lp (0.5p). The interim divi- 
dend is halved to 0.25p. - 


Chieftain Group, the 
USM-quoted supplier of special- 
ist insulation and fireproofing 
services, returned to profit in 
the half year to June 30 with 
£203,000 pre-tax, compared 
with losses of £481,000. Turn- 
over fell from £7J6m to £4 .84m. 

The acquisition in January 
of R Blackett Charlton had 
enabled the company to 
expand in the diversified activ- 
ity of pipe fabrication and erec- 
tion, said Mr Peter Wardle, 
chairman, and the company 
had won orders of nearly Elm, 
due to be completed this year. 

An unchanged dividend of 
L5p is declared from earnings 
of 1.67p (3.76p losses) per share. 


Witan Investment Company 
reported net asset value 
improved over the 12 months 
to June 30 from 227 .2p to 242J>p 
per share. However it was 
lower than the 271.7p reported 
at the December 31 year end. 

Net revenue for the six 
months to end-June was 
£9.34m (£9.29m) for earnings 
per share of 2.48p (2.58p). The 
interim dividend is maintained 
at 2.7p. 


J&J Dyson 


Danka 


Sphere Inv Tst 

Net asset value per income and 
residual capital share at 
Sphere Investment Trust rose 
20 per cent, from 36.74p to 
44.19p, over the 12 months to 
the end of June. 


A substantial rise in turnover 
helped Danka, the office equip- 
ment supply and servicing 
group that operates mainly in 
the US, to a 71 per cent pre-tax 
profits increase in the first 
quarter to June 30. 

Turnover, which rose from 
£64.6m to £116m, increased 
partly on the back of acquisi- 
tions made the previous year, 
bat Mr Dan Doyle, chief execu- 
tive, said there was also a 12 
per cent sales growth in core 
operations. 

Pre-tax profits advanced 
from £6m to £10-3m. 


Pre-tax profits rose by 52 per 
cent at J&J Dyson, the refrac- 
tories group with interests In 
builders' merchanting, for the 
year to end-March. 

The surplus was £1.23m, 
compared with £807,275. How- 
ever, the previous year was hit 
by reorganisation costs and a 
loss on disposal of discontin- 
ued operations, which led to 
exceptional debits of £387,333. 
This time the amount was 
£96,400. 

Turnover rose from £42.6m 
to £44.1m. Earnings fell from 
8.48p to 6.7p, while a final divi- 
dend of 2p makes a total of 3.5p 
(5P). 


Premier Health 


Premier Health, the healthcare 
services group, swung from 
pre-tax losses of S.121m to prof- 
its of £618.000 in the half year 
to June 30. 

The result, on turnover of 
£6.42m (£6. 38m), included 
exceptional credits of £413,000 
(£239,000) Of which £362,000 
arose from the ending of non- 
core activities. 

Earnings per share came 
through at 0.21p (0.4p losses). 


Mitsui Marine 1994 


A Message from the President 


Ko Malsu kata 


r During the business year under 

review, the earnings and expendi- 
tunes position of the non-life in- 
su ranee industry in Japan conlin- 
ued to reflect the unfavourable 
m economic conditions. The ongoing 

. slow growth in premiums was 
tempered by a higher loss ratio in Automobile Insurance, an 
increase in claims resulting from natural disasters, including 
last year’s many typhoons, and a decrease in investment in- 
come resulting from much lower interest rates and the slow 
expansion of assets. 

The review of the Insurance Business Law, which pre- 
scribes the framework of the current Insurance System, is 
now under way, prompted by the trend towards liberaliza- 


tion of business restrictions and the internationalization of 
financial activities. The non-life insurance business is there- 
fore faced with unprecedented r^orms. 

fn this atmosphere of dramatic change, the Company intends 
to become on institution highly valued by its customers and 
society by further strengthening its sales activities, purcuing 
innovations aimed at securing competitiveness and growth, 
reinforcing its income structure and improving customer 
satisfaction. 

As a result of the proposed amendments to the Insurance 
Business Law, it appears likely that it will become possible 
for insurers to conduct both life insurance and non-life in- 
surance business by establishing a subsidiary. Therefore the 
Company wilt accelerate analysis of its entry into the life 
insurance business. 

The Company expects to expand its business base through 
efficient management, whilst responding io future changes in 
the business environment. Accordingly, we would greatly 
appreciate your continued support and encouragement. 


☆ FINANCIAL HIGHLIGHTS ☆ 


Yen in millnns 


For ihe year* ending March 3L 1992, 1993 end 1994 


Net premiums written 
Premiums earned 

Net income/(loss) from underwriting 

Investment income, net of investment expenses 

Net income 

Total assets 

Stockholders’ equity 

Combined loss and expense ratios (%) 

Net income per European Depositary share, 
each representing 10 shares of common stock 
(in yen and U.Sk dollars} 


1992 

I9M 

1994 

1994 

Y 526,675 

¥ 548,604 

¥ 583,119 

$ 5,661,349 

501,044 

532,016 

571,377 

5,547,350 

(34.659) 

1 13,375) 

2,662 

25,845 

39,819 

40,677 

26,294 

255,282 

7,389 

9,079 

20,344* 

197,515 

3,298,277 

3,285,620 

3,557,389 

34,537,758 

732,310 

718,390 

862,719 

8,375,913 

104.8% 

101.2% 

98.7% 


¥ 101.78 

¥ 124.57 

¥ 276.49 

$ 2.68 


Noli.' 1: The above figures have been calculated under (he generally accepted accounting principles of the U.S 
fteie 3: U.S. dollar amounts above hovo been translated from yen, for convenience only, at the rate of ¥103 = US$1. 
"Excludes gain from cumulative effect of accounting changes. 




MITSUI MARINE AND FIRE INSURANCE C0.,LTD. 


Johnson 
Fry back 
in black 
with £2.3m 


All-round growth at ICI 
but still below target 


By Paul Abrahams 


By Bethan Hutton 


of Employment whether or not we can 
even proceed, and if we then proceed 
we’ve still got to finalise what sort of job 
we'd want to give him. " 

Clark is also talking to other candidates. 
Mr Crumplin said: “Peter is a great shoe 
guy and we talk to shoe men constantly. 
The only safe thing I can say is that we 
are in discussion with Peter." 

Clark's shareholders narrowly rejected a 
£184m takeover bid from Berisford Interna- 
tional last year. In October it appointed Mr 
Roger Pedder as chairman and is still to 
appoint a second external non-executive 
director. 


Johnson Fry. the financial 
services and investment 
group, returned to profit in 
the six months to June 30 after 
last year's restructuring and 
name change from LIT 
Holdings. 

Pre-tax profits were £2_25m, 
compared with losses of 
£21. im which included 
exceptional losses of almost 
£20m resulting from the sale 
of LIT America. 

Turnover and operating 
profits were down 
substantially, largely because 
of the ending of the business 
expansion scheme, formerly 
one of Jobnson Fry’s main 
areas of activity. 

Turnover was £182m, 
against £24.7m excluding the 
contribution from LIT 
America. Operating profits of 
continuing operations fell to 
£2, 17m (£822m). 

Mr Christopher Castleman, 
chairman, said that 
comparisons with 1993 were 
meaningless in total “because 
of the very material effect on 
prior periods* figures of BES 
revenues, the results of the 
American businesses which 
were divested last year and 
the group capital structure 
prior to the restructuring". 

Johnson Fry Property was 
the best performing division 
during the six months. 

Tarn over doubled to £8. 33m 
(£4 Jim), and operating profit 
rose from £494,000 to £3 28m. 
Properties under management 
were valued at £907m (£665m). 

Funds under management 
by the asset management arm 
rose to £225m (£145m), bnt fell 
from the £250m year-end 
figure despite the launch of 
one new investment trust The 
financial services and 
insurance services divisions 
operated at "about 
break-even". 

The group is still looking for 
acquisitions, which would be 
funded through equity Issues. 

Earnings per share were 
8.9p (154.1p losses). 


Mr Ronnie Hampel, ICI’s chief 
executive and chairman-desig- 
nate, yesterday proudly 
boasted that every division had 
reported higher operating prof- 
its. 

Nevertheless, the overall per- 
formance remained well short 
of an acceptable target, he 
said. 

The most profitable division 
was industrial chemicals 
where trading profits rose from 
£59m to £109m, on lower sales 
of £L87bn (£1.89bn). The fall in 
turnover followed the sale of 
the polypropylene business to 
BASF, the German chemicals 
group. Taking this into 
account sales volumes were up 
5 per cent 

Mr Hampel said strong 
demand for polyester fibres 
and plastic bottles had boosted 
demand for PTA and PET. 
However, pricing of Klea 134a. 
the CFC-substitute, remained a 
problem in Japan, although 
sales growth was excellent, 
said Mr Alan Spall, finance 
director. 

The company was selling its 
SlOOm (£64 .5m) US polyols busi- 
ness to a Canadian company. 
The profit from the disposal 
would be included in third 
quarter results. 

Trading profits at the paints 
business rose from £49m to 
E52m on sales down at £84Sm 




LyOavandv Maw 

Ronnie Hampel: boasted proudly of advances by all divisions 


(£S56m). Sates volumes were up 
6 per cent but the decorative 
paint sector remained subdued, 
said Mr HampeL 
The materials division 
reported trading profits up 
from £16m to £47m on sales up 
at £856m (£723m). Turnover 
was boosted by the acquisition 
of Du Pont's acrylics side, 
while profits were helped by 
the sale of the lossmnking 
fibres business. Overall, vol- 
umes were up by 11 per cent, 
but margins were under pres- 
sure from rising raw material 


costs. Prices of polyurethanes 
also remained under pressure. 

Trading profits at the explo- 
sives division were £30m 
(£19in) on sales of £386m 
(£3 18m) including a £65m con- 
tribution from AEC1 Explo- 
sives. the 51 per cent owned 
South African subsidiary. 

The regional business con- 
tributed trading profits up 
from £28m to £35m on turnover 
of £702m (£690m). The eco- 
nomic recovery in Australia 
and reduced losses in Argen- 
tina helped lift the results. 


Portman sells land bank to 
MJ Gleeson for £11. 9m 


By Caroline Southey 


MJ Gleeson Group, the 
Surrey-based construction, 
housebuilding and property 
concern, has bought the resi- 
dential development business 
of Portman Building Society 
for ElUhn cash. 

The principal assets of the 
land bank acquired are 413 
plots of eight sites with plan- 
ning permission. 1,300 plots 


held under option and 33 acres 
without planning permission. 

Portman Romes incurred a 
pre-tax loss of £4.4m in 1993, 
mainly reflecting a write-down 
of the value of its land bank 
and work in progress. 

Mr Colin McLellan, Gleeson 
finance director, said the com- 
pany was taking a medium- 
term view of the housing mar- 
ket “The plots will take four 
years to sell, by which time we 


would hope there will have 
been a pick-up in the market” 
The weak housing market 
has depressed Gleeson's profits 
during the last four years 
although the company has 
remained in the black. It 
reported pre-tax profits of 
£82m (£9.9m) in the year to 
June 1993 and in March it 
reported flat interim pre-tax 
profits of £4.1 m, compared with 
£4.06m. 


Obituary 

Sir Alex 


Alexander 


Sir Alex Alexander, who has 
died at the age of 77, will be 
remembered jointly for his con- 
tribution to the food industry 
and his huge fund-raising 
efforts for charity and the 
arts. 

He arrived in Britain as a 
poor refugee from Czechoslo- 
vakia in 1938 and rose to the 
top of several British board- 
rooms. He never denied, and 
sometimes encouraged the 
belief, that over the years he 
bad accumulated one of the 
best address books in the coun- 
try. 

Alexander was born Korda 
Kestenbaum in November 
1916 and studied medicine 
at the prestigious Charles 
University in Prague. He left 
for England at the time of the 
German invasion. With hind- 
sight it is clear that he picked 
up good contacts from the 
start 

In the early war years he 
surfaced as a clerk at a gravel 
pit site of the Alfred McAlpine 


construction group. After the 
war, when he changed his 
name, he worked on the Wes- 
twtek estate in Norfolk partly 
as a nurse to the family, but 
also developing the estate's 
interest in canned fruit It was 
there that he realised the 
potential of the frozen food 
business. 

Alexander went briefly to 
America to pick up the tech- 
nology of refrigeration. He 
then founded Westwick Frozen 
Products and by 1953 had gone 
into partnership with Carl 
Ross, who specialised in freez- 
ing fish. 

The Ross Group expanded 
rapidly and was taken over 
by Imperial Tobacco in 1969. 
Alexander stayed with the 
new grouping for 10 years 
as chairman of Imperial 
Foods. 

When he retired in 1979, 
there were widespread direc- 
torships - Unigate, Tate & Lyle 
and Alfred McAlpine, the com- 
pany for which he had first 


worked, among them. He also 
became chairman of J Lyons, 
the food outlet of Allied Brew- 
eries. 

He moved on to become vice- 
chairman of Allied- Lyons at a 
troubled time. 

In 1985 the group was con- 
fronted with a hostile takeover 
bid from Elders IXL. There was 
a referral to the Monopolies 
Commission and the case went 
on for a nearly a year. The 
eventual ruling was in favour 
of Ailied-Lyons, though 
by then Elders had lost inter- 
est 

Alexander played some role 
in .the defence and could be 
outspoken in his public com- 
ments, but insiders tend to 
give much of the credit to Sir 
Derrick Holden-Brown, then 
the company chairman, as well 
as the financial advisers in the 
background. 

More recently, Alexander 
has been best known for his 
work in the arts, though even 
this had a long history. In his 


early Norfolk days he was rais- 
ing money for the local Ked 
Cross. He began fund-raising 
for Glyndeboume in 1973 and 
was responsible for introduc- 
ing corporate sponsorship. He 
went on to become chairman of 
the Royal Opera House Trust, 
the fund-raising body for 
Covent Garden. 

Stories about his powers of 
persuasion abound. When told 
that a friend had donated 
£100,000 to the opera house, he 
growled that be had promised 
£120,000. Alexander picked up 
the telephone and the cheque 
for the remaining £20,000 was 
in the post 

He was married in 1946 to 
Margaret Irma, whom he knew 
in Czechoslovakia before the 
war, and be was knighted in 
1974. They had two sons and 
two daughters. 

Alexander's last main 
job was as senior manag- 
ing director at Lehman 
Brothers International 
(Europe). 


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THE EUROPEAN WARRANT FUND 
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RC Lnraboarp BJITK 
The perm Wed aggregate valve of ibc cuveroJ 
»»pnu held b* Ihe Fund Ini been iqcnaxd 

final Wt fu SO'U- of ibe nrt vnebuf ihe Fond. 

The Board of Dmam 
Mj IWd 
43. roc ik* Sdlbe 
L-2SW I TOW AID 


MARINE Copies of the 1994 Annual Report will be mailable at Hambrm Bank and our London Ualson Office. 


All Advertisement bookings 
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FINANCIAL TIMES FRIDAY JULY 29 1 994 


RECRUITMENT 



■i . ms. ■ 
•i- Kf-. 


T he unemployed have become 
stuck with the stereotypical 
image of the out-of-work 
northern mas. He is either a miner 
or a docker, wears big boots, a thick 
brown belt, corduroy trousers and a 
vest, and thumps the table every 
time be makes a point. 

He is as much a part of history as 
the Jarrow march, yet his image 
continues to prevail, reinforced by 
persistent "death of a community" 
newspaper reports on the demise of 
the coal industry. It seems that not 
until the last lump of coal has been 
hewn or the last rivet punched into 
the last ship's hull will the carica- 
ture be laid to rest. 

George Orwell's legacy has been a 
long time fading, but even though 
areas of social deprivation still 
exist, the picture largely belongs to 
another time. Today the road of 
social hardship no longer leads to 
Wigan Pier, but to Swindon, High 
Wycombe and Welwyn Garden City. 

The semi-detached home counties 
suburbia immortalised by John 
Betjeman in his poems of Metroland 
has become the focus of 1990s 
unemployment. Beyond the poplar- 
lined avenues and mock-Tudor 
facades and the neatly manicured 
lawns of open-plan executive hous- 
ing estates resides a groundswell of 
resentment. 

The extent of the anger in these 
Tory heartlands is crystallised in a 
sheaf of letters that appeared on my 
desk this week. The letters were 


Jobs: Ageist policies and the wasted talents of a generation of executives 

Redundancy reigns in Metroland 


sent to an Oxford-based recruitment 
m a gazin e in response to its cam- 
paign on ageism In the workplace. 

Almost ail were from people in 
the 40-55 age bracket with many 
years of experience in their chosen 
fields. Typically they had a job in 
middle management paying a good 
salary, say between £30,000 to 
£40,000, with commitments and a 
life-style to match. Suddenly they 
found themselves redundant; too 
old and too expensive for their 
organisations’ needs. 

All the letters make well-written, 
cogent points. One is from a 
woman, aged over 45, an experi- 
enced export sales and marketin g 
manager, fluent in three European 
languages and caught, as she says, 
“in the continuing m idtH e -manag e- 
ment pruning". 

"How Is it possible that the thou- 
sands of currently unemployed 
executives and managers can be 
treated in such a manner?" she 
asks. She belongs to a privately 
organised executive jobs dub in 
Gerrards Cross, Buckingh amsbire . 
It has 120 members, mostly aged 
over 45. “The amount of experience, 
talent and management ability 


being wasted is absolutely Incredi- 
ble," she says. 

She adds: “Please do not think we 
do not try. that we do not send out 
hundreds of finely honed CVs; that 
we do not know about networking, 
cold-letters, agencies and all the 
other methods employed by those 
out of work." Job applications, she 
says, often get no replies or a tact- 
ful note indicating that her date of 
birth is a problem. 

Tor the first time in my life, I 
have been forced to become con- 
scious of my age. What employers 
do not seem to comprehend is that 
someone who Is 45 plus is often 
more stable, secure, able to take 
decisions, willing to start early and 
work late, does not take Mondays 
off or have small families to cope 
with, unlike many 25 to 35-year- 
olds. So why is industry so blink- 
ered?" 

Another writer who, he says, has 
committed "the cardinal sin of get- 
ting old”, recalls an interview ses- 
sion where on more than one occa- 
sion the interviewer used the 
expression “getting on a bit”. He 
and fellow job seekers have become 
so accustomed to rejection letters 


that they jow “hold a lottery as to 
wn it excuse will be in the standard 
thrte paragraphs". 

A 47-year-old High Wycombe 
m an, made redundant after a com- 
pany takeover five years ago, says 
be has never signed on for unem- 
ployment benefit and, after a series 
of part-time and temporary jobs has 
became "resigned to never having a 
‘ proper job* again". 

I t must be stressed that these 
are not unqualified people. One 
of the letters begins: "I am a 
chartered accountant 55 years of 
age, with an impressive track 
record of success ami achievement 
in both private and public limited 
companies as finance director and 
company secretary.” 

Since becoming unemployed last 
March, for the third time and 
through no fault of his own, he 
Insists, be has written “countless 
letters of application without suc- 
cess, In many cases not getting even 
the courtesy of an acknowledge- 
ment". He also registered with a 
number of specialist recruitment 
agencies, but was subsequently told 
by a company recruiter that “virtu- 


ally every recruitment agency will 
just push to one side any job appli- 
cation and speculative CV if the age 
of the applicant is 50 or more", 
unless the job calls for such a per- 
son. 

The accountant writes: “I truly 
believe that the majority of agen- 
cies and employers think that the 
over 50s are in wheelchairs or on 
sticks, are totally bald and tooth- 
less, and are too weak and frail 
even to lift a pen or a key into a 
computer." 

He ends: “I see little hope of John 
Major or any of his minions doing 
anything that will help the mature 
job seeker. He has most certainly 
lost my vote - tor good." 

A letter from an engineer says he 
"worked very hard through engi- 
neering apprenticeship, engineering 
studentship and university to 
achieve Mas te r of Sriencp and Char- 
tered Engineer status and tor the 
last two years 1 have been jobless 
hke many other people in my situa- 
tion. 1 could have pretended I am a 
self-employed consultant like many 
professionals do to bide the shame 
of being unemployed." 

Behind many of these letters are 


esses of real hardship. A 50-year-old 
Tiian from Bath explains how he 
was made redundant in 1990 from a 
job that paid more then £40,000 a 
year. His house was repossessed by 
the building society and sold for 
less than his mortgage. He has four 
children and has moved house four 
times in three years. He has experi- 
enced, be says, “a total inability to 
find a job paying any salary at all”, 
yet has claimed no assistance from 
the state "due to desperate efforts 
to generate an income by any 
self-employed means”. 

He has, he says, sold insurance 
and encyclopaedias, driven a taxi, 
written stories, worked as a holding 
manager in a problem public house, 
designed promotional schemes for 
the catering trade, canted out sales 
training for small businesses and 
done gardening work. 

His is a pessimistic note. “The 
discrimination is not going to stop 
or even diminish" because society 
has fundamentally changed, he 
argues. Among the changes, he says 
“the corporate bodies we once 
gave our lives to working for 
no longer have a social conscience, 
if indeed they ever had one". 


How is this man coping? He says: 
"I survive. I look forward, not back. 
I create a new, completely different 
lifestyle. I rely on my family and a 
few close friends. I use all my ener- 
gies phnsing opportunities to make 
money (not as much as before), 

rather than tryin g to find a job, 

although I still do that as well” 
These letters reveal the hidden 
unemployment among the middle 
classes. They reflect real despair 
among good, qualified, able, experi- 
enced people who feel as if they 
have been dumped on the scrap- 
heap through, as one of them put it. 
no fault of their own. All feel vic- 
tims of age discrimination. 

Perhaps this trend is a phenome- 
non of the 1990s, a combination of 
recession and the revolution in 
working practices. Perhaps the pay 
expectations of the managerial dos- 
ses have outgrown demand. What- 
ever the case, these stories reflect 
an unacceptable waste of talent, 
experience and enthusiasm. 

Usually this column is devoted to 
ideas and trends in the recruitment 
market, writing about how jobs are 
changing, different forms of work, 
outplacement, pay, share options, 
boardroom compositions, a mixture 
of the concrete and tbeory- 
Some times, however, before you 
can consider solutions it helps to be 
aware of the problem. 

Richard Donkin 



LLOYD’S 


LLOYD’S OF LONDON 

Director, Regulatory Services 

Lloyd’s is at the heart of rhe London insurance market, the foremost location in worldwide imuranr^ and is acknowledged as a 
centre of innovation and expense. The Corporation of Lloyd's provides central services to and is responsible for regulation of 
the Lloyd's market under an Act of Parliament. Since 1993, regulation at Lloyd's has been separate from the market’s 
commerrial activities and under the supervision of the Lloyd’s Regulatory Board. 

Lloyd’s now wishes to appoint a new Director, Regulatory Services, who wiQ be a member of the Regulatory 
Board and report to hs Chairman, Sir Alan Hardcastk. This is a crucial appointment 

The responsibility of the Director, Regulatory Services win be to develop and enforce the regulatory framework and 
practice designed to ensure transparency of operations, the highest standards of professionalism in the market and fair 
treatment for members. The a p poin te d person must be of demonstrably high cabbie and have considerable professional 
stature, reputation and integrity. IrrteBectua] rigour, impartiality, resflknee, energy «ivi fimwwat will be Mtsenrial qualities.. 
The remuneration package wQl reflect the vital nature of this role. In order to ensure independence, individuals 
who have a financial interest in Lloyd’s will not be eligible for consideration. Please reply, enclosing full 
curriculum vitae, reference 7N5, to Norman Broad bent International, 65 Curzon Street; London, Wl Y 7PE. 



NORMAN • BROAD BE NT 

INTERNATIONAL 


Project Finance 


Excellent Package 


London 


A newly formed company dedicated to developing, promoting and financing major 
private infrastructure projects in Europe and Asia seeks well qualified and 
experienced professionals. Writing op p or tunities exist at both Associate Director and 
Analyst level. A top remuneration package will be available for the right people. 


Manager of Cash 
Management Services 


London 


Major European Batik 


£ Attractive 


Our client is a Ic.tding European bank which has been 
niahlUhed in London for over twenty years. Cash 
M.in.iqcmenc for corporates and other branches of the bunk 
is an extremely important product to the London business. 
It encompasses the processing of currency payments and 
receipts anJ makes extensive use of IT systems and 
electronic hanking. Then: is now an opportunity for an 
experienced individual with relevant experience to head up 
the customer services section of the tank resjxmsiblc for 
thi> product. 

Reporting to the Head of Operations and Cash 
Management, rhe MiccevJul candidate will: 

• manage and develop the existing processing team; 

• review and revitalise the current systems and procedures 
to cnJurtcc the capabilities of the team and the product; 

• work wirh clients, rtcoxint officers and other areas 
of the Link to ensure clients’ needs are raer. 


Applicants, aged 27-40, should have a thorough 
understanding and experience of providing cash 
management services gamed through working in a bank’s 
customer services area. Candidates must a bo be IT literate. 
An ability to manage a team and the desire to be proactive 
is essential. Due to the high profile of the role, c andi dates 
must also have strong interpersonal skills and be confident 
selfstarters. 

This is a challenging opportunity and, for the right 
candidate, our client will offer an attractive remuneration 
package which will entirely reflect experience. 

Inrere&red applicants should in the first instance write to 
Karina Pictsch, enclosing a full curriculum vitae, at 
Michael Page City, Page House, 39-41 Parker Street, 
London WC2B 5UL Fax 071 405 9649. 

Please quote reference 197247. Closing date 
12th August, 1994. 


Michael Page City 

liUcnwtMXul Ret: run incur Consultants 
London Paris Amsterdam DusaeUorf Sydney 


HEAD OF COMMODITIES OPERATIONS 

A major European Bank with a strong presence in the international commodities markets is looking to recruit a 
Head of Commodities Operations to join their Zurich-based team. 

The focus for this position will be risk management of complex derivatives on the energy and metals markets. 
The successful individual will have responsibility for global OTC settlements and therefore will be covering 
the following financial centres: London, Zurich, New York, Singapore, Tokyo and Sydney. 

Managing a team of approximately four, specific functions will also include overseeing payments and 
generating reports for the accounts department. 

You must have a thorough knowledge of the oil markets and equally substantial experience in OTCs, Swaps, 
P&L reporting and ideally ISDA documentation. Strong systems and PC familiarity is a particular requirement 
A high level of commitment and a 'hands-on', proactive approach are vital. 

Salary will be commensurate with experience and a relocation package will be included. 

interested individuals with the relevant skills should contact Barry Harte enclosing a full CV to the 

address below: 

Michelangelo Associates, International Search and Selection, Austin Friars House, 

2-6 Austin Friars, London EC2N 2HE Tel: 07T 972 0150, Fax: 071-972 0151 


THE COMPANY ' 

♦ Strong management with outstanding reputation for 
structuring and financing major infrastructure projects. 

♦ Broadly based business which will play a variety of 
roles from developer/promoter to advisor. 

THE POSITION 

♦ At Associate Director fcveL direct resporsMity foe initiating 
«nri executing full range of business activities. 

♦ At Analyst level, specific responsibility for complex 
finanrinl modelling. 

♦ Develop both conventional and innovative funding 
techniques for equity and debt. 

♦ Opportunity to extend expertise in an international 
advisory business. 

Please send lull cv, stating salary, ref CN2986, to 



QUALIFICATIONS 

♦ Relevant experience of developing/financing major 
private sector projects acquired in either financial 
services, the corporate sector, a supranational agency, 
government or the public sector. 

Graduate or MBA with preferably a relevant 
professional qualification. 

♦ Outstanding financial analytical and numerate skills 
and interest in marketing. Exposure to Indian market 
valuable. 

<► Strong computer modelling background is essential for 
analyst position. 


NBS, 54 Jermyn Street, London SWIY 6 LX 


LONDON 071 4936392 
Aberdeen 0224 &3B080 ■ Birmin^Uin 021 233 4656 


Bristol 0272291 142 • Edinburgh 03 1 220 2400 
GbsgowMI 2044334 • Leeds 0532 453830 
Manchester 0625 539953 * Slough 0753 819227 



Cost Benefit Analysis 

The Cost Benefit Analysis (CBA) unit in die Securities and Investments Board (SIB) will provide expertise to a»ess the costs 
and benefits of standards of investor protection and regulation. Two key roles have arisen in this important new department: 


Senior Executive 

This individual will help develop the application of CBA 
techniques to the area of F5A regulations and will be 
required to implement and manage discrete CBA projects 
using both in-house and ex rental resources. He/she will 
need ro establish and maintain close links with FSA and 
other regulators in the co-ordination and assessment of 
CBA projects. 

Applicants will be educated ro degree standard, probably in 
economics or a related subject. They should have 
experience in the use of economics techniques and theory 
(including CBA if possible) ro formulate policy and strategy, 
in a commercial context. 


Executive 

This individual will provide support ro the CBA unit, both 
in the development of policy and procedure for CBA in 
general and in the specific CBA projects which will be 
undertaken. He/she will work closely with senior team 
members but will at times work independently on specific 
projects. 

Applicants, as in rhe senior rule, will be educated to degree 
standard, probably in economics or a related subject. 
Experience in the application of statistical techniques would 
be on advantage. 


Candidates for both positions should ideally be familiar with die financial services industry and/or regulation issues. They 
should have excellent skills of diplomacy and negotiation, written and communication skills; a logical and enquiring mind; a 
proactive and flexible approach; the ability to assimilate complex marerial, identify relevant issues and produce a concise and 
coherent analysis and recommendation. 

In the first instance, please contra: Anna Williams quoting reference 196857 to request an information pack, at Michael 
Rage City, Page House, 39-41 Parker Street, London WC2B 5LH. Telephone 071 831 2000. Closing date 12 Augusr 1994- 


Michael Page City 

fnietmtkmai Recruitment CbctAilljncs 
L o nd on Paris AMaikn PussrUorf Sydney 




Head of Statistics 

South Coast - Package c. £75k 


A leading Financial Services Group is looking to appoint a 
Head of Statistics to assist in developing the best statistical 
resource in die sector. 

Reporting directly to die Board, the successful candidate will 
need to come quickly to reran with a number of issues faring 
the business at this time and give direction at both a technical 
and practical level to the Business Statistical Group and the 
Business Planning Group. 

Tou will be identifying and reviewing trends, analysing their 
inter-relationships and recommending alternative courses of 
action with the Hkdy impact on business results. 


As well as being able to demonstrate business acumen, an in- 
depth knowledge of relevant computer systems, software pack- 
ages and statistical techniques is viral. 

The successful candidate must be a good communicator, aged 
between 30 and 45 years, be a ream player and appropriately 
qualified to the highest level. 

Tour expertise will be rewarded through a highly competitive 
remuneration package and outstanding career opportunities. 

Jn the first instance, please send your cv to Frank Hatton 
Riley Consultancy Services, Riley House, 4 Red Lion Court, 
London EC4A 3EN. 


•GLASGOW 
•nusnat -KOULtncg 
- aiBMTNGnAM - VOTUUGaAM 












22 


FINANCIAL TIMES l- RIDA Y JULY 29 1994 


A 


C. £50,000 

package 


International Investment Bank 


City 


Strategic Research - Europe 


Challenging opportunity for bright, analytical mind to Join a professional research team providing 
strategic support to Investment Banking teams covering Europe, Middle East and Africa. The Bank 
has an excellent history of profit growth and an established network throughout Europe. The 
objective Is to concentrate on cross-border projects, looking at a wide variety of industry sectors. The 
environment Is demanding with considerable travel and excellent career prospects. 


THE ROLE 

■ Work as part of a dedicated team of professional 
research analysts. located across Europe 
providing industry and company specific 
research to fee earners. 

■ Servicing the bank's full range of products, 
participate In major international transactions 
working directly with internal and external 
clients. 

■ Use specific sector knowledge to identify and 
develop potential transaction opportunities. 
Reporting to the Head of European Research. 


THE QUALIFICATIONS 

■ High calibre graduate, preferably with MBA or 
ACA and second European language. Previous 
experience In industry and company research 
essential, preferably with a financial or 
consultancy background. 

■ Skills in financial and strategic analysis with the 
ability to focus on key issues, independent 
approach with the intuition to go beyond obvious 
conclusions. 

■ Strong interpersonal skills with the confidence to 
communicate opinions at senior level. 
Disciplined and tenacious. 


Leeds 0532 307774 
London 071 493 1238 
Manchester 06 l 499 1700 

kvt: 


Spencer Smart 


c. £55,000 
package 


Major US Investment Bank 


Media and Telecommunications Strategy 


Excellent opportunity for outstanding industry specialist to Join an international team providing 
transaction-based research for European Corporate Finance. The Media and Telecommanleations 
team has achieved considerable success through a wide range of international advisory and 
financing mandates. The Bank is a market leader known for its innovation and has a strong 

presence across Europe. 


THE ROLE 

■ join a team of industry specialists providing 
high qualify research ror Corporate Finance 
across Europe. Closely working with line 
managers on specific transactions. 

■ Use sector knowledge to identify potential 
transaction opportunities and to play an integral 
role in marketing and client presentations. 

■ Provide independent research and analysis, 
giving an objective stance on international 
market trends and crucial issues facing the 
industry. 


THE QUALIFICATIONS 

■ High calibre graduate, ideally with MBA. Media 
and telecoms research background ftom 
management consultancy, financial institution 
or corporate strategic development essential. 

■ Proven qualitative and quantitative analytical 
skills and strong commercial focus. Marketing 
flair and an interest in business development 

■ Maturity to set own agenda combined with 
considerable drive. Articulate, confident of 
opinions and comfortable dealing with senior 
management. 


Leeds 0S32 307774 
London 071 493 1238 
Manchester 061 499 1700 



9dKwBM^ntnin«Ni. 

Itcmnpallm. 

untaneo 


SENIOR CORPORATE BANKER 

c£5 0,000 

Our client has developed its excellent 
reputation by identifying dosefy with its 
corporate clients and by providing a full and 
varied range of corporate services. It now seeks 
to enhance its corporate banking team with the 
appointment of an experienced banker who 
can develop and maintain dose business 
relationships with existing and prospective 
clients. The ideal candidate wfll be able to 
demonstrate a sound understanding of lending, 
corporate finance and derivative products and 
have a successful record of developing 
profitable business with new efients. Age 28-38. 

ASSET BASED FINANCE 

£60,000 

As a result of continued growth in business 
activity within its highly regarded asset finance 
division our dient, a prestigious UK banking 
group, now seeks to recruit a creative asset 
based financier. This newly created role would 
ideally suite an appropriately experienced 
graduate aged late 20‘s early 30’s, who will 
take responsibility for developing, tailoring 
and marketing structured asset finance 
products to UK d rents. 


SENIOR CREDIT ANALYST 

c£40,000 

Our cHent, a leading European Bank, seeks 
to appoint a Senior Credit Analyst who 
can take responsbitity for analysing a wide 
range of corporate and financial Institutions. 
Additionally, the successful candidate win 
become involved in the training and 
development of other members of the 
team. This challenging role wodd ideally 
suit a highly experienced credit professional 
who has a dear understanding of credit/risk 
issues and can demonstrate sound man 
management skifts. Age to mid 30’s. 

RELATIONSHIP MANAGER 

£35440, 000 

This is an excellent opportunity for a young, 
confident and bright graduate relationship 
banker to assist in the maintenance and 
development of this major European bank's 
multinational dient portfolio. The Ideal 
candid ale wfil be in their late 20s, formally 
credit trained with at least 12 months, 
experience of building relationships with the 
senior executives of major UK or European 
corporates. 


Ploa'-o contact Scan Carr or Richard loons 
Carr Lvons Search and Selection Ltd 
Astral House, 12 5- 1 2d Middlesex Street 
London Ll 7 J I 

Tel: 07 1 -62 1 949 i Lax: 07 1 -626 1 26 1 


W illiitnis \\ iiiidielil 

/ ..vrculirc 




Global Business Review 


Exceptional pro-active assignments 

London/South West excellent salary + bens 


Our client, the Banking subsidiary of a dynamic US giant synonymous with 
excellence in the finance and travel market, is a trail-blazer in customer- 
driven service throughout its operations which span more than 81 offices in 
37 countries. Their performance in 1993 was outstanding, achieving some of 
the strongest financial results in their history and creating a new foundation 
for controlled growth, quality and innovation. 

The high-profile Operational Review ream, based in the UK and reporting to 
New York, plays a key role in driving continued successful expansion. Project- 
based, the team works with operations worldwide looking at all areas, 
particularly those of highest risk - leading-edge treasury products, high-level 
trade finance transactions - from a business perspective. Constantly 
challenging management thinking and reviewing the implications of business 
strategy, the team seeks wan to minimise exposure and improve financial 
performance. Highly visible, the team works closdy with management at the 
most senior level, complemented by a specialist EDP department which 
focuses on the operational, security and statutory implications of data 
processing projects throughout the group. 


There are a number of new positions in each team; in all cases candidates mud 
be enthusiastic, objective, have good intcr-pcnonai skins and be able to 
present and discuss ideas confidently ami persuasively. Aged 25-33. applicants 
must be keen to undertake approx. 60S travel throughout Europe, Africa and 
die Middle East, with occasional visits to Asia, North and South America. Audit 
experience, strong technical skills and professionalism ate essential together 
with experience of Influencing management decisions. 

Candidates for the Operational Review team need not necessarily be qualified 
but are likely to be ACA/CIMAs with relevant experience; for the EDP team, 
graduates with a background in data processing or computer audit is csscnriaL 
The excellent salary package indudes mortgage subsidy, relocation assistance 
and other banking benefits, whilst the c ar eer prospects arc superb. Other 
departments worldwide view the teams as a source of ItigbotUsc candidates 
with strong business acumen for management positions In operational 
management, finance, treasury and other business areas. 

Interested applicants should send or fax their CV quoting ref 075 or contact us 
on 071 329 -1649. or during the evening and weekends on 081 467 1408. 


Alderwick 

CONSULTING 


SEARCH A SELECTION 

OW BAILEY HOUSE. 7 OLD BAILEY. LONDON EdM 7NR TEL 071-329 *0*9 FAX. 071-3294677 


▲ 


A 


Senior Vice President 
Marketing 

International Private Investment 

Saudi Arabia/USA c US$ 250,000 (Tax Free) + Incentive 


Our client is an investment services 
company specialising In Identifying private 
equity, real estate and other, primarily US, 
Investment opportunities structured to meet 
the objectives of eminent Middle East 
investors. Highly successful, it is part of a 
major Saudi-American Group operating 
globally. 

Based in Jeddah and with occasional visits 
to the United States, you will report directly to 
the CEO of the company. As Senior VP 
Marketing, you will develop the private 
investor base in Saudi Arabia and the Gulf by 
creating and implementing a focused 
marketing strategy which is supported by a 
deep understanding of market and economic 
fundamentals. You will also work closely with 
the company's US operation - which is the 
vehicle for originating transactions - to 
develop new products. 

As well as driving forward the overall 
strategic development of the company, your 
prime responsibility will be for product 
placement, demanding an ability to form 
strong, lasting relationships with Investors. 


You must, therefore, have the professional 
and personal presence necessary to command 
respect, together with excellent interpersonal 
and communicative skills. 

Probably educated to MBA level, you will 
have spent at least 5 years developing and 
marketing sophisticated investment products 
to individuals and institutions In the Middle 
East and possess a proven track record in 
developing client relationships at the highest 
level. An excellent knowledge of the US 
investment and real estate markets is essential 
and a knowledge of Arabic would be 
advantageous. 

This role is central to the company's 
success. Hence a package of around 
US$ 250,000 is negotiable, free of Saudi tax, 
and the comprehensive executive expatriate 
benefits include an incentive scheme which, 
as one of the prime beneficiaries, you will help 
design. 

Please write - In the strictest confidence - to 
Ghassan Yazlgi or Ian Robertson, Ref: 1361/2. 
MSL Group Limited. 32 Aybrook Street, 
London WiM 3JL. 


M5L International 

Consultants in Search and Selection 


SENIOR PERFORMANCE ANALYST 


Highly 

Competitive 

Salary 

+ 

Benefits 


CITY 

O 



AMP Asset Management, a Top 20 Fund Manager with over £l7bfllinn assets u nde r 
has combined a new and dynamic corporals and business culture and is 
poised to enhance its position within the UK and International arena. 

In otdo: to further strengthen and enhance the quality of reported information a new role 
has created within the Performance Analysis team. 

Rep orting to Manage^ Performance and Reporting, vou will manage a small, professional 
team, with responsibility for calculating and analysing the investment performance of the 
company* various funds, both in the UK and internationally 

There is a high level of contact with senior management. Board Directors and Fund 
Managers, requiring you to present and discuss results, explaining competitive surveys, 
jrwtimt and overall perfo rm ance. Additionally you will be a key member of an 
oogoing systems enhancement project which, so lai; has successfully broadened the depth 
of information available. 

Suit able candidates will he highly numerate individuals fdemoesuated bv a mathematical/ 
science based degree) Withagenuine understandingof analysts techniques combined vrith a 
knowledge and understanding of financial [markets. Although individuals with directly 
(devaxu expe ri ence would be ideal, c a ndid a tes from other fields will be considered, 
providing they can demonstrate the relevant techn i ca l and analytical drills, coupled with 
strong PC literacy. (Age indication 25-30.) 
fcr further information please contact Lucy Ayrton on 071- 
209 1000 (eves 071-223 2696) or write to her at Financial 
Selection Services, Charlotte Bouse, 14 Windmill 
Street, London WIT 2DY (Fan 071-209 0001). asset management 



RESEARCH ANALYST 

Would suit graduate in Economics, 
Business or Finance interested in 
pursuing a career in die financial 
world. Experience in world 
financial market analysis pr ef e r red. 
Computer literate, with strong 
written and oral communication 
skills essentia]. Salary negotiable. 

Please write with CV to; Amas 
UK, FAO: Stuart Wilkinson. 16 
Charies 0 St. London SW1Y4QU. 


SENIOR BANKING 
ACA c£60,000 

An international bank seeks 
a versatile ACA aged 35/40 
years with proven accountancy 
lax systems and banking 
skills. Contact: Sheila Jones 
OBSB LTD 

Tet 5883991 Fax: 588 9012 


Credit Risk Managers 


J.P. Morgan is one of the world's fending financial 
institutions. Part of the firm’s success results from 
investment in its state of the art global credit business. 
Operating as a profit centre, it continues to grow and, as 
a result. Global Credit Europe now seeks (wo additional 
risk managers to cover European financial institutions 
and complement two financial services teams. 

The credit risk managers will be responsible for 
establishing and managing exposure for a group of 
financial institutions on a global basis, as well as the 
firm’s worldwide exposure to a country or region. This 
involves frequent liaison externally with clients and 
counterparties at senior levels and internally with 
product groups and business teams. Responsibility for 
most credit decisions is delegated to individual risk 
managers. The ability to respond quickly to numerous 
daily requests is therefore a pre-requisite. 

Whilst the ideal candidates will have previous 
experience of a similar credit role in another major 
institution, directly relevant experience is less 
important than possession of tbe right skills to succeed 
in a demanding environmenL Specifically, these are: 

• Strong financial analysis skills and commercial 


acumen with the ability to make sound, reasoned 
judgements under pressure. 

• Knowledge of investment banking products includi ng 
derivatives, treasury facilities, securities clearing and 
corporate finance. 

• Strong interpersonal skills including the presence and 
maturity required to represent the bank at senior 
levels both externally and internally. 

• Fluency in another European l an guag e would be 
advantageous. 

• PC literacy. 

Candidates with these skills will also have a good degree 
and may currently be working in; other areas of corporate 
fin an ce , m a na g em ent consultancy or accountancy, but 
looking to move into a dynamic credit environment. 
Appropriate training will be given as necessary. 

J.P. Morgan offers a competitive remuneration package 
and excellent career development prospects. 

Interested candidates should write to Null Macnaughton 
at BBM Selection, 76 Wading Street, London EC4M 
9BJ. enclosing a detailed CV. Fax: 071 248 2814. An 
applications will be treated in the strictest confidence. 


JPMorgan 


Head of Investment Administration 

with potential to move to general management 

Isle of Man c.£45,000 + benefits 


Our client is a leading International Bank with a first class reputation built on historical success and 
forward looking creativity. 

This new position will combine responsibility for the day-to-day administration with business 
development client liaison and. crucially, people management 

Ideal candidates probably in their late thirties or forties, will require an equal degree of flexibility 
showing attention to detail yet broad strategic vision. We have no real prejudices regarding professional 
qualifications (although an accounting background may bo useful) - we are more interested in a 
demonstrably successful track record in financial services encompassing administration and people 
management skills. 


We would expect the right candidate to be capable of promotion to run the whole operation in due 
course so we require a broader view - credibility, confidence and commercial awareness are of paramount 
importance. 


Career progression is first class and the flexible salary/benefits package coupled with a very pleasant 
island lifestyle make this a very attractive opportunity. 

Please send full career details, including current salary package, quoting reference A2160 to 

Malcolm Lawson, at Codd Johnson Harris, Human Resource Consultants, 

12 New Burlington Street, London W1X IFF. 


m. 


Codd • Johnson • Harris 






Rc*vii> 


K*W 




FINANCIAL TIMES FRIDAY JULY 29 1994 


CORPORATE FINANCE 

MANAGERS - NATURAL RESOURCES & UTILITIES 

N M Rothschild Sons Limited is an international merchant bank with a strong 
reputation for its corporate finance activities. 

As part of the Bank's Corporate Finance Division, the Natural Resources and 
Unlities Department provides corporate and project finance services ro the 
oil and gas, mining and utilities industries worldwide. With a range of services 
including acquisitions and disposals, restructuring and privatisation, and project 
finance advice, the Department represents a highly successful and growing part of the 
Bank's activities. 

As a result of continuing business growth, the Department now wishes to expand 
its team of professionals through the appointment of two new Managers. Both will be 
London-based, one focusing on natural resources and the other on utilities business. 

High-calibre candidates should be graduates with 3-5 years of relevant experience, 
probably gained in a relevant merchant banking or management consulting 
environment or in the mining or oil and gas industries. In-depth analytical and 
financial modelling skills must be backed by the desire ro move into a highly 
demanding and professional work environment. 

The remuneration package will be highly competitive, and excellent career 
prospects will be available for high fliers. 

In the first instance, please send your full curriculum vitae, in the strictest 
confidence, to: Rodney Lonsdale, Director of Personnel, N M Rothschild & Sons 
Limited, New Court, St Swi chin's Lane, London EC4P 4DU- 


• 4 + m - 

Vlan.-ii-rf'.; 


U * H * 

- A f f I ^ ^ 

f * 4 a « - * 4 tf * ' * 


\ . * * * * « n * " 

I * i L 4 I " » *• • 




N M ROTHSCHILD & SONS LIMITED 


Treip^ury Analyst 


* A efietfenging rbW«j a progressive environment 
ftdaiWng* f c.£23,000 + benefits 

Already '$ largest companies with a turnover exceeding 
. 1 £Jf.- b3&4a a^yi^ .pr^fcs^profit of over £230 million and a £400 million annual 
i irteMgtttf y dgr aiu m^'tfe Thames Water Group is continuing to grow rapidly. 
\yiihin our GroupFfriaricc division at our headquarters in Reading we now need an 
' experienced jaaaiyst to join our highly'SkiUed treasury team. 

Treasury is a key function providing an essential service to the Group's 
operational management and in this role you will provide vital support to the 
Assistant Treasurer (Cash Management). This will include day-to-day monitoring 
and analysis of key Group cashflows, both actual and projected, and the 
identification and monitoring of foreign exchange dealings worldwide. In addition, 
you will be responsible for the evaluation of risk hedging opportunities in relevant 
financial markets. 

A- graduate with student membership of the Association of Corporate 
Treasurers, you will have around 2 years’ corporate treasury experience, or have 
worked within a comparative banking environment, and have the commitment, drive 
and ambition to progress within this type of environment. You should be computer 
literate, with the ability to develop computer-based support systems to determine 
Groupwide operating exposures, and be familiar with LOTUS 123, Symphony and 
treasury software packages. 

Your salary will be geared to qualifications and experience. 
A comprehensive range of company benefits is also offered and includes 
performance-related pay. contributory pension and generous holidays. 

To join otir fast-paced team, please send your full career details to Tracy 
Handover. HQ Personnel. Thames Water Utilities. Napier Court 4. cfo Nugent 
House, Vastem Road. Reading. Berks RGI 8DB. 



Grek; 


Member of The London Stock Exchange 


■ » MERIDIAN 1 ■■■ 

SENIOR EX TRADER 

Our rtimi. a major European bank, a looking to hire a senior 
FX under to join their expanding U5S /SFr team. 

The Ideal candidate wHl have appr o xi m a t ely five years' experience 
in the FX markets and wfll haw had exposure to Options, 
Swaps, Deposits. ERA'S, and Spot trades. You will also have 
worked in more than one financial centre and be aonistamea 
to high-volume business. 

You must be a team player who enjoys a pressurised environment 
and has a broad knowledge of the financial markets. Fluency a 
German and French Is essential. 

•mis b a career opportunity for on individual with a strong 
personality arei a high level of numeracy. Evidence of computer 
literacy is Important. 

Please forward your c.v to SwahTurnbuD. 

Closing due for applications: 2txl August 1994 
25 Museum Street. London VC LA JJT. Fax: 071 4S7 3018 

Hi RECRUITMENT CONSULTANTS WM 


Institutional Research & Sales 

- Edinburgh - 
Utilities Sectors 

A well motivated individual with analytical and presentational stills is sought to join Greg 
Middleton's institutional team covering Utilities. The position has considerable scope for personal 
development within a growing institutional itockbroking business. Grog Middleton are focusing 
on key rectors of the UK equities market and wish to strengthen and develop coverage of the 
Elect riciiy, Gas and Water rectors. 

Greig Middleton’s business encompasses both a major private client bare and 6» developing 
institutional and corporate finance businesses serving UK and Continental institutions. 
Institutional stockbroking is based in the company's London and Edinburgh offices. 

The successful candidate for this position may come from a securities industry background, in 
nockbroking or fund management, or from within industry. The role envisaged comprises the 
generation of investment ideas, the production of written research and both telephone and 
presentational marketing to institutional investors. At least throe years rclevanr experience is a 
requirement for candidature. The position, while being Edinburgh based, will involve considerable 
travel within the UK in meeting companies and clients. 


Contact David CtmpbeO 
Greig Middleton €r Co Ltd 
10 Walker Street 
Edinburgh EH 3 7LD 

Teh 031 226 1234 


COMPLIANCE 

To MkamBiiaic uul ensonr M Kmbi 
cooplaace (soon SFa) a ray sol, fix 
yynvtirff Csy Broke n . San person <n 
proven ifl round Tjaet-office" expend 
rcquinnfc a ten* on pownon tod eiceft 
ufcny. C.V. ■* phone to Alien Jackson. Sill 
pie, bf London Watt. London EGM 51 

APPOINTMENTS 

WANT ED 

Investment Dir ector/ 

STRATEGtST/MARKETER 
Well apenenced jan-gmniaral lavesnoenS 
Dirccw* *u*> pfareo nek record s osla 
dvnunic challenge for nexi len years within 
6e2J of hr", } mvBsemnLglatal gnte p > 
rr.-^tr riag enter pnvae dim or h w i Hnri o m l 
Vied to Meting n and nnwaatg s team. 
WhiU also coriirist start-up s i t u ation . 
Write to Boi A21ZJ. Fuuncal Tmefc 
Oik SoulbwalL BaJfe. Louden 5E1 VHL 



THE SECURITIES AND FUTURES 
AUTHORITY 


PRINCIPAL 

POLICY 

ADVISER 

Client Assets 


SFA plays a key role in the regulation of the City. Its 1 300 Member Finns cover all of the most 
important primary and secondary markets in the LHC, including securities, futures, options, 
commodities, OTC products and corporate finance. SFA's membership spans the whole spectrum 
of firms from the largest multi-product houses to one-man corporate finance boutiques. 

The protection of client assets is one of the cornerstones of investor protection governed by the 
Financial Services Act. SFA is looking to recruit a Principal Policy Adviser to develop policy in the 
areas of client money and safe custody. Working: closely with other members of the Policy Division, 
the successful candidate would liaise closely with the SIB, other SROs, senior practitioners and 
professional advisers to ensure that SFA’s policy is practical and up-to-date. 

It is essential that applicants have a sound knowledge Of the relevant SFA rules or broad experience 
in working in a securities settlement or custody role. 

In addition, to these professional skills, the successful candidate must have sound judgement and 
excellent written and verbal communication stills. 

This position offers a salary based upon the relevance of previous experience and a range of 
benefits including company car (or cash alternative), non-contributory pension scheme, free season 
ticket, PPP and subsidised sports club membership. Additionally, SFA offers an extensive training 
programme specifically designed ro enable staff to increase their knowledge and enhance their 
technical and personal stills. 

To apply, please write with full career details stating your current salary to: Veronica Sherry, 
Recruitment and Employment Manager, The Securities and Futures Authority Limited, Cottons 
Centre, Cottons Lane, London SE1 2QB. Closing date for applications: Friday 5th August, 1994. 


TREASURY MANAGER 

with Banking experience 

A leading engineering and construction pic, of international 
repute, based close to the City, seeks an experienced Treasury 
professional to play a key role as part of the small treasury 
management team. 

A sound knowledge of day to day banking activities is essential, 
including the operation of letters of credit, preparation of mandate 
documentation, negotiation of UK and overseas borrowing facilities 
as well as a wide range of treasury management operations. Your 
track record must include deah'ng with complex documentation, 
involvement with overseas transfers, spot and forward contracts, 
options, find other treasury derivatives. Familiarity with contract 
bonding, parent company guarantees, and ECGD/export finance 
would be highly desirable. 

Ybu should possess a high standard of computer literacy and 
must have qualified as a member of the institute of Bankers or have 
an equivalent professional status. 

This is a high profile role with an essential need for excellent 
communication and presentation skills to operate successfully at 
alt (avals. 

We offer a competitive benefits package including a salary of 
c£30i»)p.a. 

To apply, in the strictest confidence, please write with fuU career 
details to PQ Box A2123, The Financial Times, 1 Southwark Bridge, 
London SE1 9HL 


SENIOR INVESTMENT MANAGER 
UK EQUITIES 

Principal is an expanding, independent 
investment management business with a 
culture of rewarding achievement. This 
position offers an exceptional opportunity to 
contribute directly to the performance of our 
client funds and play a major role in the 
Group's continued expansion. 

We are looking for a top quality graduate, 
with a minimum of 3 years’ relevant 
experience, probably within a larger 
institutional environment. You must have 
good analytical skills, be an effective 
communicator and pay keen attention to , 
detail but, most importantly, within this small, 
lean business, you must relish the prospect 
of working on your own initiative, being 
involved in strategy as well as stock 
selection and being judged on ability and 
performance. 

The competitive remuneration package will 
include the prospect of equity participation 
for the right calibre candidate. 


Please apply In writing enclosing a CV to: 

Miss Sara Gibbs f T J 

Principal Investment Management Limited r 

IB Sooth Park SevenoaJcs 

or telephone 0732 740700 PRINCIPAL 

lor further Information HVBSTUEHrMAWSBUBfriJIfflB) 


U.S. GOVERNMENT SECURITIES 

The London branch of a primary dealer in U.S. 
government securities is looking to employ a sales 
person, preferably a graduate, with two to three years 
experience in the fixed income markets. The 
successful candidate will exhibit good 
communication skills, be self motivated and fit easily 
into a small team. 

A competitive remuneration package is available. 
Please reply to box A2120, Financial Times, 

One Southwark Bridge, London SE1 9HL. 


Offf nnrnfth* 1 1 i i mnuM iil investment Hut* 

wishes to strengthen their sales team ant ^ appoint am 

INSTITUTIONAL SALES EXECUTIVE 


Kw^ i fenr Package 


C&y Based 


.Repotting direcaly to ihc Heart of Fixed S*Vi. Emope, yoo vfll be responsible fbmffing 

fiird imxvjK to * Safes CUc* twsc- b is raotkl that yon tavr si least 4 *can 

experience of KUns tfas type of paxfaa into itac tnstiaakna] Swiss motet, oc aman 
knowledge raMt^uK g in ihh ftuw , 

Aped mid 20’s u Ws. a (toon French speaker, you rimed ha mbitim with exteUotf 

.t frf <jhTh, RM&jHadty wUb ike Snds culture woafld be a dtarinci 

ctfcraactgc- Being abfc to on yoor pot anbuivc wtib tfg m i ntn i mn of an|ici\i aion be 

puj tO JOQT SBCCC58. 

Interested applicants stookl write, endosiiig a cones* CV to: 

flic 

PMC h n em a iitM Bt Ltd. FtanMyn titme. 3S/4Q Bcfl St, Rebate. Stej. RR7 2BA. 


I FX/Derivative Traders 

Major expansion of dealing activities of leading City-based 
institution requires additional traders. You should be young, 
dynamic and have experience trading major EMS currencies or 
derivatives. A minimum of 3-5 years experience with good market 
contacts. Send C.V. and details of current remuneration to: 

P.O. Box A2122. Financial Times One Southwark Bridge, London SE1 9HL. 


I Opportunities with Deutsche Bank Gruppe I 


J.ou are a senior portfolio 
manager On your thirties or earfy 
fourtiosj with at feast four years 
of experience in managing 
global balanced portfolios for a 
successful asset management 
company. You have an advanced 
university degree In economics, 
business administration or re- 
lated field, and you are familiar 
with the application of modem 
valuation methods for equity 
and fixed income Instruments. 
Fundamental analysis, combined 
with quantitative methods, are 
the driving forces behind your 
investment decisions. These are 
implemented and controlled In 
a result-oriented and disciplined 
team approach. 


Xou enjoy working in an 
international environment, 
have a fluent command of 
English and preferably some 
knowledge of German. You 
have a EU -working permit. 

H your credentials meet these 
criteria, we would like to offer 
you an opportunity within our 
Portolio Management Team. 

As head of the Balanced 
Accounts Team you are respon- 
sible for our global balanced 
mandates and budget matters. 
You are a member of the 
Asset Allocation Committee 
and your investment decisions 
are based on our jointly 
designed global Investment 
strategy. 


Experienced Senior 
Portfolio Manager 

for global balanced mandates 


Wholly-owned by Deutsche 
Bank AG, we are the Frankfurt- 
based independent institutional 
asset management company, 
managing US S 6.8 billion for a 
globally diversified institutional 
client base. We offer challenging 
and exciting career opportunities 
and a competitive remuneration 


package including additional 
benefits. 

Please forward your resume 
to Heifce Baur, Deutsche Asset 
Management GmbH (DBAM), 
Bockenhaimer Landstr. 42. 
D-60323 Frankfurt am Main. 

■ Let's talk about it. 


Deutsche Asset Management 

Deutsche Bank Gnippa 


m 


Senior FX 
Sales Position 

Our diene is a major US Super-Regional bank with 20,000+ employees worldwide, 
and is seating a high-calibre, ambitious individual to join their London Treasury 
team. The London operation has been established for over 20 years, is a highly 
profitable business centre, and is seeking to continue their expansion in Capital 
Markets. They now require a highly motivated team-player to become an integral 
member of their Treasury Department. 

This is an rare opportunity for a pro-active individual to become a senior member of 
a dedicated mattering desk, selling FX products to a diverse UK and European " 
1 Institutional and Corporate client base. This high-profile position reports directly to 
the Treasury Manager, with strong potential for future management opportunities. 

Successful candidates wil] have a minimum of 5 years’ experience of front-office 
Treasury /Trading activity. Marketing/Sales experience is essential .with some hands- 
on FX trading desirable. 

An attractive base salary with bonus and foil hanking benefits are offered. 

Please apply in writing, enclosing a full curriculum vitae in cluding salary details, and 
quoting reference 046A, to the Response Manager, Barters Response and 
Assessment, 30 Farringdon Street, London EC4A 4HA. 

Voter CV mill bejbnatxrded to this client only. Please, indicate any company 
to zokxchyour details should not be sent. 


LONDON TEL 071 - 3 M QC 78 
BJUSTOL- HOtMZNGHAAt 
NOTTINGHAM - MANCHESTER 
GLASGOW- EDINBURGH 



“CXUnWBNT AOVEEtmSDn} 

RESPONSE HANDLING 

CANDmATB ASSESSMENT 
GRADUATE KBCRUrTMENT 
EMmnrmCOMMUNlCATKMS 









24 


FINANCIAL TIMES FRIDAY JULY 29 1994 


HELPING THE GAS INDUSTRY TO MOVE ALONG NEW UNES, 
HELPING YOURSELF TO DEVELOP NEW INSIGHTS 

Economics Directorate Manager 

£25,000 -£35^000 -London 

OFGAS, the Government Department created to shape and guide the future of the British gas industry, is 
now looking for a talented industry-professional to join their Economics Directorate in the senior role of 
Manager. 

The Economics Directorate is responsible for taking forward the recommendations resulting from 
the Monopolies & Mergers Commission Inquiry into the British Gas monopoly and the British gas 
industry as a whole. This includes the responsibility for implementing price controls on transportation 
and supply which are due to take effect in 1997. 

As a Manager of the Directorate, you will be providing quantitative and analytical support, 
particularly for the introduction of market competition into gas supply, as well as playing an important 
part in helping to develop new pricing regimes for gas transportation and supply. 

Most probably a graduate with excellent analytical and quantitative skills, you must have a good 
knowledge of die Gas industry combined with the ability to quickly develop an in-depth understanding 
of the current British Gas transportation and storage systems. A knowledge of pricing for access to a 
transportation system would be a distinct advantage. 

Apart from the satisfaction to be gained from playing an active part in re-shaping one of the 
UK's major industries, this could be an important career move enabling you to be at the very heart of 
the future of the gas industry. 

This appointment is for three years with the possibility of an extension and relocation expenses 
will be considered. 

For further details and an application form (to be returned by 19th August 1994), please write to 
Rec ruitm e n t & Assessment Services, AJencon Link, Basingstoke, Hampshire, RG21 1JB 
or telephone Basingstoke (0256) 468551 or fax (0256) 846660/846374. 

Please quote reference: B/2236/95. 

An equal opportunities employer. office of gas scppl 


r/s 


OFGAS 


CHANGE MANAGEMENT 

A Leading Consultancy Role 
Back Office Operations - Investment Banking 

Thames Valley Significant six-figure package 


Our Client is one of the best-known and most respected 
names in its field. A fast-growing, highly innovative 
Management Consultancy, it has an outstanding trade 
record for delivering dramatic, measurable performance 
improvements for its clients. A recognised pioneer in 
change management and in the techniques of Business 
Process Re-engineering, it has earned a strong following 
in the Financial Services industry. 

You will be expected to play a pivotal role in managing 
the design and implementation of projects - principally in 
the investment banking sector - to drama dolly improve 
the cost base and operational efficiency of back office 
operations. The current focus is likely to indude settle- 
ment, exposure and portfolio management methods and 
issue authorisation, moving towards the ‘middle office* 

approach. In addition to managing 

the structure and delivery of major ‘ 

projects, you will be dientfadng at t T^c| 

the highest level, acting as a 'centre ¥ VxJ 

of excellence' in your field of ASS€ 

specialisation. 


A graduate professional or MBA you will have developed 
a wide working knowledge of the main information needs 
and flows in the sector. You are likely to have specified 
and managed die implementation of at least one major 
project or change-management initiative in the above 
areas. You are also likely to have strong n appreciation at 
the user-specifier and macro system- function levels. Your 
practical, pragmatic flair will be balanced by mature 
communication, leadership and motivational styles. 

The informal, unbureaucratic working environment 
stretches, exhilarates and offers unrivalled opportunities 
for earnings growth and personal development. Please 
write initially to us. as Selection Advisers, quoting 
reference number 9437. We will ensure the total con- 
fidentiality of your response. 


LICHTIN 

Associates 


Lichtin Associates Ltd. 
Coltry House 
6, Evelyn Road 
Worthing. West Sussex 
BN148AY 
Fax:(0903)218334 


Canada Life Assurance, with worldwide assets exceeding £ 1 0 billion and a Iriple-A rating 
with Standard & Poor's, is relocating its Equity Department to the City in September and has an 
immediate vacancy for a 

FUND MANAGER 

Reporting to the Equity Manager and forming part of a talented and professional 
Investment Department, you will form part of our UK equity team. You will be expected to 
make a strong contribution to a team-based UK sector and stock selection process, including 
management af specific portfolios, and will also spend part of your time specialising an a 
more personal basis on either income or smaller capitalisation stocks. 

To succeed you will be a graduate calibre individual with a minimum of two years' relevant 
experience in institutional UK equity management, and the desire to retain or achieve 
involvement across the Full span of market sectors ond capitalisations. 

We offer a competitive salary dependent on ability and experience, including a substantial 
performance-related bonus and other benefits associated with a major financial organisation. 

In the first Instance please write In confidence with full personal and career details including 
cunent/last salary levels and benefits package to: Mrs J Taffl ', Personnel Department, Canada 
Life Assurance, Canada life Place, High Street, Potters Bar, Herts EN6 5BA 

fi Canada Life 




TRAINEE 

MANAGER 

2 individuals aged 
23-35, with sound 
academic background 
required. Experience not 
necessary but the ability 
to assimilate on both a 
technical and 
conceptual level is 
essential. Potential to 
progress to senior 
managers with full 
profit participation in 
2 to 3 years. 

Call: John Grossek 
on 077-240 4943 



HYPERION 

Training 

PROFESSIONAL TUTORS 
SECURITIES & DERIVATIVES TRAINING 


LONDON (CITY) 


competitive Package 


Hyperion Training Limited is a young dynamic company now firmly established as 
the leading provider of training for the investment industry. 

Due to rapid expansion we are seeking to recruit additional tutors to join our team of 
professional trainers. Both established tutors and market practitioners with teaching 
experience will be considered for these positions. 

The successful applicants will possess the following qualities: 

• Enthusiastic commitment to teaching 

• Sound understanding and knowledge of the financial markets 

• First-class communication and technical skills 

Please write in confidence enclosing full CV to Marcus King ai the address below: 

Hyperion Training Limited 

4th Floor. 3 London Wall BnU&ags, London WaU, Louden EC2MSPD 
Telephone 071 374 4007 Fax 071 374 4003 


APPC mTMENTS 
ADVERTISING 

appears in the UK 
■ edition every 
-Wednesday & 

" — Thursday . . 

and in the .' 
International edition 

every Friday 

Far further 
information please 
. call: 


Gareth Jones 
on 071 873 3779 

Andrew 
Skarzynski 
on 071 873 4054 

Philip WrigJey 
on 071 873 3351 

Brian O'Neill 
on 071 873 4027 


Challenging opportunity in a progressive department Scope to become Director in 4 years. 


CJA 


ASSOCIATE DIRECTOR - PERSONNEL 
FINANCIAL SECTOR 


CITY OF LONDON £40,000-£48,000 

LEADING INTERNATIONAL INVESTMENT BANK 

We invite applications from candidates, likely to be aged 35-45, with a minimum of 5 years’ 
generalist personnel experience in financial services, ideally in an investment or merchant bank 
with computerised personnel systems. The responsibilities are wide ranging, including the day to 
day management of recruitment and training and the resolution of HR issues. There will be the 
opportunity to contribute to the personnel policy for the UK and Europe. Candidates must be 
forward looking and have credibility. The powers of persuasion and resilience to take an active 
role in producing innovative responses to the day to day issues and to developing policy, 
administrative procedures and systems are essential. Initial remuneration is negotiable £40,000- 
£48,000 + bonus and full benefits package. 

Applications in strict confidence under reference ADP4988/FT to the Managing Director, CJA. 

Scope for career development to grow with an AAA rated bank. 

Knowledge of German will be a strong advantage. 

^ SECURITIES 

SETTLEMENTS OFFICER 

CITY £1 8,000-£24,000 

MAJOR INTERNATIONAL INVESTMENT BANK 

Applications are invited from Securities Settlements Officers with at least 12 months' experience aged 20- 
26 years old. Experience preferably in Eurodear, Cede! and/or Midas. Reporting will be to the Supervisor 
of Securities Settlements and responsibilities will cover securities settlements broadening into swaps and 
futures. A full training will be provided if necessary. Initial salary negotiable £18,000-£24,000, subsidised 
mortgage, pension, life assurance, free medical insurance. Ref: SS0386/FT 

Jt T TRAINEE 

CREDIT ANALYST 

CITY £16,000 -£20,000 

For the same client we invite applications from university graduates, german speaking aged 21-23 who will 
be computer literate. The work will involve analysis of Corporates and Financial institutions both Continental 
European and U.K. A full training will be provided, numeracy and a deep interest in company analysis is 
important Initial salary negotiable £1 6,000-220,000, subsidised mortgage, pension, life assurance, free 
medical insurance. Ref: TCA387/FT 

Applications in strict confidence quoting appropriate reference to the Managing Director, ACP 


M\!n 


opp* 


>i limit 


Nil! p \ VIH 


y 


MAR KE T MANAGEMENT 

FINANCIAL INFORMATION 

Knight-Ridder Financial, a division of the $2.6 billion Knight-Ridder 
Inc., is one of the leading global providers of real-time and archival 
market news, price information, market analysis and technical analysis 
tools to the financial and commodities sectors. 

With the rapid growth of our business around the globe, new 
opportunities now exist to enhance our levels of expertise and dynamism 
in all areas nf the financial marke ts : 

EUROPEAN MARKET MANAGER 

Foreign Exchange & Money Markets : Based London 


AMERICAS MARKET MANAGER 
Derivatives 


EUROPEAN MARKET MANAGER 


Sovereign Debt 


: Based New York 


: Based London 


In these senior roles, you will be responsible for developing 
strategies & action plans which will continue to grow our business, and 
yon will also be actively involved with our sales teams in providing 
clients with the expertise to best utilise our information products. 

To apply for these positions you must have at least 5 years experience 
within the trading room environment covering FX, European Bond 
Markets and Derivatives with a thorough practical knowledge, of 
analytics and technical analysis trading studies and proven experience in 
a range of marketing disciplines including business planning, market 
research and analysis programmes, product positioning, product 
development and marketing c mTrnmnicflrinnii programmes. 

These are high profile positions in KRF & the industry, and will require 
an individual with initiative, tenacity, good judgement, strong 
communication skills and a high degree of self sufficiency. 

If you feel you can matchup to one of these chaTlepging positions please 
fax or send your CV (including details of your current remuneration) to: 

Sandra Rawlings, Personnel Manager 
KR House, 78 Fleet Street, London, EC4Y 1HY. 

Fax No: 444-71-353-2404 


irSI KNIGHT-RIDDER 
IfiU FINANCIAL, INC. 


•; a soss 

A: sv'SOMY 


\J.. - V» * toy* 

: MAI 

' V< iJASfcO 

■ - 

■:tA *i 
• 3*f! 

• 

-wet.*.- \'h COR# 

•• :T*>. !> 
*■ 


•’ iS-i'KlOO 


010 BROAO ST-Rt 
Sserch 4 


FT/LES ECHOS 

The FT can help you reach additional business readers in France. Our link with the French business newspaper, Les 
Echos, gives you a unique recruitment advertising opportunity to capitalise on the FTs European readership and to 
further target the French business worlcLFor information on rates and further details please telephone: 

Philip Wrigley on 071 873 3351 








w 




FINANCIAL TIMES FRIDAY JULY 29 199 4 


MMS 

I NTERNATIOSA- l. 

snmuDtmm 


Financial Mamet Anausts 

MMS International Is tbe leading provider of oo-ltoe foreign exchange and bc*td 
market analysis, read by over 20,000 participants in the financial markets. It 
offers specialist services carried on Reuters, TBlerate and other raqjor teal' 
time financial information systems used hi trading rooms around the world. 

We are seeking to further develop our analysis of European mq rit pfa * and 
are, therefore, looking to recruit fundamental market analysts, either with 
postgraduate economic qualifications or relevant market experience, to join 
our London based group. Positions are available in both oar Euro pea n 
bond and global currency teams. The ability to react quickly with hand 
anatyms in response to marital moving events will be lay to success in this 
environment, in addition to maintaining a longer term fundamental view 
on individual countries' economic and market outlooks. Written and spoken 
fluency in English and an additional Bampaan languag e are rpqniryd 

In addition to the above, MMS International have a position available for 
a Technical Analyst who should have two to three years experience In a 
foreign ex cha nge environment, preferably using technical analysis in their 
current position. 

These positions offer an attractive salary and benefits package, together 
with excellent career opportunities in a growing international organisation. 
Please apply in writing to: 

Fioultadal 

MMS International, 14 Ryder Street, & James’s, London SWVY 6QB 


rtmroiT 




Opportunity for Returnee to Jordan 


The United Nations Relief and Works Agency for 
Palestine Refugees in the Near Fast (UNRWA) 
wishes to meruit a Senior Auditor (EDP1. 

The job will principally comprise EDP auditing 
including evaluation of the operating environment 
and application systems, technical support for and 
training of audit staff, analysis and design of computer 
assisted audit techniques, evaluation of software 
packages and financial and operational audits. 
Essential qualifications indude: 

University degree in computer science or related 
field; membership in a professional body of 
accountants; ten yean auditing experience with a 
mix between EDP auditing/security and financial, 
operational program auditing ; experience with PCs in 
a LAN and distributed computing environment; 


UNITED NATIONS 


SENIOR CROSS BORDER 
ADVISORY 

Two senior vacancies exist for 'European 
Mandate getters’ covering complex highly 
structured tax based capital financings, eg 
airoraitiiaa/lr^astruc&ireArtiities, etc. Fluent 
French or German preferred. 

Neg £6Q-£8Q,000 + high bonuses etc. 

INTERNATIONAL MARKETING 
- TAX BASED 

A merchant bank seeks high calibre graduates 
aged 26/30 years with cross border business 
development experience gained In asset/ 
aircraft/structured finance. Excellent career 
opportunity. 

Salary £30-£35,000 + bonuses etc. 

MARKETING UK CORPORATES 

Vacancies exist for graduate bankers aged 
28/36 years with sound credit/risk assessment 
skills and currently in a new business 
development role, specialising in medium to 
top 200 UK corporates. 

Salary range £35450,000 + benefits. 


working experience in both die user and computing 
are as; and experience in training staff. 

This senior local staff post in Amman, Jordan, carries 
an attractive and competitive package of salary and 
benefits. In certain circumstances, appointment and 
separation travel may be payable and a limited 
amount of personal effects may be shipped on 
certain conditions. 

Applications should be addressed to; 

The Coonfina tor ■ 

UNRWA Headquarters Branch (Amman) 

PXJ.Box 700 

A-1 400 Vienna, Austria 

or faxed directly to Amman, Iordan (No. M 9626 - 
8261 77) not later than 1 5 August 1 994. 


NATIONS UNIES 


GRADUATES CREDIT 
ANALYSIS 

A senior banking analyst capable of 
vettng/recommending high value lending/ 
structured finance proposals. £30-£38£00. 

This major leasing company urgently seeks a 
graduate with experience of asset finance to 
indude credit and cadi flow analysis, 
documentation, pricing, ideally with vendor 
programmes experience. £30-235^)00. 

EUROPEAN 
EQUITIES FM 

Large UK group require an additional manager 
to join two others. The cMent would like -a 
country specialist who can stock pick in a top 
down environment. c£30,000. 

FIXED INCOME FM 

To manage O/S corporate funds in global FI. 
Experience of bonds, futires options, currency 
overlays and derivatives, c 3 years of managoig 
funds. E30-E40J100. 


zj OLD BROAD STREET BUREAU 65 London Wall. London EC2M 5TU 
i-T=j Search & Selection Consultants Tel: 071-533 3991 Fax: 071-588 9012 


CRANDFIELD LTD 

Crandfield is a specialist corporate and financial public relations consultancy, 
formed last July by an MBO of an old established firm, which is now 
wholly-owned by its Directors. 

We are moving shortly to new offices In the City, and we now wish to recruit 
experienced people able to make a significant contribution to meeting our 
clients' communications challenges. 

Candidates may come from a wide range of backgrounds. While these will 
include communications consultancy and in-house positions, they may also 
involve careers in merchant banking, the securities industry or the media. 
Intelligence, and a high degree of written and verbal skills are prerequisites, 
together with a desire to participate in the growth of a business. 

Crandfield offers all its staff a performance -orientated remuneration package 
which at the highest level may include access to equity. 

If you want to help build on our initial success, please write to: 

Brigid Wilkins, Crandfield, 4-12 Lower Regent Street, London SWlY 4PE. 


AMSTERDAM 

Dutch Equity Sales 

Our client has a long established name in the Dutch market with an 
excellent reputation for equity research. As an Integrated part ol a 
major International securities house they now seek a high calibre 
Individual to further develop their sales of Dutch equities. 

The role will Involve joining a successful sales team based in 
Amsterdam whilst liaising closely with the general European team In 
London. The task will be to provide a direct service on the Dutch 
market and Increase sales with UK based institutions. 

Candidates should be in their late 20s or early 30s with at least three 
years Institutional equity sales experience, possibly gained as a 
European equity generalist but Ideally as a Dutch specialist. Knowledge 
of the Dutch language will be an advantage but Is less Important than 
demonstrable sales ability. 

For an Initial discussion in confidence please contact, us quoting 
reference 4967 at 20 Cousin Lane, London. EC4R 3TE. Telephone 04 1 
236 7307. or Fax 071 4S9 1130. 

STEPHENS 

SELECTION 


Investment 

Positions 


South Africa 

Old Mutual employs one of tbe top investment 
teams in South Africa with £22.2 billion nnder 
management. Standards of excellence in 
research, dealing and portfolio management are 
important as is a culture of professionalism and 
high achievement 

Due to expansion, we cmrently seek accom- 
plished Portfolio Managers and Analysts (equity, 
bond and derivatives') capable of demonstrating 
flair, originality of thought, high levels of 
commitment and professional ability, as well as 
a strong oducational background. 

A significant performance- based remuneration 
package will be negotiated with successful 
candidates. 

Those interested should send a comprehensive 
Curriculum Vitae in strict confidence on telefax 
+ 27 1 1 783 0229 or c/o Cathy Dowsley, PO Box 
1725. Parklands 2121, Republic of South Africa. 




I. D. E. A. 


"the essence of market intelligence" 

BOND STRATEGIST 

1-D.E.A.the premier on line analytical service 
seeks a senior Bond Strategist to join its global 
research team in London. The ideal candidate 
should have experience in an analytical and/or 
trading role in the credit markets and is 
comfortable with working in a fast paced 
environment. Responsibilities include writing 
and coordinating credit market commentary in 
conjunction with our team of 
analysts/economists, contributing to the 
formulation of IDEA medium and longer term 
forecasts and enhancing the development of 
IDEA products to the fixed income and credit 
markets. Widespread client and media 
coverage are also encompassed within the 
position. 

In exchange a competitive package is offered. 
Please forward your CV to Mike Gallagher at 
IDEA Ltd, Lincoln House, 296 High Holbom, 
London, WC1 V 7JH or phone 071 430 2888 


EUROPEAN EQUITY 
STRATEGIST 

A leading global investment bank has created a new 
position within its Economics and Equity Strategy te am . 
The position is based in London, and will offer the right 
person enviable career prospects and the opportunity 
to work with a team of talented and established 
professionals. 

The successful candidate will be educated to Mascers 
Degree level, have a strong economics or financial 
background, and a minimum of two years work 
experience in financial market analysis. He or she will 
possess excellent quan ti tative stalls and tremendous 
enthusiasm for the macro analysis and forecasting of 
Europe’s equity markets. There is also a requirement For 
a high level of written and verbal presentation, skills. 

If you fit this description, and would relish such an 
opportunity, please send your detailed CV, with 
covering letter and any relevant examples of work, to 
Box Number A2118, c/ o The Financial Times, Number 1 
Southwark Bridge, London SEl 9HL. 


APPOINTMENTS WANTED 


Private Client Investment 
Advisor/Dealer 


SFA registered Rep./ Eight years extensive & 
complete stockbroking experience. Excellent 
presentation and interpersonal skills. 
Challenging Position Required 
Write Box A2102, Financial Times, One 
Southwark Bridge, London SEl 9HL 


Corporate Finance/M&A 
/Development Capital 

UK merchant banker, MBA, resident for 12 years in France 
with experience of cross-border Corporate Finance and 
Development Capital activities seeks interesting opportunity 
on a full-time or consulting basis. 

Full mobility within Europe. 

Write Box A2112, Financial Times, 

One Southwark Bridge, London SEl 9HL 


A STEPHENS CROUP COKSMTAJWT : 
. Luodoa Edtebatb New Yotfc Hmf Kaef I 


Financial Analyst; Corporate & Banks 

Fluent in English, working knowledge of German. 5 years 
experience on an international scope and in France. Sound 
educational and professional background. Recent developments: 
derivatives products and trie setting-up of the ALM reporting in a 
branch. Seeks challenging new position. 

Write BoxA2055, Financial Times. 

One Southwark Bridge, London SEl 9HL 


Fund Management 

Have yon been trained in fundamental research? 

Are you a stockplcker? 

Do you have an enviable track record? 

Are you looking for a fresh challenge? 

Are yon looking for a career change? 

Are yon in your late 20's? 

Do you have 2/5 years experience of XJK/overseas equity markets, 
fixed income or marketing? 

If yes... 

and you would like to discuss current market opportunities, and your 
career development please call Martin Symon on 071 62 3 12 66 

Jonathan Wren Sc Co. Limited, Financial Recruitment Consultants 
No. l New Street, London EC2M 4TP TeL 071-633 1266 Fax. 071-626 5259 


JONATHAN WREN EXECUTIVE 

I 


CAREER OPPORTUNITIES 
IN INDONESIA 

A leading Jakarta based Securities firm is looking for qualified candidates with 
university degrees for the following positions: 

1. EQUITY SALES (E8) 

• Degree in Finance or Business related. 

* Minimum 3 years experience in Equities Sales or as a Securities Analyst. 

■ Must be highly self motivated and results driven. 

• Excellent spoken and written English. 

2. SENIOR RESEARCH ANALYST (SRA) 

• Degree in Finance or Accounting preferred. 

* Minimum 5 years working experience as a Securities Analyst 

* Excellent written English required. 

• Self motivated and able to work independently 

3. ENGLISH TECHNICAL WRITER (ETW) 

* Degree in Journalism or English Literature. 

* Writing Experience (for Business Media preferred). 

• Financial & Industrial technical writing experience preferred. 

■ Financial or Accounting background a big plus. 

PT Makindo Securities offers complete expatriate package commensurate with 
qualifications and experience. Please fox all correspondences to: 

(5221) 375 784 or 570 1747 or Telephone: 6221 384 5858 

Lee Couhault 

PT Makindo Securities 

3rd floor Gadung Burse 

Jt. Medan Merdeka Selatan No. 14 

Jakarta, INDONESIA 



CLIENT INVESTMENT REPRESENTATIVE 

The Company is part of a major International Private Bank operating in 19 locations 
worldwide. 

Our Investment Department currently has an opening for a Client Investment 
Representative who will be part of a team located in Guernsey. Channel Islands. 

Our requirement is for a talented and proactive professional with at least 10 years 
investment management experience and more recently at senior level. Ideally 
candidates should have a recognised degree plus HMR or CFA equivalent professional 
qualifications. 

You will be primarily responsible for maintaining and developing our private banking 
client investment management relationships and will also have marketing and new 
business responsibilities for our investment management service. 

The successful candidate will be offered a competitive remuneration package including 
relocation and housing and will enjoy the benefit of living and working in a low tax, 
attractive offshore financial centre. 

If you feet you meet all the above criteria please write enclosing a detailed Curriculum 
Vitae to: 

Paul Doyle 
Managing Director 
Courts & Co (Guernsey) Limited 
• P O Box 16, Courts House 

Lc Tnichot St Peter Port 
Guernsey GY1 4 AH 


PYRFORD INTERNATIONAL PLC 

Worldwide Investment Managers 

Career Opportunity - Equity Potential 

We are looking for a special person - someone with the ability to effectively 
communicate Pyrford's investment process and strategy to an audience of clients, 
potential clients and investment consultants. Applicants may presently be employed in 
an investment management company, a firm of consulting actuaries or related 
discipline. Prior marketing experience is not essential but commitment to success is. 

It is essential that the successful applicant have the ability to perform within a -anntt 
committed team and require minimal supervision. The role can be tailored to the 
individual's special talents and amibitions and provides a platform for a solid career 
path amongst a dynamic group of people. 

Remuneration will be sufficient to attract the right person. An equity incentive is also 
offered. 

The Company 

Pyrford is an independent, small and grouting global investment manager speci alising 
in the pension fund area. Employing 27 people in total, the company has five 
worldwide locations and operates an integrated investment management service with a 
distinctive product 

Please write with full CV and daytime telephone number to; 

Bruce L Campbell. Group Chief Executive 
Pyrford International Pic, 79 Grosvenor Street. London , England W1X 9DE 















26 


FINANCIAL TIMES FRIDAY JULY 29 1994 


★ 


ACCOUNTANCY COLUMN 


Creative catch from Atlantic’s muddy waters 

Andrew Jack on a report that highlights one of the most extraordinary corporate episodes of the 1980s 


T he story of Atlantic Computers 
began with all the continent- 
bridging energy that the name 
the company implies, and ended up 
unceremoniously drowning directors, 
investors and advisers alike. 

Last week’s highly critical report 
from Department of Trade and Indus- 
try inspectors fan Investigation Itself 
costing a gargantuan £6.5m spread 
over four years) hi g hli gh ts one of the 
most extraordinary corporate epi- 
sodes of the 1980s. 

Atlantic ws founded in 1973 to pro- 
vide leasing. lease-financing, broking, 
and the sale of computers. It would 
order computers, arrange lease terms 
and sell them to customers with bene- 
fit of leases. It was floated in 1983, and 
by 1988 was gobbled up by British & 
Commonwealth, the listed financial 
services group, for £408m. Two years 
later, both Atlantic and its new par- 
ent had collapsed. 

Including additional money injected 
since 1988, B & C had made an invest- 
ment of £485m - or nearly half of its 
assets - by April 1990, when it was 
rewarded by the suspension of its 
shares and the appointment of admin- 
istrators. 

Between 1983 and 1988, Atlantic had 
reported aggregate pre-tax profits of 
£127.6m. According to the DTTs two 
inspectors, had it been accounting 
prudently, it would have reported no 
significant profits at alL 
The inspectors conclude: “Through- 
out its life Atlantic employed a num- 
ber of commercial and accounting 
devices to increase its reported profits 
and postpone impact of its contingent 
liabilities”. 

The root cause of Atlantic's prob- 


lems, they argue, was a simple busi- 
ness one: the lack of commercial via- 
bility of its core product, known as 
Flexlease. The company was able to 
keep these troubles concealed by the 
way in which it accounted for profits 
and failed to make provision for the 
contingent liabilities it incurred. 

From the late 1970s till the mid 
1980s, accounting rales and capital 
allowances in the UK “were favoura- 
ble for leasing as opposed to other 
forms of financing”, as the inspectors 
euphemistically put it. 

Flexlease offered a six-year lease, 
with the scope for two options: “flex” 
(allowing renegotiating for a new 
agreement after three years) and 
“walk” (to terminate the lease after 
five years). The options gave rise to 
large potential liabilities. 

The inspectors say that Atlantic's 
directors counted on the gross liabili- 
ties of the leases being reduced by 
earnings on replacement leases. 
Future profits were anticipated to 
cover current losses which were not 
provided for in the accounts. 

This was. they say, “an unsound 
basis for a long-term business”. It was 
only viable if there was a sound basis 
for believing that file future residual 
value of returned computer equip- 
ment would at least equal the cost of 
meeting the outstanding lease obliga- 
tions at the flex and walk potnts in 
the lease. The past pattern of depred- 
ation suggested otherwise. 

The inspectors say there was also 
“an element of commercial deception” 
inherent in the arrangement. The 
walk option was a clear obligation, 
but the flex option was worded in a 
way to apparently suggest there were 


contractual rights to exchange equip- 
ment when these were probably 
legally unenforceable. 

So Atlantic reported the grass mar- 
gin in full as profit in the year each 
lease was sold. It made no advance 
provision for potential liabilities 
attached to the flex or walk obliga- 
tions. It also offered no disclosure of 
the walk obligations in the accounts, 
while the flex obligations were noted 
but their magnitude not included. 

These two elements rendered Atlan- 
tic's accounting policies "imprudent”, 
and meant that the accounts were not 
“true and fair” at least since 1983 and 
possibly since the commencement of 
the company. It was. In short, able to 
report substantial, fast-growing prof- 
its while large potential liabilities 
were built up but not disclosed. By 
early 1989 the gross potential (and 
unrecorded) liabilities of the walk 
options were £lS0m. 

The report suggests that the Atlan- 
tic directors also indulged in a cata- 
logue of other creative accounting 
devices. They reported as profit the 
estimated value of residual interests 
in leased computer equipment. They 
used “artificial" routes to justify the 
accounting for the acquisition of two 
businesses, ICA and Coracap, and cre- 
ated a company with inadequate 
records for monitoring. 

Atlantic postponed Its contingent 
liability problem through a wide 
range of techniques. It adjusted the 
treatment of its own-book leases 
financed by hire purchase. It used two 
ways to generate incorrect accounting 
for transactions close to the year-end. 

First, it mismatched revenue and 
costs by failing to record all costs 


connected with a transaction in the 
year in which they were reported and 
by backdating transactions. Second, it 
employed duplicate acceptance notes 
on leases, with the date left blank or 
typed in after customer signatures. 

Between 1981 and 19SS it made five 
prior year adjustments, "the common 
theme being a resulting benefit to 
reported profits", as the inspectors 
say: through stock adjustment, 
changes to "unsound" or "illegiti- 
mate" accounting policies. 

When the size of Atlantic's liabili- 
ties emerged in 1989, the directors 
decided not to tell the auditors. The 
1988 accounts required a provision for 
walk obligations of £175.9m. The 
inspectors say that much effort went 
into se eking an “accounting solution" 
to deal with liabilities without damag- 
ing current profitability. 

W herever there is question- 
able accounting, the spot- 
light needs also to turn to 
the auditors, of course. The report 
provides intriguing insi gh ts into the 
way in which Atlantic and 
B & C handled a number of large 
firms of accountants. 

In fact, many of the problems with 
Atlantic's accounting were picked up: 
in a draft report at the time of Atlan- 
tic's flotation by Price Waterhouse, 
for example - and in work conducted 
by KPMG Peat Marwick after It took 
over as auditor to Atlantic. What is 
worrying is how such danger signals 
were able to be concealed for so long. 

In 1982, Atlantic indulged in some 
“opinion shopping” with three firms 
to support accounting policy on 
leases. Two - Arthur Young and 


Deloittes - supported its existing 
stance, and their views were used to 
bolster its position. 

The company clearly put consider- 
able pressure on Spicer and Pegler, its 
auditor from 1983 till 1969, and now 
part of Touche Ross. At one point in 
1982. a draft report from Spicer, which 
included the comment “there exists a 
contingent liability”, was amended in 
the final version to read “time exists 
a possible contingent liability* 1 with 
additional wording that no such 
actual liability existed. 

Atlantic’s directors showed evi- 
dence of bullying their auditors. Inter- 
nal memos also suggested that they 
were worried that a switch to another 
firm of auditors might reduce the 
"flexibility” adopted by Spicer. 

The inspectors say that Spicer, in 
turn, foiled to develop a sufficiently 
deep relationship with the company. 

The firm had unrestricted access to 
the company's records, and should 
have been aware of scale of the walk 
clauses. Instead, it seemed prepared 
to accept the directors' assurances 
that no more than 5 per cent of the 
lease contracts had such clauses. The 
true figure was nearer to 90 per cent 
in some years. 

The inspectors suggest that Spicer 
provided weak auditing which 
allowed Atlantic's accounting to go 
unchecked. There were numerous 
deficiencies in planning for successive 

audits, anri shnrtmming s in ra frying 

out the work. 

It will be intriguing to see if any 
disciplinary actions follow from the 
Atlantic debacle. It will be still more 
interesting to see whether the profes- 
sion and business heeds its lessons. 


Financial Director 

CITY 

UP TO £55K. PLUS BONUS 

Our client, a recenilv acquired subsidiary of a 
lending French Service Oronp with extensive UK 

interests, specialises in providing high quality 
contract catering services. Current turnover is in 
excess of £20m and, although the majority of its 
clients arc City institmion-v the company is rapidly 
expanding its national presence. The company is 
building a new management leant to formulate 
and achieve future corporate objectives. 

As a Board member. v*»u will make a major 
contribution to the strategic direction of the 
business. As one of the management tram you 
will be expected to provide financial and 
commercial leadership in ihc day to day 
operations, with specific responsibility for the 
finance and IT functions. 

You will be aged 33-43 :uid a graduate AGA or 
ACCA. It is essential that you have at least ten 

wars* post-qualification experience, five of them in 
i* senior operational role. Experience in the 
catering industry is not :i prerequisite but you must 
be able to demonstrate career progression in a 
rcsults-orientated service environment. Our client 
expects technical competence and commercial 
awareness. Detailed knowledge of c*»mputerisrd 
accountancy and administrative systems is essential; 
M Sc A experience and a working knowledge of 
French would be advantageous. 

If you believe you have the enthusiasm to 
contribute to this growing company, please write 
quoting ref. FT200 enclosing lull personal, career 
and salary details to: Suianne Dobinson, 
Management Consultancy Division, Robson 
Rhodes. 1S6 City Road. London EC. IV 2NU. 

ROBSON RHODES RSM 

_____ — — — — - imanubonal 

Sanaa Chonefed Accountants MOB BB 


The Top Opportunities Section 

appears every Wednesday. For advertising information call: 
Philip Wrigley 071 S73 3351 





FINANCIAL CONTROLLER 

SAGA HOLIDAYS 


Salary c£40,000 plus benefits 

Saga Group, with an annual turnover of over £150 million, is the market leader in serving 
older people through providing a broad range of services including holidays, insurance and 
publishing, with markets in the UK and USA. 

Reporting to the Finance Director of Saga Holidays, the Financial Controller will play a 
key role in the management of the Finance Division as well as taking a pro-active role 
in providing financial reporting, budgeting, and planning support to the customer-led 
operating management 

Candidates must be qualified, have a good degree, possess a high level of inter-personal 
skills, and should be commercially-minded with sound understanding and experience of 
financial controls and analyses. 


To apply, please send full personal and career details, including current 
salary to: Mr Dinesh Upadhyaya, Finance Director, Saga Holidays Limited, 
The Saga Building, Middelburg Square, Folkestone, Kent CT20 1AZ. 


\I\P 

Our client is one of the UK's leading retail companies with 
sales in excess of £1 Billion p.a. The Group is driven by 
an entrepreneurial management team concerned with 
high quality customer service. The company culture is 
merit based and competitive, whilst being open minded 
and susceptible to change. 

An exciting opportunity has arisen, through promotion, 
for an exceptional individual to join as a key member of 
a small, highly visible consultancy team. This project 
based role will cover all aspects of the business in the form 
of operational reviews, feasibility assessments, major 
systems analyses and developments, all of which involve 
frequent liaison with senior management and main board 
Directors. 

This will appeal to a graduate ACA, CTMA or MBA with 
a minimum 18 months post qualification experience,, 
gained within a management consultancy or a similar role 
in a Blue Chip commercial organisation. Candidates will 
need excellent communication and evaluation skills. The 
ability to win credibility and adapt in a fast moving and 
challenging environment will prove paramount to career 
development. 

The remuneration package will include an attractive basic 
salary, company car, a bonus scheme and other large 
company benefits. 

interested candidates should forward a CV to either Paul 
Marsden or Brian Haxnill at our London office quoting 
Ref: PM218. 

WALKER HAMILL 

Executive Selection 

29-30 Kingly Street Tel: 071 287 6285 

London W1R 5LB Fax: 071 287 6270 


APPOINTMENTS WANTED 


Operational 
Consultancy 
(ACA, CIMA, MBA) 

Major Quoted 
Retail Group 

Northern Home Counties 
c£35,000 + Car + Bens 







F.CA. (37) 

English Chartered Accountant seeks a 1 
senior finance/general management position, based in 
Essex/London area. Just completed 
4 years overseas experience. 

Write in confidence to Box A 2110, Financial Times, One 
Southwark Bridge, London SE1 9HL 


MBA B.Sc. (econ), 27 

seeks a position as an Executive Assistant to a 
Managing Director /Entrepreneur. • English, 
German & Spanish fluent, working knowledge in 
French. • excellent communication & presentation 
skills • geographically mobile. 

Fax on 071-6097378 or write to Box A2117, Financial 
Times, One Southwark Bridge, London SE1 9HL. 




Logica pic is an international computing services company wish operations 
throughout the UK. Continental Europe, North America and the Asia/Pacific 
region. Its diene list includes many of the world’s leading organisations, for 
whom investments in information technology are of strategic importance. 

L Lcgica helps these clients to maximise value by supplying consultancy, 
software and systems integration services to the highest professional 
standard. 

The Croup has a clear strategy of growing its core businesses, concentrating 
or. selected market sectors, on a truly international basis. A young dynamic 
management team, coupled with the ability to build successful long-term 
business relationships and a commitment to teamwork and flexibility of 
approach, allows Logics to view the future from a position of considerable 
strength. 

There currently exists a requirement to augment the senior management 
Seam with the appointment of a Croup Financial Controller. Reporting to the 
Group Finance Director, and managing a teem of five, the appointee will be 
primarily responsible for the finanHni management of the groups operations. 
Specifically this will encompass financial control and reporting, tax and 
treasury planning and management, acquisition review and ad hoc analysis 
in support of Finance and Managing Directors. In addition, the successful 
applicant will be expected to actively contribute to the development of group 
strategies through a commercial and practical approach. 

The opportunity will appeal to a commercially orientated qualified 
accountant (aged 30 - 40) with the ability to Implement and manage change 
In a challenging environment. Applicants should have experience of 
operating at a senior level, within either commerce and industry or 
alternatively at Senior Manager level within a major public practice. In 
addition, the candidate should be a highly effective communicator, with the 
ability to generate, absorb and apply new ideas within this highly 
meritocratic organisation. 

The remuneration package will reflect the seniority of the position and will 
include an at tra c tiv e basic salary, company car, normal executive benefits 
and the opportunity to develop a stimulating career within this high profile 
international group. 

Interested applicants should write in the strictest confidence, to our retained 
consultants David Craig or Brian Hamill. forwarding a brief resume to the 
London offices of Walker Hamill at 29-30 Kingly Street, London W1R BUB. 
quoting ret DC 1296. 


THE MIN.0 


GROUP 

FINANCIAL 

CONTROLLER 


C £50,000 + CAR 
^OJSOEKJfflfL 




vj* "A. ' .v -.I . 










ALPS 


RECRUITMENT CONSULTANTS GROUP 

2 London Wall Buildings, London Wall, London EC2M 5PP 
Tel: 071-588 3583 or 071-583 3576 
Fax No. 071-256 8501 


Key opportunity for a self-motivated and practical manager, who will have scope to advance to a wider group role 

within 2-4 years. 

SENIOR TREASURY ACCOUNTANT 






£ 501 . ■■ 





‘ : 


Willi 




VST.IV 


?a>,' 


l.rii-l,. 



VilUS 

* MVI 

,! 'Oi u 

if*!'* 

! iiii.lR 

; Lvv 


L 


CITY package to £45,000 including banking benefits 

EUROPEAN HEADQUARTERS (TOTAL ASSETS £2bn) OF MAJOR INTERNATIONAL BANKING GROUP 
We invite applications from qualified accountants ACA, ACCA preferred, who must have had significant 
experience dealing with the accounting, financial and risk reporting for a full range of treasury products. 
You will report to the Head of Finance and be responsible for carrying out timely and effective planning: 
financial/management accounting; regulatory reporting and performance monitoring for the Bank in 
London. Essential persona! qualities are numeracy, the ability to control and motivate a small team, to 
have the stature and credibility to establish a strong rapport within a dealing environment, as well as a 
hands-on approach to management, initial remuneration package is negotiable to £45,000, including 
usual banking benefits. 

Applications in strict confidence, under reference STA237/FT to the managing Director, ALPS. 


APPOINTMENTS 
. ADVERTISING 

appeals in the UK edition 
every 

Wednesday & Thursday 
and in the International 
■ edition every Friday 

For further information 
please call: 

Gareth Jones 
on 071873 3779 

Andrew Skarayaski 

on 071 873 4054 
Philip Wrigley 
on0718733351 
Brian O'Neill 
on 071 873 4027 


HHH HEAD OF FINANCIAL ACCOUNTING 

c.£37,000 West London 

This is a key position in Services Division which supports BBC programme- 
making, production resources, engineering and the corporate centre. Services 
provided cover a broad range of activities, many are contracted out and ail are 
subject to market testing or face external competition. 

The Division, which has a budgeted turnover for 1994 of £180m, provides the 
full range of accounting services for the 10 business units malting up the 
division. 

Applicants for this challenging position should be: 

• Qualified accountants with a minimum of 5 years PQE in 
mdustry/commerce. 

• Commercial in outlook, with high level leadership, presenta- 
tion skills and demonstrable line management experience. 

• Ambitious , interested in problem solving and capable of 
building relationships in an environment of change. 

The BBC is an equal opportunities employer. 

In the strictest confidence, please contact Nick Leather at Antony Dunlop 
Associates, Financial Recruitment Consultants, Hanover House, 73/74 Hign 
Holbom, London WC1V 6LS. Telephone 071-430 2220, fax 071-404 2199. 





Rolands 


v ' v>9 AdKSito*. 
*£****' 











FINANCIAL TIMES FRIDAY JULY 29 1994 


27 


C. £ 60,000 + bonus 

+ benefits 


UK & International 

Financial Services 


London 


° PP° tll *nlty to Impact the success of the worlds premier financial Institutions by Introducing leading edge 

tafnlno r~, , Unpro f e,neat arui measurement concepts that enhance strategic planning and business manage m ent. 

devetna§na^^ OWlng baaktn S practice of a leading consultancy In a role with considerable autonomy and potential, 
"* to* V* end InCcnurtonaOj. Ideal for a fast-track finance professional with the stature to influence 
a Board level and a real Interest in driving the pace and direction of change In financial services. 

THE ROLE 

■ Managing substantial assignments related to the 
business, operational and financial performance of blue- 
chip banks and building societies, working with clients 
at Board level to develop pragmatic business solutions 
and manage their implementation. 

■ Key member of the team identifying and developing new 
business opportunities, determining future strategy and 
positioning for the practice and developing and 
introducing new performance management techniques. 

■ Responsibility for other varied assignments, for example, 
transformation of under-performing businesses, 
modernisation plans for financial Institutions In Eastern 
Europe and development of world-class financial 
management practices. 


THE QUALIFICATIONS 

■ Laic 20s - early 30s graduate. Real evidence of exercising 
Initiative and analytical rigour to achieve performance 
Improvement and enhanced business effectiveness. 

■ Probably CA or MBA qualified with expertise in 
management reporting and financial management 
Currently in an influential position in a leading bank, 
corporate or consultancy. 

■ Self-starter with the interpersonal and communication 
skills to gam credibility at all levels. Clearly ambitious 
and capable of rapid progression to partner Level. 
Preparedness to travel extensively. Including 
internationally. 


Leeds 0032 307774 
London 071 493 1238 
Manchester 061 499 1700 


Selector Euro pe 

Spencer Stuart 


■*■—11 ■ ~ri) ■■-*! r~ ii- ■- r 
sdnn Camps, a •£. nismu, 
MU nitflAat 

iotIohried 


C. £80,000 package 
plus benefits 


Diverse International 
Pharmaceutical & Consumer Products 


UK Finance Director 


Continued growth. Internal promotion end Increased business complexity have created an opportunity for a 
talented, commercially focused finance professional at the heart of a profitable EtSOm turnover UK 
operation of a S multi -billion us corporation. Key rote supporting the UK MO In optimising financial 
performance of businesses and providing financial counsel on business development opportunities. 


THE ROLE 

■ Responsible to the MD for full spectrum of financial 
management Tor the core UK businesses. Ad as 
principal channel in financial reporting for 
diversified businesses, liaising extensively with 
European HQ. 

■ Manage and develop an established and 
experienced team responsible for Information 
Technology. Ihx and Treasury and the business unit 
finance functions. 

■ Support the UK management in enhancing margins 
in existing businesses and provide financial counsel 
on business development opportunities through JYs 
and acquisitions. 


THE QUALIFICATIONS 

■ Resolute and resourceful graduate accountant, aged 
35+ with senior line experience from a major 
international conunerrial/markcling-ted business 
with a strong pharmaceutical or consumer focus. 

■ dear-thinking leader with high intellect, credibility and 
maturity. Creative supporter of change. Strong 
negotiator familiar with complex pricing issues, 
ideally involving a regulatory framework. 

■ Track record of implementing advanced Information 
Technology. Comfortable in sophisticated reporting 
processes and evolving matrix organisations with 
strong international fiavour. 


Leeds 0532 307774 
London 071 493 1238 
Manchester 061 499 1700 


Selector Euro pe I 

Spencer Stuart 


Haow KCV9 ««■ lta> emui n> 
KMwnnMM'.NiuaNI, 


IMtaHUS 


■S&mC.-j 


Financial Controller 



. ^ROUp 

J: K; ^cia i 


di 




lap 



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ft 'r 


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^1 


Northern Home Counties 

Our client is the UK subsidiary of a highly successful 
publicly quoted US Group, engaged in direct sales of 
branded products to die hi-tcch industry. With operations 
spanning roost of Western Europe as well as the US, the 
impending bunch of new ventures Is expected to add 
substantially to what is an already impressive growth 
record. This success is attributable to a combined strategy 
of aggressive product marketing and tight financial and 
operational control. 

As a result of continuing expansion, the UK company is 
now able to oiler a unique opportunity to an ambitious 
qualified accountant. Reporting to the Managing Director 
and supported by a team of staff, responsibility will 
encompass the overall management of the finance 
function, including all key result areas, reporting 
requirements of the US parent, credit and cash 
management and all financial planning and analysis 
activities. As an integral part of the management team, 
the position will afford significant commercial exposure in 
a business where effective control of inventory, 
product margins and operating costs are crucial 
to success. 


Package of c £40,000 + Bens 

Prospective candidates must be qualified accountants, 
aged 30-40 and able to demonstrate achievement at 
senior level in a demanding commercial environment. 
Experience in sales -driven volume or direct mail 
businesses, whilst not essential, would be of particular 
interest. 

Candidates should be able to offer both a hands-on 
approach co the business and die intellectual ability to 
contribute to strategic decision-making, bur above all, 
will be motivated by the prospect of significant 
managerial responsibility in a young, informal, but 
nonetheless highly professional business. In addition to 
a competitive remuneration arid benefits package, the 
company offers significant scope for future progression. 

Interested candidates should apply in writing, quoting 
reference LNI97263, enclosing a full CV (including 
a daytime telephone number and details of present 
remuneration) to William Greenwefl at Michael Page 
Finance, Centurion House, 136-142 London Road, 

St Albans, Hertfordshire AL1 ISA. 




<-il 


Competitive 

Salary 



IT Project Director 


New appointment fora talented IT protect director with In-depth experience of financial systems to lead a 
substantial project aimed at Improving the Corporation’s personnel systems, particularly In the areas of staff 
costing and scheduling. Genuine opportunity to contribute to the success of the BBC by Improving efficiency 

through the application of technology. 


THE ROLE 

■ Responsible for defining and agreeing the project scope 
and objectives with the Project Board, comprising 
senior user and IT management. Developing detailed 
project plans and monitoring performance against 
them. 

■ Managing the selection and allocation of resources, 
both internally and externally. Ensuring that 
appropriate controls are in place to manage risk and 
meet agreed targets in terms of time, cost and quality. 

■ Maintaining dear and open lines of communication 
between aU interested parlies inside and outside the 
Corporation. Resolving conflicts and overcoming 
obstacles to maintain the project's momentum. 


THE QUALIFICATIONS 

■ Demonstrable track record of managing large ir 
projects in an organisation with multiple business units 
and diverse user groups, gained either as an IT project 
manager or as a consultant with a leading systems 
integrator. 

■ Exceptional Intellect and communication skills, 
combined with a high degree of political sensitivity 
Strong leadership and management ability, capable of 
motivating a team of users. IT specialists and external 
personnel. 

■ Strong personal impact and presence, comfortable with 
ambiguity and continual change. Dedicated and hard 
working witit the determination to succeed and the 
tenadty to overcome obstacles. 


WORKING FOR EQUALITY OF OPPORTUNITY 


Leeds 0532 307774 
London 071 493 1238 
Manchester 061 499 1700 


^ Selector Euro pe 

Spencer Stuart 


rtwe nqty MtdrtaJb lw 
sdaw(Mfc,M.niMMi, 


London W 3 2£n 


Michael Page Finance 

Spectaltto in ftiunu.il Rtcruutnau 

Lamina Bristol Windsor St Alban, Lcwheifaeod Bb-unghom 
Nottingham Manchaser Leak G hew & Worl dwide 


8 ' >r^rs <■ 

Ne? 2 Sfi'. 


yuasixsrif.TfSS 




37TS7 

■?'SS& 

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t£ - VV 

;-<v/ 

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FINANCE DIRECTOR - UK 
SPECIALIST SERVICES GROUP 








£ 50k package 
+ bonus 

London 


Austin 

MMKnight 


With the recession behind it, this 
progressive Service Group with a well 
known and respected name is poised to 
take the next stages in its UK and 
international development. 

With sound financial management in 
place, it now requires a well qualified and 
experienced accountant to strengthen this 
management still farther through the 
appointment of a Finance Director for its 
UK operations. 

Reporting to the Group Finance Director, 
the UK Finance Director will be a member 
of the UK subsidiary Companies’ Boards. 
The role is responsible for managing the 
UK accounting and financial functions, 
die budgeting process as well as the 
business and information systems. 

A key aspect is the ability to maintain 
excellent financial controls particularly for 
cash management whilst providing timely 
management and financial information and 
direction to the rest of the UK management 


teams and contribute significantly to the 
development of their strategic plans. 

The post also demands the ability to 
supervise the preparation of Group 
management accounts as well as the 
consolidated statutory accounts. 

Ideally the candidate will be of graduate 
calibre with a minimum 8 years experience 
in managing a total finance accounting and 
IT fanedon, preferably in a high volume 
commercial environment. Pic experience, 
including acquisitions, will also be helpful. 

A strong pro-activc work ethic is essential 
as is a positive persuasive personality. 

Career prospects and rewards are excellent. 

Iu the first instance send a fall CV to 
Bob Gunning, Austin Knight UK limited, 
Knightway House, 20 Soho Square, London 
W1A IDS. Please quote reference ASM. 

Austin Knight supports equality of 
opportunity in employment. 


/= 


Coopers 

&Lybrand 


Executive 

Resourcing 


// 





WESTMIDLANDS 

TWs £1 Om turnover cflsnfbidor is in Ihe enviable position of 
having achieved sustained profitable growth in computer 


afi me dayr to day activates of the business excluding sales 
and maiteting. You would be one of a small number of 
contender to succeed the Managing Director when he retires. 

As the role indudes the financial management at the 
{justness you mud be a quafffied accountant, (deafly also 
a graduate In a technical discipline and aged under 40, 


your post finance career will have been In operational 
management leading to higher ambitions into ultimate 
general management. Strong systems literacy plus 
commercial breadth are indispensable, as Is the ability 
to be a decisive part of a successful management team. 

Please send full personal and career detafls. including 
currant remuneration level and daytime telephone number. 
In confidence to David Owens. Coopers & Lybrand 
Executive Resourcing Limited. 43 Temple Row, 

Birmingham B2 5JT quoting reference D486 on both 
envelope and letter. 


Operational Review 
Manager 


West Midlands 

Our client, an international group has expanded 
rapidly by both acquisition and organic growth. 
Internal restructuring, and a strengthening within 
its finance function, has led to the need co recruit a 
high calibre manager to initiate the creation of an 
operational review function. 

The cask of the department will be to help improve 
business performance in the Group’s operations 
throughout the UK and abroad. The role will be 
both challenging and diverse encompassing key 
business reviews with requirements for travel 
within the UK and overseas. Significant 
emphasis will be placed on the ability of 


Package to £50,000 + Car 

potential candidates to demonstrate commercial 
awareness and considerable problem solving skills. 

Ideally aged 30-45, candidates must be technically 
competent wich a handson approach, perseverance 
and a tenacious attitude towards specific projects. 
Experience in a dynamic international group 
within audit or operational review is also desirable. 
It you believe you have the qualities co fulfil this 
role then please forward a comprehensive CV 
stating current salary and quoting reference number 
195172 ro Tony Gleeson BA CA at Michael 
Page Finance, 190 Corporation Street, 
Birmingham, B4 6QD. 


r Y< 


Michael Page Finance 

Specialists in Financial Recnnnnenr 
London Bristol Windsor St Aitan* Leedwtbesd Birmingham 
Nottingham Manchester Leeds Glasgow & Worldwide 










: h_— s — 


Systems Accountant 


North London 


Following a comprehensive review of group activities, our 
die nr has recently announced a significant improvement 
in trading performances. A strategy of branch ration- 
alisation and refurbishment in conjunction with rigorous 
financial control has enabled the group to confirm its 
status as a major player in the highly competitive and 
challenging retail sector. 

The repositioning of the UK business has focussed 
attention on the need to develop sophisticated systems 
in relation to areas such as Buying and Merchandising. 
Inventory Management and Financial Control- The 
recruitment of a Systems Accountant capable of forming 
an interface between these functions is regarded as a key 
strategic appointment within the organisation. 

Your brief will encompass: 

• the implementation of various software packages 
including Merchandising and Buying, Purchase Order 
Management; 

• full responsibility for a suite of financial 
applications; 


c £32,000 + Car + Bens 

• representation of the finance department in relation tu 
group projects and related IT matters; 

• ad-hoc analysis and general ledger report writing. 

As a qualified accountant you must be able to demonstrate 
the necessary technical skills together with the ability to 
communicate effectively on a cross functional basis. 
Reporting directly to the Financial Controller, you will 
be ex peered ro play a proactive role in the development 
of the position and os a result drive, motivation and 
team-work will be essential qualities for the successful 
candidate. 

Experience within the retail industry and for 
knowledge of JBA and AS 400 systems would be si 
distinct advantage. 

Interested applicants should write enclosing a 
comprehensive curriculum vitae and daytime telephone 
number to Nigel Milford, Michael Page 
Finance, Page House, 39-41 Parker Street, 
London WC2B 5LH. quoting ref: 190634- 


grl 




L-fo 




Michael Page Finance 

Specula** In Financial Recruitment 
London Bristol Wlmlaor St Aflama Lcalhcrftcail BtrrnmgKam 
Nottingham Manchester Leeds Cbsptt fit Worldwide 











28 


FINANCIAL TIMES FRIIWY JULY 29 |9% 


Project 

Accountant 

c£30,000 + bonus + car 
West London 

This client is an international marketing services group, which in three 
years has established itself organically in 1 5 countries in Europe and 
the Far East and has achieved a turnover of £50 million. The Group is 
strongly capitalised, profitable and cash positive. 

The dynamic management of the business and the geographic 
spread continually create a wide variety of special projects which will 
be the responsibility of o Project Accountant who will report directly to 
the Group Financial Controller. The range of projects will develop 
along with the individual's understanding of the business and will 
include specific exercises on margins and prices, warehouse and 
physical inventory controls, promotional profitability studies and costing 
exercises. Achievements will be tangible, visible and recognised. 

Applicants should be qualified accountants in their mid/late 20's 
with about 2 years post qualification experience in a Big 6 firm or in 
industry who can combine flexibility and adaptability with high 
standards of professionalism. A versatile seif starter is required with 
strong presentation skills who can identify with a sales orientated open 
culture business. Some overseas travel will be required. 

Please reply in confidence quoting Ref L566 to: 


Global Business Review 

Exceptional pro-active assignments 


London/Sorrth West 

Our diem, the Banking su bsidiar y of a dynamic US giant synonymous with 
excrJirncr in the financr and travel market, is a trail-blazer in customer- 
driven service throughout its operations which span more itua 81 offices in 
37 countries. Their perfor man ce in 1993 was outstanding, achieving some of 
the strongest financial results in their history and creating a new foundation 
for controlled growth, quality and innovation. 

The high-profile Operational Review team, based in the UK and reporting to 
New York, plays a key role in driving continued successful expansion. Project- 
based, the team works with operations worldwide looking at all areas, 

particularly chose of highest risk - leading-edge treasury products, high-level 
trade finance transactions - from a business perspective. Constantly 
rtwiif-ngmg nmngwuffit thinking and reviewing the implications of business 
strategy, the tram seeks wavs to minimise exposure and improve financial 
pe rf o r m an ce. Highly visible, die team works closely with management at the 
most senior level, complemented by a specialist EDP department which 
focuses on the operational, security and statutory implications of data 
processing projects throughout the group. 


excellent salary + bens 

There are a number of new positions in each team: in all cases candidates must 
be enthusiastic, objective, have good inter-personal skills and be able to 
present and discus ideas confidently and pcnuwJvdv. Aged WS. applicants 
must be keen to undertake approx. 60% travel throughout Europe. Africa and 
the Middle East, with occasional visits to Asia. North and South America. Audit 
experience, strong technical skills and professionalism are essential together 
with experience of influencing management decisions. 

Candidates for the Operational Review team need not necessarily be qualified 
but are likely to be ACA/QMte with relevant experience: for the EDP (cam, 
graduates with a background in data processing or computer audit is essential. 
The excel] an salary package includes mortgage subsidy, relocation assistance 
and other banking benefits, whilst the care er prospects are superb. Other 
dep a rtments worldwide view the teams as a source of high-calibre candidates 
with strong business acumen for management positions in operational 
management finance, treasury and other business areas. 

Interested applicants should send or fox their CV quoting ref 075 or contact us 
on 071 329 -K>4d, or during the evening and weekends on 081 4671408. 


Alderwick 

CONSULTING 


SEARCH A SELECTION 

OID BAILEY BOC5E. 7 OLD 8AQ£Y, LONDON ECU4 77CB. TEL: 071 -329 4649 FAK 071-329 4677 


Brian II. Mason. 

Mason & Nurse Associates, 
l Lancaster Place. Strand. 
London WC2E 7EB. 

TCl: 071-240 7805. 


Mason 
& Nurse 

Selection & Search 


The 

Top Opportunities 
Section 

For senior management 
positions. 

For information call: 
Philip Wrigley 
071 873 3351 


Business Development 

In a Fast Growing, Diverse International Group 

London c.S40,000 + car 


Our client Is a major French group with a 
worldwide turnover of over £16 billion. In the 
UK. its varied businesses already generate 
over £1-2 billion and it Is actively seeking to 
develop existing or new areas of business 
opportunity. Prime areas of current Interest 
are the private sector management of public 
utilities and business services. 

As part of the UK operation's growth 
strategy, we are seeking a young, exceptional 
individual with around five years’ experience 
of business analysis, acquisition and 
corporate investment to join a small business 
development team. The role will be varied, 
combining on-going research and analysis 
activities with independent day-to-day 
responsibility for business development 
projects, from conception through to 
negotiation of contracts. This will Involve 
frequent high level contact with key managers 


in the UK business, as well as those in the 
French parent and the Group's professional 
advisers. 

The successful candidate will be a 
graduate, probably aged 26-33 with a 
professional accounting qualification and/or 
MBA Fluent French is essential as is the 
flexibility to work simultaneously between 
different industry sectors. A high level of 
energy and commitment combined with sound 
commercial judgement are further pre- 
requisites. 

This is a rare opportunity to join a rapidly 
developing group of businesses offering wide- 
ranging career opportunities both 
internationally and in the UK. 

Please write with full career and salary 
details, quoting Ref: A54E91, to Paul Carvosso, 
MSL International Limited. 32 Aybrook Street. 
London W1M3JL 


iL International 


CONSULTANTS IN SEARCH AND SELECTION 


Price Wbierkouse 

EXECUTIVE SEARCH & SELECTION 


Finance Director 


Quality Retail Sector 
cJ£50,000 + Bonus 4- Benefits 

With a prominent position at die quality end of the footwear 
marine, this major retailer operates through its own outlets and 
concessions in major department scores. It has a successful and 
profitable track record and is set to develop its business further 
in the future. 

A new Finance Director is now sought to play a key role m 
this development Responsibilities will indude foil financial 
managemen t and liaison with the parent company. Particular 
emphasis during the early stages wifi be on PC based systems 
implementation cove ri ng merchandising and financial systems. 

You will be a qualified Accountant, probably in your early 
30's with financial management experience at a senior level 


London 

within a retail or last moving service sector background. PC 
based systems experience is essential as is familiarity with 
budgeting and forecasting A background of working at the 
centre of a pic would also be useful In particular you wifi be 
ambitious, tough and keen to see yourself closely involved with 
the development of this company in die future. 

Please send CV and covering letter outlining your 
attributes for this role and quoting reference number A/1473 
CO A [anna h Hunt at 

Executive Search V Selection, Price Waterhouse. 

Milton Gate, 1 Moor Lane, 

London EC2Y9PB. 




The College is a major provider at further and higher education with an an nua I turn over of oy or 
mffion. It has a National reputation for its commitment to quality and twward-thmidng approach 
at the leading edge of financial developments in tire further education sector. We are seeking to 


leading edge of finandal developments 
strengthen our financial management team. 


account \\r 


and is 
further 


(£ IS, COO - ^ 


sSS* 

We can offer the 
foflawing benefits: 

■ BeeBent career prospect* 
- PiCtessiond wfltWng 



- Baxters professional 
devsfopraent opporturSOos 

■ ASrecflvscoasUloosten 
• WoAtpface nursery 

- S moke-tre e meric 

environment 


CLO>t\G n.\r i 


Mondayish August 1994 


The South Exit Essex 
College of Arts * TedwotoSr 

i* in Equal 

Opportune *» Empl o y er 


accounts! S/)je'wJH assist In the maintenance' 
accounting system. 

We are looking for an energetic and enthusiastic person who will be rfjte to demonstrate expertise In 
the use of computerised accounting systems together with excellent organisational and interpersonal 
skills. This post may suit a recently qualified Accountant - (ACA, ACCA or CIMA), although part 
qualified applicants voh co mmer ci a l experience will be considered. 

Appli cation farm and further details are avaflafete by telephone on 
(0702) 220402 or by wrttrig to: 

The Director of Personnel 
The South East Essex 
College of Arts & Technol o gy 

Carnarvon Road, Savihend-an-Sea, Essex SS2 6LS 
Tel 0702 220400 

Fa* 0702 432320 

0702 220642 KronawanHi 



o 


INTERNAL AUDITOR 
PRESTIGIOUS UK MERCHANT BANK 

to £32,000 + BANKING BENEFITS 


CITY 

Our client is a quoted independent merchant banking 
group whose diverse interests cover a broad range of 
finandal services products. 

Its significant progress and profitability is largely 
attributed to the outstanding service it provides to its 
clients, combined with a high calibre team of professionals 
working within the organisation. 

Whilst continually seeking to expand their core business, 
they are also intent on making key strategic investments. 
A number of successful new ventures have recently been 
set up covering the areas of development capital, 
structured finance and fund management. Geographical 
expansion encompasses Europe and America. 


The audit department plays a key part in identifying and 
controlling risk throughout the group. The developing 
nature of the group's activities result in a dynamic control 
environment in which a thorough understanding of the 
business issues and a close interaction with the operations, 
trading, finandal control and systems areas is required. 
Applicants should be highly motivated, possessing strong 
communication and analytical skills. You s hould ideally 
have gained some experience in an Investment Bank or 
Securities House either within audit or financial control - 
alternatively, you may bo in practice within a Banking 
Group and possess good product knowledge. 


For a detailed and confidential discussion, please <?»H JONATHAN ROBIN on 071 886 7711 
(evenings/weekends 081 444 9970) or alternatively forward your CV to the address below. 


GMS 


GOODMAN MASSON SHAW 
Financial Search & Selection 

2 Bath Street. London EC1V 9DX. Telephone: 07 1-336 7711 Fax: 071-336 7722 




Touche 

Ross 


City of London 

This £100 million turnover group trading in 
specialist physical commodities used primarily as 
raw materials in the food, beverage, fragrance and 
flavouring industries has been long established as a 
leader in its markets. An active approach to 
business development - particularly in China, 
through offices in Shanghai and Beijing - and the 
application of information technology have 

sustained the company's profitable growth. 

You will join group senior management and 
control the team responsible For all aspects of 
finance, accounting and reporting. 

You are likely to be a graduate chartered 
accountant, perhaps with an additional business 

qualification, having finandal experience in a 

trading environment. . You will need to 
demonstrate good staff management and 

leadership skills and the ability to combine them 


Package c. £70 — 80,000 

with a hands-on approach and a persuasive 
management style. Your breadth or experience will 
enable you to contribute widely to general 
management issues and you should have a 
background in the successful introduction and 
development of information systems. 

Although previous experience in commodities 
trading would be ideal, we are also keen to hear 
from high quality candidates in other industries 
where international trading, risk' management and 
contract negotiation and documentation arc 
critical to commercial success. 

Please send a comprehensive resume, including 
current salary details and daytime telephone 
number, quoting reference 3408 to Neil Cameron, 
Touche Ross Executive Selection, 

Friary Court, 65 Crutehcd Friars, 

London EC3N 2NP. 




F1NAI 


NCE DIRECTOR 


With a turnover exceeding €50 million and 13 stores throughout the Northwest of 
England and the Midlands, T J Hughes pic are clear market-leaders in the field of 
discount department store retailing. Their unique concept is to provide quality 
merchandise in attractive department stores, at highly discounted prices. 

The continued success of this concept has resulted in an impressive growth rate 
throughout the last 5 years, including a highly successful flotation in 1992. With further 
stores already planned, the company expects to double In size over the next 5 years. 

As part of a highly motivated, dose-knit senior management team, your brief will be to 
help lead the organisation through this exciting period of growth. Fundamental to this 
will be the development of improved systems and controls, as well as die commercial 
evaluation of new opportunities. 

To succeed in this board appointment, you will be a commercial qualified Accountant, 
aged 35-50, used to working In a fast-moving environment, with strong systems experience 
and an impressive track record. 

As well as an excellent salary, the company offers a comprehensive benefits package 
including relocation assistance where necessary. 

Please write with full CV to Mark Williams at Robert Half. Brook House, Spring Gardens 
Manchester M2 2BO. Telephone: 061-236 0101. Fax: 061-236 1024. 

As retained consultants, any C\Ts submitted directly to our dient will be forwarded to 
Robert Half. 



£45-50,000 

+ Car 
+ Benefits 

Merseyside 





I N A N C I A *» 
RECRUItMKt* T 


FT/LES ECHOS 

The FT can help you reach additional business readers in France. Our link with the French business 
newspaper, Les Echos, gives you a unique recruitment advertising opportunity to capitalise on the FTs 
European readership and to further target the French business world. : X 
For information on rates and further details please telephone* 

Philip Wrigley on 071873 3351 











FINANCIAL TIMES FRIDAY JULY 29 1994 


29 


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fill 






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h -VNk 


tmcv 

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iilliKCK 


■- * ■• '.:‘i 


Finance Director 

West London c£40K, bonus, car and benefits 

Our client is a specialist company formed to address the funding and service needs of organisations In relation to 
the developing personal computer systems markets. Over 20,000 PC’s are under contract hire from our client, 
who provide funding, management and support facilities for customers throughout the UK. The business Is a 
joint venture between a major US company and a UK banking subsidiary. 

The position of Finance and Planning Director reports to the Managing Director and is one of 5 members of an 
active management team, in a company with a turnover approaching ElOm and anticipated to double in the next 
two years. The appointee will have responsibility for all financial aspects of the business, contributing to the 
future strategy and be an expert on the financial aspects of leasing whilst be able and prepared to support others 
In supplier negotiations and customer sates situations. 

An ideal background for the appointee is a degree followed by membership of the ICAEW or equivalent with at 
least one quality Industrial Job after graduating and excluding any experience gained in the profession. A 
background In leasing is not essential but would dearly be very useful. It is essential that the chosen candidate is 
very computer literate, not only as a tool of the Job but as a role model to customers and employees. Ideally aged 
late 20’s to mid 30‘s, this position will suit an ambitious accountant, with strong Interpersonal skills, keen to use 
his or her other intellectual abilities and able to motivate and lead a team. 

Please apply in writing with lull career details Including salary, quoting reference L28Q7 to Tony Saw at the 
address below. 


Selection & Search 

1-2 Dorset Rise, Blackfdars, London EC4Y 8AE 


Controller 

Financial and Operational Management 


London 

Our client is a major international 
organisation with growing and diverse 
Interests in the UK, which generate a turnover 
of more than Sl-2 billion, predominantly i Q 
industrial services and utilities. 

We are seeking a Controller for one of the 
main divisions which has four operating 
subsidiaries and a turnover of £140 million. 
The purpose of the role Is to establish 
effective operational control of the 
subsidiaries through the provision and review 
of Internal and external management 
Information in order to enhance both financial 
and operational performance. The range of 
responsibilities extends from financial and 
operational reporting to the planning and 
review of major capital expenditure projects, 
competitor analysis and review of the 
company’s Investments In related businesses. 


c.£45,000 + car 


The successful candidate is likely to be a 
graduate, aged 3340, with an accounting 
qualification, together with in-depth exposure 
to capital intensive engineering or 
construction. Operational experience prior 
to moving into accountancy would be 
Ideal. particularly as future career 
opportunities could lie in general or financial 
management. 

This is an exciting opportunity to join a 
dynamic and rapidly growing organisation 
which offers career growth in a range of 
businesses. French language ability would be 
a distinct advantage. 

Please write with full career and salary 
details, quoting Reft A54E92, to Paul Carvosso, 
MSL International Limited, 32 Aybrook Street, 
London W1M3JL. 


Financial Controller 


For a subsidiary of a market leader in insurance broking and financial services 
employing 15,000 in over 260 locations in 60 countries. 

• REPORTING to the operating group Finance Director and with responsibility 
for the achievement of the highest standards of reporting, planning control 
and project analysis. 

• THE NEED is for a qualified accountant, with leadership qualities, fully 
experienced in ail aspects of an operating company senior finance function. 

• SALARY around £50,000 plus bonus and benefits; preferred age 35-45; 
Surrey based. 

Write in confidence, enclosing a Curriculum Vitae, quoting ref: L7798 to: 

IK 

SELECTION 

8 HaUam Street, London, WIN 6DJ Fax: 071 631 5317 
A DIVISION OF TYZACK & PARTNERS 


’APWMNlMEmS 
| ADVERTISING 

| appears in the UK 
edition every 
Wednesday & 
Thursday • 

! and in the International 
edition every Friday 

For further information 
| : • *. please tall: 

• • 

Ganetirjones 
on 071 873 3779 

. Andrew Skaraymki 1 
on 071 873 4054 . 

j / Philip Wrigky 
on 071 873 3351 | 

• • . : I 

' Brian O'Neill 
on 071 873 4027 , 


MSL International 

CONSULTANTS IN SEARCH AND SELECTION 


Media Consultants 

London £negotiable+ benefits + car 

The KPMG media and entertainment practice b a major International concern 
spanning all disciplines within the accounting and management consultancy 
spheres. Clients come from broadcasting, cable and satellite, film, publishing 
and music. 

Because of its size and expertise, KPMG Is able to put together customised 
teams of specialists as ths Job requires and due to expansion the group now 
wishes to appoint other consultants to play a part In providing a range of 
services to media clients. 

Aged probably in their late 20’s, candidates must be graduates with media 
Industry experience and must be an ACA and/or MBA. They must have 
undertaken work Involving commercial analysis and report writing and have 
strong Interpersonal skills. A high degree of literacy and numeracy are also 
regarded as key to the appointment 

Interested candidates should write enclosing career and salary details to 
Paul Styles at the address below. 




Peat Marwick 


l-Z Done! Riae. Bacfcftttn. London EC*Y SAB 


FAST TRACK OPERATIONAL 
AUDITORS 

NEWLY/RECENTLY QUALIFIED 

c £27,000 + car Bracknell, Berks 

Ocean Group is a leading supplier of international freight forwarding, contract distribution 
services, support vessels to the worldwide offshore oO industry and environmental services 
in the UK and US. Employing 11,000 people worldwide and with an annual turnover of £1 
billion the Group continues to increase productivity and profitability; to further improve its 
current market position, emphasis is placed upon achieving excellence together with the 
selection and development of management teams. 

Due to internal promotions. Ocean's mteznational corporate audit function is again actively 
seeking two exceptional young accountants. Reviewing operations on a global basis, the 
roles involve working with local management in order to improve the efficiency and 
profitability of the business. Special investigations, secondments to overseas operations and 
ad hoc projects also form part of die outstanding tr ainin g. 

Demanding and challenging , the roles require a high level of self motivation, m a nag e m ent 
potential, business ar«men and communication ability. As newly/rccently, qualified AGA’s, 
candidates should offer up to 18 months post qualification experience, having trained with a 
larger accountancy firm with a multi-national client base. Hie roles win involve s u bs ta nti al 
world- wide travel, and a working knowledge of at leas one European language in addition 
to English is desirable. Career opportunities with the Group are excellent 


W’UUV It s \ 1 " i !\ ii !( R 


Warwick McLintock Ltd • Search and Selection 
Suite 2, EBC House, Kew Road, Richmond, Surrey TW9 2NA 
Telephone: 081-940 4900 Facsimile: 081-940 6524 


con t’iden t in l 


FINANCIAL CONTROLLER 
DESIGNATE 


London 

High Profile Role, within 

The Company 

- Profitable. SS50m turnover business. 

• Competing to a growth sector of the retail 

market. 

The position 

■ Reporting to the current PC and Deputy 
Managing Director 

• Play a key role in the successful 
implementation of business development 
projects 

« Responsible for the production of accurate 
and timely monthly performance reports 
•Conduct financial evaluations of new 
Initiatives and queries raised by the Board 

Qualifications 

• Graduate, qualified accountant with large pic 
and Big Six background if chartered 


LOVDOV* 

ABERDEEN* LEEDS* 
MANCHESTER* UHKKIXCK* 



c£45,000 + Benefits 
a large Retail Group 

• Strong Financial Management experience 
within FMCG or retail field 

• Ability to work to tight deadlines 

• Proven commercial acumen 

• Excellent interpersonal and c omm u nic ations 
skills 

•Ideally aged 3tW5 

To be considered for this chall e ng i ng and 
Interesting position, please write with full CV 
to A. Rye, Bley Confidential Reply Service, 
R&ey House, 4 Red Don Court, Fleet Street, 
London EC4A.3EN. 

All replies will be treated In the strictest 
confidence; please list separately any 
companies to whom your details should not 
be forwarded. 


• GLASGOW 
• BRISTOL’ NORWICH 

a BIRMINGHAM* SCTTTZSGBAM 


FINANCIAL 

CONTROLLER 

SW14 based pic with UK and 
European subsidiaries requires a 
financial controller to join small head 
office team. Responsibilities will 
include monitoring of results of 
exisiting companies and financial 
integration of acquired companies. 
Applicants must have had broad 
experience, be self-starting, able to 
work on own initiative 
and be mobile. 
Applications with CV to 
Box A2125, Financial Times, 
One Southwark Bridge, 
London SE1 9HL. 


Accountant - 
Package up to £50,000 
London - city 

A highly successful Lloyd's managing agency 
requires an accountant to be responsible for 
internal and external reporting, and play an 
active part in the further development of the 
Network based computer systems. Reporting to 
the financial director, the fortunate candidate is 
unlikely to be less than 34 years of age, 
qualified and will have worked in an insurance 
company. Good inter-personal skills will be 
important 

Please send a full CV to: Reeve Hepburn, The Strand, 
14 Buckingham Street WC2N 6DF. 


consultancy 



uatdjwfcgcgB qa TvM MO awwwwEfeti flii a Hti^rtt i nwt BftMdghayBMna 
ap rt —X Piipm^tett<BRBMnfcHteitHi»B»nniabgtrf8ragMns ata temaDr«anttaBni 
ongaaatf Kama, Mfcdtai ma ash lew tanctsMa &b»b too nwtsgmnt dta, amntnbl 
mmts aal oood cantata km m essaMAi wropra patioavrtl be rffenfl tt to 
M8>tf cmMUShB t can at CV vtf due of wm ps&age to 
Bo A21Z4, Raa«ai Umas, Ona StmCrwart Brides, London SEl 9W_ 


Finance Director 

West London 

£50 -£60,000 plus car and bonus 

Our client is a weD established and successful PL C with four principal 
subsidiaries operating in the professional services sector Annual turnover is 
currently in excess of £l5m and the group has ambitious plans to grow both 
organically and through acquisition. 

Working as a key member of the small team of executive directors, your 
role will be challenging and wide ranging At group lewd you will advise on 
opportunities for expansion inducing potential acquisitions, and implement 
financial strategy. At subsidiary level you will liaise with the finance directors, 
advising on control and efficiency 

A qualified accountant In your thirties or early forties, you will have gained 
broad experience as head of finance with a quoted organisation in the service 
sector Enthusiasm, flexibility and commercial acumen, allied to the credibility 
required to perform successfully in this high profile role, are essential. 

IBDO 


Mease apply in confidence with a fuD CV and salary details to d 
Richard Holland 1071 489 6244). Ref 1740. W 

BDO Consulting, 20 Old Bailey, London EC4M 7BH. 


AAA- rated 


City 


The LONDON BRANCH of BAYERISCHE LANDES BANK Is 
recruiting a 

Senior Derivatives Accountant/ 
Deputy Financial Controller 

The successful candidate will 

a) be a qualified accountant, 

b) have a sound knowledge of derivatives accounting with 
2-3 years experience in IRS. FRAs, Financial Futures 
and Options. 

c) have 2-3 years experience in financial controL 

We are offering good long-term prospects and a competitive 
remuneration package. 

Please reply with CV giving full details of career to: 

The personnel Manager, Bayerische Landesbank, 

Bavaria House, 13/14 Appold Street, London EC2A 2AA. 

/ Bayerische Landesbank 

r Girozerrtrale 









30 


★ 


FINANCIAL TIMES FRIDAY JULY 29 1994 



COMMODITIES AND AGRICULTURE 


Big Gatt ‘winners’ on the look-out for backsliding 

Having already seen some of the 1992 Blair House provisions pared back, Australian farmers fear there 
may be more dissipation of benefits before the Uruguay Round deal is implemented, writes Nikki Tait 


A ustralia's farm sector 
has been touted as one 
of the big winners from 
the settlement of the General 
Agreement on Tariffs and 
Trade. For many products, the 
country is an efficient, low-cost 
producer. It would, therefore, 
seem a natural beneficiary of 
freer trade. 

To hear local farmers talk, 
however, no one would believe 
It. They have already seen 
some of the 1992 Blair House 
provisions pared back. Now 
the fear is that more dissipa- 
tion will follow during the long 
period leading up to the full 
implementation of the Uru- 
guay Round settlement 
Potential environmental obli- 
gations, which reflect Europe's 
confined habitat and are less 
applicable to Australia’s vast 
expanses, or manipulation of 
base levels from which subsidy 
reductions will be calculated 
are just some of the issues 
cited. 

“It's all very nice, what's 
happened - but now we've got 
to watch how it's executed," 
says Mr Bob Lawrence, at the 
New South Wales Farmers' 
Association. 

Mr Graham Barron, a gram- 
farmer from Ungarie, is even 
blunter. “The spirit of Gatt 
should be adopted immedi- 
ately, yet stocks are being 
dumped, even now, by the US 
and Europe" he alleges. “The 
lead-in will be bumpy and 
we’re not going to get immedi- 
ate remedies." 

The much-cited headline fig- 
ure for the benefit of the Gatt 
agreement to Australia’s farm 
sector is a A$900m-ASlbn boost 
to annual agricultural exports. 


Set alongside total rural 
exports, excluding processed 
food, of A$9.72bn in 1992/3, this 
is plainly an impressive num- 
ber. 

It should be treated with 
some caution, however. The 
estimate comes from two sepa- 
rate econometric models, 


employed by the Australian 
Bureau of Resource Econom- 
ics, a government forecasting 
agency, and by the Industry 
Commission, the statutory 
authority that advises federal 
government on assistance to 
the private sector. 

In both cases, the ASlbn fig- 
ure applies only when the pro- 
visions of the Uruguay Round 
are fully implemented - that 
is, after 2001. Moreover, white 
the models differ in their gen- 
eral scope, both look only at 
the “marginal" change to 
exports at current farm prices. 
They do not attempt to esti- 
mate what the value of addi- 
tional exports will be at prices 
ruling in the year 2002, what 
new competition might enter 
the market, and so on. 

These caveats aside, the 
models anticipate that the 
gains will come from three 
sources. First, there will be a 
reduction in subsidised exports 
from the US and European 
Union Secondly, there is the 
promise of improved access to 
markets which are protected at 


present. Thirdly, the require- 
ment that domestic support 
funds - that is, government 
funds which are used to sub- 
sidise farm production and 
incomes - be cut by a fifth 
should also help to address the 
problem of overproduction. 
That, at the very least, should 


stabilise world prices gener- 
ally, and could push them 
higher. 

According to the Abare 
model, all sectors of the Aus- 
tralian term sector stand to get 
some benefit. But the gains 
win not be spread evenly. In 
absolute terms, the biggest 
winner is the beef industry, 
where producers can expect to 
receive a A$340m annual 
export boost by the end of the 
six-year implementation 
period. Next comes the wheat 
industry, which should see a 
further A$250m-worth of 
exports. The dairy industry is 
forecast to enjoy a A$125m ben- 
efit; coarse grains, AS90m; 
sugar, AS4Gm; rice, A$25m; and 
sheepmeat, perhaps A$20m. 

Not surprisingly, Australian 
politicians crowed when the 
deal was finally struck on 
December 15. Mr Paul Keating, 
the prime minister, said his 
country would benefit from 
“enhanced market access and 
more predictable market condi- 
tions”. Trade officials, mean- 
while, sighed with particular 


relief when the European 
Union reaffirmed the Andries- 
sen Assurance, an undertaking 
given by the former European 
Community agriculture com- 
missioner, Mr Frans Andries- 
sen, that the EC (now known 
as the EU) would not export 
subsidised beef to North Asian 


markets of considerable value 
to Australia. 

In large part, farmers' repre- 
sentatives agreed: “Improve- 
ments in market access will 
deliver considerable gains to 
fanners,” commented Mr Gra- 
ham Blight, president of the 
National Fanners Federation. 
Even on December 15, how- 
ever, reaction from the farming 
sector was less than euphoric, 
with negotiators expressing 
concerns over some of the last- 
minute additions to the 

M r Philip Eliason, 
then deputy director 
of the National 
Farmers Federation and 
closely involved with the Gatt 
talks, says that hagflUng over 
the timing and g F m -Hngr - Hnfpe 
for adjustments to export sub- 
sidies, and the extension of the 
period during which the 
so-called “peace-clause" could 
protect subsidisers from Gatt 
action, were both big nega- 
tives. 

“These were elements which 
will set back the delivery date 


of benefits to the Australian 
farming sector,” he comments. 

At farm level reaction to the 
Gatt deal has been even more 
equivocal, and varies signifi- 
cantly according to the type of 
agriculture involved. Even cat- 
tle farmers are cautious. Mr 
Frank Austin, a cattle-pro- 
ducer from Adelong. who has 
some 400 breeding cows on a 
1,400-hectare property, 
acknowledges that his industry 
will see some real gam from 
the enhanced market access 
but thinks that Austr alian 
fanners will have their work 
cut out trying to mavimiaA the 
opportunities. 

“I see the agreement as an 
advantage. It’s formalised the 
Andriessen Assurance, which 
was previously only a verbal 
agreement, and we will get 
increased access to the US. I 
guess the rationalisation of 
production in Europe will also 
reduce the pressure world- 
wide,” he says. 

“But there still needs to be a 
very serious emphasis on qual- 
ity in Australia, and we need 
to reduce processing costs. We 
need to address freight and 
non-farm costs. We need to 
look at the international 
marketplace and be aware of 
what we're producing and for 
whom. We must be far more 
targeted.” 

Already, he worries that 
Australian farmers are losing 
out to their New Zealand coun- 
terparts. 

For grain-farmers, like Mr 
Barron, the agreement is also a 
plus, but falls way short of 
aspirations. 

“A few years ago, we had 
really low commodity prices 


for nearly all grains, and most 
farmers were in a very tight 
financial situation. Gatt was 
seen as a light at the end of the 
tunnel. " he says. 

Since the Blair House accord, 
however, “the watering down 
and delayed start makes it a 
step in the right direction, but 
not a windfall”. Tiln» his coun- 
terparts in the cattle sector, Mr 
Barron thinks tha t. Aust ralian 
farmers will need to concen- 
trate on quality and find ways 
of reducing non-farm costs if 
they are to seize the market 
openings that Gatt throws up 
before rival producers steal a 
march. 

And in far ming sectors 
where the promised export 
boost is smaller and current 
problems still pressing, the 
gains can seem even more 
remote. 

“The average wool-grower’s 
perception is that there's some- 
thing there of value, but it will 
probably be dissipated before 
we get to it," says Mr Charles 
Armstrong, a New South Wales 
sheep-farmer and president of 
the Wool Council of Australia, 
for example. 

Mr Eliason thinks that Aus- 
tralian farmers are probably 
right to be wary. 

“While the Uruguay Round 
improves the unfair trading sit 
uation, there's still the test of 
fair t rading ." he says, noting 
that countries like Hungary, 
East Germany or even the 
Ukraine could have the poten- 
tial to become significant 
players at some stage in the 
future. 

“Gatt's no panacea - it will 
just compel competitive forces 
even further." 


The spirit of Gatt should be adopted 
immediately, yet stocks are being dumped, even 
now, by the US and Europe’ 


Bumper Queensland sugar output set to topple Cuba from pole position 


Australia is set to become the 
world's biggest raw sugar 
exporter tins year, with a high 
sugar content cane crop in 
Queensland expected to push 
output beyond the forecast 
4.4m tonnes, reports Renters 
from Brisbane. 

The state's sugar output is 


likely to rise to over 4.6m 
tonnes according to the Cane- 
growers group. 

Mr Ian Ballantyne, Cane- 
growers general manager, said 
that the signs after a month of 
harvesting indicated that the 
record crop of 32m tonnes of 
had above average sugar 


content and would beat earlier 
sugar production forecasts. 

“We have seen around a 10 
per cent increase in the actual 
size of crop but about 15 per 
cent increase in the content of 
sugar," he said. “We definitely 
have 4.4m tonnes of sugar 
there but probably more.” 


About 85 per cent of Austra- 
lia's raw sugar is exported 
with 3.38m tonnes going over- 
seas last year. This made Aus- 
tralian sugar exports the 
world's second largest after 
Cuba’s 3.6m tonnes. 

Australia is hoping to take 
tht» number one position this 


year with a third successive 
good crop and with Cuba's 
sugar production falling to 
about 4m tonnes. 

Last year Queensland pro- 
duced 4.02m tonnes of sugar 
with the only other growing 
state. New South Wales, produ- 
cing its annual average of 


around 200,000 tonnes. 

“There is just no question 
that the 1994 growing season 
will produce a very good crop 
of sugar after a bit of a ragged 
start" Mr Ballantyne said. 

So far, only about 20 per cent 
of the country's crop has been 
harvested. 






Pechiney aluminium 
plan wins Russian 
government support 


f asury i 


By Kenneth Gooding, 

Mining Correspondent 

Pechiney of France has won 
Russian government support 
for a scheme to modernise 
gradually the Siberian alumin- 
ium smelters - Krasnoyarsk, 
Bratsk and Novokuznetsk - 
which between than account 
for about half of Russia’s alu- 
minium production capacity 
but are among the world's 
heaviest polluters. 

Mr Bernard Legrand, head of 
Pechiney’s aluminium activi- 
ties, said that a start would be 
made at Krasnoyarsk with a 
“module” of 250,000 tonnes of 
annual capacity to replace out- 
dated pjriating tonnage. Arr- 
anging finance for this, an esti- 
mated USS40Qm to $500m, and 
completing detailed engineer- 
ing studies would take 18 
months to two years and con- 
struction another two years. 

Then a 250,000-tonne module 
would be built at Bratsk 
which, like Krasnoyarsk, has 
an annual capacity of SOffflOO 
tonnes. Both are producing 
below that rate. He hoped this 
step-by-step process would con- 


tinue until capacity at all three 
smelters had been modernised. 

Mr Legrand said that he was 
assured at a meeting with the 
Russian prime minister. Mr 
Victor Chernomyrdin, that he 
had the Russian government’s 
support for the project “I am 
pretty confident things will 
work out, but it won't be 
easy," he added. 

Pechiney will work with 
Morgan Grenfell, the merchant 
hank , which will have to find a 
way to put together a bankable 
international finance package, 
while Bechtel, the US civil 
engineering group, will do 
detailed studies to see that as 
much Russian equipment as 
possible is used. 

Mr Legrand said Pechiney’s 
involvement sprang from the 
recent multi-lateral trade 
agreement between tire big alu- 
minium producing countries 
when western governments 
pledged to offer technological 
help and finance to the Rus- 
sian industry if it would join in 
the international efforts to cut 
output temporarily to bring the 
aluminium market hack into 
balance. 


Danes ease oil licence terms 


SCO 

oste 

jdicted 


'-.V.T 

■. if* 

t * 

w il« 

■a *•*> 
-*.}•■ + 




By HDary Bamas 
In Copenhagen 

Denmark eased the terms 
on which oil companies are 
invited to apply for licences to 
explore for hydrocarbons in 
the Danish sector of the North 
Sea in the country’s fourth lic- 
ensing round. 

The new terms have been 
approved the Folketing (Parlia- 
ment) energy committee. 

Compared with the third lic- 
ensing round in 1989, they 
have been altered significantly: 
no royalty payment is 
required; companies will not be 
required to apply for low as 
well as high risk acreage; there 
will be no right of first refusal 
to buy oil and gas by the state 
oil distribution company; and 


no special requirements con- 
cerning research, development 
and training. 

There will be obligatory 20^-^- 
per cent state participation, 
but the state oil company, 
Dansk Olie og Naturgas. will 
pay its share of the exploration 
costs and there will be no slid- 
ing scale allowing the state 
cnmpany to increase its share , 

If a MwwMrifli find is made. 

The acreage opened in the 
fourth round is in the extreme 
western tip of the Danish area, .. . 
adjacent to areas where finds 
have already been made. 

Output from the Danish 
fields last year reached 9.3m. -• 
tonnes of crude oil plus 4m 
tonnes oil equivalents of gas. 
slightly more than Denmark 
requires for its own needs. 



* ;■ 

■ - ++* _• * 
•f 


v* M- 


• COMMODITIES PRICES 


BASE METALS 


LONDON METAL EXCHANGE 

(Prices from Amalgamated Mstaf Tracing] 

■ ALUMINIUM, 99.7 PLOTTY (S per torra) 


Coah 

Close 1426X-27X 

Previous 14iaS-14X 

Wgh/low . 

AM Official 1422-23 

Kerb dose 

Open Inv 287,109 

Total daly turnover 80.140 

■ ALLMNUM ALLOY (S per tome) 

3 mtta 

1454-55 

1442-43 

146571435 

1448-48.5 

1452-53 

Qcise 

1445-50 

1455-80 

Prwrious 

1430-35 

1450-55 

HRgti/low 


148571450 

AM Official 

1445-60 

1455-60 

Kerb close 


1455-60 

Open brt. 

2.773 


Total daiy turnover 
■ LEAD (S per tonne) 

B20 


CSooo 

583-84 

599-601 

Prevtaua 

568-69 

585-86 

Mgh/tow 


001/590 

AM Oflfcld 

575-76 

593X-94.0 

Kerb dose 


BOO-1 

Open tat. 

41,464 


Total daiy turnover 

4,986 


■ NICKEL (S per tonne) 


Close 

8130-40 

6220-30 

Previous 

6100-10 

8190-200 

High/law 

8106/6105 

6300/81 70 

AM Official 

6106-10 

6195-200 

Keit) dose 


6300-305 

Open Ir*. 

58.744 


Total dally turnover 
■ TM (S par tonne) 

7.831 


Ctose 

6190-200 

5260-70 

Praviou3 

5180-90 

5255-60 

Hlgn/tow 


5285/5220 

AM Official 

5170-80 

5245-50 

Knb dose 


6280-85 

Open InL 

18,132 


Total dally turnover 

3.484 


■ ZINC, special httfi grade ($ per tome) 

Ctaaa 

S3BX-39.5 

980-82 

Previous 

928.5-27.5 

950-51 

mgh/tow 


089/S45 

AM Official 

924.5-25.5 

948.5-48.0 

Kerb dose 


fure nn 

Open InL 

104,100 


Total dariy turnover 

23,142 


■ COPPER, 9»fe A (S per tonn^ 


Cto» 

2409-10 

2418-17 

Previous 

2392-93 

2408-8 


2408 

2446/2400 

AM Official 

2408-9 

2411-12 

Kerb dose 


2417-19 

Open ini. 

241,317 


Total daily turwver 

73,921 



■ USE AM Official E/S rats 1-5367 
LME Ctoetag E/S rates 1-6336 


Spot 1.531 5 3 mflrr 1.5293 BmtosIXZSft 9mUixlX259 
■ HIGH GRADE COPPER (COMEX) 




Day* 

DOM 



CUB 

rimnpft 

Ugb low tat 

M 

Aug 

109X0 

-0X0 

11020 109.10 7GB 

188 

Sap 

110X0 

-085 

110.60 109 JO 29.963 

2J24 

Od 

110.25 


11025 10970 420 

1 

Nor 

110X0 

-0.80 

- 322 

112 

Dee 

109 JO 

•OSS 110X0 109X0 10,783 

1J48 

Jan 

109X0 

-090 

- 341 

- 

Total 



4*733 

4J49 


PRECIOUS METALS 

I LONDON BULLION MARKET 
■ricaa eupptad by N M BottwcMd) 


Gold (Tmy as.) 

Close 

Opening 

Morning fix 
Afternoon fix 
Day's High 
Day's Low 
Previous dose 


S price 

387.1tM87.30 

387.10-387X0 

387,35 

387.10 

387X0-387.90 

388X0-386.70 

388-20-388.60 


Eeqdv. 


sszjsn 

2KX90 


Loco L*i Maw Gold Lending Rotes ftfa USfi 


Precious Metals continued 

GOLD DOMEX flOO Troy oz.; Sttroy ez.) 



Sett 

Dan 


OP* 




price 

dungs 

a* 

taw tat 

VoL 


flUO 

384X 

-19 

3877 

384J 4 

4 

Sep 

Sep 

3804 

-19 

- 

- 26J97 37X90 

Hov 

Oct 

3880 

-23 

3909 

387X 1 

2 

Jen 

Dee 

3915 

-19 

394.1 

391X 9,138 

4,568 

Mir 

Feb 

394.6 

-23 

3B7J 

39GX 64J69 23X26 

Hay 

Apr 

3B8.1 

-23 

- 

- 10X95 

80 

Jd 

Total 




1802(1 

88X81 

Total 


■ PLATINUM NYMEX (50 Troy oe; &*troy obl) 


Oct 4255 -48 435.4 4238 24535 5567 

Ju 428.7 -48 4355 42BX 1386 78 

Apr 4312 -4.B 439.0 4322 1,737 4 

-M 4362 -48 1 

Oct 4402 -45 - - 1 

TOM 28835 *447 

■ PALLADIUM NYMEX (100 Troy taj 8/boy or.) 


5* 

181X5 

-2X0 

153X0 

15175 

4X63 

380 

Dec 

150.10 

-2X0 

15250 

150.10 

1X99 

100 

Itar 

149X0 

-280 

151X0 

149X0 

181 

10 

ToM 





SX«3 

490 

■ SILVER COMEX (100 Troy at: Cents/troy oz.) 

ABB 

5317 

-IX 

. 

- 

21 

14 

Sep 

5382 

-20 

5405 

533.0 

- 

- 

Dec 

5*15 

-20 

548X 

5400 77X90 19X65 

Jm 

544.1 

-20 

- 

- 

2*734 

972 

■bar 

5586 

-20 


54ax 

33 

- 

toy 

55BX 

■20 

- 

- 

6.660 

15 

Tetel 




121JS9B 20X72 

ENERGY 






■ CRUDE on. 

NYMEX (42.000 US gels. S/brirel) 


Leteet 

UW* 



Open 



price 

cbenge 

«v> 

Low 

tat 

M 

Sep 

19.41 

-0X5 

19X5 

19.41 100X91 

51,182 

Oct 

mio 

-0X5 

19X1 

1010 52X96 21138 

Hov 

iax8 

+0XT 

19X2 

18X8 

30.729 

9X00 

Dae 

1BX1 

-0X3 

18X9 

18X1 

48X50 

1*69 

Jen 

18.77 

*0.02 

18.78 

18.78 

20.S39 

2845 

Feb 

18.70 

-0X5 

18.70 

18.70 

11,775 

696 

Tetri 





B3X91 

88X00 

■ CRUDE OIL IPE (S/barreQ 





letori 

Dajre 



Opro 



price 

ebaage 

W^> 

Low 

tat 

Vet 

Sep 

17X2 

+0X3 

17X9 

17X3 

71X05 

34X33 

Oct 

17.73 

+0X8 

1777 

17X5 30X42 

12005 

New 

17X3 

*0X5 

17X3 

17X5 

11X38 

1.4Z3 

Dec 

17X1 

+0X2 

17X1 

17X0 15.757 

348 

Jan 

17X5 

+0.16 

17.85 

17X2 

5.735 

784 

Feb 

17X5 

+0.19 

17X5 

17.43 

2,781 

148 


Total 


147,559 4M51 


■ HEATMG OIL HYM3t (42X00 US gate; C/US ffifa) 



(atari 

Dan 


Open 



take 

donga 

w* 

Low tat 

Vet 

Mg 

50.40 

+0X1 

50X5 

5020 12D71 11X*8 

Sap 

50X0 

-0X7 

51.05 

5070 30.088 126H 

Oct 

51 J5 

-007 

3200 

51.65 13.491 

2,470 

Hov 

52JS 

*0X8 

5295 

5280 10X08 

1X87 

nee 

5170 

-0X2 

53X0 

5170 22428 

3.405 

Jm 

54.40 

*0X8 

54.45 

54.40 12X49 

1X35 

Total 




126,729 33X13 

■ GAS OH. PE (S/knH) 




Sail 

Oafi 


Opae 



price 

cbai«a 


law tat 

Vd 

A«B 

157X0 

+2.75 157X0 133.75 23,180 

6X05 


139.75 

*225 160X0 158.75 19.730 

4X69 

Oct 

16275 

+1J5 

16275 

16025 14X10 

1,179 

He* 

154X0 

+125 18475 16275 10317 

717 

Dec 

16655 

+1X0 

16025 164X0 15X98 

556 

JB 

1B7X0 

+1X0 

167X0 

168.78 8X23 

948 

Tetri 




99X35 H407 

■ NATURAL OA8 NYMEX (10000 BwnBtu; SltnOui 



Latest Defi 



Open 



Price efeage 

a* 

Low 

tri 

vet 

s* 

1X82 +0X19 

1X70 

1X42 28X48 

4X77 

Oct 

1X35 +0X14 

1X40 

1X20 12X70 

3.438 

Nm 

2X68 *0X12 

2X70 


9X36 

881 

Dec 

2210 +0X11 

2215 

2195 

14X14 

2818 

Jan 

2220 *0X03 


2215 

9X41 

1XS8 

Frit 

2145 +0X05 

2147 

2135 

6X33 

827 

Tetri 



118,279 15.138 


■ UNLEADB) GASOI8E 
lffiet(42J)muSg«tti;BUSBaHej 


2 months — 

3 months 

__J.08 12 months Aflfl 

4.19 


Lrieat 

price 

0*1* 

CiBBBB 

MBb 

Low 

tat 

W 

SOrorRe 

p/trery to. 

USctaaquta. 

A« 

57X3 

-OXB 

58X0 

57X0 

14X00 

13X10 

Spot 

347X5 

533X5 

sro 

58.70 

-0.30 

57X5 

5fiX0 

4a789 

17X87 

3 months 

352X5 

639.10 

Od 

54.45 

■C15 

5430 

64.4Q 

10.1 88 

4X87 

6 months 

357.10 

540X0 

Mo* 

5245 

Jin? 

5265 

52.45 

8X39 

1X13 

1 year 

36SXS 

583X0 

Ott 

5735 

-tup 

57X9 

57X0 

5X01 

488 

GoM Cams 
Krugerrand 

Maple Lest 

New Sovereign 

S price 
392-395 
398X0-400X0 
91-94 

£ equtv. 
266-259 

B9-62 

Jtal 

Tetri 

96X0 

*0.08 

56X0 

MW1 

2.401 

ISO 

2BXM 


GRAINS AND OIL SEEDS 

WHEAT LEE (£ par torn*) 


Son Day's Upon 

price donga Sgi low M 

105A0 -0.75 10825 105 AC 385 
-120 107X0 10820 2513 

-1-35 10925 108.15 1X90 

110X0 -1.15 11090 11000 

11150 -1X0 11250 11150 

-025 11475 11450 


10620 

10820 


11450 


678 

831 

147 

8524 


WHEAT car (5.000PU miry centa/BOlb bushd] 


Dee 


331/4 

344W 

343/2 

3*2/0 

328ft} 

33318 


-0/4 334/4 33(H) 17,348 7503 

-1/2 348ft) 343/2 32.137 9554 

-2/2 353ft) 348/6 7541 1283 

-3ft) 348/0 342ft) 383 109 

Jd 328/8 *0/2 330/4 327/4 358 183 

Dec 33810 *0/2 2 

TDtd 58,770 1*432 

■ MAIZE C&T (5.000 bu min: CWTts/56to busTM) 


Pee 


Jd 


216/0 

219/2 

228ft) 

234/4 

238/8 

241/0 


-1/2 217/2 214ft} 48X71 8,393 

- 219/8 217/0120575 13562 

-0/2 228/8 228ft) 24504 1570 

-0/2 235/0 232/B B502 5(71 

- 239ft) 238/8 8.180 80S 

-0/4 241/2 230/4 987 30 

ItM 214X00 20534 

■ BARLEY LCE (E per tonne) 


See 

104.45 

. 

SO 

_ 

Ns* 

105X0 

-035 105X5 105X0 

475 

20 

Ju 

107.15 

-0X5 107X0 107.15 

38 

11 

liar 

100X5 

- 

38 

- 

mv 

110X5 

- 

1 

- 

Tam 848 31 

■ SOYABEANS CBT (SXOObu mh; csrtaffiOD bustMO 


a*b 

584® 

-0/2 

563/2 

58192 

16X44 

7X00 

sro 

572/4 

*1/8 

577/0 

587 ft) 

12,782 

2X28 

Nov 

564ft] 

+3/4 

5BM 

558ft) 67,490 23X13 

Jen 

572/2 

+3/B 

578/0 

5600 

10X51 

1X24 

Mar 

5806 

+3ftS 

584ft) 

574/4 

3X07 

375 

Itay 

SB7/B 

+5ffi 

5BQ/D 

581/4 

3X83 

946 

Tetri 




122X49 37X89 

■ SOYABEAN OIL CBT (60,OOOBb<K osnts/fe) 


23X7 

*0X4 

34.13 

23X8 

11X29 

4.711 

Sep 

2198 

+0-12 

24.10 

2282 

20X47 

B.871 

Od 

23X7 

+0X0 

2275 

2243 

13X45 

1X84 

Dec 

23X6 

+024 

2245 

2208 

37X75 

7X77 

Jan 

23X5 

+028 


2208 

4,163 

554 

■tar 

23X4 

+0X4 

2137 

23X5 

4X38 

076 

Total 





95X13 22X81 

■ SOYABEAN MEAL CBT (100 Ians S/tan) 


/tag 

177X 

+05 

1782 

1701 

15X91 

8.142 

Sep 

T76X 

+0X 

177.7 

1705 

18X81 

4X18 

Oct 

176X 

+1X 

1707 

174X 

10X84 

1,144 

nee 

17SX 

+07 

1709 

174X 

20532 

5X40 

Jm 

178X 

+09 

177X 

175.1 

3,717 

795 

Hv 

17BX 

+05 

1789 

1708 

4,045 

697 

Total 





89X78 21X59 

■ POTATOES LCE (£/tonne) 




Nm 

ieo .0 

_ 

. 

„ 

_ 

_ 

Her 

105X 

- 

- 

- 

« 

• 

Apr 

209X 

-27X 

mo 

aoax 

1X24 

284 

Bay 

240.0 

- 

- 

- 

- 

- 

Jib 

107X 

- 

. 


. 

. 

Tetri 





1X24 

204 

■ FFBQMT (BIFFEX) LCE (SKVMbx point) 


Jri 

1441 

-1 

. 

. 

512 

. 

*»a 

1393 

+3 

1400 

1393 

838 

25 

Sv 

1399 

+5 

1400 

1395 

321 

40 

Od 

1418 

+3 

1425 

1418 

574 

30 

Jm 

1428 

+3 

1430 

1428 

281 

10 

Apr 

1458 

+9 

- 

- 

102 

- 

Trial 

den 

fta* 



2XU 

IBB 

BR 

1440 

1440 






Wool 

Opening auctions at the newseflng season in 
Airtrata brought a trash rise In wad prices iHs 
week, which continued and led to at Increase 
In the newly based market indcatar of 7 cents, 
to dam at 881 cents a kg. Thta mem an 
Increase c o m pe red with the end of Juno of 
about 15 cans or 2-5%. though adjustments 
make exact comparisons difficult. Wool at 
other aucbone ttfia week. In New Zealand and 
of British wool In Bradford, showed a sfcnOar or 
greater affiance. Traders stn Indents reota- 
tanca to Ngtw prices from the retail end, 
despite the m ram alned upward trend and the 
ratathreiy low level of wool prices on any long 
rem compariso n . Hofldaye now effect many of 
the leading wool processing countries in 
Baope but otherwise activity Is good. 


SOFTS 

■ COCOA LC5 (E/tonmfl 




Sett 

Defi 






N 


price i 

change 

tilgb 

Law 

M 

M 


37 

Jet 

1071 

-11 

1089 

1071 

185 

56 

Aog 

43 

Sep 

1077 

■15 

1101 

1074 

17,157 

2.167 

Od 

71 

Dec 

1088 

-17 

1111 

1088 

31X51 

1.446 

Dec 

10 

Mar 

1110 

■14 

1127 

1110 

2971 4 

290 

Fib 

20 

May 

1119 

-14 

1138 

1119 

10X82 

133 

Apr 

10 

Jri 

1126 

-15 

1141 

1126 

4X52 

145 

Joe 

181 

Trial 




107X85 

4X39 

Total 


MEAT AND LIVESTOCK 

■ LIVE CATTL E CME fW) t 0 0ttba: canttftba} 
Open 


■ COCOA CSCE (10 tonnes: S/tamos) 


Sett Dei's 

price change ugh 

88.350 -0075 68580 88X25 21543 

71500 -0225 71525 71-200 25571 

70550 -0A50 70550 70.475 12544 

68550 4.450 69575 68600 10/011 

70575 -0375 71X50 70525 5560 

67.750 -0175 67X50 67.750 1530 

78581 

■ LIVE HOQS CME (4O,000Rk; centnftbs) 


Sep 

Dee 


1445 

-13 

1457 

1438 33X34 7X85 

Aog 

45X50 

-0.150 48.125 45X00 

7X96 

2X83 

1488 

-11 

1489 

1480 19X13 2.890 

Od 

41X75 +0X50 42200 41250 11X02 

3X58 

1528 

-11 

1527 

1517 8.007 574 

Dm 

41X75 +0.175 41X75 40.900 

4X82 

440 

1544 


1545 

1545 2X53 2 

Fab 

41425 

-0.175 40X00 40X50 

1X85 

146 

1584 

-11 

- 

• 2X44 

Apr 

39X00 

-0200 39X50 39X00 

932 

54 

1584 


- 

- 1,092 

Jm 

44X00 

-0.123 44X00 44X50 

- 

- 




73X3511X26 

Total 



28X84 

6253 


JK 
Total 

■ COCOA pCCOj {SDffsrionne) 


Jd 27 
0*7- 


Mce 

.1093X4 


Prev. day 
1071.75 


LC£ (S/torms) 


Jot 

3435 

-68 3525 

3465 

288 32 

Sep 

3458 

-78 3535 

3429 

18X96 1X53 

Nov 

3428 

-95 3515 

3400 

apw 1X26 

Jin 

3413 

-96 3505 

3400 

9X7B 579 

Met 

3392 

-107 3460 

3400 

3X98 88 

May 

3386 

-112 3395 

3380 

892 46 

Tetri 




41X75 3X24 

■ COFFEE -C CSCE (37,500tos; centsftbs) 

Sep 

202X0 

-8X5 208X0 200X0 19X52 

Dec 

20&25 

-820 21125 203X0 

12X95 1X42 

Mv 

211X0 

-6X0 215X0 211X0 

5,107 188 

"tar 

213X0 

■6X0 215.00 21130 

1.782 34 

Jri 

215X0 

-8X0 

- 

337 17 

Sep 

216.75 

-6.00 216.00 

216X0 

39 5 

Total 




38X17 BXM 

■ COFFEE (ICO) (US cents/pound) 


Jri 27 


Price 


Pnnr. day 

amp- rifiy 

188X5 


186X4 

15 day amp — 

Iflfi 7X 


195X4 


■ No7 PREMIUM RAW SUGAR LCE (centn/tos) 


Od 

12.13 

+0X7 

12.13 

11X5 

1/400 

286 

Jm 

11X2 

• 

• 

- 

- 

- 

u» 

11X5 

+0.13 

- 

- 

90 


Tetri 





1<490 

286 

■ WHITE SUGAR LCE (S/tonne) 



Od 

316X0 

+1.10 

31BX0 

31100 

10X02 

458 

Dec 

314X0 

+1X0 

314X0 311.70 

1X56 

52 

Mm 

31170 

+1.10 

31180 

310X0 

4,199 

148 

Iby 

31110 

+1X0 

- 

- 

386 

- 

A"U 

312.70 

+1X0 

31170 309X0 

356 

B 

0d 

299.90 

+1.20 299X0 297X0 

179 

3 

Trial 





17X78 

669 

H SUGAR 11’ CSCE (112.000K« centsftbs) 


Od 

11X2 

+0.10 

11X6 

11X7 65.675 

5X58 

Mar 

11.79 

+O.T4 

11X1 

11X4 31X70 

1,478 

ttaf 

11.75 

+0.17 

11.75 

11X0 

6X05 

117 

Jri 

11.09 

+0.14 

11X9 

11X0 

1779 

144 

Oct 

11X2 

+0.10 

nxa 

11X9 

1,173 

13 

Mar 

11.45 

+0.10 

- 

- 

167 

1 

Tetri 




107X78 7X09 

■ COTTON NYCE (50.000b=; centnftbs) 



72X0 

. 

- 

- 

6,757 1,116 

Od 

7110 

+007 

74.70 

7Z70 28,5*2 3X72 

Dee 

72X3 

-009 

74X0 

7226 

7X47 

95 

liar 

73.83 

-022 

75X5 

73X0 

ATXi 

78 

say 

74.40 

■035 

75.48 

74.45 

1488 

62 

Jri 

74X3 

-0X1 

75X0 

74.60 

367 

5 

Total 





50,778 3X65 

■ ORANGE JUICE NYCE fl5JOObs; centa/tos) 

Sap 

95 J5 

+0X0 

9140 

9190 

14.078 

19 

Nov 

96.46 

+035 

98X0 

97X0 

3268 

159 

Jaa 

10120 

+080 10128 10090 

3X04 

156 

MV 

10675 

+1X5 

105X0 

10425 

1405 

19 


109.75 

+2X5 

108.00 

107X0 

723 

5 

Jri 

112X0 

+130 112X0 110X0 

184 

- 


Total 


34882 358 


VOLUME DATA 

Open Merest and volume data shown tar 
contracts traded on COMEX, NYMEX, COT. 
NYCE, CME, CSCE and IPE Crude 08 am one 
day In arrears. 


INDICES 

■ REUTERS (Boae; 18001^1001 


Jut 28 Jid 27 month ego year ago 
2122X 21212 20613 1B44.3 

■ CRB Futures (Base: 4/B/36* TOO) 


Jut 27 
232X8 


Jut 28 
232X2 


ago in ego 

229.38 217.97 


■ PORK Bn UTS CME (40,000ft»: centsftbs) 


Aog 

N) 

Bar 


Aog 

Total 


27.625 -1.450 20300 27500 1283 1188 

42575 -a 100 41350 42500 4,676 1597 

42500 -Q.150 41100 42550 238 23 

41100 +8.100 41100 - 42 10 

44500 +0300 44500 30 * 

42400 


LONDON TRADED OPTIONS 

Strike price 8 tonne — CMfis Put* — 

■ ALUMINIUM 


(99.7%) LME 

Sep 

Dec 

Sap 

Dec 

1425 

55 

66 

28 

47 

1450 ^ 

41 

83 

39 

56 

1475 „ „ 

30 

70 

53 

70 

M COPPER 





(Grade A) LME 

Sep 

Dec 

Sep 

Dec 

2400 

77 

105 

51 

102 

2450 — _ 

53 

83 

78 

129 

2500 - 

34 

6S 

108 

160 

■ COFFEE LCE 

Sep 

Nov 

Sep 

Nov 

*tflnn 

1BO 

355 

302 

827 

3650 _ _ 

144 

340 

338 

562 

3700 

128 

326 

371 

588 

M COCOA LCE 

Sep 

Dee 

S«P 

Dec 

1000- 

84 

130 

7 

42 

IffiA 

48 

101 

21 

83 

1100. 

24 

76 

47 

88 

M BRB4T CRUDE IPE 

Sep 

Oct 

Sep 

Od 

1700 

- 

. 

8 

33 

1750. 

61 

75 

18 

53 

1800 

60 

52 

- 

- 


LONDON SPOT MARKETS 
■ cnjDEOOLFOB(perberrel/Sep) +or- 


Dubai 

S16.76-6X8W 

+0.1 25 

Brent Blend (dated) 

SI 7.95-7.97 

+0210 

Brent Stand (Sep) 

518.10-S.12 

+0.180 

W.T.L (1pm ear) 

S19.72-S.73w 

*0.155 

■ OIL PRODUCTS NWE prompt delivery Cff (tome) 

Prsmlun Gasoine 

5199-201 

+3 

Gas CM 

SI 56-1 67 

*4 

Heavy Fuel OB 

SS8k99 

-OX 

Naphtha 

5165-169 

*ox 

Jet fuel 

5169-171 

+3 

PactHeum Aiyus Eaamuas 



U OTHER 



Gold (per boy retf 

5387.30 

-1-10 

Silver (per troy oz)A 

535X0c 

-1.00 

Planmm (per troy or) 

£42215 

-5L25 

PaBadum (per troy azj 

9150.75 

-1.45 

Capper (US prod.) 

116XC 


Lead (US prod.) 

37.75c 


Tin (Kuala Lumpul 

1150m 

-ora 

Tin (New York) 

24150c 

- 1.00 

Caffle (five wrighlfl® 

1 13.B40 

■3.76- 

Sheep (Bve wrigffiJfAO 

84.72p 

-9 JST 

Pigs (Svb we<9M)0 

OLIZp 

-2X£T 

Lon. day sugar (raw) 

S20BX 


Lon. day auger (wtej 

3343.0 

-IX 

Tate & Lyle export 

E307.0 

-IX 

Barley (Eng. feed) 

Unq. 


Main (US N03 Yelkmi) 

S143X 


Wheer (US Dark North) 

Cl BOO 


Rubber (SepjV 

96.00p 

-1X0 

FMjber ( 0 «)V 

94. C3p 

-1.00 

Rubber KLRSSNol Aug 

363.5m 

+&0 

Coconut CM (PhW§ 

sssaoz 

+17X 

Palm OU (Motay.H) 

SS450q 

+5X 

Copra (Ptifl)§ 

9406 


Soyabws (US) 

CITBXz 


Cotton Outlook 'A' index 

63.35c 

-0X0 

WOdtups (84a Super) 

425p 



Wd. ppsneMg. cemtWBs. 


r ingglUln. m MolBvsIan cmnfle. I OctAtocqAug. * AW 
Bap. utai.f London Phyaicd. S OF AotMdaaiTf 
Button mariut dew. * snoop (LM weight prices}. * 
Cnange wi week. O ftfcm <n tor pnwtoue i lay. 


CROSSWORD 


Vd 

5,187 

1172 

1525 

1fl54 

189 

12 

12563 


No.8,518 Set by VIXEN 




ACROSS 

l Arranged toast in place (7) 

5 Franco- Italian articles, includ- 
ing about four quite churlish 
<7> 

9 Getting hot in modern 
machinery (5) 

10 Where people are questioned 
concerning their food intake? 
(54) 

11 A woman cleaner, note, must 


5 Join in the fun - it encour- 


1TU_- 


•’H :i, 


} «£ 


ages sociability (5) 

reader will find a' 


■+* t * 
Ml* x 




encompass a good deal 
12 Muse when i 


i there's time to (5) 

13 Some loathe taking a letter (5) 

15 Watches a series that causes 
the viewer distress (34) 

18 Prosect for which the outlay 
required is five hundred (9) 

19 Calls for personal adornment 
(5) 

21 The measure of atop man (5) 

23 Writing of oneself (9) 

25 No longer daydreaming - the 
price is too great (9) 

26 The place of a man north of 
the border (5) 

27 Double-dealing and corrupt 
senator (7) 

23 Vagrant given in charge after 
turning on maniac (7) 


6 Pass the 

S8LVGT (9) 

7 The girl often played (5) 

8 Ridicule strike - on reflection .’ 1 • • - 
work an (7) 

14 Scattered and set about a 
woman’s followers (9) r - 

18 Myrtle is constantly mindful". . 
of the environment (9) 

17 Taka a quarter ounce in and : - 

this must be declared (9) •-> ■ 

18 The river turned colour, theri~' ' : ' 

disappeared (7) •> ; 

20 The person most reluctant to. .. ’ 
give credit (7) 

22 Decline to cover the London'’ 
area (5) 

23 The odd coin’s needed for^' 

young offspring (5) * * 

24 A trainee member’s fear (6) 

Solution 8^517 


• '-u- >i* 

'■* 

• ■ '« 
« V 

'•3 4; 
-T-Sf 


■ ; r-* 
. -. 

-iV * 




v: 

: J -» .— 


•« 

-rif -I 
■-» V. 

i<i 

•---* r. 


■** V* 


~.-4 ** 

•;tn 




DOWN 

1 Very acceptable petition (7) 

2 Social workers are frequently 
taken in by them (9) 

3 A model thought to be over 
fifty© 

4 The clothing of retiring indi- 
viduals (9) 



>4 


5-i.V .-.-J: ,■* 

:* v -v* - r 

; -f - 

‘ ' 1 +» - : . 


-■ -s 

■ • * 




.... 

. * V s 

** * • .1; » 

-- -V. 


JOTTER PAD 


Sv 


-. 1 -,+) 
J -■ 






Cr n» 


8 V 


*•« 


» .w 






. •v. » • 

» *S _ JM 

V 




*4 



ms- s- 


••m.i y 

rate 

M • 

•Ski: 




*7i JrkNUUl 


T--i 




FINANCIAL TIMES FRIDAY JULY 29 1994 


31 



■ * /. ^ » 


LONDON STOCK EXCHANGE 


MARKET REPORT 

Treasury report helps calm interest rate nerves 


By Tony Byland, 

UK Stock Market Bettor 

The favourable tone of the UK 
Treasury's monthly report calmed 
worries on interest rate prospects in 
the London stock market yesterday, 
and the FT-SE 100-share Index 
recovered more than 13 points in a 
determined attempt to regain the 
3.100 level. The market was given a 
lead by strong gains in water indus- 
try stocks following an unexpect- 
edly favourable pricing review from 
OfWat, the industry regulator. 

A new bid from J. Sainsbury for 
William Low saw shares in the Scot- 
tish supermarket group immedi- 
ately outstrip the terms as specula- 
tors anticipated an aggressive 
response offer from Tesco, the origi- 
nal bidder. 

At the day's best the FT-SE 100 


was above 3,097, before closing at 
3,095.9 for a gain on the session of 
13.6. The September Footsie futures 
contract returned to a good pre- 
mium, trading comfortably above 
3,100 as the markets closed. 

Equities moved uncertainly in the 
early part of the session, pawing at 
first with other European markets 
and then losing most of an 11.8 gain 
on the Footsie. But a steadier trend 
In the pound and sterling futures 
bad already calmed nerves to some 
extent when the IK Treasury com- 
mented that all the latest data indi- 
cated steady economic growth, with 
no sign of input pricing pressures. 

Securities markets responded cau- 
tiously at llrst but gathered confi- 
dence in the second half of the ses- 
sion, helped by a brief upturn in 
British government bond prices. 

A firm start on Wall Street, where 


the Dow Jones Industrial Average 
was 12 points ahead in UK hours, 
reinforced analysts' perceptions 
that global equities still have fur- 
ther to run before interest rate pres- 
sures become negative. 

The strength of the water sector 
overflowed into the electricity 
stocks, which hoped tor a similarly 
favourable regulatory climate to 
prevail In the power industry. The 
market had no immediate guide as 
to the implications of the rejection 
of Ofwat's ruling by South West 
Water. 

Heavy turnover in William Low 
shares as they topped the Sainsbury 
offer reflected the market view that 
Low's pivotal position in Scottish 
markets wiU not be taken over 
without a battle between the two 
monarebs of the industry. 

The final picture across the Foot- 


sie range was more mixed thpn the 
gain in the Footsie index suggested. 
Dollar stocks. Including Glaxo, BAT 
Industries. RTZ and Reuters Hold- 
ings. were strong, and 1CI moved 
forward after disclosing satisfactory 
first-half results, although with no 
change in the dividend payment. 
Oil shares were firmer In response 
to the dollar and the continued 
strength of crude oil prices. 

There was no great response from 
retail and consumer stocks to the 
easing of interest rate concerns. 
Banking shares continued to move 
confidently towards the profits 
reporting season, to be opened this 
morning by Lloyds Bank, and 
brushed off weakness in bank 
stocks In Germany in the wake of 
interim figures from Commerzbank 
and Deutsche Bank. 

In general, however, strategists 


were wary of expressing over- 
optimism ahead of the report today 
of the US second-quarter gross 
domestic product statistics. Market 
forecasts for GDP growth have been 
moving higher all week, and ana- 
lysts non warn that growth above 4 
per cent would revive all the old 
fears of action by the US Federal 
Reserve. 

Seaq volume increased to 657m 
shares, from 599.1m in the previous 
session; on Wednesday, retail busi- 
ness was worth £1.05bn. indicating 
that the Interest rate worries dom- 
inating that session had inspired 
some selling pressure. 

But non-Footsie stocks were more 
active yesterday, making up nearly 
58 per emit of the day's business. 
The FT-SE Mid 250 Index gained 9.9 
at 3,642.8 as Investors continued to 
search out growth stocks. 


FT-SE-A All-Share Index 


1,600 — ■ — 



EamFTQWtk 1994* 


■ Key Indicators 
ImHces and ratios 

FT-SE 100 3095.9 +13.6 

FT-SE Mid 250 3642.8 *9.9 

FT-SE- A 350 1563.1 +62 

FT-SE-A AB-Share 155080 +5^4 

FT-SE-A All-Share yield 3.33 (3.84) 

Bast performing sector* 

1 Water +4.4 

2 Tobacco +1-6 

3 Banks +1-3 

A Utilities +1.0 

5 Extractive inds — +0.9 


Equity Shares Traded 

Turnover fry vatum (mSsonj. ExcJurtng: 
bwa-nwhei busness end ovara&n tianww 

IjOOQ - 



FT Ordinary Index 

2399 1 

+ 3.1 

FT-SE-A Non Fins p/e 

19.54 

( 19.481 

FT-SEIOOFm Sep 

3103.0 

+ 16.0 

10 yrGIM yield 

8.66 

( 8 . 61 ) 

Long gift/equity y id ratio: 

2.28 

( 2 . 27 ) 

Worst performing sectors 

- 0.9 



2 Transport 

3 Engineering, Vehicles 

— 

- 0.5 


4 Merchant Banks - 0.4 

5 Retailers. Food — „...-0.3 


IU^ I'.iv, 







riposte 

predicted 

The bid battle in the food retail 
sector Is expected to take a fur- 
ther twist, perhaps today, with 
Tesco widely predicted to 
counter yesterday's £ 2l0m bid 
from J. Sainsbury for William 
Low, the Scottish retailer. 

Analysts were united in the 
belief that Tesco would return 
to the fray three weeks after 
m airing an agreed £l54m offer 
for Low. A fresh bid of 350p a 


share was being mooted in the 
market, a move which would 
severely test Sainsbury’s stay- 
ing power in the battle for the 
Dundee-based grocer. However, 
others suggestions were of a 
more cautious 325p a share 
response. Salisbury's cash bid 
is worth 305p a share. 

Low shares surged forward 
on the early morning Sains- 
bury announcement, reflecting 
the market’s instant assump- 
tion that Tesco would respond. 
They closed 44 ahead at 324p 
with turnover a record 11m. 
Trading in Tesco wqs also 
heavy. The shares retreated 7 
to 233p on turnover of 15m, 
while Sainsbury added a penny 
at 4ilp on volume of 4.3m. 


Waters up strongly 

Qfwat, the water regulator, 
delivered the review many in 
the market were hoping for 
and sent water shares spurting 
forward as utility specialists 
upgraded profits and dividend 
forecasts. 

Ofwat's recommendation on 
the “K" factor - the amoun t 
the water companies will be 
able to raise their prices above 
the rate of i nf l ation - mny in 
more or less in line with mar- 
ket expectations, with a lower 
than expected figure for capital 
expenditure over the npvt iq 
years. Other issues, such as 
rates of return and dividend 
growth, were also considered 


EQUITY FUTURES AND OPTIONS TRADING 


A squeeze hi stock index 
futures helped to reverse an 
initial decline as turnover in the 
derivatives returned to meagre 
levels, writes Joel Klbazo. 


The opening of the 
September futures contract on 
the FT-SE 100 at 3,084 was 
below expectations and 
appeared to indicate that a dull 


session lay ahead. Within the 
first hour of trading the 
contract had fallen to a low 
of 3,074. 

However, an aggressive 
buyer appeared at mid- 
momtng, taking the market by 
surprise. September saw the 
earlier decline reversed and a 
gentle squeeze was seen as 
dealers attempted to fin the 
order. A more favourable 
outlook on inflation helped to 
maintain the momentum. 

A firm opening on WaS 
Street, the strength of sterling 
and another bout of hectic 
buying by the morning’s big 
trader brought a squeeze to 
the contract in the last hour 
which saw it climb to a day’s 
high of 3,1 19. 

Following a bout of 
profit-taking it closed at 3,103, 
a point ahead of its fair value 
premium to cash of about 7 
points. Volume was 11 ,468 
contracts. 

Dealers reported a dull 
session in traded options, 
where a total of 24,372 kits 
had been dealt by the dose. 
The FT-SE 100 option 
encountered business of 8,261 
contracts, and among stock 
options HSBC closed well 
ahead with 3,814 lots traded. 


■ FT-Se 100 INDEX FUTURES 0JFT1E) C25 per Ml Index point 


(APT) 


Open Sen price Chaos High low Eat. vd Opart M. 
Sep 3084.0 31030 +1&0 3119 j0 3074.0 11468 

Dec 3108.0 3113.0 +1&0 31090 31080 100 

■ FT-SE HD 2G0 INDEX FUTURES (UFFt) CIO per fU Indac point 


38500 38400 


+5.0 36500 3850.0 


1 


4498 


■ FT-SE MD 250 INDEX FUTURES fOMLX) CIO per Ml Index point 
iep 36400 

AS opai Mow figure ora tor previous day. t Exact wUM *own 


636 


■ FT-SE 100 fttOEX OPTION (LUTE) C 309 S) E 10 per Ml Index po 4 rrt 

2900 2850 3000 3080 3100 3190 3200 3S0 

CPCPCPCPCPCPCPCP 
An 201*2 0 1SB "JOfa T14 IB 77 32*2 48 51 a 80*j 11 11B>2 • 5 IBIb 

Sep 223 19*2 180*2 26*2 141 ^2 38*2 105 52»j 77 7«* 2 Sfi 2 102 34 134 W* 172 

Oct 235*2 31b 197*2 43*2 160*2 56 128 74^ 98*2 96 78>a 124 56 154 44 190 

Hot ZOh 3S>2 Z13*2 KPz 177*2 66*2 147 87 (19 108 M *2 135*2 75 105 68 138*2 

Duct 262 54^2 tafeKfe 133 123*2 88*2 179 

Uto 4001 Pitt 1748 

■ EURO STYLE FT-SE 100 INDEX OPTION £10 per tull Index point 

2926 2975 3025 3075 3125 3175 3225 3275 

Aug 178*2 7 14Hz 12*j 93*i 24 98*2 38ij 341* 65*2 17*2 97*2 7 138^ 3 188*2 

Sep 199 22 169 32h 123*2 46 81 63 83 85 42 123*2 27 146 15*2 SB 

Oct 211 37 143*268*2 91 114*2 S3 175*2 

Dec 242 58 176*289*2 121*2 133 794 169 

tat 279*2 S?*2 2184 116 163 15 8 110*22124 

Cab 1.22B Pitt in • UnOertjtofl Mb vtee. Mm town am Ml 00 seteaun price*, 
t Loon <ttad «u*y nano. 

■ EURO STYLE FT-SE MIP 230 BPEX OPTION (OMUQ £10 per M ride* point 


3460 as 
Ota 0 Pitt 0 Satttmant | 


3660 3600 3660 3700 

974 38*4 88 59*2 464 664 
l (draws era Mae 4 OOpra. 


3760 


3800 


FT - SE Actuaries Share Indices 


The UK Series 




Day’s 




Y ear 

E»r. 

Earn. 

WE 

Xdaq- 

Total 


JJ 28 

chgaK 

Jul 27 

JU 28 

Jul 25 

ago 

ylakl% 

yWdS 

ratio 

ytd 

Return 

FT-SE 100 

30959 

*0.4 

30828 

31178 

3106.1 

29178 

484 

680 

17.40 

78.15 

1161.83 

FT-SE MkJ 250 

38428 

+08 

3632.9 

3641.1 

3624.0 

32738 

3.38 

588 

21.17 

8181 

13*9-71 

FT-SE MM 260 «X Inv THrata 

3645.1 

+08 

3835.1 

3642.9 

3828.1 

3285.7 

384 

B.15 

19.71 

8482 

1347/44 

FT-SE-A 350 

T563.1 

+0.4 

15568 

15718 

15652 

14578 

SMS 

6.54 

1&15 37.60 

120041 

FT-SE SmaftCap 

1832.78 

+08 182989 1829.77 182584 1643.65 

387 

486 

30.72 

3286 

141385 

FT-SE fenMICap ex 1 w Trust* 

1800.79 

+08 179734 1797.84 1794^3 1839.11 

385 

4.71 

2886 

33.91 

139227 

FT-SE-A ALL-SHARE 

issaao 

+0.4 1544.66 1557.BS 1562.07 1441.90 

383 

688 

IB. 70 3688 

121122 

■ FT-SE Actuaries AlkSharo 








P/E 

*Cda4 

Tote 



Da/a 



. 

Year 

Ofc. 

Earn 


JU 28 chflB% Jul 27 Jul 2fi JU 25 ago yield % yield % redo ytd Rattan 


10 MINERAL EXTRACTIONS B) 2713.82 

12 Extractive Industries#!) 386632 

15 OU. Wegratedp) 287051 

18 OM Exploration X Prodfll) 19B1-6S. 


*02 2708.96 2725^0 274831 223&00 3J6 4.32 28.11 47.41 1078.44 

+09 3831 57 3870.62 3809.38 31 1030 029 021 24/05 54.24 1056.10 

287069 2886.73 2707.41 2179.20 3.4$ 4*43 M-09 5054 1083.75 

*0.4 1953-04 1963.77 1972.19 182040 2-48 1.24 80.001 2034 1124.74 


20 OEM MANUFACTURERS^ 2015.12 

21 Btedlrig & Constnictfon{32) 11B9.18 

22 Buflcflftf Mails ft Merchapi) 2010-84 

23 CiwrtcalatS} 2485.59 

24 DhmsMed JndusnMs(18) 1991.73 

25 Electronic & Sect Equ&35) 192830 

26 Engineerings 01 1903.92 

27 Engineering. VeWctosflZ) 2387.67 

28 Printing. Paper ft PefcgRBI 2882.54 

29 Textiles ft ApparalCOl 1B68.S3 


+0 St 20ia70 2026.03 2020.71 182 4 JO 
+0.1 119B£7 1198.48 1193.57 104&X50 
+0.1 2009 JO 2016.77 1993J9 1884.20 
+05 2473.84 248250 2468.97 217430 
*02 1988.16 2020.44 2016.14 1898 JO 
*04 1921.50 1937.70 1036.782100.00 
+0.8 1882.74 1804.04 1908.53 161000 
-0.4 239634 241 6.25 2407.55 1 87030 
-01 288626 288129 2860.35 2349410 
-02 1B702S 1878.82 168054 1788.40 


3.77 

4.60 

26.70 4629 

1019.48 

321 

<41 

2920 2024 

931 84 

3.65 

327 

31.71 

45.71 

94180 

3.73 

386 

33.05 5823 

109389 

486 

426 

2623 

54.66 

1009.00 

390 

682 

16.47 

5X80 

94126 

228 

420 

2527 38.44 

108226 

429 

2.17 

8223 

4223 

114226 

294 

523 

23/41 

4881 

1117.94 

3-98 

6.11 

20.19 

3825 

937/40 


30 CONSUMBt QOOD8(97) 267080 

31 BreweriesCI7) 223920 

32 Spwts. WhM ft CJd«fs()0) 277Z58 

33 Food Manufacturers^) 2214.15 

34 Household Goodsp3) 242525 

38 Health Cara{21) 1870.49 

37 Pharmaceutlcals(1ZI 268328 

36 Tobeeoafl? 370728 


+05 2657.90 268063 2665*0 267420 
+0.4 223055 224026 224323 200850 
♦05 275076 2787.77 2783.19 277150 
*05 2203.75 220550 219858 220250 
+03 2418.08 246250 243858 220450 

1068,65 183856 T64&31 171150 

+02 285657 288928 2875.66 290950 
+15 3B492S 3712.17 3624.09 365150 


4.35 

786 

15.47 7183 

911.19 

422 

7.73 

1 B22 l«» 

100272 

3.99 

885 

1629 8928 

92922 

423 

788 

1483 85.72 

82681 

3.62 

720 

1^70 5215 

864.77 

284 

3.03 

67.79 3228 

964.04 

486 

723 

1529 5921 

easjBB 

585 

9.19 

1223 12783 

B25.69 


40 SERV1CESC220} 196822 

41 ObtributoraOIJ 2703.20 

42 tabura ft hoteM(2-*» 2141.34 

43 Medte(36} 2876.93 

44 Rotators. Fooc#17J 1716.67 

46 Rotates. G«neralf45) 168851 

48 StePOrt Services) Wl 156457 

49 Tranaporttl® 239015 

51 Other Servfcea ft Buakieasg). 1171.40_ 


-0.1 1989.89 1986.40 1873.78 180750 
-05 272083 274054 274015 283950 
+02 213858214157 212659 184350 
+0.8 288252 292054 2884.61 238040 
-05 1724.45 171754 170722 183080 
-05 169350 1708.34 170081 1638.10 
+0.4 157820 1588.13 158220 154750 
-05 2401 29 243259 241078 215650 
-02 1173.421175571177501167.00 


3.13 

6.13 

1928 37.89 

861/47 

382 

681 

1828 

6627 

931.15 

3.43 

481 

2521 

4321 

105128 

288 

5.16 

2258 

40.18 

984.76 

3.73 

985 

1320 

4025 

1022.70 

209 

644 

1922 

3326 

89826 

286 

620 

19.65 

24.79 

85622 

251 

623 

2217 

4146 

93122 

4.19 

262 

8528 

16.18 

998.74 


go uramEStwj 
62 Beetrtcityti7) 

64 Gas DtacritMtiongJ 
68 ’ Wo c mm ualceiBnUI 
6 B Witferfia 


2306.06 +1.0 2232.132303.11 2300872187.70 

229452 *0.8 227654 2296.58 229044 184040 

1837.41 163753 1862-13 1862.13 203350 

1978.45 *0.5 1967.98 199004 200457 202550 

188B57 +4 A 180857 1783.47 1782.57 1691.60 


427 

8.15 

14.96 BS23 

88672 

329 

10.73 

11.13 7224 

94928 

882 

t 

$ Ba79 

839.71 

4.18 

7.96 

1520 50.18 

84327 

5.15 

12X5 

883 05.77 

941/43 

322 

617 

1984 3924 

117639 

424 

8.45 

1682 5820 

85615 

4.08 

674 

1322 7326 

832.55 

520 

11.62 

988 3623 

84d£0 

520 

781 

1614 8227 

90788 

381 

1189 

1026 6920 

85602 

3.85 

R 28 

1488 4522 

101671 

320 

38B 

32.40 3614 

902.79 


S» NOHjft WtC IAlfl WOT 


1675.64 +05 1870.06 1683.77 167904 1554.40 


70 FDMNC1ALS(104) 

218625 

71 BantoflOJ 

2811-06 

73 tnsuranca(17) 

1242.40 

U iMAmxannfQ 

2390.19 

75 Marcrunl Bonks® 

2848.87 

77 Oorar F1naredaip4» 

7B Pmportvt411 

190285 

1583.83 


+0.7 2171.95 219756 2179.83 2093.10 
+15 2776.04 2807.14 2774.01 2555.60 
+0.0 1235.05 125651 1250.99 1461.70 
-05 2397.59 2435.07 2442.93 2482.00 
-0.4 2658.96 2888.16 286357 2720.80 
-05 1905.61 191258 1903.81 1808.70 
-02 1SB&72 160154 1593.41 1488.90 


_B0 INVESTMENT TRU3TS(123| 
08 FT-S&A ALL-SHARE082) 

■ Hourly movements 


5810.57 +02 280454 281051279457 2416.90 2.14 _1JS 5452 39.70 94058. 
1550.60 +04 15M.6B 15S7.8S 1552.07 1441.90 353 858 1870 3&S6 121152 

1340 1450 1550 16-10 Wgfa/day Mva/day 


FT-SE 100 

FT-SE IAd 2SO 
PT-SE+4J50 

3085.3 

3639.4 
1555.7 

30863 

36362 

15564 

3062.9 

36364 

1557.6 

30967 

36389 

1560.7 

30908 

3641.2 

15612 

30967 

36465 

15602 

30834 

36402 

15560 

3090.9 

3641.0 

1561.0 

30960 

3643.1 

15622 

3097.4 

3643.5 
1563.7 

30761 

38360 

15542 

Tta* Of FT-SE 100 Hflh U7cm Im 640sn 










N FT-SE Actuarifes 

Open 

350 Industry baskets 

920 1020 1120 1220 1X00 1420 

1520 

1610 

Ctaaa 

Preotous Change 


ft Cnstrcn 11545 1154.5 11545 1153.6 1153.6 ii»m = IISTT ,0315 

■"Mautlte 2837.1 2833.4 2836.4 26453 20468 28* 6.3 X13.1 287S9 4 2B31| 

* 1877.8 18682 18564 1865 6 1880.2 1880 3 18802 1077.4 18K.1 1^.6 806 

a 2821.0 2812 5 28268 2831 .2 2833.7 2B34.8 28325 2842.6 2842.7 28+6.4 2B1B.S 


fttuxx tt atetopw an bib FT-SE Ubm Snore todcoa a putxoNod « San^uy tt5»uea 

On. SouBMra M)>. lOMttjSEt »«. ThefT-SE ■ "V 

.M^crmunn pr.+F +M FT-SE ACwnaa tnautty 

"■FT -aw hm Man rananatl FT-SE-A l+on-Fmanova* -ato*. Tha FT-SE TOO. n-+ FT -SE Md 2 M L FT-^ ir&B a 

a»wx*d by nnWMCxvny T Sector Pt mix* oreos* tn«a Bdaren* ttmn. 1 Vfebo am neo*« 


to be leniently treated in the 
report. 

Traders said there were 
hefty gains from the outset, 
with good buying support 
being maintained throughout 
the session. Among the per- 
ceived key beneficiaries of the 
report, Northumbrian jumped 
30 to 527p, Southern 33 to 5B8p, 
Anglian 24 to 549p, North West 
28 to 553p. welsh 30 to 638p 
and Severn Trent 33 to 572p, 
with turnover there hitting 
7.3m, the second highest 
recorded. It was a similar story 
at Thames, where volume 
reached 9.6m as the shares 
raced forward 24% to 5l5V*p. 
South West, the only company 
to appeal against Ofwat’s find- 


TRADING VOLUME 


■ Ha|or Stocks Yesterday 



to* 

QoWCQ 

Oe»-* 


QOOa 



ASOAGlotet . 

14200 

58 

+1 

Aitoey Kaaoneff 

1200 

406 


AtoenFnhtr 

6200 

45 

+i 

AAot+Lyonof 

ijoo 

GBI 

-2 

Argtan Waaer 

&400 

54S 



SSB 

3GB 

*3 

SrSL, 

7200 

1^00 

147 

28012 

287 

573 

-3*2 

11 

+1 

Aaeoc. BriL Port* 

522 

201 

-1 

8AAt 

1^00 

973 

-7 

BAT torivf 

X300 

4J2 

♦7 

BET 

STS 

115 

*2 

BtCC 

sac 

39012 

♦1*2 

BOCt 

ms . .. i 

747 


B»t 

10X00 

408*2 

-3 

BPBMtL 

1200 

330 

-B 

Bit 

oxn> 

373*2 

♦** 

JW 

BTRt 

3200 

4500 

260*2 

370 

-e 

tartc at Scodenat 

1200 

104 



1200 

645 

♦i 

Baat 

O ««l 

6S2 

*s 

BkeCWrt 

1,700 

1.100 

317 


Soaker 

414 

-1 


807 

524 

-1 


2/mo 

43B 

-8 


ijoo 

403 

-2 

Britth Atrwayst 

1200 

424 

-2 

Breen Orel 

5200 

27ft 


Bomb Land 

1^00 

427 

-1 

EktWi Stoatt 

3200 

ISO 

A 

Bunt 

9rm 

in 


Btxnb Casootf 

441 

863 

-a 



56 


CanteBWWt 

2JQOO 

428 

*2 


1,100 

438 

*3 

Cator Group 

10 

200 


Cotocnt 

2X>00 

032 

309 

863 

-1 

43 

Coraa v^retot 

3200 

215 


Comm. Uniont 

3® 

547 

*6 

Cootoon 

MJ 

261 


Coutauidtt 

2A0D 

530 

♦7 

SifiW 

1200 

1X100 

440 

980 

*e 

-0 

Decora 

eeswnQoct. 

1200 

1.700 

a** 

*4? 

Esat Uc9and BecL 

BIB 

e4 

40 

Eng China Oore 

1,100 

378 

44 

ErexrprtseOBf 

1200 

426 

+1 

Eomturwl LWw 

LB ' ■ 

308 

-4 

RQ 

611 

183 

43 

Rsom 

331 

138 


Fonrirei B CoL LT. 
ForteT 

733 

8200 



OoiAoddanri 
General Sect f 

433 

62W 

zn? 


Gtexot 

1200 

572 

*13 

Qyrwad 

105 

374 

-1 


1200 

SEPz 

+t 

Grand M«Lt 

2200 

412 

♦4 

GUSt 

12C0 

580 

-1 

OPEf 

1,700 

1B9 

♦2 


873 

616 

-2 


2200 

443 

*2 

KS8C J7Sp ah$f 

3200 

778*7 

422 

1 hJTFTkj if HI 

201 

M3 


Hxraorrt 

6200 

2se 

*3 

Harrent CnnMd 

2,100 

172 

-3 

SKto-n 

885 

1.100 

800 

187 

4« 

♦1 

M 

317 

328 


i at 

3200 

637 

4+ 

Ineheapat 

Jofroor Uasbey 

2.100 

273 

483 

578 

•6 

43 

EtSf 

1200 

1,100 

GOB 

684 

-3 

4« 


1200 

174 

*2 

Laid Securest 

1.000 

663 

-2 


237 

772 

*e 

Legal B Garaolt 

480 

*56 


Lk^d* Abbey 
UmdeBaract 

LASMO 

1,700 

1200 

7200 

380 

582 

142 

40 

til 


733 

802 

47 


7.700 

133»2 



2200 

163 

-1 

MEPCt 

1200 

461 

-4 

MU 

531 

146 

-2 



725 

+14 

Ltata B Bpancart 
Mkttnda Bn 

2200 

427 

-2*7 

1200 

884 

*2 

Mortoor (Wrq 

«36 

184 


NFCt 

1200 

107*2 

♦*2 

NttWtoai Bentf. 

1500 

468 

-4 

ttgsoari Pomarf 

1,700 

+51 


Next 

783 

260 



5400 

553 

♦20 


471 

700 

-1 

Northern Forxtot 

8.700 

203 

42 

Ncr»«b 

403 

B7B 



1,100 

665 

42 

PlOt 

1200 

873 

< 


2.100 

103 

-1 

PoetorGent 

Pruderetorf 

MOO 

6100 

916 

300 

40 

-2 

RMCt 

373 

B6S 

-4 

KTZT 

2200 

562 

40 


727 

267 


taete?iolmerrt 

322 

408 

564 

42 

42 

Rertaeft. 

2200 

537 

♦4 

taedWt 

703 

790 

44 

Rertotft 

Rautoiaf 

680 

1M*» 

»/m 

230*2 

tdE 

4*2 

♦7 

*7*2 

SILSkSSSSf 

1200 

305 

♦2 

9.100 

29 

-2 


4200 

411 

♦1 


79 

1210 

-8 

SeoctMl 1 Na*r.t 

480 

529 

43 

Sere Hydro-Sea. 

474 

371 

+4 

Scoeith Areart 

6400 

3200 

377 

118 

-3 

8*c^«tok 

BIB 

188 


Seaboard 

1200 

3S2 

44 


7.400 

572 

♦S3 


4.700 

731 

45 

Sebet 

013 

®1 

♦11 

S&jgh Eota 

73 

233 


SrrenWJDA . 

790 

■ses 



5,100 

162 

*1 


5,000 

406 

-11h 

GmN BeecroBii Uto-t 

2200 

368 

-11 


622 

*08 



ZMO 

665 

*16 

SoumWaSeeBecL 

374 

674 

+10 

Soudi Vfcat Wrer 

6400 

517 

^12 

8cuA Were Sect 

228 

658 

*18 


2200 

509 


SNnttrd CnortrLt 

3200 

268 

+11 


3.000 



Sun ABoncet 

2200 




1200 




1,100 

383 

-1 

TSSt 

538 

207*2 

-*1 





TdalLyta 

STB 

420 

145 

♦2 


15X*® 

233 


TComeeWtoert 

10X300 

740 

51512 

1040 



1200 

224 

*i 

Tratalger Houee 

7200 

0B7 

75 

3S0 



8*5 

1011 

*4 

Unaed orere-rt 

1X300 

326 



1*00 




4,700 

188*1 

*4 

Wartxxg (SGJt 

345 


-4 





Wetsh Water 

2200 

838 

*30 


1,100 




018 


*1 

VCBxm* Wdga.t 

700 

307 

-2 






1200 








KSlLJ 

62fl 






Zenecat 

602 


*4 


Bna+don traann vofcitotor Ba tt e n n n a* 

KtunUBB ocas annugt It w 9EA 0 Qt *t*n 

ub* 4 JOpm. Tnl *'* of cm amen or 


100 woex can a aKt* 


ingB, was also the only weak 
spot in the sector, losing 12 at 
SITp on busy volume of 3.3 m. 

Analysts upgraded forecasts 
for real dividend growth in the 
sector from around 2-5 per cent 
to 4 per cent per nnnum with 
talk of the more bullish houses 
moving to 5 per cent Hoare 
Govett predicted a further 10 
per cent upside for shares, 
with strong recommendations 
on Welsh, Thames and Severn 
Trent But NatWest Securities 
sounded a slight note of cau- 
tion. Mr Andrew Wheeler at 
the securities house said: 
“S ome companies mi ght strug- 
gle to TnflirrHin aggressive divi- 
dend growth above the market 
rate." 

Granada dilemma 

Whispers were reaching the 
market that Granada Group, 
the television and catering con- 
cern fresh from its successful 
takeover of LWT, might be 
considering hitting the acquisi- 
tion trail again. Gardner Mer- 
chant, the catering group sold 
by Forte last year to manage- 
ment and set to come to the 
market later this year, was 
being mooted as the most 
likely candidate, with a price 
tag of around £600m being 
attached. • 

Leisure analysts, while 
agreeing that the move would 
make strategic sense to Gran- 
ada, s aid that it was unlikely 
given both its recent foray and 
Gardner Merchant’s imminent 
flotation. “Granada would have 
to pay a lot to stop that hap- 
pening," was the view of one 
seasoned professional. Forte, 


NEW HIGHS AND 
LOWS FOR 1994 


icwHaHteq. 

CH W B W - 1 W Wotumnht*nm BnH. 
9S1RIBUTORS (1* FtBXX Pnru. ELECTRNC l 
ELECT BMP (SOmtoBtA. Sctttta, LMIscll, 
EMtMESBNO (A Soaffi Msm, RanofcL 
BOD. em, VB9CLQ ta Automoritt Pwetoton. 

UPF. EXTRACTIVE MdS H Antfo Am. Catt. 

CoH Xtt. DtWoBtott. ERBO, Wtt ttm Armx 
INVESTMBir TAUSn M MVBBTMBfT 
COMPAMBB (1) japan OTC wna. MEM* (1) 

M. Bona Corxm.. PRTHO. PAPt» B 
PACKS (1) SBW* RETAILERS, FOOD P> Low 
(Mi. RETAKEItt. QEMBULd) Hauwal Fbmot. 
SUPPORT 8SIVS A AdnAlL M T)ma 
Corerot. TRANSPORT (1> « Ntopon Aha) *. 
MtAtel f» Sotaft StoffiL 
HEM LOWS (48L 

CULTS R BULDMO B CMSTRN P) BM 
OcxwkxT Tyson. BLOO MATIE B HCHIS » 
EdpM BttdB, Sycaraora. ELECTRNC B ELECT 
EQUP R MusMd Conoet Santo, IJBeMB. 
TunaS* ENCMKEERSMO (5 Btoam W. MBttn. 
Protaan, EXTRACTIVE MD8 (SJ PncBBB MaRtt 
AtoBtfa. Wntitta. HEALTH CARE 0 Boapak, 
Iraron HOUSEHOLD QOOOS tl) Jsyaa, 
MHRANCE a Mapsnttm. Uo»0 TlwRpoon. 
wysSTMarr trusts fi> bmsiment 
COMPAMES cn Sponato 8mattr Cart. LIFE 
ASSURANCE pnvmakndc B Spe Pif, 
ICDUH8taMilDliBtoeM.HMQO.Da 
WrtB, MERCHANT BMBCS (T| Bttp 9Mpc 
Prt , OTHER IWANCIAL P) Hnm JuaDtt. 
London Fbrittig. PRTNO, PAPER B PACKO W 
Daft*. PROPERTY (1) Bcttm. RETAXER^ 
OOCUL (8 CMan Canto. Cotontthn 
Partridga Rno Ana. SUPPORT SERV8 |H 
Cktol CorrpuOng. 018 HL Inapacoon, Pgma. 
TEXTREB B APPAREL M Attd Te«a*A Oant 
(SFft Luato. SMar. TRANSPORT (1) 
Da+s ung cmp, AMERICANS fl> WWtlponL 

which will reap 25 per cent 
from any float, crept a half- 
penny forward to 232p, while 
Granada managed a penny 
gain to 533%?. 

ICI put on 4 at 837p after the 
UK’s leading chemicals com- 
pany released second-quarter 
figures above the range of ana- 
lysts' forecasts and accompan- 
ied them with a strong state- 
ment 

The profits of £14lm trans- 
lated to a first-half gain of 
£2 34m, against forecasts of 


£205m to £2 2dm. Sir Denys 
Henderson, the chairman, said: 
“This is the most tangible evi- 
dence yet that our customers 
are emerging from recession." 

Forecasts for the full year 
shifted from a range of £400m 
to £450m to between 2450m and 
£500m. but many analysts 
remained just holders of the 
stock, arguing that it was 
already expensive. 

SmlthKUne Beecham fell as 
initial reports suggested that 
the US Food and Drug Admin- 
istration’s advisory committee 
had decided not to approve the 
company's best selling drug 
Tagamet as an over-the- 
counter treatment for heart- 
burn. 

The shares dropped 1114 to 
408p but, after the market 
closed, SmithKHne announced 
that recommendation had been 
given subject to one or two 
small points. It said that if 
those points were cleared up, 
the drug would not have to be 
referred bade to the advisory 
committee. 

News that Medeva. the phar- 
maceuticals company, had lost 
a significant European appeal 
case came too late to affect the 
shares, which ended steady at 
134p. But one analyst said the 
decision to uphold the patent 
on a hepatitis B drug held by 
Biogen. of the US, could 
prompt a significant fall in the 
Medeva share price when the 
market opens today. 

The hepatitis B vaccine is 
seen as one of the prime 
sources of Medeva’s earnings 
growth in the next five years. 
Analysts had been looking for 
sales of around £3Qm next year. 


News that conglomerate 
Hans on had made a £9*5. lm rec- 
ommended offer for Scboles. 
manufacturer of electrical 
products, at 250p a share was 
not the blockbuster bid that 
many had expected. Analysts 
are looking for further acquisi- 
tions but some said that much 
depended on the strength of 
the dollar and its impact on 
the group's high level of dollar 
denominated debt Sc holes rose 
57 to 250p while Hanson 
improved 3 to 258p the shares 
receiving further support from 
a recommendation by Nomura 
which urged investors to 
switch their holdings from 
industrial conglomerate BTR. 
which eased eased 2 to 370p. 

Office equipment group 
Danka Business hardened 3 to 
333p after reporting bumper 
first-quarter profits 

Rolls-Royce advanced 71 j to 
lSSVip, with investment bank 
Lehman Brothers reported to 
have been an aggressive bidder 
for stock in the second half of 
the session, to cover a position 
on a warrant issue. 

Food processing equipment 
manufacturer APV finned 2 to 
ll4p after NatWest Securities 
upgraded profits expectations 
for the current year by £1.8m 
to £26. 8m. 

Motor dealer Lex Service, 
which reported disappointing 
figures on Tuesday, relin- 
quished a further 10 at 437p. 

MARKET REPORTERS: 

Peter John, 

Christopher Price, 

Joel Klbazo. 

■ Other statistics. Page 17 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 




— 

Cafe 

— 

— - 

Pua 

. — . 

Opto 


Oct 

■ta 

AW 

Oct 

ta 

ta. 

MfeKfOB 

540 

68 

- 

- 

7% 

- 

- 

(■5S1 1 

589 

E 

— 

— 

27 

— 

— 

Mat 

2® 

24 

20 30% 

im 

17 i 

m 

niej) 

2B0 

13% 16% 26% 

22: 

77% 

31 

ASM 

50 

10 

12 15% 

2% 

4 

5 

rss) 

00 

S 

5% 

7 

7 

6% 

10 

nMiNta 

420 

29 

38 47% 

19 

a 

a 

r«) 

480 

12 

21 

39 1 

13% ! 

50% 

56 

SaDBaaA 

390 

24 1 

n% 

40 

13 

21 

a 

(*<*) 

420 

18 26% 

34 : 

29% 

a 4i% 

Bote 

900 

43% 

90 

61 

12 

19% 

a 

r523» 

550 

16 

27 

a: 

36% 

46 j 

50% 

BP 

390 

33% < 


47 

11% 

16%: 

20% 

r«»> 

420 

17 

s 

32 

20 

31 35% 

BrtMSMI 

140 

21%i 

25% 

a 

4 

8% 

8% 

n»» 

100 

8% ' 

14% 18% 

11 

15' 

17% 

Bn 

590 

31 40% <7% 

22 

37 < 

<2% 

rssz) 

600 

11% ‘ 

18% 28% 

55 

71% ' 

74% 

Ctetta 

420 

81% 

« 81% 

17 

a 

31 

r«B) 

460 

i«: 

24% 

a 

42 

49 

54 

GBHtaMi 

500 

48 

87 

87 

11 , 

20%: 

25% 

rss ) 

550 

is: 

29% 

41 

35 

44% 1 

50% 

commltfan 

500 

54 

64 60% 

9 

15: 

20% 

PSAS ) 

550' 

22%: 

13% 

« 

31 

a 1 

14% 

ID 

800 

a 

74% 

87 

22 

31 

46% 

rw) 

SSO 

30 1 

<8% 

60' 

47% 

57 : 

71% 

atgta 

500 

34 > 

47% 

58 

a 

a : 

54% 

C-50B 1 

550 

14 

a 

36; 

55%, 

59% 

84 

L®d Shot 

BOO 

75% 

81 1 

B% 

4 

7 

11 

rwt) 

650 

38% 

a 

a 

16 

23 

a 

taka & S 

420 

E 

33 

41 

18 

x : 

23% 

r«7> 

MO 

0 

15% 

a 

X 

42% 

48 

mwm 

420 

44% 

a 

60 

11% 

14% 

a 

r«n 

480 

21% 

s 

as: 

29% 

32% 

43 

SarKUJ 

390 

38- 

48% ! 

53% 

13 

IS 

73 

C*11 ) 

420 

10 

a 

a 

27 

33% 

a 

SMTnos. 

700 

48% 

SB 63% ' 

15% 

21 

32 

rns) 

750 

17%: 

s%: 

57% 

43 

48% 

56 

Storateuao 

220 

18% 

22 25% 

9 

14 

16% 

rzw ) 

240 

7% 

>2% 

18 

21% 

25% 

a 

TntOB* 

79 

10% 

12 

74% 

3 

5 

8% 

C7S| 

80 

4 

6% 

8% 

B 

11 

12 

unferar 

1000 

48% 

63 

78% 

a 

38% 

50 

ncioj 

1050 23% 

SB 

81 : 

54% 

83% 

77 

2na 

700 

BSH 

15% 

84 

13% 

22% 

54 

r7«) 

750 

28% 

48 1 

BB% 

34% 

44% 

58% 

tYdra 


Aag 

—7 



Noe 

fab 

srand Met 

SBO 

28% 

41% 

« 

2% 

12% 

19% 

T412 J 

420 

8% 

a: 

ZB% 

1% 

6 

9% 

Uteres 

160 

16 

a : 

28% 

1% 

6 

9% 

f 173) 

ISO 

3 

I2H 

» 

B 

18% 

21 

UUOaate 

300 

29 

87% 

43 

1% 

9% 

12% 

C325 ) 

330 

7 

19%: 

18% 

9% 

23% 

26% 

Opto 


sre 

Pee 

ta 

Sap 

Dec 

ta 

Ran 

130 

13% 

17 

18 

4% 

a 

11% 

nan 

140 

7% 

l»» 

14 

9 

J4H 

78% 

OpBon 


Ate 

few 

fab 

ta 

ft* 

F5b 

BA teo 

4C0 

37 

57% 

n% 

a 

22% 

31% 

C«1 ) 

GOO 

10% 

38% 

a 

SJ% 

40% 

31 

BAT Ms 

420 

Z7 

35- 

im 

4% 

18 

22 

C*42 ) 

480 

3% 

17%: 

27% 

32 

a 

44 

BTH 

360 

14% 

25% 

S3 

3% 

16 

19 

C308) 

380 

2 

12 

IB 

22% 

33 

a 

Braitaas 

380 

19% 

32% 

15% 

ZH 

8% 

IB 

r37S) 

390 

a 

16 

19% 

18 

24% 

32 

CBteBTSfe 

420 

22% 

33% 

44 

2% 

14 

17% 

r«) 

460 

2 

15 

25% 

a 

38% 

X 

Erinte 

650 

22% 

51 

a 

to 

29% 

40 

rssi ) 

700 

3H 

29 

41% 42% 

SB 

88% 

Gtenaa 

4211 

a 

38 

48 

2 

12 

16 

r«ai 

460 

4 

17 

27 

a 

32 

a 

flK 

280 

1 

18% 

23 

4% 

12% 

16% 

rai ) 

300 

1% 

9% 

14 

20% 

24% 

28% 






CSS 

— 

— — 

Pte 

— 

OpQon 


Ate 

tea 

Fob 

Ate 

Mr 

Fab 

Hansen 

240 

a: 

24 % 

a 

1 

B% 

9 % 

(*258 ) 

260 

3% 

13 

17 

8 

15 % 

19 

mao 

134 

11 

16 

ta 

1 % 

7 % 

- 

(*142 ) 

154 

1% 

7 % 

ta 

14 

IBH 

- 

Loess Mr 

100 

18 : 

23 % 

a 

1 % 

9 % ' 

12 % 

r» 82 ) 

200 

3 % 

13 

18 

10 % 

21 

24 

pso 

650 

31 1 

51 % 1 

* 5 % 

5 : 

31 % 

41 

COTS J 

700 

5 % : 

86 % 

02. 

JIH 

81 68 % 

ntagtan 

IN 

IB 

22 ! 

28 % 

1 % 

7 

10% 

Has) 

200 

3 

19 % 

16 

10 % 

18 % 

21 

PnDteH 

300 

13 % 

23 

a 

3 % 

15 

18 

ra») 

330 

2 

# 

18 %: 

23 %: 

32 %: 

35 % 

m2 

B 50 

18 

«%l 

* 7 % 

15 . 

4 i%i 

51 % 

rest » 

900 

3 

a - 

revs 

S 3 W 

72 % 

N 

tecta) 

500 

00 % 

64 % 

64 

2 

17 : 

25 % 

rS 38 ) 

5 M 

8 % 

2 B%: 

ms 

20 % 

43 

52 

toys! trace 

240 

15 % 

75 % 

31 

2 % 

12 % 

15 

C 2 S 2 ] 

260 

5 

15%: 

a% 

12 

a: 

a% 

Ten* 

220 

1 ft 

23 

a 

2 

B 

12 

(*233 ) 

240 

4 

13 

18 

9 

18 % 

21 

Vootens 

183 

7 % 

17 

21 

3 % 

9 % 

13 

nen 

200 

1 % 

9 

is 

15 % 

19 

23 

Withes 

354 

ibh; 

26 % 

— 

3 

14 % 

- 

C 366 ) 

384 

2% 

12 

- 

21 

31 % 

- 

Gfc(tan 


Od 

ta 

ta 

Oct 

J 8 JT 

Apr 

BAA 

950 

BOV. 

re 

83 

24 

34 % 

42 

cm 1 

100 D 8 ZM 

48 % l 

S 6 % 

40 

91 

B 5 H 

TtenuMr 

500 

a 

42 1 

50 % 

15 

25 : 

29 % 

C 513 ) 

560 

12 

«: 

27 % 

44 % 

53 

58 

0 |*fan 


Sa» 

Oao 

Har 

Ssp 

Dec 

ta 

taw *8 

390 

25 % 

a 

44 

10% 

16 % 

25 % 

T 406 ) 

420 

11 

20% 

29 

27 % 

32 % 

* 1 % 

tasnfl 

a 

6 % 

7% 

8 

1 % 

2 % 

3 

C 20 ) 

30 

3 

4% 

5 % 

3 H 

4 % 

5 % 

Bsdays 

500 

82 

63 

72 

8 

14%: 

23 % 

rs 48 ) 

650 

IB 

33 % 

( 4 % 

a 

36 % 

47 % 

BkB Gkds 

300 

28 % 

34 

42 

9 % 

14 % 

17 % 

(* 31 H) 

330 

9 % 

19 : 

27 % 

27 

31 

34 

BrfOSn Gas 

260 

23 % 

26 % 

am 

4 % 

10 

IS 

C 275 ) 

280 

11 

14 %' 

IBH 

13 

21 : 

23 % 

DbOB 

IN 

15 

22 

2B 

9 % 

13 % 

17 

H 83 ) 

200 

8 

14 

17 % 

21 % 

a 

a 

HShdown 

IN 

18 % 

18 

22 

5 % 

8 

10% 

nai 

IN 

S 

6 % 

13 

17 % 

21 

22 


IN 

11 

18 % 

19 

5 % 

8 % 

11% 

P34) 

140 

a 

11 % 

14 % 

11 

14 

17 

ft* PDwsr 

420 

41 % 

51 % 

58 % 

B 

14 % 

IB 

r«o> 

460 

18 % 

23 

37 

24 

32 % 

37 

Scot Power 

360 

23 % 

3 

» 

13 % 

18 % 

24 

(*377 ) 

390 

8 

19 % 

24 

31 

35 % 

40 

Sam 

110 

10 % 

13 

15 

3 % 

5 

7 

cm) 

120 

4 % 

7 % 

9 % 

B 

11 

12 % 

FOtB 

220 

21 % 35 % 

30 % 

6 

11 

13 % 

cm. ) 

240 

(OH 

18 

20 % 

15 

21 % 

24 

Tarmac 

140 

17 % 

Z 1 

24 % 

4 % 

9 

11 % 

nsi ) 

IN 

7 

11 

14 % 

15 

20 % 

23 

Ttwm B 8 

1000 

68 

88 

110 

20 % 

35 

50 

no 3 » 

1050 

te 

87 % 

B 2 % 

« 

58 % 

73 

TIB 

200 

14 % 

am 

M 

8 

12 

16 % 

ram 

220 

5 % 

12 

IB 

21 % 

24 % 

a 

Toottas 

220 

IB 

21 % 

26 

8 

12 % 

18 

T 224 ) 

240 

6 % 

tz% 

17 

20 % 

24 

27 % 

lmfecuio 

600 

B 8 % 

BB 

83 % 

IBH 31 % 

41 

ra 3 i ) 

650 

24 % 

44 % 

67 % 

45 % 

58 

06 

opto 


Oct 

JAn 

Apr 

Oct 

Mn 

Apr 

GtBtt 

550 

45 

9 

64 % 

31 

41 

51 % 

C 671 ) 

600 

19 % 

33 

44 

62 

70 

80 % 

«K 73 p)to 

750 

68 % 

60 % 

165 

40 

M 

80 % 

(T 71 ) 

BOO 

42 % 

65 % 

82 % 

69 

84 % 

108 

neuters 

462 

a 

— 

— 

23 % 

— 

- 

r« 5 j 

<75 

a 

- 

- 

29 % 

- 

- 

Opto 


Ate 

No* 

Fob 

Ate 

80 * 

Feb 

Mtai 

180 

12 

a 

S 

2 % 

9% 

14 

n»i 

200 

Z 

11% 

16 

13 % 

21 % 

24 % 


- UMtoHiaig security price Piwna an a ah u wn ora 
baaaa on ctoNne «*er price*. 

Jdy 28. TaM con u a ct a ZX9B0 CNK 11,11ft 
Put* 12,774 


FT GOLD MINES INDEX 


M % cbg M -M tar ferns tar Sink 
V on «m 28 25 ago ytad % Hah Low 

Sou Haas tadex ( 38 ) 1888^1 +15 1 BBB .11 1 B 3 MZ 198457 XII 2387.40 192288 

■ ItogfcroN Irdeas 


Afcta (1ft 

299L57 

+£5 

291301 264703 273705 

4/4S 

344080 190223 

AdaMatelB) 

2541.37 

-0.1 

2543,64 2553.70 2373.48 

2JS 

301389 168118 

Hera Amato (13 

1614.77 

+1J 

153350 156100 1725.42 

aw 

203955 133100 


cop yx ira . ine fxut cx m irmsumo im.. 

Fawn to mewta show rune at oomanMa. Beets US Mn. Baae Vekrae; 100CL00 31/12182. 
ITwrleLeiaor Oaftl Unee tefae JUT 28: 2*4* (tort eftange *43 pO»i«: Veer ogoc Z&B 
Latest prices were unexeBebto tar me edMon. 


RISES AND FALLS YESTERDAY 




Rises 

Fals 

Same 




63 


Other Fixed Interest 


Q 

47 

106 

6 

9 

Mineral Extraction — .. — 

— — . — - — 

148 

396 



46 

38 

108 



73 

103 

320 




7 

5 



55 

118 

196 



01 

44 

331 

Others 


27 

63 

43 

Totals 


481 

654 

1508 


Due bawd on Ones c ompantoa Med on ne London Share Sendee. 


TRADmONAL OPTIONS 


Cafe: Afeanca Res. Arson £«. Bap-Cwn, BioCraee, Cmnidato, OMalon Qq», Euro 
Dtansy, QUxo, Mwlna ft Mare, NHL Pit, HSU. Owooa Has, Shoprtrs, Tecftjole Inch. 
Puts: AUonca Raw Btabaca> C hwMa Marina & Mare, NSM, Ovoca Raa, Sttoprita. 
Putt ft CaflK Ufeflaaaoi Grp, Umte Conwm. 


LONDON RECENT ISSUES: EQUITIES 

lasuo Amt MkL Close 


prim paid 

P UP 

cap 

C&1L) 

IBM 

Hgb Low Stock 

puce 

P 

W- 

Net 

dhr. 

ON. Ora 
cov. ykt 

P/E 

net 

too 

FJ>„ 

33X1 

107 

09*2 BaflSo GffrtJ 8hn C 

106*2 


- 

- 

- 

- 

_ 

F.P. 

218 

68 

63 Do. Warrants 

87 


- 

- 

- 

- 

§40 

FJ>. 

123 

45 

33 JOtooura 

a 

♦1 

- 

- 

- 

- 

160 

FP. 

IM 

178 

156 CPU Aromas 

178 


LN3J3 

2.4 

2.1 


18 

F.P. 

5X30 

31 

21 Carnal 

27 


- 

- 

- 

- 

. 

FJ\ 

28.0 

58 

53 Brag fctes Country 

58 


- 

- 

- 

- 

-a 

F.P. 

X40 

34 

26 Do. Warrants 

34 


- 

- 

- 

- 

220 

FP. 

1108 

227 

220 Emdclv 

225 

-1 

WN8-5 

ns 

4.7 

17^ 

175 

FP. 

242.6 

203 

197 Exco M. 

187 

-3 

LB.4 

2 2 

W 

ia7 


FP. 

_ 

35* 

30V Ftve Arrows Wta 

32 


- 

- 

- 

> 

- 

FP. 

680 

71 

69 Freeport 

7UT 


- 

- 

- 

- 


FP. 

60X3 

285 

238 Ideal Hardware 

284 

*24 

N&4 

13 

3.7 

I3e9 

- 

FP. 

- 

77 

63 JF FI Japan Vftta 

70 


- 

- 

- 

- 

3 

FP. 

1.73 

3>* 

3 John ManstWd 

3V 


- 

- 

- 

ta 

100 

FP. 

BILB 

98 

M Old Mitual 3A 

96 


- 

- 

- 

ta 

- 

FP. 

6.16 

45 

43 Do Warrants 

44 


- 

- 

- 

ta 

23 

FP. 

108 

31 

20 Oft* 

29 


— 

- 

* 

- 

§90 

FP. 

18.7 

05 

63 Panibar 

B5*e 


N2.78 

■> 

3.7 

ta 


FP. 

046 

13 

5*2 Do. wmres 

13 

+1 

> 

- 

- 

_ 

_ 

FP. 

1178 

« 

91 Sdndar Japan Q 

94*4 


> 

— 

> 

. 

- 

F.P. 

12.1 

48*a 

42 Do Warrants 

48*i 

♦h 

- 

- 




FP. 

44P 

92 

88*2 Sounder Latin 

B8*2 

*h 

- 

- 

- 

ta 

■ 

FP. 

ft rw 

44 

42 Do Wra 

43 


- 

- 

> 

ta 

100 

FP. 

2AJB 

■ 99 

98 SNres HY SnPr C 

99 


- 

. 

- 

ta 

- 

FP. 

us 

14 

11 Kb Courary Hma 

13lj 


- 

- 

- 

- 

too 

FP. 

052 

Bf7 

97 TR Euro Gdi Ptg 

97 


* 

- 

- 

ta 

- 

FP. 

- 

14 

B*2 TB Prop Wife 

10*2 

-V 

- 

- 

. 

_ 

272 

FP. 1.691.B 

296 

280 31 

291 


N&54 

1.1 

ZZ 

316 

- 

FP. 

2.72 

35 

29 Tops Eats wns 

34 


> 

- 



* 

FP. 

23.1 

105 

86 umreraal Ceramic 

105 


LN3.75 

1.9 

4 i 

U£ 

> 

FP. 

58.1 

49 

34 snoaoLoge 

42*2 

-i 

- 

- 



140 

F.P. 

94.0 

169 

148 Yates Bros Wbie 

165 


L3J) 

2.7 

Z3 

204 


RIGHTS OFFERS 


bsue 

Amora-fl 

1 aWta 




Price 

paid 

Benun. 

1994 


P 

up 

data 

W9»i 

Low 

Stock 

15 

Ni 

279 

Spm 

1 ! jpm SoKon 

_ 

rft 

13/B 

12Spm 

Blpm 

Ouira 

«0 

M 

25ra 

5pm 

2pm 

EuaRbur 

120 

NO 

1/9 

26pm 

16pm 

FhoBat 

13 

W 

ro 

22/0 

6pm 

lifpm 

4pm 

lipm 

Freeport 

Grammar 

24 

ra 

2S/7 

3pm 

2pm 

Heim 

B 

M 

3/8 

Vpm 

%pm 

Paremoun 

130 

AS 

14/7 

26pm 

tan 

tore 

73 

M 

5/8 

3pm 

*xpm 

Wstas Ctty erf Lon 


Ctorinfl +or- 
prica 
P 


1*Him -8*2 

121 Dm 

2*awn 
24pm 
5pm 
*jiptn 
24 pm 
**pm 
9pm 

l 4Pm 


FINANCIAL TIMES EQUITY INDICES 

July 28 Aiy 27 Jriy28 J>iy2S JtAy 22 Vrago -Hkih 

OnOnaiy Shoes 2388.1 239B.0 24206 2409.9 2423.0 2307.8 2n&« 
Otl. dtv. ytoltf 4.19 4 50 4.T5 4.17 4.15 4430 AM 

Earn, ykl 96 full 5 £4 5-64 5^9 5.61 &S8 4.7B&R5 

P/E ratio net 18L91 18JS 19.08 19.00 19.11 28^9 

PTE ratio nl 1BJ6 19*4 19.84 19.7S 1ft87 24.84 m TO 

Tor 1BS4. Oittay snera MM Since comp to lon: Nah 27l3fl 2AJ2/3X; low 4Sx MUn 
FT OriSravy Saara Mn nose date U7/3S. 

Ordbary Share hourty changes 

Open frOO 10J30 11 M IfcOO 13JP 1A-OQ ISM leiOO ^ 
2385:8 2383.0 2394.1 2389^ 23995 23882 2392J5 2397.1 240CL5 240tg' 
Julyga Jidy27 JUy26 July 25 Uu)y 2? 

SEAQ bargains ” " ‘ 

Equity turnover Emit 
Equity bergatast 
Shares traded (mOf 
T Ba*x»io xera+nsriwt at 



Low 


23^65 


23,946 25,537 

1054.0 979.7 

26.689 28.471 

454.7 409.8 

W e re turnover. 




^ ago 

33,145 

T707J 

3ft246 


8 









































































































































































































































































































































FINANCIAL TIMES FRIDAY JULY 29 1994 " 


















































































FINANCIAL TIMES FRIDAY JULY 29 1994 





































































































38 


* 


FINANCIAL TIMES 


FRIDAY JULY 29 1994 


CURRENCIES AND MONEY 


MARKETS REPORT 

Futures take fright 


A further sharp fen in sterling 
futures, on fears of an interest 
rate tightening, dominated 
markets yesterday, writes 
Philip Garnth. 

Volumes were very large, 
with both the September and 
December eurosterling con- 
tracts trading over 50,000 lots. 
The December contract settled 
13 basis down at 9354, showing 
that the market is discounting 
short term rates of 65 per cent 
by the end of the year, com- 
pared to 5.25 per cent pres- 
ently. 

Most analysts agree that the 
market is not reflecting eco- 
nomic fundamentals, but 
investors have been scared 
into selling by the poor senti- 
ment in the market The pat- 
tern of options activity sug- 
gests that many investors sold 
against their better judgment 

Activity on the foreign 
exchanges was fairly subdued, 
with the lira still dominating 
most of the heariimps Worries 
about the possibility of the 
government falling saw the 
currency fell to an 18 month 
low of LI, 011.50 against the 
D-Mark before recovering to 
close in London at L1.005. 

A firmer Treasury bond mar- 
ket, and short-covering ahead 
of today's second quarter GDP 
figures, and the weekend trade 
talks with Japan, helped the 
dollar rise. Yesterday evening 
it was trading at Y9950 and 
DM15885. 

The trade weighted sterling 
index finished slightly firmer 
at 78.8 from 78.6, while the 
D-Mark was fairly steady in 
Europe. The French franc 
ignored a cut in the interven- 
tion rate to 5 per cent from 5.10 
per cent to finis h at FFr3.415 
against the D-Mark from 
FFr3.417. 

■ Dealers were mystified by 
the bearish interest rate senti- 
ment which has seen the 
December short sterling con- 
tract shed 34 basis points in 
two days without any new 
information to trade off. 

Sentiment remained very 
nervous and the market was 
awash with rumours. At vari- 
ous times, a gilt-edged market 
maker, a merchant bank and a 
clearing bank were all 
rumoured to be in trouble. The 
market also seemed unable to 
shake off the strange tale of 


Sterling 


Dec ‘94 Mure contract, bid price 



■ Pound In Now York 


Jrd U 

— Latest — 

-Prav. doje- 

Espot 

1.5300 

13337 

1 mth 

1.S291 

13327 

3 onbi 

16279 

13318 

1 V 

1 J5214 

13274 


the nameless Tory Euro MP 
alleged, on Wednesday, to have 
called for higher interest rates. 

No explanation was offered 
as to why this should have 
interested the market, save 
that it camp, the day before the 
monthly monetary meeting 
between Mr Kenneth Clarke, 
the chancellor, and Mr Eddie 
George, the governor of the 
Bank of England. 

Mr Nick Parsons, treasury 
economist at CIBC in London, 
described the short sterling 
move as “wholly out of line 
with the likely prospect for 
interest rates." He added that 
only once in the last IS years 
had rates been raised in 
August, and that was in 1987, 
just ahead of the stockmarket 
crash. 

Commenting on the move- 
ments in eurosterling, Mr Rich- 
ard P hilli ps, analyst at brokers 
GNL said: "A lot of people who 
were sitting on positions per- 
ceived the risk of a rate hike 
and were forced to liquidate 
their positions against their 
better judgment." 

Two bits of evidence support 
this conclusion. First, the large 
volume in the September con- 
tract Traders normally trade 
in the most liquid contract, 
currently December. The large 
volumes in September suggests 
people were liquidating posi- 
tions, rather than simply trad- 
ing. 

Second, many investors 
seemed to be buying options to 
reflect the underlying positions 


they had been forced out of. 
Short sterling options activity 
was very heavy, with most at 
the strike price of 9450 and 
94.75. This suggests that inves- 
tors believe the September con- 
tract will close considerably 
higher than 9458 where the 
contract closed yesterday. 

Mr Phillips said a lot of 
investors had been looking at 
the Clarke-George meeting “for 
the preemptive rate hike that 
many in the market are now 
foretasting." Trade was fairly 
brisk as many who sold on 
Wednesday were happy to buy 
back yesterday at lower prices. 

The bearish sentiment in the 
futures market was at odds 
with developments in the cash 
market. After forecasting a 
shortage of £lbn, the Bank of 
England provided a £750m 
round of early assistance at the 
established rate of 5& per cent 
- £23m outright, and a £727m 
repo facility. 

Mr Philip Shaw, economist 
at Union Discount, said the 
combination of an early round 
of assistance and the repo 
Implied that the Bank “was 
trying to be helpfuL” He said 
the message was of 
“unchanged rates for the time 
being.” 

He predicted, though, that 
with renewed speculation 
about rates, the Bank's early 
morning operations would be 
watched more closely in the 
days ahftflri, 

■ Analysts said the firmer dol- 
lar reflected technical rather 
than fundamental factors. The 
US currency was trading at 
DM1.5890 in the New York 
afternoon, more than two pfen- 
nigs up on its European low of 
DM1.5660. 

Mr Steve Barrow, analyst at 
Chemical Bank in London, said 
the market seemed still to be 
taking its lead from the bond 
market. He said the overall 
attitude remained bearish, but 
the short-covering rally sug- 
gests some in the market see a 
greater risk in the short term 
of a rally rather than a falL 

■ WWW CUH HB N CiBS 

•M 28 £ S 

Mmmr issjbs - isasss mno - 101210 

IW 2674.00 - 2677.00 174800 - 175000 
KimM 14552 - 0.4566 12972 - 0-2990 

Poland 3*5669 - 346410 225710 - 22610.0 
Russia 3144.39 - 3151.11 205100 - 2057X0 
UAL 5.6187 - 56301 32715 - 16735 


[-POUND SPOT FORWARD AGAINST THE POUND 


Juf 28 Chara Chance Bitfcffer Day*! Mid On month Three months Ons year Bank of 

mid- point on day spread iafih -sw toe *PA Raw °*PA Rate %PA Eng Index 


Europe 

Austria 

(Sch) 

173242 

♦0.0478 

16S - 319 

17.0378 

165317 

170199 

CJ 

17.000 

04 

. 


115.1 

Belgium 

(BFr) 

49.7622 

*03861 

293 - 910 

49.3530 

49^50 

49.757*! 

0.1 

4a«22 

-0.3 

48.8022 

-01 

1106 

Denmark 

OKr) 

93080 

*03256 

040 - i:9 

9.51 B7 

94635 

9515 

-0.9 

9.5301 

-0.9 

9.5751 

-0.7 

116.8 

Finland 

(FM) 

73722 

*03395 

627 - 817 

7.9760 

7.9190 

- 

- 

- 

- 

- 

- 

B27 

France 

FFr) 

82605 

*03157 

571 -639 

83737 

3.2253 

8JZ639 

-as 

22683 

-0.4 

02508 

OI 

109.9 

Germany 

(DM) 

2.4135 

*0.0063 

T85 - 204 

2.4223 

Z-4C60 

24191 

OJ 

24182 

02 

2.3974 

0.9 

125.0 

Greece 

(ft) 

385.806 

*0351 

416 - 198 

386.196 

364.476 

- 

- 

- 

- 

■ 


- 

Ireland 

(IX) 

1.0120 

*0.0001 

112 - 127 

1.0129 

1.CC82 

1.012* 

-as 

1.0133 

-08 

1.0168 

-05 

104? 

Italy 

ID 

2430.82 

*3.04 

£96 - 287 

243173 

2420 62 

2437.52 

-23 

2449.07 

-3.1 

2502.92 

-3.0 

75.5 

Luxembourg 

(U=0 

49.7622 

*03861 

293 - 950 

448533 

49 535C 

49.7572 

01 

498(222 

-0.3 

428022 

-0.1 

116.6 

Netherlands 

(R) 

2.7155 

+0.0075 

144 ■ 166 

2.7194 

ZTZC3 

2.7151 

02 

27130 

OJ 

2693 

OB 

120.4 

Norway 

(NKr) 

103508 

♦a 0344 

468 • 547 

105610 

10.5CCS 

10.5478 

03 

105583 

-03 

105443 

0.1 

80.6 

Portugal 

IE* 

347^41 

*0391 

031 - 450 

247.458 

246.160 

243.971 

-8.4 

2S2.151 

-7.B 

- 

- 

- 

Spain 

(PU) 

199.256 

*0626 

172 - 339 

199J266 

193.338 

199.701 

-27 

200 561 

-28 

203841 

-22 

86.3 

Sweden 

(SKfJ 

113789 

*aK8 

704 - 873 

11. ESSO 

11.5225 

1I.S004 

-22 

119509 

-24 

121714 

-25 

73.9 

Switzerland 

Pfi) 

23481 

*03013 

48B - 493 

2.0519 

2.C382 

20466 

0.9 

20434 

09 

20192 

1.4 

1202 

UK 

(£) 

. 



. 

- 

- 

- 

- 

- 

- 

- 

78.B 

Ecu 


1.2655 

*0.0018 

649 - 660 

5-2675 

1-26G9 

12664 

-09 

12677 

-0.7 


-03 

- 

SDRf 

- 

0351311 

. 

-1 

- 


- 

- 

- 

- 

- 

- 

- 

Americas 

Argentina 


13298 

*0.0011 

294 - 30S 

T.5353 

1^297 

w 

_ 

_ 



_ 


Bradl 

(HI) 

1.4400 

*0.0036 

381 - 419 

1.4413 

14345 

- 

- 

* 

- 

- 

- 

- 

Canada 

(CS) 

2.1150 

*0.0036 

141 - 158 

2.1237 

11141 

21185 

-0.8 

21202 

*141 

2.1472 

-1.5 

86.0 

Mexico (New Peso) 

52060 

-annsa 

023 - CSS 

£2152 

52000 

- 

- 

- 

- 

- 

- 

- 

USA 

<S) 

13319 

*0.001 

315 - 322 

1.5375 

1^307 

1JS31 

07 

18297 

OB 

18242 

05 

63-3 

Padflc/Mddle Em/Africa 
Amtrafta (AS) 2.0737 

*0.0086 

786 - 507 

2XS23 

2.0716 

20798 

oa 

2081 

-02 

20992 

-08 

_ 

Hong Kang 

(HKS) 

113336 

*0.0078 

301 - 370 

11.8772 

112262 

11.8297 

04 

118288 

02 

11.B3S7 

00 

- 

India 

P5) 

48.0522 

*0.0332 

355 - OcS 

482260 48 0220 

• 

- 

- 

- 

- 

- 

- 

Japan 

(Y) 

151.684 

*1.645 

603 ■ 764 

151.870 

150.750 

151.304 

20 

150539 

20 

140544 

04 

191 2 

Malaysia 

(MS) 

33729 

+0.0024 

712 - 745 

3.9367 

3.9691 

- 

- 

• 

- 

- 

- 

- 

Now Zealand 

(NZS) 

23516 

*0305 

495 - 537 

£5661 

2.5456 

25555 

-1.8 

25633 

-1.8 

258S5 

-18 

- 

Philippines 

(Peso) 

403112 

-0.1268 

956 - 267 

40 9150 29 8125 

. 

- 

- 

. 

■ 

- 

- 

Saudi Aratxa 

(SR) 

5.74S1 

*03039 

434 - 467 

5.7659 

5.7410 


- 

- 

- 

- 

- 

- 

Singapore 

(5S) 

23123 

*03009 

110 - 136 

2J3205 

22110 

- 

- 

> 

- 

- 

- 

- 

S Africa (Com.) 

1 P) 

5.6438 

*03263 

413 - <62 

5.5464 

56135 

- 

- 

- 

- 

- 

> 

- 

S Africa (Fin.) 


73036 

*0.0306 

667 - 2S5 

7.CCS5 

6.9867 

- 

- 

- 

- 

- 

. 

- 

South Korea 

(Won) 

122933 

*035 

872 - 944 

123334 122323 

- 

- 

- 

- 

- 

- 

- 

Taiwan 

05) 

403603 

-0.0584 

460 - 745 

40.6553 45.6347 

- 

- 

- 

- 

re 

. 

- 

Thailand 

©1) 

383657 

*03709 

416 - 897 

38276C 332363 

- 

- 

- 

- 

- 

- 

- 


tSDB rata tor Jul ZT. Efeyooer sorsaes » am Road Secs able sim crty am la* toe* dtocarai clacaa. Forward non an not OmMy qu oa d to tfw mart*, 
tut an impfisd by curare merest rotas. Stwsng -nda* ctt dn a bj m Banc cf Entfand. Baa awagi 1B83 • imam. Outer and Utt-mMa « bom On DM 
ttu Data Spot tables derived tram THE vav/RE/TBIS CUOSN3 SPOT KATES. Sor* <Am Jr* ran MM by me F.T. 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


Jul 28 

Closing 
mid -point 

Ctange 
on day 

Bjd/offer 

Day's mid 
high low 

Ore month Ttwea months 
Rato %PA ROM 94 PA 

One year JJP Morgen 
Rate MPA index 

Enrop* 














Austria 

(Scfr) 

11.1135 

*0X224 

110 - 160 

11.1170 11.0260 

11.1162 

-02 

11.1098 

21 

11.0318 

0.7 

104.1 

Belgium 

(BFr) 

324850 

*0.035 

710 - 990 

325230 322500 

32505 

-0.7 

325425 

-0.7 

32805 

-0.4 

105.7 

Denmark 

(DKi) 

O208S 

*0 0126 

057 - 080 

62C92 

6.1620 

6J2129 

-12 

82239 

-1.1 

82609 

-0.9 

105.1 

Finland 

(FM) 

52043 

*0^2224 

993 - 093 

52C93 

5.1521 

5.2073 

-0.7 

5.2098 

-0.4 

52468 

-0.9 

772 

France 

(Fft) 

5.3925 

*04)007 

915 - S3S 

S.4C23 

5.3515 

5.3972 

-1.1 

5.4032 

-as 

5281 

02 

106.3 

Germany 

(D) 

1.5795 

*00035 

792 - 797 

1-5SC5 

1^665 

1.5802 

-0.5 

1.5802 

-02 

1.57 

0-6 

108.6 

Greece 

(Drt 

238.300 

*0.4 

600 - era 

239.000 2C7.SCO 

239.15 

-12 

23922 

-1.9 

2423 

-12 

692 

Ireland 

OE) 

1.5138 

*00008 

130 - 145 

1.5240 

1.5125 

16126 

1.0 

12103 

02 

12015 

OA 

- 

Italy 

0) 

15E&S5 

*035 

600 - 770 

1587.75 

1574.40 

IS9I.9 

-22 

1600.7 

-25 

1638.85 

-23 

75.9 

Luxembourg 

ILPr) 

324850 

*0.035 

710 - 990 

325200 322500 

32505 

-0.7 

3255 

-0.8 

32805 

-0.4 

105.7 

Nettrartands 

(FI) 

1.7727 

*0.0037 

724 - 730 

1.7740 

1.7583 

1.7732 

-0.4 

1.7721 

ai 

1.705 

a4 

1052 

Norway 

(NKr) 

6.5876 

*0.018 

866 - 886 

6.6S0G 

69363 

68911 

-as 

6.8956 

-02 

6.8711 

0.2 

987 

Portugal 

(Es) 

161.400 

*0.15 

300 - SCO 

161.500 160250 

162.63 

-91 

164.67 

-8.1 

1712 

-6.4 

94.8 

Spam 

(Ptaj 

130.075 

*0.325 

050 - ICO 

130.100 129100 

130.44 

-24 

131295 

-21 

132465 

-2.6 

81.4 

Sweden 

(SKr) 

7.7546 

*0.0315 

SC6 - 583 

7.7583 

7.7008 

7.7718 

-26 

72081 

-28 

7.9626 

-27 

79.1 

S-nitzertand 

(SFr) 

1.3370 

- 

365 - 375 

1J390 

13260 

1-3307 

02 

12353 

0.5 

12228 

1.1 

105.8 

UK 

E) 

1.5319 

*0.001 

315 - 322 

1 5375 

1.5307 

1-531 

0.7 

12297 

as 

12242 

02 

889 

Ecu 

- 

12108 

-0.0GC9 

103 - 1C3 

1-2190 

19095 

12091 

1.4 

1207 

1.2 

12189 

-27 

- 

SDRt 

- 

1.45522 

- 

- 

- 

- 

- 

- 

- 

- 

- 

. 

- 

Americas 














Argentina 

(Peso! 

0.9987 

-O.OCOI 

936 - 987 

0.9937 

0.9983 

• 


. 

. 

re 

• 


Brazil 

IM) 

0.9400 

*0.005 

390 - 410 

0.9410 

0.5380 

. 

. 

. 

■ 

■ 

. 

- 

Canada 

(CS) 

1.3807 

*0.0016 

e04 - 839 

1.3821 

1.3604 

1.3019 

-1.0 

12846 

-1.1 

1.4055 

-1A 

825 

Mexico (New Peso) 

3-3935 

-0.006 

970 - CCO 

3.4C00 

3 3950 

23995 

-a4 

24013 

-02 

24087 

-02 

- 

USA 

IS) 

. 


. 

■ 

. 

■ 

. 

. 

■ 

- 

. 

989 

Pactflc/Mddta East/Afrfca 












Australia 

(AS) 

1.3576 

+0.0047 

572 - 580 

13613 

1 .3526 

12578 

-02 

1258S 

-02 

12659 

-0.6 

872 

Hong Kong 

(HKS) 

7.7250 

. 

245 - 2S5 

7.7255 

7. 7245 

7.7248 

ao 

7.7255 

0.0 

7.7405 

-02 

- 

India 

<Rs) 

31.3688 

*03013 

650 - 725 

31.3^0 31.3650 

31.4538 

-32 

31.5968 

-22 

• 

- 

- 

Japan 

00 

99.0200 

♦1.01 

900 - 5CO 

99.0500 98.3500 

98.82 

24 

98.36 

27 

95.825 

32 

1525 

Malaysia 

(MS) 

25935 

*00005 

930 - 940 

25940 

25923 

25843 

42 

2573 

32 

28465 

-20 

- 

New Zeeland 

(NZS) 

1.6657 

*0.0022 

647 - 667 

1 6694 

1.6620 

1.6666 

-0.7 

1.6685 

-0.7 

1.8738 

-05 

- 

PhlEppine3 

(Peso) 

202500 

-0.1 

500 - 500 

20.6000 2&CS00 

. 

- 

- 

- 

- 

- 

- 

Saudi Arabia 

ISH) 

3.75CW 

• 

502 - 5C6 

37508 

3.7502 

3.7517 

-0.4 

27558 

-a.0 

27744 

-06 

- 

Singapore 

ISS) 

1.5095 

-0.0004 

090 - 100 

1.5100 

1.5C90 

12062 

1.1 

12063 

0J9 

1.4995 

07 

- 

S Africa (Com.] 

ff? 

3.6843 

+0.0148 

835 - 850 

26850 

26810 

26998 

-5.0 

27281 

-4.8 

28048 

-32 

- 

S Africa [Fin.) 

(R) 

4.5720 

-0317 

620 * 820 

4=820 

4.5650 

42057 

-8.9 

4.6845 

-8.1 

- 

- 

- 

South Korea 

(Won) 

803-350 

-0.1 

300 • 4C0 

802400 602300 

80525 

-4.5 

608.85 

-32 

827.35 

-21 

- 

Taiwan 

OS) 

26.5433 

-0.0555 

400 - 465 

26.5975 26.5400 

26.5633 

-0.9 

28.6033 

-02 

- 

- 

- 

Thailand 

(Bt) 

24.9800 

*003 

700 - 900 

24.9900 249700 

25.0525 

-25 

25.18 

-22 

25.68 

-27 

- 


TSOR me tor Jut 27. BaVtflar spread in Die Data Sea table stew e rtf me Us mree cedmal peaces. Forward rates ant not towaty quoted IB tha motet 
but are Imptad by cutm merest nfiee. UK. Mand A EQJ are <3 men n uS currency- J-P- Morgan namrmte Moss Ji 27. Bobo enrage 1B90-T00 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Jui 28 BFr DKr FFr DM 


NKr 


Pte 


SKr 


Wir- 


CS 


S 


Ecu 


Belgium 


(HR) 100 18.11 1620 4881 2234 4886 5.458 21.20 496.8 400.5 23.87 4.116 2.010 4.250 3.079 304.7 2-544 


Denmark 

(DKr) 

8223 

10 

2687 

2544 

1 .064 

2557 

2257 

11.10 

260.0 

209.6 

12/48 

2154 

1.052 

2224 

1211 

158.4 

1232 

Netherlands 

219872 

215088 

-0.00103 

-210 

42S 

Franca 

(FFr) 

8024 

1121 

10 

2929 

1225 

2943 

2288 

1277 

2992 

2412 

1428 

2479 

1211 

2281 

1255 

1832 

1233 

Betgtum 

402123 

39.4368 

-02068 

-123 

427 

Germany 

(DM) 

2027 

2931 

3.415 

1 

0.418 

1005 

1.123 

4261 

1022 

8239 

4211 

0847 

0413 

0.874 

0233 

6257 

0523 

Germany 

1.94964 

1.91634 

-0.00127 

-1.71 

4.13 

Lalaiiil 

irwina 

(K3 

49.17 

9295 

2162 

2290 

1 

2402 

2884 

1042 

2442 

196.9 

11.74 

2224 

0.988 

2090 

1214 

1492 

1251 

Ireland 

0808628 

0802064 

-0001131 

-021 

3.19 

Ktay 

04 

2047 

0391 

0.340 

0100 

0.042 

100 

0.112 

0.434 

1017 

8.198 

0489 

0084 

0041 

0.087 

0063 

6236 

0052 

Franca 

623883 

055265 

+000100 

021 

214 

Netheriands 

(FD 

1032 

2501 

2041 

0891 

0273 

895.1 

1 

3.884 

91.02 

7328 

4274 

0.754 

0288 

0.779 

0564 

5522 

0468 

Denmark 

7.43879 

723445 

-0.00055 

121 

123 

Norway 

(NKr) 

47.17 

9.012 

7229 

2233 

0959 

2304 

2574 

10 

234.3 

1882 

1128 

1.941 

0248 

2005 

1.452 

143.7 

1200 

Portugal 

192 854 

195244 

*0.052 

1.80 

074 

Portusai 

(Ea) 

2013 

3248 

2341 

0979 

0409 

9824 

1.099 

4268 

100 

9062 

4.806 

0228 

0405 

0858 

0220 

6123 

0212 

Spain 

154250 

157.881 

*005 

236 

OOO 

Spafri 

(PW 

2427 

4.771 

4.145 

1214 

0608 

1220 

1263 

5294 

124.0 

100. 

5261 

1.028 

0502 

1.001 

0789 

76.07 

OB35 







g ■ 

vlWTKIU 1 

(SKr) 

41.89 

2003 

8253 

2036 

0.852 

2048 

2288 

0880 

208.1 

1872 

10 

1.724 

0242 

1.780 

1290 

127.6 

1.066 

NON EHM MEMBERS 





Owfasrisnd 

(SFr) 

2420 

4.643 

4.033 

1.181 

0484 

1187 

1228 

5.161 

1207 

9721 

5201 

1 

0488 

1.033 

0.748 

7422 

0.B1S 

Greece 

284213 

290294 

*0186 

9.67 

-827 

UK 

« 

4078 

0508 

2260 

2^19 

1.012 

2431 

2718 

10.55 

2472 

1992 

1128 

2048 

1 

2115 

1232 

1512 

1286 

Italy 

1793.19 

1929.14 

*429 

728 

-428 

Canada 

(CS) 

2253 

4.498 

3.905 

1.144 

0478 

1149 

1284 

4.988 

1182 

9423 

6.817 

0968 

0473 

1 

0724 

7128 

0299 

UK 

0.786749 

0794852 

*000054 

1.00 

124 


US 
Japan 
Ecu 

Van per 1.Q0Q; Oanrth Kroner. Rend Franc, Ntmntf n n Kroner, and Swatfeh Kronor par 10; Belglgn Franc. Escudo. LM and Peseta par 100. 


32.48 
(Y) 328.2 
39 JO 


6-206 

62.72 

7.510 


5292 

54.49 

6524 


1578 

1556 

1.911 


0561 

6.675 

0.799 


1587 

16038 

1920 


1.773 

17.92 

2.145 


6.886 

68.59 

8533 


161.4 

1631 

1955 


130.1 

1315 

157.4 


7.765 

7856 

9584 


1537 

13.51 

1518 


O.053 

6596 

0.790 


1581 

1355 

1571 


1 

10.11 

1510 


9858 

1000 . 

119.7 


1826 

8551 

1 


■ D-MARK FUTURES (MM) DM 125500 par DM 


■ JAPANESE YEN FUTURES (D4M) Yen 125 per Yen 100 



Open 

Latest 

Change 

High 

Low 

EsL uol 

Open inf. 


Open 

Latest 

Change 

High 

Low 

EsL vol 

Open Jnt 

Sep 

06343 

0.0340 

*0.0004 

0.0382 

0.8339 

32.077 

83.082 

Sep 

12193 

12178 

-02004 

1.0206 

12178 

28206 

70200 

Dee 

00360 

02368 

+02030 

06365 

06358 

726 

4218 

Oec 

1.0275 

1.0258 

♦OOOOI 

1.0280 

12258 

462 

5224 

Mar 

0.6390 

0.6380 

*02021 

02385 

06380 

15 

1,094 

Mar 

" 

1.0345 

-0.0044 

" 

* 

2 

1.018 

■ SWISS FRANC RfTURBS (JMM) SFr 125.000 par SFr 



■ STERUHQ FUTURBS 0MM) £62500 per C 




3ep 

07497 

07500 

*00003 

0.7548 

07483 

16/406 

38205 

Sep 

1.5304 

12320 

*0.0018 

12384 

12298 

8.741 

31,184 

Dec 

07660 

07520 

*00029 

0.7581 

07520 

629 

1227 

Dec 

1.5340 

12320 

*00024 

12350 

12320 

74 

857 

Mar 

“ 

07550 

“ 

0.7567 


3 

14 

Mar 

12310 

12310 

*0.0022 

1.5340 

1.5310 

4 

153 


EMS EUROPEAN CURRENCY UNIT RATES 

Jid 2B Ecu can. Rata Change 94 W- from K spread Dhr. 

rates against Ecu an day con. rate v weakest M. 


14 

5 

-2 

-9 

-11 

-18 


Ecu central rang rat by the Baopea n C om mi ssio n . Qteiendaa era In da eca n ttng naMee affangta. 
Pe rc entage ctia n g a a am tor Ecu a poanne change denoae a e wetter tunny. Bswganoa term me 
rano b u ta w en two ameadt: die pwcen u ga dflw e n ce between the ectuel marttet and Ecu central nan 
lor a on nr icy. *td the msun p e mte de d prit^ r Ay B daterton of teta curancy'* maW rata bom tea 
Ecu central *■. 

{17<W8Q Starting ana toaun uta autpendad bran EHM. AcMtmere c teatea ted by the Financial Ttenee. 
■ PMLADELPMA SI C/S OPTIONS B315S0 (cams per pound) 


Strike 

Pnca 

Aug 

- CALLS - 
Sep 

Oct 

Aug 

— PUTS — 
Sep 

Oct 

1/450 

8.17 

8.14 

821 

- 

008 

Oil 

1/475 

6.75 

523 

626 

- 

020 

031 

1200 

329 

328 

4.42 

an 

073 

0.66 

122S 

1.48 

226 

220 

068 

122 

121 

1250 

0.41 

124 

122 

2.07 

2.96 

227 

1276 

005 

068 

1.05 

4.15 

4.77 

327 


WORLD INTEREST RATES 


PravtaB day's veL. Cteta 671924 Pus 931261 Prow, day's open tot. Cats 29.729 ftrts 6301 


UK INTEREST RATES 


MONEY RATES 


.My SS 

Over 

One 

Three 

Sbc 

One 

Lomb. 

Dta. 

Rtpo 


night 

month 

filths 

friths 

year 

Inter. 

rate 

rate 

Belgium 

4B 

6tt 

54 

58 

84 

7.40 

420 

- 

week ago 

5 

51k 

5% 

5% 

61* 

7.40 

420 

- 

Ranee 

Sft 

Si 

55 

51* 

6 

5.00 

- 

6.75 

wreak ago 

51k 

62 

51* 

51* 

50 

5.10 

- 

8.75 

Germany 

5.75 

427 

425 

428 

5.08 

0.00 

4.50 

4.85 

week ago 

420 

4.07 

425 

4.85 

4.95 

620 

420 

421 

fratand 

48 

64 

54* 

64 

tit* 

- 

- 

625 

week ago 

8 

sa 

5% 

84 

61* 

- 

- 

625 

Italy 

84 

81* 

84* 

94 

n 


720 

7.95 

week ago 

81k 

01* 

oa 

84* 

94 

- 

7.00 

8.15 

Netherlands 

425 

421 

4.93 

5.02 

521 

- 

525 

- 

week ago 

4.86 

421 

422 

424 

5.12 

- 

523 

— 

TTbain ■iMsIta-irf 

41* 

4* 

44 

41* 

44* 

6.625 

320 

- 

week ago 

4 

4H 

4* 

41* 

J» 

6225 

3-50 

- 

US 

4tt 

44 

48 

5% 

51* 

- 

320 

- 

week ago 

44 

44 

41* 

54 

59 

- 

320 

- 

Japan 

ai 

24 

n 

2K 

Tn 

- 

1.75 

- 

weak ago 

2 

24 

24 

2d 

Zi 

- 

1.75 

1 - 

■ SUBOR FT London 








Interbank Fbring 

- 

4V* 

4% 

5a 

68 

- 

- 

- 

week ago 

- 

4Vi 

43 

5Vt 

54* 

- 

- 

- 

US Do«ar CO* 

- 

-L27 

4.69 

621 

5.58 

- 

- 

- 

weak ago 

- 

127 

420 

4.90 

5.44 

- 

- 

- 

sdr linked Ds 

- 

31* 

34 

31* 

4 

- 

- 

- 

week ago 

- 

3ta 

34 

314 

4 

- 

- 

- 


BCU Linked Da nted rale* lrnDtHU mm* Mb: 8 inns: Si: 1 year 81- ! UBOfl MratMnk IMng 
grew n oflanad raws tor 510m quoad a the marker by four r e tananc a benha at 1 1am each working 
day. H» bams ■* Bankara Treat. Bank ot Tokyo. Barclays and NaBmute Weabitenstor. 
ltd non am drown tor tha domestic Wonay Rataa, US 9 CO, and SDR Linked Deposits (D8- 


EURO CURRENCY INTEREST RATES 

Jid 28 Short 7 days One Three Six One 

term notice month months mortha year 


8%an Franc 

5- 

4^i 

6A- 

4 U 

5 d 

5 A 

5,4 

-sA 

3l* ■ 

■5% 

61* 

• 555 


5h 

-S^ 

ss*i - 

■Sis 

5fi 

3.4 

8 - 

5% 

6,4 ■ 

■BA 

an 

-6% 

D-Maric 

5|‘« 

- 412 

s& ■ 

■ 61V 

5 ft 

4{J 

5 ■ 

4% 

5,4 

■4H 

5% 

-s 

Dutch Bidder 

4jl 

-4H 

4S- 

■*H 


*fi 

*li 

-4li 

S A 

■4B 

5% 

-6% 

Ranch Franc 

5* 


ft- 

■5^4 

Sii 

5.V 

5.4 

-3.4 

sv 

■5% 

6- 

5% 

Portuguese Esc. 

12^1 

■ 7T=}| 

11^4 ■ 

• 11% 

12% 

12% 

12% 

-12% 

12%. 

■ 12% 

12% 

- 11% 

SpaMli Peseta 

7*g 

- 7|* 

r*- 

■7.', 

7K 

7ifl 

7!i 

-7% 

8,4 

- 8 

6*2 

-6,4 

Stafng 

4 h 

-44. 

6- 

4% 

5.4 

5,4 

5,4 

-BA 

5% 

■ 5% 

8,4 

■0ft 


41* 

- 4 

4*4 

• 4 

4'te 

4% 

4A 

-4A 

4,4 

■*& 

4A 

■ 

Can. Defer 

5A 

-6 A 

5Jj 

■5% 

5% 

5% 

511 

-6» 

8fi 

6.4 

7% 

-7% 

USOrfar 

*& 

-4A 

4]« ■ 

■ 4A 

*'2 

4% 

4% 

* 41. 

*A ■ 

■5.4 

5H 

-5H 

Italian l>a 

9- 

rh 

S>4 

-a 

8% 

8% 

0% 

-8% 

».%■ 

■ 813 

9fi 

-9,4 

Yen 

2 A 

■ 2i 

zk ■ 

■if* 

2% 

2i* 

2*4 

-2.4 

2% ■ 

■2A 

iili 


Aslai SShg 

3^ 

-34* 

3% ■ 

■3M 

4.4 

4& 

4% 

-4% 

6.1 ' 

■5,4 

Gti 

-fitt 

Short term reus res cat 

tar die 

U3 Dtta end Yen. 

rtehters: 

two days' rioBet. 





■ THWB MtMKTH HBthl W1TURBS (MATIR Pwte Martank offared rate 


■ THREE MOUTH BUHOMAHK FUTURES (UFFET DMIm points of 10099 



. Opan 

Sea pries 

Change 

High 

Lnu 

Est vol 

Open irrt. 

Sep 

95.09 

95.09 

- 

95.12 

95.08 

16950 

171355 

Dec 

9429 

95.02 

+002 

95.04 

9428 

23211 

181728 

Mar 

94.78 

94.80 

*001 

9422 

84.76 

19855 

160189 

Jun 

9420 

94.50 

-OOI 

9425 

94.47 

9560 

92755 

■ THRU* MONTH EUROURA ■NTJRAT8 FUTURBS (UFFE) LI 000m extents of 100% 


Open 

Sett price 

Change 

High 

Low 

Era. uol 

□pen fnL 

Sep 

90.98 

91.02 

• 

91.12 

9086 

5583 

31180 

Dec 

eaea 

9070 

*021 

90.80 

90.58 

2641 

49411 

Mar 

9026 

9036 

*002 

9045 

90.26 

1194 

13256 

JlBl 

89.78 

9920 

*023 

90.04 

09.78 

074 

11570 


■ THREE MOUTH KIBO SWISS HtAWC HITUHfiS (UFFE) SFrlm points Of 10096 



Open 

Sen price 

Change 

High 

Low 

ESL vol 

Open im. 

Sep 

9522 

9523 

- 

95.63 

9361 

2462 

22720 

Dec 

96.44 

93.44 

•022 

85.46 

96.43 

702 

9313 

Mar 

9024 

9524 

- 

9525 

95.22 

492 

10069 

Jun 

9425 

94.97 

-021 

9427 

9425 

35 

2427 


■ TUMI MOUTH ECU FUIUBBa (UFFE) Ecutm points of 10096 



Open 

Sett price 

Change 

Htfi 

Low 

EbL vol 

Open IKL 

Sep 

9328 

9329 

■002 

9320 

9327 

890 

10875 

□ee 

9328 

93.68 

■022 

93.88 

9325 

483 

B211 

Mar 

93.48 

93.46 

-0.02 

93.48 

93.42 

472 

4726 

Jui 

93.15 

93.15 

-0.03 

93.15 

9113 

3 

1143 


’ UFFE futures traded on APT 


■ TMHB MONTH EUHOPOUM QMM) Sim ports of 100% 



Open 

Latest 

Change 

High 

Low 

EsL uol 

Open frit 

Sep 

94.76 

94.74 

•002 

94.77 

94.72 

71281 

431201 

Dec 

9425 

94.02 

-003 

94.05 

9320 

106210 

436288 

Mar 

9320 

93.78 

•0.03 

9320 

93.75 

67213 

334242 

■ US TREASURY BILL MUMS (MM) Sim per 1009* 



Sep 

9620 

95. IB 

-0.02 

9620 

96.16 

1.787 

19260 

Pec 

94.60 

94 59 

■002 

9421 

94.57 

1.043 

9,147 

Mar 

94.31 

9421 

-003 

9421 

9420 

207 

2,008 


M Open ttUraat figs, are far premotn day 

■ EUBOMABK OPnOWS (UFFE) DMIm pdntt of 100% 

Strike - CALLS PUTS 


Pries 

Aug 

Sep 

oct 

Dec 

Aug 

Sep 

Oct 

Dec 

9500 

0.10 

014 

013 

0.19 

021 

005 

0.11 

0.17 

9525 

001 

002 

0.04 

028 

0.17 

018 

027 

031 

BOBO 

0 

001 

0.01 

003 

041 

042 

049 

021 


E9L veL Mi, Cade 1773 Put* lEOfl. Pc*™** dteyto wan mu CtAa 230041 Puts 190670 
■ EURO SWISS FWANC QPT10H8 (UFFE) SFr 1m pohita at 100% 



Open 

Sett pries 

Change 

High 

Low 

Eat vd 

Open Irt. 

Sep 

9425 

9424 

-003 

94.35 

9428 

14.896 

49,080 

Dec 

94.19 

94.18 

-005 

94.19 

94.12 

16.484 

35210 

Mar 

8328 

0326 

-006 

9420 

9180 

9261 

30732 

Jui 

9177 

9178 

-0.06 

9177 

9070 

2.084 

24.138 


■ IHft— MONTH EUWDPQIXAH lUffS* Sim parts <* ia ™ 


Strike 

Price 

Ssp 

- CALLS - 
Dec 

Mar 

Sep 

— PUTS " 
Dec 

Mar 

9550 

019 

018 

024 

008 

024 

050 

9S75 

007 

006 

015 

019 

03B 

0.6E 

6600 

0.03 

0.04 

008 

040 

00) 

OB4 


EaL mi. UUL Ccto 0 PUB 29. Pravtaua dayk open ML. CaBs I20S Puts 1378 



Open 

San price 

Change 

High 

LAW 

Eat voi 

Open nit 

Sep 


94.75 

-021 

- 

- 

0 

3030 

Dec 

9425 

94.03 

-OOI 

94.05 

94.04 

102 

1918 

Ma- 

9177 

9176 

■021 

93.77 

83.77 

20 

1437 

Jun 

- 

9147 

-0.02 

- 

- 

0 

360 


LONDON MONEY RATES 

Jui 28 Over- 7 days One Three She One 

right notice month months months year 


interbank Starting 5»* - 4^ 5h - *% 5A - S.V 6i - 5& 5% - 5^ 6% - 8% 

Sterling COs S* - SA Sh - - S* 8& - 6* 

Treasury BOa • - 5A - 5 6* - 5<a 

Bwk Hffls - - 54 - 5 SJj - 5*8 - 5*2 

Local authority daps. 4jj - dft 4‘J - 4,'J 54 - S 54 - 64 Stt - Sfl 6& - 6A 

Oscouit Market daps S-i^ iU-i|j 

UK daamg bank baas landing rata 54 p* cant from February 8, 1994 

Up tot 1-3 35 65 9-12 

month month mo nlha mo nths months 

Certs of Tax dep. (£100000} 14 4 34 34 34 

Certs of Tax dep. under C100JXM is 7 twc. Dapodbi wthdrawn far carter At pc. 

Ana. tender rata of cflaceuW uBMpc. ECOo fixed rale SSg. Export Finance. Maks up day Jttey 28. 
1BS4. tegraed rate* tor period Aug 24, 1994 to Sap 29. 1894. Schemas Its BJOpc. Hefnice ran tor 
period Jiteyi. 1994 to Atey 29. 1994. Sdwmea VAV 55460pc. Finance House Saaa Rata 54pe torn 
July 1. 1994 


■ THREE MONTH 8TTOLWC MWg (UFFE) ES00500 pdnb of 10096 



Opan 

Sett price 

Change 

rtgh 

Low 

EsL vd 

Open InL 

Sep 

94.40 

9428 

■0.13 

94.41 

94.28 

55868 

108194 

Dec 

9165 

9154 

■013 

93.68 

9153 

62131 

140943 

Mar 

9228 

92.93 

-0.08 

9324 

92.86 

14827 

67007 

Jun 

82.40 

9227 

-004 

9144 

9128 

6012 

52S91 


Tkoded on APT. Al Open ntaraar Sos. ana tor prantoua day. 


■ SHORT 8TEMJHQ OPnOWS (UFF=g £501000 pokita of 10090 


Str9«e CALLS PUTS 


Price 

Sep 

Dec 

Mar 

Sep 

Dec 

Ma- 

9425 

0.18 

004 

0.04 

013 

075 

128 

9450 

006 

002 

002 

0.28 

096 

129 

9475 

021 

0.01 

0.01 

048 

1.22 

123 


ESL VOL we. Cd> 44479 Pub 20171 Aekrn day's open Iol. Cals 231 SOS Puts 21 SUM 


BASE LENDING RATES 


% 

Adam 8 Company 525 

Afcd Trust Bank 555 

AS Sank 525 

•Henry Ansfaedier 555 

Bertel cte Baroda 625 

Bovs BAND Vtmaya- 525 

Bart< of Cyprus 525 

Bar* of Ireland .525 

Barkafirefa — _525 

BankofSccCand _52S 

Barclays Bat* 529 

Bril Bk of Md East.. _ 525 
•Brawn 9*toy & Oa Ud JSSS 
CL Sank Nederland.. . 52S 

CttnrftNA 225 

Clydesdale Ba* S2S 

The CotopereteNe Bank 525 

Cams & Co 525 

Crete Lyorweto 525 

CypM Popular Bortei .225 


% 

Duncan Launa 525 

Exeter Bank United — 623 
Financ ia l &Qan Ban* _ s 
•Robert Harrtofl 8 Co _ 525 

(Srot»nk.„ -625 

•GdmessUahtm 525 

Habb Bank AQ 2UUi . 525 

•HambrasEUtet - 525 

Heritable & Son lm Bh. 825 

•HI Sand* -625 

C. HoarelCo 525 

Hong ko ng & Shanghai. 525 
Jtteban Ho^ie Ba* — 625 
•Leopold Joseph 5 Sens 525 

Lloyds Bonk 526 

Mogm) Bartr Ltd — -.526 

MHandBank 525 

* Mart BOteartg 8 

NaNVeaUtineur 525 

•Apr Broth** 525 


% 

* RatourghoOuarantoe 
CapaBllDn LMedUno 
tango- aunorisedu 
abanUngtasMiOML 8 
Royal Bk q( Scotland... 525 
•Sntti & Wtamn Secs . 525 

73B — 625 

•UnttdBkarMiwBii— 625 
UnSy Trust Bank PIC— 925 

Weston Trust ,_525 

UAttawayLsMiw — 625 

YartohiraBBrtt ..828 


• Member* of London 
Investment Banking 
Asaxteftm 

* hadmHsMtan 


MONEY MARKET FUNDS 


Money Market 
Trust Funds 


SMI M GM MCr 

Gautts&Co 

KtaHiMiaidi Nt^swin 

6 M r ii m i fl i I rr edtlfi fl ktetelaMa 
rM*rtMtafAMMtWfM BTI-CDwa 

IKMaagmitupto-I 4H -I -I 


Oh Hng Bnk (Londmrt PLC PtantarAec 

loanete Coaft liaa* rai n» 


on- 


b CM MO CM*» 

no.coi -Bim,.. 1 47s 

tM 17.10MHOOB lire 

...iCoUd 

macs ore <-reit« 

QKMiOaeeasruas..| AT? -{ *ss|wm 

(tanm Orer (Inman 4V -| 4M|»4« 

497 -I saslyw 


800 

in 

ua 

47S 

ire 

4£ 

in 

2S1 

Slid 

sn 

Ls* 

Uk 


tats 

lie 

fta 

W 


TteCOffOadUnDiposit Accomt _ 

Zf«a strew. LnMlt^y MO 071 “531 ISIS 

I 483 -I 49tl3-m 


PtytrtfiM iTtt fle-to wtan SB te 

a a jbm m. m ii cn Mte w sw m 

mim.ni(a I tn i«jre j 

tiiLiSflr i taai . .... 1 1st U29 1 ra 
OM>MeaniH.'ml ue MSI U 


Cfat 8 <l at Bs. of Qteffco of Eagbmtr 

2 fsraSOimL lantern ECCV MO ’ 9ri-8M MIS 

I 4J» -I 4.99 1 >4*1 


n-(w9 
lUkia-omi _ 
(iujm-cre«a. . 
tnomMWjM 1 ) _ 
I'llMjOBS. 


SvPcatuaLHngnmteRm. 

WMlaq.O>H 

080 a 373 930 

im 7sjs in 
4ua in us 
IN 3373 f 403 
4,-D US 473 


Money Market 
Bank Accounts 


oawe. m—r immi 


M CM MCr 


oo ay neaa. UMsn uW »v 


raunaMstM 

R30MH(«B90 

[leuaotoBAns. 
rvQooiirs.we . 
Miebrais tenkte c 
i-nunOBdaM... 
mnemm... 
t in two ion 4se»-- 
ULimretBiM 


536 4M 991 fly 

ISO 4.TJ Ml or 

SI* MS 139 DO 

430 we 4M ue 


IS 3W SB » 

* re US 4M a* 

AM US 401 01 

W in 447 oa 


motn-nasae — l*re uas 

(SOJCOOnngn I 900 773 

MmytoaSra-hrmii nlaeteBraknaa 

uaiafUM Lre r«ora 

(luea-cun 4ao ue 

rajooa-c*3,9«s _ 4 so sore 

oaeaearam ... .1 4» uta 


300 

407 

450 

4SS 


AKad Tmt Bank Ltd 
SDMOteM. laosaa^CCffi »T 

rowicairH 

man»[taaoiM 

tsahmizdoi*) 

OHMIdOOt rt 

MCnf i'.Mi «r 

racAfnooiM 


timtiuui 

rs ooo- a. quo as 

EULCSSHKAMSM.. 

CSlO(KHC49JMJB_ 

mom* 


Bank of trataod HUi tatresm CtmqH Ace 

XMOHUiSLAncnSl IfL . sreasu 







■Ttl 












■ TiLJ 









W- 





■Tt 

rTTH 










cn 38S 0B2 

flMHMM*QieaM«r [ aoa too I sos 
iWMMtoatta ire 4Ji saa 
i in Rais* Orem ret I ire 4JI I sjo 

Ht teU b ma id* HteMC* aresp 

lBar«arW«.N*heaangiMai ODSaHHo 

tatunor-. . Isa ual sssl on 

itSnllnM 

uMMcein on-snaa 

AH Lire I 4 sol Or 

HI t5l IB 


1 51 M*a torn m. Unarm MB JKT B7l-aM9 
rue A ItLSOO-l.. I 41» 113 i 4Hl or 



MMOMWiS-Skwei" 

£11000*. . .... 

C2j00tM9l9W 1 1SO 


£10000 * _.|UM ua I 054BI Otr 

ISBllRlI Or 


RICA KSLStkM 1 A 13 

Uayds Bank - bmatmal 

71 MM 5L Uo*o tor Ml 

(HOMO art Nam _ 13 

tSUMD* 111 

caaw*— us 
ElUOan. . I A 79 

MdUnd Bank pie 

*0— 1 3—* t 


ire 




Bask of Scotiand 

a mr—nrarm-a rr-r-m O7i-«OIS44S 

woriccmcuB. I ua nn 1 usl res 

(234MO-OaOLOM...I J79 Mil IK MB 
CM.OOC* I 300 ire I Its! MB 


Barctan 

po am ire 


Stetat 



0373433)71 

U4 I 135 IWf 
3JM I MB M 
171 1 AteBllteWy 
*SS I 473 1 too* 


•re metre 
ui I ire iterty 

137 I 490 vaa* 
ire UO Hurt* 
Art I STB tenter 
-I U9 Mr 


tUDMUilH 

cia.ooo-c2a.99a 

C2S.COMML999 

t5aooo-ra0L9H~.. 

CIOOTJOO. 


+00 

S« 

+00 

*n 

SB 

+.» 

10 a 

an 

3.00 

u 

Ml 

US 

3 50 

+.13 

S50 


OMO 400100 
teMrtr 


hem m. mom l oa* am 

rit.nu-c4jM ... |3» 

nwo-o.m— ... [ sag 
traooo-cz«.9e9-. — I «x 
I3MDMW7M . | 4K 
reaooo* 1 us 


Barclays Prime 
POBc. fIMBttlW 


AOMOrtHlUL 


iBbtoSooPresUgsCb 

wTsounraamaiMlSN 


Ck m i tei 


nakLC2^99 UO 190 LU3 

12.S00-CT.W9 US 170 227 

C10.IXKM34.990_- 7 79 7W 27S 

CLUB- IS Ml 139 


oe 


Brawn SWptoy& Co 
Fmaidare caret Utewan. 

HO _„.l 

MafOaraartM .. .1 


& Co Ltd 

London CC? 071-0030331 
400 100 1 40l| Ok 


400 


100 I 4711 1 


pTTHimi ppi 




r- rV' 1 1*. 1 UPP 



H.fi 













1 - 

if 

l 






r-^ — 





DJ 




Ctaedoata Book Pfc 

aa/Mawswjn.uMMfgnacs’p nismb2s 
MCA I ATS 15035 I - 1 toady 


Royal Bask of Sudani pto 

«a Atom So. Uabenr BU * 


Cstar ABwiLtd 
30BBM UBA Leaner E&N9DJ 

‘ 150 293 


ESO.OOO* 

tiVn-MIN.. 
LU)0U0-£34JS9 — 

cum-num 

CT.OQQ - L4.9S0 


m 
in ut 
ISO 3MJ 
m 27* 
3J® in 
ISO M3 


. Acc 
oat 

300 

398 

2.73 

ZOI 

191 


HCC 

-523 am 
00 00 
98 to 
.73 » 

« to 
9i to 


IbM C9U30*w-~_ 479 
OMcngre 930000* — I ITS 


CbartirkooM Bank Ltaattsd 

i PBMnartteHow.EC4U 70H 


071-02]; 

:lif 


^ Ssva 4 PiDOparriLobtert Ratnkjg 

ST IS-a BMMmteB. IX l MmJ HM1 SUE 


CUOO-ClkSOS 

C OTWIXMIlMO 

cM.n»-c».«o — . 
etooooo* 


ssjxwmsn 

S8&000-CMlS» — 
noame-*iB9,S99— 
uetuw* 


173 3J1 

AN 300 
409 3.tl 
490 491 

223 109 

173 208 

UO 229 
XS 244 

i to ctew pan* 

onoranTiM 


Tndifl Bank pie 


MB 

MS 

MB 

■Ml 


MHAPBlBi IkterrMa 
O—analS MA £10800* 

ISMA £30000* 

i««wtiooooi>* 

TyoiM TESSA 


0272 744720 
3000 2928 IM to 

1829 1719 im to 

1730 2013 3MB to 

1378 WOT 3932 to 

4375 - 4442 to 


Qydertslp Bank FtexBrio Sotafloo Acc 

30ttVlneaatRaca. Ongaolll 2M. 0«-?4B7070 

ciajooo-caLflM^-1 170 ml ire I to 
aaynom.flN — ] 373 ui I iso sm 
(IDOUDOO-CISO.On.— I IN 2.81 1 383 1 OB 


Hn Ca-aportriho Bank 

W 0m 300. OteBWSOMMaap 
TESa — >1 12S 

MtoSW-CM taste Onte J 

nMran 1 AM 

li Ilia iilM-flODayl. 
129 


gtOjOOO-CAOSO 1 400 

t5.0JHMS.WS — MM 

laalbr-latnsta 

ESftOOO* 1 

cio.owmwm®J 
E3.000-10.IW-B 


rsum, <jb Ann I AM 

ua 225 102 

n0.000-C4O980.. — 2.78 2TM 377 

S300-C99M UI I9l » 

3040 an Doact arOMh M OM 2I32U 


, 0343232000 
- 1 -Itoany 

"mb I 3.01 f OBI 

P U4 I 892|fl-Mn 
UR l 4H|<Mai 
ua U4M* 
223 I SB2 IS-Msj 

ui I inle-uor 

144 I 128 8-MB 
INI zrels-Hh 


ttaltad Denfedna Trent Ud 

90taB2.Mp^H400r 031-4472418 

bstar Ifai asonSR^rt 

(1.000* 1 473 393 1 404 1 to 

IMtadTnwt Bonk lid {tonnortyULC) 

iamatCMMMnLoMkaWlH7«. erimoflM 
Etaooo-wanrivteca.l ore 100 402 3-MB 

inuHO-wiiwnata-] 7.n 393 7.04 0m 

03.000- t Tot I 723 144 I -I Water 

J. Hoary SckndorWaog&Ca lid 

120 Owopteto. UlrtBB KBiOS 071-3828000 

assert rtc. 1 are iff usl wi 

ciaaaojaaaorM — lu. soil 134 1 hr 

Utestem Trust High bdarest Ottgoa See 
Tha Mtavcaram, nr&Mti n.1 t3E ,070 

118900* 1 478 UR 4041 to 

EL00O-C1 4.999 4J0 138 43S to 

n9M-C4M> 143 119 1 4221 OB 



UMog 

tatter, aricamt MaDM ateranateM far] 

tat rM tecama to. Crora CAM Dm Mr BM 

!S^«SM5E rt tePgt , SyS 

at aokk kteteM k cakSMO ■ Marart 



Margined Foreign Exchange 
Trading 

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vOv*.-;..iy sends. 'Jowt cwcrcics & cc.'rrr-cdi !:>'•* mdun-'r' i.« 

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n -ingle uius SIS or c-inua 1 £154 ;?> uk 5 y, 


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FOflEXtA FAX -by ualng ftaodsat on yattrfixmfldlfrta (fed *4481 3827420 



fc; 




























FINANCIAL TIMES 


FRIDAY JULY 29 1994 


39 





'SI M «k> 


rf «'S r.*.-,rw. , 


.Ji- _ 





. . .-»y 

I’y • > <- 


sftf" - ':-”- ' r ' 



««ee^ 



WORLD STOCK MARKETS 


h/ ~ ** «JW WW F<t 


EUROPE 

HfilHAUlMSa/Scft) 


BMuR 
OMt 
Eft 0W 
EVN 

ISKSi 

OaU< 

IWm 

naOmH 
SMV 
UA Toe 
vaiMg 
VMBrft 

VVUAJr 

WMt 


1010 
uns 
091 
3 400 
1,370 
1.310 
ESI 

ess 

030 
439 
317 
I .CHS 
34S 
913 

1830 


*20 2.200 
*1 1,270 
-3 834 
-10 *=90 
-10 1.713 
*12 1.387 
-1 744 

-4 IJM] 
-5 IJMO 
-I *98 
... 258 

— 195S 
-fi 406 
-3 731 
-1 BOO 
-36 4.340 


tamE 63Z 
1VMH 860 
LalC0|> *3480 

HSS ’« 

LBWnQ 6.640 


>/- HWh b, |M nt 


1.730 2.6 

I§§?5 

ajas o,4 
1.100 1 « 
1.050 0.4 
558 
8*5 1.7 
BBS u 
403 ZJ 
171 3JI 
B74 

328 1.7 
546 2.6 
430 1 £ 
3.411 1J] 


BEU*M*/UKBIIB0flRS(Ju|28/FtS.1 


ftOonns 

Afenanl 

Arbed 


-5 4 JSO 3.705 1.7 

-10 4.670 3.080 4.7 
+ SO10JOD l&DSO 2.7 
-1026J5C Z27C8 27 
-U£0*2«53SJOB 6.7 
-30 2330 2.1 OS _ 
_ 2860030^50 125 
13975 DAS 3J) 
... 2.700 2.1 BO 3.8 
... 6.200 5 fiSa 30 
-2 202 754 7.0 
*40 8900 6.100 IjB 
-12 1.950 1 JSO 2.1 

■asisd 

-96 4.470 3.850 4.9 
-81080 1.3=0 27 

+»»2.3S?3 

-30 5050 4.180 23 

-« 7050 8070 IJ 
„ 6.400 6.000 4* 
.... 1.830 1.450 &A 
_ 18.100 IftDDD «. 
+501B7TSBJ96 17 

+5 1060 2.705 4.4 
-B 688 420 3.5 
<30 6000 4.848 10 
—10 5.080 4.900 18 
-75 1836 1125 5.1 

oBi^sssa 

-5 12773 1.48? 16 
*4751735013,750 4 A 
-50 11.800 9.400 4.8 
♦325251002245® H 
-25 1930 1440 4.7 


~ Li iMZ- 534 

— MENnB 255.70 

— Uo4n 11180 

— MW*** BBS 

— tttSgt 142 

~-fcC "« 

— Part* *31 

» nuS 

= * 8S 

— Piwrro 980 
Men 470 

— maim 12120 

— Wctsf 571 
SUC TBS 

fsz *e 

StLaul 1920 
Scnxtr 488.60 
-■ SabSft 528 

— 3*01110 427 

Santo 50om 

-• SWBR 1020 

— Socfien 581 

— ssnuraft hob 

— EpW« 376 

— SuezCl 278 

— Sum 1B1.10 

— T Ml 14S54I 

— TWwraf 1G6 
•- TOMB 308 
•■■■ UUP 75440 

— UFBLuc 38=00 

— IMH 520 

— UWIDlY 510 

— VBUO 277JO 

— 1WW 32150 

— wmwa 284 


- h» 500 50 
*a 883 661 to 
377 n 

-fils? 

„+4 02449810 If 
-390 274 707.10 OJ 
*180 13850 B7JO ll 
-4 1J48 azan 
•xSOltlHD 130 5 5 

■ 5 § Isslij 

-440 23* 141 3.1 
-1.20 371 29250 85 
-1 036 7» 10 
-10 1005 785 

*12 1,150 805 1.3 

-1 »15MO??u8 18 

-2 752 542 1.4 

-4 945 601 7.1 
-151280 1360 1.9 

-Ml SSlIS 31 

-14(1 468 ® 337.10 
-1 600 472 14 
-1 610 41230 8 7 

-6 70047130 12 
_ 1470 1.180 _ 
-8 782 550 18 
1800 1,710 13 

^JUs* 

-45 3.120 1281 13 
♦2 214 153 14 
*230 384 SO 293.10 3.7 

;S a IU , ^g|| 

-7 85042610 5.0 

si I ill 

... 35524750 4.0 






.1- Wan Lam TM ME 


>7- Wm law Mg, 


JSL. 


- SHWAWf tW 28 / Dm.) 


DENMARK (Jill 28 / Kl) 


flrffl 700 

UuDn 237 

CaOft 288 

Codan 6000 

CVS1» 128.000 
crasto 990 

DanOah 339 

EAMfl 178 

FLSB 5SS 

swora 570 

ESB 230 

JffUH 347 

IrtznB 1,-WO 

MCI/VS 309 

NUM0B 670 

RwMS 570 

ScpItAA 685 

SoptaB 582 

Suprf* 45? 

Total 31750 

lopC+r 715 

IMM 235 


730 665 11 _ 

— 281 215 11 -. 

_ 333 2S7 1.0 _ 

- 7000 5000 OJ ... 

*3000 tsun mao 0.4 _ 

-51,140 STB 13 _ 

-6 427 MS JO 35 _ 

-220325 1B2 5.1 _ 

_ 815 307 12 „ 

-0.70 043 446 IT _ 

-4 278 204 00 _ 

-3 425 330 13 _ 

+EO10SOT.14O 13 __ 
-6 385 252 12 

*2783.81 see a.o ... 
-5 737 530 03 ~ 

-1050 015 539 0.7 

-5 875 473 0.7 „ 

*2 4GB 321 12 __ 

-1 JO 33a 46 3CCQ _ 

_ 1072 070 1j4 „ 
-2 2B7WM 42 _. 


HHAl»tW2S/llka) 


Amet A 

CuMt 

EqnA 

Boon 

turn 

WJP 

Koaka 

Km»n 

MWBWB 

iMras 

uauSA 


SC 


124 

140 

88 

43.10 

173 

11 

5450 

540 

122 

172 

T6S 

230 

225 

507 

05.00 

70 

88 

03 

205 

18 

1480 

101 


*1 154 
-1 178 

— 106 
-.40 4150 
_ 233 
-JO 17.40 
_ 6G 
-5 705 
-2 122 
*3 247 
-2 290 
-1 258 
+2 28® 
-6 512 
—20 102 
. -2 10« 
-ISO 102 
-1J0 131 
._ 225 
♦JO 31 
-.10 20430 
+4 120 


1I1U0 1 J 
121 1 J 
BO _ 
3820 1 A 
104 11 
10 _ 
45 22 
512 12 
100 02 
162 12 
162 I T 
200 02 
180 02 
287 0 6 
BB - 
50 1.4 
64.10 IJ 
8450 l 1 
175 22 
16 ._ 
12 — 
69 


AEfl 181 

ftQfettV 54SHJ 
ABMnft 1.270 
ftMZ 1425 
Mbmm 582 
AMO 984 
AMPI 945 
BASF 306L50 

BttWNk 491 

BiAdBB 397 JO 
taw 355 
430JO 
80S 

B3VWV 467 

B-utor 068 
BwllCr 284 
BHF Bk 395 
BHBf 831M 
CaKs 1 JRM 

CHM> 82541 
CmmzDk 33SJ0 
ConM 288J0 
DLW 448 
Dnknlr 783J0 
DnuBsa 400J0 
Wtob 240 
DKhBh 728 JO 
D*m»k 172 
Donate 478 
DnMk 315 
CMtfflk 366 
SOIE 578 
Grown 280 
Bdadl 720 
HanWB 190 
HaftCm 1.166 
Hnkrf’ 507 
Hrtta 373 
Hocsal 836 
H-OlBl 837 
KEEmnn 606 
HMM1 220 
BIB 291.SU 
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Kangs 138 
Kraut SeOM 
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KtocWN ISO JO 
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LkiOs 914 
LbwH 365 JO 
Ijiltnn 202 
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MAN Pf 336 
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-5 528 384 3.7 
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+12B650 210J0 _ 
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*0 65B 480 1.1 
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B Comm 4.775 
BUzAg 1880 
8 Roma 1070 


BMogi 

BnsOn 

Quod 

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Cnwrtr 

Ck*9n 

OrBa 

OnMK 

Foifin 

Hal 

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180 
24000 
6.0508- 
2J90 
line 
1.712 
1 J00 
2.120 
TTJOO 
1010 
8.790 
4070 
5.590 


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471 5.1 
KJ 70 
72 37 
430 8.1 


FoA« 11665 
Gamoia 1.567 
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Sdni 4075 

nn 29.300 

ffU. 6.7100) 

ua iO05o 
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How 3J75M 
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MMtmc 15.060 
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SASIBf 8.100 
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STET 5.155 
SMtaft 5J10 
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INDICES 


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low 


Afja rtta 

QmdtsnVrT) 


(i) 1939958 1 91 3114 2547040 IK 177G8JB0 3Y4 


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2042-1 2041.7 20410 2340J0 3 IS 
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MtQES Mrts+ilSTa M 378010 3831.41 387959 1&3 

QaWBSfcf 09TS Hi 413401 414900 480900 2312 

taflolO^ 14(1.031 M 1936.11 195002 218209 1/2 

CMe 

PW G» (31i12/W) 


188700 7116 
9MJ0 5/5 

39807 Z2ffl 
101108 05 

139805 13/7 

30 


329906 2W4 
998900 240 
1053.17 20 ft 


SPUn 3.400 —165 11 JM 9.000 38 
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BnlaBP 1440 _ 1730 092 10 

THBAf 280DOB1 +1003SWSJ® 1.1 
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*00 04.70 73.10 02 
*00 9000 74 70 17 
*1.10 58704000 10 
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_ 60.70 4700 „ 
*005700 0-30 30 
B&30 5800 40 
-0010020 7? 2J 

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*00 6700 40 00 

-J0 84J0 71 10 

-1 131 US 30 

~ 08 53-20 68 

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— 10098 84 JO 80 
*200 216*0 18UD 4-4 
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*2 3XU0 1B48B 10 
-20 58-50 4600 10 
-ajQIXUO 10120 10 


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-3 1065 710 10 
_ 227 148 10 
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470 378 ID 
387 295 IS 
387 1.1 
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-5 3000 1410 30 

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-10 738 576 7.1 
+10 1*00 (21 
+25 1.710 1,180 50 
-35 3.120 2080 20 
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— 1090 1010 

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1.790 

1.030 
1,110 
3080 

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560 

787 

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630 

515 

1010 

2000 

1000 

601 

1020 

908 

770 

514 

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713 

891 

547 

408 

597 

1000 

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575 

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— 988 789 — 

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-12 BSO 512 . . — 
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-30 1,820 1 JOO _ 

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+40 30401720 — 

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-3 732 567 — 

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+10 10*0 1030 D.B 
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+ 10 IJB© B42 _ 

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+2 739 560 _. 

+12 560 407 ... 

+1 445 318 — 

+6 BBS 395 — 

+40 I JOO 1,140 _. 

+10 1010 1.450 — 

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-3 SSI 872 — 

+4 460 301 — 
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+13 B90 755 00 

— 4BB 378 ... 

453 337 

+3 BW STB ... 

+7 0*0 770 0.7 
+1 448 310 „ 

+10 1.480 945 
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srau 

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Sk^trr 

SMGIH 

Sony 

StanS 

SumBH 

SianBnK 

SumCem 

Stmam 


sumtiw 

SumuM 

SumMsr 


1.730 

987 

tOtt 

933 

1.180 

10SD 

502 

545 

320 

800 

540 

1400 

1220 

BQ2 

5.7B0 

779 

985 

1.960 

526 

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1000 

1.450 


— Jutnsaw 824 


bonun 

Siontw 

SUnTlB 

Eurnwmi 

SWUM 

TDK 

TMM 

TafnPli 

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Tooacp 

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TtUKEP 

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TKaCb 

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1.020 

1.490 

755 

1080 

4JB0 

656 

2000 

937 

7BB 

1010 

IJQO 

BK 

593 

77? 

893 

860 

400 

B4S 

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701 



-&50 270 21BJB IJ 


+12S 8,405 4050 40 
430 30851341 — 
... 2.450 1,778 10 
— ?11 78 

+73031850 21050 IJ 
-115 12450 0,110 ... 
*203,100 1084 1.0 
-6 32m 1050 — 
+22 20951085 ... 
-38 2010 1096 
—30 1630 1 .BBS 4.0 
-50 13SXI 10200 ^ 
-10 2JB4 1066 — 
*110 74304071 IJ 
*86 4020 2.110 15 
-107050 3 J78 31 
+75170801120) 4.7 
+17 1J05 1.338 10 
+500 4B20D 57.220 OJ 
+254J6S 2J75 — 
+7SD 30200 15JM 12 
+SOBJBO5058 IJ 
+l65Vij5lOJOOO — 
♦1014301200 — 
*105 11100 8000 2.4 
-15J40B.B5Z OJ 
+551440 4071 ID 
-240 18000 12.700 30 
*90 14700 13.410 10 
*15 1049 87D ._ 

+30 3,140 1016 .. 
+80 B.1D0 3.010 ... 
+00 3085 1.070 .. 
—400 34 JSO 23.100 1.4 
*80 12.100 8—3® 20 
-GO 10.154 7050 14 
*00 5,106 3063 IJ 
-15 1086 490 — 
+10 8.350 4.065 1 0 
-170 7000 4.145 .... 
-10 4,510 1875 - 


527 
1,120 
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MUM 748 
MHSa 1(460 

Nannfl iloo 

MstnOi 840 


B70 

2J20 

1.410 

MKDB 340 
NBtt* 1 JSO 
Mxnuni 1100 

HIM 818 
OdBRta 739 

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Okumt 810 
OkurnGm 875 
1.130 


*8012901010 
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+2 024 495 
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-30 4040 3020 
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+ 15 844 56$ 
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+8 774 48| 
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+30 1 .050 1,430 
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-8 556 400 
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+14 1.140 855 
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+12D 6J40 4000 
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hci*-nd 

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3120 

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650 

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397896 

701 088 
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300800 
330234 
187 
200 
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1000 
18475 
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SMC 

Sonora 

SDTOl 

San** 

Scaptfl 

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Weenie 


13*6 

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55V $V 
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MONTREAL IJU 20 
4pm clooa 


38400 Ebnpree 
15450 BMCirP 
39933 CamMu 
14B00 CacaOo 
1500 CnMwc 
rooo ere a 

7450 jCoutu 

36000 kVRCti 
43658 MMBKC 

2600 QDcerft 

6250 UTMO 

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AFRICA 


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NORTH AMERICA 

CANADA 

TOHOMTO (Jul 28 / Can S) 
AmtiOBB 


AUSTRALIA (Jul 28/AlfitS) 


-10 10701 JSO OJ — 

;: u km $40 _ 

-5 -n* ra .... _ 

+M1^1J70 ~ II 
+10 902 808 — . — 
+5 475 325 — — 
...1^70 815 — — 
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— $ 1.040 810 -. 

I 3000 2070 ftB ... 


Altai 

Amcor 

Anna 

AmOo 

AJttn 

AN? 8k 

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BMP 

BTUIlI* 

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300 
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10.48 

3.58 



CanUM !BUM 
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CoiecM 404 
Ctnam 500 
CMDmBk 7.95 
Cnaor 105 
DomMno 039 
Emu 4 JO 

HT* 


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—9 773 582 — 

+3 1,100 
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-G 950 
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+14 744 650 _. 

-40 4020 2000 Q.4 61J 

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-GO 1,770 1080 ._ .... 

+7 BEB 447 _ — 
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... 8.BG0 3,110 0.4 
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- = 

♦1 BOB 415 _ — 

-B 1 JOO 870 

-80 70BO 8050 OJ 
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-14 51? 3ffT 10 
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Fektx 

Rtetc 

Fodra 

GnPnr 

BXMus 


a = M 


103 
DJ3 
2.75 
113 
1.10 
2.41 
148 
1.19 
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1.45 
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198 
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8.40 
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340 
464 
133 
133 
194 
303 
800 
308 
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... SimnHH 808 

— SonBwa 10 

alien 230 

— SfcMd 311 

— TOT 169 
... ToCpN 3.70H 


HitAa 

MOMB 

IhnMkfi 

ICIAlM 

Kkteat 

Lendl 

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MW 

MayneN 

Metaif 

t**B 

Mirers! 

NOwsCp 

BMwk 

MaURU 


Paeoin 

PWon 

PinincD 

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PIiPbc 

PKanc 

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-.02 SJ5 3.60 
-.02 11.12 8.68 
+36 6.10 3.78 
-941190 7.65 
+ 3.33 2J0 
- 5.72 S.75 
+ 4J2 330 
-95 155 1.72 
+94 mao 18 
+92 308 276 
+.04 4.82 3-22 

... 10f- OP4 

+06 1590 1280 
_ 1.18 ftB* 
-91 693 305 
+.02 5.46 440 
-.04 11102 1690 
-92 3.65 205 
+ 305 260 
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+ .07 5.70 492 
+.08 5.75 400 
-9* 096 6-30 
_ 102 0-76 
-92 006 005 
+95 892 435 
+92 102 100 
♦91 1.40 038 
-96 3J5 244 
+93 308 200 
-91 ».47 008 
+91 2J0 233 
+93 360 207 
_ 1.78 1.12 
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+.02 295 204 
*02 202 1.12 
+ 05 262 1.53 
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+95 490 293 
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06 1042 
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rSS 

- M 4.16 395 
-.03 592 413 
+93 21$ 108 
<91 243 193 
-93 24? 290 
+93 3J0 24B 
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+.13 400 293 
-98 696 4.60 
-01 1.74 1.15 
-96 805 408 
+95 7.13 591 

• IE 
+.1010.02 8.10 
-94 3 90 295 
+96 3.70 285 
+97 2 .74 191 
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09 ... 
24 339 

10 ... 

27 300 

28 — 
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8800 

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319200 

13900 

3065 

983882 

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1051740 

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31533 

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./- 1 


17V SITV 17V 
17 -V S17 1BV 
8V +VS6V GV 
21V -VSTlf 2lV 
13<? -V SUV dUV 
33V *!;s£V 3ZV 
31 V -VST'c 31 1? 
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37 +V S37 37 
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1B>» +VSIDV 9V 
23*2 +VC3V23V 
24>t *V S»V MV 
232 -2 235 031 
1UV 519V 19V 
15V SlM 16V 
27V +2 23V 26 
18% 5lrf 18V 
■ TOKYO -MOST ACTIVE STOCKS; 


BCTe 

BCE 

BCE Mb 

BGRA 

Bmcwk 

BfeMcM 

BkNovS 

BaaUEx 

BmMIB 

BohVU 

BmOea 

BmnA 


=3181 Lawn 
1207110 LncMta 
19700 uaowA, 
887586 LOtowB > 
HUBS LnbtoW 
77=300 feUCUC 
3400 MaikRa 
4045 MOSS 
3=400 MkoUi 
0=0438 MncntSl 
82200 
3000 
4860 
761332 MeUf 
65753 MKfllU 
67=00 MHcl 
=5640 IMitnA 
105004 Moore 
io$ Htnae 
175500 NanftC 
6066* tfeWtUp 
35=0 MK1WA 
57700 MtUaP 
78=30 NmOkM 
40GTS MircnE 
303940 IfmTel 
luin >3 Now 
8734 NDM» 
1500 ttumocE 
7700 One, 

9=0= OennwA 

01=42 PnnM 
142724 PkdP 
77«=m PWA 
6700 PavnA 
5375 PnnCnP 
11=400 RUSW 
2i 9847 Petal 
6=50 Piatn 
=8=933 POune 
53200 PDWCp 
1800 PounFn 
=600 Reyrfcr 
50400 Reims 
600 Ronrmi 
=8450 Itneoa 
200 ReeoSI 
82065 ReiEn 
$74)69 fltap 
5700 rasas 
5MU0 “ 

414646 

385714 RoyBk£x 
256300 FklvOak 
Thursday, July 28 


I SIS 1 ; 19V 
SIM, 1» 
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30V SV, MV 
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37 V + V 837 * 37 V 
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16V —V S16V 1BV 
23V +VS3V03V 
77 -I I) 5=7 =7 

14V SUV 14V 

19% -v sav am 

i4V -v unu- 14% 
S10 10 
,V(19V ID 
J i aiv 2 i 
SB 7V 
SSV BV 


SOUTH AFRICA (Jul 28 / Rand) 

+ /- Mae im wo pae 


iJS 


31 


30 


-vi£4 

.. *1 31 — 
1Bl> -J, SIS', 18V 
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224 +% 523 2^> 
11V +VSUV 10% 
8% +V S9 8V 
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20V -V *21 =0% 
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105 -5 105 105 

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24 S24 Si 

15V +V i'Si 15V 
43% •“ t**V 45V 

11V +VSUS IIV 
24 +v S24 23V 
8-4(86 B 
15V -«f S15 1 , 15 

10V US'* 1BV 
40 41 30 

$ ^ 

385 38$ 380 

42V -** *2 

r«l| -»« 519% 19 

",i - s, S"S 

28V -%»3H 
19V — V S19+ 19V 
SB -VtSS 20 
15V 610 T5V 

14V SU V BUS 
70 STB 78 


AS5A 9-55 
AEO 2350 
AUad 118 
Amaral 185 
ViMm 24S 
Amansa *4900 
AnmAN 132 
Bariaw 33.75 

tad 46 

CHAM 3.95 
OrBCan m.rs 
OeoM 7 25 
Dnotn 66 

Eipo 12 

Hama 3000 
Engen 3575 
ItoiSK 21.65 
FrnHt 63 
Genet* 11.05 
GFSA 128 
Harmny 28 
Hrmu 22.75 
HIKcM 29 
SCOT 398 
ltn*H 103 
JO 105 

Hitna 73.50 
KkmlG 59 
UDLfe 93 
WWAk 18 
Nedcor 33.50 
PaUDM 85 
PremGO 58541 
ftanfln 49W 
RmtaGa 26 
RmWCn 18 
ftotfl 107 
Saffkn 1106 
SimnCG 16 50 
SABrew 88 
SAMnAm 4900 
SOW 138 
UgOal 44 
TnoHU 48.75 
VReeW 410 
W Alba 05 
woeap im 
wmkai 52 


-.05 9J0 6 70 4 6 
„ 27 17 JO 2 5 

„ 1=3 9350 2 7 

185 115 2.7 

+ 6 =48 HO W 19 
+4 50 4*1 $0 344 3 0 

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-.15 4 30 305 1 B 
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* 60 31 2= 50 3 3 

+ 50 4Q25 30 4 3 

+ 15 23.50 21.50 3 3 

*1 SO 53 75 6= 
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+ 25 =750 2325 
-25 28 18 70 7.0 

. - =9 IB 1 7 

*03 4D3 020 1 5 
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+1 64 50 G3J0 3.7 
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+ 50 IPO 75 1 4 
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- 34.50 =6 1 7 

-1 91 5000 4 7 

-95 7 75 595179 
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26.50 17 IS 

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-.50 HUSO 79 18 
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*4 400 359 3 3 
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+4 =15 151 08 
_ 804450 39 


Mat MV tojm TcWon 


495 <20 500 470 

19V SIM, 1BV 

27V +V srv 275 
5% -V SG 5V 
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MOHS - Pnos on DU pope ar (3 graM M n 
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nma Hpotlana at U 199* asetf leoM 6 
MoteJuMn e DetaP tupmM ul Ei 
MW a E, dtp tarn tfengitt ab A 

FT FREE ANNUAL REPORTS SERVICE 
We on (tare m ceU anew an d tamwOH 
■mmeaf Bub osi ttpot^o la> oat 770 
BCvMR«n N cata tauwre it « 
+** pi 770 qitd e b, *4* pi rm a=i amro n 
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Stocks 

Ctoskm 

Change 


Stocks 

Closing 

Change 


Traded 

Prices 

on day 


Traded 

Prices 

on day 

Toshiba 

6.4m 

727 

+5 

MatGushlto E Ind ... — 

3.7m 

1.630 

-30 

Hitachi 

fl.4ib 

952 

-7 

Fujitsu 

3.Sm 

1.040 

+20 


4.6m 

1.300 

♦90 

Mitsubishi Hvy 

3.4m 

770 

+4 

Nippon Steel ............ 

4.4m 

334 

*4 

Mitsubishi OB 

3.1m 

1.760 

+10 

OKI See 

4.4m 

710 

-12 

NEC Corp 

3.0m 

1.130 

-10 


US INDICES 


Jd 

28 


Jd 

27 


Jd 

2 B 


-1W 


non 


Low 


R (Not 1978) 


(V) =43X22 238X40 2B8I.1T V7 1957 JS 204 


CSS rawtaw 63) 42ft3 <27 J 4283 45490 3171 
(SS to Sir fnd S3) 27Z5 2715 272J 294J0 3U1 


Cap. 40 pnm 


200895 202&82 202035 W3SL64 3 12 

05» SE^tDCn/B3) 112529 111899 112096 1211.10 2S/2 

PMDffhM 

Uania Qwp Cn/B5) 2791.14 ZTW JO 272BJ3 330837 4/1 

tatogu 

BT A {19771 27545 27507 2729B 322800 1B0 

9VWi 

SE5 AI-Smira(!M/?5l 55596 55829 S5823 8*191 4/1 

SeaU Africa 


sf 250 pinzrai 

C3C40C7U1XV) 


FAZ Nffla431/12/5ffl 
caawB3 B i A n/ia i 53 

OKoainm 


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■ RATIOS 










Jii 22 

M 15 

JU B 

Year ago 

Dow Jones Ind. Dtw. Yield 

2.74 

2.71 

2.74 

2.93 


Jld 20 

M 13 

Jui B 

Year ago 

S & P Ind. D». yta 

2.46 

2.47 

2.40 

206 

S 8 P Ind. P/E ratio 

2397 

2293 

22.72 

24.88 


■ STANDARD AND POORS BOO INDEX FUTURES £500 femes index 



Open 

Latest 

Change 

High 

Low 

Est wot OpenlnL 

Sep 

453.10 

45320 

♦0.05 

453.45 

452 96 

5208S 

2O3.B06 

Dec 

■155-JO 

455.70 

-0220 

45500 

45500 

461 

12.988 

Mar 

- 

46920 

- 

459.20 

458.90 

7 

2056 


Open neraa flpira* pm tor prewus tiny. 


a NEW YORK ACTIVE STOCKS ■ TRADING ACTWITY 


BUaGsmU(1B72| 69603 69503 70947 817.17 1<W 

MB IVmto (A'VSO 11=40 11220 11460 TSULDO 185 

•How 

NH«225n6SM9( =024785 2013723 203*537 215S2J1 US 

HM(i300tUia«!j 29*33 HCS1 29196 311.71 1*6 

leoft (4.H68) 1621 4fi 161582 162078 171233 136 

LKf SKSon (4.T.68) =43392 3441.17 245191 2S4US 6,7 


101 
M400 ion 


■ CAC-AO STOCK «pex FUTURBS {MATTF) 




Open 

Sen Pnoe Change 

Hi^i 

LOW 

17389J4 Ah 

Jul 

2046.0 

2050.0 

-5.0 

2058-0 

20420 

2B92Z til 

Aug 

20550 

2058.0 

-50 

SO 650 

2052.0 

M4SJ7 -VI 

Sep 

2063.5 

2086.0 

-5S 

2072.5 

20309 


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TeMns 
Fan Motor 
MIX Tbc/i 


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traded 


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4314,100 30H 

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w&w az ja 


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7073 


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we tasuad by TWawm/ repmsant Pie /HghaBr and l u wa u wluea Bar Die tuta nae readied 
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877 

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1.147 

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1041900 

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2D 

27 

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1063000 

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SB 

57 




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Financial Times. Europe’s Business Newspaper. 




40 


FINANCIAL TIMES FRIDAY JULY 29 1994 


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224 M AMU 010 05 35 1455 20 194 194 

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184 13% Alaska Ar 
214 164 WenyH 


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254 (94AUU 
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2*4 +4 
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28% 204 AlegP 
164 13% Aten Cc 


164 13% Aten Con 
254 20 Alagan 

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274 174 ASKS Cap* 1 £4 82 21 192 20 


274 21% AM toil 
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294 24 ASH Op 

64 4$ ASansfe 

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30$ 204 AtaCpA 
114 7$ AmGottic 
84 84 AfflPnds 
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I £4 82 21 192 204 19% 20 

118 15 68 9% 94 94 

1-24 55 14 zlOO 234 234 234 

057 15 8 3291 374 384 374 

086 14 18 1009 264 28 264 

25 3278 ufi$ 5$ 6$ 

11 3915 294 29 294 

1 60 11126*191 784 76% 78% 

393268 21% 214 21 4 
096 122 3*9 8 74 7% 

025 14 25 35 74 74 74 

058 1.1 12 1678 74 84 7 


20 Annas tad 0*8 13 1* 122 2l4 207 


524 UAnttta on 13 53 735 51% 51$ 514 
9% 6% Am Ad) R 024 17 8* 9 U8$ 84 

31 2D4 Am Bonk* OIO 0< 30 43SS 234 22% 23 

35% 294 AmBmd 100 58 TO 1247 3*4 3*4 344 

254 184 Adi Boa Pie 030 45 12 243 20 194 18$ 

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204 174 Am C41 Bd 154 18 30 105 174 0174 174 

234 194 Am Cap CV 4 159 55 D 12 204 20 204 

624 *24 AmCysi 1.85 30 35 3010 81% 604 604 


374 274 Anapa 
334 2S4AH&P 
294 24% An GUM 


1.85 30 35 3010 81% 604 604 
240 85 15 2212 30 4 25% 3D 
090 14 II 5566 284 25 264 
1.16 10 25 1993 294 284 294 


94 6% AnGmlln 177123 190 64 06 64 
274 224 A" Mi Prx 230111 8 7986 22% 0224 224 


654 55$ AmHame 
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98% 8T%A0M 


1 AaOpptac IOO 129 


192 8t 12 4282 57$ 56% 57 

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274 21 AroSar 048 19 7 S32 25% 254 25% 

224 18 Am Watt 5% 12 17 220 184 184 184 

324 26% Am «Wr X 198 19 12 62 274 27% 27% 

434 364 Amrt* 132 *3 1* 3072 *04 40$ *04 

<34 344 Ararat hex 1.28 14 5 71 374 37 37% 

16$ 11$taeMc 024 1.5158 124 15% 154 1S$ 

614 50$ Amoco 220 17 16 2950 59% 594 58% 


2*4 -4 
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9 1820 2% |Q4 24 -4 
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26 2596 26% 25% 26% +14 
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334 294 Amaudi 1.40 44 10 174 31% 31% 31% 

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584 424Anadarko 030 06 67 1988 474 464 474 

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29% 24% Angtiea 094 36 23 79 26 25% a 

X>4 47% Alfisdt 160 31 234282 51% 51% 51% 

284 254ANRPpnP! 16710.6 3 2S4tCS4 25% 

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184 1*% Andxxg h 144 18 16 61 164 16 16 

35 SOAonCpX 126 16 7 263 334 334 33% 

294 224 ApacnaDp 028 I I 35 1*68 25 2*4 2S 

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27% 22% AldlDn OIO a* 171743 2*4 2*4 2*4 

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b% 44 Armen 3 456 6% 5% 6 

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45% 33% tow Bee 
74 *4 Artraap 3 111 B% 84 8% 

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94 5%AMaSU 128 54) 6 39 5% 5% 5% 

214 1B4«ha:Eay 154 02 10 92 18% 18% 184 

1124 B2», AOW1 550 11 64 2901 108 106% 1074 +14 

10 44ABSS 0 19 54 54 54 


334 23 4 ton W 
31% 21 %Abe0 


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38% 33% Aik* On 
84 64«kfaS0S 
214 164 AttKE Epy 

1124 B2% Am* 

10 *4 Auas 


10 44ABSS 0 19 54 54 54 

204 174 AbXKEnay 188 49 8 31 17% 17% 17% 

12% 64 Altana ADR 03* 37 10 107 94 9% ?4 

24% 174 Am* 118 07 26 212 21% 21% 21% 

12% 84 Audita Fd OIO 19 268 10% 9% 10 

554 *7%Auft* 060 12 234184 51% 504 50% 
Z04 134 Aw®* 144 30 11 85 1^ 1*4 1*4 

19 74KM 004 05 3 721 7% 74 7% 

45 304 An* 060 12 17 246 32% 32% 32% 

61 4 48% feonPT 120 32 16 2434 57% 68% 58% 

1*4 10% Am* Cvp 10 226 114 11% 11% 

7% 5% Azor 22 237 84 84 84 


654 47% AuDaia 
204 134 Awm 
19 74 AM 
45 304 Am* 
81 4 484 KmoPr 


i<4 10% An* cvp 
7% 5% Azor 


384 314 BCE 
9% 64 BET ADR 


54 3Bakneo 
17% 16% Ebtef FaK 


22% 17 BatoH 

274 2l4 BaktrEk 
304 24% BanCp 


164 B4BKUd 
B% 84Bahr 
254 204 Baas 


20% 13% Ba&tatkqi 
38 304 BncOna 
29% 19% BancfHa 

25% 204 Bmneav 
11% 9% BancoOertH 
3*4 27BcrpHa«a 
14 14 flancTotaa 
S3>2 494 Baraas 
504 384 flartcAnt 
96 BSBartiBast 
28% H24 Bkflntn 
49% 46% BkBoanP 
32% 25Bai*Mrx 
504 <7% BatactoA 
95 81 BankAmB 

b*% 834 a*Tm 
384 SOBebys 

304 224 Bart (CHI* 
374 29*2 Damn On 
48% 394Bantik 
124 8% BntHtx 

63% 34% Bauch 
274 21% Banar 
284 23% Bay SI (to 
22% 19% BdTr 1638 
23% 15% Bear Sms 

594 474 BeaSHA 
374 27-4 Bwh* 
284 23BechnaiUi 
43 34% BacnD 


168 11220 1990 
021 30 28 5 

020 4-2 7 82 

040 15 43 

046 12 48 3499 
040 1.7 23 39 

OBO 13 22 300 
005 06 12 188 
11 557 
1.52 18 12 1064 
020 1.0 30 165 
1.24 37 IT 4054 
10 223' 
114 49 8 2*4 
0.72 74 4 200 
104 31 B 244 
62 103 
070 1.3 19 90 

1.60 33 10 3219 
556 6.4 Z30 

088 34 11 2386 


8 % 6 % 
44 4% 
16% 16% 
21 % 20 % 
24% 234 
28% 26% 

a a 
22 % 22 % 
20 20 
33% 32% 


24% +% 
26% 

84 -% 


z55 +% 
20 


33% +4 
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1.10 35 5 3543 


325 6.7 72 

ElOO 72 11 

360 35 5 2D90 
1^9 38 99 41 
on 28 19 1686 
1.40 *0 60 5 

1.64 37 10 1374 
105 15207 1110 
098 18 13 1137 
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FINANCIAL TIMES FRIDAY JULY 29 1994 


41 




NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


4fBnciassMf^S 


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55% 43% Saanfl 150 14 7 2970 47% 
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39% 26 Smarm x 022 07 31 2373 30% 

39% 77% SeqiaA aM 2.1 4 53 29% 

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29% 16% TJX 056 18 12 1096 20*4 19% 19% 


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77% 61 TOW 
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26% 14% Tawyn 
46% 34%TMsEs|fiAi 
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51% 50 reran C 

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21*2 16*4 Tbs Pk 
43% 307MJ0 

4% zVTmllinas 
60% 50% Turn 
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24% 14% Thai Cap 
37*2 24% Tna hns 
44% 36Ttannc£toc 
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68 56% TTlfieO 
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44% 34 raMbrn 

37% 28% TsoWr 
37% 31%Tto*sn 
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13% 11 TIM PI 

4*2 4 roddSnp 

15% 9% TcUxtaiCD 
27% 25 TakdElBI 

19% 11%laBBraa 
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49% 30% renm 
30% 20% Tan Can 
35 27*2 Tosco 
28% 19% Tattf&ysl 
40% 32% TWWs 
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57% 4B%Tnm 
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16% 14 Tram x 
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87% 33 TrtCootZS 

26*i 15% Trim 
64% 52 Titam 

24% 21% Tricon 
47% ®%TiW> 

40 31%Timaa 
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14% 6% Turioahto 
26% 14% Twtn Cant 
21% 18% TMs DtoC 
55% 43 Tyco L 

10 6%T|l»T 
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0.40 10 24 29 

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124 16 21 111 

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33% 32% 
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11 % 11 % 
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22% 

30*2 29% 
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50% 49$ 
55% 54% 
16% 15% 
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-u - 


064 


4.10 


3LS0 


29% 23% UJBRn 
6 4%<RS 
51% 45*2 USFBE 4.1 
35 17% use 
29%23%UST 
51% 48% U5X QsaPI 
150 95% (ML 
10% 4% UDCHn 
24*2 19%UB)CHP 
11% 5% UNC Inc 
27 20*2 im toe 
17*2 11% IWW 
74% 56%Urihr 
120% >00% (MW 
50% 42% UnCarap 
29% 21% Uncart 
13% 6% ttotanCoip 
54% 4SltoB 3J0x 
67 56Ul045Ox 450 
39*2 30%UrQac 136 
67%56%lU>ac 1.60 

28% 23% UNonPtent 084 
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32*2 15% USStfO 006 

46%»%USNKli 114 

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14% 12% (KMtater 093 

17*2 13% Unlkute 
34% 29% Ikdv Faute 092 

17% 15% Unhrttlti 1.68 

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26% 17%U*N0J> 096 
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58 43 INN Dorp x 0 36 
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61% 61*2 61% 
106*2 105% 105% 
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28% 27% 27% 
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61 61 61 
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13 1Z% 12% 
19*2 19% 19% 

IB 17% 18 

37% 37 37% 

19% 19% 19% 
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41% 40% 40% 
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14 13% 13% 
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U19 17*2 17% 
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11% 11 11 
20% S S 
29% S a 

si as 


1991 

Hjh IwSM 
20% 15% UGLKD 
10% flUSLTEht 
18% 15% USX II 
30% USX US 
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31 a%unetn.776 
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1JB 5.7 15 an 29% a 29% 


53% 44*2 VF Cp 120 

24% 19% Wane OS2 

7 4%WHM (US 
8% 7% VMwnpM 099 
10% 9% VarfiompHer 1.20 
12% 10% VaMtamtaU 084 
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39% ZffVvarfhrx 004 
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78% 64 AE&P5.D0 5JM 

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25% SMs&tas 
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31*2 24% VodteOBB 0.44 
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200 

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h Bh. E 1B0. Hah in* Last Stag 

0aphM?p OBI 11 124 ?5% 25% a% •% 

Deb Shops td*2Q 20 3 6% 6% 6% *% 

Detail &t OK 23 106 15% 15 15% 4% 

DOotoSe DM 47 tf DO 31% 31 *z 31% U, 

D9ktamps 044 12 120 23% 23% 23% 

Del COrap 27 6329 27% 26*2 26% -ft 
aOSBn OJ6 16 53 15% 15 15 

Dntply 28 1030 33% 32% 32% -% 

DcpGiy 1X0 9 79u3?% 32% 32% 
Devon 020 4 5 B% 7% B*2 

DHTSdl 16 38 20% 2D*« 20% 
DHiralB 080 8 99 17 16*2 17 4*2 

Dtp tod 12 1896 I2*2tf11% W% *% 

Dig Mao 8 245 13% 13% 13% *h 

Dig Sound 42 90 ill lft iJl -ft 

MgSpt 14 173 3% 3% 312 -ft 

Dunex Cp IS 72 33% 33 33% 

Dbte toft 020925 187 0% 3 9% *% 

DMA fUn 1 3130 3% 03 3% 4% 

DCar Gn 020 21 4963 22 20% 21% -% 

Dordi KD1 086 M 288 12fcn2% 12% -% 
DracnEngy 9 1261 9 8*2 9 

DresaSten 9 586 8% d8% 8% 4% 

Dray 60 024 21 848 25 23*2 24*2 41 

Drag Empo 008 50 451 5% 5 5 

DS Bancor 109 16 523 28% Z7% 27% -% 

Dirtm 042 13 679 18% 17 17 

Dun FN 030 24 Bn33% 32% 32% 

Dynatecn ? tor 21% 20% 21% -V 


. E - 


EaglaFd 
Eased Cp 


ED Tel 
EgOhoad 
aPasoB 
BecaSd 


BecUWa 

Emcon Ass 

EnxtotCp 

EngyVntt 

EmffSas 

Enrantoc 

EquayfH 

EifesnB 

BMP 

EvmESi 

riitavr 


ExperKl 

EzcpjMw 


FaBGip 
Fit Cp 
Fastznai 
FHPW 

nohUad 

FHtyOfl 

FWeA 

FVenet 

Fcuteama 

RiH Am 

FlCcOM 

FSCoBk 

FstBedy 

Fat Tern 

Fflttam 

FsUedMc 

Ftattof 

FtaBnta 

Hsan 

Fkwhl 

FoofflAx 

FoodLBx 

Fonmoa 


4 S 

2 480 

3 32 
018 22 956 

222 396 
2 458 
B 707 
089 48 108 
10 7061 
18 111 
371442 
49 513 
75 42 
2 371 
010 15 107 
048144 5023 
10 
53 12 
>9 7462 
7 23 

15 2077 
OID 20 375 
23 261 


3% 3% 
3% 03 

*U »ft 

17% 17% 
6% 6% 
2% 2ft 

9 8% 
48*2 48% 
14% 13% 
6% 6 
0% ds 
14ft 13% 
2% 2% 
2% 2% 
3% (0*2 
52*4 51*2 
S 5 
1Z%d11% 
14% 14% 
6*2 6 

23% 20% 
18 17% 
14% 14% 


3% 

3% -ft 
til 

17*2 -% 

6ii +ft 
2*8 

8% -*8 
48% 

13% -*2 
B.% 

6*8 

*3% 

2% 

2% 

3% 

52ft *ft 

5 

11% 

>4ft *-it 

6 

21** -1*4 
17% ♦*, 
14% ->2 


Fosne A 

FrfliBn 

HtFM 

Fa Haw* 

FtteerWi 

FttmHi 

frxor 

FubnadADH 


- F - 

10 zlOO 4*2 
024 13 55 5% 

004 56 351 35 

15 7739 24*2 
124 15 547 52% 
6 23 4*a 
024 01603 1D*s 
251222 10% 
120 12 165? 35% 
OB4 8 95 33*g 
IJOO 11 96 25% 
060 21 93 24% 

104 11 649 30% 
1.68 10 325 45% 
036 7 BE 9*a 
052 7 672 24*2 
IJM 8 337o34ft 
47 75 8 

26 730 22 

17 309 6*3 
009 16 1337 6 

000600 420 6 

108 101347 31ft 
10 474 12 

X 139 3*2 
101 12 90 29% 
040 6 54 15% 
1.19 11 177 30 

OSB 23 2S5 36% 
0» 12 14u22% 
034 22 VK 18 

28 61 4% 


4*2 4l 2 
5 5% 
35% 35*2 
23% 24 

51% 51% 
3?s 4 

9% 10% 
18 18% 
35% 35% 

33 33 

24% 34*2 
23% 24% 
30% 30% 
44% 45 

8% 8% 
24% 24% 

34 34% 

7*2 8 

21% 21*2 
5*4 5% 
5% S’d 
S% 5 
31% 31*2 
10% 11%> 
3% 3% 
29% 29*2 
15*2 15*2 
29*4 29% 
36 36% 
22 % 22 % 
17% 17*2 
4*2 4*2 


GIAPP 

G&KSov 

ten 

Ganna Bs 

601 Co 

ted BM 

Gariyta 

GatxaPh 

GertuCp 

Genus he 

Eanzyma 

Obama 

QdtengsL 

MtxxlA 

GWBtan 

Good Guys 

GoukhFnp 

tedcoSys 

Granite 

tesnAP 

Omctini 

Grossmans 

and Wb 

cncnp 

GbNVSvg 


Harding A 
Hartevyvl 
HapwGP 
HBO&Cd 


- G - 

6 806 3% (£5% 
007 10 23 13 13 

0 27 2% 27b 
10 120 351 Sfl 
0.16162 130 6% 6% 
a«l 18 B 17*2 17*2 
16 7100 4% 4% 
5 764 7% 7ft 
400 352809 22%d20% 
1393983 4% 3H 
652250 29% 27% 
0.40 9 136 14% 14% 
012 121550 16% 16*4 
000 16 8 14% 14% 

10 3 4% 04% 

15 2909 12% 10% 
080 18 705 20% 19% 
42 202 2ft 2*2 
020 70 30 21% 21 
024 10 2100 17% 17% 
01994 ft d% 
0 B87 7% 2% 
575 28 11%d11*2 

8 54 11*2 10% 

SZ137il1i% 10% 


3ft -ft 
13 -% 
2% 

3ji 

6*2 *% 
17*2 

4% +% 
7% 4% 
21 -% 
4ft V* 
20% 

14% *% 
16% +% 
14% -% 
4% -% 
12 +% 
20*4 


- H - 


Heathoe 

Hejflhdyn 

HachtaBOx 

Haktm| 

HetenTtoy 

Hadtex 

Hoorn Sys 

Hato#: 

Hon. Ban) 

HonwOCra 

Hon tads 

Koraback 

Harttm 

fbWJBx 

Hudtoab 

Hurra Co 

HutchTech 

HyqorBu 


PR Sys 

OGCanuns 

Em 

Xnnxiax 

tnauugai 

UnpalBc 

Whs 

trifles 

Worndv 

tagtesMa 

taetpttv 

htgUSya 

kapidWa 

tottex 

total 

tagrtH 

intaTM 

HarlceA 

btegph 

htansal 

tatetate 
htenoic 
tottteayOA 
Hflaa 
tn Total 


51 lie 

0B4 6 167 
O0D 121000 
016 23 19B1 
181753 
006 21 29 
10 35 
016 20 2477 
315 
8 3 

072 14 968 
0.15 23 942 

52 372 
080 9 13 
072 25 251 
044 19 682 

15 TZ7 
044375 60 

020 18 294 
DOC ID BIZ 
008 0 10Z 
147 623 
17 Z100 


5% 5*2 
20 % 20 % 
13*z 13% 
26% Z7% 
20% 19% 
12% 12*4 
6% 6% 
12 % 12 
*0% 9% 
14% 14% 
21 % 20 % 
B 7% 
12 11 % 
21% 21% 
UM 20 
27% 26% 
14% 14% 
3% 3*2 
18% IS 
25% 25 

3ft 2% 
27 26% 
4% 4% 


2ft 

21 

17% 

ft 

2% 

11% 

11 

11 


5% -% 
20% +*2 


-% 

-% 

>2 

+% 


13*2 
28 
20 
12% 

6% 

12% 

10% 

14% 

21% 4% 
7% 4% 
11*2 +% 
21 % + 1 % 
20% 

26% -*2 
14ft 1* 
3% +% 
18*2 +*2 
25% *% 


2% 

26*2 

4% 


tamagaGp 

teoBWlt 

toYdtado 


JEJ Snack 
Jason be 
JUG tad 
JOhRH! W 
JooasM 
Jones lied 
JKiynCp 
JSBFta 
Juno Ug 
jfcstte 


-I" 

42 11 6% 

291833 10% 
31927 3% 
35 115 6 

3 79 4% 

040 33 109 17% 
024210 27 14% 

16 798 13% 
23 7719 20% 
08B15 239 11*2 
1916713 16% 
Z7 8 11% 
51241 2 

024 1125744 58 

7 438 2% 
032 23 3670 14% 
21 200 9 % 
024 16 25 12% 
31509 10 

3 933 2% 

4 325 11% 
15 1721 8% 
13 507 17% 

008 17 20 2% 
237 139 4% 
am 1 # <7 27 % 
1 40 2% 

19 7 17% 

1.17 39 116211*2 


06*2 

B% 

2% 

5*2 

3% 


-*2 

-% 

*% 

4*2 

4% 

4*2 

■4% 

4% 

4% 

4% 

-% 

-% 

4% 


6% 

10 
3% 

6 
4 

17 17*2 
d14 14% 

13 13% 

19 19?* 

11 % 11 % 
die 15% 

11 % 11 % 

01*2 1% 

56% 57% 4lft 

1x3 ii2 
*3% 13% -ft 
9% 9*2 -% 
12% 12% *ft 
9% 10 +ft 

2% 2% 

11 11 
8% 8% 

16*2 16% 4% 

HZ% 2% 

4% 4% 

27% 27% 

2ft 2ft 

17% 17% 
211211*2 


4% 
♦ % 
+1C 
4% 
■2 


14 

026 12 
O10 31 
69 
TO 

0.1011 
120 12 
B0O Id 
028 19 
016 B 


" «l “ 

320 12% 12% IZft *ft 
733 9 9% 

28 35% 34 

38 24% 23% 

143 14% 14% 

361 7% 7% 

254 25% 25*2 
>41 25% 25% 

207 19*2 *9 

374 1Kt10>2 


8% 

35% 

23% 

14% 

7% 

25% 

26 

19*4 

10% 


u. I in up u» w oq 


- K - 


ksnwiCp 

keteyOl 

Italy S* 

KaMbckr 

Mntetta 

forasmet 

KLAhstr 

KnaMedge 

kpia 

KmnagK 

KuHckeS 


005 12 5 

044 5 190 
7 274 
072 34 384 
011 13 85 

004 12 26 

ZZ 241 
522931 
22260 
I 1432 
1862964 
81388 


22 % 21 % 
9 8% 
7% 7% 

29*2 25*4 
8*c 8 

2?% <02 
lilt 10% 

39% 98 

4% 3?s 
A M7 
21% 20% 
13% 12% 


2% 4% 

8% -% 
7% ■% 

28% 4% 

B -% 
22% ♦% 
10% ♦% 
39 *% 
4% 4% 
030 -.05 
20*2 4*8 
13% -V 


- L- 

LaddFtan 012 39 59 7% 8% 6% 

Un Rscn 3P 27S7 27 2£% 26% 

Lancaster 048 IS 549 36*2 >5% 36 

Lancehe. OW 18 5Z8 18% >8*2 18*2 

LtettnkGpn 30 6706 24% 33 23*2 

LsnooSCS 9 524 7 6% 7 

Lassiscpe 20 161 J% 3% 3% 

LfltaceS 15 1041 18% 17% 17% 

LmconPt 048 17 38 23*2 72% 33% 

LOOS 271141357 20 18*2 19 

UXCp 016 1 52 4% 3% 4.21 

Lecnwra t5 77 13% 12% 12% 

Legen Co 14 1383 23% 22*2 23 

LtetyNCb 078 14 364 30*2 29*4 30% 

Lite Teen 020 15 15 17% 17 17% 

uteme 22 793 4ft 4 4ft 

LtoytadA 03 11 2679 I2%dl1% 12 

Un Bf 105 991 1?5%1?4%124% 

LhCOhT 052 14 131 14% 14% 14*2 

UndsayM 13 9 30% 30% 30% 

Uneerfae 03 1 3316193 41% 38% 41% 

UMBw 040 17 7 35% 34% 34% 

Lonmn 00 cue 29 474 24% ?4% Wli 

Lone Star 92895 6*2 6*s 6% 

LM.KD 241414) 31*4(129% 30ft 

LTXCp 3 518 3% 3% 3*2 

LVMH 078 4 25 U3? 31% 31*2 


-% 

-% 


*% 

>*s 

*% 

1% 

-05 

-% 

**a 

v7 a 

-ft 

-% 

J 2 

-% 

*2% 

-£ 


- M - 

ua Cm 005 20131 2D Z3% 
IGCars 19 615 22% 
■tain 000 42 36 13% 
UadSlnEE 106 14 58 32% 
Magma Pan 13 356 29*4 
IfegnaBp 0.76 132M3 u20% 


Man Bdx 

MacanCp 

Marine Or 

MedtaCp 

Manptt* 

Mauttta 


IQ 37 7 

30 440 10*2 
13 53S 5% 

10 206 43% 
3 fi 1% 
19 79 9% 


MarsftSmM 0tf4 U 14 11% 
Marshal 000 11 1043 ?1% 
Usstec 8 930 8*g 

M3dnM 37 1617 49% 
Manor Cp 0 740 4% 
McGrunn 044 1? 1? 15% 
McConnlC ft 48 15)1978 20 

McCNC 17112001 53*2 
Medea IK 016 15 51 12% 
IfeddreS 048 13 412 23% 
Mteanxne 024 ID 545 W* 2 
tuner Cp 016 45 3) 14% 

HoAG 024 196433 ID 
MeraanLB 068 11 339 20% 
MNtiiyG 0.70 8 *469 Z9% 
Stouten 106 12 4518 33% 
Merisel 7 3655 7% 

IMhoda A 012 17 98 16% 
MFSOn 53 746 28*4 
Btaluta F 0Z0 18 965 13% 
IBdlltalB 1 200340 444 75% 


MctaWl 

Wraps 


IHapafx 

Mopofe 

IfflCtfl 

lid AIM 
WfimDci 


18 193 4 

7 3786 10 

S 292 6% 
13 446 57* 
1 3430 5*2 
1424844 50*4 
354014 41% 
052 11 709 29*4 


Udwteta 050 29 3 35% 

MBkrH <UBZ1 338 29% 
Mton 61 24% 

Mmtech 17 93 13*4 
MeUeTte 5012497 22 

Modern Co 020 18 ID 6% 
HnftifM 05219 237 27% 
Malax 004 1600 37% 

Mot EX he 004 30 1666 40% 
Mn ec atn 004 11 182 6% 
M»tawPxO06 22 65 30*2 
WCDfles 15 717 15ft 

MTS Syn 056 10 11 26% 
Mbned 13 392 30% 

Myragm 4 139 10*2 


22 % 22 7 £ 
21% 22% 
13% 13% 
31% 31% 
28% 28% 
20% 20% 
6% 6% 
10 10*2 
5% 5% 
41% 43% 
1% 1% 
8% 9 

10 % 11 % 
21 % 21 % 
7% 8 

48% 48% 
4% 4% 
15 15*2 
019 19% 
53% 53% 
11*2 *2% 
22% 23% 
7% 7% 
13% 13% 
<B% 10 

20 20 % 
28% 29% 
32% 33 

d7% 7*j 

16*2 *9% 
26 26*4 
127* 13% 
74% 75 

3% 37* 
9*2 9% 
6% 6*2 
5 5% 
5% S% 
49% 49% 
39% 40 

28% 29% 
35% 35% 

29 29 
23% 23% 
12%. 12% 

20 20 % 
6*2 6*2 
76*2 
37 37% 
39*2 40ft 
6% 6% 

30 30% 

15% 15% 
75% 26*2 
29% 30 

10 10 


N - 


NACflff 

Kish Ffltii 

tat Ceng* 

Ms Sun 

NMpiar 

NEC 

Mrioar 

NetakGen 

Mutt 

Neungen 

fttys 

NewEBus 

few hup* 

NbntgMM 

fenprrep 

Noble Dri 

torchon 

NdWin 

toman/ 

lister Un 

tortfdiTst 

NW Mr 

toiel 

Havana 

NFCA 

NSC Cap 


OOhriflys 

Octet Com 

Of Until 

OgtebayN 

ODBCs 

Old Kent 

Otdfena 

OiteHncnrp 

Or»ftrtee 

Qpbctefl 

QractoS 

OraSence 

Orbotecft 

OgMSivp 

OteOmMet 

Osnap 

DsriUSA 

OaWtoenT 

OtterTaD 


Paccar 

PmOixihp 

PTMcm 

PacOCn 

Paremetrc 

Payctittx 

Payee Are 


ai6 12 224 
07211 2B 
036 78 4C9 
020 21 8 
10 3 

041 B8 20 
IB 3103 
23 1628 
BB2130 
75 3 

027 20 329 
000 20 6 
8 500 
31 9069 
004 13 61 

22 1907 
05G 25 294 
040 2410202 
13 44 
5 33 

008 12 574 
17 4538 
5059515 
311371 
432 
7 5 


Z7% 27 

17 16% 
12 % 12 % 

14 13% 

10 me 

57% 57% 
27% 28*4 
18% 15% 
«% 5% 
7% 7% 
20*4 19% 

18 17% 
10 % 10 % 
43*2 40% 
tf% 6% 

7% 7 

55% 54 
42 39% 
17% 17% 
6*4 6% 
38*77% 
17% 16% 
15*3 15 

35 33% 
u6% 6% 
3% 3% 


. o - 

29 5S3u1S% 18 

14 4087 21*2 15% 
131031 >2%(fT2% 
000 9 75 Z7% Z7% 
1.46 6 286 31% 30% 
1.16 10 406 33% 33% 
002 18 80 36% <06 
100 61501 27 26*2 

71 4 14% 14% 

70 426 22 21% 
5411906 36% 35% 
441833 17% 16% 
009 23 34 B% 7% 
9 16 12% 12*4 

031 9 31 5% 5*2 
7 62 2% 2% 
041 45 186 14% 14 

050 11 35 11 10% 

132 13 44 30*2 29% 


27% «■% 

16% 1r*2 
>2% +% 
14 

16 -1*2 
57% -% 
26*4 ft 
18% 

6% «ft 

7% 

10% ft 
18 

10% -ft 
42% +1 
6% 

7ft -ft 
55% +% 
41% +2% 
17% ft 
8% -% 
37% -ft 
16% -% 
15% -% 
34% +% 

6% ft 
3% 


15% ft 
19 -2% 
12% 

Z7% ft 
3**4 ft 
33*3 ft 

36% -% 
27 

Ift ft 
21% ft. 
36iZ *S 
17*i +% 

8% ft 


12% 

5% 

3% 

14% 

10% 

30 


RsmTrty 

nmVUg 

dentate* 

Pentadil 

PbMtaL 

PaoctesH 


Pharmacy 

PtaswTeb 

Ptaat* 

Ptawato 


Ptoneerffc 

FknefHi 

PfanwSt 

Ponca Fad 

Ptnvd 

PtesLBa 

Pnsstek 

PWCaa 

Pride PH 


Pnd Ops 

FbrtanB 


- P - Q - 

51% 51 
13*2 13% 
26% 25 

50*2 48% 
24% 23% 
33 32% 
9*2 8% 
10ft 10% 

14% 14 

33 31% 
37% 36% 
5% 5% 
*1% 21% 
72% 12% 
32*2 SZ*2 
9*2 9% 
4% 4% 
10 % 10 % 
12% 11% 
16% 16 
40% 40 

32% 31% 
27 25% 
5 7% 
6% 6% 
6% 6% 
39% 38% 
15% 15% 
5% 5% 
14 13% 
24%<I22% 
17% 17% 


100 14 138 
058 13 269 
102 18 84 

20 977 
2711225 
024 41 661 

22 42 
050 46 1D9 

9 23 
100 22 22 
072 16 769 
15 293 

031 24 28 

032 12 1097 

I.T2 17 10 

28 50 

24 812 
048 4 5 

26 8318 
42 102 
094 27 572 

008 21 5229 
012 14 166 

5 40 
17 18 

009 3 97 

144 550 

23 8940 
41 430 

24 63 
024 21 1383 
012 7 594 


51% 

13% 

25 
49% 

23% 

33 
8*8 
10*2 
14% 

31% 

36% 

5% 

21% 

12% 

32% 

9% 

4% 

10% ft 
>2% ft 
16% 

40 -% 

31% ft 

26 

B ft 
6% 

6% 

39 ft 
15*2 ft 
5ft -ft 
14 
24 
17% 


Oh E IBM HOI Ute Lilt CMg 

hratad 4 28* 6 5% 5 % ft 

OuatoaLog IQ 7 fi 1 * -^i 

anftattn) 062 71 ;1D0 17% 17% 17% 4-% 

Oust FeU ■ 020 17 354 23 SI % 22% ft 

Qujrrinn 71 5917 15% 15ii ft 

OradcsPy 14 81 10*2 10*4 10*4 

oven* 30 3124 45% 44% 45 


tattm 

ftKys 

tbemwa 

Raymond 

Accoffn 

Route A 

Repxpen 

Rap Wade 

Retaxral 

Rautets 

RexODhC 

Item hi 

RoadwS 

RDNgra 

RochSvBk 

HodscsbR 

Ross Sir 

RonxMlnJ 

House 

WMhc. 

RSHli 

Ryan Puffy 


•% 


- fi- 


ll 382 
4 1315 
2 288 
?S 216 
17 436 

13 30 
1 656 
4 865 

14 104 
224 15 3411 

9 116 
060 10 139 
1.40 20 1334 
012 12 10 
Q56 5 424 
015 3 320 
000 11 766 

23 143 

a 6a ei in 

052 13 TtiBl 
060 13 81 

10 3715 


13 12% 
4% 3% 
4 03% 
19% 18% 
18% »7 

14% U% 
2% ?% 
3% :% 

8 % 7 % 
42% 42ft 
5% S 
35 34% 
61% 60*2 
6 6 
19% 19% 
17% 167, 
15% 15 

19% 13% 
19% 19% 
17*2 16% 
23% 22% 
5% 05% 


12% ft 
3iZ -ft 
37, ft 
19% *% 

18% -li. 
t4% — % 

2ft -A 

A 08 -.09 
8% *08 
42% -1% 
5*4 ft 
34% ft 


-A 

ft 


soft 
6 

19% 

17 

15 

19 -% 
19% — *4 

17% -A 
22% -V 
5% ft 


- s - 

Sateen 1 96 8 1587 55% 54% 54% 
texkiran 030 14 233 19% 19 19% 

SctffnibprA Ol 3D 19 743 2fi% 


SO Med L 

SO Sprite 

Sews 

Setter Cp 

Score Brri 

SeatteW 

5‘BUe 

SB Cp 

SefitetsB 

Screams 

Sequent 

Sequm 

SwvTech 

Smftaa 

Stinctn 

5»Mcd 

SHLSystm 

SlueiwM 

ShowtuP 

Siena On 

SerroTuc 

StgmAI 

StgmaDes 

SfftaWBc 

SMcAVGp 

Smpsen 

Snxmdd 

StopMeSv 

SohmareP 

Sonora 

SoUURSt 


26 26*4 

29 23% 
IS 16% 
6% 6% 


S 1(03 29*2 
121104 15% 

7 662 6% 

052 9 2B8S 19*2 18% >9% 
93079 9 B 8% 

120 45 10 36 37 37 

11 7078 2S% 24% 2 %v 
016 ZZ 34 19% 17% 17% 
036 1 34 uZft 2 2 

1 12 IS 13 25% 25% 25% 
66 1957 13 7 o 13% *3% 
33 1024 5% 4% 5 

11 167 7% tf7% 7% 
13 IDS 3*2 03% 3% 
15 416 19*a 17% 17% 
004 10 294 ?5% 2ft 2ft 
2 3H6 5*2 dSA 5% 

29 571 18 17% 18 


ft 

ft 

-V 

ft 

ft 

*1% 

ft 

-% 


5 22* 

14 1799 
4 25 

033 13 7616 32% 
1 748 6% 


8% dB% 8*2 
18 16% 17% 
3% 3% 3% 
(DO 30 
6% ft 


006 56 254 ul 1% 11% 11% 
38 4753 13% 12% 13,’. 
040 21 162 17*2 d17 *7 

4112501130% 29% 30 

51 6560 20% 1924 19% 
1 252 3% 3% 3% 
096 171994 ?3% 22% 23 

008 101163 20 7 a 3ft 21ft 
Spiegel As 020 2912687 15d11% 13% 

St JudeMd 040 131920 32 31% 31% 

St Prater x 030 10 379 21 20% 20% 

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WORLD STOCK MARKETS 


AMERICA 


US stocks 


rebound from 
recent lows 


Wall Street 


US share prices rebounded yes- 
terday morning as the recent 
flood of ci rporate results 
slowed to a trickle, unites 
Frank McGurty in New York. 

By l pm. the Dow Jones 
Industrial Average was 17.48 
higher at 3,737.95, while the 
more broadly based S tandar d 
& Poor's 500 was 2.11 ahead at 
454.68. Volume on the Big 
Board was moderate, with 
147m shares traded by the 
early afternoon. 

In the secondary' markets, 
the American SE composite 
was up a scant 0.31 at 43-L33. 
and the Nasdaq composite was 
1.16 firmer at 713.29. 

After a weak opening, stocks 


NYSE volume 


Daily (mllBon} 
300 


A sy\ 

volume 1 
1993 1 

260.100.IM} 


15 18 19 20 21 22 25 2fi 27 26 
July 1894 


made a decisive push into posi- 
tive ground, In spite of the 
approach of a potential stumb- 
ling block this morning, when 
the government’s preliminary 
estimate of second-quarter 
economic growth was to be 
released. 

The market was particularly 
vulnerable to a strong reading 
because of the threat of an 
imminent increase in 
short-term interest rates by the 
Federal Reserve. 

Investors received a further 
suggestion of economic 
strength yesterday, when the 
Labor Department reported a 
sharper than expected decline 
in claims for unemployment 
benefit last week, but jitters 
triggered by the report were 
shortlived. 

The employment news, 
which came on the heels of a 
big jump in durable goods 
orders the previous session, 
depressed bond prices. How- 
ever, economists later dis- 
missed the significance of the 
reading as a technical aberra- 
tion, allowing Treasuries to 
recover. 

The activity was closely mir- 
rored by the equity market, 
which gained extra support 
from latecomers in the quar- 
terly reporting season which 
was drawing to a close. 

General Motors, last of the 
Big Three car makers to pub- 
lish its results, seemed to bene- 
fit from its tardiness. GM’s 
share price gained $1 to $50Vi 
after it revealed record second- 


Canada 


Toronto was mixed in quiet 
midday trade but the tone was 
positive in response to a firmer 
bond market and good second- 
quarter earnings. 

The TSE-300 composited 
index was 12.96 higher at 
4,146.97 by noon in volume of 
3l.9m shares. Advances led 
declines by 287 to 259. with 323 
issues unchanged. 

The low trading volumes of 
recent sessions was attributed 
to uncertainty over the Quebec 
elections and worries about 
further rises in US interest 
rates. 


Mexico 


Mexican shares opened mar- 
ginally lower, with traders 
forecasting some profit-taking 
after Wednesday’s 1.6 per cent 
gain. 

The IPC index was off 0.97 at 
2,432.25 in volume of 7.2m 
shares in early trading. 

Analysts said that they 
expected volume to decline 
next week as investors reacted 
to political uncertainty in 
the run-up to the August 21 
presidential and legislative 
elections. 

In New York, Telmex ADRs 
were up SVi at $60% after ear- 
lier reaching $60%. 


Gold shares make ground 


South African shares ended 
mixed after investors 
remained net buyers of gold- 
related stocks but held back in 
industrials. 

Dealers, however, said that 
sentiment remained steady 
after Wednesday's gains and 
demand could re-emerge 
today. 

The overall index was 13 
ahead at 5,672, the industrial 
index lost 22 at 6,434 and 
golds added 21 at 2,167. 

Gencor saw most of Wednes- 


day's gain pared, dipping 30 
cents to R11.95 as demand 
slowed after the announce- 
ment of its purchase of Billi- 
ton. Anglos rose R6 to R246 
after gaining on Nasdaq, while 
De Beers firmed 25 cents to 
R111.75. Traders said the 
shares had attracted offshore 
interest after recent inactivity. 

Pick’n Pay Stores fell 50 
cents to R12.50 as the shares 
remained under pressure from 
continued strike action 
throughout the country. 


FT -ACTUARIES WORLD-. INDICES 


FINANCIAL TIMES 


Friday July 29 1994 


EUROPE 

Mixed fortunes for German, Swiss drugs groups 


js**r 


quarter earnings, in contrast 
with Ford and Chrysler, whose 
strong performances had gone 
unrewarded. Yesterday, how- 
ever, Ford appreciated $% to 
331% and Chrysler firmed $% 
to S47'/=. 

On the negative side, shares 
in Wellpoint Health Networks 
lost 18 per cent of their value 
after the company posted earn- 
ings of 50 cents a share, 
against expectations of 54 
cents. 

The stock was down $5% to 
$25% in heavy volume of L4m 
shares after at least two sec- 
urities houses downgraded the 
issue. 

in an ironic twist, Well- 
point’s disappointing perfor- 
mance fuelled speculation that 
it would launch a bid for Inter- 
group Healthcare. Its stock 
was S4 ahead at $42. 

Elsewhere in the healthcare 
sector. Value Health dropped 
31% to $42% even though its 
results were in line with expec- 
tations. United Healthcare lost 
SlVi to $43 and Humana shed 
$% to $18%. 

Acquisition news also buf- 
feted the share price of Wil- 
liams. Its stock climbed $1% to 
S33 on a report that it was 
close to accepting a sweetened 
$2.5bn offer from LDDS Com- 
munications for its long- 
distance telephone operation. 

On the Nasdaq, LDDS added 
SYi to 319%. IDB Communica- 
tions. a second LDDS takeover 
target, slipped $% to $10 on 
reports that the completion of 
the deal was contingent on an 
audit of IDB finances. 


Chums and counterclaims by 
the pharmaceuticals compa- 
nies were a feature of Euro- 
pean trading yesterday. 

In Germany, Sobering dived 
DM54, or 5.5 per cent, to 
DM926. and to DM920 in the 
after market, on reports that 
rival companies had made 
progress on research into a 
drug for the treatment of mul- 
tiple sclerosis. It was thought 
that an alternative medicine 
would have a significant 
impact on Sche ring's earnings. 

In the opposite direction, 
Ares-Serono, the Swiss phar- 
maceuticals group, picked up 
SFr99, or 16.5 per cent, to 
SFr700: Mrs Birgit Kulhoff at 
UBS in Zurich explained that 
Ares held the patent for the 
production process for beta 
interferon which Biogen, the 
American drugs company, had 
claimed was superior to Sobe- 
ring's Betaseron anti-multiple 
sclerosis drug. 

FRANKFURT weakened 
slightly in the official session 
but made up some of this lost 
ground after hours, helped by 
strength on Wall Street 

The Dax closed off 17.63 at 
2,12281 and in the Ibis moved 
to 2,134.12. Turnover amounted 
to DM6.1hn. 

Commerzbank disappointed 


Sobering 


FT-SE Actuaries Share indices 


Share price (DM) 

1.200 — 


jut 28 THE EUROPEAN SERIES 

Hotsyconja C»er iC20 HIM 12W 131 M HOP »iOO Paa 

FT-5E&Cxk1C0 136U4 136173 136JLIS IttVK 13teJE 1364.13 1369.75 137112 

ET.se EgCJJiatt l«a:* 1AE85 I4Q457 1404-58 1404 94 1401,96 H07.07 M10L5I 

MV JU 36 JU 35 Jtd 22 JU 21 


1.100 f . 


1.000 — 



FT-SE &*=»* 130 
F7-3E E StSA EC 


;XC CSTiSf tt?.Or IX - H71I4 ICO ■ Mil 13 IxmCsy 100 - MBit 3E0 • IfflO ID 


Jan 

Source: FT Grephita 


some investors with its first- 
half results, although there 
was general agreement that it 
would match 1993 results for 
the full year. The shares ended 
DM9 off at DM335. 

Among other h anks . Deut- 
sche fell DM6.00 to DM72880 
and Dresdner DM5.50 to 
DM386.00. Elsewhere in the 
financial sector, Allianz was 
down DM42 at DM2,425. 

James Capel has reiterated 
its buy recommendation on 
Deutsche, following its recent 
results: "Given that some fur- 
ther modest reduction in inter- 
est rates is to be expected, and 


that statistics for German 
industry's orders, output and 
confidence levels are getting 
better and better, and that 
hopefully, disasters on the 
scale of Metal gese Use baft and 
Schneider are things of the 
past, there is good reason to be 
optimistic.” 

ZURICH was firmer in deriv- 
atives -driven trade, and the 
SMI index, in negative terri- 
tory for much of the session, 
picked up towards the dose to 
finish 14.4 ahead at 2,5598. 
Trading volumes were low. 

Roche certificates, marked 
down to their low for the year 
of SFr5,160 at one stage, fin- 
ished SFrlO down on the day at 
SFra.290. A SFrlQO decline in 
EMS to SFrLOOO was attributed 
to investors reducing the 
weighting of the stock in their 
portfolios. 

Nestle posted a SFrli gain at 


SFrl,160. pushed up by a tech- 
nical rebound following 
Wednesday's decline. 

CS Holding rose SFr6 to 
SFrS65 ahead of first-half 
results from Credit Suisse 
which could come today. 

PARIS shrugged off the cut 
fay the Bank of France in the 
repo rate - which had been 
long expected - and the 
CAC-40 dosed a day of only 
moderate trading activity i26 
softer at 2,053.04. 

Most of the corporate news 
was announced after the close 
of trading. Elf Aquitaine, off SO 
centimes at FFr411.10. said it 
was to sell an asset portfolio 
worth FFrl.lbn to BNP, FFrl 
firmer at FFr259, in exchange 
for new shares which would 
lift its stake in the bank to 
above 4 per cent, from 1.86 per 
cent at present 

Roussel Udaf also reported 


after hours that first-half net 
income had gained 44 per cent 
the shares slipping FFr2 to 
FFr571 during the day; while 
Peugeot which said that first- 
half turnover was up nearly 15 
per cent lost FFrl to FFr829. 

MILAN staged a technical 
recovery after the 48 per cent 
fall over the previous two ses- 
sions, but trading remained 
thin and the mood uncertain as 
investors awaited fresh devel- 
opments on the political front. 
The Comit index rose 1.0 to 
696.03. 

Against the trend, Olivetti 
was heavily traded for the sec- 
ond consecutive session, 
prompting speculation of same 
shifting of shareholdings 
between investors. The shares 
gained L27 at L2864 in volume 
of almost 14m. 

Pirelli led the industrials 
higher, rising L89 to L2.8U, 
with investors said to be reas- 
sessing recent cables contracts. 
Fiat ordinary shares rose L110 
to L6.790, while the recently 
neglected preferred shares 
caught up with recent rises 
elsewhere, adding L80 at 
L4.070. 

AMSTERDAM made forward 
progress although turnover 
remained low, as has been the 
trend in recent sessions. The 


Aex index rose 091 to 405.22. 

Among the day's movers, 
IHC Calami put on FI 180 at 
FI 40-20 as the engineering and 
dredging group said it had won 
an order to provide equipment 
for the Suez canaL 

MADRID was easier but off 
Its lows, helped by the better 
tone in other European 
bourses and in the futures 
market. The general index 
gave up 1.64 at 30&54. 

BCH shed PtalO to PtaZJSTO 
after announcing a 26.9 per 
cent fall in first-half pre-tax 
profits. 

Argentina , which posted a 
10.1 per cent increase in first- 
half net profits, lost Pta60 at 
Pta5870. 

A PtallO, or 2JJ per cent, fail 
to Pta4,990 in Banco Santander 
was attributed to a decision to 
allow 47.3m new shares to 
trade In Madrid from today. 

BRUSSELS finished mixed 
after recovering from early 
losses and the Bel-20 index 
firmed 0.92 to L.45L44. Sotvay 
was the star performer, adding 
BFr475. or 3.2 per cent, at 
BFrl5.350 in response to 
Wednesday’s better than expec- 
ted first-hhlf results. 




d J s li 

:p till 
santii 


-me* Kw 


Written and adRed by Join Put 
and Mkhaei Morgan 


ASIA PACIFIC 


Nikkei recovers the 20,000 level on late buying 


Tokyo 


Dealers braced themselves for 
a sharp decline in share prices 
as the Nikkei 225 average fell 
through the 20,000 level in the 
morning session, but the index 
closed higher on buying by 
arbitrageurs and domestic 
institutions, unites Emiko 
Terazano in Tokyo. 

It was finally no.62 ahead at 
20,247.85 after dipping to 
19,993.70 in the morning and 
setting a day’s peak of 20,262.55 
just before the close. 

Foreign investors took prof- 
its on blue chip exporters, 
while dealers sold to adjust 
their positions, pushing the 
index below 20,000 for the first 
time since May 18. Domestic 
institutions, along with public 
funds, later supported the 
index, restoring investor con- 
fidence. 

Volume, however, remained 
low at 29L6m shares against 
277m. The Topix index of all 
first section stocks put on 5.64 
at 1,621.46 and the Nikkei 300 
finned 1.52 to 29433. Falls out- 
numbered rises by 544 to 428, 
with 183 issues unchanged. 

In London the ISE/Nikkei 50 
Index edged forward 032 to 
1312.70. 

Some electrical issues, which 
met selling in the morning, 
recovered in the afternoon. 
Toshiba, the day’s most active 
stock, rose Y5 to Y727 and 
Fujitsu gained Y20 at Y1.040. 
Others remained weak, Hitachi 
slipping Y7 to Y952 and Mat- 
sushita Electric Industrial 
shedding Y30 to Y1.630. 

Brokers continued to lose 
ground: Nomura Securities 
shed Y30 to Y2.190 and Daiwa 
Securities Y40 to Y 1,540. 
Banks, however, were higher 
on arbitrage buying, Industrial 
Bank of Japan appreciating 
Y20 to Y3.010 and Dal-Ichi 
Kangyo Bank moving up Y50 
to Y1360. 

Speculators bought Ihara 
Chemical Industry, which 
advanced Y90 to YL300 in spite 
of the absence of any conspicu- 
ous news, while Mitsubishi Oil 
added Y10 at Yl.160. 

Large-capital steels and ship- 
builders closed firmer on buy- 
ing by domestic institutions. 
Nippon Steel moved forward 
Y4 to Y334 and Mitsubishi 
Heavy Industries Y4 to Y770. 

Mining shares were higher, 


with Sumitomo Metal Mining 
ahead Y9 at Y924 and Dowa 
Mining g aining Y2 at Y575. 

In Osaka, the OSE average 
rose 3.41 to 22,498.81 in volume 
of 20.4m shares. The index 
improved for the first time in 
six trading days as buying by 
domestic institutions count- 
ered selling by overseas and 
individual investors. 


Roundup 


An early gain in Hong Kong, 
lost by the dose, supported 
many of the region’s markets, 
but turnover was generally 
low. Local investors in China, 
meanwhile, turned nervous. 

HONG KONG closed flat 
after a volatile day as profit- 
takers erased all of an earlier 
140-point rise. 

The Hang Seng index fin- 
ished just 0.48 ahead at 9,402.66 
after touching the day’s high of 
9.54L63 in the morning on the 
strength of property issues. 

Strong demand by foreign 
funds lifted the day’s turnover 
to HK$6.28bn from HK$4£4bn. 

Among property shares, 
Cheung Kong was up a net 10 
cents at HK337.30 after a day’s 
peak of HK$3&20. Sim Hung 
Kai Properties advanced 40 
cents to HK$49.60. 

HSBC Holdings, HKS1.50 
higher in early trade, finished 
unchanged at HKS91.75. 

SHANGHAI'S A share index 
crashed 9.2 per cent to a record 
low as investors, resigned to 
further declines, embarked on 
a round of selling. The index 
lost 33.92 at 336.22, for a 
two-day fan of 13.7 per cent 

The Shanghai exchange was 
officially launched in Decem- 
ber 1990, but the index did not 
become a meaningful indicator 
until much later. Official news- 
papers put the previous record 
low close at 362.46 on Novem- 
ber 17, 1992. 

The index has plummeted by 
79.5 per cent since its high of 
1,640.71 was set on February 16 
last year, affected by a national 
credit clampdown, rising bank 
interest rates and the success 
of this year's government bond 
issue. 

Shanghai's B share index, 
however, gained as a result of 
a slight strengthening in Hong 
Kong’s stock market, putting 
on 1.4 per cent at 68.39. 

In Shenzhen, the A Index 
also closed at an all-time low. 


falling 5 3 per cent, but the B 
index gained 0.4 per cent. 

BOMBAY ended slightly 
firmer after a dull session dur- 
ing which cement and a few 
cash issues were the only ones 
actively traded. The BSE 30- 
share index hardened 5.70 to 
4J06J7. 

Shares in Gujarat Amfauja 
Cement led the rally in cement 
stocks, rising by 9 per cent 
before falling back slightly. 

Gujarat Ambuja's shares 
recorded a year's high when 
touching RsTSO. later slipping 
to RsTOO, still Rs40 stronger on 
the day. 

TAIPEI eased in a slow trad- 
ing session as the market con- 
tinued its period of consolida- 
tion after recent strength. 

The weighted index receded 
19.21 to 6.642.13 in turnover 
of TS94.08bn. 

Among the most impressive 


performers. Taiwan Styrene 
Monomer, a major petrochemi- 
cal manufacturer, advanced by 
the daily 7 per cent limit to 
TS87.00. 

Brokers said the tumround 
in the plastics sector would 
continue to support prices in 
the near term because interna- 
tional demand for petrochemi- 
cals was still high. 

MANILA was another mar- 
ket to move only marginally 
higher as investors were 
encouraged by gains elsewhere 
in the region. 

The composite index was 
ahead 6.54 points at 2,791.14 
after an intraday high of 2313. 
Turnover came to I3bn pesos. 

San Miguel, which reported a 
40 per cent increase in its first- 
half net profits, slipped on 
profit-taking: the "B” shares 
lost 1 peso at 134 pesos. 

SYDNEY rose in quiet trade. 


led by gains in blue chips. The 
All Ordinaries index firmed 0.4 
to 2,042.1. Turnover amounted 
to AS544.1E0. 

BHP added 2 cents at A$18.70 
and News Corp gained 3 cents 
at A88.49. 

TNT remained well sup- 
ported on optimism of a tum- 
round in its European 
operations, climbing 9 cents 
to AS2.69. 

KUALA LUMPUR saw strong 
institutional and retail buying 
during the afternoon which 
took the market higher for the 
fifth straight day. 

The composite index added 
6.11 at 132630. 

Idris led the day’s activity, 
rising 18 cents to M$4.84 in 
response to its plans to buy a 
30 per cent stake in Aokam'9 
plywood mill 

Time Engineering and Land- 
marks gained on news that 


they will be part of a consor- 
tium which has won the 
licence for a new electricity 
plant Time rose 70 cents to 
MS8.05 and Landmarks put on 
16 cents at MSSAO,. 

BANGKOK eacouhtered late 
profit-taking after Wednesday’s 
rally, pulling the SET index 
back from its best level to dose 
3.69 ahead at 1,37133. Foreign 
institutional demand pushed 
turnover up to Btll.66bn from 
the previous Bffibn. 

SEOUL was lower for the 
fourth session in a row in the 
absence of fresh factors to 
drive foe market The compos- 
ite index declined 832 to 92630. 

WELLINGTON was led down 
by Telecom during another day 
of slow trade. 

The NZSE-40 capital index 
ended 1737 off at 2308.95 in 
turnover of NZ$39m. Telecom 
retreated 12 cents to NZ$4.68. 


jinn** jwtv 


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The Commerzbank report 
on German business and finance 7/94 


^r.-nfWMfl 


-v wfi ir. 

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Germany’s EU presidency: 
jobs and the East deserve priority 


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Jointly conpfled by The financial Timas Ltd, 
NATIONAL AND 


Goldman, Sachs 8 Co. and Newest Securities Ltd. In concre ti on with the Institute of Actuates and the Faculty of Actuaries 


The process of Western European 
integration has suffered three major set- 
backs in recent years: 1993, the first year 
of the completed single market, saw the 
first decline in the Community’s real GDP 
in almost two decades; the EMS, intended 
to be the forerunner of monetary union, 
collapsed last summer; and, last but not 
least, the goal of a common foreign and 
security policy, the second pillar of the 
Maastricht treaty, was shown to be an 
illusion in the face of the carnage in 
former Yugoslavia. 

Now, with economic recovery under 
way and the prospect of EU enlargement 
through the accession of four Efla coun- 
tries at the beginning of next year, the 
tide may turn. At this critical juncture, 
Germany has assumed the EU presi- 
dency for the next six months, and the 
German government seems determined 
to put European integration firmly back 
on track. 


“Eastern enlargement 
poses no threat to jobs 
in the EU.” 


WEDNESDAY JULY 27 1994 • 


Figures in parentheses 
show number of lines 
of stock 



Austria 1171 

108.13 

nartflrtaJIfKl 126.64 


271.25 



175.63 


Hang Kong |56) _382-50 



83.69 


164 21 



Modes ( 18 ) 

— . 2035.16 


tn.-M 


207.53 

Singapore (44) 

South Africa (59) 

34478 

29129 

Sweden (36). 219.72 

United Kingdom (20*)— 
USA (510) 

1B2J38 

194.82 

EUROPE (720) 

170.05 


172.14 

Emo— Pacific (1460).. 

North America (524) 

Europe &. UK (516) - — 
Pacific Ex. Japan (280) _ 
WOrid Ex US (1EE1) 

—171.13 

181.21 

153.91 

25D.6& 

172.18 


Worid Ex UK (1966)-- 173.67 

WOrid Eh 00. Af. <211 1) 174.84 

World Ex Japan pnn) 183.49 


The World Index 12 1701 


Day’s 

Change 

% 

Pound 

Slotting 

index 

Yen 

index 

Local 

DM Cmancy 
Index Index 

-0.fi 

16632 

106.73 

141.23 

16603 

0.7 

182.19 

11655 

154.14 

164.05 

0.6 

187.se 

107.43 

142.07 

13676 

-0.3 

122-64 

78.46 

103.76 

12646 

0.3 

262.68 

16605 

222.24 

228.52 

ZO 

158.11 

101.15 

133.77 

177.35 

-OS 

171.06 

109.43 

144.72 

14622 

OS 

139.48 

89.23 

118.01 

11601 

2.3 

370.43 

23698 

313.41 

379.38 

-0.4 

190.61 

121.94 

161.27 

18629 

-2.6 

81.24 

61.97 

68.74 

99.38 

-0.4 

159.06 

101.77 

134.00 

101.77 

0.9 

464.60 

207.28 

39616 

479.19 

3.4 

1970.89 

1260-85 

1667.49 

7S7S.48 

0.2 

200.94 

12655 

170X11 

167.53 

-0.1 

68-23 

<2-37 

5604 

60.41 

0.5 

200.98 

12657 

170.04 

19651 

-at 

333.90 

213.61 

282.50 

230.90 

O.B 

282.09 

180.46 

23666 

290.00 

-or 

140.26 

89.73 

1ia07 

142.37 

-0.4 

212.70 

13613 

180.03 

2S1J21 

-u 

151.10 

96.66 

127.84 

129^3 

-0.7 

186.60 

119.37 

15766 

iee.K) 

-0.1 

178.99 

114.50 

151.43 

1B4J2 

-0.5 

164.68 

1063S 

139.33 

154.10 

02 

210.16 

134.45 

177.61 

212.03 

-OS 

166.71 

10665 

141.05 

111.77 

-03 

165.73 

10002 

140^2 

12661 

-OS 

175.40 

112-27 

14648 

180.82 

-0.4 

149TB 

9636 

12611 

134.41 

0.8 

242SS 

15617 

205.21 

22694 

-OS 

186.74 

10607 

141.07 

132.00 

-OS 

168.19 

107.69 

142J9 

144.71 

-OS 

169.12 

10619 

143.09 

147.45 

-0.1 

177.09 

11608 

15634 

17688 


TUESDAY JULY 26 1994 DOLLAR INDEX 

US Bound Local Year 

Dotaj Sterling Yen DM Curency 62 week 52 week ago 
Index Index Index Index Index hfiqh Low (approx) 


Strategy for growth 


If it is to regain credibility and support 
among the people of Western Europe, the 
EU has to present a convincing and 
coherent strategy for growth and employ- 
ment. Le. one which can be expected to 
achieve the objective stated in its white 
paper of halving the unemployment rate 
by the end of the decade. This goal is 
ambitious but not illusory. Infrastructure 
projects such as those proposed for 
Europe’s road, rail and telecoms net- 
works could create new jobs provided 
that a sound financing is guaranteed. This 
is dictated by the unprecedented scale of 
government deficits in EU countries and 
the very high level of taxes in member 


stales such as Germany, which leave no 
room for ‘‘more government”. 

The problem of unemployment, there- 
fore, can only be tackled through deregu- 
lation. improved labor- 
market flexibility, light 
cost control, policies to 
enhance competition, and 
measures to boost job 
skills. Even though 
national governments still 
bear responsibility for 
key areas here, a broad 
consensus among EU 
countries would tend 
momentum to the process 
and make it easier to over- 
come the opposition of 
national pressure groups. 

While probably con- 
sidered to be less urgent 
by the public, Easi-West, relations within 
Europe are the second major topic which 
the EU must address. The current half- 
hearted offer of access to its markets is not 
sufficient to ensure that democracy and 
market economics take root in Centra] 
and Eastern Europe. It is also not enough 
simply to state that associated countries 
may become full EU members as soon as 
they are able to meet the obligations of 
membership - including adherence to the 
aims of political, economic and monetary 
union. This could take decades to achieve. 

The most obvious economic bone of 
contention is the Common Agricultural 


Policy. Estimates put the cost of extending 
the system to foland, Hungary, toe Czech 
Republic and Slovakia at DM 70 billion 
per year, L e. twice the present leveL Huge 
sums would also be required for struc- 
tural funds. All in afl, the EU cannot 
simply expect these newcomers to take 
over, with a few minor adjustments, the 
existing body of rules and regulations; 
rather, policies will have to be modified 


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to reflect the very different structural 
features of the countries concerned. 

While Germany, at the crossroads 
between East and West, is more strongly 
affected than other countries - both posi- 
tively and negatively - by what happens in 
Eastern Europe, it should not be deterred 
from championing the cause of Eastern 
integration by charges that it is merely 
advancing its own interests. Closer links 
are clearly in the interest of Western 
Europe as a whole. And far from posing a 
threat to jobs, they will help the EU to 
solve its unemployment problem, given a 
more positive attitude to structural change. 








COMMERZBANK ML 

German know-how in global finance 


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169.82 10BJ54 143.68 148J50 


17S.7S 170.77 


144.99 148.99 


150.55 161.11 


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