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Baron B tdi 


Doyen of 
the disposable 


FINANCIAL TIMES 




■ &jroDB'$ Business Newspaper 


S Korea considers early OECD entry: 

South Korea is considering an unexpectedly early 
entry into the Organisation for Economic Coopera- 
tion and Development, which urged the country 
to increase the pace of deregulation to ensure 
continued growth. Page 16 


Europe seeks role on Japan aircraft: 

European aerospace companies called on Japan 
to include them in its atte m p t to create a world 
class Japanese civil aircraft industry. Boeing 
and China are already taking part in a project 
to develop a 7WB seat passenger aircraft. Page 16 

Berlusconi wanted on Inf la t io n 

Antonio Fazio (left), 
governor erf the Bank 
of Italy, warned the 
Berlusconi government 
■' against introducing 
inflationary policies 
to stimulate economic 
recovery after two 
year’s of harsh recession. 
Hie made it dear the 
bank would raise interest 
rates if the recovery 
encouraged excessive 
consumer demand and began to ignore the need 
to reduce Italy's large public sector deficit Page 2 


Nissan M o t o r, Japan's second largest carmaker, 
plunged to a record consolidated pre-tax loss 
of Y202.4bn ($L9bn) in the 12 months to the end 
of March, its worst financial performance since 
it became a public company. Page 17 


South Africa to rejoin Commonwealth: 

South Africa is to become the 51st member of 
the Commonwealth, which emerged from the 
British empire, rooming the grouping from which 
it withdrew 33 years ago after declaring a republic 
Pages 


Japan's re cess ion s— »»t bott om Further 
evidence that the Japanese recession has hit 
bottom emerged with a slight easing in unemploy- 
ment and an official forecast of ah improve m ent 
in business conditions. Page 6 


British Telecommunications is set to gain 
the consent afUS regulatory authorities for its 
&3bn alliance with MCI, the second largest US 
operator. Pago 17 


EU tightens bee t controls: European Union 
ministers agreed tighter controls against “mad 
cow" disease (BSE), in an effort to divert German 
threats to ban imports of British beet Page 3 

S.Q. Warburg: Two directors of the UK-based 
Investment bank received mare than Elm in salary 
and bonuses last year, os emoluments to the bank’s 
directors nearly doubled to £l0.7m. Page 17 


UK infl ation risk: Evidence that the British 
economic recovery may be fuelling inflationary 
pressures emerged os a business survey warned 
that manufacturing bottlenecks hod significantly 
raised factory priw« in May. Page 9 


Nigeria stre ng t h e ns exchange controls: 

Nigeria's military regime has increased direct 
control over scarce foreign exchange and export 
finance despite opposition from finance minister 
K.ilu I. Kahi and Paul Ogwunia, central bank 
governor. Page 6 


Brazil con stitu tion update foQs: Brazil’s 
iiiumipt to update its constitution ended largely 
in failure yesterday, highlighting the weaknesses 
in the i“wintry's political system. Page 7 


Smoking Hamad for 450,000 EU deaths: 

Smoking kills at least 450.000 people in the Euro- 
pean Union each year, said EU Social Affaire 
Commissioner Padraig Flynn, in a statement 
to mark ‘World No Tobacco Day’. 


Appetite wanes for British wine: Wine 
producin':- :: one of England's biggest vineyards 
is being wound down after the business failed 
fa attract a buyer as a going concern. Page 10; 
Sour grapes for English wine industry. Page 10 


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WEDNESDAY JUNE 1 1094 ? 




Prodi steps down 
as HU losses reach 
a record $6.4bn 


Europe-wide falls as dealers fear end to rate cuts 


Commodity prices push higher 


JRL the Italian state holding com pany , said 1993 
r losses had reached a record Uo.230bn ($6.4bn). 

. wore than double the M,S09bn for the previous 
-year. At the same time, it was ann/mmyd that 
^.chairman Roman o Prodi had handed in his resigna- 
tion to Lambmo Dini, minister for the treasury, 
which is Iri’s sole shareholder. IRI transformed 
lb 1992 Into a treasury-controlled public company 
with a current capital of Ll5,000bn. Of the losses 
lA317bn was attributed to the reorganisation 
and restructuring of IRTs subsidiaries in the 
steel and construction/engineering sectors - Ova 
and IriteauL Page 17 


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Inflation worries hit bond prices 


By Conner Mkkfolmann 
In London 


| Dealers across Europe drove 
government bond prices lower 
yesterday as the view took hold 
that inflationary pressures were 
on the rise and markets had 
entered a bear phase. 

Fears that resurgent inflation 
pressures will bring an end to 
interest rate cuts in Europe, and 
may, indeed, cause short-term 
rates to rise have pushed bond 
yields sharply higher. 

Those worries were fanned yes- 
terday by the continuing surge in 
commodity prices, amid repeats 
of heavy buying on international 
markets, where hedge funds were 
said to be particularly active. 

Grains were sharply higher in 
Chicago, while coffee rose $132 a 
tonne to $2,118. Cocoa was op 
nearly 4 per rent and m o s t indus- 


trial base metals were higher. 

Most of the activity took place 
in futures pits rather than in 
cash bonds. Technical support 
levels on several futures con- 
tracts were breached, which fur- 
ther shook confidence and gave 
traders the impression that 
prices would continue to falL 

Tt’s a very scared market" one 
London bond trader said. ‘‘Most 
bonds offer great value on a fun- 
damental basis, but after the 
losses of the recent months, no 
one dares to get in, even at these 
levels.” 

Germany led the decline when 
the June contract of the German 
government bond future fell to a 
new low for the year. 

The Bundesbank announced 
that a widely expected auction of 
long-dated bonds would not take 
place. While the Bundesbank said 
the move was the result of the 


Bonds fall from Europe to Wail Street 


Frankfurt . Parts 

lOjrgllt price, May 2004 ’ 10 yr gH price, Apr 2004 


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London New York 

10 yrgft pries. Nov 2004 ' 10 yr gftt price, Fed 2004 

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20 Way 1994 31 

Soma: Dala&tmsnn 


20 May 1994 31 


Kohl and 
Mitterrand 
make pact 
oyer EU 
presidency 


By David Buchan in (Nuthouse 


Germany and France yesterday 
pledged close co-ordination of 
their successive European Union 
presidencies over the next year at 
a summit replete with gestures of 
friendship that appeared to dear 
the air of recent tensions. 

For the first time since 1944. 
German soldiers will march 
down the Champs Elysees on 
July 14 as a result of President 
Mitterrand's announcement yes- 
terday that he would invite the 
Eurocorps, the newly-formed 
multinational army group, to 
Lake part in France’s Bastille day 
military parade. 

Inevitably absent from next 
week's D-Day commemoration in 
Normandy. Chancellor Helmut ; 
Kohl, the German leader, yester- 
day expressed his “warm" wel- 
come for this “very generous" 
gesture. Chancellor Kohl is 
expected to attend the July 14 
parade, along with leaders of Bel- 
gium. Luxembourg and Spain, 
which contribute troops to the 
Eurocorps along with Fiance and 
Germany. 

Hr Mitterrand said he hoped 
the next year would give the 
impression of "a continuous, if 
not a common. Franco-German 
presidency". Germany takes the 
chair of the EU Council of Minis- 
ters on July 1 and will hand it to 
France on January 1 next year. 
Its main themes are expected to 
be fostering more jobs at home . 
and more stability to the east. 

Mr Kohl endorsed President 
Mitterrand’s call for the EU to 
reinforce its institutions as it 
takes in new members, and the 
German leader rejected any 
attempt to turn the Union into 
"just a big free trade zone, as 
once proposed by one of our num- 
ber", a reference to Mrs Margaret 
Thatcher, the former UK prime 
minister. 

Germany and France will place 
"development of the [Union’s] 
common foreign and security pol- 
icy .. . at the centre of their 
co-operation" in running their 
presidencies, according to a com- 
munique yesterday. A key part of 
this common policy will be closer 
security links with east European 
countries, and partnership with 
Russia. Mr Alain Juppe, the 
French foreign minister, con- 
firmed that France was no longer 
blocking a new EU accord with 
Russia. 

The two countries also sig- 
nalled their intention to set up a 
joint arms procurement agency 
and to develop a new large mili- 
tary transport plane and observa- 
tion satellite system to give their 
forces more "strategic mobility". 
The arms agency would coordi- 
nate the two countries numerous 



Dan Rostenkowski: refused to accept a plea agreement 


Rostenkowski 
charged with 
corruption 


By Jurek Martin in Washington 


Continued on Page 16 


A US federal grand jury 
yesterday charged Democrat Con- 
gressman Dan Rostenkowski. 
powerful chairman of the House 
ways and means committee, with 
17 counts of corrupt practices, 
including embezzlement, mail 
and wire fraud and tampering 
with a witness. 

Mr Eric Holder, the federal 
prosecutor in Washington, said 
Mr Rostenkowski. now in Ids 
36th year in Congress, had been 
guilty of "a pattern of corrupt 
activity going back for 20 years 
and embezzled hundreds of thou- 
sands of dollars in order to 
enrich himself, his family and his 
friends”. 

Mr Rostenkowski is forced 
under House of Representatives 
rules to resign his committee 
chairmanship, and his absence 
from this key panel is likely io 
make passage of President Bill 
Clinton’s healthcare reform legis- 
lation no easier. 

The indictments were brought 
following the failure of negotia- 
tions under which the congress- 
man would have pleaded guilty 
to lesser offences and stepped 
down from chairmanship of ways 


and means. But on Monday be 
declared he was innocent of all 
charges and determined to dear 
his n-^me in court, 

Mr Holder said that if Mr Ros- 
tenkowski was found guilty he 
would spend “several years in 
jail", though he was not specific 
on the details. 

The indictments include 
charges that Mr Rostenkowski 
em headed over S50.000 from the 
House post office by converting 
postage stamp purchases into 
cash; that he misappropriated 
S4O.O0O from the House stationery 
office in the form of gifts for 
friends; and that he cost the 
House treasury S70.000 by leasing 
care for his personal use. 

Mr Rostenkowski was also 
charged with putting on his pay- 
roll - paid for by public funds - 
personnel who mostly performed 
private duties for him and his 
family. The total cost was as 
much as $500,000. Mr Holder said. 

Mr Rostenkowski's decision not 
to cut a deal with the federal 
prosecutors and to seek re-elec- 
tion in November is consistent 
with his reputation as a doughty 
fighter. Faced with yesterday’s i 


Continued on Page 16 


CONTENTS 


87— — 90.5 — • 

20 May 1994 31 20 May 1994 31 


government’s good cash position, 
it was taken as a sign that it was 
not prepared to risk an issue in a 
shaky market It was the second 
rime in a week that an issue had 
been delayed. 

The June bund futures con- 
tract on LifTe, the London futures 
and options exchange, reached a 


low of 92.62. before ending about 
0.62 point lower at 82£3. 

The yield cm the German 10- 
year benchmark bond rose to 6JJ8 
per cent 

UK government bonds fell 
sharply on data showing MO 
money supply rising a provi- 
sional adjured 7.1 per cent in the 


year to end May. In addition, talk 
that today’s UK purchasing man- 
agers’ survey for May would 
show a rise in producer prices 
put further pressure on prices. 
The long gOt futures contract fell 
by 1H to lOOg. 

French and Italian government 
bonds also fell sharply, tracking 


Germany lower but further 
weighed down by supply pres- 
sures. The June futures contract 
on the French exchange Matif fell 
by 1.00 point to 117.72. while the 
Italian BTP future dropped by 
1.25 point to 106.17. 

In the US. fears of inflation and 
further interest rate rises by the 
Federal Reserve eased slightly 
after the Commerce Department 
reported that disposable personal 
incomes fell 0.2 per cent in April, 
while spen ding on personal con- 
sumption fell 0.1 per cent 

In equity markets, the bonds 
weakness led to yet another tur- 
bulent trading session in London. 
The FT-SE 100 Index closed 4.1 
higher at 2^70.5. 


German M3 boiler builds up 
steam, Page 15 
Lex, Page 16 
Government bonds, Page 23 


Majority in favour of enlarging European Union 


Euro-poll blow for 


single currency 


By David Marsh 
European Editor 


Europeans are doubtful that 
there will be a single currency by 
the end of the century, but 
favour EU enlargement by a wide 
margin, according to an FT opin- 
ion poll across all 12 EU mem- 
bers. 

The survey underlines how 
German voters seem to be joining 
traditionally Euro-sceptic elector- 
ates in Denmark and the UK in 
their antipathy towards closer 
integration along the lines of the 
Maastricht treaty. 

The poll was commissioned by 
the Financial Times and seven 
other European newspapers in 
advance of the European elec- 
tions later this month. It was car- 
ried out through telephone inter- 
views last month by Harris 
Research among a sample of 6,439 
people. 

Only 8 per cent of respondents 
in west Germany, and 7 per cent 
of those in east Germany, 
believed that a single currency 


was "very likely" in at least three 
EU member countries by the end 
of the century. Overall 47 per 
cent of Europeans thought a sin- 
gle currency was likely by 2000, 
with 46 per cent saying it was 
unlikely. 

A total of 64 per cent of British 
respondents, who appear least in 
favour of the Maastricht treaty, 
said a single currency was either 
"very likely" or "fairly likely" 
by 2000, compared with 
figures below 40 per cent 
in Germany, Denmark, Spain and 
Italy. 

The survey reveals a deep split 
on the desirability of fulfilling 
the Maastricht plan for European 
union. Respondents in the UK, 
Denmark and east and west Ger- 
many said by a roughly 2 to 1 
margin they were against the 
Maastricht arrangements, sup- 
porting a “looser" Europe. Fir- 
mest support for Maastricht came 
from Italy, Spain. Belgium and 
the Netherlands, all in favour of 
closer integration by margins of 2 
to 1 or more. 


On enlargement 79 per cent of 
the EU electorate favoured the 
planned extension of the EU to 
Sweden, Finland, Norway and 
Austria on January L with only 9 
per cent against A smaller pro- 
portion - 50 per cent with 30 per 
cent against - backed member- 
ship by former communist coun- 
tries. with support greatest in 
Italy and east Germany. 

A large proportion of Euro- 
peans - 27 per cent of the 
French, 21 per cent of west Ger- 
mans. 20 per cent of the Spanish 
and 19 per cent of Belgians - 
label Britain as the EU country 
they least trust 
Britons also show considerable 
suspicion of other important EU 
partners, with 44 per cent and 24 
per cent describing respectively 
France and Germany as the 
nations they least trust 
Most voters favour more power 
for the European parliament, 
with 46 per cent of respondents 
saving it has too little, and only 
20 per cent believing it has too 
much. 


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Warning to 
Berlusconi 
on inflation 


By Robert Graham in Rome 

Mr Antonio Fazio, the 
governor of the Bank of Italy, 
yesterday warned the new Ber- 
lusconi government against 
Introducing inflationary poli- 
cies to stimulate economic 
recovery after two years of 
harsh recession. 

Mr Fazio made it clear the 
bank would raise interest rates 
if the recovery encouraged 
excessive consumer demand 
and began to ignore the con- 
tinuing need to reduce Italy's 
large public sector deficit 

“A recovery which is too 
rapid and too heavily weighted 
towards consumption would 
require immediate corrective 
action,” he said. 

“While the central bank will 
continue to provide support for 
the present state of the econ- 
omy and for employment, it is 
also alert to any pressure on 
costs and prices. The moment 
the recovery ceases to be non- 
inflationary, monetary policy 
must be aimed at halting price 
increases by resorting to a rise 
in interest rates.” 

The warning was the central 
point the governor's annual 
economic statement - regarded 
as the bank's single most 
important economic analysis 
during the year. 

The Berlusconi government 
is less than three weeks old 
and has spelled out few details 
of its committment to stimu- 
late the current timid recovery. 
But Mr Fazio's comments are 
likely to become the bench- 
mark against which govern- 
ment policy will be judged. 

The bank is clearly con- 
cerned that Mr Berlusconi's 
rhetorical electoral promise of 
creating lm jobs and encourag- 
ing business confidence 
through fiscal incentives risks 
being inflationary. Italy's infla- 
tion, annualised at 4.1 percent, 
still remains well above the 
average despite a sharp drop in 
domestic demand and a drop in 
real earnings over the past two 
years. 

He gave cautious endorse- 
ment to the cabinet's decision 


last Friday to unfreeze public 
works blocked by the two-year- 
old corruption scandals and 
moves by the previous Ciampi 
government to introduce new 
laws on bidding and awarding 
contracts. Public works invest- 
ments fell last year by 16 per 
cent, he said. 

Renewed investment could 
help job creation and the 
recovery, as well as raise the 
standard of Italy's poor infra- 
structure. But Mr Fazio 
insisted old habits of wastage 
and corruption had to be 
avoioded. 

In the context of public 
works projects. Mr Fazio 
backed the Delors White Paper 
on job creation through infra- 
structure projects. By empha- 
sising this and almost ignoring 
the issue of moves towards 
monetary uruon, this suggests 
the bank will continue to adopt 
a wait-and-see attitude towards 
developments over implemen- 
tation of the Maastricht 
Treaty. 

Mr Fazio was careful to stick 
to technical advice and thus 
avoid an early confrontation 
with the new government, sev- 
eral of whose members are 
anxious to curb the 100-year- 
old institution's autonomy. On 
public spending he threw his 
weight behind the new govern- 
ment’s desire to reduce the 
excessive benefits of the state 
pensions scheme. 

He made no mention of a 
successor to Mr Lamberto Dim, 
who left from being the gover- 
nor’s deputy to become trea- 
sury minister on May 18. 
Instead he paid fullsome trib- 
ute to Mr Dim’s role especially 
on the international scene and 
looked forward to “intense col- 
laboration" between the trea- 
sury and the Bank of Italy. 

But he also concluded with a 
reminder of the bank's ulti- 
mate role. “Acting in the exclu- 
sive interests of the country 
with the aim of contributing to 
stable development, the Bank 
of Italy will be careful to pre- 
vent any brusque movement in 
the value of the currency." he 
said. 



Nationalist sentiment may compel change of venue 

Hitch in plan for US-Russian exercises 


By John Uoyd In Moscow 

A joint peacekeeping exercise 
between US and Russian 
troops, planned for this month 
in Russia and meant to 
symbolise the closer coopera- 
tion between the two former 
antagonists, is now likely to 
take place in the US. in defer- 
ence to Russian nationalist 
sentiment 

Mr Ram Nunn, chairman of 
the US Senate Armed Services 
Committee, said in Moscow 
yesterday that he had proposed 
the change of venue after 
learning that the exercise had 
been “indefinitely postponed" 
by President Boris Yeltsin. 


A senior Pentagon official 
said last night that “Senator 
Nunn’s proposal is one possi- 
bility. We are following on 
with conversations with the 
[Russian] defence ministry 
about a possible postpone- 
ment". 

Mr Nunn said the incident 
did not necessarily mean Rus- 
sia would not take a full part 
in the Partnership Cor Peace - 
the Nato plan to draw former 
communist countries into asso- 
ciation with it, which Russia 
has said it will sign this 
month. He said that the Rusian 
government “must do a vigor- 
ous job in explaining thing s to 
its people". 


The shift of venue, and the 
victory of the nationalists in 
having the exercise moved, 
was lambasted yesterday by 
Mr Yegor Gaidar, farmer dep- 
uty prime minister and leader 
of the liberal Russia’s Choice 
party, as “a syndrome of para- 
noid re-militarisation** - in 
contrast to the “steadfastness 
a nd courage” of the US in pro- 
posing to host the exercise. 

"Our military men would be 
happy to act like Enver Honda 
[former leader of Albania], to 
sprinkle pillboxes all over Rus- 
sia and to protect us with 
sharp barbed wire and rows of 
tanks from the rest of the 
world". 


Mr Nunn said that “because 
it had become a political issue 
and there were local objec- 
tions. we agreed to go back and 
recommend to President Clin- 
ton that the joint exercise be 
held on US soil. This should 
tflkp away the most sensitive 
thing - because somehow the 
US is seen as victorious in the 
cold war. That’s the feeling 
that was expressed to us." 

The exercise, which would 
have included only 250 
unarmed troops from both 
sides, was designed for train- 
ing in peacekeeping techniques 
- now increasingly required by 
Russian military engaged in 
such missions in the former 


Soviet status on its bonknr 

It had been agreed earlier 
this year m talks between Ur 
William Perry. US defence sec- 
retary, and General Pavel 
Grachev, Russian defence min- 
ister, but has been a controver- 
sial issue in parliament ever 
since. 

Mr Vladimir Lukin, chair- 
man of the duma’s [hreign 
relations committee and a far- 
mer Russian auibassarkr fa the 
US. said yesterday that part- 
nership with other 'count ries , 
including the US, required 
“delicacy and tact" because of 
a growing feeling that 
“national pride was. befog hum , 
bled”. 


Tail wags the dog in Groupe Schneider affair 


By Emma Tucker in Brussels 
and John Rkkkng hi Paris 

This morning, Mr Didier 
Pineau Valencienne, chairman 
of France's Groupe Schneider 
will be led from the notori- 
ously unpleasant Foret prison 
in Brussels for a hiring in a 
fraud case before Belgium's 
prosecuting authorities. 

At roughly the same time, 
on the other side of town, 
minority shareholders of Cofi- 
mines, the Schneider subsid- 
iary, will have another chance 
to voice their grievances 
against the beleaguered 
French chairman at their 
annual general meeting. 


By Emma Tucker In Brussels 
and Daniel Green in London 

The European Commission is 
expected to decide today 
whether to allow Montedison 
and Royal Dutch/SheU to cre- 
ate a joint chemicals venture, 
Montell, in polyethylene and 
polypropylene. 

An advisory committee to 
the Commission had recom- 
mended a veto of the S6.6bn 
venture last week and Montedi- 
son’s share price fell almost 9 
per cent last Friday on fears 
that the deal wonld be aban- 
doned. The shares have since 


It is thanks to the aggressive 
tactics of the two Belgian sub- 
sidiaries - Cofimines and Cofi- 
bel - that the investigation 
Into the French electrical engi- 
neering group was triggered. 

Their initial complaints cen- 
tred on claims that Schneider’s 
1992 bid to buy them out had 
undervalued their shares. At 
the end of last year sharehold- 
ers reached an agreement with 
Schneider, after which they 
agreed to withdraw legal pro- 
ceedings. 

At least one, however, did 
not accept the deal. Yesterday 
Mr Andre de Barsy , a promi- 
nent Belgian p ro perty owner 
and shareholder in both Gofi- 


recovered as the companies 
pointed out they could change 
details of the proposed deal. 

A public announcement is 
expected from the Commission 
next week, ahead of a June 15 
deadline. Yesterday, senior 
managers from both prospec- 
tive joint venture partners 
were in Brussels to present 
final arguments to the Com- 
mission. The Commission will 
discuss these arguments with 
its special committtee today. 

The deal is important to both 
Montedison, industrial arm of 
the collapsed Ferruzzi empire, 
and Anglo- Dutch petrochemi- 


m fri es and CofibeL said he bad 
independently collected thick 
files of information that 
incriminated Mr Pineau Valen- 
cienne. He claimed that 
Schneider manipulated sales 
of shares between its subsid- 
iaries in order to benefit its 
own balance sheet He denied 
suggestions in the French 
press that he had prompted 
the Belgian authorities to con- 
tinue their investigations. 

“There was no thing to stop 
the authorities acting on their 
own," he said yesterday. “My 
du^ is to be a shareholder and 
to ask for questions of princi- 
ple to be restored." 

Yesterday, Groupe Schneider 


cals group Royal Dutch/ShelL 
In an industry suffering from 
over capacity in eastern 
Europe, they are facing cut- 
price competition from eastern 
Europe in polypropylene and 
the Mid-east in polyethylene. 

The two companies have 
been careful to stress that their 
collaboration is over polypro- 
pylene technology, not their 
combined European Union 
market share which they say 
would be 24 per cent Advances 
in technology are one of the 
main planks of defence against 
cut-price commodity imports 
from eastern Europe. 


denied it bad harmed the 
interests of minority share- 
holders in Cofimines and Cofi- 
bel. The French group said it 
had invested BFr2.2hn ($65m) 
in Cofibel and Cofimines since 
1989 and that the two compa- 
nies had seen their net assets 
per share rise by 3.75 times 
and 2.75 times between 1981 
and 1993. 

Schneider said the offer, 
launched in 1992, to buy out 
minority shareholders in the 
two companies was equivalent 
to -L25 times the share price of 
Cofibel in 1981 and 4.6 times 
the share price of Cofimines at 
the same date. During the 
same period the Brussels 


In addition. Montedison's 
plastics subsidiary Hnnont has 
developed a technique for mak- 
ing a type of polyethylene (lin- 
ear low density polyethylene or 
LLDPE) which is an improve- 
ment over older methods in 
some respects. Shell has the 
cash resources and the raw 
material, ethylene, to acceler- 
ate development of Montedi- 
son's LLDPE. According to 
chemicals consultancy Chem 
Systems, European demand for 
LLDPE shmdri almo st double 
by 2000, while that for older 
farms could rise by less than 10 
per cent. 


bourse rose in value by 4.59 
times. “These facts show that 
the relations beween Schne- 
dler and its Belgian financial 
subsidiaries were not devel- 
oped for sole benefit of the 
majority shareholder." the 
company said. 

The affair continued to pro- 
voke indignation, and a cer- 
tain amount of smugness In 
the Belgian press. Long used 
to being dismissed by the 
French as les petits Beiges they 
enjoy jabbing their arrogant 
ueighbour- 

L’Echo, a Francophone 
financial daily, said Belgium's 
“audacity" in daring to 
imprison a member of the 


The application for the ven- 
ture has been contested by 
other European manufactur- 
ers. led by US-owned Union 
Carbide, and Belgium’s Petro- 
fina. The commission opened 
an inquiry earlier this year, 
suspecting that even if limited 
to a technology joint venture, 
the combination would prove 
too powerful. 

Brussels argued that technol- 
ogy developed by the compa- 
nies - Spheripol by Montedison 
and Unipol by Shell and Union 
Carbide of the US - was used 
by 70 per cent of the world's 
polypropylene manufacturers. 


French establishment had 
prompted indignant, add and 
occasionally insulting com- 
ments about tiie Belgians in 
the French press. All the Bel- 
gian newspapers have mean- 
while vigorously defended the 
reputation of Hr Jeaxt-Gande 
Van Espen, the Belgian prose- 
cuting judge responsible for 
detaining Mr Pineau Valen- 
rienne. 


THE FINANCIAL TIMES 
Ptabfehod bv The Fnaacral Ton iKhvki 
G mbH. Nihcbimenplat J, W3M Fortran 
30 Main. Goudov. Tdcpfcono W 156 
Sja fa *♦>» w J9WSLT.** 416193. 
Renrxnieii is Frartfui by J Walter final. 
Viutirire I Bread. Cotm A. Kauaad u 
GuduTufihrer a hi in London by Hand 
G.M. Bril and Aim C. MMcr. Prater DVM 
D ruck -Vcn rurb lad Marketing Gobi!. 
.VJmirdl-RoKtidahl- St ruse jk, 6)263 
Nea-lmhnrf! (owned by Horn yet 
IntamudL ISSN: ISSN 0134-7363 
Rapoesbtc Editor, kichad Lariat. «fo Tbc 
Financial Times Limited, 
Number One Sotnbwufc Brake. London SE1 
9HL UK. ShaiehoiilcnoflbrFmndal Times 
(Europe) GmbH ait: Tbe Emaada) Times 
(guropei Ld, London sad FT. lOenuny 
Aitvrmang) Lid. London. ShuritoUer of (be 
above mentioned taa oampamet IK The 
Financial Timet Limited. Number One 
Sontlmaik Bridge. London SE1 9HL The 
Company it uuiiparated tmder the t»i of 
England and Wales. Cbnun: D C.M. Bcfi. 

FRANCE 

Pnbfistoa* Director □. Good. IS Roe de 
RivoB. F-7SM4 Paris Cedes 01 TeMmoeM) 
■15*7-0621. Fas (Oil 42974)629. Prater SA 
Need Ector, lfCt Rue de Cue. K-WIM 
Ron ban Cede* I. Ednor Richard L a mb e rt 
ISSN ISSN II4S-275X Cunmowm fcntwr 
Nonrsosp. 

DENMARK 

FmnnoaJ Tunes iScnduutial Ltd. Vtamet- 
sfcjftcrf 42A. DK-II6I CoperdagreK. Tele- 
phone M 13 44 41. Fas 33 « S3 


EU verdict on chemical venture expected 




v 


Gross Income 

: Rs 42800 million 

Foreign Exchange Earnings 

: Rs 8220 million 

Market Capitalisation 

(Monthly average 1 993-94) 

: Rs 67940 million 

Profit Before Tax 

: up by 34% 

Profit After Tax 

: up by 33% 

Dividend Per Share 

(Recommended) 

: Rs 8.50 


* =1 


(Recommended) 


I.T.C. Limited 


Highlights of the Audited Financial Results for the Year ended 

31st March, 1994 


iRs in Miiliiml 



Financiu 

1 Year Ended 
3I.03.‘»4 

Financial Year Ended 
313)3.93 

GROSS INCOME 


42800 

38100 

NET INCOME 


23880 

19380 

PROFIT BEFORE TAX 


3500 

2610 

NET PROFIT 


2060 

1550 

NET ASSETS EMPLOYED 


14070 

10430 

PAID-UP EQUITY SHARE CAPITAL 

1210 

1 170 

RESERVES 


6000 

2970 

DEBT, 'EQUITY 


0.95:1 

1.52:1 

EARNINGS PER SH ARE iRm 


1 7.38 * 

13.31 

DIVIDEND PER SHARE i Ro 


8.50* 

6.50 


l‘iut ‘ij It ti.-r.^v 

A\% . 



I.T.C. Limited 

New horizons, new hopes. 

India Tobacco Division • Indian Leaf Tobacco Development Division 
Packaging & Printing Division • Welcomgroup-Holels Division 
International Business Division •Agri-businesses Division 
Tribeni Tissues Division • Financial Services Division 


I urn glad to report that ITC 's results 
this year continue to reflect a healthy trend. 
The company made steady 
progress in all its businesses 
in the Indian market and also 
gained further ground in 
international markets. ITC 
Global Holdings. Singapore, 
is now well placed to give 
a further fillip to our 
international operations 
through its eleven existing, 
and three proposed, offices. 

An Eventful Year s nrcs 

first GDR Issue received an enthusiastic 
response. Its oversubscription of more 
than 9 times was a ready acknowledgement 
of ITC’s track record and future potential. 
This has strengthened the financial position 
of the company to sustain further growth. 

A strategic alliance was entered into 
with Zeneca Seeds of UK with the 
promotion of ITC Zeneca Ltd. This will 
help boost farmer productivity through 
superior performance seeds. In the 
changing environment. India's agri - bused 



Chairman's 

Statement 


industries can play a significant role in 
the global context and this move will 
reinforce our position. 

Significant progress was 
also made in giving shape 
to strategic alliances with 
international partners in the 
field of financial services - 
an area which holds 
considerable promise in 
today's environment. 


New Responsibilities: 

With the accelerated pace of liberalisation: 
ITC remains committed to contributing its 
mite to the economic progress of the country. 
We will, as always, be at the forefront of 
any initiative that requires us to grasp the 
unfolding opportunities and challenges. 

Together with my colleagues. I look 
forward to a stronger India in which we. as 
one of India's emerging multinational 
enterprises, con play an abiding role. 






tut Hi 


I 







J! 


alia; 


< ){:f - 


3r- -v : 


Union agriculture ministers yesterday agreed 

fBSE) msmrffort 

to_<awt Garon threats to ban imports of British beet The 
mwtog in Brussels, backed a package of measures 
HTOm-Mr Bene Stachen. agriculture commissioner, including 
r extending to all member states a ban on the use of meat and 

*5®* *2“ “LJ®*™ {??■ A b*&bs* been in place in Britain 
snroe 1988, It should be sufficient to dispel any feats the 
minister [Mr Jbchen BorchertJ might have had," 
said Mr Stewtoa.The measures proposed by Mr Steichen 
include, raising temperatures in the meat rendering process, 
^tridmg toe use of-meat by-products in cosmetics and ensur- 
ing checks in all member states to detect BSE. 

However, pressure for a unilateral ban on British beef 
imports has come from Mr Horst Seehofer. German health 
minister. Bona argues that it is not certain that humans are 
not at risk from BSE. Mr Seehofer will discuss the issue 
further with his EU counterparts at a health ministers’ meet- 
ing: tomorrow. Alison Maitland London 

Greek warning to banks 

Greece's central bank governor. Mr Yannis Boutos. warned 
yesterday that commercial banks could not expect any assis- 
tance in covering losses incurred in the current upheaval on 
local financial markets. His warning as competition for 
funds between banks and the finance ministry intensified. 
With liquidity still being squeezed, banks were offering much 
higher interest rates tor short-term deposits yesterday. Private 
Greek banks were offering rates of 35-50 per cent on one- 
month deposits of more thnn DrLrn (£2.700). This compared 
with 27 par cent on the government’s new zero-coupon one- 
month bond available to investors with more than Dr 15m. Mr 
Boutos claimed the battle to save the drachma from devalua- 
tion had. been Won and that short-term interest rates, still at 
more than 100 per cent on the interbank market, “would 
de-escalate over the next one or two weeks". The drachma 
slipped against the D-Mark yesterday, . closing at Drl48J, down 
from Drl47-9 on Monday. Kerin Hope, Athens ■ 

Shift on sale of Polish insurer 

Poland’s finance ministry has dropped plans to break up PZ17, 
the country's largest insurer It will privatise the State-owned 
company as a whole, in line with management suggestions. Mr 
Roman Pdlneczek, PZU president, argues that the company 
should be kept together to better face the challenge erf the 
liberalisation of the country’s insurance market in 1999. PZU 
which reported a- 325bn zloty (£9.fim) net profit last year 
controls about half Poland’s fledgling insurance market The 
decision includes devoting around 8001m zlotys worth of prof- 
its earned by PZU Zycie, a wholly-owned subsidiary, to plug a 
t,60Om zloty gap In PZU*s reserves. This would avoid the na»d 
to draw on a $20fert loan offered by toe European Bank for 
Reconstruction and Developme nt to underpin a government 
bond issue designed to bolster PZlTs finances. The ministry 
also appears to have accepted PZU management's three-year 
privatisation strategy. Christopher Bobinski, Warsaw 

Germans alter arms sale rules 

The export of German weapons systems made , with foreign 
partners WED no longer need special, approval following mea- 
sures intended to make German companies more competitive. 
The economics hungry said projects undertaken with compa- 
nies in the -.25 member countries of . the Organisation for 
Economic Cooperation and Development could now go ahead j 
without approval if German components made up less than 20 
per cent of the product Previously, all weapons exports had to 
be cleared by the Federal . Security Council, which oversees 
defence- policy. Such International projects would only be 
allowed if Nato saw a need for toe weapons systems and 
companies favojved.would have to agree in advance where the 
finished product would be sold, a measure designed to prevent 
sales of arms to socafled "crisis zones” like the Middle East 
The new ndes will not apply to nuclear, biological or chemical 
weapons or. their delivery systems. Michael Lindemarm, Bom 

Heart surgery scandal claims 

Mr Horst Seehofer. German health minister, gives evidence to 
a parliamentary committee today about mounting charges 
that heart surgeons have been falsifying the cost of 
operations, part of an alleged network of abuse which may 
total up to DNHSm t£l8m). The federation of health insurance 
funds said some doctors had been pocketing up to DM3^)00 per 
cardiac valve they fit Another insurance association said it 
had evidence that prices for artificial joints and other products 
had also been inflated. Mr Seehofer said a senior official had 
been disonsng the dmms since February. Public prosecutors 
and local health insurance funds had meanwhile taken over 
the investigations. Michael Lindemarm 

Setback for Latvian coalition 

Latvia's g ove r nm ent coalition partners appear to have been 
trounced In Sunday’s local elections in preliminary results 
which suggest a mixture erf discontent with economic reforms 
and wariness about attempts to mend relations with Russia. 
The pro-monetarist Latvian Way and toe Latvian Feasants 
Union coalition government, which wants better protection for 
formers fromwestera competition, have together maintained a 
course ot effective but unpopular financial stabilisation poli- 
cies. *n» poll results, which partially benefit more extreme 
nationalists,' may also affect the government’s progress in 
pushing through long-postponed legislation clarifying which 
non- Latvians (who comprise 48 per emit of the population) 
qualify tor cttteTfflhlp. Legta Boulton, Mascot* 

ECONOMIC WATCH 


More unemployed in France 







French unemployment rose to 
a new record in April, 
increasing by 4300 . to 
3325,800 or 12.3 par cent of 
the labour force, according to 
labour ministry statistics 
announced yesterday. How- 
ever. the rising trend in 
unemployment has slowed 
■ markedly from last year, rais- 
ing hopes lor a stabilisation 
in joblessness. In the first 
four months of this year, 
unemployment increased by 
2330Q. compared with a rise 
of about four times that 
amount in the same period in 
IF9G. Yesterday's announce* 
incut coincided with more 


optimistic official economic growth forecasts. Mr Edmond 
Alphandfey, economy minister, told Le Figaro newspaper that 
gross domestic product this year was likely to exceed the 
aovermnaatVlj percent forecast. Growth could reach the 1.6 
per cent- leveT forecast by the European Commission. John 
Ridding, Baris . 

Industrial safes in the Netherlands rose 3.5 per cent in 
March from a year earlier and were up Vi per cent in the first 
quarter os a yearto-year basis, the government reported yes- 
terday. 

■ Italyi foftign debt has fallen to USOJOttSm <£63bn) from 
U75,«Bba at the end dT 1992. and a farther redaction can be 
expected in MK, according to Bank Of It&ly governor Antonio 
Fatio. " , .- T 1; 

0 Denmark's current account surplus slipped is February to 
PKr&Km f£237ai} from DKr3Jbn the month before, but was 
TOcfraQffd.fttsa a.yttU- earlier, according to figures from the 
mtiona^ataiMfcs agency. 


Marcel Bich: a purveyor of the 
disposable leaves indelible mark 

Alice Rawsthorn reports on the death of the creator of the Bic line 


Bich: provided icon of contemporary consumption 


T here are a handful of 
businessmen and 
women in France whose 
personalities are so powerful 
that they are deemed by the 
media to have earned the epi- 
thet of le grand patron. Baron 
Marcel Bich was one. 

Baron Bich. who died on 
Monday at the age of 79, was 
one of the dynamic industrial- 
ists who breathed new life into 
the French economy during 
the post-war years. He not only 
created a world-class company 
in Bic, but his disposable pens, 
lighters and razors changed 
toe everyday lives of ordinary 
people by introducing them to 
a new generation of inexpen- 
sive, practical products. 

Despite his aristocratic title, 
toe story of Baron Bich is an 
archetypal entrepreneurial 


tale. He was boro in Turin, the 
son of an Italian engineer who 
emigrated to France with his 
family. The young Marcel took 
French citizenship as a teen- 
ager. He then earned his living 
as a door-to-door salesman 
before studying law at Paris 
university. 

Baron Bich worked in 
Britain in the 1930s. as produc- 
tion director of Stephens & 
Swan, the stationery manufac- 
turer. But he returned to Paris, 
where be began his own busi- 
ness after the war. He started 
off with a small ink factory but 
in 1953 he scored toe coup of 
his career by buying the patent 
rights to a ballpoint pen 
designed by Ladislao Biro, a 
Hungarian. 

The biro's launch bronght 
out the best of Baron Bich as a 


marketer. His handy 50-cen- 
time version of the old-fash- 
ioned fountain pen was the 
perfect product for the never- 
had-it-s&good consumers of the 
1950s. 1960s and 1970s. Roland 
Barthes, the French intellec- 
tual, wrote an essay hailing it 
as an icon of contemporary 
consumption. The Bic biro also 
made the baron one of the few 
industrialists whose name has 
slipped into the vernacular. 

The Bic group diversified 
into disposable lighters in 1973 
and razors in 1976. The baron 
thm dabbled in acquisitions by 
buying DIM. the hosiery manu- 
facturer, and Rosy, the lingerie 
company. But he was for from 
infallible. His foray into the 
fragrance market in 1988, with 
the introduction of Bic per- 
fume, was a flop. 


Despite the demands of his 
business, Baron Bich always 
conformed to the cliche of the 
grand patron by being a larger- 
than-life character who lived 
his life to the fulL He had 11 
children one of whom, Bruno, 
succeeded him as chairman of 
Bic when he reluctantly gave 
up the reins three years ago. 

The baron also loved sailing 
and raced his yacht, the 
France, four times in the 
America's Cup. His press pic- 
tures invariably portray him 
hwaming from the helm clad in 
a spruce linen suit and snowy 
white cap. It was the closest 
the media got to him. Baron 
Bich gave his last press inter- 
view in 1969. He did not like 
what the journalist wrote and 
saw no need to bother being 
interviewed again. 


Danes question subsidies for E German shipyard 


By HSary Bamea In Copenhagen 

Denmark is to take up with the 
European Commission complaints by 
the Association of Danish Shipbuild- 
ers over toe level of subsidies to toe 
MTW shipyard at Wismar in eastern 
Germany. The Danes fear that subsi- 


dies to MTW (now owned by Bremer 
Vulkan of west Germany) mid other 
yards in former East Germany will 
pnt their own yards out of business. 

Under the terms o f a 19 92 European 
Council agreement MTW was allowed 
to receive DM1.6bn (£640m) from the 
EU - DMlbn in investment subsidies 


and DMBOOm as an operating subsidy 
covering toe three years 1994-1996. 
The final tranche of the latter was 
paid last month. A condition of toe 
operating subsidy was that it should 
comprise a maximum of 36 per cent 
of “normal turnover" for the period. 
Danish shipbuilders Maim that the 


turnover will hi fact be much lower 
than envisaged at the time of the 
agreement, elevating the subsidy as a 
share of turnover to a much higher 
level. 

The Danes point out that other 
European shipyards are not allowed 
receive a subsidy of more than 9 per 


cent, and that a serious effort is 
under way by member nations of toe 
Organisation for Economic Co-opera- 
tion and Development to agree on 
abolishing shipbuilding subsidies 
altogether. They believe toe Wismar 
yard is too big to be able to operate 
profitably. 


“I 



d a couple of raincoats 

i -i JL -a 


cleaned ove 


d 


rni^lit . 7 


J&r - ; .W : 

./• • »? .<1W 
-sr-rv 







bay the word, and our valets will clean and deliver your clotting by morning, if its wrinkled, they'll 
press it with equal dispatch, will polish your shoes with a virtuoso s touch, and if need be, even provide 
new laces— all with our compliments. And our room service chefs will ensure your breakfast « q u 

arrives well before your 0:30 a. m. taxi. In this value-conscious era, the demands of business ^ OUR SEASONS .HOTELS 
demand nothing less. For reservations, please telephone your travel counsellor or call us toll free. 


Feta Seaso.ns- Regl>t 
HOTELS AND REPORT? 


Four Seasons • Regent. Dfjinmy the url oj service al 40 holds in IQ countries. 






Voters 
divided 
on EU’s 
important 
issues 


Sy David Marsh 


rC/A 



EUROPEAN 

ELECTIONS 

June 9 and 12 
by 


E u ropeans 
generally 
favour enlarg- 
ing tbe EU 
northwards 
and eastwards, 
but are deeply 
split over the 
desirability of 
deepening inte- 
gration as laid 
down by the 
Maastricht 
treaty, accord- 
ing to an opin- 
ion poll com- 
tbe Financial 


missioned 
Times. 

The poll, carried oat for the 
FT and seven European news- 
papers, reveals great diversity 
among the 12 ED member 
states an attitudes towards the 
European parliament and the 
future of European co-opera- 
tion. 

The detailed findings are as 
follows: 

• Only 31 per cent of British 
people surveyed said they 
wanted a more integrated 
Europe, compared with 61 per 
cent favouring a looser form of 
European co-operation. Simi- 
lar votes were seen in east 
Germany. Denmark and west 
Germany, where scores were 
33 per coot to 62 cent, 26 per 
cent to 61 per cent and 37 per 
cent to 58 per cent against 
Maastricht-style integration 
respectively. By contrast, 
between 6-1 and 72 per cent of 
respondents in Italy, Nether- 
lands, Spain and Belgium 
favoured more integration. 

• Residents of Ireland and the 
UK appear to believe most 
strongly that a single currency 
in at least three EU states will 
be established by the end of 
the century, with 63 per cent 
and 64 per cent respectively 
saying they believed this was 
either “very likely" or "fairly 
likely". Greatest scepticism in 
this field came from the "hard 
currency" countries, with 61 
per cent of east and west Ger- 
mans and 52 per cent of Dutch 
respondents holding the view 
that this was unlikely. 

• Asked about responses to 
the conflict in former Yugo- 
slavia, 38 per cent of respon- 
dents throughout the EU, 
spread fairly evenly among the 
12, argued in favour of contin- 
ued diplomatic efforts to end 
the fighting. Only 16 per cent 
and 17 per cent respectively 
called for combat troops or air 
strikes to bring peace. 

• Regarding the European 
elections, 72 per cent of all 


FT election opinion poll: how Europeans see the future of their continent 

' - How Bkoly are you to vote in the European elections? 



Does the European parliament have too much 
or too Ottte power? 


9 The poB. commissfarted by U» Finance* 
Times to association with Suddeutsche 
Zeftung (Munich), Les Echos (Paris), ll Sole 
24 Ore (Mian), La Vanguardla {Barcelona}, 
deVoikskrant (Amsterdam), Srenska 
DagbSadet (Stockholm). and Diaria de 
Nottcfes (Lisbon), was carried out by Harris 
Research. It a based on telephone 
Interviews canted out between May 11 and 
May 24 with 6.439 people aged 18 and 
over throughout Europe. The Mowing 
telephone Inter v iews were carried out 
Belgium (SOI), Denmark (500), France (501). 
west Germany (501). east Germany (426), Greece (500). Ireland (501). 
Italy (501). Luxembourg (502), Netherlands (50 2). Portugal (500), 

Spain (504J.UK (600). 

Further details available from Hants Research. 

Tel 081-8485011. fax 081 -9486335. 

How effective is the EU? 


Absoluiety certain/Ukefy 
(%> 



Total EU 
Belgium 
Denmark 
France 
W.Germany 
EGermany 


( *) 

Hr 4 - 


Bksty/unfikety 


U L_J 


9 

4 

Greece 

3 

f i 


Ireland 

Italy 

Luxembourg 

Netherlands 

Portugal 

Spain 

UK 


hi — J 


20__j 

ai 

su 

SBCj 


asm 




Too much 
<%) 





Total EU 
Belgium 
Denmark 
Franca 
W.Germany 
EGermany 
Greece 
Ireland 

Italy 

Luxembourg 

Netherlands 

Portugal 

Spain 

UK 




Too WHO 
(°6) 

we." 

48' 

t 

54.„ 1 

56V.,: --'3 

~.J 

bo ; 


55_ 

47_._ :_J 


Do you favour a more integrated Europe as envisaged 
under Maastricht or a looser arrangement between 
independent nation states? 


VI/1H there be a single currency In at least 3 EU members 
by 2000? 


Effective 

(%) 



Total EU 
BeJgnmi 
Denmark 
France 
W.Germany 
EGermany 
Greece 
Ireland 
Italy 

Luxembourg 

Netherlands 

Portugal 

Spain 

UK 


Not effective 
(%) 

mrzz 7z 


m • : 



■ 


sfc 

i 

fe 



0 ' 


&LE2- 

- 



_r " 1 

3£L'“~ 

’7T~\ 

577-.~' v 

T'l 

50'- TTI 

33Lii_ j 


More Integrated 
(%) 


Looser arrangement 
(*) 



Total EU 
Belgium 
Denmark 
Fiance 
W.Germany 
EGermany 
Greece 
Ireland 
Italy 


34. 

efZ 

3C 


SL 


I ] 


m 


0- 


Luxembourg pi 

Netherlands 

Portugal 
Spain 
UK 









Unlikely 

(W) 


Total EU 
Belgium 
Denmark 
Ranee 
W.Germany 
EGermany 
Greece 
Ireland 
Italy 

Luxembourg 

Netherlands 

Portugal 

Spain 

UK 



Do you favour EU enlargement to Sweden, Finland, 
Norway and Austria? 


Do you favour EU enlargement to Czech Republic, 
Hungary, Poland and Slovakia? 


Which EU countries are most trusted and distrusted? 


Favour 

(%) 


Total EU 

Belgium 


Oppose 

<%f 


76 

Denmark , 

rteiT 

HKHfiypEgSSb 

33 

Denmark 




France 

W.Germany 

EGermany 

Greece 

Ireland 

Italy 

Luxembourg 

Netherlands 

Portugal 

Spain 

UK 


XL.. 

lftj 

€ 

SLj 

9J 

£ 

9 j 

a 

E 

SJ 

m 


Favour 

(%) 


Oppose 

1 %) 


Total EU 

Belgium 



Franca 

W.Germany 

EGermany 

Greece 

Ireland 

Italy 

Luxembourg 

Netherlands 

Portugal 

Spain 

UK 



QqpMc tty Chna Wiftar 

respondents said they were 
"absolutely certain" to vote, 
while 7 per cent described 
their turnout as “very likely", 
8 per cent as “fairly likely" 
and 6 per cent as "not very 
likely". 

Only 49 per cent of British 
said they were "absolutely cer- 
tain” to vote, compared with 
93 per cent in Greece, 89 per 
cent in Belgium and 83 per 
cent in Luxembourg (in all 
three countries, voting is com- 
pulsory). By contrast, 76 per 
cent of respondents in west 
Germany and 67 per cent of 


Most trusted by: Least trusted by: 

Portuguese (30*) British (44%) 

Belgians (22%) Spanish (15%) 

Bafans (21%) Irish (14%) 

west Samara (19%) 

Greeks (18%) 
east Germans P2%) 


Germany 

Most tr u sted by: least tasted by: 

Spanish (24%) ttafcans (36%) 

Belgians (21%) Greeks (36%) 

UnemlxMgers (21%) Irish (28%) 


Italy 


Most tasted by: 
Greeks (5%) 


Least tainted by: 

OiSch (37%) 

Danes (35%) 
Belgians (34%) 
French £25%) 
Portuguese (19%) 
east Germans (19%) 
west Germans (17%) 


Danes (21%) 

French (20%) 

UK 

Most tasted by: 

Irish (31%) 

Danes (23%) 
Portuguese (16%) 
Balms (n%) 


Portuguese (26%) 
Brash (24%) 
lmembaurger?|23%) 


Least trested fay: 
French (27%) 
Graate(2?%) 
wwtGarmara (21%) 
Spanish (20%) 
Belgians (19%) 


those in east Germany said 
they were certain to vote. 

• Or those "absolutely cer- 
tain" to vote, 56 per cent of 
the Irish, 55 per cent of Portu- 
guese and 53 per cent of east 
Germans said they would do 
so to support their countries’ 
governments. Only 35 per cent 
of Britons and Danes and 15 
per cent of Belgians gave this 
as a reason. 

A protest vote seems partic- 
ularly likely in the UK and 
Spain, where 25 per cent and 
23 per cent of respondents 
respectively said they would 


vote to voice apposition to 
their governments. 

• Denmark recorded the high- 
est score - 35 per cent - or 
respondents saying they were 
not certain to vote because 
they "do not understand the 
[European! Issues". Others 
who admitted failure to under- 
stand European affairs were 
the British (32 per cent) and 
Italians (29 per cent). 

• On enlargement, the pro- 
posed extension of the EU on 
January 1 1995 to Sweden, 
Norway. Finland and Austria 
is given particular support by 


west Germans (87 per cent), 
east Germans (88 per cent), 
and Italians (86 per cent). 
Even those most lukewarm on 
aUargement to the Efta coun- 
tries - the Spanish and Portu- 
guese - are 70 per cent and 72 
per cent in favour. 

• There is more divergence 
over enlarging the EU to for- 
mer Communist countries. The 
largest scores in favour of 
bringing In the Czech Repub- 
lic, Hungary, Poland and Slo- 
vakia came from Italy (69 per 
cent), east Germany (60 per 
cent), Belgium. The Nether- 


lands and Spain (56 per cent 
each). The lowest scores were 
seen in west Germany and 
Portugal (47 per cent), Luxem- 
bourg and Britain (45 per cent) 
and Denmark (33 per cent). 

• British and Danish respon- 
dents stood out as thinking 
the European parliament has 
too much power, with 38 per 
emit and 37 per cent of respon- 
dents respectively holding this 
view. By contrast, 60 per emit 
of east Germans, 55 per cent of 
west Germans and Italians, 
and 54 per cent of Greek and 
French respondents said par- 


liament has too little power 
- a view held by 46 per cent of 
respondents throughout the 
EU. 

• Britons and Danes also 
believe the European Commis- 
sion is too powerful, with 58 
per cent and 51 per cent of 
respondents taking this line. 

The main defenders of the 
European Commission seem to 
be the east Germans. Spanish, 
Italians and Belgians - be- 
tween 40 per cent and 43 per 
cent of these respondents say 
the Commission has too little 
power. 


A case 
of mind 
over 
doesn’t 
matter 

By John Ridding in Parte 

To stand, or not w stand? The 
question is taxing and dividing 
a group of French intellectuals 
who had pledged to run in the 
European parliamentary elec- 
tions on a ticket which sup- 
ports Bosnian Moslems. 

Professor Leon Scbwnrlzen- 
berg, a cancer specialist and 
the head of the “Europe begins 
in Sarajevo" list fold RTL radio 
yesterday that he would press 
ahead with plans to contest the 
June 12 vote. His statement fol- 
lowed an announcement on 
Monday by members of the 
movement that they would not 
contest the elections, having 
already publicised their call to 
lift the arms embargo on 
Bosnia. 

"We do not have the right to 
play with Institutions," said 
Prof Schwartzenberg, referring 
to the foot that election lists 
cannot be withdrawn once 
they have been registered with 
the Interior Ministry. But he 
admitted that it was unlikely 
that there would be ballots for 
the movement at all polling 
stations. His comments will 
cause concern for the Socialist 
party, which appears most at 
risk from the Sarajevo candi- 
dates' 12 per cent in recent 
polls. 

The U-tums of the past few 
days, however, reveal the divi- 
sions among France's intellec- 
tuals. Prof Schwartzenberg is 
at odds with several other 
members of the movement, 
including Mr Beruard-Henri 
Levy, a left-bank Paris philoso- 
pher turned film-maker, who 
has been the driving force 
behind “Europe begins m 
Sarajevo". 

His film, Bosna!. which was 
released at the Cannes film fes- 
tival earlier this month and 
which dramatises suffering of 
residents of Sarajevo, prepared 
the way for the launch of the 
movement But Mr tevy and 
his supporters voted in favour 
of a withdrawal of the Sarajevo 
slate at the European elections, 
arguing that the plight of Bos- 
nia had been raised and that it 
would continue to campaign 
for an end to the arms 
embargo by other means. 

Mr Schwartzenberg, how- 
ever. sees it differently. True 
intellectuals, he said, such as 
Jean-Paul Sartre and Albert 
Camus would not have with- 
drawn at the last minute. He 
criticised his opponents within 
the movement for seeking 
“personal publicity'' and said 
that they had never intended 
to go as far as the elections. 


Bavaria’s bogeymen in retreat 

The far-right’s main hope lies in a low turnout on polling day, writes Quentin Peel 



A far-right Republican rally in the centre of Munich attracts left-wing protesters 


EU vision with more 
realism than romance 



Abel Matutes: at head of Spain's Popular party list r 


O n the side of a shabby 
truck parked under the 
medieval clock on the 
town hall in Munich’s Marien- 
plntz a poster was tacked up 
with a picture nf a miserable 
looking cow In the German 
national colours. 

Sucking away at its udders 
were ll other member states of 
the European Union, and the 
slogan simply said: Stop It! 

As the tape-recorded strains 
of a brass band faded away 
from the speakers. Mr Wolf- 
gang Hiitll. Bavarian chairman 
of the far-right Republicans 
and candidate for tbe Euro- 
pean parliament, warmed to 
his theme. 

"We have had a belly-full of 
paying fnr Europe and the rest 
of the world." ho shouts. 

He has to shout, because his 
speech is being drowned out by 
a barrage of whistles and cat- 
calls from an audience domi- 
nated by political opponents 
from the left and the far-left, 
and a handful of bemused- 
looking tourists. 

The only supporters seem to 
be a few caricatures of heavy 
bodyguards surrounding the 
truck, and a handful of elderly 
sympathisers at the front. 

Munich is home base for the 
Republicans and their leader, 
Mr Franz Schonhnber, and 
Bavaria is the state where the 
far-right bogeymen of German 
politics shocked the political 
establishment by winning 
almost IS per cent of the vote 
in the last European elections. 

Five years later, and they 
seem to be having a lot more 
trouble getting their message 
across. 

Tbe rhetoric is anti-Euro- 
pean integration and solidly 
nationalist. Yet the party 
really has no proper European 
election programme, apart 
from opposition to the Maas- 
tricht treaty and Germany's 
hefty net contributions to the 
EU budget. Between the lines, 
the real theme is anti-foreigner 
and anti-immigration. 

Mr Schonhubur's hopes of 


exploiting the issue as success- 
fully again have been hit by 
two factors: all the main politi- 
cal parties have successfully 
negotiated a constitutional 
compromise, which has radi- 
cally reduced the number of 
asylum-seekers flooding into 
the country: and at the same 
time his party has been tarred 
with the brush of violent 
attacks on foreigners. 

“The overall number of for- 
eigners is too great, that is the 

impression of the people.” says 
Mr Hermann Kegensburger, 
state secretary in the Bavarian 
interior ministry. "There are 

pressures on the housing mar- 


ket and in the labour market 
There are sometimes more 
than 50 per cent foreign chil- 
dren in individual schools." 

Since the asylum compro- 
mise came into effect last July, 
however, the monthly numbers 
of asylum seekers have 
dropped by more than 60 per 
cent. Now there is no auto- 
matic right to asylum in Ger- 
many if the applicant has come 
from a country classified as 
having no political persecu- 
tion, or if he or she has passed 
through a third country on the 

way. 

“The Republicans are fight- 
ing their campaign primarily 


on the theme of foreigners, 
mixed with the theme of law 
and order." says Mr Regens- 
burger. 

“When the call comes*. “For- 
eigners out!’ they always get 
big applause. But the people 
have realised now that tbe big 
parties are capable of acting. 
The situation has got consider- 
ably better, both in reality, and 
in the mood." 

Ms Renate Schmidt, the 
leader of the Social Democratic 
party (SPD) in Bavaria, Is not 
Inclined to underestimate the 
threat yet. “There is a lot of 
support for the Reps amongst 
people who are discontented,” 


she says. “Many are on social 
assistance, unemployed or 
homeless. The discontented 
used to drift left, and now they 
are drifting right. It is the 
same as in Britain and 
France." She agrees, however, 
that the "sting has been taken 
out of the asylum issue” 
thanks to the drop in numbers. 
The real danger in the Euro- 
pean poll is simply persuading 
voters to turn out 

"I think we will have diffi- 
culty getting people to tbe 
polls at aD,” she says. T think 
we will be pleased if we get 60 
per cent turnout in Munich.” 

The turnout will also be a 
key Issue for the ruling Chris- 
tian Social Union (CSU) in Bav- 
aria - because the party needs 
a high vote In its home base to 
cross the 5 per cent hurdle 
needed nationally for winning 
seats in the European parlia- 
ment 

The party has been forced to 
adopt a harsh line on immigra- 
tion and a Bum-sceptical line 
on Maastricht to head off the 
challenge from Mr Schdnhuber 
and other assarted protest 
movements. But at the end of 
the day. the turnover will 
count 

Mr logo Friedrich, the par- 
ty’s lead Ennxandidate, says 
they will have to win 40 per 
cent to get in, and higher still 
if the Bavarian turnout is 
down. 

In spite of his party's Euro- 
scepticism. he argues that 
immigration and organised 
crime can only be tackled on a 
European level - through 
cross-border cooperation. 

“The argument against 
Schdnhuber is that we need a 
European police,” he says. 
“That is very popular." 

"We argue that the Republi- 
cans don’t belong to the ranks 
of respectable parties. We can 
also point to their voting 
record in the European 
parliament. 

“They are lazy and have 
done nothing. The German vot- 
ers don’t like to see that.” 


__ „ . Abel Matutes. 

II \si4f II ^ *** outgoing 
European com- 
|j missioner for 
energy and 
QUESTIONS transport, now 
ON ELffWPE heads the list of 
European parliament candi- 
dates for Spam's Popular party, 
the conservative opposition, 
which is tipped in the polls for 
first place. 

Q: Who would swap a post in 
tbe European Commission for 
a seat in the European parlia- 
ment? 

A: Someone who is convinced 
that at this moment my job is 
to lead the European list 
because of the great political 
sig nifi c a n c e of these elections. 
Qr What will the big themes of 
this campaign be? 

A: We have to make European 
Integration compatible with a 
more realistic and firm defence 
of legitimate national interests. 
We have to get away from a 
simple romantic vision of 
Europe, because Europe will 
only be built solidly on the 
basis of realities. And if in the 
end the sums do not work out 
for the Spanish in this inte- 
grated Europe, the very pro- 
cess of European Integration 
will be at risk because Span- 
iards will lose sympathy and 
reject it. This firmer defence of 
national interests has two 
dimensions. One is a more 
effective presence In European 
Institutions in Brussels, but 
there Is also an internal dimen- 
sion - better European policy 
implies a good economic policy 
in Spain. Competition in the 
single market is not only 
between companies - a Span- 
ish company against a German 
or a French company - but 
also between the economic pol- 
icies of all the member states. 
Q: Do yon think European 
issues will really be aired in 
this election? Tbe campaign 
seems to be wholly focused on 
internal politics. 

A: I try to air them. But I have 


to admit internal politics are 
the only theme that ultimately 
interests people. 

Q: Do yon believe the Euro- 
pean parliament should have 
more powers than it does now? 
A: The parliament had its pow- 
ers considerably reinforced in 
the Maastricht treaty. It is now 
not just a budget chamber, but 
also a legislative chamber. 
Obviously, its sovereignty is 
shared with the council of 
member states, which also rep- 
resents democratic govern- 
ments. That is just where the 
difficulty lies. First of all, the 
parliament should concern 
itself with those questions in 
which it has competence, to 
demonstrate not only that it 
deserves these powers but also 
that it needs more. I would like 
to have parliament to have 
more powers, but let’s try first 
with what we have, which is a 
new instrument 


Q: Host of the candidates on 
the Usts are unknown figures, 
and are likely to remain so 
even after they are elected- Do 
you agree with the list system? 
A: I have always preferred a 
system of Individual constitu- 
encies because it makes mem- 
bers of parliament work harder 
for their seats. But in Spain we 
have a proportional system. 
Here the question is whether 
there should be a single 
national constituency or 
smaller ones. I think the elec- 
toral district should be the 
whole country rather than 
regions, because this provides 
a national dimension. 

Q: How do you see the Impact 
of EU enlargement on Spain? 
A: I am worried about It, 
because I am afraid the govern- 
ment. during the recent boom, 
foiled to take adjustment mea- 
sures and to make our econ- 
omy more competitive. 



WEDNESDAY JUNE 1 1994 


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NEWS: INTERNATIONAL 


Decline has stopped but months of conflicting economic signals are predicted 


Japanese recession bottoming out 


By William Dawkins in Tokyo 

Further evidence that the Japanese recession 
has hit bottom emerged yesterday, with a slight 
easing in unemployment and an official forecast 
of an improvement in business conditions. 

Yet economic analysts warned that there were 
no signs yet of a clear recovery and that several 
months of conflicting economic signals could be 
expected as the economy bumps along the bot- 
tom. 

The state Economic Planning Agency's lead- 
ing index of business conditions hit 90.09 in 
March, rising from 54.2 in February, the third 
month at which it has stayed above the 50 


dividing line between growth and contraction. 

The index, designed as a barometer of busi- 
ness conditions up to six months ahead, has 
proved erratic in the past Yet it was unusually 
consistent in March in that all but one of the 
index's 13 components improved, except for com- 
mercial property, where the market continues to 
weaken. 

“It confirms that the decline has stopped, but 
it does not mean that the economy is going up. 
Capacity is still increasing faster than demand," 
warned Mr Hlrohiko Okumura, chief economist 
at Nomura Research institute. 

Mr Brian Rose, senior economist at Dalwa 
Institute of Research, said; “We hit the bottom 


in the fourth quarter of last year. Nothing since 
then has changed that view. The recovery is 
weak, so we won't yet see a series of figures 
clearly pointing upwards." 

The EPA itself was even more cautious and 
warned that it was too early to say whether the 
worst was over. 

Japan's jobless rate fell to 2.8 per cent in 
April, from 2.9 per cent in the previous month, 
the Management and Co-ordination Agency 
announced yesterday. But again the improve- 
ment is fragile, in the light of the labour mar- 
ket's continued weakness. There were only 66 
jobs available for every 100 applicants last 
month, the same as in March and only a small 


improvement from the low of 65 last December. 

Manufacturing industry is the hardest hit. 
where the workforce declined by 1.1 per cent 
from April 1993. for the sixth month running. 
Within this, there was one bright sector, con- 
struction, where the numbers employed rose by 
3J2 per cent in April, propelled by a recovery in 
housing starts, up U-6 per cent in the same 
month, according to the Construction Ministry 
yesterday. Housing starts dipped by 0.7 per cent 
in March. 

Overall, 65 per cent of Japanese companies 
reduced overtime last year because of the reces- 
sion, according to a survey by the Leisure Devel- 
opment Centre, a state research body. 


Tokyo takes step forward on optical fibre highway 


By Mtchiyo Nakamoto in Tokyo 

Japan's Posts and 
Telecommunications Ministry 
yesterday took its ambitions to 
build an information super- 
highway a step forward, with 
the announcement of a three- 
stage plan to lay optical fibre 
throughout the country, with 
100 per cent population cover- 


age by the year 2010. 

The ministry’s vision, based 
on a government advisory 
panel recommendation, calls 
Tor laying optical fibre to con- 
nect 20 per cent of the popula- 
tion within sue years, extend- 
ing that to 60 per cent by 2005, 
with nationwide hook-up over 
the following five years. 

The laying of the infrastruc- 


ture will be entrusted to tele- 
communications companies 
and cable television network 
operators. The government 
should provide support In the 
form of interest-free loans and 
tax incentives to encourage 
investment in the infrastruc- 
ture, the report says. 

“During the network's pre- 
liminary stage, it is important 


for the government to play a 
leading role in triggering 
future development, particu- 
larly with regard to the devel- 
opment and introduction of 
public applications." the pan- 
el's report states. 

The ministry plans to put 
public network applications 
Into practical use by the year 
2000, and intends to ensure 


budgetary allocation win have 
high priority. 

A pilot project to test appli- 
cations of multimedia services 
such as video on demand, via 
fibre to the home, will begin in 
the Kansai area around Osaka 
in July. The ministry estimates 
the cost of laying optical fibre 
cable to homes could total Y33 
trillion ($314bn) at the least. 


but believes the information 
superhighway will generate 
markets worth Y123 trillion 
and create about 2.43m jobs. 

It is studying the benefits 
which multimedia services 
offer a society such as Japan's: 
heavily populated, concen- 
trated in urban areas, axper- 
iencLng structural industrial 
changes, and rapidly ageing. 


NZ ‘heads for first budget 
surplus in 17 years’ 


By Terry Hall In Wellington 

New Zealand will show a 
budget surplus of NZ$420m 
($246m) for the year to June 30, 
the first it will have achieved 
for 17 years. Mr Bill Birch, 
finance minister, said yester- 
day. 

The forecast is a sharp turn- 
around front the Treasury pre- 
diction made last October 
before the general election 
which returned the National 
party government. 

The Treasury then had pre- 
dicted a deficit of NZ$1.4bn for 
the June year. 

Mr Birch said that because of 
the rapidly improving econ- 
omy, tax receipts would be 
NZS2bn higher than expected, 
while government spending 
and other costs had been held 
down. 

The projected surplus was 
the latest in a string of good 


news items on the New Zea- 
land economy. Other recent 
statistics have shown a steady 
improvement in the balance of 
payments, continued low infla- 
tion, and strong job creation. 

National Bank, a Lloyds 
Bank subsidiary, in its latest 
survey released yesterday, 
reported that business confi- 
dence remained buoyant. 

Optimism was increasing in 
the more densely populated 
North Island, which until now 
had been slower to enjoy the 
economic revival. 

• Two former senior execu- 
tives of Fortex. a collapsed 
New Zealand meat company, 
were yesterday charged with 
27 accusations of fraud total- 
ling NZ$42m. The charges 
included publishing a false 
statement. 

They were Mr Graeme 
Thompson, the chief executive 
and a former New Zealand 


Businessman of the Year, and 
Mr Michael Millio, general 
manager for finance. 

The Securities Commission 
and other New Zealand author- 
ities are investigating the com- 
pany, whose sudden and unex- 
pected collapse in March saw 
suppliers, farmers and other 
lenders lose up to NZ$l60m. 

Fortex was known interna- 
tionally for developing new 
slaughter operations and 24- 
hour production in an industry 
that for decades bad been in 
the grip of tough unions. 

It had an international mar- 
keting network, with plans to 
open a slaughterhouse in 
Britain. 

Mr Alan Isaac, the receiver, 
says he has had over 40 expres- 
sions of interest in the compa- 
ny's two plants which are 
being offered for international 
tender. They are worth an esti- 
mated NZSIOOm. 



Filipinos link arms to escort foreign delegates to attend a human rights conference on East Timor 
in Manila yesterday. The Philippine Supreme Court yesterday cleared the way for the conference 
to open on schedule. It overturned a decision by a lower court that io effect banned the conference. 

Indonesia, accused by human rights groups of widespread killings, torture and detentions since 
it annexed East Timor in 1976, has bitterly opposed the privately organised conference. Bending to 
this pressure. President Fidel Ramos’s government banned foreigners from attending and expelled 
11 of them, but about 25 delegates managed to slip through. puv Beu» 


NEWS IN BRIEF 

S Africa rejoins 
Commonwealth 
after 33 years 

South Africa is today to become the 5ist member of the 
Commonwealth, rejoining tho grouping from which tin: then 
white minority government withdrew 33 years ago after declaring 
a republic. Our Foreign Staff writes. 

Chief Emcka Anyaoku. Commonwealth secretary general, said 
the admission of a non-cacia! South Africa following democratic 
elections in April would assist in “making tho world safer Tor 
diversity". The organisation planned to co-sponsor a conference 
with the United Nations in mid-September for potential doaare 
"to help South Africa make up for the huge gaps mado by years 
of apartheid”. 

Yesterday the country also joined the Non-Aligned Movement 
of developing countries as delegates began a conference in Cairo. 
Taking his sent Mr Alfred Nzo. South African foreign minister, 
com mitted his country' to share its economic, technological amt 
scientific skills with developing nations, particularly in Africa. 

UN goes to Rwanda camp 

The United Nations sent investigator? yesterday to a camp in 
government-held territory in Rwanda where aid workers said 500 
people were massacred. Reuter reports from Kigali. 

Rebels and government troops resumed fighting despite talk of 
a truce and UN officials and witnesses reported that an officer 
serving with the UN force was killed by a mortar blast just inside 
the government-held part of the capital, Kigali 
The reported massacre was the latest indication that mass 
killings were continuing in the central African nation, where half 
a million people are estimated to have died in seven weeks. 

Libya pulls out of Chad land 

Libya and Chad said in a joint statement yesterday that Libya 
had completed its withdrawal from the Aouzou Strip, which It 
had occupied since 1973, Reuter reports from Tunis. 

Chad state raido said Mr Abderamane Miskine Izzo, interior 
minister, other Chadian officials and United Nations observers 
had witnessed the handover by Mr Omar al-Montasser. Libya's 
foreign minister. The 110.000 sq km region is thought to contain 
oil and uranium. Chad and Libya twice went to war over the 
strip. In February the International Court of Justice ruled it 
belonged to Chad. 

Boost for HK property 

Hong Kong's property market, under scrutiny by the government, 
has received a boost following the sale of the New Territories' 
San Miguel Brewery site for HK£L5bn ($450ra). sharply above 
market expectations, writes Louise Lucas in Hong Kong. 

The 494,700 sq ft site went to Diamond Hill Development, a 
vehicle in which Wheeiock, Wharf Holdings and Hong Kong 
Realty and Trust have equal shares. Both Wharf and Hong Kong 
Realty are partly owned by Wheeiock. 

Uncertainty has hovered over the market since March, when 
Mr Chris Patten, the governor, announced his Intention to look at 
mpniw of controlling prices amid concerns that home ownership 
was beyond the reach of many families. 

Manila trade deficit up 30% 

The Philippines posted a trade deficit of $1.66bn in the first 
quarter, up 30 per cent on the year before, as total imports 
continued to grow at a faster rate than exports, writes Jose 
Galang in Manila. 

The central bank said yesterday that total imports rose 22 per 
cent to $4J)8bn while exports increased 18 per cent to $2.92bn. 


Rift widens with international creditors ahead of scheduled visit by team from IMF 

Nigeria tightens direct controls on foreign exchange 


By Paul Adams in Lagos 

Nigeria's military regime has 
increased direct control over 
scarce foreign exchange and 
export finance despite opposi- 
tion from Mr Kalu l. Kalu. 
finance minister, and Mr Paul 
Ogwuma. central bank gover- 
nor. 

Increased state regulation of 
the economy has also widened 
the rift between Nigeria and its 
international creditors ahead 
of a scheduled visit this month 


by an International Monetary 
Fund team. 

This week, ministers are 
allocating $15m out of a fort- 
nightly average supply of 
SlOOm, to companies for prior- 
ity imports, mainly food. They 
say this is to prevent shortages 
in the shops later this year and 
correct distorted demand. 

A committee chaired by Mr 
Samuel Ogbemudia. labour 
minister, including Mr [yorchia 
Ayu. education minister, and 
Mr Arerau Yahaya, junior 


transport minister, is expected 
to allocate most of the foreign 
currency for food importers to 
undisclosed companies. 

“Something has to give 
soon," said Mr Kalu in an 
interview in the capital Abuja. 
“At the end of June I plan to 
hold a mid-year review of the 
economy. I want to review for- 
eign exchange restrictions, the 
cap on interest rates and other 
controls, and look at ways to 
reduce bureaucracy and create 
Incentives for producers. 


“We need to create the mini- 
mum framework for resuming 
talks with the international 
creditors." 

Other critics regard the 
direct allocation as creeping 
towards the import licence sys- 
tem, notorious for Its corrup- 
tion in the 1900s. “In our expe- 
rience. this does not solve the 
problem,” Mr Rasheed Gbado- 
rnosi, Nigerian Industrial 
Development Bank chairman, 
said yesterday. “It can lead to 
accusations of abuse of power 


and is straying from the funda- 
mental problem; the low sup- 
ply of foreign exchange. While 
non-oil exports are depressed, 
they will just be rationing the 
misery.” 

Mr Kalu and Mr Ogwuma 
have failed to block transfer of 
control over the Nigerian 
Export-Import Bank (Nextm- 
bank) from the central bank to 
the ministry of commerce and 
tourism and the appointment 
of Mr Tony Ad aba as its new 
managing director. Both deci- 


sions were authorised by the 
presidency. “This is a financial 
institution, not a trade promo- 
tion councfl. It should be under 
the central bank,” Mr Kalu 
said. 

The cocoa industry is con- 
cerned about the security of 
glOm which industry operators 
say is owed to formers. The 
sum Is left over from a levy by 
the International Cocoa Organ- 
isation which had not been 
remitted by the government 
when the levy ceased in 1990. 


Taiwan budget trimmed 

Taiwan’s legislature has trimmed the government’s proposed 
1994-95 budget by 2.15 per cent, including a cut of 8203.7m in 
defence spending, AP reports from Taipei. 

Defence spending will none the less take 24.5 per cent of the 
total, up from 23 per cent in 1994. 

Amnesty hits at China 

Amnesty International, the h uman rights group, deman ds today 
that China release political prisoners and end torture in its 
prisons, saying thousands arrested in the crackdown five years 
ago continue to be imprisoned and in some cases maltreated, 
Reuter reports from Beijing. 

In a report issued to coincide with the fifth anniversary of the 
bloody army attack that crushed pro-democracy demonstrations 
in Beijing's Tiananmen Square on June 4 1989, ” the London- 
based group said: “Arbitrary arrests, unfair trials and torture 
continue to be widespread and tire death penalty is used exten- 
sively for a wide range of offences." 


Pragmatism and opportunism, but no programme yet 

Nikki Tait on Australian opposition leader Alexander Downer, one week on 


O nly hours after Mr Alexan- 
der Downer took over as 
leader of Australia's opposi- 
tion Liberal party, a public opinion 
poll had him wiw points ahead of 
Libor's incumbent. Mr Paul Keat- 
ing. us the electorate’s preferred 
prime minister. 

Nearly 60 j>er cent of voters polled 
also thought an opposition led by 
Mr Downer had a better chance of 
beating Mr Keating's Labor govern- 
ment that: one led by Mr John Hew- 
son. Mr Downer s ousted predeces- 
sor. “Not niu-Ii a honeymoon 
- more ot a iovc-m. " remarked one 
commentator. 

Sustaining this biyiit to the oppo- 
sition's fortunes .inri capturing it in 
an appealing m.uiiLrsto will prove 
more difficult. 

For. while media attention has 
been concentrated on the Liberals' 
leadership crisis and the recent per- 
sonality jockeying, the party iias 
faced a policy void ever since it lost 
the last election, in March l&O. 

Going into that vote, the opposi- 
tion's position was clear enough. Mr 
Hewson. a career economist before 
bis switch into federal politics, had 


spelt out a free-market economic 
reform package which was for more 
extensive than anything Labor pro- 
posed. 

According to a party policy docu- 
ment called Fightback! a Hewson 
government would have moved 
swiftly to deregulate Australia's 
labour markets, largely eradicating 
compulsory' arbitration and occupa- 
tional awards; switched the taxa- 
tion emphasis from direct to indi- 
rect via the introduction of a goods 
and services tax (GST); and, in ail 
likeliiiood, passed control of mone- 
tary policy to an independent cen- 
tral bank. 

But the prescription apparently 
proved too strong for an Australian 
electorate, squeezed by recession 
and fearful of the GST. Largely as a 
result of this, the opposition lost a 
supposedly “unlosabie" election. 

Today, the question is what sort 
of policies Mr Downer can articu- 
late without running into the more 
moderately paced reforms pursued 
by Labor. 


In his first week, the new opposi- 
tion leader has given few direct 
hints - except to suggest that rigid 
ideology will be low on the agenda. 
Immediately after the leadership 
ballot, he refused to be drawn on 
specific policy issues, saying only 
that a “directional document" 
would be issued in the next few 
months. Even that would centre on 
broad guidelines, rather than 
detailed strategies. 

“[This J is not an ideological party, 
or a frightening party. . . it is a prac- 
tical, commonsense party and we 
will address Issues in a practical 
commonsense way,” he said. 

Commentators also struggled to 
read much into the revamped 
shadow cabinet, announced on 
Thursday. There was an inevitable 
preference for either Mr Downer's 
supporters or those of Mr Peter Cos- 
tello. who joined Mr Downer on the 
“youth ticket" and becomes shadow 
treasurer. But Mr Hewson stays on, 
as industry spokesman. 

Overall the team is thought to be 


“drier" than that of Mr Hewson, but 
Mr Downer himself has indicated 
that it was picked primarily with a 
view to giving Labor a rough politi- 
cal ride, rather than because of its 
ideological affiliations. Shadow min- 
isters, he said, would have to be 
“strong in terms of their attack on 
the Labor party, in exposing the 
weaknesses of the Labor govern- 
ment”. 

A s for Mr Downer hims elf, he 
comes into the Liberal lead- 
ership position with little 
ideological baggage. His most 
recent Job was shadow treasurer, 
articulating the opposition's eco- 
nomic policy, and he is widely 
thought to have handled the task 
well. 

But for much of the time, the 
Downer programme was to 
acknowledge Australia’s increas- 
ingly cheerful economic numbers, 
and then poke holes in Labor’s 
response to them. This approach 
had the merit of making Mr Downer 


appear fair-minded, while throwing 
the spotlight on the weaker points - 
such as lagging business invest- 
ment - in the Keating strategy. 
However, for the most pari it was 
an effective piecemeal attack, 
rather than a comprehensive state- 
ment of alternative policy. 

That said, some economic corner- 
stones were established, and will 
probably form the basis for policy 
development in the months ahgari. 
Mr Downer has. for example, consis- 
tently suggested that the financial 
leeway afforded to the government 
from Australia's faster-than-expec- 
ted economic recovery should be 
used to reduce the budget deficit 
Failure to do so, he has warned, mil 
intensify the upward pressure on 
interest rates, and discourage the 
corporate sector. 

He has also highlighted Austra- 
lia’s low household saving ratio as a 
critical area of concern. Lack of 
domestic savings, he has warned, is 
likely to exacerbate balance of pay- 
ments problems, and fuel a “boom- 


and-bust" economy. 

Other key policy elements are 
likely to include measures to 
encourage investment by small 
businesses, and a few of the former 
Fightback! features - such as foster 
micro-economic reform in areas nw» 
the labour market, where the gov- 
ernment’s new industrial relations 
law is coming under heavy attack 
from employer groups, and greater 
Independence for the Reserve. Rank 

But there are also indications 
that the opposition's future policy 
emphasis will he wider ranging, 
putting additional weight on social 
issues, not just economic ones. On 
one level a change of tack is almost 
certainly wise: the economy has 
been recovering strongly. 

But on the broader plane, there are 
some large lacunae in Liberal party 
policy. For example, its handling- of 
the high-profile and emotionally 
charged “Mabo" Issues - the land 
rights and compensation entitle- 
ments of Australia’s indigenous 
peoples - has been disastrous, with 


the party appearing both callous 
and inconsistent 

The Labor government can also 
fairly claim to have taken a formi- 
dable initiative on Australia’s 
chronic unemployment problem, 
with a recently announced AJ65bn 
(84.65bn) Jobs programme. 

Last week, Mr Downer quickly 
took a tough fine on immigration 
while unemployment remains high. 
This appears to be of growing con- 
cern to voters, although the pro- 
posed modest increase in this year's 
migrant intake will largely be filled 
by Chinese in Australia at the time 
of the T iananme n Square mass acre. 

Hie new opposition leader also 
trod a shrewd line on the republic 
debate, suggesting that constitu- 
tional change was more Likely 
under a Liberal government, while 
also saying he felt that such a 
change was too complex. 

One week on, then, pragmatism 
and opportunism seem to be the 
order of the day for the new opposi- 
tion leader. But whether they even- 
tually add up to a coherent package 
which the electorate will buy, 
remains to be proved. 


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JS^^^£^^[|^^g^WEPNESDAY JUNE l 1994 


NEWS: THE AMERICAS 



By.Oootyo Graham 

in WfttMnQton 

N ew si gnals of slowing economic 
activity yesterday took the edge off 
renamin g tears that the US economy 
might "fea growing at an unsustainable 
pace. 

' The Commerce Department 
reported that disposable personal 
. incomes tell by 03 per cent in April, 
while spending on personal consump- 
tion fell by 0.1 per cent 
Higher wages and salaries raised 
total personal income by 04 per cent, 
a more modest gain than in recent 
months, but increased tax pay ment s 


US growth eases economy fears 


as last year's budget took effect on 
higher income taxpayers depressed 
.disposable income. 

At the same' time, the Commerce 
Department said sales of new homes 
fell by 7 per cent in April to a season* 
aBy adjusted annual rate of 683,000 
homes, while consumer confidence 
dipped Sharply, according to the Con- 
ference Board's May index 

"What we are seeing is that the 
economy was growing fester than 
could be internally sustained, particu- 
larly in the consumer sector, sod now 
it is slowing to a pace which is more 
sustainable," said Mr Bruce Stein- 
berg, manager of macro-economic 


analysis at Merrill Lynch, the US 
stockbroker. 

Yesterday's data followed an unex- 
pected upwards revision on Friday in 
the Commerce Department's estimate 
of growth in the first quarter, to an 
annualised rate of 3 per cent 

Although the US economy is expec- 
ted to show stronger growth in the 
second quarter than in the first as 
the country shakes off the frosts of 
January and February, it is also 
starting to feel the effects of a series 
of interest rate increases by the Fed- 
eral Reserve Board. 

April's drop in home sales showed 
the impact of rising interest rates on 


the construction sector, even before 
the Fed's most recent half percentage 
point rise two weeks ago. 

The Conference Board's consumer 
confidence index, which dropped to 
87.6 in May from 92.1 in April, also 
appears to reflect a reaction to higher 
interest rates. 

Mr Alan Greenspan, the Fed chair- 
man, came under fire last week from 
senior Democratic senators who com- 
plained that he was stamping out the 
recovery by raising interest rates long 
before there were any real signs of 
inflation. 

But most private sector economists 
still see a strong pace of growth, and 


will be looking more closely at today's 
purchasing managers’ index and Fri- 
day's report on employment in May 
than at yesterday's signals of slow- 
down. 

“We are slowing from a 5 per cent 
pace of growth at the end of last year, 
and I think there is still some ambigu- 
ity over whether we are slowing to a 
little under 3 per cent or a little under 
4 per cent. Our view is that the slow- 
down is only gradual." said Mr Robert 
Mellman of J.P. Morgan, the New 
York bank, which is forecasting a 6 
per cent growth rate in the second 
quarter, slowing to a rate of 3-5 per 
cent by the end of the year. 


Zapatistas to 
vote on ‘final’ 
peace accord 


By Damian Raser 
Jn Mwdco City 

The leadens of Mexico's rebel 
Zapatista Army of National 
Liberation say ttat they have 
finished consultations on. the 
government’s proposed peace 
agreement and that their sup- 
porters win now begin voting 
on the accord. 

The rebels began, internal 
consultations after the govern- 
ment proposed a 32-point peace 
plan at the beginning of 
March, but . these were 
suspended after the *gg«sfo«- 
ttau of Mr Lane Danaldo CoLo- 
sk>, therubng party's presiden- 
tial candidate, on March 23. 
They resumed at the end of 
April. _ • 

The government promised in 
its peace offer to redistribute 
land in. the southern afote of 
Chiapas, .where -the rebels 
launched -their rebellion on 
New Year's; Day, and imple- 
ment potentially far-reaching 
judicial and social reforms in 
the state. It also, said it would 
give increased protection and 
rights foe the Indian popula- 
tion. . ‘ 

Although the agreement did 
not directly meet the rebel 
demand; for national demo- 
craticrtefonns, such concerns 
were . simultaneously negoti- 
ated with opposition partfe&l 

While the Zapatistas are not 
expected to break a ceasefire in 


place since early January, 
most observers doubt they wifi 
accept the peace offs without 
conditions. ' 

Rebel leaders have been sus- 
picious of the government's 
willingness to imphuneut tty* 
accord, and have previously 
indicated they will not approve 
an agreement at least .until this 
August’s presidential election, 
as a. way, of maintaining pres- 
sure on the government to 
hold fair elections. 

The vote on the agreement 
by rebel supporters will take 
place in the region of southern 
Chiapas under Zapatista con- 
trol 

It is expected that the voting 
process will take same time, 
and no date has been fixed for 
a final result 

The Zapatistas claimed that 
the vote would be “free and 
democratic’' but have now 
dosed the territory tmder their 
control to the press and out- 
side observers. 

• Democratic Congressman 
Robert Torricelli says he sees 
no quick end to. the uprising in 
Chiapas and warned it could 
spread* Reuter reports from 
Mexico City. 

The New Jersey representa- 
tive said on Monday the prob- 
lems of poverty and corruption 
that -produced the uprising in 
Chiapas existed elsewhere in 
Mexico and this amid lead to 
more violence 


States tell cigarette makers 
to cough up on health costs 


T he US tobacco industry 
is under fresh attack In 
the last few days, two 
states - Mississippi and Flo- 
rida - have announced plans 
to take US cigarette manufac- 
turers to court in an attempt to 
recoup costs incurred in treat 
ing smoking-related diseases 
under m e dic a l as sis ta n ce pro- 
grammes such as Medicaid. 

The sums the states are seek- 
ing are vast Florida says 
smoking-related illnesses have 
cost the state at least $lJ2bn in 
medical costs since 1989. If its 
legal action succeeds, and 
other states do the same, the 
cigarette manufacturers could 
be forced out of business. 

In its intensifying war 
against the tobacco industry, 
the US anti-smoking lobby has 
hAffVod many attempts to sue 
cigarette manufacturers for the 
health costs associated with 
smoking.. All efforts have 
faiM- the industry hag yet to 
pay a cent in damages. 

But these latest cases are dif- 
ferent. Earlier suits were 
brought against manufacturers 
on behalf of individuals or 
groups of individuals seeking 
compensation for their suffer- 
ing. Mississippi and Florida are 
not representing individuals: 
they are asking the industry as 
a whole to reimburse them for 
the direct economic costs of 
treating smoking-related dis- 
eases. 

The distinction is important 
because it could deny cigarette 



Chiles: after ‘Marlboro Man' 


makers the opportunity to 
deploy some of their most pow- 
erful defences. In previous 
cases, manufacturers have suc- 
cessfully argued that individu- 
als who smoke knowingly 
assume all the risks associated 
with the habit; that those who 
become ill cannot conclusively 
prove that smoking was the 
cause; or that no one can be 
sure which manufact urer's cig- 
arettes caused the illness. 

Mississippi believes it will 
overcome these defences by fil- 
ing a riaim agains t all 13 US 
cigarette manufacturers seek- 
ing reimbursement of the 
health costs it incurs in treat- 
ing smokers. If it wins, the 
damages will be split between 
the companies according to 


Richard Tomkins 

reports on fresh 
legal attacks by 
Florida and 
Mississippi that, 
if successful and 
replicated, could 
force the 
cigarette 
manufacturers 
out of business 


their market share. 

“This lawsuit is premised on 
a simple notion. You caused 
the health crisis: now you pay 
for it" Mr Mike Moore, Missis- 
sippi attorney general, said. 

Florida has gone further by 
si g nin g into law an act tha t 
will specifically deny cigarette 
manufacturers the right to 
deploy their traditional 
defences, arguing that they are 
irrelevant to the issue of how 
much the state pays out to 
treat smoking-related diseases. 
This will greatly enhance the 
prospects of a successful suit. 

“We're going to take the 
Marlboro Man to court, " said 
Florida's Governor Lawton 
Chiles, who is running for a 
second term in office. 


The moves by the two states 
come against a background of 
growing hostility to smoking 
in the US from anti-smoking 
groups, government officials 
and legislators at local and 
national level. Ms Jennifer 
Lew, managing attorney at the 
Tobacco Products Liability 
Project, a Boston-based anti- 
smoking group, says: “I think 
the tide has turned so that t.hia 
sort of legislation has become 
politically palatable." 

Even so, some are concerned 
about the implications. Associ- 
ated Industries of Florida, a 
business organisation for the 
state, says the principles 
enshrined in Florida’s new leg- 
islation could easily be 
extended to the manufacture of 
dairy products, sugar, pharma- 
ceuticals or cars. It says it will 
fight for a repeal. 

The cigarette manufacturers 
will also fight the legislative 
moves. They will almost cer- 
tainly challenge the constitu- 
tionality of Florida’s new law; 
and in the event that any suit 
succeeds, they will almost cer- 
tainly appeal Ms Lew acknowl- 
edged that it could be years 
before the first case is settled. 

Financially, that may be no 
bad thing. Tike other states, 
Florida does well out of ciga- 
rette sales. Officials concede 
that the S1.2bn it has paid out 
in medical costs in the last five 
years is not as much as the 
$2bn it has collected in taxes 
on cigarettes. 


Brazil fails in 
bid to update 
constitution 


By Angus Foster in S3o Paulo 

Brazil's attempt to update its 
constitution ended largely in 
failure yesterday, highlighting 
the weaknesses in the coun- 
try's political system. 

The constitutional revision 
process, under way in Con- 
gress since October, has foiled 
to make any of the important 
changes most analysts believe 
are crucial for the government 
to regain control of the econ- 
omy. 

Reforms to the tax. social 
security and government 
spending regimes failed to win 
congressional support. As a 
result, the country's next presi- 
dent - due to take office in. 
January - will continue to face 
serious problems balancing the 
budget and tackling inflation. 

Congress also failed to pass 
reforms opening the economy 
to foreign investment and eas- 
ing constraints on foreign com- 
panies in the mining sector. 

The revision foiled partly 
because of political corruption 
hearings last year, which 
sometimes bought congressio- 
nal business to a standstill. 
More importantly, congress- 
men were not prepared to vote 
on controversial issues in an 
election year. 

Brazil also lacks an 
efficient party political system 
to force congressmen to attend 
sessions. This led to delays in 


the revision process. 

Mr Nelson Jobim, in charge 
of the revision process, said he 
was leaving Congress after the 
elections, mainly because of 
disappointment at the revi- 
sion's failure. 

Congress did make some 
changes to the constitution, 
which was adopted in 1988 in a 
backlash against two decades 
of military dictatorship, but 
has since been criticised as 
highly idealistic. The most 
important change was 
approval of a two-year emer- 
gency social fund, designed to 
bring short-term relief to the 
government’s finances. But 
without longer term reforms to 
the tax and social security 
systems, the fund is very lim- 
ited in scope. 

A second change, reducing 
future presidential terms from 
five to four years, again 
showed the depth of Brazil’s 
political problems. Congress 
approved the measure to make 
presidential terms the same as 
Congress. But a proposal to 
allow presidents to seek re- 
election was rejected, mainly 
because Congress and state 
governors fear any one party 
controlling government for 
eight years. 

As a result, future presidents 
will have only four years to 
carry out their programmes, 
scarcely enough in Brazil's 
ponderous politics. 


US resumes Japan 
insurance talks 


Michiyo Nakamoto In Tokyo 

The US and Japan will have 
their first opportunity to put 
their newfound co-operative 
spirit to the test when they 
resume talks in Washington 
today on access to Japan's 
insurance market. 

The insurance sector will be 
the first specific issue the two 
countries will tackle since they 
agreed earlier this month to 


try to negotiate a framework 
for opening Japanese markets 
to foreign goods and services 
and to reduce Japan's current 
account surplus. 

The US has argued that 
Japan has structural barriers 
and regulations which hinder 
foreign penetration of the 
insurance market. 

Japan maintains that its 
insurance market is already 
quite open. 


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Brittan says No to 
job as WTO chief 


By Frances Williams in Geneva 
and Ian Rodger in St Gallon 

Sir Leon Brittan. EU trade 
commissioner, moved swiftly 
yesterday to damp speculation 
he could be in the running to 
head the new World Trade 
Organisation in Geneva, due to 
come into force at the begin- 
ning of next year. 

Mr Peter Guilford, his 
spokesman, said Sir Leon “has 
no interest in the job and can 
foresee no circumstances what- 
soever under which he would 
be Interested". 

There was speculation at the 
Eli's Brussels headquarters 
that the linking of Sir Leon’s 
name with the WTO vacancy 


was “French mischief", part or 
a campaign by Paris to ditch 
Sir Leon's candidacy for the 
European Commission presi- 
dency. France is backing Mr 
Jean-Luc Dehaene, the Belgian 
prime minister, to succeed Mr 
Jacques Delors. 

Sir Leon's name is not 
among those circulating in 
Geneva as serious contenders 
for the WTO post, who include 
Mr Rena to Ruggiero, former 
Italian trade minis ter and now 
deputy chairman of Fiat, Mr 
Rubens Ricupero, Brazilian 
finance minister, and Mr Philip 
Burdon. trade minister of New 
Zealand. 

Trade officials take a cool 
view of suggestions that the 


WTO might be some sort of 
consolation prize for failed can- 
didates elsewhere. Lord Law- 
son. who is bidding for the 
OECD top job. has also been 
mentioned as a possible WTO 
chief. 

Mr Peter Sutherland, whose 
decision to step aside as direc- 
tor-general of the Gatt has cre- 
ated the WTO vacancy, is 
being mooted as a possible 
compromise choice as Euro- 
pean Commission president. 
Mr Sutherland, who is Irish, 
has denied seeking the job. 

The workability of the new 
WTO will be established 
quickly through the use of its 
trade disputes procedure, 
according to Mr Sutherland 



Brittan: he is quoted by his spokesman as having “no interest in the job" 


AVtey -W turtvd 


India sees 
software 
export rise 

By Stefan Wagstyl 
In New Delhi 


India's software exports 
soared 51 per cent in the year 
to March to Rsl0.2bn 
l £2 15.5m), as the industry suc- 
cessfully maintained the fast 
pace of growth of recent years. 

Total turnover also expan- 
ded rapidly by 47 per cent to 
Rsl7.ibn, according to figures 
released yesterday by the 
National Association of Soft- 
ware and Service Companies. 

Indian producers believe 
they are now reaping the bene- 
fits of establishing themselves 
in international markets. 
Export sales are dominated by 
a handful of larger companies, 
notably Tata Consultancy Ser- 
vices, a member of the Tata 
industrial grouping, which 
had overseas sales of Rs2bn. 
Altogether 100 companies 
exported software worth 
RslOm or more, compared 
with only live live years ago. 

Indian companies often used 
to send engineers to the DS 
and other countries to work on 
projects on-site. Recently, 
however, Indian companies 
have been earning out more 
work at home, transmitting it 
by data communications lines. 


Damian Fraser on foreign companies’ prospects in a growing sector 

Mexico opens up for water business 


B ritish and French com- 
panies are competing 
fiercely to gain a hold in 
Mexico's water sector, drawn 
by an industry that is being 
partly opened to private invest- 
ment and is in desperate need 
of modernisation. 

Over the past year Thames, 
Severn Trent. North West 
Water. Biwater. Anglian Water 
of the UK and Lyonnaise des 
Eaux and Gene rale des Eaux of 
France, with local partners 
have won contracts worth 
more than Slbn to build water 
treatment plants or to modern- 
ise municipal water systems in 
Mexico. Other British and 
French companies have bid 
unsuccessfully for contracts. 

Further investment is likely 
to run into billions of dollars. 
Just a fifth of Mexico's sewage 
is treated, a proportion that 
will have to grow when new 
laws regarding water quality 
are enforced. A quarter of the 
population does not have 
access to running water, and 
still more receive irregular ser- 
vice. 

However, foreign companies 
in Mexico warn that the mar- 
ket is highly competitive and 
grumble that margins are so 
low that they often do not jus- 
tify the still considerable risks. 
"Mexico is a big market," says 


Bob Tippings of Blwater in 
Mexico, “but there are a lot of 
players. We have more profit- 
able business in Venezuela 
where there is less rivalry." 
Apart from the foreign compa- 
nies. there are half a dozen 
Mexican construction compa- 
nies keen to win water con- 
tracts. 

Operators further complain 
that doing business with 


Mexico, says water contracts at 
the local level are decided 
more on political than eco- 
nomic grounds. 

Waste water treatment 
plants are generally seen as 
the best opportunity in the 
short term. Some private oper- 
ators reckon that there needs 
to be about $5bn of investment 
in treatment plants If munici- 
pal governments are to meet 


found it difficult to raise debt 
collaterised by future revenues 
because of concern about the 
creditworthiness of the munici- 
palities. The worry is that the 
municipal government will not 
be able to pay the operator the 
agreed price for treating water 
and renege on the contract 
Banobras. a state develop- 
ment bank, has now agreed to 
guarantee the contracts 


Investment is set to run into billions - a quarter 
of the population does not have access to running 
water and still more receive irregular service 


Mexico’s municipal govern- 
ments can be time consuming 
and frustrating. Despite regula- 
tions that permit private 
investment, many say there is 
considerable resistance to their 
presence at the lower levels of 
the government, and this has 
led to costly delays in con- 
struction and financing of 
plants. 

“The municipalities are a 
disaster," says one government 
water official. “They are too 
small, badly managed, and 
have no tradition of managing 
water efficiently" The World 
Bank, in a recent report on 


new federal regulations that 
subject them to fines If they do 
not clean their waste water. 

Under the most common 
scheme, the private operator 
pays for the treatment plants, 
and in return is given manage- 
ment and ownership with a 
guaranteed amount of business 
for a set number of years, 
under the so-called Built-Oper- 
ating-Transfer blueprint Such 
BOTs have been negotiated in 
Puerto Vallarta, Ciudad 
Juarez, Chihuahua. Hermo- 
sillo, Obregon, Puebla, Leon, 
La Paz and Tampico. 

Private operators have so far 


between the municipal govern- 
ments and the operator, 
thereby giving the collaterised 
debt a higher credit rating. 

Banobras has agreed to offer 
the Monterrey-based conglom- 
erate Cydsa a guarantee for its 
treatment plant in Chihuahua. 
Biwater hopes to receive a 
guarantee for its Puerto Val- 
larta plant 

Over the longer term, water 
companies hope municipalities 
will put aside their objections 
and award the private sector 
EOT concessions for the full 
local water system, from the 
distribution of water to billing 


of clients. So Ear two munici- 
palities - Aguascalientes. an 
industrial city in the centre of 
Mexico, and Cancun. the 
resort - have given private 
companies management and 
ownership of their water 
systems for a fixed period. 

Mexico City plans eventually 
to give private companies full 
operational control over its 
water system. Last year the 
city government split the capi- 
tal into four regions, and 
awarded contracts to four con- 
sortiums of water companies. 

In the first phase, the compa- 
nies will install 700,000 meters 
on a contract basis; in the sec- 
ond they will operate the sys- 
tem in the name of the govern- 
ment; and in the third they 
will take full control, buying 
water in bulk and selling it 
directly, at regulated prices, to 
customers. 

The Mexico City contracts 
took much longer than expec- 
ted to be negotiated, in part 
delayed by those who objected 
to uprooting the water system 
before the presidential election 
In August The resistance was 
seen by some foreign operators 
as a sign of the continuing 
reluctance in parts of the gov- 
ernment to give up control of a 
commodity as politically sensi- 
tive as water. 


US takes 
harder line 
on Japan 

Britain and the US have very 
different approaches toward 
gaining access to Japanese 
markets. British Trade Minis- 
ter Richard Needham, said yes- 
terday. Mr Needham was 
speaking at the launch of an 
“Action Japan” campaign. 

A Japanese Ministry of 
International Trade and Indus- 
try (Miti) panel said in a 
report released yesterday the 
US is “without parallel” in 
imposing measures that force 
its trading partners to abide 
by unilateral judgments. It 
said the US shows no signs of 
abandoning this practice. 

Asked why the US has 
received lucrative orders from 
Japanese businesses, Mr Need- 
ham said: “I don't think you 
can in practical terms play the 
part of the bully, unless you're 
bigger than the other guy. IF 
the other guy's bigger than 
you, and you try and be the 
bully, you're likely to end up 
on your back.” 

The Action Japan campaign, 
which follows on from the 
Opportunity Japan (1988-91) 
and Priority Japan (1991-1994) 
campaigns, alms to increase 
British visible exports to 
£3J>bn by 1996, np from £2.6bn 
in 1993. 


US starts 
talks on 
workers’ 
rights 

By Francos WflUoma in Genova 

US trade officials said 
vesterdav they bad begun con- 
sulting with trading partners 
on the vexed question work- 
ers' rights and trade, and 
hoped to raise the issue for- 
mally within the General 
Agreement on Tariffs and 
Trade before the summer 
break. 

Developing countries have 
vigorously rejected tying 
worker rights to trade privi- 
leges. which they regard as a 
cover for protectionism. 

The US. backed by the Euro- 
pean Union and other industri- 
alised nations, says its object is 
not to remove the comparative 
advantage of low labour-cost 
countries, but to curb human 
rights abuses such as bans an 
union membership, forced 
labour and child exploitation. 

Though not on the formal 
agenda, the idea of a "social 
clause” in Gatt is expected to 
feature strongly in discussions 
at the annual conference or the 
International Labour Organisa- 
tion. which begins next week 
in Geneva. 

Mr Michel Hansenne. direc- 
tor-general uf the UN agency, 
has said he personally favours 
a "social clause" related to the 
ILO's core conventions: the 
right to form trade unions and 
bargain collectively, and the 
ban on forced labour. These, he 
argues, are basic human rights 
and can be applied by coun- 
tries at any level of develop- 
ment. 

He proposes making a ban 
an child labour effective within 
five to 10 years. 

A report by an ILO commit- 
tee published yesterday urges 
the ILO to tighten enforcement 
of international labour stan- 
dards. singling out breaches of 
the forced labour convention 
including forced child labour 
and child prostitution. 

The report calls for closer 
scrutiny of compliance with 
the core human rights conven- 
tions, possible compensation 
for those adversely affected by 
violations of ILO standards 
and voluntary mediation and 
arbitration. 




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I 




FINANCIAL TIMES WEDNESDAY JUNE I 1994 


: UK 


Recovery may pose inflation risk, report warns 

i/i / MT 7 x rpcictfi 


By Gfflian Tett, 

Economics Staff 

Evidence that the British economic 
recovery may be fuelling inflation- 
ary pressures emerged yesterday as 
a business survey warned that man- 
ufacturing bottlenecks had signifi- 
cantly raised factory prices in May. 

The UK purchasing managers' sur- 
vey said prices were pushed up for 
the sixth successive month because 
factories were unable to meet the 
recent surge in ttemn„d Shortages 
of pulp, paper and steel bad created 


particular problems in packaging 
and production industries. 

In another sign of inflationary 
pressure, the annual growth rate of 
MO. the narrow measure of the 
money supply, rose to a seasonally 
adjusted 7.1 per cent in May, the 
highest figure since April 1990. 

MO has been growing outside the 
government's monitoring range of 
0-4 per cent for some time. The Bank 
of England does consider MO to be a 
forward indicator of inflation but it 
has argued that the annual growth 
rate has been distorted by the move 


to low Interest rates, which have 
reduced the cost to consumers or 
holding cash. 

But analysts said the figures indi- 
cated that the economy was still 
growing strongly and therefore the 
likelihood of a further base rate cut 
had been reduced even further. 

The strength of this growth was 
underlined by the purchasing man- 
agers' survey, which showed that 
factory output, new orders and 
employment all rose to the highest 
levels recorded during the survey's 
three-year history. 


This was creating problems for 
some UK factories, the survey 
suggested. Although levels of stocks 
had remained broadly fiat in May. 
delivery times had lengthened to 
record periods because many manu- 
facturers were unable to meet 
demand requirement in time. 

These finding s are slightly at odds 
with a recent survey from the Con- 
federation or British Industry, which 
suggested that most manufacturing 
sectors still had spare capacity and 
infiationary pressures remained 
low. 


But manufacturers last night 
endorsed the report's picture of ris- 
ing sales and lengthening order 
books and delivery times, although 
they insisted that severe supply con- 
straints remain rare. Though prices 
for many raw materials are said to 
be rising, most suppliers say 
increases are still only helping to 
recover some of the ground lost dur- 
ing the recession. 

The Confederation of European 
Paper Industries confirmed that the 
UK appeared to be at the forefront of 
very strong surge in demand for 


paper products which began In the 
first quarter of year. 

Meanwhile, Mr Alan Collins, presi- 
dent of the British Constructional 
Steelwork Association, said: “In 
most cases customers are being sup- 
plied within 8 to 14 weeks of placing 
an order which is pretty good going. 
Supply and demand is more in line 
which has enabled prices to rise 
by between 8 per cent and 10 per 
cent since the beginning of this 
year". 

Additional repotting by Philip 
Coggan and MUJiael Cassell 


Labour would P 
‘remove terror’ 
for chairmen 


By David Goodhart 
and Roland Rudd 

Mr Robin Cook, Labour trade 
and industry spokesman and 
potential leadership candidate, 
said yesterday he wanted to 
“remove the terror” that fright- 
ened company chairman into 
paying big dividends. "Compa- 
nies often have to place divi- 
dends before investment 
because they fear a fall in their 
share price will make them 
vulnerable to a takeover.” 

Plans to overhaul the corpo- 
rate governance system and 
company takeover rules to 
clamp down on hostile take- 
overs and reduce the pressure 
for companies to pay high divi- 
dends to City institutions win 
be unveiled tomorrow by 
Labour. 

In a paper. “Winning for 
Britain". Mr Cook blames 
much of the the decline in 
investment performance on the 
fact that over the past 15 years 
the proportion of net profits 
taken out of the business in 
dividends has increased from 
half to three-quarters. The gov- 
ernment is also currently 
reviewing whether companies 
are paying out too much In div- 
idends. 

Mr Cook wants to reverse 
the burden of proof in take- 
overs on to the company 
launching a hostile bid to show 
that it is in the public interest 
Under the present rules a hos- 


tile takeover would only be 
stopped if it clearly trans- 
gressed competition rules. 

Mr Cook proposes measures 
“to encourage committed own- 
ers, promote collective contri- 
bution to the strength of the 
business enterprise and raise 
the priority of long-term 
organic development of busi- 
nesses". including tax changes 
to encourage long-term holding 
of shares; better information 
for pension fund trustees and 
statutory reporting of 
long-term indicators of corpo- 
rate strength in annual 
reports. 

Although the plans are likely 
to upset business organisa- 
tions, they are less ambitious 
than Labour's previous policies 
and there is a strong stress on 
changing corporate "culture" 
and encouraging collaborative 
links between companies. 

• The Labour party Is set to 
support the lifting of a contro- 
versial ban on British Telecom- 
munications carrying enter- 
tainment over its network in a 
move which signals a signifi- 
cant shift in the party's 
approach to the privatised tele- 
coms company. The ban was 
imposed to encourage cable 
companies - mostly US-owned 
- to invest in telecom net- 
works in competition with BT. 
Cable companies argue the ban 
is essential to the viability of 
their planned £6bn investment 
over the next five years. 


FT CONFERENCES 


WORLD GOLD CONFERENCE 
London, 6 & 7 June 1994 

Rupert Pennant-Raa, Deputy Governor of the Bank of Entfend wil deliver the 
opening address at this year's meeting which is timed to coincide with the 
tercentenary celebrations of the Bank. Speakers will include Dr Chits State, 
South African Reserve Bank; Jean Zwaltian, Swiss National Bank; Clem 
Sun ter. Anglo American Corporation of South Africa; Kevin Foo, Bakyrchik 
Gdd; Harry Conger, Homastake Mining; Victor von Klemperer. Dresdner Bank; 
mi Wlson, Standard Chartered Bank, The Mocatta Group; Makoio Tonota. 
Tanaka KK and Mr Marcel GokSng, African National Congress. 

NORTH SEA Of L AND GAS 
London 13 & 14 June 1994 

The conference win review E&P in the main sectors of the North Sea and 
consider the impact of current oil prices on activity in the province. 
Competitiveness, operator-contractor relationships arid abandonment wffl also 
be discussed. Speakers include: Tim Eggar MP, Minister for Energy; Heinz 
Rothermund. Shell UK Exploration and Production; Johannes Maters. 
Commission of (he European Communities: Kyrre Nose. StaJoii; Lance 
Johnson. MobB North Sea; Dr Peter SchoRsn, Ministry of Economic Affairs, 
The Netherlands: Uam Mulhall. Sedgwick Energy Limited; Mike Smith, 
Scottish Power and Arne Hofhjem, PMUps Petroleum Company Norway. 

TRANSPORT IN EUROPE 
London, 15 & 16 June 1994 

Tin co nf erence wB examine Industry implications of Community proposals for 
Trans- European Networks, as well as the prospects for public-private 
partnerships to finance Europe's transport infrastructure. Speaker Include; 
The Rt Hon John MacGregor OBE MP. Secretary of Stale for Transport, 
Hanning Christophersen, Commission of the European Communities. 
Bogusfaw Liberadzki, Mnteter of Transport, Poland. Ranpt Math rani. Managing 
Director, West Merchant Bank, Alessandro Ovi, IRI SpA and Bertrand 
Hazschuch, SAPRR. 

EUROPEAN TELECOMMUNICATIONS 
London, 20 & 21 June 1994 

This year’s meeting wffl focus on the chaflenge of emergsig competition and 
convergence tar operators, regulators and business users in Europe. The 
issue of network modernisation and 

yflnandng wilt also be addressed. Speakers include; Bin Wlgglesworth, 
OFTEL; Candklo Vetezqusz-Gaaelu Ruiz, TeMfonica do Espaffa SA: Michael 
Hepher, British Telecommunications Pic; Wlm DSk. Royal PTT Nederland NV; 
Mike Harris, Mercury Communications Ltd; Eugene Connell. Nynex 
CabieComs Limited; Michael Phair, Director. NM Rothschild & Son Lid; Bert! 
ThonHpsn, Telia AB. 

THE STRUCTURE AND EVOLUTION OF 
THE INTERNATIONAL EQUITY MARKETS 
6 & 7 July 1994, London 

The Financial Times and the Centre tar the Study of Financial Innovation are 
arranging a high-level meeting lor stock exchangee, regulators, market 
practitioners and investors to review equity market developments, discuss user 
requirements and kx* at regulatory Issues. The role ot technology hi shaptag 
t an morrow's markets wRl also be examined. Andrew Large. Chairman of the 
Securities and Investments Board, w* give the opening address and speakers 
Indude: Brandon Becker, US Securities and Exchange Comimeslon; Dr 
Rudiger von Rosen, Deutsche Bfirse AG: Giles Vardey. London Stock 
Exchange: Sraver Wunsch. AZX Inc and John Herzog. Herzog Heine Gheduto. 

MULTIMEDIA - VISION AND REALITY 
London, 12 & 13 July 1994 

This major business tanim wffl focus on the key issues faring this last-growing 
industry; the regulatory and legal framework tor indusiry development; 
financing the multimedia future; assessing real business applications and 
potential and the rale of strategic affiances Wi responding to the developing 
mdtknedta marketplace. Speakers include Professor Nicholas Negro pome. 
Massachusetts Institute of Technology; Terry Herahey. Time Warner 
Interactive; Alfred C Sites. Hears New Media and Technology: Dr Bernhard 
Buscher. European Commission: Peter Job, Reuters Holdings PLC: Scott 
M&den. PhHps Merfia. 

THE NUCLEAR INDUSTRY - INTO THE 21 ST CENTURY 
14 & 15 September 1994. London 

This high-level meeting will examine the outlook for nuclear power m North 
America and western Europe, cortskfering the impact ot currem government 
moratona and the rota af nuclear In the fuel mix, and review growth potential in 
[he Asia- Pacific region. Tha chatienges of improving efficiency and safety at 
nuclear plants In eastern Europe and Issues related to managing the fuel cycle 
wfl oteo be addressed. Speakers wffl Indude: James Hann CBE. Scottish 
Nudear Rimy Carte. EdF; The Honorable John Reid. Canadian Nuclear 
Association; Roger Hayes, British Nuclear indusiry Forum; Professor Jurgra 
vaemas. Lithuanian Energy Institute: Thierry Baudon; EBRD; John Guinness 
CB; British Nudear Fuels; Michael Fotger. United Kingdom Nlrex and Dr 

Rachel western, Friends of the Earth. 

AiTeriaulries should be addressed to: Financial Times Conference 
Ormnteation, 102-108 CferitenweS Road, London ECJM 5SA. Tat D7l- 
814 9770 (24-hr answering service) Telex: 27347 FTCONF G. Fax: 
071-8733975/3969. 



resists 
review of 
gas assets 

By Robert Corzine 

Independent gas marketers 
hare failed fa their bid to per- 
suade Ofgas, Britain's gas 
industry regulator, to order a 
root and branch revaluation of 
the assets in British Gas’ 
transportation and storage 
system. 

They had lobbied strongly 
for Ofgas to include a revalua- 
tion in its forthcoming consul- 
tation paper on tr a nsportation 
and storage charges because 
the rate of re t urn British Gas 
wiD be allowed to earn will be 
applied to this base. If as the 
marketers believe, the assets 
are overvalued, British Gas 
win be able to justify higher 


An aircraft loading at Stansted Airport north-east of London. The new regulations threaten delays for unapproved shippers moo**: mm, mm 

New air freight rules ‘may delay exports’ 


Tough new security 
regulations on the shipment of 
air cargo which take effect 
today could delay exports and 
cause chaos at airports, a large 
freight forwarding company 
claims. Only one in eight cargo 
agents are thought to be able 
to meet the new rules. 

The rules have been brought 
in partly in response to the 
bombing of the Pan Am Boeing 
747 over Lockerbie in Decem- 
ber 1988. 

They require the registration 
of air cargo agents with the 
threat of delays for shipments 
sent by unapproved companies. 

MSAS Cargo International, 
the second-largest UK freight 
forwarder, said confusion 


One in eight cargo agents may be unable to comply 
with tough security code, Charles Batchelor reports 


about the regulations had 
meant that many agents and 
airlines had not yet invested in 
the necessary x-ray equipment 
or trained their staff to hand- 
search cargo. 

The Aviation and Security 
(Air Cargo Agents) Regula- 
tions, which were brought in 
after three years of consulta- 
tion with the industry estab- 
lish the concept of "listed 
agents." who are approved and 
registered by the Department 
of Transport 

Listed agents can in turn 


declare shippers to be "known 
customers,” if they are reputa- 
ble. regular exporters who 
operate from secure sites. 

Cargo sent by known cus- 
tomers and listed agents can 
be shipped without stringent 
security checks but other car- 
goes must be x-rayed or hand- 
searched. 

If this is not possible then 
the cargo must be held for the 
duration of the planned flight 
plus two hours but with a min- 
imum wait of 12 hours. 

Mail and courier parcels less 


than '/'inch thick are exempt 
from these rules. 

The department of transport 
said the June deadline had 
been known since last Septem- 
ber and the regulations had 
been brought in because pas- 
senger safety was paramount 
The department had no powers 
to shut down agents who did 
not comply but expected pres- 
sure to come from the airlines. 

It said that about 110 of the 
estimated 800 agents have 
achieved listed status though 
more were applying. Some bad 


been rejected for failing to 
meet the standards set In addi- 
tion many shippers are stfll not 
classified as “k n own". 

In addition to delays, ship- 
pers face the prospect of air- 
lines and freight forwarders 
imposing additional charges to 
carry out cargo screening, 
MSAS said. 

BAA, which owns and man- 
ages Heathrow and other large 
airports, said it did not 
know what the impact of 
the new rules would be though 
most shipments through 
Heathrow were handled by 
listed agents. It doubted 
whether airlines would have 
accepted bookings from 
unlisted agents. \ 


This would limit the ability 
of the independents to offer 
cheaper prices once toe phased 
opening of the domestic mar- 
ket begins in 1998. 

Many of toe biggest gas mar- 
keters are joint ventures 
between UK and foreign 
energy and utility companies. 
UtiliCorp of the US has forged 
links with many or the 
regional electricity companies. 

Some US oil companies, such 
as Mobfi and Amerada Hess, 
have set np UK gas subsid- 
iaries. European oil producers, 
such as Total of France and 
StatoQ of Norway, have also 
e n te red the market. 

Ofgas officials say there is 
no time to launch such an 
extensive exercise In the 
nm-up to competition and will 
instead rely on the assump- 
tions used in 1992, when Ofgas 
commissioned an independent 
assessment which valued Brit- 
ish Gas's transportation and 
storage assets at about £l7bn. 

British Gas broadly agrees 
with this figure, but some 
independent marketers say it s 
“hopelessly inflated”. 

The marketers have also 
questioned whether British 
Gas needs all the assets it has 
placed in the transportation 
and storage business. 

Ofgas now plans a full 
review of both the transporta- 
tion and storage and tariff for- 
mulas before 1997, when the 
present tariff formula comes 
to an end. 



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Coll Lrihior, *4 - {01 71 531 3656 
ter ycur qtggg ana Sjgrgj price list. 


PARTNER COMPANIES 

Andersen Consulting 
Asea Brawn Eleven 
Astia AB 
AT3T 

Bank Leu Lid 

Baxter International Inc 

British Peuoleum Company Pic 

British Telecommunications Pfc 

Caterpillar Inc 

Oba-Geigv Lid 

Citicorp 

Credit Suisse 

Deloitte Touche Tahmatsi International 
Dencsu Inc 

Digital Equipment Corporation 

Du Font de Nemours International SA 

Exxon Company International 

HofFmann-La Roche Ltd 

Nolderhanlc AG 

IBM Europe 

LEGO Group 

Minn intei na ratal 

National Westminster Bark Ptc 

Neste Corporation 

Nestle SA 

Philips Inter national BV 
Suiter Brothers Lai 
Swissair Ltd 
Swiss Bank Corporation 
Swiss Volistunk 
Tetra Laval Group 
Union Bank of Switzerland 


BUSINESS ASSOCIATE COMPANIES 

Acer Inc 

Alcan Aluminium Lid 
Bartow Rand Ltd 
NV.BekaertSA 
BICCPlc 
SotetSA 

Baehmger Mannheim International 

Bear Allen 8 Hamilton btc 

The British Coal Corporation 

British Steel Pic 

CAPSA 

Ceatltd 

CompagmedeSt Gobain 
Daimler-Benz AG 
Dow Europe 
DSMNV 

Egon Zahnder bit'l Management Cons. 
Enso-Guizeii Oy 

TetefonaktietJolagel LM Ericsson 

Emsi & Young 

E&om 

Rat SpA 

FirmenichSA 

Gemini Consulting 

General Motors Corporation 

Gist- Brocades 


BUSINESS ASSOCIATE COMPANIES 

Grace Europe lx 
HeinakenNV . 

Hewlett-Packard SA 
HiltiAG 

The Hindu ja Group of Companies 

HoogovensGroepBV 

HuhtamatfOy 

ICIPlc 

Incentive AB 
Iskra- Holding. DO. 

KF Group 

KNPBTNV 

KoneOy 

Lafarge Coppte 

Meoastur Corporation 

Metallgesellschaft AG 

NCC - Norrfic Cons tr uct io n Company AB . 

Nokia Corporation 

Nonfic Competence Codes 

Nordvest forum A/S 

Norsk Hydro as 

Northumbrian Water Group 

Norwegian Institute of fridl Trade 

Orkla as 

OtawjPtihftshengCaLtrf 
Parker Hannifin Corporation 


BUSRIESS ASSOCIATE COMPANIES 

PtiUip Morris 
Price Waterhouse 
Prombudbahk’ 

PtoudfbotPlc 
Pubfafas Holding SA 
Rabobank Nedertahd 
Raycbem Corporation 
Ffieter Holding AG . 

Rothmans Iml Tobacco (UK) Ltd 

Sega Pteroteum A/S 
Sawflflasic Industries Corp:(SAHC) . 
Scandinavian Afftbies System (SASl . _ 
Shfifl Int'l Petroleum Company Ltd 
Singapore Airteios Limited 


li you want to finJ out mere shaut v 
working in partnership industry 
-41 21/613 03 42 or fax ,,41 21/313 67 IE ij ?a 


Sfcantfinavida Enskiida Banton . ' 

ABSKF 

Stated 

The Sl Paul Companies 
Swedish Trade Cornea 
Telecom Eireawt 

■fetewket- The Norwegian Tfeteconi 
TefiaAB 

Thames WfaterPfc 
Total 

TransnetLU 

Vaknat Corporation 
Vattenfall 
Volkswagen AS 
AB Volvo - 


Ztefch Insurance Company 



LMD -INTERNATIONAL INSTITUTE FOR MANAGEMENT DEVELOPMENT 
Cberain dc Bcilerite 23, P.O. Box 915. CH-100I LAUSANNE. Switzerland 




: •: JV 1 










FINANCIAL TIMES WEDNESDAY JUNE l IW 


NEWS: UK 


Vineyard to wind down production 


Britain in brief 


By Alison Maitland 

Wine production at 
La in be r hurst near Tunbridge 
Wells in Kent, one of England's 
bluest vineyards, is being 
wound down after the business 
failed to attract a buyer as a 
going concern. 

The guide price for the vine- 
yard. including a 17th century 
farmhouse, a restaurant and 
(ann shop, has been halved to 
E75U.001) and the property is 
being re-offered for sale on a 
freehold basis. 

Mr Kenneth McAlpine, 73. 
the vineyard's founder and 
owner, put the business on the 


market for £1.5m last Septem- 
ber because he wanted to 
retire. 

Mr James Crawford of 
Knight Frank & Rutley, the 
estate agents selling the prop- 
erty, said there was a "lack of 
confidence in the wine trade in 
the face of competition from 
other countries, cheap imports 
and duty on wine going up 
every year". 

Mr McAlpine, a director of 
the Sir Robert McAlpine con- 
struction company, said sev- 
eral potential buyers from the 
UK and abroad bad thought it 
would be a, fun" to own a vine- 
yard as a hobby. "But when 


they discovered it was a busi- 
ness with a turnover of 
£750.000 a year, they didn't 
want the hassle of running it" 

Production, which used to 
account for a tenth of UK wine 
output, has been reduced dra- 
matically, he said. “We're not 
cultivating much of our vine- 
yard at all." The restaurant 
and vineyard tours will close 
In September. 

But Mr McAlpine, who has 
been in the wine business for 
21 years, is determined to keep 
the Lamberhurst name alive if 
the reduced price fails to find a 
buyer keen to revive the vine- 
yard. 


He plans to retain three or 
four acres of the 12 acre-vine- 
yard to produce red wine Cram 
a new German grape. He will 
also continue to buy grapes 
from other vineyards in south- 
east England to make tradi- 
tional Lamberhurst white 
wines on a smaller scale. 

Mr McAlpine will cut produc- 
tion from last year's 350,000 
bottles - already well below 
peak years of 500,000 - to 
100,000 bottles, concentrating 
on high quality, high-priced 
wine. He intends to retain a 
long-term lease on the winery. 

If the rest of the vineyard 
falls into disuse, Mr McAlpine 


Sour grapes for English wine industry 


Stewart Dalby finds that smaller 
vineyards are being squeezed by 
cross-channel trade and duties 


T he English wine 
industry has suffered 
from Hie boom in 
cross-channel ini ports of beer, 
wine and spirits, compounded 
by a higher rate of duty than 
their continental competitors. 

There are now just over -150 
vineyards in Britain, with 
something like i30 wineries, 
covering 2.000 acres and 
producing, in a good year. 2.5m 
litres of wine - about 0.3 per 
cent of British wine 
consumption. 

The industry has always had 
its problems, not least fighting 
the perception that the climate 
is not quite right for quality 
wine growing. It receives no 
government assistance, unlike 
industries in other European 
countries, and the UK is the 
only European Union country 
which charges tax on wine 
bought at the vineyard. 

The fragmented nature of 
the industry and the lack of 
mass production means 
overheads are high, marketing 
is difficult and costs per bottle 
are more than must imported 
wines. 

Since January 1993 taxes on 
imports from European 
producers were abolished, so 
English wine attracts a levy of 
£12.30 a ease, or another £1 a 
bottle. 

Mr David Carr Taylor runs a 
37-acre vine near Hastings, in 
East Sussex. 


He buys in a lot of grapes 
and produces around 100,000 
bottles a year. He says farm 
gate sales are down over 40 per 
cent in the past year and sales 
to hotels and restaurants, 
which make up around 40 per 
cent of his custom, are down 50 
per cent. 

“Since January 1993. a 
hotelier or restaurateur can 
drive a transit van across to 
Calais, buy a truck load of 
wine at less titan £2 a bottle 
and still see a profit even after 
the ferry fare. Under the law 
anyone can bring in enough for 
his or her own personal 
consumption, so if you are 
running a restaurant you can 
away with it," he says. 

The situation is a little easier 
for quality wine makers. Mr 
Christopher Ann runs the 
English Wine Centre in East 
Sussex - a small vineyard and 
wine shop. 

He says: “A lot of our 
business is special events and 
we have some secure outlets. 
The quality end has held better 
than for table wines. Even so I 
would guess business is down 
by 20 per cent. This is not 
solely due to the cross channel 
traffic. There are other factors, 
but certainly the imports and 
the duty we liave to pay have 
not helped." 

Ms Gay Biddlecombe who 
runs the St George vineyard, 
also in East Sussex, says: “We 




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Mrs Gay Biddlecombe - pictured harvesting grapes at St George's Vineyard in Waldron, East 
Sussex - expects smaller vineyards to be at risk from the growing cross-channel wine trade 


have not been particularly 
affected by the cross-Channel 
trade so far, but this is because 
I specialise In niche marketing 
of quality wine. I would expect 
that smaller vineyards will go 
out of business," 

Commander Geoffrey Bond, 
the chief executive of the 


200-member English Vineyards 
Association, says: “We were 
already being hit by all kinds 
of regulation which don't affect 
other producers in the EU. 
This duty is one more heavy 
burden." 

The Association is preparing 
to lobby the government in an 


attempt to get the duty lifted. 
He says: “I am contacting all 
our members to find how 
business has been hit I will 
have a better picture to present 
to the minister in June. But I 
can well imagine that some 
vineyards are 50 per cent down 
in business.” 


will paradoxically have con- 
tributed to what he regards as 
the solution to the industry's 
problems. A glut of wine has 
pushed prices down and made 
production uneconomic, so 
England's 2,500 acres of vine- 
yards must be cut back, he 
says. 

“In three or four years, 
England, and the rest of the 
world, will have reduced pro- 
duction and prices should start 
going up again." he said 

Mr McAlpine still chairs 
McAlpine Helicopters, with an 
annual turnover of £15m, and 
has a forestry equipment busi- 
ness in Lamberhurst village. 




Banks’ share 
of home loans 
fell in April 

Mortgage lending by UK banks 
fell In April below the level 
for the same mouth last year, 
according to the British 
Bankers Association. The 
number of new mortgages 
approved in April also dropped 
year-on-year and compared 
with March. 

These figures suggest that 
banks are losing the sharply 
increased share of the 
mortgage market they 
acquired last year at the 
expense of building societies 
(home loans and savings 
institutions). 

Gross loans made by the 
h anlcs totalled £1.43bn in April 
- a drop of 11 per cent from 
the £L61bn tent in March. In 
April 1993, the banks’ gross 
mortgage loans amounted to 
£1.79bn. The fall in the 
□amber of loans approved, 
which is regarded as an 
important indicator for future 
mortgage lending, is even 
more striking. 

Some 26,989 new loans were 
approved in April, while in 
the previous month 31,518 
were approved. Last month’s 
figure is 24 per cent lower 
than the 35,348 loan approvals 
in April last year. 

The British Banking 
Association said it was “too 
soon" to attribute the tell in 
mortgage tending to the tax 
Increases and the reduction 
in mortgage tax relief which 
took effect at the beginning 
of April. It suggested that last 
month’s figures might have 
been depressed by a rush of 
borrowers in March taking 
advantage of the lower 
fixed-rate mortgages then on 
offer. 


London still 
wealthiest area 

Greater London remains the 
wealthiest region of the UK, 
but Scotland, Wales and 
Northern Ireland are catching 
up. Central Statistical Office 


figures showed. In 1992, 
personal income per head In 
Greater London was £11.577, 
122 per cent of the UK average, 
white that in Wales and 
Northern Ireland was just 
£7,980. or 841 per cent of the 
average. However, over the 
1990 to 1992 period, incomes 
in Scotland, Wales and 
Northern Ireland grew most 
strongly, while growth In the 
south-east and Greater London 
was below average. 

Midlands to 
Milan by train 

The Channel tunnel takes a 
further step towards paying 
its way today with the start 
or long-distance freight 
services carrying new cars 
from the West Midlands to 
Milan. Rover Group will make 
its first shipment of about 250 
cars to its Italian distribution 
centre as part of a regular 
service involving five 
trainloads a week. The journey 
will take two days compared 
with eight days previously. 

Seb Coe post 

Mr Sebastian Coe, Olympic 
gold medallist, has been 
appointed parliamentary 
private secretary to Mr Roger 
Freeman, minister Tor public 
transport. Mr Coe, 37. has been 
MP for Falmouth and 
Camborne in Cornwall, 
western England, since 
1392. 


£93m Cardiff 
contract 

A joint venture between 
construction groups Balfour 
Beatty and Costain has been 
awarded a £93m contract to 
build the Cardiff Bay Barrage 
in Wales. 

The barrage will replace 
tidal mudflats with a 500-acre 
freshwater lake as part of the 
regeneration of Cardiff's 
docklands. Work an the 
320-week project started at 
the end of last week according 
to the joint ventnre which is 
owned 65 per cent by Balfour 
Beatty and 35 per cent by 
Costain. 

The 1,100m rock and sandfill 
barrage will incorporate three 
locks, five sluices and an 
8m- wide fish ladder. The 
mechanical and electrical 
works alone are valued at 
more than £l0tn. 


Illegal grant 
charge rejected 

Mr John Redwood, Welsh 
secretary, has rejected 
allegations that £7m of 
government grants had been 
illegally channelled to 
marginal constituencies in 
mid-Wales. 

In a BBC Wales television 
programme screened last 
night, it was claimed that the 
money was disbursed via the 
Welsh Development Agency 
after the region lost its assisted 
area status in 1982. It was 
alleged that, under the 1975 
act which set up the WDA, the 
agency had no legal powers 
to do this. 

Mr Jon Owen Jones, a Welsh 
Labour MP. called on Mr 
Redwood to resign. “It’s a clear 
case of the political masters 
deciding that the money 
should follow their own 
perceived political advantage,” 
he said. 

Mr Redwood accused the 
BBC of "not doing its 
homework". He said: 'The 
legal advice I have is chat the 
powers ore available under 
the WDA act." 

Parliament had been tuld 
in 1982 about the aid and it 
had not been challenged. But 
he said he wuuld call for a 
report from officials. 

Dragon of controivrsy. Page 14 

Shame on 
speedsters 

Shame is the latest weapon 
to be nsed by the department 
of transport in Its drive to 
curb speeding motorists on 
motorways. 

Drivers on the Ml In the 
Midlands wifi find themselves 
confronted by a giant screen 
which flashed up the word 
“speeding” , together with 
their registration number and 
speed. The Information will 
then go straight to the police 
computer which in turn will 
issue a ticket 

The device is designed by 
Travers Morgan, transport 
consultants and made by 
the NEI subsidiary of 
Kolls-Royce. 

Surprisingly, it may affect 
weekend motorists straining 
for freedom rather than 
salespeople or chief 
executives. Research has 
shown that there is more 
speeding by cars at the 
weekend than during the 
week. 


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Seiichiro Takahashi, Chief Dealer, 
Sumitomo Bank, Tokyo. 







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What makes Sumitomo Bank the leader in the 
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Mainly, no doubt, the bank’s philosophy 
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It could also be Sumitomo’s commitment to 
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banking operation, as shown by the successful 
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logically-advanced 24-hour-a-day trading systems 
- in which Reuters Dealing 2000-2 plays an 
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“We’re committed to providing our customers 
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to build our operations in our other major centres. 
We couldn’t operate without the reliability of 
Reuters Dealing 2000-1”, says Mr. Takahashi. 

“But the combination of 2000-1 and 2000-2 
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both worlds. 

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MANAGEMENT 


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FINANCIAL TIMES WEDNESDAY JUNE 1 


1994 



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A deal that aims 
to deliver 

Christopher Lorenz looks at the 
attraction of logistics alliances 


A s more multinational 

companies cut their number 
of factories in Europe, and 
concentrate production in fewer 
countries, many of them are also 
subcontracting their transport 
and warehousing services to a 
single outside provider of 
“logistics" services. But most of 
this “'outsourcing" is focused too 
much on cost reduction, and too 
little on improvements in service 

deliveries to customers. 

This is one of the main 
conclusions to emerge hum a 
study of “logistics alliances" 
between 30 customer companies 
and 20 logistics specialists across 
five north European countries*. 
The study was carried out by 

McKlnsey, the managpnw^ 
consultancy, with the Centre for 
European Logistics. 

The study reports that logistics 
alliances are being set up rapidly, 
in both industrial products and 
consumer goods. But so far most 
of them involve only the stocking, 
handling and transport of finished 
goods. Less than half those 
surveyed also covered the inflow 
of goods, parts and materials. 

Specialisation of production 
across borders is one of two 
motives for the creation of 
logistics alliances, according to 
the study, the findings of which 
are reported in the latest issue 
of the McKlnsey Quarterly by 
two consultants, Peter van 
Laarhoven and Graham Shannon. 

The other factor is the decision 
by some companies to focus on 
“core competences" such as 
product development, 
manufacturing, marketing and 
selling, and to outsource logistics 
to a specialist provider. 

Among the pioneers of such 
deals, the study cites Rank Xerox, 
the copier maker, and the Dutch 
transport company Frans Maas, 
whose relationship has evolved 
over a decade, with periodic 
increases in the scope and value 
added by the arrangement 
Almost half the deals involving 
international flows are being 
taken by forwarders such as 
Sweden's ASG and Germany's 
Kuehne & Nagel, according to 
Laarhoven and Sharman. But 
the overall market leaders - if 
purely national deals are also 
included - are warehousing 


specialists such as Nedlloyd’s 
Districentres and NFC's Exel. 
Non-European “Integrators" of 
both warehousing and transport 
are now becoming “more active", 
says the study. 

For the majority of deals, the 
study's use of the term “alliance" 
may be premature: Laarhoven 
and Sharman themselves say that 
most are still at an early stage 
of development - which they 
christen “contract logistics". 
Companies are tending to choose 
their service providers on the 
basis of hard, competitive cost 
bidding. Only one in seven of the 
customer companies in the study 
chose to negotiate with an 
existing service provider on a 
“sole source" basis. But the study 
argues that many relationships 
will grow deeper with time. 

The excessive focus of most 
deals on cost reduction, and the 
inadequate priority they give to 
service improvement, probably 
result from the fact that the main 
stimulus behind most of them 
is corporate restructuring, say 
the consultants. 

Too much emphasis on cost 
reduction in negotiating an 
allianc e actually inhibits a 
successful outcome, argue 
Laarho ven and Sharman. Instead, 
they advise companies to 
emphasise delivery service as the 
first priority. Opportunities for 
cost reduction will arise through 
improved methods and 
cooperation once the alliance 
has settled down. 

The consultants also advise 
customer companies, most of 
which are several times larger 
than their service providers, to 
avoid the temptation to respond 
to recession by reverting to 
traditional “arm's length" 
purchasing methods. Logistics 
alliances win only flourish if 
companies are willing to nurture 
their relationships, share 
information and explore ways 
of extending the scope of the 
arrangement A few companies 
have gone as far as subcontracting 
management control of all or part 
of their inward and outward 
“supply chain". 

'Logistics Alliances: the European 
Experience. MdKinscy Quarterly. 
1994. A'o /. 


Jenny Luesby reports on the 
biggest worries for senior 
UK executives 

Director's 

nightmare 



T he chairman is drunk in 
charge or the business. The 
company's owner is insist- 
ing on terms of employ- 
ment that will surely end up before 
an industrial tribunal. The board is 
deadlocked on whether the com- 
pany should cease trading. 

Real cases, real dilemmas: the 
next step for the three company 
directors faced with them was to 
contact Britain's Institute of Direc- 
tors, which has logged the 10 most 
common worries. 

At 24 hours* notice, any one of 
the loD’s 47,000 members - many 
of whom run companies too small 
to have a fall range of in-bouse 
specialists - can speak to an expert 
for free and in confidence. Every 
year, around l.ooo of them do. 

Employing six part-time advisers, 
each senior in their own field, the 
IoD’s advisory service covers 
finance, law, human resources, 
property, marketing and the birth 
and death of businesses. As such it 
offers an insight into the issues 
that cause headaches. 

Dismissal, it would seem, is the 
threat that causes most anxiety. 
The single most common call to the 
service is prompted by IoD mem- 
bers’ own lack of job security. 

For one managing director, who 
was instructed by the owner of his 
company to take more than 20 sales 
representatives off their salaried 
contracts and pay them on a com- 
mission-only basis, the threat of a 
rash of industrial tribunal cases for 
constructive dismissal was only 
avoided by refusing to co-operate, 
and losing his own job. In the end, 
be got almost 12 months’ salary, 


kept his company car and received 
help with a CV and job contacts. 

Another managing director, this 
time of a UK subsidiary of a com- 
pany jointly owned by Russia and 
Ukraine, called the service when 
the majority holder had derided his 
nationality was a problem. The 
Russians wanted a Russian in the 
post. A third, running the subsid- 
iary of a British company based in 
Zambia, was similarly sacked from 
afar. Alone and unaided he needed 
rapid advice on his legal position 
and rights. 

A ll three cases demonstrate 
the degree to which many 
directors are unprotected. A 
surprisingly large number take up 
jobs without a service agreement. 

One such caller owned 5 per cent 
of the equity of a company. He was 
its managing director and the own- 


ers were related to his wife. Surely, 
a position of security. If the com- 
pany were acquired, he could be in 
trouble, the IoD told him. 

Nor is it just directors 1 job secu- 
rity that arises. The dismissal of 
other company employees is a 
recurring topic. 

One managing director, who 
inherited a 52-year-old secretary on 
an 18-hour week, had given her two 
verbal warnings for poor work, 
before offering early retirement 
with severance pay equivalent to 
the statutory redundancy figure. 
The secretary was now holding out 
for straight redundancy, but the 
managing director did not want to 
make the position redundant The 
IoD was emphatic on the error of 
mixing disciplinary procedures 
with redundancy. 

Other eases have been more 
shocking. The chairman of a small 


publishing company wanted to dis- 
miss a 59-year-old senior editor, 
who had not been doing his job 
properly since developing a brain 
tumour. The editor's doctor had 
advised that it would be best for 
the man to continue working. The 
IoD warned of an industrial tribu- 
nal case, and advised a generous 
severance payment. 


The service did have one scrape 
with a dissatisfied customer wbeo a 
director facing insider-dealing 
charges claimed the service had 
told him his transactions were 
legal. IoD records showed he had 
□ot spoken to the service until after 
the transactions, and that the IoD 
had anyway not said they were 
legal, and the claim was dropped. 


Solo sailor seeks broader horizons 

Nigel Rowe reports from the high seas on the pursuit of a Big Hairy Ambitious Goal 


A couple of days before I left 
England, home, my job - 
and the salary that went 
with it - to fulfil a dream that had 
become something of an obsession, 
I attended a conference in London 
on global excellence. 

The conference, organised by 
the Confederation of British 
Industry, the employers’ 
organisation, had been inspired 
and sponsored by BOC, the 
industrial gases and healthcare 
group. It was my last duty for the 
company. John Stopford. of the 
London Business School, was one 
of the principal speakers and. like 
all business school professors, he 
could not resist the opportunity 
to coin a new phrase. What British 
industry needed, he said, were Big 
Hairy Ambitious Goals. 

I sat at the back of the hall and 
smiled. Yes. I thought, I knew what 
it was like to have a BHAG, even 


if the professor and the 250 
company directors present might 
not too readily relate to it. For 
I was about to compete in the BOC 
Challenge 1994-95 single-handed, 
round-the-world race. 

As I left the conference I took 
off my tie and dropped it into a 
waste bin in Tottenham Court 
Road. Perhaps it was a childish 
act of worthless symbolism, but 
I remember doing the same when 
1 left schooL 

I flew to the US two days later 
to ready my 48ft sailing boat Sky 
Catcher for the last phase of our 
preparations together - two 
transatlantic crossings, including 
a single-handed race in July, also 
sponsored by BOC. 

We left Charleston, South 
Carolina, just before midnight on 
Thursday 12 May - it being e 
tradition born out of superstition 
that one should not begin a passage 


on a Friday, least of all on one that 
carried with it the additional 
stigma of being the l3tb. Now, 
a little over a week and two gales 
later, we are about a third of the 
way across to Falmouth, and T have 
had time to reflect on what brought 
me here. 

My guess is a combination of 
balance, opportunity and cariosity 
(it may be some time before I can 
shake off the initials BOC). 

Very few of us achieve a healthy 
balance of interests and contrast 
in our lives. A successful business 
makes many demands on its 
managers. Life's priorities are 
driven overwhelmingly by those 
at the office. Further, the more 
senior one's position, the more 
dependant corporate man becomes 
on the trappings and comforts of 
higher office. Less and less of this 
experience is enriching in any but 
a material way and it is often poor 


preparation for the rest of life. 

I know too many people who were 
burned out when they retired to 
face a long list of things the; 
wished they had done and now 
cannot. I want to avoid that 

Opportunities must be grasped 
when they appear. But another 
lesson from corporate life is that 
they can also be created, even if 
at some cost I was fortunate to 
be able to negotiate this 
opportunity and was prepared to 
meet the cost in terms of loss of 
salary and future security. 

But curiosity has been the 
principal motivation in this 
endeavour. I am curious about 
what it will teach me about myself 
as well as other people, places and 
things. I am also curious about 
what will be demanded of me to 
meet the challenge of this 
undertaking. 

i initiated BOC’s sponsorship 


of the BOC Challenge more than 
12 years ago when I had been 
sailing for only a couple of years. 
Such feats as a solo circum- 
navigation were beyond my 
imagination then. The 1994-95 race, 
which starts from Charleston on 
September 17th. will be its fourth 
edition. Now, I have many 
thousands of miles of sailing 
experience; but I know nothing 
of the windless doldrnms or of the 
Southern Ocean with its screaming 
winds, icebergs and the infamous 
Cape Horn. 1 am carious about 
how 1 shall deal with all of that. 

Knowledge gained from a long 
and happy life in the corporate 
womb may not help me much. 

The author is the former chief 
executive of corporate relations for 
the BOC Group. This report was 
filed from Sky Catcher m the North 
Ailantic. 




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FINANCIAL TIMES WEDNESDAY JUNE 1 1994 


B USINESS AND THE ENVIRONMENT 

Traditional town centres are under increasing pressure 
from out-of-town sites. Vanessa Houlder reports 

Shopping for 
a revival 



Sign at ttie times: Run-down town centre streets contrast sharply with the bustle and confidence of out-of-town shopping mate 


12 


Call for 
'carbon 
bond' 

T he man who promoted 
Costa Rica’s 
“debt-for-nature swaps" 
has come up with another 
Instrument he thiwfcs could 
provide part of the solution to 
the long-term preservation of 
Its diminishing rainforests and 
combat global warming. 

Alvaro Umana. former 
minister of natural resources, 
is touting a "carbon bond" 
through which companies in 
developed countries can offset 
greenhouse gas emissions by 
financing forest preservation. 

He argues that Costa Rica 
provides a global service by 
guaranteeing the storage of 
carbon through preserving its 
forests, for which it should be 
financially compensated. 

“At a very low price of $10 
(£6.60) a tonne [of stored 
carbon] that means Costa Rica 
has about a $lbn chip," he says. 
“But there is no market to cash 
it in. yet" 

The 1992 Convention on 
Climate Change, agreed at the 
Rio summit called on 
industrialised nations to 
stabilise emissions by the year 
2000 at their 1990 level. 

Emission ceilings will be 
imposed on individual 
companies, bat under the 
convention they are permitted 
to emit carbon in one place and 
sequester it in another. 

Some utility companies in 
the US and Canada, with an 
environmentally friendly bent 
have shown interest in the 
proposal, including Ontario 
Hydro, ran by Maurice Strang, 
who chaired the Rio summit. 

But interest is also being 
generated because the bonds 
make good business sense, 
claims Umana. “They know it’s 
coming, and they think they 
might be able to get cheaper 
carbon futures now." Companies 
would exchange cash - to 
preserve the forest - for permits 
allowing them higher emissions. 

Umana admits the project’s 
success will depend on whether 
Costa Rica can develop a 
mechanism of verification that 
will be acceptable to the 
industrial countries. 

Edward Orlebar 


B oarded-up shops, dilapi- 
dated buddings and empty 
streets are evidence of the 
mounting pressures facing 
Britain's town centres. Recession, a 
greater reliance on cars, and compe- 
tition from business parks and out- 
of-town shopping centres have 
undermined the prosperity of many 
traditional centres over the past 
five years. 

The problem is widespread and 
urgent, according to a recent gov- 
ernment report. Vital and Viable 
Town Centres*. "Whereas in the 
1980s, most British towns expected 
their shopping centres to grow, 
many now feel threatened and there 
are widespread signs of decline. 
Many towns and cities are at a turn- 
ing point," it says. 

The need to stop the rot has 
assumed a new prominence in the 
government's environmental poli- 
cies. John Gummer. environment 
secretary, has recently introduced 
guidelines to help to curb out-of- 
town development, reduce the need 
for lengthy car journeys and 
improve the vitality of city centres. 

The need for “sustainable devel- 
opment" is at the centre of his con- 
cerns. “We cannot afford urban 
sprawl and to place development in 
locations which can only be served 
by long trips by car," he said last 
week. 

Glimmer's guidelines represent a 
marked change from the laisser 
faire policies of the last decade, 
under which the UK became home 
to some of the largest out-of-town 
shopping centres in Europe. The 
most striking aspect of the policy 
shift is the proposed tightening of 
the planning rales on future devel- 
opments of this kind. According to 
a guidance note, PPG6. issued last 
summer, planning authorities 
should not promote large out-of- 
town stores if they would seriously 
jeopardise town centres. 

This guidance was followed by a 
draft consultation paper on trans- 
port policies, published earlier this 
year, which discouraged local 
authorities from allowing develop- 
ment unless it was easily serviced 
by public transport 
G limm er’s proposals have been 
welcomed by the environmental 
lobby, as well as by many planners, 
property owners and retailers. But 
critics say they have been insuffi- 
ciently thought through. They 
c laim that obstructing out-of-town 
development is not enough to 
ensure a vibrant town centre. 

Neglect, as well as the threat 
from out-of-town shopping, pose the 
most serious threats to town cen- 
tres, according to the report. 
“Strengthening p lanning policies is 
not enough." it says. 

The point was echoed by the Con- 
sumers’ Association at a recent 
select committee hearing. “Town 
centres will survive only if they pro- 


vide shoppers with what they want 
and need," it said. 

Town centres are being told to 
fight back. The government report 
says local authorities should work 
with local businesses and other key 
interests to upgrade town centres 
by making the town look well-cared 
for and by Improving short-stay car 
parking, bus services and security. 

But who should pay for such 
improvements? The report acknowl- 
edges that local businesses are 
resistant to foot the bifl. “As busi- 
nesses often believe they are 
already paying for local services 
through the business rate, there is a 
need to review the mechanisms for 
resourcing the improvement and 
maintenance of town centres," it 
says. 

As matters stand, there is little 
reason to expect more money to be 
spent on town centres. A recent 
report by Hillier Parker into Qual- 


ity in the Public Realm found that 
only 20 per cent of local authorities 
plan to spend more than Elm and 46 
per cent planned to spend less than 
£500,000 on town centre improve- 
ments over the next three years. 
“All recent research shows that 
there is risk that the share or total 
retail spending taken by town cen- 
tres will continue to decline." says 
Brian Raggett, the report's author. 

Another concern is that a clamp- 
down on out-of-town development 
win lead to increased town centre 
congestion. This has long been an 
obstacle to town centre develop- 
ment “What drives developers out 
of town is the unw illin gness of local 
authorities to allow development in 
town." says William McKee of the 
British Property Federation, a land- 
lords' association. 

Peter Hall, who was until recently 
a planning adviser to Gummer, 
says: “What we have to ensure is 


that [the restoration of city centres] 
is not achieved by congestion, 
which could be less sustainable 
than allowing development to go 
out into the green fields." 

He suggests curbing the growth 
of towns and cities by establishing 
new settlements. “New communi- 
ties form part of the package of 
sustainable development" 

The pronouncements of the plan- 
ners and policy formers are viewed 
with bemusement by many prop- 
erty developers, who feel that the 
government's planning policy lacks 
consistency. They claim that this 
wastes time and money, when they 
are flaniing with projects that take 
many years to plan and assemble. 

But there is a more fundamental 
reservation on the part of the devel- 
opment industry to the govern- 
ment’s revised policy. The British 
Property Federation, which repre- 
sents landlords, is concerned that 


the importance of economic devel- 
opment may be lost in the clamour 
for environmental protection. 

“We want to support sustainable 
development but we think there is a 
grave danger that the sustainable 
development argument will be used 
to turn down anything the environ- 
mental lobby does not like." says 

The defenders of a more literal 
planning policy argue that the 
swing to out-of-town shopping is 
underpinned by a strong demand 
from consumers. Many traditional 
high street shops are shifting to 
out-of-town centres, retail ware- 
houses are now embracing products 
such as toys, electrical goods and 
computers, and discount ware- 
houses, such as Costco at Thurrock 
in Essex, are making increasing 
inroads into the market. 

The pressures for more out-of- 
town ami edge-of-town development 
lead some commentators to argue 
that the government should crack 
down decisively to prevent Anther 
erosion of the countryside and the 
vitality of cities. 

D uncan McLaren of Friends of the 
Earth, the environmental pressure 
group, believes that the time has 
come for the UK to choose between 
US- style development, where almost 
all shopping is on the ringroads sur- 
rounding a town, or the model of 
most Con tinental cities, which gen- 
erally have central shopping facili- 
ties. “At the moment we are at a 
crossroads," be says. 

Others argue that the UK should 
opt for a combination of out-of-town 
development and town centre devel- 
opment in an effort to reduce con- 
gestion and preserve the character 
of town centres. “Out-of-town Sites 
and thriving town centres are not 
mutually exclusive," says Stuart 
Robinson of chartered surveyors 
Hfilier Parker. 

The question of how well an out- 
of-town development can co-exist 
with a healthy town centre depends 
on the town’s circumstances. In big 
towns, the demand may be large 
enough to accommodate both out-of- 
town superstores and a healthy 
retail sector within the town centre; 
in small towns, the arrival of a 
superstore may squeeze out smaller 
retailers In the town centres. 

Many pl anning experts believe 
that the government's policies may 
turn out to be less radical than they 
first appear. For all Glimmer's rhet- 
oric, the wording of Ids depart- 
ment's new guidelines is relatively 
mild. 

“The shift in policy is not one of 
moving from free development to 
restricted development” says Boss 
Davies of the Oxford Institute of 
Retail Management “It is a swing 
back to a balanced view.” 

* Vital and Viable Town Centres. 
HUSO 


Animal 
art at 
auction 

P aul Augustinus was In 
trouble. The nearest tree 
was an unstable sapling. 
His glasses had fallen as he ran. 
impairing his sight. The lioness 
was gaining ground. 

Luckily, nature was kind. 
Augustinus reached the tree, 
it held his weight, the lioness 
was distracted- And Augustinus, 
a wildlife painter, had yet more 
material for his work. 

Wildlife art can be dangerous 
work; the art market is waiting 
to see if it is lucrative wort. 
This Friday, in the UK's first 
specialist wildlife art auction, 
more than 609 pieces from 
around the world go on auction 
at Christie’s hi London, 

The event will span three 
centuries of art work, capturing 
bird, marine life 

in watercolours, oils, prints and 
sculptures. It follows Christie’s 
successful bird art auctions, 
first lannched five years ago. 

Christie’s is keen to see 
whether the art market follows 
the growing environmentalism 
of the 1990s. “Where 
corporations want to become 
involved in the environment, 
it may well be through having 
a collection of wildlife art," says 
Gregory Page-Turner, Christie’s 
watercolour and drawings 
specialist 

Conservation groups also have 

a vested Interest Several are 
entering pieces donated to them 
for the auction. The groups hope 
to raiso more money by auction 
than they could through usual 
charitable events. 

Five conservation groups will 
also receive a proportion of the 
safe price of specific art lots. 
They are: the Rhino Rescue 
Trust Nature In Art the Dlan 
Fossey Gorilla Fund, Task Force 
Environmental Protection and 
BirdUfe IntematkmaL 
For Augustinus, with three 
pictures up for sale, the auction 
is an opportunity to test the 
real market price for wildlife 
art - priced from several 
hundred pounds to £60,000. 
“Until now, pllerles and artists 
have determined the price - 
this will set the market value 
for ftiture 'green art’,” he says. 

Hilary de Boerr 



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P tease return to Kevin Phillips, The In terne tio ne l, Greystoke Piece, Fetter Lane, London EC4A 1 ND, UK 


Y«b, Pteaee aend me, FRSc and without eWHUon. for 
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□ 39 None 


PEOPLE 

Schroder’s Mackenzie moves 


to run GE 

GE Capital, the financial 
services arm of General Elec- 
tric Company of the US, has 
recruited a London merchant 
banker to spearhead its Euro- 
pean expansion. Christopher 
Mackenzie, 40, has resigned 
from J. Henry Schroder Wagg 
& Co, to be the first president 
of GE Capital Europe. 

GE Capital provides around 
40 per cent of its US parent’s 
profits and Mackenzie has been 
given the task of putting Its 
widely dispersed European 
operations on the map. GE 
Capital has 13 niche businesses 
In Europe, ranging from pri- 
vate label credit cards to car 
leasing, assets of S5bn, and 
employs 4,600 staff in 14 coun- 
tries. 

Mackenzie, who has worked 
as a McKinsey management 
consultant as well as a mer- 


Capital in 



chant banker, hopes to double 
the size of the European busi- 
ness in the next three years. 
The choice of a merchant 
banker as president suggests 
that GE Capital will be making 
more acquisitions in the finan- 


Europe 

dal services industry. 

However, Mackenzie is keen 
to play down the role of acqui- 
sitions in his bid to develop a 
“truly European financial insti- 
tution". In particular, he 
stresses that GE has no plans 
to buy a UK building society 
but is keen to explore ways GE 
Capital could supply financial 
services through "alliances’' 
with societies. “We are well 
placed to be a friend," says 
Mackenzie. 

In his previous position at 
Schroders, Mackenzie was 
responsible for the Ann’s phar- 
maceutical and chemical 
investment banking business 
for the bank’s European cli- 
ents. David Legg, one of GE 
Capital Europe's two joint 
manag in g directors, has retired 
and George Tappert continues 
as Mackenzie’s deputy. 


■ The death of Des Tray nor, 
the riwirman of CRH, has 
prompted a reshuffle at the 
top of the bunding materials 
group, one of Ireland’s biggest 
and most successful 
companies. 

Tony Barry, currently chief 
executive, is to become 
chairman, while Don Godson 
becomes chief executive 
designate. He is currently 
chief executive of the group’s 
US operations. 

Barry intends to relinquish 
his executive role immediately 


Godson takes up his 
appointment, no later than 
the end of this year. Godson, 
55, joined CRH in 1968 as 
general manager development 
He was appointed US chief 
executive in 1978 and Joined 
the CRH board in 1980. 

■ Stephen O’Shea, chairman 
of Apollo Fire Detectors, has 
also been appointed chief 
executive of HALMA’s gas 
detection division. 

■ Larry Jones has been 
appointed chairman and ceo 


of Addison- Wesley, part of 
PEARSON, on the retirement 
of Warren Stone. 

■ John Spearman, chief 
executive of CLASSIC FM, has 
joined the board of the Royal 
Philharmonic Orchestra. 

■ Paul Vickers, secretary and 
group legal director of 
MIRROR GROUP, has been 
appointed to the board. 

■ Steve Webster, a partner 

in Price Waterhouse, has been 
appointed to the board of 
WOLSELEY as deputy finance 
director. 


Tibbett & Britten adds two to make 
its board more international 


Tibbett & Britten, a large 
UK-based distribution group, 
has appointed its first two non- 
British directors to reflect the 
growing internationalisation of 
its activities. 

Henrik Tuxen (right), a 37- 
year old Dane, has joined the 
group board with responsibil- 
ity for corporate finance and 
strategy, while Florian Wal- 
ewski (far right), 58 and a 
French national, has been 
made director with responsibil- 
ity for European development 
issues. 

Tuxen joined the company in 
February from Thomas Cook 
Group where he had been 
responsible for strategy, acqui- 
sitions and new ventures. He 
had previously worked for IC1 
and 3M. holds degrees from the 



London School of Economics 
and an Insead MBA, and is flu- 
ent in English. French and 
P arrish. 

Walewski joined T&B in 
March as divisional managing 
director of Silcock Express, 
after two years as partner in a 
mergers and acquisitions firm 
in Paris and nearly 20 years in 
management positions with 
Transport Development Group. 

From 1973 to 1992 he was 
managing director of Ostra. a 
French-based subsidiary of 


TDG with a dozen transport 
and logistics operations in 
Europe. He has a French uni- 
versity degree, an Insead MBA 
and speaks fluent English, 
French and Spanish. 

T&B has operations in 10 
countries and makes 28 per 
cent of its turnover outside the 
UK. 

■ Dudley Pound, previously 
divisional md of Silcock 
Express, remains a director of 
that subsidiary but is also 
appointed development direc- 
tor, automotive industry logis- 
tics. Bob Vickers, chairman of 
Silcock Express, is to become a 
non-executive director on the 
parent board from July; Sidney 
Gould, former group vice-chair- 
man and director of corporate 
finance & strategy, has retired. 


Electronic 

switches 


■ Richard Humphrey, 
formerly md at TCAM Systems 
(UK), has been ap pointe d sales 
director of COMPUTER 
SCIENCES CORPORATION’S 
UK division. 

■ Richard Jones, formerly UK 
director of commercial 
business at IBM, has been 
appointed director of sales and 
marketing and Shoaib 
Quraeshi promoted to finance 
director at DIGITAL 
EQUIPMENT. 

■ Jeffrey Smith has rejoined 
Rexene Corp as director, 
European sales and market 
development at Consolidated 
T herm oplastics, part of 
REXENE. 

■ Michael Scannell, formerly 
president of Daisytek, has been 
appointed md of ISA UK 

■ lan Armstrong has been, 
appoin ted marketing director 
of SUNGARD CAPITAL 
MARKETS. 

■ Tim Cooke has been 
appointed md and ceo of 
OXFORD MOLECULAR, soon 
to seek a listing; he moves 
from Oasis. 

■ Paul Davies, formerly 
director of finance for ICL’s 
specialist markets division, 
has been appointed ffaanre 
director of SORBUS (UK). 

■ Brian Emerson, formerly 
md of Continental Microwave 
Technology, has been 
appointed group chief 
executive of REAL TIME 
CONTROL 

■ John Hodges has been 
promoted to md of RYDER, 

UK subsidiary of Ryder 
Systems. 

■ Keith Marsden, formerly 
md of Psion Dacom, has been 
appointed md Europe of 
MEGAHERTZ Corp. 

■ John Woolf ord (below) has 
been appointed director of 
finance for WIGWAM 
INFORMATION; he moves 
from Jones Cable. 





13 



» UVxES WEDNESDAY JUNE 1 1994 


ARTS 



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Television/Christopher Dunkley 

the money 
men invaded 
our screens 



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■•; ay visiting Martian 
whoTast week read 
^be newspapers lis- 
,tro#d, td the radio, 
etched. Revision and then 
UX&atfacevakethQ reactions 
te Ha first annual Perfor- 
mance Reviews on. commercial 
.wterigjn^compsniBs by the 

mission fitighr well be under 
the impresston that a govern- 
ment ’.body had launched a 
frontal attaek anlTV, ' " 
lie wouia be led to believe 
ftatlTY programmes, once the 
wonder of the world, were now 
hopbine, which simply con- 
firmed what all right-thinking 
people had been saying ever 
jdnoe Jewel Jn The Crown and 
BridesheadReoisited. 

Let us recap briefly. Between 
1955 and - i<»2 B ritish commer- 
cial television companies were 
made to behave hke public ser- 
vice broadcasters. Then, in the 
market-obsessed spirit of the 
13808, the g pveEm neol decided 
to sell the TTV franchises to 
the hipest bidders; and swap 
the old public service body, the 
EBA. for a “light touch” author- 
ity (the fTCi and tet the bust 
nessmengetonwith.it 
The Performance Review is 
the rrey -way -of saying 
w hether ' the h n^eggman are 
doing what they said they 
would. K is ah exerdse in that 
modem phenomenon "comph- 
onceV largely devoted to esti- 
mating whether, for instance, 
Granada fordqfiig its duty by 
Equal Opportunities. Affirma- 
tive: 1.6 per cent of the staff 
are from wthnifi minorities and 
0.4 per cbnfc are disabled. - 
When it cahies to the general 
performance. Of ..the' 17 ; pro- 
gramme licensees, phrases 
such as’asuccessfiil year" 
(C entralXV'a. strong perfor- 
mance” (Channel and“a very 
satisfactory flu* year? (Ulster} 
predoro mata^Jhst two outfits 
take a w^Edng: the breakfast 
company, GMTV. and the Lon- 
don weekday-hcenseeCariton. 

Of Cariinh- the TTC says: 
“The application contained 
ambitious proposals • for net- • 
work programmes, but only a 
small number of thesews-e 
commissioned by the Network 
Centre few transmtatoa during 
the year ... those network pro- 
grammes which were shown 
. . . were, whir some exceptions, 
not d istin c ti vely of noticeable 
highqttaltfy .v 



Derek Jacobi is looking good 
In the over-long Cadfael - 

The fact is that, whereas 
under the old ITV horse- trad- 
ing system, a big company 
such as Thames or Granada 
could muscle its way on to the 
national network, in the new 
setup the national schedule is 
decided by the Network Cen- 
tre. So none of the companies 
can guarantee how much of 
their material will be net- 
worked. 

Thanks to the government’s 
daft legislation we now have 
something of a paradox at the 
centre of commercial televi- 
sion- Having hid vast sums for 
their franehfafl s, the ghfef con- 
cern of the lioencees is to make 
enough money to pay off those 
HAt plus the government levy 
and, of course, provide a profit 
for shareholders. 

What they are after is consis- 
tency: consistent programmes 
p olling in a consi s tent audi- 
ence. -Experimentation and 
idiosyncrasy do not fit in. 
Meanwhile the rtC is trying to 
enforce quality thresholds and 
wa ft in g value Judgments about 
programme content 

As a critic I find myself 
looking Less and less to ITV as 
a. source for interesting new 
programmes; what we see are 
safe and increasingly repetitive 
ratings builders. But this is 
hardly surprising; as it is on 
inevitable outcome of the gov- 
ernment's legislation. 

Most nights now there is a 
big slab of middlebrow, middle- 
aged, middleweight drama in 
the middle of TTVs evening: 
2VL hours of Taggart (Satur- 
day), -90 _minutes of Cadfaei 
(Sunday), two hours ofSkarpe 
(tonight), an hour of Moving 
Storg (tomorrow), an hour of 


London's Burning (Friday). 
They are not cheap or badly 
made, though they are often 
too long. 

The opening episode of Cad- 
fael, for instance, with Derek 
Jacobi playing a medieval 
detective monk, would have 
been better with SO minutes 
cut out. The tone got peril- 
ously close to “Ho, varlet" (we 
had “vile traitors” and “vile 
thievery") but it looked good, 
having been filmed in Hun- 
gary. 

The first episode in Jack 
Rosenthal's expansion of Ins 
one-off drama about removal 
men. The Cham, into the series 
Mooing Story was also slow 
but it is obviously going to be 
character that counts here. 

Much the most entertaining 
of the new drama series is 
Sharpe, a blood and thunder 
saga of the Peninsular War 
with Sean Bean playing a 
rough diamond officer pro- 
moted, unusually, from the 
ranks by Wellington, thus 
bringing in the favourite sub- 
text of British television 
drama: class. 

With blowzy camp followers, 
Peter Postiethwafte playing a 
marvellous scoundrel of a ser- 
geant who keeps whipping off 
his cap to use it liiw a tele- 
phone to fa»ifc to Us mother, 
and yet more ex-Warsaw Pact 
locations, it makes a refreshing 
change from policemen in 
screeching motors. 

No doubt such entertain- 
ment contributes little to the 
artistic sensibilities of the 
nation, but what can you 
pt pwt when |y»iitiriaiw decide 
that ITV should be an elec- 
tronic whelk stall? They left 
Channel 4 to carry commercial 
television's banner for the arts, 
alternative programme mak- 
ing, mi nnr itipg and so on, and 
Channel 4 does that pretty 
well As the ITC report rightly 
proclaims: “In many pro- 
gramme areas high standards 
of quality, innovation and dis- 
tinctiveness were achieved.” 

On Saturday Channel 4 gave 
ns a splendid evening, provid- 
ing a live relay of the first per- 
formance from Glyndebourne’s 
new opera house. The Mar- 
riage Of Figaro, with an excel- 
lent documentary during the 
dinner interval about the cre- 
ation of the new building: The 
House That Jack Built 

You do still come across the 



Theatre /Alastair Macaulay 

Stately venues 
give Belgian 
festival style 


Bafteshing change: Sean Bean as officer Richard Sharpe in the drama series Sharpe 


occasional outcrop of high 
quality on ITV. The Windsors 
is an example: a four-part 
series about the British royal 
family which began last week 
with Victoria and had fascinat- 
ing things to say about George 
V and his children. 

The royals are the best possi- 
ble subjects for archivists since 
their activities have been so 
assiduously filmed, but the 
material can still be used well 
or badly and this looks like an 
outstanding series. Yet, despite 
the popularity of the subject 
matter, the Network Centre 
has decided not to show it 
until 10.45pm. That arrange- 
ment is the natural outcome of 
the last lot of political fiddling 
with television. 

There is nothing much 
wrong with Britain's pro- 
gramme makers. The trouble is 
that those working for ITV find 
themselves in a system that is 
concerned more with accoun- 
tancy and less with pro- 
grammes. 



... \ • . .» . 
• *'* f /'. s' . •*'* 


Guests with class: Elizabeth Hurley appears in tonight’s Sharpe 


W hen a city gives a 
festival, part of 
the festival's ftm 
lies in the variety 
of venues in which the events 
occur. The new Brussels Kun- 
sten Festival des Arts - a bilin- 
gual name for this Franco- 
Flemish city - is splendidly 
endowed in this respect: old 
proscenium-arch theatres, vast 
modern halls, derelict 
churches and studios. 

Of the 12 performances I 
caught there, I was even grate- 
ful for the worst - Une Chose 
Jhthne, a coy little before-and- 
after conversation about male- 
female sexual intimacy, per- 
formed by ASBL Transquin- 
quennal (Belgian) - because it 
occurred eta the second floor of 
an empty old house in the city 
centre. 

The Kunsten Festival has 
won an important place on the 
theatrical map because it 
includes so broad a range of 
world theatre. The emphasis is 
on modernist and postmodern- 
ist d rama and theatrical style: 
this is not a festival for the 
conventional wen-made narra- 
tive play with a clear begin- 
ning, middle and end. I saw 
plays from Poland, Romania, 
France, Italy, Germany, the 
Netherlands, Belgium, and frit 
my horizons widened by sev- 
eral of them. 

One interesting theme that 
emerged was the plays of Pier 
Paolo Pasolini. I have already 
reported on the Compagnie 
Nordey's performance of his 
Pylade ; later in May, I caught 
Turin's Teatro Stabile perform- 
ing his Calderdn and Affabula- 
zione. The Pasolini that 
emerges from these is an 
arresting creator erf theatrical 
political dialectic, neither with- 
out pretentiousness nor 
wrecked by it Both make the 
p olitical maximum out Of basic 

family relationships. 

In Calderdn Pasolini turns 
the daughter-lover-father 
nexus of certain Calderdn 
plays - where the father is the 
traditional tyrant prohibiting 
rebellious young love - into a 
portrayal of the deadening 
force of fascism intruding 
unfeelingly to wreck young 
lives. Affabuladone is a full- 
throttle study of the mid-life 
crisis of a father who cannot 
allow his son to eater adult 
responsibility. Oedipal tensions 
abound. A certain homoeroti- 
cism enters into both plays; 
male beauty and phallic power 
were themes that Pasolini 


could probably never bypass. 
But the domestic dimensions of 
fascism - so important to the 
Italian mind so strange to the 
British - become both ironic 
and serious. 

The Teatro Stabile performs 
the plays, as directed by Luca 
Ronconi, with extreme ele- 
gance. stylised but modem. 
There is an awareness that one 
is watching and hearing highly 
trained actors, whose com- 
mand of stance, gesture, phras- 
ing, vocal tone is grandly and 
subtly judged. Not old-fash- 
ioned ham, but rigorous. Imagi- 
native austerity. And this 
style, so far from Stanislav- 
ski an realism, is the right one 
for Pasolini’s dialectic. Hand- 
some stagings, holding the 
attention at all points. 

The nearest to realism was 
the Theatregroep Hollandla, 
who presented in different off- 
beat venues Marguerite Dinas’ 
La Musica Deuxitme and 
Wedekind’s (five-hour) Lulu. 
This company of marvellous 
Dutch actors brought a far 
more compelling emotional 
tension to Duras’ portrait of a 
heartbroken divorcing couple 
than Harriet Walter and Larry 
T-amh were able to achieve in 
Joseph Blatchley’s 1983 Hamp- 
stead staging. (The French 
text, with its untranslatable 
and long-delayed shift from 
vous to tu, helps.) 

And in Lulu", though the act- 
ors spoke in Dutch without 
surtitles or other translation 
device, and even though Lulu 
herself was no Louise Brooks, 
they communicated vividly 
and kept the action pithy. 

These were highlights, as the 
German Volksbflhne and the 
French Compagnie Nordey had 
been at the festival’s start I 
also admired the Romanian 
Tea trul National of Craiova in 
Phaedra (part Euripides, part 
Seneca), a bold staging which 
has been seen in Glasgow. Its 
use of chorus and soloists is 
imaginative, modem and clas- 
sic; and the actors malm Roma- 
nian sound one of the most 
beautiful of languages. 

I admired the Polish actors 
from the Stary Teatr Krakow 
in the first two acts of Kalk- 
toerk, but could not face 
another act of sub-Woyzeck 
gloom. As for the Belgian 
groups Dito Dito and ASBL 
Transquinquennal, they were 
solely of local interest. 

The Kunsten Festival des Arts 
continues until June 5. 



i « 

r (kh> 

>U.‘ ! : i ’ ' 


■SHUT 


Cftsuringtos words carefoHy, 
thej intehdftnt .of Berlin's 
Deutsche Oper. GCtz Fried- 
rich, says he has always 
enjoyed good retattora with Daniel Baren- 
boim, who heeds the city's other opera 
company, the Stsotsoper outer den Un- 
den. “Bach strives tar his house as best he 
can." • ' 

Over in the eastern half <rf the city, 
BarenbohnViimrtiawrifai acknowledge con- 
flicts of iflterest with. the Deutsche Oper, 
“but the goodwill exists to five with each 
other". - - 

Behind the pottte avowals of harmony, 
the Deutsche Oper and Staatsoper are 
locked lh. a bare-kmickted fight for pres- 
tige and subsidy. Along with the smaller 
Komiscfae Oper. they, swallow DMS35ra 
(£94m) of state subsidy a year. In a dty 
still oomtogio terns with the cost of unifl- 
cation, many regard three opera compa- 
nies as a lnxuty, /Chdfed by the axing of 
one of west Beilin's leading drama ensem- 
bles, each company has been forced on to 


Air of harmony masks a city out of tune 

Andrew Clark reports on the battle for survival of Berlin’s three opera houses 


the offensive to justify its existence. 

The immediate cause of friction is a 
DM9m deficit at the Staatsoper. While 
Friedrich kept within the Deutsche Oper*s 
budget ceiling. Barenboim went on a 
spending spree, engaging star conductors 
and singers In a whirlwind attempt to re- 
establish tiie Staatsoper” s international 
reputation, tarnished by years of commu- 
nist underinvestment. 

Tritde union representatives at the Deut- 
sche Oper say that by virtually writing off 
the deficit, the Berlin Senate has shown 
favouritism, and that Barenboim’s “arro- 
gance” could, provoke calls for more clo- 
sures - and job losses. 

One union official said: “The Staatsoper 
acted as if the recession never existed. 


Barenboim seems to think he can get 
away with it just because of who he is." 

After the fall of the Berlin Wall, the only 
cultural institutions to escape rationalisa- 
tion were the three opera houses. The 
Staatsoper was the most run-down, but it 
bad a distinguished prewar history and 
the most traditional ambi e nce. Barenboim 
was hailed as the ideal figure to transform 
the company, and his appointment in 1992 
- with a 10-year contract worth DM 10m - 
had the blessing of Richard von Weiz- 
saecker, the president 

But change has been slower than antici- 
pated. Although Barenboim has inspired 
several artistic successes - notably Patrice 
Cb6reau's staging of Woczeck and the 
improved sound-quality of the Staatska- 


pelle - he is absent for seven months of 
the year, leaving less gifted deputies in 
charge of run-of-the-mill repertory inher- 
ited from the previous regime. 

Because of the delay in aligning wages 
between east and west, staff are paid 80 
per cent of what colleagues at the Deut- 
sche Oper receive. And whereas the latter 
operates within one modem building, the 
Staatsoper’s rehearsal and storage facili- 
ties are spread over six ill-equipped sites, 
some of which it shares with other ensem- 
bles. 

At the Deutsche Oper, Friedrich has a 
different set of problems. Before unifica- 
tion. he was undisputed king of Berlin's 
opera life. Suddenly he found himself hav- 
ing to share his throne with two others - 


Barenboim and Harry Kupfer. who has 
built an unassailable position at the Kom- 
ische Oper. Morale at the Deutsche Oper 
slumped, especially when Friedrich failed 
to attract a strong music director. 

But this season has seen a revival of 
company fortunes, thanks to Friedrich's 
fiscal rectitude and a programme balan- 
cing new or unfamiliar works with uncon- 
ventional stagings of popular classics. 
With 1,900 seats to fill each night (500 
more than the Staatsoper), Friedrich can- 
not afford many experiments. But he has 
shown that the Deutsche Oper has a use- 
ful role and will not cede first place with- 
out a battle. 

Most critics agree that each company 
could do more to stress its individual iden- 


tity. Poor co-ordination means you can 
still see three different stagings of Die 
Zauberflhte in one week, and there is too 
much recycling of fashionable names like 
Hans Schavemoch, who designed produc- 
tions at all three houses this season. 

In a dty where culture and politics are 
inseparable, however, coherent artistic 
programming alone cannot ensure sur- 
vival Berlin's operatic future also depends 
on the speed of economic recovery, on the 
whim of politicians like Ulrich Roloff- 
Momin, the culture senator, and on the 
fickle tide of public opinion. 

Hans-Dieter Roser, head of artistic plan- 
ning at the Staatsoper, says no one seri- 
ously doubts the long-term viability of 
three opera houses, “but people expect 
miracles, as if the traditions of the prewar 
era can be revived overnight". Roser 
added: “Theatre doesn’t work like that. We 
inherited a divided city, in which each half 
went its separate way for 40 years. We 
have to build a new system and develop it 
organically. That takes years." 


wtel a - 

L.*W- 


f* A f 





to mil : 

terwirc i. 

as n*.>:U- 
if? »* *"=■■«; 

3RON 



■ BONN 

OpsT Tb* main event thta week 
bite Gtettat pronto* of 
Goottey; fifoufttet apora-btfot 
by cot composer 

ArtfotlidClfl^Ga^ 

wOOWfla fiMuS uw CSSl SI B 

. Vtonar ... 

Hteogand gdridtjeted by’Jchn 
teeetiftff (repented June 8, 1 1, 
14i20, month'* repertory 

teQ^Jncta&t Tcqcb ibvJ Las Contes 
. tiitortnteJri (083*773887) 
-ttastiteteOo&Ktav, * new 
ctembropsi* tohworda by 
...ThontoKfim* andmutie by Ranz 
Hereto, itetetett* world premiere 
meet 7tea.fBpsetetfddytiH June 
mvttpM around e 

teteptooE a fictitiot* grand opera 
Sovfat leader. 

wteihar mfchn fioure can be 
rapreeteW w. ege (0228-773687? 

afternoon: Alain 

Tdbmbtet oft&Kts OnStestre 
Nwoto Sortiasmc AquRaina in 


works by Haydn, with piano soloist 
Bmfle Naoumoff (5648 5854) 

■ COLOGNE 

P Wftarm onl* Tonight Daniel 
Barenboim conducts Chicago 
Symphony Orchestra in works by 
Debussy and Stra v insky. Tomorrow, 
Fti: Barenboim conducts Brahms’ 
Second and Fourth Symphonies. - 
Sat: Ingo Metzmaeher conducts 
Breemble Modem in works by 
Nancerrow, Bernstein, Gershwin 
and Tumage. Sun: WDR Big Band 
in a Duke SHngtoo programme. 
Tins: Dennis Russel? Davies 
conducts Orchestra erf the Bonn 
Beethovenhabo in worksby Viktor 
UBmann. Phffip Glass and 
Mendelssohn. June 14: Seiji Ozawa 
conducts Vienna PWrarmodc 
(0221-2801) 

Operohaus Tomorrow, Sat, Tties: 
per WBdsehOtz. Fri, Sum Gounod's 
Faust June 12, 15, 18: Die WaflcQre 
with Gwyneth Jones (0221-221 
8400 ) : 

m COPENHAGEN 

TfvoB Tonight Paavo Berglund 
conducts Royal Danish Orchestra 
in StoeHus’ Fifth Symphony and 
Brahms* ffrat. Tomorrow: Jan Krerct 
conducts Tivoli Symphony Orchestra 
jn works by Schubert and Mahler, 
wtth vocal soloists Brigitte 
Fassbaencfer and Josef PTOtschka. 
Set Yakov Kreizberg conducts 
Danish Radio Symphony Orchestra 
jn Wapier, Mozart and Dvorak (3315 
1012) 

ft DRESDEN 

Zwinger Tonight: Hefmuth Piffling 


conducts Stuttgart Bach Academy 
in Bach cantatas. Tomorrow. Virtuosi 
Saxonlae plays baroque concertos. 
Fri, Sat, Sun: Warsaw Chamber 
Opera in three comic Intermezzi 
by Scarlatti (0351-466 6307) 
Semperoper Tomorrow, Sat Gustav 
Kuhn conducts Michael Hampers 
prod u ction of Handel's Agrippina 
Fri: Capricdo starring Felicity Lott. 
Sun morning, Mon and Toes 
evenings: Nasme JSrvi conducts 
Dresden Staatskapeiie in works by 
Sten ham m a r. Shostakovich and 
Mendelssohn, with cstto soloist Lynn 
Harrell. Sun evening, next Wed: 
Wolfgang Rennert conducts Hans 
Hofmann's new production of The 
Cunning Little Vixen, starrin g Patricia 
Wise (0351-484 2323) 

Kutturpalast Sat Sum Klaus 
Tennstedt conducts Dresden 
Philharmonic Orchestra bi Mahler’s 
Sixth Symphony (0351-466 6666) 

ft FRANKFURT 
Alto Oper Tonight Heinz Hoffiger 
conducts Chamber Orchestra of 
Europe In works by Schumann, Liszt 
and Schumann. Tonight (Mozart 
saafo Concerto Grosso Frankfurt 
plays chamber music by Spohr. 
ftanqaix and DohnanyL Sun 
morning. Mon evening: Sylvain 
Cambrefing conducts Frankfurt 
Opera Orchestra in Messiaen, Ravel 
and Debussy. Sun: Mian opera 
concert (069-134 0400) 

Oper Tomorrow, Sat Frankfort 
Ballet In choreographies by William 
Forsythe and Amanda Mitter. Sun: 
Efektra (069-236061) 

■ GOTHENBURG 

Konserthuset Sim afternoon: Paavo 


Jarvi conducts Gothenburg 
Symphony Orchestra and Chorus 
in a popular programme. Tues 
evening; J£rvi conducts works by 
Larsson, Gershwin and Dvorak, with 
piano soloist Roland Pdntinen 
(031-167000) 

ft HAMBURG 

S t aa t s op er Tonight Die Zauberfl&te. 
Tomorrow; Hany Kupfer’s new 
production of Khovanshchina with 
Olga Borodina and Matti Sabrsnen. 
Sat Hermann Prey song recital. 

Sun: Hamburg Ballet Festival opens 
with John Neumeter’s new 
production of Henze’s Undine 
(repeated June 6 and 17). The 
festival runs tin June 19 and 
includes Neumeier choreographies 
of Swan Lake, CmdereBa. Mozart’s 
Requiem and Mahler’s Fourth 
Symphony (040-351721) 

■ LEIPZIG 

Gewandhaus Tonight Ensemble 
Avantgarda presents Sravinsky’s 
The Soldier's T^e. Fri: Peter 
Schreier conducts Bach Orchestra 
in works by Mozart, with violin 
soloist Christot Funke. Sat Udo 
Zirnmermann conducts Gewancftiaus 
Orchestra in works by Zirnmermann, 
Mozart and Shostakovich. Sun: 
Daniel Nazareth conducts MDR 
Symphony Orchestra and Chorus 
in conceit performance erf Pucdnfs 
Turandot, with cast headed by 
Ghana Dimitrova (0341-713 2280) 

■ LYON 

Oprira Tomorrow: Richard Cooke 
conducts Lyon Opera Orchestra 
and Chons in sacred works by 


Verdi a»d RossinL Fri: John Nelson 
conducts Klaus Michael Gruber’s 
production of La treviata. Next Tues: 
first of six performances of Lyon 
Opera Ballet’s American evening, 
with choreographies by Blit T. Jones, 
Stephen Petronio and Susan 
Marshall (tel 7200 4545 fax 7200 
4546) 

■ MUNICH 

Staatsoper Tonight Peter Schneider 
conducts Dieter Dorn’s production 
of Cto fan tutte, with cast headed 
by Amanda Roocroft and Marilyn 
Schmiege. Tomorrow, Sun: Noel 
Davies conducts Richard Jones’ 
production of Giuflo Cesare, with 
Kathleen Kuhlmann and Christopher 
Robson. Fri, Mon: Dvorak’s Dmitri], 
with Ben Heppner and Livia Aghova. 
Sat John Cranko’s production of 
Prokofiev’s ballet Romeo and Juliet 
Tubs: Nabucco starring Jteia Varady 
and Alain Fondary (089-221316) 
Herfadessaal der Reskfenz 
Tonight to m o rro w : Carlo Maria 
Giulini conducts Bavarian Radio 
Symphony Orchestra and Chorus 
in 8ach‘s B minor Mass. Mon: 
Maurizto PoUini plays Beethoven 
piano sonatas. Tues: Maxim 
Vengerov violin redtal (089-299901) 
Gastelg Tomorrow, Fri, Sun 
morning: Sergiu Celibidache 
conducts Munich Philharmonic 
Orchestra in works by Bloch and 
Shostakovich, with ceBo soloist 
Natalia Gutman (089-4809 8614) 

■ STOCKHOLM 

Royal Opera Tonight Fri. next Mon 
and Wed: Arne MellnSs' new opera 
Doctor Glass. Tomorrow: Simon 
Boccanegra. Sat and Tues: 


choreographies by Ulysses Dove 
and Balanchine (08-248240) 
Drottnbigholm Tomorrow, Sat, next 
Tues, Thurs and Sat Youth and 
FoRy, Singspisi by Edouard Du Puy 
(08-660 8225) 

■ STRASBOURG 

Palais de la Musfque Tonight Fri, 
Sat Sun: Yehudi Menuhin conducts 
Sinfonia Varsovia in a cycle of 
Beethoven symphonies (8852 1845) 
Th6§tre Municipal Fri: Rudolf 
Krecmer conducts Bernard Sobers 
Op6ra du Rhin production of The 
Makropoulos Case, starring Sophia 
Larson. Sat Strasbourg Wind 
Quintet plays works by Dvorak and 
Janacek (8875 4623) 

ft STUTTGART 
STAATSTHEATER 
Tonight, Fit Die Zauberfldte. 
Tomorrow. Stuttgart Ballet in John 
Cranko's production of Prokofiev’s 
Romeo and Juliet Sat 
choreographies by Uwe Schoiz, 
music by Beethoven. Sun: Renato 
Zaneila’s baBet Mata Hari, music 
by Shostakovich. Mon: La Clemenra 
di Tito. Tues: Marcia Haydde's 
version of Glazunov’s ballet 
Raymonds (071 1-221 795) 
LUDWIGSBURG FESTIVAL 
The main event this week is the 
German premiere of Magic at 4, 
Johannesburg City Theatre's new 
musical about political freedom. 
daHy from tomorrow till Sun. There 
are also violin recitals by Frank Peter 
Zirnmermann tomorrow and Maxim 
Vengerov on Sun. Next week’s 
visitors include National Ballet of 
Canada and cellist Lynn Harrefl. 
(07141-939610) 


ARTS GUIDE 

Monday*. Berlin, Maw York and 
Paris. 

Tuesday: Austria, Belgium, 
Netherlands, Switzerland. Chi- 
cago, Washington. 
Wednesday: France, Ger- 
many, Scandinavia. 

Thursday: Italy, Spain, Athens, 
London, Prague. 

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 

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

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

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

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 




FINANCIAL TIMES WEDNESDAY JUNE » 199 ± 


Ian Davidson 



Next Monday, 
certain western 
governments 
will be cele- 
brating the 
anniversary or 
the D-day land- 
ings 50 years 
ago. The inva- 
sion of Normandy by Ameri- 
can, British and other allied 
farces was. of course, an 
extraordinary military exploit; 
a great achievement of strate- 
gic organisation, a scene of 
heroism, and a turning point in 
the war against Hitler's Nazi 
regime. But with the perspec- 
tive of all that has happened 
since, it is hard to understand 
why this particular military 
event is being given this kind 
of public emphasis by today's 
political leaders. 

First, it is obviously inappro- 
priate to embark on any kind 
of simplistic military trium- 
phalism. This was an achieve- 
ment only bought with 
immense human suffering, on 
both sides. There are veterans 
who lost comrades, and fami- 
lies that lost fathers, husbands 
or brothers; it is they who can 
claim an inalienable part of the 
truth about this campaign. If 
D-day is to be remembered, it 
should surely be in a solemn 
commemoration in church or 
by a graveside, not with the 
nationalistic waving of flags. 
The significance of the Nor- 
mandy invasion surely should 
not to be reduced to the 
public rhetoric of patriotic 
glory. 

In any case, the D-day cele- 
brations seem designed to con- 
vey a misleading interpretation 
of history. The flag-waving tac- 
itly suggests that it was the 
western allies who defeated 
Hitler, single-handed. We know 
that the former Soviet Union 
played at least as big a part, 
and suffered much bigger loss 
of life; but do we celebrate the 
seige of Leningrad, or the bat- 
tle of Stalingrad, or the recon- 
quest of Ukraine? We do not 

The reluctance of western 
propagandists at the time to 
publicise the heroism of the 
Russians was subsequently 
reinforced by the cold war. 
But, in addition, the western 
celebrations of the Normandy 
landings have been kept 
alive as part of a hidden 
agenda: or rather, two hidden 
agendas, one French, one 
British. 

The French have promoted 
the D-day commemorations for 
reasons of national mythology, 
the British for national nostal- 
gia. 


No to 
D-day 
flags 

The anniversary 
should not be a 
selective event 
inspired by 
nostalgia 

For the French, it is a way of 
sustaining the legend that, in 
the liberation of France, they 
played an equal part with the 
Americans, the British and the 
other allies. This is a partial 
view of history. General de 
Gaulle was a great man. and 
the Resistance made an impor- 
tant contribution; but the 
French role in winning the war 
in the west was marginal 
compared with the overwhelm- 
ing part played by the 
Americans. 

The Gaullist legend became 
a vital part of the mythology, 
to exorcise the painful memory 

The significance of 
the event should 
not to be reduced 
to the rhetoric of 
patriotic glory 

of France's humiliating col- 
lapse in 1940 and the long and 
willing collaboration of the 
P6tain regime with Hitler’s 
Germany. 

The exorcism and the 
mythology were necessary, in 
turn, to justify France’s role, 
from 1944 on, as one of the big 
four postwar powers, with a 
share in the occupation of Ger- 
many and a permanent seat on 
the United Nations Security 
Council. Since France's great- 
power eminence is now chal- 
lenged by the rise of united 
Germany, it is all the more 
important to keep alive the 
memory of D^day. 

For Britain, the commemora- 
tion of D-day has been made a 
central feature of the national 
nostalgia for the days of mili- 
tary glory, when Britain was 
great and victorious. Above all, 
those were the days when 
Britain was allied, on what 
seemed like almost equal 


terms, with the Americans. 
The British have never quite 
got over the excitement of the 
association. 

The habits and principles of 
military' co-operation devel- 
oped for D-day became the 
indelible and sacred template 
for the later military integra- 
tion of Nato; and the British 
are still playing the role of 
high priests of Nato, as if his- 
tory and American policy had 
not moved on. 

In political terms, the mem- 
ory of the Anglo-American 
line-up against the continental 
Axis established a distorting 
prism which is still reflected 
today in the knee-jerk anti-Eu- 
ropeanism of Britain's ruling 
Conservative party. 

For the purposes of its cam- 
paign for the European parlia- 
ment election on June 9 and 12, 
the Conservative party appears 
to be trying to idealise D-day 
as the epitome of a lost 'golden 
age'. The reality is that 
it was one important turning 
point in a world war which 
only a minority can now 
remember, it was not the end 
of history. 

In the meantime, the kaleido- 
scope has shifted several times 
in spectacular fashion. The 
Russians, who were then ou& 
allies, became our enemies for 
45 years, but are now friends 
with us again, or at least pre- 
carious partners. The Germans 
who were then the anathema 
of the civilised world, soon 
became our allies, and central 
protagonists in the long pro- 
cess of building a peaceful, 
democratic and integrated 
Europe. 

If we were celebrating D-day 
as a symbol of the defeat of 
Nazism, it would be more 
broad-minded if we included 
the Russians; and it should be 
easier to do so now that we 
have defeated the aggressive 
pretensions of Soviet commu- 
nism, especially since we did 
so. not through war. but 
through the peaceful strategy 
of deterrence exerted by the 
North Atlantic alliance. But we 
could also celebrate the Nor- 
mandy invasion as a symbol of 
the banishment for the subse- 
quent four decades of war from 
the continent of Europe; in 
which case we should include 
the Germans. 

Instead, we are to have a 
selective celebration, inspired 
by an atavistic nostalgia, 
which seems designed to deny 
everything that has been 
learned in Europe over the 
past 50 years. It seems a great 
pity. 


T his is the Welsh Devel- 
opment Agency. The 
office is now dosed," 
began the recorded 
telephone message yesterday 
morning at the agency's Pearl 
House headquarters, a land- 
mark 18 -storey building in cen- 
tral Cardiff. 

An extended bank holiday 
might have come as a relief to 
the beleaguered staff at the 
government-funded agency, as 
It faces yet another brouhaha 
over the way it is run. On the 
other hand,' its answerphone 
rnefisag** might be symbolic of 
its clouded future - even if do- 
sure itself is not on the agenda. 
Morale at the agency, responsi- 
ble to the Welsh Office for pro- 
moting economic development 
in Wales and improving the 
physical environment, Is low. 

“Everyone is confused," said 
one insider. “Every time there 
is something positive, there 
is then another knocking 
story." 

The latest allegations centre 
on a BBC Wales television 
investigation. The broadcast 
last night claimed that the 
Welsh Office bad unlawfully 
used the agency to channel 
£7m in grants to mid-Wales, 
with the presumed purpose of 
bolstering Conservative pros- 
pects In marginal constituen- 
cies after the region had lost 
assisted area status in 1982. 
This, the programme claimed, 
was outside the agency's legal 
powers. 

As the Labour party called 
for the resignation of Mr John 
Redwood, Welsh secretary, he 
retorted by denouncing the 
BBC for what he called “scan- 
dalous allegations" and a 
“put-up job". He said the 
grants had been legally dis- 
bursed and parliament bad 
been told of the scheme in 
1982. 

Whatever the rights and 
wrongs of the latest claims - 
and Mr Redwood put the calls 
for his resignation in the con- 
text of campaigning for next 
week's European Parliament 
elections - the government's 
embarrassment over Welsh 
quangos in general, and the 
WDA In particular, remains 
considerable. 

Since Mr Redwood succeeded 
Mr David Hunt as Welsh secre- 
tary in May last year, he has 
confronted a seemingly unend- 
ing series of disclosures con- 
cerning the quangos - the 
unofficial name for non- 
departmental unelected public 
bodies. 

At present, the Conserva- 
tives only hold four of the 38 
parliamentary seats in Wales, 
and the growth in the princi- 
pality of quangos since the 
Tories came to office in 1979 is 


Re-enter the dragon 
of controversy 

Roland Adburgham on the latest allegations to 
swirl around the Welsh Development Agency 



seen by many government crit- 
ics as a way of bypassing the 
electorate. Professor Kevin 
Morgan, of the department of 
city and regional planning at 
the University of Wales, last 
autumn published a study of 
quangos pointedly called The 
Democratic Deficit, which 
called for more account- 
ability. 

The WDA. as the biggest 
Welsh quango with a total bud- 
get of 2137m for this year, is at 
the centre of the argument 
about the role of such bodies. 
Mr David Rowe-Beddoe, 
appointed chairman by Mr 
Redwood last summer to rid 
the agency of its aura of unac- 
ceptable behaviour, was found 
to have been a former Conser- 
vative party fund-raiser over- 
seas. 

While Mr Redwood denied 
having known this when he 
appointed Mr Rowe-Beddoe, 
the incident served to reinforce 
claims that Welsh Office 
appointees to quangos have 
not always been politically 
neutraL 

The WDA itself was set up 
by act of parliament in 1975 
(under a Labour government) 
and has played the leading rule 
in dealing with Wales’s legacy 
of old heavy industries - coaL 
iron and steel. Its efforts at 
land reclamation, urban regen- 


eration and winning overseas 
investment have been widely 
praised. 

What has not been admired 
is the way in which it foiled to 
reconcile its responsibilities as 
an agency of government, 
accountable to parliament, 
with its attempts to play an 
entrepreneurial role more 
appropriate to the private 
sector. 

I ts entrepreneurial culture 
stems from the days of Mr 
Peter Walker, now Lord 
Walker. As Welsh secre- 
tary in 1988 he chose Dr Gwyn 
Jones to be chairman of the 
WDA. Although the post is 
sometimes called “the second 
most important in Wales", Mr 
Walker did not have it adver- 
tised, nor did be seek personal 
references from Dr Jones, then 
a little-known Swansea busi- 
nessman in his late thirties. Dr 
Jones, described as “dynamic" 
by advocates and ‘‘flamboyant" 
by critics, successfully pro- 
moted Wales and the agency 
on an international stage. 

Mr Walker gave Dr Jones the 
brief of recasting the WDA's 
strategy to make it more com- 
mercially aggressive and. in 
particular, to devote time to 
winning inward investment. 
The agency's achievements in 
that latter aim have been sig- 




nificant. But Mr Walker's bull- 
ishness that the Welsh econ- 
omy could be rapidly trans- 
formed, with the WDA acting 
as a catalyst, has proved to be 
misplaced, even though unem- 
ployment was brought down to 
the UK national average. 

While Mr Walker and Dr 
Jones were selling Wales 
around the world, however, the 
agency's managers foiled to 
stop the kind of internal prac- 
tices which last year were crit- 
icised by the Commons public 
accounts committee. 

While there was no evidence 
of corruption, these included a 
loss of £1.4m on an unapproved 
agency redundancy scheme, 
the provision of free private 
motoring for senior agency 
executives, expenditure of 
more than £300,000 on consul- 
tancy fees to consider partial 
privatisation, which was not 
identified separately in 
accounts, and the appointment 
of a convicted fraudster as 
marketing director. Another 
board member until recently 
was Sir Donald Walters, a 
prominent Conservative sup- 
porter in Wales. 

Dr Jones ended his chair- 
manship early last year. Mr 
Philip Head resigned as chief 
executive last October after the 
public accounts committee’s 


rolled, including that or Mr 
Mike Henry, director of corpo- 
rate services, who is bringing a 
case of unfair dismissal, and 
who contributed to last night's 
BSC programme. 

A wholesale restructuring of 
the agency, which entails the 
loss of about 70 of Its 420 jobs, 
is »wrt«r way under Mr Rowe- 
Beddoe, and a new chief execu- 
tive, Mr Barry Hartop. The 
board has been strengthened 
by the appointment of Profes- 
sor Garyl Rhys, an automotive 
industry expert, and Rhiunnon 
Chapman, former director of 
the Industrial Society. 

One ex-officio vacancy on the 
WDA board is that of the chair- 
manship of another quango, 
the Development Board for 
Rural Wales. The awkward rea- 
son. for the vacancy is that Mr 
Glyn Davies, the rural board's 
chairman, resigned last month 
in the wake of another blister- 
ing report by the Commons 
public accounts committee 
over an illegal housing alloca- 
tion sch*™*- No successor has 
yet been appointed because Mr 
Redwood is reviewing the rural 
board’s entire future. 

The Welsh Office itself has 
not managed to divorce itself 
from criticisms of the quangos. 
Earlier this year. Mr Michael 
Scholar, permanent secretary, 
found himself taken to task by 
the public accounts committee 
for the Welsh Office's failure to 
demand disciplinary action at 
the quangos, and only last 
month the committee 
described the department's 
monitoring of public accounts 

as “unacceptable". 

While Mr Redwood may feel 
he is unfairly bearing the 
brunt of allegations relating to 
events that took place before 
his time, after his first year in 
office the quangos continue to 
provide ammunition for his 
opponents. Board members are 
on the defensive and regard 
much of the criticism as politi- 
cally motivated. Yesterday, one 
commented: “There are axes 
being ground. If the power 
base were reversed, would it be 
very different?" 

Prof Morgan counters by say- 
ing that the common thread in 
the scandals is the culpability 
of the Welsh Office in its moni- 
toring of the quangos. “The 
key issue is to try to restore 
some credibility to the appoint- 
ment process - it is far from 
being transparent and cer- 
tainly not foir," he says. "It 
needs to be far more impartial 
Ihe second issue is they way 
they are regulated." 

This leaves the task of rais- 
ing the credibility of “quango- 
land", as Mr Redwood himself 
has described it. firmly at the 


EXHIBITION 

M 

jlUDEMARS PlGlIET 


A Tribute To Horological Excellence 



Fr-’ni i hr I'rivntr Miiieum 

Cillffi’IBHi. ijVi/d Hunter Hill) • 
"Tin ill r /r/vufi'r. prrpctwU 
oilnhAir \etin ,inJ 
mmmpimu-s. tplu w-nJ 

Wirtutw.ifA Aii I/:) 
.lw,Wm Firim-i. /,V»)/ 


You are invited to view the important 
Private Museum Collection of Audemars Piguet 
being brought to England for the first time to mark the World Launch 
of the "Grande Sonnerie" wrist watch exclusively at Asprey 

WEDNESDAY 8TH - SATURDAY 18TH JUNE 1994 

The exhibition will include the finest Antique Pocket Watches, exceedingly rare pieces 
with specific technical features and a few very special Enamelled Gold Pocket Watches 

The complete Audemars Piguet contemporaiy collection will be on view and available for sale 



New Bund Souet. London 
irM -493 6767 


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 


London SE needs 
'circuit breakers’ 


to avoid volatility 


From Mr David Grenier. 

Sir. A large part of the mar- 
ket turmoil seen in London 
last week can be directly attri- 
buted to the operation of 
futures and options trading. 
On the two days when the 
FTSE-100 Share Index fell more 
than 50 points, futures trading 
was heavy while trading In the 
actual market was light. 

The trading rules of the Lon- 
don market encourage aggres- 
sive use of traded options and 
futures, whether on the bear or 
the bull tacks. It is surely now 
time for the stock exchange to 


follow the lead of the New 
York Stock Exchange (and 
other markets) by introducing 
"circuit breakers". These 
would come into operation 
automatically on a 50-point foil 
tor rise) in the FTSE-100 Share 
Index. 

Only in this way can the 
London market avoid the cre- 
ation of false markets through 
excessive volatility. 

David Grenier, 

Independent Investment 
Management. 

11 Old Jewry. 

London EC2R SDH 


View of the EU does not 
represent the majority 


From Mr Gerald Frankel and 
Mr Ben Coleman. 

Sir. Lord Cbalfont and others 
are quite wrong to put forward 
their view of the European 
Union as that of the "silent 
industrial majority" (Letters, 
May 31). The millions of own- 
ers and employees of small 
businesses would be unlikely 
to agree with its main conten- 
tions. 

The European single market 
may suit multinationals but it 
remains a threat rather than 
an opportunity for most small 
UK Anns (only the largest com- 
panies. for example, can afford 
to commit resources to ensur- 
ing that new European stan- 
dards are not to their disadvan- 
tage). 

The European social chapter 
is irrelevant to small compa- 
nies, which are specifically 
exempted by Article 2 ("direc- 
tives shall avoid imposing 
administrative, financial and 


legal constraints in a way 
which would hold back the cre- 
ation and development of small 
and medium-sized undertak- 
ings"). They are more worried 
by issues such as late payment 
by larger firms. 

The potential entry into the 
European Union of low-cost 
central and eastern European 
countries, while welcome to 
importers and to multination- 
als seeking ever cheaper 
labour, fills most small firms 
with dread. 

By all means give space to 
Lord Chalfont and his friends. 
But please acknowledge which 
part of British industry they 
are coming from. 

Gerald Frankel, 
deputy chair. 

Ben Coleman. 
executive member. 

Labour Finance & Industry 
Group, 

14 Boscombe Road, 

London Wl2 9HP 


Conditions must be right 
for China to be in Gatt 


From C M Purvis. 

Sir, Your leader. "Bringing 
China into the Gatt" (May 30). 
stresses the need to deal with 
some difficult issues before fin- 
alising China’s accession to the 
General Agreement on Tariffs 
and Trade or to its successor, 
the World Trade Organisation. 

You are right to include in 
the list of such issues the state- 
owned enterprises and the 
export of prison-produced 
goods. What is equally impor- 
tant, however, is to obtain the 
removal of non-tariff barriers 
inhibiting exports to China, 
together with a substantial 
reduction and binding of Chi- 
nese tariffs. Such a step - if 
properly implemented by 
China and policed by Gatt and 
WTO - would at once cut the 


ground from under backward 
looking policies of central con- 
trol and self-sufficiency; it 
would also, importantly, make 
it much more difficult for Chi- 
nese enterprises to disrupt 
world markets by dumping 
practices. 

It is vital for the world trad- 
ing system to get these condi- 
tions for Chinese accession 
right The Gatt should not be 
pressured into agreeing unsa- 
tisfactory compromises for the 
sake of speed. 

C M Purvis. 
director general. 

International Rayon and 
Synthetic Fibres Committee. 
Avenue E van Ntatmenhuyse. 4, 
B-1160 Brussels, 

Belgium 


More to be done in order 
to contain derivatives risk 


From Mr Michael Chamberlain. 

Sir, Your report "GAO rings 
alarm bells over danger of 
derivatives" (May 19) con- 
dudes with references to the 
recommendation of the Gen- 
eral Accounting office in the 
US that regulatory attention 
should be paid to the account- 
ing and disclosure regime for 
derivatives. 

While many different 
accounting recognition and 
measurement issues related to 
derivatives remain to be 
resolved both in the US and 
elsewhere, more could quite 
quickly be done in the 
disclosure field internationally 
to ensure that investors are 
made aware of companies' 
strategies for risk management 
and their exposures to both 
credit and market risk, as a 
minimum. 

Progress has already been 


made in some countries in this 
field. The examples already set 
could usefully be followed by 
others and the UK is one of 
those where there is ground to 
be made up. 

But accounting standard sec- 
tors from various countries 
and the International Account- 
ing Standards Committee are 
meeting this month in Edin- 
burgh to examine this 
subject 

It Is to be hoped that 
advances can usefully be made 
there on the priority issue of 
disclosure, even if agreement 
on accounting proves to be 
more elusive. 

Michael Chamberlain. 
president. 

Institute of Chartered Accoun- 
tants. 

Chartered Accountants' Hall 
Moargate Place, 

London EC2 


Negative view of what is an essential policy of privatisation 


From Mr David Ringrose. 

Sir, Those reforms in eastern 
Europe and the former Soviet 
Union that have had the most 
positive effect on sustainable, 
long-term job creation have 
been brought about by those 
who recognise that private 
enterprise is a way of facing up 
to the pressure of the invisible 
hand of the market 

By ignoring the positive 


motives for governments' deci- 
sion to withdraw state control 
over sectors of the economy, 
the article “Privatisation in 
Europe could cost 800.000 jobs" 
(May 25) presents privatisation 
as a zero-sum game, rather 
than as a tool for managing 
change in a global economy. It 
is a one-sided view of a policy 
the many virtues of which the 
FT has long extolled, not least. 


implicitly, in the editorial. “A 
manifesto for business", of the 
same day (“It is encouraging 
that the government now 
accepts that (big new spending 
on industrial support] more 
often (creates] problems by 
retarding essential adjust- 
ment”). To what does BA owe 
its increase in profits, except to 
such “essential adjustment"? 
Why do BT, British Gas and 


British Steel have healthier 
futures than most of their com- 
petitors? 

Privatisation is not a 
cure-all, but it is surprising to 
see the FT hi g hli g hting only 
the negative side of an essen- 
tial policy. 

David Ringrose, 

Hamerstraat 44. 

Brussels, 

Belgium 




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FBSANCIAJU TIMES WEDNESDAY JXJNE 1 1994 


15 


.11 


fiETOANCIAL TIMES 

... ^Ufflber One Southwark Bridge, London SE1 9HL 
5 : ' T— 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Wednesday June 1 1994 


The battle 




Despifce a widespread assumption 
th ihfiHHSttrary, Toiy governments' 
net invariably on the aide of 
big . dividends. Jh the earty 1970s, 
the-Heath administratkoi shocked 
the City by capping payments to 
ishapphdfeis white imposing a pay 
freeze. -In a recent speech, the 
Fiaancfal- Secretary to the Trea- 
sury Wc Stephen Dorrell made it 
dear that the present government 
would not repeat the mistake of 
intervening directly in fixing divi- 
dend levels. But he suggested that 
companies appeared to be over-dis-. 
tributing - a view shared by - 
Labour - and that could have 
an advene impact cm investment 
The government’s case has been 
vigorously attacked by fund man- 
agers, including Mr Paddy Lin- 
aker, managing director, of the M 
& G Group, in these pages. Bis 
views are .widely shared by other 
institutions indudbog the pension, 
hinds, who have been caught on a 
particularly raw nerve. The aver- 
age British pension hind is now 
mat u re, with pensions being paid 
out of investment' income rather 
than new. cash flow' from contribu- 
tions. Pension fund managers are 
thus more sensitive to changes in . 
investment income. And they 
have been- stung by -the reduction 
In tax relief on dividends intro- 
duced by tha forms' chancellor Mr 
Norman T^araont, who failed to 
recognise that taxing pension, 
funds simply forces companies to .. 
raise pension n wif 
In economic theory, investors 
should be fodifEemit to whether 
profits are distributed or rein- 
vested. But statistical research by 
investment bankers BZW has 
shown that since ISIS two-thirds 
of the total UK equity return has 
come fron\ income rather than 
capital There is thus a natural 
tendency for British fond manag- 
ers to pay particular attention to . 
dividends. And ’ since the growth , 
of tax-exempt institutions has 
introduced 'k Has Inwards distort- . 
bution- intbtthe corporation tax 
s*stem, it fo not surprising if divi- 
dend cbvwr Is on the low side by 
mteraationat standards. 

Relot^aht buyers 

For pensfou . foods approaching 
maturity the obvious step should 
be to increase holdings of 
gilt-edged. Yet British fond man- 
agers* memory of the destruction 
of fixed-interest values is too 
recent .to make them^ ^ other Qian 


reluctant buyers. Small wonder 
that they now want the equivalent 
- of the commercial property land- 
lord’s upward-only rent review in 
equities. The question is whether 
this attempt to turn equity into a 
more stable, low-risk investment 
makes sense for companies and 
(he wider financial system. 

Artificial boost 

There Is anecdotal evidence that 
the recent reduction in dividend 
cover to historically low levels is 
partly a hangover from the 1980s 
contested takeover boom. Industri 
alists have no wish to alienate 
investors who may be the arbiters 
of their fate in a future bid battle 
Yet some argue that a fan in divi 
dead cover is appropriate in 
today’s low-inflation environment, 
since historic cost twyonntfng no 
longer provides such a big artifi- 
cial boost to reported profits. And 
while research by academics at 
the Institute for Fiscal Studies 
suggests that the level of reten- 
tions does affect investment 
spending for a rfgniffomt propor- 
tion of companies, the historical 
correlation between high payouts 
and high investment by »n4iwtp ai 
. and commercial, companies 
T AirtaiTw striking. 

GBI surveys suggest that indus- 
trialists are far more worried 
about inadequate returns on 
investment . than shortage of 
finance. That, in turn, reinforces 
the suspicion that companies have 
been.slow to reduce hurdle rates 
of return and payback periods in 
response to disinflation. This leads 
to two mutually contradictory pos- 
sibilities. Either companies are 
reluctant , to invest because they 
believe that inflation is set to rise 
again, in which case their hurdle 
rates of return are right and divi- 
dend. cover is too thin cm a his- 
toric cost basis. Or the constraint 
on investment that Mr Dorrell 
fears has nothing to do with low 
dividend cover and everything to 
do with management’s failure to 
adfust hurdle rates to disinflation. 

The way to resolve (his dilemma 
is not for the government to tin- 
ker with the tax system on the 
hpste of . inconclusive data. Time 
and market forces will anyway 
help bring about an adjustment 
For their part, industrialists 
should recognise the legitimate 
income needs erf the institutions, 
hut he robust in defending their 
cash flow when prudence requires. 



Northern Inland has the highest 
mwmptoynmrt-rate ^in Britain, an 
econoroy unlrtaltiuly dependent 
on public support and an image 
which can . deter foreign investors. 
Any private sector manufacturing 
project which promises to create 
hundreds of Jobs there should nor- 
mally be welcomed. However, 
such & welcome can only be 
extended with confidence when 
there is clem evidence that the 
project stands a reasonable chance 
of succ«s. ;■ 

It is difficult, on the basis of the 
public information available to 
date, to form such a judgment 
about the plan by Hualon, a Tai- 
wanese industrial conglomerate, 
to build a £157m synthetic fabrics 
plant hi Belfast Too many unre- 
solved questions surround the 
background of some of the Individ- 
uals involved, the economics of 
the projecfc' and the manner in 
which it has been dealt with by 
both British -authorities and tire 
Europeatf Commission. . 

TSttreqqesGkms take on portico- 
lar^ impdrt&Bfce because the plant 
is bring assisted wtth £Glm ctf pub- 
lic money; ft Is surprising that the 
gpven uu B tt proposes to give these 
fonds tb a company, two of whose 
top managers have been charged - 
aid cow of them convicted - in 
cqmwctfoa ^with an alleged finan- 
cial foaud- Ministers have declined 
to say whether they knew of the 
riuages ™* r if so. why they con- 
sidered ft proper to back toe proj- 
ect Inquiries have been referred 
to ^Northern Ireland's Industrial 
Development Board, which con- 
ducted the negotiations with Hus- 
ton. The XDB's response has also 
beeatiBBttteEKtoty. 

Shriidangirrarkfit 

lack of chatty also surrounds 
the plant's, proposed operations. 
The market ft Is bring set up to 
supply b. already shrinking, and 
will -few further pressures as the 
HU ttftacwteris on imports from 
developing countries with far 
tower labour costs. The fDB says 
Hualon plans to compete by using 
blgk&antaBat*} capital-intensive 
Erodujetity methods. Yet it claims 
the plant Will employ 1,300 people. 
Hot tody b that figure regarded as 
high -fay -ethers in the textiles 
iaduaryrbut the European Com- 
raissfon ?qys St was able to 
approve fltate rid for the plant 
only because . technology is so 


basic that it will not threaten 
other EU producers. 

Just where the truth ties is 
impossible to say. since the IDB 
refuses to disclose any details of 
Hualtm's business plan or of the 
procedures used to vet the project 
Nor is there any evidence that the 
business plan was scrutinised by 
independent experts before the 
go-ahead was given. It is difficult 
to imagine any prospective private 
investor not taking such an ele- 
mentary precaution. The IDB’s 
apparent failure to do so hardly 
encourages confidence In the 
plant's viability. 

UK lobbying 

A different set of issues arises 
from the conditions in which the 
project was approved by Brussels. 
The UK government’s energetic 
lobbying for approval - against 
competition objections from com- 
mission experts - is Inconsistent 
with its repeated criticisms of 
other countries' industrial subsi- 
dies. Nor has the Commission's 
apparent readiness to yield to 
political entreaties enhanced its 
reputation for impartiality. 

Beyond that, the case highlights 
a deeper dilemma in EU policy. In 
principle, its efforts to encourage 
the transfer of resources to 
Europe's poorer regions is to be 
commended. In practice, the result 
has too often been rivalry between 
governments to woo mobile 
investments with large financial 
inducements. These penalise other 
producers and distort markets, 
particularly in sectors such as 
synthetic fibres where there is 
chronic excess capacity. Such poli- 
cies also risk attracting marginal 
investment projects which cannot 
raise funds elsewhere. 

Above all governments’ overrul- 
ing desire to create jobs can too 
easily impair their judgement A 
memorable consequence was foe 
De Lorean car venture in North- 
ern Ireland, which collapsed to foe 
early iSSQs. There is no evidence 
to suggest the Hualon plant will 
suffer a similar late. But taxpay- 
ers and foe people of Belfast need 
more information about foe proj- 
ect T%e political accountability of 
the IDB also needs to be clarified. 
If ministers will not provide 
answers voluntarily, the newly- 
formed Commons Northern 
Ireland committee should require 
them to do so. 


G reek investors, some 
carrying attache cases 
filled with cash, 
crowded Into banks 
and brokers' offices 
yesterday to take advantage of the 
highest interest rates of foe postwar 
period. The drachma crisis has sent 
short-term rates soaring, with com- 
mercial banks offering returns on 
deposits that match the Socialist 
government’s issue of a new series 
of high-yielding bonds. 

The Greek currency has survived 
more than two weeks of speculative 
pressure, but at a heavy cost The 
sharp Increase to interest rates on 
tax-free government securities is 
the latest move in the battle to 
avert a devaluation. 

Mr Andreas Papandreou. the 
Socialist prime minister, insists 
devaluation must be avoided 
because it would fuel inflation and 
undermine confidence. He sounded 
optimistic at the weekend, assert- 
ing: “The battle for foe drachma is 
still continuing and it is critical, but 
it has effectively been won," 

The drachma slipped yesterday, 
closing at 148.1 against foe D-Mark 
compared to Drl47.9 on Monday. 
But it is still supported on a cush- 
ion of foreign currency from over- 
seas investors attracted by the gov- 
ernment's series of “superbonds". a 
one-month zero-coupon bond was 
issued at 27 per cent, while the 
three-month Treasury hill, offered 
last mouth at 1&5 per cent, now 
carries a rate of 25£ per cent 
Greece's currency crisis was trig- 
gered by the government’s decision 
an May 16 to bft all remaining con- 
trols on capital movement, six 
weeks ahaari of the rigariiing set by 
the European Union. There has 
been no flight of capital, because of 
high domestic interest rates and tire 
introduction by the central bank of 
complex regulations for transfer- 
ring foods abroad. But liberalisa- 
tion provoked immediate attacks on 
the drachma. Financial markets 
expected that the government 
would devalue rather than exhaust 
Greece’s modest $9bn foreign 
exchange reserves in trying to sup- 
port the currency. 

The reasons for the drachma’s 
problems, however, go deeper. 
Because of its chronically high 
inflation rate, Greece was not able 
to join the exchange rate mecha- 
nism of the European Monetary 
System. The central bank’s “hard 
drachma" policy, allowing the 
drachma to depredate against other 
EU currencies at a slower pace than 
inflation, has made the currency 
appreciate in real terms: most esti- 
mates suggest the drachma is over- 
valued by at least 20 per cent. 

Another reason for the drachma’s 
current weakness is foe failure of 
recent governments to reduce the 
public sector deficit, which this 
year could reach 17 per cent of 
gross domestic product. With spend- 


Pressure to devalue the Greek currency will not abate 
while the economy is unbalanced, says Kerin Hope 

Out of sync with 
their partners 





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— *“ d ebt 


199^^1 J «2 . 63 M 


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1 i s I 

Sill 


Andreas Pepandreott prime minister ■ «. 

tog exceeding economic growth for 
the past decade, Greece’s accumu- 
lated debt is now equal to about 150 
per cent of annual GDP. This 
month, the gnw»r pmpnt must raise 
some Dr450bn (£L2bn) from domes- 
tic and foreign investors to pay 
interest charges on this debt. 

“The debt is deterring invest- 
ment. Servicing costs are so large 
that interest rates cannot come 
down. And the new bond issues will 
lock the government into maintain- 
ing even higher interest rates," says 
Mr Peter Doukas of Citibank, the 
US bank. 

Mr Papandreou's decision to 
defend the drachma by raising 
short-term interest rates comes at a 
particularly awkward moment. 
Unless measures to boost income 
are taken quickly, a shortfall to tax 
revenues through evasion will 
increase the government’s borrow- 
ing requirement this year to 18 per 
cent of GDP. against a budget taiget 
of 12£ per cent 

The need to improve revenues has 
forced the Socialists to abandon 
their ideological opposition to priva- 
tisation. Unbun dling the state is 
now a priority, with public offerings 


90 


90 


83 

Sayres SU, 8? 


being planned for several utilities, 
starting with OTE, the state tele- 
coms monopoly. The flotation of 25 
per cent of OTE later this year 
should raise Dr250bn, enough to 
cover half the projected revenue 

shor tfall 

More drastic measures, however, 
wifi be needed to restore the drach- 
ma’s stability. Economists are call- 
ing for both short-term measures to 
boost revenues and structural 
reforms to reduce the annual public 
sector deficit “Now that capital 
rr mtmi<i are gone, the drachma can 
coma under p res sure at any time 
The only serious defence is to 
address the underlying problems — 
the yearly deficits and the total 
debt," says Ms Miranda Xafa of 
Salomon Brothers, the US invest- 
ment bank. 

Mr Alexandras Papadopoulos, the 
finance minister, claim.* that 
renewed efforts to collect tax 
arrears will yield an extra Dr200hn 
later in the year to cover the rest of 
the expected shortfall. With Euro- 
pean Parliament e lections l ess than 
two weeks away, the Socialists are 
reluctant to incur the political cost 
of launching an emergency fiscal 


package. 

Mr Papadopoulos argues that the 
benefits of short-term measures 
such as price increases for petrol 
and utilities would be outweighed 
by their impact on the inflation 
rate. Since their return to power 
lust October, the Socialists' main 
economic task has been to bring 
inflation down to single digits dur- 
ing 1994. But in April the year-on- 
year inflation rate crept up from 
10.2 to 10.4 per cent, ending a steady 
10-month decline. 

Nevertheless, the government Is 
under increasing pressure from its 
EU partners to introduce structural 
reforms. The rising iirfiHts and debt 
are pulling Greece further from the 
Maastricht economic convergence 
targets. The gap with the rest of the 
EU will widen again this year, with 
GDP growth in Greece forecast at 
less than 1 per cent 

Mr Hpnninff Christo phersen, the 
European Commissioner for eco- 
nomic affairs, has proposed that 
Greece should ure its position as 
EU president to win approval at 
this month’s Corfu nwnwiit for an 
economic package. To reduce the 
public sector deficit, it should 


trw-indR deep spending cuts. With 
payroll and pension costs account- 
ing for 40 per cent of budget out- 
lays. there seems no alternative to 
shutting loss-making state enter- 
prises and pihninaHng a large pro- 
portion of the 50,000 dvil service 
jobs. Like their conservative prede- 
cessors, foe Socialists are unwilltog 
to adopt such unpopular measures. 

Yet they could pay a high price 
for ignoring the Commission's 
advice. Greece is already unpopular 
with its partners for failing to 
implement two previous stabilisa- 
tion plans since 1990 and over its 
blockade of the former Yugoslav 
republic of Macedonia. The Com- 
mission is preparing legal action 
against Greece for violating Treaty 
of Rome requirements on EU trade 
with the embargo. 

R ecovery in Greece is 
based on the assumption 
of increased inflows of 
EU assistance, amount- 
ing to Ecul6.8bn over 
the next five years. As well as pro- 
moting growth through grants that 
will cover up to 80 per cent of finan- 
cing for large infrastructure pro- 
jects, the funds will help to keep 
Greece’s current account deficit at 
manageable levels - about 2 per 
cent of GDP. But if Greece fails to 
make progress towards the Maas- 
tricht targets, some EU financing 
may be withheld. 

Such progress may be difficult 
because the chances for economic 
recovery are now threatened by the 
turmoil on Greek financial markets. 
Triple-digit interest rates on the 
interbank market are creating a 
liquidity squeeze for Greek banks, 
now being reflected in soaring inter- 
est rates for corporate borrowers. 

The banks' most reliable custom- 
ers saw interest charges on “work- 
ing capital" jump from 25 to more 
than 40 per cent last week, while 
new borrowers were turned away. 
Moreover, the liquidity problem is 
likely to continue as deposits are 
siphoned off into high-yielding gov- 
ernment securities. 'It's impossible 
to hold money market rates at such 
high levels for more than a couple 
of weeks without disrupting the 
whole economy," Ms Xafa says. 

Few economists believe the 
drachma can withstand prolonged 
pressure. Given Greece’s underlying 
economic imbalances, the question 
of devaluation is likely to resurface. 
In the medium-term, the “hard 
drachma" policy will have to be 
relaxed to accommodate a faster 
slide than the 6 to 7 per cent proj- 
ected for this year. But the longer 
the government delays the needed 
fiscal stabilisation, the greater the 
risk that, the dwiinp of the currency 
mil become totally out of control 
As Mr Doukas says: “The question 
is not whether, but when and by 
how much the dra chma will come 
down." 


German M3 boiler builds up steam 



Persona l 
view 


As German broad 
money supply (M3) 
now seems set to 
exceed its target for 
the third year to a 
row, pressure on the 
Bundesbank is 
growing to ignore 
what Bundesbank 
president. Mr Hans Tietmeyer, calls 
an "important intermediate Indica- 
tor". The Bundesbank itself has 
been strengthening the hand of crit- 
ics of monetary targeting by lower- 
ing interest rates sharply despite 
very strong money supply growth 
to foe past six months. 

Abandoning M3 now as a signpost 
for monetary policy would be a 
grave mistake for at least two rea- 
sons. First there is no convincing 
evidence so far that foe long-run 
relationship between money supply 
growth and inflation has ceased to 
exist. Publicly available indepen- 
dent studies, such as those from the 
Kiel Institute of World Economics 
and the OECD, have found some 
evidence for a short-term distur- 
bance in the demand for money in 
the wake of German unification. 
But they have failed to reject the 


hypothesis that the long-run 
demand for money ha«t remained 
stable. 

Second, excessive money supply 
growth has reflected the partial 
monetary financing of government 
debt, which, if continued, could 
threaten the purchasing power of 
foe D-Mark. 

In recent months Bundesbank 
representatives and other observers 
have attempted to explain the ram- 
pant growth of money supply on the 
basis of portfolio shifts between 
money and “monetary capital" (the 
longer-term liabilities of the credit 
institutions, excluded from M3). 

In reality, however, expansion of 
credit has been driving money sup- 
ply growth- At the end of 1993, total 
bank credit amounted to about 
DM3,800bn, money (M3) to 
DM1900bn, and monetary capital to 
roughly DM2.100bn. 

With bank credit rising at an 
annual rate of 10-3 per cent between 
the end of 1991 and the end of 1993, 
monetary capital would have had to 
grow substantially above this rate 
to neutralise foe effects of credit 
growth on M3. 

In fact, monetary capital grew at 


an annual average rate of only 7.7 
per cent, so the annual rise of M3 
during this period was 8.7 per cent 
If the expansion of bank lending 
had been used to finance invest- 
ment to future productive capacity, 
there would have been little reason 
to worry. 

However, between the second half 
of 1990 and the second half of 1993, 

Twice this century 
the monetisation of 
government debt has 
led to German 
hyperinflation 

real investment in machinery and 
equipment in united Germany 
declined by about 4 per cent This 
suggests that most of foe credit was 
used for housing construction and 
consumption. 

An important source of the 
demand for bank credit was the 
public sector. Between the end of 
1989 and mid-1993, public debt rose 
by 52 per cent By foe end of 1994, 
the rise will be more than 115 per 


cent. The lion’s share of this 
increase was incurred to finance 
transfers to east Germany. Since 
the appetite of German domestic 
savers for government bonds was 
not sufficient to absorb the new 
debt, the government exported part 
of it by selling bonds abroad, and 
allowed the monetisation of another 
part. 

Reflecting foreign purchases of 
government bonds, the German 
public sector's external liabilities 
rose by 115 per cent between the 
end of 1989 and mid-1993. Reflecting 
the monetary financing of govern- 
ment debt, bank credit to foe public 
sector rose by 56 per cent between 
the end of 1989 and February 1994. 

As a result of the increase in pub- 
lic bank credit, banks' holdings of 
government bonds rose by 132 per 
cant during this period. 

As a result of these factors. M3 
increased by 46 per cent between 
1969 and 1993, considerably outstrip- 
ping the rise to real GDP to united 
Germany of only 19 per cent. 

Twice this century, after the first 
and second world wars, the mone- 
tisation of government debt has led 
to hyperinflation to Germany and 


subsequent monetary upheavals. 

It is worth remembering that, in 
both periods, the government 
authorities undermined and eventu- 
ally broke the initial resistance of 
the Reichsbank against monetary 
financing of government debt 
It would be clearly exaggerated to 
compare the past financial burdens 
caused by lost wars with those aris- 
ing in the wake of German unifica- 
tion. Nonetheless, if the central 
bank helps to finance foe rapid 
accumulation of public debt, the 
government-financed operation to 
shore up east Germany since unifi- 
cation has clear potential to create 
creeping inflation. 

In such circumstances, ignoring 
soaring money supply would be like 
suppressing the information from a 
pressure gauge of a boiler in which 
the steam is bull ding up. 

Thomas Mayer 


The author is senior economist, 
Goldman, Sachs, Frankfurt. 
He writes here in a personal 
capacity. 


Observer 


Waste 

disposal unit 

■ Denmark did not much like the 
European Bank for Reconstruction 
and Development when it was 
headed by Jacques Attah. 

Nothing much has changed now 
it’s run by another Frenchman. 
Jacques de Larosi&re. 

Svend Auken, the Danish 
environment minister, has peeved 
the EBRD over his invitation to 
ease European environmental 
ministers to attend a conference 
to Copenhagen tomorrow. The 
subject discussion of “soft" loans 
to clean up messes left by the 
former communist regimes. 

The EBRD is still very sensitive 
over its role and likes to keep all 
matters east European under if 
belt. 

Thus, suggests Auken, the bank 
is trying to flush away his meeting. 
“Given a choice between budding 
a Coca Cola plant . . . and a 
purification plant for sewage waste, 
they (tiie EBRD) will always choose 
foe former," says an Auken aide. 

The Danes claim the EBRD is 
pointedly sending only junior staff 
to Copenhagen, mid that the bank 
has put word out that those east 
Europeans sending ministerial-level 
deputations can whistle far cadi 
to future. 

Such is foe strength of EBRD 
influence today, that all the 
ministers invited have told Auken 
they will attend with pleasure. 


Wouldn’t have happened in 
Attali's day . . . 


Lea makes way 

■ Why is it that otherwise sensible 
economists are seduced by the 
bright lights of the media? It can’t 
be the cash, since the best ones 
are already paid a handsome 
whack. It must be the chance of 
fame and glory. 

Ruth Lea, currently chief UK 
| economist at Lehman Brothers, 
is joining foe UK’s Independent 
Television Sews as economics 
editor, raving on the difficult 
Of ex plaining to A ma« audience 
the intricacies of M0 in 50-second 
sound bites. 

Lea is thus going to be PIN's 
answer to Peter Jay, the BBC’s 
economics guru. Jay declines to 
tone down his highbrow style and 
complex sentences - refined since 
his days as presenter of Weekend 
World in the 1970s - and thus has 
an arid following of at least three 
j - foe governor of the Bank oT 
England, the programme producer, 
and Jay himself. 

Lea has a more crisp, 

! down-uxearth style, no doubt honed 
by 26 years in the civil service. She 
i will need it in the increasingly 
tabloid-style PIN. 


Breathe deeply 

■ We now all know that president 
Clinton never inhaled. No such 



Td worry about going to Germany 
to case 1 gut rabies’ 

shyness from Aussie politicos. 

Hours into her new job, the 
irrepressible Bronwyn Bishop, the 
Liberal Party's health 
spokeswoman, announced she 
supported tobacco advertising. 

When Carmen Lawrence, the 
federal health minister, berated 
Bishop for this attitude. Bishop 
countered by recalling Lawrence's 
admission that she had used 
marijuana and “lived to tell foe 
tale". 

With Swiftian wit, the health 
minister riposted by saying that 
Bishop's boss Alexander Downer, 
had «airi much the samp about his 
encounters with the weed, which 
perhaps explains why he has been 


picked as the new head of the 
Australian opposition. 

Prime mirrijtfgr Paul Keating - 
former manager of rock band The 
Ramrods - is in the clean “The 
heaviest I got was a few cases of 
beer behind foe stage after a 
concert,’* he recently acknowledged. 

But despite all this badinage, 
Canberra wits suggest the real 
problem with local politicians is 
that they all remember to exhale. 


Fidel burger 

■ Conclusive evidence that foe 
Cuban revolution is over the 
government is trying to interest 
foreign investors in rehabilitating 
and operating Havana’s Sloppy 
Joe’s bar, formerly one of the 
country's leading tourist 
attractions. 

Closed almost 30 years ago. the 
bar featured popular, albeit 
down-market fare. Whoever takes 
on the job has been promised the 
same building. 

But will the famed 
Innocent-tasting but potent 
daiquiris and planter’s punches, 
as well as foe splendidjamon y 
gueso sandwiches return? 

Missing for sure will be the 
stunning senoritas once available 
for encounters at Sloppy Joe’s. 
Some aspects of the revolution 
continue to defy change 

The building containing the bar 
still has photos of some of Its better 
known clients, including boxer Joe 
Louis and film stars such as Errol 


Flynn, Ava Gardner, Frank Sinatra 
and Alec Guinness. 

One fhlng will have changed- 
the new bar is certain to have a 
no-smoking section. Maybe the 
country's leading non-smoker - 
Fidel himself - will take a seat 


Spanish stanza 

■ The literary brilliance of 
London’s brokers marches on, with 
Williams de Brag choosing to head 
a recent research note on Spanish 
bonds with the following lines from 
W H Auden's poem to Memory of 
WJ3. Yeatsr. 

In the deserts of the heart 
Let the heaUng fountains start. 

In the prison of Ms days 
Teach the five man how to praise. 

It used the text to suggest that 
former central bank governor Mario 
Rubio's stint in jail was “of minor 
importance to Spanish politics and 
to foe Bonos market", and Felipe 
Gonzalez “is a good doctor". 

Staggering percipience. The boys 
at de BroS should have concluded 
with another Auden verse of equal 
relevance: 

The glacier knocks in the cupboard. 
The desert sighs in the bed. 

And the crack in the tea-cup opens 
A lane to the land of the dead. 


OK? 

■ What’s foe difference between 
ignorance and apathy? 

I don’t know and I don't care!! 



16 


i ORR & BOSS 


! International Consultants 

; help you profit from ; 

i. WASTE MINIMISATION | 
| Tel: 071-240 2644 -j 

FINANCIAL TIMES 

Wednesday June 1 1994 


brother. 

TYPEWRITERS • WORD PROCESSORS 
PRINTERS - COMPUTERS - FAX. 


Government urged to speed pace of deregulation 

S Korea considers 
early OECD entry 


By John Burton in Seoul 

South Korea is considering an 
unexpectedly early entry into the 
Organisation for Economic 
Co-operation and Development, 
which yesterday urged the coun- 
try to increase the pace of dere- 
gulation to ensure continued 
growth. 

The South Korean finan ce min- 
istry said the government was 
contemplating a December appli- 
cation to the OECD, which it was 
hoping to join in 1996. The entry 
will mark another important step 
in the country's rapid economic 
progress. 

In a survey released yesterday, 
the OECD gave good marks to a 
comprehensive package of eco- 
nomic deregulation and financial 
liberalisation measures proposed 
last year. But it added several 
caveats to its approval, particu- 
larly in the area of financial lib- 
eralisation. 

“In contrast to false starts in 
the past, it is important that this 


By William Dawkins in Tokyo 

European aerospace companies 
yesterday called on Japan to 
include them in its latest attempt 
to fulfil a long-frustrated ambi- 
tion of creating a world-class Jap- 
anese civil aircraft industry. 

They said Japan was depriving 
itself of the “longstanding experi- 
ence of European manufacturers 
in the regional market" by 
including Boeing as the sole 
western aerospace group in a 
development project for a 
short-range passenger aircraft, 
code-named YSX, China is also 
taking part 

The 70-80 seat airliner, due to 
come into service at the turn of 
the decade, is the centrepiece of 
Japanese civil aerospace policy, 
according to Mr Toshifumi Hirai, 


EU pact 

Continued from Page 1 


programmes. In deference to 
European partners, the communi- 
que said the agency would be 
open to other members of the 
Western European Union. 

By redoubling their gestures of 
reconciliation during their sum- 
mit. in Mulhouse, France, Presi- 
dent Mitterrand and Chancellor 
Kohl gave the impression of 
wanting to make the most of one 
of their last official meetings. Mr 
Mitterrand is not up for re- 
election next year, and Mr Kohl's 
re-election in October is by no 
means sure. 


[deregulation) programme be 
implemented in full, and at a 
pace which leaves markets in no 
doubt that the process is irrevers- 
ible,'' the report said. 

It said that even if the reform 
plan was implemented by 1997, 
the Korean financial system will 
still have a higher degree of con- 
trol than is found in most OECD 
countries. 

It suggested, for example, that 
controls on capital inflows 
should be further loosened 
despite Korean fears that It could 
lead to inflationary pressure due 
to an increase In money supply. 
Other recommendations Included 
a quickening of interest rate der- 
egulation and allowing financial 
institutions more freedom to 
introduce new products. 

The Korean government has 
used its tight control over the 
financial system to guide indus- 
trial policy, and an easing of con- 
trols will be seen as a challenge 
to its authority. 

The OECD was critical that 


director of the Ministry of Inter- 
national Trade and Industry's 
aircraft and ordnance division. 
As such, it is of vital Interest to 
foreign suppliers. 

Japanese officials said the 
inclusion of Boeing in the initial 
research for the government- 
backed YSX did not mean Euro- 
pean suppliers would be 
excluded. 

However, the European Busi- 
ness Community, Europe's main 
business lobby in Japan, is 
unconvinced, and said yesterday 
the exclusion of European suppli- 
ers would “further contribute to 
the imbalance between the US 
and Europe in Japanese aero- 
space collaboration''. 

ATR, the Franco-Italian 
regional airliner-maker, and 
Saab-Scania of Sweden are 


Condoned from Page I 


deadline, his statement issued 
late on Monday was unequivocal: 
“I did not commit any crimes. My 
conscience is clear and my 42- 
year record as an elected official 
is one I am proud to once again 
run on. Fighting to “regain my 
reputation in court is a far more 
attractive option than pleading 
guilty to crimes I did not com- 
mit." 

Mr Rostenkowski also prom- 
ised to continue to fight for 
healthcare reform, on which he 
has been a key campaigner on 


“some elements of the old credit 
allocation will remain at the end 
of the liberalisation period'*. 

These include a requirement 
that banks extend 45 per cent of 
their loans to small companies to 
promote their growth, while 
restricting loans to the 30 largest 
conglomerates, or chaeboL The 
OECD suggested the govern- 
ment’s efforts to curb the eco- 
nomic power of the chaebol 
through credit restrictions were 
misguided. 

“An economically more effi- 
cient policy would give the chae- 
bol complete freedom to deter- 
mine their activities. This 
considerable power over private 
companies is not only at variance 
with the concept of a free-market 
economy but may also put 
domestic firms at a disadvan- 
tage” in competition with foreign 
rivals, it stated. 

It recommended that the gov- 
ernment should instead focus on 
“preventing actual abuse of mar- 
ket power” by the chaeboL 


among the groups hoping for for 
a stake in the project 

Until last year, Miti was hoping 
to develop a medium-range, 150- 
seater aircraft, the YXX, with 
Boeing. But the minis try had to 
freeze the YXX after Boeing went 
for the cheaper option of updat- 
ing an existing aircraft series. 
Japan was unable to continue 
alone, a frustrating reminder of 
its dependence on US technology. 

Japan's only two home-grown 
civil aircraft since the war, the 
YS11, a 64-seat twin-propellor air- 
liner, and the Asuka short take- 
off and landing aircraft, were 
commercial failures. They lacked 
international technical support 
and were of no interest to foreign 
airlines. The new short-range 
YSX is aimed at Asian and US 
regional airlines. 


the a dminis tration's behalf. Yes- 
terday, Ms Dee Dee Myers, the 
presidential press secretary, said 
the White House would continue 
to work with him. 

There was speculation last 
week that the Democratic leader- 
ship might install one of its own 
as temporary chairman on the 
ways and mean committee - per- 
haps Congressman Richard 
Gephardt, the majority leader - 
rather than leave the committee 
in the far less influential hands 
of the next-in-line, Congressman 
Sam Gibbons of Florida. But that 
option was rejected. 


Major 
signals 
UK wiU 
go slow 
on Europe 

By James Blitz and 
PhOlp Stephens 

Mr John Major, the UK prime 
minis ter, last night signalled his 
government would be ready to 
opt ont of the next stage of Euro- 
pean integration as he sketched 
ont a “multi-track, multi-speed” 
fixture for the European Union. 

In a speech designed to unite 
the Conservative party by stress- 
ing his determination not to cede 
further national sovereignty, the 
Mr Major flatly rejected the “old 
centralised prescription". 

Instead he insisted that “a new 
vision of Europe” was emerging 
in which “the functions of fixe 
Community should be carried 
ont in different ways, often 
involving different groups of 
states”. 

Speaking at a European elec- 
tion rally in Ellesmere Port, he 
added: “I have never believed 
that Europe must invariably act 
as one on every Issue. Trying to 
make every country conform to 
every plan is a socialist way of 
thinking: it not for os.” 

Mr Major’s comments marked 
out the growing difference 
between Britain and some of its 
EU partners over over the evolu- 
tion of EU decision-making. 

Earlier this week, Mr Alain 
Lamassoure, the French minister 
for Europe. Ut out at govern- 
ment seeking to slow the pace of 
European integration and called 
for more centralised decision- 
making. 

Senior Conservative party offi- 
cials insisted he was not suggest- 
ing Britain would join the “slow 
lane” of a two-speed Europe. 

Mr Major also made clear he 
was not raising the possibility 
that Britain - or any other EU 
state - could “duck out” of com- 
mitments made in the past 
But the speech was immedi- 
ately seized on by the UK opposi- 
tion parties as an admission by 
the government of its failure in 
Europe. Mr Jack Cunningham, 
the Labour party’s foreign 
affairs spokesman, said Mr 
Major bad admitted his govern- 
ment would let Britain fall 
behind in Europe. 

The idea of a multi-speed 
Europe has been floated several 
times in recent weeks by Mr 
Douglas Hurd, foreign secretary, 
as a possible outcome of tfae 1996 
intergovernmental conference on 
European integration. 

But last night marked the first 
time that Mr Major had taken up 
the theme of so-called “variable 
geometry”. He also used his sec- 
ond rally of the campaign to 
warn that the opposition parties 
would allow Brussels to dictate 
Britain’s taxation and foreign 
policies. 

Surrender of the national veto 
would threaten Britain’s £3bn 
($4.5bn) rebate from Brussels 
and could also lead to higber 
taxes set by tfae EU and to a loss 
of control over Britain’s own for- 
eign policy interests, be said. 


Europeans seek role in 
Japanese aircraft project 


Rostenkowski charged 



aflflfliiHil 



Europe today 

England will have sunny periods but cloud 
will increase from the south. Western 
Ireland and north-west Scotland will be 
cloudy with outbreaks of rain. High 
pressure extending towards Germany will 
direct increasingly warm air over western 
Europe. France, the Lowlands and 
Germany will be sunny and unseasonably 
warm this afternoon. Thunder storms will 
develop over western and central France 
during the late afternoon and evening and 
will move north east followed by cooler air. 
Southern Europe will be warm and sunny 
with showers over the eastern 
Mediterranean. 

Five-day forecast 

Strengthening low pressure just north of 
the UK win push a cold front towards the 
Alps and Pyrenees by Friday. Ahead of this 
front, it wilt be warm with thunder showers 
extending from north-east Spain across the 
Alpine countries towards the Balkans. The 
UN. the Lowlands and Germany will be 
cooler with showers. 


TODAY'S TEMPERATURES 



Situation at (2 GMT. Temperatures maximum far day. forecasts by Melea Consult of the ftfethertands 


Abu Dhaix 

Mavjmum 
Celsius 
sin At 

Accra 

(at- 

32 

AJtrore 

tar 

36 

Amsterdam 

sun 

22 

Athens 

tar 

27 

Atlanta 

lair 

31 

B. Afros 

sun 

23 

Biiam 

loir 

M 

Bangkok 

shower 

34 

Barcelona 

fnrr 

29 


Beljng 

fair 

31 

Belfast 

drzzl 

19 

Bdqrade 

sun 

28 

Benin 

fair 

22 

Bermuda 

latr 

27 

Bogota 

shower 

19 

Bombay 

shower 

32 

Brussels 

fair 

26 

Budapest 

fair 

25 

CJvagen 

fair 

16 

Cairo 

Sin 

35 

Cape Town 

sun 

21 


Caracas 

fair 

28 

Cardiff 

fair 

24 

Casablanca 

fair 

22 

Chicago 

fair 

22 

Cologne 

sun 

27 

Dakar 

(air 

2B 

□alias 

fair 

32 

Delhi 

9U1 

45 

Djakarta 

fair 

31 

Dubai 

fak 

39 

Dublin 

cloudy 

19 

Dubrovnik 

sun 

29 


Edinburgh 

fair 

20 

Faro 

fair 

24 

Frankfurt 

sun 

2B 

Geneva 

SUl 

32 

Gibraltar 

lair 

30 

Glasgow 

drzzl 

19 

Hamburg 

fair 

21 

Helsinki 

shower 

16 

Hong Kong 

shower 

31 

Honolulu 

lair 

30 

Istanbul 

fair 

22 

Jersey 

far 

17 

Karachi 

sun 

32 

Kuwait 

sun 

44 

!_ Angeles 

fair 

20 

Las Palmas 

sun 

24 

Lima 

sun 

Z1 

Lisbon 

cloudy 

23 

London 

sun 

26 

Lux-tmurg 

sun 

27 

Lyon 

31X1 

34 

Madeira 

fair 

23 


Madrid 

thund 

36 

Majorca 

fax 

35 

Malta 

sun 

29 

Manchester 

sun 

23 

Manila 

fair 

32 

Melbourne 

fair 

18 

Mexico City 

shower 

23 

Man! 

thund 

31 

Mian 

fair 

32 

Montreal 

shower 

22 

Moscow 

ttllXKf 

15 

Munich 

sun 

25 

Nairobi 

fair 

25 

Naples 

fair 

29 

Nassau 

fax 

31 

New York 

thund 

28 

Nice 

sun 

25 

Ntoooa 

fair 

31 

Qsu 

sun 

22 

Paris 

fax 

30 

Perth 

shower 

15 

Prague 

fair 

23 


Rangoon 

shower 

31 

Reykjavik 

rain 

8 

Rio 

fair 

27 

Rome 

sun 

27 

S- Frsco 

fair 

20 

Seoul 

fair 

24 

Stngajoore 

thund 

31 

Stockholm 

fair 

19 

Strasbourg 

sun 

31 

Sydney 

fair 

IS 

Tangier 

fair 

22 

Tel Aviv 

fab- 

31 

Tokyo 

shower 

22 

Toronto 

lair 

20 

Vancouver 

shower 

17 

Venice 

sun 

28 

Vienna 

tak 

SB 

Warsaw 

kk 

20 

Washington 

lehr 

31 

Wellington 

Fair 

15 

Winnipeg 

sun 

25 

Zurich 

sun 

29 


Lufthansa Express. 

© The best connection in Germany 

Lufthansa 

German Airlines 


THE LEX COLUMN 

Bonds under the hammer 


FT-SE Index: 2970.5 (+4.1) 


The sharp falls in German government 
bonds yesterday are an object lesson 
on the dangers of issuing authorities 
trying to play the markets. The Bund- 
esbank may have thought that it 
would calm nerves by withdrawing its 
second debt auction in a week. But far 
from being reassured by the tempo- 
rary prospect of lower supply, the 
market simply worried that the move 
actually revealed a serious lack of 
demand. The Bank of England has got 
itself in a similarly awkward position 
by its reluctance to issue long gilts 
even when rates were at their lows. 
How much better oft both would be if 
they simply borrowed routinely and 
regularly across the maturity spec- 
trum. Then there would be no particu- 
lar signal for markets to misread. 

At least the Bundesbank may be 
right when it says the public sector 
has no pressing need for cash. The 
central bank transferred its DMISbu 
profits to the government in April and 
borrowing was heavy at the end of last 
year. Even so. withdrawing auctions 
cannot become a habit Given the size 
of the budget deficit the Bundesbank 
will have to return before too long. 
The still-unanswered question is who 
will buy the paper on offer. 

With international hedge funds and 
investment bank proprietary trading 
desks scaling down activities, bond 
markets are becoming more reliant on 
traditional domestic investors. The 
Bundesbank has pointed to the hope 
that its rate cuts would attract such 
buyers out along the yield curve, but 
the swollen M3 money supply suggests 
they remain reluctant to move out of 
cash. There is some evidence that 
retail investors are starting to nibble. 
It may take a further rise in real rates 
to bring them out in force. 

De La Rue 

The once pedestrian business of 
printing banknotes is booming. De La 
Rue increased banknote sales by 17 
per cent last year, four times the trend 
rate of growth, due to demand from 
□ewly-independent countries. Profits 
grew by rather more as rising capacity 
utilisation led to wider margins. While 
the company's order book suggests the 
banknote bonanza will continue for a 
year or two yet. such heady growth is 
unsustainable. In the longer term, 
rapid progress in banknotes depends 
on unlocking public sector printing 
contracts - which is why Portal's con- 
nections with central banks were 
almost worth bidding for. 

Unless It can win plum privatisa- 


Enterprlso/Lasmo 


Ponce 



tions. De La Rue’s interests in auto- 
mated cash handling and payments 
systems will eventually have to take 
up the r unning . Even allowing for the 
favourable impact of currency move- 
ments, these businesses are perform- 
ing well enough. Selling cash handling 
equipment should become easier as 
banks emerge from recession and start 
to refurbish branches. Sucb favoura- 
ble impact from the banking cycle is 
already being felt in the US. 

If organic growth starts to slow, De 
La Rue's £280m cash pile will become 
a more pressing issue. In relation to 
net assets the company is already 
holding more cash than Glaxo. It is a 
measure or De La Rue's small balance 
sheet that fresh equity would almost 
certainly be required to offset the 
goodwill from a sizeable acquisition. 
That is all the more reason to deal 
with the cash pile before it starts to 
exert real drag on the shares' rating. 

Enterprise/Lasmo 

The latest exchanges in the Lasmo 
bid battle have a rather desultory air 
about them. Lasmo's Colombian find 
provides a modest boost to its claim 
that a focused exploration strategy is 
paying off. Similarly, Enterprise has 
scored a small victory by forcing 
Lasmo to modify c laims that it had 
had little international success. 

But all this Is pretty minor stuff. 
What the market is waiting for is an 
improvement in Enterprise's all-paper 
bid. Today's announcement of the 
level of acceptances at the first dosing 
is expected to confirm that there is 
little enthusiasm among Lasmo share- 
holders for the current offer. Given 
that Enterprise's chairman Mr Gra- 


ham Hearne is not about to retreat in 
the same way De La Rue did last 
week, an enhanced bid is on the cards. 

But Lasmo shareholders sh ould n ot 
count on a dramatic improvement in 
the offer. There is no sign of any white 
knight, so Enterprise is not under any 
competitive pressure to increase Its 
bid. Nor docs it have the financial 
resources to put up large amounts of 
cash. In Tact. Enterprise would proba- 
bly need underwriting if even a mod- 
est portion of the bid were to offered 
in cash. In the circumstances, it « 
hardly surprising that some Lasmo 
shareholders have been taking the 
cash in the market with the result 
that the company’s share price has 
taken a slight knock. But it is still < 
comfortably above the value of the | 
Enterprise offer. 

Mediobanca 

Mediobanca will be relieved by yes- 
terday's bounce in its share price. Not 
only does it apparently show that the 
market is unconcerned by news that 
four top executives at the Milan mer- 
chant bank are under investigation 
over their role as advisors to the Fcr- 
ruzzi-Montedison group. The higher 
share price will also ensure a 
smoother passage fur Mediobanca's 
forthcoming Ll.oOObn equity issue. At 
yesterday’s opening price of L 15,300, 
the group's shares were uncomfort- 
ably close to minimum level of L15DOO 
that it had set for the issue. 

Not that there was ever much doubt 
that the offering would go ahead. The 
Italian portion of the issue is appar- 
ently already underwritten, while 
many non-Italian banks would proba- 
bly not wish to slight such a powerful 
force in Italian finance by declining to 
take part in its fundraising. Even if 
Mediobanca's share price dips beneath 
U5.000 in the coming weeks, it could 
still press ahead with the issue. 

Mediobanca needs the new equity to 
maintain its grip on Italian industry. 
Several companies within Medio- 
banca's sphere have themselves 
recently issued shares or 3 re planning 
to do so. The merchant hank therefore 
needs funds to avoid dilution. The 
money may also be used to accumu- 
late stakes in the upcoming privatisa- 
tions of Stet and Enel. Mediobanca's 
allies have already taken effective con- 
trol of Bonca Commerciale Italians 
and Credito Italiano. Though the gov- 
ernment has recently tightened the 
rules to prevent a recurrence in future 
privatisations, it remains to be seen 
whether they will be effective. 


All of these securities having been sold, this announcement appears as a matter of record only. 


® CREDIT RANK 


(Incorporated in Greece with limited liability and in the course of changing its name to Alpha Credit Bank AE-) 


International Offering of 660,000 Shares 


Offer Price: Drs. 11,162 per Share 


Baring Brothers Co., Limited 

Daiwa Europe Limited 
J.E Morgan Securitieo Ltd. 
Oppenheimer International Ltd. 
UBS Limited 
S.G. Warburg Securities 

Alpha Brokerage A.E. and Alpha Finance A.E- 
acted as domestic advisors to Credit Bank A.E. 


Financial Advisor to Credit Bank At 

Baring Brothers & Co., Limited 


BARINGS 


March, 







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1 TELEPHONE 081-508 5544 for 

FINANCIAL TIMES 



OciCopters . 


Oc4 Printing Systems 

Oa6 Engineering Systems 
<X* RapragraphfoSuppfies 

COMPANIES & MARKETS 


ptiuru.' David Risers in un 095.2 293262 

p 

Oce (UK) Limited 

-Langston Road, Lough ton, Essex IG10 3SL 

igtTHE FINANCIAL TIMES LIMITED 1994 Wednesday JUH6 1 1994 

Telferd. 


IN BRIEF 


chief 
faces questions 

Mr Edgar Rronftnan Snr, chainnan of Seagram, 
the world's fourth-biggest drinks group, will today 
face shareholders' questions about his company’s 
- longer-term relationship with Time Warner, the 
-entertainment group. Page 30 

Mediobanca nea rl y torn Han temper 

Mediobanca is a bastion of discretion, opening: 
up only twice a year to emit elegantly printed 
reports. However, on Monday evening Mediobanca 
came 'as near as it has ever done to losing its 
temper mpuidlCvP&ge IS; Lex, Page 17 

Swedish fonder conVMent 

Assfflomln, the newly formed Swedish forestry 
group partly privatised in March, yesterday 
announced a 65 per cant increase in first-quarter 
profits. Page 18 

Significant now on Wall Street 

Today Mr Richard Braddock. Citicorp's president 
and chief operating officer until 1992, begins work 
at Clayton Dubiller ft Rice. One of the few US 
buy-out firms to have come through the 1980s 
unscathed.. The move is symptomatic of there- 
emeigehca of buy-outs. Page 20 

OH gets bock to core 

OM Group, a Swedish company which runs deriva- 
tives exchanges in Stockholm and London, is 
selling Its financing businesses and dropping 
plans to participate in founding a new Swedish 
bank. Page 23 

Cats cFWoire** oil plan 

United Meridien. Corporation, a US-based company, 
is developing two offshore oil and gas fields which 
by early next year would make Cflte d’Ivoire 
self-sufficient in oil. Page 26 


■urges by 20% midway 

Pre-tax profits of Beazer Homes, the former Hanson 
UK sqbsidSiary. floated two months ago. jumped 
by a fifth: Mr Dennis Webb, chief executive, said 
the market for bousing land was very, difficult 
in south-east England with some buyers paying 
“silly pr^es”.Page 25 1 1 . 

English China Clay's debut 

It took six minutes at yesterdays extraordinary 
general meeting to launch English China Clays 
as a spetfabty.minerals and chemicals company, 
with trading to the demerged construction materi- 
als business starting today. Page 25 

Amtirad racniHs from PMBps 

Amstrad, the UK-based consumer electronics 
group run by Mr Alan Sugar, yesterday appointed 
Mr David Rogers, a senior Philips executive, to 
the post of chief executive. Pnge25 . . 

Horan beyond starts on shortest . . . 

HeronlnternatfonaTs boafe- of directors started 
thr process oEndeeting a shortlist of six Udders 
for Gerald fionam’s troubled UK property and 
petrol stations group after the deadline for offers 
dosed Last Friday. Page 25 

Lasmo nwrunpHs defanco 

Lasmo, ttw UK independent explorer under siege 
from btotikthidder Enforprise Oil, yesterday 
shored up its defence by announcing the discovery 
of a raw fa Colombia. Pages* s 


In ttds bswi 


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Prodi quits as Iri loses L10,230bn 


By Robert Graham in Rome 

Iri, the Italian state holding 
company, yesterday said 1993 
losses had reached a record 
LlO^SObn ($6.4bn). more than 
double the L4^09bn for the previ- 
ous year. 

At the same time, it was 
announced that Mr Romano 
Prodi chairman, had handed in 
his resignation to Mr Lamberto 
Dini, minister for the treasury, 
the sole shareholder of Iri, which 
transformed in 1992 into a trea- 
sury-controlled public company 


with a current capital of 
Ll5,000bn. Of the losses, L&3l7bn 
was attributed to the reorganisa- 
tion and restructuring of Ill’s 
subsidiaries in the steel and con- 
stmctloo/engineering sectors - 
Uva and Irttecoa. 

But the heavy financial 
charges resulting from its 
L75,000bn debts, which include 
those of telecommunications and 
autostrada subsidiaries, also 
played a part. Debt directly 
attributable to the holding com- 
pany was LIB.OSSbn, against 
L20,000bn the previous year. 


Iri indicated that some 
Lo.OOObn of losses was due to the 
reorganisation of its Uva steel 
group and at Iritecna, its coie 
struction/engmeering arm, 
flva is in the process of being 
privatised and an announcement 
is close on the sale of its special 
steels operations. 

Coinciding with yesterday's 
meeting, the Official Gazette pub- 
lished details of the decree 
approved by the previous Ciampi 
government allowing Iri to 
restructure some of its debt. This 
involves the issue of up to 


LlO.OOObn in bonds by the trea- 
sury-controlled Cassa Depositi e 
PrestitL 

The departure of Mr Prodi has 
been widely foreshadowed. He 
agreed a year ago to return to Iri 
having been chairman from 
1982-89. However he has found 
himself out of sympathy with the 
Berlusconi government. 

Mr Silvio Berlusconi, the new 
prime minister, has m q^ no naai 
effort to retain his services at Iri 
and is even reported to have 
offered him a European Commis- 
sioner's job in Brussels. 


Mr Prodi. who nurtures politi- 
cal ambitions, is expected to 
return to his economic research 
institute in Bologna in the short 
term. 

His departure raises big ques- 
tions about the future direction 
of Iri, especially as the Berlus- 
coni government is pledged to 
accelerate privatisation. 

During his chairmanship, Mr 
Prodi has overseen the privatisa- 
tion of part of the foodstuffs 
group SME, and two banks - Cre- 
dito Italiano and Banca Cammer- 
ciale Italians. 


Fall in new car sales hits Japanese carmaker ■ High costs hold back airlines 

Nissan doubles Clipped wings 

deficit warns of 
further losses 


By Kevin Done, 

Motor bidustry Correspondent 

Nissan Motor, Japan’s second 
largest carmaker, plunged to a 
record consolidated pre-tax loss 
of Y202.4bn <gl.9bn) in the 12 

rnonthfi to the of Mgreh, its 

worst financial performance 
since It became a public com- 
pany. 

The group, which has been hit 
by the appreciation of the yen, 
and the deep recession in the 
Japanese and the European new 
car markets, warned yesterday 
that it would suffer a third con- 
secutive year of losses in 1994/95. 

Its group pretax loss almost 
doubled last year Cram YlO&lbn. 
The operating loss jumped to 
Yl44bn from a loss of Y7J2hn, 
while its net loss rose to Y8&9bn 
from T56bn. 

In Europe the company has suf- 
fered heavy losses at Nissan 
Motor Iberica, its Spanish subsid- 


iary, while the pre-tax profits of 
Nissan Motor Manwfanhiriwg 1 UK, 
its British car production opera- 
tion, fell to £2.1m from ggfl-fim. 

Nissan Motor (GB), its UK sales 
nwfl marketing subsidiary, man- 
aged to break even with a pre-tax 
profit of £731J)00 following a loss 
of £l&8m in 1992. its first' full 
year of operations. 

Nissan's worldwide vehicle pro- 
duction fell 7.4 per cent last year 
to 2.74m. Domestic production 
declined sharply by 14.1 per cent 
to 1.78m while production over- 
seas increased 7.2 per cent to 
998,000. Group turnover fell 6.4 
per cent to Y5301bn. Nissan per- 
formed strongly in the US with a 
15 pa* cent increase in sales vol- 
ume, but this failed to offset the 
decline in Europe and in the 
domestic market 

Overall new car sales have 
fallen for three years in succes- 
sion in Japan, while in western 
Europe new car sales dropped by 




Results, for Japanese afrUnes Y*r*pd Man* 
Crtsnfari) 

" Pretax Net 


:--&to'rprea*' 
1984*5 ■ 


1983-94 - 982.3 .-28.1. -2 55 1,006.0 


1.0 


1992-83 1,033.9 -533 -43L7 


ss si 


1993-04 774.8 • 2-8 


-2.9 


8072 


Break- 

even 


400 1 


1992-83 8084,.. 15A 


2.4 


ae so 

Source: FT GfHOriM 


01 92 93 M 

Source: Company Reports . 

Japan’s two leading airlines yesterday announced heavy losses for the year to March, as they battled with 
high costs in markets increasingly open to lower-cost competition. Details, Page 18 


more than 15 per cent last year. 

Nissan said that its group net 
loss reflected chiefly the drop in 
sales volumes in Japan and in 
Europe, its costly restructuring 
in Spain, heavy depreciation 
charges in Mexico, and the sharp 


appreciation of the yen. 

The Nissan parent company 
announced a small net profit of 
Y7.6bn (£ 72-flm ), as a result of 
gains from the heavy sale of 
securities, and will pay a divi- 
dend of Y7 per share. 


Mr Heiichi Hamaoka, executive 
managing director, warned that 
Nissan was being forced to accel- 
erate its restructuring and cost- 
cutting. 

Results from Japan’s carmakers 
and paper groups. Page 22 


Pay of two Warburg directors tops £lm 


By John Gapper, 

Banking Editor 

Two directors of S.G. Warburg, 
the UK-based investment bank, 
received more than film {Sl^mJ 
in salary and bonuses last year, 
as emoluments to the bank’s 
directors nearly doubled to 
£10.7*0, it was disclosed yester- 
day. 

Warburg revealed in its annual 
report for the year to March that 
one director received £1.2m and 
another £L5m. In each case, more 


than £600,000 came under a 
long-term performance-related 
bonus scheme. 

Sir David Scholey, chairman, 
received £758,000 compared with 
£411.000 in 1992-93. Some 11 War- 
burg directors were paid more 
than the top amount of £510,000- 
£515,000 received by a director in 
the previous year. 

The bank also disclosed a rapid 
growth in its off-balance sheet 
financial derivatives contracts. It 
held exchange rate, interest rate 
and equity contracts with a 


notional value of £6L6bn at the 
year-end, compared with £235bn. 

However, the total replacement 
value of the contracts - the 
amount which it would have to 
provide if the other parties to all 
its derivatives contracts 
defaulted - pew only slightly to 
£597.4m. against £586m. 

The figures, disclosed for the 
first time under the EC Bank 
Accounts directive, showed rapid 
growth in equity derivatives con- 
tracts, an area which it strength- 
ened lam year with the acquisi- 


tion of the Chicago firm KC-CO 
Investments. 

Lord Cairns, Warburg’s chief 
executive, said last week when 
the results were released, that it 
had entered derivatives “rather 
late in the day" and its activities 
in the area were still “relatively 
small". 

Mr Philip Gibbs, an investment 
banking analyst for BZW, said 
that the figures did not indicate 
much about the shape of War- 
burg's derivatives activities, but 
growth in derivatives was 


encouraging because it was a 
profitable business. 

Warburg also disclosed a fall in 
the proportion of pre-tax profits 
coming from the UK: £196. lm, or 
66 per cent, of the £297m total 
compared with 83 per cent of 
£14&2m the previous year. But 
Warburg added that more than 60 
per cent of revenues came from 
outside the UK last year. The pro- 
portion of profits coining from 
the Asia Pacific rose to 13.9 per 
cent, from 3.7 per cent 
Accounting issues. Page 25 


BT and 
MCI deal 
to get 
go-ahead 

By Andrew Adonis in London 

British Telecommunications is 
set to gain the consent iff US 
regulatory authorities for its 
$5.3bn alliance with MCI, the 
second largest US operator. 

The US Department of Justice, 
jinri the Federal Communications 
Commission, the US telecommu- 
nications regulator, may clear 
the BT deal this week, following 
a year-long inquiry. “All the 
lights are green," said an indus- 
try source. 

Regulatory approval for the 
BT/MCI deal, signed last June, 
has taken longer than expected, 
leading to postponements of the 
launch of a joint venture 
between the two operators. The 
European Commission cleared 
the alliance last September. 

A SI bn joint venture company, 
geared to the international tele- 
coms needs of multinationals, 
will be launched soon, based in 
Washington. BT will also be free 
to complete its $4.3bn purchase 
of 20 per cent of MCL 

The FCCs ruling will be tied 
to conditions, but they are not 
believed to be onerous on BT. 

Disputes between US/UK oper- 
ators over the openness of their 
telecoms markets have dogged 
the approval process. AT&T, 
which competes fiercely with 
MCI in the US long-distance mar- 
ket and with BT internationally, 
claimed the UK to be less favour- 
able to new operators. 

Consent for the BT/MCI deal 
does not finally resolve the issue. 
A separate BT application to 
resell leased telecoms lines in 
the US is still pending, as is an 
application by Cable ft Wireless, 
the UK’s second largest telecoms 
group, for a waiver allowing it to 
have stakes exceeding 25 per 
cent in US cellular mobile 
operations. AT&T has an appli- 
cation pending for fall access to 
the UK public network. 

Regulatory authorities on both 
sides of the Atlantic are now 
optimistic about soon being able 
to pronounce the other broadly 
equivalent in terms of openness. 
Then consent could be granted to 
outstanding applications, and 
the way opened to “intemationai 
simple resale” between the US 
and UK - competition by leased- 
line operators offering services 
across the public networks in 
both countries, which could cut 
transatlantic prices. 

Several large US telecoms 
operators are active in the UK’s 
cable and cellular mobile mar- 
kets. Two of them - Nynex and 
US West - have supported Cable 
& Wireless’s waiver application. 



Barry Riley 


The strange myth of the 
panicking small investor 



Take away the 
liquidity of 
mutual funds and 
what do you have 
left? Not surpris- 
ingly the mutual 
fund industry has 
reacted negatively 
to the recent sug- 
gestion of Henry Kaufman that 
curbs should be placed on mutual 
fund dealing, notably a 60-day or 
90-day waiting period before 
investors could sell their shares 
in stock or bond funds. 

The practicalities of such a pro- 
posal are certainly suspect The 
aim would be to protect the secu- 
rities markets from the destabi- 
lising waves of selling by panick- 
ing small investors. Holdings of 
equities through mutual funds 
have grown from SlSObn to 
$700bn since the Wall Street 
crash of October 1387. In theory 
the US stock market is that much 
mare exposed to a wave of fond 
liquidation. But a mutual fund 
curb might backfire. 

Piles of selling orders would 
accumulate at investment com- 
pany offices. The exact total vol- 
ume might not be generally 
known, but the fund managers 
would immediately begin to build 
up liquidity in anticipation of the 
eventual redemptions. Elsewhere, 
traders would Croat-run the antic- 
ipated wave of transactions. The 
markets would prove to be just 
as volatile, but in the event of a 
crash mutual fund investors 
would be the last to get out. 

So why pick on mutual fund 
investors? There is plenty of evi- 
dence that they are relatively sta- 
ble in their behaviour, ami that 
some kinds of institutional inves- 
tor are more prone to fickle atti- 
tudes. Hedge fends are obvious 
examples. 


It is true that anxieties are 
being expressed at present about 
the low cash positions of some 
US mutual funds. The more vola- 
tile and aggressive small cap 
funds, for example, have seen 
some cash outflows recently. On 
the other hand, managers can 
point to the relative steadiness of 
investors’ nerves in past crises. 
In modem mutual fund history, 
monthly outflows hare never 
come close to exceeding the 
industry’s aggregate cash posi- 
tion (though individual fends 
may have encountered problems). 

In the UK, too, general panic 
withdrawals from unit trusts are 
unknown. It is true that inflates 

To single out 
mutual funds for 
curbs would put 
them at a grave 
disadvantage 

can be very sensitive to financial 
conditions, notably the level of 
interest rates available on 
savings deposits, but once 
invested the money stays put for 
a relatively long time. Even in 
the immediate aftermath of the 
1987 crash, for instance, the unit 
trust industry suffered net 
redemptions in two individual 
months, and on a trivial scale. 

So why single out mutual fund 
investors for restriction? The 
Kaufman theory appears to be 
that the big expansion in hold- 
ings has reflected the participa- 
tion of inexperienced investors 
shifting out of deposits and unac- 
customed to the idea of price vol- 
atility. However, much of the 


growth may reflect a tendency 
for households to own mutual 
funds rather t ha n stocks directly 
- though direct personal hold- 
ings still account for 50 per cent 
of corporate equities in the US. 

Another important trend is for 
investors to own mutual funds 
through long-term savings p lans 
such as individual retirement 
accounts. At the end of last year 
nearly $450bn of mutual fend 
holdings were tied up in various 
types of personal arid corporate 
retirement plans. 

Mutual fluids in fact hold just 
U per cent of US equities, less 
than a quarter of the direct hold- 
ings of households, so to single 
out mutual funds for curbs would 
put them at a grave disadvan- 
tage. In practice, money would 
move into directly invested port- 
folios and other institutionalised 
accounts which escaped the trad- 
ing limitations. 

If there is a volatility problem 
with open-ended funds it may be 
different to the one that Henry 
Kauftnan perceives: it is not that 
investors rush in a dangerous 
way for the exit but that they 
plunge into the market at the 
wrong time. We have just seen 
this in the UK, where a record for 
net sales was set in March. 

Mutual fund sales have, of 
course, long been a key indicator 
for contrarian investors. Ama- 
teur money pushes the markets . 
to unsustainable peaks, and the 
commercial reputation of the 
industry suffers because so many 
customers lured in at the top lose 
money quickly. Perhaps it would 
be better, for their own protec- 
tion if investors were required to 
wait SO days before putting their 
money in. They could safely be 
allowed to take it out again any 
time they liked. 



AUt^OtaeSeamtira Jmpt been nJtL Thu anuounctjneui appear* at a matter of record im!u. 



MAYR-MELNHOF 

KturtonAG 

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FINANCIAL times WEDNESDAY JUNE I 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Japan’s leading airlines 
held back by high costs 


By Miehiyo Nakamoto In Tokyo 

Japan's two leading airlines 
yesterday announced heavy 
josses for the year to March, as 
they battled with high costs in 
markets increasingly open to 
lower-cost competition. 

However, the results from 
Japan Air Lines < JAL) did offer 
some hope as the airline cut its 
net loss to Y25.3bn (3243m) 
from last year's Y43.7bn, on 
sales which slipped to Y982.3bn 
from Yl.033.9bn. 

Pre-tax losses fell to Y26.1bn 
from Y53-3bn. JAL forecast a 
modest pre-tax profit of Ylbn 
for this year. 

All Nippon Airways (ANA) 
Ceil into a net loss of YSJUm 
from a profit of Y2.4bn last 
year, on sales down to 
Y774.8bn from Y8QS.4bn. At the 
pre tax level, the proDt slipped 
to Y2.8bn from Yl5.8bn. The 


airline expects to break even 
this year. 

Both carriers continued to 
experience weak demand, par- 
ticularly in the first half. 
“International business travel 
demand was low. and there 
was a marked swing to lower 
fares," JAL said. 

The fall in demand, as cost- 
conscious passengers turn to 
lower fare airlines and dis- 
counted tickets, demonstrates 
the big effort JAL and ANA 
need to put into reducing their 
high-cost structures. 

Japan's airlines face restric- 
tions by the transport ministry 
which must approve fare 
changes and it imposes strin- 
gent regulations which add to 
their cost base. 

For JAL. cost-cutting in the 
parent company is almost 
impossible because of union 
resistance. The airline plans to 


reduce its workforce by more 
than 4JM0 people in four years, 
has expanded its voluntary 
retirement scheme, and has 
launched a frequent-flyer pro- 
gramme and lower-fare routes. 
It is shifting a greater propor- 
tion of costs outside Japan. 
Some maintenance is being 
moved to China, and the com- 
pany is hiring more than 800 
Thai flight attendants over the 
next four years and more than 
200 non-Japanese pilots. 

JAL is Introducing a tourist 
night to Hawaii. This is one of 
the most popular destinations 
of Japanese travellers but it 
must compete with low-cost US 
carriers. ANA, meanwhile, 
plans to cut its workforce by 10 
per cent in the next two years, 
and It has suspended some 
unprofitable routes. 

Japanese carmakers and pulp 
and paper companies. Page 32 


AssiDoman reports 65% rise 


By Christopher Brown-Humes 
in Stockholm 

AssiDoman, the newly-formed 
Swedish forestry group, yester- 
day announced a 65 per cent 
increase in first-quarter profits 
and increased its forecast for 
the full year. 

Profits after financial items 
rose to SKr344m (S43-5m) from 
SKrC08m after a 4 per cent 
increase in sales to SKr3.86bn. 

The company, which was 
partially privatised in March, 
predicts full-year profits of 
more than SKri.5bn due to 
increased efficiency and the 
improving outlook for the pulp 


and paper industry. Last year 
profits were SKr876m. 

The Swedish government 
sold off a 49 per cent stake in 
AssiDoman in March, raising 
SKr7.6bn in Sweden's biggest 
privatisation to date. 

The privatisation followed 
the merger of two state-owned 
forestry groups. Assi and 
Domdn, at the start of the year. 
A third company. NCB, which 
was majority state-owned, is 
being merged with the group 
and has been consolidated 
from the start of the year. 

The first-quarter perfor- 
mance showed the benefits of 
stronger operating results from 


Skog & Trd, which lifted prof- 
its to SKr311m from SKr223m, 
while Kraft Products achieved 
a SKrllm profit after a SKr36m 
loss. The group raised overall 
operating profits to SKr390m 
from SKr285m, despite falling 

profits in the carton and pack- 
aging divisions. 

Financial outlays fell to 
SKr46ra from SKrron due to 
lower interest rates and a 
reduced net debt NCB made a 
SKr24m profit from a SKr41m 
loss. 

AssiDoman’s shares closed 
yesterday at SKrlffL Individu- 
als paid SKrl38 a share at pri- 
vatisation. 


Austrian building group advances 


By Ian Rodger In Zurich 

Mnculan, the Austrian building 
group with significant inter- 
ests in eastern Germany, 
reported an 11.6 per rent rise 
in 1393 net income to Sch260m 
($1 79.3m) on turnover up 19 per 
cent to Schl3.9bn. 

The group said business 
growth had been strongest in 
Austria, due to buoyant resi- 
dential construction, and in 
eastern Germany, partly due to 
the first-time consolidation of 


90 per cent owned TB Tief-und 
Verkehrsbau Berlin. 

Turnover in the former 
Soviet Union fell by about a 
third. Maculan has filed a force 
majeurt claim with the Ger- 
man government over a 
Schl.Sbn contract for a Rus- 
sian military housing project 
financed by Bonn. 

The project has been delayed 
by spiralling costs due to infla- 
tion and the declining value of 
the rouble. 

The group, which has grown 


rapidly in the past five years, 
said its primary focus in the 
current year would be “consoli- 
dation and optimisation of 
existing activities'*. Still, it 
expected both turnover and 
earnings to grow by about 10 
per cent 

Orders on hand at March 31 
were io per cent lower at 
Sch9.4bn because of the 
removal of the Russian 
contract 

Current orders represent 
eight months' work. 


Skanska 

predicts 

profits 

increase 

By Christopher Brown-Humes 

Skanska, the Swedish 
construction and real estate 
group, yesterday predicted 
higher profits for 1994 and 
said it planned to increase Us 
international operations. 

Hr Melker SchOrling, chief 
executive, said the company's 
pre-tax profit in 1994 should 
be higher than the SKrLlSbn 
($149.4m) level achieved last 
year. 

This was in spite of strong 
pressure on margins caused by 
the depressed Swedish con- 
struction market 

The group plans to continue 
international expansion to 
reduce dependence on Sweden. 

“Our aim is to continue 
sharply increasing our inter- 
national business until it 
accounts for 35 per cent to 40 
per cent of group revenues,” 
said Mr Schdrlmg. 

“By continuing our Interna- 
tionalisation. we will reduce 
Skanska’s exposure to fluctua- 
tions in the Swedish construc- 
tion market, while taking 
advantage of the growth 
potential that exists in many 
foreign markets.” 

Last year, non-Swedish busi- 
ness accounted for 23 per cent 
of group sales of SK*28.9bn. 
while in 1992 it amounted to 
14 per cent of sales of 
SKr31-9bn. The company, 
Scandinavia’s biggest con- 
struction group, operates in 
more than 30 countries and 
has 25 per cent of its employ- 
ees working outside Sweden. 

Shwnskfl plans to re str ucture 
its real estate operations. 


De La Rue rises 
24% to £129.8m 

De La Rue. the UK security 
printer and cash-handling 
machine group, yesterday 
r e po r te d a 24 pm 1 cent increase 
in pre-tax profits buoyed by 
strong banknote sales, writes 
Paul Taylor in London. 

The group reported pre-tax 
profits of £l29.8m ($195.2m) in 
the year to March 31, up from 
£104.7m the previous year. 
Turnover rose 7 per cent to 
£588. 6m. 

Lex. Page 18 


Bastion of discretion speaks out 

Mediobanca has reacted angrily to allegations, writes Andrew Hill 


N ot much moves Medio- 
banca, the powerful 
Milan merchant bank, 
to make a public statement, to 
a financial community which 
leaks like a pasta-chefs colan- 
der, Mediobanca is a bastion of 
discretion, opening up only 
twice a year to emit an ele- 
gantly printed annual and half- 
year report 

However, on Monday even- 
ing Mediobanca came as near 
as it has ever done to losing its 
temper in public. The trigger 
was the formal decision by 
Ravenna magistrates to warn 
four top Mediobanca execu- 
tives - including its 88-year-old 
honorary chairma n, Mr Enrico 
Cuccia - that they are under 
investigation for allegedly con- 
spiring last year to falsify the 
accounts of the Ferrozzi- Mont- 
edison industrial group. 

In an uncharacteristically 
angry statement, the bank 
expressed its “bitterness" that 
it was being “c riminalis ed” for 
its efforts to save Italy’s sec- 
ond-largest industrial group 
from disaster. In particular, it 
said the magistrates' decision 
was based on “elements which 
seam to have been deliberately 
supplied by some of those who 
bear the greatest responsibility 
for that disaster”. 

The magistrates' decision 
has electrified the Italian 
media. This is not because it 
was particularly momentous. It 
is a formal move which is far 
from implying any guilt on 
Mediobanca's part, and the 
allegations are mainly based 
on a supposed technical lapse 

by the hank. 

But Mediobanca has an influ- 
ence over the Italian financial 
and corporate community far 
greater than that of any other 
merchant hank in any other 
developed market Mr Cuccia 
has cultivated clients which. 



Carlo Sam a: Mediobanca knew 
more than it is letting on 

indude all of Italy's most pow- 
erful industrial and financial 
groups. The network is so dose 
that many of these groups, 
together with former state- 
owned banks, are part of the 
shareholder syndicate that con- 
trols Mediobanca. 

Under the circumstances, the 
restructuring of Ferruzzi-Mont- 
edison was a deal which could 
only have been worked out by 
Mr Cuccia and his team. 

This is the first time the 
bank has been caught up in 
the corruption scandals, in 
which the old Ferruzzi-Mont- 
edison group seems to have 
been a central player. But 
questions were already being 
raised about Mediobanca’s role 
in the new Italy. The bank has 
come under attack for trying to 
extend its influence over the 
banks and industrial compa- 
nies being privatised. 

The magistrates’ investiga- 
tion centres on how much 
Mediobanca knew about Fer- 
ruzzi-Montedison’s L435bn 
(3257m) of undeclared bad 
debts in offshore companies. If 
it was aware of this hole in the 
1992 accounts, then under Ital- 


Enrico Cuccia: has built np a 
powerful network of clients 

ian law it bad an obligation to 
declare its knowledge, or face 
criminal charges of “false com- 
munication”. 

The old board of Ferruzzi- 
Montedison approved the 1992 
accounts at a meeting on May 
28. Mediobanca was given the 
mandate for a restructuring of 
the group on June 4 and the 
accounts were deposited with 
the regulatory authorities on 
June 12. Shareholders only 
learat about the hole at their 
assembly on June 28. Medio- 
banca says it has submitted 
“incontrovertible*’ evidence to 
the Ravenna prosecutor that it 
had neither the power nor the 
duty to vet the accounts. 

T he most prominent dis- 
senter from this view is 
Mr Carlo Sama, the for- 
mer chief executive of Ferruz- 
zi-Montedison who is facing 
corruption allegations. He 
Haims that Mediobanca knew 
more than it is letting on. In a 
television interview on Mon- 
day night he went further, 
claiming Mediobanca had 
“taken away our property 'and 
our honour” in an attempt to 


gain control of a large chunk 
of Italy's Industrial economy. 
Mr Sama believes the mer- 
chant bank deliberately scup- 
pered an alternative plan for 
the restructuring of Ferrozzi, 
prepared by the directors. 

The new board of Montedi- 
son issued a statement yester- 
day deploring the fact that ex- 
directors - “responsible for 
having led the group to disas- 
ter, with a legacy of LSl.OQObn 
of debts" - were trying to 
undermine the credibility of 
their replacements, struggling 
to put in place Mediobanca’s 
rescue plan. Mr Gianni Agnelli, 
the Fiat chairman who is prob- 
ably Mr Cuccia's closest ally, 
described the magistrates' deci- 
sion as “a serious matter and 
an annoying obstacle" at a 
moment when Italy needed all 
the instruments at its disposal 
“to revitalise its industrial 
groups and expand". 

Mediobanca's rivals believe 
the move could have positive 
repercussions for a financial 
system notable for its lack of 
transparency. This would be 
welcome at a time when there 
is intense scrutiny of the possi- 
ble conflict of interest between 
Mr Silvio Berlusconi's role as 
prune minister and as owner of 
one of Italy's largest private 
companies. 

Market reaction suggests the 
reputation of tbe bank has 
only been dented by the Fer- 
ruzzi-Montedison affair. Shares 
in Mediobanca, which had 
fallen nearly 20 per cent ahead 
of Monday's decision, yester- 
day recovered slightly. 

Mr Cuccia is likely to be hap- 
pier about this than yester- 
day’s show of support from 
many of his allies; Mediobanca 
is preparing for a Ll,500bn 
rights issue which could have 
been put in jeopardy by a con- 
tinued foil in its share price. 


Volvo Bus buys into Danish coachbuilder 


By Hugh Camegy 
In Stockholm 

Volvo, the Swedish motor 
vehicle manufacturer, plans to 
take over a Danish operation 
making bodies for Volvo buses 
from the troubled German 
Edssbohrer Group. 

Under an agreement signed 
with Kissbohrer. Volvo Bus 


will take over all the activities 
of Aabenraa Karosserifabrik, 
the German company's Danish 
subsidiary, related to the pro- 
duction and marketing of bod- 
ies for Volvo bus chassis. 

Neither company disclosed 
the value of the deal, which is 
due to be completed by the end 
of this month. 

- Aabenraa builds about 125 


Volvo buses a year for sale 
mainly in the Danish market. 

It produces about 50 buses 
for KSssbohrer, but Volvo will 
not acquire those activities. 
Volvo says it will, however, 
take on a majority of Aaben- 
raa’s 220 employees and has 
plans to incorporate the opera- 
tion as a Danish Volvo 
subsidiary. 


Volvo embarked on a strat- 
egy to concentrate on car. 
truck and bus man ufacturing 
following tbe collapse of its 
previous plans to merge with 
France's Renault. 

Volvo has wholly-owned bus 
body building operations in 
Sweden and Austria, as well 
as a joint venture in 
China. 


These MKimritts haw not been registered unJcr the Securities Act of 1933, as amended, and may not be offered or sold 
in the United Stares, except in accordance with the resale restrictions applicable thereto. These securities 
having been previously sold, this announcement appears ;«a matter of icconi only. 



Cementos Diamante S.A. 

( Incorporated under the laws of the Republic of Colombia) 

U.S. $75,923,000 

Represented by 

14,850,000 Class B Shares 
2,475,000 American Depositary Shares 

TIii> |vrunn of the offering ha> been Mild in rhe United Stares by the undersigned in private 
littering that include sties pursuant tu Rule I44A under the Sccurine# Act of 1933. 


Bc.tr. Stcnms St Co. Inc. 


Baring Securities Inc. 
Citibank International pic 


C.J. Lawrence/Deutsche Bank 

Securities Conical ion 


1,237,500 Global Depositary Shares 

Thi- |s <n ii in ol the offering lui» been wU outside the United States and Colombia by rhe undersigned. 


Baring Brothers &. Co., Limited 

Bear Steams International Limited 

Citibank International pic 


Deutsche Bank 

Ak ricng»d Isduft 


3,712,500 Class B Shares 

This portion of the offering has been sold in Colombia by the undersigned. 

Corredores Asociados S.A. 

Casa de Bolsa S.A. 


Citivaloro S.A. 


Correval S.A. 


Global Coordinators for the Combined Offering 

Baring Brothers & Co., Limited and invercor SJK. 



BARINGS 


May 1994 


WE BUILT THE WORLD’S 
LARGEST MARKETPLACE ON 
THE STRENGTH OF OUR IDEAS. 








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New ideas have made the CME the 
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And... the resources to keep on produc- 
ing the innovations that power g ro wt h. 

Ideas made the CME the world's 
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the biggest, it serves the whole world 
best 


CHICAGO MERCANTILE EXCHANGE" 

The Exchange of Ideas® 









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’AS, 


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Q Bankers Trust 

LEAD FROM STRENGTH. 







FINANCIAL TIMES WEDNESDAY JUNE 1 1994 


INTERNATIONAL COMPANIES AND FINANCE, 


Seagram chief 
to defend Time 
Warner stake 


US buy-out firms adopt a more 

Clayton Dubilier s Richard Braddock talks to Richard Waters about 


modest 


the re-emergence 


guise 

of an industry 


By Robert Gibbons In Montreal 


Mr Edgar Bronfman Snr. 
chairman of Seagram, the 
world's fourth-bigrgest drinks 
group, will today face share- 
holders* questions about his 
company’s longer-term rela- 
tionship with Time Warner, 
the entertainment group. 

Seagram has acquired 14.9 
per cent of Time Warner for 
S2.1bn. Uncertainty over its 
future plans has been over- 
shadowing Seagram's market 
performance this year. 

Analysts expect Mr Bronf- 
man to say at today’s annual 
meeting that Seagram's hold- 
ing represents a strategic 
investment in a global growth 
industry and niU benefit all 
shareholders as Time Warner 
reduces its debt and strength- 
ens cash [low and profits. Its 
cable TV interests are already 
a source of rising cash flow. 

He may also play down 
reports of disagreements with 
Mr Gerald Levin, chairman of 
Time Warner, who has ruled 


out any standstill agreement 
that might allow Seagram to 
increase its stake to 25 per 
cent. Analysts also believe Sea- 
gram will ultimately seek one 
or two board seats to influence 
Time Warner’s strategy, 
although at the moment Sea- 
gram has denied this. 

Seagram has strongly denied 
it plans to sell its 24.3 per cent 
interest in Du Pont, the chemi- 
cals and energy giant, which is 
now worth nearly SlObn. and 
bid for all Time Warner stock. 

Analysts say this would be 
prohibitively expensive, and 
selling the Du Pont interest 
could involve heavy capital 
gains taxes. 

After the meeting Mr Bronf- 
man, soon to be 65, will band 
over the chief executive's chair 
to his son. Mr Edgar Jar. 39, 
who became president and 
chief operating officer in 1989. 

Mr Bronfman Snr will 
remain chairman with his 
brother, Charles, co-chairman. 
The Bronfmans own 37 per | 
cent of Seagram. 


T hing s have changed in 
the US buy-out industry. 
Just two years ago. Citi- 
corp, under pressure from reg- 
ulators. backed away from 
highly-leveraged lending. 

Today Mir Richard Braddock. 
the hanking group's president 
and chief operating officer 
until 1992, begins work at Clay- 
ton Dubilier & Rice, one of the 
handful of US buy-out fines to 
have come through the 1980s 
unscathed. 

The move is symptomatic of 
the re-emergence of buy-outs 
in the US. 

Starved of finance as the 
banks withdrew and the junk 
bond market dried up, the 
industry virtually died. 

But the market for sub- 
investment grade bonds roared 
back to life last year, and lend- 
ing to companies considered 
high risk is one of the few 
opportunities banks now have 
to put their plentiful capital to 
work. 

Also, a number of buy-out 
funds have spent the last year 
raising equity. “Pile bank and 
subordinated debt on top of 


that, and there's an enormous 
amount of money [available to 
do transactions]. " says Mr Jo 
Rice, one of Clayton Dubiher’s 
principals. 

The industry that has re- 
emerged differs in several 
respects from the 1980s ver- 
sion. 

Much of the new equity 
behind the buy-out funds has 
been provided by pension 
funds, rather than the banks 
nrvri insurance companies who 
invested in funds in the 1980s. 
says Mr Leonard Green, a Los 
Angeles-based deal maker who 
himself recently raised more 
than $300m for a new buy-out 
fund. 

Pension funds, seeking 
higher yields, have been 
attracted by the Investment 
returns of the more successful 
funds. 

Clayton Dubilier. for 
instance, claims an annualised 
rate of return on its invest- 
ments of around 100 per cent 
(investors get 80 per cent, 
while the buy-out firm's part- 
ners keep 20 per cent). 

Another difference in the 


1990s buy-ont industry is the 
lower level of leverage lor gear- 
ing) at which deals are being 
struck- 

One part equity to nine parts 
debt used to be the role of 
thumb of the 1980s; now. says 


beating its target return of 40 
per cent a year. 

In this new era. it is the 
funds that can show a steady 
flow of successful transactions 
- rather thaw those which 
scored big profits from single. 


The market for sub-investment grade 
bonds roared back to life last year, 
and lending to companies which are 
considered high risk is one of the few 
opportunities banks now have to put 
their plentiful capital to work 


Mr Don Gogel a Clayton Dubi- 
lier partner who was once co- 
head of Kidder Peabody's 
mergers and acquisitions 
department, “we look at any- 
thing from 25-35 per cent 
equity". 

Lower gearing means lower 
investment returns in the 
years ahead. The 80 per cent 
return paid to Clayton Dubilier 
investors will not be matched 
in future, the firm warns - 
though it is still confident of 


blockbuster leveraged deals - 
which are likely to be most 
successfuL 

Clayton Dubilier, one of the 
small group of funds to re- 
emerge strongly In the 1990s, 
typifies the more modest ambi- 
tions of the new breed. 

In nearly 20 deals over the 
past 15 years, only one - the 
S960m purchase of healthcare 
products maker Kendall from 
Colgate-Palmolive in 1988 - 
has proved a disaster. 


Nova and Petronas 


buy gas pipeline stake 


Dasa plans missile and satellite 
joint ventures with Aerospatiale 


Northern 
Telecom wins 
Chinese deals 


By David Wader In Frankfurt 


By Nikki Tait in Sydney 


Nova, the Western Canada 
energy and petroleum group, 
and Petronas. the stale-owned 
Malaysian oil company, are 
paying around A$250m 
(USS183m> for a 49 per cent 
stake in the Moomba-to-Sydney 
gas pipeline. The pipeline is 
being sold by Australia's fed- 
eral government. 

Mr Kim Beazley, Australia's 
finance minister, said yester- 
day the sale was expected to 
raise between AS520m and 
A554flm for the government, 
and be completed by the end of 
June. Net proceeds are expec- 
ted to be just under A$5O0m. 

The government announced 
late last year that it planned to 


sell a 51 per cent majority 
interest in the pipeline to Aus- 
tralian Gas Light Company 
(AGL>, the Sydney-based util- 
ity which is also the nation's 
largest gas pipeline company. 
The government invited ten- 
ders for the remaining equity. 

Under the deal which has 
Foreign Investment Review 
Board approval Nova will take 
a 25 per cent interest in the 
pipeline and Petronas, 24 per 
cent. 

In return for giving up 
vetoes over the sale, the Coo- 
per Basin gas producers will 
share a A$20m payment - of 
which about ASiOAn will go to 
the Adelaide-based Santos 
group - while AGL gets A$30m 
for waiving similar rights. 


Deutsche Aerospace (Dasa). the 
aerospace arm of the German 
Daimler-Benz group, and 
Aerospatiale, the French state- 
owned aerospace operation, 
intend to form two joint ven- 
tures - one to build guided 
missiles and the other to build 
satellites. 

Munich-based Dasa yes- 
terday that talks with the 
French company over the 
terms of the joint ventures 
had reached an advanced 
‘stage and it was likely the 
new companies would be 
formed from January 1 next 
year. 

The statement from the Ger- 
man company explained that 
Dasa and Aerospatiale had 
worked together In the guided 


THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION IF YOU ARE IN ANY 
DOUBT \BOlT THE ACTION YOU SHOULD TAKE, YOU SHOULD CONSULT YOUR. PROFESSIONAL 
ADVISER 


& 


Banco Santander. S.A. 

I bin/rporated h nh ImiiieJ liability u> Spam I 

Notice to Shareholders and Subordinated Conversion Bondholders of Rights Issue 

NOTICE ti jjnen In Banco .Sjjiuiukr. S A. (ihc “Urncr’l to l he Shareholder? ia» darned befoul of ihc Issuer and lo the holders 
phe •ft.indh.ildcri'i.'f the vUUUlHlmg PUs ■W.lJUMWO.l'to v’.Siiboidiajli.'d Conversion Booth I VW i the "Bonds'"* of the fewer 
ihjr. pur-.ujm to puuvr, i**nlcrrcd .>n the Board of Directors of Ihc Issuer, the Board have .authorised Ihc issue of Pus. J9J>J6,3S 
non - ordiaur. dure* rthe "New Sham" I in the opiul or the Issuer ai ihca'r nominal value of Pus 730 per share »hh a premium of 
Plus l ..AW per 'halt TV New Shares aac . ,f the same chavs as ami form a Angle tones with the cutting issued share* in the capital 
of ihc Ivaier and ivill rank for dividend pro rata from ihe end nr ibe Subscription Period i a* defined bdcwl. 

Pre-emptive ciftir* |-Rieht\ - 1 to -aifocobc for the New Shares are available in Spain to ill shareholders uhc "Shareholder*' I who 
“ere entered in ihc ici>>rJv kepi h» the Sennclo Je Liquidation y Compensation de Valores on the day before the Subscription 
Period hrj.w* nhe 'Remnl Chile'). anJ all ihc Bondholders who were holders of (he bond* on the Record Dole The Right* are 
rrn.HUKvable. Ihe tvwiie i, n.-i under* mien and no ageni of Ihe Issuer will engage m formal placemen! of Ihe New Shares. 
NEITHER THE RIGHTS NOR THE NCW SHARES HAVE BEEN OR WfLL BE REGISTERED UNDER THE UNITED 
STATES M-CURITH-* \CT OF \<*i\ AS AMENDED AND. SUBJECT TO CERTAIN EXCEPTIONS. MAY NOT BE 
Ol IK HI I'nR HULL* WITHIN ANY JURISDICTION OK THE UNITED STATES Accordingly. New Share* should nol be 
lakcn up Mr the binciil .1 an) pewn in ihe United Slaic* Arsons ever-rising subscription rights will be deemed to have represented 
and <va mined iherebv i>> F.unx'lear, Cede! and rhe Principal Paving Agent. as Ihc cave may be; and the Bank dial they are not taking 
up New Mian.- lor the aec juni .ir bendit ,h' any person in Ihc United Stales and ihej are not on the dale of subscription in the 
t rated Sill*.-* except il curnuin^ subscription right* upon ihe iiutnalion and for the bervefil of n person outride the United 
Stale* 

The cniiilcmeiH to the New Shatcs pursuant to the Right* v 

Shareholder'. - one New Mure fur every three shares held on ihe Record Date 

H-odholder* ■ -ww New Shire lor ever, three shares i« which they would he entitled on the entreat of then conversion rights 
■••n »uch even re. ihc conversion prnx- for lire cnlidcmcm on converuon is Plan, a.- IS per share and fractions *»T shamare 

r.. undid d.nvnward .1 

Tire Suf-vrtplion lYrn-J. “huh t. opened l.i commence on or jbour 1st June. I«l. is ihe period which uuu on ihe day after the 
rotr.e inv, line hfcl. i.* -nfovofo- lo lire New Mures iv published m Ihe ODicul Meixanlik- Registry Gazette and shall end at -A. Of) 
hour* on June, 1'Wl 

Mur. -holder *lt."ild eive Iheir lira runion* a* In rhe Righii to .uiv euslodijn/mcmhcr entity of Ihe ServrCKJ de Compcnsjaon y 
l.htudacti'ii 'k t alite-. or. tlv-ry m.t* be Uclged with- 

ll.ni*.. SanunJer. h A Bane" Sanlander de NepTOus SLA. 

In Mo.irv.ue I Bwbopsgsie 

I ond..n tt :R M.H London ECZN JAB 

“)»' ni lie ihe ne.e -at* jrrjnpcmen's with a custodun m Spam fur ihe iut»wrrpiion up«*o receipt of the suScnpuon pnee. 
C."|ie- .1 the ■t.waineni vonipn*ni|r listing partreubrv inJencJ hefc/wi nut he obtained from those two oftkxv 
Rerisli rr-l b.inJlh-Un* a hi • desire lo luh-cnhc for New Shares land who are vfualilred inslutiliunal buyers within the tneatungisf 
Rvle lit A nioils uivlvi ilw US Sccutitve* Act I riiould contact 
Ihe v Tu < M.irluil.m Rink N. \ 

W o.ifoale I lou » 
t Vi’ernan Mirei 
L.u.-n i i.:i*:nn 

wh.. will make in, neve*urs jirjuvenient- witlt a ..usiodian in Spam f.<r Ihe subscnplion u[»m receipr of Ihe subvenpui-’n price 
Bearer Bondholder-. who Jivrc in iiilNnlf lor Nuw Share-, dmuld conLier 

1 nr. deal Cedei S .A. 

1 u-tvslv * ■irer.iliivn* LVj-.i n mail Corpurale Action Defcinmem 

Bro* rel* Ltnemhourg 

Tel t«"l ”! DM. lefei filo’j Tel. |J5:i 44«2J lb. lefcre. 27J| 

who will .L-ppIv the reh-jni inlinnulitm Jirect lo Ihc Pci nopal Paying Agent. 

ThetlcK Uanliailjn Bank. N A 

tkoolgaiv lloje 

Cv'ler.un Sttrtl 
L.-njon fu:f» :iiii 

who will make ihe n .C'.-ars arrangement* renh a cu-aislian in Spam for Ihc lubwTipiiMi upin reeeipi of the suhscriptioo prtec. 
B-iodbvWrr. cbooid »“e that I be Cnnvmnm Price fan dti ht d in the Tern and CondfCum of the Boadsl dkm not faU for a dit atm t u i 
a* the rrailr nf the issue of ihe Rights and the New Mtam beemrve Ihc proviso to the rrlenml Con di l i on. — tarty. Coothttaa 4(d>(o| only 
rrAuirrs in sdtoomcni wtrere pre-emption rights ore ofTivded in Bu o dhulilrn and sack right* base been <afid> waived k> aerordaoeg 
wflh apphoMr .SpunMl la**, TFirre will hare been no sock »si’« of the Rights in rhfa case. 

Applie-atuet wsll be nuJ* to TH: liitervaujiial Stock F. 'change of the United Kingdom and the Republic of Ireland Limited for the 


\Vw Slurc* to N: adnulled to lh.- frtlicul Lrsl t7i'pic* of the Jsreurocnl comprisinp foung rvnietilar* with retard t/v the Rights and 
ihe New Sh.ne* in jeeiidano; with ihc lining rule* made under Part l\ .of the f in.meial Scm cn Ad ISSh. will be defavvred to Ihe 
Reei trar ol •Vontpanir. m England jnd ft ate* lor regeiraiion in avcmluncc with Seciisin IJR of that Aea. 

1 lift NUTIi! IS SOI AN Ij| l tp NOR SHr.iULD fT Bl: CONSTRUED AS AN OFFER. TT 15 ADDRESSED SOLELY TO 
SH ARI HOI 1 11 RS AM' bONDHOLDERS 


THIS NOTICE IS IMPOR T.AIVT AND REUUIRES YOUR IMMEDIATE ATTENTION. IF YOU ARE IN ANY 
Dt:tUBl ABOUT TllL ACTION YOU SHOULD TAKE. YOU SHOULD CONSULT YOUR PROFESSIONAL 
ADVISER 




Banco Santander, S.A. 

i liuiiry. aril hnuu-J ImbililV HI Spain I 


NOTICE 

to the holders of the outstanding 

PtsLs. 40.000.000,000 9 per cent. Subordinated Conversion Bond 1994 
(the “Bonds”) 
of 

Banco Santander. S.A. (the “Bank") 


"'■ •Tic L i. fort* cii.T hi ihe Dank th.it the ordinary shares 1 1 he 'Share*'! of ihc Bank ore ik. longer itrmniinl by physical william 
an-! ar. i>.«* i.pnsiW iw mnn'.il S*-il -cninr* mami invest ir. UvrcVnmil Rcpvlrs. I Ibe "C enlial Krpsiry'i .rl book enirtes by Snwoi 
C.'ririeTi*K> n ' Lnjui.tjcion dr Valores in Madml 

vlmo r ^i«.l i«- me h.iUi.i* ..i Ekimh i"B^'iKlh>ikkcr-" I.hii eaerciK 'LIsiicishsi Risdii, las JefincxJ in rhe Terras and Conditions reJauag to 
ihe H.mJ- ■ will he regf-w-iiicit I free .il chary e lo lire relevant BunilwUxi by bo.ik miira in the Central Regatiy in ihe nmr of a Spanish 
*".••!• slvan foil,* a nuilvr cnuit ol' VniOo vie O.iitifrenvaciun > Livliudavs.«n de Valotres acting ,in behalf of ihc relevant Bondholder 
H.-fi'.'li.-ldrr- '■'rijunir fjnwi -ran Kighi* will he ljinl lo specif* lire nriliklLiii lu wfown Shares ate to be cooed when oranpIetiCf ihetr 
C.*A*eo,..i\ V-li i oitkrlincJ in Hie Terra t uJ vurvliivn.i. 

■pY Law thfomlu'c* Tru-l C.irp*<rali.")p Lb as Truiior fur Ihe bolder* N ihe B.ekls will wogr nidi Ihc Bank to modifying die Terras and 
l.ondtihii* ,*i Ute Bond* and ihe Tnbi Dtoi wtuururreit 'he hnvh to kiIni ihere chuign 


Kunhre i~i oniri. n i, juJihlt Ironl rhe Bank al u* .An ui lil Mwipic. London ECR 6I.B onJ lire Prmopsl Psyiig Agent for ibe 
Boodv 


nil’s Millet 1C NUT \N OFFER NOR SHOULD fT BE CONSTRUED .AS AN OFFER, rt 15 ADDRESSED SOLELY TO 
SflAREHOf.DI K*. 1NU BONDHv:<LDERS, 


missile area for decades, and 
that a formal joint venture was 
the best way of co-operating 
further. The same argument 
applied to satellite technology, 
Dasa said. 

The joint ventures are likely 
to be structured around two 
holding companies, one for 
guided missiles which will be 
established in Paris and a sat- 
ellite company in Germany. 

Each of the holding compa- 
nies will be parent to a 
German and a French subsid- 
iary, which will divide the 
work equally between them- 
selves. 

Both Aerospatiale and Dasa 
plan to concentrate all their 
activities in these business 
areas within the new bolding 
companies. 

Dasa and Aerospatiale 


Nodes ef Redemption 


Omnicom Group Inc. 


rws ConwrifclB fttadnwd DebmuMs 
duo 2004 

KSMNa.GBIXM60Q135 


NOTICE 1$ HERESY GJVEN IfUL pursuant [d 
the proriwra al tits Mantua ttaMd a* ol 
JJy 27. 10ta hewraon Onwcom Oixp mo 
(M ■Company-) and LaSata Matfonri Bar*, 
as Trustee, local ad a T35 South l.aSaM 
Streak CNcogo. tanota 00003, aid Bta arms 
ot th* Company's 6'h% Convertible 
Subordfnaied Dabenturas duo 2004 (the 
’DabanMax'l. tin Company baa otaetad to 
mdeedi on July 27. 1S®4 (the ■Redemption 
Date") dial IB au&tendng Oabvang a tie 
iBdemptm pnea si I1&8IM of tia plncmal 
amouti tiareof togetiar rath accrued (Urea 
to the Redemption Dug. or an aggregate 
radempdon price at St. 1 60.00 <*1,100.00 
principal and no acouad Manast) par SI.OOO 
principal amount ol Dabenturaa (Ihe 
■Agpaipaa RedsaytitatMcel. 


Paymtrt of an Aggrade fl edampHon Pita tf 
tw Debereuae wd be madB upon pma n iatign 
and Boma tf no Ddankim d ta odea ol 
Mgeoano BMt Nadgrtand N.V. Vyarianat XL 
tOQQ EG Amsterdam. The Natitattands. Tho 
method ol daivory ol Uw Debenturos lo 
Afeanane Bat* Nedari a n il ItV. b al Urn option 
and ink ol la Mtier Iwli etal « used. re<ps- 
sored rmi a uigpeoad 


On iho Bedempbofl Dare, the Aggragara 
Rddarwon Price ml oacome due and payatHa 
upon eadt DaMntara. and hen and atai the 
Redenpton Oea lama lew snai cose b 


It a nor r«aas«y a sign da DriMnue or com- 
(M» ffa reveran or ta Debarttmaritupav- 
man a U la made to otar tan da regiainid 
latter, h witch ossa da eiff ma* of haator 
m ta retana ol *a Oebanbea mua be prgpaty 


The right to convert me principal ol the 
DttMntofaa wl MmVnaa m ta dim d busmoK 
on da Redemcfcn Dm. The convrag tat pries ol 
Ihe Debenturos >s S2B par share ol tho 
Company's Common Stoc* or 3571 shares psr 
Si jOO pnocya) anaurt cl Dsberaaes. 
Camenlen of tia Deoerttees ray be made upon 
p na omattan and surtvrstor ol satt Dsosnws m 
tno attics ot Centraal Kamoor EHacton. 
Tuuulqtlaan 14. 4400 CE Brace. The 


OUMCOM GROUP DC. 


By: LeSafle National Baltic, 

3S Trustee 


Used: Jua 1. 1994 


Under «a laid Reverae Coda of IMS. aa 
amended, we pay bo requred to withhold 

31% o I any redemption pnxssda fmdutpng 

pramunts, t any. and acouad ttkreai mate 
to hotoos who tai a praade us vrti « cert- 
(y tatter punarty ti pmpay. a conect tt i pa yor 
•Jemitoaflon runtoer (smpioyor ttotobcation 
reardar ta soon saaaty rtontoar. as appept- 
ae) on or before me dale dm securities are 
presented lor peymaa. These ttotosn vd» aa 
reqdied to provtta melr oonad taapayv ttcrv 
aflca*on rwrtoer on towns! Revarxre Senrica 
Form Vwi end who W to do so may too be 
subject to a oerxdty at SO. 



Republic of the 
Philippines 


USS691.465.0G0 Series 
1992 B Floating rate 
bonds 2009 


The B Bonds Will bear imereti 
at 5 SI25X per annum far 
the period I June 1904 to 
I December 1994. Interest 
payable on I December 1994 
per USS 1,000 note will amount 
to (552955 


Ageni: Morgan Guaranty 
Trust Company 


JP Morgan 


already operate Eurocopter, a 
helicopter joint venture. 

The news that the negotia- 
tions are at an advanced stage 
follows comments made by Mr 
Louis Gallois, the French 
group's chairman , earlier this 
month. 

He said that joint ventures 
were planned as part of the 
Aerospatiale's strategy of 
returning to profitability. 

Aerospatiale, like other com- 
panies in the sector, has suf- 
fered from the downturn in 
both defence and commercial 
activities. 

"We need to achieve a much 
deeper integration of our Euro- 
pean defence industries to 
compete with the US, where 
consolidation is taking place at 
a very rapid pace,” Mr Gallois 
said. 


Northern Telecom of Canada 
has signed contracts worth 
about USS82m to supply 
advanced telecommunications 
switching systems to three Chi- 
nese provincial governments. 
Reuter reports from New 
York. 

The company said it will 
install 13 switching systems for 
the Tianjin Fusts and Telecom- 
munications Administration, 
worth 840m. and in Shaanxi 
Province, nine switching 
systems worth more than 
822m. The company is also 
installing systems for the 
Hebei Posts and Telecommuni- 
cations Administration, worth 
820.6m. 

Northern Telecom said the 
37 digital multiplexing systems 
can each support up to 100,000 
telephone lines. 


To the holders of Warrants 
attached to 


7% Deutsche Mark Bearer Bonds with Warrants of 1989/1996 
10% US- Dollar Bearer Bonds with Warrants of 1989/1996 
53/4% Swiss Franc Bearer Bonds with Warrants of 1989/1996 
61/2% Deutsche Mark Bearer Bonds with warrants 
of 1993/1998 


of Allianz Finance B.V,, 

Amsterdam 


In May 1994 the share capital of Affianz Aktiengeseflscftafl 
Holding was increased by issuing new shares granting a 
preemptive right to shareholders. As a consequence of this 
capital increase and in accordance with Section 7 of the respec- 
tive Conditions of warrants the Subscription Price for one 
share of DM 50 nominal value of AlAanz Aktiengesettschatt 
Holding represented by the Warrants originally attached to the 
above-mentioned Bonds of 1989/1996 shall be reduced to 
DM 1,331 and tor the above-mentioned Bonds with Warrants of 
1993/1998 to DM 2,1 19 as from June 3, 1994 (effective date). 


Berlin/Munich 
June 1994 


Allianz 

Akbengeseltschaft Holding 


LVMH 


MOGTH&4NESSY. LOUIS VUITTON 


A FRENCH '50CISTE ANONYMS' 

SHAKE CATTTAL OF F.TBAAMJCOFftENCB FRANCS 

REGISTERED OFFICE: 30 AVENUE BOCHE-7SOM PARIS (FRANCE) 

REGISTERED WITH THE REGISTER DU COMM£3tCE 
ETDESSOdETES 

UNDER REFERENCE PARIS B 775 070 417 


USD 50MMM 7 per ccat CdovenAite Boodi doe 1999 - Notice to BosdbotdcrF- 


Noticr ■ haeby given to Ibe h o h ta a of USD 30,0003X10 7% convertible Bonds that 
Uie actions being taken id restructure the group no longer require the saspenskm of 
the converetoa period and tiiai the bonds are once again coovertBrie in accordance 
with tbe previously defined terms 


Board of Directors 


INDEX. 


•be Marins Lcada-i in .pcaad fomm* . F«nl and Sport* For 
fonohav and an imo> >ppfuri.« Uvra call o-l lor.7 
Acotamu ana norraalfo opened wnUn Ta hour. 


Scs jot up-n* -date pnean Sara, lo rn m TcJcwni mcW* 


^ilABank 

Australia and New Zealand 
Banking Group Limited 

Ausaaban Company Number 005 357 522 
(hufirp-rraletl with limited liability m the State ofMaXom, .Arutriitu) 

U.S. $200,000,000 

Floating Rate Notes due August 1994 


Notice is hereby given that tor the lnwce*t Period 3 1st May, 1994 
tu 31st August, 1994 the Notes will carry a Rate of Interest 
ot 4’a* p« cent, per annum with an Amount of {merest of 
U-S. $124-58 per U.S. $10,000 Note and LLS. $1,245.83 per 
U.S. $100,000 Note. The relevant Interest Payment Daw will be 
3!sr August. LW. 


Bankers Trust 

Company, London 


Agent Bank 





38 DOYES STREET, LONDON W1X 3KB 
TEL: 071 629 033 FAX; 071 495 0022 


Clayton Dubilier was forced 
into a refinancing, the ultimate 
success of which remains 
unclear. But the firm’s part- 
ners are adamant that they did 
not walk away from the com- 
pany. “We fixed the problem 
and no one lost money,” says 
Mr Gogel. 

Me an while, the firm has 
developed a style which 
enables it to benefit from more 
K han just the financial struc- 
turing of its buy-outs. 

Its partners have included 
some powerful business man- 
agers - among them Mr Brad- 
dock. Mr Chuck Ames, a for- 
mer boss of Reliant Electric, 
and. until he left to run 
Westinghouse Electric last 
year. Mr Michael Jordan. 
These operating managers take 
a more direct involvement in 
bonght-out firms than is typi- 
cal in the Industry. 

“We're not buying 
short-term to flip businesses, 
or to take advantage of a busi- 
ness's trajectory - we're 
looking to influence the trajec- 
tory.” says Mr Braddock. 

The result has been the pur- 


chase recently of a number of 
underperforming subsidiaries 
of large companies, each of 
which Clayton managers are 
actively engaged in turning 
around: Allison from General 
Motors. Wesco from Westing- 
house and Remington from 
DuPont. 

With these three transac- 
tions. between them valued at 
more than jlbn. the firm estab- 
lished itself as one of the most 
active buy-out firms in the sec- 
ond half of last year. 


C layton Dubilier is now 
preparing to raise cash 
for its next investment 
fund - likely to be launched 
later this year - and. once 
again, is eyeing Europe. Pour 
years ago, the firm established 
a London office: no deals have 
resulted. 

Over time, says Braddock 
now. Europe could still be a 
rich source of deals for the ITS 
buy-out funds. Reminded of 
previous talk of an active 
European buy-out industry, he 
insists: "It's more than an idle 
comment.” 


New funding source 
for Leeds Permanent 


By Antonia Sharpe 


Leeds Permanent Building 
Society, the UK's fifth largest 
has raised £10Qm (8151m) for 
new mortgage lending through 
a mortgage-backed loan facil- 
ity. the first of its kind for a 
UK building society. 

The transaction, which gives 
Leeds increased access to 
wholesale funding and opens 
up a new source of funding for 
other building societies, is a 
form of securitisation. This fin- 
ancing technique is widely 
used in the US but is still at an 
early stage in its development 
in the UK. 

Securitisation allows lenders 
to takp l oans off their balance 
sheet, thereby removing the 
risk of default and freeing capi- 
tal The assets are placed in a 


special-purpose vehicle which 
then raises money by selling 
debt securities to investors. 
Interest on the so-called “mort- 
gage-backed” securities is 
funded by the loan repay- 
ments. 

However, instead of selling 
securities in the public market, 
Leeds has used a pool of mort- 
gages to provide security for a 
loan from a group of banks. 
The deal, signed on Friday, is a 
test run for a system which 
Leeds has set up to securitise 
its mortgages. 

Citibank. Commerzbank, 
Daiwa, NatlVest. Rabobank, 
Royal Bank of Scotland and 
Union Bank of Switzerland 
each took £I3-57m of senior 
notes. Daiwa and UBS took 
£2jm each of the £5m subordi- 
nated portion. 


Commercial Additional Service 
Advertisement of Licence 


The Independent Television Cooamksioa proposes to grant a licence for 
a Conuncmal Additional Service (in accordance wkh Section 49( 1) of the 
Broadcasting Act 1 990) to provide a service using spare capacity (VBI 
lines) within tbe ngnal carrying tbe main television broadcajDOg service 
on Channel 4 and S4C in Wales. The licence is far the provision of a text 
cecvioe throughout ibe United Kingdom, tbe Isle of Man and Channel 
Islands on dtc bam of subscription or closed user groups. 


Hie licence will be for a term of 10 yean and will be awarded by 
competitive lender in accordance with tbe terms of die Broadcasting Act 


The TTC accordingly invites applications for the licence. Copies of tbe 
limita t io n to Apply for a Commercial Addition al Service Licence, indud- 
ing a drab standard farm of licence, may be obtained on written request 
bom die Secretary, Independent Television Coanumoo, 33 Foley Street, 
London W1P 7LB. A number of other relevant doemneots arc listed in the 
Invitation to Apply. These can be obtained from the TTCTi Uantudon 
Office at die same address. 


Applications, addressed to die Secretary of die Commission, giving (he 
information in the form specified m the Invitation ta Apply, together with 
the application fix, should reach tbe TTC ar the above address no later 
than noon on 3 August 1994. 


•Tc 


fmlijNiMtcu rrininn Cawwfemi 


The Board of Directors of 


PREBON YAMANE 
(USA) INC. 


INTERNATIONAL MONEY & FOREIGN EXCHANGE BROKERS 


are pleased to announce Ibe following: 


Richard M. Vesce 


has been elected 


Chief Executive - Securities 


OTtCORPO 

MORTGAGE SECURITIES, INC. 


REIMiC Pass-Through Certificates, Series 087-13 
USS67 ,057,000 Initial Stated Amount 
of Class A-1 Cmcer tffi c a tes 


For ihe period Isi June. 1994 io 1st September. I9*W ihc Dos* 
A-1 Cioceniftcaic; will cany an interest rate of 5 375*7 per 
annum with an Interest amount of LHJS2.7S per US$1,000 uhc 
Initial Siared Amount of an individual CnkcnJIlcaie) payable 
on Im September. 1994. The Slaicd Amount of Ihc Cniccrtilicalev 
outstanding will be 2U676H620'* of ihc Initial Staled 
Amount of the Cili certificate*, or USS206.76 per individual 
Ciiiecniiicjio until Ut September. 1994. 


BankoTAmarksNr&SA. 
4«dM - Asm Sank 






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FINANCIAL TIMES WEDNESDAY JUNE 

*' • ‘ ■- _l— ■*^*® a * e 


I 1994 



*> ‘i- . 

- "i : 

\ I"., 

4 


c 




s*:- 


it": . 


rii, .1 . 

heir . 

• . 

■ " t- 


lised to be said, “you can’t indulge 
’** 'bit ofreal driving if you’re sitting in 
.• lap pf luxury.” But now, there is a car 

.L which enables you td do both. 

P here’s a Lexus (so it must be 

..^.^.y^unouS) designed by Giorgetto Giugiaro, 
Y L ofthe ' world V most 


J^xhs GS300;y To use Motor 
/f ' ' - --'Tdsj “a. ;;iiucur^-w ; - wth^styie^-- 


n g s «Hirc t 

Germane! 


><•.-,• ... 


I>-- : • 

i?*-:* ■: - • 


Vc: ■ 
:.*W 
^ :•. 

’■i ■» 

v 

+-,.. . 
?•». - 
TV*-'. -. 
£' • ... 


1* 1st . 

W «:T * m < 


«^*-i i •«. . 

— ..■» <- 
K.'V. , 

< '-I .-. 

«.». W' ~w 

•'■. 1 - - 

<>n> _ 

r— > -t-i* • 

•^- 5 - 


: '-v; 


' :• V 

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- ' ' 

. • v-* 

• v:;#v;.ip 

... . ••* *»i 

V V '. 

’• ■ ’ • :. , • r. 

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--. 

■ • - >>“; ■; 

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■■ '-v. y-Vv.it. 

• v ‘ . 

tv; * X* /'■.’,■•■ . 

. • • . -'•:•? -js?*-rs V.S-. ' v Y\ . 

- '■ . ;s /v % : • ■• .'■ ; 

■ T f-V I_ '7.:.v , X; *"v 
. •• ---v- /•'•.... v. - 

•■ . j-j-.v ■v'.v- - - . - ' : 

.'.i tv ' 


stamina and a solid dash of enthusiasm:' 
There’s the description. 

Here’s the proof First the luxury half 
of the equation. How well equipped is the 
Lexus GS300? 

Air conditioning? Yes. Six way elec- 
tronic seat adjustment? Of course. Seven 
speaker stereo with CD? Naturally. And 
for complete tranquillity just turn it off 
The Lexus is as quiet a car as you’ll find. 

But enough about comfort for. the 
moment. There’s the driving to consider. 
At your right foot, 212HP (15.6kW.) An. 


output few other six cylinder, three litre 
engines even match. Beneath both feet, 
stabiliser bars check body roll. (Specially 
sculptured seats check the other kind of 
body, roll, incidentally.) 

Double wishbone suspension keeps the 
wheels perpendicular to the road (should 
the urge to test the laws of physics get the 
better of you). 

Why not see your Lexus dealer about 
the GS300? You’ll soon realise that being 
driven by ambition doesn’t exclude you 
from haring the ambition to drive. 



O’* 



^ r 

.£ a »<Lvi 




Lexus GS300. 



W Y 


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drive. 






FIN ANCIAL T IMES W £PN ESPA Y JUNK M994 

INTERNATIONAL COMPANIES AND FINANCE 


22 


immmmmHiHimimiimmmmmminmimmmnmmimmimmm 

End of Month S.G. Warburg Warrant Valuations 

as at 31st May, 1994 


Dismal year for Japan’s carmakers 


Single Stocks 

TYPE 

CURRENCY 

SPOT 

STRIKE 

PRICE 

EXPIRY 

BHF 

Call 

AUD 

18.29 

19.50 

1.49 

29th Jun 95 

Dao Heng Bank 

Call 

HKD 

24.10 

32.00 

0J3 

25th Jan 96 

Hong Kong Electric 

Cali 

HKD 

24.10 

29.20 

0.62 

6th Feb 96 

Hutchison Whampoa 

Cali 

HKD 

33.80 

36.00 

1.05 

21sr Dec 95 

Hysan Development 

Call 

HKD 

23.40 

17.00 

8.50 

6th Sep 95 

Philips Electronics 

Call 

NLG 

51.30 

54.18 

6.82 

8th Sep 95 

Saipem Capped Call 

ITL 

3923 

4246 

442 

30th Mar 95 

Sip 

Call 

iTL 

4293 

3832 

1105 

14th Jan 96 

Sect 

Baskets 

Call 

ITL 

4725 

4725 

1314 

14th Sep 95 

European Airlines 1 

Cali 

£ 

438 

320 

12.77 

3rd Feb 95 

European Airlines 2 

Call 

£ 

438 

468.91 

6.96 

9th Mar 96 

European Multi-Media 1 

Call 

£ 

2109 

2028.57 

2.43 

2Sch Sep 95 

European Multi-Media 2 

Call 

£ 

2109 

247 5 

1.42 

28th Sep 95 

European Steels 

Call 

DM 

3652 

2550 

118 

12th Jan 95 

UK Banks 

Cali 

£ 

90 

114.75 

023 

1st Jun 95 

UK Food Retailers 

Call 

£ 

9420 

106.25 

0.93 

9th Nov 95 

UK Pharmaceu deals 1 

Call 

£ 

85 

98.05 

0.24 

26th Jan 95 

UK Pharmaceuticals 2 

Call 

£ 

85 

87.50 

1.07 

20th Nov 95 

UK Support Services 

Call 

£ 

82 

107 JO 

023 

2nd Aug 95 

UK Water Companies 

Call 

£ 

88 

104.75 

0.18 

5th May 95 

Italian Industrials t 

Call 

m. 

21855 

19665 

562 

31st Aug 95 

Italian Industrials 2 

Call 

ITL 

21855 

24549 

207 

31st Aug 95 

Italian Recommends non 

Call 

ITL 

409761 

489229 

609 

13th Oct 95 

Swedish Capital Goods 

Cali 

SEK 

107530 

112054 

18.18 

20th Oct 95 

Indo-China 

Indices 

Call 

USD 

0.96 

2.00 

0.14 

8th Dec 95 

FTSE Mid-250 Index 

Call 

£ 

3564 

2900 

6.98 

17th Mar 95 

FTSE Mid-250 Index 

Call 

£ 

3564 

3470 

2.80 

17th Mar 95 

FTSE Mid-250 Index 

Call 

£ 

3564 

3670 

1.80 

17th Mar 95 

FTSE Mid-250 Index 

Call 

£ 

3564 

3900 

1.02 

17th Mar 95 

FTSE Mid-250 Index 

Call 

£ 

3564 

3945 

221 

17th Jan 96 

FTSE Mid-250 Index 

Put 

£ 

3564 

2900 

0.05 

17th Mac 95 

FTSE Mid-250 Index 

Put 

£ 

3564 

3470 

1.91 

17th Mar 95 

FTSE Mid-250 Index 

Put 

£ 

3564 

3270 

1.13 

17th Mar 95 

FTSE Mid-250 Index 

South Africa 

Put 

£ 

3564 

3900 

4.41 

17th Mar 95 

JSE Overall Index 

Call 

Rand 

5875 

$1166 

$19.75 

15th Mar 95 

JSE Overall Index 

Cali 

Rand 

5875 

$1345 

$13.45 

15th Mar 95 

JSE Overall Index 

Put 

Rand 

5875 

$1166 

$18.15 

15th Mar 95 

JSE Industrial Index 

Call 

Rand 

6579 

$1364 

$3035 

15th Mar 95 

JSE Industrial Index 

Call 

Rand 

6579 

$1569 

$2230 

15th Mar 95 

JSE Industrial Index 

Relative Performance 

Put 

Rand 

6579 

$1364 

$20.85 

15th Mar 95 

Volvo/OMX 

Cal! 

SEK 

+34.62% 

-10% 

467.20 

23rd Feb 95 

Volvo/OMX 

Call 

SEK 

+34.62% 

+/-0% 

39030 

23rd Feb 95 

Volvo/OMX 

Cali 

SEK 

+34.62% 

+10% 

320.70 

23rd Feb 95 


S.GWarburg 

S.G. WARBURG GLOBAL 
EQUITY DERIVATIVES 

f OK INFORMATION CONTACT JUSTIN CHITTENDEN ON 071 MO 0S\7 REUTERS FACE: WARB 

IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIUIIIIIIIIIIIMIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIH 


This announcement appears as a matter of record only. 



Ballast Madam 


BALLAST NEDAM N.V. 

established at Amsterdam 

ADMISSION TO LISTING ON THE AMSTERDAM STOCK EXCHANGE 
OF4.70u.OUO EXCHANGEABLE DEPOSITARY RECEIPTS FOR 
PARTICIPATING CUMULATIVE PREFERENCE SHARES 

and 

SECONDARY OFFERING OF 4.150.000 EXCHANGEABLE DEPOSITARY 
RECEIPTS FOR PARTICIPATING CUMULATIVE PREFERENCE 
SHAKES OF NLG 12.50 NOMINAL VALUE AT A PRICE OF 

NLG 75 

PER DEPOSITARY RECEIPT 
Arranged hy 

'ii.-.'v'A riONALt. NED ERL AN DEN BANK N.V. 
ki.fiNttOR 1 BENSON SECURITIES • MEESP1ERSON N.V. 

CS FIRST BOSTON 

INGJ&BANK 

May 1994 



US$ 20,000,000 

MACQUARIE BANK 
LIMITED 

Subordinated Floating 
Rate Notes due 2000 

Interest Rate 5.60% p. a 

Interest Period 31st May, 04 

30tfi November, 94 

interest Amount due on 

30th November. 1994 per 

USS 1,000 USS 28.47 

USS 10.000 USS 204.67 

Banque Generate 
du Luxembourg 

Agent Bank 



COMMERCIAL 

PROPERTY 

This section appears 
every Friday io 
the Financial Times. 

For advertising 
details or 
for further 
information, please 
contact 

Mark Hall-Smith 
on 

071- 873 3211 




LEGAL NOTICES 

1 PUBLIC 

SPEAKING 

Training and speech-writing by 
award winning speaker. 

First lesson free. 

Tel: (0727) 881133 


SOCIETE CONCESSIONNAIRE FRANQA1SE 
POUR LA CONSTRUCTION ET SEXPLOITATION 
DU TUNNEL ROUTIER SOUS L£ MONT-BLANC 

FRF 450.000,000 FLOATING RATE NOTES 1987-1997 
In accordance with Die provisions of die Notes, notice Is hereby given 
(hat ttie rate for (he period tram May 31, 1994 to August 31. 1994 has 
been fixed at 5.875% per annum. 

On August 31. 1994 interest of FRF 150.14 per FRF 10.000 nominal 
amount ol the Notes, and interest of FRF 1.501.39 per FRF 100,000 
nominai amount oi the Notes will be due against coupon no. 28. 

Notices to holders, including notices relating to the quarterly 
determination of interest rates, will be published only in ‘L'Agence 
Economique et Financiers" (Paris) and in "The Financial Times' 
(London). 

Fiscal Agent 

BANQUE INTERNATIONALE BHjfl 
A LUXEMBOURG U 



The FT w ct > M more bt rxtoo— people ritt property rsaponalbfltty is 
the UK than any other n ew spa per and man a enter European decision- 
makers on bualneoe premlses/eltes reading English-language 
newspapers.* 

For a fun editorial ayoopela and detaVs of avaHnMo advertisement 
posHSans. please contact; 

PAT LOOKER Tel: 061 834 9381 Fax: 061 832 9248 

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•>; i Etirc.',. C.i« n*Uf«S«sr(« Tel: 07: -COT es*7 Fa: <m-431 3C« 


By Mlchlyo Nakamoto 
In Tokyo 


spring, as 
Japan’s car- 
. . . "* makers looked 
.■ ■XT v\ V: ahead to pros- 
'7 pects for the 
_ Automotive year, the con- 
sensus was that at best they 
might hope for some relief 
from the downturn in the Japa- 
nese economy. 

A year later, even that cau- 
tious assessment appears san- 
guine, as one carmaker after 
another has announced dismal 
results for the year to last 
March. 

Nissan, Japan's second- 
largest carmaker, yesterday 
became the latest in the indus- 
try to report a substantial dete- 
rioration in its annual perfor- 
mance. 

The results come amid per- 
sistent weakness in the domes- 
tic market and a 14 per cent 
rise in the yen’s value against 
the dollar. 

Nissan, which reported a 
consolidated net loss of 
Y86.9bn f$832m). compared 
with Y558tm a year ago, was 
joined in its plight by Mazda 
and Mitsubishi Motor. 

Both Mazda and Mitsubishi 
last week reported sharp falls 
in sales. Mazda saw its first 
loss in 19 years and has been 
forced to pass Its dividend for 
the first time since it was 
listed. 

Mitsubishi had previously 
enjoyed buoyant sales on the 
strength of the popularity in 
Japan of its range of sports 
utility and multipurpose 
vehicles. 

However, the company expe- 
rienced a setback last year as 
competition in those sectors 
increased. 

Fuji Heavy, which produces 
Subaru cars, likewise fell into 
loss and passed its dividend. 

However, Daihatsu, which 
specialises in small cars and 


pbanriyi results, year to March (Y bn} 

Company 

Parent 

sales 

Parent 

pre-tax 

Parent 

not 

Consottdatod 

■ales 

Comold. 

pre-tax 

net 

Nissan 1993-94 

1992-83 

Mazda 1993-94 

1992-93 

MttauttsW 1992-93 
1992-93 

Fuji Heavy 1993-94 
1992-93 

Daihatsu 1993-94 
1992-93 

3,583.5 

3.896.9 
1,7fla7 
2,191.3 

2.455.9 

2.615.9 
763J9 
973.0 

730.8 

784.9 

4.1 

-26.3 

-44.1 

6-2 

35.4 

46.6 

-28.1 

0.1 

2.4 

-4.4 

7.6 

-15.1 

-44.2 

2.S 

15-9 

20.2 

20.7 

-6.1 

5-5 

-3.6 

5.800.9 

6.197.6 

2.846-9 

3.180.4 

-202.4 

-108.1 

21.3 

502 

-86.9 

-55.9 

5.6 

25.0 






Scum . 

: Conoanr were 


commercial vehicles, returned 
to the black largely as a result 
of cost-cutting. 

The carmakers' difficulties 
last year are largely attributed 
to two factors which have 
plagued the industry recently; 
weak markets in Japan and 
Europe, and the appreciation 
of the yen. 

The poor state of the Japa- 
nese market is reflected In fig- 
ures published by the Japan 
Automobile Manufacturers' 
Association. 

The Japanese car market suf- 
fered a fell in demand in the 
fiscal year to March 1994 - its 
third consecutive annual 
decline. 

According to JAMA, domes- 
tic demand fell by 7 per cent to 
6.4m units, while vehicle pro- 
duction in Japan also dropped 
for the third consecutive year 
by 12 per cent to 10.8m units - 
the largest annual fall since 
1949. 

The situation was hardly 
much better outside Japan. 
Exports for the year are esti- 
mated to have fallen by 16 per 
cent, although part of this 
reflects a greater shift of pro- 
duction overseas. 

These adverse market trends 
have been particularly damag- 
ing for Nissan and Mazda, 
which have accumulated sig- 
nificant losses and face an 
uphill battle to recovery. 


Both companies made ambi- 
tious investments at home as 
the domestic market went into 
reverse. 

Nissan built a state-of-the-art 
factory in southern Japan and 
aggressively expanded its 
model range. 

Mr Andrew Blalr-Smith. 
industry analyst at BZW, says 
that while Nissan has a wide 
model range, it has not bad 
the productivity levels of 
Toyota. 

Although it is difficult to 
estimate capacity utilisation 
from available figures. Mr 
Blair-Smith believes Nissan’s 
rate is 64 per cent, compared 
with 82 per cent for Toyota. 

Meanwhile, Mazda also 
opened a new factory In 1992 
and built up a network of five 
distribution channels. 

Mazda is operating at an 
average capacity utilisation 
ratio of 80 per cent, compared 
with 120 per cent at the peak of 
the boom years, the company 
said. 

Nissan and Mazda have also 
been particularly bard hit by 
the slump in European 
markets. 

Nissan experienced a 30 per 
cent drop in unit export sales, 
which it attributed to sluggish 
demand in Europe. 

The fall in demand in Spain, 
together with the sharp depre- 
ciation of the peseta against 


the yen, bos meant that losses 
at its Spanish subsidiary, Nis- 
san Motor lberica. and the 
restructuring programme 
there, have been significant 
factors behind Nissan's consol- 
idated losses. 

Mazda, meanwhile, has seen 
shipments to overseas markets 
slump by 22 per cent 

The carmakers are stepping 
up their cost-cutting measures 
through greater use of 
common car parts, a reduction 
of car models and labour 
cuts. 

For example. Mazda will not 
take on any new workers next 
spring, a sharp reversal from 
its pwik years when it took on 
3.000 employees. Capital spend- 
ing is being reduced to YSObn 
compared with Y54bn last 
year. 

It is possible that these 
efforts, supported by a mild 
recovery in the Japanese car 
market this year, will enable 
the beleaguered carmakers to 
achieve a modest improvement 
in performance without taking 
restructuring much further 
than planned. 

But if the Japanese market 
fails to take off strongly, signif- 
icant improvements in profits 
may call for another round of 
aggressive cost-cutting that 
might include further reduc- 
tions in capacity. 


Weak demand and higher yen 
take toll on paper groups 


Financial results, year to March 1994 (Ybn) 


Company 

S*es Change (%) 

Pre-tax 

Chango (%; 

New Ofi Paper 

673.18 

*727 

12^3 

-4.0 

Nippon Paper 

026.78 

-3.9 

9.51 

-18.0 

Oaisbowa Paper 

275.09 

-11.3 

-26.44 

loss * 141.C 

Mitsubishi Paper Mills 

17256 

-7.7 

2.4 

♦0.4 


Scuds : Company reoatj 


By William Dawkins 
in Tokyo 

The annual 
results of 
• ; . Japan's paper 
v!'.'” " : and pulp com- 
»•: ■■■ ' - ' * panies provide 
-ggEgL*PHfc. a vivid illustra- 
tion of the competitive pres- 
sures on the country’s materi- 
als manu f a c turing industries. 

Last year's rise In the yen 
has pushed paper makers’ 
International costs above those 
of producers in neighbouring 
south-east Asia, resulting in 
loss of market share at home 
and abroad. 

Persistently weak demand, 
meanwhile, has driven down 
prices in yen terms faster than 
costs. As a result, the two larg- 
est paper producers. New Q|i 
Paper and Nippon Paper, 
reported declining profits, 
while the number three. Dalsb- 
owa, made a record loss, more 
than double the previous year. 

That was far bigger than 
expected, because of Dalsho- 
wa’s inability to sell assets as 
fast as planned, to reduce its 
Y434.7bn ($4.l6bn) debt, a con- 


sequence of over-investment 
in new capacity in the late 
1980s. 

Two creditor banks and a 
corporate shareholder are to 
install three executives at 
Daishowa to help reduce its 
debts. 

This ends one of the tough- 
est years in Daishowa’s 
history, following last Novem- 
ber's arrest of its former presi- 
dent, Mr Ryoei Saito, on brib- 
ery charges. 

The only leading paper 
group to produce a slight prof- 
its gain last year, Mitsubishi 
Paper Mills, managed to do so 
by selling securities, a common 
technique used by industrial 
companies to tide their pub- 
lished results through hard 
times. Excluding a Y5 Jbn capi- 
tal gain on securities sales, 


Mitsubishi Paper would have 
made a Y2.9bn loss, said Mr 
Toshihide Kokuzawa, manag- 
ing director. The group fore- 
casts a 16.6 per cent earnings 
decline on stagnant sales in 
the current year. 

So far, the paper industry 
has managed to avoid heavy 
job losses and has sought 
instead to reduce costs through 
mergers. 

New Oji resulted from a 
merger last October between 
OJI Paper and Kanzaki Paper. 
Nippon Paper was created six 
months earlier by Jujio Paper 
and Sanyo-Kokusaku Pulp. 
Two others. Honshu Paper and 
Takasaki Paper, have stopped 
short of a full merger, but 
announced in January that 
they are to pool distribution 
and purchasing. 


Bangkok Land profits 


By Wffiam Barnes 
In Bangkok 

Bangkok Land, Thailand's 
biggest property company 
which is controlled by the 
S in o- Thai Kanjanapas family, 
reported a disappointing 3 per 
cent rise in consolidated net 
profits to Bt5.02Sbn ($199m) for 
the year to end-March. 

Profits fell io Bt763m in the 
last quarter from Bt l .354 bn in 
the third quarter. 

Sales for the year are likely 


to be down by some 30 per cent 
to around Btl Ujbn, compared 
with BtlB^bn in 1993, accord- 
ing to Bangkok property ana- 
lysts. Earnings per share rose 
to BtS.38 from Bt8.ll. 

"Either Land was struggling 
in the last quarter or it was 
saving profits to buttress next 
year's profits, when new 
accounting rules could squeeze 
the profits of many property 
companies, " said Mr Neil Sem- 
ple. research manager at HG 
Asia in Bangkok. 


disappoint 

The new accounting rules 
will force property companies 
to set aside 20 per cent before 
they start to book profits. The 
previous requirement was 10 
per cent. 

Tanayong, Bangkok Land's 
sister company, which is also 
controlled by the Kanjanapas 
family, reported a 31 per cent 
fall in unconsolidated net 
profit to Bt434.4m for the year, 
compared with the previous 
year’s Bt647.4m. Like Land, It 
has suffered from slow sales. 


NEWS DIGEST 

Trust Bank 
ahead of 
forecasts 

Trust Bank. New Zealand's 
fifth-largest and only locally- 
owned national bank, yester- 
day reported a 17 per cent 
increase in after-tax profit to 
NZ$72. 8m (US$42.Sm) for the 
year ended March 31. writes 
Terry Hall in Wellington. 

The company was listed on 
the New Zealand stock 
exchange In March, and the 
result was NZS5m better than 
prospectus forecasts. It came 
after writing off share issue 
expenses of NZS7.5m and a 
gain of NZ$2J9m from property 
revaluations. 

The charge for bad and 
doubtful debts fell to NZgl.4m 
from NZJ22J&H. Shareholders’ 
funds rose to NZ*467m from 
NZ$31 Im. 

Trust Bank is New Zealand's 
largest lender to the home 
mortgage market, but is seek- 
ing to expand into commercial 


and rural lending. Lending on 
home mortgages was up 6 per 
cent to NZ£4.4bn, to the com- 
mercial sector by 17 per cent to 
NZSl.lbn, and to the rural sec- 
tor by 30 per cent to NZ$577m. 

Shiseido ahead at 
pre-tax level 

Shiseido, the leading Japanese' 
cosmetics maker, reported that 
non-consoiidated pre-tax prof- 
its for the year to March rase 
0.1 per cent to Y32.4bn 
($309 .75m). writes Emiko Tera- 
zono in Tokyo. It suffered a 23 
per cent decline in sales to 
Y39i.lbn. For the year to next 
March, the company expects 
pre-tax profits fiat at Y32£bn, 
on a 1 per cent rise in sales to 
Y395bn. 

San Miguel unit 
in HK site deal 

San Miguel, the Philippines' 
largest industrial enterprise, 
announced that Its Hong Kong 
beer subsidiary, San Miguel 
Brewery, had sold its plant site 
tor HK$3.5bn tUS$453m), writes 
Jose Galang in Manila. 


The sale translates into an 
extraordinary profit for the 
parent company of about 
US$253m, equivalent to one 
and a half times its profits tor 
the whole of 1993. 

The sale is part of the Hong 
Kong subsidiary's move to a 
bigger location for its plan to 
expand production to penetrate 
the beer market In mainland 
C h i na . The new plant is expec- 
ted to be completed at a cost of 
$l09m, the Manila- based parent 
company said. 

Pirelli Cables 
Australia listed 

Shares in Pirelli Cables Austra- 
lia, which is being spun off 
by its Italian parent, were 
listed on the Australian Stock 
Exchange at a 15 per cent dis- 
count to the A$1.45 Issue price 
yesterday morning, and were 
still trading at the A?130 level 
before the close, writes Nikki 
Tait in Sydney. 

The Italian pareat company 
raised A$6lm (US$43.8m> 
through the flotation of a 49 
per cent stake in its Australian 
subsidiary, offering 42.1m 
shares for sale. 


TT&T is 
valued at 
$3.4bn on 
first day 

By Victor Mallet 
in Bangkok 

Thai Telephone and Tele- 
communication. the consor- 
tium installing 1m new tele- 
phone lines in Thailand's prov- 
inces, was valued at *3.4bn 
when its shares were traded on 
the local stock exchange for 
the first time yesterday. 

After opening at Btl90. com- 
pared with an initial public 
offering price of BtI45. the 
shares fell along with the rest 
of the market and closed lower 
at Btl71. 

TT&T is the fourth-Iargest 
company by capitalisation on 
the Stock Exchange of Thai- 
land, after TelecomAsia (which 
is installing 2m new lines in 
the capital) Bangkok Bank and 
Siam Cement 

After years of Inadequate 
investment by state telephone 
companies, the work being car- 
ried out by TT&T will more 
than double the number of pro- 
vincial telephone lines, and the 
company is expected to benefit 
from rapid economic growth 
outside Bangkok during its 
25-year concession. 

A survey by Sofrecom of 
France showed there were on 
average only 1.33 lines per 100 
people in the provinces, com- 
pared with 16.13 in Bangkok. 

TT&T has to pay 43.1 per 
cent of its gross revenue from 
the new lines to the state Tele- 
phone Organisation of Thai- 
land. whereas TelecomAsia 
pays only 16 per cent. But 
higher total revenues per line 
in the provinces should give 
TT&T a bigger net income per 
line than TelecomAsia by I99S. 
according to a recent report by 
Peregrine Nithi Finance and 
Securities. 

Net profit is forecast to rise 
from a negligible Bt31m 
($1.2m) this year to Btl^Sbn 
next year and Bt2.49bn in 1996. 


Steel Authority 
of India boosts 
sales by 15% 

By Kunal Bose 
hi Calcutta 

The Steel Authority of India 
(Sail), the country's biggest 
steel producer, has posted a 
29.83 per cent rise in net profit 
to Hs5.5bn ($i75m)for the year 
to the end of March, on sales 15 
per cent higher at Rs94bn. 

The company had to pay a 
levy of Rs3.23bn to the Steel 
Development Fund, since abol- 
ished, and absorb Rs3bn with, 
higher input costs. 

Despite the world recession, 
Sail has raised exports by L2I 
per cent to Rs5.61bu. 

Mr MRR Nalr chairman, is 
confident that domestic 
demand for steel will be better 
this year. Sail's plants pro- 
duced 8-3ra tonnes of steel last 
year. 



23 



FINANCXAJL TIMES WEDNESDAY JUNE 1 1994 


INTERNATIONAL CAPITAL MARKETS 


leads decline in European prices 




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fe.il. i i 

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" **$*•••• 
ft*?'! 

ta-js*. : . 


fy Connor Mddabnann 
In Lopdoa and Frank 
MoOurty tn N«w York 

BauflteS. by, continued fears of 
resurgent inflation, European 
government bonds took 
another dive yesterday. 

Germany again led the 
decline bat. outperformed the 
rest of Europe on the basis of 
its perceived “safe-haven* sta- 
tus. Neighbouring markets’ 
yield spreads over bunds wid- 
ened further and several long- 
dated bond futures contracts 
bit new lows to the year. 

Although traders cited a 
number of reasons for the 
slide, /'what is behind the 
declines is that Quae are Just 
no end-investors willing to- buy 
here", said Mr Mike Gallagher, 
director of economic research 
at IDEA. ' 

Although bonds could stage 
brief corrections near-term, 
"the market won't find a siis- - 


tainable bottom until investors 
come In at bargain-basement 
levels,*’ bo said. 

German bonds slumped early 
in the day when the June bund 
futures contract breached key 
technical support at 93.30. 
Shortly thereafter, the Bundes- 
bank announced that a widely- 
expected issue of long-dated 
bunds would not take place 
because of the government’s 
good cash position. This gave 
the bund fixture a brief flffip, 
but it soon resumed its slide, 
falling as low as 9IL62. 

While the removal of fresh 
supply offered some relief, 
many dealers were disap- 
pointed by the cancellation of 
the bund. 

N UK gilts were one of the 
day’s worst mmm^ sliding 
on data showing MO money 
supply rising by a provision- 
ally adjusted 7.1 per cent in the 
year to end-May. 


“People fear the worst - they 
have no confidence inflation 
can stay low because this 
country has one of the worst 
track records," said Mr Ifty 
Islam, international strategist 
at Merrill Lynch. “It may take 
months of subdued RPJ num- 
bers to show that inflation is 
not going out of control” 

GOVERNMENT 

BONDS 

Talk that today's UK pur- 
chasing managers’ survey for 
May would show a rise in pro- 
ducer prices put further pres- 
sure on prices. The tong gilt 
futures contract fell ift to 
1001 . 

“If it goes through 100. 
there’s very little support until 
98," said Mr Mark Reckless, UK 
economist at SG Warburg 
Securities. The UK 10-year 
yield spread over Germany 


widened to 185 basis points, 
from 173 points on Friday. 

■ French bonds followed 
bunds lower, but were also 
weighed down by the prospect 
of some FFr20bn of new bonds 
on Thursday. “There’s no one 
around to absorb that supply,” 
said one dealer. The notional 
June future on Matif fell by 
LOO point to 117.72. 

The Italian market was aiyi 
dogged by supply, having to 
absorb L3,500bn in new 10 and 
30-year bonds, where the yield 
rose sharply from the previous 
auctions. The June BIT future 
ended around 108J.7, down L25 
points. 

■ Danish and Swe dish bonds 
were hammered by heavy for- 
eign selling, dealers Den- 
mark is weighed down by infla- 
tion worries amid a strong 
economic recovery, and both 
are clouded by election fears. 


Ttoi Danish yield spread over 
Germany widened to 113 from 
89 basis points last Friday; the 
Swedish yield gap widened to 
213 from 208 basis points. 

■ US Treasury bonds retreated 
yesterday as a bearish tone set 
in ahead of this week's crucial 

Pfnnnmln da ta. 

By midday, the benchmark 
30-year government bond was 
H lower at 85g, with the yield 
rising to 7.45 per cent At the 
short end, the two-year note 
was down Vi at 99iJ, to yield 
6.026 per cent 

The morning brought a bar- 
rage of economic news, most of 
which pointed to slower 
growth, a favourable develop- 
ment for inflation-sensitive 
bonds. 

However, US Treasury prices 
were lower across the board in 
light activity, hit by fresh 
strength in commodity and 
gold prices and the continued 


weakness of European, govern- 
ment bonds. 

Among tiie day’s economic 
reports, the Conference Board, 
an industry trade group, said 
consumer confidence had 
ebbed in May, after growing in 
the previous two months. 

Meanwhile, the Commerce 
Department reported personal 
income in April bad risen 0.4 
per cent, in line with expecta- 
tions, while personal spending 
had dipped 0.1 per cent, against 
forecasts of no change. April 
new homes sales showed a 6.8 
per cent riprHne from Marrh 

No single item of data bad 
much impact, although traders 
were unsettled by the monthly 
survey of Chicago’s purchasing 
managers. 

This month, the regional 
index of business activity 
showed a slight drop from 
April, hut the index of prices 
paid by purdusmg managers 
Jumped from 59.8 to 63.6. 


Focus remains on the short end with issues worth $800m 


IS 


TT&l 
valued at 
$3.4bn on 
first dav 

fc 

ffeV&ln M. S 

- i 

■\’Vv - 


By Pater John 

The short end of the eurodollar 
sector remained in focus yes- 
terday with the launch of four 
issues worth a total of $800m. 
They followed the successful 
short-dated offering last week 
by AT&T; ' ---. 

Dealers said yesterday's 
deals provtded the Issuers with 
good opportunities to swap 
into other currencies and 
appealed in particular to Swiss 
retail investors' who were over- 
weight in the US currency. 

“It’s an arbitrage play and as 
kmg as swap spreads remain at 
these levels this part of the 
yield curve win remain attrac- 
tive" said one dealer, ' 

The best reception was given . 
to the $25Gm offering of three- 
year paper by Australia's 
Export F inan ce and Insurance. 
Corp (EffcJ. Traders said the 
yield spread of 20 basis points. 


WORLD BOND PRICES 


above the equivalent Trea- 
suries was a reasonable reflec- 
tion of the group’s double- A 
rating, although some 
suggested that the name was 
not sufficiently well-known to 
attract substantial demand. 

INTERNATIONAL 

BONDS 

ABB Finance raised 9200m of 

debt With a wntiilnr m a t urity 

and coupon as Efic and book- 
runner Goldman Sachs priced 
it to yield 16 basis points above 
Treasuries. It was also targeted 
at Swiss investor s but rivals 
claimed it was priced too 
aggressively and the electrical 
an ghwAriing group did not have 
the appeal of big US and Japa- 
nese corporate names, such as 
Toyota, GECC and AT&T. 

The $200m three-year issue 
from Landesbank Schleswig 


Holstein, priced to yield 20 
basis points over Treasuries, 
was also treated with some 
scepticism. But BZW, which 
lead-managed the issue, said 
the pricing was sufficiently 
generous, considering that the 
yield on AT&T’s deal was now 
five basis points below Trea- 
suries. It added that although 
the spread had widened to 23 
basis points, LB Schleswig Hol- 
stein was the most highly- 
rated of the day’s three biggest 
dollar issuers. 

Finally, the Council of 
Europe offered 9150m of two- 
year bonds and Rabobank 
Nederland offered C$100m of 
three-year debt 

There was also a flurry of 
yen-denominated issues yester- 
day with Mitsubishi Estate, 
the property am of the Japa- 
nese trading group, topping the 
list with an offering of Y35m of 
six-year debt and Y20bn of 


NEW INTERNATIONAL BOND ISSUES 


Amount 

Coupon 

Price 

Mabshy 

Fees 

Spread Bock runnar 

Hot roarer 

US DOLLARS 

ul 

96 



66 

*>p 

Export Fin. l Insurance Corp. 

260 

6*0 

9848R 

JUL1997 

ai87SO 

+20 (8VH6-B7) IBJ IntemattotM 

ABB Finance 

200 

6JS0 

9944R 

Jun. 1807 

QJ20R 

+18 (B16%-07) QaMrtan Sacha ML 

LB ScfSeaarigJ-ioiattki 

200 

6625 

96807R 

JUL1997 

02290 

+20 (61*96-07) Bodays dezoete Wedd 

CouncB of Europe 

ISO 

840 

9Q48R 

Jun.1996 

undfecL 

48(67696-98) IBJ M17 UBS 

YEN 

Misubtahl Estate CcMO 

36bn 

345 

10O28R 

Sepk20Q0 

040R 

Mldto Europe 

MttsubtoH Estate Cof^ 

20bn 

4.00 

100Z75R 

Sep-2002 

03750 

YamaicM MMEuropp) 

Moroan Stanley Oroupfed) 

20bo 

400 

10040 

Oct. 1099 

Lndtsd. 

Morgan StarSoy ML 

Sudwreetdeuteche LandeatMrtkfe} 20bn 

3.125 

994650 

Jun. 1998 

042SR 

CS First Boston 

8TERL84Q 

Abbey NaaLUnwsury Senitatn}: 

100 

fl 

100400 

Jun.1896 

0.1250 

SG Warburg Securitas 

CANADIAN DOLLARS 
Rebobank Nedertand 

100 

840 

98430 

Jm.1997 

01250 

♦10 (fl) Detara Eirope 

Fuel terms and nan<caBBtata unless stated. The yMd spread (over relevant government bond) al launch ta suppBed by the lead 
manager. jftaaUng rats note, ft fixed re-offer price; fees are Shown at lha re-offer tareL c) Short let coupon, t* 3-mth Ubor +HN for 

1st 3 mths. 4 Long 1st coupon. Q 3-ffltft Ubor +M6; max 096. a) Over fntarpotsted yMd. 


eight-year paper. Both issues 
were targeted at Japanese 
institutions. 

• In Japan, Mitsubishi Corpo- 
ration, the country’s biggest 
trading house, raised Y200bn 
in five-year bonds, the largest 


domestic bond issue of its kind, 
writes Robert Patton in Tokyo. 

The issue topped the previ- 
ous record, a YlSObn issue by 
Tokyo Electric Power, and will 
give a boost to Japan’s fledg- 
ling corporate bond market 


which has been struggling to 
free itself from regulation. 

Over the past year, the mar- 
ket has been opened to a wider 
range of issuers and restric- 
tions on floating-rate notes 
have been lifted. 


OM to concentrate 
on core activities 


By Hugh Camegy 
In Stockholm 

OM Group, a Swedish company 
which runs derivatives 
exchanges in Stockholm and 
London, is selling its finan cing 
businesses mid dropping plans 
to participate tn founding a 
new Swedish hank in order to 
concentrate on core exchange 
and rlaartng operations. 

OM, operator of the OM 
Stockholm exchange and the 
OMLX exchange in London, 
said the surprise decision to 
restructure was prompted by 
the dramatic recent growth in 
volume of derivatives traded. 

“We can see steady growth 
in the exchange and clearing 
business for derivatives, not 
least in London. With all the 
riiBMwreimi going on about the 
risks, we think the demand for 
centralised clearing will grow." 
Mr Olof Stenhammar, Oil's 
founder and chief executive, 
told the Financial Times. 

He said that the combined 
daily volumes at OM Stock- 
holm and the OMLX had 
jumped from 97,000 contracts 
in December to 135,000 con- 
tracts in May, with the daily 
value of clearing operations 
rising from SKr50bn to 
SKr70fan in the same period. 

OM Group, founded in the 
mid-1980s. Is listed on the 
Stockholm Stock Exchange. Its 
biggest shareholder is the pow- 
erful Wallenberg family, which 
holds a 21 per cent stake. 


Mr Stenhammar. who 
remains under investigation by 
the country’s state prosecutor 
for insider trading allegations, 
which he strongly denies, owns 
7 per cent 

OM bad intended to extend 
its interests in finance activi- 
ties to founding a bank called 
Tre Kronor Bank in a joint 
project with a state pension 
fund and AFS, a financial ser- 
vices arm of Asea Brown 
Boveri, the Swiss-Swedish 
engineering giant But Mr 
Stenhammar said this no lon- 
ger fitted with group strategy. 

OM said the sale of its OM 
Ftnans division, which it hopes 
to complete by the end of this 
year, would increase its equity 
to assets ratio to around 70 per 
cent from 54 per cent at pres- 
ent 

AFS and the pension fund 
issued a joint statement saying 
the Tre Kronor Bank project 
would no longer go ahead, 
despite initial approval from 
the hanking authorities. 

• OMLX is to launch today 
FLEX futures and options on 
the OMX Index, the FT-SE Mid 
250 Tnripv and on 23 Swedish 
stocks, writes Conner Middel- 

OMLX is the first London- 
based exchange to launch 
FLEX instruments, which are 
tailored to suit individual 
investors’ needs while being 
traded and cleared through a 
recognised investment 
exchange. 


Warsaw bourse in the black 


Tbe Warsaw Stock Exchange 
made a net profit of 171bn zlo- 
tys in 1993, the exchange's first 
profit since it was created in 
1990, Reuter reports from War- 
saw. 

Mr Wleslaw Roxlucki, bourse 
president, told a meeting of 
shareholders that in three 
years the bourse has paid back 


lOSbn zlotys of a start-up credit 
from the treasury. 

The exchange wants to add 
an extra trading session to the 
three sessions per week held 
currently, the bourse said. 

Trading presently takes 
place on Monday, Tuesday and 
Thursday of each week. The 
main market lists 23 shares. 


BENCHMARK GOVERNMENT BONDS 

..... M 0 a/» Week Month 

1.-. Coupon Orta Wo. change YMd ego ago 


Italy 

■ MOTIONAL. ITALIAN GOVT. BONO (BTTP) FUTURES 


FT-ACTUARUES FIXED INTEREST INDICES 


Prtca tra n ces 


Tin 


D«»V« 


Ffl 


Accrued xd adj. 


AutiraN 

IMgfum 

Canada- 

Derarak 

Franco 

Germany 
M, 


- - -0400 08AM ' -1022600 — LBS 8.88 8.75 

7550 PUD4 06.0B00 -1.330 7J» 7.80 7.48 

&S00 OGAM 862500 -1.050 8.75 8.42 139 

-7.000 12AM- 822700 -Z430 8.11 7J58 7.44 

STAN 8.000 06/88 104.8750 -0.500 &5S 027 032 

' OAT ' JSJ5O0 04AM 874700 -1430 744 841 744 

. • ,i - 0.750 OGAM 884900 -(1720 048 6.73 M9 

. 8400 OMM 814000 -1JBOO 9.001 829 9.13 

NBlIfl . 4-800 HUBS' 1072450 -0470 3.14' 3.13 323 
No 157 '■ 4400 : 06103 ' 1044020 -0710 ‘ 343 075 3*9 


(UFFET Un 200m lOOths of 10096 





UK Gflta 

May 31 

changa M 

May 27 

Msrest 

yw 


May 31 

May 27 

Yr. ago 

May 31 

May 27 

Yr. ago 

May 31 

May 27 

Yr. ago 


Open Sen price 

Change 

High 

Low 

EsL voi 

Opan btt. 

1 I4i to 5 years (24) 

12149 

-048 

122.62 

221 

444 

5 yra 

828 

&04 

7.14 

840 

828 

7.37 

848 

843 

749 


10840 10822 

-148 

109.15 

108.11 

55881 

59689 

2 5-15 years (22) 

138.27 

-145 

141.18 

241 

542 

15 yra 

843 

8.40 

8.10 

8.75 

843 

840 

ao7 

aas 

a75 

Sep 

107.70 10747 

-143 

108.13 

10742 

18255 

19471 

3 Over 15 years (to 

15446 

-148 

15743 

321 

446 

20 yis 

849 

848 

842 

8.75 

843 

a eo 

847 

846 

a 79 


10747 

-143 



O 

0 

4 ftradeemeblos (Q 

17448 

-2.62 

179.15 

122 

6.12 

krocLt 

842 

849 

843 














5 AD stocks (61) 

13740 

-141 

13848 

2.43 

442 











m ITALIAN GOVT. BOND (BTP) FUTURES OtTOONS (LJFFQ LbteXkn lOOflm of 10096 









— Irritation 5% - 



— Inflation 10% - 



Strike 

- — ■ CALI 

4 



PUIS — 


Index -United 







May 31 May 27 Yr. 

ago 

May 31 May 27 Yr. ago 



r> i: 

.vV i - ■ ■ 

-V •>.-> ’ 

z-- t\ r. 

-"i'j- : 

■■ 

it-Mi. si.v i. .. 

JJ 

<• Q *•£.. A -• 

t: - 

'.Y-i • '■ . 

V':’- 



jl •. • 

;V.t- • • 




-- - 



Natertaoda v - 

5.750'- 

01AM 91.0200 -0420 

746 

845 

840 


Spain 

.•10L50Q . 

1003 103.7000 . -4.100 

945 

042 

040 


uk oats 


Olkta 90-28- -14132- 

821 

743 

743 

,r 

, 1 . 

r«M', 

4V04 . . 87-02 -52132 

845 

8.10 

820 

* • 


- 8400 

1008 - 102-11 -8W32 

8.71 

8.18 

820 


USTreearey*-: 

*478 

-02A94- «W8 -U32 

7.10 

7.11 

7.18 


8250 

0003 85-21 -13132 

7.48 

748 

748 


ECUf^aiiehGoyK 

6400 

04/04 874800. -1480 

740 

■745 

749 


t OflM a mtut H w eeSeM ** ■» ty 

mow UB. UK N anwi In dMM 

US WTERBST SATES . 


YMdcLocNirwrtMrianidanL 


10700 ~Zat 3S3 Z2S 328 

10750 24B 349 2.43 3-52 

10900 142 287 2.75 340 

Ett. wL MM, c«9> 9854 pMa 20S6. Piwm d^a qiM M. CM> 13809 fta mar 


Spain 

■ NOTONAl. SPANISH BOND FUTURES (MEFF) 


0 Up toS yaadCJ . .. .15457 

7 OwitrS yearapi) 17125 

8 AlM0da{19 171.78 

Dabannras and Loana 


-025 18543 

-128 173.48 

-1.17 173.80 


041 

124 

1.19 


243 Up to 5 ym 
149 Ow 5 yrs 
1.77 


340 

3.90 


340 

341 


24 7 
346 


241 

3.72 


240 

342 


3.38 


— — Sjoar yMd 15 year yMd 25 yonr ytokl- 

May 31 May 27 Yr. ago May 31 May 27 Yr, ago May 31 May 27 Yr. 


9 Doha 4 Loans (75h 12543 

Awaga pan nMovOon yWdi an tfmn 


-148 12842 2.16 

atom. Coupon Bmax Umb 0M-71Utr 


442 943 947 9.01 0.77 943 

Maduac 8H-1CWH; Wgh: I1M and nv. t Flat yakl ytd Yaor to data. 


9.49 9.71 9.48 943 


LunchtbM 


R»»t mo — 
MarhMiatl- — 


Ubait 


: ;O»W*0. 

■A Unnadh. 
. 51; taMM 

44 StrjwdB, 
, • .-0M1**~ 


BOND FimmKS AND OPTIONS 
Franc* " V 

■ NonoNM.emrwH aoNbfvnm mnn 



Sauce.- MM8 fceaaietiMtf 


Open 

San price 

Change 

HW 

Low 

Eat uoL 

Open tre. 




Jun 

05.15 

94.88 

-1.10 

9527 

9445 

83.762 

122242 

rSHitnl Bond YMd* 


Sep 

9447 

04.18 

-1.06 

94.75 

84.10 

2.702 

14.784 

1*1 

•tea year 

— *44 









424 

tomiyaw— — 

— 833 









426 

BwTf— — ■ 

— . BJS 









4*4 

toyrar 

7.m 

UK 









SFyw 


■ NOTIONAL UK 0B.T FUTURES (LJFFQ* £50400 32ndB tto 100S6 






Open 

Sett price 

Change 

Hgh 

Low 

EaL voi 

Open M. 




I Jun 

102-02 

100-26 

-1-19 

102-04 

100-17 

74580 

64859 




Sep 

101-00 

99-24 

-1-10 

101-01 

99-15 

24S27 

65663 

• " 



Dec 

- 

98-24 

-1-19 

- 

- 

O 

O 


FT FIXED INTEREST INDICES 

May 31 May 27 May 26 May 25 May 24 Yr ago Kgtr LOW 

QavL Sacs. (UK} 91.73 8348 93.69 93J9 94.70 94.84 10744 91.73 
Rnd Intaroat 11080 111.15 111.78 11Z74 11349 111.13 13347 110.90 


CELT EDGED ACTIVITY INDICES 

May 27 May 20 May 25 


May 24 May 23 


Olt Edged bargains 834 1324 127.1 954 802 

5-day average 1034 1064 1024 98.7 98.7 

- lor 1904. Bawiaar 9a«aaMaa Wqh alnca en rp la ao a. 137M pn/SQ. tow 48.18 ftcad Wataat taqh alncn gsnpOafnt taa57 piff/94) , law 5053 pn/7^ . Bato 10ft Gowsnwanr Sacmtfcw 15FHV 

20 and Rnd Han** HSL SE acdinly Men re toaad 1S74 


■ UOHO OBLT HJTUHES OPTIOMS (UFFQ ESOjOOO 848H e( 100% 


FT/ISMA INTERNATIONAL BOND SERVICE 


Lined an tha MhI inasraflonl band! tor wNdi there b an adecyida socanday marttaL UM prioas al 7S10 pm « Mw 31 
BM Odar Chg. YMd tannd BU Oder Cbg. 


YMd 


taeuad BU Offer Chg. YMd 


Open ' Sattprtaa Cti a ng a Mgh 

Jun 11844 lir» -140 11828 

S tp Itiaa - 118.78 -140 11728 

Dec - 11830 TISiM -142 11828 

■ LOW T8HMFR8WCH BONDOPTIOHS (MADF) 


Low EaL voL Open W. 
117.40 223.178 108474 

11842 28435 35422 

115.78 1477 7485 


Strike 

Price 

Sep 

■ CALLS 

DOC 

Sep 

- PUTS 

Dec 

00 

2-58 

3-13 

2-08 

329 

100 

2-24 

2-48 

2-40 

4-01 

101 

1-55 

2-23 

3-07 

4-38 


EaL ML total. c*a 3851 An Bft PrtMaua day* upon rt, CA 59588 PtM 15*32 


US. DOLLAR STRMQHTS 

Abbey M0Tn»uy8>2 03 1000 91 «i 

Atm Pretoca 7h 96 Tim wih 

1 8*2 CD 4» us>2 

WO TO 3 * 


Bade of Tokyo 8^96- 
BdgknS>2 03. 


92 J, 
Wilt 

10* 1 * 4l| 


Uhtad Ktagdom 7>a 97 5900 102^ 

744 Votongan M Fh 7 03 1000 9B>| 

720 WMdBark0 15 2000 23) 


SMw 

Pries 

119 

ISO 

121 

192 

123 

EaL trektuM. 


Jut 

— CALLS — 

s«p . 

OK 

A* 

— PUTS — 
Sep 

OflC 

OHO ' 

1 080; 

ISO 

249 

3.15 


020 

-044 

028 

349 

3.82 


-aw 

037 

048 

- 

446 


DOfi 

020 


- . . 

- 


• 

aw 

02* 

- 

- 



ECU 

■ ECU BOND FUTURES (MATO) 


ana 93.420.mta sum . p w«ic b» dwa an w.. cate mw nm 1*34*2. 


■ wowowitt gpiMAH »u»id wmiwn ojwypwtoMgoioggiaono^ 



PP« 

8ett price 

Change 

Hob 

Low 

Eat vd 

Open tnL 

Jun 

' <320. 

02.84 

-021 

98.52 . 

92.82 

153800 

123358 

Sep 

9247 

. 0241 

-0.06 ' 

03.00 

92.15 

28188 

43598 

Du 

0220 

0127 

-ass 

0220 

0220 

*0 

348 

■ BUND FUTURXS OPTIONS (UFFE) DM250,000 points at 100% 




Jin 


US 


Open Sod price Change 
85.12 84.70 -142 


8520 


Low 

8442 


Esl voL Open W. 
2281 9.775 


■ US TREASURY BOND FUTURES (CfTb 5100400 32nda of 100% 


8FCE7%9 7.. . 

150 



□rang Kong Fin 5% 90 — 

— 500 


100 





East JtpaiNwyrtOt _ 
ffSCrt"" 

600 

193 





989% W 

_ 1000 


W*l4 

am* 

103 

tort 

art 

91% 


W2 h 


SMte 


CALLS 


pure 



Open 

Uuut 

Changa 

ngh 

Low 

Eat v«L 

Open M. 

Jun 

104-00 

103-OS 

-0-28 

104-01 

W3-03 

329265 

277*84 

Sep 

103-05 

102-06 

-0-30 

103-05 

102-04 

54,455 

144458 

Dec 

102-03 

101-17 

4X11 

102-08 

101-17 

2448 

35.424 


Sac dB Fiance 9 SB — 

EorelirB rt 96 - 

Ex-tol Back J*nn B 02 . 
Boat Dw Ooip 9>2 SB . 
fated rt 97- 


r. :: ■ 

Price 

M 

_**0 

*P. ' 

Dab 

Jd 

Aug 

Sap 

Dec 


9290 

' • •MB ■ 

1j41 

147 

148 

073 

1.10 

128 

1.08 

"1 . 

PESO 

070 

.1.18 

1*9 

1.70 

040 

V32 

148 

223 


9800 

057 

048 

T.16 

1.47 

126 . 

147 

144 

240 


FrtMh&pcrtrt * — 
Foul Motor Crtdtrt 88. 
Oen Bac CapM 9% S8 _ 
Q4ACS)i6B 


EaL ad. KM. IKH8 Ptaa asm P revtaa dm 1 # opan ML, CM OS280 tan 144341 
* MOTIO NAL MEDIUM TERM OCRHAN OOWT. BOND 

•'oemuFffr owmow toothe o* iooh ■ ■ ■ 

: Opan SaB (trice Change Hfch Lore &L w) Opan M 
Jm 99.16 0943 -022 99.10 98.12 18 1142 


UK Cli-TS PRICES 


« NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

(UFFE) YIQOm lOOiha of IOOH 

Open Ctae Change Hgh Low &d- act Open tot. 
Jun 11348 - - 113.17 11290 283 0 

Sap 11X42 - - 112A5 112.13 2533 0 

* UFFE ■ tnded or AFT. M Open htaraat flga. are ibr p ran oi a d%. 


tad Bk Jtpan fin 7% 97 . 
talar /nar On 7^ 96 — 
UyG%23. 


Japan Dw Be rt 01 — 
KansaBac Par 10 98 — 
Koee Sac Power 03 . 
LfCBfinfl 97 


-200 lOrt 
_100 KM 5 ! 

- 500 10rt 

- ISO lOrt 

.8000 9rt 
-200 104>a 
.1500 97 

-300 iort 

- 2D0 1034* 

- 200 1081* 
- 200 ICS's 
.3500 8rt 

.500 10rt 


11 

104*1 

9rt 

art 

iflrt 

iort 

art 

srt 

104 

tort 

vtti 

107^4 

iort 

11151a 

iort 

kb* 


- 1 ! 

- 1 ! 

■h 


rt 

rt 

rt 

rt 

rt 

rt 

rt 


728 WbkfBa*rt03 3000 Brt 

635 VMnMBanhrt 00 1250 111% 

749 

841 8MS3 FRANC SmUOtflS 

852 Aston Dw 8n* B 10 100 10ft 

831 AuntartH 1000 98% 

829 COund Bmpart 98 250 tort 


878 Duma* «V 99 . 
BAS SB rt 04 


723 Sac da Ftanoa Tit 00 . 
629 fttedrt 99. 


.1000 97% 
. 300 107% 


rt 

rt 


MterftoBKrtCB- 

MpponOcdBkKrtSS. 

Hawvrt97 — 

Crete 7% 00 


M W»e*fir- 


mt. 


bU_ 1994 

M Malta- Htf» Ito 


_Vttf_ _U94_ 

(1) OMree **- M4 Low 


-•I, IV. 

’a 1 \.rf|b» 

fUi'i x "' 

1 iisui-* h, r 

*1*^ ■ 


Traac. IlScS WMtt- 

emitlVCIWtr 

nwa be«Ut'^ 
I2FCK89 

w» 

MtNUMeaNtL-- 
mbs iM, 

Wdel 
orairtpoi 


TflpcZ0U3. 







0m7|Kl _ 
DKSIrtpe< 
6ano>je cil>7- ...„ 

rtptrn w— — 
TNUT^CWIQt-...- 



EctiTacr 

tmtvit 



100 HteiUnBaan-4 

wa MbeFtooiM — 

.... CBnamterteeMW-. 

<Krt 0opf9>ape®»— - 

tanntoeaoH— 
«g nogum 

!h IPCMHB 


Wl- 

itt* 

no,; 

131U 

-41 114<i 

-5 <w« 

-a w 

MW 

-1A I2S» 

-S utt 


Dare *^po 3007 « 

13»»sW-8 

Rare We an 8* 


DvarfWteVtare 


935 

ABB 

1001 


127,% 

won 

iua 

MU 

112% 

-Hi 

129ft 

112% 

442 

751 

72% 

-1 

■8* 

72* 

999 

992 

10«ll 


125* 

104)] 

771 

9M 

*7A 

-1ft 

109% 

87* 

MR 

979 

»*% 

-iB 

125% 

104% 

1057 

820 

120& 

-1H 

143,1 

120* 

&aa 

972 

«at 

-ift 

112ft 

«2H 

&51 

8M 

9a 

-1% 

111*1 

94 

1U2 

UO 

114ft 

-1% 

101* 

114ft 

893 

971 

HA 

■in 

119* 

98* 

U91 

041. 

127* 

*2 

151* 

127* 

UO 

910 

102A 

-m 

124ft 

102S. 


2PG-H. 


M 


19m 


-45791 an 190 tort 

4HDCV8» (13ia 332 3*7 MSA rt Itt «6i 

aitoew- — p« wo a*o i**a -m «« 

rtpeva 17819 3*6 179 BS|J -lV 173% W 

rtpE-Ottt - ® 352 343 TOW -rt 1*rt m& 

spew mg us 178 m& -ii i«i5 

JijpctS <7881 346 34# 15W -1« ItMA 15W 

2’sPCTI (74« 34B UB 1554 -2 s - 175% 15&4 

2«JfKt3 mm 174 142 1277i -rt Mto. 127% 

2toa18 3.78 142 135% -5i 15JA 135% 

2la>c*a 179 354 GW -rt 1533 f23% 

2 1 w‘24t*. — .JtoJl 3*6 34* IOTA -rt U#A WA 

rtpetoifit (US.ll 3*3 349 107 -1% 126fl 107 

ftnapacnwa ran la fl n ujUun aa on mpnaj WMBn rtf (1) 1PH 
and CQ SSL 0* B#wa in paraciHwai aftare API base tar 
Indexing 0# 8 nxwna prior u Baud and Hue bean refuted to 
rafleet radaalno of RPl a 130 m Jmasmy 1987. Ocn an nan tnaor 
3441 RPI tar Sapaambar 1983; 141 4 and tor Aprl 7994:1442. 


rKbontatertOl 
FaboCrete7%9B — 

FbefldSVra 

Quebec Hydn 9*t 96 — 

Cbtec Prav 098 

Srenbuyrt 96 

SAS 1099 


-350 tort 
.1350 Brt 
-200 tort 
. U00 97% 

- 150 104% 
.1000 101% 
.3000 97% 
.200 W5% 
.200 101% 


. 1000 
-150 toB% 
-200 105% 
-ISO TOrt 

-200 tart 
. 150 109% 
.1500 97 

-200 103% 
.2000 9B% 


nrekMMnmWa 

ExairtacnoL— — 
ttWKPlMMI*— . 

ftwftrWlItt 

L7MI- 



8Ui 149 to 
8.70 6M 
UO 820 
898 U4 107A 
-MUM 
862 884 
RUB Ul H 

848 841 II 

7J7 tn « 
rm mu 

U0 809 UOTi 
Ul 877 9HW 



™ hteOWpeOOlO 

JWf Can wet* soil# — 

8te4ps2to2tt__-- 
l0t « HarertBcaoe*-«tt- 

nwuDczom; 

7 % 9 eM 1 *-lS#-— 
b*Ma%iK»W — 

tort <-*■«— 


150 

BN 

94% 

-2 

113* 

751 

956 


-Ul 

99* 

977 

970 

w 

-tu 

out 

970 

UO 

«2fl 

-IB 

127*. 

754 

944 

un 

-IB 

rt 

953 

9tt 


-HI 

1T7B 

94 1 

1*4 

92* 

-4* 

114% 

908 

993 

101* 

■a* 

129% 

UO 

993120*4 

-2* 

159% 


-»% 11: 


ft— - 

WKlonrtpctt 

OmHsctoJB.— . 
Treat Ipc 56 i 

Cnata2%M 
naM.2%#e. 


174 

- 430 

-1* 

art 

959 

- 40ftM 

-1* 

Mft 

929 

- 55% 

-»* 

7! 

8.71 

- 34* 

-B 

44% 

995 

- 29% 

-% 

30% 

973 

- 29% 

-1* 

37% 


•4% 

m 

icon 

1KB 

Till 

m 

92 A 
WlA 
1294 


499 

toil 

SR 

34A 

20 % 

2t% 


OttwMT Ftx«d (nbtr^ot 


5NCF9%9B. 

Spain 0% SB 

SMI » NSW 8% 96. 
8nd*n5%85. 

Sandali Bsreri 8% 66 
Tdqn Bee Ftawer 8% ^3 

TttjoMmpdtrtW 
TojOBMorert* 
UtoWtGagdemrt 02 
VMddBerkrtBS 
WorH Bar* 8% W 


nsnsew MARX snurans 

Au&nrt&t 2000 85% 

OwXRwnrrtOa 2000 100% 

Oanmafcrt 8B 2000 98% 



art -% 
»*% 

97% 

105% 

104% 

103% 

102 % 

83% 

105 
M6% 

87 
103% 

97% 

104% 

101 % 

97% 

105% 

Bfl* 
iort 

106 
105% 
tort 
tort 
97% 

103% 

09% 


7*4 Hyundai IfearFh 8% W. 

871 ktend 7% 00 

SA4 Kobe 6% 01 

843 Orteort® 

892 QrebechVtoSOB 

709 9CF70* 

6*6 Wodd Bark 5 03 

7*1 WaU Bank 7 01 

7.11 

743 YWSniAIGHlS 

817 Bdgiuit599 

7*0 BBB%00 . 


too 110% 

.300 108% 
.100 107 

.100 108% 
.340 105% 

.400 tort 

.100 96 

.450 111 

.150 99% 

.600 109% 


-% 852 Ftatandrt 96 . 


6J» Vw Anar Om T% 00 . 

6L88 Bdy3% Of 

857 Japn Dev Bk 5 99 . 


- 75000 106 

100000 113% 
50000 106% 


_ 30000 117% 
300000 95% 

.100000 106% 
.120000 114% 
- 50000 tort 


6*6 JtenQwBk8%01 

7A8 Nppai TdTd 5% 96 

833 Noway 5% 97 150000 106 

aes sNCFrtoo 30000 im% 

874 Spain 5% 02 125000 106*2 


7*6 Sweden 4% 98 



150000 104% 
250000 107% 


Luc 9% SB LFr 1000 106 

WWdBar*896LFf 1000 101% 

Bar* «t» Ned Gem 7% 02 R _ WOO 101 
BtagtoBebeerrt96H GOO 109% 



_ntl_ 


-.1904- 


nan utoc 2012 .. 




lSscW-2. 


US Sre: HO AS.. 


Ua.mr.3pcT 

ITatta Ate a*oc 2021. 
<%pcLKB4. 


1MaSMHto%pe29n 1IJ4 


M 

M 

mcaE-iv- 


Lar 

935 

98S 

119 


142* 

119 

913 

975 

1!2% 



»% 

112% 

on 

939 

119% 



142 

119% 

972 

• 

Vh 

-4 119% 

97% 

997 

m 

toi% 

-% 1IB% 
-8 115% 

100% 

1291 

m 

tort 

106% 

18.48 

1842 

872 

143ft 

129% 

— 

a 

H3U 

129% 

848 


37 


44% 

33% 

ia 

w 

32% 


40% 

29% 

1904 

955 

1M% 


139% 

1M% 

4*6 

911 

57% 



78 

87% 

■ 

441 

443 

127% 

— 

150% 

145% 


JlJtt 

- 

143% 



199% 

140% 


D«taFtw»aB%03 1500 04% 

Oafcha&Fn 7% 03 2000 tol 

BSC 8% 96 700 105% 

ec 8% cc as art 

BBtitOO 1500 98% 


Fitted 7% 00. 

•toy 7% 98. 


.3000 02% 
.5000 102% 
100 


1500 02% 


10%98CS 500 U3% 

10% 99 CS 150 105% 

109ECS 500 108% 

BB 10% 96 CS 130 106 

Bee de FfSica 9% B9CS Z75 1(S>4 

Gen BecCopM 10 96CS 300 103 

KMktFintoOICS 400 103% 


TtoTd10%99C$. 
803 CS. 


.200 104% 
1500 93% 
.600 107 

103 


H»*B10%90CS 
ortretoa*«%99CS — ISO 

PRwto%96CS 200 104% 

9% 88 Bar 1250 104% 

EunpaSDl Ecu 1100 toB% 


CnttLyerntaOWEcu- 

HB 1097 Ecu 

FnodtoS»10%S8Ecu , 

My 10% 00 Ecu 

Spain 9 96 Ecu . 


.125 103% 
1125 107% 
-500 106% 
,1000 113% 
1000 104% 


UnfiBd Kingdom 9% 01 Ecu 2750 W7% 

ADC 10 99 AS 100 104% 

GP America 12% 96 AS 100 107% 

CernnBkAuufc13%HAS-1C0 120% 

Bapxtlneni 12%85A* 75 105% 

UeOonddaOaiadalOOSAS — 100 8)8% 

NSW TraaBoy 2am 0 20 AS 1000 10 

R&IBnk7%03AS 128 69% 

SBtAuaGtMBnSCGAS 150 97% 

UntawAuEadtaCtSAS ISO 111% 


Noway 6% 96 

curort m 

acton 7% 03 4000 09% 

SmtfcoSW 2500 105 

MMMNr OiJNDta tejte to m ite b retetfn of te ttaote te reran laete 9 h ntena eranemy uoa. crip, dtataChanga « rtoy- 

FLCMlMa RAJO HOia P a i ai rta nwl h dote atare areteaa tadenad. Coreren teae to twtem 8lMad «A 4imta ecore temontfi eftred rare (na w iweai Bateua 1 


102 % 

98% 

24% 

92% 

111 % 


102 % 

99 

W1% 

96 

to6 

111 % 

HB 

1081 j 

iort 

106% 

103 

96 

111 % 

80*2 

U9% 


88 % 

114 
108% 

118 

95% 

106% 

115 
107 

106% 

114% 

1(19% 

104% 

toe 


101 

in 

102 % 

«n% 

109% 

104% 

W6 

103% 

106% 

103% 

108% 

104% 

105% 

83% 

107% 

106% 

105% 

104% 

107% 

104% 

107% 

WB% 

113% 

W*% 

107% 

105% 

107% 

120 % 

iort 

106% 

w% 

90% 

9rt 

111 % 


-% 

815 

Abbey NHI Iferauy 8 03 C . 

1000 

91% 

92% 

-1 

938 

-% 

729 

ASance Laics 11% 97 E — 

WO 

106% 

tort 

rt 

aio 


6& 

Brttdi Land 0^ 23 £ 

150 

87% 

ert 

rt 

1050 

-% 

7*0 

Darenak6%«E 

800 

84% 

94% 

rt 

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COMPANY NEWS: UK 


Colombian find shores 


up Lasmo’s bid defence 


By Robert Corzine 

Lasmo. the independent 
explorer under siege from hos- 
tile bidder Enterprise Oil. yes- 
terday shored up its defence by 
announcing the discovery of a 
new find in Colombia. 

The Revancba ] weU. which 
was tested at a rate of 6.200 
barrels of oil a day. is just 3km 
from an earlier discovery. 
Lasmo estimated the combined 
recoverable reserves at 
between 50m and 150m barrels. 

Analysts said the new dis- 
covery could be worth some 2p 
to 5p on Lasmo’s share price. 
But some speculated that finds 
announced during the bid pro- 
cess might eventually be 
scaled back. 

Colombia accounts for about 
5 to 7 per cent of Lasmo’s out- 
put. It has been cited by Enter- 
prise as one of the areas which 
suffers because of Lasmo's 
heavy financial commitments 
elsewhere. 

Mr John Hogan, Lasmo's 
chief operating officer, 
acknowledged that develop- 
ment of the latest discovery 
was not in the budget. But 
“there is always money avail- 
able for good projects’*. 

He noted that three more 
exploration wells for the area 
were in next year's budget. 
Full scale development is not 
envisaged before late 1965 or 
early 1996, by which time 
Lasmo will have completed its 
extensive capital programme 
to develop the Liverpool Bay 
gas field. 

The two discovery wells in 
Colombia are 5km from the 
Purifacacion field, from which 
Lasmo is trucking out 5,000 
barrels a day. 

Mr Hogan said the expensive 
trucking operation, which ana- 
lysts say can add up to So a 
barrel in costs, will end later 


Espinal block Colombia 



Source: Lasmo 


* Eidsfaig export pipaSne 


(Prospects 


this year when a pipeline with 
a capacity of 35,000 b/d is com- 
pleted. 

Lasmo wants to achieve 
early production from the new 
discoveries to generate cash 
which wifi be used for the 
further development of the 
field. 

A temporary pipeline might 
be built to link the new discov- 
eries to Purifacacion as early 
as next year. Mr Hogan said. 

Lasmo’s 66 per cent interest 
in the block will fall to 30 per 
cent when it proves to be com- 
mercially viable and Ecopetrol, 
the Colombian state oil com- 
pany, exercises its option to 
back into the deal. 

• Lasmo yesterday retracted 
an earlier statement which 
claimed that: "In the 1990s 
Enterprise has lost over £l50m 
in international operations.” It 
acknowledged that the loss- 
making operations mentioned 
did not include Norway, which 
“...was not lossmaking over 
the period". 


Enterprise pointed out that 
Lasmo had “chosen to ignore" 
93 per cent of its international 
production. Norway last year 
accounted for turnover of 
£144m. ag ains t total interna- 
tional revenues of £154 ,6m. 

Enterprise has until the 
opening of the London Stock 
Exchange today to extend its 
£1.3bn bid. 

See Lex 


CIA in £3m 
purchase of 
Dutch group 

CIA Group has acquired 
MediaMend. a Dutch media 
independent, for up to £3.1m, 
including the issue of 660,000 
new ordinary shares. 

The acquisition takes in 75 
per cent of MediaMend’s Bel- 
gian sister company. Medi- 
aMend has projected hilling s in 
Benelux of more than £30m. 


Pentos sells 
Athena to 
management 
team for 
£1.9m 


By Paid Taylor 

Pentos, the specialist retailing 
group, has sold the publishing, 
manufacturing and wholesal- 
ing businesses of Athena Inter- 
national to a management 
team backed by Henderson 
Venture Managers for a maxi- 
mum of £L9m. 

The three-person manage- 
ment boy-in team is led by Mr 
David Clips ham who has had a 
career in marketing and cre- 
ative-let! businesses, including 
periods with both the Athena 
retail and publishing busi- 
nesses as well as being a 
divisional director of 
WH Smith. 

Athena's operations involve 
the design, manufacture, sales 
and distribution of graphic 
arts printed products Includ- 
ing greeting cards, postcards, 
posters and prints under the 
Athena brand name, together 
with frames and framed prod- 
acts under the KwikPrame 
and Montana brands. 

The company, which has 
turnover of about £i2m and 
exports some 15 per cent of 
sales, will continue to supply 
the Athena retail chain which 
accounts for about one third of 
its business. It employs 
between 100 and 150 people. 

Mr Clipsbam said the new 
management team intends to 
boost the group's overseas 
sales and take advantage of its 
new independence to develop 
domestic sales by broadening 
both the product range and 
the customer base. 

The other two members of 
the management boy-in team 
are Mr Paul Bendit, finance 
director, and Ms Linda Wors- 
fold, publishing director. 


Making an appeal to all sides 

James Buxton on why Mining (Scotland) wants part of British Coal 


I f political acceptability is 
to count for anything in 
the government's selection 
of the winning bids for the 
assets of British Coal then a 
company named Mining (Scot- 
land) is ideal. 

The consortium has the sup- 
port of the National Union of 
Mineworkers in Scotland, and 
Mr Campbell Christie, general 
secretary of the Scottish 
Trades Union Congress, sits on 
its board. But its co-chairman 
is Professor Ross Harper, a for- 
mer president of the Scottish 
Conservative party, and his co- 
chairman is Mr George 
Me Alpine, a former British 
Coal area director for Scotland. 

The formation of Mining 
(Scotland) last s umm er was 
both an example of the Scot- 
tish preference for consensus 
rather than confrontation, and 
of Scottish pragmatism in pin- 
suit of an objective. The mod- 
erate Scottish branch of the 
NUM has swallowed any ideo- 
logical objections to privatisa- 
tion in the interests of getting 
a share of the assets. 

Those assets are among the 
most attractive the govern- 
ment is offering. They consist 
of one deep mine. Lon garnet, 
and nine opencast sites, with a 
number of prospective open- 
cast sites for future develop- 
ment. Last autumn Scottish 


Power and Hydro-Electric 
agreed to buy 2-5m tonnes of 
coal in 1994-95, rising to 2Mm 
tonnes each year until 1997-98. 

The low sulphur content of 
much of Scotland's coal makes 
it relatively friendly to envi- 
ronmental terms, and de m and 
is set to rise from 5JJm tonnes 
year to 7.5m to 1998. This 
is because of the increase in 
the capacity of the intercon- 
necting power lines to E n gland 
and the tailing off of supplies 
of gas from the Miller field in 
the North Sea to Hydro-Elec- 
tric’s power station at Peter- 
head, Grampian. 

The government is also offer- 
ing as a separate lot the 
Frances colliery near Kirk- 
caldy In Fife, which has been 
mothballed for several years 
but which possesses reserves 
of low sulphur coal. Mining 
(Scotland) is interested in that 
too, though realises that it 
could require a substantial 
investment 

The attractions of the Scot- 
tish coalfield have been appre- 
ciated by other bidders. Last 
month Ryan Group, the coal 
producer, announced a joint 
venture with Miller Group, the 
Edinburgh-based construction 
company. Between them they 
already mine 40 per cent of 
Scottish coal under contract to 
British. CoaL 


Scot coal, as it is called, also 
has a top Scottish Tory on its 
board: the chairman is Lord 
Sanderson who until last May 
was chairman of the party. 
Other companies are thought 
to have pre-qualified, if only to 
see the details of what British 
Coal is putting on sale. 


A* 


BRITISH COAL: 
THE BIDDERS 


Mr Brian MacDonald, the 
Glasgow businessman whom 
Mining (Scotland) appointed 
chief executive last autumn, 
says that part of the eventual 
deal should be structured as a 
management-employee buy-out 
through an employee share 
ownership plan. The mining 
unions would invest sepa- 
rately. 

Other shareholders are likely 
to be involved. Mr Malcolm 
Edwards, the former British 
Coal commercial director who 
has formed a company called 
Coal Investments, is on the 
board and would take a stake. 
Intriguingly, Mr MacDonald 


says Mining (Scotland) is nego- 
tiating a partnership with 
another British coal mining 
company, but refuses to name 
it. 

He envisages the founding 
shareholders' equity’ being sup- 
plemented by loans and ven- 
ture capital funding, though he 
says “high gearing is not desir- 
able.” Royal Bank of Scotland 
has told the company it would 
consider lending to it and Mur- 
ray Johnstone, the Glasgow 
investment, house, should offer 
venture capital. If all goes well, 
Mining (Scotland) would 
expect to float on the Slock 
Exchange in five to seven 
years time. 

However, these are early 
days. First Mining (Scotland) 
wants to know exactly what 
British Coal is offering and 
what liabilities such as subsi- 
dence, Hooding, pollution and 
miners' health the government 
expects the purchaser to take 
on. The government has indi- 
cated that it is prepared to 
address some of the potential 
bidders’ concerns on these 
costs but has yet to decide 
where to draw the line. 

"The liabilities are a big 
problem, 1 ' Mr MacDonald says, 
“if they arc not capped by the 
government in some way I 
don't believe anyone will want 
to buy the assets.” 


Exceptional hit United Breweries 


By Graham DelJer 

Exceptional charges and a substantial 
property write-down combined to push 
United Breweries, the USM-traded regional 
brewer and pub operator, deeper into the 
red 

Despite what Mr Vijay MaHya, chair- 
man, described as "extremely difficult 
trading conditions” turnover during the 
year to November 30 jumped 68 per cent to 


£4.14m, while operating profits before the 
exceptional improved from just £38.000 to 
£463,000. 

The pretax line, however, showed a defi- 
cit of £&57m (£978.954) following non-re- 
curring exceptional charges of £758.570 
against the Chainmaker division, bad debt 
write-offs and "other known losses”. Inter- 
est charges Increased from £720,177 to 
£815.279. 

As announced in April a revaluation of 


the group's 76 public houses resulted in a 
£7.49m write-down, effectively eliminating 
the company's reserves and leading it to 
breach its banking covenants. 

Nevertheless, Mr MaJJya remained cau- 
tiously optimistic: “The underlying busi- 
ness continues to improve through opera- 
tional efficiency. Negotiations for both the 
restructuring and acquisitions continue” 

Losses per share widened from 8.5$p to 
10.65p. 


Risky 


to ignore 

Not so long ago. most fund managers thought derivatives 
were purely for speculators. Everyone else was content 
with buy. sell and hold. 

Today, equity options play a key role in the portfolios of 
cvciy kind of fund manager. Equity options are established, 
the liquidity is there and the perceptions have changed 
dramatically. 

Equity options have come into their own 
because they make solid sense. To explain 
why. L1FFE has prepared a clear, concise 
report called "Futures and Options: A Guide 
for UK Fund Managers”. To get your free 
copy, call Sandy Phillips on 071-623 0444. 

Because equity options simply can’t 
be ignored. 



LI FF( 


The London International Financial 
Futures and Options Exchange 


Conquest Inns buys Bass pubs 


Conquest tons, a company set 
up by three former executives 
of the UK's leading brewing 
groups and funded by The Ann 
Street Brewery Company. Jer- 
sey, and Barclays, yesterday 
announced it had completed its 
first acquisition, writes Peter 

Fr anklin . 

The deal comprises the pur- 
chase from Bass, for an undis- 
closed amount, of 59 pubs in 


Stratagem 
turns in 

£280,000 

Stratagem, which has evolved 
from an investment company 
into a group with interests to 
the manufacturing, distribu- 
tion and service sectors, yester- 
day reported a pretax profit of 
£280,000 for the six months to 
end-February. 

The outcome compared with 
profits of £272,000 and came 
from turnover up from £690,000 
to £33.8m The results were bol- 
stered by the inclusion of a 
first-time contribution from 
Harrison Industries, acquired 
last August 

The directors said that all 
three divisions acquired with 
Harrison were reporting profits 
by the end of the period. 

At the same time Veritas, 
the car dealership operation, 
had benefited from the reor- 
ganisation which was Imple- 
mented after it became wholly 
owned in late-November 1993. 

Earnings per share emerged 
at L6p (2.2p) and the interim 
dividend is maintained at \£sp. 

Rackwood ahead 
of forecast 

Rackwood Mineral Holdings, 
the opencast mining group 
which obtained a listing in 
January, returned pretax prof- 
its Of £29.000 for 1993. 

That compared with a pro- 
spectus forecast of £10,000 and 


the Midlands. London and 
south-east England. 

Mr Adam Hogg, previously 
an executive with Courage, 
and Conquest's managing 
director, said he welcomed the 
involvement of The Ann Street 
Brewery as the company’s 
majority shareholder. 

Mr Ian Steven, Ann Street’s 
chairman and chief executive 
who is also chairman of Con- 


quest Inns, said: “We have 
been looking for opportunities 
to invest outside the Channel 
Islands for some time, and 
Conquest Inns fits our strategy 
of investing in management 
teams in industries to which 
ive have experience. 

“We have no immediate 
plans for introducing Ann 
Street brands into England," 
he added. 


NEWS DIGEST 


was achieved on turnover of 
£2. 97m. Interest charges 
accounted for £221,000. Basic 
earnings per share emerged at 
0.36p; on a pro forma basis the 
figure was 0.18p. 

The shares, placed at 40p to 
January, rose 2p to 48p. 

Rank plans Kent 
holiday village 

Rank Organisation, the leisure 
company, is seeking planning 
permission to build a holiday 
village on a 40Q acre site near 
Lymfoge. Kent. 

The company said it had an 
option to acquire the site from 
Forest Enterprise, an offshoot 
of the Forestry Commission. 

Orders ‘robust 9 
at BTR Nylex 

Mr Alan Jackson, chairman of 
BTR Nylex, the Asia-Pacific 
arm of BTR, the industrial con- 
glomerate. said yesterday that 
orders and sales performance 
to the first four months of 1994 
had been robust 

“Apart from isolated excep- 
tions, the vast majority of our 
companies in these markets 
are well ahead of prior-year 
orders and sales, although not 
all these companies are yet 
achieving commensurate profit 
drop-through performance’’, he 
told shareholders at the armnqi 
meeting to Melbourne. 

Mr Jackson added that the 
company’s Taiwan Polymer 
businesses were benefiting 
from more favourable pricing, 
and operating profits for that 


DIVIDENDS ANNOUNCED 




Current 

payment 

Date of 
payment 

Correa - 
ponding 
dividend 

Total 

for 

year 

Total 

last 

year 

Do La Ru« 

Gartmore Scot 

Ptynu - 

—fin 
— Ini 

—.fin 

14 

2-4* 

5t 

Aug 25 

July 19 

13.15 

2.4 

c 

20 

17 

10 


lot 

June 30 

1.5 

f 

7 

4.75 



~ 


Dividends shown (Mice per share net except where otherwise stated. |Or» 
Increased capital. ♦Third quarter distribution; mattes 7.2p to date. 


sector were substantially up on 
those of the equivalent period 
of 1993. He expected “substan- 
tial" gains for the company 
overall in 1994. 

Cardiff lifts offer 
for First Choice 

Cardiff Property has increased 
its offer for First Choice, the 
residential property developer. 
The new offer, which is recom- 
mended, values First Choice at 
£2.59m and will be satisfied by 
the issue of 796.588 new Cardiff 
ordinary shares at 325p apiece. 

The revised offer comprises 
53 new Cardiff ordinary for 
every 500 First Choice shares 
and 22 new ordinary for every 
15 A ordinary £i shares. 

Some 200,000 new Cardiff 
ordinary have already been 
placed firm at 315p, raising 
£630,000. Assuming frill accep- 
tance of the offer, 996,588 new 
shares, representing 26.6 per 
cent of the enlarged share capi- 
tal, will be issued following the 
offer and placing. 

£9. 7m purchase 
for UniChem 

UniChem, the pharmaceutical 
wholesaler and chemist 
retailer, has paid about £9.7m 
cash, for Hospital Management 
& Supplies, a hospital supply 
company. 

to 1993 HM&S handled some 
£30m of supplies through ware- 
houses in Northampton and 
Glasgow. The vendor was Bax- 
ter Healthcare. 

SW Electricity to 
purchase own shares 

South Western Electricity, the 
power supplier and distributor, 
is to seek shareholder approval 
to purchase up to 10 per cent of 
its own share capital. 

The request will be put to 
the annual meeting on August 
4. 



mm mm. 


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 S73 4780 
or Melanie Miles on 071 873 3308 


FINANCIAL TIMES 


jp 



25 


istV • :Lv.;: 





J%NANCIAL TIMES WEDNESDAY JUNE I 1994 


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COMPANY NEWS: UK 


Aa’irtu*."."--- 


Beazer Homes jumps 

to £15.6m 




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ByAntimw Tayfor,- 
CoostruotionCarTospondont . 

Pro-tax profits 'of Beazer 
Hornes,- the- former Hanson 
so&SMiary which was floated 
arijy two months ago, jumped 
by '» Sfth from asm to £i5.6m 
during the six months to 
March- 31?.- - - 

The Improvement had been 
widely espected.and the shares 
,.jreste«lay Jell 2P -to- l64p,: 
against an. Issue price of I65p. 
Shares prices of housebuildore 
have fallen sharply since 
March amid fears that the next 
interest rate movement will be 
Upwards, undermining housing 

market confidence. ' 

Mr Dennis Webb, chief exec- 
utive, said yesterday that turn- 
over during the six months 
had rtsm tag 26 per cent, from 
£105. 8m to £133. lm. Earnings, 
per share,- after a 26 per cent 
tax charge, were 4£p (5^p). 

The group, which Is chang- 
ing its year end to June 30, 
intends to. pay a dividend of 
L8p for the nine months to the 
end of June. BAT Webb Imped 
future distributions to share- 
holders would' be covered by 
earnings at least 2 to 3 thn^g 

The group completed 2,210 
homes during the period - 17 
per cent more than the 1,884 
completed a year earlier. The 
average price of a home rose 
from £57,400 to £61,600. 

Operating margins, however, 
fen from 12.6 per cent to 1U9 
par cent - as forecast in the 
flotation prospectus. Mr Webb 
said that , he would expect mar- -. 
gins to' start to recover 
sHghtly. • : • 

At the end of March the 
group had net cash of £74.7m 
available for land purchases 
and acquisitions. It plans to 





Dennis Webb (left) with David Smith, finance director 


TcnyMKtnwi 


increase annual output to 
about 7,000 homes by the end 
of the decade, compered with 
about 5,000 to 5,500 currently. 

Mr Webb said the market for 
housing land was very difficult 
in south-east England with 
some buyers paying “silly 
prices". Nonetheless, it was 
s till possible to buy some sites 
by private treaty at sensible 
prices.' 

At the period end the group 
owned 16,552 plots with plan- 
ning permission in its books at 
£9,000 a plot, compared with 
£8,500 a plot when the' flotation 
prospectus was published. 

• COMMENT 

Beazer Homes' shares have 
fallen by more than 5 per cent 
from the' issue price reflecting 


general stock market concern 
about the potential impact of 
rising interest rates and land 
prices on housebuilders' prof- 
its. The potential for Beazer to 
improve its margins is less 
than for some of its rivals 
given that it has opted for “jam 
today" policy by writing down 
land values to innindp a mar- 
gin for profit Pre-tax profits of 
£S0m for the nine months to 
June and £5lm for the follow- 
ing. 12 months would put the 
company on 12 times earnings 
on 1994-95 profits. The rating is 
unlikely to improve in the 
short term with sentiment run- 
ning against housebuilders and 
the market waiting to see how 
wisely the group intends to 
spend its cash. The jury is still 
out 


Heron Inti 
sifts through 
the bidders 


By Simon Davies 

Heron International’s board of 
directors yesterday started the 
process of selecting a 
short-list of six bidders 
for Mr Gerald Reason's trou- 
bled property and petrol sta- 
tions group, after the deadline 
for offers closed last 
Friday. 

The company had expres- 
sions of interest from 40 
groups but Lord Boardman, 
chairman, would not comment 
on the number of formal pro- 
posals that had been received. 
However, a number of leading 
US investment banks are 
understood to have submitted 
offers. 

Goldman Sanh g and Morgan 

Stanley, which control sub- 
stantial property tends, have 
been discussing a similarly 
complex untangling of the 
property developer’s Broad- 
gate and Ludgate properties, 
and both are understood to be 
interested in Heron. 

Heron has given assurances 
that it will be able to put for- 
ward concrete proposals to its 
bondholders by the end of the 
month, and Lord Boardman 
said the directors would meet 
again next week to discuss the 
proposals. 

Heron had been on target in 
its asset disposal programme, 
agreed at the time of the 
£l~4bn rest ructu r i ng last year. 
Many of these assets, however, 
were held by a subsidiary, 
Heron Corporation, whose 
bankas have first call on the 
proceeds. 

Heron International was 
unable to meet its dividend 
payments, while the bankers 
to Heron Corporation have 
received payments in advance 
of the agreed timeframe. 


The parting of the ways 

Peggy Hollinger on the demerging of ECC’s construction materials arm 


I t toofctatily six' minutes at 
yesterday’s EGM to secure 
shareholder approval to. 
launch English China Clays as 
a speciality minerals and 
chemicalscan^pany.Tradhig-in 
Camss^ its .demerged construc- 
tion materials arm, starts 
today.-;-:/"- • ■ - ' : - ■•••' 

Yet it has taken almost four 
years of phrasing and ration- 
flhsteg for Mr Andrew iteaie,: 
chief executive; -to get the 
group info ite present shape. ' :_ 

When he. arrived from 
Rugby, the construction mate 
rials gronp. Mr Teare was 
faced with revitalising what 
was, to cffech a mlning com- 
pany which: had mistakenly 
strayed into housebuilding. 
After withdrawing from the 
housing market and cutting 
more than 26 per cent of the. 
workforce, yesterday’s demer- 
ger marks the Anal chapter or 
EXXrstnmsttion. 

Mr Teare is left with a min- 
erals operation dependent on 
the papet Industry, and a 
chemicals business based oa 
the recent purchase of Calgou, 
a US water treatment group. 

The logic of demerging a 
business pn the verge of recov- 
ery while the remaining erne 
operations are a year behind in 
the economic cycle has come 
under widespread attack. 


Mr Teare is confident, how- 
ever, that the timing of the 
demerger is an irrelevant 
issue, since shareholders will 
have stakes in both companies. 

He intends to focus on build- 
ing ECC around two concepts 
- added value and service. The 
key to. his strategy is research 

- andJdrolbpment which is at 
the heart of both divisions. 

Mr Teare’s game plan goes 
. something like this: ECC 
intends in the short to 
; term to remain heavily depen- 
dent on the paper industry. 
While margins have come 
under severe pressure in 
recent years due to overcapa- 
city, papa: volumes have actu- 
ally increased at a rate of 3 to 4 
per cent a year in recent years. 

- This steady growth allows 
ECO to avoid the excessive 
cyclical swings of volatile sec- 
tors such as building materi- 
als, and provides a certain 
degree of security, he says. 

With volumes steady, but 
margins weak, Mr Teare 
argues that profit growth must 
. come from technical Innova- 
tion and the provision of Inte- 
grated services. 

Fbr. example, his utopia has 
ECC providing the minerals 
used to whiten papa* and the 
chemical processes to reclaim 
the products for recycling. 



Andrew Teare: focusing the 
business on two concepts 

The opportunities presented 
by environmental legislation 
are vast, Mr Teare says, when 
one considers that the paper 
and packaging industries gen- 
erate some 40 per cent of the 
world's landfill demand. 

T he paper industry is 
also one of the largest 
producers of waste 
water. Enter Calgon, the US 
acquisition upon which ECC 
intends to build a global speci- 
ality chemicals business. 

ECC's logic is that because it 
is a substantial user of chemi- 


cals in its mineral refining pro- 
cess, there is much to be 
gained by combining the 
research and development 
expertise of the two divisions. 

If all goes to plan, this would 
lead to more innovative prod- 
ucts, allowing ECC to raise 
prices and offer integrated ser- 
vices in a world where manu- 
facturers want to deal with 
fewer suppliers. 

The theory sounds attrac- 
tive. There are some sceptics, 
however, who suspect it may 
not be so easy to implement 

ECC remains largely depen- 
dent on its kaolin product a 
mineral used to whiten paper, 
and has stocks which are 
expected to last for substan- 
tially more than 25 years. Yet 
kaolin is facing heavy competi- 
tion from cheapo- alternatives 
such as calcium carbonate, 
which ECC also provides but 
in much smaller quantities. 

Although demand for kaolin 
is growing, it is doing so at a 
much slower rate than the 
cheaper alternatives. Further- 
more, ECC has had to take 
sane sharp price cuts to keep 
the market going: 

“If kaolin loses market 
share, then ECC’s profits will 
suffer," one analyst says. “We 
are not convinced that this is a 
very clear cut recovery story.” 


Amstrad fills top post after seven-month search 

Sugar signs new chief executive 


By Paul Taylor 

Amstrad, the consumer 
electronics group run by Mr 
Alan Sugar, yesterday 
appointed Mr David Rogers, a 
senior Philips executive, to the 
post of chief executive. 

Mr Rogers, aged 47, is cur- 
rently chief executive of Phil- 
ips Advanced Communication 
Enterprise, an Investment 
vehicle far the Dutch electron- 
ics group, and will take up his 
new appointment in August. 

He was previously head of 
Philips Consumer flnmmimtra. 
tions business which has 
annual sales of about £3 00m 
and is responsible for Philips’ 


worldwide interests in tele* 
phones, facsimile machines, 
telephones and other products. 

His appointment comes 
seven months after Mr Sugar 
first announced that he 
planned to split the roles of 
chairman and rhipr executive 
and began the search for some- 
one to fill the new job. 

The appointment comes at a 
critical time for Amstrad 
which is attempting to develop 
new markets to offset declining 
margins in its older consumer 
electronic operations. 

Mr Sugar and Mr Rogers are 
understood to have spent con- 
siderable time together over 
the past couple of months in 


an effort to ensure that “the 
chemistry was right” and that 
they could work together effec- 
tively. 

Mr Sugar, Amstrad’s colour- 
ful c h airman and founder, has 
also strengthened the board 
through the appointment of 
two non-executive directors in 
the past 18 months. 

Mr Rogers' appointment 
appears to underline Mr Sug- 
ar's determination to expand 
Amstrad' s advanced telecom- 
munications equipment 
operations and to strengthen 
the group's strategic plan- 
ning. 

In his last Job Mr Rogers was 
responsible for Philips' invest- 


ment in General Magic, a Cali- 
fornian-based software com- 
pany founded by the two lead 
designers of the Apple Macin- 
tosh- 

Before joining Philips In 1986 
Mr Rogers spent most of his 
career in the British electron- 
ics industry working for both 
GEC and Plessey. He also had 
a five year spell with Black & 
Decker. 

He has considerable interna- 
tional experience - particu- 
larly of the European Union, 
the US and east Asian 
markets. 

Mr Rogers speaks French 
and German and has a BA in 
business management. 


Warburg highlights exposure 

Derivatives accounting is causing concern. Andrew Jack reports 


SG Warburg yesterday became 
the latest in a series of British 

h anks tO hi g hli g ht exposure tO 

derivatives under pressure 
from European law and indus- 
try guidelines enacted at the 
end of last year. 

Derivatives are the financial 
Instruments such as swaps, 
futures and options whose 
value is “derived” from more 
conventional financial assets. 
Their presence and treatment 
in accounts has come under 
growing scrutiny In the last 
few months, particularly in the 
light of *hg hundreds of mil- 
lions of dollars lost by such 
blue chip companies as Proctor 
& Gamble and Metallgesells- 
chaft 

But accountants and other 
readers of accounts warn that 
the new disclosure require- 
ments now in place for banks 
still only provide very little 
information, and that this data 
needs to be interpreted with 
great care. 

Warburg's accounts for the 
year to March 31 1994 contain a 
number of changes to the for- 
mat of the profit and loss 
account and balance sheet and 
accompanying notes, as well as 
an “operating and financial 
review" designed to describe 
the company's performance 
and strategy in text 


“This is a more transparent 
document," says Mr Simon 
Leathes. Warburg's group 
finance director. “As time 
moved on we felt it was appro- 
priate to give people who read 
our accounts more informa- 
tion.” 

No new disclosure is more 
significant than note 30, which 
shows for the first time War- 
burg’s “forward and futures 
contracts" divided between 
three categories: exchange rate 
contracts, interest rate con- 
tracts and equity contracts. 

Three numbers are provided 
under pat»h heading: 

• contract or underlying prin- 
cipal: a notional value for the 
gross volume of outstanding 
derivatives business at the bal- 
ance sheet date. 

• replacement cost the cost 
to the bank if counterparties to 
the derivative contracts fail to 
meet their obligations. The 
cost is calculated by aggrega- 
ting those contracts with a pos- 
itive value when “marked to 
market” at current prices. 

• credit risk weighted 

amount- a Rank of Rn gtonri for- 
mula to give an indication of 
the credit risk of the am tracts. 

The categories used and the 
level of disclosure provided are 
similar to those adopted in the 
latest accounts produced by 


banks such as Barclays, Klein- 
wort Benson and Schraders. 

The reason for the additional 
disclosures dates back to the 
introduction of the EU fourth 
company law directive, which 
lays down reporting require- 
ments but specifically excluded 
hanks and insurance compa- 
nies as special cases needing 
separate rules. 

In the UK, these EU rules for 
banks were incorporated in 
Schedule 9 of the UK Compa- 
nies Act - generally known as 
the “bank accounts directive” 
- and came into force for com- 
panies with year-ends after 
December 22 last year. It 
included references to deriva- 
tives. 

Far more detailed advice has 
been provided in an accompa- 
nying “Sorp" - statement of 
recommended practice - pro- 
duced by the British Bankers' 
Association. While not manda- 
tory, it represents best practice 
which b anks would be loathe 
to ignore. 

However, the level of disclo- 
sure still provides an imperfect 
picture. “It is very hard to give 
Information that really reflects 
the risks involved," says Mr 
Leathes. “It is very hard to 
know how to do so without 
misleading people unless you 
have a detailed knowledge of 


how firms with big numbers 
are managing their risk. The 
whole thing could boD down to 
very tittle." 

Mr John Tattersall, a bank- 
ing partner with Coopers & 
Lybrand, the accountants, says 
warily that readers could try to 
compare the replacement cost 
of contracts against the bal- 
ance sheet total, or the credit 
risk value against the banks' 
more conventional exposures 
such as customer loans. 

His waryness Is shared by 
Mr Chris Taylor, a partner in 
the capital markets group of 
accountants Price Waterhouse. 
Tm not sure it's terribly sensi- 
ble to compare anything. This 
is very crude measure with 
very raw data. 

He warns that the exchange, 
interest and equity contract 
categories are still enormously 
broad. He adds that while the 
figures provide an assessment 
of the credit risk of the 
counterparty in a transaction, 
they do not assess the market 
risk. 

Mr Taylor says that draft 
proposals from the US Finan- 
cial Accounting Standards 
Board, issued in April, would 
disclose the average, mayimimi 
and minimum market value of 
contracts during the financial 
reporting period. 


Profits warning slices 
71p off Hall share price 


By Paul Taylor 

Shares of Hall Engineering 
(Holdings) fell almost 30 per 
cent yesterday following a 
profits warning from the 
Shrewsbury-based steel prod- 
ucts and automotive engineer- 
ing group. 

The directors said that 
because of problems in the 
Stadco automation engineer- 
ing operations and margin 
pressure in the general 
steel stockholding and steel 
reinforcement businesses the 
results for the current year 
were expected to be 
“materially short of those for 
1993". 

The shares closed Tip lower 
at 169p 

Last year the group reported 
pre-tax profits of £8.56m 
and raised its dividend for the 
year by 10 per cent to 9J5p. 


In their statement yesterday 
the directors said that, provid- 
ing there was no further dete- 
rioration in the forecast for 
this year, they expected to 
maintain the dividend at 
9.5p. 

They said that Stadco’s auto- 
mation engineering division, 
which designs and bnilds 
assembly line welding systems 
for car manufacturers, had 
been affected by the decision 
of an unidentified continental 
European car manufacturer to 
cancel one of three sections of 
a £ 21 m contract 

Although the customer was 
expected to reinstate part 
of this section of the 
contract following further 
negotiations, the company 
said the disruption to Stedco’s 
production plan had resulted 
in “an under recovery of over- 
heads". 


Squeeze on margins 
halves Plysu to £5.4m 


By Caroline Southey 

An erosion in margins sharply 
reduced profits at Plysu, the 
plastic container manufac- 
turer, in the-year to March 31. 

It yesterday reported pre-tax 
profits down almost 50 per cent 
from £103m to £5.43m. Sales 
were up by 2.7 per cent to 
£88.8m (£86 .4m). 

Mr David O’Shaughnessy, 
chairman, said the results were 
disappointing although he con- 
sidered the year successful 
because of the development of 
new products and investment 
in plant and equipment Plysu 
had issued a profits warning in 
October, Just after Mr 
O’Shaughnessy was brought in 
as chairman in September. 

The dairy and juice division, 
which in the period increased 
its share of the UK milk and 
fruit juice containers market to 


66 per cent, secured several 
long-term supply contracts. 

Two new factories were com- 
missioned during the year, new 
products were introduced and 
additional capacity was 
brought on stream. 

Operating profit from con- 
tinuing operations fell from 
£10.9m to £7 .39m. Exceptional 
reorganisation costs of £1.4m 
covered closing some UK 
plants. 

Mr O’Shaughnessy said 
Plysu remained committed to 
its continental European busi- 
nesses despite over-capacity in 
the industrial containers sector 
and the poor economic climate. 
There were signs of sustained 
improvement in the UK mar- 
ket, he said. 

Earnings shrank to 7.3p 
(I5.3p). An unchanged final 
dividend of 5p is proposed, 
maintaining the total at 7p. 


kjxL 


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FIDELITY FUNDS SICAV 

Soc&6 tflnvesmstemenl & Capital Variable 
KwotUis House - Place de r&oile 
1,-1021 Luxembourg . 

R,C. No 8. 34036 

Fidelity Farids SICAV bos declared the Annual dividend in 
respect of shares of each or the untie moted sub-funds held at 
dose bf business ou 29th April. 1994 (for Pacific Fund on 
2S(hrApril 1994). The 'dividend amount. Bearer coupon 
number and payment c ur r en cy is as indicated below. In the 
case of registered shares, dividends will be paid or reinvested 
in additional shares of the relevant fund os appropriate on 
payment date of 13th June 1994. Dividends not cashed within 
5 years from payment date wilt lapse and the dividend wilt 
revert to the Fund. 

SUBFUND NAME 

hsetubbed Bond Fond 
IS Duflar Bead fend 
5Kdjng Bod food 
iltalfiad 
rfFmd- :■ 
ikOmn 

MyTsad 
Bwcffipd-- 
'Asofe find 
ftcffiC&Bd- 

Oivkkmk will be paid to holders of Bearer Shares in the 
currency of denomination of ihe sub-fund (or by arrangement 
; with the Paying Agent and at lire cost of rhe shareholder, in 
dnr other currency) against tender of the coupon number 
listed. : 

•' ' BANKERS TRUST LUXEMBOURG SA 
, p.<xboxhd7 

| 4 , BOULEVARD F.D. ROOSEVELT 
LUXEMBOURG 

' Bank of Ireland 

Lower Baggoi Street 
DUBLIN 2 

7 v~.. Republic rif Ireland 



PAYMENT 

DIVIDEND 

COUPON 

CURRENCY 

PER SHARE 

NUMBER 

USD 

00673 

6 

USD 

Of 329 

7 

GBP 

00018 

H 

HU 

1.149 

5 

JPY 

15.17 

7 

USD 

07027 

4 

USD 

O2I0S 

4 

m 

S65.7 

3 

FRF 

037*4 

1 

USD 

00106 

1 

USD 

0.0538 

I 



ndoOyGLm tines* neat* 




THIS NOTKT I? IMPORTANT AND RCQCUU5 THE IMMEDIATE ATTENTION OF 
HOLDERS OF OONDS. IF HOLDERS ARE IN ANY DOCVT AS TO THE ACTION 
THEY SHOULD TAKE. THEY SHOULD CONTACT THEIR STOCKBROKER. 
LAWYER. ACCOUNTANT OR OTHER PROFESSIONAL ADVISER WITHOUT DELaV . 

Notice of Early Redemption 

Caradon pic 

tt he “Company") 

(pmrrf, MB Ofwpili 

£61,800,000 

(pat'Kiulf £65 jXXXKXJ) 

5V» per cent. Subordinated Convertible Bonds due 2002 
tlhc “Bonds") 

toubcnhlinj: iinumra ul" unciWivcrn.il tonds approximately £L76ml 

NOTICE IS H EREBY GIVEN ihar in accordance with Cozviinan 5 «"c) of 
the Bonds, the Company will redeem dl otincudtnj: Bonds at their 
principal .uitnunc ot £1,000 per IVnd n'gsrhur wirh itcerucd interest 
jinivinnm: n> £12.13 per Bond un 15th July. 19M irhe “RcdempTion 1 >jic") 
when interest on the Bonds wiliceree to .tee rue. 

ChtuvMucnilr on 15th Jnlv. tW4, .m amount of £WL2.13 will become due 
and pjyaHc in respect of each ount.mJmu Bond. 

Bonds should be presented at die office of any of the Raying and 
Conversion Apcno listed heW for redemption Together with all 
un matured Cou[>>ns, l.ilhnu which the face value of the -ntssing 
unuorund Qcpmi will he deducted from the sum due fur payment. 
Bomb und {',Hi|ims will, save as nthcru tse provided herein, become laid 
unless presented fur payment within pc nods of twelve yeses and »» years 
respectively from the rein ant Jjie l.is defined in condition 7 of the 
Bunds) Bondholders arv reminded that Ronds rucuin convunbL* up in 
.snd including ibe 7th July. WW. beinq the eighth day prior ro the 
redemption .Lite. 

Nonces ofcnnwivuu loi’erlwT with (he Bunds und all mumnireJ Coupons 
artached slmuki be delivered to the office of" any Raying and C.civesion 
Agent lored below. 

Principal Paying and Conve rsion Agent 
Rankers Trust Compani 
I Appold Street 
Bnudgatc 
London ELUA 21 IE 
Paying and Conversion Agents 
Swiss R.mL Girpnmtkm Gaiupie Iruemutiixul 

I A Cretan vopiikk U-voir hours 5-A 

Ci 1-4002 Bole 69 Route oTach 

Swiisctlund L-l-TiOL'ActrJxmft: 


B Bankers Trust 
Company, London 
1st Juno, IbfH 


Agent Bank 


Australia and New Zealand 
Banking Group Limited 

A.CJV. 005 357 522 

( Incorporated with limited liability in the State of Victoria, Australia) 

VJS. $125,000,000 

Floating Rate Notes due 1996 

Notice is hereby given that for the Interest Period 3 1st May, 
1994 to 31st August, 1994 the Notes will cany a Race of Interest 
of 3 per cent, per annum with an Amount of Interest of 
U.S. 5127.78 per U.S. $10,000 Note and U.S. $1,277.78 per 
L'.S. 5100.000 Note. The relevant Interest Payment Dare will be 
31st August, 1994. 


□ Bankers Trust 
Company, London 


Agent Bank 


Isgus International Ltd 

wish to make the following statement regarding the 

PH 500 TIME RECORDER 

This time recorder, previously supplied by Telephone Rentals Lid, 

TR Services Lid or Mercury Time & Senility, is now imported 
EXCLUSIVELY by ISGUS from our manufacturing base in Germany. 

To ensure GUARANTEED future service and spare parts availability you 
should approach ISGUS INTERNATIONAL LTD. 


ISGUS 


bp, tasMiaail Ltt. 1 7 SprtufSdd Brntea 
'I 1 ' I. - * I "1 in t~¥ 

Ttt 0*53817173 hEHSJCIM 



1b (I>ciiii*I Mi) Ijt Ihc itNih* inwiiii, 

Market-Eye 

tendon stock exchahgi 


and Company 
AnnoufiCcmtnti 


071 320 3282 

t J» 0 - I i’js iOQl 


NoUob of Interest gates 
To the SoUaza of 

The United Mexican States 

Collateralized Floating Bate Bonds Due 2019 

Nonas IS HEREBY GIVEN that ihe lateral rue* covering the iniarMt penad 
from Juno U 1IS4 la DooBoUnr t, UKM uw detailed briox; 

IMoreat 
Payment Path 


5cn<r» Dr-rig rw toi 

UUDunulMnD 
FTP ttxnumS*rto« 


Balaam, pa 
eemtetL 


no S3U33FWUSD»LOOU 
FFF lotto ftr FIT 9JDOO 


Dimtifau ]. kOOl 
■I. 1DM 


June 1. 1594 


ClTIBAWg. N-A-. Agent 


Voyager 

Securities Limited 

( huifrpiinurd with brniieJ liMity 
in die Carman IsimJsJ 

U.S. $100,000,000 
Secured Floating Rate 
Notes due 1992-1996 

For die Intemt Period 5 la 
May, [994 to 31sc August, 
1994 the Note will cany un 
Interest Rate of 5.825% per 
annum with Interest Amounts 
of U.S. $837.34 and U.S 
$2,093.36 for Notes wirh orig- 
inal principal amounts of U.S. 
$100,000 and U.S. S250.C00 
respectively payable on 3Lsc 
August, 1994. 




Company, London Agral Bull 


Banque Indosuez 
US. $200,000,000 
Floating Race 
Notes due 1997 
For the three months 3lsr 
May. 1994 to 31st August, 
1994 the Notes will cany 
an inteier rate of 4%% per 
annum and coupon amount of 
U.S. $126.18 per U.S. 510,000 
Nore, and U.S. S3,154,5t pet 
U.S. $250,000 Note. 

LuhJoa riw LuwfltkHHH Sf.vlr Exchange 


Q Bankers trust 


Com pan y, Lortdou Agent Bank 


u P to15% 

off electricity 

l! tu'enii'-sc'jcr. impends areurd 


021 423 3018 

Powerline 



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T. IVIES WEDNESPAY JUNE I .■*>*. 


COMMODITIES AND AGRICULTURE 


Softs take off in US and 
London on Chicago rally 


By Our Commcxfitjes Staff 


Corn and soyabean futures 
prices at the Chicago Board of 
Trade surged by their allow- 
able daily limits just after the 
opening yesterday, triggering a 
renewed rally in soft commodi- 
ties in the US and London after 
last week's profit-taking. 

Chicago traders sent prices 
up in response to an absence of 
rain in the main mid western 
crop areas over the long holi- 
day weekend. The National 
Weather Service on Friday 
issued 30-day and 90-day fore- 
casts that predicted near-nor- 
mal moisture patterns in the 
midwest. But traders are react- 
ing to short-term dry weather 
because of a shortfall in last 
year's US crop. 

"It’s still May and we’ve 
already had two weather 
scares." said Mr Vic Lespl- 
nasse. a Dean Witter Reynolds 
trader, referring to a similar 
jump in grain prices on Mon- 
day last week. "The market is 
reacting to every little worry.” 

Last Tuesday. Chicago grain 
markets tumbled back down 
again, setting off long-awaited 
profit-taking in other softs. 


Coffee 


London Robustt. 2nd Posfllon 
ftpertorma 

2,400 


2,200 - -• 


1,800 — 


Feb 1994 May 
Source: OalaHream 


At midday yesterday, July 
soyabean futures were up the 
maximum allowable 30 cents 
per bushel at $6.73y+. Trading 
had halted. November Maize 
futures were up by their 12 
cent limit at $2.73% per bushel- 
investment and hedge funds 
have bought heavily into com- 
modities in recent weeks, feed- 
ing a general buying spree that 
started with coffee futures. The 
early excitement in Chicago 
yesterday spilled over into sil- 
ver and gold In New York, and 
into coffee and cocoa. 


“It’s just a technical, specula- 
tive binge that we're seeing 
here.” said Mr BiD O'Neill, ana- 
lyst with Merrill Lynch. 

He underlined that the coffee 
market bad strong fundamen- 
tal support from the supply 
shortage. The July arablca con- 
tract in New York was up 5.10 
cents In afternoon trading at 
126.40 cents a pound. 

In London, robusta coffee 
futures had a strong day, but 
with bouts of profit-taking and 
very thin volume, which left 
traders nervous. The July 
futures contract closed $132 
higher at $2,118 a tonne. Last 
week the price plunged by over 
$360 a tonne from its seven- 
year peak of $2,348. 

London, cocoa futures picked 
up strongly, with July £39 
higher at £1,027 a tonne. 

Against the trend, nickel 
prices tumbled on the London 
Metals Exchange following the 
weekend agreement on a new 
contract between taco, the 
world’s second- largest nickel 
producer, and labour leaders at 
its Sudbury, Ontario, metals 
complex. Three-month nickel 
closed $102.50 a tonne lower at 
$6,325. 


Kennecott 
makes large 
Canadian 
diamond find 


Twenty years of oil for Cote d I voire 

Two offshore fields could bring self-sufficiency, writes Paul Adams 

U nited Meridien Corpo- densate at its Panther One France and the French con; tSSriS a^oH refirw! 

ration, a US-based field. *■>.? international at Vridi near Abidjan, 

company, is develop- UMC expects to complete Bptroci. mrrV 0 UMC siitned production shn 


By Bern a rd Simon in Toronto 


Gaspol to build 
Gdansk terminal 


By Christopher Bobtoski 
in Warsaw 


US likely to boost world 
demand for coarse grains 


By Alison Maitland 


Gaspol a joint venture formed 
by SHV, the Dutch energy 
group in Poland, is to build a 
liquid gas terminal in Gdansk, 
according to an agreement 
signed yesterday with the local 
port authority. 

The terminal, to be com- 
pleted by the end of 1995, will 
have 6,000 tonnes of storage 
capacity and permit 4.000 
tonne tankers to deliver liquid 
gas from the North Sea. The 
initial cost of 822m is part of a 
S60ra four-year Investment pro- 
gramme due to run to 1996. 

Gaspol is owned jointly with 
Caior of the UK. Primagaz 
from France and seven Polish 
filling plants. 


World consumption of coarse 
grains could rise by about 19m 
tonnes in 1994/95 on growing 
demand from the US, the Inter- 
national Wheat Council said in 
its latest grain market report. 

"Although the declining 
trend is likely to continue in 
the former Soviet Union, a sig- 
nificant upturn is expected In 
the US.” It said. 

Growing livestock Industries 
would also increase demand 
for coarse grains in developing 
countries, particularly in Asia, 
where their use for all pur- 
poses “could set a new record". 

However, early calculations 
of consumption of 840m tonnes 
depended on a good US har- 


vest “Should the latter fall sig- 
nificantly below expectations, 
consumption would drop 
because of the limited volume 
of existing supplies in export- 
ing countries," it said. Stocks 
at the end of 1993/94 were esti- 
mated to be only Him tonnes. 

The IWC forecasts 1994 world 
production of coarse grains at 
837m tonnes, up 48m tonnes on 
last year. “Although craps are 
expected to decline or show lit- 
tle change in most countries, 
output should be boosted by a 
recovery in the US and another 
large harvest in China." 

No recovery in demand is 
expected this year from Russia, 
where animal numbers and 
meat consumption have 
dropped in recent years. 


The emerging diamond Reid in 
Canada's Northwest Territo- 
ries has been farther extended 
with a substantial discovery 
by a joint venture led by Ken- 
necott, a subsidiary of the 
UK's RTZ group. 

Kennecott's Canadian part- 
ner, Aber Resources, said that 
it has recovered 154 stones 
from a 155kg sample taken 
from its Diavik property, 
about 350km north-east of Yel- 
lowknife. 

The property is on the 
southern boundary of the Lac 
de Gras area in which Austra- 
lia's BHP Minerals and its 
Canadian partner, Dla Met 
Minerals, have already made 
substantial discoveries. 

BHP and Dla Met are pres- 
ently analysing bulk ore sam- 
ples from their property before 
deciding whether to build 
North America's first diamond 
mine on the site. 

Their confidence that the 
C$4 oom project will go ahead 
Is reflected in talks which 
have already began with the 
Northwest Territories govern- 
ment on environmental per- 
mits and financial arrange- 
ments for a mine. BHP 
believes the property could be 
in production by 1997. 

Aber stressed that its discov- 
ery was concentrated In a 
single kimberlite pipe. Of 
the 154 stones, 38 had a diame- 
ter of more than 0-5mm. How- 
ever, it said that preliminary 
results from another pipe also 
pointed to the presence of dia- 
monds. 

The Kennecott/ Aber discov- 
ery has given another push to 
the surge in share prices of 
companies involved in the 
NWT diamond rush. 

Aber gained 88 cents to 
C$8.25 in early trading on 
the Toronto stock exchange 
yesterday, after jumping by 
C$2 on Monday afternoon, fol- 1 
lowing the announcement of 1 
its find. Dia Met was also 
higher. 


U nited Meridien Corpo- 
ration. a US-based 
company, is develop- 
ing two offshore oil and gas 
Gelds which by early next year 
would make Cdte d'Ivoire 
self-sufficient in oil and supply 
natural gas to its expanding 
energy and power sectors. 

UMC, in partnership with 
the Ivoirian state oil company 
Petroci, has tested 14,000 bar- 
rels of oil a day, with enough 
reserves to supply the whole 
country for the next 20 years, 
at the Lion One field, over a 
well drilled by Philips Petro- 
leum in the 1980s. The well 
also has a large volume of 
associated natural gas. 

UMC has also tested 30m 
cubic feet a day of natural gas 
and 732 barrels a day of con- 


densate at its Panther Oue 
field. 

UMC expects to complete 
negotiations with the Ivoirian 
government for a gas supply 
contract end-user by June, 
although the end-user is not 
yet known. Associated gas can- 
not be separated from the oil, 
so if there Is no gas contract by 
January, the gas from the Lion 
field would have to be flared, 
which is environmentally dam- 
aging and a waste of resources. 

Compagnie des Energies 
Nouvelles de Cdte d'Ivoire 
(Cenci). a French-led consor- 
tium, also plans to supply gas 
but has so far flailed to find 
finance to develop its offshore 
gas field, Foxtrot. Partners in 
Cenci include SAUK, the local 
subsidiary of Electricity de 


France and the French con- 
struction firm Bouygues: 
petroci; and the International 
Finance Corporation (1FC). 

A spokesman for UMC says 
that that there is enough 
domestic gas demand for both 
its own and Cenci's projects. _ 

Cdte d'Ivoire's electricity is 
very expensive and the power 
generation sector is trying to 
reduce both its costs and elimi- 
nate its imports. A large part 
of its electricity is imported 
from Ghana's big hydroelec- 
tric plant and it relies on 
energy Imported from Nigeria 
for its local generation. The 
proposed nickel mine osar the 
north-western border with 
Liberia, which a Canadian 
group plans to develop, would 
need 100 MW of power. Gas is 


also needed for the state's 
50.000 barrels a day oil refinery 
at Vridi near Abidjan. 

UMC signed production shar- 
ing agreements for its two 
fields with the government In 
late 1992. after amendments to 
Cdte d'Ivoire's antiquated min- 
eral laws, under terms which It 
says arc favourable for both 
sides and will encourage fur- 
ther oil exploration and pro- 
duction. 

“We believe there are several 
other exciting prospects along 
the coast of Cdte d'Ivoire and 
are negotiating for more 
blocks," said a company 
spokesman in Abidjan. 

UMC is also carrying out 
seismic testing for oil in Equa- 
torial Guinea and will start 
drilling later this year 


Gold fever returns to Ghana 


By Kenneth Gooding, 
Mining Correspondent 


Ghana, once called the Gold 
Coast, is going through the 
third gold mining boom in its 
history and its output of the 
precious metal will reach 2m 
troy ounces in 1996, according 
to Mr Godfrted "Geo” Kesse. 
who recently retired after 20 
years as director of the Ghana 
geological survey. He was also 
an adviser to the minerals 
commission and a director of 
Ghana's state gold mining cor- 
poration. 

Since its first gold rush 
started in 1880, Ghana has pro- 
duced at least 4im ounces but 
output dropped to an all-time 
low of 280,000 ounces in 
1982-83. Then a new govern- 
ment launched an economic 
recovery programme, changed 
the mining laws and made 
other moves to attract foreign 
capital into mining in Ghana. 

These changes, and the coun- 
try's relative political stability, 
encouraged phenomenal 
growth in the past seven years, 
Mr Kesse points out in a paper 
prepared for the Investment in 
Mining conference ta New 
York this week. 




‘Geo’ Kesse: joining the rash 


In a country where no new 
gold mines had been brought 
into production since 1940, six 
have been opened since 1988. 
And at least U5$8Q0m has been 
invested in the gold sector 
alone with 66 Ghanaian and 19 
foreign companies being issued 
with prospecting licences 
(mainly for gold) and 10 compa- 
nies winning mining leases. 

Gold output surged to 1.2m 
ounces last year and Is on 
track to reach 2m ounces in 
L996. Much of the production 
will still come from Ashanti 


coMMOom&s ppio.ES ; 


BASE METALS 


LONDON METAL EXCHANGE 

(Pnc« from Amalgamated Metal Trading) 

■ ALUMINIUM, 96,7 PURITY (S per tonne) 


Precious Metals continued 

■ COLD COM EX (1M Tioy oz.; Stay Oz.) 


GRAINS AND OIL SEEDS 

■ WHEAT LCE (£ per tonne) 


SOFTS 

■ OOCOAU5E(triaww> 


Salt Days Qpan 

Brio# Aanga HW M M IU 


Sett Days 


price di n Hty Low tad M 


Sam Day's 


pitta (taiga Mgb Low (at Vd 


Cash 

CIosa 1337.5-8.5 

Previous 1333-1 

HiflMow 

AM Official 1333-4 

Kerb dose 

Open hit 2S4.9S1 

Total iljUy turnover 48.038 
■ ALUMINIUM ALLOY 1$ per tonne) 


3 mtfts 
1387-8 

1381- 2 
1370/1357 

1382- 5-3 
1386-7 


JUl 

307.1 

+2.4 

3862 

3852 

. 


Jon 

11425 

-0.25 

11420 

11420 

578 

13 

«*» 

1027 

+70 

085 

965 40 21 

ta 

Jul 

3864 

+2J 

- 

- 

- 


tap 

0920 

-020 

99-35 

9115 

520 

35 

M 

1027 

+39 

1037 

090 20203 2,812 

tag 

mb 

3900 

+2.3 

381.4 

3860 

- 


Bm 

99-85 

■610 

9695 

9695 

1270 

1 

tap 

1047 

♦40 

1057 

1011 16792 222* 

0 e» 

Od 

3911 

+23 

384J 

391.3 

- 


ta 

10120 

•610 



1233 

- 

Dee 

1083 

+37 

1075 

1030 28234 1.705 

Ok 

Doc 

3864 

+23 

397.8 

394.6 

- 


Mar 

10325 

410 

- 


350 

- 

■Hr 

1001 

+33 

1094 

1054 27,012 925 

ft* 

m 

399.9 

+23 

4064 

3992 



Mat 

105.10 

420 

10525 

10610 

240 

35 

M« 

1001 

+28 

1100 

1082 10249 136 

tar 

Tata 





- 


TO tit 





4.795 

« 

total 




112087 BJS7B 

ToM 


MEAT AND LIVESTOCK 

■ UVE CATTLE CME (4Q.Q001ba.- cente/lhB) 

Satt Day's Opaa 

price change MM tear tot 
Juo 8&2T5 +0800 68.450 88800 38366 


■ PLATINUM NYU EX (50 Troy at; Srtroy at) 


WHEAT CHT (S.OOObu rrtrt; canta/60rt> bushel) 


COCOA CSCE (10 tomes; Starnes) 


■ UVE HOGS 


Day's Opaa 

ch a n g e Mgb tear tot 
+0800 68.450 88800 20366 
-0525 60500 88700 24.201 
-0175 09.430 08.030 12.987 
-0.400 70,800 «J»0 8,906 
-0375 71250 70500 8481 
-0325 72.450 71500 2,701 

w,m 

CME (40,00Otw; Cantsribs) 


Ctose 

Prewous 

High/low 

AM Official 
Kerb ctaWJ 
Open tm. 

Tout Italy turnover 
■ LEAD (5 per loroo) 


1350-80 

1340-5 

138571355 

1350-5 

1350-60 


M 404.2 

+42 4042 401.0 


Jtd 

327/4 

+9/4 

3360 

321/4 


Jul 

1388 

+52 

1407 

1355 



Od 4068 

+4.2 4070 4030 

- 

tap 

333/6 

+10/0 

339/0 

3284) 


- tap 

1414 

+00 

1430 

1385 



ta 4066 

+42 4090 4074 

- 

Dec 

345/2 

+1£W 

352/0 

3400 


Dae 

1448 

+08 

1407 

1423 



««r 4166 

+42 403.5 4092 

- 

ta 

343T2 

♦10/6 

360/0 

344/4 


ta 

1480 

+00 

1400 

1480 



Total 


- 

■ta 

343/2 

+37 

- 



- Maf 

1512 

*00 

- 

- 



■ PALLADIUM NYMEX (100 Troy 024 Srtroy oz.) 

Jel 

Total 

322/0 

♦4/0 

327/D 

320/0 


JK 

Totri 

1534 

+60 

- 

- 




47800 +0075 <7525 47J5Q 0230 1074 

47.225 -0125 40150 47.123 9.476 1,287 

40350 +0225 46.750 40050 8083 702 

41275 +0525 43500 41850 2,917 343 

44025 +0525 44.100 43.650 2,951 193 

44560 +0875 44.000 40950 685 55 


130 35 +1.40 13690 13500 
13060 +195 138.75 13825 
136 95 +1.10 
13895 +1.10 


695 65 

208*5 0064 


Close 505-8 

Previous 501-2 

rtgtviow 

AM Official 498-05 

Kerb dew 

Open ml. 38,606 

Total drply turnover 4,487 

■ NICKEL (S per tonne) 


■ MAKE GBT {5,000 txi mbr, cenWSGb burittl) 


COCOA flOOOJ (SDWfl/taww) 


■ POnCBEUJES CME HODOObs; cantatas) 


■ silver COM EX (100 Troy at; Cmts/boy oz.) 


Gout 
Previous 
HlflMow 
AM Official 
Kerb dose 
CWi im, 

Torjt daily turnout 
■ TIN IS pur lormet 


632l>30 

0425-30 

6355/8130 

6250-5 

8320-5 


•ton 

5510 

+70 



Jul 

555.0 

+70 

5640 

961.0 

tag 

557.9 




tap 

5600 

♦70 

5890 

5560 

Dec 

5870 

♦7.7 

5770 

565.0 

ta 

Total 

569.8 

♦7.7 

" 



Jot zram +ivo 27m 275/4 

sap 272/B +1SW 27SB 27074 

Dec 268/2 +124) 208/2 2610 

Mar 27372 +1270 27272 271/0 

Bay 27970 +12/0 27841 27574 

Jot 279/4 +11/4 ZBOT 27774 

Total 

■ HARLEY ICS g per tome) 

Sep 98.40 -020 

NO* 9175 

ta 101.30 - 0.20 

M V 102.95 

Kay 1Q4.75 -a 10 105.10 105.10 

Totri 


10 (By www MM 

■ OQFFBELCE$/u*rc4 


May 2117 +82 2115 2D65 32 37 

Jri 2117 +131 2125 2020 12,908 1.744 

tap 2092 +129 2100 2003 18090 1,781 

MO* 2046 +88 2063 1980 633B 807 

ta MM +86 2045 1970 0.428 516 

Bar (987 +89 2001 1950 2A3S 56 

ToW 44015 4JJ48 

n COFFEE X 1 CSCE t37,SQ0fce; conta/tba) 


41.500 4132S 41000 41.200 8190 1J85 

41.350 -0.175 42250 40.850 2291 504 

50060 - 50400 49000 400 79 

40250 35 5 

5050 31 6 

51-000 - 52.000 51JXH 6 5 

7J» 1.629 


LONDON TRADED OPTIONS 

Strike price S hum — Catta — — Puts — 


ENERGY 

■ CRUDE OIL NYMEX (42UXM US gate. SrtM/raQ 


CKTj? 

Previous 

MiCtVlOw 

AM Official 
Kerb dooo 
Open ,m. 

taint rJjflv iianovr* 


5800-5 

5680-5 

&W0/S590 

5590-5 

5000-5 


ZINC, special high grarto fi per loonaj 


UU Day's 

pitta donga Mgb law 

18.07 +8.M 18.17 17.90 

1775 +O.07 17,78 1758 

17.57 +085 1758 17.44 

17 4S +052 17.46 1757 
17.41 

17.44 +4107 17.43 1731 


B SOYABEANS CUT (50OObu mtK cenMHBi UnM) 

Jtd 

sap 

12600 

1 2305 

+4.70 12700 12610 
+625 12625 122.75 

Jut 

701/0 

+27 JO 

704/0 

894/0 


Oee 

12000 

+405 12225 12025 

tag 

700/6 

+28(4 

702/2 

69310 


Mar 

11906 

+690 12005 11800 

tag 

OT5/6 

+3W) 

685/S 

678/0 


Bay 

118-50 

+800 11625 11675 

Mw 

873/8 

+300 

873/6 

065/0 


Jri 

11700 

+800 

ta 

Bat 

879/0 

882(4 

+30/0 

+300 

879/0 

882(4 

071/D 

6TO/0 


Total 

■ CO 

Franco 

1U3 cflrtts/pound) 


B SOYABEAN OIL C8T (50,000*9: cantata) 


Ctoso 957-8 

Previous OC7 -3 

tfagtilow 

AM Official 9J9-50 

Kerb do on/ 

Open mi. 104.684 

Totji darfy lumovi* 30.685 
B COPPER, firade A (5 par lome) 


CJtwo 3256-8 

Pronous, 32S5-6 

mania* 

AM OflrCU 2236-8.5 

K’ert? ttosa 

Open ml 217.150 

Total early turnover 55.O0G 
B LME AM Official C/S rata: 1.5115 
LME Ctoaing E/S rate; 1 ill 20 


2266-8 

2264-5 

2278/2235 

2248-9 

2257-6 


5<wt1J51^) 3 nans I 5036 Bntttrel S0S3 9 HUM: I 5077 

■ HIGH GRADE COPPER (COMEX) 

Days Open 


18185 +1.00 ■«.» 103 50 
103.75 +070 IIM.85 10130 
W1A0 +0/0 103.75 103.75 
103 OS +0 70 104 00 10250 
10265 *0 70 

102TS +070 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
|Pnc*s suppfcad by N M Rothschild! 


Gold (Troy ot) 

Close 

Coewng 

MominQ Tl, 
Afli-tnoc-n P* 

Day's Low 
PreviOui cicna 


S pnee 

387.60- 388.00 

785.60- 38600 
386.25 
387.60 

388 00-388.40 
385.00-385.40 
K5i0-.J85.90 


B CRUDE Oft. 1PE B/banefl 

Latest DaV* OpM 

prio change Mgb Low tat W 

Jut 16.30 -04)1 1630 16.2S 68082 19,701 

tag IB-79 -0471 16.33 16.10 35,390 0.763 

S*V 1630 +0.03 1042 16.12 13553 <548 

Od 16U -0.07 10.16 1007 7,961 400 

Ho* 16.12 -OOI 16.12 101) 5.321 300 

Oee 16.11 4L61 18.13 16.05 5006 376 

Total 130050 35432 

B HEATING OIL HTWEt (42.000 US gaU; C/US Q908.) 

ItM Day's Open 

pitta change Hgb In U IH 

Jsa 4040 +0.42 4640 4625 

Jol 4640 +024 4645 4045 

tag 4940 +023 49.30 49.00 

Sep 50.15 +010 5015 4050 

Oct 5045 +8.13 5045 5000 

tar 5240 

Total 

■ OAS OIL ftiwrto 

Sett Bn" 5 Open 

price change Boh Low M W 

4ui 151.00 +OSO 15145 150-73 20984 7.161 

M 1 5225 +075 IS125 161.75 20443 4012 

Aug 153.76 +075 15440 15300 9012 1,402 

Sep 15540 +075 155.75 155.00 6.524 896 

Oct 15825 +0.75 15058 15740 6.435 678 

Bat 16025 +1.00 15025 15025 4229 167 

TOW 93,061 14tal 

B NATURAL OAS WMEX [10,000 mm8W- 5/mmBtuJ 

Laaat Day's Op* 

pitta chance Mpb Low M Tot 

Jri 1.915 +0073 1425 1440 

tag 1.995 +0059 2.005 1.935 

Sep 2050 +0.058 2050 1485 

Od 2.110 +0038 2.120 2075 

No* 2210 +0030 0215 2175 

Dec 2310 +80M 232S 2295 


2036 +044 3602 2030 
28.33 +0.48 2063 2032 

28.15 +043 2042 28-15 
2745 +065 2840 2740 
2742 +072 2740 27.17 
27. 10 +070 27.40 27.10 


■ SOYABEAN MEAL CBT (100 tons SrtonJ 


2026 +0.4 2D4J 2004 

MB 202.8 +08 203.8 2004 

Sap 2020 +04 2024 1994 

Od 2001 +1114 2001 197.D 

Dec 199.0 +104 1990 1964 

ta 1900 +104 I960 1974 

TOM 

B POTATOES LC£ (E/tannn) 


JOO 2600 .... 

ttm 904 

Stir 105.0 .... 

tar 131.6 +54 1324 128.1 S81 

ttsy 1404 .... 

ta 1074 - 

TOW 681 

B FREIGHT (B1FFBO LCE laiOBndaa poW) 


B ALUMMUM 

(99.7%) LME 

1325 

1375 

1426 

B COPPER 
(Gracia A) LME 


Aug Now 


May 27 Ww Pm day 

0*1®. dUy 11145 111.46 

ISfeyanraga 11128 11236 

■ No7 PftaWUM RAW SUGAR LC£ (conSsAtn) 


1134 +023 1246 1244 2,748 36 

. ta* 


■ COFFEE LCE 

2150 

2200 

2250 

a COCOA LCE 

900 

S2S 


00 

3MB 36 


Total - 3MB 36 

B WHITE SUGAR LCE (Vtonng) 

ta) 3*940 +2.40 35040 348.70 13,161 1,192 

Oat 328-40 +090 33040 32840 8441 871 

Dae 31740 +050 31740 31740 730 20 

Bar 31740 +240 31720 31540 2006 163 

Bay - 205 

Am - - 23S - 

ToW 25014 2JKB 

■ SUGAR 11’ CSCE pijLOOOfaW camatalQ 

Jd 1244 +045 12.06 1141 

Od 12.15 +0.14 1242 1248 

Bar 1141 +0.14 1144 1144 

May |T40 +0.10 1140 11.78 

M 1148 +0.18 1140 11.72 

Od T1J9 +0.18 1144 1144 


64 

99 

25 

38 

38 

71 

48 

57 

20 

49 

80 

83 

Aug 

Now 

Aug 

Nov 

115 

118 

55 

88 

87 

% 

78 

113 

68 

74 

105 

142 

Jul 

Sep 

Jii 

Sap 

80 

186 

113 

244 

82 

168 

146 

276 

47 

152 

180 

310 

JU 

Sap 

JJ 

Sap 

127 

166 

- 

9 

103 

138 

1 

14 

80 

118 

3 

19 

Jul 

Aug 

Jut 

Aug 

. 

- 

9 

_ 

- 

7Q 

20 

45 

23 

44 

- 

- 


LONDON SPOT MARKETS 

■ CRUDE OIL FOB {per twrrat/Jte +or 


Dubai S1545-6.41W +0.12 

Brent Btend (dared) S16ta-S42 *ai06 

Brant Band (JuQ $1645-047 +0.065 

W.TJ. (1pm osq Si8.04-a.oew +0.075 

■ OtL PRODUCTS NWEprompt (Mtmry OF (toma) 


MW 

1477 

+1 


■ 

1378 

- 

— 

Joe 

1284 


■284 

1280 

770 

7 

Jri 

Jtd 

1210 

+3 

1210 

1207 

942 

4 

Oct 

Oct 

1296 

+6 

1295 

1295 

397 

2 

Doc 

ta 

1323 


- 


219 

- 

Mm 

Apr 

■338 

-12 

- 

- 

80 


Mat 

Total 





3,745 

13 

M 


data 1 

He* 





Total 

m 

1455 

1482 





B Ol 


B COTTON NYCE (50,Q00tos; canWIba) 


65149 +0.16 84-40 8X33 
7843 +4LG5 7845 7740 
7M6 +041 7640 7600 

7748 +043 77.40 7700 
7746 +047 7740 77.4S 
7623 +048 7615 T74D 


Premium GaaoBna 
Eta OB 
Heavy Fuel O0 
Napntna 
Jet Fuel 

Preds um Ai&a Gutna u a 
m OTHER 


Si 84-185 
$150-152 


*159-160 

*161-163 


B ORANGE JUKE NYCE (154006*: centatatt 


10145 +4.10 10240 9675 
10445 +056 104.75 9650 
10540 +345 10545 10145 
107.00 +J45 10740 10340 
10650 +440 10650 104.50 
(1040 +440 0 0 


Loco Ldn Mean Cold LandktB Rtlm lift uSSv 


1 tnorah 

~ ^4 04 6 months . 

—4.48 

J rnjm/is 

.. ..J.l? IS months 

*.BZ 

3 inonlM . ... 

„ 4 IT 


saver n* 

plrov oz. us eta equv. 

Sp« 

303.90 

540.50 

J munib* 

308 50 

»S.«t 

6 ironitn 

372.95 

581.95 

1 VMf 

303.90 

577.35 

Gold Cotna 

S prtca 

t equtv. 

Krogarr.SK: 

393-396 

250-263 

Mapki Leaf 

398.05-400 55 

. 

Nct* oovcn-fgn 

91-94 

BO-63 


01 UNLEADED GASOLINE 

WMBl (42.000 85 gait; BUS ga«J 

Latest OaV» Opaa 

price change Ugh Law tat DO 
ta 5340 +0.79 5300 52.15 

Jd 53.15 +4.87 53.20 5245 

tag 52.90 +046 KL90 52.30 

Sap S 20 O + 0-26 5240 5140 

Od 4690 -614 5025 49.90 

No* 4690 -0.14 4690 *&8S 

Total 


Minor Metals 

European free market, ham Mad Bufladn, S 
per lb In warehouse, unless otherwise stated 
Has* week's In brackets, vroere changed^ anti- 
mony 93-0% : S per Wine 2950-3100 btamufli 
reit n 99.99% tome lata 245-2.40 esdnNun 
mm 99-95%. 75.00-0600 cents/b Cobalt MB 
tree meifcot min. 99.8% : 2440-2640 mh 
99.3% : 19.50-2046 n iercucy rain 99.99%: 
100-120 molybdenum - euro. Drummed 
motybdlc axHte : 3J2D-3.30 Mtenhrn min 
9S.5K; 650-445 tungstsn are standard min 
65% « per tonne unrt (1t*fl) cW- SMS "W 
Bum min 9096: 1.40-140 uranknt - Muenoo 
wcfwnfle value : 7.00 


VOLUME DATA 

Open Wtwesl »xl Vo/ume date ahoe m tar 
contract* traded on COMEX NYMEX CRT. 
NYCE. CME, CSCE era! IPE Crude OR era am 
day In arrears. 


INDICES 

■ REUTERS (Sana: i8W3ia10M 


May 31 May 27 month ago year ago 
1AS5.1 1945.6 1848-3 


Gold (per troy ozM> 
SBver (per aroy or}A 
Ptathun (per 1 my ox.) 
PaCadtom (par tray oz.) 
Copper (US prod.) 

Lead (US prod.) 

Tin Qtuala Lumpur) 

Tin (Maw York) 

Ztoc (US Prime W.) 
Came vtaghDT 
Sheep (tore weight ) fto 
Plpa (tore weight} 

Lon. day sugra (raw) 
Lon. day sugar (wtai 
Tdm A Lyle export 
Barley (Eng. food) 

Mata (US nq 3 Yeflow) 
Wheat (US dark North) 
Rubber {taV 
Rubber ffiugjV 
RubboffiO. RSS Nol Jun) 
Coconut OB (Pt»#S 
Palm 05 fltaiayj§ 

Capra (PhlM 
Soynbeene (US) 

Cotton GuBooK A Index 
Wodtaps (84a Super) 


■ t5HB Futures (Base: 4)^56-100) 

May 27 May 20 month aQO year ago 
230.88 22941 


c per tame meaae oBwn M se Mated, p paocWfeni cefltMb. 
r itipgttkg. ffl Uakqtan mHAp. j MmUuL r Jn «• JuL 
f LCndon p hff ta . g OF RaWrdenu A SMKr ffiakat 
dpM. A Sheep (LM welgM priceeL * Change an week, 
tawteentt *At«. 


Gold Fields, recently privatised 
by the Ghanaian government, 
with the rest coming from new 
projects and big expansion and 
rehabilitation programmes at 
other mines, gays Mr Kesse, 61. 
who was awarded his geology 
degrees at universities in Calif- 
ornia. 

He has now joined the Gha- 
naian gold rush as chairman of 
African Star Resources which 
has a 76 sq ton concession near 
the Ashanti mine at ObuosL 
African Star’s parent company. 
Pacific Comox of Canada, 
recently raised C$2.5m 
(US$l.8m) which will mainly 
be spent on the Andansi Asaasl 
project where there are old 
underground workings devel- 
oped between 1900 and 1930. 

“There are 1,000 feet of 
underground workings but 
there has never been any dril- 
ling or geophysical work." says 
Mr Douglas MacQuarrie. presi- 
dent of Pacific Com ex. 

African Star is also partici- 
pating in an initial 16,000 sq 
tan airborne geophysical sur- 
vey, the first high-resolution 
survey ever carried out in 
Ghana. It will cover most of 
the gold bearing greenstone 
belt in south western Ghana. 


Copper miners 
need to raise 
$10bn by 2000 


By Kenneth Gooding 


International copper miners 
require mare than USSlOba by 
the year 2000 for projects 
which have been announced 
but for which funding lias not 
yet been secured, according to 
an analysis by the MetalsFin- 
ance newsletter. 

It suggests that the scale of 
demand for capital means not 
all mines will obtain immedi- 
ate financing. 

“Developments are likely to 
be tiered according to their 
level of project, political and 
economic risk, among other 
factors. It is unlikely that 
projects in southern Africa 
will be developed ahead of 
mines in Latin America, while 
deposits in the Commonwealth 
of Independent States also face 
near-term uncertainty,” it 
adds. 

According to the newsletter. 
Latin American projects are 
seeking a total of $fi.555bn, 
Africa requires "a conserva- 
tive" $2.5bn, while smaller 
amounts will go to Australia 
and North America 


CROSSWORD 

No,S,468 Set by QUARK 



ACROSS 

1 Attacker I dare to shake with 
bit of resolution (6) 

4 By strength, necessarily (8) 

10 Small shelter by lake for an 
exclusive group CD 

11 Listener to make a mistake? 
This will provide the cover-up 
tf) 

12 Game? Not soft kind (4) 

13 Show sort of decline around 
left bearing (10) 

15 Sailor with a rod cast on ship 
< 6 ) 

16 List strangely not going 
round for last course? (7) 

20 Quite a number cut a learner 
C7) 

21 One holding drink shows 
firmness of resolve (6) 

24 Shady character? (10) 

28 Ifs a cert, backing certain 
numbers (4) 

28 Account Includes broken 
chair, old (?) 

29 Settle down and write (7) 

30 She's always taking people ia 
( 8 ) 

31 Fish? Right one to be seen on 
Ice (8) 

DOWN 

1 Method of travelling Is a 
strain on the dramatist (8) 


7 Way found underground, say 
(5) 

8 Worn out? Iron for a pick-up 
on special occasion (6j) 

9 Put off half firm in resolution 
(5) 

14 Nobody pays in this public 
brawl (4-3-3) 

1? Unqualified double Hiamhafll 
(3-3-3) 

18 Dishonourable type to finish 
up round church with intona- 
tion (8) 

19 Early ape in redevelopment 
occurring only now and again 


22 Some clear sign going up for 
the republic (6) 

23 Stay in a piece of wood (5) 

25 Mast of due an unusual word 
referring to a saint (S) 

27 A tailless donkey in a frenzy 
(4) 


Solution 8,467 


2 Tie person to knots and place 
inside (9) 


3 Sort of linen provided In 
recruitment (4) 

5 Dentist will (and possibly fill 
itO (3-5) 

6 Good degree relationship for 
an early success (5.5) 


naSQHQ QHDDDH 
a a a □ a a 
□auaatja QQQtncooQ 
,,0300000 

□QaaaaaQBQ mans 

Q Q B B □ 

BQiiaB QaanaoBD 
m m a a a 
□HanQHQB nEQEQ 
an a q a 
Qaaa ssaaaaQDBi3| 
a □ m o q o a I 
SCiaQQEEl □qqdbqdI 
a a q B q b 
anQQiaa Danaae 



- . r:1 

. ' — L I * 




(A ii,rn 




h-' 

4 - 






27 


jgE?,V ' . 



V»Pi»er n,j nt 
ttt-wl to raisf 
StObn by 2 (j 

B|p Knutatr, ivj.. , 


feKrt* 5 -* "tten! •; , . 

'.ftp 

rtiit h *- ■ 

Xtf K« nii\. i 

rft •. 

Bt*t n^as;. ». 

Ivoiat+.i !,'• 
tU niru v ... 
ifc i*liiiis r't.- 
'Iku 

«■ iU'f.-.I .. . 
*V*i Ml f:.., 
iJoji'-.mi.- . 
*V4 vtt 1: . . 

... 

.bj .! • 

If: 

hflrt^iSi .'A 

1 {^V ;a ■•. .,• 

;fc»t 

Ai* 

Vi'.'ft: ; • 
*vr '.v. • 
^ -. • . • 
it\U i JVJ .•■ • 

;*F *+ •-.• 

•...' 

M Vm:. • 


BA firm 
oil Orly 
opening 

Shares lit British Airways 
were strong, dosing 8 ahead at 
378p, with the day's trading 
boosted by. a" broker’s recom- 
mendation and news that 
France-had agreed to open its 
Orly airport to UK airlines. 

France had previously 
resisted a European Union 
directive to open the lucra- 
tive London to Oriy route, a 
move which, nearly provoked a 


confrontation with the. UK 

The recommendation came 
from long-time bull -Strauss 
Turnbull, which said: “The 
stock is a good recovery play. 
The yield is attractive and the 
rating undemanding Also, 
British Airways is well posi- 
tioned to take advantage of 
European deregulation." 

Full-year profits' of £301m 
reported last week were at the 
top end of expectations and 
saw the stock return to favour 
after a sustained period of 
weakness. 

-Transport analyst Mr Nick 
Cunningham at Strauss pre- 
dicts profits for the current 
year will jump by nearly 50 
per cent to £450m. 


De La Rue rises 

Printing group De La Rue 
was one of the . few shades of 
blue on dealers’ screens in 
rariy trading after turning in a 
solid set of full-year results. 

Underlying profits jumped 20 
per cent to £12^3m, with ana- 
lysts moving their forecasts for 
the current year by around 8 
per cent to a range of £133m to 
140m. The shares strengthened 
to dose 16 up at 859p on 1.4m 
traded. 

Speculation over how the 
company intends to spend its 
cash pile, particularly in the 
wake of the failed talks with 
Portals, was prominent among 
dealers, although they added 


EQUITY FUTURES AND OPTIONS TRADING 


that criticism over De La Rue’s 
handling 1 of the affair ha d 
adversely affected City opin- 
ion. Portals’ gharaa continued 
to suffer from the fallout of the 
aborted merger talks, dropping 
a further 10 to 643p. 

Insurers bought 

A weighty note from BZW 

ht ghtighHwg thft f nndarnAiitatl 

valuation story drove stares in 
the composite insurance sector 
forward. 

The detailed piece of 
research, published annually, 
inrfndpq alternative val uation 

mrvtolg of normalised agmhig s 

and projected total returns in 
an attempt to highlight the rel- 


TRADING VOLUME 


Stock Index futures came 
under .renewed setting 
pressure, taking thdr cue from 
International bond markets, - 
writes Store Thompson. 


A steady opening at 2,941 
by the June contract on the 
FT-SE 100 quickly gave way 
as big setters moved Into the 
markEft. This followed a sOde 


■ FT^ 109 WPBt FUTURES 0JFFQE2S par ttXtodaK point 




ITORD 

V <S : V(k 


Opan Sett price Change * Mflft bow EsL val Open H. 

Jun 2941.0 3959.0 +10.0 29834 2901 4 21248 . S2144 

Sep • - 28624 2671.5 +184 29874 29194 2039 . 7963 

Dec 29814 +174 - 0 2S1 

■ FT-Sf MP-2B0 MDSX RJTURC8 CUFFQ £10 per X IndaBtpotnt 

JU1 SS404 . 38454 +2.0 3S454 . 34604 107 - 3748 

Sap ss sro +24 - . Q 808 

■ FT-3g IIBP SSO apex FUTURES (OMUQ CIO per Mi W« pert 

Jun ’ V - '• 35400. ■ - - I ^ 771 • 

Al qw* MM agnes era. tar peiee tegi t tea* vohne Nnwt 

W F T-OK fOOINPEX OPTION (LffFg r2968» EW per FuB Mr point 



2600 28HI.. 2800 £950... 3000' 3080 3100 3180 

C P C R-O P C ,P C P.- C P C P C P 

Jun in* ** ra* iB ae* a 4t s** n * t* in* 7 iso^a * 1994 

M «6 25 itt JB 117 54 38 78 83 101 43 132 26 168 16* 296 

Aug 208* 36*172* 491* «7* B5* 108* 87* ffl* 111*7 SB* WO* 41* IBS 28* 2121? 

sep m so*to* 63 isi m no m i» t»* 15s* »* ns 42 222 
Oect os . _ W*1M* W01SB* 98*213* 

W* 7 JD 1 PUU «JB 6 . 

■ euro anrui ffwgioB—afexopnoN<Lffreieib per mm** point 

3775 anS 2878 - 2928 2978 3023 3075 3128 

JH 194* B* W* 1Z* W5* 21 71* H Ot 9 23 » Tl* 12B S 168* 

M m » 1*6 a »• » 96 55 .76 79 46 106 32 Itt 19 177 

tag .... mbgfe ttHaWh 

sap • - •; 290*2 55*4 • • tapj avj 

u«d • • , ?» 57 mhttih 

Me 1*5 hnlnei 

■ BWO Sms FT-flC6n 280 MDBCOiniOW^MXS £10 per ful Mac point 


oshimh 

■ 66*1 138 
1W 166 
i«tawnr» 


»2l»> 2 

63 222*2 

PH*. 


3680- -3606' 3866 3760 3796 

Jtt 41*a 61. 82*2 W>2 121 4*2 X 

am Q M«Mmi phu ied a*n at oopat 


Fl - SE Actuaries Share indices 


3600 3896 3600 


in German bunds and UK gBts 
after news that the 
Bundesbank had withdrawn 
the bund issue scheduled for 
this month. 

With selling pressure bidding 
up during the mid-mom Ing 
period, June fed sharply to 
trade at a discount of 30 
points to the cash market, 
reaching a low point of 2,901 
around lunchtime. This level 
triggered substantial bear 
closing and a squeeze 
developed. June was 
subsequently driven up to a 
closing level of 2.9S9, a 
discount of 14.5 points to the 
cash market, with sentiment 
helped by a better than 
expected opening on Watt 
Street. 

Dealers described the 
market as extremely nervous ■ 
and driven by worries of 
Increasing inflation in the US 
and the UK. Turnover in the 
June Footsie future reached 
a heavy 21,246 contracts. 

Traded options were 
dominated by the FT-SE 100 
and Euro-FT-SE contracts, 
which together accounted for 
26,019 trades out of a total 
turnover of 38,302 lots. 

J. Salisbury was the most 
heavily traded stock option. 


■ Major Stocks 


Yesterday 

tot Sotos DW» 


ABBA Qnupt 


An I 


mkc. at Pora 
BAAt 
BAlUd+f 

eer 
see 

Bf»t 

BP9M+ 

BTt 
BT 


BtokMSaaOnft’ 

BodMt 


BUaOfdaf 

Bck*w 

Booet 

D ontoto t 

BAAmptod 1 


WWlQMt 
Btoshltod 

Bam) 

BwntoCMotf 


C4R1WWI 
Cadewy SOMMSporf 
Uarto* 

CMdoat 
CMHn Coovn+t 

sr» 


CaiuUMt 
0*0*1 
Dalai 


EnoCfataRCtot* 

Cn toptoaOtf 


MOO 

52h 

3X00 

391 

1.100 

54 

1.400 

578 

243 

470 

072 

3SB 

2X00 

237 

2X00 

274 

453 

329 

sn 

255 

419 

925 

7X00 

4GB 

3L<00 

12* 

1X00 

418 

1X00 

no 

BXDO 

383*2 

7B4 

287 

8.700 

382*7 

3X00 

243 

5X00 

373 

533 

178 

3X00 

305 

3X00 

518 

3.100 

291 

050 

388 

9MA 

509*7 

1300 

420 

890 

481 

1X00 

378 

MJOOO 

20*h 

620 

385 

5X00 

138 

1X00 

156 

1.100 

880 

1.400 

57 

0000 

435 

1X00 

482 

22 

308 

1.100 

309 

1X00 

878 

3.100 

228 

1.400 

525 

734 

2*8 

txoo 

519 

101 

418 

1X00 

859 


189 

h 7 ^.' 'M 

598 

80 

573 

380 

422 

784 

4C2 


Footed IT. 
Gn.Acc*fentt 

i zsF** 


: ' : V * 

Year 

May SI d«K May 27 May SO May 25 ago 

Ohf. Eon. 
yWdH yMdM 

P/E 

redo 

Xd aq. 

y* 

Total 

Rahan 

FT-SE 105 

' 29705 

+0.1 288BL4’ 3019.7 3020.7 2848X 

4.15 

6X6 

17.17 

40.79 

1106X8 

FT-ae mm aao 

3584X 

-OX 3572X 3018.4 3629.4 3188X 

3.46 

5.71 

21X1 

4086 

130034 

FT-Sfi 6fid 280 ax faw ,TtaatB 

' 3871.6 

-03 3582.1 3826.4 3638,3 3184.4 

3X9 

8.16 

1093 

41.40 

130002 

FT-S&A360 

1508.7 

+0,1 1506.9 1531J) 1632.8 1420.0 

3X9 

6.67 

18X0 

19.87 

1147^4 

FT-SE StotoiCan :- 

1677J54 

-03 188082 1893X1 190820 1617.78 

2X8 

4XS 

28X2 

iai8 

1440X3 

FT-SE SwMICj^i ex tore hurt 

- 1858X8 

-OX 1882X4 187076 1878X3 1630X2 

3.11 

4.70 

28X2 

19X5 

1427 J3 

FT-SC-A AU^SHAKE - 

1901X2 

150086 1524X4 153082 1408.15 

3.91 

8.49 

1060 

1048 

118327 


OanruHf 

OMMtt 


3KM 

OltKMVt 

HsecpsptoMt 


■ PF4HK ActMBtos AU-Stwre 

0«Yb YM n>. Em RE Xdd Tam 

' . . . . Way 31 0120% Msy 27 toy 36 May 25 aao yi t*s% nUo yt a Wan 


S£ow 

Mopaf 
Jonraoi Miniwy 


772 

urn 

oia 

*300 

<900 

4JS 

U00 

1100 

IjOOO 

3400 

1,100 

1100 

2.100 

001 

*100 

191 

3M 


182 

138 

135 

229 

S&t 

901 

530 

1*7 

491 


-Ik 

<6 

«e 

-2 

40 

+1 

-e 

43 

-44 

+1 

+IS 

-1 

% 

4fi 

-*2 

-1 

+1 

-** 

-1 

♦iia 

-i 

+10 

+1 

*7 

48 

-1 

4T»1 

-6 

-1 


-a«* 

-2 

44 

-M 

«3 

•1 

-1 

•6 

-5 

+16 

+2‘l 

-11 

+2 

49 

+10 

42 

•1 

♦13 

-2‘i 


♦15 

-1 

42 


♦n* 


10 HH BW . EXTRACntMtlB} 2608.16 

12 ExtncBM MuaKlM(4) 378248 

15 04 kaagnM& •“ 255045 

18 08&ptaMkin 6 Pwdtll) _ 1821.10 


+0.1260440 264326 284449218040 157 

40£ 3765.153603.63 3787.49 3087.4O 3.42 

+4X2 264&3S 286081 2SB1£7 2109S0 061 

-0.4 1928.91 1947S3 197064 1923.90 150 


4.48 2001 37S8 103843 
021 24 M 4039 1034S9 

4.84 28.78 4043 1034S5 
1£9 aOOOt 16-62 1101.17 


LMSaeuriOMt 

Upcata 

UgtlOodt 


uoMtsa 

LA6MO 


20 P6N MW4U BAC T W E H3P B6 

21 BdMag AConMneOonpli 

22 BdMtog Ma6s & MerchapO) 
a ChBBQeddtq 

24 a wnWM d bdunWand 
28 Bacnwfc « 0*2 fcqUp(34/ 

26 Engtmaring(71) 

37 Eogtaachg. V<Mdaa(12] 

28 Ptirtn* Paoar 8 PefcgPT) 

29 Ttaiato a, AnoarSCQ 


197072 

+02 1970532007.122011.73 1791X0 

3.79 

4.49 

27.82 

24X7 

993X5 

LondmBacL 

60 

1221X4 

+0.1 1221.09 123088 1245.77 1052.30 

3.08 

3.84 

32X6 

15.18 

947.78 

Lucas 

2200 

1901.13 

— 190062 194020 1935.73 1677.60 

3.75 

3X6 

33X9 

28.79 

68548 

»*PCt 

014 

2437.43 

+Ot 2435X5 2452X2 2471.75 212720 

3X0 

3X9 

32X5 

28X9 

1082X5 


1988.14 
2017.81 * 

+0.1 1984X4 2021.02 2025.78 1851.90 

4.S8 

4X2 

26X3 

3045 

938.38 

Merto, A Soaeeert 

<7CC 

-04 2028.43 2075.88 2080X3 1953X0 

3X4 

6,42 

18.02 

12X0 

965.84 

MeotienlWcU 

541 

UOO 

1830.87 

+03 1825.15 1844.74 1848X4 1505.00 

2X6 

4.04 

3052 

2011 

1034X5 

2239X9 

+1X 2217.78 2238X1 2246,45 1728.10 

4X7 

2X7 

61X1 

32.42 

1071X7 


8^00 

2733X0 

+09 271025 274073 2748.19 2314.40 

3X3 

5X9 

wan 

2045 

1082X4 

ttotoo—lPDwei- 

1.500 

1736X7 

+05 172a 71 1745X0 1749.82 1806X0 

4X4 

5.78 

22X2 26.05 

973.75 

NonhWeeWtowt 

dSZ 



30 COMSeUBI oooosm 

2604 X 4 

-01 2606.31 2631 X 0 2629 X 5 270420 

4 X 9 

7 X 1 

14.71 

44 X 9 

683 X 9 


31 BmnteEIT) 

210089 

+02 215026 2171 X 5 2188 X 1 193740 

4 X 6 

7 X 1 

15.73 

13 X 3 

948 X 1 


32 SpHM, WkwB 5 CtetlQ 

2995 X 1 

-OX 2905.08 2920 X 7 2888 X 7 2724.70 

3.79 

6.78 

17 X 9 

41.70 

657 X 4 

" 


2218 X 1 

2219 X 8 2242 X 9 2241.89 2318 X 0 

4 X 9 

009 

14,42 

42.76 

923.10 

- • 


3474 X 3 

+ 0.1 2471.98 249076 2514.78 230030 

3.65 

7 X 0 

1045 

40.74 

881.66 

* * 

38 HaaDt Osopl® 

1660 X 0 

-OX 1668 X 9 1879.17 1891.47 198030 

3 X 3 

8 X 2 

20.43 

1000 

953 X 8 

• 

37 PltanaaoauticaKlI) 

287015 

3869.13 2691.18 2701 X 2 3134 X 0 

4.79 

6 X 2 

14 X 1 

47.15 

835 X 2 

■_ # • 

38 TatMoeem 

3431.14 

-03 3439.53 353043 3531.81 3676.10 

014 

9.93 

11 X 0 102 X 5 

764 X 5 


40 oaMHEsgoo) 102109 

41 DMrtbutonpi) 2627.96 

42 UMur»l HOMatZa) 207318 

43 MacbpQ 293065 

4* RMaOM, 1=000(17] 154055 

45 Ha dm OanoraMJ) 168420 

48 S«pM Swv> M4« l> 1588.41 

49 7noapoe(H9 228068 

fil /QOaf Safvfcto 8 auWwtodq 1164.71 


-01 1934.44 165112 165101 1788.00 114 . 003 1084 1040 631.02 

-02 2634.69 2 B 4143 2848.05 2565.70 110 5 S 8 1972 3405 968 S 3 

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atlve long term attractions of 
the stocks in the sector. 

Analysts Mr Trevor May and 
Mr Andrew Pitt at the invest- 
ment bank conclude: 
“Although there are disparities 
in the relative company rat- 
ings, we- now consider that the 
sector as a whole is cheap and 
rate all five composites a buy." 

BZW was particularly keen 
on Royal insurance, which it 
gfliri was ft mriamen tally under- 
valued. The shares surged 8 
ahead to 242p in trade of 9- Km , 
while Commercial Union hard- 
ened a penny to 525p. 

The broker promoted Sun 
Alliance and General Accident 
to its buy list. The former 
firmed 6 to 293p, on volume of 
2.6m, after BZW said it stands 
to reap returns from record 
1994 underwriting margins: 
addle the latter jumped 13 to 
554p as the analysts pointed to 
its yield attractions. 

Shares in enginpaHng group 
Siebe moved sharply forward 
ahead of today’s figures, as 
analyst Mr Paul Compton at 
Credit Lyonnais T jring took the 
stock off the sell list The stock 
closed 21 ahead at 556p, with 
Kleinwort Benson, the group's 
broker, also reported to have 
been recommending the 
shares. 

Reports of a sign of an 
improvement in European car 
sales boosted GEN, a leading 
com ponen ts manufacturer and 
supplier to several car makers. 
The shares gained 15 at 584p. 

News of a £93m contract for 
its Balfour Beatty subsidiary 
lifted BICC and the shares fin- 
ished 314 firmer at 413p. 

A profits warning from Hall 


NEW HIGHS AND 

LOWS FOR 1994 


NEW HKtHS ( 23 ). 

BAWC 8 (fi BUUXNO A CtSTIW ( 1 ) 8 h(M 
{Wn*. OtVkWBHU) INKS « ELBCTHNC « 
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nx 

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ASSURANCB (8 Uoyito Abbair UK, London « 
Mtodtoaer. PrudontU, MBUA (8 MERCHANT 
BANKS n OIL EXPLORATION * PROD (I) 
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EndoMnan Fund Ganmora. Handmoa Wm, 
14 . B G, Protokrt financial RafibMa 8 ms, 
Sacore That . OTHER 3 ERV 8 & BUSNB (Q 
Cap+Rto®#, Rocftna. PHARMACEUTICALS (fi 
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PACKS ( 7 ) PROPERTY ( 25 ) RETAlLBtS, ROOD 
n ASOA. toatand, Kof< Saw. RETAILERS, 
GStERALn SUPPORT SERVSnCMlto. 
Macra 4 , RanlBM, TELECOMMUNICATIONS ( 3 ] 
TEXnLES A APPAREL MBdMiMcMr.CcoB 
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TRANSPORT M VMTB 1 09 AWMANS 0 
CANADMN 8 PX 

Engineering saw the shares 
tumble 71 to 169p, to make it 
the day’s worst performing 
stock. The company said 1994 
profits would be worse than 
the previous year’s because of 
a postponed contract and pres- 
sures on steel margins. Hall 


reported a sharp increase in 
profits last year from £L36m 
to £&56m. 

British Steel eased a penny 
to I35p, with Nomura said to 
have urged investors to sell the 
stock. Reports that engineering 
group FKI had abandoned 
plans for a £400m US acquisi- 
tion cheered the market The 
shares put on 2 at I82p. 

Kingfisher weakened ahead 
of the company's agm today, 
with a variety of concerns 
exer cising dealers' wKwIr 

Worries that trading at B&Q, 
the home improvement busi- 
ness. had not picked up. and 
that Woolworth would prove 
disappointing, were being dis- 
missed by the stock’s support- 
ers. However, even they were 
admitting to hoping for some 
calming words today - which 
are likely to be accompanied 
by a more detailed sales pic- 
ture than normal - to steady 
the recently volatile share 
price. Yesterday it closed 6 
down at 543p. 

UBS was reported to have 
increased its Next profits fore- 
cast, the shares edging up a 
penny to 238p. Negative week- 
end press comment on Body 
Shop was said to have contrib- 
uted to a fell of 4% to 235V*p. 

Discount supermarket group 
Shoprite was the best perform- 
ing stock in the market as the 
shares jumped 10 per cent, 
with bargain hunters moving 
in following last week’s profits 
warning, which saw the stock 
virtually halve in value. The 
shares added 9 to 89p. 

Hotel group Forte gained 3% 
to 229p with traders citing 
recent institutional presenta- 


tions, last week’s positive agm 
and lingering hopes that the 
bid for French chain Merdien 
will be successful Weekend 
press reports over plans to link 
up with the Savoy Group were 
dismissed as well known 
within the market. Savoy 
shares dropped 5 to 1020p. 

In a quiet drinks sector, Bass 
proved to be the highlight, the 
shares climbing 10 to 518p, 
with Warburg reported posi- 
tive. 

Among telecoms stocks, 
Vodafone was a strong feature 
with US buying combining 
with positive sentiment among 
UK analysts over the upcoming 
subscriber figures for May. The 
shares gained 11 to 530p on 
moderate turnover of 2.2m. 

The regional electricity com- 
panies rode along with the vol- 
atilities in the bond market, 
ending a weak session well 
below the market Eastern slid 
6 to 588p, London 6 to 564p and 
Midlands 10 to 595p. 

Shares in Beazer Homes 
slipped 2 to I54p after announc- 
ing interim results largely in 
line with market forecasts. The 
company was floated by Han- 
son with a price tag of 165p in 
Mnrrh 

The announcement of an oil 
discovery in Colombia by bid 
target Lasmo left the market 
unimpressed. The shares eased 
3 to 145p, on volume of 2-fim, 
on the first closing day of 
Enterprise Oil’s bid. 

MARKET REPORTERS: 

Christopher Price, 

Joei Kibazo. 

■ Other statistics. Page 23 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 




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7 % 

16 ■ 

18 % 

tea Power 

390 

32 : 

98)4 48)4 

314 

14 

19 

T 419 ) 

420 

7 

23 3014 

I 7 %! 

29 % 33 % 

Scot fete 

330 : 

22)4 

33 

38 

3 ' 

16 % 20 % 

r* 348 ) 

360 

5) 4 

17 23)4 

18 32 % 

35 

Sen 

110 

11 

15 

17 

1 

4 % 

6 

n»t 

120 

3)4 

9 11)4 

4 

8 % 

tl 

Fona 

220 

12)4 

24 

28 

3 : 

10 % 14 % 

r 22 B) 

240 

3 

14 

18 ' 

14 % 21 % 25 % 

Tarmac 

135 

13 

- 

W 

1 % 

_ 


H 44 ) 

155 

3 

— 

— 

13 

- 

- 

Ttom 06 

1000 

38 69)4 

90 

8 % 5114 65)4 

Doai 

1050 

t 3 K 

45 

66 

3 « 

61 94 % 

758 

200 

11 18)4 

24 

3 

10 

14 

rzo 7 ) 

220 

3 

9 

15 1 

15 % 23 % 

26 

Toddns 

220 

6 14)4 18)4 

6 

15 

18 

r 220 ) 

2(0 

1)4 

6)4 1014 2)14 29)4 31)4 

Welcome 

550 17)4 

48 

58 13 % 37 % 47 % 

fS 52 ) 

600 

2 K 

24 37)4 

52 68 % 

77 

Ogdon 


JM 

OCt . 

tea 

JM 

On . 

lan 

r*»— 

500 51)4 63)4 7054 

11 28 % 

35 

r 534 ) 

550 22)4 

38 

46 

34 66)4 62 % 

bESeC 75 p Ste 

700 3714 8814 87)4 28)4 

47 

SB 

n=i 

750 

32 

68 

73 

52 

73 84 % 

Atttes 

450 27)4 38)4 

- IBM 26)4 

- 

r« 9 } 

462 

21 32)4 

_ 

22 32 % 

- 

Opson 

Aog 1 

toe Feb Aug Nov Feta 

HMs-Bnjca 

760 

13 

19 23)4 

9 % 15 % 

18 

(-181 ) 

ZOO 

514 11)4 

IS 23H 

28 30 % 


‘ Undutymo saoMv pries. R an u m shown a« 

tosari on daafc u altar nricM. 

Utt 31 . Ttato cartracer 33 X 46 Cda: 14 X 98 
Puts. 19 X 47 


FT GOLD MINES INDEX 



Bfty *c%8 
30 da day 

Hay May Tear 

27 25 mo 

Great dhr 
jkU* 

62 MBA 

10* Ini 

GcM Hoaa fetex (35ft 

133644 +44 

1821X3 191689 1842.19 

2X4 

238780 1622X8 

■ BigtreiM Mob 

Mdca(iq 

261696 +1.7 

2573X1 2551X6 2521X3 

4.63 

344080 190223 

MOMMA 

2617.82 -OX 

2530.13 2654XS 2306X9 

1X6 

3013X9 1633.18 

North Ararta (11) 

T 641X7 OX 

164215 1626X8 1577.14 

0X8 

2039X5 1363X0 


C RftAff*. Ifea ft— me Ten— Lretod <W. 

Fflto 41 Mkn ton— nuite of campuMa. Bas« US DoOn. Bam Vtou— : 100000 31 / 12 X 2 . 
ftto-j w Odd Unes hto Uuy 31 - 312 . 7 : Rays a — ij b. + 2 S podia; Yaar ago: 30 X 6 f PvtU 
iRtoptM wore w a u aaa u 9* on eem usa n — u oegoo aowoz. 


RISES AND FALLS YESTERDAY 



Maes 

Falls 

Sane 

British Funds* 


65 

3 

81 

225 

62 

161 

25 

165 

228 

85 

7 



12 



59 

363 

108 







Utfidan . .... 


11 

173 

188 

30 

Rnanrfak 




Other® - — _ 

32 

Totals 

335 

1.080 

1259 


Dtoa ha— il an h— c om—to a Med on the London Sm S«vtoe- 


TRADITIONAL OPTIONS 

Rrat Dealings May 23 Last Declarations Sept. 1 

LastOadngs Juno 10 For settiemsnt Sept. 12 

Cate AMEC, Amdm. DavL Socsl, Mcrolbeta, Tadpole Tacfx, Tuflow OB. Puts City of 
Oxford IT, Dartmoor tnv. Tat Puts & Cate Hanson Wta, Nati. Home Lns. 


LONDON RECENT ISSUES: EQUITIES 

Issue Amt MkL Oust 


price paid 

P up 

cap 

(EmJ 

IBM 

Ugh Low Stock 

price 

P 

+/- 

Net 

dtv. 

Dfv. 

cw. 

On 

y* 

P/E 

net 

100 

FP. 

43 X 

106 

100 Automotive Pises 

106 


LN 4 X 

OX 

4.7 

35 X 

- 

FJ>. 

10.7 

112 

108 CIS 

108 

-2 

- 




- 

FP. 

13 X 

148 

125 

143 

-2 

LM 33 

IX 

2 X 

23 X 

8250 

FJ». 

172.4 

248 

231 DCC 

231 

-8 

LQ 34 W 

3 X 

28 

125 

110 

FJP. 

SIX 

120 

110 DRS Dote A An 

115 

-2 

U 42 X 

1.1 

3 X 

274 

- 

F J>. 

77 X 

93 

90 Reming kxSan 

92 


_ 

- 



- 

FP. 

0 X 3 

50 

42 Do Warrants 

49 

-1 

_ 

_ 

_ 

_ 

160 

FP. 

588 

171 

160 GRT Bus 

164 


RN 3 X 

33 

29 

127 

120 

FP. 

40.7 

128 

122 Go-Ahead 

122 


MN 4.0 

IX 

4.1 

185 

- 

FP. 

- 

37*2 

36 Goveo GU 9 Wt 

38 


_ 




185 

FP. 

425 

198 

180 Mondays 

188 

+1 

W 4.7 

22 

33 

17 X 

105 

FP. 

53.0 

105 

96 HeeRhad 

86 

-1 

WN 4 X 

IX 

63 

13 X 

- 

FP. 

- 

96 

92 inU Bteecii 

S 3 

+1 

- 

_ 



- 

FP. 

- 

50 

30 Do. Warrants 

46 


_ 

_ 

_ 

_ 

5 

FP. 

440 

5*2 

5*2 Kays Food 

5*2 


_ 

_ 

_ 

_ 

130 

F.P. 

67.2 

138 

120 Keler 

120 


WNQ 4.7 

23 

33 

13 X 

160 

FP. 

58.1 

163 

159 Lombard Ins. 

163 


YW 7.7 

23 

5 X 

94 

- 

FP. 

338 

IS 

13 * My Mnda Town 

13 * 

-* 

- 




106 

FP. 

48 J 2 

113 

105 Wghtfrelght 

107 


R 33 B 

23 

3 X 

144 

120 

FP. 

344 

129 125*2 Nora* 

128 

-1 

W 4 X 6 

25 

45 

103 

- 

FP. 

274.1 

131 

118 Redrew 

124 

+1 

WN 2.7 

25 

27 

15.7 

- 

FP. 

23 2 

133 

128 SpadaSty Stops 

132 


L 24 


23 


- 

FP. 

59 4 

100 

99 TR &*0 Qwfti C 

99 


a 

_ 


_ 

100 

FP. 

564 

TOO 

a? *2 TR Prep tnv C 

92 * 


_ 

a 

_ 

_ 

100 

F.P. 

44.1 

06*2 

91 Templeton Lai Am 

95 * 


_ 

_ 

a. 

_ 

- 

FP. 

3 X 7 

SO 

41 Do Wrts 

43 


_ 

a 


_ 

150 

FP. 

40 X 

160 

154 Vyrmra 

159 

-1 

L 444 

23 ~ 3 J 

154 


RfGHTS OFFERS 


Issue 

price 

P 

Amount 

paid 

up 

1 Ufa 

Renun. 

dale 

1994 

High Low 

Stock 

Closing 

Price 

P 

+cr- 

105 

NB 

BTT 

20 pm 

18 pm 

Blegdan tads 

20 pm 

42 

237 

M 

10/5 

26 pm 

12 pm 

Clyde Stowers 

12pm 

-3 

.270 

Nl 

a n 

54 pm 

4 ipm 

Compass 

41 pm 

-3 

120 

Ifl 

6/7 

26pm 

19 pm 

Dawson tad 

19 pm 

-* 

113 * 

ra 

26 /B 

3 pm 

)*pm 

EagW 

l*pm 

-* 

166 

Nl 

11/7 

25 pm 

20 pm 

Hearitem 

20 pm 

-4 

80 

M 

ATT 

11pm 

10pm 

PAcan 

10 pm 


24 

Mi 

- 

l^m 

lOpn 

Una 

12 pm 


125 

Nl 

4/7 

23 pm 

20pm 

vm 

20 pm 



FINANfRAL TIMES EQUITY INDICES 


May 3 ) May 27 May 26 May 25 May 24 Yrapo "High "Uow 


Orrfinary Stare 

23544 

2347.1 

23326 

23985 

2445.9 

2211.7 

27135 

2347.1 

OrtL On. y*td 

437 

439 

432 

430 

4.12 

4.17 

439 

3.43 

Earn, yfct % U 

5 X 4 

5.07 

5 X 7 

5.76 

5.65 

531 

5.76 

3.82 

P/E ratio net 

19.02 

18 X 5 

1936 

18.61 

ia 99 

23.77 

3 X 43 

18.61 

R£ ratio nfl 

1059 

19 X 1 

19 X 4 

19.18 

19 X 5 

22.17 

3080 

19.16 


Tor 1994 . (Mnanr Share hdm an COnadBorc Wgh 27 ) 3.6 2432194 : Jmr 49.4 2 &S /40 
FT Oidny Shore indn base date 1 / 7 / 35 . 


Onbwy Shoe hourly changn 

Open 8 X 0 IQJQ 11 JQ 12 X 0 13 J 0 14 X 0 ISuOO 18 X 0 High law 
2354.5 2340.1 232 a 7 2320.1 2327.6 83283 2337 ^ 23405 23535 2354.7 23155 


May 31 May 27 May 26 May 25 May 24 


SEAri bargains 26 X 21 26.048 26 .K 7 28.185 

Equity tumoner (Bn)t - 108 U 8 i 31 ftfl 1491.7 

Eqrty bargainsT - 28,088 29 ^® 28509 

Shares traded (mlJT - 4 ffi.l 4775 S 42 .B 

( rtnwi— her biahm end CTt+ra oj n aoiwrer. 


23.481 

1230.5 

26.737 

475.1 


Yraaa 

28X88 

841 J} 

32.497 

355 J 3 






28 


BANKS 

mm ** .. . I9g4 » TB 

St' Si i[ s 1§i M ”m ^ * 5£ 

«»•-* “S *3 aaflKjn “ 


ZEJgh^ji » - g ? fjs n « i 

E5a3?^ K 2* g a* S § ’ll 
■ET^jjKs as £ ! fg ,fl 4 1 

Bw£i"z3ic “K ''I '% 'sf - c 

EtonteiT'-** - n?u "J „••? *® UU 18 208 0 

688^=3 ^SSW a 71 :,, 
■vsbbe? g * li ? a; a «g 
«S -w i«e „^«a a il 
£SkS >5 3 i I'S is ds 

fcfPI I§ S2E 

™*SZzZie? "a? — ^ ™ Vf£ 

Ononnro «S! “? «S 7.106 14 5.7 im 


— JiS 4 3 -’% *«% 

j—iaotjB -1*2 146*3 


170*2 IZ0L5 
487 &2W 
BOA 31944 
234A 14.146 


Mb - 
3ZV -J, 
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2JS *2J IS1 5* «J AnfartadZZlti 

J™ « IM3 8.7 ftl BASF DU _ 

HI* 62817,182 18 * wry .,r 

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2*7 I1M. 11U 100 - CanaM»ita.« j. 

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is s’ss MaSSS=aB 


—t* 70S 

B“S 

—_ - £148*2 
JC 117 


*" ■ *■ 
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TV TOG 27 j 8 3.4 1*1 

^"BTns 

-1 *373 JIM 44X2 30 Mfl 

8“ 

Z? *5 ^ts 

“J J® 153 315 48 J1J 

J '% S S ““ 
? » 30% «3 “ ft? , 


~ HwfaM BBtoB — * 19 _ 

; 00=S ”5 :i 


LONDON SHARE SERVICE 


EXnUCWEB.DWTmE, 

fonartTecliJSg _~i '*& Jft °9S" -J 894 . » 


FINANCIAL TIMES WEDNESDAY JUNE I 1094 



HEALTH CARE - Coot 


*5 888 

-7 184 33 

-f 133 

t 5> OOh £1 

+» G2 3 

MS | 


T08 TXS 48 >14 NTltart 


INVESTMENT TRUSTS -Cant. 


* or 1684 IB# W *er 16 

Mn - NpD kw Qv£M Cro re Nob* Pnaj - men 

fi — *3 14 188 - - Ramos bffFHgo+C: HB% -1*2 IM 

IBB IBS 388 - tbmnca 3 -1 C*2 

— 818 2GB 8878 10 111 Hettn fl* Eatf. fZ 331*1 _ 459 

25 *BE 203 338 4.7 128 ReoMaa FMn M 381 -2 422 

823 -1 400 319 1847 l.S 217 Ffan GOTdbc.frti 200 -0 291 


HOUSEHOLD GOODS 


48 128 HoodWOiL, 
U 11.3 WUarOMi 


S5SBT5"*" I" 


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T^-> “f -,'2 291 2ftS SlCT 

sse'SE^- ”1 3 '5 ^ a 

tnaiaaiY — f »n, ^ m , 4 ^ 


«■* 514 10834 08 3&5 K*n_Z~juc 

Bav san, 78SS 48 117 lSSm T S 

- MS™ “ vats=3 

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33*2 158 ZB 6 Mfcro mpe jq 

m 3 118 48 158 JE*Bbciv_Zj 

1W 3M8 58 188 t *T1n ^1 

m VH7 2.7 - raSTZZZl 

Erf, 2ZL7 2J , TJ NEC Y 

728 1834 48 058 ***» P»l) 4 

178 T7J2 - - £w9pt*Zr^ 

2St4 10 177 gWU— *3 

7g 144B 14 ay SS»H--. ._ 


no 4. ( 
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^5 ’1& F5 £ w i7j 

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* S 1348 38 168 

+1 127 100 BB8 7.1 118 

— Ri IK! 288 18 154 

-8 E2ZU 1378 18 n8 

-2 265 sun ,« 


i* — ■ — S cam -j. 


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316 

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B 118 11 128 SStsiT **«■ *3 

ao 04 i8 »4 225[S** 17 

210 112.7 n £f* WtteiR fa au. 

31 228 - 




— 1291, -r3 UH 
6 2» — » 
t *£*15**4 A 

I ■» -£ sso>% 

l 3BW, -1, 4291. 


I* am, am - _ wmaoiF 

19 10 104 _ _ talWPlw/L., 

37 26*3 4.17 n 53 gjWMW ■ 

« nJ? 5 113 I- 7 '98 Sffy* 

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^42 Sra 08 538 DISTRIBUTORS 


'994 MJ no StaSl 
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m ^ S 8 54 218 ***E 

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195 126.9 lb iJi S^T- ' — 

262 2498 28 l$j 

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209 358 21 J4J CMaSta Milo 

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195 1208 
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9*i 563 


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«< 7 7 7 Of 4 

as ib 21: FT Free Annual Reports Service 

m TO< ^ You 080 t*taJn lha current annual/intertm 
- I report of any company annotated with X . 
,7 3^7 Please quote the code FT6710. Ring 

34 _ 081-770 0770 (open 24 hours including 

_ _ ” 'Sf “ ,« rr ken ^L or .^,“ , - 77Q 

mt* nss iw, 423 34 iu tTOm outside the UK, nng +44 81 770 0770 

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348 203 4864 66 ill telephone from the FT Cityline service See 

91 71 JM |0 j Monday’s share price pages tor detafls. ' 

42 - An international service is available for criers 
M outside the UK, areiual subscripboo £250 stg. 

45 _ Cafl 071-873 <378 f*4 71 873 437S, faitemationaq 

- - tor more information on FT Citytme. 


743 612*, 1W2 
164 153 TSU 

118 694 
2*5 

mi 

664 








FT MANAGED FUNDS SERVICE 






































































































































































































































FINANCIAL TIMES WEDNESDAY JUNE I 1994 


























































































































































































CURRENCIES AND MONEY 


FIN ANCIAL TIMES WEDNES DAY JUNE > > W4 

“ money market funds 


MARKETS REPORT 


POUND SPOT FORv* 


Currencies subdued 


Foreign exchanges took a 
backseat yesterday with mar- 
ket attention focused on the 
weakness in UK and German 
interest rate markets, unites 
Philip Gawith. 

The focus of activity was the 
short sterling futures, where a 
combination of factors caused 
prices, especially in the longer 
contracts, to fail sharply. 

Elsewhere, the dollar had a 
quiet day with the market con- 
strained from selling the US 
currency, following weak eco- 
nomic data, by fears of central 
bank intervention. It finished 
in London at DM1. 6-135 from 
DMi.6444 against the f>Mark. 
Against the yen it closed at 
Y104.fi55 from Y104.400. 

The D-Mark had a mixed day 
in Europe, while the sterling 
index closed at SO after finish- 
ing on Friday at 79.8. 

■ The bearish performance of 
the futures markets, particu- 
larly short sterling, laid fur- 
ther to rest any recent opti- 
mism that sentiment in the 
market might have turned. The 
December contract closed at 
93.59. 19 basis points down on 
the Friday close. Most of the 
longer contracts were off by 
more than 25 basis points. 

Mr Richard Phillips, analyst 
at brokers GNL described the 
market as a “bloodbath", with 
lots of distress selling. The vol- 
umes were not especially large 
- the December contract 
traded nearly 34,000 lots - but 
prices moved a lot 

Weakness in eurosterling 
was a spillover from bearish 
sentiment in the gilts market. 
Traders cited a number of fac- 
tors as contributing to this: 
weekend newspaper reports 
that the Treasury had revised 
up its growth forecast for 1994 
to 3 per cent; rumours about a 
rise in the pricing component 
of the May purchasing manag- 
ers 's survey; and the MO mea- 
sure of money supply growing 
by 7.1 per cent in the year to 
May, compared to a govern- 
ment range of 04 per cent 

Traders said investors were 
also clearing up end of month 
positions and this contributed 
to price movements. 

Movement in the futures 
market was not reflected in the 
cash markets, with 3-monlh 
interbank sterling quoted at 
5,V5ti from 5,i-5A last Friday. 


Starting 

Ddcamfcw‘94. Future contract price 
96 . — 


Jan 1904 

Source FT Graphite 


Mar 31 — Latest — -ftw. dne- 

£ Tpat 1.5110 1.5105 

1 rath 1.5100 15097 

3 nth 15075 15003 

IF 1.5044 15052 

Mr Phillips said the failure of 
traders to arbitrage the mar- 
kets suggested either that they 
were nursing heavy losses, or 
that their attention was else- 
where. In this regard, he said 
the hedge funds, previously 
very active in these markets, 
had recently been "noticeable 
by their absence.” 

Mr Tony Norfield, UK trea- 
sury economist at ABN-AMRO, 
said the weakness in interest 
rate markets seemed to be 
related to the recent trend of 
hedge fund investment in com- 
modity markets. This triggered 
a rise in commodity prices, 
which then fed over into the 
sale of bond futures as markets 
expressed concern that higher 
commodity prices meant 
higher inflation in future. 

■ Sterling had an uneventful 
day. closing at DM2.4846 
against the D-Mark from 
DM2.4806. Against the dollar, if 
closed at $1.5118 from $1.5066. 
Mr Norfield said the interest 
rates discounted In the futures 
markets increasingly favoured 
sterling and this was support- 
ing the UK currency. 

The December contracts, for 
example, project UK 3-month 
money to be 128 basis points 
above German money by the 
end of the year. By December 
1995 that gap has jumped to 251 
basis points. 

In the UK money markets, 
the Bank of England provided 
£77 Im assistance after forecast- 
ing a £750m shortage. Over- 


night money traded in the 3 to 
5 per cent range. 

■ [n German money markets 
call money rose to 5.75/5.95 per 
cent, close to the 6 per cent 
Lombard rate ceiling, as a tem- 
porary outflow resulting from 
pension payments caused a 
cash squeeze. Call money was 
at 5/5J25 per cent on Monday. 

The Bundesbank has a gain 
announced a variable rate 
repo, and the market is expect- 
ing a Dali of about five basis 
points at today’s allocation, 
from 5.20 per cent. 

■ The dollar had a quiet day, 
unmoved by a weaker than 
expected set of economic data. 
Among the figures released, 
April personal consumption 
expenditure fell by 0.1 per cent, 
consumer confidence fell to 
87.6 in May while new single- 
family home sales foil in April 
by 6.8 per cent 

Commenting on the data, Mr 
Brian Martin, senior economist 
at Citibank, said: "What we are 
seeing is the pace of economic 
growth slowing in response to 
tax increases and a rise in 
long-term interest rates since 
last October." Most analysts 
believe the market would like 
to take the doDar lower, but is 
wary of the central banks. 

Mr Mark Geddes, treasury 
economist at Midland Global 
Markets, said that for interven- 
tion to have a significant and 
sustainable effect, "the market 
will need to be short of dollars, 
which currently does not 
appear to be the case.” 

■ The two weak currencies of 
Europe, the Greek drac hma 
and the Portuguese escudo, 
both had quieter days. The 
escudo closed at Es 103.7 from 
Esl04. The drachma was fixed 
at Drl48.l00 against the 
D-Mark from Drl47.970 at the 
previous fix. 

The D-Mark closed at 
FFr3.419 from FFr3.417 against 
the French franc. Against the 
lira, it closed at L96&2 from 
L967.4. 

■ amnc uw aaic w 

MV 31 t S 

155296 - 155519 102.750 - 102550 
tan 263550 - 3041.00 1740.00 - 175050 
Kuk* 0.4495 - 0.4505 02974 - 02979 

Mad 33900.7 - 33961.7 224305 - 224605 
Rustia 2885.10 - 2001. 14 191550 • 191950 
UAL 55153 - 55506 35715 - 10735 


May 31 

l 

Cloafng 

rekf-point 

Europe 



Austria 

(Sch) 

17.4796 

Belgium 

(BFr) 

51.0858 

Denmark 

IDKl) 

8.7488 

Finland 

(FM) 

822239 

France 

(FFd 

8.4853 

Germwiy 

(DM) 

2.4648 

Greece 

PO 

366.146 

Ireland 

nq 

143220 

Italy 

0) 

24054)5 

Luxembowg 

(LFr) 

51.0659 

Netherlands 

(R) 

2.7887 

Norway 

(NKiJ 

ia?B12 

Portugal 

teq 

287.830 

Spam 

(Pta) 

204.958 

Sweden 

iSKr) 

11.7818 

3niuaV*id 

(SFf) 

2.1203 

UK 

(0 

- 

Ecu 

- 

142909 

son 

American 

- 

0.938124 

Argentina 

(Peao) 

14J090 

Brezfl 

(CD 

9834X8 

Canada 

(CS 

£0960 

Mexico (New Peso) 

5.0230 

USA 

(S) 

1 j51 18 

PadacMtMe East/ Africa 

Austria 

(AS) 

£0478 

Kong Kong 

(HK« 

11^798 

Irxfia 

(Rs) 

47,4236 

Japan 

(Y) 

188213 

Malaysia 

(MS) 

£8891 

New Zealand 

(«3) 

£6427 

PNippines 

Peso) 

406662 

Saud Arabia 

(5R) 

54684 

Singapore 

(SS) 

£3178 

S Africa (Corn] 

(P) 

6.4835 

S Africa (Fin) 

w 

7.1809 

South Korea 

(Worn 

1218J12 

Tainan 

(R) 

409004 

Tludvd 

(Bl| 

38.0961 


a A IN-ST i HE POUND 


Pay"* Md 
high low 


+05149 718 
-0.0442 521 
+0.0291 437 
+0029 148 
+0.0033 810 
-00003 832 
-1534 305 
♦00022 210 
+6.08 484 
-00442 52T 
+0.0013 857 
+0.0188 780 
-0884 643 
+0391 870 
+0.0824 732 
-0.0001 190 


-874 17.4874 

■ 196 61.1780 i 

■ 535 9.7535 

- 332 8.2332 

■ 995 8.4895 

859 £4917 

■ 987 367504 ! 

229 1.0229 

728 2409.17 I 

■ 198 51.1780 ! 

877 2.7885 

863 107900 
116 258599 ! 

041 205-041 i 

900 11.7900 ' 

• 215 2.1215 


Thu muridia 
AM %PA 

One yeer 
Rom MPA 1 

Bank of 

Eng- mdex 

17.4702 

02 



114J 

51.1109 

-02 

BO .9309 

OJJ 

115.4 

07891 

-08 

9.7701 

-02 

IlSJi 

. 

. 

. 

- 

81.0 

05039 

-04 

8.4718 

OJ 

1084 

£4851 

-Ol 

£4657 

OB 

124.1 

1.0237 

-07 

1.0253 

-03 

104.1 

2421 

-2L6 

2452.85 

-1.9 

77.9 

51.1109 

-02 


OJ 

1154 

£7872 

-Ol 

£7648 

OB 

1102 

107881 

-03 

107792 

oo 

B58 

26075 

-4JS 

- 

. 

- 

200341 

-£7 

206^48 

-IS 

851 

11MB 

-2 JO 

I1337B 

-12 

758 

2.1151 

1J0 

£0662 

1.6 

117.7 

- 

- 

- 

- 

aaa 


+00007 900 - 917 12917 1.2876 123ZS -1.5 12B81 0.9 12873 0 3 


1.SI1 0 6 1.6094 0.6 15065 0.4 


- 875 1210-01 121520 


I CLOSING SPOT HATES. Soma aaJun are rounded By OM FT. 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR : 


Europe 

Austria 

Sefgnxn 

Danmark 

Finland 

Franco 

Germany 

Graeco 

Mand 

Italy 

Luxembourg 

Netherlands 

Norway 

Portugal 

Spam 

Sweden 

Switzerland 

UK 

Ecu 

SDR 


-0.01 600 
-0-0875 780 
+0.0058 468 
+00098 351 
-00075 180 
-00031 430 
-1.5 700 
-0.0006 782 
+1 100 
-00875 780 
-00023 431 
-00013 238 
-0 88 400 
+0025 550 
+0.0412 898 
-00025 020 
♦0.0026 114 
+0.0013 706 


650 11.5775 
070 338800 
503 8.4503 

■ 449 5.4449 

210 5.6265 

■ 440 1.6467 

' 700 243200 : 
803 1.4852 

200 1596.50 

070 332800 : 
436 14464 

333 7.1372 

700 171.450 
600 135.770 

971 7.8025 

030 1.4043 

121 1.5126 

716 1.1733 


Argentina (Pom) 04982 -0.0006 981 • 982 04882 0.9979 

Brazil (CO 107540 +31.46 525 • 535 1675.30 187543 


USA (S) 

Padflc/NBddto East/ Africa 
Australia (AS 13t 


PhKppinea (Peso) 264000 
SoutS Arabia (SR) 3.7502 


+00012 

882 - 867 

1.3873 

13847 

1.3885 

-1.7 

1.3922 

-1.6 

1.4095 

-1.7 

- 

+0006 

100 - 280 

3.32 BO 

33190 

3324 

-0.4 

33258 

-0.3 

33332 

-03 

- 

-0007 

540 - 550 

13004 

1.3537 

1.3597 

-4.7 

1.3586 

-13 

1.357 

-03 


+00002 

255 - 265 

7.726S 

7.7255 

7.7255 

0.1 

7.728 

-0.1 

7.7422 

-03 


-0.0013 

675 - 725 

31J725 31J875 

31.45 

-31 

31.595 

-2.9 

- 

- 


+0055 

630 - 680 

104.680 104J40 

104.48 

£2 

104.01 

£5 

101.43 

31 


-00028 

7B7 - 797 

£5890 

£5785 

£5717 

35 

£5682 

1.7 

£5992 

-03 


-0.0158 

812 - 826 

1.6928 

1.6812 

1.6837 

-13 

1.6883 

-13 

1.71 

-1.7 


- 

000 - 000 

27.1000 26.7000 

* 

* 

- 

- 

- 

. 


- 

500 - 504 

17505 

37500 

37507 

-02 

37528 

-03 

37655 

-0.4 


-a. B5oi 

327-337 

1.5337 

13322 

1.5325 

0.6 

1.6322 

03 

19342 

-0.1 


-0.0058 

280 - 330 

3.6365 

3.6280 

3646 

-31 

36743 

—4.8 

3.751 

-33 


-0.003 

350 -650 

4.7050 

4.7350 

4.7837 

-8-5 

4.8425 

-73 

- 

- 

- 

-015 

800 - 000 

006.400 805.800 

SOS .9 

-4.5 

8I£4 

-32 

8303 

-31 

_ 

+0005 

500-600 

27.1100 27.0500 

27.075 

-0.9 

27.115 

-09 

- 

- 

- 

+0.005 900 - 100 

25^100 25.1900 

253725 

-35 

25.4 

-33 

2538 

-2.7 

- 


Singapore 


TSOR rat lor May V. BUtottar armada in M Dooar Spat Mh atm* &+1 the teat lima doom* dnn Foreran! raw m not (treaty quoted to m raM 
but ora ki+jfaul by curant numat rotas. UK. Inland A ECU ore quoad ki US cwiency. XP. Morgan nominal Mum May 30. Bose averaga 1900.100 


r:CRp^ rtA,TE%AND, DERIVATIVE S 


EXCHANGE CROSS RATES 


May 31 


BFr 

DKr 

FFr 

DM 

K 

L 

FI 

NKr 

Es 

Pte 

SKr 

SFr 

£ 

cs 

S 

Y 

Ecu 

Belgium 

(BFrl 

100 

19.08 

16.63 

4384 

£000 

4709 

5.455 

21.10 

5043 

401.1 

2306 

4.150 

1.957 

4.103 

£959 

309.6 

£527 

Denmark 

IWV) 

5341 

10 

3715 

2.549 

1.048 

2488 

£859 

1136 

2643 

2103 

12.08 

£175 

1.028 

2.1S0 

1.6S1 

1623 

1324 

France 

tFFrJ 

60.14 

11.47 

10 

£925 

1303 

2832 

3281 

12.68 

3033 

241.2 

13.87 

£486 

1.177 

£487 

1.780 

1683 

1520 

Germany 

(OM) 

20.56 

3.923 

3419 

1 

3411 

9683 

1.122 

4338 

103.7 

8£45 

4.740 

0353 

3402 

3543 

3608 

63.86 

0.520 

Ireland 

0Q 

49.99 

9338 

3312 

£432 

1 

2354 

£727 

1035 

2523 

2003 

11.53 

£074 

3978 

£051 

1.479 

1543 

1363 

luriy 

(U 

2.123 

0.405 

0353 

0.103 

3042 

103 

3116 

0.448 

1371 

8316 

3490 

3088 

0.042 

3087 

3063 

6375 

a054 

Netherlands 

(FI) 

1833 

3.498 

3048 

0.892 

0387 

8833 

1 

3368 

9230 

7332 

4327 

3761 

3359 

a752 

3543 

56 78 

3463 

Norway 

iNKrt 

4739 

9.043 

7.080 

2.305 

3948 

2232 

£585 

10 

239.1 

190.1 

1383 

1367 

3928 

1344 

1.403 

1463 

1.198 

Portugal 

(Es) 

19.82 

3781 

3295 

0364 

0386 

8333 

1.081 

4.182 

103 

79 48 

4.569 

0.822 

3380 

3813 

0387 

8137 

0301 

Spain 

(PUD 

24.93 

4.757 

4.148 

1313 

3499 

1174 

1.360 

5381 

1253 

103 

5.743 

1.035 

3488 

1.023 

3738 

7731 

3830 

Sweden 

(SKr) 

43.37 

3275 

7.211 

£110 

3868 

2042 

2366 

3151 

2183 

1733 

10 

1.800 

3849 

1.779 

1384 

1343 

1308 

Switzerland 

(SFr) 

24.10 

4.598 

4.007 

1.172 

3482 

1135 

1315 

5385 

121.8 

8835 

5.557 

f 

3472 

0389 

3713 

74.62 

3609 

UK 

tt) 

51.09 

9.748 

8.495 

2.485 

1.022 

2406 

£787 

1378 

2573 

2043 

11.76 

£120 

1 

£098 

1.512 

1583 

1.291 

Canada 

(C$) 

2438 

4.651 

4.053 

1.188 

3488 

1148 

1330 

3143 

1233 

97.76 

3620 

1311 

3477 

1 

0.721 

75.48 

0310 

US 

(S) 

3379 

6.447 

5.818 

1.644 

3678 

1591 

1.843 

7.130 

1735 

1363 

7.791 

1.402 

0.861 

1388 

1 

104.6 

O.BS4 

Japan 

(Y) 

3239 

6162 

5370 

1371 

3460 

15209 

17.62 

8314 

1830 

1295 

74.46 

1340 

6321 

1335 

9358 

1003 

3161 

Ecu 


39.57 

7.551 

3580 

1.925 

0.792 

1884 

£159 

6350 

199.7 

15B.7 

9125 

1.642 

0.775 

1.824 

1.171 

1223 

1 


n« i .OCA OLWuh Kronor. French Franc, Norwegian Kronor, and i h aer M i Kronor per ■ 
■ D-MARK FUTURES HMM) OM 125,000 per DM 


i Fane, Escudo, Uni i 


I FUTURES (MM) Yen 12.5 per Yen 100 



Open 

Latest 

Change 

Htfi 

Low 

EsL vd 

Open bit 


Open 

Latest 

Change 

High 

Low 

EeL uol 

Open M. 

Jun 

0.60(7 

0.6094 

+30014 

36096 

36071 


117363 

Jun 

39578 

03579 

-03017 

0.9590 

39568 

17313 

60.372 

S"P 

0.8070 

0.6080 

+03014 

0.6090 

0.6070 

1325 

11368 

Sep 

0.9850 

03645 

-0.0018 

39660 

39838 

1,948 

7.981 

IX*C 

0.6097 

0.6097 

+0.0017 

0.6097 

38097 

90 

294 

Dec 

- 

39725 

- 

- 

39725 

132 

1,171 


EMS EUROPEAN CURRENCY UNTT RATES 


Inland 0.808628 0.792727 +0401107 -1-97 8.06 13 

Netherlands 2.19672 2.16248 -0 0016 -1.56 542 

Botgknn 4021Z3 39.7069 -00178 -146 5-30 9 

Germany 144964 142833 -0.00175 -1.09 5.12 

France 653883 6.59548 +040119 047 346 -7 

Doranark 7.4J87B 746405 +040443 1.71 243 -12 

Spain 154450 159.098 +0.176 3.14 0.81 -22 

Portugal 192.854 200421 -0.193 348 0.00 -a j 

NON ERM MEMBERS 

Greece 264.513 285489 -0.199 749 -3.63 

Rsty 1793.19 18880! +3.62 441 -042 

UK 0.786749 0.770189 +0.000993 -1.09 5.12 

Ecu centn* raJm ml by dts European Co mmaau L Camnda aa u dwccnctog reiidMe atrangdt 
Percorugo ebangaa mu kr Ecu; a poMn change denotua a water aarcney. Dhroigunce shorn trie 
rads between two qnads Bw pw ce na g o dlte n n ue between Pis semi mortiet md Ecu cenod rates 
tor a currency. and Die leatamn pgrraated paroarcag w dgriatWn of tfw omancy'a irartet rde fton to 
Ecu coma rm. 

(17/erag Stetog and ttdfaet Ura wapendod from ERM. fe|ustrnanc cafcdatcd by dn FkoncU Tones. 
■ FHKA0BLPWA8R E/S OFnOWS£3145Q (cents per pouncQ 


■ SWISS FRANC FUTURES QMM) SFr 125.000 per SFr 


I FUTURES (JMM) £62,500 per £ 


Jun 

CI7IC5 0.7152 

♦0 0027 

37156 

0.7125 

12308 

41,468 

Jun 

13090 

13114 

+30016 

13122 

13074 

9,291 

42390 

Sop 

0 7135 0.7162 

+30028 

07166 

37131 

417 

4,110 

Sep 

1.5070 

1.5100 

+30016 

13106 

13070 

615 

2 362 

t>/c 

0 7190 

- 

0.7190 

- 

5 

340 

Dec 

- 

1.5090 

- 

13090 

- 

1 

78 


Strike 

Price 

Jun 

- CALLS - 
M 

Aug 

Jin 

— PUTS — 
Jti 

Aug 

1.426 

8.50 

040 

8.44 

. 

. 

310 

1j4B0 

305 

006 

635 

- 

0.07 

334 

1375 

357 

388 

436 

318 

338 

383 

1300 

134 

£12 

233 

1-40 

1.05 

138 

1328 

0.15 

0J94 

131 

374 

238 

2.93 

1360 

- 

033 

0.78 

8J23 

4.18 

438 




MONEY RATES 


1 eririSVJ* ♦ ' J. i '•* 


noitoua day's ML. Cato /AH PiM 2.736. IYhv. day’s open W, Cdn 510060 f\0a 481,721 


INTEREST 


EUROHAHK FUTURES (UFFE)’ DMIm points ol 100% 


LONDON MONEY RATES 


May 31 

Over 

One 

Three 

Six 

One 

Lamb. 

Db. 

Repo 


Open 

Sett price 

Change 

High 

Low 

EsL vd 

Open InL 


nWjN 

month 

mths 

IllDo 

year 

alter. 

rate 

fate 

Jun 

9438 

9432 

- 

94.93 

9438 

12401 

166537 

Bdglurn 

54 

5S 

55 

Si 

54 

7.40 

430 


Sep 

95.03 

9503 

- 

95.06 

95.01 

25804 

169357 

Wi/cfc .♦to 

Si 

5i 

5*1i 

ss 

5H 

7.40 

4.50 


Dec 

94.88 

94.87 

-0.01 

94.91 

94.84 

29139 

235637 

Franco 

?: 

Si 

Si 

54 

5W 

5.40 


075 

Mar 

9438 

94.67 

-0.03 

94.72 

943S 

20163 

210085 

week .Kjo 

sy 

SJ 

SH 

5% 

S3 

6.40 

_ 

075 

■ THRfiB MONTH EUROURA BfTJWT* FUTUHS (UFFE) LI 000m potnls of 100H 

Coniuny 

585 

5.15 




6 00 











week .kjo 

5.33 

5.15 

5.08 

5.00 

630 

000 

4.60 

5-23 


Open 

Sett price 

Ounge 

High 

Low 

Eat. vd 

Open Int 

Ireland 

Si 

54 

SJ 

S’* 

6ft 



025 

Jun 

9£29 

92.27 

-0.05 

9239 

9236 

2787 

30993 

w-jek ago 

Si 

Si 

54 

5'V 

64 



625 

Sep 

pp ^9 

9237 

-010 

92.32 

9235 

3984 

61076 

Holy 

7!i 

r>i 

73 

7M 

84 


7.00 

735 

Dec 

9237 

9139 

-0.14 

32.00 

91.98 

2157 

49677 

Uiiisk *JO 

?U 

pn 


73 

8 


7.00 

735 

Mar 

91.76 

91.75 

-0.16 

9130 

91.73 

100 

13051 

Norhertonds 

S.tti 

5.13 

5.13 

5.13 

5.15 

- 

525 

_ 

■ THREE MONTH BUItO SWISS fflAMC FUTURES (UFFE) SFrlm points of 100% 

''■iei> ayo 

S 15 

01J 

5.21 














Switzerland 

4>a 

JJ 


4V, 

41u 

0.625 

330 



Open 

Sett price 

Change 

Ugh 

Low 

EsL ud 

Open InL 

B’S* .UJO 

4'. 

41 

4V« 

4!i 

44 

0625 

330 


An 

9530 

9077 

■0.01 

9531 

9077 

1256 

21747 

US 

■w; 

4i 

44 

43 

54 

_ 

3.50 


Sep 

95.79 

95 80 

+0.01 

9534 

9578 

1585 

21869 

week .-iqo 

44 

4.1 

45 

4>b 

5i 


330 


Dec 

9530 

9567 

+0.01 

9068 

9067 

52 

7748 

Japan 

A I 

~rf 


34 

2V» 

2H 

_ 

1.75 

_ 

Mar 

9533 

8530 

- 

95 53 

9539 

171 

5389 

nn*uk ago 


25 

2% 

2 Mi 

2* 

- 

1.75 

- 

■ THREE MONTH ECU FUTURES (LIFFE) Eculm points Of 100H 



One Threw Six 

month months months 


■ S LIBOR FT London 

Interbank Fbdng 4W 4 V, 5 5J 

«*•* -Vta - 4+a 4% 5 5J 

US Dolby CDn - 4.18 4.48 4.B5 5.43 _ 

■w* ago - 4.18 4.J3 4.84 547 - 

SQR linked Ds - 3** 31 3W 4 

W* MO - 3'e 4 4J 4J - _ _ 

ECU UWhkI Ds mid rate* 1 n«h e*V 3 mate S3: H mm* 3V I year 3th. S UBOR bitvbarii bna 
loir-, ar. dlcral rams (or SI On cuoled to Ms mjriua by lour retocnca bows at Han each wording 

■t< t 1>.| bants .w Bon+ern Iron, Son*, ol Tjhyo. Bondar* and NMknN Ww B lOHW . 

i.Vr-1 »* tor iho doneiM Monty Rata. US I CDs and 50R LMtod Depoaks (Dot 

EURO CURRENCY INTEREST RATES 

M3 Y 3* Short 7 days One Three Six One 

,em notice month months months year 

&.4 7 an F.arc 5ft ■ SU 5ft - 5U 57* - SU 5ft - 5ft Sft - 5,'t 5% - 5lj 

Darash wore? 6*1 - S'* 6ft Sft 5lS - S\ 5 l J - 5* SB - 5fl S{2 - 5,*, 

.7 Murk 5 4-51* SU - 54 Sft. Sft 5,1-5,*, SA - «£ & - |i* 

Duicri .jwidcr 5*4 - 5J* 5>4 - 51* 5^* - 5,*, 5‘j ■ 5, 1 , 51* - Si Sl« - S,i 

Ficndi Fi m: 5 \ ■ 51; 55,- 512 55, - 5lj 5% - 5>a 5% - 5*a 6^-5%! 

F.llxlltose E«. 12*4 - 11 ‘2 14-13 13^ - 147, . 12 *, 131 , . HI, . 10 u 

KD.WJ1 PcseL. - 7,4 711-7,*. 71,-75, 71,-75* 71,-75* 7% - 71, 

M.rrarej 4j - 4^| ■ 41, S,‘« - 5 S& - 5«, 512 -5% S, 1 , - 5(3 

Franc 4.j - 4% . 4ft 4ft - 4,*. 4ft - 4* 4,’, - 4ft 4ft - 4,^ 

C-ireWIar Si -5,'. 5|-5fa St, - 5J4 - 6? 6§ - 8? 7% - 6i| 

4 ' •* '* 11* ' ^ *H ' * l l 411 -4tl BA -8.1 

Ild-auLa., eh - 7 7S-7U 75, -7*4 75, - 7^ 71,-7^ 81,-7% 

VT 3 y -2A zA-2 1 , z>+ - 2A 2H-2U 

Avlnfc>nc| 3 * -31, J-* ■ Vt *,%-*& 41,-45* 5A - 6,*. 5U - Si* 

i»n, >ai.a ora cj 4 Ry mo US D'ltnr oto Yen uwv m — — 






Open 

Sett pnee 

Change 

High 

Law 

EsL vd 

Open bit 

~ 

- 

“ 

Jun 

94.02 

94.00 

- 

94.04 

8339 

911 

9824 

“ 

- 

“ 

Sep 

9437 

94-20 

-0.06 

94.31 

9420 

1292 

12058 

“ 

“ 

“ 

Dec 

9420 

94.10 

-O.Q9 

9420 

94.10 

230 

7786 

“ 

“ 

- 

Mar 

9099 

9338 

-an 

94.01 

93 88 

249 

3167 


■ UFFE Man traded an APT 


i mouth EUHonomui pmm) Sim potots oi iocm 


5»s - 5*4 57* 

6*, - 55, 513 

5'« - 5** 5U 

5'4 - 51* 51* 

S’* - 5*2 55* 

14 - 13 13^ 

7ii - 74, 

4* - 4* S& 

4,; - 4,; 4ft 

5lJ - 5i« S'* 

4*« - 41, 4,; 

75* - 7>4 75* 

s* ■ 3i 

s-t ■ V* 4* 

US Data Yen. 


-&4 5h - 5*4 

- BA 5 13 - SA 

■ 5 ‘t 5,; - 5,*, 

- 5,’. 51, - 5,*. 

- 5lj 5% - 5*2 

- 147, , 31 . . 12 k, 

- 7S 71,-75* 

- 5 BA - Pa 

■ 4,*. 4,; - 4 A 

5 J 4 SA - 6it 

■ 4,1 45, . 4*2 

- 7^4 75, - 7l« 

■ 2A 2A - 21* 

4A - 45* 

«««*«. nao daya’ na 


BA • 5,'. 
SB-5,’, 
3A - Si, 
S%-SA 
5% - 5*2 
13I4 - 114, 
73,-75* 
Vl-Sh 
4ft - 4ft 
65*-Bl2 
411 - 4(1 
71, - 71, 
2*4 - Zft 
5ft - Sft 


55,-512 
SU - 5ft 
51, - 5*, 
Si, - Sft 
6ft-55* 
II 1 , - IOI4 
7% -7ft 
81*4 - S(J 
4ft - 4A 

7ft - 8H 
Bft-s,; 
Sl, -7ft 
213 - 2 IS 
513-5,1 



Open 

Latest 

Change 

High 

Low 

ESL vd 

Open knv 

Jun 

9524 

9525 

-0.02 

9526 

9023 

54J79 

350674 

Sep 

94.63 

9435 

-am 

9*33 

94.56 

100.896 

409328 

Dec 

9438 

9336 

-0.10 

94.08 

9335 

162,108 

41£712 

■ US TREASURY BEX FUTURES 0MM) Sim per 100% 



Jui 

9535 

95.63 

-0.03 

9065 

9063 

1,838 

14,051 

Sep 

9535 

9001 

-0.09 

99.09 

9001 

1380 

15337 

Dee 

9438 

9432 

-0.07 

9438 

9432 

204 

7390 


tntertank Staling 5-3 4ft - 4ft 5ft - 4B 5ft - 5ft Sft - Sft 6ft - 6 

S*»*ng CDs - 5 - 4[J Bft - Sft 6ft - Bft flft - 6(1 

Treasury BKs - - 4JJ - 4}3 4ft - 4j| 

Bank BBs - - 4J3 - 4« 4(3 - 4ft Sft - 5ft 

Local flutfwrtty ddpa. 4U - 4(3 4(2 - 4}j 5ft • 4{J 5ft - 5 5ft - 5ft Sft - Sft 

Discount Market daps 5 - 3*2 4ft - 4ft 

UK during bonk base tondng rate Sft per cent from February B. 1994 

Up to 1 1-3 3-8 6-9 9-12 

montfi month morth, months months 

Certs at Tax dep. (Cl 00.000) 1ft 4 3ft 3ft 3ft 

Cant d Tax dep. under Ciomxn is 1 >»jc. Depctoks wtihdawn tor codl Iqxs. 

Ate. undo, rau at dtoOMit 47W pc. 1030 hndrata Sds. Export Ftoance. Mata, up dh« btoy 31. 
1994. Agreed rata tor period Jun ZB, T994 to Jul25. 1994, Schemes B 8 B 647pc. Reference ian lor 
pwtodHprdO. IBM to May ai. 199*. Schuata IV A V 5JZ2pc. Fknonca Hauaa Bcsa Rato S'asc 60m 
May 1. 1994 


■ Twa month aroma Rirumt iuffei csoo.ooo po^ia d iook 

open Sett price Change High Low EsL to Open InL 
Jun 94^9 94JJ8 -0.02 94.70 94.67 6706 65148 

Sep 94J0 84.25 -009 94J1 9454 16286 90838 

Dec 93.72 93.53 -0.19 93.74 9356 34429 129015 

Mar 93.10 9246 -0J22 93.12 92B4 10102 53009 

Tiadsd a> AFT. A, Oproi titoaat H0B. ore tor peotoua day. 


■ SMOBT 3TBHUWQ OPTIOIM (LFFq £500.000 points ol 100% 


Strike 

Price 

Jun 

— CALLS - 
Sep 

Dec 

Jun 

— PUTS — 
Sep 

Dec 

9*50 

ais 

ao9 

aoe 

0 

034 

067 

9475 

032 

034 

003 

a os 

054 

1.19 

9900 

0 

ao2 

aoi 

032 

0.77 

1.42 


AM open IntonM lies, ana tar petaia day 
■ EUROHAJRK OPTfOHS (UFFE) DMIm points of 100% 


EsL VOL total. Coll 10885 nos 5312. Piemoua (toy's open Inu CcOs 181828 Ms 163ZQ1 


BASE LENDING RATES 


■ THREE raOWTH P1BOB FUTURES (MAT1F) Paris IWtohonk t 
Oprsi Sett price Change Hfth Low 
Jui 94 44 94.43 +O.OI 94.47 94.42 


Opdl 

Sen price 

Change 

High 

94 44 

94.43 

+0.01 

94,47 

94 56 

9433 

- 

9438 

94. as 

84 33 

•0.03 

94.45 

9428 

94. IB 

-0.08 

9428 


Eat wd Open tot 
10270 83,193 

15.446 60414 

10003 30002 

0261 38,772 


Strike 

Price 

Jui 

— CALLS - 
Sep 

Dec 

Jim 

— PUTS 

Sep 

Dec 

9475 

018 

0.34 

030 

0.01 

008 

0.18 

9300 

002 

0.1B 

0.19 

010 

015 

032 

0625 

0 

008 

010 

033 

030 

048 

Eat. aoL local. Cato Mil Pua 11IM. Pimou* dov’a open ini. Cato 282*351 PUB 100/48 
■ EURO SUMS FRAHC OPTIONS (LIFFE) SFr im points of 100% 


Strike 

Price 

Jun 

— CALLS - 

Sep 

Dee 

Jui 

— PUTS 

Sep 

Dec 

9575 

006 

021 

QW 

004 

018 

030 

9800 

aoi 

0.10 

012 

024 

030 

0.45 

9625 

0 

0.05 

ao7 

0.48 

030 

036 


I Trust Bar* 


Duncan Laura 025 

Ejaaer Bark Lhnted— 025 
Ftoanca*GonBar*_ 8 
•Ftatwl Ftamtag 8 Co .. 655 


■ THHISB MONTH EUROPHyuLAH (UPFO* Sim POtnls of 10fW6 


. usd. Cato, 0 Putt a P r—lB ua day's open InL, Cdto 598 Puto 370+ 



Open 

Sen pnee 

Change 

High 

Low 

ESL vd 

Open InL 

Jun 

9525 

9525 

+0.01 

95.25 

9525 

215 

5877 

S+P 


3437 

•004 

94.80 

94.59 

210 

1954 

Dec 


33.97 

-007 

. 


0 

1618 

k'-tr 

93.77 

93.72 

-002 

83.77 

9177 

90 

1079 


•Bnann SMplay 8 Co Ud 025 

CL Bark Nederland... 62S 

OUtankNA 525 

OydwMaBank 625 

ThaCdoparathe Bark. 555 

Coub&Co 52S 

CreOtLytarofei 523 

Cypris Popular Ba* -A26 


aOuhvioaa Mahan 5JB 

HaBte Baft AO 2lafch . 525 

•Hearmros Bank 025 

Heritable & Oen kw Elk. 5^9 

•HBSomutL — 555 

CHoare&Co 025 

HontfungBShangtaL 525 
Jbdan Hodge Bank— 525 
•LwurtJ Josephs Sons SJB 
UoydsSar* 523 

M^nibnkLM 828 

MUandSortv 525 

* MoLrtBartdng— __ 9 


* Rud Motfw G+srant ee 
Corporator! UiiJinI Is no 


HoyM Bk ot Scoiand _ 525 
•SmH, & WKnan Secs . 023 

TSH 025 

•UntodBkotKuwal- 525 
LMy Trust Bank na — 525 

WMtom Trust ^.025 

IMmeawey Laxtow 025 

Yorksrtra Bank _S2S 

• M ambers ol BriU*n 
Merchant Banking 8 
Securities Houses 
Amman 

* hi admrtswflan 


toOgo&oOwro..- 525 




Money Market 
Trust Funds 

Pott 

Snot M CM 

, -si-2 

£5^ i 5S?,'5S£ 2# - is! as 

oic ti «*taa 1 <ar - I *.at 1 3-aa» 


CM. BtL ol Engteralt 

Z Faw MrotHatooa ECZT SOO u/t^MiaiS 

nw|<Mg | +*a -I 4 . 0 JIIMB 


Money Market 
Bank Accounts 

aw 8k CM ran 

SS!SSBU! , « «■-« 


Bna Ml CM MCr 


iiMtriMMiHjrw *' atgia 

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EUROPEAN INVESTMENT BANK 
YEN 35,000,000,000 
FLOATING RATE NOTES 1902-2008 
In accordance with the provisions or the above Notes, notice is 
hereby given that for the six months from May 31, 1994 to 
November 30, 1994 the Notes will carry an interest rate of 1.75 
percent per annum. 

The interest payable on the next interest payment date, November 
30, 1994 win be YEN 8,895 in respect of each YEN 1,000,000 
Note, YEN 88,958 in respect of each YEN 10,000,000 Note and 
YEN 444,791, in respect of each YEN 50,000,000 Note. 

Fiscal and Principal Paying Agent 

BANQUE INTERNATIONALE BILfl 
A LUXEMBOURG VSJyJ 


Top Finance (Bermuda) Ltd. 

(the ’issuer') 

U.S.$48,000 f 000 

9.85% Guaranteed Secured Notes Due 1999 
Notice of Redemption 

AB U.S. *48,000.000 oulsiamfing principal amounl of dm 8.65% Guaranteed 
Secured Notes Due 1999 issued under Ihe Indarriure dated as ot June 15, 1969 
between Ihe Issuer and Texas Commerce Sank National Association, as 
trustee, are hereby being called tor redemption ai the option ot lha Issuer on 
June 21. 1994. at par ptes accrued Interest. No airier Class ol Notes or Equ.lv 
issued witter the indenture Is subject to this Notice ol Redemption. 

Intaros! on Ihe Notes wfll cease accruing from and including Juno 21, 19S4, 
unless the redemption does not occur. Failure la redeem ihe Nates on June 
21. 1994 does not constitute an Event of Default under the Indenture, but rather 
the Notes wifl continue to bo outstaixflng and interest will continue to accrue. 
Holders ere requested to surrender their Notes and Coupons at one ol iho 
Wowing locations: Chemical Bank. London; Banquo Inwrnatronaio i 
t UX . 8t y* * B ' r Luxarribcx'roi Mo/gan Guaranty Trust Company of Now 
York, Brussels: or Union Bank of Switzerland. Zurich, 


DO YOU WANT TO KNOW A SECRET? 

markct3 REAaY «*■ Thj amazing 
!?^?f >i y^ rf J^ toBa ^ yW - P ' Qwt ^ lncra ^yh8progfaaxica*tinvoto 
losses. Hew? Thcf a tie secret. Ring 0£fi <74 0080 to book you- FREE place. 


~ INDEX! A II Plus 

I iq tOWZi 878QI3 F*I <&»UlS7fig34 



35 


Hij&V.iHij st. 



TIMES WEDNESDAY JUNE 1 1994 


WORLD STOCK MARKETS 


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mo - 130.G0 -sjotauans-io _ 
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-10 4/30 3576 4.1 
-160 17/00 14,100 Z6 
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4.150 +16D4Z8SZB7S _ 
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80/0 -JO 73 47/0 — 
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131 

117 

118 


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M«D 624 

nmCR sio 
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HtSctAl 1J02B 
Hazaou 481 

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— HknlB 012 

— HhO» 8/00 

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— TOMNd ZOM 

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+22 ESS 70S — _ 

+9 809 <10 — _ 

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• -S 910 551 — — MBKkl 

+7 644 415 _ — HGKSP 
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+40 ’/W 1 /® _ _ wa 
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♦Siam 9» _ — msx 

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+30 1/10 1.480 — 7Z7 

— 1/201/30 0/ _ 

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+6 705 545 00 — 

+4 GOB *08 — 

-10 1/80 1/SO — 

+20 1/801,720 — 

-201.190 093 — 

-1 996 821 0/ — MM 

-102.460 1/20 — — mS* 

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_ 430 275 — 

-6 585 380 — 

+3S1/40 719 — 

— 1/70 980 — 

+40 2/00 1/80 — 

+101,110 Ml — 

+20 740 514 — 

-14 033 787 — 

— 1/801.160 _ 

+11 605 426 00 

+101/50 838 — 

+2 020 440 — 

*0 728 602 1.1 

— 640 585 — 

— 525 438 _ 

+17 780 asa 

— 1.120 795 — — 

+8 550 397 1/ — 

+12 910 679 — — 

♦11 960 628 — _ 

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+36 879 712 — — 

+30 2/401/90 - _ 

-2 1/10 820 — — 

— Z260 1/ID - — 

— 1,180 830 — — 

— 734 802 — _ 

+i an *87 — — 

ZZmm 

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-10ZSS0Z530 __ _ Hanoi 
♦2D 1/80 1/20 - - MOWS 

+17 B50 509 — Mtnab 

+202/40 1.960 0/ _ Nsbahv 
+40ZQ50 1.GSD — _ NHG 
-5. 614 383 — — HsmFd 

-20 1,180 525 07 _ Mm 
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+23 710 806 — 
♦2 874 840 ._ 
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+20 1,190 1,010 — 
+4 811 4H — 

S7U +TS^S - 

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—7 BB8 789 — 
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+40 2/80 2/20 — 
+0 7B2 636 - 
-301/20 789 — 
_ 1/40 906 0/ 

+3 TOO 512 

+10 1180 1/80 _ 
+2 572 428 _ 
-6 B71 79Q 1/ 
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♦101/80 1/00 ._ 
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-8 850 711 

+3 606 387 — 
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+4 873 657 _ 
780 562 Q.7 
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*10 670 388 — 
+50 1/30 790 0/ 
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— 1/00 90S — 
+3 SIS 335 — 
-1 771 803 _. 

533 42S — 

+3 E M„ 
+2 048 798 _ 

*101/10 942 _ 
+8 720 487 — 
+4 73S 5EQ — 
+10 530 407 — 
-2 445 318 — 
-4 840 395 _ 
-30 1,780 1.140 _ 
+30 1/10 1.430 _ 
+7 549 4S5 ._ 
+17 B25 872 — 
+11 301 901 — 
-io i/20 i.ioo a.7 
+10 980 766 0/ 
_ 463 378 — 
-3 435 337 — 
-5 038 E78 — 
+9 040 770 a? 
+8 449 SIO — 
+101/30 MS __ 
+28 1/30 790 — 
*80 2/30 1/00 OJ 
+4 782 810 

— 1/90 850 — 

— 2/461/83 D.4 
+2 624 405 00 

♦SO 2/50 ZOOO _ 

— 4J40 3Z2D _ 
-101/10 869 __ 

— 1.170 965 — 

*10 1.370 1/20 — 
+18 S6S 396 

-2 291 231 

+11 7W) GOG 
+14 7S4 828 1.1 
+2 70S 403 — 
+3 474 315 — 

— 810 711 _ 
+12 973 781 0/ 

— 588 500 _ 
+20ZD601/90 — 

1.050 1.430 — 
+5 BIB 600 — 
*4 788 828 _ 
_ 507 400 0/ 
726 579 _ 
+18 *96 412 _ 

— 1,420 1/60 0/ 
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8.150 __ 
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1/00 


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1.100 

1.140 

775 

2.170 


413 

1.790 
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573 

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847 

750 

1.790 
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560 

1.130 

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688 

1/40 

501 

787 

531 

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711 

620 

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543 

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-v08 5/5 4/9 ZB 
-/I 4.7S 6.70 1/ 
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HMBKM8{Mayffl/HJU) 


-10 2/201/10 - 
-6 1040 840 — 

+10 1/80 1,140 — 

+101/801,120 — 

+2 836 505 08 
+1 948 411 _ 

-4 378 288 — 

♦23 700 BOO „ 

-6 823 481 — 

+101/001.110 — 

— Z82D2Z40 — 

+4 801 700 00 — 
ara 6,220 +40 6.460 3.490 — _ taneyPt 1tu» +.10 15.90 035 S3 03 

Stare 8H £ gga 618 — — BEJWa 37.75 *39 SO 2Z80 1/ 26/ 

+ - - “WTf 11.10 +.10107010*0 3/ - 

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HjqD 14 


sufitoun 
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+30 1/60 1/BO — 

*1 459 380 — 

— 440 288 — 

-101.030 651 a? 

-T SOS 252 _ 

_ gn n64 

-1 734 811 13 

+101.0S0 BIS — 

-10 1/70 1,090 — 

-11 81S 674 

•"“■MB ::S 


IfinB 55JO 

WahCn 11 


1/70 

1310 


607 


1350 

875 

448 

431 

847 

894 

441 

1/20 

1.000 

1/60 

729 

1/70 

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687 

2/50 

4/10 

1.100 

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TJGO 

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287 

797 

733 

685 

488 


+40 4i--- . 

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-30Z2101Z7D 1/ 
-25 722 570 — 
+2 882 879 017 

-301/001/70 — 
+10 1340 1/90 — 
m -81/40 667 _ 

663 +B GG7 400 — 

780 *10 788 BIB 0/ 

TeMan 920 +4 1,100 705 0/ 

Toeora 726 +8 790 G06 0.7 

TOdim 505 +S 565 387 1/ 

TUMAV 67B +5 720 602 — 

IbSsSs 757 +3 B31 870 — 

Teal 8Z1 +1 007 533 — 

TUB 20.1 iO +100 2UDD17, 

T0l*B' 2/70 
DaBk 1/80 
nonce 472 

ToftSco 525 

TeMoM 1/70 
Tkyam 684 

sn 33 

ikDama 2X60 
TkQPW 3330 
Thaai 3330 
TkSee 534 

TMepe 683 

TXSS Z570 
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i/om 

630 
41 
IUO 
1Z40 
44 JO 
2430 
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15-30 
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23.50 

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81.76 
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8hawBr 1Z70 
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“ SknoO 12X0 

— fiOMP 4 JO 

— SWCo 4 JO 

SwrtnvA 80 

a*s 
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33 


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— msufl 

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— Wand 

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“ tfifctAU 
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— MV 
“ JUNh 
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MngOn 

Wtaver 


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Mi 

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TojoCn 

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IkuCTD 700 

Da*JM 688 

Toner 1/80 

i® 

730 

_ 040 

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043 

044 
385 

1/30 
647 

1/80 

Toyota 80S 
ToytKn 654 
ToyoSk 3/00 
T»«TO 11U 
ToyoTH 490 
ToyoTB 1330 
Toyota) 478 
TeChMn 551 

uST* 3U 

IHK 380 
1,470 
1/60 
1.380 


Oertna 
~ H_Crod 


~ HHUn 

” MuPup 


11.70 

1Z10 


4X2 

31 

1430 

15 

172 

SJB 

4X2 

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6/30 +140 7, 
5/BO +110 


- MpOS 


— HrSmo 


_ 482 316 

— 2X20 1/ID .... 
+30 1/401330 — 
+30 1,110 937 _ 

+9 BOO 702 IX 
+10 820 *50 _ 

-m 2,190 1 xm o/ 

-4 850 BM _ 

-4 702 476 — 
+201/801,460 0/ 
+B 7B7 653 — 
+5 703 506 _ 
-8 709 484 — 
_ 1/90 T/aa o/ 
+8 817 4GO — 
+20 1/00 1/70 0.7 
+12 815 *41 _ 
+31.110 908 — 
+101/20 1/20 — 

— 1/101380 — 
+10 447 335 — 

-I 381 
+1 482 


027 
1/70 
1/00 
vemKOa i/7o 
YmTrar i/90 
YireSMt 2X80 
YDDhen 1/30 
VBMB 814 

Vjufk 833 

YaaTrfl mo 
Vkp*Q 1/DO 
YlSoiak Ml 
VMwnb 899 
VtanLM BB6 
i/m 


648 


— 3330 . 

-201/101,110 _. 

+7 504 326 — 

+2 535 418 — 

— 1/90 1.190 0/ 

+18 664 4Z1 — 

-101.7201/50 _ 

+2DZ0ZD1J1D _ 

+80Z2001/7D — 

+80 3/40 3X60 — 

_ 3/60 2.740 — 

+2 570 401 — 

+30 TOO 820 — 

+BOZ720Z200 - ._. 

+30 1/GO 1/2D OX — 

la 620 887 Z Z HALATS1A (May 31 / UYR) 
-9 730 585 __ — 

— 1/SO 1 ABO 

— 1/40 1,100 

— 730 878 
+7 862 670 

*101/80 1/60 
+3 848 433 
+0 874 BOO 
+4 400 2S5 — — 

+20 2X90 1,770 — — 

+1 STO 421 OX — 

-10 1.B7D 1/30 — 64/ 

-2 807 618 — — 

— 733 524 _ — 

+70 3300 2/80 — 

-ID Z140 1.700 — — JgS 11*30 

♦ 12 491 330 — — WW* IUO 

+10 1/50 S35 GdHAe ZUB 

-1 MS 3^ ttaw P ta 3,40*1 

-1 584 432 — — J“*=P 

+13 546 346 _ - guM tames 

-8 398 288 — DCSG lSXOnl 

385 272 — °DB 7/0 

+101/00 835 — — SAkF. 

+20 1/30 1.170 1.1 — IUO 

+401^0 830 — — gQK T 3 JO 

-IS 085 820 — SWA 3/4 

-2 038 sec OJ 
-20 2/301/00 _ 

+10 1X101/80 _ — 

+201/90 BOO — — 

_ 1/40 1.110 — _ 

+s>?gS?#8“ = NORTH AMERICA 

+20 ^ TO 0/58/ C««IA 

+1 i/u 780 — ~ TORONTO (May 31 /Cans) 
4 pm ciosa 


-.15 14 015 — — 

+.18 ZT30 1080 1.7 — 
_ 1010 1050 3/ 15/ 

— 18/0 10-30 05 — 

_ BX5 4.17 2/ — 
_ 45 20/0 1/ - 

-JO 131 DO 1/ - 
2100 11/0 01 40/ 
_ SOJO 47 75 3/ 30/ 
+.1013/010.40 OJ 2/ 
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+.10 24/5 14.40 21 24/ 
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-.10 3050 2030 3.7 _ 

— 31.751010 04 — 

+.10 30/5 1040 3.1 34/ 
-.1017.70 12 80 _ 

— 10/0 a05 40 _ 

-OS 4255 27/0 20 — 
+.10 33.25 10X0 30 — 

-.15 13.10 7X0 OJ _ 

+1 64/0 4076 03 _ 
+ JS 3SJO 24X0 04 — 

-.10 25 12/0 22/ 23/ 

+.10 12J0 020 OJ — 

— 4Z50 21.10 3/ — 

_ 39 30 —80S 

+1 77 42 23 81/ 

_ 1ZS0 11 2/ 404 

-.18 8.18 are ZB 104 
-2Q IB- 40 0X5 11/304 
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_ 7/0 8,73 7/ — 

— 71 50 1X210 

-.KB 1T/0 8 Z4 17X 

- .25 55.75 23 Z8 — 

+/S 41 25X0 ZO — 

+ 20 23.50 14X0 — — 

— 1000 11/0 ZO — 
-.10 17.40 ia70 B/ — 


81100 CAE 
line EmsES® 
13550 CamOp 
2200 CMFdA 
B5500 CmMar 
6500 CMS) 
QMVKO 
3TB4ZB Ortnp 
1 45331 CWtftaK 
338079 QmPBC 
200 CanTk 
17768 CanTrA 
10589 CaUtA 
1635 SnUO 
300 cartar 
3035 CKOng 
3801 CanBsnx 

6175 Catal 

20216 CntCBD 

33P PP (S mOt 

82398 Cdmcd 
313110 DoraW 
30000 coaeen 

50870 CM 
320462 CrwmX 

15900 PeoanA 

15300 Dertanx 
98840 Dotan 

15192 OwntaT 
170125 Domtar 
13309 DuPMA 
5518 DundBA 

3600 Empfce 

23700 EdvB 
12400 EfflOO 
6360 EuMev 
1850 FPt 
BOO Fhrti 
37007 FstMA 

iioo fortk 

12752 FT MW 
Z725 Fahnv 
2Z763 FUtaA 


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147015 Km Si 
33430 HonMn 
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71240 Ft. 



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84378 irapOtx 
507523 Inca 
1500 rail* 
3400 Mara 


19% — % SIL 



MONTREAL (May 31 1 Can Si 
4pm dose 


75818 BtaMdB 
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21073 Caanob 
12500 Cacada 
200 CnHwcx 
4000 GTCB 
6700 JCoulu 
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SOUTH AH8CA (May 30 /Rand) 


a 1 ) 

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(May 31 / SJ) 


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3200 hiacaA 
48300 Jrnodi 
700 KenMx 
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17188 Label 
720709 L acffih 

206275 LdewB 
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2/70 +20Z8WZ500 - 

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— 2X2 101 _ __ 
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22818 AM* 
27900 AgnEao 
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146274 ADMG 
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41300 AtaoQ 
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18S350 BCE 
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22240 BmA 
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15% -% *15% 15% 
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13% -% 814 13% 
20% DM. 20% 

48% +% 849 40% 
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27*j Sm, Z7% 
251 -1 254 250 

21 +% S21 SO** 
15% +%MA 16% 

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4400 wnue 
41625 Mntftc 
38487 Nentata 
3400 HoruAk 
11889 HmdaFx 
138430 NmdsM x 
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986455 Mova 
2900 
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158360 ROCOP 
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120 120 
8% — % SB B 7 a 
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5% +%SS% 5% 
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10% 91 D% ID 

52 Q SI 
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31% +% £32% 31 _ 
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31% +%£!>« 31 
450 +20 450 435 


3B 
88X0 
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4100 

Rmtaflp 2950 
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84 

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SnahCG 1075 
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SAAtaAm 44 
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49 
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395 

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5832 


_ 34X0 26 IX 

— 8aJSO58X0 4X 

7.75 800 _ 

__ 52X0 37X0 20 
__ 3075 26/9 1/ 

2BX0 17 IX 

_ 90.50 72 ZO 

_ 135 87 10 

_ 19/5 15X0 8/ 
_ 10450 79 1/ 

_ 52X0 28X0 1.1 
184 102 Z1 

— 56 43X0 1.4 

— 47X0 28X0 IX 

— 480 359 3X 

-4250 33 _ 

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lg^*DM^iiw*ad.a 



■maim an 8 ■ Bta on 710 D77D or i 
S8SL tacars nxaaL or EWta tarn BM 
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mmvw 
and Wop* 


1994 


£5 N ^ :i§ 

*i — — j i — — 

•OfWW 

HeHUt 


INDICES 


My Nft Mfe. 

31 30 V 


life 


Low 


vsnvm 


042087343 3072/7 2947040 W2 17H&W 20H 


PC 8M 1379 


ABIMMHTffVaq 


am/ 2on/ zhjzz auo ae 

0KB4 10330 1094 TUBW 312 


cmmadDUM 40005 «iur bmjs amub m 
D wtadMaCVI/BD .304253 1082X0 108120 12ZZ25 US 


148083 1401.44 VR71.88 1542/8 02 

(4 JO MX 234B5X 2*0800 3H 

M 37*372 378186 387S8B T80 

|B 4Q2070 <32088 48080X230 

M 2057.47 - 20300 WOM MZ 



188010 05 
90*80 5 IS 


31/5 
1042X3 SIB 


M82JB 303 

an 


C8S URtafiantEnd 83) 
CSS Al Su (End S3) 


cm.40(iynsQ 


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KiAsiwn 


Mff 

31 

uay 

30 

Mar 

27 



ft* 

low 

M 

248041 

348005 

2BBLT7 8/2 

196733 2M 

4200 

427/ 

«6S 

45499 SI/1 

817/D 09 

2706 

271/ 

271/ 

294X0 31/1 

28000 31/3 

213050 

2142/3 

2148X9 

200X4 313 

2012X2 56 

110018 

nata 

112034 

1211.10 2BC 

H92X7 31 

303077 

2B1J9 

2907X0 

330037 471 

233733 90 

287BX 

7X3 S 

2833/ 

3Z2UO UU2 

2B0UC 3n 


US INDICES 


tmahUs 


Un Boos 


Tianspoo 


esaes 


HD 

May 


1994 

Since cnotafatto 

27 

2E 

25 

Hfe 

War 

Kfe 

Low 

3757.14 

3753.46 

375500 

39780B 

353105 

397036 

41/2 




(31/11 

MM) 

(31/1/941 

(Z/7/3Z) 

97 J3 

9700 

97/2 

10081 

0043 

10077 

509 




(Zl/fl 

(13/5) 

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1GZ2J3 

160026 

1 603.41 

186ZJ9 

15*002 

186229 

1232 




(272) 

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(8/7/32) 

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1ES.14 

227/6 

177.76 

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1050 




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(12/5) 

C1/8/B3) 

18/4/32) 


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St anda rd rad Poors 

ConposSa : 457/3 45708 45034 <8200 43832 482/0 


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SBC Qnam (1W87) 964.14 97055 961/7 MB2B 31/1 


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■ CMMO STOCK MPNXfUTUWP QrtATBr) 

Open smtPitM Qiaog* Ugh Low ED. voi Open aZ 
May 2030.0 2027-9 -23.1 2030.0 2034.0 33.881 12381 

Jun 20133 2013.0 -20.5 20150 1994.0 36/09 46,059 

JlV 7011 X 2010/ -205 2011.0 18900 257 2/81 

Op*n Hanm four** fir pratera day. 


mom w 2 

5448X8 19n 

855/7 2)4 

30833 204 

14Q3JD 31/3 

0025 35 
8X7X3 3!S 

5X9iiQ 133 

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1299070 249 

991/0 U 

1393/D 2)3 
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29028 3VS 

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53131 

4551 

53024 

4041 

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an 

58089 

m 

4086 

(31/1) 

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51005 

(21M) 

41J9 

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arm 

KtalJW 

crasft 

4040 

(38/933) 

(1*133 

3/2 

(21*182) 

064 

(1/18/74) 

ksecsds 

S2S9 

25281 

997 UK 

287 J1 

24314 

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an 

(4M) 

(2/2/94) 

(2SMM23 

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4*0/4 

414 49 

43925 

487/9 

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487/9 

29 XT 





an 

am 

(20/941 

19/12/73 

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733.14 

731/4 

73207 

893X3 

7B5JI 

HH+OT 

- 54X7 





(1H9 

(20/4) 

(lBOflfl 

(31/10/73 

■ NOWS 










May 27 

May 20 

May 13 Year ago 

Dow Janes End. Dhr. Yield 

Z69 

2.59 

2.76 

2X0 



May 25 

May 18 

May 11 Yea ago 


S & P Jnd. Drv. yield 
S 6 P hid. P/E rate 


Z46 

23.41 


Z48 

24.06 


2X4 

23X2 


2X2 

2025 


■ STANDARD AMD POORS BOO INDEX FUTURES SSOO tomes index 



Open 

i ♦ 

Change 

Hgh 

Low 

EslvoL OpeninL 

Jkin 

45655 

454,60 

•1X0 

450X0 

45-L50 

43J07 

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Em r ad te heads, t MeaM. pAa UBtara. Rnancial and Tranaoonaun. 

Md kM M Pa wmpM t/ Pa hghesS and tons (nan raadnd dung me day by each 
■a <n j ppl « a By T taal aw ) npww aw tayrai and to+ant ytaws tael Iha rdta has reastea 
P»aw*« itervj. f Sae^ea ts artoai racmentaSdn. 


If this page gets your heart racing, you need a Pulse 

Pimm b’lfiux voii ! v-or<? r^evvs frorri more of the world's rnerkets than any k ♦. . * « mm Uli . i - , 


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CALL NOW FOR YOUR FREE TRIAL ON 0800 28 28 26 EXTENSION 7154 



Stocks 

Closing 

Change 


Stocks 

Closing 

Change 


Traded 

Prices 

on day 


Traded 

Prices 

on day 

Kawasaki Steel ... 

15.5m 

426 

+3 

NKK 

9.7m 

287 

-2 

Kawasaki Hvy Ind 

10 . 6 m- 

477 

+2 

Furukawa Bee 

9.0m 

730 

+20 

M*btetil Hvy .. 

10 . 6 m 

767 

-1 

Toshiba 

„ 02m 

845 

+7 

Ricoh 

10 An 

980 

+12 

Hitachi 

7.8m 

1080 

+10 

Nippon Steel 

0/m 

376 

-1 

Mitsui Eng 

7.4m 

389 

+11 


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36 


FINANCIAL TIMES WEDNESDAY JUNE 


1*W4 




4 pm dose ite? 31 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


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a 


BE OUR 
GUEST. 


hen >«m >li> » iih ua - 
•Ij. in i.roch - toilh jour complimenLirj' 
cpi ■-'! Uie Financial Time.. 



HEL5INH 

•J53i 1O1 5'3S80 Fan: (358l iOi 69587100 


MW 

Mgb Uw Stock 
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015 45 24 10% 10|b 10*8 ^ 

1 109 5% 5% 5*4 -% 

012 25 15 10 TO 10 -% 

4 796 4% 4% 4% n> 

91 7332 19 16% 16% -5 

008 U 1158 19% 18% 18% -% 

3 579 5% d4% 4% -A 

19 226 13% 13 13% +% 

22 5 4% 4% 4% 

23 109 20% 19% 20% +% 

77 318 9% 9 9%*% 

10 33 1% d1% 1% 

IS 117 6 5% 6 

7 X 1% 1% 1% 

156 ' 



NHPM 7 47 

WTtoAk 056364 2S7 

MKac 00 020 11 2 

IMnacE 125 500 
(M 12 10 


8% 8% 8% 


00*3 A 34 135 09% 09% 9% 
Otston 024155 750 35% 32% 32% 
PegonG OW 93 189* 17% 16% 16% 


pt as 

Stack Ob: E loot 

PCftm 080 50 2Q9 

Pel MSP 164 13 19 

FWLD 023 191099 

PlnwayA on 20 30 
RyGem 012 25 136 

PMC 090 17 16 

Prestos* OlO 1 40 

fbganBad 32 * 

RMWGp 3 44 
0 2 


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StorttokH 16 36 
004 15 366 


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Tab Prods x 020 M ii 
TeiSOtoa 036 61 524 
RBOtteS 67 526 
TIwnokB 29 212 
TnCPKA 028 20 *3* 
TownCWy 1 94 
Tritoa n 130 

RteCUex 7 70 
TmdM 007 71 1$6 

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CtoXXMed 9 202 8% 7% B 

CaJSdiwpi 101 16 162 3% 28 3% -% 

CtomssCaro020 20 452 17 16% 17 -.-% 

CwroCs 11B 248 7% d7 7 -% 

Ctogcne £25 82362 14 12% 14+1% 

CtoUCRI 19 076 20% 10% 20% -% 

bnbBe 1 375 id dl 1,‘ s 

Ctedtod. 2 38 3% 3% 3% 

CnSes 0 55 2% 2% 2% -% 

Cana, toe 060116 59o83% 83 B3% +1% 

Cwnme 0 89 2% d2% 2% 

Cardute 012 25 144 46% 46*4 46% 

CaRanCm 083 22 159 Z7% 25*2 27% J 4 

Cascade OGO 18 2 20 20 20 •% 

(toseyS 006 151398 1D%010*z 10% 

5 538 7 6% 6x2 -it 

8 334 19% 18% 19% 

19 70 12% 12 12 -% 

7B 154 11 10% 11 +% 

5 5686 13 12% 12% -A 

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23 2 11% 11% 11% -% 

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009 13 8651 9% 9% 9% 

42 47 uS% 8d 

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1 290 % d% 

12 60 3*2 d3% 

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017 302103 32% 30% 3ld -1.% 
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128 277 2% 2d 2d -A 


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Cb Banco X MB 16 188 29 28% 28% +% 

OeacHbr 2B 5 7% 7% 7% +% 

cats Dr a 46 13 12% 13 

Ctenetoffl 81257 4% 4% 4% +% 

CocaCDtaBxin 16 497 26% 25% 26% +% 


CoteEagy 
CodeAtarm 
CognwCp 
Cogas 
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CcWGip 060 9 


717 198 5% 5% 5% +% 

ZS 90 10 9% 10 +% 

a 181 19*2 19% 19% 

101 348 11% 1#2 lid *& 

17 417 13% 12% 13% +% 

87 974 22% 21 21% 

17 20% 20 20% 

» 24 24 24 


GET YOUR FT DELIVERED TO YOUR HOME OR 
OFFICE IN THE GRAND DUCHY OF LUXEMBOURG. 

' A MifaiL'ripiMtt hand delivery is availaWe in ihe whole of the Grand Duchy of Luxembourg. 

We will deliver your daily copy of the FT to your home or to your office at no extra charge io you. 

If you would like more information about subscribing please call Philippe de Norman 
uft tel: l322) 51 3.2S. 16 or fax your requirements (322) 51 1.04.71 


*% 

*h 

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TIMES 




Comer 03* 12 es* 19 18% 18% 
CmaMx 009 182729 IB 17% 17^ 
CcXSASdxa99 372592 17% 17% 17ft 

annBUEioa u 2 to e% 31 % 31 % 

comma QJD 9* 32 IB 17% IB 
CDR>{llJtoB 4T6 385 12% 12*8 12% 
Goatearo 59 S3 13% 13 13 

CoBSDCtfl 36 270 3% 3d 3% tA 
Conftffl 128 26 870 39% 39 39ft -ft 
Cocatum 7 B36 7 6% B% 

CMtoW 1M4 18 5B26 all % 10% M 

ConWCd 31 226 16% 15% 16% 

CnsrCaa 16 671ff11ft 10% 11 

CoonAi 050 18 363 20 19% 19% 

OopyBto B9 ISO 10% 10% 10% 

CanfeCb 221240 SO 48% 49% 

Ox? Of A 45 815 18% 15*. 18% 

COSMrS 002 282519 24% 23% 24% 

fay Corag 1 548 id lft 1% 
CroanRes 37 115 6 S% 6 

48412 6% 5% 5% 


-% 


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- D - 

BSC Cm 1415585 22% 21 % 22% *ft 

Ds-.taJ* 013 19 7 78 m 78 *2 

naOSkrtS 10 12 2% 2% 2% -*< 

CfiaSei 32 2 7% 7% 7% 

aaasesce 16 7B4gi5% 16 16, U -ft 


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Deb Shape 020 20 19 
MaAEli 032 22 188 
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32 212 37% 


U28 25% 
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15 14% 
33 32% 
22 21% 
29 £5% 
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37 


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DHTttJ) 17 145 U21 20% 
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QlgSyto 7 42 3% 3% 
DbraCp 15 149 33% 32% 
DbaYm 020050 13 8% S* 2 
DNAPM 215B2 4% 4 

Dotar&ix 03) 26 597 26% 25% 
Dorati Mn OBB 14 24 I2%dl2% 
DracoEngy 14 2 10 10 

DrossBan 121125 11 % lift 

Dray GO 024 19 456 23% 22% 
DiugEnpo (UB521023 5% 5 

DSBanor 1X19 18 68 32% 32 

Ekrtm 042 11 1064 15%II14% 
Durr FT 030 24 8u33% 32% 

Dyimeeti 6 503 18% 17% 


2Sd -tft 
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21 % -% 
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15 

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- F - 

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FerrCp 024 14 20 5% 5% 5% 

Fatoenal 004 51 963 33 32% 32% 

FHPktfl 13 SS3 22 21% 21% 

FBxitecs 3 174 3% 2% 3 

F1IKTM 108 IB 540 54% 54 54ft -ft 

RftyOtt 51172 3% 2% 3*8 

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FtoAtoama 120 12 1652 36% 35% 35% 

Rm Am 034 8 742u33% 33 33,”, +ft 
FtoScOMdx MM 11 17 24% 23% 24% 

FtoCDBk 060 21 85 24% 24% 24% 

FtoSecty 1JJ* 11 114 29% 20% 20% 

FtoTeon 188 9 7B8 42% 42*4 42ft +f e 

FdWesto 036 7 B2 9% 8% 9% +% 

Fsttafllcx 052 61224 23 22% 22ft -ft 

Fbxdm x 1JS 11 309 <7% 47 47% +2ft 

Fktomin 45 56 7% 7% 7% +% 

Rsnv 25 859 20% 20 2Dft +ft 

ftowH IB 1225 5% 5% 5% +% 

FoodLA 000 152860 5% d5% 5% -ft 

FtaodB 000575 655 5% d5% 5% +*a 

Foremost MB 10 21 31% 30% 30% -% 

Fnsdnr 13 31 14%d13% 14% +% 
PtumBaK 030 33 755 34 33% 34 +% 

Foster A 43 113 3% 3*2 3% +% 

FfOlFta MM 11 102 28% 28 28% +% 

Fa Eaton 1.12535 19u2B% 25% 25% -, 1 . 
HFU OAO 6 283 16 15*4 15*2 -% 

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FitoerHB 09 23 158 38 37 V -% 

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06* 8 62 22% 
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0.16 22 1564 27% 
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14% 14% 

27 27 

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15% 15% 

10% 11% +% 
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29 32 12 11*2 12 +*2 

10 192 3% 3*4 3% 

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225 24 23% 
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534 24% 24% 
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LaDdRmi 

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(8 4664 

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305 

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000 15 

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Use: Ml 060 43 70 1402 13% 14.02 *ft 

MadsonGEx 10 S 14 72 32% 32% 32% 

ItagnaPwr 141201 31 d30 30% -% 

Magna tbp 076 12 410 19 18% 18% -% 

Met Bat 13 820 8*4 8 B% +% 

Cp 28 325 10% 10 10 -% 

Dr 12 281 4% 4% 4% 
Mttel Cp B 35 40% 39*2 39*2 
1 1£4 2*8 2 2% 

18 45 8 % 8 % 8 % 

MwshSn*A044 10 B 8 10% 89*2 10% 

tfertrtx 060 11 414 22% 21% 21% 

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ttltomlnt 40 1357 53% 49% 52% 
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MacuyG 03D 84500 30 20*4 30 +% 

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MctaafF 020 16 721 ul1% 11% llji +i\ 
Mtei HUB 200344 I486 75% 74% 75% +% 
MeTOHUi 8 347 3% 3ft 3% 

Mcnugs 191311 28 25% 2S*a +% 

Hcrocom 5 178 5% 5% 5ft -ft 
Mogmtx 17 IK 6% 6*4 6% +% 
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■Draft 1518424 53.77 51% 53% +1% 

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UUantlc 040 1258B3u31% 30*4 31 +% 

UdwGron 050 27 57 32% 32 32% +*4 

Hx OS 171426 24% 24% 24*2 -% 

M>cm 434 23% 23 23% -4a 

MkrtEdi 14 203 10% 10% 10% +% 

Mobleral 443110 18*4 17% 17% +% 

ktotem Co 020 IB 87 7% 7% 7*4 -*4 

Modkie Mf xO-52 19 230 27 26% 26 ft +ft 

Mota 004 202 35% 35% 35% +% 

MolBtoc 004 28 487 38 37% 38 +% 

Moscora 004 17 639 9% 9 9% 

MostowP 036 22 7 29% 29% 29*2 

MrConee 17 7B1 14% 14% 14*2 -ft 
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Mbned 12 468 29% 28% 28} 2 +,V 
Mycogan 4 482 11 10*2 10*2 +% 


- N - 

MAC He 016 121409 29% 28% 29% +% 
Mtei Fncti X072 11 55 17% 16% 18% -% 
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NatCPmpt 038 79 843 12% 12% 12% +% 
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020 19 83 13% 12% 12% 

12 132 18% 18% 18% 


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NEC 
Ndrar 
NetwkGan 

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Newbnaoe 8 483 10% 9% 10% 


046 99 1491157% 57% 57% +% 
17 337 27% 27% 27ft +ft 

23 717 16% 16% 16% +% 

95 438 6% 6% 6}i 

25 3 7% 7% 7% 

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Nonteonx 058 25 389 5B, T , 55% 56ft 

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One Price 

Optical R 

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OrrirtSupp 

OregonMet 


080 8 3 26 25 26 

1.46 51625 27)126*2 27 +% 

1.18 11 588 35 34% 34% 

052 16 445 36% <06 36*2 
100 7 72 30% 30*4 30*2 
15 369 19*4 18% 19*4 +% 


20 73 22 21 

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56 145 22*4 21% 

000 22 383 8*2 d7% 

10 11 14% 14 

031 10 59 5% 5 

7 163 2% d2% 

OtoABA 041 40 230 13 12% 

QtotatoiT 050 11 32 11% 10% 

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Pitt Par 
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10013 233 
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132 15 126 
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100 24 10 
172 1 5 73 
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020 21 137 
024 13 487 
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48*2 48% 
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AMERICA 

Stocks mixed 
as data fail 
to lift bonds 


Wall Street 


US stocks were mixed yester- 
day morning as a batch oE 
weaker than expected eco- 
nomic data failed to hit the 
bond market, writes Frank 
McCarty in Xew York. 

By l pm. the Dow Jones 
Industrial Average was 2.15 
better at 3.759.29. but the more 
broadly based Standard & 
Poor’s 500 was down a slight 
0.83 at 456.50. 

In the secondary' markets, 
the American SE composite 
slipped 0217 to 440.67 and the 
Nasdaq composite was off 0.96 
at 732.18. 

After the extended holiday 
weekend, the trading week 
opened with a barrage of eco- 
nomic news. But activity 
remained light as many inves- 
tors apparently decided to 
extend their vacations - on the 
NYSE some 117m shares were 
traded by 1 pm. 

Most of the indicators 
pointed to a moderating eco- 
nomic trend. 

The Conference Board, an 
industry trade group, said that 
its May index of consumer con- 
fidence slipped after advancing 
in the previous two months. 

The Commerce Department 
said that personal income in 
April was up 0.4 per cent, a 
little less than expected, while 
personal spending dipped 0.1 
per cent against expectations 
of no change. 

New home sales in April, 
meanwhile, showed a 6.8 per 
cent decline. 

None of these indicators of 
slower growth - a favourable 
development for fixed-rate 
investments - could generate 
any enthusiasm among bond 
traders. The US Treasury mar- 
ket was showing solid losses 
by midday, as investors 
watched commodity and gold 
prices rise during the morning 
and European bonds extend 
their losses. 

A report showing Chicago's 
purchasing managers paying 
sharply higher prices last 
month was also a negative 
factor for bonds. 


Blue chips were down as 
much as 15 points near the 
opening as equity investors 
pondered the weakness in 
bonds. But share prices 
climbed to near their opening 
levels as the morning contin- 
ued. although no single sector 
was experiencing any marked 
activity. 

Chevron was showing the 
best gain among the Dow 
industrials, up $lVi to $87% 
after the stock was upgraded 
by Merrill Lynch. 

Blockbuster Entertainment, 
whose proposed takeover by 
Viacom has become uncertain, 
topped the NYSE’s most active 
list. Some 2.1m shares had 
changed hands by 1pm, com- 
pared with an average daily 
volume of 1.2m shares. 

The stock appreciated SIVi to 
$28 after Robertson Step- 
hens & Company raised its rat- 
ing on the company to “market 
performer". 

Bombay, a home-furnishing 
retailer, advanced $1% to S16 
after posting a 23 per cent gain 
in May sales for stores opened 
at least a year. 

Upjohn, up $1% to $32%. con- 
tinued to benefit from last 
week's takeover speculation. 

Media stocks suffered further 
losses in the aftermath of last 
week's announcement that sev- 
eral television stations were 
switching their affiliation to 
the Fox network. Capital 
Cities/ABC shed $6'/> to $738 
and CBS receded $5 to $264 7 /«. 

Canada 


Toronto stocks were mixed in 
subdued midday dealings, with 
weakness in conglomerates off- 
setting gains in the gold and 
precious metals sector. 

The TSE 300 composite index 
was up 3.40 to -1324.07 in turn- 
over of C3252m. Declines out- 
paced advances by 304 to 266. 
with 264 issues holding steady. 

Barrick Resources led rises 
in the gold sector, jumping 
C$1 1 . to CS34V. in busy trade. 

Diamond shares continued to 
be sought. Aber Resources 
adding C$V. at C$7?. following 
good results on Monday. 


EUROPE 


Cyclicals top Dax performers despite correction 


A number of bourses staged 
intraday recoveries as selling 
pressure ran out of steam. 
writes Our Markets Staff. 

FRANKFURT was weak 
again at the outset after a 
sharp drop in bond prices, but 
short-covering left the Dax 
index with a 9.55 gain at 
2,127.70; by the end of the post- 
bourse it had risen another 10 
points to an Ibis-indicated 
2.137.74. 

Turnover increased from 
DM5.1bn to DM6.7bn. The Dax 
lost 5.3 per cent in May, pre- 
cisely what it had gained in 
April, said Mr Eckhard Frahm 
at Merck Finck in DQsseldorf. 
It suffered mo6t of all, he said, 
from weakness in US bonds 
and the correction in cyclicals 
from mid-month following a 
double top in low volume. 

However, extended weakness 
in carmakers did not prevent 
them leading the Dax top per- 
formers for the first five 
months of 1994; BMW. ex- 
rights, down a net DM7 yester- 
day at DM820, was up 13.6 per 
cent this year, and Volkswa- 
gen. DM1.50 lower at DM484.50, 
still 10.1 per cent to the good. 
The two leaders were ahead by 
24.8 and 19.5 per cent respec- 


tively after the first four 
months. 

The mid-May corollary, a 
switch into defensive stocks, 
was ruined for banks by bond 
market weakness. Bayerische 
Vereinsbaok. Dresdner and 
Bayemhypo all showed the 
strain, leading the Dax losers 
with falls of 21.2 per cent, 19.1 
per cent and 18.2 per cent in 
the five months to May. 

PARIS remained uneasy, 
with the CAC-40 index at one 
point falling to an inter-session 
LOW Of 2,013.61. before finding 
fresh support on the opening of 
Wail Street The CAC-40 index 
ended the day down. 22.61, or 1 
per cent, at 2,029.90. with equi- 
ties continuing to be pressured 
by futures. The expiry of the 
May futures contract yesterday 
also added an extra dimension 
to the day's volatility. 

Turnover improved to 
FFr4.5bn from Monday’s 
FFrl.6bn. 

According to Nikko Europe, 
US investors have been seen 
recently switching oat of cycli- 
cals and into the financial 
sector. 

Schneider, off FFr9.40 at 
FFr390.50, remained beset by 
uncertainty among Investors 


Prr-SE Act 

•Jane 

;S Sha 

re Indices 


mm 

May 31 
itarty danger 

Open 

1030 

THE EUROPEAN SERES 

tun 12.00 ixoo i 4 oa i&oo aw 

FT-SE Eurajra* 100 
FT-SE EurafcBdt 200 

1392.48 

I39&&2 

139035 

133049 

1390.03 1392.47 139602 
1397.42 1401 JO 1403.73 

1398.87 

140622 

139044 1399.73 
140706 1409.70 



May 27 

May 26 May SS 

May 24 

May 23 

FT-SE Eurotrads 100 
FT-S6 Eundndt 200 


1404.19 

1414.33 

141148 141251 

142637 143024 

143527 

145190 

144042 

146075 


Bn ion CWIIMQ: w^/nrr. 100 ■ UBMt SOU - K0U9 UrmKHr 10B • U8B 34 200 ■ UWC1 


following the arrest in Belgium 
last week of its chairman. 
After the shares had been 
suspended briefly, the group 
issued a statement denying 
any allegations of financial 
wrongdoing. 

ZURICH adopted the recent 
German attitude towards cycli- 
cals, taking profits as pressure 
on the domestic bond market 
and from weakness in equities 
abroad left the SMI index down 
20.0 at 2,722.9. 

Among cyclicals, BBC Brown 
Boveri lost SFr20 at SFrl.260, 
Georg Fischer SFr30 at 
SFrl.430 and Sulzer registered 
SFr28 at SFr92S; Alussuise, the 
metals company which fore- 
cast substantial recover)' this 
year after hours, fell with the 
pack, shedding SFr9 to SFr658. 

Here, too, file financial sec- 


tor offered little relief. Among 
insurers, Winterthur fell SFr22 
to SFr690 although it produced 
a first quarter rise of 9 per cent 
in premium income, and was 
bullish about 1994. 

MILAN recovered from an 
early fell with the Comit index 
hovering dose to the 720 sup- 
port level before picking up 
again on technical buying. 

The Comit index finished 
down 4J9 at 73L31. 

The day’s main feature was 
Mediobanca, up t.99X at L 15 ,950 
following confirmation that a 
n umb er of leading executives, 
including the honorary’ presi- 
dent Mr Enrico Cuccia. were 
under investigation in relation 
to the bank's role in the struc- 
turing of Ferruzzl Observers 
said that the news had been in 
the market for some days. 


which explained the upward 
movement In the shares. 

AMSTERDAM also recovered 
later in the day, having earlier 
fallen through the 400 level for 
the first time since December 
1993 as the equity market came 
under renewed pressure from 
bonds. The AEX index ended 
off 1.65 at 400.77. having seen a 
session low of 397.26. 

One of the day’s main fea- 
tures was a FI 2.30 drop in 
DSM. the chemicals group, to 
FI 134.00 on news that it was 
buying for an undisclosed fig- 
ure the outstanding 40 per cent 
share in Curver Rubbermaid 
from Rubbermaid of the US 
that it did not own. 

Elsewhere KLM retreated a 
further 90 cents to FI 51.30 
ahead of tomorrow’s fourth 
quarter results. 

MADRID, yet again, spiced a 
desolate platter of blue chips 
with big rises in speculative 
stocks, Amper and Prima 
Inmobiliaria, the property com- 
pany. each rising about 15 per 
cent - by PtaTl to Pta546. and 
by Pta30 to Pta232. 

The general index closed 
down 3.81 at 327.00 in moderate 
turnover of Pta25hn. Some bro- 
kers were beginning to see 


danger in the speculators' 
attachment to secondary 
issues. 

STOCKHOLM led the way 
down in a mostly weak Nordic 
sector, the Affilrsvilrtden Gen- 
eral index losing 27.10. or 1.B 
per cent at l. 479.no. However, 
COPENHAGEN recovered dra- 
matically after an equally 
severe intraday decline with 
the KFX Index a token 0.02 
higher at 10095, buyers owning 
back and an almost euphoric 
mood in evidence. 

ATHENS stayed in volatile 
form, the general index rising 
14.77. or 1.75 to S60.10 on buy- 
ing in the recently embattled 
construction sector. 

WARSAW cased in mixed 
trade, the Wig index falling 
IS2.9. or 1.5 per cent to 12.036.7. 
Elektrim, the trading company, 
fell 10 per cent after yester- 
day's 20 per cent cut in its 
rights issue price. 

TEL AVIV dropped again 
after the central bank indi- 
cated a small decline in eco- 
nomic activity, the Mishtanim 
index closing 7-1. or 3.7 per 
cent lower at 187.61. 

Written and odited by WtUtan 
Cochrane and John Pitt 


ASIA PACIFIC 


Foreign buying noted as Nikkei hits third new high 


Tokyo 

Buying by foreign investors 
and some domestic financial 
institutions left equities with a 
third day of gains after a 
strong close, writes Robert Pat- 
ton in Tokyo. 

The Nikkei 225 average 
ended 134.62 up at 20.973.59. its 
third new high for the year in 
as many days. At one point in 
the early afternoon a rally sent 
the index above 21,000 to a 
day’s peak of 21.048.61. where 
it encountered heavy selling 
pressure from Japanese non- 
finandal corporations. The low 
for the session was 20,857.07. 

Volume eased from 594.8m 
shares to an estimated 530m. 
The Topix index of all first sec- 
tion stocks gained 4.17 at 
1,682.50, while the Nikkei 300 
firmed 0.61 to 307.79. In the 
first section, rises led declines 
by 691 to 329, with 164 issues 
unchanged. In London the ISE/ 


Nikkei 50 index put on 2J>1 at 
1,391.93. 

Most heavy electricals con- 
tinued to advance. Hitachi 
adding Y10 at Y1.080 and Tosh- 
iba Y7 at Y845, but Mitsubishi 
Electric lost Y9 at Y688. 

Major industrials and ship- 
builders were mixed. Kawasaki 
Steel, once again the day's 
most active issue, moved up Y3 
to Y426 on a volume of 15,450 
shares. Kawasaki Heavy Indus- 
tries rose Y2 to Y477. 

The morning’s trading 
started on a quiet note. With 
markets in London and New 
York closed on Monday, fewer 
foreign investors were active. 

The market heated up In the 
early afternoon, fuelled by very 
large buy orders from a foreign 
brokerage house for leading 
stocks. Other dealers followed 
suit, stepping up their pur- 
chases. Tire more positive tone 
of the market was largely a 
reaction to projections of cor- 
porate profitability in the cur- 


rent fiscal year, and to Mon- 
day’s release of stronger than 
expected industrial output fig- 
ures for ApriL 

Most foreign analysts contin- 
ued to maintain a bullish 
stance. Mr Rod Smyth of Bar- 
ing Securities argued that the 
combination of positive eco- 
nomic data released in the last 
two days with the technical 
strength of the market made a 
breakout above 21,000 “only a 
matter of time". But some ana- 
lysts pointed to the continued 
absence or individual investors 
as a negative factor weighing 
on the market. 

In Osaka the OSE average 
rose 104.04 to 23.16236 as vol- 
ume of 38.2m shares topped 
Monday’s 35.9m. 


Roundup 


The Monday closure of US mar- 
kets had a dampening affect on 
activity yesterday. 

HONG KONG was firmer in 


muted trading, with the Hang 
Seng index ahead 29.93 at 
9,553.56 but down from the 
day’s high of 9.568.78. Turnover 
slipped to HK$3.1bn from the 
previous day’s HK$3.5bn. 

Property issues remained 
strong following recent weak- 
ness. with Cheung Kong and 
Henderson Land both rising 50 
cents to HKS39 and HK$41 
respectively. 

San Miguel, the Philippine- 
based brewer, shed 10 cents to 
HKS6.85 on news that It had 
sold its site in Hong Koug for 
HK$3.5bn to Wbeelock Proper- 
ties. up 20 cents at HK$19. 

China Light saw brisk Euro- 
pean-led buying push the 
shares up HKS1.25 to HKS43. 

MANILA gained 2.6 per cent, 
with San Miguel leading the 
way on news of the property 
sale in Hong Kong. The com- 
posite index advanced 79.38 to 
3,030.77 as San Miguel ”A" 
shares jumped 7-3 per cent to 
102 pesos and the “B" stock 22 


per cent to 141 pesos. PLDT 
climbed 30 pesos, or 1.6 per 
cent, to 1,940 pesos. 

Turnover slipped to l.2bn 
pesos from Monday’s Ubn. 

TAIPEI fell on profit-taking 
following rises over the past 
two days. The weighted index 
was finally down 42.94 at 
5,891.56 after an earlier high of 
5,960. Turnover was T$53.96bn. 

Paper shares were the worst 
hit: Wan Yu receded 80 cents 
to TS23.60 and Cheng Loong 70 
cents to T$37.30. 

In the electronics sector, 
Acer declined T$1 to T$64, 
while United Microelectronics 
went against the trend with a 
rise of T$2 to T$104.50. 

KUALA LUMPUR slipped 
back as volume hit the year’s 
lowest point at just 50m 
shares. The composite index 
ended off 4.00 at 996.11. Lion 
Land retreated 13 cents to 
M$2.77 on profit-taking after 
sharp gains last week. 

SINGAPORE eased on light 


selling of blue chips, the 
Straits Time Industrial index 
declining 24.22 to 2.2S1.67. 

SEOUL retreated for the 
third consecutive session in 
reduced volume as manufac- 
turing stocks continued to con- 
solidate. The composite index 
lost 6.15 at 93 9.49. 

SYDNEY was lower In the 
absence of major corporate 
news. The All Ordinaries index 
dipped 10.0 to 2.081.8 in light 
turnover of A$354m. 

CSR. the building products, 
aluminium and sugar group, 
remained under pressure, fell- 
ing a fiuther 13 cents to AS4.80. 
in spite of announcing strong 
earnings results on Monday. 
Analysts commented that 
investors were disappointed by 
dividend tax considerations. 

BOMBAY declined as profits 
were taken, particularly in the 
heavily weighted LTC and Reli- 
ance Industries late in the ses- 
sion. The BSE index relin- 
quished 4.99 to 3,823.06. 


Brazil up 3 per cent after 
breaking resistance point 


Brazil 


Equities in Sao Paulo were 
more than 3 per cent higher at 
midday as the Bovespa index 
accelerated after breaking 
through the 21.400 resistance 
level. 

The index of the 56 most 
traded shares was up 802 at 
25.074 by 1 pm. in turnover of 
Crl38.7bn <S74m >. 

Brokers commented that 
optimism remained ahead of 
the adoption of the country's 
new currency i-n July i which 
could pave the way for j signif- 
icant drop in the 45 per cent 
monthly inflation level. 

They added that a forecast 
rise in consumer spending, 
taken together with lower 
export tariffs, were also expec- 
ted to boost cyclical shares, 
such as retail and mining 
companies. 

Among the actives. Telebras, 
the telecommunications group, 
was 2.9 per cent higher at 
Cr73.50. Yale do Rio Doce, 
the mining group, climbed 3.5 
per rent to Crl90.P9 and Pet- 
robras advanced 3.2 per cent 
to Crl89. 

• Smith Barney Sheanson has 
initiated coverage of Cemig, 


the electric utility, with a neu- 
tral. speculative risk rating. 
The broker said it believed that 
the company had a good poten- 
tial, but maintained a neutral 
weight because of the coun- 
try’s general economic and 
political uncertainty. 


Mexico 


Shares opened higher, driven 
by selective demand from 
investors restructuring portfo- 
lios at the end of the month. 

The IPC index of 37 leading 
shares had gained 11.17, or 0.45 
per cent, at 2,496.58 by raid- 
moming. Volume was I5ra 
shares. 

Chartists suggested that 
some profit-taking could be 
seen at the 2,500 leveL 

One of the main influences 
on activity was the advance of 
American Depositary Receipts 
111 the US. especially in the 
stock of Telmex, the telephone 
utility, and Televisa, the media 
group. 

Telmex ”L’’ shares, available 
to foreign investors, were up 6 
centavos at 10.36 pesos and Tel- 
evisa up 1.6 pesos at 96.5 pesos. 

Turnover was moderately 
light at 1 64.9m pesos, in vol- 
ume of 15m shares. 


MARKETS IN PERSPECTIVE 


% change fa face aimy t 

% cfconga 

atafegt 

* Lt»m> 

h usst 


imak 

4 WMfca 

1 Yoor 

Start o* 
NM 

8urta< 

1994 

tan of 
1994 

Austria — 

-2.06 

-2.17 

+25.69 

-9.47 

-6.62 

-4.78 

Belgium 

-2.78 

-1.71 

+20.87 

-1.09 

+3.60 

+5.64 

Denmark _ 

-1.79 

-6.23 

+21.23 

-3.48 

-0.12 

+1.84 

Finland 

-3.89 

-1.88 

+5038 

+12.95 

+18.93 

+2135 

France 

-4.23 

-4.88 

+11.70 

-8.10 

-539 

-3.43 

Germany — 

-4.60 

-4.96 

+26.81 

-6.38 

-3.04 

-1.13 

Ireland 

-2.78 

-5.56 

+14.62 

-5.B0 

-2.94 

-1.04 

Italy 

-5.98 

-9.21 

+34.60 

+17.88 

+24.41 

+26.84 

Netherlands 

-2.78 

-3.61 

+19.58 

-5.33 

-2.43 

-0.52 

Norway 

-1.46 

+0.84 

+31.14 

+5.36 

+9.00 

+11.23 

Spain 

-2.39 

+1.77 

+21.02 

-0.01 

+3.42 

+5.45 

Sweden 

-0.30 

+3.26 

+33.17 

+739 

+13.66 

+15.89 

Switzerland 

-O.B6 

-0.77 

+2156 

-631 

-2.80 

-0.69 

UK 

-5.13 

-5.45 

+4.85 

-1236 

-1236 

-10.64 

EUROPE 

-3D9 

-4^9 

+1533 

- 8.74 

-457 

-2.69 

Australia 

-0.39 

+2.34 

+19.14 

-2.50 

+337 

+539 

Hong Kong 

-1.77 

+5.75 

+28.52 

-20.80 

-22.31 

-20.79 

Japan — 

+1.80 

+4.70 

+2.46 

+15.48 

+21.07 

+23.45 

Malaysia 

-1.08 

-6.31 

+3934 

-23.15 

-21.56 

-20.02 

New Zealand 

+0.94 

+3.18 

+31.09 

-1.82 

+130 

+3.18 

Singapore 

-0.53 

+0.02 

+31.44 

-8.72 

-6.14 

-4.30 

Canada 

+0.32 

+1.19 

+10.78 

+0.95 

-5.47 

-3.62 

USA 

+0.60 

+1.51 

+0.69 

-1.77 

-3.66 

■1.77 

Mexico 

+2.57 

+5.23 

+50.13 

-5.57 

-13.09 

-11.39 

South Africa 

-2.23 

- 1.71 

+3536 

+8.86 

-4.08 

-2.20 

WORLD INDEX 

-0.35 

+0.92 

+344 

+0.73 

♦ 1.72 

+3.72 


t Based on May ZTO . 1994. Copyright. Ufa Ftoancfc* Tfata Untffad. QoMmn Satin & Co. and 
NaWoM SaeurtOa* Limited. 


The vacillations in New York bond markets, successively 
depressed by interest rate worries, lifted by the US Treasury 
bond auction and dropped again by an upward revision in 
GDP data, actually left US equities higher last week as 
Europe fell 4 per cent Klein wort Benson strategist Mr Albert 
Edwards says strong global growth will continue to drive up 
bond yields and that investors have yet to realise that the 
transfer of manufactured production to the Pacific Rim will 
exacerbate the Inflation upturn over the next few years. 


Jointly compiled bv The f 
NATIONAL AND 
REGIONAL MARKETS 

Figures in pan.fioiescs 
!ho» nun&s of l>n« 
of srov* 


Hi 

Sacte 6 

JNDAY M 

Yen 

inUo* 

Co. and NatWeat Securities ud. in conjmcoan wtih the 

BB 

tratibrte 

f MAY 27 

Yen 

Index 

ot Actuaries and the Facully 

of Actuaries 

LLAH INDEX 

>2 week ago 
Low fapprax) 

US 

DdUr 

livid* 

ftp/g 

Cruiwy; 

Pound 

Storting 

lixfev 

DM 

Index 

Local 

Cwrency 

index 

Local 
% eftg 
on day 

Grass 

Dfw. 

YteW 

US 

DoBar 

Index 

Pound 

Starting 

face* 

Local 

DM Currency 52 week i 
Index fade* Mgh 

AuStiJsx iW' 

irsso 

-0 i 

172.41 

116.04 

15024 

158.93 

-0.3 

3.46 

175.69 

172.88 

11555 

15051 

158.43 

189.15 

130.19 

13162 

a ustivi nry 

. 175 24 

-OS 

172.15 

115.87 

15001 

149.75 

-0.7 

1.08 

178.13 

173.10 

116.23 

150 57 

isa 77 

195.41 

142.90 

145.56 

EV'O'um 

. .171 Sc 

-0 1 

168.53 

113.43 

146.86 

143.34 

-0.1 

3.84 

171.82 

168.86 

11359 

140.89 

143.43 

176.67 

141.92 

14751 

Ciimcj iiOJi 

1 JO rz 

-0.1 

128.41 

86.43 

111.90 

131.12 

-0.2 

2.58 

13088 

128.63 

8657 

111.89 

131.42 

14651 

121.46 

128.67 

CVnvtuA i33» 

.. 25MO 

-0.J 

246 87 

166 02 

214.85 

22004 

-0.2 

1.34 

251.75 

247.42 

156.14 

21552 

22051 

275.79 

20758 

219.34 

Pmmvl iT3>. 

. .14?.hS 

-l.i 

145 04 

97.62 

126-39 

168.28 

-as 

0.87 

14058 

14652 

96.56 

127.71 

160.12 

156.72 

85.54 

10015 

F run. to i >3l 

. iw.ee 

-d.I 

166 86 

1 12.31 

145.40 

149 93 

0.1 

3.0 J 

169.93 

107.01 

112.14 

14558 

149.78 

185.37 

149.00 

158.18 

Ger+'urtv . . . 


-1.2 

134 57 

30 58 

117.27 

117.27 

-i.i 

1.76 

138.65 

136J27 

91.50 

11853 

118.53 

147.07 

10759 

H350 

Ho no Ktvw |561 

.. ..jotji 

04 

382.45 

257.41 

333J7 

386.15 

0.4 

2.70 

38759 

38053 

255.79 

331.36 

384.46 

60050 

271.42 

239.41 

Ireland U4t . . 

163.31 

0.0 

180.06 

121.21 

156.03 

174 53 

ao 

3A8 

183X53 

18ai4 

12058 

156.70 

174.46 

20953 

15553 

164.88 

Italy t+ 0 >. 

.. ST as 

0.4 

85 81 

57.75 

74.78 

103.76 

0.4 

1.52 

87X30 

8S51 

57.42 

7458 

10137 

97.78 

57.88 

70.24 

J.iprui (46-Jl 

.. tat u 

0.3 

158 30 

108.55 

137.95 

106.55 

as 

0.75 

160.84 

is?.aa 

106.01 

13754 

108.01 

165.91 

12454 

152.58 

MaJavJJ nsi 

+69 63 

-0.7 

481.35 

310.52 

402,04 

467 01 

-1.0 

1.43 

473.10 

464.07 

31251 

404.46 

471.89 

62153 

31251 

344.02 

Mo- ICO (IS) .. , 

. 213? 51 

1.0 

2099.80 

1413.30 

1829.81 

7751.98 

13 

1.00 

2116.81 

2079.42 

139857 

1808.81 

7657.06 

2647.08 

1431.17 

148557 

P.eltu-ond Wi 

198 61 

0.4 

195 31 

131.46 

1 7020 

167.48 

0j2 

3.36 

196.08 

19458 

130.72 

16955 

167.09 

207.43 

16452 

170.52 

Now .v.nand (141. . . 

. 6S.94 

-OJ2 

68.71 

46J5 

59.88 

63.05 

-0.4 

3.79 

70x37 

88.86 

46.24 

58.90 

6359 

77.69 

4857 

43.45 

NOrtv.y, l' 31 

,. 198 47 

-0 7 

194.97 

131.23 

169 90 

192.15 

-0.5 

1.72 

199.82 

198.38 

131.96 

170.82 

13350 

206.42 

15051 

1ffl.74 



JS0.9S 

-0.2 

344.70 

232.04 

30043 

247.97 

-OJ 

1.53 

351.71 

345.67 

232.11 

300.69 

24a 78 

37852 

242.40 

25858 

Sooth AJ't^'wSdl . 

.... 263 05 

0.7 

258 41 

173.92 

225.18 

273 38 

OJ 

2.27 

261.28 

256.79 

172.42 

22357 

272.69 

28026 

17553 

199.01 

Sw-mO 

146.60 

-0.2 

144. TO 

95 99 

125.58 

150.64 

-0.1 

3.96 

14694 

144 4Z 

96.97 

125.82 

15057 

155.79 

11033 

12958 

SaoCCO 1 Jtl 

224.48 

-1.4 

220-53 

148 43 

192.17 

257 62 

-0.9 

155 

227 57 

223.06 

150.18 

18456 

259.98 

23155 

16185 

184.05 

S.v-Uehjnd (1.1 .... 

- 160.02 

0.8 

157.20 

105 80 

136.98 

139.38 

0.3 

1.74 

158.71 

155.98 

104.74 

135 68 

13&13 

176.60 

124.46 

12956 

Un.fod Mrvjsoan (UuSi . . . , 

,. . 1B3 32 

O.I 

180.08 

121 21 

156.93 

180.08 

0.0 

4.1 S 

18354 

180.08 

120.9 2 

150.65 

181 06 

214.86 

170.32 

179.97 

U£A(S!Sl 

. 180 54 

0.0 

1 S3 25 

123.34 

158.68 

186.64 

0 0 

2.87 

186.54 

18353 

123.10 

159.47 

186.64 

19004 

178.95 

18354 

EUROPE i'.’II 

-184 83 

-O.I 

161.92 

108.98 

141.10 

153.83 

-0.1 

3.02 

185.01 

162.17 

10859 

141.07 

15354 

178.58 

14158 

148.01 

Nc«a:c n IS) 

..—'ll or 

-1.0 

207.60 

139 32 

181.16 

211.26 

-0.7 

1-42 

213 83 

siais 

141.11 

182.00 

212.87 

22060 

165.82 

171.74 

Pjcfic 8.»v»(rso» . . 

, ... 1 CO 62 

0.3 

166.63 

112.15 

145 JO 

116.49 

0.4 

1.04 

169.18 

18657 

111.65 

144 04 

11603 

169.62 

134.79 

1S651 

EvO-P.Yt.fiC l«4,'1l. . _ 

16.'. 1? 

O 1 

164.51 

110.73 

143-36 

131.65 

0 3 

1.85 

16759 

164.41 

110.40 

143.02 

131.30 

170.78 

141.88 

152.79 

North c.* U5JV .. 

-.163 08 

0.0 

179.85 

121.05 

156.72 

182.71 

ao 

258 

133.09 

179.94 

120.82 

15852 

162.73 

192.73 

175 07 

1B051 

fcrurCC-O Ev UK iSIdl 

- 15083 

-0.2 

143.17 

99.73 

129.12 

136.89 

-0.1 

2.37 

151.13 

146 53 

99.74 

129.20 

137.03 

157.47 

122.37 

12ai7 

PaOflC £» u'8l< .... 

.... 353.04 

00 

248.S8 

167.31 

21*83 

®7.0i 

-0.2 

2.61 

253.12 

248.77 

167.04 

216.40 

227.38 

29121 

182.38 

183.30 

V.Cftd £j«. US • 16*4> . . . 

16862 

0.1 

165 64 

111.49 

144-35 

134.97 

0.2 

157 

16JL41 

165,52 

111.1* 

143.98 

134.09 

172.51 

142.94 

1S353 

Wo-to E» Vln 

. irasa 

01 

160.54 

114.11 

147.74 

148.11 

O.I 

2X0 

172.44 

189.48 

113.80 

147.42 

147.80 

17558 

15122 

160.81 

WorM £• is' AT. let 14) .... 

t?3 03 

0.1 

169.97 

114.40 

148.12 

150-21 

O.I 

2.22 

172.90 

16953 

114.10 

147.81 

150.01 

17856 

155.00 

10257 

World F\ J.-VOJT nr 04] __ 

. ,1£? 32 

00 

179.10 

120 56 

15007 

178.52 

0.0 

2.87 

18250 

17952 

12054 

155.90 

17656 

19550 

166.72 

189.74 

The Were indc* U1 73j . 

.. 173 56 

0.1 

170.50 

114.75 

148.57 

151.15 

0.1 

2.22 

173.42 

170.44 

114.44 

14856 

180.94 

17857 

155.17 

182.51 


Tb-* i Tm® untM, dofcftnaix Sacra on) Co «id FUWM Securities LmUnd. ISBf 

CamlHuM eftonfl* w»i oflccl Dntobcn. Ln Rodnte (Franc*) CmUtuaM cheiga rih afloat 7 AIM Steal fractal ctemaw Endow (Sprit 0244 to l.O. Amaraknanb to nWn copied fa 

-rii-m twiH nvrs j>j me Wood Imlax. 1 3am meec wen unraftfeu ter tfit dUL HuMH dosed J0/V9+: UK ana USA. 



INTERNATIONAL 
MEDIA PARTNERS 


ING Ai> BANK 


are pleased to announce the establishment oj 


Emerging Markets CEO of die Year Awards 


L esser developed 
economies have 
become emerging 
markets. Debt reschedulings 
are being replaced by debt 
underwritings. Equity is not 
about Fairness in allocating 
multilateral funds, it's about 
ADRs listed in the American 
public markets. 

Against this backdrop, Internationa! Media 
Partners, publishers of Emerging Marinis and par- 
ent company of the CEO Institutes, and INC 
Bank, the leading financial institution in emerg- 
ing markets worldwide, have joined to establish 
two important new awards. 

The Emerging Markets CEO of the Year 
Award will be given to two business leaders. The 
first will be the chief executive of a corporation 
headquartered in one of the world’s emerging 
economics whose vision and company's perfor- 


mance have best shown the pat- 
tern that can be offered as a 
model to other emerging mar- 
kets companies around the 
world. The second to a chief 
executive of a company head- 
quartered in the developed 
world whose expansion into 
emerging markets has shown 
best how these markets can contribute significant- 
ly to corporate revenues and profitability. There 
are no industry or size criteria, though it is expect- 
ed that the recipient of the award will be in charge 
of major business. The awards will be presented at 
a special Awards Dinner during the IMF/Worfd 
Bank meeting in Madrid in October 1994. 

An independent Selection Committee, com- 
prised of corporate leaders, institutional 
investors, government officials and multilateral 
executives, among others, has been established 
to evaluate recommendations for the awards. 



Nominations should be received by July 1 , 1 994. If you believe you have a c andida te, 
please forward details to: Richard Bums. President, International Media Partners, The Q Ht 
Building, 611 Broadway, Suite 300, New York, New York, 10012. Telephone: 212 995 
9595. Facsimile? 212 598 0788. 


i